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: October 31

Date of reporting period: November 1, 2012 through October 31, 2013

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.

Annual Report

J.P. Morgan Specialty Funds

October 31, 2013

JPMorgan Research Equity Long/Short Fund

JPMorgan Research Market Neutral Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Research Equity Long/Short Fund	3
JPMorgan Research Market Neutral Fund	6
Schedules of Portfolio Investments	9
Financial Statements	24
Financial Highlights	30
Notes to Financial Statements	34
Report of Independent Registered Public Accounting Firm	41
Trustees	42
Officers	44
Schedule of Shareholder Expenses	45
Board Approval of Investment Advisory Agreement	46
Privacy Notice — Located at the back of this Annual Report

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

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

Prospective investors should refer to the Funds’ prospectus for a discussion of the Funds’ investment 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

DECEMBER 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

  “As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio.”

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury yields fell from their reporting period peak in early

September 2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junk bonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well- diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 1

J.P. Morgan Specialty Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

The global financial market experienced periods of volatility during the reporting period. This volatility was triggered by a number of factors, including mixed economic data, geopolitical issues, expectations for future central bank monetary policies and, in the U.S., the impact of the fiscal cliff, sequestration and partial government shutdown. The U.S. equity market was highly resilient during the reporting period given overall robust investor demand, solid corporate profits and continued accommodative monetary policy. All told, the S&P 500 Index finished the reporting period with a 27.18% gain.

2 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

JPMorgan Research Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	7.34%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	0.09%
S&P 500 Index	27.18%
Net Assets as of 10/31/2013 (In Thousands)	$86,021

INVESTMENT OBJECTIVE**

The JPMorgan Research Equity Long/Short Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund (Class A Shares, without a sales charge) outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index for the twelve months ended October 31, 2013. The Fund’s positioning in the pharmaceutical/medical technology, banks and brokers and utilities sectors contributed to the Fund’s performance during the reporting period. Detracting from the Fund’s performance was its positioning in the real estate investment trust (REIT) and industrial cyclical sectors.

Individual contributors to performance included the Fund’s long positions in three media companies: Time Warner, Inc., Google, Inc. and CBS Corp. Shares of Time Warner, Inc., a U.S.-based media company, moved sharply higher after the company reported higher-than-expected revenues from programming and advertising. Google, Inc., a U.S.-based company that provides a variety of internet services and products, benefited from increasing growth in mobile advertising. In addition, its Android operating system built a commanding lead over rival Apple in the lucrative smart-phone market. CBS Corp., an American broadcast television network, reported strong revenue and earnings growth across most of its business lines.

Individual detractors to performance included the Fund’s short positions in Netflix, Inc., The Hershey Company and Lockheed-Martin, Inc. Shares of Netflix, Inc., which provides subscription-based access to television shows and movies, moved sharply

higher after the company reported better-than-expected subscriber growth. Lower commodity costs and sales growth in the U.S. and international markets sent shares of The Hershey Company, North America’s largest chocolate manufacturer, higher. Despite cuts in defense spending, shares of Lockheed-Martin, Inc., a U.S. defense, aerospace and security company, also rose, as the well-diversified company moved into lucrative new markets such as cyber-security.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers used bottom-up fundamental research to construct a portfolio of long and short positions, researching companies in an attempt to determine their underlying value and potential for future earnings growth. Based on this research, they ranked stocks in the U.S. large-cap universe into quintiles. The Fund’s portfolio managers looked to the top two quintiles for potential long positions in stocks that they believed were undervalued and looked to the bottom two quintiles for potential short positions in stocks that they believed were overvalued. The Fund’s portfolio managers attempted to limit the Fund’s overall market risk, holding long and short positions across a broad array of sectors. The Fund’s average long exposure was 113% and its average short exposure was -78%.

* 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.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Research Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	Time Warner, Inc.	3.9	%
	2.	Google, Inc., Class A	3.4
	3.	United Technologies Corp.	2.1
	4.	Johnson & Johnson	2.0
	5.	General Mills, Inc.	1.8
	6.	General Motors Co.	1.8
	7.	Fluor Corp.	1.7
	8.	ACE Ltd. (Switzerland)	1.7
	9.	Avago Technologies Ltd. (Singapore)	1.6
	10.	Emerson Electric Co.	1.6
TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	Lockheed Martin Corp.	2.6	%
	2.	Hershey Co. (The)	2.2
	3.	Praxair, Inc.	2.1
	4.	Microchip Technology, Inc.	2.0
	5.	Altria Group, Inc.	1.8
	6.	General Electric Co.	1.7
	7.	Southern Co. (The)	1.7
	8.	Intel Corp.	1.7
	9.	Rockwell Automation, Inc.	1.5
	10.	Cliffs Natural Resources, Inc.	1.5

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Financials	20.2	%
Consumer Discretionary	16.8
Information Technology	16.4
Health Care	12.5
Industrials	11.9
Consumer Staples	8.6
Utilities	5.4
Materials	4.8
Energy	3.4
SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Financials	20.5	%
Industrials	15.7
Consumer Discretionary	12.1
Health Care	11.7
Information Technology	11.1
Consumer Staples	9.3
Materials	8.0
Utilities	6.6
Energy	5.0

* Percentages indicated are based on total long investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

** Percentages indicated are based on total short investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		5/28/10
Without Sales Charge				7.34	%		2.42	%		2.92	%
With Sales Charge*				1.72			0.60			1.32
CLASS C SHARES		5/28/10
Without CDSC				6.84			1.88			2.39
With CDSC**				5.84			1.88			2.39
CLASS R5 SHARES		5/28/10		7.84			2.86			3.37
SELECT CLASS SHARES		5/28/10		7.62			2.64			3.16

* 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 (5/28/10 TO 10/31/13)

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 May 28, 2010.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Research Equity Long/Short Fund, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, the S&P 500 Index and the Lipper Alternative Long/Short Equity Funds Index from May 28, 2010 to October 31, 2013. 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 BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and 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 benchmarks, if applicable. The performance of the Lipper Alternative Long/Short Equity 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Alternative Long/Short Equity Funds Index represents the total returns of the funds in the indicated category as defined 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 redemption 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.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*	1.47%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	0.09%
Net Assets as of 10/31/2013 (In Thousands)	$713,531

INVESTMENT OBJECTIVE**

The JPMorgan Research Market Neutral Fund (the “Fund”) seeks to provide long-term capital appreciation from a broadly diversified portfolio of U.S. stocks while neutralizing the general risks associated with stock market investing.

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

The Fund (Institutional Class Shares) outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index for the twelve months ended October 31, 2013. The Fund’s stock selection in the pharmaceutical/medical technology, utilities and semiconductors sectors contributed to its performance, while the Fund’s stock selection in the media, real estate investment trust (REIT) and health services and systems sectors detracted from results.

Individual contributors to the Fund’s return included long positions in Celgene Corp. and Biogen Idec, Inc., along with a short position in Eli Lilly & Co. Shares of Celgene Corp., a U.S. biotechnology company that manufactures drug therapies for cancer and inflammatory disorders, rallied as the company reported expanding profit margins for its well diversified product line. Shares of Biogen Idec, Inc., another U.S. biotechnology company, moved sharply higher on news of improving revenue growth. The company also received federal approval for its drug aimed at fighting multiple sclerosis. The Fund’s short position in shares of pharmaceutical company Eli Lilly & Co. was beneficial as the company’s shares struggled due to concerns over expiring patent protection for several of its key products.

Individual detractors from the Fund’s performance included a short position in Netflix, Inc. and long positions in Broadcom Corp. and Apple, Inc. Shares of Netflix, Inc., which provides subscription-based access to television shows and movies, moved sharply higher after the company reported better-than-expected subscriber growth. Shares of Broadcom Corp., a U.S. semiconductor company in the wireless and broadband communication business, fell sharply due to a poor earnings report and weaker outlook. Apple, Inc., a leading manufacturer of smartphones, tablets and high-end personal computers, lost market share to rival Samsung Electronics in the key smartphone category, fueling investor concerns about slowing sales growth.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers aimed to construct a portfolio of long and short positions with a low correlation to traditional investments such as stocks and bonds. The Fund’s portfolio managers used fundamental research to estimate companies’ long-term earnings forecasts, ranking approximately 600 large- and mid-cap stocks into quintiles. The Fund’s portfolio managers looked to the top two quintiles for potential long positions in stocks that they believed were undervalued and the bottom two quintiles for potential short positions in stocks that they believed were overvalued.

* 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 SPECIALTY FUNDS OCTOBER 31, 2013

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	United Technologies Corp.	2.9	%
	2.	Time Warner, Inc.	2.9
	3.	Google, Inc., Class A	2.6
	4.	Emerson Electric Co.	1.9
	5.	Johnson & Johnson	1.9
	6.	Fluor Corp.	1.8
	7.	Avago Technologies Ltd. (Singapore)	1.8
	8.	Honeywell International, Inc.	1.8
	9.	Bristol-Myers Squibb Co.	1.7
	10.	ACE Ltd. (Switzerland)	1.7

TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	Lockheed Martin Corp.	2.1	%
	2.	General Electric Co.	1.8
	3.	Intel Corp.	1.8
	4.	Praxair, Inc.	1.6
	5.	Hershey Co. (The)	1.6
	6.	Wal-Mart Stores, Inc.	1.5
	7.	Altria Group, Inc.	1.5
	8.	Zimmer Holdings, Inc.	1.4
	9.	Washington Post Co. (The), Class B	1.4
	10.	Microchip Technology, Inc.	1.4

LONG PORTFOLIO COMPOSITION BY SECTOR*
Financials	17.9	%
Consumer Discretionary	14.9
Information Technology	14.7
Industrials	14.0
Health Care	11.7
Consumer Staples	8.1
Materials	5.5
Utilities	5.5
Energy	3.6
Short-Term Investments	4.1

SHORT PORTFOLIO COMPOSITION BY SECTOR**
Financials	19.0	%
Industrials	14.4
Consumer Discretionary	13.7
Information Technology	13.3
Health Care	11.1
Consumer Staples	10.0
Materials	7.5
Utilities	5.4
Energy	4.2
Telecommunication Services	1.4

* Percentages indicated are based on total long investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

** Percentages indicated are based on total short investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 7

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		2/28/02
Without Sales Charge				0.97	%		1.10	%		1.72	%
With Sales Charge*				(4.33	)		0.02			1.17
CLASS B SHARES		2/28/02
Without CDSC				0.50			0.60			1.31
With CDSC**				(4.50	)		0.20			1.31
CLASS C SHARES		11/2/09
Without CDSC				0.50			0.61			1.22
With CDSC***				(0.50	)		0.61			1.22
INSTITUTIONAL CLASS SHARES		12/31/98		1.47			1.62			2.22
SELECT CLASS SHARES		11/2/09		1.28			1.41			2.12

* Sales Charge for Class A Shares is 5.25%.

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

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

TEN YEAR FUND PERFORMANCE (10/31/03 TO 10/31/13)

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Research Market Neutral Fund, BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and Lipper Alternative Equity Market Neutral Funds Average from October 31, 2003 to October 31, 2013. 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 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 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 Equity Market Neutral Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

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

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

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

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

8 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — 112.4% (j)
	Common Stocks — 112.4%
			Consumer Discretionary — 18.9%
			Auto Components — 1.4%
	5		Dana Holding Corp.		90
	15		Johnson Controls, Inc.		680
	5		TRW Automotive Holdings Corp. (a)		405
					1,175
			Automobiles — 2.0%
	47		General Motors Co. (a)		1,751
			Hotels, Restaurants & Leisure — 0.6%
	10		Royal Caribbean Cruises Ltd.		416
	2		Yum! Brands, Inc.		125
					541
			Household Durables — 1.1%
	7		Lennar Corp., Class A		240
	21		PulteGroup, Inc.		369
	9		Toll Brothers, Inc. (a)		295
					904
			Internet & Catalog Retail — 1.4%
	2		Amazon.com, Inc. (a)		834
	3		Expedia, Inc.		199
	—	(h)	priceline.com, Inc. (a)		211
					1,244
			Media — 8.3%
	20		CBS Corp. (Non-Voting), Class B		1,205
	21		Comcast Corp., Class A		1,001
	12		DISH Network Corp., Class A		585
	4		Time Warner Cable, Inc.		522
	55		Time Warner, Inc.		3,805
					7,118
			Multiline Retail — 0.5%
	4		Nordstrom, Inc.		251
	2		Target Corp.		150
					401
			Specialty Retail — 2.6%
	1		AutoZone, Inc. (a)		322
	12		Home Depot, Inc. (The)		936
	11		Lowe’s Cos., Inc.		546
	7		TJX Cos., Inc.		441
					2,245
			Textiles, Apparel & Luxury Goods — 1.0%
	4		Lululemon Athletica, Inc., (Canada) (a)		246
	3		V.F. Corp.		647
					893
			Total Consumer Discretionary		16,272

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 9.7%
		Beverages — 2.1%
	1	Beam, Inc.		88
	11	Coca-Cola Enterprises, Inc.		441
	10	Dr. Pepper Snapple Group, Inc.		485
	9	PepsiCo, Inc.		756
				1,770
		Food & Staples Retailing — 0.6%
	9	CVS Caremark Corp.		540
		Food Products — 4.4%
	19	Archer-Daniels-Midland Co.		770
	35	General Mills, Inc.		1,788
	6	Kellogg Co.		358
	25	Mondelez International, Inc., Class A		839
				3,755
		Household Products — 1.2%
	6	Kimberly-Clark Corp.		605
	5	Procter & Gamble Co. (The)		438
				1,043
		Tobacco — 1.4%
	14	Philip Morris International, Inc.		1,203
		Total Consumer Staples		8,311
		Energy — 3.8%
		Energy Equipment & Services — 1.7%
	4	Cameron International Corp. (a)		208
	7	Ensco plc, (United Kingdom), Class A		427
	9	Schlumberger Ltd.		843
				1,478
		Oil, Gas & Consumable Fuels — 2.1%
	4	Anadarko Petroleum Corp.		381
	3	Cheniere Energy, Inc. (a)		133
	3	Marathon Petroleum Corp.		241
	5	Occidental Petroleum Corp.		465
	3	Phillips 66		183
	12	Williams Cos., Inc. (The)		429
				1,832
		Total Energy		3,310
		Financials — 22.7%
		Capital Markets — 3.1%
	3	Goldman Sachs Group, Inc. (The)		431
	21	Invesco Ltd.		709
	27	Morgan Stanley		769
	8	State Street Corp.		593
	7	TD Ameritrade Holding Corp.		182
				2,684

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 9

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Commercial Banks — 3.9%
	13	BB&T Corp.		432
	7	CIT Group, Inc. (a)		319
	19	Comerica, Inc.		819
	20	SunTrust Banks, Inc.		673
	26	Wells Fargo & Co.		1,122
				3,365
		Consumer Finance — 0.6%
	8	Capital One Financial Corp.		515
		Diversified Financial Services — 2.4%
	61	Bank of America Corp.		856
	17	Citigroup, Inc.		825
	2	IntercontinentalExchange, Inc. (a)		397
				2,078
		Insurance — 6.6%
	17	ACE Ltd., (Switzerland)		1,608
	2	Aflac, Inc. (m)		142
	4	Aon plc, (United Kingdom)		320
	5	Axis Capital Holdings Ltd., (Bermuda)		222
	2	Everest Re Group Ltd., (Bermuda)		378
	18	Hartford Financial Services Group, Inc.		594
	9	Marsh & McLennan Cos., Inc.		408
	22	MetLife, Inc.		1,043
	2	PartnerRe Ltd., (Bermuda)		213
	4	Prudential Financial, Inc.		294
	4	RenaissanceRe Holdings Ltd., (Bermuda)		389
	3	XL Group plc, (Ireland)		85
				5,696
		Real Estate Investment Trusts (REITs) — 6.1%
	12	Apartment Investment & Management Co., Class A		345
	2	Boston Properties, Inc.		257
	20	Brandywine Realty Trust		287
	6	Brixmor Property Group, Inc. (a)		122
	6	Camden Property Trust		361
	25	Cousins Properties, Inc.		282
	4	Digital Realty Trust, Inc.		202
	8	Extra Space Storage, Inc.		355
	10	HCP, Inc.		422
	10	Highwoods Properties, Inc.		369
	30	Host Hotels & Resorts, Inc.		564
	13	Kimco Realty Corp.		284
	6	Post Properties, Inc.		288
	12	Prologis, Inc.		460
	4	Simon Property Group, Inc.		595
				5,193
		Total Financials		19,531

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care — 14.0%
		Biotechnology — 3.4%
	4	Alexion Pharmaceuticals, Inc. (a)		512
	5	Biogen Idec, Inc. (a)		1,175
	5	Celgene Corp. (a)		772
	6	Vertex Pharmaceuticals, Inc. (a)		442
				2,901
		Health Care Equipment & Supplies — 1.6%
	12	Abbott Laboratories (m)		432
	11	Baxter International, Inc.		707
	4	Stryker Corp.		265
				1,404
		Health Care Providers & Services — 3.5%
	15	DaVita HealthCare Partners, Inc. (a)		832
	7	Humana, Inc.		659
	3	McKesson Corp.		446
	15	UnitedHealth Group, Inc.		1,048
				2,985
		Health Care Technology — 0.4%
	7	Cerner Corp. (a)		369
		Life Sciences Tools & Services — 0.5%
	2	Mettler-Toledo International, Inc. (a)		389
		Pharmaceuticals — 4.6%
	2	Allergan, Inc.		160
	30	Bristol-Myers Squibb Co.		1,560
	21	Johnson & Johnson		1,900
	4	Valeant Pharmaceuticals International, Inc. (a)		381
				4,001
		Total Health Care		12,049
		Industrials — 13.4%
		Aerospace & Defense — 4.1%
	17	Honeywell International, Inc.		1,476
	19	United Technologies Corp.		2,038
				3,514
		Building Products — 0.6%
	24	Masco Corp.		516
		Construction & Engineering — 1.9%
	22	Fluor Corp.		1,636
		Electrical Equipment — 1.8%
	24	Emerson Electric Co.		1,578
		Machinery — 2.0%
	18	PACCAR, Inc.		1,018
	5	SPX Corp.		445
	3	WABCO Holdings, Inc. (a)		265
				1,728

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Road & Rail — 2.5%
	43	CSX Corp.		1,121
	3	Norfolk Southern Corp.		221
	5	Union Pacific Corp.		763
				2,105
		Trading Companies & Distributors — 0.5%
	2	W.W. Grainger, Inc.		428
		Total Industrials		11,505
		Information Technology — 18.4%
		Communications Equipment — 1.6%
	24	Cisco Systems, Inc.		534
	12	QUALCOMM, Inc.		806
				1,340
		Computers & Peripherals — 0.3%
	4	SanDisk Corp.		258
		Internet Software & Services — 5.2%
	14	eBay, Inc. (a)		733
	3	Facebook, Inc., Class A (a)		175
	3	Google, Inc., Class A (a)		3,319
	1	LinkedIn Corp., Class A (a)		237
				4,464
		IT Services — 1.5%
	2	Alliance Data Systems Corp. (a)		498
	4	Cognizant Technology Solutions Corp., Class A (a)		312
	3	Visa, Inc., Class A		525
				1,335
		Semiconductors & Semiconductor Equipment — 7.5%
	35	Applied Materials, Inc.		624
	2	ASML Holding N.V., (Netherlands)		187
	35	Avago Technologies Ltd., (Singapore)		1,592
	8	Broadcom Corp., Class A		222
	25	Freescale Semiconductor Ltd. (a)		380
	9	KLA-Tencor Corp.		573
	24	Lam Research Corp. (a)		1,319
	22	LSI Corp.		187
	29	ON Semiconductor Corp. (a)		208
	19	Teradyne, Inc. (a)		335
	19	Xilinx, Inc.		848
				6,475
		Software — 2.3%
	10	Adobe Systems, Inc. (a) (m)		538
	5	Citrix Systems, Inc. (a)		288

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — Continued
	9	Microsoft Corp.		334
	13	Oracle Corp.		447
	4	VMware, Inc., Class A (a)		347
				1,954
		Total Information Technology		15,826
		Materials — 5.4%
		Chemicals — 1.9%
	7	Air Products & Chemicals, Inc. (m)		810
	11	Axiall Corp.		417
	10	Dow Chemical Co. (The)		381
				1,608
		Containers & Packaging — 0.6%
	10	Ball Corp.		467
		Metals & Mining — 2.6%
	118	Alcoa, Inc.		1,098
	52	Alumina Ltd., (Australia), ADR (a)		203
	13	Freeport-McMoRan Copper & Gold, Inc.		474
	20	United States Steel Corp.		497
				2,272
		Paper & Forest Products — 0.3%
	6	International Paper Co.		288
		Total Materials		4,635
		Utilities — 6.1%
		Electric Utilities — 3.5%
	21	Edison International		1,045
	15	NextEra Energy, Inc.		1,241
	24	Xcel Energy, Inc.		705
				2,991
		Multi-Utilities — 2.1%
	20	CMS Energy Corp.		543
	15	NiSource, Inc.		468
	9	Sempra Energy		819
				1,830
		Water Utilities — 0.5%
	10	American Water Works Co., Inc.		430
		Total Utilities		5,251
		Total Common Stocks (Cost $78,704)		96,690

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 11

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 0.0% (g)
		Investment Company — 0.0% (g)
	23	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $23)		23
		Total Investments — 112.4% (Cost $78,727)		96,713
		Liabilities in Excess of Other Assets — (12.4)%		(10,692	)
		NET ASSETS — 100.0%	$	86,021
	Short Positions — 77.9%
	Common Stocks — 77.9%
		Consumer Discretionary — 9.4%
		Auto Components — 1.0%
	4	Autoliv, Inc., (Sweden)		376
	2	Delphi Automotive plc, (United Kingdom)		126
	11	Gentex Corp.		330
				832
		Hotels, Restaurants & Leisure — 0.9%
	3	Choice Hotels International, Inc.		132
	7	Darden Restaurants, Inc.		356
	6	Hyatt Hotels Corp., Class A (a)		296
				784
		Household Durables — 0.4%
	4	Harman International Industries, Inc.		301
		Internet & Catalog Retail — 1.2%
	20	Groupon, Inc. (a)		184
	3	Netflix, Inc. (a)		855
				1,039
		Leisure Equipment & Products — 0.6%
	10	Hasbro, Inc.		497
		Media — 4.8%
	2	AMC Networks, Inc., Class A (a)		142
	7	Discovery Communications, Inc., Class A (a)		606
	17	Interpublic Group of Cos., Inc. (The)		280
	18	News Corp., Class B (a)		322
	9	Omnicom Group, Inc.		592
	9	Scripps Networks Interactive, Inc., Class A		725
	16	Twenty-First Century Fox, Inc., Class B		540
	1	Washington Post Co. (The), Class B		933
				4,140
		Multiline Retail — 0.3%
	5	Kohl’s Corp.		297
		Specialty Retail — 0.2%
	2	Bed Bath & Beyond, Inc. (a)		187
		Total Consumer Discretionary		8,077

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 7.2%
		Beverages — 0.8%
	9	Brown-Forman Corp., Class B		654
		Food & Staples Retailing — 0.9%
	4	Safeway, Inc.		154
	18	Sysco Corp.		598
				752
		Food Products — 2.3%
	15	Hershey Co. (The)		1,502
	6	Mead Johnson Nutrition Co.		496
				1,998
		Household Products — 0.9%
	13	Church & Dwight Co., Inc.		820
		Personal Products — 0.9%
	11	Estee Lauder Cos., Inc. (The), Class A		803
		Tobacco — 1.4%
	32	Altria Group, Inc.		1,187
		Total Consumer Staples		6,214
		Energy — 3.9%
		Energy Equipment & Services — 1.3%
	3	Diamond Offshore Drilling, Inc.		192
	8	Halliburton Co.		431
	15	Nabors Industries Ltd., (Bermuda)		257
	4	Tenaris S.A., (Luxembourg), ADR		201
				1,081
		Oil, Gas & Consumable Fuels — 2.6%
	8	CONSOL Energy, Inc.		283
	4	Devon Energy Corp.		280
	8	Exxon Mobil Corp.		688
	13	Spectra Energy Corp.		465
	7	TransCanada Corp., (Canada)		293
	12	WPX Energy, Inc. (a)		275
				2,284
		Total Energy		3,365
		Financials — 16.0%
		Capital Markets — 1.6%
	2	Ameriprise Financial, Inc.		196
	1	BlackRock, Inc.		328
	6	Federated Investors, Inc., Class B		163
	12	Franklin Resources, Inc.		642
				1,329

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		Commercial Banks — 2.5%
	16	BancorpSouth, Inc.		344
	8	Bank of Hawaii Corp.		444
	7	Commerce Bancshares, Inc.		312
	10	Trustmark Corp.		284
	7	UMB Financial Corp.		407
	36	Valley National Bancorp		348
				2,139
		Insurance — 5.4%
	9	Allstate Corp. (The)		503
	9	American International Group, Inc.		461
	11	Arch Capital Group Ltd., (Bermuda) (a)		658
	3	Assurant, Inc.		194
	8	Chubb Corp. (The)		763
	4	Principal Financial Group, Inc.		191
	31	Progressive Corp. (The)		807
	7	Torchmark Corp.		542
	13	W.R. Berkley Corp.		556
				4,675
		Real Estate Investment Trusts (REITs) — 5.8%
	7	EastGroup Properties, Inc.		454
	10	Health Care REIT, Inc.		664
	24	Hudson Pacific Properties, Inc.		492
	6	Macerich Co. (The)		329
	8	Omega Healthcare Investors, Inc.		255
	2	Public Storage		342
	9	Realty Income Corp.		364
	16	Senior Housing Properties Trust		387
	33	UDR, Inc.		827
	9	Washington Real Estate Investment Trust		238
	21	Weingarten Realty Investors		655
				5,007
		Real Estate Management & Development — 0.7%
	33	Brookfield Office Properties, Inc.		615
		Total Financials		13,765
		Health Care — 9.1%
		Biotechnology — 1.2%
	6	Amgen, Inc.		687
	2	Medivation, Inc. (a)		124
	2	United Therapeutics Corp. (a)		188
				999
		Health Care Equipment & Supplies — 3.1%
	3	Becton, Dickinson & Co.		318
	4	C.R. Bard, Inc.		549

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — Continued
	12	Medtronic, Inc.		678
	5	St. Jude Medical, Inc.		265
	2	Varian Medical Systems, Inc. (a)		120
	9	Zimmer Holdings, Inc.		764
				2,694
		Health Care Providers & Services — 1.4%
	3	Laboratory Corp. of America Holdings (a)		350
	8	Tenet Healthcare Corp. (a)		357
	6	WellPoint, Inc.		497
				1,204
		Health Care Technology — 0.2%
	7	Quality Systems, Inc.		153
		Pharmaceuticals — 3.2%
	8	AbbVie, Inc.		404
	20	Eli Lilly & Co.		990
	13	Hospira, Inc. (a)		516
	29	Pfizer, Inc.		891
				2,801
		Total Health Care		7,851
		Industrials — 12.2%
		Aerospace & Defense — 3.6%
	6	Boeing Co. (The)		728
	13	Lockheed Martin Corp.		1,773
	8	Raytheon Co.		643
				3,144
		Air Freight & Logistics — 0.5%
	4	United Parcel Service, Inc., Class B		402
		Electrical Equipment — 1.2%
	9	Rockwell Automation, Inc.		1,009
		Industrial Conglomerates — 2.5%
	4	3M Co.		458
	8	Danaher Corp.		565
	45	General Electric Co.		1,164
				2,187
		Machinery — 2.5%
	7	Caterpillar, Inc.		577
	10	Dover Corp.		881
	6	Illinois Tool Works, Inc.		493
	3	Ingersoll-Rand plc, (Ireland)		233
				2,184

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 13

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		Road & Rail — 1.4%
	29	Heartland Express, Inc.		411
	23	Knight Transportation, Inc.		395
	17	Werner Enterprises, Inc.		388
				1,194
		Trading Companies & Distributors — 0.5%
	8	Fastenal Co.		393
		Total Industrials		10,513
		Information Technology — 8.7%
		Communications Equipment — 0.2%
	7	Juniper Networks, Inc. (a)		123
		Computers & Peripherals — 0.6%
	7	Seagate Technology plc, (Ireland)		323
	3	Western Digital Corp.		224
				547
		Internet Software & Services — 0.4%
	10	AOL, Inc. (a)		379
		IT Services — 0.8%
	6	Automatic Data Processing, Inc.		481
	5	Paychex, Inc.		219
				700
		Semiconductors & Semiconductor Equipment — 5.8%
	14	Analog Devices, Inc.		668
	45	Intel Corp.		1,110
	16	Linear Technology Corp.		663
	31	Microchip Technology, Inc.		1,321
	23	NVIDIA Corp.		343
	47	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		863
				4,968
		Software — 0.9%
	28	Electronic Arts, Inc. (a)		732
		Total Information Technology		7,449
		Materials — 6.2%
		Chemicals — 3.3%
	10	Cabot Corp.		479
	10	OM Group, Inc. (a)		354
	12	Praxair, Inc.		1,437
	7	Sigma-Aldrich Corp.		605
				2,875
		Construction Materials — 0.1%
	2	Vulcan Materials Co.		90

SHARES		SECURITY DESCRIPTION	VALUE($)
		Containers & Packaging — 0.6%
	5	Bemis Co., Inc.		213
	9	MeadWestvaco Corp.		310
				523
		Metals & Mining — 2.2%
	39	Cliffs Natural Resources, Inc.		994
	10	Nucor Corp.		502
	22	Vale S.A., (Brazil), ADR		350
				1,846
		Total Materials		5,334
		Utilities — 5.2%
		Electric Utilities — 3.7%
	10	Entergy Corp.		678
	24	FirstEnergy Corp.		926
	9	Northeast Utilities		389
	28	Southern Co. (The)		1,158
				3,151
		Gas Utilities — 0.4%
	6	ONEOK, Inc.		348
		Multi-Utilities — 1.1%
	16	Public Service Enterprise Group, Inc.		538
	9	Wisconsin Energy Corp.		396
				934
		Total Utilities		4,433
		Total Short Positions (Proceeds $56,398)	$	67,001

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.1% (j)
	Common Stocks — 95.1%
		Consumer Discretionary — 14.8%
		Auto Components — 1.6%
	29	Dana Holding Corp.		561
	125	Johnson Controls, Inc.		5,770
	17	Magna International, Inc., (Canada)		1,457
	45	TRW Automotive Holdings Corp. (a)		3,342
				11,130
		Automobiles — 1.5%
	287	General Motors Co. (a)		10,612
		Hotels, Restaurants & Leisure — 0.6%
	62	Royal Caribbean Cruises Ltd.		2,598
	9	Starbucks Corp.		738
	11	Yum! Brands, Inc.		757
				4,093
		Household Durables — 0.8%
	61	Lennar Corp., Class A		2,151
	108	PulteGroup, Inc.		1,903
	58	Toll Brothers, Inc. (a)		1,913
				5,967
		Internet & Catalog Retail — 1.4%
	19	Amazon.com, Inc. (a)		6,899
	23	Expedia, Inc.		1,348
	1	priceline.com, Inc. (a)		1,475
				9,722
		Media — 5.6%
	145	CBS Corp. (Non-Voting), Class B		8,593
	80	Comcast Corp., Class A		3,792
	70	DISH Network Corp., Class A		3,383
	31	Time Warner Cable, Inc.		3,725
	299	Time Warner, Inc.		20,581
				40,074
		Multiline Retail — 0.5%
	50	Nordstrom, Inc.		3,017
	11	Target Corp.		739
				3,756
		Specialty Retail — 2.1%
	7	AutoZone, Inc. (a)		3,130
	62	Home Depot, Inc. (The)		4,798
	68	Lowe’s Cos., Inc.		3,370
	63	TJX Cos., Inc.		3,848
				15,146

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 0.7%
	31	Lululemon Athletica, Inc., (Canada) (a)		2,134
	14	V.F. Corp.		2,967
				5,101
		Total Consumer Discretionary		105,601
		Consumer Staples — 8.0%
		Beverages — 1.7%
	10	Beam, Inc.		686
	84	Coca-Cola Enterprises, Inc.		3,522
	36	Dr. Pepper Snapple Group, Inc.		1,695
	79	PepsiCo, Inc.		6,677
				12,580
		Food & Staples Retailing — 0.6%
	66	CVS Caremark Corp.		4,079
		Food Products — 3.4%
	190	Archer-Daniels-Midland Co.		7,787
	152	General Mills, Inc.		7,659
	23	Kellogg Co.		1,430
	222	Mondelez International, Inc., Class A		7,451
				24,327
		Household Products — 1.0%
	51	Kimberly-Clark Corp.		5,551
	18	Procter & Gamble Co. (The)		1,478
				7,029
		Tobacco — 1.3%
	105	Philip Morris International, Inc.		9,376
		Total Consumer Staples		57,391
		Energy — 3.6%
		Energy Equipment & Services — 1.6%
	24	Cameron International Corp. (a)		1,333
	62	Ensco plc, (United Kingdom), Class A		3,580
	70	Schlumberger Ltd.		6,551
				11,464
		Oil, Gas & Consumable Fuels — 2.0%
	35	Anadarko Petroleum Corp.		3,335
	21	Cheniere Energy, Inc. (a)		824
	31	Marathon Petroleum Corp.		2,229
	30	Occidental Petroleum Corp.		2,923
	25	Phillips 66		1,604
	85	Williams Cos., Inc. (The)		3,039
				13,954
		Total Energy		25,418

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 15

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Financials — 17.7%
		Capital Markets — 2.6%
	14	Goldman Sachs Group, Inc. (The)		2,325
	148	Invesco Ltd.		4,978
	175	Morgan Stanley		5,028
	61	State Street Corp.		4,253
	73	TD Ameritrade Holding Corp.		1,979
				18,563
		Commercial Banks — 3.2%
	65	BB&T Corp.		2,205
	35	CIT Group, Inc. (a)		1,681
	110	Comerica, Inc.		4,772
	101	SunTrust Banks, Inc.		3,404
	21	SVB Financial Group (a)		2,021
	205	Wells Fargo & Co.		8,738
				22,821
		Consumer Finance — 0.5%
	50	Capital One Financial Corp.		3,440
		Diversified Financial Services — 2.0%
	457	Bank of America Corp.		6,379
	105	Citigroup, Inc.		5,124
	13	IntercontinentalExchange, Inc. (a)		2,544
				14,047
		Insurance — 5.5%
	123	ACE Ltd., (Switzerland)		11,782
	17	Aflac, Inc.		1,085
	11	Aon plc, (United Kingdom)		878
	16	Axis Capital Holdings Ltd., (Bermuda)		745
	21	Everest Re Group Ltd., (Bermuda)		3,182
	144	Hartford Financial Services Group, Inc.		4,863
	77	Marsh & McLennan Cos., Inc.		3,536
	175	MetLife, Inc.		8,284
	13	PartnerRe Ltd., (Bermuda)		1,263
	17	Prudential Financial, Inc.		1,408
	18	RenaissanceRe Holdings Ltd., (Bermuda)		1,724
	23	XL Group plc, (Ireland)		703
				39,453
		Real Estate Investment Trusts (REITs) — 3.9%
	76	Apartment Investment & Management Co., Class A		2,132
	27	Boston Properties, Inc.		2,762
	114	Brandywine Realty Trust		1,622
	49	Brixmor Property Group, Inc. (a)		1,012
	30	Camden Property Trust		1,907

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — Continued
	219	Cousins Properties, Inc.		2,485
	30	Digital Realty Trust, Inc.		1,430
	48	HCP, Inc.		1,985
	83	Highwoods Properties, Inc.		3,213
	80	Kimco Realty Corp.		1,724
	39	Post Properties, Inc.		1,781
	65	Prologis, Inc.		2,605
	22	Simon Property Group, Inc.		3,364
				28,022
		Total Financials		126,346
		Health Care — 11.6%
		Biotechnology — 3.3%
	35	Alexion Pharmaceuticals, Inc. (a)		4,328
	35	Biogen Idec, Inc. (a)		8,449
	44	Celgene Corp. (a)		6,479
	57	Vertex Pharmaceuticals, Inc. (a)		4,038
				23,294
		Health Care Equipment & Supplies — 0.9%
	54	Baxter International, Inc.		3,524
	40	Stryker Corp.		2,969
				6,493
		Health Care Providers & Services — 2.6%
	116	DaVita HealthCare Partners, Inc. (a)		6,515
	39	Humana, Inc.		3,584
	14	McKesson Corp.		2,236
	14	Premier, Inc., Class A (a)		416
	80	UnitedHealth Group, Inc.		5,447
				18,198
		Health Care Technology — 0.3%
	40	Cerner Corp. (a)		2,264
		Life Sciences Tools & Services — 0.5%
	15	Mettler-Toledo International, Inc. (a)		3,761
		Pharmaceuticals — 4.0%
	12	Allergan, Inc.		1,088
	231	Bristol-Myers Squibb Co.		12,111
	141	Johnson & Johnson		13,095
	25	Valeant Pharmaceuticals International, Inc. (a)		2,590
				28,884
		Total Health Care		82,894
		Industrials — 13.9%
		Aerospace & Defense — 4.7%
	145	Honeywell International, Inc.		12,610

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Aerospace & Defense — Continued
	195	United Technologies Corp.		20,735
				33,345
		Building Products — 0.4%
	148	Masco Corp.		3,125
		Construction & Engineering — 1.8%
	172	Fluor Corp.		12,773
		Electrical Equipment — 1.9%
	197	Emerson Electric Co.		13,173
		Machinery — 2.0%
	154	PACCAR, Inc.		8,536
	45	SPX Corp.		4,055
	20	WABCO Holdings, Inc. (a)		1,731
				14,322
		Road & Rail — 2.6%
	405	CSX Corp.		10,558
	17	Norfolk Southern Corp.		1,488
	45	Union Pacific Corp.		6,768
				18,814
		Trading Companies & Distributors — 0.5%
	13	W.W. Grainger, Inc.		3,524
		Total Industrials		99,076
		Information Technology — 14.6%
		Communications Equipment — 1.4%
	208	Cisco Systems, Inc.		4,678
	74	QUALCOMM, Inc.		5,127
				9,805
		Computers & Peripherals — 0.1%
	12	SanDisk Corp.		855
		Internet Software & Services — 3.9%
	106	eBay, Inc. (a)		5,572
	29	Facebook, Inc., Class A (a)		1,453
	18	Google, Inc., Class A (a)		18,447
	10	LinkedIn Corp., Class A (a)		2,147
				27,619
		IT Services — 1.5%
	10	Alliance Data Systems Corp. (a)		2,465
	26	Cognizant Technology Solutions Corp., Class A (a)		2,243
	71	Genpact Ltd., (Bermuda) (a)		1,410
	22	Visa, Inc., Class A		4,366
				10,484

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — 6.2%
	256	Applied Materials, Inc.		4,570
	13	ASML Holding N.V., (Netherlands)		1,222
	279	Avago Technologies Ltd., (Singapore)		12,680
	77	Broadcom Corp., Class A		2,057
	173	Freescale Semiconductor Ltd. (a)		2,663
	51	KLA-Tencor Corp.		3,339
	162	Lam Research Corp. (a)		8,780
	185	LSI Corp.		1,569
	151	ON Semiconductor Corp. (a)		1,068
	160	Teradyne, Inc. (a)		2,798
	82	Xilinx, Inc.		3,740
				44,486
		Software — 1.5%
	53	Adobe Systems, Inc. (a)		2,878
	48	Citrix Systems, Inc. (a)		2,714
	45	Microsoft Corp.		1,601
	62	Oracle Corp.		2,067
	18	VMware, Inc., Class A (a)		1,488
				10,748
		Total Information Technology		103,997
		Materials — 5.5%
		Chemicals — 1.9%
	65	Air Products & Chemicals, Inc.		7,031
	87	Axiall Corp.		3,366
	83	Dow Chemical Co. (The)		3,268
				13,665
		Containers & Packaging — 0.7%
	86	Ball Corp.		4,200
	10	Rock Tenn Co., Class A		1,027
				5,227
		Metals & Mining — 2.6%
	1,103	Alcoa, Inc.		10,222
	320	Alumina Ltd., (Australia), ADR (a)		1,241
	76	Freeport-McMoRan Copper & Gold, Inc.		2,805
	166	United States Steel Corp.		4,119
				18,387
		Paper & Forest Products — 0.3%
	40	International Paper Co.		1,785
		Total Materials		39,064
		Utilities — 5.4%
		Electric Utilities — 3.4%
	133	Edison International		6,526
	119	NextEra Energy, Inc.		10,085

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 17

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Electric Utilities — Continued
	269	Xcel Energy, Inc.		7,749
				24,360
		Multi-Utilities — 1.6%
	81	CMS Energy Corp.		2,216
	87	NiSource, Inc.		2,745
	68	Sempra Energy		6,189
				11,150
		Water Utilities — 0.4%
	72	American Water Works Co., Inc.		3,082
		Total Utilities		38,592
		Total Common Stocks (Cost $499,400)		678,379
	Short-Term Investments — 4.0%
		Investment Company — 3.9%
	28,104	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $28,104)		28,104
PRINCIPAL AMOUNT($)
		U.S. Treasury Obligation — 0.1%
	615	U.S. Treasury Bill, 0.065%, 11/14/13 (k) (n) (Cost $615)		615
		Total Short-Term Investments (Cost $28,719)		28,719
		Total Investments — 99.1% (Cost $528,119)		707,098
		Other Assets in Excess of Liabilities — 0.9%		6,433
		NET ASSETS — 100.0%	$	713,531
SHARES
	Short Positions — 94.9%
	Common Stocks — 94.9%
		Consumer Discretionary — 13.0%
		Auto Components — 1.0%
	36	Autoliv, Inc., (Sweden)		3,239
	20	Delphi Automotive plc, (United Kingdom)		1,121
	107	Gentex Corp.		3,153
				7,513
		Automobiles — 0.9%
	365	Ford Motor Co.		6,245
		Distributors — 0.1%
	9	Genuine Parts Co.		678

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hotels, Restaurants & Leisure — 2.2%
	1	Chipotle Mexican Grill, Inc. (a)		738
	140	Choice Hotels International, Inc.		6,518
	53	Darden Restaurants, Inc.		2,731
	117	Hyatt Hotels Corp., Class A (a)		5,588
				15,575
		Household Durables — 0.3%
	27	Harman International Industries, Inc.		2,147
		Internet & Catalog Retail — 1.4%
	126	Groupon, Inc. (a)		1,154
	27	Netflix, Inc. (a)		8,610
				9,764
		Leisure Equipment & Products — 1.0%
	75	Hasbro, Inc.		3,853
	73	Mattel, Inc.		3,235
				7,088
		Media — 5.3%
	15	AMC Networks, Inc., Class A (a)		1,058
	46	Discovery Communications, Inc., Class A (a)		4,117
	150	Interpublic Group of Cos., Inc. (The)		2,525
	185	News Corp., Class B (a)		3,313
	84	Omnicom Group, Inc.		5,718
	87	Scripps Networks Interactive, Inc., Class A		6,988
	145	Twenty-First Century Fox, Inc., Class B		4,916
	15	Washington Post Co. (The), Class B		9,547
				38,182
		Multiline Retail — 0.2%
	30	Kohl’s Corp.		1,676
		Specialty Retail — 0.6%
	25	Bed Bath & Beyond, Inc. (a)		1,948
	16	O’Reilly Automotive, Inc. (a)		2,031
				3,979
		Total Consumer Discretionary		92,847
		Consumer Staples — 9.5%
		Beverages — 0.9%
	83	Brown-Forman Corp., Class B		6,054
		Food & Staples Retailing — 2.9%
	49	Safeway, Inc.		1,707
	159	Sysco Corp.		5,135
	62	Walgreen Co.		3,679
	135	Wal-Mart Stores, Inc.		10,323
				20,844

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		Food Products — 2.1%
	108	Hershey Co. (The)		10,723
	55	Mead Johnson Nutrition Co.		4,524
				15,247
		Household Products — 1.1%
	123	Church & Dwight Co., Inc.		8,007
		Personal Products — 1.1%
	109	Estee Lauder Cos., Inc. (The), Class A		7,740
		Tobacco — 1.4%
	265	Altria Group, Inc.		9,881
		Total Consumer Staples		67,773
		Energy — 3.9%
		Energy Equipment & Services — 1.5%
	51	Diamond Offshore Drilling, Inc.		3,165
	55	Halliburton Co.		2,890
	116	Nabors Industries Ltd., (Bermuda)		2,030
	65	Tenaris S.A., (Luxembourg), ADR		3,054
				11,139
		Oil, Gas & Consumable Fuels — 2.4%
	72	CONSOL Energy, Inc.		2,617
	34	Devon Energy Corp.		2,175
	67	Exxon Mobil Corp.		5,960
	69	Spectra Energy Corp.		2,444
	37	TransCanada Corp., (Canada)		1,682
	95	WPX Energy, Inc. (a)		2,094
				16,972
		Total Energy		28,111
		Financials — 18.0%
		Capital Markets — 2.9%
	13	Ameriprise Financial, Inc.		1,277
	58	Bank of New York Mellon Corp. (The)		1,844
	11	BlackRock, Inc.		3,219
	64	Federated Investors, Inc., Class B		1,743
	97	Franklin Resources, Inc.		5,224
	58	Northern Trust Corp.		3,289
	56	T. Rowe Price Group, Inc.		4,296
				20,892
		Commercial Banks — 5.9%
	120	BancorpSouth, Inc.		2,652
	131	Bank of Hawaii Corp.		7,578
	89	Commerce Bancshares, Inc.		4,087
	91	Cullen/Frost Bankers, Inc.		6,456
	83	Fifth Third Bancorp		1,570
	127	First Horizon National Corp.		1,350

SHARES		SECURITY DESCRIPTION	VALUE($)
		Commercial Banks — Continued
	36	Prosperity Bancshares, Inc.		2,223
	66	Trustmark Corp.		1,795
	82	U.S. Bancorp		3,067
	122	UMB Financial Corp.		7,185
	465	Valley National Bancorp		4,530
				42,493
		Consumer Finance — 0.3%
	39	Discover Financial Services		2,023
		Insurance — 5.1%
	63	Allstate Corp. (The)		3,348
	65	American International Group, Inc.		3,362
	77	Arch Capital Group Ltd., (Bermuda) (a)		4,486
	28	Assurant, Inc.		1,620
	74	Chubb Corp. (The)		6,795
	27	Principal Financial Group, Inc.		1,258
	250	Progressive Corp. (The)		6,498
	73	Torchmark Corp.		5,319
	83	W.R. Berkley Corp.		3,645
				36,331
		Real Estate Investment Trusts (REITs) — 3.4%
	35	EastGroup Properties, Inc.		2,211
	48	Health Care REIT, Inc.		3,090
	91	Hudson Pacific Properties, Inc.		1,885
	36	Macerich Co. (The)		2,102
	56	Omega Healthcare Investors, Inc.		1,865
	55	Realty Income Corp.		2,297
	113	Senior Housing Properties Trust		2,790
	153	UDR, Inc.		3,806
	66	Washington Real Estate Investment Trust		1,740
	77	Weingarten Realty Investors		2,444
				24,230
		Real Estate Management & Development — 0.4%
	146	Brookfield Office Properties, Inc.		2,730
		Total Financials		128,699
		Health Care — 10.6%
		Biotechnology — 1.2%
	57	Amgen, Inc.		6,577
	11	Medivation, Inc. (a)		683
	18	United Therapeutics Corp. (a)		1,549
				8,809
		Health Care Equipment & Supplies — 3.7%
	21	Becton, Dickinson & Co.		2,176
	33	C.R. Bard, Inc.		4,482

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 19

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		Health Care Equipment & Supplies — Continued
	14	Edwards Lifesciences Corp. (a)		891
	112	Medtronic, Inc.		6,412
	33	St. Jude Medical, Inc.		1,865
	13	Varian Medical Systems, Inc. (a)		973
	111	Zimmer Holdings, Inc.		9,709
				26,508
		Health Care Providers & Services — 1.8%
	29	Express Scripts Holding Co. (a)		1,832
	36	Laboratory Corp. of America Holdings (a)		3,582
	67	Tenet Healthcare Corp. (a)		3,173
	50	WellPoint, Inc.		4,240
				12,827
		Health Care Technology — 0.2%
	56	Quality Systems, Inc.		1,273
		Pharmaceuticals — 3.7%
	93	AbbVie, Inc.		4,520
	157	Eli Lilly & Co.		7,798
	117	Hospira, Inc. (a)		4,725
	291	Pfizer, Inc.		8,925
				25,968
		Total Health Care		75,385
		Industrials — 13.7%
		Aerospace & Defense — 4.2%
	61	Boeing Co. (The)		8,013
	108	Lockheed Martin Corp.		14,334
	92	Raytheon Co.		7,615
				29,962
		Air Freight & Logistics — 0.5%
	33	United Parcel Service, Inc., Class B		3,252
		Electrical Equipment — 1.3%
	83	Rockwell Automation, Inc.		9,186
		Industrial Conglomerates — 3.0%
	28	3M Co.		3,474
	80	Danaher Corp.		5,760
	479	General Electric Co.		12,513
				21,747
		Machinery — 2.5%
	51	Caterpillar, Inc.		4,276
	82	Dover Corp.		7,554
	60	Illinois Tool Works, Inc.		4,699
	23	Ingersoll-Rand plc, (Ireland)		1,533
				18,062

SHARES		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — 1.7%
	390	Heartland Express, Inc.		5,606
	170	Knight Transportation, Inc.		2,877
	143	Werner Enterprises, Inc.		3,320
				11,803
		Trading Companies & Distributors — 0.5%
	74	Fastenal Co.		3,675
		Total Industrials		97,687
		Information Technology — 12.6%
		Communications Equipment — 0.2%
	73	Juniper Networks, Inc. (a)		1,361
		Computers & Peripherals — 0.9%
	4	Apple, Inc.		1,828
	53	Seagate Technology plc, (Ireland)		2,590
	32	Western Digital Corp.		2,200
				6,618
		Internet Software & Services — 0.6%
	107	AOL, Inc. (a)		3,874
		IT Services — 2.3%
	75	Automatic Data Processing, Inc.		5,623
	35	International Business Machines Corp.		6,254
	17	Leidos Holdings, Inc.		787
	86	Paychex, Inc.		3,643
	10	Science Applications International Corp.		336
				16,643
		Semiconductors & Semiconductor Equipment — 7.2%
	175	Analog Devices, Inc.		8,603
	488	Intel Corp.		11,929
	229	Linear Technology Corp.		9,402
	220	Microchip Technology, Inc.		9,447
	204	NVIDIA Corp.		3,095
	472	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		8,682
				51,158
		Software — 1.4%
	327	Electronic Arts, Inc. (a)		8,590
	27	Salesforce.com, Inc. (a)		1,452
				10,042
		Total Information Technology		89,696
		Materials — 7.1%
		Chemicals — 4.2%
	89	Cabot Corp.		4,130
	45	Ecolab, Inc.		4,727

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		Chemicals — Continued
	87	OM Group, Inc. (a)		2,954
	89	Praxair, Inc.		11,087
	59	Sigma-Aldrich Corp.		5,056
	32	Valspar Corp. (The)		2,239
				30,193
		Construction Materials — 0.1%
	13	Vulcan Materials Co.		715
		Containers & Packaging — 0.4%
	26	Bemis Co., Inc.		1,041
	55	MeadWestvaco Corp.		1,931
				2,972
		Metals & Mining — 2.4%
	368	Cliffs Natural Resources, Inc.		9,446
	90	Nucor Corp.		4,662
	178	Vale S.A., (Brazil), ADR		2,856
				16,964
		Total Materials		50,844
		Telecommunication Services — 1.3%
		Diversified Telecommunication Services — 1.3%
	260	AT&T, Inc.		9,426

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 5.2%
		Electric Utilities — 3.3%
	71	Entergy Corp.		4,589
	179	FirstEnergy Corp.		6,775
	76	Northeast Utilities		3,260
	223	Southern Co. (The)		9,139
				23,763
		Gas Utilities — 0.4%
	47	ONEOK, Inc.		2,633
		Multi-Utilities — 1.5%
	43	MDU Resources Group, Inc.		1,269
	128	Public Service Enterprise Group, Inc.		4,274
	116	Wisconsin Energy Corp.		4,867
				10,410
		Total Utilities		36,806
		Total Short Positions (Proceeds $560,331)	$	677,274

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(26	)	E-mini S&P 500		12/20/13	$	(2,276	)	$	8

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 21

J.P. Morgan Specialty Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

ADR	—  American Depositary Receipt
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(j)	—  All or a portion of these securities are segregated for short sales.

(k)	—  All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)	—  The rate shown is the current yield as of October 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(n)	—  The rate shown is the effective yield at the date of purchase

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 23

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

(Amounts in thousands, except per share amounts)

	Research Equity Long/Short Fund			Research Market Neutral Fund
ASSETS:
Investments in non-affiliates, at value	$	96,690		$	678,994
Investments in affiliates, at value		23			28,104
Total investment securities, at value		96,713			707,098
Deposits at broker for securities sold short		54,893			679,716
Receivables:
Investment securities sold		2,627			19,790
Fund shares sold		376			1,322
Dividends from non-affiliates		63			397
Dividends from affiliates		—	(a)		1
Variation margin on futures contracts		—			13
Total Assets		154,672			1,408,337
LIABILITIES:
Payables:
Securities sold short, at value		67,001			677,274
Dividend expense to non-affiliates on securities sold short		63			675
Investment securities purchased		1,348			15,393
Interest expense to non-affiliates on securities sold short		—			85
Fund shares redeemed		66			428
Accrued liabilities:
Investment advisory fees		58			589
Shareholder servicing fees		14			85
Distribution fees		10			29
Custodian and accounting fees		14			14
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1
Other		77			233
Total Liabilities		68,651			694,806
Net Assets	$	86,021		$	713,531

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

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

	Research Equity Long/Short Fund			Research Market Neutral Fund
NET ASSETS:
Paid-in-capital	$	77,935		$	706,391
Accumulated undistributed (distributions in excess of) net investment income		(1,082	)		(11,961	)
Accumulated net realized gains (losses)		1,785			(42,943	)
Net unrealized appreciation (depreciation)		7,383			62,044
Total Net Assets	$	86,021		$	713,531
Net Assets:
Class A	$	46,503		$	88,944
Class B		—			542
Class C		579			14,209
Class R5		56			—
Institutional Class		—			316,843
Select Class		38,883			292,993
Total	$	86,021		$	713,531
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		2,814			6,099
Class B		—			39
Class C		36			1,016
Class R5		3			—
Institutional Class		—			20,881
Select Class		2,333			19,512
Net Asset Value (a):
Class A — Redemption price per share	$	16.53		$	14.58
Class B — Offering price per share (b)		—			13.98
Class C — Offering price per share (b)		16.24			13.99
Class R5 — Offering and redemption price per share		16.78			—
Institutional Class — Offering and redemption price per share		—			15.17
Select Class — Offering and redemption price per share		16.66			15.02
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)]	$	17.45		$	15.39
Cost of investments in non-affiliates	$	78,704		$	500,015
Cost of investments in affiliates		23			28,104
Proceeds from securities sold short		56,398			560,331

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 25

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013

(Amounts in thousands)

	Research Equity Long/Short Fund			Research Market Neutral Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	1
Dividend income from non-affiliates		1,339			13,514
Dividend income from affiliates		1			26
Total investment income		1,340			13,541
EXPENSES:
Investment advisory fees		850			9,274
Administration fees		57			626
Distribution fees:
Class A		104			262
Class B		—			5
Class C		4			128
Shareholder servicing fees:
Class A		104			262
Class B		—			2
Class C		1			43
Institutional Class		—			329
Select Class		65			726
Custodian and accounting fees		52			60
Interest expense to affiliates		—			—	(a)
Professional fees		62			72
Trustees’ and Chief Compliance Officer’s fees		1			10
Printing and mailing costs		—			58
Registration and filing fees		65			92
Transfer agent fees		53			399
Other		6			17
Dividend expense to non-affiliates on securities sold short		1,404			19,420
Interest expense to non-affiliates on securities sold short		116			980
Total expenses		2,944			32,765
Less amounts waived		(297	)		(3,612	)
Net expenses		2,647			29,154
Net investment income (loss)		(1,307	)		(15,612	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,273			113,590
Futures		—			(866	)
Securities sold short		(4,092	)		(73,764	)
Net realized gain (loss)		3,181			38,960
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		12,088			82,877
Futures		—			(88	)
Securities sold short		(9,076	)		(96,398	)
Change in net unrealized appreciation/depreciation		3,012			(13,609	)
Net realized/unrealized gains (losses)		6,193			25,351
Change in net assets resulting from operations	$	4,886		$	9,739

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

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Research Equity Long/Short Fund						Research Market Neutral Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(1,307	)	$	(1,029	)	$	(15,612	)	$	(18,057	)
Net realized gain (loss)		3,181			1,150			38,960			1,873
Change in net unrealized appreciation/depreciation		3,012			1,394			(13,609	)		(6,646	)
Change in net assets resulting from operations		4,886			1,515			9,739			(22,830	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		24,668			(19,376	)		(60,729	)		(265,967	)
NET ASSETS:
Change in net assets		29,554			(17,861	)		(50,990	)		(288,797	)
Beginning of period		56,467			74,328			764,521			1,053,318
End of period	$	86,021		$	56,467		$	713,531		$	764,521
Accumulated undistributed (distributions in excess of) net investment income	$	(1,082	)	$	(842	)	$	(11,961	)	$	(14,747	)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	23,164		$	9,828		$	42,858		$	72,607
Cost of shares redeemed		(19,669	)		(31,475	)		(71,156	)		(117,666	)
Change in net assets resulting from Class A capital transactions	$	3,495		$	(21,647	)	$	(28,298	)	$	(45,059	)
Class B
Proceeds from shares issued	$	—		$	—		$	51		$	—	(a)
Cost of shares redeemed		—			—			(255	)		(764	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	(204	)	$	(764	)
Class C
Proceeds from shares issued	$	47		$	151		$	1,819		$	3,102
Cost of shares redeemed		(82	)		(246	)		(7,003	)		(10,666	)
Change in net assets resulting from Class C capital transactions	$	(35	)	$	(95	)	$	(5,184	)	$	(7,564	)
Institutional Class
Proceeds from shares issued	$	—		$	—		$	128,767		$	205,349
Cost of shares redeemed		—			—			(154,389	)		(374,134	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	(25,622	)	$	(168,785	)
Select Class
Proceeds from shares issued	$	30,946		$	10,906		$	32,481		$	135,449
Cost of shares redeemed		(9,738	)		(8,540	)		(33,902	)		(179,244	)
Change in net assets resulting from Select Class capital transactions	$	21,208		$	2,366		$	(1,421	)	$	(43,795	)
Total change in net assets resulting from capital transactions	$	24,668		$	(19,376	)	$	(60,729	)	$	(265,967	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 27

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Research Equity Long/Short Fund						Research Market Neutral Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
SHARE TRANSACTIONS:
Class A
Issued		1,438			657			2,935			5,068
Redeemed		(1,224	)		(2,129	)		(4,881	)		(8,243	)
Change in Class A Shares		214			(1,472	)		(1,946	)		(3,175	)
Class B
Issued		—			—			4			—	(a)
Redeemed		—			—			(18	)		(55	)
Change in Class B Shares		—			—			(14	)		(55	)
Class C
Issued		3			10			130			225
Redeemed		(5	)		(17	)		(499	)		(774	)
Change in Class C Shares		(2	)		(7	)		(369	)		(549	)
Institutional Class
Issued		—			—			8,500			13,890
Redeemed		—			—			(10,205	)		(25,425	)
Change in Institutional Class Shares		—			—			(1,705	)		(11,535	)
Select Class
Issued		1,905			723			2,159			9,166
Redeemed		(593	)		(574	)		(2,259	)		(12,238	)
Change in Select Class Shares		1,312			149			(100	)		(3,072	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY 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 realized gain
Research Equity Long/Short Fund
Class A
Year Ended October 31, 2013	$	15.39	$	(0.33	)(g)	$	1.47		$	1.14		$	—
Year Ended October 31, 2012		14.88		(0.27	)(g)		0.78			0.51			—
Year Ended October 31, 2011		15.41		(0.33	)(g)		(0.18	)		(0.51	)		(0.02	)
May 28, 2010 (h) through October 31, 2010		15.00		(0.13	)(g)		0.54			0.41			—
Class C
Year Ended October 31, 2013		15.20		(0.40	)(g)		1.44			1.04			—
Year Ended October 31, 2012		14.77		(0.34	)(g)		0.77			0.43			—
Year Ended October 31, 2011		15.38		(0.39	)(g)		(0.20	)		(0.59	)		(0.02	)
May 28, 2010 (h) through October 31, 2010		15.00		(0.13	)(g)		0.51			0.38			—
Class R5
Year Ended October 31, 2013		15.56		(0.26	)(g)		1.48			1.22			—
Year Ended October 31, 2012		14.98		(0.21	)(g)		0.79			0.58			—
Year Ended October 31, 2011		15.44		(0.27	)(g)		(0.17	)		(0.44	)		(0.02	)
May 28, 2010 (h) through October 31, 2010		15.00		(0.08	)(g)		0.52			0.44			—
Select Class
Year Ended October 31, 2013		15.48		(0.28	)(g)		1.46			1.18			—
Year Ended October 31, 2012		14.93		(0.24	)(g)		0.79			0.55			—
Year Ended October 31, 2011		15.43		(0.29	)(g)		(0.19	)		(0.48	)		(0.02	)
May 28, 2010 (h) through October 31, 2010		15.00		(0.09	)(g)		0.52			0.43			—

(a) Annualized for periods less than one year.

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

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

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

(e) 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 1.75% and 2.19% for 2013, 1.75% and 2.09% for 2012, 1.75% and 2.29% for 2011 and 1.75% and 3.24% for 2010; for Class C are 2.25% and 2.69% for 2013, 2.25% and 2.59% for 2012, 2.25% and 2.73% for 2011 and 2.22% and 5.40% for 2010; for Class R5 are 1.30% and 1.74% for 2013, 1.30% and 1.64% for 2012, 1.30% and 1.83% for 2011 and 1.28% and 5.22% for 2010; for Select Class are 1.50% and 1.93% for 2013, 1.50% and 1.83% for 2012, 1.50% and 2.04% for 2011 and 1.48% and 5.39% for 2010, respectively.

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

(g) Calculated based upon average shares outstanding.

(h) Commencement of operations.

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

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

		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 (including dividend and interest expense for securities sold short) (d)(e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (e)			Portfolio turnover rate (excluding short sales) (b)(f)			Portfolio turnover rate (including short sales) (b)(f)
$	16.53		7.41	%	$	46,503		3.98	%		(2.03	)%		4.42	%		91	%		156	%
	15.39		3.43			40,031		3.97			(1.81	)		4.31			92			159
	14.88		(3.29	)		60,605		4.09			(2.19	)		4.63			151			255
	15.41		2.73			54,311		3.73			(1.96	)		5.22	(i)		63			313
	16.24		6.84			579		4.48			(2.53	)		4.92			91			156
	15.20		2.91			578		4.47			(2.33	)		4.81			92			159
	14.77		(3.82	)		657		4.59			(2.62	)		5.07			151			255
	15.38		2.53			156		4.03			(2.08	)		7.21	(i)		63			313
	16.78		7.84			56		3.53			(1.58	)		3.97			91			156
	15.56		3.87			52		3.50			(1.39	)		3.84			92			159
	14.98		(2.83	)		50		3.64			(1.75	)		4.17			151			255
	15.44		2.93			51		3.16			(1.31	)		7.10	(i)		63			313
	16.66		7.62			38,883		3.73			(1.74	)		4.16			91			156
	15.48		3.68			15,806		3.68			(1.58	)		4.01			92			159
	14.93		(3.09	)		13,016		3.84			(1.89	)		4.38			151			255
	15.43		2.87			5,197		3.36			(1.51	)		7.27	(i)		63			313

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY 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 realized gain
Research Market Neutral Fund
Class A
Year Ended October 31, 2013	$	14.44	$	(0.35	)(g)	$	0.49		$	0.14		$	—
Year Ended October 31, 2012		14.71		(0.35	)(g)		0.08			(0.27	)		—
Year Ended October 31, 2011		15.30		(0.35	)(g)		(0.24	)		(0.59	)		—
Year Ended October 31, 2010		15.39		(0.31	)(g)		0.37			0.06			(0.15	)
Year Ended October 31, 2009		13.94		(0.25	)(g)		1.70			1.45			—
Class B
Year Ended October 31, 2013		13.91		(0.41	)(g)		0.48			0.07			—
Year Ended October 31, 2012		14.25		(0.40	)(g)		0.06			(0.34	)		—
Year Ended October 31, 2011		14.89		(0.41	)(g)		(0.23	)		(0.64	)		—
Year Ended October 31, 2010		15.05		(0.38	)(g)		0.37			(0.01	)		(0.15	)
Year Ended October 31, 2009		13.71		(0.32	)(g)		1.66			1.34			—
Class C
Year Ended October 31, 2013		13.91		(0.41	)(g)		0.49			0.08			—
Year Ended October 31, 2012		14.25		(0.41	)(g)		0.07			(0.34	)		—
Year Ended October 31, 2011		14.89		(0.40	)(g)		(0.24	)		(0.64	)		—
November 2, 2009 (i) through October 31, 2010		15.07		(0.36	)(g)		0.33			(0.03	)		(0.15	)
Institutional Class
Year Ended October 31, 2013		14.95		(0.29	)(g)		0.51			0.22			—
Year Ended October 31, 2012		15.16		(0.29	)(g)		0.08			(0.21	)		—
Year Ended October 31, 2011		15.68		(0.27	)(g)		(0.25	)		(0.52	)		—
Year Ended October 31, 2010		15.69		(0.23	)(g)		0.37			0.14			(0.15	)
Year Ended October 31, 2009		14.14		(0.19	)(g)		1.74			1.55			—
Select Class
Year Ended October 31, 2013		14.83		(0.32	)(g)		0.51			0.19			—
Year Ended October 31, 2012		15.08		(0.32	)(g)		0.07			(0.25	)		—
Year Ended October 31, 2011		15.64		(0.31	)(g)		(0.25	)		(0.56	)		—
November 2, 2009 (i) through October 31, 2010		15.70		(0.27	)(g)		0.36			0.09			(0.15	)

(a) Annualized for periods less than one year.

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

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

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

(e) 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 1.49% and 1.93% for 2013, 1.49% and 1.99% for 2012, 1.48% and 1.93% for 2011, 1.48% and 1.95% for 2010 and 1.52% and 2.10% for 2009; for Class B are 1.99% and 2.43% for 2013, 1.99% and 2.48% for 2012, 1.98% and 2.43% for 2011, 1.98% and 2.45% for 2010 and 2.02% and 2.64% for 2009; for Class C are 1.99% and 2.43% for 2013, 1.99% and 2.49% for 2012, 1.98% and 2.43% for 2011 and 1.99% and 2.45% for 2010; for Institutional Class are 0.99% and 1.53% for 2013, 0.99% and 1.59% for 2012, 0.98% and1.53% for 2011, 0.98% and 1.55% for 2010 and 1.02% and 1.72% for 2009; for Select Class are 1.24% and 1.68% for 2013, 1.24% and 1.74% for 2012, 1.23% and 1.68% for 2011 and 1.23% and 1.70% for 2010, respectively.

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

(g) Calculated based upon average shares outstanding.

(h) Includes interest expense (except interest expense on securities sold short) of 0.03%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

		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 (including dividend and interest expense for securities sold short) (d)(e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (e)			Portfolio turnover rate (excluding short sales) (b)(f)			Portfolio turnover rate (including short sales) (b)(f)
$	14.58		0.97	%	$	88,944		4.24	%		(2.42	)%		4.68	%		75	%		149	%
	14.44		(1.84	)		116,146		4.46			(2.47	)		4.96			82			186
	14.71		(3.86	)		165,089		4.04			(2.32	)		4.49			105			231
	15.30		0.42			337,177		3.75			(2.02	)		4.22			182			473
	15.39		10.40			179,117		3.75	(h)		(1.66	)		4.33			218			558
	13.98		0.50			542		4.74			(2.94	)		5.18			75			149
	13.91		(2.39	)		741		4.96			(2.93	)		5.45			82			186
	14.25		(4.30	)		1,547		4.54			(2.82	)		4.99			105			231
	14.89		(0.04	)		2,479		4.35			(2.57	)		4.82			182			473
	15.05		9.77			3,512		4.25	(h)		(2.21	)		4.87			218			558
	13.99		0.58			14,209		4.74			(2.92	)		5.18			75			149
	13.91		(2.39	)		19,275		4.96			(2.97	)		5.46			82			186
	14.25		(4.30	)		27,566		4.54			(2.79	)		4.99			105			231
	14.89		(0.17	)		25,121		4.11			(2.46	)		4.57			182			473
	15.17		1.47			316,843		3.74			(1.91	)		4.28			75			149
	14.95		(1.39	)		337,565		3.99			(1.98	)		4.59			82			186
	15.16		(3.32	)		517,140		3.54			(1.79	)		4.09			105			231
	15.68		0.93			465,026		3.20			(1.49	)		3.77			182			473
	15.69		10.96			121,365		3.25	(h)		(1.21	)		3.95			218			558
	15.02		1.28			292,993		3.99			(2.15	)		4.43			75			149
	14.83		(1.66	)		290,794		4.17			(2.19	)		4.67			82			186
	15.08		(3.58	)		341,976		3.79			(2.06	)		4.24			105			231
	15.64		0.60			610,302		3.34			(1.73	)		3.81			182			473

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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
Research Equity Long/Short Fund	Class A, Class C, Class R5 and Select Class	Diversified (effective 2/28/13)
Research Market Neutral Fund	Class A, Class B, Class C, Institutional Class and Select Class	Diversified

The investment objective of Research Equity Long/Short Fund is to seek to provide long term capital appreciation.

The investment objective of Research Market Neutral Fund is to seek to provide long-term capital appreciation from a broadly diversified portfolio of U.S. stocks while neutralizing the general risks associated with stock market investing.

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

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

2. Significant Accounting Policies

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

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

Certain investments of the Funds may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Funds to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

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

34 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed.

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

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

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

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

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

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

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

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

Research Equity Long/Short Fund

	Level 1 Quote prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	96,713		$	—	$	—	$	96,713
Total Liabilities (a)	$	(67,001	)	$	—	$	—	$	(67,001	)
Research Market Neutral Fund
	Level 1 Quote prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	706,483		$	615	$	—	$	707,098
Total Liabilities (a)	$	(677,274	)	$	—	$	—	$	(677,274	)
Appreciation in Other Financial Instruments
Futures Contracts	$	8		$	—	$	—	$	8

(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 2 are disclosed individually on the SOIs. Level 2 consists of a U.S. Treasury Bill that is held for futures contracts collateral, the report values of which are evaluated prices. Please refer to the SOIs for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended October 31, 2013.

B. Futures Contracts — The Research Market Neutral Fund uses index futures contracts to more effectively manage the long and short equity exposures in the portfolio. The use of futures contracts exposes the Fund to equity price risk.

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 unrealized appreciation

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

(depreciation) in the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOI 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 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 October 31, 2013 (amounts in thousands):

	Research Market Neutral Fund
Futures Contracts:
Average Notional Balance Long	$	489	(a)
Average Notional Balance Short		5,410
Ending Notional Balance Long		—
Ending Notional Balance Short		2,276

(a) Average for the periods January 1, 2013 through January 31, 2013 and August 1, 2013 through August 31, 2013.

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 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 an asset on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted in 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 income or fee is reported as interest income or interest expense, respectively, on securities sold short in 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 unrealized gain or loss 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.

At October 31, 2013, the Funds had outstanding short sales as listed on their 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, less dividend expense on securities sold short, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

To the extent such information is publically 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.

36 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

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.

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 gain 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 October 31, 2013, 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 Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

G. Distributions to Shareholders — Distributions from net investment income are generally declared and paid annually for the Research Equity Long/Short Fund, and are generally declared and paid quarterly for the Research Market Neutral Fund 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)
Research Equity Long/Short Fund	$	(1,062	)	$	1,067	$	(5	)
Research Market Neutral Fund		(18,285	)		18,398		(113	)

The reclassifications for the Funds relate primarily to net operating losses.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the 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 1.25% 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 October 31, 2013, 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. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

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

	Class A	Class B			Class C
Research Equity Long/Short Fund	0.25%		n/a			0.75	%
Research Market Neutral Fund	0.25		0.75	%		0.75

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class B and Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2013, the Distributor retained the following amounts (in thousands):

	Front-End Sale Charge	CDSC
Research Equity Long/Short Fund	$2	$	—	(a)
Research Market Neutral Fund	4		1

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

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

	Class A			Class B			Class C			Class R5			Institutional Class			Select Class
Research Equity Long/Short Fund		0.25	%		n/a			0.25	%		0.05	%		n/a			0.25	%
Research Market Neutral Fund		0.25			0.25	%		0.25			n/a			0.10	%		0.25

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. 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 in the Statements of Operations.

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

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

	Class A			Class B			Class C			Class R5			Institutional Class			Select Class
Research Equity Long/Short Fund		1.75	%		n/a			2.25	%		1.30	%		n/a			1.50	%
Research Market Neutral Fund		1.50			2.00	%		2.00			n/a			1.00	%		1.25

The expense limitation agreements were in effect for the year ended October 31, 2013. The contractual expense limitation percentages in the table above are in place until at least February 28, 2014.

For the year ended October 31, 2013, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total
Research Equity Long/Short Fund	$	206	$	57	$	34	$	297
Research Market Neutral Fund		2,563		626		329		3,518

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

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2013 were as follows (amounts in thousands):

Research Equity Long/Short Fund	$	—	(a)
Research Market Neutral Fund		94

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

38 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

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

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

The 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 October 31, 2013, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2013, 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.

4. Investment Transactions

During the year ended October 31, 2013, 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
Research Equity Long/Short Fund	$	84,490	$	63,560	$	46,308	$	33,379
Research Market Neutral Fund		521,987		696,460		366,806		514,470

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2013 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Research Equity Long/Short Fund	$	79,212	$	17,941	$	440	$	17,501
Research Market Neutral Fund		535,054		176,389		4,345		172,044

For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

There were no distributions paid during the fiscal years ended October 31, 2012 and 2013.

At October 31, 2013, the components of net assets (excluding paid in capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long Term Capital Gain or (Tax Basis Capital Loss Carryover			Unrealized Appreciation (Depreciation)
Research Equity Long/Short Fund	$	—	$	3,236		$	5,932
Research Market Neutral Fund		—		(12,455	)		33,523

For the Funds, the cumulative timing differences primarily consist of late year loss deferrals, loss deferrals on unsettled short sales, straddle loss deferrals and wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011 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 October 31, 2013, the Funds had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains (amounts in thousands):

	2019		Total
Research Market Neutral Fund	$	12,455	$	12,455

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

During the year ended October 31, 2013, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

			Post-Enactment Capital Loss Carryforwards Utilized
	Pre-Enactment Capital Loss Carryforwards Utilized		Short-Term		Long-term		Total Capital Loss Carryforwards Utilized
Research Equity Long/Short Fund	$	315	$	—	$	—	$	315
Research Market Neutral Fund		30,736		119		—		30,855

Late year ordinary losses incurred after December 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 October 31, 2013, the Funds deferred to November 1, 2013 late year ordinary losses of (amounts in thousands):

	Late Year Ordinary Loss
Research Equity Long/Short Fund	$	1,081
Research Market Neutral Fund		11,949

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).

In addition, 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 10, 2014.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013, or at any during the period then ended.

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

7. Risks, Concentrations and Indemnifications

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

The J.P. Morgan Investor Funds, which are affiliated funds of funds, own, in the aggregate 34.4% of the net assets of the Research Market Neutral Fund.

Additionally, Research Equity Long/Short Fund has several shareholders, which are accounts maintained by financial intermediaries on behalf of their clients, that own significant portions of the Fund’s outstanding shares.

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

As of October 31, 2013, the Research Equity Long/Short Fund pledged a substantial portion of its assets to BNP Paribas for securities sold short and the Research Market Neutral Fund pledged substantially all of its assets to Goldman Sachs & Co. for securities sold short. For the Research Equity Long/Short Fund and the Research Market Neutral Fund, deposits at broker for securities sold short, as noted on the Statements of Assets and Liabilities, are held at BNP Paribas or Goldman Sachs & Co., respectively.

8. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. In January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, which updated ASU 2011-11. The ASU creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives, repurchase agreements and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of these changes on the Fund’s financial statement disclosures.

40 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Research Equity Long/Short Fund and JPMorgan Research Market Neutral 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 Research Equity Long/Short Fund and JPMorgan Research Market Neutral Fund (each a separate Fund of JPMorgan Trust I) (hereafter referred to as the “Funds”) at October 31, 2013, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 41

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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

42 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

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)
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).	171	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); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-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).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Funds’ investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment 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 is 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.

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

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

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 43

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management. Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

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

44 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

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 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 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, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

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, May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Research Equity Long/Short Fund
Class A
Actual	$	1,000.00	$	1,025.40	$	19.25		3.77	%
Hypothetical		1,000.00		1,006.20		19.06		3.77
Class C
Actual		1,000.00		1,022.70		21.82		4.28
Hypothetical		1,000.00		1,003.63		21.62		4.28
Class R5
Actual		1,000.00		1,027.60		17.02		3.33
Hypothetical		1,000.00		1,008.42		16.86		3.33
Select Class
Actual		1,000.00		1,026.50		17.72		3.47
Hypothetical		1,000.00		1,007.71		17.56		3.47
Research Market Neutral Fund
Class A
Actual		1,000.00		999.30		19.91		3.95
Hypothetical		1,000.00		1,005.29		19.97		3.95
Class B
Actual		1,000.00		996.40		22.29		4.43
Hypothetical		1,000.00		1,002.87		22.36		4.43
Class C
Actual		1,000.00		997.10		22.35		4.44
Hypothetical		1,000.00		1,002.82		22.41		4.44
Institutional Class
Actual		1,000.00		1,001.30		17.30		3.43
Hypothetical		1,000.00		1,007.91		17.36		3.43
Select Class
Actual		1,000.00		1,000.70		18.46		3.66
Hypothetical		1,000.00		1,006.76		18.51		3.66

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 22, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information includes the Funds’ performance compared to the performance of the Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of the Funds in connection with the Trustees’ review of the investment advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreements with representatives of the Adviser and with counsels to the Trust and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed

approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Trust and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider

46 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the each of the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. The Board also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the adviser.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Funds benefit from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of each Fund. The Trustees also considered the complexity of investment management for the Funds relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the independent consultant and also considered the special analysis prepared by the independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Research Equity Long/Short Fund’s performance was in the second quintile for both Class A and Select Class shares for the one-year period ended December 31, 2012, and that the independent consultant indicated that the Fund’s overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance.

The Trustees noted that the Research Market Neutral Fund’s performance was in the second, fifth and third quintiles for Class A shares for the one-, three- and five-year periods ended December 31, 2012, respectively, and in the second and fifth quintiles for Select Class shares for the one- and three-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the investment committee at each of their regular meetings over the course of next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Research Equity Long/Short Fund’s net advisory fee for both Class A and Select Class shares was in the third quintile, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Research Market Neutral Fund’s net advisory fee for both Class A and Select Class shares was in the third quintile, and that the actual total expenses for Class A and Select Class Shares were in the third and second quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

48 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

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

^© JPMorgan Chase & Co., 2013. All rights reserved. October 2013. AN-SPEC-1013

Annual Report

J.P. Morgan Specialty Funds

October 31, 2013

JPMorgan Market Neutral Fund

(formerly Highbridge Statistical Market Neutral Fund)

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	16
Financial Highlights	20
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	28
Trustees	29
Officers	31
Schedule of Shareholder Expenses	32
Board Approval of Investment Advisory Agreement	33
Privacy Notice — Located at the back of this Annual Report

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of 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

DECEMBER 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

  “As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio.”

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury

yields fell from their reporting period peak in early September 2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junk bonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well-diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 1

JPMorgan Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(1.63)%
BofA Merrill Lynch 3-Month
U.S. Treasury Bill Index		0.09%
Net Assets as of 10/31/2013 (In Thousands)	$	274,867

INVESTMENT OBJECTIVE**

JPMorgan Market Neutral Fund (the “Fund”), previously known as Highbridge Statistical Market Neutral Fund, seeks to provide long-term absolute (positive) returns in all market environments from a broadly diversified portfolio of stocks while neutralizing the general risks associated with stock market investing.

Effective December 6, 2013, the Fund’s investment objective changed to read as follows: The Fund seeks to provide long-term capital appreciation from a broadly diversified portfolio of U.S. stocks while neutralizing the general risks associated with stock market investing. In addition, certain of the Fund’s investment strategies and portfolio management team changed effective December 6, 2013 as well. The Fund’s investment performance would have been different if the Fund were managed using the strategies in effect as of December 6, 2013.

HOW DID THE MARKET PERFORM?

During the reporting period, the global financial markets were impacted by a number of factors, including mixed economic data, geopolitical issues, expectations for future central bank monetary policies and, in the U.S., the impact of the fiscal cliff, sequestration and partial government shutdown. The U.S. equity market, which was supported by overall robust investor demand, solid corporate profits and continued accommodative monetary policy, generated strong returns for the period, with the S&P 500 Index gaining 27.18% over the twelve months ended October 31, 2013.

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

The Fund (Select Class Shares) underperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index for the twelve months ended October 31, 2013.

Highbridge Capital Management, LLC (“Highbridge”) used its four forecast themes — fundamental, relative value, event/news and technical/liquidity – to attempt to differentiate

between attractive and unattractive stocks during the reporting period.

The Fund’s event/news forecasts, which attempt to identify and incorporate news and other real time information that may impact stock prices, detracted the most significantly from performance during the reporting period. The Fund’s fundamental forecasts were also negative for performance. Fundamental forecasts take a longer-term perspective and attempt to identify companies that generate strong cash flows and efficiently use their capital base. Elsewhere, the Fund’s technical/liquidity forecasts were modest detractors from results. Technical/liquidity forecasts are based on the idea that stock prices react to and correct short-term imbalances in supply and demand.

The Fund’s relative value forecasts contributed positively to its returns. Relative value forecasts seek to identify stocks that appear mispriced relative to their peers based on financial statement information and the current prices.

HOW WAS THE FUND POSITIONED?

During the reporting period, Highbridge managed the Fund using its proprietary quantitative investment approach. The Fund focused on stock selection and relied on its four forecast themes, which the Fund’s portfolio managers believe should drive stock performance over time. The forecasting component of the process sought to identify equity securities expected to potentially outperform or underperform other equity securities with similar industry and risk characteristics. Highbridge selected the Fund’s holdings by balancing expected returns predicted by its forecasting model against expectations of common market risks and stock-specific risks in the Fund’s portfolio. Highbridge achieved this balance through the use of its proprietary optimization software. The Fund was rebalanced throughout each trading day using a proprietary electronic trading system. The Fund invested across mid- and large-cap U.S. stocks and attempted to generate returns based on the relative price movements of the positions in the Fund, and not the direction of the broader market.

2 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	CoreLogic, Inc.	1.7	%
	2.	Brocade Communications Systems, Inc.	1.7
	3.	Citrix Systems, Inc.	1.7
	4.	Superior Energy Services, Inc.	1.7
	5.	Allergan, Inc.	1.7
	6.	Computer Sciences Corp.	1.6
	7.	Pharmacyclics, Inc.	1.6
	8.	SM Energy Co.	1.5
	9.	Philip Morris International, Inc.	1.5
	10.	Stone Energy Corp.	1.5

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Under Armour, Inc., Class A	2.0	%
	2.	athenahealth, Inc.	1.9
	3.	Concur Technologies, Inc.	1.9
	4.	PDC Energy, Inc.	1.9
	5.	Chart Industries, Inc.	1.6
	6.	Illumina, Inc.	1.6
	7.	E.I. du Pont de Nemours & Co.	1.5
	8.	Hain Celestial Group, Inc. (The)	1.5
	9.	Salesforce.com, Inc.	1.5
	10.	Hasbro, Inc.	1.4

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	24.2	%
Consumer Discretionary	14.8
Health Care	11.9
Energy	11.3
Industrials	10.4
Financials	5.0
Materials	3.7
Consumer Staples	2.9
Others (each less than 1.0%)	0.9
Short-Term Investment	14.9

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	26.9	%
Consumer Discretionary	19.0
Energy	14.3
Health Care	12.6
Industrials	12.0
Financials	6.5
Materials	5.4
Consumer Staples	2.7
Utilities	0.5
Telecommunication Services	0.1

* 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 gener- ally 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		11/30/05
Without Sales Charge				(1.86	)%		(2.53	)%		0.18	%
With Sales Charge*				(7.03	)		(3.58	)		(0.49	)
CLASS C SHARES		11/30/05
Without CDSC				(2.33	)		(3.04	)		(0.32	)
With CDSC**				(3.33	)		(3.04	)		(0.32	)
SELECT CLASS SHARES		11/30/05		(1.63	)		(2.30	)		0.43

* 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 (11/30/05 TO 10/31/13)

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, 2005.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Market Neutral Fund, BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and Lipper Alternative Equity Market-Neutral Funds Index from November 30, 2005 to October 31, 2013. 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 asso-

ciated 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 represents the total returns of the funds in the indicated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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 SPECIALTY FUNDS OCTOBER 31, 2013

JPMorgan Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — 89.8% (j)
			Common Stocks — 76.4%
			Consumer Discretionary — 13.3%
			Auto Components — 0.3%
	6		Federal-Mogul Corp. (a)		132
	15		Johnson Controls, Inc.		679
					811
			Automobiles — 0.0% (g)
	1		Harley-Davidson, Inc.		77
			Distributors — 0.3%
	13		Pool Corp.		692
			Diversified Consumer Services — 0.8%
	44		Apollo Group, Inc., Class A (a)		1,179
	14		Grand Canyon Education, Inc. (a)		659
	5		Hillenbrand, Inc.		135
	15		K12, Inc. (a)		269
					2,242
			Hotels, Restaurants & Leisure — 1.2%
	3		DineEquity, Inc.		286
	65		International Game Technology		1,217
	4		Jack in the Box, Inc. (a)		150
	36		MGM Resorts International (a)		693
	—	(h)	Papa John’s International, Inc.		25
	31		Pinnacle Entertainment, Inc. (a)		723
	11		Scientific Games Corp., Class A (a)		194
					3,288
			Household Durables — 1.2%
	6		Harman International Industries, Inc.		481
	—	(h)	Jarden Corp. (a)		16
	4		Mohawk Industries, Inc. (a)		504
	13		Newell Rubbermaid, Inc.		396
	62		PulteGroup, Inc.		1,095
	5		Whirlpool Corp.		686
					3,178
			Internet & Catalog Retail — 1.5%
	334		Groupon, Inc. (a)		3,051
	2		HSN, Inc.		98
	1		Liberty Ventures, Series A, (a)		142
	75		Orbitz Worldwide, Inc. (a)		696
					3,987
			Leisure Equipment & Products — 0.5%
	11		Polaris Industries, Inc.		1,457
			Media — 1.4%
	79		Cablevision Systems Corp., Class A		1,235

SHARES			SECURITY DESCRIPTION	VALUE($)
			Media — Continued
	62		CTC Media, Inc., (Russia)		784
	9		Lamar Advertising Co., Class A (a)		414
	46		Live Nation Entertainment, Inc. (a)		886
	5		Madison Square Garden Co. (The), Class A (a)		282
	4		Morningstar, Inc.		282
					3,883
			Multiline Retail — 0.4%
	15		Dollar General Corp. (a)		880
	3		Family Dollar Stores, Inc.		214
					1,094
			Specialty Retail — 2.8%
	22		Advance Auto Parts, Inc.		2,160
	48		ANN, Inc. (a)		1,692
	14		Ascena Retail Group, Inc. (a)		278
	7		AutoNation, Inc. (a)		356
	1		Group 1 Automotive, Inc.		61
	30		Home Depot, Inc. (The)		2,348
	9		Lithia Motors, Inc., Class A		541
	4		Office Depot, Inc. (a)		21
	1		O’Reilly Automotive, Inc. (a)		173
	—	(h)	Penske Automotive Group, Inc.		8
	3		Select Comfort Corp. (a)		64
					7,702
			Textiles, Apparel & Luxury Goods — 2.9%
	33		Crocs, Inc. (a)		403
	25		Deckers Outdoor Corp. (a)		1,739
	1		Fossil Group, Inc. (a)		117
	14		Hanesbrands, Inc.		935
	31		Jones Group, Inc. (The)		483
	1		PVH Corp.		171
	17		Ralph Lauren Corp.		2,816
	8		Skechers U.S.A., Inc., Class A (a)		232
	31		Steven Madden Ltd. (a)		1,137
					8,033
			Total Consumer Discretionary		36,444
			Consumer Staples — 2.6%
			Food & Staples Retailing — 0.3%
	1		Andersons, Inc. (The)		110
	1		PriceSmart, Inc.		136
	75		Rite Aid Corp. (a)		402
	48		SUPERVALU, Inc. (a)		335
					983

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
			Food Products — 0.8%
	12		Archer-Daniels-Midland Co.		499
	8		Green Mountain Coffee Roasters, Inc. (a)		480
	87		Pilgrim’s Pride Corp. (a)		1,228
					2,207
			Personal Products — 0.1%
	6		Prestige Brands Holdings, Inc. (a)		184
			Tobacco — 1.4%
	42		Philip Morris International, Inc.		3,745
			Total Consumer Staples		7,119
			Energy — 10.2%
			Energy Equipment & Services — 2.5%
	2		Atwood Oceanics, Inc. (a)		96
	4		Baker Hughes, Inc.		232
	—	(h)	Dresser-Rand Group, Inc. (a)		12
	13		Exterran Holdings, Inc. (a)		365
	184		Hercules Offshore, Inc. (a)		1,251
	137		ION Geophysical Corp. (a)		637
	1		Oil States International, Inc. (a)		55
	5		Patterson-UTI Energy, Inc.		131
	153		Superior Energy Services, Inc. (a)		4,110
					6,889
			Oil, Gas & Consumable Fuels — 7.7%
	25		Anadarko Petroleum Corp.		2,429
	4		Apache Corp.		374
	60		Cabot Oil & Gas Corp.		2,105
	—	(h)	Cimarex Energy Co.		23
	—	(h)	Cloud Peak Energy, Inc. (a)		2
	16		Cobalt International Energy, Inc. (a)		369
	21		Delek U.S. Holdings, Inc.		545
	6		EPL Oil & Gas, Inc. (a)		204
	11		EQT Corp.		925
	212		Gran Tierra Energy, Inc., (Canada) (a)		1,613
	69		Newfield Exploration Co. (a)		2,114
	7		Peabody Energy Corp.		146
	43		SM Energy Co.		3,777
	105		Stone Energy Corp. (a)		3,668
	54		W&T Offshore, Inc.		1,025
	22		Whiting Petroleum Corp. (a)		1,445
	10		Williams Cos., Inc. (The)		359
					21,123
			Total Energy		28,012

SHARES			SECURITY DESCRIPTION	VALUE($)
			Financials — 4.5%
			Capital Markets — 1.4%
	124		BGC Partners, Inc., Class A		662
	5		Evercore Partners, Inc., Class A		273
	2		Janus Capital Group, Inc.		18
	—	(h)	LPL Financial Holdings, Inc.		4
	14		SEI Investments Co.		478
	23		T. Rowe Price Group, Inc.		1,759
	3		Virtus Investment Partners, Inc. (a)		644
	—	(h)	Walter Investment Management Corp. (a)		7
					3,845
			Commercial Banks — 1.4%
	8		BankUnited, Inc.		257
	21		BBCN Bancorp, Inc.		309
	30		East West Bancorp, Inc.		1,003
	1		First Financial Holdings, Inc.		79
	3		First Midwest Bancorp, Inc.		44
	—	(h)	First Niagara Financial Group, Inc.		3
	1		Investors Bancorp, Inc.		22
	75		PrivateBancorp, Inc.		1,826
	41		Regions Financial Corp.		393
					3,936
			Consumer Finance — 0.3%
	13		Capital One Financial Corp.		913
			Diversified Financial Services — 0.1%
	—	(h)	Citigroup, Inc.		19
	3		MarketAxess Holdings, Inc.		164
					183
			Insurance — 0.7%
	31		Brown & Brown, Inc.		1,000
	2		HCC Insurance Holdings, Inc.		73
	—	(h)	Markel Corp. (a)		163
	6		Old Republic International Corp.		99
	—	(h)	ProAssurance Corp.		18
	7		Reinsurance Group of America, Inc.		485
					1,838
			Real Estate Investment Trusts (REITs) — 0.1%
	3		American Campus Communities, Inc.		106
	—	(h)	Apartment Investment & Management Co., Class A		11
	2		Cousins Properties, Inc.		17
	1		GEO Group, Inc. (The)		22
					156

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
			Real Estate Management & Development — 0.5%
	14		Jones Lang LaSalle, Inc.		1,358
			Thrifts & Mortgage Finance — 0.0% (g)
	13		MGIC Investment Corp. (a)		106
	—	(h)	Provident Financial Services, Inc.		2
					108
			Total Financials		12,337
			Health Care — 10.7%
			Biotechnology — 3.4%
	12		Acorda Therapeutics, Inc. (a)		371
	23		Alexion Pharmaceuticals, Inc. (a)		2,877
	—	(h)	Celgene Corp. (a)		45
	48		Celldex Therapeutics, Inc. (a)		1,094
	20		Myriad Genetics, Inc. (a)		485
	—	(h)	NPS Pharmaceuticals, Inc. (a)		13
	33		Pharmacyclics, Inc. (a)		3,914
	1		Regeneron Pharmaceuticals, Inc. (a)		201
	12		Sarepta Therapeutics, Inc. (a)		459
					9,459
			Health Care Equipment & Supplies — 3.0%
	15		Alere, Inc. (a)		499
	4		Align Technology, Inc. (a)		247
	—	(h)	ArthroCare Corp. (a)		3
	28		Baxter International, Inc.		1,877
	60		Boston Scientific Corp. (a)		696
	22		CareFusion Corp. (a)		847
	2		Edwards Lifesciences Corp. (a)		104
	52		Hill-Rom Holdings, Inc.		2,133
	3		ICU Medical, Inc. (a)		177
	3		Intuitive Surgical, Inc. (a)		1,020
	11		NuVasive, Inc. (a)		347
	5		Thoratec Corp. (a)		202
					8,152
			Health Care Providers & Services — 1.2%
	1		Cardinal Health, Inc.		75
	15		Centene Corp. (a)		848
	4		Community Health Systems, Inc.		156
	12		DaVita HealthCare Partners, Inc. (a)		675
	4		Hanger, Inc. (a)		153
	6		HealthSouth Corp.		200
	2		Magellan Health Services, Inc. (a)		89
	1		MWI Veterinary Supply, Inc. (a)		106
	36		VCA Antech, Inc. (a)		1,036
					3,338

SHARES			SECURITY DESCRIPTION	VALUE($)
			Health Care Technology — 1.1%
	208		Allscripts Healthcare Solutions, Inc. (a)		2,877
			Life Sciences Tools & Services — 0.3%
	2		Agilent Technologies, Inc.		110
	36		Bruker Corp. (a)		737
					847
			Pharmaceuticals — 1.7%
	45		Allergan, Inc.		4,086
	1		Eli Lilly & Co.		35
	12		Impax Laboratories, Inc. (a)		242
	5		Santarus, Inc. (a)		107
	7		Zoetis, Inc.		228
					4,698
			Total Health Care		29,371
			Industrials — 9.3%
			Aerospace & Defense — 2.0%
	161		Exelis, Inc.		2,651
	108		Spirit Aerosystems Holdings, Inc., Class A (a)		2,875
					5,526
			Building Products — 1.0%
	6		Armstrong World Industries, Inc. (a)		315
	5		Lennox International, Inc.		420
	82		Masco Corp.		1,737
	—	(h)	Owens Corning (a)		14
	3		Trex Co., Inc. (a)		223
					2,709
			Commercial Services & Supplies — 0.4%
	4		Iron Mountain, Inc.		94
	7		KAR Auction Services, Inc.		211
	4		Mine Safety Appliances Co.		183
	18		Republic Services, Inc.		595
	—	(h)	UniFirst Corp.		41
					1,124
			Construction & Engineering — 1.2%
	19		AECOM Technology Corp. (a)		594
	16		EMCOR Group, Inc.		585
	—	(h)	Fluor Corp.		31
	31		Jacobs Engineering Group, Inc. (a)		1,880
	3		URS Corp.		168
					3,258
			Electrical Equipment — 0.2%
	—	(h)	AMETEK, Inc.		5
	—	(h)	Babcock & Wilcox Co. (The)		3

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 7

JPMorgan Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
			Electrical Equipment — Continued
	2		Brady Corp., Class A		45
	21		II-VI, Inc. (a)		356
	2		Rockwell Automation, Inc.		200
					609
			Machinery — 3.2%
	2		CIRCOR International, Inc.		143
	6		Crane Co.		366
	7		Hyster-Yale Materials Handling, Inc.		512
	29		ITT Corp.		1,138
	—	(h)	Lincoln Electric Holdings, Inc.		25
	14		Manitowoc Co., Inc. (The)		275
	80		Mueller Water Products, Inc., Class A		689
	—	(h)	Nordson Corp.		29
	45		Oshkosh Corp. (a)		2,134
	1		SPX Corp.		45
	61		Timken Co.		3,224
	4		Xylem, Inc.		139
					8,719
			Marine — 0.1%
	11		Matson, Inc.		301
			Professional Services — 0.4%
	6		Manpowergroup, Inc.		450
	4		On Assignment, Inc. (a)		151
	3		Towers Watson & Co., Class A		387
					988
			Road & Rail — 0.8%
	19		Avis Budget Group, Inc. (a)		594
	16		Hertz Global Holdings, Inc. (a)		376
	9		Ryder System, Inc.		594
	4		Union Pacific Corp.		676
					2,240
			Trading Companies & Distributors — 0.0% (g)
	2		DXP Enterprises, Inc. (a)		161
			Total Industrials		25,635
			Information Technology — 21.7%
			Communications Equipment — 3.8%
	94		ARRIS Group, Inc. (a)		1,681
	11		Aruba Networks, Inc. (a)		198
	520		Brocade Communications Systems, Inc. (a)		4,174
	—	(h)	EchoStar Corp., Class A (a)		14
	8		F5 Networks, Inc. (a)		669
	19		Finisar Corp. (a)		440
	—	(h)	InterDigital, Inc.		12

SHARES			SECURITY DESCRIPTION	VALUE($)
			Communications Equipment — Continued
	24		Ixia (a)		339
	—	(h)	JDS Uniphase Corp. (a)		1
	33		Juniper Networks, Inc. (a)		621
	231		Polycom, Inc. (a)		2,401
					10,550
			Computers & Peripherals — 0.8%
	60		EMC Corp.		1,454
	3		NetApp, Inc.		128
	40		QLogic Corp. (a)		497
					2,079
			Electronic Equipment, Instruments & Components — 2.1%
	13		Benchmark Electronics, Inc. (a)		294
	137		Jabil Circuit, Inc.		2,853
	23		OSI Systems, Inc. (a)		1,669
	1		Plexus Corp. (a)		51
	3		Rogers Corp. (a)		208
	29		Sanmina Corp. (a)		426
	3		ScanSource, Inc. (a)		117
					5,618
			Internet Software & Services — 1.2%
	10		Akamai Technologies, Inc. (a)		442
	6		comScore, Inc. (a)		170
	34		Facebook, Inc., Class A (a)		1,726
	6		Marketo, Inc. (a)		219
	5		Sohu.com, Inc., (China) (a)		338
	18		ValueClick, Inc. (a)		337
	1		Web.com Group, Inc. (a)		38
	1		Xoom Corp. (a)		36
					3,306
			IT Services — 4.7%
	21		Cardtronics, Inc. (a)		835
	80		Computer Sciences Corp.		3,952
	126		CoreLogic, Inc. (a)		4,206
	8		DST Systems, Inc.		711
	6		FleetCor Technologies, Inc. (a)		715
	28		iGATE Corp. (a)		906
	5		MoneyGram International, Inc. (a)		115
	—	(h)	NeuStar, Inc., Class A (a)		4
	50		Sapient Corp. (a)		798
	34		VeriFone Systems, Inc. (a)		775
					13,017
			Office Electronics — 0.2%
	61		Xerox Corp.		606

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
			Semiconductors & Semiconductor Equipment — 2.9%
	29		Amkor Technology, Inc. (a)		152
	51		Atmel Corp. (a)		371
	72		Broadcom Corp., Class A		1,925
	1		Cabot Microelectronics Corp. (a)		36
	10		Cavium, Inc. (a)		387
	19		Cirrus Logic, Inc. (a)		418
	9		Diodes, Inc. (a)		216
	44		Integrated Device Technology, Inc. (a)		465
	38		International Rectifier Corp. (a)		978
	28		Intersil Corp., Class A		311
	152		ON Semiconductor Corp. (a)		1,070
	5		Power Integrations, Inc.		293
	2		Rambus, Inc. (a)		17
	52		Skyworks Solutions, Inc. (a)		1,348
					7,987
			Software — 6.0%
	3		Activision Blizzard, Inc.		44
	14		Aspen Technology, Inc. (a)		541
	1		Autodesk, Inc. (a)		40
	1		Cadence Design Systems, Inc. (a)		9
	73		Citrix Systems, Inc. (a)		4,139
	5		Electronic Arts, Inc. (a)		129
	2		Gigamon, Inc. (a)		75
	7		Manhattan Associates, Inc. (a)		767
	2		Mentor Graphics Corp.		49
	4		MicroStrategy, Inc., Class A (a)		529
	39		Nuance Communications, Inc. (a)		612
	2		Pegasystems, Inc.		80
	19		PTC, Inc. (a)		523
	50		Red Hat, Inc. (a)		2,178
	56		Rovi Corp. (a)		945
	—	(h)	Silver Spring Networks, Inc. (a)		7
	12		SolarWinds, Inc. (a)		427
	—	(h)	Synopsys, Inc. (a)		11
	32		Take-Two Interactive Software, Inc. (a)		575
	62		TIBCO Software, Inc. (a)		1,512
	161		TiVo, Inc. (a)		2,140
	—	(h)	Tyler Technologies, Inc. (a)		46
	12		Verint Systems, Inc. (a)		429
	8		VMware, Inc., Class A (a)		682
					16,489
			Total Information Technology		59,652

SHARES			SECURITY DESCRIPTION	VALUE($)
			Materials — 3.3%
			Chemicals — 1.8%
	23		Axiall Corp.		892
	4		Calgon Carbon Corp. (a)		84
	31		Ferro Corp. (a)		401
	2		Huntsman Corp.		42
	34		Monsanto Co.		3,562
	1		Westlake Chemical Corp.		83
					5,064
			Containers & Packaging — 0.7%
	6		Avery Dennison Corp.		280
	6		Ball Corp.		308
	12		Owens-Illinois, Inc. (a)		370
	9		Rock Tenn Co., Class A		1,015
	1		Sealed Air Corp.		21
					1,994
			Metals & Mining — 0.3%
	14		Newmont Mining Corp.		371
	10		Steel Dynamics, Inc.		174
	8		SunCoke Energy, Inc. (a)		161
					706
			Paper & Forest Products — 0.5%
	1		Clearwater Paper Corp. (a)		73
	5		International Paper Co.		227
	3		KapStone Paper & Packaging Corp.		173
	48		Louisiana-Pacific Corp. (a)		812
	7		Resolute Forest Products, Inc., (Canada) (a)		113
					1,398
			Total Materials		9,162
			Utilities — 0.8%
			Electric Utilities — 0.4%
	15		Edison International		715
	19		Exelon Corp.		528
					1,243
			Gas Utilities — 0.0% (g)
	—	(h)	Laclede Group, Inc. (The)		5
			Independent Power Producers & Energy Traders — 0.4%
	70		AES Corp.		983
	2		NRG Energy, Inc.		43
					1,026
			Total Utilities		2,274
			Total Common Stocks (Cost $194,531)		210,006

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 9

JPMorgan Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 13.4%
			Investment Company — 13.4%
	36,833		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (Cost $36,833)		36,833
			Total Investments — 89.8% (Cost $231,364)		246,839
			Other Assets in Excess of Liabilities — 10.2%		28,028
			NET ASSETS — 100.0%	$	274,867
	Short Positions — 76.3%
			Common Stocks — 76.3%
			Consumer Discretionary — 14.5%
			Auto Components — 0.9%
	3		Autoliv, Inc., (Sweden)		230
	27		Dana Holding Corp.		535
	7		Dorman Products, Inc.		352
	9		Gentex Corp.		277
	14		TRW Automotive Holdings Corp. (a)		1,033
					2,427
			Diversified Consumer Services — 0.2%
	6		Education Management Corp. (a)		90
	15		Weight Watchers International, Inc.		479
					569
			Hotels, Restaurants & Leisure — 1.4%
	1		Boyd Gaming Corp. (a)		12
	2		Chipotle Mexican Grill, Inc. (a)		1,218
	3		Domino’s Pizza, Inc.		216
	19		Dunkin’ Brands Group, Inc.		894
	33		Krispy Kreme Doughnuts, Inc. (a)		793
	—	(h)	Texas Roadhouse, Inc.		11
	2		Vail Resorts, Inc.		134
	8		Wyndham Worldwide Corp.		515
					3,793
			Household Durables — 1.4%
	4		iRobot Corp. (a)		131
	67		Lennar Corp., Class A		2,378
	21		Ryland Group, Inc. (The)		835
	4		Toll Brothers, Inc. (a)		116
	5		Tupperware Brands Corp.		460
					3,920
			Internet & Catalog Retail — 1.5%
	4		Amazon.com, Inc. (a)		1,455
	2		Netflix, Inc. (a)		646
	12		Shutterfly, Inc. (a)		602

SHARES			SECURITY DESCRIPTION	VALUE($)
			Internet & Catalog Retail — Continued
	18		TripAdvisor, Inc. (a)		1,468
					4,171
			Leisure Equipment & Products — 2.1%
	1		Arctic Cat, Inc.		73
	57		Hasbro, Inc.		2,940
	63		Mattel, Inc., 0.065%		2,779
					5,792
			Media — 1.0%
	21		Gannett Co., Inc.		580
	13		Meredith Corp.		643
	18		New York Times Co. (The), Class A		251
	12		Nexstar Broadcasting Group, Inc., Class A		553
	21		Valassis Communications, Inc.		580
					2,607
			Multiline Retail — 0.4%
	22		Kohl’s Corp.		1,222
			Specialty Retail — 2.7%
	6		Aaron’s, Inc.		165
	—	(h)	Abercrombie & Fitch Co., Class A		8
	62		Aeropostale, Inc. (a)		577
	39		American Eagle Outfitters, Inc.		601
	7		Cabela’s, Inc. (a)		386
	20		Conn’s, Inc. (a)		1,182
	2		GameStop Corp., Class A		132
	6		Genesco, Inc. (a)		435
	20		Hibbett Sports, Inc. (a)		1,193
	—	(h)	L Brands, Inc.		6
	7		Lumber Liquidators Holdings, Inc. (a)		844
	—	(h)	Men’s Wearhouse, Inc. (The)		2
	8		Monro Muffler Brake, Inc.		386
	85		Staples, Inc.		1,371
	3		Tile Shop Holdings, Inc. (a)		67
					7,355
			Textiles, Apparel & Luxury Goods — 2.9%
	13		Carter’s, Inc.		920
	1		Columbia Sportswear Co.		40
	267		Quiksilver, Inc. (a)		2,218
	52		Under Armour, Inc., Class A (a)		4,185
	3		V.F. Corp.		571
					7,934
			Total Consumer Discretionary		39,790

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		Consumer Staples — 2.0%
		Beverages — 0.2%
	2	Boston Beer Co., Inc. (The), Class A (a)		574
		Food & Staples Retailing — 0.1%
	5	Safeway, Inc.		175
		Food Products — 1.3%
	2	B&G Foods, Inc.		78
	5	Cal-Maine Foods, Inc.		233
	38	Hain Celestial Group, Inc. (The) (a)		3,155
	1	Hershey Co. (The)		62
	1	Hormel Foods Corp.		28
	1	McCormick & Co., Inc. (Non-Voting)		95
				3,651
		Household Products — 0.0% (g)
	1	Procter & Gamble Co. (The)		105
		Personal Products — 0.4%
	54	Avon Products, Inc.		938
	3	Revlon, Inc., Class A (a)		79
	1	USANA Health Sciences, Inc. (a)		42
				1,059
		Tobacco — 0.0% (g)
	1	Universal Corp.		32
		Total Consumer Staples		5,596
		Energy — 10.9%
		Energy Equipment & Services — 2.8%
	34	Cameron International Corp. (a)		1,860
	11	Geospace Technologies Corp. (a)		1,030
	13	Gulfmark Offshore, Inc., Class A		649
	36	Helmerich & Payne, Inc.		2,762
	20	Tidewater, Inc.		1,230
				7,531
		Oil, Gas & Consumable Fuels — 8.1%
	74	Alpha Natural Resources, Inc. (a)		521
	35	Approach Resources, Inc. (a)		975
	102	Bill Barrett Corp. (a)		2,832
	26	Carrizo Oil & Gas, Inc. (a)		1,150
	5	Cheniere Energy, Inc. (a)		218
	28	Chesapeake Energy Corp.		770
	18	EXCO Resources, Inc.		95
	19	Gulfport Energy Corp. (a)		1,087
	4	HollyFrontier Corp.		199
	190	Magnum Hunter Resources Corp. (a)		1,353
	31	Noble Energy, Inc.		2,345
	2	PBF Energy, Inc., Class A		61

SHARES			SECURITY DESCRIPTION	VALUE($)
			Oil, Gas & Consumable Fuels — Continued
	57		PDC Energy, Inc. (a)		3,884
	7		Pioneer Natural Resources Co.		1,338
	3		Rex Energy Corp. (a)		58
	41		Rosetta Resources, Inc. (a)		2,454
	10		Tesoro Corp.		505
	14		Valero Energy Corp.		574
	14		Western Refining, Inc.		462
	2		World Fuel Services Corp.		86
	63		WPX Energy, Inc. (a)		1,391
					22,358
			Total Energy		29,889
			Financials — 5.0%
			Capital Markets — 1.7%
	6		BlackRock, Inc.		1,881
	92		Charles Schwab Corp. (The)		2,087
	6		Cohen & Steers, Inc.		213
	1		Greenhill & Co., Inc.		31
	8		Legg Mason, Inc.		307
					4,519
			Commercial Banks — 1.2%
	17		BancorpSouth, Inc.		384
	22		City National Corp.		1,557
	2		Community Bank System, Inc.		66
	7		First Financial Bankshares, Inc.		452
	25		First Horizon National Corp.		270
	5		Glacier Bancorp, Inc.		144
	6		Home BancShares, Inc.		187
	2		Signature Bank (a)		203
	—	(h)	Westamerica Bancorporation		3
	1		Zions Bancorporation		39
					3,305
			Consumer Finance — 0.6%
	18		American Express Co.		1,443
	—	(h)	Encore Capital Group, Inc. (a)		10
	—	(h)	Portfolio Recovery Associates, Inc. (a)		18
	1		World Acceptance Corp. (a)		121
					1,592
			Insurance — 1.1%
	1		Aflac, Inc.		39
	15		Genworth Financial, Inc., Class A (a)		223
	15		Lincoln National Corp.		702
	10		Principal Financial Group, Inc.		497
	28		StanCorp Financial Group, Inc.		1,667
					3,128

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 11

JPMorgan Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
			Real Estate Investment Trusts (REITs) — 0.1%
	1		Corporate Office Properties Trust		30
	1		GEO Group, Inc. (The)		22
	3		Rayonier, Inc.		146
	1		Senior Housing Properties Trust		13
					211
			Thrifts & Mortgage Finance — 0.3%
	55		New York Community Bancorp, Inc.		895
	3		Radian Group, Inc.		41
					936
			Total Financials		13,691
			Health Care — 9.6%
			Biotechnology — 1.9%
	27		Cepheid, Inc. (a)		1,088
	1		Epizyme, Inc. (a)		19
	9		Gilead Sciences, Inc. (a)		661
	18		Halozyme Therapeutics, Inc. (a)		204
	48		ImmunoGen, Inc. (a)		794
	9		InterMune, Inc. (a)		121
	38		Isis Pharmaceuticals, Inc. (a)		1,266
	9		Ligand Pharmaceuticals, Inc., Class B (a)		491
	2		Seattle Genetics, Inc. (a)		73
	7		Synageva BioPharma Corp. (a)		353
	1		United Therapeutics Corp. (a)		130
	1		Vertex Pharmaceuticals, Inc. (a)		53
					5,253
			Health Care Equipment & Supplies — 1.5%
	3		Cantel Medical Corp.		89
	52		DexCom, Inc. (a)		1,508
	36		Insulet Corp. (a)		1,415
	11		Neogen Corp. (a)		522
	3		ResMed, Inc.		178
	17		Volcano Corp. (a)		324
	—	(h)	Wright Medical Group, Inc. (a)		1
					4,037
			Health Care Providers & Services — 0.5%
	14		Air Methods Corp.		626
	6		MEDNAX, Inc. (a)		678
	—	(h)	Molina Healthcare, Inc. (a)		9
	2		Owens & Minor, Inc.		57
					1,370
			Health Care Technology — 2.4%
	30		athenahealth, Inc. (a)		4,066
	26		Cerner Corp. (a)		1,458

SHARES			SECURITY DESCRIPTION	VALUE($)
			Health Care Technology — Continued
	40		HMS Holdings Corp. (a)		850
	16		MedAssets, Inc. (a)		361
					6,735
			Life Sciences Tools & Services — 2.0%
	36		Illumina, Inc. (a)		3,364
	20		PAREXEL International Corp. (a)		896
	12		Thermo Fisher Scientific, Inc.		1,126
					5,386
			Pharmaceuticals — 1.3%
	31		Bristol-Myers Squibb Co.		1,629
	2		Medicines Co. (The) (a)		82
	20		Nektar Therapeutics (a)		188
	6		Pacira Pharmaceuticals, Inc. (a)		295
	8		Perrigo Co.		1,088
	6		Questcor Pharmaceuticals, Inc.		383
	2		ViroPharma, Inc. (a)		72
					3,737
			Total Health Care		26,518
			Industrials — 9.2%
			Aerospace & Defense — 0.2%
	7		B/E Aerospace, Inc. (a)		573
	3		GenCorp, Inc. (a)		56
					629
			Airlines — 0.3%
	1		Allegiant Travel Co.		66
	23		United Continental Holdings, Inc. (a)		788
					854
			Building Products — 0.2%
	25		NCI Building Systems, Inc. (a)		361
			Commercial Services & Supplies — 1.1%
	—	(h)	G&K Services, Inc., Class A		23
	17		Healthcare Services Group, Inc.		458
	25		HNI Corp.		989
	28		Interface, Inc.		557
	21		Mobile Mini, Inc. (a)		770
	4		United Stationers, Inc.		179
	3		West Corp.		60
					3,036
			Electrical Equipment — 1.5%
	18		Acuity Brands, Inc.		1,770
	5		AZZ, Inc.		236
	54		GrafTech International Ltd. (a)		479

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

SHARES			SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
			Electrical Equipment — Continued
	38		Polypore International, Inc. (a)		1,716
					4,201
			Machinery — 3.7%
	13		Barnes Group, Inc.		449
	32		Chart Industries, Inc. (a)		3,422
	4		CLARCOR, Inc.		256
	19		Colfax Corp. (a)		1,062
	2		Cummins, Inc.		279
	42		Joy Global, Inc.		2,366
	4		Middleby Corp. (The) (a)		814
	10		Navistar International Corp. (a)		348
	14		Proto Labs, Inc. (a)		1,155
	1		Sun Hydraulics Corp.		35
					10,186
			Professional Services — 0.5%
	19		Advisory Board Co. (The) (a)		1,282
	—	(h)	Corporate Executive Board Co. (The)		22
	—	(h)	FTI Consulting, Inc. (a)		17
					1,321
			Road & Rail — 0.0% (g)
	—	(h)	Con-way, Inc.		12
	—	(h)	Roadrunner Transportation Systems, Inc. (a)		3
					15
			Trading Companies & Distributors — 1.7%
	2		Applied Industrial Technologies, Inc.		104
	35		Fastenal Co.		1,756
	4		MSC Industrial Direct Co., Inc., Class A		279
	15		TAL International Group, Inc. (a)		732
	5		United Rentals, Inc. (a)		329
	17		WESCO International, Inc. (a)		1,444
					4,644
			Total Industrials		25,247
			Information Technology — 20.6%
			Communications Equipment — 1.8%
	46		ADTRAN, Inc.		1,077
	78		Infinera Corp. (a)		796
	27		Motorola Solutions, Inc.		1,691
	20		NETGEAR, Inc. (a)		562
	10		Plantronics, Inc.		433
	7		ViaSat, Inc. (a)		463
					5,022

SHARES			SECURITY DESCRIPTION	VALUE($)
			Computers & Peripherals — 2.8%
	8		Diebold, Inc.		247
	243		Fusion-io, Inc. (a)		2,616
	51		NCR Corp. (a)		1,864
	61		Synaptics, Inc. (a)		2,836
					7,563
			Electronic Equipment, Instruments & Components — 3.4%
	23		Avnet, Inc.		924
	16		Belden, Inc.		1,090
	50		Corning, Inc.		852
	29		Ingram Micro, Inc., Class A (a)		670
	1		InvenSense, Inc. (a)		19
	34		IPG Photonics Corp.		2,266
	1		Itron, Inc. (a)		41
	40		National Instruments Corp.		1,161
	76		Universal Display Corp. (a)		2,431
					9,454
			Internet Software & Services — 3.0%
	45		Bankrate, Inc. (a)		756
	3		Demandware, Inc. (a)		139
	28		IAC/InterActiveCorp.		1,491
	4		MercadoLibre, Inc., (Argentina)		552
	—	(h)	NIC, Inc.		10
	26		OpenTable, Inc. (a)		1,789
	66		Pandora Media, Inc. (a)		1,671
	—	(h)	Rackspace Hosting, Inc. (a)		17
	1		Trulia, Inc. (a)		34
	12		WebMD Health Corp. (a)		418
	22		Yelp, Inc. (a)		1,475
					8,352
			IT Services — 3.0%
	8		Acxiom Corp. (a)		251
	5		Alliance Data Systems Corp. (a)		1,129
	1		CACI International, Inc., Class A (a)		65
	21		Global Payments, Inc.		1,271
	12		Heartland Payment Systems, Inc.		486
	5		Leidos Holdings, Inc.		232
	6		MAXIMUS, Inc.		287
	9		Paychex, Inc.		365
	12		Unisys Corp. (a)		315
	88		Western Union Co. (The)		1,496
	25		WEX, Inc. (a)		2,354
					8,251

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 13

JPMorgan Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
			Semiconductors & Semiconductor Equipment — 1.1%
	15		Cree, Inc. (a)		887
	—	(h)	GT Advanced Technologies, Inc. (a)		—	(h)
	103		PMC-Sierra, Inc. (a)		603
	3		Silicon Laboratories, Inc. (a)		139
	17		SunEdison, Inc. (a)		161
	141		TriQuint Semiconductor, Inc. (a)		1,115
					2,905
			Software — 5.5%
	5		ACI Worldwide, Inc. (a)		274
	5		Blackbaud, Inc.		187
	16		Bottomline Technologies de, Inc. (a)		508
	63		CA, Inc.		1,997
	38		Concur Technologies, Inc. (a)		4,006
	13		Guidewire Software, Inc. (a)		676
	1		Interactive Intelligence Group, Inc. (a)		41
	20		Intuit, Inc.		1,426
	—	(h)	MICROS Systems, Inc. (a)		11
	—	(h)	Netscout Systems, Inc. (a)		7
	—	(h)	NetSuite, Inc. (a)		10
	93		Qlik Technologies, Inc. (a)		2,349
	8		RealPage, Inc. (a)		193
	58		Salesforce.com, Inc. (a)		3,113
	47		Zynga, Inc., Class A (a)		168
					14,966
			Total Information Technology		56,513
			Materials — 4.1%
			Chemicals — 2.4%
	—	(h)	Balchem Corp.		2
	53		E.I. du Pont de Nemours & Co.		3,239
	58		Flotek Industries, Inc. (a)		1,236
	5		FMC Corp.		358
	4		Innophos Holdings, Inc.		188
	13		Mosaic Co. (The)		575
	1		Quaker Chemical Corp.		108
	19		RPM International, Inc.		730
					6,436
			Construction Materials — 0.3%
	15		Texas Industries, Inc. (a)		790
			Containers & Packaging — 0.1%
	4		Bemis Co., Inc.		169
	6		MeadWestvaco Corp.		202
					371

SHARES			SECURITY DESCRIPTION	VALUE($)
			Metals & Mining — 1.2%
	44		Alcoa, Inc.		409
	69		Allegheny Technologies, Inc.		2,274
	3		Carpenter Technology Corp.		156
	8		Compass Minerals International, Inc.		566
					3,405
			Paper & Forest Products — 0.1%
	10		PH Glatfelter Co.		250
			Total Materials		11,252
			Telecommunication Services — 0.1%
			Wireless Telecommunication Services — 0.1%
	2		SBA Communications Corp., Class A (a)		210
			Utilities — 0.3%
			Gas Utilities — 0.1%
	5		ONEOK, Inc.		263
			Independent Power Producers & Energy Traders — 0.2%
	31		Dynegy, Inc. (a)		604
	2		Ormat Technologies, Inc.		55
					659
			Multi-Utilities — 0.0% (g)
	1		CMS Energy Corp.		30
	—	(h)	NorthWestern Corp.		7
					37
			Total Utilities		959
			Total Common Stocks (Proceeds $194,335)		209,665
NUMBER OF WARRANTS
	Warrant — 0.0%
			Energy — 0.0%
			Oil, Gas & Consumable Fuels — 0.0%
	—	(h)	Magnum Hunter Resources Corp., expiring 04/15/16 (a) (Proceeds $—)		—
			Total Short Positions (Proceeds $194,335)	$	209,665

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.1%.

(h)	—  Amount rounds to less than one thousand (warrants, shares or dollars).
(j)	—  All or a portion of these securities are segregated for short sales.
(l)	—  The rate shown is the current yield as of October 31, 2013.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 15

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

(Amounts in thousands, except per share amounts)

	JPMorgan Market Neutral Fund
ASSETS:
Investments in non-affiliates, at value	$	210,006
Investments in affiliates, at value		36,833
Total investment securities, at value		246,839
Deposits at broker for securities sold short		233,804
Receivables:
Investment securities sold		82,051
Fund shares sold		336
Dividends from non-affiliates		102
Dividends from affiliates		—	(a)
Total Assets		563,132
LIABILITIES:
Payables:
Securities sold short, at value		209,665
Dividend expense to non-affiliates on securities sold short		122
Investment securities purchased		76,133
Interest expense to non-affiliates on securities sold short		95
Fund shares redeemed		1,403
Accrued liabilities:
Investment advisory fees		372
Administration fees		21
Shareholder servicing fees		27
Distribution fees		35
Custodian and accounting fees		45
Trustees’ and Chief Compliance Officer’s fees		2
Other		345
Total Liabilities		288,265
Net Assets	$	274,867

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

	JPMorgan Market Neutral Fund
NET ASSETS:
Paid-in-Capital	$	384,197
Accumulated undistributed (distributions in excess of) net investment income		(7,529	)
Accumulated net realized gains (losses)		(101,946	)
Net unrealized appreciation (depreciation)		145
Total Net Assets	$	274,867
Net Assets:
Class A	$	79,290
Class C		26,699
Select Class		168,878
Total	$	274,867
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		5,556
Class C		1,927
Select Class		11,642
Net Asset Value (b):
Class A — Redemption price per share	$	14.27
Class C — Offering price per share (c)		13.86
Select Class — Offering and redemption price per share		14.51
Class A maximum sales charge		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	15.06
Cost of investments in non-affiliates	$	194,531
Cost of investments in affiliates		36,833
Proceeds from securities sold short		194,335

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 17

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013

(Amounts in thousands)

	JPMorgan Market Neutral Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	5,511
Dividend income from affiliates		8
Total investment income		5,519
EXPENSES:
Investment advisory fees		8,142
Administration fees		393
Distribution fees:
Class A		360
Class C		258
Shareholder servicing fees:
Class A		360
Class C		86
Select Class		717
Custodian and accounting fees		214
Professional fees		71
Trustees’ and Chief Compliance Officer’s fees		3
Printing and mailing costs		67
Registration and filing fees		54
Transfer agent fees		257
Other		11
Dividend expense to non-affiliates on securities sold short		6,546
Interest expense to non-affiliates on securities sold short		1,934
Total expenses		19,473
Less amounts waived		(2,499	)
Less earnings credits		—	(a)
Net expenses		16,974
Net investment income (loss)		(11,455	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		132,691
Securities sold short		(143,101	)
Net realized gain (loss)		(10,410	)
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		25,085
Securities sold short		(8,787	)
Change in net unrealized appreciation/depreciation		16,298
Net realized/unrealized gains (losses)		5,888
Change in net assets resulting from operations	$	(5,567	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Market Neutral Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(11,455	)	$	(23,157	)
Net realized gain (loss)		(10,410	)		41,767
Change in net unrealized appreciation/depreciation		16,298			(22,573	)
Change in net assets resulting from operations		(5,567	)		(3,963	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(344,533	)		(496,633	)
NET ASSETS:
Change in net assets		(350,100	)		(500,596	)
Beginning of period		624,967			1,125,563
End of period	$	274,867		$	624,967
Accumulated undistributed (distributions in excess of) net investment income	$	(7,529	)	$	(18,023	)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	37,475		$	89,480
Cost of shares redeemed		(161,406	)		(385,251	)
Change in net assets resulting from Class A capital transactions	$	(123,931	)	$	(295,771	)
Class C
Proceeds from shares issued	$	3,978		$	2,509
Cost of shares redeemed		(21,082	)		(35,810	)
Change in net assets resulting from Class C capital transactions	$	(17,104	)	$	(33,301	)
Select Class
Proceeds from shares issued	$	90,243		$	235,587
Cost of shares redeemed		(293,741	)		(403,148	)
Change in net assets resulting from Select Class capital transactions	$	(203,498	)	$	(167,561	)
Total change in net assets resulting from capital transactions	$	(344,533	)	$	(496,633	)
SHARE TRANSACTIONS:
Class A
Issued		2,562			6,080
Redeemed		(11,100	)		(26,183	)
Change in Class A Shares		(8,538	)		(20,103	)
Class C
Issued		283			174
Redeemed		(1,483	)		(2,489	)
Change in Class C Shares		(1,200	)		(2,315	)
Select Class
Issued		6,073			15,801
Redeemed		(19,897	)		(27,070	)
Change in Select Class Shares		(13,824	)		(11,269	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 19

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
JPMorgan Market Neutral Fund
Class A
Year Ended October 31, 2013	$	14.55	$	(0.37	)(e)	$	0.09		$	(0.28	)	$	—
Year Ended October 31, 2012		14.68		(0.40	)(e)(f)		0.27			(0.13	)		—
Year Ended October 31, 2011		15.21		(0.33	)(e)		(0.20	)		(0.53	)		—
Year Ended October 31, 2010		15.88		(0.39	)(e)		(0.28	)		(0.67	)		—
Year Ended October 31, 2009		16.27		(0.36	)(e)		(0.01	)		(0.37	)		(0.02	)
Class C
Year Ended October 31, 2013		14.19		(0.44	)(e)		0.11			(0.33	)		—
Year Ended October 31, 2012		14.39		(0.46	)(e)(f)		0.26			(0.20	)		—
Year Ended October 31, 2011		14.99		(0.39	)(e)		(0.21	)		(0.60	)		—
Year Ended October 31, 2010		15.73		(0.46	)(e)		(0.28	)		(0.74	)		—
Year Ended October 31, 2009		16.18		(0.44	)(e)		—	(g)		(0.44	)		(0.01	)
Select Class
Year Ended October 31, 2013		14.75		(0.35	)(e)		0.11			(0.24	)		—
Year Ended October 31, 2012		14.84		(0.37	)(e)(f)		0.28			(0.09	)		—
Year Ended October 31, 2011		15.35		(0.29	)(e)		(0.22	)		(0.51	)		—
Year Ended October 31, 2010		15.98		(0.35	)(e)		(0.28	)		(0.63	)		—
Year Ended October 31, 2009		16.34		(0.32	)(e)		(0.01	)		(0.33	)		(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 0.01% unless otherwise noted.

(c) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expenses and interest expense for short sales) for Class A are 1.94% and 2.47% for 2013, 1.94% and 2.62% for 2012, 1.94% and 2.54% for 2011, 1.92% and 2.48% for 2010 and 1.95% and 2.46% for 2009; for Class C are 2.44% and 2.97% for 2013, 2.44% and 3.13% for 2012, 2.44% and 3.04% for 2011, 2.43% and 2.99% for 2010 and 2.45% and 2.96% for 2009; for Select Class are 1.69% and 2.23% for 2013, 1.69% and 2.38% for 2012, 1.69% and 2.29% for 2011, 1.68% and 2.24% for 2010 and 1.70% and 2.21% for 2009 respectively.

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

(e) Calculated based upon average shares outstanding.

(f) 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 $(0.42), $(0.48) and $(0.39) for Class A, Class C and Select Class Shares, respectively and the net investment income (loss) ratio would have been (2.85)%, (3.34)% and (2.59)% for Class A, Class C and Select Class Shares, respectively.

(g) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

		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)(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 short sales) (d)			Portfolio turnover rate (including short sales) (d)
$	14.27		(1.92	)%	$	79,290		3.77	%		(2.59	)%		4.30	%		527	%		1182	%
	14.55		(0.89	)		205,025		3.98			(2.73	)(f)		4.66			451			916
	14.68		(3.48	)		501,934		3.66			(2.18	)		4.26			673			1398
	15.21		(4.22	)		814,296		3.76			(2.51	)		4.32			496			1017
	15.88		(2.25	)		1,074,747		4.01			(2.23	)		4.52			638			1276
	13.86		(2.33	)		26,699		4.27			(3.10	)		4.80			527			1182
	14.19		(1.39	)		44,388		4.48			(3.22	)(f)		5.17			451			916
	14.39		(4.00	)		78,333		4.13			(2.65	)		4.73			673			1398
	14.99		(4.70	)		171,961		4.27			(3.01	)		4.83			496			1017
	15.73		(2.73	)		299,034		4.51			(2.74	)		5.02			638			1276
	14.51		(1.63	)		168,878		3.52			(2.33	)		4.06			527			1182
	14.75		(0.61	)		375,554		3.73			(2.47	)(f)		4.42			451			916
	14.84		(3.32	)		545,296		3.43			(1.89	)		4.02			673			1398
	15.35		(3.94	)		1,261,887		3.52			(2.26	)		4.08			496			1017
	15.98		(2.01	)		2,046,527		3.76			(1.99	)		4.27			638			1276

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 21

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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
JPMorgan Market Neutral Fund*	Class A, Class C and Select Class	Diversified

* Effective December 6, 2013, the Highbridge Statistical Market Neutral Fund changed its name to JPMorgan Market Neutral Fund.

The investment objective of the Fund is to seek to provide long-term absolute (positive) returns in all market environments from a broadly diversified portfolio of stocks while neutralizing the general risks associated with stock market investing. Effective December 6, 2013, the Fund’s investment objective changed to the Fund seeks to provide long-term capital appreciation from a broadly diversified portfolio of U.S. stocks while neutralizing the general risks associated with stock market investing.

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 Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

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 policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Fund are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Fund may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Fund to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

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

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry.

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

22 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

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 fair value of the Fund’s investments are summarized into the three broad levels listed below.

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quote prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	246,839		$	—		$	—	$	246,839
Total Liabilities (b)	$	(209,665	)	$	—	(c)	$	—	$	(209,665	)

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

(b) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually in the SOI. Level 2 consists of warrants. Please refer to the SOI for industry specifics of portfolio holdings.

(c) Value is zero.

There were no transfers among any levels during the year ended October 31, 2013.

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

As of October 31, 2013, the Fund did not hold any restricted or illiquid securities.

C. Short Sales — The 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 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 an asset on the Statement of Assets and Liabilities. Securities segregated as collateral are denoted in 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 income or fee is reported as interest income or interest expense, respectively, on securities sold short in the Statement 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 Statement of Operations as dividend expense on securities sold short.

Liabilities for securities sold short are reported at market value on the Statement of Assets and Liabilities and the change in market value is recorded as change in net unrealized appreciation (depreciation) in the Statement 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.

At October 31, 2013, the Fund had outstanding short sales as listed on its SOI.

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

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 23

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

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

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

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. Dividend income net of foreign taxes withheld, if any, less dividend expense on securities sold short is recorded on the ex-dividend date or when the Fund first learns of the dividend.

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.

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.

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 gain 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 October 31, 2013, 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 remain subject to examination by the Internal Revenue Service.

H. 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)
$	(19,856	)	$	21,949	$	(2,093	)

The reclassifications for the Fund relate primarily to dividend expense for short sale in-lieu of dividend reclass, net operating losses and non-taxable dividends.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the 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 1.75% of the Fund’s average daily net assets. As of October 31, 2013, the annual rate was 1.50% of the Fund’s average daily net assets. The fee is contractually limited to 1.50% of the Fund’s average daily net assets until such time as the Fund commences with the borrowing of money from banks for investment purposes. Effective December 6, 2013, the Fund’s investment advisory fee changed to 1.25%.

24 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

The Adviser, on behalf of the Fund, has entered into an investment sub-advisory agreement with Highbridge Capital Management, LLC (“HCM”) which is wholly-owned by JPMorgan Asset Management Holdings, Inc. For its services as sub-adviser, HCM receives a portion of the fees payable to the Adviser. The fee is accrued daily and paid monthly at an annual rate of 1.25% of the Fund’s average daily net assets. Currently, the annual rate is 1.10% of the Fund’s average daily net assets. The fee is contractually limited to 1.10% of the Fund’s average daily net assets until such time as the Fund commences with the borrowing of money from banks for investment purposes. Effective December 6, 2013, HCM will no longer serve as the Investment Sub-adviser to the 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 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 October 31, 2013, 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. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board of Trustees 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 Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, 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, the Distributor 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 October 31, 2013, the Distributor retained the following amounts (in thousands):

Front-End Sales Charge		CDSC
$	4	$	—	(a)

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

D. Shareholder Servicing Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to 0.25% of the average daily net assets of Class A, Class C and Select Class Shares.

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. The amounts paid directly to JPMCB by the Fund for custody and accounting services, respectively, are included in Custodian and accounting fees in 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 in the Statement of Operations.

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

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor 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, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A			Class C			Select Class
	1.95	%		2.45	%		1.70	%

The expense limitation agreement was in effect for the year ended October 31, 2013. The contractual expense limitation percentages in the table above were in place through December 5, 2013. Effective December 6, 2013, the contractual expense limitation percentages changed to 1.50%, 2.00% and 1.25% of the average daily net assets of Class A, Class C and Select Class Shares, respectively. The contractual expense limitation percentages are in place until at least February 28, 2015.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

For the year ended October 31, 2013, 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/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory		Administration		Shareholder Servicing		Total
$	1,246	$	222	$	1,000	$	2,468

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

The amount of waivers resulting from investments in these money market funds for the year ended October 31, 2013 was approximately $31,000.

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

The Board of Trustees 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 in 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 October 31, 2013, the Fund may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Fund may use related party broker-dealers. For the year ended October 31, 2013, 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.

4. Investment Transactions

During the year ended October 31, 2013, 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
$	2,322,151	$	2,873,041	$	2,330,086	$	2,884,930

During the year ended October 31, 2013, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2013 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	236,200	$	13,939	$	3,300	$	10,639

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

There were no distributions paid during the fiscal years ended October 31, 2013 and 2012.

As of October 31, 2013, the components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	—	$	(83,030	)	$	(18,770	)

The cumulative timing differences primarily consist of wash sale loss deferrals, unsettled short sales loss deferrals and late year ordinary loss deferrals.

26 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Fund after October 31, 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 Fund 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 October 31, 2013, the Fund had post-enactment net short-term capital loss carryforwards of approximately $34,304,000.

As of October 31, 2013, the Fund had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains (amounts in thousands):

2018		2019		Total
$	25,458	$	23,268	$	48,726

Late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. For the year ended October 31, 2013, the Fund deferred to November 1, 2013 late year ordinary losses of (amounts in thousands):

Late Year Ordinary
Loss

$7,511

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 all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, 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 10, 2014.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013.

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

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 October 31, 2013, the Fund pledged substantially all of its assets to Morgan Stanley & Co. Incorporated for securities sold short. Deposits at broker for securities sold short, as noted on the Statement of Assets and Liabilities, are held at Morgan Stanley & Co. Incorporated.

8. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. In January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, which updated ASU 2011-11. The ASU creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives, repurchase agreements and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of these changes on the Fund’s financial statement disclosures.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 27

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Market Neutral Fund (formerly Highbridge Statistical Market Neutral 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 Market Neutral Fund (formerly Highbridge Statistical Market Neutral Fund) (a separate Fund of JPMorgan Trust I) (hereafter referred to as the “Fund”) at October 31, 2013, 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 at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

28 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 29

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)
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).	171	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); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-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).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Fund’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment 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 is 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.

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

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

30 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

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

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 31

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 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 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, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

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 infor- mation 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, May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Market Neutral Fund
Class A
Actual	$	1,000.00	$	986.20	$	16.77		3.35	%
Hypothetical		1,000.00		1,008.32		16.96		3.35
Class C
Actual		1,000.00		984.40		19.21		3.84
Hypothetical		1,000.00		1,005.85		19.41		3.84
Select Class
Actual		1,000.00		988.40		15.64		3.12
Hypothetical		1,000.00		1,009.48		15.80		3.12

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

32 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement and sub-advisory agreement for the Fund whose annual report is contained herein (each an “Advisory Agreement” and, collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of the Advisory Agreements on August 22, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Fund’s performance compared to the performance of the Fund’s peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Fund, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of the Fund in connection with the Trustees’ review of the investment advisory and sub-advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreements with representatives of the Adviser and with counsels to the Trust and independent Trustees and received a memorandum from independent counsel to the Trustees

discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Trust and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreements.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser and sub-adviser, as applicable, from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreements. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser and sub-adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 33

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Fund for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser and sub-adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. The Board also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the adviser.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedules for the Fund do not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Fund benefits from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Fund. The Trustees also considered the complexity of investment management for the Fund relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Fund in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its

34 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the independent consultant and also considered the special analysis prepared by the independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted the Fund’s performance was in the third, fifth and fourth quintiles for Class A shares and in the third, fifth, and third quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the Fund’s overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the money market and alternative products committee at each of their regular meetings over the course of the next year. In addition, the Adviser committed to review the Fund’s investment process and then to present the Trustees with any recommended changes.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund. The Trustees recognized that Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the fifth quintile of the Universe Group. The Trustees also considered information provided by JPMFM and JPMDS related to the sub-advisory structure and distribution strategy of the Fund and, in light of this information, concluded that the advisory fees were reasonable.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 35

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

^© JPMorgan Chase & Co., 2013.  All rights reserved. October 2013. AN-MN-1013

Annual Report

J.P. Morgan International Equity Funds

October 31, 2013

JPMorgan Emerging Economies Fund

JPMorgan Emerging Markets Equity Fund

JPMorgan Global Equity Income Fund

JPMorgan Global Research Enhanced Index Fund

JPMorgan International Equity Fund

JPMorgan International Equity Index Fund

JPMorgan International Opportunities Fund

JPMorgan International Unconstrained Equity Fund

JPMorgan International Value Fund

JPMorgan Intrepid International Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries/Summary:
JPMorgan Emerging Economies Fund	3
JPMorgan Emerging Markets Equity Fund	6
JPMorgan Global Equity Income Fund	9
JPMorgan Global Research Enhanced Index Fund	12
JPMorgan International Equity Fund	15
JPMorgan International Equity Index Fund	18
JPMorgan International Opportunities Fund	20
JPMorgan International Unconstrained Equity Fund	24
JPMorgan International Value Fund	27
JPMorgan Intrepid International Fund	31
Schedules of Portfolio Investments	34
Financial Statements	82
Financial Highlights	106
Notes to Financial Statements	126
Report of Independent Registered Public Accounting Firm	148
Trustees	149
Officers	151
Schedule of Shareholder Expenses	152
Board Approval of Investment Advisory Agreement	156
Tax Letter	160
Privacy Notice — Located at the back of this Annual Report

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

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

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

CEO’S LETTER

DECEMBER 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

  “As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio.”

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury yields fell from their reporting period peak in early September

2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junk bonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well-diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

Developed Markets

The global financial markets experienced periods of volatility during the reporting period. This volatility was triggered by a number of factors, including mixed economic data, geopolitical issues, expectations for future central bank monetary policies and, in the U.S., the impact of the fiscal cliff, sequestration and partial government shutdown. Global developed equity markets were generally highly resilient during the reporting period given overall robust investor demand and continued accommodative monetary policy. All told, the MSCI Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) returned 26.88% for the twelve months ended October 31, 2013.

Emerging Markets

While emerging market stocks generated a positive return, they underperformed international developed equities during the reporting period. For the twelve months ended October 31, 2013, the MSCI Emerging Markets Index (net of foreign withholding taxes) gained 6.53%. Headwinds facing emerging market stocks included concerns regarding the trajectory of growth in China, generally weakening commodity prices and rising U.S. interest rates.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan Emerging Economies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	7.04%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)	6.53%
Net Assets as of 10/31/2013 (In Thousands)	$1,029,586

INVESTMENT OBJECTIVE**

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

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

The Fund (Select Class Shares) outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s security selection in the consumer discretionary sector and in the financials sector contributed to relative performance. The Fund’s security selection in the information technology sector detracted from relative performance, as did security selection in the consumer staples sector.

Individual contributors to relative performance included the Fund’s overweight positions versus the Benchmark in Great Wall Motor Co., Ltd. and Turk Hava Yollari. The Fund’s holdings in SJM Holdings Limited, which was not held by the Benchmark, also contributed to relative performance. Great Wall Motor Co., Ltd., a Chinese automobile manufacturer, reported a sharp increase in sales during the reporting period. Shares of Turkish airline Turk Hava Yollari benefited from strong growth in passenger volume. SJM Holdings Limited, an operator of casinos in Macao (near Hong Kong), reported solid gains in revenue and earnings.

Individual detractors from relative performance included Benchmark holdings Tencent Holdings Ltd., a Chinese online

social media company, and Naspers Limited, a South Africa-based multinational media company. Both companies reported strong operating results during the reporting period, and the Fund not having a position in either company negatively impacted relative performance. Also detracting from relative performance was the Fund’s overweight position in Korea Zinc Co., Ltd, which manufactures non-ferrous metal products. The company’s shares slid as commodity prices fell.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers used a combination of top-down and bottom-up research, seeking what they believed to be attractively priced countries, sectors and securities with positive catalysts. As a result of this process, at the end of the reporting period the Fund’s largest overweight versus the Benchmark was in the consumer discretionary sector and the Fund’s largest underweight versus the Benchmark was in the materials sector.

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

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Economies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Samsung Electronics Co., Ltd. (South Korea)	5.5	%
	2.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	3.2
	3.	China Construction Bank Corp., Class H (China)	2.4
	4.	Industrial & Commercial Bank of China Ltd., Class H (China)	2.4
	5.	China Mobile Ltd. (Hong Kong)	2.3
	6.	Itau Unibanco Holding S.A. (Preference Shares), ADR (Brazil)	2.2
	7.	Hyundai Motor Co. (South Korea)	2.0
	8.	Lukoil OAO, ADR (Russia)	1.9
	9.	CNOOC Ltd. (China)	1.8
	10.	Cia de Bebidas das Americas (Preference Shares), ADR (Brazil)	1.7

PORTFOLIO COMPOSITION BY COUNTRY*
China	17.4	%
South Korea	15.2
Brazil	12.9
Taiwan	11.7
Russia	9.7
India	6.5
Hong Kong	5.4
Turkey	4.9
South Africa	4.3
Poland	4.3
Indonesia	1.8
United Arab Emirates	1.5
Hungary	1.0
Others (each less than 1.0%)	2.0
Short-Term Investment	1.4

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		2/28/08
Without Sales Charge				6.67	%		15.79	%		(0.16	)%
With Sales Charge*				1.10			14.53			(1.11	)
CLASS C SHARES		2/28/08
Without CDSC				6.25			15.24			(0.66	)
With CDSC**				5.25			15.24			(0.66	)
CLASS R5 SHARES		2/28/08		7.21			16.32			0.29
SELECT CLASS SHARES		2/28/08		7.04			16.10			0.09

* 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.

LIFE OF FUND PERFORMANCE (2/28/08 TO 10/31/13)

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

The Fund commenced operations on February 28, 2008.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Emerging Economies Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from February 28, 2008 to October 31, 2013. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The

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

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

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

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

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*	5.47%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)	6.53%
Net Assets as of 10/31/2013 (In Thousands)	$3,411,693

INVESTMENT OBJECTIVE**

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

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

The Fund (Institutional Class Shares) underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s stock selection in the consumer discretionary, financials and materials sectors detracted from relative performance. An overweight position and stock selection in the information technology sector contributed to relative performance, as did stock selection in the consumer staples and energy sectors.

Individual detractors from relative performance included the Fund’s overweight positions in Astra International Tbk PT and Kumba Iron Ore Ltd. Shares of Astra International Tbk PT, an Indonesian automotive distributor, declined as company earnings were hurt by rising labor costs and increased competition. South African issuer Kumba Iron Ore Ltd., a supplier of iron ore to the global steel industry, was hurt by falling commodity prices. Also detracting from relative performance was the Fund’s underweight position relative to the Benchmark in Tencent Holdings Ltd., a Chinese online social media company. The company’s shares rose as the firm reported strong operating results during the twelve-month period.

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

OAO, Tata Consultancy Services Ltd. and Delta Electronics, Inc. Shares of Russian food retailer Magnit OAO benefited from the company’s strong sales. Tata Consultancy Services Ltd. is an Indian information technology services and consulting firm. Its shares rallied as the company won a number of large new contracts and announced a special dividend payment. Delta Electronics, Inc., a Taiwan-based power management solutions provider, reported better-than-expected earnings, which helped boost the stock.

HOW WAS THE FUND POSITIONED?

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

* 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 INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Samsung Electronics Co., Ltd. (South Korea)	4.0	%
	2.	Housing Development Finance Corp. (India)	3.6
	3.	AIA Group Ltd. (Hong Kong)	2.7
	4.	Hyundai Motor Co. (South Korea)	2.6
	5.	Tata Consultancy Services Ltd. (India)	2.5
	6.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	2.4
	7.	MTN Group Ltd. (South Africa)	2.1
	8.	CNOOC Ltd. (China)	2.0
	9.	Infosys Ltd., ADR (India)	2.0
	10.	Bidvest Group Ltd. (South Africa)	2.0

PORTFOLIO COMPOSITION BY COUNTRY*
India	15.9	%
South Africa	14.8
Brazil	10.7
South Korea	7.6
Hong Kong	7.2
China	6.5
Taiwan	5.6
Russia	4.2
Thailand	3.5
United Kingdom	3.3
Indonesia	3.3
Turkey	3.0
Mexico	2.7
Luxembourg	1.9
Colombia	1.5
Peru	1.4
Malaysia	1.0
Cyprus	1.0
Others (each less than 1.0%)	0.8
Short-Term Investment	4.1

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		9/28/01
Without Sales Charge				5.03	%		13.41	%		12.49	%
With Sales Charge*				(0.49	)		12.20			11.88
CLASS B SHARES		9/28/01
Without CDSC				4.57			12.86			12.04
With CDSC**				(0.43	)		12.61			12.04
CLASS C SHARES		2/28/06
Without CDSC				4.51			12.84			11.93
With CDSC***				3.51			12.84			11.93
INSTITUTIONAL CLASS SHARES		11/15/93		5.47			13.87			12.98
SELECT CLASS SHARES		9/10/01		5.29			13.68			12.77

* Sales Charge for Class A Shares is 5.25%.

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

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

TEN YEAR PERFORMANCE (10/31/03 TO 10/31/13)

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

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Emerging Markets Equity Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from October 31, 2003 to October 31, 2013. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the maximum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI Emerging Markets Index is a free float-adjusted market

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

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

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

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

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

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

8 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan Global Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	21.73%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)	25.77%
Net Assets as of 10/31/2013 (In Thousands)	$107,684

INVESTMENT OBJECTIVE**

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

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

The Fund (Select Class Shares) underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s security selection in the industrial cyclical, transport services and consumer cyclicals and banks-capital markets sectors detracted from relative performance, as did an underweight position in the automotive sector. Contributing to relative performance were underweight positions and security selection in the basic industries and technology-software sectors, as well as security selection in the utilities sector.

Individual detractors from relative performance included the Fund’s overweight positions in Merck & Co., Inc., Pearson Plc and Daito Trust Construction Co., Ltd. Shares of Merck & Co., Inc., a pharmaceutical company, underperformed during the period. Having been a strong performer in the prior twelve-month period ending October 31, 2012, the stock declined during the reporting period, as test results for some of the company’s experimental treatments proved disappointing. Pearson Plc, a British multinational publishing and education company, forecasted weaker-than-expected operating profits as the shift to digital and e-based learning materials undermined demand for college textbooks in its key North American education division. Shares of Daito Trust Construction Co., Ltd., a building construction and real estate company, underperformed, held back by questions about how successful Japanese Prime Minister Abe’s government will be in terms of stimulating domestic demand.

Individual contributors to relative performance included the Fund’s overweight positions in Electricite de France SA, ConocoPhillips and BASF SE. Shares of Electricite de France SA, a French power generator, moved higher, driven in part by the prospect that economic activity in the euro zone would improve. The company was also recently granted permission to raise tariffs, even as it continues to cut costs and pay down debt. Shares of ConocoPhillips, an oil and gas producer, performed well on the back of better-than-expected production and earnings results. The company also continued to seek to revamp its portfolio of assets, focusing on its most profitable holdings. Shares of BASF SE, a German chemical company, rallied as cost cuts, recent acquisitions and a focus on more profitable businesses boosted company profits.

HOW THE FUND WAS MANAGED

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

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

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

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Global Equity Income Fund

FUND SUMMARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Microsoft Corp.	2.8	%
	2.	Australia & New Zealand Banking Group Ltd. (Australia)	2.6
	3.	Royal Dutch Shell plc, Class A (Netherlands)	2.5
	4.	Vodafone Group plc (United Kingdom)	2.5
	5.	Swiss Re AG (Switzerland)	2.4
	6.	ConocoPhillips	2.3
	7.	Johnson & Johnson	2.3
	8.	Eni S.p.A. (Italy)	2.2
	9.	Time Warner, Inc.	2.0
	10.	Singapore Telecommunications Ltd. (Singapore)	1.9

PORTFOLIO COMPOSITION BY COUNTRY*
United States	31.9	%
United Kingdom	10.7
France	10.2
Japan	6.8
Switzerland	5.5
Germany	5.5
Australia	5.2
Sweden	3.3
Singapore	2.6
Netherlands	2.5
Italy	2.2
China	1.9
Canada	1.9
Brazil	1.7
Denmark	1.5
Others (each less than 1.0%)	3.0
Short-Term Investment	3.6

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		2/28/11
Without Sales Charge				21.40	%		7.34	%
With Sales Charge*				15.04			5.19
CLASS C SHARES		2/28/11
Without CDSC				20.74			6.80
With CDSC**				19.74			6.80
CLASS R2 SHARES		2/28/11		21.12			7.08
CLASS R5 SHARES		2/28/11		21.94			7.82
SELECT CLASS SHARES		2/28/11		21.73			7.61

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/11 TO 10/31/13)

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

The Fund commenced operations on February 28, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Equity Income Fund, the MSCI World Index and the Lipper Global Equity Income Funds Index, from February 28, 2011 to October 31, 2013. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, 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. These expenses are not identical to the expenses incurred by the Fund. The performance of the Lipper Global Equity Income Funds Index includes expenses associated with a mutual fund, such as investment management fees. The

MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Lipper Global Equity Income Funds Index is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan Global Research Enhanced Index Fund

FUND SUMMARY

FOR THE PERIOD FEBRUARY 28, 2013 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		15.80%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)		15.79%
Net Assets as of 10/31/2013 (In Thousands)	$	1,895,199

INVESTMENT OBJECTIVE**

The Fund seeks to provide long-term capital appreciation.

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

The Fund (Select Class Shares) modestly outperformed the MSCI World Index¹ (net of foreign withholding taxes) (the “Benchmark”) for the period February 28, 2013 through October 31, 2013 (the “reporting period”). The Fund’s security selection in the health care, banks (banks and finance) and utilities sectors contributed to the Fund’s relative performance. The Fund’s security selection in the property, industrial cyclical and technology-semiconductor sectors detracted from the Fund’s relative performance.

Individual contributors to the Fund’s relative performance for the reporting period included the Fund’s overweight positions versus the Benchmark in Electricite de France SA, Biogen Idec, Inc. and Air Products and Chemicals, Inc. Shares of Electricite de France SA, a French power generator, rose amid ongoing cost cutting and growing demand abroad for its nuclear expertise. Biogen Idec, Inc.‘s shares benefited from the biotechnology company’s news of improving revenue growth, which was boosted by robust sales for its AVONEX drug. Air Products and Chemicals, Inc. sells gases and chemicals for industrial use. Its shares rallied as the company raised its quarterly dividend. In addition, in July 2013, activist investor William Ackman’s firm Pershing Square Capital Management announced that it had acquired nearly a 10% position in the company.

Individual detractors from the Fund’s relative performance for the reporting period included its underweight positions versus the Benchmark in The Boeing Co. and Gilead Sciences, Inc., along with an overweight position in Broadcom Corp. Shares of The Boeing Co., a U.S.-based defense and aerospace company, moved sharply higher on record sales of its 777 and 787

passenger jets. Gilead Sciences, Inc. is a U.S. biotechnology company that discovers, develops and commercializes therapeutics. Its shares rallied as the company increased its revenue outlook and reported successful results from a trial of an experimental cancer drug. Shares of Broadcom Corp., a U.S. semiconductor company in the wireless and broadband communication business, fell sharply due to a poor earnings report and weaker outlook.

HOW WAS THE FUND POSITIONED?

The Fund seeks to outperform the Benchmark over time while maintaining similar risk characteristics. In implementing its strategy, the Fund primarily invests in securities included within the universe of the Benchmark. However, the Fund modestly overweights securities in the Benchmark that it considers undervalued, while modestly underweighting or not holding securities in the Benchmark that it considers overvalued. Under normal circumstances, while the Fund anticipates that it will only own a portion, which may represent a minority, of the securities included in the Benchmark, it seeks to achieve similar sector, geographic and risk characteristics to the Benchmark. By owning a large number of securities within the Benchmark, with an emphasis on those that appear undervalued, the Fund seeks returns that modestly exceed those of the Benchmark over the long term with a modest level of tracking error to the Benchmark.

1 MSCI World Index is a registered service mark of Morgan Stanley Capital International, which does not sponsor and is in no way affiliated with the Fund.

* 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.

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Apple, Inc. (United States)	1.5	%
	2.	Google, Inc., Class A (United States)	1.2
	3.	Exxon Mobil Corp. (United States)	1.2
	4.	Johnson & Johnson (United States)	1.1
	5.	Microsoft Corp. (United States)	1.0
	6.	Wells Fargo & Co. (United States)	1.0
	7.	Procter & Gamble Co. (The) (United States)	0.8
	8.	Chevron Corp. (United States)	0.8
	9.	Nestle S.A. (Switzerland)	0.8
	10.	Roche Holding AG (Switzerland)	0.8

PORTFOLIO COMPOSITION BY COUNTRY*
United States	50.9	%
Japan	8.3
United Kingdom	8.0
Switzerland	4.5
France	3.8
Germany	3.6
Australia	3.2
Canada	3.1
Netherlands	1.9
Spain	1.7
Hong Kong	1.2
Others (each less than 1.0%)	5.3
Short-Term Investment	4.5

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan Global Research Enhanced Index Fund

FUND SUMMARY

FOR THE PERIOD FEBRUARY 28, 2013 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		SINCE INCEPTION
CLASS A SHARES		2/28/13
Without Sales Charge				15.53	%
With Sales Charge*				9.48
CLASS C SHARES		2/28/13
Without CDSC				15.20
With CDSC**				14.20
CLASS R2 SHARES		2/28/13		15.33
SELECT CLASS SHARES		2/28/13		15.80

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/13 TO 10/31/13)

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

The Fund commenced operations on February 28, 2013.

The graph illustrates comparative performance for $1,000,000 invested in the Select Class Shares of the JPMorgan Global Research Enhanced Index Fund and MSCI World Index from February 28, 2013 to October 31, 2013. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Investors cannot invest directly in an index.

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

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

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

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

14 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		21.23%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		26.88%
Net Assets as of 10/31/2013 (In Thousands)	$	2,004,954

INVESTMENT OBJECTIVE**

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

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

The Fund (Select Class Shares) underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s security selection in the financials, energy and information technology sectors was the major detractor from relative performance. Security selection in the consumer discretionary sector also lagged but was partially offset by the Fund’s overweight position in the sector, which was additive to relative performance. The Fund’s underweight position in the utilities sector contributed positively to relative performance.

Individual detractors from the Fund’s relative performance included its overweight positions versus the Benchmark in Tullow Oil plc and Standard Chartered plc. Shares of Tullow Oil plc fell sharply as new projects yielded disappointing results. Standard Chartered plc, a British multinational banking and financial services company that derives a significant portion of its earnings from emerging markets, saw earnings slow at its key business units. Also detracting from relative performance was Benchmark holding Softbank Corp., a Japanese telecommunications firm. The company’s shares rallied sharply in response to its majority purchase of Sprint Corp, as well as increased domestic market share gains, and not having a position in the stock detracted from relative return.

Contributing to relative performance versus the Benchmark were the Fund’s overweight positions in Daikin Industries, Ltd., WPP plc and Sands China Ltd. Shares of Daikin Industries, Ltd., a Japanese multinational air conditioning manufacturer, performed strongly on the back of market share gains in China, a weaker yen and improving economic conditions in Japan. WPP plc, a British advertising and public relations company, reported solid revenue growth, as economic conditions in the key U.S. and UK markets continued to improve. Shares of Sands China Ltd., a developer and operator of casinos in Macao (near Hong Kong), rose to record highs as increased capacity and growing consumer affluence in Asia continued to fuel revenue growth.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on security selection to build a portfolio of international equities. They used bottom-up fundamental research to identify what they believed were attractively priced securities of well-managed companies with the potential to grow their earnings faster than their industry peers.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	2.8	%
	2.	HSBC Holdings plc (United Kingdom)	2.6
	3.	BG Group plc (United Kingdom)	2.2
	4.	Toyota Motor Corp. (Japan)	2.2
	5.	Nestle S.A. (Switzerland)	2.1
	6.	Novartis AG (Switzerland)	2.0
	7.	Roche Holding AG (Switzerland)	2.0
	8.	Standard Chartered plc (United Kingdom)	2.0
	9.	Vodafone Group plc (United Kingdom)	1.9
	10.	Prudential plc (United Kingdom)	1.7

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	23.1	%
Japan	16.9
Switzerland	14.0
France	12.0
Germany	9.6
Netherlands	5.5
Hong Kong	3.7
China	3.2
Australia	2.1
South Korea	1.6
Belgium	1.4
Others (each less than 1.0%)	3.8
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 October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		2/28/02
Without Sales Charge				20.85	%		11.82	%		7.17	%
With Sales Charge*				14.51			10.63			6.60
CLASS B SHARES		2/28/02
Without CDSC				20.26			11.24			6.71
With CDSC**				15.26			10.98			6.71
CLASS C SHARES		1/31/03
Without CDSC				20.25			11.25			6.60
With CDSC***				19.25			11.25			6.60
CLASS R2 SHARES		11/3/08		20.58			11.53			7.03
CLASS R5 SHARES		5/15/06		21.42			12.31			7.61
CLASS R6 SHARES		11/30/10		21.47			12.34			7.63
SELECT CLASS SHARES		1/1/97		21.23			12.11			7.46

* Sales Charge for Class A Shares is 5.25%.

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

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

TEN YEAR PERFORMANCE (10/31/03 TO 10/31/13)

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from October 31, 2003 to October 31, 2013. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, 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 Lipper International Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Large-Cap Core Funds Index is based on the total returns of certain mutual funds within the Fund’s designated category, as defined by Lipper, Inc. Investors cannot invest directly in an index.

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

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

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

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas

markets may not be as politically and economically stable as the United States and other nations.

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

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Equity Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		26.18%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) GDP Index		29.17%
Net Assets as of 10/31/2013 (In Thousands)	$	598,976

INVESTMENT OBJECTIVE**

The JPMorgan International Equity Index Fund (the “Fund”) seeks to provide investment results that correspond to the aggregate price and dividend performance of the securities in the MSCI EAFE Gross Domestic Product (“GDP”) Index¹ (the “Benchmark”).

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

The Fund (Select Class Shares) underperformed the Benchmark for the twelve months ended October 31, 2013. The Fund’s exposure to emerging market securities, which are not held in the Benchmark, drove the Fund’s relative underperformance as emerging market securities underperformed international developed markets securities during the reporting period.

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

HOW WAS THE FUND POSITIONED?

Effective February 28, 2013, the Fund’s portfolio management team changed. The Fund’s portfolio managers constructed the Fund with country weightings based on GDP rather than equity market capitalization. Each country was weighted by GDP, because the Fund’s portfolio managers believed that this measure served as a better indication of each country’s potential earning power than traditional market capitalization.

During the reporting period, the Fund’s portfolio managers used a combination of exchange-traded funds and futures to help manage cash flows. The Fund sought returns that modestly exceed those of the Benchmark over the long term with a modest level of risk relative to the Benchmark, and attempted to provide broad international exposure for investors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Eni S.p.A. (Italy)	1.8	%
	2.	Banco Santander S.A. (Spain)	1.4
	3.	Bayer AG (Germany)	1.3
	4.	Toyota Motor Corp. (Japan)	1.2
	5.	Siemens AG (Germany)	1.2
	6.	SAP AG (Germany)	1.1
	7.	BASF SE (Germany)	1.1
	8.	Allianz SE (Germany)	1.1
	9.	Anheuser-Busch InBev N.V. (Belgium)	1.0
	10.	Telefonica S.A. (Spain)	1.0

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	20.1	%
Germany	12.9
France	8.8
United Kingdom	8.2
Italy	7.3
Spain	5.9
Australia	4.8
Netherlands	3.5
Switzerland	2.9
Belgium	2.2
Sweden	1.6
Austria	1.5
Finland	1.4
Norway	1.4
Hong Kong	1.1
Portugal	1.1
Denmark	1.0
Others (each less than 1.0%)	11.0
Short-Term Investment	3.3

¹  MSCI EAFE Gross Domestic Product (“GDP”) Index is a registered service mark of Morgan Stanley Capital International, which does not sponsor and is in no way affiliated with the Fund.

* 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		4/23/93
Without Sales Charge				25.84	%		10.60	%		7.36	%
With Sales Charge*				19.20			9.41			6.78
CLASS B SHARES		1/14/94
Without CDSC				25.13			9.83			6.74
With CDSC**				20.13			9.55			6.74
CLASS C SHARES		11/4/97
Without CDSC				25.09			9.83			6.60
With CDSC***				24.09			9.83			6.60
CLASS R2 SHARES		11/3/08		25.52			10.31			7.08
SELECT CLASS SHARES		10/28/92		26.18			10.87			7.63

* Sales Charge for Class A Shares is 5.25%.

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

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

TEN YEAR PERFORMANCE (10/31/03 To 10/31/13)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Equity Index Fund, the MSCI EAFE GDP Index and Lipper International Multi-Cap Core Funds Index from October 31, 2003 to October 31, 2013. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE GDP Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, 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 Lipper International Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE GDP Index is a country weighted index that is designed to measure the size of developed market economies, excluding the U.S. & Canada. The Lipper International Multi-Cap Core Funds Index is based on the total returns of certain mutual funds within the Fund’s designated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and

reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

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

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

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*	25.60%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)	26.88%
Net Assets as of 10/31/2013 (In Thousands)	$1,437,767

INVESTMENT OBJECTIVE**

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

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

The Fund (Institutional Class Shares) underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s security selection in the energy and technology-hardware sectors detracted from its relative performance. The Fund’s security selection in the telecommunications and basic industries sectors contributed to relative performance.

Individual detractors from the Fund’s relative performance included its out-of-Benchmark positions in Hon Hai Precision Industry Co., Ltd. and Belle International Holdings Limited. An overweight position in Tullow Oil plc was also negative for performance. Shares of Hon Hai Precision Industry Co., Ltd. fell due to concerns about slowing sales of Apple products. Apple is the largest client of the Taiwanese consumer electronics manufacturer. Shares of Belle International Holdings Limited, a Chinese footwear retailer, fell sharply in the wake of slower Chinese growth and a poor profit report. Tullow Oil plc is engaged in the exploration, development and production of natural gas and oil. The company’s shares fell sharply as new projects yielded disappointing results.

Individual contributors to the Fund’s relative performance included its overweight positions versus the Benchmark in Softbank Corp. and Sands China Ltd., as well as out-of-Benchmark holding Valeo SA. Shares of Softbank Corp., a

Japanese telecommunications firm, rallied sharply in response to the company’s majority purchase of Sprint Corp., as well as increased domestic market share gains. Shares of Sands China Ltd., a developer and operator of casinos in Macao (near Hong Kong), rose to record highs as increased capacity and growing consumer affluence in Asia continued to fuel revenue growth. Shares of Valeo SA, a French automotive parts manufacturer, rose on growing exports to China and North America and the prospect of an improving European economy.

HOW WAS THE FUND POSITIONED?

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

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

* 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.

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	HSBC Holdings plc (United Kingdom)	2.7	%
	2.	Roche Holding AG (Switzerland)	2.6
	3.	Novartis AG (Switzerland)	2.6
	4.	Bayer AG (Germany)	2.3
	5.	Vodafone Group plc (United Kingdom)	2.3
	6.	BG Group plc (United Kingdom)	1.9
	7.	British American Tobacco plc (United Kingdom)	1.9
	8.	Toyota Motor Corp. (Japan)	1.8
	9.	Japan Tobacco, Inc. (Japan)	1.7
	10.	Honda Motor Co., Ltd. (Japan)	1.7

PORTFOLIO COMPOSITION BY COUNTRY*
United Kingdom	21.1	%
Japan	19.2
Germany	11.9
France	11.3
Switzerland	9.3
Netherlands	4.7
Hong Kong	4.3
Sweden	3.4
Australia	2.1
Denmark	1.7
South Korea	1.6
Belgium	1.3
Canada	1.2
Finland	1.1
China	1.1
Spain	1.1
Others (each less than 1.0%)	2.2
Short-Term Investment	1.4

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		9/10/01
Without Sales Charge				25.09	%		11.54	%		7.34	%
With Sales Charge*				18.53			10.35			6.77
CLASS B SHARES		9/10/01
Without CDSC				24.45			10.98			6.91
With CDSC**				19.45			10.72			6.91
CLASS C SHARES		7/31/07
Without CDSC				24.41			10.99			6.80
With CDSC***				23.41			10.99			6.80
CLASS R6 SHARES		11/30/10		25.71			12.09			7.93
INSTITUTIONAL CLASS SHARES		2/26/97		25.60			12.02			7.90
SELECT CLASS SHARES		9/10/01		25.38			11.82			7.67

* Sales Charge for Class A Shares is 5.25%.

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

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

TEN YEAR PERFORMANCE (10/31/03 TO 10/31/13)

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan International Opportunities Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from October 31, 2003 to October 31, 2013. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not

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

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

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

22 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

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

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

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Unconstrained Equity Fund

FUND SUMMARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	22.49%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)	26.88%
Morgan Stanley Capital International (“MSCI”) All Country World Index, ex-U.S. (net of foreign withholding taxes)	20.29%
Net Assets as of 10/31/2013 (In Thousands)	$4,296

INVESTMENT OBJECTIVE**

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

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

The Fund (Select Class Shares) underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve-month period ended October 31, 2013. The Fund’s underweight position versus the Benchmark in Japan, in particular its lack of exposure to Japanese companies that cater to domestic Japanese demand, was a major detractor from relative performance. The Fund’s exposure to emerging market equities, which are not represented in the Benchmark and underperformed their developed country counterparts, also weighed on performance. Stock selection in the UK and Pacific (ex-Japan) regions contributed to relative return. From a sector perspective, stock selection in the financials and information technology sectors detracted from relative performance. Stock selection and an overweight position versus the Benchmark in the consumer discretionary sector contributed positively to relative return, as did lack of any exposure to the utilities sector.

Individual detractors from the Fund’s relative performance included overweight positions versus the Benchmark in HDFC Bank, Nitto Denko Corp. and Rio Tinto Plc. Shares of HDFC Bank struggled, as did Indian banks in general, as the Reserve Bank of India raised interest rates and tightened lenders’ access to cash in an effort to stabilize the rupee. Shares of Nitto Denko Corp., a Japanese chemical and materials company, underperformed as operating profits rose less than expected and management’s full year projections fell short of Wall Street estimates. Shares of Rio Tinto Plc, one of the world’s leading

mining companies, fell as concerns about global growth, particularly in China, weighed on commodity prices.

Individual contributors to the Fund’s relative performance included its overweight positions versus the Benchmark in Prudential Plc and Sands China Ltd. Shares of Prudential Plc, a UK-based insurance group, performed well as growth in the company’s Asian operations stimulated earnings, enabling the company to raise dividends. Shares of Sands China Ltd., a developer and operator of casinos in Macao (near Hong Kong), rose to record highs as increased capacity and growing consumer affluence in Asia continued to fuel revenue growth. Also contributing to relative performance was the Fund’s position in out-of-Benchmark holding Atresmedia Corporacion De Medios De Comunicacion Sa. Shares of Atresmedia Corporacion De Medios De Comunicacion Sa, a Spanish television broadcaster, performed well as Spain’s economy emerged from recession and the company received the go-ahead to merge with smaller rival, La Sexta.

HOW WAS THE FUND POSITIONED?

The Fund primarily invested in equity securities of international companies and was generally unconstrained by any particular capitalization, style or sector. The Fund invested in companies across capitalization sizes, sectors and geographic locations, including emerging markets.

* 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.

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Cie Financiere Richemont S.A. (Switzerland)	3.3	%
	2.	Prudential plc (United Kingdom)	3.2
	3.	Standard Chartered plc (United Kingdom)	3.2
	4.	Rio Tinto plc (United Kingdom)	3.0
	5.	Roche Holding AG (Switzerland)	3.0
	6.	HSBC Holdings plc (United Kingdom)	3.0
	7.	Cheung Kong Holdings Ltd. (Hong Kong)	2.9
	8.	Kering (France)	2.8
	9.	Toyota Motor Corp. (Japan)	2.7
	10.	UBS AG (Switzerland)	2.6

PORTFOLIO COMPOSITION BY COUNTRY*
United Kingdom	26.6	%
France	11.9
Japan	11.3
Switzerland	10.8
Germany	10.4
Canada	4.7
Hong Kong	4.7
South Korea	4.4
Spain	3.9
United States	2.4
India	2.2
Sweden	2.2
Russia	2.0
Belgium	1.5
South Africa	1.0

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan International Unconstrained Equity Fund

FUND SUMMARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		11/30/11
Without Sales Charge				22.23	%		19.51	%
With Sales Charge*				15.80			16.20
CLASS C SHARES		11/30/11
Without CDSC				21.61			18.90
With CDSC**				20.61			18.90
CLASS R2 SHARES		11/30/11		21.92			19.20
CLASS R5 SHARES		11/30/11		22.76			20.03
CLASS R6 SHARES		11/30/11		22.80			20.08
SELECT CLASS SHARES		11/30/11		22.49			19.78

* 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 (11/30/11 To 10/31/13)

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, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Unconstrained Equity Fund, the MSCI EAFE Index and the MSCI All Country World Index, ex-U.S. from November 30, 2011 to October 31, 2013. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, 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 MSCI All Country World Index, ex-U.S. 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 MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity

market performance of developed markets, excluding the U.S. and Canada. The MSCI All Country World Index, ex-U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through May 30, 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 redemption of Fund shares.

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

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

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		26.72%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes)		27.79%
Net Assets as of 10/31/2013 (In Thousands)	$	3,076,523

INVESTMENT OBJECTIVE**

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

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

The Fund (Institutional Class Shares) underperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s security selection in the technology-hardware, transport services and consumer cyclicals and energy sectors detracted from relative performance. Contributing to relative performance versus the Benchmark was security selection in the basic industries, property and insurance sectors.

Individual detractors from relative performance included the Fund’s out-of-Benchmark positions in China Shenhua Energy Co., Ltd., First Quantum Minerals Ltd. and Nitto Denko Corp. Shares of China Shenhua Energy Co., Ltd., a coal mining and energy company, fell on the back of weak coal prices and moderating economic growth in the People’s Republic of China. First Quantum Minerals Ltd. is a mining company. Its shares struggled as concerns about growth, particularly in China, weighed on commodity prices. Shares of Nitto Denko Corp., a Japanese chemical and materials company, underperformed as operating profits rose less than expected and management’s full year projections fell short of estimates.

Individual contributors to relative performance included the Fund’s out-of-Benchmark position in European Aeronautic Defence and Space Company N.V. and overweight positions relative to the Benchmark in Electricite de France SA, and Sumitomo Mitsui Financial Group, Inc. European Aeronautic

Defence and Space Company N.V. is an aerospace company. Its shares rose on the back of strong orders for commercial aircraft. Shares of Electricite de France SA, a French power generator, rose during the reporting period, driven in part by the prospect that economic activity in the euro zone would improve. The company was also recently granted permission to raise tariffs, even as it continues to cut costs and pay down debt. Sumitomo Mitsui Financial Group, Inc. is a Japanese banking and financial services company. Its shares moved sharply higher as economic prospects for Japan improved in the wake of the election of a new pro-growth government.

HOW WAS THE FUND POSITIONED?

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

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

* 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.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	HSBC Holdings plc (United Kingdom)	3.4	%
	2.	Vodafone Group plc (United Kingdom)	3.3
	3.	Royal Dutch Shell plc, Class A (Netherlands)	2.9
	4.	BNP Paribas S.A. (France)	2.4
	5.	Mitsubishi UFJ Financial Group, Inc. (Japan)	2.3
	6.	Eni S.p.A. (Italy)	2.3
	7.	Bayer AG (Germany)	2.0
	8.	Toyota Motor Corp. (Japan)	1.9
	9.	Novartis AG (Switzerland)	1.8
	10.	Swiss Re AG (Switzerland)	1.8

PORTFOLIO COMPOSITION BY COUNTRY*
Japan	21.2	%
United Kingdom	16.7
France	15.5
Germany	11.4
Switzerland	6.1
Netherlands	4.6
Italy	3.9
Hong Kong	2.9
Sweden	2.6
Australia	2.4
Spain	1.5
Belgium	1.3
China	1.3
Finland	1.1
Denmark	1.1
South Korea	1.0
Others (each less than 1.0%)	2.6
Short-Term Investment	2.8

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		9/28/01
Without Sales Charge				26.13	%		11.00	%		8.63	%
With Sales Charge*				19.55			9.82			8.05
CLASS B SHARES		9/28/01
Without CDSC				25.64			10.46			8.20
With CDSC**				20.64			10.19			8.20
CLASS C SHARES		7/11/06
Without CDSC				25.58			10.46			8.10
With CDSC***				24.58			10.46			8.10
CLASS R2 SHARES		11/3/08		25.91			10.73			8.50
CLASS R6 SHARES		11/30/10		26.84			11.52			9.14
INSTITUTIONAL CLASS SHARES		11/4/93		26.72			11.46			9.11
SELECT CLASS SHARES		9/10/01		26.46			11.27			8.88

* Sales Charge for Class A Shares is 5.25%.

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

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

TEN YEAR PERFORMANCE (10/31/03 TO 10/31/13)

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

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan International Value Fund, the MSCI EAFE Value Index and the Lipper International Large-Cap Value Funds Average from October 31, 2003 to October 31, 2013. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, 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 Lipper International Large-Cap Value Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Value Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented stocks in the world’s equity markets, excluding the U.S. and Canada. Investors cannot invest directly in an index. The Lipper International Large-Cap Value Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

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

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

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

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

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

30 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan Intrepid International Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		26.90%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		26.88%
Net Assets as of 10/31/2013 (In Thousands)	$	657,879

INVESTMENT OBJECTIVE**

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

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

The Fund (Institutional Class Shares) modestly outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s portfolio managers attempted to construct the Fund so that security selection and style factors (i.e., growth and value characteristics) would be the primary drivers of returns. Security selection in the industrials and health care sectors was a key contributor to performance relative to the Benchmark. Security selection and an overweight position versus the Benchmark in the consumer discretionary sector also contributed to results. Detracting from relative performance was security selection in the financials, information technology and energy sectors.

Individual contributors to performance relative to the Benchmark included the Fund’s overweights in easyJet plc, ITV Plc and AXA S.A. Shares of European discount airline company easyJet plc benefited from stronger profits. The company increased its efforts to attract more passengers by offering preferred seating, flexible tickets and higher frequencies on key routes. Shares of ITV Plc, a British media company, rose on strong revenue. The company has been reducing its dependence on advertising by investing more in content creation. Shares of AXA S.A., a French insurance company, rallied as Europe’s economy stabilized and began to show signs of strength. The prospect of higher interest rates in the U.S. also helped to boost the stock.

Individual detractors from performance relative to the Benchmark included the Fund’s positioning in Daimler Ag, Petroleo Brasiliero Sa Pfd and Nokia Oyj. The Fund was underweight shares in Daimler Ag, a German automobile manufacturer, which benefited from an improving European economy and expansion in China, now the world’s largest automobile market. Shares of out-of-Benchmark holding Petroleo Brasiliero Sa Pfd, a Brazilian energy company, struggled amid weak commodity prices and concerns about government intervention in the company’s operations. The Fund had no position in Benchmark holding Nokia Oyj, a Finnish telecommunications company, whose shares moved sharply higher after it agreed to sell its core cell phone operations to Microsoft.

HOW WAS THE FUND POSITIONED?

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

* 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.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 31

JPMorgan Intrepid International Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Vodafone Group plc (United Kingdom)	1.9	%
	2.	Roche Holding AG (Switzerland)	1.8
	3.	Royal Dutch Shell plc, Class B (Netherlands)	1.7
	4.	Novartis AG (Switzerland)	1.6
	5.	Toyota Motor Corp. (Japan)	1.6
	6.	HSBC Holdings plc (United Kingdom)	1.4
	7.	Bayer AG (Germany)	1.4
	8.	Total S.A. (France)	1.3
	9.	Nestle S.A. (Switzerland)	1.3
	10.	BHP Billiton Ltd. (Australia)	1.2

PORTFOLIO COMPOSITION BY COUNTRY*
Japan	19.5	%
United Kingdom	19.4
Switzerland	12.1
France	10.4
Germany	9.6
Netherlands	5.6
Australia	5.5
Sweden	2.7
Spain	2.2
Hong Kong	1.7
Finland	1.4
China	1.3
Others (each less than 1.0%)	6.4
Short-Term Investment	2.2

* Percentages indicated are based on total investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		4/30/01
Without Sales Charge				26.25	%		11.15	%		6.24	%
With Sales Charge*				19.63			9.95			5.67
CLASS C SHARES		2/28/06
Without CDSC				25.60			10.60			5.83
With CDSC**				24.60			10.60			5.83
CLASS R2 SHARES		11/3/08		26.02			10.88			6.11
INSTITUTIONAL CLASS SHARES		4/30/01		26.90			11.72			6.79
SELECT CLASS SHARES		2/28/06		26.56			11.44			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 (10/31/03 TO 10/31/13)

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Intrepid International Fund, the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from October 31, 2003 to October 31, 2013. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, 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 Lipper International Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Multi-Cap Core Funds Index is based on the total returns of certain mutual funds within the Fund’s designated category, as defined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.4%
		Brazil — 12.7%
	981	Banco do Brasil S.A. (m)		13,029
	218	Cia Brasileira de Distribuicao Grupo Pao de Acucar (Preference Shares), ADR (m)		10,986
	482	Cia de Bebidas das Americas (Preference Shares), ADR (m)		17,924
	1,224	Embraer S.A. (m)		8,930
	1,135	Even Construtora e Incorporadora S.A. (m)		4,229
	272	Ez Tec Empreendimentos e Participacoes S.A. (m)		3,999
	317	Grendene S.A. (m)		2,869
	1,451	Itau Unibanco Holding S.A. (Preference Shares), ADR (m)		22,365
	115	M. Dias Branco S.A. (m)		5,377
	281	Petroleo Brasileiro S.A., ADR (m)		4,906
	390	Porto Seguro S.A. (m)		4,899
	584	Sul America S.A. (m)		4,272
	517	Telefonica Brasil S.A., ADR (m)		11,462
	1,206	Tim Participacoes S.A. (m)		6,147
	555	Vale S.A., ADR (m)		8,881
				130,275
		China — 17.4%
	32,182	Bank of China Ltd., Class H (m)		15,110
	31,296	China Construction Bank Corp., Class H (m)		24,349
	6,079	China Merchants Bank Co., Ltd., Class H (m)		12,088
	3,737	China Minsheng Banking Corp., Ltd., Class H (m)		4,282
	18,705	China Petroleum & Chemical Corp., Class H (m)		15,142
	6,447	China Shanshui Cement Group Ltd. (m)		2,296
	9,035	CNOOC Ltd. (m)		18,377
	6,580	Dongyue Group (m)		3,106
	406	Giant Interactive Group, Inc., ADR (m)		3,595
	1,817	Great Wall Motor Co., Ltd., Class H (m)		10,680
	3,296	Guangzhou R&F Properties Co., Ltd., Class H (m)		5,775
	34,627	Industrial & Commercial Bank of China Ltd., Class H (m)		24,274
	11,780	Lenovo Group Ltd. (m)		12,619
	141	NetEase, Inc., ADR (m)		9,530
	134	Perfect World Co., Ltd., ADR (m)		2,348
	1,373	Ping An Insurance Group Co. of China Ltd., Class H (m)		10,827
	172	WuXi PharmaTech Cayman, Inc., ADR (a) (m)		5,033
				179,431
		Hong Kong — 5.4%
	12,458	Bosideng International Holdings Ltd. (m)		2,876
	2,696	Chaoda Modern Agriculture Holdings Ltd. (a) (i)		—
	2,288	China Mobile Ltd. (m)		23,771

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — Continued
	7,260	Geely Automobile Holdings Ltd. (m)		3,660
	23,223	Shenzhen International Holdings Ltd. (m)		2,845
	6,552	Shougang Fushan Resources Group Ltd. (m)		2,206
	3,932	SJM Holdings Ltd. (m)		12,714
	9,368	Skyworth Digital Holdings Ltd. (m)		4,544
	4,872	Truly International Holdings (m)		3,091
				55,707
		Hungary — 1.0%
	474	OTP Bank plc (m)		9,829
		India — 6.5%
	364	HCL Technologies Ltd. (m)		6,496
	1,036	Housing Development Finance Corp. (m)		14,391
	328	Infosys Ltd., ADR (m)		17,404
	1,955	Oil & Natural Gas Corp., Ltd. (m)		9,343
	283	Oil India Ltd. (m)		2,179
	230	Punjab National Bank (m)		2,035
	939	Rural Electrification Corp. Ltd. (m)		2,962
	402	Tata Motors Ltd., ADR (m)		12,597
				67,407
		Indonesia — 1.8%
	7,158	Bank Rakyat Indonesia Persero Tbk PT (m)		5,023
	5,351	Indofood Sukses Makmur Tbk PT (m)		3,153
	48,435	Telekomunikasi Indonesia Persero Tbk PT (m)		10,075
				18,251
		Mexico — 0.6%
	3,366	Compartamos S.A.B. de C.V. (m)		6,558
		Netherlands — 0.4%
	263	VimpelCom Ltd., ADR (m)		3,778
		Poland — 4.3%
	240	Eurocash S.A. (m)		3,684
	257	KGHM Polska Miedz S.A. (m)		10,383
	1,407	Polskie Gornictwo Naftowe i Gazownictwo S.A. (m)		2,587
	1,147	Powszechna Kasa Oszczednosci Bank Polski S.A. (m)		15,189
	79	Powszechny Zaklad Ubezpieczen S.A. (m)		11,982
				43,825
		Qatar — 0.5%
	118	Industries Qatar QSC (m)		5,185
		Russia — 9.7%
	282	CTC Media, Inc. (m)		3,570
	296	Lukoil OAO, ADR (m)		19,375
	19	Magnit OJSC (m)		5,210
	777	MMC Norilsk Nickel OJSC, ADR (m)		11,731

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Russia — Continued
	308	Mobile Telesystems OJSC (m)		3,264
	494	Mobile Telesystems OJSC, ADR (m)		11,269
	1,637	Rosneft OAO, Reg.S, GDR (m)		12,914
	967	Sberbank of Russia (m)		3,101
	1,310	Sberbank of Russia, ADR (m)		16,703
	307	Tatneft OAO, ADR (m)		12,599
				99,736
		South Africa — 4.3%
	827	African Bank Investments Ltd. (m)		1,401
	634	AVI Ltd. (m)		3,728
	668	Clicks Group Ltd. (m)		4,164
	3,564	FirstRand Ltd. (m)		12,794
	466	Imperial Holdings Ltd. (m)		9,906
	386	MTN Group Ltd. (m)		7,673
	156	Tiger Brands Ltd. (m)		4,563
				44,229
		South Korea — 15.2%
	258	DGB Financial Group, Inc. (m)		4,140
	20	GS Home Shopping, Inc. (m)		4,547
	93	Halla Visteon Climate Control Corp. (m)		3,484
	40	Hyosung Corp. (m)		2,726
	87	Hyundai Motor Co. (m)		20,639
	173	Kangwon Land, Inc. (m)		4,759
	253	Kia Motors Corp. (m)		14,722
	170	KT&G Corp. (m)		12,385
	193	Partron Co. Ltd. (m)		3,106
	41	Samsung Electronics Co., Ltd. (m)		56,301
	28	SK Holdings Co., Ltd. (m)		5,057
	260	SK Hynix, Inc. (a) (m)		7,837
	30	SK Telecom Co., Ltd. (m)		6,592
	901	Woori Finance Holdings Co., Ltd. (m)		10,677
				156,972
		Taiwan — 11.7%
	976	Catcher Technology Co., Ltd. (m)		5,675
	1,330	Chicony Electronics Co., Ltd. (m)		3,316
	2,157	Chipbond Technology Corp. (m)		4,359
	8,584	Fubon Financial Holding Co., Ltd. (m)		12,580
	4,083	Hon Hai Precision Industry Co., Ltd. (m)		10,381
	886	Hon Hai Precision Industry Co., Ltd., Reg.S, GDR (m)		4,394
	1,021	Huaku Development Co., Ltd. (m)		2,859
	3,292	Inventec Corp. (m)		2,947
	2,083	Kenda Rubber Industrial Co., Ltd. (m)		4,096
	4,608	Lite-On Technology Corp. (m)		8,067
	4,579	Pou Chen Corp. (m)		5,578

SHARES		SECURITY DESCRIPTION	VALUE($)
		Taiwan — Continued
	2,036	Realtek Semiconductor Corp. (m)		4,733
	1,769	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		32,566
	542	TPK Holding Co., Ltd. (m)		3,805
	6,412	Uni-President Enterprises Corp. (m)		12,210
	2,501	Vanguard International Semiconductor Corp. (m)		2,703
				120,269
		Thailand — 0.5%
	7,221	Krung Thai Bank PCL, NVDR (m)		4,723
		Turkey — 4.9%
	706	Arcelik A.S. (m)		4,499
	2,589	Eregli Demir ve Celik Fabrikalari TAS (m)		3,579
	208	Ford Otomotiv Sanayi A.S. (m)		2,927
	257	Koza Altin Isletmeleri A.S. (m)		4,547
	632	Tofas Turk Otomobil Fabrikasi A.S. (m)		4,177
	360	Tupras Turkiye Petrol Rafinerileri A.S. (m)		8,145
	1,007	Turk Hava Yollari (m)		3,928
	532	Turkcell Iletisim Hizmetleri A.S. (a) (m)		3,300
	1,035	Turkiye Halk Bankasi A.S. (m)		8,313
	2,760	Turkiye Is Bankasi, Class C (m)		7,541
				50,956
		United Arab Emirates — 1.5%
	5,608	Air Arabia PJSC (m)		2,213
	948	Dragon Oil plc (m)		8,976
	1,062	First Gulf Bank PJSC (m)		4,692
				15,881
		Total Common Stocks (Cost $957,829)		1,013,012
	Preferred Stock — 0.3%
		Brazil — 0.3%
	425	Banco do Estado do Rio Grande do Sul S.A., Class B (m) (Cost $3,586)		3,063
	Short-Term Investment — 1.4%
		Investment Company — 1.4%
	14,082	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $14,082)		14,082
		Total Investments — 100.1% (Cost $975,497)		1,030,157
		Liabilities in Excess of Other Assets — (0.1)%		(571	)
		NET ASSETS — 100.0%	$	1,029,586

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		20.4	%
Oil, Gas & Consumable Fuels		11.1
Semiconductors & Semiconductor Equipment		10.5
Automobiles		6.7
Wireless Telecommunication Services		6.4
Metals & Mining		4.0
Computers & Peripherals		3.2
Insurance		3.1
Diversified Financial Services		2.9
Food Products		2.8
Electronic Equipment, Instruments & Components		2.4
Food & Staples Retailing		2.3

INDUSTRY	PERCENTAGE
IT Services		2.3	%
Diversified Telecommunication Services		2.1
Beverages		1.7
Hotels, Restaurants & Leisure		1.7
Household Durables		1.7
Thrifts & Mortgage Finance		1.4
Tobacco		1.2
Textiles, Apparel & Luxury Goods		1.1
Industrial Conglomerates		1.0
Distributors		1.0
Others (each less than 1.0%)		7.6
Short Term Investment		1.4

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.6%
		Brazil — 9.9%
	6,256	CCR S.A. (m)		52,025
	1,427	Cia de Bebidas das Americas (Preference Shares), ADR (m)		53,073
	1,280	Cielo S.A. (m)		38,843
	2,098	Itau Unibanco Holding S.A. (Preference Shares), ADR (m)		32,337
	956	Lojas Renner S.A. (m)		28,812
	850	Marcopolo S.A. (m)		2,125
	2,002	Ultrapar Participacoes S.A. (m)		53,340
	3,411	Vale S.A. (Preference Shares), ADR (m)		49,938
	2,184	WEG S.A. (m)		28,364
				338,857
		China — 6.5%
	33,803	CNOOC Ltd. (m)		68,754
	27,255	Sun Art Retail Group Ltd. (m)		44,642
	596	Tencent Holdings Ltd. (m)		32,500
	4,110	Tsingtao Brewery Co., Ltd., Class H (m)		33,659
	11,458	Wynn Macau Ltd. (m)		43,986
				223,541
		Colombia — 1.5%
	2,419	Pacific Rubiales Energy Corp. (m)		50,043
		Cyprus — 1.0%
	392	Eurasia Drilling Co., Ltd., Reg. S, GDR (m)		16,581
	1,078	Globaltrans Investment plc, Reg. S, GDR (m)		16,387
				32,968
		Hong Kong — 7.3%
	18,562	AIA Group Ltd. (m)		94,255
	5,177	China Mobile Ltd. (m)		53,797
	854	Jardine Matheson Holdings Ltd. (m)		46,555
	7,585	Sands China Ltd. (m)		53,929
				248,536
		India — 16.0%
	1,689	ACC Ltd. (m)		31,155
	5,472	Ambuja Cements Ltd. (m)		16,738
	1,900	Asian Paints Ltd. (m)		16,649
	1,467	HDFC Bank Ltd., ADR (m)		53,193
	8,798	Housing Development Finance Corp. (m)		122,247
	48	Infosys Ltd. (m)		2,538
	1,284	Infosys Ltd., ADR (m)		68,123
	10,793	ITC Ltd. (m)		58,745
	1,478	Kotak Mahindra Bank Ltd. (m)		18,088
	1,785	Larsen & Toubro Ltd. (m)		28,258
	3,843	Mahindra & Mahindra Financial Services Ltd. (m)		17,650

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — Continued
	1,894	Mahindra & Mahindra Ltd. (m)		27,327
	2,524	Tata Consultancy Services Ltd. (m)		86,708
				547,419
		Indonesia — 3.3%
	87,490	Astra International Tbk PT (m)		51,583
	87,388	Bank Rakyat Indonesia Persero Tbk PT (m)		61,331
				112,914
		Luxembourg — 1.9%
	1,387	Tenaris S.A., ADR (m)		64,931
		Malaysia — 1.0%
	5,935	Public Bank Bhd (m)		34,446
		Mexico — 2.7%
	11,517	Fibra Uno Administracion S.A. de C.V. (m)		35,822
	4,092	Grupo Financiero Banorte S.A.B. de C.V., Class O (m)		26,116
	11,957	Wal-Mart de Mexico S.A.B. de C.V., Series V, (m)		31,085
				93,023
		Panama — 0.5%
	113	Copa Holdings S.A., Class A (m)		16,853
		Peru — 1.5%
	364	Credicorp Ltd. (m)		49,763
		Poland — 0.3%
	644	Eurocash S.A. (m)		9,892
		Russia — 4.2%
	759	Magnit OJSC, Reg. S, GDR (m)		48,775
	2,735	Mobile Telesystems OJSC (m)		28,971
	10,507	Sberbank of Russia (m)		33,696
	2,445	Sberbank of Russia, ADR (m)		31,183
				142,625
		South Africa — 14.9%
	6,827	African Bank Investments Ltd. (m)		11,561
	799	African Rainbow Minerals Ltd. (m)		15,288
	2,552	Bidvest Group Ltd. (m)		68,005
	820	Capitec Bank Holdings Ltd. (m)		17,483
	14,912	FirstRand Ltd. (m)		53,533
	680	Imperial Holdings Ltd. (m)		14,453
	684	Kumba Iron Ore Ltd. (m)		28,588
	1,285	Massmart Holdings Ltd. (m)		20,599
	2,263	Mr Price Group Ltd. (m)		35,612
	3,654	MTN Group Ltd. (m)		72,633
	2,526	Remgro Ltd. (m)		51,444
	3,547	Shoprite Holdings Ltd. (m)		64,947

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		South Africa — Continued
	7,033	Woolworths Holdings Ltd. (m)		52,900
				507,046
		South Korea — 7.6%
	118	Hyundai Mobis (m)		33,311
	376	Hyundai Motor Co. (m)		89,623
	99	Samsung Electronics Co., Ltd. (m)		136,520
				259,454
		Taiwan — 5.6%
	12,734	Delta Electronics, Inc. (m)		66,223
	5,800	President Chain Store Corp. (m)		42,305
	4,563	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		83,998
				192,526
		Thailand — 3.5%
	3,916	Advanced Info Service PCL, NVDR (m)		32,070
	8,942	Siam Commercial Bank PCL (The) (m)		47,412
	11,532	Total Access Communication PCL, NVDR (m)		41,653
				121,135
		Turkey — 3.0%
	6,113	KOC Holding A.S. (m)		29,939
	3,378	TAV Havalimanlari Holding A.S. (m)		24,439
	11,918	Turkiye Garanti Bankasi A.S. (m)		47,788
				102,166
		United Kingdom — 3.4%
	1,228	SABMiller plc (m)		64,045
	2,113	Standard Chartered plc (m)		50,740
				114,785
		Total Common Stocks (Cost $2,758,496)		3,262,923
	Preferred Stocks — 0.9%
		Brazil — 0.9%
	1,184	Itau Unibanco Holding S.A. (m)		18,281
	4,129	Marcopolo S.A. (m)		10,653
		Total Preferred Stocks (Cost $24,691)		28,934

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.1%
		Investment Company — 4.1%
	141,356	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $141,356)		141,356
		Total Investments — 100.6% (Cost $2,924,543)		3,433,213
		Liabilities in Excess of Other Assets — (0.6)%		(21,520	)
		NET ASSETS — 100.0%	$	3,411,693

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		14.7	%
Food & Staples Retailing		7.6
Wireless Telecommunication Services		6.7
Semiconductors & Semiconductor Equipment		6.4
IT Services		5.7
Oil, Gas & Consumable Fuels		5.0
Automobiles		4.9
Beverages		4.4
Industrial Conglomerates		4.2
Diversified Financial Services		3.9
Thrifts & Mortgage Finance		3.6
Hotels, Restaurants & Leisure		2.9
Insurance		2.7
Metals & Mining		2.7
Multiline Retail		2.4
Energy Equipment & Services		2.4
Transportation Infrastructure		2.2
Electronic Equipment, Instruments & Components		1.9
Tobacco		1.7
Construction Materials		1.4
Machinery		1.2
Real Estate Investment Trusts (REITs)		1.0
Specialty Retail		1.0
Auto Components		1.0
Others (each less than 1.0%)		4.3
Short-Term Investment		4.1

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan Global Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.7%
		Australia — 5.2%
	86	Australia & New Zealand Banking Group Ltd. (m)		2,768
	261	Goodman Group (m)		1,248
	230	Transurban Group (m)		1,546
				5,562
		Belgium — 0.8%
	5	Solvay S.A. (m)		856
		Brazil — 1.7%
	20	Cia de Bebidas das Americas (Preference Shares), ADR (m)		730
	117	Cia Energetica de Minas Gerais, ADR (m)		1,053
				1,783
		Canada — 1.9%
	29	Bank of Montreal (m)		2,041
		China — 1.9%
	323	China Shenhua Energy Co., Ltd., Class H (m)		981
	286	Wynn Macau Ltd. (m)		1,098
				2,079
		Denmark — 1.5%
	176	TDC A/S (m)		1,585
		Finland — 0.2%
	16	UPM-Kymmene OYJ (m)		254
		France — 10.2%
	51	AXA S.A. (m)		1,276
	18	BNP Paribas S.A. (m)		1,308
	54	Electricite de France S.A. (m)		1,900
	68	GDF Suez (m)		1,693
	11	Schneider Electric S.A. (m)		915
	21	Total S.A. (m)		1,269
	6	Unibail-Rodamco SE (m)		1,588
	16	Vinci S.A. (m)		1,046
				10,995
		Germany — 5.5%
	16	BASF SE (m)		1,635
	18	Daimler AG (m)		1,505
	122	Deutsche Telekom AG (m)		1,913
	19	ProSiebenSat.1 Media AG (m)		890
				5,943
		Hong Kong — 0.8%
	72	Hutchison Whampoa Ltd. (m)		897
		Italy — 2.2%
	93	Eni S.p.A. (m)		2,369

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — 6.9%
	55	Japan Tobacco, Inc. (m)		2,001
	55	Seven & I Holdings Co., Ltd. (m)		2,047
	27	Sumitomo Mitsui Financial Group, Inc. (m)		1,315
	31	Toyota Motor Corp. (m)		2,029
				7,392
		Netherlands — 2.5%
	82	Royal Dutch Shell plc, Class A (m)		2,738
		Norway — 0.9%
	39	Telenor ASA (m)		930
		Singapore — 2.6%
	84	Keppel Corp., Ltd. (m)		733
	681	Singapore Telecommunications Ltd. (m)		2,068
				2,801
		Sweden — 3.3%
	38	Electrolux AB, Series B, (m)		932
	51	Swedbank AB, Class A (m)		1,327
	113	Telefonaktiebolaget LM Ericsson, Class B (m)		1,348
				3,607
		Switzerland — 5.6%
	20	Novartis AG (m)		1,519
	7	Roche Holding AG (m)		1,807
	30	Swiss Re AG (a) (m)		2,653
				5,979
		Taiwan — 0.3%
	296	Siliconware Precision Industries Co. (m)		360
		United Kingdom — 10.7%
	72	British Sky Broadcasting Group plc (m)		1,075
	218	Centrica plc (m)		1,231
	233	Direct Line Insurance Group plc (m)		839
	69	GlaxoSmithKline plc (m)		1,822
	147	HSBC Holdings plc (m)		1,607
	56	Pearson plc (m)		1,168
	56	Persimmon plc (a) (m)		1,124
	739	Vodafone Group plc (m)		2,706
				11,572
		United States — 32.0%
	96	Applied Materials, Inc. (m)		1,716
	32	Bristol-Myers Squibb Co. (m)		1,697
	7	Chevron Corp. (m)		887
	85	Cisco Systems, Inc. (m)		1,915
	19	CME Group, Inc. (m)		1,408
	34	ConocoPhillips (m)		2,472

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan Global Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		United States — Continued
	26	Dow Chemical Co. (The) (m)		1,043
	14	Home Depot, Inc. (The) (m)		1,074
	27	Johnson & Johnson (m)		2,465
	28	Lorillard, Inc. (m)		1,417
	48	Masco Corp. (m)		1,013
	20	McDonald’s Corp. (m)		1,889
	18	Merck & Co., Inc. (m)		799
	20	MetLife, Inc. (m)		933
	85	Microsoft Corp. (m)		2,991
	27	PACCAR, Inc. (m)		1,486
	15	Sempra Energy (m)		1,386
	31	Time Warner, Inc. (m)		2,154
	10	United Technologies Corp. (m)		1,077
	28	Verizon Communications, Inc. (m)		1,393
	35	Wells Fargo & Co. (m)		1,489
	19	Williams Cos., Inc. (The) (m)		682
	37	Xcel Energy, Inc. (m)		1,073
				34,459
		Total Common Stocks (Cost $91,573)		104,202
	Short-Term Investment — 3.7%
		Investment Company — 3.7%
	3,942	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $3,942)		3,942
		Total Investments — 100.4% (Cost $95,515)		108,144
		Liabilities in Excess of Other Assets — (0.4)%		(460	)
		NET ASSETS — 100.0%	$	107,684

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		11.0	%
Oil, Gas & Consumable Fuels		10.5
Pharmaceuticals		9.3
Diversified Telecommunication Services		7.3
Insurance		5.3
Media		4.9
Multi-Utilities		4.0
Electric Utilities		3.7
Automobiles		3.3
Chemicals		3.3
Tobacco		3.2
Communications Equipment		3.0
Software		2.8
Hotels, Restaurants & Leisure		2.8
Real Estate Investment Trusts (REITs)		2.6
Wireless Telecommunication Services		2.5
Semiconductors & Semiconductor Equipment		1.9
Household Durables		1.9
Food & Staples Retailing		1.9
Industrial Conglomerates		1.5
Transportation Infrastructure		1.4
Machinery		1.4
Diversified Financial Services		1.3
Aerospace & Defense		1.0
Specialty Retail		1.0
Construction & Engineering		1.0
Others (each less than 1.0%)		2.6
Short-Term Investments		3.6

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	2,294,561	CAD	Citibank, N.A.		12/20/13	$	2,219	$	2,198	$	(21	)
	676,791	CHF	TD Bank Financial Group		12/20/13		725		746		21
	662,170	EUR	Citibank, N.A.		12/20/13		900		899		(1	)
	211,568	EUR	Societe Generale		12/20/13		285		287		2
	278,609	GBP	Royal Bank of Canada		12/20/13		449		447		(2	)
	124,026	GBP	Societe Generale		12/20/13		198		199		1
	196,374	GBP	State Street Corp.		12/20/13		316		315		(1	)
	287,304	GBP	Westpac Banking Corp.		12/20/13		457		460		3
	2,076,922	HKD	BNP Paribas		12/20/13		268		268		—	(h)
	1,819,316	HKD	State Street Corp.		12/20/13		235		235		—	(h)
	139,559,395	JPY	Credit Suisse International		12/20/13		1,424		1,420		(4	)
	55,559,217	JPY	Royal Bank of Canada		12/20/13		572		565		(7	)
	241,873	NZD	Merrill Lynch International		12/20/13		197		199		2
						$	8,245	$	8,238	$	(7	)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,835,317	AUD	Merrill Lynch International		12/20/13	$	1,705	$	1,729	$	(24	)
	2,165,679	CHF	Morgan Stanley		12/20/13		2,339		2,388		(49	)
	935,948	DKK	Goldman Sachs International		12/20/13		168		171		(3	)
	308,263	EUR	Barclays Bank plc		12/20/13		420		418		2
	192,158	EUR	BNP Paribas		12/20/13		260		260		—	(h)
	317,666	EUR	HSBC Bank, N.A.		12/20/13		435		432		3
	342,317	EUR	Royal Bank of Canada		12/20/13		465		465		—	(h)
	727,229	EUR	State Street Corp.		12/20/13		983		987		(4	)
	4,245,110	EUR	Westpac Banking Corp.		12/20/13		5,707		5,765		(58	)
	144,563	GBP	BNP Paribas		12/20/13		232		232		—	(h)
	2,724,767	GBP	Goldman Sachs International		12/20/13		4,332		4,367		(35	)
	403,960	GBP	Morgan Stanley		12/20/13		649		647		2
	231,073	GBP	Royal Bank of Scotland		12/20/13		368		371		(3	)
	2,251,352	HKD	BNP Paribas		12/20/13		291		291		—	(h)
	12,166,419	HKD	Credit Suisse International		12/20/13		1,569		1,569		—	(h)
	30,130,325	JPY	Royal Bank of Canada		12/20/13		311		306		5
	3,435,056	NOK	Morgan Stanley		12/20/13		581		576		5
	12,996,076	SEK	Morgan Stanley		12/20/13		2,005		2,003		2
	638,041	SGD	BNP Paribas		12/20/13		511		514		(3	)
	1,931,139	SGD	Credit Suisse International		12/20/13		1,532		1,555		(23	)
						$	24,863	$	25,046	$	(183	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.1%
		Australia — 3.2%
	51	AGL Energy Ltd. (m)		752
	14	ALS Ltd. (m)		128
	119	Amcor Ltd. (m)		1,220
	106	AMP Ltd. (m)		477
	16	APA Group (m)		94
	108	Asciano Ltd. (m)		591
	159	Aurizon Holdings Ltd. (m)		721
	173	Australia & New Zealand Banking Group Ltd. (m)		5,534
	178	BHP Billiton Ltd. (m)		6,283
	77	Brambles Ltd. (m)		678
	19	Coca-Cola Amatil Ltd. (m)		227
	99	Commonwealth Bank of Australia (m)		7,163
	50	Computershare Ltd. (m)		508
	4	Crown Ltd. (m)		56
	35	CSL Ltd. (m)		2,307
	328	Dexus Property Group (m)		336
	78	Echo Entertainment Group Ltd. (m)		196
	302	Federation Centres Ltd. (m)		708
	154	Fortescue Metals Group Ltd. (m)		757
	139	Goodman Group (m)		664
	217	GPT Group (m)		756
	239	Incitec Pivot Ltd. (m)		602
	102	Insurance Australia Group Ltd. (m)		593
	74	Lend Lease Group (m)		793
	13	Macquarie Group Ltd. (m)		605
	438	Mirvac Group (m)		719
	120	National Australia Bank Ltd. (m)		4,000
	18	Newcrest Mining Ltd. (m)		178
	30	Origin Energy Ltd. (m)		418
	74	QBE Insurance Group Ltd. (m)		1,037
	12	Ramsay Health Care Ltd. (m)		445
	34	Rio Tinto Ltd. (m)		2,048
	75	Santos Ltd. (m)		1,067
	7	Seek Ltd. (m)		85
	13	Stockland (m)		49
	115	Suncorp Group Ltd. (m)		1,455
	188	Telstra Corp., Ltd. (m)		918
	61	Toll Holdings Ltd. (m)		332
	77	Transurban Group (m)		515
	71	Wesfarmers Ltd. (m)		2,888
	146	Westfield Group (m)		1,493
	237	Westfield Retail Trust (m)		691
	158	Westpac Banking Corp. (m)		5,134
	50	Woodside Petroleum Ltd. (m)		1,832
	68	Woolworths Ltd. (m)		2,251

SHARES		SECURITY DESCRIPTION	VALUE($)
		Australia — Continued
	15	WorleyParsons Ltd. (m)		322
				60,626
		Austria — 0.1%
	14	Andritz AG (m)		850
	161	Telekom Austria AG (m)		1,326
				2,176
		Belgium — 0.5%
	29	Anheuser-Busch InBev N.V. (m)		2,966
	24	Solvay S.A. (m)		3,694
	32	UCB S.A. (m)		2,119
				8,779
		Bermuda — 0.3%
	38	Axis Capital Holdings Ltd. (m)		1,812
	3	Everest Re Group Ltd. (m)		445
	33	Genpact Ltd. (a) (m)		662
	75	Marvell Technology Group Ltd. (m)		905
	5	PartnerRe Ltd. (m)		536
	19	RenaissanceRe Holdings Ltd. (m)		1,797
				6,157
		Canada — 3.1%
	9	Agnico-Eagle Mines Ltd. (m)		271
	8	Agrium, Inc. (m)		669
	7	Alimentation Couche Tard, Inc., Class B (m)		476
	16	ARC Resources Ltd. (m)		416
	34	Bank of Montreal (m)		2,400
	62	Bank of Nova Scotia (m)		3,741
	55	Barrick Gold Corp. (m)		1,061
	13	BCE, Inc. (m)		587
	75	Bombardier, Inc., Class B (m)		343
	30	Brookfield Asset Management, Inc., Class A (m)		1,175
	21	Cameco Corp. (m)		407
	22	Canadian Imperial Bank of Commerce (m)		1,854
	23	Canadian National Railway Co. (m)		2,543
	58	Canadian Natural Resources Ltd. (m)		1,854
	25	Canadian Oil Sands Ltd. (m)		491
	9	Canadian Pacific Railway Ltd. (m)		1,308
	41	Cenovus Energy, Inc. (m)		1,206
	19	Crescent Point Energy Corp. (m)		727
	37	Eldorado Gold Corp. (m)		250
	40	Enbridge, Inc. (m)		1,738
	39	Encana Corp. (m)		704
	24	First Quantum Minerals Ltd. (m)		461
	10	Fortis, Inc. (m)		310

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Canada — Continued
	8		Franco-Nevada Corp. (m)		356
	44		Goldcorp, Inc. (m)		1,110
	15		Great-West Lifeco, Inc. (m)		469
	18		Husky Energy, Inc. (m)		508
	16		Imperial Oil Ltd. (m)		706
	7		Intact Financial Corp. (m)		437
	62		Kinross Gold Corp. (m)		313
	11		Lululemon Athletica, Inc. (a) (m)		734
	17		Magna International, Inc. (m)		1,440
	96		Manulife Financial Corp. (m)		1,701
	5		Metro, Inc. (m)		325
	9		National Bank of Canada (m)		757
	16		Pembina Pipeline Corp. (m)		515
	45		Potash Corp. of Saskatchewan, Inc. (m)		1,409
	18		Power Corp. of Canada (m)		542
	13		Power Financial Corp. (m)		428
	20		Rogers Communications, Inc., Class B (m)		929
	78		Royal Bank of Canada (m)		5,247
	7		Saputo, Inc. (m)		345
	20		Shaw Communications, Inc., Class B (m)		482
	11		Shoppers Drug Mart Corp. (m)		639
	19		Silver Wheaton Corp. (m)		435
	8		SNC-Lavalin Group, Inc. (m)		346
	32		Sun Life Financial, Inc. (m)		1,071
	85		Suncor Energy, Inc. (m)		3,076
	57		Talisman Energy, Inc. (m)		709
	31		Teck Resources Ltd., Class B (m)		828
	8		Tim Hortons, Inc. (m)		492
	49		Toronto-Dominion Bank (The) (m)		4,517
	38		TransCanada Corp. (m)		1,691
	42		Yamana Gold, Inc. (m)		412
					57,961
			China — 0.0% (g)
	16		AAC Technologies Holdings, Inc. (m)		69
	75		MGM China Holdings Ltd. (m)		259
					328
			Colombia — 0.0% (g)
	—	(h)	Pacific Rubiales Energy Corp. (m)		1
			Denmark — 0.7%
	—	(h)	AP Moeller - Maersk A/S, Class B (m)		1,364
	13		Carlsberg A/S, Class B (m)		1,257
	115		Danske Bank A/S (a) (m)		2,694
	37		Novo Nordisk A/S, Class B (m)		6,164
	167		TDC A/S (m)		1,507
					12,986

SHARES		SECURITY DESCRIPTION	VALUE($)
		Finland — 0.2%
	42	Nokian Renkaat OYJ (m)		2,109
	160	UPM-Kymmene OYJ (m)		2,544
				4,653
		France — 3.8%
	16	Air Liquide S.A. (m)		2,129
	25	AtoS (m)		2,151
	230	AXA S.A. (m)		5,722
	70	BNP Paribas S.A. (m)		5,180
	43	Bouygues S.A. (m)		1,659
	60	Cie de St-Gobain (m)		3,146
	28	Cie Generale des Etablissements Michelin (m)		2,867
	96	Electricite de France S.A. (m)		3,366
	81	European Aeronautic Defence and Space Co. N.V. (m)		5,573
	140	GDF Suez (m)		3,459
	20	Lafarge S.A. (m)		1,410
	9	LVMH Moet Hennessy Louis Vuitton S.A. (m)		1,707
	63	Orange S.A. (m)		868
	25	Renault S.A. (m)		2,194
	57	Sanofi (m)		6,041
	69	Schneider Electric S.A. (m)		5,787
	74	Societe Generale S.A. (m)		4,181
	23	Sodexo (m)		2,234
	66	Thales S.A. (m)		4,071
	117	Total S.A. (m)		7,189
	4	Unibail-Rodamco SE (m)		1,041
				71,975
		Germany — 3.4%
	39	Allianz SE (m)		6,487
	69	BASF SE (m)		7,121
	70	Bayer AG (m)		8,651
	28	Bayerische Motoren Werke AG (m)		3,176
	16	Brenntag AG (m)		2,723
	26	Continental AG (m)		4,814
	44	Daimler AG (m)		3,595
	63	Deutsche Bank AG (m)		3,048
	129	Deutsche Telekom AG (m)		2,024
	110	E.ON SE (m)		1,999
	46	HeidelbergCement AG (m)		3,585
	6	Linde AG (m)		1,210
	47	Metro AG (m)		2,222
	8	Muenchener Rueckversicherungs AG (m)		1,600
	17	RWE AG (m)		629
	83	SAP AG (m)		6,510
	28	Siemens AG (m)		3,532

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Germany — Continued
	25	ThyssenKrupp AG (a) (m)		630
				63,556
		Hong Kong — 1.2%
	639	AIA Group Ltd. (m)		3,247
	235	BOC Hong Kong Holdings Ltd. (m)		767
	115	Cheung Kong Holdings Ltd. (m)		1,796
	90	Cheung Kong Infrastructure Holdings Ltd. (m)		626
	56	CLP Holdings Ltd. (m)		447
	156	Galaxy Entertainment Group Ltd. (a) (m)		1,164
	62	Hang Seng Bank Ltd. (m)		1,027
	273	HKT Trust/HKT Ltd. (m)		253
	248	Hong Kong & China Gas Co., Ltd. (m)		578
	39	Hong Kong Exchanges and Clearing Ltd. (m)		624
	154	Hutchison Whampoa Ltd. (m)		1,919
	67	Kerry Properties Ltd. (m)		291
	92	Li & Fung Ltd. (m)		130
	154	Link REIT (The) (m)		775
	8	Michael Kors Holdings Ltd. (a) (m)		616
	186	MTR Corp., Ltd. (m)		719
	123	Noble Group Ltd. (m)		102
	254	NWS Holdings Ltd. (m)		397
	80	Orient Overseas International Ltd. (m)		413
	106	Power Assets Holdings Ltd. (m)		883
	191	Sands China Ltd. (m)		1,359
	416	Sino Land Co., Ltd. (m)		583
	76	SJM Holdings Ltd. (m)		246
	77	Sun Hung Kai Properties Ltd. (m)		1,009
	133	Wharf Holdings Ltd. (m)		1,119
	89	Wheelock & Co., Ltd. (m)		454
	172	Yue Yuen Industrial Holdings Ltd. (m)		471
				22,015
		Ireland — 0.5%
	16	Accenture plc, Class A (m)		1,209
	54	Eaton Corp. plc (m)		3,841
	2	Mallinckrodt plc (a) (m)		76
	103	Shire plc (m)		4,567
				9,693
		Italy — 0.9%
	78	Assicurazioni Generali S.p.A. (m)		1,821
	367	Enel S.p.A. (m)		1,621
	236	Eni S.p.A. (m)		6,000
	918	Intesa Sanpaolo S.p.A. (m)		2,277
	1,163	Telecom Italia S.p.A. (m)		1,134
	468	UniCredit SpA (m)		3,514
				16,367

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — 8.3%
	71	77 Bank Ltd. (The) (m)		351
	23	Aeon Co., Ltd. (m)		310
	19	Aisin Seiki Co., Ltd. (m)		776
	60	Ajinomoto Co., Inc. (m)		840
	1	Alfresa Holdings Corp. (m)		55
	28	ANA Holdings, Inc. (m)		58
	25	Arcs Co., Ltd. (m)		474
	10	Asahi Group Holdings Ltd. (m)		260
	128	Asahi Kasei Corp. (m)		974
	42	Astellas Pharma, Inc. (m)		2,364
	106	Bank of Yokohama Ltd. (The) (m)		585
	44	Bridgestone Corp. (m)		1,512
	52	Canon, Inc. (m)		1,641
	12	Central Japan Railway Co. (m)		1,543
	21	Chubu Electric Power Co., Inc. (m)		317
	22	Chugoku Electric Power Co., Inc. (The) (m)		340
	67	Citizen Holdings Co., Ltd. (m)		481
	34	Coca-Cola West Co., Ltd. (m)		698
	69	Dai-ichi Life Insurance Co., Ltd. (The) (m)		986
	10	Daiichi Sankyo Co., Ltd. (m)		182
	22	Daikin Industries Ltd. (m)		1,277
	114	Dainippon Screen Manufacturing Co., Ltd. (a) (m)		655
	6	Daito Trust Construction Co., Ltd. (m)		562
	49	Daiwa House Industry Co., Ltd. (m)		982
	43	Daiwa Securities Group, Inc. (m)		393
	122	Denki Kagaku Kogyo KK (m)		512
	14	Denso Corp. (m)		683
	23	Dentsu, Inc. (m)		869
	5	Disco Corp. (m)		322
	51	DMG Mori Seiki Co., Ltd. (m)		831
	28	East Japan Railway Co. (m)		2,467
	25	Electric Power Development Co., Ltd. (m)		799
	8	FANUC Corp. (m)		1,315
	3	Fast Retailing Co., Ltd. (m)		1,043
	14	Fuji Heavy Industries Ltd. (m)		383
	12	Fuji Media Holdings, Inc. (m)		231
	188	Fujitsu Ltd. (a) (m)		808
	37	Fukuoka Financial Group, Inc. (m)		167
	236	Furukawa Electric Co., Ltd. (m)		547
	74	Gunma Bank Ltd. (The) (m)		428
	3	Hajime Construction Co. Ltd. (m)		181
	7	Hirose Electric Co., Ltd. (m)		1,129
	1	Hisamitsu Pharmaceutical Co., Inc. (m)		27
	338	Hitachi Ltd. (m)		2,364
	279	Hokuhoku Financial Group, Inc. (m)		575

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Japan — Continued
	114	Honda Motor Co., Ltd. (m)		4,532
	31	Ibiden Co., Ltd. (m)		532
	99	Inpex Corp. (m)		1,141
	21	Isetan Mitsukoshi Holdings Ltd. (m)		318
	24	Isuzu Motors Ltd. (m)		149
	18	ITOCHU Corp. (m)		220
	23	Itochu Techno-Solutions Corp. (m)		891
	6	Japan Exchange Group, Inc. (m)		128
	91	Japan Tobacco, Inc. (m)		3,282
	39	JFE Holdings, Inc. (m)		887
	298	JX Holdings, Inc. (m)		1,472
	56	Kansai Electric Power Co., Inc. (The) (a) (m)		713
	14	Kao Corp. (m)		453
	179	Kawasaki Heavy Industries Ltd. (m)		699
	37	KDDI Corp. (m)		2,015
	72	Keio Corp. (m)		499
	1	Keyence Corp. (m)		257
	9	Kintetsu World Express, Inc. (m)		347
	30	Kirin Holdings Co., Ltd. (m)		438
	205	Kobe Steel Ltd. (a) (m)		362
	51	Komatsu Ltd. (m)		1,112
	7	Konica Minolta, Inc. (m)		54
	108	Kubota Corp. (m)		1,599
	21	Kyocera Corp. (m)		1,070
	63	Kyowa Hakko Kirin Co., Ltd. (m)		696
	46	Kyushu Electric Power Co., Inc. (a) (m)		649
	6	LIXIL Group Corp. (m)		134
	11	Mabuchi Motor Co., Ltd. (m)		558
	9	Makita Corp. (m)		460
	111	Marubeni Corp. (m)		869
	74	Marui Group Co., Ltd. (m)		705
	57	Mazda Motor Corp. (a) (m)		257
	39	Medipal Holdings Corp. (m)		529
	1	Miraca Holdings, Inc. (m)		36
	79	Mitsubishi Corp. (m)		1,604
	131	Mitsubishi Electric Corp. (m)		1,440
	46	Mitsubishi Estate Co., Ltd. (m)		1,315
	94	Mitsubishi Gas Chemical Co., Inc. (m)		768
	264	Mitsubishi Heavy Industries Ltd. (m)		1,678
	9	Mitsubishi Logistics Corp. (m)		125
	7	Mitsubishi Motors Corp. (a) (m)		82
	887	Mitsubishi UFJ Financial Group, Inc. (m)		5,649
	166	Mitsui & Co., Ltd. (m)		2,373
	222	Mitsui Chemicals, Inc. (m)		590
	74	Mitsui Fudosan Co., Ltd. (m)		2,451
	35	Mitsui Mining & Smelting Co., Ltd. (m)		89

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — Continued
	165	Mitsui OSK Lines Ltd. (m)		698
	1,016	Mizuho Financial Group, Inc. (m)		2,133
	13	MS&AD Insurance Group Holdings (m)		323
	4	Murata Manufacturing Co., Ltd. (m)		305
	34	NGK Spark Plug Co., Ltd. (m)		776
	21	Nikon Corp. (m)		390
	3	Nintendo Co., Ltd. (m)		304
	37	Nippon Meat Packers, Inc. (m)		542
	6	Nippon Paper Industries Co., Ltd. (m)		100
	677	Nippon Steel & Sumitomo Metal Corp. (m)		2,234
	34	Nippon Telegraph & Telephone Corp. (m)		1,757
	159	Nishi-Nippon City Bank Ltd. (The) (m)		430
	154	Nissan Motor Co., Ltd. (m)		1,544
	22	Nitto Denko Corp. (m)		1,164
	17	NKSJ Holdings, Inc. (m)		427
	287	Nomura Holdings, Inc. (m)		2,117
	26	Nomura Research Institute Ltd. (m)		886
	129	North Pacific Bank Ltd. (m)		561
	60	NSK Ltd. (m)		641
	48	NTT DOCOMO, Inc. (m)		763
	23	NTT Urban Development Corp. (m)		297
	21	Olympus Corp. (a) (m)		678
	21	Omron Corp. (m)		813
	34	Onward Holdings Co., Ltd. (m)		281
	96	ORIX Corp. (m)		1,665
	4	Otsuka Corp. (m)		480
	50	Otsuka Holdings Co., Ltd. (m)		1,433
	127	Panasonic Corp. (m)		1,300
	129	Resona Holdings, Inc. (m)		670
	77	Ricoh Co., Ltd. (m)		813
	6	Rinnai Corp. (m)		441
	1	Ryohin Keikaku Co., Ltd. (m)		80
	11	Sanrio Co., Ltd. (m)		626
	2	Santen Pharmaceutical Co., Ltd. (m)		86
	22	Sanwa Holdings Corp. (m)		141
	5	SBI Holdings, Inc. (m)		56
	7	Secom Co., Ltd. (m)		446
	32	Sega Sammy Holdings, Inc. (m)		823
	28	Seiko Epson Corp. (m)		459
	77	Sekisui Chemical Co., Ltd. (m)		895
	31	Sekisui House Ltd. (m)		445
	40	Seven & I Holdings Co., Ltd. (m)		1,462
	2	Shimamura Co., Ltd. (m)		236
	10	Shin-Etsu Chemical Co., Ltd. (m)		577
	37	Shinko Electric Industries Co., Ltd. (m)		327
	7	Shiseido Co., Ltd. (m)		115

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Japan — Continued
	3	SMC Corp. (m)		605
	69	SoftBank Corp. (m)		5,116
	70	Sony Corp. (m)		1,225
	245	Sumitomo Bakelite Co., Ltd. (m)		883
	202	Sumitomo Chemical Co., Ltd. (m)		740
	90	Sumitomo Corp. (m)		1,176
	26	Sumitomo Electric Industries Ltd. (m)		393
	82	Sumitomo Mitsui Financial Group, Inc. (m)		3,973
	208	Sumitomo Mitsui Trust Holdings, Inc. (m)		1,027
	12	Sumitomo Realty & Development Co., Ltd. (m)		568
	47	Sumitomo Rubber Industries Ltd. (m)		657
	16	Sundrug Co., Ltd. (m)		778
	28	Suzuken Co., Ltd. (m)		1,015
	21	Suzuki Motor Corp. (m)		531
	2	Sysmex Corp. (m)		113
	58	T&D Holdings, Inc. (m)		696
	6	Taisho Pharmaceutical Holdings Co., Ltd. (m)		442
	32	Taiyo Yuden Co., Ltd. (m)		408
	5	Takashimaya Co., Ltd. (m)		48
	35	Takeda Pharmaceutical Co., Ltd. (m)		1,682
	4	Terumo Corp. (m)		208
	12	Tohoku Electric Power Co., Inc. (a) (m)		143
	55	Tokio Marine Holdings, Inc. (m)		1,790
	37	Tokyo Electric Power Co., Inc. (a) (m)		196
	245	Tokyo Gas Co., Ltd. (m)		1,329
	117	Tokyu Corp. (m)		797
	125	Tokyu Fudosan Holdings Corp. (a) (m)		1,228
	301	Toshiba Corp. (m)		1,279
	10	Toyo Suisan Kaisha Ltd. (m)		318
	9	Toyota Industries Corp. (m)		415
	176	Toyota Motor Corp. (m)		11,431
	1	Tsumura & Co. (m)		19
	7	Unicharm Corp. (m)		437
	9	West Japan Railway Co. (m)		381
	17	Yakult Honsha Co., Ltd. (m)		879
	9	Yamaha Motor Co., Ltd. (m)		142
	16	Yamato Holdings Co., Ltd. (m)		342
	23	Zeon Corp. (m)		274
				157,948
		Luxembourg — 0.1%
	121	ArcelorMittal (m)		1,911
		Netherlands — 1.8%
	343	Aegon N.V. (m)		2,729
	23	ASML Holding N.V. (m)		2,216
	131	ING Groep N.V., CVA (a) (m)		1,665

SHARES		SECURITY DESCRIPTION	VALUE($)
		Netherlands — Continued
	154	Koninklijke Ahold N.V. (m)		2,919
	169	Koninklijke KPN N.V. (a) (m)		539
	124	Koninklijke Philips N.V. (m)		4,389
	261	Royal Dutch Shell plc, Class A (m)		8,694
	149	Royal Dutch Shell plc, Class B (m)		5,144
	178	TNT Express N.V. (m)		1,645
	130	Unilever N.V., CVA (m)		5,163
				35,103
		New Zealand — 0.0% (g)
	234	Telecom Corp. of New Zealand Ltd. (m)		453
		Norway — 0.1%
	34	Statoil ASA (m)		798
	86	Telenor ASA (m)		2,076
				2,874
		Portugal — 0.2%
	843	EDP - Energias de Portugal S.A. (m)		3,103
		Singapore — 0.8%
	84	Avago Technologies Ltd. (m)		3,828
	247	CapitaMalls Asia Ltd. (m)		401
	10	City Developments Ltd. (m)		83
	134	DBS Group Holdings Ltd. (m)		1,807
	199	Genting Singapore plc (m)		243
	280	Global Logistic Properties Ltd. (m)		695
	1,446	Golden Agri-Resources Ltd. (m)		698
	399	Hutchison Port Holdings Trust, Class U (m)		291
	11	Jardine Cycle & Carriage Ltd. (m)		324
	125	Keppel Corp., Ltd. (m)		1,091
	90	Keppel Land Ltd. (m)		268
	176	Oversea-Chinese Banking Corp., Ltd. (m)		1,472
	31	Sembcorp Industries Ltd. (m)		133
	46	Singapore Airlines Ltd. (m)		386
	101	Singapore Exchange Ltd. (m)		596
	38	Singapore Press Holdings Ltd. (m)		130
	499	Singapore Telecommunications Ltd. (m)		1,515
	52	United Overseas Bank Ltd. (m)		871
	110	Wilmar International Ltd. (m)		306
				15,138
		Spain — 1.7%
	36	Amadeus IT Holding S.A., Class A (m)		1,333
	374	Banco Bilbao Vizcaya Argentaria S.A. (m)		4,375
	547	Banco Santander S.A. (a) (m)		4,853
	540	Bankia S.A. (a) (m)		809
	380	Distribuidora Internacional de Alimentacion S.A. (m)		3,460

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Spain — Continued
	593	Iberdrola S.A. (m)		3,720
	21	Inditex S.A. (m)		3,451
	173	Repsol S.A. (m)		4,645
	322	Telefonica S.A. (m)		5,663
				32,309
		Sweden — 0.8%
	134	Electrolux AB, Series B, (m)		3,296
	350	Nordea Bank AB (m)		4,475
	27	Svenska Handelsbanken AB, Class A (m)		1,221
	87	Swedbank AB, Class A (m)		2,268
	129	Tele2 AB, Class B (m)		1,549
	181	Telefonaktiebolaget LM Ericsson, Class B (m)		2,161
				14,970
		Switzerland — 4.5%
	72	ACE Ltd. (m)		6,884
	50	Cie Financiere Richemont S.A., Class A (m)		5,107
	82	Credit Suisse Group AG (a) (m)		2,543
	641	Glencore Xstrata plc (a) (m)		3,488
	56	Holcim Ltd. (a) (m)		4,138
	206	Nestle S.A. (m)		14,842
	38	Noble Corp. (m)		1,415
	163	Novartis AG (m)		12,614
	53	Roche Holding AG (m)		14,520
	60	Swiss Re AG (a) (m)		5,235
	9	Syngenta AG (m)		3,752
	19	TE Connectivity Ltd. (m)		958
	7	Transocean Ltd. (m)		342
	46	Tyco International Ltd. (m)		1,671
	210	UBS AG (a) (m)		4,062
	59	Wolseley plc (m)		3,154
	2	Zurich Insurance Group AG (a) (m)		660
				85,385
		United Kingdom — 8.0%
	405	3i Group plc (m)		2,418
	53	Anglo American plc (m)		1,259
	7	Aon plc (m)		520
	89	ARM Holdings plc (m)		1,397
	119	Associated British Foods plc (m)		4,318
	52	AstraZeneca plc (m)		2,731
	952	Barclays plc (m)		4,005
	191	BG Group plc (m)		3,900
	128	BHP Billiton plc (m)		3,965
	1,076	BP plc (m)		8,351
	141	British American Tobacco plc (m)		7,799

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — Continued
	813	BT Group plc (m)		4,920
	15	Bunzl plc (m)		334
	80	Burberry Group plc (m)		1,976
	510	Centrica plc (m)		2,884
	182	Diageo plc (m)		5,814
	90	easyJet plc (m)		1,896
	61	Ensco plc, Class A (m)		3,542
	188	GlaxoSmithKline plc (m)		4,967
	1,062	HSBC Holdings plc (m)		11,641
	137	Imperial Tobacco Group plc (m)		5,107
	95	InterContinental Hotels Group plc (m)		2,781
	1,357	ITV plc (m)		4,150
	432	J Sainsbury plc (m)		2,734
	2,958	Lloyds Banking Group plc (a) (m)		3,659
	218	Marks & Spencer Group plc (m)		1,761
	342	Meggitt plc (m)		3,139
	128	Pearson plc (m)		2,671
	71	Petrofac Ltd. (m)		1,673
	211	Prudential plc (m)		4,322
	21	Randgold Resources Ltd. (m)		1,526
	88	Rio Tinto plc (m)		4,446
	249	Rolls-Royce Holdings plc (a) (m)		4,588
	105	SABMiller plc (m)		5,472
	13	SSE plc (m)		304
	123	Standard Chartered plc (m)		2,962
	131	Standard Life plc (m)		740
	196	Tate & Lyle plc (m)		2,487
	331	Tesco plc (m)		1,930
	34	Tullow Oil plc (m)		511
	2,781	Vodafone Group plc (m)		10,188
	48	Whitbread plc (m)		2,641
	286	William Hill plc (m)		1,837
	308	WM Morrison Supermarkets plc (m)		1,391
				151,657
		United States — 50.9%
	10	3M Co. (m)		1,220
	178	Abbott Laboratories (m)		6,499
	30	Actavis plc (a) (m)		4,586
	93	Adobe Systems, Inc. (a) (m)		5,035
	3	Aflac, Inc. (m)		172
	15	AGCO Corp. (m)		856
	24	Air Products & Chemicals, Inc. (m)		2,622
	301	Alcoa, Inc. (m)		2,792
	34	Alexion Pharmaceuticals, Inc. (a) (m)		4,179
	43	Allergan, Inc. (m)		3,869

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			United States — Continued
	11		Alliance Data Systems Corp. (a) (m)		2,584
	26		Amazon.com, Inc. (a) (m)		9,601
	16		Ameren Corp. (m)		575
	8		American Campus Communities, Inc. (m)		264
	17		American Express Co. (m)		1,427
	38		American Water Works Co., Inc. (m)		1,633
	3		Amgen, Inc. (m)		293
	61		Anadarko Petroleum Corp. (m)		5,805
	51		Apartment Investment & Management Co., Class A (m)		1,431
	53		Apple, Inc. (m)		27,892
	196		Applied Materials, Inc. (m)		3,503
	131		Archer-Daniels-Midland Co. (m)		5,339
	188		AT&T, Inc. (m)		6,797
	10		AutoNation, Inc. (a) (m)		502
	7		AutoZone, Inc. (a) (m)		3,069
	6		Avery Dennison Corp. (m)		279
	7		Avnet, Inc. (m)		264
	25		Axiall Corp. (m)		965
	16		Baker Hughes, Inc. (m)		954
	42		Ball Corp. (m)		2,066
	952		Bank of America Corp. (m)		13,297
	54		Baxter International, Inc. (m)		3,533
	47		Berkshire Hathaway, Inc., Class B (a) (m)		5,422
	33		Biogen Idec, Inc. (a) (m)		8,101
	8		BioMarin Pharmaceutical, Inc. (a) (m)		477
	2		Boeing Co. (The) (m)		313
	1		BorgWarner, Inc. (m)		123
	11		Boston Properties, Inc. (m)		1,163
	92		Brandywine Realty Trust (m)		1,308
	206		Bristol-Myers Squibb Co. (m)		10,839
	94		Broadcom Corp., Class A (m)		2,508
	20		CA, Inc. (m)		645
	26		Camden Property Trust (m)		1,672
	56		Cameron International Corp. (a) (m)		3,086
	81		Capital One Financial Corp. (m)		5,562
	—	(h)	Catamaran Corp. (a) (m)		1
	15		Caterpillar, Inc. (m)		1,285
	71		CBL & Associates Properties, Inc. (m)		1,397
	88		CBS Corp. (Non-Voting), Class B (m)		5,187
	55		Celgene Corp. (a) (m)		8,099
	26		Cerner Corp. (a) (m)		1,440
	4		CF Industries Holdings, Inc. (m)		768
	29		Cheniere Energy, Inc. (a) (m)		1,134
	129		Chevron Corp. (m)		15,481
	20		Cigna Corp. (m)		1,509

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — Continued
	500	Cisco Systems, Inc. (m)		11,258
	6	CIT Group, Inc. (a) (m)		291
	281	Citigroup, Inc. (m)		13,709
	29	Citrix Systems, Inc. (a) (m)		1,652
	107	CMS Energy Corp. (m)		2,951
	250	Coca-Cola Co. (The) (m)		9,897
	34	Coca-Cola Enterprises, Inc. (m)		1,410
	46	Cognizant Technology Solutions Corp., Class A (a) (m)		4,024
	26	Colgate-Palmolive Co. (m)		1,651
	258	Comcast Corp., Class A (m)		12,222
	62	Comerica, Inc. (m)		2,684
	39	ConocoPhillips (m)		2,845
	89	Corning, Inc. (m)		1,519
	2	Costco Wholesale Corp. (m)		283
	40	Crown Holdings, Inc. (a) (m)		1,759
	246	CSX Corp. (m)		6,421
	144	CVS Caremark Corp. (m)		8,941
	33	DaVita HealthCare Partners, Inc. (a) (m)		1,845
	21	Deere & Co. (m)		1,694
	37	Delta Air Lines, Inc. (m)		979
	22	Denbury Resources, Inc. (a) (m)		427
	32	Digital Realty Trust, Inc. (m)		1,542
	44	DISH Network Corp., Class A (m)		2,122
	158	Dow Chemical Co. (The) (m)		6,239
	69	Dr. Pepper Snapple Group, Inc. (m)		3,275
	44	DTE Energy Co. (m)		3,061
	32	E.I. du Pont de Nemours & Co. (m)		1,974
	104	eBay, Inc. (a) (m)		5,473
	67	Edison International (m)		3,307
	153	EMC Corp. (m)		3,690
	115	Emerson Electric Co. (m)		7,721
	30	EOG Resources, Inc. (m)		5,351
	33	Extra Space Storage, Inc. (m)		1,504
	247	Exxon Mobil Corp. (m)		22,108
	83	Facebook, Inc., Class A (a) (m)		4,149
	16	FedEx Corp. (m)		2,151
	18	Fidelity National Information Services, Inc. (m)		879
	17	Flowserve Corp. (m)		1,149
	77	Fluor Corp. (m)		5,732
	118	Freeport-McMoRan Copper & Gold, Inc. (m)		4,342
	23	Freescale Semiconductor Ltd. (a) (m)		355
	13	Gap, Inc. (The) (m)		492
	29	General Dynamics Corp. (m)		2,513
	434	General Electric Co. (m)		11,334
	137	General Mills, Inc. (m)		6,924

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			United States — Continued
	183		General Motors Co. (a) (m)		6,751
	38		Gilead Sciences, Inc. (a) (m)		2,681
	41		Goldman Sachs Group, Inc. (The) (m)		6,540
	22		Google, Inc., Class A (a) (m)		22,280
	67		Halliburton Co. (m)		3,554
	—	(h)	Harris Corp. (m)		2
	64		Hartford Financial Services Group, Inc. (m)		2,143
	61		HCP, Inc. (m)		2,529
	182		Hewlett-Packard Co. (m)		4,440
	34		Highwoods Properties, Inc. (m)		1,315
	11		HollyFrontier Corp. (m)		527
	137		Home Depot, Inc. (The) (m)		10,679
	100		Honeywell International, Inc. (m)		8,643
	77		Host Hotels & Resorts, Inc. (m)		1,423
	40		Humana, Inc. (m)		3,701
	91		Intel Corp. (m)		2,232
	17		IntercontinentalExchange, Inc. (a) (m)		3,269
	53		International Business Machines Corp. (m)		9,574
	40		International Paper Co. (m)		1,801
	2		Intuitive Surgical, Inc. (a) (m)		914
	117		Invesco Ltd. (m)		3,964
	223		Johnson & Johnson (m)		20,640
	109		Johnson Controls, Inc. (m)		5,051
	1		KBR, Inc. (m)		30
	44		Kimberly-Clark Corp. (m)		4,781
	93		Kimco Realty Corp. (m)		1,991
	11		KLA-Tencor Corp. (m)		717
	59		Kroger Co. (The) (m)		2,515
	10		L-3 Communications Holdings, Inc. (m)		1,018
	46		Lam Research Corp. (a) (m)		2,519
	33		Lennar Corp., Class A (m)		1,186
	36		Lincoln National Corp. (m)		1,634
	12		LinkedIn Corp., Class A (a) (m)		2,731
	31		Lorillard, Inc. (m)		1,586
	143		Lowe’s Cos., Inc. (m)		7,105
	75		Macy’s, Inc. (m)		3,447
	88		Marathon Oil Corp. (m)		3,112
	60		Marathon Petroleum Corp. (m)		4,280
	26		Marriott International, Inc., Class A (m)		1,166
	97		Marsh & McLennan Cos., Inc. (m)		4,436
	172		Masco Corp. (m)		3,636
	9		MasterCard, Inc., Class A (m)		6,749
	37		McDonald’s Corp. (m)		3,579
	11		McGraw Hill Financial, Inc. (m)		792
	25		McKesson Corp. (m)		3,897
	139		Merck & Co., Inc. (m)		6,266

SHARES			SECURITY DESCRIPTION	VALUE($)
			United States — Continued
	145		MetLife, Inc. (m)		6,879
	15		Mettler-Toledo International, Inc. (a) (m)		3,791
	—	(h)	Micron Technology, Inc. (a) (m)		7
	548		Microsoft Corp. (m)		19,373
	215		Mondelez International, Inc., Class A (m)		7,232
	5		Monsanto Co. (m)		512
	176		Morgan Stanley (m)		5,048
	21		Mosaic Co. (The) (m)		981
	7		National Fuel Gas Co. (m)		515
	15		NetApp, Inc. (m)		564
	76		NextEra Energy, Inc. (m)		6,452
	130		NiSource, Inc. (m)		4,093
	37		Nordstrom, Inc. (m)		2,233
	70		Norfolk Southern Corp. (m)		6,009
	6		NYSE Euronext (m)		255
	83		Occidental Petroleum Corp. (m)		8,014
	18		Omnicom Group, Inc. (m)		1,253
	313		Oracle Corp. (m)		10,484
	9		O’Reilly Automotive, Inc. (a) (m)		1,137
	25		Owens-Illinois, Inc. (a) (m)		783
	108		PACCAR, Inc. (m)		5,982
	9		Parker Hannifin Corp. (m)		1,067
	126		PepsiCo, Inc. (m)		10,613
	13		Perrigo Co. (m)		1,751
	3		PetSmart, Inc. (m)		202
	230		Pfizer, Inc. (m)		7,069
	145		Philip Morris International, Inc. (m)		12,899
	30		Phillips 66 (m)		1,954
	63		PNC Financial Services Group, Inc. (The) (m)		4,627
	28		Post Properties, Inc. (m)		1,260
	5		priceline.com, Inc. (a) (m)		5,101
	193		Procter & Gamble Co. (The) (m)		15,573
	46		Prudential Financial, Inc. (m)		3,723
	129		PulteGroup, Inc. (m)		2,270
	142		QUALCOMM, Inc. (m)		9,891
	58		Questar Corp. (m)		1,382
	6		Range Resources Corp. (m)		476
	146		Regions Financial Corp. (m)		1,409
	—	(h)	Rock Tenn Co., Class A (m)		4
	25		Ross Stores, Inc. (m)		1,936
	53		Royal Caribbean Cruises Ltd. (m)		2,224
	31		SanDisk Corp. (m)		2,166
	122		Schlumberger Ltd. (m)		11,422
	10		Sealed Air Corp. (m)		293
	53		Sempra Energy (m)		4,848
	7		Sherwin-Williams Co. (The) (m)		1,233

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		United States — Continued
	28	Simon Property Group, Inc. (m)		4,351
	5	Snap-on, Inc. (m)		541
	44	Southwest Airlines Co. (m)		760
	13	Splunk, Inc. (a) (m)		838
	33	SPX Corp. (m)		3,008
	7	St. Jude Medical, Inc. (m)		404
	45	Starbucks Corp. (m)		3,649
	14	Starwood Hotels & Resorts Worldwide, Inc. (m)		1,031
	92	State Street Corp. (m)		6,439
	8	Stryker Corp. (m)		583
	8	Superior Energy Services, Inc. (a) (m)		217
	7	SVB Financial Group (a) (m)		690
	72	Target Corp. (m)		4,684
	72	TD Ameritrade Holding Corp. (m)		1,965
	55	Teradyne, Inc. (a) (m)		953
	18	Textron, Inc. (m)		512
	47	Thermo Fisher Scientific, Inc. (m)		4,629
	20	Thomson Reuters Corp. (m)		752
	36	Time Warner Cable, Inc. (m)		4,315
	131	Time Warner, Inc. (m)		9,033
	111	TJX Cos., Inc. (m)		6,734
	18	Toll Brothers, Inc. (a) (m)		583
	7	Travelers Cos., Inc. (The) (m)		578
	14	TRW Automotive Holdings Corp. (a) (m)		1,047
	8	Twenty-First Century Fox, Inc., Class A (m)		283
	19	Tyson Foods, Inc., Class A (m)		539
	10	UGI Corp. (m)		405
	57	Union Pacific Corp. (m)		8,659
	22	United Continental Holdings, Inc. (a) (m)		756
	9	United Parcel Service, Inc., Class B (m)		928
	47	United States Steel Corp. (m)		1,175
	102	United Technologies Corp. (m)		10,795
	127	UnitedHealth Group, Inc. (m)		8,649
	13	URS Corp. (m)		731
	24	V.F. Corp. (m)		5,163
	35	Valeant Pharmaceuticals International, Inc. (a) (m)		3,750
	62	Valero Energy Corp. (m)		2,532
	37	Ventas, Inc. (m)		2,420
	218	Verizon Communications, Inc. (m)		11,034
	38	Vertex Pharmaceuticals, Inc. (a) (m)		2,711
	4	Viacom, Inc., Class B (m)		322
	40	Visa, Inc., Class A (m)		7,843
	10	VMware, Inc., Class A (a) (m)		778
	18	W.W. Grainger, Inc. (m)		4,825
	56	Wal-Mart Stores, Inc. (m)		4,273

SHARES			SECURITY DESCRIPTION	VALUE($)
			United States — Continued
	135		Walt Disney Co. (The) (m)		9,281
	419		Wells Fargo & Co. (m)		17,882
	83		Williams Cos., Inc. (The) (m)		2,974
	156		Xcel Energy, Inc. (m)		4,506
	48		Xilinx, Inc. (m)		2,181
	47		Yum! Brands, Inc. (m)		3,153
	—	(h)	Zoetis, Inc. (m)		—	(h)
					964,932
			Total Common Stocks (Cost $1,644,253)		1,803,056
	Preferred Stocks — 0.3%
			Germany — 0.3%
	52		Henkel AG & Co. KGaA (m)		5,582
			United Kingdom — 0.0% (g)
	21,417		Rolls-Royce Holdings plc (a) (m)		34
			Total Preferred Stocks (Cost $4,985)		5,616
	Short-Term Investment — 4.5%
			Investment Company — 4.5%
	85,564		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $85,564)		85,564
			Total Investments — 99.9% (Cost $1,734,802)		1,894,236
			Other Assets in Excess of Liabilities — 0.1%		963
			NET ASSETS — 100.0%	$	1,895,199

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		7.8	%
Oil, Gas & Consumable Fuels		7.5
Pharmaceuticals		6.8
Insurance		4.3
Media		2.8
Food Products		2.7
Software		2.4
Metals & Mining		2.3
Diversified Telecommunication Services		2.3
Chemicals		2.2
Beverages		2.2
Aerospace & Defense		2.2
IT Services		2.1
Food & Staples Retailing		2.1
Computers & Peripherals		2.1
Capital Markets		2.1
Specialty Retail		2.0
Diversified Financial Services		1.9
Automobiles		1.8
Internet Software & Services		1.8

INDUSTRY	PERCENTAGE
Real Estate Investment Trusts (REITs)		1.7	%
Road & Rail		1.7
Electric Utilities		1.6
Tobacco		1.6
Biotechnology		1.5
Hotels, Restaurants & Leisure		1.5
Household Products		1.5
Energy Equipment & Services		1.4
Machinery		1.3
Industrial Conglomerates		1.3
Multi-Utilities		1.3
Semiconductors & Semiconductor Equipment		1.3
Communications Equipment		1.2
Auto Components		1.2
Health Care Providers & Services		1.1
Wireless Telecommunication Services		1.1
Electrical Equipment		1.1
Others (each less than 1.0%)		10.7
Short-Term Investment		4.5

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	60	TOPIX Index		12/12/13	$	7,319	$	(50	)
	102	S&P/TSX 60 Index		12/19/13		14,989		717
	35	SPI 200 Index		12/19/13		4,479		156
	284	Dow Jones Euro STOXX 50 Index		12/20/13		11,796		326
	482	E-mini S&P 500		12/20/13		42,199		1,081
	27	FTSE 100 Index		12/20/13		2,904		36
							$	2,266

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.2%
		Australia — 2.1%
	630	BHP Billiton Ltd. (m)		22,259
	317	Rio Tinto Ltd. (m)		19,092
				41,351
		Belgium — 1.4%
	274	Anheuser-Busch InBev N.V. (m)		28,445
		China — 3.1%
	21,433	China Construction Bank Corp., Class H (m)		16,676
	8,387	CNOOC Ltd. (m)		17,059
	24,396	Industrial & Commercial Bank of China Ltd., Class H (m)		17,102
	1,571	Ping An Insurance Group Co. of China Ltd., Class H (m)		12,388
				63,225
		France — 12.0%
	462	Accor S.A. (m)		20,634
	960	AXA S.A. (m)		23,922
	272	BNP Paribas S.A. (m)		20,098
	109	Essilor International S.A. (m)		11,654
	9	Groupe Fnac (a) (m)		258
	132	Imerys S.A. (m)		10,575
	100	Kering (m)		22,641
	258	Lafarge S.A. (m)		17,789
	119	LVMH Moet Hennessy Louis Vuitton S.A. (m)		22,928
	123	Pernod-Ricard S.A. (m)		14,804
	319	Sanofi (m)		34,021
	156	Schneider Electric S.A. (m)		13,144
	168	Technip S.A. (m)		17,573
	166	Total S.A. (m)		10,181
				240,222
		Germany — 7.1%
	170	Allianz SE (m)		28,586
	250	Bayer AG (m)		31,022
	163	Fresenius Medical Care AG & Co. KGaA (m)		10,805
	80	Linde AG (m)		15,167
	16	Osram Licht AG (a) (m)		805
	436	SAP AG (m)		34,109
	170	Siemens AG (m)		21,719
				142,213
		Hong Kong — 3.7%
	5,818	Belle International Holdings Ltd. (m)		8,204
	1,986	Cheung Kong Holdings Ltd. (m)		31,015
	4,874	Hang Lung Properties Ltd. (m)		16,051
	2,706	Sands China Ltd. (m)		19,240
				74,510

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 0.5%
	302	HDFC Bank Ltd., ADR (m)		10,958
		Indonesia — 0.4%
	14,658	Astra International Tbk PT (m)		8,642
		Israel — 0.7%
	387	Teva Pharmaceutical Industries Ltd., ADR (m)		14,364
		Japan — 16.9%
	413	Astellas Pharma, Inc. (m)		22,995
	315	Canon, Inc. (m)		9,933
	347	Daikin Industries Ltd. (m)		19,935
	241	East Japan Railway Co. (m)		20,919
	94	FANUC Corp. (m)		15,062
	697	Honda Motor Co., Ltd. (m)		27,841
	717	Japan Tobacco, Inc. (m)		25,958
	870	Komatsu Ltd. (m)		19,086
	1,360	Kubota Corp. (m)		20,137
	300	Makita Corp. (m)		15,176
	789	Mitsubishi Corp. (m)		15,952
	95	Nidec Corp. (m)		9,239
	270	Nitto Denko Corp. (m)		14,175
	258	Shin-Etsu Chemical Co., Ltd. (m)		14,582
	89	SMC Corp. (m)		20,721
	1,030	Sumitomo Corp. (m)		13,405
	684	Toyota Motor Corp. (m)		44,336
	1,855	Yahoo! Japan Corp. (m)		8,653
				338,105
		Netherlands — 5.5%
	284	Akzo Nobel N.V. (m)		20,607
	88	ASML Holding N.V. (m)		8,365
	1,976	ING Groep N.V., CVA (a) (m)		25,110
	1,670	Royal Dutch Shell plc, Class A (m)		55,643
				109,725
		South Korea — 1.6%
	42	Hyundai Mobis (m)		11,791
	30	Samsung Electronics Co., Ltd., Reg. S., GDR (m)		20,647
				32,438
		Spain — 0.9%
	1,479	Banco Bilbao Vizcaya Argentaria S.A. (m)		17,288
		Sweden — 0.6%
	459	Atlas Copco AB, Class A (m)		12,721
		Switzerland — 14.0%
	841	ABB Ltd. (a) (m)		21,439
	177	Cie Financiere Richemont S.A., Class A (m)		18,081
	828	Credit Suisse Group AG (a) (m)		25,770

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Switzerland — Continued
	3,798	Glencore Xstrata plc (a) (m)		20,671
	194	Holcim Ltd. (a) (m)		14,410
	586	Nestle S.A. (m)		42,267
	512	Novartis AG (m)		39,716
	143	Roche Holding AG (m)		39,582
	3	SGS S.A. (m)		6,448
	1,402	UBS AG (a) (m)		27,111
	89	Zurich Insurance Group AG (a) (m)		24,608
				280,103
		Taiwan — 0.7%
	747	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		13,752
		United Kingdom — 23.0%
	351	Aggreko plc (m)		9,051
	6,505	Barclays plc (m)		27,368
	2,201	BG Group plc (m)		44,896
	589	BHP Billiton plc (m)		18,160
	416	British American Tobacco plc (m)		22,940
	815	Burberry Group plc (m)		20,016
	2,364	Centrica plc (m)		13,373
	4,764	HSBC Holdings plc (m)		52,088
	462	Imperial Tobacco Group plc (m)		17,237
	2,079	Marks & Spencer Group plc (m)		16,761
	1,366	Meggitt plc (m)		12,537
	1,702	Prudential plc (m)		34,805
	358	Rio Tinto plc (m)		18,090
	1,631	Standard Chartered plc (m)		39,152
	2,714	Tesco plc (m)		15,830
	579	Tullow Oil plc (m)		8,745
	556	Unilever plc (m)		22,556
	10,343	Vodafone Group plc (m)		37,882
	1,408	WPP plc (m)		29,904
				461,391
		Total Common Stocks (Cost $1,491,174)		1,889,453
	Preferred Stocks — 2.5%
		Germany — 2.5%
	184	Henkel AG & Co. KGaA (m)		19,824
	117	Volkswagen AG (m)		29,648
		Total Preferred Stocks (Cost $32,506)		49,472

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.1%
		Investment Company — 3.1%
	61,450	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $61,450)		61,450
		Total Investments — 99.8% (Cost $1,585,130)		2,000,375
		Other Assets in Excess of Liabilities — 0.2%		4,579
		NET ASSETS — 100.0%	$	2,004,954

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		10.0	%
Pharmaceuticals		9.1
Oil, Gas & Consumable Fuels		6.8
Insurance		6.2
Automobiles		5.5
Machinery		5.1
Metals & Mining		4.9
Textiles, Apparel & Luxury Goods		4.2
Tobacco		3.3
Food Products		3.2
Chemicals		3.2
Capital Markets		2.6
Real Estate Management & Development		2.4
Electrical Equipment		2.2
Beverages		2.2
Construction Materials		2.1
Semiconductors & Semiconductor Equipment		2.1
Hotels, Restaurants & Leisure		2.0
Wireless Telecommunication Services		1.9
Software		1.7
Media		1.5
Trading Companies & Distributors		1.5
Diversified Financial Services		1.3
Industrial Conglomerates		1.1
Road & Rail		1.0
Building Products		1.0
Household Products		1.0
Others (each less than 1.0%)		7.8
Short-Term Investment		3.1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.6%
		Australia — 4.7%
	24	AGL Energy Ltd. (m)		350
	10	ALS Ltd. (m)		96
	81	Alumina Ltd. (a) (m)		79
	36	Amcor Ltd. (m)		372
	86	AMP Ltd. (m)		386
	28	APA Group (m)		163
	33	Asciano Ltd. (m)		183
	6	ASX Ltd. (m)		209
	79	Aurizon Holdings Ltd. (m)		358
	72	Australia & New Zealand Banking Group Ltd. (m)		2,308
	14	Bendigo and Adelaide Bank Ltd. (m)		144
	449	BGP Holdings plc (a) (i)		—
	84	BHP Billiton Ltd. (m)		2,958
	25	Boral Ltd. (m)		119
	46	Brambles Ltd. (m)		407
	4	Caltex Australia Ltd. (m)		70
	71	CFS Retail Property Trust Group (m)		139
	20	Coca-Cola Amatil Ltd. (m)		247
	2	Cochlear Ltd. (m)		97
	42	Commonwealth Bank of Australia (m)		3,043
	15	Computershare Ltd. (m)		153
	14	Crown Ltd. (m)		221
	14	CSL Ltd. (m)		922
	157	Dexus Property Group (m)		161
	24	Echo Entertainment Group Ltd. (m)		60
	45	Federation Centres Ltd. (m)		105
	2	Flight Centre Ltd. (m)		86
	58	Fortescue Metals Group Ltd. (m)		283
	74	Goodman Group (m)		354
	112	GPT Group (m)		389
	18	Harvey Norman Holdings Ltd. (m)		56
	14	Iluka Resources Ltd. (m)		137
	126	Incitec Pivot Ltd. (m)		316
	61	Insurance Australia Group Ltd. (m)		357
	5	Leighton Holdings Ltd. (m)		85
	10	Macquarie Group Ltd. (m)		470
	120	Mirvac Group (m)		197
	54	National Australia Bank Ltd. (m)		1,807
	18	Newcrest Mining Ltd. (m)		179
	13	Orica Ltd. (m)		251
	32	Origin Energy Ltd. (m)		445
	35	QBE Insurance Group Ltd. (m)		490
	4	Ramsay Health Care Ltd. (m)		161
	13	Rio Tinto Ltd. (m)		783
	28	Santos Ltd. (m)		401
	13	Sonic Healthcare Ltd. (m)		195

SHARES		SECURITY DESCRIPTION	VALUE($)
		Australia — Continued
	48	SP AusNet (m)		57
	96	Stockland (m)		365
	38	Suncorp Group Ltd. (m)		483
	6	Sydney Airport (m)		26
	24	Tabcorp Holdings Ltd. (m)		82
	82	Telstra Corp., Ltd. (m)		403
	23	Toll Holdings Ltd. (m)		126
	20	Treasury Wine Estates Ltd. (m)		89
	27	Wesfarmers Ltd. (m)		1,085
	64	Westfield Group (m)		656
	73	Westpac Banking Corp. (m)		2,365
	16	Whitehaven Coal Ltd. (a) (m)		24
	20	Woodside Petroleum Ltd. (m)		720
	30	Woolworths Ltd. (m)		974
	7	WorleyParsons Ltd. (m)		147
				28,394
		Austria — 1.5%
	18	Andritz AG (m)		1,137
	50	Erste Group Bank AG (m)		1,752
	193	IMMOFINANZ AG (a) (m)		846
	37	OMV AG (m)		1,777
	13	Raiffeisen Bank International AG (m)		483
	63	Telekom Austria AG (m)		514
	15	Verbund AG (m)		357
	10	Vienna Insurance Group AG Wiener Versicherung Gruppe (m)		531
	28	Voestalpine AG (m)		1,312
				8,709
		Belgium — 2.1%
	58	Anheuser-Busch InBev N.V. (m)		6,018
	5	Belgacom S.A. (m)		124
	2	Colruyt S.A. (m)		121
	3	Delhaize Group S.A. (m)		194
	6	Groupe Bruxelles Lambert S.A. (m)		543
	12	KBC Groep N.V. (m)		666
	16	Solvay S.A. (m)		2,516
	38	UCB S.A. (m)		2,498
	3	Umicore S.A. (m)		164
				12,844
		Bermuda — 0.1%
	14	Seadrill Ltd. (m)		661
		Brazil — 0.2%
	12	BM&FBovespa S.A. (m)		68
	6	BRF S.A. (m)		146

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Brazil — Continued
	2		Natura Cosmeticos S.A. (m)		44
	35		Petroleo Brasileiro S.A. (m)		303
	24		Vale S.A. (m)		385
					946
			Chile — 0.5%
	4,284		Banco Santander Chile (m)		263
	8		CAP S.A. (m)		163
	68		Cencosud S.A. (m)		279
	185		Empresa Nacional de Electricidad S.A. (m)		283
	70		Empresas CMPC S.A. (m)		208
	29		Empresas COPEC S.A. (m)		431
	531		Enersis S.A. (m)		178
	19		Enersis S.A., ADR (m)		305
	9		ENTEL Chile S.A. (m)		138
	12		Latam Airlines Group S.A. (m)		196
	40		S.A.C.I. Falabella (m)		397
					2,841
			China — 0.7%
	556		Bank of China Ltd., Class H (m)		261
	99		BYD Co., Ltd., Class H (a) (m)		488
	326		China Construction Bank Corp., Class H (m)		254
	82		China Life Insurance Co., Ltd., Class H (m)		216
	119		CNOOC Ltd. (m)		242
	452		Datang International Power Generation Co., Ltd., Class H (m)		207
	184		Huaneng Power International, Inc., Class H (m)		192
	460		Industrial & Commercial Bank of China Ltd., Class H (m)		322
	16		MGM China Holdings Ltd. (m)		54
	197		PetroChina Co., Ltd., Class H (m)		224
	22		Ping An Insurance Group Co. of China Ltd., Class H (m)		170
	10		Tencent Holdings Ltd. (m)		529
	84		Tingyi Cayman Islands Holding Corp. (m)		237
	24		Wynn Macau Ltd. (m)		91
	54		Yangzijiang Shipbuilding Holdings Ltd. (m)		51
	155		Yanzhou Coal Mining Co., Ltd., Class H (m)		161
	247		Zhejiang Expressway Co., Ltd., Class H (m)		228
					3,927
			Denmark — 1.0%
	—	(h)	AP Moeller - Maersk A/S, Class A (m)		208
	—	(h)	AP Moeller - Maersk A/S, Class B (m)		610
	5		Carlsberg A/S, Class B (m)		491
	30		Danske Bank A/S (a) (m)		691
	8		DSV A/S (m)		220

SHARES			SECURITY DESCRIPTION	VALUE($)
			Denmark — Continued
	17		Novo Nordisk A/S, Class B (m)		2,821
	11		Novozymes A/S, Class B (m)		449
	52		TDC A/S (m)		473
					5,963
			Finland — 1.4%
	24		Fortum OYJ (m)		543
	3		Kesko OYJ, Class B (m)		89
	8		Kone OYJ, Class B (m)		689
	7		Metso OYJ (m)		294
	5		Neste Oil OYJ (m)		102
	210		Nokia OYJ (a) (m)		1,598
	6		Nokian Renkaat OYJ (m)		317
	6		Pohjola Bank plc, Class A (m)		118
	23		Sampo, Class A (m)		1,083
	34		Stora Enso OYJ, Class R (m)		319
	98		UPM-Kymmene OYJ (m)		1,556
	35		Wartsila OYJ Abp (m)		1,543
					8,251
			France — 8.7%
	7		Accor S.A. (m)		320
	15		Air Liquide S.A. (m)		2,049
	10		Alstom S.A. (m)		389
	3		Arkema S.A. (m)		366
	84		AXA S.A. (m)		2,082
	47		BNP Paribas S.A. (m)		3,493
	10		Bouygues S.A. (m)		382
	7		Cap Gemini S.A. (m)		487
	28		Carrefour S.A. (m)		1,013
	3		Casino Guichard Perrachon S.A. (m)		311
	2		Christian Dior S.A. (m)		471
	19		Cie de St-Gobain (m)		1,012
	8		Cie Generale des Etablissements Michelin (m)		790
	48		Credit Agricole S.A. (a) (m)		582
	6		Danone (m)		412
	9		Edenred (m)		306
	12		Electricite de France S.A. (m)		416
	1		Essilor International S.A. (m)		156
	2		Eurazeo (m)		115
	51		European Aeronautic Defence and Space Co. N.V. (m)		3,525
	1		Fonciere Des Regions (m)		101
	60		GDF Suez (m)		1,480
	1		Gecina S.A. (m)		121
	21		Groupe Eurotunnel S.A. (m)		199
	—	(h)	Groupe Fnac (a) (m)		10

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		France — Continued
	1	ICADE (m)		88
	1	Iliad S.A. (m)		206
	1	Imerys S.A. (m)		110
	3	Kering (m)		735
	9	Lafarge S.A. (m)		628
	5	Lagardere S.C.A (m)		188
	11	Legrand S.A. (m)		644
	2	L’Oreal S.A. (m)		383
	7	LVMH Moet Hennessy Louis Vuitton S.A. (m)		1,386
	85	Orange S.A. (m)		1,167
	1	Pernod Ricard S.A. (m)		173
	9	Peugeot S.A. (a) (m)		117
	9	Publicis Groupe S.A. (m)		707
	27	Renault S.A. (m)		2,360
	4	Rexel S.A. (m)		112
	11	Safran S.A. (m)		700
	49	Sanofi (m)		5,196
	20	Schneider Electric S.A. (m)		1,672
	57	SCOR SE (m)		2,023
	1	Societe BIC S.A. (m)		150
	33	Societe Generale S.A. (m)		1,881
	5	Sodexo (m)		469
	12	Suez Environnement Co. (m)		202
	5	Technip S.A. (m)		514
	95	Total S.A. (m)		5,835
	5	Unibail-Rodamco SE (m)		1,436
	5	Vallourec S.A. (m)		309
	22	Vinci S.A. (m)		1,399
	10	Vivendi S.A. (m)		254
	1	Wendel S.A. (m)		178
	1	Zodiac Aerospace (m)		214
				52,024
		Germany — 11.5%
	14	Adidas AG (m)		1,631
	37	Allianz SE (m)		6,153
	2	Axel Springer AG (m)		140
	59	BASF SE (m)		6,165
	62	Bayer AG (m)		7,714
	22	Bayerische Motoren Werke AG (m)		2,540
	2	Beiersdorf AG (m)		228
	4	Brenntag AG (m)		595
	50	Commerzbank AG (a) (m)		636
	19	Continental AG (m)		3,526
	34	Daimler AG (m)		2,750
	56	Deutsche Bank AG (m)		2,729

SHARES		SECURITY DESCRIPTION	VALUE($)
		Germany — Continued
	14	Deutsche Boerse AG (m)		1,036
	18	Deutsche Lufthansa AG (a) (m)		347
	25	Deutsche Post AG (m)		854
	190	Deutsche Telekom AG (m)		2,989
	121	E.ON SE (m)		2,204
	6	Fresenius Medical Care AG & Co. KGaA (m)		380
	3	Fresenius SE & Co. KGaA (m)		431
	12	GEA Group AG (m)		511
	2	Hannover Rueck SE (m)		121
	9	HeidelbergCement AG (m)		699
	8	Henkel AG & Co. KGaA (m)		757
	2	Hochtief AG (m)		161
	1	Hugo Boss AG (m)		180
	72	Infineon Technologies AG (m)		693
	12	K+S AG (m)		298
	2	Lanxess AG (m)		139
	11	Linde AG (m)		2,060
	4	Merck KGaA (m)		686
	10	Metro AG (m)		452
	12	Muenchener Rueckversicherungs AG (m)		2,556
	4	Osram Licht AG (a) (m)		199
	34	RWE AG (m)		1,243
	2	Salzgitter AG (m)		102
	86	SAP AG (m)		6,692
	53	Siemens AG (m)		6,753
	5	Suedzucker AG (m)		164
	26	ThyssenKrupp AG (a) (m)		675
	6	United Internet AG (m)		236
	2	Volkswagen AG (m)		434
				68,859
		Greece — 0.4%
	205	OPAP S.A. (m)		2,551
		Hong Kong — 1.1%
	146	AIA Group Ltd. (m)		742
	3	ASM Pacific Technology Ltd. (m)		27
	109	Belle International Holdings Ltd. (m)		154
	56	BOC Hong Kong Holdings Ltd. (m)		183
	14	Cathay Pacific Airways Ltd. (m)		28
	40	Cheung Kong Holdings Ltd. (m)		627
	20	Cheung Kong Infrastructure Holdings Ltd. (m)		139
	41	China Mobile Ltd. (m)		425
	17	CLP Holdings Ltd. (m)		136
	32	First Pacific Co., Ltd. (m)		36
	62	Galaxy Entertainment Group Ltd. (a) (m)		463
	35	Hang Lung Properties Ltd. (m)		115

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Hong Kong — Continued
	33	Hang Seng Bank Ltd. (m)		553
	15	Henderson Land Development Co., Ltd. (m)		91
	36	HKT Trust/HKT Ltd. (m)		33
	20	Hong Kong Exchanges and Clearing Ltd. (m)		316
	8	Hopewell Holdings Ltd. (m)		26
	29	Hutchison Whampoa Ltd. (m)		364
	9	Hysan Development Co., Ltd. (m)		42
	11	Kerry Properties Ltd. (m)		46
	94	Li & Fung Ltd. (m)		133
	37	Link REIT (The) (m)		186
	20	MTR Corp., Ltd. (m)		78
	92	Noble Group Ltd. (m)		76
	23	NWS Holdings Ltd. (m)		36
	3	Orient Overseas International Ltd. (m)		14
	54	PCCW Ltd. (m)		25
	22	Power Assets Holdings Ltd. (m)		183
	38	Sands China Ltd. (m)		267
	20	Shangri-La Asia Ltd. (m)		37
	225	Sino Land Co., Ltd. (m)		316
	26	SJM Holdings Ltd. (m)		84
	10	Swire Pacific Ltd., Class A (m)		120
	48	Wharf Holdings Ltd. (m)		407
	3	Wing Hang Bank Ltd. (m)		36
	10	Yue Yuen Industrial Holdings Ltd. (m)		28
				6,572
		Hungary — 0.7%
	146	Magyar Telekom Telecommunications plc (m)		200
	16	MOL Hungarian Oil and Gas plc (m)		1,099
	86	OTP Bank plc (m)		1,785
	54	Richter Gedeon Nyrt. (m)		1,022
				4,106
		India — 0.5%
	18	Bharat Heavy Electricals Ltd. (m)		41
	22	Housing Development Finance Corp. (m)		299
	5	ICICI Bank Ltd., ADR (m)		200
	19	IDFC Ltd. (m)		32
	6	Infosys Ltd. (m)		345
	123	ITC Ltd., Reg. S., GDR (m)		666
	68	Jaiprakash Associates Ltd. (m)		53
	5	Larsen & Toubro Ltd., Reg. S., GDR (m)		76
	8	Mahindra & Mahindra Ltd. (m)		112
	30	NTPC Ltd. (m)		73
	23	Oil & Natural Gas Corp., Ltd. (m)		112
	9	Ranbaxy Laboratories Ltd., Reg. S., GDR (a) (m)		56
	19	Reliance Industries Ltd. (m)		284

SHARES			SECURITY DESCRIPTION	VALUE($)
			India — Continued
	5		Reliance Industries Ltd., GDR (e) (m)		152
	41		Sesa Sterlite Ltd. (m)		133
	21		Sun Pharmaceutical Industries Ltd. (m)		206
	25		Tata Motors Ltd. (m)		155
	48		Tata Power Co., Ltd. (m)		63
	48		UPL Ltd. (m)		128
					3,186
			Ireland — 0.7%
	83		CRH plc (m)		2,015
	41		Elan Corp. plc (a) (m)		682
	22		Elan Corp. plc, ADR (a) (m)		361
	10		Kerry Group plc, Class A (m)		661
	1		Prothena Corp. plc (a) (m)		30
	10		Shire plc (m)		432
					4,181
			Israel — 0.6%
	66		Bank Hapoalim BM (m)		354
	63		Bank Leumi Le-Israel BM (a) (m)		242
	97		Bezeq Israeli Telecommunication Corp., Ltd. (m)		168
	—	(h)	Delek Group Ltd. (m)		80
	23		Israel Chemicals Ltd. (m)		186
	—	(h)	Israel Corp., Ltd. (The) (a) (m)		59
	—	(h)	Koor Industries Ltd. (a) (m)		—	(h)
	2		Mellanox Technologies Ltd. (a) (m)		66
	6		Mizrahi Tefahot Bank Ltd. (m)		74
	3		NICE Systems Ltd. (m)		119
	42		Teva Pharmaceutical Industries Ltd. (m)		1,569
	17		Teva Pharmaceutical Industries Ltd., ADR (m)		630
					3,547
			Italy — 7.0%
	150		Assicurazioni Generali S.p.A. (m)		3,512
	40		Atlantia S.p.A. (m)		867
	902		Banca Monte dei Paschi di Siena S.p.A. (a) (m)		285
	266		Banco Popolare SC (a) (m)		528
	280		Enel Green Power S.p.A. (m)		682
	999		Enel S.p.A. (m)		4,410
	425		Eni S.p.A. (m)		10,797
	12		Exor S.p.A. (m)		463
	142		Fiat S.p.A (a) (m)		1,112
	71		Finmeccanica S.p.A. (a) (m)		523
	1,804		Intesa Sanpaolo S.p.A. (m)		4,397
	20		Luxottica Group S.p.A. (m)		1,096
	1		Mediaset S.p.A. (a) (m)		7
	75		Mediobanca S.p.A. (m)		687

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Italy — Continued
	38	Pirelli & C. S.p.A. (m)		534
	31	Prysmian S.p.A. (m)		756
	43	Saipem S.p.A. (m)		1,015
	274	Snam S.p.A. (m)		1,411
	2,452	Telecom Italia S.p.A. (m)		2,393
	215	Terna Rete Elettrica Nazionale S.p.A. (m)		1,066
	616	UniCredit S.p.A. (m)		4,627
	141	Unione di Banche Italiane ScpA (m)		971
				42,139
		Japan — 19.9%
	40	77 Bank Ltd. (The) (m)		198
	1	ABC-Mart, Inc. (m)		60
	20	Acom Co., Ltd. (a) (m)		78
	3	AEON Financial Service Co., Ltd. (m)		93
	4	Aeon Mall Co., Ltd. (m)		111
	7	Air Water, Inc. (m)		100
	9	Aisin Seiki Co., Ltd. (m)		353
	30	Ajinomoto Co., Inc. (m)		420
	2	Alfresa Holdings Corp. (m)		115
	17	Amada Co., Ltd. (m)		147
	55	ANA Holdings, Inc. (m)		115
	28	Aozora Bank Ltd. (m)		81
	33	Asahi Glass Co., Ltd. (m)		206
	18	Asahi Group Holdings Ltd. (m)		475
	156	Asahi Kasei Corp. (m)		1,191
	27	Astellas Pharma, Inc. (m)		1,488
	15	Bank of Kyoto Ltd. (The) (m)		132
	41	Bank of Yokohama Ltd. (The) (m)		226
	3	Benesse Holdings, Inc. (m)		107
	31	Bridgestone Corp. (m)		1,048
	11	Brother Industries Ltd. (m)		130
	3	Calbee, Inc. (m)		84
	53	Canon, Inc. (m)		1,672
	12	Casio Computer Co., Ltd. (m)		111
	13	Central Japan Railway Co. (m)		1,621
	50	Chiba Bank Ltd. (The) (m)		356
	8	Chiyoda Corp. (m)		101
	29	Chubu Electric Power Co., Inc. (m)		434
	13	Chugai Pharmaceutical Co., Ltd. (m)		313
	9	Chugoku Bank Ltd. (The) (m)		129
	15	Chugoku Electric Power Co., Inc. (The) (m)		224
	17	Coca-Cola West Co., Ltd. (m)		353
	30	Cosmo Oil Co., Ltd. (a) (m)		53
	8	Credit Saison Co., Ltd. (m)		214
	37	Dai Nippon Printing Co., Ltd. (m)		392

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — Continued
	13	Daicel Corp. (m)		113
	14	Daido Steel Co., Ltd. (m)		81
	10	Daihatsu Motor Co., Ltd. (m)		194
	44	Dai-ichi Life Insurance Co., Ltd. (The) (m)		631
	10	Daiichi Sankyo Co., Ltd. (m)		184
	12	Daikin Industries Ltd. (m)		713
	7	Dainippon Sumitomo Pharma Co., Ltd. (m)		94
	23	Daiwa House Industry Co., Ltd. (m)		467
	83	Daiwa Securities Group, Inc. (m)		762
	5	Dena Co., Ltd. (m)		113
	21	Denki Kagaku Kogyo KK (m)		90
	23	Denso Corp. (m)		1,105
	12	Dentsu, Inc. (m)		465
	44	DMG Mori Seiki Co., Ltd. (m)		717
	3	Don Quijote Co., Ltd. (m)		166
	16	East Japan Railway Co. (m)		1,399
	22	Electric Power Development Co., Ltd. (m)		703
	6	FANUC Corp. (m)		1,018
	3	Fast Retailing Co., Ltd. (m)		951
	28	Fuji Electric Co., Ltd. (m)		126
	30	Fuji Heavy Industries Ltd. (m)		820
	21	FUJIFILM Holdings Corp. (m)		514
	101	Fujitsu Ltd. (a) (m)		435
	38	Fukuoka Financial Group, Inc. (m)		170
	30	Furukawa Electric Co., Ltd. (m)		70
	5	Gree, Inc. (m)		40
	18	Gunma Bank Ltd. (The) (m)		102
	21	Hachijuni Bank Ltd. (The) (m)		130
	3	Hamamatsu Photonics KK (m)		123
	47	Hankyu Hanshin Holdings, Inc. (m)		264
	21	Hisamitsu Pharmaceutical Co., Inc. (m)		1,109
	6	Hitachi Chemical Co., Ltd. (m)		84
	3	Hitachi High-Technologies Corp. (m)		71
	271	Hitachi Ltd. (m)		1,896
	9	Hokkaido Electric Power Co., Inc. (a) (m)		110
	9	Hokuriku Electric Power Co. (m)		124
	76	Honda Motor Co., Ltd. (m)		3,027
	20	Hoya Corp. (m)		472
	11	Hulic Co., Ltd. (m)		181
	5	Ibiden Co., Ltd. (m)		94
	2	Idemitsu Kosan Co., Ltd. (m)		142
	85	IHI Corp. (m)		360
	64	Inpex Corp. (m)		744
	21	Isetan Mitsukoshi Holdings Ltd. (m)		311
	18	ITOCHU Corp. (m)		217
	1	Itochu Techno-Solutions Corp. (m)		45

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Japan — Continued
	13		Iyo Bank Ltd. (The) (m)		136
	23		J. Front Retailing Co., Ltd. (m)		180
	3		Japan Airlines Co., Ltd. (m)		175
	1		Japan Petroleum Exploration Co. (m)		49
	—	(h)	Japan Retail Fund Investment Corp. (m)		194
	16		Japan Steel Works Ltd. (The) (m)		89
	48		Japan Tobacco, Inc. (m)		1,740
	30		JFE Holdings, Inc. (m)		672
	9		JSR Corp. (m)		164
	10		JTEKT Corp. (m)		134
	117		JX Holdings, Inc. (m)		580
	41		Kajima Corp. (m)		173
	10		Kamigumi Co., Ltd. (m)		91
	30		Kansai Electric Power Co., Inc. (The) (a) (m)		375
	11		Kansai Paint Co., Ltd. (m)		148
	9		Kao Corp. (m)		303
	95		Kawasaki Heavy Industries Ltd. (m)		372
	25		KDDI Corp. (m)		1,365
	23		Keikyu Corp. (m)		218
	27		Keio Corp. (m)		187
	14		Keisei Electric Railway Co., Ltd. (m)		145
	8		Kikkoman Corp. (m)		143
	6		Kinden Corp. (m)		68
	69		Kintetsu Corp. (m)		252
	44		Kirin Holdings Co., Ltd. (m)		639
	5		Koito Manufacturing Co., Ltd. (m)		91
	44		Komatsu Ltd. (m)		958
	23		Konica Minolta, Inc. (m)		190
	2		Kubota Corp. (m)		33
	5		Kurita Water Industries Ltd. (m)		118
	7		Kyocera Corp. (m)		339
	53		Kyowa Hakko Kirin Co., Ltd. (m)		581
	27		Kyushu Electric Power Co., Inc. (a) (m)		386
	18		LIXIL Group Corp. (m)		411
	—	(h)	M3, Inc. (m)		90
	1		Mabuchi Motor Co., Ltd. (m)		58
	7		Makita Corp. (m)		367
	88		Marubeni Corp. (m)		688
	59		Marui Group Co., Ltd. (m)		567
	3		Maruichi Steel Tube Ltd. (m)		61
	126		Mazda Motor Corp. (a) (m)		567
	3		McDonald’s Holdings Co., Japan Ltd. (m)		86
	7		Medipal Holdings Corp. (m)		90
	3		Miraca Holdings, Inc. (m)		117
	57		Mitsubishi Chemical Holdings Corp. (m)		267
	66		Mitsubishi Corp. (m)		1,332

SHARES			SECURITY DESCRIPTION	VALUE($)
			Japan — Continued
	90		Mitsubishi Electric Corp. (m)		985
	61		Mitsubishi Estate Co., Ltd. (m)		1,753
	20		Mitsubishi Gas Chemical Co., Inc. (m)		162
	144		Mitsubishi Heavy Industries Ltd. (m)		917
	6		Mitsubishi Logistics Corp. (m)		79
	51		Mitsubishi Materials Corp. (m)		201
	592		Mitsubishi UFJ Financial Group, Inc. (m)		3,770
	29		Mitsubishi UFJ Lease & Finance Co., Ltd. (m)		162
	81		Mitsui & Co., Ltd. (m)		1,158
	58		Mitsui Fudosan Co., Ltd. (m)		1,912
	51		Mitsui OSK Lines Ltd. (m)		216
	771		Mizuho Financial Group, Inc. (m)		1,618
	26		MS&AD Insurance Group Holdings (m)		683
	10		Murata Manufacturing Co., Ltd. (m)		787
	5		Nabtesco Corp. (m)		129
	9		Namco Bandai Holdings, Inc. (m)		166
	86		NEC Corp. (m)		193
	6		Nexon Co., Ltd. (m)		64
	8		NGK Spark Plug Co., Ltd. (m)		193
	8		NHK Spring Co., Ltd. (m)		79
	5		Nidec Corp. (m)		473
	11		Nikon Corp. (m)		209
	—	(h)	Nippon Building Fund, Inc. (m)		297
	39		Nippon Express Co., Ltd. (m)		195
	8		Nippon Meat Packers, Inc. (m)		121
	495		Nippon Steel & Sumitomo Metal Corp. (m)		1,634
	21		Nippon Telegraph & Telephone Corp. (m)		1,076
	108		Nippon Yusen KK (m)		330
	32		Nishi-Nippon City Bank Ltd. (The) (m)		86
	116		Nissan Motor Co., Ltd. (m)		1,166
	2		Nitori Holdings Co., Ltd. (m)		159
	14		Nitto Denko Corp. (m)		742
	17		NKSJ Holdings, Inc. (m)		448
	5		NOK Corp. (m)		83
	169		Nomura Holdings, Inc. (m)		1,248
	5		Nomura Real Estate Holdings, Inc. (m)		124
	—	(h)	Nomura Real Estate Office Fund, Inc. (m)		69
	5		Nomura Research Institute Ltd. (m)		171
	8		NTT Data Corp. (m)		256
	71		NTT DOCOMO, Inc. (m)		1,131
	6		NTT Urban Development Corp. (m)		70
	32		Obayashi Corp. (m)		208
	37		OJI Paper Co., Ltd. (m)		170
	14		Olympus Corp. (a) (m)		450
	14		Omron Corp. (m)		527
	2		Oracle Corp. Japan (m)		77

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Japan — Continued
	51	ORIX Corp. (m)		882
	88	Osaka Gas Co., Ltd. (m)		371
	1	Otsuka Corp. (m)		104
	34	Otsuka Holdings Co., Ltd. (m)		974
	83	Panasonic Corp. (m)		850
	97	Resona Holdings, Inc. (m)		504
	24	Ricoh Co., Ltd. (m)		255
	2	Rinnai Corp. (m)		116
	8	Sanrio Co., Ltd. (m)		429
	4	Santen Pharmaceutical Co., Ltd. (m)		188
	12	SBI Holdings, Inc. (m)		141
	11	Secom Co., Ltd. (m)		661
	36	Sega Sammy Holdings, Inc. (m)		928
	35	Seven & I Holdings Co., Ltd. (m)		1,306
	26	Seven Bank Ltd. (m)		93
	8	Shikoku Electric Power Co., Inc. (a) (m)		146
	12	Shimadzu Corp. (m)		118
	1	Shimamura Co., Ltd. (m)		124
	6	Shimano, Inc. (m)		499
	27	Shimizu Corp. (m)		136
	11	Shin-Etsu Chemical Co., Ltd. (m)		634
	74	Shinsei Bank Ltd. (m)		173
	10	Shionogi & Co., Ltd. (m)		214
	23	Shiseido Co., Ltd. (m)		396
	69	Showa Denko KK (m)		94
	9	Showa Shell Sekiyu KK (m)		94
	3	SMC Corp. (m)		675
	42	SoftBank Corp. (m)		3,143
	55	Sojitz Corp. (m)		108
	25	Sony Corp. (m)		439
	9	Sony Financial Holdings, Inc. (m)		159
	7	Stanley Electric Co., Ltd. (m)		158
	6	Sumco Corp. (m)		56
	88	Sumitomo Corp. (m)		1,151
	38	Sumitomo Electric Industries Ltd. (m)		577
	27	Sumitomo Heavy Industries Ltd. (m)		118
	24	Sumitomo Metal Mining Co., Ltd. (m)		334
	63	Sumitomo Mitsui Financial Group, Inc. (m)		3,026
	153	Sumitomo Mitsui Trust Holdings, Inc. (m)		756
	19	Sumitomo Realty & Development Co., Ltd. (m)		912
	8	Sumitomo Rubber Industries Ltd. (m)		111
	22	Suzuken Co., Ltd. (m)		798
	26	Suzuki Motor Corp. (m)		649
	4	Sysmex Corp. (m)		232
	26	T&D Holdings, Inc. (m)		315
	54	Taiheiyo Cement Corp. (m)		229

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — Continued
	2	Taisho Pharmaceutical Holdings Co., Ltd. (m)		124
	11	Taiyo Nippon Sanso Corp. (m)		75
	12	Takashimaya Co., Ltd. (m)		115
	37	Takeda Pharmaceutical Co., Ltd. (m)		1,758
	7	Terumo Corp. (m)		347
	6	THK Co., Ltd. (m)		127
	67	Tobu Railway Co., Ltd. (m)		349
	5	Toho Co., Ltd. (m)		108
	20	Toho Gas Co., Ltd. (m)		104
	30	Tohoku Electric Power Co., Inc. (a) (m)		358
	19	Tokio Marine Holdings, Inc. (m)		610
	8	Tokyo Electron Ltd. (m)		424
	184	Tokyo Gas Co., Ltd. (m)		998
	14	TonenGeneral Sekiyu KK (m)		130
	27	Toppan Printing Co., Ltd. (m)		215
	191	Toshiba Corp. (m)		811
	7	Toyo Suisan Kaisha Ltd. (m)		223
	3	Toyoda Gosei Co., Ltd. (m)		76
	3	Toyota Boshoku Corp. (m)		40
	11	Toyota Industries Corp. (m)		468
	113	Toyota Motor Corp. (m)		7,295
	14	Toyota Tsusho Corp. (m)		400
	3	Tsumura & Co. (m)		91
	4	Unicharm Corp. (m)		270
	6	Ushio, Inc. (m)		69
	11	USS Co., Ltd. (m)		158
	7	West Japan Railway Co. (m)		305
	44	Yamada Denki Co., Ltd. (m)		122
	9	Yamaguchi Financial Group, Inc. (m)		85
	8	Yamaha Corp. (m)		115
	13	Yamaha Motor Co., Ltd. (m)		204
	17	Yamato Holdings Co., Ltd. (m)		371
	2	Yamato Kogyo Co., Ltd. (m)		70
	11	Yaskawa Electric Corp. (m)		142
	10	Yokogawa Electric Corp. (m)		128
				119,075
		Luxembourg — 0.4%
	45	ArcelorMittal (m)		717
	1	Millicom International Cellular S.A., SDR, (m)		122
	2	SES S.A. (m)		59
	77	Tenaris S.A. (m)		1,808
				2,706
		Mexico — 0.6%
	80	Alfa S.A.B. de C.V., Class A (m)		221
	926	America Movil S.A.B. de C.V., Series L, (m)		994

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Mexico — Continued
	241	Cemex S.A.B. de C.V. (a) (m)		256
	57	Fomento Economico Mexicano S.A.B. de C.V. (m)		536
	65	Grupo Bimbo S.A.B. de C.V., Series A, (m)		218
	12	Grupo Carso S.A.B. de C.V., Series A1, (m)		67
	116	Grupo Mexico S.A.B. de C.V., Series B, (m)		367
	72	Grupo Televisa S.A.B. (m)		440
	62	Kimberly-Clark de Mexico S.A.B. de C.V., Class A (m)		190
	12	Minera Frisco S.A.B. de C.V., Class A1 (a) (m)		32
	140	Wal-Mart de Mexico S.A.B. de C.V., Series V, (m)		363
				3,684
		Netherlands — 3.4%
	96	Aegon N.V. (m)		765
	12	Akzo Nobel N.V. (m)		850
	16	ASML Holding N.V. (m)		1,559
	7	Delta Lloyd N.V. (m)		158
	3	Fugro N.V., CVA (m)		206
	3	Heineken N.V. (m)		203
	213	ING Groep N.V., CVA (a) (m)		2,706
	48	Koninklijke Ahold N.V. (m)		906
	3	Koninklijke Boskalis Westminster N.V. (m)		152
	2	Koninklijke DSM N.V. (m)		162
	174	Koninklijke KPN N.V. (a) (m)		557
	58	Koninklijke Philips N.V. (m)		2,053
	1	Koninklijke Vopak N.V. (m)		56
	18	QIAGEN N.V. (a) (m)		411
	2	Randstad Holding N.V. (m)		105
	9	Reed Elsevier N.V. (m)		175
	100	Royal Dutch Shell plc, Class A (m)		3,342
	52	Royal Dutch Shell plc, Class B (m)		1,816
	16	TNT Express N.V. (m)		152
	85	Unilever N.V., CVA (m)		3,390
	18	Wolters Kluwer N.V. (m)		490
	7	Ziggo N.V. (m)		311
				20,525
		New Zealand — 0.5%
	206	Auckland International Airport Ltd. (m)		584
	81	Contact Energy Ltd. (m)		350
	135	Fletcher Building Ltd. (m)		1,113
	382	Telecom Corp. of New Zealand Ltd. (m)		742
				2,789
		Norway — 1.4%
	12	Aker Solutions ASA (m)		162
	81	DNB ASA (m)		1,432

SHARES		SECURITY DESCRIPTION	VALUE($)
		Norway — Continued
	18	Gjensidige Forsikring ASA (m)		337
	33	Norsk Hydro ASA (m)		148
	63	Orkla ASA (m)		509
	68	Statoil ASA (m)		1,609
	138	Telenor ASA (m)		3,312
	14	Yara International ASA (m)		618
				8,127
		Philippines — 0.7%
	28	Ayala Corp. (m)		391
	754	Ayala Land, Inc. (m)		513
	144	Bank of the Philippine Islands (m)		333
	123	BDO Unibank, Inc. (m)		231
	6	Globe Telecom, Inc. (m)		240
	126	Jollibee Foods Corp. (m)		518
	56	Manila Electric Co. (m)		391
	7	Philippine Long Distance Telephone Co. (m)		458
	34	SM Investments Corp. (m)		670
	1,109	SM Prime Holdings, Inc. (m)		491
				4,236
		Portugal — 1.1%
	419	Banco Espirito Santo S.A. (a) (m)		550
	808	EDP - Energias de Portugal S.A. (m)		2,974
	86	Galp Energia SGPS S.A., Class B (m)		1,462
	50	Jeronimo Martins SGPS S.A. (m)		915
	142	Portugal Telecom SGPS S.A. (m)		641
				6,542
		Singapore — 0.7%
	138	CapitaMalls Asia Ltd. (m)		224
	12	City Developments Ltd. (m)		100
	46	ComfortDelgro Corp., Ltd. (m)		71
	44	DBS Group Holdings Ltd. (m)		592
	71	Genting Singapore plc (m)		87
	54	Global Logistic Properties Ltd. (m)		134
	173	Golden Agri-Resources Ltd. (m)		84
	125	Hutchison Port Holdings Trust, Class U (m)		91
	3	Jardine Cycle & Carriage Ltd. (m)		92
	28	Keppel Corp., Ltd. (m)		247
	18	Keppel Land Ltd. (m)		54
	43	Olam International Ltd. (m)		53
	61	Oversea-Chinese Banking Corp., Ltd. (m)		513
	23	Sembcorp Industries Ltd. (m)		98
	22	Sembcorp Marine Ltd. (m)		80
	18	Singapore Airlines Ltd. (m)		152
	24	Singapore Exchange Ltd. (m)		142

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Singapore — Continued
	43		Singapore Press Holdings Ltd. (m)		148
	40		Singapore Technologies Engineering Ltd. (m)		136
	188		Singapore Telecommunications Ltd. (m)		569
	15		StarHub Ltd. (m)		54
	32		United Overseas Bank Ltd. (m)		532
	11		UOL Group Ltd. (m)		57
	54		Wilmar International Ltd. (m)		150
					4,460
			South Africa — 0.7%
	1		Anglo American Platinum Ltd. (a) (m)		28
	4		AngloGold Ashanti Ltd. (m)		65
	7		Barclays Africa Group Ltd. (m)		107
	7		Bidvest Group Ltd. (m)		183
	72		FirstRand Ltd. (m)		259
	16		Gold Fields Ltd. (m)		72
	13		Impala Platinum Holdings Ltd. (m)		160
	34		MTN Group Ltd. (m)		682
	9		Naspers Ltd., Class N (m)		824
	32		PPC Ltd. (m)		102
	44		Sanlam Ltd. (m)		236
	12		Sasol Ltd. (m)		624
	10		Shoprite Holdings Ltd. (m)		179
	13		Sibanye Gold Ltd. (m)		19
	20		Standard Bank Group Ltd. (m)		257
	32		Steinhoff International Holdings Ltd. (a) (m)		125
	5		Tiger Brands Ltd. (m)		146
					4,068
			South Korea — 0.7%
	2		Daelim Industrial Co., Ltd. (m)		194
	7		Daewoo Shipbuilding & Marine Engineering Co., Ltd. (m)		212
	1		E-Mart Co., Ltd. (m)		137
	1		Hyundai Mobis (m)		275
	1		Hyundai Motor Co. (m)		273
	4		KB Financial Group, Inc. (m)		154
	1		LG Chem Ltd. (m)		392
	3		LG Electronics, Inc. (m)		212
	1		POSCO (m)		243
	1		Samsung Electronics Co., Ltd. (m)		1,211
	2		Samsung Fire & Marine Insurance Co., Ltd. (m)		395
	5		Shinhan Financial Group Co., Ltd. (m)		232
	—	(h)	Shinsegae Co., Ltd. (m)		39
	7		SK Hynix, Inc. (a) (m)		222
	1		SK Innovation Co., Ltd. (m)		99
	1		SK Telecom Co., Ltd. (m)		170
					4,460

SHARES		SECURITY DESCRIPTION	VALUE($)
		Spain — 5.9%
	19	Abertis Infraestructuras S.A. (m)		412
	1	Acciona S.A. (m)		69
	14	ACS Actividades de Construccion y Servicios S.A. (m)		449
	24	Amadeus IT Holding S.A., Class A (m)		906
	451	Banco Bilbao Vizcaya Argentaria S.A. (m)		5,271
	178	Banco de Sabadell S.A. (m)		456
	54	Banco Popular Espanol S.A. (a) (m)		307
	934	Banco Santander S.A. (a) (m)		8,284
	229	Distribuidora Internacional de Alimentacion S.A. (m)		2,088
	8	Enagas S.A. (m)		207
	35	Ferrovial S.A. (m)		669
	30	Gas Natural SDG S.A. (m)		717
	7	Grifols S.A. (m)		302
	522	Iberdrola S.A. (m)		3,277
	19	Inditex S.A. (m)		3,096
	9	Red Electrica Corp. S.A. (m)		577
	73	Repsol S.A. (m)		1,959
	334	Telefonica S.A. (m)		5,882
	12	Zardoya Otis S.A. (m)		202
				35,130
		Sweden — 1.6%
	8	Atlas Copco AB, Class B (m)		209
	7	Boliden AB (m)		95
	6	Electrolux AB, Series B, (m)		142
	6	Hexagon AB, Class B (m)		172
	10	Husqvarna AB, Class B (m)		57
	3	Industrivarden AB, Class C (m)		60
	5	Investment AB Kinnevik, Class B (m)		191
	14	Investor AB, Class B (m)		435
	6	Lundin Petroleum AB (a) (m)		114
	271	Nordea Bank AB (m)		3,464
	5	Ratos AB, Class B (m)		42
	29	Sandvik AB (m)		394
	7	Scania AB, Class B (m)		133
	9	Securitas AB, Class B (m)		97
	42	Skandinaviska Enskilda Banken AB, Class A (m)		507
	7	Skanska AB, Class B (m)		137
	11	SKF AB, Class B (m)		292
	16	Svenska Cellulosa AB SCA, Class B (m)		455
	14	Svenska Handelsbanken AB, Class A (m)		634
	79	Telefonaktiebolaget LM Ericsson, Class B (m)		947
	54	TeliaSonera AB (m)		447
	39	Volvo AB, Class B (m)		495
				9,519

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Switzerland — 2.8%
	24		ABB Ltd. (a) (m)		603
	1		Actelion Ltd. (a) (m)		86
	—	(h)	Aryzta AG (a) (m)		11
	—	(h)	Banque Cantonale Vaudoise (m)		24
	—	(h)	Barry Callebaut AG (a) (m)		24
	6		Cie Financiere Richemont S.A., Class A (m)		582
	16		Credit Suisse Group AG (a) (m)		509
	—	(h)	EMS-Chemie Holding AG (m)		41
	—	(h)	Geberit AG (m)		87
	—	(h)	Givaudan S.A. (a) (m)		132
	148		Glencore Xstrata plc (a) (m)		803
	22		Holcim Ltd. (a) (m)		1,608
	2		Julius Baer Group Ltd. (a) (m)		114
	—	(h)	Kuehne & Nagel International AG (m)		54
	—	(h)	Lindt & Spruengli AG (m)		50
	38		Nestle S.A. (m)		2,714
	35		Novartis AG (m)		2,725
	—	(h)	Pargesa Holding S.A. (m)		24
	—	(h)	Partners Group Holding AG (m)		46
	8		Roche Holding AG (m)		2,240
	—	(h)	SGS S.A. (m)		133
	1		Sonova Holding AG (a) (m)		77
	—	(h)	Sulzer AG (m)		31
	1		Swatch Group AG (The) (m)		260
	—	(h)	Swiss Life Holding AG (a) (m)		69
	29		Swiss Re AG (a) (m)		2,531
	—	(h)	Swisscom AG (m)		105
	4		Transocean Ltd. (m)		181
	46		UBS AG (a) (m)		890
	4		Wolseley plc (m)		207
					16,961
			Taiwan — 0.6%
	19		Asustek Computer, Inc. (m)		141
	135		Cathay Financial Holding Co., Ltd. (m)		203
	215		China Steel Corp. (m)		187
	22		Chunghwa Telecom Co., Ltd. (m)		71
	196		CTBC Financial Holding Co., Ltd. (m)		133
	143		Far Eastern New Century Corp. (m)		165
	69		Formosa Plastics Corp. (m)		187
	109		Hon Hai Precision Industry Co., Ltd. (m)		276
	6		HTC Corp. (m)		30
	21		MediaTek, Inc. (m)		288
	66		Nan Ya Plastics Corp. (m)		150
	89		Pegatron Corp. (m)		124
	87		Quanta Computer, Inc. (m)		206
	470		Taishin Financial Holding Co., Ltd. (m)		237

SHARES		SECURITY DESCRIPTION	VALUE($)
		Taiwan — Continued
	91	Taiwan Cement Corp. (m)		132
	49	Taiwan Mobile Co., Ltd. (m)		168
	153	Taiwan Semiconductor Manufacturing Co., Ltd. (m)		565
	195	United Microelectronics Corp. (m)		83
				3,346
		Thailand — 0.6%
	32	Advanced Info Service PCL (m)		263
	37	Bangkok Bank PCL (m)		244
	141	Banpu PCL (m)		131
	186	Charoen Pokphand Foods PCL (m)		145
	85	Kasikornbank PCL (m)		532
	275	Krung Thai Bank PCL (m)		180
	84	PTT Exploration & Production PCL (m)		455
	93	PTT Global Chemical PCL (m)		233
	41	PTT PCL (m)		412
	27	Siam Cement PCL (The) (m)		375
	96	Siam Commercial Bank PCL (The) (m)		509
	32	Thai Oil PCL (m)		64
				3,543
		Turkey — 0.5%
	107	Akbank TAS (m)		418
	15	Anadolu Efes Biracilik Ve Malt Sanayii A.S. (m)		194
	10	BIM Birlesik Magazalar A.S. (m)		214
	114	Eregli Demir ve Celik Fabrikalari TAS (m)		157
	42	Haci Omer Sabanci Holding A.S. (m)		197
	31	KOC Holding A.S. (m)		152
	9	Tupras Turkiye Petrol Rafinerileri A.S. (m)		206
	66	Turkcell Iletisim Hizmetleri A.S. (a) (m)		408
	141	Turkiye Garanti Bankasi A.S. (m)		565
	27	Turkiye Halk Bankasi A.S. (m)		219
	91	Turkiye Is Bankasi, Class C (m)		249
	66	Yapi ve Kredi Bankasi A.S. (m)		152
				3,131
		United Kingdom — 8.1%
	14	3i Group plc (m)		84
	12	Aberdeen Asset Management plc (m)		83
	22	Anglo American plc (m)		530
	6	Antofagasta plc (m)		76
	15	ARM Holdings plc (m)		236
	57	Associated British Foods plc (m)		2,059
	20	AstraZeneca plc (m)		1,051
	208	Barclays plc (m)		874
	54	BG Group plc (m)		1,103
	34	BHP Billiton plc (m)		1,038

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		United Kingdom — Continued
	303	BP plc (m)		2,352
	51	British American Tobacco plc (m)		2,810
	126	BT Group plc (m)		765
	6	Burberry Group plc (m)		154
	83	Centrica plc (m)		471
	139	CNH Industrial N.V. (a) (m)		1,648
	14	Cobham plc (m)		66
	2	Croda International plc (m)		76
	81	Diageo plc (m)		2,591
	113	Domino’s Pizza Group plc (m)		1,062
	4	Eurasian Natural Resources Corp. plc (a) (m)		14
	5	Evraz plc (a) (m)		9
	79	GlaxoSmithKline plc (m)		2,087
	3	Hargreaves Lansdown plc (m)		64
	274	HSBC Holdings plc (m)		2,998
	8	ICAP plc (m)		46
	6	Inmarsat plc (m)		74
	43	InterContinental Hotels Group plc (m)		1,240
	8	Investec plc (m)		54
	919	ITV plc (m)		2,811
	17	J Sainsbury plc (m)		111
	3	Johnson Matthey plc (m)		139
	3	Kazakhmys plc (m)		12
	33	Kingfisher plc (m)		197
	755	Lloyds Banking Group plc (a) (m)		933
	2	London Stock Exchange Group plc (m)		64
	22	Marks & Spencer Group plc (m)		178
	11	Meggitt plc (m)		102
	14	Pearson plc (m)		294
	4	Petrofac Ltd. (m)		83
	86	Prudential plc (m)		1,760
	1	Randgold Resources Ltd. (m)		88
	11	Rexam plc (m)		89
	21	Rio Tinto plc (m)		1,080
	30	Rolls-Royce Holdings plc (a) (m)		554
	29	Royal Bank of Scotland Group plc (a) (m)		171
	47	SABMiller plc (m)		2,443
	175	Salamander Energy plc (a) (m)		301
	2	Schroders plc (m)		65
	12	Smith & Nephew plc (m)		158
	16	SSE plc (m)		370
	34	Standard Chartered plc (m)		821
	10	Subsea 7 S.A. (m)		212
	99	Tate & Lyle plc (m)		1,252
	120	Tesco plc (m)		699
	13	Tullow Oil plc (m)		191
	783	Vodafone Group plc (m)		2,866

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — Continued
	98	WH Smith plc (m)		1,410
	39	Whitbread plc (m)		2,134
	144	WM Morrison Supermarkets plc (m)		648
	22	WPP plc (m)		465
				48,416
		United States — 0.0% (g)
	5	Sims Metal Management Ltd. (a) (m)		51
		Total Common Stocks (Cost $338,941)		560,470
	Preferred Stocks — 1.9%
		Brazil — 0.5%
	29	Banco Bradesco S.A. (Preference Shares) (m)		414
	6	Cia de Bebidas das Americas (m)		238
	6	Cia Energetica de Minas Gerais (m)		55
	69	Itau Unibanco Holding S.A. (m)		1,068
	52	Petroleo Brasileiro S.A. (m)		478
	36	Vale S.A. (m)		530
				2,783
		Chile — 0.0% (g)
	6	Sociedad Quimica y Minera de Chile S.A., Class B (m)		161
		Germany — 1.3%
	3	Bayerische Motoren Werke AG (m)		230
	35	Henkel AG & Co. KGaA (m)		3,825
	10	Porsche Automobil Holding SE (m)		948
	2	RWE AG (m)		56
	10	Volkswagen AG (m)		2,503
				7,562
		Italy — 0.1%
	970	Telecom Italia S.p.A. (m)		759
		United Kingdom — 0.0% (g)
	2,588	Rolls-Royce Holdings plc (a) (m)		4
		Total Preferred Stocks (Cost $5,904)		11,269
	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	19,452	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $19,452)		19,452
		Total Investments — 98.7% (Cost $364,297)		591,191
		Other Assets in Excess of Liabilities — 1.3%		7,785
		NET ASSETS — 100.0%	$	598,976

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		13.8	%
Oil, Gas & Consumable Fuels		7.1
Pharmaceuticals		6.4
Insurance		5.1
Automobiles		4.7
Diversified Telecommunication Services		4.1
Chemicals		3.7
Electric Utilities		3.1
Metals & Mining		2.8
Beverages		2.5
Machinery		2.5
Food Products		2.3
Wireless Telecommunication Services		2.1
Food & Staples Retailing		2.1
Industrial Conglomerates		2.0
Hotels, Restaurants & Leisure		1.7
Real Estate Management & Development		1.6

INDUSTRY	PERCENTAGE
Auto Components		1.6	%
Diversified Financial Services		1.5
Capital Markets		1.4
Construction Materials		1.2
Media		1.2
Software		1.2
Specialty Retail		1.2
Electrical Equipment		1.1
Textiles, Apparel & Luxury Goods		1.1
Trading Companies & Distributors		1.0
Multi-Utilities		1.0
Road & Rail		1.0
Aerospace & Defense		1.0
Electronic Equipment, Instruments & Components		1.0
Others (each less than 1.0%)		12.6
Short-Term Investments		3.3

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	52	TOPIX Index		12/12/13	$	6,343	$	96
	52	SPI 200 Index		12/19/13		6,655		215
	147	Dow Jones Euro STOXX 50 Index		12/20/13		6,105		356
	38	FTSE 100 Index		12/20/13		4,088		55
							$	722

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.8%
		Australia — 2.1%
	655	Australia & New Zealand Banking Group Ltd. (m)		20,970
	2,014	Goodman Group (m)		9,625
				30,595
		Belgium — 1.3%
	121	Solvay S.A. (m)		18,961
		Canada — 1.2%
	920	First Quantum Minerals Ltd. (m)		17,455
		China — 1.1%
	3,052	China Shenhua Energy Co., Ltd., Class H (m)		9,282
	1,006	ENN Energy Holdings Ltd. (m)		5,965
				15,247
		Denmark — 1.7%
	465	Danske Bank A/S (a) (m)		10,858
	78	Novo Nordisk A/S, Class B (m)		12,999
				23,857
		Finland — 1.1%
	244	Afarak Group OYJ (a) (i)		116
	819	Stora Enso OYJ, Class R (m)		7,601
	526	UPM-Kymmene OYJ (m)		8,354
				16,071
		France — 11.2%
	718	AXA S.A. (m)		17,897
	287	BNP Paribas S.A. (m)		21,138
	392	Cie de St-Gobain (m)		20,588
	293	Electricite de France S.A. (m)		10,257
	389	GDF Suez (m)		9,637
	227	Schneider Electric S.A. (m)		19,091
	230	Sodexo (m)		22,318
	513	Suez Environnement Co. (m)		8,941
	65	Unibail-Rodamco SE (m)		17,024
	140	Valeo S.A. (m)		13,897
				160,788
		Germany — 9.7%
	126	Allianz SE (m)		21,149
	205	BASF SE (m)		21,305
	265	Bayer AG (m)		32,867
	108	Continental AG (m)		19,810
	284	Deutsche Bank AG (m)		13,714
	128	Deutsche Boerse AG (m)		9,623
	267	SAP AG (m)		20,926
				139,394

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — 4.3%
	7,237	Belle International Holdings Ltd. (m)		10,204
	2,922	China Overseas Land & Investment Ltd. (m)		9,055
	1,386	Hutchison Whampoa Ltd. (m)		17,270
	2,143	Sands China Ltd. (m)		15,236
	1,129	Wharf Holdings Ltd. (m)		9,501
				61,266
		Ireland — 0.8%
	259	Shire plc (m)		11,471
		Italy — 0.9%
	568	Assicurazioni Generali S.p.A. (m)		13,290
		Japan — 19.1%
	314	Daikin Industries Ltd. (m)		18,071
	118	East Japan Railway Co. (m)		10,207
	2,073	Hitachi Ltd. (m)		14,501
	609	Honda Motor Co., Ltd. (m)		24,311
	158	Japan Airlines Co., Ltd. (m)		9,253
	674	Japan Tobacco, Inc. (m)		24,373
	2,614	Kawasaki Heavy Industries Ltd. (m)		10,214
	318	Mitsubishi Estate Co., Ltd. (m)		9,088
	3,686	Mitsubishi UFJ Financial Group, Inc. (m)		23,471
	153	Nitto Denko Corp. (m)		7,997
	1,327	Nomura Holdings, Inc. (m)		9,800
	267	Nomura Research Institute Ltd. (m)		8,965
	1,207	Sekisui Chemical Co., Ltd. (m)		14,024
	525	Seven & I Holdings Co., Ltd. (m)		19,441
	929	Sumitomo Electric Industries Ltd. (m)		13,913
	483	Sumitomo Mitsui Financial Group, Inc. (m)		23,361
	391	Toyota Motor Corp. (m)		25,339
	364	Yamato Holdings Co., Ltd. (m)		7,830
				274,159
		Netherlands — 4.7%
	235	ASML Holding N.V. (m)		22,295
	639	Royal Dutch Shell plc, Class A (m)		21,279
	603	Unilever N.V., CVA (m)		23,904
				67,478
		South Korea — 1.6%
	31	LG Chem Ltd. (m)		8,635
	11	Samsung Electronics Co., Ltd. (m)		14,672
				23,307
		Spain — 1.0%
	566	Repsol S.A. (m)		15,163
		Sweden — 3.3%
	506	Electrolux AB, Series B, (m)		12,480

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Sweden — Continued
	684	Swedbank AB, Class A (m)		17,805
	1,476	Telefonaktiebolaget LM Ericsson, Class B (m)		17,659
				47,944
		Switzerland — 9.3%
	215	Cie Financiere Richemont S.A., Class A (m)		21,935
	477	Novartis AG (m)		37,006
	136	Roche Holding AG (m)		37,588
	161	Swiss Re AG (a) (m)		14,141
	1,170	UBS AG (a) (m)		22,636
				133,306
		Taiwan — 0.5%
	1,397	Hon Hai Precision Industry Co., Ltd., Reg.S, GDR (m)		6,931
		United Kingdom — 20.9%
	1,336	BG Group plc (m)		27,256
	485	British American Tobacco plc (m)		26,783
	2,691	BT Group plc (m)		16,282
	1,641	Centrica plc (m)		9,284
	498	Diageo plc (m)		15,868
	3,488	HSBC Holdings plc (m)		38,236
	762	InterContinental Hotels Group plc (m)		22,214
	2,505	Kingfisher plc (m)		15,152
	626	Pearson plc (m)		13,096
	253	Persimmon plc (a) (m)		5,125
	427	Petrofac Ltd. (m)		10,005
	1,183	Prudential plc (m)		24,184

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — Continued
	326	Rio Tinto plc (m)		16,491
	346	SABMiller plc (m)		18,044
	701	Tullow Oil plc (m)		10,597
	8,848	Vodafone Group plc (m)		32,409
				301,026
		Total Common Stocks (Cost $1,146,177)		1,377,709
	Preferred Stocks — 2.1%
		Germany — 2.1%
	124	Henkel AG & Co. KGaA (m)		13,419
	66	Volkswagen AG (m)		16,648
		Total Preferred Stocks (Cost $18,365)		30,067
	Short-Term Investment — 1.4%
		Investment Company — 1.4%
	19,578	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $19,578)		19,578
		Total Investments — 99.3% (Cost $1,184,120)		1,427,354
		Other Assets in Excess of Liabilities — 0.7%		10,413
		NET ASSETS — 100.0%	$	1,437,767

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		10.9	%
Pharmaceuticals		9.2
Insurance		6.4
Oil, Gas & Consumable Fuels		5.9
Automobiles		4.6
Hotels, Restaurants & Leisure		4.2
Chemicals		4.0
Tobacco		3.6
Capital Markets		3.2
Building Products		2.7
Semiconductors & Semiconductor Equipment		2.6
Metals & Mining		2.4
Beverages		2.4
Auto Components		2.4
Electrical Equipment		2.3
Wireless Telecommunication Services		2.3

INDUSTRY	PERCENTAGE
Household Durables		2.2	%
Multi-Utilities		2.0
Real Estate Management & Development		1.9
Real Estate Investment Trusts (REITs)		1.9
Specialty Retail		1.8
Food Products		1.7
Textiles, Apparel & Luxury Goods		1.5
Electronic Equipment, Instruments & Components		1.5
Software		1.5
Food & Staples Retailing		1.4
Communications Equipment		1.2
Industrial Conglomerates		1.2
Diversified Telecommunication Services		1.1
Paper & Forest Products		1.1
Others (each less than 1.0%)		7.5
Short-Term Investment		1.4

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT 10/31/13			NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,253,492	CHF
	2,233,084	for GBP	Merrill Lynch International		11/06/13	$	3,581	#	$	3,586	#	$	5
	2,261,024	EUR
	1,968,755	for GBP	Citibank, N.A.		11/06/13		3,157	#		3,070	#		(87	)
	2,180,063	EUR
	283,539,251	for JPY	BNP Paribas		11/06/13		2,883	#		2,960	#		77
	2,778,290	GBP
	33,687,700	for HKD	Credit Suisse International		11/06/13		4,346	#		4,455	#		109
	340,077,695	JPY
	3,591,940	for CAD	Credit Suisse International		11/06/13		3,444	#		3,458	#		14
	75,091,974	AUD	Australia and New Zealand Banking Group Limited		11/06/13		67,617			70,963			3,346
	7,226,027	AUD	BNP Paribas		11/06/13		6,770			6,829			59
	4,849,544	AUD	Credit Suisse International		11/06/13		4,414			4,583			169
	1,374,674	CHF	Credit Suisse International		11/06/13		1,487			1,515			28
	16,994,614	CHF	Westpac Banking Corp.		11/06/13		18,531			18,730			199
	12,977,808	EUR	BNP Paribas		11/06/13		17,559			17,621			62
	16,860,747	EUR	Credit Suisse International		11/06/13		22,493			22,893			400
	7,832,476	EUR	Royal Bank of Scotland		11/06/13		10,528			10,635			107
	2,366,675	EUR	TD Bank Financial Group		11/06/13		3,134			3,213			79
	2,062,667	EUR	Union Bank of Switzerland AG		11/06/13		2,783			2,800			17
	2,004,012	GBP	Barclays Bank plc		11/06/13		3,077			3,213			136
	10,848,098	GBP	BNP Paribas		11/06/13		17,573			17,393			(180	)
	7,143,149	GBP	Citibank, N.A.		11/06/13		11,410			11,453			43
	1,916,365	GBP	Commonwealth Bank of Australia		11/06/13		3,061			3,073			12
	1,724,477	GBP	Credit Suisse International		11/06/13		2,774			2,765			(9	)

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,995,200	GBP	HSBC Bank, N.A.		11/06/13	$	3,130	$	3,199	$	69
	2,260,472	GBP	Royal Bank of Scotland		11/06/13		3,607		3,624		17
	6,507,999	GBP	State Street Corp.		11/06/13		10,165		10,435		270
	1,749,876	GBP	Westpac Banking Corp.		11/06/13		2,787		2,806		19
	3,236,512	GBP	Citibank, N.A.		02/04/14		5,195		5,186		(9	)
	27,394,096	HKD	State Street Corp.		11/06/13		3,533		3,533		—	(h)
	538,488,595	JPY	Australia and New Zealand Banking Group Limited		11/06/13		5,493		5,476		(17	)
	1,506,944,399	JPY	BNP Paribas		11/06/13		15,299		15,326		27
	1,793,232,345	JPY	Citibank, N.A.		11/06/13		18,256		18,237		(19	)
	268,577,243	JPY	Credit Suisse International		11/06/13		2,772		2,732		(40	)
	327,944,525	JPY	Goldman Sachs International		11/06/13		3,344		3,335		(9	)
	399,402,284	JPY	State Street Corp.		11/06/13		4,113		4,062		(51	)
	517,329,707	JPY	Union Bank of Switzerland AG		11/06/13		5,288		5,261		(27	)
	563,633,542	JPY	Westpac Banking Corp.		11/06/13		5,682		5,732		50
	2,706,260,109	JPY	State Street Corp.		02/04/14		27,560		27,539		(21	)
	50,268,235	NOK	Barclays Bank plc		11/06/13		8,432		8,444		12
	11,021,062	NOK	Credit Suisse International		11/06/13		1,859		1,851		(8	)
	25,146,406	SGD	Goldman Sachs International		11/06/13		19,802		20,244		442
						$	356,939	$	362,230	$	5,291

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,276,731	CAD	State Street Corp.		11/06/13	$	4,142	$	4,101	$	41
	6,096,405	CAD	Union Bank of Switzerland AG		11/06/13		5,920		5,847		73
	6,044,868	CHF	Australia and New Zealand Banking Group Limited		11/06/13		6,685		6,663		22
	2,839,156	CHF	Goldman Sachs International		11/06/13		3,039		3,129		(90	)
	10,955,871	CHF	State Street Corp.		11/06/13		12,071		12,075		(4	)
	6,601,728	CHF	Union Bank of Switzerland AG		11/06/13		7,254		7,276		(22	)
	3,425,502	CHF	Westpac Banking Corp.		11/06/13		3,682		3,775		(93	)
	24,162,319	DKK	BNP Paribas		02/04/14		4,481		4,402		79
	25,872,481	DKK	State Street Corp.		02/04/14		4,787		4,713		74
	18,371,072	DKK	Union Bank of Switzerland AG		02/04/14		3,403		3,347		56
	14,933,737	EUR	Australia and New Zealand Banking Group Limited		11/06/13		20,196		20,276		(80	)
	29,064,212	EUR	Citibank, N.A.		11/06/13		38,777		39,462		(685	)
	11,758,297	EUR	Goldman Sachs International		11/06/13		15,738		15,965		(227	)
	2,401,963	EUR	Royal Bank of Canada		11/06/13		3,245		3,261		(16	)
	7,017,002	EUR	State Street Corp.		11/06/13		9,634		9,528		106
	2,751,823	EUR	Union Bank of Switzerland AG		11/06/13		3,735		3,737		(2	)
	2,626,208	EUR	Citibank, N.A.		02/04/14		3,615		3,566		49
	9,030,557	GBP	Australia and New Zealand Banking Group Limited		11/06/13		14,639		14,479		160
	17,753,965	GBP	Citibank, N.A.		11/06/13		27,173		28,467		(1,294	)
	4,371,509	GBP	Goldman Sachs International		11/06/13		6,864		7,009		(145	)
	9,631,219	GBP	State Street Corp.		11/06/13		15,561		15,442		119
	30,329,229	HKD	Australia and New Zealand Banking Group Limited		11/06/13		3,911		3,911		—	(h)
	233,716,300	HKD	TD Bank Financial Group		11/06/13		30,145		30,146		(1	)
	642,111,587	JPY	Australia and New Zealand Banking Group Limited		11/06/13		6,408		6,530		(122	)
	1,489,322,192	JPY	Goldman Sachs International		11/06/13		15,229		15,146		83
	2,904,248,709	JPY	State Street Corp.		11/06/13		29,573		29,536		37

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	936,408,596	JPY	Westpac Banking Corp.		11/06/13	$	9,595	$	9,523	$	72
	425,003,520	JPY	Credit Suisse International		02/04/14		4,344		4,325		19
	316,153,434	JPY	State Street Corp.		02/04/14		3,232		3,218		14
	28,165,515	SEK	Barclays Bank plc		11/06/13		4,294		4,346		(52	)
						$	321,372	$	323,201	$	(1,829	)

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at 10/31/13 of the currency being sold, and the value at 10/31/13 is the U.S. dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.8%
			Belgium — 1.5%
	1		Anheuser-Busch InBev N.V. (m)		64
			Canada — 4.7%
	1		Canadian National Railway Co. (m)		96
	3		Suncor Energy, Inc. (m)		105
					201
			France — 11.7%
	2		Accor S.A. (m)		93
	2		European Aeronautic Defence and Space Co. N.V. (m)		110
	1		Kering (m)		120
	1		Sanofi (m)		98
	1		Schneider Electric S.A. (m)		82
					503
			Germany — 10.2%
	1		Allianz SE (m)		90
	3		Deutsche Post AG (m)		98
	1		Fresenius SE & Co. KGaA (m)		86
	1		Henkel AG & Co. KGaA (m)		85
	1		SAP AG (m)		81
					440
			Hong Kong — 4.6%
	8		Cheung Kong Holdings Ltd. (m)		125
	10		Sands China Ltd. (m)		74
					199
			India — 2.2%
	3		HDFC Bank Ltd., ADR (m)		95
			Japan — 11.2%
	1		East Japan Railway Co. (m)		87
	2		Japan Tobacco, Inc. (m)		87
	3		Komatsu Ltd. (m)		68
	1		Nitto Denko Corp. (m)		68
	2		Toyota Motor Corp. (m)		117
	11		Yahoo! Japan Corp. (m)		53
					480
			Russia — 1.9%
	7		Sberbank of Russia, ADR (m)		84
			South Africa — 1.0%
	1		Tiger Brands Ltd. (m)		42
			South Korea — 4.4%
	—	(h)	Hyundai Mobis (m)		88
	—	(h)	Samsung Electronics Co., Ltd., Reg. S., GDR (m)		100
					188

SHARES			SECURITY DESCRIPTION	VALUE($)
			Spain — 3.8%
	6		Atresmedia Corp de Medios de Comunicaion S.A. (m)		93
	6		Banco Bilbao Vizcaya Argentaria S.A. (m)		72
					165
			Sweden — 2.2%
	3		Svenska Cellulosa AB SCA, Class B (m)		93
			Switzerland — 10.7%
	1		Cie Financiere Richemont S.A. (m)		141
	1		Novartis AG (m)		81
	—	(h)	Roche Holding AG (m)		128
	6		UBS AG (a) (m)		110
					460
			United Kingdom — 26.3%
	4		BG Group plc (m)		89
	32		Home Retail Group plc (m)		102
	12		HSBC Holdings plc (m)		127
	8		International Consolidated Airlines Group S.A. (a) (m)		45
	2		Intertek Group plc (m)		84
	9		Meggitt plc (m)		87
	7		Partnership Assurance Group plc (a) (m)		47
	4		Persimmon plc (a) (m)		72
	7		Prudential plc (m)		136
	3		Rio Tinto plc (m)		129
	6		Standard Chartered plc (m)		135
	4		WPP plc (m)		77
					1,130
			United States — 2.4%
	37		Samsonite International S.A. (m)		102
			Total Investments — 98.8% (Cost $3,417)		4,246
			Other Assets in Excess of Liabilities — 1.2%		50
			NET ASSETS — 100.0%	$	4,296

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		12.1	%
Textiles, Apparel & Luxury Goods		8.5
Pharmaceuticals		7.2
Insurance		6.4
Aerospace & Defense		4.6
Oil, Gas & Consumable Fuels		4.6
Road & Rail		4.3
Household Products		4.2
Media		4.0
Hotels, Restaurants & Leisure		3.9
Metals & Mining		3.0
Real Estate Management & Development		3.0
Automobiles		2.7
Capital Markets		2.6
Internet & Catalog Retail		2.4

INDUSTRY	PERCENTAGE
Semiconductors & Semiconductor Equipment		2.4	%
Air Freight & Logistics		2.3
Auto Components		2.1
Tobacco		2.1
Health Care Providers & Services		2.0
Professional Services		2.0
Electrical Equipment		1.9
Software		1.9
Household Durables		1.7
Chemicals		1.6
Machinery		1.6
Beverages		1.5
Internet Software & Services		1.3
Airlines		1.1
Food Products		1.0

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.4%
		Australia — 2.4%
	1,719	Australia & New Zealand Banking Group Ltd. (m)		55,009
	3,757	Goodman Group (m)		17,954
				72,963
		Belgium — 1.3%
	263	Solvay S.A. (m)		41,157
		Brazil — 0.6%
	2,099	Cia Energetica de Minas Gerais, ADR (m)		18,830
		Canada — 0.5%
	759	First Quantum Minerals Ltd. (m)		14,398
		China — 1.3%
	19,084	China Construction Bank Corp., Class H (m)		14,848
	8,289	China Shenhua Energy Co., Ltd., Class H (m)		25,212
				40,060
		Denmark — 1.1%
	1,423	Danske Bank A/S (a) (m)		33,246
		Finland — 1.1%
	871	Afarak Group OYJ (a) (i)		414
	2,084	UPM-Kymmene OYJ (m)		33,081
				33,495
		France — 15.4%
	2,201	AXA S.A. (m)		54,848
	977	BNP Paribas S.A. (m)		72,077
	949	Cie de St-Gobain (m)		49,831
	1,098	Electricite de France S.A. (m)		38,439
	565	European Aeronautic Defence and Space Co. N.V. (m)		38,692
	1,031	GDF Suez (m)		25,550
	332	Lafarge S.A. (m)		22,918
	410	Sanofi (m)		43,762
	415	Schneider Electric S.A. (m)		34,934
	794	Societe Generale S.A. (m)		44,853
	341	Sodexo (m)		33,127
	844	Suez Environnement Co. (m)		14,724
				473,755
		Germany — 10.3%
	264	Allianz SE (m)		44,361
	481	BASF SE (m)		49,942
	487	Bayer AG (m)		60,457
	632	Daimler AG (m)		51,755
	602	Deutsche Bank AG (m)		29,092
	3,167	Deutsche Telekom AG (m)		49,772
	663	Metro AG (m)		31,108
				316,487

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — 2.9%
	7,912	China Overseas Land & Investment Ltd. (m)		24,519
	3,264	Hutchison Whampoa Ltd. (m)		40,672
	2,837	Wharf Holdings Ltd. (m)		23,874
				89,065
		India — 0.6%
	459	ICICI Bank Ltd., ADR (m)		17,138
		Italy — 3.9%
	1,292	Assicurazioni Generali S.p.A. (m)		30,213
	2,726	Eni S.p.A. (m)		69,212
	2,758	UniCredit SpA (m)		20,706
				120,131
		Japan — 21.0%
	714	Bridgestone Corp. (m)		24,485
	1,278	Daiwa House Industry Co., Ltd. (m)		25,603
	341	East Japan Railway Co. (m)		29,614
	6,557	Hitachi Ltd. (m)		45,867
	785	Honda Motor Co., Ltd. (m)		31,335
	1,115	Japan Tobacco, Inc. (m)		40,352
	6,252	Kawasaki Heavy Industries Ltd. (m)		24,430
	11,043	Mitsubishi UFJ Financial Group, Inc. (m)		70,324
	539	Mitsui Fudosan Co., Ltd. (m)		17,855
	451	Nitto Denko Corp. (m)		23,635
	2,628	Nomura Holdings, Inc. (m)		19,413
	3,069	ORIX Corp. (m)		53,153
	1,855	Ricoh Co., Ltd. (m)		19,590
	1,010	Seven & I Holdings Co., Ltd. (m)		37,368
	1,640	Sumitomo Corp. (m)		21,343
	1,827	Sumitomo Electric Industries Ltd. (m)		27,371
	1,065	Sumitomo Mitsui Financial Group, Inc. (m)		51,483
	886	Toyota Motor Corp. (m)		57,440
	1,186	Yamato Holdings Co., Ltd. (m)		25,502
				646,163
		Netherlands — 4.5%
	249	ASML Holding N.V. (m)		23,542
	2,262	ING Groep N.V., CVA (a) (m)		28,745
	2,631	Royal Dutch Shell plc, Class A (m)		87,639
				139,926
		Norway — 0.9%
	1,217	Telenor ASA (m)		29,233
		South Korea — 1.0%
	22	Samsung Electronics Co., Ltd. (m)		30,182
		Spain — 1.5%
	1,715	Repsol S.A. (m)		45,980

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Sweden — 2.6%
	838	Electrolux AB, Series B, (m)		20,676
	1,906	Nordea Bank AB (m)		24,376
	2,862	Telefonaktiebolaget LM Ericsson, Class B (m)		34,230
				79,282
		Switzerland — 6.0%
	719	Credit Suisse Group AG (a) (m)		22,374
	726	Novartis AG (m)		56,365
	107	Roche Holding AG (m)		29,691
	634	Swiss Re AG (a) (m)		55,682
	1,101	UBS AG (a) (m)		21,293
				185,405
		United Kingdom — 16.5%
	8,214	Barclays plc (m)		34,560
	1,716	BG Group plc (m)		35,010
	4,852	Centrica plc (m)		27,442
	9,508	HSBC Holdings plc (m)		104,220
	1,189	InterContinental Hotels Group plc (m)		34,654
	3,875	Kingfisher plc (m)		23,443
	1,163	Pearson plc (m)		24,322
	2,285	Prudential plc (m)		46,729
	854	Rio Tinto plc (m)		43,216
	359	SABMiller plc (m)		18,696
	1,145	Tullow Oil plc (m)		17,314
	27,091	Vodafone Group plc (m)		99,227
				508,833
		Total Common Stocks (Cost $2,320,146)		2,935,729
	Preferred Stock — 1.0%
		Germany — 1.0%
	120	Volkswagen AG (m) (Cost $11,037)		30,312
	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	84,112	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $84,112)		84,112
		Total Investments — 99.1% (Cost $2,415,295)		3,050,153
		Other Assets in Excess of Liabilities — 0.9%		26,370
		NET ASSETS — 100.0%	$	3,076,523

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		17.8	%
Oil, Gas & Consumable Fuels		9.2
Insurance		7.6
Pharmaceuticals		6.2
Automobiles		5.6
Chemicals		3.8
Wireless Telecommunication Services		3.3
Capital Markets		3.0
Real Estate Management & Development		3.0
Diversified Financial Services		2.7
Diversified Telecommunication Services		2.6
Food & Staples Retailing		2.2
Hotels, Restaurants & Leisure		2.2
Multi-Utilities		2.2
Electrical Equipment		2.0
Metals & Mining		1.9
Electric Utilities		1.9
Semiconductors & Semiconductor Equipment		1.8
Building Products		1.6
Electronic Equipment, Instruments & Components		1.5
Industrial Conglomerates		1.3
Tobacco		1.3
Aerospace & Defense		1.3
Communications Equipment		1.1
Paper & Forest Products		1.1
Road & Rail		1.0
Others (each less than 1.0%)		8.0
Short-Term Investment		2.8

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	560	Dow Jones Euro STOXX 50 Index		12/20/13	$	23,259	$	98
	131	FTSE 100 Index		12/20/13		14,091		(7	)
							$	91

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT 10/31/13			NET UNREALIZED APPRECIATION (DEPRECIATION)
	13,114,636	AUD
	1,202,638,350	for JPY	Royal Bank of Scotland		11/29/13	$	12,232	#	$	12,375	#	$	143
	6,277,715	EUR
	5,301,028	for GBP	TD Bank Financial Group		11/29/13		8,498	#		8,524	#		26
	7,118,271	EUR
	945,342,045	for JPY	State Street Corp.		11/29/13		9,615	#		9,665	#		50
	5,701,639	GBP
	6,691,515	for EUR	Australia and New Zealand Banking Group Limited		11/29/13		9,085	#		9,140	#		55
	4,875,148	GBP
	768,845,002	for JPY	Deutsche Bank AG		11/29/13		7,821	#		7,816	#		(5	)
	1,134,301,744	JPY
	10,433,239	for CHF	Union Bank of Switzerland AG		11/29/13		11,501	#		11,537	#		36
	63,112,148	NOK
	1,023,938,113	for JPY	Goldman Sachs International		11/29/13		10,414	#		10,592	#		178
	161,659,837	AUD	Australia and New Zealand Banking Group Limited		11/29/13		145,858			152,542			6,684
	8,346,017	AUD	HSBC Bank, N.A.		11/29/13		7,991			7,875			(116	)
	4,935,962	EUR	Australia and New Zealand Banking Group Limited		11/29/13		6,551			6,702			151
	14,218,305	EUR	Barclays Bank plc		11/29/13		19,369			19,306			(63	)
	15,382,354	EUR	Citibank, N.A.		11/29/13		20,836			20,887			51
	4,288,776	EUR	Credit Suisse International		11/29/13		5,819			5,824			5
	8,933,790	EUR	Merrill Lynch International		11/29/13		12,218			12,131			(87	)
	6,047,644	EUR	Morgan Stanley		11/29/13		8,076			8,212			136
	6,351,459	EUR	Societe Generale		11/29/13		8,411			8,624			213
	6,126,976	EUR	Union Bank of Switzerland AG		11/29/13		8,268			8,319			51
	16,913,986	EUR	Westpac Banking Corp.		11/29/13		22,734			22,966			232
	12,291,062	GBP	Deutsche Bank AG		11/29/13		19,517			19,704			187
	4,585,396	GBP	Goldman Sachs International		11/29/13		7,199			7,351			152
	4,082,475	GBP	Merrill Lynch International		11/29/13		6,455			6,545			90
	7,167,117	GBP	Royal Bank of Scotland		11/29/13		11,435			11,489			54
	5,442,212	GBP	State Street Corp.		11/29/13		8,432			8,724			292
	38,850,813	GBP	TD Bank Financial Group		11/29/13		60,839			62,282			1,443
	4,811,232	GBP	Westpac Banking Corp.		11/29/13		7,722			7,713			(9	)
	584,758,292	JPY	BNP Paribas		11/29/13		5,978			5,948			(30	)
	2,704,734,833	JPY	Citibank, N.A.		11/29/13		27,533			27,510			(23	)
	1,227,052,653	JPY	Credit Suisse International		11/29/13		12,642			12,480			(162	)
	1,316,882,765	JPY	Merrill Lynch International		11/29/13		13,377			13,394			17
	1,796,656,767	JPY	State Street Corp.		11/29/13		18,379			18,274			(105	)
	33,630,243	NOK	Merrill Lynch International		11/29/13		5,608			5,644			36

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	154,961,790	SEK	Citibank, N.A.		11/29/13	$	23,795	$	23,899	$	104
	60,498,296	SGD	Goldman Sachs International		11/29/13		47,404		48,703		1,299
						$	611,612	$	622,697	$	11,085

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,259,576	CAD	State Street Corp.		11/29/13	$	4,102	$	4,083	$	19
	5,722,286	CHF	Societe Generale		11/29/13		6,191		6,308		(117	)
	36,931,441	CHF	Union Bank of Switzerland AG		11/29/13		40,137		40,711		(574	)
	17,294,905	CHF	Westpac Banking Corp.		11/29/13		18,545		19,064		(519	)
	8,030,735	EUR	Citibank, N.A.		11/29/13		10,885		10,904		(19	)
	10,964,487	EUR	Goldman Sachs International		11/29/13		14,655		14,888		(233	)
	64,923,884	EUR	Merrill Lynch International		11/29/13		87,159		88,155		(996	)
	7,082,404	EUR	Royal Bank of Canada		11/29/13		9,613		9,617		(4	)
	26,095,072	EUR	Royal Bank of Scotland		11/29/13		34,883		35,433		(550	)
	27,160,177	EUR	Societe Generale		11/29/13		36,439		36,879		(440	)
	4,798,061	GBP	Goldman Sachs International		11/29/13		7,681		7,692		(11	)
	12,335,417	GBP	Royal Bank of Scotland		11/29/13		19,655		19,775		(120	)
	7,455,294	GBP	Societe Generale		11/29/13		11,910		11,951		(41	)
	60,956,547	HKD	Merrill Lynch International		11/29/13		7,863		7,862		1
	87,544,282	HKD	State Street Corp.		11/29/13		11,292		11,293		(1	)
	205,089,155	HKD	Westpac Banking Corp.		11/29/13		26,456		26,455		1
	1,433,108,147	JPY	Merrill Lynch International		11/29/13		14,512		14,576		(64	)
	4,176,025,461	JPY	Morgan Stanley		11/29/13		42,955		42,474		481
	2,483,162,191	JPY	National Australia Bank		11/29/13		25,075		25,257		(182	)
	1,773,926,115	JPY	Royal Bank of Canada		11/29/13		18,041		18,043		(2	)
	78,430,256	SEK	Credit Suisse International		11/29/13		12,186		12,096		90
						$	460,235	$	463,516	$	(3,281	)

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at 10/31/13 of the currency being sold, and the value at 10/31/13 is the U.S. dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.6%
		Australia — 5.5%
	279	Asciano Ltd. (m)		1,532
	198	Australia & New Zealand Banking Group Ltd. (m)		6,343
	218	BHP Billiton Ltd. (m)		7,725
	334	Challenger Ltd. (m)		1,897
	47	Commonwealth Bank of Australia (m)		3,362
	38	Flight Centre Ltd. (m)		1,846
	50	Macquarie Group Ltd. (m)		2,427
	167	Suncorp Group Ltd. (m)		2,102
	61	Wesfarmers Ltd. (m)		2,462
	191	Westpac Banking Corp. (m)		6,212
				35,908
		Austria — 0.4%
	5	ams AG (m)		501
	47	Voestalpine AG (m)		2,199
				2,700
		Belgium — 0.9%
	37	Anheuser-Busch InBev N.V. (m)		3,866
	32	Delhaize Group S.A. (m)		2,013
				5,879
		Bermuda — 0.3%
	26	Signet Jewelers Ltd. (m)		1,968
		China — 1.3%
	4,154	China Construction Bank Corp., Class H (m)		3,232
	1,090	CNOOC Ltd. (m)		2,217
	4,260	Industrial & Commercial Bank of China Ltd., Class H (m)		2,986
				8,435
		Denmark — 0.7%
	55	Pandora A/S (m)		2,604
	216	TDC A/S (m)		1,950
				4,554
		Finland — 1.4%
	95	Elisa OYJ (m)		2,383
	48	Sampo, Class A (m)		2,289
	248	Stora Enso OYJ, Class R (m)		2,304
	154	UPM-Kymmene OYJ (m)		2,448
				9,424
		France — 10.4%
	272	AXA S.A. (m)		6,768
	78	BNP Paribas S.A. (m)		5,736
	60	Bouygues S.A. (m)		2,332
	43	Cap Gemini S.A. (m)		2,815

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — Continued
	34	Cie de St-Gobain (m)		1,791
	78	Electricite de France S.A. (m)		2,740
	42	European Aeronautic Defence and Space Co. N.V. (m)		2,848
	139	Orange S.A. (m)		1,911
	66	Plastic Omnium S.A. (m)		1,900
	27	Renault S.A. (m)		2,322
	38	Safran S.A. (m)		2,412
	41	Sanofi (m)		4,424
	38	Schneider Electric S.A. (m)		3,156
	70	SCOR SE (m)		2,473
	53	Societe Generale S.A. (m)		3,001
	42	Teleperformance (m)		2,212
	42	Thales S.A. (m)		2,547
	135	Total S.A. (m)		8,280
	28	Valeo S.A. (m)		2,749
	48	Vinci S.A. (m)		3,040
	17	Zodiac Aerospace (m)		2,652
				68,109
		Germany — 8.6%
	33	Allianz SE (m)		5,571
	57	BASF SE (m)		5,882
	73	Bayer AG (m)		8,998
	25	Bayerische Motoren Werke AG (m)		2,863
	20	Bilfinger Berger SE (m)		2,209
	13	Continental AG (m)		2,425
	64	Daimler AG (m)		5,200
	78	Deutsche Bank AG (m)		3,785
	96	Deutsche Post AG (m)		3,236
	183	Deutsche Telekom AG (m)		2,875
	80	Freenet AG (a) (m)		2,072
	12	Fresenius SE & Co. KGaA (m)		1,621
	62	GEA Group AG (m)		2,692
	15	Merck KGaA (m)		2,492
	2	Osram Licht AG (a) (m)		90
	43	Stada Arzneimittel AG (m)		2,492
	35	Wincor Nixdorf AG (m)		2,318
				56,821
		Hong Kong — 1.7%
	145	Cheung Kong Holdings Ltd. (m)		2,264
	748	China Overseas Land & Investment Ltd. (m)		2,318
	217	Hutchison Whampoa Ltd. (m)		2,704
	342	Sands China Ltd. (m)		2,435
	140	Swire Pacific Ltd., Class A (m)		1,612
				11,333

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 77

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		India — 0.7%
	81	HDFC Bank Ltd., ADR (m)		2,953
	283	Yes Bank Ltd. (m)		1,697
				4,650
		Ireland — 0.8%
	66	Shire plc (m)		2,923
	102	Smurfit Kappa Group plc (m)		2,476
				5,399
		Italy — 0.9%
	78	Azimut Holding S.p.A. (m)		1,988
	165	Eni S.p.A. (m)		4,183
				6,171
		Japan — 19.5%
	68	Asahi Group Holdings Ltd. (m)		1,836
	35	Astellas Pharma, Inc. (m)		1,962
	79	Bridgestone Corp. (m)		2,715
	81	Century Tokyo Leasing Corp. (m)		2,566
	251	Chiba Bank Ltd. (The) (m)		1,789
	86	Coca-Cola West Co., Ltd. (m)		1,740
	233	Daicel Corp. (m)		1,964
	46	Daikin Industries Ltd. (m)		2,641
	103	Daiwa House Industry Co., Ltd. (m)		2,064
	32	East Japan Railway Co. (m)		2,754
	552	Fuji Electric Co., Ltd. (m)		2,475
	78	Fuji Media Holdings, Inc. (m)		1,553
	86	Fuji Oil Co., Ltd. (m)		1,567
	424	Fukuoka Financial Group, Inc. (m)		1,912
	23	HIS Co., Ltd. (m)		1,251
	420	Hitachi Ltd. (m)		2,938
	102	Honda Motor Co., Ltd. (m)		4,057
	173	ITOCHU Corp. (m)		2,078
	87	Japan Tobacco, Inc. (m)		3,152
	826	Kawasaki Kisen Kaisha Ltd. (m)		1,894
	52	KDDI Corp. (m)		2,800
	152	Kubota Corp. (m)		2,251
	307	Marubeni Corp. (m)		2,404
	126	Mitsubishi Corp. (m)		2,555
	1,052	Mitsubishi UFJ Financial Group, Inc. (m)		6,698
	75	Mitsui Fudosan Co., Ltd. (m)		2,484
	143	Nippon Paint Co., Ltd. (m)		2,405
	44	Nippon Telegraph & Telephone Corp. (m)		2,303
	268	Nissan Motor Co., Ltd. (m)		2,694
	461	OJI Paper Co., Ltd. (m)		2,107
	66	Omron Corp. (m)		2,515
	225	ORIX Corp. (m)		3,894

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — Continued
	149	Ricoh Co., Ltd. (m)		1,574
	21	Ryohin Keikaku Co., Ltd. (m)		2,125
	106	Seiko Epson Corp. (m)		1,722
	210	Sekisui Chemical Co., Ltd. (m)		2,440
	52	Seven & I Holdings Co., Ltd. (m)		1,924
	61	SoftBank Corp. (m)		4,585
	94	Sony Corp. (m)		1,636
	147	Sumitomo Corp. (m)		1,914
	156	Sumitomo Electric Industries Ltd. (m)		2,330
	117	Sumitomo Mitsui Financial Group, Inc. (m)		5,650
	448	Sumitomo Mitsui Trust Holdings, Inc. (m)		2,213
	483	Sumitomo Osaka Cement Co., Ltd. (m)		1,949
	152	T&D Holdings, Inc. (m)		1,825
	315	Tokyo Gas Co., Ltd. (m)		1,709
	162	TOTO Ltd. (m)		2,291
	74	Toyoda Gosei Co., Ltd. (m)		1,858
	157	Toyota Motor Corp. (m)		10,173
				127,936
		Netherlands — 5.6%
	358	Aegon N.V. (m)		2,847
	31	ASML Holding N.V. (m)		2,935
	334	ING Groep N.V., CVA (a) (m)		4,245
	140	Koninklijke Ahold N.V. (m)		2,662
	28	Koninklijke DSM N.V. (m)		2,147
	78	Koninklijke Philips N.V. (m)		2,772
	45	Nutreco N.V. (m)		2,201
	481	PostNL N.V. (a) (m)		2,513
	15	Randstad Holding N.V. (m)		926
	330	Royal Dutch Shell plc, Class B (m)		11,423
	104	SBM Offshore N.V. (a) (m)		2,187
				36,858
		Norway — 0.8%
	145	DNB ASA (m)		2,577
	112	Telenor ASA (m)		2,684
				5,261
		Portugal — 0.3%
	518	EDP - Energias de Portugal S.A. (m)		1,908
		South Korea — 0.3%
	9	Hyundai Motor Co. (m)		2,171
		Spain — 2.2%
	67	Amadeus IT Holding S.A., Class A (m)		2,487
	76	Endesa S.A. (a) (m)		2,201
	114	Ferrovial S.A. (m)		2,182

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Spain — Continued
	99	Gas Natural SDG S.A. (m)		2,332
	406	Iberdrola S.A. (m)		2,551
	102	Repsol S.A. (m)		2,735
				14,488
		Sweden — 2.7%
	78	NCC AB, Class B (m)		2,410
	181	Securitas AB, Class B (m)		2,059
	91	Svenska Cellulosa AB SCA, Class B (m)		2,588
	59	Svenska Handelsbanken AB, Class A (m)		2,654
	103	Swedbank AB, Class A (m)		2,692
	249	Telefonaktiebolaget LM Ericsson, Class B (m)		2,978
	127	Trelleborg AB, Class B (m)		2,402
				17,783
		Switzerland — 12.0%
	194	ABB Ltd. (a) (m)		4,937
	18	Actelion Ltd. (a) (m)		1,365
	41	Cie Financiere Richemont S.A., Class A (m)		4,159
	147	Credit Suisse Group AG (a) (m)		4,576
	511	Ferrexpo plc (m)		1,484
	3	Galenica AG (m)		2,390
	106	GAM Holding AG (a) (m)		1,990
	3	Georg Fischer AG (a) (m)		1,829
	942	Glencore Xstrata plc (a) (m)		5,125
	27	Lonza Group AG (a) (m)		2,428
	114	Nestle S.A. (m)		8,251
	136	Novartis AG (m)		10,548
	155	OC Oerlikon Corp. AG (a) (m)		2,161
	42	Roche Holding AG (m)		11,718
	10	Straumann Holding AG (m)		2,082
	4	Swatch Group AG (The) (m)		2,693
	9	Swiss Life Holding AG (a) (m)		1,840
	26	Swiss Re AG (a) (m)		2,282
	232	UBS AG (a) (m)		4,483
	10	Zurich Insurance Group AG (a) (m)		2,650
				78,991
		Taiwan — 0.3%
	95	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		1,749
		United Kingdom — 19.3%
	329	3i Group plc (m)		1,968
	164	ARM Holdings plc (m)		2,565
	63	Associated British Foods plc (m)		2,292
	386	Aviva plc (m)		2,770
	1,386	Barclays plc (m)		5,830

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — Continued
	233	BG Group plc (m)		4,750
	22	BHP Billiton plc (m)		688
	504	BP plc (m)		3,911
	95	British American Tobacco plc (m)		5,255
	183	British Land Co. plc (m)		1,828
	177	Britvic plc (m)		1,771
	503	BT Group plc (m)		3,042
	211	BTG plc (a) (m)		1,419
	80	Burberry Group plc (m)		1,965
	273	Carillion plc (m)		1,329
	393	Centrica plc (m)		2,224
	155	Daily Mail & General Trust plc, Class A (m)		2,017
	128	Diageo plc (m)		4,080
	169	Drax Group plc (m)		1,723
	101	easyJet plc (m)		2,124
	106	Hikma Pharmaceuticals plc (m)		2,042
	525	Home Retail Group plc (m)		1,674
	828	HSBC Holdings plc (m)		9,079
	219	Inchcape plc (m)		2,237
	866	ITV plc (m)		2,647
	344	J Sainsbury plc (m)		2,178
	387	Kingfisher plc (m)		2,344
	790	Legal & General Group plc (m)		2,739
	3,220	Lloyds Banking Group plc (a) (m)		3,983
	241	Meggitt plc (m)		2,211
	100	Persimmon plc (a) (m)		2,030
	270	Prudential plc (m)		5,524
	123	Rio Tinto plc (m)		6,230
	204	St. James’s Place plc (m)		2,213
	195	Standard Chartered plc (m)		4,676
	1,316	Taylor Wimpey plc (m)		2,323
	87	Travis Perkins plc (m)		2,588
	3,322	Vodafone Group plc (m)		12,167
	362	WM Morrison Supermarkets plc (m)		1,635
	130	WPP plc (m)		2,770
				126,841
		Total Common Stocks (Cost $502,174)		635,337
	Preferred Stocks — 0.9%
		Germany — 0.9%
	22	Henkel AG & Co. KGaA (m)		2,397
	14	Volkswagen AG (m)		3,677
		Total Preferred Stocks (Cost $3,672)		6,074

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 79

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	14,340	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $14,340)		14,340
		Total Investments — 99.7% (Cost $520,186)		655,751
		Other Assets in Excess of Liabilities — 0.3%		2,128
		NET ASSETS — 100.0%	$	657,879

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		13.0	%
Pharmaceuticals		7.8
Insurance		6.7
Oil, Gas & Consumable Fuels		5.7
Automobiles		5.1
Metals & Mining		3.6
Wireless Telecommunication Services		3.3
Capital Markets		3.2
Diversified Telecommunication Services		2.6
Food Products		2.2
Beverages		2.0
Electrical Equipment		2.0
Food & Staples Retailing		2.0
Aerospace & Defense		1.9
Diversified Financial Services		1.9
Chemicals		1.9
Auto Components		1.8
Trading Companies & Distributors		1.8
Textiles, Apparel & Luxury Goods		1.7
Machinery		1.7
Construction & Engineering		1.7
Real Estate Management & Development		1.6
Electric Utilities		1.4
Media		1.4
Household Durables		1.3
Tobacco		1.3
Semiconductors & Semiconductor Equipment		1.2
Paper & Forest Products		1.0
Building Products		1.0
Others (each less than 1.0%)		14.0
Short-Term Investments		2.2

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

J.P. Morgan International Equity Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

ADR	—  American Depositary Receipt
AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
CVA	—  Dutch Certification
DKK	—  Danish Krone
EUR	—  Euro
GBP	—  British Pound
GDR	—  Global Depositary Receipt
HKD	—  Hong Kong Dollar
JPY	—  Japanese Yen
NOK	—  Norwegian Krone
NZD	—  New Zealand Dollar
NVDR	—  Non Voting Depository Receipt
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REIT	—  Real Estate Investment Trust
SDR	—  Swedish Depositary Receipt
SEK	—  Swedish Krona
SGD	—  Singapore Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(i)	—  Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—  The rate shown is the current yield as of October 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and forward foreign currency exchange contracts.

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

Fund	Value		Percentage
Emerging Economies Fund	$	774,489		75.2	%
Emerging Markets Equity Fund		2,444,138		71.2
Global Equity Income Fund		65,919		61.0
Global Research Enhanced Index Fund		754,913		39.9
International Equity Fund		1,879,204		93.9
International Equity Index Fund		559,577		94.7
International Opportunities Fund		1,390,322		97.4
International Unconstrained Equity Fund		3,850		90.7
International Value Fund		2,915,675		95.6
Intrepid International Fund		636,708		97.1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

(Amounts in thousands, except per share amounts)

	Emerging Economies Fund			Emerging Markets Equity Fund		Global Equity Income Fund			Global Research Enhanced Index Fund
ASSETS:
Investments in non-affiliates, at value	$	1,016,075		$	3,291,857	$	104,202		$	1,808,672
Investments in affiliates, at value		14,082			141,356		3,942			85,564
Total investment securities, at value		1,030,157			3,433,213		108,144			1,894,236
Cash		518			14,758		342			238
Foreign currency, at value		4,044			24,699		759			2,805
Deposits at broker for futures contracts		—			—		—			4,325
Receivables:
Investment securities sold		—			14,289		1,599			6,435
Fund shares sold		511			5,591		274			4,257
Dividends from non-affiliates		1,052			2,370		183			2,437
Dividends from affiliates		—	(a)		2		—	(a)		1
Tax reclaims		—			—		85			139
Variation margin on futures contracts		—			—		—			56
Unrealized appreciation on forward foreign currency exchange contracts		—			—		48			—
Deferred offering costs		—			—		—			13
Total Assets		1,036,282			3,494,922		111,434			1,914,942
LIABILITIES:
Payables:
Distributions		—			—		26			—
Investment securities purchased		5,418			69,252		3,184			6,701
Fund shares redeemed		171			3,696		129			12,346
Unrealized depreciation on forward foreign currency exchange contracts		—			—		238			—
Accrued liabilities:
Investment advisory fees		834			2,832		37			309
Administration fees		—			191		—			132
Shareholder servicing fees		57			286		17			35
Distribution fees		17			106		11			—	(a)
Custodian and accounting fees		131			554		34			136
Trustees’ and Chief Compliance Officer’s fees		1			1		—			—	(a)
Deferred India capital gains tax		—			5,585		—			—
Other		67			726		74			84
Total Liabilities		6,696			83,229		3,750			19,743
Net Assets	$	1,029,586		$	3,411,693	$	107,684		$	1,895,199

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

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	Emerging Economies Fund			Emerging Markets Equity Fund			Global Equity Income Fund			Global Research Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	1,031,264		$	2,985,578		$	94,337		$	1,712,015
Accumulated undistributed (distributions in excess of) net investment income		12,415			20,153			61			14,318
Accumulated net realized gains (losses)		(68,818	)		(97,632	)		834			7,156
Net unrealized appreciation (depreciation)		54,725			503,594			12,452			161,710
Total Net Assets	$	1,029,586		$	3,411,693		$	107,684		$	1,895,199
Net Assets:
Class A	$	69,690		$	327,090		$	49,118		$	58
Class B		—			4,245			—			—
Class C		5,089			56,119			1,957			58
Class R2		—			—			558			58
Class R5		676,985			—			566			—
Institutional Class		—			1,123,600			—			—
Select Class		277,822			1,900,639			55,485			1,895,025
Total	$	1,029,586		$	3,411,693		$	107,684		$	1,895,199
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		5,112			14,194			2,946			3
Class B		—			187			—			—
Class C		379			2,505			118			3
Class R2		—			—			33			3
Class R5		49,372			—			34			—
Institutional Class		—			47,341			—			—
Select Class		20,326			80,991			3,321			109,125
Net Asset Value (a):
Class A — Redemption price per share	$	13.63		$	23.05		$	16.67		$	17.33
Class B — Offering price per share (b)		—			22.57			—			—
Class C — Offering price per share (b)		13.44			22.41			16.63			17.28
Class R2 — Offering and redemption price per share		—			—			16.67			17.30
Class R5 — Offering and redemption price per share		13.71			—			16.72			—
Institutional Class — Offering and redemption price per share		—			23.73			—			—
Select Class — Offering and redemption price per share		13.67			23.47			16.71			17.37
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	14.39		$	24.32		$	17.59		$	18.29
Cost of investments in non-affiliates	$	961,415		$	2,783,187		$	91,573		$	1,649,238
Cost of investments in affiliates		14,082			141,356			3,942			85,564
Cost of foreign currency		4,003			24,423			747			2,804

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 83

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except per share amounts)

	International Equity Fund			International Equity Index Fund			International Opportunities Fund
ASSETS:
Investments in non-affiliates, at value	$	1,938,925		$	571,739		$	1,407,776
Investments in affiliates, at value		61,450			19,452			19,578
Total investment securities, at value		2,000,375			591,191			1,427,354
Cash		108			376			57
Foreign currency, at value		19			4,368			23
Deposits at broker for futures contracts		—			1,311			—
Receivables:
Investment securities sold		—			559			3,597
Fund shares sold		1,368			226			924
Dividends from non-affiliates		3,537			951			2,452
Dividends from affiliates		1			—	(a)		1
Tax reclaims		1,630			622			1,256
Unrealized appreciation on forward foreign currency exchange contracts		—			—			6,772
Prepaid expenses		—			—			25
Total Assets		2,007,038			599,604			1,442,461
LIABILITIES:
Payables:
Fund shares redeemed		372			176			286
Variation margin on futures contracts		—			—	(a)		—
Unrealized depreciation on forward foreign currency exchange contracts		—			—			3,310
Accrued liabilities:
Investment advisory fees		1,184			90			713
Administration fees		—			—	(a)		101
Shareholder servicing fees		142			—	(a)		41
Distribution fees		55			39			27
Custodian and accounting fees		97			141			89
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1			1
Audit fees		50			53			53
Transfer agent fees		131			80			54
Printing & mailing costs		44			37			17
Other		9			11			2
Total Liabilities		2,084			628			4,694
Net Assets	$	2,004,954		$	598,976		$	1,437,767

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

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Equity Fund			International Equity Index Fund			International Opportunities Fund
NET ASSETS:
Paid-in-Capital	$	1,621,392		$	363,811		$	1,244,386
Accumulated undistributed (distributions in excess of) net investment income		2,096			7,888			12,024
Accumulated net realized gains (losses)		(33,835	)		(432	)		(65,385	)
Net unrealized appreciation (depreciation)		415,301			227,709			246,742
Total Net Assets	$	2,004,954		$	598,976		$	1,437,767
Net Assets:
Class A	$	188,590		$	108,193		$	123,807
Class B		1,711			2,751			484
Class C		23,655			21,802			1,109
Class R2		1,230			1,957			—
Class R5		106,963			—			—
Class R6		1,248,489			—			1,204,314
Institutional Class		—			—			60,310
Select Class		434,316			464,273			47,743
Total	$	2,004,954		$	598,976		$	1,437,767
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		11,845			5,103			8,120
Class B		111			140			32
Class C		1,556			1,063			74
Class R2		78			94			—
Class R5		6,631			—			—
Class R6		77,422			—			77,372
Institutional Class		—			—			3,874
Select Class		26,934			21,734			3,081
Net Asset Value (a):
Class A — Redemption price per share	$	15.92		$	21.20		$	15.25
Class B — Offering price per share (b)		15.39			19.57			15.29
Class C — Offering price per share (b)		15.20			20.51			14.88
Class R2 — Offering and redemption price per share		15.87			20.91			—
Class R5 — Offering and redemption price per share		16.13			—			—
Class R6 — Offering and redemption price per share		16.13			—			15.57
Institutional Class — Offering and redemption price per share		—			—			15.57
Select Class — Offering and redemption price per share		16.13			21.36			15.50
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)]	$	16.80		$	22.37		$	16.09
Cost of investments in non-affiliates	$	1,523,680		$	344,845		$	1,164,542
Cost of investments in affiliates		61,450			19,452			19,578
Cost of foreign currency		19			4,304			19

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 85

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except per share amounts)

	International Unconstrained Equity Fund			International Value Fund		Intrepid International Fund
ASSETS:
Investments in non-affiliates, at value	$	4,246		$	2,966,041	$	641,411
Investments in affiliates, at value		—			84,112		14,340
Total investment securities, at value		4,246			3,050,153		655,751
Cash		90			118		189
Foreign currency, at value		3			256		9
Receivables:
Investment securities sold		—			4,861		1,230
Fund shares sold		—	(a)		16,592		3,753
Dividends from non-affiliates		6			6,728		1,212
Dividends from affiliates		—			1		—	(a)
Tax reclaims		6			2,218		545
Variation margin on futures contracts		—			91		—
Unrealized appreciation on forward foreign currency exchange contracts		—			12,277		—
Due from Adviser		16			—		—
Total Assets		4,367			3,093,295		662,689
LIABILITIES:
Payables:
Investment securities purchased		—			1		4,181
Fund shares redeemed		—			9,310		41
Unrealized depreciation on forward foreign currency exchange contracts		—			4,473		—
Accrued liabilities:
Investment advisory fees		—			1,516		399
Administration fees		—			115		—
Shareholder servicing fees		1			479		16
Distribution fees		—	(a)		61		13
Custodian and accounting fees		16			178		52
Trustees’ and Chief Compliance Officer’s fees		—	(a)		4		1
Audit fees		47			52		56
Transfer agent fees		3			443		31
Other		4			140		20
Total Liabilities		71			16,772		4,810
Net Assets	$	4,296		$	3,076,523	$	657,879

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

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Unconstrained Equity Fund			International Value Fund			Intrepid International Fund
NET ASSETS:
Paid-in-Capital	$	3,148		$	2,875,720		$	1,076,021
Accumulated undistributed (distributions in excess of) net investment income		44			32,103			7,237
Accumulated net realized gains (losses)		275			(474,158	)		(560,967	)
Net unrealized appreciation (depreciation)		829			642,858			135,588
Total Net Assets	$	4,296		$	3,076,523		$	657,879
Net Assets:
Class A	$	83		$	221,077		$	60,135
Class B		—			2,476			—
Class C		76			22,682			1,131
Class R2		70			1,249			98
Class R5		71			—			—
Class R6		71			107,313			—
Institutional Class		—			1,087,334			582,599
Select Class		3,925			1,634,392			13,916
Total	$	4,296		$	3,076,523		$	657,879
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		4			14,717			3,038
Class B		—			166			—
Class C		4			1,553			57
Class R2		3			84			5
Class R5		3			—			—
Class R6		3			7,019			—
Institutional Class		—			71,134			28,799
Select Class		190			107,602			679
Net Asset Value (a):
Class A — Redemption price per share	$	20.59		$	15.02		$	19.79
Class B — Offering price per share (b)		—			14.86			—
Class C — Offering price per share (b)		20.47			14.61			19.92
Class R2 — Offering and redemption price per share		20.53			14.78			19.61
Class R5 — Offering and redemption price per share		20.69			—			—
Class R6 — Offering and redemption price per share		20.70			15.29			—
Institutional Class — Offering and redemption price per share		—			15.29			20.23
Select Class — Offering and redemption price per share		20.64			15.19			20.51
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)]	$	21.73		$	15.85		$	20.89
Cost of investments in non-affiliates	$	3,417		$	2,331,183		$	505,846
Cost of investments in affiliates		—			84,112			14,340
Cost of foreign currency		3			249			9

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 87

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013

(Amounts in thousands)

	Emerging Economies Fund			Emerging Markets Equity Fund			Global Equity Income Fund			Global Research Enhanced Index Fund (a)
INVESTMENT INCOME:
Interest income from affiliates	$	—		$	—		$	—		$	—	(b)
Dividend income from non-affiliates		22,987			69,019			2,976			17,059
Dividend income from affiliates		8			38			1			14
Foreign taxes withheld		(1,885	)		(4,646	)		(194	)		(876	)
Total investment income		21,110			64,411			2,783			16,197
EXPENSES:
Investment advisory fees		7,067			28,679			552			1,571
Administration fees		596			2,420			58			662
Distribution fees:
Class A		126			810			70			—	(b)
Class B		—			39			—			—
Class C		27			373			8			1
Class R2		—			—			3			—	(b)
Shareholder servicing fees:
Class A		126			810			70			—	(b)
Class B		—			13			—			—
Class C		9			124			3			—	(b)
Class R2		—			—			1			—	(b)
Class R5		242			—			—	(b)		—
Institutional Class		—			846			—			—
Select Class		423			4,108			98			1,963
Custodian and accounting fees		624			2,089			118			316
Interest expense to affiliates		—	(b)		3			—	(b)		—	(b)
Professional fees		90			121			76			79
Trustees’ and Chief Compliance Officer’s fees		8			31			1			6
Printing and mailing costs		28			377			7			17
Registration and filing fees		56			144			67			4
Transfer agent fees		144			3,099			33			40
Offering costs		—			—			—			27
Other		11			35			7			8
Total expenses		9,577			44,121			1,172			4,694
Less amounts waived		(878	)		(796	)		(406	)		(2,080	)
Less expense reimbursements		—			—			—			(15	)
Net expenses		8,699			43,325			766			2,599
Net investment income (loss)		12,411			21,086			2,017			13,598
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(9,074	)		(1,903	)(c)		1,497			2,891
Futures		—			—			71			4,179
Foreign currency transactions		541			(157	)		(136	)		806
Net realized gain (loss)		(8,533	)		(2,060	)		1,432			7,876
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		42,164			113,518			10,169			159,434
Futures		—			—			—			2,266
Foreign currency translations		37			471			(194	)		10
Change in net unrealized appreciation/depreciation		42,201			113,989			9,975			161,710
Net realized/unrealized gains (losses)		33,668			111,929			11,407			169,586
Change in net assets resulting from operations	$	46,079		$	133,015		$	13,424		$	183,184

(a) Commencement of operations was February 28, 2013.

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

(c) Net of India Capital Gains of approximately $5,585,000 for Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Equity Fund			International Equity Index Fund			International Opportunities Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)	$	5		$	—
Dividend income from non-affiliates		41,040			15,281			34,786
Dividend income from affiliates		22			2			16
Foreign taxes withheld		(2,811	)		(1,386	)		(2,073	)
Total investment income		38,251			13,902			32,729
EXPENSES:
Investment advisory fees		11,628			2,870			6,491
Administration fees		1,227			440			913
Distribution fees:
Class A		342			249			231
Class B		15			22			3
Class C		152			140			6
Class R2		4			6			—
Shareholder servicing fees:
Class A		342			249			231
Class B		5			7			1
Class C		51			47			2
Class R2		2			3			—
Class R5		46			—			—
Institutional Class		—			—			53
Select Class		678			998			97
Custodian and accounting fees		354			437			309
Interest expense to affiliates		—	(a)		6			—
Professional fees		133			172			145
Trustees’ and Chief Compliance Officer’s fees		15			5			11
Printing and mailing costs		102			75			43
Registration and filing fees		93			64			63
Transfer agent fees		519			325			206
Other		34			19			14
Total expenses		15,742			6,134			8,819
Less amounts waived		(2,422	)		(2,985	)		(74	)
Net expenses		13,320			3,149			8,745
Net investment income (loss)		24,931			10,753			23,984
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,321	)		90,395			20,735
Futures		—			2,236			3,902
Foreign currency transactions		369			63			(9,677	)
Net realized gain (loss)		(952	)		92,694			14,960
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		251,548			22,305			201,141
Futures		—			716			40
Foreign currency translations		40			77			5,503
Change in net unrealized appreciation/depreciation		251,588			23,098			206,684
Net realized/unrealized gains (losses)		250,636			115,792			221,644
Change in net assets resulting from operations	$	275,567		$	126,545		$	245,628

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 89

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013(continued)

(Amounts in thousands)

	International Unconstrained Equity Fund			International Value Fund			Intrepid International Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	93		$	87,082		$	14,217
Dividend income from affiliates		—			34			5
Foreign taxes withheld		(8	)		(6,507	)		(1,053	)
Total investment income		85			80,609			13,169
EXPENSES:
Investment advisory fees		31			15,852			3,869
Administration fees		3			2,230			389
Distribution fees:
Class A		—	(a)		396			105
Class B		—			20			—
Class C		1			126			8
Class R2		—	(a)		6			—	(a)
Shareholder servicing fees:
Class A		—	(a)		396			105
Class B		—			7			—
Class C		—	(a)		42			3
Class R2		—	(a)		3			—	(a)
Class R5		—	(a)		—			—
Institutional Class		—			837			407
Select Class		9			3,927			28
Custodian and accounting fees		58			664			189
Interest expense to affiliates		—	(a)		—	(a)		—
Professional fees		74			182			157
Trustees’ and Chief Compliance Officer’s fees		—	(a)		27			5
Printing and mailing costs		8			351			15
Registration and filing fees		83			170			68
Transfer agent fees		10			2,922			115
Offering costs		3			—			—
Other		8			39			7
Total expenses		288			28,197			5,470
Less amounts waived		(34	)		(325	)		(732	)
Less expense reimbursements		(213	)		—	(a)		—	(a)
Net expenses		41			27,872			4,738
Net investment income (loss)		44			52,737			8,431
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		275			126,083			11,475
Futures		—			8,568			—
Foreign currency transactions		—	(a)		(12,452	)		(48	)
Net realized gain (loss)		275			122,199			11,427
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		465			444,689			91,020
Futures		—			(235	)		—
Foreign currency translations		—	(a)		7,950			43
Change in net unrealized appreciation/depreciation		465			452,404			91,063
Net realized/unrealized gains (losses)		740			574,603			102,490
Change in net assets resulting from operations	$	784		$	627,340		$	110,921

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

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	12,411		$	7,095		$	21,086		$	12,842
Net realized gain (loss)		(8,533	)		(41,237	)		(2,060	)		(85,083	)
Change in net unrealized appreciation/depreciation		42,201			45,964			113,989			161,686
Change in net assets resulting from operations		46,079			11,822			133,015			89,445
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(283	)		(404	)		(1,014	)		—
Class B
From net investment income		—			—			(2	)		—
Class C
From net investment income		(13	)		(7	)		(15	)		—
Class R5
From net investment income		(4,485	)		(3,406	)		—			—
Institutional Class
From net investment income		—			—			(4,645	)		(1,158	)
Select Class
From net investment income		(1,651	)		(1,054	)		(7,568	)		(767	)
Total distributions to shareholders		(6,432	)		(4,871	)		(13,244	)		(1,925	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		544,006			92,749			1,039,436			1,200
NET ASSETS:
Change in net assets		583,653			99,700			1,159,207			88,720
Beginning of period		445,933			346,233			2,252,486			2,163,766
End of period	$	1,029,586		$	445,933		$	3,411,693		$	2,252,486
Accumulated undistributed (distributions in excess of) net investment income	$	12,415		$	5,893		$	20,153		$	12,468

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Equity Income Fund						Global Research Enhanced Index Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Period Ended 10/31/2013 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,017		$	941		$	13,598
Net realized gain (loss)		1,432			(439	)		7,876
Change in net unrealized appreciation/depreciation		9,975			2,661			161,710
Change in net assets resulting from operations		13,424			3,163			183,184
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(734	)		(55	)		—
From net realized gains		(33	)		—			—
Class C
From net investment income		(23	)		(15	)		—
From net realized gains		(1	)		—			—
Class R2
From net investment income		(12	)		(13	)		—
From net realized gains		(1	)		—			—
Class R5
From net investment income		(15	)		(16	)		—
From net realized gains		(1	)		—			—
Select Class
From net investment income		(1,109	)		(846	)		—
From net realized gains		(46	)		—			—
Total distributions to shareholders		(1,975	)		(945	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		58,368			32,705			1,712,015
NET ASSETS:
Change in net assets		69,817			34,923			1,895,199
Beginning of period		37,867			2,944			—
End of period	$	107,684		$	37,867		$	1,895,199
Accumulated undistributed (distributions in excess of) net investment income	$	61		$	72		$	14,318

(a) Commencement of operations was February 28, 2013.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Equity Fund						International Equity Index Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	24,931		$	18,557		$	10,753		$	14,237
Net realized gain (loss)		(952	)		(8,818	)		92,694			(7,270	)
Change in net unrealized appreciation/depreciation		251,588			65,355			23,098			22,755
Change in net assets resulting from operations		275,567			75,094			126,545			29,722
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,844	)		(1,450	)		(2,307	)		(2,361	)
Class B
From net investment income		(19	)		(29	)		(53	)		(68	)
Class C
From net investment income		(216	)		(225	)		(289	)		(261	)
Class R2
From net investment income		(9	)		(4	)		(19	)		(11	)
Class R5
From net investment income		(1,634	)		(1,179	)		—			—
Class R6
From net investment income		(16,840	)		(11,257	)		—			—
Select Class
From net investment income		(4,056	)		(3,509	)		(11,791	)		(13,654	)
Total distributions to shareholders		(24,618	)		(17,653	)		(14,459	)		(16,355	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		677,970			313,506			(98,503	)		(49,829	)
NET ASSETS:
Change in net assets		928,919			370,947			13,583			(36,462	)
Beginning of period		1,076,035			705,088			585,393			621,855
End of period	$	2,004,954		$	1,076,035		$	598,976		$	585,393
Accumulated undistributed (distributions in excess of) net investment income	$	2,096		$	1,414		$	7,888		$	9,952

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Opportunities Fund						International Unconstrained Equity Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Period Ended 10/31/2012 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	23,984		$	16,165		$	44		$	42
Net realized gain (loss)		14,960			(14,779	)		275			57
Change in net unrealized appreciation/depreciation		206,684			47,450			465			364
Change in net assets resulting from operations		245,628			48,836			784			463
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,582	)		(1,463	)		—	(b)		—
From net realized gains		—			—			(1	)		—
Class B
From net investment income		(7	)		(11	)		—			—
Class C
From net investment income		(9	)		(11	)		—	(b)		—
From net realized gains		—			—			(1	)		—
Class R2
From net investment income		—			—			—	(b)		—
From net realized gains		—			—			(1	)		—
Class R5
From net investment income		—			—			(1	)		—
From net realized gains		—			—			(1	)		—
Class R6
From net investment income		(17,272	)		(12,897	)		(1	)		—
From net realized gains		—			—			(1	)		—
Institutional Class
From net investment income		(1,013	)		(1,204	)		—			—
Select Class
From net investment income		(770	)		(791	)		(27	)		—
From net realized gains		—			—			(65	)		—
Total distributions to shareholders		(20,653	)		(16,377	)		(99	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		377,607			312,142			148			3,000
NET ASSETS:
Change in net assets		602,582			344,601			833			3,463
Beginning of period		835,185			490,584			3,463			—
End of period	$	1,437,767		$	835,185		$	4,296		$	3,463
Accumulated undistributed (distributions in excess of) net investment income	$	12,024		$	18,370		$	44		$	29

(a) Commencement of operations was November 30, 2011.

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

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Value Fund						Intrepid International Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	52,737		$	61,129		$	8,431		$	5,914
Net realized gain (loss)		122,199			(141,463	)		11,427			(13,167	)
Change in net unrealized appreciation/depreciation		452,404			186,329			91,063			24,766
Change in net assets resulting from operations		627,340			105,995			110,921			17,513
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,974	)		(3,673	)		(482	)		(328	)
Class B
From net investment income		(50	)		(89	)		—			—
Class C
From net investment income		(259	)		(433	)		(8	)		(2	)
Class R2
From net investment income		(20	)		(20	)		(1	)		(1	)
Class R6
From net investment income		(725	)		(2	)		—			—
Institutional Class
From net investment income		(17,591	)		(19,820	)		(5,812	)		(3,168	)
Select Class
From net investment income		(38,102	)		(48,068	)		(148	)		(144	)
Total distributions to shareholders		(59,721	)		(72,105	)		(6,451	)		(3,643	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		241,482			139,907			207,180			108,810
NET ASSETS:
Change in net assets		809,101			173,797			311,650			122,680
Beginning of period		2,267,422			2,093,625			346,229			223,549
End of period	$	3,076,523		$	2,267,422		$	657,879		$	346,229
Accumulated undistributed (distributions in excess of) net investment income	$	32,103		$	50,317		$	7,237		$	5,150

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	57,902		$	17,345		$	200,902		$	115,445
Distributions reinvested		282			404			957			—
Cost of shares redeemed		(21,023	)		(31,488	)		(166,780	)		(110,590	)
Change in net assets resulting from Class A capital transactions	$	37,161		$	(13,739	)	$	35,079		$	4,855
Class B
Proceeds from shares issued	$	—		$	—		$	145		$	212
Distributions reinvested		—			—			2			—
Cost of shares redeemed		—			—			(2,229	)		(1,932	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	(2,082	)	$	(1,720	)
Class C
Proceeds from shares issued	$	3,668		$	2,046		$	22,299		$	10,193
Distributions reinvested		13			7			13			—
Cost of shares redeemed		(831	)		(483	)		(12,872	)		(10,395	)
Change in net assets resulting from Class C capital transactions	$	2,850		$	1,570		$	9,440		$	(202	)
Class R5
Proceeds from shares issued	$	347,403		$	175,434		$	—		$	—
Distributions reinvested		4,485			3,406			—			—
Cost of shares redeemed		(33,394	)		(80,783	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	318,494		$	98,057		$	—		$	—
Institutional Class
Proceeds from shares issued	$	—		$	—		$	615,869		$	208,354
Distributions reinvested		—			—			3,816			934
Cost of shares redeemed		—			—			(174,724	)		(200,452	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	444,961		$	8,836
Select Class
Proceeds from shares issued	$	195,678		$	32,183		$	1,137,145		$	507,533
Distributions reinvested		149			64			5,164			569
Cost of shares redeemed		(10,326	)		(25,386	)		(590,271	)		(518,671	)
Change in net assets resulting from Select Class capital transactions	$	185,501		$	6,861		$	552,038		$	(10,569	)
Total change in net assets resulting from capital transactions	$	544,006		$	92,749		$	1,039,436		$	1,200

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
SHARE TRANSACTIONS:
Class A
Issued		4,298			1,350			8,879			5,368
Reinvested		20			35			41			—
Redeemed		(1,564	)		(2,467	)		(7,504	)		(5,178	)
Change in Class A Shares		2,754			(1,082	)		1,416			190
Class B
Issued		—			—			6			10
Reinvested		—			—			—	(a)		—
Redeemed		—			—			(101	)		(92	)
Change in Class B Shares		—			—			(95	)		(82	)
Class C
Issued		277			160			1,012			479
Reinvested		1			1			1			—
Redeemed		(63	)		(38	)		(590	)		(501	)
Change in Class C Shares		215			123			423			(22	)
Class R5
Issued		25,974			13,598			—			—
Reinvested		328			292			—			—
Redeemed		(2,509	)		(6,289	)		—			—
Change in Class R5 Shares		23,793			7,601			—			—
Institutional Class
Issued		—			—			26,863			9,474
Reinvested		—			—			160			46
Redeemed		—			—			(7,462	)		(9,257	)
Change in Institutional Class Shares		—			—			19,561			263
Select Class
Issued		14,733			2,538			49,291			23,388
Reinvested		11			5			218			28
Redeemed		(804	)		(1,977	)		(26,170	)		(24,162	)
Change in Select Class Shares		13,940			566			23,339			(746	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Equity Income Fund						Global Research Enhanced Index Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Period Ended 10/31/2013 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	41,913		$	9,224		$	50
Distributions reinvested		294			55			—
Cost of shares redeemed		(6,671	)		(450	)		—
Change in net assets resulting from Class A capital transactions	$	35,536		$	8,829		$	50
Class C
Proceeds from shares issued	$	1,304		$	530		$	50
Distributions reinvested		24			14			—
Cost of shares redeemed		(202	)		—	(b)		—
Change in net assets resulting from Class C capital transactions	$	1,126		$	544		$	50
Class R2
Proceeds from shares issued	$	—		$	367		$	50
Distributions reinvested		13			13			—
Change in net assets resulting from Class R2 capital transactions	$	13		$	380		$	50
Class R5
Proceeds from shares issued	$	—		$	367		$	—
Distributions reinvested		16			16			—
Change in net assets resulting from Class R5 capital transactions	$	16		$	383		$	—
Select Class
Proceeds from shares issued	$	23,134		$	21,742		$	1,763,157
Distributions reinvested		935			839			—
Cost of shares redeemed		(2,392	)		(12	)		(51,292	)
Change in net assets resulting from Select Class capital transactions	$	21,677		$	22,569		$	1,711,865
Total change in net assets resulting from capital transactions	$	58,368		$	32,705		$	1,712,015

(a) Commencement of operations was February 28, 2013.

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

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	Global Equity Income Fund						Global Research Enhanced Index Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Period Ended 10/31/2013 (a)
SHARE TRANSACTIONS:
Class A
Issued		2,719			656			3
Reinvested		19			4			—
Redeemed		(429	)		(32	)		—
Change in Class A Shares		2,309			628			3
Class C
Issued		83			41			3
Reinvested		2			1			—
Redeemed		(13	)		—	(b)		—
Change in Class C Shares		72			42			3
Class R2
Issued		—			29			3
Reinvested		—	(b)		1			—
Change in Class R2 Shares		—	(b)		30			3
Class R5
Issued		—			29			—
Reinvested		1			1			—
Change in Class R5 Shares		1			30			—
Select Class
Issued		1,481			1,669			112,224
Reinvested		61			62			—
Redeemed		(150	)		(1	)		(3,099	)
Change in Select Class Shares		1,392			1,730			109,125

(a) Commencement of operations was February 28, 2013.

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Equity Fund						International Equity Index Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	105,812		$	45,000		$	26,970		$	26,703
Distributions reinvested		1,255			1,404			2,228			2,272
Cost of shares redeemed		(40,285	)		(57,239	)		(37,925	)		(33,906	)
Change in net assets resulting from Class A capital transactions	$	66,782		$	(10,835	)	$	(8,727	)	$	(4,931	)
Class B
Proceeds from shares issued	$	21		$	50		$	11		$	42
Distributions reinvested		15			23			51			67
Cost of shares redeemed		(833	)		(853	)		(959	)		(1,257	)
Change in net assets resulting from Class B capital transactions	$	(797	)	$	(780	)	$	(897	)	$	(1,148	)
Class C
Proceeds from shares issued	$	6,897		$	2,504		$	6,413		$	4,855
Distributions reinvested		149			149			280			245
Cost of shares redeemed		(4,742	)		(5,942	)		(5,069	)		(4,620	)
Change in net assets resulting from Class C capital transactions	$	2,304		$	(3,289	)	$	1,624		$	480
Class R2
Proceeds from shares issued	$	1,194		$	662		$	1,192		$	539
Distributions reinvested		5			2			4			3
Cost of shares redeemed		(834	)		(57	)		(310	)		(243	)
Change in net assets resulting from Class R2 capital transactions	$	365		$	607		$	886		$	299
Class R5
Proceeds from shares issued	$	37,375		$	22,598		$	—		$	—
Distributions reinvested		1,634			1,179			—			—
Cost of shares redeemed		(11,484	)		(9,719	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	27,525		$	14,058		$	—		$	—
Class R6
Proceeds from shares issued	$	408,248		$	329,320		$	—		$	—
Subscriptions in-kind (See Note 8)		47,211			—			—			—
Distributions reinvested		16,840			11,257			—			—
Cost of shares redeemed		(64,207	)		(37,992	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	408,092		$	302,585		$	—		$	—
Select Class
Proceeds from shares issued	$	235,602		$	63,016		$	178,267		$	45,653
Distributions reinvested		2,411			2,202			1,263			1,712
Cost of shares redeemed		(64,314	)		(54,058	)		(270,919	)		(91,894	)
Change in net assets resulting from Select Class capital transactions	$	173,699		$	11,160		$	(91,389	)	$	(44,529	)
Total change in net assets resulting from capital transactions	$	677,970		$	313,506		$	(98,503	)	$	(49,829	)

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Equity Fund						International Equity Index Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
SHARE TRANSACTIONS:
Class A
Issued		7,127			3,527			1,430			1,627
Reinvested		88			111			125			148
Redeemed		(2,725	)		(4,441	)		(2,032	)		(2,081	)
Change in Class A Shares		4,490			(803	)		(477	)		(306	)
Class B
Issued		1			3			1			2
Reinvested		1			2			3			5
Redeemed		(58	)		(69	)		(56	)		(83	)
Change in Class B Shares		(56	)		(64	)		(52	)		(76	)
Class C
Issued		487			207			347			304
Reinvested		11			12			16			16
Redeemed		(341	)		(492	)		(277	)		(291	)
Change in Class C Shares		157			(273	)		86			29
Class R2
Issued		80			53			65			33
Reinvested		—	(a)		—	(a)		—	(a)		—	(a)
Redeemed		(56	)		(4	)		(17	)		(15	)
Change in Class R2 Shares		24			49			48			18
Class R5
Issued		2,576			1,799			—			—
Reinvested		113			92			—			—
Redeemed		(774	)		(757	)		—			—
Change in Class R5 Shares		1,915			1,134			—			—
Class R6
Issued		27,104			25,388			—			—
Subscriptions in-kind (See Note 8)		3,203			—			—			—
Reinvested		1,159			881			—			—
Redeemed		(4,564	)		(2,974	)		—			—
Change in Class R6 Shares		26,902			23,295			—			—
Select Class
Issued		15,550			4,933			9,085			2,866
Reinvested		166			172			71			111
Redeemed		(4,340	)		(4,163	)		(14,437	)		(5,614	)
Change in Select Class Shares		11,376			942			(5,281	)		(2,637	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Opportunities Fund						International Unconstrained Equity Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013		Period Ended 10/31/2012 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	59,075		$	37,212		$	15	$	50
Distributions reinvested		1,575			1,455			1		—
Cost of shares redeemed		(23,430	)		(21,984	)		—		—
Change in net assets resulting from Class A capital transactions	$	37,220		$	16,683		$	16	$	50
Class B
Proceeds from shares issued	$	135		$	19		$	—	$	—
Distributions reinvested		6			10			—		—
Cost of shares redeemed		(216	)		(289	)		—		—
Change in net assets resulting from Class B capital transactions	$	(75	)	$	(260	)	$	—	$	—
Class C
Proceeds from shares issued	$	530		$	87		$	5	$	50
Distributions reinvested		7			9			1		—
Cost of shares redeemed		(109	)		(166	)		—		—
Change in net assets resulting from Class C capital transactions	$	428		$	(70	)	$	6	$	50
Class R2
Proceeds from shares issued	$	—		$	—		$	—	$	50
Distributions reinvested		—			—			1		—
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	1	$	50
Class R5
Proceeds from shares issued	$	—		$	—		$	—	$	50
Distributions reinvested		—			—			2		—
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	2	$	50
Class R6
Proceeds from shares issued	$	376,122		$	312,227		$	—	$	50
Distributions reinvested		17,272			12,897			2		—
Cost of shares redeemed		(67,810	)		(33,425	)		—		—
Change in net assets resulting from Class R6 capital transactions	$	325,584		$	291,699		$	2	$	50
Institutional Class
Proceeds from shares issued	$	20,744		$	9,873		$	—	$	—
Distributions reinvested		699			788			—		—
Cost of shares redeemed		(13,670	)		(10,083	)		—		—
Change in net assets resulting from Institutional Class capital transactions	$	7,773		$	578		$	—	$	—
Select Class
Proceeds from shares issued	$	12,030		$	13,694		$	29	$	2,750
Distributions reinvested		549			516			92		—
Cost of shares redeemed		(5,902	)		(10,698	)		—		—
Change in net assets resulting from Select Class capital transactions	$	6,677		$	3,512		$	121	$	2,750
Total change in net assets resulting from capital transactions	$	377,607		$	312,142		$	148	$	3,000

(a) Commencement of operations was November 30, 2011.

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Opportunities Fund						International Unconstrained Equity Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Period Ended 10/31/2012 (a)
SHARE TRANSACTIONS:
Class A
Issued		4,282			3,125			1			3
Reinvested		122			132			—	(b)		—
Redeemed		(1,702	)		(1,828	)		—			—
Change in Class A Shares		2,702			1,429			1			3
Class B
Issued		10			1			—			—
Reinvested		—	(b)		1			—			—
Redeemed		(15	)		(24	)		—			—
Change in Class B Shares		(5	)		(22	)		—			—
Class C
Issued		37			8			1			3
Reinvested		1			1			—	(b)		—
Redeemed		(8	)		(14	)		—			—
Change in Class C Shares		30			(5	)		1			3
Class R2
Issued		—			—			—			3
Reinvested		—			—			—	(b)		—
Change in Class R2 Shares		—			—			—	(b)		3
Class R5
Issued		—			—			—			3
Reinvested		—			—			—	(b)		—
Change in Class R5 Shares		—			—			—	(b)		3
Class R6
Issued		26,629			25,578			—			3
Reinvested		1,310			1,153			—	(b)		—
Redeemed		(5,104	)		(2,807	)		—			—
Change in Class R6 Shares		22,835			23,924			—	(b)		3
Institutional Class
Issued		1,473			808			—			—
Reinvested		53			70			—			—
Redeemed		(927	)		(828	)		—			—
Change in Institutional Class Shares		599			50			—			—
Select Class
Issued		859			1,131			2			183
Reinvested		42			46			5			—
Redeemed		(433	)		(908	)		—			—
Change in Select Class Shares		468			269			7			183

(a) Commencement of operations was November 30, 2011.

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Value Fund						Intrepid International Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	112,329		$	49,899		$	32,402		$	8,357
Distributions reinvested		2,655			3,261			466			317
Cost of shares redeemed		(52,869	)		(44,716	)		(14,316	)		(9,553	)
Change in net assets resulting from Class A capital transactions	$	62,115		$	8,444		$	18,552		$	(879	)
Class B
Proceeds from shares issued	$	45		$	43		$	—		$	—
Distributions reinvested		44			75			—			—
Cost of shares redeemed		(1,120	)		(770	)		—			—
Change in net assets resulting from Class B capital transactions	$	(1,031	)	$	(652	)	$	—		$	—
Class C
Proceeds from shares issued	$	9,020		$	2,699		$	238		$	154
Distributions reinvested		184			274			7			2
Cost of shares redeemed		(4,410	)		(5,245	)		(208	)		(332	)
Change in net assets resulting from Class C capital transactions	$	4,794		$	(2,272	)	$	37		$	(176	)
Class R2
Proceeds from shares issued	$	612		$	385		$	—	(a)	$	2
Distributions reinvested		8			10			1			1
Cost of shares redeemed		(490	)		(222	)		(4	)		(32	)
Change in net assets resulting from Class R2 capital transactions	$	130		$	173		$	(3	)	$	(29	)
Class R6
Proceeds from shares issued	$	68,474		$	33,126		$	—		$	—
Distributions reinvested		2			2			—			—
Cost of shares redeemed		(292	)		(9,200	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	68,184		$	23,928		$	—		$	—
Institutional Class
Proceeds from shares issued	$	495,944		$	256,917		$	198,991		$	115,082
Distributions reinvested		14,688			14,739			5,184			2,649
Cost of shares redeemed		(243,260	)		(190,594	)		(17,590	)		(4,834	)
Change in net assets resulting from Institutional Class capital transactions	$	267,372		$	81,062		$	186,585		$	112,897
Select Class
Proceeds from shares issued	$	778,419		$	551,695		$	4,584		$	1,207
Distributions reinvested		22,937			29,315			41			20
Cost of shares redeemed		(961,438	)		(551,786	)		(2,616	)		(4,230	)
Change in net assets resulting from Select Class capital transactions	$	(160,082	)	$	29,224		$	2,009		$	(3,003	)
Total change in net assets resulting from capital transactions	$	241,482		$	139,907		$	207,180		$	108,810

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

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	International Value Fund						Intrepid International Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
SHARE TRANSACTIONS:
Class A
Issued		8,194			4,264			1,795			551
Reinvested		210			297			28			22
Redeemed		(3,928	)		(3,776	)		(812	)		(631	)
Change in Class A Shares		4,476			785			1,011			(58	)
Class B
Issued		4			4			—			—
Reinvested		3			7			—			—
Redeemed		(85	)		(66	)		—			—
Change in Class B Shares		(78	)		(55	)		—			—
Class C
Issued		666			236			12			12
Reinvested		15			26			1			—	(a)
Redeemed		(337	)		(462	)		(11	)		(23	)
Change in Class C Shares		344			(200	)		2			(11	)
Class R2
Issued		46			33			—	(a)		—	(a)
Reinvested		1			1			—	(a)		—	(a)
Redeemed		(36	)		(19	)		—	(a)		(2	)
Change in Class R2 Shares		11			15			—	(a)		(2	)
Class R6
Issued		4,945			2,821			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(21	)		(730	)		—			—
Change in Class R6 Shares		4,924			2,091			—			—
Institutional Class
Issued		35,943			21,768			10,861			7,445
Reinvested		1,146			1,323			306			184
Redeemed		(17,638	)		(15,861	)		(1,063	)		(315	)
Change in Institutional Class Shares		19,451			7,230			10,104			7,314
Select Class
Issued		57,568			46,604			248			77
Reinvested		1,797			2,644			2			1
Redeemed		(70,321	)		(46,673	)		(146	)		(274	)
Change in Select Class Shares		(10,956	)		2,575			104			(196	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 105

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Emerging Economies Fund
Class A
Year Ended October 31, 2013	$	12.88	$	0.19	(d)	$	0.67		$	0.86		$	(0.11	)	$	—
Year Ended October 31, 2012		12.65		0.17	(d)		0.21			0.38			(0.15	)		—
Year Ended October 31, 2011		13.91		0.20	(d)		(1.44	)		(1.24	)		(0.02	)		—	(e)
Year Ended October 31, 2010		10.47		0.11	(d)		3.60			3.71			(0.27	)		—
Year Ended October 31, 2009		7.14		0.18			3.42			3.60			(0.27	)		—
Class C
Year Ended October 31, 2013		12.72		0.13	(d)		0.66			0.79			(0.07	)		—
Year Ended October 31, 2012		12.58		0.15	(d)		0.15			0.30			(0.16	)		—
Year Ended October 31, 2011		13.87		0.08	(d)		(1.37	)		(1.29	)		—			—	(e)
Year Ended October 31, 2010		10.46		0.05	(d)		3.59			3.64			(0.23	)		—
Year Ended October 31, 2009		7.11		0.14			3.43			3.57			(0.22	)		—
Class R5
Year Ended October 31, 2013		12.94		0.25	(d)		0.68			0.93			(0.16	)		—
Year Ended October 31, 2012		12.71		0.25	(d)		0.18			0.43			(0.20	)		—
Year Ended October 31, 2011		13.93		0.30	(d)		(1.47	)		(1.17	)		(0.05	)		—	(e)
Year Ended October 31, 2010		10.48		0.17	(d)		3.59			3.76			(0.31	)		—
Year Ended October 31, 2009		7.16		0.22			3.41			3.63			(0.31	)		—
Select Class
Year Ended October 31, 2013		12.91		0.21	(d)		0.70			0.91			(0.15	)		—
Year Ended October 31, 2012		12.68		0.22	(d)		0.18			0.40			(0.17	)		—
Year Ended October 31, 2011		13.92		0.25	(d)		(1.45	)		(1.20	)		(0.04	)		—	(e)
Year Ended October 31, 2010		10.48		0.14	(d)		3.59			3.73			(0.29	)		—
Year Ended October 31, 2009		7.15		0.20			3.42			3.62			(0.29	)		—

(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 interest expense, if applicable, which is less than 0.01% unless otherwise noted.

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (c)
$	13.63		6.67	%	$	69,690		1.60	%		1.45	%		1.72	%		43	%
	12.88		3.15			30,356		1.65			1.37			1.76			72
	12.65		(8.93	)		43,519		1.75			1.50			1.75			84
	13.91		36.12			49		1.85			0.96			3.99			156
	10.47		52.59			36		1.85			2.27			5.59			141
	13.44		6.25			5,089		2.10			1.02			2.22			43
	12.72		2.54			2,088		2.12			1.21			2.27			72
	12.58		(9.30	)		516		2.28			0.57			2.32			84
	13.87		35.33			49		2.35			0.46			4.49			156
	10.46		51.98			36		2.35			1.77			6.08			141
	13.71		7.21			676,985		1.15			1.84			1.27			43
	12.94		3.53			331,032		1.19			1.99			1.31			72
	12.71		(8.45	)		228,411		1.31			2.14			1.32			84
	13.93		36.66			50		1.40			1.41			3.54			156
	10.48		53.31			37		1.40			2.72			5.13			141
	13.67		7.04			277,822		1.35			1.61			1.47			43
	12.91		3.34			82,457		1.39			1.70			1.51			72
	12.68		(8.65	)		73,787		1.52			1.76			1.55			84
	13.92		36.35			7,313		1.60			1.21			3.74			156
	10.48		53.07			5,360		1.60			2.52			5.33			141

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 107

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Emerging Markets Equity Fund
Class A
Year Ended October 31, 2013	$	22.01	$	0.10	(d)	$	1.02		$	1.12		$	(0.08	)	$	—
Year Ended October 31, 2012		21.09		0.07	(d)		0.85			0.92			—			—
Year Ended October 31, 2011		23.45		0.06	(d)		(2.33	)		(2.27	)		(0.09	)		—	(e)
Year Ended October 31, 2010		18.79		(0.01	)(d)		4.71			4.70			(0.04	)		—	(e)
Year Ended October 31, 2009		12.66		0.07	(d)		6.31			6.38			(0.25	)		—	(e)
Class B
Year Ended October 31, 2013		21.59		(0.04	)(d)		1.03			0.99			(0.01	)		—
Year Ended October 31, 2012		20.80		(0.05	)(d)		0.84			0.79			—			—
Year Ended October 31, 2011		23.15		(0.07	)(d)		(2.28	)		(2.35	)		—			—	(e)
Year Ended October 31, 2010		18.60		(0.12	)(d)		4.67			4.55			—			—	(e)
Year Ended October 31, 2009		12.46		—	(d)(e)		6.25			6.25			(0.11	)		—	(e)
Class C
Year Ended October 31, 2013		21.44		(0.01	)(d)		0.99			0.98			(0.01	)		—
Year Ended October 31, 2012		20.65		(0.04	)(d)		0.83			0.79			—			—
Year Ended October 31, 2011		23.01		(0.05	)(d)		(2.29	)		(2.34	)		(0.02	)		—	(e)
Year Ended October 31, 2010		18.49		(0.11	)(d)		4.63			4.52			—			—	(e)
Year Ended October 31, 2009		12.42		(0.01	)(d)		6.23			6.22			(0.15	)		—	(e)
Institutional Class
Year Ended October 31, 2013		22.65		0.20	(d)		1.04			1.24			(0.16	)		—
Year Ended October 31, 2012		21.66		0.16	(d)		0.87			1.03			(0.04	)		—
Year Ended October 31, 2011		24.04		0.16	(d)		(2.40	)		(2.24	)		(0.14	)		—	(e)
Year Ended October 31, 2010		19.23		0.08	(d)		4.82			4.90			(0.09	)		—	(e)
Year Ended October 31, 2009		12.97		0.14	(d)		6.45			6.59			(0.33	)		—	(e)
Select Class
Year Ended October 31, 2013		22.40		0.17	(d)		1.03			1.20			(0.13	)		—
Year Ended October 31, 2012		21.42		0.13	(d)		0.86			0.99			(0.01	)		—
Year Ended October 31, 2011		23.80		0.13	(d)		(2.38	)		(2.25	)		(0.13	)		—	(e)
Year Ended October 31, 2010		19.04		0.05	(d)		4.77			4.82			(0.06	)		—	(e)
Year Ended October 31, 2009		12.84		0.11	(d)		6.39			6.50			(0.30	)		—	(e)

(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 interest expense, if applicable, which is less than 0.01% unless otherwise noted.

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (c)
$	23.05		5.08	%	$	327,090		1.76	%		0.46	%		1.79	%		34	%
	22.01		4.36			281,194		1.82			0.33			1.82			20
	21.09		(9.73	)		265,458		1.79			0.28			1.80			9
	23.45		25.08			253,037		1.82			(0.03	)		1.83			14
	18.79		51.49			121,638		1.85			0.45			1.85			10
	22.57		4.57			4,245		2.26			(0.18	)		2.29			34
	21.59		3.80			6,100		2.32			(0.23	)		2.32			20
	20.80		(10.15	)		7,572		2.29			(0.32	)		2.30			9
	23.15		24.46			10,812		2.31			(0.58	)		2.32			14
	18.60		50.70			10,535		2.36			(0.02	)		2.37			10
	22.41		4.56			56,119		2.26			(0.06	)		2.29			34
	21.44		3.83			44,643		2.32			(0.17	)		2.32			20
	20.65		(10.18	)		43,437		2.29			(0.23	)		2.30			9
	23.01		24.45			40,757		2.32			(0.52	)		2.33			14
	18.49		50.72			19,803		2.35			(0.06	)		2.35			10
	23.73		5.47			1,123,600		1.36			0.88			1.39			34
	22.65		4.80			629,223		1.41			0.73			1.42			20
	21.66		(9.37	)		596,147		1.38			0.68			1.41			9
	24.04		25.55			513,904		1.40			0.37			1.43			14
	19.23		52.20			325,849		1.43			0.93			1.46			10
	23.47		5.34			1,900,639		1.51			0.74			1.54			34
	22.40		4.65			1,291,326		1.57			0.60			1.57			20
	21.42		(9.51	)		1,251,152		1.55			0.56			1.56			9
	23.80		25.38			925,631		1.57			0.23			1.58			14
	19.04		51.88			330,903		1.61			0.73			1.62			10

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 109

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Global Equity Income Fund
Class A
Year Ended October 31, 2013	$	14.12	$	0.43	(f)	$	2.55		$	2.98		$	(0.41	)	$	(0.02	)	$	(0.43	)
Year Ended October 31, 2012		13.37		0.31	(f)		0.88			1.19			(0.44	)		—			(0.44	)
February 28, 2011(g) through October 31, 2011		15.00		0.33	(f)		(1.64	)		(1.31	)		(0.32	)		—			(0.32	)
Class C
Year Ended October 31, 2013		14.11		0.34	(f)		2.55			2.89			(0.35	)		(0.02	)		(0.37	)
Year Ended October 31, 2012		13.35		0.36	(f)		0.77			1.13			(0.37	)		—			(0.37	)
February 28, 2011(g) through October 31, 2011		15.00		0.30	(f)		(1.66	)		(1.36	)		(0.29	)		—			(0.29	)
Class R2
Year Ended October 31, 2013		14.12		0.40	(f)		2.54			2.94			(0.37	)		(0.02	)		(0.39	)
Year Ended October 31, 2012		13.36		0.40	(f)		0.76			1.16			(0.40	)		—			(0.40	)
February 28, 2011(g) through October 31, 2011		15.00		0.32	(f)		(1.66	)		(1.34	)		(0.30	)		—			(0.30	)
Class R5
Year Ended October 31, 2013		14.15		0.51	(f)		2.54			3.05			(0.46	)		(0.02	)		(0.48	)
Year Ended October 31, 2012		13.38		0.50	(f)		0.76			1.26			(0.49	)		—			(0.49	)
February 28, 2011(g) through October 31, 2011		15.00		0.38	(f)		(1.65	)		(1.27	)		(0.35	)		—			(0.35	)
Select Class
Year Ended October 31, 2013		14.14		0.47	(f)		2.55			3.02			(0.43	)		(0.02	)		(0.45	)
Year Ended October 31, 2012		13.37		0.47	(f)		0.76			1.23			(0.46	)		—			(0.46	)
February 28, 2011(g) through October 31, 2011		15.00		0.37	(f)		(1.66	)		(1.29	)		(0.34	)		—			(0.34	)

(a) Annualized for periods less than one year.

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

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

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

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

(f) Calculated based upon average shares outstanding.

(g) Commencement of operations.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (b)(e)
$	16.67		21.40	%	$	49,118		1.24	%		2.77	%		1.82	%		63	%
	14.12		9.09			9,003		1.25			2.21			2.31			52
	13.37		(8.77	)		127		1.25	(h)		3.53	(h)		10.16	(h)(i)		40
	16.63		20.74			1,957		1.74			2.16			2.32			63
	14.11		8.66			646		1.75			2.69			2.95			52
	13.35		(9.12	)		60		1.75	(h)		3.17	(h)		10.82	(h)(i)		40
	16.67		21.12			558		1.49			2.60			2.11			63
	14.12		8.87			461		1.50			2.95			2.70			52
	13.36		(8.97	)		45		1.50	(h)		3.36	(h)		10.72	(h)(i)		40
	16.72		21.94			566		0.79			3.31			1.41			63
	14.15		9.62			465		0.80			3.65			2.00			52
	13.38		(8.52	)		46		0.80	(h)		4.05	(h)		10.05	(h)(i)		40
	16.71		21.73			55,485		0.99			3.04			1.59			63
	14.14		9.43			27,292		1.00			3.44			2.20			52
	13.37		(8.68	)		2,666		1.00	(h)		3.85	(h)		10.23	(h)(i)		40

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations
Global Research Enhanced Index Fund
Class A
February 28, 2013(f) through October 31, 2013	$	15.00	$	0.19	(g)	$	2.14	$	2.33
Class C
February 28, 2013(f) through October 31, 2013		15.00		0.14	(g)		2.14		2.28
Class R2
February 28, 2013(f) through October 31, 2013		15.00		0.17	(g)		2.13		2.30
Select Class
February 28, 2013(f) through October 31, 2013		15.00		0.19	(g)		2.18		2.37

(a) Annualized for periods less than one year

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

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

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

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

(f) Commencement of operations.

(g) Calculated based upon average shares outstanding.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2013.

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

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (b)(e)
$	17.33		15.53	%	$	58		0.58	%(h)		1.79	%(h)		1.62	%(h)(i)		25	%
	17.28		15.20			58		1.08	(h)		1.29	(h)		2.12	(h)(i)		25
	17.30		15.33			58		0.83	(h)		1.54	(h)		1.87	(h)(i)		25
	17.37		15.80			1,895,025		0.33	(h)		1.73	(h)		0.60	(h)(i)		25

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 113

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions			Redemption fees
International Equity Fund
Class A
Year Ended October 31, 2013	$	13.36	$	0.20	(f)	$	2.56		$	2.76		$	(0.20	)	$	—		$	(0.20	)	$	—
Year Ended October 31, 2012		12.61		0.22	(f)		0.74			0.96			(0.21	)		—			(0.21	)		—
Year Ended October 31, 2011		13.40		0.22	(f)		(0.80	)		(0.58	)		(0.21	)		—			(0.21	)		—	(g)
Year Ended October 31, 2010		12.33		0.18	(f)		1.07			1.25			(0.18	)		—			(0.18	)		—	(g)
Year Ended October 31, 2009		18.28		0.20	(f)		1.98			2.18			(0.20	)		(7.93	)		(8.13	)		—	(g)
Class B
Year Ended October 31, 2013		12.93		0.11	(f)		2.49			2.60			(0.14	)		—			(0.14	)		—
Year Ended October 31, 2012		12.22		0.16	(f)		0.70			0.86			(0.15	)		—			(0.15	)		—
Year Ended October 31, 2011		13.00		0.14	(f)		(0.77	)		(0.63	)		(0.15	)		—			(0.15	)		—	(g)
Year Ended October 31, 2010		11.97		0.11	(f)		1.04			1.15			(0.12	)		—			(0.12	)		—	(g)
Year Ended October 31, 2009		18.01		0.14	(f)		1.92			2.06			(0.17	)		(7.93	)		(8.10	)		—	(g)
Class C
Year Ended October 31, 2013		12.78		0.12	(f)		2.45			2.57			(0.15	)		—			(0.15	)		—
Year Ended October 31, 2012		12.08		0.16	(f)		0.69			0.85			(0.15	)		—			(0.15	)		—
Year Ended October 31, 2011		12.85		0.14	(f)		(0.76	)		(0.62	)		(0.15	)		—			(0.15	)		—	(g)
Year Ended October 31, 2010		11.85		0.11	(f)		1.01			1.12			(0.12	)		—			(0.12	)		—	(g)
Year Ended October 31, 2009		17.92		0.14	(f)		1.89			2.03			(0.17	)		(7.93	)		(8.10	)		—	(g)
Class R2
Year Ended October 31, 2013		13.31		0.11	(f)		2.61			2.72			(0.16	)		—			(0.16	)		—
Year Ended October 31, 2012		12.58		0.15	(f)		0.77			0.92			(0.19	)		—			(0.19	)		—
Year Ended October 31, 2011		13.37		0.18	(f)		(0.79	)		(0.61	)		(0.18	)		—			(0.18	)		—	(g)
Year Ended October 31, 2010		12.31		0.15	(f)		1.06			1.21			(0.15	)		—			(0.15	)		—	(g)
November 3, 2008(h) through October 31, 2009		18.29		0.18	(f)		1.96			2.14			(0.19	)		(7.93	)		(8.12	)		—	(g)
Class R5
Year Ended October 31, 2013		13.52		0.27	(f)		2.60			2.87			(0.26	)		—			(0.26	)		—
Year Ended October 31, 2012		12.75		0.29	(f)		0.74			1.03			(0.26	)		—			(0.26	)		—
Year Ended October 31, 2011		13.55		0.23	(f)		(0.76	)		(0.53	)		(0.27	)		—			(0.27	)		—	(g)
Year Ended October 31, 2010		12.47		0.23	(f)		1.09			1.32			(0.24	)		—			(0.24	)		—	(g)
Year Ended October 31, 2009		18.38		0.25	(f)		2.01			2.26			(0.24	)		(7.93	)		(8.17	)		—	(g)
Class R6
Year Ended October 31, 2013		13.52		0.28	(f)		2.59			2.87			(0.26	)		—			(0.26	)		—
Year Ended October 31, 2012		12.75		0.29	(f)		0.74			1.03			(0.26	)		—			(0.26	)		—
November 30, 2010(h) through October 31, 2011		12.85		0.28	(f)		(0.10	)		0.18			(0.28	)		—			(0.28	)		—	(g)
Select Class
Year Ended October 31, 2013		13.52		0.23	(f)		2.61			2.84			(0.23	)		—			(0.23	)		—
Year Ended October 31, 2012		12.76		0.26	(f)		0.74			1.00			(0.24	)		—			(0.24	)		—
Year Ended October 31, 2011		13.56		0.24	(f)		(0.80	)		(0.56	)		(0.24	)		—			(0.24	)		—	(g)
Year Ended October 31, 2010		12.47		0.22	(f)		1.08			1.30			(0.21	)		—			(0.21	)		—	(g)
Year Ended October 31, 2009		18.38		0.24	(f)		2.00			2.24			(0.22	)		(7.93	)		(8.15	)		—	(g)

(a) Annualized for periods less than one year

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

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

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

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

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.01.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (b)(e)
$	15.92		20.85	%	$	188,590		1.30	%		1.33	%		1.47	%		8	%
	13.36		7.70			98,274		1.30			1.72			1.51			5
	12.61		(4.49	)		102,866		1.31			1.63			1.52			18
	13.40		10.42			131,125		1.31			1.44			1.54			15
	12.33		27.39			114,557		1.31			1.90			1.62			14
	15.39		20.26			1,711		1.80			0.80			1.97			8
	12.93		7.15			2,164		1.80			1.31			2.01			5
	12.22		(4.99	)		2,817		1.81			1.08			2.02			18
	13.00		9.82			4,543		1.86			0.89			2.04			15
	11.97		26.72			5,303		1.87			1.44			2.12			14
	15.20		20.25			23,655		1.80			0.83			1.97			8
	12.78		7.16			17,873		1.80			1.31			2.01			5
	12.08		(4.93	)		20,193		1.81			1.09			2.02			18
	12.85		9.69			23,370		1.86			0.88			2.04			15
	11.85		26.76			22,934		1.87			1.46			2.12			14
	15.87		20.58			1,230		1.55			0.78			1.72			8
	13.31		7.45			721		1.55			1.16			1.74			5
	12.58		(4.73	)		67		1.56			1.33			1.77			18
	13.37		10.07			70		1.56			1.17			1.79			15
	12.31		26.95			64		1.56			1.76			1.85			14
	16.13		21.42			106,963		0.85			1.79			1.02			8
	13.52		8.19			63,767		0.85			2.24			1.05			5
	12.75		(4.07	)		45,680		0.86			1.69			1.08			18
	13.55		10.86			242,131		0.86			1.86			1.10			15
	12.47		27.92			144,494		0.86			2.39			1.16			14
	16.13		21.47			1,248,489		0.80			1.85			0.97			8
	13.52		8.23			682,861		0.80			2.26			1.00			5
	12.75		1.20			347,040		0.81			2.23			1.01			18
	16.13		21.23			434,316		1.05			1.51			1.22			8
	13.52		7.91			210,375		1.05			2.02			1.25			5
	12.76		(4.26	)		186,425		1.06			1.76			1.27			18
	13.56		10.72			241,123		1.06			1.74			1.29			15
	12.47		27.73			260,814		1.06			2.28			1.37			14

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 115

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions			Redemption fees
International Equity Index Fund
Class A
Year Ended October 31, 2013	$	17.24	$	0.38	(f)	$	4.00		$	4.38		$	(0.42	)	$	—		$	(0.42	)	$	—
Year Ended October 31, 2012		16.83		0.37	(f)		0.45			0.82			(0.41	)		—			(0.41	)		—
Year Ended October 31, 2011		19.03		0.40	(f)		(2.16	)		(1.76	)		(0.44	)		—			(0.44	)		—	(g)
Year Ended October 31, 2010		17.89		0.33	(f)		1.10			1.43			(0.29	)		—			(0.29	)		—	(g)
Year Ended October 31, 2009		16.27		0.36	(f)		3.52			3.88			(0.70	)		(1.56	)		(2.26	)		—	(g)
Class B
Year Ended October 31, 2013		15.91		0.25	(f)		3.70			3.95			(0.29	)		—			(0.29	)		—
Year Ended October 31, 2012		15.52		0.23	(f)		0.43			0.66			(0.27	)		—			(0.27	)		—
Year Ended October 31, 2011		17.57		0.24	(f)		(1.99	)		(1.75	)		(0.30	)		—			(0.30	)		—	(g)
Year Ended October 31, 2010		16.54		0.18	(f)		1.02			1.20			(0.17	)		—			(0.17	)		—	(g)
Year Ended October 31, 2009		15.13		0.24	(f)		3.25			3.49			(0.52	)		(1.56	)		(2.08	)		—	(g)
Class C
Year Ended October 31, 2013		16.68		0.27	(f)		3.86			4.13			(0.30	)		—			(0.30	)		—
Year Ended October 31, 2012		16.27		0.25	(f)		0.44			0.69			(0.28	)		—			(0.28	)		—
Year Ended October 31, 2011		18.41		0.26	(f)		(2.09	)		(1.83	)		(0.31	)		—			(0.31	)		—	(g)
Year Ended October 31, 2010		17.35		0.20	(f)		1.06			1.26			(0.20	)		—			(0.20	)		—	(g)
Year Ended October 31, 2009		15.78		0.24	(f)		3.41			3.65			(0.52	)		(1.56	)		(2.08	)		—	(g)
Class R2
Year Ended October 31, 2013		17.03		0.35	(f)		3.92			4.27			(0.39	)		—			(0.39	)		—
Year Ended October 31, 2012		16.66		0.32	(f)		0.45			0.77			(0.40	)		—			(0.40	)		—
Year Ended October 31, 2011		18.86		0.32	(f)		(2.12	)		(1.80	)		(0.40	)		—			(0.40	)		—	(g)
Year Ended October 31, 2010		17.76		0.28	(f)		1.10			1.38			(0.28	)		—			(0.28	)		—	(g)
November 3, 2008(h) through October 31, 2009		16.32		0.27	(f)		3.48			3.75			(0.75	)		(1.56	)		(2.31	)		—	(g)
Select Class
Year Ended October 31, 2013		17.36		0.40	(f)		4.06			4.46			(0.46	)		—			(0.46	)		—
Year Ended October 31, 2012		16.96		0.41	(f)		0.45			0.86			(0.46	)		—			(0.46	)		—
Year Ended October 31, 2011		19.17		0.45	(f)		(2.17	)		(1.72	)		(0.49	)		—			(0.49	)		—	(g)
Year Ended October 31, 2010		18.01		0.37	(f)		1.12			1.49			(0.33	)		—			(0.33	)		—	(g)
Year Ended October 31, 2009		16.39		0.42	(f)		3.51			3.93			(0.75	)		(1.56	)		(2.31	)		—	(g)

(a) Annualized for periods less than one year

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

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

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

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

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.01.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (b)(e)
$	21.20		25.84	%	$	108,193		0.75	%		2.04	%		1.35	%		51	%
	17.24		5.16			96,191		1.07			2.27			1.31			19
	16.83		(9.45	)		99,046		1.07			2.16			1.31			40
	19.03		8.09			124,178		1.07			1.89			1.34			39
	17.89		27.74			109,441		1.07			2.40			1.37			37
	19.57		25.13			2,751		1.34			1.42			1.85			51
	15.91		4.43			3,060		1.79			1.54			1.82			19
	15.52		(10.11	)		4,154		1.78			1.41			1.81			40
	17.57		7.32			6,503		1.80			1.11			1.83			39
	16.54		26.78			8,179		1.80			1.72			1.87			37
	20.51		25.09			21,802		1.30			1.49			1.85			51
	16.68		4.43			16,291		1.79			1.57			1.81			19
	16.27		(10.08	)		15,428		1.78			1.46			1.81			40
	18.41		7.34			18,148		1.80			1.19			1.83			39
	17.35		26.74			16,231		1.80			1.63			1.87			37
	20.91		25.52			1,957		0.95			1.88			1.61			51
	17.03		4.94			786		1.32			1.97			1.56			19
	16.66		(9.72	)		463		1.32			1.77			1.55			40
	18.86		7.88			251		1.32			1.62			1.59			39
	17.76		26.96			234		1.32			1.77			1.62			37
	21.36		26.18			464,273		0.53			2.10			1.09			51
	17.36		5.40			469,065		0.82			2.51			1.06			19
	16.96		(9.21	)		502,764		0.82			2.40			1.05			40
	19.17		8.37			516,537		0.82			2.08			1.08			39
	18.01		28.02			772,784		0.82			2.76			1.12			37

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 117

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
International Opportunities Fund
Class A
Year Ended October 31, 2013	$	12.45	$	0.25	(f)	$	2.83		$	3.08		$	(0.28	)	$	—
Year Ended October 31, 2012		12.00		0.23	(f)		0.56			0.79			(0.34	)		—
Year Ended October 31, 2011		13.20		0.19	(f)		(1.08	)		(0.89	)		(0.31	)		—	(g)
Year Ended October 31, 2010		12.10		0.15	(f)		1.24			1.39			(0.29	)		—	(g)
Year Ended October 31, 2009		9.95		0.19	(f)		2.16			2.35			(0.20	)		—	(g)
Class B
Year Ended October 31, 2013		12.46		0.18	(f)		2.83			3.01			(0.18	)		—
Year Ended October 31, 2012		11.93		0.18	(f)		0.56			0.74			(0.21	)		—
Year Ended October 31, 2011		13.09		0.15	(f)		(1.10	)		(0.95	)		(0.21	)		—	(g)
Year Ended October 31, 2010		12.03		0.08	(f)		1.23			1.31			(0.25	)		—	(g)
Year Ended October 31, 2009		9.83		0.14	(f)		2.16			2.30			(0.10	)		—	(g)
Class C
Year Ended October 31, 2013		12.15		0.16	(f)		2.77			2.93			(0.20	)		—
Year Ended October 31, 2012		11.65		0.18	(f)		0.55			0.73			(0.23	)		—
Year Ended October 31, 2011		12.84		0.15	(f)		(1.07	)		(0.92	)		(0.27	)		—	(g)
Year Ended October 31, 2010		11.82		0.09	(f)		1.20			1.29			(0.27	)		—	(g)
Year Ended October 31, 2009		9.77		0.13	(f)		2.11			2.24			(0.19	)		—	(g)
Class R6
Year Ended October 31, 2013		12.69		0.32	(f)		2.88			3.20			(0.32	)		—
Year Ended October 31, 2012		12.20		0.31	(f)		0.56			0.87			(0.38	)		—
November 30, 2010 (h) through October 31, 2011		12.78		0.27	(f)		(0.48	)		(0.21	)		(0.37	)		—	(g)
Institutional Class
Year Ended October 31, 2013		12.69		0.31	(f)		2.88			3.19			(0.31	)		—
Year Ended October 31, 2012		12.20		0.30	(f)		0.56			0.86			(0.37	)		—
Year Ended October 31, 2011		13.42		0.23	(f)		(1.09	)		(0.86	)		(0.36	)		—	(g)
Year Ended October 31, 2010		12.29		0.22	(f)		1.24			1.46			(0.33	)		—	(g)
Year Ended October 31, 2009		10.13		0.25	(f)		2.18			2.43			(0.27	)		—	(g)
Select Class
Year Ended October 31, 2013		12.64		0.29	(f)		2.87			3.16			(0.30	)		—
Year Ended October 31, 2012		12.15		0.28	(f)		0.56			0.84			(0.35	)		—
Year Ended October 31, 2011		13.37		0.26	(f)		(1.14	)		(0.88	)		(0.34	)		—	(g)
Year Ended October 31, 2010		12.24		0.19	(f)		1.25			1.44			(0.31	)		—	(g)
Year Ended October 31, 2009		10.07		0.22	(f)		2.18			2.40			(0.23	)		—	(g)

(a) Annualized for periods less than one year

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

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

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

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

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.01.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (b)(e)
$	15.25		25.09	%	$	123,807		1.25	%		1.78	%		1.26	%		36	%
	12.45		6.95			67,472		1.29			1.91			1.30			45
	12.00		(6.91	)		47,855		1.28			1.45			1.28			76
	13.20		11.67			13,904		1.34			1.23			1.36			57
	12.10		24.17			13,773		1.41			1.84			1.42			85
	15.29		24.45			484		1.73			1.28			1.76			36
	12.46		6.46			462		1.79			1.54			1.80			45
	11.93		(7.40	)		702		1.78			1.18			1.79			76
	13.09		11.01			949		1.85			0.65			1.86			57
	12.03		23.62			1,716		1.91			1.34			1.92			85
	14.88		24.41			1,109		1.75			1.19			1.76			36
	12.15		6.47			531		1.79			1.55			1.80			45
	11.65		(7.37	)		576		1.78			1.14			1.79			76
	12.84		11.05			849		1.85			0.77			1.86			57
	11.82		23.50			636		1.91			1.20			1.92			85
	15.57		25.71			1,204,314		0.75			2.27			0.76			36
	12.69		7.59			692,117		0.79			2.58			0.79			45
	12.20		(1.85	)		373,613		0.78			2.27			0.78			76
	15.57		25.60			60,310		0.85			2.18			0.86			36
	12.69		7.45			41,574		0.89			2.47			0.90			45
	12.20		(6.59	)		39,362		0.89			1.73			0.90			76
	13.42		12.12			272,487		0.91			1.75			0.96			57
	12.29		24.70			161,023		0.92			2.41			1.02			85
	15.50		25.38			47,743		0.99			2.04			1.01			36
	12.64		7.28			33,029		1.04			2.35			1.05			45
	12.15		(6.77	)		28,476		1.03			1.97			1.04			76
	13.37		11.93			30,537		1.09			1.56			1.11			57
	12.24		24.41			28,588		1.16			2.12			1.17			85

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 119

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
International Unconstrained Equity Fund
Class A
Year Ended October 31, 2013	$	17.28	$	0.15	$	3.62	$	3.77	$	(0.11	)	$	(0.35	)	$	(0.46	)
November 30, 2011(f) through October 31, 2012		15.00		0.17		2.11		2.28		—			—			—
Class C
Year Ended October 31, 2013		17.20		0.07		3.59		3.66		(0.04	)		(0.35	)		(0.39	)
November 30, 2011(f) through October 31, 2012		15.00		0.10		2.10		2.20		—			—			—
Class R2
Year Ended October 31, 2013		17.24		0.12		3.59		3.71		(0.07	)		(0.35	)		(0.42	)
November 30, 2011(f) through October 31, 2012		15.00		0.14		2.10		2.24		—			—			—
Class R5
Year Ended October 31, 2013		17.35		0.25		3.61		3.86		(0.17	)		(0.35	)		(0.52	)
November 30, 2011(f) through October 31, 2012		15.00		0.24		2.11		2.35		—			—			—
Class R6
Year Ended October 31, 2013		17.36		0.26		3.61		3.87		(0.18	)		(0.35	)		(0.53	)
November 30, 2011(f) through October 31, 2012		15.00		0.25		2.11		2.36		—			—			—
Select Class
Year Ended October 31, 2013		17.32		0.21		3.60		3.81		(0.14	)		(0.35	)		(0.49	)
November 30, 2011(f) through October 31, 2012		15.00		0.21		2.11		2.32		—			—			—

(a) Annualized for periods less than one year

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

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

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

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

(f) Commencement of operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2012 and year ended October 31, 2013.

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (b)(e)
$	20.59		22.23	%	$	83		1.32	%(g)		0.89	%(g)		7.99	%(g)		65	%
	17.28		15.20			58		1.32	(g)		1.17	(g)		6.99	(g)		40
	20.47		21.61			76		1.82	(g)		0.40	(g)		8.35	(g)		65
	17.20		14.67			57		1.82	(g)		0.67	(g)		7.47	(g)		40
	20.53		21.92			70		1.57	(g)		0.67	(g)		8.01	(g)		65
	17.24		14.93			57		1.57	(g)		0.92	(g)		7.23	(g)		40
	20.69		22.76			71		0.87	(g)		1.37	(g)		7.31	(g)		65
	17.35		15.67			58		0.87	(g)		1.62	(g)		6.54	(g)		40
	20.70		22.80			71		0.82	(g)		1.42	(g)		7.26	(g)		65
	17.36		15.73			58		0.82	(g)		1.67	(g)		6.49	(g)		40
	20.64		22.49			3,925		1.07	(g)		1.17	(g)		7.52	(g)		65
	17.32		15.47			3,175		1.07	(g)		1.42	(g)		6.74	(g)		40

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 121

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
International Value Fund
Class A
Year Ended October 31, 2013	$	12.18	$	0.22	(f)	$	2.91		$	3.13		$	(0.29	)	$	—
Year Ended October 31, 2012		12.05		0.31	(f)		0.21			0.52			(0.39	)		—
Year Ended October 31, 2011		13.36		0.28	(f)		(1.17	)		(0.89	)		(0.42	)		—	(g)
Year Ended October 31, 2010		12.27		0.17	(f)		1.20			1.37			(0.28	)		—	(g)
Year Ended October 31, 2009		10.32		0.23	(f)		2.06			2.29			(0.34	)		—	(g)
Class B
Year Ended October 31, 2013		12.03		0.17	(f)		2.87			3.04			(0.21	)		—
Year Ended October 31, 2012		11.89		0.25	(f)		0.20			0.45			(0.31	)		—
Year Ended October 31, 2011		13.18		0.21	(f)		(1.16	)		(0.95	)		(0.34	)		—	(g)
Year Ended October 31, 2010		12.10		0.11	(f)		1.18			1.29			(0.21	)		—	(g)
Year Ended October 31, 2009		10.12		0.18	(f)		2.03			2.21			(0.23	)		—	(g)
Class C
Year Ended October 31, 2013		11.84		0.16	(f)		2.83			2.99			(0.22	)		—
Year Ended October 31, 2012		11.72		0.25	(f)		0.19			0.44			(0.32	)		—
Year Ended October 31, 2011		13.01		0.21	(f)		(1.14	)		(0.93	)		(0.36	)		—	(g)
Year Ended October 31, 2010		11.96		0.11	(f)		1.17			1.28			(0.23	)		—	(g)
Year Ended October 31, 2009		10.04		0.18	(f)		2.02			2.20			(0.28	)		—	(g)
Class R2
Year Ended October 31, 2013		11.99		0.18	(f)		2.88			3.06			(0.27	)		—
Year Ended October 31, 2012		11.86		0.28	(f)		0.19			0.47			(0.34	)		—
Year Ended October 31, 2011		13.21		0.24	(f)		(1.15	)		(0.91	)		(0.44	)		—	(g)
Year Ended October 31, 2010		12.19		0.11	(f)		1.21			1.32			(0.30	)		—	(g)
November 3, 2008(h) through October 31, 2009		10.33		0.09	(f)		2.15			2.24			(0.38	)		—	(g)
Class R6
Year Ended October 31, 2013		12.38		0.30	(f)		2.96			3.26			(0.35	)		—
Year Ended October 31, 2012		12.26		0.37	(f)		0.21			0.58			(0.46	)		—
November 30, 2010(h) through October 31, 2011		12.72		0.32	(f)		(0.30	)		0.02			(0.48	)		—	(g)
Institutional Class
Year Ended October 31, 2013		12.38		0.29	(f)		2.95			3.24			(0.33	)		—
Year Ended October 31, 2012		12.26		0.36	(f)		0.20			0.56			(0.44	)		—
Year Ended October 31, 2011		13.59		0.33	(f)		(1.19	)		(0.86	)		(0.47	)		—	(g)
Year Ended October 31, 2010		12.47		0.25	(f)		1.19			1.44			(0.32	)		—	(g)
Year Ended October 31, 2009		10.47		0.28	(f)		2.10			2.38			(0.38	)		—	(g)
Select Class
Year Ended October 31, 2013		12.31		0.27	(f)		2.93			3.20			(0.32	)		—
Year Ended October 31, 2012		12.19		0.34	(f)		0.21			0.55			(0.43	)		—
Year Ended October 31, 2011		13.50		0.31	(f)		(1.18	)		(0.87	)		(0.44	)		—	(g)
Year Ended October 31, 2010		12.40		0.23	(f)		1.18			1.41			(0.31	)		—	(g)
Year Ended October 31, 2009		10.42		0.25	(f)		2.10			2.35			(0.37	)		—	(g)

(a) Annualized for periods less than one year

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

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

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

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

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.01.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (b)(e)
$	15.02		26.13	%	$	221,077		1.33	%		1.66	%		1.35	%		66	%
	12.18		4.64			124,691		1.35			2.66			1.37			62
	12.05		(6.91	)		113,976		1.34			2.15			1.36			60
	13.36		11.35			143,259		1.34			1.41			1.35			92
	12.27		23.08			134,648		1.36			2.20			1.36			98
	14.86		25.64			2,476		1.82			1.29			1.85			66
	12.03		4.04			2,932		1.85			2.20			1.87			62
	11.89		(7.42	)		3,557		1.84			1.61			1.86			60
	13.18		10.81			5,337		1.84			0.91			1.85			92
	12.10		22.50			6,517		1.86			1.80			1.86			98
	14.61		25.58			22,682		1.83			1.19			1.85			66
	11.84		4.04			14,311		1.85			2.23			1.87			62
	11.72		(7.38	)		16,510		1.84			1.60			1.86			60
	13.01		10.81			19,646		1.84			0.89			1.85			92
	11.96		22.60			18,081		1.86			1.77			1.86			98
	14.78		25.91			1,249		1.59			1.39			1.60			66
	11.99		4.27			881		1.60			2.43			1.62			62
	11.86		(7.12	)		694		1.59			1.84			1.61			60
	13.21		11.00			856		1.60			0.90			1.61			92
	12.19		22.73			423		1.60			0.76			1.60			98
	15.29		26.84			107,313		0.84			2.12			0.85			66
	12.38		5.11			25,945		0.84			3.06			0.87			62
	12.26		(0.10	)		50		0.84			2.57			0.86			60
	15.29		26.72			1,087,334		0.94			2.08			0.95			66
	12.38		5.00			639,798		0.94			3.03			0.97			62
	12.26		(6.56	)		545,034		0.94			2.48			0.96			60
	13.59		11.79			421,538		0.92			2.04			0.95			92
	12.47		23.75			347,238		0.95			2.60			0.96			98
	15.19		26.46			1,634,392		1.09			1.99			1.10			66
	12.31		4.87			1,458,864		1.10			2.92			1.12			62
	12.19		(6.65	)		1,413,804		1.09			2.37			1.12			60
	13.50		11.56			943,998		1.09			1.84			1.10			92
	12.40		23.51			1,132,171		1.11			2.42			1.11			98

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 123

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Intrepid International Fund
Class A
Year Ended October 31, 2013	$	15.90	$	0.25	(f)	$	3.88		$	4.13		$	(0.24	)	$	—
Year Ended October 31, 2012		15.32		0.25	(f)		0.49			0.74			(0.16	)		—
Year Ended October 31, 2011		16.59		0.24	(f)		(1.27	)		(1.03	)		(0.24	)		—	(g)
Year Ended October 31, 2010		14.99		0.12	(f)		1.73			1.85			(0.25	)		—	(g)
Year Ended October 31, 2009		13.51		0.19	(f)		2.40			2.59			(1.11	)		—	(g)
Class C
Year Ended October 31, 2013		16.00		0.17	(f)		3.90			4.07			(0.15	)		—
Year Ended October 31, 2012		15.36		0.18	(f)		0.50			0.68			(0.04	)		—
Year Ended October 31, 2011		16.61		0.15	(f)		(1.26	)		(1.11	)		(0.14	)		—	(g)
Year Ended October 31, 2010		14.99		0.05	(f)		1.73			1.78			(0.16	)		—	(g)
Year Ended October 31, 2009		13.37		0.13	(f)		2.41			2.54			(0.92	)		—	(g)
Class R2
Year Ended October 31, 2013		15.74		0.20	(f)		3.86			4.06			(0.19	)		—
Year Ended October 31, 2012		15.21		0.19	(f)		0.50			0.69			(0.16	)		—
Year Ended October 31, 2011		16.46		0.17	(f)		(1.22	)		(1.05	)		(0.20	)		—	(g)
Year Ended October 31, 2010		14.86		0.08	(f)		1.72			1.80			(0.20	)		—	(g)
November 3, 2008 (i) through October 31, 2009		13.56		0.16	(f)		2.32			2.48			(1.18	)		—	(g)
Institutional Class
Year Ended October 31, 2013		16.24		0.34	(f)		3.97			4.31			(0.32	)		—
Year Ended October 31, 2012		15.66		0.33	(f)		0.50			0.83			(0.25	)		—
Year Ended October 31, 2011		16.94		0.32	(f)		(1.29	)		(0.97	)		(0.31	)		—	(g)
Year Ended October 31, 2010		15.27		0.19	(f)		1.78			1.97			(0.30	)		—	(g)
Year Ended October 31, 2009		13.76		0.25	(f)		2.46			2.71			(1.20	)		—	(g)
Select Class
Year Ended October 31, 2013		16.46		0.31	(f)		4.01			4.32			(0.27	)		—
Year Ended October 31, 2012		15.85		0.30	(f)		0.51			0.81			(0.20	)		—
Year Ended October 31, 2011		16.99		0.26	(f)		(1.28	)		(1.02	)		(0.12	)		—	(g)
Year Ended October 31, 2010		15.31		0.15	(f)		1.79			1.94			(0.26	)		—	(g)
Year Ended October 31, 2009		13.72		0.23	(f)		2.45			2.68			(1.09	)		—	(g)

(a) Annualized for periods less than one year

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

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

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

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

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.01.

(h) Includes interest expense of 0.01%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (b)(e)
$	19.79		26.25	%	$	60,135		1.47	%		1.42	%		1.54	%		49	%
	15.90		4.97			32,231		1.50			1.65			1.62			46
	15.32		(6.30	)		31,942		1.50			1.42			1.61			79
	16.59		12.54			23,960		1.50			0.78			1.73			92
	14.99		21.38			23,506		1.51	(h)		1.51			1.63			95
	19.92		25.60			1,131		1.98			0.94			2.04			49
	16.00		4.45			875		2.00			1.18			2.12			46
	15.36		(6.75	)		1,018		2.00			0.91			2.11			79
	16.61		12.01			1,489		2.00			0.30			2.24			92
	14.99		20.77			1,489		2.00	(h)		1.03			2.13			95
	19.61		26.02			98		1.72			1.16			1.79			49
	15.74		4.64			81		1.75			1.29			1.87			46
	15.21		(6.48	)		106		1.75			1.04			1.85			79
	16.46		12.26			68		1.75			0.53			1.99			92
	14.86		20.61			60		1.75	(h)		1.29			1.87			95
	20.23		26.90			582,599		0.97			1.88			1.14			49
	16.24		5.50			303,575		1.00			2.16			1.21			46
	15.66		(5.85	)		178,258		1.00			1.88			1.20			79
	16.94		13.11			99,766		1.00			1.21			1.31			92
	15.27		22.05			112,905		1.01	(h)		1.90			1.22			95
	20.51		26.56			13,916		1.23			1.68			1.29			49
	16.46		5.24			9,467		1.25			1.94			1.37			46
	15.85		(6.08	)		12,225		1.25			1.51			1.37			79
	16.99		12.86			26,408		1.25			0.93			1.37			92
	15.31		21.65			330,843		1.25	(h)		1.81			1.38			95

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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

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

* Class R6 Shares commenced operations on December 23, 2013 for Emerging Markets Equity Fund.

Global Research Enhanced Index Fund commenced operations on February 28, 2013.

International Unconstrained Equity Fund commenced operations on November 30, 2011. Prior to May 31, 2013, the Fund was not publicly offered for investment.

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

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

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

The investment objective of Global Research Enhanced Index Fund is to seek to provide long-term capital appreciation.

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

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

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

The investment objective of International Unconstrained Equity Fund is to seek to provide long-term capital appreciation.

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

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

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

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

126 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

2. Significant Accounting Policies

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

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Funds are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Funds may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Funds to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

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

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

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

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

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

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

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

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

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 127

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

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

Emerging Economies Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Brazil	$	130,275	$	—	$	—		$	130,275
China		20,506		158,925		—			179,431
Hong Kong		—		55,707		—	(a)		55,707
Hungary		—		9,829		—			9,829
India		32,180		35,227		—			67,407
Indonesia		—		18,251		—			18,251
Mexico		6,558		—		—			6,558
Netherlands		3,778		—		—			3,778
Poland		—		43,825		—			43,825
Qatar		5,185		—		—			5,185
Russia		14,839		84,897		—			99,736
South Africa		5,129		39,100		—			44,229
South Korea		16,932		140,040		—			156,972
Taiwan		36,960		83,309		—			120,269
Thailand		—		4,723		—			4,723
Turkey		—		50,956		—			50,956
United Arab Emirates		—		15,881		—			15,881
Total Common Stocks		272,342		740,670		—	(a)		1,013,012
Preferred Stocks
Brazil		3,063		—		—			3,063
Short-Term Investment
Investment Company		14,082		—		—			14,082
Total Investments in Securities	$	289,487	$	740,670	$	—	(a)	$	1,030,157

Emerging Markets Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	338,857	$	—	$	—	$	338,857
China		—		223,541		—		223,541
Colombia		50,043		—		—		50,043
Cyprus		16,387		16,581		—		32,968
Hong Kong		—		248,536		—		248,536
India		121,316		426,103		—		547,419
Indonesia		—		112,914		—		112,914
Luxembourg		64,931		—		—		64,931
Malaysia		—		34,446		—		34,446
Mexico		93,023		—		—		93,023
Panama		16,853		—		—		16,853
Peru		49,763		—		—		49,763
Poland		—		9,892		—		9,892
Russia		—		142,625		—		142,625
South Africa		29,044		478,002		—		507,046
South Korea		—		259,454		—		259,454
Taiwan		83,998		108,528		—		192,526
Thailand		—		121,135		—		121,135
Turkey		—		102,166		—		102,166
United Kingdom		—		114,785		—		114,785
Total Common Stocks		864,215		2,398,708		—		3,262,923

128 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

Emerging Markets Equity Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Preferred Stocks
Brazil	$	28,934	$	—	$	—	$	28,934
Short-Term Investment
Investment Company		141,356		—		—		141,356
Total Investments in Securities	$	1,034,505	$	2,398,708	$	—	$	3,433,213

Global Equity Income Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	5,562		$	—	$	5,562
Belgium		—		856			—		856
Brazil		1,783		—			—		1,783
Canada		2,041		—			—		2,041
China		—		2,079			—		2,079
Denmark		1,585		—			—		1,585
Finland		—		254			—		254
France		—		10,995			—		10,995
Germany		—		5,943			—		5,943
Hong Kong		—		897			—		897
Italy		—		2,369			—		2,369
Japan		—		7,392			—		7,392
Netherlands		—		2,738			—		2,738
Norway		—		930			—		930
Singapore		—		2,801			—		2,801
Sweden		—		3,607			—		3,607
Switzerland		—		5,979			—		5,979
Taiwan		—		360			—		360
United Kingdom		839		10,733			—		11,572
United States		34,459		—			—		34,459
Total Common Stocks		40,707		63,495			—		104,202
Short-Term Investment
Investment Company		3,942		—			—		3,942
Total Investments in Securities	$	44,649	$	63,495		$	—	$	108,144
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	48		$	—	$	48
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(238	)	$	—	$	(238	)

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

Global Research Enhanced Index Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	60,626	$	—	$	60,626
Austria		—			2,176		—		2,176
Belgium		—			8,779		—		8,779
Bermuda		6,157			—		—		6,157
Canada		57,961			—		—		57,961
China		—			328		—		328
Colombia		1			—		—		1
Denmark		1,507			11,479		—		12,986
Finland		—			4,653		—		4,653
France		2,234			69,741		—		71,975
Germany		—			63,556		—		63,556
Hong Kong		616			21,399		—		22,015
Ireland		5,126			4,567		—		9,693
Italy		—			16,367		—		16,367
Japan		1,228			156,720		—		157,948
Luxembourg		—			1,911		—		1,911
Netherlands		539			34,564		—		35,103
New Zealand		—			453		—		453
Norway		—			2,874		—		2,874
Portugal		—			3,103		—		3,103
Singapore		3,828			11,310		—		15,138
Spain		925			31,384		—		32,309
Sweden		—			14,970		—		14,970
Switzerland		10,928			74,457		—		85,385
United Kingdom		4,062			147,595		—		151,657
United States		964,932			—		—		964,932
Total Common Stocks		1,060,044			743,012		—		1,803,056
Preferred Stocks
Germany		—			5,582		—		5,582
United Kingdom		34			—		—		34
Total Preferred Stocks		34			5,582		—		5,616
Short-Term Investment
Investment Company		85,564			—		—		85,564
Total Investments in Securities	$	1,145,642		$	748,594	$	—	$	1,894,236
Appreciation in Other Financial Instruments
Futures Contracts	$	2,316		$	—	$	—	$	2,316
Depreciation in Other Financial Instruments
Futures Contracts	$	(50	)	$	—	$	—	$	(50	)

130 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

JPMorgan International Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	41,351	$	—	$	41,351
Belgium		—		28,445		—		28,445
China		—		63,225		—		63,225
France		258		239,964		—		240,222
Germany		805		141,408		—		142,213
Hong Kong		—		74,510		—		74,510
India		10,958		—		—		10,958
Indonesia		—		8,642		—		8,642
Israel		14,364		—		—		14,364
Japan		—		338,105		—		338,105
Netherlands		—		109,725		—		109,725
South Korea		—		32,438		—		32,438
Spain		—		17,288		—		17,288
Sweden		—		12,721		—		12,721
Switzerland		—		280,103		—		280,103
Taiwan		13,752		—		—		13,752
United Kingdom		—		461,391		—		461,391
Total Common Stocks		40,137		1,849,316		—		1,889,453
Preferred Stocks
Germany		—		49,472		—		49,472
Short-Term Investment
Investment Company		61,450		—		—		61,450
Total Investments in Securities	$	101,587	$	1,898,788	$	—	$	2,000,375

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

International Equity Index Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	105	$	28,289	$	—	(a)	$	28,394
Austria		—		8,709		—			8,709
Belgium		—		12,844		—			12,844
Bermuda		—		661		—			661
Brazil		946		—		—			946
Chile		2,841		—		—			2,841
China		—		3,927		—			3,927
Denmark		473		5,490		—			5,963
Finland		—		8,251		—			8,251
France		797		51,227		—			52,024
Germany		199		68,660		—			68,859
Greece		—		2,551		—			2,551
Hong Kong		25		6,547		—			6,572
Hungary		200		3,906		—			4,106
India		256		2,930		—			3,186
Ireland		1,052		3,129		—			4,181
Israel		696		2,851		—			3,547
Italy		—		42,139		—			42,139
Japan		126		118,949		—			119,075
Luxembourg		—		2,706		—			2,706
Mexico		3,684		—		—			3,684
Netherlands		557		19,968		—			20,525
New Zealand		—		2,789		—			2,789
Norway		—		8,127		—			8,127
Philippines		—		4,236		—			4,236
Portugal		—		6,542		—			6,542
Singapore		—		4,460		—			4,460
South Africa		102		3,966		—			4,068
South Korea		—		4,460		—			4,460
Spain		197		34,933		—			35,130
Sweden		—		9,519		—			9,519
Switzerland		74		16,887		—			16,961
Taiwan		—		3,346		—			3,346
Thailand		—		3,543		—			3,543
Turkey		—		3,131		—			3,131
United Kingdom		1,860		46,556		—			48,416
United States		—		51		—			51
Total Common Stocks		14,190		546,280		—	(a)		560,470
Preferred Stocks
Brazil		2,783		—		—			2,783
Chile		161		—		—			161
Germany		—		7,562		—			7,562
Italy		—		759		—			759
United Kingdom		4		—		—			4
Total Preferred Stocks		2,948		8,321		—			11,269
Short-Term Investment
Investment Company		19,452		—		—			19,452
Total Investments in Securities	$	36,590	$	554,601	$	—	(a)	$	591,191
Appreciation in Other Financial Instruments
Futures Contracts	$	722	$	—	$	—		$	722

132 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

International Opportunities Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	30,595		$	—	$	30,595
Belgium		—		18,961			—		18,961
Canada		17,455		—			—		17,455
China		—		15,247			—		15,247
Denmark		—		23,857			—		23,857
Finland		—		15,955			116		16,071
France		22,318		138,470			—		160,788
Germany		—		139,394			—		139,394
Hong Kong		—		61,266			—		61,266
Ireland		—		11,471			—		11,471
Italy		—		13,290			—		13,290
Japan		—		274,159			—		274,159
Netherlands		—		67,478			—		67,478
South Korea		—		23,307			—		23,307
Spain		—		15,163			—		15,163
Sweden		—		47,944			—		47,944
Switzerland		—		133,306			—		133,306
Taiwan		6,931		—			—		6,931
United Kingdom		—		301,026			—		301,026
Total Common Stocks		46,704		1,330,889			116		1,377,709
Preferred Stocks
Germany		—		30,067			—		30,067
Short-Term Investment
Investment Company		19,578		—			—		19,578
Total Investments in Securities	$	66,282	$	1,360,956		$	116	$	1,427,354
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	6,772		$	—	$	6,772
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(3,310	)	$	—	$	(3,310	)
International Unconstrained Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	—	$	64		$	—	$	64
Canada		201		—			—		201
France		—		503			—		503
Germany		—		440			—		440
Hong Kong		—		199			—		199
India		95		—			—		95
Japan		—		480			—		480
Russia		—		84			—		84
South Africa		—		42			—		42
South Korea		—		188			—		188
Spain		—		165			—		165
Sweden		—		93			—		93
Switzerland		—		460			—		460
United Kingdom		47		1,083			—		1,130
United States		—		102			—		102
Total Common Stocks		343		3,903			—		4,246
Total Investments in Securities	$	343	$	3,903		$	—	$	4,246

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

International Value Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	72,963		$	—	$	72,963
Belgium		—			41,157			—		41,157
Brazil		18,830			—			—		18,830
Canada		14,398			—			—		14,398
China		—			40,060			—		40,060
Denmark		—			33,246			—		33,246
Finland		—			33,081			414		33,495
France		33,127			440,628			—		473,755
Germany		—			316,487			—		316,487
Hong Kong		—			89,065			—		89,065
India		17,138			—			—		17,138
Italy		—			120,131			—		120,131
Japan		—			646,163			—		646,163
Netherlands		—			139,926			—		139,926
Norway		—			29,233			—		29,233
South Korea		—			30,182			—		30,182
Spain		—			45,980			—		45,980
Sweden		—			79,282			—		79,282
Switzerland		—			185,405			—		185,405
United Kingdom		—			508,833			—		508,833
Total Common Stocks		83,493			2,851,822			414		2,935,729
Preferred Stock
Germany		—			30,312			—		30,312
Short-Term Investment
Investment Company		84,112			—			—		84,112
Total Investments in Securities	$	167,605		$	2,882,134		$	414	$	3,050,153
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	12,277		$	—	$	12,277
Futures Contracts		98			—			—		98
Total Appreciation in Other Financial Instruments	$	98		$	12,277		$	—	$	12,375
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(4,473	)	$	—	$	(4,473	)
Futures Contracts		(7	)		—			—		(7	)
Total Depreciation in Other Financial Instruments	$	(7	)	$	(4,473	)	$	—	$	(4,480	)

134 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

Intrepid International Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	35,908	$	—	$	35,908
Austria		501		2,199		—		2,700
Belgium		—		5,879		—		5,879
Bermuda		—		1,968		—		1,968
China		—		8,435		—		8,435
Denmark		4,554		—		—		4,554
Finland		—		9,424		—		9,424
France		—		68,109		—		68,109
Germany		90		56,731		—		56,821
Hong Kong		—		11,333		—		11,333
India		2,953		1,697		—		4,650
Ireland		—		5,399		—		5,399
Italy		—		6,171		—		6,171
Japan		—		127,936		—		127,936
Netherlands		—		36,858		—		36,858
Norway		—		5,261		—		5,261
Portugal		—		1,908		—		1,908
South Korea		—		2,171		—		2,171
Spain		—		14,488		—		14,488
Sweden		—		17,783		—		17,783
Switzerland		—		78,991		—		78,991
Taiwan		1,749		—		—		1,749
United Kingdom		1,771		125,070		—		126,841
Total Common Stocks		11,618		623,719		—		635,337
Preferred Stocks
Germany		—		6,074		—		6,074
Short-Term Investment
Investment Company		14,340		—		—		14,340
Total Investments in Securities	$	25,958	$	629,793	$	—	$	655,751

(a) Value is zero.

There were no transfers between any levels during the year ended October 31, 2013.

B. Restricted and Illiquid Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and include, but are not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds. As of October 31, 2013, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

The following are the values and percentages of net assets of illiquid securities as of October 31, 2013 (amounts in thousands):

	Value			Percentage
Emerging Economies Fund	$	—	(a)		—	%
International Equity Index Fund		—	(a)		—
International Opportunities Fund		116			0.0	(b)
International Value Fund		414			0.0	(b)

(a) Value is zero.

(b) Amount rounds to less than 0.1%.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

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

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to 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) in the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; theref re, 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 liquid tion of positions.

The Funds’ futures contracts are not subject to master netting agreements.

The table below discloses the volume of the Funds’ futures contracts activity during the year ended October 31, 2013 (amounts in thousands):

	Global Equity Income Fund		Global Research Enhanced Index Fund		International Equity Index Fund		International Opportunities Fund		International Value Fund
Futures Contracts:
Average Notional Balance Long	$	982	$	37,435	$	11,177	$	5,953	$	21,451
Ending Notional Balance Long		—		83,686		23,191		—		37,350

D. Forward Foreign Currency Exchange Contracts — The Global Equity Income Fund, International Opportunities Fund and International Value Fund may be exposed to foreign currency risks associated with portfolio investments and therefore use forward foreign currency exchange cont acts to hedge or manage these exposures. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forw rd foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

The table below discloses the volume of the Funds’ forward foreign currency exchange contracts activity during the year ended October 31, 2013 (amounts in thousands):

	Global Equity Income Fund		International Opportunities Fund		International Value Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	6,508	$	232,176	$	511,544
Average Settlement Value Sold		17,679		193,869		401,180
Ending Settlement Value Purchased		8,245		356,939		611,612
Ending Settlement Value Sold		24,863		321,372		460,235

136 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

E. Summary of Derivatives Information — The following tables present the value of derivatives held as of October 31, 2013, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Global Equity Income Fund

Derivative Contract	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	48
Gross Liabilities:
Foreign exchange contracts	Payables	$	(238	)

Global Research Enhanced Index Fund

Derivative Contract	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,316
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(50	)

International Equity Index Fund

Derivative Contract	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	722

International Opportunities Fund

Derivative Contract	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	6,772
Gross Liabilities:
Foreign Currency Contracts	Payables	$	(3,310	)

International Value Fund

Derivative Contract	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	—		$	12,277
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		98			—
Total		$	98		$	12,277
Gross Liabilities:
Foreign exchange contracts	Payables	$	—		$	(4,473	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(7	)		—
Total		$	(7	)	$	(4,473	)

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2013, by primary underlying risk exposure (amounts in thousands):

Global Equity Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Foreign exchange contracts	$	—	$	(172	)	$	(172	)
Equity contracts		71		—			71
Total	$	71	$	(172	)	$	(101	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(208	)
Total	$	(208	)

Global Research Enhanced Index Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts
Equity contracts	$	4,179

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts
Equity contracts	$	2,266

International Equity Index Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts
Equity contracts	$	2,236

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts
Equity contracts	$	716

International Opportunities Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Foreign exchange contracts	$	—	$	(10,145	)	$	(10,145	)
Equity contracts		3,902		—			3,902
Total	$	3,902	$	(10,145	)	$	(6,243	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Foreign exchange contracts	$	—	$	5,423	$	5,423
Equity contracts		40		—		40
Total	$	40	$	5,423	$	5,463

138 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

International Value Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Foreign exchange contracts	$	—	$	(11,467	)	$	(11,467	)
Equity contracts		8,568		—			8,568
Total	$	8,568	$	(11,467	)	$	(2,899	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Foreign exchange contracts	$	—		$	7,749	$	7,749
Equity contracts		(235	)		—		(235	)
Total	$	(235	)	$	7,749	$	7,514

The Funds’ derivatives contracts held at October 31, 2013 are not accounted for as hedging instruments under GAAP.

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

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

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

G. Offering and Organizational Costs — Total offering costs of approximately $40,000 and $39,000 incurred in connection with the offering of shares of Global Research Enhanced Index Fund and International Unconstrained Equity 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 in the Statements of Operations. For the year ended October 31, 2013, total offering costs paid were (amounts in thousands):

	Offering Costs
Global Research Enhanced Index Fund	$	27
International Unconstrained Equity Fund		3

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

I. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the 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.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2013, 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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. The Funds are subject to a tax imposed on short-term capital gains on securities of issuers domiciled in India. The Funds record an estimated deferred tax liability for 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 Statements 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 recently enacted rules imposing a tax on indirect transfers of Indian shares, although additional guidance from the Indian tax authorities is awaited. At present, management does not believe that such tax will be applicable to the Funds. However, 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 if any, are generally declared and paid annually, except for Global Equity Income Fund, which are declared and paid monthly and for International Equity Fund, which are declared and paid quarterly. 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)
Emerging Economies Fund	$	—		$	543		$	(543	)
Emerging Markets Equity Fund		—			(157	)		157
Global Equity Income Fund		—	(a)		(135	)		135
Global Research Enhanced Index Fund		—	(a)		720			(720	)
International Equity Fund		—			369			(369	)
International Equity Index Fund		—			1,642			(1,642	)
International Opportunities Fund		—	(a)		(9,677	)		9,677
International Unconstrained Equity Fund		—			—	(a)		—	(a)
International Value Fund		—			(11,230	)		11,230
Intrepid International Fund		—			107			(107	)

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

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the 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:

Emerging Economies Fund	1.00	%
Emerging Markets Equity Fund	1.00
Global Equity Income Fund	0.80
Global Research Enhanced Index Fund	0.20
International Equity Fund	0.80
International Equity Index Fund	0.55
International Opportunities Fund	0.60
International Unconstrained Equity Fund	0.80
International Value Fund	0.60
Intrepid International Fund	0.80	(a)

(a) Prior to September 1, 2013, the investment advisory fee was 0.85%.

140 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

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 October 31, 2013, 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. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trusts’ exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

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

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

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class B and Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2013, the Distributor retained the following amounts (in thousands):

	Front-End Sales Charge		CDSC
Emerging Economies Fund	$	27	$	—	(a)
Emerging Markets Equity Fund		100		9
Global Equity Income Fund		11		—	(a)
International Equity Fund		38		1
International Equity Index Fund		40		1
International Opportunities Fund		4		—	(a)
International Value Fund		174		—	(a)
Intrepid International Fund		1		—

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

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. The Funds earn interest on uninvested cash balances held by the custodian.

Interest income, if any, earned on cash balances at the custodian, is included as Interest income from affiliates in the Statements of Operations.

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

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

	Class A			Class B			Class C			Class R2			Class R5			Class R6		Institutional Class			Select Class
Emerging Economies Fund		1.60	%		n/a			2.10	%		n/a			1.15	%		n/a		n/a			1.35	%
Emerging Markets Equity Fund		1.70	*		2.20	*%		2.20	*		n/a			n/a			n/a		1.30	*%		1.45	*
Global Equity Income Fund		1.25			n/a			1.75			1.50	%		0.80			n/a		n/a			1.00
Global Research Enhanced Index Fund		0.59			n/a			1.09			0.84			n/a			n/a		n/a			0.34
International Equity Fund		1.31			1.81			1.81			1.56			0.86			0.81		n/a			1.06
International Equity Index Fund		0.60	**		1.10	**		1.10	**		0.85	**		n/a			n/a		n/a			0.35	**
International Opportunities Fund		1.31			1.92			1.92			n/a			n/a			0.81		0.91			1.06
International Unconstrained Equity Fund		1.32			n/a			1.82			1.57			0.87			0.82		n/a			1.07
International Value Fund		1.35			1.85			1.85			1.60			n/a			0.85		0.95			1.10
Intrepid International Fund		1.40	***		n/a			1.90	***		1.65	***		n/a			n/a		0.90	***		1.15	***

* Prior to September 1, 2013, the contractual expense limitations for Emerging Markets Equity Fund were 2.00%, 2.50%, 2.50%, 1.45% and 1.75% for Class A, Class B, Class C, Institutional Class and Select Class, respectively.

** Prior to February 28, 2013, the contractual expense limitations for International Equity Index Fund were 1.07%, 1.80%, 1.80%, 1.32% and 0.82% for Class A, Class B, Class C, Class R2 and Select Class, respectively.

*** Prior to September 1, 2013, the contractual expense limitations for Intrepid International Fund were 1.50%, 2.00%, 1.75%, 1.00% and 1.25% for Class A, Class C, Class R2, Institutional Class and Select Class, respectively.

The expense limitation agreements were in effect for the year ended October 31, 2013. The contractual expense limitation percentages in the table above are in place until at least February 28, 2014. In addition, the Funds’ service providers have voluntarily waived fees during the year ended October 31, 2013. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

For the year ended October 31, 2013, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Emerging Economies Fund	$	5	$	491	$	354	$	850	$	—
Emerging Markets Equity Fund		—		49		511		560		—
Global Equity Income Fund		310		58		34		402		—
Global Research Enhanced Index Fund		54		130		1,848		2,032		15
International Equity Fund		1,106		1,227		—		2,333		—
International Equity Index Fund		1,441		278		1,248		2,967		—
International Unconstrained Equity Fund		31		3		—		34		213
International Value Fund		—		136		—		136		—	(a)
Intrepid International Fund		37		268		407		712		—	(a)

	Voluntary Waivers
	Investment Advisory			Shareholder Servicing			Total
Emerging Economies Fund	$	—	(a)	$	—	(a)	$	—	(a)
Emerging Markets Equity Fund		21			80			101

142 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	Voluntary Waivers
	Investment Advisory			Shareholder Servicing		Total
International Equity Index Fund	$	1		$	—	$	1
International Opportunities Fund		6			6		12
International Value Fund		—	(a)		58		58
Intrepid International Fund		—			1		1

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

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

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2013 were as follows (amounts in thousands):

Emerging Economies Fund	$	28
Emerging Markets Equity Fund		135
Global Equity Income Fund		4
Global Research Enhanced Index Fund		48
International Equity Fund		89
International Equity Index Fund		17
International Opportunities Fund		62
International Value Fund		131
Intrepid International Fund		19

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

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

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

During the year ended October 31, 2013, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2013, the following Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Emerging Economies Fund	$	—	(a)
Emerging Markets Equity Fund		16
Global Equity Income Fund		—	(a)
Global Research Enhanced Index Fund		—	(a)
International Equity Fund		—	(a)
International Opportunities Fund		3
International Value Fund		1
Intrepid International Fund		—	(a)

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

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

4. Investment Transactions

During the year ended October 31, 2013, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Emerging Economies Fund	$	849,162	$	296,166
Emerging Markets Equity Fund		1,928,950		942,824
Global Equity Income Fund		97,916		41,832
Global Research Enhanced Index Fund		1,917,151		270,804
International Equity Fund		712,263		106,416
International Equity Index Fund		258,919		378,477
International Opportunities Fund		757,099		379,256
International Unconstrained Equity Fund		2,488		2,439
International Value Fund		1,858,913		1,682,216
Intrepid International Fund		419,419		218,298

During the year ended October 31, 2013, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2013 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	984,170	$	77,260	$	31,273	$	45,987
Emerging Markets Equity Fund		2,926,232		570,865		63,884		506,981
Global Equity Income Fund		95,632		13,130		618		12,512
Global Research Enhanced Index Fund		1,738,346		169,177		13,287		155,890
International Equity Fund		1,589,525		423,809		12,959		410,850
International Equity Index Fund		376,946		220,709		6,464		214,245
International Opportunities Fund		1,187,694		253,438		13,778		239,660
International Unconstrained Equity Fund		3,417		872		43		829
International Value Fund		2,462,503		619,254		31,604		587,650
Intrepid International Fund		536,754		120,798		1,801		118,997

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

The tax character of distributions paid during the year ended October 31, 2013 was as follows (amounts in thousands):

	Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
Emerging Economies Fund	$	6,432	$	—	$	6,432
Emerging Markets Equity Fund		13,244		—		13,244
Global Equity Income Fund		1,893		82		1,975
International Equity Fund		24,618		—		24,618
International Equity Index Fund		14,459		—		14,459
International Opportunities Fund		20,653		—		20,653
International Unconstrained Equity Fund		99		—		99
International Value Fund		59,721		—		59,721
Intrepid International Fund		6,451		—		6,451

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

	Ordinary Income		Total Distributions Paid
Emerging Economies Fund	$	4,871	$	4,871
Emerging Markets Equity Fund		1,925		1,925
Global Equity Income Fund		945		945
International Equity Fund		17,653		17,653

144 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	Ordinary Income		Total Distributions Paid
International Equity Index Fund	$	16,355	$	16,355
International Opportunities Fund		16,377		16,377
International Value Fund		72,105		72,105
Intrepid International Fund		3,643		3,643

At October 31, 2013, the components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Loss Carryover)			Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	12,420	$	(60,147	)	$	46,052
Emerging Markets Equity Fund		20,089		(95,944	)		501,999
Global Equity Income Fund		—		877			12,497
Global Research Enhanced Index Fund		23,867		2,595			156,723
International Equity Fund		2,166		(29,440	)		410,905
International Equity Index Fund		10,968		9,577			214,649
International Opportunities Fund		15,665		(62,738	)		240,465
International Unconstrained Equity Fund		115		204			829
International Value Fund		60,196		(448,422	)		589,055
Intrepid International Fund		9,268		(546,420	)		119,021

For the Funds the cumulative timing differences primarily consist of mark to market of forward foreign currency contracts, mark to market of futures contracts, mark to market of PFICs and wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011, 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 October 31, 2013, the Funds had post-enactment net capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Emerging Economies Fund	$	21,522	$	20,005
Emerging Markets Equity Fund		34,939		51,160
International Equity Fund		1,775		9,226
International Value Fund		16,490		7,146
Intrepid International Fund		1,733		—

At October 31, 2013, the Funds had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains as follows (amounts in thousands):

	2016		2017		2018		2019		Total
Emerging Economies Fund	$	—	$	1,890	$	—	$	16,730	$	18,620
Emerging Markets Equity Fund		—		9,845		—		—		9,845
International Equity Fund		—		7,942		7,185		3,312		18,439
International Opportunities Fund		13,180		39,131		441		9,986		62,738
International Value Fund		119,474		241,545		63,767		—		424,786
Intrepid International Fund		293,716		250,971		—		—		544,687

During the year ended October 31, 2013, the Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Pre-Enactment Capital Loss Carryforwards Utilized
Global Equity Income Fund	$	142
International Equity Index Fund		54,145
International Opportunities Fund		5,544

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

	Post-Enactment Capital Loss Carryforwards Utilized
	Short-Term		Long-Term
Emerging Markets Equity Fund	$	—	$	8,437
Global Equity Income Fund		418		65
International Equity Index Fund		4,418		10,234
International Opportunities Fund		8,636		10,241
International Value Fund		58,851		70,457
Intrepid International Fund		9,765		758

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 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).

In addition, the Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 10, 2014.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013. Average borrowings from the Facility for, or at any time during, the year ended October 31, 2013, were as follows (amounts in thousands):

	Average Borrowings		Number of Days Outstanding		Interest Paid
Emerging Markets Equity Fund	$	49,591		8	$	2
International Equity Index Fund		22,709		8		1
International Value Fund		24,536		1		—	(a)

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

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

7. Risks, Concentrations and Indemnifications

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

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

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

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Emerging Economies Fund		22.5	%		57.6	%
Emerging Markets Equity Fund		n/a			21.02
Global Research Enhanced Index Fund		16.3			n/a
International Equity Fund		10.3			47.5
International Equity Index Fund		57.7			n/a
International Opportunities Fund		n/a			66.5
Intrepid International Fund		n/a			79.4

Additionally, the Adviser owns a significant portion of the outstanding shares of Emerging Markets Equity Fund, Global Equity Income Fund and International Value Fund.

146 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

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

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

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

As of October 31, 2013, a significant portion of each Funds’ net assets consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

As of October 31, 2013, the Funds had the following country allocations representing greater than 10% of total investments.

	Brazil			China			France			Germany			India			Japan
Emerging Economies Fund		12.9	%		17.4	%		—			—			—			—
Emerging Markets Equity Fund		10.7			—			—			—			15.9	%		—
Global Equity Income Fund		—			—			10.2	%		—			—			—
International Equity Fund		—			—			12.0			—			—			16.9	%
International Equity Index Fund		—			—			—			12.9	%		—			20.1
International Opportunities Fund		—			—			11.3			11.9			—			19.2
International Unconstrained Equity Fund		—			—			11.9			10.4			—			11.3
International Value Fund		—			—			15.5			11.4			—			21.2
Intrepid International Fund		—			—			10.4			—			—			19.5

	South Africa			South Korea			Switzerland			United Kingdom			United States			Taiwan
Emerging Economies Fund		—			15.2	%		—			—			—			11.7	%
Emerging Markets Equity Fund		14.8	%		—			—			—			—			—
Global Equity Income Fund		—			—			—			10.7	%		31.9	%		—
Global Research Enhanced Index Fund		—			—			—			—			50.9			—
International Equity Fund		—			—			14.0	%		23.1			—			—
International Opportunities Fund		—			—			—			21.1			—			—
International Unconstrained Equity Fund		—			—			10.8			26.6			—			—
International Value Fund		—			—			—			16.7			—			—
Intrepid International Fund		—			—			12.1			19.4			—			—

8. Transfers-In-Kind

On January 11, 2013, certain shareholders of International Equity Fund purchased shares and International Equity Fund received portfolio securities primarily by means of a subscription 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):

Market Value		Type
$	47,211		Subscription-in-kind

9. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. In January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, which updated ASU 2011-11. The ASU creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives, repurchase agreements and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of these changes on the Funds’ (excluding the Global Research Enhanced Index Fund, which was effective upon inception date) financial statement disclosures.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 147

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and the Shareholders of JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Global Equity Income Fund, JPMorgan Global Research Enhanced Index Fund, JPMorgan International Equity Fund, JPMorgan International Equity Index Fund, JPMorgan International Opportunities Fund, JPMorgan International Unconstrained Equity Fund, JPMorgan International Value Fund and JPMorgan Intrepid International Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Global Equity Income Fund, JPMorgan International Equity Fund, JPMorgan International Opportunities Fund, JPMorgan International Value Fund and JPMorgan Intrepid International Fund (each a separate Fund of JPMorgan Trust I), and JPMorgan International Equity Index Fund (a separate Fund of JPMorgan Trust II) at October 31, 2013, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, the financial position of JPMorgan International Unconstrained Equity Fund (a separate fund of JPMorgan Trust I) at October 31, 2013, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period November 30, 2011 (commencement of operations) through October 31, 2012, and the financial position of JPMorgan Global Research Enhanced Index Fund (a separate fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) at October 31, 2013, and the results of its operations, the changes in its net assets and the financial highlights for the period February 28, 2013 (commencement of operations) through October 31, 2013, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

148 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
Marilyn McCoy* (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 149

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)
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).	171	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); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trusts since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

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

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo is the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she 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.

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

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

150 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management. Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

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

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 151

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value, May 1, 2013		Ending October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Emerging Economies Fund
Class A
Actual	$	1,000.00	$	987.70	$	8.02		1.60	%
Hypothetical		1,000.00		1,017.14		8.13		1.60
Class C
Actual		1,000.00		986.10		10.51		2.10
Hypothetical		1,000.00		1,014.62		10.66		2.10
Class R5
Actual		1,000.00		989.90		5.77		1.15
Hypothetical		1,000.00		1,019.41		5.85		1.15
Select Class
Actual		1,000.00		989.10		6.77		1.35
Hypothetical		1,000.00		1,018.40		6.87		1.35
Emerging Markets Equity Fund
Class A
Actual		1,000.00		979.60		8.68		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class B
Actual		1,000.00		977.10		11.11		2.23
Hypothetical		1,000.00		1,013.96		11.32		2.23
Class C
Actual		1,000.00		976.90		11.16		2.24
Hypothetical		1,000.00		1,013.91		11.37		2.24
Institutional Class
Actual		1,000.00		981.00		6.69		1.34
Hypothetical		1,000.00		1,018.45		6.82		1.34
Select Class
Actual		1,000.00		980.40		7.44		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49

152 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	Beginning Account Value, May 1, 2013		Ending October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Global Equity Income Fund
Class A
Actual	$	1,000.00	$	1,064.40	$	6.45		1.24	%
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class C
Actual		1,000.00		1,061.40		9.04		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class R2
Actual		1,000.00		1,062.90		7.75		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class R5
Actual		1,000.00		1,066.40		4.11		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Select Class
Actual		1,000.00		1,066.10		5.16		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Global Research Enhanced Index Fund
Class A
Actual		1,000.00		1,097.50		3.07		0.58
Hypothetical		1,000.00		1,022.28		2.96		0.58
Class C
Actual		1,000.00		1,095.80		5.71		1.08
Hypothetical		1,000.00		1,019.76		5.50		1.08
Class R2
Actual		1,000.00		1,096.30		4.39		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Select Class
Actual		1,000.00		1,100.10		1.75		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33
International Equity Fund
Class A
Actual		1,000.00		1,076.20		6.80		1.30
Hypothetical		1,000.00		1,018.65		6.61		1.30
Class B
Actual		1,000.00		1,073.80		9.41		1.80
Hypothetical		1,000.00		1,016.13		9.15		1.80
Class C
Actual		1,000.00		1,073.50		9.41		1.80
Hypothetical		1,000.00		1,016.13		9.15		1.80
Class R2
Actual		1,000.00		1,074.90		8.11		1.55
Hypothetical		1,000.00		1,017.39		7.88		1.55
Class R5
Actual		1,000.00		1,078.90		4.45		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class R6
Actual		1,000.00		1,079.10		4.19		0.80
Hypothetical		1,000.00		1,021.17		4.08		0.80
Select Class
Actual		1,000.00		1,078.00		5.50		1.05
Hypothetical		1,000.00		1,019.91		5.35		1.05

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 153

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value, May 1, 2013		Ending October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
International Equity Index Fund
Class A
Actual	$	1,000.00	$	1,092.80	$	3.17		0.60	%
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class B
Actual		1,000.00		1,090.30		5.80		1.10
Hypothetical		1,000.00		1,019.66		5.60		1.10
Class C
Actual		1,000.00		1,090.40		5.80		1.10
Hypothetical		1,000.00		1,019.66		5.60		1.10
Class R2
Actual		1,000.00		1,091.90		4.48		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Select Class
Actual		1,000.00		1,094.30		1.85		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
International Opportunities Fund
Class A
Actual		1,000.00		1,091.60		6.59		1.25
Hypothetical		1,000.00		1,018.90		6.36		1.25
Class B
Actual		1,000.00		1,088.30		9.00		1.71
Hypothetical		1,000.00		1,016.59		8.69		1.71
Class C
Actual		1,000.00		1,088.50		9.16		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class R6
Actual		1,000.00		1,094.20		3.96		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Institutional Class
Actual		1,000.00		1,093.40		4.49		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Select Class
Actual		1,000.00		1,092.30		5.22		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
International Unconstrained Equity Fund
Class A
Actual		1,000.00		1,105.20		7.00		1.32
Hypothetical		1,000.00		1,018.55		6.72		1.32
Class C
Actual		1,000.00		1,102.30		9.64		1.82
Hypothetical		1,000.00		1,016.03		9.25		1.82
Class R2
Actual		1,000.00		1,103.80		8.33		1.57
Hypothetical		1,000.00		1,017.29		7.98		1.57
Class R5
Actual		1,000.00		1,107.60		4.62		0.87
Hypothetical		1,000.00		1,020.82		4.43		0.87
Class R6
Actual		1,000.00		1,107.50		4.36		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Select Class
Actual		1,000.00		1,106.10		5.68		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07

154 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

	Beginning Account Value, May 1, 2013		Ending October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
International Value Fund
Class A
Actual	$	1,000.00	$	1,086.00	$	6.99		1.33	%
Hypothetical		1,000.00		1,018.50		6.77		1.33
Class B
Actual		1,000.00		1,083.90		9.51		1.81
Hypothetical		1,000.00		1,016.08		9.20		1.81
Class C
Actual		1,000.00		1,083.80		9.61		1.83
Hypothetical		1,000.00		1,015.98		9.30		1.83
Class R2
Actual		1,000.00		1,085.20		8.36		1.59
Hypothetical		1,000.00		1,017.19		8.08		1.59
Class R6
Actual		1,000.00		1,089.00		4.42		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Institutional Class
Actual		1,000.00		1,089.00		4.95		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Select Class
Actual		1,000.00		1,088.10		5.68		1.08
Hypothetical		1,000.00		1,019.76		5.50		1.08
Intrepid International Fund
Class A
Actual		1,000.00		1,093.40		7.65		1.45
Hypothetical		1,000.00		1,017.90		7.38		1.45
Class C
Actual		1,000.00		1,090.90		10.33		1.96
Hypothetical		1,000.00		1,015.32		9.96		1.96
Class R2
Actual		1,000.00		1,092.50		9.02		1.71
Hypothetical		1,000.00		1,016.59		8.69		1.71
Institutional Class
Actual		1,000.00		1,096.50		5.07		0.96
Hypothetical		1,000.00		1,020.37		4.89		0.96
Select Class
Actual		1,000.00		1,095.00		6.39		1.21
Hypothetical		1,000.00		1,019.11		6.16		1.21

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 155

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 20, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Funds’ performance compared to the performance of the Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to certain J.P. Morgan Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the investment advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreements with representatives of the Adviser and with counsels to the Trusts and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their

consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Trusts and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement

156 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each of the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. The Board also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the adviser.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints. The

Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Funds benefit from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Funds’ Senior Officer/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the International Equity Fund and International Equity Index Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the Senior Officer’s report in determining whether to continue the Advisory Agreements.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Emerging Economies Fund, Emerging Markets Equity Fund, Global Equity Income Fund, Global Research Enhanced Index Fund, International Opportunities Fund, International Value Fund and Intrepid International Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of each Fund. The Trustees also considered the complexity of investment management for the Funds relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for Funds which had at least one full year of performance at the time of the review in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of those Funds which had at least one full year of performance at the time of the review within a performance universe made up of funds with the same Lipper investment classification and objective (the

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 157

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

“Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the independent consultant and also considered the special analysis prepared by the independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Emerging Economies Fund’s performance was in the third and first quintiles for both Class A and Select Class shares for the one- and three-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted that the Emerging Markets Equity Fund’s performance was in the third, third and second quintiles for Class A shares and in the third, third and second quintiles for Select Class shares for the one-, three- and five-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted the performance of the Global Equity Income Fund was in the second quintile for both Class A and Select Class shares for the one-year period ending December 31, 2012, and the independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted the performance of the Global Research Enhanced Index Fund since its inception on February 28, 2013 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the International Equity Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three- and five-year periods ended December 31, 2012, and that the independent consultant indicated that overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted that the International Equity Index Fund’s performance was in the second, fifth and fifth quintiles for both Class A and Select Class shares for the one-, three- and five-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of the next year.

The Trustees noted that the International Opportunities Fund’s performance was in the second quintile for both Class A and Select Class shares for the one-, three- and five-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted the performance of the International Unconstrained Equity Fund since its inception on November 30, 2011 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the International Value Fund’s performance was in the third, second and second quintiles for Class A and in the second, first and second quintiles for Select Class shares for the one-, three- and five- year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted that the Intrepid International Fund’s performance was in the second, third and fourth quintiles for Class A shares and in the second, second, and fourth quintiles for Select Class shares for the one-, three- and five- year periods ended December 31, 2012, respectively, and that the

158 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

independent consultant indicated that the overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Emerging Economies Fund’s net advisory fee for both Class A and Select Class shares was in the third quintile, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Emerging Markets Equity Fund’s net advisory fee for Class A and Select Class shares was in the third and fourth quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the fourth quintile of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Global Equity Income Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile and that the actual total expenses for both Class A and Select Class shares were in the second quintile of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Global Research Enhanced Index Fund’s estimated net advisory fees and total expenses, which were considered on a class-by-class basis, were in line with

identified peer funds. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Equity Fund’s net advisory fee for Class A and Select Class shares was in the second and third quintiles, respectively, and that actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Equity Index Fund’s net advisory fee for both Class A and Select Class shares was in the fifth quintile, and that the actual total expenses for Class A and Select Class shares were in the second and fourth quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Opportunities Fund’s net advisory fee for Class A and Select Class shares was in the second and third quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the second and third quintiles of their Universe Group, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Unconstrained Equity Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for both Class A and Select Class shares were in the third quintile of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the International Value Fund’s net advisory fee for both Class A and Select Class shares was in the second quintile, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Intrepid International Fund’s net advisory fee for Class A and Select Class shares was in the third and fourth quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the fourth and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

OCTOBER 31, 2013 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 159

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2013. 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, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be received under separate cover.

Dividend Received Deductions (DRD)

Each Fund hereby designates the following percentage or the maximum allowable percentage as ordinary income distributions eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended October 31, 2013:

	Dividend Received Deduction
Global Equity Income Fund		36.9	%

Qualified Dividend Income (QDI)

For the fiscal year ended October 31, 2013, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%. Each Fund hereby designates the following amount or maximum allowable amount of ordinary income distributions treated as qualified dividends (amounts in thousands):

	Qualified Dividend Income
Emerging Economies Fund	$	6,432
Emerging Markets Equity Fund		13,244
Global Equity Income Fund		1,893
International Equity Fund		24,618
International Equity Index Fund		14,459
International Opportunities Fund		20,653
International Unconstrained Equity Fund		99
International Value Fund		59,721
Intrepid International Fund		6,451

Long Term Capital Gain Designation — 20%

Each Fund hereby designates the following amount or maximum allowable amount as long-term capital gain distributions for the purposes of the dividend paid deduction on its respective tax return for the fiscal year ended October 31, 2013 (amounts in thousands):

	Long-Term Capital Gain Distribution
Global Equity Income Fund	$	82
Global Research Enhanced Index Fund		2,596

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2013, the Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
Emerging Economies Fund	$	21,102	$	1,932
Emerging Markets Equity Fund		64,344		4,655
Global Equity Income Fund		2,074		180
International Equity Fund		35,264		2,749
International Equity Index Fund		13,696		1,367
International Opportunities Fund		32,713		2,021
International Unconstrained Equity Fund		86		8
International Value Fund		80,574		5,866
Intrepid International Fund		13,163		1,054

The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date in December, 2013. These shareholders will receive more detailed information along with their 2013 Form 1099-DIV.

160 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2013

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

^© JPMorgan Chase & Co., 2013.  All rights reserved. October 2013. AN-INTEQ-1013

Annual Report

J.P. Morgan Tax Aware Funds

October 31, 2013

JPMorgan Tax Aware Equity Fund

JPMorgan Tax Aware Real Return Fund

CONTENTS

CEO’s Letter	1
Fund Commentaries:
JPMorgan Tax Aware Equity Fund	2
JPMorgan Tax Aware Real Return Fund	5
Schedules of Portfolio Investments	8
Financial Statements	32
Financial Highlights	38
Notes to Financial Statements	42
Report of Independent Registered Public Accounting Firm	50
Trustees	51
Officers	53
Schedule of Shareholder Expenses	54
Board Approval of Investment Advisory Agreement	55
Tax Letter	58
Privacy Notice — Located at the back of this Annual Report

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

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

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

CEO’S LETTER

DECEMBER 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

  “As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio.”

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury

yields fell from their reporting period peak in early September

2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junk bonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well- diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 1

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		29.13%
S&P 500 Index		27.18%
Net Assets as of 10/31/2013 (In Thousands)	$	1,106,022

INVESTMENT OBJECTIVE**

The goal of the JPMorgan Tax Aware Equity Fund (the “Fund”) is to provide high after-tax total return from a portfolio of selected equity securities.

HOW DID THE MARKET PERFORM?

The global financial markets experienced periods of volatility during the reporting period. This volatility was triggered by a number of factors, including mixed economic data, geopolitical issues, expectations for future central bank monetary policies and, in the U.S., the impact of the fiscal cliff, sequestration and partial government shutdown. The U.S. equity market was resilient during the reporting period, with the S&P 500 Index (the “Benchmark”) finishing the reporting period with a 27.18% gain.

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

The Fund (Institutional Class Shares) outperformed the Benchmark for the twelve months ended October 31, 2013. Stock selection in the energy, pharmaceutical/medical technology and utilities sectors contributed to the Fund’s relative performance during the reporting period. Stock selection in the systems and network hardware, health services and systems and retail sectors detracted from relative performance.

Among individual stocks, the Fund’s overweight positions in Cheniere Energy, Inc. and Celgene Corp. contributed to performance relative to the Benchmark. Cheniere Energy, Inc., a liquefied natural gas-related company, benefited as natural

gas prices rose during the reporting period. Shares of Celgene Corp., an American biotechnology company that manufactures drug therapies for cancer and inflammatory disorders, rose as the company reported expanding profit margins for its product line. Also contributing to relative performance was the Fund’s underweight position in International Business Machines Corp. The company’s shares fell amid concerns over future revenue growth.

Individual detractors from relative performance included the Fund’s overweight positions in Walter Energy, Inc. and Yum! Brands, Inc., along with an underweight position in Hewlett-Packard Company. Walter Energy, Inc. is a producer and exporter of metallurgical coal. Its shares declined due to pricing pressure in the coal sector. Shares of restaurant operator Yum! Brands, Inc. declined on concerns that an investigation into poultry supply management in the company’s Chinese office would hurt earnings. The slowdown in China’s economy also negatively impacted the stock. The Fund’s underweight position in Hewlett-Packard Company, a provider of computer hardware and software products, also detracted from performance. Its shares rose sharply during the reporting period, as the company continued to restructure, cut costs and return cash to shareholders.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies in an attempt to determine their underlying value and potential for future earnings growth.

2 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Johnson & Johnson	3.5	%
	2.	Microsoft Corp.	3.1
	3.	Apple, Inc.	2.9
	4.	United Technologies Corp.	2.6
	5.	Wells Fargo & Co.	2.4
	6.	Google, Inc., Class A	2.3
	7.	Time Warner, Inc.	2.2
	8.	Comcast Corp., Class A	1.9
	9.	Bristol-Myers Squibb Co.	1.9
	10.	Bank of America Corp.	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	19.4	%
Consumer Discretionary	16.6
Financials	14.9
Health Care	13.7
Industrials	11.3
Energy	10.5
Consumer Staples	7.3
Materials	3.3
Utilities	2.0
Telecommunication Services	0.9
Short-Term Investment	0.1

* 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 3

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
			1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class		Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES		3/22/11
Without Sales Charge				28.65	%		28.32	%		16.56	%		15.22	%		14.98	%		12.30	%		7.38	%		7.15	%		6.01	%
With Sales Charge*				21.87			21.56			12.70			13.98			13.74			11.25			6.80			6.57			5.52
CLASS C SHARES		3/22/11
Without CDSC				28.03			27.83			16.11			14.93			14.72			12.05			7.24			7.03			5.90
With CDSC**				27.03			26.83			15.55			14.93			14.72			12.05			7.24			7.03			5.90
INSTITUTIONAL CLASS SHARES		1/30/97		29.13			28.70			16.90			15.47			15.19			12.51			7.50			7.25			6.11
SELECT CLASS SHARES		3/22/11		28.96			28.57			16.77			15.37			15.10			12.42			7.45			7.21			6.07

* 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 FUND PERFORMANCE (10/31/03 to 10/31/13)

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Tax Aware Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from October 31, 2003 to October 31, 2013. 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 total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

The Tax Aware strategy seeks to reduce capital gains. There can be no guarantee the strategy will eliminate them.

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

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 TAX AWARE FUNDS OCTOBER 31, 2013

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-2.11%
Barclays Competitive Intermediate Municipal (1-17 Year)
Maturities Index		-0.41%
Composite Benchmark**		-3.17%
Net Assets as of 10/31/2013 (In Thousands)	$	2,844,681

INVESTMENT OBJECTIVE***

The JPMorgan Tax Aware Real Return Fund (the “Fund”) seeks to maximize after-tax inflation protected return.

INVESTMENT APPROACH

The Fund uses zero-coupon inflation-swaps (“inflation swaps”) in combination with tax-exempt municipal bonds to create a synthetic portfolio of inflation protected securities. The Fund is designed to protect the total return generated by its tax-exempt fixed income holdings from inflation risk. The inflation swaps used by the Fund are based on cumulative percentage movements in the Consumer Price Index for All Urban Consumers (“CPI-U”). The inflation swaps are structured so that one counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of the swap. The other counterparty (the Fund) pays a compounded fixed rate (zero coupon inflation-swap rate), which is based on the “breakeven inflation rate,” calculated as the yield difference between a nominal U.S. Treasury security and a U.S. Treasury Inflation Protected Security (TIPS) of equal maturity.

The Fund’s portfolio managers aim to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying bonds is used as the general basis for the Fund’s inflation swap positioning. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s portfolio managers believe that matching the duration (a measure of the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates) of the inflation protection to the duration of the underlying bonds is the most effective and efficient way to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that result from macroeconomic or technical factors.

HOW DID THE MARKET PERFORM?

The U.S. economy continued to grow during the reporting period, but the pace of the expansion was far from robust. While there were indications of a policy shift from the U.S. Federal Reserve (the “Fed”), it remained highly accommodative throughout the reporting period. The Fed surprised the market by delaying the tapering of its asset purchase program at its meeting in September 2013. Turning to the municipal bond

market, there were periods of volatility given talk of Fed tapering, rising Treasury yields and weak demand during the second half of the reporting period. In addition, investor sentiment was negatively impacted by Detroit’s bankruptcy filing and other high profile credit events. Among municipal bond securities, higher quality issuances outperformed their lower quality counterparts. The Barclays Competitive Intermediate Municipal (1-17 Year) Maturities Index (the “Municipal Securities Benchmark”) returned -0.41% for the twelve months ended October 31, 2013.

Inflation, as measured by the CPI-U, was muted and declined during the twelve months ended October 31, 2013. Inflation swaps with 2-, 5-, 10-, 20- and 30-year maturities all declined during the reporting period.

HOW DID THE FUND PERFORM?

The Fund (Select Class Shares) posted a negative absolute return and underperformed the Municipal Securities Benchmark for the twelve months ended October 31, 2013. The Fund’s underperformance was driven by the Fund’s use of inflation swaps, which generated a negative total return. In contrast, the Fund’s preference for higher quality issuances was beneficial for its relative performance. However, the Fund’s inflation swaps contributed to relative performance versus the Composite Benchmark, as a result of the Fund’s underweight to inflation protection relative to the swap component of the Composite Benchmark. Additionally, the Fund’s yield curve positioning added to relative performance versus the Composite Benchmark as longer dated inflation swaps, of which the Fund was underweight overall, underperformed. On the downside, the Fund did hold certain longer dated inflation swaps, which were a drag on performance. In addition, the Fund’s overweight to longer duration water/sewer and special tax municipal securities detracted from performance relative to the Composite Benchmark.

HOW WAS THE FUND POSITIONED?

Among the Fund’s tax-exempt fixed income investments, the Fund employed a bottom-up, security selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk. The Fund maintained its quality bias, as the Fund’s portfolio managers preferred higher-quality issuances. The Fund’s portfolio managers also maintained an inflation-overlay hedging strategy, using zero-coupon inflation-linked swaps to purchase protection against inflation along the yield curve.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 5

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

PORTFOLIO COMPOSITION****
Municipal Bonds	93.6	%
Short-Term Investment	6.4

* 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 Fund’s Composite Benchmark is determined by adding the return of the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Barclays Inflation Swap 5 Year Zero Coupon Index.

*** 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

6 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
			1 YEAR									5 YEAR									SINCE INCEPTION
	Inception Date of Class		Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES		8/31/05
Without Sales Charge				(2.22	)%		(2.33	)%		(0.46	)%		4.55	%		4.53	%		4.10	%		2.74	%		2.73	%		2.71	%
With Sales Charge*				(5.89	)		(6.00	)		(2.57	)		3.77			3.74			3.47			2.26			2.25			2.32
CLASS C SHARES		8/31/05
Without CDSC				(2.85	)		(2.92	)		(1.05	)		3.89			3.87			3.43			2.11			2.10			2.09
With CDSC**				(3.85	)		(3.92	)		(1.61	)		3.89			3.87			3.43			2.11			2.10			2.09
CLASS R6 SHARES		8/16/13		(1.94	)		(2.06	)		(0.20	)		4.84			4.81			4.38			3.05			3.04			3.01
INSTITUTIONAL CLASS SHARES		8/31/05		(1.97	)		(2.09	)		(0.22	)		4.83			4.80			4.37			3.05			3.03			3.01
SELECT CLASS SHARES		8/31/05		(2.11	)		(2.22	)		(0.35	)		4.67			4.64			4.21			2.89			2.87			2.85

* Sales Charge for Class A Shares is 3.75%.

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

LIFE OF FUND PERFORMANCE (8/31/05 TO 10/31/13)

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, 2005.

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Tax Aware Real Return Fund, the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index, the Tax Aware Real Return Composite Benchmark and the Lipper Intermediate Municipal Debt Funds Index from August 31, 2005 to October 31, 2013. 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 Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Tax Aware Real Return 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 Lipper Intermediate Municipal Debt 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 Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Tax Aware Real Return Composite Benchmark is determined by adding the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Barclays Inflation Swap 5 Year Zero Coupon Index. The Lipper Intermediate Municipal Debt Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a minimum investment of $1,000,000. For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to reduce capital gains. There can be no guarantee the strategy will eliminate them.

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

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

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 7

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 101.2%
		Consumer Discretionary — 16.8%
		Auto Components — 1.0%
	234	Johnson Controls, Inc.		10,799
		Automobiles — 1.7%
	515	General Motors Co. (a)		19,036
		Hotels, Restaurants & Leisure — 1.0%
	166	Yum! Brands, Inc.		11,248
		Household Durables — 0.2%
	53	Toll Brothers, Inc. (a)		1,740
		Internet & Catalog Retail — 1.7%
	29	Amazon.com, Inc. (a)		10,585
	7	priceline.com, Inc. (a)		7,795
				18,380
		Media — 6.9%
	141	CBS Corp. (Non-Voting), Class B		8,354
	451	Comcast Corp., Class A		21,451
	132	DISH Network Corp., Class A		6,364
	44	Time Warner Cable, Inc.		5,346
	357	Time Warner, Inc.		24,545
	149	Walt Disney Co. (The)		10,215
				76,275
		Multiline Retail — 0.4%
	72	Target Corp.		4,678
		Specialty Retail — 3.7%
	17	AutoZone, Inc. (a)		7,556
	190	Home Depot, Inc. (The)		14,782
	380	Lowe’s Cos., Inc.		18,933
				41,271
		Textiles, Apparel & Luxury Goods — 0.2%
	31	Lululemon Athletica, Inc., (Canada) (a)		2,166
		Total Consumer Discretionary		185,593
		Consumer Staples — 7.4%
		Beverages — 1.2%
	66	Molson Coors Brewing Co., Class B		3,544
	121	PepsiCo, Inc.		10,168
				13,712
		Food & Staples Retailing — 1.0%
	35	Costco Wholesale Corp.		4,123
	106	CVS Caremark Corp.		6,594
				10,717
		Food Products — 2.5%
	170	Archer-Daniels-Midland Co.		6,946

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — Continued
	157	General Mills, Inc.		7,933
	394	Mondelez International, Inc., Class A		13,266
				28,145
		Household Products — 1.4%
	192	Procter & Gamble Co. (The)		15,495
		Tobacco — 1.3%
	158	Philip Morris International, Inc.		14,114
		Total Consumer Staples		82,183
		Energy — 10.7%
		Energy Equipment & Services — 2.6%
	32	Baker Hughes, Inc.		1,886
	51	Cameron International Corp. (a)		2,792
	78	Ensco plc, (United Kingdom), Class A		4,511
	207	Schlumberger Ltd.		19,357
				28,546
		Oil, Gas & Consumable Fuels — 8.1%
	121	Anadarko Petroleum Corp.		11,548
	97	Apache Corp.		8,637
	164	Cheniere Energy, Inc. (a)		6,543
	44	EOG Resources, Inc.		7,884
	126	Exxon Mobil Corp.		11,285
	116	Marathon Oil Corp.		4,101
	194	Occidental Petroleum Corp.		18,610
	152	Phillips 66		9,809
	65	QEP Resources, Inc.		2,139
	243	Williams Cos., Inc. (The)		8,662
				89,218
		Total Energy		117,764
		Financials — 15.1%
		Capital Markets — 2.8%
	162	Invesco Ltd.		5,477
	447	Morgan Stanley		12,850
	133	State Street Corp.		9,316
	128	TD Ameritrade Holding Corp.		3,492
				31,135
		Commercial Banks — 2.6%
	636	Wells Fargo & Co.		27,171
	74	Zions Bancorporation		2,094
				29,265
		Consumer Finance — 0.8%
	127	Capital One Financial Corp.		8,694

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Diversified Financial Services — 4.6%
	1,459	Bank of America Corp.		20,371
	406	Citigroup, Inc.		19,807
	56	IntercontinentalExchange, Inc. (a)		10,852
				51,030
		Insurance — 4.3%
	164	ACE Ltd., (Switzerland)		15,654
	204	Hartford Financial Services Group, Inc.		6,883
	151	Marsh & McLennan Cos., Inc.		6,896
	371	MetLife, Inc.		17,540
				46,973
		Total Financials		167,097
		Health Care — 13.9%
		Biotechnology — 3.6%
	48	Alexion Pharmaceuticals, Inc. (a)		5,869
	59	Biogen Idec, Inc. (a)		14,400
	84	Celgene Corp. (a)		12,478
	100	Vertex Pharmaceuticals, Inc. (a)		7,132
				39,879
		Health Care Equipment & Supplies — 0.2%
	29	Stryker Corp.		2,157
		Health Care Providers & Services — 3.0%
	75	DaVita HealthCare Partners, Inc. (a)		4,221
	93	Humana, Inc.		8,612
	23	McKesson Corp.		3,531
	241	UnitedHealth Group, Inc.		16,480
				32,844
		Health Care Technology — 0.3%
	64	Cerner Corp. (a)		3,568
		Life Sciences Tools & Services — 0.6%
	28	Mettler-Toledo International, Inc. (a)		7,000
		Pharmaceuticals — 6.2%
	16	Allergan, Inc.		1,429
	408	Bristol-Myers Squibb Co.		21,422
	418	Johnson & Johnson		38,757
	157	Merck & Co., Inc.		7,063
				68,671
		Total Health Care		154,119
		Industrials — 11.4%
		Aerospace & Defense — 4.4%
	231	Honeywell International, Inc.		20,028
	273	United Technologies Corp.		29,009
				49,037

SHARES		SECURITY DESCRIPTION	VALUE($)
		Airlines — 0.4%
	65	Delta Air Lines, Inc.		1,722
	65	United Continental Holdings, Inc. (a)		2,192
				3,914
		Building Products — 0.8%
	394	Masco Corp.		8,315
		Construction & Engineering — 1.6%
	246	Fluor Corp.		18,265
		Electrical Equipment — 1.0%
	157	Emerson Electric Co.		10,524
		Machinery — 2.2%
	17	Flowserve Corp.		1,160
	245	PACCAR, Inc.		13,607
	85	Pentair Ltd., (Switzerland)		5,672
	51	WABCO Holdings, Inc. (a)		4,360
				24,799
		Road & Rail — 1.0%
	442	CSX Corp.		11,524
		Total Industrials		126,378
		Information Technology — 19.7%
		Communications Equipment — 2.0%
	396	Cisco Systems, Inc.		8,899
	195	QUALCOMM, Inc.		13,551
				22,450
		Computers & Peripherals — 3.0%
	63	Apple, Inc.		32,976
		Internet Software & Services — 3.8%
	201	eBay, Inc. (a)		10,615
	25	Google, Inc., Class A (a)		26,002
	24	LinkedIn Corp., Class A (a)		5,377
				41,994
		IT Services — 2.3%
	28	Alliance Data Systems Corp. (a)		6,679
	30	Cognizant Technology Solutions Corp., Class A (a)		2,572
	23	MasterCard, Inc., Class A		16,382
				25,633
		Semiconductors & Semiconductor Equipment — 3.5%
	357	Applied Materials, Inc.		6,372
	53	ASML Holding N.V., (Netherlands)		4,990
	441	Avago Technologies Ltd., (Singapore)		20,014
	135	Lam Research Corp. (a)		7,343
				38,719

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 9

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Software — 5.1%
	106	Adobe Systems, Inc. (a)		5,738
	986	Microsoft Corp.		34,851
	450	Oracle Corp.		15,091
				55,680
		Total Information Technology		217,452
		Materials — 3.3%
		Chemicals — 1.4%
	281	Dow Chemical Co. (The)		11,082
	41	Monsanto Co.		4,352
				15,434
		Containers & Packaging — 0.2%
	44	Packaging Corp. of America		2,755
		Metals & Mining — 1.7%
	261	Alcoa, Inc.		2,423
	344	Freeport-McMoRan Copper & Gold, Inc.		12,650
	137	United States Steel Corp.		3,410
				18,483
		Total Materials		36,672
		Telecommunication Services — 0.9%
		Diversified Telecommunication Services — 0.9%
	201	Verizon Communications, Inc.		10,143

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 2.0%
		Electric Utilities — 1.0%
	132	NextEra Energy, Inc.		11,203
		Gas Utilities — 0.4%
	59	National Fuel Gas Co.		4,239
		Multi-Utilities — 0.6%
	209	NiSource, Inc.		6,577
		Total Utilities		22,019
		Total Common Stocks (Cost $765,352)		1,119,420
	Short-Term Investment — 0.1%
		Investment Company — 0.1%
	897	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $897)		897
		Total Investments — 101.3% (Cost $766,249)		1,120,317
		Liabilities in Excess of Other Assets — (1.3)%		(14,295	)
		NET ASSETS — 100.0%	$	1,106,022

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 95.8% (t)
		Alabama — 0.3%
		Education — 0.3%
	8,135	Alabama Public School & College Authority, Capital Improvement, Rev., 5.000%, 12/01/16		9,229
		Arizona — 3.0%
		Education — 0.0% (g)
	175	Arizona State University, Rev., AMBAC, 5.000%, 07/01/19		188
		General Obligation — 0.8%
		City of Goodyear,
	1,175	GO, AGM, 6.000%, 07/01/15		1,283
	1,225	GO, AGM, 6.000%, 07/01/16		1,396
	1,300	GO, AGM, 6.000%, 07/01/17		1,533
	1,375	GO, AGM, 6.000%, 07/01/18		1,667
	1,400	GO, AGM, 6.000%, 07/01/19		1,668
	3,450	City of Phoenix, Various Purpose, Series A, GO, 5.000%, 07/01/17		3,982
	725	Maricopa County Unified School District No. 48, Scottsdale, School Improvement, Series A, GO, NATL-RE, FGIC, 5.000%, 07/01/15 (p)		782
	275	Maricopa County Unified School District No. 48, Scottsdale, Unrefunded Balance, School Improvement, Series A, GO, NATL-RE, FGIC, 5.000%, 07/01/16		295
	8,130	Maricopa County Unified School District No. 69-Paradise Valley, GO, NATL-RE, FGIC, 5.200%, 07/01/16		9,099
				21,705
		Hospital — 0.3%
		Arizona Health Facilities Authority, Banner Health,
	2,500	Series D, Rev., 5.000%, 01/01/23		2,746
	3,215	Series D, Rev., 5.000%, 01/01/24		3,507
	2,250	Scottsdale IDA, Series A, Rev., 5.000%, 09/01/14		2,332
				8,585
		Other Revenue — 1.5%
		Arizona State Transportation Board,
	16,705	Series A, Rev., GAN, 5.250%, 07/01/25		18,955
	17,135	Series A, Rev., GAN, 5.250%, 07/01/26		19,283
	3,000	Arizona State Transportation Board, Maricopa County Regional Area Road, Rev., 5.000%, 07/01/24		3,468
		Phoenix Civic Improvement Corp., Senior Lien,
	1,085	Series C, Rev., 5.000%, 07/01/22		1,270
	1,000	Series C, Rev., 5.000%, 07/01/24		1,142
				44,118

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.0% (g)
	1,205	Arizona School Facilities Board, State School Trust, Series A, Rev., AMBAC, 5.750%, 07/01/14 (p)		1,249
		Special Tax — 0.1%
	1,845	Scottsdale Municipal Property Corp., Excise Tax, Rev., 5.000%, 07/01/17		2,131
		Transportation — 0.2%
	5,475	Arizona State Transportation Board, Series A, Rev., GAN, 5.000%, 07/01/14		5,651
		Utility — 0.1%
	1,500	Salt River Project Agricultural Improvement & Power District, Series A, Rev., 5.000%, 01/01/22		1,716
		Total Arizona		85,343
		Arkansas — 0.3%
		Special Tax — 0.2%
	5,650	City of Fayetteville, Sales & Use Tax, Series A, Rev., AGM, 4.750%, 11/01/18		6,219
		Water & Sewer — 0.1%
	1,815	City of Fort Smith, Water & Sewer, Rev., AGM, 5.000%, 10/01/22		2,064
		Total Arkansas		8,283
		California — 8.4%
		Certificate of Participation/Lease — 0.0% (g)
	80	Los Angeles Unified School District, Headquarters Building Projects, Series B, COP, 5.000%, 10/01/31		83
		Education — 0.8%
	2,000	California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.000%, 10/01/39		2,108
		California State Public Works Board, University of California Research Project,
	3,025	Series E, Rev., 5.250%, 10/01/16 (p)		3,442
		University of California,
	5,285	Series O, Rev., 5.750%, 05/15/28		6,094
	5,000	Series O, Rev., 5.750%, 05/15/29		5,754
	6,045	University of California Regents Medical Center, Series A, Rev., NATL-RE, 4.750%, 05/15/22		6,462
				23,860
		General Obligation — 4.1%
		Carlsbad Unified School District,
	465	GO, Zero Coupon, 05/01/14		464
	2,500	GO, Zero Coupon, 05/01/16		2,436

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 11

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		General Obligation — Continued
	2,000	GO, Zero Coupon, 05/01/17		1,891
	1,490	GO, Zero Coupon, 05/01/19		1,301
	3,445	Center Unified School District, Election of 1991, Series D, GO, NATL-RE, Zero Coupon, 08/01/26		1,848
	13,815	City of Los Angeles, Series A, GO, 5.000%, 09/01/20		16,635
		Contra Costa Community College District,
	2,115	GO, 5.000%, 08/01/21		2,553
	1,000	GO, 5.000%, 08/01/22		1,192
	1,000	GO, 5.000%, 08/01/24		1,158
	1,090	Evergreen Elementary School District, Series A, GO, AGM, 6.000%, 08/01/16		1,249
	5,845	Grossmont-Cuyamaca Community College District, Capital Appreciation, GO, AGC, Zero Coupon, 08/01/15		5,774
	145	Los Altos School District, Unrefunded Balance, GO, AMBAC, 5.000%, 08/01/21		161
		Los Angeles Unified School District,
	1,000	Series A-1, GO, AGM, 5.000%, 07/01/19		1,140
	2,750	Series B, GO, FGIC, 4.750%, 07/01/21		3,018
	5,000	Series D, GO, 5.250%, 07/01/24		5,841
	1,500	Placentia-Yorba Linda Unified School District, 2002 Election, Series B, GO, NATL-RE, FGIC, 5.500%, 08/01/14 (p)		1,560
		San Diego Unified School District, Election of 1998,
	3,800	Series C-2, GO, AGM, 5.500%, 07/01/24		4,615
	1,000	Series F-1, GO, AGM, 5.250%, 07/01/28		1,138
	2,860	San Francisco City & County, Clean & Safe Neighborhood Park, GO, 4.000%, 06/15/24		3,047
		State Center Community College District,
	1,705	GO, 5.000%, 08/01/22		2,024
	1,000	GO, 5.000%, 08/01/24		1,149
	1,000	State of California, GO, 5.000%, 08/01/16		1,123
	6,060	State of California, Economic Recovery, Unrefunded Balance, Series A, GO, 5.250%, 07/01/14		6,265
		State of California, Various Purpose,
	1,720	GO, 5.000%, 03/01/16		1,902
	940	GO, 5.000%, 04/01/16		1,043
	3,810	GO, 5.000%, 04/01/17		4,360
	5,000	GO, 5.000%, 04/01/20		5,756
	1,000	GO, 5.000%, 09/01/25		1,111
	675	GO, 5.000%, 10/01/25		744
	2,000	GO, 5.000%, 09/01/26		2,203
	10,000	GO, 5.500%, 04/01/18		11,897

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — Continued
	5,000	GO, 5.500%, 04/01/21		5,852
	5,000	GO, 5.625%, 04/01/26		5,681
	6,600	GO, 6.500%, 04/01/33		7,859
				115,990
		Hospital — 0.2%
		California Health Facilities Financing Authority, Providence Health & Services,
	1,500	Series C, Rev., 6.250%, 10/01/24		1,777
	2,000	Series C, Rev., 6.250%, 10/01/28		2,306
	1,000	University of California, Unrefunded Balance, UCLA Medical Center, Series B, Rev., AMBAC, 5.500%, 05/15/20		1,013
				5,096
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	200	California Infrastructure & Economic Development Bank, Revolving Fund, Rev., 5.000%, 10/01/24		208
		Other Revenue — 2.4%
	8,700	California State Public Works Board, University of California, Series H, Rev., 5.000%, 09/01/32		9,077
		California State University, Unrefunded Balance, Systemwide,
	1,040	Series A, Rev., AGM, 4.750%, 11/01/22		1,061
	870	Series A, Rev., AGM, 4.750%, 11/01/24		888
	2,475	Golden West Schools Financing Authority, Placentia-Yorba Linda University, Rev., AMBAC, 5.500%, 08/01/20		2,954
		Los Angeles Department of Water & Power, Power System,
	2,500	Series A, Rev., 5.000%, 07/01/23		2,999
	25,385	Series B, Rev., 5.000%, 07/01/28		28,506
	2,545	Metropolitan Water District Southern Water Works, Series A, Rev., 5.000%, 10/01/25		2,963
	10,000	San Diego County Water Authority, Rev., 5.000%, 05/01/30		10,980
	3,110	Simi Valley School Financing Authority, Rev., AGM, 5.000%, 08/01/21		3,514
	5,000	University of California, Series AF, Rev., 5.000%, 05/15/27		5,699
				68,641
		Prerefunded — 0.4%
		California Infrastructure & Economic Development Bank, Bay Area Toll Bridges, First Lien,
	340	Series A, Rev., AGM, 5.000%, 07/01/22 (p)		413
	2,315	Series A, Rev., FGIC, 5.000%, 07/01/25 (p)		2,827

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Prerefunded — Continued
	1,960	California State University, Systemwide, Series A, Rev., AGM, 4.750%, 05/01/14 (p)		2,005
	105	Los Altos School District, GO, AMBAC, 5.000%, 08/01/16 (p)		118
		State of California,
	3,775	GO, 5.000%, 02/01/14 (p)		3,821
	450	GO, 5.125%, 02/01/14 (p)		456
	1,770	State of California, Economic Recovery, Series A, GO, 5.250%, 07/01/14 (p)		1,830
				11,470
		Utility — 0.3%
	2,070	California State Department of Water Resources, Power Supply, Series H, Rev., AGM-CR, 5.000%, 05/01/21		2,405
	5,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.250%, 11/15/21		5,557
				7,962
		Water & Sewer — 0.2%
	4,750	City of Santa Rosa, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/23		3,212
		City of Vallejo, Water Revenue,
	1,690	Rev., NATL-RE, 5.000%, 05/01/18		1,809
	1,370	Rev., NATL-RE, 5.000%, 05/01/21		1,427
				6,448
		Total California		239,758
		Colorado — 1.9%
		Certificate of Participation/Lease — 0.2%
	5,830	Colorado Higher Education, COP, 5.500%, 11/01/27		6,560
		General Obligation — 1.2%
	3,450	Adams 12 Five Star Schools, GO, 4.000%, 12/15/23		3,788
	460	Denver City & County, Better Denver & Zoo, Series A, GO, 4.000%, 08/01/14		473
		Douglas County School District No. Re-1 Douglas & Elbert Counties,
	6,950	GO, 5.250%, 12/15/23		8,459
	2,345	GO, 5.250%, 12/15/25		2,855
	4,375	Douglas County School District No. Re-1, Douglas & Elbert Counties, GO, 5.250%, 12/15/20		5,298
	10,000	Jefferson County School District No. R-1, GO, 5.000%, 12/15/22		11,935
				32,808

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.4%
	2,170	Colorado Higher Education, COP, 5.500%, 11/01/18 (p)		2,612
	4,250	Dawson Ridge Metropolitan District No. 1, Series A, GO, Zero Coupon, 10/01/22 (p)		3,331
	5,000	Regional Transportation District, Fastracks Project, Series A, Rev., AMBAC, 5.000%, 11/01/16 (p)		5,663
				11,606
		Transportation — 0.0% (g)
	1,000	Denver City & County, Airport System, Series B, Rev., AMT, NATL-RE, FGIC, 5.000%, 11/15/14		1,049
		Utility — 0.1%
	1,225	Platte River Power Authority, Series HH, Rev., 5.000%, 06/01/22		1,426
		Total Colorado		53,449
		Connecticut — 1.4%
		Certificate of Participation/Lease — 0.1%
	3,000	State of Connecticut, Transportation Infrastructure, Special Tax, Series A, Rev., COP, AMBAC, 5.000%, 07/01/15 (p)		3,235
		Education — 0.0% (g)
	1,000	Connecticut State Health & Educational Facility Authority, Quinnipiac University, Series I, Rev., NATL-RE, 5.000%, 07/01/26		1,084
		General Obligation — 1.2%
		City of Greenwich,
	325	GO, 4.000%, 06/01/22		350
	200	GO, 5.000%, 06/01/20		230
		City of Hartford,
	1,325	GO, AGC, 5.000%, 11/15/15		1,442
	250	GO, AGC, 5.000%, 11/15/16		281
	270	GO, AGC, 5.000%, 11/15/17		311
	345	GO, AGC, 5.000%, 11/15/18		402
		State of Connecticut,
	3,500	Series B, GO, AMBAC, 5.250%, 06/01/19		4,184
	4,980	Series B, GO, AMBAC, 5.250%, 06/01/20		5,979
	10,235	Series B, GO, NATL-RE, 5.000%, 06/01/14		10,524
	8,200	Series E, GO, 5.000%, 08/15/30		8,956
	250	Series F, GO, 4.000%, 09/15/14		258
	650	Town of Trumbull, GO, 5.000%, 09/15/15		706
				33,623

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 13

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Transportation — 0.0% (g)
	1,000	State of Connecticut, Transportation Infrastructure, Special Tax, Series A, Rev., 4.000%, 12/01/15		1,075
		Water & Sewer — 0.1%
		South Central Regional Water Authority, Water System Revenue,
	250	Series A, Rev., NATL-RE, 5.250%, 08/01/19		298
	1,290	Series A, Rev., NATL-RE, 5.250%, 08/01/20		1,544
				1,842
		Total Connecticut		40,859
		Delaware — 0.4%
		General Obligation — 0.2%
	2,035	New Castle County, Series B, GO, 5.000%, 07/15/19		2,441
		State of Delaware,
	1,000	Series C, GO, 5.000%, 03/01/19		1,192
	1,000	Series C, GO, 5.000%, 03/01/21		1,209
				4,842
		Other Revenue — 0.2%
		University of Delaware,
	1,000	Series B, Rev., 5.000%, 11/01/15		1,092
	1,000	Series B, Rev., 5.000%, 11/01/18		1,187
	1,000	Series B, Rev., 5.000%, 11/01/21		1,160
		Wilmington Parking Authority,
	1,500	Rev., AGM, 5.250%, 09/15/14		1,562
	500	Rev., AGM, 5.250%, 09/15/15		542
				5,543
		Total Delaware		10,385
		District of Columbia — 1.1%
		Other Revenue — 1.1%
		District of Columbia Water & Sewer Authority, Sub Lien,
	5,000	Series C, Rev., 5.000%, 10/01/25		5,744
	5,000	Series C, Rev., 5.000%, 10/01/29		5,506
		District of Columbia, Income Tax,
	3,395	Series A, Rev., 5.000%, 12/01/17		3,956
	5,000	Series A, Rev., 5.000%, 12/01/18		5,940
	6,000	Series A, Rev., 5.000%, 12/01/19		7,178
	2,000	Series A, Rev., 5.000%, 12/01/20		2,393
		Total District of Columbia		30,717

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Florida — 3.9%
		Certificate of Participation/Lease — 0.2%
	2,500	Miami-Dade County, School Board, Series A, COP, NATL-RE, FGIC, 5.000%, 05/01/18		2,812
	3,000	Tampa Sports Authority, Sales Tax Payments Stadium Project, Rev., COP, AGM, 5.000%, 01/01/23		3,157
				5,969
		General Obligation — 2.1%
		Florida State Board of Education, Public Education, Capital Outlay,
	5,090	Series A, GO, 5.000%, 06/01/21		5.840
	15,000	Series B, GO, 4.750%, 06/01/21		16,073
	32,375	Series D, GO, 5.000%, 06/01/25		37,003
	135	State of Florida, Department of Transportation, Right of Way, Series A, GO, 5.000%, 07/01/14		139
				59,055
		Other Revenue — 0.6%
		City of Port St. Lucie, Utilities Systems,
	1,800	Rev., AGC, 5.000%, 09/01/15		1,943
	2,355	Rev., AGC, 5.000%, 09/01/18		2,746
	1,070	Rev., AGC, 5.000%, 09/01/20		1,215
	3,405	Florida State Department of General Services, Facilities Pool, Series A, Rev., AMBAC, 5.000%, 09/01/14		3,534
	4,500	Orlando Utilities Commission Utility System, Series A, Rev., 5.000%, 10/01/25		5,313
	2,500	Tampa Bay Water Florida Utility System Revenue, Regional Water Supply Authority, Rev., NATL-RE, FGIC, 5.250%, 10/01/16		2,834
				17,585
		Prerefunded — 0.2%
	4,900	City of Gainesville, Utilities System, Series A, Rev., AGM, 5.000%, 10/01/15 (p)		5,338
		Water & Sewer — 0.8%
		Miami-Dade County, Water & Sewer Systems,
	6,000	Series B, Rev., AGM, 5.000%, 10/01/14		6,262
	15,180	Series B, Rev., AGM, 5.000%, 10/01/15		16,507
				22,769
		Total Florida		110,716
		Georgia — 4.6%
		Education — 0.0% (g)
	1,050	Private Colleges & Universities Authority, Emory University, Series B, Rev., 5.000%, 09/01/19		1,252

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		General Obligation — 2.5%
	5,000	Douglas County School District, GO, AGM, 5.000%, 04/01/17 (p)		5,730
	3,090	Henry County School District, GO, 5.000%, 08/01/20		3,698
		State of Georgia,
	3,425	Series A, GO, 5.000%, 09/01/15 (p)		3,716
	3,140	Series B, GO, 5.000%, 07/01/19		3,761
	3,300	Series B, GO, 5.000%, 07/01/20		3,985
	1,000	Series B, GO, 5.750%, 08/01/17		1,186
	14,960	Series C, GO, 5.000%, 07/01/17		17,291
	8,040	Series C, GO, 5.500%, 07/01/15		8,335
	3,935	Series E, GO, 5.000%, 08/01/16		4,422
	14,790	Series F, GO, 5.000%, 12/01/19		17,827
				69,951
		Other Revenue — 0.5%
	6,000	City of Atlanta, Airport, Series A, Rev., 5.000%, 01/01/21		6,996
	5,000	Fulton County, Water & Sewerage, Rev., 5.000%, 01/01/23		5,748
	125	Henry County Water & Sewerage Authority, Rev., 5.000%, 02/01/29		137
				12,881
		Special Tax — 0.4%
	10,000	Georgia State Road and Tollway Authority, Federal Highway, Grant Anticipation Bonds, Series A, Rev., AGM, 5.000%, 06/01/18		11,710
		Transportation — 0.6%
		Georgia State Road and Tollway Authority, Federal Highway, Grant Anticipation Bonds,
	7,375	Rev., NATL-RE, 5.000%, 06/01/17		8,164
	2,000	Rev., NATL-RE, 5.000%, 06/01/18		2,209
	5,000	Series A, Rev., 5.000%, 06/01/15		5,362
				15,735
		Utility — 0.2%
	5,700	Municipal Electric Authority of Georgia, Series B, Rev., 6.250%, 01/01/17		6,630
		Water & Sewer — 0.4%
	6,895	Cobb County, Water & Sewer, Rev., 5.000%, 07/01/22		7,960
	3,335	Gwinnett County Water & Sewerage Authority, Rev., 5.000%, 08/01/19		3,888
				11,848
		Total Georgia		130,007

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Hawaii — 1.6%
		General Obligation — 1.0%
		State of Hawaii,
	2,750	Series D, GO, 5.000%, 06/01/16 (p)		3,070
	10,000	Series DD, GO, NATL-RE, 5.250%, 05/01/14 (p)		10,254
	7,500	Series DQ, GO, 5.000%, 06/01/15		8,056
	7,250	Series DR, GO, 5.000%, 06/01/16		8,092
				29,472
		Transportation — 0.2%
		State of Hawaii,
	1,500	Rev., 5.000%, 01/01/15		1,583
	2,575	Rev., 5.000%, 01/01/19		3,031
				4,614
		Water & Sewer — 0.4%
		City & County of Honolulu, Wastewater System, Second Bond Resolution,
	3,740	Series A, Rev., AGM, 5.000%, 07/01/23		4,260
	2,740	Series A, Rev., AGM, 5.000%, 07/01/24		3,121
	4,915	Series A, Rev., AGM, 5.000%, 07/01/25		5,599
				12,980
		Total Hawaii		47,066
		Idaho — 0.6%
		Hospital — 0.3%
	8,000	Idaho Health Facilities Authority, Trinity Health Group, Series B, Rev., 6.000%, 12/01/23		9,379
		Other Revenue — 0.3%
	6,885	Idaho State Building Authority, Capitol Project, Rev., NATL-RE, FGIC, 5.000%, 09/01/14		7,156
		Total Idaho		16,535
		Illinois — 1.0%
		General Obligation — 0.2%
	140	Du Page & Will Counties Community School District No. 204 Indian Prairie, School Building, Series F, GO, AGM-CR, FGIC, 6.250%, 12/30/21		177
	3,970	State of Illinois, Series A, GO, AGM, 5.000%, 06/01/14		4,073
		Village of Schaumburg,
	1,000	Series A, GO, 4.000%, 12/01/19		1,128
	625	Series A, GO, 4.000%, 12/01/20		701
				6,079

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 15

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Hospital — 0.1%
	2,225	Illinois Health Facilities Authority, Advocate Health Care Network, Series A, Rev., VAR, 4.375%, 07/01/14		2,286
		Other Revenue — 0.2%
	4,850	City of Chicago, Second Lien Water Project, Rev., 4.000%, 11/01/37		4,081
		Special Tax — 0.1%
	3,000	City of Chicago, Sales Tax, Rev., AGM, 5.000%, 01/01/18		3,193
		Transportation — 0.4%
	5,000	Chicago O’Hare International Airport, Third Lien, Series A, Rev., AGC-ICC, AMBAC, 5.000%, 01/01/22		5,258
	610	Chicago Transit Authority, Capital Grant, Federal Transit Administration, Rev., AMBAC, 5.000%, 12/01/16 (p)		693
	5,000	Illinois State Toll Highway Authority, Series A, Rev., AGM, 5.500%, 01/01/15		5,298
	750	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.000%, 07/01/24		904
				12,153
		Water & Sewer — 0.0% (g)
	1,125	City of Chicago, Wastewater Transmission, Series A, Rev., BHAC, 5.250%, 01/01/30		1,208
		Total Illinois		29,000
		Indiana — 1.4%
		Certificate of Participation/Lease — 0.2%
	5,205	Indianapolis Local Public Improvement Bond Bank, Series E, Rev., COP, AMBAC, 5.000%, 01/01/15		5,489
		Education — 0.2%
	3,570	Purdue University, Student Facilities Systems, Series A, Rev., 5.250%, 07/01/20		4,324
		Other Revenue — 0.9%
	2,125	Center Grove 2000 Building Corp., First Mortgage, Rev., NATL-RE, FGIC, 5.250%, 07/10/24		2,278
	160	Indiana Bond Bank, Special Program, Series D, Rev., AGM, 5.000%, 08/01/19		175
	9,870	Indiana Finance Authority, Revolving Fund, Series A, Rev., 5.000%, 02/01/26		11,243
	1,700	Indianapolis Local Public Improvement Bond Bank, Series B, Rev., 5.000%, 02/01/15		1,799
	1,750	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.000%, 01/01/22		2,024

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — Continued
	4,050	Indianapolis Local Public Improvement Bond Bank, Stormwater Project, Series D, Rev., 5.000%, 01/01/26		4,591
		South Bend Community School Corp., First Mortgage,
	1,350	Rev., AGM, 5.000%, 07/05/14		1,393
	855	Rev., AGM, 5.000%, 01/05/16		937
	1,030	Rev., AGM, 5.000%, 07/05/17		1,178
				25,618
		Prerefunded — 0.1%
	3,750	Indiana Transportation Finance Authority, Series A, Rev., FGIC, 5.250%, 06/01/14 (p)		3,861
		Total Indiana		39,292
		Iowa — 0.4%
		General Obligation — 0.0% (g)
	1,070	City of Des Moines, Capital Loan Notes, Series C, GO, 5.000%, 06/01/15		1,150
		Other Revenue — 0.4%
		Iowa Finance Authority, State Revolving Fund,
	1,000	Rev., 5.000%, 08/01/19		1,195
	1,000	Rev., 5.000%, 08/01/20		1,200
	5,440	Rev., 5.000%, 08/01/26		6,188
	1,000	Rev., 5.000%, 08/01/29		1,125
				9,708
		Total Iowa		10,858
		Kansas — 2.2%
		Industrial Development Revenue/Pollution Control Revenue — 0.5%
		Kansas Development Finance Authority, Commerce Impact,
	5,815	Rev., 5.000%, 06/01/16		6,463
	6,105	Rev., 5.000%, 06/01/17		6,974
				13,437
		Other Revenue — 0.5%
	1,745	Kansas Development Finance Authority, Kansas Transitional Revolving Fund, Rev., 5.000%, 10/01/16		1,892
		Kansas State Department of Transportation, Highway,
	7,000	Series A, Rev., 5.000%, 09/01/16		7,887
	4,800	Series A, Rev., 5.000%, 09/01/18		5,693
				15,472

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Prerefunded — 1.0%
	21,045	City of Olathe & County of Labette, Capital Accumulator, Series A, Rev., Zero Coupon, 02/01/16 (p)		20,690
	9,015	Reno Sedgwick Finney Counties, Capital Accumulator, Series A, Rev., NATL-RE, Zero Coupon, 04/01/16 (p)		8,845
				29,535
		Utility — 0.2%
	3,755	Wyandotte County-Kansas City Unified Government, Utility System, Series 2004, Rev., AMBAC, 5.650%, 09/01/15		4,104
		Total Kansas		62,548
		Kentucky — 0.6%
		Other Revenue — 0.6%
		Kentucky State Property & Buildings Commission, Project No. 89,
	6,145	Rev., AGM, 5.000%, 11/01/22		6,998
	1,000	Rev., AGM, 5.000%, 11/01/24		1,130
	5,185	Kentucky Turnpike Authority, Revitalization, Series A, Rev., 5.000%, 07/01/28		5,714
	3,955	Louisville & Jefferson County Metro Government Board of Water Works, Series A, Rev., 5.000%, 11/15/18		4,697
		Total Kentucky		18,539
		Louisiana — 0.4%
		Other Revenue — 0.2%
	4,000	City of Alexandria, Utilities, Series A, Rev., 5.000%, 05/01/43 (w)		4,036
		Prerefunded — 0.2%
	4,375	Louisiana Public Facilities Authority, CR, Series B, Rev., Zero Coupon, 12/01/19 (p)		3,883
	3,270	Louisiana Public Facilities Authority, CR, Multi-Family Housing, Series A, Rev., Zero Coupon, 02/01/20 (p)		2,867
				6,750
		Total Louisiana		10,786
		Maryland — 2.8%
		Education — 0.5%
		University System of Maryland, Tuition,
	2,135	Series A, Rev., 5.000%, 04/01/16		2,370
	4,340	Series A, Rev., 5.000%, 04/01/17		4,978
	4,560	Series A, Rev., 5.000%, 04/01/18		5,356
				12,704

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — 1.3%
	5	Maryland National Capital Park & Planning Commission, Park Acquisition & Development, Series EE-2, GO, 5.000%, 01/15/14 (p)		5
	5,000	Montgomery County, Public Improvement, Series A, GO, 5.000%, 05/01/17		5,752
	20,000	State of Maryland, State & Local Facilities, Series C, GO, 5.000%, 11/01/18		23,820
	8,000	State of Maryland, State & Local Facilities Loan of 2006, Second Series, GO, 5.000%, 08/01/15		8,659
				38,236
		Other Revenue — 0.4%
	4,725	Baltimore Board of School Commissioners, Rev., 5.000%, 05/01/17		5,427
	4,605	Maryland State Transportation Authority, Transportation Facilities Project, Rev., 5.000%, 07/01/22		5,501
	1,490	Maryland Water Quality Financing Administration Revolving Loan Fund, Rev., 5.000%, 03/01/14		1,514
				12,442
		Transportation — 0.6%
		Maryland State Department of Transportation,
	4,000	Rev., 4.000%, 03/01/18		4,402
	9,880	Rev., 5.250%, 12/15/17		11,646
				16,048
		Total Maryland		79,430
		Massachusetts — 3.1%
		Certificate of Participation/Lease — 0.4%
	10,000	Massachusetts Bay Transportation Authority, Series A, Rev., COP, 5.250%, 07/01/27		11,864
		Education — 0.4%
	10,000	Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology, Series A, Rev., 5.000%, 07/01/14		10,323
		General Obligation — 0.8%
	9,000	Commonwealth of Massachusetts, Series A, GO, 5.250%, 08/01/19		10,869
	10,000	Commonwealth of Massachusetts, Consolidated Lien, Series C, GO, NATL-RE, FGIC, 5.500%, 11/01/14		10,529
				21,398

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 17

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Other Revenue — 0.5%
		Boston Housing Authority,
	1,790	Rev., AGM, 5.000%, 04/01/15		1,889
	1,770	Rev., AGM, 5.000%, 04/01/17		1,970
	1,925	Massachusetts Bay Transportation Authority, Series A, Rev., 5.000%, 07/01/21		2,311
	7,420	Massachusetts School Building Authority, Dedicated Sales Tax, Series B, Rev., 5.000%, 08/15/30		8,132
				14,302
		Prerefunded — 0.9%
	200	Commonwealth of Massachusetts, Series C, GO, AGM, 5.500%, 12/01/22 (p)		250
	5,000	Commonwealth of Massachusetts, Consolidated Lien, Series C, GO, NATL-RE-IBC, 5.500%, 11/01/16 (p)		5,744
	5,000	Commonwealth of Massachusetts, Consolidated Loan of 2006, Series E, GO, AMBAC, 5.000%, 11/01/16 (p)		5,670
	2,500	Commonwealth of Massachusetts, Water Pollution Abatement, Series 10, Rev., 5.000%, 08/01/14 (p)		2,591
	11,695	Massachusetts Bay Transportation Authority, Series A, Rev., 5.000%, 07/01/14 (p)		12,073
				26,328
		Special Tax — 0.1%
	3,840	Massachusetts School Building Authority, Series A, Rev., AGM, 5.000%, 08/15/15 (p)		4,162
		Total Massachusetts		88,377
		Michigan — 1.1%
		Education — 0.3%
		University of Michigan,
	3,535	Series A, Rev., 5.000%, 04/01/15		3,769
	4,170	Series A, Rev., 5.000%, 04/01/21		4,745
				8,514
		General Obligation — 0.2%
	2,000	Ann Arbor Public School District, GO, Q-SBLF, 5.000%, 05/01/21		2,349
	1,000	Brandon School District, School Building & Site, GO, AGM, Q-SBLF, 5.000%, 05/01/17		1,097
	2,000	Huron Valley School District, GO, Q-SBLF, 5.000%, 05/01/24		2,207
				5,653
		Other Revenue — 0.6%
	10,000	City of Grand Rapids, Sewer System, Series A, Rev., BHAC-CR, AGM-CR, FGIC, 5.500%, 01/01/22		12,041

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — Continued
	3,000	Michigan Finance Authority, State Revolving Fund, Clean Water, Rev., 5.000%, 10/01/21		3,566
	1,400	State of Michigan, Trunk Line Fund, Series B, Rev., AGM, 5.000%, 09/01/16		1,516
				17,123
		Transportation — 0.0% (g)
	1,240	State of Michigan, Trunk Line Fund, Rev., 5.000%, 11/15/28		1,345
		Total Michigan		32,635
		Minnesota — 1.6%
		General Obligation — 1.2%
		Olmsted County, Crossover,
	2,085	Series A, GO, 4.000%, 02/01/23		2,316
	775	Series A, GO, 5.000%, 02/01/21		934
		State of Minnesota,
	5,000	GO, 5.000%, 08/01/16		5,616
	4,900	GO, 5.000%, 11/01/19		5,512
	6,760	Series C, GO, 5.000%, 08/01/16		7,593
	1,270	State of Minnesota, Trunk Highway, Series B, GO, 5.000%, 10/01/21		1,536
	8,275	State of Minnesota, Various Purpose, Series F, GO, 5.000%, 08/01/20		9,967
				33,474
		Other Revenue — 0.4%
	9,705	State of Minnesota, General Fund Refunding Appropriation, Series B, Rev., 5.000%, 03/01/25		11,192
		Total Minnesota		44,666
		Mississippi — 0.5%
		Prerefunded — 0.5%
	15,750	Mississippi Housing Finance Corp., Capital Appreciation, Rev., Zero Coupon, 09/15/16 (p)		15,384
		Missouri — 3.7%
		General Obligation — 0.1%
	1,000	Cass County Reorganized School District No. R-2, GO, 5.000%, 03/01/20		1,096
	2,260	Missouri Highway & Transportation Commission, Federal Reimbursement, Series A, GO, 5.000%, 05/01/17		2,598
				3,694

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Other Revenue — 2.1%
		Kansas City Industrial Development Authority, Downtown Redevelopment District,
	2,785	Series A, Rev., 5.000%, 09/01/19		3,213
	7,640	Series A, Rev., 5.000%, 09/01/20		8,788
	6,620	Series A, Rev., 5.000%, 09/01/21		7,602
		Missouri State Environmental Improvement & Energy Resources Authority, Revolving Funds,
	10,805	Series A, Rev., 5.000%, 01/01/19		12,820
	20,915	Series A, Rev., 5.000%, 01/01/21		24,630
	2,355	Missouri State Environmental Improvement & Energy Resources Authority, Revolving Funds Program, Series B, Rev., 5.000%, 07/01/25		2,769
				59,822
		Transportation — 1.5%
		Missouri Highways & Transportation Commission, Federal Reimbursement,
	3,730	Series A, Rev., 5.000%, 05/01/16		4,154
	4,060	Series A, Rev., 5.000%, 05/01/20		4,733
	7,000	Missouri Highways & Transportation Commission, Senior Lien, Rev., 5.000%, 02/01/21		7,912
		Missouri State Highways & Transit Commission, First Lien,
	7,000	Series A, Rev., 5.000%, 05/01/17		7,746
	6,000	Series B, Rev., 5.000%, 05/01/22		6,612
	5,000	Missouri State Highways & Transit Commission, Second Lien, Rev., 5.000%, 05/01/16		5,566
	5,000	Missouri State Highways & Transit Commission, Senior Lien, Rev., 5.000%, 02/01/16		5,518
				42,241
		Total Missouri		105,757
		Nebraska — 0.7%
		Education — 0.3%
		University of Nebraska Facilities Corp., Deferred Maintenance,
	3,625	Rev., AMBAC, 5.000%, 07/15/18		4,027
	3,715	Rev., AMBAC, 5.000%, 07/15/19		4,122
				8,149
		General Obligation — 0.1%
	1,960	Omaha City Convention Center/Arena Project, GO, 5.250%, 04/01/27		2,376
		Other Revenue — 0.2%
	5,000	Omaha Public Power District, Electric System, Series A, Rev., 4.000%, 02/01/32		4,911

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — 0.1%
		Nebraska Public Power District,
	250	Series B, Rev., AGM, 5.000%, 01/01/17		282
	600	Series B, Rev., AGM, 5.000%, 01/01/18		686
	2,500	Series C, Rev., NATL-RE, FGIC, 5.000%, 01/01/17		2,730
				3,698
		Total Nebraska		19,134
		Nevada — 1.0%
		General Obligation — 0.2%
	5,000	State of Nevada, Projects R9-A-R13-F, Series F, GO, AGM, 5.000%, 12/01/24		5,288
		Other Revenue — 0.0% (g)
		Nevada System of Higher Education University, Unrefunded Balance,
	640	Series B, Rev., AMBAC, 5.000%, 07/01/21		694
	675	Series B, Rev., AMBAC, 5.000%, 07/01/22		731
				1,425
		Prerefunded — 0.6%
	3,795	Clark County School District, Series C, GO, AGM, 5.000%, 12/15/15 (p)		4,165
	12,140	Clark County School District, Building, Series D, GO, NATL-RE, 5.000%, 12/15/14 (p)		12,789
				16,954
		Water & Sewer — 0.2%
	5,000	Truckee Meadows Water Authority, Rev., AGM, 5.000%, 07/01/16		5,544
		Total Nevada		29,211
		New Hampshire — 0.2%
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
		New Hampshire Municipal Bond Bank,
	1,025	Series E, Rev., 5.000%, 01/15/23		1,167
	1,035	Series E, Rev., 5.000%, 01/15/24		1,172
	1,195	Series E, Rev., 5.000%, 01/15/26		1,341
	1,250	Series E, Rev., 5.000%, 01/15/27		1,392
		Total New Hampshire		5,072
		New Jersey — 2.1%
		Education — 0.3%
	7,500	New Jersey Higher Education Assistance Authority, Series A, Rev., 5.000%, 06/01/15		7,963
		General Obligation — 0.4%
	850	North Brunswick Township Board of Education, GO, 5.000%, 07/15/22		982

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 19

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		General Obligation — Continued
	2,500	State of New Jersey, GO, 5.250%, 08/01/20		3,029
	1,995	Sussex County Municipal Utilities Authority, Capital Appreciation, Series B, GO, AGM, Zero Coupon, 12/01/20		1,659
		Township of Maplewood, General Improvement,
	775	GO, 4.000%, 10/15/17		869
	1,495	GO, 5.000%, 10/15/20		1,786
	1,505	GO, 5.000%, 10/15/21		1,796
		Township of Woodbridge,
	1,100	GO, 5.000%, 07/15/22		1,247
	1,200	GO, 5.000%, 07/15/23		1,344
				12,712
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	5,000	New Jersey EDA, Cigarette Tax, Rev., AGC-ICC, 5.375%, 06/15/14 (p)		5,162
		Other Revenue — 0.9%
	6,000	Garden State Preservation Trust, 2005, Series A, Rev., AGM, 5.800%, 11/01/15 (p)		6,640
	5,000	New Jersey Economic Development Authority, School Facilities Construction, Series NN, Rev., 5.000%, 03/01/29		5,350
		New Jersey EDA, School Facilities Construction,
	1,500	Series NN, Rev., 5.000%, 03/01/23		1,731
	5,000	Series NN, Rev., 5.000%, 03/01/25		5,607
	60	New Jersey Environmental Infrastructure Trust, Unrefunded Balance, Series A, Rev., 5.000%, 09/01/15 (p)		65
	5,000	New Jersey Transportation Trust Fund Authority, Transportation Program, Series Aa, Rev., 5.000%, 06/15/36		5,146
				24,539
		Prerefunded — 0.1%
	1,000	Garden State Preservation Trust, Series A, Rev., AGM, 5.250%, 11/01/13 (p)		1,000
	1,500	New Jersey Transportation Trust Fund Authority, Transportation System, Series D, Rev., 5.000%, 06/15/14 (p)		1,545
				2,545
		Transportation — 0.2%
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., AMBAC, 5.250%, 12/15/22		5,890
		Total New Jersey		58,811

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New Mexico — 1.0%
		General Obligation — 0.2%
	4,200	New Mexico Finance Authority, Senior Lien Public Project, Series C, GO, 5.000%, 06/01/22		5,015
		Other Revenue — 0.6%
		New Mexico Finance Authority, Senior Lien,
	1,625	Series B, Rev., 5.000%, 06/01/22		1,839
	1,690	Series B, Rev., 5.000%, 06/01/23		1,903
	1,820	Series B, Rev., 5.000%, 06/01/25		2,009
	1,965	Series B, Rev., 5.000%, 06/01/27		2,141
		New Mexico Finance Authority, State Transportation, Sub Lien,
	3,000	Series A-2, Rev., 5.000%, 12/15/19		3,572
	2,245	Series A-2, Rev., 5.000%, 12/15/20		2,678
	1,385	Series A-2, Rev., 5.000%, 12/15/21		1,618
				15,760
		Special Tax — 0.2%
	7,000	New Mexico Finance Authority, Senior Lien, Series A, Rev., NATL-RE, 5.250%, 06/15/14 (p)		7,221
		Total New Mexico		27,996
		New York — 12.5%
		Certificate of Participation/Lease — 0.6%
	15,000	New York State Urban Development Corp., Service Contract, Series B, Rev., COP, 5.250%, 01/01/25		17,102
		Education — 1.7%
	3,000	Erie County Industrial Development Agency, City of Buffalo School District Project, Series A, Rev., AGM, 5.750%, 05/01/21		3,473
	6,750	New York City Transitional Finance Authority, Building Aid Revenue, Series S-2, Rev., NATL-RE, FGIC, 5.000%, 01/15/22		7,491
	5,340	New York State Dormitory Authority, Columbia University, Series B, Rev., 5.000%, 07/01/15		5,760
		New York State Dormitory Authority, Education,
	10,000	Series A, Rev., 5.000%, 03/15/21		11,381
	4,000	Series A, Rev., 5.000%, 03/15/23		4,590
	6,500	Series C, Rev., 5.000%, 12/15/21		7,317
		New York State Dormitory Authority, School Districts, Building Finance Program,
	510	Series A, Rev., NATL-RE, 5.000%, 10/01/14		531
	675	Series A, Rev., NATL-RE, 5.000%, 10/01/15		731
	1,360	Series A, Rev., NATL-RE, 5.000%, 10/01/18		1,518

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Education — Continued
	4,395	New York State Dormitory Authority, University Dormitory Facilities, Series A, Rev., 5.000%, 07/01/22		5,006
				47,798
		General Obligation — 1.2%
	100	Briarcliff Manor, Public Improvement, Series A, GO, AGM, 5.000%, 09/01/14		104
		City of New York,
	6,085	Series D, GO, 5.000%, 08/01/28		6,720
	2,000	Sub Series F-1, GO, 5.000%, 03/01/27		2,235
	4,050	Sub Series F-1, GO, 5.000%, 03/01/30		4,395
		New York City,
	4,000	Series E, GO, 5.000%, 08/01/21		4,699
	5,000	Series E, GO, 5.000%, 08/01/23		5,723
	7,500	Series I, GO, 5.000%, 08/01/24		8,619
	1,000	Starpoint Central School District, GO, 5.000%, 06/15/19		1,170
	1,000	Taconic Hills Central School District at Craryville, GO, 5.000%, 06/15/19		1,170
				34,835
		Hospital — 0.0% (g)
	510	New York State Dormitory Authority, Mental Health Services Facilities Improvement, Series D, Rev., AGM, 5.000%, 02/15/18		574
		Other Revenue — 5.5%
	1,500	Metropolitan Transportation Authority, Series A, Rev., 5.000%, 11/15/41		1,523
	16,335	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2010, Series FF, Rev., 5.000%, 06/15/24		19,109
	6,585	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2011, Series HH, Rev., 5.000%, 06/15/26		7,329
	4,790	New York City Transitional Finance Authority, Building Aid Revenue, Sub Series S-1A, Rev., 5.000%, 07/15/18		5,613
	400	New York City Transitional Finance Authority, Building Aid Revenue, Fiscal Year 2007, Series S-1, Rev., NATL-RE, FGIC, 5.000%, 07/15/16		447
		New York City Transitional Finance Authority, Future Tax Secured,
	395	Sub Series A-2, Rev., 5.000%, 11/01/18		430
	10,000	Sub Series F-1, Rev., 5.000%, 02/01/31		10,798
	9,000	Sub Series D-1, Rev., 5.000%, 11/01/31		9,739

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — Continued
	1,675	New York City Transitional Finance Authority, Unrefunded Balance, Future Tax Secured, Series B, Rev., 5.000%, 11/01/17		1,930
	9,475	New York Liberty Development Corporation, World Trade Center Projects, Class 1, Rev., 5.000%, 09/15/30		10,220
	8,500	New York State Dormitory Authority, Consolidated Services Contract, Series A, Rev., 5.000%, 07/01/23		9,639
	3,500	New York State Dormitory Authority, General Purpose, Series C, Rev., 5.000%, 03/15/41		3,624
	3,000	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series A, Rev., 5.000%, 02/15/43		3,122
	6,100	New York State Thruway Authority, Series G, Rev., AGM, 5.000%, 01/01/25		6,499
		New York State Thruway Authority, Secondary General Highway & Bridge Trust Fund,
	7,425	Series B, Rev., 5.000%, 04/01/23		8,326
	5,000	Series B, Rev., AMBAC, 5.000%, 04/01/21		5,405
	10,000	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.000%, 03/15/26		11,298
	5,000	New York State Urban Development Corp., Series D, Rev., 5.500%, 01/01/19		5,952
	4,970	Triborough Bridge & Tunnel Authority, General Purpose, Series A-2, Rev., 5.000%, 11/15/28		5,468
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	25,000	Series A, Rev., 5.000%, 01/01/26		28,210
	1,250	Series B, Rev., 5.000%, 11/15/31		1,356
				156,037
		Prerefunded — 0.3%
	3,290	New York City Transitional Finance Authority, Future Tax Secured, Series B, Rev., 5.000%, 05/01/17 (p)		3,775
	5,000	Westchester Tobacco Asset Securitization Corp., Capital Appreciation, Rev., 6.950%, 07/15/17 (p)		6,163
				9,938
		Special Tax — 1.3%
	3,750	New York City Transitional Finance Authority, Future Tax Secured, Series B, Rev., 5.000%, 11/01/21		4,363
	7,875	New York Local Government Assistance Corp., Sub Series A-5/6, Rev., 5.500%, 04/01/19		9,566

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 21

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Special Tax — Continued
	5,805	New York Local Government Assistance Corp., Senior Lien, Rev., 5.500%, 04/01/19		7,052
	1,000	New York State Environmental Facilities Corp., Series A, Rev., 5.000%, 12/15/19		1,141
	2,430	New York State Environmental Facilities Corp., State Personal Income Tax, Series A, Rev., 5.250%, 12/15/18		2,926
	5,000	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.250%, 03/15/19		5,984
	5,000	Sales Tax Asset Receivables Corp., Series A, Rev., AMBAC, 5.250%, 10/15/27		5,207
				36,239
		Transportation — 1.1%
		Metropolitan Transportation Authority,
	1,000	Series 2008-C, Rev., 6.500%, 11/15/28		1,173
	6,000	Series A, Rev., AMBAC, 5.500%, 11/15/14		6,328
	7,135	Series B, Rev., NATL-RE, 5.000%, 11/15/17		7,996
	7,000	Series B, Rev., NATL-RE, FGIC, 5.250%, 11/15/16		7,030
	2,535	New York State Thruway Authority, Series B, Rev., AMBAC, 5.000%, 04/01/18		2,748
	5,000	Triborough Bridge & Tunnel Authority, General Purpose, Series B, Rev., 5.250%, 11/15/15		5,495
				30,770
		Water & Sewer — 0.8%
	1,550	Erie County Water Authority, Rev., 5.000%, 12/01/16		1,753
	2,500	New York City Municipal Water Finance Authority, Series CC, Rev., 5.000%, 06/15/29		2,727
	2,500	New York City Municipal Water Finance Authority, Second Generation Resolution, Series BB, Rev., 5.000%, 06/15/17		2,785
	380	New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Fiscal Year 2009, Series AA, Rev., 5.000%, 06/15/17		439
	10,225	New York State Environmental Facilities Corp., New York City Municipal Project, Revolving Funds, Sub Series C, Rev., 5.000%, 06/15/21		11,638
	2,250	New York State Environmental Facilities Corp., New York City Municipal Water Financing Authority, Series A, Rev., 5.000%, 06/15/19		2,496
				21,838
		Total New York		355,131

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		North Carolina — 1.4%
		Certificate of Participation/Lease — 0.0% (g)
	1,020	Iredell County, School Project, COP, AMBAC, 5.000%, 06/01/17		1,126
		General Obligation — 0.9%
	1,175	Durham County, GO, 5.000%, 04/01/17		1,349
		State of North Carolina,
	5,000	Series C, GO, 4.000%, 05/01/22		5,653
	5,500	Series D, GO, 4.000%, 06/01/22		6,246
		Wake County, Hammond Road Detention Center, Limited Obligation,
	1,205	GO, 5.000%, 06/01/17		1,381
	3,905	GO, 5.000%, 06/01/20		4,573
	5,950	GO, 5.000%, 06/01/21		6,905
				26,107
		Other Revenue — 0.4%
		City of High Point, Combined Water & Sewer System Revenue,
	1,000	Rev., AGM, 5.000%, 11/01/25		1,151
	1,170	Rev., AGM, 5.000%, 11/01/26		1,339
	2,665	City of Raleigh Combined Enterprise System, Series A, Rev., 5.000%, 03/01/27		3,055
	4,155	State of North Carolina, Annual Appropriation, Series A, Rev., 5.000%, 05/01/22		4,788
				10,333
		Utility — 0.1%
	2,500	North Carolina Eastern Municipal Power Agency, Series A, Rev., AGC, 5.250%, 01/01/19		2,875
		Total North Carolina		40,441
		Ohio — 3.1%
		Education — 0.1%
	2,700	State of Ohio, Higher Educational Facility, Denison University 2007 Project, Rev., 5.000%, 11/01/20		3,074
		General Obligation — 1.8%
	4,750	City of Columbus, Series 1, GO, 5.000%, 07/01/27		5,462
	7,780	City of Columbus, Limited Tax, Series 2, GO, 5.000%, 07/01/14 (p)		8,027
		City of Columbus, Various Purpose,
	5,000	Series 1, GO, 5.000%, 07/01/25		5,905
	5,000	Series 1, GO, 5.000%, 07/01/26		5,829
	5,725	Franklin County, Various Purpose, GO, 5.000%, 12/01/19		6,708
	225	Kettering City School District, School Improvement, GO, AGM, 5.000%, 12/01/14 (p)		237

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		General Obligation — Continued
		State of Ohio, Common Schools,
	3,000	Series B, GO, 5.000%, 03/15/14 (p)		3,054
	3,165	Series B, GO, 5.000%, 09/15/15		3,438
	5,035	Series B, GO, 5.000%, 09/15/16		5,669
	1,560	Series C, GO, 5.000%, 09/15/22		1,874
	5,495	State of Ohio, Infrastructure Improvement, Series A, GO, 5.375%, 02/01/15		5,849
				52,052
		Other Revenue — 0.6%
	550	City of Cleveland, Parking Facility, Rev., AGM, 5.250%, 09/15/18 (p)		658
	1,725	JobsOhio Beverage System, Statewide Senior Lien Liquor Profits, Series A, Rev., 5.000%, 01/01/23		1,985
	2,235	Ohio State Building Authority, State Financials Facilities, Adult Correctional, Series B, Rev., 5.000%, 10/01/22		2,515
	6,850	Ohio State Turnpike Commission, Series A, Rev., 5.250%, 02/15/27		8,087
	2,000	Ohio State University, Series A, Rev., 5.000%, 06/01/24		2,356
				15,601
		Prerefunded — 0.2%
	6,330	Ohio State Water Development Authority, Rev., 5.000%, 06/01/15 (p)		6,800
		Water & Sewer — 0.4%
		City of Cincinnati, Water System,
	3,805	Series A, Rev., 5.000%, 12/01/17		4,440
	4,650	Series A, Rev., 5.000%, 12/01/18		5,524
				9,964
		Total Ohio		87,491
		Oklahoma — 1.0%
		Education — 0.4%
		Tulsa County Industrial Authority, Jenks Public School,
	1,125	Rev., 5.000%, 09/01/14		1,169
	3,500	Rev., 5.500%, 09/01/15		3,813
	5,210	Rev., 5.500%, 09/01/18		6,172
				11,154
		Other Revenue — 0.6%
	1,380	Oklahoma City Water Utilities Trust, Water & Sewer, Rev., 5.000%, 07/01/27		1,587
	2,195	Oklahoma Development Finance Authority, Department of Corrections Project, Rev., 5.000%, 04/01/23		2,565

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — Continued
		Oklahoma Turnpike Authority, Second Senior,
	3,000	Series A, Rev., 5.000%, 01/01/22		3,522
	2,000	Series A, Rev., 5.000%, 01/01/24		2,295
	5,500	Tulsa County Industrial Authority, Broken Arrow Public Schools Project, Rev., 5.000%, 09/01/19		6,408
				16,377
		Total Oklahoma		27,531
		Oregon — 1.1%
		Certificate of Participation/Lease — 0.5%
		Oregon State Department of Administrative Services,
	3,425	Series A, COP, 5.000%, 05/01/20		3,970
	3,350	Series A, COP, 5.000%, 05/01/21		3,814
	6,965	Series A, COP, 5.000%, 05/01/22		7,834
				15,618
		General Obligation — 0.1%
	1,500	Clackamas County, School District No. 12, GO, AGM, 5.000%, 06/15/18		1,766
	100	Marion County, GO, AMBAC, 5.500%, 06/01/23		125
				1,891
		Other Revenue — 0.2%
	1,500	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.000%, 04/01/27		1,712
	2,715	Oregon State Department of Transportation, Series B, Rev., 5.000%, 11/15/14 (p)		2,850
				4,562
		Special Tax — 0.0% (g)
	1,250	Oregon State Department of Transportation, Senior Lien, Series C, Rev., 5.000%, 11/15/17		1,457
		Water & Sewer — 0.3%
	6,560	City of Portland, Sewer Systems, First Lien, Series A, Rev., 5.000%, 06/15/18		7,724
		Total Oregon		31,252
		Pennsylvania — 3.2%
		Education — 0.1%
		Pennsylvania State University,
	1,250	Series A, Rev., 5.000%, 03/01/22		1,413
	2,000	Series A, Rev., 5.000%, 03/01/23		2,261
				3,674

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 23

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		General Obligation — 2.3%
	9,265	Allegheny County, Series C-57, GO, NATL-RE, FGIC, 5.000%, 11/01/15		9,683
	865	Central Bucks School District, GO, NATL-RE, FGIC, 5.000%, 05/15/15 (p)		928
	4,585	Chester County, Unrefunded Balance, GO, 5.000%, 07/15/22		5,215
	3,000	Commonwealth of Pennsylvania, GO, 5.000%, 07/01/18		3,540
		Commonwealth of Pennsylvania, First Series,
	14,865	GO, 5.000%, 05/15/18		17,493
	9,660	GO, 5.000%, 07/01/22		11,589
	4,000	Commonwealth of Pennsylvania, Second Series, GO, 5.000%, 01/01/22		4,359
	4,195	Commonwealth of Pennsylvania, Third Series, GO, 5.375%, 07/01/21		5,133
	1,060	Marple Newtown School District, GO, AGM, 5.000%, 03/01/17		1,161
		Red Lion Area School District,
	1,860	GO, AGM, 5.000%, 05/01/20		2,122
	1,200	GO, AGM, 5.000%, 05/01/21		1,356
	2,365	GO, AGM, 5.000%, 05/01/22		2,660
				65,239
		Hospital — 0.3%
	5,500	Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center, Series A, Rev., 5.000%, 09/01/14		5,715
	3,000	Sayre Health Care Facilities Authority, Guthrie Health, Rev., VAR, 0.955%, 12/01/24		2,671
				8,386
		Other Revenue — 0.1%
	2,500	Northampton County General Purpose Authority, Saint Lukes Hospital Project, Series C, Rev., VAR, 4.500%, 08/15/16		2,686
	1,100	Pennsylvania Turnpike Commission, Series A, Rev., AGM, 5.250%, 07/15/22		1,287
				3,973
		Prerefunded — 0.1%
	2,550	Chester County, GO, 5.000%, 07/15/17 (p)		2,952
		Transportation — 0.1%
	2,070	Pennsylvania Turnpike Commission, Series A, Rev., AGM-CR, AMBAC, 5.000%, 12/01/18		2,324
		Water & Sewer — 0.2%
	5,000	Altoona City Authority, Rev., AGM, 5.250%, 11/01/18		5,802
		Total Pennsylvania		92,350

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Rhode Island — 0.0% (g)
		Other Revenue — 0.0% (g)
		Rhode Island Health & Educational Building Corp., Brown University,
	810	Series A, Rev., 5.000%, 09/01/23		946
	655	Series A, Rev., 5.000%, 09/01/25		750
		Total Rhode Island		1,696
		South Carolina — 1.9%
		Education — 0.1%
	3,025	Scago Educational Facilities Corp. for Colleton School District, Pickens County Project, Rev., AGM, 5.000%, 12/01/21		3,348
		General Obligation — 0.7%
	1,175	State of South Carolina, Series A, GO, 5.000%, 06/01/20		1,417
	10,000	State of South Carolina, Highway, Series A, GO, 5.000%, 06/01/19		11,963
		York County School District No. 1,
	2,170	Series A, GO, SCSDE, 5.250%, 03/01/21		2,502
	4,740	Series A, GO, SCSDE, 5.250%, 03/01/22		5,401
				21,283
		Other Revenue — 0.2%
	2,500	Charleston Educational Excellence Financing Corp., Charleston County School District Project, Rev., 5.000%, 12/01/24		2,903
	1,500	City of Columbia, Rev., 5.000%, 02/01/26		1,709
				4,612
		Utility — 0.8%
		Piedmont Municipal Power Agency,
	13,185	Series A3, Rev., AGC, 5.000%, 01/01/17		14,834
	7,000	Series A3, Rev., AGC, 5.000%, 01/01/18		8,053
				22,887
		Water & Sewer — 0.1%
	2,220	City of Charleston, Waterworks & Sewer System, Series A, Rev., 5.000%, 01/01/22		2,522
		Total South Carolina		54,652
		Tennessee — 1.0%
		Education — 0.3%
	8,190	Metropolitan Government Nashville & Davidson County, Health & Educational Facilities Building, Vanderbilt University, Series A, Rev., 5.000%, 10/01/18		9,730
		General Obligation — 0.4%
	2,325	City of Memphis, General Improvement, GO, NATL-RE, 5.250%, 10/01/18		2,782

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		General Obligation — Continued
		Metropolitan Government Nashville & Davidson County,
	1,030	GO, 5.000%, 07/01/24		1,209
	4,050	Series B, GO, 5.000%, 08/01/16 (p)		4,550
	1,000	Metropolitan Government of Nashville & Davidson County, Improvement, Series A, GO, 5.000%, 01/01/28		1,123
	1,500	State of Tennessee, Series C, GO, 5.000%, 05/01/16		1,671
				11,335
		Other Revenue — 0.2%
	4,000	City of Memphis, Rev., 5.000%, 12/01/15		4,379
		Water & Sewer — 0.1%
	2,070	City of Memphis, Sewer System, Rev., AGM, 5.000%, 05/01/17		2,374
		Total Tennessee		27,818
		Texas — 9.3%
		Certificate of Participation/Lease — 0.1%
	1,550	Texas Public Finance Authority, State Preservation Board Projects, Series B, Rev., COP, AMBAC, 5.000%, 02/01/18		1,604
		Education — 0.9%
		Southwest Higher Education Authority, Southern Methodist University Project,
	1,000	Rev., 5.000%, 10/01/14		1,043
	2,000	Rev., 5.000%, 10/01/20		2,356
	3,000	Rev., 5.000%, 10/01/21		3,474
		Texas State University Systems,
	3,150	Rev., 5.250%, 03/15/27		3,517
	1,000	Series A, Rev., AMBAC, 5.500%, 03/15/17		1,112
		University of North Texas, Financing System,
	1,255	Series A, Rev., 5.000%, 04/15/20		1,457
	2,500	Series A, Rev., 5.000%, 04/15/22		2,899
		University of Texas, Financing System,
	3,000	Series B, Rev., 5.000%, 08/15/16 (p)		3,375
	2,500	Series B, Rev., 5.250%, 08/15/17		2,922
	500	Series C, Rev., 5.000%, 08/15/18		592
		Waco Educational Finance Corp., Baylor University,
	2,275	Series C, Rev., 5.000%, 03/01/21		2,563
	1,215	Series C, Rev., 5.000%, 03/01/22		1,363
				26,673

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — 4.1%
	1,075	Bexar County, GO, 5.250%, 06/15/22		1,226
	2,260	City of Fort Worth, General Purpose, GO, 5.000%, 03/01/18		2,642
	4,485	City of Garland, Series A, GO, 5.000%, 02/15/23		5,062
	2,000	City of Houston, Public Improvement, Series A, GO, 5.000%, 03/01/25		2,316
		City of Pflugerville, Limited Tax,
	700	GO, 5.000%, 08/01/22		832
	680	GO, 5.000%, 08/01/23		795
		City of San Antonio,
	2,000	GO, 5.000%, 08/01/24		2,318
	4,735	GO, 5.000%, 08/01/26		5,373
		City of San Antonio, General Improvement,
	700	GO, 5.000%, 08/01/23		820
	1,500	GO, 5.000%, 08/01/24		1,739
	2,735	GO, 5.000%, 08/01/27		3,069
		Collin County, Tax Road,
	90	GO, 5.000%, 02/15/15 (p)		95
	95	GO, 5.000%, 02/15/15 (p)		101
		Crandall Independent School District,
	1,150	Series A, GO, PSF-GTD, Zero Coupon, 08/15/25		736
	2,140	Series A, GO, PSF-GTD, Zero Coupon, 08/15/26		1,306
	2,145	Series A, GO, PSF-GTD, Zero Coupon, 08/15/27		1,227
	2,105	Series A, GO, PSF-GTD, Zero Coupon, 08/15/28		1,193
	1,965	Dallas County Community College District, GO, 5.000%, 02/15/24		2,279
		Deer Park Independent School District, Limited Tax,
	1,000	GO, AGM, 4.000%, 02/15/15		1,047
	1,000	GO, AGM, 5.250%, 02/15/26		1,114
	1,000	GO, AGM, 5.250%, 02/15/27		1,091
	3,680	Edinburg Consolidated Independent School District, School Building, Series A, GO, AGM, 5.000%, 08/15/18		4,347
	1,000	Fort Bend County, Road, GO, 5.000%, 03/01/20		1,191
	1,830	Harlandale Independent School District, GO, AGC, 5.000%, 08/01/27		1,955
	4,800	Harris County Flood Control District, Series A, GO, 5.250%, 10/01/19		5,809
		Harris County, Permanent Improvement,
	1,500	Series B, GO, 5.000%, 10/01/15		1,634
	1,605	Series B, GO, 5.000%, 10/01/19		1,920

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 25

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		General Obligation — Continued
		Harris County, Road,
	2,750	Series A, GO, 5.250%, 10/01/18		3,294
	2,000	Series A, GO, 5.250%, 10/01/19		2,421
		Hays County,
	1,000	GO, 5.000%, 02/15/23		1,129
	1,785	GO, 5.000%, 02/15/24		1,996
	2,410	GO, 5.000%, 02/15/25		2,671
	1,500	Hays County, Pass-Through Toll, GO, 5.000%, 02/15/23		1,693
	665	La Joya Independent School District, GO, PSF-GTD, 5.000%, 02/15/17		731
		Longview Independent School District, Capital Appreciation, School Building,
	1,575	GO, PSF-GTD, Zero Coupon, 02/15/14		1,574
	2,210	GO, PSF-GTD, Zero Coupon, 02/15/15		2,196
	3,870	GO, PSF-GTD, Zero Coupon, 02/15/16		3,804
	2,730	North East Independent School District, Capital Appreciation, School Building, Series A, GO, PSF-GTD, Zero Coupon, 08/01/15		2,703
	3,000	Pasadena Independent School District, School Building, GO, PSF-GTD, 5.000%, 02/15/27		3,433
		San Jacinto Community College District,
	4,920	GO, 5.000%, 02/15/18		5,712
	5,000	GO, 5.000%, 02/15/34		5,485
	1,330	GO, AMBAC, 5.000%, 02/15/19		1,489
	390	GO, AMBAC, 5.000%, 02/15/20		436
	2,600	San Jacinto Community College District, Limited Tax, GO, 5.000%, 02/15/40		2,672
	2,000	Socorro Independent School District, GO, PSF-GTD, 5.000%, 08/15/22		2,380
	8,000	State of Texas, Public Finance Authority, Series A, GO, 5.000%, 10/01/16		9,046
		State of Texas, Water Financial Assistance,
	2,500	Series A, GO, 5.000%, 08/01/20		2,920
	4,340	Series A, GO, 5.000%, 08/01/21		5,043
	1,800	Tarrant County, Limited Tax, GO, 5.000%, 07/15/20		2,068
				118,133
		Hospital — 0.2%
	5,120	Harris County Health Facilities Development Corp., Hermann Memorial Healthcare System, Series B, Rev., 7.200%, 12/01/14 (p)		5,505
	1,350	Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources, Series A, Rev., 5.000%, 02/15/15		1,427
				6,932

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 1.2%
	1,000	City of Austin, Water & Wastewater System, Rev., 5.000%, 05/15/20		1,187
	905	City of El Paso, Water & Sewer Revenue, Series A, Rev., 4.000%, 03/01/20		1,016
		City of San Antonio, Water System Junior Lien,
	1,000	Rev., 5.000%, 05/15/21 (w)		1,191
	1,600	Rev., 5.000%, 05/15/22 (w)		1,909
	1,500	Rev., 5.000%, 05/15/23 (w)		1,790
	1,250	Rev., 5.000%, 05/15/24 (w)		1,466
		Coastal Water Authority, City of Houston Projects,
	100	Rev., 4.000%, 12/15/18		113
	3,315	Rev., 5.000%, 12/15/23		3,768
		Grand Parkway Transportation Corp.,
	7,500	Series B, Rev., 5.000%, 04/01/53		7,411
	10,000	Series B, Rev., 5.250%, 10/01/51		10,177
	3,000	Houston Airport System, Sub Lien, Series B, Rev., 5.000%, 07/01/26		3,285
				33,313
		Prerefunded — 0.3%
	5,550	City of Houston, Water and Sewer System, Junior Lien, Series A, Rev., AGM, 5.750%, 12/01/32 (p)		7,080
	1,000	North Texas Tollway Authority, Dallas North Tollway System, Series A, Rev., AGM, 5.000%, 01/01/15 (p)		1,055
				8,135
		Special Tax — 0.3%
		Carroll Independent School District,
	1,000	Series C, GO, 5.000%, 02/15/20		1,173
	945	Series C, GO, 5.000%, 02/15/22		1,093
	325	Series C, GO, 5.000%, 02/15/23		375
	5,000	Texas State Transportation Commission, First Tier, Series A, Rev., 5.000%, 04/01/18		5,522
				8,163
		Transportation — 1.1%
		Dallas Area Rapid Transit, Senior Lien,
	4,620	Rev., 5.000%, 12/01/21		5,325
	3,000	Rev., 5.250%, 12/01/48		3,072
	10,000	Series A, Rev., 5.000%, 12/01/16		11,358
	7,660	Series A, Rev., 5.000%, 12/01/21		8,845
		Dallas-Fort Worth International Airport,
	1,000	Series A, Rev., 5.000%, 11/01/19		1,162
	2,000	Series A, Rev., 5.000%, 11/01/21		2,192

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Transportation — Continued
	600	Texas State Transportation Commission, First Tier, Series A, Rev., 5.250%, 04/01/14		613
				32,567
		Water & Sewer — 1.1%
	3,880	City of Dallas, Waterworks & Sewer Systems, Rev., AMBAC, 5.000%, 10/01/17		4,508
		North Texas Municipal Water District,
	2,030	Rev., 5.000%, 06/01/15		2,176
	2,230	Rev., 5.000%, 06/01/17		2,547
	2,130	Rev., 5.000%, 06/01/18		2,483
	2,695	Rev., 5.000%, 06/01/21		3,049
	2,955	Rev., 5.000%, 06/01/23		3,361
	3,405	Rev., 5.000%, 06/01/26		3,826
		Texas Water Development Board, State Revolving Fund,
	3,200	Sub Series A-1, Rev., 5.000%, 07/15/17		3,700
	3,820	Sub Series A-1, Rev., 5.000%, 07/15/20		4,527
				30,177
		Total Texas		265,697
		Utah — 1.1%
		Education — 0.2%
		Utah State University of Agriculture & Applied Science,
	1,000	Rev., 5.000%, 12/01/19		1,171
	1,050	Rev., 5.000%, 12/01/20		1,209
	1,100	Rev., 5.000%, 12/01/21		1,245
	1,150	Rev., 5.000%, 12/01/22		1,287
				4,912
		General Obligation — 0.1%
	1,365	Central Utah Water Conservancy District, Series C, GO, 5.000%, 04/01/18		1,598
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
		Salt Lake County Municipal Building Authority,
	1,125	Series A, Rev., 5.000%, 12/01/15		1,232
	1,375	Series A, Rev., 5.000%, 12/01/16		1,557
	1,000	Series A, Rev., 5.000%, 12/01/17		1,162
				3,951
		Other Revenue — 0.0% (g)
	795	Utah Water Finance Agency, Loan Financing Program, Series A, Rev., AMBAC, 5.000%, 07/01/15		819

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.3%
	7,525	Utah Transit Authority, Series B, Rev., AGM, 4.750%, 12/15/15 (p)		8,224
	1,315	Utah Water Finance Agency, Loan Financing Program, Series A, Rev., AMBAC, 5.000%, 07/01/14 (p)		1,357
				9,581
		Utility — 0.1%
	1,680	Utah Municipal Power Agency, Electrical Systems, Series A, Rev., AMBAC, 5.000%, 07/01/16		1,856
		Water & Sewer — 0.3%
	7,455	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.000%, 07/01/26		8,224
		Total Utah		30,941
		Vermont — 0.3%
		Other Revenue — 0.3%
		University of Vermont & State Agricultural College,
	4,230	Rev., AMBAC, 5.000%, 10/01/21		4,805
	2,355	Rev., AMBAC, 5.000%, 10/01/22		2,667
		Total Vermont		7,472
		Virginia — 4.9%
		Education — 0.8%
		Virginia College Building Authority, Public Higher Education Financing Program,
	9,080	Series B, Rev., 5.000%, 09/01/17		10,515
	10,050	Series B, Rev., 5.000%, 09/01/19		11,983
				22,498
		General Obligation — 1.7%
	5,180	Arlington County, Public Improvement, GO, 5.000%, 01/15/16		5,709
	3,575	Chesterfield County, Public Improvement, Series A, GO, 5.000%, 01/01/16		3,933
	205	City of Richmond, Public Improvement, Series D, GO, 5.000%, 07/15/26		240
		Commonwealth of Virginia,
	2,725	Series A, GO, 5.000%, 06/01/14		2,802
	17,575	Series D, GO, 5.000%, 06/01/20		20,736
	6,495	Fairfax County, Public Improvement, Series A, GO, 5.000%, 04/01/18 (p)		7,632
	6,260	Prince William County, Public Improvement, Series A, GO, 5.000%, 08/01/18		7,418
				48,470

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 27

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	1,130	Virginia Public Building Authority, Series B, Rev., 5.000%, 08/01/17		1,306
		Other Revenue — 1.7%
		Virginia Public Building Authority,
	5,330	Series A, Rev., 5.000%, 08/01/14		5,523
	4,910	Series B-1, Rev., 5.000%, 08/01/18		5,796
	5,620	Series C, Rev., 5.000%, 08/01/15 (p)		6,081
	5,225	Series D, Rev., 5.000%, 08/01/17		6,038
		Virginia Public Building Authority, Public Facilities,
	2,980	Series A, Rev., 5.000%, 08/01/20		3,566
	5,650	Series B, Rev., 5.000%, 08/01/21		6,755
		Virginia Public School Authority, School Financing, 1997 Resolution,
	8,490	Series A, Rev., 5.000%, 08/01/26		9,795
	3,320	Series B, Rev., 5.250%, 08/01/17		3,867
				47,421
		Prerefunded — 0.3%
	1,500	Arlington County, Public Improvement, GO, 5.250%, 05/15/14 (p)		1,541
	7,000	Tobacco Settlement Financing Corp., Asset-Backed, Rev., 5.625%, 06/01/15 (p)		7,580
				9,121
		Resource Recovery — 0.1%
	2,295	Virginia Resources Authority, Pooled Resources, Series A, Rev., 5.000%, 11/01/23		2,680
		Transportation — 0.2%
		Fairfax County EDA, Route 28 Project, Special Tax,
	1,500	5.000%, 04/01/15		1,598
	1,005	5.000%, 04/01/16		1,111
	1,935	5.000%, 04/01/17		2,207
	1,655	5.000%, 04/01/18		1,924
				6,840
		Total Virginia		138,336
		Washington — 2.9%
		General Obligation — 2.8%
	5,000	King County School District No. 414, Lake Washington, GO, AGM, 5.000%, 12/01/20		5,708
		Snohomish County School District No. 201,
	8,425	GO, 5.000%, 12/01/22		9,886
	6,660	GO, 5.000%, 12/01/23		7,712
	5,820	State of Washington, Series R-2012A, GO, 5.000%, 07/01/24		6,706

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — Continued
	6,000	State of Washington, Motor Vehicle Tax Senior 520, Series C, GO, 5.000%, 06/01/23		7,028
		State of Washington, Various Purpose,
	10,000	Series 2010C, GO, 5.000%, 08/01/34		10,782
	1,000	Series C, GO, 5.000%, 01/01/18		1,168
	2,000	Series D, GO, 5.000%, 02/01/24		2,360
	12,400	Series R-2010A, GO, 5.000%, 01/01/22		14,250
	7,750	Series R-2012C, GO, 5.000%, 07/01/25		8,960
	4,690	Yakima County School District No. 7, GO, 5.500%, 12/01/23		5,561
				80,121
		Hospital — 0.1%
	1,225	Washington Health Care Facilities Authority, Multicare Health Care System, Series A, Rev., AGM, 5.250%, 08/15/23		1,348
		Total Washington		81,469
		Wisconsin — 0.8%
		General Obligation — 0.8%
		State of Wisconsin,
	5,000	Series 1, GO, NATL-RE, 5.000%, 05/01/14		5,121
	10,000	Series 2, GO, 5.000%, 05/01/23		12,014
	5,000	Series E, GO, NATL-RE, FGIC, 5.000%, 05/01/15		5,354
		Total Wisconsin		22,489
		Wyoming — 0.0% (g)
		Other Revenue — 0.0% (g)
	150	Wyoming State Loan & Investment Board, Capital Facilities, Rev., 5.000%, 10/01/14 (p)		157
		Total Municipal Bonds (Cost $2,578,603)		2,724,766
SHARES
	Short-Term Investment — 6.5%
		Investment Company — 6.5%
	185,483	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.010% † (b) (l) (m) (Cost $185,483)		185,483
		Total Investments — 102.3% (Cost $2,764,086)		2,910,249
		Liabilities in Excess of Other Assets — (2.3)%		(65,568	)
		NET ASSETS — 100.0%	$	2,844,681

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

Inflation-Linked Swaps (Amounts in thousands)
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE	NOTIONAL AMOUNT		VALUE
Barclays Bank plc	2.573% at termination	CPI-U at termination	01/15/14	$	50,000	$	(2,683	)
Barclays Bank plc	2.993% at termination	CPI-U at termination	01/15/14		25,000		(2,198	)
Barclays Bank plc	2.920% at termination	CPI-U at termination	01/15/15		25,000		(2,536	)
Barclays Bank plc	3.007% at termination	CPI-U at termination	01/15/15		20,000		(2,219	)
Barclays Bank plc	2.610% at termination	CPI-U at termination	03/19/15		50,000		(3,471	)
Barclays Bank plc	2.675% at termination	CPI-U at termination	10/12/15		50,000		(3,673	)
Barclays Bank plc	2.998% at termination	CPI-U at termination	01/15/16		25,000		(3,039	)
Barclays Bank plc	2.095% at termination	CPI-U at termination	05/24/16		27,000		(192	)
Barclays Bank plc	2.943% at termination	CPI-U at termination	06/14/16		5,000		(560	)
Barclays Bank plc	2.930% at termination	CPI-U at termination	06/15/16		3,000		(332	)
Barclays Bank plc	2.680% at termination	CPI-U at termination	07/15/16		25,000		(2,121	)
Barclays Bank plc	2.718% at termination	CPI-U at termination	01/15/17		50,000		(4,740	)
Barclays Bank plc	2.812% at termination	CPI-U at termination	10/12/19		25,000		(2,584	)
Barclays Bank plc	2.590% at termination	CPI-U at termination	12/31/19		35,000		(1,193	)
Barclays Bank plc	2.420% at termination	CPI-U at termination	05/24/20		25,000		(527	)
BNP Paribas	1.980% at termination	CPI-U at termination	01/31/14		100,000		755
BNP Paribas	2.395% at termination	CPI-U at termination	05/31/16		100,000		(2,918	)
BNP Paribas	2.100% at termination	CPI-U at termination	08/26/18		25,000		36
BNP Paribas	2.105% at termination	CPI-U at termination	08/26/18		12,000		14
BNP Paribas	2.098% at termination	CPI-U at termination	09/09/18		89,000		149
BNP Paribas	2.350% at termination	CPI-U at termination	07/06/20		25,000		(253	)
Citibank, N.A.	1.200% at termination	CPI-U at termination	04/23/14		50,000		32
Citibank, N.A.	2.420% at termination	CPI-U at termination	06/30/20		50,000		(914	)
Citibank, N.A.	2.410% at termination	CPI-U at termination	07/01/20		50,000		(854	)
Citibank, N.A.	2.330% at termination	CPI-U at termination	07/06/20		50,000		(395	)
Credit Suisse International	1.900% at termination	CPI-U at termination	05/02/14		49,000		(354	)
Credit Suisse International	1.840% at termination	CPI-U at termination	05/09/14		50,000		(342	)
Credit Suisse International	1.880% at termination	CPI-U at termination	01/02/15		50,000		(505	)
Credit Suisse International	2.250% at termination	CPI-U at termination	05/09/17		50,000		(1,114	)
Credit Suisse International	2.178% at termination	CPI-U at termination	05/28/18		65,000		(587	)
Deutsche Bank AG, New York	1.865% at termination	CPI-U at termination	01/03/15		50,000		(492	)
Deutsche Bank AG, New York	1.990% at termination	CPI-U at termination	06/08/15		40,000		(46	)
Deutsche Bank AG, New York	2.135% at termination	CPI-U at termination	08/03/16		100,000		(1,065	)
Deutsche Bank AG, New York	2.500% at termination	CPI-U at termination	02/25/18		50,000		(1,276	)
Deutsche Bank AG, New York	2.410% at termination	CPI-U at termination	06/30/20		100,000		(1,717	)
Morgan Stanley Capital Services	2.268% at termination	CPI-U at termination	03/01/15		212,000		(3,940	)
Morgan Stanley Capital Services	2.175% at termination	CPI-U at termination	10/01/18		50,000		(89	)
Royal Bank of Scotland	1.840% at termination	CPI-U at termination	05/09/14		50,000		(342	)
Royal Bank of Scotland	2.430% at termination	CPI-U at termination	06/28/20		25,000		(487	)
Royal Bank of Scotland	2.423% at termination	CPI-U at termination	06/30/20		75,000		(1,399	)
Royal Bank of Scotland	0.036% at termination	CPI-U at termination	07/31/29		49,000		(10,294	)
Union Bank of Switzerland AG	2.170% at termination	CPI-U at termination	04/22/18		50,000		(494	)
Union Bank of Switzerland AG	2.275% at termination	CPI-U at termination	07/02/18		50,000		(612	)
Union Bank of Switzerland AG	2.220% at termination	CPI-U at termination	07/06/18		50,000		(353	)
Union Bank of Switzerland AG	2.480% at termination	CPI-U at termination	07/01/22		50,000		(808	)
						$	(62,732	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 29

JPMorgan Tax Aware Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

AGC	—  Insured by Assured Guaranty Corp.
AGM	—  Insured by Assured Guaranty Municipal Corp.
AMBAC	—  Insured by American Municipal Bond Assurance Corp.
AMT	—  Alternative Minimum Tax
BHAC	—  Insured by Berkshire Hathaway Assurance Corp.
COP	—  Certificate of Participation
CPI-U	—  Consumer Price Index for All Urban Consumers
CR	—  Custodial Receipts
EDA	—  Economic Development Authority
FGIC	—  Insured by Financial Guaranty Insurance Co.
GAN	—  Grant Anticipation Notes
GO	—  General Obligation
GTD	—  Guaranteed
IBC	—  Insured Bond Certificates
ICC	—  Insured Custody Certificates
IDA	—  Industrial Development Authority
NATL	—  Insured by National Public Finance Guarantee Corp.
PSF	—  Permanent School Fund
Q-SBLF	—  Qualified School Bond Loan Fund
RE	—  Reinsured
Rev.	—  Revenue

SCSDE	—  South Carolina School District Enhancement
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of October 31, 2013.
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.1%.
(l)	—  The rate shown is the current yield as of October 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(p)	—  Security is prerefunded or escrowed to maturity.
(r)	—  Rates shown are per annum and payments are as described.
(t)	—  The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(w)	—  When-issued security
†	—  Approximately $59,470,000 of this investment is restricted as collateral for swaps to various brokers.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 31

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

(Amounts in thousands, except per share amounts)

	Tax Aware Equity Fund			Tax Aware Real Return Fund
ASSETS:
Investments in non-affiliates, at value	$	1,119,420		$	2,724,766
Investments in affiliates, at value		897			126,013
Investments in affiliates — restricted, at value		—			59,470
Total investment securities, at value		1,120,317			2,910,249
Receivables:
Investment securities sold		7,937			—
Fund shares sold		745			2,275
Interest and dividends from non-affiliates		839			37,143
Dividends from affiliates		—	(a)		1
Tax reclaims		4			—
Outstanding swap contracts, at value		—			986
Total Assets		1,129,842			2,950,654
LIABILITIES:
Payables:
Due to custodian		8,282			—
Distributions		—			5,212
Investment securities purchased		6,738			10,260
Fund shares redeemed		8,096			25,143
Outstanding swap contracts, at value		—			63,718
Accrued liabilities:
Investment advisory fees		330			834
Administration fees		80			—
Shareholder servicing fees		218			461
Distribution fees		3			87
Custodian and accounting fees		14			26
Collateral management fees		—			9
Trustees’ and Chief Compliance Officer’s fees		1			2
Other		58			221
Total Liabilities		23,820			105,973
Net Assets	$	1,106,022		$	2,844,681

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

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

	Tax Aware Equity Fund			Tax Aware Real Return Fund
NET ASSETS:
Paid-in-Capital	$	762,583		$	2,807,621
Accumulated undistributed (distributions in excess of) net investment income		587			2,334
Accumulated net realized gains (losses)		(11,216	)		(48,705	)
Net unrealized appreciation (depreciation)		354,068			83,431
Total Net Assets	$	1,106,022		$	2,844,681
Net Assets:
Class A	$	7,944		$	153,819
Class C		1,950			83,639
Class R6		—			102,671
Institutional Class		120,302			960,451
Select Class		975,826			1,544,101
Total	$	1,106,022		$	2,844,681
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		319			15,287
Class C		79			8,337
Class R6		—			10,182
Institutional Class		4,827			95,293
Select Class		39,215			153,444
Net Asset Value (a):
Class A — Redemption price per share	$	24.87		$	10.06
Class C — Offering price per share (b)		24.78			10.03
Class R6 — Offering and redemption price per share		—			10.08
Institutional Class — Offering and redemption price per share		24.92			10.08
Select Class — Offering and redemption price per share		24.88			10.06
Class A maximum sales charge		5.25	%		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	26.25		$	10.45
Cost of investments in non-affiliates	$	765,352		$	2,578,603
Cost of investments in affiliates		897			126,013
Cost of investments in affiliates — restricted		—			59,470

(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.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 33

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013

(Amounts in thousands)

	Tax Aware Equity Fund			Tax Aware Real Return Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	97,623
Interest income from affiliates		—			7
Dividend income from non-affiliates		20,137			—
Dividend income from affiliates		6			7
Total investment income		20,143			97,637
EXPENSES:
Investment advisory fees		3,495			11,149
Administration fees		843			2,689
Distribution fees:
Class A		15			511
Class C		12			766
Shareholder servicing fees:
Class A		15			511
Class C		4			256
Institutional Class		134			1,051
Select Class		2,144			4,520
Custodian and accounting fees		50			182
Professional fees		68			155
Collateral management fees		—			35
Interest expense to affiliates		—	(a)		—
Trustees’ and Chief Compliance Officer’s fees		10			28
Printing and mailing costs		30			64
Registration and filing fees		55			104
Transfer agent fees		36			409
Other		19			34
Total expenses		6,930			22,464
Less amounts waived		(38	)		(2,528	)
Net expenses		6,892			19,936
Net investment income (loss)		13,251			77,701
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		77,946			(1,469	)
Swaps		—			(18,038	)
Net realized gain (loss)		77,946			(19,507	)
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		163,223			(107,160	)
Swaps		—			(20,499	)
Change in net unrealized appreciation/depreciation		163,223			(127,659	)
Net realized/unrealized gains (losses)		241,169			(147,166	)
Change in net assets resulting from operations	$	254,420		$	(69,465	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Tax Aware Equity Fund						Tax Aware Real Return Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	13,251		$	9,942		$	77,701		$	78,261
Net realized gain (loss)		77,946			39,790			(19,507	)		11,871
Change in net unrealized appreciation/depreciation		163,223			54,454			(127,659	)		82,501
Change in net assets resulting from operations		254,420			104,186			(69,465	)		172,633
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(78	)		(50	)		(4,218	)		(4,832	)
Class C
From net investment income		(14	)		(9	)		(1,495	)		(1,791	)
Class R6 (a)
From net investment income		—			—			(710	)		—
Institutional Class
From net investment income		(2,365	)		(4,450	)		(24,904	)		(22,553	)
Select Class
From net investment income		(12,877	)		(5,741	)		(39,858	)		(48,058	)
Total distributions to shareholders		(15,334	)		(10,250	)		(71,185	)		(77,234	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(972	)		35,380			(270,693	)		123,212
NET ASSETS:
Change in net assets		238,114			129,316			(411,343	)		218,611
Beginning of period		867,908			738,592			3,256,024			3,037,413
End of period	$	1,106,022		$	867,908		$	2,844,681		$	3,256,024
Accumulated undistributed (distributions in excess of) net investment income	$	587		$	2,716		$	2,334		$	(4,182	)

(a) Commencement of offering of class of shares effective August 16, 2013 for Tax Aware Real Return Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 35

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Tax Aware Equity Fund						Tax Aware Real Return Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	4,366		$	351		$	53,434		$	83,242
Distributions reinvested		66			49			3,716			4,206
Cost of shares redeemed		(2,793	)		(843	)		(116,405	)		(53,725	)
Change in net assets resulting from Class A capital transactions	$	1,639		$	(443	)	$	(59,255	)	$	33,723
Class C
Proceeds from shares issued	$	335		$	370		$	16,625		$	25,012
Distributions reinvested		11			7			1,160			1,432
Cost of shares redeemed		(210	)		(170	)		(38,088	)		(21,747	)
Change in net assets resulting from Class C capital transactions	$	136		$	207		$	(20,303	)	$	4,697
Class R6 (a)
Proceeds from shares issued	$	—		$	—		$	100,050		$	—
Distributions reinvested		—			—			710			—
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	100,760		$	—
Institutional Class
Proceeds from shares issued	$	85,471		$	24,653		$	549,614		$	409,896
Distributions reinvested		405			322			6,588			6,724
Cost of shares redeemed		(146,517	)		(406,503	)		(491,715	)		(235,278	)
Change in net assets resulting from Institutional Class capital transactions	$	(60,641	)	$	(381,528	)	$	64,487		$	181,342
Select Class
Proceeds from shares issued	$	420,057		$	555,508		$	599,851		$	543,917
Distributions reinvested		280			147			3,075			4,315
Cost of shares redeemed		(362,443	)		(138,511	)		(959,308	)		(644,782	)
Change in net assets resulting from Select Class capital transactions	$	57,894		$	417,144		$	(356,382	)	$	(96,550	)
Total change in net assets resulting from capital transactions	$	(972	)	$	35,380		$	(270,693	)	$	123,212

(a) Commencement of offering of class of shares effective August 16, 2013 for Tax Aware Real Return Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

	Tax Aware Equity Fund						Tax Aware Real Return Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
SHARE TRANSACTIONS:
Class A
Issued		203			18			5,149			7,974
Reinvested		3			3			362			404
Redeemed		(137	)		(44	)		(11,416	)		(5,158	)
Change in Class A Shares		69			(23	)		(5,905	)		3,220
Class C
Issued		14			20			1,599			2,406
Reinvested		1			—	(b)		114			138
Redeemed		(10	)		(9	)		(3,754	)		(2,094	)
Change in Class C Shares		5			11			(2,041	)		450
Class R6 (a)
Issued		—			—			10,111			—
Reinvested		—			—			71			—
Change in Class R6 Shares		—			—			10,182			—
Institutional Class
Issued		3,936			1,354			53,040			39,000
Reinvested		19			18			643			645
Redeemed		(6,687	)		(21,737	)		(48,138	)		(22,486	)
Change in Institutional Class Shares		(2,732	)		(20,365	)		5,545			17,159
Select Class
Issued		19,350			29,588			58,111			52,065
Reinvested		13			8			298			414
Redeemed		(16,531	)		(7,323	)		(93,329	)		(61,603	)
Change in Select Class Shares		2,832			22,273			(34,920	)		(9,124	)

(a) Commencement of offering of class of shares effective August 16, 2013 for Tax Aware Real Return Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 37

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
Tax Aware Equity Fund
Class A
Year Ended October 31, 2013	$	19.60	$	0.23	(f)(g)	$	5.33		$	5.56		$	(0.29	)
Year Ended October 31, 2012		17.43		0.18	(f)		2.18			2.36			(0.19	)
March 22, 2011 (h) through October 31, 2011		18.15		0.10			(0.74	)		(0.64	)		(0.08	)
Class C
Year Ended October 31, 2013		19.54		0.12	(f)(g)		5.32			5.44			(0.20	)
Year Ended October 31, 2012		17.42		0.08	(f)		2.19			2.27			(0.15	)
March 22, 2011 (h) through October 31, 2011		18.15		0.04			(0.74	)		(0.70	)		(0.03	)
Institutional Class
Year Ended October 31, 2013		19.63		0.34	(f)(g)		5.32			5.66			(0.37	)
Year Ended October 31, 2012		17.43		0.28	(f)		2.17			2.45			(0.25	)
Year Ended October 31, 2011		16.71		0.23			0.71			0.94			(0.22	)
Year Ended October 31, 2010		14.64		0.20			2.07			2.27			(0.20	)
Year Ended October 31, 2009		13.09		0.24			1.55			1.79			(0.24	)
Select Class
Year Ended October 31, 2013		19.60		0.29	(f)(g)		5.33			5.62			(0.34	)
Year Ended October 31, 2012		17.43		0.21	(f)		2.20			2.41			(0.24	)
March 22, 2011 (h) through October 31, 2011		18.15		0.11			(0.73	)		(0.62	)		(0.10	)

(a) Annualized for periods less than one year.

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

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

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

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

(f) Calculated based upon average shares outstanding.

(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 $0.20, $0.09, $0.31 and $0.25 for Class A, Class C, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.88%, 0.41%, 1.41% and 1.15% for Class A, Class C, Institutional Class and Select Class Shares, respectively.

(h) Commencement of offering of class of shares.

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

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

		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)(e)
$	24.87		28.65	%	$	7,944		0.96	%		1.03	%(g)		0.96	%		67	%
	19.60		13.64			4,902		0.96			0.95			0.96			55
	17.43		(3.53	)		4,766		0.97	(i)		0.89	(i)		0.97	(i)		60
	24.78		28.03			1,950		1.46			0.56	(g)		1.46			67
	19.54		13.10			1,432		1.46			0.43			1.46			55
	17.42		(3.85	)		1,097		1.46	(i)		0.39	(i)		1.47	(i)		60
	24.92		29.13			120,302		0.55			1.56	(g)		0.56			67
	19.63		14.19			148,369		0.55			1.53			0.56			55
	17.43		5.66			486,833		0.55			1.30			0.61			60
	16.71		15.64			472,717		0.55			1.27			0.58			65
	14.64		14.03			385,639		0.55			1.79			0.61			84
	24.88		28.96			975,826		0.71			1.29	(g)		0.71			67
	19.60		13.93			713,205		0.71			1.12			0.71			55
	17.43		(3.39	)		245,896		0.72	(i)		1.14	(i)		0.72	(i)		60

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 39

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
Tax Aware Real Return Fund
Class A
Year Ended October 31, 2013	$	10.51	$	0.25	$	(0.48	)	$	(0.23	)	$	(0.22	)
Year Ended October 31, 2012		10.19		0.24		0.32			0.56			(0.24	)
Year Ended October 31, 2011		10.07		0.26		0.12			0.38			(0.26	)
Year Ended October 31, 2010		9.84		0.23		0.23			0.46			(0.23	)
Year Ended October 31, 2009		9.08		0.28		0.75			1.03			(0.27	)
Class C
Year Ended October 31, 2013		10.48		0.17		(0.47	)		(0.30	)		(0.15	)
Year Ended October 31, 2012		10.16		0.18		0.32			0.50			(0.18	)
Year Ended October 31, 2011		10.04		0.19		0.12			0.31			(0.19	)
Year Ended October 31, 2010		9.82		0.16		0.23			0.39			(0.17	)
Year Ended October 31, 2009		9.07		0.21		0.75			0.96			(0.21	)
Class R6
August 16, 2013 (f) through October 31, 2013		9.92		0.05		0.18			0.23			(0.07	)
Institutional Class
Year Ended October 31, 2013		10.53		0.27		(0.48	)		(0.21	)		(0.24	)
Year Ended October 31, 2012		10.20		0.27		0.33			0.60			(0.27	)
Year Ended October 31, 2011		10.08		0.28		0.12			0.40			(0.28	)
Year Ended October 31, 2010		9.85		0.25		0.23			0.48			(0.25	)
Year Ended October 31, 2009		9.10		0.30		0.75			1.05			(0.30	)
Select Class
Year Ended October 31, 2013		10.51		0.25		(0.47	)		(0.22	)		(0.23	)
Year Ended October 31, 2012		10.19		0.26		0.31			0.57			(0.25	)
Year Ended October 31, 2011		10.07		0.27		0.12			0.39			(0.27	)
Year Ended October 31, 2010		9.84		0.24		0.23			0.47			(0.24	)
Year Ended October 31, 2009		9.09		0.28		0.75			1.03			(0.28	)

(a) Annualized for periods less than one year.

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

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

		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)(e)
$	10.06		(2.22	)%	$	153,819		0.75	%		2.31	%		0.97	%		16	%
	10.51		5.55			222,694		0.75			2.34			0.97			8
	10.19		3.80			183,105		0.75			2.53			0.97			14
	10.07		4.69			185,970		0.74			2.30			0.98			16
	9.84		11.51			155,982		0.74			2.90			1.00			9
	10.03		(2.85	)		83,639		1.40			1.67			1.47			16
	10.48		4.92			108,755		1.40			1.70			1.47			8
	10.16		3.13			100,908		1.40			1.88			1.48			14
	10.04		3.96			107,844		1.39			1.65			1.48			16
	9.82		10.73			89,259		1.39			2.16			1.50			9
	10.08		2.33			102,671		0.38			2.69			0.47			16
	10.08		(1.97	)		960,451		0.50			2.57			0.57			16
	10.53		5.91			944,652		0.50			2.58			0.57			8
	10.20		4.05			740,738		0.50			2.78			0.58			14
	10.08		4.95			672,006		0.49			2.55			0.58			16
	9.85		11.66			612,933		0.49			3.09			0.60			9
	10.06		(2.11	)		1,544,101		0.65			2.42			0.72			16
	10.51		5.66			1,979,923		0.65			2.46			0.72			8
	10.19		3.91			2,012,662		0.65			2.63			0.73			14
	10.07		4.80			2,224,519		0.64			2.40			0.73			16
	9.84		11.53			2,170,175		0.64			2.95			0.75			9

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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
Tax Aware Equity Fund	Class A, Class C, Institutional Class and Select Class	Diversified
Tax Aware Real Return Fund	Class A, Class C, Class R6*, Institutional Class and Select Class	Diversified

* Class R6 Shares of the Tax Aware Real Return Fund commenced operations on August 16, 2013.

The investment objective of Tax Aware Equity Fund is to seek to provide high after-tax total return from a portfolio of selected equity securities.

The investment objective of Tax Aware Real Return Fund is to seek to maximize after-tax inflation protected return.

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 R6, Institutional Class and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

2. Significant Accounting Policies

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

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

Certain investments of the Funds may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Funds to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

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

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment.

42 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed.

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

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

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

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

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

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

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

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

Tax Aware Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,120,317	$	—	$	—	$	1,120,317

Tax Aware Real Return Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	185,483	$	2,724,766		$	—	$	2,910,249
Appreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	986		$	—	$	986
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(63,718	)	$	—	$	(63,718	)

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

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

There were no transfers among any levels during the year ended October 31, 2013.

B. Swaps — The Tax Aware Real Return Fund uses inflation-linked swaps to provide inflation protection within its portfolio. These transactions are negotiated contracts between the Fund and a counterparty to exchange cash flows at specified, future intervals.

The use of swaps exposes the Fund to interest rate risk. The Fund also may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying rate; (ii) counterparty credit risk related to the failure, by the counterparty to the swap, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and (iv) documentation risk relating to disagreement over contract terms.

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

The value of a swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

change in net unrealized appreciation or depreciation in the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The table below discloses the volume of the Fund’s swap activity during the year ended October 31, 2013 (amounts in thousands):

Interest Rate-Related Swaps (Inflation-Linked Swaps)	Tax Aware Real Return Fund
Average Notional Balance — Pays Fixed Rate	$	2,320,154
Ending Notional Balance — Pays Fixed Rate		2,256,000

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts.

Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund (See Note 3.F.) and is reported on the Statements of Assets and Liabilities as Investments in affiliates — restricted. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.G.). These amounts are not reflected on the Fund’s Statements of Assets and Liabilities and are disclosed in the table below.

The Tax Aware Real Return Fund’s swap contracts at net value and collateral posted or received by counterparty as of October 31, 2013 are as follows (amounts in thousands):

Counterparty		Value of Swap Contracts			Collateral Amount
Barclays Bank plc	Collateral Posted	$	(32,068	)	$	31,120
BNP Paribas			(2,217	)		1,610
Citibank, N.A.			(2,131	)		2,390
Credit Suisse International			(2,902	)		2,690
Deutsche Bank AG, New York			(4,596	)		4,160
Morgan Stanley Capital Services			(4,029	)		3,510
Royal Bank of Scotland			(12,522	)		12,260
UBS AG			(2,267	)		1,730
Morgan Stanley Capital Services	Collateral Received	$	—		$	(524	)

C. Summary of Derivatives Information

The following tables present the value of derivatives held as of October 31, 2013, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Tax Aware Real Return Fund

Derivative Contract	Statement of Assets and Liabilities Location
Gross Assets:		Swaps
Interest rate contracts	Receivables	$	986
Gross Liabilities:
Interest rate contracts	Payables	$	(63,718	)

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2013, by primary underlying risk exposure (amounts in thousands):

Tax Aware Real Return Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Swaps
Interest rate contracts (Inflation-Linked Swaps)	$	(18,038	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Swaps
Interest rate contracts (Inflation-Linked Swaps)	$	(20,499	)

The Funds’ derivatives contracts held at October 31, 2013 are not accounted for as hedging instruments under GAAP.

44 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

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.

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.

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 gain 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 October 31, 2013, 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 Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

G. Distributions to Shareholders — Tax Aware Equity Fund generally declares and pays distributions from net investment income quarterly. Tax Aware Real Return Fund generally declares and pays distributions from net investment income 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)
Tax Aware Equity Fund	$	—	$	(46	)	$	46
Tax Aware Real Return Fund		—		—			—

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the 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:

Tax Aware Equity Fund	0.35	%
Tax Aware Real Return Fund	0.35

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 October 31, 2013, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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 “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares. The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 45

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C
Tax Aware Equity Fund		0.25	%		0.75	%
Tax Aware Real Return Fund		0.25			0.75

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2013, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Tax Aware Equity Fund	$	1	$	—	(a)
Tax Aware Real Return Fund		10		2

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

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

	Class A			Class C			Institutional Class			Select Class
Tax Aware Equity Fund		0.25	%		0.25	%		0.10	%		0.25	%
Tax Aware Real Return Fund		0.25			0.25			0.10			0.25

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. 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 in the Statements of Operations.

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

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

	Class A			Class C			Class R6			Institutional Class			Select Class
Tax Aware Equity Fund		1.05	%		1.55	%		n/a			0.55	%		0.80	%
Tax Aware Real Return Fund		0.75			1.40			0.40	%		0.50			0.65

The expense limitation agreements were in effect for the year ended October 31, 2013. The contractual expense limitation percentages in the table above are in place until at least February 28, 2014.

For the year ended October 31, 2013, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total
Tax Aware Equity Fund	$	—	$	—	$	16	$	16
Tax Aware Real Return Fund		46		449		1,919		2,414

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

46 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2013 were as follows (amounts in thousands):

Tax Aware Equity Fund	$	22
Tax Aware Real Return Fund		114

G. Collateral Management Fees — JPMCB provides derivatives collateral management services for the Tax Aware Real Return Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral Management fees on the Statements of Operations.

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

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

The 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 October 31, 2013, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2013, 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.

4. Investment Transactions

During the year ended October 31, 2013, 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)
Tax Aware Equity Fund	$	678,162	$	660,628
Tax Aware Real Return Fund		506,765		786,392

During the year ended October 31, 2013, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2013 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	774,552	$	346,084	$	319	$	345,765
Tax Aware Real Return Fund		2,764,098		159,717		13,566		146,151

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 October 31, 2013 was as follows (amounts in thousands):

	Total Distributions Paid From:
	Ordinary Income		Tax-Exempt Income		Total Distributions Paid
Tax Aware Equity Fund	$	15,334	$	—	$	15,334
Tax Aware Real Return Fund		45		71,140		71,185

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 47

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

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

	Total Distributions Paid From:
	Ordinary Income		Tax-Exempt Income		Total Distributions Paid
Tax Aware Equity Fund	$	10,250	$	—	$	10,250
Tax Aware Real Return Fund		—		77,234		77,234

As of October 31, 2013, the components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Tax-Exempt Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	623	$	—	$	(2,911	)	$	345,765
Tax Aware Real Return Fund		—		7,580		(48,692	)		83,419

The cumulative timing differences primarily consist of distribution payable and wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011, 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 October 31, 2013, the following Fund had post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Tax Aware Real Return Fund	$	19,507	$	—

As of October 31, 2013, the Funds had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains (amounts in thousands):

	2017		2018		2019		Total
Tax Aware Equity Fund	$	2,911	$	—	$	—	$	2,911
Tax Aware Real Return Fund		26,211		2,850		124		29,185

During the year ended October 31, 2013, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):

Tax Aware Equity Fund $ 77,308

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).

In addition, 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 10, 2014.

48 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013. Average borrowings from the Facility for, or at any time during, the year ended October 31, 2013, were as follows (amounts in thousands):

	Average Borrowings		Number of Days Outstanding		Interest Paid
Tax Aware Equity Fund	$	14,180		1	$	—	(a)

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

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

7. Risks, Concentrations and Indemnifications

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

One or more affiliates of the Adviser have investment discretion with respect to their clients’ holdings in the Funds, which collectively represent a significant portion of the Funds’ assets. Significant shareholder transactions by these shareholders, if any, may impact the Funds’ performance.

Tax Aware Real Return Fund invests primarily in a portfolio of municipal debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Fund’s ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

Tax Aware Real Return 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 also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements gives the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement 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.

8. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. In January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, which updated ASU 2011-11. The ASU creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives, repurchase agreements and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time management is evaluating the implications of these changes on the Funds’ financial statement disclosures.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 49

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return 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 Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund (each a separate Fund of JPMorgan Trust I) (hereafter referred to as the “Funds”) at October 31, 2013, 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 at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

50 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 51

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)
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).	171	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-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-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).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Funds’ investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment 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 is 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.

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

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

52 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

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

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 53

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

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, May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During the Period		Annualized Expense Ratio
Tax Aware Equity Fund
Class A
Actual*	$	1,000.00	$	1,127.30	$	5.15		0.96	%
Hypothetical*		1,000.00		1,020.37		4.89		0.96
Class C
Actual*		1,000.00		1,124.40		7.82		1.46
Hypothetical*		1,000.00		1,017.85		7.43		1.46
Institutional Class
Actual*		1,000.00		1,129.60		2.95		0.55
Hypothetical*		1,000.00		1,022.43		2.80		0.55
Select Class
Actual*		1,000.00		1,128.40		3.81		0.71
Hypothetical*		1,000.00		1,021.63		3.62		0.71
Tax Aware Real Return Fund
Class A
Actual*		1,000.00		974.50		3.73		0.75
Hypothetical*		1,000.00		1,021.42		3.82		0.75
Class C
Actual*		1,000.00		971.90		6.96		1.40
Hypothetical*		1,000.00		1,018.15		7.12		1.40
Class R6
Actual**		1,000.00		1,023.30		0.80		0.38
Hypothetical*		1,000.00		1,023.29		1.94		0.38
Institutional Class
Actual*		1,000.00		976.70		2.49		0.50
Hypothetical*		1,000.00		1,022.68		2.55		0.50
Select Class
Actual*		1,000.00		975.00		3.24		0.65
Hypothetical*		1,000.00		1,021.93		3.31		0.65

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Expenses are equal to the Class’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 77/365 (to reflect the actual year period). Commencement of offering of class of shares was August 16, 2013.

54 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 22, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Funds’ performance compared to the performance of the Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of the Funds in connection with the Trustees’ review of the investment advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreements with representatives of the Adviser and with counsels to the Trust and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals

in executive sessions with counsels to the Trust and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 55

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each of the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. The Board also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the adviser.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the

current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Funds benefit from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of each Fund. The Trustees also considered the complexity of investment management for the Funds relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the independent consultant and also considered the special analysis prepared by the independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to

56 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Tax Aware Equity Fund’s performance was in the second quintile for Class A shares for the one-year period ended December 31, 2012 and in the first, second and second quintiles for Institutional Class shares for the one-, three- and five-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Tax Aware Real Return Fund’s performance was in the fourth, fifth and fifth quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2012, respectively. The Trustees noted further that the independent consultant indicated that the Fund met its risk objectives, but had underperformed its return objectives. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance and noted the difficulty in assigning the Fund a representative peer group given the Fund’s investment strategy. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the fixed income committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the

information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Tax Aware Equity Fund’s net advisory fee for Class A and Select Class shares was in the first and second quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the first quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Tax Aware Real Return Fund’s net advisory fee for both Class A and Select Class shares was in the fourth quintile, and that the actual total expenses for Class A and Select Class Shares were in the third and fifth quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was e reasonable.

OCTOBER 31, 2013 J.P. MORGAN TAX AWARE FUNDS 57

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2013. 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, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each Fund hereby designates the following percentage or the maximum allowable percentage as ordinary income distributions eligible for the 70% dividends received deduction for corporate rate shareholders for the fiscal year ended October 31, 2013:

	Dividends Received Deduction
Tax Aware Equity Fund		100.00	%

Qualified Dividend Income (QDI)

For the fiscal year ended October 31, 2013, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%. Each Fund hereby designates the following amount or maximum allowable amount of ordinary income distributions as qualified dividends (amounts in thousands):

	Qualified Dividend Income
Tax Aware Equity Fund	$	15,334

Tax-Exempt Income

The following represents the percentage of distributions paid from net investment income that are exempt from federal income tax for the fiscal year ended October 31, 2013.

	Exempt Distributions Paid
Tax Aware Real Return Fund		99.95	%

58 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2013

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

^© JPMorgan Chase & Co., 2013.  All rights reserved. October 2013. AN-TA-1013

Annual Report

J.P. Morgan Country/Region Funds

October 31, 2013

JPMorgan Asia Pacific Fund

JPMorgan China Region Fund

JPMorgan India Fund

JPMorgan Intrepid European Fund

JPMorgan Latin America Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Asia Pacific Fund	3
JPMorgan China Region Fund	5
JPMorgan India Fund	7
JPMorgan Intrepid European Fund	9
JPMorgan Latin America Fund	11
Schedules of Portfolio Investments	13
Financial Statements	26
Financial Highlights	40
Notes to Financial Statements	50
Report of Independent Registered Public Accounting Firm	60
Trustees	61
Officers	63
Schedule of Shareholder Expenses	64
Board Approval of Investment Advisory Agreement	66
Tax Letter	70
Privacy Notice — Located at the back of this Annual Report

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

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

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

CEO’S LETTER

DECEMBER 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

  “As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio.”

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury

yields fell from their reporting period peak in early September 2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junk bonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well-diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 1

J.P. Morgan Country/Region Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2013

The global financial markets experienced periods of volatility during the reporting period. This volatility was triggered by a number of factors, including mixed economic data, geopolitical issues, expectations for future central bank monetary policies and, in the U.S., the impact of the fiscal cliff, sequestration and partial government shutdown. Stock returns varied across countries and regions but were generally positive for the twelve months ended October 31, 2013.

Greater China

Over the reporting period, Taiwan led the region, especially during the second calendar quarter of 2013, when both Hong Kong and Chinese equities declined amid the possibility of the U.S. Federal Reserve tapering its quantitative easing program and a credit crunch in China. Overall, Hong Kong also fared better than China, especially helped by Macau gaming stocks. Chinese equities underperformed Hong Kong and Taiwan amid continued fears of incremental policy tightening in China, weak economic data until mid-2013 and a credit crunch in the interbank funding markets at the start of the summer. However, Chinese equities began to rally toward the end of the reporting period as economic data improved and the government announced the foundation of much-needed reforms in the years to come. In the end, stocks in the greater China region, as measured by the MSCI Golden Dragon Index (net of foreign withholding taxes), gained 12.89% for the twelve months ended October 31, 2013.

India

It was an exceptionally volatile environment for Indian equities during the reporting period. Worries over a withdrawal of U.S. quantitative easing negatively impacted the rupee, while economic growth in India faltered amid rising inflation and higher interest rates. Furthermore, a lack of government initiatives negatively affected investment and capital spending in the Indian economy. In summary, the global macro environment and domestic troubles weighed heavily on the markets, with the MSCI India Index (net of foreign withholding taxes) returning 0.65% for the twelve months ended October 31, 2013.

Europe

European stocks were positively impacted during the reporting period by generally strong investor demand. Also supporting the European equity market were continued policy accommodation by the European Central Bank and signs that the region had emerged from its lengthy recession. In the end, the MSCI Europe Index (net of foreign withholding taxes) gained 27.70% for the twelve months ended October 31, 2013.

Latin America

Latin American stocks underperformed their emerging market counterparts during the reporting period, as Brazil and the Andean countries were plagued by macroeconomic concerns and falling commodity prices. However, more attractive valuations in Brazil and meaningful reforms in Mexico were positive signals for Latin American equities. The MSCI Emerging Markets Latin America Index (net of foreign withholding taxes) returned -2.66% for the twelve months ended October 31, 2013.

2 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

JPMorgan Asia Pacific Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	16.06%
Morgan Stanley Capital International (“MSCI”)
All Country Asia Pacific ex-Japan Index (net of foreign withholding taxes)	11.63%
Net Assets as of 10/31/2013 (In Thousands)	$5,751

INVESTMENT OBJECTIVE**

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

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

The Fund (Select Class Shares) outperformed the MSCI All Country Asia Pacific ex-Japan Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. Security selection in Hong Kong and Australia was the primary contributor to the Fund’s relative performance. The Fund’s security selection in Singapore detracted from relative performance.

The largest individual contributors to the Fund’s relative performance versus the Benchmark included its overweight positions in Galaxy Entertainment Group Ltd. and Great Wall Motor Co., Ltd. The Fund also benefited from not owning shares of Newcrest Mining Limited. Hong Kong-based Galaxy Entertainment Group Ltd., which owns and operates hotels and casinos in Macau, reported a sharp increase in profits as visitors increased spending at its two main casinos. Great Wall Motor Co., Ltd., a Chinese automobile manufacturer, reported a sharp increase in sales during the reporting period. Shares of Newcrest Mining Limited, Australia’s leading gold mining company, fell as gold prices dropped during much of the reporting period.

Individual detractors from the Fund’s relative performance included the Fund’s positioning in Tencent Holdings Ltd., Maruti Suzuki India Limited and NAVER Corp. Tencent Holdings Ltd., a Chinese online social media company, reported strong operating results during the reporting period. Therefore, the Fund’s underweight position relative to the Benchmark detracted from its relative performance. The Fund was overweight Maruti Suzuki India Limited, India’s biggest automobile manufacturer. This overweight detracted as the company’s shares were negatively impacted by falling sales. Shares of NAVER Corp. a South Korean internet content company, rose based on the company’s strong operating results during the period. As such, the Fund’s underweight position relative to the Benchmark detracted from its relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund employed bottom-up stock selection based on a systematic approach of finding what the Fund’s portfolio managers believed were securities that

had attractive momentum characteristics, as well as securities that they believed were attractively valued and fundamentally strong. In country terms, the Fund’s largest overweights versus the Benchmark were in the Philippines and Hong Kong. The Fund largest underweights versus the Benchmark were in Singapore and Australia.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Samsung Electronics Co., Ltd. (South Korea)	4.4	%
	2.	BHP Billiton Ltd. (Australia)	3.5
	3.	Commonwealth Bank of Australia (Australia)	3.1
	4.	Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)	2.7
	5.	Westpac Banking Corp. (Australia)	2.7
	6.	Australia & New Zealand Banking Group Ltd. (Australia)	2.5
	7.	National Australia Bank Ltd. (Australia)	2.2
	8.	AIA Group Ltd. (Hong Kong)	2.1
	9.	China Construction Bank Corp., Class H (China)	1.7
	10.	Industrial & Commercial Bank of China Ltd., Class H (China)	1.7

PORTFOLIO COMPOSITION BY COUNTRY***
Australia	25.7	%
China	16.6
Hong Kong	15.6
South Korea	15.5
Taiwan	9.7
India	6.0
Thailand	2.3
Singapore	2.0
Philippines	1.8
Malaysia	1.6
Indonesia	1.3
New Zealand	1.0
Others (each less than 1.0%)	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 October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 3

JPMorgan Asia Pacific Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		11/30/11
Without Sales Charge				15.79	%		12.42	%
With Sales Charge*				9.70			9.31
CLASS C SHARES		11/30/11
Without CDSC				15.20			11.87
With CDSC**				14.20			11.87
SELECT CLASS SHARES		11/30/11		16.06			12.70

* 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 (11/30/11 TO 10/31/13)

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, 2011.

Effective June 29, 2012, the Fund’s investment strategy changed and performance would have been different if the Fund were managed using its current strategy.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Asia Pacific Fund, the MSCI All Country Asia Pacific ex-Japan Index and the Lipper Pacific ex Japan Funds Index from November 30, 2011 to October 31, 2013. 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 All Country Asia Pacific ex-Japan Index 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 maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper Pacific ex Japan 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 All Country Asia Pacific ex-Japan Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance in the Asia Pacific region, excluding Japan. The Lipper Pacific ex Japan Funds Index represents 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.

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

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

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

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

4 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

JPMorgan China Region Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		16.62%
Morgan Stanley Capital International (“MSCI”)
Golden Dragon Index (net of foreign withholding taxes)		12.89%
Net Assets as of 10/31/2013 (In Thousands)	$	648,140

INVESTMENT OBJECTIVE**

The JPMorgan China Region Fund (the “Fund”) will seek long-term capital growth.

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

The Fund (Select Class Shares) outperformed the MSCI Golden Dragon Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s outperformance was driven mainly by security selection in Taiwan and China.

Individual contributors to relative performance included the Fund’s overweight positions versus the Benchmark in Tencent Holdings Ltd., Galaxy Entertainment Group Ltd. and Great Wall Motor Co., Ltd. Tencent Holdings Ltd., a Chinese online social media company, reported strong operating results during the reporting period. Hong Kong-based Galaxy Entertainment Group Ltd., which owns and operates hotels and casinos in Macau, reported a sharp increase in profits as visitors increased spending at its two main casinos. Great Wall Motor Co., Ltd., a Chinese automobile manufacturer, reported a sharp increase in sales during the reporting period.

Individual detractors from relative performance included the Fund’s overweight positions versus the Benchmark in Orient Overseas (International) Limited and New World Development Co., Ltd. and an underweight position in Cathay Financial Holding Co., Ltd. Shares of Orient Overseas (International) Limited, a Hong Kong-based transportation, logistics and real estate development company, declined as China’s economic growth slowed. A costly strike by dock workers in Hong Kong also detracted from the company’s results. Shares of New World Development Co., Ltd., a Hong Kong-based property and infrastructure company, declined as real estate prices in Hong Kong leveled off. Cathay Financial Holding Co., Ltd., a Taiwan-based provider of financial services, reported strong operating earnings across most of its business lines during the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, rigorously researching

companies in an attempt to determine their underlying value and potential for future earnings growth. As a result of this process, the Fund finished the reporting period with an overweight versus the Benchmark in China, focusing on companies that the Fund’s portfolio managers believed were positioned to benefit from industry consolidation, expanding consumption and urbanization. The Fund also had an overweight in environmental/renewable energy companies. In contrast, the Fund was underweight versus the Benchmark in Taiwanese exposure.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tencent Holdings Ltd. (China)	6.1	%
	2.	China Construction Bank Corp., Class H (China)	5.7
	3.	AIA Group Ltd. (Hong Kong)	5.3
	4.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	5.0
	5.	Industrial & Commercial Bank of China Ltd., Class H (China)	4.4
	6.	CNOOC Ltd. (China)	3.5
	7.	Galaxy Entertainment Group Ltd. (Hong Kong)	2.8
	8.	Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)	2.5
	9.	Hutchison Whampoa Ltd. (Hong Kong)	2.4
	10.	Cheung Kong Holdings Ltd. (Hong Kong)	2.4

PORTFOLIO COMPOSITION BY COUNTRY***
China	46.7	%
Hong Kong	26.7
Taiwan	25.3
Italy	1.3

* 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 5

JPMorgan China Region Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		2/28/07
Without Sales Charge				16.30	%		14.88	%		5.26	%
With Sales Charge*				10.21			13.64			4.41
CLASS C SHARES		2/28/07
Without CDSC				15.78			14.32			4.74
With CDSC**				14.78			14.32			4.74
SELECT CLASS SHARES		2/28/07		16.62			15.15			5.52

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/07 TO 10/31/13)

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

The Fund commenced operations on February 28, 2007.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan China Region Fund, the MSCI Golden Dragon Index and the Lipper China Region Funds Index from February 28, 2007 to October 31, 2013. 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 Golden Dragon 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 nonresident individual investors who do not benefit from double taxation treaties. The performance of the Lipper China Region 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 Golden Dragon

Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the China region. The Lipper China Region Funds Index represents 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.

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

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

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

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

6 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

JPMorgan India Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	–5.17%
Morgan Stanley Capital International (“MSCI”)
India Index (net of foreign withholding taxes)	0.65%
Net Assets as of 10/31/2013 (In Thousands)	$9,936

INVESTMENT OBJECTIVE**

The JPMorgan India Fund (the “Fund”) will seek long-term capital growth.

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

The Fund (Class A Shares, without a sales charge) underperformed the MSCI India Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s underperformance was driven mainly by security selection in the materials and consumer staples sectors. This negative was partially offset by positive security selection in the financials and health care sectors.

Individual detractors from relative performance included the Fund’s overweight positions versus the Benchmark in IDFC Ltd. and ACC Limited. Shares in IDFC Ltd., a leading financier of infrastructure projects, fell sharply as India’s economic growth moderated. For the same reason, shares of ACC Limited, one of the largest producers of cement in India, declined during the reporting period. Also detracting from relative performance was Benchmark holding United Spirits Limited, India’s largest spirits company. Shares of the company rallied sharply following the sale of a substantial stake of the company to Diageo plc., the world’s largest distiller. The Fund not having a position in the stock negatively impacted its relative performance.

Individual contributors to relative performance included the Fund’s underweight positions versus the Benchmark in two weak performing banks: Axis Bank Limited and State Bank of India. Shares of both companies fell as slower growth in India resulted in decreased lending activity and depressing margins. An overweight position in Mahindra & Mahindra Financial Services, Ltd., a company which focuses on the financing of utility vehicles and tractors, also contributed to the Fund’s relative performance as shares of the company moved sharply higher during the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, rigorously researching

companies in an attempt to determine their underlying value and potential for future earnings growth. They preferred to invest in what they believed were well-managed, leading high quality companies with strong and visible earnings profiles.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Housing Development Finance Corp.	8.4	%
	2.	Reliance Industries Ltd.	8.0
	3.	HDFC Bank Ltd.	7.8
	4.	Infosys Ltd.	7.4
	5.	ITC Ltd.	6.6
	6.	Tata Consultancy Services Ltd.	5.8
	7.	Sun Pharmaceutical Industries Ltd.	4.0
	8.	Tata Motors Ltd.	3.4
	9.	Wipro Ltd.	2.4
	10.	Kotak Mahindra Bank Ltd.	2.3

PORTFOLIO COMPOSITION BY SECTOR***
Financials	29.8	%
Information Technology	18.6
Consumer Discretionary	10.6
Materials	9.1
Energy	8.9
Health Care	8.1
Consumer Staples	7.3
Telecommunication Services	3.4
Industrials	2.7
Utilities	1.5

* 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 7

JPMorgan India Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		5/1/07
Without Sales Charge				(5.17	)%		10.90	%		(1.92	)%
With Sales Charge*				(10.13	)		9.70			(2.73	)
CLASS C SHARES		5/1/07
Without CDSC				(5.67	)		10.36			(2.41	)
With CDSC**				(6.67	)		10.36			(2.41	)
SELECT CLASS SHARES		5/1/07		(4.95	)		11.17			(1.69	)

* 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.

LIFE OF FUND PERFORMANCE (5/1/07 TO 10/31/13)

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 May 1, 2007.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan India Fund, the MSCI India Index and the Lipper India Region Funds Average from May 1, 2007 to October 31, 2013. 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 MSCI India 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 individual investors who do not benefit from double taxation treaties. The performance of the Lipper India Region Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI India Index is a free float-adjusted market capitalization index

that is designed to measure equity market performance in India. Investors cannot invest directly in an index. The Lipper India Region Funds Average represents the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

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 redemption of Fund shares.

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

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

8 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

JPMorgan Intrepid European Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		40.30%
Morgan Stanley Capital International (“MSCI”)
Europe Index (net of foreign withholding taxes)		27.70%
Net Assets as of 10/31/2013 (In Thousands)	$	703,890

INVESTMENT OBJECTIVE**

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

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

The Fund (Class A Shares, without a sales charge) outperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s outperformance relative to the Benchmark was driven by strong security selection, particularly in the capital goods, consumer durables and apparel, and banks sectors. Detractors from relative performance included security selection in the automobile and components, pharmaceuticals, biotechnology and life sciences, and insurance sectors.

Individual contributors to relative performance included the Fund’s overweight positions in easyJet plc and European Aeronautic Defence and Space Company N.V. (“EADS”). The Fund’s out-of-Benchmark position in Ashtead Group plc. was also a contributor to relative performance. Shares of European discount airline company easyJet plc benefited from stronger profits. The company increased its efforts to attract more passengers by offering preferred seating, flexible tickets and higher frequencies on key routes. Shares of EADS, an aerospace company, rose on the back of strong orders for commercial aircraft. Ashtead Group plc, a British equipment rental company, saw strong earnings momentum as businesses shifted to renting equipment rather than buying in an uncertain economic environment.

Individual detractors from relative performance included the Fund’s out-of-Benchmark positions in Ferrexpo Plc and Debenhams Plc, as well as an underweight position in Roche Holding Ltd. Shares of Ferrexpo Plc, which produces iron ore pellets, declined as commodity prices fell. Shares of Debenhams Plc, a British clothing and accessories company, fell on disappointing company-specific news. The Fund was underweight relative to the Benchmark in Roche Holding Ltd., a Swiss health care company. This positioning detracted from performance as the company’s shares rose due to solid gains in revenue and earnings.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers believe that attractively valued, high quality stocks with positive momentum outperform the market. During the reporting period, the Fund’s portfolio managers invested in securities that they believed displayed these style characteristics. Portfolio positions flowed from bottom-up security selection rather than top-down asset allocation decisions.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	BP plc (United Kingdom)	3.8	%
	2.	BT Group plc (United Kingdom)	2.3
	3.	Total S.A. (France)	2.2
	4.	Roche Holding AG (Switzerland)	2.1
	5.	Next plc (United Kingdom)	1.9
	6.	PostNL N.V. (Netherlands)	1.8
	7.	Shire plc (Ireland)	1.8
	8.	Smurfit Kappa Group plc (Ireland)	1.6
	9.	ITV plc (United Kingdom)	1.6
	10.	Thales S.A. (France)	1.5

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	33.7	%
France	15.5
Germany	9.8
Ireland	5.3
Switzerland	5.0
Netherlands	4.2
Sweden	3.6
Denmark	3.5
Italy	2.8
Spain	1.7
Others (each less than 1.0%)	1.7
Short-Term Investment	13.2

* 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 9

JPMorgan Intrepid European Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		11/2/95
Without Sales Charge				40.30	%		13.72	%		9.70	%
With Sales Charge*				32.94			12.50			9.11
CLASS B SHARES		11/3/95
Without CDSC				39.54			13.14			9.25
With CDSC**				34.54			12.90			9.25
CLASS C SHARES		11/1/98
Without CDSC				39.56			13.14			9.14
With CDSC***				38.56			13.14			9.14
INSTITUTIONAL CLASS SHARES		9/10/01		40.97			14.28			10.25
SELECT CLASS SHARES		9/10/01		40.63			14.01			9.99

* Sales Charge for Class A Shares is 5.25%.

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

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

TEN YEAR PERFORMANCE (10/31/03 TO 10/31/13)

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 Intrepid European Fund, the MSCI Europe Index and the Lipper European Region Funds Index from October 31, 2003 to October 31, 2013. 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 MSCI Europe 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 individual investors who do not benefit from double taxation treaties. The performance of the Lipper European Region 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 Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. The Lipper European Region Funds Index represents 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 redemption of Fund shares.

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

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

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

10 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

JPMorgan Latin America Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		0.25%
Morgan Stanley Capital International (“MSCI”) Emerging Markets
(“EM”) Latin America Index (net of foreign withholding taxes)		–2.66%
Net Assets as of 10/31/2013 (In Thousands)	$	138,314

INVESTMENT OBJECTIVE**

The JPMorgan Latin America Fund (the “Fund”) will seek long-term capital growth.

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

The Fund (Class A Shares, without a sales charge) outperformed the MSCI EM Latin America Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s security selection and underweight versus the Benchmark in the energy sector and security selection and overweight versus the Benchmark in the industrials sector were the main contributors to relative performance. The Fund’s security selection in the consumer discretionary sector and overweight versus the Benchmark in the health care sector detracted from the Fund’s relative performance.

Individual contributors to relative performance included the Fund’s overweights versus the Benchmark in Copa Holdings S.A., a Panama-based airline, and Compartamos S.A.B., a Mexican bank focusing on microfinance. Shares of Copa Holdings S.A. benefited from positive trends in air passenger travel. Compartamos S.A.B.‘s shares performed well during the reporting period, as the company’s reported loan portfolio expanded significantly, while the percentage of its non-performing loans did not materially change. The Fund’s underweight position versus the Benchmark in Petrobras (Petroleo Brasileiro), a Brazilian energy company, also contributed to relative performance as the company’s shares were hurt by declining commodity prices.

Individual detractors from the Fund’s relative performance included the Fund’s overweight position versus the Benchmark in Multiplus S.A., along with underweight positions versus the Benchmark in Grupo Televisa and Banco do Brasil. Brazil-based Multiplus S.A. engages in the operation of customer loyalty programs. The stock declined after the company reported disappointing quarterly net income. Grupo Televisa is a Mexican multimedia company, with distribution throughout Latin America. Its shares performed strongly during the reporting period as pay-TV user growth boosted profits. Banco do Brasil is the largest bank in Latin America, based on assets size. The company benefited from an increased market share in investment banking over the last year. More robust underwriting activity also helped to propel the stock over the reporting period.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund employed an active strategy in which portfolio construction was focused on the

highest-conviction ideas found at the security level. The Fund’s portfolio managers used bottom-up fundamental research to determine the Fund’s security weightings, rigorously researching companies in an attempt to determine their underlying value and potential for future growth. As a result of this process, at the end of the reporting period, the Fund’s largest overweight versus the Benchmark was in the industrials sector and the Fund’s largest underweight versus the Benchmark was in the materials sector.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Itau Unibanco Holding S.A. (Preference Shares), ADR (Brazil)	7.6	%
	2.	Banco Bradesco S.A., ADR (Brazil)	4.9
	3.	Fomento Economico Mexicano S.A.B. de C.V., ADR (Mexico)	3.4
	4.	Cia de Bebidas das Americas (Preference Shares), ADR (Brazil)	3.0
	5.	Copa Holdings S.A., Class A (Panama)	2.9
	6.	Credicorp Ltd. (Peru)	2.5
	7.	Mexichem S.A.B. de C.V. (Mexico)	2.5
	8.	Compartamos S.A.B. de C.V. (Mexico)	2.3
	9.	BM&FBovespa S.A. (Brazil)	2.3
	10.	First Cash Financial Services, Inc. (United States)	2.3

PORTFOLIO COMPOSITION BY COUNTRY***
Brazil	59.0	%
Mexico	22.0
Peru	4.0
Panama	2.9
Chile	2.7
United States	2.3
Luxembourg	1.6
Colombia	1.2
Others (each less than 1.0%)	1.3
Short-Term Investment	3.0

* 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 11

JPMorgan Latin America Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		2/28/07
Without Sales Charge				0.25	%		15.53	%		4.81	%
With Sales Charge*				(5.00	)		14.28			3.97
CLASS C SHARES		2/28/07
Without CDSC				(0.24	)		14.95			4.29
With CDSC**				(1.24	)		14.95			4.29
SELECT CLASS SHARES		2/28/07		0.50			15.80			5.06

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/07 TO 10/31/13)

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

The Fund commenced operations on February 28, 2007.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Latin America Fund, the MSCI EM Latin America Index and the Lipper Latin American Funds Average from February 28, 2007 to October 31, 2013. 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 MSCI EM Latin America 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 individual investors who do not benefit from double taxation treaties. The performance of the Lipper Latin American Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EM Latin America Index is a free float-adjusted market capitalization index that is designed to measure equity

market performance of emerging markets in Latin America. Investors cannot invest directly in an index. The Lipper Latin American 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 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 redemption of Fund shares.

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

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

12 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 88.6%
			Australia — 24.3%
	4		Amcor Ltd.		45
	19		Arrium Ltd.		25
	4		Australia & New Zealand Banking Group Ltd.		134
	5		BHP Billiton Ltd.		189
	6		Challenger Ltd.		35
	2		Commonwealth Bank of Australia		169
	1		CSL Ltd.		68
	1		Flight Centre Ltd.		32
	8		Fortescue Metals Group Ltd.		41
	8		Harvey Norman Holdings Ltd.		25
	8		Insurance Australia Group Ltd.		49
	1		JB Hi-Fi Ltd.		28
	3		Lend Lease Group		36
	1		Macquarie Group Ltd.		38
	1		Mineral Resources Ltd.		15
	4		National Australia Bank Ltd.		121
	1		Ramsay Health Care Ltd.		23
	1		Rio Tinto Ltd.		57
	14		SP AusNet		17
	3		Suncorp Group Ltd.		41
	11		Telstra Corp., Ltd.		54
	—	(h)	Wesfarmers Ltd.		3
	4		Westpac Banking Corp.		145
	—	(h)	Woolworths Ltd.		5
					1,395
			China — 15.6%
	75		Agricultural Bank of China Ltd., Class H		36
	13		Anta Sports Products Ltd.		19
	145		Bank of China Ltd., Class H		68
	24		Beijing Capital International Airport Co. Ltd., Class H		17
	121		China Construction Bank Corp., Class H		94
	16		China Oilfield Services Ltd., Class H		45
	62		China Petroleum & Chemical Corp., Class H		50
	34		CNOOC Ltd.		69
	54		Country Garden Holdings Co., Ltd.		37
	14		Dongfeng Motor Group Co., Ltd., Class H		20
	7		Great Wall Motor Co., Ltd., Class H		38
	11		Greentown China Holdings Ltd.		20
	16		Guangzhou R&F Properties Co., Ltd., Class H		27
	28		Huaneng Power International, Inc., Class H		29
	132		Industrial & Commercial Bank of China Ltd., Class H		93
	24		Lenovo Group Ltd.		26
	24		PICC Property & Casualty Co., Ltd., Class H		37

SHARES		SECURITY DESCRIPTION	VALUE($)
		China — Continued
	5	Ping An Insurance Group Co. of China Ltd., Class H		39
	38	Sunac China Holdings Ltd.		26
	2	Tencent Holdings Ltd.		82
	26	Yangzijiang Shipbuilding Holdings Ltd.		25
				897
		Hong Kong — 14.7%
	23	AIA Group Ltd.		116
	18	Brilliance China Automotive Holdings Ltd.		31
	2	Cheung Kong Holdings Ltd.		31
	2	Cheung Kong Infrastructure Holdings Ltd.		14
	30	China Gas Holdings Ltd.		33
	4	China Mobile Ltd.		42
	49	China Power International Development Ltd.		19
	8	China Resources Gas Group Ltd.		21
	10	China Resources Land Ltd.		29
	12	China State Construction International Holdings Ltd.		20
	10	Chow Tai Fook Jewellery Group Ltd.		17
	11	Dah Sing Banking Group Ltd.		21
	9	Galaxy Entertainment Group Ltd. (a)		67
	65	GCL-Poly Energy Holdings Ltd. (a)		20
	35	Geely Automobile Holdings Ltd.		18
	160	GOME Electrical Appliances Holdings Ltd.		25
	6	Hutchison Whampoa Ltd.		75
	7	Luk Fook Holdings International Ltd.		25
	10	Melco International Development Ltd.		31
	43	Pacific Basin Shipping Ltd.		31
	7	Sands China Ltd.		51
	16	Shimao Property Holdings Ltd.		39
	36	Shun Tak Holdings Ltd.		21
	12	SmarTone Telecommunications Holdings Ltd.		16
	6	Wheelock & Co., Ltd.		31
				844
		Indonesia — 1.3%
	55	Bank Negara Indonesia Persero Tbk PT		24
	27	Bank Rakyat Indonesia Persero Tbk PT		19
	140	Telekomunikasi Indonesia Persero Tbk PT		29
				72
		Malaysia — 1.5%
	10	Malayan Banking Bhd		31
	3	Petronas Dagangan Bhd		25
	10	Tenaga Nasional Bhd		31
				87

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 13

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			New Zealand — 0.9%
	5		Ryman Healthcare Ltd.		31
	11		Telecom Corp. of New Zealand Ltd.		21
					52
			Philippines — 1.7%
	41		Alliance Global Group, Inc.		25
	1		GT Capital Holdings, Inc.		15
	198		Megaworld Corp.		18
	8		Metropolitan Bank & Trust		16
	22		Puregold Price Club, Inc.		23
					97
			Singapore — 1.9%
	4		DBS Group Holdings Ltd.		54
	17		Ezion Holdings Ltd.		31
	5		UOL Group Ltd.		26
					111
			South Korea — 14.6%
	2		BS Financial Group, Inc.		27
	—	(h)	Daelim Industrial Co., Ltd.		35
	—	(h)	E-Mart Co., Ltd.		23
	—	(h)	GS Home Shopping, Inc.		19
	1		Halla Visteon Climate Control Corp.		25
	—	(h)	Hyundai Mobis		40
	—	(h)	Hyundai Motor Co.		85
	1		Kia Motors Corp.		49
	1		Korean Reinsurance Co.		16
	—	(h)	LG Corp.		22
	—	(h)	Lotte Chemical Corp.		22
	—	(h)	Mando Corp.		22
	—	(h)	POSCO		38
	—	(h)	Samsung Electronics Co., Ltd.		239
	1		Samsung Heavy Industries Co., Ltd.		29
	1		Shinhan Financial Group Co., Ltd.		51
	—	(h)	SK Holdings Co., Ltd.		29
	1		SK Hynix, Inc. (a)		39
	—	(h)	SK Telecom Co., Ltd.		30
					840
			Taiwan — 9.2%
	4		Advantech Co., Ltd.		26
	4		Catcher Technology Co., Ltd.		23
	35		Cathay Financial Holding Co., Ltd.		53
	10		Chicony Electronics Co., Ltd.		26
	51		CTBC Financial Holding Co., Ltd.		34
	8		Delta Electronics, Inc.		42

SHARES		SECURITY DESCRIPTION	VALUE($)
		Taiwan — Continued
	29	E.Sun Financial Holding Co., Ltd.		19
	24	Fubon Financial Holding Co., Ltd.		35
	25	Inotera Memories, Inc. (a)		16
	1	Largan Precision Co., Ltd.		26
	5	Radiant Opto-Electronics Corp.		19
	4	Simplo Technology Co., Ltd.		20
	40	SinoPac Financial Holdings Co., Ltd.		20
	43	Taishin Financial Holding Co., Ltd.		22
	40	Taiwan Semiconductor Manufacturing Co., Ltd.		147
				528
		Thailand — 2.1%
	6	Airports of Thailand PCL		38
	15	Bangchak Petroleum PCL (The)		16
	5	Kasikornbank PCL, NVDR		29
	34	Krung Thai Bank PCL		22
	7	PTT Global Chemical PCL		18
				123
		United Kingdom — 0.4%
	2	HSBC Holdings plc		22
		United States — 0.4%
	1	Twenty-First Century Fox, Inc., Class B, CDI		25
		Total Common Stocks (Cost $4,178)		5,093
NUMBER OF RIGHTS
	Rights — 0.8%
		India — 0.8%
	2	Tech Mahindra Ltd., expiring 09/16/16 (a) (Cost $38)		46
SHARES
	Structured Instruments — 4.9%
		India — 4.9%
		Low Exercise Call Warrants — 4.9%
	1	Dr. Reddy’s Laboratories Ltd., expiring 01/07/14 (issued through BNP Paribas) (a)		23
	2	HCL Technologies Ltd., expiring 08/23/16 (issued through UBS AG) (a)		39
	10	Idea Cellular Ltd., expiring 07/22/15 (issued through BNP Paribas) (a)		27
	1	Lupin Ltd., expiring 10/23/14 (issued through BNP Paribas) (a)		16
	2	Reliance Industries Ltd., expiring 01/20/14 (issued through BNP Paribas) (a)		36
	6	Sun Pharmaceutical Industries Ltd., expiring 06/29/15 (issued through UBS AG) (a)		54

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Structured Instruments — Continued
		Low Exercise Call Warrants — Continued
	1	Tata Consultancy Services Ltd., expiring 08/26/14 (issued through BNP Paribas) (a)		37
	5	Tata Motors Ltd., expiring 10/29/14 (issued through BNP Paribas) (a)		32
	6	United Phosphorus Ltd., expiring 04/25/14 (issued through BNP Paribas) (a)		17
		Total Structured Instruments (Cost $250)		281
		Total Investments — 94.3% (Cost $4,466)		5,420
		Other Assets in Excess of Liabilities — 5.7%		331
		NET ASSETS — 100.0%	$	5,751

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		23.5	%
Semiconductors & Semiconductor Equipment		8.9
Insurance		6.5
Metals & Mining		6.5
Real Estate Management & Development		5.9
Automobiles		5.1
Oil, Gas & Consumable Fuels		3.6
Hotels, Restaurants & Leisure		3.4
Industrial Conglomerates		3.2
IT Services		2.2
Computers & Peripherals		2.2
Wireless Telecommunication Services		2.1
Diversified Telecommunication Services		1.9
Specialty Retail		1.8
Pharmaceuticals		1.7
Auto Components		1.6
Diversified Financial Services		1.6
Internet Software & Services		1.5
Energy Equipment & Services		1.4
Biotechnology		1.3
Electronic Equipment, Instruments & Components		1.3
Electric Utilities		1.1
Chemicals		1.1
Construction & Engineering		1.0
Transportation Infrastructure		1.0
Food & Staples Retailing		1.0
Gas Utilities		1.0
Health Care Providers & Services		1.0
Machinery		1.0
Others (each less than 1.0%)		4.6

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 15

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.6%
		China — 46.5%
	1,931	AAC Technologies Holdings, Inc.		8,532
	24,132	Agricultural Bank of China Ltd., Class H		11,629
	1,592	Anhui Conch Cement Co., Ltd., Class H		5,554
	46,936	China Construction Bank Corp., Class H		36,517
	10,712	China Eastern Airlines Corp., Ltd., Class H (a)		3,701
	4,186	China Longyuan Power Group Corp., Class H		4,816
	10,576	China Minsheng Banking Corp., Ltd., Class H		12,120
	7,164	China Modern Dairy Holdings Ltd. (a)		3,336
	2,690	China Oilfield Services Ltd., Class H		7,518
	15,018	China Petroleum & Chemical Corp., Class H		12,157
	7,280	China Shipping Development Co., Ltd., Class H (a)		4,119
	12,024	China Telecom Corp., Ltd., Class H		6,281
	7,291	China Vanke Co., Ltd., Class B		12,311
	970	Chongqing Changan Automobile Co. Ltd., Class B		1,788
	11,243	CNOOC Ltd.		22,868
	3,478	Dongfeng Motor Group Co., Ltd., Class H		4,917
	2,206	Great Wall Motor Co., Ltd., Class H		12,963
	2,367	Greentown China Holdings Ltd.		4,607
	16,976	Huaneng Renewables Corp. Ltd., Class H		6,544
	40,040	Industrial & Commercial Bank of China Ltd., Class H		28,069
	5,245	Intime Retail Group Co., Ltd.		6,243
	1,573	MGM China Holdings Ltd.		5,425
	3,412	PICC Property & Casualty Co., Ltd., Class H		5,232
	1,500	Ping An Insurance Group Co. of China Ltd., Class H		11,824
	2,625	Sun Art Retail Group Ltd.		4,299
	723	Tencent Holdings Ltd.		39,426
	2,574	Tingyi Cayman Islands Holding Corp.		7,272
	7,168	Want Want China Holdings Ltd.		11,021
				301,089
		Hong Kong — 26.6%
	6,672	AIA Group Ltd.		33,877
	11,314	Beijing Enterprises Water Group Ltd.		5,034
	2,237	BOC Hong Kong Holdings Ltd.		7,306
	975	Cheung Kong Holdings Ltd.		15,221
	772	China Mobile Ltd.		8,020
	3,782	China Overseas Land & Investment Ltd.		11,720
	3,412	China Resources Gas Group Ltd.		8,829
	2,216	China Taiping Insurance Holdings Co., Ltd. (a)		3,456
	2,386	Galaxy Entertainment Group Ltd. (a)		17,811
	26,307	GCL-Poly Energy Holdings Ltd. (a)		8,072
	1,263	Hutchison Whampoa Ltd.		15,738
	1,942	Lifestyle International Holdings Ltd.		4,232
	4,472	New World Development Co., Ltd.		6,186
	882	Orient Overseas International Ltd.		4,556

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — Continued
	1,854	Sands China Ltd.		13,182
	1,094	Wharf Holdings Ltd.		9,204
				172,444
		Italy — 1.3%
	860	Prada S.p.A.		8,387
		Taiwan — 25.2%
	7,341	Advanced Semiconductor Engineering, Inc.		7,228
	2,089	Cheng Shin Rubber Industry Co., Ltd.		5,571
	5,535	China Life Insurance Co., Ltd.		5,432
	1,263	China Steel Chemical Corp.		7,568
	2,624	China Steel Corp.		2,280
	990	Chipbond Technology Corp.		2,001
	1,795	Delta Electronics, Inc.		9,335
	10,813	E.Sun Financial Holding Co., Ltd.		7,241
	5,811	Fubon Financial Holding Co., Ltd.		8,516
	1,587	Huaku Development Co., Ltd.		4,445
	8,120	Innolux Corp. (a)		3,220
	162	Largan Precision Co., Ltd.		5,517
	3,225	Lite-On Technology Corp.		5,646
	921	MediaTek, Inc.		12,592
	487	Merida Industry Co., Ltd.		3,687
	781	Novatek Microelectronics Corp.		3,094
	2,126	Pegatron Corp.		2,962
	2,039	Ruentex Development Co., Ltd.		4,268
	4,360	Taiwan Semiconductor Manufacturing Co., Ltd.		16,069
	1,735	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		31,941
	1,349	Teco Electric and Machinery Co., Ltd.		1,439
	4,229	Uni-President Enterprises Corp.		8,054
	6,989	United Microelectronics Corp.		2,965
	1,132	United Microelectronics Corp., ADR		2,321
				163,392
		Total Common Stocks (Cost $575,938)		645,312
NUMBER OF RIGHTS
	Rights — 0.0%
		Hong Kong — 0.0%
	60	New World Development Co., Ltd., expiring 12/31/49 (a) (Cost $—)		—
		Total Investments — 99.6% (Cost $575,938)		645,312
		Other Assets in Excess of Liabilities — 0.4%		2,828
		NET ASSETS — 100.0%	$	648,140

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		15.9	%
Semiconductors & Semiconductor Equipment		13.4
Real Estate Management & Development		10.5
Insurance		9.3
Internet Software & Services		6.1
Hotels, Restaurants & Leisure		5.6
Oil, Gas & Consumable Fuels		5.4
Food Products		4.6
Automobiles		3.0
Electronic Equipment, Instruments & Components		2.8
Industrial Conglomerates		2.4
Independent Power Producers & Energy Traders		1.8

INDUSTRY	PERCENTAGE
Multiline Retail		1.6	%
Gas Utilities		1.4
Marine		1.3
Computers & Peripherals		1.3
Communications Equipment		1.3
Diversified Financial Services		1.3
Textiles, Apparel & Luxury Goods		1.3
Wireless Telecommunication Services		1.2
Chemicals		1.2
Energy Equipment & Services		1.2
Diversified Telecommunication Services		1.0
Others (each less than 1.0%)		5.1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 17

JPMorgan India Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 103.6%
		Consumer Discretionary — 10.9%
		Auto Components — 1.9%
	19	Balkrishna Industries Ltd.		88
	1	Bosch Ltd.		98
				186
		Automobiles — 6.8%
	15	Mahindra & Mahindra Ltd.		220
	4	Maruti Suzuki India Ltd.		109
	56	Tata Motors Ltd.		346
				675
		Hotels, Restaurants & Leisure — 0.6%
	66	EIH Ltd.		59
		Media — 1.6%
	22	DB Corp., Ltd.		96
	78	Navneet Education Ltd.		69
				165
		Total Consumer Discretionary		1,085
		Consumer Staples — 7.6%
		Food Products — 0.7%
	109	Balrampur Chini Mills Ltd.		73
		Tobacco — 6.9%
	125	ITC Ltd.		681
		Total Consumer Staples		754
		Energy — 9.2%
		Oil, Gas & Consumable Fuels — 9.2%
	19	Great Eastern Shipping Co., Ltd. (The)		87
	56	Reliance Industries Ltd.		827
		Total Energy		914
		Financials — 30.9%
		Capital Markets — 0.4%
	35	Motilal Oswal Financial Services Ltd.		40
		Commercial Banks — 11.4%
	72	HDFC Bank Ltd.		804
	32	IndusInd Bank Ltd.		230
	10	ING Vysya Bank Ltd.		97
				1,131
		Consumer Finance — 2.3%
	37	Mahindra & Mahindra Financial Services Ltd.		171
	5	Shriram Transport Finance Co., Ltd.		54
				225
		Diversified Financial Services — 4.5%
	121	IDFC Ltd.		208

SHARES		SECURITY DESCRIPTION	VALUE($)
		Diversified Financial Services — Continued
	20	Kotak Mahindra Bank Ltd.		240
				448
		Real Estate Management & Development — 1.6%
	14	Godrej Properties Ltd.		83
	25	Oberoi Realty Ltd.		75
				158
		Thrifts & Mortgage Finance — 10.7%
	55	Gruh Finance Ltd.		205
	62	Housing Development Finance Corp.		861
				1,066
		Total Financials		3,068
		Health Care — 8.4%
		Life Sciences Tools & Services — 1.1%
	7	Divi’s Laboratories Ltd.		110
		Pharmaceuticals — 7.3%
	6	Dr Reddy’s Laboratories Ltd.		222
	6	Lupin Ltd.		96
	41	Sun Pharmaceutical Industries Ltd.		409
				727
		Total Health Care		837
		Industrials — 2.8%
		Air Freight & Logistics — 0.4%
	44	Transport Corp of India Ltd.		37
		Machinery — 0.9%
	172	Ashok Leyland Ltd.		48
	7	Cummins India Ltd.		42
				90
		Marine — 0.6%
	105	Shipping Corp of India Ltd. (a)		59
		Transportation Infrastructure — 0.9%
	111	Gujarat Pipavav Port Ltd. (a)		90
		Total Industrials		276
		Information Technology — 19.3%
		Internet Software & Services — 1.2%
	6	Just Dial Ltd. (a)		124
		IT Services — 18.1%
	14	Infosys Ltd.		766
	3	Infosys Ltd., ADR		183
	18	Tata Consultancy Services Ltd.		602
	31	Wipro Ltd.		243
				1,794
		Total Information Technology		1,918

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Materials — 9.4%
		Chemicals — 2.0%
	42	Godrej Industries Ltd.		200
		Construction Materials — 7.4%
	11	ACC Ltd.		208
	67	Ambuja Cements Ltd.		205
	2	Grasim Industries Ltd.		78
	92	HeidelbergCement India Ltd. (a)		56
	1	Shree Cement Ltd.		88
	3	Ultratech Cement Ltd.		104
				739
		Total Materials		939

SHARES		SECURITY DESCRIPTION	VALUE($)
		Telecommunication Services — 3.5%
		Wireless Telecommunication Services — 3.5%
	37	Bharti Airtel Ltd.		220
	45	Idea Cellular Ltd.		128
		Total Telecommunication Services		348
		Utilities — 1.6%
		Independent Power Producers & Energy Traders — 1.6%
	65	NTPC Ltd.		156
		Total Investments — 103.6% (Cost $10,085)		10,295
		Liabilities in Excess of Other Assets — (3.6)%		(359	)
		NET ASSETS — 100.0%	$	9,936

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 19

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 91.9%
		Austria — 0.5%
	70	Voestalpine AG (m)		3,325
		Bermuda — 0.5%
	2,428	Golden Ocean Group Ltd. (m)		3,659
		Denmark — 3.7%
	1	AP Moeller - Maersk A/S, Class B (m)		6,802
	111	D/S Norden A/S (m)		4,901
	235	GN Store Nord A/S (m)		5,358
	104	Pandora A/S (m)		4,974
	150	Vestas Wind Systems A/S (a) (m)		4,031
				26,066
		France — 16.5%
	1,476	Alcatel-Lucent (a) (m)		5,656
	228	AXA S.A. (m)		5,672
	82	BNP Paribas S.A. (m)		6,080
	66	Cap Gemini S.A. (m)		4,358
	185	Carrefour S.A. (m)		6,766
	145	Cie de St-Gobain (m)		7,626
	503	Credit Agricole S.A. (a) (m)		6,049
	249	Electricite de France S.A. (m)		8,715
	103	European Aeronautic Defence and Space Co. N.V. (m)		7,048
	1,341	Natixis (m)		7,209
	469	Orange S.A. (m)		6,450
	94	Renault S.A. (m)		8,183
	49	Societe Generale S.A. (m)		2,747
	181	Thales S.A. (m)		11,075
	271	Total S.A. (m)		16,614
	57	Valeo S.A. (m)		5,595
				115,843
		Germany — 10.4%
	23	Allianz SE (m)		3,820
	56	Bayerische Motoren Werke AG (m)		6,325
	17	Continental AG (m)		3,099
	75	Daimler AG (m)		6,166
	13	Deutsche Bank AG		637
	263	Deutsche Post AG (m)		8,885
	58	Duerr AG (m)		5,111
	48	Merck KGaA (m)		8,003
	26	Muenchener Rueckversicherungs AG (m)		5,331
	592	Nordex SE (a) (m)		10,380
	207	Osram Licht AG (a) (m)		10,732
	98	ProSiebenSat.1 Media AG (m)		4,636
				73,125

SHARES		SECURITY DESCRIPTION	VALUE($)
		Ireland — 5.6%
	17,842	Bank of Ireland (a) (m)		6,521
	49	DCC plc (m)		2,205
	1,603	Henderson Group plc (m)		5,503
	304	Shire plc (m)		13,463
	501	Smurfit Kappa Group plc (m)		12,118
				39,810
		Italy — 3.0%
	104	Azimut Holding S.p.A. (m)		2,645
	170	Banca Generali S.p.A. (m)		4,434
	253	Eni S.p.A. (m)		6,427
	396	Mediobanca S.p.A. (m)		3,611
	117	Salvatore Ferragamo Italia S.p.A (m)		4,014
				21,131
		Luxembourg — 0.4%
	207	GAGFAH S.A. (a) (m)		2,938
		Netherlands — 4.4%
	427	Aegon N.V. (m)		3,401
	36	ASML Holding N.V. (m)		3,364
	871	ING Groep N.V., CVA (a) (m)		11,072
	2,583	PostNL N.V. (a) (m)		13,497
				31,334
		Norway — 0.3%
	4	Algeta ASA (a) (m)		155
	46	Fred Olsen Energy ASA (m)		1,942
				2,097
		Spain — 1.8%
	235	Gamesa Corp. Tecnologica S.A. (a) (m)		2,266
	133	Grifols S.A. (m)		5,445
	217	Mediaset Espana Comunicacion S.A. (a) (m)		2,654
	75	Repsol S.A. (m)		2,020
				12,385
		Sweden — 3.8%
	38	Intrum Justitia AB (m)		1,006
	201	NCC AB, Class B (m)		6,178
	328	Swedbank AB, Class A (m)		8,548
	1,320	TeliaSonera AB (m)		10,916
				26,648
		Switzerland — 5.3%
	59	Cembra Money Bank AG (a)		3,685
	6	Georg Fischer AG (a) (m)		3,992
	1,313	Glencore Xstrata plc (a) (m)		7,146

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Switzerland — Continued
	82	Novartis AG (m)		6,397
	58	Roche Holding AG (m)		15,975
				37,195
		United Kingdom — 35.7%
	647	Ashtead Group plc (m)		6,799
	623	Aviva plc (m)		4,474
	411	Babcock International Group plc (m)		8,396
	1,358	BAE Systems plc (m)		9,906
	1,054	Barclays plc (m)		4,436
	1,098	Barratt Developments plc (m)		5,889
	98	Berkeley Group Holdings plc (m)		3,656
	293	BHP Billiton plc (m)		9,036
	3,633	BP plc (m)		28,200
	154	British American Tobacco plc (m)		8,520
	2,800	BT Group plc (m)		16,943
	1,106	Countrywide plc (m)		9,896
	559	Crest Nicholson Holdings plc (a) (m)		3,470
	293	Daily Mail & General Trust plc, Class A (m)		3,827
	153	Diageo plc (m)		4,883
	338	easyJet plc (m)		7,079
	870	Foxtons Group plc (a) (m)		4,444
	1,346	GKN plc (m)		7,931
	214	GlaxoSmithKline plc (m)		5,651
	498	International Consolidated Airlines Group S.A. (a) (m)		2,772
	3,808	ITV plc (m)		11,642
	820	Jupiter Fund Management plc (m)		5,245
	1,275	Legal & General Group plc (m)		4,418
	7,883	Lloyds Banking Group plc (a) (m)		9,749
	341	Mondi plc (m)		6,086
	163	Next plc (m)		14,267
	150	Persimmon plc (a) (m)		3,031
	221	Prudential plc (m)		4,518
	93	Reckitt Benckiser Group plc (m)		7,259
	513	Sports Direct International plc (a) (m)		5,766
	3,213	Taylor Wimpey plc (m)		5,668
	1,075	TUI Travel plc (m)		6,628
	3,008	Vodafone Group plc (m)		11,016
				251,501
		Total Common Stocks (Cost $583,875)		647,057
	Preferred Stock — 0.0% (g)
		United Kingdom — 0.0% (g)
	6,178	Rolls-Royce Holdings plc (a) (m) (Cost $—)		10

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 14.0%
		Investment Company — 14.0%
	98,365	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $98,365)		98,365
		Total Investments — 105.9% (Cost $682,240)		745,432
		Liabilities in Excess of Other Assets — (5.9)%		(41,542	)
		NET ASSETS — 100.0%	$	703,890

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Oil, Gas & Consumable Fuels		7.1	%
Commercial Banks		6.9
Pharmaceuticals		6.6
Diversified Telecommunication Services		4.6
Insurance		4.2
Aerospace & Defense		3.8
Electrical Equipment		3.7
Media		3.1
Air Freight & Logistics		3.0
Capital Markets		3.0
Household Durables		2.9
Automobiles		2.8
Metals & Mining		2.6
Real Estate Management & Development		2.3
Auto Components		2.2
Marine		2.1
Diversified Financial Services		2.0
Multiline Retail		1.9
Containers & Packaging		1.6
Wireless Telecommunication Services		1.5
Airlines		1.3
Commercial Services & Supplies		1.3
Machinery		1.2
Textiles, Apparel & Luxury Goods		1.2
Electric Utilities		1.2
Tobacco		1.1
Building Products		1.0
Household Products		1.0
Others (each less than 1.0%)		9.6
Short-Term Investment		13.2

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 21

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	279	Euro STOXX 50 Index		12/20/13	$	11,588	$	60
	54	FTSE 100 Index		12/20/13		5,808		(29	)
							$	31

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 87.0%
		Bermuda — 0.5%
	52	Wilson Sons Ltd., BDR (m)		647
		Brazil — 48.9%
	343	Anhanguera Educacional Participacoes S.A. (m)		2,054
	131	Arezzo Industria e Comercio S.A. (m)		1,955
	469	Banco Bradesco S.A., ADR (m)		6,766
	238	BB Seguridade Participacoes S.A. (m)		2,600
	571	BM&FBovespa S.A. (m)		3,218
	69	BRF S.A. (m)		1,630
	32	BRF S.A., ADR (m)		751
	110	Cia de Bebidas das Americas (Preference Shares), ADR (m)		4,091
	332	Cia Energetica de Minas Gerais, ADR (m)		2,975
	25	Cielo S.A. (m)		747
	275	Duratex S.A. (m)		1,715
	340	Embraer S.A. (m)		2,481
	148	Ez Tec Empreendimentos e Participacoes S.A. (m)		2,183
	157	Iochpe-Maxion S.A. (m)		1,914
	688	Itau Unibanco Holding S.A. (Preference Shares), ADR (m)		10,597
	76	Linx S.A. (m)		1,374
	150	Localiza Rent a Car S.A. (m)		2,443
	83	Lojas Renner S.A. (m)		2,492
	202	LPS Brasil Consultoria de Imoveis S.A. (m)		1,417
	37	M. Dias Branco S.A. (m)		1,735
	111	Mills Estruturas e Servicos de Engenharia S.A. (m)		1,540
	29	Multiplan Empreendimentos Imobiliarios S.A. (m)		678
	48	Multiplus S.A. (m)		598
	345	Odontoprev S.A. (m)		1,426
	118	Souza Cruz S.A. (m)		1,282
	252	Tim Participacoes S.A. (m)		1,285
	67	Ultrapar Participacoes S.A. (m)		1,789
	112	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A. (m)		1,728
	163	WEG S.A. (m)		2,120
				67,584
		Chile — 2.7%
	4,939	CFR Pharmaceuticals S.A. (m)		1,254
	253	S.A.C.I. Falabella (m)		2,519
				3,773
		Colombia — 1.2%
	83	Pacific Rubiales Energy Corp. (m)		1,719
		Luxembourg — 1.6%
	48	Tenaris S.A., ADR (m)		2,268

SHARES		SECURITY DESCRIPTION	VALUE($)
		Mexico — 22.1%
	1,132	Alfa S.A.B. de C.V., Class A (m)		3,104
	110	America Movil S.A.B. de C.V., Series L, , ADR (m)		2,345
	243	Cemex S.A.B. de C.V., ADR (a) (m)		2,568
	1,663	Compartamos S.A.B. de C.V. (m)		3,239
	311	Concentradora Fibra Hotelera Mexicana S.A. de C.V. (m)		474
	416	Fibra Uno Administracion S.A. de C.V. (m)		1,293
	51	Fomento Economico Mexicano S.A.B. de C.V., ADR (m)		4,774
	130	Grupo Aeroportuario del Pacifico S.A.B de C.V., Class B (m)		675
	16	Grupo Aeroportuario del Sureste S.A.B de C.V., ADR (m)		1,936
	497	Grupo Financiero Banorte S.A.B. de C.V., Class O (m)		3,171
	417	Infraestructura Energetica Nova S.A.B. de C.V. (m)		1,646
	824	Mexichem S.A.B. de C.V. (m)		3,442
	181	Promotora y Operadora de Infraestructura S.A.B. de C.V. (a) (m)		1,836
				30,503
		Panama — 2.9%
	27	Copa Holdings S.A., Class A (m)		4,003
		Peru — 4.0%
	26	Credicorp Ltd. (m)		3,520
	34	Grana y Montero S.A., ADR (a) (m)		741
	40	Intercorp Financial Services, Inc. (m)		1,324
				5,585
		United Kingdom — 0.8%
	78	Antofagasta plc (m)		1,062
		United States — 2.3%
	53	First Cash Financial Services, Inc. (a) (m)		3,188
		Total Common Stocks (Cost $110,870)		120,332
	Preferred Stocks — 10.4%
		Brazil — 10.4%
	233	Alpargatas S.A. (m)		1,613
	319	Banco do Estado do Rio Grande do Sul S.A., Class B (m)		2,302
	50	Cia Brasileira de Distribuicao Grupo Pao de Acucar (m)		2,482
	220	Gerdau S.A. (m)		1,737
	470	Itausa - Investimentos Itau S.A. (m)		2,026
	605	Marcopolo S.A. (m)		1,561
	180	Vale S.A. (m)		2,633
		Total Preferred Stocks (Cost $14,367)		14,354

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 23

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.0%
		Investment Company — 3.0%
	4,120	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $4,120)		4,120
		Total Investments — 100.4% (Cost $129,357)		138,806
		Liabilities in Excess of Other Assets — (0.4)%		(492	)
		NET ASSETS — 100.0%	$	138,314

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Commercial Banks		20.4	%
Beverages		6.4
Consumer Finance		4.6
Machinery		4.0
Metals & Mining		3.9
Multiline Retail		3.6
Diversified Financial Services		3.3
Food Products		3.0
Airlines		2.9
Wireless Telecommunication Services		2.6
Textiles, Apparel & Luxury Goods		2.6
Oil, Gas & Consumable Fuels		2.5
Chemicals		2.5
Transportation Infrastructure		2.3
Industrial Conglomerates		2.2
Electric Utilities		2.1
Insurance		1.9
Construction & Engineering		1.9
Construction Materials		1.9
Food & Staples Retailing		1.8
Aerospace & Defense		1.8
Road & Rail		1.8
Commercial Services & Supplies		1.7
Energy Equipment & Services		1.6
Household Durables		1.6
Real Estate Management & Development		1.5
Diversified Consumer Services		1.5
Real Estate Investment Trusts (REITs)		1.3
Paper & Forest Products		1.2
Gas Utilities		1.2
Trading Companies & Distributors		1.1
Health Care Providers & Services		1.0
Software		1.0
Others (each less than 1.0%)		2.3
Short-Term Investment		3.0

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

J.P. Morgan Country/Region Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

ADR	—  American Depositary Receipt
BDR	—  Brazilian Depositary Receipt
CDI	—  Class Depositary Interest
CVA	—  Dutch Certification
NVDR	—  Non Voting Depositary Receipt
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than 1,000 (shares or dollars).
(l)	—  The rate shown is the current yield as of October 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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

Fund	Value		Percentage
Asia Pacific Fund	$	5,093		94.0	%
China Region Fund		611,049		94.7
India Fund		10,111		98.2
Intrepid European Fund		647,057		86.8
Latin America Fund		1,062		0.8

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

(Amounts in thousands, except per share amounts)

	Asia Pacific Fund			China Region Fund			India Fund
ASSETS:
Investments in non-affiliates, at value	$	5,420		$	645,312		$	10,295
Cash		334			3,703			—
Foreign currency, at value		64			705			—
Receivables:
Investment securities sold		70			1,457			—
Fund shares sold		—			452			3
Dividends from non-affiliates		2			91			2
Due from Advisor		9			—			4
Total Assets		5,899			651,720			10,304
LIABILITIES:
Payables:
Due to custodian		—			—			94
Investment securities purchased		64			2,337			—
Fund shares redeemed		—			242			148
Accrued liabilities:
Investment advisory fees		—			682			—
Administration fees		—			46			—
Shareholder servicing fees		—			52			—
Distribution fees		—	(a)		2			2
Custodian and accounting fees		30			148			27
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)
Professional fees		48			47			84
Other		6			24			13
Total Liabilities		148			3,580			368
Net Assets	$	5,751		$	648,140		$	9,936

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

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

	Asia Pacific Fund			China Region Fund			India Fund
NET ASSETS:
Paid-in-Capital	$	4,904		$	603,635		$	32,486
Accumulated undistributed (distributions in excess of) net investment income		58			3,331			(41	)
Accumulated net realized gains (losses)		(165	)		(28,201	)		(22,719	)
Net unrealized appreciation (depreciation)		954			69,375			210
Total Net Assets	$	5,751		$	648,140		$	9,936
Net Assets:
Class A	$	792		$	6,079		$	5,278
Class C		315			1,550			1,786
Select Class		4,644			640,511			2,872
Total	$	5,751		$	648,140		$	9,936
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		43			295			399
Class C		17			77			139
Select Class		249			30,867			214
Net Asset Value: (a)
Class A — Redemption price per share	$	18.54		$	20.62		$	13.22
Class C — Offering price per share (b)		18.47			20.18			12.80
Select Class — Offering and redemption price per share		18.61			20.75			13.43
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)]	$	19.57		$	21.76		$	13.95
Cost of investments in non-affiliates	$	4,466		$	575,938		$	10,085
Cost of foreign currency		65			705			—

(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.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except per share amounts)

	Intrepid European Fund		Latin America Fund
ASSETS:
Investments in non-affiliates, at value	$	647,067	$	134,686
Investments in affiliates, at value		98,365		4,120
Total investment securities, at value		745,432		138,806
Cash		168		266
Foreign currency, at value		3,119		74
Deposits at broker for futures contracts		1,071		—
Receivables:
Investment securities sold		32,368		1,238
Fund shares sold		49,145		141
Dividends from non-affiliates		212		186
Dividends from affiliates		1		—	(a)
Tax reclaims		215		—
Variation margin on futures contracts		38		—
Total Assets		831,769		140,711
LIABILITIES:
Payables:
Investment securities purchased		126,892		2,107
Fund shares redeemed		263		27
Accrued liabilities:
Investment advisory fees		275		113
Administration fees		36		7
Shareholder servicing fees		87		—
Distribution fees		32		8
Custodian and accounting fees		56		50
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)
Professional fees		57		48
Other		181		37
Total Liabilities		127,879		2,397
Net Assets	$	703,890	$	138,314

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

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

	Intrepid European Fund			Latin America Fund
NET ASSETS:
Paid-in-Capital	$	838,947		$	147,969
Accumulated undistributed (distributions in excess of) net investment income		1,490			576
Accumulated net realized gains (losses)		(199,700	)		(19,678	)
Net unrealized appreciation (depreciation)		63,153			9,447
Total Net Assets	$	703,890		$	138,314
Net Assets:
Class A	$	98,202		$	24,688
Class B		5,302			—
Class C		21,663			4,292
Institutional Class		249,744			—
Select Class		328,979			109,334
Total	$	703,890		$	138,314
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		3,961			1,337
Class B		236			—
Class C		971			237
Institutional Class		9,811			—
Select Class		13,065			5,868
Net Asset Value: (a)
Class A — Redemption price per share	$	24.79		$	18.47
Class B — Offering price per share (b)		22.48			—
Class C — Offering price per share (b)		22.32			18.12
Institutional Class — Offering and redemption price per share		25.46			—
Select Class — Offering and redemption price per share		25.18			18.63
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)]	$	26.16		$	19.49
Cost of investments in non-affiliates	$	583,875		$	125,237
Cost of investments in affiliates		98,365			4,120
Cost of foreign currency		3,119			74

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 29

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013

(Amounts in thousands)

	Asia Pacific Fund			China Region Fund			India Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	142		$	9,446		$	146
Foreign taxes withheld		(9	)		(954	)		—
Total investment income		133			8,492			146
EXPENSES:
Investment advisory fees		42			3,903			156
Administration fees		4			263			11
Distribution fees:
Class A		2			12			15
Class C		2			12			19
Shareholder servicing fees:
Class A		2			12			15
Class C		1			4			6
Select Class		9			765			10
Custodian and accounting fees		108			571			100
Interest expense to affiliates		—			2			1
Professional fees		75			80			115
Trustees’ and Chief Compliance Officer’s fees		—	(a)		2			—	(a)
Printing and mailing costs		7			20			5
Registration and filing fees		41			39			30
Transfer agent fees		6			35			24
Offering costs		2			—			—
Other		6			7			5
Total expenses		307			5,727			512
Less amounts waived		(57	)		(704	)		(198	)
Less expense reimbursements		(186	)		(2	)		(79	)
Net expenses		64			5,021			235
Net investment income (loss)		69			3,471			(89	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(61	)		(14,244	)		141
Foreign currency transactions		(9	)		(143	)		(15	)
Net realized gain (loss)		(70	)		(14,387	)		126
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		643			67,355			(261	)
Foreign currency translations		—	(a)		1			—	(a)
Change in net unrealized appreciation/depreciation		643			67,356			(261	)
Net realized/unrealized gains (losses)		573			52,969			(135	)
Change in net assets resulting from operations	$	642		$	56,440		$	(224	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

	Intrepid European Fund			Latin America Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	5,063		$	2,582
Dividend income from affiliates		3			2
Foreign taxes withheld		(285	)		(27	)
Total investment income		4,781			2,557
EXPENSES:
Investment advisory fees		1,287			1,143
Administration fees		167			96
Distribution fees:
Class A		199			65
Class B		38			—
Class C		83			32
Shareholder servicing fees:
Class A		199			65
Class B		13			—
Class C		28			11
Institutional Class		39			—
Select Class		157			210
Custodian and accounting fees		198			162
Interest expense to affiliates		3			2
Professional fees		121			74
Trustees’ and Chief Compliance Officer’s fees		1			1
Printing and mailing costs		66			24
Registration and filing fees		66			40
Transfer agent fees		398			74
Other		8			7
Total expenses		3,071			2,006
Less amounts waived		(455	)		(255	)
Less expense reimbursements		(1	)		—
Net expenses		2,615			1,751
Net investment income (loss)		2,166			806
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		22,691			(4,730	)
Futures		774			—
Foreign currency transactions		(502	)		(47	)
Net realized gain (loss)		22,963			(4,777	)
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		47,232			1,421
Futures		65			—
Foreign currency translations		(103	)		(2	)
Change in net unrealized appreciation/depreciation		47,194			1,419
Net realized/unrealized gains (losses)		70,157			(3,358	)
Change in net assets resulting from operations	$	72,323		$	(2,552	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 31

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Asia Pacific Fund						China Region Fund
	Year Ended 10/31/2013			Period Ended 10/31/2012 (a)			Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	69		$	34		$	3,471		$	46
Net realized gain (loss)		(70	)		(89	)		(14,387	)		(161	)
Change in net unrealized appreciation/depreciation		643			311			67,356			651
Change in net assets resulting from operations		642			256			56,440			536
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(4	)		—			—			(27	)
Class C
From net investment income		—	(b)		—			—			(1	)
Select Class
From net investment income		(47	)		—			(48	)		(42	)
Total distributions to shareholders		(51	)		—			(48	)		(70	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,695			3,209			582,686			(1,238	)
NET ASSETS:
Change in net assets		2,286			3,465			639,078			(772	)
Beginning of period		3,465			—			9,062			9,834
End of period	$	5,751		$	3,465		$	648,140		$	9,062
Accumulated undistributed (distributions in excess of) net investment income	$	58		$	37		$	3,331		$	47

(a) Commencement of operations was November 30, 2011.

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

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

	India Fund						Intrepid European Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(89	)	$	(117	)	$	2,166		$	1,960
Net realized gain (loss)		126			(1,464	)		22,963			(1,882	)
Change in net unrealized appreciation/depreciation		(261	)		624			47,194			13,487
Change in net assets resulting from operations		(224	)		(957	)		72,323			13,565
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(1,247	)		(1,865	)
Class B
From net investment income		—			—			(38	)		(179	)
Class C
From net investment income		—			—			(72	)		(323	)
Institutional Class
From net investment income		—			—			(264	)		(438	)
Select Class
From net investment income		—			—			(238	)		(566	)
Total distributions to shareholders		—			—			(1,859	)		(3,371	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(5,549	)		(1,048	)		492,966			21,433
NET ASSETS:
Change in net assets		(5,773	)		(2,005	)		563,430			31,627
Beginning of period		15,709			17,714			140,460			108,833
End of period	$	9,936		$	15,709		$	703,890		$	140,460
Accumulated undistributed (distributions in excess of) net investment income	$	(41	)	$	(65	)	$	1,490		$	1,685

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 33

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Latin America Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	806		$	488
Net realized gain (loss)		(4,777	)		(7,537	)
Change in net unrealized appreciation/depreciation		1,419			6,535
Change in net assets resulting from operations		(2,552	)		(514	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(38	)		(19	)
Class C
From net investment income		(8	)		(6	)
Select Class
From net investment income		(196	)		(115	)
Total distributions to shareholders		(242	)		(140	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		59,761			7,766
NET ASSETS:
Change in net assets		56,967			7,112
Beginning of period		81,347			74,235
End of period	$	138,314		$	81,347
Accumulated undistributed (distributions in excess of) net investment income	$	576		$	59

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

	Asia Pacific Fund					China Region Fund
	Year Ended 10/31/2013			Period Ended 10/31/2012 (a)		Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	690		$	222	$	6,693		$	789
Distributions reinvested		4			—		—			28
Cost of shares redeemed		(196	)		—		(4,390	)		(1,433	)
Change in net assets resulting from Class A capital transactions	$	498		$	222	$	2,303		$	(616	)
Class C
Proceeds from shares issued	$	539		$	52	$	544		$	155
Distributions reinvested		—	(b)		—		—			1
Cost of shares redeemed		(317	)		—		(644	)		(661	)
Change in net assets resulting from Class C capital transactions	$	222		$	52	$	(100	)	$	(505	)
Select Class
Proceeds from shares issued	$	961		$	2,935	$	624,834		$	3,122
Distributions reinvested		47			—		1			5
Cost of shares redeemed		(33	)		—		(44,352	)		(3,244	)
Change in net assets resulting from Select Class capital transactions	$	975		$	2,935	$	580,483		$	(117	)
Total change in net assets resulting from capital transactions	$	1,695		$	3,209	$	582,686		$	(1,238	)
SHARE TRANSACTIONS:
Class A
Issued		40			14		346			46
Reinvested		—	(b)		—		—			2
Redeemed		(11	)		—		(228	)		(87	)
Change in Class A Shares		29			14		118			(39	)
Class C
Issued		31			4		28			10
Reinvested		—	(b)		—		—			—	(b)
Redeemed		(18	)		—		(34	)		(42	)
Change in Class C Shares		13			4		(6	)		(32	)
Select Class
Issued		53			195		32,904			180
Reinvested		3			—		—	(b)		—	(b)
Redeemed		(2	)		—		(2,288	)		(190	)
Change in Select Class Shares		54			195		30,616			(10	)

(a) Commencement of operations was November 30, 2011.

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 35

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	India Fund						Intrepid European Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,865		$	2,253		$	51,452		$	43,680
Distributions reinvested		—			—			1,216			1,778
Cost of shares redeemed		(5,157	)		(4,507	)		(74,268	)		(19,971	)
Change in net assets resulting from Class A capital transactions	$	(1,292	)	$	(2,254	)	$	(21,600	)	$	25,487
Class B
Proceeds from shares issued	$	—		$	—		$	66		$	25
Distributions reinvested		—			—			36			166
Cost of shares redeemed		—			—			(1,508	)		(1,927	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	(1,406	)	$	(1,736	)
Class C
Proceeds from shares issued	$	495		$	259		$	11,148		$	653
Distributions reinvested		—			—			57			253
Cost of shares redeemed		(1,720	)		(1,579	)		(2,196	)		(3,881	)
Change in net assets resulting from Class C capital transactions	$	(1,225	)	$	(1,320	)	$	9,009		$	(2,975	)
Institutional Class
Proceeds from shares issued	$	—		$	—		$	229,599		$	3,943
Distributions reinvested		—			—			240			375
Cost of shares redeemed		—			—			(12,421	)		(941	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	217,418		$	3,377
Select Class
Proceeds from shares issued	$	1,102		$	4,654		$	322,638		$	3,176
Distributions reinvested		—			—			62			173
Cost of shares redeemed		(4,134	)		(2,128	)		(33,155	)		(6,069	)
Change in net assets resulting from Select Class capital transactions	$	(3,032	)	$	2,526		$	289,545		$	(2,720	)
Total change in net assets resulting from capital transactions	$	(5,549	)	$	(1,048	)	$	492,966		$	21,433

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

	India Fund						Intrepid European Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
SHARE TRANSACTIONS:
Class A
Issued		338			165			2,290			2,788
Reinvested		—			—			64			116
Redeemed		(403	)		(338	)		(3,694	)		(1,202	)
Change in Class A Shares		(65	)		(173	)		(1,340	)		1,702
Class B
Issued		—			—			3			2
Reinvested		—			—			2			12
Redeemed		—			—			(80	)		(129	)
Change in Class B Shares		—			—			(75	)		(115	)
Class C
Issued		38			20			528			43
Reinvested		—			—			3			18
Redeemed		(134	)		(122	)		(116	)		(262	)
Change in Class C Shares		(96	)		(102	)		415			(201	)
Institutional Class
Issued		—			—			9,525			227
Reinvested		—			—			13			24
Redeemed		—			—			(607	)		(55	)
Change in Institutional Class Shares		—			—			8,931			196
Select Class
Issued		78			330			13,658			186
Reinvested		—			—			3			11
Redeemed		(292	)		(161	)		(1,448	)		(368	)
Change in Select Class Shares		(214	)		169			12,213			(171	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Latin America Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	28,897		$	12,947
Distributions reinvested		36			16
Cost of shares redeemed		(20,835	)		(6,166	)
Change in net assets resulting from Class A capital transactions	$	8,098		$	6,797
Class C
Proceeds from shares issued	$	2,598		$	1,452
Distributions reinvested		6			5
Cost of shares redeemed		(1,565	)		(1,467	)
Change in net assets resulting from Class C capital transactions	$	1,039		$	(10	)
Select Class
Proceeds from shares issued	$	72,189		$	25,435
Distributions reinvested		16			5
Cost of shares redeemed		(21,581	)		(24,461	)
Change in net assets resulting from Select Class capital transactions	$	50,624		$	979
Total change in net assets resulting from capital transactions	$	59,761		$	7,766
SHARE TRANSACTIONS:
Class A
Issued		1,481			688
Reinvested		2			1
Redeemed		(1,094	)		(339	)
Change in Class A Shares		389			350
Class C
Issued		137			78
Reinvested		—	(a)		—	(a)
Redeemed		(85	)		(81	)
Change in Class C Shares		52			(3	)
Select Class
Issued		3,760			1,404
Reinvested		1			—	(a)
Redeemed		(1,146	)		(1,282	)
Change in Select Class Shares		2,615			122

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

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 39

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
Asia Pacific Fund
Class A
Year Ended October 31, 2013	$	16.22	$	0.24	$	2.30		$	2.54	$	(0.22	)
November 30, 2011 (g) through October 31, 2012		15.00		0.13		1.09	(h)		1.22		—
Class C
Year Ended October 31, 2013		16.15		0.16		2.28			2.44		(0.12	)
November 30, 2011 (g) through October 31, 2012		15.00		0.05		1.10	(h)		1.15		—
Select Class
Year Ended October 31, 2013		16.26		0.25		2.34			2.59		(0.24	)
November 30, 2011 (g) through October 31, 2012		15.00		0.16		1.10	(h)		1.26		—

(a) Annualized for periods less than one year

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

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

(d) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e) Certain non-recurring expenses incurred by the Fund were not annualized for the periods ended October 31, 2013 and October 31, 2012.

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

(g) Commencement of operations.

(h) An affiliate of JPMorgan made a payment to the Fund for losses incurred from an operational error. Without this payment, the net realized and unrealized gains (losses) on investments per share would have been $1.08, $1.08 and $1.08 for Class A, Class C and Select Class Shares, respectively, and the total return would have been 8.07%, 7.53% and 8.27% for Class A, Class C and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

		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)(e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(f)
$	18.54		15.79	%	$	792		1.55	%		1.44	%		6.50	%		89	%
	16.22		8.13	(h)		233		1.62			1.81			13.29			215
	18.47		15.20			315		2.05			0.71			7.07			89
	16.15		7.67	(h)		55		2.21			0.38			11.03			215
	18.61		16.06			4,644		1.30			1.55			6.59			89
	16.26		8.40	(h)		3,177		1.46			1.13			10.30			215

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 41

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
China Region Fund
Class A
Year Ended October 31, 2013	$	17.73	$	0.08	(d)	$	2.81		$	2.89		$	—		$	—
Year Ended October 31, 2012		16.64		0.10	(d)		1.13			1.23			(0.14	)		—
Year Ended October 31, 2011		19.73		0.12	(d)		(3.18	)		(3.06	)		(0.03	)		—	(e)
Year Ended October 31, 2010		16.68		0.04	(d)		3.07			3.11			(0.07	)		0.01
Year Ended October 31, 2009		10.46		0.10	(d)		6.12			6.22			—			—	(e)
Class C
Year Ended October 31, 2013		17.43		0.01	(d)		2.74			2.75			—			—
Year Ended October 31, 2012		16.31		—	(d)(e)		1.13			1.13			(0.01	)		—
Year Ended October 31, 2011		19.41		0.01	(d)		(3.11	)		(3.10	)		—			—	(e)
Year Ended October 31, 2010		16.48		(0.07	)(d)		3.04			2.97			(0.05	)		0.01
Year Ended October 31, 2009		10.38		0.04	(d)		6.06			6.10			—			—	(e)
Select Class
Year Ended October 31, 2013		17.84		0.22	(d)		2.74			2.96			(0.05	)		—
Year Ended October 31, 2012		16.75		0.12	(d)		1.15			1.27			(0.18	)		—
Year Ended October 31, 2011		19.87		0.15	(d)		(3.19	)		(3.04	)		(0.08	)		—	(e)
Year Ended October 31, 2010		16.78		0.10	(d)		3.08			3.18			(0.10	)		0.01
Year Ended October 31, 2009		10.50		0.13	(d)		6.15			6.28			—			—	(e)

(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 interest expense, if applicable, which is less than 0.01% unless otherwise noted.

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (c)
$	20.62		16.30	%	$	6,079		1.85	%		0.44	%		2.29	%		72	%
	17.73		7.51			3,138		1.98			0.61			5.40			85
	16.64		(15.52	)		3,590		2.00			0.59			3.55			83
	19.73		18.76			4,479		2.00			0.22			3.89			79
	16.68		59.46			4,951		2.00			0.78			5.31			102
	20.18		15.78			1,550		2.35			0.03			2.82			72
	17.43		6.97			1,441		2.48			(0.01	)		5.89			85
	16.31		(15.97	)		1,875		2.50			0.06			4.05			83
	19.41		18.16			2,293		2.50			(0.39	)		4.36			79
	16.48		58.77			3,078		2.50			0.32			5.51			102
	20.75		16.62			640,511		1.60			1.13			1.82			72
	17.84		7.78			4,483		1.73			0.70			5.15			85
	16.75		(15.35	)		4,369		1.75			0.76			3.32			83
	19.87		19.08			6,984		1.75			0.55			3.65			79
	16.78		59.81			6,877		1.75			1.00			4.93			102

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 43

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Redemption fees
India Fund
Class A
Year Ended October 31, 2013	$	13.94	$	(0.09	)(d)	$	(0.63	)	$	(0.72	)	$	—
Year Ended October 31, 2012		14.42		(0.09	)(d)		(0.39	)		(0.48	)		—
Year Ended October 31, 2011		17.82		(0.12	)(d)		(3.29	)		(3.41	)		0.01
Year Ended October 31, 2010		12.42		(0.11	)(d)		5.50			5.39			0.01
Year Ended October 31, 2009		7.90		(0.07	)(d)		4.59			4.52			—	(f)
Class C
Year Ended October 31, 2013		13.57		(0.15	)(d)		(0.62	)		(0.77	)		—
Year Ended October 31, 2012		14.11		(0.16	)(d)		(0.38	)		(0.54	)		—
Year Ended October 31, 2011		17.52		(0.20	)(d)		(3.22	)		(3.42	)		0.01
Year Ended October 31, 2010		12.27		(0.18	)(d)		5.42			5.24			0.01
Year Ended October 31, 2009		7.84		(0.12	)(d)		4.55			4.43			—	(f)
Select Class
Year Ended October 31, 2013		14.13		(0.07	)(d)		(0.63	)		(0.70	)		—
Year Ended October 31, 2012		14.58		(0.05	)(d)		(0.40	)		(0.45	)		—
Year Ended October 31, 2011		17.97		(0.06	)(d)		(3.34	)		(3.40	)		0.01
Year Ended October 31, 2010		12.49		(0.08	)(d)		5.55			5.47			0.01
Year Ended October 31, 2009		7.93		(0.05	)(d)		4.61			4.56			—	(f)

(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 interest expense, if applicable, which is less than 0.01% unless otherwise noted.

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

(d) Calculated based upon average shares outstanding.

(e) Includes interest expense of 0.01%.

(f) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (c)
$	13.22		(5.17	)%	$	5,278		1.86	%(e)		(0.64	)%		4.10	%		30	%
	13.94		(3.33	)		6,473		1.98			(0.75	)		4.14			45
	14.42		(19.08	)		9,187		2.00			(0.78	)		2.96			41
	17.82		43.48			13,882		2.00			(0.71	)		3.59			45
	12.42		57.22			6,613		2.00			(0.72	)		4.17			45
	12.80		(5.67	)		1,786		2.36	(e)		(1.16	)		4.55			30
	13.57		(3.83	)		3,192		2.48			(1.23	)		4.64			45
	14.11		(19.46	)		4,749		2.50			(1.27	)		3.46			41
	17.52		42.79			7,200		2.50			(1.24	)		4.07			45
	12.27		56.51			3,740		2.50			(1.23	)		4.59			45
	13.43		(4.95	)		2,872		1.61	(e)		(0.52	)		3.79			30
	14.13		(3.09	)		6,044		1.72			(0.41	)		3.91			45
	14.58		(18.86	)		3,778		1.75			(0.39	)		2.72			41
	17.97		43.88			4,231		1.75			(0.51	)		3.33			45
	12.49		57.50			3,046		1.75			(0.51	)		4.00			45

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 45

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Intrepid European Fund
Class A
Year Ended October 31, 2013	$	17.89	$	0.27	(d)	$	6.87		$	7.14		$	(0.24	)	$	—
Year Ended October 31, 2012		16.98		0.26	(d)(e)		1.19			1.45			(0.54	)		—
Year Ended October 31, 2011		18.28		0.27	(d)		(1.28	)		(1.01	)		(0.29	)		—	(f)
Year Ended October 31, 2010		17.03		0.18	(d)		1.43			1.61			(0.36	)		—	(f)
Year Ended October 31, 2009		15.20		0.33	(d)		2.49			2.82			(0.99	)		—	(f)
Class B
Year Ended October 31, 2013		16.23		0.20	(d)		6.18			6.38			(0.13	)		—
Year Ended October 31, 2012		15.43		0.22	(d)(e)		1.02			1.24			(0.44	)		—
Year Ended October 31, 2011		16.63		0.16	(d)		(1.16	)		(1.00	)		(0.20	)		—	(f)
Year Ended October 31, 2010		15.54		0.09	(d)		1.29			1.38			(0.29	)		—	(f)
Year Ended October 31, 2009		13.92		0.23	(d)		2.27			2.50			(0.88	)		—	(f)
Class C
Year Ended October 31, 2013		16.11		0.18	(d)		6.16			6.34			(0.13	)		—
Year Ended October 31, 2012		15.33		0.22	(d)(e)		1.01			1.23			(0.45	)		—
Year Ended October 31, 2011		16.53		0.16	(d)		(1.16	)		(1.00	)		(0.20	)		—	(f)
Year Ended October 31, 2010		15.43		0.09	(d)		1.30			1.39			(0.29	)		—	(f)
Year Ended October 31, 2009		13.81		0.24	(d)		2.24			2.48			(0.86	)		—	(f)
Institutional Class
Year Ended October 31, 2013		18.35		0.22	(d)		7.20			7.42			(0.31	)		—
Year Ended October 31, 2012		17.42		0.40	(d)(e)		1.17			1.57			(0.64	)		—
Year Ended October 31, 2011		18.75		0.37	(d)		(1.32	)		(0.95	)		(0.38	)		—	(f)
Year Ended October 31, 2010		17.46		0.27	(d)		1.46			1.73			(0.44	)		—	(f)
Year Ended October 31, 2009		15.63		0.42	(d)		2.53			2.95			(1.12	)		—	(f)
Select Class
Year Ended October 31, 2013		18.15		0.22	(d)		7.07			7.29			(0.26	)		—
Year Ended October 31, 2012		17.24		0.38	(d)(e)		1.12			1.50			(0.59	)		—
Year Ended October 31, 2011		18.54		0.32	(d)		(1.30	)		(0.98	)		(0.32	)		—	(f)
Year Ended October 31, 2010		17.26		0.23	(d)		1.45			1.68			(0.40	)		—	(f)
Year Ended October 31, 2009		15.39		0.37	(d)		2.51			2.88			(1.01	)		—	(f)

(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 interest expense, if applicable, which is less than 0.01% unless otherwise noted.

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

(d) Calculated based upon average shares outstanding.

(e) 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 $0.24, $0.21, $0.21, $0.39 and $0.37 for Class A, Class B, Class C, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 1.44%, 1.37%, 1.39%, 2.28% and 2.20% for Class A, Class B, Class C, Institutional Class and Select Class Shares, respectively.

(f) Amount rounds to less than $0.01.

(g) Includes interest expense of 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (c)
$	24.79		40.30	%	$	98,202		1.47	%		1.30	%		1.76	%		253	%
	17.89		9.04			94,840		1.50			1.54	(e)		1.74			297
	16.98		(5.67	)		61,113		1.49			1.45			1.66			360
	18.28		9.58			88,859		1.49			1.05			1.66			381
	17.03		20.26			116,135		1.51			2.29			1.78			433
	22.48		39.54			5,302		1.97			1.04			2.29			253
	16.23		8.53			5,047		2.00			1.47	(e)		2.26			297
	15.43		(6.12	)		6,573		1.99			0.93			2.16			360
	16.63		8.98			9,917		1.99			0.57			2.16			381
	15.54		19.59			13,262		2.01			1.77			2.28			433
	22.32		39.62			21,663		1.95			0.94			2.27			253
	16.11		8.47			8,953		2.00			1.48	(e)		2.26			297
	15.33		(6.13	)		11,605		1.99			0.93			2.16			360
	16.53		9.10			17,873		1.99			0.56			2.16			381
	15.43		19.60			23,291		2.01			1.81			2.28			433
	25.46		40.95			249,744		0.98			0.96			1.18			253
	18.35		9.63			16,151		1.00			2.37	(e)		1.35			297
	17.42		(5.20	)		11,913		1.00			1.96			1.25			360
	18.75		10.10			13,271		1.00			1.57			1.27			381
	17.46		20.80			34,082		1.01	(g)		2.88			1.39			433
	25.18		40.63			328,979		1.18			0.94			1.33			253
	18.15		9.27			15,469		1.25			2.29	(e)		1.51			297
	17.24		(5.43	)		17,629		1.23			1.71			1.40			360
	18.54		9.90			22,794		1.25			1.38			1.42			381
	17.26		20.50			36,409		1.26			2.54			1.53			433

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION 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)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Latin America Fund
Class A
Year Ended October 31, 2013	$	18.46	$	0.10	(d)	$	(0.05	)	$	0.05		$	(0.04	)	$	—
Year Ended October 31, 2012		18.88		0.10	(d)		(0.49	)		(0.39	)		(0.03	)		—
Year Ended October 31, 2011		21.43		0.14	(d)		(2.71	)		(2.57	)		—			0.02
Year Ended October 31, 2010		16.05		(0.02	)(d)		5.87			5.85			(0.50	)		0.03
Year Ended October 31, 2009		9.66		0.07	(d)		6.67			6.74			(0.36	)		0.01
Class C
Year Ended October 31, 2013		18.21		0.01	(d)		(0.06	)		(0.05	)		(0.04	)		—
Year Ended October 31, 2012		18.72		0.01	(d)		(0.49	)		(0.48	)		(0.03	)		—
Year Ended October 31, 2011		21.35		0.04	(d)		(2.69	)		(2.65	)		—			0.02
Year Ended October 31, 2010		16.01		(0.09	)(d)		5.84			5.75			(0.44	)		0.03
Year Ended October 31, 2009		9.61		0.02	(d)		6.66			6.68			(0.29	)		0.01
Select Class
Year Ended October 31, 2013		18.59		0.15	(d)		(0.05	)		0.10			(0.06	)		—
Year Ended October 31, 2012		18.98		0.13	(d)		(0.48	)		(0.35	)		(0.04	)		—
Year Ended October 31, 2011		21.48		0.20	(d)		(2.71	)		(2.51	)		—			0.01
Year Ended October 31, 2010		16.06		(0.03	)(d)		5.95			5.92			(0.52	)		0.02
Year Ended October 31, 2009		9.70		0.12	(d)		6.64			6.76			(0.41	)		0.01

(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 interest expense, if applicable, which is less than 0.01% unless otherwise noted.

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

(d) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (c)
$	18.47		0.25	%	$	24,688		1.70	%		0.54	%		1.91	%		37	%
	18.46		(2.04	)		17,490		1.86			0.52			2.03			49
	18.88		(11.90	)		11,297		1.89			0.71			2.00			53
	21.43		37.51			12,218		1.88			(0.10	)		2.93			85
	16.05		73.15			6,654		1.90			0.63			5.31			96
	18.12		(0.30	)		4,292		2.20			0.07			2.42			37
	18.21		(2.54	)		3,370		2.37			0.05			2.52			49
	18.72		(12.32	)		3,522		2.39			0.22			2.50			53
	21.35		36.80			4,053		2.38			(0.51	)		3.44			85
	16.01		72.12			2,577		2.40			0.14			5.86			96
	18.63		0.50			109,334		1.45			0.79			1.67			37
	18.59		(1.85	)		60,487		1.61			0.69			1.78			49
	18.98		(11.64	)		59,416		1.64			0.97			1.76			53
	21.48		37.87			41,521		1.55			(0.14	)		2.33			85
	16.06		73.46			3,536		1.65			1.02			5.26			96

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 49

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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

	Classes Offered	Diversified/Non-Diversified
Asia Pacific Fund	Class A, Class C and Select Class	Non-Diversified
China Region Fund	Class A, Class C and Select Class	Non-Diversified
India Fund	Class A, Class C and Select Class	Non-Diversified
Intrepid European Fund	Class A, Class B, Class C, Institutional Class and Select Class	Diversified
Latin America Fund	Class A, Class C and Select Class	Non-Diversified

Prior to July 2, 2012, the Asia Pacific Fund was not publicly offered for investment.

The investment objectives of the Funds are as follows:

The Asia Pacific Fund seeks to provide long-term capital growth.

The China Region Fund, India Fund and Latin America Fund will seek long-term capital growth.

The Intrepid European Fund seeks total return from long-term capital growth. Total return consists of capital growth and current income.

The Asia Pacific Fund commenced operations on November 30, 2011.

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

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

2. Significant Accounting Policies

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

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Funds are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Funds may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Funds to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

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

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment.

50 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

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

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

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

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

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

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

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

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

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

Asia Pacific Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	44		$	5,376	$	—	$	5,420
China Region Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	38,495		$	606,817	$	—	$	645,312
India Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	937		$	9,358	$	—	$	10,295
Intrepid European Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (c)	$	137,936		$	607,496	$	—	$	745,432
Appreciation in Other Financial Instruments
Futures Contracts	$	60		$	—	$	—	$	60
Depreciation in Other Financial Instruments
Futures Contracts	$	(29	)	$	—	$	—	$	(29	)

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 51

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

Latin America Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	137,744	$	1,062	$	—	$	138,806

(a) All portfolio holdings designated as Level 1 and Level 2 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 2 are disclosed individually on the SOIs. Level 1 consists of common stocks and certain ADRs. Please refer to the SOIs for industry specifics of portfolio holdings.

(c) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash and common stocks. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended October 31, 2013.

B. Restricted and Illiquid Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and include, but are not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds. As of October 31, 2013, 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.

As of October 31, 2013, the Funds did not invest in any illiquid securities.

C. Futures Contracts — The Intrepid European Fund uses index futures contracts to gain or reduce exposure to the stock market, maintain liquidity and minimize transaction costs. The Intrepid European Fund buys futures contracts to immediately 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. The use of futures contracts exposes the Intrepid European Fund to equity price risk.

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 in the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The 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 Intrepid European Fund’s futures contracts activity during the year ended October 31, 2013 (amounts in thousands):

	Intrepid European Fund
Futures Contracts:
Average Notional Balance Long	$	2,769
Ending Notional Balance Long		17,396

D. Structured Instruments — The Asia Pacific Fund invests in structured instruments that have similar economic characteristics to equity securities. These instruments often seek to replicate the performance of an underlying reference asset such as an equity security or market (“reference asset”). The value of these instruments is generally derived from the price movements of the reference asset. On maturity date of each instrument, the Fund will receive a payment from the instrument’s issuing entity based on the value of the reference asset and record a realized gain or loss. The instrument may receive dividends paid in connection with the reference asset which are reported as net realized gain (loss) on investment transactions on the Statements of Operations.

52 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

Structured instruments are notes that may be issued by banks, broker dealers or their affiliates and typically constitute unsecured contractual obligations of the issuing entity. In addition to credit risk, investments in structured instruments generally have the same risks associated with a direct investment in the reference asset. However, there can be no assurance that structured instruments will trade at the same price or have the same value as the reference asset. In addition, structured instruments may be subject to transfer restrictions and a liquid market may not exist for these instruments. The lack of a liquid market may make it difficult to sell the structured instruments or accurately value them. Investments in structured instruments subject the Fund to counterparty risk.

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.

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

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

F. Offering and Organizational Costs — Total offering costs of approximately $27,000 paid in connection with the offering of shares of the Asia Pacific Fund were amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, were recorded as an expense at the time the Fund commenced operations. For the year ended October 31, 2013, total offering costs paid were (amounts in thousands):

	Offering Costs
Asia Pacific Fund	$	2

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. 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.

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.

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 gain 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 October 31, 2013, 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 Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

J. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. The Funds are subject to a tax imposed on short-term capital gains on securities of issuers domiciled in India. The Funds record an estimated deferred tax liability for 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 Statements 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 recently enacted rules imposing a tax on indirect transfers of Indian shares, although additional guidance from the Indian tax authorities is awaited. At present, management does not believe that such tax will be applicable to the Funds. However, management’s conclusions, regarding this and other foreign tax matters, may be subject to future review based on changes in, or the interpretation of, the accounting standards and the tax laws and regulations.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 53

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

K. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually. 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)
Asia Pacific Fund	$	—		$	3		$	(3	)
China Region Fund		—	(a)		(139	)		139
India Fund		(128	)		113			15
Intrepid European Fund		—	(a)		(502	)		502
Latin America Fund		—			(47	)		47

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

The reclassifications for the Funds relate primarily to foreign currency gains or losses, investments in passive foreign investment companies (“PFICs”) and net operating loss.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the 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:

Asia Pacific Fund	0.90	%
China Region Fund	1.25
India Fund	1.25
Intrepid European Fund	0.65
Latin America Fund	1.00

The Adviser, on behalf of Asia Pacific Fund, China Region Fund and India Fund, has entered into investment sub-advisory agreements with JF International Management, Inc. (“JFIMI”), a wholly-owned subsidiary of JPMorgan Asset Management (Asia) Inc., which is wholly-owned by J.P. Morgan Asset Management Holdings Inc. For its services as sub-adviser, JFIMI receives a portion of the fees payable to the Adviser.

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:

Asia Pacific Fund	0.40	%
China Region Fund	0.60
India Fund	0.60

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 October 31, 2013, 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. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

54 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

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

	Class A			Class B			Class C
Asia Pacific Fund		0.25	%		n/a			0.75	%
China Region Fund		0.25			n/a			0.75
India Fund		0.25			n/a			0.75
Intrepid European Fund		0.25			0.75	%		0.75
Latin America Fund		0.25			n/a			0.75

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class B and Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October, 2013, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Asia Pacific Fund	$	1		$	3
China Region Fund		6			—
India Fund		—	(a)		—
Intrepid European Fund		31			—	(a)
Latin America Fund		10			11

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

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

	Class A			Class B			Class C			Institutional Class			Select Class
Asia Pacific Fund		0.25	%		n/a			0.25	%		n/a			0.25	%
China Region Fund		0.25			n/a			0.25			n/a			0.25
India Fund		0.25			n/a			0.25			n/a			0.25
Intrepid European Fund		0.25			0.25	%		0.25			0.10	%		0.25
Latin America Fund		0.25			n/a			0.25			n/a			0.25

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. 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 in the Statements of Operations.

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

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

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

	Class A			Class B			Class C			Institutional Class			Select Class
Asia Pacific Fund		1.55	%		n/a			2.05	%		n/a			1.30	%
China Region Fund		1.85			n/a			2.35			n/a			1.60
India Fund		1.85			n/a			2.35			n/a			1.60
Intrepid European Fund		1.50			2.00	%		2.00			1.00	%		1.25
Latin America Fund		1.70			n/a			2.20			n/a			1.45

The expense limitation agreements were in effect for the year ended October 31, 2013. The contractual expense limitation percentages in the table above are in place until at least February 28, 2014.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 55

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

For the year ended October 31, 2013, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Asia Pacific Fund	$	41	$	4	$	12	$	57	$	186
China Region Fund		108		50		546		704		2
India Fund		156		11		31		198		79
Intrepid European Fund		284		110		26		420		1
Latin America Fund		—		11		239		250		—

	Voluntary Waivers
	Investment Advisory		Shareholder Servicing		Total
Intrepid European Fund	$	3	$	21	$	24

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

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2013 were as follows (amounts in thousands):

Intrepid European Fund	$	11
Latin America Fund		5

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

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

The 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 October 31, 2013, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2013, the Intrepid European Fund incurred brokerage commissions with broker-dealers affiliated with the Adviser of approximately $1,000.

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

4. Investment Transactions

During the year ended October 31, 2013, 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)
Asia Pacific Fund	$	5,340	$	3,918
China Region Fund		800,369		217,232
India Fund		3,661		8,734
Intrepid European Fund		956,355		517,403
Latin America Fund		97,882		40,234

During the year ended October 31, 2013, there were no purchases or sales of U.S. Government securities.

56 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2013 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Asia Pacific Fund	$	4,484	$	952	$	16	$	936
China Region Fund		581,391		68,007		4,086		63,921
India Fund		10,726		336		767		(431	)
Intrepid European Fund		685,811		60,534		913		59,621
Latin America Fund		130,232		14,221		5,647		8,574

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 October 31, 2013 was as follows (amounts in thousands):

	Ordinary Income		Total Distributions Paid
Asia Pacific Fund	$	51	$	51
China Region Fund		48		48
Intrepid European Fund		1,859		1,859
Latin America Fund		242		242

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

	Ordinary Income		Total Distributions Paid
China Region Fund	$	70	$	70
Intrepid European Fund		3,371		3,371
Latin America Fund		140		140

At October 31, 2013, the components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Loss Carryover)			Unrealized Appreciation (Depreciation)
Asia Pacific Fund	$	60	$	(149	)	$	936
China Region Fund		3,332		(22,749	)		63,921
India Fund		—		(22,078	)		(431	)
Intrepid European Fund		1,499		(196,099	)		59,551
Latin America Fund		577		(18,805	)		8,574

The cumulative timing differences primarily consist of late year ordinary loss deferrals and wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011 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 October 31, 2013, the following Funds had post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Asia Pacific Fund	$	(149	)	$	—
China Region Fund		(9,426	)		—
India Fund		(357	)		(702	)
Latin America Fund		(4,921	)		(6,671	)

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 57

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

As of October 31, 2013, the Funds had the following pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains (amounts in thousands):

	2015		2016		2017		2018		2019		Total
China Region Fund	$	—	$	11,350	$	1,973	$	—	$	—	$	13,323
India Fund		33		13,292		7,113		4		577		21,019
Intrepid European Fund		—		97,190		98,909		—		—		196,099
Latin America Fund		—		1,454		2,277		—		3,482		7,213

During the year ended October 31, 2013, the Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Pre-Enactment Capital Loss Carryforwards  Utilized
Intrepid European Fund	$	21,206

	Post-Enactment Capital Loss Carryforwards  Utilized
	Short-Term		Long-Term
India Fund	$	—	$	513
Intrepid European Fund		3,183		1,014

Late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. For the year ended October 31, 2013, the following Fund deferred to November 1, 2013 late year ordinary losses of (amounts in thousands):

	Late Year Ordinary Loss
India Fund	$	40

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).

In addition, 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 10, 2014.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013, or at any time during the year then ended.

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

7. Risks, Concentrations and Indemnifications

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

One or more affiliates of the Adviser have investment discretion with respect to their clients’ holdings in the Funds, which collectively represent a significant portion of the Fund’s assets for each of the China Region Fund, India Fund, Intrepid European Fund and Latin America Fund.

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

	J.P. Morgan Investor Funds
Latin America Fund		53.2	%

58 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

Additionally, the Adviser owns a significant portion of the outstanding shares of the Asia Pacific Fund.

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

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

As of October 31, 2013, substantially all of the Funds’ net assets consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

The Asia Pacific Fund invests in securities of foreign companies located throughout the Asia Pacific Region. The China Region Fund invests primarily in equity securities of companies in the China Region. In general, China Region companies are those that are organized under the laws of, or have a principal office in, the People’s Republic of China (including Hong Kong and Macau) (“China”), or Taiwan; or the principal securities market for which is China or Taiwan. The India Fund invests primarily in equity securities of Indian companies. The Latin America Fund invests primarily in equity securities of Latin America issuers or other investments economically tied to Latin America.

A company of a specific country or region is one that is organized under the laws of, or has a principal office in that country or region; the principal securities market for which is that country or region; that derives at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in that country or region; or at least 50% of the assets of which are located in that country or region.

Because these Funds may invest a significant portion of their assets in these markets, they are subject to greater risks of adverse events that occur in those markets and may experience greater volatility than a Fund that is more broadly diversified geographically.

As of October 31, 2013, the Funds had the following country allocations representing greater than 10% of total investments.

	Australia			Brazil			China			France			Hong Kong			India			Mexico			South Korea			Taiwan			United Kingdom
Asia Pacific Fund		25.7	%		—			16.6	%		—			15.6	%		—			—			15.5	%		—			—
China Region Fund		—			—			46.7			—			26.7			—			—			—			25.3	%		—
India Fund		—			—			—			—			—			100.0	%		—			—			—			—
Intrepid European Fund		—			—			—			15.5	%		—			—			—			—			—			33.7	%
Latin America Fund		—			59.0	%		—			—			—			—			22.0	%		—			—			—

8. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. In January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, which updated ASU 2011-11. The ASU creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives, repurchase agreements and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of these changes on the Fund’s financial statement disclosures.

9. Subsequent Event

At their meeting in November 2013, the Board of Trustees of the India Fund approved the liquidation of the Fund which will occur on or about January 10, 2014. As of November 25, 2013, the Fund no longer accepts subscription orders.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 59

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Asia Pacific Fund, JPMorgan China Region Fund, JPMorgan India Fund, JPMorgan Intrepid European Fund and JPMorgan Latin America 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 China Region Fund, JPMorgan India Fund, JPMorgan Intrepid European Fund, and JPMorgan Latin America Fund (each a separate Fund of JPMorgan Trust I) at October 31, 2013, 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, and the financial position of JPMorgan Asia Pacific Fund (a separate Fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) at October 31, 2013, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period November 30, 2011 (commencement of operations) through October 31, 2012, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

60 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 61

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)
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).	171	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); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-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).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Funds’ investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment 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 is 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.

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

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

62 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

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

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 63

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

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, May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Asia Pacific Fund
Class A
Actual	$	1,000.00	$	1,011.50	$	7.86		1.55	%
Hypothetical		1,000.00		1,017.39		7.88		1.55
Class C
Actual		1,000.00		1,009.30		10.38		2.05
Hypothetical		1,000.00		1,014.87		10.41		2.05
Select Class
Actual		1,000.00		1,013.10		6.60		1.30
Hypothetical		1,000.00		1,018.65		6.61		1.30
China Region Fund
Class A
Actual		1,000.00		1,050.40		9.56		1.85
Hypothetical		1,000.00		1,015.88		9.40		1.85
Class C
Actual		1,000.00		1,048.30		12.13		2.35
Hypothetical		1,000.00		1,013.36		11.93		2.35
Select Class
Actual		1,000.00		1,051.70		8.27		1.60
Hypothetical		1,000.00		1,017.14		8.13		1.60
India Fund
Class A
Actual		1,000.00		914.90		8.98		1.86
Hypothetical		1,000.00		1,015.83		9.45		1.86
Class C
Actual		1,000.00		912.30		11.42		2.37
Hypothetical		1,000.00		1,013.26		12.03		2.37

64 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

	Beginning Account Value, May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
India Fund (continued)
Select Class
Actual	$	1,000.00	$	915.50	$	7.77		1.61	%
Hypothetical		1,000.00		1,017.09		8.19		1.61
Intrepid European Fund
Class A
Actual		1,000.00		1,189.00		7.83		1.42
Hypothetical		1,000.00		1,018.05		7.22		1.42
Class B
Actual		1,000.00		1,185.70		10.63		1.93
Hypothetical		1,000.00		1,015.48		9.80		1.93
Class C
Actual		1,000.00		1,186.00		10.58		1.92
Hypothetical		1,000.00		1,015.53		9.75		1.92
Institutional Class
Actual		1,000.00		1,191.90		5.36		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Select Class
Actual		1,000.00		1,190.00		6.46		1.17
Hypothetical		1,000.00		1,019.31		5.96		1.17
Latin America Fund
Class A
Actual		1,000.00		916.60		8.21		1.70
Hypothetical		1,000.00		1,016.64		8.64		1.70
Class C
Actual		1,000.00		913.80		10.61		2.20
Hypothetical		1,000.00		1,014.12		11.17		2.20
Select Class
Actual		1,000.00		917.30		7.01		1.45
Hypothetical		1,000.00		1,017.90		7.38		1.45

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 65

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds and sub-advisory agreements for the Asia Pacific Fund, China Region Fund and India Fund, whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 22, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser, on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information includes the Funds’ performance compared to the performance of the Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of Funds with greater than two years of performance history in connection with the Trustees’ review of the investment advisory and sub-advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreements with representatives of the Adviser and with counsels to the Trust and independent Trustees and received a memorandum

from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Trust and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser and sub-advisor, as applicable, from each Fund under the applicable Advisory Agreements was fair and reasonable and that the continuance of the investment advisory contracts was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser and Sub-Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreements. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also reviewed information relating to the Adviser’s and sub-advisor’s, as applicable, risk governance model and reports showing the Adviser’s and sub-advisor’s, as applicable, compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser and sub-advisor, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered

66 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser and, as applicable, the sub-adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each of the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and sub-advisor, as applicable, and their affiliates as a result of their relationship with the Funds.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser and sub-advisor. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A.

(“JPMCB”) for custody and fund accounting, and other related services. The Board also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the adviser.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedules for each Fund do not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Funds benefit from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of each Fund. The Trustees also considered the complexity of investment management for the Funds relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 67

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the independent consultant and also considered the special analysis prepared by the independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Asia Pacific Fund’s performance was in the fourth quintile for both Class A and Select Class shares for the one-year period ended December 31, 2012. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable. The Trustees also noted that effective June 28, 2012, the Fund changed its name, portfolio management team, investment strategies and lowered its expense caps and investment advisory and sub-advisory fees.

The Trustees noted that the China Region Fund’s performance was in the first, second and third quintiles for Class A shares, and in the first, second and second quintiles for Select Class shares for the one-, three- and five-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the India Fund’s performance was in the fifth, second and second quintiles for Class A shares, and in the fourth, first and first quintiles for Select Class shares for the one-, three- and five-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Intrepid European Fund’s performance was in the first, second and third quintiles for both Class A and Select Class shares for the one-, three- and five-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Latin America Fund’s performance was in the second quintile for Class A for each of the one-, three- and five-year periods ended December 31, 2012 and in the second, first and first quintiles for Select Class shares for the one-, three- and five-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund, including, as appropriate, information about the sub-advisory fees. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Asia Pacific Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory and sub-advisory fees were reasonable.

The Trustees noted that the China Region Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for both Class A and Select Class shares were in the third quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory and sub-advisory fees were reasonable.

The Trustees noted that the India Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and fourth quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory and sub-advisory fees were reasonable.

68 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

The Trustees noted that the Intrepid European Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the third and second quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Latin America Fund’s net advisory fee for both Class A and Select Class shares was in the third quintile, and that the actual total expenses for Class A and Select Class shares were in the third and fourth quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

OCTOBER 31, 2013 J.P. MORGAN COUNTRY/REGION FUNDS 69

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2013. 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, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be provided under separate cover.

Qualified Dividend Income (QDI)

For the fiscal year ended October 31, 2013, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%. Each Fund hereby designates the following amount or maximum allowable amount of ordinary income distributions as qualified dividends (amounts in thousands):

	Qualified Dividend Income
Asia Pacific Fund	$	51
China Region Fund		48
Intrepid European Fund		1,859
Latin America Fund		242

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2013, the Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign gross income and foreign tax expenses are as follows or amounts as finally determined (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
Asia Pacific Fund	$	129	$	9
China Region Fund		8,491		954
Intrepid European Fund		4,781		285
Latin America Fund		2,555		30

The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date in December 2013. These shareholders should refer to their 2013 Form 1099-DIV for the foreign tax paid.

70 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2013

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

^© JPMorgan Chase & Co., 2013.  All rights reserved. October 2013. AN-INTEQ-CO-1013

Annual Report

J.P. Morgan SMA Funds

October 31, 2013

JPMorgan International Value SMA Fund

JPMorgan Tax Aware Real Return SMA Fund

CONTENTS

CEO’s Letter	1
Fund Commentaries:
JPMorgan International Value SMA Fund	2
JPMorgan Tax Aware Real Return SMA Fund	5
Schedules of Portfolio Investments	8
Financial Statements	17
Financial Highlights	20
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	34
Trustees	35
Officers	37
Schedule of Shareholder Expenses	38
Board Approval of Investment Advisory Agreements	39
Tax Letter	42
Privacy Notice — Located at the back of this Annual Report

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

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

Prospective investors should refer to the Funds’ prospectus for a discussion of the Funds’ investment 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

DECEMBER 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

  “As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio.”

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury yields fell from their reporting period peak in early September

2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junk bonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well- diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 1

JPMorgan International Value SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	27.33%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes)	27.79%
Net Assets as of 10/31/2013 (In Thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$325,158

INVESTMENT OBJECTIVE**

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

The Fund was established to implement the International Value separately managed account strategy, and to hold common shares of companies that were deemed attractive but were not accessible as American Depository Receipts (ADRs).

HOW DID THE MARKET PERFORM?

The global financial markets experienced periods of volatility during the reporting period. This volatility was triggered by a number of factors, including mixed economic data, geopolitical issues, expectations for future central bank monetary policies and, in the U.S., the impact of the fiscal cliff, sequestration and partial government shutdown. The MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) returned 27.79% for the twelve months ended October 31, 2013.

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

The Fund underperformed the Benchmark for the reporting period. Detractors from performance relative to the Benchmark included the Fund’s security selection in the technology-hardware and energy sectors and an underweight position in the banks and finance sector. Contributors to performance relative to the Benchmark included the Fund’s security selection in the basic industries and property sectors and an overweight position in the automotives sector.

Individual detractors from relative performance included the Fund’s overweight positions versus the Benchmark in China Shenhua Energy Co., Ltd., First Quantum Minerals Ltd. and

Nitto Denko Corp. Shares of China Shenhua Energy Co., Ltd., a coal mining and energy company, fell on the back of weak coal prices and moderating economic growth in the People’s Republic of China. First Quantum Minerals Ltd. is a mining company. Its shares struggled as concerns about growth, particularly in China, weighed on commodity prices. Shares of Nitto Denko Corp., a Japanese chemical and materials company, underperformed as operating profits rose less than expected and management’s full year projections fell short of estimates.

Individual contributors to relative performance included out-of-Benchmark positions in European Aeronautic Defence and Space Company N.V. and Mitsui Fudosan Co., Ltd., as well as an overweight position in Renault S.A. Shares of European Aeronautic Defence and Space Company N.V. rose on the back of strong orders for commercial aircraft. Shares of Mitsui Fudosan Co., Ltd. were supported by a recovery in the Japanese property market and by policymakers’ efforts to stimulate the Japanese economy. French automaker Renault S.A.‘s shares rose sharply as the European economy showed early signs of recovery. The company, which controls Nissan, has also made inroads into the fast-growing Chinese market.

HOW WAS THE FUND POSITIONED?

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

2 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Swiss Re AG (Switzerland)	5.6	%
	2.	Daimler AG (Germany)	5.1
	3.	Cie de St-Gobain (France)	4.9
	4.	Solvay S.A. (Belgium)	4.2
	5.	Japan Tobacco, Inc. (Japan)	4.1
	6.	European Aeronautic Defence and Space Co. N.V. (France)	3.9
	7.	UPM-Kymmene OYJ (Finland)	3.3
	8.	Sodexo (France)	3.3
	9.	Danske Bank A/S (Denmark)	3.3
	10.	Volkswagen AG (Preferred Stock) (Germany)	3.2

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	26.3	%
France	15.9
Germany	11.4
Switzerland	7.7
Italy	5.0
Hong Kong	4.9
United Kingdom	4.2
Belgium	4.2
Finland	3.4
Denmark	3.3
Norway	3.1
South Korea	2.9
China	2.5
Sweden	2.0
Australia	1.8
Canada	1.4

* 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 principals 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 3

JPMorgan International Value SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			3 YEAR			5 YEAR			SINCE INCEPTION
INTERNATIONAL VALUE SMA FUND		8/17/07		27.33	%		7.37	%		13.65	%		0.99	%

LIFE OF FUND PERFORMANCE (8/17/07 TO 10/31/13)

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 17, 2007.

The graph illustrates comparative performance for $10,000 invested in the JPMorgan International Value SMA Fund, the MSCI EAFE Value Index and the Lipper International Multi-Cap Value Funds Index from August 17, 2007 to October 31, 2013. 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 Lipper International Multi-Cap Value Funds Index reflects an initial investment at the end of the month closest to the Fund’s inception. The performance of the MSCI EAFE Value Index 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 maximum rate to nonresident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International 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 MSCI EAFE Value Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented stocks in developed markets, excluding the U.S. and Canada. The Lipper International 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.

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

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

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

4 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	-2.29%
Barclays Competitive Intermediate Municipal (1-17 Year) Maturities Index . . . . . . . . . . . . . . . .	-0.41%
Composite Benchmark** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	-3.17%
Net Assets as of 10/31/2013 (In Thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$27,244

INVESTMENT OBJECTIVE***

The JPMorgan Tax Aware Real Return SMA Fund (the “Fund”) seeks to maximize after-tax inflation protected return.

INVESTMENT APPROACH

The Fund was established to implement the Tax Aware Real Return separately managed account strategy. The Fund uses zero-coupon inflation-swaps (“inflation swaps”) in combination with tax-exempt municipal bonds to create a synthetic portfolio of inflation protected securities. The Fund is designed to protect the total return generated by its tax-exempt fixed income holdings from inflation risk. The inflation swaps used by the Fund are based on cumulative percentage movements in the Consumer Price Index for All Urban Consumers (“CPI-U”). The inflation swaps are structured so that one counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of the swap. The other counterparty (the Fund) pays a compounded fixed rate (zero coupon inflation-swap rate), which is based on the “breakeven inflation rate,” calculated as the yield difference between a nominal U.S. Treasury security and a U.S. Treasury Inflation Protected Security (TIPS) of equal maturity.

The Fund’s portfolio managers aim to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying bonds is used as the general basis for the Fund’s inflation swap positioning. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s portfolio managers believe that matching the duration (a measure of the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates) of the inflation protection to the duration of the underlying bonds is the most effective and efficient way to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that result from macroeconomic or technical factors.

HOW DID THE MARKET PERFORM?

The U.S. economy continued to grow during the reporting period, but the pace of the expansion was far from robust. While there were indications of a policy shift from the U.S. Federal

Reserve (the “Fed”), it remained highly accommodative throughout the reporting period. The Fed surprised the market by delaying the tapering of its asset purchase program at its meeting in September 2013. Turning to the municipal bond market, there were periods of volatility given talk of Fed tapering, rising Treasury yields and weak demand during the second half of the reporting period. In addition investor sentiment was negatively impacted by Detroit’s bankruptcy filing and other high profile credit events. Among municipal bond securities, higher quality issuances outperformed their lower quality counterparts. The Barclays Competitive Intermediate Municipal (1-17 Year) Maturities Index (the “Municipal Securities Benchmark”) returned -0.41% for the twelve months ended October 31, 2013.

Inflation, as measured by the CPI-U, was muted and declined during the twelve months ended October 31, 2013. Inflation swaps with 2-, 5-, 10-, 20- and 30-year maturities all declined during the reporting period.

HOW DID THE FUND PERFORM?

The Fund (Select Class Shares) posted a negative absolute return and underperformed the Municipal Securities Benchmark for the twelve months ended October 31, 2013. The Fund’s underperformance was driven by the Fund’s use of inflation swaps, which generated a negative total return. In contrast, the Fund’s preference for higher quality issuances was beneficial for its relative performance. However, the Fund’s inflation swaps contributed to relative performance versus the Composite Benchmark, as a result of the Fund’s underweight to inflation protection relative to the swap component of the Composite Benchmark. Additionally, the Fund’s yield curve positioning added to relative performance versus the Composite Benchmark as longer dated inflation swaps, of which the Fund was underweight overall, underperformed. On the downside, the Fund did hold certain longer dated inflation swaps, which were a drag on performance. In addition, the Fund’s overweight to longer duration water/sewer and special tax municipal securities detracted from performance relative to the Composite Benchmark.

HOW WAS THE FUND POSITIONED?

Among the Fund’s tax-exempt fixed income investments, the Fund employed a bottom-up, security selection-based investment approach and sought to take advantage of opportunities

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 5

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

stemming from increased volatility, supply pressures and headline credit risk. The Fund maintained its quality bias, as the Fund’s portfolio managers preferred higher-quality issuances. The Fund’s portfolio managers also maintained an inflation-overlay hedging strategy, using zero-coupon inflation-linked swaps to purchase protection against inflation along the yield curve.

PORTFOLIO COMPOSITION****
Municipal Bonds	97.5	%
Short-Term Investment	2.5

* 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 return of the Fund’s Composite Benchmark is determined by adding the return of the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Barclays Inflation Swap 5 Year Zero Coupon Index.

*** 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

6 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			3 YEAR			5 YEAR			SINCE INCEPTION
TAX AWARE REAL RETURN SMA FUND		5/31/07
Before Taxes				(2.29	)%		2.82	%		5.20	%		4.05	%
After Taxes on Distributions				(2.44	)		2.77			5.17			4.02
After Taxes on Distributions and Sale of Fund Shares				(0.35	)		2.72			4.71			3.84

LIFE OF FUND PERFORMANCE (5/31/07 TO 10/31/13)

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 May 31, 2007.

The graph illustrates comparative performance for $10,000 invested in the JPMorgan Tax Aware Real Return SMA Fund, the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index, the Tax Aware Real Return Composite Benchmark and the Lipper Intermediate Municipal Debt Funds Index from May 31, 2007 to October 31, 2013. 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 Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Tax Aware Real Return Composite Benchmark 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 benchmarks, if applicable. The performance of the Lipper Intermediate Municipal Debt 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 Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal

bonds with maturities from 1 to 17 years. The Tax Aware Real Return Composite Benchmark is determined by adding the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Barclays Inflation Swap 5 Year Zero Coupon Index. The Lipper Intermediate Municipal Debt 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.

For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to reduce capital gains. There can be no guarantee the strategy will eliminate them.

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

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

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 7

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.1%
		Australia — 1.8%
	1,216	Goodman Group (m)		5,809
		Belgium — 4.1%
	85	Solvay S.A. (m)		13,286
		Canada — 1.4%
	244	First Quantum Minerals Ltd. (m)		4,626
		China — 2.4%
	2,594	China Shenhua Energy Co., Ltd., Class H (m)		7,891
		Denmark — 3.2%
	451	Danske Bank A/S (a) (m)		10,538
		Finland — 3.3%
	84	Afarak Group OYJ (a) (i)		40
	672	UPM-Kymmene OYJ (m)		10,667
				10,707
		France — 15.6%
	296	Cie de St-Gobain (m)		15,543
	180	European Aeronautic Defence and Space Co. N.V. (m)		12,339
	106	Lafarge S.A. (m)		7,334
	110	Sodexo (m)		10,632
	276	Suez Environnement Co. (m)		4,810
				50,658
		Germany — 8.1%
	200	Daimler AG (m)		16,340
	213	Metro AG (m)		9,985
				26,325
		Hong Kong — 4.8%
	2,564	China Overseas Land & Investment Ltd. (m)		7,946
	906	Wharf Holdings Ltd. (m)		7,624
				15,570
		Italy — 4.9%
	411	Assicurazioni Generali SpA (m)		9,607
	868	UniCredit SpA (m)		6,516
				16,123
		Japan — 25.8%
	231	Bridgestone Corp. (m)		7,926
	421	Daiwa House Industry Co., Ltd. (m)		8,434
	112	East Japan Railway Co. (m)		9,729
	364	Japan Tobacco, Inc. (m)		13,164
	2,040	Kawasaki Heavy Industries Ltd. (m)		7,971
	167	Mitsui Fudosan Co., Ltd. (m)		5,532
	145	Nitto Denko Corp. (m)		7,620
	597	Ricoh Co., Ltd. (m)		6,305

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — Continued
	604	Sumitomo Electric Industries Ltd. (m)		9,051
	381	Yamato Holdings Co., Ltd. (m)		8,183
				83,915
		Norway — 3.0%
	408	Telenor ASA (m)		9,814
		South Korea — 2.9%
	7	Samsung Electronics Co., Ltd. (m)		9,361
		Sweden — 2.0%
	265	Electrolux AB, Series B, (m)		6,537
		Switzerland — 7.6%
	203	Swiss Re AG (a) (m)		17,813
	355	UBS AG (a) (m)		6,868
				24,681
		United Kingdom — 4.2%
	1,243	Kingfisher plc (m)		7,517
	115	SABMiller plc (m)		6,020
				13,537
		Total Common Stocks (Cost $257,565)		309,378
	Preferred Stock — 3.1%
		Germany — 3.1%
	40	Volkswagen AG (m) (Cost $3,810)		10,077
		Total Investments — 98.2% (Cost $261,375)		319,455
		Other Assets in Excess of Liabilities — 1.8%		5,703
		NET ASSETS — 100.0%	$	325,158

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Real Estate Management & Development		9.2	%
Insurance		8.6
Automobiles		8.3
Chemicals		6.5
Commercial Banks		5.3
Building Products		4.9
Tobacco		4.1
Aerospace & Defense		3.9
Paper & Forest Products		3.3
Hotels, Restaurants & Leisure		3.3
Food & Staples Retailing		3.1
Diversified Telecommunication Services		3.1
Road & Rail		3.0
Semiconductors & Semiconductor Equipment		2.9

INDUSTRY	PERCENTAGE
Electrical Equipment		2.8	%
Air Freight & Logistics		2.6
Machinery		2.5
Auto Components		2.5
Oil, Gas & Consumable Fuels		2.5
Specialty Retail		2.4
Construction Materials		2.3
Capital Markets		2.2
Household Durables		2.0
Office Electronics		2.0
Beverages		1.9
Real Estate Investment Trusts (REITs)		1.8
Multi-Utilities		1.5
Metals & Mining		1.5

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	28	Euro STOXX 50 Index		12/20/13	$	1,163	$	5
	6	FTSE 100 Index		12/20/13		645		—	(h)
							$	5

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 9

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 99.1% (t)
		Alaska — 0.4%
		General Obligation — 0.4%
	100	Matanuska-Susitna Borough School Board, Series A, GO, NATL-RE, 5.250%, 04/01/15 (p)		107
		Arizona — 0.3%
		General Obligation — 0.3%
	85	Maricopa County, School District No. 38, Madison Elementary School Improvement, Project of 2004, Series B, GO, NATL-RE, 5.000%, 07/01/16		94
		California — 2.4%
		Education — 0.3%
	60	California Educational Facilities Authority, Pomona College, Series A, Rev., 5.000%, 01/01/18		70
		General Obligation — 1.6%
	375	State Center Community College District, GO, 5.000%, 08/01/25		425
		Other Revenue — 0.4%
	75	Golden West Schools Financing Authority, Series A, Rev., NATL-RE, 5.800%, 02/01/20		87
	25	Golden West Schools Financing Authority, Beverly Hills Unified School District, Rev., NATL-RE, FGIC, 5.250%, 08/01/23		31
				118
		Prerefunded — 0.1%
	30	El Monte Union High School District, Election of 2002, Series B, GO, NATL-RE, 5.000%, 03/01/15 (p)		32
		Total California		645
		Colorado — 3.4%
		General Obligation — 1.3%
	305	Jefferson County School District No. R-1, GO, 5.000%, 12/15/22		364
		Other Revenue — 2.1%
	500	Colorado Water Resources & Power Development Authority, Wastewater Revolving Fund, Series A, Rev., 5.250%, 09/01/16		567
		Total Colorado		931
		Connecticut — 6.3%
		General Obligation — 4.7%
	150	City of New Britain, GO, AGM, 5.000%, 04/15/17		171
	250	State of Connecticut, Series E, GO, 5.000%, 12/15/16		284

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — Continued
	100	Town of New Canaan, Series B, GO, 5.000%, 04/01/20		117
	300	Town of Ridgefield, GO, 4.000%, 09/15/16		329
	200	Town of Trumbull, GO, 5.000%, 09/15/16		225
	135	Town of West Hartford, Series A, GO, 5.000%, 07/01/18		160
				1,286
		Other Revenue — 1.6%
		City of Stamford, Water Pollution Control System & Facility,
	100	Series A, Rev., 6.000%, 08/15/20 (w)		124
	150	Series A, Rev., 6.000%, 08/15/21 (w)		187
	100	Series A, Rev., 6.000%, 08/15/22		125
				436
		Total Connecticut		1,722
		District of Columbia — 1.1%
		Education — 0.4%
	100	District of Columbia, Georgetown University, Series A, Rev., AMBAC, 5.000%, 04/01/16		110
		General Obligation — 0.1%
	20	District of Columbia, Series C, GO, AGM, 5.000%, 06/01/15		22
		Other Revenue — 0.6%
	135	Washington Metropolitan Area Transit Authority, Series A, Rev., 5.000%, 07/01/18		157
		Total District of Columbia		289
		Florida — 3.3%
		General Obligation — 2.1%
	500	Florida State Board of Education, Public Education Capital Outlay, Series D, GO, 5.000%, 06/01/25		571
		Other Revenue — 1.1%
	185	Florida State Department of Transportation, Turnpike Authority, Series A, Rev., 4.000%, 07/01/18		210
	80	Polk County, Public Facilities, Rev., NATL-RE, 5.000%, 12/01/18		86
				296
		Water & Sewer — 0.1%
	25	Seminole County, Water & Sewer, Rev., 5.000%, 10/01/18		27
		Total Florida		894

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Georgia — 5.7%
		General Obligation — 0.8%
	50	City of Augusta, GO, 4.000%, 10/01/14		52
	150	State of Georgia, Series D, GO, 5.250%, 10/01/15		164
				216
		Other Revenue — 4.7%
	625	Columbia County Water & Sewerage, Rev., 4.000%, 06/01/17		694
	250	DeKalb County, Water & Sewerage, Series B, Rev., 5.250%, 10/01/26		291
	250	Henry County, Water & Sewerage Authority, Rev., 5.000%, 02/01/26		284
				1,269
		Water & Sewer — 0.2%
	60	Jackson County, Water & Sewer Authority, Series A, Rev., XLCA, 5.250%, 09/01/21		67
		Total Georgia		1,552
		Hawaii — 1.3%
		General Obligation — 1.3%
	300	State of Hawaii, Unrefunded Balance, Series DR, GO, 5.000%, 06/01/18		353
		Idaho — 0.2%
		Water & Sewer — 0.2%
	50	Idaho Bond Bank Authority, Series B, Rev., NATL-RE, 5.000%, 09/15/15		54
		Illinois — 1.6%
		General Obligation — 0.2%
	60	City of Chicago, Series A, GO, AGM, 5.500%, 01/01/19		66
		Other Revenue — 0.7%
	165	Forest Preserve District of Cook County, Limited Tax Project and Refunding, Series B, GO, 5.000%, 12/15/24		184
		Prerefunded — 0.7%
	150	Metropolitan Pier & Exposition Authority, McCormick Place Expansion, Series A-2002, Rev., FGIC, 5.500%, 06/15/18 (p)		179
		Total Illinois		429
		Indiana — 2.2%
		Education — 0.5%
	100	Purdue University, Student Fee, Series U, Rev., 5.250%, 07/01/21		121

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 1.7%
	250	Indiana Finance Authority, State Revolving Fund Program, Series B, Rev., 5.000%, 02/01/21		296
	150	Indiana State Transportation Finance Authority, Highway, Series B, Rev., NATL-RE, FGIC, 5.500%, 12/01/16		172
				468
		Total Indiana		589
		Iowa — 0.2%
		Water & Sewer — 0.2%
	65	City of Des Moines, Sewer, Series H, Rev., AGM, 5.000%, 06/01/14		67
		Kansas — 2.1%
		General Obligation — 2.1%
	500	City of Wichita, Series B, GO, 4.000%, 09/01/17		561
		Louisiana — 0.8%
		Industrial Development Revenue/Pollution Control Revenue — 0.8%
	200	Terrebonne Parish, Public Improvement, Series ST, Rev., 5.875%, 03/01/26		224
		Maryland — 5.4%
		General Obligation — 5.0%
	545	County of Baltimore, GO, 5.000%, 02/01/20		652
	100	Montgomery County, Consolidated Public Improvement, Series A, GO, 5.000%, 05/01/17 (p)		115
	500	State of Maryland, State & Local Facilities Loan of 2009, Third Series C, GO, 5.000%, 11/01/17		583
				1,350
		Transportation — 0.4%
	100	Maryland State Department of Transportation, Consolidated Transportation, Second Issue, Rev., 4.000%, 09/01/16		110
		Total Maryland		1,460
		Massachusetts — 4.4%
		Certificate of Participation/Lease — 2.7%
		Massachusetts Bay Transportation Authority,
	350	Series A, Rev., 5.250%, 07/01/27		415
	250	Series B, Rev., 5.250%, 07/01/23		308
				723
		General Obligation — 1.3%
	300	Commonwealth of Massachusetts, Series B, GO, 5.250%, 08/01/21		366

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 11

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Other Revenue — 0.4%
	100	Massachusetts Health & Educational Facilities Authority, Harvard University, Series A, Rev., 5.000%, 12/15/15		110
		Total Massachusetts		1,199
		Michigan — 0.3%
		Education — 0.3%
	75	Western Michigan University, Rev., NATL-RE, FGIC, 5.000%, 11/15/15		80
		Minnesota — 0.8%
		Other Revenue — 0.8%
	200	Minnesota Public Facilities Authority, Series A, Rev., 5.000%, 03/01/16		221
		Mississippi — 0.4%
		Prerefunded — 0.4%
	100	Mississippi Housing Finance Corp., Single Family Mortgage, Senior Terminal Appreciation, Rev., Zero Coupon, 06/01/15 (p)		99
		Missouri — 2.9%
		General Obligation — 2.2%
	175	Clay County, North Kansas City School District No. 74, Direct Deposit of State Aid Program, GO, 5.000%, 03/01/20		199
	350	Kansas City, Improvement, Series A, GO, 5.000%, 02/01/23		408
				607
		Transportation — 0.4%
	100	Missouri State Highways & Transit Commission, First Lien, Series B, Rev., 5.000%, 05/01/22		110
		Water & Sewer — 0.3%
	75	Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, State Revolving Fund Program, Series B, Rev., 5.500%, 07/01/14		77
		Total Missouri		794
		New Jersey — 0.6%
		Transportation — 0.6%
		New Jersey Transportation Trust Fund Authority, Transportation System,
	80	Series A, Rev., 5.250%, 12/15/20		94
	60	Series A, Rev., 5.500%, 12/15/21		72
		Total New Jersey		166
		New Mexico — 7.0%
		General Obligation — 1.5%
	340	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.000%, 06/01/22		406

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 5.5%
	300	Bernalillo County, Gross Receipts, Rev., AMBAC, 5.250%, 10/01/26		350
	250	New Mexico Finance Authority, State Transportation, Senior Lien, Rev., 5.000%, 06/15/24		285
		New Mexico Finance Authority, State Transportation, Sub Lien,
	200	Series A-2, Rev., 5.000%, 12/15/20		239
	500	Series A-2, Rev., 5.000%, 12/15/21		584
	30	New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Series B, Rev., NATL-RE, 5.000%, 06/15/17		34
				1,492
		Total New Mexico		1,898
		New York — 12.2%
		General Obligation — 3.0%
	50	Ardsley Union Free School District, Series B, GO, AGM, 4.000%, 06/15/15		53
	70	Briarcliff Manor, Public Improvement, Series A, GO, AGM, 5.000%, 09/01/14		73
	100	Queensbury Union Free School District, GO, 4.000%, 12/15/18		113
	75	Suffolk County, Public Improvement, Series B, GO, NATL-RE, 4.250%, 11/01/14		78
	350	Taconic Hills Central School District at Craryville, GO, 4.000%, 06/15/18		391
	100	Town of Riverhead, Public Improvement, GO, 4.000%, 06/01/21		112
				820
		Industrial Development Revenue/Pollution Control Revenue — 1.2%
	280	City of New York, Sub Series E-1, GO, 6.250%, 10/15/28		328
		Other Revenue — 7.0%
	110	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2009, Series S-5, Rev., 5.000%, 01/15/26		125
	100	New York City Transitional Finance Authority, Future Tax Secured Revenue, Fiscal 2011, Series C, Rev., 5.000%, 11/01/16		113
	260	New York State Dormitory Authority, Personal Income Tax, Series C, Rev., 5.000%, 03/15/19		298
	250	New York State Environmental Facilities Corp., State Clean Water & Drinking Water, New York City Municipal Water Projects, Series K, Rev., 5.500%, 06/15/17		294

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Other Revenue — Continued
	100	New York State Urban Development Corp., Service Contract, Series A, Rev., 5.000%, 01/01/16		109
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	750	Series A, Rev., 5.000%, 01/01/26		846
	100	Series D, Rev., 5.000%, 11/15/18		118
				1,903
		Special Tax — 0.4%
	100	Sales Tax Asset Receivable Corp., Series A, Rev., NATL-RE, 5.000%, 10/15/17		105
		Water & Sewer — 0.6%
	150	New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Fiscal Year 2009, Series AA, Rev., 5.000%, 06/15/17		173
		Total New York		3,329
		Ohio — 2.5%
		General Obligation — 1.9%
	100	Cincinnati City School District, Classroom Facilities Construction & Improvement, GO, NATL-RE, FGIC, 5.250%, 12/01/19		120
	250	City of Columbus, Series 1, GO, 5.000%, 07/01/27		288
	100	Franklin County, Various Purpose, GO, 5.000%, 12/01/19		117
				525
		Other Revenue — 0.6%
	125	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Water Quality, Rev., 5.250%, 12/01/18		150
		Total Ohio		675
		Oregon — 1.7%
		General Obligation — 1.0%
	215	Clackamas County School District No. 7J, Lake Oswego, GO, AGM, 5.250%, 06/01/25		263
		Other Revenue — 0.7%
	175	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.000%, 04/01/21		204
		Total Oregon		467
		Pennsylvania — 4.5%
		Education — 0.8%
	190	Delaware County Authority, Villanova University, Rev., AMBAC, 5.000%, 08/01/23		210

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — 1.6%
	15	Central Bucks School District, Series A, GO, 5.000%, 05/15/23		18
	75	Lower Merion School District, GO, 3.000%, 05/15/15		78
		State of Pennsylvania, Second Series,
	200	GO, 5.000%, 01/01/16 (p)		219
	100	GO, 5.000%, 03/01/16		111
				426
		Prerefunded — 2.1%
	485	Central Bucks School District, Series A, GO, 5.000%, 05/15/21 (p)		585
		Total Pennsylvania		1,221
		Rhode Island — 2.2%
		Other Revenue — 2.2%
	505	Rhode Island Clean Water Finance Agency, Water Pollution Control Revolving Fund, Series A, Rev., 5.000%, 10/01/18		597
		South Carolina — 1.3%
		General Obligation — 1.3%
	300	State of South Carolina, Series C, GO, 5.000%, 03/01/22		358
		Tennessee — 1.3%
		General Obligation — 0.2%
	50	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 01/01/18 (p)		58
		Other Revenue — 1.1%
	250	City of Memphis, Electric System, Rev., 5.000%, 12/01/17		291
		Total Tennessee		349
		Texas — 9.7%
		Education — 2.1%
	500	University of Texas, Financing System, Series C, Rev., 5.000%, 08/15/18		592
		General Obligation — 3.4%
	75	City of El Paso, Series A, GO, NATL-RE, 4.750%, 08/15/23		84
	240	City of Irving, Improvement, GO, 5.000%, 09/15/21		284
	500	Hays County, Pass-Through Toll, GO, 5.000%, 02/15/23		564
				932
		Other Revenue — 0.9%
	210	Harris County, Series C, Rev., 5.000%, 08/15/22		242

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 13

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Prerefunded — 1.0%
	135	Benavides Independent School District, GO, PSF-GTD, 4.450%, 08/15/15 (p)		145
	100	Harris County, Permanent Improvement, Series C, GO, 5.750%, 10/01/18 (p)		122
				267
		Utility — 0.2%
	50	City of Garland, Electric Utility System, Rev., NATL-RE, 5.625%, 03/01/15		53
		Water & Sewer — 2.1%
		City of Houston, Combined Utility System, First Lien,
	50	Series A, Rev., AGM, 5.000%, 11/15/15		55
	355	Series D, Rev., 5.000%, 11/15/24		411
	70	City of Mesquite, Waterworks & Sewer System, Rev., AGM, 5.000%, 03/01/20		79
	25	City of San Antonio, Water System, Rev., NATL-RE, FGIC, 5.500%, 05/15/15		27
				572
		Total Texas		2,658
		Utah — 0.3%
		Other Revenue — 0.3%
	75	Utah State Building Ownership Authority, State Facilities Master Lease Program, Series C, Rev., AGM, 5.500%, 05/15/14		77
		Vermont — 0.1%
		Utility — 0.1%
	35	Vermont Public Power Supply Authority, McNeil Project, Series E, Rev., NATL-RE, 5.250%, 07/01/14		36
		Virginia — 5.6%
		General Obligation — 4.6%
	900	City of Newport News, Water Improvement, Series B, GO, 5.250%, 07/01/22		1,102
	150	Loudoun County, Public Improvement, Series A, GO, 5.000%, 07/01/16		168
				1,270
		Other Revenue — 1.0%
	175	Henrico County, Public Improvement, GO, 5.000%, 07/15/20		211
	50	Virginia College Building Authority, 21st Century College & Equipment, Educational Facilities, Series E-2, Rev., 5.000%, 02/01/23		60
				271
		Total Virginia		1,541

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Washington — 2.1%
		General Obligation — 1.3%
	25	Snohomish County, School District No. 2, Everett, GO, NATL-RE, FGIC, 5.000%, 12/01/16		28
	280	State of Washington, Various Purpose, Series 2010A, GO, 5.000%, 08/01/19		334
				362
		Other Revenue — 0.6%
	150	Central Puget Sound Regional Transportation Authority, Sales Tax & Motor Vehicle Excise Tax, Series P-1, Rev., 5.000%, 02/01/25		174
		Transportation — 0.1%
	25	Port of Seattle, Intermediate Lien, Series A, Rev., NATL-RE, 5.000%, 03/01/15		27
		Utility — 0.1%
	20	Energy Northwest Project 1, Electric, Series D, Rev., 5.000%, 07/01/16		22
		Total Washington		585
		Wisconsin — 2.5%
		Other Revenue — 2.5%
		State of Wisconsin, Transportation,
	290	Series A, Rev., 5.000%, 07/01/20		347
	300	Series A, Rev., 5.000%, 07/01/26		335
		Total Wisconsin		682
		Total Municipal Bonds (Cost $25,705)		27,003
SHARES
	Short-Term Investment — 2.5%
		Investment Company — 2.5%
	687	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.010% † (b) (l) (m) (Cost $687)		687
		Total Investments — 101.6% (Cost $26,392)		27,690
		Other Assets in Excess of Liabilities — (1.6)%		(446	)
		NET ASSETS — 100.0%	$	27,244

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

Inflation-Linked Swaps (Amounts in thousands)
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE	NOTIONAL AMOUNT		VALUE
Barclays Bank plc	2.573% at termination	CPI-U at termination	01/15/14	$	1,000	$	(54	)
Barclays Bank plc	2.610% at termination	CPI-U at termination	03/19/15		1,500		(104	)
Barclays Bank plc	2.675% at termination	CPI-U at termination	10/12/15		500		(37	)
Barclays Bank plc	2.095% at termination	CPI-U at termination	05/24/16		1,000		(7	)
BNP Paribas	1.980% at termination	CPI-U at termination	01/31/14		1,000		8
BNP Paribas	2.530% at termination	CPI-U at termination	02/22/18		3,000		(82	)
BNP Paribas	2.165% at termination	CPI-U at termination	11/04/18		2,000		—
BNP Paribas	2.720% at termination	CPI-U at termination	04/01/21		8,000		(358	)
BNP Paribas	2.510% at termination	CPI-U at termination	11/04/23		1,000		—
Credit Suisse International	1.900% at termination	CPI-U at termination	05/02/14		1,000		(7	)
Deutsche Bank AG, New York	1.930% at termination	CPI-U at termination	01/03/17		5,000		(24	)
Royal Bank of Scotland	2.620% at termination	CPI-U at termination	06/28/25		1,000		(21	)
						$	(686	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 15

JPMorgan SMA Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

AGM	—  Insured by Assured Guaranty Municipal Corp.
AMBAC	—  Insured by American Municipal Bond Assurance Corp.
CPI-U	—  Consumer Price Index for All Urban Consumers
FGIC	—  Insured by Financial Guaranty Insurance Co.
GO	—  General Obligation
GTD	—  Guaranteed
MTA	—  Metropolitan Transportation Authority
NATL	—  Insured by National Public Finance Guarantee Corp.
PSF	—  Permanent School Fund
RE	—  Reinsured
Rev.	—  Revenue
XLCA	—  Insured by XL Capital Assurance
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(i)	—  Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.

(l)	—  The rate shown is the current yield as of October 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(p)	—  Security is prerefunded or escrowed to maturity.
(r)	—  Rates shown are per annum and payments are as described.
(t)	—  The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(w)	—  When-issued security.
†	—  Approximately $530,000 of this investment is restricted as collateral for swaps to various brokers.

For the JPMorgan International Value SMA Fund, the value and percentage based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A. of the notes to the financial statements, are approximately $314,829,000 and 98.6%, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

(Amounts in thousands, except per share amounts)

	International Value SMA Fund			Tax Aware Real Return SMA Fund
ASSETS:
Investments in non-affiliates, at value	$	319,455		$	27,003
Investments in affiliates, at value		—			157
Investments in affiliates-restricted, at value		—			530
Total investment securities, at value		319,455			27,690
Cash		7,557			—
Foreign currency, at value		53			—
Receivables:
Investment securities sold		1,554			—
Fund shares sold		1,021			—
Interest and dividends from non-affiliates		699			337
Tax reclaims		272			—
Outstanding swap contracts, at value		—			8
Due from Adviser		68			30
Total Assets		330,679			28,065
LIABILITIES:
Payables:
Distributions		—			64
Investment securities purchased		5,263			—
Fund shares redeemed		174			—
Variation margin on futures contracts		1			—
Outstanding swap contracts, at value		—			694
Accrued liabilities:
Custodian and accounting fees		31			5
Collateral management fees		—			3
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—
Audit fees		51			45
Other		1			10
Total Liabilities		5,521			821
Net Assets	$	325,158		$	27,244
NET ASSETS:
Paid-in-Capital	$	294,611		$	26,669
Accumulated undistributed (distributions in excess of) net investment income		5,938			25
Accumulated net realized gains (losses)		(33,489	)		(62	)
Net unrealized appreciation (depreciation)		58,098			612
Total Net Assets	$	325,158		$	27,244
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):		23,441			2,574
Net Asset Value, offering and redemption price per share (b)	$	13.87		$	10.58
Cost of investments in non-affiliates	$	261,375		$	25,705
Cost of investments in affiliates		—			157
Cost of investments in affiliates-restricted		—			530
Cost of foreign currency		53			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 17

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013

(Amounts in thousands)

	International Value SMA Fund			Tax Aware Real Return SMA Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	870
Dividend income from non-affiliates		7,422			—
Foreign taxes withheld		(666	)		—
Total investment income		6,756			870
EXPENSES:
Administration fees		214			28
Custodian and accounting fees		112			37
Professional fees		111			81
Collateral management fees		—			14
Trustees’ and Chief Compliance Officer’s fees		3			—	(a)
Printing and mailing costs		10			5
Registration and filing fees		26			16
Transfer agent fees		66			15
Other		6			5
Total expenses		548			201
Less amounts waived		(214	)		(28	)
Less expense reimbursements		(334	)		(173	)
Net expenses		—			—
Net investment income (loss)		6,756			870
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		13,415			173
Futures		183			—
Foreign currency transactions		(292	)		—
Swaps		—			(140	)
Net realized gain (loss)		13,306			33
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		39,802			(1,266	)
Futures		(6	)		—
Foreign currency translations		31			—
Swaps		—			(436	)
Change in net unrealized appreciation/depreciation		39,827			(1,702	)
Net realized/unrealized gains (losses)		53,133			(1,669	)
Change in net assets resulting from operations	$	59,889		$	(799	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	International Value SMA Fund						Tax Aware Real Return SMA Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,756		$	7,558		$	870		$	942
Net realized gain (loss)		13,306			(28,448	)		33			(17	)
Change in net unrealized appreciation/depreciation		39,827			25,119			(1,702	)		1,383
Change in net assets resulting from operations		59,889			4,229			(799	)		2,308
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(7,663	)		(7,501	)		(838	)		(918	)
Total distributions to shareholders		(7,663	)		(7,501	)		(838	)		(918	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		126,904			92,833			5,105			5,751
Distributions reinvested		5,285			5,643			—			—
Cost of shares redeemed		(61,199	)		(121,912	)		(15,905	)		(3,196	)
Change in net assets resulting from capital transactions		70,990			(23,436	)		(10,800	)		2,555
NET ASSETS:
Change in net assets		123,216			(26,708	)		(12,437	)		3,945
Beginning of period		201,942			228,650			39,681			35,736
End of period	$	325,158		$	201,942		$	27,244		$	39,681
Accumulated undistributed (distributions in excess of) net investment income	$	5,938		$	7,132		$	25		$	(7	)
SHARE TRANSACTIONS:
Issued		10,116			8,284			469			524
Reinvested		456			550			—			—
Redeemed		(4,984	)		(10,921	)		(1,467	)		(290	)
Change in Shares		5,588			(2,087	)		(998	)		234

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 19

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
International Value SMA Fund
Year Ended October 31, 2013	$	11.31	$	0.31		$	2.69		$	3.00		$	(0.44	)
Year Ended October 31, 2012		11.47		0.43			(0.21	)		0.22			(0.38	)
Year Ended October 31, 2011		12.30		0.41	(e)		(1.00	)		(0.59	)		(0.24	)
Year Ended October 31, 2010		10.80		0.22			1.45			1.67			(0.17	)
Year Ended October 31, 2009		8.40		0.26	(e)		2.38			2.64			(0.24	)

(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) The Fund’s expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Fund. Participants in these programs pay a fee to the sponsor of the program.

(c) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

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

(e) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period (000’s)		Net expenses (b)(c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (d)
$	13.87		27.33	%	$	325,158		—	%		2.66	%		0.22	%		72	%
	11.31		2.28			201,942		—			3.58			0.21			81
	11.47		(4.95	)		228,650		—			3.27			0.21			65
	12.30		15.67			187,569		—			1.89			0.24			85
	10.80		32.28			169,705		—			2.86			0.35			119

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 21

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
Tax Aware Real Return SMA Fund
Year Ended October 31, 2013	$	11.11	$	0.29	$	(0.54	)	$	(0.25	)	$	(0.28	)	$	—		$	(0.28	)
Year Ended October 31, 2012		10.71		0.27		0.39			0.66			(0.26	)		—			(0.26	)
Year Ended October 31, 2011		10.50		0.28		0.21			0.49			(0.28	)		—			(0.28	)
Year Ended October 31, 2010		10.34		0.32		0.17			0.49			(0.32	)		(0.01	)		(0.33	)
Year Ended October 31, 2009		9.49		0.38		0.85			1.23			(0.38	)		—			(0.38	)

(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) The Fund’s expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Fund. Participants in these programs pay a fee to the sponsor of the program.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period (000’s)		Net expenses (b)(c)			Net investment income (loss)			Expenses without waivers reimbursements and earnings  credits			Portfolio turnover rate (d)
$	10.58		(2.29	)%	$	27,244		—	%		2.58	%		0.60	%		16	%
	11.11		6.24			39,681		—			2.45			0.51			4
	10.71		4.72			35,736		—			2.65			0.62			17
	10.50		4.77			15,915		—			3.08			1.46			4
	10.34		13.15			10,302		—			3.76			1.50			32

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 23

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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:

	Diversified/Non-Diversified
International Value SMA Fund	Diversified (effective 2/29/12)
Tax Aware Real Return SMA Fund	Diversified

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

The investment objective of Tax Aware Real Return SMA Fund is to seek to maximize after-tax inflation protected return.

Shares of the Funds may be purchased only by or on behalf of separately managed accounts where J.P. Morgan Investment Management Inc. serves as the investment adviser or sub-adviser to the account with the separately managed account sponsor or directly with the client. The Funds’ shares may not be purchased directly by individuals.

2. Significant Accounting Policies

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

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

Certain investments of the Funds may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Funds to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

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

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also

24 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Funds apply fair value pricing on equity securities on a daily basis except for North American, Central American, South American and Caribbean equity securities held in their portfolios by utilizing the quotations of an independent pricing service, unless the Adviser determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time a Fund calculates its net asset value.

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

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

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

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

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

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

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

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

International Value SMA Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	—		$	5,809	$	—		$	5,809
Belgium		—			13,286		—			13,286
Canada		4,626			—		—			4,626
China		—			7,891		—			7,891
Denmark		—			10,538		—			10,538
Finland		—			10,667		40	*		10,707
France		10,632			40,026		—			50,658
Germany		—			26,325		—			26,325
Hong Kong		—			15,570		—			15,570
Italy		—			16,123		—			16,123
Japan		—			83,915		—			83,915
Norway		—			9,814		—			9,814
South Korea		—			9,361		—			9,361
Sweden		—			6,537		—			6,537
Switzerland		—			24,681		—			24,681
United Kingdom		—			13,537		—			13,537
Total Common Stocks		15,258			294,080		40	*		309,378
Preferred Stock
Germany		—			10,077		—			10,077
Total Preferred Stock		—			10,077		—			10,077
Total Investments in Securities	$	15,258		$	304,157	$	40	*	$	319,455
Appreciation in Other Financial Instruments
Futures Contracts	$	5		$	—	$	—		$	5
Depreciation in Other Financial Instruments
Futures Contracts	$	—	(a)	$	—	$	—		$	—	(a)

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

Tax Aware Real Return SMA Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	687	$	27,003		$	—	$	27,690
Appreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	8		$	—	$	8
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(694	)	$	—	$	(694	)

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

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

  * Level 3 securities are valued by brokers and pricing services. At October 31, 2013, the value of these securities was approximately $40,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of broker and vendor due diligence, unchanged price review and consideration of macro or security specific events.

There were no transfers between Levels 1 and 2 during the year ended October 31, 2013.

B. Restricted and Illiquid Securities — Certain securities held by International Value SMA Fund may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and include, but are not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Fund. As of October 31, 2013, International Value SMA Fund had no investments in restricted securities.

The value and percentage of net assets of illiquid securities held by International Value SMA Fund as of October 31, 2013 were approximately $40,000 and 0.01% respectively.

C. Futures Contracts — International Value SMA Fund uses index futures contracts to gain or reduce exposure to the stock market, maintain liquidity and minimize transaction costs. The Fund buys futures contracts to immediately 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. The use of futures contracts exposes the Fund to equity price risk.

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 unrealized appreciation (depreciation) in the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOI 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 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.

26 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

The table below discloses the volume of the Fund’s futures contracts activity during the year ended October 31, 2013 (amount in thousands):

	International Value SMA Fund
Futures Contracts
Average Notional Balance Long	$	854
Ending Notional Balance Long		1,808

D. Swaps — Tax Aware Real Return SMA Fund engages in inflation-linked swaps to provide inflation protection within its portfolio. Swap transactions are negotiated contracts (“over the counter “OTC” swaps”) between a fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOI and cash deposited is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation or depreciation in the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund and is reported on the Statements of Assets and Liabilities as Investments in affiliates — restricted. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.F.). These amounts are not reflected on the Fund’s Statements of Assets and Liabilities and are disclosed in the table below.

The Fund’s swap contracts at net value and collateral posted or received by counterparty as of October 31, 2013 is as follows (amounts in thousands):

Fund		Counterparty		Value of swap contracts			Collateral amount
Tax Aware Real Return SMA Fund	Collateral Posted		BNP Paribas	$	(432	)	$	530

Daily movement of collateral is subject to minimum threshold amounts.

The central clearing house acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearinghouse.

The use of swaps exposes the Fund to interest rate risk. The Fund also may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying rate; (ii) counterparty credit risk related to the failure, by the counterparty to the swap, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms.

Tax Aware Real Return SMA 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 also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements gives the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Tax Aware Real Return SMA Fund.

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

The table below discloses the Fund’s swap activity during the year ended October 31, 2013 (amounts in thousands):

	Tax Aware Real Return SMA Fund
Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance — Pays Fixed Rate	$	31,846
Ending Notional Balance — Pays Fixed Rate		26,000

E. Summary of Derivatives Information

The following table presents the value of derivatives held as of October 31, 2013, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Value SMA Fund

Derivative Contract	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	5
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	—	(b)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable to brokers.

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

The following table presents the value of derivatives held as of October 31, 2013, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Tax Aware Real Return SMA Fund

Derivative Contract	Statement of Assets and Liabilities Location
Gross Assets:		Swaps
Interest rate contracts	Receivables	$	8
Gross Liabilities:
Interest rate contracts	Payables	$	(694	)

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2013, by primary underlying risk exposure (amounts in thousands):

International Value SMA Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts
Equity contracts	$	183

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts
Equity contracts	$	(6	)

Tax Aware Real Return SMA Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Swaps
Interest rate contracts	$	(140	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Swaps
Interest rate contracts	$	(436	)

The Funds’ derivative contracts held at October 31, 2013 are not accounted for as hedging instruments under GAAP.

28 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

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

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

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

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. 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.

H. Allocation of 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.

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 gain 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 October 31, 2013, 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 Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

J. Foreign Taxes — International Value SMA 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.

K. Distributions to Shareholders — Distributions from net investment income are generally declared and paid annually for International Value SMA Fund and monthly for Tax Aware Real Return SMA Fund. 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 (distribution in excess of) net investment income			Accumulated net realized gains (losses)
International Value SMA Fund	$	—	(a)	$	(287	)	$	287
Tax Aware Real Return SMA Fund		—			—	(a)		—	(a)

(a) Amount rounds to less than $1000.

The reclassifications for International Value SMA Fund relate primarily to foreign currency gains or losses.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser does not charge an advisory fee to the Funds. It should be understood, however, that the Funds are an integral part of separately managed account programs. Participants in these programs pay a fee to the sponsor of the program. The Adviser is compensated directly or indirectly by the separately managed account sponsors.

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

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 October 31, 2013, 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.E.

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 “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Funds’ shares. The Distributor receives no compensation in its capacity as the Funds’ underwriter.

D. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. International Value SMA Fund earns interest on uninvested cash balances held by the custodian. Such interest amounts are presented separately in the Statements of Operations. For Tax Aware Real Return SMA Fund, payments to the custodian may be reduced by credits earned, if any, by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately in the Statements of Operations.

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

E. Waivers and Reimbursements — No expenses or fees (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees Deferred Compensation Plan) are borne by the Funds pursuant to contractual arrangements with the Adviser through February 28, 2014.

For the year ended October 31, 2013, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers		Contractual Reimbursements
	Administration
International Value SMA Fund	$	214	$	334
Tax Aware Real Return SMA Fund		28		173

F. Collateral Management Fees — JPMCB provides derivatives collateral management services for Tax Aware Real Return SMA Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral Management fees on the Statements of Operations.

G. Other — The Funds may invest in affiliated J.P. Morgan money market funds. The Funds’ Adviser and its affiliates provide services to and receive fees from the J.P. Morgan money market funds; therefore, the Adviser and its affiliates may indirectly receive fees, including advisory fees, from the Funds.

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

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

The 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 October 31, 2013, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2013, 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.

30 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

4. Investment Transactions

During the year ended October 31, 2013, 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)
International Value SMA Fund	$	246,899	$	177,335
Tax Aware Real Return SMA Fund		5,302		15,268

During the year ended October 31, 2013, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2013 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
International Value SMA Fund	$	264,600	$	62,759	$	7,904	$	54,855
Tax Aware Real Return SMA Fund		26,413		1,349		72		1,277

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of Passive Foreign Investment Companies (“PFICs”) and wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2013 was as follows (amounts in thousands):

	Total Distributions Paid From:					Total Distributions Paid
	Ordinary Income			Tax-Exempt Distributions
International Value SMA Fund	$	7,663		$	—	$	7,663
Tax Aware Real Return SMA Fund		—	(a)		838		838

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

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

	Total Distributions Paid From:				Total Distributions Paid
	Ordinary Income		Tax-Exempt Distributions
International Value SMA Fund	$	7,501	$	—	$	7,501
Tax Aware Real Return SMA Fund		—		918		918

As of October 31, 2013, the components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Tax Exempt Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
International Value SMA Fund	$	6,171	$	—	$	(30,487	)	$	54,868
Tax Aware Real Return SMA Fund		—		90		(39	)		591

For the Funds, the cumulative timing differences primarily consist of mark to market of PFICs, distribution payable and wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011 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 October 31, 2013, International Value SMA Fund had post-enactment net capital loss carryforwards (amounts in thousands):

	Short Term		Long Term
International Value SMA Fund	$	8,402	$	5,886

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

As of October 31, 2013, the Funds had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains (amounts in thousands):

	2017		2018		2019		Total
International Value SMA Fund	$	16,199	$	—	$	—	$	16,199
Tax Aware Real Return SMA Fund		—		35		4		39

During the year ended October 31, 2013, the Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Pre-Enactment Capital  Loss Carryforwards Utilized		Post-Enactment Capital Loss Carryforwards Utilized				Total Capital Loss Carryforwards  Utilized
			Short-Term		Long-Term
International Value SMA Fund	$	—	$	5,991	$	7,621	$	13,612
Tax Aware Real Return SMA Fund		17		2		14		33

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).

In addition, 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 10, 2014.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013, or at any time during the year then ended.

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

7. Risks, Concentrations and Indemnifications

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

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

As of October 31, 2013, substantially all of the International Value SMA Fund’s net assets consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

As of October 31, 2013, the Fund listed below had the following country allocations representing greater than 10% of total investments.

	France			Germany			Japan
International Value SMA Fund		15.9	%		11.4	%		26.3	%

International Value SMA Fund has several shareholders, which are accounts maintained by separately managed account sponsors on behalf of their clients, that own significant portions of the Fund’s outstanding shares. Tax Aware Real Return SMA Fund has a shareholder, which is an account maintained by a separately managed account sponsor on behalf of its clients, that owns all of the Fund’s outstanding shares. Significant shareholder transactions by these shareholders, if any, may impact the Funds’ performance.

32 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

Tax Aware Real Return SMA Fund invests primarily in a portfolio of municipal debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Fund’s ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

8. New Accounting pronouncement

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. In January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, which updated ASU 2011-11. The ASU creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives, repurchase agreements and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of these changes on the Funds’ financial statement disclosures.

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 33

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan International Value SMA Fund and JPMorgan Tax Aware Real Return SMA 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 International Value SMA Fund and JPMorgan Tax Aware Real Return SMA Fund (each a separate Fund of JPMorgan Trust I) (hereafter referred to as the “Funds”) at October 31, 2013, 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 at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

34 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 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)
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).	171	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); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-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).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Funds’ investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment 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 is 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.

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

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

36 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

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

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 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 and (2) ongoing costs, including administration 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 Fund at the beginning of the reporting period, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

Actual Expenses

For 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 Fund 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 Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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 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 Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During the Period†*		Annualized Expense Ratio†
International Value SMA Fund
Actual	$	1,000.00	$	1,073.50	$	0.00		0.00	%
Hypothetical		1,000.00		1,025.21		0.00		0.00
Tax Aware Real Return SMA Fund
Actual		1,000.00		974.50		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

† Reflects the fact that no fees or expenses are borne by the Funds. The Funds are an integral part of “separately managed accounts” programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Funds and the Investment Adviser. Participants in these programs pay a fee to the sponsor of the program.

* Expenses are equal to each Fund’s respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

38 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 22, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Funds’ performance compared to the performance of the Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ performance. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreements with representatives of the Adviser and with counsels to the Trust and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Trust and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the overall arrangement between the Funds and the Adviser, as provided in each Advisory Agreement, was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 39

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees noted that there was no advisory fee charged to the Funds. The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each of the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund.

The Trustees also considered that JPMFM did not earn fees from the Funds for providing administrative services due to contractual waivers it has in place. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. In addition, the Trustees considered that the Adviser receives fees from sponsors of separately managed accounts that are invested in the Funds. The Board also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the adviser.

Economies of Scale

The Trustees noted that there was not an investment advisory fee charged to the Funds. The Trustees also noted that the fee schedule for the administrative services provided by JPMFM includes a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Funds would benefit from that breakpoint in the absence of the current waivers in place for the Funds. The Trustees also recognized the Adviser has fee waivers and expense limitations in place that serve to limit the Funds’ overall net expense ratios at

competitive levels. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the Advisory Agreement or management fees including administrative fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of each Fund. The Trustees also considered the complexity of investment management for the Funds relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees further noted that the overall fee structure of the Funds as compared to the Adviser’s other clients was reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one- and three-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance are summarized below:

The Trustees noted that the International Value SMA Fund’s performance was in the second quintile for each of the one-, three-, and five-year periods ended December 31, 2012. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Tax Aware Real Return SMA Fund’s performance was in the third, fourth and third quintiles for the

40 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

one-, three-, and five-year periods ended December 31, 2012, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the fixed income committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Funds are not charged a separate investment advisory fee by the Adviser because the Funds are used only by managed-account strategies advised by the Adviser. The Trustees considered each Fund’s contractual advisory fee rate and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee (which is 0.00%) and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for

each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the expenses of each Fund after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of expense ratios because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s expense ratios are summarized below:

The Trustees noted that the International Value SMA Fund’s contractual advisory fee was 0.00% and that the actual total expenses were in the first quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Tax Aware Real Return SMA Fund’s contractual advisory fee was 0.00% and that the actual total expenses were in the first quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

OCTOBER 31, 2013 J.P. MORGAN SMA FUNDS 41

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2013. 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, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be received under separate cover.

Qualified Dividend Income (QDI)

For the fiscal year ended October 31, 2013, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%. The following represents the amount of ordinary income distributions treated as qualified dividends (amounts in thousands):

	Qualified Dividend Income
International Value SMA Fund	$	7,663

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2013, the Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Gross income and foreign tax expenses are as follows (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
International Value SMA Fund	$	6,758	$	666

The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date in December 2013. These shareholders will receive more detailed information along with 2013 Form 1099-DIV.

Tax-Exempt Income

The following represents the percentage of distributions paid from net investment income that are exempt from federal income tax for the fiscal year ended October 31, 2013:

	Exempt Distributions Paid
Tax Aware Real Return SMA Fund		99.96	%

42 J.P. MORGAN SMA FUNDS OCTOBER 31, 2013

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. 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.

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 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 no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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

^© JPMorgan Chase & Co., 2013.  All rights reserved. October 2013. AN-SMA-1013

Annual Report

J.P. Morgan Specialty Funds

October 31, 2013

JPMorgan Global Natural Resources Fund

JPMorgan International Realty Fund

JPMorgan Strategic Preservation Fund

CONTENTS

CEO’s Letter	1
Fund Commentaries:
JPMorgan Global Natural Resources Fund	2
JPMorgan International Realty Fund	5
JPMorgan Strategic Preservation Fund	8
Schedules of Portfolio Investments	11
Financial Statements	22
Financial Highlights	30
Notes to Financial Statements	36
Report of Independent Registered Public Accounting Firm	48
Trustees	49
Officers	51
Schedule of Shareholder Expenses	52
Board Approval of Investment Advisory Agreements	54
Tax Letter	57
Privacy Notice — Located at the back of this Annual Report

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

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

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

CEO’S LETTER

DECEMBER 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

  “As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio.”

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury

yields fell from their reporting period peak in early September 2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junk bonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well- diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 1

JPMorgan Global Natural Resources Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(15.90)%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)		25.77%
Euromoney Mining, Gold and Energy Index (net of foreign withholding taxes) (Formerly called the HSCB Gold, Mining and Energy Index)		(17.30)%
Net Assets as of 10/31/2013 (In Thousands)	$	37,429

INVESTMENT OBJECTIVE**

The JPMorgan Global Natural Resources Fund (the “Fund”) seeks to provide long-term capital appreciation.

HOW DID THE MARKET PERFORM?

In most parts of the world, central banks continued their efforts to stimulate economic growth with accommodative policies. In Europe, the European Central Bank committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. The U.S. Federal Reserve also remained committed to accommodative policies and U.S. equities received an additional boost from continued signs of a recovery in the housing market. Meanwhile, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012. Japanese equities performed strongly as investors reacted positively to the new government’s policies. Although international developed equities posted robust gains for the reporting period, resource equities, in general, performed poorly, in part, on concerns that slower growth, particularly in China, would put pressure on commodity prices. The Euromoney Mining, Gold and Energy Index (net of foreign withholding taxes) significantly underperformed the broader equity market during the reporting period. Given the performance of resource equities relative to the broader market, the Fund underperformed the MSCI World Index (net of foreign withholding taxes) during the reporting period. The Fund, however, outperformed the Euromoney Mining, Gold and Energy Index (net of foreign withholding taxes) for the twelve months ended October 31, 2013.

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

The Fund’s investments in gold and precious metals were the most significant detractors from performance. Gold prices fell sharply during the reporting period which, combined with the production shortfalls and cost overruns that plagued many gold producers, contributed to a decline in gold mining stocks. Within the gold and precious metals sector, individual positions in Goldcorp, Inc. and Yamana Gold, Inc. were among the largest detractors from the Fund’s performance.

Several of the Fund’s energy holdings performed strongly during the reporting period. Shares of Anadarko Petroleum Corp. rose as the oil exploration and production company continued to expand production in Texas and Colorado. The company, along with its partners, also continues to explore offshore basins. Shares of Tethys Petroleum Limited, an oil and gas exploration and production company, moved higher during the reporting period. The company and its partners have indicated that they are looking to develop an area in Tajikistan that some believe could hold more oil and gas than the North Sea. Tethys Petroleum Limited also owns other oil and gas projects in Central Asia.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers invested in the equity securities of natural resource companies operating primarily in the gold and precious metals, energy and base metals sub-sectors. They used bottom-up fundamental research in an attempt to identify what they believed were attractively priced stocks of companies that appeared positioned to grow their long-term earnings by increasing production and reserves. The Fund was invested across various sub-sectors within natural resources as well as across regions and market capitalizations.

2 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Rio Tinto plc (United Kingdom)	6.4	%
	2.	Freeport-McMoRan Copper & Gold, Inc. (United States)	6.0
	3.	Glencore Xstrata plc (Switzerland)	5.9
	4.	BHP Billiton plc (United Kingdom)	5.3
	5.	Anadarko Petroleum Corp. (United States)	5.2
	6.	First Quantum Minerals Ltd. (Canada)	3.9
	7.	Concho Resources, Inc. (United States)	2.6
	8.	Lundin Mining Corp. (Canada)	2.2
	9.	Lundin Petroleum AB (Sweden)	2.1
	10.	Fortescue Metals Group Ltd. (Australia)	2.1

PORTFOLIO COMPOSITION BY COUNTRY***
Canada	28.2	%
United Kingdom	21.6
United States	19.5
Australia	8.2
Switzerland	7.3
Netherlands	3.2
Sweden	2.1
Russia	1.7
South Africa	1.6
Norway	1.2
Others (each less than 1.0%)	1.7
Short-Term Investment	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 October 31, 2013. The Fund’s composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Global Natural Resources Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		11/30/10
Without Sales Charge				(16.23	)%		(13.46	)%
With Sales Charge*				(20.64	)		(15.04	)
CLASS C SHARES		11/30/10
Without CDSC				(16.63	)		(13.88	)
With CDSC**				(17.63	)		(13.88	)
CLASS R2 SHARES		11/30/10		(16.43	)		(13.67	)
CLASS R5 SHARES		11/30/10		(15.76	)		(13.04	)
CLASS R6 SHARES		11/30/11		(15.75	)		(13.02	)
SELECT CLASS SHARES		11/30/10		(15.90	)		(13.21	)

* 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.

LIFE OF FUND PERFORMANCE (11/30/10 TO 10/31/13)

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, 2010.

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Natural Resources Fund, the MSCI World Index, the Euromoney Mining Gold and Energy Index (formerly HSBC Gold, Mining and Energy Index) and the Lipper Global Natural Resources Funds Index from November 30, 2010 to October 31, 2013. 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 Euromoney Mining Gold and Energy 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. For the MSCI World Index, the dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper Global Natural Resources 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

Euromoney Mining Gold and Energy Index is comprised of three natural resources sector components which are each equally weighted to reflect 1/3 of the index: 1) the Mining component, consisting of the Euromoney Global Mining Index, excluding Gold, Coal and Uranium, 2) the Gold component, consisting of all gold producers found in the Euromoney Mining Gold and Energy Index, and 3) the Energy component, comprised of the Energy sector within the Euromoney Global Equities Index plus any Coal or Uranium companies in the Global Mining Index. The three components are rebalanced quarterly at the end of each March, June, September and December and the index is net of withholding taxes. The Lipper Global Natural Resources Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

4 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

JPMorgan International Realty Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R5 Shares, without a sales charge)*		12.15%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		26.88%
FTSE EPRA/NAREIT Developed ex US Net of Tax US Tax Stance (net of foreign withholdings taxes) (“Real Estate Securities Benchmark”)		14.36%
Net Assets as of 10/31/2013 (In Thousands)	$	304,270

INVESTMENT OBJECTIVE**

The JPMorgan International Realty Fund (the “Fund”) will seek long-term capital growth.

HOW DID THE MARKET PERFORM?

Central banks in most developed market economies continued their efforts to stimulate growth with accommodative policies. The European Central Bank committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Meanwhile, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012. The MSCI EAFE Index and the Real Estate Securities Benchmark returned 26.88% and 14.36%, respectively, for the twelve months ended October 31, 2013.

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

The Fund (Class R5 shares, without a sales charge) underperformed the MSCI EAFE Index (net of foreign withholding taxes) and the Real Estate Securities Benchmark for the twelve months ended October 31, 2013.

The Fund invests primarily in equity securities of real estate investment trusts (REITs), while the MSCI EAFE Index is a broad-based market index that represents 22 developed markets outside of the U.S. and Canada. The Fund’s relative underperformance versus the MSCI EAFE Index (net of foreign withholding taxes) was driven by its positioning in REITs which, in general, lagged the broader developed equity market.

Relative to the Real Estate Securities Benchmark, stock selection in Japan and China detracted from performance for the reporting period. This detractor was partially offset by positive stock selection in Singapore and the UK. From a sector perspective, the Fund’s holdings in the diversified sector were

the principal detractors from relative performance, while stock selection in the retail sector was beneficial to results.

In terms of individual companies, not owning Sumitomo Realty & Development Co. detracted from relative performance, as did the Fund’s overweight positions, relative to the Real Estate Securities Benchmark, in New World Development Co., Ltd. and Capitaland Limited. Shares of Sumitomo Realty & Development Co., a Japan-based developer, rose sharply against a backdrop of greater home demand. As such, not having a position in the company detracted from performance relative to the Real Estate Securities Benchmark. Shares of New World Development Co., Ltd., a Hong Kong-based developer, performed poorly as Hong Kong’s real estate market leveled off. Shares of Singapore-based Capitaland Limited declined as the company’s profit margins narrowed during the reporting period.

The Fund’s overweight positions, relative to the Real Estate Securities Benchmark, in Mitsui Fudosan Co., Ltd., Mitsubishi Estate Company, Limited, and Helical Bar Plc. all contributed to relative performance during the reporting period. Shares in Mitsui Fudosan Co., Ltd., a major Japanese developer, rose as investor sentiment for the company improved after it sold certain of its assets. Shares of another major Japanese developer, Mitsubishi Estate Company, Limited, rose as profit margins increased in its residential-focused businesses. Finally, shares of Helical Bar Plc., a UK-based developer, moved higher as the country’s economic recovery gained some momentum.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers projected long-term cash flow for each company and valued real estate securities using a proprietary dividend discount model. As a result of this process, the Fund’s largest country overweight relative to the Real Estate Securities Benchmark was in France and its largest country underweight was in Switzerland.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan International Realty Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Mitsubishi Estate Co., Ltd. (Japan)	9.6	%
	2.	Mitsui Fudosan Co., Ltd. (Japan)	8.8
	3.	Unibail-Rodamco SE (France)	7.3
	4.	Westfield Group (Australia)	4.0
	5.	British Land Co. plc (United Kingdom)	4.0
	6.	Wharf Holdings Ltd. (Hong Kong)	4.0
	7.	Japan Real Estate Investment Corp. (Japan)	3.9
	8.	Goodman Group (Australia)	3.4
	9.	Hammerson plc (United Kingdom)	2.9
	10.	CapitaLand Ltd. (Singapore)	2.8

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	28.4	%
Australia	13.9
United Kingdom	13.7
Hong Kong	13.2
Singapore	8.9
France	8.5
Canada	6.3
Germany	2.5
Others (each less than 1.0%)	2.5
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 October 31, 2013. The Fund’s composition is subject to change.

6 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		11/30/06
Without Sales Charge				11.57	%		11.24	%		(0.46	)%
With Sales Charge*				5.67			10.05			(1.24	)
CLASS C SHARES		11/30/06
Without CDSC				11.10			10.69			(0.96	)
With CDSC**				10.10			10.69			(0.96	)
CLASS R5 SHARES		11/30/06		12.15			11.78			(0.00	)
SELECT CLASS SHARES		11/30/06		11.87			11.54			(0.21	)

* 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.

LIFE OF FUND PERFORMANCE (11/30/06 TO 10/31/13)

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, 2006.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan International Realty Fund, MSCI EAFE Index, FTSE EPRA/NAREIT Developed ex US Net of Tax US Tax Stance and Lipper International Real Estate Funds Average from November 30, 2006 to October 31, 2013. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or sales charges associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the FTSE EPRA/NAREIT Developed ex US Net of Tax US Tax Stance does not reflect the deduction of expenses or sales charges associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends, after deduction of withholding tax, and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the Lipper International Real Estate Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The FTSE EPRA/NAREIT

Developed ex US Net of Tax US Tax Stance is a subset of the FTSE EPRA/NAREIT Developed Index, where the FTSE EPRA/NAREIT Developed Index is designed to track the performance of listed real estate companies and REITs worldwide, and the FTSE EPRA/NAREIT Developed ex US Net of Tax US Tax Stance excludes all US companies and is net of withholding tax from the perspective of a U.S. investor. All index constituents are fully free float adjusted in accordance with FTSE’s index rules, to reflect the actual availability of stock in the market for public investment. Each FTSE constituent weighting is adjusted to reflect restricted shareholdings and foreign ownership to ensure an accurate representation of investable market capitalization. Investors cannot invest directly in an index. The Lipper International Real Estate Funds Average represents 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 have no minimum initial investment.

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

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

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

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 7

JPMorgan Strategic Preservation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		6.69%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.09%
Net Assets as of 10/31/2013 (In Thousands)	$	75,709

INVESTMENT OBJECTIVE**

The JPMorgan Strategic Preservation Fund (the “Fund”) seeks to provide a total return from a diversified portfolio of stocks and bonds.

HOW DID THE MARKET PERFORM?

The global financial markets experienced periods of volatility during the reporting period. This volatility was triggered by a number of factors, including mixed economic data, geopolitical issues, expectations for future central bank monetary policies and, in the U.S., the impact of the fiscal cliff, sequestration and partial government shutdown. The global equity markets were highly resilient and generally produced strong results during the reporting period. In contrast, the global bond market was weak overall.

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

The Fund (Class A Shares, without a sales charge) outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Benchmark”) for the twelve months ended October 31, 2013. The Fund’s outperformance was predominantly driven by its allocation to global stocks, particularly U.S. and Japanese equities. In addition, the Fund’s stock selection contributed to its performance. Areas of particular strength were global financial companies, Japanese exporters, UK homebuilders and European health care firms. The Fund also

benefited from its exposure to convertible bonds. The duration of the Fund’s fixed income holdings fluctuated between 0.6 and 4.0 years during the reporting period, generally averaging approximately 2.0 years (duration is used to measure the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates). Within the fixed income market, the Fund had a preference for European debt.

HOW WAS THE FUND POSITIONED?

The Fund invested in global stocks and bonds, convertible bonds, U.S. Treasury securities and cash. Several adjustments were made to the portfolio during the reporting period. The Fund’s allocation to convertible bonds was reduced during the first and second quarters of 2013, as interest rates rose due to expectations that the U.S. Federal Reserve (the “Fed”) would begin tapering its asset purchase program sooner than previously anticipated. The Fund’s U.S. equity exposure was also tactically reduced in July 2013 given Fed tapering concerns. The Fund continued to gradually build its position in Japanese equities during the period amidst highly accommodative fiscal and monetary policy in Japan. Finally, the Fund’s duration was tactically adjusted throughout the reporting period.

The Fund used futures for efficient portfolio management and to implement tactical positioning. The Fund also used currency derivatives to hedge its exposure to foreign currencies during the reporting period.

8 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	Bundesrepublik Deutschland, (Germany), 4.250%, 07/04/18	5.6	%
	2.	Bundesobligation, (Germany), 0.250%, 04/13/18	5.5
	3.	Kingdom of Spain, (Spain), 4.100%, 07/30/18	5.3
	4.	Kingdom of Spain, (Spain), 4.600%, 07/30/19	5.1
	5.	U.S. Treasury Note, (United States), 1.625%, 08/15/22	5.0
	6.	International Bank for Reconstruction & Development, (Supranational), 1.125%, 08/25/14	4.2
	7.	Finland Government Bond, (Finland), 1.250%, 10/19/15	3.3
	8.	Finland Government Bond, (Finland), 2.750%, 07/04/28	2.8
	9.	Inter-American Development Bank, (Supranational), 2.375%, 08/15/17	2.4
	10.	European Investment Bank, (Supranational), 1.000%, 12/15/17	2.2

PORTFOLIO COMPOSITION BY COUNTRY***
United States	23.0	%
Germany	13.4
Japan	12.3
Spain	10.4
Supranational	8.9
United Kingdom	6.4
Finland	6.1
France	4.0
Netherlands	2.9
Switzerland	1.6
Cayman Islands	1.0
Belgium	1.0
Others (each less than 1.0%)	1.3
Short-Term Investment	7.7

* 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 October 31, 2013. The Fund’s composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 9

JPMorgan Strategic Preservation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		3/30/07
Without Sales Charge				6.69	%		3.32	%		1.81	%
With Sales Charge*				2.69			2.52			1.23
CLASS C SHARES		3/30/07
Without CDSC				6.15			2.80			1.31
With CDSC**				5.15			2.80			1.31
CLASS R5 SHARES		3/30/07		7.14			3.77			2.27
SELECT CLASS SHARES		3/30/07		6.97			3.56			2.06

* Sales Charge for Class A Shares is 3.75%.

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

LIFE OF FUND PERFORMANCE (3/30/07 TO 10/31/13)

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

The Fund commenced operations on March 30, 2007.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Strategic Preservation Fund, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, the Strategic Preservation Composite Benchmark and the Lipper Global Flexible Portfolio Funds Index from March 30, 2007 to October 31, 2013. 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 BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and the Strategic Preservation 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 Global Flexible Portfolio 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 Strategic Preservation Composite Benchmark is a composite benchmark comprised of unmanaged indexes that includes 20% MSCI World Index, 50% Barclays Global Aggregate Bond Index and 30% BofA Merrill Lynch 3-Month U.S. Treasury Bill

Index. The Lipper Global Flexible Portfolio Funds Index is an index based on the total returns of certain mutual funds within the Funds’s designated category as defined by Lipper, Inc. The performance of the MSCI World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The Barclays Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed-rate debt markets. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 3.75% 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 redemption of Fund shares.

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

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

10 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

JPMorgan Global Natural Resources Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.1%
		Australia — 8.2%
	130	African Petroleum Corp., Ltd. (a) (m)		18
	114	Aurora Oil & Gas Ltd. (a) (m)		350
	310	Base Resources Ltd. (a) (m)		122
	145	Beach Energy Ltd. (m)		196
	97	Beadell Resources Ltd. (a) (m)		84
	159	Fortescue Metals Group Ltd. (m)		777
	202	Gascoyne Resources Ltd. (a) (m)		41
	310	Gryphon Minerals Ltd. (a) (m)		45
	72	Indophil Resources NL (a) (m)		11
	442	Kagara Ltd. (a) (i)		—
	711	Marengo Mining Ltd. (a) (m)		17
	186	Mawson West Ltd. (a) (m)		95
	28	Mineral Deposits Ltd. (a) (m)		82
	121	Northern Star Resources Ltd. (m)		100
	154	OceanaGold Corp., CDI (a) (m)		252
	410	Pancontinental Oil & Gas NL (a) (m)		25
	36	Papillon Resources Ltd. (a) (m)		39
	35	Sandfire Resources NL (a) (m)		212
	163	Sarama Resources Ltd. (a) (m)		24
	42	Sirius Resources NL (a) (m)		105
	430	Sundance Resources Ltd. (a) (m)		43
	614	Tiger Resources Ltd. (a) (m)		229
	50	Western Areas Ltd. (m)		132
	531	World Titanium Resources Ltd. (a) (m)		80
				3,079
		Bermuda — 0.6%
	8	Energy XXI Bermuda Ltd. (m)		227
		Canada — 28.1%
	14	Africa Oil Corp. (a) (m)		128
	22	Alamos Gold, Inc. (m)		344
	7	Alpha Minerals, Inc. (a) (m)		34
	61	Asanko Gold, Inc. (a) (m)		144
	111	Augusta Resource Corp. (a) (m)		211
	180	Aureus Mining, Inc. (a) (m)		116
	156	B2Gold Corp. (a) (m)		386
	139	Banro Corp. (a) (m)		115
	5	Brazilian Gold Corp. (a) (m)		—	(h)
	18	Cameco Corp. (m)		340
	14	Capstone Mining Corp. (a) (m)		36
	15	Caracal Energy, Inc. (a) (m)		112
	22	Cenovus Energy, Inc. (m)		657
	20	Centerra Gold, Inc. (m)		82
	58	Denison Mines Corp. (a) (m)		64
	8	Dominion Diamond Corp. (a) (m)		108

SHARES		SECURITY DESCRIPTION	VALUE($)
		Canada — Continued
	62	Duluth Metals Ltd. (a) (m)		55
	77	First Quantum Minerals Ltd. (m)		1,463
	71	Fission Uranium Corp. (a) (m)		71
	19	Goldcorp, Inc. (m)		487
	65	Gran Tierra Energy, Inc. (a) (m)		493
	14	HudBay Minerals, Inc. (m)		113
	9	Kennady Diamonds, Inc. (a) (m)		51
	144	Loncor Resources, Inc. (a) (m)		28
	502	Lucara Diamond Corp. (a) (m)		616
	183	Lundin Mining Corp. (a) (m)		825
	224	Mandalay Resources Corp. (m)		159
	39	Mountain Province Diamonds, Inc. (a) (m)		198
	76	New Gold, Inc. (a) (m)		444
	75	New Zealand Energy Corp. (a) (m)		28
	222	Panoro Minerals Ltd. (a) (m)		87
	46	Parex Resources, Inc. (a) (m)		265
	218	Platinum Group Metals Ltd. (a) (m)		253
	21	Reservoir Minerals, Inc. (a) (m)		89
	207	Romarco Minerals, Inc. (a) (m)		75
	8	Silver Wheaton Corp. (m)		175
	38	Silvercrest Mines, Inc. (a) (m)		67
	5	Suncor Energy, Inc. (m)		182
	26	Teck Resources Ltd., Class B (m)		704
	92	Trevali Mining Corp. (a) (m)		87
	248	WesternZagros Resources Ltd. (a) (m)		218
	41	Yamana Gold, Inc. (m)		406
				10,516
		Ireland — 0.9%
	807	Kenmare Resources plc (a) (m)		263
	14	Providence Resources plc (a) (m)		70
				333
		Netherlands — 3.2%
	18	Royal Dutch Shell plc, Class B (m)		637
	44	Zhaikmunai LP, Reg. S, GDR (m)		571
				1,208
		New Zealand — 0.2%
	395	Bathurst Resources New Zealand Ltd. (a) (m)		73
		Norway — 1.2%
	160	DNO International ASA (a) (m)		453
		Russia — 1.7%
	63	Exillon Energy plc (a) (m)		241
	26	MMC Norilsk Nickel OJSC, ADR (m)		386
				627

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 11

JPMorgan Global Natural Resources Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		South Africa — 1.6%
	31	Impala Platinum Holdings Ltd. (m)		378
	220	Sierra Rutile Ltd. (a) (m)		199
				577
		Sweden — 2.1%
	38	Lundin Petroleum AB (a) (m)		787
		Switzerland — 7.3%
	181	Ferrexpo plc (m)		526
	406	Glencore Xstrata plc (a) (m)		2,211
				2,737
		United Kingdom — 21.6%
	81	3Legs Resources plc (a) (m)		34
	224	Amara Mining plc (a) (m)		49
	593	Amerisur Resources plc (a) (m)		419
	48	Antofagasta plc (m)		657
	34	BG Group plc (m)		690
	64	BHP Billiton plc (m)		1,987
	53	Gem Diamonds Ltd. (a) (m)		134
	135	Highland Gold Mining Ltd. (m)		151
	31	IGAS Energy plc (a) (m)		52
	304	Petra Diamonds Ltd. (a) (m)		543
	7	Randgold Resources Ltd., ADR (m)		540
	47	Rio Tinto plc (m)		2,396
	1,335	Sable Mining Africa Ltd. (a) (m)		207
	345	Tethys Petroleum Ltd. (a) (m)		218
				8,077
		United States — 19.4%
	21	Anadarko Petroleum Corp. (m)		1,958
	4	Apache Corp. (m)		355
	40	Coastal Energy Co. (a) (m)		708
	9	Concho Resources, Inc. (a) (m)		973
	4	Continental Resources, Inc. (a) (m)		467
	61	Freeport-McMoRan Copper & Gold, Inc. (m)		2,230
	6	Occidental Petroleum Corp. (m)		576
				7,267
		Total Common Stocks (Cost $38,938)		35,961

NUMBER OF WARRANTS		SECURITY DESCRIPTION	VALUE($)
	Warrant — 0.0%
		Canada — 0.0%
	65	Regulus Resources, Inc., expiring 03/06/14 (a) (Cost $—)		—
SHARES
	Short-Term Investment — 3.7%
		Investment Company — 3.7%
	1,400	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $1,400)		1,400
		Total Investments — 99.8% (Cost $40,338)		37,361
		Other Assets in Excess of Liabilities — 0.2%		68
		NET ASSETS — 100.0%	$	37,429

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Diversified Metals & Mining		40.8	%
Oil & Gas Exploration & Production		25.0
Gold Mining		10.6
Oil, Gas & Consumable Fuels		8.7
Precious Metals & Minerals		7.2
Steel		4.0
Short-Term Investment		3.7

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

JPMorgan International Realty Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.2%
			Australia — 13.8%
	1,299		BGP Holdings plc (a) (i)		—
	7,179		Dexus Property Group (m)		7,357
	2,161		Goodman Group (m)		10,328
	4,741		Mirvac Group (m)		7,795
	507		Stockland (m)		1,922
	1,195		Westfield Group (m)		12,224
	783		Westfield Retail Trust (m)		2,285
					41,911
			Belgium — 0.7%
	26		Warehouses De Pauw S.C.A. (m)		1,962
			Canada — 6.3%
	95		Allied Properties Real Estate Investment Trust (m)		3,054
	174		Canadian Apartment Properties REIT (m)		3,599
	101		Canadian Real Estate Investment Trust (m)		4,094
	145		Dundee Real Estate Investment Trust, Class A (m)		4,023
	188		First Capital Realty, Inc. (m)		3,260
	45		RioCan Real Estate Investment Trust (m)		1,100
					19,130
			Finland — 0.6%
	286		Technopolis OYJ (m)		1,938
			France — 8.5%
	41		ICADE (m)		3,774
	84		Unibail-Rodamco SE (m)		21,968
					25,742
			Germany — 2.5%
	320		Alstria Office REIT-AG (a) (m)		4,053
	61		LEG Immobilien AG (a) (m)		3,497
					7,550
			Hong Kong — 13.1%
	788		China Resources Land Ltd. (m)		2,283
	1,045		Hongkong Land Holdings Ltd. (m)		6,427
	825		Link REIT (The) (m)		4,148
	5,300		New World Development Co., Ltd. (m)		7,332
	590		Sun Hung Kai Properties Ltd. (m)		7,728
	1,422		Wharf Holdings Ltd. (m)		11,963
					39,881
			Italy — 0.3%
	1,325		Beni Stabili S.p.A. (m)		907
			Japan — 28.2%
	1		Advance Residence Investment Corp. (m)		3,185
	—	(h)	Frontier Real Estate Investment Corp. (m)		2,818
	1		Japan Hotel REIT Investment Corp. (m)		598

SHARES			SECURITY DESCRIPTION	VALUE($)
			Japan — Continued
	1		Japan Logistics Fund, Inc. (m)		5,315
	1		Japan Real Estate Investment Corp. (m)		11,756
	2		Japan Retail Fund Investment Corp. (m)		3,820
	1,010		Mitsubishi Estate Co., Ltd. (m)		28,865
	799		Mitsui Fudosan Co., Ltd. (m)		26,468
	—	(h)	Nippon Building Fund, Inc. (m)		483
	12		Nomura Real Estate Holdings, Inc. (m)		306
	2		Orix JREIT, Inc. (m)		2,165
					85,779
			Netherlands — 0.6%
	42		Vastned Retail N.V. (m)		1,930
			Norway — 0.2%
	418		Norwegian Property ASA (m)		536
			Singapore — 8.8%
	4,273		CapitaCommercial Trust (m)		5,056
	3,420		CapitaLand Ltd. (m)		8,569
	3,287		CapitaMalls Asia Ltd. (m)		5,338
	3,190		Global Logistic Properties Ltd. (m)		7,919
					26,882
			United Kingdom — 13.6%
	143		Atrium European Real Estate Ltd. (m)		855
	1,224		British Land Co. plc (m)		12,204
	143		Derwent London plc (m)		5,732
	1,022		Hammerson plc (m)		8,662
	731		Helical Bar plc (m)		3,516
	121		Land Securities Group plc (m)		1,919
	1,978		Safestore Holdings plc (m)		4,702
	689		ST Modwen Properties plc (m)		3,889
					41,479
			Total Common Stocks (Cost $253,844)		295,627
NUMBER OF RIGHTS
	Rights — 0.0%
			Hong Kong — 0.0%
	66		New World Development Co., Ltd., expiring 12/31/49 (a) (Cost $—)		—

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 13

JPMorgan International Realty Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.0%
		Investment Company — 2.0%
	6,202	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $6,202)		6,202
		Total Investments — 99.2% (Cost $260,046)		301,829
		Other Assets in Excess of Liabilities — 0.8%		2,441
		NET ASSETS — 100.0%	$	304,270

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Real Estate Management & Development		44.9	%
Diversified		27.9
Shopping Centers		12.3
Office		8.7
Apartments		2.2
Industrial		1.8
Real Estate Investment Trusts (REITs)		0.1
Short-Term Investment		2.1

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT 10/31/13			NET UNREALIZED APPRECIATION (DEPRECIATION)
	150,357,501	JPY
	952,147	for GBP	BNP Paribas		12/16/13	$	1,527	#	$	1,530	#	$	3
	1,285,450	AUD	Barclays Bank plc		12/16/13		1,204			1,211			7
	925,651	AUD	Citibank, N.A.		12/16/13		864			872			8
	868,680	AUD	HSBC Bank, N.A.		12/16/13		771			819			48
	4,234,283	CAD	Deutsche Bank AG		12/16/13		4,067			4,057			(10	)
	3,954,520	CHF	Merrill Lynch International		12/16/13		4,232			4,360			128
	691,740	EUR	BNP Paribas		12/16/13		936			939			3
	4,711,894	HKD	Citibank, N.A.		12/16/13		608			608			—	(h)
	14,600,240	HKD	Credit Suisse International		12/16/13		1,883			1,883			—	(h)
	77,439,737	HKD	HSBC Bank, N.A.		12/16/13		9,987			9,989			2
	25,783,078	HKD	State Street Corp.		12/16/13		3,326			3,326			—	(h)
	9,732,432	HKD	Union Bank of Switzerland AG		12/16/13		1,256			1,256			—	(h)
	26,868,904	SEK	Union Bank of Switzerland AG		12/16/13		4,041			4,142			101
						$	34,702		$	34,992		$	290

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	662,348	AUD	State Street Corp.		12/16/13	$	627	$	624	$	3
	5,683,563	AUD	TD Bank Financial Group		12/16/13		5,196		5,357		(161	)
	2,588,899	EUR	HSBC Bank, N.A.		12/16/13		3,420		3,515		(95	)
	1,085,257	GBP	BNP Paribas		12/16/13		1,737		1,740		(3	)
	395,529	GBP	Credit Suisse International		12/16/13		634		634		—	(h)
	2,435,320	GBP	Royal Bank of Scotland		12/16/13		3,814		3,903		(89	)
	4,711,710	HKD	Deutsche Bank AG		12/16/13		608		608		—	(h)
	198,583,208	JPY	Australia and New Zealand Banking Group Limited		12/16/13		1,996		2,020		(24	)
	171,989,913	JPY	State Street Corp.		12/16/13		1,748		1,750		(2	)
	62,591,448	JPY	Westpac Banking Corp.		12/16/13		642		637		5

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,181,705	SGD	Commonwealth Bank of Australia		12/16/13	$	942	$	951	$	(9	)
	1,134,300	SGD	Westpac Banking Corp.		12/16/13		903		913		(10	)
						$	22,267	$	22,652	$	(385	)

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at 10/31/13 of the currency being sold, and the value at 10/31/13 is the U.S. dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 15

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — 37.5%
			Belgium — 0.9%
	17		Ageas (m)		705
			Denmark — 0.3%
	—	(h)	AP Moeller — Maersk A/S, Class B (m)		213
	—	(h)	Novo Nordisk A/S, Class B (m)		27
					240
			France — 0.9%
	5		Cap Gemini S.A. (m)		344
	5		European Aeronautic Defence and Space Co. N.V. (m)		320
					664
			Germany — 1.9%
	3		Bayer AG (m)		385
	4		Bayerische Motoren Werke AG (m)		429
	12		Deutsche Wohnen AG (m)		220
	2		Volkswagen AG (m)		431
					1,465
			Ireland — 0.4%
	92		Henderson Group plc (m)		317
			Japan — 11.6%
	72		Asahi Kasei Corp. (m)		548
	18		Bridgestone Corp. (m)		631
	2		Daito Trust Construction Co., Ltd. (m)		225
	1		East Japan Railway Co. (m)		78
	15		Haseko Corp. (a) (m)		110
	81		Hitachi Ltd. (m)		566
	19		Isuzu Motors Ltd. (m)		118
	16		Japan Tobacco, Inc. (m)		575
	112		Kawasaki Kisen Kaisha Ltd. (m)		257
	37		Marubeni Corp. (m)		290
	53		Mazda Motor Corp. (a) (m)		238
	125		Mitsubishi UFJ Financial Group, Inc. (m)		798
	63		Mitsui OSK Lines Ltd. (m)		267
	352		Mizuho Financial Group, Inc. (m)		739
	7		Moshi Moshi Hotline, Inc. (m)		87
	2		Nippon Telegraph & Telephone Corp. (m)		83
	47		Nippon Yusen KK (m)		144
	16		ORIX Corp. (m)		275
	16		Sekisui House Ltd. (m)		230
	16		Sumitomo Mitsui Financial Group, Inc. (m)		764
	144		Sumitomo Mitsui Trust Holdings, Inc. (m)		711
	11		Toyota Motor Corp. (m)		707
	21		Yamaha Motor Co., Ltd. (m)		320
					8,761

SHARES		SECURITY DESCRIPTION	VALUE
		Netherlands — 2.7%
	57	Aegon N.V. (m)		455
	44	ING Groep N.V., CVA (a) (m)		566
	9	Nutreco N.V. (m)		454
	14	Reed Elsevier N.V. (m)		286
	11	Wolters Kluwer N.V. (m)		292
				2,053
		Norway — 0.6%
	395	Marine Harvest ASA (m)		463
		Switzerland — 1.6%
	4	Novartis AG (m)		283
	2	Roche Holding AG (m)		536
	4	Swiss Re AG (a) (m)		346
				1,165
		United Kingdom — 4.4%
	69	BAE Systems plc (m)		502
	12	Barratt Developments plc (m)		65
	5	Berkeley Group Holdings plc (m)		180
	56	BT Group plc (m)		341
	8	Burberry Group plc (m)		194
	88	GKN plc (m)		521
	19	Jupiter Fund Management plc (m)		123
	7	Lancashire Holdings Ltd. (m)		95
	39	Legal & General Group plc (m)		137
	3	Next plc (m)		298
	10	Persimmon plc (a) (m)		204
	35	Taylor Wimpey plc (m)		62
	29	WPP plc (m)		618
				3,340
		United States — 12.2%
	4	Actavis plc (a) (m)		655
	6	Aetna, Inc. (m)		379
	35	Bank of America Corp. (m)		496
	1	Berkshire Hathaway, Inc., Class B (a) (m)		95
	1	BlackRock, Inc. (m)		441
	7	CBS Corp. (Non-Voting), Class B (m)		428
	7	CVS Caremark Corp. (m)		452
	10	Fifth Third Bancorp (m)		193
	16	MetLife, Inc. (m)		742
	20	Morgan Stanley (m)		577
	17	Mylan, Inc. (a) (m)		657
	16	Pfizer, Inc. (m)		494
	10	Prudential Financial, Inc. (m)		786
	11	St. Jude Medical, Inc. (m)		616

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
		United States — Continued
	6	Thermo Fisher Scientific, Inc. (m)		581
	6	Time Warner, Inc. (m)		399
	8	UnitedHealth Group, Inc. (m)		577
	15	Wells Fargo & Co. (m)		645
				9,213
		Total Common Stocks (Cost $25,807)		28,386
PRINCIPAL/ UNIT AMOUNT
	Convertible Bonds — 3.6%
		France — 1.3%
	EUR 44	Air France-KLM, 4.970%, 04/01/15 (m)		760
	EUR 1	AXA S.A., 3.750%, 01/01/17 (m)		248
				1,008
		Germany — 0.2%
	EUR1	SGL Carbon SE, 2.750%, 01/25/18 (m)		137
		United States — 2.1%
		Ares Capital Corp.,
	560	4.375%, 01/15/19 (e) (m)		561
	219	4.750%, 01/15/18 (e) (m)		225
	541	Prospect Capital Corp., 5.875%, 01/15/19 (e) (m)		559
	220	Salesforce.com, Inc., 0.250%, 04/01/18 (e) (m)		240
				1,585
		Total Convertible Bonds (Cost $2,681)		2,730
	Foreign Government Securities — 29.3%
		Finland — 5.8%
		Finland Government Bond,
	2,350	1.250%, 10/19/15 (e) (m)		2,388
	EUR 1,410	2.750%, 07/04/28 (e) (m)		1,972
				4,360
		France — 1.6%
	EUR870	France Government Bond OAT, 1.000%, 05/25/18 (m)		1,187
		Germany — 10.5%
	EUR 2,933	Bundesobligation, 0.250%, 04/13/18 (m)		3,929
	EUR 2,540	Bundesrepublik Deutschland, 4.250%, 07/04/18 (m)		4,037
				7,966

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			Spain — 9.8%
			Kingdom of Spain,
	EUR 2,600		4.100%, 07/30/18 (m)		3,765
	EUR 2,500		4.600%, 07/30/19 (m)		3,681
					7,446
			United Kingdom — 1.6%
	GBP 780		United Kingdom of Great Britain, 1.250%, 07/22/18 (m)		1,238
			Total Foreign Government Securities (Cost $21,783)		22,197
	Preferred Security — 1.0% (x)
			Cayman Islands — 1.0%
	700		Hutchison Whampoa International 10 Ltd., VAR, 6.000%, 10/28/15 (e) (m) (Cost $700)		738
SHARES
	Preferred Stocks — 1.5%
			United States — 1.5%
	—	(h)	Bank of America Corp., 7.250%, 12/31/49 ($1,000 par value) (a) (m) @		377
	1		Wells Fargo & Co., 7.500%, 12/31/49 ($1,000 par value) (m) @		752
			Total Preferred Stocks (Cost $1,127)		1,129
PRINCIPAL AMOUNT
	Supranational — 8.4%
	1,600		European Investment Bank, 1.000%, 12/15/17 (m)		1,585
	1,650		Inter-American Development Bank, 2.375%, 08/15/17 (m)		1,734
	3,000		International Bank for Reconstruction & Development, 1.125%, 08/25/14 (m)		3,016
			Total Supranational (Cost $6,298)		6,335
	U.S. Treasury Obligations — 6.0%
			U.S. Treasury Notes,
	960		1.000%, 06/30/19 (m)		931
	3,840		1.625%, 08/15/22 (m)		3,607
			Total U.S. Treasury Obligations (Cost $4,691)		4,538

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 17

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE
	Short-Term Investment — 7.2%
		Investment Company — 7.2%
	5,482	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $5,482)		5,482
		Total Investments — 94.5% (Cost $68,569)		71,535
		Other Assets in Excess of Liabilities — 5.5%		4,174
		NET ASSETS — 100.0%	$	75,709

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Foreign Government Securities		31.0	%
Supranational		8.9
Commercial Banks		6.4
U.S. Treasury Notes		6.3
Insurance		5.0
Pharmaceuticals		4.2
Capital Markets		3.9
Automobiles		3.1
Media		2.8
Diversified Financial Services		2.4
Auto Components		1.6
Health Care Providers & Services		1.3
Food Products		1.3
Marine		1.2
Household Durables		1.2
Aerospace & Defense		1.1
Airlines		1.1
Industrial Conglomerates		1.0
Others (each less than 1.0%)		8.5
Short-Term Investment		7.7

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	10		Euro Bobl		12/06/13		1,701			7
	23		Euro Bund		12/06/13		4,435			75
	21		TOPIX Index		12/12/13		2,562			24
	74		E-mini S&P 500		12/20/13		6,478			145
	18		FTSE 100 Index		12/20/13		1,936			47
			Short Futures Outstanding
	(22	)	IBEX 35 Index		11/15/13		(2,945	)		(38	)
	(12	)	Hang Seng Index		11/28/13		(1,799	)		(36	)
	(24	)	Euro-OAT		12/06/13		(4,389	)		(85	)
	(50	)	10 Year U.S. Treasury Note		12/19/13		(6,368	)		(166	)
	(36	)	S&P/Toronto 60 Index		12/19/13		(5,290	)		(227	)
	(16	)	SPI 200 Index		12/19/13		(2,047	)		(61	)
	(28	)	Euro STOXX 50 Index		12/20/13		(1,163	)		(19	)
	(11	)	FTSE/MIB Index		12/20/13		(1,445	)		(17	)
	(65	)	Mini MSCI Emerging Markets Index		12/20/13		(3,328	)		(68	)
	(82	)	5 Year U.S. Treasury Note		12/31/13		(9,978	)		(110	)
										(529	)

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT 10/31/13			NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,579,523	CAD
	1,597,737	for AUD	Union Bank of Switzerland AG		12/03/13		1,508	#		1,514	#		6
	1,494,748	CAD
	19,117,831	for MXN	Goldman Sachs International		12/03/13		1,461	#		1,432	#		(29	)
	130,671	EUR
	183,079	for CAD	Barclays Bank plc		12/03/13		176	#		178	#		2
	9,817,683	MXN
	787,250	for AUD	Deutsche Bank AG		12/03/13		742	#		750	#		8
	19,926,768	MXN
	1,600,525	for AUD	Union Bank of Switzerland AG		12/03/13		1,510	#		1,524	#		14
	16,110,238	MXN
	1,260,404	for CAD	Union Bank of Switzerland AG		12/03/13		1,208	#		1,232	#		24
	8,959,729	NOK
	4,593,685	for PLN	Citibank, N.A.		12/03/13		1,489	#		1,504	#		15
	1,863,045	NZD
	14,991,399	for ZAR	HSBC Bank, N.A.		12/03/13		1,488	#		1,536	#		48
	8,791,314	ZAR
	1,083,141	for NZD	Deutsche Bank AG		12/03/13		893	#		872	#		(21	)
	5,957,072	ZAR
	712,651	for NZD	Goldman Sachs International		12/03/13		587	#		591	#		4
	2,722,236	CAD	Citibank, N.A.		12/03/13		2,642			2,609			(33	)
	308,694	CHF	Westpac Banking Corp.		12/03/13		333			340			7
	3,301,438	EUR	Barclays Bank plc		12/03/13		4,393			4,483			90
	439,858	EUR	Commonwealth Bank of Australia		12/03/13		595			597			2
	300,000	EUR	State Street Corp.		12/03/13		410			407			(3	)
	115,038	GBP	Australia and New Zealand Banking Group Limited		12/03/13		183			184			1
	171,687	GBP	Citibank, N.A.		12/03/13		266			275			9
	430,122	GBP	Commonwealth Bank of Australia		12/03/13		689			690			1
	216,975	GBP	Credit Suisse International		12/03/13		345			348			3
	301,751	GBP	Westpac Banking Corp.		12/03/13		470			484			14
	16,446,633	JPY	Australia and New Zealand Banking Group Limited		12/03/13		168			167			(1	)
	38,775,028	JPY	Barclays Bank plc		12/03/13		397			394			(3	)
	24,625,736	JPY	Citibank, N.A.		12/03/13		254			251			(3	)
	26,870,045	JPY	Credit Suisse International		12/03/13		275			273			(2	)
	13,754,850	JPY	State Street Corp.		12/03/13		139			140			1
	33,737,407	MXN	Union Bank of Switzerland AG		12/03/13		2,558			2,580			22
	15,328,558	ZAR	Credit Suisse International		12/03/13		1,554			1,521			(33	)
							26,733			26,876			143

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 19

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands, except number of contracts)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,402,714	CAD	National Australia Bank		12/03/13		4,185		4,219		(34	)
	165,712	CAD	National Australia Bank		12/03/13		160		159		1
	1,131,039	CAD	Union Bank of Switzerland AG		12/03/13		1,094		1,084		10
	2,536,822	CHF	Citibank, N.A.		12/03/13		2,808		2,797		11
	1,120,351	CHF	Merrill Lynch International		12/03/13		1,207		1,234		(27	)
	1,697,981	CHF	Union Bank of Switzerland AG		12/03/13		1,889		1,872		17
	304,780	CHF	Westpac Banking Corp.		12/03/13		338		336		2
	823,859	DKK	Barclays Bank plc		12/03/13		147		150		(3	)
	10,284,073	EUR	Barclays Bank plc		12/03/13		13,693		13,964		(271	)
	1,797,635	EUR	Credit Suisse International		12/03/13		2,369		2,441		(72	)
	570,651	EUR	Deutsche Bank AG		12/03/13		766		775		(9	)
	204,144	EUR	Goldman Sachs International		12/03/13		276		277		(1	)
	221,967	EUR	Morgan Stanley		12/03/13		296		301		(5	)
	1,154,970	EUR	National Australia Bank		12/03/13		1,542		1,568		(26	)
	2,751,945	EUR	Credit Suisse International		12/03/13		3,784		3,737		47
	280,342	EUR	State Street Corp.		12/03/13		376		381		(5	)
	5,521,601	EUR	Westpac Banking Corp.		12/03/13		7,533		7,497		36
	132,500	GBP	Morgan Stanley		12/03/13		213		212		1
	2,895,496	GBP	National Australia Bank		12/03/13		4,505		4,642		(137	)
	183,539	GBP	Union Bank of Switzerland AG		12/03/13		298		295		3
	892,485	GBP	Westpac Banking Corp.		12/03/13		1,426		1,430		(4	)
	16,664,110	JPY	Barclays Bank plc		12/03/13		168		169		(1	)
	21,961,936	JPY	BNP Paribas		12/03/13		224		223		1
	24,335,080	JPY	Citibank, N.A.		12/03/13		248		248		—	(h)
	23,625,866	JPY	Deutsche Bank AG		12/03/13		242		241		1
	60,934,531	JPY	HSBC Bank, N.A.		12/03/13		614		620		(6	)
	482,498,578	JPY	National Australia Bank		12/03/13		4,888		4,908		(20	)
	33,606,198	JPY	Royal Bank of Scotland		12/03/13		338		342		(4	)
	29,520,197	JPY	State Street Corp.		12/03/13		297		300		(3	)
	61,245,197	JPY	Union Bank of Switzerland AG		12/03/13		622		623		(1	)
	234,805,702	JPY	Westpac Banking Corp.		12/03/13		2,419		2,388		31
	30,729,814	MXN	Goldman Sachs International		12/03/13		2,331		2,350		(19	)
	2,150,449	NOK	Deutsche Bank AG		12/03/13		362		360		2
	652,192	NOK	Merrill Lynch International		12/03/13		107		110		(3	)
	64,013	NZD	Citibank, N.A.		12/03/13		52		52		—	(h)
	15,085,545	ZAR	Credit Suisse International		12/03/13		1,439		1,497		(58	)
							63,256		63,802		(546	)

# For cross-currency exchange contracts, the settlement value is the U.S. dollar market value at 10/31/13 of the currency being sold, and the value at 10/31/13 is the U.S. dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

JPMorgan Specialty Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

ADR	—  American Depositary Receipt
AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CDI	—  Chess Depositary Interest
CHF	—  Swiss Franc
CVA	—  Dutch Certification
DKK	—  Danish Krone
EUR	—  Euro
GBP	—  British Pound
GDR	—  Global Depositary Receipt
HKD	—  Hong Kong Dollar
JPY	—  Japanese Yen
MXN	—  Mexican Peso
NOK	—  Norwegian Krone
NZD	—  New Zealand Dollar
PLN	—  Polish Zloty
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REIT	—  Real Estate Investment Trust
SEK	—  Swedish Krona
SGD	—  Singapore Dollar
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of October 31, 2013.
ZAR	—  South African Rand
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(i)	—  Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—  The rate shown is the current yield as of October 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(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 October 31, 2013.
@	—  The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is currently in effect as of October 31, 2013.

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

Fund	Value		Percentage
Global Natural Resources Fund	$	17,166		46.0	%
International Realty Fund		276,497		91.6
Strategic Preservation Fund		19,173		26.8

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 21

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

(Amounts in thousands, except per share amounts)

	Global Natural Resources Fund			International Realty Fund			Strategic Preservation Fund
ASSETS:
Investments in non-affiliates, at value	$	35,961		$	295,627		$	66,053
Investments in affiliates, at value		1,400			6,202			5,482
Total investment securities, at value		37,361			301,829			71,535
Cash		61			65			494
Foreign currency, at value		10			229			490
Deposits at broker for futures contracts		—			—			2,058
Receivables:
Investment securities sold		35			4,591			827
Fund shares sold		15			159			378
Interest from non-affiliates		20			632			284
Dividends from affiliates		—	(a)		—	(a)		—	(a)
Tax reclaims		4			11			13
Variation margin on futures contracts		—			—			268
Unrealized appreciation on forward foreign currency exchange contracts		—			308			434
Prepaid expenses		28			28			—
Total Assets		37,534			307,852			76,781
LIABILITIES:
Payables:
Investment securities purchased		7			2,497			—	(a)
Fund shares redeemed		4			342			94
Unrealized depreciation on forward foreign currency exchange contracts		—			403			837
Accrued liabilities:
Investment advisory fees		—			198			19
Shareholder servicing fees		8			9			13
Distribution fees		1			9			14
Custodian and accounting fees		23			39			17
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)
Audit fees		43			50			55
Transfer agent fees		11			23			12
Printing & postage fees		6			10			3
Other		2			2			8
Total Liabilities		105			3,582			1,072
Net Assets	$	37,429		$	304,270		$	75,709

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

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

	Global Natural Resources Fund			International Realty Fund			Strategic Preservation Fund
NET ASSETS:
Paid-in-Capital	$	66,832		$	299,515		$	71,049
Accumulated undistributed (distributions in excess of) net investment income		(335	)		(556	)		396
Accumulated net realized gains (losses)		(26,091	)		(36,379	)		2,228
Net unrealized appreciation (depreciation)		(2,977	)		41,690			2,036
Total Net Assets	$	37,429		$	304,270		$	75,709
Net Assets:
Class A	$	3,126		$	35,262		$	63,528
Class C		690			1,894			521
Class R2		35			—			—
Class R5		36			253,912			116
Class R6		37			—			—
Select Class		33,505			13,202			11,544
Total	$	37,429		$	304,270		$	75,709
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		325			3,394			4,321
Class C		72			185			36
Class R2		3			—			—
Class R5		4			24,191			8
Class R6		4			—			—
Select Class		3,466			1,264			779
Net Asset Value (a):
Class A — Redemption price per share	$	9.63		$	10.39		$	14.70
Class C — Offering price per share (b)		9.55			10.23			14.46
Class R2 — Offering and redemption price per share		9.63			—			—
Class R5 — Offering and redemption price per share		9.89			10.50			14.97
Class R6 — Offering and redemption price per share		9.69			—			—
Select Class — Offering and redemption price per share		9.67			10.45			14.82
Class A maximum sales charge		5.25	%		5.25	%		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	10.16		$	10.97		$	15.27
Cost of investments in non-affiliates	$	38,938		$	253,844		$	63,087
Cost of investments in affiliates		1,400			6,202			5,482
Cost of foreign currency		10			229			489

(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.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 23

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013

(Amounts in thousands)

	Global Natural Resources Fund			International Realty Fund			Strategic Preservation Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	381
Dividend income from non-affiliates		714			8,304			578
Dividend income from affiliates		1			2			2
Foreign taxes withheld		(8	)		(574	)		(25	)
Total investment income		707			7,732			936
EXPENSES:
Investment advisory fees		361			2,254			295
Administration fees		38			211			41
Distribution fees:
Class A		8			76			109
Class C		5			11			3
Class R2		—	(a)		—			—
Shareholder servicing fees:
Class A		8			76			109
Class C		2			4			1
Class R5		—	(a)		104			—	(a)
Select Class		87			26			13
Custodian and accounting fees		84			153			86
Interest expense to affiliates		1			—	(a)		—	(a)
Professional fees		68			89			97
Trustees’ and Chief Compliance Officer’s fees		1			3			—	(a)
Printing and mailing costs		13			29			6
Registration and filing fees		70			55			59
Transfer agent fees		27			105			44
Other		8			8			7
Total expenses		781			3,204			870
Less amounts waived		(306	)		(664	)		(227	)
Less expense reimbursements		(4	)		—			—
Net expenses		471			2,540			643
Net investment income (loss)		236			5,192			293
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(15,233	)		4,807			3,964
Futures		—			—			(1,711	)
Foreign currency transactions		(3	)		578			157
Net realized gain (loss)		(15,236	)		5,385			2,410
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		6,311			14,713			1,170
Futures		—			—			(628	)
Foreign currency translations		—	(a)		(106	)		(168	)
Change in net unrealized appreciation/depreciation		6,311			14,607			374
Net realized/unrealized gains (losses)		(8,925	)		19,992			2,784
Change in net assets resulting from operations	$	(8,689	)	$	25,184		$	3,077

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

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Global Natural Resources Fund						International Realty Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	236		$	342		$	5,192		$	4,205
Net realized gain (loss)		(15,236	)		(8,188	)		5,385			(3,814	)
Change in net unrealized appreciation/depreciation		6,311			(1,257	)		14,607			28,419
Change in net assets resulting from operations		(8,689	)		(9,103	)		25,184			28,810
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(74	)		(20	)		(1,621	)		(573	)
Class C
From net investment income		(8	)		(4	)		(61	)		(30	)
Class R2
From net investment income		(1	)		—	(a)		—			—
Class R5
From net investment income		—			(178	)		(9,476	)		(3,399	)
Class R6
From net investment income		(505	)		—	(a)		—			—
Select Class
From net investment income		(793	)		(223	)		(448	)		(484	)
Total distributions to shareholders		(1,381	)		(425	)		(11,606	)		(4,486	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(28,748	)		15,849			102,169			45,046
NET ASSETS:
Change in net assets		(38,818	)		6,321			115,747			69,370
Beginning of period		76,247			69,926			188,523			119,153
End of period	$	37,429		$	76,247		$	304,270		$	188,523
Accumulated undistributed (distributions in excess of) net investment income	$	(335	)	$	354		$	(556	)	$	2,445

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 25

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Strategic Preservation Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	293		$	447
Net realized gain (loss)		2,410			415
Change in net unrealized appreciation/depreciation		374			(1,696	)
Change in net assets resulting from operations		3,077			(834	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(948	)		—
From net realized gains		—			(3,921	)
Class C
From net investment income		(8	)		—
From net realized gains		—			(58	)
Class R5
From net investment income		(3	)		—
From net realized gains		—			(8	)
Select Class
From net investment income		(74	)		—
From net realized gains		—			(159	)
Total distributions to shareholders		(1,033	)		(4,146	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		33,021			(11,076	)
NET ASSETS:
Change in net assets		35,065			(16,056	)
Beginning of period		40,644			56,700
End of period	$	75,709		$	40,644
Accumulated undistributed net investment income	$	396		$	1,077

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

	Global Natural Resources Fund						International Realty Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,765		$	3,598		$	27,968		$	8,676
Distributions reinvested		74			20			1,610			556
Cost of shares redeemed		(3,248	)		(1,925	)		(18,396	)		(8,664	)
Change in net assets resulting from Class A capital transactions	$	(409	)	$	1,693		$	11,182		$	568
Class C
Proceeds from shares issued	$	406		$	840		$	1,200		$	272
Distributions reinvested		8			4			51			24
Cost of shares redeemed		(364	)		(558	)		(647	)		(625	)
Change in net assets resulting from Class C capital transactions	$	50		$	286		$	604		$	(329	)
Class R2
Proceeds from shares issued	$	2		$	—	(a)	$	—		$	—
Distributions reinvested		1			—	(a)		—			—
Change in net assets resulting from Class R2 capital transactions	$	3		$	—	(a)	$	—		$	—
Class R5
Proceeds from shares issued	$	3		$	13,400		$	77,548		$	49,751
Distributions reinvested		—			178			9,476			3,399
Cost of shares redeemed		—			(29,703	)		(1,878	)		(21	)
Change in net assets resulting from Class R5 capital transactions	$	3		$	(16,125	)	$	85,146		$	53,129
Class R6
Proceeds from shares issued	$	200		$	33,463		$	—		$	—
Distributions reinvested		506			—	(a)		—			—
Cost of shares redeemed		(28,378	)		(6,505	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	(27,672	)	$	26,958		$	—		$	—
Select Class
Proceeds from shares issued	$	4,204		$	15,083		$	7,739		$	2,479
Distributions reinvested		47			13			431			472
Cost of shares redeemed		(4,974	)		(12,059	)		(2,933	)		(11,273	)
Change in net assets resulting from Select Class capital transactions	$	(723	)	$	3,037		$	5,237		$	(8,322	)
Total change in net assets resulting from capital transactions	$	(28,748	)	$	15,849		$	102,169		$	45,046

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 27

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Natural Resources Fund						International Realty Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012			Year Ended 10/31/2013			Year Ended 10/31/2012
SHARE TRANSACTIONS:
Class A
Issued		285			295			2,742			969
Reinvested		7			2			163			73
Redeemed		(354	)		(159	)		(1,810	)		(993	)
Change in Class A Shares		(62	)		138			1,095			49
Class C
Issued		43			67			121			32
Reinvested		1			—	(a)		5			3
Redeemed		(38	)		(46	)		(64	)		(75	)
Change in Class C Shares		6			21			62			(40	)
Class R2
Issued		—	(a)		—			—			—
Reinvested		—	(a)		—	(a)		—			—
Change in Class R2 Shares		—	(a)		—	(a)		—			—
Class R5
Issued		—	(a)		1,051			7,589			5,716
Reinvested		—			15			955			444
Redeemed		—			(2,736	)		(190	)		(3	)
Change in Class R5 Shares		—	(a)		(1,670	)		8,354			6,157
Class R6
Issued		18			3,087			—			—
Reinvested		45			—	(a)		—			—
Redeemed		(2,536	)		(610	)		—			—
Change in Class R6 Shares		(2,473	)		2,477			—			—
Select Class
Issued		386			1,365			759			283
Reinvested		4			1			44			62
Redeemed		(488	)		(969	)		(288	)		(1,204	)
Change in Select Class Shares		(98	)		397			515			(859	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

	Strategic Preservation Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	41,668		$	8,659
Distributions reinvested		948			3,918
Cost of shares redeemed		(18,368	)		(24,488	)
Change in net assets resulting from Class A capital transactions	$	24,248		$	(11,911	)
Class C
Proceeds from shares issued	$	59		$	320
Distributions reinvested		8			58
Cost of shares redeemed		(78	)		(497	)
Change in net assets resulting from Class C capital transactions	$	(11	)	$	(119	)
Class R5
Distributions reinvested	$	3		$	8
Change in net assets resulting from Class R5 capital transactions	$	3		$	8
Select Class
Proceeds from shares issued	$	10,534		$	3,537
Distributions reinvested		58			159
Cost of shares redeemed		(1,811	)		(2,750	)
Change in net assets resulting from Select Class capital transactions	$	8,781		$	946
Total change in net assets resulting from capital transactions	$	33,021		$	(11,076	)
SHARE TRANSACTIONS:
Class A
Issued		2,873			609
Reinvested		69			279
Redeemed		(1,274	)		(1,715	)
Change in Class A Shares		1,668			(827	)
Class C
Issued		4			24
Reinvested		1			4
Redeemed		(6	)		(36	)
Change in Class C Shares		(1	)		(8	)
Class R5
Reinvested		1			—	(a)
Change in Class R5 Shares		1			—	(a)
Select Class
Issued		721			244
Reinvested		4			11
Redeemed		(124	)		(191	)
Change in Select Class Shares		601			64

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY 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			Redemption fees
Global Natural Resources Fund
Class A
Year Ended October 31, 2013	$	11.68	$	0.03	(f)	$	(1.89	)	$	(1.86	)	$	(0.19	)	$	—
Year Ended October 31, 2012		13.57		0.02	(f)		(1.84	)		(1.82	)		(0.07	)		—
November 30, 2010 (g) through October 31, 2011		15.00		(0.02	)(f)		(1.41	)		(1.43	)		—			—	(h)
Class C
Year Ended October 31, 2013		11.58		(0.01	)(f)		(1.90	)		(1.91	)		(0.12	)		—
Year Ended October 31, 2012		13.51		(0.04	)(f)		(1.83	)		(1.87	)		(0.06	)		—
November 30, 2010 (g) through October 31, 2011		15.00		(0.09	)(f)		(1.40	)		(1.49	)		—			—	(h)
Class R2
Year Ended October 31, 2013		11.68		0.02	(f)		(1.92	)		(1.90	)		(0.15	)		—
Year Ended October 31, 2012		13.54		(0.02	)(f)		(1.83	)		(1.85	)		(0.01	)		—
November 30, 2010 (g) through October 31, 2011		15.00		(0.06	)(f)		(1.40	)		(1.46	)		—			—	(h)
Class R5
Year Ended October 31, 2013		11.74		0.09	(f)		(1.94	)		(1.85	)		—			—
Year Ended October 31, 2012		13.63		0.07	(f)		(1.85	)		(1.78	)		(0.11	)		—
November 30, 2010 (g) through October 31, 2011		15.00		0.04	(f)		(1.41	)		(1.37	)		—			—	(h)
Class R6
Year Ended October 31, 2013		11.75		(0.01	)(f)		(1.81	)		(1.82	)		(0.24	)		—
November 30, 2011 (k) through October 31, 2012		13.49		0.08	(f)		(1.71	)		(1.63	)		(0.11	)		—
Select Class
Year Ended October 31, 2013		11.72		0.07	(f)		(1.90	)		(1.83	)		(0.22	)		—
Year Ended October 31, 2012		13.60		0.05	(f)		(1.85	)		(1.80	)		(0.08	)		—
November 30, 2010 (g) through October 31, 2011		15.00		0.02	(f)		(1.42	)		(1.40	)		—			—	(h)

(a) Annualized for periods less than one year.

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

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

(d) Includes interest expense, if applicable, which is less than 0.01%, unless otherwise noted.

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

(f) Calculated based upon average shares outstanding.

(g) Commencement of operations.

(h) Amount rounds to less than $0.01.

(i) Due to the size of net assets and fixed expenses, ratios may appear disproportionate with other classes.

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

(k) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

		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 and  reimbursements			Portfolio turnover rate (b)(e)
$	9.63		(16.14	)%	$	3,126		1.29	%		0.33	%		2.00	%		26	%
	11.68		(13.45	)		4,519		1.30			0.16			1.88			38
	13.57		(9.53	)		3,377		1.29	(j)		(0.15	)(j)		2.00	(i)(j)		23
	9.55		(16.63	)		690		1.80			(0.07	)		2.54			26
	11.58		(13.88	)		768		1.80			(0.36	)		2.38			38
	13.51		(9.93	)		607		1.79	(j)		(0.63	)(j)		2.60	(i)(j)		23
	9.63		(16.43	)		35		1.55			0.20			2.29			26
	11.68		(13.68	)		39		1.55			(0.13	)		2.12			38
	13.54		(9.73	)		45		1.54	(j)		(0.46	)(j)		3.90	(i)(j)		23
	9.89		(15.76	)		36		0.85			0.89			1.59			26
	11.74		(13.11	)		40		0.85			0.53			1.43			38
	13.63		(9.13	)		22,816		0.84	(j)		0.34	(j)		1.26	(i)(j)		23
	9.69		(15.75	)		37		0.80			(0.06	)		1.25			26
	11.75		(12.14	)		29,103		0.79			0.74			1.37			38
	9.67		(15.90	)		33,505		1.05			0.66			1.78			26
	11.72		(13.27	)		41,778		1.05			0.43			1.62			38
	13.60		(9.33	)		43,081		1.05	(j)		0.12	(j)		1.83	(i)(j)		23

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY 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			Redemption fees
International Realty Fund
Class A
Year Ended October 31, 2013	$	9.85	$	0.17	(d)	$	0.94		$	1.11		$	(0.57	)	$	—
Year Ended October 31, 2012		8.64		0.21	(d)		1.27			1.48			(0.27	)		—
Year Ended October 31, 2011		10.40		0.21	(d)		(1.16	)		(0.95	)		(0.81	)		—	(e)
Year Ended October 31, 2010		9.72		0.34	(d)		1.23			1.57			(0.89	)		—	(e)
Year Ended October 31, 2009		8.00		0.26	(d)		1.46			1.72			—	(d)		—	(e)
Class C
Year Ended October 31, 2013		9.70		0.11	(d)		0.93			1.04			(0.51	)		—
Year Ended October 31, 2012		8.48		0.16	(d)		1.27			1.43			(0.21	)		—
Year Ended October 31, 2011		10.23		0.16	(d)		(1.14	)		(0.98	)		(0.77	)		—	(e)
Year Ended October 31, 2010		9.62		0.27	(d)		1.23			1.50			(0.89	)		—	(e)
Year Ended October 31, 2009		7.95		0.21	(d)		1.46			1.67			—	(d)		—	(e)
Class R5
Year Ended October 31, 2013		9.93		0.22	(d)		0.95			1.17			(0.60	)		—
Year Ended October 31, 2012		8.72		0.25	(d)		1.27			1.52			(0.31	)		—
Year Ended October 31, 2011		10.48		0.24	(d)		(1.16	)		(0.92	)		(0.84	)		—	(e)
Year Ended October 31, 2010		9.76		0.37	(d)		1.25			1.62			(0.90	)		—	(e)
Year Ended October 31, 2009		8.03		0.30	(d)		1.48			1.78			(0.05	)		—	(e)
Select Class
Year Ended October 31, 2013		9.88		0.20	(d)		0.94			1.14			(0.57	)		—
Year Ended October 31, 2012		8.68		0.24	(d)		1.26			1.50			(0.30	)		—
Year Ended October 31, 2011		10.43		0.21	(d)		(1.14	)		(0.93	)		(0.82	)		—	(e)
Year Ended October 31, 2010		9.73		0.34	(d)		1.26			1.60			(0.90	)		—	(e)
Year Ended October 31, 2009		8.01		0.29	(d)		1.46			1.75			(0.03	)		—	(e)

(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 interest expense, if applicable, each of which is less than 0.01%, unless otherwise noted.

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (c)
$	10.39		11.57	%	$	35,262		1.40	%		1.67	%		1.66	%		41	%
	9.85		18.03			22,646		1.40			2.37			1.74			38
	8.64		(9.75	)		19,437		1.40			2.26			1.90			44
	10.40		17.90			16,029		1.40			3.76			2.17			75
	9.72		21.55			5,539		1.40			3.35			2.35			129
	10.23		10.98			1,894		1.90			1.15			2.16			41
	9.70		17.56			1,196		1.90			1.89			2.24			38
	8.48		(10.21	)		1,389		1.90			1.67			2.40			44
	10.23		17.20			1,443		1.90			3.01			2.67			75
	9.62		21.05			931		1.90			2.77			2.85			129
	10.50		12.15			253,912		0.95			2.14			1.21			41
	9.93		18.51			157,283		0.95			2.83			1.28			38
	8.72		(9.35	)		84,380		0.95			2.51			1.44			44
	10.48		18.37			45,570		0.95			3.98			1.72			75
	9.76		22.36			25,271		0.95			3.83			1.91			129
	10.45		11.87			13,202		1.15			1.95			1.41			41
	9.88		18.28			7,398		1.15			2.78			1.50			38
	8.68		(9.48	)		13,947		1.15			2.20			1.65			44
	10.43		18.16			9,520		1.15			3.68			1.92			75
	9.73		21.99			8,592		1.15			3.73			2.13			129

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 33

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
Strategic Preservation Fund
Class A
Year Ended October 31, 2013	$	14.13	$	0.08	(d)	$	0.84		$	0.92		$	(0.35	)	$	—		$	(0.35	)
Year Ended October 31, 2012		15.55		0.14	(d)		(0.38	)		(0.24	)		—			(1.18	)		(1.18	)
Year Ended October 31, 2011		15.32		0.19	(d)		0.04			0.23			—			—			—
Year Ended October 31, 2010		14.50		0.06	(d)		0.76			0.82			—			—			—
Year Ended October 31, 2009		14.25		0.03	(d)		0.60			0.63			(0.38	)		—			(0.38	)
Class C
Year Ended October 31, 2013		13.84		0.02	(d)		0.83			0.85			(0.23	)		—			(0.23	)
Year Ended October 31, 2012		15.33		0.07	(d)		(0.38	)		(0.31	)		—			(1.18	)		(1.18	)
Year Ended October 31, 2011		15.18		0.10	(d)		0.05			0.15			—			—			—
Year Ended October 31, 2010		14.45		(0.02	)(d)		0.75			0.73			—			—			—
Year Ended October 31, 2009		14.19		(0.04	)(d)		0.61			0.57			(0.31	)		—			(0.31	)
Class R5
Year Ended October 31, 2013		14.39		0.16	(d)		0.84			1.00			(0.42	)		—			(0.42	)
Year Ended October 31, 2012		15.74		0.21	(d)		(0.38	)		(0.17	)		—			(1.18	)		(1.18	)
Year Ended October 31, 2011		15.44		0.25	(d)		0.05			0.30			—			—			—
Year Ended October 31, 2010		14.56		0.12	(d)		0.76			0.88			—			—			—
Year Ended October 31, 2009		14.31		0.09	(d)		0.61			0.70			(0.45	)		—			(0.45	)
Select Class
Year Ended October 31, 2013		14.25		0.09	(d)		0.88			0.97			(0.40	)		—			(0.40	)
Year Ended October 31, 2012		15.64		0.18	(d)		(0.39	)		(0.21	)		—			(1.18	)		(1.18	)
Year Ended October 31, 2011		15.37		0.20	(d)		0.07			0.27			—			—			—
Year Ended October 31, 2010		14.52		0.08	(d)		0.77			0.85			—			—			—
Year Ended October 31, 2009		14.28		0.07	(d)		0.60			0.67			(0.43	)		—			(0.43	)

(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 interest expense, if applicable, each of which is less than 0.01%, unless otherwise noted.

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

(d) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

		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 and reimbursements			Portfolio turnover rate (c)
$	14.70		6.69	%	$	63,528		1.33	%		0.59	%		1.79	%		191	%
	14.13		(1.49	)		37,488		1.34			0.98			1.85			163
	15.55		1.50			54,108		1.34			1.22			1.56			87
	15.32		5.66			120,086		1.32			0.39			1.48			78
	14.50		4.52			56,450		1.32			0.23			2.10			47
	14.46		6.22			521		1.83			0.17			2.30			191
	13.84		(2.01	)		511		1.84			0.49			2.36			163
	15.33		0.99			702		1.84			0.69			2.12			87
	15.18		5.05			292		1.81			(0.10	)		1.99			78
	14.45		4.05			235		1.84			(0.30	)		3.28			47
	14.97		7.14			116		0.88			1.11			1.35			191
	14.39		(1.00	)		108		0.89			1.42			1.41			163
	15.74		1.94			109		0.89			1.65			1.15			87
	15.44		6.04			107		0.86			0.82			1.04			78
	14.56		5.00			101		0.89			0.66			2.35			47
	14.82		6.97			11,544		1.08			0.65			1.53			191
	14.25		(1.28	)		2,537		1.09			1.22			1.61			163
	15.64		1.76			1,781		1.09			1.29			1.40			87
	15.37		5.85			626		1.09			0.52			1.34			78
	14.52		4.80			9,545		1.09			0.46			2.55			47

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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

	Classes Offered	Diversified/Non-Diversified
Global Natural Resources Fund	Class A, Class C, Class R2, Class R5, Class R6* and Select Class	Non-Diversified
International Realty Fund	Class A, Class C, Class R5 and Select Class	Non-Diversified
Strategic Preservation Fund	Class A, Class C, Class R5 and Select Class	Non-Diversified

* Class R6 Shares commenced operations on November 30, 2011 for the Global Natural Resources Fund.

The investment objectives of the Funds are as follows:

The JPMorgan Global Natural Resources Fund seeks to provide long-term capital appreciation.

The JPMorgan International Realty Fund will seek long-term capital growth.

The JPMorgan Strategic Preservation Fund seeks to provide a total return from a diversified portfolio of stocks and bonds.

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 R2, Class R5, Class R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

2. Significant Accounting Policies

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

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

Certain investments of the Funds may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Funds to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

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

36 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Funds’ valuation policies.

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

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

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

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

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

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

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

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

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

JPMorgan Global Natural Resources Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	542	$	2,537		$	—	(a)	$	3,079
Bermuda		227		—			—			227
Canada		10,516		—			—			10,516
Ireland		263		70			—			333
Netherlands		571		637			—			1,208
New Zealand		—		73			—			73
Norway		—		453			—			453
Russia		241		386			—			627
South Africa		199		378			—			577
Sweden		—		787			—			787
Switzerland		—		2,737			—			2,737
United Kingdom		1,051		7,026			—			8,077
United States		7,267		—			—			7,267
Total Common Stocks		20,877		15,084			—	(a)		35,961
Warrant
Canada		—		—	(a)		—			—	(a)
Short-Term Investment
Investment Company		1,400		—			—			1,400
Total Investments in Securities	$	22,277	$	15,084		$	—	(a)	$	37,361

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

JPMorgan International Realty Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	—		$	41,911		$	—	(a)	$	41,911
Belgium		—			1,962			—			1,962
Canada		19,130			—			—			19,130
Finland		—			1,938			—			1,938
France		—			25,742			—			25,742
Germany		7,550			—			—			7,550
Hong Kong		—			39,881			—			39,881
Italy		—			907			—			907
Japan		—			85,779			—			85,779
Netherlands		—			1,930			—			1,930
Norway		536			—			—			536
Singapore		—			26,882			—			26,882
United Kingdom		9,073			32,406			—			41,479
Total Common Stocks		36,289			259,338			—	(a)		295,627
Rights
Hong Kong		—	(a)		—			—			—	(a)
Short-Term Investment
Investment Company		6,202			—			—			6,202
Total Investments in Securities	$	42,491		$	259,338		$	—	(a)	$	301,829
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	308		$	—		$	308
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(403	)	$	—		$	(403	)

JPMorgan Strategic Preservation Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	—	$	705	$	—	$	705
Denmark		—		240		—		240
France		—		664		—		664
Germany		—		1,465		—		1,465
Ireland		—		317		—		317
Japan		—		8,761		—		8,761
Netherlands		—		2,053		—		2,053
Norway		—		463		—		463
Switzerland		—		1,165		—		1,165
United Kingdom		95		3,245		—		3,340
United States		9,213		—		—		9,213
Total Common Stocks		9,308		19,078		—		28,386
Preferred Stocks
United States		1,129		—		—		1,129

38 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

JPMorgan Strategic Preservation Fund (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Debt Securities
Convertible Bonds
France	$	—		$	1,008		$	—	$	1,008
Germany		—			137			—		137
United States		—			1,585			—		1,585
Total Convertible Bonds		—			2,730			—		2,730
Preferred Security
Cayman Islands		—			738			—		738
Foreign Government Securities		—			22,197			—		22,197
Supranational		—			6,335			—		6,335
U.S. Treasury Obligations		—			4,538			—		4,538
Short-Term Investment
Investment Company		5,482			—			—		5,482
Total Investments in Securities	$	15,919		$	55,616		$	—	$	71,535
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	434		$	—	$	434
Futures Contracts		298			—			—		298
Total Appreciation in Other Financial Instruments	$	298		$	434		$	—	$	732
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(837	)	$	—	$	(837	)
Futures Contracts		(827	)		—			—		(827	)
Total Depreciation in Other Financial Instruments	$	(827	)	$	(837	)	$	—	$	(1,664	)

(a) Value is zero.

There were no transfers among any levels during the year ended October 31, 2013.

B. Restricted and Illiquid Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and include, but are not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds. As of October 31, 2013, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

The following is the value and percentage of net assets of illiquid securities as of October 31, 2013:

	Value			Percentage
Global Natural Resources Fund	$	—	(a)		—	%
International Realty Fund		—	(a)		—

(a) Value is zero.

C. Futures Contracts — The Strategic Preservation Fund uses treasury, index and financial futures contracts to gain or reduce exposure to the stock and bond market, enhance returns, maintain liquidity and minimize transaction costs. The Fund buys futures contracts to immediately 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

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

appreciation (depreciation) in the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOI 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 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 October 31, 2013 (amounts in thousands):

	Strategic Preservation Fund
Average Notional Balance Long	$	34,218
Average Notional Balance Short		33,482
Ending Notional Balance Long		17,112
Ending Notional Balance Short		38,752

D. Forward Foreign Currency Exchange Contracts — The Funds may be exposed to foreign currency risks associated with portfolio investments and therefore use forward foreign currency exchange contracts to hedge or manage these exposures. The Funds also buy forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

The table below discloses the volume of the Funds’ forward foreign currency exchange contracts activity during the year ended October 31, 2013 (amounts in thousands):

	International Realty Fund		Strategic Preservation Fund
Average Settlement Value Purchased	$	32,858	$	12,629
Average Settlement Value Sold		24,345		39,761
Ending Settlement Value Purchased		34,702		26,733
Ending Settlement Value Sold		22,267		63,256

E. Summary of Derivatives Information — The following tables present the value of derivatives held as of October 31, 2013, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Realty Fund

Derivative Contract	Statement of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	308
Gross Liabilities:
Foreign exchange contracts	Payables	$	(403	)

40 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

The following tables present the value of derivatives held as of October 31, 2013, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Strategic Preservation Fund

Derivative Contract	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	216		$	—		$	216
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		82			—			82
Foreign exchange contracts	Receivables		—			434			434
		$	298		$	434		$	732
Gross Liabilities:
Equity contracts	Receivables, Net Assets—Unrealized Depreciation	$	(466	)	$	—		$	(466	)
Interest rate contracts	Receivables, Net Assets—Unrealized Depreciation		(361	)		—			(361	)
Foreign exchange contracts	Payables		—			(837	)		(837	)
		$	(827	)	$	(837	)	$	(1,664	)

(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 to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2013, by primary underlying risk exposure (amounts in thousands):

International Realty Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Forward Foreign Currency Exchange Contracts		Total
Foreign exchange contracts	$	602	$	602

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Forward Foreign Currency Exchange Contracts			Total
Foreign exchange contracts	$	(112	)	$	(112	)

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2013, by primary underlying risk exposure (amounts in thousands):

Strategic Preservation Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	$	(691	)	$	—		$	(691	)
Foreign exchange contracts		—			(143	)		(143	)
Equity contracts		(1,020	)		—			(1,020	)
	$	(1,711	)	$	(143	)	$	(1,854	)

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	$	(322	)	$	—		$	(322	)
Foreign exchange contracts		—			(169	)		(169	)
Equity contracts		(306	)		—			(306	)
	$	(628	)	$	(169	)	$	(797	)

The Funds’ derivatives contracts held at October 31, 2013 are not accounted for as hedging instruments under GAAP.

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

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

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

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. 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.

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.

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 gain 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 October 31, 2013, 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 Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

J. 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.

K. 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 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.

42 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

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

	Paid-in-Capital		Accumulated undistributed net investment income		Accumulated net realized gain (losses)
Global Natural Resources Fund	$	—	$	456	$	(456	)
International Realty Fund		—		3,413		(3,413	)
Strategic Preservation Fund		—		59		(59	)

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the 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:

Global Natural Resources Fund	0.80	%
International Realty Fund	0.90
Strategic Preservation Fund	0.60

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 October 31, 2013, 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. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

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

	Class A			Class C			Class R2
Global Natural Resources Fund		0.25	%		0.75	%		0.50	%
International Realty Fund		0.25			0.75			n/a
Strategic Preservation Fund		0.25			0.75			n/a

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2013, the Distributor retained the following amounts (in thousands):

	Front-End Sales Charge		CDSC
Global Natural Resources Fund	$	3	$	—	(a)
International Realty Fund		4		—	(a)
Strategic Preservation Fund		1		—	(a)

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

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

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

	Class A			Class C			Class R2			Class R5			Select Class
Global Natural Resources Fund		0.25	%		0.25	%		0.25	%		0.05	%		0.25	%
International Realty Fund		0.25			0.25			n/a			0.05			0.25
Strategic Preservation Fund		0.25			0.25			n/a			0.05			0.25

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. The Funds earn interest on uninvested cash balances held by the custodian. Such interest amounts are presented separately in the Statements of Operations.

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

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

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

	Class A			Class C			Class R2			Class R5			Class R6			Select Class
Global Natural Resources Fund		1.30	%		1.80	%		1.55	%		0.85	%		0.80	%		1.05	%
International Realty Fund		1.40			1.90			n/a			0.95			n/a			1.15
Strategic Preservation Fund		1.35			1.85			n/a			0.90			n/a			1.10

The expense limitation agreements were in effect for the year ended October 31, 2013. The contractual expense limitation percentages in the table above are in place until at least February 28, 2014.

For the year ended October 31, 2013, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Global Natural Resources Fund	$	266	$	38	$	—	$	304	$	4
International Realty Fund		319		211		125		655		—
Strategic Preservation Fund		151		41		25		217		—

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

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2013 were as follows (amounts in thousands):

Global Natural Resources Fund	$	2
International Realty Fund		9
Strategic Preservation Fund		10

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

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

44 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

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 October 31, 2013, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2013, the International Realty Fund and Strategic Preservation Fund incurred less than $1,000 in 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.

4. Investment Transactions

During the year ended October 31, 2013, 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
Global Natural Resources Fund	$	11,466	$	41,704	$	—	$	—
International Realty Fund		190,781		100,949		—		—
Strategic Preservation Fund		97,288		73,481		3,643		7,189

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2013 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global Natural Resources Fund	$	41,270	$	2,240	$	6,149	$	(3,909	)
International Realty Fund		274,561		30,469		3,201		27,268
Strategic Preservation Fund		68,693		3,087		245		2,842

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of PFICs, wash sale loss deferrals and non-taxable dividends.

The tax character of distributions paid during the year ended October 31, 2013 was as follows (amounts in thousands):

	Total Distributions Paid From:
	Ordinary Income		Net Long Term Capital gains		Total Distributions Paid
Global Natural Resources Fund	$	1,381	$	—	$	1,381
International Realty Fund		11,606		—		11,606
Strategic Preservation Fund		1,033		—		1,033

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

	Total Distributions Paid From:
	Ordinary Income		Net Long Term Capital gains		Total Distributions Paid
Global Natural Resources Fund	$	425	$	—	$	425
International Realty Fund		4,486		—		4,486
Strategic Preservation Fund		972		3,174		4,146

As of October 31, 2013, the components of net assets (excluding paid in capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Global Natural Resources Fund	$	215	$	(25,708	)	$	(3,909	)
International Realty Fund		8,591		(31,084	)		27,252
Strategic Preservation Fund		1,827		352			2,484

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 45

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

The cumulative timing differences primarily consist of wash sale loss deferrals, mark to market of PFICs, non-taxable dividends, mark to market of forward foreign currency contracts and mark to market of futures contracts.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 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 October 31, 2013, the Funds had post-enactment net capital loss carryforwards:

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Global Natural Resources Fund	$	6,749	$	17,157
International Realty Fund		2,496		2,022

At October 31, 2013, the following Funds had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains (amounts in thousands):

	2015		2016		2017		2018		2019		Total
Global Natural Resources Fund	$	—	$	—	$	—	$	—	$	1,802	$	1,802
International Realty Fund		1,161		9,106		13,760		2,062		477		26,566

During the year ended October 31, 2013, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Post-Enactment Capital Loss Carryforwards  Utilized
	Short-Term		Long-Term
International Realty Fund	$	—	$	2,151
Strategic Preservation Fund		116		—

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).

In addition, 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 10, 2014.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013. Average borrowings from the Facility for, or at any time during, the year ended October 31, 2013, were as follows (amounts in thousands):

	Average Borrowings		Number of Days Outstanding		Interest Paid
Global Natural Resources Fund	$	7,868		3	$	—	(a)

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

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

7. Risks, Concentrations and Indemnifications

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

46 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

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

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Global Natural Resources Fund		84.3	%		—	%
International Realty Fund		—			51.9

In addition, Strategic Preservation Fund has several shareholders, which are accounts maintained by financial intermediaries on behalf of their clients, that own significant portions of the Fund’s outstanding shares.

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

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

As of October 31, 2013, substantially all of the International Realty Fund’s net assets consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

As of October 31, 2013, the Funds had the following country allocations representing greater than 10% of total investments.

	Australia			Canada			Germany			Hong Kong			Japan			Spain			United Kingdom			United States
Global Natural Resources Fund		—			28.2	%		—			—			—			—			21.6	%		19.5	%
International Realty Fund		13.9	%		—			—			13.2	%		28.4	%		—			13.7			—
Strategic Preservation Fund		—			—			13.4	%		—			12.3			10.4	%		—			23.0

As of October 31, 2013, the Global Natural Resources Fund invested approximately 40.8% and 25.0% of its total investments in the Diversified Metals & Mining and Oil & Gas Exploration & Production industries, respectively. The International Realty Fund invested approximately 44.9% and 27.9% of its total investments in the Real Estate Management & Development and Diversified industries, respectively.

Because the Global Natural Resources Fund invests a substantial portion of its assets in the natural resources sector, events that affect natural resources will have a greater effect on the Fund than they would on a fund that is more widely diversified among a number of unrelated industries. In addition, certain natural resources sub-sectors are subject to greater governmental regulation than are other industries; therefore, changes in tax and other government regulations may be more likely to adversely affect the Fund.

The International Realty Fund invests primarily in shares of real estate securities. While the Fund will not invest in real estate directly, the Fund may be subject to risks similar to those associated with direct ownership of real estate. These risks may include, but are not limited to, price movement as a result of interest rate fluctuations, general and local economic conditions, and heavy cash flow dependency, in addition to securities market risks.

The Strategic Preservation 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 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.

8. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. In January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, which updated ASU 2011-11. The ASU creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives, repurchase agreements and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of these changes on the Funds’ financial statement disclosures.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 47

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Global Natural Resources Fund, JPMorgan International Realty Fund and JPMorgan Strategic Preservation 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 Global Natural Resources Fund, JPMorgan International Realty Fund and JPMorgan Strategic Preservation Fund (each a separate Fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) at October 31, 2013, 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 in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

48 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 49

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)
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).	171	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); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-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).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Funds’ investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment 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 is 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.

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

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

50 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

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

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 51

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

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, May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Global Natural Resources Fund
Class A
Actual	$	1,000.00	$	1,046.70	$	6.71		1.30	%
Hypothetical		1,000.00		1,018.65		6.61		1.30
Class C
Actual		1,000.00		1,043.70		9.27		1.80
Hypothetical		1,000.00		1,016.13		9.15		1.80
Class R2
Actual		1,000.00		1,044.50		7.99		1.55
Hypothetical		1,000.00		1,017.39		7.88		1.55
Class R5
Actual		1,000.00		1,048.80		4.39		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class R6
Actual		1,000.00		1,048.70		4.75		0.92
Hypothetical		1,000.00		1,020.57		4.69		0.92
Select Class
Actual		1,000.00		1,047.70		5.42		1.05
Hypothetical		1,000.00		1,019.91		5.35		1.05
International Realty Fund
Class A
Actual		1,000.00		937.70		6.84		1.40
Hypothetical		1,000.00		1,018.15		7.12		1.40
Class C
Actual		1,000.00		935.10		9.27		1.90
Hypothetical		1,000.00		1,015.63		9.65		1.90

52 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

	Beginning Account Value, May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
International Realty Fund (continued)
Class R5
Actual	$	1,000.00	$	940.00	$	4.65		0.95	%
Hypothetical		1,000.00		1,020.42		4.84		0.95
Select Class
Actual		1,000.00		938.90		5.62		1.15
Hypothetical		1,000.00		1,019.41		5.85		1.15
Strategic Preservation Fund
Class A
Actual		1,000.00		1,007.50		6.68		1.32
Hypothetical		1,000.00		1,018.55		6.72		1.32
Class C
Actual		1,000.00		1,005.60		9.25		1.83
Hypothetical		1,000.00		1,015.98		9.30		1.83
Class R5
Actual		1,000.00		1,009.40		4.46		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Select Class
Actual		1,000.00		1,008.80		5.42		1.07
Hypothetical		1,000.00		1,019.81		5.45		1.07

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 53

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 22, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information includes the Funds’ performance compared to the performance of the Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of the Funds in connection with the Trustees’ review of the investment advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreements with representatives of the Adviser and with counsels to the Trust and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals

in executive sessions with counsels to the Trust and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing that the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes

54 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

designed to improve investment results and the services provided to each Fund.

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each of the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. The Board also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the adviser.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Funds benefit from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of each Fund. The Trustees also considered the complexity of investment management for the Funds relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of those Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 55

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

provided for the Funds at regular Board meetings by the Adviser and the independent consultant and also considered the special analysis that was prepared by the independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Global Natural Resources Fund’s performance was in the fifth quintile for both Class A and Select Class shares for the one year period ended December 31, 2012, and that the independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of next year.

The Trustees noted that the International Realty Fund’s performance was in the third, second and second quintiles for both Class A and for Select Class shares for the one-, three-, and five-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Strategic Preservation Fund’s performance was in the fifth, fifth and fourth quintiles both for Class A and Select Class shares for the one-, three- and five-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Global Natural Resources Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and second quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the International Realty Fund’s net advisory fee for both Class A and Select Class shares was in the second quintile, and that the actual total expenses for Class A and Select Class shares were in the first and second quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Strategic Preservation Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for both Class A and Select Class Shares were in the third quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

56 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2013

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2013. 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, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be received under separate cover.

Dividends Received Deductions (DRD)

The following Fund hereby designates the following percentage or the maximum allowable percentage as ordinary income distributions eligible for the 70% dividends received deduction for corporate rate shareholders for the fiscal year ended October 31, 2013:

	Dividends Received Deduction
Global Natural Resources Fund		71.49	%
Strategic Preservation Fund		4.36

Qualified Dividend Income (QDI)

For the fiscal year ended October 31, 2013, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%. Each Fund hereby designates the following amount or the maximum allowable amount of ordinary income distributions or the maximum allowable treated as qualified dividends (amounts in thousands):

	Qualified Dividend Income
Global Natural Resources Fund	$	1,381
International Realty Fund		11,606
Strategic Preservation Fund		1,033

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2013, the Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Gross income and foreign tax expenses are as follows (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
Global Natural Resources Fund	$	705	$	20
International Realty Fund		7,751		574
Strategic Preservation Fund		703		25

The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date in December, 2013. These shareholders should receive to their 2013 Form 1099-DIV for the foreign tax paid.

OCTOBER 31, 2013 J.P. MORGAN SPECIALTY FUNDS 57

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

^© JPMorgan Chase & Co., 2013.  All rights reserved. October 2013. AN-SPEC2-1013

Annual Report

J.P. Morgan Funds

October 31, 2013

JPMorgan Global Allocation Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	15
Financial Highlights	20
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	33
Trustees	34
Officers	36
Schedule of Shareholder Expenses	37
Board Approval of Investment Advisory Agreement	38
Tax Letter	41
Privacy Notice — Located at the back of this Annual Report

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of 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

DECEMBER 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

  “As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio.”

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury yields fell from their reporting period peak in early September

2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junk bonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well-diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2013 J.P. MORGAN FUNDS 1

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

Reporting Period Return:
Fund (Select Class Shares)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		16.61%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes) . . . . . . . . . . . . . . . . . . .		25.77%
Composite Benchmark. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		14.39%
Net Assets as of 10/31/2013 (In Thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	30,327,031

INVESTMENT OBJECTIVE**

The JPMorgan Global Allocation Fund (the “Fund”) seeks to maximize long-term total return.

HOW DID THE MARKET PERFORM?

The global financial market experienced periods of volatility during the reporting period. This volatility was triggered by a number of factors, including mixed economic data, geopolitical issues, expectations for future central bank monetary policies and, in the U.S., the impact of the fiscal cliff, sequestration and partial government shutdown. The global equity market was highly resilient during the reporting period amid generally robust investor demand. In the U.S., the S&P 500 Index finished the reporting period with a 27.18% gain. Overseas, the MSCI Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) returned 26.88%. Elsewhere, the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 6.53% for the twelve months ended October 31, 2013. U.S. fixed income securities, as measured by the Barclays U.S. Aggregate Index, posted a -1.08% return and substantially underperformed global equities for the reporting period. One of the few bright spots in the fixed income market was high yield bonds. The asset class was supported by overall strong demand and continued low default rates.

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

For the twelve months ended October 31, 2013, the Fund (Select Class Shares) outperformed its Composite Benchmark, which is comprised of 60% MSCI World Index (net of foreign withholding taxes) and 40% Barclays U.S. Aggregate Index.

The Fund’s allocation to high yield bonds (also known as “junk bonds”), which are not held in the Composite Benchmark,

contributed to its relative performance. Strong corporate balance sheets and investors’ increasing appetite for risk benefited high yield bonds, which were the strongest performing fixed income asset class during the reporting period. Over the twelve months ended October 31, 2013, the Fund maintained a 0% allocation to emerging market debt. This lack of exposure was beneficial for performance as the asset class underperformed other fixed income sectors. Deteriorating economic fundamentals, valuation levels that appeared expensive relative to other fixed income assets and emerging market equities, currency depreciation and fund outflows all contributed to weak performance for emerging market debt securities.

Among equities, the Fund had its greatest exposure to stocks in the U.S. and global developed markets. This weighting contributed to the Fund’s results versus the Composite Benchmark given the outperformance of U.S. and international developed stocks compared to developing market equities. Improving economic prospects, particularly within the U.S., Europe and Japan, helped to drive developed equity markets higher during the reporting period.

HOW WAS THE FUND POSITIONED?

J.P. Morgan’s Asset Management Solutions-Global Multi-Asset Group (“AMS-GMAG”) utilized top-down research to identify the Fund’s asset allocation. After determining what they believed to be the Fund’s ideal asset allocation, AMS-GMAG leveraged the resources and insights of specialist teams, each with expertise in managing money in the asset classes assigned to them by AMS-GMAG. These specialist teams used bottom-up fundamental research, researching investment opportunities to determine their underlying value. During the reporting period, the Fund invested in U.S., international and emerging market equities and high yield fixed income securities.

2 J.P. MORGAN FUNDS OCTOBER 31, 2013

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	JPMorgan Floating Rate Income Fund, Select Class Shares (United States)	8.0	%
	2.	iShares MSCI Emerging Markets ETF (United States)	6.0
	3.	Bundesrepublik Deutschland (Germany), 3.500%, 07/04/19	5.8
	4.	Bundesrepublik Deutschland (Germany), 2.250%, 09/04/21	2.2
	5.	U.S. Treasury Note (United States) 0.250%, 01/31/14	1.2
	6.	Finland Government Bond (Finland), 2.750%, 07/04/28	1.1
	7.	Roche Holding AG (Switzerland)	0.8
	8.	Sumitomo Mitsui Financial Group, Inc. (Japan)	0.7
	9.	Mitsubishi UFJ Financial Group, Inc. (Japan)	0.7
	10.	Bridgestone Corp. (Japan)	0.7

PORTFOLIO COMPOSITION BY COUNTRY***
United States	32.9	%
Germany	10.5
Japan	7.8
United Kingdom	5.3
Switzerland	2.4
Netherlands	2.0
France	1.5
Finland	1.1
Others (each less than 1.0%)	3.9
Short-Term Investment	32.6

* 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 3

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		5/31/11
Without Sales Charge				16.36	%		6.31	%
With Sales Charge*				11.15			4.29
CLASS C SHARES		5/31/11
Without CDSC				15.74			5.77
With CDSC**				14.74			5.77
CLASS R2 SHARES		5/31/11		16.06			6.05
SELECT CLASS SHARES		5/31/11		16.61			6.56

* 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 (5/31/11 TO 10/31/13)

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 May 31, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Allocation Fund, the MSCI World Index, the Global Allocation Composite Benchmark and the Lipper Global Flexible Portfolio Funds Index from May 31, 2011 to October 31, 2013. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, 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 Global Allocation Composite Benchmark 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 Flexible Portfolio 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 Global Allocation Composite Benchmark is a composite benchmark comprised of unmanaged

indexes that includes 60% MSCI World Index and 40% Barclays U.S. Aggregate Index. The 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 Global Flexible Portfolio Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

Subsequent to the inception date of the Fund through May 30, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

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

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

4 J.P. MORGAN FUNDS OCTOBER 31, 2013

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

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

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — 29.9%
		Belgium — 0.6%
	4,401	Ageas (m)		187,018
		Denmark — 0.4%
	10	AP Moeller - Maersk A/S, Class B (m)		96,750
	185	Novo Nordisk A/S, Class B (m)		30,812
				127,562
		France — 1.5%
	3,068	AXA S.A. (m)		76,441
	296	BNP Paribas S.A. (m)		21,837
	2,082	Cap Gemini S.A. (m)		136,533
	1,527	European Aeronautic Defence and Space Co. N.V. (m)		104,637
	983	Sanofi (m)		104,811
				444,259
		Germany — 2.1%
	319	Allianz SE (m)		53,561
	1,058	Bayer AG (m)		131,247
	1,365	Bayerische Motoren Werke AG (m)		154,489
	584	Deutsche Bank AG (m)		28,224
	1,854	Deutsche Post AG (m)		62,612
	1,453	Deutsche Telekom AG (m)		22,834
	2,138	Deutsche Wohnen AG (m)		40,209
	190	Muenchener Rueckversicherungs AG (m)		39,640
	705	SAP AG (m)		55,168
	2,940	TAG Immobilien AG (m)		35,514
				623,498
		Ireland — 0.7%
	26,696	Henderson Group plc (m)		91,634
	5,540	Smurfit Kappa Group plc (m)		134,104
				225,738
		Japan — 7.7%
	16,000	Asahi Kasei Corp. (m)		121,770
	5,800	Bridgestone Corp. (m)		198,840
	300	Daito Trust Construction Co., Ltd. (m)		30,631
	5,600	Haseko Corp. (a) (m)		41,508
	24,000	Hitachi Ltd. (m)		167,883
	500	Honda Motor Co., Ltd. (m)		19,966
	11,000	Isuzu Motors Ltd. (m)		68,503
	3,600	Japan Tobacco, Inc. (m)		130,261
	23,000	Kawasaki Kisen Kaisha Ltd. (m)		52,726
	7,000	Marubeni Corp. (m)		54,806
	15,000	Mazda Motor Corp. (a) (m)		67,523
	31,500	Mitsubishi UFJ Financial Group, Inc. (m)		200,600
	13,000	Mitsui OSK Lines Ltd. (a) (m)		55,027
	78,000	Mizuho Financial Group, Inc. (m)		163,727

SHARES		SECURITY DESCRIPTION	VALUE
		Japan — Continued
	2,900	Moshi Moshi Hotline, Inc. (m)		36,452
	700	Nippon Telegraph & Telephone Corp. (m)		36,386
	18,000	Nippon Yusen KK (m)		54,999
	1,100	Nissan Motor Co., Ltd. (m)		11,045
	4,200	ORIX Corp. (m)		72,749
	6,000	Sekisui House Ltd. (m)		86,123
	2,300	Sumitomo Electric Industries Ltd. (m)		34,464
	4,400	Sumitomo Mitsui Financial Group, Inc. (m)		212,678
	29,000	Sumitomo Mitsui Trust Holdings, Inc. (m)		143,234
	1,600	Tokio Marine Holdings, Inc. (m)		52,455
	2,800	Toyota Motor Corp. (m)		181,547
	2,700	Yamaha Motor Co., Ltd. (m)		41,360
				2,337,263
		Netherlands — 1.9%
	21,590	Aegon N.V. (m)		171,789
	250	ASML Holding N.V. (m)		23,672
	274	Chicago Bridge & Iron Co. N.V. (m)		20,301
	12,016	ING Groep N.V., CVA (a) (m)		152,696
	2,618	Nutreco N.V. (m)		127,982
	3,387	Wolters Kluwer N.V. (m)		91,757
				588,197
		Norway — 0.9%
	26,370	Grieg Seafood ASA (a) (m)		82,392
	97,785	Marine Harvest ASA (m)		114,642
	5,700	Salmar ASA (a) (m)		69,657
				266,691
		Singapore — 0.5%
	57,000	First Real Estate Investment Trust (m)		50,827
	120,000	Lippo Malls Indonesia Retail Trust (m)		43,411
	51,000	Mapletree Logistics Trust (m)		44,909
				139,147
		Switzerland — 2.4%
	2,695	Credit Suisse Group AG (a) (m)		83,836
	809	Nestle S.A. (m)		58,397
	1,691	Novartis AG (m)		131,260
	481	Pentair Ltd. (m)		32,270
	849	Roche Holding AG (m)		234,779
	1,533	Swiss Re AG (a) (m)		134,571
	155	Zurich Insurance Group AG (a) (m)		42,830
				717,943
		United Kingdom — 5.1%
	13,567	BAE Systems plc (m)		98,964
	11,963	Barclays plc (m)		50,334

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 5

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
		United Kingdom — Continued
	5,895	Barratt Developments plc (m)		31,612
	1,294	Berkeley Group Holdings plc (m)		48,506
	14,307	BT Group plc (m)		86,566
	527	Delphi Automotive plc (m)		30,144
	25,639	GKN plc (m)		151,033
	4,671	GlaxoSmithKline plc (m)		123,139
	14,759	Jupiter Fund Management plc (m)		94,372
	4,046	Lancashire Holdings Ltd. (m)		52,677
	17,767	Legal & General Group plc (m)		61,577
	31,172	Lloyds Banking Group plc (a) (m)		38,553
	1,155	Next plc (m)		100,863
	1,692	Persimmon plc (a) (m)		34,257
	6,023	Prudential plc (m)		123,175
	7,908	Reed Elsevier plc (m)		110,778
	18,450	Taylor Wimpey plc (m)		32,553
	25,916	Vodafone Group plc (m)		94,924
	8,901	WPP plc (m)		189,066
				1,553,093
		United States — 6.1%
	251	Actavis plc (a) (m)		38,800
	363	Aetna, Inc. (m)		22,760
	319	Allstate Corp. (The) (m)		16,926
	379	AmerisourceBergen Corp. (m)		24,760
	102	Apple, Inc. (m)		53,280
	273	Automatic Data Processing, Inc. (m)		20,467
	2,955	Bank of America Corp. (m)		41,252
	430	Berkshire Hathaway, Inc., Class B (a) (m)		49,484
	115	BlackRock, Inc. (m)		34,593
	371	Boeing Co. (The) (m)		48,415
	668	CBS Corp. (Non-Voting), Class B (m)		39,506
	206	Celgene Corp. (a) (m)		30,589
	421	Chevron Corp. (m)		50,503
	1,062	Cisco Systems, Inc. (m)		23,895
	736	Citigroup, Inc. (m)		35,902
	219	CME Group, Inc. (m)		16,252
	951	Comcast Corp., Class A (m)		45,249
	553	ConocoPhillips (m)		40,535
	975	EMC Corp. (m)		23,468
	1,811	Fifth Third Bancorp (m)		34,463
	501	Flowserve Corp. (m)		34,804
	1,814	Ford Motor Co. (m)		31,038
	651	General Mills, Inc. (m)		32,823
	69	Google, Inc., Class A (a) (m)		71,110
	728	Halliburton Co. (m)		38,606
	588	Home Depot, Inc. (The) (m)		45,799

SHARES		SECURITY DESCRIPTION	VALUE
		United States — Continued
	509	Johnson & Johnson (m)		47,138
	286	Kimberly-Clark Corp. (m)		30,888
	267	Manpowergroup, Inc. (m)		20,853
	693	MetLife, Inc. (m)		32,786
	786	Mylan, Inc. (a) (m)		29,766
	160	New Holdco (a) (i)		13,950
	419	NIKE, Inc., Class B (m)		31,743
	295	Northrop Grumman Corp. (m)		31,715
	168	Nu Skin Enterprises, Inc., Class A (m)		19,644
	265	Parker Hannifin Corp. (m)		30,931
	94	PPG Industries, Inc. (m)		17,163
	29	priceline.com, Inc. (a) (m)		30,561
	444	Prudential Financial, Inc. (m)		36,137
	681	Reynolds American, Inc. (m)		34,983
	150	Rock Tenn Co., Class A (m)		16,052
	131	Ross Stores, Inc. (m)		10,133
	260	Schlumberger Ltd. (m)		24,367
	453	St. Jude Medical, Inc. (m)		25,998
	399	State Street Corp. (m)		27,958
	658	Texas Instruments, Inc. (m)		27,689
	371	Thermo Fisher Scientific, Inc. (m)		36,276
	964	Tyson Foods, Inc., Class A (m)		26,674
	226	U.S. Airways Group, Inc. (a) (m)		4,965
	234	Union Pacific Corp. (m)		35,428
	290	United Parcel Service, Inc., Class B (m)		28,490
	514	UnitedHealth Group, Inc. (m)		35,086
	591	Verizon Communications, Inc. (m)		29,851
	235	Visa, Inc., Class A (m)		46,217
	1,409	Wells Fargo & Co. (m)		60,150
	171	Western Digital Corp. (m)		11,907
	69	Westlake Chemical Corp. (m)		7,412
	444	Xilinx, Inc. (m)		20,166
	621	Yahoo!, Inc. (a) (m)		20,450
				1,848,806
		Total Common Stocks (Cost $7,738,971)		9,059,215
PRINCIPAL AMOUNT
	Corporate Bonds — 10.4%
		Australia — 0.0% (g)
	10,000	FMG Resources August 2006 Pty Ltd., 7.000%, 11/01/15 (e)		10,375
		Bahamas — 0.0% (g)
	10,000	Ultrapetrol Bahamas Ltd., 8.875%, 06/15/21 (e)		10,700

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Canada — 0.2%
	9,000	Brookfield Residential Properties, Inc., 6.500%, 12/15/20 (e)		9,270
	10,000	Garda World Security Corp., 9.750%, 03/15/17 (e)		10,799
	2,000	KGHM International Ltd., 7.750%, 06/15/19 (e)		2,085
	10,000	Masonite International Corp., 8.250%, 04/15/21 (e)		11,000
	5,000	MEG Energy Corp., 7.000%, 03/31/24 (e)		5,112
	2,000	New Gold, Inc., 6.250%, 11/15/22 (e)		1,970
	5,000	Quebecor Media, Inc., 5.750%, 01/15/23		4,838
				45,074
		Cayman Islands — 0.0% (g)
	12,000	Seagate HDD Cayman, 4.750%, 06/01/23 (e)		11,670
		Finland — 0.0% (g)
	3,000	Nokia OYJ, 5.375%, 05/15/19		3,094
		France — 0.0% (g)
	5,000	Lafarge S.A., 7.125%, 07/15/36		5,162
		Luxembourg — 0.3%
		ArcelorMittal,
	25,000	6.750%, 02/25/22		27,187
	8,000	7.500%, 10/15/39		7,900
		Intelsat Jackson Holdings S.A.,
	10,000	6.625%, 12/15/22 (e)		10,200
	10,000	7.250%, 04/01/19		10,775
	14,000	Intelsat Luxembourg S.A., 7.750%, 06/01/21 (e)		14,770
	6,000	NII International Telecom S.C.A., 11.375%, 08/15/19 (e)		5,700
	12,000	Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 8.750%, 02/01/19 (e)		11,970
				88,502
		Netherlands — 0.1%
	11,000	Basell Finance Co., B.V., 8.100%, 03/15/27 (e)		14,365
		United Kingdom — 0.1%
		Royal Bank of Scotland Group plc,
	7,000	6.100%, 06/10/23		7,198
	15,000	6.125%, 12/15/22		15,508
				22,706
		United States — 9.7%
	12,000	Access Midstream Partners LP/ACMP Finance Corp., 5.875%, 04/15/21		12,870

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	15,000	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		13,350
	5,000	Activision Blizzard, Inc., 5.625%, 09/15/21 (e)		5,175
		ADT Corp. (The),
	2,000	3.500%, 07/15/22		1,754
	5,000	4.125%, 06/15/23		4,509
	10,000	6.250%, 10/15/21 (e)		10,612
	3,000	Advanced Micro Devices, Inc., 7.500%, 08/15/22		2,910
	3,000	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		2,640
		Aleris International, Inc.,
	2,000	7.625%, 02/15/18		2,120
	2,000	7.875%, 11/01/20		2,120
	2,000	Alliant Techsystems, Inc., 5.250%, 10/01/21 (e)		2,012
		Ally Financial, Inc.,
	25,000	6.250%, 12/01/17		27,687
	20,000	8.000%, 03/15/20		23,750
	21,000	8.000%, 11/01/31		25,043
	10,000	Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 9.625%, 10/15/18		10,650
	30,000	American International Group, Inc., VAR 8.175%, 05/15/68		36,975
	10,000	Anixter, Inc., 5.625%, 05/01/19		10,500
	5,000	Antero Resources Corp., 5.375%, 11/01/21 (e)		5,081
	11,000	ARAMARK Corp., 5.750%, 03/15/20 (e)		11,522
	2,000	Artesyn Escrow, Inc., 9.750%, 10/15/20 (e)		2,060
		Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.,
	25,000	4.750%, 11/15/21 (e)		23,500
	20,000	5.875%, 08/01/23 (e)		19,650
		Audatex North America, Inc.,
	2,000	6.000%, 06/15/21 (e)		2,065
	2,000	6.125%, 11/01/23 (e)		2,030
	25,000	Avaya, Inc., 7.000%, 04/01/19 (e)		23,875
	5,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.250%, 01/15/19		5,450
	11,000	Ball Corp., 5.000%, 03/15/22		11,082
	3,000	Bankrate, Inc., 6.125%, 08/15/18 (e)		3,090
		Biomet, Inc.,
	13,000	6.500%, 08/01/20		13,812
	5,000	6.500%, 10/01/20		5,200
	5,000	Boise Cascade Co., 6.375%, 11/01/20		5,225
	12,000	Building Materials Corp. of America, 7.500%, 03/15/20 (e)		12,930

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 7

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	8,000	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		8,780
	15,000	Cablevision Systems Corp., 8.000%, 04/15/20		17,025
	6,000	Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties Finance, Inc., 8.000%, 10/01/20 (e)		6,015
		Calpine Corp.,
	8,000	6.000%, 01/15/22 (e)		8,300
	30,000	7.875%, 01/15/23 (e)		32,625
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	10,000	5.750%, 09/01/23 (e)		9,512
	10,000	6.500%, 04/30/21		10,400
	10,000	8.125%, 04/30/20		10,950
	10,000	CDW LLC/CDW Finance Corp., 8.500%, 04/01/19		11,075
	3,000	Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.375%, 09/15/20 (e)		3,112
	14,000	Chesapeake Energy Corp., 6.125%, 02/15/21		15,295
	10,000	Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19		10,475
		CHS/Community Health Systems, Inc.,
	5,000	5.125%, 08/15/18		5,200
	8,000	7.125%, 07/15/20		8,420
	3,000	Cinemark USA, Inc., 5.125%, 12/15/22		2,932
	15,000	CIT Group, Inc., 5.375%, 05/15/20		16,069
	9,542	CityCenter Holdings LLC/CityCenter Finance Corp., PIK, 10.750%, 01/15/17		10,229
		Claire’s Stores, Inc.,
	11,000	7.750%, 06/01/20 (e)		10,945
	22,000	8.875%, 03/15/19		23,925
	35,000	9.000%, 03/15/19 (e)		39,112
	25,000	Clear Channel Communications, Inc., 9.000%, 12/15/19		25,375
		Clear Channel Worldwide Holdings, Inc.,
	5,000	6.500%, 11/15/22		5,200
	5,000	6.500%, 11/15/22		5,250
	5,000	Series A, 7.625%, 03/15/20		5,287
	10,000	Series B, 7.625%, 03/15/20		10,675
	10,000	Clearwire Communications LLC/Clearwire Finance, Inc., 14.750%, 12/01/16 (e)		13,700
	19,000	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		18,002
	25,000	Comstock Resources, Inc., 7.750%, 04/01/19		26,125
	40,000	Concho Resources, Inc., 7.000%, 01/15/21		44,600
	15,000	CONSOL Energy, Inc., 6.375%, 03/01/21		15,712

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	44,155	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		49,233
	9,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.125%, 03/01/22 (e)		9,202
	15,000	Cricket Communications, Inc., 7.750%, 10/15/20		17,137
	13,000	Crown Castle International Corp., 5.250%, 01/15/23		12,870
	13,000	DaVita HealthCare Partners, Inc., 6.375%, 11/01/18		13,634
		Dean Foods Co.,
	5,000	7.000%, 06/01/16		5,562
	5,000	9.750%, 12/15/18		5,669
	25,000	Deluxe Corp., 7.000%, 03/15/19		26,875
	15,000	Denali Borrower LLC/Denali Finance Corp., 5.625%, 10/15/20 (e)		14,850
	5,000	Diamondback Energy, Inc., 7.625%, 10/01/21 (e)		5,225
	28,000	DISH DBS Corp., 6.750%, 06/01/21		30,310
	5,000	DreamWorks Animation SKG, Inc., 6.875%, 08/15/20 (e)		5,319
	4,000	DuPont Fabros Technology LP, 5.875%, 09/15/21 (e)		4,100
	4,000	Dycom Investments, Inc., 7.125%, 01/15/21		4,250
	9,000	Dynegy, Inc., 5.875%, 06/01/23 (e)		8,505
	10,000	Embarq Corp., 7.995%, 06/01/36		10,187
	10,000	Endo Health Solutions, Inc., 7.000%, 07/15/19		10,675
		Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.,
	18,000	10.000%, 12/01/20		18,900
	7,000	12.250%, 03/01/22 (e)		8,050
	8,000	Energy XXI Gulf Coast, Inc., 7.500%, 12/15/21 (e)		8,360
	13,000	EP Energy LLC/EP Energy Finance, Inc., 9.375%, 05/01/20		15,015
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	4,000	6.875%, 05/01/19		4,300
	2,000	7.750%, 09/01/22		2,250
	3,128	EPE Holdings LLC/EP Energy Bond Co., Inc., PIK, 8.875%, 12/15/17 (e)		3,277
	25,000	Ferrellgas LP/Ferrellgas Finance Corp., 6.500%, 05/01/21		25,312
		First Data Corp.,
	5,000	6.750%, 11/01/20 (e)		5,294
	14,000	7.375%, 06/15/19 (e)		15,067

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	10,000	8.250%, 01/15/21 (e)		10,650
	5,000	11.750%, 08/15/21 (e)		5,088
	10,000	12.625%, 01/15/21		11,537
	10,000	PIK, 10.000%, 01/15/22 (e)		10,675
		Freescale Semiconductor, Inc.,
	5,000	5.000%, 05/15/21 (e)		4,862
	2,000	6.000%, 01/15/22 (e)		2,023
		Fresenius Medical Care U.S. Finance, Inc.,
	5,000	5.750%, 02/15/21 (e)		5,288
	25,000	6.500%, 09/15/18 (e)		28,062
	10,000	Frontier Communications Corp., 8.500%, 04/15/20		11,425
	5,000	Gannett Co., Inc., 6.375%, 10/15/23 (e)		5,275
		Genesis Energy LP/Genesis Energy Finance Corp.,
	50,000	5.750%, 02/15/21		50,750
	16,000	7.875%, 12/15/18		17,240
	3,000	GenOn Energy, Inc., 9.875%, 10/15/20		3,360
	5,000	GLP Capital LP/GLP Financing II, Inc., 4.875%, 11/01/20 (e)		5,037
	10,000	Goodman Networks, Inc., 13.125%, 07/01/18 (e)		10,550
	5,000	Gray Television, Inc., 7.500%, 10/01/20 (e)		5,237
	5,000	Gymboree Corp. (The), 9.125%, 12/01/18		4,837
	8,000	Halcon Resources Corp., 9.250%, 02/15/22 (e)		8,480
	20,000	Hawk Acquisition Sub, Inc., 4.250%, 10/15/20 (e)		19,350
	5,000	HCA Holdings, Inc., 6.250%, 02/15/21		5,250
		HCA, Inc.,
	5,000	4.750%, 05/01/23		4,819
	5,000	5.875%, 05/01/23		5,037
	50,000	6.500%, 02/15/20		55,625
	12,000	7.500%, 02/15/22		13,485
	5,000	8.000%, 10/01/18		5,875
		HD Supply, Inc.,
	5,000	7.500%, 07/15/20 (e)		5,275
	10,000	8.125%, 04/15/19		11,177
	7,000	Hecla Mining Co., 6.875%, 05/01/21 (e)		6,860
	10,000	Hertz Corp. (The), 7.375%, 01/15/21		11,100
	24,000	Hiland Partners LP/Hiland Partners Finance Corp., 7.250%, 10/01/20 (e)		25,560
	25,000	Hilcorp Energy I LP/Hilcorp Finance Co., 7.625%, 04/15/21 (e)		27,125
	5,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21 (e)		5,137

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	5,000	Ingles Markets, Inc., 5.750%, 06/15/23 (e)		4,900
		International Lease Finance Corp.,
	10,000	5.875%, 08/15/22		10,300
	46,000	8.250%, 12/15/20		54,338
	10,000	inVentiv Health, Inc., 9.000%, 01/15/18 (e)		10,425
	10,000	JBS USA LLC/JBS USA Finance, Inc., 7.250%, 06/01/21 (e)		10,275
		K. Hovnanian Enterprises, Inc.,
	2,000	7.250%, 10/15/20 (e)		2,130
	5,000	11.875%, 10/15/15		5,763
	30,000	Key Energy Services, Inc., 6.750%, 03/01/21		30,525
		Lennar Corp.,
	5,000	6.950%, 06/01/18		5,588
	5,000	Series B, 12.250%, 06/01/17		6,500
	5,000	Level 3 Communications, Inc., 11.875%, 02/01/19		5,800
	35,000	Level 3 Financing, Inc., 8.125%, 07/01/19		38,588
	60,000	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		65,400
	2,000	Liberty Tire Recycling LLC, 11.000%, 10/01/16 (e)		2,040
	10,000	LSB Industries, Inc., 7.750%, 08/01/19 (e)		10,575
	5,000	M/I Homes, Inc., 8.625%, 11/15/18		5,425
		MarkWest Energy Partners LP/MarkWest Energy Finance Corp.,
	18,000	4.500%, 07/15/23		17,460
	15,000	6.750%, 11/01/20		16,425
	38,000	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		38,760
	4,000	Masco Corp., 5.950%, 03/15/22		4,240
	3,000	MasTec, Inc., 4.875%, 03/15/23		2,861
	15,000	Media General, Inc., 11.750%, 02/15/17		16,313
	10,000	MetroPCS Wireless, Inc., 6.250%, 04/01/21 (e)		10,463
		MGM Resorts International,
	2,000	8.625%, 02/01/19		2,347
	25,000	11.375%, 03/01/18		32,063
	6,000	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		6,270
	25,000	MultiPlan, Inc., 9.875%, 09/01/18 (e)		27,625
	4,000	Murphy Oil USA, Inc., 6.000%, 08/15/23 (e)		4,060
	2,000	Mustang Merger Corp., 8.500%, 08/15/21 (e)		2,055
	7,000	Nationstar Mortgage LLC/Nationstar Capital Corp., 6.500%, 06/01/22		6,834

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 9

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	7,000	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 9.250%, 04/15/19		7,578
		New Albertsons, Inc.,
	8,000	7.450%, 08/01/29		6,520
	8,000	8.000%, 05/01/31		6,600
	10,000	Newfield Exploration Co., 5.750%, 01/30/22		10,500
	5,000	Nexstar Broadcasting, Inc., 6.875%, 11/15/20 (e)		5,225
	18,000	NII Capital Corp., 7.625%, 04/01/21		10,440
	6,000	Nortek, Inc., 8.500%, 04/15/21		6,578
		NRG Energy, Inc.,
	11,000	6.625%, 03/15/23		11,371
	13,000	7.875%, 05/15/21		14,365
	5,000	Oasis Petroleum, Inc., 6.875%, 03/15/22 (e)		5,400
	6,000	Parker Drilling Co., 7.500%, 08/01/20 (e)		6,240
	3,000	Patriot Merger Corp., 9.000%, 07/15/21 (e)		3,135
	17,000	PC Nextco Holdings LLC/PC Nextco Finance, Inc., PIK, 9.500%, 08/15/19 (e)		17,553
	20,000	Pilgrim’s Pride Corp., 7.875%, 12/15/18		21,850
	2,000	Pinnacle Entertainment, Inc., 7.500%, 04/15/21		2,195
		PolyOne Corp.,
	10,000	5.250%, 03/15/23		9,938
	25,000	7.375%, 09/15/20		27,687
		QEP Resources, Inc.,
	15,000	5.375%, 10/01/22		14,663
	10,000	6.875%, 03/01/21		10,700
	5,000	Quiksilver, Inc./QS Wholesale, Inc., 7.875%, 08/01/18 (e)		5,350
	10,000	Qwest Capital Funding, Inc., 7.750%, 02/15/31		9,600
	12,000	Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/18 (e)		12,390
	5,000	RCN Telecom Services LLC/RCN Capital Corp., 8.500%, 08/15/20 (e)		5,050
	20,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.500%, 04/15/23		19,950
		Rite Aid Corp.,
	5,000	6.750%, 06/15/21		5,288
	10,000	9.250%, 03/15/20		11,550
	2,000	ROC Finance LLC/ROC Finance 1 Corp., 12.125%, 09/01/18 (e)		2,160
	5,000	Roofing Supply Group LLC/Roofing Supply Finance, Inc., 10.000%, 06/01/20 (e)		5,650
	20,000	Samson Investment Co., 10.250%, 02/15/20 (e)		21,600

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	16,000	SemGroup LP, 7.500%, 06/15/21 (e)		16,760
	10,000	Seneca Gaming Corp., 8.250%, 12/01/18 (e)		10,763
	10,000	Service Corp. International, 8.000%, 11/15/21		11,463
	5,000	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		5,225
		Sinclair Television Group, Inc.,
	5,000	6.125%, 10/01/22		5,094
	5,000	6.375%, 11/01/21 (e)		5,150
	4,000	Sirius XM Radio, Inc., 5.750%, 08/01/21 (e)		4,080
		SM Energy Co.,
	8,000	5.000%, 01/15/24 (e)		7,820
	40,000	6.625%, 02/15/19		42,600
	7,000	Smithfield Foods, Inc., 7.750%, 07/01/17		8,138
		Sprint Capital Corp.,
	77,000	6.900%, 05/01/19		82,968
	18,000	8.750%, 03/15/32		19,485
		Sprint Corp.,
	4,000	7.250%, 09/15/21 (e)		4,310
	3,000	7.875%, 09/15/23 (e)		3,255
	11,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.500%, 07/01/21 (e)		11,578
	15,000	SUPERVALU, Inc., 8.000%, 05/01/16		16,725
	8,000	Swift Energy Co., 7.875%, 03/01/22		8,020
	25,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.875%, 02/01/21		26,938
		Taylor Morrison Communities, Inc./Monarch Communities, Inc.,
	9,000	7.750%, 04/15/20 (e)		9,945
		Tenet Healthcare Corp.,
	3,000	4.500%, 04/01/21		2,910
	5,000	4.750%, 06/01/20		4,962
	4,000	6.000%, 10/01/20 (e)		4,230
	5,000	6.250%, 11/01/18		5,475
	5,000	8.000%, 08/01/20		5,444
	5,000	8.125%, 04/01/22 (e)		5,475
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	13,000	5.875%, 10/01/20		13,293
	25,000	6.125%, 10/15/21		25,875
		T-Mobile USA, Inc.,
	3,000	5.250%, 09/01/18 (e)		3,116
	2,000	6.464%, 04/28/19		2,120
	5,000	6.633%, 04/28/21		5,288
	5,000	6.731%, 04/28/22		5,281

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	5,000	Tops Holding Corp./Tops Markets LLC, 8.875%, 12/15/17 (e)		5,500
	25,000	TransDigm, Inc., 7.750%, 12/15/18		26,875
	10,000	Tutor Perini Corp., 7.625%, 11/01/18		10,625
	5,000	tw telecom holdings, Inc., 6.375%, 09/01/23 (e)		5,200
	12,000	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		11,490
	5,000	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		5,050
		Univision Communications, Inc.,
	19,000	6.750%, 09/15/22 (e)		20,710
	16,000	6.875%, 05/15/19 (e)		17,240
	5,000	8.500%, 05/15/21 (e)		5,538
	2,000	USG Corp., 5.875%, 11/01/21 (e)		2,040
		Valeant Pharmaceuticals International,
	20,000	6.375%, 10/15/20 (e)		21,350
	4,000	6.750%, 08/15/18 (e)		4,380
	5,000	7.000%, 10/01/20 (e)		5,388
	4,000	7.500%, 07/15/21 (e)		4,440
	8,000	Vanguard Natural Resources LLC/VNR Finance Corp., 7.875%, 04/01/20		8,360
	10,000	Victor Technologies Group, Inc., 9.000%, 12/15/17		10,750
	15,000	Vulcan Materials Co., 7.500%, 06/15/21		16,856
	10,000	VWR Funding, Inc., 7.250%, 09/15/17		10,650
	20,000	W&T Offshore, Inc., 8.500%, 06/15/19		21,550
	10,000	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		10,275
	10,000	Whiting Petroleum Corp., 5.000%, 03/15/19		10,400
	21,000	William Carter Co. (The), 5.250%, 08/15/21 (e)		21,315
	10,000	Windstream Corp., 7.750%, 10/15/20		10,725
	5,000	WMG Acquisition Corp., 6.000%, 01/15/21 (e)		5,250
		WPX Energy, Inc.,
	10,000	5.250%, 01/15/17		10,675
	10,000	6.000%, 01/15/22		10,500
	5,000	Zayo Group LLC/Zayo Capital, Inc., 10.125%, 07/01/20		5,775
				2,949,217
		Total Corporate Bonds (Cost $3,006,613)		3,160,865
SHARES
	Exchange Traded Fund — 5.9%
	42,007	iShares MSCI Emerging Markets ETF (Cost $1,726,626)		1,783,617

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — 9.2%
		Finland — 1.0%
	EUR 225,000	Finland Government Bond, 2.750%, 07/04/28 (e) (m)		314,720
		Germany — 8.0%
		Bundesrepublik Deutschland,
	EUR 455,000	2.250%, 09/04/21 (m)		663,492
	EUR 1,120,000	3.500%, 07/04/19 (m)		1,749,694
				2,413,186
		Italy — 0.2%
	EUR 42,000	Italy Buoni Poliennali Del Tesoro, 5.500%, 11/01/22 (m)		63,948
		Total Foreign Government Securities (Cost $2,687,788)		2,791,854
SHARES
	Investment Company — 7.9%
	237,901	JPMorgan Floating Rate Income Fund, Select Class Shares (b) (Cost $2,396,567)		2,402,801
PRINCIPAL AMOUNT
	Loan Assignments — 0.6%
		United States — 0.6%
	14,888	Alcatel-Lucent USA, Inc., U.S. Term Loan, VAR, 5.750%, 01/30/19		15,095
		Altice Financing S.A., Term Loan,
	3,221	VAR, 5.500%, 07/02/19		3,243
	837	VAR, 5.500%, 07/02/19		843
	435	VAR, 5.500%, 07/02/19		438
		Aot Holdings Ltd., 1st Lien Senior Secured Term Loan,
	1,952	VAR, 5.000%, 10/01/19		1,962
	1,414	VAR, 5.000%, 10/01/19		1,421
	731	VAR, 5.000%, 10/01/19		735
	188	VAR, 5.000%, 10/01/19		189
	188	VAR, 5.000%, 10/01/19		189
	164	VAR, 5.000%, 10/01/19		165
	113	VAR, 5.000%, 10/01/19		114
	75	VAR, 5.000%, 10/01/19		76
	29,940	Caesars Entertainment Operating Co., Inc., (FKA Harrahs), Extended B-6 Term Loan, VAR, 5.488%, 01/28/18		28,060
	6,983	Cricket Communications, Inc., Term Loan C, (Leap Wireless International), VAR, 4.750%, 03/08/20		7,013
	6,000	Dell, Inc., Term B Loan, VAR, 4.500%, 09/23/20		5,963
	5,879	DuPont Performance, Term Loan, VAR, 4.750%, 02/01/20		5,938

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 11

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — Continued
		United States — Continued
	49,398	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		49,769
	5,000	Fieldwood Energy LLC, Closing Date Loan, 2nd Lien, VAR, 8.375%, 09/30/20 ^		5,084
		Gymboree Corp. (The), Term Loan (A & R),
	616	VAR, 5.000%, 02/23/18		595
	23,069	VAR, 5.000%, 02/23/18		22,294
	9,925	NXP B.V., Tranche C Term Loan, VAR, 4.750%, 01/10/20		10,024
	5,000	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		5,114
	10,634	RP Crown Parent LLC, 1st Lien Term Loan, VAR, 6.750%, 12/14/18		10,732
	7,756	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		7,772
		Tronox Ltd., Term Loan,
	1,062	VAR, 4.500%, 03/19/20		1,071
	933	VAR, 4.500%, 03/19/20		941
		Total Loan Assignments (Cost $181,677)		184,840
NUMBER OF CONTRACTS
	Options Purchased — 1.0%
		Call Option Purchased — 1.0%
	20	E-mini S&P 500, Expiring on 12/21/13 at 1,700.00, European Style (a)		133,200
	16	E-mini S&P 500, Expiring on 12/21/13 at 1,675.00, European Style (a)		155,200
	10	E-mini S&P 500, Expiring on 12/21/13 at 1,775.00, European Style (a)		20,300
		Total Options Purchased (Cost $186,118)		308,700
PRINCIPAL AMOUNT
	Preferred Security — 0.1% (x)
		United States — 0.1%
	35,000	Bank of America Corp., Series K, VAR, 8.000%, 01/30/18 VAR (Cost $30,484)		38,763
SHARES
	Preferred Stock — 0.4%
		Germany — 0.4%
	503	Volkswagen AG (m) (Cost $116,191)		127,565

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	U.S. Treasury Obligation — 1.2%
	345,000	U.S. Treasury Notes, 0.250%, 01/31/14 (k) (Cost $345,065)		345,175
SHARES
	Short-Term Investment — 32.3%
		Investment Company — 32.3%
	9,792,000	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $9,792,000)		9,792,000
		Total Investments — 98.9% (Cost $28,208,100)		29,995,395
		Other Assets in Excess of Liabilities — 1.1%		331,636
		NET ASSETS — 100.0%	$	30,327,031

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Foreign Government Securities		9.3	%
Investment Company		8.0
Exchange Traded Fund		5.9
Insurance		4.1
Commercial Banks		3.2
Pharmaceuticals		3.1
Oil, Gas & Consumable Fuels		2.5
Automobiles		2.3
Media		2.3
Food Products		2.0
Diversified Telecommunication Services		1.5
Diversified Financial Services		1.4
Auto Components		1.3
Capital Markets		1.2
U.S. Treasury Notes		1.2
Household Durables		1.1
Aerospace & Defense		1.0
Options		1.0
Health Care Providers & Services		1.0
Others (each less than 1.0%)		14.0
Short-Term Investment		32.6

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2013

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	13		10 Year U.S. Treasury Note		12/19/13		1,655,672			36,434
	19		E-mini Russell 2000		12/20/13		2,085,820			81,537
	22		E-mini S&P 500		12/20/13		1,926,100			45,293
			Short Futures Outstanding
	(4	)	Euro Bund		12/06/13		(771,202	)		(23,368	)
	(1	)	Euro-Bobl		12/06/13		(170,113	)		(3,384	)
	(27	)	5 Year U.S. Treasury Note		12/31/13		(3,285,562	)		(54,055	)
										82,457

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	255,146	AUD	Credit Suisse International		11/29/13		245,239		240,755		(4,484	)
	8,069	EUR	Goldman Sachs International		12/18/13		10,912		10,957		45
	14,620	EUR	State Street Corp.		12/18/13		19,758		19,851		93
							275,909		271,563		(4,346	)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	55,611	CHF	Societe Generale		11/29/13		62,414		61,302		1,112
	91,211	EUR	Westpac Banking Corp.		11/29/13		125,774		123,848		1,926
	14,335	EUR	Westpac Banking Corp.		12/18/13		19,596		19,466		130
	9,858	EUR	Citibank, N.A.		12/18/13		13,307		13,386		(79	)
	5,205	EUR	Credit Suisse International		12/18/13		7,040		7,067		(27	)
	9,431	EUR	Morgan Stanley		12/18/13		12,759		12,806		(47	)
	2,051,232	EUR	State Street Corp.		12/18/13		2,774,681		2,785,269		(10,588	)
	48,107,914	JPY	Credit Suisse International		11/29/13		494,001		489,309		4,692
	765,153	NOK	Westpac Banking Corp.		11/29/13		129,817		128,413		1,404
							3,639,389		3,640,866		(1,477	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 13

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

AUD	—  Australian Dollar
CHF	—  Swiss Franc
ETF	—  Exchange Traded Fund
EUR	—  Euro
JPY	—  Japanese Yen
MSCI	—  Morgan Stanley Capital International
NOK	—  Norwegian Krone
PIK	—  Payment-in-Kind
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of October 31, 2013.
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.1%.
(i)	—  Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.

(k)	—  All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)	—  The rate shown is the current yield as of October 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(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 reflects the next call date. The coupon rate shown is the rate in effect as of October 31, 2013.
^	—  All or a portion of the security is unsettled as of October 31, 2013. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A. of the notes to financial statements are $7,255,257 and 24.2%, respectively.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) 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 the Funds’ website.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2013

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

	Global Allocation Fund
ASSETS:
Investments in non-affiliates, at value	$	17,800,594
Investments in affiliates, at value		12,194,801
Total investment securities, at value		29,995,395
Cash		106,520
Foreign currency, at value		126,493
Deposits at broker for futures contracts		36,000
Receivables:
Investment securities sold		93,683
Fund shares sold		255,975
Interest and dividends from non-affiliates		102,398
Dividends from affiliates		8,475
Tax reclaims		7,184
Unrealized appreciation on forward foreign currency exchange contracts		9,402
Unrealized appreciation on unfunded commitments		34
Due from Adviser		41,442
Total Assets		30,783,001
LIABILITIES:
Payables:
Investment securities purchased		290,128
Variation margin on futures contracts		35,460
Unrealized depreciation on forward foreign currency exchange contracts		15,225
Accrued liabilities:
Distribution fees		580
Custodian and accounting fees		34,792
Trustees’ and Chief Compliance Officer’s fees		16
Audit fees		52,886
Other		26,883
Total Liabilities		455,970
Net Assets	$	30,327,031

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 15

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013 (continued)

	Global Allocation Fund
NET ASSETS:
Paid-in-Capital	$	28,038,150
Accumulated undistributed (distributed in excess of) net investment income		6,783
Accumulated net realized gains (losses)		418,392
Net unrealized appreciation (depreciation)		1,863,706
Total Net Assets	$	30,327,031
Net Assets:
Class A	$	2,253,237
Class C		379,866
Class R2		57,612
Select Class		27,636,316
Total	$	30,327,031
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		136,994
Class C		23,179
Class R2		3,506
Select Class		1,677,945
Net Asset Value (a):
Class A — Redemption price per share	$	16.45
Class C — Offering price per share (b)		16.39
Class R2 — Offering and redemption price per share		16.44
Select Class — Offering and redemption price per share		16.47
Class A maximum sales charge		4.50	%
[net asset value per share/(100% — maximum sales charge)]	$	17.23
Cost of investments in non-affiliates	$	16,019,533
Cost of investments in affiliates		12,188,567
Cost of foreign currency		126,478

(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.

16 J.P. MORGAN FUNDS OCTOBER 31, 2013

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013

	Global Allocation Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	348,804
Interest income from affiliates		177
Dividend income from non-affiliates		250,858
Dividend income from affiliates		59,116
Foreign taxes withheld		(10,454	)
Total investment income		648,501
EXPENSES:
Investment advisory fees		134,756
Administration fees		18,955
Distribution fees:
Class A		674
Class C		689
Class R2		270
Shareholder servicing fees:
Class A		674
Class C		230
Class R2		135
Select Class		55,109
Custodian and accounting fees		139,028
Professional fees		89,571
Trustees’ and Chief Compliance Officer’s fees		28
Printing and mailing costs		16,951
Registration and filing fees		59,396
Other		7,307
Total expenses		523,773
Less amounts waived		(209,859	)
Less expense reimbursements		(132,606	)
Net expenses		181,308
Net investment income (loss)		467,193
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,220,751
Investment in affiliates		106,205
Futures		672,374
Foreign currency transactions		(75,824	)
Net realized gains (losses)		1,923,506
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		1,126,550
Investments in affiliates		(189,028	)
Futures		152,284
Foreign currency translations		5,961
Unfunded commitments		34
Change in net unrealized appreciation/depreciation		1,095,801
Net realized/unrealized gains (losses)		3,019,307
Change in net assets resulting from operations	$	3,486,500

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 17

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Global Allocation Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	467,193		$	561,846
Net realized gain (loss)		1,923,506			471,972
Change in net unrealized appreciation/depreciation		1,095,801			876,300
Change in net assets resulting from operations		3,486,500			1,910,118
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(3,910	)		(1,263	)
Class C
From net investment income		(1,471	)		(1,100	)
Class R2
From net investment income		(1,254	)		(1,175	)
Select Class
From net investment income		(601,107	)		(543,598	)
Total distributions to shareholders		(607,742	)		(547,136	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		7,443,386			547,136
NET ASSETS:
Change in net assets		10,322,144			1,910,118
Beginning of period		20,004,887			18,094,769
End of period	$	30,327,031		$	20,004,887
Accumulated undistributed (distributed in excess of) net investment income	$	6,783		$	205,745

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	Global Allocation Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,187,186		$	—
Distributions reinvested		3,910			1,263
Cost of shares redeemed		(49,728	)		—
Change in net assets resulting from Class A capital transactions	$	2,141,368		$	1,263
Class C
Proceeds from shares issued	$	313,942		$	—
Distributions reinvested		1,471			1,100
Cost of shares redeemed		(18	)		—
Change in net assets resulting from Class C capital transactions	$	315,395		$	1,100
Class R2
Distributions reinvested	$	1,254		$	1,175
Change in net assets resulting from Class R2 capital transactions	$	1,254		$	1,175
Select Class
Proceeds from shares issued	$	4,392,861		$	—
Distributions reinvested		600,453			543,598
Cost of shares redeemed		(7,945	)		—
Change in net assets resulting from Select Class capital transactions	$	4,985,369		$	543,598
Total change in net assets resulting from capital transactions	$	7,443,386		$	547,136
SHARE TRANSACTIONS:
Class A
Issued		136,494			—
Reinvested		250			91
Redeemed		(3,181	)		—
Change in Class A Shares		133,563			91
Class C
Issued		19,668			—
Reinvested		97			80
Redeemed		(1	)		—
Change in Class C Shares		19,764			80
Class R2
Reinvested		84			85
Change in Class R2 Shares		84			85
Select Class
Issued		272,575			—
Reinvested		39,600			39,374
Redeemed		(494	)		—
Change in Select Class Shares		311,681			39,374

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 19

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
Global Allocation Fund
Class A
Year Ended October 31, 2013	$	14.52	$	0.19	(h)	$	2.15		$	2.34		$	(0.41	)
Year Ended October 31, 2012		13.53		0.38			0.98			1.36			(0.37	)
May 31, 2011 (i) through October 31, 2011		15.00		0.14			(1.58	)		(1.44	)		(0.03	)
Class C
Year Ended October 31, 2013		14.49		0.16	(h)		2.09			2.25			(0.35	)
Year Ended October 31, 2012		13.52		0.31			0.99			1.30			(0.33	)
May 31, 2011 (i) through October 31, 2011		15.00		0.11			(1.58	)		(1.47	)		(0.01	)
Class R2
Year Ended October 31, 2013		14.51		0.25	(h)		2.04			2.29			(0.36	)
Year Ended October 31, 2012		13.53		0.34			0.99			1.33			(0.35	)
May 31, 2011 (i) through October 31, 2011		15.00		0.12			(1.58	)		(1.46	)		(0.01	)
Select Class
Year Ended October 31, 2013		14.53		0.33	(h)		2.04			2.37			(0.43	)
Year Ended October 31, 2012		13.53		0.41			1.00			1.41			(0.41	)
May 31, 2011 (i) through October 31, 2011		15.00		0.15			(1.58	)		(1.43	)		(0.04	)

(a) Annualized for periods less than one year.

(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 interest expense, if applicable, which is less than 0.01%, unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

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

(h) Calculated based upon average shares outstanding.

(i) Commencement of operations.

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

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2013

		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 and reimbursements (f)			Portfolio turnover rate (c)(g)
$	16.45		16.36	%	$	2,253,237		1.05	%		1.18	%		3.30	%		120	%
	14.52		10.26			49,838		1.05			2.70			2.54			67
	13.53		(9.63	)		45,190		1.05	(j)		2.36	(j)		2.79	(j)		51
	16.39		15.74			379,866		1.55			1.00			3.41			120
	14.49		9.75			49,485		1.55			2.19			3.04			67
	13.52		(9.83	)		45,096		1.55	(j)		1.86	(j)		3.28	(j)		51
	16.44		16.06			57,612		1.30			1.61			2.79			120
	14.51		9.99			49,661		1.30			2.44			2.79			67
	13.53		(9.71	)		45,143		1.30	(j)		2.10	(j)		3.04	(j)		51
	16.47		16.61			27,636,316		0.80			2.10			2.31			120
	14.53		10.58			19,855,903		0.80			2.95			2.29			67
	13.53		(9.56	)		17,959,340		0.80	(j)		2.61	(j)		2.55	(j)		51

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 21

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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
Global Allocation Fund	Class A, Class C, Class R2 and Select Class	Diversified

The investment objective of the Fund is to seek to maximize long-term total return.

Prior to May 31, 2013, the Fund was 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 R2 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

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 policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities, including investments in Exchange Traded Funds (“ETFs”), listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Fund are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in J.P. Morgan Funds (the “Underlying Funds”) are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Fund may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Fund to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

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

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. Trading in

22 J.P. MORGAN FUNDS OCTOBER 31, 2013

securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Fund applies fair value pricing on equity securities on a daily basis except for North American, Central American, South American and Caribbean equity securities held in its portfolio by utilizing the quotations of an independent pricing service, unless the Adviser determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Fund calculates its net asset value.

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

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

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	—	$	187,018	$	—	$	187,018
Denmark		—		127,562		—		127,562
France		—		444,259		—		444,259
Germany		—		623,498		—		623,498
Ireland		—		225,738		—		225,738
Japan		—		2,337,263		—		2,337,263
Netherlands		20,301		567,896		—		588,197
Norway		152,049		114,642		—		266,691
Singapore		—		139,147		—		139,147
Switzerland		32,270		685,673		—		717,943
United Kingdom		82,821		1,470,272		—		1,553,093
United States		1,834,856		—		13,950		1,848,806
Total Common Stocks		2,122,297		6,922,968		13,950		9,059,215
Corporate Bonds
Australia		—		10,375		—		10,375
Bahamas		—		10,700		—		10,700
Canada		—		45,074		—		45,074
Cayman Islands		—		11,670		—		11,670
Finland		—		3,094		—		3,094
France		—		5,162		—		5,162
Luxembourg		—		88,502		—		88,502
Netherlands		—		14,365		—		14,365
United Kingdom		—		22,706		—		22,706
United States		—		2,888,494		60,723		2,949,217
Total Corporate Bonds		—		3,100,142		60,723		3,160,865
Exchange Traded Fund		1,783,617		—		—		1,783,617
Foreign Government Securities		—		2,791,854		—		2,791,854

OCTOBER 31, 2013 J.P. MORGAN FUNDS 23

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investment Company
United States	$	2,402,801		$	—		$	—	$	2,402,801
Loan Assignments
United States		—			184,840			—		184,840
Options Purchased
Call Option Purchased		308,700			—			—		308,700
Preferred Security
United States		—			38,763			—		38,763
Preferred Stock
Germany		—			127,565			—		127,565
U.S. Treasury Obligation		—			345,175			—		345,175
Short-Term Investment
Investment Company		9,792,000			—			—		9,792,000
Total Investments in Securities	$	16,409,415		$	13,511,307		$	74,673	$	29,995,395
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	9,402		$	—	$	9,402
Futures Contracts		163,264			—			—		163,264
Total Appreciation in Other Financial Instruments	$	163,264		$	9,402		$	—	$	172,666
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(15,225	)	$	—	$	(15,225	)
Futures Contracts		(80,807	)		—			—		(80,807	)
Total Depreciation in Other Financial Instruments	$	(80,807	)	$	(15,225	)	$	—	$	(96,032	)

There were no transfers among any levels during the year ended October 31, 2013.

B. Restricted and Illiquid Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and include, but are not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Fund. As of October 31, 2013, 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.

The value and percentage of net assets of illiquid securities as of October 31, 2013 were $13,950 and 0.0%, respectively.

C. Investment Transactions with Affiliates — The Fund invests in certain Underlying Funds which are advised by the Adviser or its affiliates pursuant to Section 12(d)(1)(G) of the 1940 Act. 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 following to be affiliated issuers. Included in the Realized Gain (Loss) amounts in the table below are distributions of realized gains, if any, by the affiliated Underlying Funds:

	For the year ended October 31, 2013
Affiliate	Value at October 31, 2012		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at October 31, 2013		Value at October 31, 2013
JPMorgan Emerging Markets Debt Fund, Class R6 Shares	$	2,123,869	$	22,918	$	2,188,623	$	237,098		$	22,918		—	$	—
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		—		1,517,975		1,387,082		(130,893	)		17,975		—		—
JPMorgan Floating Rate Income Fund, Select Class Shares		—		2,396,567		—		—			16,567		237,901		2,402,801
JPMorgan Prime Money Market Fund, Institutional Class Shares		2,304,267		15,811,938		8,324,205		—			1,656		9,792,000		9,792,000
Total	$	4,428,136					$	106,205		$	59,116			$	12,194,801

D. Loan Assignments — The Fund invests in loan assignments of all or a portion of the loans. When the Fund purchases a loan assignment the Fund has direct rights against the borrower on a loan when they purchase an assignment; provided, however, that the Fund’s right may be more limited

24 J.P. MORGAN FUNDS OCTOBER 31, 2013

than the lender from which it acquired the assignment and the Fund maybe able to enforce its rights only through an administrative agent. As a result, the Fund assumes the credit risk of the Borrower (“Intermediate Participants”) and any other person interpositioned between the Fund and the Borrower. Although certain loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing on such collateral or have its interest subordinated to other indebtedness of the obligator. In addition, loan assignments are vulnerable to market conditions such that economic conditions or events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid.

E. Unfunded Commitments — The Fund may enter into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of their normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Fund to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment (Note 2.D.). The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation (depreciation) from unfunded commitments is reported in the Statement of Assets and Liabilities. The Fund segregates security positions such that sufficient liquid assets will be available for the commitments on a future date. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Fund may receive an ongoing commitment fee based on the undrawn portion of the underlying of loan facility, which is recorded as a component of interest income on the Statement of Operations.

At October 31, 2013, the Fund had the following unfunded loan commitments which could be extended at the option of the borrower:

	Term	Maturity Date		Commitment Fee Rate		Rate if Funded		Principal Amount		Commitment
Security Description										Amount		Value
Altice Financing S.A	Term Loan		7/2/19		4.500%		5.500%	$	507	$	476	$	510

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

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

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

Notes F(1) — F(3) below describe the various derivatives used by the Fund.

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

Options Purchased — Premiums paid by the Fund for options purchased are included in the Statement 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 unrealized appreciation or depreciation.

If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the security.

(2). Futures Contracts — The Fund uses treasury, index or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to the stock and bond markets. The Fund also uses futures to lengthen or shorten the duration of the overall investment portfolio.

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

OCTOBER 31, 2013 J.P. MORGAN FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

Securities deposited as initial margin are designated in 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 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.

(3). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

(4). Summary of Derivatives Information — The following table presents the value of derivatives held as of October 31, 2013, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities:

Derivative Contract	Statement of Assets and Liabilities Location
Gross Assets:		Options (a)		Futures Contracts (b)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	308,700	$	126,830		$	—		$	435,530
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		—		36,434			—			36,434
Foreign exchange contracts	Receivables		—		—			9,402			9,402
Total		$	308,700	$	163,264		$	9,402		$	481,366
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Appreciation	$	—	$	(26,752	)	$	—		$	(26,752	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		—		(54,055	)		—			(54,055	)
Foreign exchange contracts	Payables		—		—			(15,225	)		(15,225	)
Total		$	—	$	(80,807	)	$	(15,225	)	$	(96,032	)

(a) The market value of options purchased is reported as Investments in non-affiliates, at value on the Statement of Assets and Liabilities.

(b) 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 to brokers.

The following tables present the effect of derivatives on the Statement of Operations for the year ended October 31, 2013, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Options		Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	178,494	$	742,273		$	—		$	920,767
Foreign exchange contracts		—		—			(127,372	)		(127,372	)
Interest rate contracts		—		(69,899	)		—			(69,899	)
Total	$	178,494	$	672,374		$	(127,372	)	$	723,496

26 J.P. MORGAN FUNDS OCTOBER 31, 2013

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Options		Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	157,505	$	(33,531	)	$	—	$	123,974
Foreign exchange contracts		—		—			6,692		6,692
Interest rate contracts		—		185,815			—		185,815
Total	$	157,505	$	152,284		$	6,692	$	316,481

The Fund’s derivatives contracts held at October 31, 2013 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The table below discloses the volume of the Fund’s futures contracts, forward foreign currency exchange contracts and options activity during the year ended October 31, 2013. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts:
Average Notional Balance Long	$	5,389,741
Average Notional Balance Short		1,832,919
Ending Notional Balance Long		5,667,592
Ending Notional Balance Short		4,226,877
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		225,421
Average Settlement Value Sold		3,126,199
Ending Settlement Value Purchased		275,909
Ending Settlement Value Sold		3,639,389
Exchange-Traded Options:
Average Number of Contracts Purchased		27
Ending Number of Contracts Purchased		46

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.

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

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

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 realized gains from the Underlying Funds are recorded on the ex-dividend date or when the Fund first learns of the dividend.

I. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the 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.

The Fund invests 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 in the Statement of Operations and are not included in the ratio to average net assets shown in the Financial Highlights.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

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 gain 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 October 31, 2013, 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 remain 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.

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:

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	(305	)	$	(58,413	)	$	58,718

The reclassifications for the Fund relate primarily to investments in passive foreign investment companies (“PFICs”) and foreign currency gains or losses.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the 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 0.60% 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 October 31, 2013, 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. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board of Trustees 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 Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, 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, the Distributor 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 October 31, 2013, the Distributor retained the following amounts:

Front-End Sales Charge		CDSC
$	971	$	—

28 J.P. MORGAN FUNDS OCTOBER 31, 2013

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

Class A			Class C			Class R2			Select Class
	0.25	%		0.25	%		0.25	%		0.25	%

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. The Fund earns interest on uninvested cash balances held by the custodian. Such interest amounts, if any, are presented separately in the Statement of Operations.

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

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

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor 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, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A			Class C			Class R2			Select Class
	1.05	%		1.55	%		1.30	%		0.80	%

The expense limitation agreement was in effect for the year ended October 31, 2013. The contractual expense limitation percentages in the table above are in place until at least February 28, 2014.

For the year ended October 31, 2013, 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/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
$	134,756	$	18,955	$	56,148	$	209,859	$	132,606

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Fund’s investment in such affiliated money market fund.

There were no waivers resulting from investments in these money market funds for the year ended October 31, 2013.

The Underlying Funds may impose a separate advisory and a shareholder servicing fee. The Fund’s Adviser and/or Distributor have agreed to waive the Fund’s fees in the weighted average pro-rata amount of the advisory and shareholder servicing fees charged by the affiliated Underlying Funds. These waivers will 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 shareholder servicing fees.

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

The Board of Trustees 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 in 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 October 31, 2013, the Fund and/or certain Underlying Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Fund may use related party broker-dealers. For the year ended October 31, 2013, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

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 October 31, 2013, 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
$	21,663,708	$	20,998,788	$	230,162	$	410,272

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	28,346,661	$	1,719,369	$	70,635	$	1,648,734

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

The tax character of distributions paid during the year ended October 31, 2013 was as follows:

Ordinary Income	Net Long-Term Capital Gains		Total Distributions Paid
$607,742	$	—	$	607,742

The tax character of distributions paid during the fiscal year ended October 31, 2012 was as follows:

Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
$	547,136	$	—	$	547,136

As of October 31, 2013, the 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)
$	43,153	$	740,581	$	1,505,264

The cumulative timing differences primarily consists of mark to market of futures contracts, mark to market of options contracts, mark to market of PFICs, straddle loss deferrals and wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010, net capital losses recognized by the Fund are carried forward indefinitely, and retain their character as short-term and/or long-term losses.

During the year ended October 31, 2013, the Fund utilized capital loss carryforwards as follow:

Capital Loss Carryforward Utilized
Short-Term		Long-Term
$	1,254,600	$	141,732

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 all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

30 J.P. MORGAN FUNDS OCTOBER 31, 2013

In addition, 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 10, 2014.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013, or at any time during the year then ended.

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

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.

One or more affiliates of the Adviser have investment discretion with respect to their clients’ holdings in the Fund, which collectively represent a significant portion of the Fund’s assets.

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

As of October 31, 2013, a portion of the Fund’s net assets consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

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 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; commodities; 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.

The Fund may also 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 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 their net asset value (also known as a discount).

Specific risks and concentrations present in the 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 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 also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as option contracts.

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, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

As of October 31, 2013, the Fund had the following country allocations representing greater than 10% of total investments.

Germany			United States
	10.5	%		32.9	%

8. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. In January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, which updated ASU 2011-11. The ASU creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives, repurchase agreements and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of these changes on the Fund’s financial statement disclosures.

32 J.P. MORGAN FUNDS OCTOBER 31, 2013

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Global Allocation 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 Global Allocation Fund (a separate Fund of JPMorgan Trust I) (hereafter referred to as the “Fund”) at October 31, 2013, 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 two years in the period then ended and for the period May 31, 2011 (commencement of operations) through October 31, 2011, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the 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 at October 31, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

OCTOBER 31, 2013 J.P. MORGAN FUNDS 33

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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

34 J.P. MORGAN FUNDS OCTOBER 31, 2013

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)
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).	171	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); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-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).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

    * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Fund’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment 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 is 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.

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

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

OCTOBER 31, 2013 J.P. MORGAN FUNDS 35

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

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

36 J.P. MORGAN FUNDS OCTOBER 31, 2013

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 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 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, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

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. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Global Allocation Fund
Class A
Actual	$	1,000.00	$	1,035.80	$	5.39		1.05	%
Hypothetical		1,000.00		1,019.91		5.35		1.05
Class C
Actual		1,000.00		1,032.60		7.94		1.55
Hypothetical		1,000.00		1,017.39		7.88		1.55
Class R2
Actual		1,000.00		1,034.60		6.67		1.30
Hypothetical		1,000.00		1,018.65		6.61		1.30
Select Class
Actual		1,000.00		1,036.50		4.11		0.80
Hypothetical		1,000.00		1,021.17		4.08		0.80

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

OCTOBER 31, 2013 J.P. MORGAN FUNDS 37

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the Fund and the other J.P. Morgan Funds in which the Fund invests (“Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 22, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Fund’s and the Underlying Funds’ performance compared to the performance of the Fund’s and the Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Fund’s and the Underlying Funds’ performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s and the Underlying Funds’ expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Fund, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the investment advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the

Trust and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Trust and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the Fund and the Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund and the Underlying

38 J.P. MORGAN FUNDS OCTOBER 31, 2013

Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund and the Underlying Funds.

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund and the Underlying Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the J.P. Morgan Funds including the benefits received by the Adviser and its affiliates in connection with the Fund’s investments in the Underlying Funds.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Fund and/or Underlying Funds for providing administrative and shareholder services. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services for the Fund and/or Underlying Funds. The Board also reviewed the Adviser’s

allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Fund does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser and that the Fund benefits from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Fund. The Trustees also considered the complexity of investment management for the Fund relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Fund in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for the one-year period. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain

OCTOBER 31, 2013 J.P. MORGAN FUNDS 39

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Fund’s performance was in the first quintile for both Class A and Select Class shares for the one-year period ended December 31, 2012. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund. The Trustees recognized that Lipper reported the Fund’s

management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund invests.

40 J.P. MORGAN FUNDS OCTOBER 31, 2013

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2013. 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, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be provided under separate cover.

Dividends Received Deductions (DRD)

7.07% of ordinary income distributions were eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended October 31, 2013.

Qualified Dividend Income (QDI)

For the fiscal year ended October 31, 2013, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%. The Fund hereby designates the following amount or the maximum allowable amount of $607,742 of ordinary income distributions treated as qualified dividends.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 41

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

^© JPMorgan Chase & Co., 2013.  All rights reserved. October 2013. AN-GAL-1013

J.P. Morgan Specialty Funds

Annual Report

October 31, 2013

JPMorgan Growth Long/Short Fund

JPMorgan Multi-Cap Long/Short Fund

J.P. Morgan Funds

Annual Report

October 31, 2013

Table of Contents

CEO’s Letter	1
Market Overview	3
Fund Commentaries
JPMorgan Growth Long/Short Fund	4
JPMorgan Multi-Cap Long/Short Fund	8
Schedules of Portfolio Investments	12
Financial Statements	18
Financial Highlights	23
Notes to Financial Statements	25
Report of Independent Registered Public Accounting Firm	33
Trustees	34
Officers	36
Schedule of Shareholder Expenses	37
Board Approval of Investment Advisory Agreements	39
Privacy Notice – Located at the back of this Annual Report

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

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

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

J. P. Morgan Funds

CEO’s Letter (Unaudited)

DECEMBER 4, 2013

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury yields fell from their reporting period peak in early September 2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junk bonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well- diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

1

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

2

Market Overview

Twelve Months Ended October 31, 2013

The global financial market experienced periods of volatility during the reporting period. This volatility was triggered by a number of factors, including mixed economic data, geopolitical issues, expectations for future central bank monetary policies and, in the U.S., the impact of the fiscal cliff, sequestration and partial government shutdown. The U.S. equity market was highly resilient during the reporting period given overall robust investor demand, solid corporate profits and continued accommodative monetary policy. All told, the S&P 500 Index finished the reporting period with a 27.18% gain.

3

JPMorgan Growth Long/Short Fund

Fund Commentary

For the year ended October 31, 2013 (Unaudited)

Reporting Period Return:
Fund (Select Class Shares)*		18.54	%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.09	%
S&P 500 Index		27.18	%
Net Assets as of 10/31/2013	$	4,954,921

INVESTMENT OBJECTIVE**

The JPMorgan Growth Long/Short Fund (the “Fund”) seeks long-term capital appreciation.

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

The Fund (Select Class Shares) outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index for the twelve months ended October 31, 2013. The Fund’s stock selection was positive in all sectors, with holdings in the health care and consumer discretionary sectors adding the most value.

Relative to the S&P 500 Index, the Fund underperformed over the trailing twelve-month period ended October 31, 2013. By design, the portfolio does not have full equity market exposure as the use of derivatives lowers exposure. This lower exposure drove underperformance given the strength in the equity markets over the period.

Individual contributors to the Fund’s return included its positioning in biotechnology companies Biogen Idec, Inc., Gilead Sciences, Inc. and Regeneron Pharmaceuticals, Inc. Shares of Biogen Idec, Inc. traded higher as investors realized the market potential for Tecfidera, and the impact it could have on Biogen’s top-line growth. Shares of Gilead Sciences, Inc. rose as investors rewarded the company for its continued execution on its Hepatitis C franchise. Shares of Regeneron Pharmaceuticals, Inc. moved higher as the company was rewarded for strong execution in its Eylea franchise, a treatment for wet macular degeneration.

Individual detractors from the Fund’s performance included its positioning in Apple, Inc., Teradata Corp. and Express Scripts Holdings, Inc. Shares of Apple, Inc., a leading manufacturer of smartphones, tablets and high-end personal computers, lost market share to rival Samsung Electronics in the key smartphone category, fueling investor concerns about slowing sales growth. Shares of Teradata Corp., a data warehousing and enterprise analytics firm, struggled as competition in the data storage and retrieval space pressured margins. Shares of Express Scripts Holdings, Inc., which offers prescription benefits and disease- state management services, declined due to concerns regarding greater competition and increased government regulation of the pharmacy benefits management industry.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers used fundamental research to identify companies that they believed have the potential to achieve sustainable above-average growth. Growth companies purchased for the Fund included those that the Fund’s portfolio managers believed had large addressable markets, sustainable competitive advantages and positive earnings revisions. In addition, the Fund used a combination of futures contracts and exchange-traded funds (ETFs) to adjust the Fund’s equity market and sector exposure.

4

	TOP TEN LONG POSITIONS OF THE PORTFOLIO***
1.	Google, Inc., Class A	5.6	%
2.	Biogen Idec, Inc.	5.3
3.	Kansas City Southern	5.2
4.	MasterCard, Inc., Class A	5.0
5.	Gilead Sciences, Inc.	4.7
6.	priceline.com, Inc.	4.0
7.	Amazon.com, Inc.	3.6
8.	Regeneron Pharmaceuticals, Inc.	3.5
9.	Alliance Data Systems Corp.	3.5
10.	Whole Foods Market, Inc.	3.3

	TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
1.	E-mini S&P 500	100.0	%

LONG PORTFOLIO COMPOSITION BY MARKET EXPOSURE***
Information Technology	24.5	%
Consumer Discretionary	18.8
Health Care	15.1
Industrials	8.8
Financials	7.0
Consumer Staples	3.3
Materials	2.7
Energy	2.6
Short-Term Investment	17.2

SHORT PORTFOLIO COMPOSITION BY MARKET EXPOSURE****
Futures	100.0	%

* 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 long investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

5

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013 (Unaudited)

	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		11/30/10
Without Sales Charge				18.23	%		6.77	%
With Sales Charge*				12.03			4.82
CLASS C SHARES		11/30/10
Without CDSC				17.69			6.24
With CDSC**				16.69			6.24
SELECT CLASS SHARES		11/30/10		18.54			7.03

* 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.

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.

6

The Fund commenced operations on November 30, 2010.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Growth Long/Short Fund, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, the S&P 500 Index and the Lipper Alternative Long/Short Equity Funds Index from November 30, 2010 to October 31, 2013. 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 and 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 benchmarks, if applicable. The performance of the Lipper Alternative Long/Short Equity 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Alternative Long/Short Equity Funds Index represents 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.

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

Since the Fund’s inception, it has not experienced 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 redemption 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.

7

JPMorgan Multi-Cap Long/Short Fund

Fund Commentary

For the year ended October 31, 2013 (Unaudited)

Reporting Period Return:
Fund (Select Class Shares)*		17.35	%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.09	%
S&P 500 Index		27.18	%
Net Assets as of 10/31/2013	$	4,608,306

INVESTMENT OBJECTIVE**

The JPMorgan Multi-Cap Long/Short Fund (the “Fund”) seeks long-term capital appreciation.

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

The Fund (Select Class Shares) outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index for the twelve months ended October 31, 2013. The Fund’s stock selection in the health care and producer durables sectors contributed to return, while holdings in the financial services and consumer staples sectors modestly detracted from return.

Relative to the S&P 500 Index, the Fund (Select Class Shares) underperformed over the trailing twelve-month period ended October 31, 2013. This underperformance was primarily due to the short positions in the Fund, which detracted due to the strength in the equity markets over the period.

Individual contributors to the Fund’s performance included its long positions in Aegerion Pharmaceuticals, Fluidigm Corp. and LinkedIn. Shares of biopharmaceutical company Aegerion Pharmaceuticals rallied sharply during the reporting period on better-than-expected earnings. Shares of Fluidigm Corp., a biotechnology tools company that creates microfluidic-based chips and instrumentation for biological research, moved higher as reported revenue and profit growth surpassed expectations. Shares of LinkedIn, a social networking website for people in professional occupations, rose on continued stronger-than-expected gains in revenues and earnings, and the emergence of new product areas that could further drive growth.

Individual detractors to the Fund’s performance included its positioning in Affymetrix, Inc., Imris, Inc. and Vocera Communications, Inc. The Fund maintained a short position in Affymetrix, Inc., which manufactures DNA microarrays. This was a negative for results as the company’s shares rallied as revenues and earnings exceeded expectations. The Fund was long Imris, Inc, a medical equipment company. Its shares fell sharply after the company lowered its forecast for fiscal 2013 sales growth due to delays in installations of its MRI systems. The Fund’s long position in Vocera Communications, Inc., a healthcare technology company, detracted from performance as the company’s shares fell on poor revenue and earnings news.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers used bottom-up fundamental research to construct a portfolio of long and short positions, researching companies to determine their underlying value and potential for future earnings growth. In addition, the Fund used a combination of futures contracts and exchange-traded funds (ETFs) to adjust the Fund’s equity market and sector exposure.

8

	TOP TEN LONG POSITIONS OF THE PORTFOLIO***
1.	Pall Corp.	4.5	%
2.	Kirby Corp.	3.6
3.	Harley-Davidson, Inc.	3.4
4.	Fortune Brands Home & Security, Inc.	3.2
5.	GameStop Corp., Class A	3.2
6.	Adobe Systems, Inc.	3.1
7.	J.B. Hunt Transport Services, Inc.	2.9
8.	Novadaq Technologies, Inc.	2.6
9.	Carlisles Cos., Inc.	2.6
10.	Fluidigm Corp.	2.6

	TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
1.	iShares Russell 2000 ETF	6.1	%
2.	C.H. Robinson Worldwide, Inc.	5.4
3.	Equinix, Inc.	5.3
4.	Harsco Corp.	4.1
5.	Affymetrix, Inc.	3.6
6.	Deere & Co.	3.5
7.	Cabela’s, Inc.	3.4
8.	Fastenal Co.	3.2
9.	Titan International, Inc.	3.1
10.	Caterpillar, Inc.	3.0

LONG PORTFOLIO COMPOSITION BY MARKET EXPOSURE***
Health Care	23.9	%
Industrials	22.9
Information Technology	11.7
Consumer Discretionary	10.6
Energy	5.2
Materials	2.3
Short-Term Investment	23.4

SHORT PORTFOLIO COMPOSITION BY MARKET EXPOSURE****
Health Care	27.8	%
Industrials	24.2
Consumer Discretionary	17.6
Information Technology	14.2
Energy	6.8
Exchange Traded Fund	6.1
Consumer Staples	2.1
Financials	1.2

* 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 long investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of October 31, 2013. The Fund’s portfolio composition is subject to change.

9

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013 (Unaudited)

	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		11/30/10
Without Sales Charge				17.09	%		4.66	%
With Sales Charge*				10.95			2.74
CLASS C SHARES		11/30/10
Without CDSC				16.49			4.13
With CDSC**				15.49			4.13
SELECT CLASS SHARES		11/30/10		17.35			4.91

* 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.

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.

10

The Fund commenced operations on November 30, 2010.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Multi-Cap Long/Short Fund, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, the S&P 500 Index and the Lipper Alternative Long/Short Equity Funds Index from November 30, 2010 to October 31, 2013. 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 and 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 benchmarks, if applicable. The performance of the Lipper Alternative Long/Short Equity 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Alternative Long/Short Equity Funds Index represents 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.

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

Since the Fund’s inception, it has not experienced 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 redemption 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 Growth Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 95.3%
	Common Stocks — 78.9%
		Consumer Discretionary — 17.9%
		Hotels, Restaurants & Leisure — 6.1%
	2,110	Las Vegas Sands Corp.		148,164
	1,870	Starbucks Corp.		151,564
				299,728
		Internet & Catalog Retail — 7.2%
	460	Amazon.com, Inc. (a)		167,454
	180	priceline.com, Inc. (a)		189,689
				357,143
		Specialty Retail — 2.6%
	1,670	Home Depot, Inc. (The)		130,076
		Textiles, Apparel & Luxury Goods — 2.0%
	1,299	Michael Kors Holdings Ltd., (Hong Kong) (a)		99,958
		Total Consumer Discretionary		886,905
		Consumer Staples — 3.1%
		Food & Staples Retailing — 3.1%
	2,480	Whole Foods Market, Inc.		156,562
		Energy — 2.5%
		Oil, Gas & Consumable Fuels — 2.5%
	3,470	Cabot Oil & Gas Corp.		122,560
		Financials — 6.7%
		Capital Markets — 5.1%
	680	Goldman Sachs Group, Inc. (The)		109,385
	5,170	TD Ameritrade Holding Corp.		140,934
				250,319
		Consumer Finance — 1.6%
	1,180	Capital One Financial Corp.		81,031
		Total Financials		331,350
		Health Care — 14.4%
		Biotechnology — 12.9%
	1,020	Biogen Idec, Inc. (a)		249,074
	3,130	Gilead Sciences, Inc. (a)		222,199
	580	Regeneron Pharmaceuticals, Inc. (a)		166,808
				638,081
		Health Care Providers & Services — 1.5%
	1,185	Express Scripts Holding Co. (a)		74,086
		Total Health Care		712,167
		Industrials — 8.3%
		Aerospace & Defense — 1.2%
	430	TransDigm Group, Inc.		62,526
		Machinery — 2.1%
	1,500	Flowserve Corp.		104,205

SHARES		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — 5.0%
	2,030	Kansas City Southern		246,686
		Total Industrials		413,417
		Information Technology — 23.4%
		Internet Software & Services — 7.4%
	1,380	Facebook, Inc., Class A (a)		69,359
	255	Google, Inc., Class A (a)		262,798
	150	LinkedIn Corp., Class A (a)		33,550
				365,707
		IT Services — 9.4%
	690	Alliance Data Systems Corp. (a)		163,571
	330	MasterCard, Inc., Class A		236,643
	1,480	Teradata Corp. (a)		65,224
				465,438
		Semiconductors & Semiconductor Equipment — 4.0%
	2,930	ARM Holdings plc, (United Kingdom), ADR		138,267
	620	ASML Holding N.V., (Netherlands)		58,677
				196,944
		Software — 2.6%
	2,440	Salesforce.com, Inc. (a)		130,198
		Total Information Technology		1,158,287
		Materials — 2.6%
		Chemicals — 2.6%
	1,210	Monsanto Co.		126,905
		Total Common Stocks (Cost $2,394,155)		3,908,153
	Short-Term Investment — 16.4%
		Investment Company — 16.4%
	811,845	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $811,845)		811,845
		Total Investments — 95.3% (Cost $3,206,000)		4,719,998
		Other Assets in Excess of Liabilities — 4.7%		234,923
		NET ASSETS — 100.0%	$	4,954,921

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

12

JPMorgan Growth Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

SHORT POSITIONS

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Short Futures Outstanding
	(22)	E-mini S&P 500		12/20/13	$	(1,926,100	)	$	(36,729	)

SEE NOTES TO FINANCIAL STATEMENTS.

13

JPMorgan Multi-Cap Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.9% (j)
	Common Stocks — 76.5%
		Consumer Discretionary — 10.6%
		Automobiles — 3.4%
	2,449	Harley-Davidson, Inc.		156,834
		Internet & Catalog Retail — 0.4%
	500	Blue Nile, Inc. (a)		20,535
		Specialty Retail — 6.8%
	1,240	Five Below, Inc. (a)		59,843
	2,670	GameStop Corp., Class A		146,369
	1,100	Penske Automotive Group, Inc.		43,582
	1,640	Urban Outfitters, Inc. (a)		62,123
				311,917
		Total Consumer Discretionary		489,286
		Energy — 5.2%
		Energy Equipment & Services — 2.0%
	790	Dril-Quip, Inc. (a)		92,762
		Oil, Gas & Consumable Fuels — 3.2%
	1,626	Cabot Oil & Gas Corp.		57,430
	810	Concho Resources, Inc. (a)		89,594
				147,024
		Total Energy		239,786
		Health Care — 23.9%
		Biotechnology — 3.5%
	412	Aegerion Pharmaceuticals, Inc. (a)		34,122
	2,590	AMAG Pharmaceuticals, Inc. (a)		69,878
	5,312	Keryx Biopharmaceuticals, Inc. (a)		54,979
				158,979
		Health Care Equipment & Supplies — 8.3%
	21,066	Imris, Inc., (Canada) (a)		32,231
	7,323	Novadaq Technologies, Inc., (Canada) (a)		121,049
	1,002	Sirona Dental Systems, Inc. (a)		72,394
	6,500	Syneron Medical Ltd., (Israel) (a)		61,750
	30,657	Unilife Corp. (a)		92,891
				380,315
		Health Care Providers & Services — 4.5%
	1,179	Acadia Healthcare Co., Inc. (a)		51,121
	2,538	Brookdale Senior Living, Inc. (a)		68,729
	972	Humana, Inc.		89,570
				209,420
		Life Sciences Tools & Services — 4.3%
	3,821	Bruker Corp. (a)		78,140
	3,780	Fluidigm Corp. (a)		119,070
				197,210

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 3.3%
	5,230	Nektar Therapeutics (a)		49,738
	985	Valeant Pharmaceuticals International, Inc. (a)		104,134
				153,872
		Total Health Care		1,099,796
		Industrials — 22.8%
		Airlines — 1.5%
	1,380	Delta Air Lines, Inc.		36,404
	790	Spirit Airlines, Inc. (a)		34,089
				70,493
		Building Products — 3.2%
	3,387	Fortune Brands Home & Security, Inc.		145,912
		Construction & Engineering — 2.4%
	1,501	Fluor Corp.		111,404
		Industrial Conglomerates — 2.6%
	1,650	Carlisle Cos., Inc.		119,922
		Machinery — 4.5%
	2,577	Pall Corp.		207,500
		Marine — 3.6%
	1,850	Kirby Corp. (a)		163,706
		Road & Rail — 2.9%
	1,790	J.B. Hunt Transport Services, Inc.		134,304
		Trading Companies & Distributors — 2.1%
	1,574	HD Supply Holdings, Inc. (a)		31,779
	864	MSC Industrial Direct Co., Inc., Class A		65,984
				97,763
		Total Industrials		1,051,004
		Information Technology — 11.7%
		Internet Software & Services — 3.9%
	115	Google, Inc., Class A (a)		118,517
	2,460	Pandora Media, Inc. (a)		61,820
				180,337
		Semiconductors & Semiconductor Equipment — 1.0%
	990	ARM Holdings plc, (United Kingdom), ADR		46,718
		Software — 6.8%
	2,593	Adobe Systems, Inc. (a)		140,541
	1,190	Infoblox, Inc. (a)		52,896
	471	NetSuite, Inc. (a)		47,514

SEE NOTES TO FINANCIAL STATEMENTS.

14

JPMorgan Multi-Cap Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Software — Continued
	1,126	Splunk, Inc. (a)		70,611
				311,562
		Total Information Technology		538,616
		Materials — 2.3%
		Chemicals — 2.3%
	570	Sherwin-Williams Co. (The)		107,160
		Total Common Stocks (Cost $2,857,256)		3,525,649
	Short-Term Investment — 23.4%
		Investment Company — 23.4%
	1,076,209	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $1,076,209)		1,076,209
		Total Investments — 99.9% (Cost $3,933,465)		4,601,858
		Other Assets in Excess of Liabilities — 0.1%		6,448
		NET ASSETS — 100.0%	$	4,608,306
	Short Positions — 42.5%
	Common Stocks — 39.9%
		Consumer Discretionary — 7.5%
		Hotels, Restaurants & Leisure — 2.3%
	460	Bally Technologies, Inc. (a)		33,644
	1,480	BJ’s Restaurants, Inc. (a)		40,049
	1,350	Pinnacle Entertainment, Inc. (a)		31,590
				105,283
		Internet & Catalog Retail — 0.4%
	2,270	Groupon, Inc. (a)		20,725
		Media — 0.8%
	1,070	DreamWorks Animation SKG, Inc., Class A (a)		36,637
		Multiline Retail — 0.7%
	550	Sears Holdings Corp. (a)		31,944
		Specialty Retail — 2.1%
	1,110	Cabela’s, Inc. (a)		65,845
	1,910	hhgregg, Inc. (a)		29,624
				95,469

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 1.2%
	1,070	Coach, Inc.		54,228
		Total Consumer Discretionary		344,286
		Consumer Staples — 0.9%
		Food & Staples Retailing — 0.9%
	1,250	Sysco Corp.		40,425
		Energy — 2.9%
		Energy Equipment & Services — 0.9%
	730	Cameron International Corp. (a)		40,048
		Oil, Gas & Consumable Fuels — 2.0%
	1,792	Bill Barrett Corp. (a)		49,585
	2,601	Comstock Resources, Inc.		44,503
				94,088
		Total Energy		134,136
		Financials — 0.5%
		Insurance — 0.5%
	549	eHealth, Inc. (a)		23,398
		Health Care — 11.8%
		Biotechnology — 4.9%
	742	Agios Pharmaceuticals, Inc. (a)		17,185
	570	Alnylam Pharmaceuticals, Inc. (a)		32,838
	784	Bluebird Bio, Inc. (a)		16,660
	1,046	Foundation Medicine, Inc. (a)		33,346
	1,426	Genomic Health, Inc. (a)		42,666
	1,480	Isis Pharmaceuticals, Inc. (a)		49,239
	1,320	Myriad Genetics, Inc. (a)		32,182
				224,116
		Health Care Equipment & Supplies — 2.9%
	1,593	ABIOMED, Inc. (a)		38,200
	450	HeartWare International, Inc. (a)		32,652
	1,332	Quidel Corp. (a)		32,901
	508	St. Jude Medical, Inc.		29,154
				132,907
		Health Care Providers & Services — 0.7%
	395	Universal Health Services, Inc., Class B		31,821
		Life Sciences Tools & Services — 2.3%
	9,951	Affymetrix, Inc. (a)		70,354
	1,659	QIAGEN N.V., (Netherlands) (a)		38,422
				108,776
		Pharmaceuticals — 1.0%
	1,136	Hospira, Inc. (a)		46,031
		Total Health Care		543,651

SEE NOTES TO FINANCIAL STATEMENTS.

15

JPMorgan Multi-Cap Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		Industrials — 10.3%
		Air Freight & Logistics — 2.3%
	1,752	C.H. Robinson Worldwide, Inc.		104,665
		Machinery — 6.6%
	710	Caterpillar, Inc.		59,185
	840	Deere & Co.		68,746
	2,865	Harsco Corp.		79,876
	823	Kennametal, Inc.		37,858
	4,190	Titan International, Inc.		60,755
				306,420
		Trading Companies & Distributors — 1.4%
	1,260	Fastenal Co.		62,748
		Total Industrials		473,833
		Information Technology — 6.0%
		Internet Software & Services — 2.7%
	2,450	Bazaarvoice, Inc. (a)		22,981
	636	Equinix, Inc. (a)		102,701
				125,682
		IT Services — 1.2%
	320	International Business Machines Corp.		57,347
		Software — 2.1%
	2,240	Jive Software, Inc. (a)		24,394
	1,410	Oracle Corp.		47,235
	670	SolarWinds, Inc. (a)		24,247
				95,876
		Total Information Technology		278,905
		Total Common Stocks (Proceeds $1,775,331)		1,838,634
	Exchange Traded Fund — 2.6%
		U.S. Equity — 2.6%
	1,099	iShares Russell 2000 ETF (Proceeds $106,403)		120,044
		Total Short Positions (Proceeds $1,881,734)	$	1,958,678

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

16

JPMorgan Specialty Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

ADR	—	American Depositary Receipt
ETF	—	Exchange Traded Fund
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(j)	—	All or a portion of these securities are segregated for short sales.
(l)	—	The rate shown is the current yield as of October 31, 2013.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

17

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

	Growth Long/Short Fund		Multi-Cap Long/Short Fund
ASSETS:
Investments in non-affiliates, at value	$	3,908,153	$	3,525,649
Investments in affiliates, at value		811,845		1,076,209
Total investment securities, at value		4,719,998		4,601,858
Deposits at broker for futures contracts		200,000		—
Deposits at broker for securities sold short		—		1,972,730
Receivables:
Investment securities sold		120,637		29,143
Dividends from non-affiliates		198		709
Dividends from affiliates		16		20
Variation margin on futures contracts		10,560		—
Due from Adviser		2,934		1,849
Prepaid expenses		15,945		16,876
.Total Assets		5,070,288		6,623,185
LIABILITIES:
Payables:
Securities sold short, at value		—		1,958,678
Dividend expense to non-affiliates on securities sold short		—		1,489
Investment securities purchased		60,227		—
Accrued liabilities:
Distribution fees		51		48
Custodian and accounting fees		6,469		7,148
Audit fees		43,905		43,484
Other		4,715		4,032
Total Liabilities		115,367		2,014,879
Net Assets	$	4,954,921	$	4,608,306

SEE NOTES TO FINANCIAL STATEMENTS.

18

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

	Growth Long/Short Fund			Multi-Cap Long/Short Fund
NET ASSETS :
Paid-in-Capital	$	3,888,887		$	3,839,714
Accumulated undistributed (distributions in excess of) net investment income		(35,905	)		(55,908	)
Accumulated net realized gains (losses)		(375,330	)		233,051
Net unrealized appreciation (depreciation)		1,477,269			591,449
Total Net Assets	$	4,954,921		$	4,608,306
Net Assets:
Class A	$	60,527		$	57,084
Class C		59,650			56,257
Select Class		4,834,744			4,494,965
Total	$	4,954,921		$	4,608,306
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		3,333			3,333
Class C		3,333			3,333
Select Class		264,323			260,573
Net asset value (a):
Class A - Redemption price per share	$	18.16		$	17.13
Class C - Offering price per share (b)		17.90			16.88
Select Class - Offering and redemption price per share		18.29			17.25
Class A maximum sales charge		5.25	%		5.25	%
[net asset value per share/(100% – maximum sales charge)]	$	19.17		$	18.08
Cost of investments in non-affiliates	$	2,394,155		$	2,857,256
Cost of investments in affiliates		811,845			1,076,209
Proceeds from securities sold short		—			1,881,734

(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.

19

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013

	Growth Long/Short Fund			Multi-Cap Long/Short Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	39,054		$	32,728
Dividend income from affiliates		224			306
Total investment income		39,278			33,034
EXPENSES:
Investment advisory fees		66,854			63,399
Administration fees		3,762			3,568
Distribution fees:
Class A		136			131
Class C		404			388
Shareholder servicing fees:
Class A		136			131
Class C		135			130
Select Class		10,871			10,305
Custodian and accounting fees		25,794			29,100
Professional fees		67,108			65,716
Trustees’ and Chief Compliance Officer’s fees		25			21
Printing and mailing costs		1,530			—
Registration and filing fees		35,520			35,328
Transfer agent fees		4,812			4,778
Other		3,813			4,604
Dividend expense to non-affiliates on securities sold short		—			18,948
Interest expense to non-affiliates on securities sold short		—			9,310
Total expenses		220,900			245,857
Less amounts waived		(81,758	)		(77,533	)
Less expense reimbursements		(62,834	)		(67,694	)
Net expenses		76,308			100,630
Net investment income (loss)		(37,030	)		(67,596	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		464,844			647,851
Futures		(383,482	)		(71,596	)
Securities sold short		—			(178,678	)
Net realized gains (losses)		81,362			397,577
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		842,987			541,629
Futures		(112,976	)		(17,444	)
Securities sold short		—			(173,529	)
Change in net unrealized appreciation/depreciation		730,011			350,656
Net realized/unrealized gains (losses)		811,373			748,233
Change in net assets resulting from operations	$	774,343		$	680,637

SEE NOTES TO FINANCIAL STATEMENTS.

20

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Growth Long/Short Fund						Multi-Cap Long/Short Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	10/31/2013			10/31/2012			10/31/2013			10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(37,030	)	$	(50,801	)	$	(67,596	)	$	(70,156	)
Net realized gain (loss)		81,362			(346,187	)		397,577			(95,497	)
Change in net unrealized appreciation/depreciation		730,011			575,495			350,656			5,849
Change in net assets resulting from operations		774,343			178,507			680,637			(159,804	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		—			(1,000,000	)		—			(1,000,000	)
NET ASSETS:
Change in net assets		774,343			(821,493	)		680,637			(1,159,804	)
Beginning of period		4,180,578			5,002,071			3,927,669			5,087,473
End of period	$	4,954,921		$	4,180,578		$	4,608,306		$	3,927,669
Accumulated net investment income (loss)	$	(35,905	)	$	(41,925	)	$	(55,908	)	$	(58,629	)

SEE NOTES TO FINANCIAL STATEMENTS.

21

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Growth Long/Short Fund					Multi-Cap Long/Short Fund
	Year Ended		Year Ended			Year Ended		Year Ended
	10/31/2013		10/31/2012			10/31/2013		10/31/2012
CAPITAL TRANSACTIONS:
Select Class
Cost of shares redeemed	$	—	$	(1,000,000	)	$	—	$	(1,000,000	)
Change in net assets resulting from Select Class capital transactions	$	—	$	(1,000,000	)	$	—	$	(1,000,000	)
Total change in net assets resulting from capital transactions	$	—	$	(1,000,000	)	$	—	$	(1,000,000	)
SHARE TRANSACTIONS:
Select Class
Redeemed		—		(62,344	)		—		(66,094	)
Change in Select Class Shares		—		(62,344	)		—		(66,094	)

SEE NOTES TO FINANCIAL STATEMENTS.

22

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance					Ratios/Supplemental data
		Investment operations						Ratios to average net assets (a)
	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gains (losses) on investments	Total from investment operations	Net asset value, end of period	Total return (excludes sales charge) (b)(c)	Net assets, end of period	Net expenses (d)	Net investment income (loss)	Expenses without waivers, reimbursements and earnings credits	Portfolio turnover rate (b)(e)
Growth Long/Short Fund
Class A
Year Ended October 31, 2013	$15.36	$(0.17) (f)	$2.97	$2.80	$18.16	18.23%	$60,527	1.95%	(1.07)%	5.19%		39	%
Year Ended October 31, 2012	14.97	(0.20) (f)(g)	0.59	0.39	15.36	2.61	51,190	1.95	(1.31) (g)	5.36		107
November 30, 2010 (h) through October 31, 2011	15.00	(0.21)	0.18	(0.03)	14.97	(0.20)	49,911	1.95 (i)	(1.51) (i)	5.71 (i)		75
Class C
Year Ended October 31, 2013	15.21	(0.25) (f)	2.94	2.69	17.90	17.69	59,650	2.45	(1.57)	5.69		39
Year Ended October 31, 2012	14.90	(0.28) (f)(g)	0.59	0.31	15.21	2.08	50,701	2.45	(1.81) (g)	5.86		107
November 30, 2010 (h) through October 31, 2011	15.00	(0.28)	0.18	(0.10)	14.90	(0.67)	49,682	2.45(i)	(2.01) (i)	6.20 (i)		75
Select Class
Year Ended October 31, 2013	15.43	(0.13) (f)	2.99	2.86	18.29	18.54	4,834,744	1.70	(0.82)	4.94		39
Year Ended October 31, 2012	15.01	(0.17) (f)(g)	0.59	0.42	15.43	2.80	4,078,687	1.70	(1.09) (g)	5.11		107
November 30, 2010 (h) through October 31, 2011	15.00	(0.18)	0.19	0.01	15.01	0.07	4,902,478	1.70 (i)	(1.26) (i)	5.45 (i)		75

(a) Annualized for periods less than one year.

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

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

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

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

(f) Calculated based upon average shares outstanding.

(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 $(0.23), $(0.31) and $(0.20) for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (1.51)%, (2.01)% and (1.28)% for Class A, Class C and Select Class Shares, respectively.

(h) Commencement of operations.

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

SEE NOTES TO FINANCIAL STATEMENTS.

23

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance													Ratios/Supplemental data
			Investment operations																Ratios to average net assets (a)
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period		Net expenses (including dividend and interest expense for securities sold short) (d)(e)			Net investment income (loss) (d)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (e)			Portfolio turnover rate (excluding short sales) (b)(f)			Portfolio turnover rate (including short sales) (b)(f)
Multi-Cap Long/Short Fund
Class A
Year Ended October 31, 2013	$	14.63	$	(0.29	) (g)	$	2.79		$	2.50		$	17.13		17.09	%	$	57,084		2.62	%		(1.84	)%		6.05	%		126	%		196	%
Year Ended October 31, 2012		15.23		(0.27	) (g)		(0.33	)		(0.60	)		14.63		(3.94	)		48,768		2.52			(1.82	)		6.11			143			237
November 30, 2010 (h) through October 31, 2011		15.00		(0.24	)		0.47			0.23			15.23		1.53			50,763		2.35	(i)		(1.72	) (i)		6.15			129			235
Class C
Year Ended October 31, 2013		14.49		(0.36	) (g)		2.75			2.39			16.88		16.49			56,257		3.12			(2.34	)		6.55			126			196
Year Ended October 31, 2012		15.16		(0.34	) (g)		(0.33	)		(0.67	)		14.49		(4.42	)		48,303		3.02			(2.32	)		6.61			143			237
November 30, 2010 (h) through October 31, 2011		15.00		(0.31	)		0.47			0.16			15.16		1.07			50,530		2.85	(i)		(2.22	) (i)		6.64			129			235
Select Class
Year Ended October 31, 2013		14.70		(0.25	) (g)		2.80			2.55			17.25		17.35			4,494,965		2.37			(1.59	)		5.80			126			196
Year Ended October 31, 2012		15.26		(0.23	) (g)		(0.33	)		(0.56	)		14.70		(3.67	)		3,830,598		2.27			(1.55	)		5.85			143			237
November 30, 2010 (h) through October 31, 2011		15.00		(0.21	)		0.47			0.26			15.26		1.73			4,986,180		2.10	(i)		(1.47	) (i)		5.90			129			235

(a) Annualized for periods less than one year.

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

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

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

(e) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for short sales) for Class A are 1.95% and 5.38% for the year ended October 31, 2013, 1.95% and 5.54% for the year ended October 31, 2012 and 1.95% and 5.75% for the period ended October 31, 2011; for Class C are 2.45% and 5.88% for the year ended October 31, 2013, 2.45% and 6.04% for the year ended October 31, 2012 and 2.45% and 6.24% for the period ended October 31, 2011; for Select Class are 1.70% and 5.13% for the year ended October 31, 2013, 1.70% and 5.28% for the year ended October 31, 2012 and 1.70% and 5.50% for the period ended October 31, 2011.

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

(g) Calculated based upon average shares outstanding. (h) Commencement of operations.

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

24

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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
Growth Long/Short Fund	Class A, Class C and Select Class	Non-Diversified
Multi-Cap Long/Short Fund	Class A, Class C and Select Class	Non-Diversified

The investment objective of Growth Long/Short Fund and Multi-Cap Long/Short Fund is to seek long-term capital appreciation.

Currently, the Funds are not offered for public 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 Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

2. Significant Accounting Policies

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

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Funds are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Funds may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Funds to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

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

25

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed.

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

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

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

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

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

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

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

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

Growth Long/Short Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,719,998		$	—	$	—	$	4,719,998
Depreciation in Other Financial Instruments
Futures Contracts	$	(36,729	)	$	—	$	—	$	(36,729	)
Multi-Cap Long/Short Fund
Total Investments in Securities (a)	$	4,601,858		$	—	$	—	$	4,601,858
Total Liabilities in Securities Sold Short (a)	$	(1,958,678	)	$	—	$	—	$	(1,958,678	)

(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 October 31, 2013.

B. Futures Contracts — The Funds use index futures contracts to actively manage the long and short equity exposures in the portfolios. The use of futures contracts exposes the Funds to equity price risk.

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) in the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated 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.

26

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 October 31, 2013:

	Growth Long/Short Fund		Multi-Cap Long/Short Fund
Futures Contracts:
Average Notional Balance Short	$	2,096,219	$	594,446	(a)
Ending Notional Balance Short		1,926,100		—

(a) Average for the period October 1, 2012 through April 30, 2013.

C. Short Sales — The Multi-Cap Long/Short 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 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 an asset 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 income or fee is reported as interest income or interest expense, respectively, on securities sold short in 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 October 31, 2013, the Fund had outstanding short sales as listed on its SOI.

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, less dividend expense on securities sold short, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

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.

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

27

companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2013, 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 Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

G. 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 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)
Growth Long/Short Fund	$	(43,050	)	$	43,050	$	—
Multi-Cap Long/Short Fund		(80,381	)		70,317		10,064

The reclassifications for the Funds relate primarily to net operating losses and non-taxable dividends.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the 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 1.50% 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 October 31, 2013, 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. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

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

	Class A			Class C
Growth Long/Short Fund		0.25	%		0.75	%
Multi-Cap Long/Short Fund		0.25			0.75

28

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2013, the Distributor did not retain any front-end sales charges or CDSC.

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

	Class A			Class C			Select Class
Growth Long/Short Fund		0.25	%		0.25	%		0.25	%
Multi-Cap Long/Short Fund		0.25			0.25			0.25

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. 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 in the Statements of Operations.

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

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

	Class A			Class C			Select Class
Growth Long/Short Fund		1.95	%		2.45	%		1.70	%
Multi-Cap Long/Short Fund		1.95			2.45			1.70

The expense limitation agreements were in effect for the year ended October 31, 2013. The contractual expense limitation percentages in the table above are in place until at least February 28, 2014.

For the year ended October 31, 2013, 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		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Growth Long/Short Fund	$	66,854	$	3,762	$	11,142	$	81,758	$	62,834
Multi-Cap Long/Short Fund		63,399		3,568		10,566		77,533		67,694

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Funds’ investment in such affiliated money market fund to the extent that the total waivers do not exceed the total fees charged by the Advisor, the Administrator or shareholder servicing agent. A portion of the waiver is voluntary.

There were no waivers resulting from investments in these money market funds for the year ended October 31, 2013.

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

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

29

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 October 31, 2013, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2013, 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.

4. Investment Transactions

During the year ended October 31, 2013, 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 Short
Growth Long/Short Fund	$	1,555,833	$	2,676,110	$	—	$	—
Multi-Cap Long/Short Fund		4,558,229		4,711,140		3,193,066		2,546,588

During the year ended October 31, 2013, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2013 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Long/Short Fund	$	3,206,211	$	1,521,505	$	7,718	$	1,513,787
Multi-Cap Long/Short Fund		3,936,380		717,051		51,573		665,478

For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals and non-taxable dividends.

There were no distributions paid during the fiscal years ended October 31, 2013 and 2012.

As of October 31, 2013, the 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)
Growth Long/Short Fund	$	—	$	(411,849	)	$	1,513,787
Multi-Cap Long/Short Fund		—		243,308			581,193

For the Funds, the cumulative timing differences primarily consist of mark to market of futures contracts, late year ordinary loss deferrals, non-taxable dividends and wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011 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.

30

As of October 31, 2013 the following Fund had post-enactment net capital loss carryforwards:

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Growth Long/Short Fund	$	161,009	$	—

As of October 31, 2013, the following Fund had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

	2019		Total
Growth Long/Short Fund	$	250,840	$	250,840

During the year ended October 31, 2013, the following Fund utilized capital loss carryforwards as follows:

			Post-Enactment Capital Loss Carryforwards Utilized
	Pre-Enactment Capital Loss Carryforwards Utilized		Short-Term		Long-Term		Total Capital Loss Carryforwards Utilized
Multi-Cap Long/Short Fund	$	109,466	$	28,151	$	—	$	137,617

Late year ordinary losses incurred after December 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 October 31, 2013, the Funds deferred to November 1, 2013 late year ordinary losses of:

	Late Year Ordinary Loss
Growth Long/Short Fund	$	35,878
Multi-Cap Long/Short Fund		55,876

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).

In addition, 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 10, 2014.

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The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013, or at any time during the year then ended.

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

7. Risks, Concentrations and Indemnifications

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

The Funds’ shares are currently held by the Adviser.

As of October 31, 2013, the Multi-Cap Long/Short Fund pledged assets to BNP Paribas for securities sold short. Deposits at broker for securities sold short, as noted on the Statements of Assets and Liabilities, are held at BNP Paribas.

8. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11,

“Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. In January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, which updated ASU 2011-11. The ASU creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives, repurchase agreements and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of these changes on the Funds’ financial statement disclosures.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Growth Long/Short Fund and JPMorgan Multi-Cap Long/Short 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 Growth Long/Short Fund and JPMorgan Multi-Cap Long/Short Fund (each a separate Fund of JPMorgan Trust I) (hereafter referred to as the “Funds”) at October 31, 2013, the results of each of their operations for the year then ended, the changes of each in their net assets for each of the two years in the period then ended and the financial highlights for each of the two years in the period then ended and for the period November 30, 2010 (commencement of operations) through October 31, 2011, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

33

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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President – Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth- Hitchcock Medical Center (2013-present); Trustee, Dartmouth- Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

34

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)
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).	171	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); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-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).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

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

** In connection with prior employment with JPMorgan Chase, Ms. Pardo is the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she 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.

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

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

35

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

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

36

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

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, May 1, 2013		Ending Account Value, October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Growth Long/Short Fund
Class A
Actual	$	1,000.00	$	1,129.40	$	10.47		1.95	%
Hypothetical		1,000.00		1,015.38		9.91		1.95
Class C
Actual		1,000.00		1,126.50		13.13		2.45
Hypothetical		1,000.00		1,012.85		12.43		2.45
Select Class
Actual		1,000.00		1,130.40		9.13		1.70
Hypothetical		1,000.00		1,016.64		8.64		1.70

37

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value, May 1, 2013		Ending Account Value, October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Multi-Cap Long/Short Fund
Class A
Actual	$	1,000.00	$	1,104.40	$	14.11		2.66	%
Hypothetical		1,000.00		1,011.80		13.49		2.66
Class C
Actual		1,000.00		1,101.80		16.74		3.16
Hypothetical		1,000.00		1,009.28		16.00		3.16
Select Class
Actual		1,000.00		1,105.80		12.79		2.41
Hypothetical		1,000.00		1,013.06		12.23		2.41

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

38

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 22, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information includes the Funds’ performance compared to the performance of the Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of the Funds in connection with the Trustees’ review of the investment advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the Trust and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Trust and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of each Fund and its shareholders.

39

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the period at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each of the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds.

40

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. The Board also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the adviser.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Funds benefit from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of each Fund. The Trustees also considered the complexity of investment management for the Funds relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for the one-year period. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the independent consultant and also considered the special analysis prepared by the independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Growth Long/Short Fund’s performance was in the third quintile for Class A shares and in the second quintile for Select Class shares for the one-year period ended December 31, 2012, and that the independent consultant indicated that the Fund’s overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

41

The Trustees noted that the Multi-Cap Long/Short Fund’s performance was in the fourth quintile for both Class A and Select Class shares for the one-year period ended December 31, 2012, and that the independent consultant indicated that the Fund’s overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund (“Universe Group”). The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Growth Long/Short Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the third and fourth quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Multi-Cap Long/Short Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the third and fourth quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

42

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. organ 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 International

Equity Funds

Annual Report

October 31, 2013

JPMorgan Global Unconstrained Equity Fund

J.P. Morgan International Equity Funds

Annual Report

October 31, 2013

Contents
CEO’s Letter	1
Fund Commentary	3
Schedule of Portfolio Investments	7
Financial Statements	9
Financial Highlights	15
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	23
Trustees	24
Officers	26
Schedule of Shareholder Expenses	27
Board Approval of Investment Advisory Agreement	28
Tax Letter	32
Privacy Notice — Located at the back of this Annual Report

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of 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.

J.P. Morgan International Equity Funds

CEO’S LETTER

December 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury yields fell from their reporting period peak in early September 2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds, in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well- diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

1

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

2

JPMorgan Global Unconstrained Equity Fund

Fund Commentary

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

Reporting Period Return:
Fund (Select Class Shares)*		25.10	%
Morgan Stanley Capital International (“MSCI”) All Country World Index (net of foreign withholding taxes)		23.29	%
Net Assets as of 10/31/2013	$	4,191,913

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

The global financial market experienced periods of volatility during the reporting period. This volatility was triggered by a number of factors, including mixed economic data, geopolitical issues, expectations for future central bank monetary policies and, in the U.S., the impact of the fiscal cliff, sequestration and partial government shutdown. The global equity market was highly resilient during the reporting period amid generally robust investor demand. In the U.S., the S&P 500 Index finished the reporting period with a 27.18% gain. Overseas, the MSCI Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) returned 26.88%. Elsewhere, the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 6.53% for the twelve months ended October 31, 2013.

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

The Fund (Select Class Shares) outperformed the MSCI All Country World Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2013. Security selection and underweights relative to the Benchmark in emerging markets and North America contributed to relative return. The Fund’s underweight position versus the Benchmark in Japan, in particular its lack of exposure to Japanese companies that cater to domestic Japanese demand, was a major detractor from relative performance. From a sector perspective, the Fund’s security selection in the financials and information technology sectors contributed to relative performance. The Fund’s security selection in the health care and consumer discretionary sectors detracted from relative performance.

Individual contributors to the Fund’s relative performance included the Fund’s overweight positions versus the Benchmark in Hewlett-Packard Co., Baidu, Inc. and AXA S.A. Shares of Hewlett-Packard Co., a provider of computer hardware and software products, rose sharply during the reporting period as the company continued to restructure, cut costs and return cash to shareholders. Shares of Baidu, Inc., the operator of China’s most popular internet search engine, performed strongly, particularly in the second half of the reporting period as online ad spending increased. Shares of AXA S.A., a French insurance company, rallied as Europe’s economy stabilized and began to show signs of strength. The prospect of higher interest rates in the U.S. also helped to boost the stock.

Individual detractors from the Fund’s relative performance included the Fund’s overweight positions versus the Benchmark in Teva Pharmaceutical Industries Ltd. and Komatsu Ltd. Shares of Teva Pharmaceutical Industries Ltd., the world’s largest generic drug company, struggled amid increasing competition and analyst downgrades. Shares of Komatsu Ltd., a Japanese manufacturer of construction equipment, fell as slumping demand for mining equipment overshadowed economic improvements in the U.S., Japan and China. Also detracting from relative performance was the Fund’s positioning in Apple, Inc. Shares of Apple, Inc., a leading manufacturer of smartphones, tablets and high-end personal computers, struggled as the company lost market share to rival Samsung Electronics in the key smartphone category, fueling investor concerns about slowing sales growth.

HOW WAS THE FUND POSITIONED?

The Fund primarily invested in equity securities of global (U.S. and foreign) companies and was generally unconstrained by any particular capitalization, style or sector. The Fund invested in companies across capitalization sizes, sectors and geographic locations, including emerging markets.

3

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
1. Citigroup, Inc. (United States)	3.1	%
2. Sanofi (France)	3.0
3. Google, Inc., Class A (United States)	3.0
4. Teva Pharmaceutical Industries Ltd., ADR (Israel)	2.9
5. Barclays plc (United Kingdom)	2.9
6. Novartis AG (Switzerland)	2.7
7. Royal Dutch Shell plc, Class B (Netherlands)	2.6
8. Baxter International, Inc. (United States)	2.6
9. Bayer AG (Germany)	2.6
10. Industrial & Commercial Bank of China Ltd., Class H (China)	2.5

SUMMARY OF INVESTMENTS BY COUNTRY***
United States	42.0	%
United Kingdom	12 .1
Switzerland	8.8
France	8.1
China	6.7
Germany	5.3
Israel	2.9
Japan	2.7
Netherlands	2.6
Belgium	1.7
Hong Kong	1.3
South Korea	1.2
Canada	1.2
India	1.0
Others (each less than 1.0%)	0.6
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 October 31, 2013. The Fund’s portfolio composition is subject to change.

4

JPMorgan Global Unconstrained Equity Fund

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013

	INCEPTION DATE OF CLASS	1 YEAR			SINCE INCEPTION
CLASS A SHARES	11/30/11
Without Sales Charge			24.74	%		18.77	%
With Sales Charge*			18.17			15.48
CLASS C SHARES	11/30/11
Without CDSC			24.08			18.17
With CDSC**			23.08			18.17
CLASS R2 SHARES	11/30/11		24.45			18.47
CLASS R5 SHARES	11/30/11		25.35			19.32
CLASS R6 SHARES	11/30/11		25.40			19.38
SELECT CLASS SHARES	11/30/11		25.10			19.07

* 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.

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.

5

The Fund commenced operations on November 30, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Unconstrained Equity Fund and the MSCI All Country World Index from November 30, 2011 to October 31, 2013. 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 All Country World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, 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 MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Investors cannot invest directly in an index.

Select Class 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 redemption of Fund shares.

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

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

6

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.9%
		Belgium — 1.6%
	666	Anheuser-Busch InBev N.V. (m)		69,040
		Canada — 1.1%
	1,299	Suncor Energy, Inc. (m)		47,206
		China — 6.6%
	340	Baidu, Inc., ADR (a) (m)		54,706
	50,503	China Merchants Bank Co., Ltd., Class H (m)		100,420
	148,000	Industrial & Commercial Bank of China Ltd., Class H (m)		103,752
	4,000	Sinopharm Group Co., Ltd., Class H (m)		10,835
	218	WuXi PharmaTech Cayman, Inc., ADR (a) (m)		6,376
				276,089
		France — 7.9%
	3,664	AXA S.A. (m)		91,290
	456	Renault S.A. (m)		39,786
	1,170	Sanofi (m)		124,749
	410	Schneider Electric S.A. (m)		34,501
	397	Technip S.A. (m)		41,581
				331,907
		Germany — 3.6%
	850	Bayer AG (m)		105,444
	905	Deutsche Bank AG (m)		43,738
				149,182
		Hong Kong — 1.3%
	370,000	Emperor Watch & Jewellery Ltd. (m)		29,618
	41,000	New World Department Store China Ltd. (m)		23,744
				53,362
		India — 1.0%
	1,149	ICICI Bank Ltd., ADR (m)		42,881
		Indonesia — 0.6%
	36,000	Bank Rakyat Indonesia Persero Tbk PT (m)		25,266
		Israel — 2.9%
	3,260	Teva Pharmaceutical Industries Ltd., ADR (m)		120,914
		Japan — 2.6%
	3,300	Komatsu Ltd. (m)		72,403
	700	Nitto Denko Corp. (m)		36,709
				109,112

SHARES		SECURITY DESCRIPTION	VALUE($)
		Netherlands — 2.6%
	3,135	Royal Dutch Shell plc, Class B (m)		108,534
		South Korea — 1.2%
	35	Samsung Electronics Co., Ltd. (m)		48,267
		Switzerland — 8.7%
	450	ACE Ltd. (m)		42,948
	823	Cie Financiere Richemont S.A. (m)		84,151
	11,711	Glencore Xstrata plc (a) (m)		63,734
	884	Nestle S.A. (m)		63,811
	1,415	Novartis AG (m)		109,836
				364,480
		United Kingdom — 11.9%
	28,022	Barclays plc (m)		117,901
	3,593	BG Group plc (m)		73,296
	8,019	Premier Oil plc (m)		44,620
	3,248	Prudential plc (m)		66,424
	3,462	Standard Chartered plc (m)		83,123
	1,609	Unilever plc (m)		65,247
	13,537	Vodafone Group plc (m)		49,583
				500,194
		United States — 41.3%
	1,028	Allergan, Inc. (m)		93,147
	825	Anadarko Petroleum Corp. (m)		78,614
	930	Apache Corp. (m)		82,584
	1,603	Baxter International, Inc. (m)		105,590
	3,210	Broadcom Corp., Class A (m)		85,771
	869	Capital One Financial Corp. (m)		59,674
	2,349	Cisco Systems, Inc. (m)		52,852
	2,658	Citigroup, Inc. (m)		129,657
	944	Comcast Corp., Class A (m)		44,916
	3,218	EMC Corp. (m)		77,457
	1,009	Fluor Corp. (m)		74,888
	1,290	Freeport-McMoRan Copper & Gold, Inc. (m)		47,420
	118	Google, Inc., Class A (a) (m)		121,608
	1,298	Hartford Financial Services Group, Inc. (m)		43,743
	943	Johnson & Johnson (m)		87,331
	833	MetLife, Inc. (m)		39,409
	2,896	Microsoft Corp. (m)		102,374
	936	Norfolk Southern Corp. (m)		80,515
	1,426	Pfizer, Inc. (m)		43,750
	917	QUALCOMM, Inc. (m)		63,704
	3,224	Teradyne, Inc. (a) (m)		56,388

SEE NOTES TO FINANCIAL STATEMENTS.

7

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		United States — Continued
	980	Time Warner, Inc. (m)		67,365
	411	United Technologies Corp. (m)		43,669
	712	UnitedHealth Group, Inc. (m)		48,601
				1,731,027
		Total Common Stocks (Cost $3,356,131)		3,977,461
	Preferred Stock — 1.6%
		Germany — 1.6%
	271	Volkswagen AG (m) (Cost $46,496)		68,728
	Short-Term Investment — 1.8%
		Investment Company — 1.8%
	75,037	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $75,037)		75,037
		Total Investments — 98.3% (Cost $3,477,664)		4,121,226
		Other Assets in Excess of Liabilities — 1.7%		70,687
		NET ASSETS — 100.0%	$	4,191,913

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of October 31, 2013.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in the notes to financial statements are $2,000,131 and 48.5%, respectively.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Pharmaceuticals	16.6%
Commercial Banks	11.5
Oil, Gas & Consumable Fuels	10.6
Insurance	6.9
Semiconductors & Semiconductor Equipment	4.6
Internet Software & Services	4.3
Diversified Financial Services	3.1
Food Products	3.1
Communications Equipment	2.8
Media	2.7
Metals & Mining	2.7
Automobiles	2.6
Health Care Equipment & Supplies	2.6
Software	2.5
Textiles, Apparel & Luxury Goods	2.0
Road & Rail	2.0
Computers & Peripherals	1.9
Construction & Engineering	1.8
Machinery	1.8
Beverages	1.7
Consumer Finance	1.4
Health Care Providers & Services	1.4
Wireless Telecommunication Services	1.2
Capital Markets	1.1
Aerospace & Defense	1.1
Energy Equipment & Services	1.0
Others (each less than 1.0%)	3.2
Short-Term Investment	1.8

SEE NOTES TO FINANCIAL STATEMENTS.

8

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

	Global Unconstrained Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	4,046,189
Investments in affiliates, at value		75,037
Total investment securities, at value		4,121,226
Cash		119,410
Foreign currency, at value		424
Receivables:
Investment securities sold		105,815
Dividends from non-affiliates		2,337
Dividends from affiliates		1
Tax reclaims		3,980
Due from Adviser		8,279
Total Assets		4,361,472
LIABILITIES:
Payables:
Investment securities purchased		101,836
Accrued liabilities:
Shareholder servicing fees		852
Distribution fees		87
Custodian and accounting fees		13,615
Trustees’ and Chief Compliance Officer’s fees		2
Audit Fees		47,424
Other		5,743
Total Liabilities		169,559
Net Assets	$	4,191,913

SEE NOTES TO FINANCIAL STATEMENTS.

9

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013 (continued)

	Global Unconstrained Equity Fund
NET ASSETS :
Paid-in-Capital	$	3,135,662
Accumulated undistributed net investment income		45,489
Accumulated net realized gains (losses)		367,088
Net unrealized appreciation (depreciation)		643,674
Total Net Assets	$	4,191,913
Net Assets:
Class A	$	69,554
Class C		68,891
Class R2		69,221
Class R5		70,157
Class R6		70,224
Select Class		3,843,866
Total	$	4,191,913
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		3,459
Class C		3,444
Class R2		3,451
Class R5		3,475
Class R6		3,477
Select Class		190,743
Net Asset Value (a):
Class A - Redemption price per share	$	20.11
Class C - Offering price per share (b)		20.01
Class R2 - Offering and redemption price per share		20.06
Class R5 - Offering and redemption price per share		20.19
Class R6 - Offering and redemption price per share		20.20
Select Class - Offering and redemption price per share		20.15
Class A maximum sales charge		5.25	%
[net asset value per share/(100% – maximum sales charge)]	$	21.22
Cost of investments in non-affiliates	$	3,402,627
Cost of investments in affiliates		75,037
Cost of foreign currency		424

^(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.

10

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013

	Global Unconstrained Equity Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	108,449
Dividend income from affiliates		26
Foreign taxes withheld		(6,635	)
Total investment income		101,840
EXPENSES:
Investment advisory fees		29,930
Administration fees		3,158
Distribution fees:
Class A		155
Class C		463
Class R2		310
Shareholder servicing fees:
Class A		155
Class C		154
Class R2		155
Class R5		31
Select Class		8,576
Custodian and accounting fees		54,616
Professional fees		71,104
Trustees’ and Chief Compliance Officer’s fees		43
Printing and mailing costs		5,525
Registration and filing fees		25
Transfer agent fees		9,862
Offering costs		2,409
Other		4,900
Total expenses		191,571
Less amounts waived		(33,088	)
Less expense reimbursements		(116,681	)
Net expenses		41,802
Net investment income (loss)		60,038
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		376,406
Foreign currency transactions		(59	)
Net realized gains (losses)		376,347
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		401,898
Foreign currency translations		166
Change in net unrealized appreciation/depreciation		402,064
Net realized/unrealized gains (losses)		778,411
Change in net assets resulting from operations		838,449

SEE NOTES TO FINANCIAL STATEMENTS.

11

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Global Unconstrained Equity Fund
	Year Ended 10/31/2013			Period Ended 10/31/2012(a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	60,038		$	40,473
Net realized gain (loss)		376,347			71,381
Change in net unrealized appreciation/depreciation		402,064			241,610
Change in net assets resulting from operations		838,449			353,464
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(767	)		(7	)
From net realized gains		(1,353	)		—
Class C
From net investment income		(498	)		—
From net realized gains		(1,353	)		—
Class R2
From net investment income		(633	)		—
From net realized gains		(1,353	)		—
Class R5
From net investment income		(1,010	)		(26	)
From net realized gains		(1,354	)		—
Class R6
From net investment income		(1,037	)		(28	)
From net realized gains		(1,354	)		—
Select Class
From net investment income		(49,609	)		(963	)
From net realized gains		(74,443	)		—
Total distributions to shareholders		(134,764	)		(1,024	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		134,764			3,001,024
NET ASSETS:
Change in net assets		838,449			3,353,464
Beginning of period		3,353,464			—
End of period	$	4,191,913		$	3,353,464
Accumulated undistributed net investment income	$	45,489		$	35,383

^(a)  Commencement of operations was November 30, 2011.

SEE NOTES TO FINANCIAL STATEMENTS.

12

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	Global Unconstrained Equity Fund
	Year Ended 10/31/2013		Period Ended 10/31/2012 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	—	$	50,000
Distributions reinvested		2,120		7
Change in net assets resulting from Class A capital transactions	$	2,120	$	50,007
Class C
Proceeds from shares issued	$	—	$	50,000
Distributions reinvested		1,851		—
Change in net assets resulting from Class C capital transactions	$	1,851	$	50,000
Class R2
Proceeds from shares issued	$	—	$	50,000
Distributions reinvested		1,986		—
Change in net assets resulting from Class R2 capital transactions	$	1,986	$	50,000
Class R5
Proceeds from shares issued	$	—	$	50,000
Distributions reinvested		2,364		26
Change in net assets resulting from Class R5 capital transactions	$	2,364	$	50,026
Class R6
Proceeds from shares issued	$	—	$	50,000
Distributions reinvested		2,391		28
Change in net assets resulting from Class R6 capital transactions	$	2,391	$	50,028
Select Class
Proceeds from shares issued	$	—	$	2,750,000
Distributions reinvested		124,052		963
Change in net assets resulting from Select Class capital transactions	$	124,052	$	2,750,963
Total change in net assets resulting from capital transactions	$	134,764	$	3,001,024

^(a)  Commencement of operations was November 30, 2011.

SEE NOTES TO FINANCIAL STATEMENTS.

13

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	Global Unconstrained Equity Fund
	Year Ended 10/31/2013		Period Ended 10/31/2012 (a)
SHARE TRANSACTIONS:
Class A
Issued		—		3,334
Reinvested		125		—	(b)
Change in Class A Shares		125		3,334
Class C
Issued		—		3,333
Reinvested		111		—
Change in Class C Shares		111		3,333
Class R2
Issued		—		3,333
Reinvested		118		—
Change in Class R2 Shares		118		3,333
Class R5
Issued		—		3,333
Reinvested		140		2
Change in Class R5 Shares		140		3,335
Class R6
Issued		—		3,333
Reinvested		142		2
Change in Class R6 Shares		142		3,335
Select Class
Issued		—		183,334
Reinvested		7,344		65
Change in Select Class Shares		7,344		183,399

^(a)  Commencement of operations was November 30, 2011.

^(b)  Amount rounds to less than 1 share.

SEE NOTES TO FINANCIAL STATEMENTS.

14

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)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions			Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period		Net expenses (d)(e)			Net investment income (loss) (e)			Expenses without waivers and reimburse- ments (e)			Portfolio turnover rate (b)(f)
Global Unconstrained Equity Fund
Class A
Year Ended October 31, 2013	$	16.73	$	0.24	$	3.77	$	4.01	$	(0.22	)	$	(0.41	)	$	(0.63	)	$	20.11		24.74	%	$	69,554		1.35	%		1.37	%		5.36	%		71	%
November 30, 2011 (g) through October 31, 2012		15.00		0.17		1.56		1.73		—	(h)		—			—	(h)		16.73		11.55			55,771		1.35			1.14			6.89			49
Class C
Year Ended October 31, 2013		16.65		0.16		3.76		3.92		(0.15	)		(0.41	)		(0.56	)		20.01		24.16			68,891		1.85			0.87			5.85			71	%
November 30, 2011 (g) through October 31, 2012		15.00		0.09		1.56		1.65		—			—			—			16.65		11.00			55,516		1.85			0.65			7.38			49
Class R2
Year Ended October 31, 2013		16.69		0.20		3.77		3.97		(0.19	)		(0.41	)		(0.60	)		20.06		24.45			69,221		1.60			1.12			5.60			71	%
November 30, 2011 (g) through October 31, 2012		15.00		0.13		1.56		1.69		—			—			—			16.69		11.27			55,644		1.60			0.90			7.14			49
Class R5
Year Ended October 31, 2013		16.79		0.32		3.79		4.11		(0.30	)		(0.41	)		(0.71	)		20.19		25.29			70,157		0.90			1.82			4.89			71	%
November 30, 2011 (g) through October 31, 2012		15.00		0.23		1.57		1.80		(0.01	)		—			(0.01	)		16.79		11.99			56,003		0.90			1.60			6.45			49
Class R6
Year Ended October 31, 2013		16.80		0.33		3.78		4.11		(0.30	)		(0.41	)		(0.71	)		20.20		25.33			70,224		0.85			1.87			4.85			71	%
November 30, 2011 (g) through October 31, 2012		15.00		0.24		1.57		1.81		(0.01	)		—			(0.01	)		16.80		12.06			56,029		0.85			1.65			6.40			49
Select Class
Year Ended October 31, 2013		16.76		0.29		3.77		4.06		(0.26	)		(0.41	)		(0.67	)		20.15		25.04			3,843,866		1.10			1.62			5.10			71	%
November 30, 2011 (g) through October 31, 2012		15.00		0.20		1.57		1.77		(0.01	)		—			(0.01	)		16.76		11.77			3,074,501		1.10			1.40			6.64			49

(a) Annualized for periods less than one year.

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

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

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

(e) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2012 and October 31, 2013.

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

(g) Commencement of operations.

(h) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

15

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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:

Fund	Classes Offered	Diversified/Non- Diversified
Global Unconstrained Equity Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Diversified

The investment objective of the Fund is to seek to provide long-term capital appreciation.

The Fund commenced operations on November 30, 2011. Currently, the Fund is not offered for public 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 R2, Class R5, Class R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

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 policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Fund are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Fund may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Fund to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

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

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated

16

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

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

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

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

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

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

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input by country as presented on the Schedule of Portfolio Investments (“SOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	—	$	69,040	$	—	$	69,040
Canada		47,206		—		—		47,206
China		61,082		215,007		—		276,089
France		—		331,907		—		331,907
Germany		—		149,182		—		149,182
Hong Kong		23,744		29,618		—		53,362
India		42,881		—		—		42,881
Indonesia		—		25,266		—		25,266
Israel		120,914		—		—		120,914
Japan		—		109,112		—		109,112
Netherlands		—		108,534		—		108,534
South Korea		—		48,267		—		48,267
Switzerland		42,948		321,532		—		364,480
United Kingdom		—		500,194		—		500,194
United States		1,731,027		—		—		1,731,027
Total Common Stocks		2,069,802		1,907,659		—		3,977,461
Preferred Stock
Germany		—		68,728		—		68,728
Total Preferred Stock		—		68,728		—		68,728
Short-Term Investment
Investment Company		75,037		—		—		75,037
Total Investments in Securities	$	2,144,839	$	1,976,387	$	—	$	4,121,226

There were no transfers among any levels during the year ended October 31, 2013.

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B. 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.

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

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

C. Offering and Organizational Costs — Total offering costs of $29,397 paid in connection with the offering of shares of the Fund were amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, were recorded as an expense at the time the Fund commenced operations and are included as part of Professional fees in the Statement of Operations. For one year ended October 31, 2013, total offering costs paid were:

	Offering Costs
Global Unconstrained Equity Fund	$	2,409

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 the Fund first learns of the dividend.

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.

F. 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 gain 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 October 31, 2013, 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, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

G. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchase/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.

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.

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The following amounts were reclassified within the capital accounts:

Paid-in-Capital	Accumulated undistributed net investment income		Accumulated net realized gains (losses)
$ —	$	3,622	$	(3,622	)

The reclassifications for the Fund relate primarily to investments in passive foreign investment companies.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the 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 0.80% 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 October 31, 2013, 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. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board of Trustees 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 Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, at annual rates of 0.25%, 0.75% and 0.50% of the average daily net assets of Class A, Class B and Class R2 Shares, respectively.

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2013, the Distributor did not retain front-end sales charges or CDSC.

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

Class A	Class C	Class R2	Class R5	Select Class
0.25%	0.25%	0.25%	0.05%	0.25%

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

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E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees in 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 in the Statement of Operations.

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

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

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

Class A	Class C	Class R2	Class R5	Class R6	Select Class
1.35%	1.85%	1.60%	0.90%	0.85%	1.10%

The expense limitation agreement was in effect for the year ended October 31, 2013. The contractual expense limitation percentages in the table above are in place until at least February 28, 2014.

For the year ended October 31, 2013, 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/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory	Administration		Total		Contractual Reimbursements
$29,930	$	3,158	$	33,088	$	116,681

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Fund’s investment in such affiliated money market fund.

There were no waivers resulting from investments in these money market funds for the year ended October 31, 2013.

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

The Board of Trustees 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 in 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 October 31, 2013, the Fund may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Fund may use related party broker-dealers. For the year ended October 31, 2013, 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.

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4. Investment Transactions

During the year ended October 31, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)
$2,645,127	$	2,560,506

During the year ended October 31, 2013, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2013 were as follows:

Aggregate Cost	Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$3,482,085	$	695,541	$	56,400	$	639,141

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 October 31, 2013 was as follows:

Ordinary Income	Total Distributions Paid
$134,764	$	134,764

The tax character of distributions paid during the fiscal period ended October 31, 2012 was as follows:

Ordinary Income (a)	Total Distributions Paid (a)
$1,024	$	1,024

(a) The Fund commenced operations on November 30, 2011.

As of October 31, 2013, the 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)
$139,160	$	277,853	$	639,253

The cumulative timing differences primarily consist of wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Fund are carried forward indefinitely and retain their character as short-term and/or long-term losses.

As of October 31, 2013, 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

21

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 all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, 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 10, 2014.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013, or at any time during the year then ended.

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

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.

The Fund’s shares are currently held by the Adviser.

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

As of October 31, 2013, a significant portion of the Fund’s net assets consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

As of October 31, 2013, the Fund invested 42.0% of its total investments in issuers in the United States.

8. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. In January 2013, the FASB issued ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” which updated ASU 2011-11. The ASU creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives, repurchase agreements and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of these changes on the Fund’s financial statement disclosures.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Global Unconstrained 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 Global Unconstrained Equity Fund (a separate Fund of JPMorgan Trust I) (hereafter referred to as the “Fund”) at October 31, 2013, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period November 30, 2011 (commencement of operations) through October 31, 2012, 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’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

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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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President – Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth- Hitchcock Medical Center (2013-present); Trustee, Dartmouth- Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

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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)
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).	171	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); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-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).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

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

** In connection with prior employment with JPMorgan Chase, Ms. Pardo is the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she 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.

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

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

25

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

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

26

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 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 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, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

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. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, May 1, 2013		Ending Account Value, October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Global Unconstrained Equity Fund
Class A
Actual	$	1,000.00	$	1,120.30	$	7.21		1.35	%
Hypothetical		1,000.00		1,018.40		6.87		1.35
Class C
Actual		1,000.00		1,170.90		9.88		1.85
Hypothetical		1,000.00		1,015.88		9.40		1.85
Class R2
Actual		1,000.00		1,118.80		8.54		1.60
Hypothetical		1,000.00		1,017.14		8.13		1.60
Class R5
Actual		1,000.00		1,122.90		4.82		0.90
Hypothetical		1,000.00		1,020.67		4.58		0.90
Class R6
Actual		1,000.00		1,122.80		4.55		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Select Class
Actual		1,000.00		1,121.30		5.88		1.10
Hypothetical		1,000.00		1,019.66		5.60		1.10

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

27

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 22, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information includes the Fund’s performance compared to the performance of the Fund’s peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Fund, expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the investment advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the Trust and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Trust and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Fund and its shareholders.

28

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Fund for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to

29

financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. The Board considered that the Adviser does not currently use third-party soft dollar arrangements with respect to securities transactions it executes for the Fund. The Board also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Fund does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Fund benefits from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Fund. The Trustees also considered the complexity of investment management for the Fund relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees reviewed the Fund’s performance against its benchmark index and considered the performance information provided for the Fund at regular Board meetings by the Adviser. The performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance are summarized below:

The Trustees noted the performance of the Fund since its inception on November 30, 2011 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund (“Universe Group”). The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. The Trustees recognized that Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed

30

information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and second quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

31

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2013. 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, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Fund hereby designates 17.39% or the maximum allowable percentage as ordinary income distributions eligible for the 70% dividends received deduction for corporate rate shareholders for the fiscal year ended October 31, 2013.

Qualified Dividend Income (QDI)

For the fiscal year ended October 31, 2013, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%. The Fund hereby designates $134,764 or the maximum allowable amount of ordinary income distributions as qualified dividends.

32

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

33

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.

34

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. October 2013.

Annual Report

J.P. Morgan Funds

October 31, 2013

JPMorgan Income Builder Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	44
Financial Highlights	50
Notes to Financial Statements	52
Report of Independent Registered Public Accounting Firm	64
Trustees	65
Officers	67
Schedule of Shareholder Expenses	68
Board Approval of Investment Advisory Agreement	69
Tax Letter	72
Privacy Notice — Located at the back of this Annual Report

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of 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

DECEMBER 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

  “As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio.”

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury yields fell from their reporting period peak in early September

2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junk bonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well- diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2013 J.P. MORGAN FUNDS 1

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		11.34%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)		25.77%
Barclays U.S. Aggregate Index		-1.08%
Income Builder Composite Benchmark		14.39%
Net Assets as of 10/31/2013 (In Thousands)	$	8,286,045

INVESTMENT OBJECTIVE**

The JPMorgan Income Builder Fund (the “Fund”) seeks to maximize income while maintaining prospects for capital appreciation.

HOW DID THE MARKET PERFORM?

The global financial markets experienced periods of volatility during the reporting period. This volatility was triggered by a number of factors, including mixed economic data, geopolitical issues, expectations for future central bank monetary policies and, in the U.S., the impact of the fiscal cliff, sequestration and partial government shutdown. The global equity market was highly resilient during the reporting period amid generally robust investor demand. In the U.S., the S&P 500 Index finished the reporting period with a 27.18% gain. Elsewhere, the MSCI World Index (net of foreign withholding taxes) returned 25.77%. The MSCI Emerging Markets Index (net of foreign withholding taxes) returned 6.53% for the twelve months ended October 31, 2013. U.S. fixed income securities, as measured by the Barclays U.S. Aggregate Index, posted a -1.08% return and substantially underperformed global equities for the reporting period. One of the few bright spots in the fixed income market was high yield bonds (also known as junk bonds). The asset class was supported by overall strong demand and continued low default rates.

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

For the twelve months ended October 31, 2013, the Fund (Class A Shares, without a sales charge) returned 11.34%, underperforming the Income Builder Composite Benchmark (the “Composite Benchmark”), which is comprised of 60% MSCI World Index (net of foreign withholding taxes) and 40% Barclays U.S. Aggregate Index. For the twelve months ended October 31, 2013, the Fund outperformed the Barclays U.S. Aggregate Index. The Fund’s allocation to equity securities, which substantially outperformed fixed income securities, contributed to the Fund’s performance relative to the Barclays U.S. Aggregate Index, which only contains fixed income

securities. Over the same period, the Fund underperformed the MSCI World Index. The Fund’s allocation to fixed income securities detracted from its performance relative to the MSCI World Index, which only contains equity securities.

Among equities, the Fund had a larger exposure to international developed equities than did the Composite Benchmark, and had exposure to emerging market equities, which are not in the Composite Benchmark. As international developed and emerging market equities underperformed U.S. equities during the reporting period, the Fund’s positioning in these sectors detracted from its relative performance. The Fund’s allocations to preferred equities and emerging market debt, neither of which are in the Composite Benchmark, underperformed global developed equities and, therefore, detracted from relative performance.

The Fund’s allocation to high yield bonds and non-agency residential mortgage-backed securities contributed to its performance versus the Composite Benchmark. Better-than-expected housing data helped the Fund’s mortgage allocation, and strong corporate balance sheets and investors’ increasing appetite for risk benefited high yield bonds.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers positioned the Fund to tactically pursue income. They continued to maintain a positive view on global developed market equities in general. Internationally, the Fund was invested in globally-oriented companies with yields that, despite near-term volatility, the portfolio managers believed should prove resilient in a low interest rate environment. Although the Fund’s exposure to high yield bonds was reduced in favor of equities, the portfolio managers continued to believe that high yield remains an important part of a globally diversified portfolio. The portfolio managers believed that the global desire for yield and the low expectation for defaults provided a solid backdrop for outperformance for high yield versus other fixed income asset classes.

2 J.P. MORGAN FUNDS OCTOBER 31, 2013

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp., (United States) (Common Stock)	0.9	%
	2.	Johnson & Johnson, (United States) (Common Stock)	0.8
	3.	ConocoPhillips, (United States) (Common Stock)	0.8
	4.	Australia & New Zealand Banking Group Ltd., (Australia) (Common Stock)	0.8
	5.	Vodafone Group plc, (United Kingdom) (Common Stock)	0.8
	6.	Swiss Re AG, (Switzerland) (Common Stock)	0.8
	7.	Royal Dutch Shell plc, (Netherlands), Class A (Common Stock)	0.7
	8.	Eni S.p.A., (Italy) (Common Stock)	0.7
	9.	Time Warner, Inc., (United States) (Common Stock)	0.7
	10.	Unibail-Rodamco SE, (France) (Common Stock)	0.7

PORTFOLIO COMPOSITION BY COUNTRY***
United States	59.2	%
United Kingdom	5.0
France	3.9
Australia	2.7
Japan	2.7
Germany	1.8
Brazil	1.8
Switzerland	1.7
Canada	1.6
China	1.5
Luxembourg	1.3
Netherlands	1.3
Singapore	1.2
Taiwan	1.2
South Africa	1.1
Sweden	1.1
Italy	1.0
Hong Kong	1.0
Others (each less than 1.0%)	8.9

* 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 3

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		5/31/07
Without Sales Charge				11.34	%		14.16	%		5.99	%
With Sales Charge*				6.30			13.09			5.23
CLASS C SHARES		5/31/07
Without CDSC				10.84			13.59			5.47
With CDSC**				9.84			13.59			5.47
SELECT CLASS SHARES		5/31/07		11.47			14.35			6.18

* 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 (5/31/07 TO 10/31/13)

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 May 31, 2007.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Income Builder Fund, the MSCI World Index, the Barclays U.S. Aggregate Index, the Income Builder Composite Benchmark and the Lipper Global Flexible Portfolio Funds Index from May 31, 2007 to October 31, 2013. 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 MSCI World Index, the Barclays U.S. Aggregate Index and the Income Builder Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund and have been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI World Index assumes the dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper Global Flexible Portfolio 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 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 Income Builder Composite Benchmark is a composite benchmark comprised of unmanaged indexes that includes 60% MSCI World Index and 40% Barclays U.S. Aggregate Index. The Lipper Global Flexible Portfolio 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.

From the inception of the Fund through December 18, 2009, the Fund did not experience any shareholder purchase and sale activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted. Class A Shares have a $1,000 minimum initial investment and carry a 4.50% 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 redemption of Fund shares.

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

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

4 J.P. MORGAN FUNDS OCTOBER 31, 2013

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 5.0%
		United States — 5.0%
		ABFC Trust,
	1,867	Series 2005-WF1, Class M1, VAR, 0.530%, 11/25/34		1,579
	3,068	Series 2004-OPT3, Class M1, VAR, 0.920%, 09/25/33		2,945
	439	Series 2003-OPT1, Class A1A, VAR, 0.990%, 04/25/33		409
	1,535	Series 2004-HE1, Class M1, VAR, 1.070%, 03/25/34		1,407
	3,288	Accredited Mortgage Loan Trust, Series 2004-4, Class M1, VAR, 0.750%, 01/25/35		3,026
		ACE Securities Corp. Home Equity Loan Trust,
	6,548	Series 2003-OP1, Class M1, VAR, 1.220%, 12/25/33		6,137
	2,060	Series 2003-FM1, Class M1, VAR, 1.460%, 11/25/32		1,798
	2,285	Series 2004-OP1, Class M2, VAR, 1.745%, 04/25/34		2,068
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	547	Series 2004-R3, Class A1B, VAR, 0.520%, 05/25/34		536
	10,487	Series 2004-R1, Class M1, VAR, 0.965%, 02/25/34		9,413
	926	Series 2004-R1, Class M2, VAR, 1.040%, 02/25/34		810
	565	Series 2004-R8, Class M1, VAR, 1.130%, 09/25/34		546
	2,065	Series 2003-13, Class M1, VAR, 1.190%, 01/25/34		1,870
	2,061	Argent Securities, Inc., Series 2003-W5, Class M2, VAR, 2.945%, 10/25/33		1,925
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	3,743	Series 2004-W6, Class M1, VAR, 0.720%, 05/25/34		3,653
	2,290	Series 2004-W7, Class M2, VAR, 1.070%, 05/25/34		2,118
	1,190	Series 2004-W2, Class M2, VAR, 2.045%, 04/25/34		1,068
	878	Series 2004-W2, Class M3, VAR, 2.270%, 04/25/34		755
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	3,305	Series 2001-HE3, Class A1, VAR, 0.714%, 11/15/31		3,064
	1,643	Series 2001-HE3, Class M1, VAR, 1.074%, 11/15/31		1,476

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	5,352	Bayview Financial Acquisition Trust, Series 2006-D, Class 1A5, SUB, 5.668%, 12/28/36		5,334
		Bayview Opportunity Master Fund Trust,
	2,027	Series 2013-2RPL, Class A, SUB, 3.721%, 03/28/18 (e)		2,017
	4,769	Series 2013-3RPL, Class A, SUB, 3.721%, 04/28/18 (e)		4,710
	1,140	Series 2013-14NP, Class A, SUB, 4.213%, 08/28/33 (e)		1,140
		Bear Stearns Asset-Backed Securities I Trust,
	806	Series 2005-AQ2, Class A3, VAR, 0.530%, 09/25/35		765
	1,500	Series 2004-HE11, Class M2, VAR, 1.745%, 12/25/34		1,398
		Bear Stearns Asset-Backed Securities Trust,
	2,919	Series 2004-SD4, Class A1, VAR, 1.070%, 08/25/44		2,867
	2,991	Series 2004-HE2, Class M2, VAR, 1.970%, 03/25/34		2,759
		Centex Home Equity Loan Trust,
	914	Series 2004-D, Class MF2, SUB, 5.560%, 09/25/34		825
	2,527	Series 2004-D, Class MF3, SUB, 5.760%, 09/25/34		1,810
	2,445	Series 2005-A, Class M1, VAR, 0.650%, 01/25/35		2,280
	2,347	Series 2004-A, Class M1, VAR, 0.770%, 01/25/34		2,184
		Chase Funding Loan Acquisition Trust,
	3,217	Series 2004-AQ1, Class M1, VAR, 0.900%, 05/25/34		2,730
	1,689	Series 2004-OPT1, Class M2, VAR, 1.670%, 06/25/34		1,583
		Chase Funding Trust,
	2,610	Series 2003-4, Class 1A5, SUB, 5.416%, 05/25/33		2,736
	3,703	Series 2003-6, Class 2M1, VAR, 0.920%, 11/25/34		3,490
	807	Series 2003-5, Class 1M2, VAR, 5.406%, 09/25/32		575
	2,212	Series 2004-2, Class 1M1, VAR, 5.700%, 02/25/35		2,071
		Citigroup Mortgage Loan Trust, Inc.,
	144	Series 2005-WF2, Class AF4, SUB, 4.964%, 08/25/35		145
	641	Series 2005-WF2, Class AF7, SUB, 5.249%, 08/25/35		607

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 5

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — Continued
			United States — Continued
	—	(h)	Series 2006-WFH2, Class A2A, VAR, 0.320%, 08/25/36		—	(h)
	2,359		Series 2006-WFH4, Class A3, VAR, 0.320%, 11/25/36		2,285
	1,020		Series 2007-WFH2, Class A2, VAR, 0.320%, 03/25/37		1,018
	529		Series 2005-OPT1, Class M4, VAR, 1.220%, 02/25/35		399
			Countrywide Asset-Backed Certificates,
	195		Series 2006-2, Class 2A2, VAR, 0.360%, 06/25/36		188
	2,132		Series 2003-3, Class 3A, VAR, 0.710%, 11/25/33		1,933
	2,436		Series 2004-6, Class M2, VAR, 0.820%, 10/25/34		2,284
	11,998		Series 2004-2, Class M1, VAR, 0.920%, 05/25/34		11,005
	6,261		Series 2004-3, Class M1, VAR, 0.920%, 06/25/34		5,846
	6,921		Series 2003-BC1, Class A1, VAR, 0.970%, 03/25/33		6,328
	1,396		Series 2004-1, Class M2, VAR, 0.995%, 03/25/34		1,344
	1,782		Series 2004-ECC2, Class M2, VAR, 1.145%, 12/25/34		1,674
	9,945		Series 2004-5, Class M2, VAR, 1.175%, 07/25/34		9,449
	1,465		Series 2002-3, Class M1, VAR, 1.295%, 03/25/32		1,357
	1,429		Series 2005-11, Class AF6, VAR, 5.050%, 02/25/36		1,365
	1,211		Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB8, Class AF2, SUB, 4.502%, 12/25/35		1,139
			Equity One Mortgage Pass-Through Trust,
	881		Series 2003-4, Class M1, SUB, 5.369%, 10/25/34		874
	488		Series 2003-2, Class M1, VAR, 5.050%, 09/25/33		492
			First Franklin Mortgage Loan Trust,
	7,615		Series 2005-FF10, Class A4, VAR, 0.490%, 11/25/35		7,200
	2,221		Series 2005-FF11, Class A2D, VAR, 0.510%, 11/25/35		2,145
	13,517		Series 2004-FF4, Class M1, VAR, 1.025%, 06/25/34		11,825
			Fremont Home Loan Trust,
	1,077		Series 2006-3, Class 2A2, VAR, 0.290%, 02/25/37		1,067

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	4,606	Series 2004-2, Class M2, VAR, 1.100%, 07/25/34		4,302
	1,700	Series 2004-B, Class M2, VAR, 1.115%, 05/25/34		1,579
	3,127	GSAA Trust, Series 2005-6, Class A3, VAR, 0.540%, 06/25/35		2,899
		GSAMP Trust,
	4,998	Series 2006-FM1, Class A2C, VAR, 0.330%, 04/25/36		3,691
	3,634	Series 2007-SEA1, Class A, VAR, 0.470%, 12/25/36 (e)		3,238
	1,151	Series 2005-SEA2, Class A1, VAR, 0.520%, 01/25/45 (e)		1,110
	2,275	Series 2003-SEA, Class A1, VAR, 0.570%, 02/25/33		2,095
	2,567	Series 2003-HE1, Class M1, VAR, 1.418%, 06/20/33		2,594
		Home Equity Asset Trust,
	1,012	Series 2004-6, Class M2, VAR, 1.070%, 12/25/34		938
	921	Series 2004-7, Class M2, VAR, 1.160%, 01/25/35		874
	1,520	Series 2003-3, Class M1, VAR, 1.460%, 08/25/33		1,419
		Home Equity Mortgage Loan Asset-Backed Trust,
	3,575	Series 2004-C, Class M1, VAR, 1.010%, 03/25/35		3,147
	4,615	Series 2004-C, Class M2, VAR, 1.070%, 03/25/35		4,326
		Lehman XS Trust,
	10,572	Series 2005-7N, Class 1A1A, VAR, 0.440%, 12/25/35		9,439
	14,680	Series 2005-5N, Class 3A1A, VAR, 0.470%, 11/25/35		12,858
		Long Beach Mortgage Loan Trust,
	933	Series 2005-WL2, Class M1, VAR, 0.640%, 08/25/35		902
	1,529	Series 2001-2, Class M1, VAR, 1.010%, 07/25/31		1,329
	262	Series 2004-3, Class M2, VAR, 1.070%, 07/25/34		251
	4,134	Series 2002-5, Class M1, VAR, 1.415%, 11/25/32		3,830
		MASTR Asset-Backed Securities Trust,
	4,301	Series 2005-NC1, Class M2, VAR, 0.920%, 12/25/34		3,841
	4,946	Series 2004-OPT2, Class M2, VAR, 1.145%, 09/25/34		4,276

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — Continued
			United States — Continued
	41		Series 2003-WMC2, Class M1, VAR, 1.220%, 08/25/33		41
			Merrill Lynch Mortgage Investors Trust,
	1,705		Series 2003-OPT1, Class M1, VAR, 1.145%, 07/25/34		1,443
	173		Series 2004-WMC5, Class M5, VAR, 1.895%, 07/25/35		150
			Morgan Stanley ABS Capital I, Inc. Trust,
	—	(h)	Series 2006-WMC1, Class A2B, VAR, 0.370%, 12/25/35		—	(h)
	450		Series 2005-NC1, Class M3, VAR, 0.680%, 01/25/35		402
	691		Series 2005-HE1, Class M2, VAR, 0.875%, 12/25/34		667
	1,947		Series 2005-HE1, Class M3, VAR, 0.950%, 12/25/34		1,632
	11,930		Series 2004-HE1, Class M1, VAR, 1.025%, 01/25/34		10,358
	6,458		Series 2004-HE3, Class M1, VAR, 1.025%, 03/25/34		5,962
	6,635		Series 2004-NC5, Class M1, VAR, 1.070%, 05/25/34		5,978
	2,103		Series 2004-HE6, Class M2, VAR, 1.070%, 08/25/34		2,012
	3,565		Series 2004-WMC2, Class M1, VAR, 1.085%, 07/25/34		3,379
	3,410		Series 2004-OP1, Class M2, VAR, 1.085%, 11/25/34		3,250
	1,517		Series 2004-HE7, Class M2, VAR, 1.115%, 08/25/34		1,447
	808		Series 2004-NC7, Class M3, VAR, 1.145%, 07/25/34		808
	1,333		Series 2004-HE6, Class M3, VAR, 1.145%, 08/25/34		1,172
	135		Series 2004-HE7, Class M3, VAR, 1.190%, 08/25/34		128
	1,901		Series 2004-OP1, Class M3, VAR, 1.190%, 11/25/34		1,743
	1,023		Series 2004-NC8, Class M3, VAR, 1.280%, 09/25/34		939
	2,569		Series 2004-HE8, Class M3, VAR, 1.295%, 09/25/34		2,400
	1,687		Series 2004-HE2, Class M3, VAR, 2.345%, 03/25/34		1,051
	733		Series 2004-NC3, Class B1, VAR, 2.645%, 03/25/34		189
	159		Series 2004-HE2, Class B1, VAR, 2.795%, 03/25/34		71

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
		New Century Home Equity Loan Trust,
	477	Series 2005-1, Class M3, VAR, 0.690%, 03/25/35		440
	3,006	Series 2004-4, Class M2, VAR, 0.965%, 02/25/35		2,727
	545	Series 2004-2, Class M2, VAR, 1.100%, 08/25/34		516
	1,644	Series 2004-2, Class M4, VAR, 1.970%, 08/25/34		1,505
	1,404	Series 2004-2, Class M6, VAR, 2.420%, 08/25/34		1,114
	1,529	Series 2003-B, Class M2, VAR, 2.645%, 11/25/33		1,436
	2,241	NovaStar Mortgage Funding Trust, Series 2003-3, Class M2, VAR, 2.645%, 12/25/33		2,115
	3,315	Option Mortgage Loan Trust, Series 2004-3, Class M2, VAR, 1.025%, 11/25/34		3,214
		Option One Mortgage Acceptance Corp. Asset-Backed Certificates,
	7,927	Series 2002-3, Class A1, VAR, 0.670%, 08/25/32		7,394
	1,208	Series 2002-3, Class A2, VAR, 0.710%, 08/25/32		1,082
	9,944	Series 2003-5, Class A1, VAR, 0.810%, 08/25/33		9,255
	790	Series 2003-5, Class A2, VAR, 0.810%, 08/25/33		738
	4,967	Series 2002-6, Class A1, VAR, 0.930%, 11/25/32		4,559
	1,263	Series 2002-6, Class A2, VAR, 0.970%, 11/25/32		1,164
	2,181	Series 2003-3, Class M1A, VAR, 1.730%, 06/25/33		2,030
	13,639	Option One Mortgage Acceptance Loan Trust, Series 2004-2, Class M1, VAR, 0.965%, 05/25/34		11,869
	2,372	Option One Mortgage Loan Trust, Series 2003-1, Class A2, VAR, 1.010%, 02/25/33		2,179
	2,273	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M3, VAR, 1.895%, 10/25/34		1,515
		RAMP Trust,
	574	Series 2004-RS11, Class M1, VAR, 0.790%, 11/25/34		558
	1,213	Series 2002-RS2, Class AI5, VAR, 6.030%, 03/25/32		1,186
		RASC Trust,
	3,904	Series 2006-KS7, Class A3, VAR, 0.320%, 09/25/36		3,714

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 7

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — Continued
		United States — Continued
	3,471	Series 2005-KS2, Class M1, VAR, 0.815%, 03/25/35		3,126
		Renaissance Home Equity Loan Trust,
	2,341	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		2,109
	2,468	Series 2003-3, Class M2F, SUB, 5.681%, 12/25/33		2,250
	1,575	Series 2003-4, Class M2F, SUB, 5.744%, 03/25/34		1,422
	1,633	Series 2005-2, Class AV3, VAR, 0.540%, 08/25/35		1,492
	881	Series 2004-1, Class M1, VAR, 0.750%, 05/25/34		758
	1,801	Series 2003-3, Class M1, VAR, 0.900%, 12/25/33		1,702
		Saxon Asset Securities Trust,
	1,474	Series 2006-2, Class A3C, VAR, 0.320%, 09/25/36		1,294
	3,584	Series 2003-3, Class M1, VAR, 1.145%, 12/25/33		3,334
	1,826	Series 2004-2, Class MV2, VAR, 1.970%, 08/25/35		1,711
		Securitized Asset-Backed Receivables LLC Trust,
	5,074	Series 2005-OP1, Class M2, VAR, 0.845%, 01/25/35		4,552
	4,432	Series 2004-NC1, Class M1, VAR, 0.950%, 02/25/34		3,963
	3,806	Series 2005-FR2, Class M2, VAR, 1.145%, 03/25/35		3,554
	1,405	Series 2004-OP1, Class M2, VAR, 1.820%, 02/25/34		1,136
	4,545	Specialty Underwriting & Residential Finance Trust, Series 2004-BC1, Class M2, VAR, 1.775%, 02/25/35		4,195
		Structured Asset Investment Loan Trust,
	16,729	Series 2004-6, Class A3, VAR, 0.970%, 07/25/34		15,631
	1,241	Series 2004-8, Class M2, VAR, 1.100%, 09/25/34		1,086
	8,039	Series 2004-1, Class M1, VAR, 1.145%, 02/25/34		7,623
	738	Series 2003-BC10, Class A4, VAR, 1.170%, 10/25/33		693
	6,648	Series 2004-7, Class M1, VAR, 1.220%, 08/25/34		6,099
	1,169	Series 2003-BC3, Class M1, VAR, 1.595%, 04/25/33		1,139
	4,270	Series 2003-BC11, Class M2, VAR, 2.720%, 10/25/33		4,039

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	1,859	Series 2004-1, Class M2, VAR, 2.870%, 02/25/34		1,746
	312	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-AM1, Class M1, VAR, 1.520%, 04/25/33		302
		Wells Fargo Home Equity Asset-Backed Securities,
	108	Series 2004-2, Class A21B, VAR, 0.590%, 10/25/34		104
	2,776	Series 2004-2, Class M1, VAR, 0.770%, 10/25/34		2,516
	2,907	Series 2004-2, Class M4, VAR, 1.370%, 10/25/34		2,669
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	657	Series 2004-2, Class M8A, VAR, 3.170%, 10/25/34 (e)		545
	657	Series 2004-2, Class M8B, VAR, 5.000%, 10/25/34 (e)		557
		Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates,
	838	Series 2004-1, Class M2, VAR, 0.800%, 04/25/34		730
	1,355	Series 2004-1, Class M4, VAR, 1.320%, 04/25/34		1,077
		Total Asset-Backed Securities (Cost $390,853)		417,470
	Collateralized Mortgage Obligations — 5.2%
		Non-Agency CMO — 5.2%
		United States — 5.2%
		Adjustable Rate Mortgage Trust,
	10,107	Series 2004-2, Class 6A1, VAR, 2.483%, 02/25/35		9,919
	10,132	Series 2004-4, Class 4A1, VAR, 2.545%, 03/25/35		10,023
		Alternative Loan Trust,
	451	Series 2004-28CB, Class 4A1, 5.000%, 01/25/20		460
	160	Series 2005-50CB, Class 4A1, 5.000%, 11/25/20		158
	2,372	Series 2005-85CB, Class 3A2, 5.250%, 02/25/21		2,156
	806	Series 2005-3CB, Class 1A4, 5.250%, 03/25/35		760
	2,344	Series 2005-21CB, Class A4, 5.250%, 06/25/35		2,104
	1,527	Series 2005-J11, Class 5A1, 5.500%, 11/25/20		1,463

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		United States — Continued
	658	Series 2007-9T1, Class 3A1, 5.500%, 05/25/22		573
	1,136	Series 2005-J6, Class 2A1, 5.500%, 07/25/25		1,134
	9,154	Series 2004-32CB, Class 2A5, 5.500%, 02/25/35		8,803
	12,520	Series 2005-3CB, Class 1A13, 5.500%, 03/25/35		11,602
	12,193	Series 2005-6CB, Class 1A4, 5.500%, 04/25/35		11,727
	880	Series 2005-6CB, Class 1A6, 5.500%, 04/25/35		858
	3,692	Series 2005-13CB, Class A4, 5.500%, 05/25/35		3,293
	10,941	Series 2005-10CB, Class 1A5, 5.500%, 05/25/35		10,378
	8,690	Series 2005-10CB, Class 1A8, 5.500%, 05/25/35		8,618
	582	Series 2005-20CB, Class 1A1, 5.500%, 07/25/35		502
	6,214	Series 2005-23CB, Class A15, 5.500%, 07/25/35		5,876
	5,632	Series 2005-64CB, Class 1A15, 5.500%, 12/25/35		4,961
	2,225	Series 2005-64CB, Class 1A1, 5.500%, 12/25/35		1,960
	526	Series 2006-J1, Class 1A13, 5.500%, 02/25/36		449
	2,954	Series 2006-4CB, Class 2A5, 5.500%, 04/25/36		2,653
	1,810	Series 2006-J3, Class 4A1, 5.750%, 05/25/26		1,776
	1,338	Series 2004-28CB, Class 2A4, 5.750%, 01/25/35		1,294
	749	Series 2005-J7, Class 2A1, 6.000%, 10/25/17		752
	949	Series 2007-25, Class 2A1, 6.000%, 11/25/22		928
	2,901	Series 2004-12CB, Class 2A1, 6.000%, 06/25/34		2,992
	843	Series 2004-27CB, Class A1, 6.000%, 12/25/34		812
	2,626	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		2,607
	10,428	Series 2005-21CB, Class A17, 6.000%, 06/25/35		9,810
	1,797	Series 2006-19CB, Class A15, 6.000%, 08/25/36		1,460

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	579	Series 2006-25CB, Class A2, 6.000%, 10/25/36		492
	2,246	Series 2005-J3, Class 3A1, 6.500%, 09/25/34		2,222
		Banc of America Alternative Loan Trust,
	1,874	Series 2005-12, Class 5A1, 5.250%, 01/25/21		1,891
	546	Series 2005-4, Class 3A1, 5.500%, 05/25/20		564
	365	Series 2005-6, Class 7A1, 5.500%, 07/25/20		379
	160	Series 2005-6, Class 5A4, 5.500%, 07/25/35		149
	2,144	Series 2005-11, Class 4A5, 5.750%, 12/25/35		1,881
	37	Series 2006-4, Class 2A1, 6.000%, 05/25/21		38
	2,194	Series 2006-4, Class 3CB4, 6.000%, 05/25/46		1,855
	1,136	Series 2006-5, Class CB7, 6.000%, 06/25/46		940
		Banc of America Funding Trust,
	1,229	Series 2007-4, Class 8A1, 5.500%, 11/25/34		1,217
	4,708	Series 2005-6, Class 1A2, 5.500%, 10/25/35		4,542
	1,871	Series 2006-2, Class 2A20, 5.750%, 03/25/36		1,774
	5,190	Series 2005-7, Class 4A7, 6.000%, 11/25/35		5,378
		Banc of America Mortgage Trust,
	1,365	Series 2007-3, Class 1A1, 6.000%, 09/25/37		1,249
	2,689	Series 2004-A, Class 2A2, VAR, 2.923%, 02/25/34		2,652
	1,757	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC5, Class M1, VAR, 1.175%, 10/25/34		1,396
	741	Bear Stearns Asset-Backed Securities Trust, Series 2003-AC4, Class M1, SUB, 5.658%, 09/25/33		706
		Chase Mortgage Finance Trust,
	3,298	Series 2006-S3, Class 1A2, 6.000%, 11/25/36		2,794
	640	Series 2007-S2, Class 1A8, 6.000%, 03/25/37		555
	27,275	Series 2007-A2, Class 3A1, VAR, 2.834%, 07/25/37		27,272

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 9

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		United States — Continued
		CHL Mortgage Pass-Through Trust,
	580	Series 2005-20, Class A7, 5.250%, 12/25/27		554
	1,255	Series 2005-5, Class A2, 5.500%, 03/25/35		1,257
	981	Series 2005-13, Class A3, 5.500%, 06/25/35		977
	565	Series 2006-J2, Class 1A1, 6.000%, 04/25/36		487
	5,252	Series 2006-10, Class 1A16, 6.000%, 05/25/36		4,620
	1,282	Series 2007-13, Class A4, 6.000%, 08/25/37		1,184
	259	Series 2006-15, Class A1, 6.250%, 10/25/36		230
	1,551	Series 2007-18, Class 2A1, 6.500%, 11/25/37		1,297
	2,284	Series 2004-25, Class 2A1, VAR, 0.510%, 02/25/35		2,033
	530	Series 2003-27, Class A1, VAR, 2.747%, 06/25/33		500
	2,298	Citicorp Mortgage Securities Trust, Series 2007-4, Class 1A9, 6.000%, 05/25/37		1,992
	4,255	Citigroup Mortgage Loan Trust, Inc., Series 2005-9, Class 2A2, 5.500%, 11/25/35		4,247
	90	CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 2A1, 5.250%, 03/25/21		92
		Credit Suisse First Boston Mortgage Securities Corp.
	466	Series 2005-10, Class 12A1, 5.250%, 11/25/20		471
	10,212	Series 2005-2, Class 1A2, 5.250%, 01/25/28		10,256
	6,784	Series 2005-10, Class 11A1, 5.500%, 11/25/20		6,876
	14,468	Series 2004-4, Class 4A1, 5.500%, 08/25/34		15,054
	2,043	Series 2005-4, Class 3A17, 5.500%, 06/25/35		2,062
	996	Series 2005-10, Class 5A3, 5.500%, 11/25/35		849
	5,024	Series 2004-AR6, Class 7A1, VAR, 2.602%, 10/25/34		5,026
	8,137	Series 2004-AR4, Class 4A1, VAR, 2.615%, 05/25/34		8,089
	2,491	Series 2004-AR5, Class 6A1, VAR, 2.617%, 06/25/34		2,489

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
		CSMC Mortgage-Backed Trust,
	584	Series 2007-3, Class 4A5, 5.000%, 04/25/37		528
	2,426	Series 2007-2, Class 3A13, 5.500%, 03/25/37		2,283
	227	Series 2006-8, Class 5A1, VAR, 5.731%, 10/25/26		197
		First Horizon Alternative Mortgage Securities Trust,
	463	Series 2005-FA1, Class 1A4, 5.500%, 03/25/35		454
	2,497	Series 2006-FA6, Class 3A1, 5.750%, 11/25/21		2,477
		First Horizon Mortgage Pass-Through Trust,
	93	Series 2005-8, Class 2A1, 5.250%, 02/25/21		94
	8,180	Series 2005-5, Class 1A6, 5.500%, 10/25/35		7,921
	1,547	Series 2006-2, Class 1A3, 6.000%, 08/25/36		1,552
	204	Series 2006-2, Class 1A7, 6.000%, 08/25/36		206
	1,238	Series 2006-3, Class 1A13, 6.250%, 11/25/36		1,253
		GSR Mortgage Loan Trust,
	1,514	Series 2006-9F, Class 8A1, 5.500%, 08/25/21		1,485
	755	Series 2004-15F, Class 1A2, 5.500%, 12/25/34		790
	1,064	Series 2005-1F, Class 2A3, 6.000%, 02/25/35		1,075
	2,747	Series 2006-1F, Class 2A16, 6.000%, 02/25/36		2,596
	4,448	Series 2006-1F, Class 2A9, 6.000%, 02/25/36		4,230
	1,347	Series 2007-1F, Class 3A13, 6.000%, 01/25/37		1,228
	753	HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, VAR, 0.483%, 08/19/45		670
	2,986	Impac CMB Trust, Series 2004-5, Class 1A1, VAR, 0.890%, 10/25/34		2,951
	2,410	IndyMac Index Mortgage Loan Trust, Series 2005-AR14, Class 2A1A, VAR, 0.470%, 07/25/35		2,086
		JP Morgan Mortgage Trust,
	636	Series 2006-S2, Class 2A1, 5.000%, 06/25/21		627
	584	Series 2006-S3, Class 2A4, 5.500%, 08/25/21		579

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		United States — Continued
	50	Series 2005-S2, Class 2A9, 5.500%, 09/25/35		50
	445	Series 2007-S3, Class 2A3, 6.000%, 08/25/22		446
	528	Series 2004-A6, Class 1A1, VAR, 2.596%, 12/25/34		511
	1,023	Series 2007-A1, Class 2A2, VAR, 2.741%, 07/25/35		993
	1,519	Series 2005-A3, Class 6A6, VAR, 2.767%, 06/25/35		1,517
	694	Series 2005-A8, Class 1A1, VAR, 5.130%, 11/25/35		653
	3,498	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.500%, 12/25/35		3,208
		MASTR Alternative Loan Trust,
	1,894	Series 2006-3, Class 3A1, 5.500%, 06/25/21		1,766
	1,472	Series 2005-3, Class 1A1, 5.500%, 04/25/35		1,463
	2,294	Series 2005-6, Class 1A2, 5.500%, 12/25/35		1,967
	682	Series 2005-5, Class 3A1, 5.750%, 08/25/35		599
	4,161	Series 2004-12, Class 3A1, 6.000%, 12/25/34		4,299
	1,101	Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Class AF2, 6.250%, 10/25/36		1,049
		Morgan Stanley Mortgage Loan Trust,
	506	Series 2005-4, Class 1A, 5.000%, 08/25/35		515
	1,202	Series 2006-2, Class 1A, 5.250%, 02/25/21		1,157
	1,872	Series 2004-9, Class 1A, VAR, 5.690%, 11/25/34		1,817
	545	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 2A5, SUB, 5.159%, 03/25/35		544
		RALI Trust,
	258	Series 2003-QS20, Class CB, 5.000%, 11/25/18		265
	385	Series 2005-QS2, Class A1, 5.500%, 02/25/35		373
	243	Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		238
	2,725	Series 2005-QS17, Class A3, 6.000%, 12/25/35		2,257
	4,917	Series 2006-QS4, Class A2, 6.000%, 04/25/36		3,915
	1,167	Series 2004-QS15, Class A2, VAR, 0.570%, 11/25/34		1,079

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
		Residential Asset Securitization Trust,
	938	Series 2004-A6, Class A1, 5.000%, 08/25/19		963
	1,222	Series 2004-A8, Class A1, 5.250%, 11/25/34		1,248
	6,607	Series 2005-A3, Class A2, 5.500%, 04/25/35		5,634
	338	Series 2005-A14, Class A1, 5.500%, 12/25/35		301
	4,561	Series 2005-A8CB, Class A11, 6.000%, 07/25/35		4,044
		RFMSI Trust,
	1,598	Series 2005-S1, Class 2A1, 4.750%, 02/25/20		1,640
	547	Series 2006-S10, Class 2A1, 5.500%, 10/25/21		564
	78	Series 2006-S12, Class 2A2, 6.000%, 12/25/36		78
	3,099	Structured Asset Mortgage Investments II Trust, Series 2005-AR7, Class 5A1, VAR, 1.608%, 03/25/46		2,463
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates
	13,439	Series 2004-10, Class 1A1, VAR, 5.438%, 06/25/34		13,597
	1,313	Series 2003-35, Class B1, VAR, 5.565%, 12/25/33		1,084
	1,311	Structured Asset Securities Corp. Trust, Series 2005-6, Class 2A3, 5.500%, 05/25/35		1,363
	4,317	Vericrest Opportunity Loan Transferee, 4.250%, 08/25/58		4,308
		WaMu Mortgage Pass-Through Certificates
	107	Series 2005-AR15, Class A1A1, VAR, 0.430%, 11/25/45		99
	3,050	Series 2005-AR5, Class A6, VAR, 2.403%, 05/25/35		2,892
	4,120	Series 2004-AR11, Class A, VAR, 2.436%, 10/25/34		4,045
	1,329	Series 2005-AR16, Class 1A1, VAR, 2.463%, 12/25/35		1,218
	2,422	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-3, Class 5A2, 5.500%, 03/25/21		2,328
		Washington Mutual Mortgage Pass-Through Certificates WMALT
	4,360	Series 2005-1, Class 1A3, 5.500%, 03/25/35		4,132

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 11

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		United States — Continued
	2,845	Series 2005-10, Class 4CB1, 5.750%, 12/25/35		2,334
	3,901	Series 2007-1, Class 2A1, 6.000%, 01/25/22		3,793
	540	Series 2006-5, Class 2CB5, 6.500%, 07/25/36		415
	1,695	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-4, Class CB7, 5.500%, 06/25/35		1,569
		Wells Fargo Mortgage-Backed Securities Trust,
	3,255	Series 2006-5, Class 1A5, 5.250%, 04/25/36		3,260
	95	Series 2007-5, Class 2A3, 5.500%, 05/25/22		100
	878	Series 2005-10, Class A2, 5.500%, 10/25/35		893
	123	Series 2006-3, Class A9, 5.500%, 03/25/36		123
	109	Series 2007-12, Class A13, 5.500%, 09/25/37		109
	4,390	Series 2006-4, Class 1A9, 5.750%, 04/25/36		4,462
	1,043	Series 2007-2, Class 1A13, 6.000%, 03/25/37		971
	1,791	Series 2007-15, Class A1, 6.000%, 11/25/37		1,750
	15,989	Series 2004-DD, Class 1A1, VAR, 2.617%, 01/25/35		15,925
	1,251	Series 2004-Q, Class 1A2, VAR, 2.618%, 09/25/34		1,274
	6,278	Series 2006-AR6, Class 5A1, VAR, 2.618%, 03/25/36		6,244
	754	Series 2004-DD, Class 2A6, VAR, 2.619%, 01/25/35		748
	6,654	Series 2005-AR8, Class 1A1, VAR, 2.628%, 06/25/35		6,685
	4,626	Series 2005-AR5, Class 1A1, VAR, 2.668%, 04/25/35		4,514
	1,162	Series 2005-AR4, Class 2A2, VAR, 2.716%, 04/25/35		1,167
		Total Collateralized Mortgage Obligations (Cost $424,070)		427,749
SHARES
	Common Stocks — 46.4%
		Australia — 2.3%
	2,061	Australia & New Zealand Banking Group Ltd. (m)		65,955
	11,229	Dexus Property Group (m)		11,508
	8,362	Goodman Group (m)		39,960
	7,486	Mirvac Group (m)		12,307

SHARES		SECURITY DESCRIPTION	VALUE
		Australia — Continued
	857	Stockland (m)		3,248
	5,437	Transurban Group (m)		36,473
	1,139	Westfield Group (m)		11,654
	4,229	Westfield Retail Trust (m)		12,338
				193,443
		Austria — 0.0% (g)
	167	IMMOFINANZ AG (a)		730
		Belgium — 0.3%
	25	Belgacom S.A.		680
	146	Solvay S.A. (m)		22,817
	53	Warehouses De Pauw S.C.A. (m)		3,927
				27,424
		Bermuda — 0.1%
	19	Seadrill Ltd.		861
	100	Validus Holdings Ltd.		3,940
				4,801
		Brazil — 1.4%
	438	AES Tiete S.A. (m)		3,869
	1,148	Banco do Brasil S.A. (m)		15,250
	652	CCR S.A. (m)		5,424
	737	Cia de Bebidas das Americas (Preference Shares), ADR (m)		27,410
	2,740	Cia Energetica de Minas Gerais, ADR (m)		24,574
	458	Cielo S.A. (m)		13,916
	139	Embraer S.A., ADR		4,072
	183	Embraer S.A., ADR (m)		5,384
	445	Souza Cruz S.A. (m)		4,810
	612	Tractebel Energia S.A. (m)		10,408
				115,117
		Canada — 0.9%
	168	Allied Properties Real Estate Investment Trust (m)		5,390
	201	Artis Real Estate Investment Trust (m)		2,774
	657	Bank of Montreal (m)		45,784
	99	Calloway Real Estate Investment Trust (m)		2,381
	265	Canadian Apartment Properties REIT (m)		5,470
	53	Canadian Real Estate Investment Trust (m)		2,163
	121	Dundee Real Estate Investment Trust, Class A (m)		3,341
	110	First Capital Realty, Inc. (m)		1,920
	123	H&R Real Estate Investment Trust (m)		2,548
	246	RioCan Real Estate Investment Trust (m)		6,010
				77,781

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
		China — 1.5%
	26,869	Bank of China Ltd., Class H (m)		12,616
	14,181	China Construction Bank Corp., Class H (m)		11,033
	11,052	China Shenhua Energy Co., Ltd., Class H (m)		33,617
	15,958	Industrial & Commercial Bank of China Ltd., Class H (m)		11,187
	4,196	Jiangsu Expressway Co., Ltd., Class H (m)		5,282
	2,390	MGM China Holdings Ltd. (m)		8,242
	10,104	Wynn Macau Ltd. (m)		38,789
	6,162	Zhejiang Expressway Co., Ltd., Class H (m)		5,681
				126,447
		Denmark — 0.4%
	4,020	TDC A/S (m)		36,295
	7	Tryg A/S		679
				36,974
		Finland — 0.2%
	30	Elisa OYJ		744
	10	Kone OYJ, Class B		849
	10	Nokian Renkaat OYJ		483
	28	Orion OYJ, Class B		758
	40	Pohjola Bank plc, Class A		732
	20	Sampo, Class A		952
	78	Stora Enso OYJ, Class R		728
	968	Technopolis OYJ (m)		6,568
	421	UPM-Kymmene OYJ (m)		6,688
				18,502
		France — 3.6%
	1,233	AXA S.A. (m)		30,717
	405	BNP Paribas S.A. (m)		29,851
	20	Bouygues S.A.		772
	7	Casino Guichard Perrachon S.A.		765
	38	CNP Assurances		664
	1,406	Electricite de France S.A. (m)		49,222
	9	Fonciere Des Regions		728
	1,541	GDF Suez (m)		38,180
	5	Gecina S.A.		734
	27	ICADE (m)		2,482
	11	Klepierre		500
	21	Lagardere S.C.A		766
	99	Natixis		533
	30	Rexel S.A.		755
	290	Schneider Electric S.A. (m)		24,392
	22	SCOR SE		766
	43	Suez Environnement Co.		753

SHARES		SECURITY DESCRIPTION	VALUE
		France — Continued
	514	Total S.A. (m)		31,531
	209	Unibail-Rodamco SE (m)		54,526
	43	Veolia Environnement S.A.		741
	403	Vinci S.A. (m)		25,801
	42	Vivendi S.A.		1,065
				296,244
		Germany — 1.8%
	358	Alstria Office REIT-AG (a) (m)		4,543
	9	Axel Springer AG		515
	371	BASF SE (m)		38,549
	430	Daimler AG (m)		35,219
	2,783	Deutsche Telekom AG (m)		43,728
	10	Hannover Rueck SE		779
	6	Muenchener Rueckversicherungs AG		1,213
	430	ProSiebenSat.1 Media AG (m)		20,423
	87	Telefonica Deutschland Holding AG		688
				145,657
		Hong Kong — 1.0%
	1,118	China Mobile Ltd. (m)		11,613
	6,373	Dah Chong Hong Holdings Ltd. (m)		5,409
	607	Hang Seng Bank Ltd. (m)		10,114
	1,684	Hutchison Whampoa Ltd. (m)		20,984
	1,823	Link REIT (The) (m)		9,171
	3,485	New World Development Co., Ltd. (m)		4,821
	2,862	SJM Holdings Ltd. (m)		9,254
	407	VTech Holdings Ltd. (m)		5,840
	705	Wharf Holdings Ltd. (m)		5,933
				83,139
		India — 0.2%
	2,736	Coal India Ltd. (m)		12,804
		Indonesia — 0.2%
	1,600	Indo Tambangraya Megah Tbk PT (m)		4,242
	56,362	Telekomunikasi Indonesia Persero Tbk PT (m)		11,724
				15,966
		Ireland — 0.1%
	57	Accenture plc, Class A		4,177
		Italy — 0.7%
	35	Atlantia S.p.A.		772
	2,291	Eni S.p.A. (m)		58,162
	105	Snam S.p.A.		539
	162	Terna Rete Elettrica Nazionale S.p.A.		801
				60,274

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 13

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
			Japan — 2.6%
	1		Advance Residence Investment Corp. (m)		2,672
	—	(h)	Daiwa House Residential Investment Corp. (m)		1,668
	—	(h)	Frontier Real Estate Investment Corp. (m)		3,847
	2		GLP J-Reit (m)		2,039
	—	(h)	Japan Logistics Fund, Inc. (m)		3,432
	—	(h)	Japan Real Estate Investment Corp. (m)		3,393
	1		Japan Retail Fund Investment Corp. (m)		1,983
	1,263		Japan Tobacco, Inc. (m)		45,696
	1		Kenedix Realty Investment Corp. (m)		3,351
	133		Mitsubishi Estate Co., Ltd. (m)		3,801
	227		Mitsui Fudosan Co., Ltd. (m)		7,520
	1		Nippon Prologis REIT, Inc. (m)		6,291
	84		Nomura Real Estate Holdings, Inc. (m)		2,115
	3		Orix JREIT, Inc. (m)		3,498
	1,272		Seven & I Holdings Co., Ltd. (m)		47,086
	652		Sumitomo Mitsui Financial Group, Inc. (m)		31,525
	725		Toyota Motor Corp. (m)		46,988
	1		United Urban Investment Corp. (m)		2,190
					219,095
			Kazakhstan — 0.0% (g)
	235		KazMunaiGas Exploration Production JSC, GDR (m)		3,329
			Malaysia — 0.1%
	1,291		Lafarge Malaysia Bhd (m)		4,080
			Mexico — 0.1%
	2,948		Kimberly-Clark de Mexico S.A.B. de C.V., Class A (m)		8,963
			Netherlands — 0.9%
	33		Delta Lloyd N.V.		702
	49		Koninklijke Ahold N.V.		937
	19		Koninklijke Philips N.V.		684
	1,806		Royal Dutch Shell plc, Class A (m)		60,154
	99		Royal Dutch Shell plc, Class B		3,435
	99		Vastned Retail N.V. (m)		4,580
	23		Wereldhave N.V. (m)		1,752
	18		Ziggo N.V.		754
					72,998
			Norway — 0.3%
	44		Gjensidige Forsikring ASA		813
	42		Statoil ASA		995
	960		Telenor ASA (m)		23,065
	19		Yara International ASA		834
					25,707

SHARES		SECURITY DESCRIPTION	VALUE
		Poland — 0.2%
	104	Powszechny Zaklad Ubezpieczen S.A. (m)		15,795
		Portugal — 0.0% (g)
	203	EDP - Energias de Portugal S.A.		748
		Qatar — 0.1%
	209	Industries Qatar QSC (m)		9,146
		Russia — 0.7%
	199	Lukoil OAO, ADR (m)		13,027
	501	MMC Norilsk Nickel OJSC, ADR (m)		7,567
	526	Mobile Telesystems OJSC, ADR (m)		12,002
	492	Phosagro OAO, Reg. S, GDR (m)		5,100
	1,332	Sberbank of Russia, ADR (m)		16,991
				54,687
		Singapore — 1.2%
	5,058	Ascendas India Trust (m)		2,605
	1,849	Ascendas Real Estate Investment Trust (m)		3,516
	1,613	Ascott Residence Trust (m)		1,697
	5,301	Cambridge Industrial Trust (m)		2,982
	2,602	CapitaCommercial Trust (m)		3,079
	1,695	CapitaLand Ltd. (m)		4,247
	1,825	CapitaMalls Asia Ltd. (m)		2,964
	2,163	Global Logistic Properties Ltd. (m)		5,369
	11,624	Hutchison Port Holdings Trust, Class U (m)		8,483
	1,920	Keppel Corp., Ltd. (m)		16,755
	15,934	Singapore Telecommunications Ltd. (m)		48,388
				100,085
		South Africa — 1.1%
	674	Barclays Africa Group Ltd. (m)		10,411
	470	Bidvest Group Ltd. (m)		12,528
	878	Foschini Group Ltd. (The) (m)		10,109
	2,486	Growthpoint Properties Ltd. (m)		6,321
	636	Imperial Holdings Ltd. (m)		13,513
	144	Kumba Iron Ore Ltd. (m)		6,033
	518	MTN Group Ltd. (m)		10,296
	247	Sasol Ltd. (m)		12,616
	277	Tiger Brands Ltd. (m)		8,132
				89,959
		South Korea — 0.5%
	354	Kangwon Land, Inc. (m)		9,730
	129	KT&G Corp. (m)		9,422
	517	SK Telecom Co., Ltd., ADR (m)		12,649
	99	S-Oil Corp. (m)		7,198
				38,999

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2013

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
		Spain — 0.1%
	39	Abertis Infraestructuras S.A.		831
	127	Banco Bilbao Vizcaya Argentaria S.A.		1,482
	29	Enagas S.A.		781
	41	Ferrovial S.A.		784
	34	Gas Natural SDG S.A.		806
	171	Iberdrola S.A.		1,073
	181	Mapfre S.A.		728
	12	Red Electrica Corp. S.A.		776
	37	Repsol S.A.		988
	92	Telefonica S.A.		1,613
				9,862
		Sweden — 1.1%
	802	Electrolux AB, Series B, (m)		19,786
	19	Hennes & Mauritz AB, Class B		800
	18	Investor AB, Class B		575
	87	Nordea Bank AB		1,118
	64	Sandvik AB		868
	61	Securitas AB, Class B		696
	77	Skandinaviska Enskilda Banken AB, Class A		933
	41	Skanska AB, Class B		784
	22	Svenska Handelsbanken AB, Class A		1,001
	1,267	Swedbank AB, Class A (m)		32,981
	2,356	Telefonaktiebolaget LM Ericsson, Class B (m)		28,178
	114	TeliaSonera AB		941
				88,661
		Switzerland — 1.7%
	1	Banque Cantonale Vaudoise		470
	7	Cembra Money Bank AG (a)		436
	453	Novartis AG (m)		35,138
	151	Roche Holding AG (m)		41,739
	700	Swiss Re AG (a) (m)		61,423
	1	Swisscom AG		574
	13	Transocean Ltd.		606
	3	Zurich Insurance Group AG (a)		814
				141,200
		Taiwan — 1.2%
	2,740	Delta Electronics, Inc. (m)		14,249
	2,135	Far EasTone Telecommunications Co., Ltd. (m)		4,891
	1,709	Novatek Microelectronics Corp. (m)		6,770
	1,278	President Chain Store Corp. (m)		9,322
	4,991	Quanta Computer, Inc. (m)		11,833
	1,686	Radiant Opto-Electronics Corp. (m)		6,309
	16,125	Siliconware Precision Industries Co. (m)		19,591

SHARES		SECURITY DESCRIPTION	VALUE
		Taiwan — Continued
	3,006	Taiwan Mobile Co., Ltd. (m)		10,254
	684	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		12,591
	1,774	Tripod Technology Corp. (m)		3,508
				99,318
		Thailand — 0.2%
	1,656	Advanced Info Service PCL (m)		13,557
	1,905	Bangkok Expressway PCL (m)		2,218
	321	Siam Cement PCL (The), NVDR (m)		4,412
				20,187
		Turkey — 0.5%
	1,242	Arcelik A.S. (m)		7,909
	134	Ford Otomotiv Sanayi A.S. (m)		1,884
	1,146	Tofas Turk Otomobil Fabrikasi A.S. (m)		7,578
	603	Tupras Turkiye Petrol Rafinerileri A.S. (m)		13,637
	1,783	Turk Telekomunikasyon A.S. (m)		6,143
				37,151
		United Arab Emirates — 0.1%
	1,112	First Gulf Bank PJSC (m)		4,911
		United Kingdom — 4.3%
	36	Admiral Group plc		731
	19	AstraZeneca plc		999
	91	Aviva plc		655
	131	BAE Systems plc		952
	229	Barclays plc		964
	45	BHP Billiton plc		1,401
	340	BP plc		2,639
	1,582	British Land Co. plc (m)		15,781
	1,692	British Sky Broadcasting Group plc (m)		25,424
	5,329	Centrica plc (m)		30,137
	5,721	Direct Line Insurance Group plc (m)		20,639
	1,665	GlaxoSmithKline plc (m)		43,890
	1,413	Hammerson plc (m)		11,971
	1,254	Helical Bar plc (m)		6,034
	3,485	HSBC Holdings plc (m)		38,204
	123	ICAP plc		757
	22	IMI plc		524
	62	Inmarsat plc		718
	186	ITV plc		567
	118	J Sainsbury plc		744
	274	Legal & General Group plc		949
	756	Lloyds Banking Group plc (a)		935
	69	Marks & Spencer Group plc		554

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 15

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
		United Kingdom — Continued
	104	National Grid plc		1,304
	7	Next plc		588
	2,748	Old Mutual plc (m)		8,921
	1,315	Pearson plc (m)		27,506
	1,305	Persimmon plc (a) (m)		26,417
	144	Resolution Ltd.		825
	63	Rexam plc		527
	20	Rio Tinto plc		989
	41	Royal Mail plc (a)		367
	403	RSA Insurance Group plc		829
	2,405	Safestore Holdings plc (m)		5,717
	1,492	Segro plc (m)		7,812
	17	Severn Trent plc		515
	42	SSE plc		959
	60	Standard Chartered plc		1,442
	149	Standard Life plc		842
	40	Tate & Lyle plc		505
	81	TUI Travel plc		498
	66	United Utilities Group plc		748
	16,814	Vodafone Group plc (m)		61,587
	182	WM Morrison Supermarkets plc		823
				355,890
		United States — 14.7%
	72	3M Co.		9,008
	138	AbbVie, Inc.		6,671
	30	Air Products & Chemicals, Inc.		3,238
	138	Analog Devices, Inc.		6,802
	218	Apartment Investment & Management Co., Class A (m)		6,104
	2,312	Applied Materials, Inc. (m)		41,265
	83	Arthur J. Gallagher & Co.		3,918
	48	Automatic Data Processing, Inc.		3,579
	50	AvalonBay Communities, Inc. (m)		6,277
	199	Aviv REIT, Inc. (m)		5,050
	261	BioMed Realty Trust, Inc. (m)		5,203
	33	Boston Properties, Inc. (m)		3,415
	432	Brandywine Realty Trust (m)		6,153
	833	Bristol-Myers Squibb Co. (m)		43,752
	35	Camden Property Trust (m)		2,215
	58	Capmark Financial Group, Inc.		339
	150	CBL & Associates Properties, Inc. (m)		2,962
	227	Chevron Corp. (m)		27,278
	85	Cincinnati Financial Corp.		4,272
	149	Cinemark Holdings, Inc.		4,897

SHARES			SECURITY DESCRIPTION	VALUE
			United States — Continued
	1,897		Cisco Systems, Inc. (m)		42,691
	566		CME Group, Inc. (m)		42,025
	129		CMS Energy Corp.		3,542
	190		Coca-Cola Co. (The)		7,537
	911		ConocoPhillips (m)		66,798
	1		Constar International, Inc., ADR (a) (i)		—
	110		CubeSmart (m)		2,004
	22		Cullen/Frost Bankers, Inc.		1,540
	521		DCT Industrial Trust, Inc. (m)		4,035
	53		Digital Realty Trust, Inc. (m)		2,535
	625		Dow Chemical Co. (The) (m)		24,658
	49		DTE Energy Co.		3,374
	222		Duke Realty Corp. (m)		3,674
	40		Dynegy, Inc. (a)		777
	31		Edison International		1,495
	485		Education Realty Trust, Inc. (m)		4,429
	204		Equity One, Inc. (m)		4,916
	86		Extra Space Storage, Inc. (m)		3,951
	70		Fidelity National Information Services, Inc.		3,419
	188		General Growth Properties, Inc. (m)		3,985
	—	(h)	General Maritime Corp. (a) (i)		6
	1		General Motors Co. (a)		19
	204		HCP, Inc. (m)		8,450
	156		Healthcare Realty Trust, Inc. (m)		3,741
	52		Hershey Co. (The)		5,141
	146		Highwoods Properties, Inc. (m)		5,639
	434		Home Depot, Inc. (The) (m)		33,819
	134		Hospitality Properties Trust (m)		3,937
	80		Illinois Tool Works, Inc.		6,280
	739		Johnson & Johnson (m)		68,425
	92		KLA-Tencor Corp.		6,035
	71		L Brands, Inc.		4,444
	130		Liberty Property Trust (m)		4,835
	657		Lorillard, Inc. (m)		33,497
	31		M&T Bank Corp.		3,451
	17		Marathon Petroleum Corp.		1,240
	1,175		Masco Corp.		24,831
	448		McDonald’s Corp. (m)		43,274
	635		Merck & Co., Inc. (m)		28,616
	421		MetLife, Inc. (m)		19,932
	2,089		Microsoft Corp. (m)		73,851
	119		Molex, Inc.		4,602
	154		Mondelez International, Inc., Class A		5,187
	—	(h)	Motors Liquidation Co. GUC Trust (a)		5
	90		National Retail Properties, Inc. (m)		3,079

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2013

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
			United States — Continued
	3		Neebo, Inc. (a) (i)		21
	—	(h)	New Cotai LLC/New Cotai Capital Corp., Class B, ADR (a) (i)		73
	18		New Holdco (a) (i)		1,604
	210		NiSource, Inc.		6,612
	53		Northern Trust Corp.		2,994
	41		Occidental Petroleum Corp.		3,939
	34		Omnicom Group, Inc.		2,309
	605		PACCAR, Inc. (m)		33,619
	101		Pennsylvania Real Estate Investment Trust (m)		1,829
	365		Pfizer, Inc.		11,208
	91		Philip Morris International, Inc.		8,125
	44		PNC Financial Services Group, Inc. (The)		3,199
	27		PPG Industries, Inc.		5,005
	104		Procter & Gamble Co. (The)		8,419
	108		Prologis, Inc. (m)		4,303
	295		Real Mex Restaurants, Inc., Class B, ADR (a) (i)		–
	75		Realty Income Corp. (m)		3,140
	61		Regency Centers Corp. (m)		3,167
	139		Select Income REIT (m)		3,838
	425		Sempra Energy (m)		38,779
	35		Simon Property Group, Inc. (m)		5,461
	48		Snap-on, Inc.		5,029
	3		Somerset Cayuga Holding Co., Inc. (a) (i)		78
	75		T. Rowe Price Group, Inc.		5,827
	104		Texas Instruments, Inc.		4,396
	27		Time Warner Cable, Inc.		3,200
	820		Time Warner, Inc. (m)		56,379
	100		Travelers Cos., Inc. (The)		8,632
	3		U.S. Concrete, Inc. (a)		73
	226		United Technologies Corp. (m)		23,963
	16		V.F. Corp.		3,379
	114		Ventas, Inc. (m)		7,409
	789		Verizon Communications, Inc. (m)		39,857
	39		Vornado Realty Trust (m)		3,482
	1,032		Wells Fargo & Co. (m)		44,060
	560		Williams Cos., Inc. (The) (m)		19,993
	109		Williams-Sonoma, Inc.		5,718
	843		Xcel Energy, Inc. (m)		24,335
	80		Yum! Brands, Inc.		5,383
					1,220,956
			Total Common Stocks (Cost $3,422,317)		3,841,207

PRINCIPAL/UNIT AMOUNT		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — 2.6%
		Australia — 0.1%
	AUD 6,700	CFS Retail Property Trust Group, 5.750%, 07/04/16		6,803
		Paladin Energy Ltd.,
	3,400	3.625%, 11/04/15		2,541
	3,400	Reg. S., 6.000%, 04/30/17		2,380
				11,724
		Austria — 0.1%
	EUR      341	IMMOFINANZ AG, 4.250%, 03/08/18		2,129
	EUR        44	Steinhoff Finance Holding GmbH, 4.500%, 03/31/18		6,600
				8,729
		Belgium — 0.0% (g)
	EUR        23	Nyrstar N.V., 7.000%, 07/10/14		3,138
		Bermuda — 0.1%
		Ship Finance International Ltd.,
	2,377	3.250%, 02/01/18		2,469
	2,000	3.750%, 02/10/16		2,054
				4,523
		Canada — 0.1%
	5,043	Detour Gold Corp., 5.500%, 11/30/17		4,447
	800	Petrominerales Ltd., 2.625%, 08/25/16		784
	CAD 2,300	Quebecor, Inc., 4.125%, 10/15/18		2,584
				7,815
		Cayman Islands — 0.2%
	6,100	Agile Property Holdings Ltd., 4.000%, 04/28/16		6,146
	3,600	China Hongqiao Group Ltd., Reg. S., 6.500%, 04/10/17		3,753
	3,900	Polarcus Ltd., 2.875%, 04/27/16		3,719
				13,618
		France — 0.2%
	EUR      356	Air France-KLM, Reg. S., 2.030%, 02/15/23		5,222
	EUR      297	Peugeot S.A., 4.450%, 01/01/16		10,481
				15,703
		India — 0.3%
	5,300	Jaiprakash Power Ventures Ltd., 5.000%, 02/13/15		4,770
	3,200	Sesa Sterlite Ltd., Reg. S., 5.000%, 10/31/14		3,179
	6,870	Sterlite Industries India Ltd., 4.000%, 10/30/14		6,746
	6,000	Tata Power Co., Ltd., 1.750%, 11/21/14		6,345
	2,200	Tata Steel Ltd., 4.500%, 11/21/14		2,222
				23,262

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 17

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

PRINCIPAL/UNIT AMOUNT		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — Continued
		Italy — 0.0% (g)
	EUR      22	Astaldi S.p.A., Reg. S., 4.500%, 01/31/19		3,578
		Luxembourg — 0.1%
	EUR      24	Kloeckner & Co. Financial Services S.A., Reg. S., 2.500%, 12/22/17		3,111
	7,400	TMK Bonds S.A., 5.250%, 02/11/15		7,511
				10,622
		Spain — 0.1%
	EUR      46	Abengoa S.A., 4.500%, 02/03/17		6,215
	EUR      20	OHL Investments S.A., 4.000%, 04/25/18		2,843
				9,058
		United Kingdom — 0.2%
	8,400	Holdgrove Ltd., Reg. S., 1.000%, 09/24/17		8,333
	3,100	Salamander Energy plc, 5.000%, 03/30/15		3,069
	6,300	Vedanta Resources Jersey Ltd., 5.500%, 07/13/16		6,398
				17,800
		United States — 1.1%
	1,913	Advanced Micro Devices, Inc., 6.000%, 05/01/15		1,989
	5,044	AK Steel Corp., 5.000%, 11/15/19		5,375
	5,939	Annaly Capital Management, Inc., 5.000%, 05/15/15		6,039
		Ares Capital Corp.,
	4,742	4.375%, 01/15/19 (e)		4,748
	1,896	4.750%, 01/15/18 (e)		1,947
	4,795	4.875%, 03/15/17		5,005
		Chesapeake Energy Corp.,
	2,818	2.250%, 12/15/38		2,654
	3,634	2.500%, 05/15/37		3,689
	6,047	Colony Financial, Inc., 5.000%, 04/15/23		6,277
	3,150	Extra Space Storage LP, 2.375%, 07/01/33 (e)		3,174
	2,195	Goodrich Petroleum Corp., 5.000%, 10/01/32		2,414
	1,700	IAS Operating Partnership LP, 5.000%, 03/15/18 (e)		1,596
	8,453	Intel Corp., 2.950%, 12/15/35		9,557
	1	Micron Technology, Inc., 1.875%, 06/01/27		2
	9,084	Peabody Energy Corp., 4.750%, 12/15/41		7,517
		Prospect Capital Corp.,
	960	5.375%, 10/15/17		1,009
	5,297	5.750%, 03/15/18		5,542
	2,820	5.875%, 01/15/19 (e)		2,915
	114	Real Mex Restaurants, Inc., 1.120%, 03/21/18 (i)		—

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	5,000	Redwood Trust, Inc., 4.625%, 04/15/18		5,044
	5,210	Royal Gold, Inc., 2.875%, 06/15/19		4,953
	144	Somerset Cayuga Holding Co., Inc., PIK, 20.000%, 06/15/17 (e) (i)		335
	5,710	Starwood Property Trust, Inc., 4.550%, 03/01/18		6,106
	2,396	United States Steel Corp., 2.750%, 04/01/19		2,947
				90,834
		Total Convertible Bonds (Cost $214,590)		220,404
	Corporate Bonds — 26.7%
		Australia — 0.2%
	553	Ausdrill Finance Pty Ltd., 6.875%, 11/01/19 (e)		513
	424	Bluescope Steel Ltd./Bluescope Steel Finance, 7.125%, 05/01/18 (e)		438
		FMG Resources August 2006 Pty Ltd.,
	200	6.000%, 04/01/17 (e)		209
	750	6.375%, 02/01/16 (e)		782
	925	6.875%, 02/01/18 (e)		980
	2,912	6.875%, 04/01/22 (e)		3,094
	500	7.000%, 11/01/15 (e)		519
	9,928	8.250%, 11/01/19 (e)		11,020
	1,560	Nufarm Australia Ltd., 6.375%, 10/15/19 (e)		1,607
				19,162
		Austria — 0.0% (g)
	365	ESAL GmbH, 6.250%, 02/05/23 (e)		332
	200	Sappi Papier Holding GmbH, 8.375%, 06/15/19 (e)		212
				544
		Azerbaijan — 0.1%
		State Oil Co. of the Azerbaijan Republic,
	1,000	5.450%, 02/09/17		1,068
	3,650	Reg. S., 4.750%, 03/13/23		3,513
				4,581
		Bahamas — 0.0% (g)
		Ultrapetrol Bahamas Ltd.,
	143	8.875%, 06/15/21 (e)		152
	1,820	8.875%, 06/15/21 (e)		1,947
				2,099
		Bermuda — 0.2%
		Aircastle Ltd.,
	282	6.250%, 12/01/19		300

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Bermuda — Continued
	3,400	6.750%, 04/15/17		3,731
	3,680	7.625%, 04/15/20		4,122
		Seadrill Ltd.,
	1,169	5.625%, 09/15/17 (e)		1,207
	1,800	6.125%, 09/15/20 (e)		1,809
	200	6.500%, 10/05/15		210
	815	Viking Cruises Ltd., 8.500%, 10/15/22 (e)		913
				12,292
		Brazil — 0.0% (g)
	680	Samarco Mineracao S.A., 5.750%, 10/24/23 (e)		680
		Canada — 0.6%
	459	Ainsworth Lumber Co., Ltd., 7.500%, 12/15/17 (e)		496
		Bombardier, Inc.,
	1,273	6.125%, 01/15/23 (e)		1,289
	5,213	7.750%, 03/15/20 (e)		5,943
	1,140	Brookfield Residential Properties, Inc., 6.500%, 12/15/20 (e)		1,174
	562	Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.125%, 07/01/22 (e)		558
	635	Cascades, Inc., 7.750%, 12/15/17		662
	490	Cogeco Cable, Inc., 4.875%, 05/01/20 (e)		480
		FQM Akubra, Inc.,
	455	7.500%, 06/01/21 (e)		482
	1,815	8.750%, 06/01/20 (e)		2,006
		Garda World Security Corp.,
	1,982	9.750%, 03/15/17 (e)		2,140
	550	KGHM International Ltd., 7.750%, 06/15/19 (e)		573
		Kodiak Oil & Gas Corp.,
	489	5.500%, 01/15/21 (e)		501
	563	5.500%, 02/01/22 (e)		575
	3,200	8.125%, 12/01/19		3,552
	1,659	Masonite International Corp., 8.250%, 04/15/21 (e)		1,825
	793	Mattamy Group Corp., 6.500%, 11/15/20 (e)		783
		MEG Energy Corp.,
	568	6.375%, 01/30/23 (e)		572
	650	6.500%, 03/15/21 (e)		678
	985	7.000%, 03/31/24 (e)		1,007
	275	Mood Media Corp., 9.250%, 10/15/20 (e)		243
		New Gold, Inc.,
	475	6.250%, 11/15/22 (e)		468

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada — Continued
	454	7.000%, 04/15/20 (e)		470
	1,430	NOVA Chemicals Corp., 5.250%, 08/01/23 (e)		1,459
	2,125	Novelis, Inc., 8.750%, 12/15/20		2,364
		Precision Drilling Corp.,
	210	6.500%, 12/15/21		224
	885	6.625%, 11/15/20		942
		Quebecor Media, Inc.,
	4,090	5.750%, 01/15/23		3,957
	2,587	7.750%, 03/15/16		2,632
		Quebecor World Capital Escrow Corp.,
	50	6.125%, 11/15/13 (d) (i)		—	(h)
	50	9.750%, 01/15/15 (d) (i)		1
	915	Taseko Mines Ltd., 7.750%, 04/15/19		913
	965	Telesat Canada/Telesat LLC, 6.000%, 05/15/17 (e)		1,008
	4,028	Trinidad Drilling Ltd., 7.875%, 01/15/19 (e)		4,310
	1,000	Videotron Laurentian Ltd., 5.000%, 07/15/22		983
				45,270
		Cayman Islands — 0.2%
	650	Odebrecht Offshore Drilling Finance Ltd., 6.750%, 10/01/22		678
		Seagate HDD Cayman,
	1,100	3.750%, 11/15/18 (e)		1,100
	233	4.750%, 06/01/23 (e)		226
	295	6.875%, 05/01/20		324
	101	7.000%, 11/01/21		111
	20	Seagate Technology HDD Holdings, 6.800%, 10/01/16		23
	625	Shelf Drilling Holdings Ltd., 8.625%, 11/01/18 (e)		673
	350	Tamweel Funding Ltd., 5.154%, 01/18/17		370
	8,300	UPCB Finance III Ltd., 6.625%, 07/01/20 (e)		8,860
	1,800	UPCB Finance V Ltd., 7.250%, 11/15/21 (e)		1,976
	2,965	UPCB Finance VI Ltd., 6.875%, 01/15/22 (e)		3,195
				17,536
		Chile — 0.0% (g)
	1,400	Cencosud S.A., Reg. S., 5.500%, 01/20/21		1,456
		Colombia — 0.0% (g)
	1,250	Ecopetrol S.A., 5.875%, 09/18/23		1,357
		Costa Rica — 0.0% (g)
	1,890	Banco de Costa Rica, 5.250%, 08/12/18 (e)		1,909
		Instituto Costarricense de Electricidad,
	520	6.375%, 05/15/43 (e)		463
	350	Reg. S., 6.950%, 11/10/21		369
				2,741

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 19

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Croatia — 0.0% (g)
	2,940	Hrvatska Elektroprivreda, Reg. S., 6.000%, 11/09/17		3,013
		Dominican Republic — 0.1%
	4,380	Banco de Reservas de la Republica Dominicana, 7.000%, 02/01/23 (e)		4,172
		Finland — 0.0% (g)
		Nokia OYJ,
	904	5.375%, 05/15/19		932
	434	6.625%, 05/15/39		428
				1,360
		France — 0.0% (g)
	675	Lafarge S.A., 7.125%, 07/15/36		697
	150	Pernod Ricard S.A., 5.750%, 04/07/21 (e)		168
				865
		Georgia — 0.1%
	6,730	Georgian Railway JSC, 7.750%, 07/11/22 (e)		7,277
		Germany — 0.0% (g)
	2,002	Deutsche Bank AG, 10.500%, 12/23/26 (e) (i)		1,844
		Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH,
	EUR647	5.125%, 01/21/23 (e)		861
	660	5.500%, 01/15/23 (e)		652
				3,357
		Hungary — 0.0% (g)
	710	MFB Magyar Fejlesztesi Bank Zrt, 6.250%, 10/21/20 (e)		726
		Indonesia — 0.1%
		Pertamina Persero PT,
	820	5.625%, 05/20/43 (e)		689
	3,100	Reg. S., 5.250%, 05/23/21		3,100
				3,789
		Ireland — 0.2%
	1,500	Alfa Bank OJSC Via Alfa Bond Issuance plc, Reg. S., 7.750%, 04/28/21		1,631
		Ardagh Packaging Finance plc,
	1,625	7.375%, 10/15/17 (e)		1,747
	8,733	9.125%, 10/15/20 (e)		9,410
		Ardagh Packaging Finance plc/Ardagh MP Holdings USA, Inc.,
	200	4.875%, 11/15/22 (e)		197
	500	7.000%, 11/15/20 (e)		497
	252	9.125%, 10/15/20 (e)		270

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		Ireland — Continued
	1,000	Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 7.748%, 02/02/21 (e)		1,095
				14,847
		Japan — 0.1%
	1,400	eAccess Ltd., 8.250%, 04/01/18 (e)		1,533
	2,589	SoftBank Corp., 4.500%, 04/15/20 (e)		2,563
				4,096
		Kazakhstan — 0.1%
		KazMunayGas National Co. JSC,
	1,380	5.750%, 04/30/43 (e)		1,256
	8,330	Reg. S., 11.750%, 01/23/15		9,308
				10,564
		Liberia — 0.0% (g)
	1,315	Royal Caribbean Cruises Ltd., 5.250%, 11/15/22		1,315
		Luxembourg — 1.0%
	311	Altice Financing S.A., 7.875%, 12/15/19 (e)		337
	200	Altice Finco S.A., 9.875%, 12/15/20 (e)		224
		APERAM,
	1,055	7.375%, 04/01/16 (e)		1,087
	590	7.750%, 04/01/18 (e)		599
		ArcelorMittal,
	2,900	5.111%, 02/25/17		3,063
	4,350	6.750%, 02/25/22		4,731
	1,000	7.250%, 03/01/41		963
	2,000	7.500%, 10/15/39		1,975
	2,500	10.350%, 06/01/19		3,162
	425	Calcipar S.A., 6.875%, 05/01/18 (e)		446
	520	Capsugel S.A., 7.000%, 05/15/19 (e)		520
	1,385	ConvaTec Finance International S.A., PIK, 9.000%, 01/15/19 (e)		1,428
	3,134	ConvaTec Healthcare E S.A., 10.500%, 12/15/18 (e)		3,549
	1,378	INEOS Group Holdings S.A., 6.125%, 08/15/18 (e)		1,392
		Intelsat Jackson Holdings S.A.,
	1,180	5.500%, 08/01/23 (e)		1,139
	10,390	6.625%, 12/15/22 (e)		10,598
	16,752	7.250%, 10/15/20		18,176
	2,450	7.500%, 04/01/21		2,670
		Intelsat Luxembourg S.A.,
	3,767	7.750%, 06/01/21 (e)		3,974
	1,413	8.125%, 06/01/23 (e)		1,494

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Luxembourg — Continued
		Mallinckrodt International Finance S.A.,
	160	3.500%, 04/15/18 (e)		160
	600	4.750%, 04/15/23 (e)		578
	1,200	MOL Group Finance S.A., 6.250%, 09/26/19		1,230
	1,740	Nielsen Co. Luxembourg SARL (The), 5.500%, 10/01/21 (e)		1,788
		NII International Telecom S.C.A.,
	682	7.875%, 08/15/19 (e)		593
	957	11.375%, 08/15/19 (e)		909
		Russian Agricultural Bank OJSC Via RSHB Capital S.A.,
	1,400	5.100%, 07/25/18 (e)		1,432
	5,150	Reg. S., 9.000%, 06/11/14		5,375
	911	Stackpole International Intermediate Co. S.A./Stackpole International Powder Meta, 7.750%, 10/15/21 (e)		947
	4,394	Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 8.750%, 02/01/19 (e)		4,383
		Wind Acquisition Finance S.A.,
	584	6.500%, 04/30/20 (e)		602
	4,592	7.250%, 02/15/18 (e)		4,832
	1,330	11.750%, 07/15/17 (e)		1,413
				85,769
		Mexico — 0.1%
		Cemex S.A.B. de C.V.,
	300	5.875%, 03/25/19 (e)		294
	875	6.500%, 12/10/19 (e)		888
	1,732	7.250%, 01/15/21 (e)		1,764
	2,500	9.000%, 01/11/18 (e)		2,713
	300	VAR, 4.999%, 10/15/18 (e)		308
	1,700	VAR, 5.248%, 09/30/15 (e)		1,745
	540	Comision Federal de Electricidad, 4.875%, 01/15/24 (e)		547
				8,259
		Netherlands — 0.3%
	985	Basell Finance Co., B.V., 8.100%, 03/15/27 (e)		1,286
	1,400	Bluewater Holding B.V., Reg. S., VAR, 3.244%, 07/17/14		1,390
	746	InterGen N.V., 7.000%, 06/30/23 (e)		770
		LyondellBasell Industries N.V.,
	1,160	5.000%, 04/15/19		1,298
	2,225	6.000%, 11/15/21		2,589
	700	Marfrig Holding Europe B.V., 8.375%, 05/09/18		660

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		Netherlands — Continued
		NXP B.V./NXP Funding LLC,
	268	3.500%, 09/15/16 (e)		275
	1,000	3.750%, 06/01/18 (e)		1,002
	2,652	5.750%, 02/15/21 (e)		2,765
	1,324	5.750%, 03/15/23 (e)		1,364
	3,425	Schaeffler Finance B.V., 4.750%, 05/15/21 (e)		3,416
		Sensata Technologies B.V.,
	652	4.875%, 10/15/23 (e)		633
	3,440	6.500%, 05/15/19 (e)		3,715
	425	syncreon Group B.V./syncreon Global Finance U.S., Inc., 8.625%, 11/01/21 (e)		430
		VimpelCom Holdings B.V.,
	540	5.200%, 02/13/19 (e)		540
	200	5.950%, 02/13/23 (e)		193
	200	6.255%, 03/01/17 (e)		213
	500	7.504%, 03/01/22 (e)		536
	200	VAR, 4.248%, 06/29/14 (e)		201
				23,276
		Nigeria — 0.0% (g)
	1,200	Sea Trucks Group, 9.000%, 03/26/18 (e)		1,134
		Norway — 0.0% (g)
	1,097	Petroleum Geo-Services ASA, 7.375%, 12/15/18 (e)		1,174
		Singapore — 0.0% (g)
	480	Flextronics International Ltd., 5.000%, 02/15/23		479
		Spain — 0.0% (g)
		Cemex Espana Luxembourg,
	1,075	9.250%, 05/12/20 (e)		1,172
	1,025	9.875%, 04/30/19 (e)		1,158
				2,330
		United Kingdom — 0.4%
		Barclays Bank plc,
	320	6.050%, 12/04/17 (e)		360
	570	7.625%, 11/21/22		588
	3,585	CEVA Group plc, 8.375%, 12/01/17 (e)		3,710
		Ineos Finance plc,
	2,425	7.500%, 05/01/20 (e)		2,650
	4,150	8.375%, 02/15/19 (e)		4,627
	218	Inmarsat Finance plc, 7.375%, 12/01/17 (e)		227
	300	Jaguar Land Rover Automotive plc, 5.625%, 02/01/23 (e)		298
	410	MISA Investments Ltd., PIK, 9.375%, 08/15/18 (e)		424

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 21

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United Kingdom — Continued
	GBP436	New Look Bondco I plc, 8.750%, 05/14/18 (e)		739
		Royal Bank of Scotland Group plc,
	1,798	6.100%, 06/10/23		1,849
	2,652	6.125%, 12/15/22		2,742
	2,032	Royal Bank of Scotland plc (The), Reg. S., VAR, 9.500%, 03/16/22		2,367
	2,000	Studio City Finance Ltd., 8.500%, 12/01/20 (e)		2,210
		Virgin Media Finance plc,
	343	6.375%, 04/15/23 (e)		351
	568	8.375%, 10/15/19		620
		Virgin Media Secured Finance plc,
	5,693	5.375%, 04/15/21 (e)		5,722
	1,410	6.500%, 01/15/18		1,466
				30,950
		United States — 22.8%
	528	Acadia Healthcare Co., Inc., 6.125%, 03/15/21 (e)		539
		Accellent, Inc.,
	3,550	8.375%, 02/01/17		3,723
	750	10.000%, 11/01/17		713
		Access Midstream Partners LP/ACMP Finance Corp.,
	1,115	4.875%, 05/15/23		1,109
	242	5.875%, 04/15/21		260
	3,470	6.125%, 07/15/22		3,722
	1,695	ACCO Brands Corp., 6.750%, 04/30/20		1,703
	2,620	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		2,332
	425	ACI Worldwide, Inc., 6.375%, 08/15/20 (e)		444
		Activision Blizzard, Inc.,
	585	5.625%, 09/15/21 (e)		605
	220	6.125%, 09/15/23 (e)		230
	290	Actuant Corp., 5.625%, 06/15/22		291
		ADT Corp. (The),
	370	3.500%, 07/15/22		325
	2,094	4.125%, 06/15/23		1,888
	3,310	6.250%, 10/15/21 (e)		3,513
		Advanced Micro Devices, Inc.,
	333	7.500%, 08/15/22		323
	706	7.750%, 08/01/20		706
		AES Corp.,
	257	8.000%, 10/15/17		303
	1,135	8.000%, 06/01/20		1,325

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	1,450	AES Eastern Energy LP, 9.000%, 01/02/17 (d) (i)		—
	1,075	AK Steel Corp., 8.750%, 12/01/18		1,182
		Alcatel-Lucent USA, Inc.,
	5,681	6.450%, 03/15/29		4,999
	386	8.875%, 01/01/20 (e)		418
	293	Alere, Inc., 6.500%, 06/15/20		300
		Aleris International, Inc.,
	604	7.625%, 02/15/18		640
	444	7.875%, 11/01/20		471
	475	Alliance One International, Inc., 9.875%, 07/15/21 (e)		456
	672	Alliant Techsystems, Inc., 5.250%, 10/01/21 (e)		676
	3,825	Allison Transmission, Inc., 7.125%, 05/15/19 (e)		4,121
	21,145	Allstate Corp. (The), VAR, 5.750%, 08/15/53		21,621
		Ally Financial, Inc.,
	7,971	4.625%, 06/26/15		8,320
	9,072	5.500%, 02/15/17		9,798
	4,000	6.250%, 12/01/17		4,430
	4,900	7.500%, 09/15/20		5,733
	2,560	8.000%, 03/15/20		3,040
	5,225	8.000%, 11/01/31		6,231
	167	Alphabet Holding Co., Inc., PIK, 8.500%, 11/01/17		173
	1,089	Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 9.625%, 10/15/18		1,160
		AMC Entertainment, Inc.,
	2,350	8.750%, 06/01/19		2,529
	1,850	9.750%, 12/01/20		2,114
	3,450	American Axle & Manufacturing, Inc., 7.750%, 11/15/19		3,898
	4,455	American Express Co., VAR, 6.800%, 09/01/66		4,756
		American International Group, Inc.,
	15,427	6.250%, 03/15/37		15,620
	4,287	VAR, 8.175%, 05/15/68		5,284
	1,000	American Stores Co. LLC, 7.100%, 03/20/28		1,196
		AmeriGas Finance LLC/AmeriGas Finance Corp.,
	350	6.750%, 05/20/20		381
	450	7.000%, 05/20/22		486
		AmeriGas Partners LP/AmeriGas Finance Corp.,
	1,285	6.250%, 08/20/19		1,375
	84	6.500%, 05/20/21		90
		Amkor Technology, Inc.,
	780	6.375%, 10/01/22		768

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	950	6.625%, 06/01/21		950
	2,600	7.375%, 05/01/18		2,753
	685	AmSouth Bancorp, 6.750%, 11/01/25		744
	250	Amsted Industries, Inc., 8.125%, 03/15/18 (e)		265
	520	Amsurg Corp., 5.625%, 11/30/20		523
	4,525	Anixter, Inc., 5.625%, 05/01/19		4,751
		Antero Resources Finance Corp.,
	1,625	5.375%, 11/01/21 (e)		1,651
	1,140	6.000%, 12/01/20		1,203
	1,750	ARAMARK Corp., 5.750%, 03/15/20 (e)		1,833
		Arch Coal, Inc.,
	400	7.000%, 06/15/19		310
	2,950	7.250%, 06/15/21		2,249
	1,075	8.750%, 08/01/16		1,075
	255	9.875%, 06/15/19		217
	507	Artesyn Escrow, Inc., 9.750%, 10/15/20 (e)		522
	980	A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub LLC, 7.875%, 12/15/20 (e)		1,014
		Ashland, Inc.,
	812	3.000%, 03/15/16		829
	1,000	3.875%, 04/15/18		1,005
	5,047	4.750%, 08/15/22		4,845
	282	Ashtead Capital, Inc., 6.500%, 07/15/22 (e)		302
	2,500	Atkore International, Inc., 9.875%, 01/01/18		2,700
		Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.,
	900	4.750%, 11/15/21 (e)		846
	890	5.875%, 08/01/23 (e)		874
	400	6.625%, 10/01/20		420
		Audatex North America, Inc.,
	4,891	6.000%, 06/15/21 (e)		5,050
	227	6.125%, 11/01/23 (e)		230
	391	6.750%, 06/15/18		418
	275	AutoNation, Inc., 5.500%, 02/01/20		295
		Avaya, Inc.,
	8,150	7.000%, 04/01/19 (e)		7,783
	979	10.500%, 03/01/21 (e)		852
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	330	4.875%, 11/15/17		344
	4,840	5.500%, 04/01/23		4,743
	4,920	8.250%, 01/15/19		5,363
	1,500	9.750%, 03/15/20		1,755
	1,450	B&G Foods, Inc., 4.625%, 06/01/21		1,416

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
		B/E Aerospace, Inc.,
	1,309	5.250%, 04/01/22		1,345
	2,894	6.875%, 10/01/20		3,191
		Ball Corp.,
	230	4.000%, 11/15/23		212
	675	5.000%, 03/15/22		680
	270	5.750%, 05/15/21		285
		Bank of America Corp.,
	440	5.625%, 07/01/20		504
	955	5.875%, 01/05/21		1,108
	522	Bankrate, Inc., 6.125%, 08/15/18 (e)		538
		Basic Energy Services, Inc.,
	175	7.750%, 02/15/19		181
	1,678	7.750%, 10/15/22		1,695
	223	BC Mountain LLC/BC Mountain Finance, Inc., 7.000%, 02/01/21 (e)		226
	4,350	Belden, Inc., 5.500%, 09/01/22 (e)		4,350
		Berry Plastics Corp.,
	1,170	9.500%, 05/15/18		1,270
	1,115	9.750%, 01/15/21		1,310
	660	Best Buy Co., Inc., 5.000%, 08/01/18		692
		Bill Barrett Corp.,
	1,525	7.000%, 10/15/22		1,532
	1,467	7.625%, 10/01/19		1,548
	472	BI-LO LLC/BI-LO Finance Corp., PIK, 9.375%, 09/15/18 (e)		487
		Biomet, Inc.,
	8,855	6.500%, 08/01/20		9,408
	1,300	6.500%, 10/01/20		1,352
		Boise Cascade Co.,
	1,196	6.375%, 11/01/20 (e)		1,250
	925	Boise Paper Holdings LLC/Boise Co-Issuer Co., 8.000%, 04/01/20		1,048
	360	Bonanza Creek Energy, Inc., 6.750%, 04/15/21		382
		BreitBurn Energy Partners LP/BreitBurn Finance Corp.,
	1,325	7.875%, 04/15/22		1,338
	3,750	8.625%, 10/15/20		3,985
	899	Briggs & Stratton Corp., 6.875%, 12/15/20		982
	1,905	Brightstar Corp., 9.500%, 12/01/16 (e)		2,095
		Building Materials Corp. of America,
	2,325	6.750%, 05/01/21 (e)		2,528
	500	6.875%, 08/15/18 (e)		533
	2,300	7.500%, 03/15/20 (e)		2,478

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 23

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	7,691	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		8,441
	600	Burger King Corp., 9.875%, 10/15/18		673
		Cablevision Systems Corp.,
	3,300	8.000%, 04/15/20		3,745
	3,000	8.625%, 09/15/17		3,495
		Caesars Entertainment Operating Co., Inc.,
	5,570	8.500%, 02/15/20		5,145
	10,800	9.000%, 02/15/20		10,125
	8,140	11.250%, 06/01/17		8,120
	2,100	Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties, 8.000%, 10/01/20 (e)		2,105
		Calpine Corp.,
	1,532	5.875%, 01/15/24 (e)		1,536
	1,066	6.000%, 01/15/22 (e)		1,106
	1,184	7.500%, 02/15/21 (e)		1,278
	2,475	7.875%, 07/31/20 (e)		2,704
	5,416	7.875%, 01/15/23 (e)		5,890
		Calumet Specialty Products Partners LP/Calumet Finance Corp.,
	85	9.375%, 05/01/19		94
	827	9.625%, 08/01/20		927
	610	Cantor Commercial Real Estate Co. LP/CCRE Finance Corp., 7.750%, 02/15/18 (e)		636
	4,135	Capmark Financial Group, Inc., Escrow, 0.000%, 05/10/10 (d)		55
	3,300	Case New Holland, Inc., 7.875%, 12/01/17		3,906
	1,610	Casella Waste Systems, Inc., 7.750%, 02/15/19		1,626
	1,411	Catalent Pharma Solutions, Inc., 7.875%, 10/15/18		1,432
	1,255	CBRE Services, Inc., 6.625%, 10/15/20		1,352
	330	CCM Merger, Inc., 9.125%, 05/01/19 (e)		350
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	313	5.125%, 02/15/23		291
	5,416	5.250%, 03/15/21 (e)		5,227
	5,005	5.250%, 09/30/22		4,705
	630	5.750%, 09/01/23 (e)		599
	1,275	5.750%, 01/15/24		1,208
	3,208	6.500%, 04/30/21		3,336
	2,073	7.000%, 01/15/19		2,198
	3,960	7.375%, 06/01/20		4,326
	1,172	8.125%, 04/30/20		1,283
	7,588	CDW LLC/CDW Finance Corp., 8.500%, 04/01/19		8,404

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	1,095	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.250%, 03/15/21 (e)		1,079
		Celanese US Holdings LLC,
	975	4.625%, 11/15/22		958
	175	6.625%, 10/15/18		189
	4,690	Cemex Finance LLC, 9.375%, 10/12/22 (e)		5,265
	5,450	Central Garden & Pet Co., 8.250%, 03/01/18		5,491
		CenturyLink, Inc.,
	500	5.625%, 04/01/20		508
	11,146	5.800%, 03/15/22		11,035
	1,224	Cenveo Corp., 8.875%, 02/01/18		1,233
		Cequel Communications Holdings I LLC/Cequel Capital Corp.,
	250	5.125%, 12/15/21 (e)		242
	824	6.375%, 09/15/20 (e)		855
	673	Ceridian Corp., 8.875%, 07/15/19 (e)		779
	1,435	Chemtura Corp., 5.750%, 07/15/21		1,453
		Chesapeake Energy Corp.,
	303	3.250%, 03/15/16		307
	680	5.375%, 06/15/21		707
	680	5.750%, 03/15/23		721
	1,642	6.125%, 02/15/21		1,794
	5,450	6.625%, 08/15/20		6,145
	1,000	6.875%, 11/15/20		1,130
	600	Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19		628
	543	Chinos Intermediate Holdings A, Inc., PIK, 0.000%, 05/01/19 (e)		546
	875	Chiquita Brands International, Inc./Chiquita Brands LLC, 7.875%, 02/01/21 (e)		949
	12,664	Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 06/15/21		14,326
		CHS/Community Health Systems, Inc.,
	750	5.125%, 08/15/18		780
	900	7.125%, 07/15/20		947
	1,235	8.000%, 11/15/19		1,339
	142	Chukchansi Economic Development Authority, 9.750%, 05/30/20 (d) (e) (i)		81
	2,065	Cimarex Energy Co., 5.875%, 05/01/22		2,199
		Cincinnati Bell, Inc.,
	440	8.375%, 10/15/20		469
	386	8.750%, 03/15/18		409
		Cinemark USA, Inc.,
	2,550	4.875%, 06/01/23		2,429
	912	5.125%, 12/15/22		892
	1,005	7.375%, 06/15/21		1,100

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
		CIT Group, Inc.,
	5,649	4.250%, 08/15/17		5,925
	2,161	5.000%, 05/15/17		2,323
	2,573	5.000%, 08/15/22		2,605
	4,650	5.250%, 03/15/18		5,028
	1,727	5.375%, 05/15/20		1,850
	500	5.500%, 02/15/19 (e)		541
	2,580	6.625%, 04/01/18 (e)		2,925
	1,025	Citgo Petroleum Corp., 11.500%, 07/01/17 (e)		1,127
		CityCenter Holdings LLC/CityCenter Finance Corp.,
	3,690	7.625%, 01/15/16		3,880
	1,316	PIK, 10.750%, 01/15/17		1,411
		Claire’s Stores, Inc.,
	400	7.750%, 06/01/20 (e)		398
	5,600	8.875%, 03/15/19		6,090
	11,250	9.000%, 03/15/19 (e)		12,572
	385	Clean Harbors, Inc., 5.125%, 06/01/21		390
	517	Clear Channel Communications, Inc., 9.000%, 12/15/19		525
		Clear Channel Worldwide Holdings, Inc.,
	675	6.500%, 11/15/22		702
	22,025	6.500%, 11/15/22		23,126
	115	7.625%, 03/15/20		122
	6,463	7.625%, 03/15/20		6,899
	430	Clearwater Paper Corp., 4.500%, 02/01/23		393
		Clearwire Communications LLC/Clearwire Finance, Inc.,
	2,189	12.000%, 12/01/15 (e)		2,270
	1,450	14.750%, 12/01/16 (e)		1,986
	233	Cleaver-Brooks, Inc., 8.750%, 12/15/19 (e)		253
	147	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.500%, 12/15/19		159
	2,655	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		2,516
		CNH Capital LLC,
	600	3.625%, 04/15/18		608
	800	3.875%, 11/01/15		825
	730	CNL Lifestyle Properties, Inc., 7.250%, 04/15/19		759
	1,597	Coeur Mining, Inc., 7.875%, 02/01/21 (e)		1,633
	380	Columbus McKinnon Corp., 7.875%, 02/01/19		408
		Commercial Metals Co.,
	625	4.875%, 05/15/23		594
	545	6.500%, 07/15/17		602
	600	7.350%, 08/15/18		684

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	3,141	CommScope, Inc., 8.250%, 01/15/19 (e)		3,447
	350	Community Choice Financial, Inc., 10.750%, 05/01/19		332
		Comstock Resources, Inc.,
	516	7.750%, 04/01/19		539
	1,417	9.500%, 06/15/20		1,573
		Concho Resources, Inc.,
	593	5.500%, 04/01/23		615
	2,215	6.500%, 01/15/22		2,420
	731	7.000%, 01/15/21		815
		CONSOL Energy, Inc.,
	275	6.375%, 03/01/21		288
	620	8.000%, 04/01/17		657
	1,745	8.250%, 04/01/20		1,909
	49	Constar International, Inc., 11.000%, 12/31/17 (d) (i)		7
		Constellation Brands, Inc.,
	299	3.750%, 05/01/21		287
	602	4.250%, 05/01/23		577
	510	6.000%, 05/01/22		556
	1,000	7.250%, 09/01/16		1,141
	450	7.250%, 05/15/17		524
	2,534	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		2,698
	82	Continental Airlines 2004-ERJ1 Pass-Through Trust, 9.558%, 09/01/19		91
	1,413	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		1,575
	402	Continental Airlines 2012-3 Class C Pass-Thru Certificates, Class C, 6.125%, 04/29/18		413
		Continental Resources, Inc.,
	1,200	5.000%, 09/15/22		1,250
	500	7.125%, 04/01/21		560
	475	7.375%, 10/01/20		529
	2,200	Corrections Corp. of America, 4.125%, 04/01/20		2,150
	577	Covanta Holding Corp., 6.375%, 10/01/22		596
	1,965	Crestview DS Merger Sub II, Inc., 10.000%, 09/01/21 (e)		2,044
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	349	6.000%, 12/15/20 (e)		357
	1,030	6.125%, 03/01/22 (e)		1,053
	500	7.750%, 04/01/19		539
	2,861	Cricket Communications, Inc., 7.750%, 10/15/20		3,269

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 25

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
		Crosstex Energy LP/Crosstex Energy Finance Corp.,
	701	7.125%, 06/01/22		805
	5,125	8.875%, 02/15/18		5,458
	770	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.500%, 01/15/23 (e)		722
	2,602	Crown Castle International Corp., 5.250%, 01/15/23		2,576
	520	CSC Holdings LLC, 8.625%, 02/15/19		615
	433	CST Brands, Inc., 5.000%, 05/01/23 (e)		419
	1,103	CVR Refining LLC/Coffeyville Finance, Inc., 6.500%, 11/01/22		1,106
	405	CyrusOne LP/CyrusOne Finance Corp., 6.375%, 11/15/22		408
		Dana Holding Corp.,
	2,500	5.375%, 09/15/21		2,556
	1,300	6.500%, 02/15/19		1,391
	559	6.750%, 02/15/21		608
		DaVita HealthCare Partners, Inc.,
	1,204	6.375%, 11/01/18		1,263
	3,410	6.625%, 11/01/20		3,636
	5,135	DCP Midstream LLC, VAR, 5.850%, 05/21/43 (e)		4,801
	465	DDR Corp., 7.875%, 09/01/20		577
		Dean Foods Co.,
	450	7.000%, 06/01/16		501
	150	9.750%, 12/15/18		170
	7,130	Del Monte Corp., 7.625%, 02/15/19		7,424
	88	Delta Air Lines 2007-1 Class B Pass-Through Trust, 8.021%, 08/10/22		95
	265	Delta Air Lines 2007-1 Class C Pass-Through Trust, 8.954%, 08/10/14		270
	49	Delta Air Lines 2009-1 Series B Pass-Through Trust, 9.750%, 12/17/16		55
	463	Delta Air Lines 2012-1 Class A Pass-Through Trust, 4.750%, 05/07/20		492
	1,019	Delta Air Lines 2012-1 Class B Pass-Through Trust, 6.875%, 05/07/19 (e)		1,073
	2,080	Deluxe Corp., 7.000%, 03/15/19		2,236
	4,819	Denali Borrower LLC/Denali Finance Corp., 5.625%, 10/15/20 (e)		4,771
	2,800	Denbury Resources, Inc., 8.250%, 02/15/20		3,080
	687	Diamondback Energy, Inc., 7.625%, 10/01/21 (e)		718
	600	DineEquity, Inc., 9.500%, 10/30/18		667
		DISH DBS Corp.,
	300	4.625%, 07/15/17		312

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	908	5.000%, 03/15/23		868
	506	5.125%, 05/01/20		512
	2,930	5.875%, 07/15/22		3,000
	8,858	6.750%, 06/01/21		9,589
	3,925	7.125%, 02/01/16		4,337
	13,451	7.875%, 09/01/19		15,637
		DJO Finance LLC/DJO Finance Corp.,
	2,550	7.750%, 04/15/18		2,575
	2,705	8.750%, 03/15/18		2,962
	589	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		585
	1,390	DreamWorks Animation SKG, Inc., 6.875%, 08/15/20 (e)		1,479
	833	DuPont Fabros Technology LP, 5.875%, 09/15/21 (e)		854
	632	Dycom Investments, Inc., 7.125%, 01/15/21		671
		Dynegy Holdings LLC,
	100	7.125%, 05/15/18 (d) (i)		—	(h)
	2,000	7.750%, 06/01/19 (d) (i)		5
	600	Dynegy Roseton LLC/Dynegy Danskammer LLC Pass-Through Trust, 7.670%, 11/08/16 (d) (i)		11
	818	Dynegy, Inc., 5.875%, 06/01/23 (e)		773
		E*TRADE Financial Corp.,
	285	6.000%, 11/15/17		302
	1,005	6.375%, 11/15/19		1,075
	4,075	Easton-Bell Sports, Inc., 9.750%, 12/01/16		4,294
		Edison Mission Energy,
	54	7.000%, 05/15/17 (d)		39
	1,546	7.200%, 05/15/19 (d)		1,129
	2,500	El Paso LLC, 7.250%, 06/01/18		2,832
	25	El Paso Pipeline Partners Operating Co. LLC, 6.500%, 04/01/20		29
	4,443	Embarq Corp., 7.995%, 06/01/36		4,526
		Endo Health Solutions, Inc.,
	225	7.000%, 07/15/19		240
	250	7.000%, 12/15/20		267
		Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.,
	850	6.875%, 08/15/17 (e)		869
	4,468	10.000%, 12/01/20		4,692
	694	12.250%, 03/01/22 (e)		798
		Energy XXI Gulf Coast, Inc.,
	937	7.500%, 12/15/21 (e)		979
	60	7.750%, 06/15/19		64
	375	9.250%, 12/15/17		418

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
		Enterprise Products Operating LLC,
	2,105	VAR, 7.000%, 06/01/67		2,189
	4,240	VAR, 7.034%, 01/15/68		4,685
	705	Envision Healthcare Corp., 8.125%, 06/01/19		766
	7,535	EP Energy LLC/EP Energy Finance, Inc., 9.375%, 05/01/20		8,703
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	2,352	6.875%, 05/01/19		2,528
	3,036	7.750%, 09/01/22		3,416
	556	EPE Holdings LLC/EP Energy Bond Co., Inc., PIK, 8.875%, 12/15/17 (e)		582
	2,950	Epicor Software Corp., 8.625%, 05/01/19		3,201
		Equinix, Inc.,
	320	4.875%, 04/01/20		321
	615	7.000%, 07/15/21		672
	2,825	EV Energy Partners LP/EV Energy Finance Corp., 8.000%, 04/15/19		2,825
	400	Exterran Partners LP/EXLP Finance Corp., 6.000%, 04/01/21 (e)		398
		Felcor Lodging LP,
	500	5.625%, 03/01/23		492
	1,640	6.750%, 06/01/19		1,747
		Ferrellgas LP/Ferrellgas Finance Corp.,
	950	6.500%, 05/01/21		962
	500	6.750%, 01/15/22 (e)		510
	600	9.125%, 10/01/17		630
	605	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		631
	900	Fidelity National Information Services, Inc., 7.875%, 07/15/20		991
		First Data Corp.,
	5,475	6.750%, 11/01/20 (e)		5,797
	1,400	7.375%, 06/15/19 (e)		1,507
	4,190	8.250%, 01/15/21 (e)		4,462
	8,735	8.875%, 08/15/20 (e)		9,739
	600	10.625%, 06/15/21 (e)		644
	604	11.250%, 01/15/21 (e)		664
	1,550	11.750%, 08/15/21 (e)		1,577
	5,938	12.625%, 01/15/21		6,851
	14,448	PIK, 10.000%, 01/15/22 (e)		15,423
		Ford Motor Credit Co. LLC,
	5,500	5.000%, 05/15/18		6,095
	6,850	6.625%, 08/15/17		7,994
	3,100	Forest Oil Corp., 7.250%, 06/15/19		3,131
		Freescale Semiconductor, Inc.,
	770	5.000%, 05/15/21 (e)		749

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	549	6.000%, 01/15/22 (e)		555
	476	8.050%, 02/01/20		513
	3,300	9.250%, 04/15/18 (e)		3,568
		Fresenius Medical Care U.S. Finance II, Inc.,
	3,378	5.625%, 07/31/19 (e)		3,615
	2,420	5.875%, 01/31/22 (e)		2,565
	725	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		767
		Frontier Communications Corp.,
	20	7.125%, 03/15/19		22
	439	7.125%, 01/15/23		456
	352	7.625%, 04/15/24		371
	1,855	8.500%, 04/15/20		2,119
	175	8.750%, 04/15/22		200
	1,902	9.250%, 07/01/21		2,242
	350	FTI Consulting, Inc., 6.000%, 11/15/22		357
		Gannett Co., Inc.,
	384	5.125%, 07/15/20 (e)		393
	980	6.375%, 10/15/23 (e)		1,034
	72	10.000%, 04/01/16		84
	585	Gardner Denver, Inc., 6.875%, 08/15/21 (e)		595
		GCI, Inc.,
	850	6.750%, 06/01/21		822
	4,712	8.625%, 11/15/19		5,007
	371	GenCorp, Inc., 7.125%, 03/15/21 (e)		397
	2,350	General Cable Corp., 5.750%, 10/01/22 (e)		2,338
	10,500	General Motors Co., 4.875%, 10/02/23 (e)		10,631
		General Motors Financial Co., Inc.,
	261	2.750%, 05/15/16 (e)		263
	3,796	3.250%, 05/15/18 (e)		3,782
	205	4.250%, 05/15/23 (e)		197
	1,050	4.750%, 08/15/17 (e)		1,110
		Genesis Energy LP/Genesis Energy Finance Corp.,
	850	5.750%, 02/15/21		863
	505	7.875%, 12/15/18		544
		GenOn Energy, Inc.,
	1,000	7.875%, 06/15/17		1,105
	1,000	9.500%, 10/15/18		1,150
	2,748	9.875%, 10/15/20		3,078
		Geo Group, Inc. (The),
	2,250	5.875%, 01/15/22 (e)		2,267
	2,000	6.625%, 02/15/21		2,117
	350	Georgia-Pacific LLC, 5.400%, 11/01/20 (e)		396

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 27

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	1,000	GLP Capital LP/GLP Financing II, Inc., 4.875%, 11/01/20 (e)		1,007
		Goodman Networks, Inc.,
	394	12.125%, 07/01/18 (e)		416
	1,975	13.125%, 07/01/18 (e)		2,083
		Goodyear Tire & Rubber Co. (The),
	1,355	6.500%, 03/01/21		1,433
	3,787	7.000%, 05/15/22		4,071
	4,325	8.250%, 08/15/20		4,887
	800	8.750%, 08/15/20		938
		Graphic Packaging International, Inc.,
	762	4.750%, 04/15/21		752
	240	7.875%, 10/01/18		261
	750	Graton Economic Development Authority, 9.625%, 09/01/19 (e)		838
		Gray Television, Inc.,
	1,850	7.500%, 10/01/20 (e)		1,938
	3,425	Great Lakes Dredge & Dock Corp., 7.375%, 02/01/19		3,519
	2,500	Griffon Corp., 7.125%, 04/01/18		2,672
	300	Grifols, Inc., 8.250%, 02/01/18		322
	625	Gymboree Corp. (The), 9.125%, 12/01/18		605
	1,540	H&E Equipment Services, Inc., 7.000%, 09/01/22		1,679
		Halcon Resources Corp.,
	3,350	8.875%, 05/15/21		3,488
	880	9.250%, 02/15/22 (e)		933
		Hanesbrands, Inc.,
	2,100	6.375%, 12/15/20		2,278
	1,510	8.000%, 12/15/16		1,582
		Harland Clarke Holdings Corp.,
	3,490	9.750%, 08/01/18 (e)		3,778
	2,780	VAR, 6.000%, 05/15/15		2,780
	560	Harron Communications LP/Harron Finance Corp., 9.125%, 04/01/20 (e)		622
	650	Hartford Financial Services Group, Inc., VAR, 8.125%, 06/15/38		761
	7,975	Hawk Acquisition Sub, Inc., 4.250%, 10/15/20 (e)		7,716
		HCA Holdings, Inc.,
	770	6.250%, 02/15/21		809
	10,910	7.750%, 05/15/21		11,946
		HCA, Inc.,
	715	4.750%, 05/01/23		689
	2,080	5.875%, 03/15/22		2,189
	740	5.875%, 05/01/23		746

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	7,465	6.500%, 02/15/20		8,305
	905	7.250%, 09/15/20		992
	20,622	7.500%, 02/15/22		23,174
	1,000	7.875%, 02/15/20		1,085
	1,400	8.000%, 10/01/18		1,645
		HD Supply, Inc.,
	1,760	7.500%, 07/15/20 (e)		1,857
	10,690	8.125%, 04/15/19		11,948
		Health Management Associates, Inc.,
	3,900	6.125%, 04/15/16		4,290
	1,446	7.375%, 01/15/20		1,612
	475	Healthcare Technology Intermediate, Inc., PIK, 8.125%, 09/01/18 (e)		491
	3,690	HealthSouth Corp., 7.750%, 09/15/22		4,041
	2,155	Hecla Mining Co., 6.875%, 05/01/21 (e)		2,112
		Hertz Corp. (The),
	667	4.250%, 04/01/18 (e)		669
	4,710	5.875%, 10/15/20		4,957
	763	6.750%, 04/15/19		823
	2,175	7.375%, 01/15/21		2,414
	1,592	7.500%, 10/15/18		1,728
	8,375	Hexion US Finance Corp., 6.625%, 04/15/20		8,501
	600	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 02/01/18		618
	921	Hiland Partners LP/Hiland Partners Finance Corp., 7.250%, 10/01/20 (e)		981
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	2,393	7.625%, 04/15/21 (e)		2,597
	1,145	8.000%, 02/15/20 (e)		1,242
	2,130	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21 (e)		2,189
		Holly Energy Partners LP/Holly Energy Finance Corp.,
	500	6.500%, 03/01/20		524
	50	8.250%, 03/15/18		53
	5,225	Hologic, Inc., 6.250%, 08/01/20		5,552
	63	Homer City Generation LP, PIK, 8.637%, 10/01/19		65
	151	Hospira, Inc., 5.200%, 08/12/20		156
	281	Host Hotels & Resorts LP, 6.750%, 06/01/16		285
	2,000	Hughes Satellite Systems Corp., 6.500%, 06/15/19		2,145
		Huntsman International LLC,
	4,100	4.875%, 11/15/20		4,080
	1,500	8.625%, 03/15/20		1,661

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	565	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		599
	834	iGATE Corp., 9.000%, 05/01/16		897
	1,011	Igloo Holdings Corp., PIK, 9.000%, 12/15/17 (e)		1,027
	6,778	ILFC E-Capital Trust I, VAR, 5.350%, 12/21/65 (e)		5,948
	2,558	ILFC E-Capital Trust II, VAR, 6.250%, 12/21/65 (e)		2,379
	3,000	IMS Health, Inc., 6.000%, 11/01/20 (e)		3,120
		Infor U.S., Inc.,
	5,542	9.375%, 04/01/19		6,262
	860	11.500%, 07/15/18		998
	13,110	ING US, Inc., VAR, 5.650%, 05/15/53		12,476
	1,040	Ingles Markets, Inc., 5.750%, 06/15/23 (e)		1,019
	643	INTCOMEX, Inc., 13.250%, 12/15/14		624
	3,250	Interactive Data Corp., 10.250%, 08/01/18		3,595
		International Lease Finance Corp.,
	102	4.625%, 04/15/21		99
	1,480	5.875%, 04/01/19		1,593
	665	5.875%, 08/15/22		685
	3,720	6.250%, 05/15/19		4,055
	1,575	8.250%, 12/15/20		1,860
	3,175	8.625%, 01/15/22		3,842
	15,585	8.750%, 03/15/17		18,312
	900	International Wire Group Holdings, Inc., 8.500%, 10/15/17 (e)		954
		inVentiv Health, Inc.,
	850	9.000%, 01/15/18 (e)		886
	2,232	11.000%, 08/15/18 (e)		1,917
	189	11.000%, 08/15/18 (e)		163
		Iron Mountain, Inc.,
	551	7.750%, 10/01/19		612
	421	8.375%, 08/15/21		455
		Isle of Capri Casinos, Inc.,
	2,443	5.875%, 03/15/21		2,397
	1,060	7.750%, 03/15/19		1,137
	1,097	iStar Financial, Inc., 9.000%, 06/01/17		1,278
	8,150	J. Crew Group, Inc., 8.125%, 03/01/19		8,608
	325	J.M. Huber Corp., 9.875%, 11/01/19 (e)		370
	250	Jaguar Holding Co. I, PIK, 10.125%, 10/15/17 (e)		265
		Jarden Corp.,
	1,000	6.125%, 11/15/22		1,068
	3,741	7.500%, 05/01/17		4,330
	1,375	7.500%, 01/15/20		1,492

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	1,007	JB Poindexter & Co., Inc., 9.000%, 04/01/22 (e)		1,067
		JBS USA LLC/JBS USA Finance, Inc.,
	105	7.250%, 06/01/21 (e)		108
	1,941	7.250%, 06/01/21 (e)		1,994
	1,411	8.250%, 02/01/20 (e)		1,513
	2,500	JC Penney Corp., Inc., 5.750%, 02/15/18		1,906
	484	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.375%, 04/01/20 (e)		497
	940	JMC Steel Group, Inc., 8.250%, 03/15/18 (e)		934
	800	Jo-Ann Stores Holdings, Inc., PIK, 10.500%, 10/15/19 (e)		830
		K. Hovnanian Enterprises, Inc.,
	38	6.250%, 01/15/16		40
	881	7.250%, 10/15/20 (e)		938
	353	9.125%, 11/15/20 (e)		385
	120	11.875%, 10/15/15		138
	1,500	Kaiser Aluminum Corp., 8.250%, 06/01/20		1,699
		KB Home,
	200	8.000%, 03/15/20		220
	150	9.100%, 09/15/17		175
	295	Kennedy-Wilson, Inc., 8.750%, 04/01/19		324
	3,030	Key Energy Services, Inc., 6.750%, 03/01/21		3,083
		Kinder Morgan, Inc.,
	726	5.000%, 02/15/21 (e)		726
	726	5.625%, 11/15/23 (e)		726
	5,600	Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18		6,314
		L Brands, Inc.,
	1,100	5.625%, 10/15/23		1,125
	3,700	6.625%, 04/01/21		4,070
	555	Laredo Petroleum, Inc., 7.375%, 05/01/22		601
	600	Lear Corp., 8.125%, 03/15/20		669
	665	Lender Processing Services, Inc., 5.750%, 04/15/23		693
		Lennar Corp.,
	1,090	6.950%, 06/01/18		1,218
	555	12.250%, 06/01/17		722
		Level 3 Communications, Inc.,
	1,065	8.875%, 06/01/19		1,162
	4,905	11.875%, 02/01/19		5,690
		Level 3 Financing, Inc.,
	1,500	6.125%, 01/15/21 (e)		1,526
	509	7.000%, 06/01/20		542
	7,473	8.125%, 07/01/19		8,239
	1,420	8.625%, 07/15/20		1,608

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 29

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	5,093	9.375%, 04/01/19		5,692
	425	10.000%, 02/01/18		454
	1,787	Libbey Glass, Inc., 6.875%, 05/15/20		1,921
	870	Liberty Interactive LLC, 8.250%, 02/01/30		927
		Liberty Mutual Group, Inc.,
	3,000	7.800%, 03/15/37 (e)		3,270
	1,324	VAR, 10.750%, 06/15/58 (e)		2,012
	570	Liberty Tire Recycling LLC, 11.000%, 10/01/16 (e)		581
	200	LifePoint Hospitals, Inc., 6.625%, 10/01/20		212
		Linn Energy LLC/Linn Energy Finance Corp.,
	6,550	7.000%, 11/01/19 (e)		6,533
	3,350	7.750%, 02/01/21		3,459
	1,018	Live Nation Entertainment, Inc., 7.000%, 09/01/20 (e)		1,082
	510	LKQ Corp., 4.750%, 05/15/23 (e)		486
	300	Louisiana-Pacific Corp., 7.500%, 06/01/20		331
	1,684	LSB Industries, Inc., 7.750%, 08/01/19 (e)		1,781
	1,148	M/I Homes, Inc., 8.625%, 11/15/18		1,246
	3,130	Magnachip Semiconductor Corp., 6.625%, 07/15/21 (e)		3,130
	2,695	Manitowoc Co., Inc. (The), 8.500%, 11/01/20		3,059
	6,215	Marina District Finance Co., Inc., 9.875%, 08/15/18		6,759
		MarkWest Energy Partners LP/MarkWest Energy Finance Corp.,
	585	4.500%, 07/15/23		567
	3,300	5.500%, 02/15/23		3,416
	367	6.250%, 06/15/22		398
	325	6.500%, 08/15/21		353
	925	6.750%, 11/01/20		1,013
	637	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		650
		Masco Corp.,
	261	5.950%, 03/15/22		276
	56	7.125%, 03/15/20		64
	430	MasTec, Inc., 4.875%, 03/15/23		410
	450	McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 9.750%, 04/01/21 (e)		486
	1,100	Media General, Inc., 11.750%, 02/15/17		1,196
	1,179	Mediacom LLC/Mediacom Capital Corp., 9.125%, 08/15/19		1,285
	26,885	MetLife, Inc., 6.400%, 12/15/36		27,994

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
		MetroPCS Wireless, Inc.,
	5,271	6.250%, 04/01/21 (e)		5,515
	1,729	6.625%, 11/15/20		1,828
	789	6.625%, 04/01/23 (e)		826
	55	7.875%, 09/01/18		59
		MGM Resorts International,
	500	6.625%, 12/15/21		535
	3,625	6.750%, 10/01/20		3,951
	4,770	7.625%, 01/15/17		5,426
	2,496	7.750%, 03/15/22		2,827
	9,100	8.625%, 02/01/19		10,681
	3,350	11.375%, 03/01/18		4,296
	2,175	Michael Foods Group, Inc., 9.750%, 07/15/18		2,373
	5,800	Michael’s Stores, Inc., 7.750%, 11/01/18		6,257
	152	Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC, 10.750%, 10/01/20		164
	1,430	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		1,494
	150	Mobile Mini, Inc., 7.875%, 12/01/20		165
	455	Mohegan Tribal Gaming Authority, 11.500%, 11/01/17 (e)		510
	150	Moog, Inc., 7.250%, 06/15/18		156
		Motors Liquidation Co.,
	10	6.750%, 05/01/28 (d) (i)		—	(h)
	11	7.750%, 03/15/36 (d) (i)		—	(h)
	115	8.375%, 07/15/33 (d) (i)		—	(h)
	750	MPH Intermediate Holding Co. 2, PIK, 9.125%, 08/01/18 (e)		779
	778	MPT Operating Partnership LP/MPT Finance Corp., 6.375%, 02/15/22		803
	2,253	MultiPlan, Inc., 9.875%, 09/01/18 (e)		2,490
	182	Murphy Oil USA, Inc., 6.000%, 08/15/23 (e)		185
	593	Mustang Merger Corp., 8.500%, 08/15/21 (e)		609
	4,000	Mylan, Inc., 7.875%, 07/15/20 (e)		4,580
	2,165	National Mentor Holdings, Inc., 12.500%, 02/15/18 (e)		2,317
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	272	6.500%, 07/01/21		267
	1,220	6.500%, 06/01/22		1,191
	434	7.875%, 10/01/20		464
	421	9.625%, 05/01/19		475
	400	Navigator Holdings Ltd., 9.000%, 12/18/17 (e)		423
	559	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.125%, 11/15/21 (e)		565

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	2,143	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 9.250%, 04/15/19		2,320
	55	Neebo, Inc., 15.000%, 06/30/16 (e)		57
	1,497	Neiman Marcus Group LLC (The), 8.000%, 10/15/21 (e)		1,533
	220	Neovia Logistics Intermediate Holdings LLC/Logistics Intermediate Finance Corp., PIK, 10.750%, 02/15/18 (e)		217
	1,164	Netflix, Inc., 5.375%, 02/01/21 (e)		1,190
	747	Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 5.875%, 03/15/22 (e)		764
		New Albertsons, Inc.,
	1,167	7.450%, 08/01/29		951
	1,590	8.000%, 05/01/31		1,312
	490	8.700%, 05/01/30		426
		Newfield Exploration Co.,
	429	5.625%, 07/01/24		438
	1,000	5.750%, 01/30/22		1,050
	975	6.875%, 02/01/20		1,043
	250	7.125%, 05/15/18		259
	3,228	Nexstar Broadcasting, Inc., 6.875%, 11/15/20 (e)		3,373
	750	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/21 (e)		767
	685	Nielsen Finance LLC/Nielsen Finance Co., 4.500%, 10/01/20		671
		NII Capital Corp.,
	4,107	7.625%, 04/01/21		2,382
	765	8.875%, 12/15/19		478
	10	10.000%, 08/15/16		8
	912	Nortek, Inc., 8.500%, 04/15/21		1,000
	3,279	Northwest Airlines 2007-1 Class A Pass-Through Trust, 7.027%, 11/01/19		3,582
		NRG Energy, Inc.,
	2,266	6.625%, 03/15/23		2,342
	5,245	7.625%, 01/15/18		5,953
	2,236	7.875%, 05/15/21		2,471
	1,000	8.250%, 09/01/20		1,115
	1,337	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		1,327
	1,100	Oasis Petroleum, Inc., 6.875%, 03/15/22 (e)		1,188
	400	Ocean Rig UDW, Inc., 9.500%, 04/27/16 (e)		425
		Oil States International, Inc.,
	286	5.125%, 01/15/23 (e)		318
	2,045	6.500%, 06/01/19		2,178

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	1,325	Olin Corp., 5.500%, 08/15/22		1,332
	602	Omnicare, Inc., 7.750%, 06/01/20		667
	905	OMNOVA Solutions, Inc., 7.875%, 11/01/18		966
	886	Onex USI Acquisition Corp., 7.750%, 01/15/21 (e)		904
	610	Oppenheimer Holdings, Inc., 8.750%, 04/15/18		655
	1,000	Oshkosh Corp., 8.500%, 03/01/20		1,105
	3,715	PAETEC Holding Corp., 9.875%, 12/01/18		4,161
	440	Par Pharmaceutical Cos., Inc., 7.375%, 10/15/20		458
	660	Parker Drilling Co., 7.500%, 08/01/20 (e)		686
	5,521	Party City Holdings, Inc., 8.875%, 08/01/20 (e)		6,032
	455	Patriot Merger Corp., 9.000%, 07/15/21 (e)		475
	667	PC Nextco Holdings LLC/PC Nextco Finance, Inc., PIK, 9.500%, 08/15/19 (e)		689
		Peabody Energy Corp.,
	410	6.000%, 11/15/18		433
	7,155	6.250%, 11/15/21		7,387
	425	Penn National Gaming, Inc., 5.875%, 11/01/21 (e)		426
	196	Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp. II, 6.500%, 05/15/21 (e)		202
	370	Penske Automotive Group, Inc., 5.750%, 10/01/22		369
		Petrohawk Energy Corp.,
	750	7.250%, 08/15/18		813
	200	7.875%, 06/01/15		204
	750	10.500%, 08/01/14		769
	600	PetroLogistics LP/PetroLogistics Finance Corp., 6.250%, 04/01/20 (e)		600
	325	PHI, Inc., 8.625%, 10/15/18		347
	3,315	Pilgrim’s Pride Corp., 7.875%, 12/15/18		3,622
		Pinnacle Entertainment, Inc.,
	575	7.500%, 04/15/21		631
	585	8.750%, 05/15/20		646
	1,110	Pioneer Energy Services Corp., 9.875%, 03/15/18		1,193
		Pioneer Natural Resources Co.,
	425	6.875%, 05/01/18		507
	231	7.500%, 01/15/20		286
	239	Pittsburgh Glass Works LLC, 8.000%, 11/15/18 (e)		244
		Plains Exploration & Production Co.,
	9,663	6.500%, 11/15/20		10,646

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 31

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	1,309	6.750%, 02/01/22		1,440
	588	6.875%, 02/15/23		651
	3,127	Polymer Group, Inc., 7.750%, 02/01/19		3,338
		PolyOne Corp.,
	1,986	5.250%, 03/15/23		1,974
	1,739	7.375%, 09/15/20		1,926
	6,500	Post Holdings, Inc., 7.375%, 02/15/22		6,931
	4,365	PPL Capital Funding, Inc., VAR, 6.700%, 03/30/67		4,409
	136	Prestige Brands, Inc., 8.125%, 02/01/20		151
	150	Prince Mineral Holding Corp., 11.500%, 12/15/19 (e)		166
	385	Provident Funding Associates LP/PFG Finance Corp., 6.750%, 06/15/21 (e)		394
		Prudential Financial, Inc.,
	18,145	VAR, 5.200%, 03/15/44		17,601
	18,735	VAR, 5.625%, 06/15/43		18,665
	17,685	VAR, 5.875%, 09/15/42		17,950
		QEP Resources, Inc.,
	494	5.250%, 05/01/23		476
	975	5.375%, 10/01/22		953
	1,871	6.875%, 03/01/21		2,002
	360	Quiksilver, Inc./QS Wholesale, Inc., 7.875%, 08/01/18 (e)		385
		QVC, Inc.,
	200	5.125%, 07/02/22		203
	1,005	7.375%, 10/15/20 (e)		1,095
	1,525	Qwest Capital Funding, Inc., 7.750%, 02/15/31		1,464
	180	Qwest Communications International, Inc., 7.125%, 04/01/18		187
	375	Qwest Corp., 7.250%, 09/15/25		400
		R.R. Donnelley & Sons Co.,
	765	7.000%, 02/15/22		811
	665	7.875%, 03/15/21		741
	3,220	Radiation Therapy Services, Inc., 8.875%, 01/15/17		3,204
	1,750	Radio Systems Corp., 8.375%, 11/01/19 (e)		1,934
		Rain CII Carbon LLC/CII Carbon Corp.,
	1,250	8.000%, 12/01/18 (e)		1,291
	865	8.250%, 01/15/21 (e)		893
		Range Resources Corp.,
	569	5.000%, 08/15/22		568
	427	5.000%, 03/15/23		426
	10	6.750%, 08/01/20		11
	700	RCN Telecom Services LLC/RCN Capital Corp., 8.500%, 08/15/20 (e)		707

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
		Real Mex Restaurants, Inc.,
	132	11.000%, 03/15/14 (i)		132
	243	19.000%, 03/21/16 (i)		135
	28	19.000%, 03/21/16 (i)		28
	4,015	Realogy Group LLC, 7.625%, 01/15/20 (e)		4,477
	275	Regal Cinemas Corp., 8.625%, 07/15/19		297
		Regal Entertainment Group,
	1,200	5.750%, 06/15/23		1,185
	315	5.750%, 02/01/25		300
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	292	4.500%, 11/01/23 (e)		270
	2,245	5.500%, 04/15/23		2,239
	1,145	6.500%, 07/15/21		1,228
	855	Regions Bank, 7.500%, 05/15/18		1,017
	165	Resolute Forest Products, Inc., 5.875%, 05/15/23 (e)		150
	600	Revlon Consumer Products Corp., 5.750%, 02/15/21 (e)		592
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	9,310	5.750%, 10/15/20		9,613
	400	6.875%, 02/15/21		434
	2,100	7.125%, 04/15/19		2,242
	2,400	7.875%, 08/15/19		2,652
	2,750	8.500%, 05/15/18		2,915
	10,050	9.000%, 04/15/19		10,753
	12,032	9.875%, 08/15/19		13,310
	510	RHP Hotel Properties LP/RHP Finance Corp., 5.000%, 04/15/21 (e)		493
		Rite Aid Corp.,
	910	6.750%, 06/15/21		962
	950	9.250%, 03/15/20		1,097
	2,250	10.250%, 10/15/19		2,529
	486	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 9.500%, 06/15/19 (e)		535
	500	ROC Finance LLC/ROC Finance 1 Corp., 12.125%, 09/01/18 (e)		540
	1,070	Roofing Supply Group LLC/Roofing Supply Finance, Inc., 10.000%, 06/01/20 (e)		1,209
	1,330	Rosetta Resources, Inc., 5.625%, 05/01/21		1,343
	775	Ryerson, Inc./Joseph T Ryerson & Son, Inc., 9.000%, 10/15/17		810
	320	Sabine Oil & Gas LLC/Sabine Oil & Gas Finance Corp., 9.750%, 02/15/17		326

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
		Sabine Pass Liquefaction LLC,
	1,337	5.625%, 02/01/21 (e)		1,351
	492	5.625%, 04/15/23 (e)		482
	8,170	Sabre, Inc., 8.500%, 05/15/19 (e)		8,987
	492	Safway Group Holding LLC/Safway Finance Corp., 7.000%, 05/15/18 (e)		509
		Sally Holdings LLC/Sally Capital, Inc.,
	2,000	5.750%, 06/01/22		2,075
	1,500	6.875%, 11/15/19		1,657
	4,850	Samson Investment Co., 10.250%, 02/15/20 (e)		5,238
	4,425	SandRidge Energy, Inc., 7.500%, 03/15/21		4,690
	91	SBA Telecommunications, Inc., 5.750%, 07/15/20		95
	3,150	Scotts Miracle-Gro Co. (The), 7.250%, 01/15/18		3,292
		Sealed Air Corp.,
	433	5.250%, 04/01/23 (e)		424
	600	6.500%, 12/01/20 (e)		652
	4,785	8.375%, 09/15/21 (e)		5,479
	500	Sears Holdings Corp., 6.625%, 10/15/18		471
	562	SemGroup LP, 7.500%, 06/15/21 (e)		589
	2,020	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		1,980
	1,600	Seneca Gaming Corp., 8.250%, 12/01/18 (e)		1,722
	8,542	Serta Simmons Holdings LLC, 8.125%, 10/01/20 (e)		9,097
		Service Corp. International,
	176	5.375%, 01/15/22 (e)		178
	680	6.750%, 04/01/16		743
	2,842	7.000%, 05/15/19		3,055
	2,000	7.500%, 04/01/27		2,140
	700	7.625%, 10/01/18		802
	1,240	8.000%, 11/15/21		1,421
	850	SESI LLC, 7.125%, 12/15/21		940
	408	Shearer’s Foods LLC/Chip Fin Corp., 9.000%, 11/01/19 (e)		431
	1,025	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		1,071
		Sinclair Television Group, Inc.,
	4,579	5.375%, 04/01/21		4,476
	2,730	6.125%, 10/01/22		2,781
	520	6.375%, 11/01/21 (e)		536
	435	8.375%, 10/15/18		476

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
		Sirius XM Radio, Inc.,
	7,847	4.250%, 05/15/20 (e)		7,484
	347	4.625%, 05/15/23 (e)		318
	165	5.250%, 08/15/22 (e)		168
	1,000	5.750%, 08/01/21 (e)		1,020
	485	5.875%, 10/01/20 (e)		502
		Sitel LLC/Sitel Finance Corp.,
	666	11.000%, 08/01/17 (e)		724
	805	11.500%, 04/01/18		699
	1,230	Six Flags Entertainment Corp., 5.250%, 01/15/21 (e)		1,208
		SM Energy Co.,
	960	5.000%, 01/15/24 (e)		938
	2,225	6.500%, 11/15/21		2,414
	925	6.500%, 01/01/23		990
	2,093	6.625%, 02/15/19		2,229
	2,775	Smithfield Foods, Inc., 7.750%, 07/01/17		3,226
		Spectrum Brands Escrow Corp.,
	1,420	6.375%, 11/15/20 (e)		1,509
	2,233	6.625%, 11/15/22 (e)		2,383
	1,775	Spectrum Brands, Inc., 6.750%, 03/15/20		1,908
		Sprint Capital Corp.,
	1,059	6.900%, 05/01/19		1,141
	15,404	8.750%, 03/15/32		16,675
		Sprint Communications, Inc.,
	1,115	6.000%, 12/01/16		1,206
	2,300	6.000%, 11/15/22		2,266
	1,750	7.000%, 03/01/20 (e)		1,942
	4,335	7.000%, 08/15/20		4,649
	350	8.375%, 08/15/17		405
	14,845	9.000%, 11/15/18 (e)		18,000
	305	11.500%, 11/15/21		397
		Sprint Corp.,
	8,253	7.250%, 09/15/21 (e)		8,893
	3,953	7.875%, 09/15/23 (e)		4,289
	505	SquareTwo Financial Corp., 11.625%, 04/01/17		534
		Standard Pacific Corp.,
	415	8.375%, 05/15/18		481
	1,225	8.375%, 01/15/21		1,406
	319	10.750%, 09/15/16		386
	1,525	Station Casinos LLC, 7.500%, 03/01/21		1,636
		Steel Dynamics, Inc.,
	640	5.250%, 04/15/23 (e)		634
	330	6.125%, 08/15/19		358

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 33

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	330	6.375%, 08/15/22		356
	850	7.625%, 03/15/20		922
	95	Stewart Enterprises, Inc., 6.500%, 04/15/19		101
	1,812	Stone Energy Corp., 7.500%, 11/15/22		1,934
	114	Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.375%, 08/01/21		123
	391	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.500%, 07/01/21 (e)		412
	2,525	Sun Merger Sub, Inc., 5.250%, 08/01/18 (e)		2,639
	1,000	SunEdison, Inc., 7.750%, 04/01/19		1,046
		SunGard Data Systems, Inc.,
	994	6.625%, 11/01/19		1,039
	2,750	7.375%, 11/15/18		2,915
	2,962	7.625%, 11/15/20		3,225
	1,906	SUPERVALU, Inc., 8.000%, 05/01/16		2,125
		Swift Energy Co.,
	450	7.125%, 06/01/17		459
	1,176	7.875%, 03/01/22		1,179
	929	8.875%, 01/15/20		971
	772	Talos Production LLC/Talos Production Finance, Inc., 9.750%, 02/15/18 (e)		780
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	850	5.250%, 05/01/23		850
	218	6.375%, 08/01/22		232
	655	6.875%, 02/01/21		706
	116	7.875%, 10/15/18		126
		Taylor Morrison Communities, Inc./Monarch Communities, Inc.,
	557	5.250%, 04/15/21 (e)		543
	397	7.750%, 04/15/20 (e)		439
	690	Teekay Corp., 8.500%, 01/15/20		750
		Tenet Healthcare Corp.,
	571	4.500%, 04/01/21		554
	7,075	4.750%, 06/01/20		7,022
	4,329	6.000%, 10/01/20 (e)		4,578
	510	6.250%, 11/01/18		558
	3,050	6.750%, 02/01/20		3,157
	8,898	8.000%, 08/01/20		9,688
	1,700	8.125%, 04/01/22 (e)		1,861
		Terex Corp.,
	3,935	6.000%, 05/15/21		4,112
	2,200	6.500%, 04/01/20		2,354
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	1,068	5.875%, 10/01/20		1,092

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	1,000	6.125%, 10/15/21		1,035
		T-Mobile USA, Inc.,
	595	5.250%, 09/01/18 (e)		618
	405	6.464%, 04/28/19		429
	4,555	6.633%, 04/28/21		4,817
	2,683	6.731%, 04/28/22		2,834
	511	6.836%, 04/28/23		541
	1,370	Tops Holding Corp./Tops Markets LLC, 8.875%, 12/15/17 (e)		1,507
	970	Tops Holding II Corp., PIK, 9.500%, 06/15/18 (e)		1,004
	1,300	Toys R Us, Inc., 7.375%, 09/01/16 (e)		1,261
		TransDigm, Inc.,
	480	5.500%, 10/15/20		484
	500	7.750%, 12/15/18		537
	548	TransUnion Holding Co., Inc., 8.875%, 06/15/18		584
		Triumph Group, Inc.,
	150	8.000%, 11/15/17		156
	35	8.625%, 07/15/18		38
	1,665	Tronox Finance LLC, 6.375%, 08/15/20		1,698
	2,375	Tutor Perini Corp., 7.625%, 11/01/18		2,523
		tw telecom holdings, Inc.,
	575	5.375%, 10/01/22 (e)		574
	485	6.375%, 09/01/23 (e)		504
	330	U.S. Airways 2013-1 Class A Pass-Through Trust, 3.950%, 11/15/25		314
	1,755	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		1,680
	19	U.S. Concrete, Inc., 9.500%, 10/01/15		19
	519	UAL 2007-1 Pass-Through Trust, 6.636%, 07/02/22		545
	182	UAL 2009-2B Pass-Through Trust, 12.000%, 01/15/16 (e)		205
	2,100	UCI International, Inc., 8.625%, 02/15/19		2,163
	1,010	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		1,020
	3,430	Unit Corp., 6.625%, 05/15/21		3,584
		United Rentals North America, Inc.,
	274	5.750%, 07/15/18		294
	1,700	6.125%, 06/15/23		1,747
	435	7.375%, 05/15/20		485
	9,427	7.625%, 04/15/22		10,558
	5,355	8.250%, 02/01/21		6,065
	2,725	8.375%, 09/15/20		3,045
	235	9.250%, 12/15/19		264

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	4,112	United Surgical Partners International, Inc., 9.000%, 04/01/20		4,605
	1,300	Universal Health Services, Inc., 7.000%, 10/01/18		1,388
		Univision Communications, Inc.,
	2,000	5.125%, 05/15/23 (e)		1,980
	4,460	6.750%, 09/15/22 (e)		4,861
	750	7.875%, 11/01/20 (e)		833
	750	8.500%, 05/15/21 (e)		831
		USG Corp.,
	371	5.875%, 11/01/21 (e)		378
	37	7.875%, 03/30/20 (e)		41
	1,870	Vail Resorts, Inc., 6.500%, 05/01/19		1,987
	970	Valassis Communications, Inc., 6.625%, 02/01/21		968
		Valeant Pharmaceuticals International,
	3,355	6.375%, 10/15/20 (e)		3,581
	1,000	6.500%, 07/15/16 (e)		1,035
	2,765	6.750%, 10/01/17 (e)		2,972
	1,399	6.750%, 08/15/18 (e)		1,532
	3,100	6.750%, 08/15/21 (e)		3,302
	6,000	7.000%, 10/01/20 (e)		6,465
	500	7.250%, 07/15/22 (e)		544
	8,565	7.500%, 07/15/21 (e)		9,507
	660	Vanguard Natural Resources LLC/VNR Finance Corp., 7.875%, 04/01/20		690
	626	Viasystems, Inc., 7.875%, 05/01/19 (e)		667
	1,200	Victor Technologies Group, Inc., 9.000%, 12/15/17		1,290
	2,835	Visteon Corp., 6.750%, 04/15/19		3,026
		Vulcan Materials Co.,
	355	6.500%, 12/01/16		393
	6,845	7.500%, 06/15/21		7,692
		VWR Funding, Inc.,
	1,130	7.250%, 09/15/17		1,203
	150	10.750%, 06/30/17 (e)		152
	2,380	W&T Offshore, Inc., 8.500%, 06/15/19		2,564
	904	WCI Communities, Inc., 6.875%, 08/15/21 (e)		881
	2,451	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		2,518
	386	Western Refining, Inc., 6.250%, 04/01/21		387
		Whiting Petroleum Corp.,
	1,750	5.000%, 03/15/19		1,820
	2,750	5.750%, 03/15/21		2,908
		Windstream Corp.,
	282	6.375%, 08/01/23		274
	2,924	7.750%, 10/15/20		3,136

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	12,465	7.750%, 10/01/21 (e)		13,306
	75	8.125%, 09/01/18		81
	1,493	WMG Acquisition Corp., 6.000%, 01/15/21 (e)		1,568
	795	Wok Acquisition Corp., 10.250%, 06/30/20 (e)		865
		WPX Energy, Inc.,
	835	5.250%, 01/15/17		891
	8,135	6.000%, 01/15/22		8,542
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	500	5.375%, 03/15/22		514
	600	7.750%, 08/15/20		677
		Zayo Group LLC/Zayo Capital, Inc.,
	550	8.125%, 01/01/20		602
	1,710	10.125%, 07/01/20		1,975
				1,889,458
		Venezuela — 0.1%
	6,580	Petroleos de Venezuela S.A., Reg. S., 8.500%, 11/02/17		5,892
		Total Corporate Bonds (Cost $2,142,291)		2,211,820
	Foreign Government Securities — 2.9%
		Argentina — 0.1%
	738	City of Buenos Aires, Reg. S., 12.500%, 04/06/15		778
		Provincia de Buenos Aires,
	5,349	Reg. S., 10.875%, 01/26/21		4,921
	3,550	Reg. S., 11.750%, 10/05/15		3,488
	1,126	Republic of Argentina, 8.280%, 12/31/33		808
				9,995
		Aruba — 0.1%
	5,290	Government of Aruba, 4.625%, 09/14/23 (e)		4,999
		Brazil — 0.3%
	10,805	Citigroup, Inc., CLN, 0.000%, 01/03/17 (linked to Federal Republic of Brazil, 0.000%, 01/01/17; credit rating BBB), Reg. S., VAR, 0.000%, 01/03/17 (i)		8,424
	11,000	Federal Republic of Brazil, 11.000%, 08/17/40		12,831
				21,255
		Colombia — 0.0% (g)
	650	Republic of Colombia, 6.125%, 01/18/41		726
		Costa Rica — 0.1%
	7,250	Republic of Costa Rica, Reg. S., 9.995%, 08/01/20		9,353

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 35

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — Continued
		Croatia — 0.0% (g)
		Republic of Croatia,
	550	Reg. S., 6.250%, 04/27/17		588
	1,800	Reg. S., 6.750%, 11/05/19		1,964
				2,552
		Dominican Republic — 0.2%
		Government of Dominican Republic,
	1,648	9.040%, 01/23/18 (e)		1,808
	10,729	Reg. S., 9.040%, 01/23/18		11,775
				13,583
		El Salvador — 0.1%
	2,930	Republic of El Salvador, Reg. S., 7.750%, 01/24/23		3,267
		Ghana — 0.1%
	5,850	Republic of Ghana, Reg. S., 8.500%, 10/04/17		6,376
	1,370	Standard Bank plc, CLN, 21.000%, 10/28/15 (linked to Government of Ghana 3-Year Bond, 21.000%, 10/26/15; credit rating B), 21.000%, 10/28/15 (e) (i)		1,028
				7,404
		Hungary — 0.1%
		Republic of Hungary,
	2,524	6.375%, 03/29/21		2,736
	6,500	7.625%, 03/29/41		7,332
	692	7.625%, 03/29/41		781
				10,849
		Indonesia — 0.2%
		Republic of Indonesia,
	7,810	Reg. S., 11.625%, 03/04/19		10,700
	5,232	Reg. S., 11.625%, 03/04/19		7,168
				17,868
		Iraq — 0.1%
	12,875	Republic of Iraq, Reg. S., 5.800%, 01/15/28		11,169
		Italy — 0.2%
		Republic of Italy,
	EUR 4,000	4.250%, 03/01/20		5,732
	EUR 4,400	4.500%, 05/01/23		6,246
	EUR 2,300	4.750%, 08/01/23 (e)		3,343
	EUR 2,900	4.750%, 09/01/28 (e)		4,060
				19,381
		Kenya — 0.0% (g)
	750	Citigroup, Inc., CLN, 0.000%, 11/15/32 (linked to Republic of Kenya, 0.000%, 11/15/32; credit rating B+) (i)		694

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
		Nigeria — 0.1%
	6,100	Citigroup, Inc., CLN, 16.390%, 01/31/22 (linked to Republic of Nigeria Treasury 10-Year Bond, 16.390%, 01/27/22; credit rating BB-), 16.526%, 01/31/22 (e) (i)		5,866
		Philippines — 0.1%
	5,040	Republic of Philippines, 10.625%, 03/16/25		7,913
		Portugal — 0.1%
		Portugal Obrigacoes do Tesouro OT,
	EUR 1,800	3.350%, 10/15/15 (e)		2,426
	EUR 800	4.200%, 10/15/16 (e)		1,077
	EUR 1,500	4.350%, 10/16/17 (e)		1,989
				5,492
		Romania — 0.2%
		Republic of Romania,
	13,700	6.750%, 02/07/22 (e)		15,824
		Russia — 0.2%
		Russian Federation,
	800	5.875%, 09/16/43 (e)		851
	10,590	Reg. S., 12.750%, 06/24/28		18,427
				19,278
		Serbia — 0.1%
	9,990	Republic of Serbia, Reg. S., 7.250%, 09/28/21		10,390
		Slovenia — 0.1%
	4,100	Slovenia Government International Bond, 4.750%, 05/10/18		4,029
		South Africa — 0.0% (g)
	2,000	Republic of South Africa, 5.875%, 09/16/25		2,133
	500	South Africa Government International Bond, 5.875%, 09/16/25		533
				2,666
		Spain — 0.2%
		Kingdom of Spain,
	EUR 4,500	4.000%, 04/30/20		6,368
	EUR 1,400	4.100%, 07/30/18		2,027
	EUR 4,250	4.850%, 10/31/20		6,285
	EUR 1,450	Spain Government Bond, 3.150%, 01/31/16		2,032
				16,712
		Sri Lanka — 0.0% (g)
	760	Republic of Sri Lanka, Reg. S., 5.875%, 07/25/22		739
		Turkey — 0.0% (g)
	1,750	Republic of Turkey, 6.250%, 09/26/22		1,923

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL/ AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — Continued
		Ukraine — 0.0% (g)
	2,430	Republic of Ukraine, 9.250%, 07/24/17 (e)		2,351
		Uruguay — 0.1%
		Republic of Uruguay,
	1,280	7.625%, 03/21/36		1,651
	1,230	8.000%, 11/18/22		1,575
				3,226
		Venezuela — 0.1%
		Republic of Venezuela,
	2,870	7.650%, 04/21/25		2,098
	5,710	Reg. S., 12.750%, 08/23/22		5,761
				7,859
		Total Foreign Government Securities (Cost $234,554)		237,363
	Preferred Securities — 4.3% (x)
		Bermuda — 0.0% (g)
	1,650	Catlin Insurance Co., Ltd., VAR, 7.249%, 01/19/17 (e)		1,712
		France — 0.1%
	8,035	Electricite de France S.A., VAR, 5.250%, 01/29/23 (e)		7,899
		Sweden — 0.0% (g)
	735	Skandinaviska Enskilda Banken AB, VAR, 5.471%, 03/23/15 (e)		757
		United Kingdom — 0.0% (g)
	2,590	Swiss Re Capital I LP, VAR, 6.854%, 05/25/16 (e)		2,758
		United States — 4.2%
		Bank of America Corp.,
	28,825	VAR, 5.200%, 06/01/23		26,159
	27,474	VAR, 8.000%, 01/30/18		30,427
	15,115	VAR, 8.125%, 05/15/18		16,891
	5,345	Bank of New York Mellon Corp. (The), VAR, 4.500%, 06/20/23		4,877
	32	CenterPoint Energy, Inc., SUB, 3.547%, 09/15/29		1,660
		Citigroup, Inc.,
	32,540	VAR, 5.350%, 05/15/23		29,286
	34,616	VAR, 5.950%, 01/30/23		33,015
	17,625	Fifth Third Bancorp, VAR, 5.100%, 06/30/23		15,862
		General Electric Capital Corp.,
	22,200	VAR, 5.250%, 06/15/23		21,201
	37,200	VAR, 6.250%, 12/15/22		38,781
	18,920	Goldman Sachs Capital II, VAR, 4.000%, 12/02/13		13,954

PRINCIPAL/ AMOUNT			SECURITY DESCRIPTION	VALUE
			United States — Continued
			PNC Financial Services Group, Inc. (The),
	14,665		VAR, 4.850%, 06/01/23		13,382
	27,788		VAR, 6.750%, 08/01/21		29,316
	5,945		UBS Preferred Funding Trust V, VAR, 6.243%, 05/15/16		6,354
	16,865		Wachovia Capital Trust III, VAR, 5.570%, 12/02/13		15,769
	43,325		Wells Fargo & Co., VAR, 7.980%, 03/15/18		48,849
					345,783
			Total Preferred Securities (Cost $368,477)		358,909
SHARES
	Preferred Stocks — 2.7%
			Brazil — 0.1%
	627		Banco Bradesco S.A. (Preference Shares) (m)		9,028
			Cayman Islands — 0.0% (g)
	3		XLIT Ltd., Series D, VAR, 3.364%, 10/29/49 (a)		2,174
			Luxembourg — 0.1%
	300		ArcelorMittal, 6.000%, 01/15/16 (a)		7,140
			Netherlands — 0.1%
	EUR      44		Volkswagen International Finance N.V., 5.500%, 11/09/15 (e)		6,943
			United States — 2.4%
	5		Ally Financial, Inc., 7.000%, 12/02/13 ($1,000 par value) (a) (e) @		5,272
	7		Bank of America Corp., Series L, 7.250%, 12/31/49 (a) @		7,992
	684		Bank of New York Mellon Corp. (The), 5.200%, 09/20/17 ($25 par value) (a) @		14,232
	119		BB&T Corp., Series E, 5.625%, 08/01/17 ($25 par value) (a) @		2,514
	508		BB&T Corp., Series F, 5.200%, 11/01/17 ($25 par value) (a) @		10,259
	52		BB&T Corp., Series G, 5.200%, 06/01/18 ($25 par value) (a) @		1,050
	117		Boston Properties, Inc., 5.250%, 03/27/18 ($25 par value) @		2,553
	1		Chesapeake Energy Corp., 5.750% ($1,000 par value) (e) @		953
	60		Cliffs Natural Resources, Inc., 7.000%, 02/01/16 (a)		1,360
	—	(h)	Constar International, Inc. (Preference Shares) (a) (i)		—
	41		Crown Castle International Corp., 4.500%, 11/01/16		4,156

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 37

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Preferred Stocks — Continued
		United States — Continued
	562	Discover Financial Services, Series B, 6.500%, 12/01/17 ($25 par value) @		13,431
	18	Dominion Resources, Inc., Series A, 6.125%, 04/01/16		958
	18	Dominion Resources, Inc., Series B, 6.000%, 07/01/16 (a)		959
	440	Duke Energy Corp., 5.125%, 01/15/73 (a)		9,381
	32	General Motors Co., Series B, 4.750%, 12/01/13		1,624
	12	GMAC Capital Trust I, VAR, 8.125%, 02/15/40 (a)		322
	566	Goldman Sachs Group, Inc. (The), 5.950%, 11/10/17 ($25 par value) (a) @		12,667
	575	Goldman Sachs Group, Inc. (The), Series J, VAR, 5.500%, 05/10/23 (a) @		13,116
	113	Goodyear Tire & Rubber Co. (The), 5.875%, 04/01/14 (a)		6,773
	65	Hartford Financial Services Group, Inc., VAR, 7.875%, 04/15/42 (a)		1,882
	88	Health Care REIT, Inc., Series I, 6.500% (a) @		5,174
	28	iStar Financial, Inc., Series J, 4.500%, 03/15/18 ($50 par value) (a) @		1,623
	1	Lucent Technologies Capital Trust I, 7.750%, 03/15/17 (a)		1,379
	485	Morgan Stanley, VAR, 7.125%, 10/15/23 (a) @		12,586
	190	NextEra Energy, Inc., 5.799%, 09/01/16		9,654
	1	Pitney Bowes International Holdings, Inc., 6.125%, 10/30/16 (a) (e) @		1,042
	158	PPL Corp., 8.750%, 05/01/14 (a)		8,356
	374	SCE Trust II, 5.100%, 03/15/18 ($25 par value) (a) @		7,428
	682	State Street Corp., Series C, 5.250%, 09/15/17 ($25 par value) (a) @		14,879
	310	U.S. Bancorp, Series H, 5.150%, 07/15/18 (a) @		6,625
	73	United Technologies Corp., 7.500%, 08/01/15		4,639
	42	Vornado Realty Trust, Series G, 6.625%, 12/02/13 ($25 par value) (m) @		1,016
	10	Weingarten Realty Investors, Series F, 6.500%, 12/02/13 ($25 par value) (m) @		233
	7	Wells Fargo & Co., 7.500%, 03/15/18 @		7,877
	57	Weyerhaeuser Co., Series A, 6.375%, 07/01/16 (a)		3,145
				197,110
		Total Preferred Stocks (Cost $231,941)		222,395

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Loan Assignments — 1.1%
			Cayman Islands — 0.0% (g)
	660		Shelf Drilling Holdings Ltd., Term Loan, VAR, 9.500%, 10/01/18		666
			United States — 1.1%
	1,361		Alcatel-Lucent USA, Inc., U.S. Term Loan, VAR, 5.750%, 01/30/19		1,381
	187		Alon USA Partners, LP, MLP Term Loans, VAR, 9.250%, 11/28/18		193
			Altice Financing S.A., Term Loan,
	693		VAR, 5.500%, 07/02/19		698
	180		VAR, 5.500%, 07/02/19		181
	94		VAR, 5.500%, 07/02/19		94
	648		American Casino & Entertainment Properties LLC, Term Loan, VAR, 6.000%, 07/03/19		655
	450		American Casino & Entertainment Properties LLC, Term Loan, 2nd Lien Term Loan, VAR, 11.250%, 01/03/20		462
			Aot Holdings Ltd., 1st Lien Senior Secured Term Loan,
	447		VAR, 5.000%, 10/01/19		449
	324		VAR, 5.000%, 10/01/19		325
	167		VAR, 5.000%, 10/01/19		168
	43		VAR, 5.000%, 10/01/19		44
	43		VAR, 5.000%, 10/01/19		43
	37		VAR, 5.000%, 10/01/19		38
	26		VAR, 5.000%, 10/01/19		26
	17		VAR, 5.000%, 10/01/19		17
			Aptalis Pharma, Inc., Term B Loan,
	2,400		VAR, 6.000%, 10/02/20		2,411
	2,600		VAR, 6.000%, 10/02/20		2,611
	1,258		Arch Coal, Inc., Term Loan, VAR, 5.750%, 05/16/18		1,219
			Attachmate Corp., 1st Lien Term Loan,
	898		VAR, 7.250%, 11/22/17		904
	26		VAR, 7.250%, 11/22/17		27
	—	(h)	VAR, 8.000%, 11/22/17		—	(h)
			Autoparts Holdings Ltd., Term Loan,
	40		VAR, 6.500%, 07/29/17		40
	79		VAR, 6.500%, 07/29/17		79
	914		Avaya, Inc., Term Loan B3 Extending Tranche, VAR, 4.762%, 10/26/17 ^		844
	397		Avaya, Inc., Term Loan B5, VAR, 8.000%, 03/31/18		386
	265		AZ Chem U.S., Inc., Term Loan, VAR, 5.250%, 12/22/17		267

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — Continued
		United States — Continued
		Barrington Broadcasting, Tranche 2 Term Loan,
	36	VAR, 7.500%, 06/14/17		36
	224	VAR, 7.500%, 06/14/17		224
	578	BMC Software, Inc., Initial U.S. Term Loan, VAR, 5.000%, 09/10/20		584
	4,251	Caesars Entertainment Operating Co., Inc., (FKA Harrahs), Extended B-6 Term Loan, VAR, 5.488%, 01/28/18		3,984
	346	Carestream Health, Inc., Term Loan, VAR, 5.000%, 06/07/19		349
	246	Catalent Pharma Solutions, Inc., Dollar Term-2 Loan, VAR, 4.250%, 09/15/17		247
	242	Catalent Pharma Solutions, Inc., Extended Dollar Term-1 Loan, VAR, 3.668%, 09/15/16		243
	460	CCM Merger, Inc., Term Loan, VAR, 5.000%, 03/01/17		463
	638	CDW Corp., Term Loan, VAR, 3.500%, 04/29/20		635
	186	Ceridian Corp., 2013 New Replacement U.S. Term Loan, VAR, 4.420%, 05/09/17		187
	1,477	Chrysler Group LLC, Term Loan B, VAR, 4.250%, 05/24/17		1,490
		Cincinnati Bell, Inc., Tranche B Term Loan,
	222	VAR, 4.000%, 09/10/20		220
	222	VAR, 4.000%, 09/10/20		221
	222	VAR, 4.000%, 09/10/20		221
	3,949	Clear Channel Communications, Inc., Term Loan B, VAR, 3.818%, 01/29/16		3,828
	3,107	Clear Channel Communications, Inc., Term Loan D, VAR, 6.918%, 01/23/19		2,952
	1,210	Cricket Communications, Inc., (Leap Wireless International), Term Loan C, VAR, 4.750%, 03/08/20		1,215
	299	Cristal Inorganic Chemicals U.S., Inc., (Millennium), 2nd Lien, VAR, 5.998%, 11/15/14		300
	2,112	Dell, Inc., Term B Loan, VAR, 4.500%, 09/23/20		2,099
	279	Ducommun, Inc., Term Loan, VAR, 4.500%, 06/28/17		281
	941	DuPont Performance, (Axalta), Term Loan, VAR, 4.750%, 02/01/20		950
	536	Edwards Ltd., (BOC Edwards), Term Loan, VAR, 4.750%, 03/26/20		536
		Entercom Radio LLC, Term Loan,
	213	VAR, 5.000%, 11/23/18		215
	7	VAR, 5.000%, 11/23/18		7
	4	VAR, 6.000%, 11/23/18		4

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	445	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		448
	2,160	Fieldwood Energy LLC, Closing Date Loan, 2nd Lien, VAR, 8.375%, 09/30/20 ^		2,196
	1,400	First Data Corp., Extended 2018 Dollar, Term Loan, VAR, 4.170%, 03/23/18		1,401
	733	FMG Resources Pty Ltd., Term Loan, VAR, 5.250%, 10/18/17		734
	682	Freescale Semiconductor, Inc., Term Loan B, VAR, 5.000%, 03/01/20		687
	600	Freescale Semiconductor, Inc., Term Loan B5, VAR, 5.000%, 01/15/21		605
	875	Go Daddy Group, Inc. (The), Term Loan, VAR, 4.250%, 12/17/18		877
	400	Graton Economic Development Authority, Closing Date Term Loan B, VAR, 9.000%, 08/22/18		420
		Gymboree Corp. (The), Initial Term Loan (A & R),
	4,421	VAR, 5.000%, 02/23/18 ^		4,273
	118	VAR, 5.000%, 02/23/18 ^		114
		High Liner Foods, Inc., Term Loan,
	6	VAR, 4.750%, 12/19/17		6
	255	VAR, 4.750%, 12/19/17		255
	1,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Term A Loan, VAR, 10/25/20 ^		1,006
	282	Hubbard Radio LLC, 1st Lien Term Loan B, VAR, 4.500%, 04/29/19		284
	690	Infor U.S., Inc.(FKA Lawson Software Inc.), Tranche B-2 Term Loan, VAR, 5.250%, 04/05/18		695
		Integra Telecom Holdings, Inc., Term Loan,
	120	VAR, 5.250%, 02/22/19		121
	121	VAR, 5.250%, 02/22/19		122
	476	Interactive Data Corp., Term Loan, VAR, 3.750%, 02/11/18		475
		Intrawest, 1st Lien Term Loan,
	222	VAR, 7.000%, 12/04/17		224
	423	VAR, 7.000%, 12/04/17		428
	290	inVentiv Health, Inc., Consolidated Term Loan, VAR, 7.500%, 08/04/16		285
	2,244	J.C. Penney Corp., Inc., Term Loan, VAR, 6.000%, 05/22/18		2,169
	333	Jacobs Entertainment, Inc., Tranche B Loan, VAR, 6.250%, 10/29/18		334
	517	McGraw-Hill Education, Term B Loan, VAR, 9.000%, 03/22/19		526

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 39

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — Continued
		United States — Continued
	412	MEG Energy Corp., Incremental Term Loan, VAR, 3.750%, 03/31/20		414
	550	Mohegan Tribal Gaming Authority, Term Loan, VAR, 9.000%, 03/31/16		561
	886	National Mentor Holdings, Inc., Tranche B-1 Term Loan, VAR, 6.500%, 02/09/17		892
	944	Navios Maritime Partners L.P., Term Loan, VAR, 5.250%, 06/27/18 ^		956
	843	Noranda Aluminum Holding Corp., Term B Loan, VAR, 5.750%, 02/28/19		779
	298	NXP B.V., Tranche C Term Loan, VAR, 4.750%, 01/10/20		301
	275	OCI Beaumont, Term B-2 Loan, VAR, 6.250%, 08/20/19		278
	166	Ozburn-Hessey Logistics LLC, Term Loan, VAR, 6.750%, 05/22/19		166
	191	Quikrete Holdings, Inc., Initial Loan 2nd Lien, VAR, 7.000%, 03/26/21		195
		R.H. Donnelley, Inc., Exit Term Loan,
	628	VAR, 9.750%, 12/31/16		451
	566	VAR, 9.750%, 12/31/16		406
	974	Radio One, Inc., Term Loan, VAR, 7.500%, 03/31/16		995
	100	Realogy Corp., Extended Synthetic Commitments, VAR, 4.430%, 10/10/16		101
	949	Remy International, Inc., Term Loan, VAR, 4.250%, 02/28/20		953
		Reynolds Group Holdings, Inc., U.S. Term Loan,
	139	VAR, 4.750%, 09/28/18		140
	119	VAR, 4.750%, 09/28/18		120
	73	VAR, 4.750%, 09/28/18		73
	321	Rice Energy LLC, Term Loan, VAR, 8.500%, 10/25/18		326
	395	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		404
	2,125	Rite Aid Corp., Tranche 2 Term Loan, VAR, 4.875%, 06/21/21		2,140
	670	ROC Finance LLC/ROC Finance 1 Corp., Term Loan, VAR, 5.000%, 06/20/19		655
	1,418	RP Crown Parent LLC, 1st Lien Term Loan, VAR, 6.750%, 12/14/18		1,431
	1,217	Sabine Oil & Gas (NFR Energy), Term Loan, VAR, 8.750%, 12/31/18		1,221
	1,630	Sears Holdings Corp., Term Loan, VAR, 5.500%, 06/30/18		1,635
	825	Shingle Springs Tribal Gaming Authority, Term B Loan, VAR, 6.250%, 08/29/19		823
	277	Sourcehov LLC, 2nd Lien Term Loan, VAR, 8.750%, 04/30/19		280

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — Continued
	267	St. George’s University, Term Loan, VAR, 8.500%, 12/20/17		269
	564	Stallion Oilfield Holdings, Inc., Term Loan B, VAR, 8.000%, 06/19/18		575
	350	State Class Tankers, Initial Term Loan, VAR, 6.750%, 06/20/20		352
	1,244	Station Casinos LLC, Term Loan, VAR, 5.000%, 03/01/20		1,255
	642	Summit Materials LLC, Term Loan, VAR, 5.000%, 01/30/19		643
	3,254	SUPERVALU, Inc., Term Loan B, VAR, 5.000%, 03/21/19		3,272
	1,460	Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.000%, 04/23/19		1,463
	513	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		514
		Texas Competitive Electric Holdings Co. LLC, Extended Term Loan,
	1,492	VAR, 4.674%, 10/10/17		994
	730	VAR, 4.766%, 10/10/17		486
		Texas Competitive Electric Holdings Co. LLC, Non-Extended Term Loan,
	821	VAR, 3.674%, 10/10/14		552
	402	VAR, 3.766%, 10/10/14		270
		Tronox Ltd., Term Loan,
	185	VAR, 4.500%, 03/19/20		187
	163	VAR, 4.500%, 03/19/20		164
	973	UCI International, Inc., Term Loan, VAR, 5.500%, 07/26/17		975
	1,992	Univision Communications, Inc., 1st Lien Term Loan, VAR, 4.500%, 03/01/20		2,002
	448	Univision Communications, Inc., 2013 Incremental term Loan, VAR, 4.000%, 03/01/20		448
	754	Vertis, Inc., 1st Lien Term Loan, VAR, 14.000%, 12/21/15 (d) (i)		13
	5,746	Visant Corp., Tranche B Term Loans, VAR, 5.250%, 12/22/16 ^		5,635
	1,427	Wabash National Corp., Initial Term Loan, VAR, 4.500%, 05/08/19		1,429
	979	Walter Investment Management Corp., Tranche B Term Loan, VAR, 5.750%, 11/28/17		987
	771	WildHorse Resources LLC, Term Loan, VAR, 7.500%, 12/13/18		764
	500	WMG Acquisition Corp., Tranche B Term Loan, VAR, 3.750%, 07/01/20		500
				94,183
		Total Loan Assignments (Cost $94,959)		94,849

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	U.S. Treasury Obligation — 0.1%
	6,180	U.S. Treasury Note, 0.250%, 01/31/14 (k) (Cost $6,184)		6,183
NUMBER OF RIGHTS
	Rights — 0.0%
		Hong Kong — 0.0%
	44	New World Development Co., Ltd., expiring 12/31/49 (a) (Cost $—)		–
NUMBER OF WARRANTS
	Warrants — 0.0%
		United States — 0.0%
	1	General Maritime Corp., expiring 05/17/17 (Strike Price $1.00) (a) (i)		—
	1	Neebo, Inc., expiring 6/20/2019 (Strike Price $1.00) (a) (i)		—
		Total Warrants (Cost $—(h))		—
SHARES
	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	183,045	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $183,045)		183,045
		Total Investments — 99.2% (Cost $7,716,273)		8,221,394
		Other Assets in Excess of Liabilities — 0.8%		64,651
		NET ASSETS — 100.0%	$	8,286,045

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2013

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

INDUSTRY	PERCENTAGE
Oil, Gas & Consumable Fuels		8.0	%
Commercial Banks		7.3
Real Estate Investment Trusts (REITs)		5.8
Non-Agency CMO		5.2
Asset-Backed Securities		5.1
Diversified Telecommunication Services		5.0
Insurance		4.1
Pharmaceuticals		3.9
Media		3.8
Diversified Financial Services		3.6
Foreign Government Securities		2.9
Hotels, Restaurants & Leisure		2.8
Wireless Telecommunication Services		2.7
Electric Utilities		2.1
Chemicals		2.0
Semiconductors & Semiconductor Equipment		1.7
Automobiles		1.6
Health Care Providers & Services		1.6
Capital Markets		1.6
Multi-Utilities		1.5
Metals & Mining		1.5
Specialty Retail		1.5
Communications Equipment		1.2
Tobacco		1.2
Software		1.2
Consumer Finance		1.1
Food & Staples Retailing		1.0
IT Services		1.0
Real Estate Management & Development		1.0
Household Durables		1.0
Trading Companies & Distributors		1.0
Others (each less than 1.0%)		12.8
Short-Term Investment		2.2

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(4,002	)	5 Year U.S. Treasury Note		12/31/13	$	(486,993	)	$	(3,284	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 41

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

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

(Amounts in thousands, except number of contracts)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	650,000	EUR	Morgan Stanley		11/22/13		886		882		4
	446,000	GBP	Morgan Stanley		11/22/13		717		716		1
							1,603		1,598		5

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—  American Depositary Receipt
AUD	—  Australian Dollar
CLN	—  Credit-Linked Notes. The credit ratings disclosed for the underlying referenced obligations provide an indication of the likelihood or risk that the underlying sovereign issuer will default on payment of principal or interest. The credit ratings on these securities represent the rating from a nationally recognized statistical rating organization and are as of October 31, 2013. Credit ratings are generally considered to be lagging indicators, and as such, credit risk could be greater than the current ratings would indicate.
CMO	—  Collateralized Mortgage Obligation
CVA	—  Dutch Certification
EUR	—  Euro
GBP	—  British Pound
GDR	—  Global Depositary Receipt
GMAC	—  General Motors Acceptance Corp.
NVDR	—  Non Voting Depositary Receipt
PIK	—  Payment-in-Kind
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REIT	—  Real Estate Investment Trust
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of October 31, 2013.
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of October 31, 2013.
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(d)	—  Defaulted Security.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(i)	—  Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(k)	—  All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)	—  The rate shown is the current yield as of October 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(x)	—  Securities are perpetual and, thus, do 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 October 31, 2013.
^	—  Unsettled security, coupon rate is undetermined at October 31, 2013
@	—  The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is currently in effect as of October 31, 2013.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $2,371,026,000 and 28.8%, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS OCTOBER 31, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2013 J.P. MORGAN FUNDS 43

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

(Amounts in thousands, except per share amounts)

	Income Builder Fund
ASSETS:
Investments in non-affiliates, at value	$	8,038,349
Investments in affiliates, at value		183,045
Total investment securities, at value		8,221,394
Cash		44,413
Foreign currency, at value		17,788
Receivables:
Investment securities sold		53,404
Fund shares sold		55,243
Interest and dividends from non-affiliates		62,438
Dividends from affiliates		3
Tax reclaims		1,594
Unrealized appreciation on forward foreign currency exchange contracts		5
Unrealized appreciation on unfunded commitments		6
Prepaid expenses		24
Total Assets		8,456,312
LIABILITIES:
Payables:
Dividends		3,768
Investment securities purchased		144,902
Fund shares redeemed		15,528
Variation margin on futures contracts		31
Accrued liabilities:
Investment advisory fees		2,246
Shareholder servicing fees		131
Distribution fees		2,823
Custodian and accounting fees		297
Trustees’ and Chief Compliance Officer’s fees		1
Other		540
Total Liabilities		170,267
Net Assets	$	8,286,045

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS OCTOBER 31, 2013

	Income Builder Fund
NET ASSETS:
Paid-in-Capital	$	7,800,989
Accumulated undistributed (distributions in excess of) net investment income		6,954
Accumulated net realized gains (losses)		(24,143	)
Net unrealized appreciation (depreciation)		502,245
Total Net Assets	$	8,286,045
Net Assets:
Class A	$	3,223,725
Class C		3,476,814
Select Class		1,585,506
Total	$	8,286,045
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		312,524
Class C		337,779
Select Class		153,556
Net Asset Value (a):
Class A — Redemption price per share	$	10.32
Class C — Offering price per share (b)		10.29
Select Class — Offering and redemption price per share		10.33
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	10.81
Cost of investments in non-affiliates	$	7,533,228
Cost of investments in affiliates		183,045
Cost of foreign currency		17,479

(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.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 45

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013

(Amounts in thousands)

	Income Builder Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	208,380
Interest income from affiliates		1
Dividend income from non-affiliates		126,314
Dividend income from affiliates		50
Foreign taxes withheld		(7,543	)
Total investment income		327,202
EXPENSES:
Investment advisory fees		27,900
Administration fees		5,232
Distribution fees:
Class A		6,019
Class C		19,351
Shareholder servicing fees:
Class A		6,019
Class C		6,450
Select Class		3,031
Custodian and accounting fees		1,143
Interest expense to affiliates		1
Professional fees		231
Trustees’ and Chief Compliance Officer’s fees		63
Printing and mailing costs		495
Registration and filing fees		343
Transfer agent fees		3,391
Other		44
Total expenses		79,713
Less amounts waived		(22,302	)
Less earnings credits		—	(a)
Net expenses		57,411
Net investment income (loss)		269,791
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		46,593	(b)
Futures		(1,141	)
Foreign currency transactions		572
Net realized gain (loss)		46,024
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		312,512
Futures		(2,515	)
Foreign currency translations		390
Unfunded commitments		3
Change in net unrealized appreciation/depreciation		310,390
Net realized/unrealized gains (losses)		356,414
Change in net assets resulting from operations	$	626,205

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

(b) Net of change in India capital gains tax of approximately $20,000.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS OCTOBER 31, 2013

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Income Builder Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	269,791		$	152,638
Net realized gain (loss)		46,024			(26,235	)
Change in net unrealized appreciation/depreciation		310,390			236,882
Change in net assets resulting from operations		626,205			363,285
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(111,932	)		(55,097	)
Class C
From net investment income		(107,766	)		(56,951	)
Select Class
From net investment income		(57,838	)		(34,252	)
Total distributions to shareholders		(277,536	)		(146,300	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		3,951,744			1,662,287
NET ASSETS:
Change in net assets		4,300,413			1,879,272
Beginning of period		3,985,632			2,106,360
End of period	$	8,286,045		$	3,985,632
Accumulated undistributed (distributions in excess of) net investment income	$	6,954		$	5,211

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 47

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Income Builder Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,149,373		$	894,542
Distributions reinvested		102,403			49,378
Cost of shares redeemed		(663,937	)		(255,303	)
Change in net assets resulting from Class A capital transactions	$	1,587,839		$	688,617
Class C
Proceeds from shares issued	$	1,932,277		$	836,526
Distributions reinvested		86,665			44,114
Cost of shares redeemed		(353,909	)		(158,541	)
Change in net assets resulting from Class C capital transactions	$	1,665,033		$	722,099
Select Class
Proceeds from shares issued	$	1,047,792		$	499,498
Distributions reinvested		38,769			22,784
Cost of shares redeemed		(387,689	)		(270,711	)
Change in net assets resulting from Select Class capital transactions	$	698,872		$	251,571
Total change in net assets resulting from capital transactions	$	3,951,744		$	1,662,287
SHARE TRANSACTIONS:
Class A
Issued		213,544			95,413
Reinvested		10,232			5,287
Redeemed		(66,122	)		(27,524	)
Change in Class A Shares		157,654			73,176
Class C
Issued		192,419			89,491
Reinvested		8,679			4,734
Redeemed		(35,341	)		(17,076	)
Change in Class C Shares		165,757			77,149
Select Class
Issued		103,990			53,580
Reinvested		3,871			2,444
Redeemed		(38,507	)		(29,102	)
Change in Select Class Shares		69,354			26,922

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS OCTOBER 31, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2013 J.P. MORGAN FUNDS 49

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Redemption fees
Income Builder Fund
Class A
Year Ended October 31, 2013	$	9.70	$	0.45		$	0.64		$	1.09	$	(0.47	)	$	—
Year Ended October 31, 2012		9.01		0.50			0.67			1.17		(0.48	)		—
Year Ended October 31, 2011		9.37		0.49			(0.36	)		0.13		(0.49	)		—	(e)
Year Ended October 31, 2010		8.47		0.48	(d)		0.89			1.37		(0.47	)		—	(e)
Year Ended October 31, 2009		6.90		0.47			1.51			1.98		(0.41	)		—
Class C
Year Ended October 31, 2013		9.68		0.40			0.63			1.03		(0.42	)		—
Year Ended October 31, 2012		9.00		0.45			0.67			1.12		(0.44	)		—
Year Ended October 31, 2011		9.36		0.45			(0.36	)		0.09		(0.45	)		—	(e)
Year Ended October 31, 2010		8.47		0.43	(d)		0.90			1.33		(0.44	)		—	(e)
Year Ended October 31, 2009		6.90		0.43			1.51			1.94		(0.37	)		—
Select Class
Year Ended October 31, 2013		9.71		0.46			0.64			1.10		(0.48	)		—
Year Ended October 31, 2012		9.02		0.51			0.67			1.18		(0.49	)		—
Year Ended October 31, 2011		9.37		0.50			(0.34	)		0.16		(0.51	)		—	(e)
Year Ended October 31, 2010		8.47		0.49	(d)		0.90			1.39		(0.49	)		—	(e)
Year Ended October 31, 2009		6.90		0.49			1.51			2.00		(0.43	)		—

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS OCTOBER 31, 2013

		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 (c)
$	10.32		11.45	%	$	3,223,725		0.75	%		4.55	%		1.13	%		41	%
	9.70		13.36			1,502,366		0.74			5.48			1.15			40
	9.01		1.36			736,186		0.74			5.43			1.14			38
	9.37		16.76			218,031		0.74			5.36			1.37			49
	8.47		29.77			97		0.95			6.49			2.34			81
	10.29		10.84			3,476,814		1.25			4.05			1.63			41
	9.68		12.72			1,665,862		1.24			4.98			1.65			40
	9.00		0.88			853,688		1.24			4.93			1.65			38
	9.36		16.20			206,113		1.24			4.82			1.84			49
	8.47		29.15			96		1.45			5.99			2.84			81
	10.33		11.58			1,585,506		0.60			4.70			0.88			41
	9.71		13.51			817,404		0.59			5.63			0.90			40
	9.02		1.61			516,486		0.59			5.58			0.90			38
	9.37		16.90			135,279		0.60			5.53			1.23			49
	8.47		30.08			19,368		0.70			6.74			2.09			81

OCTOBER 31, 2013 J.P. MORGAN FUNDS 51

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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
Income Builder Fund	Class A, Class C and Select Class	Diversified

The investment objective of the Fund is to seek to maximize income while maintaining prospects for 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 the Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

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 policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

Certain investments of the Fund may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Fund to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

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

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also

52 J.P. MORGAN FUNDS OCTOBER 31, 2013

take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Fund applies fair value pricing on equity securities on a daily basis except for North American, Central American, South American and Caribbean equity securities held in its portfolio by utilizing the quotations of an independent pricing service, unless the Adviser determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Fund calculates its net asset values.

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

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 October 31, 2013.

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 fair value of the Fund’s investments are summarized into the three broad levels listed below:

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

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

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

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

The following table represents each valuation input by country 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
Australia	$	—	$	193,443	$	—	$	193,443
Austria		—		730		—		730
Belgium		—		27,424		—		27,424
Bermuda		3,940		861		—		4,801
Brazil		115,117		—		—		115,117
Canada		77,781		—		—		77,781
China		5,282		121,165		—		126,447
Denmark		36,295		679		—		36,974
Finland		—		18,502		—		18,502
France		2,760		293,484		—		296,244
Germany		4,543		141,114		—		145,657
Hong Kong		—		83,139		—		83,139
India		—		12,804		—		12,804
Indonesia		—		15,966		—		15,966
Ireland		4,177		—		—		4,177
Italy		—		60,274		—		60,274
Japan		—		219,095		—		219,095
Kazakhstan		3,329		—		—		3,329
Malaysia		4,080		—		—		4,080
Mexico		8,963		—		—		8,963
Netherlands		—		72,998		—		72,998
Norway		—		25,707		—		25,707
Poland		—		15,795		—		15,795
Portugal		—		748		—		748
Qatar		9,146		—		—		9,146

OCTOBER 31, 2013 J.P. MORGAN FUNDS 53

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Russia	$	17,102	$	37,585	$	—		$	54,687
Singapore		—		100,085		—			100,085
South Africa		—		89,959		—			89,959
South Korea		22,071		16,928		—			38,999
Spain		—		9,862		—			9,862
Sweden		—		88,661		—			88,661
Switzerland		436		140,764		—			141,200
Taiwan		12,591		86,727		—			99,318
Thailand		—		20,187		—			20,187
Turkey		—		37,151		—			37,151
United Arab Emirates		—		4,911		—			4,911
United Kingdom		32,757		323,133		—			355,890
United States		1,219,174		—		1,782			1,220,956
Total Common Stocks		1,579,544		2,259,881		1,782			3,841,207
Preferred Stocks
Brazil		9,028		—		—			9,028
Cayman Islands		—		2,174		—			2,174
Luxembourg		7,140		—		—			7,140
Netherlands		—		6,943		—			6,943
United States		184,064		13,046		—	(a)		197,110
Total Preferred Stocks		200,232		22,163		—	(a)		222,395
Debt Securities
Asset-Backed Securities
United States		—		—		417,470			417,470
Collateralized Mortgage Obligations
Non-Agency CMO
United States		—		420,255		7,494			427,749
Convertible Bonds
Australia		—		11,724		—			11,724
Austria		—		8,729		—			8,729
Belgium		—		3,138		—			3,138
Bermuda		—		4,523		—			4,523
Canada		—		5,231		2,584			7,815
Cayman Islands		—		13,618		—			13,618
France		—		15,703		—			15,703
India		—		23,262		—			23,262
Italy		—		3,578		—			3,578
Luxembourg		—		10,622		—			10,622
Spain		—		9,058		—			9,058
United Kingdom		—		17,800		—			17,800
United States		—		90,499		335			90,834
Total Convertible Bonds		—		217,485		2,919			220,404
Corporate Bonds
Australia		—		19,162		—			19,162
Austria		—		544		—			544
Azerbaijan		—		4,581		—			4,581
Bahamas		—		2,099		—			2,099
Bermuda		—		12,292		—			12,292
Brazil		—		680		—			680
Canada		—		45,269		1			45,270
Cayman Islands		—		17,536		—			17,536
Chile		—		1,456		—			1,456
Colombia		—		1,357		—			1,357
Costa Rica		—		2,741		—			2,741

54 J.P. MORGAN FUNDS OCTOBER 31, 2013

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Croatia	$	—		$	3,013	$	—		$	3,013
Dominican Republic		—			4,172		—			4,172
Finland		—			1,360		—			1,360
France		—			865		—			865
Georgia		—			7,277		—			7,277
Germany		—			1,513		1,844			3,357
Hungary		—			726		—			726
Indonesia		—			3,789		—			3,789
Ireland		—			14,847		—			14,847
Japan		—			4,096		—			4,096
Kazakhstan		—			10,564		—			10,564
Liberia		—			1,315		—			1,315
Luxembourg		—			85,769		—			85,769
Mexico		—			8,259		—			8,259
Netherlands		—			23,276		—			23,276
Nigeria		—			1,134		—			1,134
Norway		—			1,174		—			1,174
Singapore		—			479		—			479
Spain		—			2,330		—			2,330
United Kingdom		—			30,950		—			30,950
United States		—			1,875,916		13,542			1,889,458
Venezuela		—			5,892		—			5,892
Total Corporate Bonds		—			2,196,433		15,387			2,211,820
Foreign Government Securities		—			221,351		16,012			237,363
U.S. Treasury Obligations		—			6,183		—			6,183
Preferred Securities
Bermuda		—			1,712		—			1,712
France		—			7,899		—			7,899
Sweden		—			757		—			757
United Kingdom		—			2,758		—			2,758
United States		—			345,783		—			345,783
Total Preferred Securities		—			358,909		—			358,909
Loan Assignments
Cayman Islands		—			666		—			666
United States		—			94,170		13			94,183
Total Loan Assignments		—			94,836		13			94,849
Rights
Hong Kong		—	(a)		—		—			—	(a)
Warrants
United States		—			—		—	(a)		—	(a)
Short-Term Investment
Investment Company		183,045			—		—			183,045
Total Investments in Securities	$	1,962,821		$	5,797,496	$	461,077		$	8,221,394
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	5	$	—		$	5
Depreciation in Other Financial Instruments
Futures Contracts	$	(3,284	)	$	—	$	—		$	(3,284	)

(a) Value is zero.

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

There were no transfers between Levels 1 and 2 during the year ended October 31, 2013.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 55

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

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

	Balance as of 10/31/12			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of 10/31/13
Asset-Backed Securities — United States	$	—		$	336		$	12,374		$	2,165		$	257,173	$	(74,680	)	$	220,102	$	—	$	417,470
Collateralized Mortgage Obligations — Non-Agency CMO — United States		—			—			271			28			4,325		(553	)		3,423		—		7,494
Common Stocks — United States		68			(27	)		(1,916	)		—			4,026		(369	)		—		—		1,782
Convertible Bonds — Canada		—			—			242			—			2,342		—			—		—		2,584
Convertible Bonds — United States		233			—			77			—			25		—			—		—		335
Corporate Bonds — Canada		—			—	(b)		—	(b)		—			—		—			1		—		1
Corporate Bonds — Germany		—			—			(158	)		—			2,002		—			—		—		1,844
Corporate Bonds — United States		9,932			(255	)		(219	)		(33	)		6,165		(2,048	)		—		—		13,542
Foreign Government Securities		22,363			—			(2,290	)		—			8,221		(22,500	)		10,218		—		16,012
Loan Assignments — United States		211			237			(198	)		—			—		(237	)		—		—		13
Preferred Stocks — United States		12			(64	)		52			—			—		—			—		—		—	(a)
Warrants — United States		—	(a)		—			—			—			—		—			—		—		—	(a)
Total	$	32,819		$	227		$	8,235		$	2,160		$	284,279	$	(100,387	)	$	233,744	$	—	$	461,077

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

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

(a) Value is zero.

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

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at October 31, 2013, which were valued using significant unobservable inputs (Level 3), amounted to approximately $8,276,000. This amount is included in change in net unrealized appreciation (depreciation) of investments in non-affiliates on the Statement of Operations.

56 J.P. MORGAN FUNDS OCTOBER 31, 2013

Income Builder Fund

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at 10/31/13			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
		$1,604		Market Comparable Companies	EBITDA Multiple (a)	5.00x - 6.80x (5.00x)
					Discount for lack of marketability (b)	10.00% - 22.50% (10.00%)
		6		Terms of Plan of Reorganization	Discount for lack of marketability (b)	25% (N/A)
		21		Consensus Broker Pricing	Median Offered quote	$6.25 (N/A)
Common Stock		1,631
		0	(c)	Discounted Cash Flow	Discount for lack of marketability (b)	22.50% (N/A)
Preferred Stock		0
		302		Market Comparable Companies	EBITDA Multiple (a)	5.5x - 6.80x (6.77x)
					Discount for lack of marketability (b)	22.50% (N/A)
		0		Terms of Plan of Reorganization	Probability of Default	100% (N/A)
Corporate Bond		302
		424,964		Discounted Cash Flow	Constant Prepayment Rate	0% - 21.26% (3.40%)
					Constant Default Rate	0% - 21.60% (6.72%)
					Yield (Discount Rate of Cash Flows)	0% - 19.97% (4.93%)
Asset-Backed Securities		424,964
Warrants		0		Intrinsic Value	Issue Price vs. Stock Price	(N/A)
Total		$426,897

# The table above does not include Level 3 securities that are valued by brokers and pricing services. At October 31, 2013, the value of these securities was approximately $34,180,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, unchanged price review, results of broker and vendor due diligence and consideration of macro or security specific events.

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

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

(c) Securities senior to the preferred securities in issuing entity capital structure result in preferred stock being valued at zero.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, probability of default, 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. A significant change in broker pricing information could result in a significantly higher or lower value in such Level 3 instruments.

B. Restricted and Illiquid Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and includes, but are not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Fund. As of October 31, 2013, 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.

The value and percentage of net assets of illiquid securities held as of October 31, 2013, were approximately $20,386,000 and 0.2%, respectively.

C. Loan Assignments — The Fund invests in loan assignments of all or a portion of the loans. When the Fund purchases a loan assignment the Fund has direct rights against the borrower on a loan when it purchases an assignment; provided, however, that the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. As a result, the Fund assumes the credit risk of the Borrower (“Intermediate Participants”) and any other persons interpositioned between the Fund and the Borrower. Although certain loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing on such

OCTOBER 31, 2013 J.P. MORGAN FUNDS 57

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

collateral or have its interest subordinated to other indebtedness of the obligor. In addition, loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid.

D. Unfunded Commitments — The Fund may enter into commitments to buy and sell investments including commitments to buy loan participations and assignments to settle on future dates as part of its normal investment activities. Unfunded commitments are generally traded and priced as part of a related loan assignment (Note 2.C.). The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation (depreciation) from unfunded commitments is reported in the Statement of Assets and Liabilities. The Fund segregates security positions such that sufficient liquid assets will be available for the commitments on a future date. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends.

At October 31, 2013, the Fund had the following unfunded loan commitments which could be extended at the option of the borrower (amounts in thousands):

	Term	Maturity Date		Commitment Fee Rate			Rate if Funded			Principal Amount		Commitment
Security Description												Amount		Value
Altice Financing S.A.	Term Loan		07/02/19		4.500	%		5.500	%	$	109	$	103	$	109

E. Futures Contracts — The Fund uses index, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to particular countries or regions. The Fund also uses futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as unrealized appreciation (depreciation) in 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 in the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in 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 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 October 31, 2013 (amounts in thousands):

Futures Contracts:
Average Notional Balance Long	$	24,315
Average Notional Balance Short		92,097
Ending Notional Balance Long		—
Ending Notional Balance Short		486,993

F. Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency 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 contract was opened and the value at the time it was closed.

58 J.P. MORGAN FUNDS OCTOBER 31, 2013

The table below discloses the volume of the Fund’s forward foreign currency exchange contracts activity during the year ended October 31, 2013 (amounts in thousands):

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Sold	$	1,916
Ending Settlement Value Sold		1,603

G. Summary of Derivatives Information — The following table presents the value of derivatives held as of October 31, 2013, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities (amounts in thousands):

Derivative Contract	Statement of Assets and Liabilities Location
Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	—		$	5
Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(3,284	)		—
Total		$	(3,284	)	$	5

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

The following tables present the effect of derivatives on the Statement of Operations for the year ended October 31, 2013, by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	(134	)	$	—	$	(134	)
Foreign exchange contracts		(1,007	)		54		(953	)
Total	$	(1,141	)	$	54	$	(1,087	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Interest rate contracts	$	(3,284	)	$	—	$	(3,284	)
Foreign exchange contracts		769			9		778
Total	$	(2,515	)	$	9	$	(2,506	)

The Fund’s derivatives contracts held at October 31, 2013 are not accounted for as hedging instruments under GAAP.

H. 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.

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

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

I. 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 the Fund first learns of the dividend.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 59

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

J. 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.

K. 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 gain 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 October 31, 2013, 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 remain subject to examination by the Internal Revenue Service.

L. 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 recently enacted rules imposing a tax on indirect transfers of Indian shares, although additional guidance from the Indian tax authorities is awaited. At present, management does not believe that such tax will be applicable to the 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.

M. Distributions to Shareholders — Distributions from net investment income are generally declared and paid monthly 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)
$	—	$	9,488	$	(9,488	)

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the 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 0.45% 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 October 31, 2013, the annual 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. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

60 J.P. MORGAN FUNDS OCTOBER 31, 2013

The Board of Trustees 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 Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, 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, the Distributor 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 October 31, 2013, the Distributor retained the following amounts (in thousands):

Front-End Sales Charge	CDSC
$3,285	$	50

D. Shareholder Servicing Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to 0.25% of the average daily net assets of Class A, Class C and Select Class Shares. The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. The Fund earns interest on uninvested cash balances held by the custodian. Such interest amounts are presented separately in 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 in the Statement of Operations.

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

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

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor 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, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A	Class C			Select Class
0.75%		1.25	%		0.60	%

The expense limitation agreement was in effect for the year ended October 31, 2013. The contractual expense limitation percentages in the table above are in place until at least February 28, 2014.

For the year ended October 31, 2013, 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/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory		Administration		Shareholder Servicing		Total
$	2,610	$	5,232	$	14,288	$	22,130

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

The amount of waivers resulting from investments in these money market funds for the year ended October 31, 2013 was approximately $172,000.

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

The Board of Trustees 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 in 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 October 31, 2013, the Fund may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 61

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

The Fund may use related party broker-dealers. For the year ended October 31, 2013, the Fund incurred approximately $14,000 in 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.

4. Investment Transactions

During the year ended October 31, 2013, 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
$	6,276,168	$	2,463,686	$	931	$	3,272

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2013 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	7,737,264	$	599,527	$	115,397	$	484,130

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

The tax character of distributions paid during the year ended October 31, 2013 was as follows (amounts in thousands):

Ordinary Income		Total Distributions Paid
$	277,536	$	277,536

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

Ordinary Income		Total Distributions Paid
$	146,300	$	146,300

As of October 31, 2013, the components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	22,731	$	(18,417	)	$	484,534

The cumulative timing differences primarily consist of wash sale loss deferrals and mark to market of PFICs.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Fund after October 31, 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 Fund 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 October 31, 2013, the Fund had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains (amounts in thousands):

2019		Total
$	18,417	$	18,417

During the year ended October 31, 2013, the Fund utilized capital loss carryforwards as follows (amounts in thousands):

	Post-Enactment Capital Loss Carryforwards Utilized
Pre-Enactment Capital Loss Carryforwards Utilized	Short-Term	Long-Term	Total Capital Loss Carryforwards Utilized
$7,227	$18,358	$7,104	$32,689

62 J.P. MORGAN FUNDS OCTOBER 31, 2013

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 all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, 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 10, 2014.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013, or at any time during the year then ended.

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

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.

The Adviser or an affiliate may from time to time exercise discretion on behalf of certain of their clients with respect to the purchase or sale of a significant portion of the Fund’s outstanding shares. Investment activities on behalf of these shareholders could impact the Fund.

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

The Fund is subject to the risk that should the Fund decide to sell an illiquid investment when a ready buyer is not available at a price the Fund deems representative of its value, the value of the Fund’s net assets could be adversely affected.

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 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 invests in floating rate loans and other floating rate debt securities. Although these securities are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swap and option contracts, credit linked notes, exchange-traded notes, forward foreign currency exchange contracts and To-Be-Announced securities.

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.

As of October 31, 2013, the Fund invested approximately 59.2% of its total investments in the United States.

8. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. In January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, which updated ASU 2011-11. The ASU creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives, repurchase agreements and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time management is evaluating the implications of these changes on the Portfolio’s financial statement disclosures.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 63

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Income Builder 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 Income Builder Fund (a separate Fund of JPMorgan Trust I) (hereafter referred to as the “Fund”) at October 31, 2013, 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 at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

64 J.P. MORGAN FUNDS OCTOBER 31, 2013

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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).

OCTOBER 31, 2013 J.P. MORGAN FUNDS 65

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)
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).
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).	171	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); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-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).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Fund’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment 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 is 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.

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

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

66 J.P. MORGAN FUNDS OCTOBER 31, 2013

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980) , Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980) , Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

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

OCTOBER 31, 2013 J.P. MORGAN FUNDS 67

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 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 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, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

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. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, May 1, 2013		Ending Account Value, October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Income Builder Fund
Class A
Actual	$	1,000.00	$	1,019.70	$	3.82		0.75	%
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class C
Actual		1,000.00		1,016.30		6.35		1.25
Hypothetical		1,000.00		1,018.90		6.36		1.25
Select Class
Actual		1,000.00		1,020.40		3.06		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

68 J.P. MORGAN FUNDS OCTOBER 31, 2013

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 22, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Fund’s performance compared to the performance of the Fund’s peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Fund, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of the Fund in connection with the Trustees’ review of the investment advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the Trust and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with coun-

sels to the Trust and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing processes. The quality of the administrative services provided by J.P. Morgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 69

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Fund for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. The Board also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the adviser.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Fund does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers

and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Fund would benefit from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Fund. The Trustees also considered the complexity of investment management for the Fund relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Fund in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one- and three-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the independent consultant and also considered the special analysis prepared by the independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

70 J.P. MORGAN FUNDS OCTOBER 31, 2013

The Trustees noted the Fund’s performance was in the first quintile for both Class A and Select Class shares for the one- three-, and five-year periods ended December 31, 2012, respectively, and that the independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund. The Trustees recognized that Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed

information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first quintile of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 71

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2013. 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, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be provided under separate cover.

Dividends Received Deductions (DRD)

9.04% of ordinary income distributions were eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended October 31, 2013.

Qualified Dividend Income (QDI)

For the fiscal year ended October 31, 2013, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%. The Fund hereby designates approximately $277,536,000 or the maximum allowable amount of ordinary income distributions as qualified dividends.

72 J.P. MORGAN FUNDS OCTOBER 31, 2013

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

^© JPMorgan Chase & Co., 2013.  All rights reserved. October 2013. AN-INCBUILD-1013

Annual Report

J.P. Morgan Funds

October 31, 2013

JPMorgan Emerging Markets Local Currency Debt Fund

JPMorgan Ex-G4 Currency Strategies Fund

JPMorgan International Currency Income Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Emerging Markets Local Currency Debt Fund	3
JPMorgan Ex-G4 Currency Strategies Fund	5
JPMorgan International Currency Income Fund	7
Schedules of Portfolio Investments	9
Financial Statements	24
Financial Highlights	32
Notes to Financial Statements	38
Report of Independent Registered Public Accounting Firm	51
Trustees	52
Officers	54
Schedule of Shareholder Expenses	55
Board Approval of Investment Advisory Agreement	57
Tax Letter	60
Privacy Notice — Located at the back of this Annual Report

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

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

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

CEO’S LETTER

DECEMBER 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

  “As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio.”

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury yields fell from their reporting period peak in early September

2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junkbonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well- diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2013 J.P. MORGAN FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

The global financial markets experienced periods of volatility during the reporting period. This volatility was triggered by a number of factors, including mixed economic data, geopolitical issues, expectations for future central bank monetary policies and, in the U.S., the impact of the fiscal cliff, sequestration and partial government shutdown. Despite indications that it would begin “tapering” its asset purchase program, the U.S. Federal Reserve surprised the market by announcing a delay of the tapering at its meeting in September 2013. Elsewhere, Japan’s central bank embarked on an aggressive campaign to support its economy and end deflation, while the European Central Bank vowed to do “whatever it takes” to preserve the euro.

Within the emerging market debt asset class, U.S. dollar-denominated sovereign debt generated the weakest results, followed by local currencies and corporate bonds. In terms of local currencies, the Indonesian rupiah, South African rand, Indian rupee, Turkish lira and Brazil real were the worst performers. Each of these countries is running a current account deficit and was especially susceptible to rising U.S. Treasury yields.

2 J.P. MORGAN FUNDS OCTOBER 31, 2013

JPMorgan Emerging Markets Local Currency Debt Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	(4.03)%
J.P. Morgan GBI — EM Global Diversified Index	(1.60)%
Net Assets as of 10/31/2013 (In Thousands)	$150,482
Duration as of 10/31/2013	5.0 years

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Local Currency Debt Fund (the “Fund”) seeks to provide total return.

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

The Fund (Select Class Shares) underperformed the J.P. Morgan GBI — EM Global Diversified Index (the “Benchmark”) for the twelve months ended October 31, 2013. The emerging market local currency debt asset class was negatively impacted by outflows and widening spreads during the reporting period (generally, bond prices decline when spreads widen). The most significant detractor from the Fund’s relative performance was its overweight allocation versus the Benchmark to Brazilian local debt. Brazilian bonds lost value as Brazil’s central bank increased interest rates several times during the reporting period in an effort to contain elevated inflation in the country. Underweight positions in Polish and South African local debt and the local currencies of both countries were also negative for the Fund’s relative performance.

The most significant contributor to the Fund’s relative performance was its underweight to Turkish local debt. Turkish bonds struggled during the period due, in part, to the country’s current account deficit. Underweights versus the Benchmark to Indonesian local debt and its local currency were also beneficial for results. Elsewhere, tactical positioning in the Singapore dollar was additive to the Fund’s relative performance.

HOW WAS THE FUND POSITIONED?

The Fund invested primarily in debt securities from emerging market countries that the Fund’s portfolio managers believed had the potential to provide total return, using these investments to establish overweight and underweight currency positions versus the Benchmark. The Fund also used currency derivatives to establish overweight and underweight currency positions versus the Benchmark and held U.S. cash as support for these positions. At the end of the reporting period, the Fund’s largest currency overweights versus the Benchmark were in Nigeria, Indonesia and Chile. In addition, the Fund’s portfolio managers looked to position the portfolio to benefit from changes in the interest rates of different countries.

In terms of local rates, the Fund was overweight Peru, Indonesia, Mexico and Nigeria, as the Fund’s portfolio managers believed that the economic fundamentals of these countries may lead to lower rates (generally, bond prices increase when rates decline).

PORTFOLIO COMPOSITION BY SECURITY TYPE***
Foreign Government Securities	72.8	%
Corporate Bonds	0.7
Options Purchased	0.0	****
Short-Term Investment	26.5

PORTFOLIO COMPOSITION BY COUNTRY***
Russia	9.5	%
Indonesia	8.9
Turkey	8.1
Mexico	7.5
Malaysia	5.4
Brazil	5.2
South Africa	5.1
Hungary	4.7
Nigeria	4.4
Poland	3.5
Thailand	3.2
Peru	2.4
Colombia	1.8
Romania	1.3
Chile	1.2
Others (each less than 1.0%)	1.3
Short-Term Investment	26.5

* 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 October 31, 2013. The Fund’s composition is subject to change.

**** Amount rounds to less than 0.05%.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 3

JPMorgan Emerging Markets Local Currency Debt Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		6/29/12
Without Sales Charge				(4.26	)%		(0.88	)%
With Sales Charge*				(7.85	)		(3.67	)
CLASS C SHARES		6/29/12
Without CDSC				(4.65	)		(1.37	)
With CDSC**				(5.65	)		(1.37	)
CLASS R2 SHARES		6/29/12		(4.53	)		(1.15	)
CLASS R5 SHARES		6/29/12		(3.82	)		(0.44	)
CLASS R6 SHARES		6/29/12		(3.70	)		(0.33	)
SELECT CLASS SHARES		6/29/12		(4.03	)		(0.65	)

* Sales Charge for Class A Shares is 3.75%.

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

LIFE OF FUND PERFORMANCE (6/29/12 To 10/31/13)

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 June 29, 2012.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Emerging Markets Local Currency Debt Fund, the J.P. Morgan GBI-EM Global Diversified Index and the Lipper Emerging Markets Local Currency Debt Funds Index from June 29, 2012 to October 31, 2013. 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 J.P. Morgan GBI-EM Global Diversified Index does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. The performance of the Lipper Emerging Markets Local Currency Debt 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 J.P. Morgan GBI-EM Global Diversified Index consists of regularly traded, fixed-rate, domestic currency government bonds

which international investors can readily access. The maximum weight to any country in the index is capped at 10%. The Lipper Emerging Markets Local Currency Debt Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

4 J.P. MORGAN FUNDS OCTOBER 31, 2013

JPMorgan Ex-G4 Currency Strategies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	(1.01)%
Barclays Global Treasury 1-3 Year Index	(3.13)%
Barclays Global Ex-G4 Benchmark Currency Index	2.48%
Net Assets as of 10/31/2013 (In Thousands)	$138,515
Duration as of 10/31/2013	0.9 years

INVESTMENT OBJECTIVE**

The JPMorgan Ex-G4 Currency Strategies Fund (the “Fund”) seeks to provide total return.

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

The Fund posted a negative absolute return, but outperformed the Barclays Global Treasury 1-3 Year Index for the twelve months ended October 31, 2013. This outperformance was due, in part, to the Barclays Global Treasury 1-3 Year Index’s overweight, relative to the Fund, to the Japanese yen, which depreciated approximately 12% versus the U.S. dollar during the reporting period. The yen weakened amid aggressive Japanese government and central bank initiatives aimed at stimulating the economy and ending deflation.

The Fund underperformed the Barclays Global Ex-G4 Benchmark Currency Index (the “Supplemental Benchmark”) for the twelve months ended October 31, 2013. The Fund’s investments in local longer duration bonds detracted from performance relative to the Supplemental Benchmark as concerns that the U.S. Federal Reserve (the “Fed”) would scale back its large-scale asset purchases caused yields across the globe to rise. Duration is used to measure the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates go down or up, respectively, versus bonds with shorter duration.

Overall, the Fund’s currency management contributed to relative performance versus the Supplemental Benchmark. The Fund’s short position in the Australian dollar was the main contributor as the currency depreciated versus the U.S. dollar during the reporting period. This was especially pronounced during the second quarter of 2013, as the U.S. dollar was supported by expectations for tapering of Fed asset purchases and rising bond yields amid improving U.S. economic data. At the same time, the commodity-based Australian dollar was very weak given ongoing concerns regarding the slowdown in Chinese economic growth, as well as less investor risk appetite and softer commodity prices. Elsewhere, the Fund’s long positions in the South Korean won and Russian ruble detracted from performance relative to the Supplemental Benchmark as

emerging markets experienced outflows following concerns that the Fed would begin to taper its asset purchases.

HOW WAS THE FUND POSITIONED?

The Fund attempted to benefit from foreign currency strength and weakness against the U.S. dollar. To establish overweight and underweight positions in currencies, the Fund primarily invested in securities issued by foreign governments, agencies and supranationals. The Fund also utilized forward foreign currency exchange contracts to establish these positions and held U.S. cash as support for these positions.

PORTFOLIO COMPOSITION BY SECURITY TYPE***
Foreign Government Securities	62.4	%
Supranational	8.7
Short-Term Investment	28.9

PORTFOLIO COMPOSITION BY COUNTRY***
Mexico	13.9	%
Supranational	8.7
Germany	7.5
South Korea	7.3
Indonesia	5.2
Canada	4.8
Turkey	4.8
Thailand	4.8
Poland	3.7
Russia	2.6
South Africa	2.3
Norway	2.2
Denmark	1.8
Sweden	1.5
Short-Term Investment	28.9

* 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 5

JPMorgan Ex-G4 Currency Strategies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		11/30/11
Without Sales Charge				(1.16	)%		0.32	%
With Sales Charge*				(4.90	)		(1.66	)
CLASS C SHARES		11/30/11
Without CDSC				(1.89	)		(0.42	)
With CDSC**				(2.89	)		(0.42	)
SELECT CLASS SHARES		11/30/11		(1.01	)		0.48

* Sales Charge for Class A Shares is 3.75%.

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

LIFE OF FUND PERFORMANCE (11/30/11 TO 10/31/13)

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, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Ex-G4 Currency Strategies Fund, the Barclays Global Treasury 1-3 Year Index, the Barclays Global Ex-G4 Benchmark Currency Index and the Lipper Alternative Currency Strategies Average from November 30, 2011 to October 31, 2013. 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 Barclays Global Treasury 1-3 Year Index and the Barclays Global Ex-G4 Benchmark Currency Index does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. The performance of the Lipper Alternative Currency Strategies 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 Barclays Global Treasury 1-3 Year Index measures the performance of fixed-rate local currency sovereign debt of investment grade countries that has remaining maturities of one to three years. The Barclays Global Ex-G4 Benchmark Currency Index is

designed to track the performance of a portfolio of 1-month cash settled foreign currency forward positions in a basket of currencies. The currencies in the portfolio are weighted based on Gross Domestic Product (GDP). Investors cannot invest directly in an index. The Lipper Alternative Currency Strategies Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper.

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

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

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

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

6 J.P. MORGAN FUNDS OCTOBER 31, 2013

JPMorgan International Currency Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	(0.22)%
Barclays Global Treasury Ex-U.S. 1-3 Year Index	(5.20)%
Barclays Global
Ex-USD Benchmark Currency (Trade-Weighted) Index	0.48%
Net Assets as of 10/31/2013 (In Thousands)	$615,725
Duration as of 10/31/2013	1.3 years

INVESTMENT OBJECTIVE**

The Fund seeks to provide a high total return primarily from a portfolio of fixed income and other debt securities denominated in foreign currencies.

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

The Fund posted a negative absolute return, but outperformed the Barclays Global Treasury Ex-U.S. 1-3 Year Index for the twelve months ended October 31, 2013. Amid a rising interest rate environment, this outperformance was largely due to the Fund’s shorter duration than that of the Barclays Global Treasury Ex-U.S. 1-3 Year Index. Duration is used to measure the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates go down or up, respectively, versus bonds with shorter duration.

The Fund underperformed the Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index (the “Supplemental Benchmark”) for the twelve months ended October 31, 2013. The Fund’s investments in local longer duration bonds detracted from performance relative to the Supplemental Benchmark as concerns that the U.S. Federal Reserve (the “Fed”) would scale back its large-scale asset purchases caused yields across the globe to rise.

Overall, the Fund’s currency management contributed to relative performance versus the Supplemental Benchmark. The Fund’s short position in the Japanese yen was the main contributor to relative performance. The yen weakened amid aggressive government and central bank initiatives aimed at stimulating the economy and ending deflation. Elsewhere, the Fund’s long positions in the South Korean won and Russian ruble detracted from performance relative to the Supplemental Benchmark as emerging markets experienced outflows following concerns that the Fed would begin to taper its asset purchases. Finally, the Fund’s short position in the euro detracted from relative performance. The euro appreciated as the European Central Bank vowed to maintain its accommodative monetary policies.

HOW WAS THE FUND POSITIONED?

The Fund attempted to benefit from foreign currency strength and weakness against the U.S. dollar. To establish overweight and underweight positions in currencies, the Fund primarily invested in securities issued by foreign governments, agencies and supranationals. The Fund also utilized forward foreign currency exchange contracts to establish these positions and held U.S. cash as support for these positions.

PORTFOLIO COMPOSITION BY SECURITY TYPE***
Foreign Government Securities	63.8	%
Supranational	22.7
Corporate Bonds	5.9
Short-Term Investment	7.6

PORTFOLIO COMPOSITION BY COUNTRY***
Supranational	22.7	%
Canada	21.4
Mexico	12.0
Netherlands	7.9
Finland	4.8
Brazil	4.0
Malaysia	2.6
Austria	2.3
Germany	2.3
Denmark	2.2
United Kingdom	2.1
Philippines	1.8
Thailand	1.6
Norway	1.5
Indonesia	1.5
France	1.0
Others (each less than 1.0%)	0.8
Short-Term Investment	7.5

* 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 7

JPMorgan International Currency Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		3/30/07
Without Sales Charge				(0.45	)%		5.07	%		3.36	%
With Sales Charge*				(4.14	)		4.28			2.76
CLASS C SHARES		3/30/07
Without CDSC				(1.09	)		4.31			2.66
With CDSC**				(2.09	)		4.31			2.66
SELECT CLASS SHARES		3/30/07		(0.22	)		5.27			3.58

* Sales Charge for Class A Shares is 3.75%.

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

LIFE OF FUND PERFORMANCE (3/30/07 TO 10/31/13)

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

The Fund commenced operations on March 30, 2007.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Currency Income Fund, the Barclays Global Treasury Ex-U.S. 1-3 Year Index, the Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index and the Lipper Alternative Currency Strategies Average from March 30, 2007 to October 31, 2013. 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 Barclays Global Treasury Ex-U.S. 1-3 Year Index and the Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund. The performance of the Lipper Alternative Currency Strategies 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 Barclays Global Treasury Ex-U.S. 1-3 Year Index measures the performance of fixed-rate local currency sovereign debt of investment grade countries outside the United States that has remaining maturities of one to three years. The Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index is a total return index that is constructed to track the performance of a basket of

1-month cash settled foreign currency forward positions in a basket of currencies versus the U.S. dollar. Investors cannot invest directly in an index. The Lipper Alternative Currency Strategies Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

From the inception of the Fund through November 3, 2009, the Fund did not experience any shareholder purchase and sale activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted. Select Class Shares have a $1,000,000 minimum initial investment.

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

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations. The Fund is also subject to the additional risk of non-diversified “regional” fund investing.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

8 J.P. MORGAN FUNDS OCTOBER 31, 2013

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 0.7%
		Mexico — 0.7%
MXN	3,600	Grupo Televisa S.A.B., 7.250%, 05/14/43 (m)		229
MXN	12,240	Red de Carreteras de Occidente, S.A.P.I.B. de C.V., 9.000%, 06/10/28 (e) (m)		824
		Total Corporate Bonds (Cost $1,284)		1,053
	Foreign Government Securities — 69.6%
		Brazil — 4.9%
BRL	2,310	Brazil Letras do Tesouro Nacional, Zero Coupon, 01/01/15 (m)		916
		Brazil Notas do Tesouro Nacional Serie F,
BRL	9,090	10.000%, 01/01/17 (m)		3,901
BRL	4,800	10.000%, 01/01/21 (m)		1,982
BRL	1,311	10.000%, 01/01/23 (m)		532
				7,331
		Chile — 1.1%
CLP	36	Bonos de la Tesoreria de la Republica, 3.000%, 07/01/17 (m)		1,695
		Colombia — 1.7%
		Republic of Colombia,
COP	1,800,000	4.375%, 03/21/23 (m)		865
COP	1,405,000	7.750%, 04/14/21 (m)		847
COP	1,290,000	9.850%, 06/28/27 (m)		889
				2,601
		Ghana — 0.6%
	167	Citigroup, Inc., CLN, 16.900%, 03/09/16 (linked to Government of Ghana, 16.900%, 03/09/16; credit rating B) (a) (e) (i) (m)		134
	50	Standard Bank plc, CLN, 26.000% , 06/07/17 (linked to Government of Ghana, 26.000%, 06/07/17; credit rating B) (a) (e) (i) (m)		37
	1,606	Standard Chartered Bank, CLN, 21.000%, 10/28/15 (linked to Government of Ghana, 21.000%, 10/28/15; credit rating B) (e) (i) (m)		670
				841
		Hungary — 4.5%
		Republic of Hungary,
HUF	235,580	5.500%, 02/12/16 (m)		1,118
HUF	119,230	5.500%, 12/22/16 (m)		567
HUF	216,930	5.500%, 12/20/18 (m)		1,032
HUF	106,560	6.000%, 11/24/23 (m)		507
HUF	260,000	6.750%, 11/24/17 (m)		1,295
HUF	246,620	7.000%, 06/24/22 (m)		1,251
HUF	198,220	7.500%, 11/12/20 (m)		1,034
				6,804

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Indonesia — 8.6%
		Republic of Indonesia,
IDR	5,500,000	5.250%, 05/15/18 (m)		454
IDR	4,580,000	5.625%, 05/15/23 (m)		355
IDR	2,196,000	6.125%, 05/15/28 (m)		163
IDR	15,622,000	6.625%, 05/15/33 (m)		1,181
IDR	9,300,000	8.250%, 07/15/21 (m)		860
IDR	35,090,000	8.250%, 06/15/32 (m)		3,144
IDR	16,300,000	8.375%, 03/15/24 (m)		1,532
IDR	10,400,000	8.375%, 03/15/34 (m)		966
IDR	7,000,000	9.000%, 03/15/29 (m)		673
IDR	20,000,000	9.500%, 06/15/15 (m)		1,856
IDR	4,725,000	9.500%, 07/15/31 (m)		473
IDR	11,750,000	10.250%, 07/15/22 (m)		1,220
				12,877
		Kenya — 0.4%
	600	Citigroup, Inc., CLN, 12.000%, 11/15/32 (linked to Republic of Kenya, 12.000%, 11/15/32; credit rating B+) (i) (m)		555
		Malaysia — 5.1%
		Malaysia Government Bond,
MYR	5,000	3.172%, 07/15/16 (m)		1,586
MYR	4,500	3.480%, 03/15/23 (m)		1,410
MYR	7,600	3.492%, 03/31/20 (m)		2,396
MYR	2,000	3.844%, 04/15/33 (m)		606
MYR	5,610	3.892%, 03/15/27 (m)		1,739
				7,737
		Mexico — 6.5%
		United Mexican States,
MXN	2,691	4.000%, 11/15/40 (m)		217
MXN	8,420	6.500%, 06/10/21 (m)		681
MXN	200	7.750%, 12/14/17 (m)		17
MXN	10,600	7.750%, 05/29/31 (m)		873
MXN	27,600	7.750%, 11/13/42 (m)		2,223
MXN	18,100	8.000%, 06/11/20 (m)		1,594
MXN	14,100	8.500%, 05/31/29 (m)		1,257
MXN	9,150	8.500%, 11/18/38 (m)		797
MXN	5,900	10.000%, 12/05/24 (m)		603
MXN	14,870	10.000%, 11/20/36 (m)		1,491
				9,753
		Nigeria — 4.2%
		Nigeria Government Bond,
NGN	311,100	10.000%, 07/23/30 (m)		1,567
NGN	100,000	16.000%, 06/29/19 (m)		720
NGN	138,000	16.390%, 01/27/22 (m)		1,046

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 9

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — Continued
		Nigeria — Continued
		Nigeria Treasury Bills,
NGN	120,000	0.000%, 04/10/14 (m)		716
NGN	230,000	0.000%, 05/08/14		1,358
NGN	150,000	0.000%, 05/08/14 (m)		888
				6,295
		Peru — 2.3%
		Republic of Peru,
PEN	2,291	Reg. S., 6.900%, 08/12/37 (m)		875
PEN	5,616	Reg. S., 6.950%, 08/12/31 (m)		2,192
PEN	1,000	Reg. S., 7.840%, 08/12/20 (m)		420
				3,487
		Poland — 3.4%
		Poland Government Bond,
PLN	2,600	5.250%, 10/25/17 (m)		902
PLN	3,450	5.500%, 10/25/19 (m)		1,225
PLN	8,160	5.750%, 09/23/22 (m)		2,961
				5,088
		Romania — 1.3%
		Republic of Romania,
RON	750	5.750%, 04/29/20 (m)		241
RON	1,050	5.850%, 04/26/23 (m)		338
RON	4,030	5.900%, 07/26/17 (m)		1,301
				1,880
		Russia — 9.1%
		Russian Federation,
RUB	72,400	7.000%, 01/25/23 (m)		2,246
RUB	39,500	7.050%, 01/19/28 (m)		1,182
RUB	62,408	7.350%, 01/20/16 (m)		1,989
RUB	56,871	7.400%, 04/19/17 (m)		1,823
RUB	75,500	7.500%, 03/15/18 (m)		2,437
RUB	9,100	7.500%, 02/27/19 (m)		294
RUB	16,400	7.600%, 04/14/21 (m)		530
RUB	100,700	7.600%, 07/20/22 (m)		3,253
				13,754
		South Africa — 4.9%
		Republic of South Africa,
ZAR	10,000	6.250%, 03/31/36 (m)		743
ZAR	22,943	7.000%, 02/28/31 (m)		1,942
ZAR	13,864	8.750%, 02/28/48 (m)		1,334
ZAR	12,000	10.500%, 12/21/26 (m)		1,430
ZAR	16,490	13.500%, 09/15/15 (m)		1,860
				7,309
		Sri Lanka — 0.3%
LKR	67,390	Citigroup Funding Inc., CLN, 8.500%, 04/01/18 (linked to Republic of Sri Lanka, 8.500%, 04/01/18; credit rating B+) (i) (m)		464

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Thailand — 3.0%
		Thailand Government Bond,
THB	22,600	3.580%, 12/17/27 (m)		684
THB	70,500	3.625%, 06/16/23 (m)		2,218
THB	12,500	3.875%, 06/13/19 (m)		409
THB	21,171	Reg. S., 1.259%, 07/14/21 (m)		634
THB	23,545	Reg. S., 1.262%, 03/12/28 (m)		643
				4,588
		Turkey — 7.7%
		Republic of Turkey,
TRY	1,098	3.310%, 02/23/22 (m)		560
TRY	3,966	7.100%, 03/08/23 (m)		1,779
TRY	4,028	8.500%, 09/14/22 (m)		1,982
TRY	8,060	9.000%, 03/08/17 (m)		4,129
TRY	2,540	9.500%, 01/12/22 (m)		1,328
TRY	3,440	10.500%, 01/15/20 (m)		1,873
				11,651
		Total Foreign Government Securities (Cost $108,177)		104,710
NOTIONAL AMOUNT
	Options Purchased — 0.0% (g)
		Foreign Exchange Currency Options — 0.0% (g)
		United States — 0.0% (g)
	5,968	KRW Put/USD Call, Expiring 12/16/13 @ 1097 KRW to 1 USD, Vanilla, European Style (a)		14
	5,968	PLN Put/USD Call, Expiring 12/16/13 @ 3.20 PLN to 1 USD, Vanilla, European Style (a)		24
	5,163	ZAR Put/USD Call, Expiring 11/29/13 @ 9.67 ZAR to 1 USD, Vanilla, European Style (a)		7
		Total Options Purchased (Cost $125)		45
SHARES
	Short-Term Investment — 25.4%
		Investment Company — 25.4%
	38,251	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $38,251)		38,251
		Total Investments — 95.7% (Cost $147,837)		144,059
		Other Assets in Excess of Liabilities — 4.3%		6,423
		NET ASSETS — 100.0%	$	150,482

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2013

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(20	)	10 Year U.S. Treasury Note		12/19/13		(2,547	)		4

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,683,376	AUD	Westpac Banking Corp.		12/18/13		4,265		4,413		148
	2,066,481	BRL	Deutsche Bank AG †		01/15/14		915		907		(8	)
	533,000	BRL	Goldman Sachs International †		01/15/14		237		234		(3	)
	4,083,893	BRL	HSBC Bank, N.A. †		01/15/14		1,831		1,792		(39	)
	2,867,250	BRL	Merrill Lynch International †		01/15/14		1,269		1,258		(11	)
	10,954,191	BRL	Union Bank of Switzerland AG †		01/15/14		4,853		4,808		(45	)
	1,468,115,993	CLP	Credit Suisse International †		12/18/13		2,930		2,848		(82	)
	2,146,418,775	CLP	Goldman Sachs International †		12/18/13		4,154		4,164		10
	176,670,969	CLP	HSBC Bank, N.A. †		12/18/13		353		343		(10	)
	1,436,258,083	CLP	Union Bank of Switzerland AG †		12/18/13		2,832		2,786		(46	)
	392,889,408	CLP	BNP Paribas †		01/15/14		777		759		(18	)
	10,656,432,568	COP	Citibank, N.A. †		12/18/13		5,549		5,610		61
	5,660,067,662	COP	Credit Suisse International †		12/18/13		2,972		2,979		7
	776,422,561	COP	Goldman Sachs International †		12/18/13		409		409		—	(h)
	3,844,438,697	COP	Citibank, N.A. †		01/15/14		2,023		2,019		(4	)
	1,289,291,408	COP	HSBC Bank, N.A. †		01/15/14		679		677		(2	)
	318,362	EUR	Goldman Sachs International		12/18/13		430		432		2
	2,182,520	EUR	HSBC Bank, N.A.		12/18/13		3,004		2,963		(41	)
	3,025,059	EUR	State Street Corp.		12/18/13		4,086		4,108		22
	643,920,022	HUF	Goldman Sachs International		12/18/13		2,955		2,949		(6	)
	130,649,682	HUF	Citibank, N.A.		01/15/14		595		597		2
	283,297,028	HUF	Goldman Sachs International		01/15/14		1,291		1,295		4
	246,349,469	HUF	HSBC Bank, N.A.		01/15/14		1,124		1,126		2
	7,907,908,590	IDR	Union Bank of Switzerland AG †		01/15/14		686		704		18
	15,354,000	ILS	Deutsche Bank AG		12/18/13		4,234		4,351		117
	10,665,799	ILS	Union Bank of Switzerland AG		12/18/13		3,018		3,022		4
	298,551,630	JPY	HSBC Bank, N.A.		12/18/13		3,018		3,037		19
	110,742,297	JPY	State Street Corp.		12/18/13		1,123		1,127		4
	30,585,403	JPY	Union Bank of Switzerland AG		12/18/13		308		311		3
	4,651,170,796	KRW	Deutsche Bank AG †		12/18/13		4,265		4,349		84
	5,108,445	MXN	Citibank, N.A.		12/18/13		380		390		10
	57,278,222	MXN	Goldman Sachs International		12/18/13		4,353		4,375		22
	38,670,319	MXN	HSBC Bank, N.A.		12/18/13		2,990		2,953		(37	)
	108,387,264	MXN	Union Bank of Switzerland AG		12/18/13		8,224		8,278		54
	11,000,000	MXN	Citibank, N.A.		01/15/14		847		838		(9	)
	8,205,739	MXN	Deutsche Bank AG		01/15/14		633		625		(8	)
	26,525,618	MXN	HSBC Bank, N.A.		01/15/14		2,012		2,021		9
	2,807,558	MXN	State Street Corp.		01/15/14		218		214		(4	)
	3,850,000	MXN	TD Bank Financial Group		01/15/14		290		294		4
	46,853,760	MXN	Union Bank of Switzerland AG		01/15/14		3,535		3,570		35

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 11

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	6,203,485	MYR	HSBC Bank, N.A. †		01/15/14		1,930		1,941		11
	26,446,115	MYR	Union Bank of Switzerland AG †		01/15/14		8,265		8,275		10
	988,414	PEN	HSBC Bank, N.A. †		01/15/14		352		354		2
	1,706,057	PEN	Union Bank of Switzerland AG †		01/15/14		609		610		1
	193,395,553	PHP	HSBC Bank, N.A. †		12/18/13		4,462		4,473		11
	36,264,714	PHP	Deutsche Bank AG †		01/15/14		846		840		(6	)
	8,031,335	PLN	HSBC Bank, N.A.		12/18/13		2,591		2,600		9
	5,243,041	PLN	State Street Corp.		12/18/13		1,668		1,697		29
	26,088,759	PLN	Citibank, N.A.		01/15/14		8,395		8,431		36
	5,796,846	PLN	HSBC Bank, N.A.		01/15/14		1,864		1,873		9
	1,988,514	PLN	Union Bank of Switzerland AG		01/15/14		638		643		5
	7,519,682	RON	Barclays Bank plc		01/15/14		2,326		2,293		(33	)
	2,714,674	RON	Goldman Sachs International		01/15/14		835		828		(7	)
	1,956,338	RON	HSBC Bank, N.A.		01/15/14		592		597		5
	629,992	RON	State Street Corp.		01/15/14		192		192		—	(h)
	795,945	RON	Union Bank of Switzerland AG		01/15/14		244		243		(1	)
	144,036,808	RUB	BNP Paribas †		12/18/13		4,494		4,450		(44	)
	21,440,479	RUB	Credit Suisse International †		01/15/14		657		659		2
	61,760,668	RUB	HSBC Bank, N.A. †		01/15/14		1,889		1,899		10
	5,508,927	SGD	BNP Paribas		12/18/13		4,345		4,435		90
	3,677,113	SGD	HSBC Bank, N.A.		12/18/13		2,947		2,960		13
	45,588,360	THB	HSBC Bank, N.A.		01/15/14		1,447		1,458		11
	174,949,917	THB	State Street Corp.		01/15/14		5,539		5,595		56
	36,661,550	THB	Union Bank of Switzerland AG		01/15/14		1,162		1,173		11
	706,492	TRY	Deutsche Bank AG		12/18/13		347		351		4
	11,186,686	TRY	HSBC Bank, N.A.		12/18/13		5,593		5,560		(33	)
	2,139,438	TRY	State Street Corp.		12/18/13		1,062		1,063		1
	658,706	TRY	Union Bank of Switzerland AG		12/18/13		329		328		(1	)
	2,253,329	TRY	Goldman Sachs International		01/15/14		1,109		1,115		6
	4,041,744	TRY	HSBC Bank, N.A.		01/15/14		2,013		1,999		(14	)
	1,537,340	TRY	Union Bank of Switzerland AG		01/15/14		754		760		6
	7,863,597	TRY	Westpac Banking Corp.		01/15/14		3,869		3,889		20
	129,582,723	TWD	BNP Paribas †		12/18/13		4,388		4,404		16
	10,382,405	TWD	HSBC Bank, N.A. †		12/18/13		355		353		(2	)
	13,642,750	ZAR	State Street Corp.		12/18/13		1,363		1,350		(13	)
	59,004,301	ZAR	Union Bank of Switzerland AG		12/18/13		5,856		5,838		(18	)
	20,989,923	ZAR	Citibank, N.A.		01/15/14		2,086		2,067		(19	)
	2,301,897	ZAR	Goldman Sachs International		01/15/14		232		227		(5	)
	20,945,078	ZAR	HSBC Bank, N.A.		01/15/14		2,086		2,063		(23	)
	11,531,368	ZAR	State Street Corp.		01/15/14		1,147		1,136		(11	)
	7,400,000	ZAR	TD Bank Financial Group		01/15/14		724		729		5
	21,276,344	ZAR	Union Bank of Switzerland AG		01/15/14		2,090		2,096		6
	2,516,913	ZAR	Westpac Banking Corp.		01/15/14		249		248		(1	)
							183,608		184,030		422

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2013

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,683,376	AUD	Credit Suisse International		12/18/13		4,320		4,413		(93	)
	2,349,585	BRL	Credit Suisse International †		01/15/14		1,054		1,031		23
	1,553,361	BRL	Goldman Sachs International †		01/15/14		687		682		5
	255,766	CAD	Commonwealth Bank of Australia		12/18/13		245		245		—	(h)
	397,402	CAD	HSBC Bank, N.A.		12/18/13		382		381		1
	5,729,354	CAD	Royal Bank of Canada		12/18/13		5,515		5,489		26
	2,146,418,775	CLP	Deutsche Bank AG †		12/18/13		4,207		4,163		44
	1,141,584,122	CLP	Deutsche Bank AG †		01/15/14		2,256		2,207		49
	725,798,108	COP	BNP Paribas †		12/18/13		377		382		(5	)
	7,851,584,465	COP	Deutsche Bank AG †		12/18/13		4,011		4,133		(122	)
	8,515,540,218	COP	Goldman Sachs International †		12/18/13		4,332		4,482		(150	)
	363,462,540	COP	Deutsche Bank AG †		01/15/14		191		191		—	(h)
	5,525,941	EUR	Goldman Sachs International		12/18/13		7,496		7,503		(7	)
	643,920,022	HUF	HSBC Bank, N.A.		12/18/13		3,010		2,949		61
	111,589,700	HUF	BNP Paribas		01/15/14		511		510		1
	47,622,391	HUF	Merrill Lynch International		01/15/14		217		217		—	(h)
	160,879,905	HUF	Royal Bank of Canada		01/15/14		734		736		(2	)
	5,607,758,192	IDR	Citibank, N.A. †		01/15/14		481		500		(19	)
	2,300,150,398	IDR	State Street Bank & Trust †		01/15/14		199		204		(5	)
	12,073,650	ILS	Deutsche Bank AG		12/18/13		3,416		3,421		(5	)
	1,012,206	ILS	Goldman Sachs International		12/18/13		288		287		1
	3,866,861	ILS	HSBC Bank, N.A.		12/18/13		1,092		1,096		(4	)
	9,067,082	ILS	Societe Generale		12/18/13		2,547		2,569		(22	)
	407,206,448	JPY	Credit Suisse International		12/18/13		4,069		4,142		(73	)
	32,672,882	JPY	Goldman Sachs International		12/18/13		330		333		(3	)
	3,240,049,889	KRW	BNP Paribas †		12/18/13		2,997		3,029		(32	)
	1,411,120,907	KRW	Citibank, N.A. †		12/18/13		1,307		1,320		(13	)
	4,945,722	MXN	Deutsche Bank AG		12/18/13		373		378		(5	)
	71,446,029	MXN	Goldman Sachs International		12/18/13		5,472		5,457		15
	38,670,319	MXN	HSBC Bank, N.A.		12/18/13		2,946		2,953		(7	)
	37,652,450	MXN	Merrill Lynch International		12/18/13		2,855		2,875		(20	)
	56,729,731	MXN	Union Bank of Switzerland AG		12/18/13		4,216		4,333		(117	)
	18,761,479	MXN	BNP Paribas		01/15/14		1,429		1,429		—	(h)
	19,142,411	MXN	Citibank, N.A.		01/15/14		1,434		1,458		(24	)
	3,730,000	MXN	Goldman Sachs International		01/15/14		290		285		5
	4,177,740	MXN	Royal Bank of Canada		01/15/14		325		318		7
	2,753,734	MYR	Credit Suisse International †		01/15/14		865		861		4
	2,014,428	MYR	Societe Generale †		01/15/14		636		630		6
	2,138,714	MYR	Union Bank of Switzerland AG †		01/15/14		666		670		(4	)
	2,194,971	PEN	Citibank, N.A. †		01/15/14		781		785		(4	)
	617,756	PEN	Deutsche Bank AG †		01/15/14		219		221		(2	)
	2,351,508	PEN	Union Bank of Switzerland AG †		01/15/14		838		842		(4	)
	47,663,434	PHP	Citibank, N.A. †		12/18/13		1,107		1,103		4
	128,937,199	PHP	HSBC Bank, N.A. †		12/18/13		2,986		2,982		4
	16,794,920	PHP	Union Bank of Switzerland AG †		12/18/13		390		388		2
	13,274,376	PLN	Deutsche Bank AG		12/18/13		4,099		4,297		(198	)
	2,200,820	PLN	Royal Bank of Canada		01/15/14		709		712		(3	)
	1,358,964	PLN	Union Bank of Switzerland AG		01/15/14		440		439		1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 13

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	5,003,351	RON	Barclays Bank plc		01/15/14		1,537		1,526		11
	7,830,797	RON	Citibank, N.A.		01/15/14		2,387		2,388		(1	)
	854,110	RON	Goldman Sachs International		01/15/14		258		260		(2	)
	96,672,591	RUB	Credit Suisse International †		12/18/13		3,014		2,987		27
	34,279,805	RUB	Deutsche Bank AG †		12/18/13		1,063		1,059		4
	109,757,003	RUB	Union Bank of Switzerland AG †		12/18/13		3,374		3,391		(17	)
	27,944,157	RUB	Credit Suisse International †		01/15/14		853		859		(6	)
	58,662,498	RUB	Deutsche Bank AG †		01/15/14		1,790		1,804		(14	)
	4,124,332	SGD	Goldman Sachs International		12/18/13		3,286		3,320		(34	)
	5,061,708	SGD	HSBC Bank, N.A.		12/18/13		4,067		4,075		(8	)
	11,439,608	THB	Goldman Sachs International		01/15/14		361		365		(4	)
	34,840,837	THB	HSBC Bank, N.A.		01/15/14		1,117		1,114		3
	6,857,128	THB	Royal Bank of Scotland		01/15/14		218		220		(2	)
	8,699,000	TRY	Royal Bank of Scotland		12/18/13		4,189		4,324		(135	)
	1,920,488	TRY	BNP Paribas		01/15/14		957		950		7
	2,683,614	TRY	Citibank, N.A.		01/15/14		1,335		1,327		8
	4,708,000	TRY	Royal Bank of Canada		01/15/14		2,306		2,329		(23	)
	32,857,016	TWD	Citibank, N.A. †		12/18/13		1,117		1,117		—	(h)
	86,634,996	TWD	Credit Suisse International †		12/18/13		2,964		2,944		20
	20,473,116	TWD	Union Bank of Switzerland AG †		12/18/13		696		696		—	(h)
	29,270,386	ZAR	Credit Suisse International		12/18/13		2,945		2,896		49
	43,376,665	ZAR	HSBC Bank, N.A.		12/18/13		4,270		4,292		(22	)
	10,915,143	ZAR	BNP Paribas		01/15/14		1,094		1,076		18
							134,545		135,350		(805	)

† Non-deliverable forward. See Note 2.C. in the Notes to Financial Statements.

Interest Rate Swaps
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE	NOTIONAL AMOUNT			VALUE
Bank of America	3 month MOSPRIME quarterly	6.770% annually	04/26/15		RUB	39,400		40
Bank of America	3 month MOSPRIME quarterly	6.800% annually	04/30/15		RUB	84,500		89
Bank of America	3 month MOSPRIME quarterly	6.800% annually	05/06/15		RUB	17,000		9
Bank of America	3 month MOSPRIME quarterly	6.795% annually	05/08/15		RUB	83,900		43
Bank of America	6 month CLICP semi-annually	4.480% semi-annually	08/07/15		CLP	2,206,000		14
Bank of America	6 month CLICP semi-annually	4.650% semi-annually	05/13/18		CLP	985,300		10
Citibank N.A.	Brazilian CDI at maturity	10.335% at maturity	01/04/16		BRL	7,000		(43	)
Citibank N.A.	3 month JIBAR quarterly	6.030% quarterly	03/15/18		ZAR	37,500		(114	)
Citibank N.A.	6 month WIBOR semi-annually	3.660% annually	09/26/18		PLN	9,500		20
Citibank N.A.	3 month KLIBOR quarterly	4.295% quarterly	09/24/23		MYR	5,880		43
Citibank N.A.	6 month THBFIX semi-annually	3.870% semi-annually	09/26/23		THB	65,000		17
Deutsche Bank AG (London)	Brazilian CDI at maturity	8.600% at maturity	01/02/15		BRL	5,000		(40	)
Deutsche Bank AG (London)	Brazilian CDI at maturity	8.135% at maturity	01/02/15		BRL	8,826		(108	)
Deutsche Bank AG (London)	Brazilian CDI at maturity	10.460% at maturity	01/04/16		BRL	5,660		(21	)
Deutsche Bank AG (London)	Brazilian CDI at maturity	11.305% at maturity	01/02/17		BRL	5,200		(5	)
Deutsche Bank AG (London)	3 month JIBAR quarterly	7.865% quarterly	09/23/23		ZAR	21,000		(11	)
								(57	)

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2013

OPTIONS WRITTEN

Foreign Exchange Currency Options Written
DESCRIPTION	EXERCISE PRICE		EXPIRATION DATE		NOTIONAL AMOUNT		VALUE
ZAR Put/USD Call, Vanilla, European Style	ZAR	9.67		11/29/13		5,163		(7	)
(Premiums received of $29.)								(7	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 15

JPMorgan Ex-G4 Currency Strategies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — 61.4%
		Canada — 4.8%
CAD	6,900	Government of Canada, 1.500%, 11/01/13 (m)		6,618
		Denmark — 1.8%
DKK	12,450	Kommunekredit, 4.000%, 01/01/16 (m)		2,438
		Germany — 7.4%
		Kreditanstalt fuer Wiederaufbau,
NOK	5,200	3.250%, 04/28/14 (m)		879
SEK	2,520	3.250%, 05/05/14 (m)		393
NOK	9,900	3.750%, 09/25/15 (m)		1,717
NOK	2,090	4.000%, 12/15/14 (m)		360
NOK	27,000	5.000%, 05/15/15 (m)		4,741
AUD	1,547	5.500%, 07/25/16 (m)		1,546
AUD	630	6.000%, 08/28/14 (m)		610
				10,246
		Indonesia — 5.2%
IDR	77,290,000	Republic of Indonesia, 9.500%, 06/15/15 (m)		7,172
		Mexico — 13.7%
		United Mexican States,
MXN	77,100	8.000%, 12/19/13 (m)		5,942
MXN	79,100	8.000%, 12/17/15 (m)		6,563
MXN	79,030	9.500%, 12/18/14 (m)		6,447
				18,952
		Norway — 2.2%
		Kommunalbanken A.S.,
NOK	3,500	3.500%, 09/11/15 (m)		604
AUD	730	5.100%, 02/24/15 (m)		709
AUD	1,100	6.000%, 10/21/14 (m)		1,070
AUD	700	6.000%, 03/16/15 (m)		685
				3,068
		Poland — 3.6%
PLN	14,800	Poland Government Bond, 5.500%, 04/25/15 (m)		4,990
		Russia — 2.5%
		Russian Federation,
RUB	58,000	7.000%, 06/03/15 (m)		1,832
RUB	51,500	7.600%, 07/20/22 (m)		1,664
				3,496
		South Africa — 2.3%
ZAR	27,850	Republic of South Africa, 13.500%, 09/15/15 (m)		3,140
		South Korea — 7.1%
AUD	1,600	Export-Import Bank of Korea, 5.000%, 07/27/15 (m)		1,542

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		South Korea — Continued
KRW	8,726,000	Republic of Korea, 3.500%, 06/10/14 (m)		8,269
				9,811
		Sweden — 1.4%
SEK	12,000	Kommuninvest I Sverige AB, 4.000%, 08/12/17 (m)		1,987
		Thailand — 4.7%
		Kingdom of Thailand,
THB	59,700	3.650%, 12/17/21 (m)		1,894
THB	142,360	5.250%, 05/12/14 (m)		4,635
				6,529
		Turkey — 4.7%
		Republic of Turkey,
TRY	5,000	6.500%, 01/07/15 (m)		2,471
TRY	2,350	10.000%, 12/04/13 (m)		1,180
TRY	5,675	10.000%, 06/17/15 (m)		2,927
				6,578
		Total Foreign Government Securities (Cost $87,396)		85,025
	Supranational — 8.6%
AUD	1,450	EUROFIMA, 5.625%, 10/24/16 (m)		1,447
		European Investment Bank,
CHF	880	3.500%, 01/28/14 (m)		978
NOK	3,000	3.750%, 05/15/15 (m)		517
NOK	20,000	4.000%, 05/15/14 (m)		3,397
SEK	31,000	4.500%, 05/05/14 (m)		4,857
		International Bank for Reconstruction & Development,
AUD	350	5.140%, 05/20/14 (m)		335
AUD	420	5.230%, 01/28/14 (m)		399
		Total Supranational (Cost $12,207)		11,930
SHARES
	Short-Term Investment — 28.4%
		Investment Company — 28.4%
	39,374	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $39,374)		39,374
		Total Investments — 98.4% (Cost $138,977)		136,329
		Other Assets in Excess of Liabilities — 1.6%		2,186
		NET ASSETS — 100.0%	$	138,515

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2013

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	7,635,965	AED	HSBC Bank, N.A.		11/27/13		2,079		2,079		—	(h)
	15,163,350	ARS	Deutsche Bank AG †		11/27/13		2,470		2,474		4
	713,778	AUD	Citibank, N.A.		11/27/13		689		673		(16	)
	33,948,029	BRL	Deutsche Bank AG †		11/27/13		15,509		15,070		(439	)
	4,270,346	CAD	Deutsche Bank AG		11/27/13		4,144		4,093		(51	)
	2,809,981	CHF	State Street Corp.		11/27/13		3,110		3,097		(13	)
	178,902,860	CNY	HSBC Bank, N.A. †		11/27/13		29,162		29,124		(38	)
	3,888,515,003	COP	Union Bank of Switzerland AG †		11/27/13		2,053		2,051		(2	)
	716,833,913	INR	Citibank, N.A. †		11/27/13		11,569		11,445		(124	)
	241,954,995	RUB	Goldman Sachs International †		11/27/13		7,534		7,509		(25	)
	12,987,151	SAR	HSBC Bank, N.A.		11/27/13		3,464		3,463		(1	)
	480,000	SEK	BNP Paribas		11/27/13		75		74		(1	)
	88,648,627	TWD	Credit Suisse International †		11/27/13		3,021		3,009		(12	)
	562,780	ZAR	Union Bank of Switzerland AG		11/07/13		57		56		(1	)
							84,936		84,217		(719	)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	61,026	AUD	Goldman Sachs International		11/27/13		59		57		2
	133,466	AUD	Societe Generale		11/27/13		126		126		—	(h)
	280,580	AUD	Union Bank of Switzerland AG		11/27/13		272		265		7
	338,497	BRL	Credit Suisse International †		11/27/13		151		150		1
	1,183,571	BRL	HSBC Bank, N.A. †		11/27/13		541		526		15
	191,054	CAD	Societe Generale		11/27/13		183		183		—	(h)
	250,246	CAD	Union Bank of Switzerland AG		11/27/13		243		240		3
	39,742	CHF	Goldman Sachs International		11/27/13		44		44		—	(h)
	101,990	CHF	Societe Generale		11/27/13		113		113		—	(h)
	102,262	CHF	Union Bank of Switzerland AG		11/27/13		114		112		2
	8,021,504	CNY	HSBC Bank, N.A. †		11/27/13		1,307		1,306		1
	519,738	CNY	Union Bank of Switzerland AG †		11/27/13		85		85		—	(h)
	134,601,959	COP	HSBC Bank, N.A. †		11/27/13		71		71		—	(h)
	5,667,361	DKK	Citibank, N.A.		11/27/13		1,039		1,032		7
	309,246	DKK	Union Bank of Switzerland AG		11/27/13		57		56		1
	2,941,293,915	IDR	HSBC Bank, N.A. †		11/27/13		270		265		5
	24,608,249,177	IDR	Union Bank of Switzerland AG †		11/27/13		2,249		2,217		32
	35,064,905	INR	HSBC Bank, N.A. †		11/27/13		566		559		7
	380,025,543	KRW	HSBC Bank, N.A. †		11/27/13		358		356		2
	1,459,028,583	KRW	Union Bank of Switzerland AG †		11/27/13		1,371		1,366		5
	1,300,234	MXN	BNP Paribas		11/27/13		100		100		—	(h)
	3,699,951	MXN	Union Bank of Switzerland AG		11/27/13		287		283		4
	132,992,923	MXN	Westpac Banking Corp.		11/27/13		10,303		10,174		129
	56,117,323	NOK	State Street Corp.		11/27/13		9,465		9,419		46
	674,452	NOK	Union Bank of Switzerland AG		11/27/13		114		113		1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 17

JPMorgan Ex-G4 Currency Strategies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of contracts)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	86,929	PLN	BNP Paribas		11/27/13		29		29		—	(h)
	5,417,978	PLN	HSBC Bank, N.A.		11/27/13		1,767		1,756		11
	346,282	PLN	Union Bank of Switzerland AG		11/27/13		114		112		2
	16,016,763	RUB	HSBC Bank, N.A. †		11/27/13		501		497		4
	267,792	SAR	Union Bank of Switzerland AG		11/27/13		71		71		–	(h)
	31,277,398	SEK	State Street Corp.		11/27/13		4,857		4,824		33
	364,041	SEK	Union Bank of Switzerland AG		11/27/13		57		56		1
	1,829,915	THB	Goldman Sachs International		11/27/13		59		59		–	(h)
	3,515,749	THB	Societe Generale		11/27/13		113		113		–	(h)
	135,589,610	THB	State Street Corp.		11/27/13		4,357		4,350		7
	1,775,773	THB	Union Bank of Switzerland AG		11/27/13		57		57		–	(h)
	87,309	TRY	Goldman Sachs International		11/27/13		44		43		1
	3,324,870	TRY	Societe Generale		11/27/13		1,665		1,659		6
	396,277	TRY	Union Bank of Switzerland AG		11/27/13		200		198		2
	2,938,936	TWD	HSBC Bank, N.A. †		11/27/13		100		99		1
	562,780	ZAR	Credit Suisse International		11/07/13		57		56		1
	432,472	ZAR	Goldman Sachs International		11/27/13		44		43		1
	6,071,472	ZAR	HSBC Bank, N.A.		11/27/13		614		603		11
	1,262,124	ZAR	Union Bank of Switzerland AG		11/27/13		129		126		3
							44,323		43,969		354

† Non-deliverable forward. See Note 2.C. in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2013

JPMorgan International Currency Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 5.7%
		Australia — 0.7%
GBP	2,500	Suncorp Group Ltd., 4.000%, 01/16/14 (m)		4,031
		Netherlands — 3.0%
EUR	15	Deutsche Telekom International Finance B.V., 6.000%, 01/20/17 (m)		23
EUR	5,700	Fortis Bank Nederland N.V., 3.375%, 05/19/14 (m)		7,870
EUR	2,351	LeasePlan Corp N.V., 3.250%, 05/22/14 (m)		3,245
GBP	4,500	Nederlandse Waterschapsbank N.V., 2.125%, 09/07/16 (m)		7,422
				18,560
		United Kingdom — 2.0%
EUR	50	BAT International Finance plc, 5.375%, 06/29/17 (m)		78
EUR	50	Lloyds Bank plc, 6.250%, 04/15/14 (m)		70
		Network Rail Infrastructure Finance plc,
GBP	2,700	1.250%, 01/22/15 (m)		4,361
GBP	4,500	4.875%, 11/27/15 (m)		7,821
				12,330
		United States — 0.0% (g)
EUR	50	AT&T, Inc., 6.125%, 04/02/15 (m)		73
EUR	50	Cellco Partnership/Verizon Wireless Capital LLC, 8.750%, 12/18/15 (m)		79
EUR	25	Goldman Sachs Group, Inc. (The), 4.000%, 02/02/15 (m)		35
EUR	50	Morgan Stanley, 5.500%, 10/02/17 (m)		78
				265
		Total Corporate Bonds (Cost $33,627)		35,186
	Foreign Government Securities — 61.6%
		Australia — 0.0% (g)
AUD	258	New South Wales Treasury Corp., 5.500%, 03/01/17 (m)		261
		Austria — 2.2%
		Republic of Austria,
EUR	9,500	3.500%, 07/15/15 (e) (m)		13,617
EUR	35	4.350%, 03/15/19 (e) (m)		56
				13,673
		Brazil — 3.9%
BRL	55,800	Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/17 (m)		23,946
		Canada — 20.6%
		Government of Canada,
CAD	50,000	1.000%, 02/01/14 (m)		47,954
CAD	82,400	1.500%, 11/01/13 (m)		79,029

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada — Continued
CAD	15	3.750%, 06/01/19 (m)		16
CAD	70	4.000%, 06/01/16 (m)		72
				127,071
		Denmark — 2.1%
EUR	9,000	Kingdom of Denmark, 2.750%, 03/16/16 (m)		12,940
		Finland — 4.6%
EUR	11,500	Finland Government Bond, 4.250%, 07/04/15 (e) (m)		16,678
GBP	7,350	Kingdom of Finland, 0.564%, 02/25/16 (m)		11,794
				28,472
		France — 1.0%
		Caisse d’Amortissement de la Dette Sociale,
EUR	50	3.625%, 04/25/15 (m)		71
GBP	3,545	3.750%, 09/08/14 (m)		5,830
				5,901
		Germany — 2.2%
		Bundesrepublik Deutschland,
EUR	60	3.500%, 07/04/19 (m)		94
EUR	50	4.250%, 07/04/18 (m)		79
		Kreditanstalt fuer Wiederaufbau,
EUR	9,500	1.875%, 11/16/15 (m)		13,330
EUR	25	3.875%, 01/21/19 (m)		39
EUR	30	4.125%, 07/04/17 (m)		46
				13,588
		Indonesia — 1.4%
IDR	95,160,000	Republic of Indonesia, 9.500%, 06/15/15 (m)		8,830
		Malaysia — 2.6%
		Malaysia Government Bond,
MYR	20,900	3.741%, 02/27/15 (m)		6,684
MYR	27,400	4.160%, 07/15/21 (m)		8,984
				15,668
		Mexico — 11.6%
		United Mexican States,
MXN	309,600	8.000%, 12/19/13 (m)		23,861
MXN	286,900	8.000%, 12/17/15 (m)		23,804
MXN	288,200	9.500%, 12/18/14 (m)		23,512
				71,177
		Netherlands — 4.6%
		Bank Nederlandse Gemeenten,
JPY	1,200,000	1.850%, 11/07/16 (m)		12,828
GBP	4,500	2.375%, 12/23/15 (m)		7,447

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 19

JPMorgan International Currency Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — Continued
		Netherlands — Continued
AUD	5,750	5.625%, 02/16/17 (m)		5,720
AUD	2,313	6.250%, 01/20/14 (m)		2,198
				28,193
		Norway — 1.5%
		Kommunalbanken A.S.,
GBP	2,700	1.375%, 12/23/15 (m)		4,379
AUD	4,650	6.000%, 03/16/15 (m)		4,548
				8,927
		Philippines — 1.8%
PHP	383,000	Philippine Government Bond, 6.500%, 04/28/21 (m)		10,750
		Thailand — 1.5%
THB	299,000	Kingdom of Thailand, 3.650%, 12/17/21 (m)		9,486
		Total Foreign Government Securities (Cost $393,580)		378,883
	Supranational — 21.9%
GBP	2,700	European Bank for Reconstruction & Development, 0.875%, 12/15/14 (m)		4,344
		European Investment Bank,
JPY	1,712,000	1.400%, 06/20/17 (m)		18,160
GBP	13,000	3.000%, 12/07/15 (m)		21,785
EUR	100	4.250%, 10/15/14 (m)		141
SEK	184,100	4.500%, 05/05/14 (m)		28,846
		European Union,
EUR	9,500	3.125%, 01/27/15 (m)		13,370
EUR	9,086	3.625%, 04/06/16 (m)		13,314

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
GBP	2,700	Inter-American Development Bank, 0.750%, 12/15/14 (m)		4,337
		International Bank for Reconstruction & Development,
GBP	2,700	0.875%, 12/17/14 (m)		4,342
GBP	8,800	1.250%, 12/10/13 (m)		14,120
AUD	5,282	5.130%, 07/14/15 (m)		5,123
GBP	4,300	Nordic Investment Bank, 1.625%, 12/10/13 (m)		6,902
		Total Supranational (Cost $135,094)		134,784

SHARES
	Short-Term Investment — 7.3%
		Investment Company — 7.3%
	45,170	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $45,170)		45,170
		Total Investments — 96.5% (Cost $607,471)		594,023
		Other Assets in Excess of Liabilities — 3.5%		21,702
		NET ASSETS — 100.0%	$	615,725

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2013

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	23,733,098	ARS	Deutsche Bank AG†		11/27/13		3,867		3,869		2
	325,918	CAD	Citibank, N.A.		11/07/13		312		313		1
	9,576,588	CHF	State Street Corp.		11/27/13		10,601		10,558		(43	)
	2,831,596,055	CLP	Union Bank of Switzerland AG†		11/27/13		5,646		5,508		(138	)
	766,004,777	CNY	HSBC Bank, N.A.†		11/27/13		124,865		124,701		(164	)
	7,912,916,461	COP	Union Bank of Switzerland AG†		11/27/13		4,178		4,173		(5	)
	3,246,036	EUR	Societe Generale		11/27/13		4,441		4,408		(33	)
	62,735,948	HKD	Deutsche Bank AG		11/27/13		8,092		8,092		—	(h)
	25,271,026	ILS	HSBC Bank, N.A.		11/27/13		7,141		7,164		23
	760,993,670	INR	Citibank, N.A.†		11/27/13		12,282		12,150		(132	)
	249,771,340	JPY	Union Bank of Switzerland AG		11/27/13		2,546		2,540		(6	)
	1,414,067,203	JPY	Westpac Banking Corp.		11/27/13		14,418		14,383		(35	)
	26,472,723,894	KRW	Union Bank of Switzerland AG†		11/27/13		24,873		24,787		(86	)
	21,834,758	MXN	Union Bank of Switzerland AG		11/27/13		1,676		1,670		(6	)
	17,608,472	MXN	Westpac Banking Corp.		11/27/13		1,364		1,347		(17	)
	251,044,010	RUB	Goldman Sachs International†		11/27/13		7,817		7,791		(26	)
	22,777,901	SAR	HSBC Bank, N.A.		11/27/13		6,074		6,073		(1	)
	15,885,709	SGD	Citibank, N.A.		11/27/13		12,804		12,789		(15	)
	488,035,933	TWD	Credit Suisse International†		11/27/13		16,632		16,565		(67	)
							269,629		268,881		(748	)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	16,768,710	AUD	Citibank, N.A.		11/27/13		16,170		15,825		345
	258,633	AUD	Union Bank of Switzerland AG		11/27/13		251		244		7
	23,947,812	BRL	Deutsche Bank AG†		11/27/13		10,940		10,630		310
	1,090,168	BRL	HSBC Bank, N.A.†		11/27/13		496		484		12
	325,918	CAD	Credit Suisse International		11/07/13		312		313		(1	)
	325,918	CAD	Citibank, N.A.		11/27/13		311		312		(1	)
	49,589,798	CAD	Deutsche Bank AG		11/27/13		48,118		47,533		585
	518,740	CAD	National Australia Bank		11/27/13		503		497		6
	257,414	CAD	Union Bank of Switzerland AG		11/27/13		250		247		3
	11,042,657	CNY	HSBC Bank, N.A.†		11/27/13		1,800		1,798		2
	500,212	EUR	BNP Paribas		11/27/13		689		679		10
	780,682	EUR	National Australia Bank		11/27/13		1,067		1,059		8
	1,668,533	EUR	Union Bank of Switzerland AG		11/27/13		2,269		2,266		3
	233,117	GBP	National Australia Bank		11/27/13		376		374		2
	55,597,038	GBP	Union Bank of Switzerland AG		11/27/13		89,858		89,129		729
	29,373,484,275	IDR	Union Bank of Switzerland AG†		11/27/13		2,675		2,646		29
	878,714	ILS	Union Bank of Switzerland AG		11/27/13		250		249		1
	24,692,547	JPY	National Australia Bank		11/27/13		251		251		—	(h)
	66,934,703	JPY	State Street Corp.		11/27/13		688		681		7

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 21

JPMorgan International Currency Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,185,194,336	KRW	Union Bank of Switzerland AG†		11/27/13		1,110		1,110		—	(h)
	6,518,749	MXN	National Australia Bank		11/27/13		503		499		4
	4,837,934	MXN	Union Bank of Switzerland AG		11/27/13		375		371		4
	1,585,537	MYR	HSBC Bank, N.A.†		11/27/13		502		498		4
	16,587,056	MYR	National Australia Bank†		11/27/13		5,225		5,211		14
	2,932,875	MYR	Union Bank of Switzerland AG†		11/27/13		923		922		1
	313,740,396	PHP	Credit Suisse International†		11/27/13		7,306		7,243		63
	13,962,072	RUB	HSBC Bank, N.A.†		11/27/13		438		434		4
	178,586,245	SEK	State Street Corp.		11/27/13		27,732		27,544		188
	312,486	SGD	National Australia Bank		11/27/13		252		252		—	(h)
	22,155,564	THB	State Street Corp.		11/27/13		712		711		1
	16,630,196	TWD	HSBC Bank, N.A.†		11/27/13		566		564		2
	31,043,355	TWD	Union Bank of Switzerland AG†		11/27/13		1,055		1,054		1
							223,973		221,630		2,343

† Non-deliverable forward. See Note 2.C. in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS OCTOBER 31, 2013

J.P. Morgan Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

AED	—  Arab Emirates Dirham
ARS	—  Argentine Peso
AUD	—  Australian Dollar
BRL	—  Brazilian Real
CAD	—  Canadian Dollar
CDI	—  Certificado de Deposito Interbancario
CHF	—  Swiss Franc
CLN	—  Credit-Linked Notes. The credit ratings disclosed for the underlying referenced obligations provide an indication of the likelihood or risk that the underlying sovereign issuer will default on payment of principal or interest. The credit ratings on these securities represent the rating from a nationally recognized statistical rating organization and are as of October 31, 2013. Credit ratings are generally considered to be lagging indicators, and as such, credit risk could be greater than the current ratings would indicate.
CLP	—  Chilean Peso
CNY	—  China Yuan
COP	—  Colombian Peso
DKK	—  Danish Krone
EUR	—  Euro
GBP	—  British Pound
HKD	—  Hong Kong Dollar
HUF	—  Hungarian Forint
IDR	—  Indonesian Rupiah
ILS	—  Israeli Shekel
INR	—  Indian Rupee
JIBAR	—  Johannesburg Interbank Agreed Rate
JPY	—  Japanese Yen
KLIBOR	—  Kuala Lumpur Interbank Offered Rate
KRW	—  Korean Republic Won
LKR	—  Sri Lankan Rupee
MOSPRIME	—  Moscow Prime Offered Rate
MXN	—  Mexican Peso
MYR	—  Malaysian Ringgit
NGN	—  Nigeria Naira
NOK	—  Norwegian Krone
PEN	—  Peruvian Nuero Sol
PHP	—  Phillipine Peso

PLN	—  Polish Zloty
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
RON	—  Romanian Leu
RUB	—  Russian Ruble
SAR	—  Saudi Arabia Riyal
SEK	—  Swedish Krona
SGD	—  Singapore Dollar
THB	—  Thai Baht
THBFIX	—  Thai Baht Interest Rate Fixing
TRY	—  Turkish Lira
TWD	—  Taiwan Dollar
USD	—  United States Dollar
WIBOR	—  Warsaw Interbank Offered Rate
ZAR	—  South African Rand
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  Security is exempt from registration under Rule 144a of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(i)	—  Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—  The rate shown is the current yield as of October 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(r)	—  Rates shown are per annum and payments are as described.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 23

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

(Amounts in thousands)

	Emerging Markets Local Currency Debt Fund			Ex-G4 Currency Strategies Fund			International Currency Income Fund
ASSETS:
Investments in non-affiliates, at value	$	105,808		$	96,955		$	548,853
Investments in affiliates, at value		38,251			39,374			45,170
Total investment securities, at value		144,059			136,329			594,023
Cash		2,486			119			357
Foreign currency, at value		1,735			442			216
Deposits at broker for futures contracts		17			—			—
Receivables:
Investment securities sold		1,891			—			11,558
Fund shares sold		—			78			1,109
Interest from non-affiliates		2,135			2,093			9,041
Dividends from affiliates		1			1			1
Tax reclaims		6			—			—
Variation margin on futures contracts		7			—			—
Unrealized appreciation on forward foreign currency exchange contracts		1,432			358			2,371
Outstanding swap contracts, at value		285			—			—
Total Assets		154,054			139,420			618,676
LIABILITIES:
Payables:
Investment securities purchased		1,158			1			1
Fund shares redeemed		30			82			1,749
Unrealized depreciation on forward foreign currency exchange contracts		1,815			723			776
Outstanding options written, at fair value		7			—			—
Outstanding swap contracts, at value		342			—			—
Accrued liabilities:
Investment advisory fees		—			10			228
Shareholder servicing fees		29			6			26
Distribution fees		—	(a)		—	(a)		3
Custodian and accounting fees		62			14			108
Collateral management fees		1			—			—
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)
Audit Fees		73			56			46
Other		55			13			14
Total Liabilities		3,572			905			2,951
Net Assets	$	150,482		$	138,515		$	615,725

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS OCTOBER 31, 2013

	Emerging Markets Local Currency Debt Fund			Ex-G4 Currency Strategies Fund			International Currency Income Fund
NET ASSETS:
Paid-in-Capital	$	160,755		$	141,739		$	629,310
Accumulated undistributed net investment income (loss)		(303	)		260			(1,715	)
Accumulated net realized gains (losses)		(5,783	)		(459	)		—	(a)
Net unrealized appreciation (depreciation)		(4,187	)		(3,025	)		(11,870	)
Total Net Assets	$	150,482		$	138,515		$	615,725
Net Assets:
Class A	$	170		$	1,287		$	12,645
Class C		49			49			912
Class R2		49			—			—
Class R5		50			—			—
Class R6		9,086			—			—
Select Class		141,078			137,179			602,168
Total	$	150,482		$	138,515		$	615,725
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		18			129			1,138
Class C		5			5			84
Class R2		5			—			—
Class R5		5			—			—
Class R6		935			—			—
Select Class		14,549			13,783			53,857
Net Asset Value (b):
Class A — Redemption price per share	$	9.69		$	9.94		$	11.11
Class C — Offering price per share (c)		9.67			9.87			10.87
Class R2 — Offering and redemption price per share		9.68			—			—
Class R5 — Offering and redemption price per share		9.71			—			—
Class R6 — Offering and redemption price per share		9.72			—			—
Select Class — Offering and redemption price per share		9.70			9.95			11.18
Class A maximum sales charge		3.75	%		3.75	%		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	10.07		$	10.33		$	11.54
Cost of investments in non-affiliates	$	109,586		$	99,603		$	562,301
Cost of investments in affiliates		38,251			39,374			45,170
Cost of foreign currency		1,729			442			210
Premiums paid from options written		29			—			—

(a) Amount rounds to less than $1,000.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price for Class C Share varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 25

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013

(Amounts in thousands)

	Emerging Markets Local Currency Debt Fund			Ex-G4 Currency Strategies Fund			International Currency Income Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	7,274		$	3,618		$	21,315
Interest income from affiliates		—			1			—
Dividend income from affiliates		16			36			95
Foreign taxes withheld		(186	)		(122	)		(463	)
Total investment income		7,104			3,533			20,947
EXPENSES:
Investment advisory fees		1,101			947			5,901
Administration fees		133			145			906
Distribution fees:
Class A		21			3			45
Class C		—	(a)		1			8
Class R2		—	(a)		—			—
Shareholder servicing fees:
Class A		21			3			45
Class C		—	(a)		—	(a)		3
Class R2		—	(a)		—			—
Class R5		—	(a)		—			—
Select Class		156			427			2,634
Custodian and accounting fees		213			122			389
Interest expense to affiliates		2			1			—	(a)
Professional fees		110			88			86
Collateral management fees		7			—			—
Trustees’ and Chief Compliance Officer’s fees		1			2			14
Printing and mailing costs		23			15			56
Registration and filing fees		109			40			45
Transfer agent fees		62			10			52
Offering costs		32			6			—
Other		15			10			22
Total expenses		2,006			1,820			10,206
Less amounts waived		(672	)		(919	)		(4,057	)
Less expense reimbursements		(13	)		—			—
Net expenses		1,321			901			6,149
Net investment income (loss)		5,783			2,632			14,798
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(6,578	)		(462	)		201
Futures		165			—			—
Foreign currency transactions		(8,106	)		(3,806	)		(16,452	)
Options written		681			—			—
Swaps		(934	)		—			—
Net realized gain (loss)		(14,772	)		(4,268	)		(16,251	)
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		(3,913	)		(3,252	)		(6,597	)
Futures		4			—			—
Foreign currency translations		(395	)		(364	)		143
Options Written		22			—			—
Swaps		(64	)		—			—
Change in net unrealized appreciation/depreciation		(4,346	)		(3,616	)		(6,454	)
Net realized/unrealized gains (losses)		(19,118	)		(7,884	)		(22,705	)
Change in net assets resulting from operations	$	(13,335	)	$	(5,252	)	$	(7,907	)

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS OCTOBER 31, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Emerging Markets Local Currency Debt Fund						Ex-G4 Currency Strategies Fund
	Year Ended 10/31/2013			Period Ended 10/31/2012 (a)			Year Ended 10/31/2013			Period Ended 10/31/2012 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	5,783		$	118		$	2,632		$	962
Net realized gain (loss)		(14,772	)		49			(4,268	)		(80	)
Change in net unrealized appreciation/depreciation		(4,346	)		160			(3,616	)		591
Change in net assets resulting from operations		(13,335	)		327			(5,252	)		1,473
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—	(c)		—	(c)		(11	)		—	(c)
From net realized gains		—	(c)		—			—	(c)		—
Return of capital		(73	)		—			(2	)		—
Class C
From net investment income		—	(c)		—	(c)		—	(c)		—
From net realized gains		—	(c)		—			—	(c)		—
Return of capital		—	(c)		—			—	(c)		—
Class R2
From net investment income		—	(c)		—	(c)		—			—
From net realized gains		—	(c)		—			—			—
Return of capital		—	(c)		—			—			—
Class R5
From net investment income		—	(c)		—	(c)		—			—
From net realized gains		—	(c)		—			—			—
Return of capital		—	(c)		—			—			—
Class R6
From net investment income		(149	)		(1	)		—			—
From net realized gains		(62	)		—			—			—
Return of capital		(1,272	)		—			—			—
Select Class
From net investment income		(43	)		(58	)		(1,425	)		(79	)
From net realized gains		(9	)		—			—			—
Return of capital		(549	)		—			(276	)		—
Total distributions to shareholders		(2,157	)		(59	)		(1,714	)		(79	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		155,647			10,059			24,891			119,196
NET ASSETS:
Change in net assets		140,155			10,327			17,925			120,590
Beginning of period		10,327			—			120,590			—
End of period	$	150,482		$	10,327		$	138,515		$	120,590
Accumulated undistributed net investment income	$	(303	)	$	38		$	260		$	800

(a) Commencement of operations was June 29, 2012.

(b) Commencement of operations was November 30, 2011.

(c) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 27

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Currency Income Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	14,798		$	25,597
Net realized gain (loss)		(16,251	)		(32,285	)
Change in net unrealized appreciation/depreciation		(6,454	)		28
Change in net assets resulting from operations		(7,907	)		(6,660	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			(190	)
From net realized gains		(1	)		—	(c)
Return of capital		(9	)		—
Class C
From net investment income		—			(29	)
From net realized gains		—	(c)		—	(c)
Return of capital		(1	)		—
Select Class
From net investment income		—			(44,921	)
From net realized gains		(54	)		(38	)
Return of capital		(546	)		—
Total distributions to shareholders		(611	)		(45,178	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(720,749	)		(535,797	)
NET ASSETS:
Change in net assets		(729,267	)		(587,635	)
Beginning of period		1,344,992			1,932,627
End of period	$	615,725		$	1,344,992
Accumulated undistributed (distributions in excess of) net investment income	$	(1,715	)	$	(2,143	)

(a) Commencement of operations was June 29, 2012.

(b) Commencement of operations was November 30, 2011.

(c) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS OCTOBER 31, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Markets Local Currency Debt Fund						Ex-G4 Currency Strategies Fund
	Year Ended 10/31/2013			Period Ended 10/31/2012 (a)			Year Ended 10/31/2013			Period Ended 10/31/2012 (b)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	20,462		$	50		$	294		$	1,174
Distributions reinvested		33			—	(c)		14			—	(c)
Cost of shares redeemed		(19,168	)		—			(188	)		(19	)
Change in net assets resulting from Class A capital transactions	$	1,327		$	50		$	120		$	1,155
Class C
Proceeds from shares issued	$	—		$	50		$	—		$	50
Distributions reinvested		1			—	(c)		—	(c)		—
Change in net assets resulting from Class C capital transactions	$	1		$	50		$	—	(c)	$	50
Class R2
Proceeds from shares issued	$	—		$	50		$	—		$	—
Distributions reinvested		1			—	(c)		—			—
Change in net assets resulting from Class R2 capital transactions	$	1		$	50		$	—		$	—
Class R5
Proceeds from shares issued	$	—		$	50		$	—		$	—
Distributions reinvested		1			—	(c)		—			—
Change in net assets resulting from Class R5 capital transactions	$	1		$	50		$	—		$	—
Class R6
Proceeds from shares issued	$	136,405		$	50		$	—		$	—
Distributions reinvested		1,482			1			—			—
Cost of shares redeemed		(120,634	)		—			—			—
Change in net assets resulting from Class R6 capital transactions	$	17,253		$	51		$	—		$	—
Select Class
Proceeds from shares issued	$	146,140		$	9,750		$	162,200		$	143,645
Distributions reinvested		215			58			14			5
Cost of shares redeemed		(9,291	)		—			(137,443	)		(25,659	)
Change in net assets resulting from Select Class capital transactions	$	137,064		$	9,808		$	24,771		$	117,991
Total change in net assets resulting from capital transactions	$	155,647		$	10,059		$	24,891		$	119,196

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 29

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Markets Local Currency Debt Fund						Ex-G4 Currency Strategies Fund
	Year Ended 10/31/2013			Period Ended 10/31/2012 (a)			Year Ended 10/31/2013			Period Ended 10/31/2012 (b)
SHARE TRANSACTIONS:
Class A
Issued		2,000			5			29			120
Reinvested		3			—	(c)		1			—	(c)
Redeemed		(1,990	)		—			(19	)		(2	)
Change in Class A Shares		13			5			11			118
Class C
Issued		—			5			—			5
Reinvested		—	(c)		—	(c)		—	(c)		—
Change in Class C Shares		—	(c)		5			—	(c)		5
Class R2
Issued		—			5			—			—
Reinvested		—	(c)		—	(c)		—			—
Change in Class R2 Shares		—	(c)		5			—			—
Class R5
Issued		—			5			—			—
Reinvested		—	(c)		—	(c)		—			—
Change in Class R5 Shares		—	(c)		5			—			—
Class R6
Issued		13,292			5			—			—
Reinvested		143			—	(c)		—			—
Redeemed		(12,505	)		—			—			—
Change in Class R6 Shares		930			5			—			—
Select Class
Issued		14,501			975			15,930			14,330
Reinvested		21			6			2			—	(c)
Redeemed		(954	)		—			(13,875	)		(2,604	)
Change in Select Class Shares		13,568			981			2,057			11,726

(a) Commencement of operations was June 29, 2012.

(b) Commencement of operations was November 30, 2011.

(c) Amount rounds to less than 1,000 (shares or dollars).

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS OCTOBER 31, 2013

	International Currency Income Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,904		$	28,659
Distributions reinvested		—			183
Cost of shares redeemed		(12,199	)		(15,264	)
Change in net assets resulting from Class A capital transactions	$	(8,295	)	$	13,578
Class C
Proceeds from shares issued	$	353		$	233
Distributions reinvested		—			27
Cost of shares redeemed		(492	)		(415	)
Change in net assets resulting from Class C capital transactions	$	(139	)	$	(155	)
Select Class
Proceeds from shares issued	$	246,653		$	525,306
Distributions reinvested		11			4,352
Cost of shares redeemed		(958,979	)		(1,078,878	)
Change in net assets resulting from Select Class capital transactions	$	(712,315	)	$	(549,220	)
Total change in net assets resulting from capital transactions	$	(720,749	)	$	(535,797	)
SHARE TRANSACTIONS:
Class A
Issued		352			2,597
Reinvested		—			17
Redeemed		(1,105	)		(1,389	)
Change in Class A Shares		(753	)		1,225
Class C
Issued		32			21
Reinvested		—			2
Redeemed		(45	)		(38	)
Change in Class C Shares		(13	)		(15	)
Select Class
Issued		22,016			47,435
Reinvested		1			403
Redeemed		(86,146	)		(99,056	)
Change in Select Class Shares		(64,129	)		(51,218	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 31

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			Return of capital			Total distributions
Emerging Markets Local Currency Debt Fund
Class A
Year Ended October 31, 2013	$	10.27		0.33	(h)	$	(0.76	)	$	(0.43	)	$	(0.03	)	$	(0.01	)	$	(0.11	)	$	(0.15	)
June 29, 2012(f) through October 31, 2012		10.00		0.11			0.21			0.32			(0.05	)		—			—			(0.05	)
Class C
Year Ended October 31, 2013		10.27		0.27	(h)		(0.75	)		(0.48	)		(0.03	)		(0.01	)		(0.08	)		(0.12	)
June 29, 2012(f) through October 31, 2012		10.00		0.09			0.22			0.31			(0.04	)		—			—			(0.04	)
Class R2
Year Ended October 31, 2013		10.27		0.30	(h)		(0.75	)		(0.45	)		(0.04	)		(0.01	)		(0.09	)		(0.14	)
June 29, 2012(f) through October 31, 2012		10.00		0.10			0.21			0.31			(0.04	)		—			—			(0.04	)
Class R5
Year Ended October 31, 2013		10.27		0.37	(h)		(0.75	)		(0.38	)		(0.04	)		(0.01	)		(0.13	)		(0.18	)
June 29, 2012(f) through October 31, 2012		10.00		0.12			0.22			0.34			(0.07	)		—			—			(0.07	)
Class R6
Year Ended October 31, 2013		10.27		0.38	(h)		(0.75	)		(0.37	)		(0.04	)		(0.01	)		(0.13	)		(0.18	)
June 29, 2012(f) through October 31, 2012		10.00		0.13			0.21			0.34			(0.07	)		—			—			(0.07	)
Select Class
Year Ended October 31, 2013		10.27		0.36	(h)		(0.76	)		(0.40	)		(0.04	)		(0.01	)		(0.12	)		(0.17	)
June 29, 2012(f) through October 31, 2012		10.00		0.12			0.21			0.33			(0.06	)		—			—			(0.06	)

(a) Annualized for periods less than one year

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Commencement of operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2012 and year ended October 31, 2013.

(h) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS OCTOBER 31, 2013

		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)(g)			Net investment income (loss) (g)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (b)(e)
$	9.69		(4.26	)%	$	170		1.21	%		3.33	%		1.59	%		221	%
	10.27		3.22			52		1.25			3.23			5.26			65
	9.67		(4.75	)		49		1.72			2.72			2.31			221
	10.27		3.06			51		1.75			2.73			5.75			65
	9.68		(4.53	)		49		1.47			2.97			2.06			221
	10.27		3.14			51		1.50			2.98			5.50			65
	9.71		(3.82	)		50		0.77			3.67			1.36			221
	10.27		3.36			52		0.80			3.68			4.80			65
	9.72		(3.70	)		9,086		0.71			3.75			1.11			221
	10.27		3.38			52		0.75			3.73			4.75			65
	9.70		(4.03	)		141,078		0.97			3.63			1.46			221
	10.27		3.29			10,069		1.00			3.48			5.00			65

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 33

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		Return of capital			Total distributions
Ex-G4 Currency Strategies Fund
Class A
Year Ended October 31, 2013	$	10.17	$	0.13	(f)	$	(0.25	)	$	(0.12	)	$	(0.09	)	$	—	$	(0.02	)	$	(0.11	)
November 30, 2011(g) through October 31, 2012		10.00		0.15	(f)		0.03			0.18			(0.01	)		—		—			(0.01	)
Class C
Year Ended October 31, 2013		10.11		0.06	(f)		(0.25	)		(0.19	)		(0.03	)		—		(0.02	)		(0.05	)
November 30, 2011(g) through October 31, 2012		10.00		0.05	(f)		0.06			0.11			—			—		—			—
Select Class
Year Ended October 31, 2013		10.18		0.15	(f)		(0.25	)		(0.10	)		(0.11	)		—		(0.02	)		(0.13	)
November 30, 2011(g) through October 31, 2012		10.00		0.16	(f)		0.04			0.20			(0.02	)		—		—			(0.02	)

(a) Annualized for periods less than one year

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Commencement of operations.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2012 and year ended October 31, 2013.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS OCTOBER 31, 2013

		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)(h)			Net investment income (loss) (h)			Expenses without waivers, reimbursements and earnings credits (h)			Portfolio turnover rate (b)(e)
$	9.94		(1.16	)%	$	1,287		0.72	%		1.33	%		1.32	%		45	%
	10.17		1.80			1,197		0.71	(h)		1.62	(h)		1.52	(h)		28
	9.87		(1.89	)		49		1.47			0.58			1.81			45
	10.11		1.10			51		1.50	(h)		0.52	(h)		2.70	(h)		28
	9.95		(1.01	)		137,179		0.52			1.53			1.06			45
	10.18		1.96			119,342		0.53	(h)		1.74	(h)		1.33	(h)		28

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 35

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			Return of capital			Total distributions			Redemption fees
International Currency Income Fund
Class A
Year Ended October 31, 2013	$	11.16	$	0.13	(d)	$	(0.17	)	$	(0.05	)	$	—		$	—	(e)	$	(0.01	)	$	(0.01	)	$	—
Year Ended October 31, 2012		11.34		0.15	(d)		(0.07	)		0.08			(0.26	)		—	(e)		—			(0.26	)		—
Year Ended October 31, 2011		11.20		0.18			0.07			0.25			(0.11	)		—			—			(0.11	)		—	(e)
Year Ended October 31, 2010		10.74		0.13	(d)		0.42			0.55			(0.01	)		—			(0.08	)		(0.09	)		—	(e)
Year Ended October 31, 2009		9.34		0.19			1.52			1.71			(0.31	)		—			—			(0.31	)		—
Class C
Year Ended October 31, 2013		10.99		0.05	(d)		(0.16	)		(0.12	)		—			—	(e)		(0.01	)		(0.01	)		—
Year Ended October 31, 2012		11.24		0.07	(d)		(0.07	)		—	(e)		(0.25	)		—	(e)		—			(0.25	)		—
Year Ended October 31, 2011		11.12		0.09			0.06			0.15			(0.03	)		—			—			(0.03	)		—	(e)
Year Ended October 31, 2010		10.67		0.04	(d)		0.43			0.47			—	(e)		—			(0.02	)		(0.02	)		—	(e)
Year Ended October 31, 2009		9.32		0.13			1.52			1.65			(0.30	)		—			—			(0.30	)		—
Select Class
Year Ended October 31, 2013		11.21		0.15	(d)		(0.17	)		(0.02	)		—			—	(e)		(0.01	)		(0.01	)		—
Year Ended October 31, 2012		11.37		0.17	(d)		(0.07	)		0.10			(0.26	)		—	(e)		—			(0.26	)		—
Year Ended October 31, 2011		11.23		0.19			0.08			0.27			(0.13	)		—			—			(0.13	)		—	(e)
Year Ended October 31, 2010		10.77		0.15	(d)		0.42			0.57			(0.01	)		—			(0.10	)		(0.11	)		—	(e)
Year Ended October 31, 2009		9.34		0.22			1.53			1.75			(0.32	)		—			—			(0.32	)		—

(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, each of which is less than 0.01%, if applicable unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS OCTOBER 31, 2013

		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 (c)
$	11.11		(0.40	)%	$	12,645		0.77	%		1.19	%		1.20	%		44	%
	11.16		0.78			21,105		0.76			1.33			1.19			91
	11.34		2.24			7,551		0.77			1.59			1.19			28
	11.20		5.18			5,203		0.77			1.20			1.25			75
	10.74		18.55			231		1.10			1.92			4.00			71
	10.87		(1.04	)		912		1.52			0.44			1.70			44
	10.99		0.05			1,066		1.51			0.60			1.69			91
	11.24		1.40			1,255		1.52			0.81			1.69			28
	11.12		4.44			891		1.52			0.39			1.80			75
	10.67		17.86			227		1.75			1.27			4.50			71
	11.18		(0.22	)		602,168		0.57			1.38			0.95			44
	11.21		0.98			1,322,821		0.56			1.53			0.94			91
	11.37		2.43			1,923,821		0.57			1.77			0.94			28
	11.23		5.32			970,939		0.57			1.38			0.99			75
	10.77		18.96			5,221		0.85			2.17			3.75			71

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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 3 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Emerging Markets Local Currency Debt Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Non-Diversified
Ex-G4 Currency Strategies Fund	Class A, Class C and Select Class	Non-Diversified
International Currency Income Fund	Class A, Class C and Select Class	Non-Diversified

The investment objective of Emerging Markets Local Currency Debt Fund is to seek to provide total return.

The investment objective of Ex-G4 Currency Strategies Fund is to seek to provide total return.

The investment objective of International Currency Income Fund is to seek to provide a high total return primarily from a portfolio of fixed income and other debt securities denominated in foreign currencies.

Emerging Markets Local Currency Debt Fund commenced operations on June 29, 2012. Prior to November 30, 2012, the Fund was not publicly offered for investment.

Ex-G4 Currency Strategies Fund commenced operations on November 30, 2011.

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 R2, Class R5, Class R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America (“ GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, various forms of credit enhancements, such as bond insurance, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Funds may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Funds to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Funds’ securities. JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Funds’ Chief Compliance Officer. The VC’s responsibilities include making determinations

38 J.P. MORGAN FUNDS OCTOBER 31, 2013

regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Funds’ valuation policies.

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment.

The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed.

It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report, are not reflected herein.

The various inputs that are used in determining the fair value of the Funds’ investments are summarized into the three broad levels listed below:

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Emerging Markets Local Currency Debt Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Corporate Bonds	$	—		$	1,053		$	—		$	1,053
Foreign Government Securities		—			102,850			1,860			104,710
Short-Term Investment
Investment Company		38,251			—			—			38,251
Options Purchased		45			—			—			45
Total Investments in Securities	$	38,296		$	103,903		$	1,860	*	$	144,059
Liabilities
Options Written	$	(7	)		—			—			(7	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,432		$	—		$	1,432
Future Contracts		4						—			4
Interest Rate Swaps		—			285			—			285
Total Appreciation in Other Financial Instruments	$	4		$	1,717		$	—		$	1,721
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(1,815	)	$	—		$	(1,815	)
Interest Rate Swaps		—			(342	)		—			(342	)
Total Depreciation in Other Financial Instruments	$	—		$	(2,157	)	$	—		$	(2,157	)

OCTOBER 31, 2013 J.P. MORGAN FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

Ex-G4 Currency Strategies Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	39,374	$	96,955		$	—	$	136,329
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	358		$	—	$	358
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(723	)	$	—	$	(723	)

International Currency Income Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	45,170	$	548,853		$	—	$	594,023
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	2,371		$	—	$	2,371
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(776	)	$	—	$	(776	)

* Level 3 securities are valued by brokers and pricing services. At October 31, 2013, the value of these securities was approximately $1,860,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of broker and vendor due diligence, unchanged price review and consideration of macro or security specific events.

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOIs. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOIs for country specifics of portfolio holdings.

There were no transfers between Levels 1 and 2 during the year ended October 31, 2013.

The following is a summary of investments for which significant unobservable inputs (Level 3) were used in determining fair value (amounts in thousands):

Emerging Markets Local Currency Debt Fund

	Balance as of 10/31/12		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of 10/31/13
Investments in Securities
Foreign Government Securities	$	144	$	—	(a)	$	(424	)	$	(15	)	$	2,255	$	(100	)	$	—	$	—	$	1,860
Total	$	144	$	—	(a)	$	(424	)	$	(15	)	$	2,255	$	(100	)	$	—	$	—	$	1,860

(a) Amount rounds to less than $1,000.

Transfers into, or out of, Level 3 are valued utilizing values as of the beginning of the year.

Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), respectively, which resulted in a lack of or increase in available market inputs to determine price.

The change in unrealized appreciation (depreciation) attributable to securities owned at October 31, 2013, which were valued using significant unobservable inputs (Level 3), amounted to approximately $(311,000).

B. Restricted and Illiquid Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and include, but are not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds. As of October 31, 2013, 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.

40 J.P. MORGAN FUNDS OCTOBER 31, 2013

The following is the value and percentage of net assets of illiquid securities as of October 31, 2013 (amounts in thousands):

	Value		Percentage
Emerging Markets Local Currency Debt Fund	$	1,860		1.2	%

C. Derivatives — The Funds use instruments including futures, forward foreign currency exchange contracts, options, swaps and other derivatives in connection with their investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. The Funds also use derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded in the Statements of Assets and Liabilities.

The Emerging Markets Local Currency Debt 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 also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and the 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 gives the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes C(1) — C(4) below describe the various derivatives used by the Funds.

(1). Options — The Emerging Markets Local Currency Debt Fund purchases and sells (“writes”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Emerging Markets Local Currency Debt Fund for options purchased are included in 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 unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the security.

Options Written — Premiums received by the Emerging Markets Local Currency Debt Fund for options written are included in the Statements of Assets and Liabilities. 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 unrealized appreciation or depreciation. Premiums received from options written that expire are treated as realized gains. The Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options 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.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

Transactions in options written during the year ended October 31, 2013 were as follows (amounts in thousands):

	Foreign Exchange Currency Options
	Notional Amount			Premiums Received
Emerging Markets Local Currency Debt Fund
Options outstanding at October 31, 2012	$	—		$	—
Options written		43,919			710
Options expired		(26,416	)		(469	)
Options terminated in closing purchase transactions		(12,340	)		(212	)
Options outstanding at October 31, 2013	$	5,163		$	29

(2). Futures Contracts — The Emerging Markets Local Currency Debt Fund uses treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also uses futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation (depreciation) in the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The 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.

(3). Forward Foreign Currency Exchange Contracts — The Funds use forward foreign currency exchange contracts, including non-deliverable forwards, mainly as a substitute for securities in which the Funds can invest, to increase income or gain to the Funds and to hedge or manage the Funds’ exposure to foreign currency risks associated with portfolio investments. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

(4). Swaps — The Emerging Markets Local Currency Debt Fund engages in various swap transactions, including interest rate swaps to manage interest rate (e.g., duration, yield curve) risks within its portfolio. The Fund also uses swaps as alternatives to direct investments. Swap transactions are negotiated contracts (“over the counter “OTC” swaps”) between the Fund and a counterparty to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of a swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation or depreciation in the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.G.).

42 J.P. MORGAN FUNDS OCTOBER 31, 2013

Interest Rate Swaps

The Emerging Markets Local Currency Debt Fund enters into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

(5). Summary of Derivatives Information — The following tables present the value of derivatives held as of October 31, 2013, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Emerging Markets Local Currency Debt Fund

Derivative Contract	Statements of Assets and Liabilities Location
Gross Assets:		Options (a)		Futures Contracts (b)		Forward Foreign Currency Exchange Contracts		OTC Swaps		Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	—	$	4	$	—	$	285	$	289
Foreign exchange contracts	Receivables		45		—		1,432		—		1,477
Total		$	45	$	4	$	1,432	$	285	$	1,766
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	—	$	—	$	342	$	342
Foreign exchange contracts	Payables		7		—		1,815		—		1,822
Total		$	7	$	—	$	1,815	$	342	$	2,164

Ex-G4 Currency Strategies Fund

Derivative Contract	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	358
Gross Liabilities:
Foreign exchange contracts	Payables	$	723

International Currency Income Fund

Derivative Contract	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	2,371
Gross Liabilities:
Foreign exchange contracts	Payables	$	776

(a) The market value of options purchased is reported as Investments in non-affiliates, at value on the Statements of Assets and Liabilities.

(b) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported in the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable to brokers.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2013, by primary underlying risk exposure (amounts in thousands):

Emerging Markets Local Currency Debt Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Options (a)			Futures Contracts		Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Interest rate contracts	$	—		$	165	$	—		$	(934	)	$	(769	)
Foreign exchange contracts		43			—		(1,012	)		—			(969	)
Total	$	43		$	165	$	(1,012	)	$	(934	)	$	(1,738	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Options			Futures Contracts		Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Interest rate contracts	$	—		$	4	$	—		$	(64	)	$	(60	)
Foreign exchange contracts		(52	)		—		(400	)		—			(452	)
Total	$	(52	)	$	4	$	(400	)	$	(64	)	$	(512	)

Ex-G4 Currency Strategies Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(621	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(340	)

International Currency Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	8,844

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(721	)

(a) The value of options purchased is reported as investments in non-affiliates on the Statements of Operations.

The Funds’ derivatives contracts held at October 31, 2013 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The tables below disclose the volume of the Funds’ forward foreign currency exchange contracts, options and swaps activity during the year ended October 31, 2013 (amounts in thousands). Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

	Emerging Markets Local Currency Debt Fund			Ex-G4 Currency Strategies Fund		International Currency Income Fund
Futures Contracts
Average Notional Balance Short	$	2,129	(a)	$	—	$	—
Ending Notional Balance Short		2,547			—		—

44 J.P. MORGAN FUNDS OCTOBER 31, 2013

	Emerging Markets Local Currency Debt Fund			Ex-G4 Currency Strategies Fund		International Currency Income Fund
Forward Foreign Currency Exchange Contracts
Average Settlement Value Purchased	$	160,930		$	110,969	$	531,762
Average Settlement Value Sold		117,167			48,199		378,197
Ending Settlement Value Purchased		183,608			84,936		269,629
Ending Settlement Value Sold		134,545			44,323		223,973
OTC Options
Average Notional Balance Purchased	$	10,056	(b)	$	—	$	—
Average Notional Balance Written		4,760	(c)		—		—
Ending Notional Balance Purchased		17,099			—		—
Ending Notional Balance Written		5,163			—		—
Interest Rate-Related Swaps
Average Notional Balance — Pays Fixed rate	$	9,521	(d)	$	—	$	—
Average Notional Balance — Receives Fixed rate		40,514			—		—
Ending Notional Balance — Pays Fixed Rate		—			—		—
Ending Notional Balance — Receives Fixed Rate		40,783			—		—

(a) For the period March 1, 2013 through August 31, 2013 and October 1, 2013 through October 31, 2013.

(b) For the periods October 1, 2012 through December 31, 2012 and February 1, 2013 through October 31, 2013.

(c) For the periods November 1, 2012 through December 31, 2012, February 1, 2013 through April 30, 2013 and August 1, 2013 through October 31, 2013.

(d) For the period February 1, 2013 through March 31, 2013

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.

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the year, the Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held or sold during the year. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions on the Statements of Operations. Reported realized foreign currency gains and losses arise from the disposition of foreign currency, purchases of foreign currency in certain countries that impose a tax on such purchases, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized foreign currency gains and losses arise from changes (due to changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end.

E. Offering and Organizational Costs — Total offering costs of approximately $48,000 and $68,000 paid in connection with the offering of shares of the Emerging Markets Local Currency Debt Fund and Ex-G4 Currency Strategies 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 in the Statements of Operations. For the year ended October 31, 2013, total offering costs paid were (amounts in thousands):

	Offering Costs
Emerging Markets Local Currency Debt Fund	$	32
Ex-G4 Currency Strategies Fund		6

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, is 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 per share of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Each class of shares bears its pro-rata portion of expenses attributable to its fund, except that each class separately bears expenses related specifically to that class.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 45

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

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 gain 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 October 31, 2013, 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 Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

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.

J. Distributions to Shareholders — Distributions from net investment income are generally declared and paid monthly for Emerging Markets Local Currency Debt Fund and quarterly for Ex-G4 Currency Strategies Fund and International Currency Income Fund 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/ (distribution in excess of) net investment income			Accumulated net realized gains (losses)
Emerging Markets Local Currency Debt Fund	$	(3,057	)	$	(5,932	)	$	8,989
Ex-G4 Currency Strategies Fund		(2,070	)		(1,736	)		3,806
International Currency Income Fund		(2,059	)		(14,371	)		16,430

(a) Amount rounds to less than $1,000.

The reclassifications for the Funds relate primarily to foreign currency gains or losses, net operating losses, periodic payment from swaps, taxable overdistributions and return of capital distributions.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the 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:

Emerging Markets Local Currency Debt Fund	0.70	%
Ex-G4 Currency Strategies Fund	0.55	%
International Currency Income Fund	0.55	%

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 October 31, 2013, 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.

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 “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

46 J.P. MORGAN FUNDS OCTOBER 31, 2013

The Board of Trustees 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 Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2
Emerging Markets Local Currency Debt Fund		0.25	%		0.75	%		0.50	%
Ex-G4 Currency Strategies Fund		0.25			0.75			n/a
International Currency Income Fund		0.25			0.75			n/a

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2013, the Distributor retained the following amounts (in thousands):

	Front-end Sales Charge			CDSC
International Currency Income Fund	$	—	(a)	$	—	(a)

(a) Amount rounds to less than $1,000.

D. Shareholder Servicing Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R5			Select Class
Emerging Markets Local Currency Debt Fund		0.25	%		0.25	%		0.25	%		0.05	%		0.25	%
Ex-G4 Currency Strategies Fund		0.25			0.25			n/a			n/a			0.25
International Currency Income Fund		0.25			0.25			n/a			n/a			0.25

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The Distributor waived Shareholder Servicing fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. The Funds earn interest on uninvested cash balances held by the custodian. Such interest amounts are presented separately in the Statements of Operations.

Interest income, if any, earned on cash balances at the custodian, is included in Interest income from affiliates in the Statements of Operations.

Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R5			Class R6			Select Class
Emerging Markets Local Currency Debt Fund		1.25	%		1.75	%		1.50	%		0.80	%		0.75	%		1.00	%
Ex-G4 Currency Strategies Fund		0.80			1.55			n/a			n/a			n/a			0.60
International Currency Income Fund		0.80			1.55			n/a			n/a			n/a			0.60

The expense limitation agreements were in effect for the year ended October 31, 2013. The contractual expense limitation percentages in the table above are in place until at least February 28, 2014.

For the year ended October 31, 2013, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Emerging Markets Local Currency Debt Fund	$	487	$	133	$	—	$	620	$	13
Ex-G4 Currency Strategies Fund		286		145		345		776		—
International Currency Income Fund		663		906		2,153		3,722		—

OCTOBER 31, 2013 J.P. MORGAN FUNDS 47

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Funds’ investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2013 were as follows (amounts in thousands):

Emerging Markets Local Currency Debt Fund	$	52
Ex-G4 Currency Strategies Fund		143
International Currency Income Fund		335

G. Collateral Management Fees — JPMCB provides derivatives collateral management services for the Emerging Markets Local Currency Debt Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral management fees on the Statements of Operations.

H. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board of Trustees appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Statements of Operations.

The 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 October 31, 2013, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2013, 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.

4. Investment Transactions

During the year ended October 31, 2013, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Emerging Markets Local Currency Debt Fund	$	340,519	$	228,266
Ex-G4 Currency Strategies Fund		71,790		36,446
International Currency Income Fund		307,634		706,818

During the year ended October 31, 2013, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2013 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Markets Local Currency Debt Fund	$	152,072	$	1,498	$	9,511	$	(8,013	)
Ex-G4 Currency Strategies Fund		139,092		1,897		4,660		(2,763	)
International Currency Income Fund		607,472		10,421		23,870		(13,449	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

48 J.P. MORGAN FUNDS OCTOBER 31, 2013

The tax character of distributions paid during the fiscal year ended October 31, 2013 was as follows (amounts in thousands):

	Ordinary Income		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Emerging Markets Local Currency Debt Fund	$	263	$	—	$	1,894	$	2,157
Ex-G4 Currency Strategies Fund		1,436		—		278		1,714
International Currency Income Fund		—		77		534		611

The tax character of distributions paid during the fiscal year ended October 31, 2012 was as follows (amounts in thousands):

	Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
Emerging Markets Local Currency Debt Fund	$	59	$	—	$	59
Ex-G4 Currency Strategies Fund		79		—		79
International Currency Income Fund		45,141		37		45,178

As of October 31, 2013, the components of net assets (excluding paid in capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Emerging Markets Local Currency Debt Fund	$	—	$	(1,544	)	$	(8,730	)
Ex-G4 Currency Strategies Fund		—		(486	)		(2,735	)
International Currency Income Fund		—		—			(13,573	)

The cumulative timing differences primarily consist of wash sale loss deferrals, mark to market of forward foreign currency exchange contracts and investments in swaps.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 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 October 31, 2013, the following Funds had post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Emerging Markets Local Currency Debt Fund	$	1,544	$	—
Ex-G4 Currency Strategies Fund		476		10
International Currency Income Fund		—		—

As of October 31, 2013, the Funds did not have any pre-enactment net capital loss carryforwards.

During the year ended October 31, 2013, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):

	Post-Enactment Capital Loss Carryforwards  Utilized
	Short-Term		Long-Term
International Currency Income Fund	$	—	$	(124	)

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 Fund 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).

In addition, 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 10, 2014.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 49

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013. Average borrowings from the Facility for, or at any time during, the year ended October 31, 2013, were as follows (amounts in thousands):

	Average Borrowings		Number of Days Outstanding		Interest Paid
Emerging Markets Local Currency Debt Fund	$	21,131		1	$	—	(a)
International Currency Income Fund		14,071		1		—	(a)

(a) Amount rounds to less than $1,000.

Interest expense paid, if any, as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statements of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

One or more affiliates of the Adviser have investment discretion with respect to their clients’ holdings in the Funds, which collectively represent a significant portion of the Funds’ assets. Significant shareholder transactions by these shareholders, if any, may impact the Funds’ performance.

Prior to November 30, 2012, the Emerging Markets Local Currency Debt Fund’s shares were held by the Fund’s Adviser.

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year depending on the Fund. Such concentrations may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2013, substantially all of the Funds’ net assets consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. 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 Emerging Markets Local Currency Debt Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund, such as swap and option contracts and credit linked notes.

The Emerging Markets Local Currency Debt Fund is subject to the risk that should the Fund decide to sell an illiquid investment when a ready buyer is not available at a price the Fund deems to be representative of its value, the value of the Fund’s net assets could be adversely affected.

8. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. In January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, which updated ASU 2011-11. The ASU creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives, repurchase agreements and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of these changes on the Funds’ financial statement disclosures.

50 J.P. MORGAN FUNDS OCTOBER 31, 2013

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Emerging Markets Local Currency Debt Fund, JPMorgan Ex-G4 Currency Strategies Fund and JPMorgan International Currency Income Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Emerging Markets Local Currency Debt Fund, JPMorgan Ex-G4 Currency Strategies Fund and JPMorgan International Currency Income Fund (each a separate Fund of JPMorgan Trust I) at October 31, 2013, the results of each of their operations for the year then ended and the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

OCTOBER 31, 2013 J.P. MORGAN FUNDS 51

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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

52 J.P. MORGAN FUNDS OCTOBER 31, 2013

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)
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).	171	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); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-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).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Funds’ investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment 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 is 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.

*** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 53

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

  ** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

54 J.P. MORGAN FUNDS OCTOBER 31, 2013

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

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, May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During the Period		Annualized Expense Ratio
Emerging Markets Local Currency Debt Fund
Class A
Actual	$	1,000.00	$	911.90	$	5.83		1.21	%
Hypothetical		1,000.00		1,019.11		6.16		1.21
Class C
Actual		1,000.00		910.40		8.23		1.71
Hypothetical		1,000.00		1,016.59		8.69		1.71
Class R2
Actual		1,000.00		910.70		7.03		1.46
Hypothetical		1,000.00		1,017.85		7.43		1.46
Class R5
Actual		1,000.00		914.40		3.67		0.76
Hypothetical		1,000.00		1,021.37		3.87		0.76
Class R6
Actual		1,000.00		915.40		3.43		0.71
Hypothetical		1,000.00		1,021.63		3.62		0.71
Select Class
Actual		1,000.00		913.20		4.63		0.96
Hypothetical		1,000.00		1,020.37		4.89		0.96
Ex-G4 Currency Strategies Fund
Class A
Actual		1,000.00		962.90		3.56		0.72
Hypothetical		1,000.00		1,021.58		3.67		0.72
Class C
Actual		1,000.00		959.20		7.26		1.47
Hypothetical		1,000.00		1,017.80		7.48		1.47
Select Class
Actual		1,000.00		963.40		2.57		0.52
Hypothetical		1,000.00		1,022.58		2.65		0.52

OCTOBER 31, 2013 J.P. MORGAN FUNDS 55

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value, May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During the Period		Annualized Expense Ratio
International Currency Income Fund
Class A
Actual	$	1,000.00	$	985.80	$	3.85		0.77	%
Hypothetical		1,000.00		1,021.32		3.92		0.77
Class C
Actual		1,000.00		982.80		7.60		1.52
Hypothetical		1,000.00		1,017.54		7.73		1.52
Select Class
Actual		1,000.00		986.80		2.85		0.57
Hypothetical		1,000.00		1,022.33		2.91		0.57

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

56 J.P. MORGAN FUNDS OCTOBER 31, 2013

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 22, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Funds’ performance compared to the performance of the Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to certain J.P. Morgan Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the investment advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreements with representatives of the Adviser and with counsels to the Trust and independent Trustees and received a memorandum from independent

counsel to the Trustees discussing the legal standards for their consideration of the proposed approvals. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Trust and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity

OCTOBER 31, 2013 J.P. MORGAN FUNDS 57

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each of the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. The Board also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the adviser.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Funds does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Funds benefit from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of each Fund. The Trustees also considered the complexity of investment management for the Funds relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for J.P. Morgan Funds which had at least one full year of performance at the time of the review in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of those J.P. Morgan Funds which had at least one full year of performance at the time of the review within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one- and three-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their

58 J.P. MORGAN FUNDS OCTOBER 31, 2013

review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the independent consultant and also considered the special analysis prepared by the independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted the performance of the Emerging Markets Local Currency Debt Fund since its inception on June 29, 2012 as compared with that of its benchmark index through December 31, 2012. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted the performance of the Ex-G4 Currency Strategies Fund’s performance was in the third quintile for both Class A and Select Class shares for the one year period ended December 31, 2012. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the fixed income committee at each of their regular meetings over the course of the next year.

The Trustees noted that the International Currency Income Fund’s performance was in the fourth, third and second quintiles for Class A shares and in the fourth, third and first quintiles for Select Class shares for the one-, three- and five-year periods ended December 31, 2012, respectively and that the independent consultant had indicated the Fund had met its risk objectives, but underperformed its return objectives. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the fixed income committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Funds to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Funds and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Emerging Markets Local Currency Debt Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile and that the actual total expenses for both Class A and Select Class shares were in the fourth quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Ex-G4 Currency Strategies Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the International Currency Income Fund’s net advisory fee for both Class A and Select Class shares was in the second quintile, and that the actual total expenses for both Class A and Select Class Shares were in the first quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 59

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2013. 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, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be provided under separate cover.

Qualified Dividend Income (QDI)

For the fiscal year ended October 31, 2013, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%. Each Fund hereby designates the following amount or maximum allowable amount of ordinary income distributions or the maximum allowable treated as qualified dividends (amounts in thousands):

	Qualified Dividend Income
Emerging Markets Local Currency Debt Fund	$	2,158
Ex-G4 Currency Strategies Fund		—
International Currency Income Fund		—

Long Term Capital Gain Designation — 20%

Each Fund hereby designates the following amount or maximum allowable amount as long-term capital gain distributions for the purposes of the dividend paid deduction on its respective tax return for the fiscal year ended October 31, 2013 (amounts in thousands):

	Long-Term Capital Gain Distribution
International Currency Income Fund	$	77

60 J.P. MORGAN FUNDS OCTOBER 31, 2013

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 business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2013.  All rights reserved. October 2013. AN-CUR-1013

Annual Report

Highbridge Funds

October 31, 2013

Highbridge Dynamic Commodities Strategy Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	12
Consolidated Financial Highlights	18
Notes to Consolidated Financial Statements	20
Report of Independent Registered Public Accounting Firm	29
Trustees	30
Officers	32
Schedule of Shareholder Expenses	33
Board Approval of Investment Advisory Agreement	34
Privacy Notice — Located at the back of this Annual Report

Investments in the Fund are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of 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

DECEMBER 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

  “As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio.”

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury

yields fell from their reporting period peak in early September 2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junk bonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well- diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 1

Highbridge Dynamic Commodities Strategy Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

Reporting Period Return:
Fund (Select Class Shares)*		(22.03)%
Dow Jones-UBS Commodity Index Total Return		(12.21)%
Net Assets as of 10/31/2013 (In Thousands)	$	382,106

INVESTMENT OBJECTIVE**

The Highbridge Dynamic Commodities Strategy Fund (the “Fund”) seeks long-term total return.

INVESTMENT APPROACH

The Fund’s portfolio managers use a systematic and fundamental investment approach that utilizes a proprietary quantitative model with an emphasis on risk management. The Fund’s commodity weightings reflect the Fund’s portfolio managers’ analysis of macroeconomic influences, supply and demand levels, the impact of historical commodity prices, the relationships between various commodities and risk assessments. The Fund employs a risk management process that includes both a volatility target and a drawdown management process, which decreases (increases) the risk target as a function of negative (positive) portfolio performance. The Fund’s approach is unconstrained versus the Dow Jones-UBS Commodity Index Total Return (the “Benchmark”), an index of commodities.

HOW DID THE COMMODITIES MARKET PERFORM DURING THE REPORTING PERIOD?

The Benchmark returned -12.21% for the twelve months ended October 31, 2013. All sectors of the commodities market faced headwinds during the reporting period. The agriculture sector was the biggest detractor from the Benchmark’s performance, as favorable crop conditions, combined with aggressive planting in response to the North American drought of 2012, led to falling prices, particularly for corn. The precious metals sector was the second largest detractor from the Benchmark’s performance. The sector was negatively impacted by speculation that the U.S. Federal Reserve (the “Fed”) might soon end its accommodative monetary policy. Energy markets were down slightly on lackluster demand and increasing production in North America. Elsewhere, industrial metals and soft commodities were generally weak as demand could not keep up with increasing supplies.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund (Select Class Shares) underperformed the Benchmark for the twelve months ended October 31, 2013. The Fund’s positioning among precious metals was the largest driver of the

Fund’s negative absolute return and relative underperformance. In the early portion of the reporting period, the Fund was overweight in this sector, largely due to a view that the Fed’s easy monetary policy would continue. However, speculation that accommodative Fed monetary policy would end sooner than previously anticipated drove prices lower. The size of the Fund’s exposure to precious metals was reduced during the reporting period, due to increased volatility and continued negative trends in precious metals prices.

In the agriculture sector, the Fund’s overweight position to grains during the last months of 2012 hurt absolute and relative performance as the South American soy and corn crop harvests were robust. The energy sector was another source of negative absolute performance and relative underperformance for the Fund. In particular, an underweight exposure to natural gas early in 2013 was detrimental for the Fund as prices rallied on larger-than-expected withdrawals from natural gas storage.

Elsewhere, positioning in industrial metals and soft commodities contributed to the Fund’s relative performance versus the Benchmark. The Fund was underweight and held a short position in industrial metals during most of the reporting period, which was beneficial for results as new supply was generally robust. With respect to soft commodities, positioning relative to the Benchmark was mixed during the reporting period, but overall positive for relative performance.

HOW WAS THE FUND POSITIONED?

The Fund invested in a wholly-owned subsidiary that invested in commodity-linked derivative instruments and provided exposure to the investment returns of the commodities markets without investing directly in physical commodities. The Fund also invested in a portfolio of high-quality fixed income securities, such as commercial paper or other short-term instruments that generally had a weighted average maturity of 90 days or less.

Dispersion of returns between individual commodities and sectors remained high, presenting opportunities for active commodity selection. At the end of the reporting period, the Fund was long the energy, agriculture, soft commodities and precious metals sectors, while short the industrial metals sector.

2 HIGHBRIDGE FUNDS OCTOBER 31, 2013

CASH INVESTMENTS***
U.S. Government Agency Securities	60.9	%
Investment Companies	29.8
Repurchase Agreements	5.0
U.S. Treasury Obligations	4.3

PORTFOLIO COMPOSITION BY COUNTRY***
United States	100.0	%

NET COMMODITY EXPOSURE****
Energy	55.6	%
Agriculture	48.6
Precious Metals & Currencies	42.1
Industrial Metals	–0.9

TOTAL COMMODITY EXPOSURE****
Total Net Exposure	145.4	%
Total Gross Exposure	179.6

* 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

**** The Fund’s net exposure equals the value of the Fund’s long positions minus the short positions. The Fund’s gross exposure equals the sum of the Fund’s long positions and short positions (adjusted for offsetting positions). Exposures are calculated as the notional value of the Fund’s derivative positions as a percentage of net assets.

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 3

Highbridge Dynamic Commodities Strategy Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		1/13/10
Without Sales Charge				(22.14	)%		(10.95	)%		(4.41	)%
With Sales Charge*				(26.24	)		(12.54	)		(5.76	)
CLASS C SHARES		1/13/10
Without CDSC				(22.56	)		(11.42	)		(4.89	)
With CDSC**				(23.56	)		(11.42	)		(4.89	)
CLASS R5 SHARES		11/30/10		(21.84	)		(10.57	)		(4.02	)
SELECT CLASS SHARES		1/13/10		(22.03	)		(10.77	)		(4.18	)

* 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 (1/13/2010 TO 10/31/2013)

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 13, 2010.

Returns for Class R5 Shares prior to its inception date were based on the performance of Select Class Shares. The actual returns of Class R5 Shares would have been higher than those shown because Class R5 Shares have lower expenses than Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the Highbridge Dynamic Commodities Strategy Fund, the Dow Jones-UBS Commodity Index Total Return and the Lipper Commodities General Funds Average from January 13, 2010 to October 31, 2013. The performance of the Lipper Commodities General Funds Average reflects an initial investment at the end of the month closest to the Fund’s inception. 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 Dow Jones-UBS Commodity Index Total Return 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 Commodities General 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 Dow Jones-UBS Commodity Index Total Return is composed of futures contracts on 22 physical commodities. Investors cannot invest directly in an index. The Lipper Commodities General 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.

Subsequent to the inception date of the Fund through March 10, 2010, the Fund did not experience any shareholder purchase and sale activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

Select Class Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

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 HIGHBRIDGE FUNDS OCTOBER 31, 2013

Highbridge Dynamic Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in thousands, except number of contracts)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — 5.2%
	10,000	Deutsche Bank AG, 0.100%, dated 10/31/13, due 11/01/13, repurchase price $10,000, collateralized by U.S. Treasury Notes, 0.750%, 06/15/14 with a value of $10,200.		10,000
	10,000	UBS Warburg LLC, 0.090%, dated 10/31/13, due 11/01/13, repurchase price $10,000, collateralized by U.S. Treasury Notes, 0.750%, 06/15/14 with a value of $10,200.		10,000
		Total Repurchase Agreements (Cost $20,000)		20,000
	U.S. Government Agency Securities — 63.5%
		Federal Farm Credit Bank,
	8,666	DN, 0.010%, 11/01/13 (n)		8,666
	2,000	0.150%, 01/17/14		2,000
	14,500	0.200%, 11/20/13		14,501
		Federal Home Loan Bank,
	6,864	DN, 0.030%, 11/20/13 (n)		6,864
	11,500	DN, 0.045%, 11/27/13 (n)		11,500
	43,944	DN, 0.050%, 12/13/13 (n)		43,939
	7,304	DN, 0.093%, 04/23/14 (n)		7,302
	4,000	0.190%, 07/22/14		4,001
	4,650	0.290%, 11/15/13		4,650
		Federal Home Loan Mortgage Corp.,
	15,561	DN, 0.045%, 12/02/13 (m) (n)		15,561
	55,359	DN, 0.050%, 01/27/14 (m) (n)		55,355
	4,127	DN, 0.053%, 11/05/13 (n)		4,127
	5,000	DN, 0.060%, 11/21/13 (n)		5,000
	14,500	DN, 0.060%, 11/26/13 (m) (n)		14,499
	44,593	DN, 0.130%, 12/30/13 (m) (n)		44,591
		Total U.S. Government Agency Securities (Cost $242,543)		242,556

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — 4.5%
		U.S. Treasury Notes,
	4,000	1.250%, 03/15/14 (m)		4,017
	8,000	1.875%, 02/28/14 (m)		8,047
	5,000	2.000%, 11/30/13 (m)		5,008
		Total U.S. Treasury Obligations (Cost $17,068)		17,072
SHARES
	Investment Companies — 31.1%
	33,540	JPMorgan Prime Money Market Fund, Agency Class Shares, 0.010% (b) (l) †		33,540
	72,621	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) †		72,621
	12,680	JPMorgan U.S. Treasury Plus Money Market Fund, Institutional Class Shares, 0.000% (b) (l) †		12,680
		Total Investment Companies (Cost $118,841)		118,841
		Total Investments — 104.3% (Cost $398,452)		398,469
		Liabilities in Excess of Other Assets — (4.3)%		(16,363	)
		NET ASSETS — 100.0%	$	382,106

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	1,210	Australian Dollar		12/16/13	$	114,115	$	(792	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 5

Highbridge Dynamic Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

Return Swaps on Commodities
SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE*			VALUE
Newedge USA, LLC
	Long Positions
	ICE Gas Oil December 2013 Futures		12/12/13	$	34,373		$	(39	)
	CBOT Corn December 2013 Futures		12/13/13		9,978			(287	)
	CBOT Soybean Meal December 2013 Futures		12/13/13		32,530			(621	)
	CBOT Wheat December 2013 Futures		12/13/13		6,141			(128	)
	CME Live Cattle December 2013 Futures		12/31/13		20,333			132
	Short Positions
	NYMEX Harbor ULSD December 2013 Futures		11/29/13		(620	)		—	(h)
	CBOT Soybean Oil December 2013 Futures		12/13/13		(2,257	)		(20	)
							$	(963	)
Jefferies Bache Financial Services, Inc.
	Long Positions
	NYMEX Gasoline RBOB December 2013 Futures		11/29/13	$	32,379		$	(395	)
	ICE BRENT Crude Oil January 2014 Futures		12/16/13		65,395			(570	)
	LME Copper December 2013 Futures		12/16/13		18,128			(1	)
	COMEX Gold 100 oz. December 2013 Futures		12/27/13		24,224			254
	COMEX Silver December 2013 Futures		12/27/13		17,056			(178	)
	CBOT Soybean January 2014 Futures		01/14/14		42,293			(1,149	)
	Short Positions
	CBOT Wheat December 2013 Futures		12/13/13		(6,141	)		99
	COMEX Silver September 2013 Futures		12/27/13		(1,968	)		(8	)
							$	(1,948	)
Total							$	(2,911	)

Return Swaps on Commodity Indices
SWAP COUNTERPARTY	REFERENCED OBLIGATION	TERMINATION DATE		NOTIONAL VALUE*		VALUE
Morgan Stanley Capital Group
	Long Positions
	Dow Jones-UBS Commodity BRENT Crude Oil Index		11/20/13	$	26	$	—	(h)
	Dow Jones-UBS Commodity Corn Index		11/20/13		2,403		(81	)
	Dow Jones-UBS Commodity Crude Oil Index		11/20/13		37,680		(2,214	)
	Dow Jones-UBS Commodity Crude Oil Index		11/20/13		7,727		(453	)
	Dow Jones-UBS Commodity Crude Oil Index		11/20/13		6,618		—
	Dow Jones-UBS Commodity Gasoline RBOB Index		11/20/13		932		(31	)
	Dow Jones-UBS Commodity Gold Index		11/20/13		40		1
	Dow Jones-UBS Commodity Heating Oil Index		11/20/13		36,116		(832	)
	Dow Jones-UBS Commodity Heating Oil Index		11/20/13		3,827		(103	)
	Dow Jones-UBS Commodity Heating Oil Index		11/20/13		1,386		(31	)
	Dow Jones-UBS Commodity Kansas Wheat Index		11/20/13		110		(1	)
	Dow Jones-UBS Commodity Silver Index		11/20/13		591		13
	Dow Jones-UBS Commodity Soybean Oil Index		11/20/13		9,779		(9	)
	Dow Jones-UBS Commodity Soybeans Index		11/20/13		24		—	(h)
	Dow Jones-UBS Commodity Sugar Index		11/20/13		876		(18	)
	Dow Jones-UBS Commodity Wheat Index		11/20/13		3,108		(65	)
	Dow Jones-UBS Commodity Zinc Index		11/20/13		2,575		31
						$	(3,793	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 HIGHBRIDGE FUNDS OCTOBER 31, 2013

Return Swaps on Commodity Indices (continued)
SWAP COUNTERPARTY	REFERENCED OBLIGATION	TERMINATION DATE		NOTIONAL VALUE*			VALUE
Morgan Stanley Capital Group — Continued
	Short Positions
	Dow Jones-UBS Commodity Corn Index		11/20/13	$	(2,382	)	$	81
	Dow Jones-UBS Commodity Crude Oil Index		11/20/13		(39	)		1
	Dow Jones-UBS Commodity Crude Oil Index		11/20/13		(57	)		1
	Dow Jones-UBS Commodity Crude Oil Index		11/20/13		(590	)		10
	Dow Jones-UBS Commodity Crude Oil Index		11/20/13		(1,318	)		24
	Dow Jones-UBS Commodity Crude Oil Index		11/20/13		(5,175	)		232
	Dow Jones-UBS Commodity Crude Oil Index		11/20/13		(29,302	)		1,722
	Dow Jones-UBS Commodity Gasoline RBOB Index		11/20/13		(919	)		30
	Dow Jones-UBS Commodity Heating Oil Index		11/20/13		(3,622	)		60
	Dow Jones-UBS Commodity Heating Oil Index		11/20/13		(3,827	)		103
	Dow Jones-UBS Commodity Heating Oil Index		11/20/13		(4,099	)		55
	Dow Jones-UBS Commodity Kansas Wheat Index		11/20/13		(105	)		1
	Dow Jones-UBS Commodity Silver Index		11/20/13		(578	)		(13	)
	Dow Jones-UBS Commodity Soybean Oil Index		11/20/13		(9,769	)		9
	Dow Jones-UBS Commodity Sugar Index		11/20/13		(876	)		18
	Dow Jones-UBS Commodity Wheat Index		11/20/13		(3,108	)		65
	Dow Jones-UBS Commodity Zinc Index		11/20/13		(2,575	)		(31	)
							$	2,368
Union Bank of Switzerland AG
	Long Positions
	Dow Jones-UBS Commodity Aluminum Index		11/20/13	$	3,561		$	(6	)
	Dow Jones-UBS Commodity Aluminum Index		11/20/13		953			(18	)
	Dow Jones-UBS Commodity Aluminum Index		11/20/13		806			(2	)
	Dow Jones-UBS Commodity Aluminum Index		11/20/13		800			(1	)
	Dow Jones-UBS Commodity Cocoa Index		11/20/13		20,046			(523	)
	Dow Jones-UBS Commodity Cocoa Index		11/20/13		7,658			(201	)
	Dow Jones-UBS Commodity Cocoa Index		11/20/13		820			(16	)
	Dow Jones-UBS Commodity Cocoa Index		11/20/13		741			5
	Dow Jones-UBS Commodity Cocoa Index		11/20/13		318			2
	Dow Jones-UBS Commodity Cocoa Index		11/20/13		248			(3	)
	Dow Jones-UBS Commodity Cocoa Index		11/20/13		19			—	(h)
	Dow Jones-UBS Commodity Cocoa Index		11/20/13		—	(h)		—	(h)
	Dow Jones-UBS Commodity Coffee Index		11/20/13		2,038			(201	)
	Dow Jones-UBS Commodity Coffee Index		11/20/13		757			(74	)
	Dow Jones-UBS Commodity Coffee Index		11/20/13		340			(12	)
	Dow Jones-UBS Commodity Copper Index		11/20/13		3,212			(34	)
	Dow Jones-UBS Commodity Copper Index		11/20/13		3,037			29
	Dow Jones-UBS Commodity Copper Index		11/20/13		1,569			2
	Dow Jones-UBS Commodity Copper Index		11/20/13		1,461			—
	Dow Jones-UBS Commodity Copper Index		11/20/13		1,418			(11	)
	Dow Jones-UBS Commodity Copper Index		11/20/13		1,332			(3	)
	Dow Jones-UBS Commodity Copper Index		11/20/13		862			6
	Dow Jones-UBS Commodity Copper Index		11/20/13		19			—	(h)
	Dow Jones-UBS Commodity Cotton Index		11/20/13		2,385			(108	)
	Dow Jones-UBS Commodity Cotton Index		11/20/13		1,350			(105	)
	Dow Jones-UBS Commodity Cotton Index		11/20/13		439			(33	)
	Dow Jones-UBS Commodity Cotton Index		11/20/13		328			(6	)
	Dow Jones-UBS Commodity Cotton Index		11/20/13		278			(22	)
	Dow Jones-UBS Commodity Cotton Index		11/20/13		3			—	(h)
	Dow Jones-UBS Commodity Heating Oil Index		11/20/13		29,589			(730	)
	Dow Jones-UBS Commodity Heating Oil Index		11/20/13		8,449			(227	)
	Dow Jones-UBS Commodity Heating Oil Index		11/20/13		4,488			(121	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 7

Highbridge Dynamic Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

Return Swaps on Commodity Indices (continued)
SWAP COUNTERPARTY	REFERENCED OBLIGATION	TERMINATION DATE		NOTIONAL VALUE*			VALUE
Union Bank of Switzerland AG — Continued
	Long Positions — Continued
	Dow Jones-UBS Commodity Index		11/20/13	$	61,520		$	(1,492	)
	Dow Jones-UBS Commodity Lead Index		11/20/13		1,214			10
	Dow Jones-UBS Commodity Lead Index		11/20/13		969			8
	Dow Jones-UBS Commodity Lead Index		11/20/13		952			4
	Dow Jones-UBS Commodity Lead Index		11/20/13		918			(13	)
	Dow Jones-UBS Commodity Lead Index		11/20/13		251			2
	Dow Jones-UBS Commodity Lead Index		11/20/13		4			—	(h)
	Dow Jones-UBS Commodity Lean Hogs Index		11/20/13		4,182			17
	Dow Jones-UBS Commodity Lean Hogs Index		11/20/13		1,988			13
	Dow Jones-UBS Commodity Lean Hogs Index		11/20/13		768			(24	)
	Dow Jones-UBS Commodity Lean Hogs Index		11/20/13		360			2
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		14,501			(1,310	)
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		12,987			(1,176	)
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		3,610			(220	)
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		1,715			(104	)
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		1,051			—
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		315			(4	)
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		16			—
	Dow Jones-UBS Commodity Nickel Index		11/20/13		1,557			—
	Dow Jones-UBS Commodity Nickel Index		11/20/13		1,536			(4	)
	Dow Jones-UBS Commodity Nickel Index		11/20/13		1,535			26
	Dow Jones-UBS Commodity Nickel Index		11/20/13		198			7
	Dow Jones-UBS Commodity Soybean Meal Index		11/20/13		12			—	(h)
	Dow Jones-UBS Commodity Sugar Index		11/20/13		19,665			(741	)
	Dow Jones-UBS Commodity Sugar Index		11/20/13		8,185			(311	)
	Dow Jones-UBS Commodity Sugar Index		11/20/13		1,547			(96	)
	Dow Jones-UBS Commodity Sugar Index		11/20/13		1,061			(64	)
	Dow Jones-UBS Commodity Sugar Index		11/20/13		687			(24	)
	Dow Jones-UBS Commodity Sugar Index		11/20/13		401			(14	)
	Dow Jones-UBS Commodity Sugar Index		11/20/13		365			—	(h)
	Dow Jones-UBS Commodity Sugar Index		11/20/13		260			—
	Dow Jones-UBS Commodity Sugar Index		11/20/13		160			(6	)
	Dow Jones-UBS Commodity Sugar Index		11/20/13		94			(4	)
	Dow Jones-UBS Commodity Wheat Index		11/20/13		23,981			(507	)
	Dow Jones-UBS Commodity Wheat Index		11/20/13		11,145			(234	)
	Dow Jones-UBS Commodity Wheat Index		11/20/13		1,029			(22	)
	Dow Jones-UBS Commodity Wheat Index		11/20/13		841			(41	)
	Dow Jones-UBS Commodity Wheat Index		11/20/13		602			(26	)
	Dow Jones-UBS Commodity Wheat Index		11/20/13		583			(28	)
	Dow Jones-UBS Commodity Wheat Index		11/20/13		546			(26	)
	Dow Jones-UBS Commodity Wheat Index		11/20/13		40			(2	)
	Dow Jones-UBS Commodity Wheat Index		11/20/13		—	(h)		—	(h)
	Dow Jones-UBS Commodity Zinc Index		11/20/13		973			7
	Dow Jones-UBS Commodity Zinc Index		11/20/13		880			10
							$	(8,800	)
	Short Positions
	Dow Jones-UBS Commodity Aluminum Index		11/20/13	$	(8	)	$	—	(h)
	Dow Jones-UBS Commodity Aluminum Index		11/20/13		(704	)		8
	Dow Jones-UBS Commodity Aluminum Index		11/20/13		(1,583	)		21
	Dow Jones-UBS Commodity Aluminum Index		11/20/13		(1,675	)		(4	)
	Dow Jones-UBS Commodity Aluminum Index		11/20/13		(7,622	)		13

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 HIGHBRIDGE FUNDS OCTOBER 31, 2013

Return Swaps on Commodity Indices (continued)
SWAP COUNTERPARTY	REFERENCED OBLIGATION	TERMINATION DATE		NOTIONAL VALUE*			VALUE
Union Bank of Switzerland AG — Continued
	Short Positions — Continued
	Dow Jones-UBS Commodity Cocoa Index		11/20/13	$	(19	)	$	—	(h)
	Dow Jones-UBS Commodity Cocoa Index		11/20/13		(129	)		3
	Dow Jones-UBS Commodity Cocoa Index		11/20/13		(258	)		6
	Dow Jones-UBS Commodity Cocoa Index		11/20/13		(291	)		9
	Dow Jones-UBS Commodity Cocoa Index		11/20/13		(450	)		14
	Dow Jones-UBS Commodity Cocoa Index		11/20/13		(491	)		—
	Dow Jones-UBS Commodity Cocoa Index		11/20/13		(807	)		10
	Dow Jones-UBS Commodity Cocoa Index		11/20/13		(823	)		—
	Dow Jones-UBS Commodity Coffee Index		11/20/13		(755	)		52
	Dow Jones-UBS Commodity Coffee Index		11/20/13		(1,438	)		126
	Dow Jones-UBS Commodity Coffee Index		11/20/13		(9,115	)		904
	Dow Jones-UBS Commodity Copper Index		11/20/13		(4	)		—	(h)
	Dow Jones-UBS Commodity Copper Index		11/20/13		(933	)		(9	)
	Dow Jones-UBS Commodity Copper Index		11/20/13		(1,449	)		(16	)
	Dow Jones-UBS Commodity Copper Index		11/20/13		(1,505	)		1
	Dow Jones-UBS Commodity Copper Index		11/20/13		(2,364	)		(23	)
	Dow Jones-UBS Commodity Copper Index		11/20/13		(2,916	)		(1	)
	Dow Jones-UBS Commodity Copper Index		11/20/13		(5,375	)		12
	Dow Jones-UBS Commodity Copper Index		11/20/13		(12,843	)		29
	Dow Jones-UBS Commodity Cotton Index		11/20/13		(866	)		23
	Dow Jones-UBS Commodity Cotton Index		11/20/13		(1,099	)		95
	Dow Jones-UBS Commodity Cotton Index		11/20/13		(2,086	)		160
	Dow Jones-UBS Commodity Cotton Index		11/20/13		(10,148	)		786
	Dow Jones-UBS Commodity Heating Oil Index		11/20/13		(13	)		—	(h)
	Dow Jones-UBS Commodity Heating Oil Index		11/20/13		(2,099	)		23
	Dow Jones-UBS Commodity Heating Oil Index		11/20/13		(40,414	)		1,085
	Dow Jones-UBS Commodity Index		11/20/13		(608	)		11
	Dow Jones-UBS Commodity Index		11/20/13		(714	)		10
	Dow Jones-UBS Commodity Index		11/20/13		(1,828	)		42
	Dow Jones-UBS Commodity Lead Index		11/20/13		(1	)		—	(h)
	Dow Jones-UBS Commodity Lead Index		11/20/13		(69	)		1
	Dow Jones-UBS Commodity Lead Index		11/20/13		(239	)		3
	Dow Jones-UBS Commodity Lead Index		11/20/13		(316	)		(3	)
	Dow Jones-UBS Commodity Lead Index		11/20/13		(657	)		7
	Dow Jones-UBS Commodity Lead Index		11/20/13		(898	)		(7	)
	Dow Jones-UBS Commodity Lead Index		11/20/13		(969	)		(3	)
	Dow Jones-UBS Commodity Lean Hogs Index		11/20/13		(2,551	)		(21	)
	Dow Jones-UBS Commodity Lean Hogs Index		11/20/13		(4,446	)		(61	)
	Dow Jones-UBS Commodity Lean Hogs Index		11/20/13		(4,541	)		(36	)
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		(61	)		1
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		(94	)		8
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		(589	)		25
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		(611	)		52
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		(613	)		37
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		(1,214	)		25
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		(1,239	)		17
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		(1,246	)		46
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		(2,551	)		53
	Dow Jones-UBS Commodity Natural Gas Index		11/20/13		(3,901	)		144
	Dow Jones-UBS Commodity Nickel Index		11/20/13		(1,399	)		(3	)
	Dow Jones-UBS Commodity Nickel Index		11/20/13		(1,444	)		24
	Dow Jones-UBS Commodity Nickel Index		11/20/13		(1,540	)		(43	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 9

Highbridge Dynamic Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in thousands)

Return Swaps on Commodity Indices (continued)
SWAP COUNTERPARTY	REFERENCED OBLIGATION	TERMINATION DATE		NOTIONAL VALUE*			VALUE
Union Bank of Switzerland AG — Continued
	Short Positions — Continued
	Dow Jones-UBS Commodity Nickel Index		11/20/13	$	(4,895	)	$	(163	)
	Dow Jones-UBS Commodity Sugar Index		11/20/13		(305	)		11
	Dow Jones-UBS Commodity Sugar Index		11/20/13		(361	)		19
	Dow Jones-UBS Commodity Sugar Index		11/20/13		(376	)		—
	Dow Jones-UBS Commodity Sugar Index		11/20/13		(450	)		14
	Dow Jones-UBS Commodity Sugar Index		11/20/13		(815	)		26
	Dow Jones-UBS Commodity Sugar Index		11/20/13		(1,096	)		41
	Dow Jones-UBS Commodity Sugar Index		11/20/13		(1,174	)		62
	Dow Jones-UBS Commodity Sugar Index		11/20/13		(1,205	)		—
	Dow Jones-UBS Commodity Sugar Index		11/20/13		(2,112	)		136
	Dow Jones-UBS Commodity Wheat Index		11/20/13		(17	)		—	(h)
	Dow Jones-UBS Commodity Wheat Index		11/20/13		(372	)		8
	Dow Jones-UBS Commodity Wheat Index		11/20/13		(493	)		17
	Dow Jones-UBS Commodity Wheat Index		11/20/13		(587	)		16
	Dow Jones-UBS Commodity Wheat Index		11/20/13		(614	)		32
	Dow Jones-UBS Commodity Wheat Index		11/20/13		(775	)		27
	Dow Jones-UBS Commodity Wheat Index		11/20/13		(1,414	)		81
	Dow Jones-UBS Commodity Wheat Index		11/20/13		(1,904	)		53
	Dow Jones-UBS Commodity Wheat Index		11/20/13		(1,983	)		102
	Dow Jones-UBS Commodity Wheat Index		11/20/13		(3,576	)		—
	Dow Jones-UBS Commodity Zinc Index		11/20/13		(158	)		(2	)
	Dow Jones-UBS Commodity Zinc Index		11/20/13		(895	)		(5	)
	Dow Jones-UBS Commodity Zinc Index		11/20/13		(5,913	)		(70	)
							$	4,061

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS:

BRENT	—  Broom, Rannoch, Etieve, Ness, Tarbat
CBOT	—  Chicago Board of Trade
CME	—  Chicago Mercantile Exchange
COMEX	—  Commodity Exchange, Inc.
DN	—  Discount Notes
ICE	—  IntercontinentalExchange, Inc.
LME	—  London Metal Exchange
NYMEX	—  New York Mercantile Exchange
RBOB	—  Reformulated gasoline blendstock for oxygen blending
*	—  Notional value is the total value of the underlying commodity futures contracts.
†	—  Approximately $59,690,000 of the investments are restricted and pledged as collateral for swaps to various brokers.

(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	—  Amount rounds to less than $1,000.
(l)	—  The rate shown is the current yield as of October 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(n)	—  The rate shown is the effective yield at the date of purchase.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 HIGHBRIDGE FUNDS OCTOBER 31, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 11

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

(Amounts in thousands, except per share amounts)

	Highbridge Dynamic Commodities Strategy Fund
ASSETS:
Investments in non-affiliates, at value	$	279,628
Investments in affiliates, at value		59,151
Investments in affiliates — restricted, at value		59,690
Total investment securities, at value		398,469
Cash		1
Deposits at broker for futures contracts		2,763
Receivables:
Fund shares sold		1,017
Interest from non-affiliates		97
Dividends from affiliates		2
Outstanding swap contracts, at value		7,623
Total Assets		409,972
LIABILITIES:
Payables:
Investment securities purchased		1
Fund shares redeemed		3,049
Due to broker for swap contracts		7,183
Variation margin on futures contracts		85
Outstanding swap contracts, at value		16,698
Accrued liabilities:
Investment advisory fees		277
Administration fees		37
Shareholder servicing fees		68
Distribution fees		20
Custodian and accounting fees		38
Trustees’ and Chief Compliance Officer’s fees		1
Other		409
Total Liabilities		27,866
Net Assets	$	382,106

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 HIGHBRIDGE FUNDS OCTOBER 31, 2013

	Highbridge Dynamic Commodities Strategy Fund
NET ASSETS:
Paid-in-Capital	$	449,458
Accumulated undistributed (distributions in excess of) net investment income		(12,909	)
Accumulated net realized gains (losses)		(44,593	)
Net unrealized appreciation (depreciation)		(9,850	)
Total Net Assets	$	382,106
Net Assets:
Class A	$	47,429
Class C		13,985
Class R5		108,587
Select Class		212,105
Total	$	382,106
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		4,027
Class C		1,205
Class R5		9,111
Select Class		17,876
Net Asset Value (a):
Class A — Redemption price per share	$	11.78
Class C — Offering price per share (b)		11.60
Class R5 — Offering and redemption price per share		11.92
Select Class — Offering and redemption price per share		11.87
Class A maximum sales charge		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	12.43
Cost of investments in non-affiliates	$	279,611
Cost of investments in affiliates		59,151
Cost of investments in affiliates — restricted		59,690

(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.

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 13

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013

(Amounts in thousands)

	Highbridge Dynamic Commodities Strategy Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	462
Dividend income from affiliates		157
Total investment income		619
EXPENSES:
Investment advisory fees		11,881
Administration fees		1,037
Distribution fees:
Class A		225
Class C		215
Shareholder servicing fees:
Class A		225
Class C		71
Class R5		57
Select Class		1,853
Custodian and accounting fees		170
Professional fees		170
Interest expense to non-affiliates (See Note 2.C.)		119
Trustees’ and Chief Compliance Officer’s fees		24
Printing and mailing costs		85
Registration and filing fees		74
Transfer agent fees		522
Other		120
Total expenses		16,848
Less amounts waived		(3,500	)
Less earnings credits		—	(a)
Net expenses		13,348
Net investment income (loss)		(12,729	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		27
Futures		(9,790	)
Swaps		(287,144	)
Net realized gain (loss)		(296,907	)
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		(69	)
Futures		(1,902	)
Swaps		29,557
Change in net unrealized appreciation/depreciation		27,586
Net realized/unrealized gains (losses)		(269,321	)
Change in net assets resulting from operations	$	(282,050	)

(a) Amount rounds to less than $1,000.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 HIGHBRIDGE FUNDS OCTOBER 31, 2013

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Highbridge Dynamic Commodities Strategy Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(12,729	)	$	(28,691	)
Net realized gain (loss)		(296,907	)		(314,397	)
Change in net unrealized appreciation/depreciation		27,586			(51,654	)
Change in net assets resulting from operations		(282,050	)		(394,742	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			(10,567	)
From net realized gains		—			(1,399	)
Class C
From net investment income		—			(3,283	)
From net realized gains		—			(481	)
Class R5
From net investment income		—			(4,767	)
From net realized gains		—			(567	)
Select Class
From net investment income		—			(88,408	)
From net realized gains		—			(11,111	)
Total distributions to shareholders		—			(120,583	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,303,845	)		(20,396	)
NET ASSETS:
Change in net assets		(1,585,895	)		(535,721	)
Beginning of period		1,968,001			2,503,722
End of period	$	382,106		$	1,968,001
Accumulated undistributed (distributions in excess of) net investment income	$	(12,909	)	$	(32,864	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 15

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Highbridge Dynamic Commodities Strategy Fund
	Year Ended 10/31/2013			Year Ended 10/31/2012
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	32,400		$	103,939
Distributions reinvested		—			11,165
Cost of shares redeemed		(109,378	)		(184,417	)
Change in net assets resulting from Class A capital transactions	$	(76,978	)	$	(69,313	)
Class C
Proceeds from shares issued	$	2,156		$	6,457
Distributions reinvested		—			3,165
Cost of shares redeemed		(32,264	)		(31,262	)
Change in net assets resulting from Class C capital transactions	$	(30,108	)	$	(21,640	)
Class R5
Proceeds from shares issued	$	58,494		$	93,156
Distributions reinvested		—			5,334
Cost of shares redeemed		(55,111	)		(29,546	)
Change in net assets resulting from Class R5 capital transactions	$	3,383		$	68,944
Select Class
Proceeds from shares issued	$	282,639		$	829,480
Distributions reinvested		—			29,474
Cost of shares redeemed		(1,482,781	)		(857,341	)
Change in net assets resulting from Select Class capital transactions	$	(1,200,142	)	$	1,613
Total change in net assets resulting from capital transactions	$	(1,303,845	)	$	(20,396	)
SHARE TRANSACTIONS:
Class A
Issued		2,380			6,013
Reinvested		—			651
Redeemed		(8,238	)		(10,611	)
Change in Class A Shares		(5,858	)		(3,947	)
Class C
Issued		158			378
Reinvested		—			186
Redeemed		(2,450	)		(1,866	)
Change in Class C Shares		(2,292	)		(1,302	)
Class R5
Issued		4,357			5,387
Reinvested		—			310
Redeemed		(4,020	)		(1,771	)
Change in Class R5 Shares		337			3,926
Select Class
Issued		20,547			47,814
Reinvested		—			1,714
Redeemed		(109,943	)		(50,455	)
Change in Select Class Shares		(89,396	)		(927	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 HIGHBRIDGE FUNDS OCTOBER 31, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 17

CONSOLIDATED 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			Redemption fees
Highbridge Dynamic Commodities Strategy Fund
Class A
Year Ended October 31, 2013	$	15.14	$	(0.20	)(f)	$	(3.16	)	$	(3.36	)	$	—		$	—		$	—		$	—
Year Ended October 31, 2012		18.94		(0.25	)(f)		(2.67	)		(2.92	)		(0.78	)		(0.10	)		(0.88	)		—
Year Ended October 31, 2011		17.90		(0.31	)(f)		1.72			1.41			—			(0.37	)		(0.37	)		—	(g)
January 13, 2010 (h) through October 31, 2010		15.00		(0.17	)(f)		3.07			2.90			—			—			—			—	(g)
Class C
Year Ended October 31, 2013		14.99		(0.27	)(f)		(3.12	)		(3.39	)		—			—			—			—
Year Ended October 31, 2012		18.78		(0.34	)(f)		(2.64	)		(2.98	)		(0.71	)		(0.10	)		(0.81	)		—
Year Ended October 31, 2011		17.84		(0.41	)(f)		1.72			1.31			—			(0.37	)		(0.37	)		—	(g)
January 13, 2010 (h) through October 31, 2010		15.00		(0.23	)(f)		3.07			2.84			—			—			—			—	(g)
Class R5
Year Ended October 31, 2013		15.25		(0.14	)(f)		(3.19	)		(3.33	)		—			—			—			—
Year Ended October 31, 2012		19.07		(0.17	)(f)		(2.70	)		(2.87	)		(0.85	)		(0.10	)		(0.95	)		—
November 30, 2010 (i) through October 31, 2011		17.86		(0.20	)(f)		1.78			1.58			—			(0.37	)		(0.37	)		—	(g)
Select Class
Year Ended October 31, 2013		15.22		(0.18	)(f)		(3.17	)		(3.35	)		—			—			—			—
Year Ended October 31, 2012		19.03		(0.21	)(f)		(2.68	)		(2.89	)		(0.82	)		(0.10	)		(0.92	)		—
Year Ended October 31, 2011		17.95		(0.26	)(f)		1.71			1.45			—			(0.37	)		(0.37	)		—	(g)
January 13, 2010 (h) through October 31, 2010		15.00		(0.14	)(f)		3.09			2.95			—			—			—			—	(g)

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.01.

(h) Commencement of operations.

(i) Commencement of offering of class of shares.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 HIGHBRIDGE FUNDS OCTOBER 31, 2013

		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)(e)
$	11.78		(22.19	)%	$	47,429		1.59	%		(1.53	)%		1.96	%		63	%
	15.14		(15.93	)		149,625		1.59			(1.48	)		1.91			45
	18.94		7.94			261,952		1.64			(1.54	)		1.90			16
	17.90		19.33			38,127		1.64			(1.39	)		2.26			0
	11.60		(22.62	)		13,985		2.09			(2.03	)		2.46			63
	14.99		(16.37	)		52,417		2.09			(1.97	)		2.41			45
	18.78		7.40			90,107		2.14			(2.04	)		2.40			16
	17.84		18.93			9,832		2.14			(1.88	)		2.71			0
	11.92		(21.84	)		108,587		1.13			(1.08	)		1.52			63
	15.25		(15.57	)		133,815		1.10			(0.98	)		1.46			45
	19.07		8.92			92,441		1.19			(1.09	)		1.47			16
	11.87		(22.01	)		212,105		1.35			(1.29	)		1.70			63
	15.22		(15.70	)		1,632,144		1.32			(1.20	)		1.66			45
	19.03		8.15			2,059,222		1.39			(1.29	)		1.65			16
	17.95		19.67			437,453		1.39			(1.14	)		2.15			0

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 19

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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
Highbridge Dynamic Commodities Strategy Fund	Class A, Class C, Class R5 and Select Class	Non-Diversified

The investment objective of the Fund is to seek long-term total return.

During the period May 2, 2011 through August 1, 2012, the Fund was publicly offered on a limited basis.

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 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

Basis for Consolidation for the Fund

HCM Commodities Strategy Fund Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on August 18, 2009 and is a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments on behalf of the Fund consistent with the Fund’s investment objective and policies as described in the Fund’s prospectus. As of October 31, 2013 net assets of the Fund were approximately $382,106,000 of which approximately $80,748,000, or approximately 21.1%, represented the Subsidiary’s net assets. The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its consolidated financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Fund may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Fund to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps (except return swaps on commodities as described in Note 2.C.) and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Fund’s securities. JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Fund’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Fund’s valuation policies.

20 HIGHBRIDGE FUNDS OCTOBER 31, 2013

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment.

The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry.

It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report, are not reflected herein.

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below:

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table represents each valuation input as presented on the CSOI (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	118,841		$	279,628		$	—	$	398,469
Appreciation in Other Financial Instruments
Return Swaps	$	—		$	7,623		$	—	$	7,623
Depreciation in Other Financial Instruments
Futures Contracts	$	(792	)	$	—		$	—	$	(792	)
Return Swaps		—			(16,698	)		—		(16,698	)
Total Depreciation in Other Financial Instruments	$	(792	)	$	(16,698	)	$	—	$	(17,490	)

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the CSOI. Level 1 consists of three affiliated money market mutual funds, which are held for daily investments of cash and as an investment of cash collateral for swaps. Please refer to the CSOI for industry specifics of portfolio holdings.

There were no transfers among any levels for the year ended October 31, 2013.

B. Futures Contracts — The Fund uses foreign exchange futures contracts to obtain long and short exposure to the underlying commodities markets.

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) in the Consolidated Statement of Operations (“CSOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the CSOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the CSOI and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities (“CSAL”). A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the CSAL.

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 in the CSAL, 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 (e.g., NYMEX), boards of trade or other platforms (e.g., Clearport). 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. For trades executed on other platforms, these futures contracts

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 21

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

must be offset on the same platform in which they were executed; therefore liquidity risk exists to the extent there is a lack of a liquid market for these contracts allowing the Fund to close out its position. 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 October 31, 2013 (amounts in thousands):

Futures Contracts:
Average Notional Balance Long	$	330,271
Ending Notional Balance Long		114,115

C. Return Swaps on Commodities and Commodity Indices — The Fund uses return swaps on commodities futures and commodity futures indices to obtain long and short exposure to commodities markets. The value of a swap agreement is recorded at the beginning of the measurement period. Swaps’ values on commodity futures and commodity indices are based on the values of underlying futures contracts, using the last sale or closing price from the principal exchange on which the contract is traded. Under some circumstances, commodity futures exchanges may establish daily limits on the amount that the price of a commodity futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions. Change in swap values is reported as change in net unrealized appreciation or depreciation — swaps on the CSOP. Realized gain or loss is recorded upon termination of a swap and is based on the difference between the contract price and market price of the underlying instrument or when an offsetting position is entered into. Return swaps on commodity indices are subject to monthly resets. Realized gain or loss is recorded on reset date of the swap and is based on the difference between contract and market price of underlying instrument.

Upon entering into a swap, the Fund may be required to post an initial collateral amount (referred to as “Independent Amount”), as defined in the swap agreement. Independent Amounts are posted to segregated accounts at the Fund’s custodian. The Fund is required to post additional collateral to the segregated accounts, for the benefit of counterparties, as applicable, for mark to market losses on swaps. Balances in segregated accounts are invested in affiliated money market funds (see Note 3.F. for reimbursements regarding cash collateral amounts invested in these funds). Collateral invested in affiliated money market funds as of October 31, 2013 was approximately $59,690,000 which is reported on the CSAL as Investments in affiliates — restricted.

The Fund pays a monthly financing charge to one counterparty, which is calculated based on the average balance of the segregated account excluding Independent Amounts, for the benefit of that counterparty, and a LIBOR-based rate. This amount is recorded as Interest expense to non-affiliates on the CSOP.

The Fund is entitled to receive cash from counterparties as collateral for mark to market gains on swap contracts. When the Fund receives such cash collateral, a corresponding liability is recorded, and included in Due to broker for swap contracts on the CSAL.

Daily movement of collateral is subject to minimum threshold amounts.

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over the counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms. Investing in certain derivatives, including return swaps, also results in a form of leverage and, as such, the Fund’s risk of loss associated with these instruments may exceed their value as recorded in the CSAL.

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 also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement 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 Fund’s activity in return swaps is concentrated with four counterparties. Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

The table below discloses the volume of the Fund’s swap activity during the year ended October 31, 2013 (amounts in thousands):

Return Swaps on Commodities:
Average Notional Balance Long	$	867,745
Average Notional Balance Short		164,211
Ending Notional Balance Long		302,830
Ending Notional Balance Short		10,986

22 HIGHBRIDGE FUNDS OCTOBER 31, 2013

Return Swaps on Commodity Indices:
Average Notional Balance Long	$	406,666
Average Notional Balance Short		216,920
Ending Notional Balance Long		398,346
Ending Notional Balance Short		244,452

D. Summary of Derivatives Information — The following tables present the value of derivatives held as of October 31, 2013, by their primary underlying risk exposure and respective location on the CSAL (amounts in thousands):

Derivative Contract	CSAL Location
Gross Assets:		Futures Contracts (a)			Swaps			Total
Commodity contracts	Receivables	$	—		$	7,623		$	7,623
Total		$	—		$	7,623		$	7,623
Gross Liabilities:
Commodity contracts	Payables	$	—		$	(16,698	)	$	(16,698	)
Foreign exchange contracts	Payables, Net Assets — Unrealized Depreciation		(792	)		—			(792	)
Total		$	(792	)	$	(16,698	)	$	(17,490	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported in the CSOI. The CSAL only reflects the current day variation margin receivable/payable to brokers.

The following tables present the effect of derivatives on the CSOP for the year ended October 31, 2013, by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts			Swaps			Total
Commodity contracts	$	—		$	(287,144	)	$	(287,144	)
Foreign exchange contracts		(9,790	)		—			(9,790	)
Total	$	(9,790	)	$	(287,144	)	$	(296,934	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts			Swaps		Total
Commodity contracts	$	—		$	29,557	$	29,557
Foreign exchange contracts		(1,902	)		—		(1,902	)
Total	$	(1,902	)	$	29,557	$	27,655

The Fund’s derivatives contracts held at October 31, 2013 are not accounted for as hedging instruments under GAAP.

E. Repurchase Agreements — The Fund may enter into repurchase agreement transactions with institutions that meet the Adviser’s credit guidelines. The Fund requires that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Fund to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited.

F. 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.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held or sold during the year. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions on the CSOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, purchases of foreign currency in certain countries that impose a tax on such purchases, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on each transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized foreign currency gains and losses arise from changes (due to changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end.

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 23

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

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. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.

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.

I. 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 gain 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 October 31, 2013, no liability for income tax is required in the Fund’s consolidated 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, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

For Federal income tax purposes, taxable income of the Fund and the Subsidiary are separately calculated. The 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 Fund’s taxable income. Net losses of the Subsidiary are not deductible by the Fund either in the current period or carried forward to future periods.

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 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)
$	(319,851	)	$	32,684	$	287,167

The reclassifications for the Fund relate primarily to net operating losses and Subsidiary taxable losses.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser supervises the investments of the Fund and the Subsidiary and for such services is paid a fee. The fee for services to the Fund is accrued daily and paid monthly at an annual rate of 1.00% of the Fund’s average daily net assets. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 1.00% of the Subsidiary’s average daily net assets.

The Adviser, on behalf of the Subsidiary, has entered into an investment sub-advisory agreement with Highbridge Capital Management, LLC (“HCM”) which is wholly-owned by JPMAM. Under the terms of the sub-advisory agreement, the Adviser pays HCM a monthly sub-advisory fee of 0.75% of the average daily net assets of the Subsidiary.

The Adviser and HCM make the day-to-day investment decisions for the Fund and the Subsidiary, respectively.

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 and the Subsidiary. In consideration of these services for the Fund, 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 October 31, 2013, the effective rate was 0.11% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.10% of average daily net assets of the Subsidiary.

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.

24 HIGHBRIDGE FUNDS OCTOBER 31, 2013

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board of Trustees 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 Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, 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, the Distributor 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 October 31, 2013, the Distributor retained approximately $12 in front-end sales charges and approximately $2 in CDSC.

D. Shareholder Servicing Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A			Class C			Class R5			Select Class
	0.25	%		0.25	%		0.05	%		0.25	%

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund and Subsidiary. The amounts paid directly to JPMCB by the Fund and the Subsidiary for custody and accounting services are included in Custodian and accounting fees in the CSOP. 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 in the CSOP.

Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the CSOP.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor 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, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A			Class C			Class R5			Select Class
	1.65	%		2.15	%		1.20	%		1.40	%

The expense limitation agreement was in effect for the year ended October 31, 2013. The contractual expense limitation percentages in the table above are in place until at least February 28, 2014.

For the year ended October 31, 2013, 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/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory		Total
$	2,882	$	2,882

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and Distributor, as shareholder servicing agent, waive and/or reimburse to the Fund an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Fund’s investment in such affiliated money market fund to the extent that the total waivers do not exceed the total fees charged by the Adviser, the Administrator or shareholder servicing agent. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in these money market funds for the year ended October 31, 2013 was approximately $618,000.

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund or Subsidiary for serving in their respective roles.

The Board of Trustees 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 in the CSOP.

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.

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 25

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

During the year ended October 31, 2013, the Fund may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Fund may use related party broker-dealers. For the year ended October 31, 2013, 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.

4. Investment Transactions

During the year ended October 31, 2013, 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
$	4,000	$	10,000	$	8,114	$	10,000

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of the Fund’s investment securities, including the Subsidiary, held at October 31, 2013 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	1,075,750	$	19	$	693,838	$	(693,819	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in Subsidiary.

The tax character of distributions paid during the year ended October 31, 2012 was as follows (amounts in thousands):

Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
$	112,450	$	8,133	$	120,583

As of October 31, 2013, the components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	—	$	(45,382	)	$	(15,298	)

The cumulative timing differences primarily consist of late year loss deferrals, differing treatments of gain/loss recognition for return swaps on commodities and mark to market of futures contracts.

The Federal income tax net unrealized appreciation (depreciation) includes unrealized depreciation of the Fund’s investment in its Subsidiary of approximately $694 million, which, if realized, is not deductible for income tax purposes.

For financial reporting purposes, realized gain or loss on return swaps on commodities is recorded upon termination of a swap or when an offsetting position is entered into. For Federal income tax purposes, realized gain or loss is recognized when the swap reaches its termination. As a result, there are typically timing differences relating to the differing treatments of gain/loss recognition for return swaps on commodities.

During the year ended October 31, 2013 the Subsidiary had approximately $297 million of losses for tax purposes, which included approximately $13 million of losses from terminated return swaps on commodities recognized for financial reporting purposes in the prior year and excluded approximately $6 million of losses from return swaps on commodities to be recognized for tax purposes when terminated next year. The Subsidiary’s loss for the current year is not available to offset its future taxable income. The approximately $6 million of losses from return swaps on commodities to be recognized for tax purposes next year can only be utilized by the Fund to the extent of tax basis realized gains in the Subsidiary in that same year.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Fund after October 31, 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 Fund 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.

26 HIGHBRIDGE FUNDS OCTOBER 31, 2013

As of October 31, 2013, the Fund had post-enactment net capital loss carryforwards:

Capital Loss Carryforward Character
Short-Term		Long-Term
$	18,146	$	27,236

At October 31, 2013, the Fund did not have any pre-enactment net capital loss carryforwards.

Late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. For the year ended October 31, 2013, the Fund deferred to November 1, 2013 late year ordinary losses of (amounts in thousands):

Late Year Ordinary Loss
$	6,658

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 all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, 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 10, 2014.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013 or at any time during the year then ended.

Interest expense paid, if any, as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the CSOP. The Fund had no interest expense as a result of borrowings from another fund or from the unsecured, uncommitted credit facility at October 31, 2013 or at any time during the year then ended.

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.

The Fund has shareholders, which are accounts maintained by financial intermediaries on behalf of their clients, that own a significant portion of the Fund’s outstanding shares.

Significant shareholder transactions by these shareholders, if any, may impact the Fund’s performance.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swap contracts.

By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities.

Derivatives, including commodity-linked notes, swap agreements, commodity options, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments 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 be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk and to the credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 27

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

The Fund’s investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

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 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.

8. Subsequent Event

At their meeting in December 2013, the Board of Trustees of the Fund approved the liquidation of the Fund which will occur on or about February 7, 2014. As of December 27, 2013, the Fund no longer accepts subscription orders.

28 HIGHBRIDGE FUNDS OCTOBER 31, 2013

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of Highbridge Dynamic Commodities Strategy Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule 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 Highbridge Dynamic Commodities Strategy Fund (a separate Fund of JPMorgan Trust I) and its subsidiary (hereafter referred to as the “Fund”) at October 31, 2013, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended and for the period January 13, 2010 (commencement of operations) through October 31, 2010, 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 at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 29

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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

30 HIGHBRIDGE FUNDS OCTOBER 31, 2013

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)
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).	171	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); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-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).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Fund’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment 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 is 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.

*** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 31

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

  ** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

32 HIGHBRIDGE FUNDS OCTOBER 31, 2013

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 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 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, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

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. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Highbridge Dynamic Commodities Strategy Fund
Class A
Actual	$	1,000.00	$	918.90	$	7.74		1.60	%
Hypothetical		1,000.00		1,017.14		8.13		1.60
Class C
Actual		1,000.00		915.50		10.19		2.11
Hypothetical		1,000.00		1,014.57		10.71		2.11
Class R5
Actual		1,000.00		920.50		5.47		1.13
Hypothetical		1,000.00		1,019.51		5.75		1.13
Select Class
Actual		1,000.00		920.20		6.63		1.37
Hypothetical		1,000.00		1,018.30		6.97		1.37

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 33

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement and sub-advisory agreement for the Fund whose annual report is contained herein (each an “Advisory Agreement” and, collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of the Advisory Agreements on August 22, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Fund’s performance compared to the performance of the Fund’s peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Fund, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of the Fund in connection with the Trustees’ review of the investment advisory and sub-advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreements with representatives of the Adviser and with counsels to the Trust and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the

proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Trust and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreements.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser and sub-advisor, as applicable, from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreements. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser and sub-advisor, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and

34 HIGHBRIDGE FUNDS OCTOBER 31, 2013

implement organizational and operational changes designed to improve investment results and the services provided to the Fund.

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Fund for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser and sub-advisor. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. The Board also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the adviser.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedules for the Fund does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Fund benefits from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Fund. The Trustees also considered the complexity of investment management for the Fund relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Fund in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for the applicable one-year period. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund

OCTOBER 31, 2013 HIGHBRIDGE FUNDS 35

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

at regular Board meetings by the Adviser. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Fund’s performance was in the fifth quintile for both Class A and Select Class shares for the one-year period ended December 31, 2012, The Trustees discussed the performance and investment strategy of the Fund with the Adviser and sub-advisor and, based upon this discussion and various other factors, concluded that they were satisfied with their analysis of the Fund’s performance. They requested that the Fund’s Adviser and sub-advisor provide additional Fund performance information to be reviewed with members of the money market and alternative products committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the

Fund. The Trustees recognized that Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee for both Class A and Select Class shares was in the third quintile, and that the actual total expenses for both Class A and Select Class shares were in the fifth quintile of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

36 HIGHBRIDGE FUNDS OCTOBER 31, 2013

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 business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2013.  All rights reserved. October 2013. AN-HDCS-1013

Annual Report

J.P. Morgan Funds

October 31, 2013

JPMorgan Total Emerging Markets Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	12
Financial Highlights	18
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	30
Trustees	31
Officers	33
Schedule of Shareholder Expenses	34
Board Approval of Investment Advisory Agreement	35
Tax Letter	38
Privacy Notice — Located at the back of this Annual Report

Investments in the Fund are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of 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

DECEMBER 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

  “As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio.”

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury yields fell from their reporting period peak in early

September 2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junk bonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well- diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2013 J.P. MORGAN FUNDS 1

JPMorgan Total Emerging Markets Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited)

Reporting Period Return:
Fund (Select Class Shares)*		3.39%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)		6.53%
J.P. Morgan Emerging Markets Bond Index Global Diversified		-2.27%
Net Assets as of 10/31/2013 (In Thousands)	$	29,114

INVESTMENT OBJECTIVE**

The JPMorgan Total Emerging Markets Fund (the “Fund”) seeks to achieve total return.

HOW DID THE MARKET PERFORM?

The global financial markets experienced periods of volatility during the reporting period. This volatility was triggered by a number of factors, including mixed economic data, geopolitical issues, expectations for future central bank monetary policies and, in the U.S., the impact of the fiscal cliff, sequestration and partial government shutdown. Despite indications that it would begin “tapering” its asset purchase program, the U.S. Federal Reserve surprised the market by announcing a delay of the tapering at its meeting in September 2013. Elsewhere, Japan’s central bank embarked on an aggressive campaign to support its economy and end deflation, while the European Central Bank vowed to preserve the euro.

While emerging market stocks generated a positive return, they underperformed international developed stocks during the reporting period. For the twelve months ended October 31, 2013, the MSCI Emerging Markets Index (net of foreign withholding taxes) gained 6.53%. In contrast, developed market equities, as measured by the MSCI Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes), returned 26.88% for the same period. Headwinds facing emerging market stocks included concerns regarding the trajectory of growth in China, generally weakening commodity prices and rising U.S. interest rates. Within the emerging market debt asset class, U.S. dollar-denominated sovereign debt generated the weakest results, followed by local currencies and corporate bonds. U.S. dollar-denominated sovereign debt was negatively impacted by rising U.S. Treasury yields. In terms of local currencies, the Indonesian rupiah, South African rand and Indian rupee were the worst performers. Each of these countries is running a current account deficit and was especially susceptible to rising U.S. Treasury yields.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund (Select Class Shares) underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (“Equity Benchmark”) for the twelve months ended October 31, 2013 and outperformed the J.P. Morgan Emerging Markets Bond Index Global Diversified (“Fixed Income Benchmark”) for the same period.

The relative performance of the Fund’s equity holdings versus the Equity Benchmark was helped by stock selection in China and Taiwan. The Fund’s relative performance versus the Equity Benchmark was hurt by an underweight versus the Equity Benchmark in Taiwan and an overweight in Turkey.

The relative performance of the Fund’s fixed income holdings versus the Fixed Income Benchmark was helped by security selection in Mexico and the Dominican Republic. The Fund’s out-of-Benchmark allocation to the Mexican peso was also beneficial, as were its underweight to Morocco and overweight to the Dominican Republic. The Fund’s underweight versus the Fixed Income Benchmark to Lebanon and out-of-Benchmark allocation to the Polish zloty detracted from relative performance. Elsewhere, security selection in Brazil and Argentina was negative for the Fund’s relative performance.

HOW WAS THE FUND POSITIONED?

The Fund invested in both emerging market stocks and bonds during the reporting period. The Fund’s portfolio managers combined top-down macroeconomic research, identifying what they believed to be the key themes driving emerging markets, with bottom-up fundamental research, researching individual countries, stocks and bonds in an effort to find attractive investment opportunities. The Fund’s portfolio managers used currency derivatives to take positions in currencies based on their top-down macroeconomic research, as well as to hedge several of the Fund’s foreign-denominated securities back to the U.S. dollar.

2 J.P. MORGAN FUNDS OCTOBER 31, 2013

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	Lukoil OAO, ADR, (Russia)	2.3	%
	2.	Samsung Electronics Co., Ltd., Reg. S., GDR, (South Korea)	2.2
	3.	Kia Motors Corp., (South Korea)	2.1
	4.	Samsung Electronics Co. Ltd., (South Korea)	2.1
	5.	Hon Hai Precision Industry Co., Ltd., (Taiwan)	1.9
	6.	Mobile Telesystems OJSC, ADR, (Russia)	1.8
	7.	Sberbank of Russia, ADR, (Russia)	1.6
	8.	Industrial & Commercial Bank of China Ltd., Class H, (China)	1.6
	9.	SK Telecom Co., Ltd., ADR, (South Korea)	1.5
	10.	Cia de Bebidas das Americas, (Brazil)	1.5

PORTFOLIO COMPOSITION BY COUNTRY***
China	11.6	%
South Korea	10.4
Brazil	10.3
Russia	6.8
India	6.0
South Africa	5.6
Taiwan	5.2
Hong Kong	4.7
Indonesia	4.2
Turkey	3.5
Mexico	2.7
Peru	2.6
Hungary	2.0
Kazakhstan	1.6
Argentina	1.5
Colombia	1.3
Croatia	1.3
Philippines	1.3
Qatar	1.1
Thailand	1.1
Lebanon	1.0
Venezuela	1.0
Ukraine	1.0
Others (each less than 1.0%)	11.6
Short-Term Investment	0.6

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 3

JPMorgan Total Emerging Markets Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		11/30/11
Without Sales Charge				3.18	%		7.54	%
With Sales Charge*				(1.49	)		4.98
CLASS C SHARES		11/30/11
Without CDSC				2.64			7.00
With CDSC**				1.64			7.00
CLASS R2 SHARES		11/30/11		2.86			7.26
CLASS R5 SHARES		11/30/11		3.66			8.02
CLASS R6 SHARES		11/30/11		3.68			8.07
SELECT CLASS SHARES		11/30/11		3.39			7.80

^*  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 (11/30/11 To 10/31/13)

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, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Total Emerging Markets Fund, the MSCI Emerging Markets Index, the J.P. Morgan Emerging Markets Bond Index Global Diversified and the Lipper Global Flexible Portfolio Funds Index from November 30, 2011 to October 31, 2013. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses 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 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 J.P. Morgan Emerging Markets Bond Index Global Diversified 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 Flexible Portfolio Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the

expenses incurred by the Fund. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The J.P. Morgan Emerging Markets Bond Index Global Diversified tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds. The diversified index limits the exposure of some of the larger countries. The Lipper Global Flexible Portfolio Funds Index represents 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.

Select Class Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations. The Fund is also subject to the additional risk of non-diversified “regional” fund investing.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 J.P. MORGAN FUNDS OCTOBER 31, 2013

JPMorgan Total Emerging Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in U.S. Dollars, unless otherwise noted)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — 56.7%
		Brazil — 3.3%
	24,920	Banco do Brasil S.A.		330,939
	16,630	BR Properties S.A.		141,046
	6,533	Lojas Renner S.A.		196,847
	69,810	MRV Engenharia e Participacoes S.A.		301,340
				970,172
		China — 11.3%
	50,000	Anhui Conch Cement Co., Ltd., Class H		174,489
	760,000	Bank of China Ltd., Class H		356,833
	173,160	China Merchants Bank Co., Ltd., Class H		344,310
	113,500	China Shenhua Energy Co., Ltd., Class H		345,253
	181,000	CNOOC Ltd.		368,149
	54,500	Great Wall Motor Co., Ltd., Class H		320,336
	653,000	Industrial & Commercial Bank of China Ltd., Class H		457,770
	74,400	MGM China Holdings Ltd.		256,534
	43,000	Ping An Insurance Group Co. of China Ltd., Class H		339,066
	88,800	Wynn Macau Ltd.		340,882
				3,303,622
		Hong Kong — 4.6%
	254,000	Belle International Holdings Ltd.		358,146
	28,000	China Mobile Ltd.		290,966
	108,000	China Overseas Land & Investment Ltd.		334,694
	51,200	Sands China Ltd.		364,037
				1,347,843
		Hungary — 0.6%
	7,760	OTP Bank plc		160,983
		India — 5.9%
	9,730	HDFC Bank Ltd., ADR (m)		352,713
	7,500	Infosys Ltd., ADR (m)		397,950
	15,900	Larsen & Toubro Ltd., Reg. S., GDR		243,480
	23,000	Mahindra & Mahindra Ltd., GDR		303,420
	13,260	Tata Motors Ltd., ADR		415,303
				1,712,866
		Indonesia — 1.4%
	273,000	Bank Rakyat Indonesia Persero Tbk PT		191,599
	1,064,500	Telekomunikasi Indonesia Persero Tbk PT		221,427
				413,026
		Mexico — 0.6%
	27,060	Grupo Financiero Banorte S.A.B. de C.V., Class O		172,723

SHARES		SECURITY DESCRIPTION	VALUE
		Peru — 1.0%
	2,020	Credicorp Ltd.		275,932
		Poland — 0.3%
	5,791	Eurocash S.A.		88,958
		Qatar — 1.1%
	6,740	Qatar National Bank SAQ		307,374
		Russia — 5.6%
	10,147	Lukoil OAO, ADR		664,566
	22,167	Mobile Telesystems OJSC, ADR (m)		505,408
	36,680	Sberbank of Russia, ADR		467,757
				1,637,731
		South Africa — 4.4%
	75,545	FirstRand Ltd.		271,206
	12,032	Foschini Group Ltd. (The)		138,610
	8,441	Imperial Holdings Ltd.		179,407
	16,500	Mr Price Group Ltd.		259,690
	11,263	MTN Group Ltd.		223,876
	10,966	Shoprite Holdings Ltd.		200,816
				1,273,605
		South Korea — 8.2%
	10,198	Kia Motors Corp.		592,516
	783	LG Chem Ltd.		220,870
	907	Samsung Electronics Co., Ltd., Reg. S., GDR		628,624
	1,300	Samsung Fire & Marine Insurance Co., Ltd.		303,997
	4,580	Shinhan Financial Group Co., Ltd.		199,705
	18,106	SK Telecom Co., Ltd., ADR		443,235
				2,388,947
		Taiwan — 5.1%
	46,000	Delta Electronics, Inc.		239,222
	257,000	Fubon Financial Holding Co., Ltd.		376,649
	218,500	Hon Hai Precision Industry Co., Ltd.		555,491
	244,000	Siliconware Precision Industries Co.		296,452
	5,159	Siliconware Precision Industries Co., ADR		30,902
				1,498,716
		Thailand — 1.0%
	49,200	Kasikornbank PCL, NVDR		301,383
		Turkey — 2.0%
	6,790	Tupras Turkiye Petrol Rafinerileri A.S.		153,484
	22,373	Turkcell Iletisim Hizmetleri A.S. (a)		138,839
	37,020	Turkiye Halk Bankasi A.S.		297,465
				589,788

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 5

JPMorgan Total Emerging Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
		United Arab Emirates — 0.3%
	8,181	Dragon Oil plc		77,460
		Total Common Stocks (Cost $14,822,985)		16,521,129
PRINCIPAL AMOUNT
	Corporate Bonds — 7.2%
		Chile — 0.3%
	100,000	Corp. Nacional del Cobre de Chile, Reg. S., 3.750%, 11/04/20		100,592
		Colombia — 0.1%
	40,000	Banco GNB Sudameris S.A., 3.875%, 05/02/18 (e) (m)		37,650
		Indonesia — 1.3%
		Pertamina Persero PT,
	200,000	Reg. S., 5.250%, 05/23/21		200,000
	200,000	Reg. S., 6.500%, 05/27/41		188,000
				388,000
		Kazakhstan — 1.6%
		KazMunayGas National Co. JSC,
	200,000	5.750%, 04/30/43 (e) (m)		182,000
	130,000	Reg. S., 7.000%, 05/05/20		148,850
	120,000	Reg. S., 11.750%, 01/23/15		134,100
				464,950
		Luxembourg — 0.4%
	100,000	Russian Agricultural Bank OJSC Via RSHB Capital S.A., Reg. S., 7.750%, 05/29/18		112,875
		Malaysia — 0.4%
	100,000	Petronas Capital Ltd., Reg. S., 5.250%, 08/12/19		111,484
		Mexico — 1.0%
		Petroleos Mexicanos,
	30,000	3.500%, 01/30/23		27,825
	20,000	4.875%, 01/18/24		20,375
	80,000	5.500%, 01/21/21		86,400
	110,000	5.500%, 06/27/44		102,987
	MXN 400,000	7.650%, 11/24/21 (e)		32,407
	10,000	VAR, 2.266%, 07/18/18		10,263
				280,257
		Peru — 0.1%
	20,000	BBVA Banco Continental S.A., 3.250%, 04/08/18 (e) (m)		20,100

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United Kingdom — 0.7%
	200,000	Sinopec Group Overseas Development 2012 Ltd., Reg. S., 3.900%, 05/17/22		198,164
		United States — 0.8%
	200,000	Cemex Finance LLC, Reg. S., 9.375%, 10/12/22		225,000
		Venezuela — 0.5%
		Petroleos de Venezuela S.A.,
	190,000	Reg. S., 5.375%, 04/12/27		116,565
	48,000	Reg. S., 8.500%, 11/02/17		42,984
				159,549
		Total Corporate Bonds (Cost $2,115,766)		2,098,621
	Foreign Government Securities — 26.6%
		Argentina — 1.5%
		Republic of Argentina,
	67,746	7.000%, 10/03/15		63,914
	156,190	7.000%, 04/17/17		136,510
	103,679	8.280%, 12/31/33 (m)		74,390
	94,499	8.750%, 06/02/17		81,836
	180,500	SUB, 2.500%, 12/31/38 (m)		66,966
				423,616
		Belarus — 0.3%
	100,000	Republic of Belarus, Reg. S., 8.950%, 01/26/18		99,250
		Belize — 0.0% (g)
	11,300	Republic of Belize, SUB, 5.000%, 02/20/38 (e) (m)		6,950
		Brazil — 1.8%
		Federal Republic of Brazil,
	100,000	5.625%, 01/07/41 (m)		101,500
	50,000	7.125%, 01/20/37 (m)		59,750
	95,000	8.000%, 01/15/18 (m)		106,400
	110,000	8.250%, 01/20/34 (m)		146,850
	BRL 250,000	10.250%, 01/10/28		112,434
				526,934
		Chile — 0.3%
		Republic of Chile,
	CLP 400	3.000%, 01/01/22		19,136
	CLP 35,000,000	6.000%, 01/01/22		72,582
				91,718

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — Continued
		Colombia — 1.2%
		Republic of Colombia,
	50,000	8.125%, 05/21/24 (m)		66,250
	79,000	10.375%, 01/28/33 (m)		120,080
	110,000	11.750%, 02/25/20 (m)		161,150
				347,480
		Costa Rica — 0.5%
	101,000	Republic of Costa Rica, Reg. S., 9.995%, 08/01/20		130,290
		Croatia — 1.3%
	350,000	Republic of Croatia, Reg. S., 6.750%, 11/05/19		381,938
		Dominican Republic — 0.6%
		Government of Dominican Republic,
	100,000	6.600%, 01/28/24 (e) (m)		103,000
	74,838	Reg. S., 9.040%, 01/23/18		82,134
				185,134
		Ecuador — 0.4%
	100,000	Republic of Ecuador, Reg. S., 9.375%, 12/15/15		106,000
		El Salvador — 0.7%
		Republic of El Salvador,
	15,000	5.875%, 01/30/25 (e) (m)		14,925
	9,000	Reg. S., 5.875%, 01/30/25		8,955
	10,000	Reg. S., 7.650%, 06/15/35		10,650
	132,000	Reg. S., 7.750%, 01/24/23		147,180
	10,000	Reg. S., 8.250%, 04/10/32		11,300
				193,010
		Hungary — 1.4%
		Republic of Hungary,
	10,000	4.125%, 02/19/18 (m)		10,025
	134,000	5.375%, 02/21/23 (m)		133,054
	104,000	6.250%, 01/29/20 (m)		112,574
	62,000	6.375%, 03/29/21 (m)		67,210
	82,000	7.625%, 03/29/41 (m)		92,501
				415,364
		Indonesia — 1.3%
		Republic of Indonesia,
	100,000	Reg. S., 7.750%, 01/17/38		121,500
	100,000	Reg. S., 8.500%, 10/12/35		129,750
	100,000	Reg. S., 11.625%, 03/04/19		137,000
				388,250

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Iraq — 0.8%
	250,000	Republic of Iraq, Reg. S., 5.800%, 01/15/28		216,875
		Ireland — 0.6%
	170,000	Vnesheconombank Via VEB Finance plc, Reg. S., 5.450%, 11/22/17		183,600
		Ivory Coast — 0.3%
	110,000	Republic of Ivory Coast, Reg. S., SUB, 5.750%, 12/31/32		99,275
		Lebanon — 1.0%
		Republic of Lebanon,
	30,000	6.375%, 03/09/20		30,300
	20,000	9.000%, 03/20/17		22,350
	219,000	Reg. S., 8.250%, 04/12/21		243,090
				295,740
		Lithuania — 0.9%
	230,000	Republic of Lithuania, Reg. S., 5.125%, 09/14/17		251,001
		Mexico — 1.1%
		United Mexican States,
	90,000	3.625%, 03/15/22		90,675
	14,000	4.000%, 10/02/23		14,217
	34,000	4.750%, 03/08/44		31,620
	30,000	5.625%, 01/15/17		33,675
	46,000	5.750%, 10/12/10		44,275
	39,000	6.750%, 09/27/34		47,190
	MXN 570,000	7.750%, 11/13/42		45,912
	MXN 200,000	10.000%, 12/05/24		20,421
				327,985
		Pakistan — 0.3%
	100,000	Republic of Pakistan, Reg. S., 6.875%, 06/01/17		98,250
		Panama — 0.4%
		Republic of Panama,
	24,000	6.700%, 01/26/36		28,320
	50,000	9.375%, 04/01/29		72,375
				100,695
		Peru — 1.6%
		Republic of Peru,
	20,000	6.550%, 03/14/37		23,780
	230,000	7.350%, 07/21/25		294,975
	70,000	8.750%, 11/21/33		101,325
	PEN 104,000	Reg. S., 6.950%, 08/12/31		40,594
				460,674

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 7

JPMorgan Total Emerging Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — Continued
		Philippines — 1.3%
		Republic of Philippines,
	220,000	7.750%, 01/14/31		295,900
	50,000	10.625%, 03/16/25		78,500
				374,400
		Poland — 0.4%
	115,000	Republic of Poland, 5.000%, 03/23/22		124,669
		Romania — 0.6%
		Republic of Romania,
	30,000	4.375%, 08/22/23 (e)		29,325
	82,000	6.750%, 02/07/22 (e)		94,710
	52,000	Reg. S., 6.750%, 02/07/22		60,060
				184,095
		Russia — 1.1%
		Russian Federation,
	RUB 2,900,000	8.150%, 02/03/27		95,896
	200,000	Reg. S., 5.625%, 04/04/42		208,000
	13,585	Reg. S., SUB, 7.500%, 03/31/30		16,166
				320,062
		Serbia — 0.3%
	94,749	Republic of Serbia, Reg. S., SUB, 6.750%, 11/01/24		92,380
		South Africa — 1.1%
		Republic of South Africa,
	200,000	5.875%, 09/16/25		213,290
	100,000	6.875%, 05/27/19		115,375
				328,665
		Turkey — 1.4%
		Republic of Turkey,
	120,000	6.750%, 04/03/18		135,000
	126,000	7.000%, 06/05/20		144,900
	95,000	8.000%, 02/14/34		117,562
				397,462
		Ukraine — 1.0%
		Republic of Ukraine,
	100,000	Reg. S., 7.750%, 09/23/20		91,375
	200,000	Reg. S., 7.950%, 02/23/21		182,750
				274,125
		Uruguay — 0.3%
	60,000	Republic of Uruguay, PIK, 7.875%, 01/15/33		78,600

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Venezuela — 0.4%
		Republic of Venezuela,
	43,000	7.650%, 04/21/25		31,433
	28,000	Reg. S., 6.000%, 12/09/20		20,230
	26,500	Reg. S., 7.000%, 03/31/38		17,755
	35,000	Reg. S., 8.250%, 10/13/24		26,688
	35,300	Reg. S., 9.000%, 05/07/23		28,681
				124,787
		Vietnam — 0.4%
	100,000	Republic of Vietnam, Reg. S., 6.750%, 01/29/20		109,375
		Total Foreign Government Securities (Cost $7,694,212)		7,738,649
SHARES
	Preferred Stocks — 7.0%
		Brazil — 5.0%
	16,500	Banco Bradesco S.A.		237,756
	11,660	Cia de Bebidas das Americas		434,973
	21,046	Cia Energetica de Minas Gerais		187,236
	19,620	Itau Unibanco Holding S.A.		303,032
	12,410	Telefonica Brasil S.A.		273,494
				1,436,491
		South Korea — 2.0%
	613	Samsung Electronics Co. Ltd.		590,913
		Total Preferred Stocks (Cost $1,824,682)		2,027,404
PRINCIPAL AMOUNT
	U.S. Treasury Obligation — 0.1%
	25,000	U.S. Treasury Note, 0.250%, 03/31/14 (k) (Cost $25,020)		25,014
SHARES
	Short-Term Investment — 0.6%
		Investment Company — 0.6%
	183,039	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $183,039)		183,039
		Total Investments — 98.2% (Cost $26,665,704)		28,593,856
		Other Assets in Excess of Liabilities — 1.8%		520,093
		NET ASSETS — 100.0%	$	29,113,949

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2013

Summary of Investments by Industry, October 31, 2013

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Foreign Government Securities		27.1	%
Commercial Banks		17.2
Oil, Gas & Consumable Fuels		10.8
Automobiles		5.7
Wireless Telecommunication Services		5.6
Semiconductors & Semiconductor Equipment		5.4
Hotels, Restaurants & Leisure		3.4
Electronic Equipment, Instruments & Components		2.8
Diversified Financial Services		2.7
Specialty Retail		2.6

INDUSTRY	PERCENTAGE
Insurance		2.2	%
Diversified Telecommunication Services		1.7
Real Estate Management & Development		1.7
Beverages		1.5
Construction Materials		1.4
IT Services		1.4
Household Durables		1.1
Food & Staples Retailing		1.0
Others (each less than 1.0%)		4.7

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	6		10 Year U.S. Treasury Note		12/19/13		764,156			4,160
	2		2 Year U.S. Treasury Note		12/31/13		440,844			402
			Short Futures Outstanding
	(6	)	U.S. Long Bond		12/19/13		(808,875	)		(11,419	)
										(6,857	)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	117,953	AUD	Westpac Banking Corp.		12/18/13		107,428		111,152		3,724
	49,614,610	CLP	Credit Suisse International †		12/18/13		99,032		96,243		(2,789	)
	53,394,143	CLP	Goldman Sachs International †		12/18/13		103,317		103,574		257
	49,776,364	CLP	Union Bank of Switzerland AG †		12/18/13		98,178		96,556		(1,622	)
	206,632,264	COP	Citibank, N.A. †		12/18/13		107,341		108,771		1,430
	200,467,976	COP	Credit Suisse International †		12/18/13		105,287		105,526		239
	73,758	EUR	BNP Paribas		12/18/13		101,545		100,152		(1,393	)
	81,341	EUR	State Street Corp.		12/18/13		109,895		110,448		553
	21,761,115	HUF	Goldman Sachs International		12/18/13		99,864		99,658		(206	)
	383,300	ILS	Deutsche Bank AG		12/18/13		105,688		108,614		2,926
	356,363	ILS	Union Bank of Switzerland AG		12/18/13		100,851		100,981		130
	10,658,716	JPY	Deutsche Bank AG		12/18/13		107,785		108,428		643
	121,745,394	KRW	Deutsche Bank AG †		12/18/13		111,621		113,827		2,206
	1,306,854	MXN	Citibank, N.A.		12/18/13		101,129		99,808		(1,321	)
	1,395,136	MXN	Goldman Sachs International		12/18/13		106,001		106,550		549
	2,781,743	MXN	Union Bank of Switzerland AG		12/18/13		211,074		212,449		1,375
	4,684,799	PHP	Deutsche Bank AG †		12/18/13		107,871		108,343		472
	335,516	PLN	Union Bank of Switzerland AG		12/18/13		108,180		108,616		436

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 9

JPMorgan Total Emerging Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,504,206	RUB	BNP Paribas †		12/18/13		109,352		108,271		(1,081	)
	257,994	SGD	BNP Paribas		12/18/13		205,072		207,697		2,625
	217,100	TRY	Citibank, N.A.		12/18/13		108,087		107,909		(178	)
	200,295	TRY	Goldman Sachs International		12/18/13		100,476		99,557		(919	)
	3,140,027	TWD	BNP Paribas †		12/18/13		106,315		106,712		397
	2,045,718	ZAR	Union Bank of Switzerland AG		12/18/13		202,697		202,415		(282	)
							2,824,086		2,832,257		8,171

CONTRACTS TO SELL			COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
	117,953	AUD	Credit Suisse International		12/18/13		108,813		111,152		(2,339	)
	205,779	CAD	Royal Bank of Canada		12/18/13		198,111		197,136		975
	53,394,143	CLP	Deutsche Bank AG †		12/18/13		104,664		103,574		1,090
	205,452,562	COP	Deutsche Bank AG †		12/18/13		104,965		108,151		(3,186	)
	201,647,678	COP	Goldman Sachs International †		12/18/13		102,594		106,148		(3,554	)
	155,098	EUR	Goldman Sachs International		12/18/13		210,398		210,601		(203	)
	21,761,115	HUF	BNP Paribas		12/18/13		101,839		99,658		2,181
	356,363	ILS	Deutsche Bank AG		12/18/13		100,816		100,981		(165	)
	383,300	ILS	Societe Generale		12/18/13		107,665		108,613		(948	)
	10,658,716	JPY	Union Bank of Switzerland AG		12/18/13		106,296		108,428		(2,132	)
	121,745,394	KRW	BNP Paribas †		12/18/13		112,623		113,827		(1,204	)
	235,567	MXN	BNP Paribas		12/18/13		18,063		17,991		72
	1,306,854	MXN	Citibank, N.A.		12/18/13		99,569		99,807		(238	)
	1,305,534	MXN	Goldman Sachs International		12/18/13		98,332		99,707		(1,375	)
	1,276,350	MXN	Merrill Lynch International		12/18/13		96,789		97,479		(690	)
	1,359,428	MXN	Union Bank of Switzerland AG		12/18/13		101,031		103,823		(2,792	)
	4,684,799	PHP	Citibank, N.A. †		12/18/13		108,505		108,343		162
	335,516	PLN	Credit Suisse International		12/18/13		103,607		108,616		(5,009	)
	4,231,306	RUB	Credit Suisse International †		12/18/13		131,692		130,658		1,034
	3,504,206	RUB	Union Bank of Switzerland AG †		12/18/13		107,722		108,271		(549	)
	2,350,000	RUB	Citibank, N.A. †		12/30/13		71,668		72,425		(757	)
	134,182	SGD	Goldman Sachs International		12/18/13		106,873		108,023		(1,150	)
	123,812	SGD	Union Bank of Switzerland AG		12/18/13		99,679		99,675		4
	217,100	TRY	Union Bank of Switzerland AG		12/18/13		104,260		107,910		(3,650	)
	3,140,027	TWD	Credit Suisse International †		12/18/13		107,425		106,713		712
	1,056,533	ZAR	Citibank, N.A.		12/18/13		104,140		104,539		(399	)
	989,185	ZAR	Credit Suisse International		12/18/13		99,537		97,876		1,661
							2,917,676		2,940,125		(22,449	)

† Non-deliverable forward. See Note 2.(C)2 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2013

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

ADR	—  American Depositary Receipt
AUD	—  Australian Dollar
BRL	—  Brazilian Real
CAD	—  Canadian Dollar
CLP	—  Chilean Peso
COP	—  Colombian Peso
EUR	—  Euro
GDR	—  Global Depositary Receipt
HUF	—  Hungarian Forint
ILS	—  Israeli Shekel
JPY	—  Japanese Yen
KRW	—  Korean Republic Won
MXN	—  Mexican Peso
NVDR	—  Non Voting Depositary Receipt
PEN	—  Peruvian Nuevo Sol
PHP	—  Philippine Peso
PIK	—  Payment-in-Kind
PLN	—  Polish Zloty
Reg. S.	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
RUB	—  Russian Ruble
SGD	—  Singapore Dollar
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of October 31, 2013.

TRY	—  Turkish Lira
TWD	—  Taiwan Dollar
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of October 31, 2013.
ZAR	—  South African Rand
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.1%.
(k)	—  All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)	—  The rate shown is the current yield as of October 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage based on total investments of the investments that apply the fair valuation policy for the international investments are $13,547,704 and 47.4%, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 11

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

	Total Emerging Markets Fund
ASSETS:
Investments in non-affiliates, at value	$	28,410,817
Investments in affiliates, at value		183,039
Total investment securities, at value		28,593,856
Cash		371,468
Foreign currency, at value		44,254
Receivables:
Investment securities sold		56,625
Fund shares sold		5,000
Dividends from non-affiliates		191,116
Dividends from affiliates		4
Tax reclaims		821
Variation margin on futures contracts		62
Unrealized appreciation on forward foreign currency exchange contracts		25,853
Due from Adviser		55,581
Prepaid expenses		31,947
Total Assets		29,376,587
LIABILITIES:
Payables:
Investment securities purchased		106,809
Unrealized depreciation on forward foreign currency exchange contracts		40,131
Accrued liabilities:
Shareholder servicing fees		6,106
Distribution fees		154
Custodian and accounting fees		33,644
Collateral management fees		500
Trustees’ and Chief Compliance Officer’s fees		5
Audit fees		65,230
Other		10,059
Total Liabilities		262,638
Net Assets	$	29,113,949

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2013

	Total Emerging Markets Fund
NET ASSETS:
Paid-in-Capital	$	27,038,045
Accumulated undistributed (distributed in excess of) net investment income		101,123
Accumulated net realized gains (losses)		68,827
Net unrealized appreciation (depreciation)		1,905,954
Total Net Assets	$	29,113,949
Net Assets:
Class A	$	350,784
Class C		94,685
Class R2		70,326
Class R5		71,227
Class R6		71,293
Select Class		28,455,634
Total	$	29,113,949
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		21,273
Class C		5,746
Class R2		4,261
Class R5		4,309
Class R6		4,312
Select Class		1,722,183
Net Asset Value (a):
Class A — Redemption price per share	$	16.49
Class C — Offering price per share (b)		16.48
Class R2 — Offering and redemption price per share		16.50
Class R5 — Offering and redemption price per share		16.53
Class R6 — Offering and redemption price per share		16.53
Select Class — Offering and redemption price per share		16.52
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.27
Cost of investments in non-affiliates	$	26,482,665
Cost of investments in affiliates		183,039
Cost of foreign currency		43,824

(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.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 13

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2013

	Total Emerging Markets Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	620,161
Dividend income from non-affiliates		514,787
Dividend income from affiliates		265
Foreign taxes withheld		(33,264	)
Total investment income		1,101,949
EXPENSES:
Investment advisory fees		281,610
Administration fees		23,771
Distribution fees:
Class A		439
Class C		550
Class R2		346
Shareholder servicing fees:
Class A		439
Class C		183
Class R2		173
Class R5		35
Select Class		69,258
Custodian and accounting fees		144,465
Collateral management fees		2,121
Interest expense to affiliates		116
Professional fees		101,099
Trustees’ and Chief Compliance Officer’s fees		318
Printing and mailing costs		15,468
Registration and filing fees		101,288
Transfer agent fees		10,282
Offering costs		1,963
Other		11,207
Total expenses		765,131
Less amounts waived		(302,155	)
Less expense reimbursements		(95,898	)
Net expenses		367,078
Net investment income (loss)		734,871
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		168,604
Futures		(25,836	)
Foreign currency transactions		33,771
Options written		1,088
Net realized gains (loss)		177,627
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		91,623
Futures		(20,619	)
Foreign currency translations		(36,731	)
Change in net unrealized appreciation/depreciation		34,273
Net realized/unrealized gains (losses)		211,900
Change in net assets resulting from operations	$	946,771

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2013

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Total Emerging Markets Fund
	Year Ended 10/31/2013			Period Ended 10/31/2012 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	734,871		$	608,148
Net realized gain (loss)		177,627			(36,179	)
Change in net unrealized appreciation/depreciation		34,273			1,871,681
Change in net assets resulting from operations		946,771			2,443,650
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(7,042	)		(106	)
From net realized gains		(71	)		—
Class C
From net investment income		(2,418	)		(96	)
From net realized gains		(71	)		—
Class R2
From net investment income		(2,503	)		(96	)
From net realized gains		(71	)		—
Class R5
From net investment income		(3,303	)		(125	)
From net realized gains		(71	)		—
Class R6
From net investment income		(3,360	)		(127	)
From net realized gains		(71	)		—
Select Class
From net investment income		(1,222,556	)		(45,928	)
From net realized gains		(28,145	)		—
Total distributions to shareholders		(1,269,682	)		(46,478	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,993,210			25,046,478
NET ASSETS:
Change in net assets		1,670,299			27,443,650
Beginning of period		27,443,650			—
End of period	$	29,113,949		$	27,443,650
Accumulated undistributed (distributed in excess of) net investment income	$	101,123		$	572,758

(a) Commencement of operations was November 30, 2011.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 15

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	Total Emerging Markets Fund
	Year Ended 10/31/2013			Period Ended 10/31/2012 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	366,387		$	62,500
Distributions reinvested		7,113			106
Cost of shares redeemed		(92,684	)		—
Change in net assets resulting from Class A capital transactions	$	280,816		$	62,606
Class C
Proceeds from shares issued	$	24,173		$	62,500
Distributions reinvested		2,489			96
Change in net assets resulting from Class C capital transactions	$	26,662		$	62,596
Class R2
Proceeds from shares issued	$	19		$	62,500
Distributions reinvested		2,574			96
Change in net assets resulting from Class R2 capital transactions	$	2,593		$	62,596
Class R5
Proceeds from shares issued	$	—		$	62,500
Distributions reinvested		3,374			125
Change in net assets resulting from Class R5 capital transactions	$	3,374		$	62,625
Class R6
Proceeds from shares issued	$	—		$	62,500
Distributions reinvested		3,431			127
Change in net assets resulting from Class R6 capital transactions	$	3,431		$	62,627
Select Class
Proceeds from shares issued	$	441,457		$	24,687,500
Distributions reinvested		1,243,983			45,928
Cost of shares redeemed		(9,106	)		—
Change in net assets resulting from Select Class capital transactions	$	1,676,334		$	24,733,428
Total change in net assets resulting from capital transactions	$	1,993,210		$	25,046,478

(a) Commencement of operations was November 30, 2011.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2013

	Total Emerging Markets Fund
	Year Ended 10/31/2013			Period Ended 10/31/2012 (a)
SHARE TRANSACTIONS:
Class A
Issued		22,561			4,097
Reinvested		442			7
Redeemed		(5,834	)		—
Change in Class A Shares		17,169			4,104
Class C
Issued		1,491			4,098
Reinvested		151			6
Change in Class C Shares		1,642			4,104
Class R2
Issued		1			4,097
Reinvested		156			7
Change in Class R2 Shares		157			4,104
Class R5
Issued		—			4,097
Reinvested		204			8
Change in Class R5 Shares		204			4,105
Class R6
Issued		—			4,096
Reinvested		207			9
Change in Class R6 Shares		207			4,105
Select Class
Issued		26,190			1,618,101
Reinvested		75,335			3,127
Redeemed		(570	)		—
Change in Select Class Shares		100,955			1,621,228

(a) Commencement of operations was November 30, 2011.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 17

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
Total Emerging Markets Fund
Class A
Year Ended October 31, 2013	$	16.68	$	0.38	$	0.14	$	0.52	$	(0.69	)	$	(0.02	)	$	(0.71	)
November 30, 2011 (h) through October 31, 2012		15.00		0.36		1.35		1.71		(0.03	)		—			(0.03	)
Class C
Year Ended October 31, 2013		16.61		0.30		0.14		0.44		(0.55	)		(0.02	)		(0.57	)
November 30, 2011 (h) through October 31, 2012		15.00		0.29		1.35		1.64		(0.03	)		—			(0.03	)
Class R2
Year Ended October 31, 2013		16.65		0.35		0.12		0.47		(0.60	)		(0.02	)		(0.62	)
November 30, 2011 (h) through October 31, 2012		15.00		0.32		1.36		1.68		(0.03	)		—			(0.03	)
Class R5
Year Ended October 31, 2013		16.74		0.47		0.13		0.60		(0.79	)		(0.02	)		(0.81	)
November 30, 2011 (h) through October 31, 2012		15.00		0.43		1.35		1.78		(0.04	)		—			(0.04	)
Class R6
Year Ended October 31, 2013		16.75		0.47		0.14		0.61		(0.81	)		(0.02	)		(0.83	)
November 30, 2011 (h) through October 31, 2012		15.00		0.43		1.36		1.79		(0.04	)		—			(0.04	)
Select Class
Year Ended October 31, 2013		16.72		0.43		0.13		0.56		(0.74	)		(0.02	)		(0.76	)
November 30, 2011 (h) through October 31, 2012		15.00		0.40		1.35		1.75		(0.03	)		—			(0.03	)

(a) Annualized for periods less than one year.

(b) Calculated based on 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 interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2012 and for the year ended October 31, 2013.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2013

		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) (e)			Expenses without waivers and reimbursements (f)			Portfolio turnover rate (c)(g)
$	16.49		3.18	%	$	350,784		1.55	%		2.32	%		3.18	%		99	%
	16.68		11.44			68,466		1.55			2.46			2.62			92
	16.48		2.64			94,685		2.05			1.84			3.51			99
	16.61		10.95			68,170		2.05			1.95			3.11			92
	16.50		2.86			70,326		1.80			2.11			3.21			99
	16.65		11.22			68,316		1.80			2.20			2.86			92
	16.53		3.66			71,227		1.10			2.81			2.51			99
	16.74		11.88			68,728		1.10			2.90			2.17			92
	16.53		3.68			71,293		1.05			2.86			2.46			99
	16.75		11.96			68,757		1.05			2.95			2.12			92
	16.52		3.39			28,455,634		1.30			2.61			2.72			99
	16.72		11.73			27,101,213		1.30			2.70			2.37			92

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 19

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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
Total Emerging Markets Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Non-Diversified

The investment objective of the Fund is to seek to provide total return.

The Fund commenced operations on November 30, 2011. Prior to November 30, 2012, the Fund was 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 R2, Class R5, Class R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

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 policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, various forms of credit enhancements, such as bond insurance, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Fund are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Fund may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Fund to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Fund’s securities. JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc.(the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Fund’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Fund’s valuation policies.

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. Trading in

20 J.P. MORGAN FUNDS OCTOBER 31, 2013

securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Fund applies fair value pricing on equity securities on a daily basis except for North American, Central American, South American and Caribbean equity securities held in its portfolio by utilizing the quotations of an independent pricing service, unless the Adviser determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Fund calculates its net asset values.

It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	970,172	$	—	$	—	$	970,172
China		—		3,303,622		—		3,303,622
Hong Kong		—		1,347,843		—		1,347,843
Hungary		—		160,983		—		160,983
India		1,165,966		546,900		—		1,712,866
Indonesia		—		413,026		—		413,026
Mexico		172,723		—		—		172,723
Peru		275,932		—		—		275,932
Poland		—		88,958		—		88,958
Qatar		307,374		—		—		307,374
Russia		505,408		1,132,323		—		1,637,731
South Africa		—		1,273,605		—		1,273,605
South Korea		443,235		1,945,712		—		2,388,947
Taiwan		30,902		1,467,814		—		1,498,716
Thailand		—		301,383		—		301,383
Turkey		—		589,788		—		589,788
United Arab Emirates		—		77,460		—		77,460
Total Common Stocks		3,871,712		12,649,417		—		16,521,129
Preferred Stocks
Brazil		1,436,491		—		—		1,436,491
South Korea		—		590,913		—		590,913
Total Preferred Stocks		1,436,491		590,913		—		2,027,404

OCTOBER 31, 2013 J.P. MORGAN FUNDS 21

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Debt Securities
Corporate Bonds
Chile	$	—		$	100,592		$	—	$	100,592
Colombia		—			37,650			—		37,650
Indonesia		—			388,000			—		388,000
Kazakhstan		—			464,950			—		464,950
Luxembourg		—			112,875			—		112,875
Malaysia		—			111,484			—		111,484
Mexico		—			280,257			—		280,257
Peru		—			20,100			—		20,100
United Kingdom		—			198,164			—		198,164
United States		—			225,000			—		225,000
Venezuela		—			159,549			—		159,549
Total Corporate Bonds		—			2,098,621			—		2,098,621
Foreign Government Securities		—			7,738,649			—		7,738,649
U.S. Treasury Obligation		—			25,014			—		25,014
Short-Term Investment
Investment Company	$	183,039		$	—		$	—	$	183,039
Total Investments in Securities	$	5,491,242		$	23,102,614		$	—	$	28,593,856
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	25,853		$	—	$	25,853
Futures Contracts		4,562			—			—		4,562
Total Appreciation in Other Financial Instruments	$	4,562		$	25,853		$	—	$	30,415
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(40,131	)	$	—	$	(40,131	)
Futures Contracts		(11,419	)		—			—		(11,419	)
Total Depreciation in Other Financial Instruments	$	(11,419	)	$	(40,131	)	$	—	$	(51,550	)

There were no transfers among any levels during the year ended October 31, 2013.

B. Restricted and Illiquid Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and include, but not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Fund. As of October 31, 2013, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and Regulation S under the Securities Act.

C. Derivatives — The Fund uses instruments including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also use derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value, as recorded in the Statements of Assets and Liabilities.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes C(1) — C(3) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund uses index or treasury futures contracts to gain or reduce exposure to the stock market, maintain liquidity and minimize transaction costs. The Fund buys futures contracts to immediately 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. The use of futures contracts exposes the Fund to equity price risk.

22 J.P. MORGAN FUNDS OCTOBER 31, 2013

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) in the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOI 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 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.

(2). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore use forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

(3). Options — The Fund purchases and sells (“write”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within their portfolios and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included in 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 unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the security.

Options Written — Premiums received by the Fund for options written are included in the Statements of Assets and Liabilities. 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 unrealized appreciation or depreciation. Premiums received from options written that expire are treated as realized gains. The Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Funds 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.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 23

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

Transactions in options written during the year ended October 31, 2013 were as follows:

	Foreign Currency Exchange Options
	Notional Amount			Premiums Received
Options written	$	110,000		$	1,088
Options expired		(110,000	)		(1,088	)
Option outstanding at October 31, 2013	$	—		$	—

(4). Summary of Derivatives Information — The following table presents the value of derivatives held as of October 31, 2013, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Derivative Contract	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	$	4,562		$	—		$	4,562
Foreign exchange contracts	Receivables		—			25,853			25,853
Total		$	4,562		$	25,853		$	30,415
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(11,419	)	$	—		$	(11,419	)
Foreign exchange contracts	Payables		—			(40,131	)		(40,131	)
Total		$	(11,419	)	$	(40,131	)	$	(51,550	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported in the SOI. The Statement of Assets and Liabilities only reflects the current day variation margin receivable/payable to brokers.

The following tables present the effect of derivatives on the Statement of Operations for the year ended October 31, 2013, by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Interest rate contracts	$	—		$	(25,836	)	$	—	$	(25,836	)
Foreign exchange contracts		—			—			70,251		70,251
Options Contracts		(606	)		—			—		(606	)
Total	$	(606	)	$	(25,836	)	$	70,251	$	43,809

Amount of Change in Net Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	$	(20,619	)	$	—		$	(20,619	)
Foreign exchange contracts		—			(35,640	)		(35,640	)
Total	$	(20,619	)	$	(35,640	)	$	(56,259	)

The Fund’s derivatives contracts held at October 31, 2013 are not accounted for as hedging instruments under GAAP.

24 J.P. MORGAN FUNDS OCTOBER 31, 2013

Derivatives Volume

The tables below disclose the volume of the Funds’ futures contracts, forward foreign currency exchange contracts and swaps activity during the year ended October 31, 2013. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts:
Average Notional Balance Long	$	944,191
Average Notional Balance Short		564,963
Ending Notional Balance Long		1,205,000
Ending Notional Balance Short		808,875
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	2,638,960
Average Settlement Value Sold		2,811,311
Ending Settlement Value Purchased		2,824,086
Ending Settlement Value Sold		2,917,676
OTC Options:
Average Notional Balance Written	$	110,000	(a)
Ending Notional Balance Written		—

(a) Average is for the period September 1, 2013 though September 31, 2013.

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.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the year, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held or sold during the year. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, purchases of foreign currency in certain countries that impose a tax on such purchases, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized foreign currency gains and losses arise from changes (due to changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end.

E. Offering and Organizational Costs — Total offering costs of $23,952 paid in connection with the offering of shares of the Fund were amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, were recorded as an expense at the time the Fund commenced operations. For the year ended October 31, 2013, total offering costs paid were (amounts in thousands):

	Offering Costs
Total Emerging Markets Fund	$	2

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, is recorded on the ex-dividend date or when the 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.

H. 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 gain 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 October 31, 2013, no liability for

OCTOBER 31, 2013 J.P. MORGAN FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

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, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

I. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchase/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.

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 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 (distributed in excess of) net investment income		Accumulated net realized gains (losses)
$	(1,519	)	$	34,676	$	(33,157	)

The reclassifications for the Fund relate primarily to foreign currency gains or losses.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the 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 1.00% 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 the 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 October 31, 2013, 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.

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. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board of Trustees 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 Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, 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, the Distributor 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 October 31, 2013, the Distributor did not retain any front-end sales charges or CDSC.

D. Shareholder Servicing Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A			Class C			Class R2			Class R5			Select Class
	0.25	%		0.25	%		0.25	%		0.05	%		0.25	%

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The Distributor waived Shareholder Servicing fees as outlined in Note 3.F.

26 J.P. MORGAN FUNDS OCTOBER 31, 2013

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. The Fund earns interest on uninvested cash balances held by the custodian. Such interest amounts, if any, are presented separately in the Statement of Operations.

Interest income, if any, earned on cash balances at the custodian, is included in Interest income from affiliates in the Statement of Operations.

Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the Statement of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor 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, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A			Class C			Class R2			Class R5			Class R6			Select Class
	1.55	%		2.05	%		1.80	%		1.10	%		1.05	%		1.30	%

The expense limitation agreement was in effect for the year ended October 31, 2013. The contractual expense limitation percentages in the table above are in place until at least February 28, 2014. For the year ended October 31, 2013, 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		Administration		Total		Contractual Reimbursements
$	278,199	$	23,771	$	301,970	$	95,898

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Fund’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

Waivers resulting from investments in these money market funds for the year ended October 31, 2013 were $185.

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board of Trustees 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 in 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 October 31, 2013, the Fund may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Fund may use related party broker-dealers. For the year ended October 31, 2013, 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.

4. Investment Transactions

During the year ended October 31, 2013, 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
$	28,480,014	$	26,839,531	$	—	$	—

OCTOBER 31, 2013 J.P. MORGAN FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	26,854,743	$	2,321,430	$	582,317	$	1,739,113

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sales loss deferrals.

The tax character of distributions paid during the fiscal year ended October 31, 2013 was as follows:

Ordinary Income		Total Distributions Paid
$	1,269,682	$	1,269,682

The tax character of distributions paid during the fiscal year ended October 31, 2012 was as follows:

Ordinary Income		Total Distributions Paid
$	46,478	$	46,478

As of October 31, 2013, the 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)
$	88,637	$	249,291	$	1,733,138

The cumulative timing differences primarily consist of wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011 are carried forward indefinitely, and retain their character as short-term and/or long-term losses.

At October 31, 2013, 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 and may be relied upon by the Fund because the Fund 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).

In addition, 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 10, 2014.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013, or at any time during the year (then) ended.

Interest expense paid, if any, as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

28 J.P. MORGAN FUNDS OCTOBER 31, 2013

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 October 31, 2013, substantially all of the Fund’s shares were held by the Fund’s adviser.

The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2013, substantially all of the Fund’s net assets consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

As of October 31, 2013, the Fund had the following country allocations representing greater than 10% of total investments.

China			South Korea			Brazil
	11.6	%		10.4	%		10.3	%

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 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 also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swap and option contracts, credit linked notes, exchange-traded notes, forward foreign currency exchange contracts and TBA securities.

8. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities.” In January 2013, the FASB issued ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” which updated ASU 2011-11. The ASU creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives, repurchase agreements and securities lending transactions that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of these changes on the Fund’s financial statement disclosures.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 29

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Total Emerging Markets 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 Total Emerging Markets Fund (a separate Fund of JPMorgan Trust I) (hereafter referred to as the “Fund”) at October 31, 2013, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period November 30, 2011 (commencement of operations) through October 31, 2012, 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 at October 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

30 J.P. MORGAN FUNDS OCTOBER 31, 2013

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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

OCTOBER 31, 2013 J.P. MORGAN FUNDS 31

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)
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).	171	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); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-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).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Fund’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment 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 is 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.

*** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

32 J.P. MORGAN FUNDS OCTOBER 31, 2013

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

  ** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 33

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 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 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, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

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. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Total Emerging Markets Fund
Class A
Actual	$	1,000.00	$	981.50	$	7.74		1.55	%
Hypothetical		1,000.00		1,017.39		7.88		1.55
Class C
Actual		1,000.00		978.90		10.23		2.05
Hypothetical		1,000.00		1,014.87		10.41		2.05
Class R2
Actual		1,000.00		980.10		8.98		1.80
Hypothetical		1,000.00		1,016.13		9.15		1.80
Class R5
Actual		1,000.00		983.40		5.50		1.10
Hypothetical		1,000.00		1,019.66		5.60		1.10
Class R6
Actual		1,000.00		983.80		5.25		1.05
Hypothetical		1,000.00		1,019.91		5.35		1.05
Select Class
Actual		1,000.00		982.60		6.50		1.30
Hypothetical		1,000.00		1,018.65		6.61		1.30

34 J.P. MORGAN FUNDS OCTOBER 31, 2013

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 22, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information includes the Fund’s performance compared to the performance of the Fund’s peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Fund, expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the investment advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the Trust and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The

Trustees also discussed the proposed approvals in executive sessions with counsels to the Trust and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to

OCTOBER 31, 2013 J.P. MORGAN FUNDS 35

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

improve investment results and the services provided to the Fund.

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Fund for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. The Board also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the adviser.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Fund does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Fund benefits from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Fund. The Trustees also considered the complexity of investment management for the Fund relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees reviewed the Fund’s performance against its benchmark index and considered the performance information provided for the Fund at regular Board meetings by the Adviser. The performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance are summarized below:

The Trustees noted the performance of the Fund since its inception on November 30, 2011 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 36

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund (“Universe Group”). The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. The Trustees recognized that Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for

the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee for Class A and Select Class shares was in the second and first quintiles, respectively, and that the actual total expenses for Class A and Select Class shares were in the fifth and fourth quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 37

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2013. 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, 2013. The information necessary to complete your income tax returns for the calendar year ending December 31, 2013 will be provided under separate cover.

Qualified Dividend Income (QDI)

For the fiscal year ended October 31, 2013, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%. The Fund hereby designates $1,269,682 or the maximum

allowable amount of ordinary income distributions as qualified dividends.

Foreign Source Income and Foreign Tax Credit Pass Through

Foreign Source Income and Foreign Tax Credit Pass Through For the fiscal year ended October 31, 2013, the Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Gross income and foreign tax expenses are $679,733 and $35,275.

The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record dates in December 2013. These shareholders should refer to their 2012 Form 1099-DIV for the foreign tax paid.

38 J.P. MORGAN FUNDS OCTOBER 31, 2013

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 business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2013.  All rights reserved. October 2013. AN-TEM-1013

Annual Report

J.P. Morgan Funds

October 31, 2013

JPMorgan Commodities Strategy Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	8
Consolidated Financial Highlights	14
Notes to Consolidated Financial Statements	16
Report of Independent Registered Public Accounting Firm	24
Trustees	25
Officers	27
Schedule of Shareholder Expenses	28
Board Approval of Investment Advisory Agreement	29
Privacy Notice — Located at the back of this Annual Report

Investments in the Fund are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of 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

DECEMBER 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

  “As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio.”

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury

yields fell from their reporting period peak in early September 2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junkbonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well- diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2013 J.P. MORGAN FUNDS 1

JPMorgan Commodities Strategy Fund

FUND COMMENTARY

FOR THE PERIOD DECEMBER 17, 2012 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-11.93%
Dow Jones-UBS Commodity Index Total Return		-10.80%
Net Assets as of 10/31/2013	$	131,257,111

INVESTMENT OBJECTIVE**

The JPMorgan Commodities Strategy Fund (the “Fund”) seeks total return.

HOW DID THE COMMODITIES MARKET PERFORM DURING THE REPORTING PERIOD?

The Dow Jones-UBS Commodity Index Total Return (the “Benchmark”) returned -10.80% for the period December 17, 2012 through October 31, 2013 (the “reporting period”). During the reporting period, commodities were broadly impacted by a strengthening U.S. dollar, continued below-trend developed market growth, and moderating growth in emerging markets.

All of the major sectors in the Benchmark were flat or declined during the reporting period. The energy sector was flat during the reporting period, as lower natural gas prices were offset by neutral-to-rising prices in other energy commodities. Rising natural gas prices during the first half of the reporting period were overshadowed by increased supply, which caused prices to drop for the period as a whole. Crude oil prices, which were volatile throughout the period, moved higher given improving fundamental factors. Livestock prices were basically flat as the decline in cattle prices was offset by higher hog prices. Grain prices declined due to high supply and weakening demand. In particular, demand from China moderated and forecasts called for record high South American crop yields. Wheat and corn prices suffered the most, as they were in ample supply.

Soft commodities were mixed during the reporting period. Sugar remained oversupplied and coffee prices continued to fall as supply was higher than expected in Brazil. Cotton was flat on news that it would likely lose acres to soybeans in the 2013 crop year. Cocoa sold off strongly due to much better weather on the neutral El Nino indicator.

In precious metals, gold and silver prices fell sharply during the reporting period. On April 15, 2013, silver and gold fell 11% and 9%, respectively, intra-day, which marked the largest single day sell-off in gold since February 1983. Palladium rallied due to reduced exports from Russia and improving auto demand. Industrial metals sold off as rumors grew of policy tightening in China’s housing sector. Finally, prices for industrial metals were consistently negative during the reporting period. This occurred

as demand growth from emerging market countries weakened, causing an across-the-board decline in prices.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund (Select Class Shares) underperformed the Benchmark for the reporting period. The Fund’s relative underperformance was driven, in part, by its underweight versus the Benchmark in natural gas during the first half of the reporting period, as cold weather caused larger-than-expected withdrawals from natural gas storage, leading to higher prices. In addition, volatility in crude oil prices and the relationship between West Texas Intermediate and Brent crude prices detracted from the Fund’s performance. The Fund’s positioning in precious metals also detracted from relative performance overall, as the negative impact from its overweight of silver overshadowed the positive contribution from its underweight in gold. Within the grains market, the positive impact from the Fund’s underweight to corn was more than offset by its underweight to soybeans, as the latter’s prices rallied due to adverse weather conditions. Finally, the Fund’s overweight in the livestock sector contributed to its relative performance as disease and the acquisition of Smithfield Foods by a Chinese entity became structural positive drivers for lean hogs.

HOW WAS THE FUND POSITIONED?

The Fund invested in a wholly-owned subsidiary that invested in commodity-linked derivative instruments and provided exposure to the investment returns of the commodities markets without investing directly in physical commodities. The Fund also invested in a portfolio of high-quality fixed income securities, such as U.S. Treasury Bills and U.S. Agency Discount Notes that generally had a weighted average maturity of 90 days or less.

The Fund’s portfolio managers combined top-down research with fundamental and quantitative analysis to establish overweight and underweight positions in commodities. In addition, the Fund’s portfolio managers have the ability to adjust the Fund’s overall exposure to commodities relative to the Benchmark based on their views of macroeconomic conditions.

2 J.P. MORGAN FUNDS OCTOBER 31, 2013

CASH INVESTMENTS***
U.S. Government Agency Securities	75.0	%
Investment Company	22.5
U.S. Treasury Securities	2.5
Option Purchased	0.0	(g)
PORTFOLIO COMPOSITION BY COUNTRY***
United States	100	%

(g) Amount rounds to less than 0.1%.

COMMODITY MATURITY****
0-3 months	57.5	%
3-6 months	30.9
> 6 months	11.6

COMMODITY-LINKED INVESTMENTS****
Energy	36.5	%
Natural Gas	13.3
Brent Crude	1.6
Heating Oil	3.8
WTI Crude Oil	14.4
Unleaded Gas	3.5
Gas Oil	-0.1
Agriculture	24.4
Corn	4.2
Cotton	3.3
Kansas Wheat	1.4
Coffee	1.0
Soybean Meal	2.9
Soybeans	1.2
Soybean Oil	2.6
Sugar	4.2
Wheat	3.6
Industrial Metals	15.0
Copper	7.1
Aluminum	4.0
Zinc	1.7
Nickel	2.2
Precious Metals	12.7
Gold	9.6
Silver	3.1
Livestock	7.3
Lean Hogs	3.4
Live Cattle	3.9

FIXED INCOME MATURITY***
< one month	57.6	%
1–3 months	41.3
3–6 months	1.1

COMMODITY ALLOCATION	Index			Fund****
Energy		36.7	%		36.5	%
Agriculture		28.2			24.4
Industrial Metals		16.7			15.0
Precious Metals		12.6			12.7
Livestock		5.7			7.3

* 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 October 31, 2013. The Fund’s portfolio composition is subject to change.

**** Exposures are calculated as the notional value of the Fund’s derivative positions as a percentage of net assets.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 3

JPMorgan Commodities Strategy Fund

FUND COMMENTARY

FOR THE PERIOD DECEMBER 17, 2012 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2013 (Unaudited) (continued)

TOTAL RETURNS AS OF OCTOBER 31, 2013
	INCEPTION DATE OF CLASS		SINCE INCEPTION*
CLASS A SHARES		12/17/12
Without Sales Charge				(12.13	)%
With Sales Charge**				(16.74	)
CLASS C SHARES		12/17/12
Without CDSC				(12.53	)
With CDSC***				(13.53	)
CLASS R6 SHARES		12/17/12		(11.87	)
SELECT CLASS SHARES		12/17/12		(11.93	)

* Not annualized

** 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 (12/17/12 TO 10/31/13)

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 17, 2012.

The graph illustrates comparative performance for $1,000,000 invested in the Select Class Shares of the JPMorgan Commodities Strategy Fund, the Dow Jones-UBS Commodity Index Total Return and the Lipper Commodities General Funds Average from December 17, 2012 to October 31, 2013. The performance of the Lipper Commodities General Funds Average reflects an initial investment at the end of the month closest to the Fund’s inception. 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 Dow Jones-UBS Commodity Index Total Return 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 Commodities General Funds Average includes expenses associated with a mutual Fund, such as investment management fees. The Dow Jones-UBS Commodity Index Total Return is composed of futures contracts on 22 physical commodities. Investors cannot invest directly in an index. The Lipper Commodities General Funds Average is an average based on the total returns of all Mutual Funds within the Fund’s designated category as determined by Lipper Inc.

Select Class Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

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 OCTOBER 31, 2013

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — 79.3%
		Federal Farm Credit Bank,
	999,000	DN, 0.010%, 11/01/13 (n)		999,000
	2,276,000	DN, 0.030%, 11/12/13 (n)		2,275,985
		Federal Home Loan Bank,
	18,841,000	DN, 0.040%, 12/04/13 (n)		18,840,288
	3,000,000	DN, 0.075%, 11/13/13 (n)		2,999,970
		Federal Home Loan Mortgage Corp.,
	1,090,000	DN, 0.020%, 11/21/13 (n)		1,089,988
	5,282,000	DN, 0.025%, 11/25/13 (n)		5,281,928
	9,271,000	DN, 0.030%, 11/12/13 (n)		9,270,939
	400,000	DN, 0.030%, 12/04/13 (n)		399,993
	5,565,000	DN, 0.045%, 12/02/13 (n)		5,564,903
	1,600,000	DN, 0.050%, 12/30/13 (n)		1,599,948
	15,000,000	DN, 0.060%, 11/04/13 (n)		14,999,967
	1,560,000	DN, 0.100%, 11/18/13 (n)		1,559,985
	5,274,000	DN, 0.130%, 11/06/13 (n)		5,273,891
		Federal National Mortgage Association,
	3,000,000	DN, 0.045%, 01/10/14 (n)		2,999,826
	1,680,000	DN, 0.050%, 11/01/13 (n)		1,679,998
	11,375,000	DN, 0.050%, 01/22/14 (n)		11,374,226
	12,679,000	DN, 0.052%, 12/18/13 (n)		12,678,179
	1,600,000	DN, 0.060%, 02/25/14 (n)		1,599,793
	3,600,000	DN, 0.185%, 01/02/14 (n)		3,599,813
		Total U.S. Government Agency Securities (Cost $104,086,430)		104,088,620

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — 2.6%
		U.S. Treasury Bills,
	145,000	0.027%, 01/23/14 (m) (n)		144,988
	3,138,000	0.039%, 11/29/13 (n)		3,137,900
	130,000	0.069%, 11/14/13 (m) (n)		129,999
		Total U.S. Treasury Obligations (Cost $3,412,890)		3,412,887
NUMBER OF CONTRACTS
	Option Purchased — 0.0% (g)
		Call Option Purchased — 0.0% (g)
	46	Soybean Futures, Expiring 11/22/13 at $13.500, American Style (Cost $25,440)		6,612
SHARES
	Investment Company — 23.7%
	31,144,985	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) † (Cost $31,144,985)		31,144,985
		Total Investments — 105.6% (Cost $138,669,745)		138,653,104
		Liabilities in Excess of Other Assets — (5.6)%		(7,395,993	)
		NET ASSETS — 100.0%	$	131,257,111

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/13			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	1		Gold 100 oz. Futures		02/26/14	$	132,450		$	457
	1		Silver Futures		03/27/14		109,585			(343	)
	15		Natural Gas Futures		03/27/18		626,700			(21,839	)
			Short Futures Outstanding
	(10	)	Natural Gas Futures		12/27/13		(366,300	)		294
	(2	)	Gasoline RBOB Futures		12/31/13		(217,669	)		79
	(1	)	Heating Oil Futures		12/31/13		(124,190	)		(32	)
	(4	)	Copper Futures		03/27/14		(330,900	)		(10	)
	(27	)	LME Zinc Futures		05/19/14		(1,339,875	)		1,954
									$	(19,440	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 5

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

Return Swaps on Commodities
SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE			VALUE
Deutsche Bank AG, New York
	Long Positions
	CBOT Corn No. 2 December 2014 Futures		11/21/14	$	972,000		$	(32,901	)
	CBOT Corn No. 2 December 2014 Futures		11/21/14		1,494,000			(85,243	)
	CBOT Corn No. 2 December 2014 Futures		11/21/14		6,196,713			(537,614	)
	CBOT Soybean Meal July 2014 Futures		06/20/14		3,827,439			(93,009	)
	CBOT Soybean Oil May 2014 Futures		04/25/14		3,421,845			5,259
	CME Live Cattle April 2014 Futures		04/04/14		5,119,056			(35,571	)
	CBOT Soybean March 2014 Futures		02/21/14		1,591,500			(91,133	)
	CBOT Wheat No. 2 March 2014 Futures		02/21/14		4,806,609			(117,973	)
	KCBOT Wheat No. 2 March 2014 Futures		02/21/14		1,833,901			(15,377	)
	ICE Brent Crude Oil March 2014 Futures		02/12/14		1,181,070			3,298
	ICE Brent Crude Oil March 2014 Futures		02/12/14		7,322,240			(680	)
	CME Lean Hogs February 2014 Futures		01/30/14		4,310,228			70,121
	NYMEX Natural Gas January 2014 Futures		12/27/13		1,868,720			(147,065	)
	NYMEX WTI Crude Oil January 2014 Futures		12/18/13		15,515,500			(631,246	)
	NYMEX WTI Crude Oil January 2014 Futures		12/18/13		2,535,750			(119,471	)
	NYMEX WTI Crude Oil January 2014 Futures		12/18/13		1,522,500			(72,732	)
	NYMEX NY Harbor ULSD December 2013 Futures		11/27/13		4,989,839			96,765
	Short Positions
	ICE Brent Crude Oil January 2014 Futures		12/13/13		(2,710,250	)		(5,499	)
	ICE Brent Crude Oil January 2014 Futures		12/13/13		(1,647,600	)		18,146
	CBOT Corn No. 2 December 2013 Futures		11/22/13		(446,750	)		18,498
	CBOT Corn No. 2 December 2013 Futures		11/22/13		(2,340,900	)		156,811
							$	(1,616,616	)
Macquarie Bank Ltd.
	Long Positions
	NYBOT-ICE Coffee “C” May 2014 Futures		05/16/14	$	1,440,840		$	(112,292	)
	NYBOT-ICE Cotton No. 2 March 2014 Futures		03/06/14		4,673,350			(317,350	)
	NYBOT-ICE Sugar No. 11 (World) March 2014 Futures		02/27/14		5,707,542			(208,452	)
	ICE Gas Oil January 2014 Futures		01/09/14		22,540,000			—
	NYMEX Gasoline RBOB January 2014 Futures		12/30/13		4,864,121			(75,373	)
	NYMEX Natural Gas January 2014 Futures		12/26/13		1,291,500			—
	NYMEX Natural Gas January 2014 Futures		12/26/13		15,155,310			(1,125,681	)
	NYMEX NY Harbor ULSD December 2013 Futures		11/27/13		20,677,440			413,358
	Short Positions
	NYMEX NY Harbor ULSD February 2014 Futures		01/30/14		(20,730,990	)		(368,919	)
	ICE Gas Oil December 2013 Futures		12/11/13		(22,650,250	)		—
	ICE Brent Crude Oil December 2013 Futures		11/13/13		(1,091,200	)		2,800
	ICE Brent Crude Oil December 2013 Futures		11/13/13		(1,106,000	)		17,599
							$	(1,774,310	)
							$	(3,390,926	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2013

Return Swaps on Commodity Indices
SWAP COUNTERPARTY	REFERENCED OBLIGATION	TERMINATION DATE		NOTIONAL VALUE			VALUE
Deutsche Bank AG, New York
	Long Positions
	Dow Jones — UBS Commodity Industrial Metals Index		11/21/13	$	22,600,000		$	162,862
	Short Positions
	Dow Jones — UBS Commodity Aluminum Index		11/21/13		(1,360,000	)		(2,127	)
							$	160,735
Macquarie Bank Ltd.
	Long Positions
	Dow Jones — UBS Commodity Precious Metals Index		11/21/13	$	16,310,000		$	(8,721	)
							$	152,014

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

Brent	—  Broom, Rannoch, Etieve, Ness, Tarbat
CBOT	—  Chicago Board of Trade
CME	—  Chicago Mercantile Exchange
DN	—  Discount Notes
ICE	—  IntercontinentalExchange, Inc.
KCBOT	—  Kansas City Board of Trade
LME	—  London Metal Exchange
NYBOT	—  New York Board of Trade
NYMEX	—  New York Mercantile Exchange
RBOB	—  Reformulated gasoline blendstock for oxygen blending
ULSD	—  Ultra Low Surfur Diesel
WTI	—  West Texas Intermediate

(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.1%.
(l)	—  The rate shown is the current yield as of October 31, 2013.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(n)	—  The rate shown is the effective yield at the date of purchase.
†	—  $6,303,220 of this investment is restricted as collateral for swaps to various brokers.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 7

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

	Commodities Strategy Fund
ASSETS:
Investments in non-affiliates, at value	$	107,508,119
Investments in affiliates, at value		24,841,765
Investments in affiliates — restricted, at value		6,303,220
Total investment securities, at value		138,653,104
Cash		21,131
Receivables:
Dividends from affiliates		376
Outstanding swap contracts, at value		965,517
Deferred offering costs		28,808
Total Assets		139,668,936
LIABILITIES:
Payables:
Investment securities purchased		1,678,879
Fund shares redeemed		2,350,000
Variation margin on futures contracts		18,501
Outstanding swap contracts, at value		4,204,429
Accrued liabilities:
Investment advisory fees		1,019
Administration fees		2,533
Shareholder servicing fees		11,978
Distribution fees		38
Custodian and accounting fees		22,138
Collateral management fees		1,404
Trustees’ and Chief Compliance Officer’s fees		1,369
Other		119,537
Total Liabilities		8,411,825
Net Assets	$	131,257,111

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2013

	Commodities Strategy Fund
NET ASSETS:
Paid-in-capital	$	134,819,058
Accumulated net investment loss		(286,954	)
Net unrealized appreciation (depreciation)		(3,274,993	)
Total Net Assets	$	131,257,111
Net Assets:
Class A	$	43,924
Class C		43,733
Class R6		38,913,194
Select Class		92,256,260
Total	$	131,257,111
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		3,333
Class C		3,333
Class R6		2,942,792
Select Class		6,985,552
Net Asset Value (a):
Class A — Redemption price per share	$	13.18
Class C — Offering price per share (b)		13.12
Class R6 — Offering and redemption price per share		13.22
Select Class — Offering and redemption price per share		13.21
Class A maximum sales charge		5.25	%
[net asset value per share/(100% — maximum sales charge)]	$	13.91
Cost of investments in non-affiliates	$	107,524,760
Cost of investments in affiliates		24,841,765
Cost of investments in affiliates — restricted		6,303,220

(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.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 9

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE PERIOD ENDED OCTOBER 31, 2013

	Commodities Strategy Fund (a)
INVESTMENT INCOME:
Interest income from non-affiliates	$	37,368
Dividend income from affiliates		3,836
Total investment income		41,204
EXPENSES:
Investment advisory fees		707,181
Administration fees		72,476
Distribution fees:
Class A		102
Class C		305
Shareholder servicing fees:
Class A		102
Class C		102
Select Class		106,207
Custodian and accounting fees		75,623
Collateral management fees		4,453
Professional fees		161,392
Trustees’ and Chief Compliance Officer’s fees		14,205
Printing and mailing costs		5,154
Registration and filing fees		9,492
Transfer agent fees		7,047
Offering costs		194,909
Other		31,689
Total expenses		1,390,439
Less amounts waived		(679,857	)
Less expense reimbursements		(85,363	)
Net expenses		625,219
Net investment income (loss)		(584,015	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(21,332	)
Futures		(105,453	)
Swaps		(5,175,893	)
Net realized gains (losses)		(5,302,678	)
Change in net unrealized appreciation/depreciation of
Investments in non-affiliates		(16,641	)
Futures		(19,440	)
Swaps		(3,238,912	)
Change in net unrealized appreciation/depreciation		(3,274,993	)
Net realized/unrealized gains (losses)		(8,577,671	)
Change in net assets resulting from operations	$	(9,161,686	)

(a) Commencement of operations was December 17, 2012.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2013

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIOD INDICATED

	Commodities Strategy Fund
	Period Ended 10/31/2013 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(584,015	)
Net realized gain (loss)		(5,302,678	)
Change in net unrealized appreciation/depreciation		(3,274,993	)
Change in net assets resulting from operations		(9,161,686	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		140,418,797
NET ASSETS:
Change in net assets		131,257,111
Beginning of period		—
End of period	$	131,257,111
Accumulated net investment loss	$	(286,954	)

(a) Commencement of operations was December 17, 2012.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 11

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIOD INDICATED (continued)

	Commodities Strategy Fund
	Period Ended 10/31/2013 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	50,000
Change in net assets resulting from Class A capital transactions	$	50,000
Class C
Proceeds from shares issued	$	50,000
Change in net assets resulting from Class C capital transactions	$	50,000
Class R6
Proceeds from shares issued	$	44,792,951
Cost of shares redeemed		(2,350,000	)
Change in net assets resulting from Class R6 capital transactions	$	42,442,951
Select Class
Proceeds from shares issued	$	98,296,507
Cost of shares redeemed		(420,661	)
Change in net assets resulting from Select Class capital transactions	$	97,875,846
Total change in net assets resulting from capital transactions	$	140,418,797
SHARE TRANSACTIONS:
Class A
Issued		3,333
Change in Class A Shares		3,333
Class C
Issued		3,333
Change in Class C Shares		3,333
Class R6
Issued		3,120,554
Redeemed		(177,762	)
Change in Class R6 Shares		2,942,792
Select Class
Issued		7,016,258
Redeemed		(30,706	)
Change in Select Class Shares		6,985,552

(a) Commencement of operations was December 17, 2012.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2013 J.P. MORGAN FUNDS 13

CONSOLIDATED FINANCIAL HIGHLIGHTS

FOR THE PERIOD INDICATED

	Per share operating performance
			Investment operations
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net asset value, end of period		Total return (excludes sales charge) (b)(c)
Commodities Strategy Fund
Class A
December 17, 2012(f) through October 31, 2013	$	15.00	$	(0.14	)(g)	$	(1.68	)	$	(1.82	)	$	13.18		(12.13	)%
Class C
December 17, 2012(f) through October 31, 2013		15.00		(0.20	)(g)		(1.68	)		(1.88	)		13.12		(12.53	)
Class R6
December 17, 2012(f) through October 31, 2013		15.00		(0.09	)(g)		(1.69	)		(1.78	)		13.22		(11.87	)
Select Class
December 17, 2012(f) through October 31, 2013		15.00		(0.11	)(g)		(1.68	)		(1.79	)		13.21		(11.93	)

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Commencement of operations.

(g) Calculated based upon average shares outstanding.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2013.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2013

		Ratios/Supplemental data
		Ratios to average net assets (a)
Net assets, end of period		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	43,924		1.22	%(h)		(1.16	)%(h)		2.74	%(h)		0	%
	43,733		1.72	(h)		(1.66	)(h)		3.24	(h)		0
	38,913,194		0.82	(h)		(0.76	)(h)		1.86	(h)		0
	92,256,260		0.97	(h)		(0.91	)(h)		2.10	(h)		0

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 15

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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
Commodities Strategy Fund	Class A, Class C, Class R6 and Select Class	Non-diversified

The investment objective of the Fund is to seek total return.

The Fund commenced operations on December 17, 2012. Currently, Class A and Class C Shares of the Fund 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 R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

Basis for Consolidation for the Fund

JPM Commodities Strategy Fund Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on September 5, 2012 and is a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments on behalf of the Fund consistent with the Fund’s investment objective and policies as described in the Fund’s prospectus. As of October 31, 2013, net assets of the Fund were $131,257,111 of which $28,069,817, or approximately 21.4%, represented the Subsidiary’s net assets. The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its consolidated financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon-rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Fund may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Fund to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps (except return swaps on commodities as noted in Note 2.D.) and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Fund’s securities. JPMorgan Funds Management, Inc. (the “Administrator”, or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”) and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Fund’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Fund’s valuation policies.

16 J.P. MORGAN FUNDS OCTOBER 31, 2013

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry.

It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table represents each valuation input as presented on the CSOI:

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	31,151,597		$	107,501,507		$	—	$	138,653,104
Appreciation in Other Financial Instruments
Futures Contracts	$	2,784		$	—		$	—	$	2,784
Return Swaps		—			965,517			—		965,517
Total Appreciation in Other Financial Instruments	$	2,784		$	965,517		$	—	$	968,301
Depreciation in Other Financial Instruments
Futures Contracts	$	(22,224	)	$	—		$	—	$	(22,224	)
Return Swaps		—			(4,204,429	)		—		(4,204,429	)
Total Depreciation in Other Financial Instruments	$	(22,224	)	$	(4,204,429	)	$	—	$	(4,226,653	)

(a) Portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the CSOI. Level 1 consists of a call option and a money market mutual fund that is held for daily investments of cash and as an investment of cash collateral for swaps. Please refer to the CSOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended October 31, 2013.

B. Futures Contracts — The Fund uses commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as unrealized appreciation or depreciation in the Consolidated Statement of Operations (“CSOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the CSOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the CSOI and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities (“CSAL”). A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the CSAL.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

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 CSAL, 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 (e.g., NYMEX), boards of trade or other platforms (e.g., Clearport). The exchange or board of trade acts as the counterparty to futures transactions; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. For trades executed on other platforms, these futures contracts must be offset on the same platform in which they were executed; therefore liquidity risk exists to the extent there is a lack of a liquid market for these contracts allowing the Fund to close out its position. 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 period ended October 31, 2013:

Futures Contracts:
Average Notional Balance Long	$	1,019,110
Average Notional Balance Short		1,008,635
Ending Notional Balance Long		868,735
Ending Notional Balance Short		2,378,934

C. Options — The Fund purchases and sells (writes) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included in the CSAL as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the security.

The table below discloses the volume of the Fund’s options contracts activity during the period ended October 31, 2013:

Exchange-Traded Options:
Average Number of Contracts Purchased	46	(a)
Ending Number of Contracts Purchased	46

(a) For the period October 1, 2013 through October 31, 2013.

D. Return Swaps on Commodities and Commodity Indices — The Fund uses return swaps on physical commodities, commodities futures and commodity futures indices to obtain long and short exposure to commodities markets. The value of a swap agreement is recorded at the beginning of the measurement period. Swaps on commodity futures and commodity indices values are based on the values of underlying commodity spot prices or futures contracts, using the last sale or closing price from the principal exchange on which the contract is traded. Under some circumstances, commodity futures exchanges may establish daily limits on the amount that the price of a commodity futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions. Change in swap values is recorded as change in net unrealized appreciation or depreciation — swaps on the CSOP. Realized gain or loss is recorded upon termination of a swap and is based on the difference between the contract price and market price of the underlying instrument or when an offsetting position is entered into. Return swaps on commodity indices are subject to monthly resets. Realized gain or loss is recorded on reset date of the swap and is based on the difference between contract and market price of underlying instrument.

Upon entering into a swap, the Fund may be required to post an initial collateral amount (referred to as “Independent Amount”), as defined in the swap agreement. Independent Amounts are posted to segregated accounts at the Fund’s custodian. The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund (See Note 3.G.) and is reported on the CSAL as Investments in affiliates — restricted. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.G.). These amounts are not reflected on the Fund’s CSAL and are disclosed in the table below.

The Fund’s swap contracts at net value and collateral posted or received by counterparty as of October 31, 2013 is as follows:

	Counterparty	Value of swap contracts			Collateral amount
Collateral Posted	Deutsche Bank AG, New York	$	(1,455,881	)	$	2,643,220
Collateral Posted	Macquarie Bank Ltd.		(1,783,031	)		3,660,000

18 J.P. MORGAN FUNDS OCTOBER 31, 2013

Daily movement of collateral is subject to minimum threshold amounts.

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over the counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms. Investing in certain derivatives, including return swaps, also results in a form of leverage and, as such, the Fund’s risk of loss associated with these instruments may exceed their value as recorded in the CSAL.

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 also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement 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 Fund’s activities in return swaps are concentrated with two counterparties. Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

The table below discloses the volume of the Fund’s swap activity during the period ended October 31, 2013:

Return Swaps on Commodities:
Average Notional Balance Long	$	76,258,898	(a)
Average Notional Balance Short		29,784,665	(b)
Ending Notional Balance Long		144,859,013
Ending Notional Balance Short		52,723,940

Return Swaps on Commodity Indices:
Average Notional Balance Long	$	68,400,893
Average Notional Balance Short		12,815,718	(c)
Ending Notional Balance Long		38,910,000
Ending Notional Balance Short		1,360,000

(a) For the period August 1, 2013 through October 31, 2013.

(b) For the period September 1, 2013 through October 31, 2013.

(c) For the period May 1, 2013 through October 31, 2013.

E. Offering and Organizational Costs — Total offering costs of $223,717 incurred in connection with the offering of shares of the 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 the Fund, if any, were recorded as an expense at the time it commenced operations and are included as part of Professional fees in the CSOP.

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, is recorded on the ex-dividend date or when the 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.

H. 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 gain 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 October 31, 2013, no liability for income tax is required in the Fund’s consolidated 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, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 19

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

For Federal income tax purposes, taxable income of the Fund and the Subsidiary are separately calculated. The 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 Fund’s taxable income. Net losses of the Subsidiary are not deductible by the Fund either in the current period or carried forward to future periods.

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 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)
$	(5,599,739	)	$	297,061	$	5,302,678

The reclassifications for the Fund relate primarily to investments in the Subsidiary.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser supervises the investments of the Fund and the Subsidiary and for such services is paid a fee. The fee for services to the Fund is accrued daily and paid monthly at an annual rate of 0.85% of the Fund’s average daily net assets. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.85% of the Subsidiary’s average daily net assets.

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 Fund and the Subsidiary. In consideration of these services for the Fund, the Administrator receives a fee accrued daily and paid monthly at the 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 period ended October 31, 2013, the annualized effective rate was 0.11% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annualized rate of 0.10% of the average daily net assets of the Subsidiary.

The Administrator waived Administration fees as outlined in Note 3.F.

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. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board of Trustees 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 Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, 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, the Distributor 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 period ended October 31, 2013, the Distributor did not retain any front-end sales charge or CDSC.

D. Shareholder Servicing Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly at an annual rate of 0.25% for Class A, Class C and Select Class Shares.

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The Distributor waived Shareholder Servicing fees as outlined in Note 3.F.

20 J.P. MORGAN FUNDS OCTOBER 31, 2013

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund and Subsidiary. The amounts paid directly to JPMCB by the Fund and the Subsidiary for custody and accounting services are included in Custodian and accounting fees in the CSOP. 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 in the CSOP.

Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the CSOP.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse expenses to the extent total annual operating expenses of the Fund, inclusive of the Subsidiary (excluding acquired fund fees and expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A			Class C			Class R6			Select Class
	1.25	%		1.75	%		0.85	%		1.00	%

The expense limitation agreement was in effect for the period ended October 31, 2013. The contractual expense limitation percentages in the table above are in place until at least February 28, 2014.

For the period ended October 31, 2013, 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/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
$	566,788	$	57,490	$	42,564	$	666,842	$	85,363

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and Distributor, as shareholder servicing agent, waive and/or reimburse to the Fund in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Fund’s investment in such affiliated money market fund to the extent that the total waivers do not exceed the total fees charged by the Adviser, the Administrator or shareholder servicing agent. A portion of the waiver is voluntary.

Waivers resulting from investments in these money market funds for the period ended October 31, 2013 were $13,015.

G. Collateral Management Fees — JPMCB provides derivatives collateral management services for the Fund. The amounts paid directly to JPMCB, if any, by the Fund for these services are included in Collateral management fees on the CSOP.

H. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board of Trustees 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 in the CSOP.

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 period ended October 31, 2013, the Fund may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Fund may use related party broker-dealers. For the period ended October 31, 2013, 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.

4. Investment Transactions

During the period ended October 31, 2013, there were no purchases or sales of long-term investments. Additionally, during the period ended October 31, 2013, there were no purchases or sales of long-term U.S. Government securities.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 21

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013 (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities, including the Subsidiary, held at October 31, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	150,434,119	$	2,231	$	8,836,517	$	(8,834,286	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to Subsidiary basis outstanding.

As of October 31, 2013, the 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)
$	3,533	$	—	$	(3,234,771	)

The cumulative timing differences primarily consist of late year ordinary loss deferrals.

During the period ended October 31, 2013 the Subsidiary had approximately $5.6 million of losses for tax purposes. The Subsidiary’s loss for the current year is not available to offset its future taxable income.

The Federal income tax net unrealized appreciation (depreciation) includes unrealized depreciation of the Fund’s investment in its Subsidiary of approximately $8.8 million, which, if realized, is not deductible for income tax purposes.

Late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. For the period ended October 31, 2013, the Fund deferred to November 1, 2013 late year ordinary losses of:

Late Year Ordinary Loss
$	330,596

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 all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, 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 10, 2014.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013, or at any time during the period then ended.

Interest expense paid, if any, as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the CSOP.

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.

22 J.P. MORGAN FUNDS OCTOBER 31, 2013

The J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, own in the aggregate more than 10% of the net assets of the Fund as follows:

J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
	54.1	%		24.3	%

The Fund’s Class A and Class C Shares are currently held by the Fund’s Adviser.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swap contracts.

By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities.

Derivatives, including commodity-linked notes, swap agreements, commodity options, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments 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 be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk and to the credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.

The Fund’s investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

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 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.

8. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. In January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, which updated ASU 2011-11. The ASU creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives, repurchase agreements and securities lending transactions that are either offset in the CSAL or subject to an enforceable master netting arrangement or similar agreement. This ASU is effective during interim or annual reporting periods beginning on or after January 1, 2013. At this time management is evaluating the implications of these changes on the Fund’s financial statement disclosures.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 23

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Commodities Strategy Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule 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 Commodities Strategy Fund (a separate Fund of JPMorgan Trust I) and its subsidiary (hereafter referred to as the “Fund”) at October 31, 2013, and the results of their operations, the changes in their net assets and the financial highlights for the period December 17, 2012 (commencement of operations) through October 31, 2013, 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 audit. We conducted our audit 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 audit, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

24 J.P. MORGAN FUNDS OCTOBER 31, 2013

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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

OCTOBER 31, 2013 J.P. MORGAN FUNDS 25

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)
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).	171	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); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-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).	171	None
Interested Trustee Not Affiliated With the Adviser
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Fund’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment 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 is 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.

*** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

26 J.P. MORGAN FUNDS OCTOBER 31, 2013

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

  ** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 27

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 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 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, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

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. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Commodities Strategy Fund
Class A
Actual	$	1,000.00	$	933.40	$	5.90		1.21	%
Hypothetical		1,000.00		1,019.11		6.16		1.21
Class C
Actual		1,000.00		930.50		8.37		1.72
Hypothetical		1,000.00		1,016.53		8.74		1.72
Class R6
Actual		1,000.00		934.90		4.00		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Select Class
Actual		1,000.00		934.90		4.73		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

28 J.P. MORGAN FUNDS OCTOBER 31, 2013

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 22, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information includes the Fund’s performance compared to the performance of the Fund’s peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Fund, expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the investment advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the Trust and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in

executive sessions with counsels to the Trust and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 29

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Fund for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. The Board also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the adviser.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Fund does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the

current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Fund benefits from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Fund. The Trustees also considered the complexity of investment management for the Fund relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees reviewed the Fund’s performance against its benchmark index and considered the performance information provided for the Fund at regular Board meetings by the Adviser. The performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance are summarized below:

The Trustees noted the performance of the Fund since its inception on December 17, 2012 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund (“Universe Group”). The Trustees reviewed a description

30 J.P. MORGAN FUNDS OCTOBER 31, 2013

of Lipper’s methodology for selecting mutual funds in the Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. The Trustees recognized that Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory

fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

OCTOBER 31, 2013 J.P. MORGAN FUNDS 31

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 business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2013.  All rights reserved. October 2013. AN-CSTRAT-1013

J.P. Morgan Funds

Annual Report

October 31, 2013

JPMorgan Diversified Risk Fund

Contents

CEO’s Letter	1
Fund Commentary	3
Consolidated Schedule of Portfolio Investments	7
Additional Information – Portfolio Swaps	16
Consolidated Financial Statements	27
Consolidated Financial Highlights	32
Notes to Consolidated Financial Statements	33
Report of Independent Registered Public Accounting Firm	46
Trustees	47
Officers	49
Schedule of Shareholder Expenses	50
Board Approval of Investment Advisory Agreement	51
Privacy Notice — Located at the back of this Annual Report

Investments in the Fund are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of 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.

J.P. Morgan Funds

CEO’S LETTER

December 4, 2013 (Unaudited)

Dear Shareholder:

Despite periods of heightened volatility, developed market equities, in aggregate, posted outstanding returns for the twelve months ended October 31, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. While it signaled a potential policy shift, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Many central banks overseas also maintained accommodative monetary policies aimed at stimulating their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan embarked on a major asset purchase program as a new pro-growth government came into power late in 2012.

Positive investor sentiment was interrupted several times during the reporting period, triggered by a number of factors including uncertainties regarding the U.S. “fiscal cliff” and sequestration, geopolitical issues, the Fed’s plans to begin “tapering” its asset purchase program, the partial federal government shutdown and the raising of the debt ceiling. Yet, market declines proved to be only temporary setbacks. All told, U.S. stocks rose sharply and achieved record highs on a number of occasions during the twelve months ended October 31, 2013. Overseas, developed international stocks also rallied sharply, while emerging market equities generated less robust returns given concerns regarding China’s economy and rising U.S. interest rates.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. U.S. Treasury security yields continued to be low from a historical perspective, but ended the period sharply higher than when the reporting period began. Still, U.S. Treasury yields fell from their reporting period peak in early September 2013 as the Fed chose to delay tapering its asset purchases. The yield for 10-year U.S. Treasury securities ended October 31, 2013 at 2.57%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.31% and 3.63%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. High yield bonds (also known as “junk bonds”), in contrast, posted a solid gain, whereas emerging market debt securities declined.

Maintaining a Long-Term Perspective

While the global economy is far from robust, it is still on a growth path. Despite some recent mixed data, the expansion in the U.S. appears to be sustainable. In addition, Europe has finally emerged from its lengthy recession. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, there have been some encouraging signs of late that its economy can avoid a “hard landing.”

We are encouraged by the stock market’s resiliency despite periods of elevated volatility. In addition, equity market correlations appear to be moderating, which could create a more favorable environment for active managers. Also, given the overall weakness in the bond market, valuations in a number of fixed income sectors have become more attractive.

As the market’s periodic gyrations have demonstrated, it is critically important to maintain a long-term focus for your investment portfolio. Furthermore, having a well-diversified investment portfolio that is allocated among a number of asset classes can potentially lessen the impact of market declines.

1

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

2

JPMorgan Diversified Risk Fund

Fund Commentary

For the period February 12, 2013 (Fund Inception Date) through October 31, 2013 (Unaudited)

Reporting Period Return:
Fund (Select Class Shares)*		4.53	%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.05	%
Diversifed Risk Composite Benchmark		4.86	%
Net Assets as of 10/31/2013	$	10,420,900

INVESTMENT OBJECTIVE**

The JPMorgan Diversified Risk Fund (the “Fund”) seeks to provide total return.

HOW DID THE MARKET PERFORM?

The global financial markets experienced periods of volatility during the period from the Fund’s inception on February 12, 2013 through October 31, 2013. This volatility was triggered by a number of factors, including mixed economic data, geopolitical issues, expectations for future central bank monetary policy and, in the U.S., the impact of the sequestration and partial government shutdown. Despite these headwinds, the global equity markets generated strong results given generally robust investor demand. In contrast, the fixed income market was weak overall given rising interest rates amid expectations that the U.S. Federal Reserve would begin tapering its asset purchase program.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund (Select Class Shares) outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index for the period February 12, 2013 through October 31, 2013 (the “reporting period”). The Fund’s portfolio generally consists of common and preferred stocks, convertible bonds, exchange-traded funds, real estate investment trusts, corporate bonds and cash, whereas the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged index that measures returns of three-month U.S. Treasury bills. Given the market’s general upward trend, the Fund’s portfolio outperformed three-month U.S. Treasury bills during the reporting period. However, the Fund (Select Class Shares) lagged the Diversified Risk Composite Benchmark (the “Composite Benchmark”)† for the reporting period.

The Fund’s positive absolute performance was driven by its equity-based return factors, which were all positive during the reporting period. Traditional equity strategies benefited as the equity markets posted strong gains, partially driven by an improving outlook for global economic growth. The Fund’s alternative equity strategies were also positive, with momentum and value performing particularly well. The merger arbitrage strategy also generated a positive absolute return for the reporting period, as a high proportion of friendly merger deals—takeovers where both companies cooperate in deal negotiations – were beneficial. Elsewhere, the Fund’s allocation to convertible bonds was positive for absolute performance. The convertible bond market generated strong results during the reporting period, in part driven by overall strong investor demand and relatively constrained supply.

On the downside, the Fund’s exposure to fixed income-based return factors, in aggregate, detracted from absolute performance. The largest detractor was the Fund’s allocation to emerging market debt, as the asset class struggled following the announcement by the U.S. Federal Reserve that it may begin tapering its asset purchase program sooner than previously anticipated. Finally, the Fund’s foreign exchange strategies were negative for its absolute performance. May 2013, in particular, saw dislocation in currency markets as currencies became vulnerable to corrections following rising yields.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers sought to achieve its investment objective by using a risk-parity approach to portfolio construction. However, rather than allocating across traditional asset classes, the managers have identified a set of market-driven investment return sources (return factors) that have a low correlation to each other and unique risk and return profiles. By employing a return factor-based allocation approach, whereby the managers seek to equally risk-weight the return factors within the portfolio, the managers believe they can construct a portfolio to better “diversify the risk” to which the Fund is exposed, while also providing enhanced risk-adjusted returns relative to a conventional asset allocation strategy. The managers sought to capture market-driven investment opportunities by using a proprietary investment model to allocate assets to alternative and traditional investment strategies in order to gain exposure to selected return factors.

† The Diversified Risk Composite Benchmark is a composite benchmark of unmanaged indexes that correspond to the Fund’s expected volatility profile and consists of the JPMorgan Global Government Bond Index hedged to US dollars (70%) and the MSCI World Index hedged to US dollars (net of foreign withholding taxes) (30%).

3

RISK ALLOCATION AS OF 10/31/13
	% of Risk
Asset Class / Strategy	Allocation ***
Convertible Bonds		8.23	%
Equity Market Neutral 1		20.88
Equity Long		17.94
Event Driven 2		5.36
Commodities / Currencies		10.98
Relative Value Fixed Income / Credit 3		27.75
Real Estate Investment Trusts		8.86

TOP TEN LONG HOLDINGS OF THE PORTFOLIO (a) (b)
1       SPDR Barclays High Yield Bond ETF	4.3	%
2       SPDR Dow Jones Global Real Estate ETF	3.6
3       iShares JPMorgan USD Emerging Markets Bond Fund	3.5
4       Gemina SpA, (Italy)	0.7
5       Hudson City Bancorp, Inc.	0.6
6       Berry Petroleum Co.	0.5
7       Virginia Commerce Bancorp, Inc.	0.5
8       CapitalSource, Inc.	0.5
9       Elan Corp. plc, (Ireland)	0.4
10     Invensys plc, (United Kingdom)	0.4

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a) (b)
1       Atlantia SpA, (Italy)	-0.7	%
2       Deutsche Wohnen AG, (Germany)	-0.4
3       Office Depot, Inc.	-0.4
4       Plains All American Pipeline LP	-0.4
5       Applied Materials, Inc.	-0.4
6       Umpqua Holdings Corp.	-0.4
7       M&T Bank Corp.	-0.4
8       PacWest Bancorp	-0.4
9       MB Financial, Inc.	-0.3
10     Provident New York Bancorp	-0.3

* 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.

*** Risk allocations are calculated as the standard deviation (volatility of an asset class) divided by the overall volatility of the Fund. Risk, as measured by standard deviation, shows how widely a set of values varies from the mean. It is a historical measure of the volatility of returns earned by the Fund. The percentages above represent the current risk allocation based on the Fund’s holdings as of 10/31/13 and are not representative of the targeted equal risk allocation across asset classes over the long-term. Holdings and allocations may vary over time.

1 Equity Market Neutral strategies involve simultaneous investing in equities (i.e. investing long) that the Adviser expects to increase in value and selling equities (i.e. selling short) that the Adviser expects to decrease in value.

2 Event Driven strategies seek to profit from investing in securities of companies on the basis that a specific event or catalyst will affect future pricing.

3 Relative Value Fixed Income and Credit strategies seek to profit from exploiting mispricing of various fixed income or interest rate sensitive securities or developed and emerging market currencies which may be driven by market or macroeconomic factors.

(a) Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Portfolio Swap as of October 31, 2013. The Fund’s portfolio composition is subject to change.

(b) The Fund has entered into Portfolio Swaps, which provide exposure equivalent to a portfolio of long and short securities. The percentages calculated in the tables above include the current values of the long or short positions within each Portfolio Swap as of October 31, 2013, as applicable.

4

JPMorgan Diversified Risk Fund (Unaudited)

TOTAL RETURNS AS OF OCTOBER 31, 2013

	INCEPTION DATE OF CLASS		SINCE INCEPTION*
CLASS A SHARES		2/12/13
Without Sales Charge				4.33	%
With Sales Charge **				(0.38	)
CLASS C SHARES		2/12/13
Without CDSC				4.00
With CDSC ***				3.00
CLASS R6 SHARES		2/12/13		4.60
SELECT CLASS SHARES		2/12/13		4.53

* 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.

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.

5

JPMorgan Diversified Risk Fund (Unaudited)

The Fund commenced operations on February 12, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Diversified Risk Fund, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and the Diversified Risk Composite Benchmark from February 12, 2013 to October 31, 2013. 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 and the Diversified Risk 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 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 Diversified Risk Composite Benchmark is a composite benchmark of unmanaged indexes that correspond to the Fund’s expected volatility profile and consists of the JPMorgan Global Government Bond Index hedged to US dollars (70%) and the MSCI World Index hedged to US dollars (net of foreign withholding taxes) (30%). The JPMorgan Global Government Bond Index hedged to US dollars is an unmanaged index representative of the total return performance in U.S. dollars on a hedged basis of major world bond markets. 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. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.

Since the Fund’s inception, it has not experienced 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 redemption of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013

(Amounts in U.S. Dollars, unless otherwise noted)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — 10.6%
		Consumer Discretionary — 2.3%
		Auto Components — 0.1%
	475	Cooper Tire & Rubber Co. (m)		12,355
		Diversified Consumer Services — 0.6%
	679	Mac-Gray Corp. (m)		14,313
	3,362	Stewart Enterprises, Inc., Class A (m)		44,412
				58,725
		Hotels, Restaurants & Leisure — 0.5%
	2,114	SHFL Entertainment, Inc. (a) (m)		49,003
		Media — 0.4%
	3,367	Belo Corp., Class A (m)		46,229
		Multiline Retail — 0.5%
	3,166	Saks, Inc. (a) (m)		50,624
		Specialty Retail — 0.2%
	509	Men’s Wearhouse, Inc. (The) (m)		21,531
		Total Consumer Discretionary		238,467
		Consumer Staples — 2.1%
		Food & Staples Retailing — 0.5%
	977	Harris Teeter Supermarkets, Inc. (m)		48,186
		Food Products — 0.9%
	3,559	Dole Food Co., Inc. (a) (m)		48,224
	4,065	GrainCorp Ltd., (Australia), Class A (m)		47,395
				95,619
		Household Products — 0.4%
	33,000	Vinda International Holdings Ltd., (Hong Kong) (m)		46,811
		Personal Products — 0.3%
	33,000	Magic Holdings International Ltd., (Hong Kong) (m)		26,049
		Total Consumer Staples		216,665
		Energy — 0.2%
		Oil, Gas & Consumable Fuels — 0.2%
	12,109	Novus Energy, Inc., (Canada) (a) (m)		13,240
	956	Petrominerales Ltd., (Canada) (m)		10,993
		Total Energy		24,233
		Financials — 0.1%
		Commercial Banks — 0.1%
	358	Virginia Commerce Bancorp, Inc. (a) (m)		5,739
		Health Care — 2.0%
		Health Care Equipment & Supplies — 0.3%
	1,107	MAKO Surgical Corp. (a) (m)		33,000

SHARES		SECURITY DESCRIPTION	VALUE
		Health Care Providers & Services — 0.2%
	500	Celesio AG, (Germany) (m)		15,545
		Health Care Technology — 0.4%
	2,000	Greenway Medical Technologies (a) (m)		40,700
		Life Sciences Tools & Services — 0.4%
	609	Life Technologies Corp. (a) (m)		45,864
		Pharmaceuticals — 0.7%
	234	Acino Holding AG, (Switzerland) (a) (m)		29,632
	1,107	Hi-Tech Pharmacal Co., Inc. (m)		47,700
				77,332
		Total Health Care		212,441
		Industrials — 0.8%
		Construction & Engineering — 0.4%
	27,138	Clough Ltd., (Australia) (a) (m)		37,250
		Professional Services — 0.1%
	612	National Technical Systems, Inc. (a) (m)		14,008
		Trading Companies & Distributors — 0.3%
	2,676	Edgen Group, Inc. (a) (m)		32,032
		Total Industrials		83,290
		Information Technology — 1.5%
		Communications Equipment — 0.3%
	12,874	Tellabs, Inc. (m)		31,412
		Electronic Equipment, Instruments & Components — 0.2%
	500	Molex, Inc. (m)		19,300
		Internet Software & Services — 0.4%
	3,104	Active Network, Inc. (The) (a) (m)		44,822
		IT Services — 0.1%
	1,744	Pactera Technology International Ltd.,     (China), ADR (a) (m)		12,313
		Software — 0.5%
	2,074	AsiaInfo-Linkage, Inc., (China) (a) (m)		24,058
	2,445	Compuware Corp. (m)		26,113
				50,171
		Total Information Technology		158,018
		Materials — 0.9%
		Chemicals — 0.4%
	2,692	Zoltek Cos., Inc. (a) (m)		44,956
		Paper & Forest Products — 0.5%
	12,938	Ainsworth Lumber Co. Ltd.,     (Canada) (a) (m)		48,891
		Total Materials		93,847

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

7

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
		Telecommunication Services — 0.3%
		Wireless Telecommunication Services — 0.3%
	2,098	Leap Wireless International, Inc. (a) (m)		33,778
		Utilities — 0.4%
		Electric Utilities — 0.4%
	1,822	NV Energy, Inc. (m)		43,254
		Total Common Stocks (Cost $1,117,181)		1,109,732
	Exchange Traded Funds — 13.0%
		Fixed Income — 8.9%
	3,754	iShares JPMorgan USD Emerging Markets Bond Fund (m)		418,008
	12,615	SPDR Barclays High Yield Bond ETF (m)		512,547
		Total Fixed Income		930,555
		U.S. Equity — 4.1%
	9,691	SPDR Dow Jones Global Real Estate ETF (m)		423,400
		Total Exchange Traded Funds (Cost $1,380,179)		1,353,955
	Preferred Stocks — 1.0%
		Consumer Discretionary — 0.2%
		Auto Components — 0.1%
	100	Goodyear Tire & Rubber Co. (The), 5.875%, 04/01/14 (a)		5,994
		Household Durables — 0.1%
	100	Stanley Black & Decker, Inc., 4.750%, 11/17/15 (a)		12,770
		Total Consumer Discretionary		18,764
		Financials — 0.1%
		Insurance — 0.1%
	250	MetLife, Inc., 5.000%, 03/26/14 (a)		7,183
		Real Estate Investment Trusts (REITs) — 0.0% (g)
	49	Weyerhaeuser Co., 6.375%, 07/01/16 (a)		2,702
		Total Financials		9,885
		Information Technology — 0.1%
		Communications Equipment — 0.1%
	8	Lucent Technologies Capital Trust I, 7.750%, 03/15/17 (a)		8,128
		Materials — 0.2%
		Metals & Mining — 0.2%
	1,105	ArcelorMittal, (Luxembourg), 6.000%, 01/15/16 (a)		26,332

SHARES		SECURITY DESCRIPTION	VALUE
		Utilities — 0.4%
		Electric Utilities — 0.3%
	127	NextEra Energy, Inc., 5.599%, 06/01/15 (a)		7,335
	380	NextEra Energy, Inc., 5.889%, 09/01/15 (a)		21,531
	100	PPL Corp., 8.750%, 05/01/14 (a)		5,280
				34,146
		Multi-Utilities — 0.1%
	58	Dominion Resources, Inc., 6.000%, 07/01/16 (a)		3,145
	58	Dominion Resources, Inc., 6.125%, 04/01/16		3,142
				6,287
		Total Utilities		40,433
		Total Preferred Stocks     (Cost $102,136)		103,542

PRINCIPAL/ UNIT AMOUNT
Convertible Bonds — 11.3%
		Consumer Discretionary — 2.8%
		Auto Components — 0.5%
EUR	110	Cie Generale des Etablissements Michelin, (France), Series ML, Zero Coupon, 01/01/17	20,633
EUR	1007	Faurecia, (France), Series EO, Reg. S., 3.250%, 01/01/18	34,896
			55,529
		Automobiles — 0.3%
EUR	846	Peugeot S.A., (France), 4.450%, 01/01/16	29,898
		Hotels, Restaurants & Leisure — 0.6%
EUR	965	Club Mediterranee S.A., (France), Series CU, 6.110%, 11/01/15	23,042
EUR	240	Pierre & Vacances S.A., (France), Series VAC, 4.000%, 10/01/15	24,915
EUR	181	TUI AG, (Germany), Reg. S., 2.750%, 03/24/16	16,072
			64,029
		Household Durables — 0.5%
	7,000	KB Home, 1.375%, 02/01/19 Lennar Corp.,	6,921
	2,000	2.000%, 12/01/20 (e)	2,560
	12,000	3.250%, 11/15/21 (e)	20,063
	6,000	Meritage Homes Corp., 1.875%, 09/15/32	6,604
	12,000	Standard Pacific Corp., 1.250%, 08/01/32	14,910
			51,058

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

PRINCIPAL/ UNIT AMOUNT		SECURITY DESCRIPTION	VALUE
Convertible Bonds — Continued
		Internet & Catalog Retail — 0.4%
		priceline.com, Inc.,
	10,000	0.350%, 06/15/20 (e)		10,900
	21,000	1.000%, 03/15/18		27,812
				38,712
		Media — 0.5%
		Liberty Interactive LLC,
	20,000	0.750%, 03/30/43 (e)		23,900
	6,000	1.000%, 09/30/43 (e)		6,169
	4,000	Liberty Media Corp., 1.375%, 10/15/23 (e)		4,207
EUR	181	Publicis Groupe S.A., (France), Series PUB, 1.000%, 01/18/18		14,902
				49,178
		Textiles, Apparel & Luxury Goods — 0.0%
	5,000	Iconix Brand Group, Inc., 1.500%, 03/15/18 (e)		6,413
		Total Consumer Discretionary		294,817
		Consumer Staples — 0.4%
		Beverages — 0.1%
JPY	1,000,000	Asahi Group Holdings Ltd., (Japan), Zero Coupon, 05/26/28		13,348
		Food & Staples Retailing — 0.1%
JPY	1,000,000	Aeon Co. Ltd., (Japan), Series 7, 0.300%, 11/22/13		14,891
		Food Products — 0.2%
	6,000	Archer-Daniels-Midland Co., 0.875%, 02/15/14		6,237
JPY	1,000,000	Nippon Meat Packers, Inc., (Japan), Series 5, Zero Coupon, 03/03/14		11,469
				17,706
		Total Consumer Staples		45,945
		Energy — 0.8%
		Energy Equipment & Services — 0.3%
	7,000	Hornbeck Offshore Services, Inc., 1.500%, 09/01/19		8,868
EUR	151	Technip S.A., (France), Series TEC, Reg. S., 0.250%, 01/01/17		22,053
				30,921
		Oil, Gas & Consumable Fuels — 0.5%
	2,000	Chesapeake Energy Corp., 2.500%, 05/15/37		2,030
	14,000	Cobalt International Energy, Inc., 2.625%, 12/01/19		14,359
	37,000	Peabody Energy Corp., 4.750%, 12/15/41		30,617
				47,006
		Total Energy		77,927

PRINCIPAL/ UNIT AMOUNT		SECURITY DESCRIPTION	VALUE
		Financials — 2.9%
		Capital Markets — 0.5%
		Ares Capital Corp.,
	26,000	4.750%, 01/15/18 (e)		26,699
	13,000	4.875%, 03/15/17		13,568
	10,000	Prospect Capital Corp., 5.875%, 01/15/19 (e)		10,338
				50,605
		Commercial Banks — 0.3%
JPY	3,000,000	Bank of Kyoto Ltd. (The), (Japan), Series 2, Zero Coupon, 03/31/14		30,540
		Consumer Finance — 0.2%
	5,000	Encore Capital Group, Inc., 3.000%, 07/01/20 (e)		6,222
	18,000	Portfolio Recovery Associates, Inc., 3.000%, 08/01/20 (e)		21,060
				27,282
		Diversified Financial Services — 0.3%
EUR	121	Misarte, (France), Series PP, 3.250%, 01/01/16		29,548
		Insurance — 0.3%
EUR	78	AXA S.A., (France), Series CS, 3.750%, 01/01/17		29,066
		Real Estate Investment Trusts (REITs) — 1.3%
	26,000	Boston Properties LP, 3.625%, 02/15/14 (e)		26,341
	19,000	Extra Space Storage LP, 2.375%, 07/01/33 (e)		19,142
	5,000	Health Care REIT, Inc., 3.000%, 12/01/29		6,366
	17,000	ProLogis LP, 3.250%, 03/15/15		19,922
	5,000	Redwood Trust, Inc., 4.625%, 04/15/18		5,044
	10,000	Starwood Property Trust, Inc., 4.550%, 03/01/18		10,694
EUR	138	Unibail-Rodamco SE, (France), Series
		ULFP, Reg. S., 0.750%, 01/01/18		47,447
				134,956
		Total Financials		301,997
		Health Care — 1.3%
		Biotechnology — 0.2%
		BioMarin Pharmaceutical, Inc.,
	3,000	0.750%, 10/15/18		3,107
	3,000	1.500%, 10/15/20		3,079
		Cubist Pharmaceuticals, Inc.,
	3,000	1.125%, 09/01/18 (e)		3,244
	3,000	1.875%, 09/01/20 (e)		3,223

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

9

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

PRINCIPAL/
UNIT AMOUNT		SECURITY DESCRIPTION	VALUE
Convertible Bonds — Continued
		Biotechnology — Continued
	6,000	Medivation, Inc., 2.625%, 04/01/17		8,464
				21,117
		Health Care Equipment & Supplies — 0.3%
		Hologic, Inc.,
	6,000	Series 2012, SUB, 2.000%, 03/01/42		6,274
	4,000	Series 2010, SUB, 2.000%, 12/15/37		4,695
	11,000	Wright Medical Group, Inc., 2.000%, 08/15/17		13,832
				24,801
		Health Care Providers & Services — 0.2%
EUR	144	Orpea, (France), Series ORP, 1.750%, 01/01/20		9,696
	10,000	WellPoint, Inc., 2.750%, 10/15/42 (e)		12,987
				22,683
		Health Care Technology — 0.0% (g)
	3,000	Medidata Solutions, Inc., 1.000%, 08/01/18 (e)		3,636
		Life Sciences Tools & Services — 0.2%
	15,000	Illumina, Inc., 0.250%, 03/15/16 (e)		18,656
		Pharmaceuticals — 0.4%
	8,000	Auxilium Pharmaceuticals, Inc., 1.500%, 07/15/18		8,190
	13,000	Salix Pharmaceuticals Ltd., 1.500%, 03/15/19		17,022
	14,000	Teva Pharmaceutical Finance Co. LLC, Series C, 0.250%, 02/01/26		14,551
				39,763
		Total Health Care		130,656
		Industrials — 0.9%
		Airlines — 0.4%
EUR	2,987	Air France-KLM, (France), Reg. S., 2.030%, 02/15/23		43,817
		Electrical Equipment — 0.0% (g)
	2,000	SolarCity Corp., 2.750%, 11/01/18		2,291
		Machinery — 0.3%
CHF	25,000	Schindler Holding AG, (Switzerland), Series ALSN, Reg. S., 0.375%, 06/05/17		27,870
		Trading Companies & Distributors — 0.2%
	15,000	Air Lease Corp., 3.875%, 12/01/18		19,312
		Total Industrials		93,290

PRINCIPAL/
UNIT AMOUNT		SECURITY DESCRIPTION	VALUE
		Information Technology — 1.8%
		Computers & Peripherals — 0.2%
		SanDisk Corp.,
	10,000	0.500%, 10/15/20 (e)		10,188
	10,000	1.500%, 08/15/17		14,662
				24,850
		Internet Software & Services — 0.0% (g)
	4,000	Web.com Group, Inc., 1.000%, 08/15/18		4,170
		Semiconductors & Semiconductor Equipment — 1.3%
		Intel Corp.,
	26,000	2.950%, 12/15/35		29,396
	23,000	3.250%, 08/01/39		30,087
	34,000	Lam Research Corp., 0.500%, 05/15/16		39,589
		Micron Technology, Inc.,
	2,000	Series E, 1.625%, 02/15/33 (e)		3,426
	14,000	1.875%, 06/01/27		22,820
	3,000	Xilinx, Inc., 3.125%, 03/15/37		4,714
				130,032
		Software — 0.3%
	3,000	Concur Technologies, Inc., 0.500%, 06/15/18 (e)		3,540
	4,000	NetSuite, Inc., 0.250%, 06/01/18 (e)		4,405
	12,000	Salesforce.com, Inc., 0.250%,
		04/01/18 (e)		13,110
	4,000	Take-Two Interactive Software, Inc., 1.000%, 07/01/18		4,425
				25,480
		Total Information Technology		184,532
		Materials — 0.4%
		Metals & Mining — 0.4%
	12,000	Newmont Mining Corp., Series A, 1.250%, 07/15/14		12,090
	18,000	Royal Gold, Inc., 2.875%, 06/15/19		17,111
	13,000	United States Steel Corp., 2.750%, 04/01/19		15,990
		Total Materials		45,191
		Total Convertible Bonds (Cost $1,105,708)		1,174,355

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

SHARES	SECURITY DESCRIPTION	VALUE
Short-Term Investment — 52.8%
	Investment Company — 52.6%
5,501,016	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $5,501,016)		5,501,016
	Total Investments — 88.7% (Cost $9,206,220)		9,242,600
	Other Assets in Excess of Liabilities — 11.3%		1,178,300
	NET ASSETS — 100.0%	$	10,420,900

Percentages indicated are based on net assets.

Futures Contracts

							NET
				NOTIONAL			UNREALIZED
NUMBER OF		EXPIRATION		VALUE			APPRECIATION
CONTRACTS	DESCRIPTION	DATE		AT 10/31/13			(DEPRECIATION)
	Long Futures Outstanding
1	Euro Bund		12/06/13		192,801			5,874
2	Swiss Federal Bond		12/06/13		324,395			6,282
6	10 Year Australian Government Bond		12/16/13		660,835			7,679
7	10 Year Government of Canada Bond		12/18/13		881,839			20,991
10	10 Year U.S. Treasury Note		12/19/13		1,273,594			28,027
3	Long Gilt		12/27/13		535,183			9,306
	Short Futures Outstanding
(4)	10 Year Japanese Government Bond		12/10/13		(589,932	)		(8,668	)
(1)	E-mini S&P 500		12/20/13		(87,550	)		(3,442	)
								66,049

Forward Foreign Currency Exchange Contracts

												NET
												UNREALIZED
CONTRACTS				SETTLEMENT		SETTLEMENT			VALUE AT			APPRECIATION
TO BUY		CURRENCY	COUNTERPARTY	DATE		VALUE			10/31/13			(DEPRECIATION)
	13,708	GBP
	23,705	for AUD	Royal Bank of Canada		11/14/13		22,389	#		21,977	#		(412	)
	11,286	GBP
	1,787,195	for JPY	Union Bank of Switzerland AG		11/14/13		18,176	#		18,095	#		(81	)
	417,335	AUD	Goldman Sachs International		11/14/13		384,572			394,166			9,594
	22,654	AUD	Union Bank of Switzerland AG		11/14/13		20,441			21,397			956
	37,521	BRL	State Street Bank & Trust †		11/14/13		16,028			16,707			679
	145,257	BRL	Union Bank of Switzerland AG †		11/14/13		61,777			64,679			2,902
	87,912	CAD	Goldman Sachs International		11/14/13		85,128			84,293			(835	)
	230,711	CAD	Union Bank of Switzerland AG		11/14/13		222,594			221,215			(1,379	)
	16,127	CAD	Westpac Banking Corp.		11/14/13		15,490			15,463			(27	)
	8,216	CHF	Credit Suisse International		11/14/13		8,916			9,056			140
	34,030,800	CLP	State Street Bank & Trust †		11/14/13		65,193			66,320			1,127

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

11

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

										NET
										UNREALIZED
CONTRACTS				SETTLEMENT		SETTLEMENT		VALUE AT		APPRECIATION
TO BUY		CURRENCY	COUNTERPARTY	DATE		VALUE		10/31/13		(DEPRECIATION)
	31,201,070	CLP	Union Bank of Switzerland AG †		11/14/13		60,762		60,806		44
	390,221	CZK	Credit Suisse International		11/14/13		20,065		20,535		470
	52,100	EUR	BNP Paribas		11/14/13		70,088		70,741		653
	212,984	EUR	Credit Suisse International		11/14/13		282,936		289,187		6,251
	50,100	EUR	Royal Bank of Canada		11/14/13		67,656		68,025		369
	60,331	EUR	Societe Generale		11/14/13		79,833		81,917		2,084
	18,145	EUR	Westpac Banking Corp.		11/14/13		25,018		24,637		(381	)
	7,356	GBP	BNP Paribas		11/14/13		11,501		11,793		292
	167,974	GBP	Goldman Sachs International		11/14/13		261,515		269,309		7,794
	63,225	GBP	Royal Bank of Canada		11/14/13		97,222		101,367		4,145
	190,001,039	IDR	State Street Bank & Trust †		11/14/13		17,832		17,181		(651	)
	637,966,584	IDR	Union Bank of Switzerland AG †		11/14/13		59,409		57,688		(1,721	)
	65,416	ILS	Credit Suisse International		11/14/13		18,058		18,547		489
	1,186,558	INR	State Street Bank & Trust †		11/15/13		19,138		19,006		(132	)
	3,678,973	INR	Union Bank of Switzerland AG †		11/15/13		58,836		58,928		92
	2,191,310	JPY	BNP Paribas		11/14/13		22,126		22,287		161
	4,376,280	JPY	Credit Suisse International		11/14/13		44,143		44,508		365
	93,046,332	KRW	Union Bank of Switzerland AG †		11/14/13		84,523		87,198		2,675
	200,585	MYR	Union Bank of Switzerland AG †		11/14/13		61,945		63,240		1,295
	776,289	NOK	Credit Suisse International		11/14/13		127,412		130,352		2,940
	589,186	NOK	Societe Generale		11/14/13		98,691		98,934		243
	290,202	NOK	Westpac Banking Corp.		11/14/13		47,619		48,730		1,111
	582,028	NZD	Goldman Sachs International		11/14/13		471,756		480,432		8,676
	760,658	PHP	Union Bank of Switzerland AG †		11/14/13		17,200		17,542		342
	2,092,798	RUB	Credit Suisse International †		11/14/13		64,510		65,136		626
	2,175,400	RUB	State Street Bank & Trust †		11/14/13		64,938		67,707		2,769
	475,040	RUB	Union Bank of Switzerland AG †		11/14/13		14,120		14,785		665
	1,913,138	SEK	Societe Generale		11/14/13		289,370		295,158		5,788
	576,290	SEK	Westpac Banking Corp.		11/14/13		88,022		88,909		887
	155,611	TRY	Union Bank of Switzerland AG		11/14/13		78,651		77,815		(836	)
	660,473	TWD	Union Bank of Switzerland AG †		11/14/13		22,320		22,394		74
							3,667,919		3,728,162		60,243

										NET
										UNREALIZED
CONTRACTS				SETTLEMENT		SETTLEMENT		VALUE AT		APPRECIATION
TO SELL		CURRENCY	COUNTERPARTY	DATE		VALUE		10/31/13		(DEPRECIATION)
	10,495	AUD	BNP Paribas		11/14/13		9,332		9,912		(580	)
	219,120	AUD	Royal Bank of Canada		11/14/13		197,385		206,954		(9,569	)
	12,689	AUD	Royal Bank of Scotland		11/14/13		11,328		11,985		(657	)
	161,363	AUD	Societe Generale		11/14/13		143,043		152,405		(9,362	)
	38,159	BRL	Union Bank of Switzerland AG †		11/14/13		15,822		16,991		(1,169	)
	74,619	CAD	BNP Paribas		11/14/13		71,634		71,548		86
	16,127	CAD	Citibank, N.A.		11/14/13		15,276		15,463		(187	)
	6,944	CAD	Credit Suisse International		11/14/13		6,710		6,658		52
	21,012	CAD	Deutsche Bank AG		11/14/13		20,300		20,147		153
	285,864	CAD	Goldman Sachs International		11/14/13		270,875		274,098		(3,223	)
	294,769	CAD	Royal Bank of Canada		11/14/13		283,792		282,637		1,155
	8,440	CAD	Union Bank of Switzerland AG		11/14/13		8,130		8,093		37

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

										NET
										UNREALIZED
CONTRACTS				SETTLEMENT		SETTLEMENT		VALUE AT		APPRECIATION
TO SELL		CURRENCY	COUNTERPARTY	DATE		VALUE		10/31/13		(DEPRECIATION)
	16,760	CHF	Goldman Sachs International		11/14/13		18,587		18,474		113
	10,055	CHF	Royal Bank of Canada		11/14/13		11,169		11,083		86
	33,506	CHF	Union Bank of Switzerland AG		11/14/13		36,202		36,932		(730	)
	30,973,882	CLP	Credit Suisse International †		11/14/13		61,159		60,363		796
	34,030,800	CLP	State Street Bank & Trust †		11/14/13		65,068		66,320		(1,252	)
	222,160	CZK	Citibank, N.A.		11/14/13		11,297		11,691		(394	)
	1,357,632	CZK	State Street Corp.		11/14/13		69,663		71,445		(1,782	)
	258,803	EUR	Credit Suisse International		11/14/13		343,744		351,400		(7,656	)
	7,023	EUR	Deutsche Bank AG		11/14/13		9,503		9,536		(33	)
	159,069	EUR	Goldman Sachs International		11/14/13		210,751		215,982		(5,231	)
	44,704	EUR	Morgan Stanley		11/14/13		60,473		60,698		(225	)
	169,857	EUR	Royal Bank of Canada		11/14/13		226,578		230,629		(4,051	)
	3,529	EUR	Societe Generale		11/14/13		4,709		4,792		(83	)
	2,350	EUR	Union Bank of Switzerland AG		11/14/13		3,175		3,190		(15	)
	16,598	EUR	Westpac Banking Corp.		11/14/13		22,101		22,537		(436	)
	22,761	GBP	BNP Paribas		11/14/13		35,161		36,492		(1,331	)
	2,501	GBP	Credit Suisse International		11/14/13		3,907		4,010		(103	)
	11,770	GBP	Deutsche Bank AG		11/14/13		19,104		18,871		233
	3,143	GBP	Goldman Sachs International		11/14/13		4,896		5,038		(142	)
	93,735	GBP	Morgan Stanley		11/14/13		151,825		150,283		1,542
	68,803	GBP	Royal Bank of Canada		11/14/13		106,930		110,310		(3,380	)
	130,072	GBP	Societe Generale		11/14/13		197,025		208,541		(11,516	)
	13,116	GBP	Westpac Banking Corp.		11/14/13		20,933		21,028		(95	)
	141,319	HKD	BNP Paribas		11/14/13		18,227		18,228		(1	)
	163,061	HKD	Royal Bank of Canada		11/14/13		21,032		21,032		—	(h)
	198,243	HKD	Royal Bank of Scotland		11/14/13		25,571		25,571		—	(h)
	164,331,055	IDR	Union Bank of Switzerland AG †		11/14/13		13,924		14,860		(936	)
	226,366	ILS	State Street Corp.		11/14/13		63,658		64,181		(523	)
	58,556	ILS	Union Bank of Switzerland AG		11/15/13		16,382		16,602		(220	)
	795,410	INR	Union Bank of Switzerland AG †		11/15/13		11,680		12,740		(1,060	)
	11,625,164	JPY	Royal Bank of Canada		11/14/13		118,566		118,232		334
	24,887,738	JPY	Societe Generale		11/14/13		251,500		253,116		(1,616	)
	11,171,685	JPY	Union Bank of Switzerland AG		11/14/13		113,846		113,620		226
	1,181,035	JPY	Westpac Banking Corp.		11/14/13		11,971		12,012		(41	)
	80,005,689	KRW	State Street Bank & Trust †		11/14/13		71,325		74,977		(3,652	)
	13,040,643	KRW	Union Bank of Switzerland AG †		11/14/13		11,653		12,221		(568	)
	201,019	MYR	Union Bank of Switzerland AG †		11/14/13		61,070		63,377		(2,307	)
	14,060	NOK	BNP Paribas		11/14/13		2,350		2,362		(12	)
	1,338,619	NOK	Credit Suisse International		11/14/13		224,968		224,778		190
	276,142	NOK	Royal Bank of Canada		11/14/13		46,403		46,369		34
	141,199	NOK	Union Bank of Switzerland AG		11/14/13		23,590		23,710		(120	)
	167,747	NZD	Union Bank of Switzerland AG		11/14/13		130,917		138,465		(7,548	)
	802,894	PHP	State Street Bank & Trust †		11/14/13		18,425		18,515		(90	)
	2,682,871	PHP	Union Bank of Switzerland AG †		11/14/13		61,733		61,869		(136	)
	2,650,440	RUB	Union Bank of Switzerland AG †		11/14/13		78,494		82,491		(3,997	)
	939,121	SEK	Union Bank of Switzerland AG		11/14/13		143,048		144,886		(1,838	)
	2,021,332	THB	Union Bank of Switzerland AG		11/14/13		64,615		64,898		(283	)
	30,733	TRY	Goldman Sachs International		11/14/13		15,049		15,368		(319	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

13

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

										NET
										UNREALIZED
CONTRACTS				SETTLEMENT		SETTLEMENT		VALUE AT		APPRECIATION
TO SELL		CURRENCY	COUNTERPARTY	DATE		VALUE		10/31/13		(DEPRECIATION)
	2,135,160	TWD	State Street Bank & Trust †		11/14/13		71,362		72,394		(1,032	)
	348,031	TWD	Union Bank of Switzerland AG †		11/14/13		11,637		11,800		(163	)
							4,450,583		4,535,210		(84,627	)

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at 10/31/13 of the currency being sold, and the value at 10/31/13 is the U.S. dollar market value of the currency being purchased.

Return Swaps on Commodity Index

	REFERENCED	TERMINATION		NOTIONAL
SWAP COUNTERPARTY	OBLIGATION	DATE		VALUE		VALUE
Deutsche Bank AG	Dow Jones—UBS Commodity Index		11/15/13		509,710		(18,330	)

Portfolio Swaps* Outstanding at October 31, 2013

		TERMINATION
COUNTERPARTY	DESCRIPTION	DATE		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short positions and pays a specified LIBOR for long positions or Federal Funds floating rate for short positions, which is denominated in various foreign currencies based on the local currencies of the positions within the portfolio.		2/5/18		118,352
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short positions and pays a specified LIBOR for long positions or Federal Funds floating rate for short positions, which is denominated in various foreign currencies based on the local currencies of the positions within the portfolio.		2/5/18		45,576
Total					163,928

* See the accompanying “Additional Information—Portfolio Swaps” for further details.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2013 (continued)

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CLP	—	Chilean Peso
CZK	—	Czech Republic Krona
ETF	—	Exchange Traded Fund
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
IDR	—	Indonesian Rupiah
ILS	—	Israeli Shekel
INR	—	Indian Rupee
JPY	—	Japanese Yen
KRW	—	Korean Won
MYR	—	Malaysian Ringgit
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
PHP	—	Philippine Peso
REIT	—	Real Estate Investment Trust.
Reg. S.	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
RUB	—	Russian Ruble
SEK	—	Swedish Krona
SPDR	—	Standard & Poor’s Depositary Receipts
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of October 31, 2013.
THB	—	Thai Baht
TRY	—	Turkish Lira
TWD	—	Taiwan Dollar
USD	—	United States Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one (shares or dollars).
(l)	—	The rate shown is the current yield as of October 31, 2013.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
†	—	Non-deliverable forward. See note 2.B.(2) in the notes to consolidated financial statements.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A. of the notes to consolidated financial statements are $202,682 and 2.19%, respectively.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

15

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAPS

AS OF OCTOBER 31, 2013

PORTFOLIO SWAP	NOTIONAL		CURRENT
POSITIONS	VALUE($)1		VALUE($)2		VALUE($)3
Long Positions
Common Stocks
Consumer Discretionary — 7.5%
Auto Components— 2.3%
Cooper Tire & Rubber Co.		22,161		22,161		—
Dana Holding Corp.		19,972		19,972		—
Grammer AG, (Germany)		32,695		32,695		—
Lear Corp.		25,771		25,771		—
Leoni AG, (Germany)		25,906		25,906		—
Magna International, Inc., (Canada)		23,969		23,969		—
Plastic Omnium S.A., (France)		31,665		31,665		—
Standard Motor Products, Inc.		25,420		25,420		—
Tokai Rika Co., Ltd., (Japan)		23,201		23,201		—
		230,760		230,760		—
Distributors— 0.3%
Inchcape plc, (United Kingdom)		29,091		29,091		—
Diversified Consumer Services— 0.2%
Hillenbrand, Inc.		24,608		24,608		—
Hotels, Restaurants & Leisure— 0.6%
Flight Centre Ltd., (Australia)		24,041		24,041		—
Greene King plc, (United Kingdom)		23,324		23,324		—
Gtech Spa, (Italy)		24,978		24,978		—
		72,343		72,343		—
Household Durables— 0.6%
Barratt Developments plc, (United Kingdom)		22,315		22,315		—
Berkeley Group Holdings plc, (United Kingdom)		23,869		23,869		—
NACCO Industries, Inc.		20,851		20,851		—
		67,035		67,035		—
Internet & Catalog Retail— 0.3%
Home Retail Group plc, (United Kingdom)		26,475		26,475		—
Media— 2.1%
Cogeco Cable, Inc., (Canada)		22,034		22,034		—
Corus Entertainment, Inc., (Canada)		22,793		22,793		—
Gannett Co., Inc. (a)		26,453		26,453		—
Gray Television, Inc.		30,048		30,048		—
ITV plc, (United Kingdom)		23,703		23,703		—
Metropole Television S.A., (France)		25,262		25,262		—

PORTFOLIO SWAP	NOTIONAL		CURRENT
POSITIONS	VALUE($)1		VALUE($)2		VALUE($)3
Consumer Discretionary — Continued
Trinity Mirror plc, (United Kingdom)		30,571		30,571		—
Valassis Communications, Inc.		20,082		20,082		—
Viacom, Inc.		23,821		23,821		—
		224,767		224,767		—
Multiline Retail— 0.4%
Debenhams plc, (United Kingdom)		23,410		23,410		—
Macy’s, Inc.		21,303		21,303		—
		44,713		44,713		—
Specialty Retail— 0.7%
Big 5 Sporting Goods Corp.		20,404		20,404		—
Destination Maternity Corp.		25,117		25,117		—
WH Smith plc, (United Kingdom)		25,831		25,831		—
		71,352		71,352		—
Total Consumer Discretionary		791,144		791,144		—
Consumer Staples — 3.4%
Food & Staples Retailing— 1.8%
Andersons, Inc. (The)		24,628		24,628		—
CVS Caremark Corp.		19,861		19,861		—
Delhaize Group SA, (Belgium)		22,601		22,601		—
Empire Co., Ltd., (Canada)		21,282		21,282		—
J Sainsbury plc, (United Kingdom)		23,045		23,045		—
Jean Coutu Group PJC, Inc.
(The), (Canada)		22,007		22,007		—
Kroger Co. (The)		21,634		21,634		—
Matsumotokiyoshi Holdings Co., Ltd., (Japan)		23,564		23,564		—
SUPERVALU Inc		21,020		21,020		—
		199,642		199,642		—
Food Products— 1.0%
Fresh Del Monte Produce, Inc.		20,474		20,474		—
Pilgrim’s Pride Corp.		20,419		20,419		—
Sanderson Farms, Inc.		21,997		21,997		—
Tootsie Roll Industries, Inc.		22,944		22,944		—
Tyson Foods, Inc.		20,808		20,808		—
		106,642		106,642		—
Household Products— 0.2%
Energizer Holdings, Inc. (a)		20,799		20,799		—
Personal Products— 0.2%
Herbalife Ltd., (Cayman Islands)		23,465		23,465		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAPS

AS OF OCTOBER 31, 2013 (continued)

PORTFOLIO SWAP	NOTIONAL		CURRENT
POSITIONS	VALUE($)1		VALUE($)2		VALUE($)3
Consumer Staples — Continued
Tobacco— 0.2%
Universal Corp.		19,462		19,462		—
Total Consumer Staples		370,010		370,010		—
Energy — 4.9%
Energy Equipment & Services— 1.6%
Bristow Group, Inc.		26,877		26,877		—
Enerflex Ltd., (Canada)		22,000		22,000		—
Helmerich & Payne, Inc.		26,522		26,522		—
Oceaneering International, Inc.		28,426		28,426		—
ShawCor Ltd., (Canada)		22,322		22,322		—
Total Energy Services, Inc., (Canada)		27,531		27,531		—
		153,678		153,678		—
Oil, Gas & Consumable Fuels— 3.3%
Beach Energy Ltd., (Australia)		28,482		28,482		—
Chevron Corp.		20,633		20,633		—
Delek US Holdings, Inc.		19,750		19,750		—
HollyFrontier Corp.		24,228		24,228		—
Marathon Petroleum Corp.		17,987		17,987		—
Neste Oil OYJ, (Finland)		19,896		19,896		—
OMV AG, (Austria)		21,478		21,478		—
Parkland Fuel Corp., (Canada)		23,534		23,534		—
Repsol SA, (Spain)		24,551		24,551		—
Ship Finance International Ltd., (Bermuda)		20,903		20,903		—
Showa Shell Sekiyu KK, (Japan)		22,510		22,510		—
Soco International plc, (United Kingdom) (a)		22,586		22,586		—
Tesoro Corp.		19,067		19,067		—
Valero Energy Corp.		20,791		20,791		—
Western Refining, Inc.		20,911		20,911		—
Woodside Petroleum Ltd., (Australia)		23,005		23,005		—
		350,312		350,312		—
Total Energy		503,990		503,990		—
Financials — 4.6%
Capital Markets— 0.2%
Close Brothers Group plc, (United Kingdom)		22,656		22,656		—
Commercial Banks— 0.7%
Fifth Third Bancorp		23,546		23,546		—
First Interstate Bancsystem, Inc.		27,721		27,721		—
Yamaguchi Financial Group, Inc., (Japan)		18,774		18,774		—

PORTFOLIO SWAP	NOTIONAL		CURRENT
POSITIONS	VALUE($)1		VALUE($)2		VALUE($)3
Financials — Continued
		70,041		70,041		—
Consumer Finance— 0.5%
Discover Financial Services		23,917		23,917		—
Nelnet, Inc.		25,535		25,535		—
		49,452		49,452		—
Insurance— 2.9%
Ageas, (Belgium)		25,063		25,063		—
AXA S.A., (France)		28,639		28,639		—
Axis Capital Holdings Ltd., (Bermuda)		23,995		23,995		—
Beazley plc, (Ireland)		22,646		22,646		—
CNO Financial Group, Inc.		29,212		29,212		—
Hannover Rueck SE, (Germany)		19,976		19,976		—
Helvetia Holding AG, (Switzerland)		24,015		24,015		—
Horace Mann Educators Corp.		21,246		21,246		—
Muenchener
Rueckversicherungs AG, (Germany)		21,325		21,325		—
PartnerRe Ltd., (Bermuda) (a)		25,654		25,654		—
Protective Life Corp.		25,206		25,206		—
Swiss Re AG, (Switzerland) (a)		23,394		23,394		—
Symetra Financial Corp.		23,787		23,787		—
		314,158		314,158		—
Real Estate Management &
Development— 0.1%
GSW Immobilien AG, (Germany)		12,690		12,690		—
Thrifts & Mortgage Finance— 0.2%
Paragon Group of Cos plc, (United Kingdom)		24,061		24,061		—
Total Financials		493,058		493,058		—
Health Care — 4.3%
Biotechnology— 0.3%
Amgen, Inc. (a)		26,944		26,944		—
Health Care Equipment & Supplies— 0.6%
Cooper Cos Inc. (The)		24,421		24,421		—
Draegerwerk AG & Co. KGaA, (Germany)		19,077		19,077		—
STERIS Corp.		23,725		23,725		—
		67,223		67,223		—
Health Care Providers & Services— 1.2%
Celesio AG, (Germany)		32,513		32,513		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

17

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAPS

AS OF OCTOBER 31, 2013 (continued)

PORTFOLIO SWAP	NOTIONAL		CURRENT
POSITIONS	VALUE($)1		VALUE($)2		VALUE($)3
Health Care — Continued
Chemed Corp.		17,498		17,498		—
Cigna Corp.		26,019		26,019		—
McKesson Corp.		24,545		24,545		—
Omnicare, Inc.		22,998		22,998		—
		123,573		123,573		—
Life Sciences Tools & Services— 0.4%
Life Technologies Corp. (a)		18,598		18,598		—
Lonza Group AG, (Switzerland) (a)		23,806		23,806		—
		42,404		42,404		—
Pharmaceuticals— 1.8%
Ipsen S.A., (France)		26,250		26,250		—
Kissei Pharmaceutical Co., Ltd., (Japan)		25,383		25,383		—
Merck KGaA, (Germany)		22,000		22,000		—
Recordati SpA, (Italy)		25,694		25,694		—
Roche Holding AG, (Switzerland)		20,520		20,520		—
Rohto Pharmaceutical Co., Ltd., (Japan)		29,025		29,025		—
Stada Arzneimittel AG, (Germany)		29,702		29,702		—
		178,574		178,574		—
Total Health Care		438,718		438,718		—
Industrials — 9.1%
Aerospace & Defense— 1.6%
AAR Corp.		28,167		28,167		—
BAE Systems plc, (United Kingdom)		25,384		25,384		—
Exelis, Inc.		25,164		25,164		—
Northrop Grumman Corp.		30,533		30,533		—
Raytheon Co.		29,077		29,077		—
Thales S.A., (France)		28,587		28,587		—
		166,912		166,912		—
Airlines— 0.2%
Republic Airways Holdings, Inc.		22,135		22,135		—
Commercial Services & Supplies— 2.3%
ABM Industries Inc		26,107		26,107		—
Berendsen plc, (United Kingdom)		23,149		23,149		—
Consolidated Graphics Inc		26,533		26,533		—
Deluxe Corp.		24,110		24,110		—
Kimball International Inc		26,337		26,337		—
Mineral Resources Ltd., (Australia)		22,616		22,616		—
Quad/Graphics, Inc.		25,980		25,980		—
Transcontinental, Inc., (Canada)		27,195		27,195		—

PORTFOLIO SWAP	NOTIONAL		CURRENT
POSITIONS	VALUE($)1		VALUE($)2		VALUE($)3
Industrials — Continued
United Stationers, Inc.		24,781		24,781		—
		226,808		226,808		—
Construction & Engineering— 1.8%
Eiffage S.A., (France)		23,434		23,434		—
Forge Group Ltd., (Australia)		18,602		18,602		—
Implenia AG, (Switzerland) (a)		25,770		25,770		—
Interserve plc, (United Kingdom)		27,329		27,329		—
Keller Group plc, (United Kingdom)		27,133		27,133		—
NRW Holdings Ltd., (Australia)		23,674		23,674		—
Vinci S.A., (France)		29,199		29,199		—
		175,141		175,141		—
Electrical Equipment— 0.3%
EnerSys Inc		27,933		27,933		—
Industrial Conglomerates— 0.2%
Sonae, (Portugal)		24,792		24,792		—
Machinery— 1.8%
Bucher Industries AG, (Switzerland)		25,701		25,701		—
CKD Corp., (Japan)		22,187		22,187		—
Danieli & C Officine Meccaniche SpA, (Italy)		25,779		25,779		—
Georg Fischer AG, (Switzerland) (a)		28,930		28,930		—
I.M.A. Industria Macchine Automatic, (Italy)		29,554		29,554		—
Jungheinrich Group, (Germany)		22,559		22,559		—
Kadant, Inc.		24,201		24,201		—
		178,911		178,911		—
Professional Services— 0.2%
ICF International Inc		24,026		24,026		—
Trading Companies & Distributors— 0.5%
Lavendon Group plc, (United Kingdom)		23,459		23,459		—
Wakita & Co., Ltd., (Japan)		25,974		25,974		—
		49,433		49,433		—
Transportation Infrastructure— 0.2%
BBA Aviation plc, (United Kingdom)		24,681		24,681		—
Total Industrials		920,772		920,772		—
Information Technology — 5.6%
Communications Equipment— 0.3%

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION — PORTFOLIO SWAPS

AS OF OCTOBER 31, 2013 (continued)

PORTFOLIO SWAP	NOTIONAL		CURRENT
POSITIONS	VALUE($)1		VALUE($)2		VALUE($)3
Information Technology — Continued
Pace plc, (United Kingdom)		27,798		27,798		—
Computers & Peripherals— 1.0%
Cray, Inc.		21,734		21,734		—
Seagate Technology plc, (Ireland)		28,094		28,094		—
Synaptics, Inc.		27,098		27,098		—
Western Digital Corp.		24,301		24,301		—
		101,227		101,227		—
Electronic Equipment, Instruments & Components— 1.8%
Arrow Electronics, Inc.		22,569		22,569		—
Barco NV, (Belgium)		18,351		18,351		—
Benchmark Electronics, Inc.		22,594		22,594		—
Flextronics International Ltd., (Singapore) (a)		18,873		18,873		—
Littelfuse, Inc.		26,274		26,274		—
Molex, Inc.		28,273		28,273		—
Sanmina Corp.		20,886		20,886		—
Toyo Corp/Chuo-ku, (Japan)		20,045		20,045		—
		177,865		177,865		—
Internet Software & Services— 0.3%
j2 Global, Inc.		28,535		28,535		—
IT Services— 0.9%
Alten S.A., (France)		22,672		22,672		—
Computacenter plc		31,881		31,881		—
DST Systems, Inc.		24,329		24,329		—
Total System Services Inc		24,968		24,968		—
		103,850		103,850		—
Semiconductors & Semiconductor
Equipment— 0.7%
Brooks Automation, Inc.		21,844		21,844		—
CSR plc, (United Kingdom)		24,401		24,401		—
Lam Research Corp. (a)		27,024		27,024		—
		73,269		73,269		—
Software— 0.6%
Micro Focus International plc		23,763		23,763		—
Symantec Corp.		19,319		19,319		—
UBISOFT Entertainment, (France) (a)		23,969		23,969		—
		67,051		67,051		—
Total Information
Technology		579,595		579,595		—
Materials — 6.1%
Chemicals— 1.8%
CF Industries Holdings, Inc.		24,363		24,363		—
Denki Kagaku Kogyo KK, (Japan)		25,018		25,018		—

PORTFOLIO SWAP	NOTIONAL		CURRENT
POSITIONS	VALUE($)1		VALUE($)2		VALUE($)3
Materials — Continued
FutureFuel Corp.		26,045		26,045		—
Minerals Technologies Inc		29,221		29,221		—
PPG Industries, Inc.		24,648		24,648		—
Quaker Chemical Corp.		27,631		27,631		—
Tikkurila Oyj, (Finland)		26,308		26,308		—
		183,234		183,234		—
Containers & Packaging— 1.6%
Bemis Co., Inc.		19,910		19,910		—
Cascades, Inc., (Canada)		23,894		23,894		—
Greif, Inc.		22,412		22,412		—
Intertape Polymer Group, Inc., (Canada)		26,859		26,859		—
Packaging Corp of America		28,649		28,649		—
Smurfit Kappa Group plc, (Ireland)		23,623		23,623		—
Sonoco Products Co.		24,018		24,018		—
		169,365		169,365		—
Metals & Mining— 1.2%
Aurubis AG, (Germany)		20,790		20,790		—
BC Iron Ltd., (Australia)		29,458		29,458		—
Nevsun Resources Ltd., (Canada)		21,321		21,321		—
NV Bekaert SA, (Belgium)		26,058		26,058		—
Steel Dynamics, Inc.		24,693		24,693		—
		122,320		122,320		—
Paper & Forest Products— 1.5%
Altri SGPS S.A., (Portugal)		26,576		26,576		—
Mondi plc, (United Kingdom)		27,518		27,518		—
Norbord, Inc., (Canada)		19,163		19,163		—
PH Glatfelter Co.		23,056		23,056		—
Schweitzer-Mauduit
International, Inc.		29,455		29,455		—
Stora Enso OYJ, (Finland)		23,419		23,419		—
		149,187		149,187		—
Total Materials		624,106		624,106		—
Telecommunication Services —1.3%
Diversified Telecommunication Services— 0.6%
QSC AG, (Germany)		22,341		22,341		—
TPG Telecom Ltd., (Australia)		24,625		24,625		—
Vonage Holdings Corp.		24,454		24,454		—
		71,420		71,420		—
Wireless Telecommunication Services— 0.7%
Freenet AG, (Germany) (a)		22,186		22,186		—
KDDI Corp., (Japan)		27,001		27,001		—
USA Mobility, Inc.		23,499		23,499		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

19

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION — PORTFOLIO SWAPS

AS OF OCTOBER 31, 2013 (continued)

PORTFOLIO SWAP	NOTIONAL		CURRENT
POSITIONS	VALUE($)1		VALUE($)2		VALUE($)3
Telecommunication Services — Continued
		72,686		72,686		—
Total Telecommunication Services		144,106		144,106		—
Utilities — 2.2%
Electric Utilities— 0.8%
IDACORP, Inc.		24,871		24,871		—
NV Energy, Inc.		22,885		22,885		—
Pinnacle West Capital Corp. (a)		18,770		18,770		—
UNS Energy Corp.		20,039		20,039		—
		86,565		86,565		—
Gas Utilities— 0.6%
AGL Resources, Inc.		24,983		24,983		—
Enagas SA, (Spain)		21,258		21,258		—
Gas Natural SDG SA, (Spain)		24,329		24,329		—
		70,570		70,570		—
Multi-Utilities— 0.8%
DTE Energy Co.		24,061		24,061		—
Public Service Enterprise
Group, Inc.		18,793		18,793		—
TECO Energy, Inc.		22,269		22,269		—
Vectren Corp.		19,031		19,031		—
		84,154		84,154		—
Total Utilities		241,289		241,289		—
Total Long Positions of Portfolio Swap		5,106,788		5,106,788		—
Short Positions
Common Stocks
Consumer Discretionary —4.9%
Auto Components— 0.1%
ElringKlinger AG, (Germany)		12,559		12,559		—
Automobiles— 0.1%
Fiat SpA, (Italy) (a)		11,015		11,015		—
Hotels, Restaurants & Leisure— 1.5%
BJ’s Restaurants, Inc.		13,395		13,395		—
Buffalo Wild Wings, Inc.		16,112		16,112		—
Choice Hotels International, Inc.		17,611		17,611		—
Domino’s Pizza Group plc, (United Kingdom)		14,486		14,486		—
InterContinental Hotels
Group plc, (United Kingdom)		12,084		12,084		—

PORTFOLIO SWAP	NOTIONAL		CURRENT
POSITIONS	VALUE($)1		VALUE($)2		VALUE($)3
Consumer Discretionary — Continued
Marriott International, Inc./DE		12,983		12,983		—
Melia Hotels International SA, (Spain)		15,115		15,115		—
Orient-Express Hotels Ltd., (Bermuda)		16,598		16,598		—
Panera Bread Co.		15,002		15,002		—
Penn National Gaming, Inc.		16,909		16,909		—
Sodexo, (France)		14,049		14,049		—
		164,344		164,344		—
Household Durables— 0.2%
Panasonic Corp, (Japan)		13,022		13,022		—
Toll Brothers, Inc. (a)		12,527		12,527		—
		25,549		25,549		—
Internet & Catalog Retail— 0.4%
Amazon.com, Inc. (a)		16,381		16,381		—
Netflix, Inc.		15,157		15,157		—
		31,538		31,538		—
Media— 0.6%
Clear Channel Outdoor
Holdings, Inc.		14,085		14,085		—
DreamWorks Animation
SKG, Inc.		14,244		14,244		—
Imax Corp, (Canada) (a)		17,803		17,803		—
Liberty Global plc, (United
Kingdom) (a)		15,728		15,728		—
		61,860		61,860		—
Multiline Retail— 0.2%
JC Penney Co., Inc.		15,413		15,413		—
Specialty Retail— 1.0%
Aeropostale, Inc.		17,233		17,233		—
ARB Corp Ltd., (Australia)		14,953		14,953		—
Dufry AG, (Switzerland) (a)		14,591		14,591		—
Inditex SA, (Spain)		15,127		15,127		—
Sally Beauty Holdings, Inc.		15,897		15,897		—
SuperGroup plc, (United Kingdom) (a)		13,496		13,496		—
Yamada Denki Co., Ltd., (Japan)		17,060		17,060		—
		108,357		108,357		—
Textiles, Apparel & Luxury Goods— 0.8%
Fifth & Pacific Cos, Inc.		13,272		13,272		—
Gerry Weber International
AG, (Germany)		12,009		12,009		—
LVMH Moet Hennessy
Louis Vuitton S.A., (France)		14,267		14,267		—
Puma SE, (Germany)		11,555		11,555		—
Quiksilver, Inc.		19,111		19,111		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION — PORTFOLIO SWAPS

AS OF OCTOBER 31, 2013 (continued)

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Consumer Discretionary — Continued
Under Armour, Inc.		15,743		15,743		—
		85,957		85,957		—
Total Consumer
Discretionary		516,592		516,592		—
Consumer Staples — 2.7%
Beverages— 0.7%
Coca-Cola Amatil Ltd., (Australia)		13,302		13,302		—
Davide Campari-Milano SpA, (Italy)		11,889		11,889		—
Diageo plc, (United Kingdom)		12,553		12,553		—
Heineken NV, (Netherlands)		16,307		16,307		—
Pernod Ricard S.A., (France)		14,810		14,810		—
Remy Cointreau S.A., (France)		14,022		14,022		—
		82,883		82,883		—
Food & Staples Retailing— 0.6%
Fresh Market, Inc. (The)		15,782		15,782		—
Jeronimo Martins SGPS S.A., (Portugal)		15,370		15,370		—
Pricesmart, Inc.		19,913		19,913		—
		51,065		51,065		—
Food Products— 1.1%
Associated British Foods plc, (United Kingdom)		19,710		19,710		—
Barry Callebaut AG, (Switzerland) (a)		13,511		13,511		—
Boulder Brands, Inc.		14,210		14,210		—
Hillshire Brands Co.		16,645		16,645		—
Kagome Co., Ltd., (Japan)		15,596		15,596		—
Mead Johnson Nutrition Co.		16,169		16,169		—
Nestle S.A., (Switzerland)		12,363		12,363		—
		108,204		108,204		—
Personal Products— 0.2%
Avon Products, Inc.		13,510		13,510		—
Beiersdorf AG, (Germany)		13,440		13,440		—
		26,950		26,950		—
Tobacco— 0.1%
Vector Group Ltd.		12,888		12,888		—
Total Consumer Staples		281,990		281,990		—
Energy — 2.8%
Oil, Gas & Consumable Fuels— 2.8%
Approach Resources, Inc.		17,819		17,819		—
Bill Barrett Corp.		19,729		19,729		—
Cairn Energy plc, (United Kingdom) (a)		16,758		16,758		—
Cheniere Energy, Inc.		21,890		21,890		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Energy — Continued
Concho Resources, Inc.		15,485		15,485		—
Galp Energia SGPS S.A., (Portugal)		12,678		12,678		—
Goodrich Petroleum Corp.		13,777		13,777		—
Karoon Gas Australia Ltd., (Australia) (a)		14,713		14,713		—
Kosmos Energy Ltd., (Bermuda)		16,022		16,022		—
Laredo Petroleum Holdings, Inc.		16,584		16,584		—
Paladin Energy Ltd., (Australia) (a)		16,843		16,843		—
Paramount Resources Ltd., (Canada) (a)		12,371		12,371		—
QEP Resources, Inc.		17,919		17,919		—
Swift Energy Co.		13,116		13,116		—
Teekay Corp., (Bermuda)		16,590		16,590		—
Tullow Oil plc, (United Kingdom)		11,325		11,325		—
WPX Energy, Inc.		15,365		15,365		—
		268,984		268,984		—
Total Energy		268,984		268,984		—
Financials — 3.8%
Capital Markets— 0.4%
Hargreaves Lansdown plc, (United Kingdom)		18,256		18,256		—
Partners Group Holding AG, (Switzerland)		17,331		17,331		—
		35,587		35,587		—
Commercial Banks— 0.4%
Commerzbank AG, (Germany) (a)		18,548		18,548		—
Royal Bank of Scotland Group plc, (United Kingdom) (a)		12,432		12,432		—
TCF Financial Corp.		12,964		12,964		—
		43,944		43,944		—
Insurance— 0.2%
Standard Life plc, (United Kingdom)		16,137		16,137		—
Real Estate Investment Trusts (REITs)— 1.2%
AvalonBay Communities, Inc.		12,505		12,505		—
Hersha Hospitality Trust		15,309		15,309		—
Hudson Pacific Properties, Inc.		12,414		12,414		—
Intu Properties plc, (United Kingdom)		17,194		17,194		—
Londonmetric Property plc, (United Kingdom)		17,617		17,617		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

21

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAPS

AS OF OCTOBER 31, 2013 (continued)

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Financials — Continued
Macerich Co. (The)		11,842		11,842		—
Shaftesbury plc, (United Kingdom)		12,199		12,199		—
Strategic Hotels & Resorts, Inc.		15,660		15,660		—
		114,740		114,740		—
Real Estate Management & Development— 1.3%
Conwert Immobilien Invest SE, (Austria) (a)		13,636		13,636		—
Deutsche Wohnen AG, (Germany)		13,037		13,037		—
Forest City Enterprises, Inc.		17,829		17,829		—
Kennedy-Wilson Holdings, Inc.		17,274		17,274		—
Mitsubishi Estate Co., Ltd., (Japan)		28,445		28,445		—
Mobimo Holding AG, (Switzerland) (a)		16,307		16,307		—
St Joe Co. (The)		11,407		11,407		—
Swiss Prime Site AG, (Switzerland) (a)		11,618		11,618		—
		129,553		129,553		—
Thrifts & Mortgage Finance— 0.3%
MGIC Investment Corp.		16,695		16,695		—
Radian Group, Inc.		12,822		12,822		—
		29,517		29,517		—
Total Financials		369,478		369,478		—
Health Care — 0.3%
Biotechnology— 0.3%
3-D Matrix Ltd., (Japan) (a)		13,526		13,526		—
Ariad Pharmaceuticals, Inc.		8,470		8,470		—
Vertex Pharmaceuticals, Inc.		14,127		14,127		—
		36,123		36,123		—
Total Health Care		36,123		36,123		—
Industrials — 5.3%
Aerospace & Defense— 0.3%
Finmeccanica SpA, (Italy) (a)		16,409		16,409		—
MTU Aero Engines AG, (Germany)		14,070		14,070		—
		30,479		30,479		—
Air Freight & Logistics— 0.1%
Panalpina Welttransport Holding AG, (Switzerland)		14,915		14,915		—
Airlines— 0.3%
United Continental Holdings, Inc.		16,669		16,669		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Industrials — Continued
Virgin Australia Holdings Ltd., (Australia) (a)		13,392		13,392		—
		30,061		30,061		—
Building Products— 0.1%
Armstrong World Industries, Inc.		12,289		12,289		—
Commercial Services & Supplies— 1.1%
Aggreko plc, (United Kingdom)		17,577		17,577		—
Clean Harbors, Inc.		13,400		13,400		—
Copart, Inc.		15,857		15,857		—
Edenred, (France)		12,431		12,431		—
Interface, Inc.		13,770		13,770		—
Iron Mountain, Inc. (a)		12,447		12,447		—
Rentokil Initial plc, (United Kingdom)		12,550		12,550		—
Ritchie Bros Auctioneers, Inc., (Canada)		17,296		17,296		—
		115,328		115,328		—
Construction & Engineering— 0.4%
Hochtief AG, (Germany)		14,849		14,849		—
Obayashi Corp, (Japan)		12,753		12,753		—
SNC-Lavalin Group, Inc., (Canada)		13,782		13,782		—
Strabag SE, (Austria)		14,509		14,509		—
		55,893		55,893		—
Electrical Equipment— 0.3%
Areva S.A., (France) (a)		21,346		21,346		—
GrafTech International Ltd.		14,240		14,240		—
		35,586		35,586		—
Industrial Conglomerates— 0.1%
Raven Industries, Inc.		12,443		12,443		—
Machinery— 0.5%
Chart Industries, Inc.		11,714		11,714		—
Vallourec S.A., (France)		16,256		16,256		—
Zardoya Otis S.A., (Spain)		15,367		15,367		—
		43,337		43,337		—
Marine— 0.1%
Kuehne + Nagel
International AG, (Switzerland)		13,538		13,538		—
Professional Services— 0.7%
Advisory Board Co. (The)		13,377		13,377		—
Bureau Veritas S.A., (France)		12,076		12,076		—
Experian plc, (Ireland)		17,458		17,458		—
IHS, Inc.		15,049		15,049		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAPS

AS OF OCTOBER 31, 2013 (continued)

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Industrials — Continued
Intertek Group plc, (United Kingdom)		13,763		13,763		—
On Assignment, Inc.		13,279		13,279		—
		85,002		85,002		—
Road & Rail— 0.5%
Genesee & Wyoming, Inc.		14,776		14,776		—
Kintetsu Corp, (Japan)		14,685		14,685		—
Landstar System, Inc.		15,857		15,857		—
Werner Enterprises, Inc.		12,113		12,113		—
		57,431		57,431		—
Trading Companies & Distributors— 0.3%
Brenntag AG, (Germany)		13,419		13,419		—
Fastenal Co.		12,208		12,208		—
Kloeckner & Co., SE, (Germany) (a)		13,907		13,907		—
		39,534		39,534		—
Transportation Infrastructure— 0.5%
Aeroports de Paris, (France)		16,975		16,975		—
Fraport AG Frankfurt Airport Services Worldwide, (Germany)		13,430		13,430		—
Groupe Eurotunnel S.A., (France)		14,507		14,507		—
Qube Holdings Ltd., (Australia)		13,877		13,877		—
		58,789		58,789		—
Total Industrials		604,625		604,625		—
Information Technology — 2.9%
Communications Equipment— 0.4%
Alcatel-Lucent/France, (France) (a)		20,214		20,214		—
Infinera Corp.		14,770		14,770		—
ViaSat, Inc.		11,703		11,703		—
		46,687		46,687		—
Electronic Equipment, Instruments & Components— 0.2%
TDK Corp, (Japan)		12,692		12,692		—
Universal Display Corp.		12,537		12,537		—
		25,229		25,229		—
Internet Software & Services— 0.7%
Cornerstone OnDemand, Inc.		11,274		11,274		—
Equinix, Inc.		12,255		12,255		—
Facebook, Inc.		15,011		15,011		—
Rackspace Hosting, Inc.		13,730		13,730		—
Telecity Group plc, (United Kingdom)		15,563		15,563		—
VeriSign, Inc.		14,547		14,547		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Information Technology — Continued
		82,380		82,380		—
Semiconductors & Semiconductor
Equipment— 0.6%
Advanced Micro Devices, Inc. (a)		13,941		13,941		—
ARM Holdings plc, (United Kingdom)		16,731		16,731		—
Cavium, Inc.		12,090		12,090		—
Imagination Technologies
Group plc, (United Kingdom)		15,696		15,696		—
SOITEC, (France) (a)		1,850		1,850		—
		60,308		60,308		—
Software— 1.0%
Concur Technologies, Inc.		13,807		13,807		—
MicroStrategy, Inc.		15,127		15,127		—
NetSuite, Inc.		11,500		11,500		—
Nintendo Co., Ltd., (Japan)		11,207		11,207		—
QLIK Technologies, Inc.		12,407		12,407		—
RealPage, Inc.		14,792		14,792		—
Salesforce.com, Inc.		15,741		15,741		—
Zynga, Inc.		18,030		18,030		—
		112,611		112,611		—
Total Information Technology		327,215		327,215		—
Materials — 3.3%
Chemicals— 0.5%
Akzo Nobel NV, (Netherlands)		13,479		13,479		—
Intrepid Potash, Inc.		15,459		15,459		—
Toray Industries, Inc., (Japan)		18,672		18,672		—
		47,610		47,610		—
Construction Materials— 0.3%
Martin Marietta Materials, Inc.		15,498		15,498		—
Texas Industries, Inc.		11,653		11,653		—
		27,151		27,151		—
Metals & Mining— 2.5%
Allied Nevada Gold Corp.		12,040		12,040		—
AuRico Gold, Inc., (Canada)		16,225		16,225		—
Detour Gold Corp., (Canada) (a)		18,427		18,427		—
Eramet, (France)		12,581		12,581		—
Franco-Nevada Corp, (Canada)		12,912		12,912		—
Fresnillo plc, (Mexico)		16,671		16,671		—
General Moly, Inc.		10,437		10,437		—
Hecla Mining Co.		14,804		14,804		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

23

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAPS

AS OF OCTOBER 31, 2013 (continued)

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Materials — Continued
Lonmin plc, (United Kingdom) (a)		12,080		12,080		—
New Gold, Inc., (Canada) (a)		14,527		14,527		—
Pretium Resources, Inc., (Canada) (a)		11,116		11,116		—
Randgold Resources Ltd., (Jersey)		17,383		17,383		—
Royal Gold, Inc.		16,910		16,910		—
Salzgitter AG, (Germany)		13,813		13,813		—
Sandfire Resources NL, (Australia) (a)		12,745		12,745		—
ThyssenKrupp AG, (Germany) (a)		13,558		13,558		—
Torex Gold Resources, Inc., (Canada) (a)		15,798		15,798		—
Turquoise Hill Resources Ltd., (Canada) (a)		18,974		18,974		—
		261,001		261,001		—
Total Materials		335,762		335,762		—
Telecommunication Services —0.5%
Diversified Telecommunication Services— 0.2%
Level 3 Communications, Inc.		18,055		18,055		—
Wireless Telecommunication Services— 0.3%
NII Holdings, Inc.		6,983		6,983		—
SBA Communications Corp.		15,381		15,381		—
		22,364		22,364		—
Total Telecommunication
Services		40,419		40,419		—
Utilities — 1.6%
Electric Utilities— 0.4%
Emera, Inc., (Canada)		15,301		15,301		—
Kyushu Electric Power Co., Inc, (Japan) (a)		15,427		15,427		—
		30,728		30,728		—
Gas Utilities— 0.2%
ONEOK, Inc.		17,063		17,063		—
Independent Power Producers & Energy Traders— 0.7%
Atlantic Power Corp.		17,048		17,048		—
Calpine Corp.		16,398		16,398		—
Dynegy, Inc.		15,155		15,155		—
NRG Energy, Inc.		13,809		13,809		—
Ormat Technologies, Inc.		11,836		11,836		—
		74,246		74,246		—
Multi-Utilities— 0.2%
Sempra Energy		17,134		17,134		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Utilities — Continued
Water Utilities— 0.1%
Pennon Group plc, (United Kingdom)		13,165		13,165		—
Total Utilities		152,336		152,336		—
Total Short Positions of Portfolio Swap		2,933,524		2,933,524		—
Total of Long and Short Positions of Portfolio Swap		2,173,264		2,173,264		—
Cash and Other Receivables 4						115,963
Financing Costs						(3,024	)
Net Dividends						5,413
Net Swap Contract, at value					$	118,352

Percentages indicated are based on net assets.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAPS

AS OF OCTOBER 31, 2013 (continued)

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Long Positions
Common Stocks
Consumer Discretionary — 1.1%
Hotels, Restaurants & Leisure— 0.4%
Club Mediterranee S.A., (France) (a)		39,246		39,246		—
Household Durables— 0.3%
Arnest One Corp., (Japan)		10,983		10,983		—
Tact Home Co., Ltd., (Japan)		9,682		9,682		—
Touei Housing Corp., (Japan)		10,377		10,377		—
		31,042		31,042		—
Specialty Retail— 0.4%
OfficeMax Inc.		48,715		48,715		—
Total Consumer
Discretionary		119,003		119,003		—
Consumer Staples — 0.1%
Food & Staples Retailing— 0.1%
Shoppers Drug Mart Corp., (Canada)		12,445		12,445		—
Energy — 2.1%
Oil, Gas & Consumable Fuels— 2.1%
Angle Energy, Inc., (Canada) (a)		27,435		27,435		—
Berry Petroleum Co.		62,552		62,552		—
PAA Natural Gas Storage LP		47,360		47,360		—
Pioneer Southwest Energy Partners		30,745		30,745		—
PVR Partners LP		47,587		47,587		—
		215,679		215,679		—
Total Energy		215,679		215,679		—
Financials — 4.2%
Commercial Banks— 2.7%
CapitalSource, Inc.		54,217		54,217		—
StellarOne Corp.		25,887		25,887		—
Sterling Bancorp		39,250		39,250		—
Sterling Financial Corp. (a)		48,479		48,479		—
Taylor Capital Group, Inc. (a)		50,922		50,922		—
Virginia Commerce Bancorp, Inc.		60,706		60,706		—
		279,461		279,461		—
Real Estate Management & Development— 0.9%
Brookfield Office Properties, Inc.		41,667		41,667		—
GSW Immobilien AG, (Germany)		38,739		38,739		—
Iida Home Max, (Japan)		11,553		11,553		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Financials — Continued
		91,959		91,959		—
Thrifts & Mortgage Finance— 0.6%
Hudson City Bancorp, Inc.		71,014		71,014		—
Total Financials		442,434		442,434		—
Health Care — 0.5%
Biotechnology— 0.5%
Elan Corp. plc, (Ireland) (a)		52,113		52,113		—
Industrials — 1.3%
Machinery— 0.5%
Invensys plc, (United Kingdom)		51,490		51,490		—
Transportation Infrastructure— 0.8%
Gemina SpA, (Italy) (a)		83,583		83,583		—
Total Industrials		135,073		135,073		—
Information Technology — 0.9%
IT Services— 0.5%
Lender Processing Services, Inc.		46,360		46,360		—
Semiconductors & Semiconductor Equipment— 0.4%
Tokyo Electron Ltd., (Japan)		43,690		43,690		—
Total Information
Technology		90,050		90,050		—
Materials — 0.3%
Construction Materials— 0.2%
Fiberware plc, (United Kingdom) (a)		15,827		15,827		—
Metals & Mining— 0.1%
Archipelago Resources plc, (United Kingdom)		15,421		15,421		—
Total Materials		31,248		31,248		—
Total Long Positions of Portfolio Swap		1,098,045		1,098,045		—
Short Positions
Common Stocks
Consumer Discretionary — 0.5%
Specialty Retail— 0.5%
Office Depot, Inc.		48,409		48,409		—
Energy — 0.7%
Oil, Gas & Consumable Fuels— 0.7%
Pioneer Natural Resources Co.		29,693		29,693		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

25

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAPS

AS OF OCTOBER 31, 2013 (continued)

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Energy — Continued
Plains All American Pipeline LP		46,303		46,303		—
		75,996		75,996		—
Total Energy		75,996		75,996		—
Financials — 2.9%
Commercial Banks— 1.9%
M&T Bank Corp.		44,787		44,787		—
MB Financial, Inc.		41,877		41,877		—
PacWest Bancorp		44,252		44,252		—
Umpqua Holdings Corp.		45,329		45,329		—
Union First Market Bankshares Corp.		25,832		25,832		—
		202,077		202,077		—
Insurance— 0.2%
Fidelity National Financial, Inc.		24,378		24,378		—
Real Estate Management & Development— 0.4%
Deutsche Wohnen AG, (Germany)		39,696		39,696		—
Thrifts & Mortgage Finance— 0.4%
Provident New York Bancorp		39,063		39,063		—
Total Financials		305,214		305,214		—
Health Care — 0.3%
Pharmaceuticals— 0.3%
Perrigo Co.		32,542		32,542		—
Industrials — 0.9%
Electrical Equipment— 0.1%
Schneider Electric S.A., (France)		13,497		13,497		—
Transportation Infrastructure— 0.8%
Atlantia SpA, (Italy)		83,347		83,347		—
Total Industrials		96,844		96,844		—
Information Technology — 0.5%
Semiconductors & Semiconductor
Equipment— 0.5%
Applied Materials, Inc.		45,995		45,995		—
Materials — 0.2%
Paper & Forest Products— 0.2%
Louisiana-Pacific Corp. (a)		24,818		24,818		—
Total Short Positions of
Portfolio Swap		629,818		629,818		—
Total of Long and Short
Positions of Portfolio Swap		468,227		468,227		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1	CURRENT VALUE($)2	VALUE($)
Materials — Continued
Cash and Other Receivables 4				45,302
Financing Costs				(642	)
Net Dividends				916
Net Swap Contract, at value			$	45,576

Percentages indicated are based on net assets.

NOTES TO ADDITIONAL INFORMATION — PORTFOLIO SWAPS:

1 Notional value represents the market value at each reset date of the long and short positions.

2 Current value represents market value of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.

3 Value represents the unrealized gain (loss) of the positions and was zero at October 31, 2013 as the swap resets on that day.

4 Cash and other receivables includes the gains (or losses) realized within the swap when the swap resets. Gains (or losses) will be realized on the swap and reflected in the Consolidated Statement of Operations when cash is settled with the counterparty.

(a) Non-income producing security.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

	Diversified Risk Fund
ASSETS:
Investments in non-affiliates, at value	$	3,741,584
Investments in affiliates, at value		5,501,016
Total investment securities, at value		9,242,600
Cash		868,838
Foreign currency, at value		156,184
Deposits at broker for futures contracts		94,000
Receivables:
Investment securities sold		68,665
Interest and dividends from non-affiliates		11,669
Dividends from affiliates		101
Tax reclaims		483
Variation margin on futures contracts		1,138
Unrealized appreciation on forward foreign currency exchange contracts		71,735
Outstanding swap contracts, at value		163,928
Due from Adviser		9,570
Deferred offering cost		10,780
Total Assets		10,699,691
LIABILITIES:
Payables:
Investment securities purchased		6,362
Outstanding swap contracts, at value		18,330
Unrealized depreciation on forward foreign currency exchange contracts		96,119
Accrued liabilities:
Administration fees		45
Shareholder servicing fees		871
Distribution fees		44
Custodian and accounting fees		61,940
Trustees’ and Chief Compliance Officer’s fees		1,284
Audit Fees		71,965
Other		21,831
Total Liabilities		278,791
Net Assets	$	10,420,900

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

27

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2013

	Diversified Risk Fund
NET ASSETS:
Paid-in-Capital	$	9,851,029
Accumulated undistributed (distributed in excess of)net investment income		490,318
Accumulated net realized gains (losses)		(143,251	)
Net unrealized appreciation (depreciation)		222,804
Total Net Assets	$	10,420,900
Net Assets:
Class A	$	52,013
Class C		51,827
Class R6		52,144
Select Class		10,264,916
Total	$	10,420,900
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		3,333
Class C		3,333
Class R6		3,333
Select Class		656,667
Net asset value (a):
Class A—Redemption price per share	$	15.60
Class C—Offering price per share (b)		15.55
Class R6—Offering and redemption price per share		15.64
Select Class—Offering and redemption price per share		15.63
Class A maximum sales charge		4.50	%
[net asset value per share/(100% – maximum sales charge)]	$	16.34
Cost of investments in non-affiliates	$	3,705,204
Cost of investments in affiliates		5,501,016
Cost of foreign currency		156,400

^(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.

28

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE PERIOD ENDED OCTOBER 31, 2013

	Diversified Risk Fund (a)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	98,771
Dividend income from affiliates		965
Interest income from non-affiliates		14,898
Interest income from affiliates		202
Foreign taxes withheld		(370	)
Total investment income		114,466
EXPENSES:
Investment advisory fees		68,175
Administration fees		6,436
Distribution fees:
Class A		91
Class C		271
Shareholder servicing fees:		18,042
Class A		91
Class C		90
Select Class		17,861
Custodian and accounting fees		173,579
Professional fees		156,534
Trustees’ and Chief Compliance Officer’s fees		13,243
Printing and mailing costs		1,601
Registration and filing fees		3,720
Transfer agent fees		4,779
Offering costs		27,053
Other		18,900
Total expenses		492,424
Less amounts waived		(82,217	)
Less expense reimbursements		(333,712	)
Net expenses		76,495
Net investment income (loss)		37,971
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(56,952	)
Futures		(116,815	)
Foreign currency transactions		(54,282	)
Swaps		388,174
Net realized gains (losses)		160,125
Change in net unrealized appreciation/depreciation of
Investments in non-affiliates		36,380
Futures		66,049
Foreign currency translations		(25,223	)
Swaps		145,598
Change in net unrealized appreciation/depreciation		222,804
Net realized/unrealized gains (losses)		382,929
Change in net assets resulting from operations		420,900

^(a) Commencement of operations was February 12, 2013.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

29

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIOD INDICATED

	Diversified Risk
	Fund
	Period Ended
	10/31/2013 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	37,971
Net realized gain (loss)		160,125
Change in net unrealized appreciation/depreciation		222,804
Change in net assets resulting from operations		420,900
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		10,000,000
NET ASSETS:
Change in net assets		10,420,900
Beginning of period		—
End of period	$	10,420,900
Accumulated undistributed (distributed in excess of)net investment income	$	490,318

^(a) Commencement of operations was February 12, 2013.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (Continued)

FOR THE PERIOD INDICATED

	Diversified Risk
	Fund
	Period Ended
	10/31/2013 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	50,000
Change in net assets resulting from Class A capital transactions	$	50,000
Class C
Proceeds from shares issued	$	50,000
Change in net assets resulting from Class C capital transactions	$	50,000
Class R6
Proceeds from shares issued	$	50,000
Change in net assets resulting from Class R6 capital transactions	$	50,000
Select Class
Proceeds from shares issued	$	9,850,000
Change in net assets resulting from Select Class capital transactions	$	9,850,000
Total change in net assets resulting from capital transactions	$	10,000,000
SHARE TRANSACTIONS:
Class A
Issued		3,333
Change in Class A Shares		3,333
Class C
Issued		3,333
Change in Class C Shares		3,333
Class R6
Issued		3,333
Change in Class R6 Shares		3,333
Select Class
Issued		656,667
Change in Select Class Shares		656,667

^(a) Commencement of operations was February 12, 2013.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

31

CONSOLIDATED FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance											Ratios/Supplemental data
			Investment operations														Ratios to average net assets (a)
																							Expenses without
						Net realized and						Total return								Net			waivers,
	Net asset value,		Net			unrealized gains		Total from		Net asset		(excludes					Net			investment			reimbursements			Portfolio
	beginning of		investment			(losses) on		investment		value, end of		sales charge)			Net assets,		expenses			income			and earnings			turnover
	period		income (loss)			investments		operations		period		(b)(c)			end of period		(d)(e)			(loss) (e)			credits (e) (f)			rate (b)(g)
Diversified Risk Fund
Class A
February 12, 2013(h) through October 31, 2013	$	15.00	$	0.03		$	0.57	$	0.60	$	15.60		4.00	%	$	52,013		1.30	%		0.28	%		6.93	%		112	%
Class C
February 12, 2013(h) through October 31, 2013		15.00		(0.02	)		0.57		0.55		15.55		3.67			51,827		1.80			(0.22	)		7.43			112
Class R6
February 12, 2013(h) through October 31, 2013		15.00		0.07			0.57		0.64		15.64		4.27			52,144		0.95			0.63			6.44			112
Select Class
February 12, 2013(h) through October 31, 2013		15.00		0.06			0.57		0.63		15.63		4.20			10,264,916		1.05			0.54			6.68			112

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earning credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Certain non-recurring expenses incurred by the Fund were not annualized for period ended October 31, 2013.

(f) Ratios are disproportionate between classes due to the size of net assets and fixed expenses.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Commencement of operations.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

32

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2013

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 Risk Fund	Class A, Class C, Class R6 and Select Class	Diversified

The investment objective of the Fund is to seek to provide total return.

The Fund commenced operations on February 12, 2013. Currently, the Fund is 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 R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

Basis for Consolidation for the Fund

JPM Diversified Risk Fund Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on October 11, 2012 and is currently a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments on behalf of the Fund consistent with the Fund’s investment objectives and policies as described in the Fund’s prospectus. As of October 31, 2013, net assets of the Fund were $10,420,900 of which $493,856, or approximately 4.7%, represented the Subsidiary’s net assets. The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its consolidated financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities, including investments in Exchange Traded Funds (“ETFs”), listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Fund are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon-rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Certain investments of the Fund may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Fund to value these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.

33

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Fund’s securities. JPMorgan Funds Management, Inc. (the “Administrator”, or “JPMFM”, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”) and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups and the Fund’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Fund’s valuation policies.

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Fund applies fair value pricing on equity securities on a daily basis except for North American, Central American, South American and Caribbean equity securities held in its portfolio by utilizing the quotations of an independent pricing service, unless the Adviser determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Fund calculates its net asset values.

It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

34

The following table represents each valuation input by sector as presented on the CSOI:

				Level 2			Level 3
	Level 1			Other significant observable			Significant unobservable
	Quoted prices			inputs			inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	238,467		$	—		$	—	$	238,467
Consumer Staples		122,459			94,206			—		216,665
Energy		24,233			—			—		24,233
Financials		5,739			—			—		5,739
Health Care		196,896			15,545			—		212,441
Industrials		46,040			37,250			—		83,290
Information Technology		158,018			—			—		158,018
Materials		93,847			—			—		93,847
Telecommunication Services		33,778			—			—		33,778
Utilities		43,254			—			—		43,254
Total Common Stocks		962,731			147,001			—		1,109,732
Exchange Traded Funds		1,353,955			—			—		1,353,955
Preferred Stocks
Consumer Discretionary		18,764			—			—		18,764
Financials		9,885			—			—		9,885
Information Technology		8,128			—			—		8,128
Materials		26,332			—			—		26,332
Utilities		40,433			—			—		40,433
Total Preferred Stocks		103,542			—			—		103,542
Debt Securities
Convertible Bonds
Consumer Discretionary		—			294,817			—		294,817
Consumer Staples		—			45,945			—		45,945
Energy		—			77,927			—		77,927
Financials		—			301,997			—		301,997
Health Care		—			130,656			—		130,656
Industrials		—			93,290			—		93,290
Information Technology		—			184,532			—		184,532
Materials		—			45,191			—		45,191
Total Convertible Bonds		—			1,174,355			—		1,174,355
Short-Term Investment
Investment Company		5,501,016			—			—		5,501,016
Total Investments in Securities	$	7,921,244		$	1,321,356		$	—	$	9,242,600
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	71,735		$	—	$	71,735
Futures Contracts		78,159			—			—		78,159
Swaps		—			163,928			—		163,928
Total Appreciation in Other Financial Instruments	$	78,159		$	235,663		$	—	$	313,822
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(96,119	)	$	—	$	(96,119	)
Futures Contracts		(12,110	)		—			—		(12,110	)
Swaps		—			(18,330	)		—		(18,330	)
Total Depreciation in Other Financial Instruments	$	(12,110	)	$	(114,449	)	$	—	$	(126,559	)

There were no transfers among any levels during the period ended October 31, 2013.

B. Derivatives — The Fund uses instruments including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed its value, as recorded in the Consolidated Statement of Assets and Liabilities (“CSAL”).

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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 also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements gives the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark-to-market gains to the Fund.

Notes B(1) — B(4) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund uses index, equity or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to seek to enhance portfolio performance. The use of futures contracts exposes the Fund to interest rate risk.

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) in the Consolidated Statement of Operations (“CSOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the CSOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the CSOI and cash deposited is recorded on the CSAL. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the CSAL.

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 CSAL, 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.

(2). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency 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 contract was opened and the value at the time it was closed.

(3). Return Swap on Commodity Index — The Fund uses return swaps on commodity futures indices to obtain long and short exposure to commodities markets. The value of a swap agreement is recorded at the beginning of the measurement period. Swap values are based on the values of underlying futures contracts, using the last sale or closing price from the principal exchange on which the contract is traded. Under some circumstances, commodity futures exchanges may establish daily limits on the amount that the price of a commodity futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions. Change in swap values is recorded as Change in net unrealized appreciation or depreciation — swaps on the CSOP. Realized gain or loss is recorded upon termination of a swap and is based on the difference between the contract price and market price of the underlying instrument or when an offsetting position is entered into. Return swaps on commodity indices are subject to quarterly resets. Realized gain or loss is recorded on reset date of the swap and is based on the difference between contract and market price of the underlying instrument.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund (See Note 3.F.) and is reported on the CSAL

36

as Investments in affiliates — restricted. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund. These amounts are not reflected on the Fund’s CSAL. Daily movement of collateral is subject to minimum threshold amounts. As such, the Fund has not posted or received collateral for the period ended October 31, 2013.

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over the counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms. Investing in certain derivatives, including return swaps, also results in a form of leverage and, as such, the Fund’s risk of loss associated with these instruments may exceed their value as recorded in the CSAL.

The Fund’s activities in return swaps are concentrated with a single counterparty. Counterparty credit risk may be mitigated to the extent the counterparty posts collateral for mark to market gains to the Fund.

(4). Portfolio Swaps — The Fund entered into portfolio swap agreements to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity and a significant aspect of the Fund’s investment strategy.

Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs”. Positions within each swap and financing costs are reset monthly. During a reset, any unrealized gains (losses) on positions and accrued financing costs become available for cash settlement between the Fund and the swap counterparty. Cash settlement in and out of each swap may occur at a reset date or any other date, at the discretion of the Fund and counterparty, over the life of the agreement, and is generally determined based on internal limits and thresholds established at both the Fund and counterparty.

Each swap involves additional risks than if the Fund had invested in the underlying positions directly including: the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract, which may limit the ability of the Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. The portfolio swaps consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Fund’s activities in each portfolio swap is concentrated with a single counterparty. Investing in swaps results in a form of leverage (i.e., the Fund’s risk of loss associated with these instruments may exceed their value as recorded on the CSAL).

The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap; and (v) other factors, as applicable. The value of each swap is reflected on the CSAL as Outstanding swap contracts, at value. Changes in the value of each swap are recognized as changes in unrealized appreciation or depreciation in the CSOP.

Cash settlements between the Fund and counterparty are recognized as realized gains or losses in the CSOP.

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(5). Summary of Derivatives Information — The following tables present the value of derivatives held as of October 31, 2013, by their primary underlying risk exposure and respective location on the CSAL:

Derivative Contract	CSAL Location
		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Swaps			Total
Gross Assets:
Interest rate contracts	Receivables, Net Assets – Unrealized Appreciation	$	78,159		$	—		$	—			78,159
Equity contracts	Receivables, Net Assets – Unrealized Appreciation		—			—			163,928			163,928
Foreign exchange contracts	Receivables		—			71,735			—			71,735
Total		$	78,159		$	71,735		$	163,928		$	313,822
Gross Liabilities:
Interest rate contracts	Payables, Net Assets – Unrealized Depreciation	$	(8,668	)	$	—		$	—		$	(8,668	)
Equity contracts	Payables, Net Assets – Unrealized Depreciation		(3,442	)		—			—			(3,442	)
Foreign exchange contracts	Payables		—			(96,119	)		—			(96,119	)
Commodity contracts	Payables		—			—			(18,330	)		(18,330	)
Total		$	(12,110	)	$	(96,119	)	$	(18,330	)	$	(126,559	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported in the CSOI. The CSAL only reflects the current day variation margin receivable/payable to brokers.

The following tables present the Fund’s gross derivative by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Fund as of October 31, 2013:

	Gross Amount of
	Derivative Assets			Derivatives					Net Amount Due
	Presented in the			Available for			Collateral		From Counterparty
Counterparty	CSAL (a)			Offset			Received		(not less than zero)
BNP Paribas	$	1,192		$	(1,192	)	$	—	$	—
Credit Suisse International		12,319			(7,759	)		—		4,560
Deutsche Bank AG		386			(386	)		—		—
Goldman Sachs		26,177			(9,750	)		—		16,427
Morgan Stanley		1,542			(225	)		—		1,317
Royal Bank of Canada		6,123			(6,123	)		—		—
Societe Generale		8,115			(8,115	)		—		—
State Street Bank & Trust		4,575			(4,575	)		—		—
Union Bank of Switzerland AG		173,236			(25,107	)		—		148,129
Westpack Banking Corp.		1,998			(980	)		—		1,018
Exchange Traded Futures (b)		78,159	(c)		—			—		78,159
Total	$	313,822		$	(64,212	)	$	—	$	249,610

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	Gross Amount of
	Derivative
	Liabilities			Derivatives					Net Amount Due
	Presented in the			Available for			Collateral		To Counterparty
Counterparty	CSAL (a)			Offset			Pledged		(not less than zero)
BNP Paribas	$	1,924		$	(1,192	)	$	—	$	732
Citibank, N.A		581			—			—		581
Credit Suisse International		7,759			(7,759	)		—		—
Deutsche Bank AG		18,363			(386	)		—		17,944
Goldman Sachs		9,750			(9,750	)		—		—
Morgan Stanley		225			(225	)		—		—
Royal Bank of Canada		17,412			(6,123	)		—		11,289
Royal Bank of Scotland		657			—			—		657
Societe Generale		22,577			(8,115	)		—		14,462
State Street Bank & Trust		6,809			(4,575	)		—		2,234
State Street Corp.		2,305			—					2,305
Union Bank of Switzerland AG		25,107			(25,107	)		—		—
Westpack Banking Corp.		980			(980	)		—		—
Exchange Traded Futures (b)		12,110	(c)		—			—		12,110
Total	$	126,559		$	(64,212	)		—	$	62,314

(a) For financial reporting purposes the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the CSAL.

(b) These derivatives are not subject to master netting agreements.

(c) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported in the CSOI. The CSAL only reflects the current day variation margin receivable/payable to brokers for futures contracts.

The following tables present the effect of derivatives on the CSOP for the period ended October 31, 2013, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

				Forward Foreign
				Currency Exchange
Derivative Contract	Futures Contracts			Contracts			Swaps			Total
Interest Rate contracts	$	(6,834	)	$	—		$	—		$	(6,834	)
Equity contracts		(109,981	)		—			422,826			312,845
Foreign exchange contracts		—			(48,664	)		—			(48,664	)
Commodity contracts		—			—			(34,652	)		(34,652	)
Total	$	(116,815	)	$	(48,664	)	$	388,174		$	222,695

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

				Forward Foreign
				Currency Exchange
Derivative Contract	Futures Contracts			Contracts			Swaps			Total
Interest Rate contracts	$	69,491		$	—		$	—		$	69,491
Equity contracts		(3,442	)		—			163,928			160,486
Foreign Exchange contracts		—			(24,384	)		—			(24,384	)
Commodity contracts		—			—			(18,330	)		(18,330	)
Total	$	66,049		$	(24,384	)	$	145,598		$	187,263

The Fund’s derivatives contracts held at October 31, 2013 are not accounted for as hedging instruments under GAAP.

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Derivatives Volume

The table below discloses the volume of the Fund’s futures contracts, forward foreign currency exchange contracts and swaps activity during the period ended October 31, 2013. Please refer to the table in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts:
Average Notional Balance Long	$	4,206,681
Average Notional Balance Short		519,596
Ending Notional Balance Long		3,868,647
Ending Notional Balance Short		677,482
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	3,046,409
Average Settlement Value Sold		4,084,608
Ending Settlement Value Purchased		3,667,919
Ending Settlement Value Sold		4,450,583
Return Swaps on Commodity Indices:
Average Notional Balance Long	$	489,629
Ending Notional Balance Long		509,710
Portfolio Swaps:
Average Notional Balance Long	$	5,874,679
Average Notional Balance Short		3,260,447
Ending Notional Balance Long		6,204,833
Ending Notional Balance Short		3,563,342

C. 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.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held or sold during the period. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions on the CSOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, purchase of foreign currency in certain countries that impose a tax on such purchases, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized foreign currency gains and losses arise from changes (due to changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end.

D. Offering and Organizational Costs — Total offering costs of $37,833 incurred in connection with the offering of shares of the 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 the Fund, if any, were recorded as an expense at the time it commenced operations and are included as part of Professional fees in the CSOP.

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. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.

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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.

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 gain on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions and has determined that as of October 31, 2013, no liability for income tax is required in the Fund’s consolidated 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, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

For Federal income tax purposes, taxable income of the Fund and the Subsidiary are separately calculated. The 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 Fund’s taxable income. Net losses of the Subsidiary are not deductible by the Fund either in the current period or carried forward to future periods.

H. 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.

I. Distributions to Shareholders —Distributions from net investment income or net realized capital gains, if any, 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. 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:

			Accumulated
			undistributed
			(distributions in
			excess of)		Accumulated
			net investment		net realized
Paid-in-Capital			income		gains (losses)
$	(148,971	)	$	452,347	$	(303,376	)

The reclassifications for the Fund relate primarily to foreign currency gains or losses, investments in swaps and the Subsidiary taxable income.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser supervises the investments of the Fund and the Subsidiary and for such services is paid a fee. The fee for services to the Fund is accrued daily and paid monthly at an annual rate of 0.90% of the Fund’s average daily net assets.

The Subsidiary has entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiary. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.90% of the Subsidiary’s average daily net assets. The Adviser has agreed to waive the advisory fee that it receives from the Fund in an amount equal to the advisory fee paid to the Adviser by the Subsidiary. This waiver will continue in effect so long as the Fund invests in the Subsidiary and may not be terminated without approval by the Fund’s Board of Trustees.

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 Fund and the Subsidiary. In consideration of these services for the Fund, the Administrator receives a fee accrued daily and paid monthly at the 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 period ended October 31, 2013, the effective rate was 0.09% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.10% of the average daily net assets of the Subsidiary.

41

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. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board of Trustees 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 Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, 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, the Distributor 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 period ended October 31, 2013, the Distributor did not retain front-end sales charges or CDSC.

D. Shareholder Servicing Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly at an annual rate of 0.25% for Class A, Class C and Select Class Shares.

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The Distributor waived Shareholder Servicing fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees in the CSOP. 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 in the CSOP.

Interest income, if any, earned on cash balances at the custodian, is included in Interest income from affiliates in the CSOP.

Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the CSOP.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse expenses to the extent total annual operating expenses of the Fund, inclusive of the Subsidiary (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A			Class C			Class R6			Select Class
	1.30	%		1.80	%		0.95	%		1.05	%

The expense limitation agreement was in effect for the period ended October 31, 2013. The contractual expense limitation percentages in the table above are in place until at least February 28, 2014.

For the period ended October 31, 2013, 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		Administration		Shareholder Servicing		Total		Contractual Reimbursements
$	65,278	$	6,114	$	10,825	$	82,217	$	333,712

42

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Fund’s investment in such affiliated money market fund to the extent that the total waivers do not exceed the total fees charged by the Advisor, the Administrator or shareholder servicing agent. A portion of the waiver is voluntary.

There were no waivers resulting from investments in these money market funds for the period ended October 31, 2013.

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board of Trustees 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 in the CSOP.

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 period ended October 31, 2013, the Fund may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Fund may use related party broker-dealers. For the period ended October 31, 2013, the Fund incurred $27 of 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.

4. Investment Transactions

During the period ended October 31, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding  U.S. Government)		Sales (excluding  U.S. Government)
$	10,289,321	$	6,527,165

During the period ended October 31, 2013, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities, including the Subsidiary, held at October 31, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	9,868,222	$	102,298	$	234,064	$	(131,766	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in contingent preferred debt instruments and investments in the Subsidiary.

There were no distributions paid during the period ended October 31, 2013.

43

As of October 31, 2013, the components of net assets (excluding paid-in-capital) on a tax basis were as follows:

		Current
		Distributable
Current		Long-Term
Distributable		Capital Gain or	Unrealized
Ordinary		(Tax Basis Capital	Appreciation
Income		Loss Carryover)	(Depreciation)
	$636,929	$(62,155)	$(4,889)

The cumulative timing differences primarily consist of mark to market of forward foreign currency contracts, mark to market of future contracts and investments in swaps.

The Federal income tax net unrealized appreciation (depreciation) includes unrealized depreciation of the Fund’s investment in its Subsidiary of $168,146, which, if realized, is not deductible for income tax purposes.

During the period ended October 31, 2013 the Subsidiary had $149,815 of losses for tax purposes. The Subsidiary’s loss for the current year is not available to offset its future taxable income.

As of October 31, 2013, the Fund had post-enactment short-term net capital loss carryforwards of $32,102 and long-term net capital loss carryforwards of $30,053.

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 all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, 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 10, 2014.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2013, or at any time during the period then ended.

Interest expense paid, if any, as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the CSOP.

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.

The Fund’s shares are currently held by the Adviser.

By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

The Fund will employ various alternative investment strategies that involve the use of complicated investment techniques. There is no guarantee that these strategies will succeed and their use may subject the Fund to greater volatility and loss.

44

The Fund may also 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 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 their net asset value (also known as a discount).

Derivatives, including commodity-linked notes, swap agreements, commodity options, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments 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 be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk and to the credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.

The Fund’s investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

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 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 also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swap and option contracts, credit linked notes, exchange-traded notes and forward foreign currency exchange contracts.

45

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Diversified Risk Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule 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 Diversified Risk Fund (a separate Fund of JPMorgan Trust I) and its subsidiary (hereafter referred to as the “Fund”) at October 31, 2013, and the results of their operations, the changes in their net assets and the financial highlights for the period February 12, 2013 (commencement of operations) through October 31, 2013, 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 audit. We conducted our audit 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 audit, which included confirmation of securities at October 31, 2013 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 23, 2013

46

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), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	171	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Professor, City University of New York (effective 7/1/13); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	171	Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present); Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	171	None
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	171	Director, Center for Communication, Hearing and Deafness (1990-present).
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).	171	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-present).
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).	171	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	171	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
William G. Morton, Jr. (1937); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	171	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
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).	171	Trustee, American University in Cairo (1999-present); Chairman, Dartmouth- Hitchcock Medical Center (2013-present); Trustee, Dartmouth- Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).

47

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)
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).	171	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); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	171	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001. Interested Trustee Not Affiliated With the Adviser	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	171	None
Frankie D. Hughes*** (1952), Trustee of Trust since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	171	Trustee, The Victory Portfolios (2000-2008).

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014. In order to fill the vacancies created by the retirement of the Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013.

(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 eleven registered investment companies (171 funds), including JPMorgan Mutual Fund Group which liquidated effective November 29, 2012 and is in the process of winding up its affairs.

* Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Fund’s investment adviser, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with subadvisers to certain J.P. Morgan Funds.

** In connection with prior employment with JPMorgan Chase, Ms. Pardo is the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she 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.

*** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

48

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)**	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. from 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 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

49

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 and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2013, and continued to hold your shares at the end of the reporting period, October 31, 2013.

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. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account  Value, May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During  the Period*		Annualized Expense Ratio
Diversified Risk Fund
Class A
Actual	$	1,000.00	$	1,004.50	$	6.57		1.30	%
Hypothetical		1,000.00		1,018.65		6.61		1.30
Class C
Actual		1,000.00		1,002.60		9.09		1.80
Hypothetical		1,000.00		1,016.13		9.15		1.80
Class R6
Actual		1,000.00		1,006.40		4.80		0.95
Hypothetical		1,000.00		1,020.42		4.84		0.95
Select Class
Actual		1,000.00		1,005.80		5.31		1.05
Hypothetical		1,000.00		1,019.91		5.35		1.05

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

50

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2013, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 22, 2013.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Adviser on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Fund’s performance compared to the performance of the Fund’s peers and benchmarks and analyses by the Adviser of the Fund’s performance. The Adviser also periodically provides comparative information regarding the Fund’s expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Fund, expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreement with representatives of the Adviser and with counsels to the Trust and independent Trustees and received a memorandum from independent counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Trust and independent Trustees at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of the Fund and its shareholders.

51

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser, was also considered.

The Board of Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.

Based on these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Fund for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. The Board also reviewed the adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the adviser.

52

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for the Fund does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Fund benefits from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of the Fund. The Trustees also considered the complexity of investment management for the Fund relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees reviewed the Fund’s performance against its benchmark index and considered the performance information provided for the Fund at regular Board meetings by the Adviser. The performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance are summarized below:

The Trustees noted the performance of the Fund since its inception on February 12, 2013 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund (“Universe Group”). The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. The Trustees recognized that Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

53

The Trustees noted that the Diversified Risk Fund’s estimated net advisory fees and total expenses, which were considered on a class-by-class basis, were in line with identified peer funds. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fees were reasonable.

54

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

55

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.

56

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. October 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 Mitchell Merin. 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

2013 – $1,880,238

2012 – $1,410,800

(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

2013 – $588,850

2012 – $594,190

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

2013 – $396,082

2012 – $319,550

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2013 and 2012, 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

2013 – Not applicable

2012 – 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.

2013 – 0.0%

2012 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

None.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2012 – $32.8 million

2011 – $34.5 million

These amounts also include the aggregate non audit fees billed by the Independent Registered Public Accounting firm for services rendered to J.P. Morgan Chase & Co. (“JPMC”) and certain related entities.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N- CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I

By:	/s/ Robert L. Young
	Robert L. Young President and Principal Executive Officer December 27, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Robert L. Young
	Robert L. Young President and Principal Executive Officer December 27, 2013

By:	/s/ Joy C. Dowd
	Joy C. Dowd Treasurer and Principal Financial Officer December 27, 2013