UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31

Date of reporting period: July 31, 2015

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust I

Schedule of Portfolio Investments as of July 31, 2015

(Unaudited)

THE “UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

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

JPMorgan Distribution Services, Inc.

^© JPMorgan Chase & Co., 2015.

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.0%
		Australia — 19.7%
	3	Amcor Ltd. (m)		28
	5	Aristocrat Leisure Ltd.		31
	4	Asciano Ltd.		25
	2	Australia & New Zealand Banking Group Ltd. (m)		52
	3	BHP Billiton Ltd.		59
	1	Caltex Australia Ltd. (m)		33
	6	Challenger Ltd.		29
	1	CIMIC Group Ltd.		24
	3	Commonwealth Bank of Australia		174
	1	CSL Ltd.		79
	8	Echo Entertainment Group Ltd.		29
	4	Incitec Pivot Ltd.		12
	2	JB Hi-Fi Ltd.		25
	3	Lend Lease Group		31
	1	Macquarie Group Ltd.		75
	1	National Australia Bank Ltd.		32
	6	Oil Search Ltd.		32
	12	Qantas Airways Ltd. (a)		32
	7	QBE Insurance Group Ltd.		75
	1	Ramsay Health Care Ltd.		72
	5	Slater & Gordon Ltd.		12
	10	Telstra Corp., Ltd.		46
	5	Westpac Banking Corp. (m)		130
				1,137
		China — 18.8%
	15	ANTA Sports Products Ltd.		38
	181	Bank of China Ltd., Class H		99
	22	Beijing Capital International Airport Co., Ltd., Class H		23
	19	BYD Electronic International Co., Ltd. (a)		15
	16	China Communications Construction Co., Ltd., Class H		21
	163	China Construction Bank Corp., Class H		133
	27	China Lesso Group Holdings Ltd.		21
	7	China Mengniu Dairy Co., Ltd.		32
	19	China Railway Construction Corp., Ltd., Class H		24
	50	China Telecom Corp., Ltd., Class H		28
	16	China Vanke Co., Ltd., Class H		38
	22	CNOOC Ltd.		27
	28	Huadian Power International Corp., Ltd., Class H		28
	148	Industrial & Commercial Bank of China Ltd., Class H		102

SHARES		SECURITY DESCRIPTION	VALUE($)
		China — continued
	7	New China Life Insurance Co., Ltd., Class H		29
	16	PICC Property & Casualty Co., Ltd., Class H		33
	15	Ping An Insurance Group Co. of China Ltd., Class H		86
	11	Tencent Holdings Ltd.		196
	58	Universal Health International Group Holding Ltd.		25
	122	Xinyi Solar Holdings Ltd.		53
	5	Zhuzhou CSR Times Electric Co., Ltd., Class H		30
				1,081
		Hong Kong — 19.4%
	29	AIA Group Ltd.		186
	42	Beijing Enterprises Water Group Ltd. (a)		31
	15	Belle International Holdings Ltd.		16
	16	BOC Hong Kong Holdings Ltd.		62
	16	Cathay Pacific Airways Ltd.		38
	5	Cheung Kong Infrastructure Holdings Ltd.		43
	8	Cheung Kong Property Holdings Ltd. (a)		67
	16	China Gas Holdings Ltd.		28
	10	China Mobile Ltd.		131
	18	China Overseas Land & Investment Ltd.		57
	21	China Resources Land Ltd.		60
	15	China Taiping Insurance Holdings Co., Ltd. (a)		44
	6	CK Hutchison Holdings Ltd.		89
	25	Dah Sing Banking Group Ltd.		53
	10	Hang Lung Properties Ltd.		29
	6	Kerry Properties Ltd.		22
	26	New World Development Co., Ltd.		31
	30	Pacific Textiles Holdings Ltd.		48
	16	PAX Global Technology Ltd. (a)		26
	12	Shimao Property Holdings Ltd.		21
	7	Wheelock & Co., Ltd.		36
				1,118
		India — 2.4%
	1	Axis Bank Ltd., Reg. S, GDR		64
	1	HDFC Bank Ltd., ADR		41
	2	Infosys Ltd., ADR		34
				139
		Indonesia — 1.3%
	22	Bank Mandiri Persero Tbk PT		16
	25	Bank Rakyat Indonesia Persero Tbk PT		19
	146	Bumi Serpong Damai Tbk PT		19

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Indonesia — continued
	15		United Tractors Tbk PT		22
					76
			Malaysia — 0.4%
	7		Tenaga Nasional Bhd		22
			New Zealand — 0.9%
	29		Air New Zealand Ltd.		50
			Philippines — 1.6%
	7		BDO Unibank, Inc.		15
	146		Megaworld Corp.		15
	10		Metropolitan Bank & Trust Co. (m)		20
	6		Security Bank Corp.		21
	6		Universal Robina Corp. (m)		24
					95
			Singapore — 2.1%
	5		DBS Group Holdings Ltd.		70
	7		Oversea-Chinese Banking Corp., Ltd.		50
					120
			South Korea — 13.8%
	—	(h)	Amorepacific Corp.		55
	1		Hyundai Development Co-Engineering & Construction		34
	—	(h)	Hyundai Motor Co.		21
	1		Kia Motors Corp.		26
	2		Korea Electric Power Corp.		69
	4		Korean Reinsurance Co.		54
	—	(h)	LG Chem Ltd.		48
	—	(h)	Lotte Chemical Corp.		45
	—	(h)	Samsung Electronics Co., Ltd. (m)		229
	—	(h)	Samsung Life Insurance Co., Ltd.		33
	—	(h)	Sansung Life & Science Co., Ltd. (a)		19
	1		Shinhan Financial Group Co., Ltd.		43
	1		SK Hynix, Inc.		36
	—	(h)	SK Innovation Co., Ltd. (a)		37
	—	(h)	SK Telecom Co., Ltd.		16
	1		S-Oil Corp.		31
					796
			Taiwan — 10.2%
	6		Catcher Technology Co., Ltd.		61
	15		Coretronic Corp.		12
	70		CTBC Financial Holding Co., Ltd. (a)		51
	36		E.Sun Financial Holding Co., Ltd.		22
	16		Fubon Financial Holding Co., Ltd.		29
	27		Hon Hai Precision Industry Co., Ltd.		76

SHARES			SECURITY DESCRIPTION	VALUE($)
			Taiwan — continued
	1		Largan Precision Co., Ltd.		64
	16		Pegatron Corp.		45
	45		Taiwan Semiconductor Manufacturing Co., Ltd.		197
	59		Yuanta Financial Holding Co., Ltd.		28
					585
			Thailand — 3.0%
	5		Airports of Thailand PCL		40
	6		Kasikornbank PCL		29
	18		PTT Global Chemical PCL		30
	4		PTT PCL		38
	2		Siam Cement PCL (The)		33
					170
			United Kingdom — 0.4%
	1		Rio Tinto Ltd.		26
			Total Common Stocks (Cost $4,771)		5,415
	Structured Instruments — 6.3%
			India — 6.3%
			Low Exercise Call Warrants — 6.3%
	2		Bharat Petroleum Corp. Ltd., expiring 05/27/2016 (issued through BNP Paribas) (a)		33
	3		Hindustan Petroleum Corp. Ltd., expiring 09/25/15 (issued through BNP Paribas) (a)		47
	3		Housing Development Finance Corp., Ltd., expiring 07/08/2016 (issued through BNP Paribas) (a)		69
	11		IDFC Ltd., expiring 07/08/16 (issued through UBS AG) (a)		26
	3		IndusInd Bank Ltd., expiring 06/25/2017 (issued through UBS AG) (a)		44
	1		Maruti Suzuki India Ltd., expiring 06/05/2018 (issued through UBS AG) (a)		38
	—	(h)	Maruti Suzuki India Ltd., expiring 07/03/2017 (issued through UBS AG) (a)		14
	2		Sun Pharmaceutical Industries Ltd., expiring 06/05/2018 (issued through UBS AG) (a)		19

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Structured Instruments — continued
		India — continued
	5	UPL Ltd., expiring 03/11/16 (issued through BNP Paribas) (a)		39
	3	Yes Bank Ltd., expiring 05/12/17 (issued through UBS AG) (a)		34
		Total Structured Instruments (Cost $314)		363
		Total Investments — 100.3% (Cost $5,085)		5,778
		Liabilities in Excess of Other Assets — (0.3)%		(18	)
		NET ASSETS — 100.0%	$	5,760

Percentages indicated are based on net assets.

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Banks		24.9	%
Insurance		9.4
Real Estate Management & Development		7.4
Technology Hardware, Storage & Peripherals		5.8
Semiconductors & Semiconductor Equipment		4.9
Capital Markets		4.4
Oil, Gas & Consumable Fuels		4.2
Internet Software & Services		3.4
Electronic Equipment, Instruments & Components		3.1
Wireless Telecommunication Services		2.5
Chemicals		2.3
Electric Utilities		2.3
Airlines		2.1
Construction & Engineering		1.8
Textiles, Apparel & Luxury Goods		1.8
Health Care Providers & Services		1.7
Industrial Conglomerates		1.5
Metals & Mining		1.5
Diversified Financial Services		1.5
Biotechnology		1.4
Diversified Telecommunication Services		1.3
Transportation Infrastructure		1.1
Hotels, Restaurants & Leisure		1.0
Food Products		1.0
Personal Products		1.0
Others (each less than 1.0%)		6.7

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, 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.
(a)	—	Non-income producing security.
(h)	—	Amount rounds to less than 1,000 (shares or dollars).
(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 approximately $5,340,000 and 92.4%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	887
Aggregate gross unrealized depreciation		(194	)
Net unrealized appreciation/depreciation	$	693
Federal income tax cost of investments	$	5,085

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (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	$	—	$	1,137	$	—	$	1,137
China		32		1,049		—		1,081
Hong Kong		67		1,051		—		1,118
India		139		—		—		139
Indonesia		—		76		—		76
Malaysia		—		22		—		22
New Zealand		—		50		—		50
Philippines		—		95		—		95
Singapore		—		120		—		120
South Korea		—		796		—		796
Taiwan		22		563		—		585
Thailand		78		92		—		170
United Kingdom		—		26		—		26
Total Common Stocks		338		5,077		—		5,415
Structured Instruments
India		—		363		—		363
Total Investments in Securities	$	338	$	5,440	$	—	$	5,778

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 86.8%
		China — 48.6%
	136	AAC Technologies Holdings, Inc.		768
	382	Angang Steel Co., Ltd., Class H		194
	427	CAR, Inc. (a)		833
	861	China Cinda Asset Management Co., Ltd., Class H		384
	858	China CITIC Bank Corp., Ltd., Class H (a)		612
	193	China Conch Venture Holdings Ltd.		398
	3,444	China Construction Bank Corp., Class H		2,809
	520	China Longyuan Power Group Corp., Ltd., Class H		595
	251	China Machinery Engineering Corp., Class H		190
	109	China Mengniu Dairy Co., Ltd.		493
	569	China Merchants Bank Co., Ltd., Class H		1,470
	460	China Minsheng Banking Corp., Ltd., Class H		517
	166	China Pacific Insurance Group Co., Ltd., Class H		696
	1,456	China Petroleum & Chemical Corp., Class H		1,097
	1,026	China Telecom Corp., Ltd., Class H		574
	394	China Vanke Co., Ltd., Class H		936
	150	Chongqing Changan Automobile Co., Ltd., Class B		318
	264	CNOOC Ltd.		324
	540	CSPC Pharmaceutical Group Ltd.		494
	148	Fuyao Glass Industry Group Co., Ltd., Class H (a) (e)		314
	18	iKang Healthcare Group, Inc., ADR (a)		298
	274	MGM China Holdings Ltd.		581
	323	Phoenix Healthcare Group Co., Ltd.		529
	242	PICC Property & Casualty Co., Ltd., Class H		504
	1,080	Ping An Insurance Group Co. of China Ltd., Class H		6,215
	575	Sunac China Holdings Ltd.		514
	192	Tencent Holdings Ltd.		3,577
	11	Vipshop Holdings Ltd., ADR (a)		205
	115	Wynn Macau Ltd.		238
				26,677
		Hong Kong — 22.4%
	375	AIA Group Ltd.		2,441
	566	Beijing Enterprises Water Group Ltd. (a)		423
	172	BOC Hong Kong Holdings Ltd.		693
	115	Cheung Kong Property Holdings Ltd. (a)		959
	411	China Everbright International Ltd.		631
	71	China Mobile Ltd.		923

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued
	236	China Resources Gas Group Ltd.		720
	207	China Taiping Insurance Holdings Co., Ltd. (a)		617
	410	China Unicom Hong Kong Ltd.		575
	85	CK Hutchison Holdings Ltd.		1,256
	27	Hong Kong Exchanges and Clearing Ltd.		731
	101	Hongkong Land Holdings Ltd.		774
	67	Orient Overseas International Ltd.		328
	652	Sino Biopharmaceutical Ltd.		755
	87	Wheelock & Co., Ltd.		449
				12,275
		Taiwan — 15.8%
	787	Advanced Semiconductor Engineering, Inc.		914
	87	Catcher Technology Co., Ltd.		959
	166	Chipbond Technology Corp.		249
	114	Delta Electronics, Inc.		561
	977	E.Sun Financial Holding Co., Ltd.		594
	491	Fubon Financial Holding Co., Ltd.		896
	11	Largan Precision Co., Ltd.		1,118
	237	Nanya Technology Corp.		257
	62	President Chain Store Corp.		451
	13	Silicon Motion Technology Corp., ADR		351
	106	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		2,342
				8,692
		Total Common Stocks (Cost $34,298)		47,644
NUMBER OF WARRANTS
	Warrants — 4.3%
		China — 4.3%
	115	China South Publishing & Media Group Co., Ltd., expiring 06/03/16 (Strike Price $0.00) (a)		405
	97	Hangzhou Hikvision Digital Technology Co., Ltd., expiring 09/11/15 (Strike Price $0.00) (a)		503
		Industrial Bank Co., Ltd.,
	121	expiring 6/13/2016 (Strike Price $0.00) (a)		303
	67	expiring 7/1/2016 (Strike Price $0.00) (a)		168
	27	Spring Airlines Co., Ltd., expiring 06/16/16 (Strike Price $0.00) (a)		440
	37	Zhejiang Huace Film & TV Co., Ltd., expiring 06/03/16 (Strike Price $0.00) (a)		200

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NUMBER OF WARRANTS		SECURITY DESCRIPTION	VALUE($)
	Warrants — continued
		China — continued
	112	Zhengzhou Yutong Bus Co., Ltd., expiring 01/20/16 (Strike Price $0.00) (a)		350
		Total Warrants (Cost $1,970)		2,369
		Total Investments — 91.1% (Cost $36,268)		50,013
		Other Assets in Excess of Liabilities — 8.9%		4,859
		NET ASSETS — 100.0%	$	54,872

Percentages indicated are based on net assets.

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Insurance		20.9	%
Banks		15.5
Semiconductors & Semiconductor Equipment		8.2
Real Estate Management & Development		7.3
Internet Software & Services		7.2
Electronic Equipment, Instruments & Components		4.9
Diversified Financial Services		3.3
Oil, Gas & Consumable Fuels		2.8
Capital Markets		2.7
Industrial Conglomerates		2.5
Pharmaceuticals		2.5
Diversified Telecommunication Services		2.3
Technology Hardware, Storage & Peripherals		1.9
Wireless Telecommunication Services		1.8
Road & Rail		1.7
Health Care Providers & Services		1.7
Hotels, Restaurants & Leisure		1.6
Machinery		1.5
Gas Utilities		1.4
Commercial Services & Supplies		1.3
Independent Power & Renewable Electricity Producers		1.2
Food Products		1.0
Others (each less than 1.0%)		4.8

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
(a)	—	Non-income producing security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $44,447,000 and 88.9%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	14,261
Aggregate gross unrealized depreciation		(516	)
Net unrealized appreciation/depreciation	$	13,745
Federal income tax cost of investments	$	36,268

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
China	$	996	$	25,681	$	—	$	26,677
Hong Kong		1,733		10,542		—		12,275
Taiwan		3,287		5,405		—		8,692
Total Common Stocks		6,016		41,628		—		47,644
Warrants
China		—		2,369		—		2,369
Total Investments in Securities	$	6,016	$	43,997	$	—	$	50,013

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — 79.1%
	1,573,000	Federal Farm Credit Bank, DN, 0.010%, 08/03/15 (n)		1,573,000
		Federal Home Loan Bank,
	1,339,000	DN, 0.050%, 08/05/15 (n)		1,338,999
	10,910,000	DN, 0.050%, 08/21/15 (m) (n)		10,909,891
		Federal Home Loan Mortgage Corp.,
	13,200,000	DN, 0.040%, 08/14/15 (n)		13,199,921
	13,449,000	DN, 0.057%, 08/06/15 (n)		13,448,973
	4,400,000	DN, 0.075%, 08/19/15 (n)		4,399,960
		Federal National Mortgage Association,
	2,200,000	DN, 0.050%, 08/17/15 (n)		2,199,982
	12,000,000	DN, 0.060%, 10/07/15 (n)		11,998,704
	2,900,000	DN, 0.070%, 08/03/15 (n)		2,900,000
		Total U.S. Government Agency Securities (Cost $61,968,826)		61,969,430
SHARES
	Short-Term Investment — 24.0%
		Investment Company — 24.0%
	18,830,288	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% † (b) (l) (m) ^ (Cost $18,830,288)		18,830,288
		Total Investments — 103.1% (Cost $80,799,114)		80,799,718
		Liabilities in Excess of Other Assets — (3.1)% (c)		(2,451,224	)
		NET ASSETS — 100.0%	$	78,348,494

Percentages indicated are based on net assets.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

Futures Contracts ^

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT JULY 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	60	Brent Crude Oil Futures		08/14/15	USD	$	3,132,600		$	(214,438	)
	35	WTI Crude Oil Futures		08/19/15	USD		1,649,200			(402,301	)
	53	Lean Hogs Futures		10/14/15	USD		1,350,970			(159,356	)
	68	WTI Crude Oil Futures		11/19/15	USD		3,326,560			(328,708	)
	6	CBOT Wheat Futures		12/14/15	USD		151,425			(22,568	)
	1	COMEX Gold 100 oz. Futures		12/29/15	USD		109,510			(912	)
	60	Brent Crude Oil Futures		04/29/16	USD		3,464,400			(143,609	)
	40	WTI Crude Oil Futures		05/19/16	USD		2,099,200			(48,811	)
	30	Natural Gas Futures		03/27/18	USD		955,500			(337,928	)
		Short Futures Outstanding
	(1)	Natural Gas Futures		08/27/15	USD		(27,160	)		497
	(16)	Sugar No. 11 (World Markets) Futures		09/30/15	USD		(199,629	)		21,883
	(4)	Soybean Futures		11/13/15	USD		(188,050	)		(6,112	)
	(1)	Cotton No. 2 Futures		12/08/15	USD		(32,105	)		(3	)
	(6)	Soybean Oil Futures		12/14/15	USD		(109,404	)		14,958
	(3)	Copper Futures		12/29/15	USD		(178,237	)		1,155
	(10)	Natural Gas Futures		03/29/16	USD		(296,600	)		30,374
	(20)	Natural Gas Futures		12/27/17	USD		(714,400	)		63,548
									$	(1,532,331	)

Return Swaps on Commodities^

SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Macquarie Bank Ltd.
	Long Positions
	NYMEX Natural Gas September 2015 Futures		08/26/2015	$	2,154,230	$	(171,529	)
	NYMEX Natural Gas September 2015 Futures		08/26/2015		1,760,850		(49,764	)
	NYMEX Natural Gas September 2015 Futures		08/26/2015		996,800		(46,194	)
	CBOT Hard Red Winter Wheat September 2015 Futures		08/27/2015		909,200		(121,600	)
	NYMEX Gasoline RBOB September 2015 Futures		08/28/2015		4,615,153		(596,176	)
	NYBOT-ICE Sugar No. 11 (World) October 2015 Futures		09/29/2015		3,314,371		(544,311	)
	CME Live Cattle October 2015 Futures		10/01/2015		2,520,000		(68,432	)
	NYMEX Natural Gas November 2015 Futures		10/27/2015		2,923,470		(84,090	)
	CBOT Soybean November 2015 Futures		10/28/2015		4,568,400		(55,160	)
	NYMEX Heating Oil november 2015 Futures		10/29/2015		3,385,213		(176,937	)
	NYBOT-ICE Coffee December 2015 Futures		11/18/2015		1,453,987		(56,497	)
	NYBOT-ICE Cotton No. 2 December 2015 Futures		11/19/2015		2,001,360		(10,840	)
	NYBOT-ICE Cotton No. 2 December 2015 Futures		11/20/2015		1,416,580		(3,956	)
	CBOT Corn No. 2 December 2015 Futures		11/25/2015		5,975,288		(84,975	)
	CBOT Soybean Oil December 2015 Futures		11/25/2015		2,373,000		(93,657	)
	COMEX Silver December 2015 Futures		11/25/2015		3,482,270		(228,030	)
	CBOT Wheat December 2015 Futures		11/27/2015		2,572,925		(124,761	)
	COMEX Gold 100 oz. December 2015 Futures		12/24/2015		9,864,550		(774,231	)
	CBOT Soyabean Meal March 2016 Futures		02/25/2016		2,285,280		9,340
						$	(3,281,800	)

Return Swaps on Commodities Indices^

SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Macquarie Bank Ltd.
	Long Positions
	Dow Jones — UBS Commodity Industrial Metals Index		08/20/2015	$	12,825,000	$	(206,260	)

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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	—	Intercontinental Exchange, Inc.
NYBOT	—	New York Board of Trade
NYMEX	—	New York Mercantile Exchange
RBOB	—	Reformulated gasoline blendstock for oxygen blending
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.
(c)	—	Included in this amount is cash segregated as collateral for futures contracts.
(l)	—	The rate shown is the current yield as of July 31, 2015.
(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.
^	—	All or a portion of the position is held by the Subsidiary.
†	—	Approximately $7,815,000 of this investment is restricted as collateral.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	604
Aggregate gross unrealized depreciation		—
Net unrealized appreciation/depreciation	$	604
Federal income tax cost of investments	$	80,799,114

JPMorgan Commodities Strategy Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

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

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

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

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

The following table represents each valuation input as presented on the Consolidated Schedule of Portfolio Investments (“CSOI”):

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	18,830,288		$	61,969,430		$	—	$	80,799,718
Appreciation in Other Financial Instruments
Futures Contracts	$	132,415		$	—		$	—	$	132,415
Return Swaps		—			9,340			—		9,340
Total Appreciation in Other Financial Instruments	$	132,415		$	9,340		$	—	$	141,755
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,664,746	)	$	—		$	—	$	(1,664,746	)
Return Swaps		—			(3,497,400	)		—		(3,497,400	)
Total Depreciation in Other Financial Instruments	$	(1,664,746	)	$	(3,497,400	)	$	—	$	(5,162,146	)

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

There were no transfers among any levels during the period ended July 31, 2015.

A. Derivatives — The Fund uses instruments including futures and swaps in connection with its 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 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 their value.

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

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

Notes (1) — (2) below describe the various derivatives used by the Fund.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

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

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 up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

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

(2). 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. Realized gain or loss is recorded upon termination of a swap and is based on the difference between the contract price and market price of the underlying instrument or when an offsetting position is entered into. Return swaps on commodity indices are subject to monthly/quarterly resets. Realized gain or loss is recorded on reset date of the swap and is based on the difference between contract and market price of underlying instrument.

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 31.6%
		Consumer Discretionary — 4.0%
		Auto Components — 1.9%
	71,000	Calsonic Kansei Corp., (Japan) (m)		517,895
	18,500	NOK Corp., (Japan)		541,886
	189,092	Pirelli & C. S.p.A., (Italy)		3,126,454
	25,496	Remy International, Inc.		754,682
	27,300	Sumitomo Rubber Industries Ltd., (Japan)		411,356
	24,400	Tokai Rika Co., Ltd., (Japan) (m)		613,074
				5,965,347
		Automobiles — 0.2%
	14,300	Fuji Heavy Industries Ltd., (Japan) (m)		528,350
		Hotels, Restaurants & Leisure — 0.2%
	2,300	Cheesecake Factory, Inc. (The)		132,802
	136,320	Echo Entertainment Group Ltd., (Australia)		499,123
				631,925
		Household Durables — 0.4%
	24,200	Alpine Electronics, Inc., (Japan) (m)		398,703
	39,000	Sekisui Chemical Co., Ltd., (Japan) (m)		432,708
	47,000	Sumitomo Forestry Co., Ltd., (Japan)		557,381
				1,388,792
		Internet & Catalog Retail — 0.9%
	255,794	Orbitz Worldwide, Inc. (a)		2,885,356
		Leisure Products — 0.2%
	23,200	Heiwa Corp., (Japan) (m)		509,474
		Media — 0.1%
	1,500	Aimia, Inc., (Canada)		16,218
	8,901	Interpublic Group of Cos., Inc. (The)		189,591
	55,962	SFX Entertainment, Inc. (a)		177,959
				383,768
		Multiline Retail — 0.1%
	139,668	Harvey Norman Holdings Ltd., (Australia)		454,295
		Specialty Retail — 0.0% (g)
	400	Caleres, Inc.		13,216
		Total Consumer Discretionary		12,760,523
		Consumer Staples — 0.3%
		Food & Staples Retailing — 0.0% (g)
	700	Empire Co., Ltd., (Canada)		47,314
	700	George Weston Ltd., (Canada)		58,790
				106,104
		Food Products — 0.1%
	3,800	Campbell Soup Co.		187,378
	1,400	Flowers Foods, Inc.		30,324
	2,711	McCormick & Co., Inc. (Non-Voting)		222,329
				440,031
		Tobacco — 0.2%
	7,070	Reynolds American, Inc.		606,535
		Total Consumer Staples		1,152,670

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 0.4%
		Energy Equipment & Services — 0.1%
	54,552	WorleyParsons Ltd., (Australia)		365,893
		Oil, Gas & Consumable Fuels — 0.3%
	635,708	Beach Energy Ltd., (Australia)		451,079
	18,662	Woodside Petroleum Ltd., (Australia) (m)		485,242
				936,321
		Total Energy		1,302,214
		Financials — 3.9%
		Banks — 0.5%
	45,455	Bank of Queensland Ltd., (Australia)		455,859
	69,300	Mitsubishi UFJ Financial Group, Inc., (Japan)		504,302
	101,100	Resona Holdings, Inc., (Japan)		555,820
				1,515,981
		Insurance — 3.4%
	40,856	HCC Insurance Holdings, Inc.		3,152,449
	82,182	Montpelier Re Holdings Ltd., (Bermuda)		3,505,062
	4,700	Old Republic International Corp.		78,631
	7,193	PartnerRe Ltd., (Bermuda) (m)		977,960
	26,988	StanCorp Financial Group, Inc.		3,077,172
	4,900	Sun Life Financial, Inc., (Canada)		159,943
				10,951,217
		Total Financials		12,467,198
		Health Care — 5.9%
		Biotechnology — 1.9%
	42,384	KYTHERA Biopharmaceuticals, Inc. (a)		3,158,456
	13,387	Receptos, Inc. (a)		3,050,362
				6,208,818
		Health Care Equipment & Supplies — 1.3%
	15,793	Alere, Inc. (a)		767,698
	3,884	Stryker Corp.		397,216
	48,624	Thoratec Corp. (a)		3,077,413
				4,242,327
		Health Care Providers & Services — 1.2%
	32,787	Omnicare, Inc.		3,175,421
	33,984	Sonic Healthcare Ltd., (Australia)		512,757
				3,688,178
		Pharmaceuticals — 1.5%
	36,530	Hospira, Inc. (a)		3,267,608
	13,000	Kaken Pharmaceutical Co., Ltd., (Japan)		484,359
	30,500	Mitsubishi Tanabe Pharma Corp., (Japan) (m)		507,817
	14,900	Shionogi & Co., Ltd., (Japan)		593,613
				4,853,397
		Total Health Care		18,992,720

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Industrials — 4.8%
		Air Freight & Logistics — 1.0%
	371,733	TNT Express N.V., (Netherlands)		3,111,043
		Building Products — 0.2%
	67,500	Sanwa Holdings Corp., (Japan) (m)		511,367
	300	Universal Forest Products, Inc.		19,050
				530,417
		Commercial Services & Supplies — 0.3%
	162,484	Downer EDI Ltd., (Australia)		539,181
	92,016	Mineral Resources Ltd., (Australia)		363,773
				902,954
		Construction & Engineering — 0.2%
	1,000	EMCOR Group, Inc.		47,830
	30,000	Nippo Corp., (Japan) (m)		527,718
	400	WSP Global, Inc., (Canada)		13,402
				588,950
		Electrical Equipment — 1.3%
	104,000	Fuji Electric Co., Ltd., (Japan) (m)		429,962
	60,854	GrafTech International Ltd. (a)		306,096
	37,000	Mitsubishi Electric Corp., (Japan) (m)		397,389
	52,604	Polypore International, Inc. (a)		3,162,552
				4,295,999
		Machinery — 1.6%
	104,000	Kawasaki Heavy Industries Ltd., (Japan ) (m)		455,827
	25,379	Pall Corp. (m)		3,209,175
	77,000	Sumitomo Heavy Industries Ltd., (Japan)		388,623
	10,100	Takeuchi Manufacturing Co., Ltd., (Japan)		620,550
	63,000	Tsubakimoto Chain Co., (Japan) (m)		537,240
				5,211,415
		Road & Rail — 0.1%
	27,362	Quality Distribution, Inc. (a)		435,330
		Trading Companies & Distributors — 0.1%
	40,200	ITOCHU Corp., (Japan) (m)		492,122
		Total Industrials		15,568,230
		Information Technology — 5.4%
		Communications Equipment — 0.4%
	2,669	Harris Corp.		221,367
	35,000	Hitachi Kokusai Electric, Inc., (Japan)		471,891
	2,266	InterDigital, Inc.		122,523
	21,637	Juniper Networks, Inc.		614,924
				1,430,705
		Electronic Equipment, Instruments & Components — 0.6%
	16,300	Alps Electric Co., Ltd., (Japan) (m)		513,760
	16,000	Hitachi High-Technologies Corp., (Japan) (m)		372,929

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — continued
	20,000	Japan Aviation Electronics Industry Ltd., (Japan)		444,650
	264,000	Oki Electric Industry Co., Ltd., (Japan)		542,584
	8,083	RealD, Inc. (a)		101,442
	1,600	TTM Technologies, Inc. (a)		14,608
				1,989,973
		Internet Software & Services — 1.4%
	50,115	Dealertrack Technologies, Inc. (a)		3,110,638
	51,979	Xoom Corp. (a)		1,291,678
				4,402,316
		Semiconductors & Semiconductor Equipment — 1.6%
	60,636	Altera Corp. (m)		3,011,184
	36,981	Integrated Silicon Solution, Inc.		810,993
	44,005	OmniVision Technologies, Inc. (a)		1,074,602
	16,836	REC Solar ASA, (Singapore) (a)		219,507
				5,116,286
		Software — 1.1%
	65,787	Informatica Corp. (a)		3,191,985
	1,100	Progress Software Corp. (a)		32,648
	13,552	RealPage, Inc. (a)		260,199
				3,484,832
		Technology Hardware, Storage & Peripherals — 0.3%
	15,600	FUJIFILM Holdings Corp., (Japan) (m)		618,676
	28,000	Seiko Epson Corp., (Japan)		494,704
				1,113,380
		Total Information Technology		17,537,492
		Materials — 4.0%
		Chemicals — 3.2%
	41,289	Cytec Industries, Inc.		3,064,882
	44,000	Daicel Corp., (Japan) (m)		596,381
	184,000	DIC Corp., (Japan) (m)		432,989
	5,000	Eastman Chemical Co.		392,000
	18,981	K+S AG, (Germany)		778,793
	39,227	OM Group, Inc.		1,329,011
	22,578	Sigma-Aldrich Corp.		3,152,114
	81,000	Tosoh Corp., (Japan)		422,262
				10,168,432
		Construction Materials — 0.1%
	159,326	CSR Ltd., (Australia) (m)		434,765
		Metals & Mining — 0.7%
	141,313	Independence Group NL, (Australia)		388,909
	21,600	JFE Holdings, Inc., (Japan)		404,479
	266,000	Kobe Steel Ltd., (Japan) (m)		411,448
	155,000	Mitsubishi Materials Corp., (Japan) (m)		561,111

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Metals & Mining — 0.7%
	11,936	Rio Tinto Ltd., (United Kingdom) (m)		458,548
				2,224,495
		Paper & Forest Products — 0.0% (g)
	3,094	KapStone Paper & Packaging Corp.		72,400
		Total Materials		12,900,092
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.4%
	192,058	iiNET Ltd., (Australia)		1,318,043
		Wireless Telecommunication Services — 0.2%
	21,900	KDDI Corp., (Japan) (m)		555,955
		Total Telecommunication Services		1,873,998
		Utilities — 2.3%
		Electric Utilities — 2.3%
	54,436	Cleco Corp.		2,962,951
	43,647	Hawaiian Electric Industries, Inc.		1,307,228
	115,077	Pepco Holdings, Inc.		3,070,254
		Total Utilities		7,340,433
		Total Common Stocks (Cost $102,135,405)		101,895,570
	Preferred Stocks — 2.2%
		Consumer Staples — 0.3%
		Food Products — 0.3%
	14,650	Tyson Foods, Inc., 4.750%, 07/15/17 ($50 par value)		790,367
		Financials — 0.9%
		Banks — 0.5%
	773	Bank of America Corp., Series L, 7.250% ($1000 par value)		859,808
	745	Wells Fargo & Co., Series L, 7.500% ($1000 par value)		888,122
				1,747,930
		Real Estate Investment Trusts (REITs) — 0.4%
	4,900	American Tower Corp., Series A, 5.250%, 05/15/17 ($100 par value)		507,395
	4,750	Health Care REIT, Inc., Series I, 6.500% ($50 par value)		295,925
	9,600	Weyerhaeuser Co., Series A, 6.375%, 07/01/16 ($50 par value)		493,248
				1,296,568
		Total Financials		3,044,498
		Industrials — 0.3%
		Machinery — 0.3%
	6,100	Stanley Black & Decker, Inc., 4.750%, 11/17/15 ($100 par value)		880,596

SHARES			SECURITY DESCRIPTION	VALUE($)
			Materials — 0.2%
			Metals & Mining — 0.2%
	15,350		Alcoa, Inc., Series 1, 5.375%, 10/01/17 ($50 par value)		553,828
			Utilities — 0.5%
			Electric Utilities — 0.3%
	16,200		Exelon Corp., 6.500%, 06/01/17 ($50 par value)		757,188
			NextEra Energy, Inc.,
	3,450		5.799%, 09/01/16 ($50 par value)		199,393
					956,581
			Multi-Utilities — 0.2%
			Dominion Resources, Inc.,
	3,750		6.375%, 07/01/17 ($50 par value)		189,300
	4,300		Series A, 6.125%, 04/01/16 ($49 par value)		242,864
	4,300		Series B, 6.000%, 07/01/16 ($49 par value)		243,982
					676,146
			Total Utilities		1,632,727
			Total Preferred Stocks (Cost $7,258,821)		6,902,016
PRINCIPAL/ UNIT AMOUNT($)
	Convertible Bonds — 12.9%
			Consumer Discretionary — 1.8%
			Automobiles — 0.2%
	600,000	Units	Fiat Chrysler Automobiles N.V., (Netherlands), 7.875%, 12/15/16		813,720
			Household Durables — 0.3%
	389,000		Lennar Corp., 3.250%, 11/15/21 (e)		879,626
			Internet & Catalog Retail — 0.6%
			Ctrip.com International Ltd., (Cayman Islands),
	893,000		1.250%, 10/15/18		1,009,648
			Priceline Group, Inc. (The),
	148,000		0.350%, 06/15/20		172,975
	125,000		1.000%, 03/15/18		174,766
	506,000		Vipshop Holdings Ltd., (Cayman Islands), 1.500%, 03/15/19		593,917
					1,951,306
			Media — 0.6%
			Liberty Interactive LLC,
	395,000		0.750%, 03/30/43		654,219
	573,807		1.000%, 09/30/43 (e)		577,035

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

PRINCIPAL/ UNIT AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Media — continued
		Liberty Media Corp.,
	646,000	1.375%, 10/15/23		623,390
				1,854,644
		Textiles, Apparel & Luxury Goods — 0.1%
		Iconix Brand Group, Inc.,
	194,000	1.500%, 03/15/18		186,604
	195,000	2.500%, 06/01/16		192,562
				379,166
		Total Consumer Discretionary		5,878,462
		Energy — 0.6%
		Energy Equipment & Services — 0.4%
	816,000	Hornbeck Offshore Services, Inc., 1.500%, 09/01/19		649,740
		SEACOR Holdings, Inc.,
	711,000	2.500%, 12/15/27		692,780
	87,000	2.500%, 12/15/27		84,771
				1,427,291
		Oil, Gas & Consumable Fuels — 0.2%
		Chesapeake Energy Corp.,
	280,000	2.500%, 05/15/37		251,300
	171,000	2.500%, 05/15/37		157,747
	269,000	2.750%, 11/15/35		265,638
				674,685
		Total Energy		2,101,976
		Financials — 1.5%
		Capital Markets — 0.4%
	762,000	Ares Capital Corp., 5.750%, 02/01/16		772,478
	672,000	Prospect Capital Corp., 4.750%, 04/15/20		633,360
				1,405,838
		Real Estate Investment Trusts (REITs) — 1.0%
	665,000	Colony Capital, Inc., 3.875%, 01/15/21		670,819
	684,000	DDR Corp., 1.750%, 11/15/40		764,797
	330,000	Host Hotels & Resorts LP, 2.500%, 10/15/29 (e)		503,456
		Spirit Realty Capital, Inc.,
	276,000	2.875%, 05/15/19		262,373
	244,000	3.750%, 05/15/21		228,445
		Starwood Property Trust, Inc.,
	355,000	4.000%, 01/15/19		378,075
	233,000	4.550%, 03/01/18		243,048
				3,051,013
		Thrifts & Mortgage Finance — 0.1%
	162,000	Radian Group, Inc., 2.250%, 03/01/19		282,285
		Total Financials		4,739,136

PRINCIPAL/ UNIT AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care — 3.5%
		Biotechnology — 1.8%
	740,000	Acorda Therapeutics, Inc., 1.750%, 06/15/21		762,662
	741,000	Aegerion Pharmaceuticals, Inc., 2.000%, 08/15/19 (e)		606,231
		BioMarin Pharmaceutical, Inc.,
	357,000	0.750%, 10/15/18		586,149
	348,000	1.500%, 10/15/20		585,293
	591,000	Cepheid, 1.250%, 02/01/21		654,533
	176,000	Gilead Sciences, Inc., Series D, 1.625%, 05/01/16		914,430
	661,000	Isis Pharmaceuticals, Inc., 1.000%, 11/15/21 (e)		701,486
	903,000	PDL BioPharma, Inc., 4.000%, 02/01/18		826,809
				5,637,593
		Health Care Equipment & Supplies — 0.5%
		Hologic, Inc.,
	168,000	SUB, 0.000%, 12/15/43		210,420
	158,000	Series 2010, SUB, 2.000%, 12/15/37		287,659
	174,000	Series 2012, SUB, 2.000%, 03/01/42		244,796
	445,000	Teleflex, Inc., 3.875%, 08/01/17		968,710
				1,711,585
		Health Care Providers & Services — 0.8%
		Anthem, Inc.,
	360,000	2.750%, 10/15/42		741,825
		Molina Healthcare, Inc.,
	274,000	1.125%, 01/15/20		515,976
	341,000	1.625%, 08/15/44		471,433
	640,000	Omnicare, Inc., 3.500%, 02/15/44		937,600
				2,666,834
		Life Sciences Tools & Services — 0.1%
	187,000	Illumina, Inc., 0.500%, 06/15/21		228,724
		Pharmaceuticals — 0.3%
	800,000	Jazz Investments I Ltd., (Bermuda), 1.875%, 08/15/21 (e)		972,000
		Total Health Care		11,216,736
		Industrials — 0.6%
		Air Freight & Logistics — 0.2%
	634,000	UTi Worldwide, Inc., (United Kingdom), 4.500%, 03/01/19		597,941
		Machinery — 0.2%
	436,000	Trinity Industries, Inc., 3.875%, 06/01/36		585,058
		Transportation Infrastructure — 0.2%
	530,000	Macquarie Infrastructure Corp., 2.875%, 07/15/19		631,031
		Total Industrials		1,814,030

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

PRINCIPAL/ UNIT AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Information Technology — 4.6%
		Communications Equipment — 0.3%
	797,000	Brocade Communications Systems, Inc., 1.375%, 01/01/20 (e)		787,037
	201,000	Ciena Corp., 3.750%, 10/15/18 (e)		286,928
				1,073,965
		Internet Software & Services — 1.1%
	544,000	j2 Global, Inc., 3.250%, 06/15/29		644,300
	598,000	MercadoLibre, Inc., 2.250%, 07/01/19		715,357
	400,000	Qihoo 360 Technology Co., Ltd., (Cayman Islands), 2.500%, 09/15/18		388,000
	597,000	SINA Corp., (Cayman Islands), 1.000%, 12/01/18		557,822
	926,000	Yandex N.V., (Netherlands), 1.125%, 12/15/18		781,312
	637,000	YY, Inc., (Cayman Islands), 2.250%, 04/01/19		604,354
				3,691,145
		IT Services — 0.3%
	800,000	Euronet Worldwide, Inc., 1.500%, 10/01/44 (e)		936,500
		Semiconductors & Semiconductor Equipment — 1.4%
		Intel Corp.,
	221,000	2.950%, 12/15/35		260,089
	189,000	3.250%, 08/01/39		274,759
		Lam Research Corp.,
	152,000	0.500%, 05/15/16		191,900
	273,000	1.250%, 05/15/18		372,474
		Microchip Technology, Inc.,
	400,000	1.625%, 02/15/25 (e)		376,000
	213,000	2.125%, 12/15/37		367,425
	77,000	Micron Technology, Inc., Series G, 3.000%, 11/15/43		71,706
	101,000	Novellus Systems, Inc., 2.625%, 05/15/41		228,197
		NVIDIA Corp.,
	524,000	1.000%, 12/01/18		599,980
	800,000	NXP Semiconductors N.V., (Netherlands), 1.000%, 12/01/19 (e)		939,000
	550,000	Xilinx, Inc., 2.625%, 06/15/17		807,813
				4,489,343
		Software — 1.1%
	821,000	Citrix Systems, Inc., 0.500%, 04/15/19		883,088
	464,000	Electronic Arts, Inc., 0.750%, 07/15/16		1,044,870
	873,000	Nuance Communications, Inc., 2.750%, 11/01/31		886,641
	541,000	Verint Systems, Inc., 1.500%, 06/01/21		600,172
				3,414,771

PRINCIPAL/ UNIT AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Technology Hardware, Storage & Peripherals — 0.4%
	751,000	Electronics For Imaging, Inc., 0.750%, 09/01/19 (e)		787,611
		SanDisk Corp.,
	232,000	0.500%, 10/15/20		231,710
	270,000	1.500%, 08/15/17		357,413
				1,376,734
		Total Information Technology		14,982,458
		Materials — 0.3%
		Metals & Mining — 0.3%
	261,000	Newmont Mining Corp., Series B, 1.625%, 07/15/17		260,021
	520,000	United States Steel Corp., 2.750%, 04/01/19		576,875
		Total Materials		836,896
		Total Convertible Bonds (Cost $40,183,950)		41,569,694
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Health Care — 0.0% (g)
		Biotechnology — 0.0%
	2,982	Chelsea Therapeutics International Ltd. (a) (i)		—
		Life Sciences Tools & Services — 0.0% (g)
	402	Furiex Pharmaceuticals, Inc. (a) (i)		3,928
		Total Health Care		3,928
		Telecommunication Services — 0.0% (g)
		Wireless Telecommunication Services — 0.0% (g)
	3,314	Leap Wireless International, Inc. (a) (i)		8,351
		Total Rights (Cost $–)		12,279
SHARES
	Short-Term Investment — 50.8%
		Investment Company — 50.8%
	163,680,770	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m) ^^ (Cost $163,680,770)		163,680,770
		Total Investments — 97.5% (Cost $313,258,946)		314,060,329
		Other Assets in Excess of
		Liabilities — 2.5% (c)		8,175,558
		NET ASSETS — 100.0%	$	322,235,887

Percentages indicated are based on net assets.

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JULY 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	62	Lean Hogs Futures ^		08/14/15		USD	$	1,946,800		$	36,957
	17	LME Zinc Futures ^		08/17/15		USD		811,963			(59,764	)
	5	CAC 40 Index		08/21/15		EUR		279,175			(790	)
	6	Feeder Cattle Futures ^		08/27/15		USD		632,175			(25,655	)
	1	Hang Seng Index		08/28/15		HKD		158,185			1,378
	6	Live Cattle Futures ^		08/31/15		USD		349,680			4,312
	52	Euro Schatz		09/08/15		EUR		6,355,946			3,444
	4	TOPIX Index		09/10/15		JPY		535,765			(573	)
	3	CBOT Wheat Futures ^		09/14/15		USD		74,888			(6,984	)
	12	Soybean Futures ^		09/14/15		USD		571,950			30,927
	168	10 Year Australian Government Bond		09/15/15		AUD		15,692,899			431,587
	19	Cocoa Futures ^		09/15/15		GBP		632,297			(13,978	)
	55	Cocoa Futures ^		09/15/15		USD		1,764,950			133,310
	5	Euro STOXX 50 Index		09/18/15		EUR		197,575			41
	2	FTSE/MIB Index		09/18/15		EUR		258,418			3,764
	242	10 Year U.S. Treasury Note		09/21/15		USD		30,839,875			35,414
	34	Feeder Cattle Futures ^		09/24/15		USD		3,531,750			(185,313	)
	128	Long Gilt		09/28/15		GBP		23,447,237			161,407
	24	2 Year U.S. Treasury Note		09/30/15		USD		5,257,500			9,310
	2	5 Year U.S. Treasury Note		09/30/15		USD		239,688			1,668
	41	Lean Hogs Futures ^		10/14/15		USD		1,045,090			(33,151	)
	11	Gold 100 OZ Futures ^		10/28/15		USD		1,204,170			(97,939	)
	15	Feeder Cattle Futures ^		10/29/15		USD		1,543,500			(96,807	)
	22	Live Cattle Futures ^		10/30/15		USD		1,284,140			(47,295	)
	19	Soybean Futures ^		11/13/15		USD		893,238			(4,418	)
	23	Cotton No.2 Futures ^		12/08/15		USD		738,415			(11,442	)
	18	Cocoa Futures ^		12/15/15		USD		579,780			27,198
	1	Gold 100 OZ Futures ^		12/29/15		USD		109,510			(7,542	)
		Short Futures Outstanding
	(63)	LME Aluminum Futures ^		08/17/15		USD		(2,503,462	)		207,791
	(13)	LME Nickel Futures ^		08/17/15		USD		(858,351	)		73,008
	(45)	WTI Crude Futures ^		08/20/15		USD		(2,120,400	)		499,672
	(10)	Natural Gas Futures ^		08/27/15		USD		(271,600	)		(2,296	)
	(14)	Euro Bobl		09/08/15		EUR		(2,003,581	)		(6,822	)
	(134)	Euro Bund		09/08/15		EUR		(22,722,353	)		(323,620	)
	(1)	Euro-Buxl 30-Year Bond		09/08/15		EUR		(171,327	)		(4,536	)
	(23)	10 Year Japanese Government Bond		09/10/15		JPY		(27,382,499	)		(119,865	)
	(86)	Corn Futures ^		09/14/15		USD		(1,595,300	)		(25,791	)
	(39)	LME Aluminum Futures ^		09/14/15		USD		(1,564,388	)		92,126
	(3)	LME Nickel Futures ^		09/14/15		USD		(198,315	)		15,444
	(6)	LME Zinc Futures ^		09/14/15		USD		(286,613	)		19,882
	(6)	3 Year Australian Government Bond		09/15/15		AUD		(490,629	)		(1,502	)
	(9)	SPI 200 Index		09/17/15		AUD		(929,385	)		(19,787	)
	(5)	Coffee ‘C’ Futures ^		09/18/15		USD		(234,844	)		14,461
	(257)	E-mini S&P 500		09/18/15		USD		(26,964,440	)		(177,462	)
	(187)	10 Year Canadian Government Bond		09/21/15		CAD		(20,457,973	)		(514,277	)
	(3)	U.S. Long Bond		09/21/15		USD		(467,812	)		(14,350	)
	(1)	Copper Futures ^		09/28/15		USD		(59,088	)		3,110
	(5)	Silver Futures ^		09/28/15		USD		(368,625	)		4,737
	(23)	Sugar No. 11 (World Markets) Futures ^		09/30/15		USD		(286,966	)		51,845
	(59)	Cotton No.2 Futures ^		10/08/15		USD		(1,888,295	)		98,188
	(52)	Corn Futures ^		12/14/15		USD		(991,250	)		(11,354	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JULY 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
	(14)	Coffee ‘C’ Futures ^		12/18/15		USD	$	(674,625	)	$	43,759
	(18)	Live Cattle Futures ^		12/31/15		USD		(1,061,640	)		36,497
	(81)	Sugar No. 11 (World Markets) Futures ^		02/29/16		USD		(1,124,928	)		138,778
	(81)	Sugar No. 11 (World Markets) Futures ^		04/29/16		USD		(1,134,000	)		114,979
										$	481,681

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JULY 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	163,053	AUD	BNP Paribas		08/18/15	$	119,270	$	119,085	$	(185	)
	3,546,320	AUD	Citibank, N.A.		08/18/15		2,707,594		2,590,035		(117,559	)
	1,275,263	AUD	HSBC Bank, N.A.		08/18/15		952,627		931,381		(21,246	)
	6,643,842	BRL	Goldman Sachs International †		08/18/15		2,088,011		1,930,277		(157,734	)
	4,169,086	CAD	Goldman Sachs International		08/18/15		3,201,516		3,187,430		(14,086	)
	5,477,471	CAD	Standard Chartered Bank		08/18/15		4,334,203		4,187,741		(146,462	)
	10,584,581	CZK	Deutsche Bank AG		08/18/15		430,148		429,169		(979	)
	4,274,002	EUR	Citibank, N.A.		08/18/15		4,745,795		4,694,737		(51,058	)
	682,612	EUR	Standard Chartered Bank		08/18/15		753,282		749,809		(3,473	)
	1,431,660	GBP	Citibank, N.A.		08/18/15		2,236,303		2,235,528		(775	)
	831,610	GBP	HSBC Bank, N.A.		08/18/15		1,293,092		1,298,553		5,461
	20,717,897,027	IDR	Deutsche Bank AG †		08/18/15		1,539,220		1,526,826		(12,394	)
	2,047,640	ILS	Deutsche Bank AG		08/18/15		539,901		542,736		2,835
	121,825,224	INR	Westpac Banking Corp. †		08/19/15		1,907,394		1,899,165		(8,229	)
	68,713,431	JPY	BNP Paribas		08/18/15		556,675		554,503		(2,172	)
	153,266,349	JPY	Deutsche Bank AG		08/18/15		1,265,894		1,236,827		(29,067	)
	218,689,432	JPY	Goldman Sachs International		08/18/15		1,783,774		1,764,778		(18,996	)
	22,797,344	NOK	Deutsche Bank AG		08/18/15		2,814,910		2,790,014		(24,896	)
	900,894	NZD	Citibank, N.A.		08/18/15		606,024		593,980		(12,044	)
	2,104,853	PLN	Deutsche Bank AG		08/18/15		555,708		557,770		2,062
	2,333,375	RON	Merrill Lynch International		08/18/15		577,208		581,246		4,038
	100,206,987	RUB	Merrill Lynch International †		08/18/15		1,749,729		1,620,072		(129,657	)
	4,200,074	SEK	Merrill Lynch International		08/18/15		503,819		486,981		(16,838	)
	4,969,844	TRY	HSBC Bank, N.A.		08/18/15		1,825,846		1,786,084		(39,762	)
	14,318,528	TWD	Merrill Lynch International †		08/18/15		463,383		451,891		(11,492	)
	25,581,520	ZAR	Deutsche Bank AG		08/18/15		2,045,282		2,017,126		(28,156	)
						$	41,596,608	$	40,763,744	$	(832,864	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JULY 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
9,626,090	AUD	BNP Paribas		08/18/15	$	7,138,462	$	7,030,361	$	108,101
1,930,181	BRL	Citibank, N.A. †		08/18/15		609,274		560,787		48,487
9,245,196	CAD	Australia and New Zealand Banking Group Limited		08/18/15		7,369,655		7,068,314		301,341
1,638,076	CAD	Citibank, N.A.		08/18/15		1,261,592		1,252,374		9,218
4,210,899	CAD	HSBC Bank, N.A.		08/18/15		3,331,678		3,219,397		112,281
48,181,546	CZK	Royal Bank of Canada		08/18/15		1,966,960		1,953,597		13,363
11,905,055	EUR	Royal Bank of Canada		08/18/15		13,141,728		13,076,993		64,735
7,843,276	ILS	Deutsche Bank AG		08/18/15		2,077,678		2,078,894		(1,216	)
121,825,224	INR	Merrill Lynch International †		08/19/15		1,899,364		1,899,165		199
2,394,620,249	JPY	BNP Paribas		08/18/15		19,354,998		19,324,085		30,913
314,821,761	JPY	Citibank, N.A.		08/18/15		2,556,799		2,540,546		16,253
3,896,329	NOK	Citibank, N.A.		08/18/15		492,630		476,846		15,784
9,202,904	NZD	Merrill Lynch International		08/18/15		6,131,472		6,067,688		63,784
7,878,812	PLN	HSBC Bank, N.A.		08/18/15		2,068,100		2,087,824		(19,724	)
8,481,264	RON	Deutsche Bank AG		08/18/15		2,085,108		2,112,690		(27,582	)
45,954,459	SEK	Deutsche Bank AG		08/18/15		5,408,116		5,328,222		79,894
859,548	TRY	Goldman Sachs International		08/18/15		315,892		308,908		6,984
61,789,298	TWD	Westpac Banking Corp. †		08/18/15		1,998,683		1,950,061		48,622
7,119,187	ZAR	Goldman Sachs International		08/18/15		577,207		561,354		15,853
					$	79,785,396	$	78,898,106	$	887,290

Total Return Basket Swaps* Outstanding at July 31, 2015

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short positions and pays one month LIBOR plus a spread for long positions, with the exception of long positions denominated in HKD which pays one day LIBOR plus a spread, or one day Federal Funds floating rate for short positions, which is denominated in various foreign currencies based on the local currencies of the positions within the portfolio.		2/5/18		$1,530,632
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short positions and pays one month LIBOR plus a spread for long positions, with the exception of long positions denominated in ZAR which pays one day LIBOR plus a spread, or one day Federal Funds floating rate for short positions, which is denominated in various foreign currencies based on the local currencies of the positions within the portfolio.		2/5/18		(1,289,288)
Total				$	241,344

* See the accompanying “Additional Information – Total Return Basket Swap” for further details.

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AUD	—	Australian Dollar
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CZK	—	Czech Republic Koruna
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
IDR	—	Indonesian Rupiah
ILS	—	Israeli Shekel
INR	—	Indian Rupee
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
PLN	—	Polish Zloty
REIT	—	Real Estate Investment Trust
RON	—	Romanian Leu
RUB	—	Russian Ruble
SEK	—	Swedish Krona
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of July 31, 2015.
TRY	—	Turkish Lira
TWD	—	Taiwan Dollar
USD	—	United States Dollar
ZAR	—	South African Rand
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—	Included in this amount is cash segregated as collateral for futures contracts.
(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 and may be difficult to sell.
(l)	—	The rate shown is the current yield as of July 31, 2015.
(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.
^	—	Represents positions held in the Subsidiary.
^^	—	A portion of the position is held by the Subsidiary.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are $32,324,620 and 10.3%, respectively.

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	4,388,234
Aggregate gross unrealized depreciation		(3,586,851	)
Net unrealized appreciation/depreciation	$	801,383
Federal income tax cost of investments	$	313,258,946

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions
Common Stocks
Consumer Discretionary — 3.0%
Hotels, Restaurants & Leisure — 0.2%
Bwin.Party Digital Entertainment plc (Spain)		330,388		592,827		592,827		—
Media — 1.0%
Time Warner Cable, Inc.		17,604		3,344,936		3,344,936		—
Specialty Retail — 1.8%
ANN, Inc. (a)		68,563		3,136,757		3,136,757		—
Office Depot, Inc. (a)		345,070		2,760,560		2,760,560		—
		413,633		5,897,317		5,897,317		—
Total Consumer Discretionary		761,625		9,835,080		9,835,080		—
Consumer Staples — 0.8%
Food & Staples Retailing — 0.8%
Delhaize Group (Belgium)		28,560		2,574,837		2,574,837		—
Energy — 1.7%
Energy Equipment & Services — 0.8%
Baker Hughes, Inc.		45,463		2,643,673		2,643,673		—
Oil, Gas & Consumable Fuels — 0.9%
BG Group plc (United Kingdom)		171,188		2,920,643		2,920,643		—
Total Energy		216,651		5,564,316		5,564,316		—
Financials — 2.2%
Banks — 1.3%
Square 1 Financial, Inc. (a)		33,947		915,550		915,550		—
Susquehanna Bancshares, Inc.		222,113		3,154,005		3,154,005		—
		256,060		4,069,555		4,069,555		—
Insurance — 0.9%
Chubb Corp. (The)		24,852		3,089,849		3,089,849		—
Total Financials		280,912		7,159,404		7,159,404		—
Health Care — 2.8%
Health Care Equipment & Supplies — 0.3%
Sorin S.p.A. (Italy) (a)		366,805		1,058,673		1,058,673		—
Health Care Providers & Services — 2.0%
Bio-Reference Laboratories, Inc. (a)		35,103		1,557,520		1,557,520		—
Cigna Corp.		4,842		697,538		697,538		—
Health Net, Inc. (a)		35,167		2,351,266		2,351,266		—
Synergy Health plc (United Kingdom)		63,765		1,732,668		1,732,668		—
		138,877		6,338,992		6,338,992		—
Pharmaceuticals — 0.5%
Perrigo Co. plc (Ireland)		7,874		1,513,383		1,513,383		—
Total Health Care		513,556		8,911,048		8,911,048		—
Information Technology — 2.9%
Communications Equipment — 1.1%
Alcatel-Lucent (France) (a)		743,070		2,804,855		2,804,855		—
Pace plc (United Kingdom)		140,599		799,222		799,222		—
		883,669		3,604,077		3,604,077		—
Semiconductors & Semiconductor Equipment — 1.8%
CSR plc (United Kingdom)		213,913		2,999,834		2,999,834		—
Freescale Semiconductor Ltd. (a)		70,812		2,823,275		2,823,275		—
		284,725		5,823,109		5,823,109		—
Total Information Technology		1,168,394		9,427,186		9,427,186		—
Materials — 1.5%
Chemicals — 0.2%
Syngenta AG (Switzerland)		1,832		754,565		754,565		—
Containers & Packaging — 1.1%
Rexam plc (United Kingdom)		389,486		3,384,860		3,384,860		—
Metals & Mining — 0.2%
Alamos Gold, Inc. (Canada) (a)		35,310		114,744		114,744		—
Alcoa, Inc.		934		9,219		9,219		—
AuRico Metals, Inc. (Canada) (a)		15,526		6,173		6,173		—
Sirius Resources NL (Australia) (a)		248,977		542,329		542,329		—
		300,747		672,465		672,465		—
Total Materials		692,065		4,811,890		4,811,890		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Telecommunication Services — 0.8%
Diversified Telecommunication Services — 0.8%
AT&T, Inc.		70,783		2,459,001		2,459,001		—
Total Long Positions of Total Return Basket Swap		3,732,546		50,742,762		50,742,762		—
Short Positions
Common Stocks
Consumer Discretionary — 0.9%
Media — 0.4%
Charter Communications, Inc. (a)		6,660		1,237,828		1,237,828		—
Specialty Retail — 0.5%
Ascena Retail Group, Inc. (a)		46,156		577,873		577,873		—
Staples, Inc.		74,745		1,099,499		1,099,499		—
		120,901		1,677,372		1,677,372		—
Total Consumer Discretionary		127,561		2,915,200		2,915,200		—
Consumer Staples — 1.0%
Food & Staples Retailing — 1.0%
Koninklijke Ahold N.V. (Netherlands)		162,060		3,225,931		3,225,931		—
Energy — 1.4%
Energy Equipment & Services — 0.7%
Halliburton Co.		59,833		2,500,421		2,500,421		—
Oil, Gas & Consumable Fuels — 0.7%
Royal Dutch Shell plc (Netherlands)		75,485		2,193,179		2,193,179		—
Total Energy		135,318		4,693,600		4,693,600		—
Financials — 2.3%
Banks — 1.0%
BB&T Corp.		53,465		2,153,036		2,153,036		—
PacWest Bancorp		20,153		932,882		932,882		—
		73,618		3,085,918		3,085,918		—
Insurance — 1.3%
ACE Ltd. (Switzerland)		14,808		1,610,666		1,610,666		—
Endurance Specialty Holdings Ltd. (Bermuda)		38,401		2,668,485		2,668,485		—
		53,209		4,279,151		4,279,151		—
Total Financials		126,827		7,365,069		7,365,069		—
Health Care — 1.7%
Health Care Equipment & Supplies — 0.9%
Cyberonics, Inc. (a)		17,313		1,063,018		1,063,018		—
STERIS Corp.		27,194		1,879,921		1,879,921		—
		44,507		2,942,939		2,942,939		—
Health Care Providers & Services — 0.5%
Centene Corp. (a)		21,873		1,533,954		1,533,954		—
Pharmaceuticals — 0.3%
Mylan N.V. (a)		17,929		1,003,845		1,003,845		—
Total Health Care		84,309		5,480,738		5,480,738		—
Information Technology — 2.0%
Communications Equipment — 1.2%
ARRIS Group, Inc. (a)		34,455		1,065,349		1,065,349		—
Nokia OYJ (Finland)		404,601		2,857,190		2,857,190		—
		439,056		3,922,539		3,922,539		—
Semiconductors & Semiconductor Equipment — 0.8%
NXP Semiconductors N.V. (Netherlands) (a)		24,683		2,394,004		2,394,004		—
Total Information Technology		463,739		6,316,543		6,316,543		—
Materials — 0.4%
Containers & Packaging — 0.4%
Ball Corp.		17,207		1,167,323		1,167,323		—
Metals & Mining — 0.0% (g)
Alamos Gold, Inc. (Canada) (a)		35,310		114,744		114,744		—
AuRico Metals, Inc. (Canada) (a)		15,526		6,173		6,173		—
		50,836		120,917		120,917		—
Total Materials		68,043		1,288,240		1,288,240		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Utilities — 0.3%
Electric Utilities — 0.3%
NextEra Energy, Inc.		10,427		1,096,920		1,096,920		—
Total Short Positions of Total Return Basket Swap		1,178,284		32,382,241		32,382,241		—
Total of Long and Short Positions of Total Return Basket Swap		2,554,262		18,360,521		18,360,521		—
Cash and Other Receivables/(Payables) (4)								1,560,908
Financing Costs								(30,273	)
Net Dividends Receivable/(Payable)								(3	)
Net Swap Contract, at value							$	1,530,632
TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions
Common Stocks
Consumer Discretionary — 7.9%
Auto Components — 1.3%
Brembo S.p.A. (Italy)		11,823		533,538		533,538		—
Cie Generale des Etablissements Michelin (France)		4,813		471,500		471,500		—
Cooper Tire & Rubber Co.		18,408		606,175		606,175		—
Dana Holding Corp.		25,191		467,545		467,545		—
Lear Corp.		4,551		473,623		473,623		—
Linamar Corp. (Canada)		7,917		483,126		483,126		—
Magna International, Inc. (Canada)		9,864		535,945		535,945		—
Valeo S.A. (France)		4,560		608,474		608,474		—
		87,127		4,179,926		4,179,926		—
Automobiles — 0.6%
Daimler AG (Germany)		6,093		544,632		544,632		—
General Motors Co.		14,005		441,298		441,298		—
Peugeot S.A. (France) (a)		24,526		491,441		491,441		—
Renault S.A. (France)		4,742		436,318		436,318		—
		49,366		1,913,689		1,913,689		—
Distributors — 0.2%
Inchcape plc (United Kingdom)		46,863		587,664		587,664		—
Hotels, Restaurants & Leisure — 0.6%
Brinker International, Inc.		8,557		512,564		512,564		—
DineEquity, Inc.		4,269		444,019		444,019		—
Marriott Vacations Worldwide Corp.		6,432		537,715		537,715		—
Wyndham Worldwide Corp.		6,179		509,891		509,891		—
		25,437		2,004,189		2,004,189		—
Household Durables — 1.6%
Barratt Developments plc (United Kingdom)		57,217		567,391		567,391		—
Bellway plc (United Kingdom)		16,337		615,111		615,111		—
Berkeley Group Holdings plc (United Kingdom)		9,593		504,707		504,707		—
Bovis Homes Group plc (United Kingdom)		28,839		514,766		514,766		—
Crest Nicholson Holdings plc (United Kingdom)		57,165		487,424		487,424		—
Forbo Holding AG (Switzerland) (a)		502		611,980		611,980		—
MDC Holdings, Inc.		16,719		499,229		499,229		—
Persimmon plc (United Kingdom) (a)		19,726		630,580		630,580		—
Taylor Wimpey plc (United Kingdom)		195,220		592,658		592,658		—
		401,318		5,023,846		5,023,846		—
Media — 1.2%
Cogeco Cable, Inc. (Canada)		8,209		459,393		459,393		—
Mediaset Espana Comunicacion S.A. (Spain)		38,480		483,673		483,673		—
Meredith Corp.		8,458		405,307		405,307		—
ProSiebenSat.1 Media SE (Germany)		11,860		606,325		606,325		—
Publicis Groupe S.A. (France)		5,961		451,327		451,327		—
Sky plc (United Kingdom)		31,896		567,839		567,839		—
Walt Disney Co. (The)		4,422		530,640		530,640		—
WPP plc (United Kingdom)		23,947		549,734		549,734		—
		133,233		4,054,238		4,054,238		—
Multi-line Retail — 0.8%
Big Lots, Inc.		10,679		461,119		461,119		—
Dillard’s, Inc.		5,977		608,937		608,937		—
Kohl’s Corp.		6,921		424,396		424,396		—
Macy’s, Inc.		7,550		521,403		521,403		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Consumer Discretionary — continued
Multiline Retail — continued
Target Corp.		7,067		578,434		578,434		—
		38,194		2,594,289		2,594,289		—
Specialty Retail — 1.5%
American Eagle Outfitters, Inc.		29,430		522,382		522,382		—
Best Buy Co., Inc.		14,742		476,019		476,019		—
Cato Corp. (The)		12,038		462,380		462,380		—
Children’s Place, Inc. (The)		8,016		464,126		464,126		—
Foot Locker, Inc.		9,000		634,950		634,950		—
GameStop Corp.		12,673		581,057		581,057		—
Guess?, Inc.		26,404		577,984		577,984		—
Outerwall, Inc.		6,804		481,859		481,859		—
WH Smith plc (United Kingdom)		23,564		581,788		581,788		—
		142,671		4,782,545		4,782,545		—
Textiles, Apparel & Luxury Goods — 0.1%
Movado Group, Inc.		16,068		407,003		407,003		—
Total Consumer Discretionary		940,277		25,547,389		25,547,389		—
Consumer Staples — 3.8%
Beverages — 0.2%
Dr. Pepper Snapple Group, Inc.		6,433		516,055		516,055		—
Food & Staples Retailing — 1.5%
Casey’s General Stores, Inc.		3,391		346,611		346,611		—
CVS Health Corp.		5,146		578,771		578,771		—
Delhaize Group (Belgium)		5,558		501,083		501,083		—
Greggs plc (United Kingdom)		29,856		631,764		631,764		—
Ingles Markets, Inc.		10,609		490,985		490,985		—
Jean Coutu Group PJC, Inc. (The) (Canada)		23,754		374,332		374,332		—
Loblaw Cos., Ltd. (Canada)		9,951		542,650		542,650		—
Metro AG (Germany)		13,493		426,037		426,037		—
Metro, Inc. (Canada)		17,481		475,703		475,703		—
SpartanNash Co.		11,134		358,626		358,626		—
		130,373		4,726,562		4,726,562		—
Food Products — 1.8%
Archer-Daniels-Midland Co.		10,091		478,515		478,515		—
Cal-Maine Foods, Inc.		9,624		521,236		521,236		—
ConAgra Foods, Inc.		3,216		141,697		141,697		—
Ebro Foods S.A. (Spain)		28,257		564,184		564,184		—
Fresh Del Monte Produce, Inc.		13,980		552,490		552,490		—
Ingredion, Inc.		6,249		551,162		551,162		—
Lancaster Colony Corp.		5,928		552,549		552,549		—
Origin Enterprises plc (Ireland)		57,937		484,728		484,728		—
Pilgrim’s Pride Corp.		21,185		458,443		458,443		—
Pinnacle Foods, Inc.		11,039		496,203		496,203		—
Sanderson Farms, Inc.		6,412		461,728		461,728		—
Tyson Foods, Inc.		13,116		581,695		581,695		—
		187,034		5,844,630		5,844,630		—
Tobacco — 0.3%
Imperial Tobacco Group plc (United Kingdom)		9,976		524,234		524,234		—
Universal Corp.		8,713		497,077		497,077		—
		18,689		1,021,311		1,021,311		—
Total Consumer Staples		342,529		12,108,558		12,108,558		—
Energy — 4.3%
Energy Equipment & Services — 0.9%
Baker Hughes, Inc.		7,961		462,932		462,932		—
Frank’s International N.V. (Netherlands)		25,534		413,396		413,396		—
Hunting plc (United Kingdom)		54,284		435,307		435,307		—
John Wood Group plc (United Kingdom)		56,791		554,741		554,741		—
National Oilwell Varco, Inc.		13,634		574,401		574,401		—
Tecnicas Reunidas S.A. (Spain)		9,812		499,577		499,577		—
		168,016		2,940,354		2,940,354		—
Oil, Gas & Consumable Fuels — 3.4%
Alon USA Energy, Inc.		26,797		498,692		498,692		—
BP plc (United Kingdom)		75,437		465,865		465,865		—
Chevron Corp.		4,539		401,611		401,611		—
CVR Energy, Inc.		12,037		460,175		460,175		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Energy — continued
Oil, Gas & Consumable Fuels — continued
Delek US Holdings, Inc.		14,006		499,594		499,594		—
Enbridge Income Fund Holdings, Inc. (Canada)		14,411		379,930		379,930		—
Eni S.p.A. (Italy)		29,122		510,452		510,452		—
Green Plains, Inc.		24,265		544,749		544,749		—
HollyFrontier Corp.		12,475		602,043		602,043		—
Husky Energy, Inc. (Canada)		32,727		597,561		597,561		—
Marathon Petroleum Corp.		9,674		528,878		528,878		—
Neste Oil OYJ (Finland)		18,569		516,157		516,157		—
Nordic American Tankers Ltd. (Norway)		35,635		535,238		535,238		—
Parkland Fuel Corp. (Canada)		21,587		393,166		393,166		—
Phillips 66		6,197		492,661		492,661		—
Repsol S.A. (Spain)		25,790		433,355		433,355		—
Ship Finance International Ltd. (Norway)		35,081		586,905		586,905		—
Suncor Energy, Inc. (Canada)		16,725		471,116		471,116		—
Tesoro Corp.		5,595		544,617		544,617		—
Valero Energy Corp.		8,006		525,194		525,194		—
Western Refining, Inc.		10,543		465,579		465,579		—
World Fuel Services Corp.		9,855		400,606		400,606		—
		449,073		10,854,144		10,854,144		—
Total Energy		617,089		13,794,498		13,794,498		—
Financials — 7.1%
Banks — 0.7%
First Interstate BancSystem, Inc.		9,886		274,139		274,139		—
Huntington Bancshares, Inc.		49,780		580,932		580,932		—
KBC Groep N.V. (Belgium)		8,841		616,173		616,173		—
National Bank of Canada (Canada)		13,174		460,740		460,740		—
Royal Bank of Canada (Canada)		7,442		433,939		433,939		—
		89,123		2,365,923		2,365,923		—
Capital Markets — 0.7%
3i Group plc (United Kingdom)		74,223		641,564		641,564		—
BGC Partners, Inc.		52,298		515,135		515,135		—
Investec plc (South Africa)		62,268		569,345		569,345		—
Mediobanca S.p.A. (Italy)		54,320		591,499		591,499		—
		243,109		2,317,543		2,317,543		—
Consumer Finance — 0.3%
Cembra Money Bank AG (Switzerland) (a)		8,313		505,851		505,851		—
Nelnet, Inc.		9,746		383,895		383,895		—
		18,059		889,746		889,746		—
Diversified Financial Services — 0.2%
Voya Financial, Inc.		12,386		581,523		581,523		—
Insurance — 5.0%
Aegon N.V. (Netherlands)		67,424		518,635		518,635		—
Ageas (Belgium)		13,368		550,479		550,479		—
Allianz SE (Germany)		2,977		487,481		487,481		—
Allied World Assurance Co. Holdings AG (Switzerland)		12,215		516,206		516,206		—
American Equity Investment Life Holding Co.		17,669		521,942		521,942		—
Amlin plc (United Kingdom)		76,063		606,391		606,391		—
AmTrust Financial Services, Inc.		7,795		541,830		541,830		—
Aspen Insurance Holdings Ltd. (Bermuda)		12,076		580,735		580,735		—
AXA S.A. (France)		21,803		574,684		574,684		—
Direct Line Insurance Group plc (United Kingdom)		95,587		546,192		546,192		—
Fairfax Financial Holdings Ltd. (Canada)		760		366,527		366,527		—
First American Financial Corp.		14,775		599,570		599,570		—
Great-West Lifeco, Inc. (Canada)		17,910		507,234		507,234		—
Hannover Rueck SE (Germany)		5,694		603,957		603,957		—
Hanover Insurance Group, Inc. (The)		6,820		551,397		551,397		—
Legal & General Group plc (United Kingdom)		135,848		553,067		553,067		—
Maiden Holdings Ltd. (Bermuda)		32,098		530,901		530,901		—
Manulife Financial Corp. (Canada)		27,083		479,805		479,805		—
Montpelier Re Holdings Ltd. (Bermuda)		14,654		624,993		624,993		—
Old Mutual plc (United Kingdom)		143,073		473,895		473,895		—
PartnerRe Ltd. (Bermuda)		4,591		624,192		624,192		—
Power Corp. of Canada (Canada)		19,165		450,605		450,605		—
Power Financial Corp. (Canada)		19,621		520,736		520,736		—
Reinsurance Group of America, Inc.		5,400		521,208		521,208		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Financials — continued
Insurance — continued
SCOR SE (France)		17,072		654,726		654,726		—
Swiss Life Holding AG (Switzerland) (a)		2,028		478,930		478,930		—
Swiss Re AG (Switzerland) (a)		6,683		601,698		601,698		—
Talanx AG (Germany)		15,361		491,008		491,008		—
Universal Insurance Holdings, Inc.		19,626		538,145		538,145		—
Validus Holdings Ltd. (Bermuda)		12,394		574,462		574,462		—
		847,633		16,191,631		16,191,631		—
Thrifts & Mortgage Finance — 0.2%
Aareal Bank AG (Germany)		12,680		517,692		517,692		—
Total Financials		1,222,990		22,864,058		22,864,058		—
Health Care — 3.6%
Health Care Equipment & Supplies — 0.2%
Hill-Rom Holdings, Inc.		10,811		605,740		605,740		—
Health Care Providers & Services — 2.4%
Aetna, Inc.		4,594		518,984		518,984		—
Anthem, Inc.		3,707		571,879		571,879		—
Cardinal Health, Inc.		5,775		490,760		490,760		—
Chemed Corp.		3,857		572,610		572,610		—
Express Scripts Holding Co. (a)		5,765		519,254		519,254		—
Health Net, Inc. (a)		8,305		555,272		555,272		—
HealthSouth Corp.		11,256		514,399		514,399		—
Humana, Inc.		2,587		471,067		471,067		—
Laboratory Corp. of America Holdings (a)		4,187		532,963		532,963		—
McKesson Corp.		2,458		542,161		542,161		—
MEDNAX, Inc. (a)		7,247		613,386		613,386		—
Quest Diagnostics, Inc.		7,946		586,494		586,494		—
UnitedHealth Group, Inc.		4,859		589,883		589,883		—
Universal Health Services, Inc.		3,552		515,857		515,857		—
		76,095		7,594,969		7,594,969		—
Life Sciences Tools & Services — 0.2%
Lonza Group AG (Switzerland) (a)		4,177		605,607		605,607		—
Pharmaceuticals — 0.8%
Almirall S.A. (Spain)		25,692		504,788		504,788		—
Galenica AG (Switzerland)		485		552,608		552,608		—
Ipsen S.A. (France)		9,419		605,355		605,355		—
Merck KGaA (Germany)		4,407		448,280		448,280		—
Roche Holding AG (Switzerland)		1,878		537,377		537,377		—
		41,881		2,648,408		2,648,408		—
Total Health Care		132,964		11,454,724		11,454,724		—
Industrials — 7.0%
Aerospace & Defense — 1.1%
Boeing Co. (The)		3,691		532,132		532,132		—
Huntington Ingalls Industries, Inc.		5,159		605,718		605,718		—
Meggitt plc (United Kingdom)		65,704		476,608		476,608		—
Northrop Grumman Corp.		3,231		558,995		558,995		—
Raytheon Co.		4,615		503,450		503,450		—
Thales S.A. (France)		9,031		611,265		611,265		—
Triumph Group, Inc.		7,672		413,137		413,137		—
		99,103		3,701,305		3,701,305		—
Air Freight & Logistics — 0.2%
Royal Mail plc (United Kingdom)		65,239		514,497		514,497		—
Airlines — 0.5%
Alaska Air Group, Inc.		7,477		566,383		566,383		—
easyJet plc (United Kingdom)		19,034		488,670		488,670		—
JetBlue Airways Corp. (a)		24,341		559,356		559,356		—
		50,852		1,614,409		1,614,409		—
Commercial Services & Supplies — 0.9%
ABM Industries, Inc.		15,583		513,616		513,616		—
ACCO Brands Corp. (a)		57,020		466,423		466,423		—
Deluxe Corp.		7,939		511,510		511,510		—
Knoll, Inc.		23,381		565,820		565,820		—
Tetra Tech, Inc.		20,572		548,038		548,038		—
West Corp.		13,874		400,265		400,265		—
		138,369		3,005,672		3,005,672		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Industrials — continued
Construction & Engineering — 1.0%
AECOM (a)		15,341		472,963		472,963		—
Boskalis Westminster N.V. (Netherlands)		11,563		565,172		565,172		—
Carillion plc (United Kingdom)		103,135		556,948		556,948		—
Eiffage S.A. (France)		9,127		549,200		549,200		—
Galliford Try plc (United Kingdom)		18,479		512,225		512,225		—
Vinci S.A. (France)		8,912		571,596		571,596		—
		166,557		3,228,104		3,228,104		—
Electrical Equipment — 0.5%
AZZ, Inc.		9,718		502,906		502,906		—
General Cable Corp.		27,922		455,687		455,687		—
OSRAM Licht AG (Germany)		9,940		565,917		565,917		—
		47,580		1,524,510		1,524,510		—
Machinery — 1.4%
American Railcar Industries, Inc.		10,114		404,054		404,054		—
Barnes Group, Inc.		13,111		510,411		510,411		—
Greenbrier Cos., Inc. (The)		9,599		439,154		439,154		—
Hillenbrand, Inc.		18,424		522,505		522,505		—
Parker-Hannifin Corp.		4,503		507,713		507,713		—
Stanley Black & Decker, Inc.		4,993		526,712		526,712		—
Trinity Industries, Inc.		17,699		517,873		517,873		—
Valmet OYJ (Finland)		51,363		606,965		606,965		—
Wabash National Corp. (a)		35,716		490,738		490,738		—
		165,522		4,526,125		4,526,125		—
Marine — 0.2%
Matson, Inc.		12,236		506,815		506,815		—
Professional Services — 0.9%
Adecco S.A. (Switzerland) (a)		5,956		497,104		497,104		—
Korn/Ferry International		17,319		579,840		579,840		—
ManpowerGroup, Inc.		5,660		512,117		512,117		—
Randstad Holding N.V. (Netherlands)		8,859		606,530		606,530		—
USG People N.V. (Netherlands)		40,355		617,819		617,819		—
		78,149		2,813,410		2,813,410		—
Trading Companies & Distributors — 0.3%
Aircastle Ltd.		24,135		580,930		580,930		—
Finning International, Inc. (Canada)		27,152		472,100		472,100		—
		51,287		1,053,030		1,053,030		—
Total Industrials		874,894		22,487,877		22,487,877		—
Information Technology — 7.6%
Communications Equipment — 0.6%
Brocade Communications Systems, Inc.		45,458		466,399		466,399		—
Cisco Systems, Inc.		17,234		489,790		489,790		—
Pace plc (United Kingdom)		98,604		560,505		560,505		—
Polycom, Inc. (a)		28,728		326,925		326,925		—
		190,024		1,843,619		1,843,619		—
Electronic Equipment, Instruments & Components — 0.9%
Arrow Electronics, Inc. (a)		9,074		527,653		527,653		—
CDW Corp.		12,829		460,946		460,946		—
Corning, Inc.		31,912		596,116		596,116		—
Dolby Laboratories, Inc.		13,381		470,342		470,342		—
Insight Enterprises, Inc. (a)		16,703		450,814		450,814		—
Methode Electronics, Inc.		18,449		494,987		494,987		—
		102,348		3,000,858		3,000,858		—
Internet Software & Services — 0.2%
j2 Global, Inc.		7,306		514,342		514,342		—
IT Services — 2.1%
Amdocs Ltd.		9,521		558,407		558,407		—
Broadridge Financial Solutions, Inc.		9,339		506,828		506,828		—
Cap Gemini S.A. (France)		6,336		605,738		605,738		—
CGI Group, Inc. (Canada) (a)		13,583		507,448		507,448		—
Computer Sciences Corp.		8,176		534,956		534,956		—
Convergys Corp.		22,162		556,488		556,488		—
CSG Systems International, Inc.		18,252		567,637		567,637		—
DST Systems, Inc.		4,692		512,132		512,132		—
Jack Henry & Associates, Inc.		3,569		249,330		249,330		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Information Technology — continued
IT Services — continued
NeuStar, Inc. (a)		18,052		557,265		557,265		—
Science Applications International Corp.		9,681		519,676		519,676		—
Total System Services, Inc.		13,023		601,923		601,923		—
Western Union Co. (The)		25,651		519,176		519,176		—
		162,037		6,797,004		6,797,004		—
Semiconductors & Semiconductor Equipment — 2.0%
Advanced Energy Industries, Inc. (a)		19,679		515,393		515,393		—
ASM International N.V. (Netherlands)		11,216		504,852		504,852		—
BE Semiconductor Industries N.V. (Netherlands)		19,421		462,735		462,735		—
Cirrus Logic, Inc. (a)		16,413		541,793		541,793		—
Integrated Device Technology, Inc. (a)		23,276		444,804		444,804		—
Intel Corp.		15,319		443,485		443,485		—
Lam Research Corp.		6,523		501,423		501,423		—
Lattice Semiconductor Corp. (a)		86,961		427,848		427,848		—
MKS Instruments, Inc.		13,931		494,551		494,551		—
OmniVision Technologies, Inc. (a)		821		20,049		20,049		—
ON Semiconductor Corp. (a)		42,314		449,375		449,375		—
Skyworks Solutions, Inc.		5,601		535,848		535,848		—
Teradyne, Inc.		25,484		490,822		490,822		—
Tessera Technologies, Inc.		13,037		451,862		451,862		—
		299,996		6,284,840		6,284,840		—
Software — 1.3%
Activision Blizzard, Inc.		21,249		548,012		548,012		—
Ebix, Inc.		14,313		443,560		443,560		—
Mentor Graphics Corp.		19,193		500,745		500,745		—
Oracle Corp.		12,070		482,076		482,076		—
Playtech plc (United Kingdom)		47,487		672,243		672,243		—
Software AG (Germany)		20,815		622,823		622,823		—
Symantec Corp.		20,051		455,960		455,960		—
Synopsys, Inc. (a)		10,916		554,969		554,969		—
		166,094		4,280,388		4,280,388		—
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.		3,753		455,239		455,239		—
Hewlett-Packard Co.		19,642		599,474		599,474		—
QLogic Corp. (a)		5,817		51,596		51,596		—
Western Digital Corp.		6,867		590,974		590,974		—
		36,079		1,697,283		1,697,283		—
Total Information Technology		963,884		24,418,334		24,418,334		—
Materials — 2.8%
Chemicals — 0.4%
Celanese Corp.		6,999		461,374		461,374		—
Dow Chemical Co. (The)		9,673		455,211		455,211		—
LyondellBasell Industries N.V.		4,809		451,229		451,229		—
		21,481		1,367,814		1,367,814		—
Containers & Packaging — 0.5%
Avery Dennison Corp.		8,265		502,925		502,925		—
DS Smith plc (United Kingdom)		83,161		520,123		520,123		—
Smurfit Kappa Group plc (Ireland)		18,310		550,986		550,986		—
		109,736		1,574,034		1,574,034		—
Metals & Mining — 1.0%
Aurubis AG (Germany)		7,563		452,431		452,431		—
Commercial Metals Co.		35,612		548,781		548,781		—
Kaiser Aluminum Corp.		6,558		553,823		553,823		—
Reliance Steel & Aluminum Co.		8,266		500,920		500,920		—
voestalpine AG (Austria)		14,300		613,750		613,750		—
Worthington Industries, Inc.		16,775		453,932		453,932		—
		89,074		3,123,637		3,123,637		—
Paper & Forest Products — 0.9%
Domtar Corp. (Canada)		11,351		461,532		461,532		—
International Paper Co.		9,592		459,169		459,169		—
Mercer International, Inc. (Canada) (a)		34,117		412,475		412,475		—
Mondi plc (South Africa)		27,712		666,457		666,457		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Materials — continued
Paper & Forest Products — continued
Schweitzer-Mauduit International, Inc.		12,222		485,213		485,213		—
UPM-Kymmene OYJ (Finland)		28,323		522,576		522,576		—
		123,317		3,007,422		3,007,422		—
Total Materials		343,608		9,072,907		9,072,907		—
Telecommunication Services — 1.1%
Diversified Telecommunication Services — 0.9%
BCE, Inc. (Canada)		11,003		452,874		452,874		—
Elisa OYJ (Finland)		17,859		601,550		601,550		—
iiNET Ltd. (Australia)		82,865		569,360		569,360		—
Telecom Italia S.p.A (Italy) (a)		397,484		526,027		526,027		—
TELUS Corp. (Canada)		14,141		482,774		482,774		—
Verizon Communications, Inc.		9,942		465,186		465,186		—
		533,294		3,097,771		3,097,771		—
Wireless Telecommunication Services — 0.2%
Freenet AG (Germany)		17,969		617,195		617,195		—
Total Telecommunication Services		551,263		3,714,966		3,714,966		—
Utilities — 2.4%
Electric Utilities — 1.1%
American Electric Power Co., Inc.		9,508		537,868		537,868		—
EDP - Energias de Portugal S.A. (Portugal)		127,420		471,315		471,315		—
Emera, Inc. (Canada)		13,077		436,150		436,150		—
Entergy Corp.		6,657		472,780		472,780		—
Iberdrola S.A. (Spain)		76,798		541,822		541,822		—
IDACORP, Inc.		8,064		500,855		500,855		—
Pinnacle West Capital Corp.		7,905		487,817		487,817		—
		249,429		3,448,607		3,448,607		—
Gas Utilities — 0.6%
AGL Resources, Inc.		10,816		520,033		520,033		—
Enagas S.A. (Spain)		16,061		451,205		451,205		—
Snam S.p.A. (Italy)		104,377		513,552		513,552		—
UGI Corp.		14,649		535,275		535,275		—
		145,903		2,020,065		2,020,065		—
Multi-Utilities — 0.7%
Consolidated Edison, Inc.		8,485		539,561		539,561		—
National Grid plc (United Kingdom)		36,300		483,604		483,604		—
PG&E Corp.		10,004		525,310		525,310		—
Public Service Enterprise Group, Inc.		11,968		498,707		498,707		—
Vectren Corp.		8,411		354,103		354,103		—
		75,168		2,401,285		2,401,285		—
Total Utilities		470,500		7,869,957		7,869,957		—
Total Long Positions of Total Return Basket Swap		6,459,998		153,333,268		153,333,268		—
Short Positions
Common Stocks
Consumer Discretionary — 10.0%
Auto Components — 0.2%
Visteon Corp. (a)		5,333		530,794		530,794		—
Distributors — 0.2%
LKQ Corp. (a)		20,759		653,078		653,078		—
Diversified Consumer Services — 0.5%
Chegg, Inc. (a)		68,877		572,368		572,368		—
Nord Anglia Education, Inc. (Hong Kong) (a)		21,596		547,243		547,243		—
Sotheby’s		12,217		511,037		511,037		—
		102,690		1,630,648		1,630,648		—
Hotels, Restaurants & Leisure — 2.5%
Accor S.A. (France)		10,298		505,264		505,264		—
Autogrill S.p.A. (Italy) (a)		60,198		543,114		543,114		—
Belmond Ltd. (Bermuda) (a)		40,888		495,154		495,154		—
Choice Hotels International, Inc.		1,100		55,726		55,726		—
ClubCorp Holdings, Inc.		25,234		588,457		588,457		—
Compass Group plc (United Kingdom)		33,395		534,551		534,551		—
Crown Resorts Ltd. (Australia)		49,049		488,668		488,668		—
Domino’s Pizza Enterprises Ltd. (Australia)		18,056		533,992		533,992		—
InterContinental Hotels Group plc (United Kingdom)		13,704		577,395		577,395		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Consumer Discretionary — continued
Hotels, Restaurants & Leisure — continued
Merlin Entertainments plc (United Kingdom)		83,809		543,808		543,808		—
MGM Resorts International (a)		25,646		503,174		503,174		—
Panera Bread Co. (a)		2,950		602,154		602,154		—
Resorttrust, Inc. (Japan)		22,700		561,387		561,387		—
Scientific Games Corp. (a)		40,549		612,290		612,290		—
Thomas Cook Group plc (United Kingdom) (a)		249,872		467,865		467,865		—
Wynn Resorts Ltd.		4,852		500,872		500,872		—
		682,300		8,113,871		8,113,871		—
Household Durables — 0.4%
Pioneer Corp. (Japan) (a)		263,200		492,697		492,697		—
Rinnai Corp. (Japan)		6,900		488,264		488,264		—
TRI Pointe Homes, Inc. (a)		28,531		422,259		422,259		—
		298,631		1,403,220		1,403,220		—
Internet & Catalog Retail — 1.4%
Amazon.com, Inc. (a)		1,282		687,344		687,344		—
Groupon, Inc. (a)		109,463		527,612		527,612		—
HomeAway, Inc. (a)		15,763		473,520		473,520		—
Netflix, Inc. (a)		6,447		736,957		736,957		—
Ocado Group plc (United Kingdom) (a)		78,862		488,925		488,925		—
Start Today Co., Ltd. (Japan)		19,000		609,392		609,392		—
TripAdvisor, Inc. (a)		6,329		502,396		502,396		—
Yoox S.p.A. (Italy) (a)		15,510		523,961		523,961		—
		252,656		4,550,107		4,550,107		—
Media — 2.1%
Altice S.A. (Luxembourg) (a)		4,329		546,747		546,747		—
Atresmedia Corp de Medios de Comunicacion S.A. (Spain)		31,757		476,421		476,421		—
Carmike Cinemas, Inc. (a)		20,995		525,925		525,925		—
Charter Communications, Inc. (a)		2,767		514,275		514,275		—
Global Eagle Entertainment, Inc. (a)		44,912		557,807		557,807		—
Liberty Broadband Corp. (a)		600		32,118		32,118		—
Live Nation Entertainment, Inc. (a)		20,220		530,168		530,168		—
Madison Square Garden Co. (The) (a)		6,374		531,592		531,592		—
Media General, Inc. (a)		30,871		489,923		489,923		—
Numericable-SFR SAS (France) (a)		10,423		568,289		568,289		—
REA Group Ltd. (Australia)		18,078		573,625		573,625		—
Regal Entertainment Group		15,000		309,000		309,000		—
Rentrak Corp. (a)		8,965		613,833		613,833		—
Telenet Group Holding N.V. (Belgium) (a)		10,157		572,917		572,917		—
		225,448		6,842,640		6,842,640		—
Multi-line Retail — 0.2%
Marui Group Co., Ltd. (Japan)		44,300		620,883		620,883		—
Specialty Retail — 1.7%
Cabela’s, Inc. (a)		11,238		499,304		499,304		—
Conn’s, Inc. (a)		14,566		502,818		502,818		—
CST Brands, Inc.		2,700		102,276		102,276		—
Dufry AG (Switzerland) (a)		4,729		656,275		656,275		—
Five Below, Inc. (a)		15,638		576,573		576,573		—
Mattress Firm Holding Corp. (a)		8,558		529,312		529,312		—
Men’s Wearhouse, Inc.		7,157		425,985		425,985		—
Restoration Hardware Holdings, Inc. (a)		5,022		509,532		509,532		—
Sally Beauty Holdings, Inc. (a)		14,572		434,100		434,100		—
Sports Direct International plc (United Kingdom) (a)		48,945		605,365		605,365		—
Urban Outfitters, Inc. (a)		16,304		531,837		531,837		—
		149,429		5,373,377		5,373,377		—
Textiles, Apparel & Luxury Goods — 0.8%
Asics Corp. (Japan)		20,000		575,301		575,301		—
Cie Financiere Richemont S.A. (Switzerland)		2,948		254,438		254,438		—
Crocs, Inc. (a)		9,600		151,008		151,008		—
Kate Spade & Co. (a)		21,914		440,909		440,909		—
lululemon athletica, Inc. (Canada) (a)		7,402		465,290		465,290		—
Salvatore Ferragamo S.p.A. (Italy)		17,719		560,056		560,056		—
		79,583		2,447,002		2,447,002		—
Total Consumer Discretionary		1,861,129		32,165,620		32,165,620		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Consumer Staples — 4.6%
Beverages — 0.6%
Anheuser-Busch InBev N.V. (Belgium)		4,243		504,898		504,898		—
Boston Beer Co., Inc. (The) (a)		1,903		419,650		419,650		—
Coca-Cola Amatil Ltd. (Australia)		78,399		531,797		531,797		—
Coca-Cola West Co., Ltd. (Japan)		30,400		612,979		612,979		—
		114,945		2,069,324		2,069,324		—
Food & Staples Retailing — 1.0%
PriceSmart, Inc.		7,260		703,567		703,567		—
Sprouts Farmers Market, Inc. (a)		19,167		469,975		469,975		—
Tesco plc (United Kingdom) (a)		161,924		545,437		545,437		—
United Natural Foods, Inc. (a)		8,632		393,015		393,015		—
Wesfarmers Ltd. (Australia)		17,016		527,986		527,986		—
Whole Foods Market, Inc.		13,480		490,672		490,672		—
		227,479		3,130,652		3,130,652		—
Food Products — 2.8%
Associated British Foods plc (United Kingdom)		11,033		555,485		555,485		—
Barry Callebaut AG (Switzerland) (a)		433		484,397		484,397		—
Boulder Brands, Inc. (a)		68,999		574,762		574,762		—
Chocoladefabriken Lindt & Sprungli AG (Switzerland)		109		613,640		613,640		—
Chocoladefabriken Lindt & Sprungli AG (Switzerland)		9		600,745		600,745		—
Darling Ingredients, Inc. (a)		37,674		484,111		484,111		—
Diamond Foods, Inc. (a)		17,345		560,417		560,417		—
Hain Celestial Group, Inc. (The) (a)		9,025		613,519		613,519		—
Hershey Co. (The)		5,862		544,521		544,521		—
Kagome Co., Ltd. (Japan)		30,300		499,479		499,479		—
Kerry Group plc (Ireland)		6,970		529,330		529,330		—
Kikkoman Corp. (Japan)		17,000		595,312		595,312		—
Mead Johnson Nutrition Co.		6,045		534,317		534,317		—
Tate & Lyle plc (United Kingdom)		64,440		548,448		548,448		—
WhiteWave Foods Co. (The) (a)		11,414		589,191		589,191		—
Yakult Honsha Co., Ltd. (Japan)		10,200		677,339		677,339		—
		296,858		9,005,013		9,005,013		—
Personal Products — 0.2%
Beiersdorf AG (Germany)		5,959		509,291		509,291		—
Total Consumer Staples		645,241		14,714,280		14,714,280		—
Energy — 2.8%
Energy Equipment & Services — 0.4%
C&J Energy Services Ltd. (a)		37,429		361,190		361,190		—
CGG S.A. (France) (a)		98,814		495,405		495,405		—
Secure Energy Services, Inc. (Canada)		48,718		403,422		403,422		—
		184,961		1,260,017		1,260,017		—
Oil, Gas & Consumable Fuels — 2.4%
Antero Resources Corp. (a)		18,851		518,591		518,591		—
Bonanza Creek Energy, Inc. (a)		51,070		398,857		398,857		—
Cheniere Energy, Inc. (a)		7,907		545,346		545,346		—
Cobalt International Energy, Inc. (a)		57,188		440,919		440,919		—
Continental Resources, Inc. (a)		15,424		515,316		515,316		—
Gulfport Energy Corp. (a)		11,712		383,685		383,685		—
Kelt Exploration Ltd. (Canada) (a)		65,410		360,596		360,596		—
Magnum Hunter Resources		290		—		—		—
Matador Resources Co. (a)		23,620		520,348		520,348		—
MEG Energy Corp. (Canada) (a)		36,168		387,717		387,717		—
Oil Search Ltd. (Australia)		78,818		430,362		430,362		—
Ophir Energy plc (United Kingdom) (a)		223,569		406,046		406,046		—
Paramount Resources Ltd. (Canada) (a)		25,772		388,201		388,201		—
Parsley Energy, Inc. (a)		33,145		479,277		479,277		—
Rice Energy, Inc. (a)		27,504		496,447		496,447		—
RSP Permian, Inc. (a)		20,050		497,240		497,240		—
Seven Generations Energy Ltd. (Canada) (a)		2,200		24,728		24,728		—
Southwestern Energy Co. (a)		24,373		453,338		453,338		—
Tourmaline Oil Corp. (Canada) (a)		15,863		392,254		392,254		—
Trilogy Energy Corp. (Canada)		32,491		114,278		114,278		—
		771,425		7,753,546		7,753,546		—
Total Energy		956,386		9,013,563		9,013,563		—
Financials — 7.0%
Banks — 1.1%
Banca Monte dei Paschi di Siena S.p.A. (Italy) (a)		281,537		558,412		558,412		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Financials — continued
Banks — continued
Banco Comercial Portugues S.A. (Portugal) (a)		5,359,592		412,032		412,032		—
Banco Espirito Santo S.A. (Portugal) (a)		35,937		4,736		4,736		—
Bankia S.A. (Spain)		438,166		578,903		578,903		—
Credito Valtellinese SC (Italy) (a)		403,157		575,155		575,155		—
Lloyds Banking Group plc (United Kingdom)		416,647		541,346		541,346		—
Royal Bank of Scotland Group plc (United Kingdom) (a)		99,270		530,495		530,495		—
TCF Financial Corp.		3,400		55,964		55,964		—
Texas Capital Bancshares, Inc. (a)		6,146		362,245		362,245		—
		7,043,852		3,619,288		3,619,288		—
Capital Markets — 0.5%
Charles Schwab Corp. (The)		17,571		612,876		612,876		—
Matsui Securities Co., Ltd. (Japan)		57,800		529,334		529,334		—
TD Ameritrade Holding Corp.		8,800		323,224		323,224		—
Virtus Investment Partners, Inc.		1,795		216,944		216,944		—
		85,966		1,682,378		1,682,378		—
Consumer Finance — 0.3%
AEON Financial Service Co., Ltd. (Japan)		20,300		529,059		529,059		—
First Cash Financial Services, Inc. (a)		9,913		403,162		403,162		—
		30,213		932,221		932,221		—
Diversified Financial Services — 1.2%
CBOE Holdings, Inc.		8,104		502,286		502,286		—
Element Financial Corp. (Canada) (a)		41,087		622,659		622,659		—
Eurazeo S.A. (France)		8,364		543,522		543,522		—
Leucadia National Corp.		22,593		531,387		531,387		—
London Stock Exchange Group plc (United Kingdom)		14,990		611,212		611,212		—
Onex Corp. (Canada)		8,669		497,398		497,398		—
PHH Corp. (a)		20,863		520,741		520,741		—
		124,670		3,829,205		3,829,205		—
Insurance — 0.7%
Brown & Brown, Inc.		3,100		103,695		103,695		—
Endurance Specialty Holdings Ltd. (Bermuda)		7,306		507,694		507,694		—
Insurance Australia Group Ltd. (Australia)		130,708		562,737		562,737		—
Lancashire Holdings Ltd. (United Kingdom)		54,581		548,922		548,922		—
Standard Life plc (United Kingdom)		66,197		469,743		469,743		—
		261,892		2,192,791		2,192,791		—
Real Estate Management & Development — 2.5%
Aeon Mall Co., Ltd. (Japan)		29,500		554,367		554,367		—
Alexander & Baldwin, Inc.		11,565		436,579		436,579		—
Capital & Counties Properties plc (United Kingdom)		87,866		632,977		632,977		—
Deutsche Annington Immobilien SE (Germany)		22,698		707,957		707,957		—
Forest City Enterprises, Inc. (a)		21,178		494,506		494,506		—
Howard Hughes Corp. (The) (a)		3,769		512,433		512,433		—
Hulic Co., Ltd. (Japan)		62,200		615,802		615,802		—
IMMOFINANZ AG (Austria) (a)		234,658		575,474		575,474		—
Kennedy-Wilson Holdings, Inc.		23,460		594,007		594,007		—
Mitsubishi Estate Co., Ltd. (Japan)		23,000		511,276		511,276		—
Mitsui Fudosan Co., Ltd. (Japan)		18,000		512,470		512,470		—
NTT Urban Development Corp. (Japan)		48,800		479,987		479,987		—
Realogy Holdings Corp. (a)		11,409		519,338		519,338		—
Sumitomo Realty & Development Co., Ltd. (Japan)		14,000		491,274		491,274		—
Tokyu Fudosan Holdings Corp. (Japan)		67,700		511,294		511,294		—
		679,803		8,149,741		8,149,741		—
Thrifts & Mortgage Finance — 0.7%
Beneficial Bancorp, Inc. (a)		45,551		585,786		585,786		—
Hudson City Bancorp, Inc.		50,735		523,078		523,078		—
Kearny Financial Corp. (a)		52,332		583,502		583,502		—
TFS Financial Corp.		33,504		564,877		564,877		—
		182,122		2,257,243		2,257,243		—
Total Financials		8,408,518		22,662,867		22,662,867		—
Health Care — 2.9%
Health Care Equipment & Supplies — 0.7%
Endologix, Inc. (a)		3,087		44,021		44,021		—
Insulet Corp. (a)		16,558		561,151		561,151		—
Neogen Corp. (a)		11,391		662,842		662,842		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Health Care — continued
Health Care Equipment & Supplies — continued
NxStage Medical, Inc. (a)		38,388		548,181		548,181		—
Olympus Corp. (Japan)		12,900		494,412		494,412		—
Wright Medical Group, Inc. (a)		2,800		72,352		72,352		—
		85,124		2,382,959		2,382,959		—
Health Care Providers & Services — 0.3%
Centene Corp. (a)		5,166		362,292		362,292		—
Tenet Healthcare Corp. (a)		11,450		644,635		644,635		—
		16,616		1,006,927		1,006,927		—
Health Care Technology — 0.7%
Allscripts Healthcare Solutions, Inc. (a)		21,822		315,546		315,546		—
athenahealth, Inc. (a)		4,171		583,773		583,773		—
M3, Inc. (Japan)		26,300		620,284		620,284		—
Medidata Solutions, Inc. (a)		10,594		569,957		569,957		—
		62,887		2,089,560		2,089,560		—
Life Sciences Tools & Services — 0.2%
MorphoSys AG (Germany) (a)		7,125		575,687		575,687		—
Pharmaceuticals — 1.0%
Akorn, Inc. (a)		12,928		596,110		596,110		—
BTG plc (United Kingdom) (a)		45,274		462,392		462,392		—
Nektar Therapeutics (a)		44,838		565,407		565,407		—
Pacira Pharmaceuticals, Inc. (a)		7,286		483,936		483,936		—
Relypsa, Inc. (a)		13,762		455,660		455,660		—
UCB S.A. (Belgium)		8,137		629,663		629,663		—
		132,225		3,193,168		3,193,168		—
Total Health Care		303,977		9,248,301		9,248,301		—
Industrials — 9.2%
Aerospace & Defense — 0.6%
DigitalGlobe, Inc. (a)		16,243		344,027		344,027		—
Finmeccanica S.p.A. (Italy) (a)		46,563		670,928		670,928		—
Rolls-Royce Holdings plc (United Kingdom) (a)		33,761		418,619		418,619		—
Zodiac Aerospace (France)		15,452		460,740		460,740		—
		112,019		1,894,314		1,894,314		—
Air Freight & Logistics — 0.6%
Hub Group, Inc. (a)		13,502		568,839		568,839		—
Panalpina Welttransport Holding AG (Switzerland)		3,572		444,328		444,328		—
PostNL N.V. (Netherlands) (a)		118,243		508,014		508,014		—
Yamato Holdings Co., Ltd. (Japan)		24,300		538,998		538,998		—
		159,617		2,060,179		2,060,179		—
Airlines — 0.3%
Deutsche Lufthansa AG (Germany) (a)		40,620		550,945		550,945		—
Spirit Airlines, Inc. (a)		3,900		233,298		233,298		—
		44,520		784,243		784,243		—
Building Products — 1.2%
Armstrong World Industries, Inc. (a)		9,971		583,304		583,304		—
Builders FirstSource, Inc. (a)		41,898		630,146		630,146		—
Geberit AG (Switzerland)		1,661		574,981		574,981		—
Masonite International Corp. (a)		7,221		498,754		498,754		—
NCI Building Systems, Inc. (a)		31,173		403,690		403,690		—
Nippon Sheet Glass Co., Ltd. (Japan) (a)		526,000		543,253		543,253		—
USG Corp. (a)		18,325		567,709		567,709		—
		636,249		3,801,837		3,801,837		—
Commercial Services & Supplies — 1.4%
Brambles Ltd. (Australia)		58,334		463,915		463,915		—
Clean Harbors, Inc. (a)		9,839		487,227		487,227		—
Edenred (France)		24,355		607,578		607,578		—
Interface, Inc.		24,559		637,797		637,797		—
Regus plc (Luxembourg)		160,156		702,302		702,302		—
Serco Group plc (United Kingdom)		250,202		503,648		503,648		—
Spotless Group Holdings Ltd. (Australia)		325,331		464,901		464,901		—
Stericycle, Inc. (a)		3,755		529,343		529,343		—
		856,531		4,396,711		4,396,711		—
Construction & Engineering — 0.2%
OCI N.V. (Netherlands) (a)		16,248		545,413		545,413		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Industrials — continued
Electrical Equipment — 0.1%
Franklin Electric Co., Inc.		14,156		408,542		408,542		—
Industrial Conglomerates — 0.2%
Rheinmetall AG (Germany)		10,169		553,659		553,659		—
Machinery — 2.1%
Bucher Industries AG (Switzerland)		2,008		489,168		489,168		—
Colfax Corp. (a)		10,049		383,269		383,269		—
EnPro Industries, Inc.		8,258		418,515		418,515		—
Harsco Corp.		34,824		478,482		478,482		—
IMI plc (United Kingdom)		26,343		436,480		436,480		—
KUKA AG (Germany)		6,635		568,814		568,814		—
Manitowoc Co., Inc. (The)		22,304		394,112		394,112		—
Navistar International Corp. (a)		24,568		430,923		430,923		—
Proto Labs, Inc. (a)		7,416		558,944		558,944		—
Rexnord Corp. (a)		15,755		334,006		334,006		—
Rotork plc (United Kingdom)		168,400		562,518		562,518		—
Sulzer AG (Switzerland)		4,528		464,843		464,843		—
Vallourec S.A. (France)		22,064		362,629		362,629		—
Weir Group plc (The) (United Kingdom)		19,226		461,473		461,473		—
Zardoya Otis S.A. (Spain)		44,848		492,050		492,050		—
		417,226		6,836,226		6,836,226		—
Professional Services — 1.0%
Advisory Board Co. (The) (a)		10,491		628,411		628,411		—
ALS Ltd. (Australia)		122,624		480,428		480,428		—
Bureau Veritas S.A. (France)		22,474		525,111		525,111		—
IHS, Inc. (a)		4,256		532,128		532,128		—
Intertek Group plc (United Kingdom)		12,714		485,847		485,847		—
Seek Ltd. (Australia)		51,021		563,136		563,136		—
		223,580		3,215,061		3,215,061		—
Road & Rail — 0.9%
Hertz Global Holdings, Inc. (a)		24,122		409,833		409,833		—
Kansas City Southern		6,099		604,960		604,960		—
Keikyu Corp. (Japan)		59,000		486,053		486,053		—
Keio Corp. (Japan)		62,000		516,771		516,771		—
Kintetsu Group Holdings Co., Ltd. (Japan)		150,000		534,958		534,958		—
Odakyu Electric Railway Co., Ltd. (Japan)		47,000		470,625		470,625		—
		348,221		3,023,200		3,023,200		—
Trading Companies & Distributors — 0.5%
Beacon Roofing Supply, Inc. (a)		17,649		617,715		617,715		—
Kloeckner & Co. SE (Germany)		64,518		605,260		605,260		—
MRC Global, Inc. (a)		36,131		464,283		464,283		—
		118,298		1,687,258		1,687,258		—
Transportation Infrastructure — 0.1%
Abertis Infraestructuras S.A. (Spain)		25,294		414,048		414,048		—
Total Industrials		2,982,128		29,620,691		29,620,691		—
Information Technology — 8.0%
Communications Equipment — 0.5%
Palo Alto Networks, Inc. (a)		3,155		586,294		586,294		—
Ruckus Wireless, Inc. (a)		54,954		677,583		677,583		—
ViaSat, Inc. (a)		7,969		494,078		494,078		—
		66,078		1,757,955		1,757,955		—
Electronic Equipment, Instruments & Components — 0.3%
FARO Technologies, Inc. (a)		12,049		528,830		528,830		—
Japan Display, Inc. (Japan) (a)		141,900		440,808		440,808		—
		153,949		969,638		969,638		—
Internet Software & Services — 2.8%
Benefitfocus, Inc. (a)		13,260		493,802		493,802		—
carsales.com Ltd. (Australia)		57,993		459,931		459,931		—
Cornerstone OnDemand, Inc. (a)		15,917		573,967		573,967		—
CoStar Group, Inc. (a)		2,692		541,873		541,873		—
Cvent, Inc. (a)		21,955		591,029		591,029		—
Demandware, Inc. (a)		7,708		582,416		582,416		—
Envestnet, Inc. (a)		11,778		533,426		533,426		—
GrubHub, Inc. (a)		16,331		517,856		517,856		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Information Technology — continued
Internet Software & Services — continued
Hortonworks, Inc. (a)		4,058		98,447		98,447		—
Internet Initiative Japan, Inc. (Japan)		30,000		574,656		574,656		—
Kakaku.com, Inc. (Japan)		34,500		549,227		549,227		—
LinkedIn Corp. (a)		2,905		590,470		590,470		—
Marketo, Inc. (a)		19,911		605,494		605,494		—
Pandora Media, Inc. (a)		28,243		494,817		494,817		—
Shutterstock, Inc. (a)		7,377		394,153		394,153		—
SPS Commerce, Inc. (a)		7,045		508,297		508,297		—
Twitter, Inc. (a)		15,662		485,679		485,679		—
Zillow Group, Inc. (a)		5,533		450,940		450,940		—
		302,868		9,046,480		9,046,480		—
IT Services — 0.2%
InterXion Holding N.V. (Netherlands) (a)		2,396		66,177		66,177		—
Unisys Corp. (a)		28,201		447,550		447,550		—
		30,597		513,727		513,727		—
Semiconductors & Semiconductor Equipment — 1.1%
Advanced Micro Devices, Inc. (a)		228,475		440,957		440,957		—
AIXTRON SE (Germany) (a)		81,617		484,123		484,123		—
ASML Holding N.V. (Netherlands)		5,507		548,196		548,196		—
Cavium, Inc. (a)		8,122		550,672		550,672		—
Imagination Technologies Group plc (United Kingdom) (a)		85,988		314,558		314,558		—
SunEdison, Inc. (a)		21,185		493,187		493,187		—
SunPower Corp. (a)		16,203		437,967		437,967		—
Veeco Instruments, Inc. (a)		16,400		424,432		424,432		—
		463,497		3,694,092		3,694,092		—
Software — 2.9%
Autodesk, Inc. (a)		10,291		520,519		520,519		—
FireEye, Inc. (a)		11,919		530,276		530,276		—
Fleetmatics Group plc (Ireland) (a)		11,378		544,665		544,665		—
Fortinet, Inc. (a)		14,896		711,135		711,135		—
Glu Mobile, Inc. (a)		88,437		518,683		518,683		—
Guidewire Software, Inc. (a)		9,913		585,363		585,363		—
Imperva, Inc. (a)		8,427		553,654		553,654		—
Interactive Intelligence Group, Inc. (a)		11,680		484,253		484,253		—
NetSuite, Inc. (a)		6,566		648,983		648,983		—
Proofpoint, Inc. (a)		8,602		556,549		556,549		—
PROS Holdings, Inc. (a)		29,787		651,442		651,442		—
Qlik Technologies, Inc. (a)		15,722		636,112		636,112		—
ServiceNow, Inc. (a)		7,105		571,953		571,953		—
Splunk, Inc. (a)		7,686		537,559		537,559		—
Ultimate Software Group, Inc. (The) (a)		3,024		557,051		557,051		—
Workday, Inc. (a)		5,883		496,113		496,113		—
Zendesk, Inc. (a)		4,262		87,925		87,925		—
		255,578		9,192,235		9,192,235		—
Technology Hardware, Storage & Peripherals — 0.2%
Nimble Storage, Inc. (a)		1,900		52,478		52,478		—
Stratasys Ltd. (a)		16,700		513,191		513,191		—
		18,600		565,669		565,669		—
Total Information Technology		1,291,167		25,739,796		25,739,796		—
Materials — 4.3%
Chemicals — 0.8%
Johnson Matthey plc (United Kingdom)		11,987		545,673		545,673		—
Koninklijke DSM N.V. (Netherlands)		8,981		512,995		512,995		—
LANXESS AG (Germany)		9,611		554,469		554,469		—
LSB Industries, Inc. (a)		10,722		395,749		395,749		—
WR Grace & Co. (a)		5,376		542,600		542,600		—
		46,677		2,551,486		2,551,486		—
Construction Materials — 0.2%
Headwaters, Inc. (a)		29,110		553,381		553,381		—
Summit Materials, Inc. (a)		1,700		42,653		42,653		—
		30,810		596,034		596,034		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Materials — continued
Containers & Packaging — 0.3%
Fuji Seal International, Inc. (Japan)		16,600		513,664		513,664		—
Toyo Seikan Group Holdings Ltd. (Japan)		31,800		495,981		495,981		—
		48,400		1,009,645		1,009,645		—
Metals & Mining — 3.0%
Agnico Eagle Mines Ltd. (Canada)		17,138		379,228		379,228		—
Allegheny Technologies, Inc.		24,452		521,317		521,317		—
Alumina Ltd. (Australia)		434,469		471,599		471,599		—
Antofagasta plc (Chile)		42,195		373,618		373,618		—
Barrick Gold Corp. (Canada)		76,726		542,658		542,658		—
Carpenter Technology Corp.		13,351		501,197		501,197		—
Detour Gold Corp. (Canada) (a)		54,118		525,104		525,104		—
Eldorado Gold Corp. (Canada)		173,387		596,583		596,583		—
Franco-Nevada Corp. (Canada)		10,155		412,303		412,303		—
Fresnillo plc (Mexico)		49,360		498,727		498,727		—
Hecla Mining Co.		201,750		423,675		423,675		—
Kinross Gold Corp. (Canada) (a)		173,681		318,717		318,717		—
Lonmin plc (South Africa) (a)		113,517		92,448		92,448		—
New Gold, Inc. (Canada) (a)		174,137		384,796		384,796		—
Outokumpu OYJ (Finland) (a)		109,684		507,380		507,380		—
Pacific Metals Co., Ltd. (Japan) (a)		182,000		552,161		552,161		—
Randgold Resources Ltd. (United Kingdom)		6,723		405,470		405,470		—
Silver Wheaton Corp. (Canada)		31,635		414,108		414,108		—
Stillwater Mining Co. (a)		45,797		435,988		435,988		—
SunCoke Energy, Inc.		37,651		462,731		462,731		—
ThyssenKrupp AG (Germany)		22,766		577,189		577,189		—
Yamana Gold, Inc. (Canada)		213,934		423,664		423,664		—
		2,208,626		9,820,661		9,820,661		—
Total Materials		2,334,513		13,977,826		13,977,826		—
Telecommunication Services — 0.8%
Diversified Telecommunication Services — 0.2%
Cogent Communications Holdings, Inc.		1,595		50,705		50,705		—
Iliad S.A. (France)		2,492		591,294		591,294		—
Sunrise Communications Group AG (Switzerland) (a)		15		1,180		1,180		—
		4,102		643,179		643,179		—
Wireless Telecommunication Services — 0.6%
SBA Communications Corp. (a)		4,378		528,512		528,512		—
SoftBank Group Corp. (Japan)		8,100		449,720		449,720		—
Sprint Corp. (a)		121,945		410,955		410,955		—
United States Cellular Corp. (a)		13,052		485,796		485,796		—
		147,475		1,874,983		1,874,983		—
Total Telecommunication Services		151,577		2,518,162		2,518,162		—
Utilities — 2.4%
Electric Utilities — 0.6%
ITC Holdings Corp.		17,186		580,543		580,543		—
Kyushu Electric Power Co., Inc. (Japan) (a)		57,000		808,537		808,537		—
Shikoku Electric Power Co., Inc. (Japan)		39,100		658,423		658,423		—
		113,286		2,047,503		2,047,503		—
Gas Utilities — 0.1%
National Fuel Gas Co.		8,131		439,643		439,643		—
Independent Power & Renewable Electricity
Producers — 0.2%
Drax Group plc (United Kingdom)		120,741		562,460		562,460		—
Independent Power and Renewable Electricity
Producers — 0.5%
Calpine Corp. (a)		31,169		570,393		570,393		—
Dynegy, Inc. (a)		17,877		465,696		465,696		—
Enel Green Power S.p.A. (Italy)		234,291		486,573		486,573		—
		283,337		1,522,662		1,522,662		—
Multi-Utilities — 0.8%
Canadian Utilities Ltd. (Canada)		15,380		432,053		432,053		—
Centrica plc (United Kingdom)		127,668		531,328		531,328		—
Dominion Resources, Inc.		8,070		578,619		578,619		—
NiSource, Inc.		31,778		554,844		554,844		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Utilities — continued
Multi-Utilities — continued
Sempra Energy		5,329		542,386		542,386		—
		188,225		2,639,230		2,639,230		—
Water Utilities — 0.2%
Pennon Group plc (United Kingdom)		38,695		492,791		492,791		—
Total Utilities		752,415		7,704,289		7,704,289		—
Total Short Positions of Total Return Basket Swap		19,687,051		167,365,395		167,365,395		—
Total of Long and Short Positions of Total Return Basket Swap		13,227,053		14,032,127		14,032,127		—
Cash and Other Receivables/(Payables) (4)								(1,287,846	)
Financing Costs								(111,915	)
Net Dividends Receivable/(Payable)								110,473
Net Swap Contract, at value							$	(1,289,288	)

NOTES TO ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS:

(1) Notional value represents the market value (including any fees or commissions) of the long and short positions as of the reset date.

(2) Current value represents market value as of July 31, 2015 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 July 31, 2015 as the swap resets on that day.

(4) Cash and other receivables/(payables) includes the gains (or losses) realized when the swap resets. For swaps that reset at the reporting period end date, these receivables/(payables) are awaiting settlement with the counterparty.

(a) Non-income producing security.

(g) Amount rounds to less than 0.1%.

Systematic Alpha Fund CS Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on October 11, 2012 and is currently a wholly-owned subsidiary of the Fund. Effective April 30, 2015, the Subsidiary changed its name from JPM Systematic Alpha Commodity Subsidiary Ltd. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments on behalf of the Fund consistent with the Fund’s investment objectives and policies as described in the Fund’s prospectus. As of July 31, 2015, net assets of the Fund were $322,235,874 of which $44,859,454, or approximately 13.9%, represented the Subsidiary’s net assets. The net realized loss in the Subsidiary amounted to $(276,009). The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary.

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

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

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

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	4,169,824	$	8,590,699	$	—	$	12,760,523
Consumer Staples		1,152,670		—		—		1,152,670
Energy		—		1,302,214		—		1,302,214
Financials		10,951,217		1,515,981		—		12,467,198
Health Care		16,894,174		2,098,546		—		18,992,720
Industrials		7,193,435		8,374,795		—		15,568,230
Information Technology		14,078,298		3,459,194		—		17,537,492
Materials		8,010,407		4,889,685		—		12,900,092
Telecommunication Services		—		1,873,998		—		1,873,998
Utilities		7,340,433		—		—		7,340,433
Total Common Stocks		69,790,458		32,105,112		—		101,895,570
Preferred Stocks
Consumer Staples		790,367		—		—		790,367
Financials		3,044,498		—		—		3,044,498
Industrials		—		880,596		—		880,596
Materials		553,828		—		—		553,828
Utilities		1,433,334		199,380		—		1,632,714
Total Preferred Stocks		5,822,027		1,079,976		—		6,902,003
Debt Securities
Convertible Bonds
Consumer Discretionary		—		5,878,462		—		5,878,462
Energy		—		2,101,976		—		2,101,976
Financials		—		4,739,136		—		4,739,136
Health Care		—		11,216,736		—		11,216,736
Industrials		—		1,814,030		—		1,814,030
Information Technology		—		14,982,458		—		14,982,458
Materials		—		836,896		—		836,896
Total Convertible Bonds		—		41,569,694		—		41,569,694
Rights
Health Care		—		—		3,928		3,928
Telecommunication Services		—		—		8,351		8,351
Total Rights		—		—		12,279		12,279
Short-Term Investment
Investment Company		163,680,770		—		—		163,680,770
Total Investments in Securities	$	239,293,255	$	74,754,782	$	12,279	$	314,060,316

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	950,208		$	—	$	950,208
Futures Contracts		2,294,994			—			—		2,294,994
Swaps		—			1,530,632			—		1,530,632
Total Appreciation in Other Financial Instruments	$	2,294,994		$	2,480,840		$	—	$	4,775,834
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(895,782	)	$	—	$	(895,782	)
Futures Contracts		(1,813,313	)		—			—		(1,813,313	)
Swaps		—			(1,289,288	)		—		(1,289,288	)
Total Depreciation in Other Financial Instruments	$	(1,813,313	)	$	(2,185,070	)	$	—	$	(3,998,383	)

There were no transfers among any levels during the period ended July 31, 2015.

B. Derivatives — The Fund uses instruments including futures, forward foreign currency exchange contracts, swaps and other derivatives, in connection with its 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 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 their value.

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

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

Notes (1) — (3) below describe the various derivatives used by the Fund.

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

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

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 up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

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

(2). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency contract offsets another forward foreign currency contract with the same counterparty upon settlement. As of July 31, 2015, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2015 (Unaudited) (continued)

(3). Total Return Basket Swaps — The Fund entered into total return basket 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 the swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs”.

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.0%
		Brazil — 4.3%
	871	Banco Bradesco S.A., ADR		6,915
	1,132	Banco do Brasil S.A.		7,207
	778	Itau Unibanco Holding S.A. (Preference Shares), ADR		6,751
	1,317	JBS S.A.		5,886
	486	Petroleo Brasileiro S.A., ADR (a)		2,990
	238	Smiles S.A.		3,812
				33,561
		China — 23.1%
	685	AAC Technologies Holdings, Inc.		3,881
	2,120	Air China Ltd., Class H		2,127
	1,667	ANTA Sports Products Ltd.		4,273
	19,721	Bank of China Ltd., Class H		10,776
	1,508	BYD Electronic International Co., Ltd. (a)		1,253
	12,038	China CITIC Bank Corp., Ltd., Class H (a)		8,581
	10,904	China Construction Bank Corp., Class H		8,895
	11,242	China Everbright Bank Co., Ltd., Class H		6,260
	3,207	China Lesso Group Holdings Ltd.		2,513
	3,969	China Merchants Bank Co., Ltd., Class H		10,252
	6,566	China Minsheng Banking Corp., Ltd., Class H		7,382
	2,756	China Southern Airlines Co., Ltd., Class H		2,724
	13,074	China Telecom Corp., Ltd., Class H		7,312
	5,131	CNOOC Ltd.		6,296
	8,770	Geely Automobile Holdings Ltd.		3,682
	10,047	GOME Electrical Appliances Holdings Ltd.		1,741
	1,215	Great Wall Motor Co., Ltd., Class H		4,015
	5,066	Huadian Power International Corp., Ltd., Class H		5,117
	5,658	Huaneng Power International, Inc., Class H		6,856
	11,602	Industrial & Commercial Bank of China Ltd., Class H		7,970
	6,436	Jiangnan Group Ltd.		1,658
	6,126	Lenovo Group Ltd.		6,640
	60	NetEase, Inc., ADR		8,290
	3,620	PICC Property & Casualty Co., Ltd., Class H		7,532
	2,872	Shanghai Electric Group Co., Ltd., Class H		1,773
	2,906	Shenzhen Expressway Co., Ltd., Class H		2,141
	1,596	Sinopharm Group Co., Ltd., Class H		6,126
	4,018	Sinotrans Ltd., Class H		2,472
	1,970	Sunny Optical Technology Group Co., Ltd.		3,794
	2,198	TCL Communication Technology Holdings Ltd.		1,708

SHARES		SECURITY DESCRIPTION	VALUE($)
		China — continued
	432	Tencent Holdings Ltd.		8,039
	5,978	Universal Health International Group Holding Ltd.		2,552
	116	Vipshop Holdings Ltd., ADR (a)		2,257
	3,154	Weichai Power Co., Ltd., Class H		4,731
	884	Xinjiang Goldwind Science & Technology Co., Ltd., Class H		1,686
	5,554	Xinyi Solar Holdings Ltd.		2,392
	2,800	Zhejiang Expressway Co., Ltd., Class H		3,222
				178,919
		Egypt — 0.5%
	563	Commercial International Bank Egypt SAE, GDR		3,777
		Hong Kong — 5.3%
	6,072	Belle International Holdings Ltd.		6,313
	600	China Mobile Ltd.		7,848
	2,284	China Overseas Land & Investment Ltd.		7,193
	7,334	China Travel International Investment Hong Kong Ltd.		2,831
	3,724	China Unicom Hong Kong Ltd.		5,227
	2,654	Huabao International Holdings Ltd.		1,289
	34,875	REXLot Holdings Ltd. (i)		1,422
	1,840	Shenzhen International Holdings Ltd.		3,051
	2,244	Sino Biopharmaceutical Ltd.		2,598
	4,566	Skyworth Digital Holdings Ltd.		3,487
				41,259
		India — 7.5%
	1,192	Apollo Tyres Ltd. (a)		3,760
	435	Bharat Petroleum Corp., Ltd.		6,293
	515	HCL Technologies Ltd.		8,019
	495	Hexaware Technologies Ltd.		2,208
	470	Hindustan Petroleum Corp., Ltd.		6,758
	363	Housing Development Finance Corp., Ltd (m)		7,581
	694	IRB Infrastructure Developers Ltd.		2,659
	888	Power Finance Corp., Ltd.		3,407
	744	Rural Electrification Corp., Ltd.		3,140
	1,331	Sintex Industries Ltd. (a)		2,391
	231	Tata Motors Ltd., ADR		6,865
	198	Wockhardt Ltd.		4,837
				57,918
		Indonesia — 0.7%
	15,377	Bank Negara Indonesia Persero Tbk PT		5,405

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Poland — 0.8%
	388	Energa S.A.		2,092
	2,311	Polskie Gornictwo Naftowe i Gazownictwo S.A.		3,851
				5,943
		Russia — 5.6%
	2,212	Alrosa PAO		2,554
	221	CTC Media, Inc.		415
	170	Lukoil PJSC, ADR		7,004
	8,934	Magnitogorsk Iron & Steel Works (a)		2,731
	179	MegaFon PJSC, Reg. S, GDR		2,224
	118	MMC Norilsk Nickel PJSC, ADR		1,809
	360	MMC Norilsk Nickel PJSC, ADR		5,551
	553	Mobile TeleSystems PJSC, ADR		4,532
	827	Moscow Exchange MICEX-RTS PJSC		942
	1,364	Sberbank of Russia, ADR		6,709
	376	Severstal PAO, Reg. S, GDR		4,238
	19	Tatneft OAO, ADR		554
	133	Tatneft OAO, ADR		3,896
				43,159
		South Africa — 3.2%
	220	Bidvest Group Ltd. (The)		5,343
	220	Mr Price Group Ltd.		4,374
	2,335	Netcare Ltd.		7,441
	1,318	Steinhoff International Holdings Ltd.		7,972
				25,130
		South Korea — 20.4%
	14	AMOREPACIFIC Group (m)		2,299
	276	BNK Financial Group, Inc.		3,239
	8	CJ CheilJedang Corp.		2,819
	30	Com2uSCorp (a)		3,224
	86	Coway Co., Ltd.		7,172
	231	DGB Financial Group, Inc.		2,214
	16	GS Home Shopping, Inc.		2,730
	76	GS Retail Co., Ltd.		3,415
	74	Halla Visteon Climate Control Corp.		2,295
	22	Hana Tour Service, Inc.		3,250
	130	Hankook Tire Co., Ltd.		4,517
	46	Hansae Co., Ltd.		2,030
	23	Hyosung Corp.		2,805
	70	Hyundai Development Co-Engineering & Construction		4,228
	35	Hyundai Elevator Co. Ltd. (a)		2,373
	38	Hyundai Mobis Co., Ltd. (m)		6,898
	495	Industrial Bank of Korea		5,859

SHARES		SECURITY DESCRIPTION	VALUE($)
		South Korea — continued
	120	KB Financial Group, Inc.		3,771
	37	KEPCO Plant Service & Engineering Co., Ltd.		3,665
	95	KH Vatec Co., Ltd.		1,254
	160	Kia Motors Corp.		6,013
	187	Korea Electric Power Corp. (m)		8,098
	17	Korea Zinc Co., Ltd.		6,984
	111	KT&G Corp.		10,417
	31	LG Hausys Ltd.		4,628
	51	LG Innotek Co., Ltd.		3,539
	496	Meritz Securities Co., Ltd.		2,477
	36	NCSoft Corp.		6,787
	153	Partron Co., Ltd.		1,058
	8	Samsung Electronics Co., Ltd. (m)		8,437
	75	Seah Besteel Corp.		2,119
	10	SK C&C Co., Ltd.		2,635
	45	SK Holdings Co., Ltd. (m)		8,653
	206	SK Hynix, Inc.		6,515
	34	SK Telecom Co., Ltd. (m)		7,331
	203	Wonik IPS Co., Ltd. (a)		2,127
				157,875
		Taiwan — 16.4%
	6,366	Advanced Semiconductor Engineering, Inc.		7,390
	639	Asustek Computer, Inc.		5,775
	761	Catcher Technology Co., Ltd.		8,390
	4,921	Cathay Financial Holding Co., Ltd.		7,954
	1,062	Chicony Electronics Co., Ltd.		2,756
	1,334	Chipbond Technology Corp.		2,005
	6,009	Compeq Manufacturing Co., Ltd.		3,962
	770	Feng TAY Enterprise Co., Ltd.		4,309
	4,010	Fubon Financial Holding Co., Ltd.		7,316
	561	Grape King Bio Ltd.		3,773
	1,703	Highwealth Construction Corp.		3,504
	2,710	Hon Hai Precision Industry Co., Ltd.		7,794
	11,457	Innolux Corp.		3,983
	4,802	Inotera Memories, Inc. (a)		2,897
	9,455	Mega Financial Holding Co., Ltd.		8,080
	2,862	Pegatron Corp.		8,044
	4,798	Pou Chen Corp.		6,815
	1,493	Radiant Opto-Electronics Corp.		4,448
	1,110	Ruentex Industries Ltd. (a)		2,325
	775	Shin Zu Shing Co. Ltd.		2,025
	1,435	Taiwan Paiho Ltd.		2,998

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Taiwan — continued
	407	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		8,997
	2,719	Vanguard International Semiconductor Corp.		3,192
	3,686	Wan Hai Lines Ltd.		3,088
	2,405	Win Semiconductors Corp.		2,573
	942	Zhen Ding Technology Holding Ltd.		2,922
				127,315
		Thailand — 2.7%
	1,175	Kasikornbank PCL, NVDR		5,925
	12,162	Krung Thai Bank PCL, NVDR		6,040
	786	PTT PCL, NVDR		7,266
	3,503	Supalai PCL, NVDR		1,699
				20,930
		Turkey — 5.1%
	4,074	Eregli Demir ve Celik Fabrikalari TAS		6,102
	1,741	KOC Holding A.S. (m)		7,721
	356	TAV Havalimanlari Holding A.S.		2,706
	500	Tofas Turk Otomobil Fabrikasi A.S.		3,278
	2,624	Trakya Cam Sanayi A.S.		1,941
	1,856	Turk Hava Yollari AO (a) (m)		6,049
	840	Turkiye Halk Bankasi A.S.		3,655
	3,996	Turkiye Is Bankasi, Class C		7,771
				39,223
		United Arab Emirates — 0.4%
	7,242	Air Arabia PJSC		3,157
		Total Common Stocks (Cost $751,088)		743,571
	Preferred Stock — 0.4%
		Russia — 0.4%
	5,057	Surgutneftegas OAO (a)		3,088
		Total Preferred Stock (Cost $4,348)		3,088
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		South Korea — 0.0% (g)
	140	Meritz Securities Co., Ltd., expiring 08/11/15 (a) (Cost $–)		188

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.7%
		Investment Company — 1.7%
	12,867	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m) (Cost $12,867)		12,867
		Total Investments — 98.1% (Cost $768,303)		759,714
		Other Assets in Excess of Liabilities — 1.9%		14,658
		NET ASSETS — 100.0%	$	774,372

Percentages indicated are based on net assets.

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Banks		18.9	%
Oil, Gas & Consumable Fuels		6.3
Semiconductors & Semiconductor Equipment		5.6
Technology Hardware, Storage & Peripherals		5.5
Electronic Equipment, Instruments & Components		4.2
Metals & Mining		4.2
Textiles, Apparel & Luxury Goods		3.8
Automobiles		3.1
Wireless Telecommunication Services		2.9
Industrial Conglomerates		2.9
Household Durables		2.5
Auto Components		2.3
Internet Software & Services		2.1
Health Care Providers & Services		2.1
Insurance		2.0
Diversified Financial Services		1.9
Airlines		1.9
IT Services		1.7
Diversified Telecommunication Services		1.7
Real Estate Management & Development		1.6
Independent Power & Renewable Electricity Producers		1.6
Building Products		1.5
Transportation Infrastructure		1.5
Tobacco		1.4
Electric Utilities		1.3
Software		1.3
Machinery		1.2
Food Products		1.1
Thrifts & Mortgage Finance		1.0
Hotels, Restaurants & Leisure		1.0
Pharmaceuticals		1.0
Others (each less than 1.0%)		7.2
Short-Term Investment		1.7

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
NVDR	—	Non Voting Depositary 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.
(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%.
(i)	—	Security has been deemed illiquid and may be difficult to sell.
(l)	—	The rate shown is the current yield as of July 31, 2015.
(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 approximately $662,955,000 and 87.3%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	80,593
Aggregate gross unrealized depreciation		(89,182	)
Net unrealized appreciation/depreciation	$	(8,589	)
Federal income tax cost of investments	$	768,303

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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

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

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

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

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

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

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	33,561	$	—	$	—	$	33,561
China		10,549		168,370		—		178,919
Egypt		—		3,777		—		3,777
Hong Kong		—		39,838		1,421		41,259
India		14,883		43,035		—		57,918
Indonesia		—		5,405		—		5,405
Poland		—		5,943		—		5,943
Russia		8,980		34,179		—		43,159
South Africa		—		25,130		—		25,130
South Korea		24,764		133,111		—		157,875
Taiwan		12,086		115,229		—		127,315
Thailand		—		20,930		—		20,930
Turkey		7,990		31,233		—		39,223
United Arab Emirates		—		3,157		—		3,157
Total Common Stocks		112,813		629,337		1,421		743,571
Preferred Stocks
Russia		—		3,088		—		3,088
Right
South Korea		—		188		—		188
Short-Term Investment
Investment Company		12,867		—		—		12,867
Total Investments in Securities	$	125,680	$	632,613	$	1,421	$	759,714

There were no transfers between Levels 1 and 2 during the period ended July 31, 2015.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.0%
		Australia — 1.1%
	4,224	Oil Search Ltd.		22,980
		Brazil — 8.7%
	3,934	AMBEV S.A., ADR		22,345
	2,792	BB Seguridade Participacoes S.A.		26,300
	7,000	CCR S.A.		31,115
	1,592	Cielo S.A.		20,315
	1,802	Itau Unibanco Holding S.A. (Preference Shares), ADR		15,641
	700	Lojas Renner S.A.		22,201
	845	Marcopolo S.A.		481
	1,228	Ultrapar Participacoes S.A.		25,139
	1,932	WEG S.A.		10,530
				174,067
		China — 9.5%
	122	Alibaba Group Holding Ltd., ADR (a)		9,528
	208	Baidu, Inc., ADR (a)		35,856
	11,924	CNOOC Ltd.		14,632
	23,920	Geely Automobile Holdings Ltd.		10,043
	850	JD.com, Inc., ADR (a)		28,066
	17,485	Sun Art Retail Group Ltd.		13,310
	2,770	Tencent Holdings Ltd.		51,613
	1,224	Tsingtao Brewery Co., Ltd., Class H (m)		6,523
	1,117	Vipshop Holdings Ltd., ADR (a)		21,778
				191,349
		Cyprus — 0.2%
	1,183	Globaltrans Investment plc, Reg. S, GDR (a)		4,253
		Hong Kong — 6.6%
	11,562	AIA Group Ltd.		75,203
	3	Jardine Matheson Holdings Ltd.		173
	359	Jardine Matheson Holdings Ltd.		19,497
	8,504	Sands China Ltd.		37,529
				132,402
		India — 18.2%
	282	ACC Ltd.		6,102
	1,666	Ambuja Cements Ltd.		6,035
	1,008	Asian Paints Ltd.		13,877
	798	HDFC Bank Ltd., ADR		49,834
	3,324	Housing Development Finance Corp., Ltd (m)		69,458
	2,336	Infosys Ltd., ADR		39,498
	7,938	ITC Ltd.		40,327
	1,496	Kotak Mahindra Bank Ltd.		16,391
	1,114	Lupin Ltd.		29,489

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — continued
	733	Mahindra & Mahindra Ltd.		15,559
	1,635	Tata Consultancy Services Ltd.		64,020
	528	Tata Motors Ltd., ADR		15,655
				366,245
		Indonesia — 3.3%
	50,157	Astra International Tbk PT		24,630
	16,790	Bank Central Asia Tbk PT		16,252
	33,192	Bank Rakyat Indonesia Persero Tbk PT		24,521
				65,403
		Mexico — 1.8%
	8,980	Fibra Uno Administracion S.A. de C.V. (m)		21,569
	2,572	Infraestructura Energetica Nova S.A.B. de C.V. (a)		12,561
	389	Mexichem S.A.B. de C.V.		1,140
				35,270
		Panama — 1.0%
	262	Copa Holdings S.A., Class A		19,818
		Peru — 1.1%
	172	Credicorp Ltd. (m)		22,692
		Russia — 6.2%
	681	Lukoil PJSC, ADR		28,052
	116	Magnit PJSC		22,878
	333	Magnit PJSC, Reg. S, GDR		18,040
	555	Mail.Ru Group Ltd., Reg. S, GDR (a)		10,383
	4,364	Mobile Telesystems PJSC		15,872
	25,229	Sberbank of Russia		29,427
				124,652
		South Africa — 17.7%
	821	Aspen Pharmacare Holdings Ltd. (a)		24,036
	1,737	Bidvest Group Ltd. (The)		42,182
	361	Capitec Bank Holdings Ltd.		13,278
	7,039	FirstRand Ltd.		30,409
	600	Imperial Holdings Ltd.		8,051
	9,014	Life Healthcare Group Holdings Ltd.		26,597
	1,028	Mr Price Group Ltd.		20,464
	2,137	MTN Group Ltd.		35,586
	148	Naspers Ltd., Class N		20,693
	2,021	Remgro Ltd.		41,789
	4,875	Sanlam Ltd.		25,753
	1,830	Shoprite Holdings Ltd.		24,279
	5,405	Woolworths Holdings Ltd.		42,340
				355,457

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Korea — 3.4%
	152	Hyundai Motor Co.		19,390
	612	Kia Motors Corp.		22,947
	25	Samsung Electronics Co., Ltd. (m)		25,684
				68,021
		Switzerland — 1.0%
	310	Luxoft Holding, Inc. (a)		19,466
		Taiwan — 7.3%
	4,696	Delta Electronics, Inc.		23,100
	1,648	MediaTek, Inc.		17,324
	3,569	President Chain Store Corp.		25,957
	16,573	Siliconware Precision Industries Co., Ltd.		18,819
	2,763	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		61,094
				146,294
		Thailand — 5.4%
	3,214	Advanced Info Service PCL, NVDR		22,795
	4,951	Kasikornbank PCL, NVDR		24,968
	1,610	Siam Cement PCL (The)		24,220
	4,350	Siam Commercial Bank PCL (The) (m)		18,751
	8,677	Total Access Communication PCL, NVDR		17,299
				108,033
		Turkey — 2.4%
	788	Ford Otomotiv Sanayi A.S.		9,360
	4,367	KOC Holding A.S. (m)		19,370
	6,381	Turkiye Garanti Bankasi A.S.		18,820
				47,550
		United Kingdom — 2.1%
	793	Anglo American plc		9,998
	631	SABMiller plc		33,098
				43,096
		Total Common Stocks (Cost $1,829,513)		1,947,048
	Preferred Stocks — 0.6%
		Brazil — 0.6%
	1,049	Itau Unibanco Holding S.A.		9,171
	5,960	Marcopolo S.A.		4,004
		Total Preferred Stocks (Cost $18,230)		13,175

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.9%
		Investment Company — 1.9%
	37,159	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m) (Cost $37,159)		37,159
		Total Investments — 99.5% (Cost $1,884,902)		1,997,382
		Other Assets in Excess of Liabilities — 0.5%		9,186
		NET ASSETS — 100.0%	$	2,006,568

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Banks		13.0	%
IT Services		7.2
Insurance		6.4
Automobiles		5.9
Internet Software & Services		5.4
Food & Staples Retailing		5.2
Semiconductors & Semiconductor Equipment		4.9
Wireless Telecommunication Services		4.6
Oil, Gas & Consumable Fuels		4.5
Industrial Conglomerates		4.1
Diversified Financial Services		3.6
Thrifts & Mortgage Finance		3.5
Multiline Retail		3.2
Beverages		3.1
Pharmaceuticals		2.7
Internet & Catalog Retail		2.5
Tobacco		2.0
Hotels, Restaurants & Leisure		1.9
Construction Materials		1.8
Transportation Infrastructure		1.6
Health Care Providers & Services		1.3
Technology Hardware, Storage & Peripherals		1.3
Electronic Equipment, Instruments & Components		1.2
Real Estate Investment Trusts (REITs)		1.1
Media		1.0
Specialty Retail		1.0
Airlines		1.0
Others (each less than 1.0%)		3.1
Short-Term Investment		1.9

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
NVDR	—	Non Voting Depositary 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.
(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 July 31, 2015.
(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 are approximately $1,414,254,000 and 70.8%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	342,636
Aggregate gross unrealized depreciation		(230,156	)
Net unrealized appreciation/depreciation	$	112,480
Federal income tax cost of investments	$	1,884,902

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (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	$	—	$	22,980	$	—	$	22,980
Brazil		174,067		—		—		174,067
China		95,229		96,120		—		191,349
Cyprus		4,253		—		—		4,253
Hong Kong		172		132,230		—		132,402
India		169,007		197,238		—		366,245
Indonesia		—		65,403		—		65,403
Mexico		35,270		—		—		35,270
Panama		19,818		—		—		19,818
Peru		22,692		—		—		22,692
Russia		22,876		101,776		—		124,652
South Africa		13,279		342,178		—		355,457
South Korea		—		68,021		—		68,021
Switzerland		19,466		—		—		19,466
Taiwan		61,094		85,200		—		146,294
Thailand		18,750		89,283		—		108,033
Turkey		—		47,550		—		47,550
United Kingdom		—		43,096		—		43,096
Total Common Stocks		655,973		1,291,075		—		1,947,048
Preferred Stocks
Brazil		13,175		—		—		13,175
Short-Term Investment
Investment Company		37,159		—		—		37,159
Total Investments in Securities	$	706,307	$	1,291,075	$	—	$	1,997,382

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 92.2%
		Brazil — 9.7%
	11	AMBEV S.A., ADR		63
	4	Banco Bradesco S.A., ADR		32
	8	Banco do Brasil S.A.		48
	5	BB Seguridade Participacoes S.A.		47
	8	CCR S.A.		37
	5	Cia Energetica de Minas Gerais, ADR		15
	4	Tractebel Energia S.A.		39
				281
		Chile — 1.9%
	3	Banco Santander Chile, ADR		55
		China — 8.4%
	101	Bank of China Ltd., Class H		55
	78	China Construction Bank Corp., Class H		63
	20	China Shenhua Energy Co., Ltd., Class H		38
	83	Industrial & Commercial Bank of China Ltd., Class H		57
	14	MGM China Holdings Ltd.		30
				243
		Hong Kong — 8.3%
	4	China Mobile Ltd.		52
	20	China Resources Power Holdings Co., Ltd.		51
	3	Hang Seng Bank Ltd. (m)		51
	14	Sands China Ltd.		62
	2	VTech Holdings Ltd.		23
				239
		Hungary — 1.4%
	2	OTP Bank plc		41
		Indonesia — 1.7%
	9	Indo Tambangraya Megah Tbk PT		7
	202	Telekomunikasi Indonesia Persero Tbk PT		44
				51
		Mexico — 2.3%
	28	Kimberly-Clark de Mexico S.A.B. de C.V., Class A (m)		66
		Poland — 2.1%
	1	Powszechny Zaklad Ubezpieczen S.A.		62
		Russia — 5.8%
	1	Lukoil PJSC, ADR		51
	1	MegaFon PJSC, Reg. S, GDR		18
	3	MMC Norilsk Nickel PJSC, ADR		45
	3	Mobile TeleSystems PJSC, ADR		27
	2	Severstal PAO, Reg. S, GDR		26
				167

SHARES		SECURITY DESCRIPTION	VALUE($)
		Singapore — 1.3%
	64	Hutchison Port Holdings Trust, Class U		38
		South Africa — 12.4%
	7	AVI Ltd.		41
	4	Barclays Africa Group Ltd. (m)		56
	2	Bidvest Group Ltd. (The)		58
	4	Imperial Holdings Ltd.		47
	20	Life Healthcare Group Holdings Ltd.		59
	16	MMI Holdings Ltd.		38
	4	MTN Group Ltd.		60
				359
		South Korea — 4.9%
	1	Kangwon Land, Inc.		31
	1	KT&G Corp.		66
	2	SK Telecom Co., Ltd., ADR		46
				143
		Taiwan — 20.7%
	4	Asustek Computer, Inc.		36
	21	Cheng Shin Rubber Industry Co., Ltd.		41
	6	Chicony Electronics Co., Ltd.		16
	13	Delta Electronics, Inc.		64
	10	Far EasTone Telecommunications Co., Ltd.		23
	6	MediaTek, Inc.		63
	4	Novatek Microelectronics Corp.		14
	6	President Chain Store Corp.		44
	19	Quanta Computer, Inc.		37
	11	Radiant Opto-Electronics Corp.		33
	44	Siliconware Precision Industries Co., Ltd.		50
	4	Simplo Technology Co., Ltd.		16
	16	Taiwan Mobile Co., Ltd.		53
	3	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		66
	8	Tripod Technology Corp.		13
	26	Vanguard International Semiconductor Corp.		30
				599
		Thailand — 4.2%
	9	Advanced Info Service PCL		60
	4	Siam Cement PCL (The) (m)		60
				120
		Turkey — 5.4%
	6	Arcelik A.S.		29
	12	Eregli Demir ve Celik Fabrikalari TAS		19
	6	Tofas Turk Otomobil Fabrikasi A.S.		42
	14	Turk Telekomunikasyon A.S.		34

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Turkey — continued
	7	Turkcell Iletisim Hizmetleri A.S.		33
				157
		United Arab Emirates — 1.7%
	12	First Gulf Bank PJSC		50
		Total Common Stocks (Cost $2,893)		2,671
	Preferred Stocks — 0.7%
		Russia — 0.7%
	34	Surgutneftegas OAO (Cost $24)		20
	Structured Instrument — 0.9%
		China — 0.9%
		Low Exercise Call Warrant — 0.9%
	5	Midea Group Co., Ltd., expiring 06/20/16 (issued through UBS AG) (a) (Cost $30)		28
NUMBER OF WARRANTS
	Warrants — 2.6%
		Saudi Arabia — 2.6%
		Al Rajhi Bank,
	3	expiring 8/22/2016 (Strike Price $1.00) (a)		46
	1	expiring 12/31/2049 (Strike Price $1.00) (a)		9
	1	Yanbu National Petrochemical, expiring 07/31/17 (Strike Price $1.00) (a)		19
		Total Warrants (Cost $61)		74
		Total Investments — 96.4% (Cost $3,008)		2,793
		Other Assets in Excess of Liabilities — 3.6%		104
		NET ASSETS — 100.0%	$	2,897

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Banks		20.2	%
Wireless Telecommunication Services		13.4
Semiconductors & Semiconductor Equipment		9.2
Insurance		5.3
Hotels, Restaurants & Leisure		4.4
Oil, Gas & Consumable Fuels		4.1
Electronic Equipment, Instruments & Components		3.3
Independent Power & Renewable Electricity Producers		3.2
Metals & Mining		3.2
Technology Hardware, Storage & Peripherals		3.2
Construction Materials		2.8
Diversified Telecommunication Services		2.8
Transportation Infrastructure		2.7
Tobacco		2.4
Household Products		2.3
Beverages		2.2
Health Care Providers & Services		2.1
Industrial Conglomerates		2.1
Distributors		1.7
Food & Staples Retailing		1.6
Automobiles		1.5
Food Products		1.5
Auto Components		1.5
Household Durables		1.0
Capital Markets		1.0
Others (each less than 1.0%)		1.3

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, 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.
(a)	—	Non-income producing security.
(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 approximately $2,130,000 and 76.3%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	91
Aggregate gross unrealized depreciation		(306	)
Net unrealized appreciation/depreciation	$	(215	)
Federal income tax cost of investments	$	3,008

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	281	$	—	$	—	$	281
Chile		55		—		—		55
China		—		243		—		243
Hong Kong		—		239		—		239
Hungary		—		41		—		41
Indonesia		—		51		—		51
Mexico		66		—		—		66
Poland		62		—		—		62

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Russia		45		122		—		167
Singapore		—		38		—		38
South Africa		38		321		—		359
South Korea		112		31		—		143
Taiwan		89		510		—		599
Thailand		60		60		—		120
Turkey		63		94		—		157
United Arab Emirates		—		50		—		50
Total Common Stocks		871		1,800		—		2,671
Preferred Stocks
Russia		—		20		—		20
Structured Instrument
China		—		28		—		28
Warrants
Saudi Arabia		—		74		—		74
Total Investments in Securities	$	871	$	1,922	$	—	$	2,793

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — 64.6%
		Brazil — 6.3%
BRL	26,000	Brazil Letras do Tesouro Nacional, Zero Coupon, 01/01/18		5,666
		Brazil Notas do Tesouro Nacional Series F,
BRL	30,170	10.000%, 01/01/21		7,975
BRL	5,031	10.000%, 01/01/23		1,291
BRL	10,260	10.000%, 01/01/25		2,569
				17,501
		Colombia — 4.6%
		Republic of Colombia,
COP	25,120,000	6.000%, 04/28/28		7,463
COP	14,060,000	7.750%, 09/18/30		4,757
COP	1,290,000	9.850%, 06/28/27		549
				12,769
		Hungary — 3.0%
		Republic of Hungary,
HUF	310,010	3.000%, 06/26/24		1,043
HUF	1,278,290	5.500%, 06/24/25		5,222
HUF	157,920	7.000%, 06/24/22		688
HUF	330,600	7.500%, 11/12/20		1,440
				8,393
		Indonesia — 8.2%
		Republic of Indonesia,
IDR	12,602,000	6.625%, 05/15/33		744
IDR	45,000,000	8.250%, 03/11/18		3,342
IDR	32,000,000	8.250%, 05/15/36		2,230
IDR	75,010,000	8.375%, 03/15/24		5,462
IDR	70,270,000	8.375%, 03/15/34		4,961
IDR	57,768,000	9.000%, 03/15/29		4,343
IDR	14,225,000	9.500%, 07/15/31		1,107
IDR	6,600,000	10.500%, 08/15/30		554
				22,743
		Kenya — 0.2%
	600	Citigroup, Inc., CLN, 12.000%, 11/15/32 (linked to Republic of Kenya 20-Year Bond, 12.000%, 11/15/32; credit rating B) (i)		453
		Malaysia — 4.5%
		Malaysia Government Bond,
MYR	7,600	3.480%, 03/15/23		1,908
MYR	10,200	3.492%, 03/31/20		2,645
MYR	5,900	3.844%, 04/15/33		1,436
MYR	8,660	3.892%, 03/15/27		2,186
MYR	7,600	4.048%, 09/30/21		1,992

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Malaysia — continued
MYR	3,600	4.160%, 07/15/21		960
MYR	5,800	4.181%, 07/15/24		1,517
				12,644
		Mexico — 4.1%
		United Mexican States,
MXN	2,849	4.000%, 11/15/40		192
MXN	15,000	7.500%, 06/03/27		1,027
MXN	45,100	7.750%, 11/13/42		3,168
MXN	73,550	8.500%, 05/31/29		5,457
MXN	9,050	8.500%, 11/18/38		682
MXN	12,300	10.000%, 12/05/24		979
				11,505
		Nigeria — 0.2%
NGN	158,925	Nigeria Government Bond, 10.000%, 07/23/30		568
		Peru — 2.4%
		Republic of Peru,
PEN	4,250	5.700%, 08/12/24, GDN (e)		1,251
PEN	3,691	Reg. S, 6.900%, 08/12/37, GDN		1,122
PEN	14,346	Reg. S, 6.950%, 08/12/31, GDN		4,423
				6,796
		Philippines — 0.1%
PHP	10,000	Republic of Philippines, 3.900%, 11/26/22		215
		Poland — 4.2%
		Republic of Poland,
PLN	30,490	3.250%, 07/25/25		8,290
PLN	3,400	5.250%, 10/25/20		1,023
PLN	6,876	5.750%, 04/25/29		2,352
				11,665
		Romania — 1.9%
		Republic of Romania,
RON	1,020	4.750%, 02/24/25		273
RON	3,750	5.750%, 04/29/20		1,051
RON	1,230	5.850%, 04/26/23		349
RON	14,030	5.900%, 07/26/17		3,767
				5,440
		Russia — 4.6%
		Russian Federation,
RUB	256,274	6.700%, 05/15/19		3,658
RUB	70,000	6.800%, 12/11/19		987
RUB	27,100	7.000%, 01/25/23		362
RUB	111,899	7.000%, 08/16/23		1,473

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Russia — continued
RUB	26,760	7.500%, 02/27/19		394
RUB	72,400	7.600%, 04/14/21		1,029
RUB	256,700	7.600%, 07/20/22		3,565
RUB	80,000	VAR, 11.120%, 01/29/20		1,324
				12,792
		South Africa — 5.1%
		Republic of South Africa,
ZAR	33,300	6.250%, 03/31/36		2,004
ZAR	82,214	7.000%, 02/28/31		5,589
ZAR	84,025	8.750%, 02/28/48		6,552
				14,145
		Thailand — 6.2%
		Thailand Government Bond,
THB	62,700	3.580%, 12/17/27		1,851
THB	113,150	3.625%, 06/16/23		3,410
THB	160,070	3.650%, 12/17/21		4,842
THB	156,500	3.850%, 12/12/25		4,844
THB	31,498	4.875%, 06/22/29		1,054
THB	21,395	Reg. S, 1.200%, 07/14/21		584
THB	23,794	Reg. S, 1.250%, 03/12/28		603
				17,188
		Turkey — 9.0%
		Republic of Turkey,
TRY	4,690	7.100%, 03/08/23		1,484
TRY	6,400	7.400%, 02/05/20		2,137
TRY	2,414	8.000%, 03/12/25		794
TRY	7,900	8.200%, 11/16/16		2,789
TRY	14,550	8.500%, 07/10/19		5,075
TRY	4,028	8.500%, 09/14/22		1,384
TRY	910	8.800%, 09/27/23		317
TRY	11,392	9.000%, 03/08/17		4,060
TRY	6,100	9.000%, 07/24/24		2,147
TRY	4,440	9.500%, 01/12/22		1,601
TRY	1,230	10.400%, 03/20/24		471
TRY	7,194	10.500%, 01/15/20		2,699
				24,958
		Total Foreign Government Securities (Cost $212,450)		179,775

SHARES		SECURITY DESCRIPTION	VALUE
	Short-Term Investment — 34.4%
		Investment Company — 34.4%
	95,595	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m) (Cost $95,595)		95,595
		Total Investments — 99.0% (Cost $308,045)		275,370
		Other Assets in Excess of Liabilities — 1.0% (c)		2,891
		NET ASSETS — 100.0%	$	278,261

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT JULY 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	107	90-Day EURODollar		03/14/16	USD		26,564			24
		Short Futures Outstanding
	(107)	90-Day EURODollar		03/13/17	USD		(26,361	)		(18	)
										6

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT JULY 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
2,530	EUR
11,169	for RON	Standard Chartered Bank		10/20/15		2,781	#		2,782	#		1
39,827	BRL	Deutsche Bank AG†		10/20/15		12,111			11,323			(788	)
1,816,423	CLP	Goldman Sachs International†		09/15/15		2,854			2,683			(171	)
228,727	CLP	Standard Chartered Bank†		10/20/15		350			337			(13	)
14,979,237	COP	Credit Suisse International†		09/15/15		5,445			5,190			(255	)
17,949,942	COP	Deutsche Bank AG†		10/20/15		6,602			6,200			(402	)
1,190,957	COP	HSBC Bank, N.A.†		10/20/15		448			411			(37	)
3,590	GBP	BNP Paribas		09/15/15		5,604			5,605			1
1,823	GBP	Merrill Lynch International		09/15/15		2,825			2,847			22
1,831	GBP	Royal Bank of Canada		09/15/15		2,835			2,858			23
240,612	HUF	Credit Suisse International		10/20/15		855			859			4
795,131	HUF	Deutsche Bank AG		10/20/15		2,800			2,840			40
501,628	HUF	Merrill Lynch International		10/20/15		1,790			1,791			1
1,217,034	HUF	Standard Chartered Bank		10/20/15		4,212			4,346			134
112,977,918	IDR	Credit Suisse International†		10/20/15		8,286			8,176			(110	)
9,058,462	IDR	HSBC Bank, N.A.†		10/20/15		655			655			—	(h)
11,300	ILS	Goldman Sachs International		09/16/15		2,990			2,995			5
177,937	MXN	Citibank, N.A.		09/15/15		11,419			11,007			(412	)
91,079	MXN	TD Bank Financial Group		09/15/15		5,593			5,634			41
81,104	MXN	HSBC Bank, N.A.		10/20/15		5,029			5,003			(26	)
172,523	MXN	Standard Chartered Bank		10/20/15		10,792			10,643			(149	)
26,611	MXN	Union Bank of Switzerland AG		10/20/15		1,681			1,642			(39	)
57,887	MYR	Deutsche Bank AG†		10/20/15		14,997			14,929			(68	)
50,471	PHP	Deutsche Bank AG†		10/20/15		1,109			1,098			(11	)
4,285	PLN	Societe Generale		10/20/15		1,145			1,133			(12	)
63,642	PLN	Standard Chartered Bank		10/20/15		16,530			16,834			304
3,636	RON	Barclays Bank plc		10/20/15		888			905			17
3,121	RON	Deutsche Bank AG		10/20/15		771			777			6
142,789	RUB	Credit Suisse International†		10/20/15		2,390			2,266			(124	)
3,878	SGD	BNP Paribas		09/15/15		2,842			2,823			(19	)
3,848	SGD	Societe Generale		10/20/15		2,819			2,799			(20	)
323,758	THB	HSBC Bank, N.A.		10/20/15		9,485			9,163			(322	)
26,397	THB	Standard Chartered Bank		10/20/15		745			747			2
3,317	TRY	Deutsche Bank AG		10/20/15		1,179			1,171			(8	)
4,772	TRY	Standard Chartered Bank		10/20/15		1,727			1,684			(43	)

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JULY 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
71,547	ZAR	Credit Suisse International		09/15/15		5,670		5,613		(57	)
71,746	ZAR	HSBC Bank, N.A.		09/15/15		5,686		5,628		(58	)
113,716	ZAR	Deutsche Bank AG		10/20/15		9,068		8,865		(203	)
103,200	ZAR	Standard Chartered Bank		10/20/15		8,128		8,046		(82	)
						183,136		180,308		(2,828	)

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at July 31, 2015 of the currency being sold, and the value at July 31, 2015 is the U.S. dollar market value of the currency being purchased.

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JULY 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
7,430	AUD	Goldman Sachs International		09/15/15		5,727		5,417		310
9,360	BRL	HSBC Bank, N.A.†		09/15/15		2,756		2,692		64
6,074	BRL	Credit Suisse International†		10/20/15		1,861		1,727		134
7,296	CAD	TD Bank Financial Group		09/15/15		5,593		5,577		16
1,816,423	CLP	Credit Suisse International†		09/15/15		2,821		2,683		138
7,434,506	COP	Goldman Sachs International†		09/15/15		2,890		2,576		314
15,534,939	COP	HSBC Bank, N.A.†		09/15/15		5,706		5,382		324
2,969,549	COP	Credit Suisse International†		10/20/15		1,101		1,026		75
3,222,572	COP	Goldman Sachs International†		10/20/15		1,116		1,113		3
186,700	HUF	Standard Chartered Bank		10/20/15		657		666		(9	)
109,634	HUF	Westpac Banking Corp.		10/20/15		383		392		(9	)
32,386,748	IDR	Credit Suisse International†		10/20/15		2,382		2,343		39
34,831,411	IDR	Standard Chartered Bank†		10/20/15		2,550		2,521		29
11,300	ILS	Royal Bank of Canada		09/16/15		2,954		2,996		(42	)
88,368	MXN	HSBC Bank, N.A.		09/15/15		5,689		5,466		223
16,265	MXN	Goldman Sachs International		10/20/15		1,020		1,004		16
1,826	MYR	Deutsche Bank AG†		10/20/15		469		471		(2	)
8,789	PEN	Deutsche Bank AG†		10/20/15		2,717		2,721		(4	)
24,344	PEN	Goldman Sachs International†		10/20/15		7,546		7,538		8
129,817	PHP	Standard Chartered Bank†		09/15/15		2,854		2,833		21
21,010	PLN	BNP Paribas		09/15/15		5,571		5,563		8
4,494	PLN	Credit Suisse International		10/20/15		1,187		1,189		(2	)
14,277	PLN	Deutsche Bank AG		10/20/15		3,776		3,776		—	(h)
111,084	RUB	Credit Suisse International†		10/20/15		1,869		1,763		106
62,255	RUB	Deutsche Bank AG†		10/20/15		994		988		6
3,915	SGD	BNP Paribas		09/15/15		2,880		2,850		30
3,932	SGD	HSBC Bank, N.A.		09/15/15		2,863		2,863		—	(h)
7,796	SGD	Standard Chartered Bank		09/15/15		5,709		5,675		34
3,848	SGD	TD Bank Financial Group		10/20/15		2,839		2,799		40

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JULY 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
140,040	THB	Deutsche Bank AG		10/20/15		3,984		3,963		21
49,579	THB	Standard Chartered Bank		10/20/15		1,427		1,403		24
1,663	TRY	Standard Chartered Bank		10/20/15		615		587		28
71,746	ZAR	Barclays Bank plc		09/15/15		5,719		5,629		90
36,072	ZAR	BNP Paribas		09/15/15		2,871		2,830		41
71,547	ZAR	Citibank, N.A.		09/15/15		5,629		5,613		16
35,669	ZAR	HSBC Bank, N.A.		09/15/15		2,897		2,798		99
4,580	ZAR	Credit Suisse International		10/20/15		358		357		1
6,058	ZAR	Goldman Sachs International		10/20/15		473		472		1
6,890	ZAR	Merrill Lynch International		10/20/15		546		537		9
6,153	ZAR	Royal Bank of Canada		10/20/15		476		479		(3	)
23,157	ZAR	State Street Corp.		10/20/15		1,828		1,806		22
						113,303		111,084		2,219

Interest Rate Swaps

(Amounts in thousands)

	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE	NOTIONAL AMOUNT	VALUE
Bank of America N.A.	1 month TIIE monthly	4.900% monthly	07/28/17	MXN 105,000		8
Bank of America N.A.	Brazilian CDI at maturity	12.800% at maturity	01/02/18	BRL 19,300		(11	)
Bank of America N.A.	Brazilian CDI at maturity	12.240% at maturity	01/04/21	BRL 12,000		(34	)
Bank of America N.A.	3 month JIBAR quarterly	7.970% quarterly	05/14/24	ZAR 20,000		(14	)
Bank of America N.A.	6 month BUBOR annually	1.550% semi-annually	06/04/25	HUF 250,000		—	(h)
Bank of America N.A.	6 month WIBOR semi-annually	2.745% annually	06/05/25	PLN 6,200		12
Bank of America N.A.	3 month JIBAR quarterly	7.985% quarterly	07/17/25	ZAR 98,000		(141	)
Citibank, N.A.	3 month WIBOR quarterly	1.960% annually	05/18/17	PLN 53,100		15
Citibank, N.A.	Brazilian CDI at maturity	13.025% at maturity	01/02/18	BRL 20,000		15
Citibank, N.A.	3 month JIBAR quarterly	6.030% quarterly	03/15/18	ZAR 37,500		(84	)
Citibank, N.A.	6 month WIBOR semi-annually	3.660% annually	09/26/18	PLN 9,500		193
Citibank, N.A.	3 month KLIBOR quarterly	4.295% quarterly	09/24/23	MYR 5,880		(25	)
Citibank, N.A.	6 month THBFIX semi-annually	3.870% semi-annually	09/26/23	THB 65,000		221
Citibank, N.A.	6 month BUBOR annually	1.540% semi-annually	06/05/25	HUF 239,400		(15	)
Citibank, N.A.	6 month WIBOR semi-annually	2.833% annually	06/05/25	PLN 6,100		18
Citibank, N.A.	1 month TIIE monthly	6.310% monthly	07/08/25	MXN 123,000		39
Deutsche Bank AG (New York)	Brazilian CDI at maturity	12.530% at maturity	01/04/21	BRL 5,100		(1	)
Deutsche Bank AG (New York)	3 month JIBAR quarterly	7.865% quarterly	09/23/23	ZAR 21,000		(22	)
						174

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AUD	—	Australian Dollar
BRL	—	Brazilian Real
BUBOR	—	Budapest Interbank Offered Rate
CAD	—	Canadian Dollar
CDI	—	Certificado de Deposito Interbancario
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 July 31, 2015. 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
COP	—	Colombian Peso
EUR	—	Euro
GBP	—	British Pound
GDN	—	Global Depository Note
HUF	—	Hungarian Forint
IDR	—	Indonesian Rupiah
ILS	—	Israeli Shekel
JIBAR	—	Johannesburg Interbank Agreed Rate
KLIBOR	—	Kuala Lumpur Interbank Offered Rate
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
NGN	—	Nigeria Naira
PEN	—	Peruvian Nuevo Sol
PHP	—	Philippine Peso
PLN	—	Polish Zloty
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
RON	—	Romanian Leu
RUB	—	Russian Ruble
SGD	—	Singapore Dollar
THB	—	Thai Baht
THBFIX	—	Thai Baht Interest Rate Fixing
TIIE	—	Tasa de Interés Interbancaria de Equilibrio
TRY	—	Turkish Lira
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of July 31, 2015.
WIBOR	—	Warsaw Interbank Offered Rate
ZAR	—	South African Rand
(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.
(c)	—	Included in this amount is cash segregated as collateral for futures contracts.

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(h)	—	Amount rounds to less than one thousand.
(i)	—	Security has been deemed illiquid and may be difficult to sell.
(l)	—	The rate shown is the current yield as of July 31, 2015.
(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.
†	—	Non-deliverable forward.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	4
Aggregate gross unrealized depreciation		(32,679	)
Net unrealized appreciation/depreciation	$	(32,675	)
Federal income tax cost of investments	$	308,045

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

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

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

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

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

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

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

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Foreign Government Securities	$	—			179,322			453	$	179,775
Short-Term Investment
Investment Company		95,595			—			—		95,595
Total Investments in Securities	$	95,595			179,322			453	$	275,370
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange
Contracts	$	—		$	2,891		$	—	$	2,891
Futures Contracts		24			—			—		24
Interest Rate Swaps	$	—		$	521		$	—	$	521
Total Appreciation in Other Financial Instruments	$	24		$	3,412		$	—	$	3,436
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange
Contracts	$	—		$	(3,500	)	$	—	$	(3,500	)
Futures Contracts		(18	)		—			—		(18	)
Interest Rate Swaps	$	—		$	(347	)	$	—	$	(347	)
Total Depreciation in Other Financial Instruments	$	(18	)	$	(3,847	)	$	—	$	(3,865	)

There were no transfers between Levels 1 and 2 during the period ended July 31, 2015.

B. Derivatives — The Fund uses instruments including futures, forward foreign currency exchange contracts, swaps and other derivatives, in connection with its 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 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 their value.

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

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

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

Notes (1) — (3) below describe the various derivatives used by the Fund.

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

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

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 up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

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

(2). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency contract offsets another forward foreign currency contract with the same counterparty upon settlement.

As of July 31, 2015, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

(3). Swaps — The Fund engages in various swap transactions, including interest rate swaps, to manage credit and 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 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 at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s’ custodian bank.

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over the counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms.

The Fund’s swap contracts are subject to master netting arrangements.

Interest Rate Swaps

The 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.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 5.4%
		United States — 5.4%
		ACE Securities Corp. Home Equity Loan Trust,
	499,674	Series 2003-NC1, Class M1, VAR, 1.361%, 07/25/33		475,496
	169,342	Series 2005-HE7, Class A1B2, VAR, 0.787%, 11/25/35		162,855
		Ameriquest Mortgage Securities, Inc.,
	360,947	Series 2003-10, Class M1, VAR, 1.237%, 12/25/33		335,558
	360,421	Series 2003-10, Class M2, VAR, 2.737%, 12/25/33		347,439
	582,852	Series 2004-FR1W, Class A6, VAR, 4.708%, 05/25/34		583,381
	238,336	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-11, Class M3, VAR, 2.977%, 12/25/33		221,346
	497,211	Amortizing Residential Collateral Trust, Series 2004-1, Class M5, VAR, 2.066%, 10/25/34		459,244
	982,962	Argent Securities, Inc., Series 2004-W4, Class A, VAR, 0.707%, 03/25/34		908,185
	209,626	Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-W9, Class M2, VAR, 2.767%, 01/25/34		201,134
		Bear Stearns Asset Backed Securities Trust,
	738,936	Series 2004-1, Class M1, VAR, 1.166%, 06/25/34		700,788
	237,684	Series 2004-2, Class M1, VAR, 1.387%, 08/25/34		215,667
		Countrywide Asset-Backed Certificates,
	69,375	Series 2002-3, Class M1, VAR, 1.316%, 03/25/32		67,972
	72,665	Series 2002-4, Class M1, VAR, 1.316%, 12/25/32		66,839
	714,315	Series 2003-BC4, Class M2, VAR, 1.541%, 06/25/33		693,545
	441,552	Series 2003-BC6, Class M2, VAR, 1.915%, 10/25/33		401,582
	166,596	Series 2004-2, Class M1, VAR, 0.941%, 05/25/34		158,117
	722,897	Series 2004-3, Class M1, VAR, 0.941%, 06/25/34		688,461
	112,878	Series 2004-6, Class M2, VAR, 1.166%, 10/25/34		106,032
	831,004	Series 2005-AB3, Class 1A1, VAR, 0.441%, 02/25/36		729,364
		Credit-Based Asset Servicing and Securitization LLC,
	720,121	Series 2004-CB5, Class M1, VAR, 1.105%, 01/25/34		671,050
	204,040	Series 2005-CB1, Class M2, VAR, 1.282%, 01/25/35		182,974
	348,836	CWABS, Inc. Asset-Backed Certificates, Series 2004-1, Class M1, VAR, 0.941%, 03/25/34		332,818
	476,374	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.146%, 10/25/34		464,152
	690,019	First Franklin Mortgage Loan Trust, Series 2005-FF10, Class A1, VAR, 0.491%, 11/25/35		610,442
		Fremont Home Loan Trust,
	75,656	Series 2003-B, Class M2, VAR, 2.621%, 12/25/33		73,990
	25,217	Series 2005-D, Class 2A3, VAR, 0.441%, 11/25/35		25,015
		GSAMP Trust,
	536,596	Series 2004-AR1, Class M1, VAR, 1.166%, 06/25/34		510,798
	482,513	Series 2006-HE3, Class A2C, VAR, 0.351%, 05/25/46		430,454
	474,642	Home Equity Asset Trust, Series 2004-7, Class M1, VAR, 1.121%, 01/25/35		449,351
	354,090	Home Equity Mortgage Loan Asset-Backed Trust, Series 2004-B, Class M3, VAR, 1.387%, 11/25/34		329,364
	738,016	Long Beach Mortgage Loan Trust, Series 2004-3, Class M4, VAR, 1.803%, 07/25/34		687,138
		Mastr Asset Backed Securities Trust,
	218,853	Series 2003-NC1, Class M5, VAR, 5.066%, 04/25/33		207,862
	1,070,108	Series 2004-WMC2, Class M1, VAR, 1.091%, 04/25/34		998,649
		Morgan Stanley ABS Capital I, Inc. Trust,
	356,783	Series 2003-HE2, Class M2, VAR, 2.662%, 08/25/33		342,904
	1,000,000	Series 2004-HE6, Class M1, VAR, 1.015%, 08/25/34		952,570
	41,141	Series 2004-HE8, Class M3, VAR, 1.316%, 09/25/34		38,349
	514,513	Series 2004-NC5, Class M1, VAR, 1.091%, 05/25/34		469,778
	76,496	Series 2005-HE1, Class M3, VAR, 0.970%, 12/25/34		63,716

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	340,325	NovaStar Mortgage Funding Trust, Series 2003-2, Class M3, VAR, 3.566%, 09/25/33		301,552
		Option One Mortgage Loan Trust,
	853,081	Series 2004-1, Class M1, VAR, 1.091%, 01/25/34		793,527
	61,095	Series 2004-3, Class M2, VAR, 1.046%, 11/25/34		56,503
		RAMP Trust,
	151,275	Series 2005-EFC4, Class M2, VAR, 0.631%, 09/25/35		147,801
	831,232	Series 2006-EFC2, Class A3, VAR, 0.351%, 12/25/36		797,926
	231,901	RASC Trust, Series 2001-KS2, Class AI5, SUB, 7.514%, 06/25/31		240,828
		Renaissance Home Equity Loan Trust,
	617,876	Series 2003-2, Class A, VAR, 1.067%, 08/25/33		580,351
	426,689	Series 2003-2, Class M1, VAR, 1.425%, 08/25/33		392,197
	286,863	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		291,081
		Saxon Asset Securities Trust,
	528,058	Series 2003-3, Class M1, VAR, 1.162%, 12/25/33		496,901
	431,990	Series 2006-2, Class A3C, VAR, 0.340%, 09/25/36		399,232
	759,066	Securitized Asset-Backed Receivables LLC Trust, Series 2004-OP2, Class M1, VAR, 1.166%, 08/25/34		704,744
		Structured Asset Investment Loan Trust,
	523,575	Series 2003-BC11, Class M1, VAR, 1.166%, 10/25/33		505,562
	526,595	Series 2004-6, Class A3, VAR, 0.990%, 07/25/34		496,064
	558,853	Series 2004-7, Class M2, VAR, 1.316%, 08/25/34		486,384
	108,666	Series 2004-BNC1, Class A5, VAR, 1.431%, 09/25/34		103,350
	624,179	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC4, Class A4, VAR, 0.361%, 12/25/36		542,231
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	86,774	Series 2004-2, Class M6, VAR, 2.071%, 10/25/34		84,941
	97,463	Series 2004-2, Class M8A, VAR, 3.191%, 10/25/34 (e)		91,260
		Total Asset-Backed Securities (Cost $22,817,729)		22,876,814
	Collateralized Mortgage Obligations — 4.8%
		Non-Agency CMO — 4.8%
		United States — 4.8%
		Alternative Loan Trust
	34,366	Series 2004-4CB, Class 1A1, 4.250%, 04/25/34		34,603
	149,351	Series 2004-24CB, Class 1A1, 6.000%, 11/25/34		151,904
	196,877	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		199,862
	168,109	Series 2005-11CB, Class 2A1, 5.500%, 06/25/35		168,473
	38,641	Series 2005-19CB, Class A2, IF, 16.521%, 06/25/35 (u)		49,432
	156,375	Banc of America Funding Trust, Series 2005-6, Class 1A2, 5.500%, 10/25/35		149,720
		Bear Stearns ALT-A Trust
	301,907	Series 2005-4, Class 23A2, VAR, 2.534%, 05/25/35		298,167
	386,068	Series 2005-7, Class 12A3, VAR, 0.871%, 08/25/35		354,164
	320,384	Bear Stearns ARM Trust, Series 2005-5, Class A2, VAR, 2.260%, 08/25/35		321,776
		Chase Mortgage Finance Trust
	199,127	Series 2005-S1, Class 1A9, 5.500%, 05/25/35		200,761
	419,965	Series 2006-S4, Class A5, 6.000%, 12/25/36		379,744
	245,385	Series 2007-A1, Class A1, VAR, 2.580%, 02/25/37		248,899
	325,455	Series 2007-A1, Class 8A1, VAR, 2.496%, 02/25/37		328,302
	395,341	Series 2007-A2, Class 2A1, VAR, 2.515%, 07/25/37		398,405
		CHL Mortgage Pass-Through Trust
	167,754	Series 2004-9, Class A7, 5.250%, 06/25/34		172,823
	538,919	Series 2004-25, Class 2A1, VAR, 0.531%, 02/25/35		470,644
	337,315	Series 2004-HYB7, Class 1A2, VAR, 2.513%, 11/20/34		332,931

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	397,986	Series 2006-21, Class A14, 6.000%, 02/25/37		380,097
	457,514	Series 2007-10, Class A4, 5.500%, 07/25/37		397,670
	330,478	Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, VAR, 2.510%, 10/25/35		326,616
		Citigroup Mortgage Loan Trust, Inc.
	382,113	Series 2005-4, Class A, VAR, 3.866%, 08/25/35		376,631
	469,887	Series 2005-6, Class A1, VAR, 2.230%, 09/25/35		470,785
	123,538	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-25, Class 2A1, 4.500%, 10/25/18		123,067
		GSR Mortgage Loan Trust
	182,647	Series 2004-11, Class 2A2, VAR, 2.721%, 09/25/34		179,943
	417,588	Series 2005-AR6, Class 1A1, VAR, 2.713%, 09/25/35		421,044
	159,257	Series 2005-AR6, Class 4A5, VAR, 2.738%, 09/25/35		160,408
		Impac CMB Trust
	171,150	Series 2004-6, Class 1A2, VAR, 0.970%, 10/25/34		160,000
	469,182	Series 2007-A, Class M1, VAR, 0.591%, 05/25/37 (e)		442,138
		JP Morgan Mortgage Trust
	247,447	Series 2005-A5, Class 2A2, VAR, 2.704%, 08/25/35		247,914
	485,049	Series 2005-A8, Class 2A3, VAR, 2.351%, 11/25/35		458,413
	303,805	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 2.667%, 04/21/34		305,783
		MASTR Alternative Loan Trust
	265,020	Series 2004-6, Class 8A1, 5.500%, 07/25/34		274,699
	271,638	Series 2005-1, Class 1A1, 5.500%, 02/25/35		290,356
		Merrill Lynch Mortgage Investors Trust
	143,310	Series 2003-A4, Class 3A, VAR, 2.933%, 05/25/33		138,258
	162,064	Series 2005-1, Class 2A1, VAR, 2.130%, 04/25/35		156,697
	125,952	Series 2005-A2, Class A3, VAR, 2.460%, 02/25/35		121,490
	300,000	Series 2005-A5, Class A3, VAR, 2.571%, 06/25/35		288,446
		Morgan Stanley Mortgage Loan Trust
	301,769	Series 2004-5AR, Class 4A, VAR, 2.649%, 07/25/34		289,105
	557,685	Series 2004-11AR, Class 1A2A, VAR, 0.501%, 01/25/35		525,357
	887	Prudential Home Mortgage Securities Co., Inc. (The), Series 1988-1, Class A, VAR, 2.477%, 04/25/18		894
	162,863	RALI Trust, Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		154,519
	73,670	Residential Asset Securitization Trust, Series 2004-A3, Class A1, 4.500%, 06/25/34		74,531
		RFMSI Trust
	59,345	Series 2003-S15, Class A1, 4.500%, 08/25/18		60,281
	74,271	Series 2003-S16, Class A2, 4.500%, 09/25/18		74,504
	178,739	Series 2003-S20, Class 2A1, 4.750%, 12/25/18		180,946
		WaMu Mortgage Pass-Through Certificates Trust
	72,496	Series 2003-S8, Class A2, 5.000%, 09/25/18		73,567
	153,079	Series 2004-CB2, Class 5A, 5.000%, 07/25/19		155,890
	259,685	Series 2005-AR3, Class A1, VAR, 2.440%, 03/25/35		257,864
	276,487	Series 2005-AR7, Class A3, VAR, 2.475%, 08/25/35		275,665
	500,000	Series 2005-AR10, Class 1A3, VAR, 2.401%, 09/25/35		480,766
	642,390	Series 2005-AR14, Class 1A4, VAR, 2.346%, 12/25/35		619,281
	163,797	Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2003-MS3, Class 2A2, 4.500%, 03/25/18		163,356
		Wells Fargo Mortgage-Backed Securities Trust
	384,024	Series 2003-H, Class A1, VAR, 2.630%, 09/25/33		388,370
	141,490	Series 2003-K, Class 1A1, VAR, 2.492%, 11/25/33		142,043
	461,711	Series 2003-M, Class A1, VAR, 2.615%, 12/25/33		462,184
	274,025	Series 2004-H, Class A1, VAR, 2.739%, 06/25/34		275,614
	160,765	Series 2004-K, Class 1A2, VAR, 2.741%, 07/25/34		161,103

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	141,310	Series 2004-N, Class A7, VAR, 2.728%, 08/25/34		141,217
	237,294	Series 2004-Z, Class 2A2, VAR, 2.615%, 12/25/34		237,196
	936,395	Series 2004-CC, Class A1, VAR, 2.616%, 01/25/35		945,492
	136,801	Series 2004-EE, Class 2A2, VAR, 2.701%, 12/25/34		139,088
	349,345	Series 2005-AR1, Class 1A1, VAR, 2.617%, 02/25/35		351,331
	541,646	Series 2005-AR1, Class 2A1, VAR, 2.614%, 02/25/35		536,659
	601,656	Series 2005-AR2, Class 2A2, VAR, 2.616%, 03/25/35		611,592
	235,441	Series 2005-AR2, Class 3A1, VAR, 2.614%, 03/25/35		238,159
	948,076	Series 2005-AR10, Class 2A1, VAR, 2.668%, 06/25/35		960,223
	748,996	Series 2006-AR2, Class 2A1, VAR, 2.625%, 03/25/36		745,242
	112,349	Series 2006-AR2, Class 2A3, VAR, 2.625%, 03/25/36		110,860
	361,576	Series 2006-AR3, Class A3, VAR, 2.661%, 03/25/36		345,058
		Total Collateralized Mortgage Obligations (Cost $19,913,036)		20,159,022
SHARES
	Common Stocks — 48.1%
		Australia — 1.3%
	76,883	AMP Ltd.		370,540
	40,335	Australia & New Zealand Banking Group Ltd.		961,928
	44,732	BHP Billiton Ltd.		863,659
	14,435	Commonwealth Bank of Australia		921,737
	38,676	Dexus Property Group (m)		219,480
	102,317	Goodman Group (m)		487,962
	5,287	Macquarie Group Ltd.		316,444
	4,527	National Australia Bank Ltd.		114,890
	36,330	Oil Search Ltd.		197,644
	10,366	Origin Energy Ltd.		85,775
	30,794	South32 Ltd. (a)		40,178
	18,621	Wesfarmers Ltd.		576,350
	10,590	Westpac Banking Corp.		269,265
				5,425,852
		Belgium — 0.1%
	3,351	Solvay S.A.		448,304
		Bermuda — 0.1%
	8,355	Lazard Ltd., Class A		462,951
		Brazil — 0.6%
	93,580	AMBEV S.A., ADR		531,534
	55,590	CCR S.A.		247,106
	36,260	Cielo S.A.		462,682
	7,000	Lojas Renner S.A.		221,922
	23,260	Ultrapar Participacoes S.A.		476,348
	18,200	Vale S.A. (Preference Shares), ADR		78,078
	59,620	WEG S.A.		324,920
				2,342,590
		Canada — 0.4%
	7,574	Brookfield Asset Management, Inc., Class A		263,802
	3,361	Novadaq Technologies, Inc. (a)		38,551
	4,613	Valeant Pharmaceuticals International, Inc. (a)		1,187,986
				1,490,339
		Chile — 0.1%
	12,180	Banco Santander Chile, ADR		245,914
		China — 0.6%
	3,890	Baidu, Inc., ADR (a)		671,647
	180,000	CNOOC Ltd.		220,885
	340,000	Geely Automobile Holdings Ltd.		142,755
	331,500	Sun Art Retail Group Ltd.		252,348
	41,100	Tencent Holdings Ltd.		765,719
	112,000	Tingyi Cayman Islands Holding Corp.		215,554
	60,000	Tsingtao Brewery Co., Ltd., Class H		319,770
				2,588,678
		Denmark — 0.4%
	203	AP Moeller - Maersk A/S, Class B		345,828
	5,418	Chr Hansen Holding A/S		299,390
	14,468	Danske Bank A/S		452,335
	10,893	Novo Nordisk A/S, Class B		642,867
				1,740,420
		Finland — 0.4%
	42,345	Nokia OYJ		299,858
	39,848	Outokumpu OYJ (a)		184,579
	34,768	UPM-Kymmene OYJ		642,226
	8,971	Wartsila OYJ Abp		412,027
				1,538,690

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		France — 2.5%
	7,529	Air Liquide S.A.		980,390
	15,392	Airbus Group SE		1,092,607
	76,548	Alcatel-Lucent (a)		288,854
	44,198	AXA S.A.		1,163,964
	11,780	BNP Paribas S.A.		766,257
	5,348	Cap Gemini S.A.		510,902
	38,170	Engie		732,004
	889	L’Oreal S.A.		166,166
	8,373	Renault S.A.		770,799
	13,959	Sanofi		1,504,655
	5,600	Schneider Electric SE		390,646
	11,259	Societe Generale S.A.		552,833
	7,096	Thales S.A.		479,531
	14,247	TOTAL S.A.		702,989
	22,616	Vivendi S.A.		594,277
				10,696,874
		Germany — 1.7%
	1,836	Allianz SE		300,760
	2,078	BASF SE		179,570
	9,585	Bayer AG		1,415,479
	9,035	Bayerische Motoren Werke AG		905,990
	8,509	Brenntag AG		473,185
	4,927	Deutsche Bank AG		173,085
	6,671	Deutsche Post AG		201,633
	36,111	Deutsche Telekom AG		652,975
	18,883	E.ON SE		249,374
	7,493	HeidelbergCement AG		570,672
	36,452	Infineon Technologies AG		408,890
	14,442	SAP SE		1,037,557
	5,920	Siemens AG		634,304
				7,203,474
		Hong Kong — 1.1%
	203,600	AIA Group Ltd.		1,324,324
	49,388	Cheung Kong Property Holdings Ltd. (a)		411,551
	52,388	CK Hutchison Holdings Ltd.		777,620
	12,200	Hang Seng Bank Ltd.		249,941
	6,200	Jardine Matheson Holdings Ltd.		335,110
	1,600	Jardine Matheson Holdings Ltd.		86,898
	39,500	Power Assets Holdings Ltd.		372,069
	165,200	Sands China Ltd.		729,073
	54,000	Wharf Holdings Ltd. (The)		342,367
				4,628,953
		India — 1.0%
	33,470	HDFC Bank Ltd., ADR		2,090,871
	83,610	Infosys Ltd., ADR		1,413,845
	35,980	Mahindra & Mahindra Ltd., GDR		769,814
				4,274,530
		Indonesia — 0.3%
	835,700	Astra International Tbk PT		410,373
	259,400	Bank Central Asia Tbk PT		251,089
	504,700	Bank Rakyat Indonesia Persero Tbk PT		372,858
	56,200	Unilever Indonesia Tbk PT		166,186
				1,200,506
		Ireland — 0.3%
	3,101	DCC plc		245,054
	5,756	Ryanair Holdings plc, ADR		426,577
	8,787	Shire plc		781,131
				1,452,762
		Israel — 0.1%
	4,685	Mobileye N.V. (a)		281,569
	5,163	Teva Pharmaceutical Industries Ltd., ADR		356,350
				637,919
		Italy — 0.5%
	23,124	Assicurazioni Generali S.p.A.		455,710
	150,511	Enel S.p.A.		707,243
	367,263	Telecom Italia S.p.A. (a)		486,663
	83,872	UniCredit S.p.A.		556,180
				2,205,796
		Japan — 5.2%
	25,500	Amada Holdings Co., Ltd.		249,774
	11,500	Bridgestone Corp.		433,492
	3,300	Central Japan Railway Co.		577,308
	37,600	Daicel Corp.		509,634
	4,500	Daikin Industries Ltd. (m)		290,824
	11,100	Daiwa House Industry Co., Ltd.		276,081
	6,600	Dentsu, Inc.		373,503
	14,600	DMG Mori Co., Ltd.		224,858
	9,200	East Japan Railway Co.		907,556
	7,900	Electric Power Development Co., Ltd.		273,038
	2,800	FANUC Corp.		467,002
	8,600	Fuji Heavy Industries Ltd.		317,749
	80,000	Fujitsu Ltd.		419,676
	72,000	Hitachi Ltd.		466,473
	6,200	Honda Motor Co., Ltd.		208,305
	5,800	Japan Tobacco, Inc. (m)		225,137
	17,800	JFE Holdings, Inc.		333,321
	60,500	JX Holdings, Inc.		257,898
	76,000	Kajima Corp.		377,262

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Japan — continued
	17,200	KDDI Corp.		436,640
	1,000	Keyence Corp.		503,736
	27,700	Kirin Holdings Co., Ltd.		425,913
	11,700	LIXIL Group Corp.		234,562
	4,000	Mabuchi Motor Co., Ltd.		239,344
	13,900	Mazda Motor Corp. (m)		272,657
	22,300	Medipal Holdings Corp.		397,051
	158,800	Mitsubishi UFJ Financial Group, Inc.		1,155,602
	10,800	Mitsui & Co., Ltd.		140,132
	20,000	Mitsui Fudosan Co., Ltd.		568,908
	12,400	MS&AD Insurance Group Holdings, Inc.		390,505
	5,400	NGK Spark Plug Co., Ltd.		142,948
	142,000	Nippon Steel & Sumitomo Metal Corp.		335,414
	21,400	Nippon Telegraph & Telephone Corp.		824,173
	78,000	Nishi-Nippon City Bank Ltd. (The)		236,877
	4,000	Nitori Holdings Co., Ltd.		358,599
	20,400	ORIX Corp.		304,687
	13,600	Otsuka Holdings Co., Ltd.		488,308
	23,300	Ricoh Co., Ltd.		229,872
	10,100	Seiko Epson Corp.		178,447
	18,000	Seven & i Holdings Co., Ltd.		830,545
	21,000	Sony Corp. (a)		595,275
	63,000	Sumitomo Bakelite Co., Ltd.		263,553
	3,600	Sumitomo Corp.		40,868
	20,300	Sumitomo Mitsui Financial Group, Inc.		915,409
	8,200	Suntory Beverage & Food Ltd.		346,385
	8,800	Suzuken Co., Ltd.		311,371
	5,100	Sysmex Corp.		330,022
	34,000	Takashimaya Co., Ltd.		325,249
	70,000	Tokyo Gas Co., Ltd.		377,940
	28,200	Toyota Motor Corp.		1,877,832
	11,500	Yamato Holdings Co., Ltd.		254,875
	17,000	Yamazaki Baking Co., Ltd.		270,830
				21,793,420
		Luxembourg — 0.1%
	41,949	ArcelorMittal		378,648
		Malaysia — 0.1%
	47,000	Public Bank Bhd		233,495
		Mexico — 0.2%
	83,500	Fibra Uno Administracion S.A. de C.V. (m)		200,555
	50,350	Grupo Financiero Banorte S.A.B. de C.V., Class O		264,992
	4,720	Mexichem S.A.B. de C.V.		13,824
	115,140	Wal-Mart de Mexico S.A.B. de C.V.		279,695
				759,066
		Netherlands — 1.2%
	62,925	Aegon N.V.		484,003
	3,154	ASML Holding N.V.		313,525
	6,149	Heineken N.V.		483,555
	58,975	ING Groep N.V., CVA		1,002,996
	89,837	Koninklijke KPN N.V.		354,953
	6,826	NN Group N.V.		210,326
	6,465	NXP Semiconductors N.V. (a)		627,040
	35,569	Royal Dutch Shell plc, Class A		1,019,527
	21,577	Royal Dutch Shell plc, Class B		624,763
				5,120,688
		New Zealand — 0.1%
	132,782	Spark New Zealand Ltd.		259,325
		Norway — 0.1%
	16,885	DNB ASA		275,267
	10,931	Telenor ASA		240,110
				515,377
		Panama — 0.0% (g)
	1,340	Copa Holdings S.A., Class A		101,210
		Peru — 0.1%
	2,350	Credicorp Ltd.		309,965
		Portugal — 0.1%
	45,369	EDP - Energias de Portugal S.A.		167,809
	30,710	Galp Energia SGPS S.A.		355,173
				522,982
		Russia — 0.4%
	12,090	Lukoil PJSC, ADR		497,849
	12,850	Magnit PJSC, Reg. S, GDR		695,851
	7,336	Mail.Ru Group Ltd., Reg. S, GDR (a)		137,328
	22,470	Mobile TeleSystems PJSC, ADR		184,254
	47,270	Sberbank of Russia, ADR		231,832
				1,747,114
		Singapore — 0.3%
	3,592	Avago Technologies Ltd.		449,503
	45,700	DBS Group Holdings Ltd.		672,805
	29,500	Singapore Exchange Ltd.		171,504
				1,293,812

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		South Africa — 1.1%
	10,462	Aspen Pharmacare Holdings Ltd. (a)		306,356
	27,181	Bidvest Group Ltd. (The)		660,024
	4,570	Capitec Bank Holdings Ltd.		168,252
	132,300	FirstRand Ltd.		571,543
	7,260	Imperial Holdings Ltd.		97,440
	14,410	Mr Price Group Ltd.		286,972
	37,960	MTN Group Ltd.		631,987
	1,940	Naspers Ltd., Class N		270,365
	27,660	Remgro Ltd.		571,889
	30,060	RMB Holdings Ltd.		162,211
	51,080	Sanlam Ltd.		269,858
	24,480	Shoprite Holdings Ltd.		324,852
	9,940	Tiger Brands Ltd.		223,436
				4,545,185
		South Korea — 0.3%
	3,720	Hyundai Motor Co.		473,892
	760	Samsung Electronics Co., Ltd.		771,063
				1,244,955
		Spain — 0.6%
	6,769	Banco Bilbao Vizcaya Argentaria S.A.		68,640
	79,302	Banco Santander S.A.		548,351
	264,752	Bankia S.A.		349,896
	48,892	Distribuidora Internacional de Alimentacion S.A. (a)		305,994
	20,057	Repsol S.A.		337,086
	72,398	Telefonica S.A.		1,110,492
				2,720,459
		Sweden — 0.5%
	19,450	Assa Abloy AB, Class B		394,929
	13,784	Electrolux AB, Series B		395,710
	14,714	Hennes & Mauritz AB, Class B		585,430
	29,325	Nordea Bank AB		365,121
	27,922	Sandvik AB		282,926
	18,690	Telefonaktiebolaget LM Ericsson, Class B		199,835
				2,223,951
		Switzerland — 2.4%
	2,763	Actelion Ltd. (a)		408,602
	5,162	Allied World Assurance Co. Holdings AG		218,146
	5,200	Cie Financiere Richemont S.A.		448,830
	11,896	Credit Suisse Group AG (a)		350,942
	2,822	LafargeHolcim Ltd. (a)		195,439
	24,942	Nestle S.A.		1,886,864
	15,001	Novartis AG		1,556,567
	7,228	Roche Holding AG		2,088,334
	583	Syngenta AG		240,179
	54,400	UBS Group AG (a)		1,250,716
	11,249	Wolseley plc		746,889
	2,101	Zurich Insurance Group AG (a)		639,775
				10,031,283
		Taiwan — 0.5%
	88,000	Delta Electronics, Inc.		432,870
	61,000	President Chain Store Corp.		443,645
	54,790	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		1,211,407
				2,087,922
		Thailand — 0.3%
	66,300	Advanced Info Service PCL		470,171
	26,300	Siam Cement PCL (The)		395,589
	100,700	Siam Commercial Bank PCL (The)		434,122
				1,299,882
		Turkey — 0.1%
	66,640	KOC Holding A.S.		295,561
	68,670	Turkiye Garanti Bankasi A.S.		202,552
				498,113
		United Kingdom — 5.0%
	46,067	3i Group plc		397,380
	10,360	Anglo American plc		130,629
	9,569	Associated British Foods plc		480,918
	20,977	AstraZeneca plc (m)		1,416,127
	85,215	Aviva plc		692,898
	287,630	Barclays plc		1,297,108
	52,869	Barratt Developments plc (m)		523,221
	52,920	BG Group plc		900,421
	140,113	BP plc (m)		863,059
	25,776	British American Tobacco plc		1,530,477
	16,144	Burberry Group plc		405,157
	136,640	Debenhams plc		187,020
	60,388	Dixons Carphone plc		429,716
	30,326	Domino’s Pizza Group plc		425,043
	18,175	GlaxoSmithKline plc		395,033
	158,779	HSBC Holdings plc		1,433,616
	10,922	InterContinental Hotels Group plc		458,749
	72,618	ITV plc		317,760
	726,222	Lloyds Banking Group plc		945,692
	15,688	Prudential plc (m)		369,067
	7,015	Reckitt Benckiser Group plc (m)		672,725
	6,026	Rio Tinto Ltd.		231,502
	6,012	Rio Tinto plc		232,551

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United Kingdom — continued
	32,127	SABMiller plc		1,684,757
	79,009	SIG plc		257,582
	29,658	SSE plc		701,679
	11,966	Standard Chartered plc		182,966
	113,866	Taylor Wimpey plc		345,111
	38,290	UBM plc		317,405
	23,360	Unilever N.V., CVA		1,046,487
	355,820	Vodafone Group plc		1,347,845
	5,701	Whitbread plc (m)		461,574
				21,081,275
		United States — 17.9%
	6,239	Acadia Healthcare Co., Inc. (a)		497,747
	4,440	Acuity Brands, Inc.		893,284
	5,431	Adobe Systems, Inc. (a)		445,288
	2,989	Advanced Drainage Systems, Inc.		83,184
	6,353	Aetna, Inc.		717,698
	2,380	Affiliated Managers Group, Inc. (a)		494,802
	3,212	Air Products & Chemicals, Inc. (m)		457,742
	2,182	Alexion Pharmaceuticals, Inc. (a)		430,814
	372	Alleghany Corp. (a)		180,840
	1,537	Alliance Data Systems Corp. (a)		422,736
	4,236	Ally Financial, Inc. (a)		96,454
	2,114	Amazon.com, Inc. (a)		1,133,421
	6,367	American Electric Power Co., Inc.		360,181
	11,631	American Homes 4 Rent, Class A (m)		192,493
	11,214	American International Group, Inc. (m)		719,042
	2,343	American Residential Properties, Inc. (m)		43,345
	1,544	Ameriprise Financial, Inc.		194,034
	7,010	Amphenol Corp., Class A		395,434
	2,881	AmTrust Financial Services, Inc.		200,258
	2,430	Analog Devices, Inc.		141,742
	12,197	Apple, Inc. (m)		1,479,496
	5,049	Arista Networks, Inc. (a)		426,489
	7,090	Arrow Electronics, Inc. (a)		412,284
	581	AutoZone, Inc. (a)		407,246
	4,640	Ball Corp.		314,778
	42,608	Bank of America Corp.		761,831
	6,735	Bed Bath & Beyond, Inc. (a)		439,324
	13,789	Best Buy Co., Inc.		445,247
	13,378	Brixmor Property Group, Inc. (m)		327,360
	9,679	Capital One Financial Corp.		786,903
	10,082	Carlisle Cos., Inc.		1,020,903
	18,170	CBRE Group, Inc., Class A (a)		689,915
	4,246	CBS Corp. (Non-Voting), Class B (m)		227,034
	6,145	Celgene Corp. (a)		806,531
	1,620	Charter Communications, Inc., Class A (a)		301,093
	1,631	Chubb Corp. (The)		202,782
	15,845	Cisco Systems, Inc.		450,315
	333	CIT Group, Inc.		15,664
	9,368	Citigroup, Inc.		547,653
	11,427	Citizens Financial Group, Inc.		297,902
	15,490	Clear Channel Outdoor Holdings, Inc., Class A		149,633
	7,119	ClubCorp Holdings, Inc.		166,015
	12,942	CNO Financial Group, Inc.		230,885
	4,477	Concho Resources, Inc. (a)		477,069
	13,561	CONSOL Energy, Inc.		224,028
	1,791	CoStar Group, Inc. (a)		360,510
	3,505	CVS Health Corp.		394,207
	23,645	Delta Air Lines, Inc.		1,048,419
	5,481	Devon Energy Corp.		270,871
	7,661	DISH Network Corp., Class A (a)		494,977
	6,189	Dollar General Corp.		497,410
	6,895	Dover Corp.		441,763
	4,205	Dr. Pepper Snapple Group, Inc.		337,325
	1,601	Dril-Quip, Inc. (a)		93,514
	5,711	Duke Energy Corp.		423,870
	3,384	Eagle Materials, Inc.		261,042
	1,882	East West Bancorp, Inc.		84,238
	3,043	EastGroup Properties, Inc. (m)		183,189
	5,558	Edison International		333,536
	5,761	Electronic Arts, Inc. (a)		412,200
	3,600	Energizer Holdings, Inc. (a)		138,636
	6,413	Entercom Communications Corp., Class A (a)		67,529
	8,195	Envision Healthcare Holdings, Inc. (a)		367,136
	1,195	Equifax, Inc.		122,045
	5,689	Eversource Energy		282,857
	10,303	Excel Trust, Inc. (m)		163,200
	3,855	Expedia, Inc.		468,151
	11,514	Exxon Mobil Corp. (m)		912,024
	17,138	Facebook, Inc., Class A (a)		1,611,143
	4,344	Fifth Third Bancorp		91,528
	1,230	First Republic Bank		78,462
	5,526	Fluidigm Corp. (a)		110,686
	2,726	Fortune Brands Home & Security, Inc.		130,167

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — continued
	8,076	GameStop Corp., Class A		370,285
	9,810	Gap, Inc. (The)		357,869
	3,849	Gartner, Inc. (a)		340,906
	4,963	Genuine Parts Co.		441,459
	9,418	Gilead Sciences, Inc.		1,110,005
	2,675	Google, Inc., Class C (a)		1,673,507
	6,675	Guidewire Software, Inc. (a)		394,159
	9,022	Hanesbrands, Inc.		279,953
	10,678	Hartford Financial Services Group, Inc. (The)		507,739
	3,754	HCA Holdings, Inc. (a)		349,160
	13,760	HD Supply Holdings, Inc. (a)		492,608
	5,792	Hewlett-Packard Co. (m)		176,772
	19,779	Hilton Worldwide Holdings, Inc. (a)		531,066
	5,187	HollyFrontier Corp.		250,325
	9,561	Home Depot, Inc. (The)		1,118,924
	3,702	Honeywell International, Inc. (m)		388,895
	7,234	Hudson City Bancorp, Inc.		74,583
	1,535	Humana, Inc. (m)		279,508
	4,090	Illinois Tool Works, Inc.		365,932
	2,975	Illumina, Inc. (a)		652,418
	7,296	Johnson & Johnson (m)		731,132
	8,877	KapStone Paper & Packaging Corp.		207,722
	9,538	Kimco Realty Corp. (m)		235,684
	8,132	Kinder Morgan, Inc.		281,692
	1,812	Kirby Corp. (a)		131,207
	3,093	Kite Pharma, Inc. (a)		225,078
	515	KLA-Tencor Corp.		27,321
	10,105	Kohl’s Corp.		619,639
	8,388	Kroger Co. (The)		329,145
	7,771	La Quinta Holdings, Inc. (a)		164,901
	1,854	Lam Research Corp.		142,517
	2,092	Legg Mason, Inc.		103,219
	3,753	Lennox International, Inc.		443,117
	18,228	Loews Corp.		694,669
	333	M&T Bank Corp.		43,673
	3,950	Marathon Petroleum Corp.		215,947
	3,785	Marsh & McLennan Cos., Inc.		219,303
	2,913	Martin Marietta Materials, Inc.		456,817
	8,971	MasterCard, Inc., Class A		873,775
	5,801	McGraw Hill Financial, Inc.		590,252
	2,348	McKesson Corp.		517,898
	9,305	Media General, Inc. (a)		147,670
	10,903	Merck & Co., Inc.		642,841
	15,474	Microsoft Corp.		722,636
	2,583	Mohawk Industries, Inc. (a)		520,707
	2,679	Monster Beverage Corp. (a)		411,360
	7,181	Mosaic Co. (The)		308,352
	1,807	National Bank Holdings Corp., Class A		39,103
	2,064	National HealthCare Corp.		130,445
	6,151	Netflix, Inc. (a)		703,121
	4,039	NextEra Energy, Inc.		424,903
	1,002	NII Holdings, Inc. (a)		14,329
	7,511	Nimble Storage, Inc. (a)		207,454
	3,171	Northern Trust Corp.		242,550
	3,460	Old Dominion Freight Line, Inc. (a)		253,099
	5,199	Old Republic International Corp.		86,979
	2,370	Omnicom Group, Inc.		173,200
	100	Outfront Media, Inc.		2,513
	1,475	Pall Corp.		186,514
	1,704	Palo Alto Networks, Inc. (a)		316,654
	9,204	PBF Energy, Inc., Class A		290,570
	26,887	Pfizer, Inc.		969,545
	5,398	Phillips 66		429,141
	5,859	PNC Financial Services Group, Inc. (The)		575,237
	5,823	Post Holdings, Inc. (a)		312,928
	4,882	PPG Industries, Inc.		529,111
	430	Priceline Group, Inc. (The) (a)		534,735
	6,253	Procter & Gamble Co. (The)		479,605
	4,962	Prudential Financial, Inc.		438,442
	4,423	QUALCOMM, Inc.		284,797
	7,157	Range Resources Corp.		281,556
	10,668	Rayonier, Inc. (m)		262,433
	1,546	Regeneron Pharmaceuticals, Inc. (a)		855,958
	3,399	Sempra Energy		345,950
	4,273	ServiceNow, Inc. (a)		343,977
	2,023	Sherwin-Williams Co. (The)		561,908
	2,233	Signature Bank (a)		325,102
	16,626	Southwestern Energy Co. (a)		309,244
	11,997	Sprouts Farmers Market, Inc. (a)		294,166
	9,571	Starbucks Corp.		554,448
	9,059	SunTrust Banks, Inc.		401,676
	1,649	T. Rowe Price Group, Inc.		127,187
	11,408	TD Ameritrade Holding Corp.		419,016
	4,431	TEGNA, Inc. (m)		129,075
	1,696	Tesla Motors, Inc. (a)		451,390
	8,345	Texas Instruments, Inc.		417,083
	2,817	Tiffany & Co.		269,587

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — continued
	2,925	Time Warner, Inc.		257,517
	8,742	Time, Inc.		195,121
	6,648	T-Mobile USA, Inc. (a)		270,308
	4,223	Travelers Cos., Inc. (The)		448,145
	3,381	TreeHouse Foods, Inc. (a)		277,107
	5,668	Trex Co., Inc. (a)		257,157
	11,493	U.S. Bancorp		519,599
	3,106	Ulta Salon Cosmetics & Fragrance, Inc. (a)		515,689
	4,054	United Technologies Corp.		406,657
	12,247	UnitedHealth Group, Inc.		1,486,786
	9,920	Unum Group		355,533
	9,763	Veeva Systems, Inc., Class A (a)		262,820
	8,919	VeriFone Systems, Inc. (a)		287,013
	9,080	Verizon Communications, Inc. (m)		424,853
	2,814	Vertex Pharmaceuticals, Inc. (a)		379,890
	9,821	Visa, Inc., Class A		739,914
	1,677	W.R. Berkley Corp.		93,442
	1,685	W.W. Grainger, Inc.		385,376
	2,732	Watsco, Inc.		350,352
	7,683	Wayfair, Inc., Class A (a)		286,653
	28,670	Wells Fargo & Co.		1,659,133
	6,506	WestRock Co. (a)		410,268
	8,146	Weyerhaeuser Co. (m)		250,001
	8,955	Wolverine World Wide, Inc.		262,561
	3,535	Workday, Inc., Class A (a)		298,107
	11,417	Xcel Energy, Inc.		395,827
				75,504,461
		Total Common Stocks (Cost $198,506,574)		202,857,140
PRINCIPAL AMOUNT
	Corporate Bonds — 14.2%
		Australia — 0.0% (g)
	30,000	BlueScope Steel Finance Ltd./BlueScope Steel Finance USA LLC, 7.125%, 05/01/18 (e)		29,925
		Bahamas — 0.0% (g)
	147,000	Ultrapetrol Bahamas Ltd., 8.875%, 06/15/21		123,113
		Bermuda — 0.1%
		Aircastle Ltd.,
	54,000	5.125%, 03/15/21		55,620
	10,000	6.250%, 12/01/19		11,087
	161,000	7.625%, 04/15/20		185,955
	10,000	NCL Corp., Ltd., 5.250%, 11/15/19 (e)		10,350
		Viking Cruises Ltd.,
	40,000	6.250%, 05/15/25 (e)		39,700
	14,000	8.500%, 10/15/22 (e)		15,558
				318,270
		Canada — 0.8%
		1011778 B.C. ULC/New Red Finance, Inc.,
	39,000	4.625%, 01/15/22 (e)		39,000
	55,000	6.000%, 04/01/22 (e)		56,777
	45,000	ATS Automation Tooling Systems, Inc., 6.500%, 06/15/23 (e)		45,675
	80,000	Baytex Energy Corp., 5.625%, 06/01/24 (e)		68,800
		Bombardier, Inc.,
	6,000	4.750%, 04/15/19 (e)		5,415
	30,000	5.500%, 09/15/18 (e)		28,200
	5,000	6.125%, 01/15/23 (e)		4,050
	15,000	Brookfield Residential Properties, Inc., 6.375%, 05/15/25 (e)		14,587
	26,000	Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.125%, 07/01/22 (e)		25,350
		Cascades, Inc.,
	36,000	5.500%, 07/15/22 (e)		34,830
	40,000	5.750%, 07/15/23 (e)		38,700
	252,000	Concordia Healthcare Corp., 7.000%, 04/15/23 (e)		256,725
		First Quantum Minerals Ltd.,
	82,000	6.750%, 02/15/20 (e)		63,140
	35,000	7.000%, 02/15/21 (e)		26,687
	150,000	Garda World Security Corp., 7.250%, 11/15/21 (e)		140,250
	65,000	HudBay Minerals, Inc., 9.500%, 10/01/20		63,700
		Lundin Mining Corp.,
	55,000	7.500%, 11/01/20 (e)		55,825
	80,000	7.875%, 11/01/22 (e)		81,400
	40,000	Masonite International Corp., 5.625%, 03/15/23 (e)		41,200
	125,000	Mattamy Group Corp., 6.500%, 11/15/20 (e)		121,250
		MEG Energy Corp.,
	50,000	6.375%, 01/30/23 (e)		44,500
	20,000	6.500%, 03/15/21 (e)		18,690
	85,000	7.000%, 03/31/24 (e)		77,987

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Canada — continued
		New Gold, Inc.,
	82,000	6.250%, 11/15/22 (e)		72,980
	125,000	7.000%, 04/15/20 (e)		122,813
	3,000	NOVA Chemicals Corp., 5.000%, 05/01/25 (e)		2,970
	125,000	Novelis, Inc., 8.750%, 12/15/20		131,875
	8,000	Open Text Corp., 5.625%, 01/15/23 (e)		7,980
		Precision Drilling Corp.,
	10,000	5.250%, 11/15/24		8,413
	120,000	6.500%, 12/15/21		113,700
	30,000	6.625%, 11/15/20		29,100
	30,000	Quebecor Media, Inc., 5.750%, 01/15/23		30,750
		Ultra Petroleum Corp.,
	34,000	5.750%, 12/15/18 (e)		30,430
	177,000	6.125%, 10/01/24 (e)		136,290
		Valeant Pharmaceuticals International, Inc.,
	125,000	5.375%, 03/15/20 (e)		128,437
	20,000	5.500%, 03/01/23 (e)		20,450
	6,000	5.625%, 12/01/21 (e)		6,158
	205,000	5.875%, 05/15/23 (e)		213,180
	300,000	6.125%, 04/15/25 (e)		313,500
	95,000	6.375%, 10/15/20 (e)		100,106
	109,000	6.750%, 08/15/18 (e)		114,518
	112,000	6.750%, 08/15/21 (e)		116,620
	15,000	7.000%, 10/01/20 (e)		15,581
	35,000	7.250%, 07/15/22 (e)		36,925
	99,000	7.500%, 07/15/21 (e)		107,415
		Videotron Ltd.,
	9,000	5.000%, 07/15/22		9,103
	38,000	5.375%, 06/15/24 (e)		38,380
				3,260,412
		Cayman Islands — 0.1%
	30,000	Shelf Drilling Holdings Ltd., 8.625%, 11/01/18 (e)		26,175
		Transocean, Inc.,
	26,000	6.500%, 11/15/20		22,490
	104,000	6.875%, 12/15/21		88,010
	200,000	UPCB Finance IV Ltd., 5.375%, 01/15/25 (e)		193,500
	135,000	UPCB Finance V Ltd., 7.250%, 11/15/21 (e)		145,463
				475,638
		Finland — 0.0% (g)
	55,000	Nokia OYJ, 6.625%, 05/15/39		59,675
		France — 0.1%
	400,000	Numericable-SFR SAS, 6.000%, 05/15/22 (e)		407,000
		Ireland — 0.1%
		AerCap Ireland Capital Ltd./AerCap Global Aviation Trust,
	150,000	4.500%, 05/15/21 (e)		152,250
	150,000	4.625%, 07/01/22		152,812
				305,062
		Japan — 0.1%
	200,000	SoftBank Group Corp., 4.500%, 04/15/20 (e)		200,750
		Liberia — 0.0% (g)
		Royal Caribbean Cruises Ltd.,
	15,000	5.250%, 11/15/22		15,543
	1,000	7.500%, 10/15/27		1,166
				16,709
		Luxembourg — 0.6%
	200,000	Altice Financing S.A., 6.500%, 01/15/22 (e)		206,000
	200,000	Altice S.A., 7.625%, 02/15/25 (e)		196,000
		ArcelorMittal,
	95,000	6.125%, 06/01/25		90,487
	20,000	6.250%, 03/01/21		20,200
	640,000	7.000%, 02/25/22		656,000
	38,000	7.750%, 10/15/39		36,670
	8,000	Capsugel S.A., 7.000% (cash), 05/15/19 (e) (v)		8,100
	400,000	ConvaTec Healthcare E S.A., 10.500%, 12/15/18 (e)		421,000
		Intelsat Jackson Holdings S.A.,
	30,000	5.500%, 08/01/23		27,225
	425,000	6.625%, 12/15/22		387,813
	45,000	7.250%, 04/01/19		44,606
	65,000	7.250%, 10/15/20		64,431
	151,000	7.500%, 04/01/21		150,245
	31,000	Intelsat Luxembourg S.A., 7.750%, 06/01/21		24,645
	60,000	Mallinckrodt International Finance S.A., 4.750%, 04/15/23		57,938
		Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,
	20,000	4.875%, 04/15/20 (e)		20,583
	90,000	5.500%, 04/15/25 (e)		90,675

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Luxembourg — continued
	122,000	5.750%, 08/01/22 (e)		127,185
	50,000	Nielsen Co. Luxembourg SARL (The), 5.500%, 10/01/21 (e)		51,250
				2,681,053
		Mexico — 0.1%
		Cemex S.A.B. de C.V.,
	200,000	5.700%, 01/11/25 (e)		193,500
	200,000	6.125%, 05/05/25 (e)		198,500
				392,000
		Netherlands — 0.1%
	11,000	Basell Finance Co., B.V., Class B, 8.100%, 03/15/27 (e)		14,429
	200,000	Bluewater Holding B.V., 10.000%, 12/10/19 (e)		156,000
		NXP B.V./NXP Funding LLC,
	200,000	4.125%, 06/15/20 (e)		200,750
	200,000	4.625%, 06/15/22 (e)		198,000
		Sensata Technologies B.V.,
	7,000	4.875%, 10/15/23 (e)		6,930
	38,000	5.000%, 10/01/25 (e)		37,240
	7,000	5.625%, 11/01/24 (e)		7,219
				620,568
		Singapore — 0.1%
		Flextronics International Ltd.,
	15,000	4.625%, 02/15/20		15,232
	195,000	5.000%, 02/15/23		197,892
				213,124
		Spain — 0.0% (g)
	150,000	Cemex Espana S.A., 9.875%, 04/30/19 (e)		164,250
		United Kingdom — 0.2%
	200,000	Barclays Bank plc, 7.625%, 11/21/22		230,625
		Royal Bank of Scotland Group plc,
	95,000	6.000%, 12/19/23		101,829
	122,000	6.100%, 06/10/23		131,743
	490,000	6.125%, 12/15/22		525,978
				990,175
		United States — 11.8%
		Acadia Healthcare Co., Inc.,
	25,000	5.125%, 07/01/22		24,937
	5,000	5.625%, 02/15/23 (e)		5,075
	40,000	6.125%, 03/15/21		41,200
	26,000	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		12,480
		Activision Blizzard, Inc.,
	5,000	5.625%, 09/15/21 (e)		5,250
	150,000	6.125%, 09/15/23 (e)		161,625
		ADT Corp. (The),
	2,000	3.500%, 07/15/22		1,831
	5,000	4.125%, 04/15/19		5,081
	385,000	4.125%, 06/15/23		359,975
	90,000	6.250%, 10/15/21		95,400
		Advanced Micro Devices, Inc.,
	131,000	6.750%, 03/01/19		95,302
	34,000	7.000%, 07/01/24		22,610
	21,000	7.750%, 08/01/20		14,136
		AECOM,
	148,000	5.750%, 10/15/22 (e)		150,220
	150,000	5.875%, 10/15/24 (e)		152,250
		AES Corp.,
	2,000	5.500%, 03/15/24		1,950
	175,000	5.500%, 04/15/25		167,562
	20,000	VAR, 3.283%, 06/01/19		19,800
	60,000	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		56,700
	70,000	AK Steel Corp., 8.750%, 12/01/18		71,050
	201,000	Albertson’s Holdings LLC/Safeway, Inc., 7.750%, 10/15/22 (e)		217,080
	60,000	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		63,300
		Alcoa, Inc.,
	250,000	5.125%, 10/01/24		251,250
	20,000	5.400%, 04/15/21		20,675
	170,000	5.900%, 02/01/27		173,859
	55,000	5.950%, 02/01/37		54,450
	20,000	6.150%, 08/15/20		21,525
	5,000	6.750%, 07/15/18		5,500
	120,000	6.750%, 01/15/28		130,800
		Alere, Inc.,
	45,000	6.375%, 07/01/23 (e)		46,800
	12,000	6.500%, 06/15/20		12,480
		Aleris International, Inc.,
	32,000	7.625%, 02/15/18		32,276
	27,000	7.875%, 11/01/20		27,340
	33,000	Alliance Data Systems Corp., 5.375%, 08/01/22 (e)		32,670
		Ally Financial, Inc.,
	102,000	3.600%, 05/21/18		102,750
	330,000	4.125%, 03/30/20		332,475

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	232,000	4.625%, 05/19/22		231,420
	25,000	4.625%, 03/30/25		24,062
	23,000	6.250%, 12/01/17		24,610
	123,000	8.000%, 11/01/31		146,985
	58,000	AMC Entertainment, Inc., 5.875%, 02/15/22		59,305
	200,000	AMC Networks, Inc., 4.750%, 12/15/22		201,500
	100,000	American Axle & Manufacturing, Inc., 6.625%, 10/15/22		104,500
	45,000	AmeriGas Finance LLC/AmeriGas Finance Corp., 7.000%, 05/20/22		47,862
	25,000	Amkor Technology, Inc., 6.625%, 06/01/21		24,537
		Amsurg Corp.,
	55,000	5.625%, 11/30/20		56,650
	50,000	5.625%, 07/15/22		51,427
		Antero Resources Corp.,
	78,000	5.125%, 12/01/22		73,710
	25,000	5.375%, 11/01/21		24,312
	100,000	6.000%, 12/01/20		101,250
	61,000	Aramark Services, Inc., 5.750%, 03/15/20		63,745
	109,000	Argos Merger Sub, Inc., 7.125%, 03/15/23 (e)		115,267
	297,000	Ashland, Inc., 4.750%, 08/15/22		299,599
		Audatex North America, Inc.,
	17,000	6.000%, 06/15/21 (e)		17,361
	179,000	6.125%, 11/01/23 (e)		174,973
		Avaya, Inc.,
	204,000	7.000%, 04/01/19 (e)		196,860
	117,000	10.500%, 03/01/21 (e)		95,062
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	81,000	5.125%, 06/01/22 (e)		80,595
	95,000	5.250%, 03/15/25 (e)		90,487
	98,000	Axiall Corp., 4.875%, 05/15/23		94,325
		Ball Corp.,
	50,000	4.000%, 11/15/23		47,625
	150,000	5.000%, 03/15/22		153,665
	40,000	5.250%, 07/01/25		40,222
	50,000	Basic Energy Services, Inc., 7.750%, 10/15/22		36,125
		Belden, Inc.,
	3,000	5.250%, 07/15/24 (e)		2,948
	1,000	5.500%, 09/01/22 (e)		997
		Berry Plastics Corp.,
	55,000	5.125%, 07/15/23		54,037
	65,000	5.500%, 05/15/22		65,650
	65,000	Blue Coat Holdings, Inc., 8.375%, 06/01/23 (e)		66,462
	135,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (e)		137,362
	115,000	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		114,425
	97,000	Boyd Gaming Corp., 6.875%, 05/15/23		100,880
	35,000	Briggs & Stratton Corp., 6.875%, 12/15/20		38,150
	70,000	Building Materials Corp. of America, 5.375%, 11/15/24 (e)		70,168
	48,000	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		49,920
		Cablevision Systems Corp.,
	4,000	7.750%, 04/15/18		4,325
	359,000	8.000%, 04/15/20		391,310
	50,000	8.625%, 09/15/17		54,937
	52,000	Caleres, Inc., 6.250%, 08/15/23 (e)		52,520
		California Resources Corp.,
	10,000	5.000%, 01/15/20		8,575
	83,000	5.500%, 09/15/21		68,475
	27,000	6.000%, 11/15/24		21,870
		Calpine Corp.,
	4,000	5.375%, 01/15/23		3,910
	20,000	5.500%, 02/01/24		19,400
	7,000	5.750%, 01/15/25		6,825
	54,000	5.875%, 01/15/24 (e)		56,457
	150,000	6.000%, 01/15/22 (e)		158,625
	10,000	Cardtronics, Inc., 5.125%, 08/01/22		9,750
	195,000	Casella Waste Systems, Inc., 7.750%, 02/15/19		198,317
	40,000	CCM Merger, Inc., 9.125%, 05/01/19 (e)		43,200
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	39,000	5.125%, 05/01/23 (e)		38,610
	10,000	5.375%, 05/01/25 (e)		9,850
	18,000	5.875%, 05/01/27 (e)		17,831
	72,000	6.500%, 04/30/21		75,285
	39,000	6.625%, 01/31/22		41,194
		CCO Safari II LLC,
	100,000	4.464%, 07/23/22 (e)		100,540
	37,000	4.908%, 07/23/25 (e)		37,082
	85,000	6.384%, 10/23/35 (e)		86,894

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		CDW LLC/CDW Finance Corp.,
	5,000	5.000%, 09/01/23		4,966
	35,000	5.500%, 12/01/24		35,175
	4,000	6.000%, 08/15/22		4,180
	28,000	CEB, Inc., 5.625%, 06/15/23 (e)		28,070
	5,000	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.375%, 06/01/24		5,113
	15,000	Celanese US Holdings LLC, 4.625%, 11/15/22		14,737
	200,000	Cemex Finance LLC, 6.000%, 04/01/24 (e)		200,530
	47,000	Centene Corp., 4.750%, 05/15/22		47,235
	25,000	Century Communities, Inc., 6.875%, 05/15/22 (e)		24,062
	93,000	CenturyLink, Inc., 5.625%, 04/01/25 (e)		84,979
		Cenveo Corp.,
	10,000	6.000%, 08/01/19 (e)		8,950
	5,000	8.500%, 09/15/22 (e)		3,987
		Cequel Communications Holdings I LLC/Cequel Capital Corp.,
	11,000	5.125%, 12/15/21 (e)		10,216
	35,000	5.125%, 12/15/21 (e)		32,506
	15,000	CF Industries, Inc., 7.125%, 05/01/20		17,803
		Chemours Co. (The),
	12,000	6.625%, 05/15/23 (e)		10,560
	10,000	7.000%, 05/15/25 (e)		8,772
		Chesapeake Energy Corp.,
	79,000	4.875%, 04/15/22		63,595
	30,000	6.125%, 02/15/21		25,875
	10,000	Choice Hotels International, Inc., 5.750%, 07/01/22		10,675
		CHS/Community Health Systems, Inc.,
	15,000	5.125%, 08/15/18		15,375
	85,000	5.125%, 08/01/21		88,187
	141,000	6.875%, 02/01/22		150,870
	117,000	7.125%, 07/15/20		124,605
	120,000	8.000%, 11/15/19		126,149
	35,000	Cimarex Energy Co., 4.375%, 06/01/24		33,862
	125,000	Cincinnati Bell, Inc., 8.375%, 10/15/20		131,094
	68,000	Cinemark USA, Inc., 5.125%, 12/15/22		68,340
		CIT Group, Inc.,
	103,000	3.875%, 02/19/19		103,515
	210,000	5.000%, 08/15/22		213,413
	345,000	5.375%, 05/15/20		364,624
	39,000	5.500%, 02/15/19 (e)		41,242
	45,000	Citgo Holding, Inc., 10.750%, 02/15/20 (e)		46,012
	29,000	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		28,420
		Claire’s Stores, Inc.,
	9,000	6.125%, 03/15/20 (e)		7,110
	17,000	8.875%, 03/15/19		7,352
	26,000	9.000%, 03/15/19 (e)		22,523
		Clear Channel Worldwide Holdings, Inc.,
	15,000	6.500%, 11/15/22		15,412
	280,000	Series B, 6.500%, 11/15/22		291,900
	55,000	Series A, 7.625%, 03/15/20		56,994
	225,000	Series B, 7.625%, 03/15/20		236,391
		Clearwater Paper Corp.,
	20,000	4.500%, 02/01/23		19,150
	31,000	5.375%, 02/01/25 (e)		30,302
	8,000	Clearwire Communications LLC/Clearwire Finance, Inc., 14.750%, 12/01/16 (e)		9,200
		Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.,
	22,000	6.375%, 03/15/24		13,420
	23,000	8.500%, 12/15/19		16,675
	144,000	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		95,760
		CNO Financial Group, Inc.,
	39,000	4.500%, 05/30/20		40,267
	75,000	5.250%, 05/30/25		78,375
	140,000	Coeur Mining, Inc., 7.875%, 02/01/21		91,613
	180,000	Commercial Metals Co., 4.875%, 05/15/23		164,700
	68,000	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		67,150
		CommScope, Inc.,
	23,000	4.375%, 06/15/20 (e)		23,144
	105,000	5.000%, 06/15/21 (e)		103,687
	45,000	5.500%, 06/15/24 (e)		44,044
	15,000	Comstock Resources, Inc., 10.000%, 03/15/20 (e)		13,237
		Concho Resources, Inc.,
	150,000	6.500%, 01/15/22		155,062
	20,000	7.000%, 01/15/21		20,850
		CONSOL Energy, Inc.,
	30,000	5.875%, 04/15/22		23,306
	85,000	8.000%, 04/01/23 (e)		70,338
	145,000	Consolidated Communications, Inc., 6.500%, 10/01/22 (e)		134,487

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Constellation Brands, Inc.,
	3,000	4.750%, 11/15/24		3,060
	60,000	6.000%, 05/01/22		66,300
	20,003	Continental Airlines 2003-ERJ1 Pass-Through Trust, Series RJ03, 7.875%, 07/02/18		20,928
	35,367	Continental Airlines 2005-ERJ1 Pass-Through Trust, Series ERJ1, 9.798%, 04/01/21		39,098
		Cott Beverages, Inc.,
	300,000	5.375%, 07/01/22		293,250
	83,000	6.750%, 01/01/20 (e)		86,424
	45,000	Covanta Holding Corp., 6.375%, 10/01/22		47,250
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	9,000	6.125%, 03/01/22		8,887
	14,000	6.250%, 04/01/23 (e)		14,070
	84,000	Crimson Merger Sub, Inc., 6.625%, 05/15/22 (e)		77,490
	30,000	Crown Americas LLC/Crown Americas Capital Corp. III, 6.250%, 02/01/21		31,470
		Crown Castle International Corp.,
	3,000	4.875%, 04/15/22		3,079
	68,000	5.250%, 01/15/23		71,230
	85,000	CSC Holdings LLC, 6.750%, 11/15/21		88,187
	20,000	CSI Compressco LP/Compressco Finance, Inc., 7.250%, 08/15/22		18,850
	25,000	Darling Ingredients, Inc., 5.375%, 01/15/22		25,312
		DaVita HealthCare Partners, Inc.,
	100,000	5.000%, 05/01/25		98,875
	118,000	5.125%, 07/15/24		118,910
	20,000	5.750%, 08/15/22		21,300
	287,000	Dean Foods Co., 6.500%, 03/15/23 (e)		293,816
	58,000	Denali Borrower LLC/Denali Finance Corp., 5.625%, 10/15/20 (e)		60,465
	25,000	Diamondback Energy, Inc., 7.625%, 10/01/21		26,500
		DISH DBS Corp.,
	54,000	5.875%, 07/15/22		53,730
	28,000	5.875%, 11/15/24		27,160
	346,000	6.750%, 06/01/21		365,895
	60,000	7.875%, 09/01/19		67,125
	13,000	DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125%, 06/15/21 (e)		13,357
	106,000	Dollar Tree, Inc., 5.750%, 03/01/23 (e)		111,830
	76,000	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		76,950
	705,000	DS Services of America, Inc., 10.000%, 09/01/21 (e)		823,969
	55,000	DuPont Fabros Technology LP, 5.875%, 09/15/21		56,512
	4,000	Dycom Investments, Inc., 7.125%, 01/15/21		4,190
		Dynegy, Inc.,
	200,000	5.875%, 06/01/23		191,500
	10,000	6.750%, 11/01/19 (e)		10,325
	10,000	7.375%, 11/01/22 (e)		10,345
	5,000	7.625%, 11/01/24 (e)		5,162
		E*TRADE Financial Corp.,
	90,000	4.625%, 09/15/23		89,550
	110,000	5.375%, 11/15/22		114,675
	14,000	Eagle Spinco, Inc., 4.625%, 02/15/21		13,615
	615,000	Embarq Corp., 7.995%, 06/01/36		672,072
	155,000	Emdeon, Inc., 11.000%, 12/31/19		167,787
	58,000	Endo Finance LLC, 5.750%, 01/15/22 (e)		59,740
	200,000	Endo Ltd./Endo Finance LLC/Endo Finco, Inc., 6.000%, 07/15/23 (e)		208,000
	100,000	Energizer Holdings, Inc., 5.500%, 06/15/25 (e)		97,750
		Energy Transfer Equity LP,
	52,000	5.875%, 01/15/24		52,910
	60,000	7.500%, 10/15/20		67,200
	75,000	EnerSys, 5.000%, 04/30/23 (e)		73,312
	42,000	Entegris, Inc., 6.000%, 04/01/22 (e)		43,050
	11,000	Envision Healthcare Corp., 5.125%, 07/01/22 (e)		11,110
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	31,000	6.375%, 06/15/23 (e)		28,985
	172,000	7.750%, 09/01/22		171,570
	33,000	9.375%, 05/01/20		34,072
		Equinix, Inc.,
	123,000	5.375%, 01/01/22		124,845
	47,000	5.375%, 04/01/23		47,465
	3,000	5.750%, 01/01/25		3,015
	50,000	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		48,687
	25,000	Exterran Partners LP/EXLP Finance Corp., 6.000%, 10/01/22		22,375
	200,000	FCA U.S. LLC/CG Co-Issuer, Inc., 8.250%, 06/15/21		216,750

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	20,000	FelCor Lodging LP, 6.000%, 06/01/25 (e)		20,600
	156,000	Ferrellgas LP/Ferrellgas Finance Corp., 6.750%, 06/15/23 (e)		156,390
	55,000	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		57,750
		First Data Corp.,
	13,000	6.750%, 11/01/20 (e)		13,748
	6,000	7.375%, 06/15/19 (e)		6,259
	70,000	8.250%, 01/15/21 (e)		74,112
	7,000	8.750%, 01/15/22 (e)		7,420
	4,000	10.625%, 06/15/21		4,460
	200,000	11.250%, 01/15/21		222,000
	177,000	11.750%, 08/15/21		200,895
	25,000	12.625%, 01/15/21		28,937
		Freescale Semiconductor, Inc.,
	5,000	5.000%, 05/15/21 (e)		5,078
	22,000	6.000%, 01/15/22 (e)		22,990
		Fresenius Medical Care U.S. Finance II, Inc.,
	5,000	4.125%, 10/15/20 (e)		5,100
	60,000	4.750%, 10/15/24 (e)		60,000
	110,000	5.875%, 01/31/22 (e)		118,800
		Fresenius Medical Care U.S. Finance, Inc.,
	15,000	5.750%, 02/15/21 (e)		16,088
	25,000	6.500%, 09/15/18 (e)		27,625
		Frontier Communications Corp.,
	150,000	8.500%, 04/15/20		155,250
	134,000	9.250%, 07/01/21		139,360
	50,000	FTI Consulting, Inc., 6.000%, 11/15/22		52,750
	35,000	FTS International, Inc., VAR, 7.783%, 06/15/20 (e)		33,625
	25,000	Gardner Denver, Inc., 6.875%, 08/15/21 (e)		22,188
		Genesis Energy LP/Genesis Energy Finance Corp.,
	7,000	5.625%, 06/15/24		6,492
	50,000	5.750%, 02/15/21		48,750
	27,000	6.000%, 05/15/23		25,718
	30,000	6.750%, 08/01/22		29,925
		GenOn Energy, Inc.,
	40,000	7.875%, 06/15/17		40,300
	3,000	9.875%, 10/15/20		2,993
		Global Partners LP/GLP Finance Corp.,
	3,000	6.250%, 07/15/22		2,813
	250,000	7.000%, 06/15/23 (e)		240,625
	125,000	GLP Capital LP/GLP Financing II, Inc., 5.375%, 11/01/23		130,241
	40,000	Goodman Networks, Inc., 12.125%, 07/01/18		30,300
	100,000	Goodyear Tire & Rubber Co. (The), 6.500%, 03/01/21		105,875
		Graphic Packaging International, Inc.,
	35,000	4.750%, 04/15/21		35,737
	25,000	4.875%, 11/15/22		25,062
	190,000	Gray Television, Inc., 7.500%, 10/01/20		201,163
	25,000	Greif, Inc., 6.750%, 02/01/17		26,250
	6,000	Griffon Corp., 5.250%, 03/01/22		5,850
	4,000	Guitar Center, Inc., 6.500%, 04/15/19 (e)		3,630
	135,000	H&E Equipment Services, Inc., 7.000%, 09/01/22		134,325
	85,000	Halcon Resources Corp., 9.250%, 02/15/22		42,500
	150,000	Halyard Health, Inc., 6.250%, 10/15/22 (e)		156,750
	110,000	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		104,500
		Harland Clarke Holdings Corp.,
	5,000	9.250%, 03/01/21 (e)		4,506
	15,000	9.750%, 08/01/18 (e)		15,600
	20,000	HCA Holdings, Inc., 6.250%, 02/15/21		21,900
		HCA, Inc.,
	24,000	3.750%, 03/15/19		24,345
	95,000	4.250%, 10/15/19		97,791
	55,000	4.750%, 05/01/23		56,444
	61,000	5.000%, 03/15/24		63,516
	30,000	5.250%, 04/15/25		31,575
	146,000	5.375%, 02/01/25		149,285
	65,000	5.875%, 03/15/22		71,256
	36,000	5.875%, 05/01/23		38,700
	75,000	6.500%, 02/15/20		83,859
	132,000	7.500%, 02/15/22		153,780
	5,000	8.000%, 10/01/18		5,775
		HD Supply, Inc.,
	10,000	5.250%, 12/15/21 (e)		10,300
	140,000	7.500%, 07/15/20		149,450
	19,000	Headwaters, Inc., 7.250%, 01/15/19		19,665
	15,000	HealthSouth Corp., 5.750%, 11/01/24		15,150
	145,000	Hecla Mining Co., 6.875%, 05/01/21		126,331
	122,000	Hertz Corp. (The), 7.375%, 01/15/21		127,185
		Hexion, Inc.,
	230,000	6.625%, 04/15/20		210,738

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	28,000	10.000%, 04/15/20		28,630
		Hiland Partners LP/Hiland Partners Finance Corp.,
	28,000	5.500%, 05/15/22 (e)		28,875
	24,000	7.250%, 10/01/20 (e)		25,890
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	229,000	5.000%, 12/01/24 (e)		212,970
	60,000	5.750%, 10/01/25 (e)		57,000
	60,000	7.625%, 04/15/21 (e)		61,800
	20,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21		20,825
	25,000	Holly Energy Partners LP/Holly Energy Finance Corp., 6.500%, 03/01/20		25,185
		Hologic, Inc.,
	63,000	5.250%, 07/15/22 (e)		65,048
	25,000	6.250%, 08/01/20		25,781
	200,000	Horizon Pharma Financing, Inc., 6.625%, 05/01/23 (e)		210,000
	50,000	Huntington Ingalls Industries, Inc., 5.000%, 12/15/21 (e)		51,375
		Huntsman International LLC,
	20,000	4.875%, 11/15/20		19,600
	15,000	5.125%, 11/15/22 (e)		14,475
	400,000	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		416,500
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
	35,000	4.875%, 03/15/19		36,094
	100,000	5.875%, 02/01/22		103,500
		iHeartCommunications, Inc.,
	370,000	9.000%, 12/15/19		355,662
	30,000	9.000%, 03/01/21		27,150
	25,000	IHS, Inc., 5.000%, 11/01/22 (e)		25,031
	260,000	ILFC E-Capital Trust I, VAR, 4.690%, 12/21/65 (e)		253,500
	100,000	ILFC E-Capital Trust II, VAR, 6.250%, 12/21/65 (e)		98,000
	8,000	Infor Software Parent LLC/Infor Software Parent, Inc., 7.125% (cash), 05/01/21 (e)(v)		7,860
	20,000	Infor U.S., Inc., 6.500%, 05/15/22 (e)		20,450
	65,000	Ingles Markets, Inc., 5.750%, 06/15/23		66,300
	22,000	Interactive Data Corp., 5.875%, 04/15/19 (e)		22,303
		International Lease Finance Corp.,
	130,000	4.625%, 04/15/21		132,759
	236,000	8.250%, 12/15/20		282,610
	40,000	International Wire Group Holdings, Inc., 8.500%, 10/15/17 (e)		41,600
	34,000	inVentiv Health, Inc., 9.000%, 01/15/18 (e)		35,530
	164,000	Iron Mountain, Inc., 5.750%, 08/15/24		165,230
		Isle of Capri Casinos, Inc.,
	50,000	5.875%, 03/15/21		51,875
	100,000	8.875%, 06/15/20		108,000
	165,000	Italics Merger Sub, Inc., 7.125%, 07/15/23 (e)		162,113
	4,000	J.C. Penney Corp., Inc., 8.125%, 10/01/19		3,980
		JBS USA LLC/JBS USA Finance, Inc.,
	243,000	5.750%, 06/15/25 (e)		240,799
	471,000	5.875%, 07/15/24 (e)		476,876
	140,000	7.250%, 06/01/21 (e)		146,687
	75,000	8.250%, 02/01/20 (e)		79,502
	30,000	Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.750%, 04/01/22		27,300
	60,000	Jurassic Holdings III, Inc., 6.875%, 02/15/21 (e)		42,000
	10,000	K. Hovnanian Enterprises, Inc., 11.875%, 10/15/15 (i)		10,075
	44,000	Kennedy-Wilson, Inc., 5.875%, 04/01/24		43,615
	65,000	Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18		69,144
	60,000	L Brands, Inc., 5.625%, 02/15/22		64,425
		Lamar Media Corp.,
	50,000	5.000%, 05/01/23		49,875
	30,000	5.875%, 02/01/22		31,275
	15,000	Landry’s, Inc., 9.375%, 05/01/20 (e)		16,088
		Lennar Corp.,
	15,000	4.500%, 06/15/19		15,487
	25,000	4.500%, 11/15/19		25,844
	85,000	4.750%, 05/30/25		82,663
	60,000	6.950%, 06/01/18		65,700
	5,000	Series B, 12.250%, 06/01/17		5,850
	90,000	Level 3 Communications, Inc., 5.750%, 12/01/22		90,675
		Level 3 Financing, Inc.,
	34,000	5.125%, 05/01/23 (e)		33,065
	121,000	5.375%, 05/01/25 (e)		117,824
	3,000	5.625%, 02/01/23 (e)		3,030
	54,000	6.125%, 01/15/21		56,632
	66,000	7.000%, 06/01/20		69,630
	28,000	8.625%, 07/15/20		29,890

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	5,000	VAR, 3.914%, 01/15/18		5,050
	75,000	Levi Strauss & Co., 5.000%, 05/01/25		72,375
	26,000	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		30,810
	9,000	LifePoint Health, Inc., 5.500%, 12/01/21		9,338
		LIN Television Corp.,
	290,000	5.875%, 11/15/22 (e)		295,075
	50,000	6.375%, 01/15/21		51,375
	10,000	Live Nation Entertainment, Inc., 5.375%, 06/15/22 (e)		10,025
	5,000	Louisiana-Pacific Corp., 7.500%, 06/01/20		5,300
	56,000	M/I Homes, Inc., 8.625%, 11/15/18		57,680
		MarkWest Energy Partners LP/MarkWest Energy Finance Corp.,
	218,000	4.500%, 07/15/23		212,005
	28,000	4.875%, 12/01/24		27,300
	197,000	4.875%, 06/01/25		191,583
	48,000	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		46,080
		Masco Corp.,
	61,000	4.450%, 04/01/25		61,153
	4,000	5.950%, 03/15/22		4,420
	200,000	MasTec, Inc., 4.875%, 03/15/23		174,500
		Mercer International, Inc.,
	98,000	7.000%, 12/01/19		101,675
	95,000	7.750%, 12/01/22		100,463
	90,000	Meritage Homes Corp., 7.000%, 04/01/22		95,850
		MGM Resorts International,
	90,000	6.000%, 03/15/23		91,575
	350,000	6.625%, 12/15/21		369,688
	265,000	7.750%, 03/15/22		294,150
	45,000	11.375%, 03/01/18		53,100
	50,000	Michaels Stores, Inc., 5.875%, 12/15/20 (e)		52,500
		Micron Technology, Inc.,
	20,000	5.250%, 08/01/23 (e)		19,250
	116,000	5.250%, 01/15/24 (e)		111,360
	28,000	5.500%, 02/01/25 (e)		27,125
	14,000	5.625%, 01/15/26 (e)		13,405
	17,000	5.875%, 02/15/22		17,340
	70,000	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		72,275
		Momentive Performance Materials, Inc.,
	35,000	3.880%, 10/24/21		30,363
	35,000	8.875%, 10/15/20 (d) (i)		—
	338,000	MPG Holdco I, Inc., 7.375%, 10/15/22		359,142
	250,000	MPH Acquisition Holdings LLC, 6.625%, 04/01/22 (e)		258,750
	89,000	MSCI, Inc., 5.250%, 11/15/24 (e)		90,753
	4,000	Murphy Oil USA, Inc., 6.000%, 08/15/23		4,150
	2,000	Mustang Merger Corp., 8.500%, 08/15/21 (e)		2,080
	98,000	National Financial Partners Corp., 9.000%, 07/15/21 (e)		98,245
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	15,000	6.500%, 07/01/21		14,006
	98,000	6.500%, 06/01/22		89,180
	45,000	7.875%, 10/01/20		44,325
		Navient Corp.,
	40,000	5.875%, 03/25/21		37,500
	4,000	7.250%, 01/25/22		3,950
	61,000	8.000%, 03/25/20		63,440
	23,000	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.125%, 11/15/21 (e)		22,655
		Navios Maritime Holdings, Inc./Navios Maritime Finance II U.S., Inc.,
	205,000	7.375%, 01/15/22 (e)		174,763
	5,000	8.125%, 02/15/19		3,950
	105,000	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 7.250%, 05/01/22 (e)		98,700
	65,000	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		68,575
	16,000	NCR Corp., 6.375%, 12/15/23		16,860
	100,000	Neiman Marcus Group Ltd. LLC, 8.000%, 10/15/21 (e)		106,000
		Netflix, Inc.,
	100,000	5.500%, 02/15/22 (e)		104,000
	115,000	5.750%, 03/01/24		120,175
	10,000	5.875%, 02/15/25 (e)		10,500
		New Albertsons, Inc.,
	60,000	Series C, 6.625%, 06/01/28		52,800
	58,000	7.450%, 08/01/29		57,275
	6,000	7.750%, 06/15/26		5,880
	22,000	8.000%, 05/01/31		22,110
	18,000	8.700%, 05/01/30		18,540

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Newfield Exploration Co.,
	50,000	5.375%, 01/01/26		48,000
	50,000	5.625%, 07/01/24		49,000
	10,000	5.750%, 01/30/22		9,900
		Nexstar Broadcasting, Inc.,
	35,000	6.125%, 02/15/22 (e)		35,875
	25,000	6.875%, 11/15/20		26,500
	2,000	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 07/15/19		1,948
	258,000	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		255,743
		Noble Energy, Inc.,
	75,000	5.625%, 05/01/21		79,484
	33,000	5.875%, 06/01/22		35,404
	21,000	5.875%, 06/01/24		22,787
		NRG Energy, Inc.,
	100,000	6.250%, 05/01/24		98,250
	11,000	6.625%, 03/15/23		11,165
	113,000	7.875%, 05/15/21		119,003
	30,000	8.250%, 09/01/20		31,245
	50,000	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		50,750
	40,000	NWH Escrow Corp., 7.500%, 08/01/21 (e)		37,000
	40,000	Oasis Petroleum, Inc., 6.875%, 03/15/22		36,800
	85,000	Olin Corp., 5.500%, 08/15/22		86,275
		Omnicare, Inc.,
	10,000	4.750%, 12/01/22		10,563
	10,000	5.000%, 12/01/24		10,600
	2,000	Oppenheimer Holdings, Inc., 8.750%, 04/15/18		2,080
	2,000	Orbital ATK, Inc., 5.250%, 10/01/21		2,050
		Outfront Media Capital LLC/Outfront Media Capital Corp.,
	33,000	5.250%, 02/15/22		33,165
	55,000	5.625%, 02/15/24 (e)		56,100
	5,000	5.875%, 03/15/25		5,137
		Owens-Brockway Glass Container, Inc.,
	5,000	5.000%, 01/15/22 (e)		5,000
	5,000	5.375%, 01/15/25 (e)		4,963
	30,000	Par Pharmaceutical Cos., Inc., 7.375%, 10/15/20		31,838
	75,000	Parker Drilling Co., 6.750%, 07/15/22		61,875
	17,000	PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 05/15/23 (e)		16,958
		Peabody Energy Corp.,
	23,000	6.250%, 11/15/21		6,497
	61,000	10.000%, 03/15/22 (e)		30,958
	75,000	Penn Virginia Corp., 8.500%, 05/01/20		35,250
	129,000	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		131,903
	50,000	Pioneer Energy Services Corp., 6.125%, 03/15/22		34,750
	24,000	Plantronics, Inc., 5.500%, 05/31/23 (e)		24,360
	11,000	Platform Specialty Products Corp., 6.500%, 02/01/22 (e)		11,385
		PolyOne Corp.,
	250,000	5.250%, 03/15/23		248,125
	25,000	7.375%, 09/15/20		26,038
	300,000	Post Holdings, Inc., 6.750%, 12/01/21 (e)		302,250
	5,000	Prestige Brands, Inc., 5.375%, 12/15/21 (e)		5,050
	35,000	Prince Mineral Holding Corp., 11.500%, 12/15/19 (e)		31,675
	15,000	PVH Corp., 4.500%, 12/15/22		15,113
		QEP Resources, Inc.,
	90,000	5.250%, 05/01/23		83,250
	140,000	5.375%, 10/01/22		130,900
	50,000	6.875%, 03/01/21		50,250
	10,000	Quad/Graphics, Inc., 7.000%, 05/01/22		9,650
	129,000	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		124,808
	20,000	Quintiles Transnational Corp., 4.875%, 05/15/23 (e)		20,287
		Qwest Capital Funding, Inc.,
	7,000	6.875%, 07/15/28		6,808
	71,000	7.750%, 02/15/31		70,911
	25,000	Qwest Corp., 7.250%, 09/15/25		28,625
	56,000	R.R. Donnelley & Sons Co., 7.625%, 06/15/20		63,560
	25,000	Radio Systems Corp., 8.375%, 11/01/19 (e)		26,438
	122,000	Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/18 (e)		119,255
		Range Resources Corp.,
	95,000	5.000%, 03/15/23		93,100
	10,000	6.750%, 08/01/20		10,338
	15,000	RCN Telecom Services LLC/RCN Capital Corp., 8.500%, 08/15/20 (e)		15,675
		Regal Entertainment Group,
	115,000	5.750%, 03/15/22		117,875
	50,000	5.750%, 06/15/23		50,375

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	100,000	5.750%, 02/01/25		97,125
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	50,000	4.500%, 11/01/23		47,357
	25,000	5.000%, 10/01/22		25,041
	50,000	5.500%, 04/15/23		50,125
	9,000	5.875%, 03/01/22		9,532
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	200,000	5.750%, 10/15/20		207,000
	100,000	8.250%, 02/15/21		103,750
	40,000	RHP Hotel Properties LP/RHP Finance Corp., 5.000%, 04/15/23 (e)		39,800
	87,000	Rice Energy, Inc., 7.250%, 05/01/23 (e)		85,478
		Rite Aid Corp.,
	201,000	6.125%, 04/01/23 (e)		208,789
	5,000	6.750%, 06/15/21		5,313
	10,000	9.250%, 03/15/20		10,864
	32,000	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 9.500%, 06/15/19 (e)		33,440
		Rose Rock Midstream LP/Rose Rock Finance Corp.,
	3,000	5.625%, 07/15/22		2,895
	20,455	5.625%, 11/15/23 (e)		19,432
		Sabine Pass Liquefaction LLC,
	123,000	5.625%, 03/01/25 (e)		121,155
	100,000	5.750%, 05/15/24		99,438
	200,000	6.250%, 03/15/22		206,000
	33,000	Sabre GLBL, Inc., 5.375%, 04/15/23 (e)		32,835
		Sally Holdings LLC/Sally Capital, Inc.,
	75,000	5.500%, 11/01/23		78,000
	25,000	5.750%, 06/01/22		26,063
	228,000	SBA Communications Corp., 4.875%, 07/15/22		224,580
		Scientific Games International, Inc.,
	40,000	7.000%, 01/01/22 (e)		41,450
	220,000	10.000%, 12/01/22		213,675
		Sealed Air Corp.,
	5,000	4.875%, 12/01/22 (e)		5,019
	75,000	5.125%, 12/01/24 (e)		75,937
	16,000	SemGroup Corp., 7.500%, 06/15/21		16,640
	130,000	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		132,275
	50,000	Serta Simmons Bedding LLC, 8.125%, 10/01/20 (e)		53,063
		Service Corp. International,
	20,000	7.000%, 06/15/17		21,600
	80,000	8.000%, 11/15/21		93,200
	40,000	SESI LLC, 7.125%, 12/15/21		41,600
	20,000	Seventy Seven Operating LLC, 6.625%, 11/15/19		14,550
	110,000	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		121,000
	30,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 05/01/22 (e)		29,325
		Sinclair Television Group, Inc.,
	10,000	5.375%, 04/01/21		10,175
	200,000	5.625%, 08/01/24 (e)		196,750
	115,000	6.125%, 10/01/22		118,737
	5,000	6.375%, 11/01/21		5,213
		Sirius XM Radio, Inc.,
	11,000	4.250%, 05/15/20 (e)		10,959
	2,000	4.625%, 05/15/23 (e)		1,925
	5,000	5.375%, 04/15/25 (e)		4,988
	4,000	5.750%, 08/01/21 (e)		4,160
	105,000	5.875%, 10/01/20 (e)		110,250
	133,000	6.000%, 07/15/24 (e)		138,652
		SITEL LLC/Sitel Finance Corp.,
	71,000	11.000%, 08/01/17 (e)		73,485
	107,000	11.500%, 04/01/18		108,605
	120,000	Six Flags Entertainment Corp., 5.250%, 01/15/21 (e)		123,600
		SM Energy Co.,
	208,000	5.000%, 01/15/24		190,320
	26,000	5.625%, 06/01/25		24,570
	140,000	6.500%, 01/01/23		140,350
		Smithfield Foods, Inc.,
	10,000	5.250%, 08/01/18 (e)		10,215
	100,000	5.875%, 08/01/21 (e)		104,375
	50,000	6.625%, 08/15/22		53,447
	5,000	7.750%, 07/01/17		5,494
		Spectrum Brands, Inc.,
	273,000	5.750%, 07/15/25 (e)		281,135
	14,000	6.125%, 12/15/24 (e)		14,546
	40,000	6.625%, 11/15/22		42,800
	10,000	Speedway Motorsports, Inc., 5.125%, 02/01/23		9,900

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Sprint Capital Corp.,
	51,000	6.875%, 11/15/28		43,222
	177,000	6.900%, 05/01/19		173,460
	203,000	8.750%, 03/15/32		192,089
		Sprint Communications, Inc.,
	419,000	7.000%, 03/01/20 (e)		446,235
	35,000	7.000%, 08/15/20		33,644
	250,000	8.375%, 08/15/17		264,375
		Sprint Corp.,
	256,000	7.125%, 06/15/24		234,240
	29,000	7.250%, 09/15/21		27,731
	43,000	7.625%, 02/15/25		39,883
	236,000	7.875%, 09/15/23		226,265
	47,000	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23 (e)		48,645
		Standard Pacific Corp.,
	35,000	5.875%, 11/15/24		35,963
	70,000	8.375%, 01/15/21		82,425
	90,000	Station Casinos LLC, 7.500%, 03/01/21		96,075
		Steel Dynamics, Inc.,
	40,000	5.125%, 10/01/21		39,900
	40,000	5.250%, 04/15/23		39,200
	180,000	5.500%, 10/01/24		178,200
	15,000	6.375%, 08/15/22		15,638
	100,000	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		102,250
	40,000	Stone Energy Corp., 7.500%, 11/15/22		31,600
	10,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.500%, 06/01/24		9,950
	70,000	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 07/15/23 (e)		69,475
		Summit Midstream Holdings LLC/Summit Midstream Finance Corp.,
	5,000	5.500%, 08/15/22		4,750
	11,000	7.500%, 07/01/21		11,495
	15,000	SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.375%, 02/01/20 (e)		14,700
	25,000	SunGard Data Systems, Inc., 6.625%, 11/01/19		25,839
		Sunoco LP/Sunoco Finance Corp.,
	65,000	5.500%, 08/01/20 (e)		66,138
	25,000	6.375%, 04/01/23 (e)		25,687
	200,000	SUPERVALU, Inc., 7.750%, 11/15/22		211,500
		Talen Energy Supply LLC,
	15,000	4.625%, 07/15/19 (e)		14,550
	100,000	6.500%, 06/01/25 (e)		98,000
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	50,000	4.250%, 11/15/23		46,250
	20,000	5.000%, 01/15/18 (e)		20,700
	25,000	6.875%, 02/01/21		26,000
	40,000	Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.875%, 04/15/23 (e)		40,050
		TEGNA, Inc.,
	5,000	4.875%, 09/15/21 (e)		5,013
	30,000	5.125%, 07/15/20		31,275
	50,000	5.500%, 09/15/24 (e)		50,250
	70,000	6.375%, 10/15/23		74,025
	20,000	Teleflex, Inc., 5.250%, 06/15/24		20,450
		Tenet Healthcare Corp.,
	95,000	4.375%, 10/01/21		95,499
	83,000	4.500%, 04/01/21		83,415
	5,000	4.750%, 06/01/20		5,150
	101,000	5.000%, 03/01/19 (e)		102,010
	30,000	5.500%, 03/01/19 (e)		30,525
	49,000	6.000%, 10/01/20		53,287
	5,000	6.250%, 11/01/18		5,463
	18,000	6.750%, 02/01/20		19,035
	100,000	6.750%, 06/15/23 (e)		104,500
	123,000	8.000%, 08/01/20		128,227
	193,000	8.125%, 04/01/22		216,523
	29,000	Tenneco, Inc., 5.375%, 12/15/24		29,943
	64,000	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		63,202
		TerraForm Power Operating LLC,
	9,000	5.875%, 02/01/23 (e)		9,084
	15,000	6.125%, 06/15/25 (e)		15,038
	32,000	Tesoro Corp., 5.125%, 04/01/24		31,862
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	6,000	5.500%, 10/15/19 (e)		6,210
	10,000	5.875%, 10/01/20		10,300
	25,000	6.125%, 10/15/21		26,063
	276,000	6.250%, 10/15/22 (e)		288,420
	500,000	Texas Competitive Electric Holdings Co. LLC, VAR, 4.683%, 10/01/20		265,000

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	37,000	Time Warner Cable, Inc., 7.300%, 07/01/38		40,378
		T-Mobile USA, Inc.,
	3,000	5.250%, 09/01/18		3,075
	121,000	6.000%, 03/01/23		126,143
	10,000	6.125%, 01/15/22		10,450
	35,000	6.250%, 04/01/21		36,663
	81,000	6.375%, 03/01/25		84,949
	2,000	6.464%, 04/28/19		2,062
	59,000	6.500%, 01/15/24		62,300
	14,000	6.625%, 11/15/20		14,560
	413,000	6.625%, 04/01/23		439,845
	60,000	6.633%, 04/28/21		63,522
	7,000	6.731%, 04/28/22		7,420
	22,000	6.836%, 04/28/23		23,540
	70,000	Tops Holding LLC/Tops Markets II Corp., 8.000%, 06/15/22 (e)		69,475
	172,000	Tribune Media Co., 5.875%, 07/15/22 (e)		177,590
	31,000	Tronox Finance LLC, 7.500%, 03/15/22 (e)		25,420
	10,000	Tutor Perini Corp., 7.625%, 11/01/18		10,225
	122,797	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		126,174
	10,000	U.S. Concrete, Inc., 8.500%, 12/01/18		10,575
	142,000	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		142,000
	165,000	Unit Corp., 6.625%, 05/15/21		157,575
		United Rentals North America, Inc.,
	25,000	4.625%, 07/15/23		24,656
	40,000	5.500%, 07/15/25		38,250
	255,000	5.750%, 11/15/24		249,263
	48,000	6.125%, 06/15/23		49,440
	125,000	Univar U.S.A., Inc., 6.750%, 07/15/23 (e)		125,625
		Universal Health Services, Inc.,
	2,000	3.750%, 08/01/19 (e)		2,040
	2,000	4.750%, 08/01/22 (e)		2,045
		Univision Communications, Inc.,
	300,000	5.125%, 05/15/23 (e)		300,750
	325,000	5.125%, 02/15/25 (e)		325,812
	103,000	6.750%, 09/15/22 (e)		110,725
	5,000	8.500%, 05/15/21 (e)		5,272
		USG Corp.,
	9,000	5.500%, 03/01/25 (e)		9,023
	65,000	6.300%, 11/15/16		67,827
	100,000	USI, Inc., 7.750%, 01/15/21 (e)		100,875
		VeriSign, Inc.,
	8,000	4.625%, 05/01/23		7,740
	54,000	5.250%, 04/01/25		54,405
		Vulcan Materials Co.,
	100,000	4.500%, 04/01/25		99,500
	130,000	7.500%, 06/15/21		150,150
	10,000	VWR Funding, Inc., 7.250%, 09/15/17		10,300
		W.R. Grace & Co.-Conn,
	5,000	5.125%, 10/01/21 (e)		5,050
	27,000	5.625%, 10/01/24 (e)		27,540
	90,000	WCI Communities, Inc., 6.875%, 08/15/21		93,375
	8,000	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		8,180
	140,000	West Corp., 5.375%, 07/15/22 (e)		133,000
	11,000	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 02/15/23		11,303
	65,000	Whiting Petroleum Corp., 5.000%, 03/15/19		62,400
	30,000	Williams Partners LP/ACMP Finance Corp., 6.125%, 07/15/22		31,497
		Windstream Services LLC,
	40,000	6.375%, 08/01/23		31,000
	135,000	7.500%, 06/01/22		111,038
	105,000	7.500%, 04/01/23		85,575
	134,000	7.750%, 10/01/21		113,230
	30,000	7.875%, 11/01/17		30,375
	110,000	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		112,508
		WMG Acquisition Corp.,
	100,000	5.625%, 04/15/22 (e)		101,000
	55,000	6.750%, 04/15/22 (e)		53,075
		WPX Energy, Inc.,
	162,000	5.250%, 09/15/24		138,915
	61,000	6.000%, 01/15/22		57,035
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	80,000	5.375%, 03/15/22		80,700
	210,000	5.500%, 03/01/25 (e)		202,125
		Zayo Group LLC/Zayo Capital, Inc.,
	205,000	6.000%, 04/01/23 (e)		205,664
	25,000	6.375%, 05/15/25 (e)		24,719
	3,000	10.125%, 07/01/20		3,330
	49,000	Zebra Technologies Corp., 7.250%, 10/15/22 (e)		53,655

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		ZF North America Capital, Inc.,
	200,000	4.000%, 04/29/20 (e)		201,750
	200,000	4.500%, 04/29/22 (e)		197,000
	150,000	4.750%, 04/29/25 (e)		146,625
				49,818,394
		Total Corporate Bonds (Cost $61,143,769)		60,076,118
	Foreign Government Securities — 11.0%
		Finland — 1.9%
	EUR 6,063,000	Republic of Finland, Reg. S, 2.750%, 07/04/28 (e) (m)		8,039,942
		France — 2.5%
	EUR 8,718,000	France Government Bond OAT, 1.750%, 11/25/24 (m)		10,339,358
		Germany — 1.5%
	EUR 5,870,000	Bundesrepublik Deutschland, 0.500%, 02/15/25 (m)		6,379,810
		Italy — 3.7%
		Italy Buoni Poliennali Del Tesoro,
	EUR 5,892,000	3.500%, 11/01/17 (m)		6,952,970
	EUR 1,134,000	4.750%, 09/01/44 (e) (m)		1,723,441
	EUR 5,015,000	5.500%, 11/01/22 (m)		7,041,074
				15,717,485
		Spain — 0.7%
	EUR 2,132,000	Kingdom of Spain, 4.000%, 04/30/20 (e) (m)		2,685,641
		United Kingdom — 0.7%
		United Kingdom Gilt,
	GBP 664,900	2.000%, 01/22/16 (m)		1,045,503
	GBP 661,400	4.750%, 09/07/15 (m)		1,036,697
	GBP 627,600	8.000%, 12/07/15 (m)		1,005,021
				3,087,221
		Total Foreign Government Securities (Cost $46,849,269)		46,249,457
	Loan Assignments — 0.1%
		Singapore — 0.0% (g)
	3,444	Avago Technologies Ltd., 1st Lien Term Loan B, VAR, 3.750%, 05/06/21		3,448
		United States — 0.1%
	4,925	Altice Financing S.A., Term Loan, VAR, 5.500%, 07/02/19		4,993
	5,534	Axalta Coating Systems U.S. Holdings, Inc., Term Loan B, VAR, 3.750%, 02/01/20		5,525
	5,825	Dell International LLC, Term Loan B-2, VAR, 4.000%, 04/29/20		5,821
	59,843	Energy Future Intermediate Holding Co. LLC, 1st Lien Term Loan, VAR, 4.250%, 06/19/16		60,117
	48,526	FGI Operating Co. LLC, 1st Lien Term Loan B, VAR, 5.500%, 04/19/19		46,201
	30,420	Pinnacle Foods Finance LLC, Tranche G Term Loan, VAR, 3.000%, 04/29/20		30,330
	5,000	Rite Aid Corp., 2nd Lien Tranche 1 Term Loan, VAR, 5.750%, 08/21/20		5,044
	4,373	Serta Simmons Holdings LLC, Term Loan B, VAR, 4.250%, 10/01/19		4,381
	119,048	Staples, Inc., 1st Lien Term Loan B, VAR, 04/21/21 ^		118,997
	7,756	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		7,359
	10,000	W&T Offshore, Inc., 2nd Lien Term Loan, VAR, 9.000%, 05/15/20		9,450
				298,218
		Total Loan Assignments (Cost $303,318)		301,666
NUMBER OF CONTRACTS
	Options Purchased — 0.3%
		United States — 0.3%
		Call Options Purchased: — 0.3%
	210	S&P 500 Index, Expiring 09/18/15 @ 2,125 USD, European Style		448,350
	200	S&P 500 Index, Expiring 12/19/15 @ 2,150 USD, European Style		774,000
		Total Options Purchased (Cost $1,751,230)		1,222,350
PRINCIPAL AMOUNT
	Preferred Securities — 0.1% (x)
		United States — 0.1%
		Bank of America Corp.,
	140,000	Series AA, VAR, 6.100%, 03/17/25 @		139,370
	30,000	Series K, VAR, 8.000%, 01/30/18 @		31,740

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Preferred Securities — continued
		United States — continued
		Citigroup, Inc.,
	30,000	Series O, VAR, 5.875%, 03/27/20 @		30,187
	15,000	Series P, VAR, 5.950%, 05/15/25 @		14,625
	95,000	VAR, 5.950%, 01/30/23 @		94,169
	38,000	Goldman Sachs Group, Inc. (The), Series M, VAR, 5.375%, 05/10/20 @		37,772
	30,000	Morgan Stanley, Series J, VAR, 5.550%, 07/15/20 @		29,850
		Total Preferred Securities (Cost $372,840)		377,713
SHARES
	Preferred Stocks — 0.4%
		Brazil — 0.1%
	41,888	Itau Unibanco Holding S.A.		366,158
	33,560	Marcopolo S.A.		22,544
				388,702
		Cayman Islands — 0.0% (g)
	85	XLIT Ltd., Series D, VAR, 3.409%, 08/31/15 @		71,692
		Germany — 0.3%
	7,767	Henkel AG & Co. KGaA		920,747
	1,920	Volkswagen AG		385,100
				1,305,847
		United States — 0.0% (g)
	15	Ally Financial, Inc., Series G, 7.000%, 08/31/15 ($1000 par value) (e) @		15,231
	625	GMAC Capital Trust I, VAR, 8.125%, 02/15/40 ($25 par value)		16,394
				31,625
		Total Preferred Stocks (Cost $1,936,570)		1,797,866
PRINCIPAL AMOUNT
	U.S. Treasury Obligation — 1.1%
	4,635,000	U.S. Treasury Note, 0.375%, 01/31/16 (m) (k) (Cost $4,639,454)		4,639,709
SHARES
	Short-Term Investment — 12.5%
		Investment Company — 12.5%
	52,716,382	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m) (Cost $52,716,382)		52,716,382
		Total Investments — 98.0% (Cost $410,950,171)		413,274,237
		Other Assets in Excess of Liabilities — 2.0% (c)		8,262,595
		NET ASSETS — 100.0%	$	421,536,832

Percentages indicated are based on net assets.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Foreign Government Securities		11.2	%
Banks		6.5
Asset-Backed Securities		5.5
Non-Agency CMO		4.9
Pharmaceuticals		3.9
Oil, Gas & Consumable Fuels		3.7
Insurance		2.8
Media		2.4
Diversified Telecommunication Services		2.2
Health Care Providers & Services		2.1
Automobiles		1.7
Hotels, Restaurants & Leisure		1.5
Chemicals		1.5
Specialty Retail		1.5
IT Services		1.5
Wireless Telecommunication Services		1.4
Beverages		1.4
Metals & Mining		1.4
Food & Staples Retailing		1.4
Food Products		1.4
Internet Software & Services		1.3
Capital Markets		1.2
U.S. Treasury Note		1.1
Software		1.1
Electric Utilities		1.1
Semiconductors & Semiconductor Equipment		1.1
Trading Companies & Distributors		1.1
Biotechnology		1.0
Others (each less than 1.0%)		18.3
Short-Term Investment		12.8

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT JULY 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	125	TOPIX Index		09/10/15	JPY		16,742,647			146,391
	38	10 Year Australian Government Bond		09/15/15	AUD		3,549,584			85,136
	31	E-mini Russell 2000		09/18/15	USD		3,829,120			(72,847	)
	188	E-mini S&P 500		09/18/15	USD		19,724,960			350,819
	204	Euro STOXX 50 Index		09/18/15	EUR		8,061,067			249,923
	10	FTSE 100 Index		09/18/15	GBP		1,039,122			1
	123	U.S. Long Bond		09/21/15	USD		19,180,313			219,968
	29	U.S. Ultra Bond		09/21/15	USD		4,626,406			91,989
		Short Futures Outstanding
	(77)	FTSE 100 Index		09/18/15	GBP		(8,001,238	)		41,035
	(638)	Mini MSCI Emerging Markets Index		09/18/15	USD		(28,710,000	)		1,736,850
	(143)	10 Year Canadian Government Bond		09/21/15	CAD		(15,644,333	)		(418,804	)
	(281)	2 Year U.S. Treasury Note		09/30/15	USD		(61,556,562	)		(125,544	)
	(57)	5 Year U.S. Treasury Note		09/30/15	USD		(6,831,094	)		(29,073	)
										2,275,844

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT JULY 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
284,644	CAD
197,209	for EUR	BNP Paribas	09/29/15		216,754	#		217,564	#		810
52,147,975	JPY
380,407	for EUR	Merrill Lynch International	09/29/15		418,106	#		421,107	#		3,001
341,768	AUD	BNP Paribas	09/29/15		263,752			249,031			(14,721	)
619,967	AUD	Goldman Sachs International	09/29/15		450,734			451,742			1,008
232,713	CAD	Royal Bank of Canada	09/29/15		185,482			177,871			(7,611	)
443,627	CHF	BNP Paribas	09/29/15		462,755			460,001			(2,754	)
307,790	CHF	Deutsche Bank AG	09/29/15		317,424			319,151			1,727
440,955	CHF	Royal Bank of Canada	09/29/15		475,421			457,230			(18,191	)
182,203	EUR	BNP Paribas	09/29/15		201,500			200,260			(1,240	)
151,451	EUR	Citibank, N.A.	09/29/15		168,298			166,460			(1,838	)
910,367	EUR	Deutsche Bank AG	09/29/15		1,007,331			1,000,587			(6,744	)
1,221,637	EUR	Goldman Sachs International	09/29/15		1,364,477			1,342,705			(21,772	)
436,368	EUR	HSBC Bank, N.A.	09/29/15		483,337			479,614			(3,723	)
1,058,461	EUR	Royal Bank of Canada	09/29/15		1,178,146			1,163,359			(14,787	)
739,248	EUR	Societe Generale	09/29/15		806,355			812,510			6,155
622,194	EUR	State Street Corp.	09/29/15		682,559			683,855			1,296
569,902	GBP	BNP Paribas	09/29/15		889,390			889,630			240
429,401	GBP	Citibank, N.A.	09/29/15		674,780			670,305			(4,475	)
320,428	GBP	Deutsche Bank AG	09/29/15		500,188			500,196			8
403,624	GBP	Merrill Lynch International	09/29/15		624,961			630,066			5,105
232,864	GBP	Standard Chartered Bank	09/29/15		369,906			363,507			(6,399	)

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JULY 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
57,931	GBP	Westpac Banking Corp.	09/29/15		90,338		90,431		93
83,651,428	JPY	Barclays Bank plc	09/29/15		683,287		675,505		(7,782	)
51,431,378	JPY	BNP Paribas	09/29/15		418,211		415,321		(2,890	)
69,131,128	JPY	Deutsche Bank AG	09/29/15		556,494		558,250		1,756
63,272,582	JPY	Goldman Sachs International	09/29/15		514,002		510,941		(3,061	)
					14,003,988		13,907,199		(96,789	)
CONTRACTS TO SELL		COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JULY 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
379,886	AUD	Barclays Bank plc	09/29/15		280,098		276,806		3,292
3,260,723	AUD	Goldman Sachs International	09/29/15		2,506,735		2,375,943		130,792
498,328	AUD	Merrill Lynch International	09/29/15		377,039		363,109		13,930
260,968	CAD	BNP Paribas	09/29/15		208,613		199,467		9,146
138,531	CAD	Citibank, N.A.	09/29/15		108,778		105,885		2,893
117,858	CAD	Credit Suisse International	09/29/15		95,583		90,083		5,500
4,489,545	CHF	Goldman Sachs International	09/29/15		4,829,263		4,655,250		174,013
894,585	CHF	Royal Bank of Canada	09/29/15		928,085		927,603		482
4,145,137	DKK	BNP Paribas	09/29/15		626,016		610,850		15,166
73,264	EUR	BNP Paribas	09/29/15		81,127		80,524		603
1,954,754	EUR	Citibank, N.A.	09/29/15		2,159,208		2,148,477		10,731
4,111,442	EUR	Deutsche Bank AG	09/29/15		4,580,658		4,518,899		61,759
2,387,349	EUR	Merrill Lynch International	09/29/15		2,631,906		2,623,944		7,962
44,530,441	EUR	Royal Bank of Canada	09/29/15		49,988,866		48,943,556		1,045,310
1,958,694	EUR	Societe Generale	09/29/15		2,133,525		2,152,807		(19,282	)
2,452,151	EUR	Standard Chartered Bank	09/29/15		2,722,655		2,695,168		27,487
452,540	EUR	State Street Corp.	09/29/15		500,303		497,388		2,915
2,035,786	GBP	BNP Paribas	09/29/15		3,209,861		3,177,910		31,951
5,145,714	GBP	Citibank, N.A.	09/29/15		8,116,869		8,032,579		84,290
881,969	GBP	HSBC Bank, N.A.	09/29/15		1,377,067		1,376,774		293
1,405,120	GBP	Merrill Lynch International	09/29/15		2,189,063		2,193,425		(4,362	)
1,436,050	GBP	Standard Chartered Bank	09/29/15		2,254,445		2,241,708		12,737
7,148,545	HKD	Royal Bank of Canada	09/29/15		921,968		922,064		(96	)
4,321,541	HKD	State Street Corp.	09/29/15		557,473		557,420		53
47,000,000	JPY	Australia and New Zealand Banking Group Limited	09/29/15		382,176		379,536		2,640
193,473,399	JPY	BNP Paribas	09/29/15		1,575,841		1,562,344		13,497
336,692,690	JPY	Goldman Sachs International	09/29/15		2,721,753		2,718,874		2,879
1,154,484,026	JPY	Royal Bank of Canada	09/29/15		9,343,300		9,322,733		20,567
1,016,249	NOK	Deutsche Bank AG	09/29/15		130,301		124,253		6,048
5,996,171	SEK	Deutsche Bank AG	09/29/15		733,906		695,832		38,074
2,830,813	SEK	Goldman Sachs International	09/29/15		347,846		328,505		19,341
1,779,452	SEK	Merrill Lynch International	09/29/15		207,591		206,498		1,093
405,329	SGD	Royal Bank of Canada	09/29/15		302,497		294,958		7,539
					109,130,415		107,401,172		1,729,243

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at July 31, 2015 of the currency being sold, and the value at July 31, 2015 is the U.S. Dollar market value of the currency being purchased.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CMO	—	Collateralized Mortgage Obligation
CVA	—	Dutch Certification
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
GDR	—	Global Depositary Receipt
HKD	—	Hong Kong Dollar
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of July 31, 2015. The rate may be subject to a cap and floor.
JPY	—	Japanese Yen
MSCI	—	Morgan Stanley Capital International
NOK	—	Norwegian Krone
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of July 31, 2015.
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of July 31, 2015.
(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.
(c)	—	Included in this amount is cash segregated as collateral for futures contracts.
(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%.
(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, centrally cleared swaps or with brokers as initial margin for future contracts or centrally cleared swaps.
(l)	—	The rate shown is the current yield as of July 31, 2015.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(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.
(u)	—	Security represents the underlying bond on an inverse floating rate security.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(x)	—	Securities are perpetual and thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as off July 31, 2015.
^	—	All or a portion of the security is unsettled as of July 31, 2015. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
@	—	The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of July 31, 2015.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are $114,474,593 and 27.7%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	11,271,242
Aggregate gross unrealized depreciation		(8,947,176	)
Net unrealized appreciation/depreciation	$	2,324,066
Federal income tax cost of investments	$	410,950,171

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

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

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

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.

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

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

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

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Fund at July 31, 2015.

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—	$	—	$	22,876,814	$	22,876,814
Collateralized Mortgage Obligations
Non-Agency CMO		—		19,716,884		442,138		20,159,022
Common Stocks
Australia		40,178		5,385,674		—		5,425,852
Belgium		—		448,304		—		448,304
Bermuda		462,951		—		—		462,951
Brazil		2,342,590		—		—		2,342,590
Canada		1,490,339		—		—		1,490,339
Chile		245,914		—		—		245,914
China		887,201		1,701,477		—		2,588,678
Denmark		—		1,740,420		—		1,740,420
Finland		412,027		1,126,663		—		1,538,690
France		—		10,696,874		—		10,696,874
Germany		—		7,203,474		—		7,203,474
Hong Kong		746,661		3,882,292		—		4,628,953
India		4,249,222		25,308		—		4,274,530
Indonesia		—		1,200,506		—		1,200,506
Ireland		426,577		1,026,185		—		1,452,762
Israel		637,919		—		—		637,919
Italy		—		2,205,796		—		2,205,796
Japan		—		21,793,420		—		21,793,420
Luxembourg		—		378,648		—		378,648
Malaysia		233,495		—		—		233,495
Mexico		759,066		—		—		759,066
Netherlands		627,040		4,493,648		—		5,120,688

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
New Zealand	$	—		$	259,325		$	—	$	259,325
Norway		—			515,377			—		515,377
Panama		101,210			—			—		101,210
Peru		309,965			—			—		309,965
Portugal		—			522,982			—		522,982
Russia		364,525			1,382,589			—		1,747,114
Singapore		449,503			844,309			—		1,293,812
South Africa		168,252			4,376,933			—		4,545,185
South Korea		—			1,244,955			—		1,244,955
Spain		—			2,720,459			—		2,720,459
Sweden		—			2,223,951			—		2,223,951
Switzerland		413,585			9,617,698			—		10,031,283
Taiwan		1,211,407			876,515			—		2,087,922
Thailand		904,293			395,589			—		1,299,882
Turkey		—			498,113			—		498,113
United Kingdom		1,126,722			19,954,553			—		21,081,275
United States		75,504,461			—			—		75,504,461
Total Common Stocks		94,115,103			108,742,037			—		202,857,140
Corporate Bonds
Australia		—			29,925			—		29,925
Bahamas		—			123,113			—		123,113
Bermuda		—			318,270			—		318,270
Canada		—			3,260,412			—		3,260,412
Cayman Islands		—			475,638			—		475,638
Finland		—			59,675			—		59,675
France		—			407,000			—		407,000
Ireland		—			305,062			—		305,062
Japan		—			200,750			—		200,750
Liberia		—			16,709			—		16,709
Luxembourg		—			2,681,053			—		2,681,053
Mexico		—			392,000			—		392,000
Netherlands		—			620,568			—		620,568
Singapore		—			213,124			—		213,124
Spain		—			164,250			—		164,250
United Kingdom		—			990,175			—		990,175
United States		—			49,808,319			10,075		49,818,394
Total Corporate Bonds		—			60,066,043			10,075		60,076,118
Foreign Government Securities		—			46,249,457			—		46,249,457
Loan Assignments
Singapore		—			3,448			—		3,448
United States		—			298,218			—		298,218
Total Loan Assignments		—			301,666			—		301,666
Options Purchased
Call Options Purchased		1,222,350			—			—		1,222,350
Preferred Securities
United States		—			377,713			—		377,713
Preferred Stocks
Brazil		388,702			—			—		388,702
Cayman Islands		71,692			—			—		71,692
Germany		—			1,305,847			—		1,305,847
United States		31,625			—			—		31,625
Total Preferred Stocks		492,019			1,305,847			—		1,797,866
U.S. Treasury Obligation		—			4,639,709			—		4,639,709
Short-Term Investment
Investment Company		52,716,382			—			—		52,716,382
Total Investments in Securities	$	148,545,854		$	241,399,356		$	23,329,027	$	413,274,237
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,774,182		$	—	$	1,774,182
Futures Contracts		2,922,112			—			—		2,922,112
Total Appreciation in Other Financial Instruments	$	2,922,112		$	1,774,182		$	—	$	4,696,294
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(141,728	)	$	—	$	(141,728	)
Futures Contracts		(646,268	)		—			—		(646,268	)
Total Depreciation in Other Financial Instruments	$	(646,268	)	$	(141,728	)	$	—	$	(787,996	)

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

There were no transfers between Levels 1 and 2 during the period ended July 31, 2015.

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

	Balance as of October 31, 2014		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of July 31, 2015
Investments in Securities
Asset-Backed Securities — United States	$	5,933,582	$	(2,687	)	$	(29,265	)	$	28,887		$	19,162,152	$	(2,215,855	)	$	—	$	—		$	22,876,814
Collateralized Mortgage Obligation — United States		—		—			3,179			278			456,108		(17,427	)		—		—			442,138
Corporate Bonds — United States		97,863		—			(189	)		(499	)		—		—			10,763		(97,863	)		10,075
Total	$	6,031,445	$	(2,687	)	$	(26,275	)	$	28,666		$	19,618,260	$	(2,233,282	)	$	10,763	$	(97,863	)	$	23,329,027

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

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

Transfers into, or out of, Level 3 are valued utilizing values as of the beginning of the period.

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 July 31, 2015, which were valued using significant unobservable inputs (Level 3), amounted to $(26,275).

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at July 31, 2015		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
		23,318,952	Discounted Cash Flow	Constant Prepayment Rate	0.00% — 10.00% (3.76%)
				Constant Default Rate	2.00% — 10.00% (5.65%)
				Yield (Discount Rate of Cash Flows)	2.46% — 8.52% (4.44%)
Asset-Backed Securities		23,318,952

# The table above does not include level 3 investments that are valued by brokers and pricing services. At July 31, 2015, the value of these investments was $10,075. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

B. Derivatives — The Fund uses instruments including futures, forward foreign currency exchange contracts and options, in connection with its 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 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 their value.

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

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

Notes (1) — (3) below describe the various derivatives used by the Fund.

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

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

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

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

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.

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 up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

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

(3). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency contract offsets another forward foreign currency contract with the same counterparty upon settlement.

As of July 31, 2015, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.8%
		Australia — 3.3%
	283	Goodman Group (m)		1,350
	156	Transurban Group		1,136
	148	Westfield Corp. (m)		1,085
				3,571
		Denmark — 2.0%
	70	Danske Bank A/S		2,177
		Finland — 2.0%
	118	UPM-Kymmene OYJ		2,186
		France — 4.0%
	38	Accor S.A.		1,854
	71	Groupe Eurotunnel SE		1,014
	21	Thales S.A.		1,402
				4,270
		Germany — 11.0%
	7	Allianz SE		1,216
	14	Bayer AG		2,089
	6	Continental AG		1,252
	23	Daimler AG		2,042
	15	Deutsche Boerse AG		1,364
	85	Deutsche Wohnen AG		2,100
	96	TUI AG		1,652
				11,715
		Hong Kong — 3.0%
	130	Cheung Kong Property Holdings Ltd. (a)		1,084
	146	CK Hutchison Holdings Ltd.		2,162
				3,246
		Ireland — 1.0%
	12	Shire plc		1,108
		Israel — 3.5%
	1,044	Bezeq The Israeli Telecommunication Corp., Ltd.		1,925
	26	Teva Pharmaceutical Industries Ltd., ADR		1,767
				3,692
		Italy — 1.0%
	283	Intesa Sanpaolo S.p.A.		1,091
		Japan — 20.0%
	56	Dai-ichi Life Insurance Co., Ltd. (The)		1,129
	65	Daiwa House Industry Co., Ltd.		1,627
	19	Dentsu, Inc.		1,098
	309	Hitachi Ltd.		2,002
	63	Japan Airlines Co., Ltd.		2,385
	100	Japan Tobacco, Inc. (m)		3,862

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	355	Mitsubishi UFJ Financial Group, Inc.		2,583
	75	Nippon Telegraph & Telephone Corp.		2,873
	42	Seven & i Holdings Co., Ltd.		1,938
	28	Toyota Motor Corp.		1,871
				21,368
		Netherlands — 4.4%
	15	ASML Holding N.V.		1,531
	186	ING Groep N.V., CVA		3,157
				4,688
		Norway — 3.9%
	254	DNB ASA		4,135
		Portugal — 1.0%
	102	CTT-Correios de Portugal S.A.		1,047
		Russia — 1.9%
	131	MMC Norilsk Nickel PJSC, ADR		2,015
		Spain — 1.2%
	51	Ferrovial S.A.		1,251
		Switzerland — 9.7%
	28	LafargeHolcim Ltd. (a)		1,954
	20	Novartis AG		2,108
	11	Roche Holding AG		3,105
	48	Wolseley plc		3,207
				10,374
		Taiwan — 2.4%
	259	Siliconware Precision Industries Co., Ltd., ADR		1,465
	48	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		1,058
				2,523
		United Kingdom — 22.5%
	257	3i Group plc		2,221
	208	BAE Systems plc (m)		1,559
	43	Berkeley Group Holdings plc		2,249
	368	Centrica plc		1,530
	60	Compass Group plc		966
	386	Direct Line Insurance Group plc		2,200
	74	GlaxoSmithKline plc		1,610
	145	Hammerson plc (m)		1,490
	25	InterContinental Hotels Group plc		1,052
	248	ITV plc		1,086
	303	Legal & General Group plc		1,233
	140	Meggitt plc		1,013
	131	UBM plc		1,088

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	549	Vodafone Group plc		2,081
	113	WPP plc		2,597
				23,975
		Total Common Stocks (Cost $99,335)		104,432
	Short-Term Investment — 4.8%
		Investment Company — 4.8%
	5,079	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m) (Cost $5,079)		5,079
		Total Investments — 102.6% (Cost $104,414)		109,511
		Liabilities in Excess of Other Assets — (2.6)%		(2,800	)
		NET ASSETS — 100.0%	$	106,711

Percentages indicated are based on net assets.

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Banks		12.0	%
Pharmaceuticals		10.8
Media		5.4
Insurance		5.3
Hotels, Restaurants & Leisure		5.0
Real Estate Management & Development		4.4
Diversified Telecommunication Services		4.4
Semiconductors & Semiconductor Equipment		3.7
Aerospace & Defense		3.6
Real Estate Investment Trusts (REITs)		3.6
Automobiles		3.6
Tobacco		3.5
Trading Companies & Distributors		2.9
Airlines		2.2
Household Durables		2.1
Capital Markets		2.0
Paper & Forest Products		2.0
Industrial Conglomerates		2.0
Transportation Infrastructure		2.0
Wireless Telecommunication Services		1.9
Metals & Mining		1.8
Electronic Equipment, Instruments & Components		1.8
Construction Materials		1.8
Food & Staples Retailing		1.8
Multi-Utilities		1.4
Diversified Financial Services		1.2
Auto Components		1.1
Construction & Engineering		1.1
Air Freight & Logistics		1.0
Short-Term Investment		4.6

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
(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 July 31, 2015.
(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 approximately $100,142,000 and 91.4%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	7,297
Aggregate gross unrealized depreciation		(2,200	)
Net unrealized appreciation/depreciation	$	5,097
Federal income tax cost of investments	$	104,414

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	3,571	$	—	$	3,571
Denmark		—		2,177		—		2,177
Finland		—		2,186		—		2,186
France		—		4,270		—		4,270
Germany		—		11,715		—		11,715
Hong Kong		1,084		2,162		—		3,246
Ireland		—		1,108		—		1,108
Israel		1,767		1,925		—		3,692
Italy		—		1,091		—		1,091
Japan		—		21,368		—		21,368
Netherlands		—		4,688		—		4,688
Norway		—		4,135		—		4,135
Portugal		—		1,047		—		1,047
Russia		—		2,015		—		2,015
Spain		—		1,251		—		1,251
Switzerland		—		10,374		—		10,374
Taiwan		2,523		—		—		2,523
United Kingdom		—		23,975		—		23,975
Total Common Stocks		5,374		99,058		—		104,432
Short-Term Investment
Investment Company		5,079		—		—		5,079
Total Investments in Securities	$	10,453	$	99,058	$	—	$	109,511

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan Global Natural Resources Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 91.5%
		Australia — 7.9%
	721	Alumina Ltd.		780
	182	Base Resources Ltd. (a)		15
	83	BHP Billiton plc		1,519
	202	Gascoyne Resources Ltd. (a)		11
	447	Marengo Mining Ltd. (a) (i)		2
	186	Mawson West Ltd. (a)		4
	154	OceanaGold Corp., CDI		263
	633	Poseidon Nickel Ltd. (a)		31
	163	Sarama Resources Ltd. (a) (i)		8
	49	Western Areas Ltd.		111
	531	World Titanium Resources Ltd. (a) (i)		12
				2,756
		Canada — 29.9%
	64	Africa Oil Corp. (a)		97
	37	Agnico-Eagle Mines Ltd.		809
	11	Alpha Exploration, Inc. (a)		—	(h)
	32	B2Gold Corp. (a)		35
	74	Barrick Gold Corp.		523
	241	Capstone Mining Corp. (a)		169
	158	Denison Mines Corp. (a)		82
	125	Dundee Precious Metals, Inc. (a)		195
	142	First Quantum Minerals Ltd.		1,134
	71	Fission 3.0 Corp. (a)		5
	317	Fission Uranium Corp. (a)		199
	18	Franco-Nevada Corp.		722
	91	Goldcorp, Inc.		1,218
	71	Gran Tierra Energy, Inc. (a)		157
	74	Ivanhoe Mines Ltd., Class A (a)		40
	9	Kennady Diamonds, Inc. (a)		25
	144	Loncor Resources, Inc. (a) (i)		5
	23	Lucara Diamond Corp.		36
	514	Lundin Mining Corp. (a)		1,857
	28	MEG Energy Corp. (a)		302
	32	Mountain Province Diamonds, Inc. (a)		107
	125	New Gold, Inc. (a)		275
	115	North Arrow Minerals, Inc. (a) (i)		35
	222	Panoro Minerals Ltd. (a) (i)		20
	90	Parex Resources, Inc. (a)		597
	8	Petroamerica Oil Corp. (a)		5
	332	Platinum Group Metals Ltd. (a)		98
	71	Reservoir Minerals, Inc. (a)		217
	19	Seven Generations Energy Ltd., Class A (a)		216
	8	Silver Wheaton Corp.		101
	52	Teck Resources Ltd., Class B		385
	454	Trevali Mining Corp. (a)		284
	137	WesternZagros Resources Ltd. (a)		17
	44	Whitecap Resources, Inc.		383
	39	Yamana Gold, Inc.		78
				10,428
		Chile — 1.2%
	47	Antofagasta plc		411
		France — 2.1%
	15	TOTAL S.A.		735
		Ireland — 0.1%
	807	Kenmare Resources plc (a)		44
		Netherlands — 3.9%
	44	Nostrum Oil & Gas plc		355
	34	Royal Dutch Shell plc, Class B		990
				1,345
		Norway — 0.9%
	319	DNO ASA (a)		297
		Russia — 3.0%
	49	MMC Norilsk Nickel OJSC, ADR		755
	41	Polymetal International plc		290
				1,045
		Singapore — 0.2%
	2	InterOil Corp. (a)		85
		South Africa — 2.5%
	304	Petra Diamonds Ltd. (a)		713
	408	Sierra Rutile Ltd. (a) (i)		156
				869
		Sweden — 5.2%
	35	Boliden AB		652
	81	Lundin Petroleum AB (a)		1,180
				1,832
		Switzerland — 4.4%
	181	Ferrexpo plc		164
	429	Glencore plc (a)		1,390
				1,554
		United Kingdom — 13.4%
	96	Acacia Mining plc		360
	743	Amara Mining plc (a)		120
	830	Amerisur Resources plc (a)		433
	65	BG Group plc		1,104
	300	Firestone Diamonds plc (a) (i)		132
	56	Gem Diamonds Ltd.		113
	139	President Energy plc (a)		25
	10	Randgold Resources Ltd., ADR		609

JPMorgan Global Natural Resources Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	45	Rio Tinto plc		1,735
	1,335	Sable Mining Africa Ltd. (a)		10
	345	Tethys Petroleum Ltd. (a)		45
				4,686
		United States — 16.8%
	64	Alcoa, Inc.		634
	18	Anadarko Petroleum Corp.		1,354
	87	BNK Petroleum, Inc. (a)		33
	7	Cabot Oil & Gas Corp.		173
	13	EOG Resources, Inc.		1,002
	83	Freeport-McMoRan, Inc.		977
	18	Newmont Mining Corp.		302
	13	Occidental Petroleum Corp.		927
	50	Stillwater Mining Co. (a)		476
				5,878
		Total Common Stocks (Cost $49,103)		31,965
NUMBER OF WARRANTS
	Warrant — 0.0% (g)
		Canada — 0.0% (g)
	19	HudBay Minerals, Inc., expiring 07/20/18 (Strike Price CAD15.00) (a) (Cost $–)		8
SHARES
	Short-Term Investment — 8.4%
		Investment Company — 8.4%
	2,940	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (Cost $2,940)		2,940
		Total Investments — 99.9% (Cost $52,043)		34,913
		Other Assets in Excess of Liabilities — 0.1%		18
		NET ASSETS — 100.0%	$	34,931

Percentages indicated are based on net assets.

JPMorgan Global Natural Resources Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Diversified Metals & Mining		34.2	%
Oil & Gas Exploration & Production		16.2
Gold Mining		15.3
Oil, Gas & Consumable Fuels		14.7
Precious Metals & Minerals		10.7
Others (each less than 1.0%)		0.5
Short-Term Investment		8.4

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ADR	—	American Depositary Receipt
CDI	—	CHESS Depositary Interest
(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).
(i)	—	Security has been deemed illiquid and may be difficult to sell.
(l)	—	The rate shown is the current yield as of July 31, 2015.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $15,002,964 and 43.0%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	343
Aggregate gross unrealized depreciation		(17,473	)
Net unrealized appreciation/depreciation	$	(17,130	)
Federal income tax cost of investments	$	52,043

JPMorgan Global Natural Resources Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

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

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

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

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

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

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

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

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

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

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

JPMorgan Global Natural Resources Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	46	$	2,688	$	22		$	2,756
Canada		10,270		97		61			10,428
Chile		—		411		—			411
France		—		735		—			735
Ireland		44		—		—			44
Netherlands		355		990		—			1,345
Norway		—		297		—			297
Russia		—		1,045		—			1,045
Singapore		85		—		—			85
South Africa		—		713		156			869
Sweden		—		1,832		—			1,832
Switzerland		164		1,390		—			1,554
United Kingdom		922		3,632		132			4,686
United States		5,878		—		—			5,878
Total Common Stocks		17,764		13,830		371			31,965
Warrant
Canada		8		—		—			8
Short-Term Investment
Investment Company		2,940		—		—			2,940
Total Investments in Securities	$	20,712	$	13,830	$	371	*	$	34,913

* Level 3 investments are valued by brokers and pricing services. At July 31, 2015, the value of these investments was approximately $371,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

There were no transfers between Levels 1 and 2 during the period ended July 31, 2015.

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

JPMorgan Global Natural Resources Fund	Balance as of October 31, 2014		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of July 31, 2015
Common Stocks — Materials	$	—	$	(23	)	$	(112	)	$	—	$	73	$	(1	)	$	434	$	—	$	371
Total	$	—	$	(23	)	$	(112	)	$	—	$	73	$	(1	)	$	434	$	—	$	371

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

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

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

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 July 31, 2015, which were valued using significant unobservable inputs (Level 3), amounted to approximately $(112,000).

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.6%
		Australia — 2.4%
	237	AGL Energy Ltd.		2,886
	1,177	Alumina Ltd.		1,273
	286	Amcor Ltd.		3,010
	392	AMP Ltd.		1,891
	341	Asciano Ltd.		2,024
	430	Aurizon Holdings Ltd.		1,661
	522	Australia & New Zealand Banking Group Ltd.		12,457
	175	Bank of Queensland Ltd.		1,759
	38	Bendigo & Adelaide Bank Ltd.		368
	570	BHP Billiton Ltd.		10,998
	561	BHP Billiton plc		10,304
	116	Brambles Ltd.		918
	17	Caltex Australia Ltd.		434
	245	Coca-Cola Amatil Ltd.		1,657
	16	Cochlear Ltd.		1,064
	254	Commonwealth Bank of Australia		16,212
	153	Computershare Ltd.		1,383
	8	Crown Resorts Ltd.		75
	103	CSL Ltd.		7,406
	275	Dexus Property Group (m)		1,562
	936	Federation Centres Ltd. (m)		2,049
	534	Goodman Group (m)		2,546
	488	Insurance Australia Group Ltd.		2,094
	174	Lend Lease Group		1,972
	67	Macquarie Group Ltd.		4,029
	1,738	Mirvac Group (m)		2,394
	380	National Australia Bank Ltd.		9,650
	164	Newcrest Mining Ltd. (a)		1,355
	90	Orica Ltd.		1,265
	215	Origin Energy Ltd.		1,780
	382	Qantas Airways Ltd. (a)		1,044
	232	QBE Insurance Group Ltd.		2,467
	37	Ramsay Health Care Ltd.		1,813
	18	REA Group Ltd.		558
	144	Santos Ltd.		776
	707	Scentre Group (m)		2,042
	7	Seek Ltd.		77
	1,157	South32 Ltd. (a)		1,510
	146	Stockland (m)		454
	363	Suncorp Group Ltd.		3,784
	122	Sydney Airport		499
	527	Tabcorp Holdings Ltd.		1,863
	747	Telstra Corp., Ltd.		3,539
	433	Transurban Group		3,153
	148	Wesfarmers Ltd.		4,585

SHARES			SECURITY DESCRIPTION	VALUE($)
			Australia — continued
	214		Westfield Corp. (m)		1,568
	578		Westpac Banking Corp.		14,703
	140		Woodside Petroleum Ltd.		3,644
	287		Woolworths Ltd.		5,989
					162,544
			Austria — 0.0% (g)
	—	(h)	Telekom Austria AG		—	(h)
			Belgium — 0.4%
	90		Anheuser-Busch InBev N.V.		10,811
	79		Delhaize Group		7,109
	69		Solvay S.A.		9,278
					27,198
			Canada — 2.9%
	30		Agrium, Inc.		3,111
	78		Alimentation Couche-Tard, Inc., Class B		3,497
	125		Bank of Montreal (m)		6,989
	226		Bank of Nova Scotia (The) (m)		11,084
	209		Barrick Gold Corp.		1,480
	44		BCE, Inc. (m)		1,792
	163		Brookfield Asset Management, Inc., Class A		5,691
	78		Canadian Imperial Bank of Commerce		5,589
	167		Canadian National Railway Co.		10,412
	212		Canadian Natural Resources Ltd.		5,163
	119		Canadian Pacific Railway Ltd.		19,105
	21		Canadian Tire Corp., Ltd., Class A		2,107
	149		Cenovus Energy, Inc.		2,172
	62		CGI Group, Inc., Class A (a)		2,312
	5		Constellation Software, Inc.		2,295
	72		Crescent Point Energy Corp.		1,090
	34		Dollarama, Inc.		1,996
	153		Enbridge, Inc.		6,652
	149		Encana Corp.		1,135
	6		Fairfax Financial Holdings Ltd.		2,801
	145		First Quantum Minerals Ltd.		1,155
	53		Fortis, Inc.		1,519
	29		Franco-Nevada Corp.		1,192
	63		Gildan Activewear, Inc.		2,022
	162		Goldcorp, Inc.		2,156
	56		Great-West Lifeco, Inc.		1,594
	58		Imperial Oil Ltd.		2,159
	26		Intact Financial Corp.		1,773
	96		Inter Pipeline Ltd.		2,012
	49		Loblaw Cos. Ltd.		2,696
	52		lululemon athletica, Inc. (a)		3,249

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Canada — continued
	84		Magna International, Inc.		4,583
	360		Manulife Financial Corp.		6,381
	55		Metro, Inc.		1,490
	63		National Bank of Canada		2,212
	60		Pembina Pipeline Corp.		1,742
	165		Potash Corp. of Saskatchewan, Inc.		4,490
	68		Power Corp. of Canada		1,610
	47		Power Financial Corp.		1,258
	56		Restaurant Brands International, Inc.		2,402
	74		Rogers Communications, Inc., Class B		2,606
	282		Royal Bank of Canada		16,462
	75		Shaw Communications, Inc., Class B		1,589
	73		Silver Wheaton Corp.		951
	117		Sun Life Financial, Inc.		3,816
	303		Suncor Energy, Inc.		8,531
	358		Toronto-Dominion Bank (The)		14,430
	137		TransCanada Corp.		5,313
					197,866
			China — 0.0% (g)
	1,176		Yangzijiang Shipbuilding Holdings Ltd.		1,104
			Colombia — 0.0% (g)
	—	(h)	Pacific Rubiales Energy Corp.		—	(h)
			Denmark — 0.6%
	5		AP Moeller - Maersk A/S, Class B		8,445
	410		Danske Bank A/S		12,833
	346		Novo Nordisk A/S, Class B		20,399
					41,677
			Finland — 0.4%
	834		Nokia OYJ		5,908
	—	(h)	Nokian Renkaat OYJ		—	(h)
	640		UPM-Kymmene OYJ		11,820
	252		Wartsila OYJ Abp		11,559
					29,287
			France — 3.8%
	139		Air Liquide S.A.		18,040
	243		Airbus Group SE		17,264
	1,275		Alcatel-Lucent (a)		4,810
	726		AXA S.A.		19,120
	326		BNP Paribas S.A.		21,180
	97		Cap Gemini S.A.		9,249
	182		Cie de Saint-Gobain		8,609
	44		Cie Generale des Etablissements Michelin		4,329

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — continued
	32	Danone S.A.		2,198
	374	Engie		7,165
	46	L’Oreal S.A.		8,602
	13	LVMH Moet Hennessy Louis Vuitton SE		2,438
	168	Orange S.A.		2,767
	146	Publicis Groupe S.A.		11,032
	123	Renault S.A.		11,354
	322	Sanofi		34,658
	138	Schneider Electric SE		9,631
	99	Societe Generale S.A.		4,877
	94	Sodexo S.A.		8,769
	163	Thales S.A.		11,020
	523	TOTAL S.A.		25,806
	12	Unibail-Rodamco SE (m)		3,231
	368	Vivendi S.A.		9,664
				255,813
		Germany — 3.0%
	99	Allianz SE		16,237
	105	BASF SE		9,055
	194	Bayer AG		28,600
	118	Bayerische Motoren Werke AG		11,868
	160	Brenntag AG		8,922
	44	Continental AG		9,785
	184	Daimler AG		16,446
	201	Deutsche Bank AG		7,049
	430	Deutsche Post AG		12,986
	510	Deutsche Telekom AG		9,227
	929	E.ON SE		12,263
	97	HeidelbergCement AG		7,409
	655	Infineon Technologies AG		7,348
	107	K+S AG		4,386
	15	Linde AG		2,826
	261	SAP SE		18,766
	84	Siemens AG		9,033
	1,342	Telefonica Deutschland Holding AG		8,324
				200,530
		Hong Kong — 1.1%
	2,124	AIA Group Ltd.		13,814
	980	BOC Hong Kong Holdings Ltd.		3,945
	595	Cathay Pacific Airways Ltd.		1,406
	280	Cheung Kong Infrastructure Holdings Ltd.		2,435
	455	Cheung Kong Property Holdings Ltd. (a)		3,790
	543	CK Hutchison Holdings Ltd.		8,057
	193	CLP Holdings Ltd.		1,635

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Hong Kong — continued
	367	Galaxy Entertainment Group Ltd.		1,688
	80	Hang Lung Properties Ltd.		228
	201	Hang Seng Bank Ltd.		4,122
	398	Henderson Land Development Co., Ltd.		2,629
	1,134	HKT Trust & HKT Ltd.		1,381
	1,063	Hong Kong & China Gas Co., Ltd.		2,169
	166	Hong Kong Exchanges and Clearing Ltd.		4,482
	405	Kerry Properties Ltd.		1,512
	1,634	Li & Fung Ltd.		1,264
	333	Link REIT (The) (m)		1,958
	548	MTR Corp., Ltd.		2,440
	1,713	New World Development Co., Ltd.		2,068
	183	NWS Holdings Ltd.		275
	201	Power Assets Holdings Ltd.		1,889
	623	Sands China Ltd.		2,750
	1,214	Sino Land Co., Ltd.		1,884
	254	Sun Hung Kai Properties Ltd.		3,898
	41	Swire Pacific Ltd., Class A		525
	216	Techtronic Industries Co., Ltd.		759
	425	Wharf Holdings Ltd. (The)		2,694
	97	Wheelock & Co., Ltd.		502
	140	Yue Yuen Industrial Holdings Ltd.		455
				76,654
		Ireland — 1.1%
	316	Accenture plc, Class A		32,631
	28	Allegion plc		1,789
	168	CRH plc		4,974
	138	James Hardie Industries plc, CDI		1,909
	60	Medtronic plc		4,671
	27	Perrigo Co. plc		5,093
	174	Shire plc		15,445
	297	XL Group plc		11,293
				77,805
		Israel — 0.2%
	155	Teva Pharmaceutical Industries Ltd., ADR		10,682
		Italy — 0.9%
	488	Assicurazioni Generali S.p.A.		9,627
	3,333	Enel S.p.A.		15,661
	166	Eni S.p.A.		2,907
	4,287	Intesa Sanpaolo S.p.A.		16,506
	6,515	Telecom Italia S.p.A. (a)		8,633
	1,224	UniCredit S.p.A.		8,114
				61,448

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — 8.7%
	148	Advantest Corp.		1,295
	272	Ajinomoto Co., Inc.		6,255
	4	Alfresa Holdings Corp.		67
	595	Amada Holdings Co., Ltd.		5,824
	450	ANA Holdings, Inc.		1,433
	27	Asahi Group Holdings Ltd.		918
	480	Asahi Kasei Corp.		3,646
	585	Astellas Pharma, Inc.		8,802
	196	Bandai Namco Holdings, Inc.		4,334
	683	Bank of Yokohama Ltd. (The) (m)		4,340
	170	Bridgestone Corp.		6,408
	178	Canon, Inc.		5,686
	55	Central Japan Railway Co.		9,604
	742	Chiba Bank Ltd. (The)		5,912
	107	Chubu Electric Power Co., Inc.		1,815
	61	Chugai Pharmaceutical Co., Ltd.		2,201
	354	Citizen Holdings Co., Ltd.		2,362
	110	COLOPL, Inc.		2,135
	203	Daicel Corp.		2,752
	183	Dai-ichi Life Insurance Co., Ltd. (The)		3,721
	85	Daikin Industries Ltd. (m)		5,461
	111	Daiwa House Industry Co., Ltd.		2,748
	54	Denso Corp.		2,657
	84	Dentsu, Inc.		4,754
	128	East Japan Railway Co.		12,587
	31	Eisai Co., Ltd.		2,049
	20	Electric Power Development Co., Ltd.		677
	31	FANUC Corp.		5,087
	22	Fast Retailing Co., Ltd.		10,784
	180	Fuji Heavy Industries Ltd.		6,651
	98	FUJIFILM Holdings Corp.		3,867
	24	Fukuoka Financial Group, Inc.		123
	770	Furukawa Electric Co., Ltd.		1,278
	11	Hirose Electric Co., Ltd.		1,288
	1,417	Hitachi Ltd.		9,180
	699	Hokuhoku Financial Group, Inc.		1,650
	335	Honda Motor Co., Ltd.		11,259
	57	Hoya Corp.		2,406
	105	Hulic Co., Ltd.		1,040
	213	Ibiden Co., Ltd.		3,528
	15	Isetan Mitsukoshi Holdings Ltd.		278
	2	Japan Retail Fund Investment Corp. (m)		3,362

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	292		Japan Tobacco, Inc. (m)		11,331
	87		JFE Holdings, Inc.		1,631
	892		JX Holdings, Inc.		3,800
	519		Kansai Electric Power Co., Inc. (The) (a)		7,039
	54		Kao Corp.		2,738
	1,216		Kawasaki Heavy Industries Ltd.		5,330
	518		KDDI Corp.		13,147
	15		Keyence Corp.		7,657
	63		Kirin Holdings Co., Ltd.		973
	1,465		Kobe Steel Ltd.		2,266
	67		Komatsu Ltd.		1,233
	33		Kyocera Corp.		1,720
	238		Kyushu Electric Power Co., Inc. (a)		3,366
	54		Mabuchi Motor Co., Ltd.		3,225
	339		Marubeni Corp.		1,885
	177		Marui Group Co., Ltd.		2,479
	74		Mazda Motor Corp. (m)		1,442
	333		Medipal Holdings Corp.		5,927
	33		MEIJI Holdings Co., Ltd.		4,701
	94		Minebea Co., Ltd.		1,470
	345		Mitsubishi Corp.		7,450
	700		Mitsubishi Electric Corp.		7,518
	130		Mitsubishi Estate Co., Ltd.		2,887
	866		Mitsubishi Heavy Industries Ltd.		4,579
	7		Mitsubishi Motors Corp.		62
	2,829		Mitsubishi UFJ Financial Group, Inc.		20,585
	602		Mitsui & Co., Ltd.		7,815
	428		Mitsui Chemicals, Inc.		1,603
	332		Mitsui Fudosan Co., Ltd.		9,444
	149		Mitsui OSK Lines Ltd.		447
	3,712		Mizuho Financial Group, Inc.		8,095
	26		Murata Manufacturing Co., Ltd.		3,822
	132		NGK Spark Plug Co., Ltd.		3,502
	182		NH Foods Ltd.		4,424
	70		Nidec Corp.		6,285
	19		Nintendo Co., Ltd.		3,355
	429		Nippon Express Co., Ltd.		2,268
	—	(h)	Nippon Prologis REIT, Inc. (m)		296
	2,818		Nippon Steel & Sumitomo Metal Corp.		6,656
	255		Nippon Telegraph & Telephone Corp.		9,821
	972		Nissan Motor Co., Ltd.		9,251
	31		Nitori Holdings Co., Ltd.		2,761
	65		Nitto Denko Corp.		4,897
	1,209		Nomura Holdings, Inc.		8,658

SHARES			SECURITY DESCRIPTION	VALUE($)
			Japan — continued
	42		Nomura Real Estate Holdings, Inc.		834
	301		NSK Ltd.		3,884
	135		NTT DOCOMO, Inc.		2,859
	75		Omron Corp.		2,943
	30		Oriental Land Co., Ltd.		1,877
	258		ORIX Corp.		3,849
	96		Otsuka Holdings Co., Ltd.		3,433
	381		Panasonic Corp.		4,449
	144		Rakuten, Inc.		2,308
	1,075		Resona Holdings, Inc.		5,907
	9		Santen Pharmaceutical Co., Ltd.		125
	194		Sanwa Holdings Corp. (m)		1,466
	23		Secom Co., Ltd.		1,554
	134		Seiko Epson Corp.		2,360
	354		Sekisui Chemical Co., Ltd.		3,928
	85		Seven & i Holdings Co., Ltd.		3,941
	338		Shimizu Corp.		2,964
	128		Shin-Etsu Chemical Co., Ltd.		7,648
	3		SMC Corp.		709
	133		SoftBank Group Corp		7,346
	184		Sompo Japan Nipponkoa Holdings, Inc.		6,493
	287		Sony Corp. (a)		8,133
	135		Sumitomo Corp.		1,535
	109		Sumitomo Electric Industries Ltd.		1,627
	—	(h)	Sumitomo Forestry Co., Ltd.		1
	314		Sumitomo Mitsui Financial Group, Inc.		14,142
	32		Sumitomo Realty & Development Co., Ltd.		1,123
	—	(h)	Sundrug Co., Ltd.		23
	70		Suntory Beverage & Food Ltd.		2,940
	131		Suzuken Co., Ltd.		4,621
	32		Suzuki Motor Corp.		1,124
	84		Sysmex Corp.		5,455
	98		T&D Holdings, Inc.		1,486
	771		Taiheiyo Cement Corp.		2,542
	413		Takashimaya Co., Ltd.		3,951
	62		Takeda Pharmaceutical Co., Ltd.		3,094
	312		Teijin Ltd.		1,139
	140		Terumo Corp.		3,601
	207		Tokio Marine Holdings, Inc.		8,624
	838		Tokyo Gas Co., Ltd.		4,525
	71		Tokyu Corp.		522
	238		Toppan Printing Co., Ltd.		2,068
	496		Toshiba Corp.		1,516

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	609	Toyota Motor Corp.		40,533
	152	Unicharm Corp.		3,637
	1	United Urban Investment Corp. (m)		933
	167	Yamaha Motor Co., Ltd.		3,787
	178	Yamato Holdings Co., Ltd.		3,938
				589,562
		Luxembourg — 0.1%
	831	ArcelorMittal		7,504
		Netherlands — 1.5%
	1,101	Aegon N.V.		8,469
	56	ASML Holding N.V.		5,526
	149	Heineken Holding N.V.		10,329
	962	ING Groep N.V., CVA		16,364
	1,761	Koninklijke KPN N.V.		6,958
	202	NN Group N.V.		6,228
	39	NXP Semiconductors N.V. (a)		3,800
	1,020	Royal Dutch Shell plc, Class A		29,238
	546	Royal Dutch Shell plc, Class B		15,814
				102,726
		New Zealand — 0.1%
	403	Auckland International Airport Ltd.		1,437
	135	Contact Energy Ltd.		441
	357	Meridian Energy Ltd.		531
	72	Ryman Healthcare Ltd.		397
	644	Spark New Zealand Ltd.		1,257
				4,063
		Norway — 0.3%
	623	DNB ASA		10,157
	330	Telenor ASA		7,257
				17,414
		Portugal — 0.1%
	1,337	EDP - Energias de Portugal S.A.		4,947
	437	Galp Energia SGPS S.A.		5,059
				10,006
		Singapore — 0.8%
	201	Avago Technologies Ltd.		25,188
	847	CapitaLand Commercial Trust (m)		879
	209	ComfortDelGro Corp., Ltd.		459
	378	DBS Group Holdings Ltd.		5,568
	776	Global Logistic Properties Ltd. (a)		1,302
	1,563	Hutchison Port Holdings Trust, Class U		938
	406	Keppel Corp., Ltd.		2,219
	635	Oversea-Chinese Banking Corp., Ltd.		4,763

SHARES		SECURITY DESCRIPTION	VALUE($)
		Singapore — continued
	1,573	Singapore Telecommunications Ltd.		4,699
	257	United Overseas Bank Ltd.		4,162
	589	Wilmar International Ltd.		1,374
				51,551
		Spain — 1.3%
	598	Banco Bilbao Vizcaya Argentaria S.A.		6,064
	2,438	Banco Santander S.A.		16,859
	4,310	Bankia S.A.		5,696
	1,477	Distribuidora Internacional de Alimentacion S.A. (a)		9,245
	1,430	Iberdrola S.A.		10,083
	344	Inditex S.A.		11,806
	528	Repsol S.A.		8,879
	1,173	Telefonica S.A.		17,985
				86,617
		Sweden — 0.6%
	420	Assa Abloy AB, Class B		8,535
	112	Atlas Copco AB, Class A		3,073
	294	Electrolux AB, Series B		8,452
	509	Nordea Bank AB		6,336
	585	Sandvik AB		5,931
	64	Telefonaktiebolaget LM Ericsson, Class B		688
	1,322	TeliaSonera AB		8,034
				41,049
		Switzerland — 4.5%
	264	ABB Ltd. (a)		5,368
	253	ACE Ltd.		27,494
	49	Actelion Ltd. (a)		7,307
	221	Cie Financiere Richemont S.A.		19,100
	437	Credit Suisse Group AG (a)		12,901
	1,066	Glencore plc (a)		3,454
	140	LafargeHolcim Ltd. (a)		9,722
	741	Nestle S.A.		56,073
	426	Novartis AG		44,197
	165	Roche Holding AG		47,704
	17	Syngenta AG		7,125
	332	TE Connectivity Ltd.		20,254
	997	UBS Group AG (a)		22,929
	164	Wolseley plc		10,866
	41	Zurich Insurance Group AG (a)		12,447
				306,941
		United Kingdom — 7.4%
	1,227	3i Group plc		10,582

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	82	Anglo American plc		1,037
	233	ARM Holdings plc		3,661
	196	Associated British Foods plc		9,828
	352	AstraZeneca plc		23,743
	1,403	Aviva plc		11,410
	1,208	BAE Systems plc (m)		9,043
	5,372	Barclays plc		24,225
	708	BG Group plc		12,043
	3,267	BP plc (m)		20,121
	578	British American Tobacco plc		34,324
	1,296	BT Group plc		9,382
	94	Bunzl plc (m)		2,686
	443	Capita plc		9,016
	582	Cobham plc		2,371
	284	Compass Group plc		4,550
	41	Delphi Automotive plc		3,200
	340	Diageo plc		9,535
	1,074	Dixons Carphone plc		7,646
	707	GlaxoSmithKline plc		15,376
	211	Hammerson plc (m)		2,167
	3,395	HSBC Holdings plc		30,669
	129	Imperial Tobacco Group plc		6,789
	2,236	ITV plc		9,783
	1,566	Kingfisher plc		8,823
	1	Liberty Global plc LiLAC, Class A (a)		63
	6	Liberty Global plc LiLAC, Class C (a)		239
	30	Liberty Global plc, Class A (a)		1,579
	116	Liberty Global plc, Series C (a)		5,679
	17,991	Lloyds Banking Group plc		23,428
	285	Marks & Spencer Group plc		2,416
	688	National Grid plc		9,160
	95	Next plc		11,866
	1	Pentair plc		72
	465	Persimmon plc (a)		14,844
	911	Prudential plc (m)		21,427
	67	Randgold Resources Ltd.		4,033
	196	Reckitt Benckiser Group plc		18,819
	91	Rio Tinto Ltd.		3,489
	289	Rio Tinto plc		11,178
	286	SABMiller plc		14,976
	305	Smith & Nephew plc (m)		5,677
	390	SSE plc		9,223
	291	Standard Chartered plc		4,452
	745	Tesco plc (m)		2,506

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — continued
	392	Unilever N.V., CVA		17,579
	7,178	Vodafone Group plc		27,189
	126	Whitbread plc (m)		10,176
	132	WPP plc		3,027
				505,107
		United States — 56.4%
	12	3M Co.		1,778
	621	Abbott Laboratories (m)		31,481
	66	AbbVie, Inc.		4,655
	310	Adobe Systems, Inc. (a)		25,446
	190	Aetna, Inc.		21,491
	102	AGL Resources, Inc.		4,911
	88	Alexion Pharmaceuticals, Inc. (a)		17,328
	101	Allergan plc (a)		33,354
	38	Alliance Data Systems Corp. (a)		10,496
	89	Amazon.com, Inc. (a)		47,559
	414	American International Group, Inc. (m)		26,526
	134	American Tower Corp. (m)		12,761
	104	American Water Works Co., Inc.		5,414
	27	Amgen, Inc.		4,715
	141	Amphenol Corp., Class A		7,941
	176	Anadarko Petroleum Corp.		13,093
	1,267	Apple, Inc. (m)		153,704
	557	Applied Materials, Inc.		9,674
	220	Archer-Daniels-Midland Co. (m)		10,434
	19	Arrow Electronics, Inc. (a)		1,120
	25	Arthur J. Gallagher & Co.		1,183
	935	AT&T, Inc.		32,491
	24	Automatic Data Processing, Inc.		1,942
	12	AutoZone, Inc. (a)		8,096
	77	AvalonBay Communities, Inc. (m)		13,201
	26	Avnet, Inc. (m)		1,080
	85	Axiall Corp.		2,515
	191	Baker Hughes, Inc.		11,132
	3,183	Bank of America Corp.		56,904
	141	BB&T Corp.		5,689
	41	Becton, Dickinson and Co. (m)		6,268
	227	Berkshire Hathaway, Inc., Class B (a)		32,435
	181	Best Buy Co., Inc.		5,836
	81	Biogen, Inc. (a)		25,829
	74	BioMarin Pharmaceutical, Inc. (a)		10,852
	45	BlackRock, Inc.		15,148
	83	Boston Properties, Inc. (m)		10,250

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	1,235	Boston Scientific Corp. (a)		21,413
	541	Bristol-Myers Squibb Co.		35,512
	230	Brixmor Property Group, Inc. (m)		5,618
	195	Broadcom Corp., Class A		9,887
	30	Bunge Ltd.		2,367
	282	Cabot Oil & Gas Corp.		7,376
	159	Capital One Financial Corp.		12,945
	193	Carnival Corp.		10,264
	49	Caterpillar, Inc. (m)		3,825
	247	CBS Corp. (Non-Voting), Class B		13,187
	277	Celgene Corp. (a)		36,358
	21	Centene Corp. (a)		1,460
	345	CenterPoint Energy, Inc.		6,671
	137	Cerner Corp. (a)		9,861
	47	CF Industries Holdings, Inc.		2,807
	526	Charles Schwab Corp. (The)		18,335
	75	Charter Communications, Inc., Class A (a)		13,923
	68	Chemours Co. (The)		742
	60	Cheniere Energy, Inc. (a)		4,127
	378	Chevron Corp.		33,412
	15	Chipotle Mexican Grill, Inc. (a)		11,015
	51	Cigna Corp. (m)		7,284
	831	Cisco Systems, Inc.		23,630
	943	Citigroup, Inc.		55,121
	300	CMS Energy Corp. (m)		10,292
	556	Coca-Cola Co. (The) (m)		22,821
	124	Coca-Cola Enterprises, Inc.		6,340
	340	Cognizant Technology Solutions Corp., Class A (a)		21,477
	106	Colgate-Palmolive Co.		7,198
	297	Columbia Pipeline Group, Inc.		8,657
	682	Comcast Corp., Class A		42,584
	36	Concho Resources, Inc. (a)		3,849
	72	ConocoPhillips		3,607
	168	Constellation Brands, Inc., Class A		20,202
	271	Corning, Inc.		5,061
	167	Costco Wholesale Corp.		24,245
	254	Crown Holdings, Inc. (a)		13,094
	364	CSX Corp. (m)		11,389
	109	Cummins, Inc.		14,162
	160	CVS Health Corp.		17,997
	205	Delta Air Lines, Inc.		9,101
	29	DENTSPLY International, Inc.		1,678
	210	DISH Network Corp., Class A (a)		13,586

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	73	Dollar General Corp.		5,858
	463	Dow Chemical Co. (The)		21,788
	98	Dr. Pepper Snapple Group, Inc.		7,862
	99	Dunkin’ Brands Group, Inc.		5,358
	349	E.I. du Pont de Nemours & Co.		19,447
	373	Eaton Corp. plc		22,586
	240	Edison International		14,419
	363	Eli Lilly & Co.		30,649
	190	EMC Corp.		5,099
	5	Energen Corp.		287
	211	EOG Resources, Inc.		16,303
	126	EQT Corp.		9,655
	78	Equifax, Inc.		7,929
	14	Essex Property Trust, Inc. (m)		3,149
	80	Estee Lauder Cos., Inc. (The), Class A		7,155
	492	Exelon Corp.		15,780
	118	Express Scripts Holding Co. (a)		10,590
	852	Exxon Mobil Corp.		67,464
	13	F5 Networks, Inc. (a)		1,776
	574	Facebook, Inc., Class A (a)		53,981
	53	FedEx Corp.		9,063
	219	Fidelity National Information Services, Inc.		14,337
	562	Fifth Third Bancorp		11,831
	29	Flowserve Corp.		1,383
	284	Fluor Corp.		13,281
	29	Foot Locker, Inc.		2,081
	1,162	Ford Motor Co.		17,235
	39	Fortune Brands Home & Security, Inc.		1,839
	59	Freescale Semiconductor Ltd. (a)		2,371
	57	General Dynamics Corp.		8,438
	1,332	General Electric Co.		34,764
	108	General Growth Properties, Inc. (m)		2,926
	348	Gilead Sciences, Inc.		41,031
	112	Goldman Sachs Group, Inc. (The)		22,883
	67	Google, Inc., Class A (a)		44,032
	74	Google, Inc., Class C (a)		46,580
	45	H&R Block, Inc.		1,503
	171	Halliburton Co.		7,125
	109	Harman International Industries, Inc.		11,776
	200	Hartford Financial Services Group, Inc. (The)		9,519
	153	Hershey Co. (The)		14,195
	458	Hewlett-Packard Co.		13,966

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	108	Highwoods Properties, Inc. (m)		4,579
	38	HollyFrontier Corp.		1,830
	39	Hologic, Inc. (a)		1,605
	379	Home Depot, Inc. (The)		44,401
	339	Honeywell International, Inc. (m)		35,642
	152	Host Hotels & Resorts, Inc. (m)		2,950
	104	Humana, Inc.		18,866
	29	Illumina, Inc. (a)		6,257
	30	Incyte Corp. (a)		3,095
	155	Ingersoll-Rand plc		9,519
	320	Intel Corp.		9,256
	62	Intercontinental Exchange, Inc.		14,148
	76	International Business Machines Corp.		12,240
	420	Invesco Ltd.		16,219
	36	Jack Henry & Associates, Inc.		2,525
	386	Johnson & Johnson		38,644
	274	Johnson Controls, Inc.		12,486
	24	Keurig Green Mountain, Inc.		1,784
	180	KeyCorp		2,669
	108	Kilroy Realty Corp. (m)		7,658
	147	Kimberly-Clark Corp.		16,940
	8	Kinder Morgan, Inc.		267
	89	KLA-Tencor Corp.		4,732
	273	Kroger Co. (The)		10,700
	113	L-3 Communications Holdings, Inc.		13,010
	262	Lam Research Corp.		20,157
	149	Liberty Property Trust (m)		5,055
	401	Lowe’s Cos., Inc.		27,818
	21	Mallinckrodt plc (a)		2,612
	15	ManpowerGroup, Inc.		1,361
	62	Marathon Oil Corp.		1,297
	212	Marathon Petroleum Corp.		11,567
	29	Marriott International, Inc., Class A		2,099
	78	Marsh & McLennan Cos., Inc.		4,533
	46	Martin Marietta Materials, Inc.		7,170
	307	Masco Corp.		8,112
	55	MasterCard, Inc., Class A		5,338
	12	McDonald’s Corp.		1,155
	34	McGraw Hill Financial, Inc.		3,437
	132	McKesson Corp.		29,089
	322	Merck & Co., Inc.		19,002
	524	MetLife, Inc.		29,235
	1,922	Microsoft Corp.		89,748

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	94	Mid-America Apartment Communities, Inc. (m)		7,539
	137	Molson Coors Brewing Co., Class B		9,749
	38	Mondelez International, Inc.		1,706
	707	Mondelez International, Inc., Class A		31,911
	45	Monsanto Co.		4,580
	20	Moody’s Corp.		2,194
	773	Morgan Stanley		30,017
	381	Mosaic Co. (The)		16,339
	86	Mylan N.V. (a)		4,824
	253	NextEra Energy, Inc.		26,610
	297	NiSource, Inc.		5,180
	62	Nucor Corp.		2,725
	300	Occidental Petroleum Corp.		21,070
	789	Oracle Corp.		31,498
	321	PACCAR, Inc.		20,788
	113	Parker-Hannifin Corp.		12,726
	398	PepsiCo, Inc.		38,386
	1,550	Pfizer, Inc.		55,892
	246	PG&E Corp.		12,893
	404	Philip Morris International, Inc.		34,536
	58	Phillips 66		4,594
	63	PNC Financial Services Group, Inc. (The)		6,167
	10	Precision Castparts Corp.		1,969
	7	Priceline Group, Inc. (The) (a)		8,494
	648	Procter & Gamble Co. (The)		49,672
	304	Prologis, Inc. (m)		12,356
	141	Prudential Financial, Inc.		12,463
	248	Public Service Enterprise Group, Inc.		10,322
	336	PulteGroup, Inc.		6,959
	12	PVH Corp.		1,370
	30	Qorvo, Inc. (a)		1,718
	208	QUALCOMM, Inc.		13,402
	22	Quest Diagnostics, Inc.		1,644
	203	Questar Corp.		4,488
	64	Ralph Lauren Corp.		8,095
	29	Regency Centers Corp. (m)		1,842
	8	Regeneron Pharmaceuticals, Inc. (a)		4,285
	60	Republic Services, Inc.		2,571
	26	Robert Half International, Inc.		1,424
	205	Ross Stores, Inc.		10,900
	160	Royal Caribbean Cruises Ltd.		14,412
	305	Schlumberger Ltd.		25,301
	46	Sealed Air Corp.		2,462

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			United States — continued
	73		Sempra Energy		7,467
	33		Sherwin-Williams Co. (The)		9,236
	67		Simon Property Group, Inc. (m)		12,514
	506		Sirius XM Holdings, Inc. (a)		2,004
	78		SL Green Realty Corp. (m)		8,946
	20		Snap-on, Inc.		3,222
	86		SPX Corp.		5,611
	38		Stanley Black & Decker, Inc.		4,001
	481		Starbucks Corp.		27,862
	190		State Street Corp.		14,569
	123		Stryker Corp.		12,575
	301		SunTrust Banks, Inc.		13,344
	45		SVB Financial Group (a)		6,369
	40		Symantec Corp.		916
	35		Synopsys, Inc. (a)		1,775
	216		Target Corp. (m)		17,641
	151		TD Ameritrade Holding Corp.		5,529
	444		Texas Instruments, Inc.		22,194
	124		Thermo Fisher Scientific, Inc.		17,323
	72		Thomson Reuters Corp.		2,929
	24		Tiffany & Co.		2,253
	56		Time Warner Cable, Inc.		10,567
	358		Time Warner, Inc.		31,514
	358		TJX Cos., Inc. (The)		24,982
	116		T-Mobile USA, Inc. (a)		4,723
	177		Toll Brothers, Inc. (a)		6,890
	719		Twenty-First Century Fox, Inc., Class A		24,790
	87		Twenty-First Century Fox, Inc., Class B		2,927
	95		Tyco International plc		3,602
	109		U.S. Bancorp		4,911
	354		Union Pacific Corp.		34,500
	200		United Continental Holdings, Inc. (a)		11,269
	16		United Rentals, Inc. (a)		1,088
	340		United Technologies Corp.		34,064
	283		UnitedHealth Group, Inc.		34,353
	241		V.F. Corp.		18,594
	101		Valeant Pharmaceuticals International, Inc. (a)		25,952
	203		Valero Energy Corp.		13,335
	25		VeriSign, Inc. (a)		1,794
	—	(h)	Veritiv Corp. (a)		—	(h)
	675		Verizon Communications, Inc. (m)		31,570
	96		Vertex Pharmaceuticals, Inc. (a)		12,902

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	577	Visa, Inc., Class A		43,470
	46	Voya Financial, Inc.		2,149
	46	Vulcan Materials Co.		4,214
	132	Walgreens Boots Alliance, Inc.		12,714
	115	Wal-Mart Stores, Inc.		8,297
	328	Walt Disney Co. (The) (m)		39,362
	40	Waste Management, Inc.		2,034
	1,328	Wells Fargo & Co.		76,839
	11	Western Digital Corp.		933
	73	Western Union Co. (The)		1,477
	134	WestRock Co. (a)		8,443
	266	Xcel Energy, Inc.		9,205
				3,829,130
		Total Common Stocks (Cost $6,136,886)		6,694,278
	Preferred Stocks — 0.4%
		Germany — 0.4%
	171	Henkel AG & Co. KGaA		20,330
	19	Volkswagen AG		3,812
		Total Preferred Stocks (Cost $22,400)		24,142
	Short-Term Investment — 0.8%
		Investment Company — 0.8%
	54,789	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m) (Cost $54,789)		54,789
		Total Investments — 99.8% (Cost $6,214,075)		6,773,209
		Other Assets in Excess of Liabilities — 0.2%		14,378
		NET ASSETS — 100.0%	$	6,787,587

Percentages indicated are based on net assets.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Banks		9.5	%
Pharmaceuticals		7.6
Oil, Gas & Consumable Fuels		5.7
Insurance		4.3
Media		3.5
Capital Markets		2.8
Technology Hardware, Storage & Peripherals		2.7
Software		2.6
Diversified Telecommunication Services		2.6
Biotechnology		2.5
Specialty Retail		2.5
IT Services		2.4
Chemicals		2.3
Beverages		2.3
Food Products		2.2
Internet Software & Services		2.2
Health Care Providers & Services		2.0
Real Estate Investment Trusts (REITs)		2.0
Automobiles		2.0
Aerospace & Defense		2.0
Semiconductors & Semiconductor Equipment		1.9
Electric Utilities		1.9
Machinery		1.8
Household Products		1.7
Food & Staples Retailing		1.7
Road & Rail		1.6
Hotels, Restaurants & Leisure		1.6
Health Care Equipment & Supplies		1.4
Tobacco		1.3
Multi-Utilities		1.2
Metals & Mining		1.1
Electronic Equipment, Instruments & Components		1.0
Household Durables		1.0
Others (each less than 1.0%)		14.3
Short-Term Investment		0.8

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CDI	—	CHESS Depository Interest
CVA	—	Dutch Certification
REIT	—	Real Estate Investment Trust
(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).
(l)	—	The rate shown is the current yield as of July 31, 2015.
(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 approximately $2,537,698,000 and 37.5%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	745,647
Aggregate gross unrealized depreciation		(186,513	)
Net unrealized appreciation/depreciation	$	559,134
Federal income tax cost of investments	$	6,214,075

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	1,510		$	161,034	$	—	$	162,544
Austria		—	(a)		—		—		—	(a)
Belgium		—			27,198		—		27,198
Canada		197,866			—		—		197,866
China		—			1,104		—		1,104
Colombia		—	(a)		—		—		—	(a)
Denmark		—			41,677		—		41,677
Finland		11,559			17,728		—		29,287
France		—			255,813		—		255,813
Germany		—			200,530		—		200,530
Hong Kong		5,626			71,028		—		76,654
Ireland		55,477			22,328		—		77,805
Israel		10,682			—		—		10,682
Italy		—			61,448		—		61,448
Japan		—			589,562		—		589,562
Luxembourg		—			7,504		—		7,504
Netherlands		3,800			98,926		—		102,726
New Zealand		441			3,622		—		4,063
Norway		—			17,414		—		17,414
Portugal		—			10,006		—		10,006
Singapore		25,188			26,363		—		51,551
Spain		—			86,617		—		86,617
Sweden		—			41,049		—		41,049
Switzerland		47,748			259,193		—		306,941
United Kingdom		20,055			485,052		—		505,107
United States		3,829,130			—		—		3,829,130
Total Common Stocks		4,209,082			2,485,196		—		6,694,278
Preferred Stocks
Germany		—			24,142		—		24,142
Short-Term Investment
Investment Company		54,789			—		—		54,789
Total Investments in Securities	$	4,263,871		$	2,509,338	$	—	$	6,773,209

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

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 101.8%
			Brazil — 1.2%
	1		Itau Unibanco Holding S.A. (Preference Shares), ADR		13
			Canada — 3.2%
	1		MEG Energy Corp. (a)		11
	1		Toronto-Dominion Bank (The)		23
					34
			China — 6.4%
	—	(h)	Baidu, Inc., ADR (a)		34
	—	(h)	CNOOC Ltd., ADR		9
	37		Industrial & Commercial Bank of China Ltd., Class H		25
					68
			Finland — 0.4%
	1		Outokumpu OYJ (a)		5
			France — 7.4%
	—	(h)	Airbus Group SE		8
	1		AXA S.A.		22
	—	(h)	IPSOS		11
	—	(h)	Orange S.A.		6
	—	(h)	Sanofi		25
	—	(h)	Sopra Steria Group		7
					79
			Germany — 2.0%
	—	(h)	Bayer AG		10
	—	(h)	SAP SE, ADR		11
					21
			Hong Kong — 1.1%
	3		Sands China Ltd.		12
			India — 1.6%
	1		ICICI Bank Ltd., ADR		11
	—	(h)	Tata Motors Ltd., ADR		6
					17
			Indonesia — 0.8%
	11		Bank Rakyat Indonesia Persero Tbk PT		8
			Ireland — 1.2%
	—	(h)	Shire plc, ADR		13
			Israel — 2.9%
	—	(h)	Teva Pharmaceutical Industries Ltd., ADR		31
			Japan — 1.7%
	—	(h)	Sumitomo Mitsui Financial Group, Inc.		18
			Luxembourg — 0.5%
	—	(h)	Globant S.A. (a)		5
			Netherlands — 1.7%
	—	(h)	NXP Semiconductors N.V. (a)		18
			South Korea — 2.0%
	—	(h)	Hyundai Motor Co.		9
	—	(h)	Samsung Electronics Co., Ltd.		12
					21
			Spain — 3.0%
	3		Bankia S.A.		4
	1		Grifols S.A., ADR		28
					32
			Switzerland — 6.7%
	—	(h)	ACE Ltd.		24
	—	(h)	Novartis AG		24
	—	(h)	Roche Holding AG		12
	—	(h)	UBS Group AG (a)		11
					71
			United Kingdom — 5.5%
	5		Barclays plc		24
	1		BG Group plc		15
	5		Vodafone Group plc		20
					59
			United States — 52.5%
	—	(h)	Alexion Pharmaceuticals, Inc. (a)		8
	—	(h)	Allergan plc (a)		6
	—	(h)	Amazon.com, Inc. (a)		23
	—	(h)	American Express Co. (m)		15
	—	(h)	Anadarko Petroleum Corp.		16
	—	(h)	Apple, Inc. (m)		19
	1		Bank of America Corp.		21
	—	(h)	Charter Communications, Inc., Class A (a)		17
	1		Citigroup, Inc.		34
	—	(h)	DISH Network Corp., Class A (a)		11
	1		Fairchild Semiconductor International, Inc. (a)		17
	—	(h)	Fluor Corp.		23
	1		Frontier Communications Corp.		7
	—	(h)	Google, Inc., Class C (a)		41
	—	(h)	Humana, Inc.		17
	—	(h)	Invesco Ltd.		11
	—	(h)	Johnson & Johnson		30
	—	(h)	Lam Research Corp.		17
	—	(h)	McKesson Corp.		17
	—	(h)	MetLife, Inc.		22
	—	(h)	Microsoft Corp.		18
	—	(h)	Mosaic Co. (The)		17
	—	(h)	Occidental Petroleum Corp.		13
	1		Pfizer, Inc.		22
	—	(h)	QUALCOMM, Inc.		18
	—	(h)	Ralph Lauren Corp.		12

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			United States — continued
	1		Time, Inc.		27
	1		Twenty-First Century Fox, Inc., Class A		35
	—  (h	)	Union Pacific Corp.		6
	—  (h	)	United Continental Holdings, Inc. (a)		19
					559
			Total Common Stocks (Cost $937)		1,084
	Short-Term Investment — 2.8%
			Investment Company — 2.8%
	30		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m) (Cost $30)		30
			Total Investments — 104.6% (Cost $967)		1,114
			Liabilities in Excess of Other Assets — (4.6)%		(49	)
			NET ASSETS — 100.0%	$	1,065

Percentages indicated are based on net assets.

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Banks		16.3	%
Pharmaceuticals		15.6
Media		9.1
Internet Software & Services		6.7
Insurance		6.0
Oil, Gas & Consumable Fuels		5.8
Semiconductors & Semiconductor Equipment		4.7
Biotechnology		3.2
Software		3.1
Health Care Providers & Services		3.0
Technology Hardware, Storage & Peripherals		2.8
Internet & Catalog Retail		2.1
Construction & Engineering		2.0
Capital Markets		2.0
Wireless Telecommunication Services		1.7
Airlines		1.7
Communications Equipment		1.6
Chemicals		1.5
Automobiles		1.4
Consumer Finance		1.4
Diversified Telecommunication Services		1.2
Hotels, Restaurants & Leisure		1.1
Textiles, Apparel & Luxury Goods		1.1
Others (each less than 1.0%)		2.3
Short-Term Investment		2.6

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(l)	—	The rate shown is the current yield as of July 31, 2015.
(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 are $289,760 and 26.0%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	163
Aggregate gross unrealized depreciation		(16	)
Net unrealized appreciation/depreciation	$	147
Federal income tax cost of investments	$	967

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	13	$	—	$	—	$	13
Canada		34		—		—		34
China		43		25		—		68
Finland		—		5		—		5
France		11		68		—		79
Germany		11		10		—		21
Hong Kong		—		12		—		12
India		17		—		—		17
Indonesia		—		8		—		8
Ireland		13		—		—		13
Israel		31		—		—		31
Japan		—		18		—		18
Luxembourg		5		—		—		5
Netherlands		18		—		—		18
South Korea		—		21		—		21
Spain		28		4		—		32
Switzerland		24		47		—		71
United Kingdom		—		59		—		59
United States		559		—		—		559
Total Common Stocks		807		277		—		1,084
Short-Term Investment
Investment Company		30		—		—		30
Total Investments in Securities	$	837	$	277	$	—	$	1,114

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 3.9%
		United States — 3.9%
		ABFC Trust,
	426	Series 2003-OPT1, Class A1A, VAR, 1.011%, 04/25/33		412
	1,238	Series 2004-HE1, Class M1, VAR, 1.091%, 03/25/34		1,145
	1,934	Series 2004-OPT3, Class M1, VAR, 0.941%, 09/25/33		1,820
	3,372	Series 2004-OPT5, Class A1, VAR, 0.891%, 06/25/34		3,147
	1,558	Series 2005-WF1, Class M1, VAR, 0.731%, 11/25/34		1,346
	2,043	Accredited Mortgage Loan Trust, Series 2004-4, Class M1, VAR, 1.057%, 01/25/35		1,961
		ACE Securities Corp. Home Equity Loan Trust,
	1,755	Series 2003-FM1, Class M2, VAR, 1.481%, 11/25/32		1,558
	1,194	Series 2003-NC1, Class M1, VAR, 1.361%, 07/25/33		1,136
	5,148	Series 2003-OP1, Class M1, VAR, 1.241%, 12/25/33		4,860
	907	Series 2004-HE2, Class M1, 1.226%, 10/25/34		853
	2,746	Series 2004-HE4, Class M2, VAR, 1.166%, 12/25/34		2,687
	3,696	Series 2004-OP1, Class M2, VAR, 1.766%, 04/25/34		3,401
	1,090	American Homes 4 Rent, Series 2014-SFR1, Class D, VAR, 2.350%, 06/17/31 (e)		1,068
	956	Ameriquest Mortgage Securities, Inc. Asset-Backed Certificates, Series 2002-AR1, Class M1, VAR, 1.258%, 09/25/32		871
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	1,660	Series 2003-13, Class M1, VAR, 1.207%, 01/25/34		1,514
	736	Series 2003-13, Class M2, VAR, 2.737%, 01/25/34		688
	916	Series 2004-R1, Class A2, VAR, 0.791%, 02/25/34		871
	7,249	Series 2004-R1, Class M1, VAR, 0.986%, 02/25/34		6,638
	668	Series 2004-R1, Class M2, VAR, 1.061%, 02/25/34		602
	290	Series 2004-R3, Class A1B, VAR, 0.891%, 05/25/34		286
	563	Series 2004-R8, Class M1, VAR, 1.151%, 09/25/34		562

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Argent Securities, Inc.,
	1,592	Series 2003-W5, Class M2, VAR, 2.962%, 10/25/33		1,554
	1,922	Series 2004-W4, Class A, VAR, 0.707%, 03/25/34		1,776
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	967	Series 2004-W2, Class M2, VAR, 2.062%, 04/25/34		907
	713	Series 2004-W2, Class M3, VAR, 2.287%, 04/25/34		615
	2,460	Series 2004-W3, Class A3, VAR, 1.007%, 02/25/34		2,201
	2,306	Series 2004-W6, Class M1, VAR, 1.016%, 05/25/34		2,202
	919	Series 2004-W7, Class M2, VAR, 1.087%, 05/25/34		859
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	2,896	Series 2001-HE3, Class A1, VAR, 0.727%, 11/15/31		2,724
	671	Series 2001-HE3, Class M1, VAR, 1.087%, 11/15/31		621
	264	Series 2003-HE3, Class M2, VAR, 3.187%, 06/15/33		253
	2,087	Series 2003-HE4, Class M1, VAR, 1.431%, 08/15/33		1,979
	2,375	Bayview Financial Acquisition Trust, Series 2006-D, Class 1A5, SUB, 5.668%, 12/28/36		2,347
	726	Bayview Financial Mortgage Pass-Through Trust, Series 2006-C, Class 1A2, SUB, 5.638%, 11/28/36		724
	3,390	Bear Stearns Asset-Backed Securities I Trust, Series 2004-HE11, Class M2, VAR, 1.762%, 12/25/34		3,342
		Bear Stearns Asset-Backed Securities Trust,
	887	Series 2003-1, Class M1, VAR, 1.841%, 11/25/42		846
	815	Series 2003-SD1, Class A, VAR, 1.091%, 12/25/33		762
	1,505	Series 2003-SD1, Class M1, VAR, 1.466%, 12/25/33		1,412
	1,947	Series 2004-HE2, Class M2, VAR, 1.987%, 03/25/34		1,859
	2,624	Series 2004-SD4, Class A1, VAR, 1.091%, 08/25/44		2,644
	958	CDC Mortgage Capital Trust, Series 2003-HE1, Class M1, VAR, 1.537%, 08/25/33		909

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
		Centex Home Equity Loan Trust,
	2,347	Series 2004-A, Class M1, VAR, 0.791%, 01/25/34		2,183
	1,116	Series 2004-C, Class M2, VAR, 0.982%, 06/25/34		984
	685	Series 2004-D, Class MF2, SUB, 5.560%, 09/25/34		625
	2,020	Series 2004-D, Class MF3, SUB, 5.760%, 09/25/34		1,494
	382	Series 2004-D, Class MV2, VAR, 0.881%, 09/25/34		309
	1,787	Series 2005-A, Class M1, VAR, 0.671%, 01/25/35		1,640
		Chase Funding Loan Acquisition Trust,
	2,362	Series 2004-AQ1, Class M1, VAR, 1.286%, 05/25/34		2,219
	2,733	Series 2004-OPT1, Class M2, VAR, 1.691%, 06/25/34		2,614
		Chase Funding Trust,
	2,031	Series 2003-4, Class 1A5, SUB, 5.402%, 05/25/33		2,095
	211	Series 2003-4, Class M1, VAR, 1.091%, 03/25/33		200
	568	Series 2003-5, Class 1M2, VAR, 5.153%, 09/25/32		499
	2,345	Series 2003-6, Class 2A2, VAR, 0.771%, 11/25/34		2,154
	3,269	Series 2003-6, Class 2M1, VAR, 0.941%, 11/25/34		3,036
	1,162	Series 2004-1, Class 1M1, 4.725%, 05/25/33		1,116
	1,598	Series 2004-1, Class 2M1, VAR, 0.941%, 09/25/33		1,468
	2,212	Series 2004-2, Class 1M1, VAR, 5.700%, 02/26/35		2,051
		Citigroup Mortgage Loan Trust, Inc.,
	364	Series 2005-OPT1, Class M4, VAR, 1.241%, 02/25/35		279
	301	Series 2005-WF2, Class AF7, SUB, 5.249%, 08/25/35		291
	1,038	Series 2006-WFH4, Class A3, VAR, 0.341%, 11/25/36		1,033
		Countrywide Asset-Backed Certificates,
	576	Series 2002-3, Class M1, VAR, 1.316%, 03/25/32		564

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,373	Series 2002-4, Class M1, VAR, 1.316%, 12/25/32		1,263
	1,443	Series 2003-3, Class 3A, VAR, 0.731%, 11/25/33		1,325
	5,247	Series 2003-BC1, Class A1, VAR, 0.991%, 03/25/33		4,832
	1,667	Series 2004-1, Class 1M3, VAR, 1.166%, 02/25/34		1,559
	13,501	Series 2004-2, Class M1, VAR, 0.941%, 05/25/34		12,814
	5,432	Series 2004-3, Class M1, VAR, 0.941%, 06/25/34		5,174
	793	Series 2004-3, Class M2, VAR, 1.016%, 06/25/34		736
	2,549	Series 2004-5, Class M2, VAR, 1.196%, 07/25/34		2,399
	1,028	Series 2004-6, Class M2, VAR, 1.166%, 10/25/34		966
	427	Series 2004-BC4, Class M1, VAR, 1.241%, 11/25/34		405
	1,381	Series 2004-ECC2, Class M2, VAR, 1.166%, 12/25/34		1,316
	816	Series 2005-11, Class AF6, VAR, 4.889%, 02/25/36		841
	8,156	Series 2005-AB3, Class 1A1, VAR, 0.441%, 02/25/36		7,159
	112	Series 2006-2, Class 2A2, VAR, 0.381%, 06/25/36		109
	1,009	Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB8, Class AF2, SUB, 4.142%, 12/25/35		997
	929	CWABS, Inc. Asset-Backed Certificates, Series 2004-1, Class M2, VAR, 1.016%, 03/25/34		857
		Equity One Mortgage Pass-Through Trust,
	390	Series 2003-2, Class M1, VAR, 5.050%, 09/25/33		393
	702	Series 2003-4, Class M1, SUB, 5.146%, 10/25/34		684
	239	Finance America Mortgage Loan Trust, Series 2004-3, Class M2, VAR, 1.136%, 11/25/34		209
		First Franklin Mortgage Loan Asset Backed Certificates,
	1,257	Series 2004-FF3, Class M1, VAR, 1.016%, 05/25/34		1,155
	10,500	Series 2005-FF11, Class M1, VAR, 0.836%, 11/25/35		9,643

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
		First Franklin Mortgage Loan Trust,
	2,279	Series 2003-FF5, Class M1, VAR, 1.091%, 03/25/34		2,167
	8,627	Series 2004-FF4, Class M1, VAR, 1.046%, 06/25/34		7,676
	3,035	Series 2004-FF5, Class A1, VAR, 0.911%, 08/25/34		2,876
	15,042	Series 2005-FF10, Class A1, VAR, 0.491%, 11/25/35		13,308
	4,254	Series 2005-FF10, Class A4, VAR, 0.511%, 11/25/35		4,176
	1,243	Series 2005-FF11, Class A2D, VAR, 0.871%, 11/25/35		1,236
	2,043	Series 2006-FF8, Class IIA3, VAR, 0.341%, 07/25/36		1,940
		Fremont Home Loan Trust,
	3,351	Series 2004-2, Class M2, VAR, 1.121%, 07/25/34		3,164
	608	Series 2004-B, Class M2, VAR, 1.136%, 05/25/34		534
	1,219	Series 2004-C, Class M1, VAR, 1.166%, 08/25/34		1,138
	2,235	GSAA Trust, Series 2005-6, Class A3, VAR, 0.561%, 06/25/35		2,140
		GSAMP Trust,
	2,868	Series 2003-HE1, Class M1, VAR, 1.433%, 06/20/33		2,778
	1,899	Series 2003-SEA, Class A1, VAR, 0.591%, 02/25/33		1,770
	1,491	Series 2005-HE3, Class M2, VAR, 1.196%, 06/25/35		1,452
	2,356	Series 2005-NC1, Class M1, VAR, 0.866%, 02/25/35		2,282
	700	Series 2005-SEA2, Class A1, VAR, 0.537%, 01/25/45 (e)		685
	4,116	Series 2006-FM1, Class A2C, VAR, 0.351%, 04/25/36		2,701
	6,401	Series 2006-HE3, Class A2C, VAR, 0.351%, 05/25/46		5,711
	3,500	Series 2006-HE4, Class A2C, VAR, 0.341%, 06/25/36		3,215
	627	Series 2007-HE1, Class A2B, VAR, 0.291%, 03/25/47		622
	6,646	Series 2007-SEA1, Class A, VAR, 0.491%, 12/25/36 (e)		6,166
		Home Equity Asset Trust,
	951	Series 2003-1, Class M1, VAR, 1.691%, 06/25/33		915

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,255	Series 2003-3, Class M1, VAR, 1.481%, 08/25/33		1,194
	443	Series 2004-6, Class M2, VAR, 1.091%, 12/25/34		378
		Home Equity Mortgage Loan Asset-Backed Trust,
	3,446	Series 2004-C, Class M1, VAR, 1.027%, 03/25/35		3,129
	1,250	Series 2004-C, Class M2, VAR, 1.087%, 03/25/35		1,104
		Invitation Homes Trust,
	2,520	Series 2013-SFR1, Class C, VAR, 2.100%, 12/17/30 (e)		2,510
	2,400	Series 2013-SFR1, Class E, VAR, 2.900%, 12/17/30 (e)		2,322
	590	JP Morgan Mortgage Acquisition Trust, Series 2006-NC1, Class A4, VAR, 0.357%, 04/25/36		579
		Long Beach Mortgage Loan Trust,
	1,170	Series 2001-2, Class M1, VAR, 1.031%, 07/25/31		1,084
	3,460	Series 2002-5, Class M1, VAR, 1.436%, 11/25/32		3,247
	626	Series 2003-4, Class M1, VAR, 1.211%, 08/25/33		602
	190	Series 2004-3, Class M2, VAR, 1.091%, 07/25/34		182
	755	Series 2004-3, Class M4, VAR, 1.803%, 07/25/34		703
	812	Series 2004-3, Class M6, VAR, 2.328%, 07/25/34		745
	590	Series 2005-WL2, Class M1, VAR, 0.661%, 08/25/35		584
		MASTR Asset-Backed Securities Trust,
	1,212	Series 2004-OPT2, Class M1, VAR, 1.091%, 09/25/34		1,140
	1,186	Series 2004-OPT2, Class M2, VAR, 1.166%, 09/25/34		1,036
	3,064	Series 2005-NC1, Class M2, VAR, 0.941%, 12/25/34		2,927
		Merrill Lynch Mortgage Investors Trust,
	1,198	Series 2003-OPT1, Class M1, VAR, 1.166%, 07/25/34		1,091
	605	Series 2004-HE2, Class M1, VAR, 1.391%, 08/25/35		572
	139	Series 2004-WMC5, Class M5, VAR, 1.916%, 07/25/35		133
	2,923	Series 2005-FM1, Class M1, VAR, 0.671%, 05/25/36		2,649

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
		Morgan Stanley ABS Capital I, Inc. Trust,
	1,458	Series 2003-NC10, Class M1, VAR, 1.211%, 10/25/33		1,375
	13,090	Series 2004-HE1, Class M1, VAR, 1.046%, 01/25/34		12,448
	1,032	Series 2004-HE2, Class M2, VAR, 1.991%, 03/25/34		957
	1,033	Series 2004-HE2, Class M3, VAR, 2.366%, 03/25/34		545
	5,266	Series 2004-HE3, Class M1, VAR, 1.046%, 03/25/34		4,984
	1,703	Series 2004-HE3, Class M2, VAR, 2.066%, 03/25/34		1,610
	2,070	Series 2004-HE6, Class M2, VAR, 1.091%, 08/25/34		1,964
	1,176	Series 2004-HE6, Class M3, VAR, 1.166%, 08/25/34		1,053
	2,216	Series 2004-HE7, Class M2, VAR, 1.136%, 08/25/34		2,182
	108	Series 2004-HE7, Class M3, VAR, 1.211%, 08/25/34		102
	2,593	Series 2004-HE8, Class M2, VAR, 1.211%, 09/25/34		2,500
	1,013	Series 2004-HE8, Class M3, VAR, 1.316%, 09/25/34		945
	3,607	Series 2004-NC3, Class M1, VAR, 0.986%, 03/25/34		3,429
	6,825	Series 2004-NC5, Class M1, VAR, 1.091%, 05/25/34		6,232
	896	Series 2004-NC6, Class M2, VAR, 2.066%, 07/25/34		829
	353	Series 2004-NC7, Class M3, VAR, 1.166%, 07/25/34		307
	817	Series 2004-NC8, Class M3, VAR, 1.301%, 09/25/34		761
	3,065	Series 2004-OP1, Class M2, VAR, 1.106%, 11/25/34		2,966
	1,163	Series 2004-OP1, Class M3, VAR, 1.211%, 11/25/34		1,057
	2,772	Series 2004-WMC2, Class M1, VAR, 1.106%, 07/25/34		2,644
	1,393	Series 2004-WMC2, Class M2, VAR, 1.991%, 07/25/34		1,327
	1,265	Series 2005-HE1, Class M2, VAR, 0.896%, 12/25/34		1,229
	1,699	Series 2005-HE1, Class M3, VAR, 0.971%, 12/25/34		1,415

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	364	Series 2005-NC1, Class M3, VAR, 0.956%, 01/25/35		291
		New Century Home Equity Loan Trust,
	823	Series 2003-3, Class M1, VAR, 1.376%, 07/25/33		785
	1,164	Series 2003-B, Class M2, VAR, 2.666%, 11/25/33		1,109
	290	Series 2004-2, Class M2, VAR, 1.121%, 08/25/34		266
	1,350	Series 2004-2, Class M4, VAR, 1.991%, 08/25/34		1,245
	1,152	Series 2004-2, Class M6, VAR, 2.441%, 08/25/34		1,052
	3,808	Series 2004-3, Class M2, VAR, 1.166%, 11/25/34		3,636
	575	Series 2004-3, Class M3, VAR, 1.256%, 11/25/34		482
	906	Series 2004-4, Class M2, VAR, 0.986%, 02/25/35		780
	357	Series 2005-1, Class M3, VAR, 0.971%, 03/25/35		289
		NovaStar Mortgage Funding Trust,
	1,191	Series 2003-2, Class M2, VAR, 2.956%, 09/25/33		1,092
	1,386	Series 2003-3, Class M2, VAR, 2.666%, 12/25/33		1,360
	4,395	Series 2004-2, Class M4, VAR, 1.991%, 09/25/34		3,895
		Option One Mortgage Acceptance Corp. Asset-Backed Certificates,
	4,126	Series 2002-6, Class A1, VAR, 0.951%, 11/25/32		3,917
	1,034	Series 2002-6, Class A2, VAR, 0.991%, 11/25/32		968
	937	Series 2003-2, Class A2, VAR, 0.791%, 04/25/33		867
	2,145	Series 2003-2, Class M1, VAR, 1.166%, 04/25/33		1,913
	1,803	Series 2003-3, Class M1A, VAR, 1.751%, 06/25/33		1,691
	7,933	Series 2003-5, Class A1, VAR, 0.831%, 08/25/33		7,468
	649	Series 2003-5, Class A2, VAR, 0.831%, 08/25/33		613
	485	Series 2003-5, Class M2, VAR, 2.516%, 08/25/33		439
		Option One Mortgage Loan Trust,
	6,897	Series 2002-3, Class A1, VAR, 0.691%, 08/25/32		6,491

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	1,069	Series 2002-3, Class A2, VAR, 0.731%, 08/25/32		976
	1,988	Series 2003-1, Class A2, VAR, 1.031%, 02/25/33		1,851
	11,415	Series 2004-2, Class M1, VAR, 0.986%, 05/25/34		10,536
	1,259	Series 2004-3, Class M2, VAR, 1.046%, 11/25/34		1,164
	1,910	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M3, VAR, 1.916%, 10/25/34		1,294
	4,200	Pretium Mortgage Credit Partners I, Series 2015-NPL2, Class A1, SUB, 3.750%, 05/27/30 (e)		4,196
		Progress Residential Trust,
	7,900	Series 2014-SFR1, Class A, VAR, 1.286%, 10/17/31 (e)		7,843
	3,325	Series 2014-SFR1, Class E, VAR, 4.336%, 10/17/31 (e)		3,357
		RAMP Trust,
	902	Series 2002-RS2, Class AI5, VAR, 6.030%, 03/25/32		893
	291	Series 2004-RS11, Class M1, VAR, 1.121%, 11/25/34		287
		RASC Trust,
	992	Series 2001-KS3, Class AII, VAR, 0.651%, 09/25/31		924
	2,583	Series 2005-KS2, Class M1, VAR, 0.836%, 03/25/35		2,358
	4,373	Series 2006-KS5, Class A3, VAR, 0.351%, 07/25/36		4,195
	1,739	Series 2006-KS7, Class A3, VAR, 0.341%, 09/25/36		1,697
		Renaissance Home Equity Loan Trust,
	2,514	Series 2002-3, Class M1, VAR, 1.691%, 12/25/32		2,449
	666	Series 2003-1, Class M1, VAR, 1.691%, 06/25/33		590
	265	Series 2003-2, Class A, VAR, 1.067%, 08/25/33		249
	2,103	Series 2003-3, Class M1, VAR, 0.921%, 12/25/33		1,912
	1,764	Series 2003-3, Class M2F, SUB, 5.681%, 12/25/33		1,629
	3,208	Series 2003-4, Class M1, VAR, 1.041%, 03/25/34		2,923

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,318	Series 2003-4, Class M2F, SUB, 5.744%, 03/25/34		1,107
	881	Series 2004-1, Class M1, VAR, 0.771%, 05/25/34		801
	1,243	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		1,261
	1,315	Series 2005-2, Class AV3, VAR, 0.561%, 08/25/35		1,187
	1,761	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		1,738
	2,048	SASCO Mortgage Loan Trust, Series 2004-GEL3, Class M1, VAR, 1.762%, 08/25/34		1,932
		Saxon Asset Securities Trust,
	6,710	Series 2003-3, Class M1, VAR, 1.162%, 12/25/33		6,314
	504	Series 2004-2, Class AF3, VAR, 4.798%, 08/25/35		509
	1,629	Series 2004-2, Class MV2, VAR, 1.987%, 08/25/35		1,544
	1,115	Series 2006-2, Class A3C, VAR, 0.341%, 09/25/36		1,031
		Securitized Asset-Backed Receivables LLC Trust,
	3,631	Series 2004-NC1, Class M1, VAR, 0.971%, 02/25/34		3,377
	1,172	Series 2004-OP1, Class M2, VAR, 1.841%, 02/25/34		1,130
	1,996	Series 2004-OP2, Class M1, VAR, 1.166%, 08/25/34		1,853
	2,540	Series 2005-FR2, Class M2, VAR, 1.166%, 03/25/35		2,400
	3,552	Series 2005-OP1, Class M2, VAR, 0.866%, 01/25/35		3,340
	3,706	Soundview Home Loan Trust, Series 2006-OPT3, Class 2A3, VAR, 0.361%, 06/25/36		3,415
		Specialty Underwriting & Residential Finance Trust,
	3,308	Series 2004-BC1, Class M1, VAR, 1.796%, 02/25/35		3,062
	2,001	Series 2004-BC3, Class M1, VAR, 1.121%, 07/25/35		1,909
		Structured Asset Investment Loan Trust,
	727	Series 2003-BC3, Class M1, VAR, 1.616%, 04/25/33		718
	3,392	Series 2003-BC7, Class M1, VAR, 1.316%, 07/25/33		3,282

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
			United States — continued
	593		Series 2003-BC10, Class A4, VAR, 1.191%, 10/25/33		561
	2,958		Series 2003-BC11, Class M2, VAR, 2.741%, 10/25/33		2,926
	1,931		Series 2003-BC12, Class M1, VAR, 1.166%, 11/25/33		1,806
	4,429		Series 2004-1, Class M1, VAR, 1.166%, 02/25/34		4,227
	—	(h)	Series 2004-1, Class M2, VAR, 2.891%, 02/25/34		—	(h)
	5,381		Series 2004-5, Class M3, VAR, 1.121%, 05/25/34		4,977
	16,635		Series 2004-6, Class A3, VAR, 0.991%, 07/25/34		15,671
	3,294		Series 2004-6, Class M1, VAR, 1.091%, 07/25/34		3,031
	4,428		Series 2004-7, Class M1, VAR, 1.241%, 08/25/34		4,115
	692		Series 2004-8, Class M2, VAR, 1.121%, 09/25/34		613
	700		Series 2004-BNC1, Class A5, VAR, 1.431%, 09/25/34		666
	3,985		Series 2005-HE2, Class M1, VAR, 0.911%, 07/25/35		3,746
	6,791		Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC4, Class A4, VAR, 0.361%, 12/25/36		5,900
	216		Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-AM1, Class M1, VAR, 1.541%, 04/25/33		210
	6,885		VOLT XXXVI LLC, Series 2015-NP10, Class A1, 3.625%, 07/25/45 (e)		6,876
			Wells Fargo Home Equity Asset-Backed Securities Trust,
	108		Series 2004-2, Class A21B, VAR, 0.611%, 10/25/34		105
	2,177		Series 2004-2, Class M1, VAR, 0.791%, 10/25/34		2,103
	1,838		Series 2004-2, Class M4, VAR, 1.391%, 10/25/34		1,703
	1,082		Series 2004-2, Class M5, VAR, 1.441%, 10/25/34		1,025
	290		Series 2004-2, Class M8A, VAR, 3.191%, 10/25/34 (e)		272
	290		Series 2004-2, Class M8B, VAR, 5.000%, 10/25/34 (e)		263

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates,
	658	Series 2004-1, Class M2, VAR, 0.821%, 04/25/34		591
	1,064	Series 2004-1, Class M4, VAR, 1.341%, 04/25/34		927
		Total Asset-Backed Securities (Cost $477,008)		495,272
	Collateralized Mortgage Obligations — 3.8%
		Non-Agency CMO — 3.8%
		United States — 3.8%
		Adjustable Rate Mortgage Trust
	7,594	Series 2004-2, Class 6A1, VAR, 2.529%, 02/25/35		7,590
	8,232	Series 2004-4, Class 4A1, VAR, 2.505%, 03/25/35		8,211
	2,900	Series 2005-2, Class 3A1, VAR, 2.761%, 06/25/35		2,768
		Alternative Loan Trust
	294	Series 2004-4CB, Class 1A1, 4.250%, 04/25/34		296
	223	Series 2004-4CB, Class 3A1, 5.000%, 04/25/34		228
	1,898	Series 2004-12CB, Class 2A1, 6.000%, 06/25/34		1,976
	153	Series 2004-16CB, Class 2A1, 5.000%, 08/25/19		156
	708	Series 2004-27CB, Class A1, 6.000%, 12/25/34		709
	1,057	Series 2004-28CB, Class 2A4, 5.750%, 01/25/35		1,052
	240	Series 2004-28CB, Class 4A1, 5.000%, 01/25/20		245
	1,926	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		1,955
	7,171	Series 2004-32CB, Class 2A5, 5.500%, 02/25/35		7,264
	615	Series 2005-3CB, Class 1A4, 5.250%, 03/25/35		615
	12,520	Series 2005-3CB, Class 1A13, 5.500%, 03/25/35		11,828
	8,927	Series 2005-6CB, Class 1A4, 5.500%, 04/25/35		8,406
	880	Series 2005-6CB, Class 1A6, 5.500%, 04/25/35		835

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	8,550	Series 2005-10CB, Class 1A5, 5.500%, 05/25/35		8,516
	4,915	Series 2005-10CB, Class 1A8, 5.500%, 05/25/35		5,027
	3,647	Series 2005-13CB, Class A4, 5.500%, 05/25/35		3,451
	453	Series 2005-20CB, Class 1A1, 5.500%, 07/25/35		426
	1,897	Series 2005-21CB, Class A4, 5.250%, 06/25/35		1,861
	8,440	Series 2005-21CB, Class A17, 6.000%, 06/25/35		8,641
	4,486	Series 2005-23CB, Class A15, 5.500%, 07/25/35		4,376
	103	Series 2005-50CB, Class 4A1, 5.000%, 11/25/20		103
	1,722	Series 2005-64CB, Class 1A1, 5.500%, 12/25/35		1,636
	4,358	Series 2005-64CB, Class 1A15, 5.500%, 12/25/35		4,141
	1,591	Series 2005-85CB, Class 3A2, 5.250%, 02/25/21		1,546
	997	Series 2005-86CB, Class A4, 5.500%, 02/25/36		914
	507	Series 2005-J1, Class 3A1, 6.500%, 08/25/32		509
	1,525	Series 2005-J3, Class 3A1, 6.500%, 09/25/34		1,560
	645	Series 2005-J6, Class 2A1, 5.500%, 07/25/25		658
	208	Series 2005-J7, Class 2A1, 6.000%, 10/25/17		208
	906	Series 2005-J11, Class 5A1, 5.500%, 11/25/20		877
	822	Series 2005-J14, Class A3, 5.500%, 12/25/35		753
	2,210	Series 2006-4CB, Class 2A5, 5.500%, 04/25/36		2,148
	1,367	Series 2006-19CB, Class A15, 6.000%, 08/25/36		1,247
	619	Series 2006-25CB, Class A2, 6.000%, 10/25/36		556
	394	Series 2006-J1, Class 1A13, 5.500%, 02/25/36		354
	1,240	Series 2006-J3, Class 4A1, 5.750%, 05/25/26		1,148
	413	Series 2007-8CB, Class A9, 6.000%, 05/25/37		360

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	319	Series 2007-19, Class 1A8, 6.000%, 08/25/37		266
	508	Series 2007-25, Class 2A1, 6.000%, 11/25/22		485
	282	Series 2007-9T1, Class 3A1, 5.500%, 05/25/22		245
	577	American Home Mortgage Investment Trust, Series 2005-1, Class 6A, VAR, 2.443%, 06/25/45		565
		Banc of America Alternative Loan Trust
	3,398	Series 2003-7, Class 1CB1, 5.500%, 09/25/33		3,534
	1,008	Series 2004-9, Class 4A1, 5.500%, 10/25/19		1,019
	1,694	Series 2004-12, Class 4A1, 5.500%, 01/25/20		1,740
	351	Series 2005-3, Class 2A1, 5.500%, 04/25/20		361
	341	Series 2005-4, Class 3A1, 5.500%, 05/25/20		344
	127	Series 2005-6, Class 5A4, 5.500%, 07/25/35		108
	211	Series 2005-6, Class 7A1, 5.500%, 07/25/20		208
	1,521	Series 2005-11, Class 4A5, 5.750%, 12/25/35		1,319
	1,243	Series 2005-12, Class 5A1, 5.250%, 01/25/21		1,240
	25	Series 2006-4, Class 2A1, 6.000%, 05/25/21		25
	1,520	Series 2006-4, Class 3CB4, 6.000%, 05/25/46		1,269
	1,249	Series 2006-5, Class CB7, 6.000%, 06/25/46		1,064
		Banc of America Funding Trust
	6,187	Series 2005-6, Class 1A2, 5.500%, 10/25/35		5,924
	3,004	Series 2005-7, Class 4A7, 6.000%, 11/25/35		3,079
	1,293	Series 2006-2, Class 2A20, 5.750%, 03/25/36		1,264
	3,557	Series 2006-A, Class 1A1, VAR, 2.674%, 02/20/36		3,529
	399	Series 2007-4, Class 8A1, 5.500%, 11/25/34		385
		Banc of America Mortgage Trust
	1,976	Series 2004-A, Class 2A2, VAR, 2.668%, 02/25/34		1,978

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	845	Series 2007-3, Class 1A1, 6.000%, 09/25/37		767
	718	Bear Stearns Alt-A Trust, Series 2006-8, Class 3A1, VAR, 0.351%, 02/25/34		653
	1,054	Bear Stearns ARM Trust, Series 2005-2, Class A2, VAR, 2.515%, 03/25/35		1,055
	1,228	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC5, Class M1, VAR, 1.196%, 10/25/34		832
	560	Bear Stearns Asset-Backed Securities Trust, Series 2003-AC4, Class M1, SUB, 5.658%, 09/25/33		550
		Chase Mortgage Finance Trust
	2,323	Series 2006-S3, Class 1A2, 6.000%, 11/25/36		2,007
	1,621	Series 2006-S4, Class A5, 6.000%, 12/25/36		1,466
	18,734	Series 2007-A2, Class 3A1, VAR, 2.610%, 07/25/37		18,689
	467	Series 2007-S2, Class 1A8, 6.000%, 03/25/37		417
		CHL Mortgage Pass-Through Trust
	375	Series 2003-27, Class A1, VAR, 2.756%, 06/25/33		370
	5,300	Series 2004-25, Class 2A1, VAR, 0.531%, 02/25/35		4,629
	654	Series 2005-5, Class A2, 5.500%, 03/25/35		664
	393	Series 2005-20, Class A7, 5.250%, 12/25/27		377
	497	Series 2005-30, Class A5, 5.500%, 01/25/36		494
	3,458	Series 2006-10, Class 1A16, 6.000%, 05/25/36		3,233
	207	Series 2006-15, Class A1, 6.250%, 10/25/36		185
	1,045	Series 2006-17, Class A2, 6.000%, 12/25/36		987
	6,785	Series 2006-18, Class 2A4, 6.000%, 12/25/36		6,232
	377	Series 2006-J2, Class 1A1, 6.000%, 04/25/36		358
	341	Series 2007-2, Class A2, 6.000%, 03/25/37		327
	2,883	Series 2007-3, Class A18, 6.000%, 04/25/37		2,659
	323	Series 2007-10, Class A4, 5.500%, 07/25/37		281

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	857	Series 2007-13, Class A4, 6.000%, 08/25/37		814
	1,184	Series 2007-18, Class 2A1, 6.500%, 11/25/37		1,003
	1,810	Citicorp Mortgage Securities Trust, Series 2007-4, Class 1A9, 6.000%, 05/25/37		1,801
	1,414	Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, VAR, 2.510%, 10/25/35		1,398
		Citigroup Mortgage Loan Trust, Inc.
	731	Series 2005-3, Class 2A2A, VAR, 2.652%, 08/25/35		725
	1,795	Series 2005-4, Class A, VAR, 3.866%, 08/25/35		1,769
	2,017	Series 2005-6, Class A1, VAR, 2.230%, 09/25/35		2,021
	2,459	Series 2005-9, Class 2A2, 5.500%, 11/25/35		2,351
	2,126	Series 2006-8, Class A3, VAR, 0.541%, 10/25/35 (e)		1,699
	52	CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 2A1, 5.250%, 03/25/21		53
		Credit Suisse First Boston Mortgage Securities Corp.
	671	Series 2003-29, Class 3A1, 5.500%, 12/25/33		698
	10,464	Series 2004-4, Class 4A1, 5.500%, 08/25/34		10,952
	278	Series 2004-8, Class 4A3, 5.500%, 12/25/34		284
	1,282	Series 2004-AR4, Class 2A1, VAR, 2.537%, 05/25/34		1,277
	6,664	Series 2004-AR4, Class 4A1, VAR, 2.605%, 05/25/34		6,692
	1,856	Series 2004-AR5, Class 6A1, VAR, 2.507%, 06/25/34		1,864
	3,974	Series 2004-AR6, Class 7A1, VAR, 2.562%, 10/25/34		4,031
	5,782	Series 2005-2, Class 1A2, 5.250%, 01/25/28		5,847
	1,174	Series 2005-4, Class 3A17, 5.500%, 06/25/35		1,188
	4,521	Series 2005-10, Class 11A1, 5.500%, 11/25/20		4,626
	118	Series 2005-10, Class 12A1, 5.250%, 11/25/20		118
	764	Series 2005-10, Class 5A3, 5.500%, 11/25/35		703

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States –– continued
		CSMC Mortgage-Backed Trust
	133	Series 2006-8, Class 5A1, VAR, 5.629%, 10/25/26		114
	1,511	Series 2007-2, Class 3A13, 5.500%, 03/25/37		1,408
	334	Series 2007-3, Class 4A5, 5.000%, 04/25/37		315
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	403	Series 2005-1, Class 2A1, VAR, 5.782%, 02/25/20		414
	144	Series 2005-2, Class 2A1, VAR, 0.491%, 03/25/20		135
	5,985	DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, VAR, 0.448%, 08/19/45		5,340
	880	Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2014-DN2, Class M3, VAR, 3.791%, 04/25/24		845
		First Horizon Alternative Mortgage Securities Trust
	276	Series 2005-FA1, Class 1A4, 5.500%, 03/25/35		275
	1,274	Series 2006-FA6, Class 3A1, 5.750%, 11/25/21		1,275
		First Horizon Mortgage Pass-Through Trust
	594	Series 2004-AR7, Class 4A1, VAR, 2.468%, 02/25/35		590
	5,386	Series 2005-5, Class 1A6, 5.500%, 10/25/35		5,255
	1,017	Series 2006-2, Class 1A3, 6.000%, 08/25/36		956
	134	Series 2006-2, Class 1A7, 6.000%, 08/25/36		126
	969	Series 2006-3, Class 1A13, 6.250%, 11/25/36		946
		GMACM Mortgage Loan Trust
	1,624	Series 2004-AR2, Class 3A, VAR, 3.090%, 08/19/34		1,569
	1,021	Series 2005-AR1, Class 3A, VAR, 2.991%, 03/18/35		1,000
	2,014	GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1, VAR, 7.500%, 10/25/36 (e)		1,643
		GSR Mortgage Loan Trust
	521	Series 2004-15F, Class 1A2, 5.500%, 12/25/34		558

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	718	Series 2005-1F, Class 2A3, 6.000%, 02/25/35		741
	311	Series 2005-AR3, Class 6A1, VAR, 2.668%, 05/25/35		288
	7,381	Series 2005-AR4, Class 3A5, VAR, 2.691%, 07/25/35		7,142
	3,286	Series 2006-1F, Class 2A9, 6.000%, 02/25/36		3,052
	2,029	Series 2006-1F, Class 2A16, 6.000%, 02/25/36		1,884
	797	Series 2006-9F, Class 8A1, 5.500%, 08/25/21		749
	1,125	Series 2007-1F, Class 3A13, 6.000%, 01/25/37		1,067
	602	HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, VAR, 0.498%, 08/19/45		557
		Impac CMB Trust
	2,168	Series 2004-5, Class 1A1, VAR, 0.911%, 10/25/34		2,081
	790	Series 2004-5, Class 1M2, VAR, 1.061%, 10/25/34		720
	4,476	Series 2004-6, Class 1A2, VAR, 0.971%, 10/25/34		4,184
	1,545	Series 2004-7, Class 1A2, VAR, 1.111%, 11/25/34		1,438
	6,459	Series 2004-9, Class 1A1, VAR, 0.951%, 01/25/35		5,865
	2,713	Series 2004-10, Class 3A1, VAR, 0.891%, 03/25/35		2,452
	952	Series 2005-1, Class 1A1, VAR, 0.711%, 04/25/35		867
	1,038	Series 2005-4, Class 1A1A, VAR, 0.731%, 05/25/35		954
	1,247	Impac CMB Trust Series, Series 2005-2, Class 1A2, VAR, 0.811%, 04/25/35		1,084
	594	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A4, 3.750%, 08/25/33		558
		IndyMac INDX Mortgage Loan Trust
	880	Series 2005-AR3, Class 3A1, VAR, 2.545%, 04/25/35		847
	2,148	Series 2005-AR14, Class 2A1A, VAR, 0.491%, 07/25/35		1,848
		JP Morgan Mortgage Trust
	400	Series 2004-A6, Class 1A1, VAR, 2.531%, 12/25/34		390
	1,236	Series 2005-A3, Class 6A6, VAR, 2.649%, 06/25/35		1,205

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States –– continued
	490	Series 2005-A8, Class 1A1, VAR, 5.003%, 11/25/35		464
	360	Series 2006-S2, Class 2A1, 5.000%, 06/25/21		335
	247	Series 2006-S3, Class 2A4, 5.500%, 08/25/21		247
	994	Series 2007-A1, Class 2A2, VAR, 2.483%, 07/25/35		973
	204	Series 2007-S3, Class 2A3, 6.000%, 08/25/22		203
	2,687	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.500%, 12/25/35		2,416
		Lehman XS Trust
	13,571	Series 2005-5N, Class 3A1A, VAR, 0.491%, 11/25/35		12,016
	9,177	Series 2005-7N, Class 1A1A, VAR, 0.461%, 12/25/35		8,026
		MASTR Alternative Loan Trust
	1,028	Series 2004-8, Class 1A1, 6.500%, 09/25/34		1,095
	3,182	Series 2004-12, Class 3A1, 6.000%, 12/25/34		3,358
	1,011	Series 2005-3, Class 1A1, 5.500%, 04/25/35		1,022
	540	Series 2005-5, Class 3A1, 5.750%, 08/25/35		465
	1,720	Series 2005-6, Class 1A2, 5.500%, 12/25/35		1,531
	1,721	Series 2006-3, Class 3A1, 5.500%, 06/25/21		1,603
		Merrill Lynch Mortgage Investors Trust
	334	Series 2005-1, Class 2A1, VAR, 2.130%, 04/25/35		323
	1,055	Series 2005-1, Class 2A2, VAR, 2.130%, 04/25/35		1,022
	772	Series 2006-AF2, Class AF2, 6.250%, 10/25/36		685
		Morgan Stanley Mortgage Loan Trust
	864	Series 2004-8AR, Class 4A1, VAR, 2.443%, 10/25/34		855
	1,325	Series 2004-9, Class 1A, VAR, 5.571%, 11/25/34		1,370
	278	Series 2005-4, Class 1A, 5.000%, 08/25/35		284
	2,777	Series 2006-2, Class 1A, 5.250%, 02/25/21		2,678

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		MortgageIT Trust
	9,729	Series 2005-3, Class A1, VAR, 0.491%, 08/25/35		9,131
	1,242	Series 2005-5, Class A1, VAR, 0.451%, 12/25/35		1,124
	242	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 2A5, SUB, 5.159%, 03/25/35		248
		RALI Trust
	127	Series 2003-QS20, Class CB, 5.000%, 11/25/18		130
	3,857	Series 2004-QA3, Class CB2, VAR, 3.506%, 08/25/34		3,933
	744	Series 2004-QS15, Class A2, VAR, 0.591%, 11/25/34		719
	266	Series 2005-QS2, Class A1, 5.500%, 02/25/35		266
	4,557	Series 2005-QS6, Class A1, 5.000%, 05/25/35		4,038
	2,145	Series 2005-QS17, Class A3, 6.000%, 12/25/35		1,916
	4,119	Series 2006-QS4, Class A2, 6.000%, 04/25/36		3,551
	163	Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		154
		Residential Asset Securitization Trust
	449	Series 2004-A6, Class A1, 5.000%, 08/25/19		459
	607	Series 2004-A8, Class A1, 5.250%, 11/25/34		614
	6,266	Series 2005-A3, Class A2, 5.500%, 04/25/35		5,710
	3,729	Series 2005-A8CB, Class A11, 6.000%, 07/25/35		3,608
	265	Series 2005-A14, Class A1, 5.500%, 12/25/35		230
		RFMSI Trust
	1,040	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		1,046
	821	Series 2005-S1, Class 2A1, 4.750%, 02/25/20		842
	330	Series 2005-S7, Class A6, 5.500%, 11/25/35		331
	285	Series 2006-S10, Class 2A1, 5.500%, 10/25/21		283
	100	Series 2006-S12, Class 2A2, 6.000%, 12/25/36		97

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States –– continued
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates
	1,103	Series 2003-35, Class B1, VAR, 5.522%, 12/25/33		916
	9,656	Series 2004-10, Class 1A1, VAR, 5.428%, 06/25/34		9,965
		Structured Asset Securities Corp. Trust
	778	Series 2005-6, Class 2A3, 5.500%, 05/25/35		797
	534	Series 2005-6, Class 5A2, 5.000%, 05/25/35		545
		WaMu Mortgage Pass-Through Certificates Trust
	2,539	Series 2004-AR10, Class A1B, VAR, 0.611%, 07/25/44		2,437
	3,346	Series 2004-AR11, Class A, VAR, 2.473%, 10/25/34		3,381
	7,650	Series 2005-AR5, Class A6, VAR, 2.468%, 05/25/35		7,639
	636	Series 2005-AR7, Class A3, VAR, 2.475%, 08/25/35		634
	4,883	Series 2005-AR14, Class 1A3, VAR, 2.346%, 12/25/35		4,692
	3,023	Series 2005-AR14, Class 1A4, VAR, 2.346%, 12/25/35		2,914
	91	Series 2005-AR15, Class A1A1, VAR, 0.451%, 11/25/45		85
	1,845	Series 2005-AR16, Class 1A1, VAR, 2.349%, 12/25/35		1,735
	214	Series 2005-AR18, Class 1A3A, VAR, 2.356%, 01/25/36		211
	861	Series 2006-AR2, Class 1A1, VAR, 2.322%, 03/25/36		794
	1,703	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-3, Class 5A2, 5.500%, 03/25/21		1,591
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
	2,779	Series 2005-1, Class 1A3, 5.500%, 03/25/35		2,703
	1,327	Series 2005-4, Class CB7, 5.500%, 06/25/35		1,217
	2,127	Series 2005-10, Class 4CB1, 5.750%, 12/25/35		2,011
	436	Series 2006-5, Class 2CB5, 6.500%, 07/25/36		361
	2,837	Series 2007-1, Class 2A1, 6.000%, 01/25/22		2,764

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Wells Fargo Mortgage Backed Securities Trust
	1,287	Series 2004-BB, Class A5, VAR, 2.619%, 01/25/35		1,300
	12,330	Series 2004-DD, Class 1A1, VAR, 2.615%, 01/25/35		12,322
	507	Series 2004-DD, Class 2A6, VAR, 2.618%, 01/25/35		504
	6,750	Series 2004-M, Class A1, VAR, 2.724%, 08/25/34		6,852
	9,135	Series 2004-N, Class A6, VAR, 2.728%, 08/25/34		9,128
	8,674	Series 2004-N, Class A7, VAR, 2.728%, 08/25/34		8,668
	903	Series 2004-Q, Class 1A2, VAR, 2.633%, 09/25/34		911
	281	Series 2005-AR2, Class 2A2, VAR, 2.616%, 03/25/35		286
	1,048	Series 2005-AR3, Class 2A1, VAR, 2.697%, 03/25/35		1,059
	767	Series 2005-AR4, Class 2A2, VAR, 2.632%, 04/25/35		770
	3,335	Series 2005-AR5, Class 1A1, VAR, 2.665%, 04/25/35		3,330
	360	Series 2005-AR7, Class 2A1, VAR, 2.739%, 05/25/35		357
	6,268	Series 2005-AR8, Class 1A1, VAR, 2.705%, 06/25/35		6,379
	4,377	Series 2005-AR10, Class 1A1, VAR, 2.671%, 06/25/35		4,466
	882	Series 2005-AR11, Class 1A1, VAR, 2.619%, 06/25/35		874
	3,439	Series 2005-AR16, Class 6A3, VAR, 2.700%, 10/25/35		3,450
	552	Series 2005-AR16, Class 7A1, VAR, 5.193%, 10/25/35		542
	2,664	Series 2006-4, Class 1A9, 5.750%, 04/25/36		2,745
	664	Series 2006-AR2, Class 2A3, VAR, 2.625%, 03/25/36		655
	3,884	Series 2006-AR6, Class 5A1, VAR, 2.679%, 03/25/36		3,878
	748	Series 2006-AR19, Class A3, VAR, 5.583%, 12/25/36		722
	657	Series 2007-2, Class 1A13, 6.000%, 03/25/37		646

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States –– continued
	38	Series 2007-5, Class 2A3, 5.500%, 05/25/22		39
	1,208	Series 2007-15, Class A1, 6.000%, 11/25/37		1,196
		Total Collateralized Mortgage Obligations (Cost $485,384)		494,856
	Commercial Mortgage-Backed Securities — 1.1%
		United States — 1.1%
		Banc of America Commercial Mortgage Trust,
	3,270	Series 2006-2, Class B, VAR, 5.762%, 05/10/45		3,311
	5,000	Series 2007-3, Class B, VAR, 5.575%, 06/10/49		5,120
		Bear Stearns Commercial Mortgage Securities Trust,
	2,501	Series 2006-PW13, Class AJ, VAR, 5.611%, 09/11/41		2,534
	7,165	Series 2006-PW13, Class C, VAR, 5.680%, 09/11/41 (e)		6,867
	7,080	Series 2007-PW16, Class AJ, VAR, 5.705%, 06/11/40		7,228
	5,790	Series 2007-PW17, Class AJ, VAR, 5.886%, 06/11/50		5,932
	5,769	CD Commercial Mortgage Trust, Series 2005-CD1, Class E, VAR, 5.202%, 07/15/44		5,774
		CD Mortgage Trust,
	2,400	Series 2007-CD5, Class B, VAR, 6.124%, 11/15/44		2,529
	3,159	Series 2007-CD5, Class D, VAR, 6.124%, 11/15/44 (e)		3,208
		COMM Mortgage Trust,
	2,085	Series 2006-C8, Class CJ, 5.377%, 12/10/46		2,105
	5,400	Series 2015-CR23, Class CMC, VAR, 3.685%, 05/10/48 (e)		5,328
	2,560	Credit Suisse Commercial Mortgage Trust, Series 2006-C1, Class E, VAR, 5.463%, 02/15/39		2,568
	2,850	GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class AM, VAR, 5.290%, 11/10/45		2,877
	4,150	GS Mortgage Securities Trust, Series 2006-GG8, Class AJ, 5.622%, 11/10/39		4,219

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		JP Morgan Chase Commercial Mortgage Securities Trust,
	2,400	Series 2006-LDP8, Class D, VAR, 5.618%, 05/15/45		2,403
	4,850	Series 2007-LD11, Class AM, VAR, 5.774%, 06/15/49		5,056
		LB-UBS Commercial Mortgage Trust,
	2,410	Series 2006-C6, Class B, VAR, 5.472%, 09/15/39		2,426
	4,800	Series 2007-C1, Class AJ, 5.484%, 02/15/40		4,964
	1,240	Series 2007-C1, Class C, VAR, 5.533%, 02/15/40		1,257
	9,200	Series 2007-C6, Class AJ, VAR, 6.124%, 07/15/40		9,507
	2,400	ML-CFC Commercial Mortgage Trust, Series 2006-3, Class AJ, VAR, 5.485%, 07/12/46		2,429
		Morgan Stanley Capital I Trust,
	3,018	Series 2005-HQ7, Class C, VAR, 5.190%, 11/14/42		3,023
	3,480	Series 2006-HQ8, Class C, VAR, 5.505%, 03/12/44		3,459
	1,725	Series 2006-HQ9, Class AJ, VAR, 5.862%, 07/12/44		1,754
	3,850	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		3,941
	5,225	Series 2007-HQ11, Class AJ, VAR, 5.508%, 02/12/44		5,363
	2,922	Series 2007-HQ11, Class D, VAR, 5.538%, 02/12/44		2,950
		Wachovia Bank Commercial Mortgage Trust,
	5,100	Series 2006-C24, Class AJ, VAR, 5.658%, 03/15/45		5,137
	2,400	Series 2006-C29, Class AJ, VAR, 5.368%, 11/15/48		2,432
	7,275	Series 2007-C31, Class AJ, VAR, 5.660%, 04/15/47		7,428
	2,075	Series 2007-C33, Class AJ, VAR, 5.951%, 02/15/51		2,146
	2,650	Series 2007-C33, Class B, VAR, 5.951%, 02/15/51		2,680
	6,313	Series 2007-C33, Class C, VAR, 5.951%, 02/15/51		6,334
	2,500	Series 2007-C34, Class AJ, VAR, 5.946%, 05/15/46		2,600
		Total Commercial Mortgage-Backed Securities (Cost $138,163)		136,889

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — 42.7%
		Australia — 1.4%
	728	BHP Billiton plc		13,363
	1,872	Dexus Property Group (m)		10,624
	7,990	Goodman Group (m)		38,105
	10,062	Mirvac Group (m)		13,863
	5,421	Scentre Group (m)		15,655
	2,600	Suncorp Group Ltd.		27,069
	3,250	Transurban Group		23,653
	5,460	Westfield Corp. (m)		39,932
				182,264
		Belgium — 0.4%
	272	Ageas		11,206
	264	Proximus		9,943
	168	Solvay S.A.		22,485
	65	Warehouses De Pauw CVA (m)		5,096
				48,730
		Bermuda — 0.0% (g)
	32	Validus Holdings Ltd.		1,485
		Brazil — 0.1%
	402	AMBEV S.A., ADR		2,282
	299	Banco do Brasil S.A.		1,903
	176	BB Seguridade Participacoes S.A.		1,660
	334	CCR S.A.		1,486
	261	Cia Energetica de Minas Gerais, ADR		719
	208	Tractebel Energia S.A.		2,155
				10,205
		Canada — 0.9%
	608	Allied Properties Real Estate Investment Trust (m)		16,934
	653	Bank of Nova Scotia (The) (m)		32,062
	323	Canadian Apartment Properties REIT (m)		6,922
	144	Canadian Real Estate Investment Trust (m)		4,685
	335	H&R Real Estate Investment Trust (m)		5,715
	602	RioCan Real Estate Investment Trust (m)		12,333
	863	TransCanada Corp. (m)		33,546
				112,197

SHARES		SECURITY DESCRIPTION	VALUE
		Chile — 0.0% (g)
	123	Banco Santander Chile, ADR		2,489
		China — 0.2%
	6,648	Bank of China Ltd., Class H		3,633
	4,416	China Construction Bank Corp., Class H		3,602
	1,201	China Shenhua Energy Co., Ltd., Class H		2,280
	4,978	Industrial & Commercial Bank of China Ltd., Class H		3,420
	628	MGM China Holdings Ltd.		1,330
	15,478	PetroChina Co., Ltd., Class H		15,248
				29,513
		Denmark — 0.5%
	1,519	Danske Bank A/S (m)		47,499
	109	Pandora A/S		12,280
	241	Tryg A/S		4,855
				64,634
		Finland — 0.7%
	308	Elisa OYJ		10,385
	274	Nokian Renkaat OYJ		8,236
	206	Orion OYJ, Class B		8,615
	264	Sampo OYJ, Class A		13,039
	685	Stora Enso OYJ, Class R		6,449
	2,615	UPM-Kymmene OYJ		48,296
				95,020
		France — 2.8%
	2,028	AXA S.A.		53,417
	313	BNP Paribas S.A.		20,353
	249	Bouygues S.A.		9,144
	599	Credit Agricole S.A.		9,429
	92	Fonciere Des Regions (m)		7,942
	67	Gaztransport Et Technigaz S.A.		4,080
	46	Gecina S.A. (m)		5,887
	122	ICADE (m)		9,066
	469	Klepierre (m)		21,361
	212	Lagardere S.C.A.		6,349
	1,254	Natixis S.A.		9,202
	866	Orange S.A.		14,240
	274	Sanofi		29,563
	271	SCOR SE		10,374
	296	Societe Generale S.A.		14,510
	532	Suez Environnement Co.		10,197
	366	Unibail-Rodamco SE (m)		97,277

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		France — continued
	505	Veolia Environnement S.A.		11,290
	537	Vivendi S.A.		14,107
				357,788
		Germany — 1.7%
	130	Allianz SE		21,332
	806	alstria office REIT-AG (a) (m)		11,135
	92	Axel Springer SE		5,171
	159	BASF SE		13,774
	662	Daimler AG		59,209
	331	Deutsche Annington Immobilien SE		10,329
	56	Deutsche Post AG		1,706
	2,937	Deutsche Telekom AG		53,103
	57	Hannover Rueck SE		6,083
	75	Muenchener Rueckversicherungs-Gesellschaft AG		13,826
	203	ProSiebenSat.1 Media SE		10,356
	402	TUI AG		6,905
				212,929
		Hong Kong — 0.3%
	220	China Mobile Ltd.		2,873
	1,046	China Resources Power Holdings Co., Ltd.		2,687
	168	Hang Seng Bank Ltd. (m)		3,442
	1,557	Hongkong Land Holdings Ltd.		11,985
	1,984	Link REIT (The) (m)		11,664
	4,319	New World Development Co., Ltd. (m)		5,215
	818	Sands China Ltd.		3,612
	120	VTech Holdings Ltd.		1,496
				42,974
		Hungary — 0.0% (g)
	123	OTP Bank plc		2,515
		India — 0.1%
	487	Coal India Ltd.		3,331
	509	ITC Ltd.		2,586
				5,917
		Indonesia — 0.0% (g)
	413	Indo Tambangraya Megah Tbk PT		296
	14,183	Telekomunikasi Indonesia Persero Tbk PT		3,078
				3,374
		Ireland — 0.4%
	478	Accenture plc, Class A		49,265
		Italy — 0.8%
	601	Assicurazioni Generali S.p.A.		11,841
	396	Atlantia S.p.A.		10,571

SHARES		SECURITY DESCRIPTION	VALUE
		Italy — continued
	15,106	Intesa Sanpaolo S.p.A.		58,159
	2,052	Snam S.p.A.		10,098
	2,031	Terna Rete Elettrica Nazionale S.p.A.		9,473
				100,142
		Japan — 2.4%
	4	GLP J-Reit (m)		4,049
	733	Japan Airlines Co., Ltd.		27,640
	3	Japan Logistics Fund, Inc. (m)		6,001
	1	Japan Real Estate Investment Corp. (m)		3,247
	1,723	Japan Tobacco, Inc. (m)		66,893
	9,062	Mitsubishi UFJ Financial Group, Inc.		65,948
	4	Nippon Prologis REIT, Inc. (m)		8,268
	1,235	Nippon Telegraph & Telephone Corp. (m)		47,567
	5	Orix JREIT, Inc. (m)		6,854
	514	Seven & i Holdings Co., Ltd.		23,707
	715	Toyota Motor Corp. (m)		47,578
				307,752
		Luxembourg — 0.1%
	70	Millicom International Cellular S.A., SDR		5,132
	102	RTL Group S.A.		9,261
				14,393
		Malaysia — 0.0% (g)
	333	Lafarge Malaysia Bhd (m)		823
		Mexico — 0.0% (g)
	1,411	Kimberly-Clark de Mexico S.A.B. de C.V., Class A (m)		3,274
		Netherlands — 1.4%
	78	Eurocommercial Properties N.V., CVA		3,379
	4,277	ING Groep N.V., CVA		72,737
	1,147	NN Group N.V.		35,352
	1,687	Royal Dutch Shell plc, Class A		48,364
	227	Vastned Retail N.V. (m)		10,329
	56	Wereldhave N.V. (m)		3,328
				173,489
		Norway — 0.3%
	370	Gjensidige Forsikring ASA		5,951
	1,204	Orkla ASA		9,599
	585	Statoil ASA		9,862
	529	Telenor ASA		11,619
				37,031

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Poland — 0.0% (g)
	28	Powszechny Zaklad Ubezpieczen S.A.		3,180
		Portugal — 0.1%
	2,589	EDP - Energias de Portugal S.A.		9,575
		Russia — 0.1%
	71	Lukoil PJSC, ADR		2,926
	88	MegaFon PJSC, Reg. S, GDR		1,089
	170	MMC Norilsk Nickel PJSC, ADR		2,623
	147	Mobile TeleSystems PJSC, ADR		1,208
	113	Severstal PAO, Reg. S, GDR		1,278
				9,124
		Singapore — 0.4%
	2,254	Ascendas Real Estate Investment Trust (m)		3,974
	8,858	CapitaLand Commercial Trust (m)		9,197
	3,424	Hutchison Port Holdings Trust, Class U		2,055
	4,684	Mapletree Logistics Trust (m)		3,790
	11,928	Singapore Telecommunications Ltd. (m)		35,625
				54,641
		South Africa — 0.4%
	297	AVI Ltd.		1,872
	240	Barclays Africa Group Ltd. (m)		3,521
	153	Bidvest Group Ltd. (The)		3,708
	177	Imperial Holdings Ltd.		2,373
	1,075	Investec plc		9,808
	1,124	Life Healthcare Group Holdings Ltd.		3,316
	802	MMI Holdings Ltd.		1,867
	1,422	MTN Group Ltd.		23,678
				50,143
		South Korea — 0.1%
	58	Kangwon Land, Inc.		2,103
	41	KT&G Corp.		3,807
	106	SK Telecom Co., Ltd., ADR		2,548
				8,458
		Spain — 1.1%
	544	Abertis Infraestructuras S.A.		8,911
	286	ACS Actividades de Construccion y Servicios S.A.		9,604
	2,244	Banco Santander S.A.		15,514
	320	Enagas S.A.		8,984
	485	Endesa S.A.		10,179
	321	Ferrovial S.A.		7,803
	2,161	Iberdrola S.A.		15,240
	2,540	Mapfre S.A.		8,175
	122	Red Electrica Corp. S.A.		9,745

SHARES		SECURITY DESCRIPTION	VALUE
		Spain — continued
	1,533	Repsol S.A.		25,771
	1,360	Telefonica S.A.		20,861
				140,787
		Sweden — 0.8%
	1,059	Electrolux AB, Series B (m)		30,396
	226	ICA Gruppen AB		8,258
	1,172	Nordea Bank AB		14,591
	996	Skandinaviska Enskilda Banken AB, Class A		11,985
	458	Skanska AB, Class B		9,648
	835	Svenska Handelsbanken AB, Class A		12,784
	521	Swedbank AB, Class A		12,207
	667	Tele2 AB, Class B		6,939
				106,808
		Switzerland — 2.3%
	66	ACE Ltd.		7,222
	42	Baloise Holding AG		5,376
	8	Banque Cantonale Vaudoise		5,443
	71	Cembra Money Bank AG (a)		4,304
	274	Credit Suisse Group AG (a)		8,079
	68	Kuehne + Nagel International AG		9,404
	465	Nestle S.A.		35,162
	515	Novartis AG		53,481
	207	Roche Holding AG		59,928
	116	Swiss Prime Site AG (a)		9,228
	612	Swiss Re AG		55,047
	19	Swisscom AG		11,137
	638	UBS Group AG (a)		14,672
	55	Zurich Insurance Group AG (a) (m)		16,704
				295,187
		Taiwan — 0.5%
	193	Asustek Computer, Inc.		1,744
	1,158	Cheng Shin Rubber Industry Co., Ltd.		2,237
	342	Chicony Electronics Co., Ltd.		888
	704	Delta Electronics, Inc.		3,463
	631	Far EasTone Telecommunications Co., Ltd.		1,477
	2,306	MediaTek, Inc.		24,241
	291	Novatek Microelectronics Corp.		1,056
	404	President Chain Store Corp.		2,938
	1,473	Quanta Computer, Inc.		2,852
	606	Radiant Opto-Electronics Corp.		1,805
	13,207	Siliconware Precision Industries Co., Ltd.		14,997
	203	Simplo Technology Co., Ltd.		836

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Taiwan — continued
	1,002	Taiwan Mobile Co., Ltd.		3,314
	148	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		3,266
	423	Tripod Technology Corp.		666
	1,803	Vanguard International Semiconductor Corp.		2,116
				67,896
		Thailand — 0.1%
	463	Advanced Info Service PCL		3,282
	171	Siam Cement PCL (The)		2,573
				5,855
		Turkey — 0.1%
	366	Arcelik A.S.		1,928
	648	Eregli Demir ve Celik Fabrikalari TAS		970
	372	Tofas Turk Otomobil Fabrikasi A.S.		2,436
	516	Turk Telekomunikasyon A.S.		1,280
	269	Turkcell Iletisim Hizmetleri A.S.		1,233
				7,847
		United Arab Emirates — 0.0% (g)
	532	First Gulf Bank PJSC		2,244
		United Kingdom — 7.5%
	403	Admiral Group plc		9,314
	861	AstraZeneca plc (m)		58,126
	4,956	Aviva plc		40,296
	8,121	BAE Systems plc (m)		60,802
	4,834	Barclays plc		21,800
	1,077	Barratt Developments plc (m)		10,659
	4,470	BP plc (m)		27,534
	452	British American Tobacco plc		26,856
	3,628	British Land Co. plc (The) (m)		47,579
	1,771	BT Group plc		12,816
	300	Compass Group plc		4,806
	7,471	Direct Line Insurance Group plc		42,637
	330	easyJet plc		8,467
	2,192	G4S plc		9,397
	3,087	GlaxoSmithKline plc		67,094
	3,446	Hammerson plc (m)		35,378
	4,315	HSBC Holdings plc		38,975
	1,163	ICAP plc		9,355
	336	Imperial Tobacco Group plc		17,623
	676	Inmarsat plc		9,357
	1,773	Intu Properties plc (m)		9,121
	2,822	ITV plc		12,347

SHARES		SECURITY DESCRIPTION	VALUE
		United Kingdom — continued
	3,281	Legal & General Group plc		13,344
	38,919	Lloyds Banking Group plc		50,680
	1,304	Marks & Spencer Group plc		11,072
	1,259	National Grid plc		16,755
	108	Next plc		13,446
	3,302	Old Mutual plc		10,921
	1,502	Persimmon plc (a)		47,918
	1,189	Royal Mail plc		9,366
	2,955	Safestore Holdings plc (m)		13,915
	138	Schroders plc		6,812
	2,833	Segro plc (m)		19,857
	311	Severn Trent plc		10,687
	729	Sky plc		12,967
	1,560	Standard Life plc		11,046
	3,200	Taylor Wimpey plc		9,699
	674	Unilever plc		30,580
	714	United Utilities Group plc		9,930
	20,788	Vodafone Group plc		78,745
	1,451	William Hill plc		9,167
				967,246
		United States — 14.7%
	87	3M Co.		13,136
	206	AbbVie, Inc.		14,430
	1,073	Altria Group, Inc.		58,328
	136	Analog Devices, Inc.		7,911
	380	Apartment Investment & Management Co., Class A (m)		14,840
	386	Apple, Inc. (m)		46,826
	47	Arthur J. Gallagher & Co.		2,219
	89	Automatic Data Processing, Inc.		7,108
	185	AvalonBay Communities, Inc. (m)		31,866
	262	BB&T Corp.		10,546
	210	Boston Properties, Inc. (m)		25,901
	836	Bristol-Myers Squibb Co.		54,889
	520	Brixmor Property Group, Inc. (m)		12,734
	94	Chevron Corp.		8,316
	112	Cincinnati Financial Corp.		6,174
	80	Cinemark Holdings, Inc.		3,144
	675	CME Group, Inc.		64,845
	163	CMS Energy Corp. (m)		5,599
	342	Coca-Cola Co. (The) (m)		14,043
	103	Coca-Cola Enterprises, Inc.		5,269
	260	Columbia Pipeline Group, Inc.		7,588
	56	Comcast Corp., Class A		3,520

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States –– continued
	111	ConocoPhillips		5,600
	1	Constar International, Inc., ADR (a) (i)		—
	26	Cullen/Frost Bankers, Inc.		1,869
	165	DCT Industrial Trust, Inc. (m)		5,723
	425	DiamondRock Hospitality Co. (m)		5,358
	314	Douglas Emmett, Inc. (m)		9,195
	67	Dr. Pepper Snapple Group, Inc.		5,378
	36	DTE Energy Co.		2,856
	4	Dynegy, Inc. (a)		98
	410	E.I. du Pont de Nemours & Co. (m)		22,850
	82	Edison International		4,916
	113	Eli Lilly & Co.		9,516
	700	Equity One, Inc. (m)		17,961
	178	Extra Space Storage, Inc. (m)		13,072
	249	Exxon Mobil Corp. (m)		19,718
	131	Fidelity National Information Services, Inc.		8,560
	780	General Growth Properties, Inc. (m)		21,164
	715	General Motors Co.		22,529
	594	HCP, Inc. (m)		22,960
	210	Health Care REIT, Inc. (m)		14,568
	451	Healthcare Realty Trust, Inc. (m)		10,849
	121	Hershey Co. (The) (m)		11,284
	433	Highwoods Properties, Inc. (m)		18,342
	767	Home Depot, Inc. (The)		89,798
	161	Honeywell International, Inc. (m)		16,889
	142	Illinois Tool Works, Inc.		12,702
	183	Johnson & Johnson (m)		18,332
	139	Kilroy Realty Corp. (m)		9,862
	644	KLA-Tencor Corp.		34,162
	147	L Brands, Inc.		11,857
	727	LaSalle Hotel Properties (m)		24,171
	967	Liberty Property Trust (m)		32,895
	43	M&T Bank Corp.		5,645
	125	Macerich Co. (The) (m)		9,927
	121	Marathon Petroleum Corp.		6,588
	1,307	Merck & Co., Inc. (m)		77,041
	2,006	Microsoft Corp.		93,678
	300	Mid-America Apartment Communities, Inc. (m)		24,102
	248	Mondelez International, Inc., Class A		11,182
	1,131	Morgan Stanley		43,931
	587	National Retail Properties, Inc. (m)		21,811
	3	Nebraska Book Holdings, Inc. (a) (i)		9

SHARES			SECURITY DESCRIPTION	VALUE
			United States –– continued
	—	(h)	New Cotai LLC/New Cotai Capital Corp., Class B, ADR (a) (i)		101
	351		NextEra Energy, Inc.		36,940
	178		NII Holdings, Inc. (a)		2,540
	260		NiSource, Inc.		4,540
	117		Northern Trust Corp. (m)		8,979
	670		Occidental Petroleum Corp. (m)		47,059
	408		Omega Healthcare Investors, Inc. (m)		14,792
	92		Omnicom Group, Inc. (m)		6,709
	666		PACCAR, Inc.		43,182
	285		Parkway Properties, Inc. (m)		5,116
	1,414		Pfizer, Inc. (m)		51,000
	151		PNC Financial Services Group, Inc. (The)		14,851
	63		PPG Industries, Inc. (m)		6,868
	173		Procter & Gamble Co. (The) (m)		13,291
	846		Prologis, Inc. (m)		34,340
	110		Public Storage (m)		22,529
	290		Regency Centers Corp. (m)		18,577
	277		Reynolds American, Inc.		23,737
	85		Sempra Energy		8,657
	171		Simon Property Group, Inc. (m)		32,058
	26		SL Green Realty Corp.		3,040
	23		Snap-on, Inc. (m)		3,870
	3		Somerset Cayuga Holding Co., Inc. (a) (i)		65
	1,544		Spirit Realty Capital, Inc. (m)		15,674
	147		T. Rowe Price Group, Inc.		11,304
	193		Texas Instruments, Inc.		9,638
	19		Time Warner Cable, Inc.		3,592
	172		Time Warner, Inc.		15,156
	181		Travelers Cos., Inc. (The) (m)		19,206
	349		U.S. Bancorp		15,783
	361		United Technologies Corp. (m)		36,186
	337		Verizon Communications, Inc. (m)		15,752
	110		Vornado Realty Trust (m)		10,730
	460		Weingarten Realty Investors (m)		16,172
	1,612		Wells Fargo & Co.		93,303
					1,883,517
			Total Common Stocks (Cost $4,998,372)		5,470,711

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL/ UNIT AMOUNT		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — 1.1%
		Austria — 0.0% (g)
EUR	16,698 Units	IMMOFINANZ AG, 4.250%, 03/08/18		841
		Cayman Islands — 0.1%
	2,800	China Overseas Finance Investment Cayman IV Ltd., Reg. S, Zero Coupon, 02/04/21		3,220
	1,099	Ctrip.com International Ltd., 1.000%, 07/01/20 (e)		1,041
HKD	12,000 Units	Hengan International Group Co., Ltd., Reg. S, Zero Coupon, 06/27/18		1,645
HKD	6,000	Kingsoft Corp., Ltd., 1.250%, 04/11/19		733
		Qihoo 360 Technology Co., Ltd.,
	1,400	1.750%, 08/15/21 (e)		1,228
	1,000	2.500%, 09/15/18		970
	1,279	SINA Corp., 1.000%, 12/01/18		1,195
	946	SouFun Holdings Ltd., 2.000%, 12/15/18		885
	500	TPK Holding Co., Ltd., Reg. S, Zero Coupon, 04/08/20		457
				11,374
		France — 0.0% (g)
EUR	9,364 Units	Air France-KLM, 2.030%, 02/15/23		1,097
		Hungary — 0.0% (g)
EUR	2,300	Magyar Nemzeti Vagyonkezelo Zrt, Reg. S, 3.375%, 04/02/19		2,737
		Italy — 0.0% (g)
EUR	900	Telecom Italia S.p.A, 1.125%, 03/26/22		1,088
		Luxembourg — 0.1%
	4,200	Subsea 7 S.A., Reg. S, 1.000%, 10/05/17		3,817
EUR	2,300	Telecom Italia Finance S.A., Reg. S, 6.125%, 11/15/16		3,846
				7,663
		Netherlands — 0.1%
EUR	600	Amorim Energia B.V., Reg. S, 3.375%, 06/03/18		683
	4,850 Units	Fiat Chrysler Automobiles N.V., 7.875%, 12/15/16		6,577
EUR	5,100	Volkswagen International Finance N.V., 5.500%, 11/09/15 (e)		6,069
	1,481	Yandex N.V., 1.125%, 12/15/18		1,250
				14,579
		Singapore — 0.0% (g)
SGD	8,250	CapitaLand Ltd., Reg. S, 1.850%, 06/19/20		5,633
		South Africa — 0.0% (g)
ZAR	63	Shoprite Investments Pty Ltd., Reg. S, 6.500%, 04/03/17		549

PRINCIPAL/ UNIT AMOUNT		SECURITY DESCRIPTION	VALUE
		Spain — 0.1%
EUR	1,300	CaixaBank S.A., Reg. S, 4.500%, 11/22/16		1,199
EUR	700	OHL Investments S.A., Reg. S, 4.000%, 04/25/18		707
EUR	2,500	Telefonica Participaciones SAU, 4.900%, 09/25/17		3,147
EUR	800	Telefonica S.A., Reg. S, 6.000%, 07/24/17		1,138
				6,191
		United Arab Emirates — 0.0% (g)
EUR	1,800	Aabar Investments PJSC, 0.500%, 03/27/20		2,071
	2,800	DP World Ltd., Reg. S, 1.750%, 06/19/24		3,080
				5,151
		United Kingdom — 0.1%
GBP	600	Balfour Beatty Finance No.2 Ltd., Reg. S, 1.875%, 12/03/18		901
	3,800	Newford Capital Ltd., Zero Coupon, 05/12/16		4,166
HKD	10,000	Shine Power International Ltd., Zero Coupon, 07/28/19		1,258
HKD	8,000	Tong Jie Ltd., Zero Coupon, 02/18/18		1,061
	1,900	Vedanta Resources Jersey Ltd., Reg. S, 5.500%, 07/13/16		1,836
				9,222
		United States — 0.6%
		Ares Capital Corp.,
	1,896	4.750%, 01/15/18		1,929
	1,978	4.875%, 03/15/17		2,042
	2,138	Centerpoint Energy Resources Corp., 2.297%, 09/15/29		1,478
	807	Cheniere Energy, Inc., 4.250%, 03/15/45		606
		Chesapeake Energy Corp.,
	3,818	2.250%, 12/15/38		3,083
	2,217	2.500%, 05/15/37		1,990
	1,354	Cobalt International Energy, Inc., 3.125%, 05/15/24		859
	997	Colony Capital, Inc., 3.875%, 01/15/21		1,006
	1,758	FireEye, Inc., Series B, 1.625%, 06/01/35 (e)		1,794
	1,136	Hologic, Inc., Series 2012, SUB, 2.000%, 03/01/42		1,598
	649	IAS Operating Partnership LP, 5.000%, 03/15/18 (e)		623
	900	Impax Laboratories, Inc., 2.000%, 06/15/22 (e)		927
		Intel Corp.,
	5,169	2.950%, 12/15/35		6,083
	1,867	3.250%, 08/01/39		2,714

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL/ UNIT AMOUNT		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		United States –– continued
	329	Jarden Corp., 1.125%, 03/15/34		407
		Liberty Interactive LLC,
	559	1.000%, 09/30/43 (e)		562
	1,791	4.000%, 11/15/29		1,111
	2,781	Liberty Media Corp., 1.375%, 10/15/23		2,684
	3,053	Microchip Technology, Inc., 1.625%, 02/15/25 (e)		2,870
	1,851	Micron Technology, Inc., Series G, 3.000%, 11/15/43		1,724
	721	Navistar International Corp., 4.750%, 04/15/19		570
	612	Nuance Communications, Inc., 2.750%, 11/01/31		621
	689	Omnicare, Inc., 3.250%, 12/15/35		866
	1,473	ON Semiconductor Corp., 1.000%, 12/01/20 (e)		1,422
	3,318	Priceline Group, Inc. (The), 0.900%, 09/15/21 (e)		3,223
		Prospect Capital Corp.,
	3,261	5.750%, 03/15/18		3,237
	2,677	5.875%, 01/15/19		2,640
	61	Real Mex Restaurants, Inc., 1.120%, 03/21/18 (i)		—	(h)
	2,765	Redwood Trust, Inc., 4.625%, 04/15/18		2,670
	698	SEACOR Holdings, Inc., 3.000%, 11/15/28		572
	879	SolarCity Corp., 1.625%, 11/01/19 (e)		853
		Spirit Realty Capital, Inc.,
	1,425	2.875%, 05/15/19		1,354
	1,414	3.750%, 05/15/21		1,324
	2,430	Starwood Property Trust, Inc., 3.750%, 10/15/17		2,447
	1,708	SunEdison, Inc., 2.625%, 06/01/23 (e)		1,545
	826	SunPower Corp., 0.875%, 06/01/21		776
	4,414	Tesla Motors, Inc., 1.250%, 03/01/21		4,309
	549	Trinity Industries, Inc., 3.875%, 06/01/36		737
		Twitter, Inc.,
	1,204	0.250%, 09/15/19 (e)		1,059
	1,870	1.000%, 09/15/21 (e)		1,619
	140	Upstate New York Power Producers, Inc., 20.000% (PIK), 06/15/17 (e) (i) (v)		266
	1,334	VEREIT, Inc., 3.750%, 12/15/20		1,260
	1,389	Whiting Petroleum Corp., 1.250%, 04/01/20 (e)		1,202
	1,041	Wright Medical Group, Inc., 2.000%, 02/15/20 (e)		1,100

PRINCIPAL/ UNIT AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
				71,762
		Total Convertible Bonds (Cost $141,418)		137,887
	Corporate Bonds — 29.2%
		Argentina — 0.0% (g)
		YPF S.A.,
	1,190	8.500%, 07/28/25 (e)		1,143
	950	Reg. S, 8.750%, 04/04/24		938
				2,081
		Australia — 0.1%
	714	BlueScope Steel Finance Ltd./BlueScope Steel Finance USA LLC, 7.125%, 05/01/18 (e)		712
	10,253	FMG Resources August 2006 Pty Ltd., 8.250%, 11/01/19 (e)		7,459
	1,560	Nufarm Australia Ltd., 6.375%, 10/15/19 (e)		1,584
				9,755
		Azerbaijan — 0.0% (g)
	3,650	State Oil Co. of the Azerbaijan Republic, Reg. S, 4.750%, 03/13/23		3,394
		Bahamas — 0.0% (g)
	3,050	Ultrapetrol Bahamas Ltd., 8.875%, 06/15/21		2,554
		Bermuda — 0.1%
		Aircastle Ltd.,
	3,400	6.750%, 04/15/17		3,630
	5,872	7.625%, 04/15/20		6,782
	3,730	Digicel Group Ltd., Reg. S, 7.125%, 04/01/22		3,441
	425	Fly Leasing Ltd., 6.750%, 12/15/20		439
	1,076	NCL Corp., Ltd., 5.250%, 11/15/19 (e)		1,113
		Viking Cruises Ltd.,
	705	6.250%, 05/15/25 (e)		700
	1,857	8.500%, 10/15/22 (e)		2,063
				18,168
		Brazil — 0.1%
	3,953	Banco Daycoval S.A., Reg. S, 5.750%, 03/19/19		4,033
	3,920	Votorantim Cimentos S.A., Reg. S, 7.250%, 04/05/41		3,577
				7,610

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Canada — 1.6%
		1011778 B.C. ULC/New Red Finance, Inc.,
	580	4.625%, 01/15/22 (e)		580
	6,870	6.000%, 04/01/22 (e)		7,092
	1,632	ATS Automation Tooling Systems, Inc., 6.500%, 06/15/23 (e)		1,656
		Baytex Energy Corp.,
	339	5.125%, 06/01/21 (e)		301
	359	5.625%, 06/01/24 (e)		309
		Bombardier, Inc.,
	965	4.750%, 04/15/19 (e)		871
	543	5.500%, 09/15/18 (e)		511
	648	6.125%, 01/15/23 (e)		525
	1,200	7.500%, 03/15/18 (e)		1,211
	1,250	7.500%, 03/15/25 (e)		1,034
	5,963	7.750%, 03/15/20 (e)		5,531
	604	Brookfield Residential Properties, Inc., 6.375%, 05/15/25 (e)		587
	987	Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.125%, 07/01/22 (e)		962
		Cascades, Inc.,
	1,330	5.500%, 07/15/22 (e)		1,287
	1,450	5.750%, 07/15/23 (e)		1,403
	1,710	Catamaran Corp., 4.750%, 03/15/21		1,937
	3,391	Concordia Healthcare Corp., 7.000%, 04/15/23 (e)		3,455
		First Quantum Minerals Ltd.,
	2,027	6.750%, 02/15/20 (e)		1,561
	1,197	7.000%, 02/15/21 (e)		913
	600	7.250%, 10/15/19 (e)		492
	3,650	Garda World Security Corp., 7.250%, 11/15/21 (e)		3,413
	1,681	HudBay Minerals, Inc., 9.500%, 10/01/20		1,647
	2,175	Jupiter Resources, Inc., 8.500%, 10/01/22 (e)		1,479
		Lundin Mining Corp.,
	1,580	7.500%, 11/01/20 (e)		1,604
	1,625	7.875%, 11/01/22 (e)		1,653
	1,067	Masonite International Corp., 5.625%, 03/15/23 (e)		1,099
	3,600	Mattamy Group Corp., 6.500%, 11/15/20 (e)		3,492
		MEG Energy Corp.,
	6,700	6.375%, 01/30/23 (e)		5,963
	650	6.500%, 03/15/21 (e)		607
	5,555	7.000%, 03/31/24 (e)		5,097

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada — continued
		New Gold, Inc.,
	2,685	6.250%, 11/15/22 (e)		2,390
	1,054	7.000%, 04/15/20 (e)		1,035
		NOVA Chemicals Corp.,
	685	5.000%, 05/01/25 (e)		678
	1,430	5.250%, 08/01/23 (e)		1,430
	3,155	Novelis, Inc., 8.750%, 12/15/20		3,329
	732	Open Text Corp., 5.625%, 01/15/23 (e)		730
		Pacific Rubiales Energy Corp.,
	2,230	5.375%, 01/26/19 (e)		1,566
	1,350	Reg. S, 5.125%, 03/28/23		854
	1,709	Reg. S, 5.625%, 01/19/25		1,075
		Precision Drilling Corp.,
	1,347	5.250%, 11/15/24		1,133
	210	6.500%, 12/15/21		199
	885	6.625%, 11/15/20		859
	7,860	Quebecor Media, Inc., 5.750%, 01/15/23		8,056
	50	Quebecor World Capital Corp., 6.125%, 07/15/15 (d) (i)		—	(h)
	50	Quebecor, Inc., 9.750%, 10/15/15 (d)		—	(h)
	1,005	Taseko Mines Ltd., 7.750%, 04/15/19		714
	9,855	Transcanada Trust, VAR, 5.625%, 05/20/75		9,855
	4,028	Trinidad Drilling Ltd., 7.875%, 01/15/19 (e)		3,907
		Ultra Petroleum Corp.,
	2,600	5.750%, 12/15/18 (e)		2,327
	1,554	6.125%, 10/01/24 (e)		1,197
		Valeant Pharmaceuticals International, Inc.,
	3,775	5.375%, 03/15/20 (e)		3,879
	930	5.500%, 03/01/23 (e)		951
	840	5.625%, 12/01/21 (e)		862
	24,140	5.875%, 05/15/23 (e)		25,103
	9,790	6.125%, 04/15/25 (e)		10,231
	3,475	6.375%, 10/15/20 (e)		3,662
	2,824	6.750%, 08/15/18 (e)		2,967
	7,840	6.750%, 08/15/21 (e)		8,163
	8,175	7.000%, 10/01/20 (e)		8,492
	6,147	7.250%, 07/15/22 (e)		6,485
	18,923	7.500%, 07/15/21 (e)		20,531
		Videotron Ltd.,
	4,026	5.000%, 07/15/22		4,072
	2,601	5.375%, 06/15/24 (e)		2,627
	3,200	Whiting Canadian Holding Co. ULC, 8.125%, 12/01/19		3,300
				200,931

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Cayman Islands — 0.2%
	1,670	Comcel Trust via Comunicaciones Celulares S.A., Reg. S, 6.875%, 02/06/24		1,766
	1,400	Country Garden Holdings Co., Ltd., 7.500%, 03/09/20		1,457
	2,500	Reg. S, 7.500%, 01/10/23		2,556
	776	Odebrecht Finance Ltd., Reg. S, 7.125%, 06/26/42		526
	5,772	Odebrecht Offshore Drilling Finance Ltd., Reg. S, 6.750%, 10/01/22		3,694
	925	Shelf Drilling Holdings Ltd., 8.625%, 11/01/18 (e)		807
		Transocean, Inc.,
	460	6.500%, 11/15/20		398
	2,115	6.875%, 12/15/21		1,790
	1,076	UPCB Finance IV Ltd., 5.375%, 01/15/25 (e)		1,041
	3,371	UPCB Finance V Ltd., 7.250%, 11/15/21 (e)		3,632
	1,913	UPCB Finance VI Ltd., 6.875%, 01/15/22 (e)		2,041
	2,400	Vale Overseas Ltd., 6.875%, 11/21/36		2,238
	3,296	Wynn Macau Ltd., 5.250%, 10/15/21 (e)		3,123
				25,069
		Chile — 0.1%
	5,840	Cencosud S.A., Reg. S, 5.500%, 01/20/21		6,147
	7,980	Empresa Nacional de Telecomunicaciones S.A., 4.750%, 08/01/26 (e)		7,780
				13,927
		Colombia — 0.1%
	14,332	Ecopetrol S.A., 7.375%, 09/18/43 (m)		14,967
		Croatia — 0.1%
	13,000	Hrvatska Elektroprivreda, Reg. S, 6.000%, 11/09/17		13,585
		Finland — 0.0% (g)
		Nokia OYJ,
	904	5.375%, 05/15/19		961
	434	6.625%, 05/15/39		471
				1,432
		France — 0.2%
		Numericable-SFR SAS,
	424	4.875%, 05/15/19 (e)		430
	16,141	6.000%, 05/15/22 (e)		16,424
	3,730	Reg. S, 6.250%, 05/15/24 (e)		3,793
	3,185	Orange S.A., 5.500%, 02/06/44		3,372
				24,019

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Georgia — 0.1%
	6,418	Georgian Railway JSC, 7.750%, 07/11/22 (e)		6,747
		Germany — 0.0% (g)
	2,002	Deutsche Bank AG, 10.500%, 12/23/26 (a) (e) (i)		1,252
		Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH,
	800	5.000%, 01/15/25 (e)		788
EUR	582	5.125%, 01/21/23 (e)		680
	342	5.500%, 01/15/23 (e)		348
				3,068
		Hungary — 0.0% (g)
	5,020	MFB Magyar Fejlesztesi Bank Zrt, 6.250%, 10/21/20 (e)		5,614
		Indonesia — 0.2%
		Pertamina Persero PT,
	6,040	Reg. S, 5.250%, 05/23/21		6,266
	4,050	Reg. S, 5.625%, 05/20/43		3,569
	6,510	Reg. S, 6.000%, 05/03/42		6,022
	8,160	Reg. S, 6.450%, 05/30/44		7,986
				23,843
		Ireland — 0.2%
		AerCap Ireland Capital Ltd./AerCap Global Aviation Trust,
	457	4.250%, 07/01/20		461
	3,260	4.500%, 05/15/21 (e)		3,309
	583	4.625%, 07/01/22		594
	1,515	5.000%, 10/01/21 (e)		1,574
	12,283	Ardagh Packaging Finance plc, 9.125%, 10/15/20 (e)		12,943
		Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.,
	900	6.250%, 01/31/19 (e)		925
	88	7.000%, 11/15/20 (e)		89
	350	9.125%, 10/15/20 (e)		367
	3,205	VAR, 3.286%, 12/15/19 (e)		3,162
	920	Grifols Worldwide Operations Ltd., 5.250%, 04/01/22		929
	3,900	Russian Railways Via RZD Capital plc, Reg. S, 5.700%, 04/05/22		3,700
				28,053

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Israel — 0.1%
	8,850	Israel Electric Corp., Ltd., Reg. S, 5.000%, 11/12/24 (e)		9,160
		Italy — 0.1%
	8,600	Enel S.p.A., VAR, 8.750%, 09/24/73 (e)		10,081
	2,000	Telecom Italia S.p.A., 5.303%, 05/30/24 (e)		2,010
				12,091
		Japan — 0.0% (g)
	3,049	SoftBank Group Corp., 4.500%, 04/15/20 (e)		3,060
		Kazakhstan — 0.2%
		KazMunayGas National Co. JSC,
	4,160	Reg. S, 4.400%, 04/30/23		3,765
	15,900	Reg. S, 6.375%, 04/09/21		16,589
	2,500	Reg. S, 9.125%, 07/02/18		2,822
				23,176
		Liberia — 0.0% (g)
		Royal Caribbean Cruises Ltd.,
	1,315	5.250%, 11/15/22		1,363
	110	7.500%, 10/15/27		128
				1,491
		Luxembourg — 1.3%
		Actavis Funding SCS,
	1,880	4.750%, 03/15/45		1,773
	3,780	4.850%, 06/15/44		3,635
		Altice Financing S.A.,
	724	6.500%, 01/15/22 (e)		746
	6,762	6.625%, 02/15/23 (e)		6,965
	311	7.875%, 12/15/19 (e)		328
		Altice Finco S.A.,
	200	7.625%, 02/15/25 (e)		204
	200	8.125%, 01/15/24 (e)		208
	200	9.875%, 12/15/20 (e)		221
		Altice S.A.,
	1,915	7.625%, 02/15/25 (e)		1,877
	8,003	7.750%, 05/15/22 (e)		8,063
		ArcelorMittal,
	1,800	6.125%, 06/01/18		1,905
	1,585	6.125%, 06/01/25		1,510
	400	6.250%, 03/01/21		404
	15,150	7.000%, 02/25/22		15,529
	500	7.500%, 03/01/41		476
	2,000	7.750%, 10/15/39		1,930
	3,500	10.600%, 06/01/19		4,178

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Luxembourg –– continued
	945	Beverage Packaging Holdings Luxembourg II S.A./Beverage Packaging Holdings II Is, 5.625%, 12/15/16 (e)		940
	1,020	Capsugel S.A., 7.000% (Cash), 05/15/19 (e) (v)		1,033
	3,834	ConvaTec Healthcare E S.A., 10.500%, 12/15/18 (e)		4,035
	2,130	Gazprom OAO Via Gaz Capital S.A., Reg. S, 9.250%, 04/23/19		2,367
		INEOS Group Holdings S.A.,
	11,465	5.875%, 02/15/19 (e)		11,565
	1,378	6.125%, 08/15/18 (e)		1,402
		Intelsat Jackson Holdings S.A.,
	6,092	5.500%, 08/01/23		5,528
	13,831	6.625%, 12/15/22		12,621
	679	7.250%, 04/01/19		673
	23,427	7.250%, 10/15/20		23,222
	13,671	7.500%, 04/01/21		13,603
	1,958	Intelsat Luxembourg S.A., 7.750%, 06/01/21		1,557
		Mallinckrodt International Finance S.A.,
	160	3.500%, 04/15/18		160
	1,700	4.750%, 04/15/23		1,642
		Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,
	1,675	4.875%, 04/15/20 (e)		1,724
	3,385	5.500%, 04/15/25 (e)		3,410
	2,402	5.750%, 08/01/22 (e)		2,504
	3,150	Millicom International Cellular S.A., Reg. S, 6.625%, 10/15/21		3,282
	2,750	MOL Group Finance S.A., Reg. S, 6.250%, 09/26/19		2,980
	5,240	Nielsen Co. Luxembourg SARL (The), 5.500%, 10/01/21 (e)		5,371
	2,300	Russian Agricultural Bank OJSC Via RSHB Capital S.A., Reg. S, 5.298%, 12/27/17		2,280
		Wind Acquisition Finance S.A.,
	6,237	4.750%, 07/15/20 (e)		6,377
	2,584	7.375%, 04/23/21 (e)		2,739
				160,967
		Mexico — 0.4%
		Alfa S.A.B. de C.V.,
	4,412	6.875%, 03/25/44 (e)		4,544
	6,850	Reg. S, 5.250%, 03/25/24		7,141
	2,025	Cemex S.A.B. de C.V., 5.700%, 01/11/25 (e)		1,959

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Mexico –– continued
	734	6.125%, 05/05/25 (e)		729
	9,191	7.250%, 01/15/21 (e)		9,743
	300	VAR, 5.039%, 10/15/18 (e)		315
	570	Empresas ICA S.A.B. de C.V., 8.875%, 05/29/24 (e)		373
	2,150	Grupo KUO S.A.B. de C.V., Reg. S, 6.250%, 12/04/22		2,206
	2,154	Mexichem S.A.B. de C.V., Reg. S, 6.750%, 09/19/42		2,224
	5,829	Nemak S.A.B de C.V., Reg. S, 5.500%, 02/28/23		5,975
		Petroleos Mexicanos,
	10,899	5.625%, 01/23/46 (e)		10,184
	1,920	6.500%, 06/02/41		2,007
	7,320	6.625%, 06/15/35		7,832
				55,232
		Morocco — 0.2%
		OCP S.A.,
	1,770	4.500%, 10/22/25 (e)		1,697
	15,420	Reg. S, 5.625%, 04/25/24		16,172
	6,221	Reg. S, 6.875%, 04/25/44		6,508
				24,377
		Netherlands — 0.6%
	985	Basell Finance Co., B.V., Class B, 8.100%, 03/15/27 (e)		1,292
	4,130	Bharti Airtel International Netherlands B.V., Reg. S, 5.125%, 03/11/23		4,377
	4,600	Bluewater Holding B.V., 10.000%, 12/10/19 (e)		3,588
	1,389	Constellium N.V., 5.750%, 05/15/24 (e)		1,153
		Fiat Chrysler Automobiles N.V.,
	2,584	4.500%, 04/15/20		2,616
	5,632	5.250%, 04/15/23		5,667
	746	InterGen N.V., 7.000%, 06/30/23 (e)		671
	4,700	Kazakhstan Temir Zholy Finance B.V., Reg. S, 6.950%, 07/10/42		4,254
	4,372	LYB International Finance B.V., 4.875%, 03/15/44		4,231
		LyondellBasell Industries N.V.,
	660	5.000%, 04/15/19		716
	2,225	6.000%, 11/15/21		2,531
	5,900	Majapahit Holding B.V., Reg. S, 7.750%, 01/20/20		6,829

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Netherlands –– continued
		NXP B.V./NXP Funding LLC,
	268	3.500%, 09/15/16 (e)		270
	1,000	3.750%, 06/01/18 (e)		1,013
	2,281	4.125%, 06/15/20 (e)		2,290
	2,665	4.625%, 06/15/22 (e)		2,638
	6,952	5.750%, 02/15/21 (e)		7,252
	4,574	5.750%, 03/15/23 (e)		4,734
		Petrobras Global Finance B.V.,
	1,181	4.875%, 03/17/20		1,092
	4,900	5.375%, 01/27/21		4,557
	1,722	6.850%, 06/05/15		1,392
		Schaeffler Finance B.V.,
	2,875	4.250%, 05/15/21 (e)		2,825
	975	4.750%, 05/15/21 (e)		977
		Sensata Technologies B.V.,
	1,383	4.875%, 10/15/23 (e)		1,369
	1,395	5.000%, 10/01/25 (e)		1,367
	514	5.625%, 11/01/24 (e)		530
				70,231
		Peru — 0.0% (g)
	2,324	Consorcio Transmantaro S.A., Reg. S, 4.375%, 05/07/23		2,307
		Singapore — 0.0% (g)
	480	Flextronics International Ltd., 5.000%, 02/15/23		487
		South Korea — 0.1%
	12,860	Woori Bank, 4.750%, 04/30/24 (e)		13,337
		Sri Lanka — 0.0% (g)
	680	National Savings Bank, 5.150%, 09/10/19 (e)		661
		Turkey — 0.1%
	4,300	Turk Telekomunikasyon A.S., Reg. S, 4.875%, 06/19/24		4,231
	2,240	Turkiye Garanti Bankasi A.S., 4.750%, 10/17/19 (e)		2,268
				6,499
		United Arab Emirates — 0.1%
		Abu Dhabi National Energy Co. PJSC,
	2,410	Reg. S, 2.500%, 01/12/18		2,428
	3,200	Reg. S, 3.625%, 01/12/23		3,200
	5,100	DP World Ltd., Reg. S, 6.850%, 07/02/37		5,604
				11,232

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United Kingdom — 0.5%
	3,075	Afren plc, Reg. S, 6.625%, 12/09/20 (d)		97
	1,655	Barclays Bank plc, 7.625%, 11/21/22		1,908
	565	CEVA Group plc, 4.000%, 05/01/18 (e)		503
	2,520	Gerdau Trade, Inc., Reg. S, 5.750%, 01/30/21		2,490
		International Game Technology plc,
	3,200	6.250%, 02/15/22 (e)		3,148
	4,000	6.500%, 02/15/25 (e)		3,835
		Jaguar Land Rover Automotive plc,
	3,528	4.125%, 12/15/18 (e)		3,563
	1,814	4.250%, 11/15/19 (e)		1,823
	300	5.625%, 02/01/23 (e)		303
		Royal Bank of Scotland Group plc,
	1,610	5.125%, 05/28/24		1,627
	643	6.000%, 12/19/23		689
	4,803	6.100%, 06/10/23		5,187
	9,022	6.125%, 12/15/22		9,684
	2,032	Royal Bank of Scotland plc (The), Reg. S, VAR, 9.500%, 03/16/22		2,242
	2,699	Sea Trucks Group Ltd., Reg. S, 9.000%, 03/26/18 (e)		2,159
	4,740	Star Energy Geothermal Wayang Windu Ltd., Reg. S, 6.125%, 03/27/20		4,491
	2,500	Studio City Finance Ltd., 8.500%, 12/01/20 (e)		2,550
		Vedanta Resources plc,
	5,150	Reg. S, 6.750%, 06/07/16		5,195
	4,310	Reg. S, 7.125%, 05/31/23		3,793
		Virgin Media Finance plc,
	889	5.750%, 01/15/25 (e)		892
	1,400	6.000%, 10/15/24 (e)		1,421
	943	6.375%, 04/15/23 (e)		985
		Virgin Media Secured Finance plc,
	975	5.250%, 01/15/26 (e)		941
	6,744	5.375%, 04/15/21 (e)		6,938
				66,464
		United States — 22.3%
	1,915	21st Century Fox America, Inc., 4.750%, 09/15/44		1,885
	6,379	AbbVie, Inc., 4.700%, 05/14/45		6,225
	1,900	Academy Ltd./Academy Finance Corp., 9.250%, 08/01/19 (e)		1,988

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Acadia Healthcare Co., Inc.,
	520	5.125%, 07/01/22		519
	700	5.625%, 02/15/23 (e)		710
	528	6.125%, 03/15/21		544
	6,620	ACCO Brands Corp., 6.750%, 04/30/20		7,017
	2,877	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		1,381
		Activision Blizzard, Inc.,
	585	5.625%, 09/15/21 (e)		614
	2,535	6.125%, 09/15/23 (e)		2,732
		ADT Corp. (The),
	3,370	3.500%, 07/15/22		3,086
	490	4.125%, 04/15/19		498
	5,980	4.125%, 06/15/23		5,591
	8,250	6.250%, 10/15/21		8,745
		Advanced Micro Devices, Inc.,
	1,216	6.750%, 03/01/19		885
	2,588	7.000%, 07/01/24		1,721
	460	7.500%, 08/15/22		317
	1,406	7.750%, 08/01/20		946
		AECOM,
	1,820	5.750%, 10/15/22 (e)		1,847
	7,955	5.875%, 10/15/24 (e)		8,075
	5,371	Aerojet Rocketdyne Holdings, Inc., 7.125%, 03/15/21		5,720
		AES Corp.,
	400	4.875%, 05/15/23		380
	2,849	5.500%, 03/15/24		2,778
	3,000	5.500%, 04/15/25		2,872
	6,704	7.375%, 07/01/21		7,358
	1,907	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		1,802
	1,850	AK Steel Corp., 8.750%, 12/01/18		1,878
	4,705	Albertson’s Holdings LLC/Safeway, Inc., 7.750%, 10/15/22 (e)		5,081
		Alcatel-Lucent USA, Inc.,
	586	4.625%, 07/01/17 (e)		605
	1,045	6.450%, 03/15/29		1,102
	2,220	6.750%, 11/15/20 (e)		2,387
	4,500	8.875%, 01/01/20 (e)		4,894
		Alcoa, Inc.,
	4,645	5.125%, 10/01/24		4,668
	1,583	5.400%, 04/15/21		1,636
	1,167	5.870%, 02/23/22		1,236
	1,831	5.900%, 02/01/27		1,873

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	1,569	6.150%, 08/15/20		1,689
	1,804	6.750%, 01/15/28		1,966
		Alere, Inc.,
	355	6.375%, 07/01/23 (e)		369
	994	6.500%, 06/15/20		1,034
		Aleris International, Inc.,
	899	7.625%, 02/15/18		907
	754	7.875%, 11/01/20		763
	1,539	Alliance Data Systems Corp., 5.375%, 08/01/22 (e)		1,524
	9,065	Allstate Corp. (The), VAR, 5.750%, 08/15/53		9,473
		Ally Financial, Inc.,
	1,353	3.250%, 02/13/18		1,351
	12,325	3.500%, 01/27/19		12,279
	1,872	3.600%, 05/21/18		1,886
	2,341	4.625%, 05/19/22		2,335
	8,935	4.625%, 03/30/25		8,600
	146	4.750%, 09/10/18		151
	3,265	8.000%, 11/01/31		3,902
	7,875	Altria Group, Inc., 5.375%, 01/31/44		8,461
	2,585	Amazon.com, Inc., 4.950%, 12/05/44		2,589
		AMC Entertainment, Inc.,
	3,875	5.750%, 06/15/25		3,856
	1,400	5.875%, 02/15/22		1,431
	2,000	AMC Networks, Inc., 4.750%, 12/15/22		2,015
		American Axle & Manufacturing, Inc.,
	1,000	6.250%, 03/15/21		1,035
	2,025	6.625%, 10/15/22		2,116
	3,450	7.750%, 11/15/19		3,890
		American International Group, Inc.,
	2,865	4.800%, 07/10/45		2,868
	6,463	6.250%, 03/15/37		7,107
		AmeriGas Finance LLC/AmeriGas Finance Corp.,
	350	6.750%, 05/20/20		367
	1,950	7.000%, 05/20/22		2,074
		AmeriGas Partners LP/AmeriGas Finance Corp.,
	1,285	6.250%, 08/20/19		1,319
	84	6.500%, 05/20/21		87
	3,665	Amgen, Inc., 4.400%, 05/01/45		3,413

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Amkor Technology, Inc.,
	8,579	6.375%, 10/01/22		8,204
	4,506	6.625%, 06/01/21		4,422
		Amsurg Corp.,
	1,000	5.625%, 11/30/20		1,030
	1,050	5.625%, 07/15/22		1,080
	4,710	Anadarko Petroleum Corp., 4.500%, 07/15/44		4,285
	4,060	Anixter, Inc., 5.625%, 05/01/19		4,283
		Antero Resources Corp.,
	5,654	5.125%, 12/01/22		5,343
	2,075	5.375%, 11/01/21		2,018
	1,565	6.000%, 12/01/20		1,585
	2,795	Anthem, Inc., 5.100%, 01/15/44		2,832
	1,200	Aramark Services, Inc., 5.750%, 03/15/20		1,254
	14,220	Argos Merger Sub, Inc., 7.125%, 03/15/23 (e)		15,038
	1,380	A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub LLC, Class S, 7.875%, 12/15/20 (e)		1,468
		Ashland, Inc.,
	1,000	3.875%, 04/15/18		1,030
	11,192	4.750%, 08/15/22		11,290
		Ashtead Capital, Inc.,
	2,050	5.625%, 10/01/24 (e)		2,055
	5,035	6.500%, 07/15/22 (e)		5,293
		AT&T, Inc.,
	2,210	4.350%, 06/15/45		1,903
	3,780	4.750%, 05/15/46		3,486
	3,950	Atwood Oceanics, Inc., 6.500%, 02/01/20		3,698
		Audatex North America, Inc.,
	10,216	6.000%, 06/15/21 (e)		10,433
	1,329	6.125%, 11/01/23 (e)		1,299
	275	AutoNation, Inc., 5.500%, 02/01/20		300
		Avaya, Inc.,
	10,104	7.000%, 04/01/19 (e)		9,750
	2,926	10.500%, 03/01/21 (e)		2,378
	6,483	AVINTIV Specialty Materials, Inc., 7.750%, 02/01/19		6,645
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	1,155	5.125%, 06/01/22 (e)		1,149
	3,120	5.250%, 03/15/25 (e)		2,972
	7,945	5.500%, 04/01/23		7,985
	1,536	Axiall Corp., 4.875%, 05/15/23		1,478
	3,750	B&G Foods, Inc., 4.625%, 06/01/21		3,731

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
		Ball Corp.,
	995	4.000%, 11/15/23		948
	905	5.000%, 03/15/22		927
	1,312	5.250%, 07/01/25		1,319
	1,233	Basic Energy Services, Inc., 7.750%, 10/15/22		891
	5,675	Baxalta, Inc., 5.250%, 06/23/45 (e)		5,743
		Belden, Inc.,
	500	5.250%, 07/15/24 (e)		491
	5,499	5.500%, 09/01/22 (e)		5,486
		Berry Plastics Corp.,
	1,875	5.125%, 07/15/23		1,842
	525	5.500%, 05/15/22		530
	3,980	Blackboard, Inc., 7.750%, 11/15/19 (e)		3,741
	900	Blue Coat Holdings, Inc., 8.375%, 06/01/23 (e)		920
	2,262	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (e)		2,302
	2,280	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		2,269
	2,500	Boyd Gaming Corp., 6.875%, 05/15/23		2,600
		BreitBurn Energy Partners LP/BreitBurn Finance Corp.,
	1,325	7.875%, 04/15/22		914
	5,000	8.625%, 10/15/20		3,800
	1,500	Briggs & Stratton Corp., 6.875%, 12/15/20		1,635
		Building Materials Corp. of America,
	1,606	5.375%, 11/15/24 (e)		1,610
	2,565	6.750%, 05/01/21 (e)		2,693
	7,590	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		7,894
		Cablevision Systems Corp.,
	609	7.750%, 04/15/18		658
	8,230	8.000%, 04/15/20		8,971
	3,000	8.625%, 09/15/17		3,296
		Caesars Entertainment Operating Co., Inc.,
	5,850	8.500%, 02/15/20 (d)		4,855
	10,800	9.000%, 02/15/20 (d)		8,937
	6,390	11.250%, 06/01/17 (d)		5,272
	2,759	Caleres, Inc., 6.250%, 08/15/23 (e)		2,787
		California Resources Corp.,
	662	5.000%, 01/15/20		568
	2,237	5.500%, 09/15/21		1,845
	774	6.000%, 11/15/24		627

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Calpine Corp.,
	1,139	5.375%, 01/15/23		1,113
	1,500	5.500%, 02/01/24		1,455
	1,140	5.750%, 01/15/25		1,112
	2,467	5.875%, 01/15/24 (e)		2,579
	1,066	6.000%, 01/15/22 (e)		1,127
	4,450	Case New Holland, Inc., 7.875%, 12/01/17		4,906
	3,850	Casella Waste Systems, Inc., 7.750%, 02/15/19		3,915
	410	CCM Merger, Inc., 9.125%, 05/01/19 (e)		443
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	663	5.125%, 05/01/23 (e)		656
	4,593	5.250%, 03/15/21		4,673
	3,500	5.250%, 09/30/22		3,544
	778	5.375%, 05/01/25 (e)		766
	574	5.875%, 05/01/27 (e)		569
	5,600	6.500%, 04/30/21		5,856
	1,188	6.625%, 01/31/22		1,255
	1,220	7.000%, 01/15/19		1,267
	12,297	7.375%, 06/01/20		13,007
		CCO Safari II LLC,
	2,939	4.464%, 07/23/22 (e)		2,955
	1,103	4.908%, 07/23/25 (e)		1,105
	2,205	6.384%, 10/23/35 (e)		2,254
	8,230	6.484%, 10/23/45 (e)		8,518
		CDW LLC/CDW Finance Corp.,
	563	5.000%, 09/01/23		559
	720	5.500%, 12/01/24		724
	871	CEB, Inc., 5.625%, 06/15/23 (e)		873
		Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.,
	1,095	5.250%, 03/15/21		1,135
	575	5.375%, 06/01/24		588
	975	Celanese US Holdings LLC, 4.625%, 11/15/22		958
	6,630	Cemex Finance LLC, 9.375%, 10/12/22 (e)		7,368
	1,530	Centene Corp., 4.750%, 05/15/22		1,538
	4,845	Central Garden & Pet Co., 8.250%, 03/01/18		4,952
	1,500	Century Communities, Inc., 6.875%, 05/15/22 (e)		1,444
		CenturyLink, Inc.,
	1,915	5.625%, 04/01/25 (e)		1,750
	13,146	Series T, 5.800%, 03/15/22		12,768

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	5,900	Series W, 6.750%, 12/01/23		5,915
		Cenveo Corp.,
	550	6.000%, 08/01/19 (e)		492
	1,275	8.500%, 09/15/22 (e)		1,017
	1,335	Cequel Communications Holdings I LLC/Cequel Capital Corp., 5.125%, 12/15/21 (e)		1,240
		Chemours Co. (The),
	3,125	6.625%, 05/15/23 (e)		2,750
	2,000	7.000%, 05/15/25 (e)		1,754
		Chesapeake Energy Corp.,
	3,655	4.875%, 04/15/22		2,942
	680	5.375%, 06/15/21		571
	2,642	6.125%, 02/15/21		2,279
	8,450	6.625%, 08/15/20		7,563
	2,000	6.875%, 11/15/20		1,795
	2,214	Chiquita Brands International, Inc./Chiquita Brands LLC, 7.875%, 02/01/21		2,375
	828	Choice Hotels International, Inc., 5.750%, 07/01/22		884
		CHS/Community Health Systems, Inc.,
	750	5.125%, 08/15/18		769
	1,385	5.125%, 08/01/21		1,437
	3,485	6.875%, 02/01/22		3,729
	1,150	7.125%, 07/15/20		1,225
	2,920	8.000%, 11/15/19		3,069
	142	Chukchansi Economic Development Authority, 9.750%, 05/30/20 (d) (e)		80
		Cimarex Energy Co.,
	975	4.375%, 06/01/24		943
	1,290	5.875%, 05/01/22		1,368
	2,500	Cincinnati Bell, Inc., 8.375%, 10/15/20		2,622
		Cinemark USA, Inc.,
	3,350	4.875%, 06/01/23		3,296
	1,412	5.125%, 12/15/22		1,419
	1,005	7.375%, 06/15/21		1,065
		CIT Group, Inc.,
	1,149	4.250%, 08/15/17		1,175
	2,161	5.000%, 05/15/17		2,237
	2,573	5.000%, 08/15/22		2,615
	5,640	5.250%, 03/15/18		5,851
	4,902	5.375%, 05/15/20		5,181
	10,425	5.500%, 02/15/19 (e)		11,024

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	2,580	6.625%, 04/01/18 (e)		2,780
	1,500	Citgo Holding, Inc., 10.750%, 02/15/20 (e)		1,534
	1,908	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		1,870
		Claire’s Stores, Inc.,
	1,150	6.125%, 03/15/20 (e)		908
	3,518	8.875%, 03/15/19		1,522
	11,608	9.000%, 03/15/19 (e)		10,055
	5,200	Clean Harbors, Inc., 5.250%, 08/01/20		5,324
		Clear Channel Worldwide Holdings, Inc.,
	33,860	6.500%, 11/15/22		35,274
	19,128	Series A, 7.625%, 03/15/20		20,095
		Clearwater Paper Corp.,
	800	4.500%, 02/01/23		766
	900	5.375%, 02/01/25 (e)		880
		Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.,
	926	6.375%, 03/15/24		565
	339	8.500%, 12/15/19		246
	2,530	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		1,682
		CNH Industrial Capital LLC,
	600	3.625%, 04/15/18		607
	800	3.875%, 11/01/15		801
		CNO Financial Group, Inc.,
	600	4.500%, 05/30/20		619
	1,790	5.250%, 05/30/25		1,871
	3,282	Coeur Mining, Inc., 7.875%, 02/01/21		2,148
	954	Cogent Communications Finance, Inc., 5.625%, 04/15/21 (e)		904
	3,900	Cogent Communications Group, Inc., 5.375%, 03/01/22 (e)		3,861
		Commercial Metals Co.,
	1,987	4.875%, 05/15/23		1,818
	1,730	7.350%, 08/15/18		1,860
	2,927	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		2,890
		CommScope, Inc.,
	358	4.375%, 06/15/20 (e)		360
	1,240	5.000%, 06/15/21 (e)		1,225
	3,478	5.500%, 06/15/24 (e)		3,404
	5,150	Communications Sales & Leasing, Inc., 8.250%, 10/15/23 (e)		4,918
		Comstock Resources, Inc.,
	516	7.750%, 04/01/19		186
	996	9.500%, 06/15/20		368

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	1,500	10.000%, 03/15/20 (e)		1,324
		Concho Resources, Inc.,
	593	5.500%, 04/01/23		593
	2,475	6.500%, 01/15/22		2,559
		CONSOL Energy, Inc.,
	1,855	5.875%, 04/15/22		1,441
	1,460	8.000%, 04/01/23 (e)		1,208
	1,550	Consolidated Communications, Inc., 6.500%, 10/01/22 (e)		1,438
	34	Constar International, Inc., 11.000%, 12/31/17 (d) (i)		6
		Constellation Brands, Inc.,
	299	3.750%, 05/01/21		299
	995	4.750%, 11/15/24		1,015
	510	6.000%, 05/01/22		563
	1,000	7.250%, 09/01/16		1,055
	1,554	Continental Airlines 2003-ERJ1 Pass-Through Trust, Series RJ03, 7.875%, 07/02/18		1,625
	61	Continental Airlines 2004-ERJ1 Pass-Through Trust, Series RJ04, 9.558%, 09/01/19		66
	1,132	Continental Airlines 2005-ERJ1 Pass-Through Trust, Series ERJ1, 9.798%, 04/01/21		1,251
	1,344	Continental Airlines 2012-3 Class C Pass-Through Certificates, 6.125%, 04/29/18		1,404
		Corrections Corp. of America,
	10,100	4.125%, 04/01/20		10,125
	900	4.625%, 05/01/23		889
		Cott Beverages, Inc.,
	3,076	5.375%, 07/01/22		3,007
	5,762	6.750%, 01/01/20 (e)		5,999
		Covanta Holding Corp.,
	240	5.875%, 03/01/24		236
	577	6.375%, 10/01/22		606
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	349	6.000%, 12/15/20		352
	3,830	6.125%, 03/01/22		3,782
	1,409	6.250%, 04/01/23 (e)		1,416
	1,900	Crimson Merger Sub, Inc., 6.625%, 05/15/22 (e)		1,753
	770	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.500%, 01/15/23		747

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Crown Castle International Corp.,
	863	4.875%, 04/15/22		885
	7,152	5.250%, 01/15/23		7,492
		CSC Holdings LLC,
	1,000	6.750%, 11/15/21		1,037
	400	8.625%, 02/15/19		455
	1,600	CSI Compressco LP/Compressco Finance, Inc., 7.250%, 08/15/22		1,508
	433	CST Brands, Inc., 5.000%, 05/01/23		431
	8,075	CVS Health Corp., 5.125%, 07/20/45		8,556
		Dana Holding Corp.,
	3,000	5.375%, 09/15/21		3,060
	750	5.500%, 12/15/24		739
	4,250	6.000%, 09/15/23		4,377
	1,059	6.750%, 02/15/21		1,115
	4,795	Darling Ingredients, Inc., 5.375%, 01/15/22		4,855
		DaVita HealthCare Partners, Inc.,
	6,430	5.000%, 05/01/25		6,358
	1,490	5.125%, 07/15/24		1,501
	1,275	5.750%, 08/15/22		1,358
	6,738	Dean Foods Co., 6.500%, 03/15/23 (e)		6,898
	42	Delta Air Lines 2009-1 Series B Pass-Through Trust, Series B, 9.750%, 12/17/16		45
	399	Delta Air Lines 2012-1 Class A Pass-Through Trust, Series A, 4.750%, 05/07/20		421
	493	Delta Air Lines 2012-1 Class B Pass-Through Trust, Series B, 6.875%, 05/07/19 (e)		540
	7,508	Denali Borrower LLC/Denali Finance Corp., 5.625%, 10/15/20 (e)		7,827
		Denbury Resources, Inc.,
	4,635	4.625%, 07/15/23		3,337
	3,350	5.500%, 05/01/22		2,655
	1,892	Devon Energy Corp., 5.000%, 06/15/45		1,829
	2,257	Diamondback Energy, Inc., 7.625%, 10/01/21		2,392
	2,660	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.150%, 03/15/42		2,535
		DISH DBS Corp.,
	16,608	5.875%, 07/15/22		16,525
	5,605	5.875%, 11/15/24		5,437
	18,954	6.750%, 06/01/21		20,044
	3,925	7.125%, 02/01/16		4,018
	5,335	7.875%, 09/01/19		5,968

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	5,400	DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125%, 06/15/21 (e)		5,548
	718	Dollar Tree, Inc., 5.750%, 03/01/23 (e)		757
	1,857	Dominion Gas Holdings LLC, 4.600%, 12/15/44		1,763
	17,485	Dominion Resources, Inc., VAR, 5.750%, 10/01/54		18,097
	1,769	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		1,791
	3,419	DS Services of America, Inc., 10.000%, 09/01/21 (e)		3,996
	953	DuPont Fabros Technology LP, 5.875%, 09/15/21		979
	1,120	Dycom Investments, Inc., 7.125%, 01/15/21		1,173
		Dynegy, Inc.,
	2,318	5.875%, 06/01/23		2,220
	1,940	6.750%, 11/01/19 (e)		2,003
	4,585	7.375%, 11/01/22 (e)		4,743
	2,135	7.625%, 11/01/24 (e)		2,204
		E*TRADE Financial Corp.,
	1,074	4.625%, 09/15/23		1,069
	720	5.375%, 11/15/22		750
	1,011	Eagle Spinco, Inc., 4.625%, 02/15/21		983
	25	El Paso Pipeline Partners Operating Co. LLC, 6.500%, 04/01/20		28
	8,808	Embarq Corp., 7.995%, 06/01/36		9,625
	185	Emdeon, Inc., 11.000%, 12/31/19		200
	2,550	Endo Finance LLC, 5.750%, 01/15/22 (e)		2,626
	250	Endo Finance LLC/Endo Finco, Inc., 7.250%, 12/15/20 (e)		262
		Endo Ltd./Endo Finance LLC/Endo Finco, Inc.,
	4,705	6.000%, 07/15/23 (e)		4,893
	1,770	6.000%, 02/01/25 (e)		1,823
	8,292	Energizer Holdings, Inc., 5.500%, 06/15/25 (e)		8,105
		Energy Transfer Equity LP,
	6,102	5.875%, 01/15/24		6,209
	1,055	7.500%, 10/15/20		1,181
	4,470	Energy Transfer Partners LP, 6.125%, 12/15/45		4,500
	670	EnerSys, 5.000%, 04/30/23 (e)		655
	455	EnLink Midstream Partners LP/EnLink Midstream Finance Corp., 7.125%, 06/01/22		504

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	435	Entegris, Inc., 6.000%, 04/01/22 (e)		446
	4,625	Enterprise Products Operating LLC, 4.900%, 05/15/46		4,345
	1,210	Envision Healthcare Corp., 5.125%, 07/01/22 (e)		1,222
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	993	6.375%, 06/15/23 (e)		929
	4,036	7.750%, 09/01/22		4,026
	13,583	9.375%, 05/01/20		14,024
		Equinix, Inc.,
	1,320	4.875%, 04/01/20		1,353
	1,324	5.375%, 01/01/22		1,344
	438	5.750%, 01/01/25		440
	1,085	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		1,057
	6,325	EV Energy Partners LP/EV Energy Finance Corp., 8.000%, 04/15/19		5,550
	1,890	Exelon Corp., 5.100%, 06/15/45		1,948
	5,835	Express Scripts Holding Co., 6.125%, 11/15/41		6,745
	920	Exterran Partners LP/EXLP Finance Corp., 6.000%, 10/01/22		823
	29,323	FCA U.S. LLC/CG Co-Issuer, Inc., 8.250%, 06/15/21		31,779
	685	FelCor Lodging LP, 6.000%, 06/01/25 (e)		706
	1,855	Ferrellgas LP/Ferrellgas Finance Corp., 6.750%, 06/15/23 (e)		1,860
	1,315	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		1,381
		First Data Corp.,
	4,063	6.750%, 11/01/20 (e)		4,297
	17,515	8.250%, 01/15/21 (e)		18,544
	19,313	8.750%, 01/15/22 (e)		20,472
	8,425	8.875%, 08/15/20 (e)		8,825
	726	10.625%, 06/15/21		809
	392	11.250%, 01/15/21		435
	1,836	11.750%, 08/15/21		2,084
	6,588	12.625%, 01/15/21		7,626
	6,430	Ford Motor Co., 4.750%, 01/15/43		6,309
	5,500	Ford Motor Credit Co. LLC, 5.000%, 05/15/18		5,905
		Freescale Semiconductor, Inc.,
	770	5.000%, 05/15/21 (e)		782
	549	6.000%, 01/15/22 (e)		574

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
		Fresenius Medical Care U.S. Finance II, Inc.,
	860	4.125%, 10/15/20 (e)		877
	515	4.750%, 10/15/24 (e)		515
	3,183	5.625%, 07/31/19 (e)		3,477
	2,772	5.875%, 01/31/22 (e)		2,994
		Fresenius Medical Care U.S. Finance, Inc.,
	1,850	5.750%, 02/15/21 (e)		1,984
	400	6.500%, 09/15/18 (e)		442
		Frontier Communications Corp.,
	4,860	8.500%, 04/15/20		5,030
	1,522	8.750%, 04/15/22		1,510
	3,356	9.250%, 07/01/21		3,490
	350	FTI Consulting, Inc., 6.000%, 11/15/22		369
	706	FTS International, Inc., VAR, 7.783%, 06/15/20 (e)		678
	72	Gannett Co., Inc., 10.000%, 04/01/16		76
	825	Gardner Denver, Inc., 6.875%, 08/15/21 (e)		732
	2,850	GCI, Inc., 6.750%, 06/01/21		2,914
	5,100	General Cable Corp., 5.750%, 10/01/22		4,679
		General Motors Co.,
	11,400	4.875%, 10/02/23		11,687
	4,970	6.250%, 10/02/43		5,427
		General Motors Financial Co., Inc.,
	3,796	3.250%, 05/15/18		3,845
	700	3.450%, 04/10/22		675
	205	4.250%, 05/15/23		203
	1,050	4.750%, 08/15/17		1,100
		Genesis Energy LP/Genesis Energy Finance Corp.,
	928	5.625%, 06/15/24		861
	850	5.750%, 02/15/21		829
	859	6.000%, 05/15/23		818
	780	6.750%, 08/01/22		778
		GenOn Energy, Inc.,
	1,000	7.875%, 06/15/17		1,008
	1,000	9.500%, 10/15/18		1,005
	3,848	9.875%, 10/15/20		3,838
		GEO Group, Inc. (The),
	5,150	5.875%, 01/15/22		5,382
	2,700	6.625%, 02/15/21		2,828
		Global Partners LP/GLP Finance Corp.,
	490	6.250%, 07/15/22		459
	1,425	7.000%, 06/15/23 (e)		1,372

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	3,065	GLP Capital LP/GLP Financing II, Inc., 5.375%, 11/01/23		3,194
	2,434	Goodman Networks, Inc., 12.125%, 07/01/18		1,844
		Goodyear Tire & Rubber Co. (The),
	3,980	6.500%, 03/01/21		4,214
	5,787	7.000%, 05/15/22		6,300
	4,325	8.250%, 08/15/20		4,520
	3,179	8.750%, 08/15/20		3,795
	762	Graphic Packaging International, Inc., 4.750%, 04/15/21		778
	1,430	Graton Economic Development Authority, 9.625%, 09/01/19 (e)		1,539
	1,850	Gray Television, Inc., 7.500%, 10/01/20		1,959
	3,425	Great Lakes Dredge & Dock Corp., 7.375%, 02/01/19		3,464
	755	Griffon Corp., 5.250%, 03/01/22		736
	933	Guitar Center, Inc., 6.500%, 04/15/19 (e)		847
	5,649	H&E Equipment Services, Inc., 7.000%, 09/01/22		5,621
		Halcon Resources Corp.,
	6,350	8.875%, 05/15/21		3,302
	1,505	9.250%, 02/15/22		752
	774	9.750%, 07/15/20		418
	1,650	Halyard Health, Inc., 6.250%, 10/15/22 (e)		1,724
	2,100	Hanesbrands, Inc., 6.375%, 12/15/20		2,192
	2,125	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		2,019
		Harland Clarke Holdings Corp.,
	1,340	9.250%, 03/01/21 (e)		1,208
	3,490	9.750%, 08/01/18 (e)		3,629
	650	Hartford Financial Services Group, Inc. (The), VAR, 8.125%, 06/15/38		733
	770	HCA Holdings, Inc., 6.250%, 02/15/21		843
		HCA, Inc.,
	1,468	3.750%, 03/15/19		1,489
	1,410	4.250%, 10/15/19		1,451
	1,379	4.750%, 05/01/23		1,415
	1,976	5.000%, 03/15/24		2,058
	1,575	5.250%, 04/15/25		1,658
	25,946	5.375%, 02/01/25		26,530
	2,080	5.875%, 03/15/22		2,280
	740	Series 1, 5.875%, 05/01/23		795
	15,576	6.500%, 02/15/20		17,416

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	28,253	7.500%, 02/15/22		32,915
	1,400	8.000%, 10/01/18		1,617
		HD Supply, Inc.,
	6,790	5.250%, 12/15/21 (e)		6,994
	1,652	7.500%, 07/15/20		1,763
	1,425	Headwaters, Inc., 7.250%, 01/15/19		1,475
		HealthSouth Corp.,
	1,671	5.750%, 11/01/24		1,688
	2,989	7.750%, 09/15/22		3,120
	3,631	Hecla Mining Co., 6.875%, 05/01/21		3,164
		Hertz Corp. (The),
	5,276	5.875%, 10/15/20		5,368
	2,400	6.250%, 10/15/22		2,448
	8,192	7.375%, 01/15/21		8,540
	1,000	7.500%, 10/15/18		1,030
		Hexion, Inc.,
	17,293	6.625%, 04/15/20		15,845
	1,600	8.875%, 02/01/18		1,392
	985	10.000%, 04/15/20		1,007
		Hiland Partners LP/Hiland Partners Finance Corp.,
	448	5.500%, 05/15/22 (e)		462
	921	7.250%, 10/01/20 (e)		994
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	1,234	5.000%, 12/01/24 (e)		1,148
	2,350	5.750%, 10/01/25 (e)		2,232
	2,393	7.625%, 04/15/21 (e)		2,465
	2,400	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21		2,499
	500	Holly Energy Partners LP/Holly Energy Finance Corp., 6.500%, 03/01/20		504
		Hologic, Inc.,
	2,100	5.250%, 07/15/22 (e)		2,168
	10,205	6.250%, 08/01/20		10,524
	1,060	Horizon Pharma Financing, Inc., 6.625%, 05/01/23 (e)		1,113
	151	Hospira, Inc., 5.200%, 08/12/20		169
	1,800	Hughes Satellite Systems Corp., 6.500%, 06/15/19		1,975
		Huntsman International LLC,
	7,100	4.875%, 11/15/20		6,958
	5,061	5.125%, 11/15/22 (e)		4,884
	803	8.625%, 03/15/21		842

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	3,940	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		4,103
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
	2,470	4.875%, 03/15/19		2,547
	2,684	5.875%, 02/01/22		2,778
	1,011	Igloo Holdings Corp., 8.250% (cash), 12/15/17 (e) (v)		1,025
		iHeartCommunications, Inc.,
	1,588	9.000%, 12/15/19		1,526
	3,087	9.000%, 03/01/21		2,794
	1,095	IHS, Inc., 5.000%, 11/01/22 (e)		1,096
	6,778	ILFC E-Capital Trust I, VAR, 4.690%, 12/21/65 (e)		6,609
	2,793	ILFC E-Capital Trust II, VAR, 6.250%, 12/21/65 (e)		2,737
	7,311	IMS Health, Inc., 6.000%, 11/01/20 (e)		7,567
	8,192	Infor Software Parent LLC/Infor Software Parent, Inc., 7.125% (Cash), 05/01/21 (e) (v)		8,049
	6,277	Infor U.S., Inc., 6.500%, 05/15/22 (e)		6,418
	1,040	Ingles Markets, Inc., 5.750%, 06/15/23		1,061
	4,780	Intel Corp., 4.900%, 07/29/45		4,910
		International Lease Finance Corp.,
	1,602	4.625%, 04/15/21		1,636
	1,480	5.875%, 04/01/19		1,584
	5,920	6.250%, 05/15/19		6,452
	2,575	8.250%, 12/15/20		3,083
	4,800	8.625%, 01/15/22		5,904
	14,485	8.750%, 03/15/17		15,798
	1,390	International Wire Group Holdings, Inc., 8.500%, 10/15/17 (e)		1,446
	3,980	inVentiv Health, Inc., 9.000%, 01/15/18 (e)		4,159
		Iron Mountain, Inc.,
	1,530	5.750%, 08/15/24		1,542
	551	7.750%, 10/01/19		577
	107	8.375%, 08/15/21		110
		Isle of Capri Casinos, Inc.,
	4,578	5.875%, 03/15/21		4,750
	1,400	8.875%, 06/15/20		1,512
	1,524	Italics Merger Sub, Inc., 7.125%, 07/15/23 (e)		1,497
	449	J.C. Penney Corp., Inc., 8.125%, 10/01/19		447
	325	J.M. Huber Corp., 9.875%, 11/01/19 (e)		346
	250	Jaguar Holding Co. I, 9.375% (Cash), 10/15/17 (e) (v)		255

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Jarden Corp.,
	1,000	6.125%, 11/15/22		1,034
	1,425	7.500%, 05/01/17		1,551
	1,007	JB Poindexter & Co., Inc., 9.000%, 04/01/22 (e)		1,090
		JBS USA LLC/JBS USA Finance, Inc.,
	4,689	5.750%, 06/15/25 (e)		4,647
	4,448	5.875%, 07/15/24 (e)		4,503
	9,834	7.250%, 06/01/21 (e)		10,312
	2,701	8.250%, 02/01/20 (e)		2,863
	975	Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.750%, 04/01/22		887
	2,190	Jurassic Holdings III, Inc., 6.875%, 02/15/21 (e)		1,533
	715	K. Hovnanian Enterprises, Inc., 11.875%, 10/15/15 (i)		720
	1,500	Kaiser Aluminum Corp., 8.250%, 06/01/20		1,618
	606	Kennedy-Wilson, Inc., 5.875%, 04/01/24		601
		Kinder Morgan, Inc.,
	726	5.000%, 02/15/21 (e)		759
	4,125	5.050%, 02/15/46		3,502
	726	5.625%, 11/15/23 (e)		756
	2,500	7.250%, 06/01/18		2,797
		Kindred Healthcare, Inc.,
	3,450	8.000%, 01/15/20 (e)		3,735
	2,850	8.750%, 01/15/23 (e)		3,142
	7,350	Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18		7,819
	4,900	KLX, Inc., 5.875%, 12/01/22		4,924
	2,065	Kohl’s Corp., 5.550%, 07/17/45		2,047
		Kraft Heinz Foods Co.,
	897	4.875%, 02/15/25 (e)		961
	6,260	5.200%, 07/15/45 (e)		6,570
	800	Kratos Defense & Security Solutions, Inc., 7.000%, 05/15/19		721
		L Brands, Inc.,
	1,335	5.625%, 02/15/22		1,434
	1,100	5.625%, 10/15/23		1,166
	6,925	6.625%, 04/01/21		7,786
	1,000	7.000%, 05/01/20		1,140
	1,650	Landry’s, Inc., 9.375%, 05/01/20 (e)		1,770
	2,900	Laredo Petroleum, Inc., 7.375%, 05/01/22		2,951
	3,400	Lear Corp., 5.250%, 01/15/25		3,374

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Lennar Corp.,
	950	4.500%, 06/15/19		981
	690	4.500%, 11/15/19		713
	1,575	4.750%, 05/30/25		1,532
	555	6.950%, 06/01/18		608
	555	Series B, 12.250%, 06/01/17		649
	2,551	Level 3 Communications, Inc., 5.750%, 12/01/22		2,570
		Level 3 Financing, Inc.,
	8,401	5.125%, 05/01/23 (e)		8,170
	6,819	5.375%, 05/01/25 (e)		6,640
	401	5.625%, 02/01/23 (e)		405
	1,769	6.125%, 01/15/21		1,855
	1,480	7.000%, 06/01/20		1,561
	1,450	8.625%, 07/15/20		1,548
	1,180	Levi Strauss & Co., 5.000%, 05/01/25		1,139
	870	Liberty Interactive LLC, 8.250%, 02/01/30		922
	2,093	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		2,480
		LifePoint Health, Inc.,
	1,335	5.500%, 12/01/21		1,385
	200	6.625%, 10/01/20		208
		LIN Television Corp.,
	1,780	5.875%, 11/15/22 (e)		1,811
	2,230	6.375%, 01/15/21		2,291
		Linn Energy LLC/Linn Energy Finance Corp.,
	6,550	6.250%, 11/01/19		3,967
	1,290	6.500%, 09/15/21		742
	5,850	7.750%, 02/01/21		3,422
		Live Nation Entertainment, Inc.,
	1,365	5.375%, 06/15/22 (e)		1,368
	1,018	7.000%, 09/01/20 (e)		1,082
	300	Louisiana-Pacific Corp., 7.500%, 06/01/20		318
	1,143	M/I Homes, Inc., 8.625%, 11/15/18		1,177
	3,805	Magnachip Semiconductor Corp., 6.625%, 07/15/21		3,044
	2,995	Manitowoc Co., Inc. (The), 8.500%, 11/01/20		3,148
	6,215	Marina District Finance Co., Inc., 9.875%, 08/15/18		6,383
		MarkWest Energy Partners LP/MarkWest Energy Finance Corp.,
	585	4.500%, 07/15/23		569
	4,889	4.875%, 12/01/24		4,767

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	8,243	4.875%, 06/01/25		8,016
	5,200	5.500%, 02/15/23		5,330
	1,237	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		1,188
		Masco Corp.,
	1,312	4.450%, 04/01/25		1,315
	261	5.950%, 03/15/22		289
	56	7.125%, 03/15/20		65
	4,773	MasTec, Inc., 4.875%, 03/15/23		4,164
	3,775	McKesson Corp., 4.883%, 03/15/44		3,786
	1,783	Memorial Resource Development Corp., 5.875%, 07/01/22		1,680
		Mercer International, Inc.,
	1,354	7.000%, 12/01/19		1,405
	1,914	7.750%, 12/01/22		2,024
		Meritage Homes Corp.,
	1,038	7.000%, 04/01/22		1,105
	420	7.150%, 04/15/20		453
	12,815	MetLife, Inc., 6.400%, 12/15/36		14,219
		MGM Resorts International,
	3,225	5.250%, 03/31/20		3,265
	10,525	6.000%, 03/15/23		10,709
	2,305	6.625%, 12/15/21		2,435
	3,625	6.750%, 10/01/20		3,879
	4,120	7.625%, 01/15/17		4,378
	22,204	7.750%, 03/15/22		24,646
	10	8.625%, 02/01/19		11
	500	11.375%, 03/01/18		590
		Micron Technology, Inc.,
	4,741	5.250%, 08/01/23 (e)		4,563
	2,218	5.250%, 01/15/24 (e)		2,129
	689	5.500%, 02/01/25 (e)		668
	847	5.625%, 01/15/26 (e)		811
	3,772	5.875%, 02/15/22		3,847
	2,230	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		2,302
		Momentive Performance Materials, Inc.,
	1,350	3.880%, 10/24/21		1,171
	1,350	8.875%, 10/15/20 (d) (i)		—	(h)
		Motors Liquidation Co.,
	10	0.000%, 05/01/28 (d) (i)		—	(h)
	115	0.000%, 07/15/33 (d) (i)		—	(h)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	11	7.750%, 03/15/36 (d) (i)		—	(h)
	3,736	MPG Holdco I, Inc., 7.375%, 10/15/22		3,970
	5,945	MPH Acquisition Holdings LLC, 6.625%, 04/01/22 (e)		6,153
	778	MPT Operating Partnership LP/MPT Finance Corp., 6.375%, 02/15/22		828
	558	MSCI, Inc., 5.250%, 11/15/24 (e)		569
	182	Murphy Oil USA, Inc., 6.000%, 08/15/23		189
	778	Mustang Merger Corp., 8.500%, 08/15/21 (e)		809
	1,345	National Financial Partners Corp., 9.000%, 07/15/21 (e)		1,348
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	272	6.500%, 07/01/21		254
	259	6.500%, 06/01/22		236
	2,274	7.875%, 10/01/20		2,240
	421	9.625%, 05/01/19		444
		Navient Corp.,
	357	7.250%, 01/25/22		353
	2,908	8.000%, 03/25/20		3,024
	621	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.125%, 11/15/21 (e)		612
		Navios Maritime Holdings, Inc./Navios Maritime Finance II U.S., Inc.,
	3,101	7.375%, 01/15/22 (e)		2,644
	275	8.125%, 02/15/19		217
	2,135	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 7.250%, 05/01/22 (e)		2,007
	1,425	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		1,503
		NCR Corp.,
	246	5.000%, 07/15/22		244
	903	6.375%, 12/15/23		952
	55	Nebraska Book Holdings, Inc., 15.000%, 06/30/16 (e)		56
		Neiman Marcus Group Ltd. LLC,
	3,497	8.000%, 10/15/21 (e)		3,707
	2,400	8.750% (Cash), 10/15/21 (e) (v)		2,574
		Netflix, Inc.,
	1,164	5.375%, 02/01/21		1,213
	700	5.500%, 02/15/22 (e)		728
	1,545	5.750%, 03/01/24		1,615
	700	5.875%, 02/15/25 (e)		735

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	747	Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 5.875%, 03/15/22 (e)		795
		New Albertsons, Inc.,
	675	6.625%, 06/01/28		594
	435	7.450%, 08/01/29		430
	291	7.750%, 06/15/26		285
	893	8.000%, 05/01/31		898
	1,013	8.700%, 05/01/30		1,043
		Newfield Exploration Co.,
	1,000	5.375%, 01/01/26		960
	1,204	5.625%, 07/01/24		1,180
	2,100	5.750%, 01/30/22		2,079
		Nexstar Broadcasting, Inc.,
	3,380	6.125%, 02/15/22 (e)		3,464
	6,383	6.875%, 11/15/20		6,766
		NGL Energy Partners LP/NGL Energy Finance Corp.,
	445	5.125%, 07/15/19		433
	750	6.875%, 10/15/21		782
	8,594	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		8,519
		Noble Energy, Inc.,
	2,060	5.050%, 11/15/44		1,926
	2,180	5.625%, 05/01/21		2,310
	2,644	5.875%, 06/01/22		2,837
	1,471	5.875%, 06/01/24		1,596
	2,990	Northwest Airlines 2007-1 Class A Pass-Through Trust, Series 07-1, 7.027%, 11/01/19		3,364
		NRG Energy, Inc.,
	600	6.250%, 07/15/22		602
	1,275	6.250%, 05/01/24		1,253
	3,766	6.625%, 03/15/23		3,822
	5,245	7.625%, 01/15/18		5,690
	2,236	7.875%, 05/15/21		2,355
	1,000	8.250%, 09/01/20		1,041
	1,337	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		1,357
	1,657	Nucor Corp., 5.200%, 08/01/43		1,706
	1,010	NWH Escrow Corp., 7.500%, 08/01/21 (e)		934
	1,100	Oasis Petroleum, Inc., 6.875%, 03/15/22		1,012
	758	Ocean Rig UDW, Inc., 7.250%, 04/01/19 (e)		478
	1,325	Olin Corp., 5.500%, 08/15/22		1,345

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Omnicare, Inc.,
	425	4.750%, 12/01/22		449
	585	5.000%, 12/01/24		620
	320	Oppenheimer Holdings, Inc., 8.750%, 04/15/18		333
	672	Orbital ATK, Inc., 5.250%, 10/01/21		689
		Oshkosh Corp.,
	2,475	5.375%, 03/01/22		2,466
	1,544	5.375%, 03/01/25		1,524
		Outfront Media Capital LLC/Outfront Media Capital Corp.,
	748	5.250%, 02/15/22		752
	880	5.625%, 02/15/24		897
	650	5.875%, 03/15/25		668
		Owens-Brockway Glass Container, Inc.,
	810	5.000%, 01/15/22 (e)		810
	545	5.375%, 01/15/25 (e)		541
	683	Par Pharmaceutical Cos., Inc., 7.375%, 10/15/20		725
		Parker Drilling Co.,
	755	6.750%, 07/15/22		623
	660	7.500%, 08/01/20		574
	7,251	Party City Holdings, Inc., 8.875%, 08/01/20		7,795
	879	PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 05/15/23 (e)		877
		Peabody Energy Corp.,
	5,771	6.250%, 11/15/21		1,630
	3,650	10.000%, 03/15/22 (e)		1,853
		Penn Virginia Corp.,
	500	7.250%, 04/15/19		214
	1,100	8.500%, 05/01/20		517
	196	Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp., 6.500%, 05/15/21		208
	2,500	Petco Animal Supplies, Inc., 9.250%, 12/01/18 (e)		2,606
	1,623	PHI, Inc., 5.250%, 03/15/19		1,473
	3,880	Phillips 66, 4.875%, 11/15/44		3,748
	1,096	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		1,121
	408	Pioneer Energy Services Corp., 6.125%, 03/15/22		284
		Pioneer Natural Resources Co.,
	425	6.875%, 05/01/18		472
	231	7.500%, 01/15/20		272

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	1,385	Pittsburgh Glass Works LLC, 8.000%, 11/15/18 (e)		1,451
		Plains All American Pipeline LP/PAA Finance Corp.,
	1,560	4.700%, 06/15/44		1,441
	1,490	4.900%, 02/15/45		1,414
	4,972	Plantronics, Inc., 5.500%, 05/31/23 (e)		5,047
	1,241	Platform Specialty Products Corp., 6.500%, 02/01/22 (e)		1,284
		PolyOne Corp.,
	2,568	5.250%, 03/15/23		2,549
	2,648	7.375%, 09/15/20		2,758
		Post Holdings, Inc.,
	2,200	6.000%, 12/15/22 (e)		2,134
	5,411	6.750%, 12/01/21 (e)		5,452
	14,600	7.375%, 02/15/22		14,928
	9,206	PPL Capital Funding, Inc., Series A, VAR, 6.700%, 03/30/67		8,060
		Prestige Brands, Inc.,
	1,725	5.375%, 12/15/21 (e)		1,742
	136	8.125%, 02/01/20		145
	865	Prince Mineral Holding Corp., 11.500%, 12/15/19 (e)		783
	5,500	Project Homestake Merger Corp., 8.875%, 03/01/23 (e)		5,170
		Prudential Financial, Inc.,
	7,920	VAR, 5.200%, 03/15/44		7,725
	23,245	VAR, 5.625%, 06/15/43		24,141
	20,685	VAR, 5.875%, 09/15/42		21,875
		QEP Resources, Inc.,
	2,269	5.250%, 05/01/23		2,099
	3,625	5.375%, 10/01/22		3,390
	1,871	6.875%, 03/01/21		1,880
	1,000	Quad/Graphics, Inc., 7.000%, 05/01/22		965
	4,496	QUALCOMM, Inc., 4.800%, 05/20/45		4,061
	1,469	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		1,421
	1,255	Quintiles Transnational Corp., 4.875%, 05/15/23 (e)		1,273
		Qwest Capital Funding, Inc.,
	239	6.875%, 07/15/28		232
	2,527	7.750%, 02/15/31		2,524
	375	Qwest Corp., 7.250%, 09/15/25		429
		R.R. Donnelley & Sons Co.,
	765	7.000%, 02/15/22		822
	665	7.875%, 03/15/21		752

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	1,016	Radio Systems Corp., 8.375%, 11/01/19 (e)		1,074
		Rain CII Carbon LLC/CII Carbon Corp.,
	1,770	8.000%, 12/01/18 (e)		1,730
	1,731	8.250%, 01/15/21 (e)		1,692
		Range Resources Corp.,
	3,500	4.875%, 05/15/25 (e)		3,360
	569	5.000%, 08/15/22		555
	3,029	5.000%, 03/15/23		2,969
	10	6.750%, 08/01/20		10
	1,209	RCN Telecom Services LLC/RCN Capital Corp., 8.500%, 08/15/20 (e)		1,263
	122	Real Mex Restaurants, Inc., 7.000%, 03/21/16 (i)		122
	4,015	Realogy Group LLC, 7.625%, 01/15/20 (e)		4,241
	1,500	Realogy Group LLC/Realogy Co.-Issuer Corp., 5.250%, 12/01/21 (e)		1,537
		Regal Entertainment Group,
	5,484	5.750%, 03/15/22		5,621
	1,200	5.750%, 06/15/23		1,209
	315	5.750%, 02/01/25		306
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	292	4.500%, 11/01/23		277
	696	5.000%, 10/01/22		697
	5,245	5.500%, 04/15/23		5,258
	1,043	5.875%, 03/01/22		1,105
	1,145	6.500%, 07/15/21		1,196
		Reliance Holding USA, Inc.,
	5,530	Reg. S, 5.400%, 02/14/22		6,018
	1,382	Reg. S, 6.250%, 10/19/40		1,562
	600	Revlon Consumer Products Corp., 5.750%, 02/15/21		600
	7,970	Reynolds American, Inc., 5.850%, 08/15/45		8,570
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	10,235	5.750%, 10/15/20		10,593
	4,750	6.875%, 02/15/21		4,965
	2,630	7.125%, 04/15/19		2,702
	1,950	8.250%, 02/15/21		2,023
	10,275	9.000%, 04/15/19		10,571
	6,985	9.875%, 08/15/19		7,347
		RHP Hotel Properties LP/RHP Finance Corp.,
	3,460	5.000%, 04/15/21		3,486

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	3,138	5.000%, 04/15/23 (e)		3,122
	1,125	Rice Energy, Inc., 7.250%, 05/01/23 (e)		1,105
		Rite Aid Corp.,
	8,337	6.125%, 04/01/23 (e)		8,660
	910	6.750%, 06/15/21		967
	2,380	8.000%, 08/15/20		2,479
	1,600	9.250%, 03/15/20		1,738
	583	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 9.500%, 06/15/19 (e)		609
	1,500	Rockwood Specialties Group, Inc., 4.625%, 10/15/20		1,560
		Rose Rock Midstream LP/Rose Rock Finance Corp.,
	656	5.625%, 07/15/22		633
	1,070	5.625%, 11/15/23 (e)		1,017
	554	RSP Permian, Inc., 6.625%, 10/01/22 (e)		558
	775	Ryerson, Inc./Joseph T Ryerson & Son, Inc., 9.000%, 10/15/17		765
	182	Sabine Oil & Gas Corp., 9.750%, 02/15/17 (d)		27
		Sabine Pass Liquefaction LLC,
	3,337	5.625%, 02/01/21		3,404
	9,629	5.625%, 04/15/23		9,533
	1,453	5.625%, 03/01/25 (e)		1,431
	975	5.750%, 05/15/24		970
	3,513	6.250%, 03/15/22		3,618
	4,437	Sabre GLBL, Inc., 5.375%, 04/15/23 (e)		4,415
		Sally Holdings LLC/Sally Capital, Inc.,
	500	5.500%, 11/01/23		520
	3,000	5.750%, 06/01/22		3,128
	1,500	6.875%, 11/15/19		1,569
	3,100	Sanchez Energy Corp., 6.125%, 01/15/23		2,511
		SandRidge Energy, Inc.,
	2,960	7.500%, 03/15/21		888
	740	8.125%, 10/15/22		222
	1,541	SBA Communications Corp., 4.875%, 07/15/22		1,518
	2,991	SBA Telecommunications, Inc., 5.750%, 07/15/20		3,126
		Scientific Games International, Inc.,
	665	7.000%, 01/01/22 (e)		689
	5,315	10.000%, 12/01/22		5,162
		Sealed Air Corp.,
	400	4.875%, 12/01/22 (e)		402

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	800	5.125%, 12/01/24 (e)		810
	433	5.250%, 04/01/23 (e)		439
	600	6.500%, 12/01/20 (e)		666
	562	SemGroup Corp., 7.500%, 06/15/21		584
	3,440	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		3,500
	14,692	Serta Simmons Bedding LLC, 8.125%, 10/01/20 (e)		15,592
		Service Corp. International,
	3,041	5.375%, 01/15/22		3,201
	408	5.375%, 05/15/24		432
	680	6.750%, 04/01/16		700
	2,735	7.500%, 04/01/27		3,166
	700	7.625%, 10/01/18		797
	1,240	8.000%, 11/15/21		1,445
	850	SESI LLC, 7.125%, 12/15/21		884
	750	Seventy Seven Energy, Inc., 6.500%, 07/15/22		398
	600	Seventy Seven Operating LLC, 6.625%, 11/15/19		436
	408	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/19 (e)		439
	2,358	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		2,594
	910	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 05/01/22 (e)		890
		Sinclair Television Group, Inc.,
	7,729	5.375%, 04/01/21		7,864
	2,340	5.625%, 08/01/24 (e)		2,302
	3,230	6.125%, 10/01/22		3,335
		Sirius XM Radio, Inc.,
	1,517	4.625%, 05/15/23 (e)		1,460
	7,036	5.375%, 04/15/25 (e)		7,018
	4,625	5.750%, 08/01/21 (e)		4,810
	1,280	5.875%, 10/01/20 (e)		1,344
	7,871	6.000%, 07/15/24 (e)		8,206
		SITEL LLC/Sitel Finance Corp.,
	745	11.000%, 08/01/17 (e)		771
	805	11.500%, 04/01/18		817
	2,230	Six Flags Entertainment Corp., 5.250%, 01/15/21 (e)		2,297

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
		SM Energy Co.,
	1,760	5.000%, 01/15/24		1,610
	1,354	5.625%, 06/01/25		1,280
	3,617	6.500%, 11/15/21		3,626
	2,600	6.500%, 01/01/23		2,606
		Smithfield Foods, Inc.,
	2,625	5.250%, 08/01/18 (e)		2,681
	5,530	5.875%, 08/01/21 (e)		5,772
	4,075	6.625%, 08/15/22		4,356
	4,950	Southern Copper Corp., 5.875%, 04/23/45		4,534
	1,534	Southern Power Co., 5.250%, 07/15/43		1,625
		Spectrum Brands, Inc.,
	4,708	5.750%, 07/15/25 (e)		4,848
	2,159	6.125%, 12/15/24 (e)		2,243
	2,700	6.375%, 11/15/20		2,876
	3,333	6.625%, 11/15/22		3,566
	1,075	Speedway Motorsports, Inc., 5.125%, 02/01/23		1,064
	450	Spirit AeroSystems, Inc., 5.250%, 03/15/22		462
		Sprint Capital Corp.,
	3,886	6.875%, 11/15/28		3,293
	476	6.900%, 05/01/19		467
	21,355	8.750%, 03/15/32		20,207
		Sprint Communications, Inc.,
	1,115	6.000%, 12/01/16		1,138
	2,727	6.000%, 11/15/22		2,396
	7,251	7.000%, 03/01/20 (e)		7,722
	3,715	7.000%, 08/15/20		3,571
	15,195	9.000%, 11/15/18 (e)		17,018
	305	11.500%, 11/15/21		347
		Sprint Corp.,
	1,188	7.125%, 06/15/24		1,087
	15,098	7.250%, 09/15/21		14,437
	9,903	7.625%, 02/15/25		9,185
	24,056	7.875%, 09/15/23		23,064
	1,500	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23 (e)		1,552
		Standard Pacific Corp.,
	626	5.875%, 11/15/24		643
	1,275	8.375%, 01/15/21		1,501
	319	10.750%, 09/15/16		349
	2,395	Station Casinos LLC, 7.500%, 03/01/21		2,557
		Steel Dynamics, Inc.,
	1,125	5.125%, 10/01/21		1,122

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	1,800	5.250%, 04/15/23		1,764
	980	5.500%, 10/01/24		971
	1,485	6.375%, 08/15/22		1,548
	590	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		603
	1,623	Stone Energy Corp., 7.500%, 11/15/22		1,282
		Suburban Propane Partners LP/Suburban Energy Finance Corp.,
	650	5.500%, 06/01/24		647
	114	7.375%, 08/01/21		122
	1,280	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 07/15/23 (e)		1,270
	510	Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.500%, 08/15/22		485
	391	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.500%, 07/01/21		409
	600	SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.375%, 02/01/20 (e)		588
		SunGard Data Systems, Inc.,
	994	6.625%, 11/01/19		1,027
	1,349	7.375%, 11/15/18		1,392
	2,962	7.625%, 11/15/20		3,107
		Sunoco Logistics Partners Operations LP,
	1,160	5.300%, 04/01/44		1,052
	3,055	5.350%, 05/15/45		2,776
		Sunoco LP/Sunoco Finance Corp.,
	1,638	5.500%, 08/01/20 (e)		1,666
	2,320	6.375%, 04/01/23 (e)		2,384
	4,779	SUPERVALU, Inc., 7.750%, 11/15/22		5,054
		Talen Energy Supply LLC,
	878	4.625%, 07/15/19 (e)		852
	2,351	6.500%, 06/01/25 (e)		2,304
	1,005	Talos Production LLC/Talos Production Finance, Inc., 9.750%, 02/15/18 (e)		799
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	1,222	5.000%, 01/15/18 (e)		1,265
	850	5.250%, 05/01/23		840
	1,500	6.375%, 08/01/22		1,556
	655	6.875%, 02/01/21		681

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	1,329	Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.875%, 04/15/23 (e)		1,331
		TEGNA, Inc.,
	1,415	4.875%, 09/15/21 (e)		1,419
	384	5.125%, 07/15/20		400
	2,010	5.500%, 09/15/24 (e)		2,020
	2,430	6.375%, 10/15/23		2,570
	875	Teleflex, Inc., 5.250%, 06/15/24		895
	4,425	Tempur Sealy International, Inc., 6.875%, 12/15/20		4,740
		Tenet Healthcare Corp.,
	785	4.375%, 10/01/21		789
	2,321	4.500%, 04/01/21		2,333
	13,750	4.750%, 06/01/20		14,163
	1,134	5.000%, 03/01/19 (e)		1,145
	2,995	5.500%, 03/01/19 (e)		3,047
	4,629	6.000%, 10/01/20		5,034
	510	6.250%, 11/01/18		557
	6,790	6.750%, 02/01/20		7,181
	1,890	6.750%, 06/15/23 (e)		1,975
	10,318	8.000%, 08/01/20		10,757
	12,195	8.125%, 04/01/22		13,681
	1,022	Tenneco, Inc., 5.375%, 12/15/24		1,055
		Terex Corp.,
	9,085	6.000%, 05/15/21		9,119
	2,200	6.500%, 04/01/20		2,272
	1,402	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		1,385
		TerraForm Power Operating LLC,
	902	5.875%, 02/01/23 (e)		911
	484	6.125%, 06/15/25 (e)		485
	480	Tesoro Corp., 5.125%, 04/01/24		478
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	893	5.500%, 10/15/19 (e)		924
	5,079	5.875%, 10/01/20		5,231
	4,975	6.125%, 10/15/21		5,187
	2,557	6.250%, 10/15/22 (e)		2,672
	1,459	Time Warner Cable, Inc., 7.300%, 07/01/38		1,592
	5,630	Time Warner, Inc., 4.850%, 07/15/45		5,530
		T-Mobile USA, Inc.,
	595	5.250%, 09/01/18		610
	930	6.000%, 03/01/23		969
	1,495	6.125%, 01/15/22		1,562

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	1,296	6.250%, 04/01/21		1,358
	930	6.375%, 03/01/25		975
	1,360	6.500%, 01/15/24		1,436
	1,571	6.625%, 11/15/20		1,634
	4,187	6.625%, 04/01/23		4,459
	10,694	6.633%, 04/28/21		11,322
	12,060	6.731%, 04/28/22		12,784
	1,602	6.836%, 04/28/23		1,714
	1,575	Tops Holding LLC/Tops Markets II Corp., 8.000%, 06/15/22 (e)		1,563
		TransDigm, Inc.,
	480	5.500%, 10/15/20		479
	2,061	6.000%, 07/15/22		2,056
	971	6.500%, 07/15/24		976
	2,210	Tribune Media Co., 5.875%, 07/15/22 (e)		2,282
	1,756	Tronox Finance LLC, 7.500%, 03/15/22 (e)		1,440
	3,340	Tutor Perini Corp., 7.625%, 11/01/18		3,415
	3,268	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		3,358
	1,240	U.S. Concrete, Inc., 8.500%, 12/01/18		1,311
	587	UAL 2007-1 Pass-Through Trust, Series 071A, 6.636%, 07/02/22		625
	2,100	UCI International, Inc., 8.625%, 02/15/19		1,775
	1,433	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		1,433
	4,880	Unit Corp., 6.625%, 05/15/21		4,660
		United Rentals North America, Inc.,
	1,498	4.625%, 07/15/23		1,477
	2,596	5.500%, 07/15/25		2,482
	2,105	5.750%, 11/15/24		2,058
	4,228	6.125%, 06/15/23		4,355
	1,435	7.375%, 05/15/20		1,527
	9,777	7.625%, 04/15/22		10,620
	3,115	8.250%, 02/01/21		3,315
	1,615	Univar USA, Inc., 6.750%, 07/15/23 (e)		1,623
		Universal Health Services, Inc.,
	288	3.750%, 08/01/19 (e)		294
	420	4.750%, 08/01/22 (e)		429
		Univision Communications, Inc.,
	4,175	5.125%, 05/15/23 (e)		4,185
	3,280	5.125%, 02/15/25 (e)		3,288
	3,253	6.750%, 09/15/22 (e)		3,497
	750	8.500%, 05/15/21 (e)		791

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
		USG Corp.,
	836	5.500%, 03/01/25 (e)		838
	37	7.875%, 03/30/20 (e)		40
	1,671	USI, Inc., 7.750%, 01/15/21 (e)		1,686
	418	VeriSign, Inc., 5.250%, 04/01/25		421
	8,360	Verizon Communications, Inc., 4.862%, 08/21/46		7,904
	13,110	Voya Financial, Inc., VAR, 5.650%, 05/15/53		13,393
		Vulcan Materials Co.,
	1,640	4.500%, 04/01/25		1,632
	5,080	7.500%, 06/15/21		5,867
	1,380	VWR Funding, Inc., 7.250%, 09/15/17		1,421
	1,567	W&T Offshore, Inc., 8.500%, 06/15/19		952
		W.R. Grace & Co.-Conn,
	938	5.125%, 10/01/21 (e)		948
	312	5.625%, 10/01/24 (e)		318
	3,990	Walgreens Boots Alliance, Inc., 4.800%, 11/18/44		3,738
	1,643	WCI Communities, Inc., 6.875%, 08/15/21		1,705
	495	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		506
	2,316	West Corp., 5.375%, 07/15/22 (e)		2,200
	1,071	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 02/15/23		1,100
	353	Western Refining, Inc., 6.250%, 04/01/21		355
		Whiting Petroleum Corp.,
	1,750	5.000%, 03/15/19		1,680
	7,600	5.750%, 03/15/21		7,410
	1,725	6.250%, 04/01/23		1,682
	1,890	Williams Partners LP, 5.100%, 09/15/45		1,632
		Williams Partners LP/ACMP Finance Corp.,
	6,415	4.875%, 05/15/23		6,283
	7,443	6.125%, 07/15/22		7,814
		Windstream Services LLC,
	1,120	6.375%, 08/01/23		868
	2,364	7.500%, 06/01/22		1,944
	3,666	7.500%, 04/01/23		2,988
	3,000	7.750%, 10/15/20		2,747
	20,872	7.750%, 10/01/21		17,637
	1,360	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		1,391
		WMG Acquisition Corp.,
	4,110	6.000%, 01/15/21 (e)		4,213
	2,408	6.750%, 04/15/22 (e)		2,323

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	700	Woodside Homes Co. LLC/Woodside Homes Finance, Inc., 6.750%, 12/15/21 (e)		662
		WPX Energy, Inc.,
	2,158	5.250%, 09/15/24		1,850
	5,930	6.000%, 01/15/22		5,545
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	500	5.375%, 03/15/22		504
	9,370	5.500%, 03/01/25 (e)		9,019
		Zayo Group LLC/Zayo Capital, Inc.,
	11,700	6.000%, 04/01/23 (e)		11,738
	785	6.375%, 05/15/25 (e)		776
	1,014	10.125%, 07/01/20		1,126
	9,885	Zebra Technologies Corp., 7.250%, 10/15/22 (e)		10,824
		ZF North America Capital, Inc.,
	1,936	4.000%, 04/29/20 (e)		1,953
	8,605	4.500%, 04/29/22 (e)		8,476
	3,978	4.750%, 04/29/25 (e)		3,888
				2,861,648
		Venezuela — 0.1%
	19,330	Petroleos de Venezuela S.A., Reg. S, 5.375%, 04/12/27		6,188
	25,836	Petróleos de Venezuela S.A., 6.000%, 11/15/26		8,358
				14,546
		Total Corporate Bonds (Cost $3,820,670)		3,741,783
	Foreign Government Securities — 5.0%
		Argentina — 0.1%
		Provincia de Buenos Aires,
	2,332	Reg. S, 9.625%, 04/18/28 (m)		2,297
	5,399	Reg. S, 10.875%, 01/26/21 (m)		5,426
	479	Reg. S, 11.750%, 10/05/15 (m)		478
	4,610	Republic of Argentina, 7.000%, 10/03/15 (m)		4,688
				12,889
		Aruba — 0.0% (g)
	5,290	Government of Aruba, 4.625%, 09/14/23 (e) (m)		5,264

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Bahrain — 0.0% (g)
	4,160	Kingdom of Bahrain, 6.000%, 09/19/44 (e) (m)		3,791
		Belarus — 0.0% (g)
	1,350	Republic of Belarus, Reg. S, 8.750%, 08/03/15 (m)		1,343
		Brazil — 0.3%
	10,805	Citigroup, Inc., CLN, Reg. S, 0.000%, 01/03/17 (linked to Federative Republic of Brazil, 0.000%, 01/01/17; credit rating BBB) (i)		5,426
		Federative Republic of Brazil,
	5,740	4.250%, 01/07/25 (m)		5,410
	3,000	4.875%, 01/22/21 (m)		3,095
	9,062	5.000%, 01/27/45 (m)		7,589
	3,520	7.125%, 01/20/37 (m)		3,828
	7,640	11.000%, 08/17/40 (m)		7,640
				32,988
		Costa Rica — 0.2%
	1,870	Instituto Costarricense de Electricidad, Reg. S, 6.950%, 11/10/21		1,959
		Republic of Costa Rica,
	2,920	7.000%, 04/04/44 (e) (m)		2,785
	3,370	7.158%, 03/12/45 (e) (m)		3,218
	9,090	Reg. S, 9.995%, 08/01/20 (m)		11,351
				19,313
		Croatia — 0.1%
		Republic of Croatia,
	5,990	Reg. S, 6.000%, 01/26/24 (m)		6,312
	4,690	Reg. S, 6.750%, 11/05/19 (m)		5,159
				11,471
		Dominican Republic — 0.2%
		Government of Dominican Republic,
	1,030	5.500%, 01/27/25 (e) (m)		1,034
	4,200	6.850%, 01/27/45 (e) (m)		4,221
	4,255	7.450%, 04/30/44 (e) (m)		4,553
	8,215	9.040%, 01/23/18 (e) (m)		8,892
	2,200	Reg. S, 5.875%, 04/18/24 (m)		2,283
	8,640	Reg. S, 7.500%, 05/06/21 (m)		9,666
				30,649
		Ecuador — 0.0% (g)
		Republic of Ecuador,
	2,800	10.500%, 03/24/20 (e) (m)		2,660
	1,050	Reg. S, 7.950%, 06/20/24 (m)		868
				3,528

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		El Salvador — 0.1%
	9,190	Republic of El Salvador, Reg. S, 7.750%, 01/24/23 (m)		9,856
		Ethiopia — 0.0% (g)
	2,900	Federal Democratic Republic of Ethiopia, 6.625%, 12/11/24 (e) (m)		2,864
		Ghana — 0.0% (g)
	3,550	Republic of Ghana, Reg. S, 8.500%, 10/04/17 (m)		3,701
		Honduras — 0.1%
	8,140	Republic of Honduras, 8.750%, 12/16/20 (e) (m)		9,269
		Hungary — 0.4%
		Republic of Hungary,
	15,080	5.375%, 03/25/24 (m)		16,422
	7,390	5.750%, 11/22/23 (m)		8,207
	4,914	6.375%, 03/29/21 (m)		5,622
	13,452	7.625%, 03/29/41 (m)		18,039
				48,290
		Indonesia — 0.3%
		Republic of Indonesia,
	1,987	5.125%, 01/15/45 (e) (m)		1,912
	8,250	5.875%, 01/15/24 (e) (m)		9,199
	6,950	6.750%, 01/15/44 (e) (m)		8,097
	14,842	Reg. S, 11.625%, 03/04/19 (m)		19,406
				38,614
		Iraq — 0.1%
	20,635	Republic of Iraq, Reg. S, 5.800%, 01/15/28 (m)		16,374
		Italy — 0.3%
		Republic of Italy,
EUR	1,000	4.250%, 03/01/20 (m)		1,272
EUR	7,400	4.500%, 05/01/23 (m)		9,905
EUR	2,300	Reg. S, 4.750%, 08/01/23 (e) (m)		3,131
EUR	12,200	Reg. S, 4.750%, 09/01/28 (e) (m)		17,322
				31,630
		Ivory Coast — 0.0% (g)
	5,280	Republic of Ivory Coast, 6.375%, 03/03/28 (e) (m)		5,069

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Jamaica — 0.1%
	6,040	Government of Jamaica, 8.000%, 06/24/19 (m)		6,749
		Jamaica Government International Bond,
	1,750	6.750%, 04/28/28 (m)		1,750
	1,250	7.875%, 07/28/45 (m)		1,241
				9,740
		Kenya — 0.0% (g)
	750	Citigroup, Inc., CLN, 0.000%, 11/15/32 (linked to Republic of Kenya 20-Year Bond, 12.000%, 11/01/32; credit rating B) (i)		566
	4,580	Republic of Kenya, Reg. S, 6.875%, 06/24/24 (m)		4,505
				5,071
		Lebanon — 0.1%
		Lebanon Government International Bond,
	2,300	4.500%, 04/22/16 (m)		2,300
	9,100	6.600%, 11/27/26 (m)		9,327
	4,250	Reg. S, 8.250%, 04/12/21 (m)		4,801
				16,428
		Mexico — 0.0% (g)
	3,850	United Mexican States, 4.600%, 01/23/46 (m)		3,634
		Morocco — 0.0% (g)
	4,250	Kingdom of Morocco, Reg. S, 4.250%, 12/11/22 (m)		4,324
		Pakistan — 0.1%
	4,500	Pakistan Government International Bond, Reg. S, 6.750%, 12/03/19 (m)		4,601
		Republic of Pakistan,
	10,820	8.250%, 04/15/24 (e) (m)		11,579
	1,004	Reg. S, 6.875%, 06/01/17 (m)		1,044
				17,224
		Panama — 0.1%
		Republic of Panama,
	4,500	3.750%, 03/16/25 (m)		4,477
	2,450	4.300%, 04/29/53 (m)		2,181
	2,150	6.700%, 01/26/36 (m)		2,682
				9,340
		Peru — 0.0% (g)
	1,500	Republic of Peru, 6.550%, 03/14/37 (m)		1,873

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Philippines — 0.2%
		Republic of the Philippines,
	6,260	5.500%, 03/30/26 (m)		7,457
	600	7.500%, 09/25/24 (m)		790
	8,130	10.625%, 03/16/25 (m)		13,059
				21,306
		Portugal — 0.2%
		Portugal Obrigacoes do Tesouro OT,
EUR	1,150	5.250%, 09/28/17		1,377
EUR	10,882	Reg. S, 4.750%, 06/14/19 (e) (m)		13,715
EUR	3,600	Reg. S, 5.650%, 02/15/24 (e) (m)		5,007
				20,099
		Romania — 0.2%
		Republic of Romania,
	9,700	6.750%, 02/07/22 (e) (m)		11,434
	11,060	Reg. S, 6.125%, 01/22/44 (m)		12,705
				24,139
		Russia — 0.4%
		Russian Federation,
	5,400	Reg. S, 3.500%, 01/16/19 (m)		5,339
	13,200	Reg. S, 4.875%, 09/16/23 (m)		12,854
	7,800	Reg. S, 5.875%, 09/16/43 (m)		7,391
	8,390	Reg. S, 12.750%, 06/24/28 (m)		13,004
	8,306	Reg. S, SUB, 7.500%, 03/31/30 (m)		9,718
				48,306
		Serbia — 0.1%
	15,230	Republic of Serbia, Reg. S, 7.250%, 09/28/21 (m)		17,134
		Slovenia — 0.1%
		Republic of Slovenia,
	7,720	Reg. S, 5.250%, 02/18/24 (m)		8,489
	4,270	Reg. S, 5.850%, 05/10/23 (m)		4,860
				13,349
		South Africa — 0.2%
		Republic of South Africa,
	2,000	5.875%, 05/30/22		2,215
	11,960	5.875%, 09/16/25		13,293
	5,524	5.875%, 09/16/25 (m)		6,140
	3,000	South Africa Government International Bond, 5.875%, 05/30/22 (m)		3,323
				24,971
		Spain — 0.2%
		Kingdom of Spain,
EUR	4,250	4.850%, 10/31/20 (e) (m)		5,594
EUR	1,600	Reg. S, 4.800%, 01/31/24 (e) (m)		2,182

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Spain –– continued
EUR	13,050	Reg. S, 5.400%, 01/31/23 (e) (m)		18,226
				26,002
		Sri Lanka — 0.1%
		Republic of Sri Lanka,
	8,750	Reg. S, 5.875%, 07/25/22 (m)		8,684
	5,150	Reg. S, 6.250%, 10/04/20 (m)		5,305
				13,989
		Turkey — 0.4%
		Republic of Turkey,
	2,400	5.750%, 03/22/24 (m)		2,578
	12,390	6.000%, 01/14/41 (m)		12,929
	12,810	6.250%, 09/26/22 (m)		14,161
	14,810	7.375%, 02/05/25 (m)		17,624
				47,292
		Ukraine — 0.0% (g)
	3,640	Republic of Ukraine, Reg. S, 7.800%, 11/28/22 (m)		2,129
		Uruguay — 0.1%
		Republic of Uruguay,
	5,960	5.100%, 06/18/50 (m)		5,722
	1,280	7.625%, 03/21/36 (m)		1,710
	1,230	8.000%, 11/18/22 (m)		1,581
				9,013
		Venezuela — 0.1%
		Republic of Venezuela,
	10,570	7.650%, 04/21/25 (m)		3,779
	6,270	Reg. S, 6.000%, 12/09/20 (m)		2,242
	8,020	Reg. S, 9.000%, 05/07/23 (m)		3,007
	5,950	Venezuela Government International Bond, 7.650%, 04/21/25		2,127
				11,155
		Vietnam — 0.0% (g)
	590	Republic of Vietnam, 4.800%, 11/19/24 (e) (m)		590
		Zambia — 0.1%
		Republic of Zambia,
	4,590	8.500%, 04/14/24 (e) (m)		4,434
	4,620	8.970%, 07/30/27 (e) (m)		4,465
				8,899
		Total Foreign Government Securities (Cost $660,442)		642,910

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — 0.7%
		Australia — 0.0% (g)
	846	FMG Resources Pty, Ltd., Term Loan B, VAR, 3.750%, 06/30/19		691
		Bermuda — 0.0% (g)
	839	Floatel International Ltd., Initial Term Loan, VAR, 6.000%, 06/27/20		631
		Canada — 0.0% (g)
	305	MEG Energy Corp., Incremental Term Loan B, VAR, 3.750%, 03/31/20		297
		Cayman Islands — 0.0% (g)
	660	Shelf Drilling Midco Ltd., Term Loan, VAR, 10.000%, 10/08/18		454
		Luxembourg — 0.0% (g)
	1,700	Delta 2 Lux Sarl, 2nd Lien Facility, VAR, 7.750%, 07/29/22		1,696
		Singapore — 0.0% (g)
	870	Avago Technologies Ltd., 1st Lien Term Loan B, VAR, 3.750%, 05/06/21		871
		United Kingdom — 0.0% (g)
	73	Ceva Group plc, PreFunded Letter of Credit, Term Loan, VAR, 6.500%, 03/19/21		67
	76	Ceva Intercompany, Dutch B.V. Term Loan, VAR, 6.500%, 03/19/21		70
	13	Ceva Logistics Holdings, Inc., Canadian Term Loan, VAR, 6.500%, 03/19/21		12
	105	Ceva Logistics Holdings, Inc., U.S. Term Loan B, VAR, 6.500%, 03/19/21		96
				245
		United States — 0.7%
	184	Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		185
	1,059	Altice Financing S.A., Term Loan, VAR, 5.500%, 07/02/19		1,073
	1,283	Avaya, Inc., Term Loan B-7, VAR, 6.250%, 04/30/20		1,219
	885	Axalta Coating Systems U.S. Holdings, Inc., Term Loan, VAR, 3.750%, 02/01/20		884
	377	AZ Chemical Ltd., 2nd Lien Initial Term Loan, VAR, 7.500%, 06/10/22		375
	1,451	Chrysler Group LLC, Term Loan B, VAR, 3.500%, 05/24/17		1,450
	3,185	Chrysler Group LLC, Tranche B Term Loan, VAR, 3.250%, 12/31/18		3,177
	555	Cincinnati Bell, Inc., Term Loan B, VAR, 4.000%, 09/10/20		555

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	1,600	Coeur Mining, Inc., Term Loan, VAR, 06/15/20 (i)		1,568
	2,050	Dell International LLC, Term Loan B-2, VAR, 4.000%, 04/29/20		2,049
	1,259	Delta Air Lines, Inc., Term Loan B-1, VAR, 3.250%, 10/18/18		1,257
	1,645	Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.500%, 11/01/18		1,648
	811	Drillships Ocean Ventures, Inc., Term Loan, VAR, 5.500%, 07/25/21		665
	640	Energy Future Intermediate Holdings Co. LLC., Term Loan, VAR, 4.250%, 06/19/16		643
	191	Entercom Radio LLC, Term B-2 Loan, VAR, 4.005%, 11/23/18		191
	812	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		774
	1,510	Fieldwood Energy LLC, 2nd Lien Closing Date Loan, VAR, 8.375%, 09/30/20		818
	2,260	First Data Corp., Term Loan, VAR, 3.687%, 03/23/18		2,253
	113	Fram Group Holdings, Inc., Term Loan, VAR, 7.000%, 07/29/17		108
	590	Freescale Semiconductor, Inc., Term Loan B-5, VAR, 5.000%, 01/15/21		592
	859	Go Daddy Group, Inc. (The), Incinitial Term Loan, VAR, 4.250%, 05/13/21		863
	5,407	iHeartCommunications, Inc., Term Loan D, VAR, 6.940%, 01/30/19 ^		4,961
	1,873	iHeartCommunications, Inc., Tranche E Term Loan, VAR, 7.690%, 07/30/19		1,736
	554	Intrawest Operations Group, Initia Term Loan, VAR, 4.750%, 12/09/20		557
	867	inVentiv Health, Inc., Term Loan B4, VAR, 7.750%, 05/15/18		868
	2,109	J. Crew Group, Inc., Initial Loan, VAR, 4.000%, 03/05/21		1,743
	1,485	J.C. Penney Co., Inc., Term Loan, VAR, 6.000%, 05/22/18		1,483
	628	Navios Maritime Partners LP, Term Loan, VAR, 06/18/20		622
	270	OCI Beaumont LLC, Term Loan B3, VAR, 5.500%, 08/20/19		275
	1,282	Petsmart, Inc., Term Loan B, VAR, 4.250%, 03/11/22		1,286
	5,084	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.000%, 04/29/20		5,069
	3,142	Post Holdings, Inc., Series A Incremental Term Loan, VAR, 3.750%, 06/02/21		3,139

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			United States –– continued
	1,230		Quality Distribution, Inc., 2nd Lien Term Loan, VAR, 07/29/22 ^		1,169
	169		Quikrete Holdings, Inc., 2nd Lien Term Loan, VAR, 7.000%, 03/26/21		169
	46		Realogy Corp., Extended Synthetic Commitments, VAR, 0.035%, 10/10/16		45
	636		Remy International, Inc., Term Loan, VAR, 4.250%, 03/05/20		636
	319		Reynolds Group Holdings Ltd., Incremental U.S. Term Loan, VAR, 4.500%, 12/01/18		320
	395		Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		398
	2,125		Rite Aid Corp., Tranche 2 Term Loan, VAR, 4.875%, 06/21/21		2,128
	648		Riverbed Technology, Inc., Term Loan, VAR, 6.000%, 04/25/22		655
	3,584		ROC Finance LLC, Funded Term B Loan, VAR, 5.000%, 06/20/19		3,495
	1,217		Sabine Oil & Gas LLC, 2nd Lien Term Loan, VAR, 8.750%, 12/31/18 (d)		325
	718		Scientific Games Corp., Initial Term Loan, VAR, 6.000%, 10/18/20		720
	1,606		Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		1,589
	1,001		Serta Simmons Holdings LLC, 1st Lien Senior Secured Term Loan, VAR, 4.250%, 10/01/19		1,003
	688		Shingle Springs Tribal Gaming Authority, Term B Loan, VAR, 6.250%, 08/29/19		690
	1,156		Signode Industrial Group U.S., Inc. Initial Term B Loan, VAR, 3.750%, 05/01/21		1,150
	541		Stallion Oilfield Holdings, Inc., Term Loan B, VAR, 8.000%, 06/19/18		419
	1,230		Staples, Inc., Term Loan, VAR, 04/21/21 ^		1,230
	1,097		Stardust Finance Holding, Inc., Senior Lien Term Loan, VAR, 6.500%, 03/13/22		1,098
	—	(h)	SUPERVALU, Inc., Term Loan B, VAR, 4.500%, 03/21/19 ^		—	(h)
	1,060		Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.000%, 04/23/19		1,007
	313		Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		297
	1,001		Texas Competitive Electric Holdings Co. LLC, 1st Lien Term Loan, VAR, 3.750%, 05/05/16 (d)		1,004

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States –– continued
	16,772	Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, VAR, 4.673%, 10/10/17 (d)		8,554
	12,477	Texas Competitive Electric Holdings Co. LLC, Non-Extended Term Loan, VAR, 4.673%, 10/10/16 (d) ^		6,245
	771	Tribune Media Co., Term Loan B, VAR, 3.750%, 12/28/20		772
	440	Univision Communications, Inc., 2013 Incremental Term Loan, VAR, 4.000%, 03/01/20		439
	2,952	Univision Communications, Inc., Replacement 1st Lien Term Loan, VAR, 4.000%, 03/01/20		2,948
	748	Veresen Midstream Ltd. Partnership, Initial Term Loan, VAR, 5.250%, 03/31/22		753
	754	Vertis, Inc., 1st Lien Term Loan, VAR, 12/21/15 (d) (i)		—	(h)
	720	Visant Corp., Initial Term Loan, VAR, 7.000%, 09/23/21		696
	628	W&T Offshore, Inc., Term Loan, VAR, 9.000%, 05/15/20		593
	691	WMG Acquisition Corp., Tranche B Refinancing Term Loan, VAR, 3.750%, 07/01/20		684
	896	XO Communications LLC, Initial Term Loan, VAR, 4.250%, 03/20/21		894
				86,211
		Total Loan Assignments (Cost 100,769)		91,096
	Preferred Securities — 6.4% (x)
		Belgium — 0.1%
EUR	12,925	KBC Groep N.V., VAR, 5.625%, 03/19/19		14,230
		Cayman Islands — 0.1%
	8,110	Emirates NBD Tier 1 Ltd., Reg. S, VAR, 5.750%, 05/30/19		8,201
		Denmark — 0.0% (g)
EUR	4,071	Danske Bank A/S, VAR, 5.750%, 04/06/20		4,566
		France — 0.4%
		Credit Agricole S.A.,
EUR	1,235	Reg. S, VAR, 6.500%, 06/23/21		1,401
	18,233	VAR, 6.625%, 09/23/19 (e)		18,165
		Electricite de France S.A.,
	9,535	VAR, 5.250%, 01/29/23 (e)		9,773

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		France –– continued
	10,240	VAR, 5.625%, 01/22/24 (e)		10,637
GBP	2,000	Orange S.A., Reg. S, VAR, 5.875%, 02/07/22		3,233
				43,209
		Netherlands — 0.1%
EUR	5,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, VAR, 5.500%, 06/29/20		5,684
GBP	4,400	Telefonica Europe B.V., Reg. S, VAR, 6.750%, 11/26/20		7,369
				13,053
		Spain — 0.2%
		Banco Bilbao Vizcaya Argentaria S.A.,
EUR	15,000	Reg. S, VAR, 7.000%, 02/19/19		16,803
EUR	5,000	VAR, 6.750%, 02/18/20		5,555
	2,000	VAR, 9.000%, 05/09/18		2,170
				24,528
		Sweden — 0.1%
	5,000	Skandinaviska Enskilda Banken AB, VAR, 5.750%, 05/13/20		5,031
	5,000	Svenska Handelsbanken AB, VAR, 5.250%, 03/01/21		4,950
	5,000	Swedbank AB, VAR, 5.500%, 03/17/20		4,984
				14,965
		Switzerland — 0.2%
		Credit Suisse Group AG,
	6,385	VAR, 6.250%, 12/18/24 (e)		6,218
	15,111	VAR, 7.500%, 12/11/23 (e)		16,093
	5,000	UBS Group AG, VAR, 7.000%, 02/19/25		5,164
				27,475
		United Kingdom — 0.5%
	705	Barclays plc, VAR, 8.250%, 12/15/18		755
		HSBC Holdings plc,
	7,515	VAR, 5.625%, 01/17/20		7,515
	20,640	VAR, 6.375%, 09/17/24		20,769
	8,816	VAR, 6.375%, 03/30/25		8,855
	16,958	Lloyds Banking Group plc, VAR, 7.500%, 06/27/24		17,679
GBP	6,909	Nationwide Building Society, VAR, 6.875%, 06/20/19		10,843
				66,416

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Preferred Securities — continued
		United States — 4.7%
		American Express Co.,
	11,620	VAR, 5.200%, 11/15/19		11,620
	17,060	Series C, VAR, 4.900%, 03/15/20		16,693
		Bank of America Corp.,
	15,338	Series AA, VAR, 6.100%, 03/17/25		15,269
	6,319	Series K, VAR, 8.000%, 01/30/18		6,686
	6,000	Series K, VAR, 8.000%, 01/30/18		6,348
	1,315	Series M, VAR, 8.125%, 05/15/18		1,405
	12,355	Series U, VAR, 5.200%, 06/01/23		11,642
	41,030	Series V, VAR, 5.125%, 06/17/19		40,261
	11,220	Series X, VAR, 6.250%, 09/05/24		11,230
	16,930	Series Z, VAR, 6.500%, 10/23/24		17,480
		Bank of New York Mellon Corp. (The),
	12,235	Series D, VAR, 4.500%, 06/20/23		11,317
	20,375	Series E, VAR, 4.950%, 06/20/20		20,273
	21,570	Capital One Financial Corp., Series E, VAR, 5.550%, 06/01/20		21,596
		Citigroup, Inc.,
	18,431	VAR, 5.950%, 01/30/23		18,270
	30,750	Series D, VAR, 5.350%, 05/15/23		29,074
	8,835	Series M, VAR, 6.300%, 05/15/24		8,658
	21,330	Series N, VAR, 5.800%, 11/15/19		21,453
	12,795	Series O, VAR, 5.875%, 03/27/20		12,875
	21,650	Series P, VAR, 5.950%, 05/15/25		21,109
		Fifth Third Bancorp,
	17,625	VAR, 5.100%, 06/30/23		16,391
	6,175	Series J, VAR, 4.900%, 09/30/19		5,866
		General Electric Capital Corp.,
	32,500	Series B, VAR, 6.250%, 12/15/22		35,288
	18,600	Series C, VAR, 5.250%, 06/15/23		19,065
		Goldman Sachs Group, Inc. (The),
	25,078	Series L, VAR, 5.700%, 05/10/19		25,321
	21,703	Series M, VAR, 5.375%, 05/10/20		21,573
	17,944	MetLife, Inc., Series C, VAR, 5.250%, 06/15/20		17,899
		Morgan Stanley,
	27,620	Series H, VAR, 5.450%, 07/15/19		27,454
	14,205	Series J, VAR, 5.550%, 07/15/20		14,134
		PNC Financial Services Group, Inc. (The),
	9,588	VAR, 6.750%, 08/01/21		10,643
	12,415	Series R, VAR, 4.850%, 06/01/23		11,794
	13,910	State Street Corp., Series F, VAR, 5.250%, 09/15/20		14,052
	12,540	SunTrust Banks, Inc., VAR, 5.625%, 12/15/19		12,603

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	11,565	Wachovia Capital Trust III, VAR, 5.570%, 08/31/15		11,442
		Wells Fargo & Co.,
	12,480	Series K, VAR, 7.980%, 03/15/18		13,525
	27,592	Series S, VAR, 5.900%, 06/15/24		27,749
	16,775	Series U, VAR, 5.875%, 06/15/25		17,174
				605,232
		Total Preferred Securities (Cost $826,860)		821,875
	Preferred Stocks — 1.8%
		Bermuda — 0.0% (g)
	12	Bunge Ltd., 4.875% ($100 par value) @		1,210
		Brazil — 0.0% (g)
	146	Banco Bradesco S.A. (Preference Shares)		1,163
		Cayman Islands — 0.0% (g)
	3	XLIT Ltd., Series D, VAR, 3.409%, 08/31/15 ($1,000 par value) @		2,826
		Ireland — 0.1%
	7	Allergan plc, Series A, 5.500%, 03/01/18 ($1,000 par value)		7,501
		Luxembourg — 0.0% (g)
	127	ArcelorMittal, 6.000%, 01/15/16 15 ($25 par value)		1,859
		Russia — 0.0% (g)
	1,954	Surgutneftegas OAO ($1 par value) (a)		1,194
		United States — 1.7%
	43	Alcoa, Inc., Series 1, 5.375%, 10/01/17 ($100 par value)		1,540
	256	Allstate Corp. (The), Series C, 6.750%, 10/15/18 ($25 par value) @		6,892
	97	Allstate Corp. (The), Series E, 6.625%, 04/15/19 ($25 par value) @		2,576
	2	Ally Financial, Inc., Series G, 7.000%, 08/31/15 ($1,000 par value) (e) @		2,050
	23	American Tower Corp., 5.500%, 02/15/18 ($100 par value)		2,353
	10	American Tower Corp., Series A, 5.250%, 05/15/17 ($100 par value)		988
	43	Anthem, Inc., 5.250%, 05/01/18 ($50 par value)		2,179
	4	Bank of America Corp., Series L, 7.250% ($1,000 par value) @		4,634
	279	Bank of New York Mellon Corp. (The), 5.200%, 09/20/17 ($50 par value) @		6,881

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Preferred Stocks — continued
			United States –– continued
	119		BB&T Corp., Series E, 5.625%, 08/01/17 ($50 par value) @		2,941
	508		BB&T Corp., Series F, 5.200%, 11/01/17 ($50 par value) @		12,234
	52		BB&T Corp., Series G, 5.200%, 06/01/18 ($25 par value) @		1,247
	117		Boston Properties, Inc., 5.250%, 03/27/18 ($25 par value) @		2,918
	85		Capital One Financial Corp., Series B, 6.000%, 09/01/17 ($25 par value) @		2,147
	365		Capital One Financial Corp., Series D, 6.700%, 12/01/19 ($25 par value) @		9,851
	2		Chesapeake Energy Corp., 5.750% ($1,000 par value) (e) @		1,166
	—	(h)	Constar International, Inc. (i)		—
	39		Crown Castle International Corp., Series A, 4.500%, 11/01/16 ($100 par value)		4,015
	457		Discover Financial Services, Series B, 6.500%, 12/01/17 ($25 par value) @		12,029
	57		Dominion Resources, Inc., 6.375%, 07/01/17 ($50 par value)		2,855
	18		Dominion Resources, Inc., Series A, 6.125%, 04/01/16 ($50 par value)		999
	35		Dominion Resources, Inc., Series B, 6.000%, 07/01/16 ($50 par value)		2,003
	440		Duke Energy Corp., 5.125%, 01/15/73 ($25 par value)		11,023
	34		Exelon Corp., 6.500%, 06/01/17 ($50 par value)		1,580
	26		Frontier Communications Corp., Series A, 11.125%, 06/29/18 ($100 par value)		2,577
	12		GMAC Capital Trust I, Series 2, VAR, 8.125%, 02/15/40 ($25 par value)		315
	675		Goldman Sachs Group, Inc. (The), Series J, VAR, 5.500%, 05/10/23 ($25 par value) @		16,755
	430		Goldman Sachs Group, Inc. (The), Series K, VAR, 6.375%, 05/10/24 ($25 par value) @		11,429
	65		Hartford Financial Services Group, Inc. (The), VAR, 7.875%, 04/15/42 ($25 par value)		2,034
	30		Health Care REIT, Inc., Series I, 6.500% ($50 par value) @		1,850
	11		iStar Financial, Inc., Series J, 4.500%, 03/15/18 ($50 par value) @		603
	400		Morgan Stanley, Series E, VAR, 7.125%, 10/15/23 ($25 par value) @		11,192

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	300	Morgan Stanley, Series F, VAR, 6.875%, 01/15/24 ($25 par value) @		8,151
	500	Morgan Stanley, Series I, VAR, 6.375%, 10/15/24 ($25 par value) @		12,855
	73	NextEra Energy, Inc., 5.799%, 09/01/16 ($50 par value)		4,198
	1	Pitney Bowes International Holdings, Inc., Series F, 6.125%, 10/30/16 ($1,000 par value) (e) @		1,052
	374	SCE Trust II, 5.100%, 03/15/18 ($25 par value) @		8,993
	56	Southwestern Energy Co., Series B, 6.250%, 01/15/18 ($50 par value)		2,387
	16	Stanley Black & Decker, Inc., 6.250%, 11/17/16 ($50 par value)		1,960
	575	State Street Corp., 6.000%, 12/15/19 ($25 par value) @		14,686
	139	State Street Corp., Series C, 5.250%, 09/15/17 ($25 par value) @		3,467
	301	State Street Corp., Series D, VAR, 5.900%, 03/15/24 ($25 par value) @		7,822
	33	T-Mobile USA, Inc., 5.500%, 12/15/17 ($50 par value)		2,333
	43	Tyson Foods, Inc., 4.750%, 07/15/17 ($50 par value)		2,295
	42	Vornado Realty Trust, Series G, 6.625%, 08/31/15 ($25 par value) @		1,086
	5	Wells Fargo & Co., Series L, 7.500% ($1,000 par value) @		6,405
	25	Weyerhaeuser Co., Series A, 6.375%, 07/01/16 ($1,000 par value)		1,263
				222,809
		Total Preferred Stocks (Cost $234,283)		238,562
	U.S. Treasury Obligation — 0.4%
	53,440	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $53,491)		53,494

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

NUMBER OF WARRANTS			SECURITY DESCRIPTION	VALUE
	Warrants — 0.0% (g)
			United States — 0.0% (g)
	1		Gener8 Maritime, Inc., expiring 05/17/17 (Strike Price $1.00) (a) (i)		—	(h)
	1		Nebraska Book Co., Inc., expiring 06/29/19 (Strike Price $1.00) (a) (i)		—
	—	(h)	Nebraska Book Holdings, Inc., expiring 06/29/19 (Strike Price $1.00) (a) (i)		—
			Total Warrants (Cost $–(h))		—	(h)
SHARES
	Short-Term Investments — 2.2%
			Time Deposit — 0.6%
	75,300		Royal Bank of Canada, 0.100%, 08/03/15 (m)		75,300
			Investment Company — 1.6%
	209,212		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m)		209,212
			Total Short-Term Investments (Cost $284,512)		284,512
			Total Investments — 98.3% (Cost $12,221,372)		12,609,847
			Other Assets in Excess of Liabilities — 1.7%		211,916
			NET ASSETS — 100.0%	$	12,821,763

Percentages indicated are based on net assets.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands, except number of Future contracts)

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Banks		10.2	%
Real Estate Investment Trusts (REITs)		8.8
Oil, Gas & Consumable Fuels		5.8
Foreign Government Securities		5.1
Pharmaceuticals		5.0
Insurance		4.8
Diversified Telecommunication Services		4.6
Asset-Backed Securities		3.9
Non-Agency CMO		3.9
Media		3.4
Capital Markets		3.1
Wireless Telecommunication Services		2.3
Health Care Providers & Services		1.9
Tobacco		1.7
Automobiles		1.7
Electric Utilities		1.7
Diversified Financial Services		1.6
Chemicals		1.5
Hotels, Restaurants & Leisure		1.5
Food Products		1.4
Semiconductors & Semiconductor Equipment		1.4
Specialty Retail		1.3
Software		1.1
Aerospace & Defense		1.1
Consumer Finance		1.1
IT Services		1.1
Commercial Mortgage-Backed Securities		1.1
Metals & Mining		1.0
Household Durables		1.0
Others (each less than 1.0%)		13.6
Short-Term Investments		2.3

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT JULY 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	906	Euro STOXX 50 Index		09/18/15	EUR		35,800			298
	345	FTSE 100 Index		09/18/15	GBP		35,850			351
	2,318	U.S. Long Bond		09/21/15	USD		361,463			3,219
		Short Futures Outstanding
	(7,117)	Euro FX		09/14/15	USD		(976,007	)		28,810
	(6,883)	GBP FX		09/14/15	USD		(671,523	)		(10,682	)
	(15,028)	5 Year U.S. Treasury Note		09/30/15	USD		(1,801,012	)		(12,903	)
										9,093

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JULY 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
5,752	AUD	Royal Bank of Canada	08/04/15		4,204		4,205		(1	)
650	EUR	Goldman Sachs International	08/24/15		710		714		(4	)
					4,914		4,919		(5	)

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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 July 31, 2015. 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
CSMC	—	Credit Suisse Mortgage Trust
CVA	—	Dutch Certification
EUR	—	Euro
FTSE	—	Financial Times Stock Exchange
GBP	—	British Pound
GDR	—	Global Depositary Receipt
GMAC	—	General Motors Acceptance Corp.
HKD	—	Hong Kong Dollar
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	—	Special drawing rights
SGD	—	Singapore Dollar
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of July 31, 2015.
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of July 31, 2015.
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.
(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 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 future contracts.
(l)	—	The rate shown is the current yield as of July 31, 2015.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

(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.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(x)	—	Securities are perpetual and thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as of July 31, 2015.
^	—	All or a portion of the security is unsettled as of July 31, 2015. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
@	—	The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of July 31, 2015.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $3,393,487,000 and 26.9%, respectively.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in certified portfolio holdings filed quarterly on Form N-Q, and are available for download from both the SEC‘s as well as each respective underlying fund’s website.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	761,796
Aggregate gross unrealized depreciation		(373,321	)
Net unrealized appreciation/depreciation	$	388,475
Federal income tax cost of investments	$	12,221,372

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

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

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

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

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

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

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

See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Fund at July 31, 2015.

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

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

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

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

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

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	182,264	$	—	$	182,264
Belgium		5,096		43,634		—		48,730
Bermuda		1,485		—		—		1,485
Brazil		10,205		—		—		10,205
Canada		112,197		—		—		112,197
Chile		2,489		—		—		2,489
China		—		29,513		—		29,513
Denmark		4,855		59,779		—		64,634
Finland		10,385		84,635		—		95,020
France		28,177		329,611		—		357,788
Germany		—		212,929		—		212,929
Hong Kong		11,985		30,989		—		42,974
Hungary		—		2,515		—		2,515
India		—		5,917		—		5,917
Indonesia		—		3,374		—		3,374
Ireland		49,265		—		—		49,265
Italy		—		100,142		—		100,142
Japan		—		307,752		—		307,752
Luxembourg		—		14,393		—		14,393
Malaysia		823		—		—		823
Mexico		3,274		—		—		3,274
Netherlands		3,328		170,161		—		173,489
Norway		—		37,031		—		37,031
Poland		3,180		—		—		3,180
Portugal		—		9,575		—		9,575
Russia		2,844		6,280		—		9,124
Singapore		3,790		50,851		—		54,641
South Africa		1,867		48,276		—		50,143
South Korea		6,355		2,103		—		8,458
Spain		—		140,787		—		140,787
Sweden		15,197		91,611		—		106,808
Switzerland		16,450		278,737		—		295,187
Taiwan		4,743		63,153		—		67,896
Thailand		3,282		2,573		—		5,855
Turkey		3,208		4,639		—		7,847
United Arab Emirates		—		2,244		—		2,244
United Kingdom		33,772		933,474		—		967,246
United States		1,883,342		—		175		1,883,517
Total Common Stocks		2,221,594		3,248,942		175		5,470,711

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Preferred Stocks
Bermuda	$	1,210	$	—	$	—		$	1,210
Brazil		1,163		—		—			1,163
Cayman Islands		2,826		—		—			2,826
Ireland		7,501		—		—			7,501
Luxembourg		1,859		—		—			1,859
Russia		—		1,194		—			1,194
United States		215,092		7,717		—			222,809
Total Preferred Stocks		229,651		8,911		—			238,562
Debt Securities
Asset-Backed Securities
United States		—		12,146		483,126			495,272
Collateralized Mortgage Obligations
Non-Agency CMO
United States		—		490,993		3,863			494,856
Commercial Mortgage-Backed Securities
United States		—		75,898		60,991			136,889
Convertible Bonds
Austria		—		841		—			841
Cayman Islands		—		11,374		—			11,374
France		—		1,097		—			1,097
Hungary		—		2,737		—			2,737
Italy		—		1,088		—			1,088
Luxembourg		—		7,663		—			7,663
Netherlands		—		14,579		—			14,579
Singapore		—		5,633		—			5,633
South Africa		—		549		—			549
Spain		—		6,191		—			6,191
United Arab Emirates		—		5,151		—			5,151
United Kingdom		—		9,222		—			9,222
United States		—		71,496		266			71,762
Total Convertible Bonds		—		137,621		266			137,887
Corporate Bonds
Argentina		—		2,081		—			2,081
Australia		—		9,755		—			9,755
Azerbaijan		—		3,394		—			3,394
Bahamas		—		2,554		—			2,554
Bermuda		—		18,168		—			18,168
Brazil		—		7,610		—			7,610
Canada		—		200,931		—	(a)		200,931
Cayman Islands		—		25,069		—			25,069
Chile		—		13,927		—			13,927
Colombia		—		14,967		—			14,967
Croatia		—		13,585		—			13,585
Finland		—		1,432		—			1,432
France		—		24,019		—			24,019
Georgia		—		6,747		—			6,747
Germany		—		1,816		1,252			3,068
Hungary		—		5,614		—			5,614
Indonesia		—		23,843		—			23,843
Ireland		—		28,053		—			28,053
Israel		—		9,160		—			9,160
Italy		—		12,091		—			12,091
Japan		—		3,060		—			3,060

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Kazakhstan	$	—		$	23,176		$	—		$	23,176
Liberia		—			1,491			—			1,491
Luxembourg		—			160,967			—			160,967
Mexico		—			55,232			—			55,232
Morocco		—			24,377			—			24,377
Netherlands		—			70,231			—			70,231
Peru		—			2,307			—			2,307
Singapore		—			487			—			487
South Korea		—			13,337			—			13,337
Sri Lanka		—			661			—			661
Turkey		—			6,499			—			6,499
United Arab Emirates		—			11,232			—			11,232
United Kingdom		—			66,464			—			66,464
United States		—			2,860,800			848			2,861,648
Venezuela		—			14,546			—			14,546
Total Corporate Bonds		—			3,739,683			2,100			3,741,783
Preferred Securities
Belgium		—			14,230			—			14,230
Cayman Islands		—			8,201			—			8,201
Denmark		—			4,566			—			4,566
France		—			43,209			—			43,209
Netherlands		—			13,053			—			13,053
Spain		—			24,528			—			24,528
Sweden		—			14,965			—			14,965
Switzerland		—			27,475			—			27,475
United Kingdom		—			66,416			—			66,416
United States		—			605,232			—			605,232
Total Preferred Securities		—			821,875			—			821,875
Loan Assignments
Australia		—			691			—			691
Bermuda		—			631			—			631
Canada		—			297			—			297
Cayman Islands		—			454			—			454
Luxembourg		—			1,696			—			1,696
Singapore		—			871			—			871
United Kingdom		—			245			—			245
United States		—			84,643			1,568			86,211
Total		—			89,528			1,568			91,096
Foreign Government Securities		—			636,918			5,992			642,910
U.S. Treasury Obligation		—			53,494			—			53,494
Warrants
United States		—			—			—	(a)		—	(a)
Short-Term Investments
Investment Company		209,212			—			—			209,212
Time Deposit		—			75,300			—			75,300
Total Investments in Securities	$	2,660,457		$	9,391,309		$	558,081		$	12,609,847
Appreciation in Other Financial Instruments
Futures Contracts	$	32,678		$	—		$	—		$	32,678
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(5	)	$	—		$	(5	)
Futures Contracts		(23,585	)		—			—			(23,585	)
Total Depreciation in Other Financial Instruments	$	(23,585	)	$	(5	)	$	—		$	(23,590	)

(a) Amount rounds to less than one thousand.

There were no transfers between Levels 1 and 2 during the period ended July 31, 2015.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

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

	Balance as of October 31, 2014			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of July 31, 2015
Asset-Backed Securities — United States	$	435,562		$	—		$	(1,784	)	$	1,622		$	121,274		$	(73,548	)	$	—	$	—		$	483,126
Collateralized Mortgage Obligations — Non-Agency CMO — United States		4,408			—			(172	)		18			—			(391	)		—		—			3,863
Commercial Mortgage-Backed Securities — United States		19,037			—			(181	)		(7	)		42,142			—			—		—			60,991
Common Stocks — United States		1,770			(1,155	)		1,788			—			—			(2,228	)		—		—			175
Convertible Bonds — United States		—	(a)		—			—			—			—			—			266		—			266
Corporate Bonds — Canada		—			—	(a)		—	(a)		—			—			—	(a)		—		—			—	(a)
Corporate Bonds — Germany		1,514			—			(262	)		—			—			—			—		—			1,252
Corporate Bonds — United States		13,842			40			(35	)		(41	)		1			(132	)		770		(13,597	)		848
Foreign Government Securities		12,192			(912	)		(1,700	)		—			—			(3,588	)		—		—			5,992
Loan Assignments — United States		1			2			(1	)		—	(a)		1,568			(2	)		—		—			1,568
Preferred Stocks — United States		—	(a)		—			—			—			—			—	(a)		—		—			—
Warrants — United States		—	(a)		—			—	(a)		—			—	(a)		—			—		—			—	(a)
Total	$	488,326		$	(2,025	)	$	(2,347	)	$	1,592		$	164,985		$	(79,889	)	$	1,036	$	(13,597	)	$	558,081

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

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

(a) Amount rounds to less than one thousand.

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

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 July 31, 2015, which were valued using significant unobservable inputs (Level 3), amounted to approximately $ (2,347,000).

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

Quantitative Information about Level 3 Fair Value Measurements # (Amounts in thousands)

	Fair Value at July 31, 2015			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	—	(d)	Market Comparable Companies	Discount for lack of marketability (a)	10% (N/A)
Common Stock		—	(d)
		—	(d)	Discounted Cash Flow (c)	Discount for lack of marketability (a)	10% (N/A)
Preferred Stock		—	(d)
		127		Market Comparable Companies	EBITDA Multiple (b)	6.80x (6.80x)
					Discount for lack of marketability (a)	10% (N/A)
		266		Terms of Sale	Discount for lack of marketability (a)	12.5% (N/A)
Corporate Bonds		393
		478,931		Discounted Cash Flow	Constant Prepayment Rate	0.00%—12.00% (3.50%)
					Constant Default Rate	0.00%—30.00% (5.93%)
					Yield (Discount Rate of Cash Flows)	1.01%—9.62% (4.27%)
Asset-Backed Securities		478,931
		3,864		Discounted Cash Flow	Constant Prepayment Rate	4.00%—21.26% (12.73%)
					Constant Default Rate	0.00%—6.65% (2.94%)
					Yield (Discount Rate of Cash Flows)	4.40%—10.78% (6.43%)
Collateralized Mortgage Obligations		3,864
		55,661		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	3.55%—9.41% (5.43%)
Commercial Mortgage-Backed Securities		55,661
Warrants		—	(e)	Intrinsic Value	Issue Price vs. Stock Price	(N/A)
Total	$	538,849

EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization

# The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At July 31, 2015, the value of these investments was approximately $19,232,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

(a) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

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

(c) Securities senior to the preferred securities in issuing entity capital structure result in preferred stock being valued at zero.

(d) Value is zero.

(e) Value rounds to less than $1,000.

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, yield, and default rate may decrease (increase) the fair value measurement. A significant change in the constant prepayment rate may decrease or increase the fair value measurement.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

(Amounts in thousands)

B. Derivatives — The Fund uses instruments including futures, forward foreign currency exchange contracts and other derivatives, in connection with its 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 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 their value.

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

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

Notes (1) and (2) below describe the various derivatives used by the Fund.

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

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

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 up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

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

(2). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency contract offsets another forward foreign currency contract with the same counterparty upon settlement.

As of May 31, 2015, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.1%
		Australia — 1.3%
	1,226	BHP Billiton Ltd. (m)		23,668
	639	BHP Billiton plc		11,728
	1,794	South32 Ltd. (a)		2,341
				37,737
		Belgium — 1.6%
	391	Anheuser-Busch InBev N.V.		46,674
		China — 2.4%
	13,390	China Construction Bank Corp., Class H		10,923
	17,547	CNOOC Ltd.		21,533
	15,693	Industrial & Commercial Bank of China Ltd., Class H		10,781
	2,950	Ping An Insurance Group Co. of China Ltd., Class H		16,976
	4,736	Wynn Macau Ltd.		9,767
				69,980
		Denmark — 0.8%
	410	Novo Nordisk A/S, Class B		24,212
		France — 11.4%
	538	Accor S.A.		26,377
	1,442	AXA S.A.		37,971
	616	BNP Paribas S.A.		40,100
	171	Essilor International S.A.		21,894
	8	Hermes International		3,249
	219	Imerys S.A.		16,519
	64	Kering		12,381
	182	LVMH Moet Hennessy Louis Vuitton SE		34,089
	190	Pernod-Ricard S.A.		22,672
	509	Sanofi		54,860
	633	Schneider Electric SE		44,135
	358	Technip S.A.		20,344
				334,591
		Germany — 6.8%
	265	Allianz SE		43,481
	281	Bayer AG		41,510
	178	Continental AG		39,692
	330	Fresenius Medical Care AG & Co. KGaA		26,980
	673	SAP SE		48,338
				200,001
		Hong Kong — 4.0%
	2,705	Cheung Kong Property Holdings Ltd. (a)		22,541
	5,758	China Overseas Land & Investment Ltd.		18,133
	2,630	CK Hutchison Holdings Ltd.		39,031
	6,606	Hang Lung Properties Ltd.		18,865
	4,660	Sands China Ltd.		20,564
				119,134
		India — 0.9%
	410	HDFC Bank Ltd., ADR		25,594
		Indonesia — 0.5%
	30,126	Astra International Tbk PT		14,793
		Israel — 1.1%
	480	Teva Pharmaceutical Industries Ltd., ADR		33,144
		Japan — 19.5%
	1,902	Astellas Pharma, Inc.		28,633
	347	Daikin Industries Ltd. (m)		22,394
	255	East Japan Railway Co.		25,135
	125	FANUC Corp. (m)		20,782
	1,384	Honda Motor Co., Ltd.		46,506
	1,388	Inpex Corp.		15,084
	1,515	Japan Tobacco, Inc. (m)		58,788
	707	KDDI Corp.		17,953
	1,346	Komatsu Ltd.		24,863
	2,440	Kubota Corp.		41,730
	498	Makita Corp. (m)		27,466
	847	Mitsui Fudosan Co., Ltd.		24,093
	277	Nidec Corp.		24,730
	144	Nitto Denko Corp.		10,883
	330	Shin-Etsu Chemical Co., Ltd.		19,758
	122	SMC Corp.		31,006
	1,398	Sumitomo Mitsui Financial Group, Inc.		63,041
	276	Tokyo Electron Ltd.		15,226
	869	Toyota Motor Corp.		57,853
				575,924
		Netherlands — 4.0%
	556	Akzo Nobel N.V.		39,776
	258	ASML Holding N.V.		25,672
	3,048	ING Groep N.V., CVA		51,833
				117,281
		South Africa — 0.7%
	153	Naspers Ltd., Class N		21,380
		South Korea — 1.6%
	57	Hyundai Mobis Co., Ltd.		10,372
	71	Samsung Electronics Co., Ltd., Reg. S, GDR		35,865
				46,237
		Switzerland — 14.5%
	343	Cie Financiere Richemont S.A.		29,631
	1,611	Credit Suisse Group AG (a)		47,533
	7,183	Glencore plc (a)		23,273
	520	LafargeHolcim Ltd. (a)		36,076
	693	Nestle S.A.		52,391

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — continued
	693	Novartis AG		71,946
	216	Roche Holding AG		62,372
	2,730	UBS Group AG (a)		62,769
	137	Zurich Insurance Group AG (a)		41,764
				427,755
		Taiwan — 0.8%
	1,068	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		23,613
		United Kingdom — 22.2%
	600	Aggreko plc		11,241
	1,842	ARM Holdings plc		28,903
	11,915	Barclays plc		53,733
	4,186	BG Group plc		71,215
	706	British American Tobacco plc		41,944
	1,130	Burberry Group plc		28,354
	7,002	HSBC Holdings plc		63,057
	667	Imperial Tobacco Group plc		34,980
	20,612	Lloyds Banking Group plc		26,841
	2,908	Meggitt plc		21,069
	2,248	Prudential plc (m)		52,896
	398	Rio Tinto Ltd. (m)		15,280
	436	Rio Tinto plc		16,867
	2,582	Standard Chartered plc		39,486
	796	Tullow Oil plc		3,042
	611	Unilever plc		27,709
	18,985	Vodafone Group plc		71,914
	1,992	WPP plc		45,767
				654,298
		Total Common Stocks (Cost $2,406,413)		2,772,348
	Preferred Stocks — 2.4%
		Germany — 2.4%
	273	Henkel AG & Co. KGaA		32,313
	189	Volkswagen AG		37,985
		Total Preferred Stocks (Cost $59,995)		70,298
	Short-Term Investment — 3.1%
		Investment Company — 3.1%
	91,341	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m)    (Cost $91,341)		91,341
		Total Investments — 99.6% (Cost $2,557,749)		2,933,987
		Other Assets in Excess of Liabilities — 0.4%		12,536
		NET ASSETS — 100.0%	$	2,946,523

Percentages indicated are based on net assets.

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Banks		13.1	%
Pharmaceuticals		10.8
Insurance		6.6
Automobiles		5.4
Machinery		5.0
Tobacco		4.6
Oil, Gas & Consumable Fuels		3.8
Capital Markets		3.8
Textiles, Apparel & Luxury Goods		3.7
Semiconductors & Semiconductor Equipment		3.2
Metals & Mining		3.2
Wireless Telecommunication Services		3.1
Real Estate Management & Development		2.9
Chemicals		2.4
Beverages		2.4
Electrical Equipment		2.3
Media		2.3
Hotels, Restaurants & Leisure		1.9
Construction Materials		1.8
Food Products		1.8
Auto Components		1.7
Software		1.6
Industrial Conglomerates		1.3
Technology Hardware, Storage & Peripherals		1.2
Household Products		1.1
Others (each less than 1.0%)		5.9
Short-Term Investment		3.1

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
GDR	—	Global Depositary 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.
(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 July 31, 2015.
(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 approximately $2,760,296,000 and 94.1%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	505,854
Aggregate gross unrealized depreciation		(129,616	)
Net unrealized appreciation/depreciation	$	376,238
Federal income tax cost of investments	$	2,557,749

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	2,341	$	35,396	$	—	$	37,737
Belgium		—		46,674		—		46,674
China		—		69,980		—		69,980
Denmark		—		24,212		—		24,212
France		—		334,591		—		334,591
Germany		—		200,001		—		200,001
Hong Kong		22,541		96,593		—		119,134
India		25,594		—		—		25,594
Indonesia		—		14,793		—		14,793
Israel		33,144		—		—		33,144
Japan		—		575,924		—		575,924
Netherlands		—		117,281		—		117,281
South Africa		—		21,380		—		21,380
South Korea		35,865		10,372		—		46,237
Switzerland		19,062		408,693		—		427,755
Taiwan		23,613		—		—		23,613
United Kingdom		—		654,298		—		654,298
Total Common Stocks		162,160		2,610,188		—		2,772,348
Preferred Stocks
Germany		—		70,298		—		70,298
Short-Term Investment
Investment Company		91,341		—		—		91,341
Total Investments in Securities	$	253,501	$	2,680,486	$	—	$	2,933,987

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.5%
		Australia — 3.9%
	1,392	Australia & New Zealand Banking Group Ltd.		33,193
	3,975	Goodman Group		18,956
	2,036	Oil Search Ltd.		11,076
	2,279	Westfield Corp.		16,672
				79,897
		China — 1.2%
	2,962	ENN Energy Holdings Ltd.		19,657
	7,501	Sun Art Retail Group Ltd.		5,709
				25,366
		Denmark — 0.8%
	294	Chr Hansen Holding A/S		16,263
		Finland — 0.6%
	708	UPM-Kymmene OYJ		13,078
		France — 9.2%
	244	Air Liquide S.A.		31,748
	367	Airbus Group SE		26,032
	928	AXA S.A.		24,435
	358	BNP Paribas S.A.		23,270
	470	Klepierre		21,395
	233	Renault S.A.		21,482
	330	Thales S.A.		22,307
	137	Valeo S.A.		18,227
				188,896
		Germany — 7.9%
	315	Bayer AG		46,527
	54	Continental AG		12,141
	393	Daimler AG		35,194
	1,367	E.ON SE		18,056
	1,866	Infineon Technologies AG		20,927
	410	SAP SE		29,463
				162,308
		Hong Kong — 1.6%
	5,014	China Overseas Land & Investment Ltd.		15,790
	1,186	CK Hutchison Holdings Ltd.		17,606
				33,396
		India — 0.9%
	280	HDFC Bank Ltd., ADR		17,498
		Ireland — 1.3%
	301	Shire plc		26,756
		Italy — 2.8%
	5,416	Enel S.p.A.		25,452
	8,398	Intesa Sanpaolo S.p.A.		32,335
				57,787
		Japan — 22.3%
	342	Daikin Industries Ltd.		22,122
	977	Daiwa House Industry Co., Ltd.		24,308
	597	Dentsu, Inc.		33,779
	995	DMG Mori Co., Ltd.		15,318
	2,926	Hitachi Ltd.		18,957
	673	Japan Airlines Co., Ltd.		25,403
	195	Japan Tobacco, Inc.		7,569
	5,480	Kajima Corp.		27,203
	48	Keyence Corp.		24,381
	1,109	Mazda Motor Corp.		21,746
	4,417	Mitsubishi UFJ Financial Group, Inc.		32,144
	908	Mitsui Fudosan Co., Ltd.		25,828
	2,668	Mitsui OSK Lines Ltd.		8,002
	565	NH Foods Ltd.		13,733
	5,738	Nippon Steel & Sumitomo Metal Corp.		13,554
	484	Nippon Telegraph & Telephone Corp.		18,644
	1,865	ORIX Corp.		27,859
	554	Seven & i Holdings Co., Ltd.		25,567
	595	Sompo Japan Nipponkoa Holdings, Inc.		20,960
	490	Sumitomo Mitsui Financial Group, Inc.		22,110
	307	Suntory Beverage & Food Ltd.		12,960
	827	Yamato Holdings Co., Ltd.		18,324
				460,471
		Netherlands — 4.3%
	252	ASML Holding N.V.		25,067
	2,117	ING Groep N.V., CVA		35,997
	984	Royal Dutch Shell plc, Class A		28,225
				89,289
		Norway — 0.8%
	4,225	Norsk Hydro ASA		15,755
		Spain — 0.5%
	1,588	Distribuidora Internacional de Alimentacion S.A. (a)		9,939
		Sweden — 1.3%
	936	Electrolux AB, Series B		26,875
		Switzerland — 13.2%
	65	Cie Financiere Richemont S.A.		5,582
	792	Nestle S.A.		59,922
	633	Novartis AG		65,670
	205	Roche Holding AG		59,091

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — continued
	146	Swiss Re AG		13,119
	1,641	UBS Group AG (a)		37,729
	476	Wolseley plc		31,594
				272,707
		United Kingdom — 23.9%
	385	Associated British Foods plc		19,324
	434	AstraZeneca plc		29,288
	2,963	Aviva plc		24,095
	1,108	BG Group plc		18,857
	615	British American Tobacco plc		36,495
	2,080	Dixons Carphone plc		14,801
	4,583	HSBC Holdings plc		41,397
	361	InterContinental Hotels Group plc		15,144
	4,113	Kingfisher plc		23,168
	27,382	Lloyds Banking Group plc		35,657
	1,542	National Grid plc		20,518
	946	Pennon Group plc		12,039
	1,194	Prudential plc		28,095
	330	Reckitt Benckiser Group plc		31,684
	684	Rio Tinto plc		26,475
	534	SABMiller plc		27,982
	1,321	Smith & Nephew plc		24,553
	1,827	UBM plc		15,144
	12,480	Vodafone Group plc		47,273
				491,989
		Total Common Stocks (Cost $1,781,972)		1,988,270
	Preferred Stock — 1.3%
		Germany — 1.3%
	237	Henkel AG & Co. KGaA (Cost $20,949)		28,086
	Short-Term Investment — 2.6%
		Investment Company — 2.6%
	53,587	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m) (Cost $53,587)		53,587
		Total Investments — 100.4% (Cost $1,856,508)		2,069,943
		Liabilities in Excess of Other Assets — (0.4)%		(8,935	)
		NET ASSETS — 100.0%	$	2,061,008

Percentages indicated are based on net assets.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Banks		13.2	%
Pharmaceuticals		11.0
Insurance		5.3
Food Products		4.5
Automobiles		3.8
Real Estate Management & Development		3.2
Household Products		2.9
Oil, Gas & Consumable Fuels		2.8
Real Estate Investment Trusts (REITs)		2.8
Metals & Mining		2.7
Media		2.4
Aerospace & Defense		2.3
Chemicals		2.3
Wireless Telecommunication Services		2.3
Semiconductors & Semiconductor Equipment		2.2
Tobacco		2.1
Electronic Equipment, Instruments & Components		2.1
Food & Staples Retailing		2.0
Beverages		2.0
Multi-Utilities		1.9
Specialty Retail		1.8
Capital Markets		1.8
Trading Companies & Distributors		1.5
Auto Components		1.5
Software		1.4
Diversified Financial Services		1.3
Construction & Engineering		1.3
Household Durables		1.3
Electric Utilities		1.2
Airlines		1.2
Health Care Equipment & Supplies		1.2
Building Products		1.1
Others (each less than 1.0%)		7.0
Short-Term Investment		2.6

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT JULY 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
	2,561	CHF
	20,933	for HKD	Royal Bank of Canada		08/13/15	$	2,699	#	$	2,650	#	$	(49	)
	13,286	EUR
	9,277	for GBP	Goldman Sachs International		08/13/15		14,486	#		14,593	#		107
	9,699	EUR
	84,863	for NOK	Barclays Bank plc		08/13/15		10,387	#		10,653	#		266
	78,477	AUD	Westpac Banking Corp.		08/13/15		62,268			57,334			(4,934	)
	11,293	CHF	Barclays Bank plc		08/13/15		12,012			11,690			(322	)
	5,812	CHF	Goldman Sachs International		08/13/15		6,218			6,016			(202	)
	53,262	DKK	HSBC Bank, N.A.		08/13/15		8,054			7,840			(214	)
	117,865	DKK	Westpac Banking Corp.		08/13/15		17,767			17,350			(417	)
	3,836	EUR	Citibank, N.A.		08/13/15		4,282			4,213			(69	)
	6,824	EUR	Goldman Sachs International		08/13/15		7,731			7,495			(236	)
	10,632	EUR	HSBC Bank, N.A.		08/13/15		11,629			11,678			49
	101,459	EUR	Morgan Stanley		08/13/15		113,898			111,439			(2,459	)
	4,166	EUR	Royal Bank of Canada		08/13/15		4,594			4,576			(18	)
	4,520	EUR	State Street Corp.		08/13/15		5,080			4,965			(115	)
	3,891	EUR	TD Bank Financial Group		08/13/15		4,330			4,274			(56	)
	16,336	GBP	HSBC Bank, N.A.		08/13/15		25,550			25,509			(41	)
	8,071	GBP	Royal Bank of Canada		08/13/15		12,523			12,603			80
	4,059	GBP	Standard Chartered Bank		08/13/15		6,345			6,338			(7	)
	38,787	HKD	Goldman Sachs International		08/13/15		5,003			5,003			—	(h)
	66,905	HKD	Royal Bank of Canada		08/13/15		8,629			8,630			1
	49,705	HKD	State Street Corp.		08/13/15		6,412			6,412			—	(h)
	1,455,089	JPY	BNP Paribas		08/13/15		11,687			11,742			55
	784,950	JPY	Goldman Sachs International		08/13/15		6,619			6,334			(285	)
	1,413,676	JPY	Merrill Lynch International		08/13/15		11,575			11,407			(168	)
	1,663,275	JPY	Morgan Stanley		08/13/15		13,808			13,422			(386	)
	3,306,886	JPY	Royal Bank of Canada		08/13/15		26,699			26,684			(15	)
	1,584,964	JPY	Royal Bank of Scotland		08/13/15		12,928			12,790			(138	)
	95,745	NOK	Barclays Bank plc		08/13/15		11,596			11,719			123
	32,793	NOK	Goldman Sachs International		08/13/15		4,140			4,014			(126	)
	33,259	NOK	HSBC Bank, N.A.		08/13/15		4,269			4,071			(198	)
	33,242	NOK	State Street Corp.		08/13/15		4,244			4,068			(176	)
	297,725	SEK	Goldman Sachs International		08/13/15		35,894			34,517			(1,377	)
	37,640	SGD	Westpac Banking Corp.		08/13/15		28,283			27,429			(854	)
						$	521,639		$	509,458		$	(12,181	)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JULY 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	6,295	AUD	HSBC Bank, N.A.		08/13/15	$	4,853	$	4,599	$	254
	58,495	CHF	Goldman Sachs International		08/13/15		63,447		60,552		2,895
	5,433	CHF	Merrill Lynch International		08/13/15		5,833		5,624		209
	13,907	CHF	Royal Bank of Canada		08/13/15		14,825		14,396		429
	31,159	DKK	Morgan Stanley		08/13/15		4,713		4,587		126
	34,571	EUR	Goldman Sachs International		08/13/15		38,419		37,971		448
	3,816	EUR	HSBC Bank, N.A.		08/13/15		4,258		4,192		66
	7,903	EUR	Merrill Lynch International		08/13/15		8,821		8,680		141
	12,662	EUR	Morgan Stanley		08/13/15		14,218		13,908		310
	10,061	EUR	Standard Chartered Bank		08/13/15		11,314		11,050		264
	5,759	EUR	State Street Corp.		08/13/15		6,446		6,326		120

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JULY 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	14,762	GBP	Citibank, N.A.		08/13/15	$	23,012	$	23,051	$	(39	)
	75,942	GBP	Goldman Sachs International		08/13/15		115,855		118,586		(2,731	)
	8,762	GBP	HSBC Bank, N.A.		08/13/15		13,362		13,683		(321	)
	2,821	GBP	Morgan Stanley		08/13/15		4,367		4,405		(38	)
	3,760	GBP	Royal Bank of Canada		08/13/15		5,807		5,872		(65	)
	134,465	HKD	Westpac Banking Corp.		08/13/15		17,346		17,345		1
	2,362,044	JPY	BNP Paribas		08/13/15		19,042		19,060		(18	)
	3,162,739	JPY	Morgan Stanley		08/13/15		26,441		25,522		919
	1,725,194	JPY	Royal Bank of Canada		08/13/15		14,027		13,921		106
	628,657	JPY	Royal Bank of Scotland		08/13/15		5,082		5,073		9
	1,124,178	JPY	Standard Chartered Bank		08/13/15		9,079		9,071		8
	541,087	JPY	State Street Corp.		08/13/15		4,382		4,366		16
	110,176	NOK	Goldman Sachs International		08/13/15		14,601		13,485		1,116
	38,456	SEK	Barclays Bank plc		08/13/15		4,703		4,459		244
						$	454,253	$	449,784	$	4,469

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at July 31, 2015 of the currency being sold, and the value at July 31, 2015 is the U.S. dollar market value of the currency being purchased.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENT:

ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
CHF	—	Swiss Franc
CVA	—	Dutch Certification
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
(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).
(l)	—	The rate shown is the current yield as of July 31, 2015.
(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 approximately $1,998,858,000 and 96.6%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	271,414
Aggregate gross unrealized depreciation		(57,979	)
Net unrealized appreciation/depreciation	$	213,435
Federal income tax cost of investments	$	1,856,508

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

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

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

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

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

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	79,897		$	—	$	79,897
China		—		25,366			—		25,366
Denmark		—		16,263			—		16,263
Finland		—		13,078			—		13,078
France		—		188,896			—		188,896
Germany		—		162,308			—		162,308
Hong Kong		—		33,396			—		33,396
India		17,498		—			—		17,498
Ireland		—		26,756			—		26,756
Italy		—		57,787			—		57,787
Japan		—		460,471			—		460,471
Netherlands		—		89,289			—		89,289
Norway		—		15,755			—		15,755
Spain		—		9,939			—		9,939
Sweden		—		26,875			—		26,875
Switzerland		—		272,707			—		272,707
United Kingdom		—		491,989			—		491,989
Total Common Stocks		17,498		1,970,772			—		1,988,270
Preferred Stocks
Germany		—		28,086			—		28,086
Short-Term Investment
Investment Company		53,587		—			—		53,587
Total Investments in Securities	$	71,085	$	1,998,858		$	—	$	2,069,943
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	8,362		$	—	$	8,362
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(16,074	)	$	—	$	(16,074	)

There were no transfers among any levels during the period ended July 31, 2015.

A. Derivatives — The Fund uses instruments including forward foreign currency exchange contracts in connection with its 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 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 their value.

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

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

(1). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency contract offsets another forward foreign currency contract with the same counterparty upon settlement.

As of May 31, 2015, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.7%
		Australia — 1.8%
	908	South32 Ltd. (a)		1,159
		Canada — 5.6%
	20	Canadian National Railway Co.		1,226
	81	MEG Energy Corp. (a)		863
	36	Toronto-Dominion Bank (The)		1,466
				3,555
		China — 5.2%
	12	Baidu, Inc., ADR (a)		2,147
	203	Ping An Insurance Group Co. of China Ltd., Class H		1,165
				3,312
		France — 11.0%
	25	Accor S.A.		1,207
	44	AXA S.A.		1,147
	120	Orange S.A.		1,968
	13	Sanofi		1,425
	18	Schneider Electric SE		1,263
				7,010
		Germany — 4.0%
	6	Continental AG		1,351
	34	Zalando SE (a) (e)		1,170
				2,521
		Hong Kong — 3.8%
	148	Cheung Kong Property Holdings Ltd. (a)		1,233
	78	CK Hutchison Holdings Ltd.		1,158
				2,391
		India — 3.7%
	19	HDFC Bank Ltd., ADR		1,165
	119	ICICI Bank Ltd., ADR		1,203
				2,368
		Ireland — 2.0%
	14	Shire plc		1,285
		Israel — 1.9%
	18	Teva Pharmaceutical Industries Ltd., ADR		1,216
		Italy — 2.3%
	378	Intesa Sanpaolo S.p.A.		1,457
		Japan — 12.5%
	44	Japan Tobacco, Inc.		1,696
	60	KDDI Corp.		1,516
	45	Kubota Corp.		770
	23	Makita Corp.		1,242
	32	Sumitomo Mitsui Financial Group, Inc.		1,429
	24	Tokyo Electron Ltd.		1,330
				7,983
		Netherlands — 5.5%
	22	Akzo Nobel N.V.		1,600
	111	ING Groep N.V., CVA		1,887
				3,487
		South Africa — 2.0%
	9	Naspers Ltd., Class N		1,242
		South Korea — 2.8%
	4	Samsung Electronics Co., Ltd., Reg. S, GDR		1,814
		Switzerland — 12.9%
	8	Actelion Ltd. (a)		1,246
	15	Cie Financiere Richemont S.A.		1,272
	17	LafargeHolcim Ltd. (a)		1,214
	12	Novartis AG		1,256
	7	Roche Holding AG		1,926
	57	UBS Group AG (a)		1,306
				8,220
		Taiwan — 1.0%
	28	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		614
		United Kingdom — 17.7%
	43	ARM Holdings plc		677
	461	Barclays plc		2,080
	952	Lloyds Banking Group plc		1,240
	180	Meggitt plc		1,302
	71	Prudential plc		1,663
	70	Smith & Nephew plc		1,303
	514	Vodafone Group plc		1,947
	45	WPP plc		1,038
				11,250
		Total Common Stocks (Cost $60,885)		60,884
	Short-Term Investment — 4.2%
		Investment Company — 4.2%
	2,667	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m) (Cost $2,667)		2,667

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

	VALUE($)
Total Investments — 99.9% (Cost $63,552)		63,551
Other Assets in Excess of Liabilities — 0.1%		73
NET ASSETS — 100.0%	$	63,624

Percentages indicated are based on net assets.

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Banks		18.8	%
Pharmaceuticals		11.2
Insurance		6.3
Wireless Telecommunication Services		5.4
Semiconductors & Semiconductor Equipment		4.1
Media		3.6
Internet Software & Services		3.4
Machinery		3.2
Diversified Telecommunication Services		3.1
Technology Hardware, Storage & Peripherals		2.9
Tobacco		2.7
Chemicals		2.5
Auto Components		2.1
Capital Markets		2.1
Health Care Equipment & Supplies		2.0
Aerospace & Defense		2.0
Textiles, Apparel & Luxury Goods		2.0
Electrical Equipment		2.0
Biotechnology		2.0
Real Estate Management & Development		1.9
Road & Rail		1.9
Construction Materials		1.9
Hotels, Restaurants & Leisure		1.9
Internet & Catalog Retail		1.8
Metals & Mining		1.8
Industrial Conglomerates		1.8
Oil, Gas & Consumable Fuels		1.4
Short-Term Investment		4.2

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
GDR	—	Global Depositary 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.
(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.
(l)	—	The rate shown is the current yield as of July 31, 2015.
(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 approximately $50,985,000 and 80.2%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	2,275
Aggregate gross unrealized depreciation		(2,276	)
Net unrealized appreciation/depreciation	$	(1	)
Federal income tax cost of investments	$	63,552

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	1,159	$	—	$	—	$	1,159
Canada		3,555		—		—		3,555
China		2,145		1,167		—		3,312
France		—		7,010		—		7,010
Germany		1,170		1,351		—		2,521
Hong Kong		1,233		1,158		—		2,391
India		2,368		—		—		2,368
Ireland		—		1,285		—		1,285
Israel		1,216		—		—		1,216
Italy		—		1,457		—		1,457
Japan		—		7,983		—		7,983
Netherlands		—		3,487		—		3,487
South Africa		—		1,242		—		1,242
South Korea		1,814		—		—		1,814
Switzerland		—		8,220		—		8,220
Taiwan		614		—		—		614
United Kingdom		—		11,250		—		11,250
Total Common Stocks		15,274		45,610		—		60,884
Short-Term Investment
Investment Company		2,667		—		—		2,667
Total Investments in Securities	$	17,941	$	45,610	$	—	$	63,551

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.8%
		Australia — 4.0%
	1,722	Australia & New Zealand Banking Group Ltd.		41,065
	1,216	BHP Billiton plc		22,338
	4,403	Goodman Group		20,998
	3,438	Oil Search Ltd.		18,703
				103,104
		Belgium — 1.1%
	204	Solvay S.A.		27,310
		Brazil — 0.5%
	1,541	Itau Unibanco Holding S.A. (Preference Shares), ADR		13,378
		China — 0.4%
	15,131	Industrial & Commercial Bank of China Ltd., Class H		10,395
		Finland — 1.1%
	1,573	UPM-Kymmene OYJ		29,060
		France — 13.0%
	229	Airbus Group SE		16,289
	1,891	AXA S.A.		49,794
	761	BNP Paribas S.A.		49,506
	230	Cap Gemini S.A.		21,964
	1,260	Engie		24,166
	156	Publicis Groupe S.A.		11,776
	415	Renault S.A.		38,171
	319	Societe Generale S.A.		15,654
	198	Sodexo S.A.		18,420
	330	Thales S.A.		22,287
	1,301	TOTAL S.A.		64,198
				332,225
		Germany — 7.5%
	273	Bayer AG		40,355
	347	Brenntag AG		19,275
	475	Daimler AG		42,448
	734	Deutsche Bank AG		25,769
	727	Deutsche Telekom AG		13,140
	222	HeidelbergCement AG		16,896
	1,428	Infineon Technologies AG		16,016
	1,039	TUI AG		17,855
				191,754
		Hong Kong — 1.9%
	2,451	Cheung Kong Property Holdings Ltd. (a)		20,425
	1,869	CK Hutchison Holdings Ltd.		27,744
				48,169
		Ireland — 2.0%
	322	Ryanair Holdings plc, ADR		23,873
	300	Shire plc		26,672
				50,545
		Italy — 4.6%
	8,369	Enel S.p.A.		39,328
	8,129	Intesa Sanpaolo S.p.A.		31,297
	23,063	Telecom Italia S.p.A. (a)		30,561
	2,486	UniCredit S.p.A.		16,484
				117,670
		Japan — 23.1%
	886	Dai-ichi Life Insurance Co., Ltd. (The)		18,005
	314	Daikin Industries Ltd.		20,293
	1,313	Daiwa House Industry Co., Ltd.		32,655
	352	Dentsu, Inc.		19,909
	3,315	Hitachi Ltd.		21,477
	786	Japan Airlines Co., Ltd.		29,670
	513	Japan Tobacco, Inc.		19,913
	4,015	Kawasaki Heavy Industries Ltd.		17,598
	1,227	Mitsubishi Corp.		26,473
	11,175	Mitsubishi UFJ Financial Group, Inc.		81,320
	1,166	Mitsui Fudosan Co., Ltd.		33,167
	254	Mitsui OSK Lines Ltd.		762
	1,313	Nippon Telegraph & Telephone Corp.		50,560
	2,797	Nissan Motor Co., Ltd.		26,612
	488	Seven & I Holdings Co., Ltd.		22,512
	759	Sompo Japan Nipponkoa Holdings, Inc.		26,728
	1,250	Sony Corp. (a)		35,427
	635	Sumitomo Mitsui Financial Group, Inc.		28,644
	1,195	Toyota Motor Corp.		79,541
				591,266
		Luxembourg — 1.0%
	2,850	ArcelorMittal		25,723
		Netherlands — 3.6%
	2,419	ING Groep N.V., CVA		41,140
	7,685	Koninklijke KPN N.V.		30,363
	670	NN Group N.V.		20,655
				92,158
		Norway — 1.8%
	1,413	DNB ASA		23,038
	6,225	Norsk Hydro ASA		23,216
				46,254
		Singapore — 1.1%
	1,894	DBS Group Holdings Ltd.		27,888

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Korea — 0.9%
	24	Samsung Electronics Co., Ltd.		23,876
		Spain — 1.9%
	11,199	Bankia S.A.		14,801
	2,038	Repsol S.A.		34,258
				49,059
		Sweden — 1.5%
	1,294	Electrolux AB, Series B		37,135
		Switzerland — 8.9%
	1,090	Credit Suisse Group AG (a)		32,147
	445	Nestle S.A.		33,649
	588	Novartis AG		61,039
	160	Roche Holding AG		46,176
	477	Wolseley plc		31,680
	70	Zurich Insurance Group AG (a)		21,446
				226,137
		United Kingdom — 16.9%
	367	AstraZeneca plc		24,765
	4,532	Aviva plc		36,849
	1,369	BAE Systems plc		10,252
	11,657	Barclays plc		52,568
	2,380	BG Group plc		40,500
	454	British American Tobacco plc		26,972
	2,760	Dixons Carphone plc		19,637
	567	InterContinental Hotels Group plc		23,806
	26,197	Lloyds Banking Group plc		34,113
	2,237	National Grid plc		29,772
	1,849	Prudential plc		43,504
	233	SABMiller plc		12,217
	20,228	Vodafone Group plc		76,624
				431,579
		Total Common Stocks (Cost $2,244,100)		2,474,685
	Preferred Stock — 0.6%
		Germany — 0.6%
	192	Porsche Automobil Holding SE (Cost $20,568)		14,445
	Short-Term Investment — 1.9%
		Investment Company — 1.9%
	47,475	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m) (Cost $47,475)		47,475
		Total Investments — 99.3% (Cost $2,312,143)		2,536,605
		Other Assets in Excess of Liabilities — 0.7%		18,960
		NET ASSETS — 100.0%	$	2,555,565

Percentages indicated are based on net assets.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Banks		19.0	%
Insurance		8.6
Automobiles		7.9
Pharmaceuticals		7.8
Oil, Gas & Consumable Fuels		6.2
Diversified Telecommunication Services		4.9
Real Estate Management & Development		3.4
Trading Companies & Distributors		3.1
Wireless Telecommunication Services		3.0
Household Durables		2.9
Metals & Mining		2.8
Hotels, Restaurants & Leisure		2.4
Capital Markets		2.3
Multi-Utilities		2.1
Airlines		2.1
Aerospace & Defense		1.9
Tobacco		1.8
Electric Utilities		1.6
Food Products		1.3
Media		1.2
Paper & Forest Products		1.1
Industrial Conglomerates		1.1
Chemicals		1.1
Others (each less than 1.0%)		8.5
Short-Term Investment		1.9

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT JULY 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
11,930	CHF
11,438	for EUR	Union Bank of Switzerland AG	08/28/15	$	12,566	#	$	12,356	#	$	(210	)
16,667	GBP
22,876	for EUR	Deutsche Bank AG	08/28/15		25,131	#		26,023	#		892
1,488,662	JPY
11,511	for CHF	Credit Suisse International	08/28/15		11,921	#		12,014	#		93
111,103	AUD	Goldman Sachs International	08/28/15		86,185			81,092			(5,093	)
11,062	AUD	Standard Chartered Bank	08/28/15		8,536			8,074			(462	)
9,634	CHF	Barclays Bank plc	08/28/15		10,360			9,978			(382	)
18,457	CHF	Credit Suisse International	08/28/15		19,688			19,116			(572	)
7,113	CHF	Goldman Sachs International	08/28/15		7,389			7,367			(22	)
47,827	DKK	BNP Paribas	08/28/15		7,008			7,042			34
58,100	DKK	Deutsche Bank AG	08/28/15		8,790			8,555			(235	)
6,624	EUR	Barclays Bank plc	08/28/15		7,437			7,277			(160	)
11,467	EUR	Credit Suisse International	08/28/15		12,687			12,598			(89	)
14,680	EUR	Goldman Sachs International	08/28/15		16,329			16,128			(201	)
9,319	EUR	Morgan Stanley	08/28/15		10,505			10,238			(267	)
8,094	EUR	Royal Bank of Canada	08/28/15		8,851			8,892			41
5,284	EUR	Standard Chartered Bank	08/28/15		5,988			5,804			(184	)
26,647	GBP	BNP Paribas	08/28/15		41,121			41,605			484
7,943	GBP	Goldman Sachs International	08/28/15		12,384			12,402			18
6,778	GBP	HSBC Bank, N.A.	08/28/15		10,649			10,584			(65	)
241,204	HKD	Barclays Bank plc	08/28/15		31,110			31,113			3
81,800	HKD	Goldman Sachs International	08/28/15		10,552			10,552			—	(h)
1,633,610	JPY	Goldman Sachs International	08/28/15		13,289			13,184			(105	)
1,438,645	JPY	State Street Corp.	08/28/15		11,549			11,611			62
293,311	SEK	BNP Paribas	08/28/15		34,773			34,014			(759	)
25,705	SGD	BNP Paribas	08/28/15		19,027			18,723			(304	)
				$	443,825		$	436,342		$	(7,483	)

# For cross-currency exchange contracts, the settlement value is the U.S. dollar market value at July 31, 2015 of the currency being sold, and the value at July 31, 2015 is the U.S. dollar market value of the currency being purchased.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JULY 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
9,484	CHF	Australia and New Zealand Banking Group Limited	08/28/15	$	10,077	$	9,822	$	255
7,869	CHF	BNP Paribas	08/28/15		8,585		8,151		434
6,392	CHF	Deutsche Bank AG	08/28/15		6,880		6,620		260
49,814	CHF	Goldman Sachs International	08/28/15		52,801		51,591		1,210
6,005	CHF	Royal Bank of Canada	08/28/15		6,302		6,219		83
6,254	EUR	Australia and New Zealand Banking Group Limited	08/28/15		6,864		6,871		(7	)
5,384	EUR	BNP Paribas	08/28/15		6,136		5,915		221
6,117	EUR	Citibank, N.A.	08/28/15		6,803		6,721		82
100,654	EUR	Goldman Sachs International	08/28/15		110,302		110,576		(274	)
6,586	EUR	HSBC Bank, N.A.	08/28/15		7,231		7,235		(4	)
12,659	EUR	Merrill Lynch International	08/28/15		14,297		13,907		390
10,169	EUR	Royal Bank of Canada	08/28/15		11,258		11,171		87
5,358	GBP	Royal Bank of Canada	08/28/15		8,440		8,366		74
55,091	HKD	Standard Chartered Bank	08/28/15		7,108		7,107		1
62,244	HKD	State Street Corp.	08/28/15		8,028		8,029		(1	)
947,880	JPY	BNP Paribas	08/28/15		7,738		7,650		88
1,961,978	JPY	Goldman Sachs International	08/28/15		15,880		15,834		46
4,799,124	JPY	Morgan Stanley	08/28/15		39,036		38,732		304
214,054	NOK	Goldman Sachs International	08/28/15		27,775		26,190		1,585
10,011	SGD	Societe Generale	08/28/15		7,408		7,292		116
				$	368,949	$	363,999	$	4,950

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
CHF	—	Swiss Franc
CVA	—	Dutch Certification
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
(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 $1,000.
(l)	—	The rate shown is the current yield as of July 31, 2015.
(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 approximately $2,451,879,000 and 96.6%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	320,545
Aggregate gross unrealized depreciation		(96,083	)
Net unrealized appreciation/depreciation	$	224,462
Federal income tax cost of investments	$	2,312,143

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (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	$	—	$	103,104		$	—	$	103,104
Belgium		—		27,310			—		27,310
Brazil		13,378		—			—		13,378
China		—		10,395			—		10,395
Finland		—		29,060			—		29,060
France		—		332,225			—		332,225
Germany		—		191,754			—		191,754
Hong Kong		20,425		27,744			—		48,169
Ireland		23,874		26,671			—		50,545
Italy		—		117,670			—		117,670
Japan		—		591,266			—		591,266
Luxembourg		—		25,723			—		25,723
Netherlands		—		92,158			—		92,158
Norway		—		46,254			—		46,254
Singapore		—		27,888			—		27,888
South Korea		—		23,876			—		23,876
Spain		—		49,059			—		49,059
Sweden		—		37,135			—		37,135
Switzerland		—		226,137			—		226,137
United Kingdom		—		431,579			—		431,579
Total Common Stocks		57,677		2,417,008			—		2,474,685
Preferred Stocks
Germany		—		14,445			—		14,445
Short-Term Investment
Investment Company		47,475		—			—		47,475
Total Investments in Securities	$	105,152	$	2,431,453		$	—	$	2,536,605
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	6,863		$	—	$	6,863
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(9,396	)	$	—	$	(9,396	)

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.3%
		Australia — 5.6%
	653	Goodman Group (m)		3,113
	526	Oil Search Ltd.		2,863
				5,976
		Belgium — 3.9%
	31	Solvay S.A.		4,108
		Finland — 4.1%
	233	UPM-Kymmene OYJ		4,306
		France — 13.8%
	34	Cap Gemini S.A.		3,255
	61	Renault S.A.		5,620
	29	Sodexo S.A.		2,675
	47	Thales S.A.		3,153
				14,703
		Germany — 13.3%
	51	Brenntag AG		2,839
	70	Daimler AG		6,275
	32	HeidelbergCement AG		2,428
	150	TUI AG		2,571
				14,113
		Hong Kong — 2.8%
	359	Cheung Kong Property Holdings Ltd. (a)		2,991
		Italy — 2.3%
	368	UniCredit S.p.A.		2,443
		Japan — 31.4%
	128	Dai-ichi Life Insurance Co., Ltd. (The)		2,602
	45	Daikin Industries Ltd. (m)		2,915
	195	Daiwa House Industry Co., Ltd.		4,838
	53	Dentsu, Inc.		3,016
	117	Japan Airlines Co., Ltd.		4,395
	611	Kawasaki Heavy Industries Ltd.		2,678
	182	Mitsubishi Corp.		3,925
	173	Mitsui Fudosan Co., Ltd.		4,921
	38	Mitsui OSK Lines Ltd.		114
	112	Sompo Japan Nipponkoa Holdings, Inc.		3,960
				33,364
		Netherlands — 2.9%
	102	NN Group N.V.		3,132
		Norway — 3.2%
	210	DNB ASA		3,416
		South Korea — 3.4%
	4	Samsung Electronics Co., Ltd. (m)		3,601
		Spain — 2.1%
	1,660	Bankia S.A.		2,193
		Sweden — 5.1%
	190	Electrolux AB, Series B (m)		5,463
		United Kingdom — 4.4%
	409	Dixons Carphone plc		2,909
	34	SABMiller plc		1,766
				4,675
		Total Common Stocks (Cost $97,304)		104,484
		Total Investments — 98.3% (Cost $97,304)		104,484
		Other Assets in Excess of Liabilities — 1.7%		1,761
		NET ASSETS — 100.0%	$	106,245

Percentages indicated are based on net assets.

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, July 31, 2015

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		12.2	%
Automobiles		11.4
Insurance		9.3
Banks		7.7
Trading Companies & Distributors		6.5
Household Durables		5.2
Hotels, Restaurants & Leisure		5.0
Airlines		4.2
Paper & Forest Products		4.1
Chemicals		3.9
Technology Hardware, Storage & Peripherals		3.4
IT Services		3.1
Aerospace & Defense		3.0
Real Estate Investment Trusts (REITs)		3.0
Media		2.9
Building Products		2.8
Specialty Retail		2.8
Oil, Gas & Consumable Fuels		2.7
Machinery		2.6
Construction Materials		2.3
Beverages		1.7
Others (each less than 1.0%)		0.2

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(a)	—	Non-income producing security.
(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 approximately $104,484,000 and 100.0%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	10,440
Aggregate gross unrealized depreciation		(3,260	)
Net unrealized appreciation/depreciation	$	7,180
Federal income tax cost of investments	$	97,304

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,991		101,493		—	$	104,484

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Please refer to the SOI for country specifics of portfolio holdings.

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.4%
		Belgium — 4.3%
	78	Anheuser-Busch InBev N.V.		9,267
	256	KBC Groep N.V.		17,880
	54	Ontex Group N.V.		1,630
	147	Proximus		5,543
	227	Umicore S.A.		9,919
				44,239
		Denmark — 7.7%
	295	ISS A/S		10,178
	496	Novo Nordisk A/S, Class B		29,290
	158	Pandora A/S		17,837
	408	Vestas Wind Systems A/S		22,290
				79,595
		France — 14.0%
	662	AXA S.A.		17,427
	274	BNP Paribas S.A.		17,848
	187	Cap Gemini S.A.		17,824
	5	Dassault Aviation S.A.		7,147
	643	Peugeot S.A. (a)		12,859
	139	Publicis Groupe S.A.		10,507
	103	Renault S.A.		9,502
	178	Safran S.A.		13,464
	206	Sanofi		22,223
	243	Vinci S.A.		15,605
				144,406
		Germany — 13.0%
	61	Allianz SE		9,991
	65	Continental AG		14,616
	161	Dialog Semiconductor plc (a)		8,015
	245	Evonik Industries AG		9,832
	64	Hannover Rueck SE		6,766
	115	HeidelbergCement AG		8,769
	84	Lanxess AG		4,870
	87	Merck KGaA		8,818
	52	Muenchener Rueckversicherungs-Gesellschaft AG		9,514
	564	Nordex SE (a)		16,072
	255	OSRAM Licht AG		14,473
	151	Siemens AG		16,207
	87	Symrise AG		5,753
				133,696
		Ireland — 5.0%
	37,041	Bank of Ireland (a)		15,557
	252	Ryanair Holdings plc, ADR		18,702
	186	Shire plc		16,573
				50,832

SHARES		SECURITY DESCRIPTION	VALUE($)
		Italy — 3.1%
	463	Azimut Holding S.p.A.		11,570
	2,113	Enel S.p.A.		9,928
	2,730	Intesa Sanpaolo S.p.A.		10,511
				32,009
		Luxembourg — 0.8%
	219	APERAM S.A. (a)		8,072
		Netherlands — 5.1%
	1,511	ING Groep N.V., CVA		25,702
	654	Koninklijke Ahold N.V.		13,021
	2,037	PostNL N.V. (a)		8,720
	79	Randstad Holding N.V.		5,386
				52,829
		Spain — 2.3%
	751	Endesa S.A.		15,768
	516	Gamesa Corp. Tecnologica S.A.		8,165
				23,933
		Switzerland — 9.0%
	202	Adecco S.A. (a)		16,833
	671	Logitech International S.A.		9,656
	77	Lonza Group AG (a)		11,195
	184	Novartis AG		19,101
	59	SFS Group AG (a)		4,183
	26	Swiss Life Holding AG (a)		6,201
	1,103	UBS Group AG (a)		25,360
				92,529
		United Kingdom — 30.1%
	229	Ashtead Group plc		3,509
	2,115	Auto Trader Group plc (a) (e)		11,159
	1,582	Aviva plc		12,867
	1,211	Barratt Developments plc (m)		11,985
	2,280	BP plc (m)		14,047
	150	British American Tobacco plc		8,917
	3,842	BT Group plc		27,808
	289	easyJet plc		7,427
	392	Imperial Tobacco Group plc		20,564
	1,813	International Consolidated Airlines Group S.A. (a)		15,087
	2,830	ITV plc		12,383
	1,156	Land Securities Group plc (m)		23,422
	1,261	Legal & General Group plc		5,127
	14,931	Lloyds Banking Group plc		19,443

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	97	Next plc		12,141
	345	Persimmon plc (a)		11,017
	660	Prudential plc (m)		15,520
	217	Reckitt Benckiser Group plc		20,816
	565	RELX plc		9,844
	452	Rio Tinto plc		17,468
	4,302	Taylor Wimpey plc		13,039
	361	Unilever N.V., CVA		16,165
				309,755
		Total Common Stock (Cost $902,014)		971,895
	Preferred Stock — 1.3%
		Germany — 1.3%
	117	Henkel AG & Co. KGaA (Cost $12,161)		13,816
	Short-Term Investment — 4.7%
		Investment Company — 4.7%
	48,736	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m) (Cost $48,736)		48,736
		Total Investments — 100.4% (Cost $962,911)		1,034,447
		Liabilities in Excess of Other Assets — (0.4)% (c)		(4,351	)
		NET ASSETS — 100.0%	$	1,030,096

Percentages indicated are based on net assets.

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Banks		10.3	%
Pharmaceuticals		9.3
Insurance		8.1
Electrical Equipment		5.9
Airlines		4.0
Capital Markets		3.6
Household Durables		3.5
Household Products		3.3
Diversified Telecommunication Services		3.2
Media		3.2
Chemicals		2.9
Tobacco		2.8
Electric Utilities		2.5
Metals & Mining		2.5
Real Estate Investment Trusts (REITs)		2.3
Automobiles		2.2
Professional Services		2.1
Aerospace & Defense		2.0
Textiles, Apparel & Luxury Goods		1.7
IT Services		1.7
Personal Products		1.7
Industrial Conglomerates		1.6
Construction & Engineering		1.5
Auto Components		1.4
Oil, Gas & Consumable Fuels		1.4
Food & Staples Retailing		1.3
Multiline Retail		1.2
Life Sciences Tools & Services		1.1
Internet Software & Services		1.1
Commercial Services & Supplies		1.0
Others (each less than 1.0%)		4.9
Short-Term Investment		4.7

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT JULY 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	488	Euro STOXX 50 Index		09/18/15	EUR	$	19,283	$	(36	)
	91	FTSE 100 Index		09/18/15	GBP		9,456		50
								$	14

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
EUR	—	EURO
GBP	—	British Pound
(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.
(c)	—	Included in this amount is cash segregated as collateral for futures contracts.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(l)	—	The rate shown is the current yield as of July 31, 2015.
(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 approximately $967,008,000 and 93.5%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	89,199
Aggregate gross unrealized depreciation		(17,663	)
Net unrealized appreciation/depreciation	$	71,536
Federal income tax cost of investments	$	962,911

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

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

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

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

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

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	11,549		$	32,690	$	—	$	44,239
Denmark		—			79,595		—		79,595
France		—			144,406		—		144,406
Germany		—			133,696		—		133,696
Ireland		18,702			32,130		—		50,832
Italy		—			32,009		—		32,009
Luxembourg		—			8,072		—		8,072
Netherlands		—			52,829		—		52,829
Spain		—			23,933		—		23,933
Switzerland		—			92,529		—		92,529
United Kingdom		23,422			286,333		—		309,755
Total Common Stocks		53,673			918,222		—		971,895
Preferred Stocks
Germany		—			13,816		—		13,816
Short-Term Investment
Investment Company		48,736			—		—		48,736
Total Investments in Securities	$	102,409		$	932,038	$	—	$	1,034,447
Appreciation in Other Financial Instruments
Futures Contracts	$	50		$	—	$	—	$	50
Depreciation in Other Financial Instruments
Futures Contracts	$	(36	)	$	—	$	—	$	(36	)

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.8%
		Australia — 5.8%
	1,389	Asciano Ltd.		8,247
	601	Australia & New Zealand Banking Group Ltd.		14,343
	666	Bank of Queensland Ltd.		6,678
	630	Bendigo & Adelaide Bank Ltd.		6,041
	882	BHP Billiton Ltd.		17,025
	1,818	Echo Entertainment Group Ltd.		6,657
	8,234	Fairfax Media Ltd.		5,105
	1,776	GPT Group (The) (m)		5,968
	1,925	Harvey Norman Holdings Ltd.		6,260
	615	Lend Lease Group		6,990
	133	Macquarie Group Ltd.		7,977
	701	Newcrest Mining Ltd. (a) (m)		5,797
	3,300	South32 Ltd. (a)		4,306
	936	Westfield Corp. (m)		6,847
	325	Westpac Banking Corp.		8,266
	292	Woodside Petroleum Ltd.		7,597
				124,104
		Austria — 0.2%
	112	ams AG		4,842
		Belgium — 2.0%
	191	Anheuser-Busch InBev N.V.		22,861
	227	bpost S.A.		6,420
	84	Delhaize Group		7,596
	166	Proximus		6,262
				43,139
		China — 0.3%
	7,595	China Construction Bank Corp., Class H		6,196
		Denmark — 2.5%
	4	AP Moeller—Maersk A/S, Class B		6,465
	274	Danske Bank A/S (m)		8,557
	383	Novo Nordisk A/S, Class B		22,606
	76	Pandora A/S		8,562
	140	Vestas Wind Systems A/S		7,622
				53,812
		Finland — 0.9%
	646	Stora Enso OYJ, Class R		6,085
	227	Tieto OYJ		5,805
	382	UPM-Kymmene OYJ		7,056
				18,946
		France — 10.2%
	590	Altran Technologies S.A.		6,966
	556	AXA S.A.		14,653
	249	BNP Paribas S.A.		16,209
	96	Cap Gemini S.A.		9,218
	573	Credit Agricole S.A.		9,018
	478	Engie		9,159
	118	Faurecia		4,539
	67	Gaztransport Et Technigaz S.A.		4,063
	65	LVMH Moet Hennessy Louis Vuitton SE		12,086
	989	Natixis S.A.		7,255
	529	Orange S.A.		8,706
	75	Pernod-Ricard S.A.		8,951
	104	Publicis Groupe S.A.		7,882
	74	Renault S.A.		6,788
	123	Safran S.A.		9,275
	265	Sanofi		28,548
	204	Societe Generale S.A.		9,997
	1,051	Technicolor S.A.		8,311
	107	Teleperformance		7,913
	466	TOTAL S.A.		22,979
	47	Valeo S.A.		6,330
				218,846
		Germany — 7.7%
	111	Allianz SE		18,110
	110	Aurubis AG		6,573
	179	Bayer AG		26,497
	85	Bayerische Motoren Werke AG		8,489
	36	Continental AG		8,050
	214	Daimler AG		19,141
	194	Evonik Industries AG		7,783
	233	Freenet AG		8,006
	99	Fresenius Medical Care AG & Co. KGaA		8,116
	129	Fresenius SE & Co. KGaA		8,899
	76	Hannover Rueck SE		8,069
	100	HeidelbergCement AG		7,624
	53	KUKA AG		4,567
	82	Merck KGaA		8,363
	134	OSRAM Licht AG		7,610
	159	ProSiebenSat.1 Media SE		8,110
				164,007
		Hong Kong — 2.3%
	1,259	BOC Hong Kong Holdings Ltd.		5,071
	902	Cheung Kong Infrastructure Holdings Ltd.		7,844
	894	Cheung Kong Property Holdings Ltd. (a)		7,446
	1,464	China Overseas Land & Investment Ltd.		4,610
	848	CK Hutchison Holdings Ltd.		12,580

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Hong Kong — continued
	3,984	New World Development Co., Ltd.		4,811
	568	Swire Pacific Ltd., Class A		7,274
				49,636
		India — 0.3%
	108	HDFC Bank Ltd., ADR		6,769
		Ireland — 1.9%
	95	DCC plc		7,502
	1,007	Greencore Group plc		4,976
	105	Ryanair Holdings plc, ADR		7,809
	151	Shire plc		13,431
	98	Smurfit Kappa Group plc		2,939
	160	Smurfit Kappa Group plc		4,825
				41,482
		Israel — 0.7%
	220	Teva Pharmaceutical Industries Ltd., ADR		15,164
		Italy — 1.7%
	1,712	Enel S.p.A.		8,045
	3,231	Intesa Sanpaolo S.p.A.		12,441
	695	Mediobanca S.p.A.		7,576
	6,392	Telecom Italia S.p.A. (a)		8,470
				36,532
		Japan — 21.3%
	214	Asahi Group Holdings Ltd.		7,159
	775	Asahi Kasei Corp.		5,887
	572	Astellas Pharma, Inc.		8,614
	1,207	Bank of Yokohama Ltd. (The) (m)		7,669
	235	Bridgestone Corp.		8,851
	328	Canon, Inc.		10,494
	386	Casio Computer Co., Ltd. (m)		7,681
	757	Citizen Holdings Co., Ltd.		5,049
	574	Daicel Corp.		7,775
	65	Disco Corp.		5,053
	174	FamilyMart Co., Ltd. (m)		8,399
	1,452	Fuji Electric Co., Ltd.		6,003
	144	Fuji Heavy Industries Ltd.		5,309
	207	FUJIFILM Holdings Corp.		8,201
	1,263	Fukuoka Financial Group, Inc.		6,491
	346	Hitachi Chemical Co., Ltd.		6,111
	590	ITOCHU Corp.		7,220
	263	Japan Aviation Electronics Industry Ltd.		5,847
	306	Japan Tobacco, Inc. (m)		11,893
	296	JFE Holdings, Inc.		5,543
	1,391	Kawasaki Heavy Industries Ltd.		6,097
	474	KDDI Corp.		12,028
	3,355	Kobe Steel Ltd.		5,189
	92	Kose Corp.		8,929
	54	MEIJI Holdings Co., Ltd.		7,727
	244	Minebea Co., Ltd.		3,816
	445	Mitsubishi Corp.		9,599
	613	Mitsubishi Electric Corp.		6,584
	3,044	Mitsubishi UFJ Financial Group, Inc.		22,149
	376	NH Foods Ltd.		9,139
	302	Nippon Telegraph & Telephone Corp.		11,612
	979	Nissan Motor Co., Ltd.		9,310
	86	Nitori Holdings Co., Ltd.		7,710
	97	Nitto Denko Corp.		7,371
	597	ORIX Corp.		8,921
	99	Rohm Co., Ltd.		5,695
	584	Sekisui Chemical Co., Ltd.		6,479
	512	Sekisui House Ltd.		7,610
	120	Shionogi & Co., Ltd.		4,789
	197	Sompo Japan Nipponkoa Holdings, Inc.		6,927
	338	Sony Corp. (a)		9,578
	434	Sumitomo Electric Industries Ltd.		6,474
	1,202	Sumitomo Heavy Industries Ltd.		6,067
	354	Sumitomo Mitsui Financial Group, Inc.		15,968
	1,892	Sumitomo Mitsui Trust Holdings, Inc.		8,788
	472	T&D Holdings, Inc.		7,191
	1,380	Taisei Corp.		8,110
	53	TDK Corp.		3,720
	577	Tohoku Electric Power Co., Inc.		8,458
	238	Tokio Marine Holdings, Inc.		9,924
	530	Toyota Motor Corp.		35,266
	117	West Japan Railway Co.		8,361
	370	Yamaha Corp.		8,704
	324	Yamaha Motor Co., Ltd.		7,346
				456,885
		Luxembourg — 0.3%
	179	APERAM S.A. (a)		6,587
		Netherlands — 4.0%
	1,123	Aegon N.V.		8,638
	99	Heineken N.V.		7,773
	959	ING Groep N.V., CVA		16,305
	211	Koninklijke Ahold N.V.		4,193
	233	NN Group N.V.		7,175
	70	Randstad Holding N.V.		4,758
	1,247	Royal Dutch Shell plc, Class B		36,103
				84,945

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Norway — 0.7%
	444	DNB ASA		7,241
	139	Yara International ASA		6,919
				14,160
		Portugal — 0.3%
	1,623	EDP—Energias de Portugal S.A.		6,002
		Singapore — 0.4%
	607	DBS Group Holdings Ltd.		8,932
		South Africa — 0.4%
	845	Investec plc		7,711
		South Korea — 0.3%
	6	Samsung Electronics Co., Ltd. (m)		6,146
		Spain — 3.0%
	1,430	Banco Santander S.A.		9,888
	331	Ferrovial S.A.		8,049
	321	Gas Natural SDG S.A.		6,969
	1,441	Iberdrola S.A.		10,163
	2,038	Mapfre S.A.		6,559
	500	Repsol S.A.		8,402
	105	Tecnicas Reunidas S.A.		5,350
	547	Telefonica S.A.		8,388
				63,768
		Sweden — 2.4%
	301	Boliden AB		5,554
	381	Castellum AB		5,432
	538	Securitas AB, Class B		7,720
	321	Svenska Cellulosa AB S.C.A., Class B (m)		9,140
	397	Svenska Handelsbanken AB, Class A		6,070
	283	Swedbank AB, Class A		6,618
	355	Trelleborg AB, Class B		6,130
	400	Volvo AB, Class B		4,742
				51,406
		Switzerland — 8.9%
	52	Actelion Ltd. (a)		7,727
	101	Adecco S.A. (a)		8,426
	10	Georg Fischer AG (m)		6,609
	52	Lonza Group AG (a)		7,577
	380	Nestle S.A.		28,783
	427	Novartis AG		44,329
	126	Roche Holding AG		36,416
	20	Straumann Holding AG		5,969
	26	Swiss Life Holding AG (a)		6,222
	99	Swiss Re AG		8,876
	828	UBS Group AG (a)		19,027
	34	Zurich Insurance Group AG (a)		10,310
				190,271
		United Kingdom — 17.9%
	879	3i Group plc		7,582
	269	Ashtead Group plc		4,128
	239	AstraZeneca plc (m)		16,116
	1,028	Aviva plc		8,361
	3,667	Barclays plc		16,537
	801	Barratt Developments plc (m)		7,932
	1,935	Booker Group plc		5,402
	3,850	BP plc (m)		23,716
	416	British American Tobacco plc		24,688
	606	British Land Co. plc (The) (m)		7,951
	2,082	BT Group plc		15,065
	1,142	Carillion plc		6,166
	1,418	Direct Line Insurance Group plc		8,091
	1,072	Dixons Carphone plc		7,630
	142	Hikma Pharmaceuticals plc		5,301
	2,156	HSBC Holdings plc		19,470
	268	Imperial Tobacco Group plc		14,074
	1,488	Indivior plc (a)		6,130
	1,986	ITV plc		8,688
	578	John Wood Group plc		5,625
	12,064	Lloyds Banking Group plc		15,711
	925	Marks & Spencer Group plc		7,850
	422	Northgate plc		3,610
	249	Persimmon plc (a)		7,945
	497	Playtech plc		7,033
	657	Prudential plc (m)		15,461
	156	Reckitt Benckiser Group plc (m)		14,993
	386	Rio Tinto plc		14,913
	2,750	Taylor Wimpey plc		8,335
	244	Travis Perkins plc		8,549
	607	UBM plc		5,030
	475	Unilever N.V., CVA		21,272
	6,153	Vodafone Group plc		23,307
	416	WPP plc		9,549
				382,211
		United States — 0.4%
	145	Carnival plc		8,028
		Total Common Stocks (Cost $1,904,071)		2,070,527

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — 0.8%
		Germany — 0.8%
	74	Henkel AG & Co. KGaA		8,827
	41	Volkswagen AG		8,281
				17,108
		Total Preferred Stocks (Cost $15,879)		17,108
	Short-Term Investment — 2.3%
		Investment Company — 2.3%
	48,536	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m)     (Cost $48,536)		48,536
		Total Investments — 99.9%     (Cost $1,968,486)		2,136,171
		Other Assets in Excess of Liabilities — 0.1%		3,010
		NET ASSETS — 100.0%	$	2,139,181

Percentages indicated are based on net assets.

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Banks		13.3	%
Pharmaceuticals		11.1
Insurance		6.8
Oil, Gas & Consumable Fuels		4.8
Automobiles		4.7
Metals & Mining		3.3
Diversified Telecommunication Services		2.7
Household Durables		2.6
Media		2.5
Tobacco		2.4
Food Products		2.4
Capital Markets		2.3
Beverages		2.2
Wireless Telecommunication Services		2.0
Chemicals		2.0
Electric Utilities		1.9
Machinery		1.8
Real Estate Management & Development		1.7
Auto Components		1.6
Household Products		1.5
Personal Products		1.4
Trading Companies & Distributors		1.4
Electrical Equipment		1.3
Food & Staples Retailing		1.2
Technology Hardware, Storage & Peripherals		1.2
Construction & Engineering		1.0
IT Services		1.0
Professional Services		1.0
Real Estate Investment Trusts (REITs)		1.0
Textiles, Apparel & Luxury Goods		1.0
Others (each less than 1.0%)		12.6
Short-Term Investment		2.3

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
(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 July 31, 2015.
(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 approximately $2,057,893,000 and 96.3%, respectively.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	242,711
Aggregate gross unrealized depreciation		(75,026	)
Net unrealized appreciation/depreciation	$	167,685
Federal income tax cost of investments	$	1,968,486

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

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

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

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

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

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	4,306	$	119,798	$	—	$	124,104
Austria		—		4,842		—		4,842
Belgium		—		43,139		—		43,139
China		—		6,196		—		6,196
Denmark		—		53,812		—		53,812
Finland		—		18,946		—		18,946
France		18,942		199,904		—		218,846
Germany		—		164,007		—		164,007
Hong Kong		7,446		42,190		—		49,636
India		6,769		—		—		6,769
Ireland		12,785		28,697		—		41,482
Israel		15,164		—		—		15,164
Italy		—		36,532		—		36,532
Japan		—		456,885		—		456,885
Luxembourg		—		6,587		—		6,587
Netherlands		—		84,945		—		84,945
Norway		—		14,160		—		14,160
Portugal		—		6,002		—		6,002
Singapore		—		8,932		—		8,932
South Africa		—		7,711		—		7,711
South Korea		—		6,146		—		6,146
Spain		—		63,768		—		63,768
Sweden		—		51,406		—		51,406
Switzerland		—		190,271		—		190,271
United Kingdom		6,130		376,081		—		382,211
United States		—		8,028		—		8,028
Total Common Stocks		71,542		1,998,985		—		2,070,527
Preferred Stocks
Germany		—		17,108		—		17,108
Short-Term Investment
Investment Company		48,536		—		—		48,536
Total Investments in Securities	$	120,078	$	2,016,093	$	—	$	2,136,171

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 91.2%
		Argentina — 0.6%
	18	YPF S.A., ADR		424
		Bermuda — 0.4%
	34	Wilson Sons Ltd., BDR		312
		Brazil — 46.5%
	756	AMBEV S.A., ADR		4,295
	87	Arezzo Industria e Comercio S.A.		547
	461	Banco Bradesco S.A., ADR		3,661
	199	BB Seguridade Participacoes S.A.		1,875
	427	BM&FBovespa S.A. - Bolsa de Valores Mercadorias e Futuros		1,298
	114	CCR S.A.		508
	190	Embraer S.A.		1,322
	161	Estacio Participacoes S.A.		663
	105	Ez Tec Empreendimentos e Participacoes S.A.		420
	65	Iochpe-Maxion S.A.		230
	574	Itau Unibanco Holding S.A. (Preference Shares), ADR		4,978
	65	Linx S.A. (a)		953
	102	Localiza Rent a Car S.A.		839
	64	Lojas Renner S.A.		2,022
	131	LPS Brasil Consultoria de Imoveis S.A.		191
	70	Multiplan Empreendimentos Imobiliarios S.A.		943
	39	Multiplus S.A.		474
	266	Odontoprev S.A.		863
	62	Qualicorp S.A.		364
	134	Raia Drogasil S.A. (a)		1,698
	113	Souza Cruz S.A. (m)		803
	62	TOTVS S.A.		632
	70	Tractebel Energia S.A.		727
	69	Transmissora Alianca de Energia Eletrica S.A.		417
	63	Ultrapar Participacoes S.A.		1,299
	84	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A.		1,223
	326	WEG S.A.		1,778
				35,023
		Chile — 2.9%
	16,319	Banco Santander Chile		822
	211	S.A.C.I. Falabella		1,372
				2,194
		Luxembourg — 1.1%
	25	Globant S.A. (a)		795
		Mexico — 28.9%
	471	Alfa S.A.B. de C.V., Class A		935
	82	America Movil S.A.B. de C.V., Class L, ADR		1,593
	699	Bolsa Mexicana de Valores S.A.B. de C.V.		1,255
	177	Cemex S.A.B. de C.V., ADR (a)		1,501
	491	Concentradora Fibra Hotelera Mexicana S.A. de C.V. (m)		530
	585	Corp. Inmobiliaria Vesta S.A.B. de C.V.		984
	320	Fibra Uno Administracion S.A. de C.V. (m)		768
	31	Fomento Economico Mexicano S.A.B. de C.V., ADR		2,773
	1,174	Gentera S.A.B. de C.V.		2,020
	103	Gruma S.A.B. de C.V., Class B (m)		1,352
	195	Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (a)		1,085
	95	Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B (a)		749
	13	Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR		1,903
	136	Grupo Financiero Banorte S.A.B. de C.V., Class O		714
	294	Infraestructura Energetica Nova S.A.B. de C.V. (a)		1,436
	59	Mexichem S.A.B. de C.V.		171
	147	Promotora y Operadora de Infraestructura S.A.B. de C.V. (a)		1,690
	182	Qualitas Controladora S.A.B. de C.V. (a)		310
				21,769
		Panama — 2.2%
	22	Copa Holdings S.A., Class A		1,645
		Peru — 5.4%
	22	Credicorp Ltd. (m)		2,936
	45	Grana y Montero S.A., ADR		263
	29	Intercorp Financial Services, Inc., Series INC		828
				4,027
		Spain — 1.0%
	176	Cemex Latam Holdings S.A. (a)		772
		United States — 2.2%
	41	First Cash Financial Services, Inc. (a)		1,677
		Total Common Stocks     (Cost $77,429)		68,638

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — 6.5%
		Brazil — 6.5%
	165	Alpargatas S.A.		375
	146	Banco do Estado do Rio Grande do Sul S.A., Class B		420
	186	Cia Energetica de Minas Gerais		510
	749	Itausa - Investimentos Itau S.A.		1,820
	336	Marcopolo S.A.		225
	313	Suzano Papel e Celulose S.A.		1,527
		Total Preferred Stocks     (Cost $8,218)		4,877
	Short-Term Investment — 2.3%
		Investment Company — 2.3%
	1,744	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (m) (Cost $1,744)		1,744
		Total Investments — 100.0% (Cost $87,391)		75,259
		Other Assets in Excess of Liabilities — 0.0% (g)		24
		NET ASSETS — 100.0%	$	75,283

Percentages indicated are based on net assets.

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

Summary of Investments by Industry, July 31, 2015

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

INDUSTRY	PERCENTAGE
Banks		21.5	%
Beverages		9.4
Transportation Infrastructure		6.1
Consumer Finance		4.9
Multiline Retail		4.5
Diversified Financial Services		3.4
Software		3.2
Construction Materials		3.0
Machinery		3.0
Insurance		2.9
Real Estate Management & Development		2.8
Construction & Engineering		2.6
Oil, Gas & Consumable Fuels		2.3
Food & Staples Retailing		2.3
Airlines		2.2
Wireless Telecommunication Services		2.1
Paper & Forest Products		2.0
Gas Utilities		1.9
Food Products		1.8
Aerospace & Defense		1.8
Real Estate Investment Trusts (REITs)		1.7
Health Care Providers & Services		1.6
Commercial Services & Supplies		1.6
Industrial Conglomerates		1.2
Electric Utilities		1.2
Textiles, Apparel & Luxury Goods		1.2
Road & Rail		1.1
Tobacco		1.1
Independent Power & Renewable Electricity Producers		1.0
Others (each less than 1.0%)		2.3
Short-Term Investment		2.3

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
BDR	—	Brazilian 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%.
(l)	—	The rate shown is the current yield as of July 31, 2015.
(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.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	7,039
Aggregate gross unrealized depreciation		(19,171	)
Net unrealized appreciation/depreciation	$	(12,132	)
Federal income tax cost of investments	$	87,391

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

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

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

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

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

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

	Level 1 Quoted  prices		Level 2 Other significant observable inputs		Level 3 Significant  unobservable inputs		Total
Total Investments in Securities (a)	$	75,259	$	—	$	—	$	75,259

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

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 106.1% (j)
	Common Stocks — 69.5%
		Consumer Discretionary — 31.4%
		Hotels, Restaurants & Leisure — 8.5%
	46,873	Hilton Worldwide Holdings, Inc. (a)		1,258,540
	26,408	Marriott International, Inc., Class A		1,917,485
	59,066	Penn National Gaming, Inc. (a)		1,126,979
	11,413	Royal Caribbean Cruises Ltd.		1,025,458
				5,328,462
		Household Durables — 8.8%
	5,589	Garmin Ltd., (Switzerland)		234,235
	22,176	Jarden Corp. (a)		1,219,680
	19,990	Mohawk Industries, Inc. (a)		4,029,784
				5,483,699
		Internet & Catalog Retail — 1.5%
	1,695	Amazon.com, Inc. (a)		908,774
		Media — 8.8%
	3,674	Charter Communications, Inc., Class A (a)		682,850
	13,563	DISH Network Corp., Class A (a)		876,306
	22,769	Liberty Media Corp., Class A (a)		860,668
	235,140	Sirius XM Holdings, Inc. (a)		931,154
	7,002	Time Warner Cable, Inc.		1,330,450
	7,039	Walt Disney Co. (The)		844,680
				5,526,108
		Multiline Retail — 2.0%
	16,155	Dollar Tree, Inc. (a)		1,260,575
		Specialty Retail — 1.8%
	9,484	Signet Jewelers Ltd., (Bermuda)		1,149,651
		Total Consumer Discretionary		19,657,269
		Consumer Staples — 10.2%
		Beverages — 4.4%
	4,991	Anheuser-Busch InBev N.V., (Belgium), ADR		596,674
	8,922	Brown-Forman Corp., Class B		967,234
	28,528	Coca-Cola Co. (The)		1,171,930
				2,735,838
		Tobacco — 5.8%
	42,433	Reynolds American, Inc.		3,640,327
		Total Consumer Staples		6,376,165
		Industrials — 9.7%
		Aerospace & Defense — 4.9%
	20,788	Honeywell International, Inc.		2,183,779
	8,300	Raytheon Co.		905,447
				3,089,226
		Industrial Conglomerates — 3.2%
	77,623	General Electric Co.		2,025,960

SHARES		SECURITY DESCRIPTION	VALUE($)
		Professional Services — 1.6%
	11,126	ManpowerGroup, Inc.		1,006,681
		Total Industrials		6,121,867
		Information Technology — 14.7%
		Internet Software & Services — 2.9%
	2,759	Google, Inc., Class A (a)		1,814,042
		IT Services — 11.3%
	14,129	Alliance Data Systems Corp. (a)		3,886,040
	27,378	Fiserv, Inc. (a)		2,378,053
	10,731	Visa, Inc., Class A		808,474
				7,072,567
		Software — 0.5%
	5,706	Mobileye N.V., (Israel) (a)		342,931
		Total Information Technology		9,229,540
		Materials — 3.5%
		Chemicals — 1.2%
	6,464	Ecolab, Inc.		748,596
		Containers & Packaging — 2.3%
	26,631	Sealed Air Corp.		1,415,970
		Total Materials		2,164,566
		Total Common Stocks (Cost $40,867,612)		43,549,407
NUMBER OF CONTRACTS
	Options Purchased — 0.1%
		Call Option Purchased — 0.1%
	737	Coca-Cola Co. (The), Expiring 01/20/17 at 50.00 USD, American Style (a) (Cost $33,615)		32,428
SHARES
	Short-Term Investment — 36.5%
		Investment Company — 36.5%
	22,870,451	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060%, (b) (l) (Cost $22,870,451)		22,870,451
		Total Investments — 106.1% (Cost $63,771,678)		66,452,286
		Liabilities in Excess of Other Assets — (6.1)%		(3,808,572	)
		NET ASSETS — 100.0%	$	62,643,714

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — 26.9%
	Common Stocks — 26.9%
		Consumer Discretionary — 5.5%
		Auto Components — 0.6%
	1,459	Autoliv, Inc., (Sweden)		153,487
	2,074	BorgWarner, Inc.		103,099
	1,202	Lear Corp.		125,092
				381,678
		Automobiles — 0.4%
	4,128	Harley-Davidson, Inc.		240,662
		Hotels, Restaurants & Leisure — 1.8%
	2,413	Darden Restaurants, Inc.		177,983
	1,522	McDonald’s Corp.		151,987
	10,299	Starwood Hotels & Resorts Worldwide, Inc.		818,358
				1,148,328
		Media — 1.5%
	1,646	AMC Networks, Inc., Class A (a)		138,626
	4,171	Discovery Communications, Inc., Class A (a)		137,727
	7,067	Interpublic Group of Cos., Inc. (The)		150,527
	1,858	Omnicom Group, Inc.		135,783
	4,147	Scripps Networks Interactive, Inc., Class A		259,519
	1,742	Viacom, Inc., Class B		99,294
				921,476
		Multiline Retail — 0.5%
	1,819	Kohl’s Corp.		111,541
	2,339	Target Corp.		191,447
				302,988
		Specialty Retail — 0.2%
	1,952	Bed Bath & Beyond, Inc. (a)		127,329
		Textiles, Apparel & Luxury Goods — 0.5%
	4,686	Coach, Inc.		146,203
	1,592	Under Armour, Inc., Class A (a)		158,134
				304,337
		Total Consumer Discretionary		3,426,798
		Consumer Staples — 2.0%
		Food & Staples Retailing — 0.8%
	3,964	Sysco Corp.		143,933
	1,788	Wal-Mart Stores, Inc.		128,700
	6,170	Whole Foods Market, Inc.		224,588
				497,221
		Food Products — 0.9%
	2,914	Kellogg Co.		192,819
	4,518	Mead Johnson Nutrition Co.		399,346
				592,165

SHARES		SECURITY DESCRIPTION	VALUE($)
		Household Products — 0.3%
	1,763	Church & Dwight Co., Inc.		152,200
		Total Consumer Staples		1,241,586
		Energy — 1.3%
		Energy Equipment & Services — 0.4%
	3,062	Cameron International Corp. (a)		154,509
	3,312	FMC Technologies, Inc. (a)		108,501
				263,010
		Oil, Gas & Consumable Fuels — 0.9%
	1,736	Hess Corp.		102,441
	4,457	Kinder Morgan, Inc.		154,390
	2,853	Noble Energy, Inc.		100,511
	6,185	QEP Resources, Inc.		85,848
	3,525	Spectra Energy Corp.		106,667
				549,857
		Total Energy		812,867
		Financials — 5.2%
		Banks — 1.4%
	7,365	Associated Banc-Corp.		145,164
	5,889	Citizens Financial Group, Inc.		153,526
	10,233	First Horizon National Corp.		162,193
	9,428	People’s United Financial, Inc.		153,394
	1,454	PNC Financial Services Group, Inc. (The)		142,754
	3,014	U.S. Bancorp		136,263
				893,294
		Capital Markets — 0.4%
	2,413	Franklin Resources, Inc.		109,912
	1,973	Northern Trust Corp.		150,915
				260,827
		Consumer Finance — 0.8%
	6,689	American Express Co.		508,765
		Insurance — 1.5%
	2,020	Allstate Corp. (The)		139,279
	2,017	Arch Capital Group Ltd., (Bermuda) (a)		143,933
	2,326	Lincoln National Corp.		131,000
	5,646	Progressive Corp. (The)		172,203
	2,680	Torchmark Corp.		165,115
	2,921	W.R. Berkley Corp.		162,758
				914,288
		Real Estate Investment Trusts (REITs) — 1.1%
	1,996	Digital Realty Trust, Inc.		128,283
	987	Federal Realty Investment Trust		135,012
	1,942	Health Care REIT, Inc.		134,716
	4,648	UDR, Inc.		157,149

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Real Estate Investment Trusts (REITs) — continued
	2,009	Ventas, Inc.		134,784
				689,944
		Total Financials		3,267,118
		Health Care — 1.8%
		Biotechnology — 0.7%
	2,188	Alkermes plc, (Ireland) (a)		153,204
	893	Amgen, Inc.		157,695
	2,617	Isis Pharmaceuticals, Inc. (a)		143,752
				454,651
		Health Care Equipment & Supplies — 0.4%
	2,065	Baxter International, Inc.		82,765
	1,754	Medtronic plc, (Ireland)		137,496
				220,261
		Health Care Providers & Services — 0.4%
	1,301	AmerisourceBergen Corp.		137,581
	1,671	Cardinal Health, Inc.		142,001
				279,582
		Pharmaceuticals — 0.3%
	2,506	AbbVie, Inc.		175,445
		Total Health Care		1,129,939
		Industrials — 6.3%
		Construction & Engineering — 0.8%
	10,705	Fluor Corp.		500,459
		Electrical Equipment — 1.4%
	16,884	Emerson Electric Co.		873,747
		Machinery — 3.8%
	3,953	Caterpillar, Inc.		310,824
	3,249	Donaldson Co., Inc.		109,167
	3,678	Dover Corp.		235,650
	4,169	Flowserve Corp.		195,901
	1,509	Illinois Tool Works, Inc.		135,010
	4,885	Joy Global, Inc.		129,013
	4,352	PACCAR, Inc.		282,184
	7,591	Parker-Hannifin Corp.		855,885
	2,235	Pentair plc, (United Kingdom)		135,910
				2,389,544
		Trading Companies & Distributors — 0.3%
	3,898	Fastenal Co.		163,170
		Total Industrials		3,926,920
		Information Technology — 2.7%
		Communications Equipment — 0.4%
	4,748	Cisco Systems, Inc.		134,938
	5,085	Juniper Networks, Inc.		144,516
				279,454

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — 0.3%
	8,401	Corning, Inc.		156,931
		IT Services — 0.2%
	811	International Business Machines Corp.		131,374
		Semiconductors & Semiconductor Equipment — 0.4%
	16,125	Atmel Corp.		133,515
	4,090	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		90,430
				223,945
		Software — 0.8%
	1,488	Intuit, Inc.		157,386
	2,199	Red Hat, Inc. (a)		173,897
	1,974	salesforce.com, Inc. (a)		144,694
				475,977
		Technology Hardware, Storage & Peripherals — 0.6%
	5,998	EMC Corp.		161,286
	2,042	SanDisk Corp.		123,112
	2,242	Seagate Technology plc		113,445
				397,843
		Total Information Technology		1,665,524
		Materials — 0.8%
		Chemicals — 0.2%
	1,732	Eastman Chemical Co.		135,789
		Containers & Packaging — 0.2%
	2,292	AptarGroup, Inc.		155,374
		Metals & Mining — 0.2%
	11,993	Freeport-McMoRan, Inc.		140,918
		Paper & Forest Products — 0.2%
	2,785	Domtar Corp., (Canada)		113,238
		Total Materials		545,319
		Utilities — 1.3%
		Electric Utilities — 0.9%
	2,177	Duke Energy Corp.		161,577
	1,730	Entergy Corp.		122,865
	2,664	Eversource Energy		132,454
	2,906	Southern Co. (The)		129,985
				546,881
		Multi-Utilities — 0.2%
	3,197	Ameren Corp.		131,333

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Water Utilities — 0.2%
	5,837	Aqua America, Inc.		148,493
		Total Utilities		826,707
		Total Securities Sold Short (Proceeds $17,447,264)	$	16,842,778

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depository Receipt
REIT	—	Real Estate Investment Trust
(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 July 31, 2015.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	2,943,089
Aggregate gross unrealized depreciation		(262,481	)
Net unrealized appreciation/depreciation	$	2,680,608
Federal income tax cost of investments	$	63,771,678

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

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

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

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

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	66,452,286		$	—	$	—	$	66,452,286
Total Liabilities for Securities Sold Short (a)	$	(16,842,778	)	$	—	$	—	$	(16,842,778	)

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

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 100.1% (j)
	Common Stocks — 98.4%
		Consumer Discretionary — 16.9%
		Auto Components — 0.3%
	5	Delphi Automotive plc, (United Kingdom)		416
		Hotels, Restaurants & Leisure — 3.0%
	12	Carnival Corp.		618
	1	Chipotle Mexican Grill, Inc. (a)		898
	13	Royal Caribbean Cruises Ltd.		1,209
	15	Starbucks Corp.		891
				3,616
		Household Durables — 2.4%
	21	D.R. Horton, Inc.		623
	4	Harman International Industries, Inc.		412
	36	PulteGroup, Inc.		748
	26	Toll Brothers, Inc. (a)		1,029
	1	TopBuild Corp.		30
				2,842
		Internet & Catalog Retail — 0.5%
	1	Amazon.com, Inc. (a)		643
		Media — 6.0%
	12	CBS Corp. (Non-Voting), Class B		641
	3	Charter Communications, Inc., Class A (a)		530
	6	Comcast Corp., Class A		359
	22	DISH Network Corp., Class A (a)		1,430
	95	Sirius XM Holdings, Inc. (a)		376
	3	Time Warner Cable, Inc.		486
	21	Time Warner, Inc.		1,873
	26	Twenty-First Century Fox, Inc., Class B		873
	5	Walt Disney Co. (The)		604
				7,172
		Multiline Retail — 0.4%
	6	Dollar General Corp.		500
		Specialty Retail — 4.3%
	9	Best Buy Co., Inc.		305
	3	Home Depot, Inc. (The)		300
	48	Lowe’s Cos., Inc.		3,310
	17	TJX Cos., Inc. (The)		1,209
				5,124
		Total Consumer Discretionary		20,313
		Consumer Staples — 5.6%
		Beverages — 2.2%
	7	Coca-Cola Enterprises, Inc.		350
	5	Constellation Brands, Inc., Class A		640

SHARES		SECURITY DESCRIPTION	VALUE($)
		Beverages — continued
	8	Dr. Pepper Snapple Group, Inc.		634
	7	Molson Coors Brewing Co., Class B		479
	5	PepsiCo, Inc.		509
				2,612
		Food & Staples Retailing — 1.7%
	9	Costco Wholesale Corp.		1,235
	20	Kroger Co. (The)		791
				2,026
		Food Products — 0.5%
	8	Mondelez International, Inc., Class A		373
	5	Post Holdings, Inc. (a)		246
				619
		Household Products — 0.9%
	5	Colgate-Palmolive Co.		313
	3	Energizer Holdings, Inc. (a)		126
	3	Kimberly-Clark Corp.		306
	4	Procter & Gamble Co. (The)		281
				1,026
		Tobacco — 0.3%
	5	Philip Morris International, Inc.		420
		Total Consumer Staples		6,703
		Energy — 2.1%
		Oil, Gas & Consumable Fuels — 2.1%
	11	Cabot Oil & Gas Corp.		291
	6	Chevron Corp.		538
	15	Columbia Pipeline Group, Inc.		428
	4	EQT Corp.		301
	3	ONEOK, Inc.		113
	4	TransCanada Corp., (Canada)		174
	10	Valero Energy Corp.		666
		Total Energy		2,511
		Financials — 19.4%
		Banks — 4.6%
	75	Bank of America Corp.		1,348
	15	Citigroup, Inc.		892
	44	Fifth Third Bancorp		935
	16	KeyCorp		240
	5	SVB Financial Group (a)		770
	24	Wells Fargo & Co.		1,399
				5,584
		Capital Markets — 4.0%
	2	Ameriprise Financial, Inc.		254
	1	BlackRock, Inc.		454

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
		Capital Markets — continued
	21	Charles Schwab Corp. (The)		747
	25	Invesco Ltd.		967
	55	Morgan Stanley		2,154
	3	State Street Corp.		207
				4,783
		Consumer Finance — 0.9%
	19	Ally Financial, Inc. (a)		434
	8	Capital One Financial Corp.		647
				1,081
		Diversified Financial Services — 0.4%
	2	Intercontinental Exchange, Inc.		420
		Insurance — 6.3%
	23	ACE Ltd., (Switzerland)		2,548
	14	American International Group, Inc.		885
	8	Arthur J. Gallagher & Co.		363
	1	Chubb Corp. (The)		138
	30	MetLife, Inc.		1,694
	11	Principal Financial Group, Inc.		617
	1	Prudential Financial, Inc.		128
	31	XL Group plc, (Ireland)		1,170
				7,543
		Real Estate Investment Trusts (REITs) — 3.2%
	1	American Tower Corp.		127
	12	AvalonBay Communities, Inc.		2,111
	3	Boston Properties, Inc.		378
	18	Prologis, Inc.		742
	6	Regency Centers Corp.		360
	1	Simon Property Group, Inc.		178
				3,896
		Total Financials		23,307
		Health Care — 15.1%
		Biotechnology — 3.7%
	6	Alexion Pharmaceuticals, Inc. (a)		1,262
	2	Biogen, Inc. (a)		785
	3	BioMarin Pharmaceutical, Inc. (a)		366
	9	Celgene Corp. (a)		1,147
	2	Incyte Corp. (a)		215
	5	Vertex Pharmaceuticals, Inc. (a)		638
				4,413
		Health Care Equipment & Supplies — 1.7%
	13	Abbott Laboratories		650
	81	Boston Scientific Corp. (a)		1,409
				2,059

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — 5.9%
	14	Aetna, Inc.		1,564
	4	Cigna Corp.		627
	17	Humana, Inc.		3,141
	5	McKesson Corp.		1,114
	6	UnitedHealth Group, Inc.		708
				7,154
		Pharmaceuticals — 3.8%
	2	Allergan plc (a)		685
	16	Bristol-Myers Squibb Co.		1,066
	24	Eli Lilly & Co.		2,024
	3	Valeant Pharmaceuticals International, Inc. (a)		814
				4,589
		Total Health Care		18,215
		Industrials — 11.7%
		Aerospace & Defense — 2.2%
	17	Honeywell International, Inc.		1,760
	9	United Technologies Corp.		867
				2,627
		Air Freight & Logistics — 0.3%
	2	FedEx Corp.		309
		Airlines — 1.6%
	19	Delta Air Lines, Inc.		854
	19	United Continental Holdings, Inc. (a)		1,046
				1,900
		Building Products — 0.2%
	12	Masco Corp.		308
		Commercial Services & Supplies — 0.1%
	3	Waste Connections, Inc.		129
		Construction & Engineering — 0.3%
	8	Fluor Corp.		363
		Electrical Equipment — 0.7%
	15	Eaton Corp. plc		894
		Machinery — 1.4%
	1	Cummins, Inc.		164
	23	PACCAR, Inc.		1,519
				1,683
		Professional Services — 0.7%
	8	Equifax, Inc.		839
		Road & Rail — 4.2%
	9	Canadian Pacific Railway Ltd., (Canada)		1,512

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
		Road & Rail — continued
	9	CSX Corp.		283
	33	Union Pacific Corp.		3,254
				5,049
		Total Industrials		14,101
		Information Technology — 18.7%
		Electronic Equipment, Instruments & Components — 0.4%
	7	TE Connectivity Ltd., (Switzerland)		437
		Internet Software & Services — 3.6%
	24	Facebook, Inc., Class A (a)		2,240
	3	Google, Inc., Class C (a)		2,128
				4,368
		IT Services — 3.2%
	18	Accenture plc, (Ireland), Class A		1,883
	14	Cognizant Technology Solutions Corp., Class A (a)		867
	9	Fidelity National Information Services, Inc.		618
	3	Jack Henry & Associates, Inc.		242
	2	Visa, Inc., Class A		122
	1	WEX, Inc. (a)		140
				3,872
		Semiconductors & Semiconductor Equipment — 7.8%
	25	Avago Technologies Ltd., (Singapore)		3,082
	20	Broadcom Corp., Class A		989
	13	Freescale Semiconductor Ltd. (a)		528
	9	KLA-Tencor Corp.		460
	37	Lam Research Corp.		2,813
	3	Microchip Technology, Inc.		114
	12	NXP Semiconductors N.V., (Netherlands) (a)		1,120
	3	Skyworks Solutions, Inc.		316
				9,422
		Software — 2.2%
	23	Adobe Systems, Inc. (a)		1,911
	15	Microsoft Corp.		685
				2,596
		Technology Hardware, Storage & Peripherals — 1.5%
	10	Apple, Inc.		1,268
	4	Hewlett-Packard Co.		122
	13	NetApp, Inc.		409
				1,799
		Total Information Technology		22,494

SHARES		SECURITY DESCRIPTION	VALUE($)
		Materials — 3.7%
		Chemicals — 2.3%
	7	Axiall Corp.		199
	12	Dow Chemical Co. (The)		545
	21	E.I. du Pont de Nemours & Co.		1,151
	21	Mosaic Co. (The)		915
				2,810
		Construction Materials — 0.7%
	3	Martin Marietta Materials, Inc.		392
	5	Vulcan Materials Co.		428
				820
		Containers & Packaging — 0.7%
	13	Crown Holdings, Inc. (a)		664
	3	WestRock Co. (a)		209
				873
		Total Materials		4,503
		Telecommunication Services — 0.8%
		Wireless Telecommunication Services — 0.8%
	2	SBA Communications Corp., Class A (a)		249
	16	T-Mobile USA, Inc. (a)		653
		Total Telecommunication Services		902
		Utilities — 4.4%
		Electric Utilities — 2.9%
	16	Edison International		934
	22	Exelon Corp.		700
	15	NextEra Energy, Inc.		1,526
	11	Xcel Energy, Inc.		376
				3,536
		Gas Utilities — 0.3%
	3	AGL Resources, Inc.		149
	8	Questar Corp.		174
				323
		Multi-Utilities — 1.1%
	16	CenterPoint Energy, Inc.		318
	22	CMS Energy Corp.		749
	15	NiSource, Inc.		256
				1,323
		Water Utilities — 0.1%
	1	American Water Works Co., Inc.		63
		Total Utilities		5,245
		Total Common Stocks (Cost $97,124)		118,294

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.7%
		Investment Company — 1.7%
	2,038	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l) (Cost $2,038)		2,038
		Total Investments — 100.1% (Cost $99,162)		120,332
		Liabilities in Excess of Other Assets — (0.1)%		(91	)
		NET ASSETS — 100.0%	$	120,241
	Short Positions — 64.0%
	Common Stocks — 64.0%
		Consumer Discretionary — 9.9%
		Auto Components — 1.1%
	6	Autoliv, Inc., (Sweden)		586
	15	BorgWarner, Inc.		722
				1,308
		Automobiles — 0.4%
	14	General Motors Co.		430
		Hotels, Restaurants & Leisure — 2.8%
	2	Choice Hotels International, Inc.		121
	13	Darden Restaurants, Inc.		961
	9	Hilton Worldwide Holdings, Inc. (a)		234
	10	Hyatt Hotels Corp., Class A (a)		544
	6	Marriott International, Inc., Class A		471
	7	McDonald’s Corp.		713
	5	Starwood Hotels & Resorts Worldwide, Inc.		369
				3,413
		Internet & Catalog Retail — 1.2%
	1	Expedia, Inc.		70
	16	Groupon, Inc. (a)		77
	11	Netflix, Inc. (a)		1,264
				1,411
		Leisure Products — 0.7%
	3	Hasbro, Inc.		211
	30	Mattel, Inc.		687
				898
		Media — 2.7%
	7	AMC Networks, Inc., Class A (a)		617
	8	Discovery Communications, Inc., Class A (a)		271
	29	Interpublic Group of Cos., Inc. (The)		621
	14	News Corp., Class A (a)		211

SHARES		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	8	Omnicom Group, Inc.		578
	10	Scripps Networks Interactive, Inc., Class A		601
	5	Viacom, Inc., Class B		302
				3,201
		Multiline Retail — 0.2%
	3	Nordstrom, Inc.		223
		Specialty Retail — 0.7%
	6	Abercrombie & Fitch Co., Class A		125
	5	Bed Bath & Beyond, Inc. (a)		295
	5	CarMax, Inc. (a)		308
	2	Tiffany & Co.		159
				887
		Textiles, Apparel & Luxury Goods — 0.1%
	1	Under Armour, Inc., Class A (a)		141
		Total Consumer Discretionary		11,912
		Consumer Staples — 5.6%
		Beverages — 0.6%
	7	Brown-Forman Corp., Class B		781
		Food & Staples Retailing — 1.7%
	22	Sysco Corp.		789
	6	Wal-Mart Stores, Inc.		430
	22	Whole Foods Market, Inc.		786
				2,005
		Food Products — 2.6%
	6	ConAgra Foods, Inc.		284
	13	General Mills, Inc.		783
	12	Kellogg Co.		764
	12	Kraft Heinz Co. (The)		943
	4	Mead Johnson Nutrition Co.		394
				3,168
		Household Products — 0.7%
	8	Church & Dwight Co., Inc.		722
	1	Clorox Co. (The)		84
				806
		Total Consumer Staples		6,760
		Energy — 1.6%
		Energy Equipment & Services — 0.7%
	2	Cameron International Corp. (a)		114
	14	FMC Technologies, Inc. (a)		443
	3	Schlumberger Ltd.		212
	4	Tenaris S.A., (Luxembourg), ADR		112
				881

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
		Oil, Gas & Consumable Fuels — 0.9%
	4	ConocoPhillips		187
	6	Kinder Morgan, Inc.		218
	5	QEP Resources, Inc.		73
	16	Spectra Energy Corp.		477
	2	Williams Cos., Inc. (The)		91
				1,046
		Total Energy		1,927
		Financials — 11.6%
		Banks — 3.4%
	10	Associated Banc-Corp.		199
	10	BancorpSouth, Inc.		247
	9	Bank of Hawaii Corp.		599
	9	CIT Group, Inc.		433
	9	Commerce Bancshares, Inc.		425
	31	First Horizon National Corp.		486
	21	First Niagara Financial Group, Inc.		202
	22	People’s United Financial, Inc.		364
	5	PNC Financial Services Group, Inc. (The)		451
	7	U.S. Bancorp		307
	3	UMB Financial Corp.		162
	27	Valley National Bancorp		270
				4,145
		Capital Markets — 0.7%
	9	Franklin Resources, Inc.		408
	5	T. Rowe Price Group, Inc.		420
				828
		Diversified Financial Services — 0.2%
	3	CME Group, Inc.		254
		Insurance — 4.2%
	5	Aflac, Inc.		319
	10	Allstate Corp. (The)		678
	1	Aon plc, (United Kingdom)		141
	5	Arch Capital Group Ltd., (Bermuda) (a)		333
	2	Assurant, Inc.		127
	8	Hartford Financial Services Group, Inc. (The)		374
	56	Progressive Corp. (The)		1,713
	4	Torchmark Corp.		242
	16	W.R. Berkley Corp.		898
	4	Willis Group Holdings plc, (United Kingdom)		180
				5,005
		Real Estate Investment Trusts (REITs) — 3.1%
	4	Crown Castle International Corp.		306

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	10	Digital Realty Trust, Inc.		669
	6	Health Care REIT, Inc.		421
	5	Healthcare Trust of America, Inc., Class A		115
	55	Medical Properties Trust, Inc.		752
	12	Tanger Factory Outlet Centers, Inc.		400
	10	UDR, Inc.		333
	10	Ventas, Inc.		680
				3,676
		Total Financials		13,908
		Health Care — 7.5%
		Biotechnology — 1.8%
	11	Alkermes plc, (Ireland) (a)		740
	4	Amgen, Inc.		766
	12	Baxalta, Inc. (a)		384
	6	Isis Pharmaceuticals, Inc. (a)		304
				2,194
		Health Care Equipment & Supplies — 1.4%
	10	Baxter International, Inc.		414
	8	Medtronic plc, (Ireland)		622
	5	St. Jude Medical, Inc.		340
	4	Varian Medical Systems, Inc. (a)		320
				1,696
		Health Care Providers & Services — 0.4%
	1	AmerisourceBergen Corp.		58
	1	Anthem, Inc.		176
	2	Cardinal Health, Inc.		181
	1	DaVita HealthCare Partners, Inc. (a)		60
				475
		Pharmaceuticals — 3.9%
	14	AbbVie, Inc.		952
	21	Johnson & Johnson		2,109
	26	Merck & Co., Inc.		1,555
				4,616
		Total Health Care		8,981
		Industrials — 9.8%
		Aerospace & Defense — 1.5%
	6	Boeing Co. (The)		799
	2	Lockheed Martin Corp.		410
	4	Raytheon Co.		395
	4	Textron, Inc.		179
				1,783
		Air Freight & Logistics — 1.0%
	5	C.H. Robinson Worldwide, Inc.		370

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
		Air Freight & Logistics — continued
	8	United Parcel Service, Inc., Class B		808
				1,178
		Commercial Services & Supplies — 0.4%
	16	ADT Corp. (The)		557
		Electrical Equipment — 0.7%
	7	Rockwell Automation, Inc.		852
		Industrial Conglomerates — 3.1%
	12	3M Co.		1,881
	70	General Electric Co.		1,819
				3,700
		Machinery — 1.1%
	4	Caterpillar, Inc.		282
	6	Donaldson Co., Inc.		185
	9	Illinois Tool Works, Inc.		839
				1,306
		Professional Services — 0.1%
	3	Nielsen N.V.		130
		Road & Rail — 1.1%
	29	Heartland Express, Inc.		617
	9	Knight Transportation, Inc.		245
	16	Werner Enterprises, Inc.		451
				1,313
		Trading Companies & Distributors — 0.8%
	19	Fastenal Co.		805
	1	W.W. Grainger, Inc.		183
				988
		Total Industrials		11,807
		Information Technology — 7.7%
		Communications Equipment — 1.1%
	23	Cisco Systems, Inc.		656
	8	Juniper Networks, Inc.		223
	6	QUALCOMM, Inc.		414
				1,293
		IT Services — 0.2%
	2	International Business Machines Corp.		256
		Semiconductors & Semiconductor Equipment — 4.4%
	20	Atmel Corp.		165
	73	Intel Corp.		2,109
	7	Linear Technology Corp.		287
	23	Micron Technology, Inc. (a)		427
	37	NVIDIA Corp.		732

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — continued
	62	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		1,367
	9	Teradyne, Inc.		171
				5,258
		Software — 0.9%
	2	Citrix Systems, Inc. (a)		134
	14	Oracle Corp.		576
	2	salesforce.com, Inc. (a)		127
	4	SAP SE, (Germany), ADR		313
				1,150
		Technology Hardware, Storage & Peripherals — 1.1%
	7	EMC Corp.		197
	7	SanDisk Corp.		410
	15	Seagate Technology plc		752
				1,359
		Total Information Technology		9,316
		Materials — 3.8%
		Chemicals — 2.0%
	2	Airgas, Inc.		213
	5	Eastman Chemical Co.		411
	6	LyondellBasell Industries N.V., Class A		534
	2	Monsanto Co.		212
	8	Praxair, Inc.		862
	2	Valspar Corp. (The)		186
				2,418
		Containers & Packaging — 0.5%
	7	AptarGroup, Inc.		459
	4	Bemis Co., Inc.		174
				633
		Metals & Mining — 1.2%
	35	AK Steel Holding Corp. (a)		103
	36	Alcoa, Inc.		356
	75	Freeport-McMoRan, Inc.		886
	1	United States Steel Corp.		26
				1,371
		Paper & Forest Products — 0.1%
	3	Domtar Corp., (Canada)		141
		Total Materials		4,563
		Telecommunication Services — 1.8%
		Diversified Telecommunication Services — 1.8%
	17	AT&T, Inc.		581
	33	Verizon Communications, Inc.		1,553
		Total Telecommunication Services		2,134

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
		Utilities — 4.7%
		Electric Utilities — 3.1%
	6	Duke Energy Corp.		433
	6	Entergy Corp.		391
	6	Eversource Energy		303
	57	Southern Co. (The)		2,566
				3,693
		Multi-Utilities — 1.5%
	11	Ameren Corp.		433
	9	Dominion Resources, Inc.		632
	13	SCANA Corp.		739
				1,804
		Water Utilities — 0.1%
	5	Aqua America, Inc.		124
		Total Utilities		5,621
		Total Securities Sold Short (Proceeds $77,678)	$	76,929

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.
(j)	—	All or a portion of these securities are segregated for short sales.
(l)	—	The rate shown is the current yield as of July 31, 2015.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	22,289
Aggregate gross unrealized depreciation		(1,119	)
Net unrealized appreciation/depreciation	$	21,170
Federal income tax cost of investments	$	99,162

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

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

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

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

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

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	120,332		$	—	$	—	$	120,332
Total Liabilities for Securities Sold Short (a)	$	(76,929	)	$	—	$	—	$	(76,929	)

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

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.8% (j)
	Common Stocks — 80.6%
		Consumer Discretionary — 12.9%
		Auto Components — 0.3%
	28	Delphi Automotive plc, (United Kingdom)		2,198
		Hotels, Restaurants & Leisure — 2.4%
	45	Carnival Corp.		2,404
	5	Chipotle Mexican Grill, Inc. (a)		3,631
	64	Royal Caribbean Cruises Ltd.		5,780
	86	Starbucks Corp.		4,979
				16,794
		Household Durables — 1.7%
	87	D.R. Horton, Inc.		2,593
	22	Harman International Industries, Inc.		2,395
	139	PulteGroup, Inc.		2,881
	111	Toll Brothers, Inc. (a)		4,310
	4	TopBuild Corp. (a)		108
				12,287
		Internet & Catalog Retail — 0.4%
	5	Amazon.com, Inc. (a)		2,935
		Media — 4.5%
	54	CBS Corp. (Non-Voting), Class B		2,863
	15	Charter Communications, Inc., Class A (a)		2,820
	29	Comcast Corp., Class A		1,783
	89	DISH Network Corp., Class A (a)		5,722
	538	Sirius XM Holdings, Inc. (a)		2,130
	15	Time Warner Cable, Inc.		2,909
	94	Time Warner, Inc.		8,270
	110	Twenty-First Century Fox, Inc., Class B		3,697
	20	Walt Disney Co. (The)		2,373
				32,567
		Multiline Retail — 0.4%
	35	Dollar General Corp.		2,838
		Specialty Retail — 3.2%
	44	Best Buy Co., Inc.		1,411
	10	Home Depot, Inc. (The)		1,179
	215	Lowe’s Cos., Inc.		14,878
	79	TJX Cos., Inc. (The)		5,508
				22,976
		Total Consumer Discretionary		92,595
		Consumer Staples — 5.2%
		Beverages — 2.0%
	39	Coca-Cola Enterprises, Inc.		1,972
	33	Constellation Brands, Inc., Class A		3,922
	45	Dr. Pepper Snapple Group, Inc.		3,587
	37	Molson Coors Brewing Co., Class B		2,631

SHARES		SECURITY DESCRIPTION	VALUE($)
		Beverages — continued
	28	PepsiCo, Inc.		2,702
				14,814
		Food & Staples Retailing — 1.5%
	44	Costco Wholesale Corp.		6,400
	108	Kroger Co. (The)		4,235
				10,635
		Food Products — 0.4%
	41	Mondelez International, Inc., Class A		1,836
	14	Post Holdings, Inc. (a)		731
				2,567
		Household Products — 1.0%
	27	Colgate-Palmolive Co.		1,833
	20	Energizer Holdings, Inc. (a)		755
	23	Kimberly-Clark Corp.		2,620
	25	Procter & Gamble Co. (The)		1,955
				7,163
		Tobacco — 0.3%
	28	Philip Morris International, Inc.		2,383
		Total Consumer Staples		37,562
		Energy — 1.6%
		Oil, Gas & Consumable Fuels — 1.6%
	38	Cabot Oil & Gas Corp.		1,000
	24	Chevron Corp.		2,159
	77	Columbia Pipeline Group, Inc.		2,241
	21	EQT Corp.		1,586
	18	ONEOK, Inc.		676
	19	TransCanada Corp., (Canada)		720
	44	Valero Energy Corp.		2,893
		Total Energy		11,275
		Financials — 15.4%
		Banks — 3.7%
	306	Bank of America Corp.		5,465
	60	Citigroup, Inc.		3,535
	230	Fifth Third Bancorp		4,845
	97	KeyCorp		1,432
	30	SVB Financial Group (a)		4,259
	123	Wells Fargo & Co.		7,122
				26,658
		Capital Markets — 3.4%
	9	Ameriprise Financial, Inc.		1,170
	6	BlackRock, Inc.		2,018
	102	Charles Schwab Corp. (The)		3,568
	145	Invesco Ltd.		5,612
	272	Morgan Stanley		10,562
	22	State Street Corp.		1,685
				24,615

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
		Consumer Finance — 0.6%
	91	Ally Financial, Inc. (a)		2,083
	28	Capital One Financial Corp.		2,295
				4,378
		Diversified Financial Services — 0.2%
	7	Intercontinental Exchange, Inc.		1,702
		Insurance — 5.0%
	122	ACE Ltd., (Switzerland)		13,304
	62	American International Group, Inc.		3,991
	38	Arthur J. Gallagher & Co.		1,821
	6	Chubb Corp. (The)		758
	142	MetLife, Inc.		7,915
	51	Principal Financial Group, Inc.		2,842
	8	Prudential Financial, Inc.		698
	126	XL Group plc, (Ireland)		4,797
				36,126
		Real Estate Investment Trusts (REITs) — 2.5%
	7	American Tower Corp.		678
	48	AvalonBay Communities, Inc.		8,239
	20	Boston Properties, Inc.		2,476
	77	Prologis, Inc.		3,132
	34	Regency Centers Corp.		2,180
	6	Simon Property Group, Inc.		1,067
				17,772
		Total Financials		111,251
		Health Care — 11.2%
		Biotechnology — 3.3%
	26	Alexion Pharmaceuticals, Inc. (a)		5,083
	13	Biogen, Inc. (a)		4,187
	13	BioMarin Pharmaceutical, Inc. (a)		1,960
	51	Celgene Corp. (a)		6,728
	11	Incyte Corp. (a)		1,116
	32	Vertex Pharmaceuticals, Inc. (a)		4,320
				23,394
		Health Care Equipment & Supplies — 0.8%
	64	Abbott Laboratories		3,240
	148	Boston Scientific Corp. (a)		2,574
				5,814
		Health Care Providers & Services — 4.5%
	57	Aetna, Inc.		6,415
	18	Cigna Corp.		2,531
	74	Humana, Inc.		13,397
	27	McKesson Corp.		5,863
	36	UnitedHealth Group, Inc.		4,319
				32,525

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 2.6%
	8	Allergan plc (a)		2,743
	64	Bristol-Myers Squibb Co.		4,225
	84	Eli Lilly & Co.		7,057
	19	Valeant Pharmaceuticals International, Inc. (a)		4,970
				18,995
		Total Health Care		80,728
		Industrials — 11.5%
		Aerospace & Defense — 2.1%
	102	Honeywell International, Inc.		10,676
	48	United Technologies Corp.		4,842
				15,518
		Air Freight & Logistics — 0.3%
	11	FedEx Corp.		1,834
		Airlines — 1.5%
	101	Delta Air Lines, Inc.		4,497
	108	United Continental Holdings, Inc. (a)		6,107
				10,604
		Building Products — 0.2%
	53	Masco Corp.		1,397
		Commercial Services & Supplies — 0.3%
	28	Republic Services, Inc.		1,204
	15	Waste Connections, Inc.		772
				1,976
		Construction & Engineering — 0.2%
	39	Fluor Corp.		1,817
		Electrical Equipment — 0.7%
	88	Eaton Corp. plc		5,347
		Machinery — 1.4%
	12	Cummins, Inc.		1,554
	132	PACCAR, Inc.		8,532
				10,086
		Professional Services — 0.6%
	40	Equifax, Inc.		4,116
		Road & Rail — 4.2%
	58	Canadian Pacific Railway Ltd., (Canada)		9,260
	47	CSX Corp.		1,471
	201	Union Pacific Corp.		19,651
				30,382
		Total Industrials		83,077
		Information Technology — 14.6%
		Electronic Equipment, Instruments & Components — 0.3%
	37	TE Connectivity Ltd., (Switzerland)		2,259

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
		Internet Software & Services — 2.5%
	117	Facebook, Inc., Class A (a)		11,009
	11	Google, Inc., Class C (a)		6,660
				17,669
		IT Services — 2.3%
	75	Accenture plc, (Ireland), Class A		7,751
	53	Cognizant Technology Solutions Corp., Class A (a)		3,367
	47	Fidelity National Information Services, Inc.		3,064
	15	Jack Henry & Associates, Inc.		1,079
	10	Visa, Inc., Class A		731
	8	WEX, Inc. (a)		852
				16,844
		Semiconductors & Semiconductor Equipment — 6.8%
	134	Avago Technologies Ltd., (Singapore)		16,802
	104	Broadcom Corp., Class A		5,263
	62	Freescale Semiconductor Ltd. (a)		2,456
	45	KLA-Tencor Corp.		2,383
	196	Lam Research Corp.		15,029
	16	Microchip Technology, Inc.		686
	52	NXP Semiconductors N.V., (Netherlands) (a)		5,059
	15	Skyworks Solutions, Inc.		1,476
				49,154
		Software — 1.6%
	100	Adobe Systems, Inc. (a)		8,220
	73	Microsoft Corp.		3,389
				11,609
		Technology Hardware, Storage & Peripherals — 1.1%
	42	Apple, Inc.		5,073
	24	Hewlett-Packard Co.		726
	57	NetApp, Inc.		1,764
				7,563
		Total Information Technology		105,098
		Materials — 3.4%
		Chemicals — 2.1%
	25	Axiall Corp.		744
	66	Dow Chemical Co. (The)		3,126
	116	E.I. du Pont de Nemours & Co.		6,469
	114	Mosaic Co. (The)		4,900
				15,239
		Construction Materials — 0.6%
	12	Martin Marietta Materials, Inc.		1,939
	24	Vulcan Materials Co.		2,194
				4,133
		Containers & Packaging — 0.7%
	80	Crown Holdings, Inc. (a)		4,112

SHARES		SECURITY DESCRIPTION	VALUE($)
		Containers & Packaging — continued
	18	WestRock Co. (a)		1,121
				5,233
		Total Materials		24,605
		Telecommunication Services — 0.7%
		Wireless Telecommunication Services — 0.7%
	12	SBA Communications Corp., Class A (a)		1,414
	87	T-Mobile USA, Inc. (a)		3,556
		Total Telecommunication Services		4,970
		Utilities — 4.1%
		Electric Utilities — 2.8%
	81	Edison International		4,881
	132	Exelon Corp.		4,226
	83	NextEra Energy, Inc.		8,718
	66	Xcel Energy, Inc.		2,300
				20,125
		Gas Utilities — 0.3%
	19	AGL Resources, Inc.		913
	42	Questar Corp.		921
				1,834
		Multi-Utilities — 1.0%
	93	CenterPoint Energy, Inc.		1,808
	117	CMS Energy Corp.		4,022
	77	NiSource, Inc.		1,341
				7,171
		Water Utilities — 0.0% (g)
	6	American Water Works Co., Inc.		332
		Total Utilities		29,462
		Total Common Stocks (Cost $458,649)		580,623
	Short-Term Investments — 19.2%
		Investment Company — 19.1%
	137,631	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060% (b) (l)		137,631
PRINCIPAL AMOUNT($)
		U.S. Treasury Obligation — 0.1%
	1,125	U.S. Treasury Bill, 0.191%, 04/28/16 (k) (n)		1,123
		Total Short-Term Investments (Cost $138,754)		138,754
		Total Investments — 99.8% (Cost $597,403)		719,377
		Other Assets in Excess of Liabilities — 0.2%		1,381
		NET ASSETS — 100.0%	$	720,758

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Short Positions — 79.1%
	Common Stocks — 79.1%
			Consumer Discretionary — 12.8%
			Auto Components — 1.1%
	35		Autoliv, Inc., (Sweden)		3,730
	80		BorgWarner, Inc.		3,977
					7,707
			Automobiles — 0.3%
	81		General Motors Co.		2,542
			Hotels, Restaurants & Leisure — 3.7%
	34		Choice Hotels International, Inc.		1,698
	94		Darden Restaurants, Inc.		6,917
	59		Hilton Worldwide Holdings, Inc. (a)		1,574
	63		Hyatt Hotels Corp., Class A (a)		3,506
	51		Marriott International, Inc., Class A		3,671
	57		McDonald’s Corp.		5,656
	36		Starwood Hotels & Resorts Worldwide, Inc.		2,889
	10		Yum! Brands, Inc.		876
					26,787
			Internet & Catalog Retail — 1.4%
	3		Expedia, Inc.		419
	233		Groupon, Inc. (a)		1,126
	72		Netflix, Inc. (a)		8,279
					9,824
			Leisure Products — 1.2%
	21		Hasbro, Inc.		1,691
	287		Mattel, Inc.		6,662
					8,353
			Media — 3.4%
	65		AMC Networks, Inc., Class A (a)		5,486
	—	(h)	Clear Channel Outdoor Holdings, Inc., Class A		2
	83		Discovery Communications, Inc., Class A (a)		2,736
	213		Interpublic Group of Cos., Inc. (The)		4,538
	133		News Corp., Class A (a)		1,966
	47		Omnicom Group, Inc.		3,404
	70		Scripps Networks Interactive, Inc., Class A		4,403
	37		Viacom, Inc., Class B		2,138
					24,673
			Multiline Retail — 0.7%
	12		Kohl’s Corp.		724
	25		Nordstrom, Inc.		1,881
	27		Target Corp.		2,215
					4,820
			Specialty Retail — 0.9%
	47		Bed Bath & Beyond, Inc. (a)		3,043

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	33	CarMax, Inc. (a)		2,155
	12	Tiffany & Co.		1,120
				6,318
		Textiles, Apparel & Luxury Goods — 0.1%
	9	Under Armour, Inc., Class A (a)		897
		Total Consumer Discretionary		91,921
		Consumer Staples — 7.1%
		Beverages — 0.6%
	40	Brown-Forman Corp., Class B		4,302
		Food & Staples Retailing — 3.0%
	33	CVS Health Corp.		3,657
	166	Sysco Corp.		6,034
	89	Wal-Mart Stores, Inc.		6,407
	146	Whole Foods Market, Inc.		5,316
				21,414
		Food Products — 2.8%
	40	ConAgra Foods, Inc.		1,756
	70	General Mills, Inc.		4,103
	76	Kellogg Co.		5,050
	84	Kraft Heinz Co. (The)		6,682
	25	Mead Johnson Nutrition Co.		2,201
				19,792
		Household Products — 0.7%
	52	Church & Dwight Co., Inc.		4,517
	7	Clorox Co. (The)		740
				5,257
		Total Consumer Staples		50,765
		Energy — 2.1%
		Energy Equipment & Services — 1.0%
	28	Cameron International Corp. (a)		1,408
	89	FMC Technologies, Inc. (a)		2,923
	18	Schlumberger Ltd.		1,466
	37	Tenaris S.A., (Luxembourg), ADR		924
				6,721
		Oil, Gas & Consumable Fuels — 1.1%
	40	ConocoPhillips		2,010
	54	Kinder Morgan, Inc.		1,880
	18	Noble Energy, Inc.		646
	56	QEP Resources, Inc.		773
	74	Spectra Energy Corp.		2,253
	10	Williams Cos., Inc. (The)		533
				8,095
		Total Energy		14,816

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
		Financials — 14.8%
		Banks — 5.3%
	153	Associated Banc-Corp.		3,007
	62	BancorpSouth, Inc.		1,572
	61	Bank of Hawaii Corp.		4,082
	76	CIT Group, Inc.		3,565
	42	Citizens Financial Group, Inc.		1,082
	61	Commerce Bancshares, Inc.		2,859
	218	First Horizon National Corp.		3,458
	141	First Niagara Financial Group, Inc.		1,374
	196	People’s United Financial, Inc.		3,192
	49	PNC Financial Services Group, Inc. (The)		4,770
	107	U.S. Bancorp		4,850
	27	UMB Financial Corp.		1,497
	330	Valley National Bancorp		3,278
				38,586
		Capital Markets — 1.5%
	67	Federated Investors, Inc., Class B		2,262
	44	Franklin Resources, Inc.		2,009
	30	Northern Trust Corp.		2,274
	51	T. Rowe Price Group, Inc.		3,949
				10,494
		Consumer Finance — 0.2%
	18	American Express Co.		1,400
		Diversified Financial Services — 0.2%
	15	CME Group, Inc.		1,461
		Insurance — 4.9%
	31	Aflac, Inc.		1,988
	68	Allstate Corp. (The)		4,705
	27	Aon plc, (United Kingdom)		2,728
	42	Arch Capital Group Ltd., (Bermuda) (a)		3,022
	10	Assurant, Inc.		753
	47	Hartford Financial Services Group, Inc. (The)		2,240
	340	Progressive Corp. (The)		10,380
	44	Torchmark Corp.		2,695
	97	W.R. Berkley Corp.		5,399
	23	Willis Group Holdings plc, (United Kingdom)		1,079
				34,989
		Real Estate Investment Trusts (REITs) — 2.7%
	21	Crown Castle International Corp.		1,748
	62	Digital Realty Trust, Inc.		3,981
	34	Health Care REIT, Inc.		2,347
	44	Healthcare Trust of America, Inc., Class A		1,093
	244	Medical Properties Trust, Inc.		3,330

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	65	Tanger Factory Outlet Centers, Inc.		2,108
	35	UDR, Inc.		1,195
	58	Ventas, Inc.		3,905
				19,707
		Total Financials		106,637
		Health Care — 10.4%
		Biotechnology — 2.1%
	80	Alkermes plc, (Ireland) (a)		5,584
	30	Amgen, Inc.		5,333
	74	Baxalta, Inc. (a)		2,419
	33	Isis Pharmaceuticals, Inc. (a)		1,818
				15,154
		Health Care Equipment & Supplies — 2.4%
	161	Baxter International, Inc.		6,460
	86	Medtronic plc, (Ireland)		6,708
	33	St. Jude Medical, Inc.		2,414
	22	Varian Medical Systems, Inc. (a)		1,896
				17,478
		Health Care Providers & Services — 0.6%
	10	AmerisourceBergen Corp.		1,026
	7	Anthem, Inc.		1,049
	16	Cardinal Health, Inc.		1,322
	12	DaVita HealthCare Partners, Inc. (a)		967
				4,364
		Health Care Technology — 0.0% (g)
	27	Quality Systems, Inc.		348
		Pharmaceuticals — 5.3%
	95	AbbVie, Inc.		6,685
	158	Johnson & Johnson		15,856
	214	Merck & Co., Inc.		12,589
	76	Pfizer, Inc.		2,755
				37,885
		Total Health Care		75,229
		Industrials — 10.1%
		Aerospace & Defense — 1.5%
	35	Boeing Co. (The)		5,087
	14	Lockheed Martin Corp.		2,857
	17	Raytheon Co.		1,808
	25	Textron, Inc.		1,075
				10,827
		Air Freight & Logistics — 1.1%
	30	C.H. Robinson Worldwide, Inc.		2,094
	55	United Parcel Service, Inc., Class B		5,651
				7,745
		Commercial Services & Supplies — 0.5%
	96	ADT Corp. (The)		3,303

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
		Electrical Equipment — 0.7%
	46	Rockwell Automation, Inc.		5,323
		Industrial Conglomerates — 3.0%
	77	3M Co.		11,638
	397	General Electric Co.		10,351
				21,989
		Machinery — 0.9%
	22	Caterpillar, Inc.		1,698
	33	Donaldson Co., Inc.		1,102
	42	Illinois Tool Works, Inc.		3,799
				6,599
		Professional Services — 0.1%
	16	Nielsen N.V.		780
		Road & Rail — 1.4%
	245	Heartland Express, Inc.		5,227
	60	Knight Transportation, Inc.		1,615
	120	Werner Enterprises, Inc.		3,379
				10,221
		Trading Companies & Distributors — 0.9%
	123	Fastenal Co.		5,134
	5	W.W. Grainger, Inc.		1,098
				6,232
		Total Industrials		73,019
		Information Technology — 11.6%
		Communications Equipment — 1.6%
	246	Cisco Systems, Inc.		7,006
	77	Juniper Networks, Inc.		2,202
	36	QUALCOMM, Inc.		2,304
				11,512
		Internet Software & Services — 0.3%
	7	LinkedIn Corp., Class A (a)		1,362
	18	Yahoo!, Inc. (a)		648
				2,010
		IT Services — 0.9%
	29	International Business Machines Corp.		4,675
	56	VeriFone Systems, Inc. (a)		1,788
				6,463
		Semiconductors & Semiconductor Equipment — 5.9%
	24	Analog Devices, Inc.		1,375
	119	Atmel Corp.		983
	474	Intel Corp.		13,734
	47	Linear Technology Corp.		1,922
	138	Micron Technology, Inc. (a)		2,562
	497	NVIDIA Corp.		9,911
	497	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		10,991

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — continued
	54	Teradyne, Inc.		1,030
				42,508
		Software — 1.7%
	27	Citrix Systems, Inc. (a)		2,011
	129	Oracle Corp.		5,169
	10	salesforce.com, Inc. (a)		763
	66	SAP SE, (Germany), ADR		4,756
				12,699
		Technology Hardware, Storage & Peripherals — 1.2%
	44	EMC Corp.		1,178
	41	SanDisk Corp.		2,468
	99	Seagate Technology plc		5,023
				8,669
		Total Information Technology		83,861
		Materials — 3.6%
		Chemicals — 2.0%
	15	Airgas, Inc.		1,517
	28	Eastman Chemical Co.		2,211
	11	Ecolab, Inc.		1,250
	34	LyondellBasell Industries N.V., Class A		3,190
	13	Monsanto Co.		1,290
	33	Praxair, Inc.		3,801
	13	Valspar Corp. (The)		1,108
				14,367
		Containers & Packaging — 0.4%
	33	AptarGroup, Inc.		2,238
	22	Bemis Co., Inc.		977
				3,215
		Metals & Mining — 1.1%
	192	AK Steel Holding Corp. (a)		566
	214	Alcoa, Inc.		2,111
	417	Freeport-McMoRan, Inc.		4,903
	8	United States Steel Corp.		150
				7,730
		Paper & Forest Products — 0.1%
	17	Domtar Corp., (Canada)		683
		Total Materials		25,995
		Telecommunication Services — 2.4%
		Diversified Telecommunication Services — 2.4%
	176	AT&T, Inc.		6,113
	237	Verizon Communications, Inc.		11,073
		Total Telecommunication Services		17,186
		Utilities — 4.2%
		Electric Utilities — 2.6%
	35	Duke Energy Corp.		2,590
	29	Entergy Corp.		2,071

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
		Electric Utilities — continued
	35	Eversource Energy		1,739
	274	Southern Co. (The)		12,252
				18,652
		Multi-Utilities — 1.5%
	70	Ameren Corp.		2,858
	57	Dominion Resources, Inc.		4,057
	76	SCANA Corp.		4,169
				11,084
		Water Utilities — 0.1%
	29	Aqua America, Inc.		735
		Total Utilities		30,471
		Total Securities Sold Short (Proceeds $563,522)	$	569,900

Percentages indicated are based on net assets.

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JULY 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Short Futures Outstanding
	(151)	E-mini S&P 500		09/18/15		USD	$	(15,843	)	$	37

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ADR	—	American Depositary Receipt
REIT	—	Real Estate Investment Trust
USD	—	United States Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund 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 July 31, 2015.
(n)	—	The rate shown is the effective yield at the date of purchase.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	127,847
Aggregate gross unrealized depreciation		(5,873	)
Net unrealized appreciation/depreciation	$	121,974
Federal income tax cost of investments	$	597,403

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

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

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

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

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	718,254		$	1,123	$	—	$	719,377
Total Liabilities for Securities Sold Short (b)	$	(569,900	)	$	—	$	—	$	(569,900	)
Appreciation in Other Financial Instruments
Futures Contracts	$	37		$	—	$	—	$	37

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Bill that is held for futures contracts collateral. Please refer to the SOI for industry specifics of portfolio holdings.

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

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.4%
		Consumer Discretionary — 16.9%
		Auto Components — 0.5%
	140	Johnson Controls, Inc.		6,361
		Automobiles — 0.8%
	353	General Motors Co.		11,121
		Hotels, Restaurants & Leisure — 1.1%
	162	Carnival Corp.		8,622
	81	Yum! Brands, Inc.		7,079
				15,701
		Household Durables — 0.5%
	51	Harman International Industries, Inc.		5,494
	64	TopBuild Corp. (a)		1,853
				7,347
		Internet & Catalog Retail — 1.6%
	42	Amazon.com, Inc. (a)		22,553
		Media — 7.4%
	193	CBS Corp. (Non-Voting), Class B		10,300
	397	Comcast Corp., Class A		24,766
	132	DISH Network Corp., Class A (a)		8,506
	400	Time Warner, Inc.		35,249
	176	Twenty-First Century Fox, Inc., Class A		6,087
	149	Walt Disney Co. (The) (m)		17,871
				102,779
		Specialty Retail — 4.3%
	15	AutoZone, Inc. (a)		10,634
	195	Home Depot, Inc. (The)		22,848
	374	Lowe’s Cos., Inc.		25,906
				59,388
		Textiles, Apparel & Luxury Goods — 0.7%
	87	lululemon athletica, Inc., (Canada) (a)		5,478
	63	V.F. Corp.		4,836
				10,314
		Total Consumer Discretionary		235,564
		Consumer Staples — 6.3%
		Beverages — 1.9%
	79	Constellation Brands, Inc., Class A		9,494
	93	Molson Coors Brewing Co., Class B		6,651
	112	PepsiCo, Inc.		10,788
				26,933
		Food & Staples Retailing — 1.5%
	70	Costco Wholesale Corp.		10,139
	91	CVS Health Corp.		10,282
				20,421

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — 1.2%
	149	Archer-Daniels-Midland Co. (m)		7,072
	220	Mondelez International, Inc., Class A		9,942
				17,014
		Household Products — 1.7%
	119	Colgate-Palmolive Co.		8,104
	205	Procter & Gamble Co. (The)		15,702
				23,806
		Total Consumer Staples		88,174
		Energy — 6.4%
		Energy Equipment & Services — 1.2%
	199	Schlumberger Ltd.		16,500
		Oil, Gas & Consumable Fuels — 5.2%
	57	Anadarko Petroleum Corp.		4,264
	182	Cabot Oil & Gas Corp.		4,769
	416	Columbia Pipeline Group, Inc.		12,125
	50	EOG Resources, Inc.		3,887
	136	EQT Corp.		10,482
	396	Occidental Petroleum Corp.		27,815
	83	Phillips 66		6,620
	53	Valero Energy Corp.		3,497
				73,459
		Total Energy		89,959
		Financials — 17.0%
		Banks — 7.3%
	1,539	Bank of America Corp.		27,525
	393	Citigroup, Inc.		22,970
	75	SVB Financial Group (a)		10,754
	702	Wells Fargo & Co.		40,629
				101,878
		Capital Markets — 5.4%
	25	BlackRock, Inc.		8,360
	490	Charles Schwab Corp. (The)		17,084
	30	Goldman Sachs Group, Inc. (The)		6,212
	194	Invesco Ltd.		7,489
	676	Morgan Stanley		26,239
	130	State Street Corp.		9,930
				75,314
		Consumer Finance — 0.3%
	53	Capital One Financial Corp.		4,269
		Diversified Financial Services — 0.8%
	47	Intercontinental Exchange, Inc.		10,686
		Insurance — 3.2%
	158	ACE Ltd., (Switzerland)		17,215

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	107	Hartford Financial Services Group, Inc. (The)		5,107
	199	Marsh & McLennan Cos., Inc.		11,536
	199	MetLife, Inc.		11,104
				44,962
		Total Financials		237,109
		Health Care — 19.0%
		Biotechnology — 6.2%
	77	Alexion Pharmaceuticals, Inc. (a)		15,228
	50	Biogen, Inc. (a)		15,961
	19	BioMarin Pharmaceutical, Inc. (a)		2,838
	181	Celgene Corp. (a)		23,738
	110	Gilead Sciences, Inc.		12,950
	34	Incyte Corp. (a)		3,525
	89	Vertex Pharmaceuticals, Inc. (a)		11,985
				86,225
		Health Care Equipment & Supplies — 0.8%
	233	Abbott Laboratories (m)		11,826
		Health Care Providers & Services — 5.1%
	71	Aetna, Inc.		8,073
	106	Humana, Inc.		19,216
	92	McKesson Corp.		20,204
	194	UnitedHealth Group, Inc.		23,519
				71,012
		Life Sciences Tools & Services — 0.3%
	16	Illumina, Inc. (a)		3,531
		Pharmaceuticals — 6.6%
	60	Allergan plc (a)		19,859
	396	Bristol-Myers Squibb Co.		25,995
	156	Eli Lilly & Co.		13,200
	130	Merck & Co., Inc.		7,680
	604	Pfizer, Inc.		21,795
	16	Valeant Pharmaceuticals International, Inc. (a)		4,224
				92,753
		Total Health Care		265,347
		Industrials — 8.4%
		Aerospace & Defense — 3.7%
	268	Honeywell International, Inc. (m)		28,190
	234	United Technologies Corp.		23,517
				51,707
		Airlines — 1.0%
	249	United Continental Holdings, Inc. (a)		14,059
		Building Products — 1.3%
	28	Lennox International, Inc.		3,329

SHARES		SECURITY DESCRIPTION	VALUE($)
		Building Products — continued
	580	Masco Corp.		15,302
				18,631
		Machinery — 1.7%
	249	PACCAR, Inc.		16,167
	57	WABCO Holdings, Inc. (a)		6,987
				23,154
		Road & Rail — 0.7%
	155	CSX Corp. (m)		4,861
	50	Kansas City Southern		4,949
				9,810
		Total Industrials		117,361
		Information Technology — 21.6%
		Electronic Equipment, Instruments & Components — 0.4%
	97	Amphenol Corp., Class A		5,494
		Internet Software & Services — 3.7%
	188	Facebook, Inc., Class A (a)		17,689
	25	Google, Inc., Class A (a)		16,589
	29	Google, Inc., Class C (a)		18,172
				52,450
		IT Services — 3.8%
	114	Accenture plc, (Ireland), Class A		11,737
	31	Alliance Data Systems Corp. (a)		8,435
	150	Fidelity National Information Services, Inc.		9,800
	235	MasterCard, Inc., Class A		22,898
				52,870
		Semiconductors & Semiconductor Equipment — 5.3%
	337	Avago Technologies Ltd., (Singapore)		42,183
	166	Broadcom Corp., Class A		8,412
	308	Lam Research Corp.		23,699
				74,294
		Software — 4.0%
	166	Adobe Systems, Inc. (a)		13,630
	717	Microsoft Corp.		33,499
	233	Oracle Corp.		9,302
				56,431
		Technology Hardware, Storage & Peripherals — 4.4%
	503	Apple, Inc. (m)		61,062
		Total Information Technology		302,601
		Materials — 1.8%
		Chemicals — 1.2%
	211	Dow Chemical Co. (The)		9,932
	123	E.I. du Pont de Nemours & Co.		6,870
				16,802

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Construction Materials — 0.6%
	57	Martin Marietta Materials, Inc.		8,940
		Total Materials		25,742
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.6%
	171	Verizon Communications, Inc. (m)		7,995
		Utilities — 1.4%
		Electric Utilities — 1.0%
	135	NextEra Energy, Inc.		14,157
		Multi-Utilities — 0.4%
	302	NiSource, Inc.		5,266
		Total Utilities		19,423
		Total Common Stocks (Cost $856,937)		1,389,275
	Short-Term Investment — 0.1%
		Investment Company — 0.1%
	1,549	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.060%, (b) (l) (m) (Cost $1,549)		1,549
		Total Investments — 99.5% (Cost $858,486)		1,390,824
		Other Assets in Excess of Liabilities — 0.5%		6,908
		NET ASSETS — 100.0%	$	1,397,732

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of July 31, 2015.
(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.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	534,930
Aggregate gross unrealized depreciation		(2,592	)
Net unrealized appreciation/depreciation	$	532,338
Federal income tax cost of investments	$	858,486

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,390,824	$	—	$	—	$	1,390,824

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

There were no transfers among any levels during the period ended July 31, 2015.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 97.8% (t)
		Alaska — 0.8%
		Other Revenue — 0.8%
	13,490	Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Rev., 5.250%, 09/01/29		15,921
		Arizona — 2.6%
		General Obligation — 0.1%
	1,400	City of Goodyear, GO, AGM, 6.000%, 07/01/19		1,600
	275	Maricopa County Unified School District No. 48, Scottsdale, Unrefunded Balance, School Improvement, Series A, GO, NATL-RE, FGIC, 5.000%, 07/01/16		280
				1,880
		Other Revenue — 2.2%
		Arizona State Transportation Board,
	16,705	Series A, Rev., GAN, 5.250%, 07/01/25		19,414
	17,135	Series A, Rev., GAN, 5.250%, 07/01/26		19,861
		Phoenix Civic Improvement Corp., Senior Lien,
	1,085	Series C, Rev., 5.000%, 07/01/22		1,261
	1,000	Series C, Rev., 5.000%, 07/01/24		1,171
				41,707
		Prerefunded — 0.2%
	3,000	Arizona State Transportation Board, Maricopa County Regional Area Road, Rev., 5.000%, 07/01/20 (p)		3,517
		Utility — 0.1%
	1,500	Salt River Project Agricultural Improvement & Power District, Electric System, Series A, Rev., 5.000%, 01/01/22		1,688
		Total Arizona		48,792
		Arkansas — 0.1%
		Water & Sewer — 0.1%
	1,815	City of Fort Smith, Water & Sewer, Rev., AGM, 5.000%, 10/01/22		2,019
		California — 14.0%
		Certificate Of Participation/Lease — 0.0% (g)
	80	Los Angeles Unified School District, Headquarters Building Projects, Series B, COP, 5.000%, 10/01/31		90

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — 0.6%
	2,000	California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.000%, 10/01/39		2,213
	3,000	California State University, Series A, Rev., 5.000%, 11/01/24 (w)		3,702
	6,045	University of California Regents Medical Center, Series A, Rev., NATL-RE, 4.750%, 05/15/22		6,128
				12,043
		General Obligation — 7.2%
		Carlsbad Unified School District,
	2,500	GO, Zero Coupon, 05/01/16		2,495
	2,000	GO, Zero Coupon, 05/01/17		1,969
	1,490	GO, Zero Coupon, 05/01/19		1,390
	3,445	Center Unified School District, Election of 1991, Series D, GO, NATL-RE, Zero Coupon, 08/01/26		2,134
		Contra Costa Community College District,
	2,115	GO, 5.000%, 08/01/21		2,529
	1,000	GO, 5.000%, 08/01/22		1,181
	1,000	GO, 5.000%, 08/01/24		1,175
	1,090	Evergreen Elementary School District, Series A, GO, AGM, 6.000%, 08/01/16		1,151
	145	Los Altos School District, Unrefunded Balance, GO, AMBAC, 5.000%, 08/01/21		152
	7,500	Los Angeles Community College District, Series A, GO, 4.000%, 08/01/32		7,918
	145	Los Angeles Community College District, Election of 2008, Series G, GO, 4.000%, 08/01/39		150
		Los Angeles Unified School District,
	1,000	Series A-1, GO, AGM, 5.000%, 07/01/19		1,082
	2,750	Series B, GO, FGIC, 4.750%, 07/01/21		2,859
	10,000	Series C, GO, 5.000%, 07/01/26		12,018
	5,000	Series D, GO, 5.250%, 07/01/24		5,732
		Murrieta Valley Unified School District,
	550	GO, AGM, 5.000%, 09/01/22		655

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation –– continued
	725	GO, AGM, 5.000%, 09/01/23		865
		San Diego Unified School District, Election of 1998,
	3,800	Series C-2, GO, AGM, 5.500%, 07/01/24		4,773
	1,000	Series F-1, GO, AGM, 5.250%, 07/01/28		1,261
	1,000	State Center Community College District, GO, 5.000%, 08/01/24		1,188
		State of California, Various Purpose,
	940	GO, 5.000%, 04/01/16		970
	1,000	GO, 5.000%, 08/01/16		1,048
	3,810	GO, 5.000%, 04/01/17		4,090
	5,000	GO, 5.000%, 04/01/20		5,695
	10,010	GO, 5.000%, 03/01/25		12,270
	2,000	GO, 5.000%, 09/01/26		2,236
	12,705	GO, 5.000%, 03/01/28		15,122
	10,370	GO, 5.000%, 08/01/30		12,158
	10,000	GO, 5.500%, 04/01/18		11,232
	5,000	GO, 5.500%, 04/01/21		5,790
	5,000	GO, 5.625%, 04/01/26		5,793
	6,600	GO, 6.500%, 04/01/33		7,830
				136,911
		Hospital — 0.1%
	1,000	University of California, Unrefunded Balance, UCLA Medical Center, Series B, Rev., AMBAC, 5.500%, 05/15/20		1,002
		Other Revenue — 4.2%
	8,700	California State Public Works Board, University of California, Series H, Rev., 5.000%, 09/01/32		9,794

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
		City of Los Angeles, Department of Water & Power, Power System,
	2,500	Series A, Rev., 5.000%, 07/01/23		3,009
	1,025	Series A, Rev., 5.000%, 07/01/30		1,175
	25,385	Series B, Rev., 5.000%, 07/01/28		29,818
	2,100	Series B, Rev., 5.000%, 07/01/31		2,415
	1,925	Series B, Rev., 5.000%, 07/01/32		2,207
	3,300	Series D, Rev., 5.000%, 07/01/32		3,807
	450	City of Los Angeles, Wastewater System, Series B, Rev., 5.000%, 06/01/19		517
	4,950	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A, Rev., 5.000%, 06/01/34		5,585
	2,475	Golden West Schools Financing Authority, Placentia-Yorba Linda University, Rev., AMBAC, 5.500%, 08/01/20		2,931
	2,545	Metropolitan Water District Southern Water Works, Series A, Rev., 5.000%, 10/01/25		3,053
	6,000	San Diego County Water Authority, Series A, Rev., 5.000%, 05/01/30		7,006
	3,110	Simi Valley School Financing Authority, Rev., AGM, 5.000%, 08/01/21		3,429
	5,000	University of California, Series AF, Rev., 5.000%, 05/15/27		5,876
				80,622
		Prerefunded — 1.2%
	3,500	California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.250%, 10/01/18 (p)		4,088
		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)		2,919
	3,025	California State Public Works Board, University of California Research Project, Series E, Rev., 5.250%, 10/01/16 (p)		3,197
	105	Los Altos School District, GO, AMBAC, 5.000%, 08/01/16 (p)		110

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	10,285	University of California, Series O, Rev., 5.750%, 05/15/19 (p)		12,083
				22,810
		Utility — 0.4%
	2,070	California State Department of Water Resources, Power Supply, Series H, Rev., AGM-CR, 5.000%, 05/01/21		2,305
	5,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.250%, 11/15/21		5,727
				8,032
		Water & Sewer — 0.3%
	4,750	City of Santa Rosa, Wastewater, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/23		3,705
	1,370	City of Vallejo, Water Revenue, Rev., NATL-RE, 5.000%, 05/01/21		1,407
				5,112
		Total California		266,622
		Colorado — 2.3%
		General Obligation — 1.2%
		Douglas County School District No. Re-1, Douglas & Elbert Counties,
	6,950	GO, 5.250%, 12/15/23		8,518
	2,345	GO, 5.250%, 12/15/25		2,935
	10,000	Jefferson County School District No. R-1, GO, 5.000%, 12/15/22		11,989
				23,442
		Prerefunded — 1.0%
		Colorado Higher Education,
	5,830	COP, 5.500%, 11/01/18 (p)		6,665
	2,170	COP, 5.500%, 11/01/18 (p)		2,477
	5,000	Colorado Regional Transportation District, FasTracks Project, Series A, Rev., AMBAC, 5.000%, 11/01/16 (p)		5,284
	4,250	Dawson Ridge Metropolitan District No. 1, Series A, GO, Zero Coupon, 10/01/22 (p)		3,614
				18,040

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — 0.1%
	1,225	Platte River Power Authority, Series HH, Rev., 5.000%, 06/01/22		1,388
		Total Colorado		42,870
		Connecticut — 1.2%
		Education — 0.1%
	1,000	Connecticut State Health & Educational Facility Authority, Quinnipiac University, Series I, Rev., NATL-RE, 5.000%, 07/01/26		1,071
		General Obligation — 1.0%
	200	City of Greenwich, GO, 5.000%, 06/01/20		222
		State of Connecticut,
	3,500	Series B, GO, AMBAC, 5.250%, 06/01/19		4,009
	4,980	Series B, GO, AMBAC, 5.250%, 06/01/20		5,828
	8,200	Series E, GO, 5.000%, 08/15/30		9,270
				19,329
		Water & Sewer — 0.1%
		South Central Regional Water Authority,
	250	Water System Revenue, Series A, Rev., NATL-RE, 5.250%, 08/01/19		289
	1,290	Series A, Rev., NATL-RE, 5.250%, 08/01/20		1,522
				1,811
		Total Connecticut		22,211
		Delaware — 0.2%
		General Obligation — 0.1%
	1,000	State of Delaware, Series C, GO, 5.000%, 03/01/21		1,187
		Other Revenue — 0.1%
	1,000	University of Delaware, Series B, Rev., 5.000%, 11/01/21		1,142
	500	Wilmington Parking Authority, Rev., AGM, 5.250%, 09/15/15		503
				1,645
		Total Delaware		2,832
		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		5,895

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	5,000	Series C, Rev., 5.000%, 10/01/29		5,745
		District of Columbia, Income Tax,
	6,000	Series A, Rev., 5.000%, 12/01/19		6,967
	2,000	Series A, Rev., 5.000%, 12/01/20		2,365
		Total District of Columbia		20,972
		Florida — 2.4%
		General Obligation — 2.3%
		Florida State Board of Education, Public Education Capital Outlay,
	5,090	Series A, GO, 5.000%, 06/01/24		5,965
	32,375	Series D, GO, 5.000%, 06/01/25		37,856
				43,821
		Prerefunded — 0.1%
	2,500	Miami-Dade County, School Board, Series A, COP, NATL-RE, FGIC, 5.000%, 05/01/17 (p)		2,687
		Total Florida		46,508
		Georgia — 4.6%
		General Obligation — 1.8%
		State of Georgia,
	300	Series B, GO, 5.000%, 07/01/20		353
	1,000	Series B, GO, 5.750%, 08/01/17		1,102
	14,960	Series C, GO, 5.000%, 07/01/17		16,212
	14,790	Series F, GO, 5.000%, 12/01/19		17,194
				34,861
		Other Revenue — 0.7%
	6,000	City of Atlanta, Airport, Series A, Rev., 5.000%, 01/01/21		7,000
	5,000	Fulton County, Water & Sewerage, Rev., 5.000%, 01/01/23		5,778
	125	Henry County Water & Sewerage Authority, Rev., 5.000%, 02/01/29		141
				12,919
		Prerefunded — 0.3%
	5,000	Douglas County School District, GO, AGM, 5.000%, 04/01/17 (p)		5,366

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Special Tax — 0.6%
	10,000	Georgia State Road and Tollway Authority, Federal Highway, Grant Anticipation Bonds, Series A, Rev., GAN, AGM, 5.000%, 06/01/18		11,109
		Transportation — 0.5%
		Georgia State Road and Tollway Authority, Federal Highway, Grant Anticipation Bonds,
	7,375	Rev., GAN, NATL-RE, 5.000%, 06/01/17		7,659
	2,000	Rev., GAN, NATL-RE, 5.000%, 06/01/18		2,078
				9,737
		Utility — 0.3%
	5,700	Municipal Electric Authority of Georgia, Series B, Rev., 6.250%, 01/01/17		6,155
		Water & Sewer — 0.4%
	6,895	Cobb County, Water & Sewer, Rev., 5.000%, 07/01/22		7,797
		Total Georgia		87,944
		Hawaii — 0.8%
		Prerefunded — 0.7%
	11,395	City & County of Honolulu, Wastewater System, Second Bond Resolution, Series A, Rev., AGM, 5.000%, 07/01/18 (p)		12,716
		Transportation — 0.1%
	2,575	State of Hawaii, Rev., 5.000%, 01/01/19		2,919
		Total Hawaii		15,635
		Idaho — 0.5%
		Prerefunded — 0.5%
	8,000	Idaho Health Facilities Authority, Trinity Health Group, Series B, Rev., 6.000%, 12/01/18 (p)		9,303
		Illinois — 1.2%
		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		176
	3,205	Kane, Cook & DuPage Counties, School District No. 46, Elgin, Series A, GO, 5.000%, 01/01/33		3,558
	625	Village of Schaumburg, Series A, GO, 4.000%, 12/01/20		702
				4,436

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.3%
		City of Chicago, Motor Fuel Tax,
	150	Rev., 5.000%, 01/01/20		160
	200	Rev., 5.000%, 01/01/21		215
	150	Rev., 5.000%, 01/01/22		161
	1,000	City of Chicago, Water Revenue, Second Lien Project, Rev., 5.000%, 11/01/29		1,079
	3,000	Illinois State Toll Highway Authority, Series A, Rev., 5.000%, 12/01/22		3,555
				5,170
		Prerefunded — 0.0% (g)
	610	Chicago Transit Authority, Capital Grant, Federal Transit Administration, Rev., AMBAC, 5.000%, 12/01/16 (p)		647
		Special Tax — 0.2%
	3,000	City of Chicago, Sales Tax, Rev., AGM, 5.000%, 01/01/18		3,050
		Transportation — 0.3%
	5,000	Chicago O’Hare International Airport, Third Lien, Series A, Rev., AGC-ICC, AMBAC, 5.000%, 01/01/22		5,091
	750	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.000%, 07/01/24		940
				6,031
		Water & Sewer — 0.2%
	1,125	City of Chicago, Wastewater Transmission, Series A, Rev., 5.250%, 01/01/30		1,210
		City of Chicago, Water Revenue, Second Lien Project,
	1,000	Rev., 5.000%, 11/01/21		1,103
	400	Rev., 5.000%, 11/01/22		443
				2,756
		Total Illinois		22,090
		Indiana — 1.4%
		Education — 0.2%
	3,570	Purdue University, Student Facilities
		Systems, Series A, Rev., 5.250%,
		07/01/20		4,220

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 1.2%
		City of Evansville, Waterworks District,
	325	Series B, Rev., 5.000%, 01/01/22		381
	375	Series B, Rev., 5.000%, 01/01/23		434
	1,110	Fort Wayne Redevelopment Authority, Lease Rental, Harrison Square Project, Rev., 5.000%, 02/01/26		1,291
	160	Indiana Bond Bank, Special Program, Series D, Rev., AGM, 5.000%, 08/01/19		164
	9,870	Indiana Finance Authority, Revolving Fund, Series A, Rev., 5.000%, 02/01/26		11,421
	1,750	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.000%, 01/01/22		1,989
	4,050	Indianapolis Local Public Improvement Bond Bank, Stormwater Project, Series D, Rev., 5.000%, 01/01/26		4,690
		South Bend Community School Corp., First Mortgage,
	855	Rev., AGM, 5.000%, 01/05/16		872
	1,030	Rev., AGM, 5.000%, 07/05/17		1,114
				22,356
		Total Indiana		26,576
		Iowa — 0.3%
		Other Revenue — 0.3%
	5,440	Iowa Finance Authority, State Revolving Fund, Rev., 5.000%, 08/01/26		6,360
		Kansas — 1.6%
		Prerefunded — 1.6%
	21,045	City of Olathe & County of Labette, Capital Accumulator, Series A, Rev., Zero Coupon, 02/01/16 (p)		21,013
	9,015	Counties of Reno, Sedgwick & Finney , Single Family Mortgage, Capital Accumulator, Series A, Rev., NATL-RE, Zero Coupon, 04/01/16 (p)		8,995
		Total Kansas		30,008
		Kentucky — 0.7%
		Other Revenue — 0.7%
		Kentucky State Property & Buildings Commission, Project No. 89,
	6,145	Rev., AGM, 5.000%, 11/01/22		6,849
	1,000	Rev., AGM, 5.000%, 11/01/24		1,113

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue –– continued
	5,185	Kentucky Turnpike Authority, Revitalization Projects, Series A, Rev., 5.000%, 07/01/28		5,988
		Total Kentucky		13,950
		Louisiana — 0.6%
		Education — 0.2%
	3,000	Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 360 Project, Rev., 5.000%, 10/01/32		3,355
		Other Revenue — 0.0% (g)
	1,250	City of Alexandria, Utilities, Series A, Rev., 5.000%, 05/01/43		1,357
		Prerefunded — 0.4%
	4,375	Louisiana Public Facilities Authority, CR, Series B, Rev., Zero Coupon, 12/01/19 (m) (p)		4,098
	3,270	Louisiana Public Facilities Authority, Multi- Family Housing, CR, Series A, Rev., Zero Coupon, 02/01/20 (p)		3,043
				7,141
		Total Louisiana		11,853
		Maryland — 1.5%
		General Obligation — 0.9%
	4,785	Harford County, Series B, GO, 5.000%, 07/01/23		5,826
	10,000	State of Maryland, State & Local Facilities, Series C, GO, 5.000%, 11/01/18		11,296
				17,122
		Transportation — 0.6%
	9,880	Maryland State Department of Transportation, Rev., 5.250%, 12/15/17		10,916
		Total Maryland		28,038
		Massachusetts — 3.6%
		Certificate of Participation/Lease — 0.7%
	10,000	Massachusetts Bay Transportation Authority, Series A, Rev., 5.250%, 07/01/27		12,514
		General Obligation — 2.4%
		Commonwealth of Massachusetts,
	9,000	Series A, GO, 5.250%, 08/01/19		10,437
	3,000	Series B, GO, AGM, 5.250%, 09/01/24		3,738
	200	Series C, GO, AGM, 5.500%, 12/01/22		248

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation –– continued
		Commonwealth of Massachusetts, Consolidated Loan of 2014,
	5,000	Series C, GO, 4.000%, 07/01/31		5,294
	2,500	Series C, GO, 5.000%, 07/01/23		2,960
	6,875	Series F, GO, 5.000%, 11/01/26		8,164
	13,300	Series F, GO, 5.000%, 11/01/27		15,703
				46,544
		Other Revenue — 0.5%
	7,420	Massachusetts School Building Authority, Dedicated Sales Tax, Series B, Rev., 5.000%, 08/15/30		8,684
		Total Massachusetts		67,742
		Michigan — 1.0%
		Education — 0.2%
	4,170	University of Michigan, Series A, Rev., 5.000%, 04/01/21		4,666
		General Obligation — 0.1%
	2,000	Huron Valley School District, GO, Q-SBLF, 5.000%, 05/01/24		2,266
		Other Revenue — 0.6%
	10,000	City of Grand Rapids, Sanitary Sewer System, Series A, Rev., BHAC-CR, AGM-CR, FGIC, 5.500%, 01/01/22		11,509
		Transportation — 0.1%
	1,240	State of Michigan, Trunk Line Fund, Rev., 5.000%, 11/15/28		1,432
		Total Michigan		19,873
		Minnesota — 1.2%
		General Obligation — 0.6%
	775	Olmsted County, Crossover, Series A, GO, 5.000%, 02/01/21		917
	1,270	State of Minnesota, Trunk Highway, Series B, GO, 5.000%, 10/01/21		1,519
	8,275	State of Minnesota, Various Purpose, Series F, GO, 5.000%, 08/01/20		9,731
				12,167
		Other Revenue — 0.6%
	9,705	State of Minnesota, General Fund Refunding Appropriation, Series B, Rev., 5.000%, 03/01/25		11,426
		Total Minnesota		23,593

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Mississippi — 0.8%
		Prerefunded — 0.8%
	15,750	Mississippi Housing Finance Corp., Capital Appreciation, Rev., Zero Coupon, 09/15/16 (p)		15,652
		Missouri — 3.5%
		Other Revenue — 2.9%
		Kansas City Industrial Development Authority, Downtown Redevelopment District,
	7,640	Series A, Rev., 5.000%, 09/01/20		8,729
	6,620	Series A, Rev., 5.000%, 09/01/21		7,617
		Missouri State Environmental Improvement & Energy Resources Authority, Revolving Funds,
	10,805	Series A, Rev., 5.000%, 01/01/19		12,245
	20,915	Series A, Rev., 5.000%, 01/01/21		24,042
	2,355	Missouri State Environmental Improvement & Energy Resources Authority, Revolving Funds Program, Series B, Rev., 5.000%, 07/01/25		2,747
				55,380
		Transportation — 0.6%
	4,060	Missouri Highways & Transportation Commission, Federal Reimbursement, Series A, Rev., 5.000%, 05/01/20		4,617
	7,000	Missouri Highways & Transportation Commission, Senior Lien, Rev., 5.000%, 02/01/21		7,458
				12,075
		Total Missouri		67,455
		Nebraska — 0.5%
		Education — 0.2%
	3,715	University of Nebraska Facilities Corp., Deferred Maintenance, Rev., AMBAC, 5.000%, 07/15/19		3,884
		Other Revenue — 0.3%
	5,000	Omaha Public Power District, Electric System, Rev., Series A, 4.000%, 02/01/32		5,230

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.0% (g)
		Nebraska Public Power District,
	155	Series B, Rev., 5.000%, 07/01/17 (p)		167
	190	Series C, Rev., NATL-RE, FGIC, 5.000%, 01/01/16 (p)		194
				361
		Utility — 0.0% (g)
		Nebraska Public Power District,
	250	Series B, Rev., AGM, 5.000%, 01/01/17		265
	445	Series B, Rev., 5.000%, 01/01/18		482
				747
		Total Nebraska		10,222
		Nevada — 0.1%
		General Obligation — 0.0% (g)
	45	State of Nevada, Projects R9-A-R13-F, Series F, GO, AGM, 5.000%, 12/01/24		45
		Other Revenue — 0.1%
		Nevada System of Higher Education University, Unrefunded Balance,
	640	Series B, Rev., AMBAC, 5.000%, 07/01/21		653
	675	Series B, Rev., AMBAC, 5.000%, 07/01/22		688
				1,341
		Total Nevada		1,386
		New Hampshire — 0.3%
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
		New Hampshire Municipal Bond Bank,
	1,025	Series E, Rev., 5.000%, 01/15/23		1,174
	1,035	Series E, Rev., 5.000%, 01/15/24		1,182
	1,195	Series E, Rev., 5.000%, 01/15/26		1,360
	1,250	Series E, Rev., 5.000%, 01/15/27		1,418
		Total New Hampshire		5,134
		New Jersey — 1.8%
		General Obligation — 0.2%
	850	North Brunswick Township Board of Education, GO, 5.000%, 07/15/22		988
	775	Township of Maplewood, General Improvement, GO, 4.000%, 10/15/17		828

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation –– continued
		Township of Woodbridge,
	1,100	GO, 5.000%, 07/15/22		1,269
	1,200	GO, 5.000%, 07/15/23		1,381
				4,466
		Other Revenue — 1.3%
		New Jersey Economic Development Authority, School Facilities Construction,
	10,000	Rev., 5.000%, 06/15/29		10,444
	5,000	Series NN, Rev., 5.000%, 03/01/29		5,211
	1,500	New Jersey EDA, School Facilities Construction, Series NN, Rev., 5.000%, 03/01/23		1,612
	5,000	New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.000%, 06/15/36		5,127
	1,995	Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 12/01/20		1,794
				24,188
		Prerefunded — 0.0% (g)
	60	New Jersey Environmental Infrastructure Trust, Unrefunded Balance, Series A, Rev., 5.000%, 09/01/15 (p)		60
		Transportation — 0.3%
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., AMBAC, 5.250%, 12/15/22		5,481
		Total New Jersey		34,195
		New Mexico — 0.8%
		Other Revenue — 0.8%
		New Mexico Finance Authority, Senior Lien,
	1,625	Series B, Rev., 5.000%, 06/01/22		1,792
	1,690	Series B, Rev., 5.000%, 06/01/23		1,862
	1,820	Series B, Rev., 5.000%, 06/01/25		1,999
	1,965	Series B, Rev., 5.000%, 06/01/27		2,153
	4,200	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.000%, 06/01/22		4,972

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue –– continued
	1,385	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.000%, 12/15/21		1,612
		Total New Mexico		14,390
		New York — 21.9%
		Education — 0.9%
	6,750	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2007, Series S-2, Rev., NATL-RE, FGIC, 5.000%, 01/15/22		7,154
	4,000	New York State Dormitory Authority, Education, Series A, Rev., 5.000%, 03/15/23		4,520
	675	New York State Dormitory Authority, School Districts, Building Finance Program, Series A, Rev., NATL-RE, 5.000%, 10/01/15		680
	4,395	New York State Dormitory Authority, University Dormitory Facilities, Series A, Rev., 5.000%, 07/01/22		4,871
				17,225
		General Obligation — 0.9%
		City of New York,
	6,085	Series D, GO, 5.000%, 08/01/28		6,985
	4,050	Series F, Sub Series F-1, GO, 5.000%, 03/01/30		4,613
	5,000	City of New York, Fiscal Year 2010, Series E, GO, 5.000%, 08/01/23		5,663
				17,261
		Hospital — 0.0% (g)
	510	New York State Dormitory Authority, Mental Health Services Facilities Improvement, Series D, Rev., AGM, 5.000%, 02/15/18		542
		Other Revenue — 14.7%
	1,500	Metropolitan Transportation Authority, Series A, Rev., 5.000%, 11/15/41		1,667
	16,335	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2010, Series FF, Rev., 5.000%, 06/15/24		18,842

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue –– continued
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015,
	3,000	Series FF, Rev., 5.000%, 06/15/31		3,509
	2,000	Series FF, Rev., 5.000%, 06/15/32		2,329
	400	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2007, Series S-1, Rev., NATL-RE, FGIC, 5.000%, 07/15/16		418
	4,790	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2011, Sub Series S-1A, Rev., 5.000%, 07/15/18		5,360
	3,500	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015, Series S-1, Rev., 5.000%, 07/15/40		3,944
	395	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2006, Series A, Sub Series A-2, Rev., 5.000%, 11/01/18		400
	9,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012, Series D, Sub Series D-1, Rev., 5.000%, 11/01/31		10,431
	10,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013, Sub Series F-1, Rev., 5.000%, 02/01/31		11,421
	9,475	New York Liberty Development Corp., World Trade Center Projects, Class 1, Rev., 5.000%, 09/15/30		11,006
		New York State Dormitory Authority,
	3,000	Series A, Rev., 5.000%, 03/15/28		3,559
	4,225	Series A, Rev., 5.000%, 03/15/34		4,877
	10,000	Series A, Rev., 5.000%, 03/15/44		11,282
	12,500	Series C, Rev., 5.000%, 03/15/33		14,254
	8,500	New York State Dormitory Authority, Consolidated Services Contract, Series A, Rev., 5.000%, 07/01/23		9,605
	3,500	New York State Dormitory Authority, General Purpose, Series C, Rev., 5.000%, 03/15/41		3,960

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue –– continued
		New York State Dormitory Authority, Sales Tax,
	13,700	Series A, Rev., 5.000%, 03/15/21		16,240
	5,000	Series A, Rev., 5.000%, 03/15/29		5,883
	14,500	Series A, Rev., 5.000%, 03/15/31		16,892
	7,985	Series A, Rev., 5.000%, 03/15/32		9,263
	7,425	New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series B, Rev., 5.000%, 04/01/23		8,078
		New York State Urban Development Corp., Service Contract,
	15,000	Series B, Rev., 5.250%, 01/01/25		16,760
	5,000	Series D, Rev., 5.500%, 01/01/19		5,737
		Port Authority of New York & New Jersey, Consolidated,
	2,965	Rev., 5.000%, 05/01/34		3,332
	2,000	Rev., 5.000%, 05/01/35		2,245
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	4,500	Series A, Rev., 5.000%, 10/15/25		5,519
	1,800	Series A, Rev., 5.000%, 10/15/28		2,160
	7,500	Series A, Rev., 5.000%, 10/15/29		8,931
	1,850	Series A, Rev., 5.000%, 10/15/31		2,180
	7,500	Tobacco Settlement Financing Corp., Asset- Backed, Rev., 5.000%, 06/01/21		8,075
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	25,000	Series A, Rev., 5.000%, 01/01/26		29,249
	4,970	Series A-2, Rev., 5.000%, 11/15/28		5,561
	1,250	Series B, Rev., 5.000%, 11/15/31		1,439
		Utility Debt Securitization Authority,
	4,000	Series TE, Rev., 5.000%, 12/15/28		4,735

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue –– continued
	5,000	Series TE, Rev., 5.000%, 12/15/29		5,906
	4,250	Series TE, Rev., 5.000%, 12/15/41		4,848
				279,897
		Prerefunded — 0.6%
	3,000	Erie County Industrial Development Agency, City of Buffalo School District Project, Series A, Rev., AGM, 5.750%, 05/01/18 (p)		3,401
	1,360	New York State Dormitory Authority, School Districts, Building Finance Program, Series A, Rev., NATL-RE, 5.000%, 10/01/16 (p)		1,432
	340	New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series B, Rev., AMBAC, 5.000%, 10/01/15 (p)		343
	5,000	Westchester Tobacco Asset Securitization Corp., Capital Appreciation, Rev., 6.950%, 07/15/17 (p)		5,660
				10,836
		Special Tax — 3.1%
	3,750	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series B, Rev., 5.000%, 11/01/21		4,319
	5,805	New York Local Government Assistance Corp., Senior Lien, Series B-C/D, Rev., 5.500%, 04/01/19		6,741
	7,875	New York Local Government Assistance Corp., Sub Lien, Series A-5, Rev., 5.500%, 04/01/19		9,144
		New York State Dormitory Authority,
	1,000	Series A, Rev., 5.000%, 03/15/33		1,157
	7,250	Series C, Rev., 5.000%, 03/15/31		8,332
		New York State Dormitory Authority, State Personal Income Tax, Education,
	10,000	Series A, Rev., 5.000%, 03/15/21		11,029
	20	Series C, Rev., 5.000%, 12/15/21		21
	1,000	New York State Environmental Facilities Corp., Series A, Rev., 5.000%, 12/15/19		1,099

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Special Tax –– continued
		New York State Thruway Authority, State Personal Income Tax, Transportation,
	10,000	Series A, Rev., 5.000%, 03/15/26		11,629
	5,000	Series A, Rev., 5.250%, 03/15/19		5,732
				59,203
		Transportation — 0.8%
		Metropolitan Transportation Authority,
	7,135	Series B, Rev., NATL-RE, 5.000%, 11/15/17		7,569
	1,000	Series C, Rev., 6.500%, 11/15/28		1,175
	5,000	Subseries C-1, 5.250%, 11/15/28		5,997
				14,741
		Water & Sewer — 0.9%
	2,500	New York City Municipal Water Finance Authority, Series CC, Rev., 5.000%, 06/15/29		2,765
	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 (p)		411
	10,225	New York State Environmental Facilities Corp., New York City Municipal Project, Revolving Funds, Series C, Rev., 5.000%, 06/15/21		11,044
	2,250	New York State Environmental Facilities Corp., New York City Municipal Water Financing Authority, Series A, Rev., 5.000%, 06/15/19		2,345
				16,565
		Total New York		416,270
		North Carolina — 1.1%
		Other Revenue — 0.7%
		City of High Point, Combined Water & Sewer System Revenue,
	1,000	Rev., AGM, 5.000%, 11/01/25		1,120
	1,170	Rev., AGM, 5.000%, 11/01/26		1,310
		Wake County, Hammond Road Detention Center, Limited Obligation,
	3,905	Rev., 5.000%, 06/01/20		4,433

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue –– continued
	5,950	Rev., 5.000%, 06/01/21		6,734
				13,597
		Prerefunded — 0.4%
	2,500	North Carolina Eastern Municipal Power Agency, Series A, Rev., AGC, 5.250%, 01/01/18 (p)		2,762
	4,155	State of North Carolina, Annual Appropriation, Series A, Rev., 5.000%, 05/01/19 (p)		4,751
				7,513
		Total North Carolina		21,110
		Ohio — 1.2%
		Education — 0.1%
	2,030	State of Ohio, Higher Educational Facility, Denison University 2007 Project, Rev., 5.000%, 11/01/20		2,218
		General Obligation — 0.6%
	4,750	City of Columbus, Series 1, GO, 5.000%, 07/01/27		5,592
	5,725	Franklin County, Various Purpose, GO, 5.000%, 12/01/19		6,460
				12,052
		Other Revenue — 0.3%
	550	City of Cleveland, Parking Facilities, Rev., AGM, 5.250%, 09/15/18 (p)		622
	1,725	JobsOhio Beverage System, Statewide Senior Lien Liquor Profits, Series A, Rev., 5.000%, 01/01/23		2,037
	2,235	Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects, Series B, Rev., 5.000%, 10/01/22		2,541
				5,200
		Prerefunded — 0.1%
	670	State of Ohio, Higher Educational Facility, Denison University 2007 Project, Rev., 5.000%, 11/01/17 (p)		733
		Water & Sewer — 0.1%
		Northeast Ohio Regional Sewer District, Wastewater Improvement,
	555	Rev., 5.000%, 11/15/25		673
	1,500	Rev., 5.000%, 11/15/27		1,781
				2,454
		Total Ohio		22,657

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oklahoma — 0.7%
		Education — 0.3%
	5,210	Tulsa County Industrial Authority, Jenks Public School, Rev., 5.500%, 09/01/18		5,895
		Other Revenue — 0.4%
	1,380	Oklahoma City Water Utilities Trust, Water & Sewer System, Rev., 5.000%, 07/01/27		1,627
		Oklahoma Turnpike Authority, Turnpike System, Second Senior,
	3,000	Series A, Rev., 5.000%, 01/01/22		3,510
	2,000	Rev., Series A, 5.000%, 01/01/24		2,311
				7,448
		Total Oklahoma		13,343
		Oregon — 2.0%
		Certificate Of Participation/Lease — 0.2%
	3,425	Oregon State Department of Administrative Services, Series A, COP, 5.000%, 05/01/20		3,874
		General Obligation — 0.0% (g)
	100	Marion County, GO, AMBAC, 5.500%, 06/01/23		124
		Other Revenue — 0.8%
	2,180	City of Portland, Sewer System, Second Lien, Series B, Rev., 4.000%, 10/01/36		2,253
		Oregon State Department of Administrative Services, Lottery,
	1,500	Series A, Rev., 5.000%, 04/01/27		1,762
	8,975	Series C, Rev., 5.000%, 04/01/25		10,867
				14,882
		Prerefunded — 0.6%
		Oregon State Department of Administrative Services,
	10,315	Series A, COP, 5.000%, 05/01/19 (p)		11,765
		Water & Sewer — 0.4%
	6,560	City of Portland, Sewer Systems, First Lien, Series A, Rev., 5.000%, 06/15/18		7,332
		Total Oregon		37,977

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Pennsylvania — 2.3%
		Education — 0.2%
		Pennsylvania State University,
	1,225	Series A, Rev., 5.000%, 03/01/22		1,368
	2,000	Series A, Rev., 5.000%, 03/01/23		2,222
				3,590
		General Obligation — 1.2%
	14,865	Commonwealth of Pennsylvania, First Series, GO, 5.000%, 05/15/18		16,466
	4,195	Commonwealth of Pennsylvania, Third Series, GO, 5.375%, 07/01/21		4,967
	1,860	Red Lion Area School District, GO, AGM, 5.000%, 05/01/20		2,053
				23,486
		Hospital — 0.2%
	3,000	Sayre Health Care Facilities Authority, Guthrie Health Issue, Rev., VAR, 0.969%, 12/01/24		2,915
		Prerefunded — 0.4%
	2,550	Chester County, GO, 5.000%, 07/15/17 (p)		2,763
	4,585	Chester County, Unrefunded Balance, GO, 5.000%, 07/15/17 (p)		4,969
				7,732
		Water & Sewer — 0.3%
	5,000	Altoona City Authority, Rev., AGM, 5.250%, 11/01/18		5,592
		Total Pennsylvania		43,315
		Rhode Island — 0.1%
		General Obligation — 0.1%
	1,000	State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan of 2014, Series A, GO, 5.000%, 11/01/24		1,201
		Other Revenue — 0.0% (g)
	655	Rhode Island Health & Educational Building Corp., Brown University, Series A, Rev., 5.000%, 09/01/25		767
		Total Rhode Island		1,968
		South Carolina — 2.2%
		General Obligation — 0.9%
	10,000	State of South Carolina, Highway, Series A, GO, 5.000%, 06/01/19		11,480
	4,740	York County School District No. 1, Series A, GO, SCSDE, 5.250%, 03/01/22		5,372
				16,852

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.1%
	1,500	City of Columbia, Rev., 5.000%, 02/01/26		1,728
		Utility — 1.1%
		Piedmont Municipal Power Agency,
	13,185	Series A-3, Rev., AGC, 5.000%, 01/01/17		13,985
	7,000	Series A-3, Rev., AGC, 5.000%, 01/01/18		7,667
				21,652
		Water & Sewer — 0.1%
	2,220	City of Charleston, Waterworks & Sewer System, Series A, Rev., 5.000%, 01/01/22		2,479
		Total South Carolina		42,711
		Tennessee — 0.1%
		General Obligation — 0.1%
	1,030	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 07/01/24		1,223
		Utility — 0.0% (g)
	1,000	City of Chattanooga, Electric System, Series A, Rev., 5.000%, 09/01/32 (w)		1,176
		Total Tennessee		2,399
		Texas — 8.6%
		Education — 0.9%
		Southwest Higher Education Authority, Inc., Southern Methodist University Project,
	2,000	Rev., 5.000%, 10/01/20		2,293
	3,000	Rev., 5.000%, 10/01/21		3,433
		University of North Texas, Financing System,
	1,255	Series A, Rev., 5.000%, 04/15/20		1,417
	2,500	Series A, Rev., 5.000%, 04/15/22		2,822
		University of Texas, Financing System,
	2,500	Series B, Rev., 5.250%, 08/15/17		2,733
	500	Series C, Rev., 5.000%, 08/15/18		561
		Waco Educational Finance Corp., Baylor University,
	2,275	Series C, Rev., 5.000%, 03/01/21		2,494

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education –– continued
	1,215	Series C, Rev., 5.000%, 03/01/22		1,330
				17,083
		General Obligation — 3.9%
		Carroll Independent School District,
	1,000	Series C, GO, 5.000%, 02/15/20		1,127
	945	Series C, GO, 5.000%, 02/15/22		1,059
	325	Series C, GO, 5.000%, 02/15/23		365
	4,485	City of Garland, Series A, GO, 5.000%, 02/15/23		4,914
	4,000	City of Houston, Public Improvement, Series A, GO, 5.000%, 03/01/30		4,624
	3,150	City of Lubbock, GO, 5.000%, 02/15/25		3,784
	680	City of Pflugerville, Limited Tax, GO, 5.000%, 08/01/23		807
		City of San Antonio,
	2,000	GO, 5.000%, 08/01/24		2,347
	4,735	GO, 5.000%, 08/01/26		5,488
		City of San Antonio, General Improvement,
	700	GO, 5.000%, 08/01/23		824
	1,500	GO, 5.000%, 08/01/24		1,760
	2,735	GO, 5.000%, 08/01/27		3,150
	2,280	City of Wylie, GO, 5.000%, 02/15/26		2,697
	4,000	Counties of Dallas, Denton, Collin and Rockwall, City of Dallas, GO, 5.000%, 02/15/29		4,651
		Crandall Independent School District,
	1,150	Series A, GO, PSF-GTD, Zero Coupon, 08/15/25		862
	2,140	Series A, GO, PSF-GTD, Zero Coupon, 08/15/26		1,541
	2,145	Series A, GO, PSF-GTD, Zero Coupon, 08/15/27		1,480
	2,105	Series A, GO, PSF-GTD, Zero Coupon, 08/15/28		1,438
	1,965	Dallas County Community College District, GO, 5.000%, 02/15/24		2,214

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation –– continued
	1,830	Harlandale Independent School District, GO, AGC, 5.000%, 08/01/27		2,041
		Hays County,
	1,000	GO, 5.000%, 02/15/23		1,142
	1,785	GO, 5.000%, 02/15/24		2,029
	2,410	GO, 5.000%, 02/15/25		2,727
	1,500	Hays County, Pass-Through Toll, GO, 5.000%, 02/15/23		1,713
		San Jacinto Community College District,
	1,330	GO, AMBAC, 5.000%, 02/15/19		1,416
	390	GO, AMBAC, 5.000%, 02/15/20		415
	5,000	GO, 5.000%, 02/15/34		5,548
	2,600	San Jacinto Community College District, Limited Tax, GO, 5.000%, 02/15/40		2,872
		State of Texas, Water Financial Assistance,
	2,500	Series A, GO, 5.000%, 08/01/20		2,800
	4,340	Series A, GO, 5.000%, 08/01/21		4,855
	1,800	Tarrant County, Limited Tax, GO, 5.000%, 07/15/20		2,008
				74,698
		Other Revenue — 0.9%
	1,250	City of San Antonio, Water System Junior Lien, Rev., 5.000%, 05/15/24		1,493
		Coastal Water Authority, City of Houston Projects,
	100	Rev., 4.000%, 12/15/18		110
	3,315	Rev., 5.000%, 12/15/23		3,822
	7,660	Grand Parkway Transportation Corp., Series B, Rev., 5.250%, 10/01/51		8,526
	3,000	Houston Airport System, Sub Lien, Series B, Rev., 5.000%, 07/01/26		3,421
				17,372
		Prerefunded — 1.1%
	1,075	Bexar County, GO, 5.250%, 06/15/17 (p)		1,167
	5,550	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.750%, 12/01/32 (p)		7,702

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded –– continued
	4,620	Dallas Area Rapid Transit, Senior Lien, Rev., 5.000%, 12/01/18 (p)		5,221
		Deer Park Independent School District, Limited Tax,
	2,000	GO, AGM, 5.250%, 02/15/17 (p)		2,143
	665	La Joya Independent School District, GO, PSF-GTD, 5.000%, 02/15/16 (p)		682
	3,150	Texas State University Systems, Rev., 5.250%, 03/15/18 (p)		3,504
				20,419
		Transportation — 0.8%
		Dallas Area Rapid Transit, Senior Lien,
	3,000	Rev., 5.250%, 12/01/48		3,306
	7,660	Series A, Rev., 5.000%, 12/01/21		8,688
		Dallas-Fort Worth International Airport,
	1,000	Series A, Rev., 5.000%, 11/01/19		1,147
	2,000	Series A, Rev., 5.000%, 11/01/21		2,118
				15,259
		Utility — 0.2%
	3,000	City of San Antonio, Electric and Gas System, Rev., 5.000%, 02/01/26 (w)		3,674
		Water & Sewer — 0.8%
		North Texas Municipal Water District,
	2,695	Rev., 5.000%, 06/01/21		2,980
	2,955	Rev., 5.000%, 06/01/23		3,268
	3,405	Rev., 5.000%, 06/01/26		3,761
	3,820	Texas Water Development Board, State Revolving Fund, Series A, Sub Series A-1, Rev., 5.000%, 07/15/20		4,383
				14,392
		Total Texas		162,897

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utah — 0.6%
		Education — 0.2%
		Utah State University of Agriculture & Applied Science,
	1,000	Rev., 5.000%, 12/01/19		1,139
	1,050	Rev., 5.000%, 12/01/20		1,191
	1,150	Rev., 5.000%, 12/01/22		1,297
				3,627
		Water & Sewer — 0.4%
	7,455	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.000%, 07/01/26		8,395
		Total Utah		12,022
		Vermont — 0.4%
		Other Revenue — 0.4%
		University of Vermont & State Agricultural College,
	4,230	Rev., AMBAC, 5.000%, 10/01/21		4,594
	2,355	Rev., AMBAC, 5.000%, 10/01/22		2,555
		Total Vermont		7,149
		Virginia — 2.6%
		Education — 0.6%
	10,050	Virginia College Building Authority, Public Higher Education Financing Program, Series B, Rev., 5.000%, 09/01/19		11,582
		General Obligation — 1.3%
	3,835	City of Hampton, Public Improvement, Series B, GO, 5.000%, 09/01/26		4,751
	205	City of Richmond, Public Improvement, Series D, GO, 5.000%, 07/15/26		236
	17,575	Commonwealth of Virginia, Series D, GO, 5.000%, 06/01/20		20,053
				25,040
		Other Revenue — 0.3%
	25	Virginia Public Building Authority, Public Facilities, Series B-1, Rev., 5.000%, 08/01/18 (p)		28
	3,320	Virginia Public School Authority, School Financing, 1997 Resolution, Series B, Rev., 5.250%, 08/01/17		3,622
	490	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Rev., 5.000%, 11/01/23		558
				4,208

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.4%
	6,495	Fairfax County, Public Improvement, Series A, GO, 5.000%, 04/01/18 (p)		7,207
	475	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Series A, Rev., 5.000%, 11/01/19 (p)		549
				7,756
		Total Virginia		48,586
		Washington — 2.5%
		General Obligation — 1.8%
	1,100	County of Snohomish, Edmonds School District No. 15, GO, 5.000%, 12/01/33		1,255
		State of Washington, Various Purpose,
	10,000	Series 2010C, GO, 5.000%, 08/01/34		11,279
	2,000	Series D, GO, 5.000%, 02/01/24		2,383
	12,400	Series R-2010A, GO, 5.000%, 01/01/22		13,955
	4,690	Yakima County School District No. 7, GO, 5.500%, 12/01/23		5,425
				34,297
		Prerefunded — 0.3%
	5,000	King County School District No. 414, Lake Washington, GO, AGM, 5.000%, 12/01/17 (p)		5,490
	1,225	Washington Health Care Facilities Authority, Multicare Health Care System, Series A, Rev., AGM, 5.250%, 08/15/18 (p)		1,377
				6,867
		Transportation — 0.3%
		Port of Seattle, Intermediate Lien,
	3,750	Series B, Rev., 5.000%, 03/01/33 (w)		4,212
	1,000	Series B, Rev., 5.000%, 03/01/34 (w)		1,121
				5,333
		Utility — 0.1%
	1,325	City of Seattle, Drainage & Wastewater Improvement, Rev., 5.000%, 09/01/26		1,552
		Total Washington		48,049
		Total Municipal Bonds (Cost $1,751,949)		1,860,599

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 9.2%
		Investment Company — 9.2%
	174,115	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.010% † (b) (l) (m) (Cost $174,115)		174,115
		Total Investments — 107.0% (Cost $1,926,064)		2,034,714
		Other Assets in Excess of Liabilities — (7.0)%		(133,705	)
		NET ASSETS — 100.0%	$	1,901,009

Percentages indicated are based on net assets.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

Inflation-Linked Swaps
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Barclays Bank plc	2.675% at termination	CPI-U at termination		10/12/2015	$	50,000	$	(4,457	)
Barclays Bank plc	2.998% at termination	CPI-U at termination		01/15/2016		25,000		(3,617	)
Barclays Bank plc	2.943% at termination	CPI-U at termination		06/14/2016		5,000		(715	)
Barclays Bank plc	2.930% at termination	CPI-U at termination		06/15/2016		3,000		(425	)
Barclays Bank plc	2.680% at termination	CPI-U at termination		07/15/2016		25,000		(2,916	)
Barclays Bank plc	2.812% at termination	CPI-U at termination		10/12/2019		25,000		(4,206	)
Barclays Bank plc	2.590% at termination	CPI-U at termination		12/31/2019		35,000		(3,222	)
Barclays Bank plc	2.439% at termination	CPI-U at termination		05/15/2024		18,000		(1,303	)
Barclays Bank plc	2.700% at termination	CPI-U at termination		09/03/2044		5,000		(895	)
BNP Paribas	1.765% at termination	CPI-U at termination		03/21/2016		50,000		(950	)
BNP Paribas	1.755% at termination	CPI-U at termination		04/10/2016		18,000		(355	)
BNP Paribas	2.395% at termination	CPI-U at termination		05/31/2016		25,000		(1,402	)
BNP Paribas	2.100% at termination	CPI-U at termination		08/26/2018		25,000		(1,099	)
BNP Paribas	2.105% at termination	CPI-U at termination		08/26/2018		12,000		(531	)
BNP Paribas	2.098% at termination	CPI-U at termination		09/09/2018		39,000		(1,714	)
BNP Paribas	2.190% at termination	CPI-U at termination		09/03/2019		13,000		(642	)
BNP Paribas	2.350% at termination	CPI-U at termination		07/06/2020		25,000		(1,884	)
BNP Paribas	2.693% at termination	CPI-U at termination		09/03/2044		4,000		(707	)
BNP Paribas	2.695% at termination	CPI-U at termination		09/03/2044		4,000		(710	)
Citibank, N.A.	1.763% at termination	CPI-U at termination		04/07/2016		33,000		(652	)
Citibank, N.A.	2.275% at termination	CPI-U at termination		07/02/2018		50,000		(2,986	)
Citibank, N.A.	2.220% at termination	CPI-U at termination		07/06/2018		50,000		(2,727	)
Citibank, N.A.	2.190% at termination	CPI-U at termination		09/02/2019		9,000		(445	)
Citibank, N.A.	2.420% at termination	CPI-U at termination		05/24/2020		25,000		(2,147	)
Citibank, N.A.	2.420% at termination	CPI-U at termination		06/30/2020		50,000		(4,189	)
Citibank, N.A.	2.410% at termination	CPI-U at termination		07/01/2020		50,000		(4,127	)
Citibank, N.A.	2.330% at termination	CPI-U at termination		07/06/2020		50,000		(3,653	)
Citibank, N.A.	2.480% at termination	CPI-U at termination		07/01/2022		50,000		(4,891	)
Citibank, N.A.	2.458% at termination	CPI-U at termination		05/21/2024		10,000		(745	)
Citibank, N.A.	2.492% at termination	CPI-U at termination		08/27/2024		22,000		(1,723	)
Citibank, N.A.	2.477% at termination	CPI-U at termination		09/02/2024		15,000		(1,151	)
Citibank, N.A.	2.357% at termination	CPI-U at termination		09/23/2024		27,000		(1,707	)
Citibank, N.A.	2.325% at termination	CPI-U at termination		09/30/2024		28,000		(1,668	)
Citibank, N.A.	2.623% at termination	CPI-U at termination		10/07/2024		14,000		(259	)
Credit Suisse International	2.250% at termination	CPI-U at termination		05/09/2017		50,000		(2,831	)
Credit Suisse International	2.178% at termination	CPI-U at termination		05/28/2018		65,000		(3,400	)
Deutsche Bank AG, New York	1.748% at termination	CPI-U at termination		04/04/2016		25,000		(483	)
Deutsche Bank AG, New York	2.500% at termination	CPI-U at termination		02/25/2018		50,000		(3,345	)
Deutsche Bank AG, New York	2.140% at termination	CPI-U at termination		09/10/2019		55,000		(2,556	)
Deutsche Bank AG, New York	2.410% at termination	CPI-U at termination		06/30/2020		100,000		(8,262	)
Deutsche Bank AG, New York	2.505% at termination	CPI-U at termination		01/28/2024		17,000		(1,339	)
Deutsche Bank AG, New York	2.477% at termination	CPI-U at termination		02/21/2024		40,000		(3,039	)
Deutsche Bank AG, New York	2.423% at termination	CPI-U at termination		09/12/2024		27,000		(1,905	)
Deutsche Bank AG, New York	2.415% at termination	CPI-U at termination		12/15/2024		54,000		(442	)
Deutsche Bank AG, New York	2.708% at termination	CPI-U at termination		02/25/2044		5,000		(907	)
Deutsche Bank AG, New York	2.498% at termination	CPI-U at termination		10/10/2044		13,000		(1,513	)
Goldman Sachs International	2.211% at termination	CPI-U at termination		08/29/2019		20,000		(1,011	)
Goldman Sachs International	2.194% at termination	CPI-U at termination		09/02/2019		19,000		(942	)
Goldman Sachs International	2.185% at termination	CPI-U at termination		09/02/2019		12,000		(590	)
Morgan Stanley Capital Services	1.638% at termination	CPI-U at termination		09/03/2015		11,000		(166	)
Morgan Stanley Capital Services	2.175% at termination	CPI-U at termination		10/01/2018		20,000		(955	)
Morgan Stanley Capital Services	2.323% at termination	CPI-U at termination		06/23/2019		20,000		(1,098	)
Morgan Stanley Capital Services	2.525% at termination	CPI-U at termination		01/27/2024		30,000		(2,430	)
Morgan Stanley Capital Services	2.500% at termination	CPI-U at termination		02/04/2024		34,000		(2,653	)
Morgan Stanley Capital Services	2.673% at termination	CPI-U at termination		09/12/2044		3,000		(510	)
Royal Bank of Scotland	2.430% at termination	CPI-U at termination		06/28/2020		25,000		(2,125	)
Royal Bank of Scotland	2.423% at termination	CPI-U at termination		06/30/2020		75,000		(6,312	)
Royal Bank of Scotland	2.475% at termination	CPI-U at termination		03/17/2024		7,000		(531	)
Royal Bank of Scotland	3.556% at termination	CPI-U at termination		07/31/2029		49,000		(18,588	)
Royal Bank of Scotland	2.733% at termination	CPI-U at termination		02/10/2044		9,000		(1,700	)
Union Bank of Switzerland AG	2.170% at termination	CPI-U at termination		04/22/2018		50,000		(2,606	)
							$	(137,059	)

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
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
ICC	—	Insured Custody Certificates
MTA	—	Metropolitan Transportation Authority
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
Q-SBLF	—	Qualified School Bond Loan Fund
RE	—	Reinsured
Rev.	—	Revenue
SCSDE	—	South Carolina School District Enhancement
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of July 31, 2015.
(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 July 31, 2015.
(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 $134,300,000 of this investment is restricted as collateral for swaps to various brokers.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	113,326
Aggregate gross unrealized depreciation		(4,676	)
Net unrealized appreciation/depreciation	$	108,650
Federal income tax cost of investments	$	1,926,064

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

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

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	174,115	$	1,860,599		$	—	$	2,034,714
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(137,059	)	$	—	$	(137,059	)

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash and as an investment of cash collateral for swaps. Please refer to the SOI for state specifics of portfolio holdings.

There were no transfers among any levels during the period ended July 31, 2015.

A. Derivatives — The Fund uses instruments including swaps, in connection with its 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 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 their value.

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

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

(1). Swaps — The Fund engages in various swap transactions, including inflation-linked swaps to manage inflation 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 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 at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s’ custodian bank.

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 thecontract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

The Fund’s swap contracts are subject to master netting arrangements.

Inflation-Linked Swaps

The Fund uses inflation-linked swaps to provide inflation protection within its portfolio.

The use of swaps exposes the Fund to interest rate risk. The Fund also may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying rate; (ii) counterparty credit risk related to the failure, by the counterparty to the swap, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms.

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 96.3% (t)
		Arizona — 0.7%
		General Obligation — 0.7%
	85	Maricopa County Madison Elementary School District No. 38, School Improvement, Project of 2004, Series B, GO, NATL-RE, 5.000%, 07/01/16		88
		California — 1.5%
		Education — 0.5%
	60	California Educational Facilities Authority, Pomona College, Series A, Rev., 5.000%, 01/01/18		66
		Other Revenue — 1.0%
	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
		Total California		184
		Colorado — 2.9%
		General Obligation — 2.9%
	305	Jefferson County School District No. R-1, GO, 5.000%, 12/15/22		366
		Connecticut — 3.9%
		General Obligation — 0.4%
	50	State of Connecticut, Series E, GO, 5.000%, 12/15/16		53
		Utility — 3.5%
		City of Stamford, Water Pollution Control System & Facility,
	100	Series A, Rev., 6.000%, 08/15/20		123
	150	Series A, Rev., 6.000%, 08/15/21		189
	100	Series A, Rev., 6.000%, 08/15/22		128
				440
		Total Connecticut		493
		District of Columbia — 1.2%
		Other Revenue — 1.2%
	135	Washington Metropolitan Area Transit Authority, Series A, Rev., 5.000%, 07/01/18		151
		Florida — 4.9%
		General Obligation — 4.7%
	500	Florida State Board of Education, Public Education Capital Outlay, Series D, GO, 5.000%, 06/01/25		585

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 0.2%
	25	Seminole County, Water & Sewer, Rev., 5.000%, 10/01/15		25
		Total Florida		610
		Georgia — 3.0%
		Water & Sewer — 3.0%
	250	DeKalb County, Water & Sewerage, Series B, Rev., 5.250%, 10/01/26		311
	60	Jackson County Water & Sewer Authority, Series A, Rev., XLCA, 5.250%, 09/01/21		67
		Total Georgia		378
		Hawaii — 2.7%
		General Obligation — 2.7%
	300	State of Hawaii, Unrefunded Balance, Series DR, GO, 5.000%, 06/01/18		334
		Idaho — 0.4%
		Water & Sewer — 0.4%
	50	Idaho Bond Bank Authority, Series B, Rev., NATL-RE, 5.000%, 09/15/15		50
		Illinois — 3.3%
		General Obligation — 2.0%
	60	City of Chicago, Series A, GO, AGM, 5.500%, 01/01/19		65
	165	Cook County Forest Preserve District, Limited Tax Project and Refunding, Series B, GO, 5.000%, 12/15/24		184
				249
		Prerefunded — 1.3%
	150	Metropolitan Pier & Exposition Authority, McCormick Place Expansion, Series A- 2002, Rev., FGIC, 5.500%, 06/15/18 (p)		169
		Total Illinois		418
		Indiana — 1.0%
		Education — 1.0%
	100	Purdue University, Student Fee, Series U, Rev., 5.250%, 07/01/21		120
		Louisiana — 1.9%
		Prerefunded — 1.9%
	200	Terrebonne Parish, Public Improvement, Series ST, Rev., 5.875%, 03/01/19 (p)		234
		Maryland — 5.2%
		General Obligation — 4.4%
	500	State of Maryland, State and Local Facilities Loan of 2009, Series C, GO, 5.000%, 11/01/17		548

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.8%
	100	Montgomery County, Consolidated Public Improvement, Series A, GO, 5.000%, 05/01/17 (p)		108
		Total Maryland		656
		Massachusetts — 6.0%
		Certificate of Participation/Lease — 3.5%
	350	Massachusetts Bay Transportation Authority, Series A, Rev., 5.250%, 07/01/27		438
		Other Revenue — 2.5%
	250	Massachusetts Bay Transportation Authority, Series B, Rev., 5.250%, 07/01/23		308
		Total Massachusetts		746
		Missouri — 1.5%
		General Obligation — 1.5%
	175	Clay County, North Kansas City School District No. 74, Direct Deposit of State Aid Program, GO, 5.000%, 03/01/20		192
		New Jersey — 1.2%
		Transportation — 1.2%
		New Jersey Transportation Trust Fund Authority, Transportation System,
	80	Series A, Rev., 5.250%, 12/15/20		88
	60	Series A, Rev., 5.500%, 12/15/21		67
		Total New Jersey		155
		New Mexico — 9.9%
		Other Revenue — 9.9%
	340	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.000%, 06/01/22		402
	250	New Mexico Finance Authority, State Transportation, Senior Lien, Series B, Rev., 5.000%, 06/15/24		286
		New Mexico Finance Authority, State Transportation, Sub Lien,
	200	Series A-2, Rev., NATL-RE, 5.000%, 12/15/20		236
	250	Series A-2, Rev., NATL-RE, 5.000%, 12/15/21		291
	30	New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Series B, Class B, Rev., NATL-RE, 5.000%, 06/15/17		32
		Total New Mexico		1,247
		New York — 11.2%
		General Obligation — 1.0%
	95	City of New York, Series E-1, GO, 6.250%, 10/15/28		110

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	20	County of Tompkins, Public Improvement, Series A, GO, 4.000%, 03/01/21		23
				133
		Other Revenue — 10.2%
	110	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2009, Series S-5, Rev., 5.000%, 01/15/26		123
	400	New York State Dormitory Authority, Series C, Rev., 5.000%, 03/15/33		456
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	500	Series A, Rev., 5.000%, 01/01/26		585
	100	Series D, Rev., 5.000%, 11/15/18		113
				1,277
		Total New York		1,410
		Ohio — 5.3%
		General Obligation — 4.2%
	100	Cincinnati City School District, Classroom Facilities Construction & Improvement, GO, NATL-RE, FGIC, 5.250%, 12/01/19		117
	250	City of Columbus, Series 1, GO, 5.000%, 07/01/27		294
	100	Franklin County, Various Purpose, GO, 5.000%, 12/01/19		113
				524
		Other Revenue — 1.1%
	125	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Water Quality, Rev., 5.250%, 12/01/18		142
		Total Ohio		666
		Oregon — 3.8%
		General Obligation — 2.2%
	215	Clackamas County School District No. 7J, Lake Oswego, GO, AGM, 5.250%, 06/01/25		271
		Prerefunded — 1.6%
	175	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.000%, 04/01/19 (p)		199
		Total Oregon		470
		Pennsylvania — 0.1%
		General Obligation — 0.1%
	15	Central Bucks School District, Series A, GO, 5.000%, 05/15/23		18

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		South Carolina — 2.8%
		General Obligation — 2.8%
	300	State of South Carolina, Series C, Class C, GO, 5.000%, 03/01/22		354
		Tennessee — 2.6%
		Other Revenue — 2.2%
	250	City of Memphis, Electric System, Rev., 5.000%, 12/01/17		274
		Prerefunded — 0.4%
	50	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 01/01/18 (p)		55
		Total Tennessee		329
		Texas — 9.0%
		General Obligation — 2.9%
	75	City of El Paso, Series A, GO, NATL-RE, 4.750%, 08/15/17		81
	250	Hays County, Pass-Through Toll, GO, 5.000%, 02/15/23		286
				367
		Other Revenue — 1.9%
	210	Harris County, Series C, Rev., 5.000%, 08/15/22		240
		Water & Sewer — 4.2%
	355	City of Houston, Combined Utility System, First Lien, Series D, Rev., 5.000%, 11/15/24		416
	70	City of Mesquite, Waterworks & Sewer System, Rev., AGM, 5.000%, 03/01/20		74
	30	North Texas Municipal Water District, Water System, Rev., 5.250%, 09/01/20		36
				526
		Total Texas		1,133
		Virginia — 0.5%
		Other Revenue — 0.5%
	50	Virginia College Building Authority, 21st Century College & Equipment Programs, Educational Facilities, Series E-2, Class E, Rev., 5.000%, 02/01/23		60
		Washington — 4.4%
		General Obligation — 2.8%
	25	Snohomish County, Everett School District No. 2, GO, NATL-RE, FGIC, 5.000%, 12/01/16		26
	280	State of Washington, Various Purpose, Series 2010A, GO, 5.000%, 08/01/19		322
				348

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 1.4%
	150	Central Puget Sound Regional Transportation Authority, Sales Tax & Motor Vehicle Excise Tax, Series P-1, Rev., 5.000%, 02/01/25		177
		Utility — 0.2%
	20	Energy Northwest Project 1, Electric, Series D, Rev., 5.000%, 07/01/16		21
		Total Washington		546
		Wisconsin — 5.4%
		Other Revenue — 2.7%
	290	State of Wisconsin, Transportation, Series A, Rev., 5.000%, 07/01/20		339
		Prerefunded — 2.7%
	300	State of Wisconsin, Transportation, Series A, Rev., 5.000%, 07/01/18 (p)		335
		Total Wisconsin		674
		Total Municipal Bonds (Cost $11,239)		12,082
SHARES
	Short-Term Investment — 12.3%
		Investment Company — 12.3%
	1,537	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.010% † (b) (l) (Cost $1,537)		1,537
		Total Investments — 108.6% (Cost $12,776)		13,619
		Liabilities in Excess of Other Assets — (8.6)%		(1,077	)
		NET ASSETS — 100.0%	$	12,542

Percentages indicated are based on net assets.

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

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
BNP Paribas	2.720% at termination	CPI-U at termination		04/01/2021	$	6,500	$	(768	)
Deutsche Bank AG, New York	1.930% at termination	CPI-U at termination		01/03/2017		3,000		(109	)
Royal Bank of Scotland	2.328% at termination	CPI-U at termination		01/31/2021		1,000		(58	)
Royal Bank of Scotland	2.620% at termination	CPI-U at termination		06/28/2025		1,000		(124	)
							$	(1,059	)

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
AGM	—	Insured by Assured Guaranty Municipal Corp.
CPI-U	—	Consumer Price Index for All Urban Consumers
FGIC	—	Insured by Financial Guaranty Insurance Co.
GO	—	General Obligation
MTA	—	Metropolitan Transportation Authority
NATL	—	Insured by National Public Finance Guarantee Corp.
RE	—	Reinsured
Rev.	—	Revenue
XLCA	—	Insured by XL Capital Assurance
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of July 31, 2015.
(p)	—	Security is prerefunded or escrowed to maturity.
(r)	—	Rates shown are per annum and payments are as described.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date, or final maturity date.
†	—	Approximately $1,060,000 of this investment is restricted as collateral for swaps to various brokers.

As of July 31, 2015, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	843
Aggregate gross unrealized depreciation		—
Net unrealized appreciation/depreciation	$	843
Federal income tax cost of investments	$	12,776

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

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

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

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

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

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

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,537	$	12,082		$	—	$	13,619
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(1,059	)	$	—	$	(1,059	)

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash and as an investment of cash collateral for swaps. Please refer to the SOI for state specifics of portfolio holdings.

There were no transfers among any levels during the period ended July 31, 2015.

A. Derivatives — The Fund uses instruments including swaps and other derivatives, in connection with its 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 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 their value.

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

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

Note (1) below describe the derivatives used by the Fund.

(1). Swaps — The Fund engages in inflation-linked swaps to provide inflation protection 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 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 at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s’ custodian bank.

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.

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

The Fund’s swap contracts are subject to master netting arrangements.

Inflation-Linked Swaps

The Fund uses inflation-linked swaps to provide inflation protection within its portfolio.

The use of swaps exposes the Fund to interest rate risk. The Fund also may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying rate; (ii) counterparty credit risk related to the failure, by the counterparty to the swap, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal controls over financial reporting.

ITEM 3. EXHIBITS.

CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I

By:	/s/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	September 25, 2015

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
	September 25, 2015
By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	September 25, 2015