UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: June 30

Date of reporting period: July 1, 2015 through December 31, 2015

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Semi-Annual Report

JPMorgan Access Funds

December 31, 2015 (Unaudited)

JPMorgan Access Balanced Fund

JPMorgan Access Growth Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Access Balanced Fund	3
JPMorgan Access Growth Fund	6
Consolidated Schedules of Portfolio Investments	9
Consolidated Financial Statements	22
Consolidated Financial Highlights	28
Notes to Consolidated Financial Statements	32
Schedule of Shareholder Expenses	41
Tax Letter	42
Board Approval of Investment Advisory Agreement	43

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

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

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

CEO’S LETTER

January 29, 2016 (Unaudited)

Dear Shareholder,

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies — particularly those of emerging market exporting nations — put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48% of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets — including a 2% devaluation of the yuan — the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24^th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks — particularly those of large cap technology companies — while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management,

J.P. Morgan Asset Management

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 1

JPMorgan Access Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

Overall, U.S. equities provided slim returns for the second half of 2015, while equity markets in other developed markets posted negative returns and emerging market equities posted double-digit losses. Global weakness in commodities prices, slowing economic growth in China, anxiety over U.S. interest rate policy and slowing growth in corporate earnings combined to put pressure on equity prices during the summer months.

In mid-August, Chinese authorities devalued the yuan by 2% amid declines in the Shanghai and Shenzhen equity markets. A global sell-off followed on August 24, 2015. However, U.S. and other equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. The Standard & Poor’s 500 Index (S&P 500) turned in its best one-month performance since October 2011. For the six months ended December 31, 2015, the S&P 500 returned 0.15%, while the MSCI Europe, Australasia and Far East Index returned -5.92% and the MSCI Emerging Markets Index returned -17.18%.

Generally, bond markets had a weak performance during the second half of 2015 as interest rates remained low globally. However, increased volatility in financial markets pushed investors toward lower risk securities in developed market sovereign debt and away from lower-rated bonds. The Barclays U.S. Aggregate Index returned 0.65%, the Barclays High Yield Index returned -6.82% and the Barclays Emerging Market Index returned -1.34% for the second half of 2015.

2 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

JPMorgan Access Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(3.57)%
Barclays U.S. Aggregate Index		0.65%
MSCI World Index (net of foreign withholding taxes)		(3.41)%
Access Balanced Composite Benchmark		(2.85)%
Net Assets as of 12/31/2015	$	830,637,548

INVESTMENT OBJECTIVE**

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

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

As the Fund invests in fixed income and equity securities, its performance is compared to broad-based fixed income and equity benchmarks, as well as a blended composite benchmark. The Fund’s Select Class Shares underperformed the Barclays U.S. Aggregate Index, its broad based fixed income benchmark, and the MSCI World Index (net of foreign withholding taxes), its broad based equity benchmark, for the six months ended December 31, 2015.

The Fund’s investments in emerging market equity and its underweight position in core fixed income led to underperformance relative to the Barclays U.S. Aggregate Index. The Fund’s overweight position in emerging market equities, which underperformed U.S. and other developed market equities, led to underperformance versus the MSCI World Index.

The Fund underperformed its composite benchmark, which consists of the MSCI World Index (net of foreign withholding taxes) (50%), Barclays U.S. Aggregate Index (35%), Citigroup 3-Month Treasury Bill Index (5%), Bloomberg Commodity Index (5%) and HFRX Global Hedge Fund Index (5%).

The Fund’s underweight allocation to fixed income was a leading detractor from performance relative to the composite benchmark, particularly the Fund’s underweight position in core fixed income. The Fund’s overweight position in emerging markets and its security selection in equities in Europe, Australasia and the Far East also detracted from performance relative to the composite benchmark.

The Fund’s security selection in alternative strategies and its underweight position in commodities were leading positive contributors to performance relative to the composite benchmark.

To implement these tactical asset allocation decisions, the Fund invested in J.P. Morgan Funds, as well as third party investment companies (which may or may not be registered under the Investment Company Act of 1940, as amended), structured products and exchange traded funds. Among the actively managed underlying strategies, excess return was mixed during the reporting period. The Fund’s allocations to the International Equity strategy and the Emerging Market Equity strategy delivered negative returns, while its allocation to the Liquid Alternatives strategy provided positive returns.

HOW WAS THE FUND POSITIONED?

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

In terms of Fund positioning, the Fund’s portfolio managers continued to favor an overweight to equities, especially U.S. equities. Within equities, they were focused on being tactical and continued to monitor economic data, sentiment, current account deficits, and flows across geographies recognizing that regional allocations may be an important driver of returns. Within emerging markets, the Fund’s managers tilted toward more mature markets in Asia, through passive investment vehicles and active managers whom they believe are poised to capitalize on market opportunities.

Within fixed income, the Fund’s portfolio managers favored an underweight to core bonds, given their opinion that U.S. interest rates would gradually move higher. This underweight position is balanced by an overweight to high yield debt (also known as junk bonds), which offers a yield cushion.

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 3

JPMorgan Access Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

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

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

TOP TEN HOLDINGS OF THE PORTFOLIO*
	1.	SPDR S&P 500 ETF Trust	16.5	%
	2.	JPMorgan Core Bond Fund, Class R6 Shares	11.4
	3.	JPMorgan Core Plus Bond Fund, Class R6 Shares	8.3
	4.	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares	8.0
	5.	JPMorgan Global Research Enhanced Index Fund, Select Class Shares	7.2
	6.	JPMorgan High Yield Fund, Class R6 Shares	5.4
	7.	iShares Core S&P Mid Cap ETF	3.9
	8.	Marshall Wace UCITS Fund plc - MW TOPS UCITS Fund, Class F Shares (Ireland)	3.3
	9.	iShares MSCI EAFE ETF	3.3
	10.	JPMorgan Unconstrained Debt Fund, Class R6 Shares	3.0

PORTFOLIO COMPOSITION BY ASSET CLASS*
U.S. Equity	30.7	%
Fixed Income	30.2
International Equity	26.8
Money Market	6.8
Alternative Assets	5.5

* Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

4 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	September 30, 2009
Without Sales Charge			(3.72	)%		(2.35	)%		2.79	%		3.80	%
With Sales Charge**			(8.06	)		(6.74	)		1.84			3.03
CLASS C SHARES	January 4, 2010
Without CDSC			(3.90	)		(2.77	)		2.29			3.31
With CDSC***			(4.90	)		(3.77	)		2.29			3.31
INSTITUTIONAL CLASS SHARES	September 30, 2009		(3.50	)		(1.88	)		3.21			4.23
SELECT CLASS SHARES	September 30, 2009		(3.57	)		(2.03	)		3.07			4.07

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (9/30/09 TO 12/31/15)

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

The Fund commenced operations on September 30, 2009.

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

The graph illustrates comparative performance for $1,000,000 invested in the Select Class Shares of the JPMorgan Access Balanced Fund, the Barclays U.S. Aggregate Index, the MSCI World Index (net of foreign withholding taxes), the S&P 500 Index and the Access Balanced Composite Benchmark from September 30, 2009 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Barclays U.S. Aggregate Index and the Access Balanced Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the MSCI World Index (net of foreign withholding taxes) does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit

from double taxation treaties. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark, if applicable. The Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Access Balanced Composite Benchmark is a composite benchmark comprised of unmanaged indexes that correspond to the Fund’s model allocation and consists of the MSCI World Index (net of foreign withholding taxes) (50%), Barclays U.S. Aggregate Index (35%), Citigroup 3-Month Treasury Bill Index (5%), Bloomberg Commodity Index (5%) and HFRX Global Hedge Fund Index (5%). Investors cannot invest directly in an index.

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

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

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

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 5

JPMorgan Access Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

Reporting Period Return:
Fund (Select Class Shares)*		(3.92)%
MSCI World Index (net of foreign withholding taxes)		(3.41)%
Barclays U.S. Aggregate Index		0.65%
Access Growth Composite Benchmark		(3.68)%
Net Assets as of 12/31/2015	$	759,553,361

INVESTMENT OBJECTIVE**

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

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

As the Fund invests in fixed income and equity securities, its performance is compared to broad-based fixed income and equity benchmarks, as well as a blended composite benchmark. The Fund’s Select Class Shares underperformed the MSCI World Index (net of foreign withholding taxes), its broad based equity benchmark, and the Barclays U.S. Aggregate Index, its broad based fixed income benchmark, and for the six months ended December 31, 2015.

The Fund’s underperformance versus the Barclays U.S. Aggregate Index was due to the Fund’s investments in emerging market equity, which underperformed most other asset classes during the reporting period, and the Fund’s underweight position in core fixed income. The underperformance versus the MSCI World Index was due to its overweight positions in emerging market equities and its allocation to fixed income securities, which lagged behind the MSCI World Index.

The Fund underperformed its composite benchmark, which consists of the MSCI World Index (net of foreign withholding taxes) (70%), Barclays U.S. Aggregate Index (15%), Citigroup 3-Month Treasury Bill Index (5%), Bloomberg Commodity Index (5%) and HFRX Global Hedge Fund Index (5%).

The Fund’s fixed income positioning, particularly its underweight position in core fixed income securities, and its overweight position in emerging market equity were leading detractors from performance relative to the composite benchmark. The Fund’s security selection in alternative investment

strategies and its underweight position in commodities were leading contributors to relative performance.

To implement these tactical asset allocation decisions, the Fund invested in J.P. Morgan Funds, as well as third party investment companies (which may or may not be registered under the Investment Company Act of 1940, as amended), structured products and exchange traded funds. Among the actively managed underlying strategies, excess return was mixed during the reporting period. The International Equity strategy and the Emerging Market Equity strategy came under pressure, while the Liquid Alternatives strategy provided positive returns.

HOW WAS THE FUND POSITIONED?

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

In terms of Fund positioning, the Fund’s portfolio managers continued to favor an overweight to equities, especially U.S. large cap equities and equities of developed markets outside the U.S.

Within equities, they were focused on being tactical and continued to monitor economic data, sentiment, current account deficits, and flows across geographies recognizing that regional allocations may be an important driver of returns. Within fixed income, the Fund’s portfolio managers have favored an underweight to core bonds, given their opinion that U.S. interest rates would gradually move higher.

6 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

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

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

TOP TEN HOLDINGS OF THE PORTFOLIO*
	1.	SPDR S&P 500 ETF Trust	23.6	%
	2.	JPMorgan Global Research Enhanced Index Fund, Select Class Shares	10.3
	3.	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares	9.8
	4.	JPMorgan Core Bond Fund, Class R6 Shares	6.4
	5.	iShares MSCI EAFE ETF	5.5
	6.	iShares Core S&P Mid Cap ETF	4.7
	7.	Deutsche Bank AG Notes, Linked to the Performance of the MSCI Europe Index 01/26/16	3.7
	8.	Marshall Wace UCITS Fund plc - MW TOPS UCITS Fund, Class F Shares (Ireland)	3.2
	9.	JPMorgan Core Plus Bond Fund, Class R6 Shares	2.5
	10.	Oakmark International Fund, Class I Shares	2.4

PORTFOLIO COMPOSITION BY ASSET CLASS*
U.S. Equity	41.6	%
International Equity	35.2
Fixed Income	11.1
Money Market	6.8
Alternative Assets	5.3

* Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 7

JPMorgan Access Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	September 30, 2009
Without Sales Charge			(4.07	)%		(2.12	)%		3.37	%		4.69	%
With Sales Charge**			(8.38	)		(6.55	)		2.42			3.92
CLASS C SHARES	January 4, 2010
Without CDSC			(4.35	)		(2.63	)		2.84			4.20
With CDSC***			(5.35	)		(3.63	)		2.84			4.20
INSTITUTIONAL CLASS SHARES	September 30, 2009		(3.90	)		(1.73	)		3.78			5.12
SELECT CLASS SHARES	September 30, 2009		(3.92	)		(1.84	)		3.63			4.96

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (9/30/09 TO 12/31/15)

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

The Fund commenced operations on September 30, 2009.

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

The graph illustrates comparative performance for $1,000,000 invested in the Select Class Shares of the JPMorgan Access Growth Fund, the Barclays U.S. Aggregate Index, the MSCI World Index (net of foreign withholding taxes), the S&P 500 Index and the Access Growth Composite Benchmark from September 30, 2009 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Barclays U.S. Aggregate Index and the Access Growth Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the MSCI World Index (net of foreign withholding taxes) does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from

double taxation treaties. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark, if applicable. The Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Access Growth Composite Benchmark is a composite benchmark comprised of unmanaged indexes that correspond to the Fund’s model allocation and consists of the MSCI World Index (net of foreign withholding taxes) (70%), Barclays U.S. Aggregate Index (15%), Citigroup 3-Month Treasury Bill Index (5%), Bloomberg Commodity Index (5%) and HFRX Global Hedge Fund Index (5%). Investors cannot invest directly in an index.

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

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

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

8 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 10.7%
		Consumer Discretionary — 1.6%
		Auto Components — 0.2%
	4,600	Aisin Seiki Co., Ltd., (Japan)		197,977
	867	Autoliv, Inc., (Sweden), SDR		109,427
	4,800	BorgWarner, Inc.		207,504
	2,900	Denso Corp., (Japan)		138,578
	5,731	ElringKlinger AG, (Germany)		145,483
	61,900	GKN plc, (United Kingdom)		280,894
	1,800	Koito Manufacturing Co., Ltd., (Japan)		73,813
	9,300	Sumitomo Rubber Industries Ltd., (Japan)		120,931
				1,274,607
		Automobiles — 0.2%
	3,758	Bayerische Motoren Werke AG, (Germany)		395,911
	10,100	Honda Motor Co., Ltd., (Japan)		322,812
	14,600	Mitsubishi Motors Corp., (Japan)		123,524
	31,200	Nissan Motor Co., Ltd., (Japan)		326,687
	7,200	Suzuki Motor Corp., (Japan)		218,763
	6,000	Toyota Motor Corp., (Japan)		369,474
				1,757,171
		Distributors — 0.0% (g)
	3,100	Pool Corp.		250,418
		Diversified Consumer Services — 0.0% (g)
	6,800	ServiceMaster Global Holdings, Inc. (a)		266,832
		Hotels, Restaurants & Leisure — 0.1%
	17,923	Compass Group plc, (United Kingdom)		310,574
	2,400	Domino’s Pizza, Inc.		267,000
	9,280	Greene King plc, (United Kingdom)		127,044
	2,950	Wyndham Worldwide Corp.		214,317
	95,600	Wynn Macau Ltd., (China)		111,067
				1,030,002
		Household Durables — 0.1%
	5,176	Electrolux AB, (Sweden), Series B		124,883
	18,100	Panasonic Corp., (Japan)		183,489
	8,739	Persimmon plc, (United Kingdom) (a)		260,714
	4,100	Sony Corp., (Japan)		100,765
	2,600	Tempur Sealy International, Inc. (a)		183,196
				853,047
		Leisure Products — 0.0% (g)
	1,250	Polaris Industries, Inc.		107,438
		Media — 0.4%
	1,900	Charter Communications, Inc., Class A (a)		347,890
	1,600	CyberAgent, Inc., (Japan)		65,924
	9,374	Eutelsat Communications S.A., (France)		280,662
	8,987	Informa plc, (United Kingdom)		81,219

SHARES		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	18,546	Liberty Global plc, (United Kingdom), Class A (a)		785,609
	8,160	SES S.A., (Luxembourg), FDR		226,111
	19,575	Sky plc, (United Kingdom)		320,888
	34,804	WPP plc, (United Kingdom)		800,554
				2,908,857
		Multiline Retail — 0.2%
	4,150	Dollar Tree, Inc. (a)		320,463
	17,500	Lojas Renner S.A., (Brazil)		75,640
	25,368	Marks & Spencer Group plc, (United Kingdom)		168,905
	3,100	Ryohin Keikaku Co., Ltd., (Japan)		627,786
				1,192,794
		Specialty Retail — 0.2%
	126,675	BCA Marketplace plc, (United Kingdom)		322,601
	45,674	Kingfisher plc, (United Kingdom)		221,221
	1,575	O’Reilly Automotive, Inc. (a)		399,136
	4,150	Ross Stores, Inc.		223,312
	3,100	Tractor Supply Co.		265,050
	3,200	Williams-Sonoma, Inc.		186,912
				1,618,232
		Textiles, Apparel & Luxury Goods — 0.2%
	743,000	China Hongxing Sports Ltd., (China) (a)		—	(h)
	9,922	Cie Financiere Richemont S.A., (Switzerland)		710,147
	9,400	Hanesbrands, Inc.		276,642
	778	Kering, (France)		133,018
	879	LVMH Moet Hennessy Louis Vuitton SE, (France)		138,065
	9,526	Moncler S.p.A., (Italy)		132,563
	128,400	Samsonite International S.A.		384,812
	1,345	Swatch Group AG (The), (Switzerland)		90,829
				1,866,076
		Total Consumer Discretionary		13,125,474
		Consumer Staples — 1.0%
		Beverages — 0.2%
	2,225	Brown-Forman Corp., Class B		220,898
	22,200	Diageo plc, (United Kingdom)		606,232
	13,100	Kirin Holdings Co., Ltd., (Japan)		177,861
	5,601	Pernod-Ricard S.A., (France)		638,763
				1,643,754
		Food & Staples Retailing — 0.0% (g)
	3,800	FamilyMart Co., Ltd., (Japan)		176,832

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 9

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Food & Staples Retailing — continued
	51,699	Tesco plc, (United Kingdom) (a)		113,597
				290,429
		Food Products — 0.3%
	4,000	Ajinomoto Co., Inc., (Japan)		94,703
	4,620	Associated British Foods plc, (United Kingdom)		227,337
	2,563	Danone S.A., (France)		173,191
	2,800	Mead Johnson Nutrition Co.		221,060
	19,280	Nestle S.A., (Switzerland)		1,431,256
	6,400	WhiteWave Foods Co. (The) (a)		249,024
	71,000	Wilmar International Ltd., (Singapore)		146,496
				2,543,067
		Household Products — 0.1%
	3,425	Church & Dwight Co., Inc.		290,714
	23,000	PZ Cussons plc, (United Kingdom)		96,373
	2,050	Reckitt Benckiser Group plc, (United Kingdom)		189,679
				576,766
		Personal Products — 0.3%
	5,776	L’Oreal S.A., (France)		971,551
	24,872	Unilever plc, (United Kingdom)		1,066,814
				2,038,365
		Tobacco — 0.1%
	5,665	British American Tobacco plc, (United Kingdom)		314,601
	10,194	Imperial Tobacco Group plc, (United Kingdom)		538,423
	2,700	Japan Tobacco, Inc., (Japan)		99,127
				952,151
		Total Consumer Staples		8,044,532
		Energy — 0.3%
		Energy Equipment & Services — 0.0% (g)
	30,000	China Oilfield Services Ltd., (China), Class H		25,779
	4,000	Oceaneering International, Inc.		150,080
	17,823	WorleyParsons Ltd., (Australia)		59,788
				235,647
		Oil, Gas & Consumable Fuels — 0.3%
	81,811	Beach Energy Ltd., (Australia)		29,105
	8,075	BG Group plc, (United Kingdom)		117,054
	9,740	Enbridge, Inc., (Canada)		323,798
	44,775	Oil Search Ltd., (Australia)		217,936
	5,550	Range Resources Corp.		136,585

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	8,700	Royal Dutch Shell plc, (Netherlands), Class B, ADR		400,548
	14,262	Statoil ASA, (Norway)		198,909
	14,688	TOTAL S.A., (France)		658,484
				2,082,419
		Total Energy		2,318,066
		Financials — 2.2%
		Banks — 0.8%
	20,513	Australia & New Zealand Banking Group Ltd., (Australia)		413,948
	10,939	Barclays plc, (United Kingdom), ADR		141,769
	12,310	BNP Paribas S.A., (France)		696,467
	68,387	CaixaBank S.A., (Spain)		238,029
	9,656	Commerzbank AG, (Germany) (a)		99,636
	9,003	Danske Bank A/S, (Denmark)		241,571
	40,272	DBS Group Holdings Ltd., (Singapore)		471,968
	34,824	DNB ASA, (Norway)		429,074
	3,725	HDFC Bank Ltd., (India), ADR		229,460
	34,747	ING Groep N.V., (Netherlands), CVA		470,128
	117,416	Intesa Sanpaolo S.p.A., (Italy)		389,939
	817,412	Lloyds Banking Group plc, (United Kingdom)		879,531
	7,100	National Bank of Canada, (Canada)		206,838
	28,714	Nordea Bank AB, (Sweden)		315,043
	35,346	Royal Bank of Scotland Group plc, (United Kingdom) (a)		157,115
	14,268	Standard Chartered plc, (United Kingdom)		118,384
	4,600	Sumitomo Mitsui Financial Group, Inc., (Japan)		173,609
	81,000	Sumitomo Mitsui Trust Holdings, Inc., (Japan)		306,774
	35,047	Svenska Handelsbanken AB, (Sweden), Class A		465,476
	10,414	Swedbank AB, (Sweden), Class A		229,354
	18,100	United Overseas Bank Ltd., (Singapore)		249,541
				6,923,654
		Capital Markets — 0.2%
	13,300	Apollo Global Management LLC, Class A		201,894
	2,561	Close Brothers Group plc, (United Kingdom)		50,502
	12,139	Credit Suisse Group AG, (Switzerland) (a)		261,498
	2,218	Deutsche Bank AG, (Germany)		53,863
	10,290	GAM Holding AG, (Switzerland) (a)		170,326
	23,790	Henderson Group plc, (United Kingdom)		108,126
	7,300	Invesco Ltd.		244,404
	1,800	Julius Baer Group Ltd., (Switzerland) (a)		87,079
	4,350	Macquarie Group Ltd., (Australia)		260,230

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Capital Markets — continued
	18,400	Och-Ziff Capital Management Group LLC, Class A		114,632
	10,763	UBS Group AG, (Switzerland)		208,797
				1,761,351
		Consumer Finance — 0.0% (g)
	8,900	Credit Saison Co., Ltd., (Japan)		175,350
		Diversified Financial Services — 0.2%
	33,333	Challenger Ltd., (Australia)		210,077
	3,043	London Stock Exchange Group plc, (United Kingdom)		123,114
	7,600	Markit Ltd., (United Kingdom) (a)		229,292
	4,400	McGraw Hill Financial, Inc.		433,752
	24,900	Mitsubishi UFJ Lease & Finance Co., Ltd., (Japan)		128,141
	4,700	Nasdaq, Inc.		273,399
				1,397,775
		Insurance — 0.8%
	183,600	AIA Group Ltd., (Hong Kong)		1,097,025
	1,084	Allianz SE, (Germany)		191,085
	3,100	Allied World Assurance Co. Holdings AG, (Switzerland)		115,289
	8,700	Assured Guaranty Ltd., (Bermuda)		229,941
	37,848	Aviva plc, (United Kingdom)		287,284
	20,834	AXA S.A., (France)		569,259
	45,840	Direct Line Insurance Group plc, (United Kingdom)		274,770
	1,348	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (Germany)		268,572
	35,000	Ping An Insurance Group Co. of China Ltd., (China), Class H		193,015
	34,589	Prudential plc, (United Kingdom)		779,273
	7,604	QBE Insurance Group Ltd., (Australia)		69,160
	3,250	RenaissanceRe Holdings Ltd., (Bermuda)		367,868
	38,969	RSA Insurance Group plc, (United Kingdom)		244,583
	17,330	Sampo OYJ, (Finland), Class A		880,056
	4,400	Sony Financial Holdings, Inc., (Japan)		78,704
	35,946	Storebrand ASA, (Norway) (a)		140,778
	9,400	Sun Life Financial, Inc., (Canada)		293,134
	7,300	Tokio Marine Holdings, Inc., (Japan)		281,960
				6,361,756
		Real Estate Investment Trusts (REITs) — 0.1%
	47,596	Scentre Group, (Australia)		144,366
	738	Unibail-Rodamco SE, (France)		187,401
				331,767

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Management & Development — 0.1%
	7,600	CBRE Group, Inc., Class A (a)		262,808
	28,596	Cheung Kong Property Holdings Ltd., (Hong Kong)		184,987
	18,714	Deutsche Wohnen AG, (Germany)		517,476
	2,000	Mitsui Fudosan Co., Ltd., (Japan)		50,196
				1,015,467
		Total Financials		17,967,120
		Health Care — 1.6%
		Biotechnology — 0.2%
	2,488	CSL Ltd., (Australia)		189,685
	5,524	Genmab A/S, (Denmark) (a)		734,493
	2,649	Grifols S.A., (Preference Shares), (Spain), Class B		85,846
	5,450	Medivation, Inc. (a)		263,453
				1,273,477
		Health Care Equipment & Supplies — 0.2%
	15,700	Boston Scientific Corp. (a)		289,508
	13,964	Elekta AB, (Sweden), Class B		118,650
	3,073	Essilor International S.A., (France)		383,006
	8,258	GN Store Nord A/S, (Denmark)		149,870
	3,775	Medtronic plc, (Ireland)		290,373
	557	Sonova Holding AG, (Switzerland)		70,769
	8,700	Sysmex Corp., (Japan)		558,059
				1,860,235
		Health Care Providers & Services — 0.3%
	2,400	Centene Corp. (a)		157,944
	10,800	DaVita HealthCare Partners, Inc. (a)		752,868
	11,900	Envision Healthcare Holdings, Inc. (a)		309,043
	5,970	Fresenius SE & Co. KGaA, (Germany)		425,256
	2,100	Health Net, Inc. (a)		143,766
	3,400	Miraca Holdings, Inc., (Japan)		149,605
	7,750	Premier, Inc., Class A (a)		273,343
	2,175	Universal Health Services, Inc., Class B		259,891
				2,471,716
		Pharmaceuticals — 0.9%
	29,700	Astellas Pharma, Inc., (Japan)		422,802
	12,880	AstraZeneca plc, (United Kingdom)		870,010
	7,402	Bayer AG, (Germany)		924,439
	6,600	Catalent, Inc. (a)		165,198
	4,400	Endo International plc, (Ireland) (a)		269,368
	4,900	GlaxoSmithKline plc, (United Kingdom), ADR		197,715
	15,636	Novartis AG, (Switzerland)		1,344,997
	21,012	Novo Nordisk A/S, (Denmark), Class B		1,216,557

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 11

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — continued
	4,190	Roche Holding AG, (Switzerland)		1,161,084
	5,685	Sanofi, (France)		484,486
	1,100	Shire plc, (Ireland), ADR		225,500
	4,500	Takeda Pharmaceutical Co., Ltd., (Japan)		224,368
	500	Valeant Pharmaceuticals International, Inc. (a)		50,791
				7,557,315
		Total Health Care		13,162,743
		Industrials — 1.7%
		Aerospace & Defense — 0.3%
	2,957	Airbus Group SE, (France)		199,265
	6,000	Hexcel Corp.		278,700
	2,500	L-3 Communications Holdings, Inc.		298,775
	2,900	Rockwell Collins, Inc.		267,670
	19,532	Rolls-Royce Holdings plc, (United Kingdom) (a)		165,444
	10,450	Safran S.A., (France)		717,944
	850	TransDigm Group, Inc. (a)		194,183
	26,086	Zodiac Aerospace, (France)		621,116
				2,743,097
		Airlines — 0.0% (g)
	3,300	Ryanair Holdings plc, (Ireland), ADR		285,318
		Building Products — 0.1%
	30,787	Assa Abloy AB, (Sweden), Class B		644,455
		Commercial Services & Supplies — 0.1%
	58,540	AA plc, (United Kingdom)		270,429
	335,000	China Everbright International Ltd., (Hong Kong)		428,357
	5,500	Copart, Inc. (a)		209,055
				907,841
		Electrical Equipment — 0.2%
	9,236	ABB Ltd., (Switzerland) (a)		164,840
	4,800	AMETEK, Inc.		257,232
	2,250	Hubbell, Inc.		227,340
	3,848	Legrand S.A., (France)		217,663
	40,000	Mitsubishi Electric Corp., (Japan)		419,874
	1,800	Nidec Corp., (Japan)		130,529
				1,417,478
		Industrial Conglomerates — 0.2%
	23,596	CK Hutchison Holdings Ltd., (Hong Kong)		317,176
	3,061	DCC plc, (Ireland)		255,722
	7,600	Jardine Matheson Holdings Ltd., (Hong Kong)		369,284
	9,450	Koninklijke Philips N.V., (Netherlands)		241,204

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — continued
	27,900	Sembcorp Industries Ltd., (Singapore)		59,803
	4,094	Siemens AG, (Germany)		396,078
				1,639,267
		Machinery — 0.3%
	3,700	FANUC Corp., (Japan)		637,473
	3,900	Flowserve Corp.		164,112
	75,000	Kawasaki Heavy Industries Ltd., (Japan)		277,492
	8,000	Kubota Corp., (Japan)		123,589
	2,600	SMC Corp., (Japan)		675,308
	9,300	THK Co., Ltd., (Japan)		172,367
	2,250	WABCO Holdings, Inc. (a)		230,085
				2,280,426
		Marine — 0.0% (g)
	154	AP Moeller - Maersk A/S, (Denmark), Class B		200,863
	31,000	Nippon Yusen KK, (Japan)		75,135
				275,998
		Professional Services — 0.2%
	3,294	DKSH Holding AG, (Switzerland) (a)		207,175
	4,750	Equifax, Inc.		529,007
	1,500	IHS, Inc., Class A (a)		177,645
	15,100	Nielsen Holdings plc		703,660
	3,200	Recruit Holdings Co., Ltd., (Japan)		94,060
	2,800	Verisk Analytics, Inc. (a)		215,264
				1,926,811
		Road & Rail — 0.1%
	8,000	Avis Budget Group, Inc. (a)		290,320
	2,465	Canadian National Railway Co., (Canada)		137,744
	1,500	Central Japan Railway Co., (Japan)		266,301
	4,300	Genesee & Wyoming, Inc., Class A (a)		230,867
				925,232
		Trading Companies & Distributors — 0.1%
	6,600	AerCap Holdings N.V., (Netherlands) (a)		284,856
	6,100	Fastenal Co.		249,002
	18,100	Mitsubishi Corp., (Japan)		301,059
	25,300	Sumitomo Corp., (Japan)		257,942
				1,092,859
		Transportation Infrastructure — 0.1%
	62,210	Sydney Airport, (Australia)		286,310
		Total Industrials		14,425,092
		Information Technology — 1.4%
		Communications Equipment — 0.0% (g)
	21,088	Telefonaktiebolaget LM Ericsson, (Sweden), Class B		203,316

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electronic Equipment, Instruments & Components — 0.4%
	3,600	Amphenol Corp., Class A		188,028
	35,700	Hamamatsu Photonics KK, (Japan)		978,723
	1,980	Keyence Corp., (Japan)		1,088,218
	5,900	Murata Manufacturing Co., Ltd., (Japan)		848,900
				3,103,869
		Internet Software & Services — 0.2%
	1,903	Alibaba Group Holding Ltd., (China), ADR (a)		154,657
	980	Baidu, Inc., (China), ADR (a)		185,259
	1,275	CoStar Group, Inc. (a)		263,530
	5,900	Kakaku.com, Inc., (Japan)		116,051
	6,500	Match Group, Inc. (a)		88,075
	133	NAVER Corp., (South Korea) (a)		74,166
	9,400	Tencent Holdings Ltd., (China)		184,052
	56,200	Yahoo! Japan Corp., (Japan)		228,447
				1,294,237
		IT Services — 0.4%
	2,750	Alliance Data Systems Corp. (a)		760,567
	6,482	Amadeus IT Holding S.A., (Spain)		285,692
	6,400	Amdocs Ltd.		349,248
	9,500	Booz Allen Hamilton Holding Corp.		293,075
	4,950	Gartner, Inc. (a)		448,965
	4,400	Global Payments, Inc.		283,844
	11,300	Infosys Ltd., (India), ADR		189,275
	8,400	NeuStar, Inc., Class A (a)		201,348
	6,200	Vantiv, Inc., Class A (a)		294,004
				3,106,018
		Semiconductors & Semiconductor Equipment — 0.3%
	7,572	ASML Holding N.V., (Netherlands)		672,784
	2,300	Avago Technologies Ltd., (Singapore)		333,845
	1,350	Lam Research Corp.		107,217
	2,650	NXP Semiconductors N.V., (Netherlands) (a)		223,263
	93,000	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan)		401,224
	18,720	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		425,880
	1,700	Tokyo Electron Ltd., (Japan)		102,994
	5,600	Xilinx, Inc.		263,032
				2,530,239
		Software — 0.1%
	3,133	Gemalto N.V., (Netherlands)		187,987
	4,600	Oracle Corp., (Japan)		214,176
	7,800	Qlik Technologies, Inc. (a)		246,948
	2,880	SAP SE, (Germany)		228,537

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	7,200	Trend Micro, Inc., (Japan)		292,155
				1,169,803
		Technology Hardware, Storage & Peripherals — 0.0% (g)
	3,000	Canon, Inc., (Japan)		90,750
	101	Samsung Electronics Co., Ltd., (South Korea)		107,725
				198,475
		Total Information Technology		11,605,957
		Materials — 0.2%
		Chemicals — 0.2%
	1,255	Air Liquide S.A., (France)		140,894
	27,000	Asahi Kasei Corp., (Japan)		182,577
	2,751	BASF SE, (Germany)		209,566
	2,600	Ecolab, Inc.		297,388
	122	Givaudan S.A., (Switzerland) (a)		221,425
	4,200	RPM International, Inc.		185,052
	9,000	Tosoh Corp., (Japan)		46,296
	4,425	Umicore S.A., (Belgium)		185,568
				1,468,766
		Construction Materials — 0.0% (g)
	500	Martin Marietta Materials, Inc.		68,290
		Metals & Mining — 0.0% (g)
	6,564	Acerinox S.A., (Spain)		66,954
	1,600	Agnico-Eagle Mines Ltd., (Canada)		42,055
	6,896	Antofagasta plc, (Chile)		47,436
	3,858	BHP Billiton Ltd., (Australia)		49,651
	11,761	BHP Billiton plc, (Australia)		131,157
	2,901	Rio Tinto Ltd., (United Kingdom)		93,817
	3,210	Rio Tinto plc, (United Kingdom)		93,460
	109,319	South32 Ltd., (Australia) (a)		83,979
				608,509
		Total Materials		2,145,565
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.2%
	6,044	KT Corp., (South Korea) (a)		145,617
	13,800	Nippon Telegraph & Telephone Corp., (Japan)		549,214
	80,000	Singapore Telecommunications Ltd., (Singapore)		206,261
	142,948	Telecom Italia S.p.A., (Italy), FDR		146,712
	34,656	Telefonica Deutschland Holding AG, (Germany)		182,799
	19,942	Telefonica S.A., (Spain)		221,235
	18,354	Telstra Corp., Ltd., (Australia)		74,585
				1,526,423

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 13

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Wireless Telecommunication Services — 0.4%
	7,000	America Movil S.A.B. de C.V., (Mexico), Class L, ADR		98,420
	7,100	KDDI Corp., (Japan)		184,388
	16,000	NTT DOCOMO, Inc., (Japan)		328,186
	8,625	SBA Communications Corp., Class A (a)		906,229
	12,500	SoftBank Group Corp., (Japan)		630,880
	184,600	Vodafone Group plc, (United Kingdom)		598,615
	12,181	Vodafone Group plc, (United Kingdom), ADR		392,959
				3,139,677
		Total Telecommunication Services		4,666,100
		Utilities — 0.1%
		Electric Utilities — 0.0% (g)
	9,201	SSE plc, (United Kingdom)		206,597
		Multi-Utilities — 0.1%
	10,794	E.ON SE, (Germany)		103,644
	14,830	Engie S.A., (France)		262,687
	45,297	National Grid plc, (United Kingdom)		624,717
				991,048
		Total Utilities		1,197,645
		Total Common Stocks (Cost $79,094,139)		88,658,294
	Exchange-Traded Funds — 26.5%
		International Equity — 6.0%
	468,040	iShares MSCI EAFE ETF		27,497,350
	1,062,100	iShares MSCI Japan ETF		12,872,652
	194,600	WisdomTree Japan Hedged Equity Fund		9,745,568
		Total International Equity		50,115,570
		U.S. Equity — 20.5%
	233,200	iShares Core S&P Mid Cap ETF		32,503,416
	676,100	SPDR S&P500 ETF Trust		137,850,029
		Total U.S. Equity		170,353,445
		Total Exchange-Traded Funds (Cost $210,456,872)		220,469,015
	Alternative Investment — 3.3%
		Alternative Assets — 3.3%
	206,674	Marshall Wace UCITS Fund plc - MW TOPS UCITS Fund, Class F Shares (Ireland) (a) (Cost $23,202,321)		27,621,470
	Investment Companies — 57.5%
		Alternative Assets — 2.2%
	876,505	AQR Managed Futures Strategy Fund, Class R6 Shares		8,922,824
	1,037,377	John Hancock Funds II - Absolute Return Currency Fund, Class R6 Shares		9,077,046
		Total Alternative Assets		17,999,870

SHARES		SECURITY DESCRIPTION	VALUE($)
		Fixed Income — 30.4%
	8,250,100	JPMorgan Core Bond Fund, Class R6 Shares (b)		95,288,656
	8,576,990	JPMorgan Core Plus Bond Fund, Class R6 Shares (b)		69,130,539
	6,521,954	JPMorgan High Yield Fund, Class R6 Shares (b)		44,544,947
	1,795,033	JPMorgan Inflation Managed Bond Fund, Class R6 Shares (b)		18,129,828
	2,564,896	JPMorgan Unconstrained Debt Fund, Class R6 Shares (b)		24,725,598
		Total Fixed Income		251,819,568
		International Equity — 10.1%
	3,370,110	JPMorgan Global Research Enhanced Index Fund, Select Class Shares (b)		60,122,767
	1,126,795	Oakmark International Fund, Class I Shares		24,068,344
		Total International Equity		84,191,111
		Money Market — 6.8%
	56,462,495	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (s)		56,462,495
		U.S. Equity — 8.0%
	2,485,084	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares (b)		66,848,755
		Total Investment Companies (Cost $477,473,939)		477,321,799
PRINCIPAL AMOUNT($)
	Structured Note — 2.4%
		International Equity — 2.4%
	20,000,000	Deutsche Bank AG Notes, Linked to the Performance of the MSCI Europe Index, 01/26/16 (a) (Cost $20,000,000)		20,097,625
		Total Investments — 100.4% (Cost $810,227,271)		834,168,203
		Liabilities in Excess of Other Assets — (0.4)%		(3,530,655	)
		NET ASSETS — 100.0%	$	830,637,548

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY*
United States	88.4	%
Ireland	3.5
Japan	1.8
United Kingdom	1.6
Others (each less than 1.0%)	4.7

* Percentages indicated are based on total investments as of December 31, 2015.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 14.1%
		Consumer Discretionary — 2.1%
		Auto Components — 0.2%
	5,300	Aisin Seiki Co., Ltd., (Japan)		228,103
	1,002	Autoliv, Inc., (Sweden), SDR		126,466
	6,900	BorgWarner, Inc.		298,287
	3,000	Denso Corp., (Japan)		143,356
	7,101	ElringKlinger AG, (Germany)		180,261
	75,198	GKN plc, (United Kingdom)		341,239
	1,600	Koito Manufacturing Co., Ltd., (Japan)		65,612
	10,600	Sumitomo Rubber Industries Ltd., (Japan)		137,836
				1,521,160
		Automobiles — 0.3%
	4,474	Bayerische Motoren Werke AG, (Germany)		471,343
	11,500	Honda Motor Co., Ltd., (Japan)		367,558
	17,500	Mitsubishi Motors Corp., (Japan)		148,059
	35,900	Nissan Motor Co., Ltd., (Japan)		375,900
	8,200	Suzuki Motor Corp., (Japan)		249,147
	6,900	Toyota Motor Corp., (Japan)		424,895
				2,036,902
		Distributors — 0.0% (g)
	4,400	Pool Corp.		355,432
		Diversified Consumer Services — 0.1%
	9,800	ServiceMaster Global Holdings, Inc. (a)		384,552
		Hotels, Restaurants & Leisure — 0.2%
	20,523	Compass Group plc, (United Kingdom)		355,627
	3,450	Domino’s Pizza, Inc.		383,813
	9,840	Greene King plc, (United Kingdom)		134,710
	4,300	Wyndham Worldwide Corp.		312,395
	122,000	Wynn Macau Ltd., (China)		141,738
				1,328,283
		Household Durables — 0.1%
	5,487	Electrolux AB, (Sweden), Series B		132,387
	18,900	Panasonic Corp., (Japan)		191,599
	10,017	Persimmon plc, (United Kingdom) (a)		298,841
	4,300	Sony Corp., (Japan)		105,680
	3,800	Tempur Sealy International, Inc. (a)		267,748
				996,255
		Leisure Products — 0.0% (g)
	1,725	Polaris Industries, Inc.		148,264
		Media — 0.4%
	2,700	Charter Communications, Inc., Class A (a)		494,370
	1,800	CyberAgent, Inc., (Japan)		74,164
	10,738	Eutelsat Communications S.A., (France)		321,501

SHARES		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	10,251	Informa plc, (United Kingdom)		92,643
	21,309	Liberty Global plc, (United Kingdom), Class A (a)		902,649
	605	Liberty Global plc, (United Kingdom), Series C (a)		24,666
	7,906	SES S.A., (Luxembourg), FDR		219,073
	22,410	Sky plc, (United Kingdom)		367,361
	39,819	WPP plc, (United Kingdom)		915,908
				3,412,335
		Multiline Retail — 0.2%
	6,000	Dollar Tree, Inc. (a)		463,320
	20,000	Lojas Renner S.A., (Brazil)		86,446
	28,676	Marks & Spencer Group plc, (United Kingdom)		190,930
	3,300	Ryohin Keikaku Co., Ltd., (Japan)		668,288
				1,408,984
		Specialty Retail — 0.3%
	134,385	BCA Marketplace plc, (United Kingdom)		342,235
	55,637	Kingfisher plc, (United Kingdom)		269,477
	2,300	O’Reilly Automotive, Inc. (a)		582,866
	6,000	Ross Stores, Inc.		322,860
	4,400	Tractor Supply Co.		376,200
	4,600	Williams-Sonoma, Inc.		268,686
				2,162,324
		Textiles, Apparel & Luxury Goods — 0.3%
	755,000	China Hongxing Sports Ltd., (China) (a)		—	(h)
	11,434	Cie Financiere Richemont S.A., (Switzerland)		818,365
	13,500	Hanesbrands, Inc.		397,305
	896	Kering, (France)		153,194
	1,190	LVMH Moet Hennessy Louis Vuitton SE, (France)		186,914
	10,775	Moncler S.p.A., (Italy)		149,944
	147,000	Samsonite International S.A.		440,556
	1,340	Swatch Group AG (The), (Switzerland)		90,491
				2,236,769
		Total Consumer Discretionary		15,991,260
		Consumer Staples — 1.2%
		Beverages — 0.3%
	3,200	Brown-Forman Corp., Class B		317,696
	25,213	Diageo plc, (United Kingdom)		688,511
	14,900	Kirin Holdings Co., Ltd., (Japan)		202,299
	6,399	Pernod-Ricard S.A., (France)		729,770
				1,938,276

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 15

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Food & Staples Retailing — 0.0% (g)
	4,400	FamilyMart Co., Ltd., (Japan)		204,754
	59,663	Tesco plc, (United Kingdom) (a)		131,096
				335,850
		Food Products — 0.4%
	4,000	Ajinomoto Co., Inc., (Japan)		94,703
	4,900	Associated British Foods plc, (United Kingdom)		241,115
	3,574	Danone S.A., (France)		241,508
	4,100	Mead Johnson Nutrition Co.		323,695
	22,018	Nestle S.A., (Switzerland)		1,634,512
	9,300	WhiteWave Foods Co. (The) (a)		361,863
	80,300	Wilmar International Ltd., (Singapore)		165,685
				3,063,081
		Household Products — 0.1%
	4,900	Church & Dwight Co., Inc.		415,912
	26,500	PZ Cussons plc, (United Kingdom)		111,038
	1,700	Reckitt Benckiser Group plc, (United Kingdom)		157,295
				684,245
		Personal Products — 0.3%
	6,107	L’Oreal S.A., (France)		1,027,227
	27,773	Unilever plc, (United Kingdom)		1,191,244
				2,218,471
		Tobacco — 0.1%
	8,585	British American Tobacco plc, (United Kingdom)		476,760
	10,994	Imperial Tobacco Group plc, (United Kingdom)		580,677
	1,900	Japan Tobacco, Inc., (Japan)		69,756
				1,127,193
		Total Consumer Staples		9,367,116
		Energy — 0.4%
		Energy Equipment & Services — 0.1%
	34,000	China Oilfield Services Ltd., (China), Class H		29,216
	5,800	Oceaneering International, Inc.		217,616
	20,178	WorleyParsons Ltd., (Australia)		67,688
				314,520
		Oil, Gas & Consumable Fuels — 0.3%
	94,830	Beach Energy Ltd., (Australia)		33,736
	11,745	BG Group plc, (United Kingdom)		170,254
	11,195	Enbridge, Inc., (Canada)		372,169
	42,350	Oil Search Ltd., (Australia)		206,132
	8,100	Range Resources Corp.		199,341

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	9,900	Royal Dutch Shell plc, (Netherlands), Class B, ADR		455,796
	16,370	Statoil ASA, (Norway)		228,309
	16,737	TOTAL S.A., (France)		750,343
				2,416,080
		Total Energy		2,730,600
		Financials — 2.8%
		Banks — 1.0%
	23,214	Australia & New Zealand Banking Group Ltd., (Australia)		468,454
	11,746	Barclays plc, (United Kingdom), ADR		152,228
	13,367	BNP Paribas S.A., (France)		756,269
	73,370	CaixaBank S.A., (Spain)		255,373
	11,189	Commerzbank AG, (Germany) (a)		115,455
	10,323	Danske Bank A/S, (Denmark)		276,990
	45,772	DBS Group Holdings Ltd., (Singapore)		536,425
	37,124	DNB ASA, (Norway)		457,413
	4,350	HDFC Bank Ltd., (India), ADR		267,960
	38,654	ING Groep N.V., (Netherlands), CVA		522,990
	133,959	Intesa Sanpaolo S.p.A., (Italy)		444,878
	934,875	Lloyds Banking Group plc, (United Kingdom)		1,005,921
	8,100	National Bank of Canada, (Canada)		235,969
	32,881	Nordea Bank AB, (Sweden)		360,762
	37,548	Royal Bank of Scotland Group plc, (United Kingdom) (a)		166,903
	16,204	Standard Chartered plc, (United Kingdom)		134,447
	4,900	Sumitomo Mitsui Financial Group, Inc., (Japan)		184,931
	91,000	Sumitomo Mitsui Trust Holdings, Inc., (Japan)		344,647
	38,267	Svenska Handelsbanken AB, (Sweden), Class A		508,243
	11,945	Swedbank AB, (Sweden), Class A		263,072
	20,600	United Overseas Bank Ltd., (Singapore)		284,008
				7,743,338
		Capital Markets — 0.3%
	19,200	Apollo Global Management LLC, Class A		291,456
	2,827	Close Brothers Group plc, (United Kingdom)		55,747
	13,563	Credit Suisse Group AG, (Switzerland) (a)		292,173
	3,063	Deutsche Bank AG, (Germany)		74,384
	11,826	GAM Holding AG, (Switzerland) (a)		195,751
	27,380	Henderson Group plc, (United Kingdom)		124,443
	10,500	Invesco Ltd.		351,540
	2,070	Julius Baer Group Ltd., (Switzerland) (a)		100,141
	4,937	Macquarie Group Ltd., (Australia)		295,346

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Capital Markets — continued
	26,600	Och-Ziff Capital Management Group LLC, Class A		165,718
	11,005	UBS Group AG, (Switzerland)		213,491
				2,160,190
		Consumer Finance — 0.0% (g)
	10,100	Credit Saison Co., Ltd., (Japan)		198,992
		Diversified Financial Services — 0.2%
	37,765	Challenger Ltd., (Australia)		238,010
	2,912	London Stock Exchange Group plc, (United Kingdom)		117,814
	11,000	Markit Ltd., (United Kingdom) (a)		331,870
	6,400	McGraw Hill Financial, Inc.		630,912
	28,100	Mitsubishi UFJ Lease & Finance Co., Ltd., (Japan)		144,609
	6,800	Nasdaq, Inc.		395,556
				1,858,771
		Insurance — 1.0%
	209,600	AIA Group Ltd., (Hong Kong)		1,252,377
	1,245	Allianz SE, (Germany)		219,466
	4,300	Allied World Assurance Co. Holdings AG, (Switzerland)		159,917
	12,600	Assured Guaranty Ltd., (Bermuda)		333,018
	43,356	Aviva plc, (United Kingdom)		329,093
	23,806	AXA S.A., (France)		650,465
	52,510	Direct Line Insurance Group plc, (United Kingdom)		314,751
	1,544	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (Germany)		307,622
	36,500	Ping An Insurance Group Co. of China Ltd., (China), Class H		201,287
	39,387	Prudential plc, (United Kingdom)		887,369
	10,182	QBE Insurance Group Ltd., (Australia)		92,607
	4,700	RenaissanceRe Holdings Ltd., (Bermuda)		531,993
	44,725	RSA Insurance Group plc, (United Kingdom)		280,710
	19,804	Sampo OYJ, (Finland), Class A		1,005,692
	5,700	Sony Financial Holdings, Inc., (Japan)		101,957
	40,255	Storebrand ASA, (Norway) (a)		157,654
	10,800	Sun Life Financial, Inc., (Canada)		336,793
	8,300	Tokio Marine Holdings, Inc., (Japan)		320,584
				7,483,355
		Real Estate Investment Trusts (REITs) — 0.1%
	54,228	Scentre Group, (Australia)		164,481
	847	Unibail-Rodamco SE, (France)		215,080
				379,561

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Management & Development — 0.2%
	11,100	CBRE Group, Inc., Class A (a)		383,838
	32,464	Cheung Kong Property Holdings Ltd., (Hong Kong)		210,009
	21,386	Deutsche Wohnen AG, (Germany)		591,362
	3,000	Mitsui Fudosan Co., Ltd., (Japan)		75,294
				1,260,503
		Total Financials		21,084,710
		Health Care — 2.2%
		Biotechnology — 0.2%
	2,792	CSL Ltd., (Australia)		212,861
	5,774	Genmab A/S, (Denmark) (a)		767,735
	3,026	Grifols S.A., (Preference Shares), (Spain), Class B		98,063
	7,900	Medivation, Inc. (a)		381,886
				1,460,545
		Health Care Equipment & Supplies — 0.3%
	22,700	Boston Scientific Corp. (a)		418,588
	15,842	Elekta AB, (Sweden), Class B		134,607
	3,450	Essilor International S.A., (France)		429,994
	9,502	GN Store Nord A/S, (Denmark)		172,447
	4,345	Medtronic plc, (Ireland)		334,217
	636	Sonova Holding AG, (Switzerland)		80,806
	10,000	Sysmex Corp., (Japan)		641,447
				2,212,106
		Health Care Providers & Services — 0.5%
	3,500	Centene Corp. (a)		230,335
	15,500	DaVita HealthCare Partners, Inc. (a)		1,080,505
	17,200	Envision Healthcare Holdings, Inc. (a)		446,684
	6,828	Fresenius SE & Co. KGaA, (Germany)		486,374
	3,000	Health Net, Inc. (a)		205,380
	3,800	Miraca Holdings, Inc., (Japan)		167,206
	11,200	Premier, Inc., Class A (a)		395,024
	3,125	Universal Health Services, Inc., Class B		373,406
				3,384,914
		Pharmaceuticals — 1.2%
	33,600	Astellas Pharma, Inc., (Japan)		478,322
	14,810	AstraZeneca plc, (United Kingdom)		1,000,376
	8,639	Bayer AG, (Germany)		1,078,928
	9,700	Catalent, Inc. (a)		242,791
	6,400	Endo International plc, (Ireland) (a)		391,808
	5,600	GlaxoSmithKline plc, (United Kingdom), ADR		225,960
	17,861	Novartis AG, (Switzerland)		1,536,390
	27,239	Novo Nordisk A/S, (Denmark), Class B		1,577,089

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 17

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — continued
	6,380	Roche Holding AG, (Switzerland)		1,767,952
	6,498	Sanofi, (France)		553,771
	1,200	Shire plc, (Ireland), ADR		246,000
	5,200	Takeda Pharmaceutical Co., Ltd., (Japan)		259,269
	500	Valeant Pharmaceuticals International, Inc. (a)		50,792
				9,409,448
		Total Health Care		16,467,013
		Industrials — 2.3%
		Aerospace & Defense — 0.5%
	4,000	Airbus Group SE, (France)		269,550
	8,650	Hexcel Corp.		401,792
	3,600	L-3 Communications Holdings, Inc.		430,236
	4,100	Rockwell Collins, Inc.		378,430
	24,441	Rolls-Royce Holdings plc, (United Kingdom) (a)		207,026
	12,016	Safran S.A., (France)		825,532
	1,200	TransDigm Group, Inc. (a)		274,140
	29,993	Zodiac Aerospace, (France)		714,143
				3,500,849
		Airlines — 0.1%
	4,800	Ryanair Holdings plc, (Ireland), ADR		415,008
		Building Products — 0.1%
	35,188	Assa Abloy AB, (Sweden), Class B		736,580
		Commercial Services & Supplies — 0.1%
	66,869	AA plc, (United Kingdom)		308,905
	383,000	China Everbright International Ltd., (Hong Kong)		489,734
	7,900	Copart, Inc. (a)		300,279
				1,098,918
		Electrical Equipment — 0.2%
	11,541	ABB Ltd., (Switzerland) (a)		205,979
	6,900	AMETEK, Inc.		369,771
	3,200	Hubbell, Inc.		323,328
	4,414	Legrand S.A., (France)		249,679
	46,000	Mitsubishi Electric Corp., (Japan)		482,855
	2,000	Nidec Corp., (Japan)		145,032
				1,776,644
		Industrial Conglomerates — 0.2%
	26,964	CK Hutchison Holdings Ltd., (Hong Kong)		362,448
	3,508	DCC plc, (Ireland)		293,065
	7,900	Jardine Matheson Holdings Ltd., (Hong Kong)		383,861
	10,685	Koninklijke Philips N.V., (Netherlands)		272,727

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — continued
	31,700	Sembcorp Industries Ltd., (Singapore)		67,949
	4,584	Siemens AG, (Germany)		443,483
				1,823,533
		Machinery — 0.3%
	4,100	FANUC Corp., (Japan)		706,388
	5,700	Flowserve Corp.		239,856
	75,000	Kawasaki Heavy Industries Ltd., (Japan)		277,492
	10,000	Kubota Corp., (Japan)		154,487
	2,900	SMC Corp., (Japan)		753,228
	10,500	THK Co., Ltd., (Japan)		194,608
	3,200	WABCO Holdings, Inc. (a)		327,232
				2,653,291
		Marine — 0.0% (g)
	176	AP Moeller—Maersk A/S, (Denmark), Class B		229,558
	36,000	Nippon Yusen KK, (Japan)		87,253
				316,811
		Professional Services — 0.4%
	3,121	DKSH Holding AG, (Switzerland) (a)		196,294
	6,900	Equifax, Inc.		768,453
	2,150	IHS, Inc., Class A (a)		254,624
	21,900	Nielsen Holdings plc		1,020,540
	3,700	Recruit Holdings Co., Ltd., (Japan)		108,757
	4,100	Verisk Analytics, Inc. (a)		315,208
				2,663,876
		Road & Rail — 0.2%
	11,500	Avis Budget Group, Inc. (a)		417,335
	2,615	Canadian National Railway Co., (Canada)		146,126
	1,700	Central Japan Railway Co., (Japan)		301,808
	6,200	Genesee & Wyoming, Inc., Class A (a)		332,878
				1,198,147
		Trading Companies & Distributors — 0.2%
	9,500	AerCap Holdings N.V., (Netherlands) (a)		410,020
	8,800	Fastenal Co.		359,216
	19,900	Mitsubishi Corp., (Japan)		330,999
	28,700	Sumitomo Corp., (Japan)		292,606
				1,392,841
		Transportation Infrastructure — 0.0% (g)
	70,387	Sydney Airport, (Australia)		323,944
		Total Industrials		17,900,442
		Information Technology — 1.9%
		Communications Equipment — 0.0% (g)
	23,857	Telefonaktiebolaget LM Ericsson, (Sweden), Class B		230,013

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electronic Equipment, Instruments & Components — 0.5%
	5,200	Amphenol Corp., Class A		271,596
	40,400	Hamamatsu Photonics KK, (Japan)		1,107,575
	2,240	Keyence Corp., (Japan)		1,231,115
	6,700	Murata Manufacturing Co., Ltd., (Japan)		964,005
				3,574,291
		Internet Software & Services — 0.2%
	2,155	Alibaba Group Holding Ltd., (China), ADR (a)		175,137
	1,100	Baidu, Inc., (China), ADR (a)		207,944
	1,850	CoStar Group, Inc. (a)		382,377
	6,700	Kakaku.com, Inc., (Japan)		131,786
	9,600	Match Group, Inc. (a)		130,080
	149	NAVER Corp., (South Korea) (a)		83,088
	10,700	Tencent Holdings Ltd., (China)		209,506
	63,800	Yahoo! Japan Corp., (Japan)		259,341
				1,579,259
		IT Services — 0.6%
	3,975	Alliance Data Systems Corp. (a)		1,099,366
	7,400	Amadeus IT Holding S.A., (Spain)		326,152
	9,300	Amdocs Ltd.		507,501
	13,700	Booz Allen Hamilton Holding Corp.		422,645
	7,200	Gartner, Inc. (a)		653,040
	6,350	Global Payments, Inc.		409,639
	14,400	Infosys Ltd., (India), ADR		241,200
	12,200	NeuStar, Inc., Class A (a)		292,434
	8,900	Vantiv, Inc., Class A (a)		422,038
				4,374,015
		Semiconductors & Semiconductor Equipment — 0.4%
	8,669	ASML Holding N.V., (Netherlands)		770,254
	2,500	Avago Technologies Ltd., (Singapore)		362,875
	2,050	Lam Research Corp.		162,811
	3,850	NXP Semiconductors N.V., (Netherlands) (a)		324,362
	107,000	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan)		461,624
	19,425	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		441,919
	2,300	Tokyo Electron Ltd., (Japan)		139,345
	8,100	Xilinx, Inc.		380,457
				3,043,647
		Software — 0.2%
	3,603	Gemalto N.V., (Netherlands)		216,187
	5,600	Oracle Corp., (Japan)		260,736
	11,300	Qlik Technologies, Inc. (a)		357,758
	3,295	SAP SE, (Germany)		261,469

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	9,400	Trend Micro, Inc., (Japan)		381,425
				1,477,575
		Technology Hardware, Storage & Peripherals — 0.0% (g)
	3,900	Canon, Inc., (Japan)		117,975
	114	Samsung Electronics Co., Ltd., (South Korea)		121,590
				239,565
		Total Information Technology		14,518,365
		Materials — 0.3%
		Chemicals — 0.2%
	1,729	Air Liquide S.A., (France)		194,109
	31,000	Asahi Kasei Corp., (Japan)		209,625
	3,110	BASF SE, (Germany)		236,914
	3,725	Ecolab, Inc.		426,065
	140	Givaudan S.A., (Switzerland) (a)		254,095
	6,100	RPM International, Inc.		268,766
	11,000	Tosoh Corp., (Japan)		56,584
	5,084	Umicore S.A., (Belgium)		213,204
				1,859,362
		Construction Materials — 0.0% (g)
	725	Martin Marietta Materials, Inc.		99,020
		Metals & Mining — 0.1%
	7,487	Acerinox S.A., (Spain)		76,368
	1,900	Agnico-Eagle Mines Ltd., (Canada)		49,941
	7,859	Antofagasta plc, (Chile)		54,061
	4,405	BHP Billiton Ltd., (Australia)		56,690
	13,395	BHP Billiton plc, (Australia)		149,379
	2,752	Rio Tinto Ltd., (United Kingdom)		88,998
	3,695	Rio Tinto plc, (United Kingdom)		107,581
	123,706	South32 Ltd., (Australia) (a)		95,031
				678,049
		Total Materials		2,636,431
		Telecommunication Services — 0.7%
		Diversified Telecommunication Services — 0.2%
	6,843	KT Corp., (South Korea) (a)		164,867
	15,700	Nippon Telegraph & Telephone Corp., (Japan)		624,830
	79,000	Singapore Telecommunications Ltd., (Singapore)		203,683
	164,570	Telecom Italia S.p.A., (Italy), FDR		168,903
	38,925	Telefonica Deutschland Holding AG, (Germany)		205,317
	22,322	Telefonica S.A., (Spain)		247,639
	20,476	Telstra Corp., Ltd., (Australia)		83,208
				1,698,447

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 19

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Wireless Telecommunication Services — 0.5%
	7,700	America Movil S.A.B. de C.V., (Mexico), Class L, ADR		108,262
	8,200	KDDI Corp., (Japan)		212,956
	16,300	NTT DOCOMO, Inc., (Japan)		334,339
	12,425	SBA Communications Corp., Class A (a)		1,305,495
	13,900	SoftBank Group Corp., (Japan)		701,539
	212,160	Vodafone Group plc, (United Kingdom)		687,985
	13,800	Vodafone Group plc, (United Kingdom), ADR		445,188
				3,795,764
		Total Telecommunication Services		5,494,211
		Utilities — 0.2%
		Electric Utilities — 0.0% (g)
	11,543	SSE plc, (United Kingdom)		259,184
		Multi-Utilities — 0.2%
	12,312	E.ON SE, (Germany)		118,220
	16,995	Engie S.A., (France)		301,036
	49,805	National Grid plc, (United Kingdom)		686,890
				1,106,146
		Total Utilities		1,365,330
		Total Common Stocks (Cost $97,011,932)		107,555,478
	Exchange-Traded Funds — 36.6%
		International Equity — 8.3%
	717,700	iShares MSCI EAFE ETF		42,164,875
	989,500	iShares MSCI Japan ETF		11,992,740
	175,130	WisdomTree Japan Hedged Equity Fund		8,770,510
		Total International Equity		62,928,125
		U.S. Equity — 28.3%
	254,200	iShares Core S&P Mid Cap ETF		35,430,396
	879,900	SPDR S&P500 ETF Trust		179,402,811
		Total U.S. Equity		214,833,207
		Total Exchange-Traded Funds (Cost $268,996,301)		277,761,332
	Alternative Investment — 3.2%
		Alternative Assets — 3.2%
	180,820	Marshall Wace UCITS Fund plc—MW TOPS UCITS Fund, Class F Shares (Ireland) (a) (Cost $20,303,037)		24,166,145
	Investment Companies — 42.7%
		Alternative Assets — 2.2%
	826,745	AQR Managed Futures Strategy Fund, Class R6 Shares		8,416,265
	923,928	John Hancock Funds II—Absolute Return Currency Fund, Class R6 Shares		8,084,373
		Total Alternative Assets		16,500,638

SHARES		SECURITY DESCRIPTION	VALUE($)
		Fixed Income — 11.1%
	4,186,196	JPMorgan Core Bond Fund, Class R6 Shares (b)		48,350,567
	2,319,132	JPMorgan Core Plus Bond Fund, Class R6 Shares (b)		18,692,205
	1,550,388	JPMorgan Strategic Income Opportunities Fund, Class R5 Shares (b)		17,209,302
		Total Fixed Income		84,252,074
		International Equity — 12.7%
	4,411,784	JPMorgan Global Research Enhanced Index Fund, Select Class Shares (b)		78,706,225
	854,708	Oakmark International Fund, Class I Shares		18,256,564
		Total International Equity		96,962,789
		Money Market — 6.8%
	51,448,998	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (s)		51,448,998
		U.S. Equity — 9.9%
	2,786,158	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares (b)		74,947,639
		Total Investment Companies (Cost $313,360,847)		324,112,138
PRINCIPAL AMOUNT($)
Structured Note — 3.7%
		International Equity — 3.7%
	28,000,000	Deutsche Bank AG Notes, Linked to the Performance of the MSCI Europe Index, 01/26/16 (a) (Cost $28,000,000)		28,136,674
		Total Investments — 100.3% (Cost $727,672,117)		761,731,767
		Liabilities in Excess of Other Assets — (0.3)%		(2,178,406	)
		NET ASSETS — 100.0%	$	759,553,361

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY*
United States	86.3	%
Ireland	3.4
Japan	2.3
United Kingdom	2.1
France	1.1
Others (each less than 1.0%)	4.8

* Percentages indicated are based on total investments as of December 31, 2015.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

JPMorgan Access Funds

NOTES TO CONSOLIDATED SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

ADR	—  American Depositary Receipt
CVA	—  Dutch Certification
EAFE	—  Europe, Australia, and Far East
ETF	—  Exchange Traded Fund
FDR	—  Fiduciary Depository Receipt
MSCI	—  Morgan Stanley Capital International
SDR	—  Swedish Depository Receipt
SPDR	—  Standard & Poor’s Depositary Receipts
UCITS	—  Undertakings for Collective Investment in Transferable Securities
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than $1.
(l)	—  The rate shown is the current yield as of December 31, 2015.
(s)	—  All or 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 as described in Note 2.A. of the Notes to Consolidated Financial Statements are as follows:

Fund	Fund Value		Percentage
Access Balanced Fund	$	62,258,798		7.5	%
Access Growth Fund		71,248,271		9.4

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 21

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited)

	Access Balanced Fund		Access Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	398,914,618	$	472,376,831
Investments in affiliates, at value		435,253,585		289,354,936
Total investment securities, at value		834,168,203		761,731,767
Foreign currency, at value		34,888		39,114
Receivables:
Investment securities sold		92,356		140,050
Fund shares sold		2,518,124		2,628,180
Dividends from non-affiliates		899,773		1,159,198
Dividends from affiliates		8,073		10,726
Tax reclaims		145,953		154,808
Total Assets		837,867,370		765,863,843
LIABILITIES:
Payables:
Due to custodian		182		61
Distributions		6,502,591		5,232,990
Investment securities purchased		113,583		181,711
Fund shares redeemed		73,823		319,054
Accrued liabilities:
Investment advisory fees		275,192		288,913
Administration fees		59,526		54,556
Distribution fees		4,117		5,279
Shareholder servicing fees		92,995		92,056
Custodian and accounting fees		85,291		93,689
Other		22,522		42,173
Total Liabilities		7,229,822		6,310,482
Net Assets	$	830,637,548	$	759,553,361

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

	Access Balanced Fund			Access Growth Fund
NET ASSETS:
Paid-in-Capital	$	819,143,245		$	733,704,834
Accumulated undistributed (distributions in excess of) net investment income		(5,250,365	)		(4,514,502	)
Accumulated net realized gains (losses)		(7,181,618	)		(3,680,695	)
Net unrealized appreciation (depreciation)		23,926,286			34,043,724
Total Net Assets	$	830,637,548		$	759,553,361
Net Assets:
Class A	$	1,587,736		$	5,460,527
Class C		6,139,827			6,389,222
Institutional Class		537,746,067			382,357,766
Select Class		285,163,918			365,345,846
Total	$	830,637,548		$	759,553,361
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		105,474			343,421
Class C		409,938			406,423
Institutional Class		35,705,226			23,985,872
Select Class		18,919,761			22,923,503
Net Asset Value (a):
Class A — Redemption price per share	$	15.05		$	15.90
Class C — Offering price per share (b)		14.98			15.72
Institutional Class — Offering and redemption price per share		15.06			15.94
Select Class — Offering and redemption price per share		15.07			15.94
Class A maximum sales charge		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	15.76		$	16.65
Cost of investments in non-affiliates	$	379,801,655		$	453,336,044
Cost of investments in affiliates		430,425,616			274,336,073
Cost of foreign currency		34,702			38,906

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

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 23

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

	Access Balanced Fund			Access Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	4,007,412		$	4,553,391
Dividend income from affiliates		6,173,141			3,199,450
Interest income from non-affiliates		37			35
Interest income from affiliates		15			17
Foreign taxes withheld		(37,554	)		(42,522	)
Total investment income		10,143,051			7,710,371
EXPENSES:
Investment advisory fees		3,794,672			3,410,413
Administration fees		389,803			350,266
Distribution fees:
Class A		2,219			7,466
Class C		23,676			25,186
Shareholder servicing fees:
Class A		2,219			7,466
Class C		7,892			8,395
Institutional Class		301,864			215,029
Select Class		398,958			493,392
Custodian and accounting fees		83,665			98,821
Interest expense to affiliates		1			352
Professional fees		70,108			70,097
Trustees’ and Chief Compliance Officer’s fees		13,616			13,334
Printing and mailing costs		16,941			16,751
Registration and filing fees		41,544			48,849
Transfer agent fees (See Note 2.F.)		5,938			8,279
Sub-transfer agent fee (See Note 2.F.)		1,192			1,128
Other		9,209			17,445
Total expenses		5,163,517			4,792,669
Less fees waived		(2,201,165	)		(1,793,729	)
Less earnings credits		(112	)		(90	)
Net expenses		2,962,240			2,998,850
Net investment income (loss)		7,180,811			4,711,521
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(11,619,591	)		(11,002,923	)
Investments in affiliates		(2,905,706	)		(84,506	)
Foreign currency transactions		21,940			22,796
Net realized gain (loss)		(14,503,357	)		(11,064,633	)
Distributions of capital gains received from investment company non-affiliates		1,271,617			1,059,155
Distributions of capital gains received from investment company affiliates		6,392,504			6,865,125
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(16,135,425	)		(20,849,514	)
Investments in affiliates		(17,049,401	)		(14,782,366	)
Foreign currency translations		(6,178	)		(6,116	)
Change in net unrealized appreciation/depreciation		(33,191,004	)		(35,637,996	)
Net realized/unrealized gains (losses)		(40,030,240	)		(38,778,349	)
Change in net assets resulting from operations	$	(32,849,429	)	$	(34,066,828	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Access Balanced Fund						Access Growth Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,180,811		$	11,953,987		$	4,711,521		$	7,466,233
Net realized gain (loss)		(14,503,357	)		26,623,985			(11,064,633	)		25,827,181
Distributions of capital gains received from investment company non-affiliates		1,271,617			2,645,196			1,059,155			2,630,655
Distributions of capital gains received from investment company affiliates		6,392,504			8,462,828			6,865,125			7,419,916
Change in net unrealized appreciation/depreciation		(33,191,004	)		(54,550,546	)		(35,637,996	)		(51,118,747	)
Change in net assets resulting from operations		(32,849,429	)		(4,864,550	)		(34,066,828	)		(7,774,762	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(20,894	)		(25,479	)		(50,433	)		(76,696	)
From net realized gains		(48,852	)		(152,230	)		(153,247	)		(741,291	)
Class C
From net investment income		(63,339	)		(50,677	)		(43,931	)		(61,724	)
From net realized gains		(178,468	)		(505,397	)		(183,506	)		(854,065	)
Institutional Class
From net investment income		(8,360,887	)		(9,866,874	)		(4,542,960	)		(4,981,575	)
From net realized gains		(16,655,650	)		(38,656,220	)		(11,145,651	)		(31,506,889	)
Select Class
From net investment income		(4,206,046	)		(4,663,669	)		(3,969,360	)		(4,334,684	)
From net realized gains		(8,723,962	)		(21,235,980	)		(10,306,247	)		(31,332,063	)
Total distributions to shareholders		(38,258,098	)		(75,156,526	)		(30,395,335	)		(73,888,987	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(150,370,019	)		(143,581,664	)		(87,438,948	)		(127,063,180	)
NET ASSETS:
Change in net assets		(221,477,546	)		(223,602,740	)		(151,901,111	)		(208,726,929	)
Beginning of period		1,052,115,094			1,275,717,834			911,454,472			1,120,181,401
End of period	$	830,637,548		$	1,052,115,094		$	759,553,361		$	911,454,472
Accumulated undistributed (distributed in excess of) net investment income	$	(5,250,365	)	$	219,990		$	(4,514,502	)	$	(619,339	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 25

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	Access Balanced Fund						Access Growth Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,050		$	323,223		$	63,690		$	503,673
Distributions reinvested		69,746			177,709			203,680			817,987
Cost of shares redeemed		(283,675	)		(1,473,563	)		(773,672	)		(7,007,460	)
Change in net assets resulting from Class A capital transactions	$	(212,879	)	$	(972,631	)	$	(506,302	)	$	(5,685,800	)
Class C
Proceeds from shares issued	$	507,968		$	140,846		$	11,575		$	187,133
Distributions reinvested		241,807			556,074			227,437			915,789
Cost of shares redeemed		(1,022,428	)		(4,790,321	)		(815,230	)		(7,859,285	)
Change in net assets resulting from Class C capital transactions	$	(272,653	)	$	(4,093,401	)	$	(576,218	)	$	(6,756,363	)
Institutional Class
Proceeds from shares issued	$	22,187,746		$	102,136,520		$	13,637,801		$	83,277,192
Distributions reinvested		333,515			237,801			285,393			409,041
Cost of shares redeemed		(137,820,545	)		(168,842,013	)		(79,504,406	)		(105,874,117	)
Change in net assets resulting from Institutional Class capital transactions	$	(115,299,284	)	$	(66,467,692	)	$	(65,581,212	)	$	(22,187,884	)
Select Class
Proceeds from shares issued	$	19,735,391		$	75,219,689		$	28,372,424		$	90,517,637
Distributions reinvested		219,398			355,519			370,780			780,050
Cost of shares redeemed		(54,539,992	)		(147,623,148	)		(49,518,420	)		(183,730,820	)
Change in net assets resulting from Select Class capital transactions	$	(34,585,203	)	$	(72,047,940	)	$	(20,775,216	)	$	(92,433,133	)
Total change in net assets resulting from capital transactions	$	(150,370,019	)	$	(143,581,664	)	$	(87,438,948	)	$	(127,063,180	)
SHARE TRANSACTIONS:
Class A
Issued		66			19,051			3,969			27,789
Reinvested		4,636			11,091			12,876			48,805
Redeemed		(18,098	)		(89,537	)		(48,998	)		(404,855	)
Change in Class A Shares		(13,396	)		(59,395	)		(32,153	)		(328,261	)
Class C
Issued		33,603			8,558			726			10,338
Reinvested		16,172			34,884			14,564			55,254
Redeemed		(65,818	)		(289,604	)		(48,087	)		(457,687	)
Change in Class C Shares		(16,043	)		(246,162	)		(32,797	)		(392,095	)
Institutional Class
Issued		1,420,087			6,182,871			827,770			4,808,481
Reinvested		22,127			14,773			17,982			24,293
Redeemed		(8,532,111	)		(10,090,750	)		(4,687,625	)		(6,038,613	)
Change in Institutional Class Shares		(7,089,897	)		(3,893,106	)		(3,841,873	)		(1,205,839	)
Select Class
Issued		1,285,249			4,524,686			1,733,337			5,175,403
Reinvested		14,555			22,105			23,380			46,392
Redeemed		(3,433,222	)		(8,856,709	)		(2,982,892	)		(10,436,586	)
Change in Select Class Shares		(2,133,418	)		(4,309,918	)		(1,226,175	)		(5,214,791	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 27

CONSOLIDATED FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions			Redemption fees
Access Balanced Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	16.33	$	0.09	(h)	$	(0.71	)	$	(0.62	)	$	(0.19	)	$	(0.47	)	$	(0.66	)	$	—
Year Ended June 30, 2015		17.49		0.11	(h)		(0.24	)		(0.13	)		(0.16	)		(0.87	)		(1.03	)		—
Year Ended June 30, 2014		16.37		0.15	(h)		1.79			1.94			(0.18	)		(0.64	)		(0.82	)		—
Year Ended June 30, 2013		15.28		0.15	(h)		1.10			1.25			(0.16	)		—			(0.16	)		—
Year Ended June 30, 2012		16.55		0.17	(h)		(0.79	)		(0.62	)		(0.17	)		(0.48	)		(0.65	)		—
Year Ended June 30, 2011		14.49		0.22	(h)		2.08			2.30			(0.24	)		—			(0.24	)		—	(i)
Class C
Six Months Ended December 31, 2015 (Unaudited)		16.25		0.06	(h)		(0.70	)		(0.64	)		(0.16	)		(0.47	)		(0.63	)		—
Year Ended June 30, 2015		17.43		0.02	(h)		(0.24	)		(0.22	)		(0.09	)		(0.87	)		(0.96	)		—
Year Ended June 30, 2014		16.33		0.06	(h)		1.79			1.85			(0.11	)		(0.64	)		(0.75	)		—
Year Ended June 30, 2013		15.24		0.07	(h)		1.10			1.17			(0.08	)		—			(0.08	)		—
Year Ended June 30, 2012		16.53		0.10	(h)		(0.79	)		(0.69	)		(0.12	)		(0.48	)		(0.60	)		—
Year Ended June 30, 2011		14.48		0.14	(h)		2.08			2.22			(0.17	)		—			(0.17	)		—	(i)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		16.34		0.13	(h)		(0.71	)		(0.58	)		(0.23	)		(0.47	)		(0.70	)		—
Year Ended June 30, 2015		17.50		0.18	(h)		(0.25	)		(0.07	)		(0.22	)		(0.87	)		(1.09	)		—
Year Ended June 30, 2014		16.38		0.28	(h)		1.74			2.02			(0.26	)		(0.64	)		(0.90	)		—
Year Ended June 30, 2013		15.29		0.24	(h)		1.08			1.32			(0.23	)		—			(0.23	)		—
Year Ended June 30, 2012		16.57		0.24	(h)		(0.80	)		(0.56	)		(0.24	)		(0.48	)		(0.72	)		—
Year Ended June 30, 2011		14.50		0.29	(h)		2.08			2.37			(0.30	)		—			(0.30	)		—	(i)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		16.35		0.12	(h)		(0.71	)		(0.59	)		(0.22	)		(0.47	)		(0.69	)		—
Year Ended June 30, 2015		17.51		0.16	(h)		(0.25	)		(0.09	)		(0.20	)		(0.87	)		(1.07	)		—
Year Ended June 30, 2014		16.38		0.16	(h)		1.83			1.99			(0.22	)		(0.64	)		(0.86	)		—
Year Ended June 30, 2013		15.29		0.20	(h)		1.09			1.29			(0.20	)		—			(0.20	)		—
Year Ended June 30, 2012		16.57		0.22	(h)		(0.80	)		(0.58	)		(0.22	)		(0.48	)		(0.70	)		—
Year Ended June 30, 2011		14.50		0.26	(h)		2.09			2.35			(0.28	)		—			(0.28	)		—	(i)

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

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

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

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

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

(f) Does not include expenses of Underlying Funds.

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

(h) Calculated based upon average shares outstanding.

(i) Amount rounds to less than $0.01.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

28 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)(g)
$	15.05		(3.72	)%	$	1,587,736		1.02	%		1.17	%		1.49	%		14	%
	16.33		(0.58	)		1,940,818		1.12			0.66			1.61			57
	17.49		12.08			3,118,118		1.13			0.87			1.66			91
	16.37		8.18			4,030,225		1.34			0.93			1.63			85
	15.28		(3.58	)		5,884,382		1.35			1.11			1.63			83
	16.55		15.93			11,975,971		1.36			1.36			1.64			112
	14.98		(3.90	)		6,139,827		1.51			0.72			1.99			14
	16.25		(1.09	)		6,922,123		1.62			0.15			2.11			57
	17.43		11.49			11,716,644		1.63			0.34			2.16			91
	16.33		7.68			18,681,629		1.84			0.46			2.13			85
	15.24		(4.06	)		21,614,703		1.85			0.66			2.13			83
	16.53		15.34			24,398,962		1.86			0.88			2.15			112
	15.06		(3.50	)		537,746,067		0.58			1.60			1.05			14
	16.34		(0.20	)		699,091,716		0.70			1.08			1.19			57
	17.50		12.55			816,858,215		0.73			1.62			1.25			91
	16.38		8.64			123,542,100		0.90			1.48			1.23			85
	15.29		(3.20	)		49,093,956		0.95			1.54			1.23			83
	16.57		16.43			56,669,731		0.96			1.77			1.24			112
	15.07		(3.57	)		285,163,918		0.73			1.47			1.21			14
	16.35		(0.35	)		344,160,437		0.85			0.93			1.34			57
	17.51		12.38			444,024,857		0.88			0.95			1.41			91
	16.38		8.47			972,485,038		1.09			1.22			1.38			85
	15.29		(3.35	)		998,864,285		1.10			1.41			1.38			83
	16.57		16.26			1,188,128,817		1.11			1.62			1.40			112

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 29

CONSOLIDATED FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions			Redemption fees
Access Growth Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	17.22	$	0.07	(h)	$	(0.78	)	$	(0.71	)	$	(0.15	)	$	(0.46	)	$	(0.61	)	$	—
Year Ended June 30, 2015		18.67		0.07	(h)		(0.27	)		(0.20	)		(0.13	)		(1.12	)		(1.25	)		—
Year Ended June 30, 2014		17.00		0.09	(h)		2.49			2.58			(0.15	)		(0.76	)		(0.91	)		—
Year Ended June 30, 2013		15.36		0.11	(h)		1.64			1.75			(0.11	)		—			(0.11	)		—
Year Ended June 30, 2012		17.14		0.14	(h)		(1.19	)		(1.05	)		(0.14	)		(0.59	)		(0.73	)		—
Year Ended June 30, 2011		14.43		0.12	(h)		2.72			2.84			(0.13	)		—			(0.13	)		—	(i)
Class C
Six Months Ended December 31, 2015 (Unaudited)		17.04		0.03	(h)		(0.78	)		(0.75	)		(0.11	)		(0.46	)		(0.57	)		—
Year Ended June 30, 2015		18.52		(0.02	)(h)		(0.26	)		(0.28	)		(0.08	)		(1.12	)		(1.20	)		—
Year Ended June 30, 2014		16.89		(0.01	)(h)		2.47			2.46			(0.07	)		(0.76	)		(0.83	)		—
Year Ended June 30, 2013		15.29		0.03	(h)		1.62			1.65			(0.05	)		—			(0.05	)		—
Year Ended June 30, 2012		17.09		0.07	(h)		(1.18	)		(1.11	)		(0.10	)		(0.59	)		(0.69	)		—
Year Ended June 30, 2011		14.41		0.04	(h)		2.71			2.75			(0.07	)		—			(0.07	)		—	(i)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		17.27		0.10	(h)		(0.78	)		(0.68	)		(0.19	)		(0.46	)		(0.65	)		—
Year Ended June 30, 2015		18.69		0.15	(h)		(0.27	)		(0.12	)		(0.18	)		(1.12	)		(1.30	)		—
Year Ended June 30, 2014		17.02		0.22	(h)		2.43			2.65			(0.22	)		(0.76	)		(0.98	)		—
Year Ended June 30, 2013		15.38		0.21	(h)		1.60			1.81			(0.17	)		—			(0.17	)		—
Year Ended June 30, 2012		17.16		0.21	(h)		(1.19	)		(0.98	)		(0.21	)		(0.59	)		(0.80	)		—
Year Ended June 30, 2011		14.44		0.19	(h)		2.72			2.91			(0.19	)		—			(0.19	)		—	(i)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		17.27		0.09	(h)		(0.79	)		(0.70	)		(0.17	)		(0.46	)		(0.63	)		—
Year Ended June 30, 2015		18.69		0.12	(h)		(0.26	)		(0.14	)		(0.16	)		(1.12	)		(1.28	)		—
Year Ended June 30, 2014		17.02		0.11	(h)		2.50			2.61			(0.18	)		(0.76	)		(0.94	)		—
Year Ended June 30, 2013		15.38		0.16	(h)		1.63			1.79			(0.15	)		—			(0.15	)		—
Year Ended June 30, 2012		17.16		0.19	(h)		(1.20	)		(1.01	)		(0.18	)		(0.59	)		(0.77	)		—
Year Ended June 30, 2011		14.44		0.16	(h)		2.73			2.89			(0.17	)		—			(0.17	)		—	(i)

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

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

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

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

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

(f) Does not include expenses of Underlying Funds.

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

(h) Calculated based upon average shares outstanding.

(i) Amount rounds to less than $0.01.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)(g)
$	15.90		(4.07	)%	$	5,460,527		1.05	%		0.81	%		1.48	%		15	%
	17.22		(0.86	)		6,468,814		1.16			0.42			1.62			67
	18.67		15.45			13,138,908		1.17			0.50	(i)		1.66			104
	17.00		11.39			11,492,665		1.37			0.69			1.64			85
	15.36		(5.94	)		12,486,295		1.36			0.92			1.64			82
	17.14		19.69			16,385,606		1.36			0.75			1.66			108
	15.72		(4.35	)		6,389,222		1.56			0.33			1.99			15
	17.04		(1.28	)		7,483,257		1.66			(0.12	)		2.13			67
	18.52		14.84			15,399,069		1.67			(0.06	)(i)		2.16			104
	16.89		10.80			20,318,160		1.88			0.16			2.14			85
	15.29		(6.33	)		28,728,184		1.86			0.43			2.14			82
	17.09		19.09			36,338,504		1.86			0.23			2.16			108
	15.94		(3.90	)		382,357,766		0.64			1.20			1.07			15
	17.27		(0.41	)		480,555,232		0.75			0.82			1.21			67
	18.69		15.89			542,687,646		0.77			1.23	(i)		1.26			104
	17.02		11.83			88,098,695		0.93			1.25			1.24			85
	15.38		(5.53	)		29,951,431		0.95			1.37			1.24			82
	17.16		20.20			41,466,055		0.97			1.11			1.25			108
	15.94		(3.97	)		365,345,846		0.79			1.07			1.22			15
	17.27		(0.52	)		416,947,169		0.90			0.67			1.36			67
	18.69		15.68			548,955,778		0.92			0.59	(i)		1.41			104
	17.02		11.66			774,870,186		1.12			0.96			1.39			85
	15.38		(5.68	)		750,199,631		1.10			1.20			1.39			82
	17.16		20.02			881,554,549		1.11			0.98			1.41			108

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 31

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
Access Balanced Fund	Class A, Class C, Institutional Class and Select Class	Diversified
Access Growth Fund	Class A, Class C, Institutional Class and Select Class	Diversified

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

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

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

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

Basis for Consolidation for the Funds

Access Balanced Fund CS Ltd. and Access Growth Fund CS Ltd. (collectively, the “Subsidiaries”), each a Cayman Islands exempted company, were incorporated on March 11, 2013 and are currently each a wholly-owned subsidiary of the Access Balanced Fund and Access Growth Fund, respectively. The Subsidiaries act as investment vehicles for each Fund to effect certain investments consistent with each Fund’s investment objectives and policies as described in each Fund’s prospectus. As of December 31, 2015, net assets of the Access Balanced Fund were $830,637,548 of which $76,571, or approximately less than 0.1%, represented its Subsidiary’s net assets. Net realized loss in the Subsidiary amounted to $8,650,266. As of December 31, 2015, net assets of the Access Growth Fund were $759,553,361 of which $72,488, or approximately less than 0.1%, represented its Subsidiary’s net assets. Net realized loss in the Subsidiary amounted to $6,936,862. The Consolidated Schedules of Portfolio Investments (“CSOIs”) include positions of each Fund and its Subsidiary. The consolidated financial statements include the accounts of each Fund and its Subsidiary. Subsequent references to the Funds within the Notes to Consolidated Financial Statements collectively refer to the Funds and their Subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

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

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

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

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

32 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

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

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

See Note 2.C. for further details on structured notes.

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

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

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

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

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

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

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

Access Balanced Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	4,699,960	$	8,425,514	$	—	(a)	$	13,125,474
Consumer Staples		981,696		7,062,836		—			8,044,532
Energy		1,011,011		1,307,055		—			2,318,066
Financials		3,814,608		14,152,512		—			17,967,120
Health Care		3,648,761		9,513,982		—			13,162,743
Industrials		5,600,119		8,824,973		—			14,425,092
Information Technology		5,300,060		6,305,897		—			11,605,957
Materials		592,785		1,552,780		—			2,145,565
Telecommunication Services		1,543,225		3,122,875		—			4,666,100
Utilities		—		1,197,645		—			1,197,645
Total Common Stocks		27,192,225		61,466,069		—	(a)		88,658,294
Exchange Traded Funds		220,469,015		—		—			220,469,015
Alternative Investment		—		27,621,470		—			27,621,470
Investment Companies		477,321,799		—		—			477,321,799
Structured Note		—		20,097,625		—			20,097,625
Total Investments in Securities	$	724,983,039	$	109,185,164	$	—	(a)	$	834,168,203

(a) Amount rounds to less than $1.

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 33

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Access Growth Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	6,412,094	$	9,579,166	$	—	(a)	$	15,991,260
Consumer Staples		1,419,166		7,947,950		—			9,367,116
Energy		1,244,922		1,485,678		—			2,730,600
Financials		5,091,758		15,992,952		—			21,084,710
Health Care		5,023,376		11,443,637		—			16,467,013
Industrials		7,868,333		10,032,109		—			17,900,442
Information Technology		7,245,179		7,273,186		—			14,518,365
Materials		843,792		1,792,639		—			2,636,431
Telecommunication Services		2,023,812		3,470,399		—			5,494,211
Utilities		—		1,365,330		—			1,365,330
Total Common Stocks		37,172,432		70,383,046		—	(a)		107,555,478
Exchange Traded Funds		277,761,332		—		—			277,761,332
Alternative Investment		—		24,166,145		—			24,166,145
Investment Companies		324,112,138		—		—			324,112,138
Structured Note		—		28,136,674		—			28,136,674
Total Investments in Securities	$	639,045,902	$	122,685,865	$	—	(a)	$	761,731,767

(a) Amount rounds to less than $1.

There were no significant transfers among any levels for the period ended December 31, 2015.

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

B. Structured Notes — The Funds invest in structured notes, whose values may be linked to the performance of underlying stock market indices, foreign currencies or other financial instruments. Structured notes are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. Structured notes are valued daily, under procedures approved by the Board, based upon values provided by an approved pricing service for the note. The value of these notes will rise and fall in response to changes in the underlying instrument, and various other market and economic factors. Changes in the value of structured notes are recorded as change in net unrealized appreciation or depreciation on the Consolidated Statements of Operations (“CSOPs”). The Funds record a realized gain or loss when a structured note is sold or matures.

Investments in structured notes entail varying degrees of risk. While some structured notes offer full or partial principal protection, others can subject the Funds to a loss of their full principal investment amount. The Funds may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to an issuer’s ability to make payment at maturity; a greater degree of market risk than other types of debt securities because the investor bears the risks associated with the underlying financial instruments; liquidity risk related to a lack of a liquid market for these notes, preventing the Funds from trading or selling the notes easily.

Certain notes held by the Funds include automatic call provisions, which allow an issuer the right to redeem the note prior to maturity. The Funds also hold notes that are subject to a stated maximum return, which may limit the payment amount at maturity, regardless of the performance of the underlying financial instrument. Structured notes may also yield a return, positive or negative, at a multiple of the underlying financial instruments. The Funds’ risk of loss associated with these structured notes is limited to the principal investment amount.

C. Investment Transactions with Affiliates — The Funds invest in certain Underlying Funds which are advised by J.P. Morgan Investment Management Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) or their affiliates pursuant to Section 12(d)(1)(G) of the 1940 Act. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be

34 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the realized gain (loss) amounts in the tables below are distributions of realized capital gains, if any, received from the affiliated Underlying Funds,

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
Access Balanced Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	108,119,571	$	—	$	12,000,000	$	(160,715	)	$	1,342,595		8,250,100	$	95,288,656
JPMorgan Core Plus Bond Fund, Class R6 Shares		88,240,124		11,500,000		29,000,000		(1,009,481	)		1,281,410		8,576,990		69,130,539
JPMorgan Global Research Enhanced Index Fund, Select Class Shares		79,719,326		7,000,000		22,799,999		(937,815	)		1,160,801		3,370,110		60,122,767
JPMorgan High Yield Fund, Class R6 Shares		59,292,764		—		10,000,000		(753,238	)		1,473,962		6,521,954		44,544,947
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		22,468,559		—		4,000,000		(54,688	)		152,578		1,795,033		18,129,828
JPMorgan Prime Money Market Fund, Institutional Class Shares		56,161,795		1,111,841,377		1,111,540,677		—			22,697		56,462,495		56,462,495
JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		82,479,122		—		7,500,000		6,529,395			335,064		2,485,084		66,848,755
JPMorgan Unconstrained Debt Fund, Class R6 Shares		11,226,733		18,000,000		4,000,000		(126,660	)		404,034		2,564,896		24,725,598
	$	507,707,994					$	3,486,798		$	6,173,141			$	435,253,585

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
Access Growth Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	40,309,741	$	8,500,000	$	—	$	95,320		$	648,860		4,186,196	$	48,350,567
JPMorgan Core Plus Bond Fund, Class R6 Shares		35,978,064		8,000,000		25,000,000		(783,284	)		270,451		2,319,132		18,692,205
JPMorgan Global Research Enhanced Index Fund, Select Class Shares		81,425,945		16,500,000		15,050,000		(60,988	)		1,519,595		4,411,784		78,706,225
JPMorgan Prime Money Market Fund, Institutional Class Shares		42,642,114		1,029,331,543		1,020,524,659		—			25,196		51,448,998		51,448,998
JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		—		18,000,000		—		—			359,690		1,550,388		17,209,302
JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		95,109,061		—		11,000,000		7,529,571			375,658		2,786,158		74,947,639
	$	295,464,925					$	6,780,619		$	3,199,450			$	289,354,936

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

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

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 35

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the CSOPs. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the CSOPs.

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Dividend income net of foreign taxes withheld, if any, and distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

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

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended December 31, 2015 are as follows:

	Class A		Class C		Institutional Class		Select Class		Total
Access Balanced Fund
Transfer agent fees	$	256	$	247	$	2,732	$	2,703	$	5,938
Sub-transfer agent fees		75		718		298		101		1,192
Access Growth Fund
Transfer agent fees		372		262		5,718		1,927		8,279
Sub-transfer agent fees		107		441		386		194		1,128

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

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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

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

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, each Fund’s assets are allocated to sub-advisers and the Adviser is responsible for monitoring and coordinating the overall management of the Funds and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.80% of each Fund’s average daily net assets. The Adviser and J.P. Morgan Private Investments Inc. (“JPMPI”), sub-adviser to the Funds and a wholly-owned subsidiary of JPMorgan, have agreed to contractually waive the investment advisory fee and the sub-advisory fee, respectively, for each Fund by 0.25% through March 1, 2016.

The Subsidiaries have entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiaries. The fee for services to the Subsidiaries is accrued daily and paid monthly at an annual rate of 0.80% of each Subsidiary’s respective

36 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

average daily net assets. The Adviser has agreed to waive the advisory fees that it receives from each Fund in an amount equal to the advisory fees paid to the Adviser by the Subsidiaries. This waiver will continue in effect so long as each Fund invests in its Subsidiaries and may not be terminated without approval by the Funds’ Board.

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

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

At December 31, 2015, the allocation of assets for each Fund was as follows:

	Access Balanced Fund			Access Growth Fund
JPMPI		89.0	%		85.5	%
Capital Guardian		4.2			5.2
TimesSquare		2.6			4.1
T. Rowe Price		4.2			5.2

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

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

B. Administration Fees — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds and its Subsidiaries. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2015, the effective rate was 0.09% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiaries, the Administrator receives a fee accrued daily and paid monthly at an annualized rate of 0.10% of average daily net assets of the Subsidiaries.

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

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

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

Class A	Class C
0.25%		0.75	%

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor retained the following amounts:

	Front-End Sales Charge
Access Balanced Fund	$	—
Access Growth Fund		290

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 37

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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

	Class A			Class C			Institutional Class			Select Class
Access Balanced Fund		0.25	%		0.25	%		0.10	%		0.25	%
Access Growth Fund		0.25			0.25			0.10			0.25

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

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

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

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

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

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

	Class A			Class C			Institutional Class			Select Class
Access Balanced Fund		1.55	%		2.05	%		1.15	%		1.30	%
Access Growth Fund		1.55			2.05			1.15			1.30

The expense limitation agreements were in effect for the six months ended December 31, 2015 and are in place until at least October 31, 2016.

The Underlying Funds may impose separate investment advisory and shareholder servicing fees. To avoid charging an investment advisory fee and a shareholder servicing fee at an effective rate above 0.80% for investment advisory and 0.25% for shareholder servicing on affiliated investments for Class A, Class C and Select Class Shares and 0.10% for shareholder servicing on affiliated investments for Institutional Class Shares, the Adviser and Distributor have contractually agreed to waive investment advisory and shareholder servicing fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of affiliated investment advisory fees not to exceed 0.55% during the period and affiliated shareholder servicing fees charged by the affiliated Underlying Funds. These contractual waivers are in place until at least March 1, 2016. These waivers may be in addition to any waivers required to meet the Funds’ contractual expense limitations, but will not exceed the Funds’ shareholder servicing fees.

For the six months ended December 31, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Shareholder Servicing		Total
Access Balanced Fund	$	2,077,257	$	123,533	$	2,200,790
Access Growth Fund		1,647,579		145,712		1,793,291

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

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2015 were as follows:

Access Balanced Fund	$	375
Access Growth Fund		438

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

38 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

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

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

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

During the six months ended December 31, 2015, the Funds and/or certain Underlying Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended December 31, 2015, the Access Balanced Fund and Access Growth Fund incurred $4,331 and $6,740, respectively in brokerage commissions with broker-dealers affiliated with the Adviser.

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

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

4. Investment Transactions

During the six months ended December 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Access Balanced Fund	$	112,968,445	$	249,376,736
Access Growth Fund		107,011,487		190,402,871

During the six months ended December 31, 2015, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2015 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Access Balanced Fund	$	810,227,271	$	50,465,784	$	26,524,852	$	23,940,932
Access Growth Fund		727,672,117		53,543,462		19,483,812		34,059,650

6. Borrowings

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

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015, or at any time during the period then ended.

7. Risks, Concentrations and Indemnifications

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

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 39

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

As of December 31, 2015, an affiliate of the Adviser had investment discretion with respect to its clients’ holdings in the Funds, which collectively owned shares representing the following percentage of each Fund’s net assets:

Access Balanced Fund	97.6	%
Access Growth Fund	96.1

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

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

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

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

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

40 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds and ETFs) to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2015 and continued to hold your shares at the end of the reporting period, December 31, 2015.

Actual Expenses

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

Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Periods*		Annualized Expense Ratio
Access Balanced Fund
Class A
Actual	$	1,000.00	$	962.80	$	5.03		1.02	%
Hypothetical		1,000.00		1,020.01		5.18		1.02
Class C
Actual		1,000.00		961.00		7.44		1.51
Hypothetical		1,000.00		1,017.55		7.66		1.51
Institutional Class
Actual		1,000.00		965.00		2.86		0.58
Hypothetical		1,000.00		1,022.22		2.95		0.58
Select Class
Actual		1,000.00		964.30		3.60		0.73
Hypothetical		1,000.00		1,021.47		3.71		0.73
Access Growth Fund
Class A
Actual		1,000.00		959.30		5.17		1.05
Hypothetical		1,000.00		1,019.86		5.33		1.05
Class C
Actual		1,000.00		956.50		7.67		1.56
Hypothetical		1,000.00		1,017.29		7.91		1.56
Institutional Class
Actual		1,000.00		961.00		3.15		0.64
Hypothetical		1,000.00		1,021.92		3.25		0.64
Select Class
Actual		1,000.00		960.30		3.89		0.79
Hypothetical		1,000.00		1,021.17		4.01		0.79

* Expenses are equal to each classes’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 41

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2015. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2015. The information necessary to complete your income tax returns for the calendar year ending December 31, 2015 will be provided under separate cover.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2015, the Funds elected to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses were as follows or amounts as finally determined (amounts in thousands):

	Total Foreign Source Income		Total Foreign Tax Credit
Access Balanced Fund	$	2,906,331	$	246,010
Access Growth Fund		3,180,427		342,621

42 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreement with JPMIM and the sub-advisory agreements with JPMPI, Capital Guardian Trust Company, T. Rowe Price Associates, Inc., and TimesSquare Capital Management, LLC for each of the Funds whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 19, 2015.

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

consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed agreements in executive sessions with independent legal counsel at which no representatives of the Adviser or sub-advisers were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund and by the sub-advisers from the Adviser under the applicable Advisory Agreements was fair and reasonable and that the continuance of the Advisory Agreements was in the best interests of each Fund and its shareholders.

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

Nature, Extent and Quality of Services Provided by the Adviser and Sub-Adviser

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

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates and sub-advisers to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 43

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

affiliates and sub-advisers, the commitment of the Adviser and sub-advisers to provide high quality service to the Funds, their overall confidence in the Adviser’s and sub-advisers’ integrity and the Adviser’s and sub-advisers’ responsiveness to questions or concerns raised by them, including the Adviser’s and sub-advisers’ willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund. In addition, the Trustees considered the different roles and responsibilities performed by the Adviser and sub-advisers under the applicable Advisory Agreements, including the Adviser’s monitoring and evaluating of the sub-advisers to help ensure that the sub-advisers are managing the Funds consistently with their investment objectives and restrictions.

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and sub-advisers and/or their affiliates as a result of their relationship with the Funds, including the benefits received by the Adviser and its affiliates in connection with each Fund’s investments in the underlying J.P. Morgan Funds in which each Fund invests. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser and/or sub-advisers.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser and certain sub-advisers, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser and/or sub-advisers. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

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

44 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for the applicable one-, three-, and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Access Balanced Fund’s performance was in the fifth quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and JPMPI and, based upon this discussion, the Adviser’s, JPMPI’s and/or consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable. The Trustees

requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the money market and alternative products committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Access Growth Fund’s performance was in the fifth quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and JPMPI and, based upon this discussion, the Adviser’s, JPMPI’s and/or consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the money market and alternative products committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund, including, as appropriate, information about the sub-advisory fees. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees also noted that the Adviser reduced each Fund’s contractual advisory fee from 1.00% to 0.80% and the Adviser, JPMPI, JPMDS and/or JPMFM reduced Fee Caps effective February 23, 2015. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Access Balanced Fund’s net advisory fee for both Class A and Select Class shares was in the third quintile, and that the actual total expenses for Class A and Select Class shares were in the fifth and fourth quintiles, respectively, of the Universe Group. After considering the factors identified above, including the reduction in advisory fee from 1.00% to 0.80% and additional fee waivers and/or expenses reimbursements effective February 23, 2015, in light of this information, the Trustees concluded that the advisory

DECEMBER 31, 2015 JPMORGAN ACCESS FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

Unaudited) (continued)

fee paid by the Fund to the Adviser and by the Adviser to the sub-advisers was reasonable.

The Trustees noted that the Access Growth Fund’s net advisory fee for Class A and Select Class shares was in the second and third quintiles, and that the actual total expenses for Class A and Select Class shares were in the fifth and fourth quintiles, of the Universe Group, respectively. After considering the factors

identified above, in light of this information, including the reduction in advisory fee from 1.00% to 0.80% and additional fee waivers and/or expenses reimbursements effective February 23, 2015, the Trustees concluded that the advisory fee paid by the Fund to the Adviser and by the Adviser to the sub-advisers was reasonable.

46 JPMORGAN ACCESS FUNDS DECEMBER 31, 2015

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

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

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

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

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

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

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

^© JPMorgan Chase & Co., 2016.  All rights reserved. December 2015. SAN-ACCESS-1215

Semi-Annual Report

J.P. Morgan Intrepid Funds

December 31, 2015 (Unaudited)

JPMorgan Intrepid Advantage Fund

JPMorgan Intrepid America Fund

JPMorgan Intrepid Growth Fund

JPMorgan Intrepid Mid Cap Fund

JPMorgan Intrepid Value Fund

 

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Intrepid Advantage Fund	3
JPMorgan Intrepid America Fund	5
JPMorgan Intrepid Growth Fund	7
JPMorgan Intrepid Mid Cap Fund	9
JPMorgan Intrepid Value Fund	11
Schedules of Portfolio Investments	13
Financial Statements	30
Financial Highlights	46
Notes to Financial Statements	56
Schedule of Shareholder Expenses	64
Board Approval of Investment Advisory Agreement	66

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

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

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

CEO’S LETTER

January 29, 2016 (Unaudited)

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies — particularly those of emerging market exporting nations — put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48% of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets — including a 2% devaluation of the yuan — the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24^th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks — particularly those of large cap technology companies — while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management,

J.P. Morgan Asset Management

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 1

JPMorgan Intrepid Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

U.S. equities financial markets provided slim returns for the second half of 2015. Global weakness in commodities prices, slowing economic growth in China, anxiety over U.S. interest rate policy and slowing growth in corporate earnings combined to put pressure on equity prices during the summer months.

In mid-August, Chinese authorities devalued the yuan by 2% amid declines in the Shanghai and Shenzhen equity markets. A global sell-off followed on August 24, 2015, dragging down the Standard & Poor’s 500 Index (S&P 500) by 3.9% for the day.

However, U.S. equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. The S&P 500 turned in its best one-month performance since October 2011.

In general, the U.S. equities market for the six month reporting period was marked by large gains in a few select stocks, especially technology sector stocks, while most other stocks ended the period lower or essentially flat. The energy, materials and industrials sectors underperformed the broader market, while the consumer discretionary, consumer staples and health care sectors outperformed the broader market. For the six months ended December 31, 2015, the S&P 500 returned 0.15%.

Intrepid Investment Philosophy and Process

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

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

During the reporting period, the Funds were managed and positioned in accordance with this investment philosophy and process.

2 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	-0.99%
Russell 3000 Index	-1.43%
Net Assets as of 12/31/2015 (In Thousands)	$20,935

INVESTMENT OBJECTIVE**

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

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

The Fund’s Select Class Shares outperformed the Russell 3000 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the industrials and energy sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the financials and consumer discretionary sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Microsoft Corp., Northrop Corp. and Tyson Foods Inc. Shares of Microsoft, a provider of software and services, rose on growth in its Azure cloud computing platform as investors sought large cap stocks amid market volatility. Shares of Northrop, an aerospace and electronics company, rose on strong growth in earnings and dividends. Shares of Tyson Foods, a meat processing company, rose amid industry consolidation and better-than-expected sales.

Leading individual detractors from relative performance included the Fund’s underweight position in Amazon.com Inc. and its overweight positions in Apple Inc. and Devon Energy Corp. Shares of Amazon.com, an online retailer not held in the Fund, rose on continued expansion of its business and an increase in 2015 online holiday season sales. Shares of Apple, a maker of computers and mobile devices, fell on weakness in iPhone sales and analysts’ expectation for declining revenue and earnings. Shares of Devon Energy, an oil and natural gas producer, fell amid continued weakness in global energy prices.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	4.8	%
	2.	Microsoft Corp.	4.7
	3.	Northrop Grumman Corp.	3.1
	4.	Wells Fargo & Co.	2.7
	5.	Gilead Sciences, Inc.	2.6
	6.	Citigroup, Inc.	2.6
	7.	Cigna Corp.	2.3
	8.	Home Depot, Inc. (The)	2.3
	9.	Wal-Mart Stores, Inc.	1.8
	10.	Tyson Foods, Inc., Class A	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	24.1	%
Health Care	17.2
Financials	15.1
Consumer Staples	12.3
Consumer Discretionary	9.2
Industrials	8.2
Energy	5.6
Utilities	2.8
Telecommunication Services	1.8
Materials	1.4
Short-Term Investment	2.3

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 3

JPMorgan Intrepid Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 19, 2005
Without Sales Charge				(1.11	)%		0.25	%		12.72	%		6.39	%
With Sales Charge**				(6.29	)		(5.02	)		11.51			5.82
CLASS C SHARES		February 19, 2005
Without CDSC				(1.36	)		(0.25	)		12.16			5.86
With CDSC***				(2.36	)		(1.25	)		12.16			5.86
SELECT CLASS SHARES		February 28, 2003		(0.99	)		0.48			13.00			6.66

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Intrepid Advantage Fund, the Russell 3000 Index and the Lipper Multi-Cap Core Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 3000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which

represents approximately 98% of the investable U.S. equity market. The Lipper Multi-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

Effective April 10, 2006, the Fund changed its investment policies. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund’s performance record prior to this date might be less relevant for investors considering whether to purchase shares of the Fund.

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

4 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid America Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	-1.38%
S&P 500 Index	0.15%
Net Assets as of 12/31/2015 (In Thousands)	$3,727,656

INVESTMENT OBJECTIVE**

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

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

The Fund’s Select Class Shares underperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the consumer discretionary and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the industrials and energy sectors was a leading contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included its underweight positions in Alphabet Inc. and Amazon.com Inc. and its overweight position in Archer Daniels Midland Co. Shares of Alphabet, the parent company of Google and its subsidiaries and affiliates, rose on continued growth in Google advertising revenue and investors’ desire for defensive large cap stocks amid market volatility. Shares of Amazon.com, an online retailer not held in the Fund, rose on continued expansion of its business and an increase in 2015 online holiday season sales. Shares of Archer Daniels, an agricultural products processor, fell sharply on continued weakness in global commodities prices.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Northrop Corp., Activision Blizzard Inc. and Kroger Co. Shares of Northrop, an aerospace and electronics company, rose on strong prospects for growth. Shares of Activision, a developer of video games not held in the Benchmark, rose on strong product sales and investor expectations of earnings growth. Shares of Kroger, a supermarket chain, rose on increased consumer spending in the U.S. and an increase in its dividend and a share repurchase program.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	5.0	%
	2.	Microsoft Corp.	3.6
	3.	Wells Fargo & Co.	3.3
	4.	Gilead Sciences, Inc.	2.5
	5.	Lowe’s Cos., Inc.	2.3
	6.	Northrop Grumman Corp.	2.3
	7.	Kroger Co. (The)	2.2
	8.	Target Corp.	2.2
	9.	eBay, Inc.	2.2
	10.	Valero Energy Corp.	2.2

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	22.3	%
Health Care	15.2
Financials	13.7
Consumer Discretionary	10.9
Industrials	9.2
Consumer Staples	9.1
Energy	6.5
Materials	3.0
Telecommunication Services	2.7
Utilities	2.4
Short-Term Investment	5.0

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 5

JPMorgan Intrepid America Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 19, 2005
Without Sales Charge				(1.54	)%		(0.60	)%		12.45	%		6.78	%
With Sales Charge**				(6.71	)		(5.82	)		11.25			6.21
CLASS C SHARES		February 19, 2005
Without CDSC				(1.78	)		(1.10	)		11.89			6.25
With CDSC***				(2.78	)		(2.10	)		11.89			6.25
CLASS R2 SHARES		November 3, 2008		(1.67	)		(0.85	)		12.18			6.59
CLASS R5 SHARES		May 15, 2006		(1.27	)		(0.10	)		12.98			7.26
CLASS R6 SHARES		November 2, 2015		(1.28	)		(0.11	)		12.98			7.26
SELECT CLASS SHARES		February 28, 2003		(1.38	)		(0.29	)		12.75			7.05

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

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

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

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares from May 15, 2006 to November 1, 2015 and the performance of Select Class Shares prior to May 15, 2006. During these periods, the actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Intrepid America Fund, the S&P 500 Index, and the Lipper Large-Cap Core Funds Index from December 31, 2005 to

December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

6 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	0.02%
Russell 1000 Growth Index	1.64%
Net Assets as of 12/31/2015 (In Thousands)	$1,081,708

INVESTMENT OBJECTIVE**

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

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

The Fund’s Select Class Shares underperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the consumer discretionary and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the industrials and energy sectors was a leading positive contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included its underweight positions in Alphabet Inc. and Amazon.com Inc. and its overweight position in Archer Daniels Midland Co. Shares of Alphabet, the parent company of Google and its subsidiaries and affiliates, rose on continued growth in Google advertising revenue and investors’ desire for defensive large cap stocks amid market volatility. Shares of Amazon.com, an online retailer not held in the Fund, rose on continued expansion of its business and an increase in 2015 online holiday season sales. Shares of Archer Daniels, an agricultural products processor, fell sharply on continued weakness in global commodities prices.

Leading individual contributors to relative performance included the Fund’s overweight positions in Microsoft Corp., NVidia Corp. and Activision Blizzard Inc. Shares of Microsoft, a provider of software and services, rose on growth in its Azure cloud computing platform as investors sought large cap stocks amid market volatility. Shares of NVidia, a semiconductor manufacturer not held in the Benchmark, rose on better than expected earnings throughout 2015 and strength in the gaming end-market toward the end of the year. Shares of Activision, a developer of video games not held in the Benchmark, rose on strong product sales and investor expectations of earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	6.7	%
	2.	Microsoft Corp.	4.3
	3.	Gilead Sciences, Inc.	3.3
	4.	Amgen, Inc.	3.1
	5.	Visa, Inc., Class A	2.9
	6.	Home Depot, Inc. (The)	2.9
	7.	Reynolds American, Inc.	2.3
	8.	Delta Air Lines, Inc.	2.2
	9.	Lowe’s Cos., Inc.	2.2
	10.	eBay, Inc.	2.2

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	28.8	%
Consumer Discretionary	19.1
Health Care	16.4
Industrials	10.3
Consumer Staples	10.2
Financials	4.1
Materials	3.7
Telecommunication Services	2.2
Others (each less than 1.0%)	1.3
Short-Term Investment	3.9

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 7

JPMorgan Intrepid Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
Without Sales Charge			(0.11	)%		1.87	%		13.13	%		7.69	%
With Sales Charge**			(5.36	)		(3.48	)		11.91			7.11
CLASS C SHARES	February 19, 2005
Without CDSC			(0.35	)		1.38			12.58			7.15
With CDSC***			(1.35	)		0.38			12.58			7.15
CLASS R2 SHARES	November 3, 2008		(0.23	)		1.64			12.86			7.50
CLASS R5 SHARES	May 15, 2006		0.12			2.34			13.65			8.16
CLASS R6 SHARES	November 2, 2015		0.13			2.34			13.65			8.16
SELECT CLASS SHARES	February 28, 2003		0.02			2.15			13.42			7.96

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

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

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

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares from May 15, 2006 to November 1, 2015 and the performance of Select Class Shares prior to May 15, 2006. During these periods, the actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Intrepid Growth Fund, the Russell 1000 Growth Index and the Lipper Large-Cap Growth Funds Index from December 31, 2005 to

December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Large-Cap Growth Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

8 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid Mid Cap Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	-5.38%
Russell Midcap Index	-4.68%
Net Assets as of 12/31/2015 (In Thousands)	$856,495

INVESTMENT OBJECTIVE**

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

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

The Fund’s Select Class Shares underperformed the Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the health care and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the industrials and information technology sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Macy’s Inc., Community Health Systems Inc. and Lexmark International Inc. Shares of Macy’s, a department store retail chain, fell on weakness in earnings and a lowered profit forecast. Shares of Community Health Systems, an owner/operator of hospitals, declined on lower-than-expected earnings amid declining hospital admissions. Shares of Lexmark, a maker of printers and imaging technology, fell on lower-than-expected earnings and revenue.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Leidos Holdings Inc., Huntington Ingalls Industries Inc. and Equinix Inc. Shares of Leidos, a data technology company, rose on better-than-expected earnings and a $4.34 billion contract to build a health records system for the U.S. military. Shares of Huntington Ingalls, a maker and repairer of military ships, rose on better-than-expected earnings and healthy contract growth. Shares of Equinix, an information technology network provider, rose on growth in so-called cloud computing and data center traffic.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Equinix, Inc.	2.3	%
	2.	AmerisourceBergen Corp.	2.2
	3.	Huntington Ingalls Industries, Inc.	2.0
	4.	AECOM	1.9
	5.	Computer Sciences Corp.	1.9
	6.	Lear Corp.	1.8
	7.	Jones Lang LaSalle, Inc.	1.7
	8.	United Continental Holdings, Inc.	1.7
	9.	Zimmer Biomet Holdings, Inc.	1.6
	10.	Ross Stores, Inc.	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.6	%
Consumer Discretionary	14.7
Information Technology	14.4
Industrials	13.1
Health Care	10.3
Consumer Staples	6.2
Utilities	5.6
Materials	4.9
Energy	4.8
Telecommunication Services	0.8
Short-Term Investment	2.6

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 9

JPMorgan Intrepid Mid Cap Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
Without Sales Charge			(5.53	)%		(6.16	)%		11.51	%		6.99	%
With Sales Charge**			(10.49	)		(11.09	)		10.32			6.41
CLASS C SHARES	March 22, 1999
Without CDSC			(5.77	)		(6.70	)		10.82			6.32
With CDSC***			(6.77	)		(7.70	)		10.82			6.32
CLASS R6 SHARES	November 2, 2015		(5.34	)		(5.86	)		11.80			7.26
SELECT CLASS SHARES	June 1, 1991		(5.38	)		(5.90	)		11.79			7.25

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Intrepid Mid Cap Fund, the Russell Midcap Index and the Lipper Mid-Cap Core Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain dis-

tributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mid-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell Midcap Index is

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

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

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

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

10 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	-6.14%
Russell 1000 Value Index	-3.23%
Net Assets as of 12/31/2015 (In Thousands)	$1,751,448

INVESTMENT OBJECTIVE**

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

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

The Fund’s Select Class Shares underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the information technology and financials sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the industrials and energy sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in General Electric Co. and Microsoft Corp. and its overweight position in Archer Daniels Midland Co. Shares of General Electric, an industrial conglomerate not held in the Fund, rose on expectations for profit growth after the company shed large parts of its finance business. Shares of Microsoft, a provider of software and services that was not held in the Fund, rose on growth in its Azure cloud computing platform as investors sought large cap stocks amid market volatility. Shares of Archer Daniels, an agricultural products processor, fell sharply on continued weakness in global commodities prices.

Leading individual contributors to relative performance included the Fund’s overweight positions in Northrop Corp. and Valero Energy Corp. and its underweight position in Kinder Morgan Inc. Shares of Northrop, an aerospace and electronics company, rose on strong growth in earnings and dividends. Shares of Valero Energy, a refinery operator specializing in gasoline and diesel fuel, rose on the company’s plans to expand its refining and transport systems to reduce operating costs. Shares of Kinder Morgan, an owner/operator of natural gas pipelines and terminals, declined amid continued weakness in energy prices.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	4.2	%
	2.	Pfizer, Inc.	3.7
	3.	Citigroup, Inc.	3.2
	4.	Bank of America Corp.	2.7
	5.	Valero Energy Corp.	2.3
	6.	Northrop Grumman Corp.	2.1
	7.	General Dynamics Corp.	1.9
	8.	LyondellBasell Industries N.V., Class A	1.8
	9.	Apple, Inc.	1.8
	10.	Ford Motor Co.	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Financials	28.3	%
Health Care	12.3
Energy	11.9
Information Technology	11.3
Industrials	10.4
Consumer Staples	6.2
Utilities	5.6
Consumer Discretionary	5.5
Materials	3.0
Telecommunication Services	1.5
Short-Term Investment	4.0

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 11

JPMorgan Intrepid Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
Without Sales Charge			(6.21	)%		(6.29	)%		10.94	%		6.22	%
With Sales Charge**			(11.14	)		(11.21	)		9.75			5.65
CLASS C SHARES	February 19, 2005
Without CDSC			(6.43	)		(6.74	)		10.38			5.69
With CDSC***			(7.43	)		(7.74	)		10.38			5.69
CLASS R2 SHARES	November 3, 2008		(6.32	)		(6.51	)		10.66			6.03
CLASS R5 SHARES	May 15, 2006		(6.02	)		(5.96	)		11.32			6.63
CLASS R6 SHARES	November 30, 2010		(6.02	)		(5.91	)		11.39			6.66
SELECT CLASS SHARES	February 28, 2003		(6.14	)		(6.15	)		11.11			6.43

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

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

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

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares from May 15, 2006 to November 29, 2010 and the performance of Select Class Shares prior to May 15, 2006. During these periods, the actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Intrepid Value Fund, the Russell 1000 Value Index and the Lipper Large-Cap Value Funds Index from December 31, 2005 to

December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Large-Cap Value Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

12 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.5%
		Consumer Discretionary — 9.2%
		Hotels, Restaurants & Leisure — 0.8%
	1	McDonald’s Corp.		174
		Internet & Catalog Retail — 1.2%
	2	Expedia, Inc.		255
		Media — 1.7%
	4	Comcast Corp., Class A		252
	2	Time Warner, Inc.		99
				351
		Multiline Retail — 0.7%
	2	Target Corp.		153
		Specialty Retail — 4.3%
	6	Best Buy Co., Inc.		175
	4	Home Depot, Inc. (The)		486
	2	Lowe’s Cos., Inc.		175
	7	Staples, Inc.		63
				899
		Textiles, Apparel & Luxury Goods — 0.5%
	3	Coach, Inc.		99
		Total Consumer Discretionary		1,931
		Consumer Staples — 12.2%
		Beverages — 3.4%
	5	Coca-Cola Co. (The)		205
	3	Molson Coors Brewing Co., Class B		254
	2	PepsiCo, Inc.		245
				704
		Food & Staples Retailing — 3.1%
	3	Walgreens Boots Alliance, Inc.		275
	6	Wal-Mart Stores, Inc.		383
				658
		Food Products — 4.1%
	1	Ingredion, Inc.		117
	2	Kraft Heinz Co. (The)		153
	4	Mondelez International, Inc., Class A		201
	7	Tyson Foods, Inc., Class A		382
				853
		Household Products — 0.2%
	1	Energizer Holdings, Inc.		44
		Tobacco — 1.4%
	2	Philip Morris International, Inc.		216
	2	Reynolds American, Inc.		86
				302
		Total Consumer Staples		2,561

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 5.6%
		Energy Equipment & Services — 0.5%
	2	Baker Hughes, Inc.		104
		Oil, Gas & Consumable Fuels — 5.1%
	1	Anadarko Petroleum Corp.		51
	1	Chevron Corp.		110
	3	Devon Energy Corp.		94
	1	Exxon Mobil Corp.		105
	5	Marathon Petroleum Corp.		270
	3	Occidental Petroleum Corp.		174
	4	Valero Energy Corp.		269
				1,073
		Total Energy		1,177
		Financials — 15.1%
		Banks — 7.3%
	10	Bank of America Corp.		162
	10	Citigroup, Inc.		535
	5	Fifth Third Bancorp		94
	4	SunTrust Banks, Inc.		179
	10	Wells Fargo & Co.		555
				1,525
		Capital Markets — 1.1%
	2	Bank of New York Mellon Corp. (The)		82
	5	Morgan Stanley		151
				233
		Consumer Finance — 1.8%
	3	Capital One Financial Corp.		211
	3	Discover Financial Services		157
				368
		Diversified Financial Services — 1.1%
	6	Voya Financial, Inc.		228
		Insurance — 2.9%
	2	Allstate Corp. (The)		121
	4	American International Group, Inc.		259
	5	Hartford Financial Services Group, Inc. (The)		230
				610
		Real Estate Investment Trusts (REITs) — 0.9%
	1	AvalonBay Communities, Inc.		120
	1	NorthStar Realty Europe Corp.		14
	4	NorthStar Realty Finance Corp.		59
				193
		Total Financials		3,157

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 13

JPMorgan Intrepid Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care — 17.1%
		Biotechnology — 5.9%
	2	Amgen, Inc.		327
	2	Celgene Corp. (a)		240
	5	Gilead Sciences, Inc.		546
	1	Vertex Pharmaceuticals, Inc. (a)		120
				1,233
		Health Care Equipment & Supplies — 2.3%
	1	Becton, Dickinson and Co.		144
	8	Boston Scientific Corp. (a)		143
	3	Medtronic plc, (Ireland)		196
				483
		Health Care Providers & Services — 6.6%
	1	Aetna, Inc.		59
	1	Anthem, Inc.		188
	3	Cardinal Health, Inc.		223
	3	Cigna Corp.		487
	2	Humana, Inc.		268
	1	McKesson Corp.		156
				1,381
		Pharmaceuticals — 2.3%
	2	AbbVie, Inc.		111
	12	Pfizer, Inc.		376
				487
		Total Health Care		3,584
		Industrials — 8.2%
		Aerospace & Defense — 5.1%
	2	General Dynamics Corp.		206
	1	Lockheed Martin Corp.		234
	3	Northrop Grumman Corp.		637
				1,077
		Airlines — 1.9%
	3	Delta Air Lines, Inc.		165
	4	Southwest Airlines Co.		159
	1	United Continental Holdings, Inc. (a)		67
				391
		Construction & Engineering — 0.9%
	6	AECOM (a)		179
		Machinery — 0.3%
	3	Allison Transmission Holdings, Inc.		73
		Total Industrials		1,720

SHARES			SECURITY DESCRIPTION	VALUE($)
			Information Technology — 24.1%
			Communications Equipment — 2.5%
	13		Cisco Systems, Inc.		364
	3		QUALCOMM, Inc.		149
					513
			Internet Software & Services — 4.3%
	–	(h)	Alphabet, Inc., Class A (a)		247
	–	(h)	Alphabet, Inc., Class C (a)		298
	2		VeriSign, Inc. (a)		146
	6		Yahoo!, Inc. (a)		211
					902
			IT Services — 1.6%
	2		MasterCard, Inc., Class A		170
	2		Visa, Inc., Class A		155
					325
			Semiconductors & Semiconductor Equipment — 2.5%
	3		Broadcom Corp., Class A		191
	3		KLA-Tencor Corp.		191
	2		Lam Research Corp.		131
					513
			Software — 6.6%
	18		Microsoft Corp.		979
	5		Oracle Corp.		191
	8		Rovi Corp. (a)		133
	4		Symantec Corp.		83
					1,386
			Technology Hardware, Storage & Peripherals — 6.6%
	9		Apple, Inc.		998
	10		Hewlett Packard Enterprise Co.		158
	11		HP, Inc.		125
	1		SanDisk Corp.		110
					1,391
			Total Information Technology		5,030
			Materials — 1.4%
			Chemicals — 0.8%
	3		Dow Chemical Co. (The)		157
			Containers & Packaging — 0.6%
	3		Crown Holdings, Inc. (a)		133
			Total Materials		290
			Telecommunication Services — 1.8%
			Diversified Telecommunication Services — 1.8%
	7		CenturyLink, Inc.		186

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Diversified Telecommunication Services — continued
	4	Verizon Communications, Inc.		185
		Total Telecommunication Services		371
		Utilities — 2.8%
		Electric Utilities — 1.1%
	3	Entergy Corp.		221
		Gas Utilities — 1.3%
	8	UGI Corp.		274
		Independent Power & Renewable Electricity Producers — 0.4%
	10	AES Corp.		92
		Total Utilities		587
		Total Common Stocks (Cost $16,480)		20,408
	Short-Term Investment — 2.3%
		Investment Company — 2.3%
	482	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $482)		482
		Total Investments — 99.8% (Cost $16,962)		20,890
		Other Assets in Excess of Liabilities — 0.2%		45
		NET ASSETS — 100.0%	$	20,935

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 15

JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.4%
		Consumer Discretionary — 11.2%
		Auto Components — 0.2%
	245	Goodyear Tire & Rubber Co. (The)		7,998
		Automobiles — 0.8%
	2,229	Ford Motor Co.		31,404
		Diversified Consumer Services — 0.8%
	18	Graham Holdings Co., Class B		8,487
	577	ServiceMaster Global Holdings, Inc. (a)		22,649
				31,136
		Hotels, Restaurants & Leisure — 1.0%
	301	Darden Restaurants, Inc.		19,168
	474	Restaurant Brands International, Inc., (Canada)		17,705
				36,873
		Household Durables — 1.1%
	642	Toll Brothers, Inc. (a)		21,392
	122	Whirlpool Corp.		17,962
				39,354
		Media — 2.0%
	24	Cable One, Inc.		10,234
	155	Comcast Corp., Class A		8,764
	2,041	Twenty-First Century Fox, Inc., Class A		55,444
				74,442
		Multiline Retail — 2.2%
	1,145	Target Corp.		83,110
		Specialty Retail — 3.1%
	856	Best Buy Co., Inc.		26,071
	1,156	Lowe’s Cos., Inc.		87,925
				113,996
		Total Consumer Discretionary		418,313
		Consumer Staples — 9.4%
		Food & Staples Retailing — 2.8%
	177	CVS Health Corp.		17,295
	2,040	Kroger Co. (The)		85,342
				102,637
		Food Products — 3.9%
	1,153	Archer-Daniels-Midland Co.		42,285
	387	Bunge Ltd.		26,438
	315	Ingredion, Inc.		30,151
	1,347	Pilgrim’s Pride Corp.		29,755
	332	Tyson Foods, Inc., Class A		17,679
				146,308

SHARES		SECURITY DESCRIPTION	VALUE($)
		Household Products — 0.6%
	657	Energizer Holdings, Inc.		22,378
		Personal Products — 0.5%
	369	Herbalife Ltd. (a)		19,764
		Tobacco — 1.6%
	1,239	Reynolds American, Inc.		57,201
		Total Consumer Staples		348,288
		Energy — 6.7%
		Energy Equipment & Services — 2.5%
	453	Cameron International Corp. (a)		28,649
	1,752	Ensco plc, (United Kingdom), Class A		26,970
	155	National Oilwell Varco, Inc.		5,174
	823	Noble Corp. plc, (United Kingdom)		8,682
	119	Schlumberger Ltd.		8,293
	2,181	Seadrill Ltd., (United Kingdom) (a)		7,395
	699	Transocean Ltd., (Switzerland)		8,647
				93,810
		Oil, Gas & Consumable Fuels — 4.2%
	2,651	Denbury Resources, Inc.		5,355
	731	Marathon Oil Corp.		9,206
	260	Marathon Petroleum Corp.		13,499
	358	Occidental Petroleum Corp.		24,225
	202	Tesoro Corp.		21,242
	1,172	Valero Energy Corp.		82,879
				156,406
		Total Energy		250,216
		Financials — 14.0%
		Banks — 5.7%
	1,240	Bank of America Corp.		20,873
	801	Citigroup, Inc.		41,452
	522	Fifth Third Bancorp		10,490
	152	PNC Financial Services Group, Inc. (The)		14,506
	2,332	Wells Fargo & Co.		126,770
				214,091
		Capital Markets — 0.4%
	123	Ameriprise Financial, Inc.		13,111
		Consumer Finance — 1.0%
	694	Discover Financial Services		37,234
		Diversified Financial Services — 0.8%
	297	MSCI, Inc.		21,386
	260	Voya Financial, Inc.		9,578
				30,964
		Insurance — 3.8%
	199	Allstate Corp. (The)		12,368

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	355	Aspen Insurance Holdings Ltd., (Bermuda)		17,166
	150	Everest Re Group Ltd., (Bermuda)		27,427
	493	Hartford Financial Services Group, Inc. (The)		21,434
	327	Lincoln National Corp.		16,410
	208	Prudential Financial, Inc.		16,893
	256	Travelers Cos., Inc. (The)		28,915
				140,613
		Real Estate Investment Trusts (REITs) — 1.0%
	453	Annaly Capital Management, Inc.		4,253
	656	Equity Commonwealth (a)		18,191
	159	Vornado Realty Trust		15,863
				38,307
		Real Estate Management & Development — 1.3%
	561	CBRE Group, Inc., Class A (a)		19,382
	181	Jones Lang LaSalle, Inc.		28,887
				48,269
		Total Financials		522,589
		Health Care — 15.5%
		Biotechnology — 4.7%
	498	Amgen, Inc.		80,856
	941	Gilead Sciences, Inc.		95,220
				176,076
		Health Care Equipment & Supplies — 2.1%
	1,023	Medtronic plc, (Ireland)		78,682
		Health Care Providers & Services — 6.8%
	75	Aetna, Inc.		8,120
	281	AmerisourceBergen Corp.		29,101
	164	Anthem, Inc.		22,924
	274	Cigna Corp.		40,080
	466	Health Net, Inc. (a)		31,909
	232	Humana, Inc.		41,379
	68	LifePoint Health, Inc. (a)		5,020
	231	McKesson Corp.		45,521
	474	Molina Healthcare, Inc. (a)		28,489
				252,543
		Pharmaceuticals — 1.9%
	2,227	Pfizer, Inc.		71,889
		Total Health Care		579,190
		Industrials — 9.4%
		Aerospace & Defense — 4.0%
	131	General Dynamics Corp.		17,967
	110	Huntington Ingalls Industries, Inc.		13,966

SHARES		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
	462	Northrop Grumman Corp.		87,287
	584	Spirit AeroSystems Holdings, Inc., Class A (a)		29,251
				148,471
		Airlines — 2.5%
	1,600	Delta Air Lines, Inc.		81,114
	330	Southwest Airlines Co.		14,201
				95,315
		Building Products — 0.6%
	751	Masco Corp.		21,239
		Commercial Services & Supplies — 0.3%
	407	Pitney Bowes, Inc.		8,413
	302	R.R. Donnelley & Sons Co.		4,445
				12,858
		Construction & Engineering — 0.8%
	972	AECOM (a)		29,198
		Machinery — 1.2%
	482	Illinois Tool Works, Inc.		44,663
		Total Industrials		351,744
		Information Technology — 22.9%
		Communications Equipment — 0.5%
	511	Juniper Networks, Inc.		14,098
	33	Palo Alto Networks, Inc. (a)		5,830
				19,928
		Internet Software & Services — 3.1%
	3,019	eBay, Inc. (a)		82,957
	374	VeriSign, Inc. (a)		32,655
				115,612
		IT Services — 4.0%
	285	Amdocs Ltd.		15,557
	515	Leidos Holdings, Inc.		28,991
	122	MasterCard, Inc., Class A		11,829
	1,061	Visa, Inc., Class A		82,257
	558	Western Union Co. (The)		10,001
				148,635
		Semiconductors & Semiconductor Equipment — 2.9%
	515	KLA-Tencor Corp.		35,681
	330	Lam Research Corp.		26,232
	1,779	Marvell Technology Group Ltd., (Bermuda)		15,690
	929	NVIDIA Corp.		30,626
				108,229
		Software — 7.2%
	984	Activision Blizzard, Inc.		38,106

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 17

JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	285	Electronic Arts, Inc. (a)		19,551
	2,453	Microsoft Corp.		136,076
	288	Nuance Communications, Inc. (a)		5,725
	1,876	Oracle Corp.		68,530
				267,988
		Technology Hardware, Storage & Peripherals — 5.2%
	1,829	Apple, Inc.		192,552
		Total Information Technology		852,944
		Materials — 3.1%
		Chemicals — 1.8%
	766	LyondellBasell Industries N.V., Class A		66,592
		Containers & Packaging — 0.7%
	615	Sealed Air Corp.		27,416
		Metals & Mining — 0.6%
	1,141	Steel Dynamics, Inc.		20,391
		Total Materials		114,399
		Telecommunication Services — 2.8%
		Diversified Telecommunication Services — 2.8%
	911	AT&T, Inc.		31,334
	749	CenturyLink, Inc.		18,836
	1,142	Verizon Communications, Inc.		52,797
		Total Telecommunication Services		102,967

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 2.4%
		Electric Utilities — 0.8%
	441	Entergy Corp.		30,153
		Gas Utilities — 0.8%
	878	UGI Corp.		29,628
		Multi-Utilities — 0.8%
	774	Public Service Enterprise Group, Inc.		29,950
		Total Utilities		89,731
		Total Common Stocks (Cost $3,046,978)		3,630,381
	Short-Term Investment — 5.1%
		Investment Company — 5.1%
	191,899	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $191,899)		191,899
		Total Investments — 102.5% (Cost $3,238,877)		3,822,280
		Liabilities in Excess of Other Assets — (2.5)% (c)		(94,624	)
		NET ASSETS — 100.0%	$	3,727,656

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	881	E-mini S&P 500		03/18/16		USD	$	89,659	$	1,528

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.9%
		Consumer Discretionary — 19.1%
		Auto Components — 0.4%
	147	Goodyear Tire & Rubber Co. (The)		4,786
		Diversified Consumer Services — 1.6%
	8	Graham Holdings Co., Class B		4,073
	119	H&R Block, Inc.		3,954
	237	ServiceMaster Global Holdings, Inc. (a)		9,300
				17,327
		Hotels, Restaurants & Leisure — 1.5%
	121	Darden Restaurants, Inc.		7,701
	226	Restaurant Brands International, Inc., (Canada)		8,450
				16,151
		Household Durables — 0.7%
	3	NVR, Inc. (a)		4,107
	88	Toll Brothers, Inc. (a)		2,934
				7,041
		Internet & Catalog Retail — 1.6%
	67	Expedia, Inc.		8,365
	183	Wayfair, Inc., Class A (a)		8,715
				17,080
		Media — 4.4%
	8	Cable One, Inc.		3,643
	115	DISH Network Corp., Class A (a)		6,598
	223	Interpublic Group of Cos., Inc. (The)		5,182
	62	Sinclair Broadcast Group, Inc., Class A		2,024
	2,158	Sirius XM Holdings, Inc. (a)		8,782
	804	Twenty-First Century Fox, Inc., Class A		21,826
				48,055
		Multiline Retail — 1.8%
	262	Target Corp.		19,017
		Specialty Retail — 5.9%
	130	Foot Locker, Inc.		8,455
	240	Home Depot, Inc. (The)		31,714
	311	Lowe’s Cos., Inc.		23,633
				63,802
		Textiles, Apparel & Luxury Goods — 1.2%
	56	Carter’s, Inc.		4,959
	271	Skechers U.S.A., Inc., Class A (a)		8,190
				13,149
		Total Consumer Discretionary		206,408

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 10.2%
		Beverages — 1.2%
	125	PepsiCo, Inc.		12,470
		Food & Staples Retailing — 2.2%
	554	Kroger Co. (The)		23,183
		Food Products — 3.7%
	91	Bunge Ltd.		6,200
	91	Ingredion, Inc.		8,750
	391	Pilgrim’s Pride Corp.		8,628
	134	Post Holdings, Inc. (a)		8,262
	157	Tyson Foods, Inc., Class A		8,394
				40,234
		Household Products — 0.1%
	41	Energizer Holdings, Inc.		1,410
		Personal Products — 0.7%
	24	Edgewell Personal Care Co.		1,842
	115	Herbalife Ltd. (a)		6,139
				7,981
		Tobacco — 2.3%
	547	Reynolds American, Inc.		25,221
		Total Consumer Staples		110,499
		Energy — 0.9%
		Energy Equipment & Services — 0.7%
	106	Cameron International Corp. (a)		6,718
	45	Ensco plc, (United Kingdom), Class A		686
				7,404
		Oil, Gas & Consumable Fuels — 0.2%
	420	Denbury Resources, Inc.		848
	120	Marathon Oil Corp.		1,506
				2,354
		Total Energy		9,758
		Financials — 4.1%
		Diversified Financial Services — 1.3%
	32	MarketAxess Holdings, Inc.		3,549
	87	Moody’s Corp.		8,730
	23	Morningstar, Inc.		1,833
				14,112
		Insurance — 0.4%
	8	Assurant, Inc.		644
	24	Prudential Financial, Inc.		1,962
	34	Validus Holdings Ltd., (Bermuda)		1,556
				4,162

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 19

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Investment Trusts (REITs) — 1.9%
	154	American Tower Corp.		14,891
	35	Equity Commonwealth (a)		982
	55	Extra Space Storage, Inc.		4,816
				20,689
		Real Estate Management & Development — 0.5%
	155	CBRE Group, Inc., Class A (a)		5,346
		Total Financials		44,309
		Health Care — 16.4%
		Biotechnology — 8.9%
	210	Amgen, Inc.		34,057
	38	Anacor Pharmaceuticals, Inc. (a)		4,270
	35	Celgene Corp. (a)		4,227
	357	Gilead Sciences, Inc.		36,165
	36	United Therapeutics Corp. (a)		5,638
	91	Vertex Pharmaceuticals, Inc. (a)		11,451
				95,808
		Health Care Equipment & Supplies — 0.8%
	225	Hologic, Inc. (a)		8,713
		Health Care Providers & Services — 6.7%
	57	AmerisourceBergen Corp.		5,911
	14	Amsurg Corp. (a)		1,079
	134	Cardinal Health, Inc.		11,980
	124	Centene Corp. (a)		8,174
	74	Cigna Corp.		10,814
	133	Health Net, Inc. (a)		9,098
	96	Humana, Inc.		17,173
	145	Molina Healthcare, Inc. (a)		8,689
				72,918
		Total Health Care		177,439
		Industrials — 10.2%
		Aerospace & Defense — 4.7%
	291	BWX Technologies, Inc.		9,242
	119	Curtiss-Wright Corp.		8,165
	67	Huntington Ingalls Industries, Inc.		8,537
	39	Northrop Grumman Corp.		7,439
	164	Spirit AeroSystems Holdings, Inc., Class A (a)		8,217
	38	TransDigm Group, Inc. (a)		8,772
				50,372
		Airlines — 3.5%
	86	Alaska Air Group, Inc.		6,956
	479	Delta Air Lines, Inc.		24,296
	166	Southwest Airlines Co.		7,143
				38,395

SHARES		SECURITY DESCRIPTION	VALUE($)
		Building Products — 0.8%
	287	Masco Corp.		8,116
		Commercial Services & Supplies — 0.1%
	68	R.R. Donnelley & Sons Co.		994
		Machinery — 0.6%
	263	Allison Transmission Holdings, Inc.		6,807
		Professional Services — 0.5%
	70	ManpowerGroup, Inc.		5,917
		Total Industrials		110,601
		Information Technology — 28.7%
		Internet Software & Services — 4.0%
	11	Alphabet, Inc., Class A (a)		8,247
	5	Alphabet, Inc., Class C (a)		4,098
	856	eBay, Inc. (a)		23,512
	84	VeriSign, Inc. (a)		7,347
				43,204
		IT Services — 5.2%
	88	Amdocs Ltd.		4,813
	245	Computer Sciences Corp.		8,010
	109	Leidos Holdings, Inc.		6,121
	146	PayPal Holdings, Inc. (a)		5,296
	410	Visa, Inc., Class A		31,757
				55,997
		Semiconductors & Semiconductor Equipment — 2.5%
	120	KLA-Tencor Corp.		8,315
	109	Lam Research Corp.		8,617
	178	Marvell Technology Group Ltd., (Bermuda)		1,573
	279	NVIDIA Corp.		9,192
				27,697
		Software — 10.3%
	274	Activision Blizzard, Inc.		10,614
	45	Aspen Technology, Inc. (a)		1,699
	112	Citrix Systems, Inc. (a)		8,435
	66	Electronic Arts, Inc. (a)		4,515
	56	Fortinet, Inc. (a)		1,758
	837	Microsoft Corp.		46,456
	412	Nuance Communications, Inc. (a)		8,189
	617	Oracle Corp.		22,546
	38	Red Hat, Inc. (a)		3,130
	116	Take-Two Interactive Software, Inc. (a)		4,028
				111,370

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Technology Hardware, Storage & Peripherals — 6.7%
	690	Apple, Inc.		72,582
		Total Information Technology		310,850
		Materials — 3.7%
		Chemicals — 1.4%
	170	LyondellBasell Industries N.V., Class A		14,799
		Containers & Packaging — 1.5%
	167	Crown Holdings, Inc. (a)		8,452
	185	Sealed Air Corp.		8,251
				16,703
		Metals & Mining — 0.8%
	486	Steel Dynamics, Inc.		8,688
		Total Materials		40,190
		Telecommunication Services — 2.2%
		Diversified Telecommunication Services — 1.8%
	578	AT&T, Inc.		19,904

SHARES		SECURITY DESCRIPTION	VALUE($)
		Wireless Telecommunication Services — 0.4%
	99	T-Mobile US, Inc. (a)		3,877
		Total Telecommunication Services		23,781
		Utilities — 0.4%
		Electric Utilities — 0.4%
	61	Entergy Corp.		4,143
		Total Common Stocks (Cost $835,919)		1,037,978
	Short-Term Investment — 3.9%
		Investment Company — 3.9%
	42,060	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $42,060)		42,060
		Total Investments — 99.8% (Cost $877,979)		1,080,038
		Other Assets in Excess of Liabilities — 0.2% (c)		1,670
		NET ASSETS — 100.0%	$	1,081,708

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	421	E-mini S&P 500		03/18/16		USD	$	42,845	$	731

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 21

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.4%
		Consumer Discretionary — 14.7%
		Auto Components — 1.8%
	124	Lear Corp.		15,268
		Diversified Consumer Services — 2.6%
	18	Graham Holdings Co., Class B		8,875
	337	ServiceMaster Global Holdings, Inc. (a)		13,236
				22,111
		Hotels, Restaurants & Leisure — 0.6%
	87	Darden Restaurants, Inc.		5,549
		Internet & Catalog Retail — 1.2%
	342	Groupon, Inc. (a)		1,049
	200	Liberty Ventures, Series A (a)		9,022
				10,071
		Leisure Products — 0.3%
	49	Brunswick Corp.		2,480
		Media — 1.7%
	35	Discovery Communications, Inc., Class C (a)		875
	56	Interpublic Group of Cos., Inc. (The)		1,313
	50	John Wiley & Sons, Inc., Class A		2,256
	741	News Corp., Class A		9,905
				14,349
		Multiline Retail — 1.2%
	25	Dollar Tree, Inc. (a)		1,915
	247	Macy’s, Inc.		8,640
				10,555
		Specialty Retail — 4.8%
	379	Best Buy Co., Inc.		11,532
	16	GameStop Corp., Class A		440
	106	Murphy USA, Inc. (a)		6,414
	102	Penske Automotive Group, Inc.		4,298
	257	Ross Stores, Inc.		13,845
	507	Staples, Inc.		4,802
				41,331
		Textiles, Apparel & Luxury Goods — 0.5%
	142	Skechers U.S.A., Inc., Class A (a)		4,284
		Total Consumer Discretionary		125,998
		Consumer Staples — 6.2%
		Food & Staples Retailing — 0.8%
	171	Kroger Co. (The)		7,170
		Food Products — 4.2%
	202	Bunge Ltd.		13,793

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — continued
	144	Ingredion, Inc.		13,772
	162	Tyson Foods, Inc., Class A		8,655
				36,220
		Personal Products — 0.6%
	91	Herbalife Ltd. (a)		4,869
		Tobacco — 0.6%
	103	Reynolds American, Inc.		4,754
		Total Consumer Staples		53,013
		Energy — 4.8%
		Energy Equipment & Services — 1.0%
	9	Baker Hughes, Inc.		401
	48	Cameron International Corp. (a)		3,046
	298	Nabors Industries Ltd.		2,533
	108	Rowan Cos. plc, Class A		1,831
	196	Seadrill Ltd., (United Kingdom) (a)		666
				8,477
		Oil, Gas & Consumable Fuels — 3.8%
	32	Cimarex Energy Co.		2,883
	129	EQT Corp.		6,735
	160	Gulfport Energy Corp. (a)		3,919
	361	Marathon Oil Corp.		4,542
	38	Marathon Petroleum Corp.		1,944
	57	Murphy Oil Corp.		1,268
	8	Noble Energy, Inc.		277
	68	PBF Energy, Inc., Class A		2,514
	24	QEP Resources, Inc.		324
	35	Valero Energy Corp.		2,489
	129	World Fuel Services Corp.		4,954
	199	WPX Energy, Inc. (a)		1,144
				32,993
		Total Energy		41,470
		Financials — 22.6%
		Banks — 2.9%
	43	Citizens Financial Group, Inc.		1,134
	64	East West Bancorp, Inc.		2,652
	29	Fifth Third Bancorp		585
	100	Huntington Bancshares, Inc.		1,107
	329	KeyCorp		4,343
	71	PacWest Bancorp		3,077
	346	Regions Financial Corp.		3,321
	14	Signature Bank (a)		2,116
	54	SVB Financial Group (a)		6,385
				24,720

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks— continued
		Capital Markets — 0.9%
	20	Affiliated Managers Group, Inc. (a)		3,163
	88	Lazard Ltd., (Bermuda), Class A		3,952
	11	Raymond James Financial, Inc.		620
				7,735
		Consumer Finance — 2.1%
	198	Discover Financial Services		10,627
	229	Synchrony Financial (a)		6,961
				17,588
		Diversified Financial Services — 1.1%
	11	Intercontinental Exchange, Inc.		2,845
	81	MSCI, Inc.		5,828
	16	Nasdaq, Inc.		925
				9,598
		Insurance — 4.7%
	73	Allied World Assurance Co. Holdings AG, (Switzerland)		2,696
	74	American Financial Group, Inc.		5,327
	5	American National Insurance Co.		542
	23	Aon plc, (United Kingdom)		2,112
	17	Arch Capital Group Ltd., (Bermuda) (a)		1,210
	35	Aspen Insurance Holdings Ltd., (Bermuda)		1,710
	35	Assurant, Inc.		2,855
	53	Assured Guaranty Ltd., (Bermuda)		1,398
	18	Axis Capital Holdings Ltd., (Bermuda)		1,001
	21	Endurance Specialty Holdings Ltd., (Bermuda)		1,363
	8	Everest Re Group Ltd., (Bermuda)		1,501
	15	FNF Group		504
	77	Hanover Insurance Group, Inc. (The)		6,247
	48	Hartford Financial Services Group, Inc. (The)		2,099
	33	Lincoln National Corp.		1,654
	44	Principal Financial Group, Inc.		1,970
	22	Torchmark Corp.		1,276
	101	Unum Group		3,366
	34	Validus Holdings Ltd., (Bermuda)		1,569
				40,400
		Real Estate Investment Trusts (REITs) — 9.2%
	85	Annaly Capital Management, Inc.		793
	80	Apartment Investment & Management Co., Class A		3,214
	8	AvalonBay Communities, Inc.		1,547
	9	Boston Properties, Inc.		1,148
	78	Brandywine Realty Trust		1,060
	132	Brixmor Property Group, Inc.		3,408

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	10	Care Capital Properties, Inc.		296
	20	Crown Castle International Corp.		1,738
	33	Douglas Emmett, Inc.		1,029
	64	Equinix, Inc.		19,445
	138	Equity Commonwealth (a)		3,834
	49	Equity LifeStyle Properties, Inc.		3,273
	10	Equity Residential		824
	56	Extra Space Storage, Inc.		4,949
	29	Four Corners Property Trust, Inc. (a)		712
	15	Mid-America Apartment Communities, Inc.		1,380
	11	NorthStar Realty Europe Corp.		132
	142	Paramount Group, Inc.		2,567
	58	Post Properties, Inc.		3,455
	18	Regency Centers Corp.		1,247
	8	SL Green Realty Corp.		926
	35	Taubman Centers, Inc.		2,693
	206	Two Harbors Investment Corp.		1,669
	3	Ventas, Inc.		179
	49	Vornado Realty Trust		4,878
	15	Welltower, Inc.		1,000
	318	Weyerhaeuser Co.		9,540
	37	WP Carey, Inc.		2,165
				79,101
		Real Estate Management & Development — 1.7%
	93	Jones Lang LaSalle, Inc.		14,803
		Total Financials		193,945
		Health Care — 10.3%
		Biotechnology — 2.0%
	34	Alnylam Pharmaceuticals, Inc. (a)		3,191
	48	BioMarin Pharmaceutical, Inc. (a)		4,997
	16	Incyte Corp. (a)		1,692
	16	Intercept Pharmaceuticals, Inc. (a)		2,420
	64	Medivation, Inc. (a)		3,079
	25	Puma Biotechnology, Inc. (a)		1,921
				17,300
		Health Care Equipment & Supplies — 3.2%
	6	C.R. Bard, Inc.		1,136
				—
	323	Hologic, Inc. (a)		12,493
	136	Zimmer Biomet Holdings, Inc.		13,973
				27,602
		Health Care Providers & Services — 3.7%
	184	AmerisourceBergen Corp.		19,124
	3	Centene Corp. (a)		184
	10	Cigna Corp.		1,463

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 23

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	122	Community Health Systems, Inc. (a)		3,245
	34	Health Net, Inc. (a)		2,293
	4	Humana, Inc.		661
	87	Premier, Inc., Class A (a)		3,069
	43	Tenet Healthcare Corp. (a)		1,297
				31,336
		Pharmaceuticals — 1.4%
	71	Endo International plc, (Ireland) (a)		4,371
	6	Jazz Pharmaceuticals plc, (Ireland) (a)		899
	25	Mallinckrodt plc (a)		1,866
	33	Perrigo Co. plc, (Ireland)		4,703
				11,839
		Total Health Care		88,077
		Industrials — 13.1%
		Aerospace & Defense — 2.9%
	32	BWX Technologies, Inc.		1,023
	137	Huntington Ingalls Industries, Inc.		17,418
	4	Northrop Grumman Corp.		680
	18	Orbital ATK, Inc.		1,617
	80	Spirit AeroSystems Holdings, Inc., Class A (a)		3,981
				24,719
		Airlines — 3.3%
	114	Delta Air Lines, Inc.		5,758
	345	JetBlue Airways Corp. (a)		7,817
	257	United Continental Holdings, Inc. (a)		14,703
				28,278
		Commercial Services & Supplies — 1.6%
	369	KAR Auction Services, Inc.		13,675
		Construction & Engineering — 2.5%
	536	AECOM (a)		16,093
	34	Fluor Corp.		1,596
	87	Jacobs Engineering Group, Inc. (a)		3,629
				21,318
		Electrical Equipment — 0.1%
	16	Babcock & Wilcox Enterprises, Inc. (a)		337
		Machinery — 2.0%
	155	Crane Co.		7,415
	47	Ingersoll-Rand plc		2,604
	72	Parker-Hannifin Corp.		6,939
				16,958
		Professional Services — 0.6%
	64	ManpowerGroup, Inc.		5,378

SHARES		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — 0.1%
	19	Landstar System, Inc.		1,120
		Total Industrials		111,783
		Information Technology — 14.4%
		Communications Equipment — 1.4%
	99	Harris Corp.		8,642
	105	Juniper Networks, Inc.		2,898
				11,540
		Electronic Equipment, Instruments & Components — 1.0%
	79	Avnet, Inc.		3,372
	179	Ingram Micro, Inc., Class A		5,441
				8,813
		Internet Software & Services — 0.3%
	12	LinkedIn Corp., Class A (a)		2,723
		IT Services — 3.7%
	488	Computer Sciences Corp.		15,951
	263	Vantiv, Inc., Class A (a)		12,481
	268	Xerox Corp.		2,845
				31,277
		Semiconductors & Semiconductor Equipment — 3.8%
	469	Applied Materials, Inc.		8,747
	61	First Solar, Inc. (a)		3,992
	27	Lam Research Corp.		2,121
	1,480	Marvell Technology Group Ltd., (Bermuda)		13,057
	157	Micron Technology, Inc. (a)		2,220
	206	ON Semiconductor Corp. (a)		2,022
				32,159
		Software — 3.0%
	70	Cadence Design Systems, Inc. (a)		1,450
	164	Citrix Systems, Inc. (a)		12,369
	61	Nuance Communications, Inc. (a)		1,207
	239	Synopsys, Inc. (a)		10,878
				25,904
		Technology Hardware, Storage & Peripherals — 1.2%
	140	Lexmark International, Inc., Class A		4,553
	245	NCR Corp. (a)		5,995
				10,548
		Total Information Technology		122,964
		Materials — 4.9%
		Chemicals — 1.7%
	13	Ashland, Inc.		1,335
	150	Cabot Corp.		6,124

SEE NOTES TO FINANCIAL STATEMENTS

24 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Chemicals — continued
	13	Huntsman Corp.		151
	72	PPG Industries, Inc.		7,145
				14,755
		Containers & Packaging — 1.4%
	36	Avery Dennison Corp.		2,274
	84	Crown Holdings, Inc. (a)		4,269
	51	Sealed Air Corp.		2,288
	63	WestRock Co.		2,879
				11,710
		Metals & Mining — 1.2%
	9	Nucor Corp.		354
	68	Reliance Steel & Aluminum Co.		3,915
	344	Steel Dynamics, Inc.		6,144
				10,413
		Paper & Forest Products — 0.6%
	49	Domtar Corp., (Canada)		1,826
	96	International Paper Co.		3,604
				5,430
		Total Materials		42,308
		Telecommunication Services — 0.8%
		Diversified Telecommunication Services — 0.8%
	1,534	Frontier Communications Corp.		7,163
		Utilities — 5.6%
		Electric Utilities — 0.7%
	78	Entergy Corp.		5,359
	8	Pinnacle West Capital Corp.		516
				5,875
		Gas Utilities — 1.0%
	242	UGI Corp.		8,162
		Independent Power & Renewable Electricity Producers — 0.4%
	388	AES Corp.		3,714

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — 3.5%
	39	Alliant Energy Corp.		2,407
	47	Ameren Corp.		2,049
	124	CenterPoint Energy, Inc.		2,273
	116	CMS Energy Corp.		4,178
	35	Consolidated Edison, Inc.		2,275
	62	DTE Energy Co.		4,964
	93	Public Service Enterprise Group, Inc.		3,598
	57	Sempra Energy		5,359
	102	TECO Energy, Inc.		2,709
				29,812
		Total Utilities		47,563
		Total Common Stocks (Cost $764,219)		834,284
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Consumer Staples — 0.0% (g)
		Food & Staples Retailing — 0.0% (g)
	121	Safeway, Inc. PDC CVR, expiring 01/30/17 (a)		6
	121	Safeway, Inc. PDC CVR, expiring 01/30/18 (a)		8
		Total Rights (Cost $–)		14
SHARES
	Short-Term Investment — 2.6%
		Investment Company — 2.6%
	22,090	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $22,090)		22,090
		Total Investments — 100.0% (Cost $786,309)		856,388
		Other Assets in Excess of Liabilities — 0.0% (c) (g)		107
		NET ASSETS — 100.0%	$	856,495

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	157	S&P Mid Cap 400		03/18/16		USD	$	21,878	$	(80	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 25

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.9%
		Consumer Discretionary — 5.5%
		Automobiles — 1.7%
	2,183	Ford Motor Co.		30,763
		Diversified Consumer Services — 0.1%
	49	ServiceMaster Global Holdings, Inc. (a)		1,915
		Hotels, Restaurants & Leisure — 0.7%
	194	Darden Restaurants, Inc.		12,333
		Household Durables — 0.5%
	451	PulteGroup, Inc.		8,028
		Media — 1.4%
	206	CBS Corp. (Non-Voting), Class B		9,699
	3,561	Sirius XM Holdings, Inc. (a)		14,494
				24,193
		Multiline Retail — 0.7%
	102	Macy’s, Inc.		3,575
	132	Target Corp.		9,548
				13,123
		Specialty Retail — 0.4%
	667	Staples, Inc.		6,314
		Total Consumer Discretionary		96,669
		Consumer Staples — 6.2%
		Food & Staples Retailing — 2.0%
	111	CVS Health Corp.		10,892
	581	Kroger Co. (The)		24,282
				35,174
		Food Products — 2.4%
	715	Archer-Daniels-Midland Co.		26,219
	146	Bunge Ltd.		9,996
	293	Pilgrim’s Pride Corp.		6,479
				42,694
		Household Products — 0.4%
	187	Energizer Holdings, Inc.		6,369
		Personal Products — 1.4%
	57	Edgewell Personal Care Co.		4,475
	194	Herbalife Ltd. (a)		10,376
	257	Nu Skin Enterprises, Inc., Class A		9,730
				24,581
		Total Consumer Staples		108,818
		Energy — 11.9%
		Energy Equipment & Services — 4.5%
	75	Baker Hughes, Inc.		3,452
	200	Cameron International Corp. (a)		12,653

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy Equipment & Services — continued
	806	Ensco plc, (United Kingdom), Class A		12,400
	175	FMC Technologies, Inc. (a)		5,071
	418	Frank’s International N.V., (Netherlands)		6,975
	335	National Oilwell Varco, Inc.		11,216
	1,124	Noble Corp. plc, (United Kingdom)		11,853
	106	Schlumberger Ltd.		7,372
	2,388	Seadrill Ltd., (United Kingdom) (a)		8,093
				79,085
		Oil, Gas & Consumable Fuels — 7.4%
	100	Chevron Corp.		8,965
	278	ConocoPhillips		12,961
	935	Denbury Resources, Inc.		1,888
	148	Devon Energy Corp.		4,746
	45	Exxon Mobil Corp.		3,516
	584	Marathon Oil Corp.		7,358
	396	Marathon Petroleum Corp.		20,523
	420	Occidental Petroleum Corp.		28,369
	577	Valero Energy Corp.		40,814
				129,140
		Total Energy		208,225
		Financials — 28.3%
		Banks — 11.3%
	2,826	Bank of America Corp.		47,567
	1,069	Citigroup, Inc.		55,315
	855	KeyCorp		11,283
	53	PNC Financial Services Group, Inc. (The)		5,020
	116	Popular, Inc., (Puerto Rico)		3,296
	42	U.S. Bancorp		1,792
	1,366	Wells Fargo & Co.		74,253
				198,526
		Capital Markets — 2.0%
	111	Ameriprise Financial, Inc.		11,845
	100	Goldman Sachs Group, Inc. (The)		18,068
	184	Morgan Stanley		5,853
				35,766
		Consumer Finance — 1.2%
	22	Capital One Financial Corp.		1,609
	344	Discover Financial Services		18,424
				20,033
		Diversified Financial Services — 1.7%
	219	MSCI, Inc.		15,811
	376	Voya Financial, Inc.		13,871
				29,682

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Insurance — 7.8%
	371		Allstate Corp. (The)		23,011
	241		Aspen Insurance Holdings Ltd., (Bermuda)		11,640
	250		Axis Capital Holdings Ltd., (Bermuda)		14,044
	85		Everest Re Group Ltd., (Bermuda)		15,599
	329		Hartford Financial Services Group, Inc. (The)		14,277
	279		Lincoln National Corp.		14,013
	314		Prudential Financial, Inc.		25,595
	32		Travelers Cos., Inc. (The)		3,645
	315		Validus Holdings Ltd., (Bermuda)		14,567
					136,391
			Real Estate Investment Trusts (REITs) — 2.7%
	295		American Capital Agency Corp.		5,114
	319		Annaly Capital Management, Inc.		2,990
	492		Equity Commonwealth (a)		13,632
	212		Hospitality Properties Trust		5,533
	117		NorthStar Realty Finance Corp.		1,987
	406		Piedmont Office Realty Trust, Inc., Class A		7,673
	332		RLJ Lodging Trust		7,183
	38		Vornado Realty Trust		3,759
					47,871
			Real Estate Management & Development — 1.6%
	388		CBRE Group, Inc., Class A (a)		13,407
	86		Jones Lang LaSalle, Inc.		13,700
	–	(h)	RMR Group, Inc.(The), Class A (a)		–	(h)
					27,107
			Total Financials		495,376
			Health Care — 12.2%
			Biotechnology — 2.5%
	32		Amgen, Inc.		5,243
	288		Gilead Sciences, Inc.		29,133
	64		United Therapeutics Corp. (a)		9,976
					44,352
			Health Care Equipment & Supplies — 1.1%
	254		Alere, Inc. (a)		9,925
	29		C.R. Bard, Inc.		5,513
	96		Hologic, Inc. (a)		3,695
					19,133
			Health Care Providers & Services — 4.9%
	136		AmerisourceBergen Corp.		14,063
	52		Anthem, Inc.		7,195
	39		Cardinal Health, Inc.		3,481
	106		Cigna Corp.		15,482

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — continued
	218	Health Net, Inc. (a)		14,890
	95	Humana, Inc.		16,905
	229	Molina Healthcare, Inc. (a)		13,788
				85,804
		Pharmaceuticals — 3.7%
	2,017	Pfizer, Inc.		65,116
		Total Health Care		214,405
		Industrials — 10.4%
		Aerospace & Defense — 5.4%
	170	Curtiss-Wright Corp.		11,659
	239	General Dynamics Corp.		32,870
	195	Northrop Grumman Corp.		36,724
	275	Spirit AeroSystems Holdings, Inc., Class A (a)		13,779
				95,032
		Airlines — 1.4%
	490	Delta Air Lines, Inc.		24,833
		Commercial Services & Supplies — 1.0%
	565	Pitney Bowes, Inc.		11,657
	359	R.R. Donnelley & Sons Co.		5,290
				16,947
		Construction & Engineering — 0.9%
	494	AECOM (a)		14,847
		Machinery — 1.7%
	37	Deere & Co.		2,829
	216	Illinois Tool Works, Inc.		20,019
	66	Valmont Industries, Inc.		6,955
				29,803
		Total Industrials		181,462
		Information Technology — 11.3%
		Communications Equipment — 2.4%
	591	Cisco Systems, Inc.		16,048
	523	Juniper Networks, Inc.		14,424
	212	QUALCOMM, Inc.		10,587
				41,059
		Internet Software & Services — 0.8%
	157	VeriSign, Inc. (a)		13,690
		IT Services — 3.0%
	137	Amdocs Ltd.		7,465
	427	Computer Sciences Corp.		13,961
	393	CoreLogic, Inc. (a)		13,310
	73	CSRA, Inc.		2,184
	84	International Business Machines Corp.		11,560

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 27

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		IT Services — continued
	47	Leidos Holdings, Inc.		2,656
	90	Western Union Co. (The)		1,619
				52,755
		Semiconductors & Semiconductor Equipment — 2.5%
	146	Intel Corp.		5,033
	171	Lam Research Corp.		13,541
	793	Micron Technology, Inc. (a)		11,232
	672	Teradyne, Inc.		13,888
				43,694
		Software — 0.8%
	725	Nuance Communications, Inc. (a)		14,424
		Technology Hardware, Storage & Peripherals — 1.8%
	301	Apple, Inc.		31,652
		Total Information Technology		197,274
		Materials — 3.0%
		Chemicals — 1.8%
	372	LyondellBasell Industries N.V., Class A		32,335
		Containers & Packaging — 0.6%
	221	Sealed Air Corp.		9,857
		Metals & Mining — 0.6%
	575	Steel Dynamics, Inc.		10,282
		Total Materials		52,474
		Telecommunication Services — 1.5%
		Diversified Telecommunication Services — 1.5%
	496	AT&T, Inc.		17,054
	407	CenturyLink, Inc.		10,235

SHARES		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — continued
		Total Telecommunication Services		27,289
		Utilities — 5.6%
		Electric Utilities — 3.4%
	490	American Electric Power Co., Inc.		28,529
	210	Entergy Corp.		14,355
	161	NextEra Energy, Inc.		16,716
				59,600
		Gas Utilities — 0.9%
	445	UGI Corp.		15,038
		Independent Power & Renewable Electricity Producers — 0.5%
	930	AES Corp.		8,902
		Multi-Utilities — 0.8%
	361	Public Service Enterprise Group, Inc.		13,979
		Total Utilities		97,519
		Total Common Stocks (Cost $1,492,568)		1,679,511
	Short-Term Investment — 3.9%
		Investment Company — 3.9%
	69,084	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $69,084)		69,084
		Total Investments — 99.8% (Cost $1,561,652)		1,748,595
		Other Assets in Excess of Liabilities — 0.2% (c)		2,853
		NET ASSETS — 100.0%	$	1,751,448

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	683	E-mini S&P 500		03/18/16		USD	$	69,509	$	1,091

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

JPMorgan Intrepid Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

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.
(c)	—  Included in this amount is cash segregated as collateral for futures contracts.
(g)	—  Amount rounds to less than 0.1%.

(h)	—  Amount rounds to less than 1,000 (shares or dollars).
(l)	—  The rate shown is the current yield as of December 31, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands, except per share amounts)

	Intrepid Advantage Fund			Intrepid America Fund			Intrepid Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	20,408		$	3,630,381		$	1,037,978
Investments in affiliates, at value		482			191,899			42,060
Total investment securities, at value		20,890			3,822,280			1,080,038
Cash		—			14			—
Deposits at broker for futures contracts		—			3,554			2,067
Receivables:
Investment securities sold		—			—	(a)		—	(a)
Fund shares sold		54			1,096			545
Dividends from non-affiliates		25			2,693			695
Dividends from affiliates		—	(a)		18			5
Other assets		—			—			28
Total Assets		20,969			3,829,655			1,083,378
LIABILITIES:
Payables:
Investment securities purchased		—			99,289			676
Fund shares redeemed		—	(a)		797			219
Variation margin on futures contracts		—			146			244
Accrued liabilities:
Investment advisory fees		1			1,250			352
Administration fees		—	(a)		260			10
Distribution fees		6			39			56
Shareholder servicing fees		4			60			39
Custodian and accounting fees		10			39			15
Trustees’ and Chief Compliance Officer’s fees		—	(a)		10			2
Audit fees		10			27			15
Other		3			82			42
Total Liabilities		34			101,999			1,670
Net Assets	$	20,935		$	3,727,656		$	1,081,708

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

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Intrepid Advantage Fund			Intrepid America Fund			Intrepid Growth Fund
NET ASSETS:
Paid-in-Capital	$	18,946		$	3,148,335		$	1,034,943
Accumulated undistributed (distributions in excess of) net investment income		2			(271	)		(2	)
Accumulated net realized gains (losses)		(1,941	)		(5,339	)		(156,023	)
Net unrealized appreciation (depreciation)		3,928			584,931			202,790
Total Net Assets	$	20,935		$	3,727,656		$	1,081,708
Net Assets:
Class A	$	9,999		$	130,189		$	101,039
Class C		6,754			14,175			51,187
Class R2		—			4,368			2,625
Class R5		—			3,312			200,030
Class R6		—			3,311,516			578,229
Select Class		4,182			264,096			148,598
Total	$	20,935		$	3,727,656		$	1,081,708
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		302			3,726			2,484
Class C		208			409			1,279
Class R2		—			128			66
Class R5		—			93			4,911
Class R6		—			94,283			14,203
Select Class		126			7,415			3,601
Net Asset Value (a):
Class A — Redemption price per share	$	33.07		$	34.94		$	40.68
Class C — Offering price per share (b)		32.43			34.64			40.03
Class R2 — Offering and redemption price per share		—			34.23			40.02
Class R5 — Offering and redemption price per share		—			35.64			40.73
Class R6 — Offering and redemption price per share		—			35.12			40.71
Select Class — Offering and redemption price per share		33.23			35.62			41.26
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)]	$	34.90		$	36.88		$	42.93
Cost of investments in non-affiliates	$	16,480		$	3,046,978		$	835,919
Cost of investments in affiliates		482			191,899			42,060

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 31

STATEMENTS OF ASSETS AND LIABILITIES

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

(Amounts in thousands, except per share amounts)

	Intrepid Mid Cap Fund		Intrepid Value Fund
ASSETS:
Investments in non-affiliates, at value	$	834,298	$	1,679,511
Investments in affiliates, at value		22,090		69,084
Total investment securities, at value		856,388		1,748,595
Cash		5		17
Deposits at broker for futures contracts		1,073		3,244
Receivables:
Investment securities sold		—		—	(a)
Fund shares sold		1,073		2,757
Dividends from non-affiliates		1,021		1,652
Dividends from affiliates		2		8
Total Assets		859,562		1,756,273
LIABILITIES:
Payables:
Fund shares redeemed		2,170		3,099
Variation margin on futures contracts		204		656
Accrued liabilities:
Investment advisory fees		418		517
Administration fees		22		75
Distribution fees		120		94
Shareholder servicing fees		53		110
Custodian and accounting fees		12		25
Trustees’ and Chief Compliance Officer’s fees		2		3
Audit fees		12		15
Other		54		231
Total Liabilities		3,067		4,825
Net Assets	$	856,495	$	1,751,448

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

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Intrepid Mid Cap Fund			Intrepid Value Fund
NET ASSETS:
Paid-in-Capital	$	799,194		$	1,588,686
Accumulated undistributed (distributions in excess of) net investment income		(181	)		(50	)
Accumulated net realized gains (losses)		(12,517	)		(25,222	)
Net unrealized appreciation (depreciation)		69,999			188,034
Total Net Assets	$	856,495		$	1,751,448
Net Assets:
Class A	$	317,019		$	260,080
Class C		81,643			48,844
Class R2		—			15,679
Class R5		—			88,457
Class R6		220,902			77,199
Select Class		236,931			1,261,189
Total	$	856,495		$	1,751,448
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		16,876			8,235
Class C		5,053			1,563
Class R2		—			499
Class R5		—			2,782
Class R6		11,228			2,427
Select Class		12,037			39,759
Net Asset Value (a):
Class A—Redemption price per share	$	18.79		$	31.58
Class C—Offering price per share (b)		16.16			31.25
Class R2—Offering and redemption price per share		—			31.42
Class R5—Offering and redemption price per share		—			31.80
Class R6—Offering and redemption price per share		19.67			31.80
Select Class—Offering and redemption price per share		19.68			31.72
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)]	$	19.83		$	33.33
Cost of investments in non-affiliates	$	764,219		$	1,492,568
Cost of investments in affiliates		22,090			69,084

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 33

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

	Intrepid Advantage Fund			Intrepid America Fund			Intrepid Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	403		$	35,221		$	7,941
Dividend income from affiliates		—	(a)		48			17
Total investment income		403			35,269			7,958
EXPENSES:
Investment advisory fees		69			7,474			2,682
Administration fees		9			1,529			439
Distribution fees:
Class A		13			178			129
Class C		25			55			190
Class R2		—			9			5
Shareholder servicing fees:
Class A		13			178			129
Class C		8			18			63
Class R2		—			5			3
Class R5		—			357			49
Select Class		6			1,371			668
Custodian and accounting fees		13			46			21
Professional fees		23			50			25
Trustees’ and Chief Compliance Officer’s fees		—	(a)		19			5
Printing and mailing costs		2			28			19
Registration and filing fees		18			50			49
Transfer agent fees (See Note 2.D.)		3			21			15
Sub-transfer agent fees (See Note 2.D.)		7			166			162
Other		2			14			6
Total expenses		211			11,568			4,659
Less fees waived		(77	)		(223	)		(1,148	)
Less expense reimbursements		—			(2	)		(6	)
Net expenses		134			11,343			3,505
Net investment income (loss)		269			23,926			4,453
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		129			48,974			13,324
Futures		—			(2,455	)		(1,727	)
Foreign currency transactions		—			2			—	(a)
Net realized gain (loss)		129			46,521			11,597
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(648	)		(118,781	)		(15,002	)
Futures		—			2,662			1,221
Change in net unrealized appreciation/depreciation		(648	)		(116,119	)		(13,781	)
Net realized/unrealized gains (losses)		(519	)		(69,598	)		(2,184	)
Change in net assets resulting from operations	$	(250	)	$	(45,672	)	$	2,269

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

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Intrepid Mid Cap Fund			Intrepid Value Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	9,144		$	22,046
Dividend income from affiliates		10			23
Total investment income		9,154			22,069
EXPENSES:
Investment advisory fees		3,001			3,570
Administration fees		378			731
Distribution fees:
Class A		437			306
Class C		318			193
Class R2		—			37
Shareholder servicing fees:
Class A		437			306
Class C		106			64
Class R2		—			18
Class R5		—			23
Select Class		523			1,658
Custodian and accounting fees		30			28
Professional fees		25			28
Trustees’ and Chief Compliance Officer’s fees		5			9
Printing and mailing costs		41			76
Registration and filing fees		74			80
Transfer agent fees (See Note 2.D.)		34			51
Sub-transfer agent fees (See Note 2.D.)		391			1,012
Other		6			7
Total expenses		5,806			8,197
Less fees waived		(942	)		(1,947	)
Less expense reimbursements		(1	)		(9	)
Net expenses		4,863			6,241
Net investment income (loss)		4,291			15,828
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(2,621	)		25,953
Futures		(2,877	)		(3,856	)
Net realized gain (loss)		(5,498	)		22,097
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(53,071	)		(153,599	)
Futures		214			1,534
Change in net unrealized appreciation/depreciation		(52,857	)		(152,065	)
Net realized/unrealized gains (losses)		(58,355	)		(129,968	)
Change in net assets resulting from operations	$	(54,064	)	$	(114,140	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 35

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Intrepid Advantage Fund						Intrepid America Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	269		$	161		$	23,926		$	49,610
Net realized gain (loss)		129			1,123			46,521			242,651
Change in net unrealized appreciation/depreciation		(648	)		181			(116,119	)		(13,084	)
Change in net assets resulting from operations		(250	)		1,465			(45,672	)		279,177
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(166	)		(78	)		(997	)		(1,555	)
From net realized gains		—			—			(7,771	)		(7,056	)
Class C
From net investment income		(82	)		(37	)		(59	)		(59	)
From net realized gains		—			—			(875	)		(488	)
Class R2
From net investment income		—			—			(39	)		(8	)
From net realized gains		—			—			(263	)		(20	)
Class R5
From net investment income		—			—			—			(22,291	)
From net realized gains		—			—			(200	)		(75,877	)
Class R6 (a)
From net investment income		—			—			(47,617	)		—
From net realized gains		—			—			(196,504	)		—
Select Class
From net investment income		(80	)		(33	)		(411	)		(17,845	)
From net realized gains		—			—			(16,260	)		(72,997	)
Total distributions to shareholders		(328	)		(148	)		(270,996	)		(198,196	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,127	)		4,710			334,687			645,023
NET ASSETS:
Change in net assets		(1,705	)		6,027			18,019			726,004
Beginning of period		22,640			16,613			3,709,637			2,983,633
End of period	$	20,935		$	22,640		$	3,727,656		$	3,709,637
Accumulated undistributed (distributions in excess of) net investment income	$	2		$	61		$	(271	)	$	24,926

(a) Commencement of offering of class of shares effective November 2, 2015 for Intrepid America Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Intrepid Growth Fund						Intrepid Mid Cap Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,453		$	7,255		$	4,291		$	3,270
Net realized gain (loss)		11,597			86,067			(5,498	)		83,487
Change in net unrealized appreciation/depreciation		(13,781	)		586			(52,857	)		(52,938	)
Change in net assets resulting from operations		2,269			93,908			(54,064	)		33,819
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(645	)		(320	)		(1,481	)		(1,100	)
From net realized gains		—			—			(27,036	)		(33,270	)
Class B (a)
From net investment income		—			—			—			(5	)
From net realized gains		—			—			—			(722	)
Class C
From net investment income		(111	)		(45	)		(279	)		(75	)
From net realized gains		—			—			(7,872	)		(8,490	)
Class R2
From net investment income		(19	)		(1	)		—			—
Class R5
From net investment income		(2,127	)		(995	)		—			—
Class R6 (b)
From net investment income		(6,464	)		—			(1,140	)		—
From net realized gains		—			—			(17,654	)		—
Select Class
From net investment income		(70	)		(3,526	)		(1,549	)		(2,295	)
From net realized gains		—			—			(19,338	)		(53,175	)
Total distributions to shareholders		(9,436	)		(4,887	)		(76,349	)		(99,132	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		34,046			189,626			11,359			443,967
NET ASSETS:
Change in net assets		26,879			278,647			(119,054	)		378,654
Beginning of period		1,054,829			776,182			975,549			596,895
End of period	$	1,081,708		$	1,054,829		$	856,495		$	975,549
Accumulated undistributed (distributions in excess of) net investment income	$	(2	)	$	4,981		$	(181	)	$	(23	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Intrepid Mid Cap Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	15,828		$	23,033
Net realized gain (loss)		22,097			117,183
Change in net unrealized appreciation/depreciation		(152,065	)		(55,479	)
Change in net assets resulting from operations		(114,140	)		84,737
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,265	)		(1,883	)
From net realized gains		(12,129	)		(10,740	)
Class C
From net investment income		(292	)		(373	)
From net realized gains		(2,317	)		(3,334	)
Class R2
From net investment income		(111	)		(98	)
From net realized gains		(725	)		(155	)
Class R5
From net investment income		(902	)		(1,285	)
From net realized gains		(4,135	)		(6,160	)
Class R6
From net investment income		(729	)		(508	)
From net realized gains		(3,575	)		(2,196	)
Select Class
From net investment income		(11,562	)		(18,775	)
From net realized gains		(58,980	)		(102,921	)
Total distributions to shareholders		(97,722	)		(148,428	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		175,527			385,861
NET ASSETS:
Change in net assets		(36,335	)		322,170
Beginning of period		1,787,783			1,465,613
End of period	$	1,751,448		$	1,787,783
Accumulated undistributed (distributions in excess of) net investment income	$	(50	)	$	(17	)

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Intrepid Advantage Fund						Intrepid America Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,005		$	3,725		$	29,472		$	168,215
Distributions reinvested		166			78			8,675			7,997
Cost of shares redeemed		(1,843	)		(3,040	)		(80,856	)		(94,262	)
Change in net assets resulting from Class A capital transactions	$	(672	)	$	763		$	(42,709	)	$	81,950
Class C
Proceeds from shares issued	$	407		$	3,609		$	1,229		$	7,099
Distributions reinvested		77			34			840			508
Cost of shares redeemed		(422	)		(832	)		(1,678	)		(1,603	)
Change in net assets resulting from Class C capital transactions	$	62		$	2,811		$	391		$	6,004
Class R2
Proceeds from shares issued	$	—		$	—		$	2,119		$	3,255
Distributions reinvested		—			—			206			10
Cost of shares redeemed		—			—			(548	)		(567	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	1,777		$	2,698
Class R5
Proceeds from shares issued	$	—		$	—		$	146,434		$	551,608
Distributions reinvested		—			—			98			98,125
Cost of shares redeemed		—			—			(2,206,006	)		(31,065	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(2,059,474	)	$	618,668
Class R6 (a)
Proceeds from shares issued	$	—		$	—		$	3,438,029		$	—
Distributions reinvested		—			—			244,121			—
Cost of shares redeemed		—			—			(12,684	)		—
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	3,669,466		$	—
Select Class
Proceeds from shares issued	$	266		$	1,411		$	71,557		$	111,237
Distributions reinvested		50			22			3,411			75,360
Cost of shares redeemed		(833	)		(297	)		(1,309,732	)		(250,894	)
Change in net assets resulting from Select Class capital transactions	$	(517	)	$	1,136		$	(1,234,764	)	$	(64,297	)
Total change in net assets resulting from capital transactions	$	(1,127	)	$	4,710		$	334,687		$	645,023

(a) Commencement of offering of class of shares effective November 2, 2015 for Intrepid America Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 39

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid Advantage Fund						Intrepid America Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		31			112			794			4,472
Reinvested		5			2			249			216
Redeemed		(55	)		(90	)		(2,155	)		(2,456	)
Change in Class A Shares		(19	)		24			(1,112	)		2,232
Class C
Issued		12			113			34			188
Reinvested		2			1			24			14
Redeemed		(13	)		(25	)		(46	)		(42	)
Change in Class C Shares		1			89			12			160
Class R2
Issued		—			—			59			88
Reinvested		—			—			6			—	(a)
Redeemed		—			—			(15	)		(15	)
Change in Class R2 Shares		—			—			50			73
Class R5
Issued		—			—			3,878			14,342
Reinvested		—			—			3			2,615
Redeemed		—			—			(56,250	)		(816	)
Change in Class R5 Shares		—			—			(52,369	)		16,141
Class R6 (b)
Issued		—			—			87,682			—
Reinvested		—			—			6,953			—
Redeemed		—			—			(352	)		—
Change in Class R6 Shares		—			—			94,283			—
Select Class
Issued		8			42			1,975			2,960
Reinvested		2			1			97			2,006
Redeemed		(25	)		(9	)		(33,425	)		(6,458	)
Change in Select Class Shares		(15	)		34			(31,353	)		(1,492	)

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

(b) Commencement of offering of class of shares effective November 2, 2015 for Intrepid America Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Intrepid Growth Fund						Intrepid Mid Cap Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	20,647		$	98,088		$	68,681		$	241,603
Distributions reinvested		464			307			25,965			32,554
Cost of shares redeemed		(25,931	)		(30,452	)		(105,608	)		(68,865	)
Conversion from Class B Shares		—			—			—			3,279
Change in net assets resulting from Class A capital transactions	$	(4,820	)	$	67,943		$	(10,962	)	$	208,571
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	113
Distributions reinvested		—			—			—			692
Cost of shares redeemed		—			—			—			(2,858	)
Conversion to Class A Shares		—			—			—			(3,279	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(5,332	)
Class C
Proceeds from shares issued	$	5,967		$	30,221		$	12,134		$	48,031
Distributions reinvested		81			35			7,157			7,809
Cost of shares redeemed		(3,870	)		(3,414	)		(11,642	)		(11,521	)
Change in net assets resulting from Class C capital transactions	$	2,178		$	26,842		$	7,649		$	44,319
Class R2
Proceeds from shares issued	$	1,638		$	1,169		$	—		$	—
Distributions reinvested		7			1			—			—
Cost of shares redeemed		(222	)		(666	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	1,423		$	504		$	—		$	—
Class R5
Proceeds from shares issued	$	25,215		$	74,969		$	—		$	—
Distributions reinvested		1,858			995			—			—
Cost of shares redeemed		(14,709	)		(24,666	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	12,364		$	51,298		$	—		$	—
Class R6 (b)
Proceeds from shares issued	$	596,701		$	—		$	229,791		$	—
Distributions reinvested		6,464			—			18,794			—
Cost of shares redeemed		(3,029	)		—			(1	)		—
Change in net assets resulting from Class R6 capital transactions	$	600,136		$	—		$	248,584		$	—
Select Class
Proceeds from shares issued	$	44,497		$	140,682		$	88,860		$	301,379
Distributions reinvested		46			3,214			16,939			49,847
Cost of shares redeemed		(621,778	)		(100,857	)		(339,711	)		(154,817	)
Change in net assets resulting from Select Class capital transactions	$	(577,235	)	$	43,039		$	(233,912	)	$	196,409
Total change in net assets resulting from capital transactions	$	34,046		$	189,626		$	11,359		$	443,967

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 41

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid Growth Fund						Intrepid Mid Cap Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		505			2,450			3,242			10,640
Reinvested		12			8			1,403			1,529
Redeemed		(633	)		(764	)		(5,086	)		(3,017	)
Conversion from Class B Shares		—			—			—			145
Change in Class A Shares		(116	)		1,694			(441	)		9,297
Class B (a)
Issued		—			—			—			5
Reinvested		—			—			—			37
Redeemed		—			—			—			(140	)
Conversion to Class A Shares		—			—			—			(166	)
Change in Class B Shares		—			—			—			(264	)
Class C
Issued		149			774			680			2,416
Reinvested		2			1			450			420
Redeemed		(97	)		(87	)		(650	)		(572	)
Change in Class C Shares		54			688			480			2,264
Class R2
Issued		42			30			—			—
Reinvested		—	(b)		—	(b)		—			—
Redeemed		(6	)		(16	)		—			—
Change in Class R2 Shares		36			14			—			—
Class R5
Issued		617			1,842			—			—
Reinvested		46			24			—			—
Redeemed		(360	)		(614	)		—			—
Change in Class R5 Shares		303			1,252			—			—
Class R6 (c)
Issued		14,116			—			10,259			—
Reinvested		160			—			969			—
Redeemed		(73	)		—			—	(b)		—
Change in Class R6 Shares		14,203			—			11,228			—
Select Class
Issued		1,122			3,517			4,087			12,734
Reinvested		1			79			873			2,245
Redeemed		(14,685	)		(2,493	)		(15,346	)		(6,494	)
Change in Select Class Shares		(13,562	)		1,103			(10,386	)		8,485

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Intrepid Mid Cap Fund.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Intrepid Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	141,929		$	97,330
Distributions reinvested		13,786			12,172
Cost of shares redeemed		(38,019	)		(45,423	)
Change in net assets resulting from Class A capital transactions	$	117,696		$	64,079
Class C
Proceeds from shares issued	$	4,649		$	22,302
Distributions reinvested		2,342			3,280
Cost of shares redeemed		(5,510	)		(6,296	)
Change in net assets resulting from Class C capital transactions	$	1,481		$	19,286
Class R2
Proceeds from shares issued	$	5,139		$	15,444
Distributions reinvested		721			179
Cost of shares redeemed		(2,627	)		(2,495	)
Change in net assets resulting from Class R2 capital transactions	$	3,233		$	13,128
Class R5
Proceeds from shares issued	$	16,428		$	19,393
Distributions reinvested		5,037			7,445
Cost of shares redeemed		(6,327	)		(20,221	)
Change in net assets resulting from Class R5 capital transactions	$	15,138		$	6,617
Class R6
Proceeds from shares issued	$	46,520		$	25,620
Distributions reinvested		4,304			2,704
Cost of shares redeemed		(5,443	)		(7,455	)
Change in net assets resulting from Class R6 capital transactions	$	45,381		$	20,869
Select Class
Proceeds from shares issued	$	165,367		$	495,104
Distributions reinvested		65,151			109,550
Cost of shares redeemed		(237,920	)		(342,772	)
Change in net assets resulting from Select Class capital transactions	$	(7,402	)	$	261,882
Total change in net assets resulting from capital transactions	$	175,527		$	385,861

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 43

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		4,062			2,685
Reinvested		440			348
Redeemed		(1,123	)		(1,249	)
Change in Class A Shares		3,379			1,784
Class C
Issued		139			616
Reinvested		76			95
Redeemed		(166	)		(174	)
Change in Class C Shares		49			537
Class R2
Issued		152			429
Reinvested		23			5
Redeemed		(77	)		(69	)
Change in Class R2 Shares		98			365
Class R5
Issued		472			527
Reinvested		160			212
Redeemed		(187	)		(546	)
Change in Class R5 Shares		445			193
Class R6
Issued		1,365			693
Reinvested		136			77
Redeemed		(161	)		(205	)
Change in Class R6 Shares		1,340			565
Select Class
Issued		4,842			13,382
Reinvested		2,073			3,121
Redeemed		(6,941	)		(9,329	)
Change in Select Class Shares		(26	)		7,174

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 45

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Intrepid Advantage Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	34.01	$	0.45	(f)	$	(0.83	)	$	(0.38	)	$	(0.56	)
Year Ended June 30, 2015		31.93		0.28	(f)		2.02			2.30			(0.22	)
Year Ended June 30, 2014		25.54		0.20	(f)		6.37			6.57			(0.18	)
Year Ended June 30, 2013		21.13		0.21	(f)(g)		4.44			4.65			(0.24	)
Year Ended June 30, 2012		20.60		0.13	(f)		0.63			0.76			(0.23	)
Year Ended June 30, 2011		15.44		0.17	(f)		5.03			5.20			(0.04	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		33.29		0.35	(f)		(0.81	)		(0.46	)		(0.40	)
Year Ended June 30, 2015		31.38		0.12	(f)		1.98			2.10			(0.19	)
Year Ended June 30, 2014		25.14		0.05	(f)		6.26			6.31			(0.07	)
Year Ended June 30, 2013		20.81		0.10	(f)(g)		4.37			4.47			(0.14	)
Year Ended June 30, 2012		20.25		0.04	(f)		0.62			0.66			(0.10	)
Year Ended June 30, 2011		15.22		0.08	(f)		4.95			5.03			—
Select Class
Six Months Ended December 31, 2015 (Unaudited)		34.22		0.46	(f)		(0.81	)		(0.35	)		(0.64	)
Year Ended June 30, 2015		32.07		0.37	(f)		2.04			2.41			(0.26	)
Year Ended June 30, 2014		25.65		0.28	(f)		6.39			6.67			(0.25	)
Year Ended June 30, 2013		21.21		0.28	(f)(g)		4.45			4.73			(0.29	)
Year Ended June 30, 2012		20.70		0.19	(f)		0.62			0.81			(0.30	)
Year Ended June 30, 2011		15.51		0.21	(f)		5.06			5.27			(0.08	)

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

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

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

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

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

(f) Calculated based upon average shares outstanding.

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

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	33.07		(1.11	)%	$	9,999		1.15	%		2.68	%		1.88	%		13	%
	34.01		7.22			10,933		1.15			0.85			1.87			35
	31.93		25.78			9,466		1.17			0.68			2.19			49
	25.54		22.15			8,765		1.25			0.92	(g)		2.40			82
	21.13		3.83			7,329		1.25			0.68			2.51			57
	20.60		33.71			9,291		1.25			0.91			2.44			75
	32.43		(1.36	)		6,754		1.65			2.16			2.39			13
	33.29		6.71			6,874		1.65			0.36			2.36			35
	31.38		25.13			3,709		1.66			0.19			2.66			49
	25.14		21.55			2,294		1.75			0.43	(g)		2.91			82
	20.81		3.33			1,747		1.75			0.19			3.02			57
	20.25		33.05			2,266		1.75			0.43			2.94			75
	33.23		(0.99	)		4,182		0.90			2.71			1.58			13
	34.22		7.51			4,833		0.90			1.10			1.59			35
	32.07		26.10			3,438		0.91			0.95			1.90			49
	25.65		22.46			1,516		1.00			1.19	(g)		2.16			82
	21.21		4.09			1,164		1.00			0.94			2.28			57
	20.70		34.04			1,249		1.00			1.13			2.19			75

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 47

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Intrepid America Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	38.08	$	0.16	(f)	$	(0.78	)	$	(0.62	)	$	(0.27	)	$	(2.25	)	$	(2.52	)
Year Ended June 30, 2015		37.28		0.44	(f)		2.57			3.01			(0.38	)		(1.83	)		(2.21	)
Year Ended June 30, 2014		29.76		0.30	(f)		7.49			7.79			(0.27	)		—			(0.27	)
Year Ended June 30, 2013		24.68		0.34	(f)		5.15			5.49			(0.41	)		—			(0.41	)
Year Ended June 30, 2012		24.55		0.19	(f)		0.10			0.29			(0.16	)		—			(0.16	)
Year Ended June 30, 2011		18.54		0.17	(f)		6.01			6.18			(0.17	)		—			(0.17	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		37.74		0.07	(f)		(0.77	)		(0.70	)		(0.15	)		(2.25	)		(2.40	)
Year Ended June 30, 2015		36.99		0.22	(f)		2.57			2.79			(0.21	)		(1.83	)		(2.04	)
Year Ended June 30, 2014		29.53		0.13	(f)		7.42			7.55			(0.09	)		—			(0.09	)
Year Ended June 30, 2013		24.48		0.20	(f)		5.12			5.32			(0.27	)		—			(0.27	)
Year Ended June 30, 2012		24.29		0.07	(f)		0.12			0.19			—			—			—
Year Ended June 30, 2011		18.33		0.06	(f)		5.94			6.00			(0.04	)		—			(0.04	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		37.45		0.11	(f)		(0.77	)		(0.66	)		(0.31	)		(2.25	)		(2.56	)
Year Ended June 30, 2015		36.82		0.33	(f)		2.55			2.88			(0.42	)		(1.83	)		(2.25	)
Year Ended June 30, 2014		29.43		0.21	(f)		7.40			7.61			(0.22	)		—			(0.22	)
Year Ended June 30, 2013		24.43		0.26	(f)		5.11			5.37			(0.37	)		—			(0.37	)
Year Ended June 30, 2012		24.21		0.13	(f)		0.12			0.25			(0.03	)		—			(0.03	)
Year Ended June 30, 2011		18.36		0.13	(f)		5.92			6.05			(0.20	)		—			(0.20	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		38.41		0.21	(f)		(0.73	)		(0.52	)		—			(2.25	)		(2.25	)
Year Ended June 30, 2015		37.54		0.60	(f)		2.61			3.21			(0.51	)		(1.83	)		(2.34	)
Year Ended June 30, 2014		29.94		0.46	(f)		7.54			8.00			(0.40	)		—			(0.40	)
Year Ended June 30, 2013		24.84		0.46	(f)		5.19			5.65			(0.55	)		—			(0.55	)
Year Ended June 30, 2012		24.69		0.30	(f)		0.10			0.40			(0.25	)		—			(0.25	)
Year Ended June 30, 2011		18.65		0.26	(f)		6.06			6.32			(0.28	)		—			(0.28	)
Class R6
November 2, 2015 (g) through December 31, 2015 (Unaudited)		39.15		0.12	(f)		(1.39	)		(1.27	)		(0.51	)		(2.25	)		(2.76	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		38.49		0.18	(f)		(0.74	)		(0.56	)		(0.06	)		(2.25	)		(2.31	)
Year Ended June 30, 2015		37.61		0.53	(f)		2.61			3.14			(0.43	)		(1.83	)		(2.26	)
Year Ended June 30, 2014		30.00		0.38	(f)		7.56			7.94			(0.33	)		—			(0.33	)
Year Ended June 30, 2013		24.88		0.41	(f)		5.20			5.61			(0.49	)		—			(0.49	)
Year Ended June 30, 2012		24.73		0.25	(f)		0.10			0.35			(0.20	)		—			(0.20	)
Year Ended June 30, 2011		18.68		0.23	(f)		6.04			6.27			(0.22	)		—			(0.22	)

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

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

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

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

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

(f) Calculated based upon average shares outstanding.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Ratios/Supplemental data
						Ratios to average net assets (a)
Net asset value, end of period	Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$34.94		(1.54	)%	$	130,189		1.04	%		0.84	%		1.22	%		27	%
38.08		8.27			184,225		1.03			1.16			1.11			49
37.28		26.26			97,155		1.04			0.90			1.05			67
29.76		22.48			87,954		1.24			1.25			1.26			68
24.68		1.26			81,139		1.25			0.82			1.27			95
24.55		33.39			47,376		1.24			0.77			1.28			102
34.64		(1.78	)		14,175		1.54			0.36			1.61			27
37.74		7.72			14,978		1.53			0.58			1.56			49
36.99		25.62			8,774		1.54			0.39			1.55			67
29.53		21.90			7,336		1.74			0.75			1.76			68
24.48		0.78			7,117		1.75			0.31			1.78			95
24.29		32.74			9,570		1.74			0.28			1.78			102
34.23		(1.67	)		4,368		1.29			0.62			1.43			27
37.45		8.01			2,923		1.28			0.88			1.35			49
36.82		25.93			166		1.29			0.64			1.30			67
29.43		22.20			170		1.49			0.96			1.51			68
24.43		1.03			75		1.50			0.56			1.52			95
24.21		33.04			74		1.49			0.59			1.53			102
35.64		(1.27	)		3,312		0.54			1.09			0.54			27
38.41		8.76			2,015,302		0.55			1.56			0.55			49
37.54		26.84			1,363,358		0.58			1.35			0.59			67
29.94		23.05			710,586		0.79			1.66			0.82			68
24.84		1.74			411,202		0.79			1.28			0.82			95
24.69		34.02			287,527		0.79			1.14			0.83			102
35.12		(3.15	)		3,311,516		0.49			1.98			0.50			27
35.62		(1.38	)		264,096		0.74			0.95			0.75			27
38.49		8.56			1,492,209		0.75			1.37			0.76			49
37.61		26.56			1,514,180		0.79			1.14			0.80			67
30.00		22.83			1,391,748		0.99			1.50			1.02			68
24.88		1.52			1,332,607		1.00			1.07			1.02			95
24.73		33.69			1,370,056		0.99			1.04			1.03			102

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 49

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Intrepid Growth Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	40.99	$	0.11	(f)	$	(0.16	)	$	(0.05	)	$	(0.26	)
Year Ended June 30, 2015		37.05		0.25	(f)		3.88			4.13			(0.19	)
Year Ended June 30, 2014		29.36		0.18	(f)(g)		7.64			7.82			(0.13	)
Year Ended June 30, 2013		25.00		0.21	(f)		4.34			4.55			(0.19	)
Year Ended June 30, 2012		24.39		0.10	(f)		0.57			0.67			(0.06	)
Year Ended June 30, 2011		17.93		0.12	(f)		6.48			6.60			(0.14	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		40.26		0.01	(f)		(0.15	)		(0.14	)		(0.09	)
Year Ended June 30, 2015		36.45		0.05	(f)		3.81			3.86			(0.05	)
Year Ended June 30, 2014		28.93		0.01	(f)(g)		7.52			7.53			(0.01	)
Year Ended June 30, 2013		24.64		0.07	(f)		4.27			4.34			(0.05	)
Year Ended June 30, 2012		24.09		(0.02	)(f)		0.57			0.55			—
Year Ended June 30, 2011		17.70		0.01	(f)		6.40			6.41			(0.02	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		40.39		0.07	(f)		(0.15	)		(0.08	)		(0.29	)
Year Ended June 30, 2015		36.49		0.12	(f)		3.85			3.97			(0.07	)
Year Ended June 30, 2014		28.91		0.09	(f)(g)		7.54			7.63			(0.05	)
Year Ended June 30, 2013		24.72		0.13	(f)		4.27			4.40			(0.21	)
Year Ended June 30, 2012		24.13		0.07	(f)		0.54			0.61			(0.02	)
Year Ended June 30, 2011		17.76		0.06	(f)		6.41			6.47			(0.10	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		41.12		0.21	(f)		(0.16	)		0.05			(0.44	)
Year Ended June 30, 2015		37.09		0.41	(f)		3.91			4.32			(0.29	)
Year Ended June 30, 2014		29.41		0.33	(f)(g)		7.65			7.98			(0.30	)
Year Ended June 30, 2013		25.05		0.33	(f)		4.34			4.67			(0.31	)
Year Ended June 30, 2012		24.45		0.21	(f)		0.57			0.78			(0.18	)
Year Ended June 30, 2011		17.98		0.21	(f)		6.50			6.71			(0.24	)
Class R6
November 2, 2015 (h) through December 31, 2015 (Unaudited)		42.20		0.11	(f)		(1.14	)		(1.03	)		(0.46	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		41.27		0.12	(f)		(0.11	)		0.01			(0.02	)
Year Ended June 30, 2015		37.23		0.32	(f)		3.93			4.25			(0.21	)
Year Ended June 30, 2014		29.52		0.26	(f)(g)		7.69			7.95			(0.24	)
Year Ended June 30, 2013		25.15		0.28	(f)		4.35			4.63			(0.26	)
Year Ended June 30, 2012		24.55		0.16	(f)		0.57			0.73			(0.13	)
Year Ended June 30, 2011		18.04		0.17	(f)		6.53			6.70			(0.19	)

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

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

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

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

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

(f) Calculated based upon average shares outstanding.

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

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	40.68		(0.11	)%	$	101,039		0.93	%		0.55	%		1.21	%		31	%
	40.99		11.16			106,573		0.96			0.62			1.16			64
	37.05		26.68			33,563		1.16			0.54	(g)		1.17			67
	29.36		18.27			33,582		1.24			0.76			1.30			67
	25.00		2.76			32,027		1.25			0.42			1.32			110
	24.39		36.86			41,424		1.24			0.54			1.33			129
	40.03		(0.35	)		51,187		1.42			0.07			1.70			31
	40.26		10.60			49,309		1.46			0.12			1.66			64
	36.45		26.05			19,566		1.65			0.03	(g)		1.67			67
	28.93		17.66			15,462		1.74			0.26			1.79			67
	24.64		2.28			14,298		1.75			(0.09	)		1.82			110
	24.09		36.21			17,811		1.74			0.05			1.83			129
	40.02		(0.20	)		2,625		1.17			0.35			1.63			31
	40.39		10.87			1,205		1.22			0.31			1.45			64
	36.49		26.41			601		1.41			0.28	(g)		1.42			67
	28.91		17.90			603		1.49			0.49			1.54			67
	24.72		2.53			375		1.50			0.29			1.56			110
	24.13		36.49			78		1.49			0.26			1.58			129
	40.73		0.12			200,030		0.47			1.02			0.72			31
	41.12		11.66			189,466		0.54			1.02			0.70			64
	37.09		27.23			124,489		0.71			0.98	(g)		0.72			67
	29.41		18.79			105,839		0.79			1.21			0.85			67
	25.05		3.26			107,169		0.80			0.87			0.87			110
	24.45		37.44			111,071		0.79			0.96			0.88			129
	40.71		(2.44	)		578,229		0.42			1.65			0.61			31
	41.26		0.02			148,598		0.68			0.61			0.87			31
	41.27		11.43			708,276		0.74			0.80			0.87			64
	37.23		27.00			597,963		0.91			0.79	(g)		0.92			67
	29.52		18.52			538,378		0.99			1.02			1.05			67
	25.15		3.04			502,640		1.00			0.67			1.07			110
	24.55		37.25			510,623		0.99			0.77			1.07			129

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 51

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Intrepid Mid Cap Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	21.82	$	0.09	(f)	$	(1.31	)	$	(1.22	)	$	(0.09	)	$	(1.72	)	$	(1.81	)
Year Ended June 30, 2015		24.11		0.08	(f)		1.18			1.26			(0.09	)		(3.46	)		(3.55	)
Year Ended June 30, 2014		18.79		0.08	(f)(g)		5.41			5.49			(0.07	)		(0.10	)		(0.17	)
Year Ended June 30, 2013		14.99		0.13	(f)(h)		3.80			3.93			(0.13	)		—			(0.13	)
Year Ended June 30, 2012		15.79		0.10	(f)		(0.79	)		(0.69	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2011		11.54		0.04	(f)		4.26			4.30			(0.05	)		—			(0.05	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		19.07		0.02	(f)		(1.15	)		(1.13	)		(0.06	)		(1.72	)		(1.78	)
Year Ended June 30, 2015		21.56		(0.06	)(f)		1.06			1.00			(0.03	)		(3.46	)		(3.49	)
Year Ended June 30, 2014		16.87		(0.05	)(f)(g)		4.84			4.79			—			(0.10	)		(0.10	)
Year Ended June 30, 2013		13.48		0.02	(f)(h)		3.41			3.43			(0.04	)		—			(0.04	)
Year Ended June 30, 2012		14.24		0.01	(f)		(0.72	)		(0.71	)		(0.05	)		—			(0.05	)
Year Ended June 30, 2011		10.45		(0.04	)(f)		3.85			3.81			(0.02	)		—			(0.02	)
Class R6
November 2, 2015 (i) through December 31, 2015 (Unaudited)		22.41		0.08	(f)		(1.00	)		(0.92	)		(0.10	)		(1.72	)		(1.82	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		22.77		0.10	(f)		(1.36	)		(1.26	)		(0.11	)		(1.72	)		(1.83	)
Year Ended June 30, 2015		24.97		0.14	(f)		1.24			1.38			(0.12	)		(3.46	)		(3.58	)
Year Ended June 30, 2014		19.45		0.14	(f)(g)		5.60			5.74			(0.12	)		(0.10	)		(0.22	)
Year Ended June 30, 2013		15.51		0.18	(f)(h)		3.93			4.11			(0.17	)		—			(0.17	)
Year Ended June 30, 2012		16.33		0.14	(f)		(0.82	)		(0.68	)		(0.14	)		—			(0.14	)
Year Ended June 30, 2011		11.92		0.08	(f)		4.41			4.49			(0.08	)		—			(0.08	)

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

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

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

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

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

(f) Calculated based upon average shares outstanding.

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

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

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	18.79		(5.43	)%	$	317,019		1.15	%		0.83	%		1.41	%		32	%
	21.82		5.64			377,893		1.14			0.33			1.37			66
	24.11		29.30			193,342		1.16			0.38	(g)		1.32			64
	18.79		26.30			144,405		1.23			0.78	(h)		1.38			52
	14.99		(4.36	)		122,217		1.24			0.68			1.38			51
	15.79		37.29			138,937		1.23			0.31			1.39			47
	16.16		(5.77	)		81,643		1.79			0.21			1.92			32
	19.07		5.02			87,191		1.78			(0.31	)		1.87			66
	21.56		28.43			49,796		1.79			(0.25	)(g)		1.82			64
	16.87		25.51			36,073		1.87			0.13	(h)		1.88			52
	13.48		(4.97	)		28,079		1.88			0.04			1.88			51
	14.24		36.42			30,773		1.88			(0.34	)		1.88			47
	19.67		(3.93	)		220,902		0.65			2.28			0.78			32
	19.68		(5.38	)		236,931		0.90			0.94			1.08			32
	22.77		5.97			510,465		0.89			0.58			1.07			66
	24.97		29.61			348,077		0.91			0.62	(g)		1.08			64
	19.45		26.60			327,834		0.98			1.03	(h)		1.13			52
	15.51		(4.11	)		269,693		0.99			0.94			1.13			51
	16.33		37.67			289,967		0.99			0.56			1.14			47

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 53

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Intrepid Value Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	35.66	$	0.29	(f)	$	(2.54	)	$	(2.25	)	$	(0.28	)	$	(1.55	)	$	(1.83	)
Year Ended June 30, 2015		37.13		0.46	(f)		1.38			1.84			(0.44	)		(2.87	)		(3.31	)
Year Ended June 30, 2014		29.76		0.40	(f)		7.36			7.76			(0.39	)		—			(0.39	)
Year Ended June 30, 2013		23.99		0.42	(f)		5.79			6.21			(0.44	)		—			(0.44	)
Year Ended June 30, 2012		24.35		0.35	(f)		(0.34	)		0.01			(0.37	)		—			(0.37	)
Year Ended June 30, 2011		18.64		0.30	(f)		5.65			5.95			(0.24	)		—			(0.24	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		35.29		0.19	(f)		(2.49	)		(2.30	)		(0.19	)		(1.55	)		(1.74	)
Year Ended June 30, 2015		36.80		0.27	(f)		1.37			1.64			(0.28	)		(2.87	)		(3.15	)
Year Ended June 30, 2014		29.52		0.23	(f)		7.28			7.51			(0.23	)		—			(0.23	)
Year Ended June 30, 2013		23.80		0.29	(f)		5.74			6.03			(0.31	)		—			(0.31	)
Year Ended June 30, 2012		24.16		0.24	(f)		(0.35	)		(0.11	)		(0.25	)		—			(0.25	)
Year Ended June 30, 2011		18.53		0.19	(f)		5.60			5.79			(0.16	)		—			(0.16	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		35.48		0.24	(f)		(2.51	)		(2.27	)		(0.24	)		(1.55	)		(1.79	)
Year Ended June 30, 2015		37.02		0.35	(f)		1.40			1.75			(0.42	)		(2.87	)		(3.29	)
Year Ended June 30, 2014		29.69		0.31	(f)		7.33			7.64			(0.31	)		—			(0.31	)
Year Ended June 30, 2013		23.95		0.30	(f)		5.83			6.13			(0.39	)		—			(0.39	)
Year Ended June 30, 2012		24.31		0.29	(f)		(0.33	)		(0.04	)		(0.32	)		—			(0.32	)
Year Ended June 30, 2011		18.63		0.24	(f)		5.64			5.88			(0.20	)		—			(0.20	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		35.88		0.35	(f)		(2.55	)		(2.20	)		(0.33	)		(1.55	)		(1.88	)
Year Ended June 30, 2015		37.33		0.59	(f)		1.39			1.98			(0.56	)		(2.87	)		(3.43	)
Year Ended June 30, 2014		29.91		0.52	(f)		7.40			7.92			(0.50	)		—			(0.50	)
Year Ended June 30, 2013		24.10		0.52	(f)		5.82			6.34			(0.53	)		—			(0.53	)
Year Ended June 30, 2012		24.46		0.43	(f)		(0.34	)		0.09			(0.45	)		—			(0.45	)
Year Ended June 30, 2011		18.71		0.37	(f)		5.68			6.05			(0.30	)		—			(0.30	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		35.89		0.36	(f)		(2.56	)		(2.20	)		(0.34	)		(1.55	)		(1.89	)
Year Ended June 30, 2015		37.33		0.61	(f)		1.39			2.00			(0.57	)		(2.87	)		(3.44	)
Year Ended June 30, 2014		29.91		0.47	(f)		7.46			7.93			(0.51	)		—			(0.51	)
Year Ended June 30, 2013		24.10		0.53	(f)		5.83			6.36			(0.55	)		—			(0.55	)
Year Ended June 30, 2012		24.46		0.43	(f)		(0.33	)		0.10			(0.46	)		—			(0.46	)
November 30, 2010 (g) through June 30, 2011		21.27		0.21	(f)		3.18			3.39			(0.20	)		—			(0.20	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		35.80		0.31	(f)		(2.54	)		(2.23	)		(0.30	)		(1.55	)		(1.85	)
Year Ended June 30, 2015		37.25		0.51	(f)		1.40			1.91			(0.49	)		(2.87	)		(3.36	)
Year Ended June 30, 2014		29.85		0.45	(f)		7.38			7.83			(0.43	)		—			(0.43	)
Year Ended June 30, 2013		24.06		0.46	(f)		5.81			6.27			(0.48	)		—			(0.48	)
Year Ended June 30, 2012		24.42		0.39	(f)		(0.35	)		0.04			(0.40	)		—			(0.40	)
Year Ended June 30, 2011		18.70		0.33	(f)		5.67			6.00			(0.28	)		—			(0.28	)

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

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

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

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

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

(f) Calculated based upon average shares outstanding.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	31.58		(6.21	)%	$	260,080		0.83	%		1.69	%		1.11	%		23	%
	35.66		5.24			173,149		0.86			1.26			1.13			52
	37.13		26.17			114,036		0.94			1.19			1.17			49
	29.76		26.07			71,116		0.94			1.57			1.38			48
	23.99		0.14			61,097		0.95			1.54			1.47			82
	24.35		32.01			83,202		0.97			1.34			1.40			72
	31.25		(6.43	)		48,844		1.33			1.14			1.61			23
	35.29		4.72			53,413		1.36			0.76			1.62			52
	36.80		25.50			35,963		1.44			0.69			1.67			49
	29.52		25.48			25,538		1.44			1.07			1.88			48
	23.80		(0.37	)		22,086		1.45			1.04			1.96			82
	24.16		31.30			30,172		1.47			0.84			1.90			72
	31.42		(6.32	)		15,679		1.08			1.43			1.54			23
	35.48		4.98			14,237		1.09			0.97			1.43			52
	37.02		25.82			1,346		1.19			0.92			1.42			49
	29.69		25.74			934		1.19			1.06			1.56			48
	23.95		(0.09	)		70		1.20			1.29			1.73			82
	24.31		31.65			70		1.21			1.07			1.65			72
	31.80		(6.02	)		88,457		0.48			2.02			0.60			23
	35.88		5.60			83,859		0.51			1.59			0.63			52
	37.33		26.60			80,008		0.59			1.53			0.72			49
	29.91		26.53			62,685		0.59			1.92			0.93			48
	24.10		0.49			52,183		0.60			1.88			1.03			82
	24.46		32.45			50,276		0.60			1.60			0.94			72
	31.80		(6.02	)		77,199		0.43			2.13			0.51			23
	35.89		5.67			39,024		0.46			1.65			0.55			52
	37.33		26.66			19,495		0.54			1.41			0.67			49
	29.91		26.59			10,875		0.54			1.99			0.91			48
	24.10		0.54			18,840		0.55			1.86			0.97			82
	24.46		15.96			32,237		0.54			1.48			0.87			72
	31.72		(6.14	)		1,261,189		0.68			1.79			0.89			23
	35.80		5.41			1,424,101		0.71			1.39			0.90			52
	37.25		26.35			1,214,765		0.79			1.34			0.92			49
	29.85		26.26			926,972		0.79			1.71			1.12			48
	24.06		0.29			705,545		0.80			1.70			1.22			82
	24.42		32.17			766,468		0.80			1.44			1.14			72

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 55

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

1. Organization

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

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

	Classes Offered	Trust	Diversified/Non-Diversified
Intrepid Advantage Fund	Class A, Class C, and Select Class	JPM I	Diversified
Intrepid America Fund	Class A, Class C, Class R2, Class R5, Class R6* and Select Class	JPM I	Diversified
Intrepid Growth Fund	Class A, Class C, Class R2, Class R5, Class R6* and Select Class	JPM I	Diversified
Intrepid Mid Cap Fund	Class A, Class C, Class R6* and Select Class	JPM II	Diversified
Intrepid Value Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	JPM I	Diversified

* Class R6 Shares commenced operations on November 2, 2015 for Intrepid America Fund, Intrepid Growth Fund and Intrepid Mid Cap Fund.

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

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

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

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

On June 19, 2015, all remaining Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC.

2. Significant Accounting Policies

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

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

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

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

56 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

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

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

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

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

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

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

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

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

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

Intrepid Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	20,890	$	—	$	—	$	20,890

Intrepid America Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,822,280	$	—	$	—	$	3, 822,280
Appreciation in Other Financial Instruments
Futures Contracts	$	1,528	$	—	$	—	$	1,528

Intrepid Growth Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,080,038	$	—	$	—	$	1,080,038
Appreciation in Other Financial Instruments
Futures Contracts	$	731	$	—	$	—	$	731

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 57

NOTES TO FINANCIAL STATEMENTS

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

Intrepid Mid Cap Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	125,998		$	—	$	—	$	125,998
Consumer Staples		53,013			—		—		53,013
Energy		41,470			—		—		41,470
Financials		193,945			—		—		193,945
Health Care		88,077			—		—		88,077
Industrials		111,783			—		—		111,783
Information Technology		122,964			—		—		122,964
Materials		42,308			—		—		42,308
Telecommunication Services		7,163			—		—		7,163
Utilities		47,563			—		—		47,563
Total Common Stocks		834,284			—		—		834,284
Rights
Consumer Staples		—			—		14		14
Short-Term Investment
Investment Company		22,090			—		—		22,090
Total Investments in Securities		856,374			—		14		856,388
Depreciation in Other Financial Instruments
Futures Contracts	$	(80	)	$	—	$	—	$	(80	)

Intrepid Value Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,748,595	$	—	$	—	$	1,748,595
Appreciation in Other Financial Instruments
Futures Contracts	$	1,091	$	—	$	—	$	1,091

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

There were no transfers among any levels during the six months ended December 31, 2015.

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

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

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

58 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2015 (amounts in thousands):

	Intrepid America Fund		Intrepid Growth Fund		Intrepid Mid Cap Fund		Intrepid Value Fund
Average Notional Balance Long	$	96,721	$	37,309	$	21,773	$	43,530
Ending Notional Balance Long		89,659		42,845		21,878		69,509

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

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

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

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

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended December 31, 2015 are as follows (amounts in thousands):

	Class A		Class C		Class R2			Class R5			Class R6		Select Class		Total
Intrepid Advantage Fund
Transfer agent fees	$	1	$	1		n/a			n/a			n/a	$	1	$	3
Sub-transfer agent fees		3		3		n/a			n/a			n/a		1		7
Intrepid America Fund
Transfer agent fees		5		1	$	—	(a)	$	5		$	4		6		21
Sub-transfer agent fees		151		7		3			—	(a)		—		5		166
Intrepid Growth Fund
Transfer agent fees		9		1		—	(a)		1			1		3		15
Sub-transfer agent fees		43		23		2			60			—		34		162
Intrepid Mid Cap Fund
Transfer agent fees		25		3		n/a			n/a			1		5		34
Sub-transfer agent fees		215		58		n/a			n/a			—		118		391
Intrepid Value Fund
Transfer agent fees		27		2		12			1			1		8		51
Sub-transfer agent fees		92		24		8			18			—		870		1,012

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

E. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 59

NOTES TO FINANCIAL STATEMENTS

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreements, J.P. Morgan Investment Management Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Intrepid Advantage Fund	0.65	%
Intrepid America Fund	0.40
Intrepid Growth Fund	0.50
Intrepid Mid Cap Fund	0.65
Intrepid Value Fund	0.40

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2015, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

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

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

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Intrepid Advantage Fund	$	—	(a)	$	—	(a)
Intrepid America Fund		3			—	(a)
Intrepid Growth Fund		9			—	(a)
Intrepid Mid Cap Fund		21			—	(a)
Intrepid Value Fund		9			—	(a)

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

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

	Class A			Class C			Class R2			Class R5			Select Class
Intrepid Advantage Fund		0.25	%		0.25	%		n/a			n/a			0.25	%
Intrepid America Fund		0.25			0.25			0.25	%		0.05	%		0.25
Intrepid Growth Fund		0.25			0.25			0.25			0.05			0.25
Intrepid Mid Cap Fund		0.25			0.25			n/a			n/a			0.25
Intrepid Value Fund		0.25			0.25			0.25			0.05			0.25

60 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

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

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

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

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

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

	Class A			Class C			Class R2			Class R5			Class R6			Select Class
Intrepid Advantage Fund		1.15	%		1.65	%		n/a			n/a			n/a			0.90	%
Intrepid America Fund		1.04			1.54			1.29	%		0.60	%		0.55	%		0.80
Intrepid Growth Fund		0.93			1.42			1.17			0.48			0.43			0.68
Intrepid Mid Cap Fund		1.15			1.79			n/a			n/a			0.65			0.90
Intrepid Value Fund		0.83			1.33			1.08			0.48			0.43			0.68

The expense limitation agreements were in effect for the six months ended December 31, 2015 and are in place until at least October 31, 2016.

For the six months ended December 31, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursement
Intrepid Advantage Fund	$	64	$	9	$	4	$	77	$	—
Intrepid America Fund		—		—		128		128		2
Intrepid Growth Fund		589		393		130		1,112		6
Intrepid Mid Cap Fund		318		211		394		923		1
Intrepid Value Fund		427		285		1,189		1,901		9

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective November 1, 2015, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to November 1, 2015, a portion of the waiver was voluntary.

The amounts of waivers resulting from investments in these money market funds for the six months ended December 31, 2015 were as follows (amounts in thousands):

Intrepid Advantage Fund	$	—	(a)
Intrepid America Fund		95
Intrepid Growth Fund		36
Intrepid Mid Cap Fund		19
Intrepid Value Fund		46

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

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

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

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 61

NOTES TO FINANCIAL STATEMENTS

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

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

During the six months ended December 31, 2015, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended December 31, 2015, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Intrepid America Fund	$	—	(a)
Intrepid Mid Cap Fund		1

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

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

4. Investment Transactions

During the six months ended December 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Intrepid Advantage Fund	$	2,724	$	4,055
Intrepid America Fund		1,025,276		953,947
Intrepid Growth Fund		329,071		313,267
Intrepid Mid Cap Fund		286,015		348,579
Intrepid Value Fund		448,780		395,072

During the six months ended December 31, 2015, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Intrepid Advantage Fund	$	16,962	$	4,690	$	762	$	3,928
Intrepid America Fund		3,238,877		681,805		98,402		583,403
Intrepid Growth Fund		877,979		223,678		21,619		202,059
Intrepid Mid Cap Fund		786,309		124,493		54,414		70,079
Intrepid Value Fund		1,561,652		298,526		111,583		186,943

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

At June 30, 2015, the Funds did not have any post-enactment net capital loss carryforwards.

At June 30, 2015, the Funds had the following pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

	2018		2019		Total
Intrepid Advantage Fund	$	—	$	1,978	$	1,978
Intrepid Growth Fund		162,839		—		162,839

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including

62 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015, or at any time during the six months then ended.

7. Risks, Concentrations and Indemnifications

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

As of December 31, 2015, an affiliate of the Adviser had investment discretion with respect to its clients’ holdings in the Funds, which collectively represent the following percentage of each Fund’s net assets:

	% of the Fund
Intrepid Advantage Fund		14.1	%
Intrepid Mid Cap Fund		15.1

As of December 31, 2015, Intrepid Advantage Fund and Intrepid Value Fund had one shareholder and two shareholders, respectively, which are accounts maintained by financial intermediaries on behalf of their clients, that collectively own shares representing the following percentage of each applicable Fund’s net assets:

	% of the Fund
Intrepid Advantage Fund		10.6	%
Intrepid Value Fund		63.0

As of December 31, 2015, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Intrepid America Fund		31.5	%		56.0	%
Intrepid Growth Fund		53.5			n/a
Intrepid Mid Cap Fund		25.8			n/a

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

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 63

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2015, and continued to hold your shares at the end of the reporting period, December 31, 2015.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period		Annualized Expense Ratio
Intrepid Advantage Fund
Class A
Actual*	$	1,000.00	$	988.90	$	5.75		1.15	%
Hypothetical*		1,000.00		1,019.36		5.84		1.15
Class C
Actual*		1,000.00		986.40		8.24		1.65
Hypothetical*		1,000.00		1,016.84		8.36		1.65
Select Class
Actual*		1,000.00		990.10		4.50		0.90
Hypothetical*		1,000.00		1,020.61		4.57		0.90
Intrepid America Fund
Class A
Actual*		1,000.00		984.60		5.19		1.04
Hypothetical*		1,000.00		1,019.91		5.28		1.04
Class C
Actual*		1,000.00		982.20		7.67		1.54
Hypothetical*		1,000.00		1,017.39		7.81		1.54
Class R2
Actual*		1,000.00		983.30		6.43		1.29
Hypothetical*		1,000.00		1,018.65		6.55		1.29
Class R5
Actual*		1,000.00		987.30		2.70		0.54
Hypothetical*		1,000.00		1,022.42		2.75		0.54
Class R6
Actual**		1,000.00		968.50		0.78		0.49
Hypothetical *		1,000.00		1,022.67		2.49		0.49
Select Class
Actual*		1,000.00		986.20		3.69		0.74
Hypothetical*		1,000.00		1,021.42		3.76		0.74

64 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period		Annualized Expense Ratio
Intrepid Growth Fund
Class A
Actual*	$	1,000.00	$	998.90	$	4.67		0.93	%
Hypothetical*		1,000.00		1,020.46		4.72		0.93
Class C
Actual*		1,000.00		996.50		7.13		1.42
Hypothetical*		1,000..00		1,018.00		7.20		1.42
Class R2
Actual*		1,000.00		998.00		5.88		1.17
Hypothetical*		1,000.00		1,019.25		5.94		1.17
Class R5
Actual*		1,000.00		1,001.20		2.36		0.47
Hypothetical*		1,000.00		1,022.77		2.39		0.47
Class R6
Actual**		1,000.00		975.60		0.67		0.42
Hypothetical*		1,000.00		1,023.03		2.14		0.42
Select Class
Actual*		1,000.00		1,000.20		3.42		0.68
Hypothetical*		1,000.00		1,021.72		3.46		0.68
Intrepid Mid Cap Fund
Class A
Actual*		1,000.00		945.70		5.62		1.15
Hypothetical*		1,000.00		1,019.36		5.84		1.15
Class C
Actual*		1,000.00		942.30		8.74		1.79
Hypothetical*		1,000.00		1,016.14		9.07		1.79
Class R6
Actual**		1,000.00		960.70		1.03		0.65
Hypothetical*		1,000.00		1,021.87		3.30		0.65
Select Class
Actual*		1,000.00		946.20		4.40		0.90
Hypothetical*		1,000.00		1,020.61		4.57		0.90
Intrepid Value Fund
Class A
Actual*		1,000.00		937.90		4.04		0.83
Hypothetical*		1,000.00		1,020.96		4.22		0.83
Class C
Actual*		1,000.00		935.70		6.47		1.33
Hypothetical*		1,000.00		1,018.45		6.75		1.33
Class R2
Actual*		1,000.00		936.80		5.26		1.08
Hypothetical*		1,000.00		1,019.71		5.48		1.08
Class R5
Actual*		1,000.00		939.80		2.34		0.48
Hypothetical*		1,000.00		1,022.72		2.44		0.48
Class R6
Actual*		1,000.00		939.80		2.10		0.43
Hypothetical*		1,000.00		1,022.97		2.19		0.43
Select Class
Actual*		1,000.00		938.60		3.31		0.68
Hypothetical*		1,000.00		1,021.72		3.46		0.68

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 59/366 (to reflect the one-half year period).

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 65

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 19, 2015.

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

executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreements was in the best interests of each Fund and its shareholders.

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

66 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

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

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Intrepid Mid Cap Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 67

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Intrepid Advantage Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three- and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Intrepid America Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Intrepid Growth Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three- and five-year periods ended

December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Intrepid Mid Cap Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Intrepid Value Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

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

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

68 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2015

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

The Trustees noted that the Intrepid Growth Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

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

The Trustees noted that the Intrepid Value Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

DECEMBER 31, 2015 J.P. MORGAN INTREPID FUNDS 69

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

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

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

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

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

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

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

^© JPMorgan Chase & Co., 2016. All rights reserved. December 2015. SAN-INT-1215

Semi-Annual Report

J.P. Morgan Equity Funds

December 31, 2015 (Unaudited)

JPMorgan U.S. Dynamic Plus Fund

JPMorgan U.S. Large Cap Core Plus Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan U.S. Dynamic Plus Fund	3
JPMorgan U.S. Large Cap Core Plus Fund	6
Schedules of Portfolio Investments	9
Financial Statements	22
Financial Highlights	30
Notes to Financial Statements	34
Schedule of Shareholder Expenses	41
Board Approval of Investment Advisory Agreement	42

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

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

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

CEO’S LETTER

January 29, 2016 (Unaudited)

Dear Shareholder,

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies — particularly those of emerging market exporting nations — put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48% of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets — including a 2% devaluation of the yuan — the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24^th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks — particularly those of large cap technology companies — while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management, J.P. Morgan Asset Management

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 1

J.P. Morgan Equity Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

U.S. equities financial markets provided slim returns for the second half of 2015. Global weakness in commodities prices, slowing economic growth in China, anxiety over U.S. interest rate policy and slowing growth in corporate earnings combined to put pressure on equity prices during the summer months.

In mid-August, Chinese authorities devalued the yuan by 2% amid declines in the Shanghai and Shenzhen equity markets. A global sell-off followed on August 24th, dragging down the Standard & Poor’s 500 Index (“S&P 500”) by 3.9% for the day.

However, U.S. equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. The S&P 500 turned in its best one-month performance since October 2011.

In general, the U.S. equities market for the six month reporting period was marked by large gains in a few select stocks, especially technology sector stocks, while most other stocks ended the period lower or essentially flat. The energy, materials and industrials sectors underperformed the broader market, while the consumer discretionary, consumer staples and health care sectors outperformed the broader market. For the six months ended December 31, 2015, the S&P 500 returned 0.15%.

2 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

JPMorgan U.S. Dynamic Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		0.48%
S&P 500 Index		0.15%
Net Assets as of 12/31/2015 (In Thousands)	$	306,091

INVESTMENT OBJECTIVE**

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

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

The Fund’s Select Class Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the industrials and energy sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the financials and consumer discretionary sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Valero Energy Corp., Cameron International Corp. and Microsoft Corp. Shares of Valero Energy, a refinery operator specializing in gasoline and diesel fuel, rose on the company’s plans to expand its refining and transport systems to reduce operating costs. Shares of Cameron International, an oil field services provider, rose on news that Schlumberger Ltd. would acquire the company. Shares of Microsoft, a provider of software and technology services, rose on growth in its Azure cloud computing platform as investors sought large cap stocks amid market volatility.

Leading individual detractors from relative performance included the Fund’s lack of a position in in Amazon.com Inc. and its overweight positions in Apple Inc. and HP Inc. Shares of Amazon.com, an online retailer not held in the Fund, rose on continued expansion of its business and a 20% increase in 2015 online holiday season sales from a year earlier. Shares of Apple, a maker of mobile devices and computers, fell amid slowing global demand for iPhones. Shares of HP, a maker of printers and personal computers, declined on lower-than-expected sales and a weak outlook for its printers business.

HOW WAS THE FUND POSITIONED?

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

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

During the reporting period, the Fund was managed and positioned in accordance with this investment philosophy and process.

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

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

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 3

JPMorgan U.S. Dynamic Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	Microsoft Corp.	4.0	%
	2.	Apple, Inc.	3.9
	3.	Wells Fargo & Co.	2.8
	4.	Gilead Sciences, Inc.	2.5
	5.	Pfizer, Inc.	2.4
	6.	Northrop Grumman Corp.	2.0
	7.	Home Depot, Inc. (The)	2.0
	8.	Citigroup, Inc.	2.0
	9.	Cisco Systems, Inc.	1.8
	10.	Amgen, Inc.	1.8

TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	Stericycle, Inc.	4.0	%
	2.	Paychex, Inc.	3.7
	3.	Colgate-Palmolive Co.	3.1
	4.	athenahealth, Inc.	3.0
	5.	Hexcel Corp.	2.9
	6.	National Instruments Corp.	2.7
	7.	Fastenal Co.	2.6
	8.	Dolby Laboratories, Inc., Class A	2.6
	9.	Brown-Forman Corp., Class B	2.6
	10.	McCormick & Co., Inc. (Non-Voting)	2.6

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Information Technology	26.0	%
Health Care	16.6
Consumer Discretionary	12.4
Financials	10.9
Consumer Staples	9.9
Industrials	9.2
Energy	6.7
Materials	2.7
Utilities	2.4
Telecommunication Services	1.0
Short-Term Investment	2.2

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Information Technology	34.9	%
Consumer Discretionary	18.7
Industrials	17.0
Consumer Staples	10.7
Health Care	9.6
Utilities	3.6
Energy	2.8
Telecommunication Services	1.7
Materials	0.6
Financials	0.4

* Percentages indicated are based on total long investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

** Percentages indicated are based on total short investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	January 31, 2006
Without Sales Charge			0.30	%		0.58	%		12.00	%		5.43	%
With Sales Charge**			(4.97	)		(4.73	)		10.80			4.86
CLASS C SHARES	January 31, 2006
Without CDSC			0.13			0.07			11.45			4.91
With CDSC***			(0.87	)		(0.93	)		11.45			4.91
SELECT CLASS SHARES	January 31, 2006		0.48			0.86			12.29			5.70

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (1/31/06 TO 12/31/15)

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

The Fund commenced operations on January 31, 2006.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan U.S. Dynamic Plus Fund, the S&P 500 Index and the Lipper Alternative Active Extension Funds Average from January 31, 2006 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends, capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Alternative Active Extension Funds Average includes

expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot directly invest in an index. The Lipper Alternative Active Extension Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

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

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

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

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 5

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-2.49%
S&P 500 Index		0.15%
Net Assets as of 12/31/2015 (In Thousands)	$	10,846,075

INVESTMENT OBJECTIVE**

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

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

The Fund’s Select Class Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the health care and materials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and telecommunication services sectors was a positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Time Warner Inc., U.S. Steel Corp. and Valeant Pharmaceuticals International Inc.

Shares of Time Warner, a media and entertainment company, fell on lower-than-expected advertising revenue amid a consumer trend away from cable TV and toward online entertainment providers. Shares of U.S. Steel, a steelmaker not included in the Benchmark, came under pressure from declining global demand for steel and an increase in less expensive steel from China. Shares of Valeant Pharmaceuticals, a drug maker, fell amid questions about its accounting practices.

Leading individual contributors to relative performance included the Fund’s overweight positions in ACE Ltd. and Alphabet Inc. and its short position in Freeport McMoRan Inc. Shares of ACE Ltd, an insurance company, rose ahead of its acquisition of Chubb. Shares of Alphabet, the parent company of Google, rose on continued growth in Google advertising revenue and investors’ desire for defensive large cap stocks amid market volatility. Shares of Freeport McMoRan, a mining and metals company, declined amid global weakness in commodities prices.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to

determine their underlying value and potential for future earnings growth. Overall, the Fund’s portfolio managers aimed to take advantage of mispriced stocks that appeared attractive relative to fair value for long positions, and looked for overvalued stocks in which to take short positions. The long-to-short exposure ratio at the end of the reporting period was 130% to 30%.

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

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

6 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	ACE Ltd., (Switzerland)	2.8	%
	2.	Microsoft Corp.	2.8
	3.	Wells Fargo & Co.	2.8
	4.	Apple, Inc.	2.6
	5.	Avago Technologies Ltd., (Singapore)	2.4
	6.	General Motors Co.	2.2
	7.	Honeywell International, Inc.	2.2
	8.	Time Warner, Inc.	2.1
	9.	Occidental Petroleum Corp.	2.1
	10.	Lowe’s Cos., Inc.	2.1

TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	Lockheed Martin Corp.	2.5	%
	2.	3M Co.	2.0
	3.	International Business Machines Corp.	2.0
	4.	Clorox Co. (The)	1.9
	5.	Rockwell Automation, Inc.	1.9
	6.	AbbVie, Inc.	1.9
	7.	Enbridge, Inc., (Canada)	1.8
	8.	CVS Health Corp.	1.7
	9.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR, (Taiwan)	1.7
	10.	Boeing Co. (The)	1.7

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Information Technology	21.8	%
Financials	19.8
Consumer Discretionary	15.4
Health Care	14.7
Industrials	9.9
Energy	6.9
Consumer Staples	5.1
Materials	2.8
Utilities	1.6
Others (each less than 1.0%)	0.5
Short-Term Investment	1.5

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Financials	17.0	%
Industrials	15.0
Consumer Discretionary	12.1
Health Care	12.0
Information Technology	11.5
Consumer Staples	10.0
Energy	8.0
Utilities	7.4
Materials	6.0
Telecommunication Services	1.0

* Percentages indicated are based on total long investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

** Percentages indicated are based on total short investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 7

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2005
Without Sales Charge			(2.65	)%		(0.58	)%		11.84	%		9.34	%
With Sales Charge**			(7.75	)		(5.81	)		10.64			8.75
CLASS C SHARES	November 1, 2005
Without CDSC			(2.87	)		(1.03	)		11.29			8.80
With CDSC***			(3.87	)		(2.03	)		11.29			8.80
CLASS R2 SHARES	November 3, 2008		(2.77	)		(0.81	)		11.56			9.14
CLASS R5 SHARES	May 15, 2006		(2.40	)		(0.09	)		12.36			9.83
SELECT CLASS SHARES	November 1, 2005		(2.49	)		(0.27	)		12.14			9.61

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan U.S. Large Cap Core Plus Fund, the S&P 500 Index and the Lipper Alternative Active Extension Funds Average from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does

not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Alternative Active Extension Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot directly invest in an index. The Lipper Alternative Active Extension Funds Average is an average based on total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

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

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

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

8 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

JPMorgan U.S. Dynamic Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 124.8%
	Common Stocks — 122.1%
		Consumer Discretionary — 15.5%
		Auto Components — 0.9%
	25	Delphi Automotive plc, (United Kingdom)		2,161
	17	Goodyear Tire & Rubber Co. (The)		555
				2,716
		Diversified Consumer Services — 0.5%
	41	ServiceMaster Global Holdings, Inc. (a)		1,601
		Hotels, Restaurants & Leisure — 1.9%
	21	Darden Restaurants, Inc.		1,362
	11	McDonald’s Corp.		1,323
	80	Restaurant Brands International, Inc., (Canada)		2,998
				5,683
		Household Durables — 1.2%
	115	Toll Brothers, Inc. (a)		3,820
		Internet & Catalog Retail — 1.1%
	27	Expedia, Inc.		3,344
		Media — 3.2%
	51	CBS Corp. (Non-Voting), Class B		2,408
	71	Comcast Corp., Class A		4,004
	25	DISH Network Corp., Class A (a) (j)		1,447
	77	Twenty-First Century Fox, Inc., Class A		2,099
				9,958
		Multiline Retail — 1.4%
	58	Target Corp.		4,211
		Specialty Retail — 4.0%
	32	Foot Locker, Inc.		2,057
	58	Home Depot, Inc. (The) (j)		7,635
	21	Lowe’s Cos., Inc.		1,581
	91	Staples, Inc.		859
				12,132
		Textiles, Apparel & Luxury Goods — 1.3%
	20	Carter’s, Inc.		1,781
	64	Coach, Inc.		2,085
				3,866
		Total Consumer Discretionary		47,331
		Consumer Staples — 12.3%
		Beverages — 2.0%
	22	Molson Coors Brewing Co., Class B (j)		2,080
	39	PepsiCo, Inc. (j)		3,927
				6,007

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 4.1%
	18	CVS Health Corp. (j)		1,787
	129	Kroger Co. (The)		5,403
	37	Walgreens Boots Alliance, Inc.		3,133
	35	Wal-Mart Stores, Inc.		2,164
				12,487
		Food Products — 3.1%
	14	Bunge Ltd. (j)		942
	35	Ingredion, Inc.		3,326
	32	Pilgrim’s Pride Corp. (j)		713
	84	Tyson Foods, Inc., Class A		4,501
				9,482
		Household Products — 0.5%
	47	Energizer Holdings, Inc.		1,602
		Personal Products — 0.8%
	23	Edgewell Personal Care Co.		1,820
	15	Herbalife Ltd. (a) (j)		788
				2,608
		Tobacco — 1.8%
	121	Reynolds American, Inc. (j)		5,584
		Total Consumer Staples		37,770
		Energy — 8.3%
		Energy Equipment & Services — 4.1%
	25	Baker Hughes, Inc.		1,131
	53	Cameron International Corp. (a)		3,343
	107	Ensco plc, (United Kingdom), Class A (j)		1,645
	31	Frank’s International N.V., (Netherlands)		524
	95	National Oilwell Varco, Inc. (j)		3,172
	58	Noble Corp. plc, (United Kingdom)		614
	16	Schlumberger Ltd.		1,095
	157	Seadrill Ltd., (United Kingdom) (a)		533
	31	Transocean Ltd., (Switzerland) (j)		386
				12,443
		Oil, Gas & Consumable Fuels — 4.2%
	47	Devon Energy Corp.		1,513
	5	Marathon Petroleum Corp.		244
	72	Occidental Petroleum Corp.		4,868
	5	Tesoro Corp. (j)		485
	83	Valero Energy Corp.		5,862
				12,972
		Total Energy		25,415

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 9

JPMorgan U.S. Dynamic Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Financials — 13.6%
		Banks — 7.4%
	255	Bank of America Corp. (j)		4,290
	147	Citigroup, Inc. (j)		7,616
	195	Wells Fargo & Co.		10,605
				22,511
		Consumer Finance — 2.4%
	53	Capital One Financial Corp.		3,804
	64	Discover Financial Services (j)		3,445
				7,249
		Diversified Financial Services — 0.8%
	64	Voya Financial, Inc.		2,347
		Insurance — 2.6%
	40	Allstate Corp. (The) (j)		2,462
	65	Hartford Financial Services Group, Inc. (The)		2,833
	25	Lincoln National Corp. (j)		1,277
	14	Travelers Cos., Inc. (The)		1,535
				8,107
		Real Estate Investment Trusts (REITs) — 0.4%
	17	Equity Commonwealth (a)		458
	49	NorthStar Realty Finance Corp.		835
				1,293
		Total Financials		41,507
		Health Care — 20.7%
		Biotechnology — 7.0%
	42	Amgen, Inc. (j)		6,750
	4	Biogen, Inc. (a) (j)		1,134
	5	Celgene Corp. (a)		647
	93	Gilead Sciences, Inc. (j)		9,450
	27	Vertex Pharmaceuticals, Inc. (a) (j)		3,338
				21,319
		Health Care Equipment & Supplies — 1.9%
	14	C.R. Bard, Inc.		2,557
	42	Medtronic plc, (Ireland) (j)		3,231
				5,788
		Health Care Providers & Services — 8.4%
	6	Aetna, Inc. (j)		594
	42	Anthem, Inc. (j)		5,787
	10	Cardinal Health, Inc. (j)		893
	45	Cigna Corp.		6,643
	48	Express Scripts Holding Co. (a)		4,161
	9	Health Net, Inc. (a)		630

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — continued
	19	Humana, Inc.		3,392
	24	LifePoint Health, Inc. (a)		1,761
	10	McKesson Corp. (j)		1,933
				25,794
		Pharmaceuticals — 3.4%
	28	Merck & Co., Inc. (j)		1,458
	279	Pfizer, Inc. (j)		9,003
				10,461
		Total Health Care		63,362
		Industrials — 11.5%
		Aerospace & Defense — 5.9%
	19	Boeing Co. (The) (j)		2,805
	27	Huntington Ingalls Industries, Inc. (j)		3,387
	41	Northrop Grumman Corp. (j)		7,779
	23	Raytheon Co. (j)		2,813
	23	Spirit AeroSystems Holdings, Inc., Class A (a)		1,167
				17,951
		Airlines — 2.3%
	42	Delta Air Lines, Inc. (j)		2,119
	118	Southwest Airlines Co.		5,081
				7,200
		Construction & Engineering — 1.2%
	120	AECOM (a) (j)		3,610
		Industrial Conglomerates — 0.7%
	22	Danaher Corp.		2,018
		Machinery — 0.9%
	28	Allison Transmission Holdings, Inc. (j)		715
	24	Illinois Tool Works, Inc.		2,187
				2,902
		Professional Services — 0.5%
	19	ManpowerGroup, Inc.		1,635
		Total Industrials		35,316
		Information Technology — 32.5%
		Communications Equipment — 3.6%
	253	Cisco Systems, Inc. (j)		6,881
	77	Juniper Networks, Inc. (j)		2,131
	37	QUALCOMM, Inc. (j)		1,859
				10,871
		Electronic Equipment, Instruments & Components — 0.3%
	35	Ingram Micro, Inc., Class A		1,060

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Internet Software & Services — 3.8%
	6	Alphabet, Inc., Class C (a)		4,326
	73	eBay, Inc. (a)		2,006
	43	VeriSign, Inc. (a) (j)		3,765
	44	Yahoo!, Inc. (a)		1,460
				11,557
		IT Services — 4.8%
	86	Computer Sciences Corp.		2,804
	86	CSRA, Inc.		2,574
	74	Leidos Holdings, Inc.		4,174
	21	MasterCard, Inc., Class A (j)		2,035
	41	Visa, Inc., Class A		3,195
				14,782
		Semiconductors & Semiconductor Equipment — 3.5%
	55	Lam Research Corp. (j)		4,384
	160	Marvell Technology Group Ltd., (Bermuda)		1,410
	131	Maxim Integrated Products, Inc.		4,974
				10,768
		Software — 9.3%
	78	Activision Blizzard, Inc. (j)		3,031
	275	Microsoft Corp. (j)		15,282
	153	Oracle Corp. (j)		5,575
	123	Rovi Corp. (a)		2,049
	124	Symantec Corp. (j)		2,608
				28,545
		Technology Hardware, Storage & Peripherals — 7.2%
	140	Apple, Inc. (j)		14,758
	235	Hewlett Packard Enterprise Co.		3,572
	235	HP, Inc.		2,782
	14	Western Digital Corp.		817
				21,929
		Total Information Technology		99,512
		Materials — 3.4%
		Chemicals — 1.7%
	15	Dow Chemical Co. (The)		793
	49	LyondellBasell Industries N.V., Class A		4,249
				5,042
		Containers & Packaging — 1.7%
	18	Crown Holdings, Inc. (a) (j)		928
	97	Sealed Air Corp. (j)		4,313
				5,241
		Total Materials		10,283

SHARES		SECURITY DESCRIPTION	VALUE($)
		Telecommunication Services — 1.3%
		Diversified Telecommunication Services — 1.3%
	95	AT&T, Inc. (j)		3,281
	14	Verizon Communications, Inc. (j)		631
		Total Telecommunication Services		3,912
		Utilities — 3.0%
		Electric Utilities — 1.4%
	64	Entergy Corp. (j)		4,382
		Gas Utilities — 1.6%
	143	UGI Corp. (j)		4,827
		Total Utilities		9,209
		Total Common Stocks (Cost $309,514)		373,617
	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	8,354	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $8,354)		8,354
		Total Investments — 124.8% (Cost $317,868)		381,971
		Liabilities in Excess of Other Assets — (24.8)% (c)		(75,880	)
		NET ASSETS — 100.0%	$	306,091
	Short Positions — 25.7%
	Common Stocks — 25.7%
		Consumer Discretionary — 4.8%
		Auto Components — 0.2%
	14	BorgWarner, Inc.		601
		Hotels, Restaurants & Leisure — 1.0%
	57	Aramark		1,822
	20	Marriott International, Inc., Class A		1,334
				3,156
		Household Durables — 0.4%
	25	Lennar Corp., Class A		1,198
		Internet & Catalog Retail — 0.2%
	6	Netflix, Inc. (a)		663
		Leisure Products — 0.8%
	27	Mattel, Inc.		742
	19	Polaris Industries, Inc.		1,590
				2,332
		Multiline Retail — 0.2%
	11	Burlington Stores, Inc. (a)		451

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 11

JPMorgan U.S. Dynamic Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Futures contracts )

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Specialty Retail — 1.5%
	20	Cabela’s, Inc. (a)		925
	23	CarMax, Inc. (a)		1,220
	10	Restoration Hardware Holdings, Inc. (a)		779
	7	Signet Jewelers Ltd.		816
	44	Urban Outfitters, Inc. (a)		994
				4,734
		Textiles, Apparel & Luxury Goods — 0.5%
	87	Kate Spade & Co. (a)		1,551
		Total Consumer Discretionary		14,686
		Consumer Staples — 2.7%
		Beverages — 0.7%
	21	Brown-Forman Corp., Class B		2,055
		Food & Staples Retailing — 0.1%
	12	United Natural Foods, Inc. (a)		488
		Food Products — 1.1%
	15	Keurig Green Mountain, Inc.		1,341
	24	McCormick & Co., Inc. (Non-Voting)		2,045
				3,386
		Household Products — 0.8%
	37	Colgate-Palmolive Co.		2,452
		Total Consumer Staples		8,381
		Energy — 0.7%
		Oil, Gas & Consumable Fuels — 0.7%
	36	Cabot Oil & Gas Corp.		642
	80	CONSOL Energy, Inc.		635
	14	Range Resources Corp.		342
	31	SM Energy Co.		618
		Total Energy		2,237
		Financials — 0.1%
		Capital Markets — 0.1%
	8	Franklin Resources, Inc.		302
		Health Care — 2.5%
		Biotechnology — 0.2%
	16	Cepheid, Inc. (a)		573
		Health Care Equipment & Supplies — 0.2%
	4	Cooper Cos., Inc. (The)		497
		Health Care Providers & Services — 1.0%
	29	Acadia Healthcare Co., Inc. (a)		1,780
	17	Brookdale Senior Living, Inc. (a)		306
	7	Team Health Holdings, Inc. (a)		316
	22	Tenet Healthcare Corp. (a)		661
				3,063

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Technology — 0.8%
	15	athenahealth, Inc. (a)		2,350
	4	Cerner Corp. (a)		265
				2,615
		Pharmaceuticals — 0.3%
	33	Catalent, Inc. (a)		821
		Total Health Care		7,569
		Industrials — 4.4%
		Aerospace & Defense — 0.8%
	49	Hexcel Corp.		2,267
		Commercial Services & Supplies — 1.4%
	21	Covanta Holding Corp.		328
	21	Republic Services, Inc.		919
	26	Stericycle, Inc. (a)		3,148
				4,395
		Construction & Engineering — 0.4%
	63	Quanta Services, Inc. (a)		1,272
		Machinery — 0.2%
	17	Oshkosh Corp.		660
		Road & Rail — 0.4%
	11	Genesee & Wyoming, Inc., Class A (a)		580
	6	Kansas City Southern		478
				1,058
		Trading Companies & Distributors — 1.2%
	51	Fastenal Co.		2,079
	8	W.W. Grainger, Inc.		1,620
				3,699
		Total Industrials		13,351
		Information Technology — 9.0%
		Communications Equipment — 0.6%
	29	ViaSat, Inc. (a)		1,751
		Electronic Equipment, Instruments & Components — 3.8%
	32	Amphenol Corp., Class A		1,687
	61	Dolby Laboratories, Inc., Class A		2,056
	55	FLIR Systems, Inc.		1,555
	110	Knowles Corp. (a)		1,470
	74	National Instruments Corp.		2,136
	83	Trimble Navigation Ltd. (a)		1,789
	12	Zebra Technologies Corp., Class A (a)		829
				11,522

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Internet Software & Services — 0.6%
	3	LinkedIn Corp., Class A (a)		743
	33	Pandora Media, Inc. (a)		442
	30	Zillow Group, Inc., Class C (a)		714
				1,899
		IT Services — 1.5%
	28	Fidelity National Information Services, Inc.		1,721
	55	Paychex, Inc.		2,904
				4,625
		Semiconductors & Semiconductor Equipment — 0.9%
	49	Cree, Inc. (a)		1,315
	20	Skyworks Solutions, Inc.		1,506
				2,821
		Software — 1.3%
	13	NetSuite, Inc. (a)		1,091
	6	Ultimate Software Group, Inc. (The) (a)		1,232
	19	Workday, Inc., Class A (a)		1,498
				3,821
		Technology Hardware, Storage & Peripherals — 0.3%
	20	3D Systems Corp. (a)		177
	37	Stratasys Ltd. (a)		862
				1,039
		Total Information Technology		27,478

SHARES		SECURITY DESCRIPTION	VALUE($)
		Materials — 0.2%
		Metals & Mining — 0.2%
	72	Freeport-McMoRan, Inc.		487
		Telecommunication Services — 0.4%
		Wireless Telecommunication Services — 0.4%
	376	Sprint Corp. (a)		1,363
		Utilities — 0.9%
		Electric Utilities — 0.3%
	41	OGE Energy Corp.		1,086
		Multi-Utilities — 0.6%
	26	Dominion Resources, Inc.		1,772
		Total Utilities		2,858
		Total Securities Sold Short (Proceeds $85,782)	$	78,712

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	99	E-mini S&P 500		03/18/16		USD	$	10,075	$	(21	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 13

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 129.2%
	Common Stocks — 127.3%
		Consumer Discretionary — 19.9%
		Auto Components — 0.3%
	432	Delphi Automotive plc, (United Kingdom)		37,006
		Automobiles — 2.9%
	121	Ford Motor Co.		1,712
	9,180	General Motors Co. (j)		312,197
				313,909
		Hotels, Restaurants & Leisure — 0.9%
	295	Carnival Corp.		16,050
	613	Hilton Worldwide Holdings, Inc.		13,121
	450	Royal Caribbean Cruises Ltd. (j)		45,569
	240	Yum! Brands, Inc.		17,517
				92,257
		Household Durables — 2.1%
	2,200	D.R. Horton, Inc.		70,477
	947	Harman International Industries, Inc.		89,228
	650	PulteGroup, Inc.		11,589
	1,772	Toll Brothers, Inc. (a)		59,012
				230,306
		Internet & Catalog Retail — 1.9%
	303	Amazon.com, Inc. (a) (j)		204,946
		Media — 6.7%
	1,574	CBS Corp. (Non-Voting), Class B		74,193
	390	Charter Communications, Inc., Class A (a)		71,427
	1,250	Comcast Corp., Class A		70,552
	998	DISH Network Corp., Class A (a) (j)		57,059
	52	Time Warner Cable, Inc.		9,742
	4,652	Time Warner, Inc. (j)		300,837
	378	Time, Inc.		5,920
	4,170	Twenty-First Century Fox, Inc., Class A		113,255
	1,004	Twenty-First Century Fox, Inc., Class B		27,343
				730,328
		Multiline Retail — 0.0% (g)
	8	Dollar General Corp.		604
		Specialty Retail — 4.5%
	1,499	Best Buy Co., Inc.		45,637
	224	Home Depot, Inc. (The) (j)		29,686
	3,824	Lowe’s Cos., Inc.		290,775
	261	Tiffany & Co.		19,878
	1,413	TJX Cos., Inc. (The) (j)		100,228
				486,204

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 0.6%
	83	lululemon athletica, Inc., (Canada) (a) (j)		4,348
	260	Ralph Lauren Corp. (j)		29,006
	459	V.F. Corp.		28,585
				61,939
		Total Consumer Discretionary		2,157,499
		Consumer Staples — 6.5%
		Beverages — 3.3%
	42	Boston Beer Co., Inc. (The), Class A (a)		8,563
	1,749	Coca-Cola Co. (The) (j)		75,120
	29	Constellation Brands, Inc., Class A (j)		4,181
	1,294	Molson Coors Brewing Co., Class B		121,514
	1,540	PepsiCo, Inc.		153,861
				363,239
		Food & Staples Retailing — 0.7%
	438	Costco Wholesale Corp. (j)		70,678
		Food Products — 0.7%
	26	Campbell Soup Co.		1,356
	118	Hershey Co. (The)		10,544
	1,510	Mondelez International, Inc., Class A (j)		67,716
				79,616
		Household Products — 1.4%
	317	Colgate-Palmolive Co.		21,093
	480	Kimberly-Clark Corp.		61,040
	936	Procter & Gamble Co. (The) (j)		74,314
				156,447
		Tobacco — 0.4%
	446	Philip Morris International, Inc. (j)		39,206
		Total Consumer Staples		709,186
		Energy — 8.9%
		Energy Equipment & Services — 0.4%
	587	Schlumberger Ltd.		40,972
		Oil, Gas & Consumable Fuels — 8.5%
	111	Anadarko Petroleum Corp.		5,407
	3,453	Cabot Oil & Gas Corp.		61,085
	499	Chevron Corp. (j)		44,859
	5,004	Columbia Pipeline Group, Inc.		100,081
	186	Concho Resources, Inc. (a)		17,236
	601	Diamondback Energy, Inc. (a)		40,221
	225	Energen Corp.		9,204
	1,141	EOG Resources, Inc.		80,770
	1,572	EQT Corp. (j)		81,948

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	366	Hess Corp.		17,752
	383	Marathon Petroleum Corp.		19,834
	4,311	Occidental Petroleum Corp. (j)		291,499
	610	Pioneer Natural Resources Co. (j)		76,431
	1,856	TransCanada Corp., (Canada)		60,499
	242	Valero Energy Corp.		17,086
				923,912
		Total Energy		964,884
		Financials — 25.6%
		Banks — 7.7%
	12,171	Bank of America Corp. (j)		204,837
	3,674	Citigroup, Inc. (j)		190,106
	1,584	KeyCorp (j)		20,898
	223	SVB Financial Group (a)		26,537
	7,137	Wells Fargo & Co. (j)		387,964
				830,342
		Capital Markets — 6.3%
	463	Ameriprise Financial, Inc.		49,323
	351	BlackRock, Inc.		119,390
	3,849	Charles Schwab Corp. (The) (j)		126,737
	852	Goldman Sachs Group, Inc. (The)		153,587
	909	Invesco Ltd. (j)		30,446
	6,236	Morgan Stanley (j)		198,372
	255	TD Ameritrade Holding Corp.		8,834
				686,689
		Consumer Finance — 0.9%
	825	Ally Financial, Inc. (a)		15,383
	1,525	Discover Financial Services (j)		81,747
	94	Synchrony Financial (a) (j)		2,871
				100,001
		Diversified Financial Services — 1.0%
	427	Intercontinental Exchange, Inc.		109,477
		Insurance — 7.1%
	3,413	ACE Ltd., (Switzerland)		398,815
	88	Allstate Corp. (The)		5,491
	83	American International Group, Inc.		5,116
	1,800	Arthur J. Gallagher & Co.		73,680
	2,588	Marsh & McLennan Cos., Inc. (j)		143,523
	2,098	MetLife, Inc.		101,168
	1,032	XL Group plc, (Ireland)		40,426
				768,219

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — 2.6%
	52	Alexandria Real Estate Equities, Inc.		4,710
	29	American Campus Communities, Inc.		1,199
	55	American Tower Corp. (j)		5,298
	225	AvalonBay Communities, Inc.		41,363
	141	Boston Properties, Inc.		18,010
	57	Equity One, Inc.		1,541
	779	General Growth Properties, Inc.		21,202
	298	HCP, Inc.		11,377
	68	Kilroy Realty Corp.		4,333
	1,030	Kimco Realty Corp.		27,246
	702	LaSalle Hotel Properties		17,654
	343	Liberty Property Trust		10,651
	1,295	Prologis, Inc.		55,589
	96	Simon Property Group, Inc.		18,680
	266	SL Green Realty Corp.		30,061
	135	Spirit Realty Capital, Inc.		1,355
	136	Vornado Realty Trust		13,555
				283,824
		Total Financials		2,778,552
		Health Care — 19.0%
		Biotechnology — 5.6%
	440	Alexion Pharmaceuticals, Inc. (a) (j)		83,875
	409	Biogen, Inc. (a)		125,340
	319	BioMarin Pharmaceutical, Inc. (a)		33,403
	1,279	Celgene Corp. (a) (j)		153,190
	857	Gilead Sciences, Inc.		86,694
	201	Incyte Corp. (a) (j)		21,822
	859	Vertex Pharmaceuticals, Inc. (a) (j)		108,140
				612,464
		Health Care Equipment & Supplies — 0.2%
	181	Abbott Laboratories (j)		8,107
	808	Boston Scientific Corp. (a)		14,904
				23,011
		Health Care Providers & Services — 5.1%
	872	Aetna, Inc.		94,297
	62	Cigna Corp.		9,133
	395	Humana, Inc.		70,578
	782	McKesson Corp.		154,320
	1,868	UnitedHealth Group, Inc. (j)		219,731
				548,059
		Life Sciences Tools & Services — 0.8%
	464	Illumina, Inc. (a)		89,037

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 15

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Pharmaceuticals — 7.3%
	724	Allergan plc (a)		226,160
	2,121	Bristol-Myers Squibb Co. (j)		145,878
	1,913	Eli Lilly & Co.		161,200
	7,001	Pfizer, Inc. (j)		225,991
	264	Valeant Pharmaceuticals International, Inc. (a) (j)		26,858
				786,087
		Total Health Care		2,058,658
		Industrials — 12.9%
		Aerospace & Defense — 5.0%
	36	General Dynamics Corp.		5,000
	2,919	Honeywell International, Inc.		302,325
	258	L-3 Communications Holdings, Inc. (j)		30,811
	377	Northrop Grumman Corp.		71,182
	427	Raytheon Co.		53,219
	813	United Technologies Corp.		78,139
				540,676
		Airlines — 2.1%
	1,555	Delta Air Lines, Inc. (j)		78,827
	99	Spirit Airlines, Inc. (a)		3,945
	2,549	United Continental Holdings, Inc. (a) (j)		146,042
				228,814
		Building Products — 1.1%
	158	Allegion plc, (Ireland)		10,390
	255	Fortune Brands Home & Security, Inc.		14,138
	241	Lennox International, Inc.		30,050
	2,417	Masco Corp.		68,411
				122,989
		Commercial Services & Supplies — 0.3%
	573	Republic Services, Inc.		25,211
	91	Tyco International plc (j)		2,902
				28,113
		Construction & Engineering — 0.3%
	657	Fluor Corp.		31,001
		Industrial Conglomerates — 0.8%
	2,819	General Electric Co. (j)		87,809
		Machinery — 2.0%
	587	Ingersoll-Rand plc		32,434
	1,900	PACCAR, Inc. (j)		90,059
	145	SPX FLOW, Inc. (a)		4,057
	796	Stanley Black & Decker, Inc.		84,938
	95	WABCO Holdings, Inc. (a)		9,697
				221,185

SHARES		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — 1.1%
	1,125	CSX Corp.		29,197
	32	Kansas City Southern		2,422
	138	Norfolk Southern Corp.		11,658
	963	Union Pacific Corp.		75,321
				118,598
		Trading Companies & Distributors — 0.2%
	374	AerCap Holdings N.V., (Netherlands) (a)		16,159
		Total Industrials		1,395,344
		Information Technology — 28.1%
		Communications Equipment — 0.1%
	259	QUALCOMM, Inc.		12,962
		Electronic Equipment, Instruments & Components — 1.0%
	114	Amphenol Corp., Class A (j)		5,951
	1,664	TE Connectivity Ltd., (Switzerland)		107,499
				113,450
		Internet Software & Services — 5.2%
	163	Alphabet, Inc., Class A (a)		126,888
	326	Alphabet, Inc., Class C (a) (j)		247,671
	1,834	Facebook, Inc., Class A (a) (j)		191,996
				566,555
		IT Services — 4.7%
	1,440	Accenture plc, (Ireland), Class A		150,457
	588	Cognizant Technology Solutions Corp., Class A (a)		35,317
	2,078	Fidelity National Information Services, Inc.		125,917
	17	Global Payments, Inc.		1,084
	631	MasterCard, Inc., Class A		61,441
	23	Vantiv, Inc., Class A (a)		1,105
	1,429	Visa, Inc., Class A		110,837
	237	WEX, Inc. (a)		20,970
				507,128
		Semiconductors & Semiconductor Equipment — 7.5%
	2,340	Avago Technologies Ltd., (Singapore)		339,645
	162	Broadcom Corp., Class A		9,362
	3,380	Lam Research Corp.		268,452
	3,062	Marvell Technology Group Ltd., (Bermuda)		27,008
	743	NXP Semiconductors N.V., (Netherlands) (a)		62,637
	251	Qorvo, Inc. (a)		12,773
	1,714	Texas Instruments, Inc.		93,925
				813,802

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Software — 4.6%
	834	Adobe Systems, Inc. (a)		78,385
	7,043	Microsoft Corp.		390,743
	882	Oracle Corp.		32,223
				501,351
		Technology Hardware, Storage & Peripherals — 5.0%
	3,431	Apple, Inc.		361,176
	5,354	Hewlett Packard Enterprise Co.		81,386
	6,660	HP, Inc.		78,854
	294	Western Digital Corp.		17,649
				539,065
		Total Information Technology		3,054,313
		Materials — 3.6%
		Chemicals — 1.9%
	230	Albemarle Corp.		12,885
	788	Axiall Corp.		12,130
	1,184	Dow Chemical Co. (The)		60,932
	593	E.I. du Pont de Nemours & Co.		39,499
	334	Eastman Chemical Co. (j)		22,550
	791	Mosaic Co. (The)		21,836
	284	Praxair, Inc.		29,089
	25	Sherwin-Williams Co. (The)		6,542
				205,463
		Construction Materials — 0.7%
	353	Martin Marietta Materials, Inc.		48,249
	231	Vulcan Materials Co. (j)		21,968
				70,217
		Containers & Packaging — 0.3%
	549	Crown Holdings, Inc. (a) (j)		27,823
	44	Silgan Holdings, Inc.		2,358
	162	WestRock Co.		7,371
				37,552
		Metals & Mining — 0.7%
	778	Nucor Corp.		31,363
	5,399	United States Steel Corp. (j)		43,081
				74,444
		Total Materials		387,676
		Telecommunication Services — 0.7%
		Diversified Telecommunication Services — 0.1%
	260	AT&T, Inc. (j)		8,936
		Wireless Telecommunication Services — 0.6%
	45	SBA Communications Corp., Class A (a) (j)		4,764

SHARES		SECURITY DESCRIPTION	VALUE($)
		Wireless Telecommunication Services — continued
	1,517	T-Mobile US, Inc. (a)		59,344
				64,108
		Total Telecommunication Services		73,044
		Utilities — 2.1%
		Electric Utilities — 1.7%
	347	American Electric Power Co., Inc.		20,241
	1,149	Edison International (j)		68,042
	6	Pinnacle West Capital Corp.		400
	2,430	PPL Corp.		82,933
	345	Xcel Energy, Inc.		12,378
				183,994
		Gas Utilities — 0.1%
	785	Questar Corp. (j)		15,298
		Multi-Utilities — 0.3%
	288	CMS Energy Corp.		10,407
	873	NiSource, Inc.		17,040
				27,447
		Water Utilities — 0.0% (g)
	22	American Water Works Co., Inc. (j)		1,292
		Total Utilities		228,031
		Total Common Stocks (Cost $10,754,615)		13,807,187
	Short-Term Investment — 1.9%
		Investment Company — 1.9%
	204,327	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $204,327)		204,327
		Total Investments — 129.2% (Cost $10,958,942)		14,011,514
		Liabilities in Excess of Other Assets — (29.2)% (c)		(3,165,439	)
		NET ASSETS — 100.0%	$	10,846,075
	Short Positions — 29.2%
	Common Stocks — 29.2%
		Consumer Discretionary — 3.5%
		Auto Components — 0.5%
	350	Autoliv, Inc., (Sweden)		43,676
	114	Lear Corp.		13,984
				57,660
		Hotels, Restaurants & Leisure — 0.3%
	367	Darden Restaurants, Inc.		23,386
	223	Marriott International, Inc., Class A		14,957
				38,343

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 17

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Leisure Products — 0.2%
	324	Hasbro, Inc.		21,821
		Media — 1.5%
	270	AMC Networks, Inc., Class A (a)		20,159
	606	Discovery Communications, Inc., Class A (a)		16,169
	834	Interpublic Group of Cos., Inc. (The)		19,425
	518	Omnicom Group, Inc.		39,206
	518	Scripps Networks Interactive, Inc., Class A		28,590
	334	Walt Disney Co. (The)		35,126
				158,675
		Multiline Retail — 0.3%
	375	Kohl’s Corp.		17,859
	135	Target Corp.		9,795
				27,654
		Specialty Retail — 0.2%
	487	Bed Bath & Beyond, Inc. (a)		23,490
		Textiles, Apparel & Luxury Goods — 0.5%
	388	NIKE, Inc., Class B		24,253
	383	Under Armour, Inc., Class A (a)		30,852
				55,105
		Total Consumer Discretionary		382,748
		Consumer Staples — 2.9%
		Beverages — 0.4%
	404	Brown-Forman Corp., Class B		40,116
		Food & Staples Retailing — 1.4%
	565	CVS Health Corp.		55,254
	537	Sysco Corp.		22,021
	542	Wal-Mart Stores, Inc.		33,198
	1,268	Whole Foods Market, Inc.		42,469
				152,942
		Food Products — 0.2%
	206	General Mills, Inc.		11,892
	138	Kellogg Co.		10,006
				21,898
		Household Products — 0.9%
	466	Church & Dwight Co., Inc.		39,540
	478	Clorox Co. (The)		60,652
				100,192
		Total Consumer Staples		315,148

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 2.3%
		Energy Equipment & Services — 0.3%
	40	Ensco plc, (United Kingdom), Class A		619
	740	FMC Technologies, Inc. (a)		21,472
	659	Nabors Industries Ltd., (United Sates)		5,606
	249	Noble Corp. plc, (United Kingdom)		2,632
	446	Patterson-UTI Energy, Inc.		6,725
				37,054
		Oil, Gas & Consumable Fuels — 2.0%
	37	Apache Corp.		1,623
	186	Cimarex Energy Co.		16,590
	38	ConocoPhillips		1,760
	521	Devon Energy Corp.		16,682
	1,668	Enbridge, Inc., (Canada)		55,361
	134	Exxon Mobil Corp.		10,476
	636	Marathon Oil Corp.		8,001
	82	Murphy Oil Corp.		1,839
	1,129	ONEOK, Inc.		27,840
	1,917	QEP Resources, Inc.		25,692
	820	Range Resources Corp.		20,173
	1,307	Spectra Energy Corp.		31,286
				217,323
		Total Energy		254,377
		Financials — 4.9%
		Banks — 1.1%
	494	Associated Banc-Corp.		9,268
	531	Citizens Financial Group, Inc.		13,915
	1,652	First Horizon National Corp.		23,980
	1,751	People’s United Financial, Inc.		28,273
	917	Regions Financial Corp.		8,800
	756	U.S. Bancorp		32,240
				116,476
		Capital Markets — 0.4%
	452	Franklin Resources, Inc.		16,630
	310	T. Rowe Price Group, Inc.		22,131
				38,761
		Consumer Finance — 0.2%
	152	American Express Co.		10,558
	178	Capital One Financial Corp.		12,873
				23,431
		Diversified Financial Services — 0.3%
	154	CME Group, Inc.		13,996

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Diversified Financial Services — continued
	353	Nasdaq, Inc.		20,561
				34,557
		Insurance — 1.5%
	215	Aon plc, (United Kingdom)		19,796
	314	Arch Capital Group Ltd., (Bermuda) (a)		21,888
	76	Assurant, Inc.		6,128
	1,686	Progressive Corp. (The)		53,606
	535	Torchmark Corp.		30,574
	218	Travelers Cos., Inc. (The)		24,650
	170	W.R. Berkley Corp.		9,318
				165,960
		Real Estate Investment Trusts (REITs) — 1.4%
	644	DDR Corp.		10,837
	319	Digital Realty Trust, Inc.		24,121
	231	Federal Realty Investment Trust		33,807
	14	Four Corners Property Trust, Inc. (a)		330
	866	Host Hotels & Resorts, Inc.		13,287
	31	Realty Income Corp.		1,575
	54	UDR, Inc.		2,036
	821	Ventas, Inc.		46,334
	375	Welltower, Inc.		25,496
				157,823
		Total Financials		537,008
		Health Care — 3.5%
		Biotechnology — 0.7%
	274	Amgen, Inc.		44,464
	489	Ionis Pharmaceuticals, Inc. (a)		30,272
				74,736
		Health Care Equipment & Supplies — 0.7%
	878	Baxter International, Inc.		33,484
	304	Medtronic plc, (Ireland)		23,347
	310	St. Jude Medical, Inc.		19,178
				76,009
		Health Care Providers & Services — 1.0%
	236	AmerisourceBergen Corp.		24,492
	74	Anthem, Inc.		10,350
	421	Cardinal Health, Inc.		37,603
	382	Express Scripts Holding Co. (a)		33,378
				105,823
		Pharmaceuticals — 1.1%
	999	AbbVie, Inc.		59,176

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — continued
	319	Johnson & Johnson		32,781
	564	Merck & Co., Inc.		29,816
				121,773
		Total Health Care		378,341
		Industrials — 4.4%
		Aerospace & Defense — 1.3%
	372	Boeing Co. (The)		53,821
	361	Lockheed Martin Corp.		78,351
	43	Textron, Inc.		1,815
				133,987
		Air Freight & Logistics — 0.2%
	411	C.H. Robinson Worldwide, Inc.		25,479
		Airlines — 0.6%
	606	American Airlines Group, Inc.		25,668
	985	Southwest Airlines Co.		42,409
				68,077
		Commercial Services & Supplies — 0.3%
	318	ADT Corp. (The)		10,496
	456	Waste Management, Inc.		24,320
				34,816
		Electrical Equipment — 0.8%
	94	Acuity Brands, Inc.		22,075
	590	Rockwell Automation, Inc.		60,520
				82,595
		Industrial Conglomerates — 0.7%
	421	3M Co.		63,399
	102	Danaher Corp.		9,438
				72,837
		Machinery — 0.2%
	386	Donaldson Co., Inc.		11,069
	150	Illinois Tool Works, Inc.		13,908
				24,977
		Trading Companies & Distributors — 0.3%
	495	Air Lease Corp.		16,567
	304	Fastenal Co.		12,402
	15	W.W. Grainger, Inc.		3,100
				32,069
		Total Industrials		474,837

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 19

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Futures contracts )

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Information Technology — 3.4%
		Communications Equipment — 0.6%
	1,552	Cisco Systems, Inc.		42,141
	799	Juniper Networks, Inc.		22,058
				64,199
		IT Services — 1.2%
	492	Fiserv, Inc. (a)		44,969
	459	International Business Machines Corp.		63,147
	44	Total System Services, Inc.		2,186
	517	VeriFone Systems, Inc. (a)		14,488
				124,790
		Semiconductors & Semiconductor Equipment — 1.2%
	1,182	Intel Corp.		40,733
	105	Microchip Technology, Inc.		4,905
	624	NVIDIA Corp.		20,557
	14	Skyworks Solutions, Inc.		1,060
	2,397	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		54,531
	101	Xilinx, Inc.		4,753
				126,539
		Software — 0.1%
	197	salesforce.com, Inc. (a)		15,438
		Technology Hardware, Storage & Peripherals — 0.3%
	921	Seagate Technology plc		33,754
		Total Information Technology		364,720
		Materials — 1.8%
		Chemicals — 1.2%
	17	Agrium, Inc., (Canada)		1,555
	314	Air Products & Chemicals, Inc.		40,862
	281	Ecolab, Inc.		32,128
	459	LyondellBasell Industries N.V., Class A		39,917
	62	Potash Corp. of Saskatchewan, Inc., (Canada)		1,055
	176	Westlake Chemical Corp.		9,577
				125,094

SHARES		SECURITY DESCRIPTION	VALUE($)
		Containers & Packaging — 0.1%
	67	AptarGroup, Inc.		4,881
	89	Bemis Co., Inc.		3,964
	115	Sonoco Products Co.		4,717
				13,562
		Metals & Mining — 0.5%
	3,457	Alcoa, Inc.		34,122
	2,636	Freeport-McMoRan, Inc.		17,843
				51,965
		Total Materials		190,621
		Telecommunication Services — 0.3%
		Diversified Telecommunication Services — 0.3%
	673	Verizon Communications, Inc.		31,112
		Utilities — 2.2%
		Electric Utilities — 1.3%
	682	Duke Energy Corp.		48,670
	155	Entergy Corp.		10,617
	1,293	Exelon Corp.		35,898
	885	Southern Co. (The)		41,403
				136,588
		Multi-Utilities — 0.8%
	716	Consolidated Edison, Inc.		45,989
	18	Dominion Resources, Inc.		1,211
	125	DTE Energy Co.		10,036
	480	SCANA Corp.		29,006
				86,242
		Water Utilities — 0.1%
	382	Aqua America, Inc.		11,397
		Total Utilities		234,227
		Total Securities Sold Short (Proceeds $3,207,694)	$	3,163,139

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	1,075	E-mini S&P 500		03/18/16		USD	$	109,403	$	1,037

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

J.P. Morgan Equity Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

ADR	—  American Depositary Receipt
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.
(c)	—  Included in this amount is cash segregated as collateral for futures contracts.

(g)	—  Amount rounds to less than 0.1%.
(j)	—  All or a portion of this security is segregated for short sales.

The following approximates the aggregate amount of securities segregated for short sales (amounts in thousands):
Fund	Value
U.S. Dynamic Plus Fund	$	127,208
U.S. Large Cap Core Plus Fund		4,380,699

(l) —  The rate shown is the current yield as of December 31, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 21

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands, except per share amounts)

	U.S. Dynamic Plus Fund			U.S. Large Cap Core Plus Fund
ASSETS:
Investments in non-affiliates, at value	$	373,617		$	13,807,187
Investments in affiliates, at value		8,354			204,327
Total investment securities, at value		381,971			14,011,514
Cash		52			3,736
Deposits at broker for securities sold short		—			42
Deposits at broker for futures contracts		416			5,145
Receivables:
Investment securities sold		1,796			15,216
Fund shares sold		2,031			14,476
Dividends from non-affiliates		346			21,235
Dividends from affiliates		1			22
Total Assets		386,613			14,071,386
LIABILITIES:
Payables:
Securities sold short, at value		78,712			3,163,139
Dividend expense to non-affiliates on securities sold short		30			4,271
Investment securities purchased		1,130			35,279
Interest expense to non-affiliates on securities sold short		75			2,206
Fund shares redeemed		129			9,411
Variation margin on futures contracts		83			1,032
Accrued liabilities:
Investment advisory fees		164			6,687
Administration fees		1			217
Distribution fees		30			353
Shareholder servicing fees		40			1,883
Custodian and accounting fees		9			141
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1
Other		119			691
Total Liabilities		80,522			3,225,311
Net Assets	$	306,091		$	10,846,075

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

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

	U.S. Dynamic Plus Fund			U.S. Large Cap Core Plus Fund
NET ASSETS:
Paid-in-Capital	$	234,897		$	8,177,010
Accumulated undistributed (distributions in excess of) net investment income		220			(505	)
Accumulated net realized gains (losses)		(178	)		(428,594	)
Net unrealized appreciation (depreciation)		71,152			3,098,164
Total Net Assets	$	306,091		$	10,846,075
Net Assets:
Class A	$	140,583		$	927,745
Class C		1,059			237,531
Class R2		—			5,303
Class R5		—			834,981
Select Class		164,449			8,840,515
Total	$	306,091		$	10,846,075
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		8,194			34,908
Class C		64			9,209
Class R2		—			203
Class R5		—			31,043
Select Class		9,479			329,768
Net Asset Value (a):
Class A — Redemption price per share	$	17.16		$	26.58
Class C — Offering price per share (b)		16.64			25.79
Class R2 — Offering and redemption price per share		—			26.15
Class R5 — Offering and redemption price per share		—			26.90
Select Class — Offering and redemption price per share		17.35			26.81
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	18.11		$	28.05
Cost of investments in non-affiliates	$	309,514		$	10,754,615
Cost of investments in affiliates		8,354			204,327
Proceeds from securities sold short		85,782			3,207,694

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 23

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

	U.S. Dynamic Plus Fund			U.S. Large Cap Core Plus Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	4,660		$	131,689
Dividend income from affiliates		3			94
Total investment income		4,663			131,783
EXPENSES:
Investment advisory fees		1,286			50,289
Administration fees		126			4,734
Distribution fees:
Class A		168			1,171
Class C		4			938
Class R2		—			14
Shareholder servicing fees:
Class A		168			1,171
Class C		1			313
Class R2		—			7
Class R5		—			118
Select Class		216			12,377
Custodian and accounting fees		16			137
Interest expense to affiliates		—			—	(a)
Professional fees		27			104
Trustees’ and Chief Compliance Officer’s fees		2			48
Printing and mailing costs		9			116
Registration and filing fees		31			116
Transfer agent fees (See Note 2.E.)		3			134
Sub-transfer agent fees (See Note 2.E.)		148			1,567
Other		5			28
Dividend expense to non-affiliates on securities sold short		436			34,457
Interest expense to non-affiliates on securities sold short		480			12,622
Total expenses		3,126			120,461
Less fees waived		(530	)		(13,427	)
Less earnings credits		—			(1	)
Net expenses		2,596			107,033
Net investment income (loss)		2,067			24,750
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		4,097			336,356
Futures		353			(26,576	)
Securities sold short		(2,130	)		(36,676	)
Foreign currency transactions		—	(a)		—
Net realized gain (loss)		2,320			273,104
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(13,926	)		(661,727	)
Futures		(7	)		3,343
Securities sold short		11,103			60,061
Change in net unrealized appreciation/depreciation		(2,830	)		(598,323	)
Net realized/unrealized gains (losses)		(510	)		(325,219	)
Change in net assets resulting from operations	$	1,557		$	(300,469	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	U.S. Dynamic Plus Fund						U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,067		$	1,635		$	24,750		$	48,545
Net realized gain (loss)		2,320			19,914			273,104			901,989
Change in net unrealized appreciation/depreciation		(2,830	)		4,697			(598,323	)		67,974
Change in net assets resulting from operations		1,557			26,246			(300,469	)		1,018,508
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,048	)		(426	)		(161	)		(3,499	)
From net realized gains		(7,197	)		(5,202	)		(77,714	)		(60,730	)
Class C
From net investment income		(2	)		—	(a)		—			—
From net realized gains		(57	)		(53	)		(20,643	)		(19,016	)
Class R2
From net investment income		—			—			—			(12	)
From net realized gains		—			—			(441	)		(393	)
Class R5
From net investment income		—			—			(4,262	)		(2,459	)
From net realized gains		—			—			(70,789	)		(19,765	)
Select Class
From net investment income		(1,539	)		(1,236	)		(20,719	)		(64,726	)
From net realized gains		(8,625	)		(10,029	)		(771,350	)		(692,232	)
Total distributions to shareholders		(18,468	)		(16,946	)		(966,079	)		(862,832	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		14,229			10,433			243,389			948,471
NET ASSETS:
Change in net assets		(2,682	)		19,733			(1,023,159	)		1,104,147
Beginning of period		308,773			289,040			11,869,234			10,765,087
End of period	$	306,091		$	308,773		$	10,846,075		$	11,869,234
Accumulated undistributed (distributions in excess of) net investment income	$	220		$	742		$	(505	)	$	(113	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 25

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	U.S. Dynamic Plus Fund						U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	33,795		$	59,529		$	132,595		$	250,793
Distributions reinvested		8,175			5,319			76,073			61,755
Cost of shares redeemed		(24,411	)		(30,121	)		(122,258	)		(337,377	)
Change in net assets resulting from Class A capital transactions	$	17,559		$	34,727		$	86,410		$	(24,829	)
Class C
Proceeds from shares issued	$	143		$	396		$	6,374		$	16,654
Distributions reinvested		55			49			17,157			15,716
Cost of shares redeemed		(217	)		(335	)		(21,084	)		(36,261	)
Change in net assets resulting from Class C capital transactions	$	(19	)	$	110		$	2,447		$	(3,891	)
Class R2
Proceeds from shares issued	$	—		$	—		$	1,385		$	1,799
Distributions reinvested		—			—			285			286
Cost of shares redeemed		—			—			(1,554	)		(1,590	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	116		$	495
Class R5
Proceeds from shares issued	$	—		$	—		$	619,891		$	56,790
Distributions reinvested		—			—			60,964			8,410
Cost of shares redeemed		—			—			(50,379	)		(30,141	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	630,476		$	35,059
Select Class
Proceeds from shares issued	$	7,265		$	7,593		$	588,388		$	1,902,532
Distributions reinvested		10,151			11,245			516,415			494,960
Cost of shares redeemed		(20,727	)		(43,242	)		(1,580,863	)		(1,455,855	)
Change in net assets resulting from Select Class capital transactions	$	(3,311	)	$	(24,404	)	$	(476,060	)	$	941,637
Total change in net assets resulting from capital transactions	$	14,229		$	10,433		$	243,389		$	948,471

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

	U.S. Dynamic Plus Fund						U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		1,901			3,265			4,635			8,435
Reinvested		482			300			2,899			2,167
Redeemed		(1,364	)		(1,651	)		(4,279	)		(11,325	)
Change in Class A Shares		1,019			1,914			3,255			(723	)
Class C
Issued		7			23			240			579
Reinvested		4			3			674			567
Redeemed		(12	)		(19	)		(760	)		(1,244	)
Change in Class C Shares		(1	)		7			154			(98	)
Class R2
Issued		—			—			49			61
Reinvested		—			—			11			10
Redeemed		—			—			(55	)		(54	)
Change in Class R2 Shares		—			—			5			17
Class R5
Issued		—			—			20,516			1,886
Reinvested		—			—			2,285			290
Redeemed		—			—			(1,752	)		(996	)
Change in Class R5 Shares		—			—			21,049			1,180
Select Class
Issued		421			417			20,584			63,958
Reinvested		591			626			19,466			17,178
Redeemed		(1,166	)		(2,314	)		(54,647	)		(48,770	)
Change in Select Class Shares		(154	)		(1,271	)		(14,597	)		32,366

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 27

STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

	U.S. Dynamic Plus Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Increase in net assets resulting from operations	$	1,557
Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(100,333	)
Proceeds from disposition of investment securities		104,445
Covers of investment securities sold short		(36,945	)
Proceeds from investment securities sold short		40,562
Purchase of short-term investments—affiliates, net		(4,685	)
Change in unrealized (appreciation)/depreciation on investments		13,926
Change in unrealized (appreciation)/depreciation on investment securities sold short		(11,103	)
Net realized (gain)/loss on investments		(4,097	)
Net realized (gain)/loss on investments securities sold short		2,130
Increase in deposits at broker for futures contracts		(145	)
Decrease in dividends receivable from non-affiliates		55
Increase in dividends receivable from affiliates		(1	)
Decrease in variation margin receivable		2
Increase in dividend expense to non-affiliates on securities sold short		17
Increase in interest expense to non-affiliates on securities sold short		10
Increase in variation margin payable		83
Decrease in investment advisory fees payable		(29	)
Increase in administration fees payable		1
Decrease in distribution fees payable		(8	)
Increase in shareholder servicing fees payable		2
Decrease in custodian and accounting fees payable		(1	)
Decrease in Trustees’ and Chief Compliance Office fees payable		—	(a)
Increase in other accrued expenses payable		33
Net cash provided (used) by operating activities		5,476
Cash flows provided (used) by financing activities:
Proceeds from shares issued		39,530
Payment for shares redeemed		(45,326	)
Cash distributions paid to shareholders (net of reinvestments of $18,381)		(87	)
Net cash provided (used) by financing activities		(5,883	)
Net decrease in cash		(407	)
Cash:
Beginning of period		459
End of period	$	52

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

Supplemental disclosure of cash flow information:

For the six months ended December 31, 2015, the Fund paid $470 in interest expenses for securities sold short.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

	U.S. Large Cap Core Plus Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Decrease in net assets resulting from operations	$	(300,469	)
Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(6,633,881	)
Proceeds from disposition of investment securities		6,903,795
Covers of investment securities sold short		(2,736,083	)
Proceeds from investment securities sold short		3,139,032
Proceeds of short-term investments — affiliates, net		39,017
Change in unrealized (appreciation)/depreciation on investments		661,727
Change in unrealized (appreciation)/depreciation on investment securities sold short		(60,061	)
Net realized (gain)/loss on investments		(336,356	)
Net realized (gain)/loss on investments securities sold short		36,676
Decrease in deposits at broker for futures contracts		1,675
Increase in deposits at broker for securities sold short		(42	)
Increase in dividends receivable from non-affiliates		(5,401	)
Increase in dividends receivable from affiliates		(12	)
Decrease in variation margin receivable		381
Decrease in dividend expense to non-affiliates on securities sold short		(2,308	)
Increase in interest expense to non-affiliates on securities sold short		140
Increase in variation margin payable		1,032
Decrease in investment advisory fees payable		(1,178	)
Increase in administration fees payable		217
Decrease in distribution fees payable		(468	)
Decrease in shareholder servicing fees payable		(13	)
Decrease in custodian and accounting fees payable		(59	)
Decrease in Trustees’ and Chief Compliance Office fees payable		(4	)
Decrease in other accrued expenses payable		(111	)
Net cash provided (used) by operating activities		707,246
Cash flows provided (used) by financing activities:
Proceeds from shares issued		1,343,869
Payment for shares redeemed		(1,769,801	)
Cash distributions paid to shareholders (net of reinvestments of $670,894)		(295,185	)
Net cash provided (used) by financing activities		(721,117	)
Net decrease in cash		(13,871	)
Cash:
Beginning of period		17,607
End of period	$	3,736

Supplemental disclosure of cash flow information:

For the six months ended December 31, 2015, the Fund paid $12,482 in interest expenses for securities sold short and less than $1,000 in interest expenses to affiliates.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 29

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
U.S. Dynamic Plus Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	18.19	$	0.11	(g)	$	(0.06	)	$	0.05	$	(0.13	)	$	(0.95	)	$	(1.08	)
Year Ended June 30, 2015		17.70		0.08			1.43			1.51		(0.07	)		(0.95	)		(1.02	)
Year Ended June 30, 2014		15.40		0.09	(g)(h)		3.36			3.45		(0.10	)		(1.05	)		(1.15	)
Year Ended June 30, 2013		13.46		0.19	(g)(i)		2.39			2.58		(0.25	)		(0.39	)		(0.64	)
Year Ended June 30, 2012		15.02		0.08	(g)		0.26			0.34		(0.03	)		(1.87	)		(1.90	)
Year Ended June 30, 2011		11.84		0.01	(g)		3.23			3.24		(0.06	)		—			(0.06	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		17.61		0.06	(g)		(0.05	)		0.01		(0.03	)		(0.95	)		(0.98	)
Year Ended June 30, 2015		17.19		—	(j)		1.37			1.37		—	(j)		(0.95	)		(0.95	)
Year Ended June 30, 2014		14.99		—	(g)(h)(j)		3.26			3.26		(0.01	)		(1.05	)		(1.06	)
Year Ended June 30, 2013		13.10		0.12	(g)(i)		2.33			2.45		(0.17	)		(0.39	)		(0.56	)
Year Ended June 30, 2012		14.71		0.01	(g)		0.25			0.26		—			(1.87	)		(1.87	)
Year Ended June 30, 2011		11.61		(0.04	)(g)		3.14			3.10		—			—			—
Select Class
Six Months Ended December 31, 2015 (Unaudited)		18.39		0.13	(g)		(0.06	)		0.07		(0.16	)		(0.95	)		(1.11	)
Year Ended June 30, 2015		17.88		0.12			1.45			1.57		(0.11	)		(0.95	)		(1.06	)
Year Ended June 30, 2014		15.51		0.13	(g)(h)		3.39			3.52		(0.10	)		(1.05	)		(1.15	)
Year Ended June 30, 2013		13.55		0.24	(g)(i)		2.40			2.64		(0.29	)		(0.39	)		(0.68	)
Year Ended June 30, 2012		15.08		0.11	(g)		0.28			0.39		(0.05	)		(1.87	)		(1.92	)
Year Ended June 30, 2011		11.89		0.06	(g)		3.22			3.28		(0.09	)		—			(0.09	)

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

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

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

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

(e) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.23% and 1.69% for the six months ended December 31, 2015, 1.29% and 1.81% for the year ended June 30, 2015, 1.29% and 1.79% for 2014, 1.29% and 1.99% for 2013, 1.40% and 2.03% for 2012 and 1.39% and 1.98% for 2011; for Class C are 1.74% and 2.16% for the six months ended December 31, 2015, 1.79% and 2.26% for the year ended June 30, 2015, 1.79% and 2.29% for 2014, 1.78% and 2.48% for 2013, 1.90% and 2.53% for 2012 and 1.89% and 2.48% for 2011; for Select Class are 0.99% and 1.24% for the six months ended December 31, 2015, 1.04% and 1.40% for the year ended June 30, 2015, 1.04% and 1.54% for 2014, 1.05% and 1.74% for 2013, 1.15% and 1.77% for 2012 and 1.14% and 1.73% for 2011, respectively.

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

(g) Calculated based upon average shares outstanding.

(h) Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.08, less than $0.01 and $0.13 for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.51%, less than 0.01% and 0.76% for Class A, Class C and Select Class Shares, respectively.

(i) Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.08, $0.02 and $0.14 for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.57%, 0.16% and 0.95% for Class A, Class C and Select Class Shares, respectively.

(j) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (d)(e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (e)			Portfolio turnover rate (excluding securities sold short) (b)(f)			Portfolio turnover rate (including securities sold short) (b)(f)
$	17.16		0.36	%	$	140,583		1.82	%		1.24	%		2.28	%		26	%		36	%
	18.19		8.71			130,499		1.89			0.39			2.41			54			73
	17.70		23.12			93,114		1.87			0.53	(h)		2.37			72			109
	15.40		19.93			58,372		1.95			1.29	(i)		2.65			101			135
	13.46		4.02			41,459		1.91			0.57			2.54			456			583
	15.02		27.36			39,904		1.89			0.10			2.48			465			651
	16.64		0.13			1,059		2.33			0.68			2.75			26			36
	17.61		8.12			1,137		2.39			(0.12	)		2.86			54			73
	17.19		22.48			1,004		2.37			0.02	(h)		2.87			72			109
	14.99		19.36			463		2.44			0.88	(i)		3.14			101			135
	13.10		3.49			492		2.41			0.06			3.04			456			583
	14.71		26.70			461		2.39			(0.33	)		2.98			465			651
	17.35		0.48			164,449		1.58			1.43			1.83			26			36
	18.39		8.95			177,137		1.64			0.63			2.00			54			73
	17.88		23.46			194,922		1.62			0.78	(h)		2.12			72			109
	15.51		20.22			116,104		1.71			1.66	(i)		2.40			101			135
	13.55		4.33			120,481		1.66			0.83			2.28			456			583
	15.08		27.60			123,474		1.64			0.41			2.23			465			651

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 31

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
U.S. Large Cap Core Plus Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	29.81	$	0.03	(g)	$	(0.84	)	$	(0.81	)	$	—	(h)	$	(2.42	)	$	(2.42	)
Year Ended June 30, 2015		29.50		0.06			2.49			2.55			(0.11	)		(2.13	)		(2.24	)
Year Ended June 30, 2014		25.37		0.05	(g)(h)		6.44			6.49			(0.05	)		(2.31	)		(2.36	)
Year Ended June 30, 2013		21.30		0.12	(g)(i)		5.04			5.16			(0.11	)		(0.98	)		(1.09	)
Year Ended June 30, 2012		21.26		0.09	(g)		0.03			0.12			(0.08	)		—			(0.08	)
Year Ended June 30, 2011		16.72		0.05	(g)		4.54			4.59			(0.05	)		—			(0.05	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		29.07		(0.04	)(g)		(0.82	)		(0.86	)		—			(2.42	)		(2.42	)
Year Ended June 30, 2015		28.85		(0.09	)		2.44			2.35			—			(2.13	)		(2.13	)
Year Ended June 30, 2014		24.93		(0.09	)(g)(i)		6.32			6.23			—			(2.31	)		(2.31	)
Year Ended June 30, 2013		20.95		—	(g)(h)(j)		4.96			4.96			—	(h)		(0.98	)		(0.98	)
Year Ended June 30, 2012		20.93		(0.01	)(g)		0.03			0.02			—			—			—
Year Ended June 30, 2011		16.50		(0.05	)(g)		4.48			4.43			—			—			—
Class R2
Six Months Ended December 31, 2015 (Unaudited)		29.40		(0.01	)(g)		(0.82	)		(0.83	)		—			(2.42	)		(2.42	)
Year Ended June 30, 2015		29.14		(0.01	)		2.46			2.45			(0.06	)		(2.13	)		(2.19	)
Year Ended June 30, 2014		25.11		(0.02	)(g)(i)		6.37			6.35			(0.01	)		(2.31	)		(2.32	)
Year Ended June 30, 2013		21.13		0.06	(g)(j)		4.99			5.05			(0.09	)		(0.98	)		(1.07	)
Year Ended June 30, 2012		21.13		0.04	(g)		0.02			0.06			(0.06	)		—			(0.06	)
Year Ended June 30, 2011		16.66		(0.01	)(g)		4.53			4.52			(0.05	)		—			(0.05	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		30.21		0.14	(g)		(0.90	)		(0.76	)		(0.13	)		(2.42	)		(2.55	)
Year Ended June 30, 2015		29.86		0.18			2.55			2.73			(0.25	)		(2.13	)		(2.38	)
Year Ended June 30, 2014		25.64		0.18	(g)(i)		6.51			6.69			(0.16	)		(2.31	)		(2.47	)
Year Ended June 30, 2013		21.51		0.22	(g)(j)		5.10			5.32			(0.21	)		(0.98	)		(1.19	)
Year Ended June 30, 2012		21.47		0.20	(g)		0.01			0.21			(0.17	)		—			(0.17	)
Year Ended June 30, 2011		16.87		0.14	(g)		4.59			4.73			(0.13	)		—			(0.13	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		30.07		0.06	(g)		(0.84	)		(0.78	)		(0.06	)		(2.42	)		(2.48	)
Year Ended June 30, 2015		29.74		0.13			2.52			2.65			(0.19	)		(2.13	)		(2.32	)
Year Ended June 30, 2014		25.55		0.12	(g)(i)		6.50			6.62			(0.12	)		(2.31	)		(2.43	)
Year Ended June 30, 2013		21.44		0.18	(g)(j)		5.08			5.26			(0.17	)		(0.98	)		(1.15	)
Year Ended June 30, 2012		21.40		0.14	(g)		0.03			0.17			(0.13	)		—			(0.13	)
Year Ended June 30, 2011		16.82		0.10	(g)		4.57			4.67			(0.09	)		—			(0.09	)

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

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

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

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

(e) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.27% and 1.54% for the six months ended December 31, 2015, 1.30% and 1.66% for the year ended June 30, 2015, 1.29% and 1.63% for 2014, 1.29% and 1.63% for 2013, 1.40% and 1.64% for 2012 and 1.39% and 1.63% for 2011; for Class C are 1.77% and 2.03% for the six months ended December 31, 2015, 1.80% and 2.15% for the year ended June 30, 2015, 1.79% and 2.12% for 2014, 1.80% and 2.13% for 2013, 1.90% and 2.14% for 2012 and 1.89% and 2.13% for 2011; for Class R2 are 1.52% and 1.87% for the six months ended December 31, 2015, 1.55% and 1.97% for the year ended June 30, 2015, 1.54% and 1.88% for 2014, 1.54% and 1.88% for 2013, 1.65% and 1.89% for 2012 and 1.64% and 1.87% for 2011; for Class R5 are 0.81% and 1.00% for the six months ended December 31, 2015, 0.85% and 1.17% for the year ended June 30, 2015, 0.85% and 1.18% for 2014, 0.85% and 1.19% for 2013, 0.95% and 1.19% for 2012 and 0.94% and 1.17% for 2011; for Select Class are 1.01% and 1.24% for the six months ended December 31, 2015, 1.05% and 1.38% for the year ended June 30, 2015, 1.04% and 1.38% for 2014, 1.05% and 1.38% for 2013, 1.15% and 1.39% for 2012 and 1.14% and 1.38% for 2011, respectively.

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

(g) Calculated based upon average shares outstanding.

(h) Amount rounds to less than $0.01.

(i) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $0.05, $(0.09), ($0.02), $0.17 and $0.12 for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.17%, (0.34)%, (0.09)%, 0.62% and 0.42% for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively.

(j) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $0.09, ($0.03), $0.03, $0.20 and $0.15 for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.37%, (0.13)%, 0.14%, 0.83% and 0.63% for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively.

(k) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (d)(e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (e)			Portfolio turnover rate (excluding securities sold short) (b) (f)			Portfolio turnover rate (including securities sold short) (b)(f)
$	26.58		(2.61	)%	$	927,745		2.09	%		0.21	%		2.36	%		46	%		65	%
	29.81		9.05			943,586		2.33			0.18			2.69			94			127
	29.50		26.73			955,036		2.14			0.19	(i)		2.48			90			122
	25.37		25.08			743,290		2.21			0.49	(j)		2.55			90			119
	21.30		0.57			642,076		2.13			0.45			2.37			99			129
	21.26		27.49			761,412		1.98			0.25			2.22			73			102
	25.79		(2.87	)		237,531		2.59			(0.30	)		2.85			46			65
	29.07		8.51			263,257		2.83			(0.31	)		3.18			94			127
	28.85		26.09			264,106		2.64			(0.32	)(i)		2.97			90			122
	24.93		24.44			214,660		2.72			0.00	(j)(k)		3.05			90			119
	20.95		0.10			200,604		2.63			(0.05	)		2.87			99			129
	20.93		26.85			228,276		2.48			(0.25	)		2.72			73			102
	26.15		(2.73	)		5,303		2.34			(0.05	)		2.69			46			65
	29.40		8.79			5,821		2.58			(0.05	)		3.00			94			127
	29.14		26.41			5,273		2.39			(0.07	)(i)		2.73			90			122
	25.11		24.74			3,766		2.46			0.27	(j)		2.80			90			119
	21.13		0.33			1,993		2.38			0.19			2.62			99			129
	21.13		27.13			1,329		2.23			(0.03	)		2.46			73			102
	26.90		(2.40	)		834,981		1.63			0.94			1.82			46			65
	30.21		9.54			301,894		1.88			0.65			2.20			94			127
	29.86		27.29			263,148		1.70			0.64	(i)		2.03			90			122
	25.64		25.66			142,927		1.77			0.95	(j)		2.11			90			119
	21.51		1.05			135,934		1.68			0.96			1.92			99			129
	21.47		28.05			41,988		1.53			0.67			1.76			73			102
	26.81		(2.49	)		8,840,515		1.83			0.44			2.06			46			65
	30.07		9.32			10,354,676		2.08			0.45			2.41			94			127
	29.74		27.05			9,277,524		1.89			0.44	(i)		2.23			90			122
	25.55		25.41			6,969,655		1.97			0.75	(j)		2.30			90			119
	21.44		0.84			5,625,671		1.88			0.70			2.12			99			129
	21.40		27.78			6,406,976		1.73			0.50			1.97			73			102

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
U.S. Dynamic Plus Fund	Class A, Class C and Select Class	Diversified
U.S. Large Cap Core Plus Fund	Class A, Class C, Class R2, Class R5 and Select Class	Diversified

The investment objective of the U.S. Dynamic Plus Fund is to seek to provide long-term capital appreciation.

The investment objective of the U.S. Large Cap Core Plus Fund is to seek to provide a high total return from a portfolio of selected equity securities.

Effective as of the close of business on April 17, 2014, the Fund was publicly offered on a limited basis. During the periods where share classes are publicly offered on a limited basis, investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses.

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

2. Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

34 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

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

U.S. Dynamic Plus Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	381,971		$	—	$	—	$	381,971
Total Liabilities for Securities Sold Short (a)	$	(78,712	)	$	—	$	—	$	(78,712	)
Depreciation in Other Financial Instruments
Futures Contracts	$	(21	)	$	—	$	—	$	(21	)
U.S. Large Cap Core Plus Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	14,011,514		$	—	$	—	$	14,011,514
Total Liabilities for Securities Sold Short (a)	$	(3,163,139	)	$	—	$	—	$	(3,163,139	)
Appreciation in Other Financial Instruments
Futures Contracts	$	1,037		$	—	$	—	$	1,037

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

There were no transfers among any levels during the six months ended December 31, 2015.

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

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

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

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2015 (amounts in thousands):

	U.S. Dynamic Plus Fund		U.S. Large Cap Core Plus Fund
Futures Contracts:
Average Notional Balance Long	$	6,226	$	151,744
Ending Notional Balance Long		10,075		109,403

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

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

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

C. Short Sales — The Funds engage in short sales as part of their normal investment activities. In a short sale, the Funds sell securities they do not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Funds borrow securities from a broker. To close out a short position, the Funds deliver the same securities to the broker.

The Funds are required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as an asset on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Funds may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net income or fee is reported as Interest income or Interest expense, respectively, on securities sold short on the Statements of Operations.

The Funds are obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as dividend expense on securities sold short. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as change in net unrealized appreciation (depreciation) on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Funds are also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Funds will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Funds replace the borrowed security. The Funds will record a realized gain if the price of the borrowed security declines between those dates.

As of December 31, 2015, the Funds had outstanding short sales as listed on the SOIs.

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

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

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

Transfer Agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended December 31, 2015 are as follows (amounts in thousands):

	Class A		Class C			Class R2		Class R 5		Select Class		Total
U.S. Dynamic Plus Fund
Transfer Agent Fees	$	2	$	—	(a)		n/a		n/a	$	1	$	3
Sub-Transfer Agent Fees		142		1			n/a		n/a		5		148
U.S. Large Cap Core Plus Fund
Transfer Agent Fees		23		7		$	1	$	4		99		134
Sub-Transfer Agent Fees		316		75			4		21		1,151		1,567

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

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

G. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses.

36 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, J.P. Morgan Investment Management Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

U.S. Dynamic Plus Fund	0.75	%
U.S. Large Cap Core Plus Fund	0.80

Prior to September 1, 2015, the investment advisory fee for each Fund was 1.00%.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2015, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

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

	Class A			Class C			Class R2
U.S. Dynamic Plus Fund		0.25	%		0.75	%		n/a
U.S. Large Cap Core Plus Fund		0.25			0.75			0.50	%

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
U.S. Dynamic Plus Fund	$	—	(a)	$	—
U.S. Large Cap Core Plus Fund		6			—	(a)

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

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

	Class A			Class C			Class R2			Class R5			Select Class
U.S. Dynamic Plus Fund		0.25	%		0.25	%		n/a			n/a			0.25	%
U.S. Large Cap Core Plus Fund		0.25			0.25			0.25	%		0.05	%		0.25

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 37

NOTES TO FINANCIAL STATEMENTS

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

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

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

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

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

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

	Class A			Class C			Class R2	Class R5	Select Class
U.S. Dynamic Plus Fund*		1.20	%		1.70	%	n/a	n/a		0.95	%
U.S. Large Cap Core Plus Fund**		1.25			1.75		1.50%	0.80%		0.99

  * Prior to September 1, 2015, the contractual expense limitation for U.S. Dynamic Plus Fund was 1.30%, 1.80% and 1.05% for Class A, Class C, and Select Class Shares, respectively.

** Prior to September 1, 2015, the contractual expense limitation for U.S. Large Cap Core Plus Fund was 1.30%, 1.80%, 1.55%, 0.85% and 1.05% for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively.

The contractual expense limitation percentages are in place until at least October 31, 2016.

For the six months ended December 31, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total
U.S. Dynamic Plus Fund	$	259	$	124	$	140	$	523
U.S. Large Cap Core Plus Fund		7,887		3,963		1,356		13,206

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective November 1, 2015, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to November 1, 2015, a portion of the waiver was voluntary.

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2015 were as follows (amounts in thousands):

U.S. Dynamic Plus Fund	$	7
U.S. Large Cap Core Plus Fund		221

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

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

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

During the six months ended December 31, 2015, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

38 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

The Funds may use related party broker-dealers. For the six months ended December 31, 2015, the following Fund incurred the following brokerage commissions with broker-dealers affiliated with the Adviser (amounts in thousands):

U.S. Dynamic Plus Fund	$	—	(a)
U.S. Large Cap Core Plus Fund		4

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

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

4. Investment Transactions

During the six months ended December 31, 2015, purchases and sales of investments (excluding short-term investments were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
U.S. Dynamic Plus Fund	$	99,523	$	104,618	$	40,006	$	36,945
U.S. Large Cap Core Plus Fund		6,539,602		6,859,816		3,076,736		2,669,492

During the six months ended December 31, 2015, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2015, were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
U.S. Dynamic Plus Fund	$	317,868	$	79,054	$	14,951	$	64,103
U.S. Large Cap Core Plus Fund		10,958,942		3,452,963		400,391		3,052,572

At June 30, 2015, the Funds did not have any net capital loss carryforwards.

6. Borrowings

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

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015, or at any time during the six months then ended.

7. Risks, Concentrations and Indemnifications

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

As of December 31, 2015, the Funds each had two shareholders, which are accounts maintained by financial intermediaries on behalf of their clients, that collectively own shares representing the following percentage of each applicable Fund’s net assets:

	% of the Fund
U.S. Dynamic Plus Fund		40.3	%
U.S. Large Cap Core Plus Fund		36.5

As of December 31, 2015, an affiliate of the Adviser had investment discretion with respect to its clients’ holdings in the Fund, which represent 22.7% of U.S. Large Cap Core Plus Fund’s net assets.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 39

NOTES TO FINANCIAL STATEMENTS

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

As of December 31, 2015, the J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate shares representing 49.6% of the net assets of U.S. Dynamic Plus Fund.

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

As of December 31, 2015, the Funds pledged a significant portion of their assets for securities sold short to Deutsche Bank AG.

40 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2015 and continued to hold your shares at the end of the reporting period, December 31, 2015.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
U.S. Dynamic Plus Fund
Class A
Actual	$	1,000.00	$	1,003.60	$	9.17		1.82	%
Hypothetical		1,000.00		1,015.99		9.22		1.82
Class C
Actual		1,000.00		1,001.30		11.72		2.33
Hypothetical		1,000.00		1,013.42		11.79		2.33
Select Class
Actual		1,000.00		1,004.80		7.96		1.58
Hypothetical		1,000.00		1,017.19		8.01		1.58
U.S. Large Cap Core Plus Fund
Class A
Actual		1,000.00		973.90		10.37		2.09
Hypothetical		1,000.00		1,014.63		10.58		2.09
Class C
Actual		1,000.00		971.30		12.83		2.59
Hypothetical		1,000.00		1,012.12		13.10		2.59
Class R2
Actual		1,000.00		972.70		11.60		2.34
Hypothetical		1,000.00		1,013.37		11.84		2.34
Class R5
Actual		1,000.00		976.00		8.10		1.63
Hypothetical		1,000.00		1,016.94		8.26		1.63
Select Class
Actual		1,000.00		975.10		9.09		1.83
Hypothetical		1,000.00		1,015.94		9.27		1.83

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 41

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 19, 2015.

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

executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreements was in the best interests of each Fund and its shareholders.

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

42 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

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

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

DECEMBER 31, 2015 J.P. MORGAN EQUITY FUNDS 43

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the U.S. Dynamic Plus Fund’s performance was in the second, fourth and fourth quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that Fund’s performance was reasonable.

The Trustees noted that the U.S. Large Cap Core Plus Fund’s performance was in the third, second, and third quintiles for Class A shares and in the third, first, and second quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees also noted that the Adviser, JPMDS and/or JPMFM agreed to reduce each Fund’s contractual advisory fee and increase the fee waivers and/or expense reimbursements effective September 1, 2015. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the U.S. Dynamic Plus Fund’s net advisory fee and actual total expenses for Select Class shares were in the first and second quintiles of the Universe Group, respectively. After considering the factors identified above, including the reduction in advisory fee from 1.00% to 0.75% and additional fee waivers and/or expense reimbursements that would take effect on September 1, 2015, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the U.S. Large Cap Core Plus Fund’s net advisory fee for Class A and Select Class shares was in the second and first quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the first quintile of the Universe Group. After considering the factors identified above, including the reduction in advisory fee from 1.00% to 0.80% and additional fee waivers and/or expense reimbursements that would take effect on September 1, 2015, in light of this information, the Trustees concluded that the advisory fees were reasonable.

44 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2015

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

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

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

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

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

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

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

^© JPMorgan Chase & Co., 2016.  All rights reserved. December 2015. SAN-PLUS-1215

Semi-Annual Report

J.P. Morgan Funds

December 31, 2015 (Unaudited)

JPMorgan Diversified Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	50
Financial Highlights	56
Notes to Financial Statements	58
Schedule of Shareholder Expenses	69
Board Approval of Investment Advisory Agreement	70

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

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

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

CEO’S LETTER

January 29, 2016 (Unaudited)

Dear Shareholder,

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies – particularly those of emerging market exporting nations – put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48% of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets – including a 2% devaluation of the yuan – the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24^th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks – particularly those of large cap technology companies – while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management,

J.P. Morgan Asset Management

DECEMBER 31, 2015 J.P. MORGAN FUNDS 1

JPMorgan Diversified Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*	-3.06%
MSCI World Index (net of foreign withholding taxes)	-3.41%
Diversified Composite Benchmark	-1.66%

Net Assets as of 12/31/2015 $1,403,774

INVESTMENT OBJECTIVE**

The JPMorgan Diversified Fund (the “Fund”) seeks to provide a high total return from a diversified portfolio of equity and fixed income investments.

HOW DID THE MARKETS PERFORM?

Overall, U.S. equity markets provided slim returns for the second half of 2015, while equity markets in other developed market nations posted negative returns and emerging market equities posted double-digit losses. Global weakness in commodities prices, slowing economic growth in China, anxiety over U.S. interest rate policy and slowing growth in corporate earnings combined to put pressure on equity prices during the summer months.

In mid-August, Chinese authorities devalued the yuan by 2% amid declines in the Shanghai and Shenzhen equity markets. A global sell-off followed on August 24, 2015. However, U.S. and other equity markets rebounded in October and the Standard & Poor’s 500 Index (S&P 500) turned in its best one-month performance since 2011. For the six months ended December 31, 2015, the S&P 500 returned 0.15%, while the MSCI Europe, Australasia and Far East Index returned -5.92% and the MSCI Emerging Markets Index returned -17.18%.

Generally, bond markets had a weak performance during the second half of 2015 as interest rates remained low globally. Also, increased volatility in financial markets pushed investors toward lower risk securities in developed market sovereign debt and away from lower-rated bonds. The Barclays U.S. Aggregate Index returned 0.65%, the Barclays High Yield Index returned -6.82% and the Barclays Emerging Market Index returned -1.34% for the second half of 2015.

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

The Fund (Institutional Class Shares), which invests in a mix of domestic, international, and emerging market equities and fixed income securities, outperformed the MSCI World Index (net of foreign withholding taxes) (the “World Index”), which is made up of U.S. and international equities, for the six months ended December 31, 2015. The Fund’s holdings in fixed income securities helped performance relative to the World Index, while the Fund’s holdings in emerging market equities detracted from relative performance.

For the same period, the Fund underperformed its Diversified Composite Benchmark, which consists of the MSCI World Index (net of foreign withholding taxes) (60%) and Barclays U.S. Aggregate Index (40%).

Based on their view of market conditions and valuations during the reporting period, the Fund’s portfolio managers implemented overweight and underweight positions versus the targeted weights of the Fund’s long-term strategic asset allocation. The Fund’s overweight position in high yield debt (also known as “junk bonds”) detracted from performance within its fixed income strategy, while the Fund’s overweight position in developed markets and underweight position in emerging markets contributed to performance relative to the combined weighted average return of the MSCI World Index and the MSCI Emerging Markets Index.

Security selection within the Fund’s U.S. Small Company strategy helped performance relative to that strategy’s benchmark, the Russell 2000 Index, while security selection within the Fund’s Disciplined Equity strategy detracted from performance relative to that strategy’s benchmark, the Standard & Poor’s 500 Index. Within fixed income, the Fund’s allocation to non-agency mortgages contributed positively to performance relative to the World Index.

HOW WAS THE FUND POSITIONED?

The Fund targeted a long-term strategic asset allocation consisting of the following asset classes: U.S. large-cap equity, U.S. small-cap equity, real estate investment trusts, international equity (including emerging markets equities) and U.S. and international fixed income. The Fund invested in individual securities and underlying J.P. Morgan funds to implement its long-term strategic asset allocation and short-to-intermediate-term tactical adjustments.

During the reporting period, the Fund’s portfolio managers preferred high yield bonds among fixed income securities. The Fund also had an opportunistic allocation to non-agency mortgage-backed securities. Among equities, the Fund was overweight in U.S. large cap stocks. The Fund used futures to more easily implement the portfolio managers’ short-to-intermediate-term tactical asset allocation views. The Fund also employed futures and currency forwards to help manage cash flows and bring the Fund’s currency exposure closer in line with its U.S. dollar-denominated benchmarks.

2 J.P. MORGAN FUNDS DECEMBER 31, 2015

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	JPMorgan High Yield Fund, Class R6 Shares	5.4	%
	2.	JPMorgan Intrepid International Fund, Class R6 Shares	4.6
	3.	JPMorgan Realty Income Fund, Class R6 Shares	3.2
	4.	JPMorgan Mid Cap Equity Fund, Class R6 Shares	3.0
	5.	JPMorgan Emerging Markets Debt Fund, Class R6 Shares	2.0
	6.	JPMorgan Emerging Markets Equity Fund, Class R6 Shares	1.4
	7.	Apple, Inc.	1.1
	8.	Microsoft Corp.	1.0
	9.	Wells Fargo & Co.	0.9
	10.	Alphabet, Inc., Class C	0.7

PORTFOLIO COMPOSITION BY ASSET CLASS***
Common Stocks	53.1	%
Investment Companies	20.1
Corporate Bonds	7.6
Collateralized Mortgage Obligations	6.8
Asset-Backed Securities	3.9
U.S. Treasury Obligations	3.7
Mortgage Pass-Through Securities	1.3
Others (each less than 1.0%)	1.2
Short-Term Investments	2.3

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 3

JPMorgan Diversified Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 24, 2003
Without Sales Charge			(3.31	)%		(1.36	)%		6.93	%		6.01	%
With Sales Charge**			(7.65	)		(5.78	)		5.95			5.52
CLASS C SHARES	March 24, 2003
Without CDSC			(3.52	)		(1.79	)		6.40			5.48
With CDSC***			(4.52	)		(2.79	)		6.40			5.48
INSTITUTIONAL CLASS SHARES	September 10, 1993		(3.06	)		(0.80	)		7.48			6.54
SELECT CLASS SHARES	September 10, 2001		(3.18	)		(1.10	)		7.21			6.28

^*  Not annualized.

^**  Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Diversified Fund, the MSCI World Index, the Diversified Composite Benchmark and the Lipper Mixed-Asset Target Allocation Growth Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index and the Diversified Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Diversified Composite Benchmark is comprised of the MSCI World Index (60%) and the Barclays U.S. Aggregate Index (40%). The

Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lipper Mixed-Asset Target Allocation Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

4 J.P. MORGAN FUNDS DECEMBER 31, 2015

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 52.9%
			Consumer Discretionary — 8.1%
			Auto Components — 0.4%
	1		American Axle & Manufacturing Holdings, Inc. (a)		22
	87		Apollo Tyres Ltd., (India)		204
	14		Ceat Ltd., (India)		217
	8		Continental AG, (Germany)		1,915
	13		Cooper Tire & Rubber Co.		493
	4		Dana Holding Corp.		50
	5		Goodyear Tire & Rubber Co. (The)		163
	10		Hankook Tire Co., Ltd., (South Korea) (a)		391
	73		Hota Industrial Manufacturing Co. Ltd., (Taiwan)		267
	3		Hyundai Mobis Co., Ltd., (South Korea) (a)		704
	9		Magna International, Inc., (Canada)		369
	10		Stoneridge, Inc. (a)		151
	4		Tower International, Inc.		123
					5,069
			Automobiles — 1.1%
	1,495		Astra International Tbk PT, (Indonesia)		644
	8		Bayerische Motoren Werke AG, (Germany)		798
	92		Ford Motor Co.		1,301
	755		Geely Automobile Holdings Ltd., (China)		399
	176		General Motors Co.		5,991
	255		Great Wall Motor Co., Ltd., (China), Class H		295
	31		Honda Motor Co., Ltd., (Japan)		1,000
	12		Kia Motors Corp., (South Korea) (a)		523
	8		Renault S.A., (France)		783
	4		Tesla Motors, Inc. (a)		1,046
	36		Tofas Turk Otomobil Fabrikasi A.S., (Turkey)		236
	39		Toyota Motor Corp., (Japan)		2,389
					15,405
			Distributors — 0.1%
	36		Dogus Otomotiv Servis ve Ticaret AS, (Turkey)		135
	12		Genuine Parts Co.		1,034
	1		VOXX International Corp. (a)		6
					1,175
			Diversified Consumer Services — 0.1%
	35		Estacio Participacoes S.A., (Brazil)		123
	—	(h)	Graham Holdings Co., Class B		184
	7		Houghton Mifflin Harcourt Co. (a)		157
	3		K12, Inc. (a)		26
	23		Regis Corp. (a)		329
	12		ServiceMaster Global Holdings, Inc. (a)		467
	6		Strayer Education, Inc. (a)		376
					1,662

SHARES			SECURITY DESCRIPTION	VALUE($)
			Hotels, Restaurants & Leisure — 0.7%
	17		Accor S.A., (France)		715
	3		Bloomin’ Brands, Inc.		45
	2		Bob Evans Farms, Inc.		88
	1		Boyd Gaming Corp. (a)		23
	5		Bravo Brio Restaurant Group, Inc. (a)		45
	4		Brinker International, Inc.		201
	530		China Travel International Investment Hong Kong Ltd., (Hong Kong)		222
	13		ClubCorp Holdings, Inc.		237
	6		Darden Restaurants, Inc.		395
	—	(h)	DineEquity, Inc.		25
	1		Hana Tour Service, Inc., (South Korea)		134
	73		Hilton Worldwide Holdings, Inc.		1,560
	14		InterContinental Hotels Group plc, (United Kingdom)		535
	19		Isle of Capri Casinos, Inc. (a)		266
	4		Jack in the Box, Inc.		303
	11		Kangwon Land, Inc., (South Korea) (a)		372
	26		La Quinta Holdings, Inc. (a)		354
	17		Norwegian Cruise Line Holdings Ltd. (a)		1,014
	10		Restaurant Brands International, Inc., (Canada)		363
	1,875		REXLot Holdings Ltd., (Hong Kong)		15
	8		Royal Caribbean Cruises Ltd.		835
	9		Ruby Tuesday, Inc. (a)		47
	130		Sands China Ltd., (Hong Kong)		441
	12		Sonic Corp.		381
	3		Speedway Motorsports, Inc.		55
	22		Starbucks Corp.		1,303
	136		Wynn Macau Ltd., (China)		158
	4		Yum! Brands, Inc.		263
					10,395
			Household Durables — 0.7%
	52		Arcelik A.S., (Turkey)		249
	6		Coway Co., Ltd., (South Korea) (a)		424
	2		CSS Industries, Inc.		47
	54		D.R. Horton, Inc.		1,730
	26		Electrolux AB, (Sweden), Series B		623
	14		Harman International Industries, Inc.		1,296
	5		Jarden Corp. (a)		269
	3		Leggett & Platt, Inc.		111
	10		Mohawk Industries, Inc. (a)		1,855
	78		MRV Engenharia e Participacoes S.A., (Brazil)		170
	2		NACCO Industries, Inc., Class A		80
	17		PulteGroup, Inc.		310
	316		Skyworth Digital Holdings Ltd., (Hong Kong)		205

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 5

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Household Durables — continued
	91	Steinhoff International Holdings N.V., (Netherlands)		462
	41	Toll Brothers, Inc. (a)		1,381
	3	Whirlpool Corp.		367
				9,579
		Internet & Catalog Retail — 0.9%
	12	Amazon.com, Inc. (a)		8,098
	6	Expedia, Inc.		752
	1	GS Home Shopping, Inc., (South Korea) (a)		166
	10	Netflix, Inc. (a)		1,150
	1	Priceline Group, Inc. (The) (a)		1,437
	19	Wayfair, Inc., Class A (a)		888
				12,491
		Leisure Products — 0.0% (g)
	5	Nautilus, Inc. (a)		79
		Media — 1.8%
	1	Cable One, Inc.		226
	44	CBS Corp. (Non-Voting), Class B		2,082
	11	Charter Communications, Inc., Class A (a)		2,061
	32	Clear Channel Outdoor Holdings, Inc., Class A (a)		180
	42	Comcast Corp., Class A		2,376
	21	Dentsu, Inc., (Japan)		1,127
	55	DISH Network Corp., Class A (a)		3,134
	20	Entercom Communications Corp., Class A (a)		225
	24	Media General, Inc. (a)		392
	4	Naspers Ltd., (South Africa), Class N		539
	2	Nexstar Broadcasting Group, Inc., Class A		138
	9	Sinclair Broadcast Group, Inc., Class A		282
	25	Sun TV Network Ltd., (India)		158
	12	TEGNA, Inc.		317
	1	Time Warner Cable, Inc.		275
	74	Time Warner, Inc.		4,790
	15	Time, Inc.		241
	162	Twenty-First Century Fox, Inc., Class A		4,398
	15	Twenty-First Century Fox, Inc., Class B		417
	63	UBM plc, (United Kingdom)		486
	50	WPP plc, (United Kingdom)		1,157
				25,001
		Multiline Retail — 0.3%
	4	Big Lots, Inc.		162
	3	Dillard’s, Inc., Class A		215
	22	Dollar General Corp.		1,607
	24	Kohl’s Corp.		1,124
	26	Target Corp.		1,879
				4,987

SHARES			SECURITY DESCRIPTION	VALUE($)
			Specialty Retail — 1.6%
	7		Abercrombie & Fitch Co., Class A		178
	17		AutoNation, Inc. (a)		1,000
	1		AutoZone, Inc. (a)		727
	14		Bed Bath & Beyond, Inc. (a)		690
	65		Best Buy Co., Inc.		1,987
	8		Children’s Place, Inc. (The)		451
	106		Dixons Carphone plc, (United Kingdom)		777
	19		GameStop Corp., Class A		526
	26		Gap, Inc. (The)		642
	695		GOME Electrical Appliances Holding Ltd., (China)		115
	2		Guess?, Inc.		43
	21		Home Depot, Inc. (The)		2,743
	140		Kingfisher plc, (United Kingdom)		680
	2		Kirkland’s, Inc.		24
	101		Lowe’s Cos., Inc.		7,655
	8		Outerwall, Inc.		294
	2		Ross Stores, Inc.		103
	14		Tiffany & Co.		1,078
	18		TJX Cos., Inc. (The)		1,260
	37		Truworths International Ltd., (South Africa)		216
	8		Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,415
					22,604
			Textiles, Apparel & Luxury Goods — 0.4%
	99		ANTA Sports Products Ltd., (China)		271
	428		Belle International Holdings Ltd., (China)		320
	34		Burberry Group plc, (United Kingdom)		604
	9		Cie Financiere Richemont S.A., (Switzerland)		637
	3		Columbia Sportswear Co.		156
	43		Feng TAY Enterprise Co., Ltd., (Taiwan)		220
	15		Hanesbrands, Inc.		438
	—	(h)	Hermes International, (France)		58
	3		Kering, (France)		434
	5		LVMH Moet Hennessy Louis Vuitton SE, (France)		707
	3		Movado Group, Inc.		77
	248		Pou Chen Corp., (Taiwan)		324
	5		PVH Corp.		400
	2		Ralph Lauren Corp.		271
	76		Ruentex Industries Ltd., (Taiwan)		141
	101		Taiwan Paiho Ltd., (Taiwan)		223
	11		V.F. Corp.		678
					5,959
			Total Consumer Discretionary		114,406

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS DECEMBER 31, 2015

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Consumer Staples — 3.4%
			Beverages — 1.0%
	17		Anheuser-Busch InBev S.A./N.V., (Belgium)		2,055
	31		Coca-Cola Co. (The)		1,328
	2		Constellation Brands, Inc., Class A		265
	7		Dr. Pepper Snapple Group, Inc.		624
	25		Molson Coors Brewing Co., Class B		2,371
	6		Monster Beverage Corp. (a)		900
	40		PepsiCo, Inc.		4,023
	5		Pernod-Ricard S.A., (France)		599
	14		SABMiller plc, (United Kingdom)		855
	11		Suntory Beverage & Food Ltd., (Japan)		468
					13,488
			Food & Staples Retailing — 0.5%
	4		Costco Wholesale Corp.		710
	11		CVS Health Corp.		1,066
	55		Distribuidora Internacional de Alimentacion S.A., (Spain) (a)		321
	21		Eurocash S.A., (Poland)		257
	4		GS Retail Co., Ltd., (South Korea) (a)		168
	3		Ingles Markets, Inc., Class A		123
	59		Kroger Co. (The)		2,480
	20		Seven & i Holdings Co., Ltd., (Japan)		893
	1		Smart & Final Stores, Inc. (a)		16
	28		Spar Group Ltd. (The), (South Africa)		331
	26		Sprouts Farmers Market, Inc. (a)		695
	390		Sun Art Retail Group Ltd., (Hong Kong)		293
					7,353
			Food Products — 0.7%
	24		Archer-Daniels-Midland Co.		869
	13		Associated British Foods plc, (United Kingdom)		652
	2		B&G Foods, Inc.		81
	8		Bunge Ltd.		546
	154		China Mengniu Dairy Co., Ltd., (China)		250
	—	(h)	Crown Confectionery Co., Ltd., (South Korea) (a)		106
	8		Dean Foods Co.		138
	2		Hershey Co. (The)		193
	7		Ingredion, Inc.		623
	65		JBS S.A., (Brazil)		203
	26		Mondelez International, Inc., Class A		1,187
	30		Nestle S.A., (Switzerland)		2,255
	21		NH Foods Ltd., (Japan)		412
	33		Pilgrim’s Pride Corp.		725
	4		Pinnacle Foods, Inc.		159
	18		Pioneer Foods Group Ltd., (South Africa)		188
	8		Post Holdings, Inc. (a)		475

SHARES			SECURITY DESCRIPTION	VALUE($)
			Food Products — continued
	1		Sanderson Farms, Inc.		107
	1		Seneca Foods Corp., Class A (a)		18
	7		TreeHouse Foods, Inc. (a)		549
	7		Tyson Foods, Inc., Class A		363
	197		Uni-President Enterprises Corp., (Taiwan)		328
					10,427
			Household Products — 0.5%
	9		Colgate-Palmolive Co.		591
	22		Energizer Holdings, Inc.		739
	9		Kimberly-Clark Corp.		1,178
	39		Procter & Gamble Co. (The)		3,106
	12		Reckitt Benckiser Group plc, (United Kingdom)		1,082
					6,696
			Personal Products — 0.1%
	16		Chlitina Holding Ltd., (China)		162
	47		Grape King Bio Ltd., (Taiwan)		260
	8		Herbalife Ltd. (a)		437
	—	(h)	Medifast, Inc.		13
	11		Unilever N.V., (United Kingdom), CVA		465
	2		USANA Health Sciences, Inc. (a)		214
					1,551
			Tobacco — 0.6%
	38		British American Tobacco plc, (United Kingdom)		2,095
	15		Imperial Tobacco Group plc, (United Kingdom)		782
	32		Japan Tobacco, Inc., (Japan)		1,156
	6		KT&G Corp., (South Korea) (a)		547
	24		Philip Morris International, Inc.		2,138
	25		Reynolds American, Inc.		1,176
	2		Universal Corp.		90
					7,984
			Total Consumer Staples		47,499
			Energy — 2.8%
			Energy Equipment & Services — 0.3%
	2		Archrock, Inc.		15
	6		Baker Hughes, Inc.		270
	4		Basic Energy Services, Inc. (a)		11
	9		Cameron International Corp. (a)		588
	36		Ensco plc, (United Kingdom), Class A		554
	—	(h)	Exterran Corp. (a)		8
	12		Gulfmark Offshore, Inc., Class A (a)		56
	4		Halliburton Co.		127
	28		Key Energy Services, Inc. (a)		13
	11		National Oilwell Varco, Inc.		371
	24		Noble Corp. plc, (United Kingdom)		252

DECEMBER 31, 2015 J.P. MORGAN FUNDS 7

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Energy Equipment & Services — continued
	10	Parker Drilling Co. (a)		18
	8	Pioneer Energy Services Corp. (a)		18
	10	Schlumberger Ltd.		666
	3	SEACOR Holdings, Inc. (a)		175
	44	Seadrill Ltd., (United Kingdom) (a)		150
	8	Technip S.A., (France)		394
	14	Transocean Ltd., (Switzerland)		177
	4	Unit Corp. (a)		46
				3,909
		Oil, Gas & Consumable Fuels — 2.5%
	1	Adams Resources & Energy, Inc.		21
	3	Alon USA Energy, Inc.		39
	126	BG Group plc, (United Kingdom)		1,821
	34	Bharat Petroleum Corp., Ltd., (India)		458
	33	Bill Barrett Corp. (a)		129
	26	Cabot Oil & Gas Corp.		457
	22	Chevron Corp.		1,951
	951	CNOOC Ltd., (China)		990
	46	Columbia Pipeline Group, Inc.		929
	16	Concho Resources, Inc. (a)		1,498
	54	Denbury Resources, Inc.		110
	8	Devon Energy Corp.		250
	8	Diamondback Energy, Inc. (a)		539
	4	Energen Corp.		161
	19	EOG Resources, Inc.		1,351
	24	EQT Corp.		1,249
	40	Exxon Mobil Corp.		3,094
	122	Gazprom PAO, (Russia), ADR		450
	3	Hess Corp.		170
	39	Hindustan Petroleum Corp., Ltd., (India)		489
	15	HollyFrontier Corp.		602
	54	Inpex Corp., (Japan)		522
	35	Kinder Morgan, Inc.		515
	12	Lukoil PJSC, (Russia), ADR		380
	15	Marathon Oil Corp.		189
	24	Marathon Petroleum Corp.		1,247
	82	Occidental Petroleum Corp.		5,570
	74	Oil Search Ltd., (Australia)		359
	13	PBF Energy, Inc., Class A		482
	9	Penn Virginia Corp. (a)		3
	9	Phillips 66		728
	11	Pioneer Natural Resources Co.		1,420
	29	Polski Koncern Naftowy Orlen S.A., (Poland)		507
	160	Polskie Gornictwo Naftowe i Gazownictwo S.A., (Poland)		208

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	11	Range Resources Corp.		272
	2	Renewable Energy Group, Inc. (a)		17
	8	REX American Resources Corp. (a)		435
	12	Rex Energy Corp. (a)		13
	55	Royal Dutch Shell plc, (Netherlands), Class A		1,259
	7	S-Oil Corp., (South Korea)		492
	21	Southwestern Energy Co. (a)		146
	21	Stone Energy Corp. (a)		91
	73	Surgutneftegas OAO, (Russia), ADR		332
	10	Tatneft PAO, (Russia), ADR		277
	26	Teekay Corp., (Bermuda)		255
	4	Tesoro Corp.		432
	21	Tullow Oil plc, (United Kingdom) (a)		52
	40	Valero Energy Corp.		2,857
	1	Western Refining, Inc.		43
				35,861
		Total Energy		39,770
		Financials — 11.5%
		Banks — 4.7%
	2	1st Source Corp.		54
	48	Australia & New Zealand Banking Group Ltd., (Australia)		959
	3	BancFirst Corp.		149
	105	Banco do Brasil S.A., (Brazil)		391
	7	BancorpSouth, Inc.		162
	430	Bank of America Corp.		7,243
	1,362	Bank of China Ltd., (China), Class H		604
	2	Banner Corp.		73
	293	Barclays plc, (United Kingdom)		943
	2	BBCN Bancorp, Inc.		38
	32	BNP Paribas S.A., (France)		1,790
	7	Capital Bank Financial Corp., Class A		222
	3	Cathay General Bancorp		83
	13	Central Pacific Financial Corp.		278
	1	Chemical Financial Corp.		35
	837	China CITIC Bank Corp., Ltd., (China), Class H (a)		539
	303	China Construction Bank Corp., (China), Class H		207
	776	China Everbright Bank Co., Ltd., (China), Class H		376
	274	China Merchants Bank Co., Ltd., (China), Class H		641
	453	China Minsheng Banking Corp., Ltd., (China), Class H		447
	246	Chongqing Rural Commercial Bank Co., Ltd., (China), Class H		148
	14	CIT Group, Inc.		536
	116	Citigroup, Inc.		5,984

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS DECEMBER 31, 2015

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Banks — continued
	1		Citizens & Northern Corp.		15
	30		Citizens Financial Group, Inc.		796
	2		City Holding Co.		76
	2		CoBiz Financial, Inc.		24
	49		Commercial International Bank Egypt SAE, (Egypt), GDR		210
	11		CVB Financial Corp.		192
	16		DGB Financial Group, Inc., (South Korea) (a)		136
	90		Dubai Islamic Bank PJSC, (United Arab Emirates)		150
	422		E.Sun Financial Holding Co., Ltd., (Taiwan)		245
	14		East West Bancorp, Inc.		599
	45		Fifth Third Bancorp		902
	16		First Commonwealth Financial Corp.		143
	—	(h)	First Financial Bancorp		5
	1		First Interstate BancSystem, Inc., Class A		28
	7		First Republic Bank		462
	2		Flushing Financial Corp.		49
	4		FNB Corp.		55
	3		Fulton Financial Corp.		37
	1		Great Western Bancorp, Inc.		20
	1		Guaranty Bancorp		19
	21		HDFC Bank Ltd., (India), ADR		1,308
	356		HSBC Holdings plc, (United Kingdom)		2,809
	1,938		Industrial & Commercial Bank of China Ltd., (China), Class H		1,162
	34		Industrial Bank of Korea, (South Korea) (a)		359
	136		ING Groep N.V., (Netherlands), CVA		1,837
	287		Intesa Sanpaolo S.p.A., (Italy)		952
	7		Investors Bancorp, Inc.		92
	68		Itau Unibanco Holding S.A. (Preference Shares), (Brazil), ADR		441
	17		KB Financial Group, Inc., (South Korea) (a)		465
	14		KeyCorp		179
	835		Krung Thai Bank PCL, (Thailand)		385
	1,788		Lloyds Banking Group plc, (United Kingdom)		1,924
	11		M&T Bank Corp.		1,299
	1		MainSource Financial Group, Inc.		21
	693		Mega Financial Holding Co., Ltd., (Taiwan)		447
	195		Mitsubishi UFJ Financial Group, Inc., (Japan)		1,206
	4		National Bank Holdings Corp., Class A		85
	2		National Penn Bancshares, Inc.		23
	7		OFG Bancorp, (Puerto Rico)		53
	22		OTP Bank plc, (Hungary)		450
	2		PacWest Bancorp		78
	16		PNC Financial Services Group, Inc. (The)		1,554
	4		Prosperity Bancshares, Inc.		180

SHARES			SECURITY DESCRIPTION	VALUE($)
			Banks — continued
	85		Sberbank of Russia PJSC, (Russia), ADR		500
	1		Sierra Bancorp		13
	7		Signature Bank (a)		1,096
	1		Simmons First National Corp., Class A		55
	—	(h)	Southside Bancshares, Inc.		12
	2		Southwest Bancorp, Inc.		27
	86		Standard Chartered plc, (United Kingdom)		716
	4		Suffolk Bancorp		100
	53		Sumitomo Mitsui Financial Group, Inc., (Japan)		1,988
	23		SunTrust Banks, Inc.		972
	3		SVB Financial Group (a)		341
	7		TCF Financial Corp.		96
	189		Turkiye Garanti Bankasi A.S., (Turkey)		459
	129		Turkiye Halk Bankasi A.S., (Turkey)		457
	278		Turkiye Is Bankasi, (Turkey), Class C		437
	24		U.S. Bancorp		1,041
	1		UMB Financial Corp.		48
	10		Union Bankshares Corp.		241
	1		Webster Financial Corp.		23
	239		Wells Fargo & Co.		12,966
	3		West Bancorporation, Inc.		53
	10		Westamerica Bancorporation		446
	6		Wilshire Bancorp, Inc.		64
					65,525
			Capital Markets — 1.6%
	5		Affiliated Managers Group, Inc. (a)		861
	15		Ameriprise Financial, Inc.		1,614
	2		Arlington Asset Investment Corp., Class A		20
	7		Bank of New York Mellon Corp. (The)		279
	6		BlackRock, Inc.		1,948
	83		Charles Schwab Corp. (The)		2,724
	14		Cowen Group, Inc., Class A (a)		52
	44		Credit Suisse Group AG, (Switzerland) (a)		954
	1		Federated Investors, Inc., Class B		28
	19		Goldman Sachs Group, Inc. (The)		3,454
	—	(h)	INTL. FCStone, Inc. (a)		12
	36		Invesco Ltd.		1,207
	6		Investment Technology Group, Inc.		97
	5		KCG Holdings, Inc., Class A (a)		63
	19		Lazard Ltd., (Bermuda), Class A		851
	19		Legg Mason, Inc.		735
	44		Meritz Securities Co., Ltd., (South Korea) (a)		147
	127		Morgan Stanley		4,026
	6		Northern Trust Corp.		461
	2		State Street Corp.		137

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 9

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Capital Markets — continued
	13		T. Rowe Price Group, Inc.		944
	5		TD Ameritrade Holding Corp.		162
	123		UBS Group AG, (Switzerland)		2,378
					23,154
			Consumer Finance — 0.4%
	36		Ally Financial, Inc. (a)		673
	29		Capital One Financial Corp.		2,070
	2		Cash America International, Inc.		51
	—	(h)	Credit Acceptance Corp. (a)		64
	33		Discover Financial Services		1,751
	2		Nelnet, Inc., Class A		74
	20		Synchrony Financial (a)		604
					5,287
			Diversified Financial Services — 0.5%
	10		Berkshire Hathaway, Inc., Class B (a)		1,345
	140		Chailease Holding Co., Ltd., (Taiwan) (a)		241
	278		Fubon Financial Holding Co., Ltd., (Taiwan)		378
	6		Intercontinental Exchange, Inc.		1,448
	2		MarketAxess Holdings, Inc.		245
	13		McGraw Hill Financial, Inc.		1,299
	6		MSCI, Inc.		440
	65		ORIX Corp., (Japan)		915
	5		Voya Financial, Inc.		196
					6,507
			Insurance — 2.6%
	49		ACE Ltd., (Switzerland)		5,761
	1		Alleghany Corp. (a)		343
	6		Allianz SE, (Germany)		1,075
	13		Allied World Assurance Co. Holdings AG, (Switzerland)		476
	4		Allstate Corp. (The)		255
	1		Ambac Financial Group, Inc. (a)		7
	7		American Equity Investment Life Holding Co.		157
	26		American International Group, Inc.		1,591
	6		AmTrust Financial Services, Inc.		374
	28		Arthur J. Gallagher & Co.		1,126
	8		Aspen Insurance Holdings Ltd., (Bermuda)		389
	63		Aviva plc, (United Kingdom)		479
	69		AXA S.A., (France)		1,892
	340		Cathay Financial Holding Co., Ltd., (Taiwan)		476
	7		Chubb Corp. (The)		902
	39		CNO Financial Group, Inc.		746
	4		Everest Re Group Ltd., (Bermuda)		718
	1		First American Financial Corp.		32

SHARES			SECURITY DESCRIPTION	VALUE($)
			Insurance — continued
	1		Global Indemnity plc, (Ireland) (a)		18
	34		Hartford Financial Services Group, Inc. (The)		1,456
	3		Kemper Corp.		122
	7		Lincoln National Corp.		337
	43		Loews Corp.		1,636
	47		Marsh & McLennan Cos., Inc.		2,609
	59		MetLife, Inc.		2,850
	1		Navigators Group, Inc. (The) (a)		124
	250		PICC Property & Casualty Co., Ltd., (China), Class H		493
	180		Ping An Insurance Group Co. of China Ltd., (China), Class H		993
	29		Porto Seguro S.A., (Brazil)		214
	2		Primerica, Inc.		76
	2		ProAssurance Corp.		112
	23		Prudential Financial, Inc.		1,870
	99		Prudential plc, (United Kingdom)		2,230
	—	(h)	RenaissanceRe Holdings Ltd., (Bermuda)		3
	21		Sompo Japan Nipponkoa Holdings, Inc., (Japan)		680
	—	(h)	Stewart Information Services Corp.		16
	12		Sul America S.A., (Brazil)		56
	14		Travelers Cos., Inc. (The)		1,614
	21		Unum Group		692
	3		W.R. Berkley Corp.		181
	5		XL Group plc, (Ireland)		187
	3		Zurich Insurance Group AG, (Switzerland) (a)		760
					36,128
			Real Estate Investment Trusts (REITs) — 1.0%
	1		Alexandria Real Estate Equities, Inc.		86
	3		American Assets Trust, Inc.		112
	28		American Homes 4 Rent, Class A		460
	17		American Residential Properties, Inc.		329
	9		Annaly Capital Management, Inc.		87
	—	(h)	Armada Hoffler Properties, Inc.		4
	—	(h)	Ashford Hospitality Prime, Inc.		5
	1		Ashford Hospitality Trust, Inc.		8
	4		AvalonBay Communities, Inc.		676
	2		BioMed Realty Trust, Inc.		38
	2		Boston Properties, Inc.		270
	28		Brixmor Property Group, Inc.		720
	23		Capstead Mortgage Corp.		202
	3		CBL & Associates Properties, Inc.		39
	9		CoreSite Realty Corp.		501
	1		Cousins Properties, Inc.		8
	45		CYS Investments, Inc.		318
	2		DCT Industrial Trust, Inc.		56

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Investment Trusts (REITs) — continued
	3	DiamondRock Hospitality Co.		30
	9	EastGroup Properties, Inc.		498
	268	Emlak Konut Gayrimenkul Yatirim Ortakligi A.S., (Turkey)		238
	2	EPR Properties		110
	14	Equity Commonwealth (a)		374
	1	Equity LifeStyle Properties, Inc.		75
	3	FelCor Lodging Trust, Inc.		22
	2	First Industrial Realty Trust, Inc.		35
	3	Franklin Street Properties Corp.		28
	14	General Growth Properties, Inc.		372
	1	Gladstone Commercial Corp.		9
	139	Goodman Group, (Australia)		628
	3	Government Properties Income Trust		47
	4	Gramercy Property Trust		30
	11	HCP, Inc.		417
	5	Hersha Hospitality Trust		119
	1	Highwoods Properties, Inc.		53
	3	Hospitality Properties Trust		83
	1	Kilroy Realty Corp.		79
	24	Kimco Realty Corp.		626
	19	Klepierre, (France)		857
	4	LaSalle Hotel Properties		91
	5	LTC Properties, Inc.		216
	3	Mack-Cali Realty Corp.		66
	3	Monogram Residential Trust, Inc.		27
	1	National Retail Properties, Inc.		47
	16	Outfront Media, Inc.		345
	3	Pennsylvania Real Estate Investment Trust		68
	2	Post Properties, Inc.		99
	6	Potlatch Corp.		174
	19	Prologis, Inc.		795
	1	PS Business Parks, Inc.		48
	2	RAIT Financial Trust		4
	6	Ramco-Gershenson Properties Trust		95
	26	Rayonier, Inc.		570
	1	RLJ Lodging Trust		26
	2	Saul Centers, Inc.		78
	1	Silver Bay Realty Trust Corp.		11
	3	Simon Property Group, Inc.		570
	4	SL Green Realty Corp.		452
	1	Summit Hotel Properties, Inc.		12
	1	Taubman Centers, Inc.		79
	7	Vornado Realty Trust		719
	80	Westfield Corp., (Australia)		552

SHARES			SECURITY DESCRIPTION	VALUE($)
			Real Estate Investment Trusts (REITs) — continued
	17		Weyerhaeuser Co.		519
					14,312
			Real Estate Management & Development — 0.6%
	4		Alexander & Baldwin, Inc.		142
	13		Brookfield Asset Management, Inc., (Canada), Class A		394
	55		CBRE Group, Inc., Class A (a)		1,913
	87		Cheung Kong Property Holdings Ltd., (Hong Kong)		560
	464		China Overseas Land & Investment Ltd., (Hong Kong)		1,615
	144		China Resources Land Ltd., (Hong Kong)		417
	161		China Vanke Co., Ltd., (China), Class H		479
	37		Daiwa House Industry Co., Ltd., (Japan)		1,058
	21		Forestar Group, Inc. (a)		226
	116		Hang Lung Properties Ltd., (Hong Kong)		263
	4		Jones Lang LaSalle, Inc.		591
	65		Mitsui Fudosan Co., Ltd., (Japan)		1,631
	—	(h)	RMR Group, Inc. (The), Class A (a)		—	(h)
	1		St. Joe Co. (The) (a)		12
					9,301
			Thrifts & Mortgage Finance — 0.1%
	1		Astoria Financial Corp.		12
	1		BankFinancial Corp.		7
	3		Beneficial Bancorp, Inc. (a)		37
	1		Capitol Federal Financial, Inc.		7
	3		Charter Financial Corp.		36
	25		Housing Development Finance Corp., Ltd., (India)		475
	19		Meridian Bancorp, Inc.		264
	7		MGIC Investment Corp. (a)		61
	7		NMI Holdings, Inc., Class A (a)		45
	22		Northfield Bancorp, Inc.		349
	2		OceanFirst Financial Corp.		41
	5		Oritani Financial Corp.		80
	5		Walker & Dunlop, Inc. (a)		139
					1,553
			Total Financials		161,767
			Health Care — 7.5%
			Biotechnology — 2.0%
	4		ACADIA Pharmaceuticals, Inc. (a)		146
	2		Adamas Pharmaceuticals, Inc. (a)		42
	1		Aduro Biotech, Inc. (a)		15
	4		Aegerion Pharmaceuticals, Inc. (a)		41

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 11

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Biotechnology — continued
	7		Alexion Pharmaceuticals, Inc. (a)		1,374
	10		Amgen, Inc.		1,664
	10		Amicus Therapeutics, Inc. (a)		96
	2		Anacor Pharmaceuticals, Inc. (a)		169
	—	(h)	Applied Genetic Technologies Corp. (a)		6
	1		Ardelyx, Inc. (a)		19
	12		Arrowhead Research Corp. (a)		72
	2		Atara Biotherapeutics, Inc. (a)		48
	6		aTyr Pharma, Inc. (a)		59
	1		Avalanche Biotechnologies, Inc. (a)		14
	3		Bellicum Pharmaceuticals, Inc. (a)		58
	10		Biogen, Inc. (a)		3,144
	4		BioMarin Pharmaceutical, Inc. (a)		435
	1		Blueprint Medicines Corp. (a)		38
	1		Cara Therapeutics, Inc. (a)		22
	45		Celgene Corp. (a)		5,367
	3		ChemoCentryx, Inc. (a)		20
	2		Chiasma, Inc. (a)		37
	1		Chimerix, Inc. (a)		12
	3		Coherus Biosciences, Inc. (a)		57
	1		Dicerna Pharmaceuticals, Inc. (a)		8
	1		Dimension Therapeutics, Inc. (a)		7
	4		Edge Therapeutics, Inc. (a)		45
	3		FibroGen, Inc. (a)		88
	3		Flexion Therapeutics, Inc. (a)		66
	74		Gilead Sciences, Inc.		7,465
	3		Global Blood Therapeutics, Inc. (a)		95
	3		Heron Therapeutics, Inc. (a)		75
	2		Immune Design Corp. (a)		48
	2		Incyte Corp. (a)		178
	7		Infinity Pharmaceuticals, Inc. (a)		52
	3		Karyopharm Therapeutics, Inc. (a)		43
	9		Kite Pharma, Inc. (a)		582
	2		MacroGenics, Inc. (a)		67
	5		Merrimack Pharmaceuticals, Inc. (a)		37
	2		Mirati Therapeutics, Inc. (a)		70
	3		Neurocrine Biosciences, Inc. (a)		160
	5		Nivalis Therapeutics, Inc. (a)		36
	1		Ophthotech Corp. (a)		112
	16		Orexigen Therapeutics, Inc. (a)		28
	3		Prothena Corp. plc, (Ireland) (a)		179
	3		PTC Therapeutics, Inc. (a)		113
	5		Regeneron Pharmaceuticals, Inc. (a)		2,653
	2		Sage Therapeutics, Inc. (a)		111
	1		Seres Therapeutics, Inc. (a)		52

SHARES			SECURITY DESCRIPTION	VALUE($)
			Biotechnology — continued
	1		Spark Therapeutics, Inc. (a)		54
	22		Synergy Pharmaceuticals, Inc. (a)		126
	3		Tokai Pharmaceuticals, Inc. (a)		25
	7		Trius Therapeutics, Inc. (a)		—
	—	(h)	Ultragenyx Pharmaceutical, Inc. (a)		36
	2		Versartis, Inc. (a)		23
	22		Vertex Pharmaceuticals, Inc. (a)		2,737
	2		Xencor, Inc. (a)		33
	—	(h)	Zafgen, Inc. (a)		2
					28,361
			Health Care Equipment & Supplies — 0.4%
	11		Abbott Laboratories		473
	1		CONMED Corp.		32
	6		Essilor International S.A., (France)		717
	6		Inogen, Inc. (a)		255
	2		LivaNova plc, (United Kingdom) (a)		145
	21		Medtronic plc, (Ireland)		1,615
	33		Novadaq Technologies, Inc., (Canada) (a)		418
	2		NuVasive, Inc. (a)		93
	9		Orthofix International N.V., (Curacao) (a)		342
	—	(h)	Penumbra, Inc. (a)		16
	17		Quidel Corp. (a)		354
	46		Smith & Nephew plc, (United Kingdom)		820
	12		St. Shine Optical Co., Ltd., (Taiwan)		240
	9		SurModics, Inc. (a)		188
	1		Utah Medical Products, Inc.		39
	8		Wright Medical Group NV, (Netherlands) (a)		203
					5,950
			Health Care Providers & Services — 2.0%
	16		Acadia Healthcare Co., Inc. (a)		980
	6		Addus HomeCare Corp. (a)		146
	1		Adeptus Health, Inc., Class A (a)		46
	44		Aetna, Inc.		4,741
	7		Alliance HealthCare Services, Inc. (a)		68
	6		AmerisourceBergen Corp.		591
	1		Amsurg Corp. (a)		86
	7		Anthem, Inc.		1,001
	4		Centene Corp. (a)		286
	6		Cigna Corp.		900
	17		Cross Country Healthcare, Inc. (a)		284
	26		Envision Healthcare Holdings, Inc. (a)		682
	8		Fresenius Medical Care AG & Co. KGaA, (Germany)		689
	8		HCA Holdings, Inc. (a)		507

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	10	Health Net, Inc. (a)		657
	15	Humana, Inc.		2,757
	2	Landauer, Inc.		74
	1	LifePoint Health, Inc. (a)		103
	18	McKesson Corp.		3,453
	13	Molina Healthcare, Inc. (a)		768
	4	National HealthCare Corp.		253
	161	Netcare Ltd., (South Africa)		353
	66	Shanghai Pharmaceuticals Holding Co., Ltd., (China), Class H		141
	111	Sinopharm Group Co., Ltd., (China), Class H		442
	9	Surgical Care Affiliates, Inc. (a)		364
	1	Teladoc, Inc. (a)		24
	60	UnitedHealth Group, Inc.		7,045
				27,441
		Health Care Technology — 0.1%
	8	HMS Holdings Corp. (a)		94
	25	Veeva Systems, Inc., Class A (a)		723
				817
		Life Sciences Tools & Services — 0.2%
	2	Affymetrix, Inc. (a)		20
	15	Illumina, Inc. (a)		2,879
	2	PAREXEL International Corp. (a)		140
				3,039
		Pharmaceuticals — 2.8%
	11	Allergan plc (a)		3,503
	3	Amphastar Pharmaceuticals, Inc. (a)		40
	59	Astellas Pharma, Inc., (Japan)		846
	17	AstraZeneca plc, (United Kingdom)		1,152
	3	Axsome Therapeutics, Inc. (a)		23
	16	Bayer AG, (Germany)		2,009
	9	BioDelivery Sciences International, Inc. (a)		41
	41	Bristol-Myers Squibb Co.		2,799
	36	Eli Lilly & Co.		3,003
	5	Flex Pharma, Inc. (a)		62
	61	GlaxoSmithKline plc, (United Kingdom)		1,238
	16	Johnson & Johnson		1,642
	27	Jubilant Life Sciences Ltd., (India)		165
	30	Merck & Co., Inc.		1,586
	25	Novartis AG, (Switzerland)		2,142
	11	Novo Nordisk A/S, (Denmark), Class B		656
	2	Pacira Pharmaceuticals, Inc. (a)		132
	274	Pfizer, Inc.		8,847

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — continued
	3	Prestige Brands Holdings, Inc. (a)		157
	2	Relypsa, Inc. (a)		59
	16	Revance Therapeutics, Inc. (a)		545
	13	Roche Holding AG, (Switzerland)		3,492
	13	Sanofi, (France)		1,103
	12	Shire plc, (Ireland)		843
	534	Sino Biopharmaceutical Ltd., (Hong Kong)		483
	12	Teva Pharmaceutical Industries Ltd., (Israel), ADR		792
	15	Valeant Pharmaceuticals International, Inc. (a)		1,518
	1	Yuhan Corp., (South Korea) (a)		141
				39,019
		Total Health Care		104,627
		Industrials — 5.2%
		Aerospace & Defense — 1.2%
	14	AAR Corp.		361
	12	Airbus Group SE, (France)		827
	12	DigitalGlobe, Inc. (a)		192
	6	General Dynamics Corp.		853
	55	Honeywell International, Inc.		5,664
	2	Huntington Ingalls Industries, Inc.		292
	4	L-3 Communications Holdings, Inc.		432
	82	Meggitt plc, (United Kingdom)		455
	2	Moog, Inc., Class A (a)		115
	13	Northrop Grumman Corp.		2,373
	3	Raytheon Co.		428
	12	Spirit AeroSystems Holdings, Inc., Class A (a)		601
	11	Thales S.A., (France)		851
	33	United Technologies Corp.		3,218
				16,662
		Air Freight & Logistics — 0.1%
	2	Atlas Air Worldwide Holdings, Inc. (a)		94
	44	Yamato Holdings Co., Ltd., (Japan)		934
				1,028
		Airlines — 0.7%
	4	Alaska Air Group, Inc.		330
	107	Delta Air Lines, Inc.		5,439
	3	Hawaiian Holdings, Inc. (a)		93
	20	Japan Airlines Co., Ltd., (Japan)		723
	7	Southwest Airlines Co.		293
	44	United Continental Holdings, Inc. (a)		2,497
				9,375

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 13

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Building Products — 0.5%
	10	Advanced Drainage Systems, Inc.		252
	7	Allegion plc, (Ireland)		445
	13	Caesarstone Sdot-Yam Ltd., (Israel) (a)		542
	222	China Lesso Group Holdings Ltd., (China)		154
	6	Continental Building Products, Inc. (a)		111
	19	Daikin Industries Ltd., (Japan)		1,391
	19	Fortune Brands Home & Security, Inc.		1,064
	5	Gibraltar Industries, Inc. (a)		136
	8	Lennox International, Inc.		1,058
	47	Masco Corp.		1,327
				6,480
		Commercial Services & Supplies — 0.2%
	39	ACCO Brands Corp. (a)		281
	15	Aggreko plc, (United Kingdom)		197
	3	Deluxe Corp.		179
	7	Ennis, Inc.		140
	10	Essendant, Inc.		318
	8	Pitney Bowes, Inc.		173
	6	R.R. Donnelley & Sons Co.		91
	9	Stericycle, Inc. (a)		1,034
	19	Waste Connections, Inc.		1,073
	6	West Corp.		132
				3,618
		Construction & Engineering — 0.2%
	20	AECOM (a)		600
	4	Argan, Inc.		138
	164	China Machinery Engineering Corp., (China), Class H		119
	240	China Railway Construction Corp., Ltd., (China), Class H		295
	7	EMCOR Group, Inc.		327
	11	Fluor Corp.		533
	143	Kajima Corp., (Japan)		851
				2,863
		Electrical Equipment — 0.3%
	9	Acuity Brands, Inc.		2,216
	7	Eaton Corp. plc		350
	446	Jiangnan Group Ltd., (China)		87
	7	Nidec Corp., (Japan)		522
	14	Schneider Electric SE, (France)		792
	9	SolarCity Corp. (a)		452
	11	Sunrun, Inc. (a)		131
	61	Xinjiang Goldwind Science & Technology Co., Ltd., (China), Class H		117
				4,667

SHARES			SECURITY DESCRIPTION	VALUE($)
			Industrial Conglomerates — 0.4%
	22		Carlisle Cos., Inc.		1,965
	112		CK Hutchison Holdings Ltd., (Hong Kong)		1,505
	6		Danaher Corp.		556
	50		General Electric Co.		1,545
					5,571
			Machinery — 0.9%
	1		Blount International, Inc. (a)		13
	10		Briggs & Stratton Corp.		173
	2		Cummins, Inc.		135
	42		DMG Mori Co., Ltd., (Japan)		489
	12		Douglas Dynamics, Inc.		248
	15		Dover Corp.		939
	4		FANUC Corp., (Japan)		637
	2		Hurco Cos., Inc.		44
	1		Hyster-Yale Materials Handling, Inc.		37
	19		Illinois Tool Works, Inc.		1,715
	8		Ingersoll-Rand plc		439
	4		Kadant, Inc.		152
	25		Komatsu Ltd., (Japan)		401
	55		Kubota Corp., (Japan)		850
	13		Makita Corp., (Japan)		726
	41		PACCAR, Inc.		1,966
	2		Pentair plc, (United Kingdom)		77
	53		Shin Zu Shing Co., Ltd., (Taiwan) (a)		203
	4		SMC Corp., (Japan)		935
	1		Snap-on, Inc.		123
	2		SPX FLOW, Inc. (a)		57
	21		Stanley Black & Decker, Inc.		2,276
	—	(h)	Watts Water Technologies, Inc., Class A		15
					12,650
			Marine — 0.0% (g)
	8		Matson, Inc.		356
			Professional Services — 0.0% (g)
	6		Barrett Business Services, Inc.		248
	1		CRA International, Inc. (a)		12
	2		VSE Corp.		134
					394
			Road & Rail — 0.3%
	4		ArcBest Corp.		76
	—	(h)	Canadian Pacific Railway Ltd., (Canada)		45
	21		CSX Corp.		547
	6		East Japan Railway Co., (Japan)		565
	3		Norfolk Southern Corp.		218
	8		Old Dominion Freight Line, Inc. (a)		454

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Road & Rail — continued
	1	PAM Transportation Services, Inc. (a)		20
	4	Swift Transportation Co. (a)		52
	24	Union Pacific Corp.		1,892
	7	USA Truck, Inc. (a)		116
				3,985
		Trading Companies & Distributors — 0.3%
	1	AerCap Holdings N.V., (Netherlands) (a)		49
	2	Applied Industrial Technologies, Inc.		93
	5	DXP Enterprises, Inc. (a)		108
	44	HD Supply Holdings, Inc. (a)		1,306
	4	W.W. Grainger, Inc.		892
	6	Watsco, Inc.		741
	17	Wolseley plc, (Switzerland)		934
				4,123
		Transportation Infrastructure — 0.1%
	202	Shenzhen Expressway Co., Ltd., (China), Class H		178
	130	Shenzhen International Holdings Ltd., (Hong Kong)		240
	25	TAV Havalimanlari Holding A.S., (Turkey)		157
	346	Zhejiang Expressway Co., Ltd., (China), Class H		413
				988
		Total Industrials		72,760
		Information Technology — 10.4%
		Communications Equipment — 0.6%
	17	Arista Networks, Inc. (a)		1,289
	34	Cisco Systems, Inc.		912
	18	Harmonic, Inc. (a)		74
	20	Harris Corp.		1,714
	9	InterDigital, Inc.		460
	11	Juniper Networks, Inc.		290
	1	NETGEAR, Inc. (a)		56
	118	Nokia OYJ, (Finland)		831
	5	Palo Alto Networks, Inc. (a)		796
	4	Plantronics, Inc.		167
	26	Polycom, Inc. (a)		327
	17	QUALCOMM, Inc.		857
	6	Ubiquiti Networks, Inc. (a)		198
	114	ZTE Corp., (China), Class H		258
				8,229
		Electronic Equipment, Instruments & Components — 0.6%
	48	AAC Technologies Holdings, Inc., (China)		309
	16	Amphenol Corp., Class A		825
	13	Arrow Electronics, Inc. (a)		704

SHARES			SECURITY DESCRIPTION	VALUE($)
			Electronic Equipment, Instruments & Components — continued
	1		Benchmark Electronics, Inc. (a)		15
	1		Coherent, Inc. (a)		38
	260		Compeq Manufacturing Co., Ltd., (Taiwan)		174
	111		Elite Material Co., Ltd., (Taiwan)		193
	86		FLEXium Interconnect, Inc., (Taiwan)		204
	196		Hon Hai Precision Industry Co., Ltd., (Taiwan)		481
	—	(h)	Hon Hai Precision Industry Co., Ltd., (Taiwan), Reg. S, GDR		—	(h)
	823		Innolux Corp., (Taiwan)		247
	3		Insight Enterprises, Inc. (a)		82
	15		InvenSense, Inc. (a)		151
	3		Keyence Corp., (Japan)		1,704
	5		Largan Precision Co., Ltd., (Taiwan)		342
	23		LG Display Co., Ltd., (South Korea) (a)		485
	11		Partron Co., Ltd., (South Korea)		89
	4		Sanmina Corp. (a)		85
	136		Sunny Optical Technology Group Co., Ltd., (China)		310
	37		TE Connectivity Ltd., (Switzerland)		2,391
	2		Tech Data Corp. (a)		113
	3		Vishay Intertechnology, Inc.		36
	65		Zhen Ding Technology Holding Ltd., (Taiwan)		148
					9,126
			Internet Software & Services — 2.0%
	6		Alphabet, Inc., Class A (a)		4,762
	12		Alphabet, Inc., Class C (a)		9,293
	52		Bazaarvoice, Inc. (a)		229
	7		Blucora, Inc. (a)		68
	4		CoStar Group, Inc. (a)		834
	22		EarthLink Holdings Corp.		167
	62		eBay, Inc. (a)		1,704
	79		Facebook, Inc., Class A (a)		8,223
	1		Instructure, Inc. (a)		12
	16		Marchex, Inc., Class B		63
	3		Match Group, Inc. (a)		44
	4		Mimecast Ltd., (United Kingdom) (a)		35
	4		NetEase, Inc., (China), ADR		748
	30		Tencent Holdings Ltd., (China)		582
	8		VeriSign, Inc. (a)		673
	3		Web.com Group, Inc. (a)		52
	4		WebMD Health Corp. (a)		205
	8		Xactly Corp. (a)		64
					27,758

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 15

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		IT Services — 1.6%
	36	Accenture plc, (Ireland), Class A		3,792
	6	Amdocs Ltd.		322
	26	Cognizant Technology Solutions Corp., Class A (a)		1,568
	15	Convergys Corp.		366
	6	CSG Systems International, Inc.		198
	1	EVERTEC, Inc., (Puerto Rico)		17
	29	Fidelity National Information Services, Inc.		1,777
	9	Gartner, Inc. (a)		784
	2	Global Payments, Inc.		147
	36	HCL Technologies Ltd., (India)		470
	2	Heartland Payment Systems, Inc.		154
	11	Leidos Holdings, Inc.		596
	33	MasterCard, Inc., Class A		3,229
	17	ModusLink Global Solutions, Inc. (a)		42
	1	MoneyGram International, Inc. (a)		9
	38	PayPal Holdings, Inc. (a)		1,371
	8	QIWI plc, (Cyprus), ADR		149
	4	Science Applications International Corp.		179
	17	Unisys Corp. (a)		182
	9	Vantiv, Inc., Class A (a)		428
	22	VeriFone Systems, Inc. (a)		608
	70	Visa, Inc., Class A		5,421
	12	Western Union Co. (The)		206
				22,015
		Semiconductors & Semiconductor Equipment — 2.1%
	6	Advanced Energy Industries, Inc. (a)		172
	436	Advanced Semiconductor Engineering, Inc., (Taiwan)		501
	5	Analog Devices, Inc.		282
	52	ARM Holdings plc, (United Kingdom)		788
	13	ASML Holding N.V., (Netherlands)		1,126
	52	Avago Technologies Ltd., (Singapore)		7,503
	18	Cohu, Inc.		215
	2	First Solar, Inc. (a)		152
	64	Infineon Technologies AG, (Germany)		938
	9	Integrated Device Technology, Inc. (a)		244
	9	Intersil Corp., Class A		115
	20	KLA-Tencor Corp.		1,391
	73	Lam Research Corp.		5,788
	54	Marvell Technology Group Ltd., (Bermuda)		473
	19	NVIDIA Corp.		630
	30	NXP Semiconductors N.V., (Netherlands) (a)		2,514
	10	PMC-Sierra, Inc. (a)		115
	15	SK Hynix, Inc., (South Korea) (a)		377
	59	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		1,342

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — continued
	2	Tessera Technologies, Inc.		52
	51	Texas Instruments, Inc.		2,812
	10	Tokyo Electron Ltd., (Japan)		630
	26	Trina Solar Ltd., (China), ADR (a)		281
	135	Win Semiconductors Corp., (Taiwan)		202
	7	Xcerra Corp. (a)		42
	384	Xinyi Solar Holdings Ltd., (China)		156
				28,841
		Software — 2.0%
	6	ACI Worldwide, Inc. (a)		123
	20	Activision Blizzard, Inc.		782
	25	Adobe Systems, Inc. (a)		2,316
	14	Aspen Technology, Inc. (a)		532
	6	AVG Technologies N.V., (Netherlands) (a)		119
	4	Barracuda Networks, Inc. (a)		77
	26	Electronic Arts, Inc. (a)		1,759
	9	EnerNOC, Inc. (a)		34
	2	Fair Isaac Corp.		228
	15	Guidewire Software, Inc. (a)		906
	1	Manhattan Associates, Inc. (a)		66
	7	Mentor Graphics Corp.		120
	250	Microsoft Corp.		13,844
	15	Mobileye N.V., (Israel) (a)		642
	3	NCSoft Corp., (South Korea)		451
	6	Nuance Communications, Inc. (a)		117
	55	Oracle Corp.		1,996
	1	Progress Software Corp. (a)		26
	2	Rapid7, Inc. (a)		33
	29	Rovi Corp. (a)		479
	16	SAP SE, (Germany)		1,258
	10	ServiceNow, Inc. (a)		832
	8	Splunk, Inc. (a)		482
	16	Take-Two Interactive Software, Inc. (a)		553
	4	VASCO Data Security International, Inc. (a)		71
	11	Workday, Inc., Class A (a)		871
	7	Zix Corp. (a)		33
				28,750
		Technology Hardware, Storage & Peripherals — 1.5%
	146	Apple, Inc.		15,394
	53	Casetek Holdings Ltd., (Taiwan)		215
	49	Catcher Technology Co., Ltd., (Taiwan)		408
	79	Chicony Electronics Co., Ltd., (Taiwan)		173
	200	Foxconn Technology Co., Ltd., (Taiwan)		421
	75	Hewlett Packard Enterprise Co.		1,137
	82	HP, Inc.		976

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Technology Hardware, Storage & Peripherals — continued
	496	Lenovo Group Ltd., (China)		501
	2	Nimble Storage, Inc. (a)		22
	182	Pegatron Corp., (Taiwan)		396
	2	Samsung Electronics Co., Ltd., (South Korea)		1,725
				21,368
		Total Information Technology		146,087
		Materials — 1.9%
		Chemicals — 0.8%
	7	Air Products & Chemicals, Inc.		932
	13	Akzo Nobel N.V., (Netherlands)		856
	9	Axiall Corp.		137
	10	Chr Hansen Holding A/S, (Denmark)		635
	12	Dow Chemical Co. (The)		627
	9	E.I. du Pont de Nemours & Co.		589
	4	Eastman Chemical Co.		261
	3	Hyosung Corp., (South Korea) (a)		326
	3	Innophos Holdings, Inc.		74
	13	Intrepid Potash, Inc. (a)		39
	3	Linde AG, (Germany)		505
	2	Lotte Chemical Corp., (South Korea) (a)		339
	16	LyondellBasell Industries N.V., Class A		1,364
	3	Minerals Technologies, Inc.		157
	54	Mosaic Co. (The)		1,477
	3	Nitto Denko Corp., (Japan)		234
	10	PPG Industries, Inc.		973
	12	Rayonier Advanced Materials, Inc.		119
	3	Sherwin-Williams Co. (The)		868
	7	Shin-Etsu Chemical Co., Ltd., (Japan)		370
				10,882
		Construction Materials — 0.3%
	9	Eagle Materials, Inc.		574
	6	Imerys S.A., (France)		399
	14	LafargeHolcim Ltd., (Switzerland) (a)		708
	8	Martin Marietta Materials, Inc.		1,140
	10	Vulcan Materials Co.		941
				3,762
		Containers & Packaging — 0.3%
	13	Ball Corp.		912
	26	Crown Holdings, Inc. (a)		1,298
	26	Graphic Packaging Holding Co.		334
	1	Myers Industries, Inc.		13
	21	Sealed Air Corp.		945
	23	WestRock Co.		1,051
				4,553

SHARES		SECURITY DESCRIPTION	VALUE($)
		Metals & Mining — 0.4%
	45	BHP Billiton Ltd., (Australia)		576
	176	Glencore plc, (Switzerland) (a)		233
	48	Magnitogorsk Iron & Steel Works OJSC, (Russia), Reg. S, GDR		161
	25	MMC Norilsk Nickel PJSC, (Russia), ADR		322
	34	Nippon Steel & Sumitomo Metal Corp., (Japan)		675
	222	Norsk Hydro ASA, (Norway)		823
	5	Nucor Corp.		188
	14	Rio Tinto Ltd., (United Kingdom)		442
	35	Rio Tinto plc, (United Kingdom)		1,025
	26	Severstal PAO, (Russia), Reg. S, GDR		217
	40	South32 Ltd., (Australia) (a)		31
	23	Steel Dynamics, Inc.		418
	4	SunCoke Energy, Inc.		13
	77	United States Steel Corp.		618
	5	Worthington Industries, Inc.		160
				5,902
		Paper & Forest Products — 0.1%
	1	Domtar Corp., (Canada)		46
	24	KapStone Paper & Packaging Corp.		544
	26	UPM-Kymmene OYJ, (Finland)		478
				1,068
		Total Materials		26,167
		Telecommunication Services — 0.9%
		Diversified Telecommunication Services — 0.5%
	52	AT&T, Inc.		1,786
	15	CenturyLink, Inc.		386
	466	China Telecom Corp., Ltd., (China), Class H		217
	56	Cincinnati Bell, Inc. (a)		200
	27	Nippon Telegraph & Telephone Corp., (Japan)		1,075
	10	Ooma, Inc. (a)		64
	424	Telecom Italia S.p.A., (Italy) (a)		537
	47	Verizon Communications, Inc.		2,155
	3	Vonage Holdings Corp. (a)		15
	8	Windstream Holdings, Inc.		54
				6,489
		Wireless Telecommunication Services — 0.4%
	41	China Mobile Ltd., (Hong Kong)		462
	24	KDDI Corp., (Japan)		626
	34	Mobile TeleSystems PJSC, (Russia), ADR		212
	39	T-Mobile US, Inc. (a)		1,538
	906	Vodafone Group plc, (United Kingdom)		2,939
				5,777
		Total Telecommunication Services		12,266

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 17

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 1.2%
		Electric Utilities — 0.8%
	19	American Electric Power Co., Inc.		1,090
	12	Duke Energy Corp.		864
	33	Edison International		1,939
	3	El Paso Electric Co.		122
	207	Enel S.p.A., (Italy)		870
	9	Entergy Corp.		622
	13	Eversource Energy		684
	6	Korea Electric Power Corp., (South Korea) (a)		255
	11	NextEra Energy, Inc.		1,142
	2	PNM Resources, Inc.		72
	5	Portland General Electric Co.		172
	50	PPL Corp.		1,690
	2	Spark Energy, Inc., Class A		51
	46	Xcel Energy, Inc.		1,635
				11,208
		Gas Utilities — 0.1%
	1	AGL Resources, Inc.		93
	106	ENN Energy Holdings Ltd., (China)		562
	2	Laclede Group, Inc. (The)		111
	3	New Jersey Resources Corp.		101
	2	Piedmont Natural Gas Co., Inc.		103
	9	Questar Corp.		174
	2	Southwest Gas Corp.		88
	20	UGI Corp.		676
				1,908
		Independent Power & Renewable Electricity Producers — 0.0% (g)
	45	Atlantic Power Corp.		89
	370	Huadian Power International Corp., Ltd., (China), Class H		239
	394	Huaneng Power International, Inc., (China), Class H		337
	4	Ormat Technologies, Inc.		148
				813
		Multi-Utilities — 0.2%
	1	Avista Corp.		28
	53	National Grid plc, (United Kingdom)		726
	1	NorthWestern Corp.		48
	17	Public Service Enterprise Group, Inc.		663
	8	Sempra Energy		780
				2,245

SHARES		SECURITY DESCRIPTION	VALUE($)
		Water Utilities — 0.1%
	7	American States Water Co.		283
	44	Pennon Group plc, (United Kingdom)		558
				841
		Total Utilities		17,015
		Total Common Stocks (Cost $626,397)		742,364
	Preferred Stock — 0.1%
		Consumer Staples — 0.1%
		Household Products — 0.1%
	14	Henkel AG & Co. KGaA, (Germany) (Cost $980)		1,541
PRINCIPAL AMOUNT($)
	Asset-Backed Securities — 3.9%
		ACE Securities Corp. Home Equity Loan Trust,
	254	Series 2004-HE3, Class M3, VAR, 1.502%, 11/25/34		232
	170	Series 2005-HE7, Class A1B2, VAR, 1.022%, 11/25/35		164
	32	Series 2006-SD1, Class A1B, VAR, 0.772%, 02/25/36		33
		Ally Auto Receivables Trust,
	7	Series 2013-1, Class A3, 0.630%, 05/15/17		7
	60	Series 2013-2, Class A3, 0.790%, 01/15/18		60
	132	Series 2015-1, Class A3, 1.390%, 09/16/19		131
	76	Series 2015-SN1, Class A3, 1.210%, 12/20/17		76
	257	American Express Credit Account Master Trust, Series 2014-2, Class A, 1.260%, 01/15/20		256
		AmeriCredit Automobile Receivables Trust,
	72	Series 2013-5, Class A3, 0.900%, 09/10/18		72
	75	Series 2015-4, Class A3, 1.700%, 07/08/20		75
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	497	Series 2002-2, Class M3, VAR, 3.077%, 08/25/32		492
	537	Series 2003-9, Class M2, VAR, 3.272%, 09/25/33		510
	515	Series 2003-10, Class M1, VAR, 1.472%, 12/25/33		479
	477	Series 2003-10, Class M2, VAR, 2.972%, 12/25/33		460
	602	Series 2004-R1, Class M1, VAR, 1.217%, 02/25/34		551
	301	Series 2004-R1, Class M6, VAR, 2.492%, 02/25/34		280

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS DECEMBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	912	Series 2003-W9, Class M2, VAR, 3.002%, 01/25/34		878
	128	Series 2004-W3, Class A3, VAR, 1.242%, 02/25/34		115
	191	Series 2004-W3, Class M3, VAR, 3.122%, 02/25/34		158
	418	Series 2004-W4, Class A, VAR, 0.942%, 03/25/34		387
	222	Series 2004-W6, Class M4, VAR, 3.272%, 05/25/34		190
	710	Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2004-HE1, Class M1, VAR, 1.380%, 01/15/34		658
	300	BA Credit Card Trust, Series 2015-A2, Class A, 1.360%, 09/15/20		298
		Bear Stearns Asset Backed Securities Trust,
	563	Series 2003-SD2, Class 3A, VAR, 4.569%, 06/25/43		566
	380	Series 2004-2, Class M1, VAR, 1.622%, 08/25/34		347
		BMW Vehicle Lease Trust,
	162	Series 2014-1, Class A3, 0.730%, 02/21/17		161
	100	Series 2015-2, Class A3, 1.400%, 02/20/19		100
	50	BMW Vehicle Owner Trust, Series 2013-A, Class A3, 0.670%, 11/27/17		50
	62	Cabela’s Credit Card Master Note Trust, Series 2015-2, Class A1, 2.250%, 07/17/23		62
	130	Capital Auto Receivables Asset Trust, Series 2015-2, Class A3, 1.730%, 09/20/19		129
		CarMax Auto Owner Trust,
	62	Series 2013-4, Class A3, 0.800%, 07/16/18		62
	303	Series 2014-2, Class A3, 0.980%, 01/15/19		302
	117	Series 2015-2, Class A3, 1.370%, 03/16/20		116
		CDC Mortgage Capital Trust,
	474	Series 2003-HE1, Class M1, VAR, 1.772%, 08/25/33		452
	12	Series 2003-HE3, Class M2, VAR, 3.047%, 11/25/33		11
	331	Centex Home Equity Loan Trust, Series 2005-A, Class M1, VAR, 0.902%, 01/25/35		304
	301	CHEC Loan Trust, Series 2004-2, Class M3, VAR, 1.672%, 04/25/34		249
	202	Citi Held For Asset Issuance, Series 2015-PM1, Class A, 1.850%, 12/15/21 (e)		202
		Citibank Credit Card Issuance Trust,
	150	Series 2007-A8, Class A8, 5.650%, 09/20/19		160

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	200	Series 2014-A8, Class A8, 1.730%, 04/09/20		201
		CNH Equipment Trust,
	9	Series 2012-D, Class A3, 0.650%, 04/16/18		9
	40	Series 2013-A, Class A3, 0.690%, 06/15/18		40
	37	Series 2013-C, Class A3, 1.020%, 08/15/18		37
	130	Series 2013-D, Class A3, 0.770%, 10/15/18		129
	173	Series 2014-A, Class A3, 0.840%, 05/15/19		173
	300	Series 2014-B, Class A3, 0.910%, 05/15/19		299
		CPS Auto Receivables Trust,
	33	Series 2013-D, Class A, 1.540%, 07/16/18 (e)		33
	50	Series 2014-B, Class A, 1.110%, 11/15/18 (e)		50
	249	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		247
		Credit Suisse First Boston Mortgage Securities Corp.,
	33	Series 2002-HE4, Class AF, SUB, 5.510%, 08/25/32		36
	10	Series 2004-CF2, Class 1A2, SUB, 5.150%, 01/25/43 (e)		11
		Credit-Based Asset Servicing and Securitization LLC,
	318	Series 2003-CB5, Class M2, VAR, 2.897%, 11/25/33		306
	611	Series 2004-CB5, Class M1, VAR, 1.337%, 01/25/34		570
	279	Series 2004-CB6, Class M3, VAR, 2.522%, 07/25/35		263
	1	Series 2005-CB4, Class AF4, SUB, 5.028%, 07/25/35		1
		CWABS, Inc. Asset-Backed Certificates,
	338	Series 2003-5, Class MF2, VAR, 5.491%, 11/25/33		295
	424	Series 2003-BC1, Class A1, VAR, 1.222%, 03/25/33		391
	626	Series 2003-BC4, Class M2, VAR, 1.772%, 06/25/33		609
	568	Series 2003-BC6, Class M2, VAR, 2.147%, 10/25/33		507
	931	Series 2004-1, Class M1, VAR, 1.172%, 03/25/34		889
	511	Series 2004-5, Class M3, VAR, 2.147%, 07/25/34		461
	261	Series 2004-6, Class 1A1, VAR, 0.962%, 12/25/34		237
	439	Series 2004-6, Class M2, VAR, 1.397%, 10/25/34		412
	429	Series 2004-BC1, Class M3, VAR, 2.522%, 10/25/33		349

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 19

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	691	Series 2004-SD2, Class M1, VAR, 1.042%, 06/25/33 (e)		669
	250	Discover Card Execution Note Trust, Series 2015-A3, Class A, 1.450%, 03/15/21		248
	177	DT Auto Owner Trust, Series 2015-2A, Class A, 1.240%, 09/17/18 (e)		176
	1,014	Equity One Mortgage Pass-Through Trust, Series 2003-1, Class M1, VAR, 4.860%, 08/25/33		1,007
		Exeter Automobile Receivables Trust,
	13	Series 2014-1A, Class A, 1.290%, 05/15/18 (e)		13
	11	Series 2014-2A, Class A, 1.060%, 08/15/18 (e)		11
	69	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		69
	182	Series 2015-3A, Class A, 2.000%, 03/16/20 (e)		182
		Fifth Third Auto Trust,
	45	Series 2013-1, Class A3, 0.880%, 10/16/17		45
	36	Series 2013-A, Class A3, 0.610%, 09/15/17		36
	159	Series 2015-1, Class A3, 1.420%, 03/16/20		158
		First Franklin Mortgage Loan Trust,
	435	Series 2005-FF10, Class A4, VAR, 0.742%, 11/25/35		424
	342	Series 2006-FF8, Class IIA3, VAR, 0.572%, 07/25/36		325
	98	Flagship Credit Auto Trust, Series 2015-1, Class A, 1.630%, 06/15/20 (e)		97
	139	Ford Credit Auto Lease Trust, Series 2014-B, Class A3, 0.890%, 09/15/17		139
		Ford Credit Auto Owner Trust,
	15	Series 2013-B, Class A3, 0.570%, 10/15/17		15
	34	Series 2013-C, Class A3, 0.820%, 12/15/17		34
	87	Series 2013-D, Class A3, 0.670%, 04/15/18		86
	178	Series 2014-B, Class A3, 0.900%, 10/15/18		178
	79	Series 2015-A, Class A3, 1.280%, 09/15/19		79
	158	Series 2015-B, Class A3, 1.160%, 11/15/19		157
	167	Series 2015-C, Class A3, 1.410%, 02/15/20		166
		Fremont Home Loan Trust,
	144	Series 2003-B, Class M2, VAR, 2.852%, 12/25/33		142
	1,198	Series 2004-A, Class M1, VAR, 1.247%, 01/25/34		1,091
	46	Series 2005-D, Class 2A3, VAR, 0.672%, 11/25/35		45
	229	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		227

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	180		GLS Auto Receivables Trust, Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		179
			GM Financial Automobile Leasing Trust,
	107		Series 2015-1, Class A3, 1.530%, 09/20/18		106
	65		Series 2015-3, Class A3, 1.690%, 03/20/19		65
			GSAMP Trust,
	890		Series 2004-AR1, Class M1, VAR, 1.397%, 06/25/34		847
	268		Series 2005-SEA2, Class A1, VAR, 0.772%, 01/25/45 (e)		261
	143		Harley-Davidson Motorcycle Trust, Series 2015-2, Class A3, 1.300%, 03/16/20		142
			Home Equity Asset Trust,
	114		Series 2003-1, Class M1, VAR, 1.922%, 06/25/33		110
	91		Series 2004-6, Class M2, VAR, 1.322%, 12/25/34		78
	436		Series 2004-7, Class M1, VAR, 1.352%, 01/25/35		411
	354		Series 2005-7, Class 2A4, VAR, 0.802%, 01/25/36		353
			Home Equity Mortgage Loan Asset-Backed Trust,
	336		Series 2004-B, Class M3, VAR, 1.622%, 11/25/34		300
	896		Series 2004-C, Class M1, VAR, 1.262%, 03/25/35		813
			Honda Auto Receivables Owner Trust,
	5		Series 2013-1, Class A3, 0.480%, 11/21/16		5
	12		Series 2013-2, Class A3, 0.530%, 02/16/17		12
	87		Series 2013-4, Class A3, 0.690%, 09/18/17		87
	272		Series 2014-1, Class A3, 0.670%, 11/21/17		271
	243		Series 2014-2, Class A3, 0.770%, 03/19/18		242
	—	(h)	Huntington Auto Trust, Series 2012-2, Class A3, 0.510%, 04/17/17		—	(h)
			Hyundai Auto Receivables Trust,
	18		Series 2013-A, Class A3, 0.560%, 07/17/17		17
	26		Series 2013-B, Class A3, 0.710%, 09/15/17		26
	92		Series 2014-A, Class A3, 0.790%, 07/16/18		92
	246		Series 2014-B, Class A3, 0.900%, 12/17/18		245
	103		Series 2015-C, Class A3, 1.460%, 02/18/20		103
			John Deere Owner Trust,
	23		Series 2013-A, Class A3, 0.600%, 03/15/17		23
	96		Series 2015-B, Class A3, 1.440%, 10/15/19		95
			Long Beach Mortgage Loan Trust,
	623		Series 2001-2, Class M1, VAR, 1.262%, 07/25/31		585

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS DECEMBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	167	Series 2003-4, Class M2, VAR, 3.047%, 08/25/33		160
	295	Series 2004-1, Class M3, VAR, 1.472%, 02/25/34		282
		MASTR Asset-Backed Securities Trust,
	189	Series 2002-OPT1, Class M3, VAR, 3.947%, 11/25/32		191
	88	Series 2004-OPT1, Class M2, VAR, 2.072%, 02/25/34		73
	28	Mercedes-Benz Auto Receivables Trust, Series 2013-1, Class A3, 0.780%, 08/15/17		28
		Merrill Lynch Mortgage Investors Trust,
	717	Series 2002-NC1, Class M1, VAR, 1.472%, 05/25/33		678
	192	Series 2003-OPT1, Class M1, VAR, 1.397%, 07/25/34		173
	517	Series 2005-FM1, Class M1, VAR, 0.902%, 05/25/36		473
	771	Series 2005-NC1, Class M2, VAR, 1.502%, 10/25/35		692
		Morgan Stanley ABS Capital I, Inc., Trust,
	1,421	Series 2004-HE6, Class M1, VAR, 1.247%, 08/25/34		1,343
	317	Series 2004-NC2, Class M2, VAR, 2.222%, 12/25/33		287
	1,380	Series 2004-NC7, Class M2, VAR, 1.352%, 07/25/34		1,328
	477	Series 2005-HE1, Class M3, VAR, 1.202%, 12/25/34		389
	219	Series 2005-HE1, Class M4, VAR, 1.502%, 12/25/34		179
	513	Series 2005-WMC1, Class M2, VAR, 1.157%, 01/25/35		496
		Morgan Stanley Dean Witter Capital I, Inc. Trust,
	461	Series 2002-AM3, Class A3, VAR, 1.402%, 02/25/33		433
	272	Series 2002-AM3, Class M1, VAR, 1.847%, 02/25/33		258
		New Century Home Equity Loan Trust,
	392	Series 2003-5, Class M1, SUB, 5.176%, 11/25/33		382
	601	Series 2003-6, Class M1, VAR, 1.502%, 01/25/34		560
	842	Series 2004-4, Class M1, VAR, 1.187%, 02/25/35		754
	250	Series 2005-1, Class M1, VAR, 1.097%, 03/25/35		232

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Nissan Auto Lease Trust,
	117	Series 2014-A, Class A3, 0.800%, 02/15/17		117
	300	Series 2015-A, Class A3, 1.400%, 06/15/18		299
		Nissan Auto Receivables Owner Trust,
	28	Series 2012-A, Class A4, 1.000%, 07/16/18		28
	6	Series 2013-A, Class A3, 0.500%, 05/15/17		6
	112	Series 2013-C, Class A3, 0.670%, 08/15/18		111
	132	Series 2014-A, Class A3, 0.720%, 08/15/18		132
	55	Series 2015-C, Class A3, 1.370%, 05/15/20		55
	383	NovaStar Mortgage Funding Trust, Series 2003-2, Class M2, VAR, 2.956%, 09/25/33		343
	250	NRZ Advance Receivables Trust Advance Receivables Backed Notes, Series 2015-T3, Class AT3, 2.540%, 11/15/46 (e)		250
	188	OAK Hill Advisors Residential Loan Trust, Series 2015-NPL2, Class A1, SUB, 3.721%, 07/25/55 (e)		187
	123	Ocwen Master Advance Receivables Trust, Series 2015-T1, Class AT1, 2.537%, 09/17/46 (e)		123
	219	OneMain Financial Issuance Trust, Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		216
		Option One Mortgage Acceptance Corp. Asset-Backed Certificates,
	391	Series 2003-2, Class M1, VAR, 1.397%, 04/25/33		350
	193	Series 2003-4, Class M1, VAR, 1.442%, 07/25/33		169
	492	Series 2003-5, Class A3, VAR, 1.322%, 08/25/33		471
		Option One Mortgage Loan Trust,
	47	Series 2003-1, Class M2, VAR, 3.347%, 02/25/33		46
	929	Series 2004-2, Class M2, VAR, 1.997%, 05/25/34		731
	42	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.359%, 10/25/34		42
	234	Pretium Mortgage Credit Partners I LLC, Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		232
	250	Purchasing Power Funding LLC, Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		249
		RAMP Trust,
	49	Series 2004-RS4, Class AI6, VAR, 5.072%, 04/25/34		50
	553	Series 2004-RS9, Class MII1, VAR, 1.397%, 09/25/34		521

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 21

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		RASC Trust,
	1,023	Series 2001-KS3, Class AII, VAR, 0.882%, 09/25/31		955
	88	Series 2003-KS4, Class AI6, VAR, 3.870%, 05/25/33		90
	962	Series 2005-EMX1, Class M1, VAR, 1.067%, 03/25/35		899
	481	Series 2005-KS2, Class M1, VAR, 1.067%, 03/25/35		440
		Renaissance Home Equity Loan Trust,
	741	Series 2003-2, Class A, VAR, 1.302%, 08/25/33		693
	1,853	Series 2003-2, Class M1, VAR, 1.659%, 08/25/33		1,707
	842	Series 2003-3, Class A, VAR, 0.922%, 12/25/33		785
	416	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		410
		Saxon Asset Securities Trust,
	121	Series 2000-2, Class MF2, VAR, 8.053%, 07/25/30		111
	25	Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		25
	439	Series 2003-2, Class M2, VAR, 3.047%, 06/25/33		411
	652	Series 2003-3, Class M1, VAR, 1.397%, 12/25/33		614
	246	Series 2004-2, Class MV2, VAR, 2.222%, 08/25/35		234
	528	Specialty Underwriting & Residential Finance Trust, Series 2003-BC4, Class M1, VAR, 1.322%, 11/25/34		490
		Structured Asset Investment Loan Trust,
	209	Series 2003-BC3, Class M1, VAR, 1.847%, 04/25/33		206
	908	Series 2003-BC11, Class M1, VAR, 1.397%, 10/25/33		877
	946	Series 2004-6, Class M2, VAR, 2.372%, 07/25/34		846
	178	Series 2004-7, Class M1, VAR, 1.472%, 08/25/34		165
	409	Series 2004-7, Class M2, VAR, 1.547%, 08/25/34		357
	383	Series 2004-8, Class M2, VAR, 1.352%, 09/25/34		340
	173	Structured Asset Securities Corp. Trust, Series 2005-SC1, Class 1A1, VAR, 0.692%, 05/25/31 (e)		105

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Toyota Auto Receivables Owner Trust,
	4	Series 2013-A, Class A3, 0.550%, 01/17/17		4
	214	Series 2014-A, Class A3, 0.670%, 12/15/17		214
	93	USAA Auto Owner Trust, Series 2014-1, Class A3, 0.580%, 12/15/17		93
	89	Volkswagen Auto Lease Trust, Series 2015-A, Class A3, 1.250%, 12/20/17		88
	147	Volkswagen Auto Loan Enhanced Trust, Series 2013-2, Class A3, 0.700%, 04/20/18		147
	185	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		185
	73	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		72
	264	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		260
	214	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		210
	186	VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		183
	194	Wells Fargo Home Equity Asset-Backed Securities Trust, Series 2004-2, Class M8A, VAR, 4.922%, 10/25/34 (e)		178
		World Omni Auto Receivables Trust,
	52	Series 2015-A, Class A3, 1.340%, 05/15/20		52
	86	Series 2015-B, Class A3, 1.490%, 12/15/20		85
	121	World Omni Automobile Lease Securitization Trust, Series 2015-A, Class A3, 1.540%, 10/15/18		120
		Total Asset-Backed Securities (Cost $53,537)		54,447
	Collateralized Mortgage Obligations — 6.8%
		Agency CMO — 5.6%
	163	Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 31, Class Z, 8.000%, 04/25/24		186
		Federal Home Loan Mortgage Corp. REMIC,
	2	Series 50, Class I, 8.000%, 06/15/20		2
	3	Series 1087, Class I, 8.500%, 06/15/21		3
	2	Series 1136, Class H, 6.000%, 09/15/21		3
	63	Series 1617, Class PM, 6.500%, 11/15/23		70
	56	Series 1710, Class GH, 8.000%, 04/15/24		63
	41	Series 1732, Class K, 6.500%, 05/15/24		46
	55	Series 1843, Class Z, 7.000%, 04/15/26		62
	63	Series 2033, Class K, 6.050%, 08/15/23		69
	1,566	Series 2097, Class PD, 8.000%, 11/15/28		1,785
	143	Series 2378, Class BD, 5.500%, 11/15/31		159
	2	Series 2391, Class QR, 5.500%, 12/15/16		2

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS DECEMBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	10	Series 2394, Class MC, 6.000%, 12/15/16		10
	14	Series 2405, Class JF, 6.000%, 01/15/17		14
	10	Series 2425, Class OB, 6.000%, 03/15/17		10
	100	Series 2455, Class GK, 6.500%, 05/15/32		114
	29	Series 2457, Class PE, 6.500%, 06/15/32		33
	79	Series 2473, Class JZ, 6.500%, 07/15/32		90
	3	Series 2503, Class TG, 5.500%, 09/15/17		3
	4	Series 2508, Class AQ, 5.500%, 10/15/17		4
	26	Series 2527, Class BP, 5.000%, 11/15/17		27
	15	Series 2531, Class HN, 5.000%, 12/15/17		15
	13	Series 2538, Class CB, 5.000%, 12/15/17		13
	73	Series 2564, Class NK, 5.000%, 02/15/18		75
	129	Series 2575, Class PE, 5.500%, 02/15/33		143
	313	Series 2586, Class WG, 4.000%, 03/15/33		327
	42	Series 2594, Class OL, 5.000%, 04/15/18		43
	51	Series 2595, Class HO, 4.500%, 03/15/23		53
	52	Series 2627, Class KM, 4.500%, 06/15/18		54
	75	Series 2636, Class Z, 4.500%, 06/15/18		77
	45	Series 2651, Class VZ, 4.500%, 07/15/18		46
	670	Series 2682, Class LD, 4.500%, 10/15/33		725
	129	Series 2685, Class DT, 5.000%, 10/15/23		139
	44	Series 2686, Class GC, 5.000%, 10/15/23		47
	152	Series 2699, Class TC, 4.000%, 11/15/18		156
	126	Series 2715, Class NG, 4.500%, 12/15/18		130
	55	Series 2744, Class TU, 5.500%, 05/15/32		56
	65	Series 2756, Class NA, 5.000%, 02/15/24		69
	53	Series 2764, Class OE, 4.500%, 03/15/19		55
	200	Series 2764, Class UG, 5.000%, 03/15/34		228
	46	Series 2773, Class CD, 4.500%, 04/15/24		48
	3	Series 2780, Class JA, 4.500%, 04/15/19		3
	2	Series 2780, Class JG, 4.500%, 04/15/19		2
	73	Series 2783, Class AT, 4.000%, 04/15/19		75
	518	Series 2802, Class CD, 5.250%, 05/15/34		558
	24	Series 2809, Class UC, 4.000%, 06/15/19		25
	34	Series 2852, Class NY, 5.000%, 09/15/33		34
	184	Series 2864, Class NB, 5.500%, 07/15/33		192
	95	Series 2877, Class AD, 4.000%, 10/15/19		98
	184	Series 2901, Class KB, 5.000%, 12/15/34		199
	101	Series 2910, Class BE, 4.500%, 12/15/19		105
	531	Series 2912, Class EH, 5.500%, 01/15/35		594
	25	Series 2922, Class GA, 5.500%, 05/15/34		27
	170	Series 2935, Class HJ, 5.000%, 02/15/35		186
	162	Series 2950, Class KZ, 4.500%, 03/15/20		171
	436	Series 2960, Class JH, 5.500%, 04/15/35		484

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	97	Series 2988, Class TY, 5.500%, 06/15/25		107
	64	Series 2989, Class TG, 5.000%, 06/15/25		69
	475	Series 3017, Class ML, 5.000%, 08/15/35		530
	136	Series 3028, Class ME, 5.000%, 02/15/34		138
	18	Series 3031, Class AG, 5.000%, 02/15/34		18
	5	Series 3036, Class ND, 5.000%, 05/15/34		5
	20	Series 3064, Class OG, 5.500%, 06/15/34		20
	35	Series 3077, Class TO, PO, 04/15/35		33
	168	Series 3102, Class CE, 5.500%, 01/15/26		183
	22	Series 3116, Class PD, 5.000%, 10/15/34		22
	48	Series 3121, Class JD, 5.500%, 03/15/26		53
	80	Series 3151, Class UC, 5.500%, 08/15/35		84
	15	Series 3200, Class PO, PO, 08/15/36		13
	47	Series 3212, Class BK, 5.500%, 09/15/36		52
	112	Series 3213, Class PE, 6.000%, 09/15/36		126
	57	Series 3279, Class PE, 5.500%, 02/15/37		65
	102	Series 3349, Class DP, 6.000%, 09/15/36		107
	214	Series 3405, Class PE, 5.000%, 01/15/38		234
	267	Series 3413, Class B, 5.500%, 04/15/37		293
	100	Series 3523, Class EX, 5.000%, 04/15/39		110
	221	Series 3532, Class EB, 4.000%, 05/15/24		233
	100	Series 3534, Class MB, 4.000%, 05/15/24		107
	225	Series 3553, Class PG, 5.500%, 07/15/39		248
	187	Series 3564, Class NB, 5.000%, 08/15/39		211
	102	Series 3622, Class TA, 5.500%, 10/15/26		104
	90	Series 3622, Class WA, 5.500%, 09/15/39		103
	508	Series 3626, Class ME, 5.000%, 01/15/40		573
	193	Series 3647, Class GA, 5.000%, 11/15/28		200
	126	Series 3653, Class HJ, 5.000%, 04/15/40		139
	268	Series 3662, Class PJ, 5.000%, 04/15/40		294
	352	Series 3662, Class QB, 5.000%, 03/15/38		382
	200	Series 3677, Class KB, 4.500%, 05/15/40		219
	190	Series 3680, Class LC, 4.500%, 06/15/40		195
	89	Series 3688, Class GT, VAR, 7.248%, 11/15/46		103
	250	Series 3710, Class GB, 4.000%, 08/15/25		266
	600	Series 3747, Class CY, 4.500%, 10/15/40		673
	68	Series 3747, Class HI, IO, 4.500%, 07/15/37		5
	1,384	Series 3747, Class HX, 4.500%, 11/15/39		1,515
	250	Series 3748, Class D, 4.000%, 11/15/39		264
	114	Series 3755, Class MU, 4.000%, 11/15/30		119
	220	Series 3768, Class MB, 4.000%, 12/15/39		236
	400	Series 3787, Class AY, 3.500%, 01/15/26		420
	150	Series 3795, Class PD, 4.500%, 01/15/40		165

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 23

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	391	Series 3816, Class HA, 3.500%, 11/15/25		409
	527	Series 3827, Class BM, 5.500%, 08/15/39		575
	1,016	Series 3828, Class EM, 4.500%, 06/15/39		1,110
	53	Series 3842, Class PH, 4.000%, 04/15/41		56
	400	Series 3845, Class QY, 4.000%, 04/15/26		438
	118	Series 3852, Class TP, IF, 5.500%, 05/15/41		131
	334	Series 3859, Class JB, 5.000%, 05/15/41		367
	185	Series 3873, Class MJ, 4.000%, 06/15/41		188
	300	Series 3874, Class DW, 3.500%, 06/15/21		318
	1,094	Series 3893, Class PU, 4.000%, 07/15/41		1,173
	329	Series 3898, Class KH, 3.500%, 06/15/26		343
	70	Series 3902, Class MA, 4.500%, 07/15/39		73
	362	Series 3910, Class CT, 4.000%, 12/15/39		385
	350	Series 3911, Class B, 3.500%, 08/15/26		372
	1,000	Series 3951, Class ME, 4.000%, 11/15/41		1,079
	541	Series 3956, Class EB, 3.250%, 11/15/41		538
	269	Series 3959, Class PB, 3.000%, 11/15/26		269
	175	Series 3962, Class KD, 3.000%, 10/15/26		176
	800	Series 3963, Class JB, 4.500%, 11/15/41		894
	800	Series 3989, Class JW, 3.500%, 01/15/42		811
	141	Series 4026, Class HB, 3.500%, 04/15/42		145
	454	Series 4026, Class MQ, 4.000%, 04/15/42		487
	400	Series 4048, Class CE, 4.000%, 05/15/42		415
	320	Series 4068, Class PE, 3.000%, 06/15/42		313
	107	Series 4119, Class KE, 1.750%, 10/15/32		100
	110	Series 4180, Class ME, 2.500%, 10/15/42		109
	1,000	Series 4185, Class PB, 3.000%, 03/15/43		976
	337	Series 4203, Class BN, 3.000%, 04/15/33		335
	501	Series 4217, Class F, VAR, 0.681%, 06/15/43		503
	279	Series 4219, Class JA, 3.500%, 08/15/39		292
	550	Series 4238, Class UY, 3.000%, 08/15/33		546
	192	Series 4243, Class AE, 4.000%, 08/15/43		200
	793	Series 4259, Class LA, 3.000%, 02/15/40		776
	330	Series 4337, Class VJ, 3.500%, 06/15/27		346
	350	Series 4384, Class LB, 3.500%, 08/15/43		362
	391	Federal Home Loan Mortgage Corp. STRIPS, Series 284, Class 300, 3.000%, 10/15/42		390
	112	Federal Home Loan Mortgage Corp. Structured Pass-Through Securities, Series T-54, Class 2A, 6.500%, 02/25/43		131
		Federal National Mortgage Association—ACES,
	260	Series 2011-M2, Class A2, 3.645%, 04/25/21		276
	400	Series 2011-M4, Class A2, 3.726%, 06/25/21		426

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	188	Series 2013-M7, Class A2, 2.280%, 12/27/22		185
	412	Series 2013-M13, Class A2, VAR, 2.540%, 04/25/23		410
	500	Series 2014-M1, Class A2, VAR, 3.311%, 07/25/23		516
	355	Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		374
	400	Series 2014-M3, Class A2, VAR, 3.475%, 01/25/24		417
	550	Series 2014-M4, Class A2, VAR, 3.346%, 03/25/24		569
	10	Series 2014-M5, Class FA, VAR, 0.544%, 01/25/17		10
	410	Series 2014-M9, Class A2, VAR, 3.103%, 07/25/24		417
	800	Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		808
	255	Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		258
	556	Series 2015-M1, Class A2, 2.532%, 09/25/24		539
	800	Series 2015-M3, Class A2, 2.723%, 10/25/24		785
	574	Series 2015-M7, Class A2, 2.590%, 12/25/24		570
	467	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		474
		Federal National Mortgage Association REMIC,
	3	Series 1990-7, Class B, 8.500%, 01/25/20		4
	1	Series 1990-35, Class E, 9.500%, 04/25/20		1
	3	Series 1990-76, Class G, 7.000%, 07/25/20		3
	13	Series 1990-106, Class J, 8.500%, 09/25/20		15
	2	Series 1991-73, Class A, 8.000%, 07/25/21		2
	38	Series 1992-112, Class GB, 7.000%, 07/25/22		42
	15	Series 1992-195, Class C, 7.500%, 10/25/22		17
	63	Series 1998-37, Class VZ, 6.000%, 06/17/28		72
	131	Series 1998-66, Class B, 6.500%, 12/25/28		141
	14	Series 2002-16, Class XU, 5.500%, 04/25/17		14
	7	Series 2002-19, Class PE, 6.000%, 04/25/17		7
	29	Series 2002-24, Class AJ, 6.000%, 04/25/17		30

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS DECEMBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	109	Series 2002-55, Class PG, 5.500%, 09/25/32		121
	101	Series 2002-55, Class QE, 5.500%, 09/25/17		103
	7	Series 2002-63, Class KC, 5.000%, 10/25/17		8
	19	Series 2002-63, Class LB, 5.500%, 10/25/17		19
	110	Series 2002-82, Class PE, 6.000%, 12/25/32		121
	25	Series 2003-21, Class OU, 5.500%, 03/25/33		27
	246	Series 2003-29, Class BY, 5.500%, 04/25/33		279
	9	Series 2003-33, Class AC, 4.250%, 03/25/33		9
	312	Series 2003-48, Class GH, 5.500%, 06/25/33		351
	28	Series 2003-58, Class AD, 3.250%, 07/25/33		28
	14	Series 2003-63, Class PE, 3.500%, 07/25/33		14
	150	Series 2003-67, Class KE, 5.000%, 07/25/33		162
	92	Series 2003-78, Class B, 5.000%, 08/25/23		98
	101	Series 2003-81, Class LC, 4.500%, 09/25/18		104
	81	Series 2003-83, Class PG, 5.000%, 06/25/23		85
	45	Series 2003-110, Class WA, 4.000%, 08/25/33		47
	706	Series 2003-131, Class CH, 5.500%, 01/25/34		785
	155	Series 2004-36, Class PC, 5.500%, 02/25/34		162
	100	Series 2004-92, Class TB, 5.500%, 12/25/34		113
	89	Series 2005-5, Class CK, 5.000%, 01/25/35		95
	38	Series 2005-18, Class EG, 5.000%, 03/25/25		41
	9	Series 2005-23, Class TG, 5.000%, 04/25/35		10
	70	Series 2005-29, Class WC, 4.750%, 04/25/35		77
	238	Series 2005-38, Class TB, 6.000%, 11/25/34		250
	86	Series 2005-58, Class EP, 5.500%, 07/25/35		93

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	88	Series 2005-68, Class BC, 5.250%, 06/25/35		94
	691	Series 2005-70, Class KP, 5.000%, 06/25/35		732
	631	Series 2005-104, Class UE, 5.500%, 12/25/35		702
	65	Series 2007-13, Class H, 5.500%, 03/25/37		73
	400	Series 2007-61, Class PE, 5.500%, 07/25/37		438
	45	Series 2007-65, Class KI, IF, IO, 6.198%, 07/25/37		7
	296	Series 2007-84, Class P, 5.000%, 08/25/37		321
	225	Series 2008-61, Class GB, 5.500%, 07/25/38		243
	168	Series 2008-65, Class CD, 4.500%, 08/25/23		177
	119	Series 2009-15, Class AC, 5.500%, 03/25/29		133
	355	Series 2009-19, Class PW, 4.500%, 10/25/36		381
	141	Series 2009-19, Class TD, 5.000%, 08/25/36		152
	41	Series 2009-22, Class EG, 5.000%, 07/25/35		44
	30	Series 2009-37, Class KI, IF, IO, 5.578%, 06/25/39		4
	70	Series 2009-50, Class PT, VAR, 6.068%, 05/25/37		78
	142	Series 2009-60, Class DE, 5.000%, 08/25/29		154
	420	Series 2009-73, Class HJ, 6.000%, 09/25/39		476
	29	Series 2009-86, Class IP, IO, 5.500%, 10/25/39		5
	75	Series 2009-86, Class OT, PO, 10/25/37		68
	117	Series 2009-112, Class ST, IF, IO, 5.828%, 01/25/40		19
	433	Series 2010-9, Class MB, 5.000%, 05/25/32		437
	756	Series 2010-9, Class ME, 5.000%, 02/25/40		868
	366	Series 2010-9, Class PE, 4.500%, 10/25/39		387
	65	Series 2010-35, Class SB, IF, IO, 5.998%, 04/25/40		12
	600	Series 2010-38, Class KC, 4.500%, 04/25/40		648
	400	Series 2010-45, Class BL, 4.500%, 05/25/40		436
	197	Series 2010-64, Class DM, 5.000%, 06/25/40		216

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 25

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	14	Series 2010-64, Class EH, 5.000%, 10/25/35		14
	393	Series 2010-85, Class NJ, 4.500%, 08/25/40		413
	200	Series 2010-103, Class PJ, 4.500%, 09/25/40		223
	90	Series 2010-111, Class AE, 5.500%, 04/25/38		93
	979	Series 2010-123, Class BP, 4.500%, 11/25/40		1,071
	234	Series 2010-141, Class AL, 4.000%, 12/25/40		248
	816	Series 2010-141, Class DL, 4.000%, 12/25/40		879
	125	Series 2011-22, Class MA, 6.500%, 04/25/38		138
	350	Series 2011-33, Class GD, 3.500%, 04/25/31		370
	148	Series 2011-40, Class KA, 3.500%, 03/25/26		153
	450	Series 2011-41, Class KL, 4.000%, 05/25/41		473
	375	Series 2011-43, Class B, 3.500%, 05/25/31		388
	686	Series 2011-50, Class LP, 4.000%, 06/25/41		724
	400	Series 2011-51, Class B, 3.500%, 06/25/31		424
	650	Series 2011-52, Class KB, 5.500%, 06/25/41		733
	530	Series 2011-52, Class LB, 5.500%, 06/25/41		633
	192	Series 2011-85, Class KP, 7.000%, 09/25/51		214
	104	Series 2011-99, Class CV, 4.500%, 03/25/26		114
	558	Series 2011-104, Class KY, 4.000%, 03/25/39		586
	76	Series 2011-111, Class EA, 5.000%, 12/25/38		80
	325	Series 2011-112, Class PB, 4.000%, 11/25/41		348
	300	Series 2011-114, Class B, 3.500%, 11/25/41		316
	500	Series 2011-126, Class KB, 4.000%, 12/25/41		536
	704	Series 2011-130, Class KB, 4.000%, 12/25/41		750
	450	Series 2011-132, Class PE, 4.500%, 12/25/41		490

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	289	Series 2012-20, Class TD, 4.500%, 02/25/42		306
	224	Series 2012-50, Class HB, 4.000%, 03/25/42		235
	236	Series 2012-83, Class TN, 5.000%, 08/25/42		260
	200	Series 2012-136, Class DL, 3.500%, 12/25/42		205
	134	Series 2012-137, Class CF, VAR, 0.722%, 08/25/41		133
	355	Series 2012-147, Class WN, 4.500%, 01/25/33		387
	600	Series 2013-27, Class PE, 3.000%, 04/25/43		587
	215	Series 2013-31, Class NC, 3.000%, 04/25/43		214
	369	Series 2013-74, Class HP, 3.000%, 10/25/37		370
	328	Series 2013-83, Class CA, 3.500%, 10/25/37		343
	366	Series 2013-94, Class CV, 3.500%, 07/25/33		381
	250	Series 2013-101, Class E, 3.000%, 10/25/33		254
	328	Series 2013-104, Class CY, 5.000%, 10/25/43		373
	200	Series 2014-1, Class DU, 2.500%, 02/25/29		194
	200	Series 2014-2, Class PX, 4.500%, 01/25/41		221
	200	Series 2014-56, Class VH, 3.500%, 09/25/34		211
	250	Series 2014-58, Class VM, 4.000%, 08/25/33		272
	32	Series G92-35, Class E, 7.500%, 07/25/22		36
	27	Federal National Mortgage Association STRIPS, Series 293, Class 1, PO, 0.000%, 12/25/24 (n)		25
		Government National Mortgage Association,
	90	Series 2002-22, Class CD, 6.500%, 05/17/31		103
	109	Series 2003-62, Class BG, 5.000%, 07/20/33		118
	358	Series 2003-65, Class AL, 5.500%, 08/20/33		404
	178	Series 2003-66, Class HD, 5.500%, 08/20/33		196
	580	Series 2004-16, Class AE, 5.500%, 02/20/34		638
	145	Series 2004-16, Class EC, 5.500%, 02/20/34		170

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS DECEMBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	743	Series 2004-37, Class PE, 5.500%, 05/20/34		846
	413	Series 2005-3, Class QB, 5.000%, 01/16/35		461
	283	Series 2005-11, Class PL, 5.000%, 02/20/35		311
	104	Series 2005-13, Class AE, 5.000%, 09/20/34		111
	176	Series 2005-13, Class BG, 5.000%, 02/20/35		197
	262	Series 2005-48, Class CY, 5.000%, 06/20/35		289
	311	Series 2005-54, Class JE, 5.000%, 07/20/35		349
	100	Series 2006-1, Class LE, 5.500%, 06/20/35		114
	459	Series 2006-7, Class ND, 5.500%, 08/20/35		520
	260	Series 2006-50, Class JD, 5.000%, 09/20/36		303
	254	Series 2006-69, Class MB, 5.500%, 12/20/36		281
	125	Series 2007-33, Class LE, 5.500%, 06/20/37		142
	130	Series 2007-35, Class NE, 6.000%, 06/16/37		153
	202	Series 2007-79, Class BL, 5.750%, 08/20/37		228
	161	Series 2008-20, Class HC, 5.750%, 06/16/37		175
	51	Series 2008-23, Class YA, 5.250%, 03/20/38		56
	113	Series 2008-26, Class JP, 5.250%, 03/20/38		127
	270	Series 2008-33, Class PB, 5.500%, 04/20/38		298
	688	Series 2008-47, Class P, 5.500%, 06/16/38		794
	99	Series 2008-58, Class ZT, 6.500%, 07/20/38		121
	39	Series 2008-62, Class SA, IF, IO, 5.748%, 07/20/38		7
	267	Series 2008-63, Class PE, 5.500%, 07/20/38		304
	72	Series 2008-68, Class PQ, 5.500%, 04/20/38		76
	168	Series 2008-76, Class PD, 5.750%, 09/20/38		194

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	74	Series 2008-76, Class US, IF, IO, 5.498%, 09/20/38		11
	266	Series 2008-89, Class JA, 5.750%, 08/20/38		280
	113	Series 2008-95, Class DS, IF, IO, 6.898%, 12/20/38		22
	301	Series 2009-42, Class CD, 5.000%, 06/20/39		341
	438	Series 2009-47, Class LT, 5.000%, 06/20/39		497
	73	Series 2009-72, Class SM, IF, IO, 5.906%, 08/16/39		12
	189	Series 2009-106, Class ST, IF, IO, 5.598%, 02/20/38		32
	42	Series 2010-14, Class QP, 6.000%, 12/20/39		44
	146	Series 2010-157, Class OP, PO, 12/20/40		133
	205	Series 2010-158, Class EP, 4.500%, 12/16/40		229
	80	Series 2011-97, Class WA, VAR, 6.100%, 11/20/38		90
	234	Series 2015-H20, Class FA, VAR, 0.662%, 08/20/65		230
	516	Series 2015-H26, Class FG, VAR, 0.712%, 10/20/65		512
	551	Vendee Mortgage Trust, Series 2003-2, Class Z, 5.000%, 05/15/33		616
				77,616
		Non-Agency CMO — 1.2%
		Alternative Loan Trust,
	534	Series 2004-27CB, Class A1, 6.000%, 12/25/34		530
	540	Series 2004-28CB, Class 3A1, 6.000%, 01/25/35		524
	121	Series 2004-30CB, Class 3A1, 5.000%, 02/25/20		122
	63	Series 2005-3CB, Class 1A4, 5.250%, 03/25/35		63
	220	Series 2005-20CB, Class 4A1, 5.250%, 07/25/20		218
	669	Series 2005-21CB, Class A17, 6.000%, 06/25/35		668
	191	Series 2005-46CB, Class A1, 5.750%, 10/25/35		181
		Banc of America Alternative Loan Trust,
	163	Series 2003-3, Class A5, 5.750%, 05/25/33		167
	178	Series 2004-6, Class 4A1, 5.000%, 07/25/19		182

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 27

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	160	Series 2004-9, Class 4A1, 5.500%, 10/25/19		162
	358	Series 2006-5, Class 3A1, 6.000%, 06/25/46		353
	55	Banc of America Mortgage Trust, Series 2003-3, Class 1A7, 5.500%, 05/25/33		56
		Bear Stearns ALT-A Trust,
	80	Series 2004-6, Class 1A, VAR, 1.062%, 07/25/34		77
	359	Series 2005-4, Class 23A2, VAR, 2.601%, 05/25/35		354
	244	Series 2005-7, Class 12A3, VAR, 1.102%, 08/25/35		224
		CHL Mortgage Pass-Through Trust,
	147	Series 2005-21, Class A2, 5.500%, 10/25/35		146
	154	Series 2006-21, Class A14, 6.000%, 02/25/37		148
	476	Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, VAR, 2.730%, 10/25/35		471
	21	Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class 3A4, 5.250%, 09/25/33		22
	35	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 5A4, 5.250%, 11/25/33		36
	315	First Horizon Mortgage Pass-Through Trust, Series 2006-3, Class 1A13, 6.250%, 11/25/36		305
		GSR Mortgage Loan Trust,
	32	Series 2004-6F, Class 2A4, 5.500%, 05/25/34		33
	15	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		16
	448	Series 2004-12, Class 3A6, VAR, 2.740%, 12/25/34		440
		Impac CMB Trust,
	424	Series 2004-5, Class 1A1, VAR, 1.142%, 10/25/34		400
	917	Series 2004-9, Class 1A1, VAR, 1.182%, 01/25/35		837
	627	Series 2005-5, Class A4, VAR, 1.182%, 08/25/35		515
	1,030	IndyMac INDX Mortgage Loan Trust, Series 2004-AR12, Class A1, VAR, 1.202%, 12/25/34		872

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
		JP Morgan Mortgage Trust,
	88	Series 2006-A2, Class 5A3, VAR, 2.677%, 11/25/33		88
	50	Series 2007-A1, Class 5A5, VAR, 2.726%, 07/25/35		51
	543	Lehman XS Trust, Series 2005-5N, Class 3A1A, VAR, 0.722%, 11/25/35		465
	495	MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 3A2, VAR, 2.242%, 04/25/34		474
		MASTR Alternative Loan Trust,
	14	Series 2004-5, Class 5A1, 4.750%, 06/25/19		14
	472	Series 2004-6, Class 7A1, 6.000%, 07/25/34		480
	537	Series 2004-6, Class 8A1, 5.500%, 07/25/34		556
	618	Series 2005-6, Class 1A2, 5.500%, 12/25/35		552
		MASTR Asset Securitization Trust,
	4	Series 2003-11, Class 3A1, 4.500%, 12/25/18		4
	28	Series 2003-11, Class 8A1, 5.500%, 12/25/33		30
		Merrill Lynch Mortgage Investors Trust,
	37	Series 2003-F, Class A1, VAR, 1.062%, 10/25/28		36
	45	Series 2004-B, Class A1, VAR, 0.922%, 05/25/29		44
	282	Series 2005-A5, Class A9, VAR, 2.573%, 06/25/35		274
		Morgan Stanley Mortgage Loan Trust,
	69	Series 2004-3, Class 4A, VAR, 5.682%, 04/25/34		73
	155	Series 2004-4, Class 2A, VAR, 6.993%, 09/25/34		161
	16	PHH Mortgage Trust, Series 2008-CIM2, Class 5A1, 6.000%, 07/25/38		16
	14	Prime Mortgage Trust, Series 2004-2, Class A2, 4.750%, 11/25/19		14
	145	Provident Funding Mortgage Loan Trust, Series 2005-2, Class 2A1A, VAR, 2.551%, 10/25/35		144
		RALI Trust,
	748	Series 2004-QA3, Class CB2, VAR, 3.666%, 08/25/34		760
	8	Series 2004-QS3, Class CB, 5.000%, 03/25/19		8

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS DECEMBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		Residential Asset Securitization Trust,
	73	Series 2004-A3, Class A1, 4.500%, 06/25/34		73
	39	Series 2004-A6, Class A1, 5.000%, 08/25/19		39
	840	Series 2005-A8CB, Class A11, 6.000%, 07/25/35		804
	24	RFMSI Trust, Series 2007-S9, Class 2A1, 5.500%, 09/25/22		24
	58	SACO I, Inc., Series 1997-2, Class 1A5, 7.000%, 08/25/36 (e)		59
		Sequoia Mortgage Trust,
	94	Series 2004-11, Class A1, VAR, 1.002%, 12/20/34		91
	647	Series 2007-3, Class 1A1, VAR, 0.602%, 07/20/36		585
	64	Springleaf Mortgage Loan Trust, Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		63
		Structured Asset Mortgage Investments II Trust,
	36	Series 2003-AR4, Class A1, VAR, 1.102%, 01/19/34		35
	185	Series 2005-AR2, Class 2A1, VAR, 0.652%, 05/25/45		162
	16	Structured Asset Securities Corp., Series 2003-37A, Class 2A, VAR, 4.418%, 12/25/33		16
	387	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-3, Class 2A1, 4.500%, 03/25/19		391
	64	Thornburg Mortgage Securities Trust, Series 2004-4, Class 3A, VAR, 2.209%, 12/25/44		64
		WaMu Mortgage Pass-Through Certificates Trust,
	30	Series 2003-AR9, Class 1A6, VAR, 2.522%, 09/25/33		30
	7	Series 2003-S6, Class 2A1, 5.000%, 07/25/18		7
	710	Series 2005-AR10, Class 1A4, VAR, 2.495%, 09/25/35		706
	30	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		29
		Wells Fargo Mortgage-Backed Securities Trust,
	16	Series 2004-EE, Class 3A1, VAR, 2.709%, 12/25/34		16
	577	Series 2004-N, Class A6, VAR, 2.730%, 08/25/34		578

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	142	Series 2004-P, Class 2A1, VAR, 2.740%, 09/25/34		143
	124	Series 2004-V, Class 2A1, VAR, 2.760%, 10/25/34		125
	455	Series 2006-AR2, Class 2A1, VAR, 2.763%, 03/25/36		452
	125	Series 2006-AR2, Class 2A3, VAR, 2.763%, 03/25/36		123
				16,981
		Total Collateralized Mortgage Obligations (Cost $92,662)		94,597
	Commercial Mortgage-Backed Securities — 0.8%
		Banc of America Commercial Mortgage Trust,
	267	Series 2006-3, Class A4, VAR, 5.889%, 07/10/44		269
	120	Series 2006-4, Class A4, 5.634%, 07/10/46		121
	86	Series 2006-5, Class A4, 5.414%, 09/10/47		87
	16	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		16
	100	BB-UBS Trust, Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		99
	750	Bear Stearns Commercial Mortgage Securities Trust, Series 2006-PW13, Class AJ, VAR, 5.611%, 09/11/41		758
	200	CD Commercial Mortgage Trust, Series 2005-CD1, Class E, VAR, 5.284%, 07/15/44		200
	271	CD Mortgage Trust, Series 2007-CD5, Class B, VAR, 6.119%, 11/15/44		279
	109	COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, Class A4, 5.223%, 08/15/48		110
		COMM Mortgage Trust,
	250	Series 2006-C8, Class AJ, 5.377%, 12/10/46		248
	250	Series 2012-9W57, Class A, 2.365%, 02/10/29 (e)		252
	617	Commercial Mortgage Trust, Series 2007-GG11, Class AJ, VAR, 6.049%, 12/10/49		626
	57	DBRR Trust, Series 2013-EZ3, Class A, VAR, 1.636%, 12/18/49 (e)		57
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 29

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	153	Series K029, Class A2, VAR, 3.320%, 02/25/23		159
	800	Series K037, Class A2, 3.490%, 01/25/24		835
	129	Series K038, Class A2, 3.389%, 03/25/24		134
	695	Series K046, Class A2, 3.205%, 03/25/25		705
	600	Series K048, Class A2, VAR, 3.284%, 06/25/25		614
	250	Series K049, Class A2, 3.010%, 07/25/25		249
	424	Series KF12, Class A, VAR, 0.943%, 09/25/22		422
	87	Series KJ02, Class A2, 2.597%, 09/25/20		88
	500	Series KPLB, Class A, 2.770%, 05/25/25		492
	600	Series KSMC, Class A2, 2.615%, 01/25/23		600
	122	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		123
		JP Morgan Chase Commercial Mortgage Securities Trust,
	30	Series 2005-CB11, Class AJ, VAR, 5.411%, 08/12/37		30
	400	Series 2006-LDP8, Class D, VAR, 5.618%, 05/15/45		397
		LB-UBS Commercial Mortgage Trust,
	162	Series 2007-C2, Class A3, 5.430%, 02/15/40		167
	250	Series 2007-C6, Class AJ, VAR, 6.118%, 07/15/40		254
	59	Merrill Lynch Mortgage Trust, Series 2006-C1, Class A4, VAR, 5.666%, 05/12/39		59
	2,649	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class XC, IO, VAR, 0.612%, 12/12/49 (e)		13
	250	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		259
		Morgan Stanley Capital I Trust,
	117	Series 2006-HQ9, Class A4, VAR, 5.731%, 07/12/44		118
	750	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		752
	6,305	Series 2007-HQ11, Class X, IO, VAR, 0.208%, 02/12/44 (e)		12
	276	PFP Ltd., (Cayman Islands), Series 2015-2, Class A, VAR, 1.767%, 07/14/34 (e)		276
	114	UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4, 3.244%, 04/10/46		114
	250	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		259

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Wachovia Bank Commercial Mortgage Trust,
	250	Series 2006-C24, Class AJ, VAR, 5.658%, 03/15/45		249
	351	Series 2007-C31, Class AJ, VAR, 5.660%, 04/15/47		351
		WFRBS Commercial Mortgage Trust,
	500	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		536
	200	Series 2012-C6, Class A4, 3.440%, 04/15/45		205
		Total Commercial Mortgage-Backed Securities (Cost $11,645)		11,594
	Corporate Bonds — 7.6%
		Consumer Discretionary — 0.6%
		Auto Components — 0.0% (g)
		Johnson Controls, Inc.,
	160	4.250%, 03/01/21		164
	125	5.000%, 03/30/20		134
				298
		Automobiles — 0.1%
		Daimler Finance North America LLC,
	150	2.375%, 08/01/18 (e)		150
	210	2.450%, 05/18/20 (e)		206
	300	3.500%, 08/03/25 (e)		296
	102	8.500%, 01/18/31		148
	30	Ford Motor Co., 4.750%, 01/15/43		28
		General Motors Co.,
	65	5.200%, 04/01/45		61
	25	6.250%, 10/02/43		26
				915
		Distributors — 0.0% (g)
	200	Samsung Electronics America, Inc., 1.750%, 04/10/17 (e)		200
		Hotels, Restaurants & Leisure — 0.0% (g)
		McDonald’s Corp.,
	20	2.100%, 12/07/18		20
	20	2.750%, 12/09/20		20
	65	3.700%, 02/15/42		55
	20	4.700%, 12/09/35		20
	150	4.875%, 07/15/40		150
	45	4.875%, 12/09/45		45
	65	Starbucks Corp., 2.700%, 06/15/22		65
				375
		Internet & Catalog Retail — 0.0% (g)
	380	Amazon.com, Inc., 3.800%, 12/05/24		395

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS DECEMBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — 0.3%
		21st Century Fox America, Inc.,
	45	3.700%, 10/15/25 (e)		45
	115	4.750%, 09/15/44		110
	25	4.950%, 10/15/45 (e)		25
	250	6.750%, 01/09/38		284
	208	CBS Corp., 4.000%, 01/15/26		203
		CCO Safari II LLC,
	65	3.579%, 07/23/20 (e)		65
	307	4.464%, 07/23/22 (e)		306
	55	4.908%, 07/23/25 (e)		55
	90	6.484%, 10/23/45 (e)		90
		Comcast Corp.,
	133	3.375%, 08/15/25		135
	105	4.600%, 08/15/45		106
	115	4.650%, 07/15/42		117
	40	4.750%, 03/01/44		42
	100	6.450%, 03/15/37		124
	25	Cox Communications, Inc., 8.375%, 03/01/39 (e)		28
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	40	4.450%, 04/01/24		41
	85	5.150%, 03/15/42		79
	150	6.000%, 08/15/40		154
	47	Discovery Communications LLC, 4.375%, 06/15/21		48
		NBCUniversal Media LLC,
	200	2.875%, 01/15/23		199
	70	4.450%, 01/15/43		68
		Thomson Reuters Corp., (Canada),
	88	4.500%, 05/23/43		76
	150	5.850%, 04/15/40		158
		Time Warner Cable, Inc.,
	165	5.500%, 09/01/41		149
	125	7.300%, 07/01/38		136
	150	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		177
		Time Warner, Inc.,
	70	4.650%, 06/01/44		64
	250	4.750%, 03/29/21		269
	150	4.850%, 07/15/45		143
	250	7.625%, 04/15/31		309

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Media — continued
		Viacom, Inc.,
	33	3.250%, 03/15/23		30
	17	3.875%, 12/15/21		17
	215	4.375%, 03/15/43		157
	225	4.850%, 12/15/34		184
	90	Walt Disney Co. (The), 1.850%, 05/30/19		90
				4,283
		Multiline Retail — 0.1%
	55	Kohl’s Corp., 5.550%, 07/17/45		51
		Macy’s Retail Holdings, Inc.,
	100	3.875%, 01/15/22		99
	55	4.300%, 02/15/43		42
	150	7.450%, 07/15/17		162
	150	Target Corp., 6.350%, 11/01/32		188
				542
		Specialty Retail — 0.1%
	55	Advance Auto Parts, Inc., 4.500%, 12/01/23		56
	37	Bed Bath & Beyond, Inc., 3.749%, 08/01/24		36
		Home Depot, Inc. (The),
	94	2.000%, 06/15/19		95
	45	3.350%, 09/15/25		46
	245	3.750%, 02/15/24		261
	60	4.250%, 04/01/46		61
		Lowe’s Cos., Inc.,
	90	3.375%, 09/15/25		91
	55	4.375%, 09/15/45		57
	150	5.125%, 11/15/41		166
				869
		Total Consumer Discretionary		7,877
		Consumer Staples — 0.5%
		Beverages — 0.1%
	100	Anheuser-Busch Cos. LLC, 7.550%, 10/01/30		129
		Anheuser-Busch InBev Finance, Inc.,
	35	2.625%, 01/17/23		34
	100	3.700%, 02/01/24		102
		Anheuser-Busch InBev Worldwide, Inc.,
	57	2.500%, 07/15/22		55
	285	5.375%, 01/15/20		315
	94	Brown-Forman Corp., 4.500%, 07/15/45		97
		Coca-Cola Co. (The),
	179	1.150%, 04/01/18		178
	110	1.875%, 10/27/20		109

DECEMBER 31, 2015 J.P. MORGAN FUNDS 31

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Beverages — continued
		PepsiCo, Inc.,
	250	2.750%, 04/30/25		242
	130	4.600%, 07/17/45		138
	200	SABMiller Holdings, Inc., 3.750%, 01/15/22 (e)		206
				1,605
		Food & Staples Retailing — 0.2%
		CVS Health Corp.,
	100	2.750%, 12/01/22		97
	156	3.500%, 07/20/22		159
	85	3.875%, 07/20/25		87
	150	4.000%, 12/05/23		156
	70	4.875%, 07/20/35		72
	70	5.125%, 07/20/45		74
		CVS Pass-Through Trust,
	52	4.704%, 01/10/36 (e)		53
	48	6.943%, 01/10/30		54
		Kroger Co. (The),
	25	2.300%, 01/15/19		25
	135	3.850%, 08/01/23		139
	25	5.400%, 07/15/40		26
	150	6.400%, 08/15/17		161
	250	Series B, 7.700%, 06/01/29		328
	56	Sysco Corp., 3.750%, 10/01/25		57
	207	Walgreens Boots Alliance, Inc., 3.800%, 11/18/24		201
		Wal-Mart Stores, Inc.,
	150	2.550%, 04/11/23		148
	100	3.300%, 04/22/24		103
	240	4.000%, 04/11/43		233
	135	5.250%, 09/01/35		154
				2,327
		Food Products — 0.1%
	200	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		231
	100	Cargill, Inc., 3.300%, 03/01/22 (e)		101
	145	ConAgra Foods, Inc., 3.200%, 01/25/23		140
		Kellogg Co.,
	66	3.250%, 05/21/18		68
	100	Series B, 7.450%, 04/01/31		127
		Kraft Foods Group, Inc.,
	195	3.500%, 06/06/22		197
	60	5.000%, 06/04/42		60
	100	6.875%, 01/26/39		119
	133	Kraft Heinz Foods Co., 5.200%, 07/15/45 (e)		139

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Food Products — continued
		Mead Johnson Nutrition Co.,
	38	4.125%, 11/15/25		38
	150	5.900%, 11/01/39		163
	200	Mondelez International, Inc., 4.000%, 02/01/24		206
				1,589
		Household Products — 0.0% (g)
		Kimberly-Clark Corp.,
	100	2.400%, 06/01/23		96
	100	6.625%, 08/01/37		131
				227
		Tobacco — 0.1%
		Altria Group, Inc.,
	185	2.625%, 01/14/20		185
	139	2.850%, 08/09/22		136
	120	4.250%, 08/09/42		110
		B.A.T. International Finance plc, (United Kingdom),
	56	3.250%, 06/07/22 (e)		56
	70	3.500%, 06/15/22 (e)		72
	215	Imperial Tobacco Finance plc, (United Kingdom), 3.750%, 07/21/22 (e)		216
		Philip Morris International, Inc.,
	90	4.125%, 03/04/43		85
	55	4.375%, 11/15/41		54
		Reynolds American, Inc.,
	55	4.000%, 06/12/22		57
	65	4.450%, 06/12/25		68
	40	5.700%, 08/15/35		44
	100	5.850%, 08/15/45		111
				1,194
		Total Consumer Staples		6,942
		Energy — 0.7%
		Energy Equipment & Services — 0.1%
	70	Ensco plc, (United Kingdom), 4.700%, 03/15/21		56
		Halliburton Co.,
	55	2.700%, 11/15/20		54
	100	3.500%, 08/01/23		98
	50	5.000%, 11/15/45		50
	125	8.750%, 02/15/21		155
	50	Nabors Industries, Inc., 4.625%, 09/15/21		41

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS DECEMBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Energy Equipment & Services — continued
		Noble Holding International Ltd., (Cayman Islands),
	18	4.000%, 03/16/18		16
	100	5.250%, 03/15/42		56
	82	Schlumberger Investment S.A., (Luxembourg), 3.650%, 12/01/23		83
		Transocean, Inc., (Cayman Islands),
	150	4.300%, 10/15/22		79
	198	6.500%, 11/15/20		137
	152	7.125%, 12/15/21		98
				923
		Oil, Gas & Consumable Fuels — 0.6%
	50	Alberta Energy Co., Ltd., (Canada), 7.375%, 11/01/31		46
		Anadarko Petroleum Corp.,
	70	4.500%, 07/15/44		54
	85	6.375%, 09/15/17		89
	150	ANR Pipeline Co., 9.625%, 11/01/21		194
	282	Apache Corp., 3.250%, 04/15/22		269
		BP Capital Markets plc, (United Kingdom),
	300	2.241%, 09/26/18		301
	141	2.750%, 05/10/23		132
	155	3.245%, 05/06/22		153
	60	3.814%, 02/10/24		60
	44	Buckeye Partners LP, 4.150%, 07/01/23		38
	150	Canadian Natural Resources Ltd., (Canada), 6.250%, 03/15/38		136
	31	Canadian Oil Sands Ltd., (Canada), 6.000%, 04/01/42 (e)		25
		Cenovus Energy, Inc., (Canada),
	50	3.800%, 09/15/23		45
	100	6.750%, 11/15/39		95
		Chevron Corp.,
	100	2.419%, 11/17/20		99
	71	3.191%, 06/24/23		71
	95	3.326%, 11/17/25		96
	200	CNOOC Nexen Finance ULC, (Canada), 4.250%, 04/30/24		202
	100	ConocoPhillips, 6.500%, 02/01/39		105
		ConocoPhillips Co.,
	123	2.200%, 05/15/20		119
	60	3.350%, 05/15/25		54
		Devon Energy Corp.,
	35	3.250%, 05/15/22		30
	145	5.000%, 06/15/45		110
	150	6.300%, 01/15/19		154
	100	7.950%, 04/15/32		103

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	116	Ecopetrol S.A., (Colombia), 5.375%, 06/26/26		99
	120	Enable Midstream Partners LP, 3.900%, 05/15/24		92
		Encana Corp., (Canada),
	145	5.150%, 11/15/41		97
	50	6.625%, 08/15/37		40
		Energy Transfer Partners LP,
	70	3.600%, 02/01/23		58
	100	4.050%, 03/15/25		82
	45	4.750%, 01/15/26		38
	150	EnLink Midstream Partners LP, 4.150%, 06/01/25		115
		Enterprise Products Operating LLC,
	51	3.700%, 02/15/26		46
	143	3.900%, 02/15/24		133
	60	4.850%, 08/15/42		48
	100	4.850%, 03/15/44		81
	115	5.200%, 09/01/20		121
	149	Exxon Mobil Corp., 3.567%, 03/06/45		140
	200	Kerr-McGee Corp., 7.875%, 09/15/31		216
		Kinder Morgan Energy Partners LP,
	65	3.500%, 09/01/23		54
	70	4.250%, 09/01/24		59
	50	5.000%, 08/15/42		37
	90	5.000%, 03/01/43		67
	45	5.400%, 09/01/44		34
	63	Kinder Morgan, Inc., 5.550%, 06/01/45		49
		Magellan Midstream Partners LP,
	150	4.250%, 02/01/21		150
	125	5.150%, 10/15/43		107
		Marathon Oil Corp.,
	47	3.850%, 06/01/25		38
	135	6.600%, 10/01/37		116
	45	MPLX LP, 4.000%, 02/15/25		38
		Noble Energy, Inc.,
	165	5.250%, 11/15/43		133
	57	5.625%, 05/01/21		56
	43	5.875%, 06/01/22		41
	136	Occidental Petroleum Corp., 3.500%, 06/15/25		133
	330	ONEOK Partners LP, 4.900%, 03/15/25		278
		Petrobras Global Finance B.V., (Netherlands),
	42	4.375%, 05/20/23		28
	118	6.250%, 03/17/24		84
		Petroleos Mexicanos, (Mexico),
	117	4.500%, 01/23/26 (e)		103
	29	4.875%, 01/18/24		27
	120	Phillips 66, 4.875%, 11/15/44		107

DECEMBER 31, 2015 J.P. MORGAN FUNDS 33

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Plains All American Pipeline LP/PAA Finance Corp.,
	20	3.650%, 06/01/22		17
	132	3.850%, 10/15/23		111
	300	4.650%, 10/15/25		262
	190	5.750%, 01/15/20		188
		Spectra Energy Capital LLC,
	289	3.300%, 03/15/23		247
	100	8.000%, 10/01/19		114
		Statoil ASA, (Norway),
	63	2.750%, 11/10/21		63
	150	3.950%, 05/15/43		135
	170	Suncor Energy, Inc., (Canada), 6.100%, 06/01/18		183
		Sunoco Logistics Partners Operations LP,
	95	5.300%, 04/01/44		71
	155	5.350%, 05/15/45		115
	240	5.500%, 02/15/20		249
	105	Texas Gas Transmission LLC, 4.500%, 02/01/21 (e)		99
	171	Total Capital Canada Ltd., (Canada), 2.750%, 07/15/23		164
		Total Capital International S.A., (France),
	120	2.700%, 01/25/23		115
	100	2.750%, 06/19/21		100
	25	2.875%, 02/17/22		25
	28	3.750%, 04/10/24		28
	15	Transcanada Trust, (Canada), VAR, 5.625%, 05/20/75		14
	50	Western Gas Partners LP, 3.950%, 06/01/25		42
		Williams Partners LP,
	50	3.600%, 03/15/22		39
	115	4.000%, 09/15/25		86
	77	5.100%, 09/15/45		51
	110	Williams Partners LP/ACMP Finance Corp., 4.875%, 05/15/23		89
				8,532
		Total Energy		9,455
		Financials — 2.8%
		Banks — 1.2%
		ABN AMRO Bank N.V., (Netherlands),
	245	2.450%, 06/04/20 (e)		243
	200	2.500%, 10/30/18 (e)		201
		Bank of America Corp.,
	167	Series L, 1.950%, 05/12/18		166
	65	Series L, 2.250%, 04/21/20		64

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	375	3.300%, 01/11/23		369
	280	3.875%, 03/22/17		286
	70	3.875%, 08/01/25		71
	270	Series L, 3.950%, 04/21/25		263
	63	4.100%, 07/24/23		65
	150	4.250%, 10/22/26		149
	50	5.000%, 01/21/44		52
	130	5.625%, 07/01/20		144
	80	Series L, 5.650%, 05/01/18		86
	200	6.875%, 04/25/18		221
	500	7.625%, 06/01/19		579
		Bank of America Corp.,
	250	1.750%, 06/05/18		248
	250	2.050%, 12/07/18		249
		Bank of Montreal, (Canada),
	118	1.800%, 07/31/18		118
	40	2.375%, 01/25/19		40
	100	2.550%, 11/06/22		99
		Bank of Nova Scotia (The), (Canada),
	200	1.700%, 06/11/18		199
	80	2.350%, 10/21/20		79
	150	2.800%, 07/21/21		151
	240	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan), 2.350%, 09/08/19 (e)		239
	200	Banque Federative du Credit Mutuel S.A., (France), 2.750%, 10/15/20 (e)		201
	227	Barclays Bank plc, (United Kingdom), 3.750%, 05/15/24		231
	265	Barclays plc, (United Kingdom), 2.000%, 03/16/18		263
		BB&T Corp.,
	83	2.050%, 06/19/18		83
	350	2.625%, 06/29/20		352
	270	Branch Banking & Trust Co., 3.625%, 09/16/25		273
	550	Capital One Bank USA N.A., 3.375%, 02/15/23		538
	375	Capital One N.A., 2.350%, 08/17/18		376
		Citigroup, Inc.,
	340	1.550%, 08/14/17		339
	335	1.750%, 05/01/18		332
	110	2.150%, 07/30/18		110
	600	3.300%, 04/27/25		589
	97	3.750%, 06/16/24		99
	110	4.300%, 11/20/26		110
	70	4.400%, 06/10/25		71
	125	4.450%, 09/29/27		124
	65	4.950%, 11/07/43		68
	107	6.675%, 09/13/43		131

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS DECEMBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	200	Commonwealth Bank of Australia, (Australia), 4.500%, 12/09/25 (e)		198
	120	Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands), 3.875%, 02/08/22		127
	250	Credit Suisse Group Funding Guernsey Ltd., (United Kingdom), 3.125%, 12/10/20 (e)		249
		Discover Bank,
	250	2.000%, 02/21/18		248
	250	4.200%, 08/08/23		256
		Fifth Third Bancorp,
	40	2.300%, 03/01/19		40
	115	8.250%, 03/01/38		160
		HSBC Bank plc, (United Kingdom),
	205	4.125%, 08/12/20 (e)		218
	300	4.750%, 01/19/21 (e)		331
	800	HSBC Holdings plc, (United Kingdom), 4.250%, 03/14/24		803
	267	KeyCorp, 5.100%, 03/24/21		292
	200	Lloyds Bank plc, (United Kingdom), 1.750%, 03/16/18		199
	225	Mizuho Bank Ltd., (Japan), 2.700%, 10/20/20 (e)		225
	95	MUFG Americas Holdings Corp., 3.000%, 02/10/25		91
	182	PNC Financial Services Group, Inc. (The), 3.900%, 04/29/24		186
		Royal Bank of Canada, (Canada),
	119	2.000%, 10/01/18		119
	235	2.000%, 12/10/18		235
	200	2.200%, 07/27/18		202
	200	Santander UK Group Holdings plc, (United Kingdom), 4.750%, 09/15/25 (e)		197
		Skandinaviska Enskilda Banken AB, (Sweden),
	200	1.750%, 03/19/18 (e)		199
	250	2.625%, 11/17/20 (e)		249
	200	Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)		206
	97	SunTrust Banks, Inc., 2.350%, 11/01/18		97
	400	Swedbank AB, (Sweden), 2.125%, 09/29/17 (e)		402
		Toronto-Dominion Bank (The), (Canada),
	44	1.625%, 03/13/18		44
	150	2.500%, 12/14/20		150
		U.S. Bancorp,
	200	2.200%, 04/25/19		202
	67	4.125%, 05/24/21		72
	200	Wachovia Corp., 5.750%, 02/01/18		216

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
		Wells Fargo & Co.,
	145	2.125%, 04/22/19		145
	285	2.150%, 01/15/19		287
	150	Series N, 2.150%, 01/30/20		149
	100	2.550%, 12/07/20		100
	261	2.600%, 07/22/20		260
	5	3.000%, 02/19/25		5
	470	3.550%, 09/29/25		474
	115	4.300%, 07/22/27		117
	55	4.650%, 11/04/44		53
	65	4.900%, 11/17/45		66
	145	5.375%, 11/02/43		155
	85	Westpac Banking Corp., (Australia), 2.600%, 11/23/20		85
				16,780
		Capital Markets — 0.6%
	200	Ameriprise Financial, Inc., 4.000%, 10/15/23		208
		Bank of New York Mellon Corp. (The),
	92	2.100%, 01/15/19		92
	151	2.600%, 08/17/20		152
	100	4.150%, 02/01/21		108
	100	BlackRock, Inc., 6.250%, 09/15/17		108
	44	Blackstone Holdings Finance Co. LLC, 4.450%, 07/15/45 (e)		41
		Credit Suisse AG, (Switzerland),
	250	1.750%, 01/29/18		249
	200	6.500%, 08/08/23 (e)		216
	100	Credit Suisse USA, Inc., 7.125%, 07/15/32		130
		Deutsche Bank AG, (Germany),
	165	1.875%, 02/13/18		164
	300	2.950%, 08/20/20		300
	85	6.000%, 09/01/17		90
		Goldman Sachs Group, Inc. (The),
	170	2.375%, 01/22/18		171
	70	2.550%, 10/23/19		70
	273	2.625%, 01/31/19		275
	183	2.750%, 09/15/20		183
	284	3.500%, 01/23/25		279
	150	3.625%, 01/22/23		152
	121	3.850%, 07/08/24		124
	185	4.000%, 03/03/24		190
	136	4.250%, 10/21/25		135
	90	4.750%, 10/21/45		89
	70	5.150%, 05/22/45		68
	100	7.500%, 02/15/19		114
	262	Jefferies Group LLC, 6.875%, 04/15/21		293

DECEMBER 31, 2015 J.P. MORGAN FUNDS 35

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	150	Macquarie Bank Ltd., (Australia), 4.000%, 07/29/25 (e)		152
	80	Macquarie Group Ltd., (Australia), 6.250%, 01/14/21 (e)		89
		Morgan Stanley,
	120	2.375%, 07/23/19		120
	70	2.650%, 01/27/20		70
	503	2.800%, 06/16/20		505
	82	3.750%, 02/25/23		84
	270	Series F, 3.875%, 04/29/24		275
	166	3.950%, 04/23/27		161
	110	4.000%, 07/23/25		113
	75	4.300%, 01/27/45		71
	700	4.750%, 03/22/17		725
	186	5.000%, 11/24/25		197
	500	5.950%, 12/28/17		538
	47	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		54
		State Street Corp.,
	26	2.550%, 08/18/20		26
	36	3.100%, 05/15/23		36
	154	3.700%, 11/20/23		160
	149	TD Ameritrade Holding Corp., 2.950%, 04/01/22		148
	330	UBS AG, (Switzerland), 2.375%, 08/14/19		330
				7,855
		Consumer Finance — 0.3%
	350	American Express Co., 7.000%, 03/19/18		388
	220	American Express Credit Corp., 1.875%, 11/05/18		219
		American Honda Finance Corp.,
	100	2.125%, 10/10/18		101
	40	2.250%, 08/15/19		40
	150	7.625%, 10/01/18 (e)		172
	75	Capital One Financial Corp., 4.200%, 10/29/25		74
		Caterpillar Financial Services Corp.,
	100	2.850%, 06/01/22		99
	121	3.750%, 11/24/23		126
		Ford Motor Credit Co. LLC,
	200	2.145%, 01/09/18		199
	248	2.240%, 06/15/18		246
	400	2.375%, 01/16/18		399
	200	2.375%, 03/12/19		197
	200	3.664%, 09/08/24		195
	205	4.134%, 08/04/25		204

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — continued
		General Motors Financial Co., Inc.,
	65	2.750%, 05/15/16		65
	250	3.100%, 01/15/19		250
	165	4.000%, 01/15/25		156
		HSBC USA, Inc.,
	125	2.350%, 03/05/20		124
	405	2.375%, 11/13/19		403
		John Deere Capital Corp.,
	181	1.600%, 07/13/18		180
	105	2.375%, 07/14/20		105
	50	Series 0014, 2.450%, 09/11/20		50
	106	5.750%, 09/10/18		116
	97	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		97
	49	PACCAR Financial Corp., 1.400%, 05/18/18		48
		Synchrony Financial,
	215	3.750%, 08/15/21		215
	80	4.250%, 08/15/24		79
	20	4.500%, 07/23/25		20
		Toyota Motor Credit Corp.,
	174	2.100%, 01/17/19		175
	200	2.625%, 01/10/23		196
				4,938
		Diversified Financial Services — 0.2%
	60	Berkshire Hathaway, Inc., 4.500%, 02/11/43		60
		CME Group, Inc.,
	100	3.000%, 09/15/22		101
	100	3.000%, 03/15/25		98
	49	5.300%, 09/15/43		56
		GE Capital International Funding Co., (Ireland),
	202	2.342%, 11/15/20 (e)		201
	206	4.418%, 11/15/35 (e)		210
		General Electric Capital Corp.,
	74	4.375%, 09/16/20		80
	200	4.625%, 01/07/21		220
	45	5.500%, 01/08/20		50
	105	5.625%, 05/01/18		115
	61	6.750%, 03/15/32		80
	94	Intercontinental Exchange, Inc., 4.000%, 10/15/23		97
	62	Invesco Finance plc, (United Kingdom), 3.750%, 01/15/26		62
	250	Murray Street Investment Trust I, SUB, 4.647%, 03/09/17		258
	200	Nationwide Building Society, (United Kingdom), 3.900%, 07/21/25 (e)		206

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS DECEMBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Financial Services — continued
		Shell International Finance B.V., (Netherlands),
	70	1.625%, 11/10/18		70
	290	3.400%, 08/12/23		288
	155	4.550%, 08/12/43		151
				2,403
		Insurance — 0.3%
		ACE INA Holdings, Inc.,
	40	2.300%, 11/03/20		40
	200	2.700%, 03/13/23		195
	95	2.875%, 11/03/22		94
	88	3.150%, 03/15/25		87
	50	4.350%, 11/03/45		51
		Allstate Corp. (The),
	61	3.150%, 06/15/23		61
	120	5.550%, 05/09/35		139
		American International Group, Inc.,
	70	3.875%, 01/15/35		62
	306	4.125%, 02/15/24		314
	70	4.500%, 07/16/44		65
	120	4.800%, 07/10/45		116
		Aon Corp.,
	53	3.125%, 05/27/16		53
	28	6.250%, 09/30/40		34
	85	Berkshire Hathaway Finance Corp., 4.300%, 05/15/43		83
		CNA Financial Corp.,
	30	3.950%, 05/15/24		30
	100	6.500%, 08/15/16		103
	100	Liberty Mutual Group, Inc., 5.000%, 06/01/21 (e)		107
		Lincoln National Corp.,
	250	4.200%, 03/15/22		261
	25	4.850%, 06/24/21		27
	118	Marsh & McLennan Cos., Inc., 2.350%, 03/06/20		117
	105	MassMutual Global Funding II, 2.100%, 08/02/18 (e)		105
		MetLife, Inc.,
	30	4.050%, 03/01/45		28
	70	4.125%, 08/13/42		66
	85	4.600%, 05/13/46		86
	35	4.721%, 12/15/44		36
	350	4.875%, 11/13/43		367
	45	6.400%, 12/15/36		49
	100	Metropolitan Life Global Funding I, 3.125%, 01/11/16 (e)		100

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
		New York Life Global Funding,
	130	2.100%, 01/02/19 (e)		130
	146	2.150%, 06/18/19 (e)		146
	50	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		73
	300	Pricoa Global Funding I, 2.200%, 05/16/19 (e)		300
	100	Progressive Corp. (The), 4.350%, 04/25/44		101
		Prudential Financial, Inc.,
	80	5.100%, 08/15/43		83
	175	VAR, 5.200%, 03/15/44		169
	250	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		319
	55	Swiss Re Treasury U.S. Corp., 4.250%, 12/06/42 (e)		52
	75	Travelers Property Casualty Corp., 7.750%, 04/15/26		98
				4,347
		Real Estate Investment Trusts (REITs) — 0.2%
		American Tower Corp.,
	165	3.450%, 09/15/21		166
	40	3.500%, 01/31/23		39
	75	4.000%, 06/01/25		74
		Boston Properties LP,
	85	3.800%, 02/01/24		86
	320	3.850%, 02/01/23		327
	125	Brixmor Operating Partnership LP, 3.875%, 08/15/22		124
	170	DDR Corp., 3.500%, 01/15/21		169
		Duke Realty LP,
	75	3.875%, 02/15/21		76
	84	4.375%, 06/15/22		87
	60	Equity Commonwealth, 6.650%, 01/15/18		64
	263	ERP Operating LP, 4.625%, 12/15/21		285
		HCP, Inc.,
	244	2.625%, 02/01/20		240
	30	3.150%, 08/01/22		29
	50	3.875%, 08/15/24		48
	135	4.000%, 12/01/22		134
	65	4.200%, 03/01/24		65
	58	4.250%, 11/15/23		58
		Kimco Realty Corp.,
	115	3.200%, 05/01/21		115
	20	3.400%, 11/01/22		20
		Liberty Property LP,
	45	3.375%, 06/15/23		42
	55	4.400%, 02/15/24		56

DECEMBER 31, 2015 J.P. MORGAN FUNDS 37

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Real Estate Investment Trusts (REITs) — continued
		Prologis LP,
	74	3.750%, 11/01/25		73
	113	4.250%, 08/15/23		119
		Realty Income Corp.,
	100	3.875%, 07/15/24		98
	135	4.125%, 10/15/26		136
		Simon Property Group LP,
	105	3.500%, 09/01/25		106
	17	4.375%, 03/01/21		19
	35	UDR, Inc., 4.000%, 10/01/25		35
		Ventas Realty LP,
	59	3.750%, 05/01/24		58
	23	4.125%, 01/15/26		23
	2	4.375%, 02/01/45		2
		Ventas Realty LP/Ventas Capital Corp.,
	80	2.700%, 04/01/20		79
	195	4.250%, 03/01/22		201
	41	Weingarten Realty Investors, 4.450%, 01/15/24		42
		Welltower, Inc.,
	55	3.750%, 03/15/23		54
	130	4.000%, 06/01/25		128
	91	4.500%, 01/15/24		93
				3,570
		Total Financials		39,893
		Health Care — 0.6%
		Biotechnology — 0.1%
		Amgen, Inc.,
	85	3.625%, 05/22/24		85
	150	3.875%, 11/15/21		156
	150	4.100%, 06/15/21		158
	105	4.400%, 05/01/45		98
		Baxalta, Inc.,
	78	3.600%, 06/23/22 (e)		78
	100	4.000%, 06/23/25 (e)		99
	45	5.250%, 06/23/45 (e)		45
		Biogen, Inc.,
	207	3.625%, 09/15/22		209
	90	5.200%, 09/15/45		90
		Celgene Corp.,
	45	2.875%, 08/15/20		45
	55	3.550%, 08/15/22		55
	132	3.625%, 05/15/24		130
	120	3.875%, 08/15/25		119
	100	3.950%, 10/15/20		105

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Biotechnology — continued
		Gilead Sciences, Inc.,
	29	3.250%, 09/01/22		29
	110	3.650%, 03/01/26		111
	185	3.700%, 04/01/24		190
	55	4.500%, 02/01/45		54
	20	4.600%, 09/01/35		20
	65	4.750%, 03/01/46		66
				1,942
		Health Care Equipment & Supplies — 0.1%
	170	Becton, Dickinson and Co., 2.675%, 12/15/19		171
	450	Medtronic, Inc., 3.150%, 03/15/22		455
				626
		Health Care Providers & Services — 0.1%
		Aetna, Inc.,
	100	3.500%, 11/15/24		100
	123	4.750%, 03/15/44		125
		Anthem, Inc.,
	60	2.300%, 07/15/18		60
	50	4.625%, 05/15/42		47
	200	5.850%, 01/15/36		217
	94	Cardinal Health, Inc., 3.750%, 09/15/25		95
	245	Cigna Corp., 4.000%, 02/15/22		253
		Express Scripts Holding Co.,
	90	3.500%, 06/15/24		89
	175	4.750%, 11/15/21		187
		McKesson Corp.,
	72	2.700%, 12/15/22		69
	40	2.850%, 03/15/23		38
	100	Medco Health Solutions, Inc., 7.125%, 03/15/18		111
		UnitedHealth Group, Inc.,
	50	2.700%, 07/15/20		50
	30	2.750%, 02/15/23		29
	200	2.875%, 03/15/23		198
	42	3.350%, 07/15/22		43
	105	3.950%, 10/15/42		98
				1,809
		Life Sciences Tools & Services — 0.0% (g)
	227	Thermo Fisher Scientific, Inc., 4.150%, 02/01/24		236
		Pharmaceuticals — 0.3%
		AbbVie, Inc.,
	105	1.750%, 11/06/17		105
	140	2.900%, 11/06/22		135
	152	3.200%, 11/06/22		150
	145	3.600%, 05/14/25		143

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS DECEMBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Pharmaceuticals — continued
		Actavis Funding SCS, (Luxembourg),
	90	2.350%, 03/12/18		90
	145	3.000%, 03/12/20		145
	277	3.450%, 03/15/22		277
	70	3.850%, 06/15/24		70
	40	4.850%, 06/15/44		40
	200	Allergan, Inc., 2.800%, 03/15/23		188
	235	AstraZeneca plc, (United Kingdom), 3.375%, 11/16/25		233
	265	Bristol-Myers Squibb Co., 2.000%, 08/01/22		257
		Forest Laboratories LLC,
	100	4.875%, 02/15/21 (e)		108
	69	5.000%, 12/15/21 (e)		75
	405	GlaxoSmithKline Capital plc, (United Kingdom), 2.850%, 05/08/22		408
	104	GlaxoSmithKline Capital, Inc., 2.800%, 03/18/23		104
	95	Johnson & Johnson, 3.375%, 12/05/23		101
		Merck & Co., Inc.,
	315	2.350%, 02/10/22		309
	263	2.800%, 05/18/23		262
	265	Mylan, Inc., 2.600%, 06/24/18		263
	132	Novartis Capital Corp., 3.400%, 05/06/24		136
	200	Perrigo Finance Unlimited Co., (Ireland), 3.500%, 12/15/21		194
	200	Pfizer, Inc., 6.200%, 03/15/19		225
	26	Teva Pharmaceutical Finance Co. B.V., (Netherlands), 2.950%, 12/18/22		25
	130	Teva Pharmaceutical Finance IV LLC, 2.250%, 03/18/20		126
	19	Zoetis, Inc., 1.875%, 02/01/18		19
				4,188
		Total Health Care		8,801
		Industrials — 0.6%
		Aerospace & Defense — 0.1%
	50	Boeing Co. (The), 6.625%, 02/15/38		67
		Honeywell International, Inc.,
	139	3.350%, 12/01/23		142
	100	4.250%, 03/01/21		109
		Lockheed Martin Corp.,
	40	3.550%, 01/15/26		40
	55	3.800%, 03/01/45		49
	200	4.250%, 11/15/19		215
	49	4.700%, 05/15/46		50
	95	Northrop Grumman Corp., 3.850%, 04/15/45		85

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
	150	Precision Castparts Corp., 4.200%, 06/15/35		149
	40	Textron, Inc., 3.875%, 03/01/25		39
		United Technologies Corp.,
	130	4.150%, 05/15/45		124
	180	5.400%, 05/01/35		200
				1,269
		Air Freight & Logistics — 0.0% (g)
	70	FedEx Corp., 4.100%, 02/01/45		62
		Airlines — 0.1%
	32	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		32
	85	Air Canada 2015-1 Class A Pass-Through Trust, (Canada), 3.600%, 03/15/27 (e)		82
	16	American Airlines 2011-1 Class A Pass-Through Trust, Series A, 5.250%, 01/31/21		17
	347	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		366
	79	Continental Airlines 2007-1 Class A Pass-Through Trust, Series 071A, 5.983%, 04/19/22		87
	87	Delta Air Lines 2007-1 Class A Pass-Through Trust, Series 071A, 6.821%, 08/10/22		101
	12	Delta Air Lines 2010-2 Class A Pass-Through Trust, Series 2A, 4.950%, 05/23/19		12
	10	Delta Air Lines 2011-1 Class A Pass-Through Trust, Series A, 5.300%, 04/15/19		11
	37	Northwest Airlines 2007-1 Class A Pass-Through Trust, Series 07-1, 7.027%, 11/01/19		41
	59	U.S. Airways 2013-1 Class A Pass-Through Trust, 3.950%, 11/15/25		59
				808
		Commercial Services & Supplies — 0.0% (g)
		Republic Services, Inc.,
	150	5.500%, 09/15/19		165
	100	6.086%, 03/15/35		117
		Waste Management, Inc.,
	110	2.900%, 09/15/22		108
	37	4.600%, 03/01/21		40
	100	4.750%, 06/30/20		108
				538
		Electrical Equipment — 0.0% (g)
	160	Eaton Corp., 4.000%, 11/02/32		153
		Industrial Conglomerates — 0.1%
		Danaher Corp.,
	61	3.900%, 06/23/21		65
	100	5.400%, 03/01/19		110

DECEMBER 31, 2015 J.P. MORGAN FUNDS 39

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Industrial Conglomerates — continued
		General Electric Co.,
	400	2.700%, 10/09/22		398
	175	3.375%, 03/11/24		181
	205	4.500%, 03/11/44		211
		Koninklijke Philips N.V., (Netherlands),
	120	3.750%, 03/15/22		123
	40	5.750%, 03/11/18		43
	31	Roper Technologies, Inc., 3.000%, 12/15/20		31
				1,162
		Machinery — 0.0% (g)
	115	Caterpillar, Inc., 4.300%, 05/15/44		111
	240	Illinois Tool Works, Inc., 3.500%, 03/01/24		247
				358
		Road & Rail — 0.3%
		Burlington Northern Santa Fe LLC,
	100	3.050%, 09/01/22		100
	605	4.100%, 06/01/21		638
	85	4.150%, 04/01/45		77
	45	4.700%, 09/01/45		45
	50	4.900%, 04/01/44		51
	200	Canadian National Railway Co., (Canada), 6.375%, 11/15/37		259
		Canadian Pacific Railway Co., (Canada),
	150	4.800%, 09/15/35		148
	63	7.125%, 10/15/31		78
	125	7.250%, 05/15/19		143
	150	CSX Corp., 7.375%, 02/01/19		172
		ERAC USA Finance LLC,
	40	2.800%, 11/01/18 (e)		40
	350	3.850%, 11/15/24 (e)		350
	35	4.500%, 08/16/21 (e)		37
	150	JB Hunt Transport Services, Inc., 3.300%, 08/15/22		149
	391	Norfolk Southern Corp., 4.837%, 10/01/41		380
	35	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.500%, 06/15/19 (e)		34
		Ryder System, Inc.,
	83	2.450%, 09/03/19		82
	113	2.500%, 05/11/20		110
	43	3.500%, 06/01/17		44
	20	3.600%, 03/01/16		20
		Union Pacific Corp.,
	150	3.750%, 03/15/24		157
	300	4.750%, 12/15/43		323
				3,437

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — 0.0% (g)
	272	International Lease Finance Corp., 3.875%, 04/15/18		274
	68	WW Grainger, Inc., 4.600%, 06/15/45		71
				345
		Total Industrials		8,132
		Information Technology — 0.4%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	272	2.900%, 03/04/21		280
	105	3.500%, 06/15/25		108
		Harris Corp.,
	30	2.700%, 04/27/20		29
	40	3.832%, 04/27/25		39
	75	5.054%, 04/27/45		74
	173	QUALCOMM, Inc., 4.800%, 05/20/45		154
				684
		Electronic Equipment, Instruments & Components — 0.0% (g)
		Arrow Electronics, Inc.,
	100	4.500%, 03/01/23		101
	150	6.000%, 04/01/20		163
				264
		Internet Software & Services — 0.0% (g)
	442	eBay, Inc., 2.600%, 07/15/22		411
		IT Services — 0.1%
		International Business Machines Corp.,
	100	3.625%, 02/12/24		103
	130	7.000%, 10/30/25		167
		Visa, Inc.,
	60	3.150%, 12/14/25		60
	120	4.300%, 12/14/45		122
		Xerox Corp.,
	150	5.625%, 12/15/19		159
	100	6.350%, 05/15/18		107
				718
		Semiconductors & Semiconductor Equipment — 0.0% (g)
		Intel Corp.,
	98	2.450%, 07/29/20		99
	120	4.900%, 07/29/45		127

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS DECEMBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Semiconductors & Semiconductor Equipment — continued
		Texas Instruments, Inc.,
	92	2.375%, 05/16/16		93
	197	2.750%, 03/12/21		198
				517
		Software — 0.1%
		Microsoft Corp.,
	95	2.000%, 11/03/20		95
	125	2.375%, 02/12/22		123
	100	2.375%, 05/01/23		97
	75	3.500%, 11/15/42		66
	133	3.625%, 12/15/23		140
	160	3.750%, 05/01/43		148
	95	3.750%, 02/12/45		88
	145	4.450%, 11/03/45		149
		Oracle Corp.,
	145	2.500%, 05/15/22		143
	70	2.800%, 07/08/21		71
	56	3.625%, 07/15/23		58
	185	4.500%, 07/08/44		186
	200	5.750%, 04/15/18		218
				1,582
		Technology Hardware, Storage & Peripherals — 0.1%
		Apple, Inc.,
	126	2.850%, 05/06/21		129
	256	3.200%, 05/13/25		259
	200	3.450%, 02/09/45		172
	95	3.850%, 05/04/43		88
				648
		Total Information Technology		4,824
		Materials — 0.2%
		Chemicals — 0.1%
		Agrium, Inc., (Canada),
	22	3.375%, 03/15/25		20
	120	4.125%, 03/15/35		102
	100	6.125%, 01/15/41		107
	80	CF Industries, Inc., 4.950%, 06/01/43		68
	38	Dow Chemical Co. (The), 4.125%, 11/15/21		40
	89	E.I. du Pont de Nemours & Co., 4.150%, 02/15/43		78
	125	LYB International Finance B.V., (Netherlands), 4.875%, 03/15/44		114

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
		Mosaic Co. (The),
	100	4.250%, 11/15/23		99
	166	5.625%, 11/15/43		159
	250	Potash Corp. of Saskatchewan, Inc., (Canada), 3.625%, 03/15/24		243
	300	Praxair, Inc., 2.200%, 08/15/22		287
	150	Union Carbide Corp., 7.750%, 10/01/96		179
				1,496
		Construction Materials — 0.0% (g)
	200	CRH America, Inc., 3.875%, 05/18/25 (e)		198
		Metals & Mining — 0.1%
	50	Barrick Gold Corp., (Canada), 5.250%, 04/01/42		34
		BHP Billiton Finance USA Ltd., (Australia),
	70	4.125%, 02/24/42		55
	34	5.000%, 09/30/43		31
		Freeport-McMoRan, Inc.,
	250	3.550%, 03/01/22		145
	371	3.875%, 03/15/23		211
	265	4.550%, 11/14/24		152
	12	5.450%, 03/15/43		6
	60	Glencore Finance Canada Ltd., (Canada), 5.550%, 10/25/42 (e)		42
	45	Glencore Funding LLC, 4.000%, 04/16/25 (e)		31
		Nucor Corp.,
	127	4.000%, 08/01/23		123
	80	5.200%, 08/01/43		73
		Rio Tinto Finance USA Ltd., (Australia),
	100	3.750%, 06/15/25		91
	100	4.125%, 05/20/21		100
				1,094
		Paper & Forest Products — 0.0% (g)
	150	International Paper Co., 3.800%, 01/15/26		148
		Total Materials		2,936
		Telecommunication Services — 0.3%
		Diversified Telecommunication Services — 0.3%
		AT&T, Inc.,
	800	3.000%, 02/15/22		784
	294	3.000%, 06/30/22		287
	55	3.400%, 05/15/25		53
	380	4.300%, 12/15/42		324
	105	4.450%, 05/15/21		112
	85	4.800%, 06/15/44		78

DECEMBER 31, 2015 J.P. MORGAN FUNDS 41

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
		British Telecommunications plc, (United Kingdom),
	250	1.250%, 02/14/17		249
	100	9.625%, 12/15/30		146
	100	Deutsche Telekom International Finance B.V., (Netherlands), 6.750%, 08/20/18		112
	55	Orange S.A., (France), 5.500%, 02/06/44		58
	40	SES GLOBAL Americas Holdings GP, 2.500%, 03/25/19 (e)		39
	102	Telefonica Emisiones S.A.U., (Spain), 5.134%, 04/27/20		111
		Verizon Communications, Inc.,
	155	2.450%, 11/01/22		147
	245	3.500%, 11/01/24		242
	79	3.850%, 11/01/42		64
	209	4.150%, 03/15/24		215
	238	4.522%, 09/15/48		213
	93	4.672%, 03/15/55		81
	636	4.862%, 08/21/46		602
	100	5.050%, 03/15/34		99
	350	5.150%, 09/15/23		385
	12	6.400%, 09/15/33		14
				4,415
		Wireless Telecommunication Services — 0.0% (g)
	100	America Movil S.A.B. de C.V., (Mexico), 5.000%, 03/30/20		108
	76	Rogers Communications, Inc., (Canada), 3.625%, 12/15/25		75
		Vodafone Group plc, (United Kingdom),
	125	5.625%, 02/27/17		131
	50	6.150%, 02/27/37		49
				363
		Total Telecommunication Services		4,778
		Utilities — 0.9%
		Electric Utilities — 0.7%
		Alabama Power Co.,
	61	Series 13-A, 3.550%, 12/01/23		63
	200	3.850%, 12/01/42		184
	50	4.150%, 08/15/44		47
	100	Appalachian Power Co., 4.600%, 03/30/21		107
	150	Arizona Public Service Co., 4.500%, 04/01/42		154
		Baltimore Gas & Electric Co.,
	65	2.800%, 08/15/22		64
	170	3.350%, 07/01/23		172
	45	Commonwealth Edison Co., 4.350%, 11/15/45		45

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
		DTE Electric Co.,
	140	3.375%, 03/01/25		143
	250	Series G, 5.600%, 06/15/18		273
	80	Duke Energy Carolinas LLC, 4.300%, 06/15/20		87
		Duke Energy Corp.,
	177	3.050%, 08/15/22		175
	150	3.550%, 09/15/21		153
	30	3.750%, 04/15/24		30
	310	5.050%, 09/15/19		337
		Duke Energy Progress LLC,
	150	4.100%, 03/15/43		146
	25	4.150%, 12/01/44		24
		Electricite de France S.A., (France),
	80	2.150%, 01/22/19 (e)		80
	35	4.875%, 01/22/44 (e)		33
	100	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		108
	140	Entergy Arkansas, Inc., 3.750%, 02/15/21		146
	105	Entergy Corp., 4.000%, 07/15/22		107
	80	FirstEnergy Solutions Corp., 6.800%, 08/15/39		75
		Florida Power & Light Co.,
	80	3.125%, 12/01/25		80
	100	4.050%, 10/01/44		99
	35	Great Plains Energy, Inc., 4.850%, 06/01/21		38
	300	Indiana Michigan Power Co., 7.000%, 03/15/19		340
		ITC Holdings Corp.,
	135	3.650%, 06/15/24		133
	114	6.050%, 01/31/18 (e)		123
	115	Jersey Central Power & Light Co., 4.300%, 01/15/26 (e)		116
	200	Kansas City Power & Light Co., 5.300%, 10/01/41		217
		Kentucky Utilities Co.,
	50	3.300%, 10/01/25		50
	40	4.375%, 10/01/45		41
		Louisville Gas & Electric Co.,
	24	Series 25, 3.300%, 10/01/25		24
	20	4.375%, 10/01/45		21
	244	MidAmerican Energy Co., 3.500%, 10/15/24		249
	35	Mississippi Power Co., Series 12-A, 4.250%, 03/15/42		27
		Nevada Power Co.,
	34	5.450%, 05/15/41		38
	50	6.500%, 08/01/18		56
	253	NextEra Energy Capital Holdings, Inc., 2.700%, 09/15/19		252
	60	Oklahoma Gas & Electric Co., 4.550%, 03/15/44		61

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS DECEMBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
		Oncor Electric Delivery Co. LLC,
	115	2.150%, 06/01/19		113
	12	2.950%, 04/01/25		11
		Pacific Gas & Electric Co.,
	75	3.250%, 06/15/23		75
	195	3.400%, 08/15/24		196
	94	3.500%, 06/15/25		95
	80	3.850%, 11/15/23		83
	70	4.300%, 03/15/45		69
	50	4.750%, 02/15/44		52
	250	6.050%, 03/01/34		295
	245	PacifiCorp, 2.950%, 02/01/22		247
	400	PECO Energy Co., 4.800%, 10/15/43		432
	200	Pennsylvania Electric Co., 6.050%, 09/01/17		213
		PPL Capital Funding, Inc.,
	75	4.700%, 06/01/43		75
	180	Series A, VAR, 6.700%, 03/30/67		139
		PPL Electric Utilities Corp.,
	104	4.125%, 06/15/44		103
	42	4.750%, 07/15/43		45
		Progress Energy, Inc.,
	130	3.150%, 04/01/22		127
	117	4.400%, 01/15/21		124
	150	Public Service Co. of Colorado, 2.500%, 03/15/23		146
	30	Public Service Co. of New Hampshire, 3.500%, 11/01/23		31
	83	Public Service Electric & Gas Co., 3.000%, 05/15/25		82
	41	Sierra Pacific Power Co., Series T, 3.375%, 08/15/23		41
	6	South Carolina Electric & Gas Co., 4.500%, 06/01/64		6
		Southern California Edison Co.,
	55	Series 14-B, 1.125%, 05/01/17		54
	160	Series B, 2.400%, 02/01/22		157
	80	Series C, 3.600%, 02/01/45		72
	40	4.500%, 09/01/40		42
	66	4.650%, 10/01/43		70
	100	6.650%, 04/01/29		125
	294	Southwestern Electric Power Co., Series J, 3.900%, 04/01/45		257
	200	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		235
	180	Trans-Allegheny Interstate Line Co., 3.850%, 06/01/25 (e)		180

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
		Virginia Electric & Power Co.,
	150	2.750%, 03/15/23		148
	150	2.950%, 01/15/22		151
	21	3.450%, 02/15/24		21
	75	4.000%, 01/15/43		72
		Wisconsin Electric Power Co.,
	150	1.700%, 06/15/18		149
	165	3.100%, 06/01/25		166
		Xcel Energy, Inc.,
	95	3.300%, 06/01/25		93
	95	4.700%, 05/15/20		102
				9,612
		Gas Utilities — 0.0% (g)
	86	CenterPoint Energy Resources Corp., 4.500%, 01/15/21		90
	70	Dominion Gas Holdings LLC, 2.500%, 12/15/19		70
	200	Southern California Gas Co., 3.200%, 06/15/25		200
				360
		Independent Power & Renewable Electricity Producers — 0.0% (g)
		Exelon Generation Co. LLC,
	100	2.950%, 01/15/20		100
	94	5.750%, 10/01/41		91
	90	Oglethorpe Power Corp., 4.550%, 06/01/44		85
		PSEG Power LLC,
	188	4.150%, 09/15/21		191
	25	4.300%, 11/15/23		25
		Southern Power Co.,
	55	5.150%, 09/15/41		51
	35	5.250%, 07/15/43		33
	70	Tri-State Generation & Transmission Association, Inc., 4.700%, 11/01/44		70
				646
		Multi-Utilities — 0.2%
		AGL Capital Corp.,
	200	5.250%, 08/15/19		215
	18	5.875%, 03/15/41		20
		Berkshire Hathaway Energy Co.,
	75	3.500%, 02/01/25		74
	95	4.500%, 02/01/45		91
	100	5.750%, 04/01/18		108
		Consolidated Edison Co. of New York, Inc.,
	95	4.500%, 12/01/45		96
	85	4.625%, 12/01/54		84
	100	Series 08-B, 6.750%, 04/01/38		129

DECEMBER 31, 2015 J.P. MORGAN FUNDS 43

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Multi-Utilities — continued
	135	Dominion Resources, Inc., 4.700%, 12/01/44		131
	195	Dominion Resources, Inc./VA, 3.900%, 10/01/25		195
	61	DTE Energy Co., Series F, 3.850%, 12/01/23		63
		NiSource Finance Corp.,
	150	4.800%, 02/15/44		152
	5	5.650%, 02/01/45		6
	55	5.800%, 02/01/42		63
	120	6.125%, 03/01/22		137
	215	Puget Sound Energy, Inc., Series A, VAR, 6.974%, 06/01/67		175
		Sempra Energy,
	80	2.400%, 03/15/20		79
	144	4.050%, 12/01/23		148
	100	9.800%, 02/15/19		121
				2,087
		Water Utilities — 0.0% (g)
		American Water Capital Corp.,
	240	3.850%, 03/01/24		252
	100	6.593%, 10/15/37		130
				382
		Total Utilities		13,087
		Total Corporate Bonds (Cost $107,983)		106,725
	Foreign Government Securities — 0.0% (g)
	20	Republic of Peru, (Peru), 5.625%, 11/18/50		21
	50	Republic of Poland, (Poland), 4.000%, 01/22/24		52
	200	Republic of Turkey, (Turkey), 5.750%, 03/22/24		211
		United Mexican States, (Mexico),
	86	4.000%, 10/02/23		87
	143	5.550%, 01/21/45		146
		Total Foreign Government Securities (Cost $498)		517

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 20.1% (b)
	3,690	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		28,373
	1,071	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		20,068
	917	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		6,736
	11,013	JPMorgan High Yield Fund, Class R6 Shares		75,217
	3,373	JPMorgan Intrepid International Fund, Class R6 Shares		64,224
	990	JPMorgan Mid Cap Equity Fund, Class R6 Shares		42,277
	3,318	JPMorgan Realty Income Fund, Class R6 Shares		44,497
		Total Investment Companies (Cost $279,932)		281,392

PRINCIPAL AMOUNT($)
	Mortgage Pass-Through Securities — 1.3%
	33	Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family, 5.500%, 02/01/24	36
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	241	4.500%, 05/01/41	260
	145	5.500%, 02/01/39	162
	182	6.000%, 08/01/36 - 12/01/36	207
	2	7.000%, 02/01/26	2
	8	7.500%, 05/01/26 - 08/01/27	9
	3	8.000%, 04/01/25 - 05/01/25	4
	6	8.500%, 07/01/26	7
	—(h)	Federal Home Loan Mortgage Corp. Gold Pools, Other, 7.000%, 03/01/16	—	(h)
		Federal National Mortgage Association, 15 Year, Single Family,
	8	4.500%, 05/01/19	9
	10	5.000%, 10/01/19	10
	79	6.000%, 10/01/19 - 01/01/24	84
	101	Federal National Mortgage Association, 20 Year, Single Family, 5.500%, 02/01/28	113
		Federal National Mortgage Association, 30 Year, Single Family,
	188	6.000%, 12/01/32 - 04/01/35	216
	210	6.500%, 02/01/26 - 10/01/38	240
	120	7.000%, 03/01/26 - 11/01/38	137
	24	8.000%, 11/01/22 -06/01/24	26
	2	8.500%, 11/01/18	2
	10	9.000%, 08/01/24	11
		Federal National Mortgage Association, Other,
	141	VAR, 0.542%, 01/01/23	141
	228	VAR, 0.562%, 05/01/24	228
	200	1.735%, 05/01/20	197

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS DECEMBER 31, 2015

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	400	2.010%, 06/01/20		398
	190	2.350%, 05/01/23		188
	358	2.395%, 01/01/22		358
	340	2.400%, 12/01/22 - 07/01/23		336
	238	2.410%, 01/01/23		236
	400	2.450%, 11/01/22		397
	135	2.490%, 10/01/17		137
	250	2.520%, 05/01/23		247
	190	2.530%, 03/01/23		190
	700	2.590%, 11/01/21		705
	1,022	2.680%, 05/01/23 - 05/01/25		1,016
	191	2.703%, 04/01/23		193
	600	2.810%, 04/01/25		593
	235	2.840%, 06/01/22		239
	94	2.900%, 06/01/22		96
	1,193	3.030%, 12/01/21 - 04/01/30		1,164
	145	3.050%, 10/01/20		150
	600	3.100%, 09/01/25		606
	97	3.110%, 10/01/21		101
	395	3.180%, 09/01/30		416
	600	3.320%, 05/01/24		631
	200	3.370%, 11/01/20		209
	700	3.380%, 01/01/18 - 12/01/23		726
	295	3.450%, 11/01/23		308
	200	3.480%, 12/01/20		210
	570	3.500%, 05/01/43 - 06/01/43		589
	293	3.540%, 11/01/21		311
	145	3.590%, 10/01/20		153
	500	3.690%, 11/01/23		529
	137	3.700%, 12/01/20		145
	935	3.743%, 06/01/18		970
	387	3.760%, 08/01/23		412
	184	3.804%, 05/01/22		195
	400	3.860%, 11/01/23		428
	486	3.940%, 12/01/25		519
	313	4.000%, 07/01/42		333
	400	4.040%, 10/01/20		430
	483	4.295%, 06/01/21		527
	281	4.330%, 04/01/21		307
	231	4.369%, 02/01/20		249
	283	4.640%, 01/01/21		311
	172	4.770%, 06/01/19		186
		Government National Mortgage Association II, 30 Year, Single Family,
	2	8.000%, 07/20/28		3
	24	8.500%, 09/20/25		27

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Government National Mortgage Association, 30 Year, Single Family,
	34		6.500%, 01/15/24 - 03/15/28		38
	77		7.000%, 04/15/24 - 05/15/26		79
	15		7.500%, 06/15/25 - 05/15/26		16
	14		8.000%, 04/15/24 - 09/15/27		16
	22		8.500%, 06/15/22 - 12/15/22		23
	—	(h)	10.000%, 07/15/18		—	(h)
			Total Mortgage Pass-Through Securities (Cost $18,524)		18,747
	Municipal Bonds — 0.0% (g)(t)
			New York — 0.0% (g)
	35		New York State Dormitory Authority, State Personal Income Tax, Series D, Rev., 5.600%, 03/15/40		42
	150		Port Authority of New York & New Jersey, Consolidated, Series 164, Rev., 5.647%, 11/01/40		178
					220
			Ohio — 0.0% (g)
	210		American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.499%, 02/15/50		280
			Total Municipal Bonds (Cost $395)		500
	Preferred Securities — 0.2% (x)
			Financials — 0.2%
			Banks — 0.1%
	200		Lloyds Banking Group plc, (United Kingdom), VAR, 7.500%, 06/27/24		213
	70		U.S. Bancorp, Series I, VAR, 5.125%, 01/15/21		70
			Bank of America Corp.,
	125		Series K, VAR, 8.000%, 01/30/18		127
	180		Series V, VAR, 5.125%, 06/17/19		172
			Citigroup, Inc.,
	202		Series M, VAR, 6.300%, 05/15/24		197
	100		Series P, VAR, 5.950%, 05/15/25		96
	70		Series R, VAR, 6.125%, 11/15/20		72
	75		PNC Financial Services Group, Inc. (The), Series R, VAR, 4.850%, 06/01/23		70
					1,017
			Capital Markets — 0.1%
	245		Bank of New York Mellon Corp. (The), Series E, VAR, 4.950%, 06/20/20		240
	185		State Street Corp., Series F, VAR, 5.250%, 09/15/20		185
			Morgan Stanley,
	130		Series H, VAR, 5.450%, 07/15/19		127
	150		Series J, VAR, 5.550%, 07/15/20		150

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 45

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Futures contracts)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Preferred Securities — continued
		Capital Markets — continued
		Goldman Sachs Group, Inc. (The),
	165	Series L, VAR, 5.700%, 05/10/19		164
	170	Series M, VAR, 5.375%, 05/10/20		169
				1,035
		Insurance — 0.0% (g)
	240	MetLife, Inc., Series C, VAR, 5.250%, 06/15/20		244
		Total Financials		2,296
		Industrials — 0.0% (g)
		Industrial Conglomerates — 0.0% (g)
	118	General Electric Co., Series B, VAR, 4.100%, 12/15/22		118
		Total Preferred Securities (Cost $2,418)		2,414
	Supranational — 0.0% (g)
	64	Corp. Andina de Fomento, 3.750%, 01/15/16 (Cost $64)		64
	U.S. Government Agency Securities — 0.0% (g)
		Tennessee Valley Authority,
	74	1.750%, 10/15/18		75
	44	4.625%, 09/15/60		46
	65	5.250%, 09/15/39		78
		Total U.S. Government Agency Securities (Cost $182)		199
	U.S. Treasury Obligations — 3.7%
		U.S. Treasury Bonds,
	20	3.000%, 05/15/45		20
	1,000	4.250%, 05/15/39		1,235
	3,000	5.375%, 02/15/31		4,068
	3,000	U.S. Treasury Coupon STRIPS, 7.165%, 08/15/16 (n)		2,988
	1,250	U.S. Treasury Inflation Indexed Note, 0.250%, 01/15/25		1,198
		U.S. Treasury Notes,
	6,000	0.250%, 05/15/16		5,996
	7,862	0.375%, 01/31/16 (k)		7,863
	5,000	0.625%, 11/30/17		4,959
	4,000	1.000%, 11/30/19		3,910
	1,770	1.250%, 11/15/18		1,767
	4,000	1.625%, 04/30/19		4,023
	4,000	1.750%, 02/28/22		3,943
	4,000	2.000%, 08/31/21		4,018
	2,000	3.000%, 02/28/17		2,048
	600	3.125%, 10/31/16		611
	3,000	3.250%, 03/31/17		3,086
		Total U.S. Treasury Obligations (Cost $51,097)		51,733

NUMBER OF WARRANTS		SECURITY DESCRIPTION	VALUE($)
	Warrant — 0.0%
		Financials — 0.0%
		Consumer Finance — 0.0%
	–(h)	Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—
PRINCIPAL AMOUNT($)
	Short-Term Investments — 2.3%
		U.S. Treasury Obligations — 0.0% (g)
		U.S. Treasury Bills,
	50	0.101%, 01/21/16 (k) (n)		50
	70	0.180%, 03/17/16 (k) (n)		70
	85	0.208%, 04/28/16 (k) (n)		85
		Total U.S. Treasury Obligations		205
SHARES
		Investment Company — 2.3%
	31,872	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l)		31,872
		Total Short-Term Investments (Cost $32,077)		32,077
		Total Investments — 99.7% (Cost $1,278,391)		1,398,911
		Other Assets in Excess of Liabilities — 0.3% (c)		4,863
		NET ASSETS — 100.0%	$	1,403,774

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS DECEMBER 31, 2015

PORTFOLIO COMPOSITION BY COUNTRY*
United States	83.7	%
United Kingdom	2.7
Japan	2.3
Switzerland	1.7
China	1.1
Others (each less than 1.0%)	8.5

* Percentages indicated are based upon total investments as of December 31, 2015.

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	69		TOPIX Index		03/10/16		JPY	$	8,884		$	(156	)
	142		10 Year Australian Government Bond		03/15/16		AUD		13,130			41
	391		Dow Jones Euro STOXX 50 Index		03/18/16		EUR		13,946			197
	8		E-mini Russell 2000		03/18/16		USD		905			(6	)
	31		E-mini S&P 500		03/18/16		USD		3,155			42
	358		10 Year U.S. Treasury Note		03/21/16		USD		45,074			(147	)
	42		U.S. Treasury Long Bond		03/21/16		USD		6,458			7
	11		2 Year U.S. Treasury Note		03/31/16		USD		2,390			(3	)
			Short Futures Outstanding
	(49	)	Hang Seng Index		01/28/16		HKD		(6,926	)		16
	(52	)	S&P/Toronto Stock Exchange 60 Index		03/17/16		CAD		(5,719	)		(91	)
	(78	)	SPI 200 Index		03/17/16		AUD		(7,470	)		(507	)
	(49	)	E-mini Russell 2000		03/18/16		USD		(5,544	)		(52	)
	(153	)	E-mini S&P 500		03/18/16		USD		(15,571	)		(263	)
	(189	)	10 Year Canadian Government Bond		03/21/16		CAD		(19,258	)		(372	)
	(16	)	10 Year U.S. Treasury Note		03/21/16		USD		(2,015	)		6
	(32	)	U.S. Ultra Bond		03/21/16		USD		(5,078	)		(19	)
	(6	)	5 Year U.S. Treasury Note		03/31/16		USD		(710	)		1
											$	(1,306	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 47

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	2,340	AUD	Deutsche Bank AG		02/26/16	$	1,672	$	1,701	$	29
	266	CHF	Citibank, N.A.		02/26/16		267		266		(1	)
	517	CHF	Goldman Sachs International		02/26/16		504		517		13
	4,968	DKK	HSBC Bank, N.A.		02/26/16		709		724		15
	302	EUR	Citibank, N.A.		02/26/16		324		329		5
	514	EUR	Goldman Sachs International		02/26/16		563		559		(4	)
	142	EUR	HSBC Bank, N.A.		02/26/16		155		154		(1	)
	203	EUR	Royal Bank of Canada		02/26/16		217		221		4
	2,547	EUR	Royal Bank of Scotland		02/26/16		2,712		2,772		60
	181	EUR	Standard Chartered Bank		02/26/16		192		197		5
	210	GBP	Royal Bank of Canada		02/26/16		319		310		(9	)
	44,536	JPY	Morgan Stanley		02/26/16		364		371		7
	47,855	JPY	Royal Bank of Canada		02/26/16		391		398		7
	8,336	SEK	Standard Chartered Bank		02/26/16		959		989		30
	1,040	SGD	HSBC Bank, N.A.		02/26/16		730		732		2
						$	10,078	$	10,240	$	162

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	106	CHF	Morgan Stanley		02/26/16	$	105	$	107	$	(2	)
	171	EUR	Citibank, N.A.		02/26/16		185		186		(1	)
	259	EUR	Deutsche Bank AG		02/26/16		282		282		–	(h)
	294	EUR	Goldman Sachs International		02/26/16		313		321		(8	)
	1,004	EUR	Royal Bank of Canada		02/26/16		1,065		1,093		(28	)
	203	EUR	State Street Corp.		02/26/16		215		220		(5	)
	144	GBP	Merrill Lynch International		02/26/16		216		212		4
	201	GBP	Societe Generale		02/26/16		304		298		6
	3,819	GBP	Standard Chartered Bank		02/26/16		5,785		5,631		154
	64,456	JPY	Deutsche Bank AG		02/26/16		534		537		(3	)
	56,261	JPY	Royal Bank of Canada		02/26/16		464		468		(4	)
	1,697	NOK	Goldman Sachs International		02/26/16		195		191		4
						$	9,663	$	9,546	$	117

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS DECEMBER 31, 2015

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

ACES	—  Alternative Credit Enhancement Securities
ADR	—  American Depositary Receipt
AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
CMBS	—  Commercial Mortgage Backed Security
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 December 31, 2015. The rate may be subject to a cap and floor.
IO	—  Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JPY	—  Japanese Yen
NOK	—  Norwegian Krone
PO	—  Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
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.
REMIC	—  Real Estate Mortgage Investment Conduit
Rev.	—  Revenue
SEK	—  Swedish Krona
SGD	—  Singapore Dollar
SPI	—  Australian Securities Exchange
STRIPS	—  Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of December 31, 2015.
TOPIX	—  Tokyo Stock Price Index
USD	—  United States Dollar
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of December 31, 2015.
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(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%.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(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 December 31, 2015.
(n)	—  The rate shown is the effective yield at the date of purchase.
(t)	—  The date shown represents the earliest of the prerefunded data, next put date or final maturity date.
(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 rate in effect as of December 31, 2015.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A. of the Notes to Financial Statements is approximately $167,409,000 and 12.0% 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. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 49

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands, except per share amounts)

	Diversified Fund
ASSETS:
Investments in non-affiliates, at value	$	1,085,647
Investments in affiliates, at value		313,264
Total investment securities, at value		1,398,911
Cash		1,244
Foreign currency, at value		154
Deposits at broker for futures contracts		290
Receivables:
Investment securities sold		461
Fund shares sold		2,432
Interest and dividends from non-affiliates		2,566
Dividends from affiliates		4
Tax reclaims		266
Variation margin on futures contracts		1,131
Unrealized appreciation on forward foreign currency exchange contracts		345
Total Assets		1,407,804
LIABILITIES:
Payables:
Distributions		1,068
Investment securities purchased		1,203
Fund shares redeemed		809
Unrealized depreciation on forward foreign currency exchange contracts		66
Accrued liabilities:
Investment advisory fees		432
Administration fees		46
Distribution fees		55
Shareholder servicing fees		99
Custodian and accounting fees		142
Trustees’ and Chief Compliance Officer’s fees		2
Deferred India capital gains tax		5
Other		103
Total Liabilities		4,030
Net Assets	$	1,403,774

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS DECEMBER 31, 2015

	Diversified Fund
NET ASSETS:
Paid-in-Capital	$	1,297,928
Accumulated undistributed (distributions in excess of) net investment income		(587	)
Accumulated net realized gains (losses)		(13,029	)
Net unrealized appreciation (depreciation)		119,462
Total Net Assets	$	1,403,774
Net Assets:
Class A	$	142,362
Class C		38,941
Institutional Class		1,137,916
Select Class		84,555
Total	$	1,403,774
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		9,164
Class C		2,524
Institutional Class		73,006
Select Class		5,415
Net Asset Value (a):
Class A — Redemption price per share	$	15.54
Class C — Offering price per share (b)		15.43
Institutional Class — Offering and redemption price per share		15.59
Select Class — Offering and redemption price per share		15.61
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)]	$	16.27
Cost of investments in non-affiliates	$	966,587
Cost of investments in affiliates		311,804
Cost of foreign currency		153

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

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

DECEMBER 31, 2015 J.P. MORGAN FUNDS 51

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

	Diversified Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	5,912
Dividend income from non-affiliates		6,579
Dividend income from affiliates		5,346
Foreign taxes withheld		(100	)
Total investment income		17,737
EXPENSES:
Investment advisory fees		3,922
Administration fees		584
Distribution fees:
Class A		183
Class C		147
Shareholder servicing fees:
Class A		183
Class C		49
Institutional Class		577
Select Class		107
Custodian and accounting fees		251
Interest expense to non-affiliates		3
Interest expense to affiliates		—	(a)
Professional fees		52
Trustees’ and Chief Compliance Officer’s fees		6
Printing and mailing costs		29
Registration and filing fees		46
Transfer agent fees (See Note 2.I.)		48
Sub-transfer agent fees (See Note 2.I.)		93
Other		9
Total expenses		6,289
Less fees waived		(1,948	)
Net expenses		4,341
Net investment income (loss)		13,396
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		830
Investments in affiliates		(2,153	)
Futures		(1,388	)
Foreign currency transactions		(231	)
Net realized gain (loss)		(2,942	)
Distributions of capital gains received from investment company affiliates		4,256
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(39,772	)(b)
Investments in affiliates		(18,433	)
Futures		(440	)
Foreign currency translations		254
Change in net unrealized appreciation/depreciation		(58,391	)
Net realized/unrealized gains (losses)		(57,077	)
Change in net assets resulting from operations	$	(43,681	)

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

(b) Net of change in India capital gains tax of approximately $(3,000).

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS DECEMBER 31, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Diversified Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	13,396		$	22,554
Net realized gain (loss)		(2,942	)		48,917
Distributions of capital gains received from investment company affiliates		4,256			3,975
Change in net unrealized appreciation/depreciation		(58,391	)		(27,239	)
Change in net assets resulting from operations		(43,681	)		48,207
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,098	)		(2,268	)
From net realized gains		(3,704	)		(7,379	)
Class B (a)
From net investment income		—			(14	)
From net realized gains		—			(86	)
Class C
From net investment income		(205	)		(380	)
From net realized gains		(1,012	)		(1,663	)
Institutional Class
From net investment income		(11,610	)		(20,379	)
From net realized gains		(29,897	)		(48,667	)
Select Class
From net investment income		(749	)		(1,456	)
From net realized gains		(2,243	)		(4,084	)
Total distributions to shareholders		(50,518	)		(86,376	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		107,546			214,774
NET ASSETS:
Change in net assets		13,347			176,605
Beginning of period		1,390,427			1,213,822
End of period	$	1,403,774		$	1,390,427
Accumulated undistributed (distributions in excess of) net investment income	$	(587	)	$	(321	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 53

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Diversified Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	8,506		$	19,706
Distributions reinvested		4,497			9,118
Cost of shares redeemed		(11,504	)		(28,986	)
Conversion from Class B Shares		—			1,499
Change in net assets resulting from Class A capital transactions	$	1,499		$	1,337
Class B (a)
Proceeds from shares issued	$	—		$	52
Distributions reinvested		—			100
Cost of shares redeemed		—			(786	)
Conversion to Class A Shares		—			(1,499	)
Change in net assets resulting from Class B capital transactions	$	—		$	(2,133	)
Class C
Proceeds from shares issued	$	5,718		$	13,168
Distributions reinvested		1,111			1,814
Cost of shares redeemed		(3,477	)		(5,621	)
Change in net assets resulting from Class C capital transactions	$	3,352		$	9,361
Institutional Class
Proceeds from shares issued	$	115,650		$	310,536
Distributions reinvested		37,601			64,436
Cost of shares redeemed		(54,894	)		(146,143	)
Change in net assets resulting from Institutional Class capital transactions	$	98,357		$	228,829
Select Class
Proceeds from shares issued	$	11,323		$	16,902
Distributions reinvested		1,510			3,059
Cost of shares redeemed		(8,495	)		(42,581	)
Change in net assets resulting from Select Class capital transactions	$	4,338		$	(22,620	)
Total change in net assets resulting from capital transactions	$	107,546		$	214,774

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS DECEMBER 31, 2015

	Diversified Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		528			1,166
Reinvested		291			559
Redeemed		(708	)		(1,708	)
Conversion from Class B Shares		—			89
Change in Class A Shares		111			106
Class B (a)
Issued		—			3
Reinvested		—			6
Redeemed		—			(47	)
Conversion to Class A Shares		—			(88	)
Change in Class B Shares		—			(126	)
Class C
Issued		356			783
Reinvested		72			112
Redeemed		(217	)		(335	)
Change in Class C Shares		211			560
Institutional Class
Issued		7,100			18,377
Reinvested		2,419			3,929
Redeemed		(3,382	)		(8,573	)
Change in Institutional Class Shares		6,137			13,733
Select Class
Issued		698			1,001
Reinvested		97			187
Redeemed		(519	)		(2,475	)
Change in Select Class Shares		276			(1,287	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 55

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)(b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net   investment   income			Net realized gain			Total distributions
Diversified Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	16.63	$	0.12	(h)	$	(0.67	)	$	(0.55	)	$	(0.12	)	$	(0.42	)	$	(0.54	)
Year Ended June 30, 2015		17.20		0.23	(h)		0.32			0.55			(0.26	)		(0.86	)		(1.12	)
Year Ended June 30, 2014		15.60		0.26	(h)		2.34			2.60			(0.30	)		(0.70	)		(1.00	)
Year Ended June 30, 2013		14.26		0.28	(h)		1.63			1.91			(0.28	)		(0.29	)		(0.57	)
Year Ended June 30, 2012		14.46		0.30	(h)		(0.18	)		0.12			(0.32	)		—	(i)		(0.32	)
Year Ended June 30, 2011		12.08		0.27	(h)		2.38			2.65			(0.27	)		—			(0.27	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		16.52		0.08	(h)		(0.67	)		(0.59	)		(0.08	)		(0.42	)		(0.50	)
Year Ended June 30, 2015		17.11		0.15	(h)		0.30			0.45			(0.18	)		(0.86	)		(1.04	)
Year Ended June 30, 2014		15.53		0.18	(h)		2.33			2.51			(0.23	)		(0.70	)		(0.93	)
Year Ended June 30, 2013		14.22		0.21	(h)		1.62			1.83			(0.23	)		(0.29	)		(0.52	)
Year Ended June 30, 2012		14.43		0.23	(h)		(0.18	)		0.05			(0.26	)		—	(i)		(0.26	)
Year Ended June 30, 2011		12.06		0.21	(h)		2.37			2.58			(0.21	)		—			(0.21	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		16.69		0.16	(h)		(0.68	)		(0.52	)		(0.16	)		(0.42	)		(0.58	)
Year Ended June 30, 2015		17.25		0.32	(h)		0.32			0.64			(0.34	)		(0.86	)		(1.20	)
Year Ended June 30, 2014		15.64		0.35	(h)		2.34			2.69			(0.38	)		(0.70	)		(1.08	)
Year Ended June 30, 2013		14.29		0.36	(h)		1.63			1.99			(0.35	)		(0.29	)		(0.64	)
Year Ended June 30, 2012		14.49		0.37	(h)		(0.18	)		0.19			(0.39	)		—	(i)		(0.39	)
Year Ended June 30, 2011		12.10		0.34	(h)		2.38			2.72			(0.33	)		—			(0.33	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		16.71		0.14	(h)		(0.68	)		(0.54	)		(0.14	)		(0.42	)		(0.56	)
Year Ended June 30, 2015		17.28		0.27	(h)		0.31			0.58			(0.29	)		(0.86	)		(1.15	)
Year Ended June 30, 2014		15.66		0.32	(h)		2.35			2.67			(0.35	)		(0.70	)		(1.05	)
Year Ended June 30, 2013		14.31		0.32	(h)		1.64			1.96			(0.32	)		(0.29	)		(0.61	)
Year Ended June 30, 2012		14.51		0.33	(h)		(0.17	)		0.16			(0.36	)		—	(i)		(0.36	)
Year Ended June 30, 2011		12.12		0.31	(h)		2.38			2.69			(0.30	)		—			(0.30	)

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

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

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

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

(e) Does not include expenses of Underlying Funds.

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

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

(h) Calculated based upon average shares outstanding.

(i) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss)(b)			Expenses without waivers, reimbursements and earnings credits (e)			Portfolio turnover rate (c)(g)
$	15.54		(3.25	)%	$	142,362		1.01	%		1.47	%		1.29	%		25	%
	16.63		3.40			150,561		1.00			1.37			1.25			49
	17.20		17.10			153,904		1.04			1.59			1.24			58
	15.60		13.67			139,734		1.02			1.87			1.25			53
	14.26		1.04			128,999		1.02			2.17			1.27			66
	14.46		22.03			134,738		0.99			1.98			1.27			76
	15.43		(3.52	)		38,941		1.52			0.97			1.75			25
	16.52		2.87			38,224		1.51			0.87			1.74			49
	17.11		16.53			29,994		1.55			1.12			1.74			58
	15.53		13.10			18,843		1.53			1.37			1.75			53
	14.22		0.49			10,566		1.53			1.67			1.77			66
	14.43		21.48			9,647		1.51			1.52			1.77			76
	15.59		(3.06	)		1,137,916		0.52			1.98			0.80			25
	16.69		3.96			1,115,749		0.51			1.86			0.82			49
	17.25		17.67			916,735		0.55			2.10			0.84			58
	15.64		14.24			650,287		0.53			2.36			0.85			53
	14.29		1.53			447,930		0.53			2.65			0.87			66
	14.49		22.64			507,286		0.50			2.49			0.87			76
	15.61		(3.18	)		84,555		0.76			1.74			0.99			25
	16.71		3.63			85,893		0.75			1.60			0.99			49
	17.28		17.46			111,022		0.79			1.90			0.99			58
	15.66		13.96			68,741		0.77			2.12			1.00			53
	14.31		1.27			58,910		0.77			2.40			1.02			66
	14.51		22.32			75,018		0.74			2.22			1.02			76

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 57

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

1. Organization

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

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Diversified Fund	Class A, Class C, Institutional Class and Select Class	Diversified

The investment objective of the Fund is to seek to provide a high total return from a diversified portfolio of equity and fixed income investments.

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

On June 19, 2015, all remaining Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC.

2. Significant Accounting Policies

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

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

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 affiliated and unaffiliated approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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

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.

58 J.P. MORGAN FUNDS DECEMBER 31, 2015

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

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Fund at December 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 not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	90,053	$	24,338	$	15		$	114,406
Consumer Staples		30,984		16,515		—			47,499
Energy		31,660		8,110		—			39,770
Financials		117,277		44,011		479			161,767
Health Care		86,955		17,672		—	(a)		104,627
Industrials		56,212		16,548		—			72,760
Information Technology		128,994		17,093		—			146,087
Materials		17,134		9,033		—			26,167
Telecommunication Services		6,410		5,856		—			12,266
Utilities		13,468		3,547		—			17,015
Total Common Stocks		579,147		162,723		494			742,364
Preferred Stock
Consumer Staples		—		1,541		—			1,541
Debt Securities
Asset-Backed Securities		—		15,871		38,576			54,447
Collateralized Mortgage Obligations
Agency CMO		—		77,616		—			77,616
Non-Agency CMO		—		16,981		—			16,981
Total Collateralized Mortgage Obligations		—		94,597		—			94,597
Commercial Mortgage-Backed Securities		—		11,033		561			11,594
Corporate Bonds
Consumer Discretionary		—		7,877		—			7,877
Consumer Staples		—		6,942		—			6,942
Energy		—		9,455		—			9,455
Financials		—		39,893		—			39,893
Health Care		—		8,801		—			8,801
Industrials		—		8,132		—			8,132
Information Technology		—		4,824		—			4,824
Materials		—		2,936		—			2,936
Telecommunication Services		—		4,778		—			4,778
Utilities		—		13,087		—			13,087
Total Corporate Bonds		—		106,725		—			106,725

DECEMBER 31, 2015 J.P. MORGAN FUNDS 59

NOTES TO FINANCIAL STATEMENTS

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Foreign Government Securities	$	—		$	517		$	—		$	517
Mortgage Pass-Through Securities		—			18,747			—			18,747
Municipal Bonds		—			500			—			500
Preferred Securities
Financials		—			2,296			—			2,296
Industrials		—			118			—			118
Total Preferred Securities		—			2,414			—			2,414
Supranational		—			64			—			64
U.S. Government Agency Securities		—			199			—			199
U.S. Treasury Obligations		—			51,733			—			51,733
Investment Companies		281,392			—			—			281,392
Warrant
Financials		—			—			—	(a)		—	(a)
Short-Term Investments
U.S. Treasury Obligations		—			205			—			205
Investment Company		31,872			—			—			31,872
Total Short-Term Investments		31,872			205			—			32,077
Total Investments in Securities	$	892,411		$	466,869		$	39,631		$	1,398,911
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	345		$	—		$	345
Futures Contracts		310			—			—			310
Total Appreciation in Other Financial Instruments	$	310		$	345		$	—		$	655
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(66	)	$	—		$	(66	)
Futures Contracts		(1,616	)		—			—			(1,616	)
Total Depreciation in Other Financial Instruments	$	(1,616	)	$	(66	)	$	—		$	(1,682	)

(a) Value is zero.

There were no significant transfers between levels 1 and 2 during the six months ended December 31, 2015.

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

JPMorgan Diversified Fund	Balance as of June 30, 2015			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 December 31, 2015
Investments in Securities :
Asset-Backed Securities	$	40,519		$	—	(a)	$	(257	)	$	82		$	5,520	$	(3,972	)	$	—	$	(3,316	)	$	38,576
Collateralized Mortgage Obligations — Non-Agency CMO		54			—			—			—			—		—			—		(54	)		—
Commercial Mortgage-Backed Securities		611			—			1			(23	)		—		(28	)		—		—			561
Common Stocks — Consumer Discretionary		304			—			(91	)		—			—		—			106		(304	)		15
Common Stocks — Financials		—			—			33			—			446		—			—		—			479
Common Stocks — Health Care		—	(b)		—			—			—			—		—			—		—			—	(b)
Warrant — Financials		—	(b)		—			—			—			—		—			—		—			—	(b)
	$	41,488		$	—	(a)	$	(314	)	$	59		$	5,966	$	(4,000	)	$	106	$	(3,674	)	$	39,631

60 J.P. MORGAN FUNDS DECEMBER 31, 2015

⁽¹⁾  Purchases include all purchases of 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 $1,000.

(b) Value is zero.

Transfers between fair value levels 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 December 31, 2015, which were valued using significant unobservable inputs (Level 3), amounted to approximately $(306,000).

Diversified Fund

Quantitative Information about Level 3 Fair Value Measurements #

(amounts in thousands)

	Fair Value at December 31, 2015			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	—	(a)	Mergers and Acquisitions	Discount for potential outcome		100% (N/A)
Common Stock		—	(a)
		38,576		Discounted Cash Flow	Constant Prepayment Rate		0% - 10.00% (3.62%)
					Constant Default Rate		2.00% - 36.00% (6.06%)
					Yield (Discount Rate of Cash Flows)		1.70% - 10.16% (4.66%)
Asset-Backed Securities		38,576
		503		Discounted Cash Flow	Constant Prepayment Rate		0.00 - 90.00% (2.10%)
					Yield (Discount Rate of Cash Flows)		2.97% - 4.98% (4.66%)
Commercial Mortgage-Backed Securities		503
Total	$	39,079

# The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At December 31, 2015, the value of these investments was approximately $552,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Value is zero.

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

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

As of December 31, 2015, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Futures Contracts — The Fund used treasury, index or other financial futures contracts to gain or reduce exposure to the stock and bond markets, maintain liquidity or minimize transactions costs. The Fund also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

DECEMBER 31, 2015 J.P. MORGAN FUNDS 61

NOTES TO FINANCIAL STATEMENTS

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

the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI and cash deposited is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

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

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended December 31, 2015 (amounts in thousands):

Futures Contracts:
Equity
Average Notional Balance Long	$	33,838
Average Notional Balance Short		29,698
Ending Notional Balance Long		26,890
Ending Notional Balance Short		41,230
Interest Rate
Average Notional Balance Long		60,134
Average Notional Balance Short		55,999
Ending Notional Balance Long		67,052
Ending Notional Balance Short		27,061

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

D. Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with 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 U.S. dollar without the delivery of foreign currency.

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

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). As of December 31, 2015, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

The table below discloses the volume of the Fund’s forward foreign currency exchange contracts activity during the six months ended December 31, 2015 (amounts in thousands):

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	11,155
Average Settlement Value Sold		9,893
Ending Settlement Value Purchased		10,078
Ending Settlement Value Sold		9,663

62 J.P. MORGAN FUNDS DECEMBER 31, 2015

E. Summary of Derivatives Information — The following table presents the value of derivatives held as of December 31, 2015, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities (amounts in thousands):

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	55		$	—		$	55
Foreign exchange contracts	Receivables		—			345			345
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		255			—			255
Total		$	310		$	345		$	655
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(541	)	$	—		$	(541	)
Foreign exchange contracts	Payables		—			(66	)		(66	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(1,075	)		—			(1,075	)
Total		$	(1,616	)	$	(66	)	$	(1,682	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers.

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

The following tables present the effect of derivatives on the Statement of Operations for the six months ended December 31, 2015, by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized on Statement of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	$	(601	)	$	—		$	(601	)
Foreign exchange contracts		—			(139	)		(139	)
Equity contracts		(787	)		—			(787	)
Total	$	(1,388	)	$	(139	)	$	(1,527	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statement of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Interest rate contracts	$	253		$	—	$	253
Foreign exchange contracts		—			254		254
Equity contracts		(693	)		—		(693	)
Total	$	(440	)	$	254	$	(186	)

The Fund’s derivatives contracts held at December 31, 2015 are not accounted for as hedging instruments under GAAP.

DECEMBER 31, 2015 J.P. MORGAN FUNDS 63

NOTES TO FINANCIAL STATEMENTS

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

F. Investment Transactions with Affiliates — The Fund invests in Underlying Funds which are advised by J.P. Morgan Investment Management Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) or its affiliates pursuant to Section 12(d)(1)(G) of the 1940 Act. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Included in the realized gain (loss) amounts in the table below are distributions of realized capital gains, if any, received from the Underlying Funds (amounts in thousands).

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan Emerging Markets Debt Fund, Class R6 Shares	$	27,111	$	2,317	$	—	$	—		$	816		3,690	$	28,373
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		11,290		11,724		—		—			224		1,071		20,068
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		12,420		1,500		5,800		(1,766	)		—		917		6,736
JPMorgan High Yield Fund, Class R6 Shares		55,116		27,206		—		44			2,162		11,013		75,217
JPMorgan Intrepid International Fund, Class R6 Shares		—		73,845		4,000		(386	)		1,452		3,373		64,224
JPMorgan Intrepid International Fund, Institutional Class Shares		68,645		—		69,393		—			—		—		—
JPMorgan Mid Cap Equity Fund, Class R6 Shares		42,518		4,088		—		1,986			101		990		42,277
JPMorgan Prime Money Market Fund, Institutional Class Shares		38,077		254,683		260,888		—			14		31,872		31,872
JPMorgan Realty Income Fund, Class R6 Shares		—		38,114		—		2,225			434		3,318		44,497
JPMorgan Realty Income Fund, Institutional Class Shares		38,589		2,143		35,455		—			143		—		—
	$	293,766					$	2,103		$	5,346			$	313,264

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

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations.

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

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

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

64 J.P. MORGAN FUNDS DECEMBER 31, 2015

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

Transfer Agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended December 31, 2015 are as follows (amounts in thousands):

	Class A		Class C		Institutional Class		Select Class		Total
Transfer agent fees	$	37	$	2	$	5	$	4	$	48
Sub-transfer agent fees		38		9		30		16		93

The Fund invests in Underlying Funds and, as a result, bears a portion of the expenses incurred by these Underlying Funds. These expenses are not reflected in the expenses shown on the Statement of Operations and are not included in the ratio to average net assets shown on the Financial Highlights. Certain expenses of affiliated Underlying Funds are waived as described in Note 3.F.

J. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of December 31, 2015, no liability for income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. The Fund is subject to a tax imposed on short-term capital gains on securities of issuers domiciled in India. The Fund records an estimated deferred tax liability for these securities that have been held for less than one year at the end of the reporting period, assuming those positions were disposed of at the end of the period. This amount, if any, is reported as Deferred India capital gains tax in the accompanying Statement of Assets and Liabilities. Short-term realized capital losses on the sale of securities of issuers domiciled in India can be carried forward for eight years to offset potential future short-term realized capital gains.

India has enacted rules imposing a tax on the indirect transfers of Indian shares. Based upon current guidance from Indian tax authorities, management does not believe that such tax will be applicable to the Fund. However, management’s conclusion, regarding this and other foreign tax matters, may be subject to future review based on changes in, or the interpretation of, the accounting standards and the tax laws and regulations.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.55% of the Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2015, the effective annualized rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

DECEMBER 31, 2015 J.P. MORGAN FUNDS 65

NOTES TO FINANCIAL STATEMENTS

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares. The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A and Class C Shares, respectively.

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor retained the following (amounts in thousands):

Front-End Sales Charge	CDSC
$10	$	—	(a)

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

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

Class A	Class C	Institutional Class			Select Class
0.25%	0.25%		0.10	%		0.25	%

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

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

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

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

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

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

Class A		Class C			Institutional Class			Select Class
	1.14%		1.65	%		0.65	%		0.89	%

The expense limitation agreement was in effect for the six months ended December 31, 2015 and is in place until at least October 31, 2016.

For the six months ended December 31, 2015, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows (amounts in thousands). None of these parties expect the Fund to repay any such waived fees and reimbursed expenses in future years.

Contractual Waivers
Investment Advisory		Administration			Shareholder Servicing		Total
$	656	$	—	(a)	$	338	$	994

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

In addition, the Fund’s service providers have voluntarily waived fees during the six months ended December 31, 2015. However, the Fund’s service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

66 J.P. MORGAN FUNDS DECEMBER 31, 2015

Voluntary Waivers
Investment Advisory		Administration		Total
$	599	$	322	$	921

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective November 1, 2015, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund. Prior to November 1, 2015, a portion of the waiver and/or reimbursement was voluntary.

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2015, was approximately $33,000.

The Underlying Funds may impose separate advisory and shareholder servicing fees. The Fund’s Adviser and/or Distributor have agreed to waive the Fund’s fees in the weighted average pro-rata amount of the advisory and shareholder servicing fees charged by the Underlying Funds. These waivers may be in addition to any waivers required to meet the Fund’s contractual expense limitations, but will not exceed the Fund’s advisory fee and/or shareholder servicing fees.

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

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

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

During the six months ended December 31, 2015, the Fund may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Fund may use related party broker-dealers. For the six months ended December 31, 2015, the Fund incurred less than $1,000 in commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended December 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
$	401,487	$	292,181	$	11,710	$	47,854

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2015 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	1,278,391	$	171,445	$	50,925	$	120,520

At June 30, 2015, the Fund did not have any net capital loss carryforward.

6. Borrowings

The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current

DECEMBER 31, 2015 J.P. MORGAN FUNDS 67

NOTES TO FINANCIAL STATEMENTS

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

bank loan rate. The Order was granted to JPMorgan Trust II (“JPM II”) and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are both investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015, or at any time during the six months then ended.

7. Risks, Concentrations and Indemnifications

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

As of December 31, 2015, the Adviser or an affiliate had discretion on behalf of certain of their clients with respect to the purchase or sale of shares representing 10.3% of the Fund’s net assets. Investment activities on behalf of these shareholders could impact the Fund.

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

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

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

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Fund is subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

68 J.P. MORGAN FUNDS DECEMBER 31, 2015

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund (not including expenses of the Underlying Funds) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2015, and continued to hold your shares at the end of the reporting period, December 31, 2015.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Diversified Fund
Class A
Actual	$	1,000.00	$	967.50	$	5.00		1.01	%
Hypothetical		1,000.00		1,020.06		5.13		1.01
Class C
Actual		1,000.00		964.80		7.51		1.52
Hypothetical		1,000.00		1,017.50		7.71		1.52
Institutional Class
Actual		1,000.00		969.40		2.57		0.52
Hypothetical		1,000.00		1,022.52		2.64		0.52
Select Class
Actual		1,000.00		968.20		3.76		0.76
Hypothetical		1,000.00		1,021.32		3.86		0.76

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

DECEMBER 31, 2015 J.P. MORGAN FUNDS 69

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose semi-annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s expense ratios and those of its peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of the Fund in connection with the Trustees’ review of the Advisory Agreement. Before voting on the proposed Advisory Agreement, the Trustees reviewed the proposed Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreement. The Trustees also discussed the proposed Advisory Agreement in executive sessions with independent legal counsel at which no

representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

The Trustees considered information provided with respect to the Fund over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

70 J.P. MORGAN FUNDS DECEMBER 31, 2015

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund, including the benefits received by the Adviser and its affiliates in connection with the Fund’s investments in underlying J.P. Morgan Funds in which the Fund invests (“Underlying Funds”). The Board also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

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

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees noted that the proposed investment advisory fee schedule for the Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allows the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Fund’s Senior Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee

DECEMBER 31, 2015 J.P. MORGAN FUNDS 71

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

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

The Trustees noted that the Fund’s performance was in the third quintile for Class A shares for each of the one-, three-, and five- year periods ended December 31, 2014, and in the third, second, and second quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent

consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

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

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

72 J.P. MORGAN FUNDS DECEMBER 31, 2015

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

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

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

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

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

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

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

^© JPMorgan Chase & Co., 2016.  All rights reserved. December 2015. SAN-DIV-1215

Semi-Annual Report

J.P. Morgan Large Cap Funds

December 31, 2015 (Unaudited)

JPMorgan Disciplined Equity Fund

JPMorgan Dynamic Growth Fund

JPMorgan Equity Focus Fund

JPMorgan Equity Income Fund

JPMorgan Growth and Income Fund

JPMorgan Hedged Equity Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan U.S. Equity Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Disciplined Equity Fund	3
JPMorgan Dynamic Growth Fund	5
JPMorgan Equity Focus Fund	7
JPMorgan Equity Income Fund	9
JPMorgan Growth and Income Fund	11
JPMorgan Hedged Equity Fund	13
JPMorgan Large Cap Growth Fund	15
JPMorgan Large Cap Value Fund	17
JPMorgan U.S. Equity Fund.	19
Schedules of Portfolio Investments	21
Financial Statements	50
Financial Highlights	74
Notes to Financial Statements	92
Schedule of Shareholder Expenses	104
Board Approval of Investment Advisory Agreement	108

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

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

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

CEO’S LETTER

January 29, 2016 (Unaudited)

Dear Shareholder,

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies — particularly those of emerging market exporting nations — put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48%

of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets — including a 2% devaluation of the yuan — the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks — particularly those of large cap technology companies — while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management,

J.P. Morgan Asset Management

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 1

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

U.S. equities financial markets provided slim returns for the second half of 2015. Global weakness in commodities prices, slowing economic growth in China, anxiety over U.S. interest rate policy and slowing growth in corporate earnings combined to put pressure on equity prices during the summer months.

In mid-August, Chinese authorities devalued the yuan by 2% amid declines in the Shanghai and Shenzhen equity markets. A global sell-off followed on August 24^th, dragging down the Standard & Poor’s 500 Index (S&P 500) by 3.9% for the day.

However, U.S. equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. The S&P 500 turned in its best one-month performance since October 2011.

In general, the U.S. equities market for the six month reporting period was marked by large gains in a few select stocks, especially technology sector stocks, while most other stocks ended the period lower or essentially flat. The energy, materials and industrials sectors underperformed the broader market, while the consumer discretionary, consumer staples and health care sectors outperformed the broader market. Over the reporting period, growth stocks generally outperformed value stocks and small cap stocks generally underperformed both mid cap and large cap stocks. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and the Russell 1000 Index returned -0.78%.

2 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Disciplined Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		-4.61%
S&P 500 Index		0.15%
Net Assets as of 12/31/2015 (In Thousands)	$	8,163,167

INVESTMENT OBJECTIVE**

The JPMorgan Disciplined Equity Fund (the “Fund”) seeks to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Composite Stock Price Index (the “Benchmark”).

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

The Fund’s Institutional Class Shares underperformed the Benchmark for the six months ended December 31, 2015. The Fund’s security selection in the industrial cyclical and media sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the energy and utilities sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Time Warner Inc., 21^st Century Fox Inc. and Mosaic Co. Shares of media and entertainment companies Time Warner and 21^st Century Fox fell on lower-than-expected advertising revenue amid a consumer trend away from cable TV and toward online entertainment providers. Shares of Mosaic, a fertilizer company, fell on a decline in slower sales and earnings.

Leading individual contributors to relative performance included the Fund’s overweight position in Valero Energy Corp. and its underweight positions in Walt Disney Co. and Kinder Morgan Inc. Shares of Valero Energy, a refinery operator specializing in gasoline and diesel fuel, rose on the company’s plans to expand its refining and transport systems to reduce operating costs. Shares of Walt Disney, an entertainment and media company, declined amid a consumer trend away from cable TV and toward online entertainment providers. Shares of Kinder Morgan, an owner/operator of natural gas pipelines and terminals, declined amid continued weakness in energy prices.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers attempted to construct the portfolio so that stock selection was the principal source of

potential excess return. The Fund’s portfolio managers sought investment opportunities in companies that they believed were attractive based on valuation and strong fundamentals.

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	3.4	%
	2.	Alphabet, Inc., Class A	2.9
	3.	Microsoft Corp.	2.5
	4.	Bank of America Corp.	2.4
	5.	Gilead Sciences, Inc.	2.0
	6.	Lowe’s Cos., Inc.	2.0
	7.	PepsiCo, Inc.	1.9
	8.	Avago Technologies Ltd., (Singapore)	1.8
	9.	Lam Research Corp.	1.8
	10.	Accenture plc, (Ireland), Class A	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	21.0	%
Financials	17.3
Consumer Discretionary	15.7
Health Care	15.6
Industrials	9.2
Consumer Staples	6.6
Energy	6.2
Utilities	2.9
Materials	2.4
Telecommunication Services	1.7
Short-Term Investments	1.4

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 3

JPMorgan Disciplined Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
Without Sales Charge			(4.83	)%		(2.68	)%		11.99	%		7.27	%
With Sales Charge**			(9.83	)		(7.78	)		10.79			6.69
CLASS R6 SHARES	March 24, 2003		(4.60	)		(2.16	)		12.56			7.81
INSTITUTIONAL CLASS SHARES	January 3, 1997		(4.61	)		(2.25	)		12.46			7.70
SELECT CLASS SHARES	September 10, 2001		(4.68	)		(2.38	)		12.28			7.54

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Disciplined Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual

fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

4 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Dynamic Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		3.54%
Russell 1000 Growth Index		1.64%
Net Assets as of 12/31/2015 (In Thousands)	$	373,247

INVESTMENT OBJECTIVE**

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

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

The Fund (Select Class Shares) outperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the consumer discretionary and technology sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection and underweight position in the consumer staples sector and its security selection and overweight position in the health care sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Amazon.com Inc. and Facebook Inc. and its underweight position in Apple Inc. Shares of Amazon.com, an online retailer, rose on continued expansion of its business and an overall increase in online shopping during the 2015 holiday season. Shares of Facebook, an online social media business, rose on growth in advertising sales. Shares of Apple, a maker of computers and mobile devices, fell on weakness in iPhone sales and analysts’ expectation for declining revenue and earnings.

Leading individual detractors from relative performance included the Fund’s overweight positions in Lululemon Athletica Inc., Gilead Sciences Inc. and Kansas City Southern Co. Shares of Lululemon, an athletic apparel maker, fell after the company reduced its earnings forecast and said its profit margins would not likely recover until 2017. Shares of Gilead Sciences, a pharmaceutical company, fell on investor expectations that revenue growth would slow in 2016. Shares of Kansas City Southern, a freight railroad, declined amid slowing freight traffic.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort

to construct portfolios of stocks that have strong fundamentals and positive price momentum. The Fund’s portfolio managers sought to invest in companies with attractive fundamentals that, in their view, possessed the potential to significantly exceed expectations for a prolonged period of time.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Alphabet, Inc., Class A	6.6	%
	2.	Amazon.com, Inc.	6.4
	3.	Facebook, Inc., Class A	5.9
	4.	MasterCard, Inc., Class A	5.8
	5.	Regeneron Pharmaceuticals, Inc.	4.6
	6.	Home Depot, Inc. (The)	4.6
	7.	Charles Schwab Corp. (The)	4.4
	8.	salesforce.com, Inc.	4.0
	9.	Gilead Sciences, Inc.	3.8
	10.	Starbucks Corp.	3.7

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	35.4	%
Consumer Discretionary	23.3
Health Care	21.1
Financials	4.4
Industrials	3.4
Materials	2.9
Consumer Staples	2.4
Energy	1.7
Short-Term Investment	5.4

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 5

JPMorgan Dynamic Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2007
Without Sales Charge			3.41	%		8.82	%		12.42	%		7.35	%
With Sales Charge**			(2.00	)		3.13			11.22			6.64
CLASS C SHARES	November 30, 2007
Without CDSC			3.14			8.24			11.85			6.82
With CDSC***			2.14			7.24			11.85			6.82
CLASS R5 SHARES	November 30, 2007		3.64			9.31			12.91			7.84
SELECT CLASS SHARES	November 30, 2007		3.54			9.12			12.70			7.62

* Not annualized

** Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (11/30/07 TO 12/31/15)

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

The Fund commenced operations on November 30, 2007.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Dynamic Growth Fund, the Russell 1000 Growth Index and the Lipper Large-Cap Growth Funds Index from November 30, 2007 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Growth Index is an unmanaged index which measures

the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Large-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through August 5, 2010, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

6 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		1.97%
S&P 500 Index		0.15%
Net Assets as of 12/31/2015 (In Thousands)	$	83,636

INVESTMENT OBJECTIVE**

The JPMorgan Equity Focus Fund (the “Fund”) seeks long term capital appreciation.

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

The Fund (Select Class Shares) outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the technology and consumer discretionary sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the producer durables sector and its underweight position in the consumer staples sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Amazon.com Inc., Alphabet Inc. and Facebook Inc. Shares of Amazon.com, an online retailer, rose on continued expansion of its business and an overall increase in online shopping during the 2015 holiday season. Shares of Alphabet, the parent company of Google and its subsidiaries and affiliates, rose on continued growth in Google advertising revenue and investors’ desire for defensive large cap stocks amid market volatility. Shares of Facebook, an online social media business, rose on growth in advertising sales.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gilead Sciences Inc., Kohl’s Corp. and WestRock Co. Shares of Gilead Sciences, a pharmaceutical company, fell on investor concerns about industry-wide pricing practices. Shares of Kohl’s, a department store chain, fell after the company reported lower-than-expected earnings and revenue. Shares of WestRock, a packaging manufacturer, declined on lower-than-expected revenue and investor concerns about pricing trends in the packaging industry.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection. As a result of this approach

to stock selection, the Fund’s largest overweight positions versus the Benchmark were in the consumer discretionary and financial services sectors. The Fund’s largest underweight positions versus the Benchmark were in the consumer staples and utilities sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Alphabet, Inc., Class C	6.2	%
	2.	Facebook, Inc., Class A	6.0
	3.	Amazon.com, Inc.	5.2
	4.	Regeneron Pharmaceuticals, Inc.	4.4
	5.	Gilead Sciences, Inc.	4.4
	6.	MasterCard, Inc., Class A	4.4
	7.	Loews Corp.	3.7
	8.	Wells Fargo & Co.	3.6
	9.	Priceline Group, Inc. (The)	3.5
	10.	Celgene Corp.	3.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	23.5	%
Financials	20.9
Consumer Discretionary	19.3
Health Care	16.5
Industrials	5.9
Energy	5.0
Materials	3.2
Utilities	2.4
Short-Term Investment	3.3

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 7

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 29, 2011
Without Sales Charge			1.84	%		4.11	%		16.11	%		13.23	%
With Sales Charge**			(3.49	)		(1.34	)		14.04			11.86
CLASS C SHARES	July 29, 2011
Without CDSC			1.57			3.62			15.54			12.66
With CDSC***			0.57			2.62			15.54			12.66
SELECT CLASS SHARES	July 29, 2011		1.97			4.40			16.41			13.51

* Not annualized

** Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (7/29/11 TO 12/31/15)

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

The Fund commenced operations on July 29, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Equity Focus Fund, the S&P 500 Index and the Lipper Large-Cap Growth Funds Index from July 29, 2011 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the

expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Growth Funds Index represents the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through July 31, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

8 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-1.07%
Russell 1000 Value Index		-3.23%
Net Assets as of 12/31/2015 (In Thousands)	$	10,426,079

INVESTMENT OBJECTIVE**

The JPMorgan Equity Income Fund (the “Fund”) seeks capital appreciation and current income.

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

The Fund (Select Class Shares) outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection and an underweight position in the energy sector and its security selection in the consumer staples sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the industrials and information technology sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Altria Group Inc., Home Depot Inc. and Airgas Inc. Shares of Altria Group, a tobacco company, rose on strong quarterly sales growth and investor expectations that it would benefit from Anheuser-Busch InBev SA’s proposed takeover of SABMiller PLC, in which Altria held a 27% stake as of October. Shares of Home Depot, a home improvement retail chain, rose on strong sales growth amid continued strength in the U.S. housing sector. Shares of Airgas, a supplier of specialty gases to the industrial and medical sectors, rose on news of a $13.4 billion takeover bid by Air Liquide SA.

Leading individual detractors from relative performance included the Fund’s underweight position in General Electric Co. and its overweight positions in Time Warner Inc. and Apple Inc. Shares of General Electric, an industrial conglomerate not held in the Fund, rose on expectations of profit growth after the company shed large parts of its finance business. Shares of Time Warner, a media and entertainment company, fell on lower-than-expected advertising revenue amid a consumer trend away from cable TV and toward online entertainment providers. Shares of Apple, a maker of computers and mobile devices, fell on weakness in iPhone sales and analysts’ expectation for declining revenue and earnings.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers’ focus remained on stock selection, as they believed that quality companies trading at

attractive valuations have the greatest potential to outperform in the long term. As the Fund aimed to purchase stocks with above average dividend yields, the research process was designed to identify companies with predictable and durable business models deemed capable of generating sustainable free cash flow.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	4.6	%
	2.	Exxon Mobil Corp.	2.6
	3.	Johnson & Johnson	2.4
	4.	PNC Financial Services Group, Inc. (The)	2.2
	5.	BlackRock, Inc.	2.1
	6.	Altria Group, Inc.	2.1
	7.	Pfizer, Inc.	2.0
	8.	Travelers Cos., Inc. (The)	2.0
	9.	Apple, Inc.	2.0
	10.	CME Group, Inc.	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	29.4	%
Health Care	11.7
Consumer Discretionary	10.2
Consumer Staples	9.4
Industrials	9.2
Information Technology	9.0
Energy	8.6
Utilities	4.7
Materials	3.8
Telecommunication Services	1.5
Short-Term Investment	2.5

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 9

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
Without Sales Charge			(1.21	)%		(2.51	)%		12.01	%		7.68	%
With Sales Charge**			(6.38	)		(7.64	)		10.81			7.10
CLASS C SHARES	November 4, 1997
Without CDSC			(1.41	)		(2.99	)		11.45			7.14
With CDSC***			(2.41	)		(3.99	)		11.45			7.14
CLASS R2 SHARES	February 28, 2011		(1.32	)		(2.78	)		11.74			7.50
CLASS R5 SHARES	February 28, 2011		(0.90	)		(2.05	)		12.51			8.09
CLASS R6 SHARES	January 31, 2012		(0.93	)		(1.96	)		12.55			8.11
SELECT CLASS SHARES	July 2, 1987		(1.07	)		(2.31	)		12.29			7.99

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

Returns for Class R2 and Class R5 Shares prior to their inception dates are based on the performance of Select Class Shares. With respect to Class R2 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Select Class Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to February 28, 2011, Select Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Equity Income Fund, the Russell 1000 Value Index and the Lipper Equity Income Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales

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

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

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

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

10 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Growth and Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		-1.69%
Russell 1000 Value Index		-3.23%
Net Assets as of 12/31/2015 (In Thousands)	$	503,755

INVESTMENT OBJECTIVE**

The JPMorgan Growth and Income Fund (the “Fund”) seeks to provide capital growth over the long term and earn income from dividends.

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection and underweight position in the energy sector and its security selection in the consumer staples sector were leading contributors to performance relative to the Benchmark, while the Fund’s underweight position in the utilities sector and its security selection in the financials sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Molson Coors Brewing Co., Alphabet Inc. and Home Depot Inc. Shares of Molson Coors, a brewing company, rose on investor expectations that it would acquire control of a valuable joint venture MillerCoors following the proposed acquisition of SABMiller by Anheuser Busch InBev. Shares of Alphabet, the parent company of Google Inc. and its subsidiaries and affiliates, rose on continued growth in Google advertising revenue and investors’ desire for defensive large cap stocks amid market volatility. Shares of Home Depot, a home improvement retail chain, rose on strong sales growth amid continued strength in the U.S. housing sector. Alphabet and Home Depot were not constituents of the Benchmark.

Leading individual detractors from relative performance included the Fund’s overweight positions in Apple Inc. and Affiliated Managers Group Inc. and its underweight position in Intel Corp. Shares of Apple, a maker of computers and mobile devices that was not held in the Benchmark, fell on weakness in iPhone sales and analysts’ expectation for declining revenue and earnings. Shares of Affiliated Managers, a financial asset manager not held in the Benchmark, weakened after the company lowered its earnings forecast amid declines in the market for high yield bonds (also known as “junk bonds”). Shares of Intel, a semiconductor manufacturer not held by the Fund, rose on solid quarterly earnings and investors’ desire for defensive large cap stocks amid market volatility.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers focused on stock selection and aimed to invest in undervalued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. The portfolio managers employed a bottom-up approach to security selection and fundamental research. During the reporting period, the Fund’s largest overweight position relative to the Benchmark was in the consumer discretionary sector, while its largest underweight position was in the energy sector.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	3.0	%
	2.	Wells Fargo & Co.	2.6
	3.	Bank of America Corp.	2.5
	4.	Apple, Inc.	2.1
	5.	Verizon Communications, Inc.	2.0
	6.	Exxon Mobil Corp.	2.0
	7.	Berkshire Hathaway, Inc., Class B	1.9
	8.	General Electric Co.	1.9
	9.	Johnson & Johnson	1.8
	10.	Occidental Petroleum Corp.	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Financials	31.7	%
Health Care	11.9
Information Technology	10.5
Energy	8.9
Industrials	8.2
Consumer Staples	7.8
Consumer Discretionary	7.4
Utilities	3.6
Telecommunication Services	2.0
Materials	0.9
Short-Term Investment	7.1

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 11

JPMorgan Growth and Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 23, 1987
Without Sales Charge			(1.69	)%		(2.54	)%		12.31	%		6.47	%
With Sales Charge**			(6.85	)		(7.64	)		11.10			5.90
CLASS C SHARES	January 2, 1998
Without CDSC			(1.93	)		(3.04	)		11.74			5.94
With CDSC***			(2.93	)		(4.04	)		11.74			5.94
CLASS R2 SHARES	November 2, 2015		(1.73	)		(2.57	)		12.30			6.47
CLASS R5 SHARES	November 2, 2015		(1.53	)		(2.29	)		12.61			6.78
CLASS R6 SHARES	November 2, 2015		(1.51	)		(2.26	)		12.61			6.79
SELECT CLASS SHARES	January 25, 1996		(1.56	)		(2.32	)		12.60			6.78

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth and Income Fund, the Russell 1000 Value Index, the Lipper Large-Cap Core Funds Index and the Lipper Large-Cap Value Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated

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

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

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

12 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-2.05%
S&P 500 Index		0.15%
Net Assets as of 12/31/2015 (In Thousands)	$	255,632

INVESTMENT OBJECTIVE**

The JPMorgan Hedged Equity Fund (the “Fund”) seeks to provide capital appreciation.

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

The Fund (Select Class Shares) underperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s options hedge allowed the Fund to perform as designed, delivering returns with roughly half of the Benchmark’s volatility during the reporting period. The Fund provided a downside buffer in the third quarter of 2015, while also capturing 56% of the fourth quarter market rebound, with less volatility.

The Fund’s security selection in the industrial cyclical and pharmaceutical/medical technology sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the technology and utilities sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Time Warner Inc., 21^st Century Fox Inc. and Valeant Pharmaceuticals International Inc. Shares of media and entertainment companies Time Warner and 21^st Century Fox fell on lower-than-expected advertising revenue amid a consumer trend away from cable TV and toward online entertainment providers. Shares of Valeant Pharmaceuticals, a drug maker not held in the Benchmark, fell amid questions about its accounting practices.

Leading individual contributors to relative performance included the Fund’s underweight positions in Walt Disney Co. and Kinder Morgan Inc. and its overweight position in Microsoft Corp. Shares of Walt Disney, an entertainment and media company not held in the Fund, declined amid a consumer trend away from cable TV and toward online entertainment providers. Shares of Kinder Morgan, an owner/operator of natural gas pipelines and terminals, declined amid continued weakness in energy prices. Shares of Microsoft, a provider of software and services, rose on growth in its Azure cloud computing platform as investors sought large cap stocks amid market volatility.

HOW WAS THE FUND POSITIONED?

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies,

while systematically purchasing and selling exchange-traded index put options and selling exchange-traded index call options. The option overlay is known as a “Put/Spread Collar” strategy. The combination of the diversified portfolio of equity securities, downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments, while exposing the Fund to less risk than traditional long-only equity strategies.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	3.3	%
	2.	Microsoft Corp.	3.0
	3.	Wells Fargo & Co.	2.1
	4.	Facebook, Inc., Class A	1.9
	5.	Citigroup, Inc.	1.6
	6.	Amazon.com, Inc.	1.6
	7.	Bank of America Corp.	1.5
	8.	Exxon Mobil Corp.	1.5
	9.	Alphabet, Inc., Class A	1.4
	10.	Alphabet, Inc., Class C	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.6	%
Financials	16.2
Health Care	15.6
Consumer Discretionary	13.4
Industrials	9.8
Consumer Staples	8.5
Energy	6.3
Utilities	3.1
Materials	2.5
Put Option	1.9
Telecommunication Services	1.5
Short-Term Investment	0.6

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 13

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES	December 13, 2013
Without Sales Charge			(2.19	)%		(1.68	)%		4.47	%
With Sales Charge**			(7.31	)		(6.83	)		1.76
CLASS C SHARES	December 13, 2013
Without CDSC			(2.43	)		(2.19	)		3.94
With CDSC***			(3.43	)		(3.19	)		3.94
CLASS R5 SHARES	December 13, 2013		(1.98	)		(1.27	)		4.93
CLASS R6 SHARES	December 13, 2013		(1.94	)		(1.21	)		4.98
SELECT CLASS SHARES	December 13, 2013		(2.05	)		(1.43	)		4.72

* Not annualized

** Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (12/13/13 TO 12/31/15)

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

The Fund commenced operations on December 13, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Hedged Equity Fund, the S&P 500 Index, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and the Lipper Alternative Long/Short Equity Funds Average from December 13, 2013 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The performance of the Lipper Alternative Long/Short Equity Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. The S&P 500 Index is an unmanaged index generally representative

of the performance of large companies in the U.S. stock market. The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Lipper Alternative Long/Short Equity Funds Average is an average based on the total returns of all mutual funds within the funds designated category as determined by Lipper, Inc.

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

Subsequent to the inception date of the Fund and through May 30, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

14 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		0.85%
Russell 1000 Growth Index		1.64%
Net Assets as of 12/31/2015 (In Thousands)	$	15,470,564

INVESTMENT OBJECTIVE**

The JPMorgan Large Cap Growth Fund (the “Fund”) seeks long-term capital appreciation.

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

The Fund (Select Class Shares) underperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection and overweight positions in the health care and consumer staples sectors were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and technology sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Valeant Pharmaceuticals International Ltd. and Biomarin Pharmaceutical Inc. and its underweight position in Microsoft Corp. Shares of Valeant Pharmaceuticals, a drug maker, fell amid questions about its accounting practices. Shares of Biomarin Pharmaceuticals, a drug maker, declined after the Food and Drug Administration issued a negative review of the company’s drug candidate for a muscle wasting disorder. Shares of Microsoft, a provider of software and technology services, rose on growth in its Azure cloud computing platform as investors sought large cap stocks amid market volatility.

Leading individual contributors to relative performance included the Fund’s overweight positions in Amazon.com Inc., Facebook Inc. and Home Depot Inc. Shares of Amazon.com, an online retailer not held in the Benchmark, rose on continued expansion of its business and an overall increase in online shopping during the 2015 holiday season. Shares of Facebook, an online social media business, rose on growth in advertising sales. Shares of Home Depot, a home improvement retail chain, rose on strong sales growth amid continued strength in the U.S. housing sector.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, rigorously researching individual companies

in an effort to construct portfolios of stocks that have strong fundamentals and positive price momentum. The Fund’s portfolio managers sought to invest in companies with attractive fundamentals that, in their view, possessed the potential to significantly exceed expectations for a prolonged period of time.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Facebook, Inc., Class A	5.6	%
	2.	Alphabet, Inc., Class C	5.5
	3.	Home Depot, Inc. (The)	4.8
	4.	Amazon.com, Inc.	4.7
	5.	Regeneron Pharmaceuticals, Inc.	4.4
	6.	MasterCard, Inc., Class A	3.8
	7.	Visa, Inc., Class A	3.8
	8.	Celgene Corp.	3.4
	9.	Apple, Inc.	3.3
	10.	Netflix, Inc.	2.6

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	33.5	%
Consumer Discretionary	23.2
Health Care	19.9
Consumer Staples	6.9
Industrials	6.3
Materials	4.7
Financials	2.5
Energy	0.5
Short-Term Investment	2.5

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 15

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 22, 1994
Without Sales Charge			0.77	%		7.45	%		12.60	%		8.91	%
With Sales Charge**			(4.52	)		1.82			11.40			8.32
CLASS C SHARES	November 4, 1997
Without CDSC			0.51			6.92			12.04			8.34
With CDSC***			(0.49	)		5.92			12.04			8.34
CLASS R2 SHARES	November 3, 2008		0.64			7.18			12.33			8.64
CLASS R5 SHARES	April 14, 2009		0.97			7.84			13.03			9.28
CLASS R6 SHARES	November 30, 2010		1.00			7.94			13.10			9.32
SELECT CLASS SHARES	February 28, 1992		0.85			7.61			12.80			9.14

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

Returns for Class R2 and Class R5 Shares prior to their inception dates are based on the performance of Select Class Shares. With respect to Class R2 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Select Class Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to April 14, 2009, Select Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Growth Index and the Lipper Large-Cap Growth Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales

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

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

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

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

16 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-3.04%
Russell 1000 Value Index		-3.23%
Net Assets as of 12/31/2015 (In Thousands)	$	722,807

INVESTMENT OBJECTIVE**

The JPMorgan Large Cap Value Fund (the “Fund”) seeks capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

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

The Fund (Select Class Shares) outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection and underweight positions in the energy sector and its security selection in the utilities sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the financials and materials sectors was a leading detractor from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Royal Caribbean Cruises Ltd., Southwest Airlines Co. and Ace Ltd. Shares of Caribbean Cruises, an owner/operator of cruise ships, rose on better-than-expected earnings and revenue. Shares of Southwest Airlines rose amid improved utilization and consumer demand. Shares of Ace Ltd., an insurance company, rose ahead of its acquisition of Chubb Ltd.

Leading individual detractors from relative performance included the Fund’s underweight position in General Electric Co. and its overweight positions in PVH Corp. and Cabot Oil & Gas Corp. Shares of General Electric, an industrial conglomerate, rose after the company shed its financing business. Shares of PVH, an owner of brand-name apparel, fell after the company lowered its sales forecast. Shares of Cabot Oil & Gas, a producer of oil and gas, declined amid continued weakness in global energy prices.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers combined a bottom-up fundamental approach to security selection with a systematic valuation process. Overall, the Fund’s portfolio managers looked to

take advantage of mispriced stocks that they believed appeared attractive relative to their fair value.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	4.0	%
	2.	General Motors Co.	3.4
	3.	ACE Ltd., (Switzerland)	3.1
	4.	Citigroup, Inc.	3.1
	5.	Exxon Mobil Corp.	2.7
	6.	Best Buy Co., Inc.	2.5
	7.	Pfizer, Inc.	2.5
	8.	MetLife, Inc.	2.5
	9.	Aetna, Inc.	2.4
	10.	PACCAR, Inc.	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	25.7	%
Consumer Discretionary	19.6
Health Care	13.6
Industrials	9.0
Information Technology	8.8
Energy	7.3
Utilities	5.6
Materials	3.3
Telecommunication Services	2.3
Consumer Staples	1.0
Short-Term Investment	3.8

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 17

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
Without Sales Charge			(3.14	)%		(2.05	)%		10.92	%		6.03	%
With Sales Charge**			(8.21	)		(7.21	)		9.74			5.46
CLASS C SHARES	March 22, 1999
Without CDSC			(3.39	)		(2.58	)		10.37			5.48
With CDSC***			(4.39	)		(3.58	)		10.37			5.48
CLASS R2 SHARES	November 3, 2008		(3.29	)		(2.35	)		10.63			5.74
CLASS R5 SHARES	May 15, 2006		(2.93	)		(1.72	)		11.33			6.44
CLASS R6 SHARES	November 30, 2010		(2.90	)		(1.65	)		11.37			6.46
SELECT CLASS SHARES	March 1, 1991		(3.04	)		(1.91	)		11.08			6.23

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

Returns for Class R2 and Class R5 Shares prior to their inception dates are based on the performance of Select Class Shares. With respect to Class R2 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Select Class Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to May 15, 2006, Select Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Value Index and the Lipper Large-Cap Value Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions if any, and does not include a

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

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

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

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

18 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		-1.33%
S&P 500 Index		0.15%
Net Assets as of 12/31/2015 (In Thousands)	$	13,224,927

INVESTMENT OBJECTIVE**

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

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

The Fund (Institutional Class Shares) underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the pharmaceutical/medical technology and the basic materials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the software & services sector and the semiconductor & hardware sector was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Time Warner Inc., Valeant Pharmaceuticals International Inc. and 21^st Century Fox Inc. Shares of media and entertainment companies Time Warner and 21^st Century Fox fell on lower-than-expected advertising revenue amid a consumer trend away from cable TV and toward online entertainment providers. Shares of Valeant Pharmaceuticals, a drug maker, fell amid questions about its accounting practices.

Leading individual contributors to relative performance included the Fund’s overweight positions in Avago Technologies Ltd. and Ace Ltd. and its underweight position in Kinder Morgen Inc. Shares of Avago, a maker of analog semiconductors, rose on continued demand for its products for mobile devices. Shares of Ace Ltd., an insurance company, rose ahead of its acquisition of Chubb Ltd. Shares of Kinder Morgan, an owner/operator of natural gas pipelines and terminals, declined amid continued weakness in energy prices.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine what they believed to be their underlying value and potential for future earnings growth. As a result of this

approach to stock selection, the Fund’s largest overweight positions relative to the Benchmark at December 31, 2105, were in the big banks and brokerages sector, the insurance sector and the media sector. The Fund’s largest underweight positions were in the consumer staples and retail sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	3.3	%
	2.	Microsoft Corp.	3.3
	3.	Wells Fargo & Co.	2.9
	4.	Lowe’s Cos., Inc.	2.2
	5.	Alphabet, Inc., Class C	2.2
	6.	Avago Technologies Ltd., (Singapore)	2.0
	7.	ACE Ltd., (Switzerland)	1.9
	8.	Amazon.com, Inc.	1.8
	9.	Honeywell International, Inc.	1.6
	10.	Facebook, Inc., Class A	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	23.0	%
Financials	17.0
Health Care	15.8
Consumer Discretionary	15.4
Industrials	9.8
Energy	6.3
Consumer Staples	6.1
Materials	2.3
Utilities	2.0
Telecommunication Services	0.9
Short-Term Investment	1.4

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 19

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
Without Sales Charge			(1.50	)%		0.45	%		12.14	%		8.44	%
With Sales Charge**			(6.69	)		(4.79	)		10.94			7.86
CLASS C SHARES	September 10, 2001
Without CDSC			(1.70	)		(0.01	)		11.60			7.89
With CDSC***			(2.70	)		(1.01	)		11.60			7.89
CLASS R2 SHARES	November 3, 2008		(1.63	)		0.22			11.88			8.25
CLASS R5 SHARES	May 15, 2006		(1.30	)		0.84			12.58			8.89
CLASS R6 SHARES	November 30, 2010		(1.27	)		0.90			12.66			8.93
INSTITUTIONAL CLASS SHARES	September 17, 1993		(1.33	)		0.79			12.52			8.84
SELECT CLASS SHARES	September 10, 2001		(1.44	)		0.64			12.37			8.67

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R5 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Institutional Class Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to May 15, 2006, Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan U.S. Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all

dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

20 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.0%
		Consumer Discretionary — 15.8%
		Auto Components — 0.3%
	628	Magna International, Inc., (Canada)		25,476
		Automobiles — 2.0%
	4,012	Ford Motor Co.		56,526
	3,135	General Motors Co.		106,608
				163,134
		Hotels, Restaurants & Leisure — 0.4%
	1,341	Hilton Worldwide Holdings, Inc.		28,689
		Household Durables — 0.8%
	1,894	D.R. Horton, Inc.		60,649
	461	PulteGroup, Inc.		8,209
				68,858
		Internet & Catalog Retail — 1.6%
	192	Amazon.com, Inc. (a)		129,636
		Media — 5.4%
	1,431	CBS Corp. (Non-Voting), Class B		67,443
	44	Charter Communications, Inc., Class A (a)		7,983
	1,544	Comcast Corp., Class A		87,111
	1,676	DISH Network Corp., Class A (a)		95,851
	45	Time Warner Cable, Inc.		8,352
	1,119	Time Warner, Inc.		72,346
	3,698	Twenty-First Century Fox, Inc., Class A		100,435
				439,521
		Multiline Retail — 0.5%
	408	Dollar General Corp.		29,323
	208	Target Corp.		15,110
				44,433
		Specialty Retail — 3.8%
	1,455	AutoNation, Inc. (a)		86,799
	714	Best Buy Co., Inc.		21,732
	86	Home Depot, Inc. (The)		11,374
	2,138	Lowe’s Cos., Inc.		162,596
	162	Ross Stores, Inc.		8,707
	53	Tiffany & Co.		4,013
	177	TJX Cos., Inc. (The)		12,572
				307,793
		Textiles, Apparel & Luxury Goods — 1.0%
	494	PVH Corp.		36,405
	36	Ralph Lauren Corp.		4,058
	604	V.F. Corp.		37,586
				78,049
		Total Consumer Discretionary		1,285,589

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 6.6%
		Beverages — 3.1%
	284	Coca-Cola Co. (The)		12,179
	144	Constellation Brands, Inc., Class A		20,455
	720	Molson Coors Brewing Co., Class B		67,613
	1,521	PepsiCo, Inc.		151,968
				252,215
		Food & Staples Retailing — 0.1%
	53	Costco Wholesale Corp.		8,495
		Food Products — 0.3%
	528	Mondelez International, Inc., Class A		23,662
		Household Products — 1.6%
	257	Colgate-Palmolive Co.		17,101
	346	Kimberly-Clark Corp.		43,982
	868	Procter & Gamble Co. (The)		68,960
				130,043
		Tobacco — 1.5%
	1,424	Philip Morris International, Inc.		125,210
		Total Consumer Staples		539,625
		Energy — 6.3%
		Energy Equipment & Services — 0.8%
	446	Baker Hughes, Inc.		20,569
	332	Halliburton Co.		11,308
	661	National Oilwell Varco, Inc.		22,150
	601	Noble Corp. plc, (United Kingdom)		6,343
				60,370
		Oil, Gas & Consumable Fuels — 5.5%
	199	Cabot Oil & Gas Corp.		3,520
	1,185	Chevron Corp.		106,576
	296	Diamondback Energy, Inc.		19,776
	53	EOG Resources, Inc.		3,752
	157	EQT Corp.		8,163
	1,407	Exxon Mobil Corp.		109,691
	353	Marathon Petroleum Corp.		18,310
	989	Occidental Petroleum Corp.		66,859
	301	Pioneer Natural Resources Co.		37,777
	1,079	Valero Energy Corp.		76,268
				450,692
		Total Energy		511,062
		Financials — 17.4%
		Banks — 4.8%
	11,530	Bank of America Corp.		194,052
	1,864	Citigroup, Inc.		96,441

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 21

JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Banks — continued
	321	Prosperity Bancshares, Inc.		15,382
	1,609	Wells Fargo & Co.		87,460
				393,335
		Capital Markets — 4.4%
	35	Ameriprise Financial, Inc.		3,767
	585	Bank of New York Mellon Corp. (The)		24,097
	65	BlackRock, Inc.		22,134
	280	Charles Schwab Corp. (The)		9,234
	594	Goldman Sachs Group, Inc. (The)		107,002
	1,809	Invesco Ltd.		60,565
	143	Legg Mason, Inc.		5,618
	3,461	Morgan Stanley		110,085
	179	State Street Corp.		11,872
				354,374
		Consumer Finance — 1.0%
	341	Capital One Financial Corp.		24,578
	146	Discover Financial Services		7,839
	1,724	Synchrony Financial (a)		52,433
				84,850
		Diversified Financial Services — 1.6%
	882	Berkshire Hathaway, Inc., Class B (a)		116,512
	66	Intercontinental Exchange, Inc.		16,913
				133,425
		Insurance — 3.6%
	560	ACE Ltd., (Switzerland)		65,448
	332	American International Group, Inc.		20,549
	613	Arthur J. Gallagher & Co.		25,105
	61	Everest Re Group Ltd., (Bermuda)		11,242
	2,401	MetLife, Inc.		115,752
	717	Prudential Financial, Inc.		58,330
				296,426
		Real Estate Investment Trusts (REITs) — 2.0%
	241	AvalonBay Communities, Inc.		44,449
	646	General Growth Properties, Inc.		17,586
	105	Highwoods Properties, Inc.		4,556
	314	LaSalle Hotel Properties		7,908
	687	Prologis, Inc.		29,481
	103	Simon Property Group, Inc.		19,969
	209	SL Green Realty Corp.		23,613
	124	Vornado Realty Trust		12,385
				159,947
		Total Financials		1,422,357

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care — 15.6%
		Biotechnology — 6.0%
	125	Alexion Pharmaceuticals, Inc. (a)		23,844
	383	Biogen, Inc. (a)		117,393
	73	BioMarin Pharmaceutical, Inc. (a)		7,668
	1,025	Celgene Corp. (a)		122,718
	1,621	Gilead Sciences, Inc.		164,059
	75	Incyte Corp. (a)		8,156
	70	Regeneron Pharmaceuticals, Inc. (a)		38,001
	107	Vertex Pharmaceuticals, Inc. (a)		13,489
				495,328
		Health Care Equipment & Supplies — 0.5%
	866	Abbott Laboratories		38,897
		Health Care Providers & Services — 4.1%
	1,244	Aetna, Inc.		134,534
	331	Anthem, Inc.		46,210
	89	Cigna Corp.		13,023
	39	Humana, Inc.		6,962
	410	McKesson Corp.		80,845
	456	UnitedHealth Group, Inc.		53,679
				335,253
		Life Sciences Tools & Services — 0.2%
	85	Illumina, Inc. (a)		16,315
		Pharmaceuticals — 4.8%
	183	Allergan plc (a)		57,250
	955	Bristol-Myers Squibb Co.		65,674
	732	Eli Lilly & Co.		61,695
	280	Johnson & Johnson		28,762
	572	Merck & Co., Inc.		30,197
	3,943	Pfizer, Inc.		127,290
	188	Valeant Pharmaceuticals International, Inc. (a)		19,151
				390,019
		Total Health Care		1,275,812
		Industrials — 9.2%
		Aerospace & Defense — 3.2%
	300	General Dynamics Corp.		41,208
	1,030	Honeywell International, Inc.		106,656
	143	L-3 Communications Holdings, Inc.		17,066
	90	Northrop Grumman Corp.		17,068
	803	United Technologies Corp.		77,135
				259,133

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Airlines — 1.2%
	381	Delta Air Lines, Inc.		19,298
	1,386	United Continental Holdings, Inc. (a)		79,412
				98,710
		Building Products — 0.4%
	455	Allegion plc, (Ireland)		29,974
		Construction & Engineering — 0.1%
	153	Fluor Corp.		7,239
		Electrical Equipment — 0.4%
	585	Eaton Corp. plc		30,454
		Industrial Conglomerates — 0.8%
	525	Danaher Corp.		48,799
	673	General Electric Co.		20,964
				69,763
		Machinery — 2.4%
	116	Cummins, Inc.		10,192
	1,331	PACCAR, Inc.		63,075
	135	Pentair plc, (United Kingdom)		6,682
	63	Snap-on, Inc.		10,817
	953	Stanley Black & Decker, Inc.		101,692
				192,458
		Road & Rail — 0.7%
	30	Canadian Pacific Railway Ltd., (Canada)		3,853
	173	CSX Corp.		4,497
	641	Union Pacific Corp.		50,095
				58,445
		Trading Companies & Distributors — 0.0% (g)
	101	AerCap Holdings N.V., (Netherlands) (a)		4,342
		Total Industrials		750,518
		Information Technology — 21.1%
		Communications Equipment — 0.2%
	280	QUALCOMM, Inc.		14,001
		Electronic Equipment, Instruments & Components — 1.1%
	1,321	TE Connectivity Ltd., (Switzerland)		85,324
		Internet Software & Services — 4.8%
	305	Alphabet, Inc., Class A (a)		236,982
	54	Alphabet, Inc., Class C (a)		40,752
	1,114	Facebook, Inc., Class A (a)		116,612
				394,346
		IT Services — 4.1%
	1,321	Accenture plc, (Ireland), Class A		138,065
	1,409	Cognizant Technology Solutions Corp., Class A (a)		84,556

SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — continued
	1,012	Fidelity National Information Services, Inc.		61,345
	186	Global Payments, Inc.		11,999
	660	Vantiv, Inc., Class A (a)		31,307
	110	Visa, Inc., Class A		8,500
				335,772
		Semiconductors & Semiconductor Equipment — 4.5%
	1,033	Avago Technologies Ltd., (Singapore)		149,940
	1,862	Lam Research Corp.		147,856
	410	NXP Semiconductors N.V., (Netherlands) (a)		34,560
	665	Texas Instruments, Inc.		36,432
				368,788
		Software — 2.8%
	248	Adobe Systems, Inc. (a)		23,269
	3,726	Microsoft Corp.		206,718
				229,987
		Technology Hardware, Storage & Peripherals — 3.6%
	2,623	Apple, Inc.		276,118
	1,162	HP, Inc.		13,762
				289,880
		Total Information Technology		1,718,098
		Materials — 2.4%
		Chemicals — 0.9%
	73	Dow Chemical Co. (The)		3,758
	337	Eastman Chemical Co.		22,724
	1,810	Mosaic Co. (The)		49,941
				76,423
		Containers & Packaging — 1.5%
	1,333	Crown Holdings, Inc. (a)		67,598
	746	Sealed Air Corp.		33,290
	463	WestRock Co.		21,099
				121,987
		Total Materials		198,410
		Telecommunication Services — 1.7%
		Diversified Telecommunication Services — 1.2%
	2,864	AT&T, Inc.		98,557
		Wireless Telecommunication Services — 0.5%
	1,009	T-Mobile US, Inc. (a)		39,472
		Total Telecommunication Services		138,029
		Utilities — 2.9%
		Electric Utilities — 2.6%
	51	American Electric Power Co., Inc.		2,995
	675	Edison International		39,984

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 23

JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electric Utilities — continued
	231	NextEra Energy, Inc.		23,978
	2,562	PPL Corp.		87,431
	1,550	Xcel Energy, Inc.		55,646
				210,034
		Gas Utilities — 0.2%
	717	Questar Corp.		13,973
	173	UGI Corp.		5,847
				19,820
		Multi-Utilities — 0.1%
	240	Public Service Enterprise Group, Inc.		9,290
		Total Utilities		239,144
		Total Common Stocks (Cost $7,600,142)		8,078,644
PRINCIPAL AMOUNT($)
	Short-Term Investments — 1.4%
		U.S. Treasury Obligation — 0.1%
	13,890	U.S. Treasury Bill, 0.225%, 04/28/16 (k) (n)		13,878

SHARES		SECURITY DESCRIPTION	VALUE($)
		Investment Company — 1.3%
	104,343	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l)		104,343
		Total Short-Term Investments (Cost $118,223)		118,221
		Total Investments — 100.4% (Cost $7,718,365)		8,196,865
		Liabilities in Excess of Other Assets — (0.4)%		(33,698	)
		NET ASSETS — 100.0%	$	8,163,167

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	933	E-mini S&P 500		03/18/16		USD	$	94,951	$	1,382

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Dynamic Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.8%
		Consumer Discretionary — 23.1%
		Automobiles — 1.5%
	23	Tesla Motors, Inc. (a)		5,628
		Hotels, Restaurants & Leisure — 3.6%
	225	Starbucks Corp.		13,528
		Household Durables — 1.5%
	58	Harman International Industries, Inc.		5,467
		Internet & Catalog Retail — 12.0%
	35	Amazon.com, Inc. (a)		23,514
	83	Netflix, Inc. (a)		9,459
	9	Priceline Group, Inc. (The) (a)		11,653
				44,626
		Specialty Retail — 4.5%
	128	Home Depot, Inc. (The)		16,984
		Total Consumer Discretionary		86,233
		Consumer Staples — 2.4%
		Food & Staples Retailing — 2.4%
	92	CVS Health Corp.		9,029
		Energy — 1.7%
		Oil, Gas & Consumable Fuels — 1.7%
	50	Pioneer Natural Resources Co.		6,322
		Financials — 4.4%
		Capital Markets — 4.4%
	500	Charles Schwab Corp. (The)		16,454
		Health Care — 20.9%
		Biotechnology — 17.4%
	88	BioMarin Pharmaceutical, Inc. (a)		9,264
	99	Celgene Corp. (a)		11,802
	138	Gilead Sciences, Inc.		13,919
	75	Incyte Corp. (a)		8,123
	32	Regeneron Pharmaceuticals, Inc. (a)		17,168
	38	Vertex Pharmaceuticals, Inc. (a)		4,813
				65,089
		Life Sciences Tools & Services — 3.5%
	67	Illumina, Inc. (a)		12,870
		Total Health Care		77,959
		Industrials — 3.3%
		Aerospace & Defense — 2.0%
	32	TransDigm Group, Inc. (a)		7,410
		Road & Rail — 1.3%
	67	Kansas City Southern		4,973
		Total Industrials		12,383

SHARES		SECURITY DESCRIPTION	VALUE($)
		Information Technology — 35.1%
		Internet Software & Services — 12.5%
	32	Alphabet, Inc., Class A (a)		24,534
	210	Facebook, Inc., Class A (a)		22,018
				46,552
		IT Services — 10.7%
	219	MasterCard, Inc., Class A		21,344
	185	PayPal Holdings, Inc. (a)		6,697
	156	Visa, Inc., Class A		12,105
				40,146
		Semiconductors & Semiconductor Equipment — 5.9%
	247	ARM Holdings plc, (United Kingdom), ADR		11,175
	75	Avago Technologies Ltd., (Singapore)		10,836
				22,011
		Software — 6.0%
	189	salesforce.com, Inc. (a)		14,816
	86	ServiceNow, Inc. (a)		7,444
				22,260
		Total Information Technology		130,969
		Materials — 2.9%
		Chemicals — 2.9%
	83	Air Products & Chemicals, Inc.		10,773
		Total Common Stocks (Cost $263,581)		350,122
	Short-Term Investment — 5.4%
		Investment Company — 5.4%
	20,149	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $20,149)		20,149
		Total Investments — 99.2% (Cost $283,730)		370,271
		Other Assets in Excess of Liabilities — 0.8%		2,976
		NET ASSETS — 100.0%	$	373,247

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 25

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.1%
		Consumer Discretionary — 19.5%
		Distributors — 2.4%
	23	Genuine Parts Co.		1,993
		Hotels, Restaurants & Leisure — 3.2%
	45	Starbucks Corp.		2,729
		Internet & Catalog Retail — 8.8%
	6	Amazon.com, Inc. (a)		4,386
	2	Priceline Group, Inc. (The) (a)		2,977
				7,363
		Multiline Retail — 2.0%
	35	Kohl’s Corp.		1,688
		Specialty Retail — 3.1%
	48	Best Buy Co., Inc.		1,449
	46	Gap, Inc. (The)		1,130
				2,579
		Total Consumer Discretionary		16,352
		Energy — 5.1%
		Oil, Gas & Consumable Fuels — 5.1%
	22	Exxon Mobil Corp.		1,739
	67	Kinder Morgan, Inc.		1,004
	12	Pioneer Natural Resources Co.		1,542
		Total Energy		4,285
		Financials — 21.2%
		Banks — 3.6%
	56	Wells Fargo & Co.		3,028
		Capital Markets — 2.9%
	33	T. Rowe Price Group, Inc.		2,383
		Consumer Finance — 5.9%
	114	Ally Financial, Inc. (a)		2,116
	39	Capital One Financial Corp.		2,822
				4,938
		Insurance — 7.2%
	46	American International Group, Inc.		2,854
	82	Loews Corp.		3,143
				5,997
		Real Estate Investment Trusts (REITs) — 1.6%
	62	Rayonier, Inc.		1,372
		Total Financials		17,718
		Health Care — 16.8%
		Biotechnology — 12.4%
	24	Celgene Corp. (a)		2,884
	37	Gilead Sciences, Inc.		3,726

SHARES		SECURITY DESCRIPTION	VALUE($)
		Biotechnology — continued
	7	Regeneron Pharmaceuticals, Inc. (a)		3,751
				10,361
		Health Care Providers & Services — 1.7%
	12	UnitedHealth Group, Inc.		1,442
		Life Sciences Tools & Services — 2.7%
	12	Illumina, Inc. (a)		2,248
		Total Health Care		14,051
		Industrials — 6.0%
		Airlines — 2.6%
	44	Delta Air Lines, Inc.		2,206
		Machinery — 2.3%
	31	Dover Corp.		1,905
		Road & Rail — 1.1%
	12	Kansas City Southern		894
		Total Industrials		5,005
		Information Technology — 23.8%
		Electronic Equipment, Instruments & Components — 1.4%
	23	Arrow Electronics, Inc. (a)		1,227
		Internet Software & Services — 12.3%
	7	Alphabet, Inc., Class C (a)		5,244
	48	Facebook, Inc., Class A (a)		5,055
				10,299
		IT Services — 5.5%
	38	MasterCard, Inc., Class A		3,702
	24	PayPal Holdings, Inc. (a)		873
				4,575
		Semiconductors & Semiconductor Equipment — 1.8%
	33	ARM Holdings plc, (United Kingdom), ADR		1,493
		Software — 2.8%
	30	salesforce.com, Inc. (a)		2,326
		Total Information Technology		19,920
		Materials — 3.2%
		Construction Materials — 1.1%
	7	Martin Marietta Materials, Inc.		949
		Containers & Packaging — 2.1%
	38	WestRock Co.		1,747
		Total Materials		2,696
		Utilities — 2.5%
		Electric Utilities — 2.5%
	35	Edison International		2,056
		Total Common Stocks (Cost $73,254)		82,083

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.3%
		Investment Company — 3.3%
	2,762	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $2,762)		2,762
		Total Investments — 101.4% (Cost $76,016)		84,845
		Liabilities in Excess of Other Assets — (1.4)%		(1,209	)
		NET ASSETS — 100.0%	$	83,636

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 27

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.5%
		Consumer Discretionary — 10.3%
		Distributors — 0.8%
	968	Genuine Parts Co.		83,120
		Hotels, Restaurants & Leisure — 1.6%
	1,350	Brinker International, Inc.		64,710
	658	Dunkin’ Brands Group, Inc.		28,005
	995	Wyndham Worldwide Corp.		72,296
				165,011
		Media — 2.5%
	1,067	Cinemark Holdings, Inc.		35,684
	1,597	Comcast Corp., Class A		90,126
	2,123	Time Warner, Inc.		137,291
				263,101
		Multiline Retail — 0.7%
	1,080	Target Corp.		78,452
		Specialty Retail — 4.0%
	1,561	Best Buy Co., Inc.		47,526
	1,236	Home Depot, Inc. (The)		163,523
	1,100	L Brands, Inc.		105,418
	1,143	Tiffany & Co.		87,197
	218	Williams-Sonoma, Inc.		12,711
				416,375
		Textiles, Apparel & Luxury Goods — 0.7%
	1,143	V.F. Corp.		71,178
		Total Consumer Discretionary		1,077,237
		Consumer Staples — 9.5%
		Beverages — 2.6%
	2,189	Coca-Cola Co. (The)		94,046
	1,485	Coca-Cola Enterprises, Inc.		73,115
	1,099	Dr. Pepper Snapple Group, Inc.		102,410
				269,571
		Food Products — 1.8%
	631	Hershey Co. (The)		56,326
	315	Kraft Heinz Co. (The)		22,934
	2,325	Mondelez International, Inc., Class A		104,247
				183,507
		Household Products — 2.0%
	859	Kimberly-Clark Corp.		109,315
	1,309	Procter & Gamble Co. (The)		103,913
				213,228

SHARES		SECURITY DESCRIPTION	VALUE($)
		Tobacco — 3.1%
	3,730	Altria Group, Inc.		217,147
	1,168	Philip Morris International, Inc.		102,650
				319,797
		Total Consumer Staples		986,103
		Energy — 8.7%
		Energy Equipment & Services — 0.7%
	992	Schlumberger Ltd.		69,166
		Oil, Gas & Consumable Fuels — 8.0%
	1,528	Chevron Corp.		137,462
	1,413	Columbia Pipeline Group, Inc.		28,255
	2,494	ConocoPhillips		116,468
	3,457	Exxon Mobil Corp.		269,477
	1,435	Marathon Petroleum Corp.		74,400
	3,095	Occidental Petroleum Corp.		209,255
				835,317
		Total Energy		904,483
		Financials — 29.7%
		Banks — 10.3%
	3,363	BB&T Corp.		127,170
	820	Cullen/Frost Bankers, Inc.		49,229
	431	M&T Bank Corp.		52,264
	2,485	PNC Financial Services Group, Inc. (The)		236,802
	2,791	U.S. Bancorp		119,071
	9,000	Wells Fargo & Co.		489,258
				1,073,794
		Capital Markets — 4.6%
	437	Ameriprise Financial, Inc.		46,480
	644	BlackRock, Inc.		219,181
	1,419	Northern Trust Corp.		102,293
	1,623	T. Rowe Price Group, Inc.		116,015
				483,969
		Consumer Finance — 1.0%
	1,004	Capital One Financial Corp.		72,500
	589	Discover Financial Services		31,587
				104,087
		Diversified Financial Services — 2.6%
	2,314	CME Group, Inc.		209,626
	645	McGraw Hill Financial, Inc.		63,613
				273,239
		Insurance — 8.0%
	745	ACE Ltd., (Switzerland)		86,995
	1,202	Arthur J. Gallagher & Co.		49,191

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	725	Cincinnati Financial Corp.		42,924
	3,582	Hartford Financial Services Group, Inc. (The)		155,673
	2,640	MetLife, Inc.		127,284
	1,256	Progressive Corp. (The)		39,954
	1,150	Prudential Financial, Inc.		93,590
	1,884	Travelers Cos., Inc. (The)		212,585
	515	Validus Holdings Ltd., (Bermuda)		23,851
				832,047
		Real Estate Investment Trusts (REITs) — 3.2%
	420	Alexandria Real Estate Equities, Inc.		37,947
	473	AvalonBay Communities, Inc.		87,111
	172	Boston Properties, Inc.		21,899
	1,641	HCP, Inc.		62,738
	633	Simon Property Group, Inc.		123,079
				332,774
		Total Financials		3,099,910
		Health Care — 11.8%
		Health Care Equipment & Supplies — 2.3%
	1,869	Abbott Laboratories		83,952
	1,006	Becton, Dickinson and Co.		154,947
				238,899
		Pharmaceuticals — 9.5%
	1,036	AbbVie, Inc.		61,365
	1,965	Bristol-Myers Squibb Co.		135,176
	1,513	Eli Lilly & Co.		127,453
	2,506	Johnson & Johnson		257,432
	3,722	Merck & Co., Inc.		196,600
	6,603	Pfizer, Inc.		213,153
				991,179
		Total Health Care		1,230,078
		Industrials — 9.3%
		Aerospace & Defense — 2.9%
	149	General Dynamics Corp.		20,494
	1,359	Honeywell International, Inc.		140,726
	1,423	United Technologies Corp.		136,700
				297,920
		Air Freight & Logistics — 0.6%
	648	United Parcel Service, Inc., Class B		62,387
		Commercial Services & Supplies — 0.7%
	1,766	Republic Services, Inc.		77,702

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — 1.2%
	815	3M Co.		122,733
		Machinery — 2.6%
	1,819	Illinois Tool Works, Inc.		168,608
	1,702	PACCAR, Inc.		80,679
	153	Snap-on, Inc.		26,305
				275,592
		Road & Rail — 1.3%
	771	Norfolk Southern Corp.		65,224
	909	Union Pacific Corp.		71,105
				136,329
		Total Industrials		972,663
		Information Technology — 9.1%
		Communications Equipment — 0.6%
	1,246	QUALCOMM, Inc.		62,290
		IT Services — 2.2%
	626	Accenture plc, (Ireland), Class A		65,416
	781	Automatic Data Processing, Inc.		66,201
	1,634	Fidelity National Information Services, Inc.		99,021
				230,638
		Semiconductors & Semiconductor Equipment — 2.9%
	1,546	Analog Devices, Inc.		85,510
	1,221	KLA-Tencor Corp.		84,643
	2,414	Texas Instruments, Inc.		132,288
				302,441
		Software — 1.4%
	2,600	Microsoft Corp.		144,274
		Technology Hardware, Storage & Peripherals — 2.0%
	2,017	Apple, Inc.		212,268
		Total Information Technology		951,911
		Materials — 3.8%
		Chemicals — 3.6%
	702	Airgas, Inc.		97,166
	1,269	E.I. du Pont de Nemours & Co.		84,511
	757	PPG Industries, Inc.		74,801
	750	Praxair, Inc.		76,768
	934	RPM International, Inc.		41,148
				374,394
		Containers & Packaging — 0.2%
	538	WestRock Co.		24,550
		Total Materials		398,944

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 29

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Telecommunication Services — 1.6%
		Diversified Telecommunication Services — 1.6%
	3,470	Verizon Communications, Inc.		160,391
		Utilities — 4.7%
		Electric Utilities — 2.6%
	1,812	Edison International		107,298
	723	NextEra Energy, Inc.		75,125
	2,629	Xcel Energy, Inc.		94,423
				276,846
		Multi-Utilities — 2.1%
	2,760	CMS Energy Corp.		99,582
	253	DTE Energy Co.		20,262
	2,739	NiSource, Inc.		53,435
	463	Sempra Energy		43,528
				216,807
		Total Utilities		493,653
		Total Common Stocks (Cost $8,799,825)		10,275,373
	Short-Term Investment — 2.5%
		Investment Company — 2.5%
	258,280	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $258,280)		258,280
		Total Investments — 101.0% (Cost $9,058,105)		10,533,653
		Liabilities in Excess of Other Assets — (1.0)%		(107,574	)
		NET ASSETS — 100.0%	$	10,426,079

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.2%
		Consumer Discretionary — 7.9%
		Household Durables — 0.4%
	20	Harman International Industries, Inc.		1,903
		Media — 1.3%
	59	Time Warner, Inc.		3,835
	24	Walt Disney Co. (The)		2,501
				6,336
		Specialty Retail — 5.4%
	6	AutoZone, Inc. (a)		4,533
	163	Best Buy Co., Inc.		4,976
	88	Gap, Inc. (The)		2,174
	58	Home Depot, Inc. (The)		7,670
	63	Tiffany & Co.		4,821
	46	TJX Cos., Inc. (The)		3,276
				27,450
		Textiles, Apparel & Luxury Goods — 0.8%
	62	V.F. Corp.		3,878
		Total Consumer Discretionary		39,567
		Consumer Staples — 8.3%
		Beverages — 2.8%
	59	Dr. Pepper Snapple Group, Inc.		5,517
	90	Molson Coors Brewing Co., Class B		8,472
				13,989
		Food & Staples Retailing — 1.4%
	70	CVS Health Corp.		6,844
		Food Products — 1.8%
	49	Kraft Heinz Co. (The)		3,536
	72	Mead Johnson Nutrition Co.		5,645
				9,181
		Household Products — 1.3%
	23	Kimberly-Clark Corp.		2,966
	49	Procter & Gamble Co. (The)		3,871
				6,837
		Tobacco — 1.0%
	89	Altria Group, Inc.		5,158
		Total Consumer Staples		42,009
		Energy — 9.5%
		Energy Equipment & Services — 0.7%
	51	Schlumberger Ltd.		3,543
		Oil, Gas & Consumable Fuels — 8.8%
	85	Chevron Corp.		7,620
	75	ConocoPhillips		3,524

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	45	Devon Energy Corp.		1,447
	33	EOG Resources, Inc.		2,343
	138	Exxon Mobil Corp.		10,764
	128	Kinder Morgan, Inc.		1,911
	49	Marathon Petroleum Corp.		2,545
	137	Occidental Petroleum Corp.		9,249
	31	Phillips 66		2,495
	34	Valero Energy Corp.		2,397
				44,295
		Total Energy		47,838
		Financials — 33.8%
		Banks — 12.5%
	788	Bank of America Corp.		13,264
	134	BB&T Corp.		5,067
	135	Citigroup, Inc.		6,964
	55	Cullen/Frost Bankers, Inc.		3,288
	37	M&T Bank Corp.		4,447
	58	PNC Financial Services Group, Inc. (The)		5,480
	128	SunTrust Banks, Inc.		5,496
	116	U.S. Bancorp		4,928
	257	Wells Fargo & Co.		13,960
				62,894
		Capital Markets — 8.5%
	26	Affiliated Managers Group, Inc. (a)		4,202
	38	Ameriprise Financial, Inc.		4,087
	23	BlackRock, Inc.		7,798
	163	Charles Schwab Corp. (The)		5,354
	21	Goldman Sachs Group, Inc. (The)		3,785
	232	Invesco Ltd.		7,764
	113	Morgan Stanley		3,585
	88	T. Rowe Price Group, Inc.		6,255
				42,830
		Consumer Finance — 1.3%
	44	Capital One Financial Corp.		3,154
	66	Discover Financial Services		3,555
				6,709
		Diversified Financial Services — 2.6%
	78	Berkshire Hathaway, Inc., Class B (a)		10,326
	10	Intercontinental Exchange, Inc.		2,639
				12,965
		Insurance — 4.6%
	35	Chubb Corp. (The)		4,643
	169	Hartford Financial Services Group, Inc. (The)		7,358

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 31

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	96	Loews Corp.		3,702
	76	MetLife, Inc.		3,654
	49	Prudential Financial, Inc.		3,997
				23,354
		Real Estate Investment Trusts (REITs) — 4.3%
	16	AvalonBay Communities, Inc.		3,001
	147	General Growth Properties, Inc.		3,986
	98	HCP, Inc.		3,732
	48	Macerich Co. (The)		3,841
	75	Prologis, Inc.		3,223
	39	Vornado Realty Trust		3,879
				21,662
		Total Financials		170,414
		Health Care — 12.7%
		Biotechnology — 0.9%
	45	Gilead Sciences, Inc.		4,543
		Health Care Equipment & Supplies — 0.8%
	26	Becton, Dickinson and Co.		3,976
		Health Care Providers & Services — 3.0%
	20	Aetna, Inc.		2,174
	32	Humana, Inc.		5,623
	17	McKesson Corp.		3,274
	37	UnitedHealth Group, Inc.		4,329
				15,400
		Pharmaceuticals — 8.0%
	55	AbbVie, Inc.		3,264
	134	Bristol-Myers Squibb Co.		9,232
	60	Eli Lilly & Co.		5,081
	92	Johnson & Johnson		9,481
	101	Merck & Co., Inc.		5,349
	245	Pfizer, Inc.		7,902
				40,309
		Total Health Care		64,228
		Industrials — 8.8%
		Aerospace & Defense — 2.7%
	80	Honeywell International, Inc.		8,306
	55	United Technologies Corp.		5,265
				13,571
		Building Products — 0.5%
	96	Masco Corp.		2,714
		Industrial Conglomerates — 3.3%
	42	3M Co.		6,372

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — continued
	327	General Electric Co.		10,189
				16,561
		Machinery — 0.6%
	61	PACCAR, Inc.		2,872
		Road & Rail — 0.5%
	101	CSX Corp.		2,616
		Trading Companies & Distributors — 1.2%
	15	W.W. Grainger, Inc.		2,938
	24	Watsco, Inc.		2,846
				5,784
		Total Industrials		44,118
		Information Technology — 11.2%
		Communications Equipment — 1.0%
	97	Cisco Systems, Inc.		2,637
	50	QUALCOMM, Inc.		2,494
				5,131
		Electronic Equipment, Instruments & Components — 0.4%
	29	TE Connectivity Ltd., (Switzerland)		1,887
		Internet Software & Services — 1.2%
	8	Alphabet, Inc., Class C (a)		6,085
		IT Services — 0.9%
	42	Fidelity National Information Services, Inc.		2,545
	23	MasterCard, Inc., Class A		2,210
				4,755
		Semiconductors & Semiconductor Equipment — 2.3%
	239	Applied Materials, Inc.		4,470
	52	KLA-Tencor Corp.		3,634
	59	Texas Instruments, Inc.		3,206
				11,310
		Software — 3.2%
	291	Microsoft Corp.		16,123
		Technology Hardware, Storage & Peripherals — 2.2%
	106	Apple, Inc.		11,115
		Total Information Technology		56,406
		Materials — 0.9%
		Chemicals — 0.9%
	70	E.I. du Pont de Nemours & Co.		4,635
		Telecommunication Services — 2.2%
		Diversified Telecommunication Services — 2.2%
	237	Verizon Communications, Inc.		10,932

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 3.9%
		Electric Utilities — 2.7%
	79	Edison International		4,678
	35	NextEra Energy, Inc.		3,605
	76	PPL Corp.		2,580
	74	Xcel Energy, Inc.		2,646
				13,509
		Multi-Utilities — 1.2%
	120	CMS Energy Corp.		4,333
	17	Sempra Energy		1,589
				5,922
		Total Utilities		19,431
		Total Common Stocks (Cost $375,816)		499,578
	Short-Term Investment — 7.6%
		Investment Company — 7.6%
	38,313	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $38,313)		38,313
		Total Investments — 106.8% (Cost $414,129)		537,891
		Liabilities in Excess of Other Assets — (6.8)%		(34,136	)
		NET ASSETS — 100.0%	$	503,755

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 33

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.9%
			Consumer Discretionary — 13.4%
			Auto Components — 0.0% (g)
	3		Magna International, Inc., (Canada)		109
			Automobiles — 0.5%
	62		Ford Motor Co.		870
	9		General Motors Co. (o)		322
					1,192
			Hotels, Restaurants & Leisure — 1.1%
	—	(h)	Chipotle Mexican Grill, Inc. (a)		155
	3		Dunkin’ Brands Group, Inc.		109
	12		Royal Caribbean Cruises Ltd.		1,205
	23		Starbucks Corp. (o)		1,356
					2,825
			Household Durables — 0.8%
	21		D.R. Horton, Inc.		664
	8		Harman International Industries, Inc.		778
	29		PulteGroup, Inc.		518
	3		Toll Brothers, Inc. (a)		112
					2,072
			Internet & Catalog Retail — 1.6%
	6		Amazon.com, Inc. (a) (o)		3,977
			Media — 4.2%
	18		CBS Corp. (Non-Voting), Class B		854
	6		Charter Communications, Inc., Class A (a)		1,063
	51		Comcast Corp., Class A		2,853
	13		DISH Network Corp., Class A (a)		740
	3		Time Warner Cable, Inc.		543
	42		Time Warner, Inc. (o)		2,684
	77		Twenty-First Century Fox, Inc., Class A (o)		2,098
					10,835
			Multiline Retail — 0.8%
	15		Dollar General Corp.		1,106
	13		Target Corp.		974
					2,080
			Specialty Retail — 3.6%
	4		AutoNation, Inc. (a)		239
	—	(h)	AutoZone, Inc. (a) (o)		214
	15		Best Buy Co., Inc.		453
	27		Home Depot, Inc. (The) (o)		3,562
	35		Lowe’s Cos., Inc. (o)		2,688
	2		Ross Stores, Inc.		130
	5		Tiffany & Co.		355
	23		TJX Cos., Inc. (The) (o)		1,630
					9,271

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 0.8%
	4	lululemon athletica, Inc., (Canada) (a)		212
	1	PVH Corp.		86
	4	Ralph Lauren Corp.		479
	19	V.F. Corp. (o)		1,161
				1,938
		Total Consumer Discretionary		34,299
		Consumer Staples — 8.6%
		Beverages — 3.2%
	1	Boston Beer Co., Inc. (The), Class A (a)		247
	34	Coca-Cola Co. (The) (o)		1,466
	3	Coca-Cola Enterprises, Inc.		150
	9	Constellation Brands, Inc., Class A (o)		1,253
	4	Dr. Pepper Snapple Group, Inc.		372
	15	Molson Coors Brewing Co., Class B		1,377
	33	PepsiCo, Inc.		3,312
				8,177
		Food & Staples Retailing — 0.9%
	12	Costco Wholesale Corp. (o)		1,913
	1	CVS Health Corp. (o)		57
	10	Kroger Co. (The)		415
	1	Wal-Mart Stores, Inc.		31
				2,416
		Food Products — 1.4%
	10	Archer-Daniels-Midland Co. (o)		368
	10	Hershey Co. (The)		867
	1	Mead Johnson Nutrition Co.		85
	50	Mondelez International, Inc., Class A (o)		2,252
				3,572
		Household Products — 1.9%
	14	Kimberly-Clark Corp. (o)		1,798
	37	Procter & Gamble Co. (The)		2,959
				4,757
		Personal Products — 0.1%
	3	Estee Lauder Cos., Inc. (The), Class A		257
		Tobacco — 1.1%
	31	Philip Morris International, Inc. (o)		2,748
		Total Consumer Staples		21,927
		Energy — 6.3%
		Energy Equipment & Services — 0.7%
	7	Baker Hughes, Inc.		326
	23	Halliburton Co. (o)		782

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Energy Equipment & Services — continued
	5	National Oilwell Varco, Inc.		182
	9	Schlumberger Ltd. (o)		604
				1,894
		Oil, Gas & Consumable Fuels — 5.6%
	30	Cabot Oil & Gas Corp.		523
	35	Chevron Corp.		3,163
	32	Columbia Pipeline Group, Inc.		649
	1	Energen Corp.		43
	13	EOG Resources, Inc. (o)		952
	7	EQT Corp.		385
	49	Exxon Mobil Corp. (o)		3,796
	13	Kinder Morgan, Inc.		196
	8	Marathon Petroleum Corp.		394
	29	Occidental Petroleum Corp. (o)		1,959
	1	Phillips 66		72
	8	Pioneer Natural Resources Co.		983
	16	Valero Energy Corp.		1,157
				14,272
		Total Energy		16,166
		Financials — 16.3%
		Banks — 5.6%
	229	Bank of America Corp. (o)		3,861
	5	BB&T Corp.		176
	77	Citigroup, Inc.		3,978
	18	Fifth Third Bancorp		370
	34	KeyCorp		451
	2	SVB Financial Group (a)		265
	97	Wells Fargo & Co. (o)		5,285
				14,386
		Capital Markets — 3.1%
	2	Ameriprise Financial, Inc.		223
	6	Bank of New York Mellon Corp. (The)		248
	3	BlackRock, Inc.		961
	39	Charles Schwab Corp. (The) (o)		1,287
	6	Goldman Sachs Group, Inc. (The) (o)		1,148
	38	Invesco Ltd. (o)		1,280
	62	Morgan Stanley (o)		1,965
	13	State Street Corp. (o)		839
	3	TD Ameritrade Holding Corp.		97
				8,048
		Consumer Finance — 0.6%
	6	Capital One Financial Corp.		454

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — continued
	6	Discover Financial Services		336
	21	Synchrony Financial (a) (o)		651
				1,441
		Diversified Financial Services — 1.8%
	24	Berkshire Hathaway, Inc., Class B (a) (o)		3,191
	5	Intercontinental Exchange, Inc. (o)		1,287
				4,478
		Insurance — 2.7%
	19	ACE Ltd., (Switzerland)		2,236
	17	American International Group, Inc. (o)		1,036
	6	Arthur J. Gallagher & Co.		237
	3	Lincoln National Corp.		169
	46	MetLife, Inc. (o)		2,230
	4	Prudential Financial, Inc.		296
	15	XL Group plc, (Ireland)		568
				6,772
		Real Estate Investment Trusts (REITs) — 2.5%
	8	American Tower Corp.		737
	6	AvalonBay Communities, Inc.		1,055
	5	Boston Properties, Inc.		700
	18	DiamondRock Hospitality Co.		178
	1	Equinix, Inc.		380
	1	Essex Property Trust, Inc.		133
	15	General Growth Properties, Inc.		408
	10	LaSalle Hotel Properties		260
	10	Liberty Property Trust		302
	20	Prologis, Inc.		854
	1	Public Storage		181
	5	Simon Property Group, Inc. (o)		1,054
	2	SL Green Realty Corp.		243
				6,485
		Total Financials		41,610
		Health Care — 15.7%
		Biotechnology — 3.6%
	6	Alexion Pharmaceuticals, Inc. (a)		1,067
	7	Biogen, Inc. (a) (o)		2,102
	3	BioMarin Pharmaceutical, Inc. (a)		365
	22	Celgene Corp. (a) (o)		2,588
	22	Gilead Sciences, Inc. (o)		2,258
	7	Vertex Pharmaceuticals, Inc. (a)		867
				9,247

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 35

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — 1.6%
	41	Abbott Laboratories (o)		1,839
	88	Boston Scientific Corp. (a) (o)		1,618
	7	Stryker Corp. (o)		620
				4,077
		Health Care Providers & Services — 3.7%
	13	Aetna, Inc. (o)		1,374
	4	Cigna Corp.		544
	11	Express Scripts Holding Co. (a)		950
	2	HCA Holdings, Inc. (a)		124
	7	Humana, Inc.		1,318
	13	McKesson Corp.		2,573
	22	UnitedHealth Group, Inc. (o)		2,558
				9,441
		Life Sciences Tools & Services — 0.6%
	3	Illumina, Inc. (a)		518
	6	Thermo Fisher Scientific, Inc.		903
				1,421
		Pharmaceuticals — 6.2%
	9	Allergan plc (a) (o)		2,709
	46	Bristol-Myers Squibb Co. (o)		3,191
	32	Eli Lilly & Co.		2,705
	21	Johnson & Johnson		2,158
	15	Merck & Co., Inc. (o)		785
	5	Mylan N.V. (a)		289
	1	Perrigo Co. plc, (Ireland)		192
	107	Pfizer, Inc. (o)		3,447
	3	Valeant Pharmaceuticals International, Inc. (a)		335
				15,811
		Total Health Care		39,997
		Industrials — 9.8%
		Aerospace & Defense — 3.1%
	27	Honeywell International, Inc. (o)		2,753
	9	L-3 Communications Holdings, Inc.		1,100
	4	Northrop Grumman Corp.		821
	33	United Technologies Corp.		3,159
				7,833
		Air Freight & Logistics — 0.0% (g)
	1	FedEx Corp.		124
		Airlines — 0.8%
	13	Delta Air Lines, Inc.		671
	23	United Continental Holdings, Inc. (a)		1,291
				1,962

SHARES		SECURITY DESCRIPTION	VALUE($)
		Building Products — 0.5%
	9	Allegion plc, (Ireland)		586
	3	Fortune Brands Home & Security, Inc.		164
	21	Masco Corp.		592
				1,342
		Construction & Engineering — 0.4%
	21	Fluor Corp. (o)		972
		Electrical Equipment — 0.6%
	29	Eaton Corp. plc (o)		1,511
		Industrial Conglomerates — 0.9%
	3	Danaher Corp.		269
	70	General Electric Co. (o)		2,170
				2,439
		Machinery — 1.8%
	2	Caterpillar, Inc.		110
	9	Cummins, Inc. (o)		794
	3	Deere & Co.		256
	6	Ingersoll-Rand plc		312
	25	PACCAR, Inc. (o)		1,204
	8	Parker-Hannifin Corp. (o)		789
	1	Snap-on, Inc.		152
	8	Stanley Black & Decker, Inc.		887
				4,504
		Professional Services — 0.2%
	4	Equifax, Inc.		459
		Road & Rail — 1.5%
	6	Canadian Pacific Railway Ltd., (Canada)		823
	32	CSX Corp. (o)		835
	29	Union Pacific Corp.		2,265
				3,923
		Total Industrials		25,069
		Information Technology — 20.7%
		Communications Equipment — 0.7%
	60	Cisco Systems, Inc. (o)		1,618
	5	QUALCOMM, Inc. (o)		233
				1,851
		Electronic Equipment, Instruments & Components — 0.7%
	2	Amphenol Corp., Class A		123
	11	Corning, Inc.		196
	21	TE Connectivity Ltd., (Switzerland) (o)		1,380
				1,699

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Internet Software & Services — 4.7%
	5		Alphabet, Inc., Class A (a)		3,698
	5		Alphabet, Inc., Class C (a)		3,585
	45		Facebook, Inc., Class A (a) (o)		4,752
					12,035
			IT Services — 3.5%
	31		Accenture plc, (Ireland), Class A		3,253
	2		Automatic Data Processing, Inc.		138
	30		Cognizant Technology Solutions Corp., Class A (a) (o)		1,776
	15		Fidelity National Information Services, Inc.		908
	4		PayPal Holdings, Inc. (a)		135
	35		Visa, Inc., Class A (o)		2,680
					8,890
			Semiconductors & Semiconductor Equipment — 3.0%
	13		Applied Materials, Inc.		251
	18		Avago Technologies Ltd., (Singapore)		2,552
	8		Broadcom Corp., Class A		452
	2		KLA-Tencor Corp.		119
	25		Lam Research Corp. (o)		2,015
	12		Marvell Technology Group Ltd., (Bermuda)		104
	4		NXP Semiconductors N.V., (Netherlands) (a)		336
	35		Texas Instruments, Inc. (o)		1,933
					7,762
			Software — 4.3%
	26		Adobe Systems, Inc. (a) (o)		2,398
	2		Intuit, Inc.		216
	139		Microsoft Corp. (o)		7,691
	18		Oracle Corp. (o)		668
					10,973
			Technology Hardware, Storage & Peripherals — 3.8%
	81		Apple, Inc. (o)		8,502
	41		Hewlett Packard Enterprise Co.		628
	52		HP, Inc.		612
					9,742
			Total Information Technology		52,952
			Materials — 2.5%
			Chemicals — 1.8%
	7		Axiall Corp.		115
	27		Dow Chemical Co. (The)		1,381
	24		E.I. du Pont de Nemours & Co. (o)		1,575
	8		Eastman Chemical Co.		555
	33		Mosaic Co. (The) (o)		903
	—	(h)	Sherwin-Williams Co. (The)		28
					4,557

SHARES			SECURITY DESCRIPTION	VALUE($)
			Construction Materials — 0.1%
	3		Martin Marietta Materials, Inc. (o)		419
			Containers & Packaging — 0.6%
	17		Crown Holdings, Inc. (a)		872
	13		WestRock Co.		581
					1,453
			Metals & Mining — 0.0% (g)
	—	(h)	Alcoa, Inc.		2
	7		United States Steel Corp.		60
					62
			Total Materials		6,491
			Telecommunication Services — 1.5%
			Diversified Telecommunication Services — 1.4%
	76		AT&T, Inc. (o)		2,601
	23		Verizon Communications, Inc. (o)		1,082
					3,683
			Wireless Telecommunication Services — 0.1%
	3		T-Mobile US, Inc. (a)		113
			Total Telecommunication Services		3,796
			Utilities — 3.1%
			Electric Utilities — 2.4%
	7		American Electric Power Co., Inc.		379
	23		Edison International (o)		1,386
	2		Exelon Corp. (o)		57
	15		NextEra Energy, Inc. (o)		1,578
	39		PPL Corp.		1,340
	39		Xcel Energy, Inc.		1,418
					6,158
			Gas Utilities — 0.1%
	6		Questar Corp.		124
			Multi-Utilities — 0.5%
	5		CenterPoint Energy, Inc.		90
	10		CMS Energy Corp.		378
	22		Public Service Enterprise Group, Inc.		844
					1,312
			Water Utilities — 0.1%
	4		American Water Works Co., Inc.		262
			Total Utilities		7,856
			Total Common Stocks (Cost $239,074)		250,163

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 37

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Futures and Options contracts)

NUMBER OF CONTRACTS		SECURITY DESCRIPTION	VALUE($)
	Option Purchased — 1.9%
		Put Option Purchased — 1.9%
	1228	S&P 500 Index, Expiring 03/31/16 at $1,940.00, European Style (Cost $4,916)		4,912
				–
PRINCIPAL AMOUNT($)
	Short-Term Investments — 0.6%
		U.S. Treasury Obligation — 0.2%
	540	U.S. Treasury Bill, 0.238%, 04/28/16 (k) (n)		539

SHARES		SECURITY DESCRIPTION	VALUE($)
		Investment Company — 0.4%
	1,057	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l)		1,057
		Total Short-Term Investments (Cost $1,596)		1,596
		Total Investments — 100.4% (Cost $245,586)		256,671
		Liabilities in Excess of Other Assets — (0.4)%		(1,039	)
		NET ASSETS — 100.0%	$	255,632

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	38	E-mini S&P 500		03/18/16		USD	$	3,867	$	18

OPTIONS WRITTEN

Call Options Written
DESCRIPTION	EXERCISE PRICE		EXPIRATION DATE		NUMBER OF CONTRACTS		VALUE
S&P 500 Index, European Style	$	2,120.000		03/31/16		1,228	$	(2,763	)
(Premiums received of $2,759)

Put Options Written
DESCRIPTION	EXERCISE PRICE		EXPIRATION DATE		NUMBER OF CONTRACTS		VALUE
S&P 500 Index, European Style	$	1,625.000		03/31/16		1,228	$	(860	)
(Premiums received of $856)

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.9%
		Consumer Discretionary — 23.8%
		Auto Components — 1.4%
	2,614	Delphi Automotive plc, (United Kingdom)		224,064
		Automobiles — 1.5%
	953	Tesla Motors, Inc. (a)		228,682
		Hotels, Restaurants & Leisure — 3.1%
	184	Chipotle Mexican Grill, Inc. (a)		88,196
	6,466	Starbucks Corp.		388,171
				476,367
		Household Durables — 0.2%
	247	Whirlpool Corp.		36,203
		Internet & Catalog Retail — 8.9%
	1,099	Amazon.com, Inc. (a)		742,763
	3,616	Netflix, Inc. (a)		413,552
	174	Priceline Group, Inc. (The) (a)		222,351
				1,378,666
		Media — 3.7%
	6,812	Comcast Corp., Class A		384,378
	3,622	Liberty Global plc, (United Kingdom), Series C (a)		147,665
	582	Time Warner, Inc.		37,606
				569,649
		Specialty Retail — 5.0%
	5,793	Home Depot, Inc. (The)		766,085
		Total Consumer Discretionary		3,679,716
		Consumer Staples — 7.1%
		Beverages — 2.0%
	806	Constellation Brands, Inc., Class A		114,807
	1,245	Monster Beverage Corp. (a)		185,515
				300,322
		Food & Staples Retailing — 3.6%
	1,417	Costco Wholesale Corp.		228,813
	2,131	CVS Health Corp.		208,358
	1,477	Walgreens Boots Alliance, Inc.		125,774
				562,945
		Tobacco — 1.5%
	5,039	Reynolds American, Inc.		232,545
		Total Consumer Staples		1,095,812
		Energy — 0.6%
		Oil, Gas & Consumable Fuels — 0.6%
	1,593	Marathon Petroleum Corp.		82,571
	37	Pioneer Natural Resources Co.		4,626
		Total Energy		87,197

SHARES		SECURITY DESCRIPTION	VALUE($)
		Financials — 2.5%
		Capital Markets — 1.3%
	160	BlackRock, Inc.		54,585
	4,309	TD Ameritrade Holding Corp.		149,548
				204,133
		Diversified Financial Services — 1.2%
	1,896	Moody’s Corp.		190,245
		Total Financials		394,378
		Health Care — 20.4%
		Biotechnology — 15.4%
	199	Alexion Pharmaceuticals, Inc. (a)		37,940
	32	Biogen, Inc. (a)		9,650
	1,448	BioMarin Pharmaceutical, Inc. (a)		151,640
	4,501	Celgene Corp. (a)		539,004
	4,029	Gilead Sciences, Inc.		407,705
	1,601	Incyte Corp. (a)		173,672
	1,292	Regeneron Pharmaceuticals, Inc. (a)		701,117
	2,809	Vertex Pharmaceuticals, Inc. (a)		353,393
				2,374,121
		Health Care Providers & Services — 2.5%
	2,427	AmerisourceBergen Corp.		251,684
	678	McKesson Corp.		133,781
				385,465
		Life Sciences Tools & Services — 1.2%
	985	Illumina, Inc. (a)		189,008
		Pharmaceuticals — 1.3%
	2,017	Valeant Pharmaceuticals International, Inc. (a)		205,018
		Total Health Care		3,153,612
		Industrials — 6.4%
		Aerospace & Defense — 2.4%
	2,174	Honeywell International, Inc.		225,192
	812	Northrop Grumman Corp.		153,314
				378,506
		Airlines — 2.3%
	7,032	Delta Air Lines, Inc.		356,462
		Electrical Equipment — 0.4%
	283	Acuity Brands, Inc.		66,119
		Industrial Conglomerates — 1.0%
	804	Roper Technologies, Inc.		152,610
		Road & Rail — 0.3%
	543	Kansas City Southern		40,523
		Total Industrials		994,220

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 39

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Information Technology — 34.3%
		Electronic Equipment, Instruments & Components — 0.7%
	2,097	Amphenol Corp., Class A		109,511
		Internet Software & Services — 12.6%
	1,146	Alphabet, Inc., Class C (a)		869,420
	31	Baidu, Inc., (China), ADR (a)		5,917
	8,530	Facebook, Inc., Class A (a)		892,760
	570	LinkedIn Corp., Class A (a)		128,341
	580	VeriSign, Inc. (a)		50,634
				1,947,072
		IT Services — 9.5%
	174	Alliance Data Systems Corp. (a)		48,068
	2,094	Cognizant Technology Solutions Corp., Class A (a)		125,682
	6,181	MasterCard, Inc., Class A		601,802
	2,007	Vantiv, Inc., Class A (a)		95,167
	7,722	Visa, Inc., Class A		598,864
				1,469,583
		Semiconductors & Semiconductor Equipment — 3.3%
	304	ARM Holdings plc, (United Kingdom), ADR		13,762
	862	ASML Holding N.V., (Netherlands)		76,553
	2,199	Avago Technologies Ltd., (Singapore)		319,214
	1,185	NXP Semiconductors N.V., (Netherlands) (a)		99,794
				509,323
		Software — 4.8%
	2,921	Activision Blizzard, Inc.		113,056
	2,961	Adobe Systems, Inc. (a)		278,147
	3,740	salesforce.com, Inc. (a)		293,232
	469	ServiceNow, Inc. (a)		40,596
	452	Splunk, Inc. (a)		26,606
				751,637
		Technology Hardware, Storage & Peripherals — 3.4%
	4,983	Apple, Inc.		524,551
		Total Information Technology		5,311,677
		Materials — 4.8%
		Chemicals — 4.8%
	1,400	Ecolab, Inc.		160,132
	2,168	LyondellBasell Industries N.V., Class A		188,356
	1,342	PPG Industries, Inc.		132,646
	991	Sherwin-Williams Co. (The)		257,289
		Total Materials		738,423
		Total Common Stocks (Cost $9,764,204)		15,455,035

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.5%
		Investment Company — 2.5%
	393,464	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $393,464)		393,464
		Total Investments — 102.4% (Cost $10,157,668)		15,848,499
		Liabilities in Excess of Other Assets — (2.4)%		(377,935	)
		NET ASSETS — 100.0%	$	15,470,564

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.7%
		Consumer Discretionary — 19.9%
		Auto Components — 0.4%
	59	Magna International, Inc., (Canada)		2,385
		Automobiles — 4.9%
	750	Ford Motor Co.		10,562
	736	General Motors Co.		25,021
				35,583
		Hotels, Restaurants & Leisure — 0.6%
	44	Royal Caribbean Cruises Ltd.		4,494
		Household Durables — 6.2%
	122	D.R. Horton, Inc.		3,898
	144	Harman International Industries, Inc.		13,528
	64	Jarden Corp. (a)		3,673
	545	PulteGroup, Inc.		9,719
	43	Taylor Morrison Home Corp., Class A (a)		693
	268	Toll Brothers, Inc. (a)		8,914
	27	Whirlpool Corp.		3,995
				44,420
		Media — 2.0%
	13	Charter Communications, Inc., Class A (a)		2,362
	39	DISH Network Corp., Class A (a)		2,213
	53	Time Warner, Inc.		3,408
	243	Twenty-First Century Fox, Inc., Class A		6,589
				14,572
		Multiline Retail — 0.3%
	49	Kohl’s Corp.		2,339
		Specialty Retail — 3.7%
	105	AutoNation, Inc. (a)		6,288
	604	Best Buy Co., Inc.		18,401
	35	Murphy USA, Inc. (a)		2,108
				26,797
		Textiles, Apparel & Luxury Goods — 1.8%
	82	Coach, Inc.		2,687
	62	Michael Kors Holdings Ltd., (United Kingdom) (a)		2,464
	108	PVH Corp.		7,932
				13,083
		Total Consumer Discretionary		143,673
		Consumer Staples — 1.1%
		Beverages — 0.5%
	39	Molson Coors Brewing Co., Class B		3,673
		Food Products — 0.6%
	44	Keurig Green Mountain, Inc.		3,995
		Total Consumer Staples		7,668

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 7.4%
		Energy Equipment & Services — 0.2%
	157	Noble Corp. plc, (United Kingdom)		1,653
		Oil, Gas & Consumable Fuels — 7.2%
	63	Chevron Corp.		5,658
	66	EOG Resources, Inc.		4,665
	51	EQT Corp.		2,664
	256	Exxon Mobil Corp.		19,946
	179	Occidental Petroleum Corp.		12,089
	58	PBF Energy, Inc., Class A		2,142
	22	Pioneer Natural Resources Co.		2,721
	83	Suncor Energy, Inc., (Canada)		2,149
				52,034
		Total Energy		53,687
		Financials — 26.1%
		Banks — 14.0%
	764	Bank of America Corp.		12,863
	323	BB&T Corp.		12,209
	437	Citigroup, Inc.		22,632
	920	KeyCorp		12,136
	34	M&T Bank Corp.		4,120
	8	SVB Financial Group (a)		963
	161	U.S. Bancorp		6,883
	536	Wells Fargo & Co.		29,135
				100,941
		Capital Markets — 2.9%
	214	Charles Schwab Corp. (The)		7,047
	40	Goldman Sachs Group, Inc. (The)		7,191
	142	Morgan Stanley		4,523
	61	TD Ameritrade Holding Corp.		2,121
				20,882
		Consumer Finance — 0.2%
	99	Ally Financial, Inc. (a)		1,840
		Insurance — 7.6%
	194	ACE Ltd., (Switzerland)		22,663
	61	Allstate Corp. (The)		3,756
	95	Arthur J. Gallagher & Co.		3,885
	379	MetLife, Inc.		18,278
	14	RenaissanceRe Holdings Ltd., (Bermuda)		1,630
	115	XL Group plc, (Ireland)		4,506
				54,718
		Real Estate Investment Trusts (REITs) — 1.1%
	220	Host Hotels & Resorts, Inc.		3,372
	79	LaSalle Hotel Properties		1,987

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 41

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Investment Trusts (REITs) — continued
	87	Liberty Property Trust		2,711
				8,070
		Real Estate Management & Development — 0.1%
	55	St. Joe Co. (The) (a)		1,009
		Thrifts & Mortgage Finance — 0.2%
	76	BofI Holding, Inc. (a)		1,606
		Total Financials		189,066
		Health Care — 13.8%
		Biotechnology — 0.3%
	62	Baxalta, Inc.		2,424
		Health Care Equipment & Supplies — 1.0%
	163	Abbott Laboratories		7,298
		Health Care Providers & Services — 5.2%
	161	Aetna, Inc.		17,450
	16	Anthem, Inc.		2,259
	47	Cigna Corp.		6,848
	61	Humana, Inc.		10,877
				37,434
		Life Sciences Tools & Services — 1.4%
	71	Thermo Fisher Scientific, Inc.		10,010
		Pharmaceuticals — 5.9%
	20	Allergan plc (a)		6,281
	45	Johnson & Johnson		4,632
	118	Merck & Co., Inc.		6,213
	45	Mylan N.V. (a)		2,428
	31	Perrigo Co. plc, (Ireland)		4,486
	568	Pfizer, Inc.		18,325
				42,365
		Total Health Care		99,531
		Industrials — 9.1%
		Aerospace & Defense — 2.3%
	122	Embraer S.A., (Brazil), ADR		3,607
	24	General Dynamics Corp.		3,255
	41	L-3 Communications Holdings, Inc.		4,948
	38	Raytheon Co.		4,682
				16,492
		Airlines — 3.8%
	79	Delta Air Lines, Inc.		3,994
	178	Southwest Airlines Co.		7,678
	217	Spirit Airlines, Inc. (a)		8,655
	120	United Continental Holdings, Inc. (a)		6,882
				27,209

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electrical Equipment — 0.2%
	34	Eaton Corp. plc		1,754
		Machinery — 2.8%
	112	Allison Transmission Holdings, Inc.		2,910
	52	Ingersoll-Rand plc		2,875
	313	PACCAR, Inc.		14,822
				20,607
		Total Industrials		66,062
		Information Technology — 9.0%
		Communications Equipment — 0.9%
	21	Harris Corp.		1,790
	103	QUALCOMM, Inc.		5,138
				6,928
		Electronic Equipment, Instruments & Components — 0.8%
	90	TE Connectivity Ltd., (Switzerland)		5,841
		Internet Software & Services — 0.9%
	187	Yahoo!, Inc. (a)		6,206
		Semiconductors & Semiconductor Equipment — 4.2%
	55	Avago Technologies Ltd., (Singapore)		7,911
	148	Broadcom Corp., Class A		8,552
	98	Lam Research Corp.		7,799
	179	Marvell Technology Group Ltd., (Bermuda)		1,574
	25	NXP Semiconductors N.V., (Netherlands) (a)		2,106
	43	Qorvo, Inc. (a)		2,189
				30,131
		Software — 1.1%
	142	Microsoft Corp.		7,878
		Technology Hardware, Storage & Peripherals — 1.1%
	23	Apple, Inc.		2,368
	159	EMC Corp.		4,081
	126	HP, Inc.		1,492
				7,941
		Total Information Technology		64,925
		Materials — 3.3%
		Chemicals — 1.7%
	59	Albemarle Corp.		3,282
	104	Axiall Corp.		1,596
	73	Dow Chemical Co. (The)		3,764
	52	Eastman Chemical Co.		3,524
				12,166
		Containers & Packaging — 0.5%
	76	WestRock Co.		3,476
		Metals & Mining — 1.1%
	662	Norsk Hydro ASA, (Norway), ADR		2,493

42 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Metals & Mining — continued
	25	Reliance Steel & Aluminum Co.		1,419
	126	Rio Tinto plc, (United Kingdom), ADR		3,681
	81	United States Steel Corp.		647
				8,240
		Total Materials		23,882
		Telecommunication Services — 2.3%
		Diversified Telecommunication Services — 1.9%
	405	AT&T, Inc.		13,939
		Wireless Telecommunication Services — 0.4%
	72	T-Mobile US, Inc. (a)		2,826
		Total Telecommunication Services		16,765
		Utilities — 5.7%
		Electric Utilities — 4.7%
	62	American Electric Power Co., Inc.		3,630
	51	Duke Energy Corp.		3,627
	181	Edison International		10,735
	63	NextEra Energy, Inc.		6,587
	261	Xcel Energy, Inc.		9,383
				33,962
		Gas Utilities — 0.6%
	72	AGL Resources, Inc.		4,594
		Multi-Utilities — 0.4%
	54	WEC Energy Group, Inc.		2,781
		Total Utilities		41,337
		Total Common Stocks (Cost $641,990)		706,596
NUMBER OF WARRANTS
	Warrant — 0.0%
		Financials — 0.0%
		Consumer Finance — 0.0%
	36	Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.9%
		Investment Company — 3.9%
	27,932	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $27,932)		27,932
		Total Investments — 101.6% (Cost $669,922)		734,528
		Liabilities in Excess of Other Assets — (1.6)%		(11,721	)
		NET ASSETS — 100.0%	$	722,807

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 43

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.5%
		Consumer Discretionary — 15.4%
		Auto Components — 0.3%
	367	Delphi Automotive plc, (United Kingdom)		31,466
		Automobiles — 1.5%
	3,109	Ford Motor Co.		43,805
	4,522	General Motors Co.		153,810
				197,615
		Hotels, Restaurants & Leisure — 0.9%
	282	Carnival Corp.		15,380
	27	Chipotle Mexican Grill, Inc. (a)		12,951
	554	Royal Caribbean Cruises Ltd.		56,029
	504	Yum! Brands, Inc.		36,796
				121,156
		Household Durables — 1.7%
	1,641	D.R. Horton, Inc.		52,572
	778	Harman International Industries, Inc.		73,320
	92	Mohawk Industries, Inc. (a)		17,463
	1,163	PulteGroup, Inc.		20,727
	1,432	Toll Brothers, Inc. (a)		47,700
	59	Whirlpool Corp.		8,703
				220,485
		Internet & Catalog Retail — 1.8%
	357	Amazon.com, Inc. (a)		241,162
		Media — 5.0%
	1,320	CBS Corp. (Non-Voting), Class B		62,194
	401	Charter Communications, Inc., Class A (a)		73,442
	1,243	Comcast Corp., Class A		70,166
	1,298	DISH Network Corp., Class A (a)		74,213
	103	Time Warner Cable, Inc.		19,054
	2,641	Time Warner, Inc.		170,811
	295	Time, Inc.		4,629
	4,528	Twenty-First Century Fox, Inc., Class A		122,974
	821	Twenty-First Century Fox, Inc., Class B		22,342
	430	Walt Disney Co. (The)		45,144
				664,969
		Specialty Retail — 3.7%
	952	Best Buy Co., Inc.		28,979
	360	Home Depot, Inc. (The)		47,674
	3,849	Lowe’s Cos., Inc.		292,690
	417	Tiffany & Co.		31,819
	1,272	TJX Cos., Inc. (The)		90,189
				491,351

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 0.5%
	79	lululemon athletica, Inc., (Canada) (a)		4,158
	228	Ralph Lauren Corp.		25,466
	534	V.F. Corp.		33,267
				62,891
		Total Consumer Discretionary		2,031,095
		Consumer Staples — 6.1%
		Beverages — 2.7%
	1,842	Coca-Cola Co. (The)		79,141
	169	Constellation Brands, Inc., Class A		24,007
	1,193	Molson Coors Brewing Co., Class B		112,017
	1,388	PepsiCo, Inc.		138,699
				353,864
		Food & Staples Retailing — 0.9%
	579	Costco Wholesale Corp.		93,439
	607	Kroger Co. (The)		25,384
				118,823
		Food Products — 0.9%
	174	Hershey Co. (The)		15,523
	2,375	Mondelez International, Inc., Class A		106,516
				122,039
		Household Products — 1.1%
	175	Colgate-Palmolive Co.		11,660
	453	Kimberly-Clark Corp.		57,705
	954	Procter & Gamble Co. (The)		75,740
				145,105
		Tobacco — 0.5%
	770	Philip Morris International, Inc.		67,649
		Total Consumer Staples		807,480
		Energy — 6.3%
		Energy Equipment & Services — 0.2%
	259	Baker Hughes, Inc.		11,975
	300	Schlumberger Ltd.		20,916
				32,891
		Oil, Gas & Consumable Fuels — 6.1%
	103	Anadarko Petroleum Corp.		5,018
	2,346	Cabot Oil & Gas Corp.		41,501
	1,469	Chevron Corp.		132,149
	3,110	Columbia Pipeline Group, Inc.		62,201
	220	Concho Resources, Inc. (a)		20,431
	323	Diamondback Energy, Inc.(a)		21,590
	125	Energen Corp.		5,111
	1,139	EOG Resources, Inc.		80,658

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	1,231	EQT Corp.		64,171
	315	Exxon Mobil Corp.		24,567
	237	Hess Corp.		11,486
	212	Marathon Petroleum Corp.		10,973
	3,068	Occidental Petroleum Corp.		207,458
	611	Pioneer Natural Resources Co.		76,620
	530	Valero Energy Corp.		37,506
				801,440
		Total Energy		834,331
		Financials — 17.0%
		Banks — 6.7%
	11,840	Bank of America Corp.		199,269
	464	BB&T Corp.		17,543
	3,432	Citigroup, Inc.		177,596
	301	East West Bancorp, Inc.		12,517
	1,976	KeyCorp		26,057
	383	SunTrust Banks, Inc.		16,410
	420	SVB Financial Group (a)		49,947
	7,111	Wells Fargo & Co.		386,581
				885,920
		Capital Markets — 4.1%
	341	Ameriprise Financial, Inc.		36,312
	286	BlackRock, Inc.		97,364
	3,307	Charles Schwab Corp. (The)		108,886
	411	Goldman Sachs Group, Inc. (The)		74,055
	977	Invesco Ltd.		32,697
	6,176	Morgan Stanley		196,454
	141	TD Ameritrade Holding Corp.		4,884
				550,652
		Consumer Finance — 0.6%
	1,326	Discover Financial Services		71,088
	119	Synchrony Financial (a)		3,628
				74,716
		Diversified Financial Services — 0.6%
	296	Intercontinental Exchange, Inc.		75,959
		Insurance — 4.0%
	2,166	ACE Ltd., (Switzerland)		253,046
	518	American International Group, Inc.		32,097
	1,282	Arthur J. Gallagher & Co.		52,489
	1,191	Marsh & McLennan Cos., Inc.		66,031
	2,447	MetLife, Inc.		117,969
	144	XL Group plc, (Ireland)		5,647
				527,279

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — 1.0%
	29	Alexandria Real Estate Equities, Inc.		2,605
	156	AvalonBay Communities, Inc.		28,729
	64	Boston Properties, Inc.		8,161
	191	General Growth Properties, Inc.		5,200
	38	Kilroy Realty Corp.		2,394
	127	Kimco Realty Corp.		3,371
	1,413	Prologis, Inc.		60,633
	53	Simon Property Group, Inc.		10,339
	45	SL Green Realty Corp.		5,130
	75	Vornado Realty Trust		7,486
				134,048
		Total Financials		2,248,574
		Health Care — 15.8%
		Biotechnology — 4.8%
	478	Alexion Pharmaceuticals, Inc. (a)		91,118
	357	Biogen, Inc. (a)		109,292
	331	BioMarin Pharmaceutical, Inc. (a)		34,628
	1,486	Celgene Corp. (a)		177,905
	927	Gilead Sciences, Inc.		93,819
	141	Incyte Corp. (a)		15,270
	858	Vertex Pharmaceuticals, Inc. (a)		107,919
				629,951
		Health Care Equipment & Supplies — 0.5%
	804	Abbott Laboratories		36,119
	1,787	Boston Scientific Corp. (a)		32,949
				69,068
		Health Care Providers & Services — 3.9%
	1,083	Aetna, Inc.		117,131
	527	Humana, Inc.		94,013
	491	McKesson Corp.		96,884
	1,812	UnitedHealth Group, Inc.		213,126
				521,154
		Life Sciences Tools & Services — 0.6%
	413	Illumina, Inc. (a)		79,329
		Pharmaceuticals — 6.0%
	675	Allergan plc (a)		210,988
	2,374	Bristol-Myers Squibb Co.		163,328
	2,056	Eli Lilly & Co.		173,196
	6,104	Pfizer, Inc.		197,036
	413	Valeant Pharmaceuticals International, Inc. (a)		42,032
				786,580
		Total Health Care		2,086,082

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 45

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Industrials — 9.7%
		Aerospace & Defense — 3.6%
	20	General Dynamics Corp.		2,737
	2,091	Honeywell International, Inc.		216,607
	355	L-3 Communications Holdings, Inc.		42,396
	301	Northrop Grumman Corp.		56,767
	302	Raytheon Co.		37,577
	1,257	United Technologies Corp.		120,793
				476,877
		Airlines — 1.2%
	592	Delta Air Lines, Inc.		30,029
	40	Spirit Airlines, Inc. (a)		1,608
	2,303	United Continental Holdings, Inc. (a)		131,963
				163,600
		Building Products — 0.8%
	317	Allegion plc, (Ireland)		20,928
	364	Fortune Brands Home & Security, Inc.		20,176
	65	Lennox International, Inc.		8,163
	1,967	Masco Corp.		55,663
				104,930
		Commercial Services & Supplies — 0.0% (g)
	73	Tyco International plc		2,331
		Construction & Engineering — 0.3%
	833	Fluor Corp.		39,355
		Electrical Equipment — 0.3%
	489	Eaton Corp. plc		25,471
	262	Sensata Technologies Holding N.V. (a)		12,060
				37,531
		Industrial Conglomerates — 0.8%
	3,533	General Electric Co.		110,055
		Machinery — 1.4%
	388	Ingersoll-Rand plc		21,428
	1,684	PACCAR, Inc.		79,811
	56	SPX FLOW, Inc. (a)		1,552
	716	Stanley Black & Decker, Inc.		76,382
	97	WABCO Holdings, Inc. (a)		9,874
				189,047
		Road & Rail — 1.2%
	129	Canadian Pacific Railway Ltd., (Canada)		16,450
	1,250	CSX Corp.		32,442
	41	Kansas City Southern		3,070
	144	Norfolk Southern Corp.		12,144
	1,183	Union Pacific Corp.		92,539
				156,645

SHARES		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — 0.1%
	142	AerCap Holdings N.V., (Netherlands) (a)		6,120
		Total Industrials		1,286,491
		Information Technology — 23.0%
		Electronic Equipment, Instruments & Components — 0.6%
	1,249	TE Connectivity Ltd., (Switzerland)		80,668
		Internet Software & Services — 4.9%
	184	Alphabet, Inc., Class A (a)		143,187
	378	Alphabet, Inc., Class C (a)		287,023
	2,066	Facebook, Inc., Class A (a)		216,192
				646,402
		IT Services — 4.1%
	1,720	Accenture plc, (Ireland), Class A		179,737
	1,165	Cognizant Technology Solutions Corp., Class A (a)		69,920
	1,108	Fidelity National Information Services, Inc.		67,148
	400	MasterCard, Inc., Class A		38,938
	2,390	Visa, Inc., Class A		185,345
	22	WEX, Inc. (a)		1,966
				543,054
		Semiconductors & Semiconductor Equipment — 5.3%
	1,785	Avago Technologies Ltd., (Singapore)		259,081
	928	Broadcom Corp., Class A		53,633
	80	KLA-Tencor Corp.		5,573
	2,583	Lam Research Corp.		205,153
	807	Marvell Technology Group Ltd., (Bermuda)		7,121
	1,034	NXP Semiconductors N.V., (Netherlands) (a)		87,099
	28	Qorvo, Inc. (a)		1,428
	1,577	Texas Instruments, Inc.		86,416
				705,504
		Software — 4.3%
	1,080	Adobe Systems, Inc. (a)		101,496
	7,842	Microsoft Corp.		435,064
	664	Oracle Corp.		24,273
				560,833
		Technology Hardware, Storage & Peripherals — 3.8%
	4,140	Apple, Inc.		435,820
	1,578	Hewlett Packard Enterprise Co.		23,990
	3,124	HP, Inc.		36,985
				496,795
		Total Information Technology		3,033,256
		Materials — 2.3%
		Chemicals — 1.1%
	75	Albemarle Corp.		4,213
	674	Axiall Corp.		10,374

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Chemicals — continued
	246	CF Industries Holdings, Inc.		10,037
	500	Dow Chemical Co. (The)		25,763
	841	E.I. du Pont de Nemours & Co.		56,019
	1,159	Mosaic Co. (The)		31,979
	26	Sherwin-Williams Co. (The)		6,685
				145,070
		Construction Materials — 0.5%
	253	Martin Marietta Materials, Inc.		34,582
	296	Vulcan Materials Co.		28,108
				62,690
		Containers & Packaging — 0.4%
	1,043	Crown Holdings, Inc. (a)		52,893
	56	Silgan Holdings, Inc.		2,988
	33	WestRock Co.		1,521
				57,402
		Metals & Mining — 0.3%
	346	Nucor Corp.		13,926
	3,550	United States Steel Corp.		28,333
				42,259
		Total Materials		307,421
		Telecommunication Services — 0.9%
		Diversified Telecommunication Services — 0.7%
	2,682	AT&T, Inc.		92,292
		Wireless Telecommunication Services — 0.2%
	792	T-Mobile US, Inc. (a)		30,991
		Total Telecommunication Services		123,283
		Utilities — 2.0%
		Electric Utilities — 1.7%
	429	American Electric Power Co., Inc.		24,998
	1,172	Edison International		69,415
	456	NextEra Energy, Inc.		47,362
	1,885	PPL Corp.		64,340
	515	Xcel Energy, Inc.		18,501
				224,616
		Multi-Utilities — 0.3%
	1,010	CMS Energy Corp.		36,457
	112	NiSource, Inc.		2,193
				38,650

SHARES		SECURITY DESCRIPTION	VALUE($)
		Water Utilities — 0.0% (g)
	57	American Water Works Co., Inc.		3,384
		Total Utilities		266,650
		Total Common Stocks (Cost $10,108,027)		13,024,663
NUMBER OF WARRANTS
	Warrant — 0.0%
		Financials — 0.0%
		Consumer Finance — 0.0%
	24	Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—
SHARES
	Short-Term Investment — 1.4%
		Investment Company — 1.4%
	188,412	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $188,412)		188,412
		Total Investments — 99.9% (Cost $10,296,439)		13,213,075
		Other Assets in Excess of Liabilities — 0.1% (c)		11,852
		NET ASSETS — 100.0%	$	13,224,927

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 47

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 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 DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	971	E-mini S&P 500		03/18/16		USD	$	98,819	$	1,137

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

J.P. Morgan Large Cap Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

ADR	—  American Depositary Receipt
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.
(c)	—  Included in this amount is cash segregated as collateral for futures contracts.
(g)	—  Amount rounds to less than 0.1%.

(h)	—  Amount rounds to less than one thousand (shares or dollars).
(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 December 31, 2015.
(n)	—  The rate shown is the effective yield at the date of purchase.
(o)	—  All or a portion of the security is segregated for options written.

The following approximates the aggregate amount of securities segregated for options written (amounts in thousands):

Fund	Value
Hedged Equity Fund	$108,413

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 49

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands, except per share amounts)

	Disciplined Equity Fund		Dynamic Growth Fund			Equity Focus Fund
ASSETS:
Investments in non-affiliates, at value	$	8,092,522	$	350,122		$	82,083
Investments in affiliates, at value		104,343		20,149			2,762
Total investment securities, at value		8,196,865		370,271			84,845
Receivables:
Investment securities sold		17,370		2,981			74
Fund shares sold		4,107		751			6
Dividends from non-affiliates		10,056		122			34
Dividends from affiliates		20		3			—	(a)
Total Assets		8,228,418		374,128			84,959
LIABILITIES:
Payables:
Investment securities purchased		36,098		—			1,215
Fund shares redeemed		25,289		187			30
Variation margin on futures contracts		1,064		—			—
Accrued liabilities:
Investment advisory fees		1,708		558			40
Administration fees		569		18			1
Distribution fees		125		19			1
Shareholder servicing fees		134		38			18
Custodian and accounting fees		43		10			3
Trustees’ and Chief Compliance Officer’s fees		7		—	(a)		—	(a)
Other		214		51			15
Total Liabilities		65,251		881			1,323
Net Assets	$	8,163,167	$	373,247		$	83,636

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

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Disciplined Equity Fund			Dynamic Growth Fund			Equity Focus Fund
NET ASSETS:
Paid-in-Capital	$	8,045,698		$	293,940		$	75,114
Accumulated undistributed (distributions in excess of) net investment income		339			(1,278	)		(16	)
Accumulated net realized gains (losses)		(362,752	)		(5,956	)		(291	)
Net unrealized appreciation (depreciation)		479,882			86,541			8,829
Total Net Assets	$	8,163,167		$	373,247		$	83,636
Net Assets:
Class A	$	573,559		$	56,427		$	1,796
Class C		—			12,565			962
Class R5		—			242,738			—
Class R6		6,503,860			—			—
Institutional Class		796,569			—			—
Select Class		289,179			61,517			80,878
Total	$	8,163,167		$	373,247		$	83,636
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		26,400			2,176			73
Class C		—			505			40
Class R5		—			9,023			—
Class R6		297,233			—			—
Institutional Class		36,412			—			—
Select Class		13,201			2,324			3,270
Net Asset Value (a):
Class A — Redemption price per share	$	21.73		$	25.93		$	24.56
Class C — Offering price per share (b)		—			24.89			24.06
Class R5 — Offering and redemption price per share		—			26.90			—
Class R6 — Offering and redemption price per share		21.88			—			—
Institutional Class — Offering and redemption price per share		21.88			—			—
Select Class — Offering and redemption price per share		21.91			26.47			24.73
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	22.93		$	27.37		$	25.92
Cost of investments in non-affiliates	$	7,614,022		$	263,581		$	73,254
Cost of investments in affiliates		104,343			20,149			2,762

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 51

STATEMENTS OF ASSETS AND LIABILITIES

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

(Amounts in thousands, except per share amounts)

	Equity Income Fund			Growth and Income Fund			Hedged Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	10,275,373		$	499,578		$	255,614
Investments in affiliates, at value		258,280			38,313			1,057
Total investment securities, at value		10,533,653			537,891			256,671
Cash		—			—			4
Receivables:
Investment securities sold		—			—			13,260
Fund shares sold		95,149			281			1,948
Dividends from non-affiliates		28,577			879			353
Dividends from affiliates		30			2			—	(a)
Total Assets		10,657,409			539,053			272,236
LIABILITIES:
Payables:
Due to custodian		—	(a)		—	(a)		—
Investment securities purchased		—			33,330			12,569
Fund shares redeemed		222,842			1,457			198
Variation margin on futures contracts		—			—			15
Outstanding options written, at fair value		—			—			3,623
Accrued liabilities:
Investment advisory fees		3,561			163			38
Administration fees		737			34			8
Distribution fees		1,431			120			22
Shareholder servicing fees		1,516			79			45
Custodian and accounting fees		90			8			14
Trustees’ and Chief Compliance Officer’s fees		27			—	(a)		—
Other		1,126			107			72
Total Liabilities		231,330			35,298			16,604
Net Assets	$	10,426,079		$	503,755		$	255,632

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

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Equity Income Fund			Growth and Income Fund			Hedged Equity Fund
NET ASSETS:
Paid-in-Capital	$	8,982,520		$	372,184		$	256,130
Accumulated undistributed (distributions in excess of) net investment income		990			(169	)		1
Accumulated net realized gains (losses)		(32,979	)		7,978			(11,594	)
Net unrealized appreciation (depreciation)		1,475,548			123,762			11,095
Total Net Assets	$	10,426,079		$	503,755		$	255,632
Net Assets:
Class A	$	3,082,651		$	441,903		$	81,098
Class C		1,173,291			25,223			7,767
Class R2		64,164			19			—
Class R5		499,230			19			21
Class R6		1,334,578			19			20
Select Class		4,272,165			36,572			166,726
Total	$	10,426,079		$	503,755		$	255,632
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		230,478			10,553			5,068
Class C		89,003			659			487
Class R2		4,809			1			—
Class R5		36,766			—	(a)		1
Class R6		98,345			—	(a)		1
Select Class		314,726			834			10,399
Net Asset Value (b):
Class A — Redemption price per share	$	13.38		$	41.88		$	16.00
Class C — Offering price per share (c)		13.18			38.30			15.95
Class R2 — Offering and redemption price per share		13.34			42.04			—
Class R5 — Offering and redemption price per share		13.58			44.07			16.05
Class R6 — Offering and redemption price per share		13.57			44.07			16.05
Select Class — Offering and redemption price per share		13.57			43.83			16.03
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	14.12		$	44.20		$	16.89
Cost of investments in non-affiliates	$	8,799,825		$	375,816		$	244,529
Cost of investments in affiliates		258,280			38,313			1,057
Premiums received from options written		—			—			3,615

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 53

STATEMENTS OF ASSETS AND LIABILITIES

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

(Amounts in thousands, except per share amounts)

	Large Cap Growth Fund			Large Cap Value Fund		U.S. Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	15,455,035		$	706,596	$	13,024,663
Investments in affiliates, at value		393,464			27,932		188,412
Total investment securities, at value		15,848,499			734,528		13,213,075
Cash		—	(a)		18		10
Deposits at broker for futures contracts		—			—		3,497
Receivables:
Investment securities sold		—			—		15,500
Fund shares sold		44,944			309		42,278
Dividends from non-affiliates		2,892			1,352		15,569
Dividends from affiliates		61			4		17
Variation margin on futures contracts		—			—		452
Total Assets		15,896,396			736,211		13,290,398
LIABILITIES:
Payables:
Investment securities purchased		—			12,706		36,431
Fund shares redeemed		412,214			268		21,462
Accrued liabilities:
Investment advisory fees		6,647			243		4,468
Administration fees		1,105			50		922
Distribution fees		1,506			30		564
Shareholder servicing fees		1,146			5		431
Custodian and accounting fees		207			20		159
Trustees’ and Chief Compliance Officer’s fees		37			1		1
Other		2,970			81		1,033
Total Liabilities		425,832			13,404		65,471
Net Assets	$	15,470,564		$	722,807	$	13,224,927

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

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Large Cap Growth Fund			Large Cap Value Fund			U.S. Equity Fund
NET ASSETS:
Paid-in-Capital	$	9,733,248		$	668,880		$	10,585,444
Accumulated undistributed (distributions in excess of) net investment income		(12,849	)		67			395
Accumulated net realized gains (losses)		59,334			(10,746	)		(278,685	)
Net unrealized appreciation (depreciation)		5,690,831			64,606			2,917,773
Total Net Assets	$	15,470,564		$	722,807		$	13,224,927
Net Assets:
Class A	$	4,722,730		$	91,684		$	1,426,621
Class C		644,083			15,130			281,934
Class R2		219,992			2,933			194,007
Class R5		1,406,513			2,190			929,652
Class R6		3,614,233			592,318			4,545,278
Institutional Class		—			—			4,754,046
Select Class		4,863,013			18,552			1,093,389
Total	$	15,470,564		$	722,807		$	13,224,927
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		133,130			7,217			103,646
Class C		21,192			1,231			21,012
Class R2		6,313			232			14,193
Class R5		39,094			174			67,323
Class R6		100,153			47,203			328,730
Institutional Class		—			—			344,438
Select Class		136,592			1,479			79,270
Net Asset Value (a):
Class A — Redemption price per share	$	35.47		$	12.70		$	13.76
Class C — Offering price per share (b)		30.39			12.29			13.42
Class R2 — Offering and redemption price per share		34.85			12.63			13.67
Class R5 — Offering and redemption price per share		35.98			12.62			13.81
Class R6 — Offering and redemption price per share		36.09			12.55			13.83
Institutional Class — Offering and redemption price per share		—			—			13.80
Select Class — Offering and redemption price per share		35.60			12.54			13.79
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	37.44		$	13.40		$	14.52
Cost of investments in non-affiliates	$	9,764,204		$	641,990		$	10,108,027
Cost of investments in affiliates		393,464			27,932			188,412

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 55

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

	Disciplined Equity Fund			Dynamic Growth Fund			Equity Focus Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	13		$	—		$	—
Dividend income from non-affiliates		77,939			1,037			474
Dividend income from affiliates		67			8			1
Total investment income		78,019			1,045			475
EXPENSES:
Investment advisory fees		10,269			1,086			281
Administration fees		3,362			148			35
Distribution fees:
Class A		683			60			2
Class C		—			38			3
Shareholder servicing fees:
Class A		683			60			2
Class C		—			12			1
Class R5		—			20			—
Institutional Class		405			—			—
Select Class		362			281			105
Custodian and accounting fees		90			14			7
Professional fees		74			16			22
Trustees’ and Chief Compliance Officer’s fees		31			1			—	(a)
Printing and mailing costs		117			10			2
Registration and filing fees		103			40			27
Transfer agent fees (See Note 2.E)		46			10			2
Sub-transfer agent fees (See Note 2.E)		564			56			1
Other		23			5			4
Total expenses		16,812			1,857			494
Less fees waived		(676	)		(137	)		(60	)
Net expenses		16,136			1,720			434
Net investment income (loss)		61,883			(675	)		41
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(289,424	)		(1,318	)		175
Futures		(15,568	)		—			—
Net realized gain (loss)		(304,992	)		(1,318	)		175
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(138,633	)		15,551			1,414
Futures		1,826			—			—
Change in net unrealized appreciation/depreciation		(136,807	)		15,551			1,414
Net realized/unrealized gains (losses)		(441,799	)		14,233			1,589
Change in net assets resulting from operations	$	(379,916	)	$	13,558		$	1,630

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

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Equity Income Fund			Growth and Income Fund			Hedged Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	1
Dividend income from non-affiliates		149,354			5,760			2,359
Dividend income from affiliates		159			4			2
Total investment income		149,513			5,764			2,362
EXPENSES:
Investment advisory fees		20,827			974			297
Administration fees		4,262			199			97
Distribution fees:
Class A		3,811			537			100
Class C		4,359			93			24
Class R2		150			14			—
Shareholder servicing fees:
Class A		3,811			537			100
Class C		1,453			31			8
Class R2 (a)		75			7			—
Class R5 (a)		136			1			—	(b)
Select Class		5,724			41			189
Custodian and accounting fees		130			14			26
Professional fees		74			23			40
Trustees’ and Chief Compliance Officer’s fees		58			2			—	(b)
Printing and mailing costs		277			22			6
Registration and filing fees		338			12			43
Transfer agent fees (See Note 2.E)		157			115			6
Sub-transfer agent fees (See Note 2.E)		3,173			113			78
Other		51			4			3
Total expenses		48,866			2,739			1,017
Less fees waived		(1,734	)		(69	)		(185	)
Less expense reimbursements		(2	)		—			—	(b)
Net expenses		47,130			2,670			832
Net investment income (loss)		102,383			3,094			1,530
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		64			16,651			(11,854	)
Futures		—			—			145
Options written		—			—			2,637
Net realized gain (loss)		64			16,651			(9,072	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(217,708	)		(28,017	)		3,507
Futures		—			—			38
Options written		—			—			(51	)
Change in net unrealized appreciation/depreciation		(217,708	)		(28,017	)		3,494
Net realized/unrealized gains (losses)		(217,644	)		(11,366	)		(5,578	)
Change in net assets resulting from operations	$	(115,261	)	$	(8,272	)	$	(4,048	)

(a) Commencement of offering of class of shares effective November 2, 2015 for Growth and Income Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 57

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

	Large Cap Growth Fund			Large Cap Value Fund			U.S. Equity Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	57,443		$	8,247		$	113,384
Dividend income from affiliates		277			11			67
Total investment income		57,720			8,258			113,451
EXPENSES:
Investment advisory fees		39,609			1,482			25,878
Administration fees		6,483			303			5,295
Distribution fees:
Class A		5,852			117			1,774
Class C		2,342			55			997
Class R2		598			4			473
Shareholder servicing fees:
Class A		5,852			117			1,774
Class C		781			18			332
Class R2		299			2			236
Class R5		346			1			170
Institutional Class		—			—			2,411
Select Class		6,775			544			2,511
Custodian and accounting fees		208			24			206
Professional fees		76			22			75
Trustees’ and Chief Compliance Officer’s fees		88			—	(a)		50
Printing and mailing costs		573			15			368
Registration and filing fees		238			41			194
Transfer agent fees (See Note 2.E)		319			41			168
Sub-transfer agent fees (See Note 2.E)		6,129			31			3,117
Other		100			8			49
Total expenses		76,668			2,825			46,078
Less fees waived		(6,465	)		(115	)		(3,434	)
Less expense reimbursements		—			(1	)		(9	)
Net expenses		70,203			2,709			42,635
Net investment income (loss)		(12,483	)		5,549			70,816
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		135,279			18,308			134,095
Futures		—			—			(3,684	)
Net realized gain (loss)		135,279			18,308			130,411
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		13,768			(46,047	)		(356,740	)
Futures		—			—			1,840
Change in net unrealized appreciation/depreciation		13,768			(46,047	)		(354,900	)
Net realized/unrealized gains (losses)		149,047			(27,739	)		(224,489	)
Change in net assets resulting from operations	$	136,564		$	(22,190	)	$	(153,673	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Disciplined Equity Fund						Dynamic Growth Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	61,883		$	73,373		$	(675	)	$	(1,191	)
Net realized gain (loss)		(304,992	)		463,028			(1,318	)		211
Change in net unrealized appreciation/depreciation		(136,807	)		(65,993	)		15,551			25,578
Change in net assets resulting from operations		(379,916	)		470,408			13,558			24,598
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(3,136	)		(2,861	)		—			—
From net realized gains		(25,328	)		(19,848	)		(551	)		(413	)
Class C
From net realized gains		—			—			(123	)		(111	)
Class R5
From net realized gains		—			—			(2,408	)		(1	)
Class R6
From net investment income		(51,550	)		(59,604	)		—			—
From net realized gains		(271,746	)		(266,822	)		—			—
Institutional Class
From net investment income		(5,880	)		(6,739	)		—			—
From net realized gains		(34,112	)		(32,068	)		—			—
Select Class
From net investment income		(1,953	)		(2,632	)		—			—
From net realized gains		(12,537	)		(15,846	)		(615	)		(4,260	)
Total distributions to shareholders		(406,242	)		(406,420	)		(3,697	)		(4,785	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,202,910			3,404,441			26,190			34,618
NET ASSETS:
Change in net assets		416,752			3,468,429			36,051			54,431
Beginning of period		7,746,415			4,277,986			337,196			282,765
End of period	$	8,163,167		$	7,746,415		$	373,247		$	337,196
Accumulated undistributed (distributions in excess of) net investment income	$	339		$	975		$	(1,278	)	$	(603	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Equity Focus Fund						Equity Income Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	41		$	116		$	102,383		$	175,624
Net realized gain (loss)		175			2,395			64			136,057
Change in net unrealized appreciation/depreciation		1,414			2,264			(217,708	)		75,086
Change in net assets resulting from operations		1,630			4,775			(115,261	)		386,767
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—	(a)		(1	)		(28,213	)		(50,416	)
From net realized gains		(47	)		(5	)		(23,907	)		(53,724	)
Class B (b)
From net investment income		—			—			—			(41	)
From net realized gains		—			—			—			(67	)
Class C
From net investment income		—			—			(8,738	)		(14,285	)
From net realized gains		(26	)		(4	)		(9,180	)		(18,697	)
Class R2
From net investment income		—			—			(504	)		(708	)
From net realized gains		—			—			(492	)		(817	)
Class R5
From net investment income		—			—			(6,206	)		(9,307	)
From net realized gains		—			—			(4,298	)		(7,581	)
Class R6
From net investment income		—			—			(12,625	)		(16,393	)
From net realized gains		—			—			(9,559	)		(13,082	)
Select Class
From net investment income		(122	)		(112	)		(46,620	)		(84,500	)
From net realized gains		(2,128	)		(492	)		(33,778	)		(77,081	)
Total distributions to shareholders		(2,323	)		(614	)		(184,120	)		(346,699	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		825			6,723			472,280			2,687,583
NET ASSETS:
Change in net assets		132			10,884			172,899			2,727,651
Beginning of period		83,504			72,620			10,253,180			7,525,529
End of period	$	83,636		$	83,504		$	10,426,079		$	10,253,180
Accumulated undistributed (distributions in excess of) net investment income	$	(16	)	$	65		$	990		$	1,513

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

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Growth and Income Fund						Hedged Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,094		$	6,236		$	1,530		$	1,504
Net realized gain (loss)		16,651			32,555			(9,072	)		(2,468	)
Change in net unrealized appreciation/depreciation		(28,017	)		(14,988	)		3,494			7,302
Change in net assets resulting from operations		(8,272	)		23,803			(4,048	)		6,338
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,834	)		(5,313	)		(443	)		(594	)
From net realized gains		(23,586	)		(9,151	)		—			—
Class B (a)
From net investment income		—			(13	)		—			—
From net realized gains		—			(53	)		—			—
Class C
From net investment income		(130	)		(193	)		(28	)		(11	)
From net realized gains		(1,528	)		(427	)		—			—
Class R2 (b)
From net realized gains		(1	)		—			—			—
Class R5 (b)
From net investment income		—			—			—	(c)		(5	)
From net realized gains		(1	)		—			—			—
Class R6 (b)
From net investment income		—			—			—	(c)		(5	)
From net realized gains		(1	)		—			—			—
Select Class
From net investment income		(266	)		(463	)		(1,104	)		(772	)
From net realized gains		(1,738	)		(660	)		—			—
Total distributions to shareholders		(30,085	)		(16,273	)		(1,575	)		(1,387	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		46,793			23,921			58,561			192,708
NET ASSETS:
Change in net assets		8,436			31,451			52,938			197,659
Beginning of period		495,319			463,868			202,694			5,035
End of period	$	503,755		$	495,319		$	255,632		$	202,694
Accumulated undistributed (distributions in excess of) net investment income	$	(169	)	$	(33	)	$	1		$	46

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Growth and Income Fund.

(b) Commencement of offering of class of shares effective November 2, 2015 for Growth and Income Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Large Cap Growth Fund						Large Cap Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(12,483	)	$	(19,868	)	$	5,549		$	9,696
Net realized gain (loss)		135,279			827,611			18,308			102,268
Change in net unrealized appreciation/depreciation		13,768			1,414,740			(46,047	)		(49,217	)
Change in net assets resulting from operations		136,564			2,222,483			(22,190	)		62,747
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(579	)		(1,005	)
From net realized gains		(204,092	)		(85,875	)		(10,979	)		(13,856	)
Class B (a)
From net investment income		—			—			—			(6	)
From net realized gains		—			(133	)		—			(230	)
Class C
From net investment income		—			—			(60	)		(88	)
From net realized gains		(31,708	)		(11,256	)		(1,856	)		(2,003	)
Class R2
From net investment income		—			—			(14	)		(7	)
From net realized gains		(9,889	)		(3,964	)		(358	)		(87	)
Class R5
From net investment income		—			—			(17	)		(61	)
From net realized gains		(55,775	)		(24,104	)		(267	)		(646	)
Class R6
From net investment income		—			—			(3,184	)		(341	)
From net realized gains		(163,685	)		(50,817	)		(71,699	)		(6,003	)
Select Class
From net investment income		—			—			(1,601	)		(8,298	)
From net realized gains		(220,849	)		(97,149	)		(2,301	)		(102,872	)
Total distributions to shareholders		(685,998	)		(273,298	)		(92,915	)		(135,503	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		376,348			(1,251,267	)		86,564			(343	)
NET ASSETS:
Change in net assets		(173,086	)		697,918			(28,541	)		(73,099	)
Beginning of period		15,643,650			14,945,732			751,348			824,447
End of period	$	15,470,564		$	15,643,650		$	722,807		$	751,348
Accumulated undistributed (distributions in excess of) net investment income	$	(12,849	)	$	(366	)	$	67		$	(27	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	U.S. Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	70,816		$	142,361
Net realized gain (loss)		130,411			943,140
Change in net unrealized appreciation/depreciation		(354,900	)		(31,749	)
Change in net assets resulting from operations		(153,673	)		1,053,752
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(5,921	)		(11,732	)
From net realized gains		(69,017	)		(101,441	)
Class B (a)
From net investment income		—			(15	)
From net realized gains		—			(335	)
Class C
From net investment income		(533	)		(1,049	)
From net realized gains		(13,589	)		(16,831	)
Class R2
From net investment income		(578	)		(1,082	)
From net realized gains		(9,319	)		(12,128	)
Class R5
From net investment income		(4,478	)		(6,071	)
From net realized gains		(44,668	)		(39,025	)
Class R6
From net investment income		(24,754	)		(35,475	)
From net realized gains		(215,169	)		(207,916	)
Institutional Class
From net investment income		(27,483	)		(57,166	)
From net realized gains		(229,612	)		(373,132	)
Select Class
From net investment income		(7,940	)		(27,032	)
From net realized gains		(52,720	)		(194,871	)
Total distributions to shareholders		(705,781	)		(1,085,301	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,472,378			1,863,908
NET ASSETS:
Change in net assets		612,924			1,832,359
Beginning of period		12,612,003			10,779,644
End of period	$	13,224,927		$	12,612,003
Accumulated undistributed (distributions in excess of) net investment income	$	395		$	1,266

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 63

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Disciplined Equity Fund						Dynamic Growth Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	244,443		$	358,585		$	19,194		$	26,887
Distributions reinvested		28,418			22,668			538			402
Cost of shares redeemed		(130,513	)		(108,252	)		(3,458	)		(6,767	)
Change in net assets resulting from Class A capital transactions	$	142,348		$	273,001		$	16,274		$	20,522
Class C
Proceeds from shares issued	$	—		$	—		$	4,557		$	5,474
Distributions reinvested		—			—			101			84
Cost of shares redeemed		—			—			(1,162	)		(1,468	)
Change in net assets resulting from Class C capital transactions	$	—		$	—		$	3,496		$	4,090
Class R5
Proceeds from shares issued	$	—		$	—		$	255,981		$	—
Distributions reinvested		—			—			2,408			1
Cost of shares redeemed		—			—			(10,456	)		—
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	247,933		$	1
Class R6
Proceeds from shares issued	$	1,190,391		$	2,411,314		$	—		$	—
Distributions reinvested		323,296			326,426			—			—
Cost of shares redeemed		(585,513	)		(180,826	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	928,174		$	2,556,914		$	—		$	—
Institutional Class
Proceeds from shares issued	$	166,683		$	529,705		$	—		$	—
Distributions reinvested		30,612			35,134			—			—
Cost of shares redeemed		(120,667	)		(160,633	)		—			—
Change in net assets resulting from Institutional Class capital transactions	$	76,628		$	404,206		$	—		$	—
Select Class
Proceeds from shares issued	$	88,663		$	374,608		$	21,049		$	50,453
Distributions reinvested		13,629			7,520			177			3,771
Cost of shares redeemed		(46,532	)		(211,808	)		(262,739	)		(44,219	)
Change in net assets resulting from Select Class capital transactions	$	55,760		$	170,320		$	(241,513	)	$	10,005
Total change in net assets resulting from capital transactions	$	1,202,910		$	3,404,441		$	26,190		$	34,618

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Disciplined Equity Fund						Dynamic Growth Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		10,673			14,944			745			1,094
Reinvested		1,324			985			21			17
Redeemed		(5,739	)		(4,497	)		(135	)		(276	)
Change in Class A Shares		6,258			11,432			631			835
Class C
Issued		—			—			183			232
Reinvested		—			—			4			4
Redeemed		—			—			(47	)		(61	)
Change in Class C Shares		—			—			140			175
Class R5
Issued		—			—			9,309			—
Reinvested		—			—			92			—	(a)
Redeemed		—			—			(380	)		—
Change in Class R5 Shares		—			—			9,021			—	(a)
Class R6
Issued		51,057			99,461			—			—
Reinvested		14,959			14,056			—			—
Redeemed		(25,671	)		(7,497	)		—			—
Change in Class R6 Shares		40,345			106,020			—			—
Institutional Class
Issued		7,227			21,787			—			—
Reinvested		1,417			1,514			—			—
Redeemed		(5,228	)		(6,635	)		—			—
Change in Institutional Class Shares		3,416			16,666			—			—
Select Class
Issued		3,833			15,608			840			2,071
Reinvested		630			323			7			156
Redeemed		(2,039	)		(8,625	)		(9,715	)		(1,772	)
Change in Select Class Shares		2,424			7,306			(8,868	)		455

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

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Equity Focus Fund						Equity Income Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	755		$	1,181		$	587,879		$	1,420,165
Distributions reinvested		47			6			49,619			99,766
Cost of shares redeemed		(420	)		(194	)		(481,645	)		(887,735	)
Conversion from Class B Shares		—			—			—			2,543
Change in net assets resulting from Class A capital transactions	$	382		$	993		$	155,853		$	634,739
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	255
Distributions reinvested		—			—			—			101
Cost of shares redeemed		—			—			—			(1,842	)
Conversion to Class A Shares		—			—			—			(2,543	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(4,029	)
Class C
Proceeds from shares issued	$	196		$	782		$	148,417		$	469,144
Distributions reinvested		26			4			14,871			27,318
Cost of shares redeemed		(119	)		(62	)		(115,658	)		(142,759	)
Change in net assets resulting from Class C capital transactions	$	103		$	724		$	47,630		$	353,703
Class R2
Proceeds from shares issued	$	—		$	—		$	15,973		$	38,187
Distributions reinvested		—			—			908			1,483
Cost of shares redeemed		—			—			(7,462	)		(11,830	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	9,419		$	27,840
Class R5
Proceeds from shares issued	$	—		$	—		$	111,100		$	289,715
Distributions reinvested		—			—			8,106			14,261
Cost of shares redeemed		—			—			(124,702	)		(90,072	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(5,496	)	$	213,904
Class R6
Proceeds from shares issued	$	—		$	—		$	626,870		$	427,210
Distributions reinvested		—			—			20,360			26,378
Cost of shares redeemed		—			—			(138,069	)		(143,972	)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	509,161		$	309,616
Select Class
Proceeds from shares issued	$	11,308		$	19,248		$	658,521		$	1,995,707
Distributions reinvested		118			41			52,606			97,011
Cost of shares redeemed		(11,086	)		(14,283	)		(955,414	)		(940,908	)
Change in net assets resulting from Select Class capital transactions	$	340		$	5,006		$	(244,287	)	$	1,151,810
Total change in net assets resulting from capital transactions	$	825		$	6,723		$	472,280		$	2,687,583

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Equity Focus Fund						Equity Income Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		29			49			43,516			102,541
Reinvested		2			—	(a)		3,731			7,191
Redeemed		(17	)		(8	)		(35,725	)		(63,788	)
Conversion from Class B Shares		—			—			—			181
Change in Class A Shares		14			41			11,522			46,125
Class B (b)
Issued		—			—			—			19
Reinvested		—			—			—			7
Redeemed		—			—			—			(134	)
Conversion to Class A Shares		—			—			—			(182	)
Change in Class B Shares		—			—			—			(290	)
Class C
Issued		8			33			11,150			34,111
Reinvested		1			—	(a)		1,135			1,997
Redeemed		(5	)		(3	)		(8,679	)		(10,411	)
Change in Class C Shares		4			30			3,606			25,697
Class R2
Issued		—			—			1,183			2,750
Reinvested		—			—			69			107
Redeemed		—			—			(557	)		(850	)
Change in Class R2 Shares		—			—			695			2,007
Class R5
Issued		—			—			8,066			20,388
Reinvested		—			—			599			1,012
Redeemed		—			—			(9,155	)		(6,358	)
Change in Class R5 Shares		—			—			(490	)		15,042
Class R6
Issued		—			—			45,228			30,221
Reinvested		—			—			1,503			1,872
Redeemed		—			—			(10,088	)		(10,221	)
Change in Class R6 Shares		—			—			36,643			21,872
Select Class
Issued		453			792			47,966			141,421
Reinvested		5			2			3,894			6,888
Redeemed		(442	)		(584	)		(69,209	)		(66,629	)
Change in Select Class Shares		16			210			(17,349	)		81,680

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

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 67

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Growth and Income Fund						Hedged Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	45,482		$	47,842		$	28,692		$	107,013
Distributions reinvested		25,408			13,884			443			594
Cost of shares redeemed		(29,791	)		(55,510	)		(38,947	)		(17,993	)
Conversion from Class B Shares		—			2,102			—			—
Change in net assets resulting from Class A capital transactions	$	41,099		$	8,318		$	(9,812	)	$	89,614
Class B (a)
Proceeds from shares issued	$	—		$	130		$	—		$	—
Distributions reinvested		—			65			—			—
Cost of shares redeemed		—			(847	)		—			—
Conversion to Class A Shares		—			(2,102	)		—			—
Change in net assets resulting from Class B capital transactions	$	—		$	(2,754	)	$	—		$	—
Class C
Proceeds from shares issued	$	3,550		$	12,911		$	5,110		$	3,979
Distributions reinvested		1,476			554			28			10
Cost of shares redeemed		(2,307	)		(3,566	)		(637	)		(621	)
Change in net assets resulting from Class C capital transactions	$	2,719		$	9,899		$	4,501		$	3,368
Class R2 (b)
Proceeds from shares issued	$	20		$	—		$	—		$	—
Distributions reinvested		1			—			—			—
Change in net assets resulting from Class R2 capital transactions	$	21		$	—		$	—		$	—
Class R5 (b)
Proceeds from shares issued	$	20		$	—		$	4		$	374
Distributions reinvested		1			—			—	(c)		5
Cost of shares redeemed		—			—			(427	)		—
Change in net assets resulting from Class R5 capital transactions	$	21		$	—		$	(423	)	$	379
Class R6 (b)
Proceeds from shares issued	$	20		$	—		$	—		$	374
Distributions reinvested		1			—			—	(c)		5
Cost of shares redeemed		—			—			(424	)		—
Change in net assets resulting from Class R6 capital transactions	$	21		$	—		$	(424	)	$	379
Select Class
Proceeds from shares issued	$	8,019		$	11,721		$	114,216		$	125,592
Distributions reinvested		1,717			962			1,079			755
Cost of shares redeemed		(6,824	)		(4,225	)		(50,576	)		(27,379	)
Change in net assets resulting from Select Class capital transactions	$	2,912		$	8,458		$	64,719		$	98,968
Total change in net assets resulting from capital transactions	$	46,793		$	23,921		$	58,561		$	192,708

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Growth and Income Fund.

(b) Commencement of offering of class of shares effective November 2, 2015 for Growth and Income Fund.

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

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Growth and Income Fund						Hedged Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		1,054			1,044			1,789			6,659
Reinvested		614			308			28			36
Redeemed		(675	)		(1,222	)		(2,397	)		(1,083	)
Conversion from Class B Shares		—			45			—			—
Change in Class A Shares		993			175			(580	)		5,612
Class B (a)
Issued		—			3			—			—
Reinvested		—			2			—			—
Redeemed		—			(20	)		—			—
Conversion to Class A Shares		—			(46	)		—			—
Change in Class B Shares		—			(61	)		—			—
Class C
Issued		88			307			318			241
Reinvested		39			13			2			1
Redeemed		(57	)		(85	)		(40	)		(38	)
Change in Class C Shares		70			235			280			204
Class R2 (b)
Issued		1			—			—			—
Reinvested		—	(c)		—			—			—
Change in Class R2 Shares		1			—			—			—
Class R5 (b)
Issued		—	(c)		—			—	(c)		24
Reinvested		—	(c)		—			—	(c)		—	(c)
Redeemed		—			—			(26	)		—
Change in Class R5 Shares		—	(c)		—			(26	)		24
Class R6 (b)
Issued		—	(c)		—			—			24
Reinvested		—	(c)		—			—	(c)		—	(c)
Redeemed		—			—			(26	)		—
Change in Class R6 Shares		—	(c)		—			(26	)		24
Select Class
Issued		179			248			7,097			7,719
Reinvested		40			20			68			46
Redeemed		(146	)		(89	)		(3,153	)		(1,651	)
Change in Select Class Shares		73			179			4,012			6,114

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Growth and Income Fund.

(b) Commencement of offering of class of shares effective November 2, 2015 for Growth and Income Fund.

(c) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 69

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Large Cap Growth Fund						Large Cap Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	657,919		$	1,015,188		$	9,969		$	12,794
Distributions reinvested		190,608			80,373			11,128			14,323
Cost of shares redeemed		(630,140	)		(2,084,770	)		(7,898	)		(19,005	)
Conversion from Class B Shares		—			6,138			—			1,111
Change in net assets resulting from Class A capital transactions	$	218,387		$	(983,071	)	$	13,199		$	9,223
Class B (a)
Proceeds from shares issued	$	—		$	125		$	—		$	31
Distributions reinvested		—			131			—			226
Cost of shares redeemed		—			(2,472	)		—			(923	)
Conversion to Class A Shares		—			(6,138	)		—			(1,111	)
Change in net assets resulting from Class B capital transactions	$	—		$	(8,354	)	$	—		$	(1,777	)
Class C
Proceeds from shares issued	$	99,496		$	110,881		$	3,104		$	4,828
Distributions reinvested		22,387			7,502			1,659			1,882
Cost of shares redeemed		(49,989	)		(107,204	)		(1,536	)		(2,807	)
Change in net assets resulting from Class C capital transactions	$	71,894		$	11,179		$	3,227		$	3,903
Class R2
Proceeds from shares issued	$	39,884		$	78,590		$	2,444		$	669
Distributions reinvested		7,704			3,119			229			64
Cost of shares redeemed		(62,055	)		(89,755	)		(377	)		(60	)
Change in net assets resulting from Class R2 capital transactions	$	(14,467	)	$	(8,046	)	$	2,296		$	673
Class R5
Proceeds from shares issued	$	373,422		$	337,438		$	285		$	717
Distributions reinvested		52,449			22,865			143			515
Cost of shares redeemed		(367,835	)		(549,243	)		(2,210	)		(843	)
Change in net assets resulting from Class R5 capital transactions	$	58,036		$	(188,940	)	$	(1,782	)	$	389
Class R6
Proceeds from shares issued	$	958,136		$	723,964		$	610,052		$	5,285
Distributions reinvested		156,166			48,411			74,883			6,344
Cost of shares redeemed		(582,937	)		(639,517	)		(2,405	)		(55,097	)
Change in net assets resulting from Class R6 capital transactions	$	531,365		$	132,858		$	682,530		$	(43,468	)
Select Class
Proceeds from shares issued	$	618,736		$	1,342,590		$	17,003		$	35,937
Distributions reinvested		160,552			69,462			3,395			110,461
Cost of shares redeemed		(1,268,155	)		(1,618,945	)		(633,304	)		(115,684	)
Change in net assets resulting from Select Class capital transactions	$	(488,867	)	$	(206,893	)	$	(612,906	)	$	30,714
Total change in net assets resulting from capital transactions	$	376,348		$	(1,251,267	)	$	86,564		$	(343	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Large Cap Growth Fund						Large Cap Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		17,939			29,011			688			805
Reinvested		5,482			2,374			885			989
Redeemed		(17,139	)		(59,974	)		(553	)		(1,211	)
Conversion from Class B Shares		—			165			—			72
Change in Class A Shares		6,282			(28,424	)		1,020			655
Class B (a)
Issued		—			4			—			2
Reinvested		—			4			—			16
Redeemed		—			(80	)		—			(60	)
Conversion to Class A Shares		—			(189	)		—			(74	)
Change in Class B Shares		—			(261	)		—			(116	)
Class C
Issued		3,177			3,633			226			319
Reinvested		751			255			137			134
Redeemed		(1,583	)		(3,539	)		(112	)		(190	)
Change in Class C Shares		2,345			349			251			263
Class R2
Issued		1,107			2,288			169			44
Reinvested		226			94			18			5
Redeemed		(1,712	)		(2,626	)		(27	)		(4	)
Change in Class R2 Shares		(379	)		(244	)		160			45
Class R5
Issued		10,131			9,542			22			46
Reinvested		1,488			669			11			36
Redeemed		(9,956	)		(15,538	)		(157	)		(52	)
Change in Class R5 Shares		1,663			(5,327	)		(124	)		30
Class R6
Issued		25,410			20,459			41,082			338
Reinvested		4,416			1,413			6,029			442
Redeemed		(15,909	)		(18,258	)		(187	)		(3,591	)
Change in Class R6 Shares		13,917			3,614			46,924			(2,811	)
Select Class
Issued		16,886			38,845			1,221			2,280
Reinvested		4,602			2,047			266			7,737
Redeemed		(34,296	)		(46,403	)		(42,883	)		(7,526	)
Change in Select Class Shares		(12,808	)		(5,511	)		(41,396	)		2,491

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 71

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	U.S. Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	245,386		$	467,436
Distributions reinvested		66,245			100,057
Cost of shares redeemed		(187,351	)		(335,025	)
Conversion from Class B Shares		—			3,680
Change in net assets resulting from Class A capital transactions	$	124,280		$	236,148
Class B (a)
Proceeds from shares issued	$	—		$	94
Distributions reinvested		—			331
Cost of shares redeemed		—			(1,044	)
Conversion to Class A Shares		—			(3,680	)
Change in net assets resulting from Class B capital transactions	$	—		$	(4,299	)
Class C
Proceeds from shares issued	$	59,545		$	100,381
Distributions reinvested		13,028			16,229
Cost of shares redeemed		(25,809	)		(35,992	)
Change in net assets resulting from Class C capital transactions	$	46,764		$	80,618
Class R2
Proceeds from shares issued	$	43,097		$	73,014
Distributions reinvested		9,225			12,101
Cost of shares redeemed		(23,670	)		(31,851	)
Change in net assets resulting from Class R2 capital transactions	$	28,652		$	53,264
Class R5
Proceeds from shares issued	$	536,346		$	154,746
Distributions reinvested		44,531			37,556
Cost of shares redeemed		(98,615	)		(134,896	)
Change in net assets resulting from Class R5 capital transactions	$	482,262		$	57,406
Class R6
Proceeds from shares issued	$	1,825,775		$	798,670
Distributions reinvested		237,815			239,312
Cost of shares redeemed		(190,200	)		(439,022	)
Change in net assets resulting from Class R6 capital transactions	$	1,873,390		$	598,960
Institutional Class
Proceeds from shares issued	$	549,387		$	1,523,300
Distributions reinvested		227,792			381,848
Cost of shares redeemed		(635,034	)		(1,111,795	)
Change in net assets resulting from Institutional Class capital transactions	$	142,145		$	793,353
Select Class
Proceeds from shares issued	$	247,414		$	1,285,405
Distributions reinvested		53,633			209,185
Cost of shares redeemed		(1,526,162	)		(434,850	)
Redemptions in-kind (See Note 8)		—			(1,011,282	)
Change in net assets resulting from Select Class capital transactions	$	(1,225,115	)	$	48,458
Total change in net assets resulting from capital transactions	$	1,472,378		$	1,863,908

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	U.S. Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		17,074			31,429
Reinvested		4,882			7,040
Redeemed		(13,148	)		(22,457	)
Conversion from Class B Shares		—			244
Change in Class A Shares		8,808			16,256
Class B (a)
Issued		—			6
Reinvested		—			24
Redeemed		—			(71	)
Conversion to Class A Shares		—			(248	)
Change in Class B Shares		—			(289	)
Class C
Issued		4,273			6,915
Reinvested		985			1,173
Redeemed		(1,854	)		(2,474	)
Change in Class C Shares		3,404			5,614
Class R2
Issued		2,995			4,931
Reinvested		685			858
Redeemed		(1,650	)		(2,153	)
Change in Class R2 Shares		2,030			3,636
Class R5
Issued		37,316			10,375
Reinvested		3,267			2,629
Redeemed		(6,781	)		(9,000	)
Change in Class R5 Shares		33,802			4,004
Class R6
Issued		123,450			53,558
Reinvested		17,427			16,724
Redeemed		(13,043	)		(29,144	)
Change in Class R6 Shares		127,834			41,138
Institutional Class
Issued		38,198			101,695
Reinvested		16,733			26,755
Redeemed		(43,978	)		(74,335	)
Change in Institutional Class Shares		10,953			54,115
Select Class
Issued		17,477			88,739
Reinvested		3,950			14,687
Redeemed		(102,934	)		(29,025	)
Redemptions in-kind ( See Note 8)		—			(66,840	)
Change in Select Class Shares		(81,507	)		7,561

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Disciplined Equity Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	23.99	$	0.12	(f)	$	(1.29	)	$	(1.17	)	$	(0.12	)	$	(0.97	)	$	(1.09	)
Year Ended June 30, 2015		23.73		0.20	(f)		1.85			2.05			(0.19	)		(1.60	)		(1.79	)
Year Ended June 30, 2014		20.27		0.23	(f)		4.79			5.02			(0.21	)		(1.35	)		(1.56	)
Year Ended June 30, 2013		17.42		0.20	(f)		3.56			3.76			(0.23	)		(0.68	)		(0.91	)
Year Ended June 30, 2012		16.80		0.21	(f)		0.61			0.82			(0.20	)		—			(0.20	)
Year Ended June 30, 2011		13.07		0.17	(f)		3.72			3.89			(0.16	)		—			(0.16	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		24.16		0.18	(f)		(1.31	)		(1.13	)		(0.18	)		(0.97	)		(1.15	)
Year Ended June 30, 2015		23.85		0.32	(f)		1.89			2.21			(0.30	)		(1.60	)		(1.90	)
Year Ended June 30, 2014		20.36		0.34	(f)		4.81			5.15			(0.31	)		(1.35	)		(1.66	)
Year Ended June 30, 2013		17.48		0.32	(f)		3.55			3.87			(0.31	)		(0.68	)		(0.99	)
Year Ended June 30, 2012		16.83		0.29	(f)		0.63			0.92			(0.27	)		—			(0.27	)
Year Ended June 30, 2011		13.08		0.25	(f)		3.73			3.98			(0.23	)		—			(0.23	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		24.15		0.17	(f)		(1.31	)		(1.14	)		(0.16	)		(0.97	)		(1.13	)
Year Ended June 30, 2015		23.85		0.29	(f)		1.89			2.18			(0.28	)		(1.60	)		(1.88	)
Year Ended June 30, 2014		20.36		0.32	(f)		4.81			5.13			(0.29	)		(1.35	)		(1.64	)
Year Ended June 30, 2013		17.48		0.30	(f)		3.55			3.85			(0.29	)		(0.68	)		(0.97	)
Year Ended June 30, 2012		16.83		0.27	(f)		0.63			0.90			(0.25	)		—			(0.25	)
Year Ended June 30, 2011		13.09		0.24	(f)		3.72			3.96			(0.22	)		—			(0.22	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		24.18		0.15	(f)		(1.30	)		(1.15	)		(0.15	)		(0.97	)		(1.12	)
Year Ended June 30, 2015		23.88		0.26	(f)		1.87			2.13			(0.23	)		(1.60	)		(1.83	)
Year Ended June 30, 2014		20.39		0.28	(f)		4.82			5.10			(0.26	)		(1.35	)		(1.61	)
Year Ended June 30, 2013		17.51		0.27	(f)		3.56			3.83			(0.27	)		(0.68	)		(0.95	)
Year Ended June 30, 2012		16.86		0.25	(f)		0.63			0.88			(0.23	)		—			(0.23	)
Year Ended June 30, 2011		13.11		0.21	(f)		3.73			3.94			(0.19	)		—			(0.19	)

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

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

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

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

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

(f) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	21.73		(4.78	)%	$	573,559		0.85	%		1.08	%		0.96	%		64	%
	23.99		9.04			483,296		0.85			0.84			0.97			144
	23.73		25.73			206,635		0.85			1.02			0.86			113
	20.27		22.33			103,755		0.85			1.04			0.87			178
	17.42		4.98			20,831		0.85			1.21			0.88			198
	16.80		29.86			3,399		0.85			1.07			0.89			169
	21.88		(4.60	)		6,503,860		0.34			1.56			0.34			64
	24.16		9.67			6,205,582		0.35			1.33			0.36			144
	23.85		26.31			3,598,945		0.35			1.52			0.36			113
	20.36		22.90			1,460,937		0.35			1.67			0.37			178
	17.48		5.57			1,024,228		0.35			1.76			0.38			198
	16.83		30.55			577,140		0.35			1.49			0.38			169
	21.88		(4.61	)		796,569		0.45			1.46			0.49			64
	24.15		9.53			796,919		0.45			1.21			0.51			144
	23.85		26.20			389,507		0.45			1.42			0.46			113
	20.36		22.79			221,638		0.45			1.57			0.47			178
	17.48		5.47			171,872		0.45			1.66			0.49			198
	16.83		30.33			119,152		0.44			1.59			0.50			169
	21.91		(4.68	)		289,179		0.60			1.32			0.65			64
	24.18		9.34			260,618		0.60			1.09			0.64			144
	23.88		26.00			82,899		0.59			1.28			0.61			113
	20.39		22.61			40,522		0.60			1.40			0.62			178
	17.51		5.31			15,979		0.60			1.50			0.64			198
	16.86		30.17			12,490		0.60			1.33			0.64			169

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 75

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net realized gain
Dynamic Growth Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	25.34	$	(0.08	)(f)	$	0.94	$	0.86	$	(0.27	)
Year Ended June 30, 2015		23.95		(0.14	)(f)		1.90		1.76		(0.37	)
Year Ended June 30, 2014		18.94		(0.07	)(f)(g)(h)		5.08		5.01		—
Year Ended June 30, 2013		15.89		(0.05	)(f)(i)		3.10		3.05		—
Year Ended June 30, 2012		15.47		(0.12	)		0.54		0.42		—
Year Ended June 30, 2011		11.44		(0.10	)(f)		4.13		4.03		—
Class C
Six Months Ended December 31, 2015 (Unaudited)		24.39		(0.14	)(f)		0.91		0.77		(0.27	)
Year Ended June 30, 2015		23.19		(0.26	)(f)		1.83		1.57		(0.37	)
Year Ended June 30, 2014		18.43		(0.20	)(f)(g)(h)		4.96		4.76		—
Year Ended June 30, 2013		15.54		(0.14	)(f)(i)		3.03		2.89		—
Year Ended June 30, 2012		15.21		(0.19	)		0.52		0.33		—
Year Ended June 30, 2011		11.29		(0.17	)(f)		4.09		3.92		—
Class R5
Six Months Ended December 31, 2015 (Unaudited)		26.22		—	(f)(j)		0.95		0.95		(0.27	)
Year Ended June 30, 2015		24.65		(0.04	)(f)		1.98		1.94		(0.37	)
Year Ended June 30, 2014		19.42		(0.04	)(f)(g)(h)		5.27		5.23		—
Year Ended June 30, 2013		16.22		0.03	(f)(i)		3.17		3.20		—
Year Ended June 30, 2012		15.72		(0.06	)		0.56		0.50		—
Year Ended June 30, 2011		11.57		(0.04	)(f)		4.19		4.15		—
Select Class
Six Months Ended December 31, 2015 (Unaudited)		25.83		(0.05	)(f)		0.96		0.91		(0.27	)
Year Ended June 30, 2015		24.34		(0.08	)(f)		1.94		1.86		(0.37	)
Year Ended June 30, 2014		19.20		(0.08	)(f)(g)(h)		5.22		5.14		—
Year Ended June 30, 2013		16.07		(0.03	)(f)(i)		3.16		3.13		—
Year Ended June 30, 2012		15.61		(0.09	)		0.55		0.46		—
Year Ended June 30, 2011		11.51		(0.06	)(f)		4.16		4.10		—

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

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

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

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

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

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.08), $(0.21), $(0.05) and $(0.09) for Class A, Class C, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.35)%, (0.92)%, (0.23)% and (0.40)% for Class A, Class C, Class R5 and Select Class Shares, respectively. These amounts have been revised to correct a calculation error in the previously issued June 30, 2014 financial highlights’ footnote disclosure. These revisions are not considered material to the previously issued financial statements.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.10), $(0.19), $(0.03) and $(0.08) for Class A, Class C, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.60)%, (1.10)%, (0.15)% and (0.45)% for Class A, Class C, Class R5 and Select Class Shares, respectively.

(j) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	25.93		3.41	%	$	56,427		1.19	%		(0.61	)%		1.40	%		27	%
	25.34		7.46			39,153		1.20			(0.57	)		1.43			74
	23.95		26.45			16,996		1.24			(0.30	)(g)(h)		1.25			55
	18.94		19.19			126		1.25			(0.30	)(i)		1.42			82
	15.89		2.71			106		1.24			(0.81	)		1.44			99
	15.47		35.23			103		1.23			(0.71	)		3.18			97
	24.89		3.18			12,565		1.69			(1.11	)		1.85			27
	24.39		6.88			8,894		1.71			(1.08	)		1.88			74
	23.19		25.83			4,416		1.74			(0.86	)(g)(h)		1.75			55
	18.43		18.60			123		1.74			(0.80	)(i)		1.92			82
	15.54		2.17			104		1.74			(1.31	)		1.94			99
	15.21		34.72			102		1.73			(1.21	)		3.68			97
	26.90		3.64			242,738		0.74			(0.01	)		0.79			27
	26.22		7.99			49		0.76			(0.14	)		0.90			74
	24.65		26.93			45		0.80			(0.17	)(g)(h)		0.84			55
	19.42		19.73			32		0.80			0.15	(i)		0.97			82
	16.22		3.18			27		0.79			(0.36	)		0.99			99
	15.72		35.87			26		0.78			(0.26	)		2.73			97
	26.47		3.54			61,517		0.94			(0.42	)		0.99			27
	25.83		7.76			289,100		0.96			(0.34	)		1.01			74
	24.34		26.77			261,308		1.00			(0.35	)(g)(h)		1.04			55
	19.20		19.48			101,999		1.00			(0.16	)(i)		1.14			82
	16.07		2.95			38,953		0.99			(0.56	)		1.19			99
	15.61		35.62			43,617		0.97			(0.41	)		1.59			97

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 77

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
Equity Focus Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	24.78	$	(0.01	)(f)	$	0.45	$	0.44	$	—	(i)	$	(0.66	)	$	(0.66	)
Year Ended June 30, 2015		23.56		(0.02	)(f)		1.42		1.40		(0.02	)		(0.16	)		(0.18	)
Year Ended June 30, 2014		19.18		(0.02	)(f)		4.86		4.84		—			(0.46	)		(0.46	)
Year Ended June 30, 2013		15.79		(0.02	)		3.41		3.39		—			—			—
July 29, 2011(h) through June 30, 2012		15.00		0.01			0.79		0.80		(0.01	)		—			(0.01	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		24.34		(0.08	)(f)		0.46		0.38		—			(0.66	)		(0.66	)
Year Ended June 30, 2015		23.24		(0.13	)(f)		1.39		1.26		—			(0.16	)		(0.16	)
Year Ended June 30, 2014		19.01		(0.15	)(f)		4.84		4.69		—			(0.46	)		(0.46	)
Year Ended June 30, 2013		15.73		(0.11	)		3.39		3.28		—			—			—
July 29, 2011(h) through June 30, 2012		15.00		(0.06	)		0.79		0.73		—	(i)		—			—
Select Class
Six Months Ended December 31, 2015 (Unaudited)		24.95		0.01	(f)		0.47		0.48		(0.04	)		(0.66	)		(0.70	)
Year Ended June 30, 2015		23.67		0.04	(f)		1.44		1.48		(0.04	)		(0.16	)		(0.20	)
Year Ended June 30, 2014		19.22		0.04	(f)		4.87		4.91		—	(i)		(0.46	)		(0.46	)
Year Ended June 30, 2013		15.81		0.02			3.42		3.44		(0.03	)		—			(0.03	)
July 29, 2011(h) through June 30, 2012		15.00		0.04			0.80		0.84		(0.03	)		—			(0.03	)

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

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

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

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

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

(f) Calculated based upon average shares outstanding.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2013 and for the period ended June 30, 2012.

(h) Commencement of operations.

(i) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	24.56		1.84	%	$	1,796		1.25	%		(0.12	)%		1.50	%		20	%
	24.78		5.98			1,452		1.24			(0.07	)		1.42			52
	23.56		25.43			423		1.24			(0.10	)		2.11			76
	19.18		21.47			64		1.25	(g)		(0.13	)		3.75	(g)		61
	15.79		5.37			53		1.25	(g)		0.04			5.09	(g)		71
	24.06		1.62			962		1.75			(0.64	)		1.98			20
	24.34		5.44			873		1.74			(0.54	)		1.93			52
	23.24		24.86			133		1.74			(0.67	)		2.82			76
	19.01		20.85			63		1.75	(g)		(0.63	)		4.25	(g)		61
	15.73		4.87			52		1.75	(g)		(0.46	)		5.58	(g)		71
	24.73		1.97			80,878		1.00			(0.10	)		1.13			20
	24.95		6.26			81,179		0.99			0.15			1.12			52
	23.67		25.75			72,064		0.99			0.19			1.51			76
	19.22		21.77			3,730		1.00	(g)		0.12			3.51	(g)		61
	15.81		5.61			3,063		1.00	(g)		0.29			4.84	(g)		71

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 79

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Equity Income Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	13.77	$	0.13	(f)	$	(0.29	)	$	(0.16	)	$	(0.13	)	$	(0.10	)	$	(0.23	)
Year Ended June 30, 2015		13.66		0.25			0.39			0.64			(0.25	)		(0.28	)		(0.53	)
Year Ended June 30, 2014		11.62		0.21	(f)		2.26			2.47			(0.21	)		(0.22	)		(0.43	)
Year Ended June 30, 2013		9.84		0.24	(f)(g)		1.84			2.08			(0.23	)		(0.07	)		(0.30	)
Year Ended June 30, 2012		9.38		0.21	(f)		0.46			0.67			(0.17	)		(0.04	)		(0.21	)
Year Ended June 30, 2011		7.26		0.19	(f)		2.12			2.31			(0.19	)		—			(0.19	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		13.58		0.09	(f)		(0.29	)		(0.20	)		(0.10	)		(0.10	)		(0.20	)
Year Ended June 30, 2015		13.49		0.18			0.38			0.56			(0.19	)		(0.28	)		(0.47	)
Year Ended June 30, 2014		11.49		0.15	(f)		2.23			2.38			(0.16	)		(0.22	)		(0.38	)
Year Ended June 30, 2013		9.74		0.18	(f)(g)		1.83			2.01			(0.19	)		(0.07	)		(0.26	)
Year Ended June 30, 2012		9.30		0.16	(f)		0.45			0.61			(0.13	)		(0.04	)		(0.17	)
Year Ended June 30, 2011		7.20		0.15	(f)		2.11			2.26			(0.16	)		—			(0.16	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		13.74		0.11	(f)		(0.30	)		(0.19	)		(0.11	)		(0.10	)		(0.21	)
Year Ended June 30, 2015		13.64		0.22			0.39			0.61			(0.23	)		(0.28	)		(0.51	)
Year Ended June 30, 2014		11.61		0.18	(f)		2.25			2.43			(0.18	)		(0.22	)		(0.40	)
Year Ended June 30, 2013		9.84		0.21	(f)(g)		1.84			2.05			(0.21	)		(0.07	)		(0.28	)
Year Ended June 30, 2012		9.38		0.19	(f)		0.46			0.65			(0.15	)		(0.04	)		(0.19	)
February 28, 2011 (h) through June 30, 2011		9.20		0.06	(f)		0.17			0.23			(0.05	)		—			(0.05	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		13.98		0.16	(f)		(0.30	)		(0.14	)		(0.16	)		(0.10	)		(0.26	)
Year Ended June 30, 2015		13.85		0.31			0.41			0.72			(0.31	)		(0.28	)		(0.59	)
Year Ended June 30, 2014		11.78		0.27	(f)		2.29			2.56			(0.27	)		(0.22	)		(0.49	)
Year Ended June 30, 2013		9.96		0.29	(f)(g)		1.87			2.16			(0.27	)		(0.07	)		(0.34	)
Year Ended June 30, 2012		9.49		0.26	(f)		0.46			0.72			(0.21	)		(0.04	)		(0.25	)
February 28, 2011 (h) through June 30, 2011		9.31		0.10	(f)		0.16			0.26			(0.08	)		—			(0.08	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		13.97		0.17	(f)		(0.31	)		(0.14	)		(0.16	)		(0.10	)		(0.26	)
Year Ended June 30, 2015		13.84		0.33			0.40			0.73			(0.32	)		(0.28	)		(0.60	)
Year Ended June 30, 2014		11.77		0.28	(f)		2.28			2.56			(0.27	)		(0.22	)		(0.49	)
Year Ended June 30, 2013		9.96		0.29	(f)(g)		1.87			2.16			(0.28	)		(0.07	)		(0.35	)
January 31, 2012 (h) through June 30, 2012		9.64		0.13	(f)		0.30			0.43			(0.11	)		—			(0.11	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		13.97		0.14	(f)		(0.30	)		(0.16	)		(0.14	)		(0.10	)		(0.24	)
Year Ended June 30, 2015		13.85		0.29			0.40			0.69			(0.29	)		(0.28	)		(0.57	)
Year Ended June 30, 2014		11.77		0.25	(f)		2.29			2.54			(0.24	)		(0.22	)		(0.46	)
Year Ended June 30, 2013		9.96		0.27	(f)(g)		1.86			2.13			(0.25	)		(0.07	)		(0.32	)
Year Ended June 30, 2012		9.50		0.24	(f)		0.45			0.69			(0.19	)		(0.04	)		(0.23	)
Year Ended June 30, 2011		7.35		0.22	(f)		2.14			2.36			(0.21	)		—			(0.21	)

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

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

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

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

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

(f) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	13.38		(1.14	)%	$	3,082,651		1.04	%		1.84	%		1.10	%		10	%
	13.77		4.71			3,014,937		1.04			1.83			1.09			22
	13.66		21.60			2,360,750		1.04			1.68			1.06			20
	11.62		21.53			1,285,400		1.03			2.22	(g)		1.08			34
	9.84		7.30			580,848		1.04			2.22			1.08			44
	9.38		32.06			217,462		1.05			2.16			1.14			37
	13.18		(1.41	)		1,173,291		1.54			1.34			1.58			10
	13.58		4.18			1,160,002		1.54			1.32			1.56			22
	13.49		20.95			805,494		1.54			1.19			1.56			20
	11.49		20.94			407,911		1.53			1.71	(g)		1.58			34
	9.74		6.72			130,366		1.54			1.74			1.58			44
	9.30		31.52			28,947		1.55			1.69			1.63			37
	13.34		(1.32	)		64,164		1.29			1.61			1.41			10
	13.74		4.44			56,522		1.29			1.59			1.39			22
	13.64		21.27			28,733		1.29			1.44			1.31			20
	11.61		21.21			13,347		1.28			1.92	(g)		1.34			34
	9.84		7.13			1,682		1.29			1.94			1.32			44
	9.38		2.54			51		1.28			1.80			1.36			37
	13.58		(0.97	)		499,230		0.59			2.30			0.63			10
	13.98		5.23			520,660		0.59			2.27			0.63			22
	13.85		22.06			307,700		0.59			2.11			0.61			20
	11.78		22.17			227,442		0.58			2.69	(g)		0.63			34
	9.96		7.78			111,647		0.58			2.77			0.63			44
	9.49		2.77			2,925		0.58			3.21			0.66			37
	13.57		(0.93	)		1,334,578		0.50			2.51			0.50			10
	13.97		5.31			861,809		0.51			2.35			0.51			22
	13.84		22.14			551,378		0.54			2.20			0.56			20
	11.77		22.12			233,034		0.53			2.63	(g)		0.59			34
	9.96		4.47			70,589		0.53			3.28			0.58			44
	13.57		(1.07	)		4,272,165		0.79			2.06			0.80			10
	13.97		4.96			4,639,250		0.79			2.08			0.80			22
	13.85		21.94			3,467,542		0.79			1.92			0.81			20
	11.77		21.84			2,337,565		0.78			2.48	(g)		0.83			34
	9.96		7.48			1,313,214		0.78			2.48			0.83			44
	9.50		32.42			204,331		0.80			2.45			0.89			37

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.21, $0.16, $0.18, $0.27, $0.26 and $0.24 for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 1.97%, 1.46%, 1.67%, 2.44%, 2.38% and 2.23% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 81

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Growth and Income Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	45.46	$	0.29	(f)	$	(1.10	)	$	(0.81	)	$	(0.29	)	$	(2.48	)	$	(2.77	)
Year Ended June 30, 2015		44.70		0.59	(f)		1.72			2.31			(0.56	)		(0.99	)		(1.55	)
Year Ended June 30, 2014		36.53		0.47	(f)		8.17			8.64			(0.47	)		—			(0.47	)
Year Ended June 30, 2013		29.43		0.40	(f)		7.11			7.51			(0.41	)		—			(0.41	)
Year Ended June 30, 2012		28.26		0.35	(f)		1.16			1.51			(0.34	)		—			(0.34	)
Year Ended June 30, 2011		22.30		0.28	(f)		5.96			6.24			(0.28	)		—			(0.28	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		41.83		0.16	(f)		(1.01	)		(0.85	)		(0.20	)		(2.48	)		(2.68	)
Year Ended June 30, 2015		41.31		0.32	(f)		1.59			1.91			(0.40	)		(0.99	)		(1.39	)
Year Ended June 30, 2014		33.83		0.25	(f)		7.55			7.80			(0.32	)		—			(0.32	)
Year Ended June 30, 2013		27.32		0.22	(f)		6.59			6.81			(0.30	)		—			(0.30	)
Year Ended June 30, 2012		26.27		0.20	(f)		1.08			1.28			(0.23	)		—			(0.23	)
Year Ended June 30, 2011		20.77		0.14	(f)		5.53			5.67			(0.17	)		—			(0.17	)
Class R2
November 2, 2015 (g) through December 31, 2015 (Unaudited)		45.92		0.15	(f)		(1.55	)		(1.40	)		—			(2.48	)		(2.48	)
Class R5
November 2, 2015 (g) through December 31, 2015 (Unaudited)		47.95		0.21	(f)		(1.61	)		(1.40	)		—			(2.48	)		(2.48	)
Class R6
November 2, 2015 (g) through December 31, 2015 (Unaudited)		47.95		0.21	(f)		(1.61	)		(1.40	)		—			(2.48	)		(2.48	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		47.45		0.35	(f)		(1.15	)		(0.80	)		(0.34	)		(2.48	)		(2.82	)
Year Ended June 30, 2015		46.58		0.73	(f)		1.79			2.52			(0.66	)		(0.99	)		(1.65	)
Year Ended June 30, 2014		38.03		0.58	(f)		8.52			9.10			(0.55	)		—			(0.55	)
Year Ended June 30, 2013		30.63		0.51	(f)		7.40			7.91			(0.51	)		—			(0.51	)
Year Ended June 30, 2012		29.39		0.45	(f)		1.21			1.66			(0.42	)		—			(0.42	)
Year Ended June 30, 2011		23.18		0.37	(f)		6.20			6.57			(0.36	)		—			(0.36	)

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

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

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

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

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

(f) Calculated based upon average shares outstanding.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	41.88		(1.67	)%	$	441,903		1.09	%		1.28	%		1.12	%		23	%
	45.46		5.24			434,573		1.10			1.30			1.10			39
	44.70		23.74			419,465		1.13			1.16			1.15			42
	36.53		25.65			356,127		1.15			1.23			1.16			35
	29.43		5.45			293,520		1.19			1.28			1.19			28
	28.26		28.03			306,850		1.19			1.07			1.19			23
	38.30		(1.91	)		25,223		1.58			0.79			1.61			23
	41.83		4.68			24,647		1.62			0.77			1.63			39
	41.31		23.12			14,619		1.64			0.66			1.65			42
	33.83		25.02			7,769		1.65			0.72			1.65			35
	27.32		4.94			4,137		1.69			0.79			1.69			28
	26.27		27.35			3,837		1.69			0.56			1.69			23
	42.04		(2.96	)		19		1.28			2.09			1.29			23
	44.07		(2.85	)		19		0.59			2.78			0.59			23
	44.07		(2.83	)		19		0.53			2.84			0.53			23
	43.83		(1.56	)		36,572		0.84			1.52			0.87			23
	47.45		5.48			36,099		0.88			1.53			0.88			39
	46.58		24.05			27,124		0.89			1.39			0.90			42
	38.03		25.97			28,339		0.88			1.45			0.90			35
	30.63		5.78			7,474		0.89			1.58			0.94			28
	29.39		28.41			5,733		0.90			1.32			0.95			23

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 83

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment Operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Return of capital			Total distributions
Hedged Equity Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	16.47	$	0.09	(g)	$	(0.47	)	$	(0.38	)	$	(0.09	)	$	—		$	(0.09	)
Year Ended June 30, 2015		15.74		0.19	(g)		0.67			0.86			(0.13	)		—			(0.13	)
December 13, 2013 (h) through June 30, 2014		15.00		0.07			0.84			0.91			(0.07	)		(0.10	)		(0.17	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		16.43	$	0.06	(g)		(0.48	)		(0.42	)		(0.06	)		—			(0.06	)
Year Ended June 30, 2015		15.76		0.10	(g)		0.67			0.77			(0.10	)		—			(0.10	)
December 13, 2013 (h) through June 30, 2014		15.00		0.05			0.83			0.88			(0.02	)		(0.10	)		(0.12	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		16.51	$	0.10	(g)		(0.44	)		(0.34	)		(0.12	)		—			(0.12	)
Year Ended June 30, 2015		15.76		0.26	(g)		0.66			0.92			(0.17	)		—			(0.17	)
December 13, 2013 (h) through June 30, 2014		15.00		0.13			0.82			0.95			(0.09	)		(0.10	)		(0.19	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		16.52	$	0.10	(g)		(0.44	)		(0.34	)		(0.13	)		—			(0.13	)
Year Ended June 30, 2015		15.76		0.27	(g)		0.67			0.94			(0.18	)		—			(0.18	)
December 13, 2013 (h) through June 30, 2014		15.00		0.13			0.83			0.96			(0.10	)		(0.10	)		(0.20	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		16.50	$	0.11	(g)		(0.47	)		(0.36	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2015		15.76		0.23	(g)		0.66			0.89			(0.15	)		—			(0.15	)
December 13, 2013 (h) through June 30, 2014		15.00		0.10			0.84			0.94			(0.08	)		(0.10	)		(0.18	)

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

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

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

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

(e) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2015 and for the period ended June 30, 2014.

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

(g) Calculated based upon average shares outstanding.

(h) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)(e)			Net investment income (loss) (e)			Expenses without waivers, reimbursements and earnings credits (e)			Portfolio turnover rate (b)(f)
$	16.00		(2.31	)%	$	81,098		0.85	%		1.12	%		1.09	%		22	%
	16.47		5.45			93,007		0.85			1.14			1.21			42
	15.74		6.11			569		0.85			0.96			16.65			36
	15.95		(2.55	)		7,767		1.35			0.69			1.48			22
	16.43		4.85			3,405		1.35			0.59			1.65			42
	15.76		5.87			53		1.35			0.56			10.04			36
	16.05		(2.04	)		21		0.40			1.21			1.46			22
	16.51		5.86			442		0.40			1.58			0.82			42
	15.76		6.37			53		0.40			1.51			9.10			36
	16.05		(2.06	)		20		0.35			1.26			1.39			22
	16.52		5.96			443		0.35			1.63			0.77			42
	15.76		6.39			53		0.35			1.56			9.05			36
	16.03		(2.17	)		166,726		0.60			1.41			0.71			22
	16.50		5.66			105,397		0.60			1.39			0.91			42
	15.76		6.28			4,307		0.60			1.30			9.91			36

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 85

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
Large Cap Growth Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	36.82	$	(0.06	)(f)	$	0.31	$	0.25	$	—		$	(1.60	)	$	(1.60	)
Year Ended June 30, 2015		32.49		(0.10	)(f)		5.05		4.95		—			(0.62	)		(0.62	)
Year Ended June 30, 2014		26.01		(0.10	)(f)		6.58		6.48		—			—			—
Year Ended June 30, 2013		23.64		0.08	(f)(g)		2.37		2.45		(0.08	)		—			(0.08	)
Year Ended June 30, 2012		22.38		(0.06	)(f)		1.32		1.26		—			—			—
Year Ended June 30, 2011		15.86		(0.04	)(f)		6.56		6.52		—			—			—
Class C
Six Months Ended December 31, 2015 (Unaudited)		31.86		(0.13	)(f)		0.26		0.13		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		28.33		(0.24	)(f)		4.39		4.15		—			(0.62	)		(0.62	)
Year Ended June 30, 2014		22.79		(0.22	)(f)		5.76		5.54		—			—			—
Year Ended June 30, 2013		20.79		(0.04	)(f)(g)		2.07		2.03		(0.03	)		—			(0.03	)
Year Ended June 30, 2012		19.77		(0.15	)(f)		1.17		1.02		—			—			—
Year Ended June 30, 2011		14.09		(0.13	)(f)		5.81		5.68		—			—			—
Class R2
Six Months Ended December 31, 2015 (Unaudited)		36.24		(0.10	)(f)		0.31		0.21		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.07		(0.18	)(f)		4.97		4.79		—			(0.62	)		(0.62	)
Year Ended June 30, 2014		25.74		(0.18	)(f)		6.51		6.33		—			—			—
Year Ended June 30, 2013		23.44		0.01	(f)(g)		2.36		2.37		(0.07	)		—			(0.07	)
Year Ended June 30, 2012		22.24		(0.12	)(f)		1.32		1.20		—	(h)		—			—	(h)
Year Ended June 30, 2011		15.81		(0.11	)(f)		6.54		6.43		—			—			—
Class R5
Six Months Ended December 31, 2015 (Unaudited)		37.25		—	(f)(h)		0.33		0.33		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.75		0.03	(f)		5.09		5.12		—			(0.62	)		(0.62	)
Year Ended June 30, 2014		26.12		0.01	(f)		6.62		6.63		—			—			—
Year Ended June 30, 2013		23.74		0.17	(f)(g)		2.38		2.55		(0.17	)		—			(0.17	)
Year Ended June 30, 2012		22.39		0.04	(f)		1.32		1.36		(0.01	)		—			(0.01	)
Year Ended June 30, 2011		15.81		0.04	(f)		6.54		6.58		—			—			—
Class R6
Six Months Ended December 31, 2015 (Unaudited)		37.34		0.03	(f)		0.32		0.35		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.80		0.06	(f)		5.10		5.16		—			(0.62	)		(0.62	)
Year Ended June 30, 2014		26.15		0.02	(f)		6.63		6.65		—			—			—
Year Ended June 30, 2013		23.76		0.18	(f)(g)		2.39		2.57		(0.18	)		—			(0.18	)
Year Ended June 30, 2012		22.40		0.05	(f)		1.33		1.38		(0.02	)		—			(0.02	)
November 30, 2010(i) through June 30, 2011		19.94		0.03	(f)		2.43		2.46		—			—			—
Select Class
Six Months Ended December 31, 2015 (Unaudited)		36.92		(0.03	)(f)		0.31		0.28		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.52		(0.04	)(f)		5.06		5.02		—			(0.62	)		(0.62	)
Year Ended June 30, 2014		25.99		(0.05	)(f)		6.58		6.53		—			—			—
Year Ended June 30, 2013		23.61		0.12	(f)(g)		2.37		2.49		(0.11	)		—			(0.11	)
Year Ended June 30, 2012		22.31		(0.01	)(f)		1.31		1.30		—	(h)		—			—	(h)
Year Ended June 30, 2011		15.79		—	(f)(h)		6.52		6.52		—			—			—

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

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

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

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

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

(f) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	35.47		0.77	%	$	4,722,730		1.05	%		(0.32	)%		1.25	%		15	%
	36.82		15.40			4,670,460		1.06			(0.28	)		1.21			19
	32.49		24.91			5,044,428		1.10			(0.34	)		1.19			39
	26.01		10.40			2,824,115		1.09			0.30	(g)		1.19			47
	23.64		5.63			1,660,335		1.09			(0.25	)		1.15			28
	22.38		41.11			328,012		1.11			(0.19	)		1.23			84
	30.39		0.51			644,083		1.55			(0.82	)		1.69			15
	31.86		14.83			600,404		1.56			(0.78	)		1.68			19
	28.33		24.31			523,972		1.59			(0.85	)		1.69			39
	22.79		9.80			396,862		1.59			(0.20	)(g)		1.69			47
	20.79		5.16			205,723		1.59			(0.75	)		1.65			28
	19.77		40.31			31,181		1.60			(0.68	)		1.71			84
	34.85		0.67			219,992		1.30			(0.57	)		1.53			15
	36.24		15.10			242,550		1.31			(0.53	)		1.49			19
	32.07		24.59			222,421		1.35			(0.60	)		1.44			39
	25.74		10.12			191,876		1.34			0.05	(g)		1.45			47
	23.44		5.41			85,913		1.34			(0.50	)		1.39			28
	22.24		40.67			626		1.34			(0.50	)		1.42			84
	35.98		0.97			1,406,513		0.70			0.02			0.72			15
	37.25		15.80			1,394,419		0.70			0.08			0.74			19
	32.75		25.38			1,400,112		0.73			0.02			0.74			39
	26.12		10.78			1,158,856		0.71			0.69	(g)		0.75			47
	23.74		6.10			584,866		0.69			0.16			0.70			28
	22.39		41.62			53,668		0.71			0.22			0.76			84
	36.09		1.03			3,614,233		0.59			0.15			0.60			15
	37.34		15.90			3,220,191		0.62			0.17			0.62			19
	32.80		25.43			2,709,590		0.68			0.07			0.69			39
	26.15		10.87			2,170,011		0.67			0.72	(g)		0.70			47
	23.76		6.15			1,047,184		0.63			0.20			0.64			28
	22.40		12.34			30,386		0.63			0.25			0.65			84
	35.60		0.85			4,863,013		0.90			(0.17	)		0.92			15
	36.92		15.60			5,515,626		0.90			(0.12	)		0.92			19
	32.52		25.13			5,037,737		0.93			(0.18	)		0.94			39
	25.99		10.58			4,811,907		0.91			0.50	(g)		0.94			47
	23.61		5.85			3,320,683		0.89			(0.04	)		0.90			28
	22.31		41.29			1,463,752		0.91			(0.01	)		0.95			84

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.02, $(0.09), $(0.04), $0.12, $0.13 and $0.07 for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.08%, 0.42)%, (0.17)%, 0.47%, 0.50% and 0.28% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h) Amount rounds to less than $0.01.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 87

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Large Cap Value Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	15.02	$	0.09	(f)	$	(0.60	)	$	(0.51	)	$	(0.08	)	$	(1.73	)	$	(1.81	)
Year Ended June 30, 2015		16.63		0.17	(f)		0.94			1.11			(0.17	)		(2.55	)		(2.72	)
Year Ended June 30, 2014		13.99		0.17	(f)		3.16			3.33			(0.18	)		(0.51	)		(0.69	)
Year Ended June 30, 2013		11.02		0.14	(f)		2.97			3.11			(0.14	)		—			(0.14	)
Year Ended June 30, 2012		11.45		0.11	(f)		(0.43	)		(0.32	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2011		9.15		0.12	(f)		2.29			2.41			(0.11	)		—			(0.11	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		14.60		0.06	(f)		(0.59	)		(0.53	)		(0.05	)		(1.73	)		(1.78	)
Year Ended June 30, 2015		16.25		0.08	(f)		0.92			1.00			(0.10	)		(2.55	)		(2.65	)
Year Ended June 30, 2014		13.70		0.09	(f)		3.08			3.17			(0.11	)		(0.51	)		(0.62	)
Year Ended June 30, 2013		10.80		0.08	(f)		2.91			2.99			(0.09	)		—			(0.09	)
Year Ended June 30, 2012		11.22		0.05	(f)		(0.41	)		(0.36	)		(0.06	)		—			(0.06	)
Year Ended June 30, 2011		8.97		0.06	(f)		2.25			2.31			(0.06	)		—			(0.06	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		14.96		0.09	(f)		(0.62	)		(0.53	)		(0.07	)		(1.73	)		(1.80	)
Year Ended June 30, 2015		16.58		0.13	(f)		0.94			1.07			(0.14	)		(2.55	)		(2.69	)
Year Ended June 30, 2014		13.95		0.13	(f)		3.14			3.27			(0.13	)		(0.51	)		(0.64	)
Year Ended June 30, 2013		10.99		0.11	(f)		2.96			3.07			(0.11	)		—			(0.11	)
Year Ended June 30, 2012		11.42		0.08	(f)		(0.42	)		(0.34	)		(0.09	)		—			(0.09	)
Year Ended June 30, 2011		9.13		0.09	(f)		2.29			2.38			(0.09	)		—			(0.09	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		14.93		0.11	(f)		(0.59	)		(0.48	)		(0.10	)		(1.73	)		(1.83	)
Year Ended June 30, 2015		16.54		0.22	(f)		0.94			1.16			(0.22	)		(2.55	)		(2.77	)
Year Ended June 30, 2014		13.92		0.19	(f)		3.16			3.35			(0.22	)		(0.51	)		(0.73	)
Year Ended June 30, 2013		10.92		0.17	(f)		2.98			3.15			(0.15	)		—			(0.15	)
Year Ended June 30, 2012		11.34		0.14	(f)		(0.41	)		(0.27	)		(0.15	)		—			(0.15	)
Year Ended June 30, 2011		9.07		0.16	(f)		2.26			2.42			(0.15	)		—			(0.15	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		14.86		0.18	(f)		(0.65	)		(0.47	)		(0.11	)		(1.73	)		(1.84	)
Year Ended June 30, 2015		16.48		0.25	(f)		0.91			1.16			(0.23	)		(2.55	)		(2.78	)
Year Ended June 30, 2014		13.87		0.22	(f)		3.13			3.35			(0.23	)		(0.51	)		(0.74	)
Year Ended June 30, 2013		10.92		0.20	(f)		2.94			3.14			(0.19	)		—			(0.19	)
Year Ended June 30, 2012		11.34		0.15	(f)		(0.42	)		(0.27	)		(0.15	)		—			(0.15	)
November 30, 2010(g) through June 30, 2011		10.19		0.10	(f)		1.17			1.27			(0.12	)		—			(0.12	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		14.79		0.08	(f)		(0.56	)		(0.48	)		(0.04	)		(1.73	)		(1.77	)
Year Ended June 30, 2015		16.42		0.19	(f)		0.92			1.11			(0.19	)		(2.55	)		(2.74	)
Year Ended June 30, 2014		13.82		0.19	(f)		3.11			3.30			(0.19	)		(0.51	)		(0.70	)
Year Ended June 30, 2013		10.88		0.16	(f)		2.94			3.10			(0.16	)		—			(0.16	)
Year Ended June 30, 2012		11.30		0.12	(f)		(0.41	)		(0.29	)		(0.13	)		—			(0.13	)
Year Ended June 30, 2011		9.04		0.13	(f)		2.26			2.39			(0.13	)		—			(0.13	)

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

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

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

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

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

(f) Calculated based upon average shares outstanding.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	12.70		(3.14	)%	$	91,684		0.93	%		1.31	%		1.11	%		97	%
	15.02		7.44			93,078		0.93			1.07			1.05			143
	16.63		24.46			92,161		0.93			1.11			1.06			168
	13.99		28.38			35,030		0.94			1.11			1.04			119
	11.02		(2.75	)		25,789		0.95			1.00			1.06			144
	11.45		26.42			25,668		0.97			1.09			1.08			65
	12.29		(3.39	)		15,130		1.45			0.80			1.61			97
	14.60		6.88			14,307		1.45			0.55			1.55			143
	16.25		23.78			11,646		1.44			0.59			1.56			168
	13.70		27.77			4,890		1.44			0.62			1.54			119
	10.80		(3.17	)		3,215		1.45			0.50			1.56			144
	11.22		25.76			3,186		1.47			0.58			1.58			65
	12.63		(3.29	)		2,933		1.20			1.22			1.53			97
	14.96		7.21			1,074		1.20			0.82			1.40			143
	16.58		24.07			455		1.20			0.83			1.30			168
	13.95		28.10			378		1.20			0.87			1.29			119
	10.99		(2.97	)		142		1.20			0.76			1.31			144
	11.42		26.15			123		1.21			0.84			1.32			65
	12.62		(2.93	)		2,190		0.60			1.56			0.61			97
	14.93		7.83			4,443		0.58			1.41			0.59			143
	16.54		24.81			4,433		0.57			1.30			0.59			168
	13.92		28.96			19,410		0.59			1.48			0.60			119
	10.92		(2.34	)		25,965		0.59			1.36			0.61			144
	11.34		26.78			28,479		0.60			1.48			0.63			65
	12.55		(2.90	)		592,318		0.52			2.65			0.52			97
	14.86		7.85			4,145		0.53			1.54			0.53			143
	16.48		24.89			50,923		0.54			1.48			0.55			168
	13.87		28.94			43,781		0.53			1.52			0.54			119
	10.92		(2.30	)		11,269		0.54			1.41			0.56			144
	11.34		12.50			11,006		0.54			1.48			0.55			65
	12.54		(3.04	)		18,552		0.76			1.06			0.77			97
	14.79		7.56			634,301		0.77			1.22			0.77			143
	16.42		24.62			662,936		0.79			1.24			0.80			168
	13.82		28.65			591,749		0.78			1.27			0.79			119
	10.88		(2.54	)		567,551		0.79			1.16			0.81			144
	11.30		26.52			597,026		0.80			1.26			0.83			65

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 89

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
U.S. Equity Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	14.75	$	0.06	(f)	$	(0.29	)	$	(0.23	)	$	(0.06	)	$	(0.70	)	$	(0.76	)
Year Ended June 30, 2015		14.92		0.13			1.10			1.23			(0.13	)		(1.27	)		(1.40	)
Year Ended June 30, 2014		12.80		0.11	(f)		3.09			3.20			(0.11	)		(0.97	)		(1.08	)
Year Ended June 30, 2013		10.73		0.13	(f)		2.31			2.44			(0.13	)		(0.24	)		(0.37	)
Year Ended June 30, 2012		10.65		0.10	(f)		0.13			0.23			(0.09	)		(0.06	)		(0.15	)
Year Ended June 30, 2011		8.30		0.08	(f)		2.35			2.43			(0.08	)		—			(0.08	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		14.40		0.02	(f)		(0.27	)		(0.25	)		(0.03	)		(0.70	)		(0.73	)
Year Ended June 30, 2015		14.61		0.07			1.06			1.13			(0.07	)		(1.27	)		(1.34	)
Year Ended June 30, 2014		12.56		0.04	(f)		3.03			3.07			(0.05	)		(0.97	)		(1.02	)
Year Ended June 30, 2013		10.55		0.06	(f)		2.26			2.32			(0.07	)		(0.24	)		(0.31	)
Year Ended June 30, 2012		10.47		0.04	(f)		0.15			0.19			(0.05	)		(0.06	)		(0.11	)
Year Ended June 30, 2011		8.18		0.03	(f)		2.31			2.34			(0.05	)		—			(0.05	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		14.66		0.04	(f)		(0.29	)		(0.25	)		(0.04	)		(0.70	)		(0.74	)
Year Ended June 30, 2015		14.84		0.10			1.09			1.19			(0.10	)		(1.27	)		(1.37	)
Year Ended June 30, 2014		12.74		0.07	(f)		3.08			3.15			(0.08	)		(0.97	)		(1.05	)
Year Ended June 30, 2013		10.69		0.10	(f)		2.29			2.39			(0.10	)		(0.24	)		(0.34	)
Year Ended June 30, 2012		10.62		0.07	(f)		0.13			0.20			(0.07	)		(0.06	)		(0.13	)
Year Ended June 30, 2011		8.29		0.05	(f)		2.35			2.40			(0.07	)		—			(0.07	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		14.80		0.09	(f)		(0.29	)		(0.20	)		(0.09	)		(0.70	)		(0.79	)
Year Ended June 30, 2015		14.96		0.19			1.11			1.30			(0.19	)		(1.27	)		(1.46	)
Year Ended June 30, 2014		12.82		0.16	(f)		3.11			3.27			(0.16	)		(0.97	)		(1.13	)
Year Ended June 30, 2013		10.75		0.17	(f)		2.31			2.48			(0.17	)		(0.24	)		(0.41	)
Year Ended June 30, 2012		10.66		0.14	(f)		0.14			0.28			(0.13	)		(0.06	)		(0.19	)
Year Ended June 30, 2011		8.31		0.12	(f)		2.34			2.46			(0.11	)		—			(0.11	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		14.82		0.10	(f)		(0.30	)		(0.20	)		(0.09	)		(0.70	)		(0.79	)
Year Ended June 30, 2015		14.98		0.20			1.10			1.30			(0.19	)		(1.27	)		(1.46	)
Year Ended June 30, 2014		12.83		0.17	(f)		3.11			3.28			(0.16	)		(0.97	)		(1.13	)
Year Ended June 30, 2013		10.76		0.17	(f)		2.31			2.48			(0.17	)		(0.24	)		(0.41	)
Year Ended June 30, 2012		10.67		0.14	(f)		0.14			0.28			(0.13	)		(0.06	)		(0.19	)
November 30, 2010(g) through June 30, 2011		9.59		0.07	(f)		1.10			1.17			(0.09	)		—			(0.09	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		14.79		0.08	(f)		(0.29	)		(0.21	)		(0.08	)		(0.70	)		(0.78	)
Year Ended June 30, 2015		14.96		0.19			1.09			1.28			(0.18	)		(1.27	)		(1.45	)
Year Ended June 30, 2014		12.82		0.16	(f)		3.10			3.26			(0.15	)		(0.97	)		(1.12	)
Year Ended June 30, 2013		10.75		0.16	(f)		2.31			2.47			(0.16	)		(0.24	)		(0.40	)
Year Ended June 30, 2012		10.66		0.13	(f)		0.14			0.27			(0.12	)		(0.06	)		(0.18	)
Year Ended June 30, 2011		8.31		0.11	(f)		2.35			2.46			(0.11	)		—			(0.11	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		14.78		0.06	(f)		(0.28	)		(0.22	)		(0.07	)		(0.70	)		(0.77	)
Year Ended June 30, 2015		14.94		0.16			1.11			1.27			(0.16	)		(1.27	)		(1.43	)
Year Ended June 30, 2014		12.80		0.13	(f)		3.10			3.23			(0.12	)		(0.97	)		(1.09	)
Year Ended June 30, 2013		10.74		0.15	(f)		2.30			2.45			(0.15	)		(0.24	)		(0.39	)
Year Ended June 30, 2012		10.65		0.12	(f)		0.14			0.26			(0.11	)		(0.06	)		(0.17	)
Year Ended June 30, 2011		8.30		0.10	(f)		2.34			2.44			(0.09	)		—			(0.09	)

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

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	13.76		(1.50	)%	$	1,426,621		0.94	%		0.82	%		1.12	%		38	%
	14.75		8.70			1,399,208		0.95			0.92			1.10			79
	14.92		25.90			1,172,752		0.97			0.77			1.05			73
	12.80		23.14			874,571		0.97			1.06			1.06			88
	10.73		2.27			662,367		0.97			0.93			1.08			83
	10.65		29.29			426,536		0.97			0.81			1.07			69
	13.42		(1.70	)		281,934		1.44			0.32			1.58			38
	14.40		8.15			253,608		1.45			0.41			1.57			79
	14.61		25.30			175,265		1.47			0.28			1.55			73
	12.56		22.43			110,837		1.46			0.56			1.56			88
	10.55		1.83			75,962		1.47			0.43			1.58			83
	10.47		28.56			57,089		1.48			0.30			1.57			69
	13.67		(1.63	)		194,007		1.19			0.57			1.45			38
	14.66		8.45			178,272		1.20			0.67			1.41			79
	14.84		25.61			126,549		1.22			0.53			1.30			73
	12.74		22.81			72,664		1.22			0.81			1.31			88
	10.69		2.00			31,686		1.22			0.68			1.32			83
	10.62		28.96			8,533		1.22			0.51			1.32			69
	13.81		(1.30	)		929,652		0.56			1.28			0.61			38
	14.80		9.13			496,102		0.57			1.30			0.62			79
	14.96		26.45			441,628		0.59			1.16			0.60			73
	12.82		23.52			455,939		0.59			1.45			0.61			88
	10.75		2.72			335,220		0.59			1.32			0.63			83
	10.66		29.66			153,501		0.59			1.27			0.61			69
	13.83		(1.27	)		4,545,278		0.50			1.33			0.50			38
	14.82		9.17			2,976,379		0.51			1.35			0.52			79
	14.98		26.57			2,392,416		0.54			1.21			0.55			73
	12.83		23.56			1,379,173		0.54			1.47			0.56			88
	10.76		2.76			1,114,492		0.54			1.38			0.57			83
	10.67		12.17			549,478		0.54			1.15			0.57			69
	13.80		(1.33	)		4,754,046		0.61			1.14			0.66			38
	14.79		9.01			4,932,896		0.62			1.25			0.66			79
	14.96		26.41			4,178,050		0.64			1.12			0.65			73
	12.82		23.48			1,214,707		0.64			1.36			0.67			88
	10.75		2.67			610,670		0.64			1.25			0.68			83
	10.66		29.60			500,991		0.64			1.16			0.66			69
	13.79		(1.44	)		1,093,389		0.76			0.87			0.79			38
	14.78		8.92			2,375,538		0.77			1.08			0.79			79
	14.94		26.21			2,288,734		0.79			0.94			0.80			73
	12.80		23.22			3,874,926		0.79			1.24			0.81			88
	10.74		2.52			3,617,633		0.79			1.12			0.83			83
	10.65		29.47			3,129,167		0.79			1.00			0.82			69

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

(f) Calculated based upon average shares outstanding.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 91

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

1. Organization

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

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

	Classes Offered	Trust		Diversified/Non-Diversified
Disciplined Equity Fund	Class A, Class R6, Institutional Class and Select Class		JPM I	Diversified
Dynamic Growth Fund	Class A, Class C, Class R5 and Select Class		JPM I	Non-Diversified
Equity Focus Fund	Class A, Class C and Select Class		JPM I	Non-Diversified
Equity Income Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class		JPM II	Diversified
Growth and Income Fund	Class A, Class C, Class R2*, Class R5*, Class R6* and Select Class		JPM I	Diversified
Hedged Equity Fund	Class A, Class C, Class R5, Class R6 and Select Class		JPM I	Diversified
Large Cap Growth Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class		JPM II	Diversified
Large Cap Value Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class		JPM II	Diversified
U.S. Equity Fund	Class A, Class C, Class R2, Class R5, Class R6, Institutional Class and Select Class		JPM I	Diversified

* Class R2, Class R5 and Class R6 Shares commenced operation on November 2, 2015 for Growth and Income Fund.

The investment objective of Disciplined Equity Fund is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Composite Stock Price Index.

The investment objective of Dynamic Growth Fund is to seek long-term capital growth.

The investment objective of Equity Focus Fund and Large Cap Growth Fund is to seek long-term capital appreciation.

The investment objective of Equity Income Fund is to seek capital appreciation and current income.

The investment objective of Growth and Income Fund is to seek to provide capital growth over the long-term and to earn income from dividends.

The investment objective of Hedged Equity Fund is to seek to provide capital appreciation.

The investment objective of Large Cap Value Fund is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

The investment objective of U.S. Equity Fund is to seek to provide high total return from a portfolio of selected equity securities.

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

On June 19, 2015, all remaining Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC.

2. Significant Accounting Policies

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

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

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 Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to con-

92 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

sideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

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

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

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

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

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

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

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

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

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

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

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

Disciplined Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	8,182,987	$	13,878	$	—	$	8,196,865
Appreciation in Other Financial Instruments
Futures Contracts	$	1,382	$	—	$	—	$	1,382
Dynamic Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	370,271	$	—	$	—	$	370,271
Equity Focus Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	84,845	$	—	$	—	$	84,845

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 93

NOTES TO FINANCIAL STATEMENTS

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

Equity Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	10,533,653		$	—	$	—		$	10,533,653
Growth and Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	537,891		$	—	$	—		$	537,891
Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	256,132		$	539	$	—		$	256,671
Appreciation in Other Financial Instruments
Futures Contracts	$	18		$	—	$	—		$	18
Depreciation in Other Financial Instruments
Options Written
Call Options Written	$	(2,763	)	$	—	$	—		$	(2,763	)
Put Options Written		(860	)		—		—			(860	)
Total Depreciation in Other Financial Instruments	$	(3,623	)	$	—	$	—		$	(3,623	)
Large Cap Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	15,848,499		$	—	$	—		$	15,848,499
Large Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	143,673		$	—	$	—		$	143,673
Consumer Staples		7,668			—		—			7,668
Energy		53,687			—		—			53,687
Financials		189,066			—		—			189,066
Health Care		99,531			—		—			99,531
Industrials		66,062			—		—			66,062
Information Technology		64,925			—		—			64,925
Materials		23,882			—		—			23,882
Telecommunication Services		16,765			—		—			16,765
Utilities		41,337			—		—			41,337
Total Common Stocks		706,596			—		—			706,596
Warrant
Financials		—			—		—	(c)		—	(c)
Short-Term Investment
Investment Company		27,932			—		—			27,932
Total Investments in Securities	$	734,528		$	—	$	—	(c)		734,528

94 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

U.S. Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	2,031,095	$	—	$	—		$	2,031,095
Consumer Staples		807,480		—		—			807,480
Energy		834,331		—		—			834,331
Financials		2,248,574		—		—			2,248,574
Health Care		2,086,082		—		—			2,086,082
Industrials		1,286,491		—		—			1,286,491
Information Technology		3,033,256		—		—			3,033,256
Materials		307,421		—		—			307,421
Telecommunication Services		123,283		—		—			123,283
Utilities		266,650		—		—			266,650
Total Common Stocks		13,024,663		—		—			13,024,663
Warrant
Financials		—		—		—	(c)		—	(c)
Short-Term Investment
Investment Company		188,412		—		—			188,412
Total Investments in Securities	$	13,213,075	$	—	$	—	(c)	$	13,213,075
Appreciation in Other Financial Instruments
Futures Contracts	$	1,137	$	—	$	—		$	1,137

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOIs. Level 2 consists of a U.S. Treasury Bill that is held for futures collateral. Please refer to the SOIs for industry specifics of portfolio holdings.

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

(c) Value is zero.

There were no transfers among any levels during the six months ended December 31, 2015.

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

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

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts

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

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 95

NOTES TO FINANCIAL STATEMENTS

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

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2015 (amounts in thousands):

	Disciplined Equity Fund		Hedged Equity Fund		U.S. Equity Fund
Futures Contracts:
Average Notional Balance Long	$	113,658	$	2,931	$	59,995
Ending Notional Balance Long		94,951		3,867		98,819

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

C. Options — Hedged Equity Fund purchased and sold (“wrote”) put and call options on indices to manage and hedge equity risk within its portfolio. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

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

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as change in net unrealized appreciation/depreciation. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

Transactions in options written during the six months ended December 31, 2015 were as follows (amounts in thousands except for number of contracts):

	Options
	Number of Contracts			Premiums Received
Options outstanding at June 30, 2015		1,956		$	3,319
Options written		5,783			10,608
Options expired		(3,682	)		(4,945	)
Options closed		(1,601	)		(5,367	)
Options outstanding at December 31, 2015		2,456		$	3,615

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

The table below discloses the volume of the Fund’s options contracts activity during the six months ended December 31, 2015:

Exchange-Traded Options:
Average Number of Contracts Purchased	1,169
Average Number of Contracts Written	2,338
Ending Number of Contracts Purchased	1,228
Ending Number of Contracts Written	2,456

96 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

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

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

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

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended December 31, 2015 are as follows (amounts in thousands):

	Class A			Class C			Class R2			Class R5			Class R6			Institutional Class		Select Class			Total
Disciplined Equity Fund
Transfer agent fees	$	13			n/a			n/a			n/a		$	22		$	6	$	5		$	46
Sub-transfer agent fees		310			n/a			n/a			n/a			—			175		79			564
Dynamic Growth Fund
Transfer agent fees		2		$	1			n/a		$	4			n/a			n/a		3			10
Sub-transfer agent fees		39			5			n/a			2			n/a			n/a		10			56
Equity Focus Fund
Transfer agent fees		—	(a)		—	(a)		n/a			n/a			n/a			n/a		2			2
Sub-transfer agent fees		1			—	(a)		n/a			n/a			n/a			n/a		—	(a)		1
Equity Income Fund
Transfer agent fees		82			30		$	5			4			6			n/a		30			157
Sub-transfer agent fees		1,374			381			43			199			—			n/a		1,176			3,173
Growth and Income Fund
Transfer agent fees		109			2			—	(a)		—	(a)		—	(a)		n/a		4			115
Sub-transfer agent fees		93			8			—			—			—			n/a		12			113
Hedged Equity Fund
Transfer agent fees		1			—	(a)		n/a			—	(a)		—	(a)		n/a		5			6
Sub-transfer agent fees		60			1			n/a			—			—			n/a		17			78
Large Cap Growth Fund
Transfer agent fees		225			16			8			11			22			n/a		37			319
Sub-transfer agent fees		3,361			242			206			443			—			n/a		1,877			6,129
Large Cap Value Fund
Transfer agent fees		27			2			1			—	(a)		8			n/a		3			41
Sub-transfer agent fees		16			5			2			—	(a)		—			n/a		8			31
U.S. Equity Fund
Transfer agent fees		56			7			3			5			15			64		18			168
Sub-transfer agent fees		769			100			184			187			—			1,490		387			3,117

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

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

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

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 97

NOTES TO FINANCIAL STATEMENTS

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

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreements, J.P. Morgan Investment Management, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s average daily net assets. The annual rate for each Fund is as follows:

Disciplined Equity Fund	0.25	%
Dynamic Growth Fund	0.60
Equity Focus Fund	0.65
Equity Income Fund	0.40
Growth and Income Fund	0.40
Hedged Equity Fund	0.25
Large Cap Growth Fund	0.50
Large Cap Value Fund	0.40
U.S. Equity Fund	0.40

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

B. Administration Fee — Pursuant to an Administration Agreements, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreements (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2015, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

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

	Class A			Class C			Class R2
Disciplined Equity Fund		0.25	%		n/a			n/a
Dynamic Growth Fund		0.25			0.75	%		n/a
Equity Focus Fund		0.25			0.75			n/a
Equity Income Fund		0.25			0.75			0.50	%
Growth and Income Fund		0.25			0.75			0.50	%
Hedged Equity Fund		0.25			0.75			n/a
Large Cap Growth Fund		0.25			0.75			0.50
Large Cap Value Fund		0.25			0.75			0.50
U.S. Equity Fund		0.25			0.75			0.50

98 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor retained the following amounts (in thousands):

	Front-End Sales Charge		CDSC
Disciplined Equity Fund	$	9		—
Dynamic Growth Fund		55		—
Equity Focus Fund		1		—
Equity Income Fund		546		3
Growth and Income Fund		13		—	(a)
Hedged Equity Fund		4		—
Large Cap Growth Fund		204		1
Large Cap Value Fund		8		—	(a)
U.S. Equity Fund		96		1

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

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

	Class A			Class C			Class R2			Class R5			Institutional Class			Select Class
Disciplined Equity Fund		0.25	%		n/a			n/a			n/a			0.10	%		0.25	%
Dynamic Growth Fund		0.25			0.25	%		n/a			0.05	%		n/a			0.25
Equity Focus Fund		0.25			0.25			n/a			n/a			n/a			0.25
Equity Income Fund		0.25			0.25			0.25	%		0.05			n/a			0.25
Growth and Income Fund		0.25			0.25			0.25			0.05			n/a			0.25
Hedged Equity Fund		0.25			0.25			n/a			0.05			n/a			0.25
Large Cap Growth Fund		0.25			0.25			0.25			0.05			n/a			0.25
Large Cap Value Fund		0.25			0.25			0.25			0.05			n/a			0.25
U.S. Equity Fund		0.25			0.25			0.25			0.05			0.10			0.25

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

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

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

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

F. Waivers and Reimbursements — The Adviser, Administrator and/or Distributor have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 99

NOTES TO FINANCIAL STATEMENTS

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

described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R5			Class R6			Institutional  Class			Select Class
Disciplined Equity Fund		0.85	%		n/a			n/a			n/a			0.35	%		0.45	%		0.60	%
Dynamic Growth Fund		1.19			1.69	%		n/a			0.74	%		n/a			n/a			0.94
Equity Focus Fund		1.25			1.75			n/a			n/a			n/a			n/a			1.00
Equity Income Fund		1.04			1.54			1.29	%		0.59			0.54			n/a			0.79
Growth and Income Fund		1.04	*		1.54	*		1.29			0.59			0.54			n/a			0.79	*
Hedged Equity Fund		0.85			1.35			n/a			0.40			0.35			n/a			0.60
Large Cap Growth Fund		1.05			1.55			1.30			0.70			0.65			n/a			0.90
Large Cap Value Fund		0.93			1.45			1.20			0.60			0.55			n/a			0.80
U.S. Equity Fund		0.94			1.44			1.19			0.56			0.51			0.61			0.76

* Prior to November 1, 2015, the contractual expense limitation for Growth and Income Fund was 1.30%, 1.80%, and 0.90% for Class A, Class C and Select Class Shares respectively.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2015. The contractual expense limitation percentages in the table above are in place until at least October 31, 2016.

For the six months ended December 31, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Disciplined Equity Fund	$	—	$	—	$	527	$	527	$	—
Dynamic Growth Fund		56		37		44		137		—
Equity Focus Fund		34		23		1		58		—
Equity Income Fund		19		—		1,409		1,428		2
Growth and Income Fund		—		—		60		60		—
Hedged Equity Fund		78		52		51		181		—	(a)
Large Cap Growth Fund		29		—		5,967		5,996		—
Large Cap Value Fund		1		—		98		99		1
U.S. Equity Fund		24		—		3,258		3,282		9

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

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective November 1, 2015, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to November 1, 2015, a portion of the waiver was voluntary.

The amounts of waivers resulting from investments in these money market funds for the six months ended December 31, 2015 were as follows (amounts in thousands):

Disciplined Equity Fund Dynamic Growth Fund	$	149 —	(a)
Equity Focus Fund		2
Equity Income Fund		306
Growth and Income Fund		9
Hedged Equity Fund		4
Large Cap Growth Fund		469
Large Cap Value Fund		16
U.S. Equity Fund		152

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

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

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

100 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

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

During the six months ended December 31, 2015, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended December 31, 2015, the Funds incurred brokerage commissions with broker dealers affiliated with the Adviser as follows (amounts in thousands):

Disciplined Equity Fund	$	—	(a)
Equity Income Fund		1
Large Cap Growth Fund		—	(a)
U.S. Equity Fund		2

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

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

4. Investment Transactions

During the six months ended December 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Disciplined Equity Fund	$	5,904,766	$	5,092,341
Dynamic Growth Fund		105,543		93,480
Equity Focus Fund		17,059		17,141
Equity Income Fund		1,626,298		1,046,916
Growth and Income Fund		129,891		108,790
Hedged Equity Fund		103,670		52,908
Large Cap Growth Fund		2,411,419		2,342,603
Large Cap Value Fund		694,607		697,338
U.S. Equity Fund		5,578,064		4,833,494

During the six months ended December 31, 2015, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Disciplined Equity Fund	$	7,718,365	$	717,581	$	239,081	$	478,500
Dynamic Growth Fund		283,730		90,895		4,354		86,541
Equity Focus Fund		76,016		12,775		3,946		8,829
Equity Income Fund		9,058,105		1,703,333		227,785		1,475,548
Growth and Income Fund		414,129		133,938		10,176		123,762
Hedged Equity Fund		245,586		21,668		10,583		11,085
Large Cap Growth Fund		10,157,668		5,815,951		125,120		5,690,831
Large Cap Value Fund		669,922		86,623		22,017		64,606
U.S. Equity Fund		10,296,439		3,243,005		326,369		2,916,636

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

At June 30, 2015, the following Fund had the following pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains (amounts in thousands):

	2017		Total
Large Cap Value Fund	$	3,275	$	3,275

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 101

NOTES TO FINANCIAL STATEMENTS

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

At June 30, 2015, the following Fund had post-enactment net capital loss carryforwards (amounts in thousands):

	Post-enactment net capital  loss
	Short-Term		Long-Term
Hedged Equity Fund	$	216	$	1,263

At June 30, 2015, Disciplined Equity Fund, Dynamic Growth Fund, Equity Focus Fund, Equity Income Fund, Growth and Income Fund, Large Cap Growth Fund and U.S. Equity Fund did not have any net capital loss carryforwards.

6. Borrowings

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

In addition, the Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015 or at anytime during the six months then ended.

7. Risks, Concentrations and Indemnifications

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

As of December 31, 2015, an affiliate of the Adviser had investment discretion with respect to its clients’ holdings in the Funds, which collectively represent the following percentage of each Fund’s net assets:

	% of the fund
Equity Focus Fund		91.6	%
Equity Income Fund		11.7
Growth and Income Fund		22.0
U.S. Equity Fund		23.8

As of December 31, 2015, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate shares representing more than 10% of the net assets of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Disciplined Equity Fund		n/a			67.8	%
Dynamic Growth Fund		65.1	%		n/a
Large Cap Value Fund		81.4			n/a
U.S. Equity Fund		10.1			14.9

As of December 31, 2015, Dynamic Growth Fund, Hedged Equity Fund and Large Cap Growth Fund each had shareholders, which are accounts maintained by financial intermediaries on behalf of their clients, that collectively owned shares representing the following percentage of each applicable Fund’s net assets:

	Number of Shareholders		% of the Fund
Dynamic Growth Fund		2		22.8	%
Hedged Equity Fund		3		64.3
Large Cap Growth Fund		1		10.6

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

102 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

8. Redemptions in-kind

During the year ended June 30, 2015, a Select Class shareholder sold its shares of U.S. Equity Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as of close of business on the date and at the market value listed below (amounts in thousands):

March 23, 2015	Value			Realized Gains (Losses)		Type
Select Class	$	1,011,282	*	$	54,362		Redemptions in-kind

* This amount includes cash of approximately $15,300,000 associated with the redemption in-kind.

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 103

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2015 and continued to hold your shares at the end of the reporting period, December 31, 2015.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Disciplined Equity Fund
Class A
Actual	$	1,000.00	$	952.20	$	4.17		0.85	%
Hypothetical		1,000.00		1,020.86		4.32		0.85
Class R6
Actual		1,000.00		954.00		1.67		0.34
Hypothetical		1,000.00		1,023.43		1.73		0.34
Institutional Class
Actual		1,000.00		953.90		2.21		0.45
Hypothetical		1,000.00		1,022.87		2.29		0.45
Select Class
Actual		1,000.00		953.20		2.95		0.60
Hypothetical		1,000.00		1,022.12		3.05		0.60
Dynamic Growth Fund
Class A
Actual		1,000.00		1,034.10		6.08		1.19
Hypothetical		1,000.00		1,019.15		6.04		1.19
Class C
Actual		1,000.00		1,031.80		8.63		1.69
Hypothetical		1,000.00		1,016.64		8.57		1.69
Class R5
Actual		1,000.00		1,036.40		3.79		0.74
Hypothetical		1,000.00		1,021.42		3.76		0.74
Select Class
Actual		1,000.00		1,035.40		4.81		0.94
Hypothetical		1,000.00		1,020.41		4.77		0.94

104 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Equity Focus Fund
Class A
Actual	$	1,000.00	$	1,018.40	$	6.34		1.25	%
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class C
Actual		1,000.00		1,016.20		8.87		1.75
Hypothetical		1,000.00		1,016.34		8.87		1.75
Select Class
Actual		1,000.00		1,019.70		5.08		1.00
Hypothetical		1,000.00		1,020.11		5.08		1.00
Equity Income Fund
Class A
Actual		1,000.00		988.60		5.20		1.04
Hypothetical		1,000.00		1,019.91		5.28		1.04
Class C
Actual		1,000.00		985.90		7.69		1.54
Hypothetical		1,000.00		1,017.39		7.81		1.54
Class R2
Actual		1,000.00		986.80		6.44		1.29
Hypothetical		1,000.00		1,018.65		6.55		1.29
Class R5
Actual		1,000.00		990.30		2.95		0.59
Hypothetical		1,000.00		1,022.17		3.00		0.59
Class R6
Actual		1,000.00		990.70		2.50		0.50
Hypothetical		1,000.00		1,022.62		2.54		0.50
Select Class
Actual		1,000.00		989.30		3.95		0.79
Hypothetical		1,000.00		1,021.17		4.01		0.79
Growth and Income Fund
Class A
Actual		1,000.00		983.30		5.43		1.09
Hypothetical		1,000.00		1,019.66		5.53		1.09
Class C
Actual		1,000.00		980.90		7.87		1.58
Hypothetical		1,000.00		1,017.19		8.01		1.58
Class R2
Actual		1,000.00		970.40		2.03		1.28
Hypothetical		1,000.00		1,018.70		6.50		1.28
Class R5
Actual		1,000.00		971.50		0.94		0.59
Hypothetical		1,000.00		1,022.17		3.00		0.59
Class R6
Actual		1,000.00		971.70		0.84		0.53
Hypothetical		1,000.00		1,022.47		2.69		0.53
Select Class
Actual		1,000.00		984.40		4.19		0.84
Hypothetical		1,000.00		1,020.91		4.27		0.84
Hedged Equity Fund
Class A
Actual		1,000.00		976.90		4.22		0.85
Hypothetical		1,000.00		1,020.86		4.32		0.85
Class C
Actual		1,000.00		974.50		6.70		1.35
Hypothetical		1,000.00		1,018.35		6.85		1.35

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 105

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Hedged Equity Fund (continued)
Class R5
Actual	$	1,000.00	$	979.60	$	1.99		0.40	%
Hypothetical		1,000.00		1,023.13		2.03		0.40
Class R6
Actual		1,000.00		979.40		1.74		0.35
Hypothetical		1,000.00		1,023.38		1.78		0.35
Select Class
Actual		1,000.00		978.30		2.98		0.60
Hypothetical		1,000.00		1,022.12		3.05		0.60
Large Cap Growth Fund
Class A
Actual		1,000.00		1,007.70		5.30		1.05
Hypothetical		1,000.00		1,019.86		5.33		1.05
Class C
Actual		1,000.00		1,005.10		7.81		1.55
Hypothetical		1,000.00		1,017.34		7.86		1.55
Class R2
Actual		1,000.00		1,006.70		6.56		1.30
Hypothetical		1,000.00		1,018.60		6.60		1.30
Class R5
Actual		1,000.00		1,009.70		3.54		0.70
Hypothetical		1,000.00		1,021.62		3.56		0.70
Class R6
Actual		1,000.00		1,010.30		2.98		0.59
Hypothetical		1,000.00		1,022.17		3.00		0.59
Select Class
Actual		1,000.00		1,008.50		4.54		0.90
Hypothetical		1,000.00		1,020.61		4.57		0.90
Large Cap Value Fund
Class A
Actual		1,000.00		968.60		4.60		0.93
Hypothetical		1,000.00		1,020.46		4.72		0.93
Class C
Actual		1,000.00		966.10		7.17		1.45
Hypothetical		1,000.00		1,017.85		7.35		1.45
Class R2
Actual		1,000.00		967.10		5.93		1.20
Hypothetical		1,000.00		1,019.10		6.09		1.20
Class R5
Actual		1,000.00		970.70		2.97		0.60
Hypothetical		1,000.00		1,022.12		3.05		0.60
Class R6
Actual		1,000.00		971.00		2.58		0.52
Hypothetical		1,000.00		1,022.52		2.64		0.52
Select Class
Actual		1,000.00		969.60		3.76		0.76
Hypothetical		1,000.00		1,021.32		3.86		0.76
U.S. Equity Fund
Class A
Actual		1,000.00		985.00		4.69		0.94
Hypothetical		1,000.00		1,020.41		4.77		0.94

106 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
U.S. Equity Fund (continued)
Class C
Actual	$	1,000.00	$	983.00	$	7.18		1.44	%
Hypothetical		1,000.00		1,017.90		7.30		1.44
Class R2
Actual		1,000.00		983.70		5.93		1.19
Hypothetical		1,000.00		1,019.15		6.04		1.19
Class R5
Actual		1,000.00		987.00		2.80		0.56
Hypothetical		1,000.00		1,022.32		2.85		0.56
Class R6
Actual		1,000.00		987.30		2.50		0.50
Hypothetical		1,000.00		1,022.62		2.54		0.50
Institutional Class
Actual		1,000.00		986.70		3.05		0.61
Hypothetical		1,000.00		1,022.07		3.10		0.61
Select Class
Actual		1,000.00		985.60		3.79		0.76
Hypothetical		1,000.00		1,021.32		3.86		0.76

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 107

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of Funds with greater than two years of performance history in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed

the proposed agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

108 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

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

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints, and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Equity Income Fund, Large Cap Growth Fund, Large Cap Value Fund and U.S. Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Disciplined Equity Fund, Dynamic Growth Fund, Equity Focus Fund, Growth and Income Fund, and Hedged Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 109

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Disciplined Equity Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Dynamic Growth Fund’s performance was in the fifth, third, and third quintiles for Class A shares and in the fifth, second, and second quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the Equity Focus Fund’s performance was in the fifth and second quintiles for Class A shares and in the fifth and first quintiles for Select Class shares for the one- and three-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Equity Committee at each of their regular meetings over the course of next year.

The Trustees noted that the Equity Income Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Growth and Income Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Hedged Equity Fund’s performance was in the first quintile for both Class A and Select Class shares for the one-year period ended December 31, 2014. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Large Cap Growth Fund’s performance was in the third, fifth and second quintiles for Class A shares and in the third, fourth and first quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the Large Cap Value Fund’s performance was in the first, first, and second quintiles for both Class A

110 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2015

and Select Class shares for the one-, three- and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the U.S. Equity Fund’s performance was in the first, first, and second quintiles for both Class A and Select Class shares for the one-, three- and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

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

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

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

The Trustees noted that the Equity Focus Fund’s net advisory fee for Class A and Select Class shares was in the second and

third quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the fourth quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

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

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

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

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

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

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

DECEMBER 31, 2015 J.P. MORGAN LARGE CAP FUNDS 111

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

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

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

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

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

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

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

^© JPMorgan Chase & Co., 2016. All rights reserved. December 2015. SAN-LCE-1215

Semi-Annual Report

J.P. Morgan Mid Cap/Multi-Cap Funds

December 31, 2015 (Unaudited)

JPMorgan Growth Advantage Fund

JPMorgan Mid Cap Equity Fund

JPMorgan Mid Cap Growth Fund

JPMorgan Mid Cap Value Fund

JPMorgan Multi-Cap Market Neutral Fund

JPMorgan Value Advantage Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Growth Advantage Fund	3
JPMorgan Mid Cap Equity Fund	5
JPMorgan Mid Cap Growth Fund	7
JPMorgan Mid Cap Value Fund	9
JPMorgan Multi-Cap Market Neutral Fund	11
JPMorgan Value Advantage Fund	14
Schedules of Portfolio Investments	16
Financial Statements	40
Financial Highlights	56
Notes to Financial Statements	68
Schedule of Shareholder Expenses	77
Board Approval of Investment Advisory Agreement	80

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

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

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

CEO’S LETTER

January 29, 2016 (Unaudited)

Dear Shareholders,

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies — particularly those of emerging market exporting nations — put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48% of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets — including a 2% devaluation of the yuan — the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24^th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks — particularly those of large cap technology companies — while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management,

J.P. Morgan Asset Management

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 1

J.P. Morgan Mid Cap/Multi-Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

U.S. equities financial markets provided slim returns for the second half of 2015. Global weakness in commodities prices, slowing economic growth in China, anxiety over U.S. interest rate policy and slowing growth in corporate earnings combined to put pressure on equity prices during the summer months.

In mid-August, Chinese authorities devalued the yuan by 2% amid declines in the Shanghai and Shenzhen equity markets. A global sell-off followed on August 24^th, dragging down the Standard & Poor’s 500 Index (“S&P 500”) by 3.9% for the day.

However, U.S. equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. The S&P 500 turned in its best one-month performance since October 2011.

In general, the U.S. equities market for the six month reporting period was marked by large gains in a few select stocks, especially technology sector stocks, while most other stocks ended the period lower or essentially flat. The energy, materials and industrials sectors underperformed the broader market, while the consumer discretionary, consumer staples and health care sectors outperformed the broader market. Over the reporting period, growth stocks generally outperformed value stocks and small cap stocks generally underperformed both mid cap and large cap stocks. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and the Russell Mid Cap Index returned -4.68%.

2 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	-1.19%
Russell 3000 Growth Index	0.73%
Net Assets as of 12/31/2015 (In Thousands)	$6,474,576

INVESTMENT OBJECTIVE**

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

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

The Fund (Class A Shares, without a sales charge) underperformed the Russell 3000 Growth Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the health care and financial services sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the technology and consumer discretionary sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Valeant Pharmaceuticals International Inc., Range Resources Corp. and Nimble Storage Inc. Shares of Valeant Pharmaceuticals, a drug maker not held in the Benchmark, fell amid questions about its revenue accounting practices. Shares of Range Resources, an oil and gas producer, declined on global weakness in energy prices. Shares of Nimble Storage, a data storage provider, declined after the company lowered its forecast for earnings and revenue.

Leading individual contributors to relative performance included the Fund’s overweight positions in Acuity Brands Inc., Amazon.com Inc. and Facebook Inc. Shares of Acuity Brands, a maker of commercial and residential lighting, rose on better-than-expected quarterly results amid growth in the U.S. construction sector. Shares of Amazon.com, an online retailer not held in the Benchmark, rose on continued expansion of its business and an overall increase in online shopping during the 2015 holiday season. Shares of Facebook, an online social media business, rose on growth in advertising sales.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies across

market capitalizations in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Alphabet, Inc., Class C	5.2	%
	2.	Facebook, Inc., Class A	4.2
	3.	Amazon.com, Inc.	3.5
	4.	Apple, Inc.	2.5
	5.	Acuity Brands, Inc.	2.2
	6.	Regeneron Pharmaceuticals, Inc.	2.2
	7.	Gilead Sciences, Inc.	2.2
	8.	UnitedHealth Group, Inc.	2.0
	9.	MasterCard, Inc., Class A	2.0
	10.	Home Depot, Inc. (The)	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	34.2	%
Consumer Discretionary	18.6
Health Care	17.2
Industrials	12.5
Financials	7.7
Materials	4.1
Consumer Staples	1.6
Energy	1.5
Short-Term Investment	2.6

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	October 29, 1999
Without Sales Charge			(1.19	)%		8.54	%		14.34	%		10.38	%
With Sales Charge**			(6.36	)		2.86			13.13			9.79
CLASS C SHARES	May 1, 2006
Without CDSC			(1.46	)		8.04			13.80			9.79
With CDSC***			(2.46	)		7.04			13.80			9.79
CLASS R5 SHARES	January 8, 2009		(0.96	)		9.03			14.82			10.77
CLASS R6 SHARES	December 23, 2013		(0.90	)		9.16			14.86			10.79
SELECT CLASS SHARES	May 1, 2006		(1.10	)		8.71			14.56			10.61

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

Returns for the Class C Shares prior to its inception date are based on the performance of Class B Shares, all of which converted to Class A Shares on June 19, 2015 and are no longer offered. The actual returns of Class C Shares would have been similar to those shown because Class C Shares had similar expenses to Class B Shares at the time of their inception.

Returns for the Select Class Shares prior to its inception date are based on the performance of Class A Shares. During this period, the actual returns of Select Class Shares would have been different than those shown because Select Class Shares have different expenses than Class A Shares.

Returns for Class R5 Shares prior to its inception date are based on the performance of Select Class Shares from May 1, 2006 to January 7, 2009 and Class A Shares prior to May 1, 2006. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Select Class and Class A Shares.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares from January 8, 2009 to December 23, 2013, Select Class Shares from May 1, 2006 to January 8, 2009 and Class A Shares prior to May 1, 2006. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than the other classes.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth Advantage Fund, the Russell 3000 Growth Index and the Lipper Multi-Cap Growth Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 3000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Multi-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Growth Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with higher price-to-book ratios and higher forecasted growth values. The Lipper Multi-Cap Growth Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

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

4 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-5.43%
Russell Midcap Index		-4.68%
Net Assets as of 12/31/2015 (In Thousands)	$	3,215,761

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Equity Fund (the “Fund”) seeks long-term capital growth.

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

The Fund (Select Class Shares) underperformed the Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the health care and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the materials & processing and producer durables sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Energen Corp., Southwestern Energy Co. and Brookdale Senior Living Inc. Shares of oil and natural gas producers Energen and Southwest Energy declined on continued weakness in global energy prices. Shares of Brookdale, an operator of assisted living and retirement homes, fell on lower-than-expected earnings and the company’s reduced earnings forecast.

Leading individual contributors to relative performance included the Fund’s overweight positions in Acuity Brands Inc., Delta Air Lines Inc. and Netflix.com Inc. Acuity Brands, a maker of commercial and residential lighting that was not held in the Benchmark, rose on strength in its LED lighting business and market share gains. Shares of Delta Air Lines rose amid lower fuel costs and increased U.S. consumer spending. Shares of Netflix, an Internet television programming provider, rose on increased subscriptions and growth in its business.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing a portfolio based on company fundamentals, quantitative screening and proprietary fundamental analysis. The Fund’s portfolio managers sought to identify dominant franchises with predictable business models

deemed capable of achieving, in their view, sustained growth, as well as undervalued companies with the potential to grow their intrinsic value per share.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Mohawk Industries, Inc.	2.0	%
	2.	Humana, Inc.	1.4
	3.	Amphenol Corp., Class A	1.3
	4.	Carlisle Cos., Inc.	1.3
	5.	Acuity Brands, Inc.	1.3
	6.	Fortune Brands Home & Security, Inc.	1.2
	7.	Sherwin-Williams Co. (The)	1.2
	8.	CBRE Group, Inc., Class A	1.2
	9.	Delta Air Lines, Inc.	1.2
	10.	McGraw Hill Financial, Inc.	1.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	20.8	%
Consumer Discretionary	19.5
Information Technology	17.1
Industrials	13.5
Health Care	9.7
Materials	4.6
Consumer Staples	4.4
Utilities	4.4
Energy	3.3
Short-Term Investment	2.7

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 2009
Without Sales Charge			(5.60	)%		(0.22	)%		11.98	%		8.46	%
With Sales Charge**			(10.55	)		(5.46	)		10.78			7.87
CLASS C SHARES	November 2, 2009
Without CDSC			(5.84	)		(0.70	)		11.43			8.12
With CDSC***			(6.84	)		(1.70	)		11.43			8.12
CLASS R2 SHARES	March 14, 2014		(5.72	)		(0.47	)		11.88			8.41
CLASS R5 SHARES	March 14, 2014		(5.39	)		0.24			12.42			8.71
CLASS R6 SHARES	March 14, 2014		(5.37	)		0.29			12.44			8.72
SELECT CLASS SHARES	January 1, 1997		(5.43	)		0.15			12.38			8.69

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

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

Returns for Class R2 Shares prior to their inception date are based of Class A Shares from November 2, 2009 to March 13, 2014 and Select Class Shares prior to November 2, 2009. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A and Select Class Shares.

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

The graph illustrates comparative performance for $1,000,000 invested in the Select Class Shares of JPMorgan Mid Cap Equity Fund, the Russell Midcap Index, Lipper Mid-Cap Core Funds Index and the Lipper Mid-Cap Growth Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund

assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mid-Cap Core Funds Index and Lipper Mid-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. The Lipper Mid-Cap Core Funds Index and the Lipper Mid-Cap Growth Funds Index are indices based on total returns of certain mutual funds within the mid cap fund categories as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

6 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-6.86%
Russell Midcap Growth Index		-4.20%
Net Assets as of 12/31/2015 (In Thousands)	$	2,866,011

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Growth Fund (the “Fund”) seeks growth of capital.

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

The Fund (Select Class Shares) underperformed the Russell Midcap Growth Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the health care and financial services sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the materials & processing sector and the technology sector was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Horizon Pharma PLC., Range Resources Corp. and Envision Healthcare Holdings Inc. Shares of Horizon Pharmaceuticals, a specialty drug maker not held in the Benchmark, fell on its failed takeover bid for Depomed Inc. and its acquisition of Crealta Holdings. Shares of Range Resources, an oil and gas company, declined amid overall weakness in global energy prices. Shares of Envision Healthcare, a provider of health care services, fell after the company reduced its earnings forecast.

Leading individual contributors to relative performance included the Fund’s overweight positions in Acuity Brands Inc., Delta Air Lines Inc. and Netflix.com Inc. Shares of Acuity Brands, a maker of commercial and residential lighting, rose on strength in its LED lighting business and market share gains. Shares of Delta Air Lines rose amid lower fuel costs and increased U.S. consumer spending. Shares of Netflix, an Internet television programming provider, rose on increased subscriptions and growth in its business.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort

to construct a portfolio of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Acuity Brands, Inc.	2.5	%
	2.	CBRE Group, Inc., Class A	2.2
	3.	Delta Air Lines, Inc.	2.2
	4.	Mohawk Industries, Inc.	2.2
	5.	McGraw Hill Financial, Inc.	2.0
	6.	Electronic Arts, Inc.	2.0
	7.	Harris Corp.	1.9
	8.	Dollar General Corp.	1.9
	9.	Monster Beverage Corp.	1.8
	10.	Ulta Salon Cosmetics & Fragrance, Inc.	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	24.8	%
Consumer Discretionary	21.6
Industrials	17.7
Health Care	13.8
Financials	10.3
Materials	4 .1
Consumer Staples	2 .8
Energy	1 .6
Short-Term Investment	3 .3

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

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

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
Without Sales Charge			(6.99	)%		2.51	%		11.80	%		8.55	%
With Sales Charge**			(11.89	)		(2.86	)		10.60			7.97
CLASS C SHARES	November 4, 1997
Without CDSC			(7.23	)		1.97			11.25			7.95
With CDSC***			(8.23	)		0.97			11.25			7.95
CLASS R2 SHARES	June 19, 2009		(7.07	)		2.32			11.63			8.38
CLASS R5 SHARES	November 1, 2011		(6.81	)		2.94			12.29			8.93
CLASS R6 SHARES	November 1, 2011		(6.76	)		3.01			12.34			8.96
SELECT CLASS SHARES	March 2, 1989		(6.85	)		2.81			12.15			8.87

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

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

Returns for the Class R2, Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Select Class Shares. Prior performance for Class R2 Shares has been adjusted to reflect the differences in expenses between classes. The actual returns of Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Mid Cap Growth Fund, the Russell Midcap Growth Index and the Lipper Mid-Cap Growth Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual

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

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

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

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

8 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		-3.93%
Russell Midcap Value Index		-5.17%
Net Assets as of 12/31/2015 (In Thousands)	$	14,700,150

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Value Fund (the “Fund”) seeks growth from capital appreciation.

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

The Fund (Institutional Class Shares) outperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the materials sector and its underweight position in the energy sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection and overweight position in the consumer discretionary sector and its security section and underweight position in the utilities sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Jack Henry & Associates Inc. and Chubb Corp. and its underweight position in Freeport-McMoRan Inc. Shares of Jack Henry, a provider of data processing systems to the financial services sector that was not included in the Benchmark, rose on better than expected earnings and revenue amid increased market share. Shares of Chubb, an insurance company not held in the Fund, rose on news of its acquisition by Ace Ltd. Shares of Freeport-Mc MoRan, a copper mining and petroleum producer not held in the Fund, fell on weak global commodities prices, particularly for copper and oil.

Leading individual detractors from relative performance included the Fund’s overweight positions in Energen Corp., Gap Inc. and EQT Corp. Shares of Energen, an oil and gas exploration company, fell amid low energy prices and general weakness in the energy sector. Shares of Gap, an apparel retailer not held in the Benchmark, fell on sales weakness due to the relative strength of the U.S. dollar and disappointing holiday season sales at its Old Navy brand. Shares of EQT, a natural gas producer and transporter, fell amid continued weakness in global energy prices.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises

possessing the ability to generate, in their view, sustainable levels of free cash flow.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Jack Henry & Associates, Inc.	1.9	%
	2.	M&T Bank Corp.	1.8
	3.	Mohawk Industries, Inc.	1.8
	4.	Loews Corp.	1.6
	5.	Arrow Electronics, Inc.	1.5
	6.	Fifth Third Bancorp	1.5
	7.	Energen Corp.	1.5
	8.	Synopsys, Inc.	1.5
	9.	SunTrust Banks, Inc.	1.5
	10.	Kroger Co. (The)	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	32.2	%
Consumer Discretionary	17.5
Utilities	9.1
Industrials	9.1
Information Technology	9.1
Consumer Staples	6.2
Health Care	5.4
Materials	5.3
Energy	4.9
Short-Term Investment	1.2

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
Without Sales Charge			(4.16	)%		(2.82	)%		12.31	%		8.24	%
With Sales Charge**			(9.19	)		(7.92	)		11.10			7.65
CLASS C SHARES	April 30, 2001
Without CDSC			(4.41	)		(3.33	)		11.73			7.69
With CDSC***			(5.41	)		(4.33	)		11.73			7.69
CLASS R2 SHARES	November 3, 2008		(4.28	)		(3.06	)		12.01			8.03
INSTITUTIONAL CLASS SHARES	November 13, 1997		(3.93	)		(2.35	)		12.86			8.77
SELECT CLASS SHARES	October 31, 2001		(4.05	)		(2.59	)		12.58			8.50

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R2 Shares prior to its inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Mid Cap Value Fund, the Russell Midcap Value Index, the Lipper Mid-Cap Value Funds Index and the Lipper Multi-Cap Core Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper

Mid-Cap Value Funds Index and the Lipper Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell Midcap Value Index is an unmanaged index which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Mid-Cap Value Funds Index and the Lipper Multi-Cap Core Funds Index are indices based on total returns of certain mutual funds within the mid cap and multi cap fund categories, respectively, as determined by Lipper, Inc. Investors cannot invest directly in an index.

Institutional Class Shares have a $3,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

10 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

JPMorgan Multi-Cap Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		3.48%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.04%
Net Assets as of 12/31/15 (In Thousands)	$	272,017

INVESTMENT OBJECTIVE**

The JPMorgan Multi-Cap Market Neutral Fund (the “Fund”) seeks long-term capital preservation and growth by using strategies designed to produce returns which have no correlation with general domestic market performance.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund (Select Class Shares) outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection process produced positive returns in the energy and producer durables sectors and negative returns in the financial services and consumer discretionary sector.

Leading individual contributors to Fund returns included its short positions in SM Energy Co., Consol Energy Inc. and Tenet Healthcare Corp. Shares of oil and gas producers SM Energy and Consol Energy fell on continued weakness in global energy prices. Shares of Tenet Healthcare, a hospitals operator, fell on a third quarter loss amid declining patient visits.

Leading individual detractors from Fund returns included its long positions in Staples Inc., Denbury Resources Inc. and Mosaic Co. Shares of Staples, an office supply retail chain, fell amid regulatory obstacles to its proposed takeover of Office Depot Inc. Shares of Denbury Resources, an oil and gas producer, declined amid continued weakness in global energy prices. Shares of Mosaic, a fertilizer company, fell on a decline in slower sales and earnings.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing a portfolio based on company fundamentals, quantitative screening and proprietary fundamental analysis. The Fund’s portfolio managers sought to identify dominant franchises with predictable business models deemed capable of achieving, in their view, sustained growth, as well as undervalued companies with the potential to grow their intrinsic value per share. Companies that ranked lowest in the above factors were selected by the Fund’s portfolio managers for possible short sales.

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Leidos Holdings, Inc.	1.2	%
	2.	VeriSign, Inc.	1.1
	3.	Hologic, Inc.	1.1
	4.	Entergy Corp.	1.1
	5.	Express Scripts Holding Co.	1.1
	6.	Nuance Communications, Inc.	1.0
	7.	Humana, Inc.	1.0
	8.	Gilead Sciences, Inc.	1.0
	9.	Ingredion, Inc.	1.0
	10.	ServiceMaster Global Holdings, Inc.	1.0

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Estee Lauder Cos., Inc. (The), Class A	1.4	%
	2.	Waste Connections, Inc.	1.3
	3.	J.B. Hunt Transport Services, Inc.	1.2
	4.	Fortune Brands Home & Security, Inc.	1.2
	5.	Dominion Resources, Inc.	1.2
	6.	Stericycle, Inc.	1.1
	7.	Fastenal Co.	1.1
	8.	Markel Corp.	1.1
	9.	Aramark	1.1
	10.	ViaSat, Inc.	1.1

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	26.2	%
Industrials	15.2
Health Care	12.1
Consumer Discretionary	11.5
Consumer Staples	6.7
Materials	5.6
Energy	4.7
Financials	3.8
Utilities	2.5
Telecommunication Services	1.6
Short-Term Investment	10.1

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 11

JPMorgan Multi-Cap Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	27.5	%
Industrials	19.2
Health Care	12.6
Consumer Discretionary	12.4
Consumer Staples	9.5
Materials	5.3
Energy	5.1
Financials	4.4
Utilities	2.4
Telecommunication Services	1.6

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total long investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 23, 2003
Without Sales Charge			3.24	%		1.19	%		1.24	%		0.49	%
With Sales Charge**			(2.21	)		(4.14	)		0.16			(0.05	)
CLASS C SHARES	May 23, 2003
Without CDSC			3.11			0.73			0.66			(0.19	)
With CDSC***			2.11			(0.27	)		0.66			(0.19	)
SELECT CLASS SHARES	May 23, 2003		3.48			1.46			1.51			0.75

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Multi-Cap Market Neutral Fund, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and the Lipper Alternative Equity Market Neutral Funds Index from December 31, 2005 to December 31, 2015. Return information prior to October 31, 2005 for the Lipper Alternative Equity Market Neutral Funds Index is not provided by Lipper, Inc. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the indices reflects an initial investment at the end of the month following the Fund’s inception. The performance of the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Alternative Equity Market Neutral Funds Index

includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. The Lipper Alternative Equity Market Neutral Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 13

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		-5.04%
Russell 3000 Value Index		-3.64%
Net Assets as of 12/31/2015 (In Thousands)	$	11,154,765

INVESTMENT OBJECTIVE**

The JPMorgan Value Advantage Fund (the “Fund”) seeks to provide long-term total return from a combination of income and capital gains.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund (Institutional Class Shares) underperformed the Russell 3000 Value Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection and its overweight position in the consumer discretionary sector and its security selection in the health care sector were leading detractors from performance relative to the Benchmark, while the Fund’s underweight position in the energy sector and its security selection in the consumer staples sectors were leading positive contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in General Electric Co. and its overweight positions in Southwestern Energy Co. and Bed Bath & Beyond Inc. Shares of General Electric, an industrial conglomerate, rose after the company moved to shed its consumer financing business. Southwestern Energy, an oil and gas exploration and production company, fell amid continued weakness in global energy prices. Shares of Bed Bath & Beyond, a home products retailer, fell after the company reduced its earnings forecast.

Leading individual contributors to relative performance included the Fund’s overweight positions in Delta Air Lines Inc., Dr. Pepper Snapple Group Inc. and PBF Energy Inc. Shares of Delta Air Lines, which were not included in the Benchmark, rose amid lower fuel costs and increased U.S. consumer spending. Shares of Dr. Pepper Snapple, a maker and distributor of non-alcoholic beverages not included in the Benchmark, rose after the company raised its earnings forecast. Shares of PBF Energy, a petroleum refiner and transportation company, rose on investor expectations that demand for refined products will exceed new refinery capacity amid weakness in energy prices.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises

possessing the ability to generate, in the portfolio managers’ view, significant levels of free cash flow. The Fund’s largest overweight position remained the consumer discretionary sector, where the Fund’s portfolio managers found what they believed to be compelling investment opportunities. The Fund’s largest underweight position was in the energy sector.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	4.0	%
	2.	Pfizer, Inc.	2.6
	3.	Exxon Mobil Corp.	2.2
	4.	Capital One Financial Corp.	2.0
	5.	Bank of America Corp.	2.0
	6.	Loews Corp.	1.9
	7.	Delta Air Lines, Inc.	1.6
	8.	American International Group, Inc.	1.5
	9.	Johnson & Johnson	1.5
	10.	M&T Bank Corp.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Financials	36.2	%
Consumer Discretionary	14.4
Health Care	8.6
Industrials	7.5
Information Technology	6.9
Utilities	6.4
Energy	6.4
Consumer Staples	4.9
Materials	4.0
Telecommunication Services	2.0
Short-Term Investment	2.7

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2005
Without Sales Charge			(5.28	)%		(4.73	)%		11.19	%		8.32	%
With Sales Charge**			(10.24	)		(9.72	)		9.99			7.74
CLASS C SHARES	February 28, 2005
Without CDSC			(5.49	)		(5.17	)		10.64			7.79
With CDSC***			(6.49	)		(6.17	)		10.64			7.79
INSTITUTIONAL CLASS SHARES	February 28, 2005		(5.04	)		(4.24	)		11.75			8.88
SELECT CLASS SHARES	February 28, 2005		(5.13	)		(4.46	)		11.47			8.60

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Value Advantage Fund, the Russell 3000 Value Index and the Lipper Multi-Cap Value Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 3000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Multi-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the

Fund. The Russell 3000 Value Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with lower price-to-book ratios and lower forecasted growth values. The Lipper Multi-Cap Value Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Institutional Class Shares have a $3,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 15

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.0%
		Consumer Discretionary — 18.5%
		Automobiles — 1.0%
	283	Tesla Motors, Inc. (a)		67,923
		Hotels, Restaurants & Leisure — 3.5%
	3,706	Hilton Worldwide Holdings, Inc.		79,300
	1,125	Norwegian Cruise Line Holdings Ltd. (a)		65,913
	1,395	Starbucks Corp.		83,754
				228,967
		Household Durables — 1.9%
	633	Mohawk Industries, Inc. (a)		119,884
		Internet & Catalog Retail — 6.9%
	332	Amazon.com, Inc. (a)		224,666
	651	Netflix, Inc. (a)		74,461
	72	Priceline Group, Inc. (The) (a)		92,306
	1,202	Wayfair, Inc., Class A (a)		57,216
				448,649
		Multiline Retail — 1.3%
	1,135	Dollar General Corp.		81,536
		Specialty Retail — 3.9%
	1,192	GameStop Corp., Class A		33,413
	960	Home Depot, Inc. (The)		126,973
	492	Ulta Salon Cosmetics & Fragrance, Inc. (a)		90,983
				251,369
		Total Consumer Discretionary		1,198,328
		Consumer Staples — 1.6%
		Beverages — 0.9%
	389	Monster Beverage Corp. (a)		57,931
		Food & Staples Retailing — 0.7%
	1,684	Sprouts Farmers Market, Inc. (a)		44,790
		Total Consumer Staples		102,721
		Energy — 1.5%
		Oil, Gas & Consumable Fuels — 1.5%
	874	Concho Resources, Inc. (a)		81,178
	713	Range Resources Corp.		17,550
		Total Energy		98,728
		Financials — 7.7%
		Banks — 1.7%
	919	East West Bancorp, Inc.		38,206
	460	Signature Bank (a)		70,520
				108,726
		Capital Markets — 2.8%
	347	Affiliated Managers Group, Inc. (a)		55,405

SHARES		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — continued
	2,155	Charles Schwab Corp. (The)		70,964
	1,217	Lazard Ltd., (Bermuda), Class A		54,759
				181,128
		Diversified Financial Services — 1.3%
	848	McGraw Hill Financial, Inc.		83,556
		Insurance — 0.4%
	393	AmTrust Financial Services, Inc.		24,172
		Real Estate Management & Development — 1.5%
	2,817	CBRE Group, Inc., Class A (a)		97,412
		Total Financials		494,994
		Health Care — 17.1%
		Biotechnology — 8.1%
	1,045	Celgene Corp. (a)		125,089
	1,382	Gilead Sciences, Inc.		139,834
	591	Kite Pharma, Inc. (a)		36,430
	263	Regeneron Pharmaceuticals, Inc. (a)		142,612
	630	Vertex Pharmaceuticals, Inc. (a)		79,223
				523,188
		Health Care Equipment & Supplies — 0.3%
	1,566	Novadaq Technologies, Inc., (Canada) (a)		19,955
		Health Care Providers & Services — 5.1%
	1,017	Acadia Healthcare Co., Inc. (a)		63,534
	398	Aetna, Inc.		43,032
	1,691	Envision Healthcare Holdings, Inc. (a)		43,926
	287	Humana, Inc.		51,179
	1,117	UnitedHealth Group, Inc.		131,345
				333,016
		Health Care Technology — 0.7%
	1,623	Veeva Systems, Inc., Class A (a)		46,826
		Life Sciences Tools & Services — 1.5%
	506	Illumina, Inc. (a)		97,028
		Pharmaceuticals — 1.4%
	967	Revance Therapeutics, Inc. (a)		33,029
	545	Valeant Pharmaceuticals International, Inc. (a)		55,399
				88,428
		Total Health Care		1,108,441
		Industrials — 12.4%
		Airlines — 1.1%
	1,379	Delta Air Lines, Inc.		69,922
		Building Products — 2.9%
	678	Advanced Drainage Systems, Inc.		16,283

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Building Products — continued
	808	Caesarstone Sdot-Yam Ltd., (Israel) (a)		35,032
	1,224	Fortune Brands Home & Security, Inc.		67,938
	545	Lennox International, Inc.		68,070
				187,323
		Commercial Services & Supplies — 2.1%
	551	Stericycle, Inc. (a)		66,499
	1,211	Waste Connections, Inc.		68,214
				134,713
		Electrical Equipment — 2.7%
	617	Acuity Brands, Inc.		144,278
	572	SolarCity Corp. (a)		29,199
				173,477
		Industrial Conglomerates — 1.1%
	840	Carlisle Cos., Inc.		74,464
		Road & Rail — 0.4%
	496	Old Dominion Freight Line, Inc. (a)		29,313
		Trading Companies & Distributors — 2.1%
	2,826	HD Supply Holdings, Inc. (a)		84,862
	414	Watsco, Inc.		48,480
				133,342
		Total Industrials		802,554
		Information Technology — 34.1%
		Communications Equipment — 3.7%
	1,065	Arista Networks, Inc. (a)		82,915
	1,265	Harris Corp.		109,885
	246	Palo Alto Networks, Inc. (a)		43,401
				236,201
		Electronic Equipment, Instruments & Components — 0.8%
	1,017	Amphenol Corp., Class A		53,113
		Internet Software & Services — 10.2%
	443	Alphabet, Inc., Class C (a)		336,491
	260	CoStar Group, Inc. (a)		53,719
	2,581	Facebook, Inc., Class A (a)		270,106
				660,316
		IT Services — 6.3%
	557	Gartner, Inc. (a)		50,511
	1,315	MasterCard, Inc., Class A		128,009
	1,857	PayPal Holdings, Inc. (a)		67,231
	1,393	VeriFone Systems, Inc. (a)		39,029
	1,604	Visa, Inc., Class A		124,351
				409,131

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — 3.3%
	638	Avago Technologies Ltd., (Singapore)		92,649
	462	Lam Research Corp.		36,716
	990	NXP Semiconductors N.V., (Netherlands) (a)		83,408
				212,773
		Software — 7.3%
	641	Adobe Systems, Inc. (a)		60,206
	1,283	Electronic Arts, Inc. (a)		88,175
	970	Guidewire Software, Inc. (a)		58,349
	1,552	Microsoft Corp.		86,094
	978	Mobileye N.V., (Israel) (a)		41,362
	619	ServiceNow, Inc. (a)		53,572
	533	Splunk, Inc. (a)		31,328
	703	Workday, Inc., Class A (a)		56,039
				475,125
		Technology Hardware, Storage & Peripherals — 2.5%
	1,511	Apple, Inc.		159,064
	158	Nimble Storage, Inc. (a)		1,451
				160,515
		Total Information Technology		2,207,174
		Materials — 4.1%
		Chemicals — 2.8%
	457	Air Products & Chemicals, Inc.		59,421
	633	PPG Industries, Inc.		62,593
	215	Sherwin-Williams Co. (The)		55,892
				177,906
		Construction Materials — 1.3%
	612	Eagle Materials, Inc.		36,959
	516	Vulcan Materials Co.		48,957
				85,916
		Total Materials		263,822
		Total Common Stocks (Cost $4,895,537)		6,276,762
	Short-Term Investment — 2.6%
		Investment Company — 2.6%
	170,071	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $170,071)		170,071
		Total Investments — 99.6% (Cost $5,065,608)		6,446,833
		Other Assets in Excess of Liabilities — 0.4%		27,743
		NET ASSETS — 100.0%	$	6,474,576

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 17

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.3%
		Consumer Discretionary — 19.5%
		Automobiles — 0.5%
	62	Tesla Motors, Inc. (a)		14,761
		Distributors — 0.5%
	188	Genuine Parts Co.		16,131
		Hotels, Restaurants & Leisure — 2.7%
	356	Aramark		11,468
	16	Chipotle Mexican Grill, Inc. (a)		7,870
	1,234	Hilton Worldwide Holdings, Inc.		26,397
	165	Marriott International, Inc., Class A		11,073
	463	Norwegian Cruise Line Holdings Ltd. (a)		27,113
	30	Starwood Hotels & Resorts Worldwide, Inc.		2,086
				86,007
		Household Durables — 3.1%
	370	Jarden Corp. (a)		21,122
	337	Mohawk Industries, Inc. (a)		63,744
	425	Toll Brothers, Inc. (a)		14,142
				99,008
		Internet & Catalog Retail — 1.8%
	179	Expedia, Inc.		22,246
	107	Netflix, Inc. (a)		12,239
	118	TripAdvisor, Inc. (a)		10,043
	302	Wayfair, Inc., Class A (a)		14,362
				58,890
		Media — 1.3%
	196	CBS Corp. (Non-Voting), Class B		9,246
	264	DISH Network Corp., Class A (a)		15,076
	472	TEGNA, Inc.		12,056
	357	Time, Inc.		5,595
				41,973
		Multiline Retail — 2.0%
	443	Dollar General Corp.		31,817
	464	Kohl’s Corp.		22,116
	210	Nordstrom, Inc.		10,472
				64,405
		Specialty Retail — 6.5%
	25	AutoZone, Inc. (a)		18,615
	274	Bed Bath & Beyond, Inc. (a)		13,219
	522	Best Buy Co., Inc.		15,886
	353	GameStop Corp., Class A		9,909
	573	Gap, Inc. (The)		14,161
	225	L Brands, Inc.		21,521
	92	O’Reilly Automotive, Inc. (a)		23,416

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	371	Ross Stores, Inc.		19,974
	208	Tiffany & Co.		15,888
	195	Tractor Supply Co.		16,681
	164	Ulta Salon Cosmetics & Fragrance, Inc. (a)		30,359
	155	Williams-Sonoma, Inc.		9,064
				208,693
		Textiles, Apparel & Luxury Goods — 1.1%
	344	Gildan Activewear, Inc., (Canada)		9,790
	163	PVH Corp.		12,010
	234	V.F. Corp.		14,536
				36,336
		Total Consumer Discretionary		626,204
		Consumer Staples — 4.4%
		Beverages — 1.9%
	100	Constellation Brands, Inc., Class A		14,278
	188	Dr. Pepper Snapple Group, Inc.		17,537
	204	Monster Beverage Corp. (a)		30,373
				62,188
		Food & Staples Retailing — 1.6%
	544	Kroger Co. (The)		22,744
	1,629	Rite Aid Corp. (a)		12,772
	596	Sprouts Farmers Market, Inc. (a)		15,840
				51,356
		Food Products — 0.3%
	123	Hershey Co. (The)		11,022
		Household Products — 0.2%
	161	Energizer Holdings, Inc.		5,481
		Personal Products — 0.4%
	153	Edgewell Personal Care Co.		11,992
		Total Consumer Staples		142,039
		Energy — 3.3%
		Oil, Gas & Consumable Fuels — 3.3%
	947	Columbia Pipeline Group, Inc.		18,934
	239	Concho Resources, Inc. (a)		22,221
	582	Energen Corp.		23,846
	398	EQT Corp.		20,771
	263	PBF Energy, Inc., Class A		9,691
	183	Range Resources Corp.		4,496
	736	Southwestern Energy Co. (a)		5,230
		Total Energy		105,189

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Financials — 20.8%
		Banks — 4.5%
	507	Citizens Financial Group, Inc.		13,266
	353	East West Bancorp, Inc.		14,666
	1,083	Fifth Third Bancorp		21,776
	175	First Republic Bank		11,564
	556	Huntington Bancshares, Inc.		6,146
	227	M&T Bank Corp.		27,481
	157	Signature Bank (a)		24,033
	515	SunTrust Banks, Inc.		22,062
	170	Zions Bancorporation		4,649
				145,643
		Capital Markets — 4.1%
	132	Affiliated Managers Group, Inc. (a)		21,025
	164	Ameriprise Financial, Inc.		17,402
	417	Invesco Ltd.		13,970
	375	Lazard Ltd., (Bermuda), Class A		16,883
	169	Legg Mason, Inc.		6,644
	153	Northern Trust Corp.		11,057
	232	Oaktree Capital Group LLC		11,071
	247	T. Rowe Price Group, Inc.		17,649
	447	TD Ameritrade Holding Corp.		15,522
				131,223
		Consumer Finance — 0.3%
	534	Ally Financial, Inc. (a)		9,949
		Diversified Financial Services — 1.0%
	339	McGraw Hill Financial, Inc.		33,459
		Insurance — 4.3%
	23	Alleghany Corp. (a)		10,761
	125	Chubb Corp. (The)		16,569
	425	Hartford Financial Services Group, Inc. (The)		18,462
	641	Loews Corp.		24,606
	395	Marsh & McLennan Cos., Inc.		21,880
	215	Progressive Corp. (The)		6,852
	433	Unum Group		14,428
	120	W.R. Berkley Corp.		6,578
	462	XL Group plc, (Ireland)		18,115
				138,251
		Real Estate Investment Trusts (REITs) — 5.4%
	275	American Campus Communities, Inc.		11,382
	394	American Homes 4 Rent, Class A		6,563
	106	AvalonBay Communities, Inc.		19,430
	92	Boston Properties, Inc.		11,702
	553	Brixmor Property Group, Inc.		14,283

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	539	General Growth Properties, Inc.		14,666
	232	HCP, Inc.		8,874
	701	Kimco Realty Corp.		18,536
	177	LaSalle Hotel Properties		4,448
	374	Outfront Media, Inc.		8,159
	393	Rayonier, Inc.		8,716
	160	Regency Centers Corp.		10,907
	178	Vornado Realty Trust		17,800
	413	Weyerhaeuser Co.		12,393
	76	WP Carey, Inc.		4,508
				172,367
		Real Estate Management & Development — 1.2%
	1,074	CBRE Group, Inc., Class A (a)		37,125
		Total Financials		668,017
		Health Care — 9.7%
		Biotechnology — 1.8%
	199	BioMarin Pharmaceutical, Inc. (a)		20,847
	98	Incyte Corp. (a)		10,639
	45	Intercept Pharmaceuticals, Inc. (a)		6,765
	137	Kite Pharma, Inc. (a)		8,442
	88	Vertex Pharmaceuticals, Inc. (a)		11,111
				57,804
		Health Care Equipment & Supplies — 1.0%
	111	Edwards Lifesciences Corp. (a)		8,783
	223	Sirona Dental Systems, Inc. (a)		24,445
				33,228
		Health Care Providers & Services — 4.8%
	311	Acadia Healthcare Co., Inc. (a)		19,431
	194	AmerisourceBergen Corp.		20,071
	146	Cigna Corp.		21,313
	689	Envision Healthcare Holdings, Inc. (a)		17,883
	79	Henry Schein, Inc. (a)		12,428
	251	Humana, Inc.		44,789
	303	Premier, Inc., Class A (a)		10,673
	80	Universal Health Services, Inc., Class B		9,607
				156,195
		Health Care Technology — 0.7%
	467	Inovalon Holdings, Inc., Class A (a)		7,935
	465	Veeva Systems, Inc., Class A (a)		13,424
				21,359
		Life Sciences Tools & Services — 0.7%
	115	Illumina, Inc. (a)		22,012

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 19

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — 0.7%
	112	Jazz Pharmaceuticals plc, (Ireland) (a)		15,743
	55	Valeant Pharmaceuticals International, Inc. (a)		5,550
				21,293
		Total Health Care		311,891
		Industrials — 13.5%
		Airlines — 1.2%
	730	Delta Air Lines, Inc.		37,024
		Building Products — 2.4%
	206	A.O. Smith Corp.		15,759
	695	Fortune Brands Home & Security, Inc.		38,549
	193	Lennox International, Inc.		24,043
				78,351
		Commercial Services & Supplies — 1.5%
	192	Stericycle, Inc. (a)		23,174
	449	Waste Connections, Inc.		25,282
				48,456
		Electrical Equipment — 2.8%
	173	Acuity Brands, Inc.		40,541
	275	AMETEK, Inc.		14,719
	180	Hubbell, Inc.		18,150
	168	Regal Beloit Corp.		9,827
	145	SolarCity Corp. (a)		7,413
				90,650
		Industrial Conglomerates — 1.3%
	460	Carlisle Cos., Inc.		40,817
		Machinery — 2.0%
	228	IDEX Corp.		17,452
	151	Middleby Corp. (The) (a)		16,278
	411	Rexnord Corp. (a)		7,456
	89	Snap-on, Inc.		15,254
	73	WABCO Holdings, Inc. (a)		7,475
				63,915
		Professional Services — 0.4%
	123	Equifax, Inc.		13,699
		Road & Rail — 0.3%
	155	Old Dominion Freight Line, Inc. (a)		9,126
		Trading Companies & Distributors — 1.6%
	786	HD Supply Holdings, Inc. (a)		23,615
	246	MSC Industrial Direct Co., Inc., Class A		13,835
	121	Watsco, Inc.		14,167
				51,617
		Total Industrials		433,655

SHARES		SECURITY DESCRIPTION	VALUE($)
		Information Technology — 17.1%
		Communications Equipment — 2.8%
	307	Arista Networks, Inc. (a)		23,889
	401	Ciena Corp. (a)		8,305
	314	CommScope Holding Co., Inc. (a)		8,127
	367	Harris Corp.		31,901
	99	Palo Alto Networks, Inc. (a)		17,402
				89,624
		Electronic Equipment, Instruments & Components — 2.2%
	790	Amphenol Corp., Class A		41,261
	436	Arrow Electronics, Inc. (a)		23,636
	248	Fitbit, Inc., Class A (a)		7,324
				72,221
		Internet Software & Services — 0.6%
	97	CoStar Group, Inc. (a)		19,966
	70	Match Group, Inc. (a)		954
				20,920
		IT Services — 3.3%
	84	Alliance Data Systems Corp. (a)		23,121
	229	Gartner, Inc. (a)		20,770
	384	Jack Henry & Associates, Inc.		30,009
	356	Vantiv, Inc., Class A (a)		16,901
	498	VeriFone Systems, Inc. (a)		13,962
				104,763
		Semiconductors & Semiconductor Equipment — 3.1%
	244	Analog Devices, Inc.		13,518
	104	Avago Technologies Ltd., (Singapore)		15,154
	89	Cavium, Inc. (a)		5,830
	146	KLA-Tencor Corp.		10,096
	208	Lam Research Corp.		16,495
	256	NXP Semiconductors N.V., (Netherlands) (a)		21,560
	363	Xilinx, Inc.		17,035
				99,688
		Software — 5.1%
	280	Atlassian Corp. plc, (United Kingdom), Class A (a)		8,416
	470	Electronic Arts, Inc. (a)		32,305
	284	Guidewire Software, Inc. (a)		17,097
	317	Mobileye N.V., (Israel) (a)		13,407
	259	ServiceNow, Inc. (a)		22,428
	233	Splunk, Inc. (a)		13,709
	508	Synopsys, Inc. (a)		23,180
	162	Tableau Software, Inc., Class A (a)		15,283
	238	Workday, Inc., Class A (a)		18,932
				164,757
		Total Information Technology		551,973

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Materials — 4.6%
		Chemicals — 2.2%
	93	Airgas, Inc.		12,873
	174	Albemarle Corp.		9,745
	120	PPG Industries, Inc.		11,809
	144	Sherwin-Williams Co. (The)		37,372
				71,799
		Construction Materials — 0.9%
	263	Eagle Materials, Inc.		15,863
	146	Vulcan Materials Co.		13,818
				29,681
		Containers & Packaging — 1.5%
	192	Ball Corp.		13,999
	358	Silgan Holdings, Inc.		19,248
	327	WestRock Co.		14,897
				48,144
		Total Materials		149,624
		Utilities — 4.4%
		Electric Utilities — 1.6%
	231	Edison International		13,695
	451	Westar Energy, Inc.		19,114
	499	Xcel Energy, Inc.		17,912
				50,721

SHARES		SECURITY DESCRIPTION	VALUE($)
		Gas Utilities — 0.9%
	197	National Fuel Gas Co.		8,413
	1,039	Questar Corp.		20,230
				28,643
		Multi-Utilities — 1.9%
	1,081	CenterPoint Energy, Inc.		19,853
	484	CMS Energy Corp.		17,461
	102	Sempra Energy		9,617
	285	WEC Energy Group, Inc.		14,638
				61,569
		Total Utilities		140,933
		Total Common Stocks (Cost $2,522,806)		3,129,525
	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	85,656	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $85,656)		85,656
		Total Investments — 100.0% (Cost $2,608,462)		3,215,181
		Other Assets in Excess of Liabilities — 0.0% (g)		580
		NET ASSETS — 100.0%	$	3,215,761

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 21

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.8%
		Consumer Discretionary — 21.6%
		Automobiles — 0.9%
	108	Tesla Motors, Inc. (a)		25,813
		Hotels, Restaurants & Leisure — 4.4%
	619	Aramark		19,975
	28	Chipotle Mexican Grill, Inc. (a)		13,471
	2,146	Hilton Worldwide Holdings, Inc.		45,932
	806	Norwegian Cruise Line Holdings Ltd. (a)		47,206
				126,584
		Household Durables — 3.1%
	337	Mohawk Industries, Inc. (a)		63,838
	742	Toll Brothers, Inc. (a)		24,699
				88,537
		Internet & Catalog Retail — 2.2%
	189	Netflix, Inc. (a)		21,644
	207	TripAdvisor, Inc. (a)		17,606
	528	Wayfair, Inc., Class A (a)		25,159
				64,409
		Multiline Retail — 1.9%
	770	Dollar General Corp.		55,364
		Specialty Retail — 8.0%
	617	GameStop Corp., Class A		17,287
	391	L Brands, Inc.		37,508
	161	O’Reilly Automotive, Inc. (a)		40,817
	656	Ross Stores, Inc.		35,315
	340	Tractor Supply Co.		29,107
	285	Ulta Salon Cosmetics & Fragrance, Inc. (a)		52,811
	272	Williams-Sonoma, Inc.		15,903
				228,748
		Textiles, Apparel & Luxury Goods — 1.1%
	604	Gildan Activewear, Inc., (Canada)		17,170
	222	V.F. Corp.		13,813
				30,983
		Total Consumer Discretionary		620,438
		Consumer Staples — 2.8%
		Beverages — 1.8%
	355	Monster Beverage Corp. (a)		52,835
		Food & Staples Retailing — 1.0%
	1,041	Sprouts Farmers Market, Inc. (a)		27,674
		Total Consumer Staples		80,509

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 1.6%
		Oil, Gas & Consumable Fuels — 1.6%
	420	Concho Resources, Inc. (a)		39,031
	327	Range Resources Corp.		8,038
		Total Energy		47,069
		Financials — 10.3%
		Banks — 2.1%
	463	East West Bancorp, Inc.		19,253
	259	Signature Bank (a)		39,700
				58,953
		Capital Markets — 3.9%
	229	Affiliated Managers Group, Inc. (a)		36,619
	660	Lazard Ltd., (Bermuda), Class A		29,688
	405	Oaktree Capital Group LLC		19,326
	776	TD Ameritrade Holding Corp.		26,926
				112,559
		Diversified Financial Services — 2.0%
	592	McGraw Hill Financial, Inc.		58,313
		Real Estate Management & Development — 2.3%
	1,866	CBRE Group, Inc., Class A (a)		64,527
		Total Financials		294,352
		Health Care — 13.9%
		Biotechnology — 3.6%
	350	BioMarin Pharmaceutical, Inc. (a)		36,635
	172	Incyte Corp. (a)		18,618
	80	Intercept Pharmaceuticals, Inc. (a)		11,914
	240	Kite Pharma, Inc. (a)		14,807
	155	Vertex Pharmaceuticals, Inc. (a)		19,540
				101,514
		Health Care Equipment & Supplies — 2.0%
	195	Edwards Lifesciences Corp. (a)		15,417
	389	Sirona Dental Systems, Inc. (a)		42,570
				57,987
		Health Care Providers & Services — 4.4%
	542	Acadia Healthcare Co., Inc. (a)		33,862
	1,201	Envision Healthcare Holdings, Inc. (a)		31,194
	231	Humana, Inc.		41,287
	530	Premier, Inc., Class A (a)		18,710
				125,053
		Health Care Technology — 1.3%
	780	Inovalon Holdings, Inc., Class A (a)		13,268
	814	Veeva Systems, Inc., Class A (a)		23,482
				36,750

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Life Sciences Tools & Services — 1.3%
	200	Illumina, Inc. (a)		38,385
		Pharmaceuticals — 1.3%
	195	Jazz Pharmaceuticals plc, (Ireland) (a)		27,475
	98	Valeant Pharmaceuticals International, Inc. (a)		9,911
				37,386
		Total Health Care		397,075
		Industrials — 17.7%
		Airlines — 2.2%
	1,270	Delta Air Lines, Inc.		64,365
		Building Products — 3.9%
	359	A.O. Smith Corp.		27,518
	742	Fortune Brands Home & Security, Inc.		41,170
	335	Lennox International, Inc.		41,858
				110,546
		Commercial Services & Supplies — 2.9%
	335	Stericycle, Inc. (a)		40,376
	782	Waste Connections, Inc.		44,029
				84,405
		Electrical Equipment — 2.9%
	304	Acuity Brands, Inc.		71,012
	258	SolarCity Corp. (a)		13,148
				84,160
		Industrial Conglomerates — 1.4%
	455	Carlisle Cos., Inc.		40,312
		Machinery — 1.5%
	263	Middleby Corp. (The) (a)		28,418
	129	WABCO Holdings, Inc. (a)		13,151
				41,569
		Road & Rail — 0.6%
	268	Old Dominion Freight Line, Inc. (a)		15,831
		Trading Companies & Distributors — 2.3%
	1,369	HD Supply Holdings, Inc. (a)		41,122
	209	Watsco, Inc.		24,537
				65,659
		Total Industrials		506,847
		Information Technology — 24.8%
		Communications Equipment — 5.0%
	535	Arista Networks, Inc. (a)		41,623
	711	Ciena Corp. (a)		14,707
	639	Harris Corp.		55,492
	175	Palo Alto Networks, Inc. (a)		30,792
				142,614

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — 2.1%
	876	Amphenol Corp., Class A		45,771
	436	Fitbit, Inc., Class A (a)		12,915
				58,686
		Internet Software & Services — 1.2%
	168	CoStar Group, Inc. (a)		34,802
		IT Services — 4.5%
	146	Alliance Data Systems Corp. (a)		40,293
	399	Gartner, Inc. (a)		36,205
	625	Vantiv, Inc., Class A (a)		29,649
	835	VeriFone Systems, Inc. (a)		23,387
				129,534
		Semiconductors & Semiconductor Equipment — 3.4%
	183	Avago Technologies Ltd., (Singapore)		26,495
	157	Cavium, Inc. (a)		10,331
	307	Lam Research Corp.		24,373
	446	NXP Semiconductors N.V., (Netherlands) (a)		37,581
				98,780
		Software — 8.6%
	485	Atlassian Corp. plc, (United Kingdom), Class A (a)		14,583
	818	Electronic Arts, Inc. (a)		56,179
	496	Guidewire Software, Inc. (a)		29,847
	554	Mobileye N.V., (Israel) (a)		23,441
	451	ServiceNow, Inc. (a)		39,080
	407	Splunk, Inc. (a)		23,955
	287	Tableau Software, Inc., Class A (a)		27,039
	414	Workday, Inc., Class A (a)		33,012
				247,136
		Total Information Technology		711,552
		Materials — 4.1%
		Chemicals — 2.3%
	209	PPG Industries, Inc.		20,665
	172	Sherwin-Williams Co. (The)		44,584
				65,249
		Construction Materials — 1.8%
	458	Eagle Materials, Inc.		27,667
	254	Vulcan Materials Co.		24,147
				51,814
		Total Materials		117,063
		Total Common Stocks (Cost $2,412,730)		2,774,905

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 23

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.3%
		Investment Company — 3.3%
	94,931	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $94,931)		94,931
		Total Investments — 100.1% (Cost $2,507,661)		2,869,836
		Liabilities in Excess of Other Assets — (0.1)%		(3,825	)
		NET ASSETS — 100.0%	$	2,866,011

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.2%
		Consumer Discretionary — 17.6%
		Distributors — 1.0%
	1,768	Genuine Parts Co.		151,822
		Hotels, Restaurants & Leisure — 0.9%
	1,583	Marriott International, Inc., Class A		106,153
	292	Starwood Hotels & Resorts Worldwide, Inc.		20,255
				126,408
		Household Durables — 3.2%
	3,548	Jarden Corp. (a)		202,639
	1,370	Mohawk Industries, Inc. (a)		259,441
				462,080
		Internet & Catalog Retail — 1.4%
	1,686	Expedia, Inc.		209,579
		Media — 2.7%
	1,867	CBS Corp. (Non-Voting), Class B		87,996
	2,521	DISH Network Corp., Class A (a)		144,148
	4,485	TEGNA, Inc.		114,462
	3,340	Time, Inc.		52,331
				398,937
		Multiline Retail — 2.1%
	4,442	Kohl’s Corp.		211,550
	2,009	Nordstrom, Inc.		100,068
				311,618
		Specialty Retail — 5.1%
	237	AutoZone, Inc. (a)		175,961
	2,641	Bed Bath & Beyond, Inc. (a)		127,438
	5,053	Best Buy Co., Inc.		153,879
	5,478	Gap, Inc. (The)		135,307
	1,978	Tiffany & Co.		150,887
				743,472
		Textiles, Apparel & Luxury Goods — 1.2%
	1,530	PVH Corp.		112,707
	1,067	V.F. Corp.		66,444
				179,151
		Total Consumer Discretionary		2,583,067
		Consumer Staples — 6.2%
		Beverages — 2.1%
	942	Constellation Brands, Inc., Class A		134,209
	1,886	Dr. Pepper Snapple Group, Inc.		175,808
				310,017
		Food & Staples Retailing — 2.3%
	5,115	Kroger Co. (The)		213,977

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — continued
	15,560	Rite Aid Corp. (a)		121,990
				335,967
		Food Products — 0.7%
	1,184	Hershey Co. (The)		105,658
		Household Products — 0.3%
	1,543	Energizer Holdings, Inc.		52,542
		Personal Products — 0.8%
	1,463	Edgewell Personal Care Co.		114,636
		Total Consumer Staples		918,820
		Energy — 4.9%
		Oil, Gas & Consumable Fuels — 4.9%
	8,881	Columbia Pipeline Group, Inc.		177,624
	5,408	Energen Corp.		221,670
	3,703	EQT Corp.		193,036
	2,503	PBF Energy, Inc., Class A		92,130
	4,179	Southwestern Energy Co. (a)		29,710
		Total Energy		714,170
		Financials — 32.4%
		Banks — 7.2%
	4,791	Citizens Financial Group, Inc.		125,479
	11,271	Fifth Third Bancorp		226,551
	1,965	First Republic Bank		129,827
	5,177	Huntington Bancshares, Inc.		57,257
	2,143	M&T Bank Corp.		259,742
	5,028	SunTrust Banks, Inc.		215,415
	1,631	Zions Bancorporation		44,514
				1,058,785
		Capital Markets — 4.4%
	1,655	Ameriprise Financial, Inc.		176,124
	3,935	Invesco Ltd.		131,754
	1,751	Legg Mason, Inc.		68,687
	1,450	Northern Trust Corp.		104,554
	2,309	T. Rowe Price Group, Inc.		165,103
				646,222
		Consumer Finance — 0.7%
	4,995	Ally Financial, Inc. (a)		93,110
		Insurance — 9.0%
	214	Alleghany Corp. (a)		102,246
	1,207	Chubb Corp. (The)		160,127
	4,083	Hartford Financial Services Group, Inc. (The)		177,436
	6,215	Loews Corp.		238,658
	3,701	Marsh & McLennan Cos., Inc.		205,223

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 25

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	2,066	Progressive Corp. (The)		65,698
	4,150	Unum Group		138,151
	1,153	W.R. Berkley Corp.		63,126
	4,448	XL Group plc, (Ireland)		174,272
				1,324,937
		Real Estate Investment Trusts (REITs) — 11.1%
	2,601	American Campus Communities, Inc.		107,540
	3,689	American Homes 4 Rent, Class A		61,465
	1,007	AvalonBay Communities, Inc.		185,480
	872	Boston Properties, Inc.		111,151
	5,251	Brixmor Property Group, Inc.		135,586
	5,105	General Growth Properties, Inc.		138,901
	2,193	HCP, Inc.		83,842
	6,696	Kimco Realty Corp.		177,165
	1,672	LaSalle Hotel Properties		42,060
	3,528	Outfront Media, Inc.		77,006
	3,699	Rayonier, Inc.		82,119
	1,517	Regency Centers Corp.		103,336
	2,225	Starwood Property Trust, Inc.		45,746
	1,683	Vornado Realty Trust		168,209
	3,898	Weyerhaeuser Co.		116,853
				1,636,459
		Total Financials		4,759,513
		Health Care — 5.4%
		Health Care Providers & Services — 5.4%
	1,821	AmerisourceBergen Corp.		188,885
	1,395	Cigna Corp.		204,143
	727	Henry Schein, Inc. (a)		115,045
	1,131	Humana, Inc.		201,837
	769	Universal Health Services, Inc., Class B		91,888
		Total Health Care		801,798
		Industrials — 9.1%
		Building Products — 1.0%
	2,564	Fortune Brands Home & Security, Inc.		142,290
		Electrical Equipment — 2.7%
	2,612	AMETEK, Inc.		139,973
	1,705	Hubbell, Inc.		172,239
	1,578	Regal Beloit Corp.		92,331
				404,543
		Industrial Conglomerates — 1.1%
	1,887	Carlisle Cos., Inc.		167,322

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — 2.6%
	2,179	IDEX Corp.		166,913
	3,890	Rexnord Corp. (a)		70,479
	833	Snap-on, Inc.		142,886
				380,278
		Professional Services — 0.9%
	1,144	Equifax, Inc.		127,407
		Trading Companies & Distributors — 0.8%
	2,153	MSC Industrial Direct Co., Inc., Class A		121,155
		Total Industrials		1,342,995
		Information Technology — 9.1%
		Communications Equipment — 0.5%
	2,912	CommScope Holding Co., Inc. (a)		75,404
		Electronic Equipment, Instruments & Components — 2.5%
	2,661	Amphenol Corp., Class A		139,000
	4,182	Arrow Electronics, Inc. (a)		226,567
				365,567
		Internet Software & Services — 0.0% (g)
	654	Match Group, Inc. (a)		8,858
		IT Services — 1.9%
	3,571	Jack Henry & Associates, Inc.		278,791
		Semiconductors & Semiconductor Equipment — 2.7%
	2,489	Analog Devices, Inc.		137,670
	1,376	KLA-Tencor Corp.		95,392
	3,373	Xilinx, Inc.		158,444
				391,506
		Software — 1.5%
	4,793	Synopsys, Inc. (a)		218,628
		Total Information Technology		1,338,754
		Materials — 5.3%
		Chemicals — 2.2%
	866	Airgas, Inc.		119,747
	1,638	Albemarle Corp.		91,767
	435	Sherwin-Williams Co. (The)		112,889
				324,403
		Containers & Packaging — 3.1%
	1,815	Ball Corp.		132,023
	3,450	Silgan Holdings, Inc.		185,324
	3,031	WestRock Co.		138,269
				455,616
		Total Materials		780,019

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 9.2%
		Electric Utilities — 3.3%
	2,239	Edison International		132,563
	4,302	Westar Energy, Inc.		182,468
	4,756	Xcel Energy, Inc.		170,775
				485,806
		Gas Utilities — 1.9%
	1,863	National Fuel Gas Co.		79,653
	9,821	Questar Corp.		191,312
				270,965
		Multi-Utilities — 4.0%
	10,427	CenterPoint Energy, Inc.		191,435
	4,664	CMS Energy Corp.		168,269
	969	Sempra Energy		91,051
	2,698	WEC Energy Group, Inc.		138,439
				589,194
		Total Utilities		1,345,965
		Total Common Stocks (Cost $10,206,788)		14,585,101

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.2%
		Investment Company — 1.2%
	180,998	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $180,998)		180,998
		Total Investments — 100.4% (Cost $10,387,786)		14,766,099
		Liabilities in Excess of Other Assets — (0.4)%		(65,949	)
		NET ASSETS — 100.0%	$	14,700,150

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 27

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.5%
	Common Stocks — 89.5%
		Consumer Discretionary — 11.4%
		Diversified Consumer Services — 1.0%
	70	ServiceMaster Global Holdings, Inc. (a)		2,754
		Hotels, Restaurants & Leisure — 2.1%
	39	Darden Restaurants, Inc.		2,494
	49	Restaurant Brands International, Inc., (Canada)		1,849
	11	Vail Resorts, Inc.		1,373
				5,716
		Household Durables — 1.4%
	1	NVR, Inc. (a) (j)		1,109
	59	PulteGroup, Inc.		1,048
	47	Toll Brothers, Inc. (a)		1,554
				3,711
		Internet & Catalog Retail — 0.1%
	132	Groupon, Inc. (a)		404
		Media — 0.9%
	14	Sinclair Broadcast Group, Inc., Class A		463
	485	Sirius XM Holdings, Inc. (a)		1,975
	10	Time, Inc.		161
				2,599
		Multiline Retail — 1.9%
	18	Dillard’s, Inc., Class A (j)		1,200
	10	Kohl’s Corp.		488
	25	Macy’s, Inc.		873
	35	Target Corp.		2,509
				5,070
		Specialty Retail — 3.3%
	75	Best Buy Co., Inc. (j)		2,280
	36	GameStop Corp., Class A		1,014
	37	GNC Holdings, Inc., Class A		1,134
	33	Lowe’s Cos., Inc. (j)		2,505
	210	Staples, Inc.		1,985
				8,918
		Textiles, Apparel & Luxury Goods — 0.7%
	7	Carter’s, Inc.		587
	16	Deckers Outdoor Corp. (a) (j)		741
	17	Skechers U.S.A., Inc., Class A (a)		510
				1,838
		Total Consumer Discretionary		31,010
		Consumer Staples — 6.7%
		Beverages — 1.4%
	42	Coca-Cola Enterprises, Inc.		2,083

SHARES		SECURITY DESCRIPTION	VALUE($)
		Beverages — continued
	16	Molson Coors Brewing Co., Class B (j)		1,539
				3,622
		Food & Staples Retailing — 0.8%
	12	Walgreens Boots Alliance, Inc.		990
	20	Wal-Mart Stores, Inc.		1,234
				2,224
		Food Products — 3.4%
	36	Bunge Ltd.		2,434
	29	Ingredion, Inc. (j)		2,767
	115	Pilgrim’s Pride Corp. (j)		2,541
	1	Seaboard Corp. (a)		1,520
				9,262
		Household Products — 0.3%
	26	Energizer Holdings, Inc.		874
		Personal Products — 0.5%
	119	Avon Products, Inc.		483
	17	Herbalife Ltd. (a)		938
				1,421
		Tobacco — 0.3%
	17	Reynolds American, Inc.		796
		Total Consumer Staples		18,199
		Energy — 4.6%
		Energy Equipment & Services — 2.1%
	15	Cameron International Corp. (a)		962
	122	Ensco plc, (United Kingdom), Class A		1,882
	57	Noble Corp. plc, (United Kingdom)		602
	66	Superior Energy Services, Inc.		887
	112	Transocean Ltd., (Switzerland)		1,389
				5,722
		Oil, Gas & Consumable Fuels — 2.5%
	386	Denbury Resources, Inc.		780
	31	Devon Energy Corp.		977
	26	Marathon Oil Corp.		332
	11	Tesoro Corp.		1,142
	33	Valero Energy Corp.		2,333
	26	World Fuel Services Corp.		1,013
	50	WPX Energy, Inc. (a)		286
				6,863
		Total Energy		12,585
		Financials — 3.8%
		Banks — 0.3%
	60	KeyCorp (j)		785

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Capital Markets — 0.6%
	29	E*TRADE Financial Corp. (a)		861
	30	NorthStar Asset Management Group, Inc.		358
	26	WisdomTree Investments, Inc.		402
				1,621
		Consumer Finance — 0.2%
	13	OneMain Holdings, Inc. (a)		531
		Diversified Financial Services — 0.8%
	30	MSCI, Inc.		2,173
		Insurance — 0.4%
	13	Prudential Financial, Inc.		1,079
		Real Estate Investment Trusts (REITs) — 1.1%
	56	Equity Commonwealth (a)		1,543
	87	NorthStar Realty Finance Corp.		1,482
				3,025
		Thrifts & Mortgage Finance — 0.4%
	118	MGIC Investment Corp. (a)		1,045
		Total Financials		10,259
		Health Care — 12.1%
		Biotechnology — 2.9%
	12	Amgen, Inc. (j)		2,002
	27	Gilead Sciences, Inc. (j)		2,777
	8	United Therapeutics Corp. (a)		1,313
	14	Vertex Pharmaceuticals, Inc. (a)		1,728
				7,820
		Health Care Equipment & Supplies — 2.2%
	28	Alere, Inc. (a)		1,109
	10	C.R. Bard, Inc.		1,876
	76	Hologic, Inc. (a) (j)		2,923
				5,908
		Health Care Providers & Services — 6.2%
	6	Aetna, Inc. (j)		665
	2	Anthem, Inc. (j)		293
	17	Cardinal Health, Inc. (j)		1,473
	7	Cigna Corp.		955
	17	Community Health Systems, Inc. (a)		454
	33	Express Scripts Holding Co. (a)		2,863
	36	Health Net, Inc. (a)		2,478
	16	Humana, Inc.		2,780
	26	LifePoint Health, Inc. (a)		1,896
	8	McKesson Corp.		1,602
	22	Molina Healthcare, Inc. (a)		1,347
				16,806

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 0.8%
	3	Jazz Pharmaceuticals plc, (Ireland) (a)		358
	59	Pfizer, Inc. (j)		1,919
				2,277
		Total Health Care		32,811
		Industrials — 15.1%
		Aerospace & Defense — 2.8%
	69	BWX Technologies, Inc. (j)		2,177
	37	Curtiss-Wright Corp.		2,528
	2	General Dynamics Corp. (j)		275
	15	Huntington Ingalls Industries, Inc. (j)		1,893
	15	Spirit AeroSystems Holdings, Inc., Class A (a)		771
				7,644
		Air Freight & Logistics — 0.7%
	40	Expeditors International of Washington, Inc.		1,789
		Airlines — 2.0%
	53	Delta Air Lines, Inc. (j)		2,665
	43	Southwest Airlines Co.		1,859
	15	United Continental Holdings, Inc. (a)		857
				5,381
		Commercial Services & Supplies — 1.5%
	28	KAR Auction Services, Inc.		1,026
	83	Pitney Bowes, Inc.		1,709
	88	R.R. Donnelley & Sons Co.		1,290
				4,025
		Construction & Engineering — 1.3%
	83	AECOM (a) (j)		2,487
	64	KBR, Inc. (j)		1,075
				3,562
		Machinery — 5.0%
	24	AGCO Corp.		1,082
	99	Allison Transmission Holdings, Inc. (j)		2,572
	55	Crane Co.		2,626
	27	Illinois Tool Works, Inc. (j)		2,530
	119	Terex Corp.		2,200
	25	Valmont Industries, Inc.		2,621
				13,631
		Professional Services — 0.6%
	10	Dun & Bradstreet Corp. (The)		1,026
	8	ManpowerGroup, Inc.		677
				1,703

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 29

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Road & Rail — 0.4%
	20	Landstar System, Inc.		1,186
		Trading Companies & Distributors — 0.8%
	50	WESCO International, Inc. (a)		2,171
		Total Industrials		41,092
		Information Technology — 26.1%
		Communications Equipment — 2.5%
	268	Brocade Communications Systems, Inc.		2,458
	111	Ciena Corp. (a)		2,296
	35	Cisco Systems, Inc. (j)		950
	41	Juniper Networks, Inc.		1,137
				6,841
		Electronic Equipment, Instruments & Components — 1.5%
	66	Ingram Micro, Inc., Class A		2,002
	23	SYNNEX Corp. (j)		2,095
				4,097
		Internet Software & Services — 2.9%
	88	eBay, Inc. (a)		2,416
	32	j2 Global, Inc. (j)		2,657
	34	VeriSign, Inc. (a)		2,933
				8,006
		IT Services — 9.1%
	48	Amdocs Ltd. (j)		2,610
	77	Computer Sciences Corp.		2,515
	73	CoreLogic, Inc. (a) (j)		2,463
	44	CSRA, Inc.		1,318
	33	Euronet Worldwide, Inc. (a)		2,397
	16	Global Payments, Inc.		1,055
	20	International Business Machines Corp.		2,732
	57	Leidos Holdings, Inc. (j)		3,179
	64	Teradata Corp. (a)		1,682
	18	Total System Services, Inc.		888
	27	Vantiv, Inc., Class A (a)		1,296
	145	Western Union Co. (The)		2,591
				24,726
		Semiconductors & Semiconductor Equipment — 2.2%
	7	Lam Research Corp.		547
	73	Marvell Technology Group Ltd., (Bermuda)		642
	72	NVIDIA Corp. (j)		2,387
	121	Teradyne, Inc.		2,494
				6,070

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — 5.4%
	39	Activision Blizzard, Inc.		1,495
	114	Cadence Design Systems, Inc. (a)		2,363
	33	Citrix Systems, Inc. (a)		2,532
	20	Fortinet, Inc. (a)		635
	142	Nuance Communications, Inc. (a) (j)		2,815
	27	PTC, Inc. (a)		933
	9	Red Hat, Inc. (a)		785
	40	Take-Two Interactive Software, Inc. (a)		1,407
	29	VMware, Inc., Class A (a)		1,622
				14,587
		Technology Hardware, Storage & Peripherals — 2.5%
	25	Apple, Inc. (j)		2,642
	26	Hewlett Packard Enterprise Co.		397
	26	HP, Inc.		309
	63	NCR Corp. (a)		1,534
	67	NetApp, Inc.		1,784
				6,666
		Total Information Technology		70,993
		Materials — 5.6%
		Chemicals — 2.0%
	61	Cabot Corp.		2,494
	18	LyondellBasell Industries N.V., Class A		1,599
	48	Mosaic Co. (The)		1,335
				5,428
		Containers & Packaging — 1.3%
	17	Crown Holdings, Inc. (a)		846
	59	Sealed Air Corp. (j)		2,638
				3,484
		Metals & Mining — 1.3%
	13	Reliance Steel & Aluminum Co.		777
	151	Steel Dynamics, Inc.		2,704
				3,481
		Paper & Forest Products — 1.0%
	69	Domtar Corp., (Canada)		2,536
	8	International Paper Co.		316
				2,852
		Total Materials		15,245
		Telecommunication Services — 1.6%
		Diversified Telecommunication Services — 1.6%
	54	AT&T, Inc. (j)		1,857
	97	CenturyLink, Inc.		2,433
		Total Telecommunication Services		4,290

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Utilities — 2.5%
		Electric Utilities — 1.1%
	42	Entergy Corp.		2,902
		Gas Utilities — 1.0%
	77	UGI Corp.		2,615
		Independent Power & Renewable Electricity Producers — 0.4%
	125	AES Corp. (j)		1,198
		Total Utilities		6,715
		Total Common Stocks (Cost $242,384)		243,199
	Short-Term Investment — 10.0%
		Investment Company — 10.0%
	27,308	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $27,308)		27,308
		Total Investments — 99.5% (Cost $269,692)		270,507
		Other Assets in Excess of Liabilities — 0.5% (c)		1,510
		NET ASSETS — 100.0%	$	272,017
	Short Positions — 88.9%
	Common Stocks — 88.9%
		Consumer Discretionary — 11.0%
		Automobiles — 0.3%
	3	Tesla Motors, Inc. (a)		756
		Hotels, Restaurants & Leisure — 2.8%
	84	Aramark		2,724
	2	Chipotle Mexican Grill, Inc. (a)		1,092
	10	Domino’s Pizza, Inc.		1,154
	36	Wynn Resorts Ltd.		2,519
				7,489
		Household Durables — 1.0%
	9	Mohawk Industries, Inc. (a)		1,671
	27	Newell Rubbermaid, Inc.		1,176
				2,847
		Internet & Catalog Retail — 0.2%
	7	TripAdvisor, Inc. (a)		614
		Media — 0.5%
	8	AMC Entertainment Holdings, Inc., Class A		198
	7	Charter Communications, Inc., Class A (a)		1,227
				1,425
		Multiline Retail — 1.6%
	32	Dollar Tree, Inc. (a)		2,481
	38	Nordstrom, Inc.		1,869
				4,350

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 3.1%
	54	Cabela’s, Inc. (a)		2,519
	27	CarMax, Inc. (a)		1,479
	32	DSW, Inc., Class A		770
	23	Restoration Hardware Holdings, Inc. (a)		1,855
	6	Signet Jewelers Ltd.		738
	14	Tractor Supply Co.		1,168
				8,529
		Textiles, Apparel & Luxury Goods — 1.5%
	125	Kate Spade & Co. (a)		2,225
	23	Under Armour, Inc., Class A (a)		1,814
				4,039
		Total Consumer Discretionary		30,049
		Consumer Staples — 8.4%
		Beverages — 2.6%
	13	Boston Beer Co., Inc. (The), Class A (a)		2,564
	27	Brown-Forman Corp., Class B		2,652
	13	Constellation Brands, Inc., Class A		1,859
				7,075
		Food & Staples Retailing — 1.1%
	28	Sprouts Farmers Market, Inc. (a)		753
	58	United Natural Foods, Inc. (a)		2,271
				3,024
		Food Products — 3.0%
	45	Hain Celestial Group, Inc. (The) (a)		1,798
	27	Hershey Co. (The)		2,417
	13	McCormick & Co., Inc. (Non-Voting)		1,154
	69	WhiteWave Foods Co. (The) (a)		2,675
				8,044
		Household Products — 0.5%
	16	Procter & Gamble Co. (The)		1,309
		Personal Products — 1.2%
	39	Estee Lauder Cos., Inc. (The), Class A		3,417
		Total Consumer Staples		22,869
		Energy — 4.6%
		Energy Equipment & Services — 1.0%
	16	Helmerich & Payne, Inc.		877
	65	Patterson-UTI Energy, Inc.		980
	59	RPC, Inc.		705
	34	Seadrill Ltd., (United Kingdom) (a)		114
				2,676

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 31

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — 3.6%
	49	Cabot Oil & Gas Corp.		861
	10	Chevron Corp.		879
	86	Columbia Pipeline Group, Inc.		1,727
	10	Concho Resources, Inc. (a)		898
	194	CONSOL Energy, Inc.		1,531
	34	Golar LNG Ltd., (Bermuda)		532
	20	Kinder Morgan, Inc.		299
	6	Pioneer Natural Resources Co.		712
	22	Range Resources Corp.		533
	71	SM Energy Co.		1,403
	37	Whiting Petroleum Corp. (a)		349
				9,724
		Total Energy		12,400
		Financials — 3.9%
		Banks — 0.8%
	127	People’s United Financial, Inc.		2,049
		Capital Markets — 1.1%
	15	Artisan Partners Asset Management, Inc., Class A		539
	27	Franklin Resources, Inc.		985
	22	T. Rowe Price Group, Inc.		1,572
				3,096
		Consumer Finance — 0.1%
	22	Navient Corp.		250
		Insurance — 1.0%
	3	Markel Corp. (a)		2,738
		Real Estate Investment Trusts (REITs) — 0.9%
	115	Rayonier, Inc.		2,558
		Total Financials		10,691
		Health Care — 11.2%
		Biotechnology — 1.1%
	5	Alnylam Pharmaceuticals, Inc. (a)		494
	23	Cepheid, Inc. (a)		845
	8	Puma Biotechnology, Inc. (a)		596
	2	Regeneron Pharmaceuticals, Inc. (a)		1,045
				2,980
		Health Care Equipment & Supplies — 1.0%
	19	Cooper Cos., Inc. (The)		2,596
		Health Care Providers & Services — 3.6%
	39	Acadia Healthcare Co., Inc. (a)		2,416
	56	Envision Healthcare Holdings, Inc. (a)		1,450
	7	Henry Schein, Inc. (a)		1,040

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — continued
	58	Patterson Cos., Inc.		2,619
	20	Team Health Holdings, Inc. (a)		881
	49	Tenet Healthcare Corp. (a)		1,499
				9,905
		Health Care Technology — 0.8%
	14	athenahealth, Inc. (a)		2,274
		Life Sciences Tools & Services — 0.8%
	26	Bio-Techne Corp.		2,297
		Pharmaceuticals — 3.9%
	70	Akorn, Inc. (a)		2,626
	63	Catalent, Inc. (a)		1,579
	30	Eli Lilly & Co.		2,519
	14	Impax Laboratories, Inc. (a)		603
	11	Mylan N.V. (a)		614
	53	Zoetis, Inc.		2,528
				10,469
		Total Health Care		30,521
		Industrials — 17.1%
		Aerospace & Defense — 1.5%
	34	B/E Aerospace, Inc.		1,451
	55	Hexcel Corp.		2,570
				4,021
		Airlines — 0.8%
	12	Copa Holdings S.A., (Panama), Class A		597
	37	Spirit Airlines, Inc. (a)		1,459
				2,056
		Building Products — 1.4%
	16	Armstrong World Industries, Inc. (a)		750
	53	Fortune Brands Home & Security, Inc.		2,921
				3,671
		Commercial Services & Supplies — 3.3%
	71	Covanta Holding Corp.		1,094
	46	Republic Services, Inc.		2,024
	23	Stericycle, Inc. (a)		2,756
	55	Waste Connections, Inc.		3,083
				8,957
		Construction & Engineering — 0.2%
	28	Quanta Services, Inc. (a)		572
		Machinery — 4.4%
	51	CLARCOR, Inc.		2,516
	92	Donaldson Co., Inc.		2,636

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Machinery — continued
	16	Graco, Inc.		1,151
	12	Middleby Corp. (The) (a)		1,276
	15	Nordson Corp.		951
	69	Oshkosh Corp.		2,687
	10	Wabtec Corp.		711
				11,928
		Marine — 0.2%
	11	Kirby Corp. (a)		596
		Professional Services — 0.2%
	8	Verisk Analytics, Inc. (a)		609
		Road & Rail — 2.7%
	18	Genesee & Wyoming, Inc., Class A (a)		966
	41	J.B. Hunt Transport Services, Inc.		2,989
	29	Kansas City Southern		2,137
	22	Ryder System, Inc.		1,247
				7,339
		Trading Companies & Distributors — 2.4%
	67	Fastenal Co.		2,746
	22	MSC Industrial Direct Co., Inc., Class A		1,233
	13	W.W. Grainger, Inc.		2,659
				6,638
		Total Industrials		46,387
		Information Technology — 24.5%
		Communications Equipment — 1.2%
	20	NetScout Systems, Inc. (a)		604
	45	ViaSat, Inc. (a)		2,724
				3,328
		Electronic Equipment, Instruments & Components — 4.5%
	43	Amphenol Corp., Class A		2,234
	43	CDW Corp.		1,806
	144	Knowles Corp. (a)		1,922
	51	National Instruments Corp.		1,459
	110	Trimble Navigation Ltd. (a)		2,366
	36	Zebra Technologies Corp., Class A (a)		2,500
				12,287
		Internet Software & Services — 4.6%
	16	Akamai Technologies, Inc. (a)		842
	12	CoStar Group, Inc. (a)		2,449
	12	Facebook, Inc., Class A (a)		1,209
	6	LinkedIn Corp., Class A (a)		1,350
	22	Pandora Media, Inc. (a)		296

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — continued
	92	Rackspace Hosting, Inc. (a)		2,321
	99	Twitter, Inc. (a)		2,299
	62	Yelp, Inc. (a)		1,783
				12,549
		IT Services — 5.5%
	46	Booz Allen Hamilton Holding Corp.		1,424
	21	DST Systems, Inc.		2,427
	17	FleetCor Technologies, Inc. (a)		2,451
	10	Gartner, Inc. (a)		937
	32	Jack Henry & Associates, Inc.		2,527
	46	MAXIMUS, Inc.		2,590
	50	Paychex, Inc.		2,634
				14,990
		Semiconductors & Semiconductor Equipment — 2.1%
	40	Cavium, Inc. (a)		2,619
	20	Cree, Inc. (a)		525
	226	Cypress Semiconductor Corp. (a)		2,215
	7	Qorvo, Inc. (a)		380
				5,739
		Software — 6.1%
	41	Autodesk, Inc. (a)		2,515
	64	CommVault Systems, Inc. (a)		2,503
	14	Manhattan Associates, Inc. (a)		897
	31	NetSuite, Inc. (a)		2,582
	45	Splunk, Inc. (a)		2,623
	18	SS&C Technologies Holdings, Inc.		1,202
	12	Tableau Software, Inc., Class A (a)		1,156
	12	Ultimate Software Group, Inc. (The) (a)		2,434
	6	Workday, Inc., Class A (a)		498
				16,410
		Technology Hardware, Storage & Peripherals — 0.5%
	52	Stratasys Ltd. (a)		1,227
		Total Information Technology		66,530
		Materials — 4.7%
		Chemicals — 3.1%
	21	Air Products & Chemicals, Inc.		2,705
	19	CF Industries Holdings, Inc.		761
	65	FMC Corp.		2,542
	25	Praxair, Inc.		2,559
				8,567
		Metals & Mining — 1.6%
	254	Freeport-McMoRan, Inc.		1,720

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 33

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Metals & Mining — continued
	64	Southern Copper Corp., (Peru)		1,684
	94	Tahoe Resources, Inc.		817
				4,221
		Total Materials		12,788
		Telecommunication Services — 1.4%
		Wireless Telecommunication Services — 1.4%
	452	Sprint Corp. (a)		1,636
	25	Telephone & Data Systems, Inc.		634
	35	United States Cellular Corp. (a)		1,443
		Total Telecommunication Services		3,713
		Utilities — 2.1%
		Electric Utilities — 0.8%
	80	Pepco Holdings, Inc.		2,072

SHARES		SECURITY DESCRIPTION	VALUE($)
		Independent Power & Renewable Electricity Producers — 0.3%
	63	Dynegy, Inc. (a)		841
				—
		Multi-Utilities — 1.0%
	42	Dominion Resources, Inc.		2,846
		Total Utilities		5,759
		Total Securities Sold Short (Proceeds $265,343)	$	241,707

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(9	)	E-mini S&P 500		03/18/16		USD	$	(916	)	$	—	(h)
	(13	)	S&P Mid Cap 400		03/18/16		USD		(1,811	)		1
											$	1

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.3%
		Consumer Discretionary — 14.4%
		Distributors — 1.2%
	1,508	Genuine Parts Co.		129,488
		Hotels, Restaurants & Leisure — 0.9%
	527	Brinker International, Inc.		25,277
	1,596	ClubCorp Holdings, Inc.		29,154
	3,272	La Quinta Holdings, Inc. (a)		44,532
				98,963
		Household Durables — 0.3%
	586	Jarden Corp. (a)		33,484
		Internet & Catalog Retail — 0.8%
	760	Expedia, Inc.		94,455
		Media — 4.6%
	1,489	CBS Corp. (Non-Voting), Class B		70,191
	458	Charter Communications, Inc., Class A (a)		83,768
	3,970	Clear Channel Outdoor Holdings, Inc., Class A (a)		22,192
	2,304	DISH Network Corp., Class A (a)		131,755
	2,521	Entercom Communications Corp., Class A (a)		28,315
	3,176	Media General, Inc. (a)		51,294
	1,738	TEGNA, Inc.		44,355
	749	Time Warner, Inc.		48,425
	1,921	Time, Inc.		30,100
				510,395
		Multiline Retail — 1.2%
	2,938	Kohl’s Corp.		139,946
		Specialty Retail — 4.7%
	118	AutoZone, Inc. (a)		87,263
	1,786	Bed Bath & Beyond, Inc. (a)		86,155
	3,254	Best Buy Co., Inc.		99,076
	3,242	Gap, Inc. (The)		80,068
	595	Home Depot, Inc. (The)		78,677
	1,220	Tiffany & Co.		93,043
				524,282
		Textiles, Apparel & Luxury Goods — 0.7%
	399	Columbia Sportswear Co.		19,465
	1,872	Hanesbrands, Inc.		55,087
				74,552
		Total Consumer Discretionary		1,605,565
		Consumer Staples — 4.9%
		Beverages — 0.7%
	840	Dr. Pepper Snapple Group, Inc.		78,285

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 1.6%
	888	CVS Health Corp.		86,839
	2,110	Kroger Co. (The)		88,270
				175,109
		Food Products — 1.1%
	973	Post Holdings, Inc. (a)		60,010
	849	TreeHouse Foods, Inc. (a)		66,627
				126,637
		Household Products — 1.5%
	1,029	Energizer Holdings, Inc.		35,039
	1,668	Procter & Gamble Co. (The)		132,456
				167,495
		Total Consumer Staples		547,526
		Energy — 6.4%
		Oil, Gas & Consumable Fuels — 6.4%
	988	Devon Energy Corp.		31,600
	865	EQT Corp.		45,103
	3,099	Exxon Mobil Corp.		241,528
	1,902	HollyFrontier Corp.		75,872
	4,340	Kinder Morgan, Inc.		64,756
	957	Marathon Petroleum Corp.		49,611
	1,648	PBF Energy, Inc., Class A		60,661
	1,120	Phillips 66		91,583
	2,599	Southwestern Energy Co. (a)		18,477
	3,239	Teekay Corp., (Bermuda)		31,968
		Total Energy		711,159
		Financials — 36.2%
		Banks — 15.0%
	13,070	Bank of America Corp.		219,970
	1,694	CIT Group, Inc.		67,256
	2,427	Citigroup, Inc.		125,574
	3,809	Citizens Financial Group, Inc.		99,758
	3,959	Fifth Third Bancorp		79,568
	871	First Republic Bank		57,563
	1,338	M&T Bank Corp.		162,169
	511	National Bank Holdings Corp., Class A		10,920
	1,598	PNC Financial Services Group, Inc. (The)		152,305
	2,911	SunTrust Banks, Inc.		124,694
	2,958	U.S. Bancorp		126,222
	8,292	Wells Fargo & Co.		450,775
				1,676,774
		Capital Markets — 2.7%
	481	Ameriprise Financial, Inc.		51,209
	1,944	Legg Mason, Inc.		76,274

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 35

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Capital Markets — continued
	810	Northern Trust Corp.		58,416
	1,648	T. Rowe Price Group, Inc.		117,796
				303,695
		Consumer Finance — 2.7%
	4,235	Ally Financial, Inc. (a)		78,933
	3,107	Capital One Financial Corp.		224,256
				303,189
		Insurance — 10.5%
	90	Alleghany Corp. (a)		43,178
	1,589	Allied World Assurance Co. Holdings AG, (Switzerland)		59,102
	2,713	American International Group, Inc.		168,118
	847	Chubb Corp. (The)		112,280
	3,215	CNO Financial Group, Inc.		61,378
	2,910	Hartford Financial Services Group, Inc. (The)		126,451
	5,393	Loews Corp.		207,108
	975	Marsh & McLennan Cos., Inc.		54,069
	1,327	Prudential Financial, Inc.		108,039
	1,124	Travelers Cos., Inc. (The)		126,900
	2,612	Unum Group		86,937
	410	W.R. Berkley Corp.		22,459
				1,176,019
		Real Estate Investment Trusts (REITs) — 4.8%
	3,534	American Homes 4 Rent, Class A		58,880
	2,067	American Residential Properties, Inc.		39,074
	3,518	Brixmor Property Group, Inc.		90,824
	895	EastGroup Properties, Inc.		49,754
	1,359	HCP, Inc.		51,980
	2,459	Kimco Realty Corp.		65,055
	1,975	Outfront Media, Inc.		43,119
	3,214	Rayonier, Inc.		71,351
	2,174	Weyerhaeuser Co.		65,177
				535,214
		Real Estate Management & Development — 0.5%
	1,572	Brookfield Asset Management, Inc., (Canada), Class A		49,562
		Total Financials		4,044,453
		Health Care — 8.6%
		Health Care Providers & Services — 3.1%
	976	Aetna, Inc.		105,497
	938	HCA Holdings, Inc. (a)		63,403
	476	National HealthCare Corp.		29,349
	1,192	UnitedHealth Group, Inc.		140,250
				338,499

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 5.5%
	1,616	Johnson & Johnson		165,975
	2,931	Merck & Co., Inc.		154,831
	9,151	Pfizer, Inc.		295,381
				616,187
		Total Health Care		954,686
		Industrials — 7.5%
		Aerospace & Defense — 2.0%
	887	Honeywell International, Inc.		91,825
	1,398	United Technologies Corp.		134,306
				226,131
		Airlines — 1.6%
	3,527	Delta Air Lines, Inc.		178,774
		Industrial Conglomerates — 0.9%
	1,101	Carlisle Cos., Inc.		97,659
		Machinery — 2.0%
	1,925	Dover Corp.		117,991
	1,083	Illinois Tool Works, Inc.		100,391
				218,382
		Trading Companies & Distributors — 1.0%
	550	W.W. Grainger, Inc.		111,384
		Total Industrials		832,330
		Information Technology — 6.9%
		Communications Equipment — 1.8%
	4,211	Cisco Systems, Inc.		114,353
	1,745	QUALCOMM, Inc.		87,236
				201,589
		Electronic Equipment, Instruments & Components — 0.8%
	1,630	Arrow Electronics, Inc. (a)		88,297
		IT Services — 0.4%
	1,138	PayPal Holdings, Inc. (a)		41,199
		Semiconductors & Semiconductor Equipment — 2.1%
	622	Analog Devices, Inc.		34,426
	850	KLA-Tencor Corp.		58,961
	2,575	Texas Instruments, Inc.		141,152
				234,539
		Software — 1.2%
	2,514	Microsoft Corp.		139,504
		Technology Hardware, Storage & Peripherals — 0.6%
	2,817	Hewlett Packard Enterprise Co.		42,812

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Technology Hardware, Storage & Peripherals — continued
	2,218	HP, Inc.		26,256
				69,068
		Total Information Technology		774,196
		Materials — 4.0%
		Chemicals — 0.6%
	2,284	Mosaic Co. (The)		63,002
		Construction Materials — 0.9%
	704	Martin Marietta Materials, Inc.		96,133
		Containers & Packaging — 1.9%
	1,559	Ball Corp.		113,364
	2,239	WestRock Co.		102,152
				215,516
		Paper & Forest Products — 0.6%
	3,002	KapStone Paper & Packaging Corp.		67,804
		Total Materials		442,455
		Telecommunication Services — 2.0%
		Diversified Telecommunication Services — 1.2%
	2,906	Verizon Communications, Inc.		134,316
		Wireless Telecommunication Services — 0.8%
	2,172	T-Mobile US, Inc. (a)		84,957
		Total Telecommunication Services		219,273

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 6.4%
		Electric Utilities — 5.6%
	1,861	American Electric Power Co., Inc.		108,458
	1,470	Duke Energy Corp.		104,922
	1,724	Edison International		102,057
	1,695	Eversource Energy		86,543
	1,035	NextEra Energy, Inc.		107,557
	3,121	Xcel Energy, Inc.		112,086
				621,623
		Multi-Utilities — 0.8%
	1,007	Sempra Energy		94,640
		Total Utilities		716,263
		Total Common Stocks (Cost $9,801,722)		10,847,906
	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	306,638	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $306,638)		306,638
		Total Investments — 100.0% (Cost $10,108,360)		11,154,544
		Other Assets in Excess of Liabilities — 0.0% (g)		221
		NET ASSETS — 100.0%	$	11,154,765

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 37

J.P. Morgan Mid Cap/Multi-Cap Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

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.
(c)	—  Included in this amount is cash segregated as collateral for futures contracts.
(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 the security is segregated for short sales.
	The following approximates the aggregate amount of securities segregated for short sales (amounts in thousands):

Fund	Value
Multi-Cap Market Neutral Fund	$	44,367

(l) —  The rate shown is the current yield as of December 31, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 39

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands, except per share amounts)

	Growth Advantage Fund		Mid Cap Equity Fund		Mid Cap Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	6,276,762	$	3,129,525	$	2,774,905
Investments in affiliates, at value		170,071		85,656		94,931
Total investment securities, at value		6,446,833		3,215,181		2,869,836
Cash		—		57		39
Receivables:
Investment securities sold		5,054		1,350		1,883
Fund shares sold		31,673		6,358		12,578
Dividends from non-affiliates		1,359		2,665		611
Dividends from affiliates		16		11		14
Total Assets		6,484,935		3,225,622		2,884,961
LIABILITIES:
Payables:
Investment securities purchased		—		5,871		10,042
Fund shares redeemed		4,740		1,568		6,371
Accrued liabilities:
Investment advisory fees		3,479		1,663		1,485
Administration fees		443		211		175
Distribution fees		703		72		288
Shareholder servicing fees		616		12		175
Custodian and accounting fees		57		35		21
Trustees’ and Chief Compliance Officer’s fees		1		1		1
Other		320		428		392
Total Liabilities		10,359		9,861		18,950
Net Assets	$	6,474,576	$	3,215,761	$	2,866,011

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Growth Advantage Fund			Mid Cap Equity Fund			Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	5,179,887		$	2,605,097		$	2,324,318
Accumulated undistributed (distributions in excess of) net investment income		(22,367	)		(1,425	)		(15,461	)
Accumulated net realized gains (losses)		(64,169	)		5,370			194,979
Net unrealized appreciation (depreciation)		1,381,225			606,719			362,175
Total Net Assets	$	6,474,576		$	3,215,761		$	2,866,011
Net Assets:
Class A	$	1,735,538		$	268,940		$	1,007,816
Class C		567,051			26,425			101,493
Class R2		—			780			30,702
Class R5		77,931			2,939			218,610
Class R6		2,636,336			1,312,265			492,194
Select Class		1,457,720			1,604,412			1,015,196
Total	$	6,474,576		$	3,215,761		$	2,866,011
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		115,583			6,357			41,492
Class C		42,083			639			5,128
Class R2		—			18			1,164
Class R5		5,013			69			7,905
Class R6		169,222			30,735			17,749
Select Class		94,992			37,590			36,979
Net Asset Value (a):
Class A — Redemption price per share	$	15.02		$	42.31		$	24.29
Class C — Offering price per share (b)		13.47			41.32			19.79
Class R2 — Offering and redemption price per share		—			42.15			26.37
Class R5 — Offering and redemption price per share		15.55			42.69			27.66
Class R6 — Offering and redemption price per share		15.58			42.70			27.73
Select Class — Offering and redemption price per share		15.35			42.68			27.45
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	15.85		$	44.65		$	25.64
Cost of investments in non-affiliates	$	4,895,537		$	2,522,806		$	2,412,730
Cost of investments in affiliates		170,071			85,656			94,931

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 41

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	Mid Cap Value Fund		Multi-Cap Market Neutral  Fund		Value Advantage Fund
ASSETS:
Investments in non-affiliates, at value	$	14,585,101	$	243,199	$	10,847,906
Investments in affiliates, at value		180,998		27,308		306,638
Total investment securities, at value		14,766,099		270,507		11,154,544
Cash		—		187		24
Deposits at broker for futures contracts		—		740		—
Deposits at broker for securities sold short		—		243,083		—
Receivables:
Investment securities sold		—		—		4,004
Fund shares sold		29,071		38		31,174
Dividends from non-affiliates		22,462		240		11,567
Dividends from affiliates		25		4		42
Total Assets		14,817,657		514,799		11,201,355
LIABILITIES:
Payables:
Due to custodian		57		—		—
Securities sold short, at value		—		241,707		—
Dividend expense to non-affiliates on securities sold short		—		102		—
Investment securities purchased		1,183		55		19,366
Interest expense to non-affiliates on securities sold short		—		51		—
Fund shares redeemed		102,576		40		17,675
Variation margin on futures contracts		—		559		—
Accrued liabilities:
Investment advisory fees		7,404		153		5,796
Administration fees		655		—		542
Distribution fees		875		6		925
Shareholder servicing fees		770		56		869
Custodian and accounting fees		201		16		90
Trustees’ and Chief Compliance Officer’s fees		1		1		1
Other		3,785		36		1,326
Total Liabilities		117,507		242,782		46,590
Net Assets	$	14,700,150	$	272,017	$	11,154,765

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Mid Cap Value Fund			Multi-Cap Market Neutral  Fund			Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	10,243,119		$	281,889		$	10,171,102
Accumulated undistributed (distributions in excess of) net investment income		(5,151	)		(1,429	)		(1,830	)
Accumulated net realized gains (losses)		83,869			(32,895	)		(60,691	)
Net unrealized appreciation (depreciation)		4,378,313			24,452			1,046,184
Total Net Assets	$	14,700,150		$	272,017		$	11,154,765
Net Assets:
Class A	$	2,329,955		$	7,161		$	2,180,257
Class C		545,458			6,761			720,642
Class R2		64,927			—			—
Institutional Class		9,626,398			—			6,831,402
Select Class		2,133,412			258,095			1,422,464
Total	$	14,700,150		$	272,017		$	11,154,765
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		69,927			702			78,404
Class C		16,923			704			25,977
Class R2		2,019			—			—
Institutional Class		283,377			—			244,562
Select Class		63,425			24,764			50,859
Net Asset Value (a):
Class A — Redemption price per share	$	33.32		$	10.20		$	27.81
Class C — Offering price per share (b)		32.23			9.60			27.74
Class R2 — Offering and redemption price per share		32.16			—			—
Institutional Class — Offering and redemption price per share		33.97			—			27.93
Select Class — Offering and redemption price per share		33.64			10.42			27.97
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	35.17		$	10.77		$	29.35
Cost of investments in non-affiliates	$	10,206,788		$	242,384		$	9,801,722
Cost of investments in affiliates		180,998			27,308			306,638
Proceeds from securities sold short		—			265,343			—

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 43

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

	Growth Advantage Fund			Mid Cap Equity Fund			Mid Cap Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	17,724		$	18,541		$	8,165
Dividend income from affiliates		71			45			56
Total investment income		17,795			18,586			8,221
EXPENSES:
Investment advisory fees		18,983			10,569			10,005
Administration fees		2,390			1,331			1,260
Distribution fees:
Class A		1,822			305			1,257
Class C		1,646			97			337
Class R2		—			2			47
Shareholder servicing fees:
Class A		1,822			305			1,257
Class C		548			32			113
Class R2		—			1			23
Class R5		17			1			43
Select Class		1,696			2,112			1,782
Custodian and accounting fees		82			46			39
Professional fees		61			25			42
Trustees’ and Chief Compliance Officer’s fees		23			13			13
Printing and mailing costs		138			170			104
Registration and filing fees		171			68			108
Transfer agent fees (See Note 2.E)		78			27			207
Sub-transfer agent fees (See Note 2.E.)		1,275			1,654			1,275
Other		57			12			25
Total expenses		30,809			16,770			17,937
Less fees waived		(950	)		(2,516	)		(2,203	)
Less expense reimbursements		—			(159	)		(23	)
Net expenses		29,859			14,095			15,711
Net investment income (loss)		(12,064	)		4,491			(7,490	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from Investments in non-affiliates		10,611			40,702			218,864
Change in net unrealized appreciation/depreciation on Investments in non-affiliates		(49,510	)		(225,538	)		(426,232	)
Net realized/unrealized gains (losses)		(38,899	)		(184,836	)		(207,368	)
Change in net assets resulting from operations	$	(50,963	)	$	(180,345	)	$	(214,858	)

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Mid Cap Value Fund			Multi-Cap Market Neutral  Fund			Value Advantage Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	136,944		$	2,874		$	114,349
Dividend income from affiliates		138			16			237
Total investment income		137,082			2,890			114,586
EXPENSES:
Investment advisory fees		50,222			1,352			36,959
Administration fees		6,323			116			4,654
Distribution fees:
Class A		3,112			8			2,843
Class C		2,148			25			2,689
Class R2		173			—			—
Shareholder servicing fees:
Class A		3,112			8			2,843
Class C		716			8			896
Class R2		87			—			—
Institutional Class		5,039			—			3,141
Select Class		2,804			337			2,624
Custodian and accounting fees		207			23			132
Interest expense to non-affiliates		—			1			—
Interest expense to affiliates		—			2			—
Professional fees		95			27			93
Trustees’ and Chief Compliance Officer’s fees		65			2			45
Printing and mailing costs		489			3			294
Registration and filing fees		232			25			284
Transfer agent fees (See Note 2.E)		517			4			111
Sub-transfer agent fees (See Note 2.E.)		7,181			17			3,527
Other		68			5			51
Dividend expense to non-affiliates on securities sold short		—			1,628			—
Interest expense to non-affiliates on securities sold short		—			269			—
Total expenses		82,590			3,860			61,186
Less fees waived		(12,608	)		(430	)		(7,000	)
Less earnings credits		—	(a)		—			—
Less expense reimbursements		(525	)		—			(336	)
Net expenses		69,457			3,430			53,850
Net investment income (loss)		67,625			(540	)		60,736
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		223,102			17,641			(38,418	)
Futures		—			159			—
Securities sold short		—			7,326			—
Foreign currency transactions		—			1			—
Net realized gain (loss)		223,102			25,127			(38,418	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(926,118	)		(37,918	)		(605,225	)
Futures		—			(35	)		—
Securities sold short		—			22,928			—
Change in net unrealized appreciation/depreciation		(926,118	)		(15,025	)		(605,225	)
Net realized/unrealized gains (losses)		(703,016	)		10,102			(643,643	)
Change in net assets resulting from operations	$	(635,391	)	$	9,562		$	(582,907	)

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 45

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Growth Advantage Fund						Mid Cap Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(12,064	)	$	(17,194	)	$	4,491		$	9,702
Net realized gain (loss)		10,611			172,792			40,702			165,578
Change in net unrealized appreciation/depreciation		(49,510	)		461,167			(225,538	)		134,637
Change in net assets resulting from operations		(50,963	)		616,765			(180,345	)		309,917
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(183	)		(81	)
From net realized gains		(57,173	)		(32,469	)		(12,309	)		(8,089	)
Class B (a)
From net realized gains		—			(98	)		—			—
Class C
From net realized gains		(20,218	)		(7,969	)		(1,246	)		(990	)
Class R2
From net investment income		—			—			—	(b)		—
From net realized gains		—			—			(39	)		(30	)
Class R5
From net investment income		—			—			(6	)		(2	)
From net realized gains		(2,457	)		(1,758	)		(147	)		(26	)
Class R6
From net investment income		—			—			(3,099	)		(3,446	)
From net realized gains		(86,200	)		(73,271	)		(61,528	)		(46,736	)
Select Class
From net investment income		—			—			(2,603	)		(3,414	)
From net realized gains		(48,267	)		(39,626	)		(75,744	)		(80,115	)
Total distributions to shareholders		(214,315	)		(155,191	)		(156,904	)		(142,929	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,551,574			1,161,499			249,717			363,135
NET ASSETS:
Change in net assets		1,286,296			1,623,073			(87,532	)		530,123
Beginning of period		5,188,280			3,565,207			3,303,293			2,773,170
End of period	$	6,474,576		$	5,188,280		$	3,215,761		$	3,303,293
Accumulated undistributed (distributions in excess of) net investment income	$	(22,367	)	$	(10,303	)	$	(1,425	)	$	(25	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Growth Advantage Fund.

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Mid Cap Growth Fund						Mid Cap Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(7,490	)	$	(11,970	)	$	67,625		$	137,103
Net realized gain (loss)		218,864			173,141			223,102			1,096,684
Change in net unrealized appreciation/depreciation		(426,232	)		150,704			(926,118	)		(12,168	)
Change in net assets resulting from operations		(214,858	)		311,875			(635,391	)		1,221,619
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(9,590	)		(15,287	)
From net realized gains		(56,339	)		(80,615	)		(130,210	)		(197,218	)
Class B (a)
From net realized gains		—			(608	)		—			(668	)
Class C
From net investment income		—			—			—			(1,024	)
From net realized gains		(6,714	)		(6,222	)		(31,402	)		(45,175	)
Class R2
From net investment income		—			—			(113	)		(331	)
From net realized gains		(1,533	)		(345	)		(3,769	)		(5,603	)
Class R5
From net realized gains		(8,974	)		(3,427	)		—			—
Class R6
From net realized gains		(23,518	)		(7,943	)		—			—
Institutional Class
From net investment income		—			—			(89,774	)		(108,605	)
From net realized gains		—			—			(526,794	)		(711,308	)
Select Class
From net investment income		—			—			(14,584	)		(19,269	)
From net realized gains		(50,435	)		(119,065	)		(117,229	)		(172,337	)
Total distributions to shareholders		(147,513	)		(218,225	)		(923,465	)		(1,276,825	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		165,856			787,072			299,933			368,694
NET ASSETS:
Change in net assets		(196,515	)		880,722			(1,258,923	)		313,488
Beginning of period		3,062,526			2,181,804			15,959,073			15,645,585
End of period	$	2,866,011		$	3,062,526		$	14,700,150		$	15,959,073
Accumulated undistributed (distributions in excess of) net investment income	$	(15,461	)	$	(7,971	)	$	(5,151	)	$	41,285

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 47

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Multi-Cap Market Neutral Fund						Value Advantage Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(540	)	$	(3,300	)	$	60,736		$	87,727
Net realized gain (loss)		25,127			2,998			(38,418	)		148,940
Change in net unrealized appreciation/depreciation		(15,025	)		1,106			(605,225	)		322,296
Change in net assets resulting from operations		9,562			804			(582,907	)		558,963
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(13,377	)		(18,586	)
From net realized gains		—			—			(22,280	)		(49,085	)
Class C
From net investment income		—			—			(1,450	)		(2,882	)
From net realized gains		—			—			(7,343	)		(12,315	)
Institutional Class
From net investment income		—			—			(77,515	)		(51,909	)
From net realized gains		—			—			(69,360	)		(93,724	)
Select Class
From net investment income		—			—			(9,572	)		(31,036	)
From net realized gains		—			—			(14,646	)		(67,644	)
Total distributions to shareholders		—			—			(215,543	)		(327,181	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(28,225	)		(161,126	)		658,708			3,369,281
NET ASSETS:
Change in net assets		(18,663	)		(160,322	)		(139,742	)		3,601,063
Beginning of period		290,680			451,002			11,294,507			7,693,444
End of period	$	272,017		$	290,680		$	11,154,765		$	11,294,507
Accumulated undistributed (distributions in excess of) net investment income	$	(1,429	)	$	(889	)	$	(1,830	)	$	39,348

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Growth Advantage Fund						Mid Cap Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	735,277		$	548,977		$	74,185		$	93,435
Distributions reinvested		56,255			31,822			12,454			8,101
Cost of shares redeemed		(160,075	)		(222,820	)		(23,985	)		(35,536	)
Conversion from Class B Shares		—			2,100			—			—
Change in net assets resulting from Class A capital transactions	$	631,457		$	360,079		$	62,654		$	66,000
Class B (a)
Proceeds from shares issued	$	—		$	225		$	—		$	—
Distributions reinvested		—			95			—			—
Cost of shares redeemed		—			(865	)		—			—
Conversion to Class A Shares		—			(2,100	)		—			—
Change in net assets resulting from Class B capital transactions	$	—		$	(2,645	)	$	—		$	—
Class C
Proceeds from shares issued	$	287,850		$	182,071		$	4,550		$	6,417
Distributions reinvested		18,351			6,954			1,244			990
Cost of shares redeemed		(35,380	)		(32,956	)		(2,178	)		(2,929	)
Change in net assets resulting from Class C capital transactions	$	270,821		$	156,069		$	3,616		$	4,478
Class R2
Proceeds from shares issued	$	—		$	—		$	123		$	336
Distributions reinvested		—			—			27			18
Cost of shares redeemed		—			—			(108	)		(251	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	42		$	103
Class R5
Proceeds from shares issued	$	25,906		$	77,457		$	1,959		$	1,637
Distributions reinvested		2,457			1,758			153			28
Cost of shares redeemed		(6,209	)		(1,506,939	)		(497	)		(186	)
Change in net assets resulting from Class R5 capital transactions	$	22,154		$	(1,427,724	)	$	1,615		$	1,479
Class R6
Proceeds from shares issued	$	273,887		$	1,928,585		$	128,793		$	369,933
Distributions reinvested		83,297			70,979			64,380			49,924
Cost of shares redeemed		(28,391	)		(53,688	)		(15,372	)		(35,342	)
Change in net assets resulting from Class R6 capital transactions	$	328,793		$	1,945,876		$	177,801		$	384,515
Select Class
Proceeds from shares issued	$	473,454		$	361,358		$	166,319		$	345,873
Distributions reinvested		31,907			23,846			64,677			60,746
Cost of shares redeemed		(207,012	)		(255,360	)		(227,007	)		(500,059	)
Change in net assets resulting from Select Class capital transactions	$	298,349		$	129,844		$	3,989		$	(93,440	)
Total change in net assets resulting from capital transactions	$	1,551,574		$	1,161,499		$	249,717		$	363,135

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Growth Advantage Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 49

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Growth Advantage Fund						Mid Cap Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		47,557			36,907			1,661			2,053
Reinvested		3,824			2,270			298			188
Redeemed		(10,380	)		(15,105	)		(533	)		(784	)
Conversion from Class B Shares		—			131			—			—
Change in Class A Shares		41,001			24,203			1,426			1,457
Class B (a)
Issued		—			17			—			—
Reinvested		—			7			—			—
Redeemed		—			(64	)		—			—
Conversion to Class A Shares		—			(146	)		—			—
Change in Class B Shares		—			(186	)		—			—
Class C
Issued		20,643			13,414			104			144
Reinvested		1,389			547			30			23
Redeemed		(2,557	)		(2,464	)		(50	)		(65	)
Change in Class C Shares		19,475			11,497			84			102
Class R2
Issued		—			—			2			7
Reinvested		—			—			1			—	(b)
Redeemed		—			—			(2	)		(6	)
Change in Class R2 Shares		—			—			1			1
Class R5
Issued		1,627			5,216			42			35
Reinvested		161			122			4			1
Redeemed		(387	)		(101,089	)		(11	)		(4	)
Change in Class R5 Shares		1,401			(95,751	)		35			32
Class R6
Issued		17,149			128,407			2,819			8,126
Reinvested		5,459			4,909			1,528			1,145
Redeemed		(1,739	)		(3,544	)		(333	)		(779	)
Change in Class R6 Shares		20,869			129,772			4,014			8,492
Select Class
Issued		29,969			23,952			3,666			7,557
Reinvested		2,122			1,668			1,536			1,396
Redeemed		(13,016	)		(16,966	)		(4,978	)		(10,866	)
Change in Select Class Shares		19,075			8,654			224			(1,913	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Growth Advantage Fund.

(b) Amount rounds to less than 1,000 Shares.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Mid Cap Growth Fund						Mid Cap Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	201,904		$	274,574		$	152,388		$	394,792
Distributions reinvested		54,215			76,907			127,887			195,292
Cost of shares redeemed		(103,020	)		(162,077	)		(326,787	)		(1,360,678	)
Conversion from Class B Shares		—			3,778			—			6,728
Change in net assets resulting from Class A capital transactions	$	153,099		$	193,182		$	(46,512	)	$	(763,866	)
Class B (a)
Proceeds from shares issued	$	—		$	27		$	—		$	22
Distributions reinvested		—			593			—			639
Cost of shares redeemed		—			(1,919	)		—			(4,670	)
Conversion to Class A Shares		—			(3,778	)		—			(6,728	)
Change in net assets resulting from Class B capital transactions	$	—		$	(5,077	)	$	—		$	(10,737	)
Class C
Proceeds from shares issued	$	42,799		$	37,238		$	15,390		$	27,636
Distributions reinvested		5,744			5,274			25,199			36,724
Cost of shares redeemed		(9,200	)		(8,786	)		(33,138	)		(72,861	)
Change in net assets resulting from Class C capital transactions	$	39,343		$	33,726		$	7,451		$	(8,501	)
Class R2
Proceeds from shares issued	$	23,796		$	8,894		$	6,355		$	16,445
Distributions reinvested		1,494			345			3,715			5,637
Cost of shares redeemed		(1,843	)		(1,635	)		(9,892	)		(21,709	)
Change in net assets resulting from Class R2 capital transactions	$	23,447		$	7,604		$	178		$	373
Class R5
Proceeds from shares issued	$	81,505		$	139,213		$	—		$	—
Distributions reinvested		8,974			3,427			—			—
Cost of shares redeemed		(15,850	)		(10,062	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	74,629		$	132,578		$	—		$	—
Class R6
Proceeds from shares issued	$	283,930		$	185,884		$	—		$	—
Distributions reinvested		23,176			7,291			—			—
Cost of shares redeemed		(32,004	)		(26,514	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	275,102		$	166,661		$	—		$	—
Institutional Class
Proceeds from shares issued	$	—		$	—		$	797,849		$	2,898,688
Distributions reinvested		—			—			515,077			686,825
Cost of shares redeemed		—			—			(984,522	)		(1,786,837	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	328,404		$	1,798,676

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 51

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Mid Cap Growth Fund						Mid Cap Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS: (continued)
Select Class
Proceeds from shares issued	$	427,113		$	427,509		$	179,926		$	1,046,215
Distributions reinvested		41,535			103,039			119,621			174,083
Cost of shares redeemed		(266,294	)		(272,150	)		(289,135	)		(1,867,549	)
Redemptions in-kind (See Note 7)		(602,118	)		—			—			—
Change in net assets resulting from Select Class capital transactions	$	(399,764	)	$	258,398		$	10,412		$	(647,251	)
Total change in net assets resulting from capital transactions	$	165,856		$	787,072		$	299,933		$	368,694

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Mid Cap Growth Fund						Mid Cap Value Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		7,653			10,468			4,300			10,652
Reinvested		2,266			3,166			3,881			5,494
Redeemed		(3,946	)		(6,089	)		(9,203	)		(36,773	)
Conversion from Class B Shares		—			136			—			178
Change in Class A Shares		5,973			7,681			(1,022	)		(20,449	)
Class B (a)
Issued		—			1			—			1
Reinvested		—			37			—			18
Redeemed		—			(106	)		—			(128	)
Conversion to Class A Shares		—			(202	)		—			(182	)
Change in Class B Shares		—			(270	)		—			(291	)
Class C
Issued		1,973			1,668			461			779
Reinvested		295			262			794			1,070
Redeemed		(432	)		(396	)		(967	)		(2,021	)
Change in Class C Shares		1,836			1,534			288			(172	)
Class R2
Issued		843			310			186			458
Reinvested		57			13			117			164
Redeemed		(65	)		(57	)		(290	)		(607	)
Change in Class R2 Shares		835			266			13			15
Class R5
Issued		2,842			4,578			—			—
Reinvested		329			125			—			—
Redeemed		(535	)		(334	)		—			—
Change in Class R5 Shares		2,636			4,369			—			—
Class R6
Issued		9,500			6,285			—			—
Reinvested		849			266			—			—
Redeemed		(1,087	)		(882	)		—			—
Change in Class R6 Shares		9,262			5,669			—			—
Institutional Class
Issued		—			—			22,039			75,729
Reinvested		—			—			15,274			18,860
Redeemed		—			—			(27,266	)		(47,177	)
Change in Institutional Class Shares		—			—			10,047			47,412
Select Class
Issued		14,554			14,507			5,094			27,961
Reinvested		1,536			3,790			3,589			4,839
Redeemed		(9,115	)		(9,299	)		(8,092	)		(48,879	)
Redemptions in-kind (See Note 7)		(20,287	)		—			—			—
Change in Select Class Shares		(13,312	)		8,998			591			(16,079	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 53

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Multi-Cap Market Neutral Fund						Value Advantage Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,619		$	558		$	426,720		$	1,131,012
Distributions reinvested		—			—			34,154			63,610
Cost of shares redeemed		(938	)		(4,659	)		(571,134	)		(503,182	)
Conversion from Class B Shares		—			79			—			—
Change in net assets resulting from Class A capital transactions	$	681		$	(4,022	)	$	(110,260	)	$	691,440
Class B (a)
Cost of shares redeemed	$	—		$	(129	)	$	—		$	—
Conversion to Class A Shares		—			(79	)		—			—
Change in net assets resulting from Class B capital transactions	$	—		$	(208	)	$	—		$	—
Class C
Proceeds from shares issued	$	754		$	522		$	121,500		$	341,265
Distributions reinvested		—			—			7,430			12,024
Cost of shares redeemed		(952	)		(2,310	)		(60,487	)		(65,697	)
Change in net assets resulting from Class C capital transactions	$	(198	)	$	(1,788	)	$	68,443		$	287,592
Institutional Class
Proceeds from shares issued	$	—		$	—		$	2,575,922		$	2,416,260
Distributions reinvested		—			—			138,428			134,005
Cost of shares redeemed		—			—			(508,024	)		(641,266	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	2,206,326		$	1,908,999
Select Class
Proceeds from shares issued	$	1,223		$	8,612		$	368,274		$	883,261
Distributions reinvested		—			—			17,281			87,369
Cost of shares redeemed		(29,931	)		(163,720	)		(1,891,356	)		(489,380	)
Change in net assets resulting from Select Class capital transactions	$	(28,708	)	$	(155,108	)	$	(1,505,801	)	$	481,250
Total change in net assets resulting from capital transactions	$	(28,225	)	$	(161,126	)	$	658,708		$	3,369,281

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Multi-Cap Market Neutral Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Multi-Cap Market Neutral Fund						Value Advantage Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		159			56			14,780			38,204
Reinvested		—			—			1,238			2,177
Redeemed		(93	)		(468	)		(19,379	)		(16,986	)
Conversion from Class B Shares		—			8			—			—
Change in Class A Shares		66			(404	)		(3,361	)		23,395
Class B (a)
Redeemed		—			(14	)		—			—
Conversion to Class A Shares		—			(8	)		—			—
Change in Class B Shares		—			(22	)		—			—
Class C
Issued		79			56			4,234			11,531
Reinvested		—			—			270			414
Redeemed		(101	)		(245	)		(2,111	)		(2,215	)
Change in Class C Shares		(22	)		(189	)		2,393			9,730
Institutional Class
Issued		—			—			88,843			81,240
Reinvested		—			—			4,985			4,545
Redeemed		—			—			(17,556	)		(21,282	)
Change in Institutional Class Shares		—			—			76,272			64,503
Select Class
Issued		120			848			12,743			29,705
Reinvested		—			—			623			2,972
Redeemed		(2,921	)		(16,074	)		(65,712	)		(16,492	)
Change in Select Class Shares		(2,801	)		(15,226	)		(52,346	)		16,185

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Multi-Cap Market Neutral Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 55

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Growth Advantage Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	15.74	$	(0.05	)(f)	$	(0.14	)	$	(0.19	)	$	—		$	(0.53	)	$	(0.53	)
Year Ended June 30, 2015		14.24		(0.10	)(f)		2.17			2.07			—			(0.57	)		(0.57	)
Year Ended June 30, 2014		11.43		(0.07	)(f)		3.52			3.45			—			(0.64	)		(0.64	)
Year Ended June 30, 2013		9.49		0.01	(f)(g)		1.97			1.98			(0.01	)		(0.03	)		(0.04	)
Year Ended June 30, 2012		9.28		(0.03	)(f)(h)		0.24			0.21			—			—			—
Year Ended June 30, 2011		6.76		(0.04	)(f)		2.56			2.52			—			—			—
Class C
Six Months Ended December 31, 2015 (Unaudited)		14.22		(0.08	)(f)		(0.14	)		(0.22	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		12.98		(0.15	)(f)		1.96			1.81			—			(0.57	)		(0.57	)
Year Ended June 30, 2014		10.51		(0.12	)(f)		3.23			3.11			—			(0.64	)		(0.64	)
Year Ended June 30, 2013		8.77		(0.04	)(f)(g)		1.81			1.77			—			(0.03	)		(0.03	)
Year Ended June 30, 2012		8.61		(0.07	)(f)(h)		0.23			0.16			—			—			—
Year Ended June 30, 2011		6.31		(0.08	)(f)		2.38			2.30			—			—			—
Class R5
Six Months Ended December 31, 2015 (Unaudited)		16.25		(0.02	)(f)		(0.15	)		(0.17	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		14.63		(0.04	)(f)		2.23			2.19			—			(0.57	)		(0.57	)
Year Ended June 30, 2014		11.68		(0.02	)(f)		3.61			3.59			—			(0.64	)		(0.64	)
Year Ended June 30, 2013		9.69		0.06	(f)(g)		2.01			2.07			(0.05	)		(0.03	)		(0.08	)
Year Ended June 30, 2012		9.44		0.01	(f)(h)		0.24			0.25			—			—			—
Year Ended June 30, 2011		6.86		—	(f)(i)		2.58			2.58			—			—			—
Class R6
Six Months Ended December 31, 2015 (Unaudited)		16.27		(0.01	)(f)		(0.15	)		(0.16	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		14.64		(0.03	)(f)		2.23			2.20			—			(0.57	)		(0.57	)
December 23, 2013 (j) through June 30, 2014		13.86		(0.01	)(f)		0.79			0.78			—			—			—
Select Class
Six Months Ended December 31, 2015 (Unaudited)		16.06		(0.04	)(f)		(0.14	)		(0.18	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		14.50		(0.07	)(f)		2.20			2.13			—			(0.57	)		(0.57	)
Year Ended June 30, 2014		11.60		(0.04	)(f)		3.58			3.54			—			(0.64	)		(0.64	)
Year Ended June 30, 2013		9.63		0.04	(f)(g)		1.98			2.02			(0.02	)		(0.03	)		(0.05	)
Year Ended June 30, 2012		9.39		(0.02	)(f)(h)		0.26			0.24			—			—			—
Year Ended June 30, 2011		6.83		(0.02	)(f)		2.58			2.56			—			—			—

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.02), $(0.06), $0.03 and $0.01 for Class A, Class C, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.17)%, (0.66)%, 0.27% and 0.09% for Class A, Class C, Class R5 and Select Class Shares, respectively.

(h) Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment ncome (loss) per share would have been $(0.05), $(0.09), $(0.01) and $(0.03) for Class A, Class C, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.56)%, (1.03)%, (0.12)% and (0.37)% for Class A, Class C, Class R5 and Select Class Shares, respectively.

(i) Amount rounds to less than $0.01.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	15.02		(1.12	)%	$	1,735,538		1.25	%		(0.63	)%		1.34	%		15	%
	15.74		14.99			1,174,260		1.24			(0.65	)		1.35			46
	14.24		30.69			717,564		1.24			(0.51	)		1.31			62
	11.43		20.95			276,670		1.24			0.11	(g)		1.28			76
	9.49		2.26			194,911		1.25			(0.37	)(h)		1.30			86
	9.28		37.28			176,492		1.25			(0.45	)		1.31			96
	13.47		(1.46	)		567,051		1.75			(1.13	)		1.82			15
	14.22		14.43			321,500		1.74			(1.14	)		1.84			46
	12.98		30.12			144,229		1.74			(1.01	)		1.81			62
	10.51		20.27			42,655		1.74			(0.38	)(g)		1.78			76
	8.77		1.86			27,469		1.75			(0.84	)(h)		1.80			86
	8.61		36.45			20,676		1.75			(0.95	)		1.81			96
	15.55		(0.96	)		77,931		0.87			(0.26	)		0.88			15
	16.25		15.42			58,686		0.86			(0.25	)		0.87			46
	14.63		31.25			1,453,864		0.85			(0.11	)		0.86			62
	11.68		21.49			835,233		0.83			0.55	(g)		0.84			76
	9.69		2.65			468,064		0.85			0.07	(h)		0.85			86
	9.44		37.61			179,677		0.86			(0.05	)		0.86			96
	15.58		(0.90	)		2,636,336		0.75			(0.14	)		0.75			15
	16.27		15.48			2,414,333		0.76			(0.17	)		0.77			46
	14.64		5.63			271,958		0.80			(0.15	)		0.82			62
	15.35		(1.04	)		1,457,720		1.08			(0.47	)		1.08			15
	16.06		15.14			1,219,501		1.09			(0.48	)		1.09			46
	14.50		31.03			975,175		1.05			(0.30	)		1.06			62
	11.60		21.14			842,783		1.03			0.37	(g)		1.03			76
	9.63		2.56			662,786		1.05			(0.18	)(h)		1.05			86
	9.39		37.48			836,154		1.06			(0.27	)		1.06			96

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 57

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Mid Cap Equity Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	47.12	$	(0.02	)(f)	$	(2.65	)	$	(2.67	)	$	(0.03	)	$	(2.11	)	$	(2.14	)
Year Ended June 30, 2015		44.91		(0.03	)(f)		4.32			4.29			(0.02	)		(2.06	)		(2.08	)
Year Ended June 30, 2014		38.10		(0.04	)(f)		10.25			10.21			(0.02	)		(3.38	)		(3.40	)
Year Ended June 30, 2013		30.97		0.10	(f)(g)		7.36			7.46			(0.07	)		(0.26	)		(0.33	)
Year Ended June 30, 2012		31.29		0.10	(f)(h)		(0.34	)		(0.24	)		(0.08	)		—			(0.08	)
Year Ended June 30, 2011		22.95		0.04	(f)		8.36			8.40			(0.06	)		—			(0.06	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		46.16		(0.13	)(f)		(2.60	)		(2.73	)		—			(2.11	)		(2.11	)
Year Ended June 30, 2015		44.21		(0.25	)(f)		4.23			3.98			—			(2.03	)		(2.03	)
Year Ended June 30, 2014		37.71		(0.24	)(f)		10.12			9.88			—			(3.38	)		(3.38	)
Year Ended June 30, 2013		30.75		(0.07	)(f)(g)		7.29			7.22			—	(i)		(0.26	)		(0.26	)
Year Ended June 30, 2012		31.16		(0.05	)(f)(h)		(0.35	)		(0.40	)		(0.01	)		—			(0.01	)
Year Ended June 30, 2011		22.93		(0.12	)(f)		8.37			8.25			(0.02	)		—			(0.02	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		46.98		(0.08	)(f)		(2.64	)		(2.72	)		—	(i)		(2.11	)		(2.11	)
Year Ended June 30, 2015		44.87		(0.14	)(f)		4.30			4.16			—			(2.05	)		(2.05	)
March 14, 2014 (j) through June 30, 2014		42.92		(0.05	)(f)		2.01			1.96			(0.01	)		—			(0.01	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		47.49		0.09	(f)		(2.69	)		(2.60	)		(0.09	)		(2.11	)		(2.20	)
Year Ended June 30, 2015		45.15		0.20	(f)		4.33			4.53			(0.13	)		(2.06	)		(2.19	)
March 14, 2014 (j) through June 30, 2014		43.14		0.04	(f)		2.02			2.06			(0.05	)		—			(0.05	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		47.49		0.09	(f)		(2.67	)		(2.58	)		(0.10	)		(2.11	)		(2.21	)
Year Ended June 30, 2015		45.15		0.20	(f)		4.34			4.54			(0.14	)		(2.06	)		(2.20	)
March 14, 2014 (j) through June 30, 2014		43.14		0.04	(f)		2.02			2.06			(0.05	)		—			(0.05	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		47.47		0.06	(f)		(2.67	)		(2.61	)		(0.07	)		(2.11	)		(2.18	)
Year Ended June 30, 2015		45.15		0.13	(f)		4.34			4.47			(0.09	)		(2.06	)		(2.15	)
Year Ended June 30, 2014		38.22		0.11	(f)		10.30			10.41			(0.10	)		(3.38	)		(3.48	)
Year Ended June 30, 2013		31.05		0.20	(f)(g)		7.40			7.60			(0.17	)		(0.26	)		(0.43	)
Year Ended June 30, 2012		31.36		0.19	(f)(h)		(0.33	)		(0.14	)		(0.17	)		—			(0.17	)
Year Ended June 30, 2011		22.97		0.14	(f)		8.37			8.51			(0.12	)		—			(0.12	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.03, $(0.14) and $0.14 for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.09%, (0.39)% and 0.39% for Class A, Class C and Select Class Shares, respectively.

(h) Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend the net investment income (loss) per share would have been $0.05, $(0.10) and $0.14 for Class A, Class C and Select Class Shares, respectively and the net investment income (loss) ratio would have been 0.18%, (0.33)% and 0.48% for Class A, Class C and Select Class Shares, respectively.

(i) Amount rounds to less than $0.01.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	42.31		(5.60	)%	$	268,940		1.25	%		(0.09	)%		1.44	%		17	%
	47.12		9.99			232,320		1.24			(0.06	)		1.44			41
	44.91		27.96			156,016		1.24			(0.08	)		1.41			47
	38.10		24.23			21,171		1.24			0.27	(g)		1.49			67
	30.97		(0.76	)		6,965		1.24			0.34	(h)		1.54			55
	31.29		36.60			2,918		1.24			0.14			1.53			88
	41.32		(5.84	)		26,425		1.75			(0.60	)		1.93			17
	46.16		9.44			25,597		1.74			(0.56	)		1.91			41
	44.21		27.34			20,018		1.74			(0.57	)		1.93			47
	37.71		23.60			6,136		1.74			(0.21	)(g)		2.00			67
	30.75		(1.29	)		1,244		1.75			(0.18	)(h)		2.03			55
	31.16		35.98			447		1.74			(0.40	)		2.06			88
	‘
	42.15		(5.72	)		780		1.50			(0.36	)		1.76			17
	46.98		9.71			823		1.49			(0.31	)		1.69			41
	44.87		4.56			688		1.47			(0.41	)		1.60			47
	42.69		(5.39	)		2,939		0.80			0.37			0.85			17
	47.49		10.49			1,636		0.79			0.43			0.88			41
	45.15		4.77			91		0.78			0.27			0.91			47
	42.70		(5.35	)		1,312,265		0.75			0.41			0.76			17
	47.49		10.53			1,268,988		0.74			0.45			0.80			41
	45.15		4.78			823,036		0.73			0.34			0.86			47
	42.68		(5.43	)		1,604,412		0.90			0.24			1.18			17
	47.47		10.35			1,773,929		0.89			0.29			1.16			41
	45.15		28.45			1,773,321		0.89			0.27			1.18			47
	38.22		24.64			932,920		0.89			0.57	(g)		1.23			67
	31.05		(0.42	)		813,125		0.89			0.64	(h)		1.30			55
	31.36		37.09			568,854		0.89			0.50			1.27			88

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 59

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
Mid Cap Growth Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	27.71	$	(0.09	)(f)	$	(1.87	)	$	(1.96	)	$	(1.46	)
Year Ended June 30, 2015		27.49		(0.18	)(f)		3.19			3.01			(2.79	)
Year Ended June 30, 2014		22.99		(0.13	)(f)(g)		7.42			7.29			(2.79	)
Year Ended June 30, 2013		19.52		(0.04	)(f)(h)		4.50			4.46			(0.99	)
Year Ended June 30, 2012		23.30		(0.05	)(f)(i)		(1.72	)		(1.77	)		(2.01	)
Year Ended June 30, 2011		16.35		(0.09	)(f)		7.04			6.95			—
Class C
Six Months Ended December 31, 2015 (Unaudited)		22.93		(0.13	)(f)		(1.55	)		(1.68	)		(1.46	)
Year Ended June 30, 2015		23.35		(0.26	)(f)		2.63			2.37			(2.79	)
Year Ended June 30, 2014		19.97		(0.22	)(f)(g)		6.39			6.17			(2.79	)
Year Ended June 30, 2013		17.17		(0.12	)(f)(h)		3.91			3.79			(0.99	)
Year Ended June 30, 2012		20.88		(0.13	)(f)(i)		(1.57	)		(1.70	)		(2.01	)
Year Ended June 30, 2011		14.73		(0.18	)(f)		6.33			6.15			—
Class R2
Six Months Ended December 31, 2015 (Unaudited)		29.96		(0.12	)(f)		(2.01	)		(2.13	)		(1.46	)
Year Ended June 30, 2015		29.54		(0.24	)(f)		3.45			3.21			(2.79	)
Year Ended June 30, 2014		24.56		(0.20	)(f)(g)		7.97			7.77			(2.79	)
Year Ended June 30, 2013		20.83		(0.07	)(f)(h)		4.79			4.72			(0.99	)
Year Ended June 30, 2012		24.73		(0.07	)(f)(i)		(1.82	)		(1.89	)		(2.01	)
Year Ended June 30, 2011		17.38		(0.13	)(f)		7.48			7.35			—
Class R5
Six Months Ended December 31, 2015 (Unaudited)		31.26		(0.04	)(f)		(2.10	)		(2.14	)		(1.46	)
Year Ended June 30, 2015		30.52		(0.07	)(f)		3.60			3.53			(2.79	)
Year Ended June 30, 2014		25.15		(0.02	)(f)(g)		8.18			8.16			(2.79	)
Year Ended June 30, 2013		21.18		0.06	(f)(h)		4.90			4.96			(0.99	)
November 1, 2011 (j) through June 30, 2012		21.75		0.04	(f)(i)		1.40			1.44			(2.01	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		31.33		(0.03	)(f)		(2.11	)		(2.14	)		(1.46	)
Year Ended June 30, 2015		30.57		(0.06	)(f)		3.61			3.55			(2.79	)
Year Ended June 30, 2014		25.17		—	(f)(g)(k)		8.19			8.19			(2.79	)
Year Ended June 30, 2013		21.19		0.08	(f)(h)		4.89			4.97			(0.99	)
November 1, 2011 (j) through June 30, 2012		21.75		0.08	(f)(i)		1.37			1.45			(2.01	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		31.06		(0.06	)(f)		(2.09	)		(2.15	)		(1.46	)
Year Ended June 30, 2015		30.39		(0.11	)(f)		3.57			3.46			(2.79	)
Year Ended June 30, 2014		25.08		(0.06	)(f)(g)		8.16			8.10			(2.79	)
Year Ended June 30, 2013		21.15		0.03	(f)(h)		4.89			4.92			(0.99	)
Year Ended June 30, 2012		24.97		0.02	(f)(i)		(1.83	)		(1.81	)		(2.01	)
Year Ended June 30, 2011		17.47		(0.03	)(f)		7.53			7.50			—

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $(0.14), $(0.23), $(0.20), $(0.02), $(0.01) and $(0.06) for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.53)%, (1.03)%, (0.73)%, (0.08)%, (0.03)% and (0.22)% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	24.29		(6.99	)%	$	1,007,816		1.24	%		(0.70	)%		1.37	%		26	%
	27.71		12.37			984,262		1.23			(0.68	)		1.35			57
	27.49		33.44			765,310		1.24			(0.51	)(g)		1.37			69
	22.99		23.70			586,787		1.23			(0.17	)(h)		1.45			70
	19.52		(6.61	)		538,323		1.24			(0.23	)(i)		1.38			70
	23.30		42.51			696,334		1.24			(0.44	)		1.36			79
	19.79		(7.23	)		101,493		1.74			(1.19	)		1.87			26
	22.93		11.78			75,494		1.73			(1.19	)		1.86			57
	23.35		32.85			41,047		1.73			(1.01	)(g)		1.86			69
	19.97		23.03			23,745		1.73			(0.67	)(h)		1.95			70
	17.17		(7.06	)		22,190		1.75			(0.75	)(i)		1.88			70
	20.88		41.75			29,187		1.77			(0.97	)		1.86			79
	26.37		(7.04	)		30,702		1.40			(0.82	)		1.64			26
	29.96		12.18			9,868		1.39			(0.85	)		1.64			57
	29.54		33.25			1,852		1.40			(0.71	)(g)		1.59			69
	24.56		23.46			320		1.39			(0.32	)(h)		1.71			70
	20.83		(6.72	)		230		1.40			(0.35	)(i)		1.63			70
	24.73		42.29			121		1.40			(0.59	)		1.60			79
	27.66		(6.77	)		218,610		0.79			(0.25	)		0.88			26
	31.26		12.87			164,713		0.78			(0.25	)		0.87			57
	30.52		34.06			27,454		0.79			(0.06	)(g)		0.92			69
	25.15		24.22			17,848		0.79			0.28	(h)		1.00			70
	21.18		7.71			14,837		0.78			0.31	(i)		0.92			70
	27.73		(6.76	)		492,194		0.74			(0.17	)		0.76			26
	31.33		12.92			265,905		0.73			(0.19	)		0.78			57
	30.57		34.16			86,150		0.74			(0.01	)(g)		0.86			69
	25.17		24.26			47,434		0.74			0.34	(h)		0.98			70
	21.19		7.76			13,982		0.73			0.58	(i)		0.87			70
	27.45		(6.85	)		1,015,196		0.93			(0.40	)		1.11			26
	31.06		12.68			1,562,284		0.92			(0.37	)		1.12			57
	30.39		33.91			1,254,748		0.93			(0.20	)(g)		1.12			69
	25.08		24.06			894,740		0.93			0.14	(h)		1.20			70
	21.15		(6.31	)		827,306		0.93			0.09	(i)		1.13			70
	24.97		42.93			1,031,463		0.93			(0.13	)		1.10			79

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.09), $(0.17), $(0.13), $0.01, $0.02 and $(0.02) for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.42)%, (0.92)%, (0.57)%, 0.04%, 0.09% and (0.10)% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(i) Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $(0.09), $(0.17), $(0.12), less than $0.01, $0.03 and $(0.03) for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.46)%, (0.97)%, (0.57)%, (0.03)%, 0.24% and (0.14)% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(j) Commencement of offering of class of shares.

(k) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 61

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Mid Cap Value Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	36.98	$	0.10	(f)	$	(1.67	)	$	(1.57	)	$	(0.14	)	$	(1.95	)	$	(2.09	)
Year Ended June 30, 2015		37.25		0.20	(f)		2.52			2.72			(0.20	)		(2.79	)		(2.99	)
Year Ended June 30, 2014		31.68		0.15	(f)(g)		7.02			7.17			(0.15	)		(1.45	)		(1.60	)
Year Ended June 30, 2013		25.80		0.19	(f)(h)		6.20			6.39			(0.29	)		(0.22	)		(0.51	)
Year Ended June 30, 2012		24.76		0.20	(f)		1.00			1.20			(0.16	)		—			(0.16	)
Year Ended June 30, 2011		18.91		0.18	(f)		5.85			6.03			(0.18	)		—			(0.18	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		35.79		—	(f)(i)		(1.61	)		(1.61	)		—			(1.95	)		(1.95	)
Year Ended June 30, 2015		36.19		0.01	(f)		2.44			2.45			(0.06	)		(2.79	)		(2.85	)
Year Ended June 30, 2014		30.84		(0.03	)(f)(g)		6.83			6.80			—	(i)		(1.45	)		(1.45	)
Year Ended June 30, 2013		25.14		0.05	(f)(h)		6.03			6.08			(0.16	)		(0.22	)		(0.38	)
Year Ended June 30, 2012		24.13		0.07	(f)		0.98			1.05			(0.04	)		—			(0.04	)
Year Ended June 30, 2011		18.44		0.07	(f)		5.69			5.76			(0.07	)		—			(0.07	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		35.73		0.05	(f)		(1.61	)		(1.56	)		(0.06	)		(1.95	)		(2.01	)
Year Ended June 30, 2015		36.14		0.10	(f)		2.43			2.53			(0.15	)		(2.79	)		(2.94	)
Year Ended June 30, 2014		30.81		0.06	(f)(g)		6.82			6.88			(0.10	)		(1.45	)		(1.55	)
Year Ended June 30, 2013		25.18		0.12	(f)(h)		6.03			6.15			(0.30	)		(0.22	)		(0.52	)
Year Ended June 30, 2012		24.27		0.14	(f)		0.97			1.11			(0.20	)		—			(0.20	)
Year Ended June 30, 2011		18.63		0.12	(f)		5.76			5.88			(0.24	)		—			(0.24	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		37.76		0.19	(f)		(1.71	)		(1.52	)		(0.32	)		(1.95	)		(2.27	)
Year Ended June 30, 2015		37.99		0.40	(f)		2.56			2.96			(0.40	)		(2.79	)		(3.19	)
Year Ended June 30, 2014		32.26		0.32	(f)(g)		7.17			7.49			(0.31	)		(1.45	)		(1.76	)
Year Ended June 30, 2013		26.24		0.34	(f)(h)		6.31			6.65			(0.41	)		(0.22	)		(0.63	)
Year Ended June 30, 2012		25.19		0.32	(f)		1.01			1.33			(0.28	)		—			(0.28	)
Year Ended June 30, 2011		19.22		0.30	(f)		5.95			6.25			(0.28	)		—			(0.28	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		37.36		0.14	(f)		(1.68	)		(1.54	)		(0.23	)		(1.95	)		(2.18	)
Year Ended June 30, 2015		37.61		0.28	(f)		2.55			2.83			(0.29	)		(2.79	)		(3.08	)
Year Ended June 30, 2014		31.95		0.23	(f)(g)		7.10			7.33			(0.22	)		(1.45	)		(1.67	)
Year Ended June 30, 2013		26.01		0.27	(f)(h)		6.24			6.51			(0.35	)		(0.22	)		(0.57	)
Year Ended June 30, 2012		24.97		0.26	(f)		1.01			1.27			(0.23	)		—			(0.23	)
Year Ended June 30, 2011		19.07		0.24	(f)		5.90			6.14			(0.24	)		—			(0.24	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $0.14, $(0.03), $0.05, $0.32 and $0.23 for Class A, Class C, Class R2, Institutional Class and Select Class Shares, respectively and the net investment income (loss) ratio would have been 0.41%, (0.10)%, 0.16%, 0.90% and 0.66% for Class A, Class C, Class R2, Institutional Class and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $0.16, $0.01, $0.09, $0.31 and $0.23 for Class A, Class C, Class R2, Institutional Class and Select Class Shares, respectively and the net investment income (loss) ratio would have been 0.55%, 0.04%, 0.31%, 1.04% and 0.80% for Class A, Class C, Class R2, Institutional Class and Select Class Shares, respectively.

(i) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes  sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	33.32		(4.16	)%	$	2,329,955		1.24	%		0.54	%		1.40	%		7	%
	36.98		7.68			2,623,772		1.23			0.53			1.38			18
	37.25		23.25			3,404,974		1.23			0.42	(g)		1.37			25
	31.68		25.06			3,157,503		1.23			0.67	(h)		1.38			23
	25.80		4.92			1,986,930		1.24			0.83			1.41			30
	24.76		31.96			1,979,270		1.23			0.81			1.39			41
	32.23		(4.41	)		545,458		1.75			0.03			1.83			7
	35.79		7.12			595,385		1.74			0.03			1.84			18
	36.19		22.63			608,283		1.74			(0.09	)(g)		1.87			25
	30.84		24.43			534,813		1.74			0.16	(h)		1.88			23
	25.14		4.38			370,781		1.75			0.32			1.91			30
	24.13		31.29			373,415		1.74			0.30			1.89			41
	32.16		(4.28	)		64,927		1.50			0.28			1.74			7
	35.73		7.38			71,697		1.49			0.28			1.71			18
	36.14		22.94			71,958		1.49			0.17	(g)		1.62			25
	30.81		24.71			57,003		1.49			0.43	(h)		1.63			23
	25.18		4.65			14,824		1.49			0.59			1.66			30
	24.27		31.66			6,500		1.49			0.50			1.65			41
	33.97		(3.93	)		9,626,398		0.75			1.03			0.94			7
	37.76		8.19			10,320,516		0.74			1.05			0.94			18
	37.99		23.88			8,581,992		0.74			0.92	(g)		0.97			25
	32.26		25.68			6,627,529		0.74			1.16	(h)		0.98			23
	26.24		5.43			3,543,900		0.74			1.33			1.01			30
	25.19		32.66			2,812,296		0.74			1.29			0.99			41
	33.64		(4.02	)		2,133,412		0.99			0.79			1.11			7
	37.36		7.92			2,347,703		0.98			0.75			1.10			18
	37.61		23.59			2,967,759		0.98			0.67	(g)		1.12			25
	31.95		25.35			2,870,752		0.98			0.92	(h)		1.13			23
	26.01		5.20			1,836,012		0.98			1.09			1.16			30
	24.97		32.29			1,513,926		0.98			1.05			1.14			41

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations
Multi-Cap Market Neutral Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	9.87	$	(0.03	)(g)	$	0.36	$	0.33
Year Ended June 30, 2015		9.91		(0.11	)(g)		0.07		(0.04	)
Year Ended June 30, 2014		9.79		(0.13	)(g)		0.25		0.12
Year Ended June 30, 2013		9.69		(0.11	)(g)(h)		0.21		0.10
Year Ended June 30, 2012		9.81		(0.14	)(g)		0.02		(0.12	)
Year Ended June 30, 2011		9.71		(0.16	)(g)		0.26		0.10
Class C
Six Months Ended December 31, 2015 (Unaudited)		9.31		(0.05	)(g)		0.34		0.29
Year Ended June 30, 2015		9.40		(0.15	)(g)		0.06		(0.09	)
Year Ended June 30, 2014		9.33		(0.17	)(g)		0.24		0.07
Year Ended June 30, 2013		9.30		(0.17	)(g)(h)		0.20		0.03
Year Ended June 30, 2012		9.48		(0.20	)(g)		0.02		(0.18	)
Year Ended June 30, 2011		9.46		(0.23	)(g)		0.25		0.02
Select Class
Six Months Ended December 31, 2015 (Unaudited)		10.07		(0.02	)(g)		0.37		0.35
Year Ended June 30, 2015		10.09		(0.09	)(g)		0.07		(0.02	)
Year Ended June 30, 2014		9.94		(0.11	)(g)		0.26		0.15
Year Ended June 30, 2013		9.82		(0.09	)(g)(h)		0.21		0.12
Year Ended June 30, 2012		9.91		(0.12	)(g)		0.03		(0.09	)
Year Ended June 30, 2011		9.79		(0.14	)(g)		0.26		0.12

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(e) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.32% and 1.75% for the six months ended December 31, 2015, 1.48% and 1.95% for the year ended June 30, 2015, 1.49% and 1.91% for 2014, 1.48% and 1.88% for 2013, 1.48% and 1.94% for 2012, and 1.49% and 1.95% for 2011; for Class C are 1.82% and 2.28% for the six months ended December 31, 2015, 1.98% and 2.45% for the year ended June 30, 2015, 1.99% and 2.40% for 2014, 2.15% and 2.38% for 2013, 2.23% and 2.44% for 2012, 2.24% and 2.45% for 2011; for Select Class are 1.06% and 1.36% for the six months ended December 31, 2015, 1.23% and 1.64% for the year ended June 30, 2015, 1.23% and 1.65% for 2014, 1.23% and 1.63% for 2013, 1.23% and 1.69% for 2012, and 1.24% and 1.70% for 2011, respectively.

(f) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(g) Calculated based upon average shares outstanding.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.13), $(0.19) and $(0.11) for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (1.38)%, (2.06)% and (1.16)% for Class A, Class C and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities  sold short) (d)(e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including  dividend and interest expense for securities sold short) (e)			Portfolio turnover rate (excluding securities sold short) (b)(f)			Portfolio turnover rate (including securities sold short) (b)(f)
$	10.20		3.34	%	$	7,161		2.67	%		(0.59	)%		3.10	%		51	%		106	%
	9.87		(0.40	)		6,273		2.68			(1.14	)		3.15			74			204
	9.91		1.23			10,301		2.78			(1.36	)		3.20			106			227
	9.79		1.03			14,101		3.04			(1.13	)(h)		3.44			94			251
	9.69		(1.22	)		19,759		2.86			(1.42	)		3.32			151			316
	9.81		1.03			29,216		2.92			(1.65	)		3.38			145			339
	9.60		3.11			6,761		3.17			(1.10	)		3.63			51			106
	9.31		(0.96	)		6,760		3.18			(1.62	)		3.65			74			204
	9.40		0.75			8,602		3.28			(1.85	)		3.70			106			227
	9.33		0.32			11,181		3.69			(1.81	)(h)		3.92			94			251
	9.30		(1.90	)		15,677		3.61			(2.17	)		3.82			151			316
	9.48		0.21			22,094		3.67			(2.46	)		3.88			145			339
	10.42		3.48			258,095		2.41			(0.36	)		2.71			51			106
	10.07		(0.20	)		277,647		2.43			(0.89	)		2.84			74			204
	10.09		1.51			431,890		2.52			(1.07	)		2.94			106			227
	9.94		1.22			317,974		2.78			(0.90	)(h)		3.18			94			251
	9.82		(0.91	)		476,803		2.61			(1.17	)		3.07			151			316
	9.91		1.23			491,653		2.67			(1.39	)		3.13			145			339

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 65

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Value Advantage Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	29.84	$	0.11	(f)	$	(1.68	)	$	(1.57	)	$	(0.17	)	$	(0.29	)	$	(0.46	)
Year Ended June 30, 2015		29.15		0.19	(f)		1.47			1.66			(0.26	)		(0.71	)		(0.97	)
Year Ended June 30, 2014		24.64		0.34	(f)		5.03			5.37			(0.16	)		(0.70	)		(0.86	)
Year Ended June 30, 2013		19.96		0.22	(f)		4.75			4.97			(0.20	)		(0.09	)		(0.29	)
Year Ended June 30, 2012		19.07		0.25	(f)		0.84			1.09			(0.20	)		—			(0.20	)
Year Ended June 30, 2011		15.22		0.23	(f)		3.79			4.02			(0.17	)		—			(0.17	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		29.72		0.04	(f)		(1.67	)		(1.63	)		(0.06	)		(0.29	)		(0.35	)
Year Ended June 30, 2015		29.08		0.04	(f)		1.47			1.51			(0.16	)		(0.71	)		(0.87	)
Year Ended June 30, 2014		24.61		0.20	(f)		5.02			5.22			(0.05	)		(0.70	)		(0.75	)
Year Ended June 30, 2013		19.91		0.11	(f)		4.74			4.85			(0.06	)		(0.09	)		(0.15	)
Year Ended June 30, 2012		19.01		0.16	(f)		0.84			1.00			(0.10	)		—			(0.10	)
Year Ended June 30, 2011		15.17		0.14	(f)		3.77			3.91			(0.07	)		—			(0.07	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		30.06		0.19	(f)		(1.71	)		(1.52	)		(0.32	)		(0.29	)		(0.61	)
Year Ended June 30, 2015		29.31		0.34	(f)		1.50			1.84			(0.38	)		(0.71	)		(1.09	)
Year Ended June 30, 2014		24.74		0.48	(f)		5.04			5.52			(0.25	)		(0.70	)		(0.95	)
Year Ended June 30, 2013		19.99		0.34	(f)		4.75			5.09			(0.25	)		(0.09	)		(0.34	)
Year Ended June 30, 2012		19.11		0.35	(f)		0.83			1.18			(0.30	)		—			(0.30	)
Year Ended June 30, 2011		15.24		0.32	(f)		3.79			4.11			(0.24	)		—			(0.24	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		29.99		0.14	(f)		(1.68	)		(1.54	)		(0.19	)		(0.29	)		(0.48	)
Year Ended June 30, 2015		29.27		0.27	(f)		1.48			1.75			(0.32	)		(0.71	)		(1.03	)
Year Ended June 30, 2014		24.72		0.42	(f)		5.03			5.45			(0.20	)		(0.70	)		(0.90	)
Year Ended June 30, 2013		20.00		0.28	(f)		4.75			5.03			(0.22	)		(0.09	)		(0.31	)
Year Ended June 30, 2012		19.12		0.30	(f)		0.83			1.13			(0.25	)		—			(0.25	)
Year Ended June 30, 2011		15.27		0.28	(f)		3.79			4.07			(0.22	)		—			(0.22	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	27.81		(5.24	)%	$	2,180,257		1.24	%		0.77	%		1.43	%		7	%
	29.84		5.78			2,440,061		1.24			0.64			1.41			17
	29.15		22.19			1,701,250		1.24			1.26			1.33			36
	24.64		25.09			784,359		1.24			0.98			1.33			22
	19.96		5.83			206,816		1.25			1.34			1.41			49
	19.07		26.45			232,103		1.24			1.28			1.34			33
	27.74		(5.49	)		720,642		1.74			0.28			1.84			7
	29.72		5.26			701,023		1.73			0.14			1.83			17
	29.08		21.58			402,880		1.74			0.74			1.83			36
	24.61		24.45			212,198		1.74			0.49			1.83			22
	19.91		5.32			117,937		1.75			0.84			1.91			49
	19.01		25.82			131,743		1.74			0.78			1.84			33
	27.93		(5.04	)		6,831,402		0.74			1.31			0.88			7
	30.06		6.36			5,058,172		0.74			1.15			0.90			17
	29.31		22.77			3,042,506		0.74			1.77			0.93			36
	24.74		25.73			1,455,125		0.74			1.50			0.93			22
	19.99		6.36			384,525		0.75			1.86			1.01			49
	19.11		27.06			284,433		0.74			1.79			0.94			33
	27.97		(5.13	)		1,422,464		0.99			0.95			1.03			7
	29.99		6.05			3,095,251		0.99			0.89			1.05			17
	29.27		22.49			2,546,808		0.99			1.53			1.08			36
	24.72		25.38			1,245,241		0.99			1.23			1.08			22
	20.00		6.09			422,861		1.00			1.62			1.16			49
	19.12		26.75			270,562		0.99			1.53			1.09			33

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 67

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”), an open-end management investment company, was organized as a Massachusetts business trust on September 23, 1997.

J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG”, with JPM I, JPM II and JPMMFIT (collectively, the “Trusts”)), an open-end management investment company, was organized as a Maryland corporation on August 19, 1997.

The following are 6 separate funds of the Trusts (collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
Growth Advantage Fund	Class A, Class C, Class R5, Class R6 and Select Class	JPMMFIT	Diversified
Mid Cap Equity Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	JPM I	Diversified
Mid Cap Growth Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	JPM II	Diversified
Mid Cap Value Fund	Class A, Class C, Class R2, Institutional Class and Select Class	JPMFMFG	Diversified
Multi-Cap Market Neutral Fund	Class A, Class C, and Select Class	JPM II	Diversified
Value Advantage Fund	Class A, Class C, Institutional Class and Select Class	JPM I	Diversified

The investment objective of Growth Advantage Fund and Mid Cap Equity Fund is to seek to provide long-term capital growth.

The investment objective of Mid Cap Growth Fund is to seek growth of capital.

The investment objective of Mid Cap Value Fund is to seek growth from capital appreciation.

The investment objective of Multi-Cap Market Neutral Fund is to seek long-term capital preservation and growth by using strategies designed to produce returns which have no correlation with general domestic market performance.

The investment objective of Value Advantage Fund is to seek to provide long-term total return from a combination of income and capital gains.

Effective as of the close of business on January 3, 2014, all share classes of the Mid Cap Equity Fund are publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses.

Effective as of the close of business on February 22, 2013, all share classes of the Mid Cap Value Fund are publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2, Class R5, Class R6, Institutional Class and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

On June 19, 2015, all remaining Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC. 

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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 Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

68 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Growth Advantage Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	6,446,833		$	–	$	–	$	6,446,833
Mid Cap Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,215,181		$	–	$	–	$	3,215,181
Mid Cap Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,869,836		$	–	$	–	$	2,869,836
Mid Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	14,766,099		$	–	$	–	$	14,766,099
Multi-Cap Market Neutral Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	270,507		$	–	$	–	$	270,507
Total Liabilities for Securities Sold Short (a)	$	(241,707	)	$	–	$	–	$	(241,707	)
Appreciation in Other Financial Instruments
Futures Contracts	$	1		$	–	$	–	$	1

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 69

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

Value Advantage Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	11,154,544	$	–	$	–	$	11,154,544

(a) All portfolio holdings designated as Level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings. There were no transfers among any levels during the six months ended December 31, 2015.

B. Short Sales — Multi-Cap Market Neutral Fund engages in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as an asset on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net income or fee is reported as Interest income or Interest expense, respectively, on securities sold short on the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short.

Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as change in net unrealized appreciation (depreciation) on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.

As of December 31, 2015, the Fund had outstanding short sales as listed on the SOIs.

C. Futures Contracts — Multi-Cap Market Neutral Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Fund also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Fund to equity price risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade.

The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

70 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended December 31, 2015 (amounts in thousands):

	Multi-Cap Market Neutral Fund
Futures Contracts:
Average Notional Balance short	$	4,221
Ending Notional Balance Short		2,727

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

D. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, and dividend expense on securities sold short, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

E. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended December 31, 2015 are as follows (amounts in thousands):

	Class A		Class C		Class R2			Class R5			Class R6		Institutional Class		Select Class		Total
Growth Advantage Fund
Transfer agent fees	$	41	$	13		n/a		$	2		$	8		n/a	$	14	$	78
Sub-transfer agent fees		585		134		n/a			24			—		n/a		532		1,275
Mid Cap Equity Fund
Transfer agent fees		6		2	$	—	(a)		—	(a)		5		n/a		14		27
Sub-transfer agent fees		215		20		1			—	(a)		—		n/a		1,418		1,654
Mid Cap Growth Fund
Transfer agent fees		178		6		2			2			5		n/a		14		207
Sub-transfer agent fees		405		42		10			62			—		n/a		756		1,275
Mid Cap Value Fund
Transfer agent fees		83		14		5			n/a			n/a	$	20		395		517
Sub-transfer agent fees		1,779		202		78			n/a			n/a		3,940		1,182		7,181
Multi-Cap Market Neutral Fund
Transfer agent fees		1		1		n/a			n/a			n/a		n/a		2		4
Sub-transfer agent fees		4		5		n/a			n/a			n/a		n/a		8		17
Value Advantage Fund
Transfer agent fees		43		21		n/a			n/a			n/a		30		17		111
Sub-transfer agent fees		1,999		288		n/a			n/a			n/a		989		251		3,527

(a) Amount rounds to less than $1,000.

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

G. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually, except for the Mid Cap Equity Fund, Mid Cap Growth Fund and Multi-Cap Market Neutral Fund, for which distributions are generally declared and paid at least quarterly. Distributions are declared separately for each class of each Fund. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreements, J.P. Morgan Investment Management Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Growth Advantage Fund	0.65	%
Mid Cap Equity Fund	0.65
Mid Cap Growth Fund	0.65
Mid Cap Value Fund	0.65
Multi-Cap Market Neutral Fund*	0.80
Value Advantage Fund	0.65

* Prior to September 1, 2015, the investment advisory fee for Multi-Cap Market Neutral Fund was 1.25%.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2015, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trusts’ exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2
Growth Advantage Fund		0.25	%		0.75	%		n/a
Mid Cap Equity Fund		0.25			0.75			0.50	%
Mid Cap Growth Fund		0.25			0.75			0.50
Mid Cap Value Fund		0.25			0.75			0.50
Multi-Cap Market Neutral Fund		0.25			0.75			n/a
Value Advantage Fund		0.25			0.75			n/a

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Growth Advantage Fund	$	796		$	2
Mid Cap Equity Fund		180			—
Mid Cap Growth Fund		119			1
Mid Cap Value Fund		16			—	(a)
Multi-Cap Market Neutral Fund		—	(a)		—
Value Advantage Fund		316			2

(a) Amount rounds to less than $1,000.

72 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into Shareholder Servicing Agreements with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R5			Institutional Class			Select Class
Growth Advantage Fund		0.25	%		0.25	%		n/a			0.05	%		n/a			0.25	%
Mid Cap Equity Fund		0.25			0.25			0.25	%		0.05			n/a			0.25
Mid Cap Growth Fund		0.25			0.25			0.25			0.05			n/a			0.25
Mid Cap Value Fund		0.25			0.25			0.25			n/a			0.10	%		0.25
Multi-Cap Market Neutral Fund		0.25			0.25			n/a			n/a			n/a			0.25
Value Advantage Fund		0.25			0.25			n/a			n/a			0.10			0.25

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The Distributor waived Shareholder Servicing fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or Distributor have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R5			Class R6			Institutional Class			Select Class
Growth Advantage Fund		1.25	%		1.75	%		n/a			0.90	%		0.85	%		n/a			1.10	%
Mid Cap Equity Fund		1.25			1.75			1.50	%		0.80			0.75			n/a			0.90
Mid Cap Growth Fund		1.24			1.74			1.40			0.79			0.74			n/a			0.93
Mid Cap Value Fund		1.24			1.75			1.50			n/a			n/a			0.75	%		0.99
Multi-Cap Market Neutral Fund		1.25	*		1.75	*		n/a			n/a			n/a			n/a			0.99	*
Value Advantage Fund		1.25			1.75			n/a			n/a			n/a			0.75			1.00

* Prior to September 1, 2015, the contractual expense limitation for Multi-Cap Market Neutral Fund was 1.50%, 2.00% and 1.25% for Class A, Class C and Select Class Shares, respectively.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2015. The contractual expense limitation percentages in the table above are in place until at least October 31, 2016.

For the six months ended December 31, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Growth Advantage Fund	$	—	$	—	$	774	$	774	$	—
Mid Cap Equity Fund		31		20		2,355		2,406		159
Mid Cap Growth Fund		149		96		1,854		2,099		23
Mid Cap Value Fund		3,355		2,238		6,610		12,203		525
Multi-Cap Market Neutral Fund		275		116		10		401		—
Value Advantage Fund		870		581		4,860		6,311		336

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective November 1, 2015, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to November 1, 2015, a portion of the waiver was voluntary.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2015 was as follows (amounts in thousands):

Growth Advantage Fund	$	176
Mid Cap Equity Fund		110
Mid Cap Growth Fund		104
Mid Cap Value Fund		405
Multi-Cap Market Neutral Fund		29
Value Advantage Fund		689

G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2015, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended December 31, 2015, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Growth Advantage Fund	$	1
Mid Cap Equity Fund		—	(a)
Mid Cap Growth Fund		—	(a)
Mid Cap Value Fund		—	(a)
Multi-Cap Market Neutral Fund		—	(a)
Value Advantage Fund		6

(a) Amount rounds to less than $1,000.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended December 31, 2015, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Growth Advantage Fund	$	2,106,961	$	834,963	$	—	$	—
Mid Cap Equity Fund		642,031		517,585		—		—
Mid Cap Growth Fund		1,380,680		776,544		—		—
Mid Cap Value Fund		1,084,974		1,146,695		—		—
Multi-Cap Market Neutral Fund		135,862		126,344		148,770		129,458
Value Advantage Fund		2,055,471		797,861		—		—

During the six months ended December 31, 2015, there were no purchases or sales of U.S. Government securities.

74 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	5,065,608	$	1,529,214	$	147,989	$	1,381,225
Mid Cap Equity Fund		2,608,462		740,455		133,736		606,719
Mid Cap Growth Fund		2,507,661		470,341		108,166		362,175
Mid Cap Value Fund		10,387,786		4,802,709		424,396		4,378,313
Multi-Cap Market Neutral Fund		269,692		22,215		21,400		815
Value Advantage Fund		10,108,360		1,582,912		536,728		1,046,184

Under the Regulated Investment Company Modernization Act of 2010 (“the “Act”), net capital losses recognized by the Funds after June 30, 2011 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At June 30, 2015, the Funds did not have any post-enactment capital loss carryforwards.

At June 30, 2015, the following Funds had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

	2016		2017		2018			Total
Mid Cap Value Fund	$	—	$	—	$	22,101	*	$	22,101	*
Multi-Cap Market Neutral Fund		16,117		—		—			16,117

* Amount includes capital loss carryforwards from business combinations, which are limited in future years under Internal Revenue Code Sections 381—384. Excludes approximately $5,263,000 of losses no longer available due to merger limitations.

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015, or at any time during the six months then ended.

7. Redemptions in-Kind

During the six months ended December 31, 2015, certain Select Class shareholders sold their shares of Mid Cap Growth Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as of the close of business on the date and at the market value listed below (amounts in thousands):

November 6, 2015	Value			Realized Gains (Losses)		Type
Select Class	$	602,118	*	$	203,177		Redemptions in-kind

* This amount includes cash of approximately $25,788,000 associated with the redemption in-kind.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

8. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

As of December 31, 2015, an affiliate of the Adviser had investment discretion with respect to its clients’ holdings in the Funds, which collectively represent the following percentage of each Fund’s net assets:

	% of the Fund
Growth Advantage Fund Mid Cap Equity Fund		13.0 24.8	%

As of December 31, 2015, the J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of certain Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Growth Advantage Fund		n/a			35.0	%
Mid Cap Equity Fund		n/a			35.8
Multi-Cap Market Neutral Fund		90.2	%		n/a
Value Advantage Fund		n/a			18.6

As of December 31, 2015, Mid Cap Equity Fund, Mid Cap Value Fund and Value Advantage Fund, each had a shareholder, which is an account maintained by a financial intermediary on behalf of its clients, that collectively owned shares representing the following percentage of each applicable Fund’s net assets:

	% of the Fund
Mid Cap Equity Fund Mid Cap Value Fund Value Advantage Fund		10.8 17.0 18.7	%

Significant shareholder transactions by these shareholders may impact the Funds’ performance.

As of December 31, 2015, the Multi-Cap Market Neutral Fund pledged a significant portion of its assets for securities sold short to Citigroup Global Markets, Inc., who also held 100% of the Multi-Cap Market Neutral Fund’s cash proceeds for securities sold short.

9. Subsequent Events

During the period December 31, 2015 through February 23, 2016, affiliated fund of funds of Multi-Cap Market Neutral Fund redeemed approximately $75,037,000. This amount represents 27.6% of the Fund’s net assets as of December 31, 2015.

During the period December 31, 2015 through February 23, 2016 certain shareholders of Mid Cap Equity Fund redeemed approximately $693,000,000. This amount represents 21.6% of the Fund’s net assets as of December 31, 2015.

76 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2015, and continued to hold your shares at the end of the reporting period, December 31, 2015.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Growth Advantage Fund
Class A
Actual	$	1,000.00	$	988.80	$	6.25		1.25	%
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class C
Actual		1,000.00		985.40		8.73		1.75
Hypothetical		1,000.00		1,016.34		8.87		1.75
Class R5
Actual		1,000.00		990.40		4.35		0.87
Hypothetical		1,000.00		1,020.76		4.42		0.87
Class R6
Actual		1,000.00		991.00		3.75		0.75
Hypothetical		1,000.00		1,021.37		3.81		0.75
Select Class
Actual		1,000.00		989.60		5.40		1.08
Hypothetical		1,000.00		1,019.71		5.48		1.08
Mid Cap Equity Fund
Class A
Actual		1,000.00		944.00		6.11		1.25
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class C
Actual		1,000.00		941.60		8.54		1.75
Hypothetical		1,000.00		1,016.34		8.87		1.75
Class R2
Actual		1,000.00		942.80		7.33		1.50
Hypothetical		1,000.00		1,017.60		7.61		1.50

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 77

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Mid Cap Equity Fund (continued)
Class R5
Actual	$	1,000.00	$	946.10	$	3.91		0.80	%
Hypothetical		1,000.00		1,021.11		4.06		0.80
Class R6
Actual		1,000.00		946.50		3.67		0.75
Hypothetical		1,000.00		1,021.37		3.81		0.75
Select Class
Actual		1,000.00		945.70		4.40		0.90
Hypothetical		1,000.00		1,020.61		4.57		0.90
Mid Cap Growth Fund
Class A
Actual		1,000.00		930.10		6.02		1.24
Hypothetical		1,000.00		1,018.90		6.29		1.24
Class C
Actual		1,000.00		927.70		8.43		1.74
Hypothetical		1,000.00		1,016.39		8.82		1.74
Class R2
Actual		1,000.00		929.60		6.79		1.40
Hypothetical		1,000.00		1,018.10		7.10		1.40
Class R5
Actual		1,000.00		932.30		3.84		0.79
Hypothetical		1,000.00		1,021.17		4.01		0.79
Class R6
Actual		1,000.00		932.40		3.59		0.74
Hypothetical		1,000.00		1,021.42		3.76		0.74
Select Class
Actual		1,000.00		931.50		4.52		0.93
Hypothetical		1,000.00		1,020.46		4.72		0.93
Mid Cap Value Fund
Class A
Actual		1,000.00		958.40		6.10		1.24
Hypothetical		1,000.00		1,018.90		6.29		1.24
Class C
Actual		1,000.00		955.90		8.60		1.75
Hypothetical		1,000.00		1,016.34		8.87		1.75
Class R2
Actual		1,000.00		957.20		7.38		1.50
Hypothetical		1,000.00		1,017.60		7.61		1.50
Institutional Class
Actual		1,000.00		960.70		3.70		0.75
Hypothetical		1,000.00		1,021.37		3.81		0.75
Select Class
Actual		1,000.00		959.80		4.88		0.99
Hypothetical		1,000.00		1,020.16		5.03		0.99
Multi-Cap Market Neutral Fund
Class A
Actual		1,000.00		1,033.40		13.65		2.67
Hypothetical		1,000.00		1,011.71		13.50		2.67
Class C
Actual		1,000.00		1,031.10		16.18		3.17
Hypothetical		1,000.00		1,009.20		16.01		3.17
Select Class
Actual		1,000.00		1,034.80		12.33		2.41
Hypothetical		1,000.00		1,013.02		12.19		2.41

78 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Multi-Cap Market Neutral Fund (continued)
Value Advantage Fund
Class A
Actual	$	1,000.00	$	947.60	$	6.07		1.24	%
Hypothetical		1,000.00		1,018.90		6.29		1.24
Class C
Actual		1,000.00		945.10		8.51		1.74
Hypothetical		1,000.00		1,016.39		8.82		1.74
Institutional Class
Actual		1,000.00		949.60		3.63		0.74
Hypothetical		1,000.00		1,021.42		3.76		0.74
Select Class
Actual		1,000.00		948.70		4.85		0.99
Hypothetical		1,000.00		1,020.16		5.03		0.99

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 79

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of the Funds in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in

executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

80 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each of the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Mid Cap Growth Fund, Mid Cap Value Fund and Multi-Cap Market Neutral Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Growth Advantage Fund, Mid Cap Equity Fund, and Value Advantage Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 81

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Growth Advantage Fund’s performance was in the third, first, and first quintiles for both Class A and Select Class shares for the one-, three- and five year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Mid Cap Equity Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Mid Cap Growth Fund’s performance was in the first, first and second quintiles for Class A shares for the one-, three- and five- year periods ended December 31, 2014, respectively, and in the first quintile for

Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Mid Cap Value Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Multi-Cap Market Neutral Fund’s performance was in the third, third and fourth quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the Value Advantage Fund’s performance was in the first, second, and first quintiles for Class A shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and in the first quintile for Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons

82 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2015

of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Growth Advantage Fund’s net advisory fee for Class A and Select Class shares was in the third and fourth quintiles, respectively, and that the actual total expenses for Class A and Select Class shares were in the third and fourth quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Mid Cap Equity Fund’s net advisory fee for Class A and Select Class shares was in the second and first quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the second quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Mid Cap Growth Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the second quintile of the Universe Group. After considering the factors identified above, in light of this

information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Mid Cap Value Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the third quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Multi-Cap Market Neutral Fund’s net advisory fee for both Class A and Select Class shares was in the third quintile, and that the actual total expenses for both Class A and Select Class shares were in the first quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Value Advantage Fund’s net advisory fee for both Class A and Select Class shares was in the third quintile, and that the actual total expenses for Class A and Select Class shares were in the third and fourth quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

DECEMBER 31, 2015 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 83

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016.  All rights reserved. December 2015. SAN-MC-1215

Semi-Annual Report

J.P. Morgan Small Cap Funds

December 31, 2015 (Unaudited)

JPMorgan Dynamic Small Cap Growth Fund

JPMorgan Small Cap Core Fund

JPMorgan Small Cap Equity Fund

JPMorgan Small Cap Growth Fund

JPMorgan Small Cap Value Fund

JPMorgan U.S. Small Company Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Dynamic Small Cap Growth Fund	3
JPMorgan Small Cap Core Fund	5
JPMorgan Small Cap Equity Fund	7
JPMorgan Small Cap Growth Fund	9
JPMorgan Small Cap Value Fund	11
JPMorgan U.S. Small Company Fund	13
Schedules of Portfolio Investments	15
Financial Statements	46
Financial Highlights	60
Notes to Financial Statements	72
Schedule of Shareholder Expenses	82
Board Approval of Investment Advisory Agreement	85

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectus for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

January 29, 2016 (Unaudited)

Dear Shareholder,

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies — particularly those of emerging market exporting nations — put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48% of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets — including a 2% devaluation of the yuan — the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24^th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks — particularly those of large cap technology companies — while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management,

J.P. Morgan Asset Management

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 1

J.P. Morgan Small Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

U.S. equities financial markets provided slim returns for the second half of 2015. Global weakness in commodities prices, slowing economic growth in China, anxiety over U.S. interest rate policy and slowing growth in corporate earnings combined to put pressure on equity prices during the summer months.

In mid-August, Chinese authorities devalued the yuan by 2% amid declines in Shanghai/Shenzhen equity markets. A global sell-off followed on August 24th, dragging down the Standard & Poor’s 500 Index (“S&P 500”) by 3.9% for the day.

However, U.S. equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. The S&P 500 turned in its best one-month performance since October 2011.

In general, the U.S. equities market for the six month reporting period was marked by large gains in a few select stocks, especially technology sector stocks, while most other stocks ended the period lower or essentially flat. The energy, materials and industrials sectors underperformed the broader market, while the consumer discretionary, consumer staples and health care sectors outperformed the broader market. Over the reporting period, growth stocks generally outperformed value stocks and small cap stocks generally underperformed both mid cap and large cap stocks. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and the Russell 2000 Index returned -8.75%.

2 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Dynamic Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		-10.89%
Russell 2000 Growth Index		-9.31%
Net Assets as of 12/31/2015 (In Thousands)	$	404,416

INVESTMENT OBJECTIVE**

The JPMorgan Dynamic Small Cap Growth Fund (the “Fund”) seeks capital growth over the long term.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class A Shares, without a sales charge, underperformed the Russell 2000 Growth Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the health care sector and its security selection and overweight position in the energy sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the materials & processing sector and the consumer discretionary sector was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Men’s Wearhouse Inc., Nimble Storage Inc. and Barracuda Networks Inc. Shares of Men’s Wearhouse, a clothing retail chain, fell on weaker-than-expected comparable store sales for its Jos. A Bank business. Shares of Nimble Storage, a data storage provider, declined after the company reported lower-than-expected earnings and revenue. Shares of Barracuda Networks, a maker of data security, networking and storage systems, fell on weak quarterly results and a reduced forecast for billing.

Leading individual contributors to relative performance included the Fund’s overweight positions in Acuity Brands Inc., Wayfair Inc. and Monolithic Power Systems Inc. Shares of Acuity Brands, a maker of commercial and residential lighting, rose on strength in its LED lighting business and market share gains. Shares of Wayfair, an online retailer of furniture and other home products, rose on better-than-expected earnings and strong holiday season sales. Shares of Monolithic Power, a provider of electrical technology for commercial applications, rose on better-than-expected quarterly earnings and revenue.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort

to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Guidewire Software, Inc.	1.9	%
	2.	Pool Corp.	1.7
	3.	Lithia Motors, Inc., Class A	1.6
	4.	Veeva Systems, Inc., Class A	1.6
	5.	Monolithic Power Systems, Inc.	1.5
	6.	Novadaq Technologies, Inc., (Canada)	1.5
	7.	M/A-COM Technology Solutions Holdings, Inc.	1.5
	8.	Acuity Brands, Inc.	1.4
	9.	Lennox International, Inc.	1.4
	10.	WellCare Health Plans, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	28.8	%
Health Care	26.8
Industrials	16.7
Consumer Discretionary	13.3
Financials	8.6
Consumer Staples	2.2
Energy	1.3
Materials	1.0
Short-Term Investment	1.3

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 3

JPMorgan Dynamic Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 19, 1997
Without Sales Charge			(10.89	)%		(2.26	)%		9.03	%		6.75	%
With Sales Charge**			(15.56	)		(7.41	)		7.86			6.18
CLASS C SHARES	January 7, 1998
Without CDSC			(11.09	)		(2.72	)		8.50			6.17
With CDSC***			(12.09	)		(3.72	)		8.50			6.17
SELECT CLASS SHARES	April 5, 1999		(10.78	)		(2.04	)		9.36			7.12

* Not annualized.

** Sales Charge for Class A Shares is 5.25%

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Dynamic Small Cap Growth Fund, the Russell 2000 Growth Index and the Lipper Small-Cap Growth Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell

2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Small-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Small Cap Core Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-8.52%
Russell 2000 Index		-8.75%
Net Assets as of 12/31/2015 (In Thousands)	$	197,349

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Core Fund seeks capital growth over the long term.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The JPMorgan Small Cap Core Fund’s Select Class Shares outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the consumer discretionary and producer durables sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples and utilities sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Hawaiian Holdings Inc., Rovi Corp. and American Woodmark Co. Shares of Hawaiian Holdings, owner and operator of Hawaiian Airlines, rose on low fuel prices, traffic growth and overall improvement in the airline sector. Shares of Rovi, a provider of pay-TV programing guides, rose after several large entertainment providers renewed their contracts for Rovi’s technology. Shares of American Woodmark, a maker of cabinets and other home furnishings, rose on better-than-expected earnings amid a strong U.S. housing market.

Leading individual detractors from relative performance included the Fund’s overweight positions in Dynegy Inc., Triangle Petroleum Corp. and SunEdison Inc. Shares of Dynegy, an energy utility, fell on general weakness in energy prices and the company’s downward revision to its earnings forecast. Shares of Triangle Petroleum, an oil and gas extraction and oil field services company, fell on continued weakness in global oil prices. Shares of SunEdison, a solar energy company not held in the Benchmark, declined on investor concerns about the company’s high debt levels and its pending acquisition of Vivint Solar Inc.

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of its relative performance versus the Benchmark. The Fund’s portfolio

managers employ a bottom-up approach to stock selection, using quantitative screening and proprietary analysis to construct a portfolio of companies that they believe are attractively valued and possess strong momentum. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Portland General Electric Co.	1.2	%
	2.	Take-Two Interactive Software, Inc.	1.1
	3.	Rovi Corp.	1.1
	4.	Helen of Troy Ltd.	1.0
	5.	Hawaiian Holdings, Inc.	1.0
	6.	Barrett Business Services, Inc.	1.0
	7.	Cooper Tire & Rubber Co.	1.0
	8.	Cross Country Healthcare, Inc.	1.0
	9.	American Woodmark Corp.	1.0
	10.	Huntington Bancshares, Inc.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	23.4	%
Information Technology	17.9
Health Care	16.2
Industrials	15.7
Consumer Discretionary	10.7
Utilities	3.5
Materials	3.3
Energy	3.1
Consumer Staples	2.5
Telecommunication Services	1.1
Short-Term Investment	2.6

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 5

JPMorgan Small Cap Core Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
SELECT CLASS SHARES	January 1, 1997		(8.52	)%		(5.38	)%		11.09	%		7.04	%

* Not annualized.

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Small Cap Core Fund, the Russell 2000 Index and the Lipper Small-Cap Core Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These

expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Small-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		-6.35%
Russell 2000 Index		-8.75%
Net Assets as of 6/30/2015 (In Thousands)	$	2,922,781

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Equity Fund (the “Fund”) seeks capital growth over the long term.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the materials & processing sector and the producer durables sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the financials sector and its underweight position in the technology sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Waste Connections Inc., Pool Corp. and Aptargroup Inc. Shares of Waste Connections, a provider of waste collection and disposal services, rose on consistently positive earnings amid strength in its core solid waste business. Shares of Pool Corp., a distributor of swimming pool supplies and equipment, rose on better-than-expected quarterly earnings. Shares of Aptargroup, a provider of containers and packaging, rose on better-than-expected earnings.

Leading individual detractors from relative performance included the Fund’s overweight positions in Ascent Media Corp., Iconix Brand Group Inc. and Crocs Inc. Shares of Ascent Media, a provider of security monitoring systems and services, fell on weaker-than-expected earnings. Shares of Iconix Brands, a manager of brand name apparel, declined after the company replaced its management team and had to restate its financial statements. Shares of Crocs, a maker of casual footwear, fell after the company cut its revenue forecast.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing portfolios based on company fundamentals and proprietary analysis. The Fund’s

portfolio managers looked for companies that, in their view, had leading competitive advantages, predictable and durable business models, and sustainable free cash flow generation with management teams committed to increasing intrinsic value.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Waste Connections, Inc.	2.9	%
	2.	Toro Co. (The)	2.5
	3.	Spectrum Brands Holdings, Inc.	2.4
	4.	Pool Corp.	2.3
	5.	AptarGroup, Inc.	2.2
	6.	IDEXX Laboratories, Inc.	2.0
	7.	Crown Holdings, Inc.	1.9
	8.	Brinker International, Inc.	1.8
	9.	Jarden Corp.	1.7
	10.	Centene Corp.	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Financials	23.6	%
Industrials	19.6
Consumer Discretionary	17.0
Health Care	10.9
Information Technology	8.6
Materials	5.7
Consumer Staples	4.0
Energy	3.1
Utilities	2.8
Short-Term Investment	4.7

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 7

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 20, 1994
Without Sales Charge			(6.35	)%		(1.85	)%		11.50	%		9.81	%
With Sales Charge**			(11.27	)		(6.99	)		10.30			9.21
CLASS C SHARES	February 19, 2005
Without CDSC			(6.59	)		(2.36	)		10.94			9.25
With CDSC***			(7.59	)		(3.36	)		10.94			9.25
CLASS R2 SHARES	November 3, 2008		(6.49	)		(2.11	)		11.21			9.61
CLASS R5 SHARES	May 15, 2006		(6.12	)		(1.36	)		12.05			10.35
SELECT CLASS SHARES	May 7, 1996		(6.21	)		(1.55	)		11.83			10.14

* Not annualized.

** Sales Charge for Class A Shares is 5.25%

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R5 Shares prior to their inception date are based on the performance of the Select Class Shares. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Select Class Shares.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Equity Fund, the Russell 2000 Index and the Lipper Small-Cap Core Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect

reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Small-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

8 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		-10.72%
Russell 2000 Growth Index		-9.31%
Net Assets as of 12/31/2015 (In Thousands)	$	1,132,781

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Growth Fund (the “Fund”) seeks long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class A Shares, without a sales charge, underperformed the Russell 2000 Growth Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the health care sector and its security selection and overweight position in the energy sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the materials & processing sector and the consumer discretionary sector were leading positive contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Men’s Wearhouse Inc., Nimble Storage Inc. and Barracuda Networks Inc. Shares of Men’s Wearhouse, a clothing retail chain, fell on weaker-than-expected comparable store sales at its Jos. A. Bank business. Shares of Nimble Storage, a data storage provider, declined after the company reported lower-than-expected earnings and revenue. Shares of Barracuda Networks, a provider of data security, networking and storage systems, fell on a weak quarterly results and a reduced forecast for billing.

Leading individual contributors to relative performance included the Fund’s overweight positions in Acuity Brands Inc., Wayfair Inc. and Monolithic Power Systems Inc. Shares of Acuity Brands, a maker of commercial and residential lighting, rose on strength in its LED lighting business and market share gains. Shares of Wayfair, an online retailer of furniture and other home products, rose on better-than-expected earnings and strong holiday season sales. Shares of Monolithic Power, a provider of electrical technology for commercial applications, rose on better-than-expected quarterly earnings and revenue.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Guidewire Software, Inc.	1.9	%
	2.	Pool Corp.	1.7
	3.	Lithia Motors, Inc., Class A	1.6
	4.	Veeva Systems, Inc., Class A	1.6
	5.	Monolithic Power Systems, Inc.	1.5
	6.	M/A-COM Technology Solutions Holdings, Inc.	1.5
	7.	Acuity Brands, Inc.	1.4
	8.	Lennox International, Inc.	1.4
	9.	WellCare Health Plans, Inc.	1.4
	10.	Boyd Gaming Corp.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	28.8	%
Health Care	26.5
Industrials	16.8
Consumer Discretionary	13.3
Financials	8.6
Consumer Staples	2.2
Energy	1.3
Materials	1.0
Short-Term Investment	1.5

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 9

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 1, 1991
Without Sales Charge			(10.72	)%		(2.15	)%		9.34	%		7.93	%
With Sales Charge**			(15.39	)		(7.27	)		8.17			7.35
CLASS C SHARES	November 4, 1997
Without CDSC			(10.91	)		(2.61	)		8.79			7.34
With CDSC***			(11.91	)		(3.61	)		8.79			7.34
CLASS R2 SHARES	November 3, 2008		(10.80	)		(2.34	)		9.06			7.66
CLASS R6 SHARES	November 30, 2010		(10.46	)		(1.67	)		9.88			8.41
INSTITUTIONAL CLASS SHARES	February 19, 2005		(10.51	)		(1.75	)		9.78			8.36
SELECT CLASS SHARES	March 26, 1996		(10.60	)		(1.93	)		9.61			8.20

* Not annualized.

** Sales Charge for Class A Shares is 5.25%

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. All prior class performance for Class R2 Shares has been adjusted to reflect the differences in expenses between classes.

Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Growth Fund, the Russell 2000 Growth Index and the Lipper Small-Cap Growth Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been

adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Small-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

10 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-8.19%
Russell 2000 Value Index		-8.17%
Net Assets as of 12/31/2015 (In Thousands)	$	1,775,738

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Value Fund (the “Fund”) seeks long-term capital growth primarily by investing in equity securities of small-capitalization companies.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Select Class Shares underperformed the Russell 2000 Value Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the health care and materials & processing sectors was a leading contributor to performance relative to the Benchmark, while security selection in the energy and consumer staples sectors was a leading detractor from relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in oil and gas producers Bill Barrett Corp., Penn Virginia Corp. and Stone Energy Corp. Shares of these companies declined amid continued weakness in global energy prices.

Leading individual contributors to relative performance included the Fund’s overweight positions in Thoratec Corp., CoreSite Realty Inc. and Take-Two Interactive Software Inc. Shares of Thoratec, a medical device maker, rose on news that it would be acquired by St. Jude Medical Corp. Shares of CoreSite Realty, a data center real estate investment trust, rose on better than expected earnings and revenue. Shares of Take-Two Interactive, a maker of video games, rose on better than expected earnings.

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of its relative performance versus the Benchmark. The Fund’s portfolio managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-up fundamental research, they seek companies that they believe have attractive valuations, exhibit high earnings quality and have management teams that make

effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	DCT Industrial Trust, Inc.	1.2	%
	2.	CNO Financial Group, Inc.	1.2
	3.	Cooper Tire & Rubber Co.	1.1
	4.	Take-Two Interactive Software, Inc.	1.1
	5.	Westamerica Bancorporation	1.0
	6.	CubeSmart	1.0
	7.	Children’s Place, Inc. (The)	1.0
	8.	Universal Corp.	1.0
	9.	EMCOR Group, Inc.	1.0
	10.	REX American Resources Corp.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	40.7	%
Industrials	13.0
Information Technology	12.3
Consumer Discretionary	8.3
Utilities	7.1
Health Care	5.1
Energy	3.9
Materials	3.0
Consumer Staples	2.4
Telecommunication Services	0.6
Short-Term Investment	3.6

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 11

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	January 27, 1995
Without Sales Charge			(8.30	)%		(7.79	)%		8.51	%		6.15	%
With Sales Charge**			(13.12	)		(12.62	)		7.34			5.58
CLASS C SHARES	March 22, 1999
Without CDSC			(8.60	)		(8.35	)		7.84			5.51
With CDSC***			(9.60	)		(9.35	)		7.84			5.51
CLASS R2 SHARES	November 3, 2008		(8.38	)		(8.01	)		8.24			5.88
CLASS R5 SHARES	May 15, 2006		(8.13	)		(7.48	)		8.89			6.51
CLASS R6 SHARES	February 22, 2005		(8.06	)		(7.34	)		8.95			6.57
SELECT CLASS SHARES	January 27, 1995		(8.19	)		(7.58	)		8.78			6.42

* Not annualized.

** Sales Charge for Class A Shares is 5.25%

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R2 and Class R5 Shares prior to their inception dates are based on the performance of the Select Class Shares, the original class offered. All prior class performance for Class R2 Shares has been adjusted to reflect the differences in expenses between classes. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Select Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Small Cap Value Fund, the Russell 2000 Value Index and the Lipper Small-Cap Value Funds Index from December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital

gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Small-Cap Value Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

12 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		-7.45%
Russell 2000 Index		-8.75%
Net Assets as of 12/31/2015 (In Thousands)	$	1,101,185

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Small Company Fund (the “Fund”) seeks to provide high total return from a portfolio of small company stocks.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Institutional Class Shares outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2015. The Fund’s security selection in the health care and producer durables sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s overweight position in the energy sector and its security selection in the consumer staples sectors were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Take-Two Interactive Software Inc., Coresite Realty Corp. and Strayer Education Inc. Shares of Take-Two Interactive, a developer and publisher of interactive games and entertainment, rose on better-than-expected earnings. Shares of Coresite Realty, a data center real estate investment trust, rose on better than expected earnings and revenue. Shares of Strayer Education, a for-profit higher education company, rose on the company’s stock buyback plan and investor expectations for growth.

Leading individual detractors from relative performance included the Fund’s overweight positions in Outerwall Inc., Iconix Brand Group Inc. and Bill Barrett Corp. Shares of Outerwall, a provider of automated retail technologies, fell after the company lowered its revenue forecast.

Shares of Iconix Brands, a manager of brand name apparel, declined after the company replaced its management team and had to restate its financial statements.

Shares of Bill Barrett, an oil and gas producer, declined amid continued weakness in global energy prices.

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of its relative performance versus the Benchmark. The Fund’s portfolio

managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-up fundamental research, they seek companies that exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Take-Two Interactive Software, Inc.	1.4	%
	2.	Aspen Technology, Inc.	1.3
	3.	CoreSite Realty Corp.	1.2
	4.	Cooper Tire & Rubber Co.	1.2
	5.	Rovi Corp.	1.2
	6.	InterDigital, Inc.	1.1
	7.	Children’s Place, Inc. (The)	1.1
	8.	REX American Resources Corp.	1.1
	9.	Westamerica Bancorporation	1.1
	10.	Sonic Corp.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	23.0	%
Information Technology	18.7
Health Care	16.9
Consumer Discretionary	12.8
Industrials	12.3
Utilities	3.7
Energy	2.9
Consumer Staples	2.7
Materials	2.4
Telecommunication Services	0.8
Short-Term Investment	3.8

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 13

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2007
Without Sales Charge			(7.66	)%		(3.57	)%		11.13	%		7.39	%
With Sales Charge**			(12.51	)		(8.63	)		9.95			6.81
CLASS C SHARES	November 1, 2007
Without CDSC			(7.86	)		(4.01	)		10.59			6.97
With CDSC***			(8.86	)		(5.01	)		10.59			6.97
CLASS R2 SHARES	November 1, 2011		(7.72	)		(3.76	)		10.93			7.30
CLASS R6 SHARES	November 1, 2011		(7.43	)		(3.05	)		11.67			7.85
INSTITUTIONAL CLASS SHARES	November 4, 1993		(7.45	)		(3.14	)		11.60			7.82
SELECT CLASS SHARES	September 10, 2001		(7.54	)		(3.34	)		11.42			7.63

* Not annualized.

** Sales Charge for Class A Shares is 5.25%

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/05 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class A and Class C Shares prior to their inception dates are based on the performance of the Select Class Shares. The actual returns for Class A and Class C Shares would have been lower than those shown because Class A and Class C Shares have higher expenses than Select Class Shares.

Returns for Class R2 Shares prior to their inception date are based on the performance of the Class A Shares from November 1, 2007 to October 31, 2011 and the performance of Select Class Shares prior to November 1, 2007. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares and Select Class Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of the Institutional Class Shares. The actual returns of Class R6 Shares would have been different than these shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan U.S. Small Company Fund, the Russell 2000 Index and the Lipper Small-Cap Core Funds Index from

December 31, 2005 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Small-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Institutional Class Shares have a $3,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

14 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Dynamic Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.1%
		Consumer Discretionary — 13.0%
		Distributors — 1.7%
	85	Pool Corp.		6,868
		Diversified Consumer Services — 1.1%
	168	2U, Inc. (a)		4,688
		Hotels, Restaurants & Leisure — 2.9%
	272	Boyd Gaming Corp. (a)		5,408
	88	La Quinta Holdings, Inc. (a)		1,198
	39	Vail Resorts, Inc.		4,958
				11,564
		Household Durables — 0.6%
	179	TRI Pointe Group, Inc. (a)		2,264
		Internet & Catalog Retail — 1.3%
	112	Wayfair, Inc., Class A (a)		5,324
		Multiline Retail — 1.5%
	84	Burlington Stores, Inc. (a)		3,606
	146	Ollie’s Bargain Outlet Holdings, Inc. (a)		2,478
				6,084
		Specialty Retail — 3.1%
	59	Lithia Motors, Inc., Class A		6,310
	94	Men’s Wearhouse, Inc. (The)		1,377
	68	Penske Automotive Group, Inc.		2,883
	56	Vitamin Shoppe, Inc. (a)		1,819
				12,389
		Textiles, Apparel & Luxury Goods — 0.8%
	94	Kate Spade & Co. (a)		1,676
	93	Wolverine World Wide, Inc.		1,546
				3,222
		Total Consumer Discretionary		52,403
		Consumer Staples — 2.1%
		Food & Staples Retailing — 0.8%
	119	Sprouts Farmers Market, Inc. (a)		3,177
		Food Products — 1.3%
	88	Diamond Foods, Inc. (a)		3,377
	246	Freshpet, Inc. (a)		2,090
				5,467
		Total Consumer Staples		8,644
		Energy — 1.2%
		Energy Equipment & Services — 0.4%
	125	Forum Energy Technologies, Inc. (a)		1,563

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — 0.8%
	77	Delek U.S. Holdings, Inc.		1,897
	196	Laredo Petroleum, Inc. (a)		1,564
				3,461
		Total Energy		5,024
		Financials — 8.4%
		Banks — 2.7%
	97	PrivateBancorp, Inc.		3,993
	26	Signature Bank (a)		4,001
	62	Texas Capital Bancshares, Inc. (a)		3,050
				11,044
		Capital Markets — 2.5%
	64	Evercore Partners, Inc., Class A		3,446
	134	Financial Engines, Inc.		4,512
	321	PennantPark Investment Corp.		1,982
				9,940
		Insurance — 0.7%
	43	AmTrust Financial Services, Inc.		2,668
		Real Estate Investment Trusts (REITs) — 1.1%
	79	CubeSmart		2,425
	50	Highwoods Properties, Inc.		2,190
				4,615
		Real Estate Management & Development — 0.9%
	103	RE/MAX Holdings, Inc., Class A		3,832
		Thrifts & Mortgage Finance — 0.5%
	87	BofI Holding, Inc. (a)		1,828
		Total Financials		33,927
		Health Care — 26.1%
		Biotechnology — 11.4%
	92	ACADIA Pharmaceuticals, Inc. (a)		3,293
	66	Acceleron Pharma, Inc. (a)		3,213
	15	Anacor Pharmaceuticals, Inc. (a)		1,679
	192	Arrowhead Research Corp. (a)		1,179
	86	Axovant Sciences Ltd., (Bermuda) (a)		1,546
	94	Bellicum Pharmaceuticals, Inc. (a)		1,908
	56	Chimerix, Inc. (a)		499
	99	Coherus Biosciences, Inc. (a)		2,280
	146	Exact Sciences Corp. (a)		1,352
	94	FibroGen, Inc. (a)		2,862
	142	Halozyme Therapeutics, Inc. (a)		2,460
	164	Ignyta, Inc. (a)		2,193
	151	Insmed, Inc. (a)		2,736

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 15

JPMorgan Dynamic Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Biotechnology — continued
	43	Intrexon Corp. (a)		1,308
	48	Kite Pharma, Inc. (a)		2,936
	39	Neurocrine Biosciences, Inc. (a)		2,202
	63	Portola Pharmaceuticals, Inc. (a)		3,235
	57	REGENXBIO, Inc. (a)		943
	50	Sage Therapeutics, Inc. (a)		2,928
	35	Spark Therapeutics, Inc. (a)		1,601
	22	Ultragenyx Pharmaceutical, Inc. (a)		2,449
	97	Versartis, Inc. (a)		1,206
				46,008
		Health Care Equipment & Supplies — 5.6%
	358	GenMark Diagnostics, Inc. (a)		2,777
	110	Insulet Corp. (a)		4,149
	164	K2M Group Holdings, Inc. (a)		3,242
	55	Nevro Corp. (a)		3,714
	455	Novadaq Technologies, Inc., (Canada) (a)		5,796
	309	Syneron Medical Ltd., (Israel) (a)		2,385
	1,394	Unilife Corp. (a)		690
				22,753
		Health Care Providers & Services — 3.8%
	84	Acadia Healthcare Co., Inc. (a)		5,229
	117	Surgical Care Affiliates, Inc. (a)		4,654
	70	WellCare Health Plans, Inc. (a)		5,482
				15,365
		Health Care Technology — 2.0%
	148	Evolent Health, Inc., Class A (a)		1,792
	218	Veeva Systems, Inc., Class A (a)		6,293
				8,085
		Pharmaceuticals — 3.3%
	130	Horizon Pharma plc (a)		2,807
	153	Nektar Therapeutics (a)		2,585
	89	Revance Therapeutics, Inc. (a)		3,048
	111	Sagent Pharmaceuticals, Inc. (a)		1,772
	282	TherapeuticsMD, Inc. (a)		2,922
				13,134
		Total Health Care		105,345
		Industrials — 16.3%
		Aerospace & Defense — 2.1%
	76	HEICO Corp.		4,149
	91	Hexcel Corp.		4,245
				8,394

SHARES		SECURITY DESCRIPTION	VALUE($)
		Air Freight & Logistics — 0.4%
	64	XPO Logistics, Inc. (a)		1,747
		Building Products — 5.6%
	99	Advanced Drainage Systems, Inc.		2,390
	88	Caesarstone Sdot-Yam Ltd., (Israel) (a)		3,797
	49	Fortune Brands Home & Security, Inc.		2,711
	44	Lennox International, Inc.		5,509
	52	Masonite International Corp. (a)		3,189
	133	Trex Co., Inc. (a)		5,077
				22,673
		Electrical Equipment — 1.8%
	24	Acuity Brands, Inc.		5,514
	35	SolarCity Corp. (a)		1,811
				7,325
		Industrial Conglomerates — 1.1%
	51	Carlisle Cos., Inc.		4,500
		Machinery — 2.5%
	46	Graco, Inc.		3,308
	60	John Bean Technologies Corp.		2,970
	37	Middleby Corp. (The) (a)		3,992
				10,270
		Road & Rail — 0.9%
	58	Old Dominion Freight Line, Inc. (a)		3,440
		Trading Companies & Distributors — 1.9%
	122	Rush Enterprises, Inc., Class A (a)		2,674
	42	Watsco, Inc.		4,899
				7,573
		Total Industrials		65,922
		Information Technology — 28.0%
		Communications Equipment — 1.5%
	185	Ciena Corp. (a)		3,828
	221	Ruckus Wireless, Inc. (a)		2,365
				6,193
		Internet Software & Services — 9.1%
	72	Benefitfocus, Inc. (a)		2,628
	106	Cornerstone OnDemand, Inc. (a)		3,648
	25	CoStar Group, Inc. (a)		5,223
	91	Demandware, Inc. (a)		4,892
	147	Envestnet, Inc. (a)		4,378
	134	GoDaddy, Inc., Class A (a)		4,310
	123	GrubHub, Inc. (a)		2,974

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Internet Software & Services — continued
	61	Instructure, Inc. (a)		1,274
	113	Marketo, Inc. (a)		3,249
	158	Shopify, Inc., (Canada), Class A (a)		4,089
				36,665
		Semiconductors & Semiconductor Equipment — 6.0%
	80	Cavium, Inc. (a)		5,271
	143	Inphi Corp. (a)		3,859
	142	M/A-COM Technology Solutions Holdings, Inc. (a)		5,791
	95	MKS Instruments, Inc.		3,431
	94	Monolithic Power Systems, Inc.		5,958
				24,310
		Software — 11.0%
	71	Atlassian Corp. plc, (United Kingdom), Class A (a)		2,124
	138	Barracuda Networks, Inc. (a)		2,584
	78	Fleetmatics Group plc, (Ireland) (a)		3,967
	53	Fortinet, Inc. (a)		1,653
	123	Guidewire Software, Inc. (a)		7,370
	55	HubSpot, Inc. (a)		3,101
	62	Imperva, Inc. (a)		3,924
	121	Infoblox, Inc. (a)		2,221
	75	Proofpoint, Inc. (a)		4,869
	226	RingCentral, Inc., Class A (a)		5,333
	27	Tableau Software, Inc., Class A (a)		2,532

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	182	Zendesk, Inc. (a)		4,804
				44,482
		Technology Hardware, Storage & Peripherals — 0.4%
	188	Nimble Storage, Inc. (a)		1,725
		Total Information Technology		113,375
		Materials — 1.0%
		Construction Materials — 1.0%
	68	Eagle Materials, Inc.		4,080
		Total Common Stocks (Cost $300,589)		388,720
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	5,297	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170%, (b) (l) (Cost $5,297)		5,297
		Total Investments — 97.4% (Cost $305,886)		394,017
		Other Assets in Excess of Liabilities — 2.6%		10,399
		NET ASSETS — 100.0%	$	404,416

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 17

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.0%
		Consumer Discretionary — 10.8%
		Auto Components — 2.2%
	42	American Axle & Manufacturing Holdings, Inc. (a)		791
	52	Cooper Tire & Rubber Co.		1,961
	5	Horizon Global Corp. (a)		48
	14	Stoneridge, Inc. (a)		207
	48	Tower International, Inc.		1,370
				4,377
		Diversified Consumer Services — 0.2%
	2	Capella Education Co.		107
	27	K12, Inc. (a)		236
				343
		Hotels, Restaurants & Leisure — 1.6%
	21	Bloomin’ Brands, Inc.		363
	24	Carrols Restaurant Group, Inc. (a)		279
	4	Dave & Buster’s Entertainment, Inc. (a)		163
	2	Fogo De Chao, Inc. (a)		29
	24	Isle of Capri Casinos, Inc. (a)		329
	15	Jack in the Box, Inc.		1,159
	51	Ruth’s Hospitality Group, Inc.		816
				3,138
		Household Durables — 1.3%
	22	Helen of Troy Ltd. (a)		2,044
	17	KB Home		210
	3	Libbey, Inc.		74
	10	Lifetime Brands, Inc.		132
	2	NACCO Industries, Inc., Class A		102
	7	Skullcandy, Inc. (a)		32
				2,594
		Leisure Products — 0.2%
	17	Nautilus, Inc. (a)		282
		Media — 1.3%
	75	Gray Television, Inc. (a)		1,230
	6	Journal Media Group, Inc.		71
	11	Nexstar Broadcasting Group, Inc., Class A		670
	20	Sinclair Broadcast Group, Inc., Class A		641
				2,612
		Specialty Retail — 4.0%
	7	Abercrombie & Fitch Co., Class A		181
	19	Barnes & Noble, Inc.		161
	27	Caleres, Inc.		713
	31	Cato Corp. (The), Class A		1,127
	22	Children’s Place, Inc. (The)		1,231
	11	Citi Trends, Inc.		244

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	51	Express, Inc. (a)		887
	13	Kirkland’s, Inc.		185
	14	Lithia Motors, Inc., Class A		1,445
	190	Office Depot, Inc. (a)		1,070
	13	Outerwall, Inc.		468
	25	Tilly’s, Inc., Class A (a)		164
				7,876
		Total Consumer Discretionary		21,222
		Consumer Staples — 2.5%
		Food & Staples Retailing — 1.0%
	13	Andersons, Inc. (The)		398
	51	SpartanNash Co.		1,105
	49	SUPERVALU, Inc. (a)		330
	4	Village Super Market, Inc., Class A		102
				1,935
		Food Products — 1.1%
	32	Dean Foods Co.		542
	35	Pilgrim’s Pride Corp.		775
	13	Pinnacle Foods, Inc.		557
	4	Sanderson Farms, Inc.		326
				2,200
		Personal Products — 0.4%
	7	Revlon, Inc., Class A (a)		191
	5	USANA Health Sciences, Inc. (a)		689
				880
		Total Consumer Staples		5,015
		Energy — 3.1%
		Energy Equipment & Services — 1.1%
	39	Archrock, Inc.		295
	76	Atwood Oceanics, Inc.		779
	80	Helix Energy Solutions Group, Inc. (a)		420
	17	Matrix Service Co. (a)		351
	8	PHI, Inc. (a)		137
	4	Pioneer Energy Services Corp. (a)		9
	16	Superior Energy Services, Inc.		221
				2,212
		Oil, Gas & Consumable Fuels — 2.0%
	49	Abraxas Petroleum Corp. (a)		52
	37	Bill Barrett Corp. (a)		146
	18	Callon Petroleum Co. (a)		153
	18	Carrizo Oil & Gas, Inc. (a)		520
	16	Delek U.S. Holdings, Inc.		397

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	7	Energy XXI Ltd.		8
	39	Green Plains, Inc.		904
	12	Jones Energy, Inc., Class A (a)		46
	55	Pacific Ethanol, Inc. (a)		264
	50	Renewable Energy Group, Inc. (a)		465
	2	REX American Resources Corp. (a)		82
	23	Stone Energy Corp. (a)		99
	13	TransAtlantic Petroleum Ltd. (a)		17
	171	Triangle Petroleum Corp. (a)		131
	13	Western Refining, Inc.		453
	4	World Fuel Services Corp.		144
				3,881
		Total Energy		6,093
		Financials — 23.5%
		Banks — 8.8%
	19	Banc of California, Inc.		280
	17	BBCN Bancorp, Inc.		294
	4	BNC Bancorp		98
	10	Cathay General Bancorp		314
	2	Community Trust Bancorp, Inc.		77
	24	Customers Bancorp, Inc. (a)		640
	37	East West Bancorp, Inc.		1,540
	23	Fidelity Southern Corp.		503
	6	Financial Institutions, Inc.		170
	6	First Business Financial Services, Inc.		150
	29	First Commonwealth Financial Corp.		262
	7	First Community Bancshares, Inc.		138
	6	First Financial Bancorp		111
	6	First Merchants Corp.		145
	12	First NBC Bank Holding Co. (a)		436
	43	FirstMerit Corp.		807
	64	Fulton Financial Corp.		827
	42	Hanmi Financial Corp.		999
	17	Hilltop Holdings, Inc. (a)		329
	168	Huntington Bancshares, Inc.		1,857
	1	IBERIABANK Corp.		79
	5	MainSource Financial Group, Inc.		122
	1	National Bankshares, Inc.		42
	4	NBT Bancorp, Inc.		107
	31	PacWest Bancorp		1,338
	12	Pinnacle Financial Partners, Inc.		636
	50	Popular, Inc., (Puerto Rico)		1,431
	13	Preferred Bank		438
	6	PrivateBancorp, Inc.		261
	2	Prosperity Bancshares, Inc.		93

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	7	Sierra Bancorp		126
	17	Southwest Bancorp, Inc.		292
	3	Stonegate Bank		89
	2	SVB Financial Group (a)		215
	20	TriCo Bancshares		540
	19	TriState Capital Holdings, Inc. (a)		264
	8	Triumph Bancorp, Inc. (a)		127
	3	WesBanco, Inc.		102
	5	West Bancorporation, Inc.		107
	83	Wilshire Bancorp, Inc.		957
	2	Yadkin Financial Corp.		62
				17,405
		Capital Markets — 1.0%
	4	Arlington Asset Investment Corp., Class A		58
	83	BGC Partners, Inc., Class A		818
	4	Evercore Partners, Inc., Class A		218
	6	Houlihan Lokey, Inc.		160
	2	INTL. FCStone, Inc. (a)		59
	11	Investment Technology Group, Inc.		182
	1	Oppenheimer Holdings, Inc., Class A		25
	5	Piper Jaffray Cos. (a)		207
	6	Stifel Financial Corp. (a)		248
				1,975
		Consumer Finance — 0.6%
	22	Cash America International, Inc.		658
	12	Encore Capital Group, Inc. (a)		353
	4	Nelnet, Inc., Class A		143
				1,154
		Diversified Financial Services — 0.1%
	2	MarketAxess Holdings, Inc.		246
		Insurance — 2.9%
	24	American Equity Investment Life Holding Co.		565
	9	Aspen Insurance Holdings Ltd., (Bermuda)		453
	14	Atlas Financial Holdings, Inc. (a)		284
	64	CNO Financial Group, Inc.		1,218
	3	Crawford & Co., Class B		17
	17	eHealth, Inc. (a)		167
	8	HCI Group, Inc.		274
	2	Horace Mann Educators Corp.		74
	35	Maiden Holdings Ltd., (Bermuda)		527
	4	National General Holdings Corp.		97
	5	Selective Insurance Group, Inc.		156
	15	Stewart Information Services Corp.		563

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 19

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	11	Symetra Financial Corp.		335
	5	United Fire Group, Inc.		195
	29	Universal Insurance Holdings, Inc.		667
	2	Validus Holdings Ltd., (Bermuda)		72
				5,664
		Real Estate Investment Trusts (REITs) — 8.2%
	1	Agree Realty Corp.		44
	15	American Assets Trust, Inc.		572
	6	American Campus Communities, Inc.		235
	12	Armada Hoffler Properties, Inc.		129
	20	Ashford Hospitality Prime, Inc.		297
	126	Ashford Hospitality Trust, Inc.		797
	25	Bluerock Residential Growth REIT, Inc.		296
	95	Capstead Mortgage Corp.		827
	11	Chatham Lodging Trust		235
	10	Chesapeake Lodging Trust		251
	15	CoreSite Realty Corp.		843
	29	Cousins Properties, Inc.		274
	10	CyrusOne, Inc.		380
	9	DCT Industrial Trust, Inc.		347
	12	DDR Corp.		205
	21	DiamondRock Hospitality Co.		199
	12	Easterly Government Properties, Inc.		213
	10	Education Realty Trust, Inc.		380
	58	First Industrial Realty Trust, Inc.		1,285
	4	Franklin Street Properties Corp.		42
	25	GEO Group, Inc. (The)		737
	7	Government Properties Income Trust		108
	36	Gramercy Property Trust		281
	7	Hudson Pacific Properties, Inc.		209
	8	LaSalle Hotel Properties		199
	2	Mid-America Apartment Communities, Inc.		140
	24	Orchid Island Capital, Inc.		242
	4	Parkway Properties, Inc.		65
	10	Pebblebrook Hotel Trust		279
	8	Pennsylvania Real Estate Investment Trust		168
	27	Potlatch Corp.		825
	5	PS Business Parks, Inc.		455
	36	RAIT Financial Trust		98
	4	Ramco-Gershenson Properties Trust		61
	28	Redwood Trust, Inc.		369
	76	Retail Opportunity Investments Corp.		1,369
	27	RLJ Lodging Trust		580
	11	Silver Bay Realty Trust Corp.		178
	95	Summit Hotel Properties, Inc.		1,132

SHARES			SECURITY DESCRIPTION	VALUE($)
			Real Estate Investment Trusts (REITs) — continued
	2		Sun Communities, Inc.		124
	46		Sunstone Hotel Investors, Inc.		578
	8		UMH Properties, Inc.		77
	2		WP Glimcher, Inc.		23
	6		Xenia Hotels & Resorts, Inc.		95
					16,243
			Real Estate Management & Development — 0.2%
	11		Alexander & Baldwin, Inc.		390
	—	(h)	RMR Group, Inc.(The), Class A (a)		—	(h)
					390
			Thrifts & Mortgage Finance — 1.7%
	19		BofI Holding, Inc. (a)		405
	51		Flagstar Bancorp, Inc. (a)		1,177
	52		HomeStreet, Inc. (a)		1,125
	3		Meta Financial Group, Inc.		142
	11		PennyMac Financial Services, Inc., Class A (a)		168
	11		Walker & Dunlop, Inc. (a)		313
	2		Washington Federal, Inc.		55
					3,385
			Total Financials		46,462
			Health Care — 16.3%
			Biotechnology — 6.9%
	4		Acceleron Pharma, Inc. (a)		176
	47		Achillion Pharmaceuticals, Inc. (a)		511
	14		Acorda Therapeutics, Inc. (a)		599
	1		Adamas Pharmaceuticals, Inc. (a)		22
	11		Aduro Biotech, Inc. (a)		301
	—	(h)	Agios Pharmaceuticals, Inc. (a)		26
	16		AMAG Pharmaceuticals, Inc. (a)		483
	19		Amicus Therapeutics, Inc. (a)		188
	4		Anacor Pharmaceuticals, Inc. (a)		441
	20		Applied Genetic Technologies Corp. (a)		404
	43		ARIAD Pharmaceuticals, Inc. (a)		266
	24		aTyr Pharma, Inc. (a)		237
	1		Avalanche Biotechnologies, Inc. (a)		12
	18		Bellicum Pharmaceuticals, Inc. (a)		363
	6		Bluebird Bio, Inc. (a)		379
	4		Blueprint Medicines Corp. (a)		116
	27		Cara Therapeutics, Inc. (a)		459
	83		Catalyst Pharmaceuticals, Inc. (a)		202
	26		Celldex Therapeutics, Inc. (a)		403
	10		Chiasma, Inc. (a)		190
	12		Clovis Oncology, Inc. (a)		424
	13		Coherus Biosciences, Inc. (a)		298

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Biotechnology — continued
	7	Dicerna Pharmaceuticals, Inc. (a)		82
	19	Dimension Therapeutics, Inc. (a)		213
	9	Dynavax Technologies Corp. (a)		220
	15	Esperion Therapeutics, Inc. (a)		332
	5	FibroGen, Inc. (a)		149
	19	Genocea Biosciences, Inc. (a)		97
	13	Global Blood Therapeutics, Inc. (a)		404
	4	Heron Therapeutics, Inc. (a)		96
	3	Immune Design Corp. (a)		50
	39	Infinity Pharmaceuticals, Inc. (a)		306
	26	Insmed, Inc. (a)		470
	14	Karyopharm Therapeutics, Inc. (a)		182
	9	MacroGenics, Inc. (a)		282
	4	Neurocrine Biosciences, Inc. (a)		215
	20	Nivalis Therapeutics, Inc. (a)		152
	66	Oncothyreon, Inc. (a)		147
	7	Ophthotech Corp. (a)		526
	5	Puma Biotechnology, Inc. (a)		368
	47	Raptor Pharmaceutical Corp. (a)		244
	1	Sage Therapeutics, Inc. (a)		52
	2	Seres Therapeutics, Inc. (a)		60
	40	Synergy Pharmaceuticals, Inc. (a)		227
	188	Threshold Pharmaceuticals, Inc. (a)		90
	8	Ultragenyx Pharmaceutical, Inc. (a)		853
	28	Vitae Pharmaceuticals, Inc. (a)		503
	16	Voyager Therapeutics, Inc. (a)		344
	9	Xencor, Inc. (a)		127
	50	Zafgen, Inc. (a)		315
				13,606
		Health Care Equipment & Supplies — 3.0%
	10	Cynosure, Inc., Class A (a)		466
	27	Greatbatch, Inc. (a)		1,395
	13	HeartWare International, Inc. (a)		660
	4	ICU Medical, Inc. (a)		468
	19	Inogen, Inc. (a)		768
	18	Insulet Corp. (a)		662
	15	NuVasive, Inc. (a)		806
	63	OraSure Technologies, Inc. (a)		403
	1	Penumbra, Inc. (a)		78
	37	Sientra, Inc. (a)		219
				5,925
		Health Care Providers & Services — 4.2%
	17	Amsurg Corp. (a)		1,311
	118	Cross Country Healthcare, Inc. (a)		1,942

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — continued
	35	Kindred Healthcare, Inc.		415
	30	Molina Healthcare, Inc. (a)		1,818
	13	Owens & Minor, Inc.		461
	42	PharMerica Corp. (a)		1,473
	15	Surgical Care Affiliates, Inc. (a)		612
	7	Teladoc, Inc. (a)		121
	2	WellCare Health Plans, Inc. (a)		122
				8,275
		Life Sciences Tools & Services — 0.9%
	39	Cambrex Corp. (a)		1,856
		Pharmaceuticals — 1.3%
	12	Amphastar Pharmaceuticals, Inc. (a)		175
	9	Flex Pharma, Inc. (a)		110
	30	Foamix Pharmaceuticals Ltd., (Israel) (a)		241
	5	Intra-Cellular Therapies, Inc. (a)		269
	13	Medicines Co. (The) (a)		489
	11	Pacira Pharmaceuticals, Inc. (a)		852
	10	Revance Therapeutics, Inc. (a)		348
				2,484
		Total Health Care		32,146
		Industrials — 15.8%
		Aerospace & Defense — 1.9%
	21	AAR Corp.		540
	22	Cubic Corp.		1,032
	2	Curtiss-Wright Corp.		115
	16	Engility Holdings, Inc.		528
	77	Vectrus, Inc. (a)		1,600
				3,815
		Air Freight & Logistics — 0.4%
	14	Atlas Air Worldwide Holdings, Inc. (a)		594
	5	Park-Ohio Holdings Corp.		174
				768
		Airlines — 1.6%
	14	Alaska Air Group, Inc.		1,119
	57	Hawaiian Holdings, Inc. (a)		2,017
				3,136
		Building Products — 1.1%
	24	American Woodmark Corp. (a)		1,926
	12	Gibraltar Industries, Inc. (a)		299
				2,225
		Commercial Services & Supplies — 2.6%
	43	ABM Industries, Inc.		1,215

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 21

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Commercial Services & Supplies — continued
	182	ACCO Brands Corp. (a)		1,295
	21	ARC Document Solutions, Inc. (a)		94
	5	Essendant, Inc.		169
	3	Herman Miller, Inc.		94
	15	Kimball International, Inc., Class B		146
	97	Quad/Graphics, Inc.		900
	37	Steelcase, Inc., Class A		557
	5	Viad Corp.		136
	19	West Corp.		419
				5,025
		Construction & Engineering — 0.9%
	19	Argan, Inc.		608
	18	EMCOR Group, Inc.		879
	16	Tutor Perini Corp. (a)		273
				1,760
		Electrical Equipment — 1.4%
	9	EnerSys		511
	98	General Cable Corp.		1,320
	4	Regal Beloit Corp.		247
	56	Sunrun, Inc. (a)		663
				2,741
		Machinery — 2.2%
	7	Barnes Group, Inc.		260
	6	Columbus McKinnon Corp.		116
	20	Federal Signal Corp.		315
	51	Global Brass & Copper Holdings, Inc.		1,093
	7	Greenbrier Cos., Inc. (The)		214
	3	Hurco Cos., Inc.		69
	5	Hyster-Yale Materials Handling, Inc.		257
	9	Kadant, Inc.		381
	132	Meritor, Inc. (a)		1,102
	1	Standex International Corp.		103
	12	TriMas Corp. (a)		227
	23	Wabash National Corp. (a)		275
				4,412
		Marine — 0.6%
	30	Matson, Inc.		1,269
		Professional Services — 2.4%
	46	Barrett Business Services, Inc.		1,986
	6	CRA International, Inc. (a)		109
	4	Heidrick & Struggles International, Inc.		122
	25	Insperity, Inc.		1,198
	2	Kelly Services, Inc., Class A		40

SHARES		SECURITY DESCRIPTION	VALUE($)
		Professional Services — continued
	15	RPX Corp. (a)		168
	32	TrueBlue, Inc. (a)		830
	3	VSE Corp.		181
				4,634
		Road & Rail — 0.7%
	32	ArcBest Corp.		690
	3	Universal Truckload Services, Inc.		46
	47	YRC Worldwide, Inc. (a)		666
				1,402
		Total Industrials		31,187
		Information Technology — 18.0%
		Communications Equipment — 1.1%
	121	EMCORE Corp. (a)		741
	343	Extreme Networks, Inc. (a)		1,401
				2,142
		Electronic Equipment, Instruments & Components — 2.9%
	43	Benchmark Electronics, Inc. (a)		884
	9	Fabrinet, (Thailand) (a)		225
	55	Insight Enterprises, Inc. (a)		1,383
	36	Kimball Electronics, Inc. (a)		394
	3	Littelfuse, Inc.		340
	11	Methode Electronics, Inc.		336
	81	Sanmina Corp. (a)		1,659
	8	Tech Data Corp. (a)		545
				5,766
		Internet Software & Services — 2.7%
	22	Apigee Corp. (a)		178
	54	Blucora, Inc. (a)		526
	12	Carbonite, Inc. (a)		115
	23	Cornerstone OnDemand, Inc. (a)		806
	43	EarthLink Holdings Corp.		322
	39	Five9, Inc. (a)		344
	3	Instructure, Inc. (a)		60
	2	LogMeIn, Inc. (a)		157
	16	Match Group, Inc. (a)		220
	15	Mimecast Ltd., (United Kingdom) (a)		139
	4	Q2 Holdings, Inc. (a)		104
	50	RetailMeNot, Inc. (a)		500
	8	Web.com Group, Inc. (a)		161
	28	WebMD Health Corp. (a)		1,357
	38	Xactly Corp. (a)		323
				5,312

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		IT Services — 2.9%
	2	Blackhawk Network Holdings, Inc. (a)		104
	14	Euronet Worldwide, Inc. (a)		1,003
	115	Everi Holdings, Inc. (a)		505
	3	EVERTEC, Inc., (Puerto Rico)		51
	11	ExlService Holdings, Inc. (a)		492
	9	Heartland Payment Systems, Inc.		822
	38	Science Applications International Corp.		1,729
	9	Sykes Enterprises, Inc. (a)		272
	58	Unisys Corp. (a)		642
				5,620
		Semiconductors & Semiconductor Equipment — 3.3%
	15	Advanced Energy Industries, Inc. (a)		424
	10	Alpha & Omega Semiconductor Ltd. (a)		89
	84	Amkor Technology, Inc. (a)		511
	9	Brooks Automation, Inc.		93
	123	Cypress Semiconductor Corp. (a)		1,212
	18	First Solar, Inc. (a)		1,200
	30	IXYS Corp.		379
	6	Nanometrics, Inc. (a)		87
	21	OmniVision Technologies, Inc. (a)		601
	5	Qorvo, Inc. (a)		272
	76	SunEdison, Inc. (a)		389
	3	Synaptics, Inc. (a)		210
	101	Ultra Clean Holdings, Inc. (a)		516
	99	Xcerra Corp. (a)		599
				6,582
		Software — 5.1%
	80	AVG Technologies N.V., (Netherlands) (a)		1,595
	6	Fair Isaac Corp.		568
	47	Pegasystems, Inc.		1,287
	11	PTC, Inc. (a)		390
	25	Qlik Technologies, Inc. (a)		786
	11	Rapid7, Inc. (a)		166
	38	RingCentral, Inc., Class A (a)		896
	128	Rovi Corp. (a)		2,131
	65	Take-Two Interactive Software, Inc. (a)		2,262
				10,081
		Total Information Technology		35,503
		Materials — 3.3%
		Chemicals — 1.2%
	18	A Schulman, Inc.		539
	26	FutureFuel Corp.		344
	1	Innospec, Inc.		79
	16	Minerals Technologies, Inc.		730

SHARES		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
	18	OMNOVA Solutions, Inc. (a)		111
	20	Trinseo S.A. (a)		570
				2,373
		Containers & Packaging — 0.8%
	61	Graphic Packaging Holding Co.		779
	17	WestRock Co.		795
				1,574
		Metals & Mining — 0.6%
	39	Commercial Metals Co.		529
	3	Schnitzer Steel Industries, Inc., Class A		48
	19	Worthington Industries, Inc.		577
				1,154
		Paper & Forest Products — 0.7%
	17	Boise Cascade Co. (a)		431
	25	Schweitzer-Mauduit International, Inc.		1,040
				1,471
		Total Materials		6,572
		Telecommunication Services — 1.2%
		Diversified Telecommunication Services — 1.2%
	37	8x8, Inc. (a)		419
	9	IDT Corp., Class B		108
	80	Inteliquent, Inc.		1,430
	50	Ooma, Inc. (a)		320
		Total Telecommunication Services		2,277
		Utilities — 3.5%
		Electric Utilities — 2.0%
	2	El Paso Electric Co.		68
	5	Empire District Electric Co. (The)		144
	8	IDACORP, Inc.		566
	4	MGE Energy, Inc.		203
	65	Portland General Electric Co.		2,381
	19	Spark Energy, Inc., Class A		387
	3	Westar Energy, Inc.		126
				3,875
		Gas Utilities — 0.9%
	1	AGL Resources, Inc.		39
	2	Chesapeake Utilities Corp.		120
	5	Laclede Group, Inc. (The)		290
	29	New Jersey Resources Corp.		948
	4	Southwest Gas Corp.		226
	3	WGL Holdings, Inc.		161
				1,784

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 23

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Independent Power & Renewable Electricity Producers — 0.5%
	119	Atlantic Power Corp.		235
	63	Dynegy, Inc. (a)		841
				1,076
		Water Utilities — 0.1%
	6	American States Water Co.		237
		Total Utilities		6,972
		Total Common Stocks (Cost $150,309)		193,449
NUMBER OF WARRANTS
	Warrant — 0.0%
		Financials — 0.0%
		Consumer Finance — 0.0%
	2	Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.6%
		Investment Company — 2.6%
	5,084	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $5,084)		5,084
		Total Investments — 100.6% (Cost $155,393)		198,533
		Liabilities in Excess of Other Assets — (0.6)% (c)		(1,184	)
		NET ASSETS — 100.0%	$	197,349

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	44	E-mini Russell 2000		03/18/16		USD	$	4,979	$	31

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.4%
		Consumer Discretionary — 17.2%
		Auto Components — 1.5%
	1,719	Dana Holding Corp.		23,721
	333	Drew Industries, Inc.		20,257
				43,978
		Distributors — 2.3%
	839	Pool Corp.		67,753
		Diversified Consumer Services — 1.2%
	852	ServiceMaster Global Holdings, Inc. (a)		33,429
		Hotels, Restaurants & Leisure — 3.9%
	1,133	Brinker International, Inc.		54,329
	725	Monarch Casino & Resort, Inc. (a)		16,461
	538	Papa John’s International, Inc.		30,033
	445	Zoe’s Kitchen, Inc. (a)		12,442
				113,265
		Household Durables — 1.8%
	900	Jarden Corp. (a)		51,390
		Leisure Products — 1.6%
	535	Brunswick Corp.		27,046
	1,187	Malibu Boats, Inc., Class A (a)		19,426
				46,472
		Media — 2.2%
	950	Cinemark Holdings, Inc.		31,757
	1,778	E.W. Scripps Co. (The), Class A		33,779
				65,536
		Specialty Retail — 1.6%
	1,520	American Eagle Outfitters, Inc.		23,565
	2,230	Chico’s FAS, Inc.		23,793
				47,358
		Textiles, Apparel & Luxury Goods — 1.1%
	3,184	Crocs, Inc. (a)		32,601
		Total Consumer Discretionary		501,782
		Consumer Staples — 4.1%
		Food & Staples Retailing — 0.7%
	877	Performance Food Group Co. (a)		20,297
		Food Products — 1.0%
	249	J&J Snack Foods Corp.		29,035
		Household Products — 2.4%
	692	Spectrum Brands Holdings, Inc.		70,474
		Total Consumer Staples		119,806

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 3.1%
		Energy Equipment & Services — 2.0%
	291	Dril-Quip, Inc. (a)		17,248
	2,708	Patterson-UTI Energy, Inc.		40,844
				58,092
		Oil, Gas & Consumable Fuels — 1.1%
	203	Cimarex Energy Co.		18,153
	1,665	Synergy Resources Corp. (a)		14,183
				32,336
		Total Energy		90,428
		Financials — 23.9%
		Banks — 10.0%
	2,305	Associated Banc-Corp.		43,222
	953	BankUnited, Inc.		34,356
	1,482	First Financial Bancorp		26,779
	1,752	First Horizon National Corp.		25,432
	383	First Republic Bank		25,316
	823	Glacier Bancorp, Inc.		21,825
	1,218	Great Western Bancorp, Inc.		35,353
	439	IBERIABANK Corp.		24,161
	1,739	Umpqua Holdings Corp.		27,657
	749	Western Alliance Bancorp (a)		26,848
				290,949
		Capital Markets — 4.3%
	840	Eaton Vance Corp.		27,250
	693	Greenhill & Co., Inc.		19,813
	1,069	HFF, Inc., Class A		33,214
	1,525	Janus Capital Group, Inc.		21,487
	861	Moelis & Co., Class A		25,128
				126,892
		Diversified Financial Services — 2.0%
	131	FactSet Research Systems, Inc.		21,334
	462	Morningstar, Inc.		37,160
				58,494
		Insurance — 1.2%
	725	ProAssurance Corp.		35,188
		Real Estate Investment Trusts (REITs) — 5.4%
	595	EastGroup Properties, Inc.		33,070
	399	Mid-America Apartment Communities, Inc.		36,275
	1,165	National Retail Properties, Inc.		46,673
	1,912	RLJ Lodging Trust		41,361
				157,379

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 25

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Management & Development — 1.0%
	780	Realogy Holdings Corp. (a)		28,610
		Total Financials		697,512
		Health Care — 11.0%
		Health Care Equipment & Supplies — 3.5%
	797	IDEXX Laboratories, Inc. (a)		58,081
	750	West Pharmaceutical Services, Inc.		45,170
				103,251
		Health Care Providers & Services — 6.0%
	756	Centene Corp. (a)		49,759
	1,032	Hanger, Inc. (a)		16,974
	347	HealthEquity, Inc. (a)		8,693
	1,172	HealthSouth Corp.		40,803
	454	Magellan Health, Inc. (a)		27,971
	381	WellCare Health Plans, Inc. (a)		29,803
				174,003
		Health Care Technology — 0.1%
	71	Medidata Solutions, Inc. (a)		3,506
		Pharmaceuticals — 1.4%
	1,668	Catalent, Inc. (a)		41,748
		Total Health Care		322,508
		Industrials — 19.8%
		Air Freight & Logistics — 0.5%
	328	Forward Air Corp.		14,106
		Commercial Services & Supplies — 6.2%
	997	Brady Corp., Class A		22,905
	1,165	Herman Miller, Inc.		33,428
	799	KAR Auction Services, Inc.		29,571
	328	US Ecology, Inc.		11,955
	1,497	Waste Connections, Inc.		84,335
				182,194
		Electrical Equipment — 1.9%
	941	Generac Holdings, Inc. (a)		28,028
	459	Regal Beloit Corp.		26,837
				54,865
		Machinery — 7.4%
	1,218	Allison Transmission Holdings, Inc.		31,537
	975	Altra Industrial Motion Corp.		24,448
	1,094	Douglas Dynamics, Inc.		23,046
	592	RBC Bearings, Inc. (a)		38,251
	1,383	Rexnord Corp. (a)		25,055
	1,000	Toro Co. (The)		73,065
				215,402

SHARES		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — 1.9%
	1,237	Knight Transportation, Inc.		29,962
	466	Landstar System, Inc.		27,305
				57,267
		Trading Companies & Distributors — 1.9%
	633	Applied Industrial Technologies, Inc.		25,644
	253	Watsco, Inc.		29,585
				55,229
		Total Industrials		579,063
		Information Technology — 8.7%
		Electronic Equipment, Instruments & Components — 0.7%
	251	FEI Co.		20,020
		Internet Software & Services — 1.7%
	826	GrubHub, Inc. (a)		19,987
	303	Instructure, Inc. (a)		6,313
	908	Q2 Holdings, Inc. (a)		23,937
				50,237
		IT Services — 1.1%
	988	CoreLogic, Inc. (a)		33,464
		Semiconductors & Semiconductor Equipment — 0.3%
	169	Cabot Microelectronics Corp. (a)		7,410
		Software — 4.9%
	487	Guidewire Software, Inc. (a)		29,302
	301	Imperva, Inc. (a)		19,029
	1,532	Monotype Imaging Holdings, Inc.		36,228
	250	NetSuite, Inc. (a)		21,181
	265	Splunk, Inc. (a)		15,568
	121	Tyler Technologies, Inc. (a)		21,125
				142,433
		Total Information Technology		253,564
		Materials — 5.7%
		Containers & Packaging — 5.7%
	880	AptarGroup, Inc.		63,945
	1,085	Crown Holdings, Inc. (a)		54,996
	920	Silgan Holdings, Inc.		49,436
		Total Materials		168,377
		Utilities — 2.9%
		Electric Utilities — 1.5%
	1,232	Portland General Electric Co.		44,822

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Multi-Utilities — 1.4%
	727	NorthWestern Corp.		39,455
		Total Utilities		84,277
		Total Common Stocks (Cost $1,909,228)		2,817,317

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.8%
		Investment Company — 4.8%
	140,434	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $140,434)		140,434
		Total Investments — 101.2% (Cost $2,049,662)		2,957,751
		Liabilities in Excess of Other Assets — (1.2)%		(34,970	)
		NET ASSETS — 100.0%	$	2,922,781

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 27

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.9%
		Consumer Discretionary — 13.1%
		Distributors — 1.7%
	241	Pool Corp.		19,448
		Diversified Consumer Services — 1.2%
	475	2U, Inc. (a)		13,287
		Hotels, Restaurants & Leisure — 2.9%
	771	Boyd Gaming Corp. (a)		15,322
	252	La Quinta Holdings, Inc. (a)		3,423
	110	Vail Resorts, Inc.		14,049
				32,794
		Household Durables — 0.6%
	508	TRI Pointe Group, Inc. (a)		6,435
		Internet & Catalog Retail — 1.3%
	317	Wayfair, Inc., Class A (a)		15,083
		Multiline Retail — 1.5%
	238	Burlington Stores, Inc. (a)		10,227
	414	Ollie’s Bargain Outlet Holdings, Inc. (a)		7,042
				17,269
		Specialty Retail — 3.1%
	168	Lithia Motors, Inc., Class A		17,870
	268	Men’s Wearhouse, Inc. (The)		3,928
	193	Penske Automotive Group, Inc.		8,184
	158	Vitamin Shoppe, Inc. (a)		5,178
				35,160
		Textiles, Apparel & Luxury Goods — 0.8%
	269	Kate Spade & Co. (a)		4,776
	264	Wolverine World Wide, Inc.		4,405
				9,181
		Total Consumer Discretionary		148,657
		Consumer Staples — 2.2%
		Food & Staples Retailing — 0.8%
	339	Sprouts Farmers Market, Inc. (a)		9,017
		Food Products — 1.4%
	249	Diamond Foods, Inc. (a)		9,580
	700	Freshpet, Inc. (a)		5,944
				15,524
		Total Consumer Staples		24,541
		Energy — 1.2%
		Energy Equipment & Services — 0.4%
	357	Forum Energy Technologies, Inc. (a)		4,452
		Oil, Gas & Consumable Fuels — 0.8%
	219	Delek U.S. Holdings, Inc.		5,398

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	558	Laredo Petroleum, Inc. (a)		4,457
				9,855
		Total Energy		14,307
		Financials — 8.5%
		Banks — 2.8%
	276	PrivateBancorp, Inc.		11,321
	74	Signature Bank (a)		11,345
	175	Texas Capital Bancshares, Inc. (a)		8,658
				31,324
		Capital Markets — 2.5%
	181	Evercore Partners, Inc., Class A		9,777
	380	Financial Engines, Inc.		12,788
	912	PennantPark Investment Corp.		5,638
				28,203
		Insurance — 0.7%
	123	AmTrust Financial Services, Inc.		7,580
		Real Estate Investment Trusts (REITs) — 1.1%
	225	CubeSmart		6,892
	143	Highwoods Properties, Inc.		6,227
				13,119
		Real Estate Management & Development — 0.9%
	291	RE/MAX Holdings, Inc., Class A		10,867
		Thrifts & Mortgage Finance — 0.5%
	247	BofI Holding, Inc. (a)		5,203
		Total Financials		96,296
		Health Care — 26.1%
		Biotechnology — 11.6%
	262	ACADIA Pharmaceuticals, Inc. (a)		9,344
	187	Acceleron Pharma, Inc. (a)		9,120
	42	Anacor Pharmaceuticals, Inc. (a)		4,785
	548	Arrowhead Research Corp. (a)		3,371
	244	Axovant Sciences Ltd., (Bermuda) (a)		4,406
	268	Bellicum Pharmaceuticals, Inc. (a)		5,430
	159	Chimerix, Inc. (a)		1,420
	282	Coherus Biosciences, Inc. (a)		6,484
	418	Exact Sciences Corp. (a)		3,857
	267	FibroGen, Inc. (a)		8,125
	403	Halozyme Therapeutics, Inc. (a)		6,992
	465	Ignyta, Inc. (a)		6,234
	428	Insmed, Inc. (a)		7,768
	124	Intrexon Corp. (a)		3,731
	135	Kite Pharma, Inc. (a)		8,335

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Biotechnology — continued
	111	Neurocrine Biosciences, Inc. (a)		6,267
	178	Portola Pharmaceuticals, Inc. (a)		9,179
	163	REGENXBIO, Inc. (a)		2,700
	143	Sage Therapeutics, Inc. (a)		8,311
	101	Spark Therapeutics, Inc. (a)		4,564
	62	Ultragenyx Pharmaceutical, Inc. (a)		6,960
	278	Versartis, Inc. (a)		3,447
				130,830
		Health Care Equipment & Supplies — 5.4%
	1,016	GenMark Diagnostics, Inc. (a)		7,885
	311	Insulet Corp. (a)		11,764
	466	K2M Group Holdings, Inc. (a)		9,200
	156	Nevro Corp. (a)		10,534
	981	Novadaq Technologies, Inc., (Canada) (a)		12,500
	879	Syneron Medical Ltd., (Israel) (a)		6,779
	4,014	Unilife Corp. (a)		1,987
				60,649
		Health Care Providers & Services — 3.8%
	237	Acadia Healthcare Co., Inc. (a)		14,816
	331	Surgical Care Affiliates, Inc. (a)		13,190
	199	WellCare Health Plans, Inc. (a)		15,528
				43,534
		Health Care Technology — 2.0%
	421	Evolent Health, Inc., Class A (a)		5,101
	618	Veeva Systems, Inc., Class A (a)		17,822
				22,923
		Pharmaceuticals — 3.3%
	368	Horizon Pharma plc (a)		7,969
	436	Nektar Therapeutics (a)		7,345
	253	Revance Therapeutics, Inc. (a)		8,650
	317	Sagent Pharmaceuticals, Inc. (a)		5,045
	800	TherapeuticsMD, Inc. (a)		8,295
				37,304
		Total Health Care		295,240
		Industrials — 16.5%
		Aerospace & Defense — 2.1%
	216	HEICO Corp.		11,762
	259	Hexcel Corp.		12,035
				23,797
		Air Freight & Logistics — 0.4%
	183	XPO Logistics, Inc. (a)		4,975

SHARES		SECURITY DESCRIPTION	VALUE($)
		Building Products — 5.7%
	283	Advanced Drainage Systems, Inc.		6,792
	249	Caesarstone Sdot-Yam Ltd., (Israel) (a)		10,771
	139	Fortune Brands Home & Security, Inc.		7,699
	125	Lennox International, Inc.		15,606
	148	Masonite International Corp. (a)		9,051
	378	Trex Co., Inc. (a)		14,387
				64,306
		Electrical Equipment — 1.8%
	67	Acuity Brands, Inc.		15,620
	101	SolarCity Corp. (a)		5,154
				20,774
		Industrial Conglomerates — 1.1%
	144	Carlisle Cos., Inc.		12,754
		Machinery — 2.6%
	130	Graco, Inc.		9,386
	169	John Bean Technologies Corp.		8,430
	105	Middleby Corp. (The) (a)		11,321
				29,137
		Road & Rail — 0.9%
	165	Old Dominion Freight Line, Inc. (a)		9,761
		Trading Companies & Distributors — 1.9%
	347	Rush Enterprises, Inc., Class A (a)		7,595
	123	Watsco, Inc.		14,377
				21,972
		Total Industrials		187,476
		Information Technology — 28.3%
		Communications Equipment — 1.6%
	525	Ciena Corp. (a)		10,857
	628	Ruckus Wireless, Inc. (a)		6,722
				17,579
		Internet Software & Services — 9.1%
	205	Benefitfocus, Inc. (a)		7,464
	300	Cornerstone OnDemand, Inc. (a)		10,347
	72	CoStar Group, Inc. (a)		14,800
	257	Demandware, Inc. (a)		13,863
	416	Envestnet, Inc. (a)		12,408
	381	GoDaddy, Inc., Class A (a)		12,216
	349	GrubHub, Inc. (a)		8,441
	175	Instructure, Inc. (a)		3,637
	321	Marketo, Inc. (a)		9,221
	421	Shopify, Inc., (Canada), Class A (a)		10,862
				103,259

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 29

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — 6.1%
	227	Cavium, Inc. (a)		14,934
	405	Inphi Corp. (a)		10,943
	401	M/A-COM Technology Solutions Holdings, Inc. (a)		16,404
	270	MKS Instruments, Inc.		9,733
	265	Monolithic Power Systems, Inc.		16,877
				68,891
		Software — 11.1%
	201	Atlassian Corp. plc, (United Kingdom), Class A (a)		6,042
	393	Barracuda Networks, Inc. (a)		7,341
	221	Fleetmatics Group plc, (Ireland) (a)		11,249
	151	Fortinet, Inc. (a)		4,710
	347	Guidewire Software, Inc. (a)		20,866
	156	HubSpot, Inc. (a)		8,801
	176	Imperva, Inc. (a)		11,127
	322	Infoblox, Inc. (a)		5,918
	212	Proofpoint, Inc. (a)		13,798
	641	RingCentral, Inc., Class A (a)		15,109
	76	Tableau Software, Inc., Class A (a)		7,194
	515	Zendesk, Inc. (a)		13,615
				125,770

SHARES		SECURITY DESCRIPTION	VALUE($)
		Technology Hardware, Storage & Peripherals — 0.4%
	545	Nimble Storage, Inc. (a)		5,012
		Total Information Technology		320,511
		Materials — 1.0%
		Construction Materials — 1.0%
	191	Eagle Materials, Inc.		11,569
		Total Common Stocks (Cost $894,533)		1,098,597
	Short-Term Investment — 1.5%
		Investment Company — 1.5%
	16,517	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $16,517)		16,517
		Total Investments — 98.4% (Cost $911,050)		1,115,114
		Other Assets in Excess of Liabilities — 1.6%		17,667
		NET ASSETS — 100.0%	$	1,132,781

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.0%
		Consumer Discretionary — 8.4%
		Auto Components — 1.5%
	541	Cooper Tire & Rubber Co.		20,477
	178	Dana Holding Corp.		2,462
	180	Stoneridge, Inc. (a)		2,658
				25,597
		Distributors — 0.0% (g)
	103	VOXX International Corp. (a)		541
		Diversified Consumer Services — 1.1%
	79	Ascent Capital Group, Inc., Class A (a)		1,324
	104	Houghton Mifflin Harcourt Co. (a)		2,257
	471	K12, Inc. (a)		4,143
	798	Regis Corp. (a)		11,286
				19,010
		Hotels, Restaurants & Leisure — 1.4%
	139	Bob Evans Farms, Inc.		5,396
	47	Bravo Brio Restaurant Group, Inc. (a)		423
	708	Isle of Capri Casinos, Inc. (a)		9,868
	22	Jack in the Box, Inc.		1,665
	74	Ruby Tuesday, Inc. (a)		408
	317	Ruth’s Hospitality Group, Inc.		5,047
	47	Speedway Motorsports, Inc.		982
				23,789
		Household Durables — 0.8%
	22	CalAtlantic Group, Inc.		853
	115	CSS Industries, Inc.		3,272
	227	KB Home		2,797
	111	Leggett & Platt, Inc.		4,647
	45	MDC Holdings, Inc.		1,146
	40	NACCO Industries, Inc., Class A		1,688
				14,403
		Internet & Catalog Retail — 0.5%
	309	Liberty TripAdvisor Holdings, Inc., Class A (a)		9,384
		Leisure Products — 0.2%
	193	Nautilus, Inc. (a)		3,224
		Media — 0.4%
	175	Central European Media Enterprises Ltd., (Bermuda), Class A (a)		471
	210	Entercom Communications Corp., Class A (a)		2,359
	10	Saga Communications, Inc., Class A		401
	254	Time, Inc.		3,982
				7,213

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multiline Retail — 0.5%
	145	Dillard’s, Inc., Class A		9,508
		Specialty Retail — 1.5%
	172	Abercrombie & Fitch Co., Class A		4,641
	315	Children’s Place, Inc. (The)		17,393
	254	Guess?, Inc.		4,792
				26,826
		Textiles, Apparel & Luxury Goods — 0.5%
	306	Iconix Brand Group, Inc. (a)		2,091
	262	Movado Group, Inc.		6,741
				8,832
		Total Consumer Discretionary		148,327
		Consumer Staples — 2.4%
		Food & Staples Retailing — 0.2%
	68	Smart & Final Stores, Inc. (a)		1,229
	98	SpartanNash Co.		2,125
				3,354
		Food Products — 0.7%
	13	Farmer Brothers Co. (a)		407
	120	Fresh Del Monte Produce, Inc.		4,673
	176	Pinnacle Foods, Inc.		7,456
	6	Sanderson Farms, Inc.		473
	11	Seneca Foods Corp., Class A (a)		304
				13,313
		Household Products — 0.5%
	673	Central Garden & Pet Co., Class A (a)		9,154
		Tobacco — 1.0%
	304	Universal Corp.		17,071
		Total Consumer Staples		42,892
		Energy — 3.9%
		Energy Equipment & Services — 1.5%
	46	Archrock, Inc.		348
	142	Atwood Oceanics, Inc.		1,450
	124	Geospace Technologies Corp. (a)		1,750
	534	Gulfmark Offshore, Inc., Class A (a)		2,493
	859	Helix Energy Solutions Group, Inc. (a)		4,518
	2,962	Key Energy Services, Inc. (a)		1,428
	98	North Atlantic Drilling Ltd., (Norway) (a)		242
	359	Parker Drilling Co. (a)		654
	1,521	Pioneer Energy Services Corp. (a)		3,299
	140	SEACOR Holdings, Inc. (a)		7,379
	309	Unit Corp. (a)		3,769
				27,330

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 31

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — 2.4%
	5	Adams Resources & Energy, Inc.		188
	107	Alon USA Energy, Inc.		1,582
	346	Approach Resources, Inc. (a)		637
	2,546	Bill Barrett Corp. (a)		10,006
	248	Frontline Ltd., (Bermuda)		741
	434	Gastar Exploration, Inc. (a)		568
	480	Halcon Resources Corp. (a)		604
	269	Jones Energy, Inc., Class A (a)		1,034
	987	Penn Virginia Corp. (a)		297
	313	REX American Resources Corp. (a)		16,946
	1,063	Rex Energy Corp. (a)		1,116
	1,794	Stone Energy Corp. (a)		7,696
	844	Triangle Petroleum Corp. (a)		650
				42,065
		Total Energy		69,395
		Financials — 40.9%
		Banks — 17.1%
	126	1st Source Corp.		3,877
	7	American National Bankshares, Inc.		184
	75	BancFirst Corp.		4,373
	435	BancorpSouth, Inc.		10,433
	190	Bank of Hawaii Corp.		11,976
	72	Banner Corp.		3,288
	411	BBCN Bancorp, Inc.		7,081
	270	Capital Bank Financial Corp., Class A		8,644
	97	Cascade Bancorp (a)		587
	240	Cathay General Bancorp		7,522
	564	Central Pacific Financial Corp.		12,408
	10	Century Bancorp, Inc., Class A		417
	84	Chemical Financial Corp.		2,882
	22	Citizens & Northern Corp.		470
	168	City Holding Co.		7,686
	114	CoBiz Financial, Inc.		1,526
	63	Columbia Banking System, Inc.		2,059
	158	Community Bank System, Inc.		6,307
	142	Community Trust Bancorp, Inc.		4,980
	196	Customers Bancorp, Inc. (a)		5,322
	14	East West Bancorp, Inc.		596
	81	Financial Institutions, Inc.		2,268
	35	First Bancorp		660
	1,486	First BanCorp, (Puerto Rico) (a)		4,831
	154	First Busey Corp.		3,169
	10	First Citizens BancShares, Inc., Class A		2,504
	1,414	First Commonwealth Financial Corp.		12,820
	54	First Community Bancshares, Inc.		1,004

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	126	First Financial Bancorp		2,275
	88	First Financial Bankshares, Inc.		2,658
	103	First Interstate BancSystem, Inc., Class A		2,994
	170	Flushing Financial Corp.		3,679
	542	FNB Corp.		7,225
	343	Fulton Financial Corp.		4,466
	247	Glacier Bancorp, Inc.		6,553
	43	Great Southern Bancorp, Inc.		1,937
	30	Guaranty Bancorp		503
	387	Hancock Holding Co.		9,744
	63	Heartland Financial USA, Inc.		1,973
	28	Heritage Financial Corp.		534
	1,057	Investors Bancorp, Inc.		13,149
	72	Lakeland Bancorp, Inc.		846
	32	Lakeland Financial Corp.		1,511
	195	MainSource Financial Group, Inc.		4,454
	69	Metro Bancorp, Inc.		2,153
	55	National Penn Bancshares, Inc.		673
	655	OFG Bancorp, (Puerto Rico)		4,797
	91	Pacific Continental Corp.		1,357
	181	PacWest Bancorp		7,805
	21	Preferred Bank		677
	23	Republic Bancorp, Inc., Class A		602
	26	S&T Bancorp, Inc.		786
	20	Sierra Bancorp		349
	16	Simmons First National Corp., Class A		822
	21	Southside Bancshares, Inc.		496
	142	Southwest Bancorp, Inc.		2,473
	67	State Bank Financial Corp.		1,407
	15	Stock Yards Bancorp, Inc.		556
	20	Suffolk Bancorp		573
	513	TCF Financial Corp.		7,244
	46	Tompkins Financial Corp.		2,583
	30	TriState Capital Holdings, Inc. (a)		417
	168	Trustmark Corp.		3,859
	218	UMB Financial Corp.		10,143
	687	Umpqua Holdings Corp.		10,918
	468	Union Bankshares Corp.		11,807
	88	Valley National Bancorp		867
	44	Washington Trust Bancorp, Inc.		1,751
	130	Webster Financial Corp.		4,835
	18	WesBanco, Inc.		526
	46	West Bancorporation, Inc.		909
	400	Westamerica Bancorporation		18,709
	18	Western Alliance Bancorp (a)		654

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Banks — continued
	722	Wilshire Bancorp, Inc.		8,333
				303,456
		Capital Markets — 0.9%
	117	Arlington Asset Investment Corp., Class A		1,542
	841	Cowen Group, Inc., Class A (a)		3,221
	26	INTL. FCStone, Inc. (a)		877
	190	Investment Technology Group, Inc.		3,239
	78	Janus Capital Group, Inc.		1,096
	415	KCG Holdings, Inc., Class A (a)		5,109
	65	Oppenheimer Holdings, Inc., Class A		1,133
				16,217
		Consumer Finance — 0.5%
	181	Cash America International, Inc.		5,433
	128	Nelnet, Inc., Class A		4,304
				9,737
		Diversified Financial Services — 0.0% (g)
	38	Marlin Business Services Corp.		605
		Insurance — 5.0%
	90	American Equity Investment Life Holding Co.		2,158
	40	Arch Capital Group Ltd., (Bermuda) (a)		2,765
	143	Argo Group International Holdings Ltd., (Bermuda)		8,569
	1,077	CNO Financial Group, Inc.		20,550
	13	Global Indemnity plc, (Ireland) (a)		389
	85	Hallmark Financial Services (a)		994
	273	Horace Mann Educators Corp.		9,045
	45	Kemper Corp.		1,684
	106	Maiden Holdings Ltd., (Bermuda)		1,585
	42	Navigators Group, Inc. (The) (a)		3,560
	127	Primerica, Inc.		5,974
	204	ProAssurance Corp.		9,905
	74	StanCorp Financial Group, Inc.		8,450
	367	Symetra Financial Corp.		11,672
	20	United Fire Group, Inc.		766
				88,066
		Real Estate Investment Trusts (REITs) — 13.4%
	109	AG Mortgage Investment Trust, Inc.		1,400
	27	American Assets Trust, Inc.		1,024
	228	Apartment Investment & Management Co., Class A		9,143
	50	ARMOUR Residential REIT, Inc.		1,084
	111	Ashford Hospitality Prime, Inc.		1,604
	761	Ashford Hospitality Trust, Inc.		4,802

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	1,261	Capstead Mortgage Corp.		11,020
	487	CBL & Associates Properties, Inc.		6,029
	319	Cedar Realty Trust, Inc.		2,256
	267	CoreSite Realty Corp.		15,139
	581	CubeSmart		17,796
	9	CyrusOne, Inc.		345
	2,354	CYS Investments, Inc.		16,785
	554	DCT Industrial Trust, Inc.		20,711
	370	DiamondRock Hospitality Co.		3,568
	81	DuPont Fabros Technology, Inc.		2,562
	102	Education Realty Trust, Inc.		3,857
	88	EPR Properties		5,114
	824	FelCor Lodging Trust, Inc.		6,018
	146	First Industrial Realty Trust, Inc.		3,233
	566	First Potomac Realty Trust		6,457
	188	Franklin Street Properties Corp.		1,948
	169	Getty Realty Corp.		2,891
	85	Gladstone Commercial Corp.		1,236
	529	Government Properties Income Trust		8,397
	562	Gramercy Property Trust		4,341
	252	Hatteras Financial Corp.		3,319
	68	Highwoods Properties, Inc.		2,952
	185	Hospitality Properties Trust		4,833
	92	LaSalle Hotel Properties		2,317
	115	LTC Properties, Inc.		4,940
	148	Mack-Cali Realty Corp.		3,446
	17	Mid-America Apartment Communities, Inc.		1,514
	271	Monogram Residential Trust, Inc.		2,643
	149	Pebblebrook Hotel Trust		4,178
	348	Pennsylvania Real Estate Investment Trust		7,611
	354	Potlatch Corp.		10,699
	98	PS Business Parks, Inc.		8,533
	1,097	RAIT Financial Trust		2,962
	14	Saul Centers, Inc.		708
	75	Silver Bay Realty Trust Corp.		1,176
	507	Sunstone Hotel Investors, Inc.		6,331
	16	Taubman Centers, Inc.		1,220
	90	Urstadt Biddle Properties, Inc., Class A		1,739
	284	Washington Real Estate Investment Trust		7,677
	7	WP Glimcher, Inc.		74
				237,632
		Real Estate Management & Development — 1.2%
	238	Alexander & Baldwin, Inc.		8,400
	541	Forestar Group, Inc. (a)		5,920

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 33

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Real Estate Management & Development — continued
	—	(h)	RMR Group, Inc.(The), Class A (a)		—	(h)
	379		St. Joe Co. (The) (a)		7,012
					21,332
			Thrifts & Mortgage Finance — 2.8%
	28		BankFinancial Corp.		352
	682		Beneficial Bancorp, Inc. (a)		9,085
	87		Brookline Bancorp, Inc.		1,004
	304		Charter Financial Corp.		4,015
	31		Fox Chase Bancorp, Inc.		635
	23		Kearny Financial Corp.		290
	382		Meridian Bancorp, Inc.		5,388
	120		MGIC Investment Corp. (a)		1,056
	686		Northfield Bancorp, Inc.		10,926
	65		OceanFirst Financial Corp.		1,308
	105		Oritani Financial Corp.		1,732
	18		Territorial Bancorp, Inc.		510
	113		United Financial Bancorp, Inc.		1,449
	306		Walker & Dunlop, Inc. (a)		8,822
	42		Waterstone Financial, Inc.		585
	89		WSFS Financial Corp.		2,864
					50,021
			Total Financials		727,066
			Health Care — 5.2%
			Biotechnology — 1.2%
	8		Applied Genetic Technologies Corp. (a)		169
	40		Ardelyx, Inc. (a)		721
	9		Avalanche Biotechnologies, Inc. (a)		89
	48		Cara Therapeutics, Inc. (a)		813
	20		Dicerna Pharmaceuticals, Inc. (a)		240
	15		Epizyme, Inc. (a)		244
	2,051		Idera Pharmaceuticals, Inc. (a)		6,337
	17		Immune Design Corp. (a)		345
	52		Insmed, Inc. (a)		942
	7		Karyopharm Therapeutics, Inc. (a)		91
	18		MacroGenics, Inc. (a)		545
	91		NantKwest, Inc. (a)		1,572
	52		Radius Health, Inc. (a)		3,169
	6		Sage Therapeutics, Inc. (a)		356
	92		Seres Therapeutics, Inc. (a)		3,235
	14		Ultragenyx Pharmaceutical, Inc. (a)		1,593
	43		Verastem, Inc. (a)		80
	17		Zafgen, Inc. (a)		108
					20,649

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — 1.3%
	46	Halyard Health, Inc. (a)		1,547
	47	Inogen, Inc. (a)		1,876
	155	Meridian Bioscience, Inc.		3,187
	83	Orthofix International N.V., (Curacao) (a)		3,238
	347	Quidel Corp. (a)		7,350
	187	Rockwell Medical, Inc. (a)		1,910
	225	SurModics, Inc. (a)		4,563
				23,671
		Health Care Providers & Services — 2.2%
	126	Addus HomeCare Corp. (a)		2,940
	149	Alliance HealthCare Services, Inc. (a)		1,365
	28	Amsurg Corp. (a)		2,090
	146	Centene Corp. (a)		9,602
	574	Cross Country Healthcare, Inc. (a)		9,406
	105	Five Star Quality Care, Inc. (a)		333
	293	Surgical Care Affiliates, Inc. (a)		11,661
	80	Triple-S Management Corp., (Puerto Rico), Class B (a)		1,915
				39,312
		Life Sciences Tools & Services — 0.1%
	118	Affymetrix, Inc. (a)		1,192
		Pharmaceuticals — 0.4%
	99	Amphastar Pharmaceuticals, Inc. (a)		1,405
	121	Medicines Co. (The) (a)		4,518
	30	Revance Therapeutics, Inc. (a)		1,021
				6,944
		Total Health Care		91,768
		Industrials — 13.1%
		Aerospace & Defense — 1.8%
	579	AAR Corp.		15,219
	578	DigitalGlobe, Inc. (a)		9,056
	100	Moog, Inc., Class A (a)		6,066
	18	National Presto Industries, Inc.		1,500
				31,841
		Air Freight & Logistics — 0.6%
	243	Atlas Air Worldwide Holdings, Inc. (a)		10,046
		Airlines — 0.4%
	97	Alaska Air Group, Inc.		7,825
		Building Products — 0.5%
	392	Gibraltar Industries, Inc. (a)		9,980
		Commercial Services & Supplies — 2.1%
	1,690	ACCO Brands Corp. (a)		12,052

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Commercial Services & Supplies — continued
	97	Ennis, Inc.		1,871
	291	Essendant, Inc.		9,470
	530	Quad/Graphics, Inc.		4,927
	405	West Corp.		8,745
				37,065
		Construction & Engineering — 1.6%
	216	Argan, Inc.		7,011
	163	Comfort Systems USA, Inc.		4,635
	355	EMCOR Group, Inc.		17,069
				28,715
		Electrical Equipment — 0.3%
	218	General Cable Corp.		2,921
	164	LSI Industries, Inc.		1,998
				4,919
		Machinery — 2.4%
	95	Accuride Corp. (a)		159
	111	AGCO Corp.		5,020
	312	Briggs & Stratton Corp.		5,401
	413	Douglas Dynamics, Inc.		8,702
	232	Federal Signal Corp.		3,677
	75	Hurco Cos., Inc.		1,987
	80	Hyster-Yale Materials Handling, Inc.		4,201
	153	Kadant, Inc.		6,213
	342	Mueller Water Products, Inc., Class A		2,943
	215	Wabash National Corp. (a)		2,539
	24	Watts Water Technologies, Inc., Class A		1,197
				42,039
		Marine — 0.4%
	152	Matson, Inc.		6,488
		Professional Services — 1.9%
	253	Barrett Business Services, Inc.		10,998
	457	FTI Consulting, Inc. (a)		15,826
	172	RPX Corp. (a)		1,896
	76	VSE Corp.		4,695
				33,415
		Road & Rail — 0.7%
	5	AMERCO		2,025
	250	ArcBest Corp.		5,343
	58	PAM Transportation Services, Inc. (a)		1,604
	187	USA Truck, Inc. (a)		3,255
				12,227

SHARES		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — 0.4%
	150	DXP Enterprises, Inc. (a)		3,417
	149	MRC Global, Inc. (a)		1,917
	162	Titan Machinery, Inc. (a)		1,771
				7,105
		Total Industrials		231,665
		Information Technology — 12.4%
		Communications Equipment — 1.9%
	242	Black Box Corp.		2,307
	175	Comtech Telecommunications Corp.		3,510
	219	InterDigital, Inc.		10,730
	186	NETGEAR, Inc. (a)		7,787
	795	Polycom, Inc. (a)		10,014
				34,348
		Electronic Equipment, Instruments & Components — 2.8%
	574	Benchmark Electronics, Inc. (a)		11,860
	109	Checkpoint Systems, Inc.		684
	64	Coherent, Inc. (a)		4,134
	441	Insight Enterprises, Inc. (a)		11,078
	71	Sanmina Corp. (a)		1,455
	176	Tech Data Corp. (a)		11,690
	753	Vishay Intertechnology, Inc.		9,068
				49,969
		Internet Software & Services — 0.9%
	603	Bazaarvoice, Inc. (a)		2,639
	48	Benefitfocus, Inc. (a)		1,754
	431	Blucora, Inc. (a)		4,223
	722	EarthLink Holdings Corp.		5,361
	443	Monster Worldwide, Inc. (a)		2,540
				16,517
		IT Services — 1.3%
	433	Convergys Corp.		10,767
	40	EVERTEC, Inc., (Puerto Rico)		670
	87	ModusLink Global Solutions, Inc. (a)		214
	145	Sykes Enterprises, Inc. (a)		4,454
	545	Unisys Corp. (a)		6,020
				22,125
		Semiconductors & Semiconductor Equipment — 2.7%
	306	Advanced Energy Industries, Inc. (a)		8,638
	38	Alpha & Omega Semiconductor Ltd. (a)		350
	869	Amkor Technology, Inc. (a)		5,283
	482	Cohu, Inc.		5,813
	969	Cypress Semiconductor Corp. (a)		9,506

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 35

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	120	First Solar, Inc. (a)		7,899
	386	FormFactor, Inc. (a)		3,470
	153	IXYS Corp.		1,936
	87	Ultra Clean Holdings, Inc. (a)		445
	784	Xcerra Corp. (a)		4,742
				48,082
		Software — 2.8%
	133	Aspen Technology, Inc. (a)		5,015
	437	EnerNOC, Inc. (a)		1,683
	74	Fair Isaac Corp.		6,988
	898	Rovi Corp. (a)		14,964
	582	Take-Two Interactive Software, Inc. (a)		20,287
				48,937
		Total Information Technology		219,978
		Materials — 3.0%
		Chemicals — 0.6%
	564	Intrepid Potash, Inc. (a)		1,664
	20	KMG Chemicals, Inc.		454
	21	Minerals Technologies, Inc.		954
	259	Olin Corp.		4,470
	346	Rayonier Advanced Materials, Inc.		3,385
				10,927
		Containers & Packaging — 0.6%
	733	Graphic Packaging Holding Co.		9,407
	64	Myers Industries, Inc.		847
				10,254
		Metals & Mining — 0.9%
	793	Cliffs Natural Resources, Inc. (a)		1,252
	423	Schnitzer Steel Industries, Inc., Class A		6,072
	272	Worthington Industries, Inc.		8,183
				15,507
		Paper & Forest Products — 0.9%
	147	Domtar Corp., (Canada)		5,428
	254	Schweitzer-Mauduit International, Inc.		10,644
				16,072
		Total Materials		52,760
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.6%
	2,272	Cincinnati Bell, Inc. (a)		8,179
	38	FairPoint Communications, Inc. (a)		612
	244	Intelsat S.A., (Luxembourg) (a)		1,015

SHARES		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — continued
	105	Windstream Holdings, Inc.		674
				10,480
		Wireless Telecommunication Services — 0.0% (g)
	40	Spok Holdings, Inc.		738
		Total Telecommunication Services		11,218
		Utilities — 7.1%
		Electric Utilities — 2.1%
	345	El Paso Electric Co.		13,298
	165	PNM Resources, Inc.		5,044
	444	Portland General Electric Co.		16,152
	25	Spark Energy, Inc., Class A		522
	60	Unitil Corp.		2,153
				37,169
		Gas Utilities — 2.3%
	99	AGL Resources, Inc.		6,298
	36	Chesapeake Utilities Corp.		2,018
	207	Laclede Group, Inc. (The)		12,280
	166	Northwest Natural Gas Co.		8,411
	53	Piedmont Natural Gas Co., Inc.		3,028
	175	Southwest Gas Corp.		9,636
				41,671
		Independent Power & Renewable Electricity Producers — 0.5%
	2,285	Atlantic Power Corp.		4,501
	135	Ormat Technologies, Inc.		4,916
				9,417
		Multi-Utilities — 1.6%
	400	Avista Corp.		14,162
	251	NorthWestern Corp.		13,600
				27,762
		Water Utilities — 0.6%
	187	American States Water Co.		7,857
	129	California Water Service Group		3,007
				10,864
		Total Utilities		126,883
		Total Common Stocks (Cost $1,651,949)		1,721,952

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

NUMBER OF WARRANTS		SECURITY DESCRIPTION	VALUE($)
	Warrant — 0.0%
		Financials — 0.0%
		Consumer Finance — 0.0%
	3	Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.6%
		Investment Company — 3.6%
	64,608	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $64,608)		64,608
		Total Investments — 100.6% (Cost $1,716,557)		1,786,560
		Liabilities in Excess of Other Assets — (0.6)% (c)		(10,822	)
		NET ASSETS — 100.0%	$	1,775,738

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	539	E-mini Russell 2000		03/18/16		USD	$	60,988	$	780

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 37

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.5%
		Consumer Discretionary — 12.9%
		Auto Components — 2.1%
	32	American Axle & Manufacturing Holdings, Inc. (a)		608
	357	Cooper Tire & Rubber Co.		13,497
	98	Dana Holding Corp.		1,358
	280	Stoneridge, Inc. (a)		4,147
	117	Tower International, Inc.		3,354
				22,964
		Distributors — 0.0% (g)
	39	VOXX International Corp. (a)		207
		Diversified Consumer Services — 2.2%
	198	Houghton Mifflin Harcourt Co. (a)		4,304
	80	K12, Inc. (a)		701
	636	Regis Corp. (a)		9,004
	171	Strayer Education, Inc. (a)		10,268
				24,277
		Hotels, Restaurants & Leisure — 3.2%
	73	Bloomin’ Brands, Inc.		1,238
	62	Bob Evans Farms, Inc.		2,409
	32	Boyd Gaming Corp. (a)		626
	138	Bravo Brio Restaurant Group, Inc. (a)		1,245
	8	DineEquity, Inc.		669
	510	Isle of Capri Casinos, Inc. (a)		7,101
	108	Jack in the Box, Inc.		8,315
	236	Ruby Tuesday, Inc. (a)		1,298
	323	Sonic Corp.		10,433
	73	Speedway Motorsports, Inc.		1,510
				34,844
		Household Durables — 0.6%
	44	CSS Industries, Inc.		1,249
	72	Leggett & Platt, Inc.		3,038
	52	NACCO Industries, Inc., Class A		2,203
				6,490
		Leisure Products — 0.2%
	129	Nautilus, Inc. (a)		2,160
		Media — 1.0%
	65	Nexstar Broadcasting Group, Inc., Class A		3,786
	237	Sinclair Broadcast Group, Inc., Class A		7,719
				11,505
		Multiline Retail — 0.9%
	115	Big Lots, Inc.		4,428
	89	Dillard’s, Inc., Class A		5,875
				10,303

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 2.5%
	181	Abercrombie & Fitch Co., Class A		4,887
	224	Children’s Place, Inc. (The)		12,348
	63	Guess?, Inc.		1,186
	46	Kirkland’s, Inc.		664
	220	Outerwall, Inc.		8,046
				27,131
		Textiles, Apparel & Luxury Goods — 0.2%
	80	Movado Group, Inc.		2,062
		Total Consumer Discretionary		141,943
		Consumer Staples — 2.7%
		Food & Staples Retailing — 0.4%
	77	Ingles Markets, Inc., Class A		3,394
	24	Smart & Final Stores, Inc. (a)		437
				3,831
		Food Products — 1.5%
	63	B&G Foods, Inc.		2,203
	220	Dean Foods Co.		3,775
	141	Pilgrim’s Pride Corp.		3,106
	103	Pinnacle Foods, Inc.		4,356
	38	Sanderson Farms, Inc.		2,946
	17	Seneca Foods Corp., Class A (a)		492
				16,878
		Personal Products — 0.6%
	15	Herbalife Ltd. (a)		810
	11	Medifast, Inc.		346
	46	USANA Health Sciences, Inc. (a)		5,864
				7,020
		Tobacco — 0.2%
	44	Universal Corp.		2,445
		Total Consumer Staples		30,174
		Energy — 2.9%
		Energy Equipment & Services — 0.9%
	54	Archrock, Inc.		404
	115	Basic Energy Services, Inc. (a)		309
	13	Exterran Corp. (a)		202
	331	Gulfmark Offshore, Inc., Class A (a)		1,545
	760	Key Energy Services, Inc. (a)		367
	266	Parker Drilling Co. (a)		485
	224	Pioneer Energy Services Corp. (a)		485
	91	SEACOR Holdings, Inc. (a)		4,793
	103	Unit Corp. (a)		1,253
				9,843

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — 2.0%
	15	Adams Resources & Energy, Inc.		580
	71	Alon USA Energy, Inc.		1,055
	900	Bill Barrett Corp. (a)		3,536
	250	Penn Virginia Corp. (a)		75
	51	Renewable Energy Group, Inc. (a)		473
	221	REX American Resources Corp. (a)		11,928
	338	Rex Energy Corp. (a)		355
	581	Stone Energy Corp. (a)		2,493
	33	Western Refining, Inc.		1,179
				21,674
		Total Energy		31,517
		Financials — 23.1%
		Banks — 7.9%
	48	1st Source Corp.		1,481
	70	BancFirst Corp.		4,074
	185	BancorpSouth, Inc.		4,429
	44	Banner Corp.		1,999
	61	BBCN Bancorp, Inc.		1,043
	190	Capital Bank Financial Corp., Class A		6,076
	72	Cathay General Bancorp		2,265
	337	Central Pacific Financial Corp.		7,412
	28	Chemical Financial Corp.		970
	19	Citizens & Northern Corp.		397
	46	City Holding Co.		2,095
	49	CoBiz Financial, Inc.		659
	312	CVB Financial Corp.		5,271
	4	East West Bancorp, Inc.		163
	421	First Commonwealth Financial Corp.		3,815
	7	First Financial Bancorp		125
	25	First Interstate BancSystem, Inc., Class A		730
	61	Flushing Financial Corp.		1,329
	114	FNB Corp.		1,517
	78	Fulton Financial Corp.		1,010
	18	Great Western Bancorp, Inc.		525
	31	Guaranty Bancorp		504
	203	Investors Bancorp, Inc.		2,520
	25	MainSource Financial Group, Inc.		561
	51	National Penn Bancshares, Inc.		631
	200	OFG Bancorp, (Puerto Rico)		1,460
	49	PacWest Bancorp		2,129
	21	Sierra Bancorp		367
	29	Simmons First National Corp., Class A		1,510
	13	Southside Bancshares, Inc.		320
	41	Southwest Bancorp, Inc.		710
	97	Suffolk Bancorp		2,741

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	186	TCF Financial Corp.		2,625
	28	UMB Financial Corp.		1,317
	261	Union Bankshares Corp.		6,580
	17	Webster Financial Corp.		636
	72	West Bancorporation, Inc.		1,426
	255	Westamerica Bancorporation		11,903
	148	Wilshire Bancorp, Inc.		1,705
				87,030
		Capital Markets — 0.7%
	41	Arlington Asset Investment Corp., Class A		544
	372	Cowen Group, Inc., Class A (a)		1,424
	27	Federated Investors, Inc., Class B		759
	9	INTL. FCStone, Inc. (a)		314
	151	Investment Technology Group, Inc.		2,577
	138	KCG Holdings, Inc., Class A (a)		1,699
				7,317
		Consumer Finance — 0.5%
	47	Cash America International, Inc.		1,393
	8	Credit Acceptance Corp. (a)		1,734
	61	Nelnet, Inc., Class A		2,034
				5,161
		Diversified Financial Services — 0.6%
	60	MarketAxess Holdings, Inc.		6,740
		Insurance — 2.3%
	13	Ambac Financial Group, Inc. (a)		189
	180	American Equity Investment Life Holding Co.		4,318
	21	Aspen Insurance Holdings Ltd., (Bermuda)		1,005
	331	CNO Financial Group, Inc.		6,317
	24	First American Financial Corp.		872
	17	Global Indemnity plc, (Ireland) (a)		493
	90	Kemper Corp.		3,341
	40	Navigators Group, Inc. (The) (a)		3,423
	44	Primerica, Inc.		2,059
	63	ProAssurance Corp.		3,053
	1	RenaissanceRe Holdings Ltd., (Bermuda)		60
	11	Stewart Information Services Corp.		426
				25,556
		Real Estate Investment Trusts (REITs) — 7.5%
	80	American Assets Trust, Inc.		3,060
	11	Armada Hoffler Properties, Inc.		118
	10	Ashford Hospitality Prime, Inc.		143
	34	Ashford Hospitality Trust, Inc.		215
	44	BioMed Realty Trust, Inc.		1,033

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 39

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Investment Trusts (REITs) — continued
	633	Capstead Mortgage Corp.		5,534
	87	CBL & Associates Properties, Inc.		1,080
	242	CoreSite Realty Corp.		13,704
	22	Cousins Properties, Inc.		211
	1,220	CYS Investments, Inc.		8,699
	41	DCT Industrial Trust, Inc.		1,538
	85	DiamondRock Hospitality Co.		821
	48	EastGroup Properties, Inc.		2,658
	51	EPR Properties		2,993
	31	Equity LifeStyle Properties, Inc.		2,040
	81	FelCor Lodging Trust, Inc.		593
	43	First Industrial Realty Trust, Inc.		947
	74	Franklin Street Properties Corp.		765
	17	Gladstone Commercial Corp.		245
	81	Government Properties Income Trust		1,279
	107	Gramercy Property Trust		824
	149	Hersha Hospitality Trust		3,251
	87	Hospitality Properties Trust		2,283
	137	LTC Properties, Inc.		5,902
	77	Mack-Cali Realty Corp.		1,798
	76	Monogram Residential Trust, Inc.		737
	32	National Retail Properties, Inc.		1,290
	85	Pennsylvania Real Estate Investment Trust		1,865
	46	Post Properties, Inc.		2,704
	158	Potlatch Corp.		4,763
	15	PS Business Parks, Inc.		1,329
	41	RAIT Financial Trust		111
	158	Ramco-Gershenson Properties Trust		2,616
	34	RLJ Lodging Trust		733
	42	Saul Centers, Inc.		2,143
	19	Silver Bay Realty Trust Corp.		301
	27	Summit Hotel Properties, Inc.		327
	28	Taubman Centers, Inc.		2,171
				82,824
		Real Estate Management & Development — 0.9%
	110	Alexander & Baldwin, Inc.		3,898
	553	Forestar Group, Inc. (a)		6,047
	17	St. Joe Co. (The) (a)		311
				10,256
		Thrifts & Mortgage Finance — 2.7%
	21	Astoria Financial Corp.		330
	16	BankFinancial Corp.		197
	75	Beneficial Bancorp, Inc. (a)		1,000
	17	Capitol Federal Financial, Inc.		211

SHARES		SECURITY DESCRIPTION	VALUE($)
		Thrifts & Mortgage Finance — continued
	72	Charter Financial Corp.		947
	513	Meridian Bancorp, Inc.		7,233
	189	MGIC Investment Corp. (a)		1,672
	182	NMI Holdings, Inc., Class A (a)		1,233
	584	Northfield Bancorp, Inc.		9,299
	57	OceanFirst Financial Corp.		1,142
	132	Oritani Financial Corp.		2,185
	132	Walker & Dunlop, Inc. (a)		3,814
				29,263
		Total Financials		254,147
		Health Care — 16.9%
		Biotechnology — 6.9%
	112	ACADIA Pharmaceuticals, Inc. (a)		3,996
	41	Adamas Pharmaceuticals, Inc. (a)		1,158
	14	Aduro Biotech, Inc. (a)		402
	111	Aegerion Pharmaceuticals, Inc. (a)		1,119
	270	Amicus Therapeutics, Inc. (a)		2,619
	41	Anacor Pharmaceuticals, Inc. (a)		4,677
	8	Applied Genetic Technologies Corp. (a)		153
	30	Ardelyx, Inc. (a)		536
	319	Arrowhead Research Corp. (a)		1,962
	50	Atara Biotherapeutics, Inc. (a)		1,313
	166	aTyr Pharma, Inc. (a)		1,632
	41	Avalanche Biotechnologies, Inc. (a)		387
	78	Bellicum Pharmaceuticals, Inc. (a)		1,585
	40	Blueprint Medicines Corp. (a)		1,040
	36	Cara Therapeutics, Inc. (a)		614
	68	ChemoCentryx, Inc. (a)		552
	52	Chiasma, Inc. (a)		1,022
	36	Chimerix, Inc. (a)		321
	69	Coherus Biosciences, Inc. (a)		1,577
	20	Dicerna Pharmaceuticals, Inc. (a)		231
	17	Dimension Therapeutics, Inc. (a)		195
	96	Edge Therapeutics, Inc. (a)		1,203
	80	FibroGen, Inc. (a)		2,428
	94	Flexion Therapeutics, Inc. (a)		1,806
	80	Global Blood Therapeutics, Inc. (a)		2,596
	77	Heron Therapeutics, Inc. (a)		2,043
	66	Immune Design Corp. (a)		1,323
	180	Infinity Pharmaceuticals, Inc. (a)		1,414
	89	Karyopharm Therapeutics, Inc. (a)		1,175
	8	Kite Pharma, Inc. (a)		481
	59	MacroGenics, Inc. (a)		1,824
	127	Merrimack Pharmaceuticals, Inc. (a)		999
	61	Mirati Therapeutics, Inc. (a)		1,928

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Biotechnology — continued
	77	Neurocrine Biosciences, Inc. (a)		4,373
	126	Nivalis Therapeutics, Inc. (a)		976
	39	Ophthotech Corp. (a)		3,055
	438	Orexigen Therapeutics, Inc. (a)		754
	72	Prothena Corp. plc, (Ireland) (a)		4,884
	95	PTC Therapeutics, Inc. (a)		3,081
	52	Sage Therapeutics, Inc. (a)		3,055
	40	Seres Therapeutics, Inc. (a)		1,418
	33	Spark Therapeutics, Inc. (a)		1,504
	608	Synergy Pharmaceuticals, Inc. (a)		3,449
	79	Tokai Pharmaceuticals, Inc. (a)		690
	63	Trius Therapeutics, Inc. (a)		—	(h)
	9	Ultragenyx Pharmaceutical, Inc. (a)		1,010
	51	Versartis, Inc. (a)		633
	61	Xencor, Inc. (a)		895
	11	Zafgen, Inc. (a)		69
				76,157
		Health Care Equipment & Supplies — 4.1%
	21	CONMED Corp.		943
	174	Inogen, Inc. (a)		6,968
	67	LivaNova plc, (United Kingdom) (a)		3,972
	47	NuVasive, Inc. (a)		2,543
	237	Orthofix International N.V., (Curacao) (a)		9,299
	8	Penumbra, Inc. (a)		441
	457	Quidel Corp. (a)		9,688
	246	SurModics, Inc. (a)		4,993
	19	Utah Medical Products, Inc.		1,083
	230	Wright Medical Group N.V., (Netherlands) (a)		5,549
				45,479
		Health Care Providers & Services — 3.9%
	171	Addus HomeCare Corp. (a)		3,976
	24	Adeptus Health, Inc., Class A (a)		1,287
	200	Alliance HealthCare Services, Inc. (a)		1,836
	31	Amsurg Corp. (a)		2,318
	119	Centene Corp. (a)		7,832
	474	Cross Country Healthcare, Inc. (a)		7,771
	62	Landauer, Inc.		2,041
	84	Molina Healthcare, Inc. (a)		5,069
	251	Surgical Care Affiliates, Inc. (a)		9,980
	36	Teladoc, Inc. (a)		648
				42,758
		Health Care Technology — 0.2%
	209	HMS Holdings Corp. (a)		2,575

SHARES		SECURITY DESCRIPTION	VALUE($)
		Life Sciences Tools & Services — 0.4%
	55	Affymetrix, Inc. (a)		556
	56	PAREXEL International Corp. (a)		3,835
				4,391
		Pharmaceuticals — 1.4%
	77	Amphastar Pharmaceuticals, Inc. (a)		1,097
	69	Axsome Therapeutics, Inc. (a)		631
	233	BioDelivery Sciences International, Inc. (a)		1,118
	134	Flex Pharma, Inc. (a)		1,671
	47	Pacira Pharmaceuticals, Inc. (a)		3,624
	84	Prestige Brands Holdings, Inc. (a)		4,304
	58	Relypsa, Inc. (a)		1,635
	24	Revance Therapeutics, Inc. (a)		827
				14,907
		Total Health Care		186,267
		Industrials — 12.3%
		Aerospace & Defense — 1.6%
	367	AAR Corp.		9,648
	333	DigitalGlobe, Inc. (a)		5,215
	52	Moog, Inc., Class A (a)		3,176
				18,039
		Air Freight & Logistics — 0.2%
	62	Atlas Air Worldwide Holdings, Inc. (a)		2,580
		Airlines — 1.0%
	112	Alaska Air Group, Inc.		9,033
	72	Hawaiian Holdings, Inc. (a)		2,555
				11,588
		Building Products — 0.6%
	175	Continental Building Products, Inc. (a)		3,048
	146	Gibraltar Industries, Inc. (a)		3,717
				6,765
		Commercial Services & Supplies — 2.6%
	1,078	ACCO Brands Corp. (a)		7,686
	89	Deluxe Corp.		4,876
	199	Ennis, Inc.		3,837
	268	Essendant, Inc.		8,709
	167	West Corp.		3,604
				28,712
		Construction & Engineering — 1.2%
	116	Argan, Inc.		3,765
	186	EMCOR Group, Inc.		8,935
				12,700

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 41

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electrical Equipment — 0.3%
	304	Sunrun, Inc. (a)		3,576
		Machinery — 1.7%
	38	Blount International, Inc. (a)		373
	274	Briggs & Stratton Corp.		4,731
	314	Douglas Dynamics, Inc.		6,622
	46	Hurco Cos., Inc.		1,214
	19	Hyster-Yale Materials Handling, Inc.		1,002
	103	Kadant, Inc.		4,167
	8	Watts Water Technologies, Inc., Class A		392
				18,501
		Marine — 0.9%
	229	Matson, Inc.		9,745
		Professional Services — 1.0%
	156	Barrett Business Services, Inc.		6,794
	17	CRA International, Inc. (a)		315
	58	VSE Corp.		3,576
				10,685
		Road & Rail — 0.7%
	97	ArcBest Corp.		2,071
	20	PAM Transportation Services, Inc. (a)		563
	103	Swift Transportation Co. (a)		1,418
	182	USA Truck, Inc. (a)		3,172
				7,224
		Trading Companies & Distributors — 0.5%
	63	Applied Industrial Technologies, Inc.		2,547
	126	DXP Enterprises, Inc. (a)		2,863
				5,410
		Total Industrials		135,525
		Information Technology — 18.8%
		Communications Equipment — 3.2%
	495	Harmonic, Inc. (a)		2,014
	257	InterDigital, Inc.		12,584
	36	NETGEAR, Inc. (a)		1,525
	97	Plantronics, Inc.		4,585
	710	Polycom, Inc. (a)		8,943
	171	Ubiquiti Networks, Inc. (a)		5,413
				35,064
		Electronic Equipment, Instruments & Components — 1.3%
	19	Benchmark Electronics, Inc. (a)		399
	16	Coherent, Inc. (a)		1,022
	89	Insight Enterprises, Inc. (a)		2,238
	406	InvenSense, Inc. (a)		4,148

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — continued
	113	Sanmina Corp. (a)		2,332
	47	Tech Data Corp. (a)		3,094
	81	Vishay Intertechnology, Inc.		977
				14,210
		Internet Software & Services — 2.3%
	1,430	Bazaarvoice, Inc. (a)		6,263
	191	Blucora, Inc. (a)		1,873
	616	EarthLink Holdings Corp.		4,574
	16	Instructure, Inc. (a)		331
	440	Marchex, Inc., Class B		1,710
	90	Match Group, Inc. (a)		1,214
	98	Mimecast Ltd., (United Kingdom) (a)		939
	71	Web.com Group, Inc. (a)		1,425
	116	WebMD Health Corp. (a)		5,607
	206	Xactly Corp. (a)		1,754
				25,690
		IT Services — 3.0%
	403	Convergys Corp.		10,023
	150	CSG Systems International, Inc.		5,411
	28	EVERTEC, Inc., (Puerto Rico)		474
	45	Heartland Payment Systems, Inc.		4,219
	449	ModusLink Global Solutions, Inc. (a)		1,113
	40	MoneyGram International, Inc. (a)		250
	107	Science Applications International Corp.		4,898
	452	Unisys Corp. (a)		4,995
	40	Vantiv, Inc., Class A (a)		1,916
				33,299
		Semiconductors & Semiconductor Equipment — 2.8%
	167	Advanced Energy Industries, Inc. (a)		4,706
	475	Cohu, Inc.		5,738
	63	First Solar, Inc. (a)		4,151
	253	Integrated Device Technology, Inc. (a)		6,672
	248	Intersil Corp., Class A		3,161
	271	PMC-Sierra, Inc. (a)		3,152
	48	Tessera Technologies, Inc.		1,440
	190	Xcerra Corp. (a)		1,151
				30,171
		Software — 6.2%
	158	ACI Worldwide, Inc. (a)		3,371
	386	Aspen Technology, Inc. (a)		14,579
	163	AVG Technologies N.V., (Netherlands) (a)		3,258
	112	Barracuda Networks, Inc. (a)		2,094
	241	EnerNOC, Inc. (a)		926

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	67	Fair Isaac Corp.		6,272
	28	Manhattan Associates, Inc. (a)		1,833
	179	Mentor Graphics Corp.		3,295
	30	Progress Software Corp. (a)		713
	59	Rapid7, Inc. (a)		897
	788	Rovi Corp. (a)		13,120
	435	Take-Two Interactive Software, Inc. (a)		15,148
	116	VASCO Data Security International, Inc. (a)		1,941
	179	Zix Corp. (a)		907
				68,354
		Total Information Technology		206,788
		Materials — 2.4%
		Chemicals — 1.0%
	70	Innophos Holdings, Inc.		2,032
	363	Intrepid Potash, Inc. (a)		1,070
	94	Minerals Technologies, Inc.		4,292
	331	Rayonier Advanced Materials, Inc.		3,244
				10,638
		Containers & Packaging — 0.9%
	712	Graphic Packaging Holding Co.		9,138
	26	Myers Industries, Inc.		350
				9,488
		Metals & Mining — 0.4%
	107	SunCoke Energy, Inc.		371
	145	Worthington Industries, Inc.		4,379
				4,750
		Paper & Forest Products — 0.1%
	34	Domtar Corp., (Canada)		1,260
		Total Materials		26,136
		Telecommunication Services — 0.8%
		Diversified Telecommunication Services — 0.8%
	1,521	Cincinnati Bell, Inc. (a)		5,475
	275	Ooma, Inc. (a)		1,744
	71	Vonage Holdings Corp. (a)		410
	228	Windstream Holdings, Inc.		1,469
		Total Telecommunication Services		9,098
		Utilities — 3.7%
		Electric Utilities — 1.0%
	87	El Paso Electric Co.		3,361
	65	PNM Resources, Inc.		1,972
	129	Portland General Electric Co.		4,703
	67	Spark Energy, Inc., Class A		1,386
				11,422

SHARES			SECURITY DESCRIPTION	VALUE($)
			Electric Utilities — continued
	67		Spark Energy, Inc., Class A		1,386
					11,422
			Gas Utilities — 1.2%
	40		AGL Resources, Inc.		2,555
	51		Laclede Group, Inc. (The)		3,042
	83		New Jersey Resources Corp.		2,749
	49		Piedmont Natural Gas Co., Inc.		2,817
	44		Southwest Gas Corp.		2,405
					13,568
			Independent Power & Renewable Electricity Producers — 0.6%
	1,181		Atlantic Power Corp.		2,327
	111		Ormat Technologies, Inc.		4,052
					6,379
			Multi-Utilities — 0.2%
	22		Avista Corp.		767
	24		NorthWestern Corp.		1,286
					2,053
			Water Utilities — 0.7%
	185		American States Water Co.		7,752
			Total Utilities		41,174
			Total Common Stocks (Cost $1,044,690)		1,062,769
NUMBER OF WARRANTS
	Warrant — 0.0%
			Financials — 0.0%
			Consumer Finance — 0.0%
	—	(h)	Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—
SHARES
	Short-Term Investment — 3.8%
			Investment Company — 3.8%
	41,836		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (b) (l) (Cost $41,836)		41,836
			Total Investments — 100.3% (Cost $1,086,526)		1,104,605
			Liabilities in Excess of Other Assets — (0.3)% (c)		(3,420	)
			NET ASSETS — 100.0%	$	1,101,185

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 43

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 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 DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	340	E-mini Russell 2000		03/18/16		USD	$	38,471	$	444

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

JPMorgan Small Cap Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

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.

(c)	—  Included in this amount is cash segregated as collateral for futures contracts.
(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than one thousand (shares, number of warrants or dollars).
(l)	—  The rate shown is the current yield as of December 31, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 45

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands, except per share amounts)

	Dynamic Small Cap Growth Fund		Small Cap Core Fund			Small Cap Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	388,720	$	193,449		$	2,817,317
Investments in affiliates, at value		5,297		5,084			140,434
Total investment securities, at value		394,017		198,533			2,957,751
Cash		—		8			—
Deposits at broker for futures contracts		—		115			—
Receivables:
Investment securities sold		382		32			—
Fund shares sold		12,505		316			8,508
Dividends from non-affiliates		205		428			4,137
Dividends from affiliates		1		2			17
Variation margin on futures contracts		—		124			—
Total Assets		407,110		199,558			2,970,413
LIABILITIES:
Payables:
Investment securities purchased		—		539			1,576
Fund shares redeemed		2,202		1,151			43,257
Accrued liabilities:
Investment advisory fees		204		152			1,482
Administration fees		16		—			134
Distribution fees		39		—			174
Shareholder servicing fees		72		109			192
Custodian and accounting fees		14		24			38
Trustees’ and Chief Compliance Officer’s fees		1		—	(a)		1
Sub-transfer agent fees		82		202			614
Other		64		32			164
Total Liabilities		2,694		2,209			47,632
Net Assets	$	404,416	$	197,349		$	2,922,781

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Dynamic Small Cap Growth Fund			Small Cap Core Fund			Small Cap Equity Fund
NET ASSETS:
Paid-in-Capital	$	318,805		$	107,392		$	1,974,647
Accumulated undistributed (distributions in excess of) net investment income		(3,185	)		(406	)		(72	)
Accumulated net realized gains (losses)		665			47,192			40,117
Net unrealized appreciation (depreciation)		88,131			43,171			908,089
Total Net Assets	$	404,416		$	197,349		$	2,922,781
Net Assets:
Class A	$	63,178		$	—		$	749,505
Class C		40,194			—			32,939
Class R2		—			—			2,821
Class R5		—			—			1,197,204
Select Class		301,044			197,349			940,312
Total	$	404,416		$	197,349		$	2,922,781
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		3,169			—			19,412
Class C		2,472			—			1,101
Class R2		—			—			74
Class R5		—			—			27,237
Select Class		13,675			4,278			21,404
Net Asset Value (a):
Class A — Redemption price per share	$	19.93		$	—		$	38.61
Class C — Offering price per share (b)		16.26			—			29.91
Class R2 — Offering and redemption price per share		—			—			38.10
Class R5 — Offering and redemption price per share		—			—			43.95
Select Class — Offering and redemption price per share		22.01			46.13			43.93
Class A maximum sales charge		5.25	%		—	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)]	$	21.03		$	—		$	40.75
Cost of investments in non-affiliates	$	300,589		$	150,309		$	1,909,228
Cost of investments in affiliates		5,297			5,084			140,434

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 47

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	Small Cap Growth Fund		Small Cap Value Fund		U.S. Small Company Fund
ASSETS:
Investments in non-affiliates, at value	$	1,098,597	$	1,721,952	$	1,062,769
Investments in affiliates, at value		16,517		64,608		41,836
Total investment securities, at value		1,115,114		1,786,560		1,104,605
Cash		—		5		2
Deposits at broker for futures contracts		—		3,118		2,062
Receivables:
Investment securities sold		1,005		271		—
Fund shares sold		19,752		1,756		7,961
Dividends from non-affiliates		585		3,856		1,206
Dividends from affiliates		2		9		6
Total Assets		1,136,458		1,795,575		1,115,842
LIABILITIES:
Payables:
Investment securities purchased		—		6,386		5,909
Fund shares redeemed		2,614		11,057		7,396
Variation margin on futures contracts		—		620		391
Accrued liabilities:
Investment advisory fees		612		957		547
Administration fees		73		126		75
Distribution fees		72		162		91
Shareholder servicing fees		12		20		62
Custodian and accounting fees		23		20		21
Trustees’ and Chief Compliance Officer’s fees		3		4		—	(a)
Sub-transfer agent fees		206		331		147
Other		62		154		18
Total Liabilities		3,677		19,837		14,657
Net Assets	$	1,132,781	$	1,775,738	$	1,101,185

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Small Cap Growth Fund			Small Cap Value Fund			U.S. Small Company Fund
NET ASSETS:
Paid-in-Capital	$	944,285		$	1,703,212		$	1,094,595
Accumulated undistributed (distributions in excess of) net investment income		(5,765	)		(238	)		(55	)
Accumulated net realized gains (losses)		(9,803	)		1,981			(11,878	)
Net unrealized appreciation (depreciation)		204,064			70,783			18,523
Total Net Assets	$	1,132,781		$	1,775,738		$	1,101,185
Net Assets:
Class A	$	223,277		$	536,711		$	238,439
Class C		21,598			42,417			45,645
Class R2		23,575			45,425			28,664
Class R5		—			93,433			—
Class R6		461,756			785,091			98,172
Institutional Class		284,286			—			416,669
Select Class		118,289			272,661			273,596
Total	$	1,132,781		$	1,775,738		$	1,101,185
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		18,772			23,118			15,932
Class C		2,350			2,158			3,150
Class R2		2,030			1,969			1,940
Class R5		—			3,819			—
Class R6		34,763			32,066			6,445
Institutional Class		21,537			—			27,361
Select Class		9,166			11,146			17,939
Net Asset Value (a):
Class A — Redemption price per share	$	11.89		$	23.22		$	14.97
Class C — Offering price per share (b)		9.19			19.66			14.49
Class R2 — Offering and redemption price per share		11.61			23.07			14.78
Class R5 — Offering and redemption price per share		—			24.46			—
Class R6 — Offering and redemption price per share		13.28			24.48			15.23
Institutional Class — Offering and redemption price per share		13.20			—			15.23
Select Class — Offering and redemption price per share		12.90			24.46			15.25
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)]	$	12.55		$	24.51		$	15.80
Cost of investments in non-affiliates	$	894,533		$	1,651,949		$	1,044,690
Cost of investments in affiliates		16,517			64,608			41,836

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 49

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

(Amounts in thousands)

	Dynamic Small Cap Growth Fund			Small Cap Core Fund			Small Cap Equity Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	961		$	4,182		$	22,569
Dividend income from affiliates		3			8			54
Total investment income		964			4,190			22,623
EXPENSES:
Investment advisory fees		1,473			2,450			10,250
Administration fees		185			308			1,291
Distribution fees:
Class A		85			—			805
Class C		167			—			126
Class R2		—			—			8
Shareholder servicing fees:
Class A		85			—			805
Class C		56			—			42
Class R2		—			—			4
Class R5		—			—			305
Select Class		426			942			1,566
Custodian and accounting fees		18			37			44
Interest expense to affiliates		—	(a)		—			—	(a)
Professional fees		22			23			43
Trustees’ and Chief Compliance Officer’s fees		3			3			14
Printing and mailing costs		51			34			205
Registration and filing fees		22			17			71
Transfer agent fees (See Note 2.D.)		15			6			43
Sub-transfer agent fees (See Note 2.D.)		129			396			1,869
Other		3			4			14
Total expenses		2,740			4,220			17,505
Less fees waived		(229	)		(1,225	)		(1,967	)
Less expense reimbursements		—	(a)		—			—
Net expenses		2,511			2,995			15,538
Net investment income (loss)		(1,547	)		1,195			7,085
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		16,555			62,271			90,509
Futures		—			(2,171	)		—
Net realized gain (loss)		16,555			60,100			90,509
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(68,813	)		(142,098	)		(302,240	)
Futures		—			399			—
Change in net unrealized appreciation/depreciation		(68,813	)		(141,699	)		(302,240	)
Net realized/unrealized gains (losses)		(52,258	)		(81,599	)		(211,731	)
Change in net assets resulting from operations	$	(53,805	)	$	(80,404	)	$	(204,646	)

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Small Cap Growth Fund			Small Cap Value Fund			U.S. Small Company Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,536		$	17,850		$	7,027
Dividend income from affiliates		13			31			16
Total investment income		2,549			17,881			7,043
EXPENSES:
Investment advisory fees		3,821			5,897			3,130
Administration fees		481			743			427
Distribution fees:
Class A		303			708			293
Class C		89			172			172
Class R2		65			117			62
Shareholder servicing fees:
Class A		303			708			293
Class C		30			58			57
Class R2		32			58			31
Class R5		—			25			—
Institutional Class		136			—			191
Select Class		167			531			326
Custodian and accounting fees		29			50			49
Professional fees		24			25			30
Trustees’ and Chief Compliance Officer’s fees		7			10			4
Printing and mailing costs		42			117			38
Registration and filing fees		53			82			75
Transfer agent fees (See Note 2.D.)		38			191			29
Sub-transfer agent fees (See Note 2.D.)		502			899			515
Other		10			19			5
Total expenses		6,132			10,410			5,727
Less fees waived		(613	)		(1,070	)		(445	)
Less expense reimbursements		(7	)		(79	)		—	(a)
Net expenses		5,512			9,261			5,282
Net investment income (loss)		(2,963	)		8,620			1,761
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		12,184			30,939			13,858
Futures		—			(6,084	)		(3,686	)
Net realized gain (loss)		12,184			24,855			10,172
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(141,444	)		(186,830	)		(90,613	)
Futures		—			1,187			679
Change in net unrealized appreciation/depreciation		(141,444	)		(185,643	)		(89,934	)
Net realized/unrealized gains (losses)		(129,260	)		(160,788	)		(79,762	)
Change in net assets resulting from operations	$	(132,223	)	$	(152,168	)	$	(78,001	)

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 51

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Dynamic Small Cap Growth Fund						Small Cap Core Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(1,547	)	$	(3,624	)	$	1,195		$	4,900
Net realized gain (loss)		16,555			60,975			60,100			75,637
Change in net unrealized appreciation/depreciation		(68,813	)		8,299			(141,699	)		(30,546	)
Change in net assets resulting from operations		(53,805	)		65,650			(80,404	)		49,991
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net realized gains		(8,870	)		(5,692	)		—			—
Class B (a)
From net realized gains		—			(37	)		—			—
Class C
From net realized gains		(6,681	)		(4,687	)		—			—
Select Class
From net investment income		—			—			(5,272	)		(1,375	)
From net realized gains		(40,293	)		(32,531	)		(69,413	)		(72,101	)
Total distributions to shareholders		(55,844	)		(42,947	)		(74,685	)		(73,476	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		4,269			(72,931	)		(463,214	)		135,830
NET ASSETS:
Change in net assets		(105,380	)		(50,228	)		(618,303	)		112,345
Beginning of period		509,796			560,024			815,652			703,307
End of period	$	404,416		$	509,796		$	197,349		$	815,652
Accumulated undistributed (distributions in excess of) net investment income	$	(3,185	)	$	(1,638	)	$	(406	)	$	3,671

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Dynamic Small Cap Growth Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Small Cap Equity Fund						Small Cap Growth Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,085		$	16,019		$	(2,963	)	$	(6,112	)
Net realized gain (loss)		90,509			217,676			12,184			105,332
Change in net unrealized appreciation/depreciation		(302,240	)		22,116			(141,444	)		49,185
Change in net assets resulting from operations		(204,646	)		255,811			(132,223	)		148,405
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,634	)		(1,326	)		—			—
From net realized gains		(51,657	)		(72,144	)		(17,982	)		(20,645	)
Class B (a)
From net realized gains		—			(441	)		—			(176	)
Class C
From net realized gains		(2,993	)		(4,673	)		(2,222	)		(2,503	)
Class R2
From net realized gains		(211	)		(372	)		(1,956	)		(2,202	)
Class R5
From net investment income		(7,998	)		(7,331	)		—			—
From net realized gains		(77,242	)		(107,883	)		—			—
Class R6
From net realized gains		—			—			(34,132	)		(30,237	)
Institutional Class
From net realized gains		—			—			(19,628	)		(20,050	)
Select Class
From net investment income		(3,556	)		(6,696	)		—			—
From net realized gains		(59,055	)		(140,920	)		(8,776	)		(10,568	)
Total distributions to shareholders		(205,346	)		(341,786	)		(84,696	)		(86,381	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(61,065	)		70,368			104,631			25,731
NET ASSETS:
Change in net assets		(471,057	)		(15,607	)		(112,288	)		87,755
Beginning of period		3,393,838			3,409,445			1,245,069			1,157,314
End of period	$	2,922,781		$	3,393,838		$	1,132,781		$	1,245,069
Accumulated undistributed (distributions in excess of) net investment income	$	(72	)	$	7,031		$	(5,765	)	$	(2,802	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 53

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Small Cap Value Fund						U.S. Small Company Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,620		$	17,079		$	1,761		$	3,308
Net realized gain (loss)		24,855			82,582			10,172			36,899
Change in net unrealized appreciation/depreciation		(185,643	)		(77,688	)		(89,934	)		23,209
Change in net assets resulting from operations		(152,168	)		21,973			(78,001	)		63,416
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,749	)		(4,063	)		(375	)		—
From net realized gains		(24,024	)		(24,585	)		(9,859	)		(5,065	)
Class B (a)
From net investment income		—			(10	)		—			—
From net realized gains		—			(142	)		—			—
Class C
From net investment income		(138	)		(237	)		—			—
From net realized gains		(2,266	)		(2,788	)		(1,985	)		(879	)
Class R2
From net investment income		(176	)		(253	)		(36	)		—
From net realized gains		(2,034	)		(2,245	)		(1,197	)		(339	)
Class R5
From net investment income		(639	)		(897	)		—			—
From net realized gains		(4,226	)		(3,945	)		—			—
Class R6
From net investment income		(5,019	)		(5,716	)		(620	)		(152	)
From net realized gains		(33,390	)		(23,274	)		(4,031	)		(1,577	)
Institutional Class
From net investment income		—			—			(2,157	)		(689	)
From net realized gains		—			—			(16,302	)		(8,505	)
Select Class
From net investment income		(2,050	)		(4,081	)		(1,045	)		(184	)
From net realized gains		(11,883	)		(19,170	)		(11,139	)		(5,885	)
Total distributions to shareholders		(88,594	)		(91,406	)		(48,746	)		(23,275	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		145,757			381,022			256,384			349,644
NET ASSETS:
Change in net assets		(95,005	)		311,589			129,637			389,785
Beginning of period		1,870,743			1,559,154			971,548			581,763
End of period	$	1,775,738		$	1,870,743		$	1,101,185		$	971,548
Accumulated undistributed (distributions in excess of) net investment income	$	(238	)	$	1,913		$	(55	)	$	2,417

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Small Cap Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Dynamic Small Cap Growth Fund						Small Cap Core Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	7,916		$	11,741		$	—		$	—
Distributions reinvested		6,411			4,072			—			—
Cost of shares redeemed		(7,486	)		(32,156	)		—			—
Conversion from Class B Shares		—			366			—			—
Change in net assets resulting from Class A capital transactions	$	6,841		$	(15,977	)	$	—		$	—
Class B (a)
Proceeds from shares issued	$	—		$	8		$	—		$	—
Distributions reinvested		—			33			—			—
Cost of shares redeemed		—			(202	)		—			—
Conversion to Class A Shares		—			(366	)		—			—
Change in net assets resulting from Class B capital transactions	$	—		$	(527	)	$	—		$	—
Class C
Proceeds from shares issued	$	10,572		$	12,653		$	—		$	—
Distributions reinvested		856			515			—			—
Cost of shares redeemed		(9,213	)		(19,389	)		—			—
Change in net assets resulting from Class C capital transactions	$	2,215		$	(6,221	)	$	—		$	—
Select Class
Proceeds from shares issued	$	55,288		$	109,502		$	64,588		$	165,199
Distributions reinvested		39,841			32,251			71,593			69,335
Cost of shares redeemed		(99,916	)		(191,959	)		(68,611	)		(98,704	)
Redemptions in-kind (See Note 7)		—			—			(530,784	)		—
Change in net assets resulting from Select Class capital transactions	$	(4,787	)	$	(50,206	)	$	(463,214	)	$	135,830
Total change in net assets resulting from capital transactions	$	4,269		$	(72,931	)	$	(463,214	)	$	135,830
SHARE TRANSACTIONS:
Class A
Issued		356			487			—			—
Reinvested		327			179			—			—
Redeemed		(325	)		(1,334	)		—			—
Conversion from Class B Shares		—			14			—			—
Change in Class A Shares		358			(654	)		—			—
Class B (a)
Issued		—			1			—			—
Reinvested		—			1			—			—
Redeemed		—			(10	)		—			—
Conversion to Class A Shares		—			(16	)		—			—
Change in Class B Shares		—			(24	)		—			—
Class C
Issued		600			625			—			—
Reinvested		54			27			—			—
Redeemed		(465	)		(935	)		—			—
Change in Class C Shares		189			(283	)		—			—
Select Class
Issued		2,339			4,202			1,194			2,959
Reinvested		1,842			1,306			1,578			1,342
Redeemed		(4,144	)		(7,272	)		(1,322	)		(1,763	)
Redemptions in-kind (See Note 7)		—			—			(11,691	)		—
Change in Select Class Shares		37			(1,764	)		(10,241	)		2,538

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Dynamic Small Cap Growth Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Small Cap Equity Fund						Small Cap Growth Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	222,402		$	108,279		$	22,775		$	41,024
Distributions reinvested		49,673			66,061			17,120			19,785
Cost of shares redeemed		(100,432	)		(213,835	)		(37,236	)		(88,174	)
Conversion from Class B Shares		—			1,096			—			1,416
Change in net assets resulting from Class A capital transactions	$	171,643		$	(38,399	)	$	2,659		$	(25,949	)
Class B (a)
Proceeds from shares issued	$	—		$	54		$	—		$	18
Distributions reinvested		—			405			—			165
Cost of shares redeemed		—			(4,544	)		—			(832	)
Conversion to Class A Shares		—			(1,096	)		—			(1,416	)
Change in net assets resulting from Class B capital transactions	$	—		$	(5,181	)	$	—		$	(2,065	)
Class C
Proceeds from shares issued	$	2,874		$	1,597		$	920		$	1,657
Distributions reinvested		2,583			3,928			1,891			2,095
Cost of shares redeemed		(2,968	)		(7,262	)		(2,419	)		(5,918	)
Change in net assets resulting from Class C capital transactions	$	2,489		$	(1,737	)	$	392		$	(2,166	)
Class R2
Proceeds from shares issued	$	635		$	864		$	2,190		$	3,831
Distributions reinvested		147			267			1,908			2,147
Cost of shares redeemed		(976	)		(1,407	)		(3,891	)		(9,815	)
Change in net assets resulting from Class R2 capital transactions	$	(194	)	$	(276	)	$	207		$	(3,837	)
Class R5
Proceeds from shares issued	$	118,700		$	212,080		$	—		$	—
Distributions reinvested		80,413			108,316			—			—
Cost of shares redeemed		(84,738	)		(227,737	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	114,375		$	92,659		$	—		$	—
Class R6
Proceeds from shares issued	$	—		$	—		$	56,146		$	120,496
Distributions reinvested		—			—			34,132			30,237
Cost of shares redeemed		—			—			(28,041	)		(46,820	)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	62,237		$	103,913
Institutional Class
Proceeds from shares issued	$	—		$	—		$	72,618		$	65,873
Distributions reinvested		—			—			18,231			18,418
Cost of shares redeemed		—			—			(36,545	)		(121,813	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	54,304		$	(37,522	)
Select Class
Proceeds from shares issued	$	296,145		$	365,334		$	18,972		$	35,361
Distributions reinvested		55,589			136,721			7,984			9,680
Cost of shares redeemed		(701,112	)		(478,753	)		(42,124	)		(51,684	)
Change in net assets resulting from Select Class capital transactions	$	(349,378	)	$	23,302		$	(15,168	)	$	(6,643	)
Total change in net assets resulting from capital transactions	$	(61,065	)	$	70,368		$	104,631		$	25,731

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Small Cap Equity Fund						Small Cap Growth Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		5,389			2,447			1,725			3,026
Reinvested		1,292			1,602			1,466			1,564
Redeemed		(2,369	)		(4,844	)		(2,822	)		(6,513	)
Conversion from Class B Shares		—			24			—			96
Change in Class A Shares		4,312			(771	)		369			(1,827	)
Class B (a)
Issued		—			2			—			1
Reinvested		—			12			—			17
Redeemed		—			(127	)		—			(80	)
Conversion to Class A Shares		—			(31	)		—			(129	)
Change in Class B Shares		—			(144	)		—			(191	)
Class C
Issued		91			47			91			154
Reinvested		87			120			210			208
Redeemed		(90	)		(203	)		(237	)		(544	)
Change in Class C Shares		88			(36	)		64			(182	)
Class R2
Issued		15			20			169			288
Reinvested		4			7			167			173
Redeemed		(23	)		(33	)		(304	)		(730	)
Change in Class R2 Shares		(4	)		(6	)		32			(269	)
Class R5
Issued		2,502			4,248			—			—
Reinvested		1,832			2,321			—			—
Redeemed		(1,783	)		(4,580	)		—			—
Change in Class R5 Shares		2,551			1,989			—			—
Class R6
Issued		—			—			3,715			8,080
Reinvested		—			—			2,617			2,169
Redeemed		—			—			(1,965	)		(3,169	)
Change in Class R6 Shares		—			—			4,367			7,080
Institutional Class
Issued		—			—			5,128			4,442
Reinvested		—			—			1,407			1,328
Redeemed		—			—			(2,530	)		(8,156	)
Change in Institutional Class Shares		—			—			4,005			(2,386	)
Select Class
Issued		6,311			7,313			1,321			2,421
Reinvested		1,270			2,941			630			711
Redeemed		(14,705	)		(9,609	)		(2,883	)		(3,538	)
Change in Select Class Shares		(7,124	)		645			(932	)		(406	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Small Cap Value Fund						U.S. Small Company Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	68,835		$	267,230		$	68,229		$	158,127
Distributions reinvested		25,131			26,931			9,251			4,623
Cost of shares redeemed		(99,323	)		(168,313	)		(49,761	)		(59,204	)
Conversion from Class B Shares		—			2,069			—			—
Change in net assets resulting from Class A capital transactions	$	(5,357	)	$	127,917		$	27,719		$	103,546
Class B (a)
Proceeds from shares issued	$	—		$	35		$	—		$	—
Distributions reinvested		—			150			—			—
Cost of shares redeemed		—			(1,071	)		—			—
Conversion to Class A Shares		—			(2,069	)		—			—
Change in net assets resulting from Class B capital transactions	$	—		$	(2,955	)	$	—		$	—
Class C
Proceeds from shares issued	$	2,643		$	7,961		$	10,332		$	25,684
Distributions reinvested		2,160			2,683			1,817			772
Cost of shares redeemed		(5,586	)		(10,808	)		(6,027	)		(5,242	)
Change in net assets resulting from Class C capital transactions	$	(783	)	$	(164	)	$	6,122		$	21,214
Class R2
Proceeds from shares issued	$	8,545		$	17,717		$	15,805		$	11,570
Distributions reinvested		2,028			2,299			944			335
Cost of shares redeemed		(7,545	)		(17,153	)		(2,909	)		(4,428	)
Change in net assets resulting from Class R2 capital transactions	$	3,028		$	2,863		$	13,840		$	7,477
Class R5
Proceeds from shares issued	$	18,009		$	46,041		$	—		$	—
Distributions reinvested		4,464			4,335			—			—
Cost of shares redeemed		(18,748	)		(23,688	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	3,725		$	26,688		$	—		$	—
Class R6
Proceeds from shares issued	$	312,850		$	149,197		$	52,287		$	39,209
Distributions reinvested		38,407			28,990			4,436			1,450
Cost of shares redeemed		(24,297	)		(58,319	)		(16,913	)		(19,367	)
Change in net assets resulting from Class R6 capital transactions	$	326,960		$	119,868		$	39,810		$	21,292
Institutional Class
Proceeds from shares issued	$	—		$	—		$	132,562		$	184,860
Distributions reinvested		—			—			17,359			8,769
Cost of shares redeemed		—			—			(38,958	)		(73,427	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	110,963		$	120,202
Select Class
Proceeds from shares issued	$	72,317		$	210,959		$	103,479		$	114,544
Distributions reinvested		12,485			20,813			11,293			5,585
Cost of shares redeemed		(266,618	)		(124,967	)		(56,842	)		(44,216	)
Change in net assets resulting from Select Class capital transactions	$	(181,816	)	$	106,805		$	57,930		$	75,913
Total change in net assets resulting from capital transactions	$	145,757		$	381,022		$	256,384		$	349,644

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Small Cap Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Small Cap Value Fund						U.S. Small Company Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		2,765			9,914			4,294			9,673
Reinvested		1,092			1,055			626			298
Redeemed		(3,966	)		(6,295	)		(3,141	)		(3,624	)
Conversion from Class B Shares		—			76			—			—
Change in Class A Shares		(109	)		4,750			1,779			6,347
Class B (a)
Issued		—			2			—			—
Reinvested		—			7			—			—
Redeemed		—			(47	)		—			—
Conversion to Class A Shares		—			(88	)		—			—
Change in Class B Shares		—			(126	)		—			—
Class C
Issued		125			349			671			1,604
Reinvested		111			123			127			51
Redeemed		(266	)		(471	)		(394	)		(330	)
Change in Class C Shares		(30	)		1			404			1,325
Class R2
Issued		347			669			996			706
Reinvested		89			91			65			22
Redeemed		(304	)		(646	)		(185	)		(271	)
Change in Class R2 Shares		132			114			876			457
Class R5
Issued		683			1,643			—			—
Reinvested		184			161			—			—
Redeemed		(731	)		(843	)		—			—
Change in Class R5 Shares		136			961			—			—
Class R6
Issued		11,630			5,312			3,136			2,338
Reinvested		1,582			1,077			294			92
Redeemed		(928	)		(2,075	)		(1,020	)		(1,156	)
Change in Class R6 Shares		12,284			4,314			2,410			1,274
Institutional Class
Issued		—			—			8,264			11,156
Reinvested		—			—			1,150			554
Redeemed		—			—			(2,431	)		(4,455	)
Change in Institutional Class Shares		—			—			6,983			7,255
Select Class
Issued		2,835			7,576			6,456			6,883
Reinvested		514			775			748			354
Redeemed		(9,900	)		(4,468	)		(3,530	)		(2,668	)
Change in Select Class Shares		(6,551	)		3,883			3,674			4,569

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015 for Small Cap Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 59

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
Dynamic Small Cap Growth Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	26.04	$	(0.10	)(f)	$	(2.79	)	$	(2.89	)	$	(3.22	)
Year Ended June 30, 2015		25.11		(0.20	)(f)		3.17			2.97			(2.04	)
Year Ended June 30, 2014		23.10		(0.24	)(f)		4.44			4.20			(2.19	)
Year Ended June 30, 2013		18.83		(0.14	)(f)(g)		5.17			5.03			(0.76	)
Year Ended June 30, 2012		20.20		(0.13	)(f)(h)		(1.24	)		(1.37	)		—
Year Ended June 30, 2011		13.80		(0.16	)(f)		6.56			6.40			—
Class C
Six Months Ended December 31, 2015 (Unaudited)		21.97		(0.13	)(f)		(2.36	)		(2.49	)		(3.22	)
Year Ended June 30, 2015		21.61		(0.28	)(f)		2.68			2.40			(2.04	)
Year Ended June 30, 2014		20.25		(0.32	)(f)		3.87			3.55			(2.19	)
Year Ended June 30, 2013		16.68		(0.22	)(f)(g)		4.55			4.33			(0.76	)
Year Ended June 30, 2012		17.98		(0.20	)(f)(h)		(1.10	)		(1.30	)		—
Year Ended June 30, 2011		12.35		(0.23	)(f)		5.86			5.63			—
Select Class
Six Months Ended December 31, 2015 (Unaudited)		28.34		(0.07	)(f)		(3.04	)		(3.11	)		(3.22	)
Year Ended June 30, 2015		27.08		(0.15	)(f)		3.45			3.30			(2.04	)
Year Ended June 30, 2014		24.70		(0.19	)(f)		4.76			4.57			(2.19	)
Year Ended June 30, 2013		20.02		(0.07	)(f)(g)		5.51			5.44			(0.76	)
Year Ended June 30, 2012		21.39		(0.06	)(f)(h)		(1.31	)		(1.37	)		—
Year Ended June 30, 2011		14.56		(0.11	)(f)		6.94			6.83			—

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.20), $(0.27) and $(0.14) for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (1.00)%, (1.51)% and (0.64)% for Class A, Class C and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.17), $(0.23) and $(0.10) for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.94)%, (1.43)% and (0.53)% for Class A, Class C and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	19.93		(10.89	)%	$	63,178		1.25	%		(0.82	)%		1.42	%		22	%
	26.04		13.02			73,175		1.25			(0.82	)		1.44			48
	25.11		18.56			86,997		1.33			(0.95	)		1.38			65
	23.10		27.61			77,408		1.44			(0.70	)(g)		1.44			65
	18.83		(6.78	)		64,997		1.47			(0.72	)(h)		1.48			63
	20.20		46.38			159,290		1.42			(0.91	)		1.50			79
	16.26		(11.09	)		40,194		1.75			(1.33	)		2.06			22
	21.97		12.46			50,162		1.75			(1.32	)		2.02			48
	21.61		17.93			55,458		1.83			(1.45	)		1.88			65
	20.25		26.96			54,171		1.94			(1.20	)(g)		1.94			65
	16.68		(7.23	)		50,144		1.97			(1.21	)(h)		1.98			63
	17.98		45.59			64,298		1.98			(1.47	)		2.02			79
	22.01		(10.78	)		301,044		1.00			(0.58	)		1.06			22
	28.34		13.30			386,459		1.00			(0.57	)		1.11			48
	27.08		18.87			417,048		1.06			(0.69	)		1.13			65
	24.70		28.02			387,402		1.09			(0.33	)(g)		1.19			65
	20.02		(6.40	)		219,805		1.10			(0.32	)(h)		1.22			63
	21.39		46.91			150,921		1.08			(0.57	)		1.24			79

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 61

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Small Cap Core Fund
Select Class
Six Months Ended December 31, 2015 (Unaudited)	$	56.18	$	0.08	(f)	$	(4.95	)	$	(4.87	)	$	(0.37	)	$	(4.81	)	$	(5.18	)
Year Ended June 30, 2015		58.70		0.37	(f)		3.20			3.57			(0.10	)		(5.99	)		(6.09	)
Year Ended June 30, 2014		48.11		0.15	(g)		13.44			13.59			(0.27	)		(2.73	)		(3.00	)
Year Ended June 30, 2013		37.54		0.37	(h)		10.63			11.00			(0.43	)		—			(0.43	)
Year Ended June 30, 2012		39.44		0.27	(i)		(1.98	)		(1.71	)		(0.19	)		—			(0.19	)
Year Ended June 30, 2011		28.60		0.17			10.80			10.97			(0.13	)		—			(0.13	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.09 and the net investment income (loss) ratio would have been 0.17% for Select Class Shares.

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.19 and the net investment income (loss) ratio would have been 0.44% for Select Class Shares.

(i) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.14 and the net investment income (loss) ratio would have been 0.39% for Select Class Shares.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	46.13		(8.52	)%	$	197,349		0.80	%		0.32	%		1.12	%		27	%
	56.18		7.01			815,652		0.80			0.66			1.13			56
	58.70		28.95			703,307		0.79			0.28	(g)		1.12			51
	48.11		29.50			522,295		0.79			0.84	(h)		1.19			55
	37.54		(4.29	)		406,590		0.80			0.64	(i)		1.02			45
	39.44		38.37			549,530		0.79			0.39			1.09			38

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Small Cap Equity Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	44.68	$	0.04	(f)	$	(2.90	)	$	(2.86	)	$	(0.14	)	$	(3.07	)	$	(3.21	)
Year Ended June 30, 2015		46.56		0.08	(f)		2.98			3.06			(0.08	)		(4.86	)		(4.94	)
Year Ended June 30, 2014		39.94		0.10	(f)(g)		8.97			9.07			(0.07	)		(2.38	)		(2.45	)
Year Ended June 30, 2013		36.02		0.29	(f)(h)		7.39			7.68			(0.36	)		(3.40	)		(3.76	)
Year Ended June 30, 2012		36.72		0.07	(f)		1.09			1.16			(0.10	)		(1.76	)		(1.86	)
Year Ended June 30, 2011		27.54		0.14	(f)		10.15			10.29			(0.06	)		(1.05	)		(1.11	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		35.32		(0.06	)(f)		(2.28	)		(2.34	)		—			(3.07	)		(3.07	)
Year Ended June 30, 2015		37.96		(0.12	)(f)		2.34			2.22			—			(4.86	)		(4.86	)
Year Ended June 30, 2014		33.06		(0.10	)(f)(g)		7.38			7.28			—			(2.38	)		(2.38	)
Year Ended June 30, 2013		30.46		0.09	(f)(h)		6.15			6.24			(0.24	)		(3.40	)		(3.64	)
Year Ended June 30, 2012		31.41		(0.08	)(f)		0.89			0.81			—			(1.76	)		(1.76	)
Year Ended June 30, 2011		23.75		(0.02	)(f)		8.73			8.71			—			(1.05	)		(1.05	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		44.04		(0.02	)(f)		(2.85	)		(2.87	)		—			(3.07	)		(3.07	)
Year Ended June 30, 2015		45.99		(0.04	)(f)		2.95			2.91			—			(4.86	)		(4.86	)
Year Ended June 30, 2014		39.52		(0.01	)(f)(g)		8.86			8.85			—			(2.38	)		(2.38	)
Year Ended June 30, 2013		35.67		0.20	(f)(h)		7.31			7.51			(0.26	)		(3.40	)		(3.66	)
Year Ended June 30, 2012		36.41		(0.01	)(f)		1.07			1.06			(0.04	)		(1.76	)		(1.80	)
Year Ended June 30, 2011		27.33		0.07	(f)		10.06			10.13			—			(1.05	)		(1.05	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		50.43		0.16	(f)		(3.27	)		(3.11	)		(0.30	)		(3.07	)		(3.37	)
Year Ended June 30, 2015		51.88		0.34	(f)		3.37			3.71			(0.30	)		(4.86	)		(5.16	)
Year Ended June 30, 2014		44.21		0.36	(f)(g)		9.96			10.32			(0.27	)		(2.38	)		(2.65	)
Year Ended June 30, 2013		39.47		0.52	(f)(h)		8.16			8.68			(0.54	)		(3.40	)		(3.94	)
Year Ended June 30, 2012		40.04		0.28	(f)		1.19			1.47			(0.28	)		(1.76	)		(2.04	)
Year Ended June 30, 2011		29.92		0.31	(f)		11.06			11.37			(0.20	)		(1.05	)		(1.25	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		50.31		0.10	(f)		(3.25	)		(3.15	)		(0.16	)		(3.07	)		(3.23	)
Year Ended June 30, 2015		51.78		0.24	(f)		3.36			3.60			(0.21	)		(4.86	)		(5.07	)
Year Ended June 30, 2014		44.14		0.26	(f)(g)		9.94			10.20			(0.18	)		(2.38	)		(2.56	)
Year Ended June 30, 2013		39.41		0.44	(f)(h)		8.15			8.59			(0.46	)		(3.40	)		(3.86	)
Year Ended June 30, 2012		39.98		0.19	(f)		1.20			1.39			(0.20	)		(1.76	)		(1.96	)
Year Ended June 30, 2011		29.88		0.27	(f)		11.02			11.29			(0.14	)		(1.05	)		(1.19	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.04), $(0.21), $(0.15), $0.20 and $0.10 for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.09)%, (0.59)%, (0.34)%, 0.41% and 0.21% for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.05, $(0.11), $(0.04), $0.26 and $0.18 for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.14%, (0.36)%, (0.10)%, 0.62% and 0.44% for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	38.61		(6.35	)%	$	749,505		1.30	%		0.19	%		1.41	%		15	%
	44.68		7.49			674,619		1.29			0.17			1.39			20
	46.56		23.27			738,967		1.29			0.23	(g)		1.37			30
	39.94		23.11			696,784		1.29			0.78	(h)		1.39			25
	36.02		3.79			618,705		1.30			0.21			1.41			27
	36.72		37.77			699,042		1.29			0.43			1.40			39
	29.91		(6.56	)		32,939		1.80			(0.35	)		1.86			15
	35.32		6.92			35,783		1.79			(0.33	)		1.87			20
	37.96		22.67			39,824		1.79			(0.26	)(g)		1.87			30
	33.06		22.50			37,039		1.79			0.28	(h)		1.88			25
	30.46		3.26			34,994		1.80			(0.29	)		1.91			27
	31.41		37.13			39,403		1.79			(0.06	)		1.90			39
	38.10		(6.46	)		2,821		1.55			(0.11	)		1.75			15
	44.04		7.23			3,446		1.54			(0.08	)		1.73			20
	45.99		22.95			3,883		1.54			(0.02	)(g)		1.62			30
	39.52		22.80			4,909		1.54			0.53	(h)		1.64			25
	35.67		3.51			5,587		1.55			(0.03	)		1.66			27
	36.41		37.46			5,109		1.54			0.22			1.65			39
	43.95		(6.12	)		1,197,204		0.80			0.66			0.86			15
	50.43		8.03			1,244,878		0.79			0.68			0.89			20
	51.88		23.90			1,177,534		0.79			0.73	(g)		0.92			30
	44.21		23.71			814,942		0.79			1.25	(h)		0.94			25
	39.47		4.31			696,200		0.79			0.73			0.96			27
	40.04		38.46			567,675		0.79			0.85			0.96			39
	43.93		(6.21	)		940,312		1.00			0.41			1.19			15
	50.31		7.81			1,435,112		0.99			0.48			1.14			20
	51.78		23.65			1,443,768		0.99			0.53	(g)		1.12			30
	44.14		23.48			1,134,887		0.99			1.07	(h)		1.14			25
	39.41		4.09			1,076,509		1.00			0.51			1.16			27
	39.98		38.21			1,200,332		0.99			0.75			1.15			39

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 65

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
Small Cap Growth Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	14.50	$	(0.05	)(f)(g)	$	(1.52	)	$	(1.57	)	$	(1.04	)
Year Ended June 30, 2015		13.96		(0.11	)(f)(g)		1.77			1.66			(1.12	)
Year Ended June 30, 2014		13.00		(0.12	)(f)		2.52			2.40			(1.44	)
Year Ended June 30, 2013		11.13		(0.06	)(f)(h)		2.94			2.88			(1.01	)
Year Ended June 30, 2012		12.17		(0.05	)(f)(i)		(0.77	)		(0.82	)		(0.22	)
Year Ended June 30, 2011		8.28		(0.08	)(f)		3.97			3.89			—
Class C
Six Months Ended December 31, 2015 (Unaudited)		11.50		(0.07	)(f)(g)		(1.20	)		(1.27	)		(1.04	)
Year Ended June 30, 2015		11.36		(0.14	)(f)(g)		1.40			1.26			(1.12	)
Year Ended June 30, 2014		10.87		(0.16	)(f)		2.09			1.93			(1.44	)
Year Ended June 30, 2013		9.51		(0.10	)(f)(h)		2.47			2.37			(1.01	)
Year Ended June 30, 2012		10.48		(0.09	)(f)(i)		(0.66	)		(0.75	)		(0.22	)
Year Ended June 30, 2011		7.17		(0.12	)(f)		3.43			3.31			—
Class R2
Six Months Ended December 31, 2015 (Unaudited)		14.20		(0.07	)(f)(g)		(1.48	)		(1.55	)		(1.04	)
Year Ended June 30, 2015		13.73		(0.14	)(f)(g)		1.73			1.59			(1.12	)
Year Ended June 30, 2014		12.84		(0.16	)(f)		2.49			2.33			(1.44	)
Year Ended June 30, 2013		11.03		(0.09	)(f)(h)		2.91			2.82			(1.01	)
Year Ended June 30, 2012		12.09		(0.08	)(f)(i)		(0.76	)		(0.84	)		(0.22	)
Year Ended June 30, 2011		8.25		(0.11	)(f)		3.95			3.84			—
Class R6
Six Months Ended December 31, 2015 (Unaudited)		16.01		(0.02	)(f)(g)		(1.67	)		(1.69	)		(1.04	)
Year Ended June 30, 2015		15.23		(0.05	)(f)(g)		1.95			1.90			(1.12	)
Year Ended June 30, 2014		14.00		(0.06	)(f)		2.73			2.67			(1.44	)
Year Ended June 30, 2013		11.85		—	(f)(h)(j)		3.16			3.16			(1.01	)
Year Ended June 30, 2012		12.88		—	(f)(i)(j)		(0.81	)		(0.81	)		(0.22	)
November 30, 2010 (l) through June 30, 2011		11.02		(0.02	)(f)		1.88			1.86			—
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		15.93		(0.03	)(f)(g)		(1.66	)		(1.69	)		(1.04	)
Year Ended June 30, 2015		15.17		(0.06	)(f)(g)		1.94			1.88			(1.12	)
Year Ended June 30, 2014		13.96		(0.07	)(f)		2.72			2.65			(1.44	)
Year Ended June 30, 2013		11.84		(0.01	)(f)(h)		3.14			3.13			(1.01	)
Year Ended June 30, 2012		12.87		(0.01	)(f)(i)		(0.80	)		(0.81	)		(0.22	)
Year Ended June 30, 2011		8.73		(0.04	)(f)		4.18			4.14			—
Select Class
Six Months Ended December 31, 2015 (Unaudited)		15.61		(0.04	)(f)(g)		(1.63	)		(1.67	)		(1.04	)
Year Ended June 30, 2015		14.91		(0.08	)(f)(g)		1.90			1.82			(1.12	)
Year Ended June 30, 2014		13.77		(0.09	)(f)		2.67			2.58			(1.44	)
Year Ended June 30, 2013		11.70		(0.03	)(f)(h)		3.11			3.08			(1.01	)
Year Ended June 30, 2012		12.74		(0.02	)(f)(i)		(0.80	)		(0.82	)		(0.22	)
Year Ended June 30, 2011		8.65		(0.05	)(f)		4.14			4.09			—

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.09), $(0.13), $(0.12), $(0.04), $(0.05) and $(0.07) for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.80)%, (1.30)%, (1.04)%, (0.29)%, (0.40)% and (0.54)% for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(i) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.07), $(0.11), $(0.10), $(0.02), $(0.27) and $(0.40) for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.68)%, (1.18)%, (0.92)%, (0.19)%, (0.03)% and (0.05)% for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(j) Amount rounds to less than $0.01.

(k) Amount rounds to less than 0.01%.

(l) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	11.89		(10.72	)%	$	223,277		1.25	%		(0.82	)%(g)		1.47	%		24	%
	14.50		13.04			266,805		1.25			(0.82	)(g)		1.42			50
	13.96		18.94			282,408		1.25			(0.86	)		1.37			58
	13.00		27.94			249,986		1.24			(0.50	)(h)		1.42			60
	11.13		(6.59	)		219,946		1.25			(0.46	)(i)		1.44			58
	12.17		46.98			271,606		1.24			(0.72	)		1.39			79
	9.19		(10.91	)		21,598		1.75			(1.32	)(g)		1.88			24
	11.50		12.47			26,297		1.75			(1.32	)(g)		1.87			50
	11.36		18.29			28,035		1.75			(1.36	)		1.87			58
	10.87		27.30			25,415		1.74			(1.00	)(h)		1.92			60
	9.51		(6.99	)		23,689		1.75			(0.97	)(i)		1.94			58
	10.48		46.16			31,665		1.78			(1.26	)		1.89			79
	11.61		(10.80	)		23,575		1.50			(1.07	)(g)		1.82			24
	14.20		12.74			28,364		1.50			(1.07	)(g)		1.72			50
	13.73		18.62			31,119		1.50			(1.11	)		1.62			58
	12.84		27.64			26,561		1.49			(0.75	)(h)		1.67			60
	11.03		(6.80	)		22,514		1.50			(0.71	)(i)		1.69			58
	12.09		46.55			16,109		1.50			(0.98	)		1.64			79
	13.28		(10.46	)		461,756		0.75			(0.31	)(g)		0.76			24
	16.01		13.55			486,724		0.75			(0.31	)(g)		0.79			50
	15.23		19.55			355,032		0.75			(0.36	)		0.87			58
	14.00		28.63			248,415		0.75			0.00	(h)(k)		0.92			60
	11.85		(6.14	)		200,960		0.75			0.02	(i)		0.94			58
	12.88		16.88			83,457		0.74			(0.24	)		0.88			79
	13.20		(10.51	)		284,286		0.85			(0.41	)(g)		0.95			24
	15.93		13.47			279,248		0.85			(0.42	)(g)		0.95			50
	15.17		19.46			302,087		0.85			(0.46	)		0.97			58
	13.96		28.39			230,458		0.85			(0.11	)(h)		1.02			60
	11.84		(6.15	)		226,834		0.85			(0.06	)(i)		1.04			58
	12.87		47.42			207,977		0.85			(0.32	)		1.00			79
	12.90		(10.60	)		118,289		1.00			(0.57	)(g)		1.18			24
	15.61		13.29			157,631		1.00			(0.57	)(g)		1.16			50
	14.91		19.20			156,585		1.00			(0.62	)		1.12			58
	13.77		28.30			148,078		1.00			(0.25	)(h)		1.17			60
	11.70		(6.29	)		123,887		1.00			(0.21	)(i)		1.19			58
	12.74		47.28			128,617		0.99			(0.47	)		1.14			79

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 67

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Small Cap Value Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	26.65	$	0.09	(f)	$	(2.31	)	$	(2.22	)	$	(0.12	)	$	(1.09	)	$	(1.21	)
Year Ended June 30, 2015		27.98		0.22	(f)		(0.01	)		0.21			(0.20	)		(1.34	)		(1.54	)
Year Ended June 30, 2014		23.77		0.12	(f)(g)		4.87			4.99			(0.11	)		(0.67	)		(0.78	)
Year Ended June 30, 2013		18.75		0.21	(f)(h)		5.04			5.25			(0.23	)		—			(0.23	)
Year Ended June 30, 2012		18.99		0.14	(f)		(0.22	)		(0.08	)		(0.16	)		—			(0.16	)
Year Ended June 30, 2011		14.53		0.12	(f)		4.46			4.58			(0.12	)		—			(0.12	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		22.77		0.01	(f)		(1.97	)		(1.96	)		(0.06	)		(1.09	)		(1.15	)
Year Ended June 30, 2015		24.19		0.05	(f)		(0.02	)		0.03			(0.11	)		(1.34	)		(1.45	)
Year Ended June 30, 2014		20.73		(0.03	)(f)(g)		4.22			4.19			(0.06	)		(0.67	)		(0.73	)
Year Ended June 30, 2013		16.40		0.06	(f)(h)		4.41			4.47			(0.14	)		—			(0.14	)
Year Ended June 30, 2012		16.64		0.03	(f)		(0.19	)		(0.16	)		(0.08	)		—			(0.08	)
Year Ended June 30, 2011		12.78		0.01	(f)		3.92			3.93			(0.07	)		—			(0.07	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		26.49		0.06	(f)		(2.30	)		(2.24	)		(0.09	)		(1.09	)		(1.18	)
Year Ended June 30, 2015		27.83		0.16	(f)		(0.02	)		0.14			(0.14	)		(1.34	)		(1.48	)
Year Ended June 30, 2014		23.67		0.07	(f)(g)		4.83			4.90			(0.07	)		(0.67	)		(0.74	)
Year Ended June 30, 2013		18.68		0.15	(f)(h)		5.03			5.18			(0.19	)		—			(0.19	)
Year Ended June 30, 2012		18.93		0.10	(f)		(0.23	)		(0.13	)		(0.12	)		—			(0.12	)
Year Ended June 30, 2011		14.51		0.08	(f)		4.45			4.53			(0.11	)		—			(0.11	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		28.01		0.14	(f)		(2.44	)		(2.30	)		(0.16	)		(1.09	)		(1.25	)
Year Ended June 30, 2015		29.31		0.34	(f)		(0.02	)		0.32			(0.28	)		(1.34	)		(1.62	)
Year Ended June 30, 2014		24.85		0.23	(f)(g)		5.09			5.32			(0.19	)		(0.67	)		(0.86	)
Year Ended June 30, 2013		19.58		0.29	(f)(h)		5.27			5.56			(0.29	)		—			(0.29	)
Year Ended June 30, 2012		19.82		0.20	(f)		(0.22	)		(0.02	)		(0.22	)		—			(0.22	)
Year Ended June 30, 2011		15.15		0.18	(f)		4.66			4.84			(0.17	)		—			(0.17	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		28.03		0.17	(f)		(2.45	)		(2.28	)		(0.18	)		(1.09	)		(1.27	)
Year Ended June 30, 2015		29.33		0.37	(f)		(0.02	)		0.35			(0.31	)		(1.34	)		(1.65	)
Year Ended June 30, 2014		24.87		0.24	(f)(g)		5.09			5.33			(0.20	)		(0.67	)		(0.87	)
Year Ended June 30, 2013		19.59		0.29	(f)(h)		5.29			5.58			(0.30	)		—			(0.30	)
Year Ended June 30, 2012		19.83		0.22	(f)		(0.23	)		(0.01	)		(0.23	)		—			(0.23	)
Year Ended June 30, 2011		15.15		0.20	(f)		4.65			4.85			(0.17	)		—			(0.17	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		28.00		0.12	(f)		(2.42	)		(2.30	)		(0.15	)		(1.09	)		(1.24	)
Year Ended June 30, 2015		29.31		0.31	(f)		(0.02	)		0.29			(0.26	)		(1.34	)		(1.60	)
Year Ended June 30, 2014		24.86		0.20	(f)(g)		5.09			5.29			(0.17	)		(0.67	)		(0.84	)
Year Ended June 30, 2013		19.58		0.26	(f)(h)		5.29			5.55			(0.27	)		—			(0.27	)
Year Ended June 30, 2012		19.82		0.19	(f)		(0.23	)		(0.04	)		(0.20	)		—			(0.20	)
Year Ended June 30, 2011		15.15		0.17	(f)		4.65			4.82			(0.15	)		—			(0.15	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.11, $(0.05), $0.05, $0.22, $0.23 and $0.18 for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.41%, (0.20)%, 0.20%, 0.79%, 0.82% and 0.66% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.12, $(0.01), $0.06, $0.19, $0.20 and $0.17 for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.57%, (0.08)%, 0.27%, 0.86%, 0.89% and 0.77% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	23.22		(8.26	)%	$	536,711		1.25	%		0.71	%		1.51	%		17	%
	26.65		1.04			618,977		1.24			0.84			1.44			38
	27.98		21.24			516,950		1.24			0.46	(g)		1.40			40
	23.77		28.08			332,177		1.24			0.98	(h)		1.39			38
	18.75		(0.36	)		184,920		1.25			0.79			1.41			38
	18.99		31.56			202,094		1.25			0.68			1.43			43
	19.66		(8.51	)		42,417		1.86			0.10			1.94			17
	22.77		0.42			49,815		1.85			0.23			1.89			38
	24.19		20.45			52,909		1.84			(0.15	)(g)		1.89			40
	20.73		27.35			41,108		1.85			0.34	(h)		1.89			38
	16.40		(0.96	)		28,834		1.86			0.18			1.91			38
	16.64		30.72			31,602		1.85			0.07			1.93			43
	23.07		(8.38	)		45,425		1.50			0.47			1.86			17
	26.49		0.77			48,675		1.49			0.59			1.76			38
	27.83		20.95			47,939		1.49			0.25	(g)		1.66			40
	23.67		27.79			15,500		1.49			0.69	(h)		1.64			38
	18.68		(0.64	)		6,758		1.50			0.55			1.66			38
	18.93		31.22			6,082		1.49			0.45			1.64			43
	24.46		(8.13	)		93,433		0.91			1.07			0.91			17
	28.01		1.39			103,149		0.91			1.19			0.93			38
	29.31		21.67			79,792		0.90			0.85	(g)		0.95			40
	24.85		28.53			32,304		0.90			1.28	(h)		0.94			38
	19.58		(0.03	)		15,668		0.91			1.09			0.95			38
	19.82		31.95			31,899		0.90			1.03			1.00			43
	24.48		(8.06	)		785,091		0.76			1.30			0.77			17
	28.03		1.49			554,522		0.79			1.32			0.81			38
	29.33		21.71			453,645		0.85			0.87	(g)		0.90			40
	24.87		28.62			207,613		0.85			1.32	(h)		0.89			38
	19.59		0.02			180,853		0.86			1.21			0.91			38
	19.83		32.06			103,457		0.85			1.06			0.89			43
	24.46		(8.16	)		272,661		1.00			0.87			1.14			17
	28.00		1.27			495,605		0.99			1.10			1.14			38
	29.31		21.52			404,848		0.99			0.71	(g)		1.15			40
	24.86		28.47			266,018		0.99			1.19	(h)		1.14			38
	19.58		(0.11	)		196,102		1.00			1.04			1.16			38
	19.82		31.86			190,632		0.99			0.92			1.18			43

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 69

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
U.S. Small Company Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	16.96	$	0.01	(f)	$	(1.31	)	$	(1.30	)	$	(0.02	)	$	(0.67	)	$	(0.69	)
Year Ended June 30, 2015		16.25		0.03	(f)		1.22			1.25			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		13.17		(0.01	)(f)(g)		3.39			3.38			(0.01	)		(0.29	)		(0.30	)
Year Ended June 30, 2013		10.31		0.04	(f)(h)		2.89			2.93			(0.07	)		—			(0.07	)
Year Ended June 30, 2012		10.62		0.02	(f)		(0.33	)(i)		(0.31	)		—			—			—
Year Ended June 30, 2011		7.79		—	(f)(j)		2.86			2.86			(0.03	)		—			(0.03	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		16.46		(0.03	)(f)		(1.27	)		(1.30	)		—			(0.67	)		(0.67	)
Year Ended June 30, 2015		15.86		(0.05	)(f)		1.19			1.14			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		12.91		(0.08	)(f)(g)		3.32			3.24			—			(0.29	)		(0.29	)
Year Ended June 30, 2013		10.14		(0.02	)(f)(h)		2.83			2.81			(0.04	)		—			(0.04	)
Year Ended June 30, 2012		10.50		(0.02	)(f)		(0.34	)(i)		(0.36	)		—			—			—
Year Ended June 30, 2011		7.71		(0.05	)(f)		2.84			2.79			—			—			—
Class R2
Six Months Ended December 31, 2015 (Unaudited)		16.77		(0.01	)(f)		(1.29	)		(1.30	)		(0.02	)		(0.67	)		(0.69	)
Year Ended June 30, 2015		16.12		(0.01	)(f)		1.20			1.19			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		13.09		(0.05	)(f)(g)		3.38			3.33			(0.01	)		(0.29	)		(0.30	)
Year Ended June 30, 2013		10.25		(0.02	)(f)(h)		2.90			2.88			(0.04	)		—			(0.04	)
November 1, 2011 (k) through June 30, 2012		9.02		—	(f)(j)		1.27	(i)		1.27			(0.04	)		—			(0.04	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		17.29		0.05	(f)		(1.34	)		(1.29	)		(0.10	)		(0.67	)		(0.77	)
Year Ended June 30, 2015		16.52		0.12	(f)		1.24			1.36			(0.05	)		(0.54	)		(0.59	)
Year Ended June 30, 2014		13.35		0.06	(f)(g)		3.46			3.52			(0.06	)		(0.29	)		(0.35	)
Year Ended June 30, 2013		10.43		0.11	(f)(h)		2.91			3.02			(0.10	)		—			(0.10	)
November 1, 2011 (k) through June 30, 2012		9.13		0.05	(f)		1.29	(i)		1.34			(0.04	)		—			(0.04	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		17.28		0.04	(f)		(1.34	)		(1.30	)		(0.08	)		(0.67	)		(0.75	)
Year Ended June 30, 2015		16.51		0.11	(f)		1.24			1.35			(0.04	)		(0.54	)		(0.58	)
Year Ended June 30, 2014		13.35		0.06	(f)(g)		3.44			3.50			(0.05	)		(0.29	)		(0.34	)
Year Ended June 30, 2013		10.43		0.10	(f)(h)		2.92			3.02			(0.10	)		—			(0.10	)
Year Ended June 30, 2012		10.75		0.06	(f)		(0.34	)(i)		(0.28	)		(0.04	)		—			(0.04	)
Year Ended June 30, 2011		7.84		0.04	(f)		2.90			2.94			(0.03	)		—			(0.03	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		17.29		0.03	(f)		(1.34	)		(1.31	)		(0.06	)		(0.67	)		(0.73	)
Year Ended June 30, 2015		16.53		0.08	(f)		1.24			1.32			(0.02	)		(0.54	)		(0.56	)
Year Ended June 30, 2014		13.37		0.03	(f)(g)		3.45			3.48			(0.03	)		(0.29	)		(0.32	)
Year Ended June 30, 2013		10.45		0.08	(f)(h)		2.92			3.00			(0.08	)		—			(0.08	)
Year Ended June 30, 2012		10.76		0.05	(f)		(0.33	)(i)		(0.28	)		(0.03	)		—			(0.03	)
Year Ended June 30, 2011		7.86		0.03	(f)		2.89			2.92			(0.02	)		—			(0.02	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.02), $(0.09), $(0.05), $0.06, $0.05 and $0.02 for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.12)%, (0.61)%, (0.36)%, 0.38%, 0.34% and 0.13% for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.01), $(0.07), $(0.07), $0.07, $0.05 and $0.03 for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.08)%, (0.57)%, (0.58)%, 0.56%, 0.41% and 0.25% for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(i) An affiliate of JPMorgan made a payment to the Fund for losses incurred from an operational error. Without this payment, the net realized and unrealized gains (losses) on investments per share would have been $(0.34), $(0.35), $1.28 and $(0.34) for Class A, Class C, Class R6 and Select Class Shares, respectively, and the total return would have been (3.01)%, (3.52)%, 14.66% and (2.70)% for Class A, Class C, Class R6 and Select Class Shares, respectively. The impact was less than $0.01 to the net realized and unrealized gains (losses) on investments per share and less than 0.01% to total return for Class R2 and Institutional Class Shares.

(j) Amount rounds to less than $0.01.

(k) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	14.97		(7.60	)%	$	238,439		1.26	%		0.08	%		1.40	%		22	%
	16.96		7.98			240,064		1.25			0.21			1.40			56
	16.25		25.86			126,858		1.25			(0.08	)(g)		1.34			51
	13.17		28.54			49,607		1.25			0.31	(h)		1.43			54
	10.31		(2.92	)(i)		8,411		1.26			0.17			1.59			74
	10.62		36.78			12,271		1.25			0.02			1.50			48
	14.49		(7.86	)		45,645		1.76			(0.41	)		1.87			22
	16.46		7.47			45,202		1.75			(0.28	)		1.88			56
	15.86		25.27			22,539		1.75			(0.57	)(g)		1.84			51
	12.91		27.83			6,972		1.75			(0.18	)(h)		1.93			54
	10.14		(3.43	)(i)		1,247		1.76			(0.26	)		2.10			74
	10.50		36.19			1,173		1.75			(0.50	)		2.02			48
	14.78		(7.72	)		28,664		1.51			(0.12	)		1.63			22
	16.77		7.66			17,846		1.50			(0.04	)		1.66			56
	16.12		25.66			9,785		1.50			(0.32	)(g)		1.59			51
	13.09		28.19			1,744		1.50			(0.20	)(h)		1.65			54
	10.25		14.17	(i)		57		1.51			0.02			1.91			74
	15.23		(7.43	)		98,172		0.72			0.63			0.73			22
	17.29		8.54			69,755		0.73			0.73			0.76			56
	16.52		26.54			45,604		0.75			0.42	(g)		0.84			51
	13.35		29.17			17,232		0.75			0.95	(h)		0.97			54
	10.43		14.77	(i)		12,959		0.75			0.70			1.08			74
	15.23		(7.45	)		416,669		0.83			0.54			0.89			22
	17.28		8.49			352,036		0.82			0.64			0.94			56
	16.51		26.42			216,698		0.82			0.39	(g)		0.94			51
	13.35		29.08			30,226		0.82			0.79	(h)		1.05			54
	10.43		(2.59	)(i)		9,350		0.83			0.62			1.19			74
	10.75		37.58			20,763		0.82			0.42			1.13			48
	15.25		(7.54	)		273,596		1.01			0.34			1.10			22
	17.29		8.25			246,645		1.00			0.45			1.11			56
	16.53		26.21			160,279		1.00			0.17	(g)		1.09			51
	13.37		28.81			66,928		1.00			0.64	(h)		1.21			54
	10.45		(2.60	)(i)		37,935		1.01			0.49			1.35			74
	10.76		37.14			34,944		1.00			0.27			1.29			48

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) (collectively, the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 6 separate funds of the Trusts (collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
Dynamic Small Cap Growth Fund	Class A, Class C and Select Class	JPM I	Diversified
Small Cap Core Fund	Select Class	JPM I	Diversified
Small Cap Equity Fund	Class A, Class C, Class R2, Class R5 and Select Class	JPM I	Diversified
Small Cap Growth Fund	Class A, Class C, Class R2, Class R6, Institutional Class and Select Class	JPM II	Diversified
Small Cap Value Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	JPM II	Diversified
U.S. Small Company Fund	Class A, Class C, Class R2, Class R6, Institutional Class and Select Class	JPM I	Diversified

The investment objectives of Dynamic Small Cap Growth Fund, Small Cap Core Fund and Small Cap Equity Fund are to seek capital growth over the long term.

The investment objective of Small Cap Growth Fund is to seek long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.

The investment objective of Small Cap Value Fund is to seek long-term capital growth primarily by investing in equity securities of small-capitalization companies.

The investment objective of U.S. Small Company Fund is to seek to provide high total return from a portfolio of small company stocks.

All share classes of the Dynamic Small Cap Growth Fund and Small Cap Growth Fund are publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Funds unless they meet certain requirements as described in the Funds’ prospectuses.

Prior to November 16, 2015, Small Cap Equity Fund was publicly offered only on a limited basis.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2, Class R5, Class R6, Institutional Class and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

On June 19, 2015, all remaining Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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 Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be

72 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Dynamic Small Cap Growth Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	394,017	$	—	$	—	$	394,017

Small Cap Core Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	21,222	$	—	$	—		$	21,222
Consumer Staples		5,015		—		—			5,015
Energy		6,093		—		—			6,093
Financials		46,462		—		—			46,462
Health Care		32,146		—		—			32,146
Industrials		31,187		—		—			31,187
Information Technology		35,503		—		—			35,503
Materials		6,572		—		—			6,572
Telecommunication Services		2,277		—		—			2,277
Utilities		6,972		—		—			6,972
Total Common Stocks		193,449		—		—			193,449
Warrant
Financials		—		—		—	(b)		—	(b)
Short-Term Investment
Investment Company		5,084		—		—			5,084
Total Investments in Securities	$	198,533	$	—	$	—	(b)	$	198,533
Appreciation in Other Financial Instruments
Futures Contracts	$	31	$	—	$	—		$	31

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

Small Cap Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	2,957,751	$	—	$	—		$	2,957,751
Small Cap Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	1,115,114	$	—	$	—		$	1,115,114
Small Cap Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	148,327	$	—	$	—		$	148,327
Consumer Staples		42,892		—		—			42,892
Energy		69,395		—		—			69,395
Financials		727,066		—		—			727,066
Health Care		91,768		—		—			91,768
Industrials		231,665		—		—			231,665
Information Technology		219,978		—		—			219,978
Materials		52,760		—		—			52,760
Telecommunication Services		11,218		—		—			11,218
Utilities		126,883		—		—			126,883
Total Common Stocks		1,721,952		—		—			1,721,952
Warrant
Financials		—		—		—	(b)		—	(b)
Short-Term Investment
Investment Company		64,608		—		—			64,608
Total Investments in Securities	$	1,786,560	$	—	$	—	(b)	$	1,786,560
Appreciation in Other Financial Instruments
Futures Contracts	$	780	$	—	$	—		$	780
U.S. Small Company Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	141,943	$	—	$	—		$	141,943
Consumer Staples		30,174		—		—			30,174
Energy		31,517		—		—			31,517
Financials		254,147		—		—			254,147
Health Care		186,267		—		—	(c)		186,267
Industrials		135,525		—		—			135,525
Information Technology		206,788		—		—			206,788
Materials		26,136		—		—			26,136
Telecommunication Services		9,098		—		—			9,098
Utilities		41,174		—		—			41,174
Total Common Stocks		1,062,769		—		—	(c)		1,062,769

74 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Warrant
Financials	$	—	$	—		—	(b)		—	(b)
Short-Term Investment
Investment Company		41,836		—		—			41,836
Total Investments in Securities	$	1,104,605	$	—	$	–	(c)	$	1,104,605
Appreciation in Other Financial Instruments
Futures Contracts	$	444	$	—	$	—		$	444

(a) All portfolio holdings designated as Level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings.

(b) Value is zero.

(c) Amount rounds to less than $1,000.

There were no transfers among any levels during the six months ended December 31, 2015 for Dynamic Small Cap Growth Fund, Small Cap Equity Fund, Small Cap Growth Fund and Small Cap Value Fund.

There were no significant transfers between levels 1 and 2 during the six months ended December 31, 2015 for Small Cap Core Fund and U.S. Small Company Fund.

B. Futures Contracts — Small Cap Core Fund, Small Cap Value Fund and U.S. Small Company Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/ depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2015 (amounts in thousands):

	Small Cap Core Fund		Small Cap Value Fund		U.S. Small Company Fund
Futures Contracts:
Average Notional Balance Long	$	17,622	$	63,681	$	30,809
Ending Notional Balance Long		4,979		60,988		38,471

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

C. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

D. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended December 31, 2015 are as follows (amounts in thousands):

	Class A		Class C		Class R2			Class R5		Class R6		Institutional Class		Select Class		Total
Dynamic Small Cap Growth Fund
Transfer agent fees	$	11	$	1		n/a			n/a		n/a		n/a	$	3	$	15
Sub-transfer agent fees		35		58		n/a			n/a		n/a		n/a		36		129
Small Cap Core Fund
Transfer agent fees		n/a		n/a		n/a			n/a		n/a		n/a		6		6
Sub-transfer agent fees		n/a		n/a		n/a			n/a		n/a		n/a		396		396
Small Cap Equity Fund
Transfer agent fees		24		1		$—	(a)	$	6		n/a		n/a		12		43
Sub-transfer agent fees		439		15		3			296		n/a		n/a		1,116		1,869
Small Cap Growth Fund
Transfer agent fees		26		2		1			n/a	$	2	$	3		4		38
Sub-transfer agent fees		227		12		38			n/a		—		121		104		502
Small Cap Value Fund
Transfer agent fees		158		3		15			3		7		5		n/a		191
Sub-transfer agent fees		511		35		64			46		—		243		n/a		899
U.S. Small Company Fund
Transfer agent fees		11		3		3			n/a		2		4		6		29
Sub-transfer agent fees		190		31		17			n/a		—		124		153		515

(a) Amount rounds to less than $1,000.

E. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

F. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually, except for Small Cap Value Fund, which are generally declared and paid quarterly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreements, J.P. Morgan Investment Management Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Dynamic Small Cap Growth Fund	0.65	%
Small Cap Core Fund	0.65
Small Cap Equity Fund	0.65
Small Cap Growth Fund	0.65
Small Cap Value Fund	0.65
U.S. Small Company Fund	0.60

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

76 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2015, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trusts’ exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2
Dynamic Small Cap Growth Fund		0.25	%		0.75	%		n/a
Small Cap Equity Fund		0.25			0.75			0.50	%
Small Cap Growth Fund		0.25			0.75			0.50
Small Cap Value Fund		0.25			0.75			0.50
U.S. Small Company Fund		0.25			0.75			0.50

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Dynamic Small Cap Growth Fund	$	1	$	—
Small Cap Equity Fund		8		—	(a)
Small Cap Growth Fund		4		—
Small Cap Value Fund		10		—
U.S. Small Company Fund		12		—	(a)

(a) Amount rounds to less than $1,000.

D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into Shareholder Servicing Agreements with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R5			Institutional Class			Select Class
Dynamic Small Cap Growth Fund		0.25	%		0.25	%		n/a			n/a			n/a			0.25	%
Small Cap Core Fund		n/a			n/a			n/a			n/a			n/a			0.25
Small Cap Equity Fund		0.25			0.25			0.25	%		0.05	%		n/a			0.25
Small Cap Growth Fund		0.25			0.25			0.25			n/a			0.10	%		0.25
Small Cap Value Fund		0.25			0.25			0.25			0.05			n/a			0.25
U.S. Small Company Fund		0.25			0.25			0.25			n/a			0.10			0.25

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The Distributor waived Shareholder Servicing fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or Distributor have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R5			Class R6			Institutional Class			Select Class
Dynamic Small Cap Growth Fund		1.25	%		1.75	%		n/a			n/a			n/a			n/a			1.00	%
Small Cap Core Fund		n/a			n/a			n/a			n/a			n/a			n/a			0.80
Small Cap Equity Fund		1.30			1.80			1.55	%		0.80	%		n/a			n/a			1.00
Small Cap Growth Fund		1.25			1.75			1.50			n/a			0.75	%		0.85	%		1.00
Small Cap Value Fund		1.25			1.86			1.50			0.91			0.86			n/a			1.00
U.S. Small Company Fund		1.26			1.76			1.51			n/a			0.76			0.83			1.01

The expense limitation agreements were in effect for the six months ended December 31, 2015 and are in place until at least October 31, 2016.

For the six months ended December 31, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Dynamic Small Cap Growth Fund	$	78	$	52	$	92	$	222	$	—	(a)
Small Cap Core Fund		890		309		7		1,206		—
Small Cap Equity Fund		471		314		1,062		1,847		—
Small Cap Growth Fund		39		25		527		591		7
Small Cap Value Fund		3		—		1,011		1,014		79
U.S. Small Company Fund		—		—		411		411		—	(a)

(a) Amount rounds to less than $1,000.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective November 1, 2015, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to November 1, 2015, a portion of the waiver was voluntary.

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2015 was as follows (amounts in thousands):

Dynamic Small Cap Growth Fund	$	7
Small Cap Core Fund		19
Small Cap Equity Fund		120
Small Cap Growth Fund		22
Small Cap Value Fund		56
U.S. Small Company Fund		34

G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2015, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

78 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

The Funds may use related party broker-dealers. For the six months ended December 31, 2015, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Dynamic Small Cap Growth Fund	$	—	(a)
Small Cap Core Fund		—	(a)
Small Cap Growth Fund		1
Small Cap Value Fund		—	(a)
U.S. Small Company Fund		—	(a)

(a) Amount rounds to less than $1,000.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended December 31, 2015, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Dynamic Small Cap Growth Fund	$	97,121	$	160,705
Small Cap Core Fund		196,175		187,399
Small Cap Equity Fund		459,858		662,571
Small Cap Growth Fund		274,179		274,110
Small Cap Value Fund		371,053		298,268
U.S. Small Company Fund		427,414		225,360

During the six months ended December 31, 2015, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2015 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Dynamic Small Cap Growth Fund	$	305,886	$	118,917	$	30,786	$	88,131
Small Cap Core Fund		155,393		56,718		13,578		43,140
Small Cap Equity Fund		2,049,662		1,001,645		93,556		908,089
Small Cap Growth Fund		911,050		303,263		99,199		204,064
Small Cap Value Fund		1,716,557		287,984		217,981		70,003
U.S. Small Company Fund		1,086,526		120,846		102,767		18,079

At June 30, 2015, the Funds did not have any capital loss carryforwards.

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 79

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015. Average borrowings from the Facility for, or at any time during the six months ended December 31, 2015, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Dynamic Small Cap Growth Fund	$	23,687		0.23	%		1	$	—	(a)
Small Cap Equity Fund		20,831		0.25			3		—	(a)

(a) Amount rounds to less than $1,000.

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations

7. Redemptions In-Kind

During the six months ended December 31, 2015, certain shareholders sold their shares of Small Cap Core Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as of the close of business on the date and at the market value listed below (amounts in thousands):

December 18, 2015	Value			Realized Gains (Losses)		Type
	$	530,784	*	$	35,980		Redemptions in-kind

* This amount includes cash of approximately $16,676,000 associated with the redemptions in-kind.

8. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

As of December 31, 2015, an affiliate of the Adviser had investment discretion with respect to its clients’ holdings in the Funds, which collectively represent the following percentage of each Fund’s net assets:

	% of the Fund
Small Cap Core Fund		10.6	%

As of December 31, 2015, Dynamic Small Cap Growth Fund, Small Cap Core Fund, Small Cap Equity Fund, Small Cap Growth Fund and U.S. Small Company Fund each has shareholders, which are accounts maintained by financial intermediaries on behalf of their clients, that collectively own shares representing the following percentage of each applicable Fund’s net assets:

	Number of Shareholders		% of the Fund
Dynamic Small Cap Growth Fund		1		68.5	%
Small Cap Core Fund		4		53.2
Small Cap Equity Fund		2		21.1
Small Cap Growth Fund		1		10.2
U.S. Small Company Fund		1		15.6

As of December 31, 2015, the J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of certain Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Small Cap Growth Fund		n/a			24.0	%
Small Cap Value Fund		11.2	%		16.4

Significant shareholder transactions by these shareholders may impact the Funds’ performance.

Because the Funds may invest a significant portion of their assets in REITs, the Funds may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

80 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

9. Subsequent Event

During the period December 31, 2015 through February 23, 2016, a shareholder of Dynamic Small Cap Growth Fund redeemed approximately $175,007,000. This amount represents 43.3% of the Fund’s net assets as of December 31, 2015.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 81

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2015, and continued to hold your shares at the end of the reporting period, December 31, 2015.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Dynamic Small Cap Growth Fund
Class A
Actual	$	1,000.00	$	891.10	$	5.94		1.25	%
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class C
Actual		1,000.00		889.10		8.31		1.75
Hypothetical		1,000.00		1,016.34		8.87		1.75
Select Class
Actual		1,000.00		892.20		4.76		1.00
Hypothetical		1,000.00		1,020.11		5.08		1.00
Small Cap Core Fund
Select Class
Actual		1,000.00		914.80		3.85		0.80
Hypothetical		1,000.00		1,021.11		4.06		0.80
Small Cap Equity Fund
Class A
Actual		1,000.00		936.50		6.33		1.30
Hypothetical		1,000.00		1,018.60		6.60		1.30
Class C
Actual		1,000.00		934.40		8.75		1.80
Hypothetical		1,000.00		1,016.09		9.12		1.80
Class R2
Actual		1,000.00		935.40		7.54		1.55
Hypothetical		1,000.00		1,017.34		7.86		1.55
Class R5
Actual		1,000.00		938.80		3.90		0.80
Hypothetical		1,000.00		1,021.11		4.06		0.80

82 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
Small Cap Equity Fund (continued)
Select Class
Actual	$	1,000.00	$	937.90	$	4.87		1.00	%
Hypothetical		1,000.00		1,020.11		5.08		1.00
Small Cap Growth Fund
Class A
Actual		1,000.00		892.80		5.95		1.25
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class C
Actual		1,000.00		890.90		8.32		1.75
Hypothetical		1,000.00		1,016.34		8.87		1.75
Class R2
Actual		1,000.00		892.00		7.13		1.50
Hypothetical		1,000.00		1,017.60		7.61		1.50
Class R6
Actual		1,000.00		895.40		3.57		0.75
Hypothetical		1,000.00		1,021.37		3.81		0.75
Institutional Class
Actual		1,000.00		894.90		4.05		0.85
Hypothetical		1,000.00		1,020.86		4.32		0.85
Select Class
Actual		1,000.00		894.00		4.76		1.00
Hypothetical		1,000.00		1,020.11		5.08		1.00
Small Cap Value Fund
Class A
Actual		1,000.00		917.40		6.02		1.25
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class C
Actual		1,000.00		914.90		8.95		1.86
Hypothetical		1,000.00		1,015.79		9.42		1.86
Class R2
Actual		1,000.00		916.20		7.23		1.50
Hypothetical		1,000.00		1,017.60		7.61		1.50
Class R5
Actual		1,000.00		918.70		4.39		0.91
Hypothetical		1,000.00		1,020.56		4.62		0.91
Class R6
Actual		1,000.00		919.40		3.67		0.76
Hypothetical		1,000.00		1,021.32		3.86		0.76
Select Class
Actual		1,000.00		918.40		4.82		1.00
Hypothetical		1,000.00		1,020.11		5.08		1.00
U.S. Small Company Fund
Class A
Actual		1,000.00		924.00		6.09		1.26
Hypothetical		1,000.00		1,018.80		6.39		1.26
Class C
Actual		1,000.00		921.40		8.50		1.76
Hypothetical		1,000.00		1,016.29		8.92		1.76
Class R2
Actual		1,000.00		922.80		7.30		1.51
Hypothetical		1,000.00		1,017.55		7.66		1.51
Class R6
Actual		1,000.00		925.70		3.49		0.72
Hypothetical		1,000.00		1,021.52		3.66		0.72

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 83

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
U.S. Small Company Fund (continued)
Institutional Class
Actual	$	1,000.00	$	925.50	$	4.02		0.83	%
Hypothetical		1,000.00		1,020.96		4.22		0.83
Select Class
Actual		1,000.00		924.60		4.89		1.01
Hypothetical		1,000.00		1,020.06		5.13		1.01

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

84 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of the Funds in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in

executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 85

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each of the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as

assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Small Cap Growth Fund and Small Cap Value Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Dynamic Small Cap Growth Fund, Small Cap Core Fund, Small Cap Equity Fund, and U.S. Small Company Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that

86 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Dynamic Small Cap Growth Fund’s performance was in the fourth, third, and third quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable. They requested, however, that the Adviser provide additional Fund performance information to be reviewed with the members of the equity committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Small Cap Core Fund’s performance was in the first quintile for Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and

investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Small Cap Equity Fund’s performance was in the first, second, and first quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Small Cap Growth Fund’s performance was in the fourth, third, and third quintiles for Class A shares and in the fourth, third, and second quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable. They requested, however, that the Adviser provide additional Fund performance information to be reviewed with the members of the equity committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Small Cap Value Fund’s performance was in the third, second and second quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the U.S. Small Company Fund’s performance was in first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each

DECEMBER 31, 2015 J.P. MORGAN SMALL CAP FUNDS 87

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Dynamic Small Cap Growth Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for both Class A and Select Class shares were in the second quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Small Cap Core Fund’s net advisory fee and actual total expenses for Select Class shares were in the first quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Small Cap Equity Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the second quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Small Cap Growth Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for both Class A and Select Class shares were in the second quintile, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Small Cap Value Fund’s net advisory fee for both Class A and Select Class shares was in the second quintile, and that the actual total expenses for Class A and Select Class shares were in the first and second quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the U.S. Small Company Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for both Class A and Select Class shares were in the second quintile, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

88 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2015

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016.  All rights reserved. December 2015. SAN-SC-1215

Semi-Annual Report

JPMorgan SmartRetirement^® Funds

December 31, 2015 (Unaudited)

JPMorgan SmartRetirement^® Income Fund

JPMorgan SmartRetirement^® 2015 Fund

JPMorgan SmartRetirement^® 2020 Fund

JPMorgan SmartRetirement^® 2025 Fund

JPMorgan SmartRetirement^® 2030 Fund

JPMorgan SmartRetirement^® 2035 Fund

JPMorgan SmartRetirement^® 2040 Fund

JPMorgan SmartRetirement^® 2045 Fund

JPMorgan SmartRetirement^® 2050 Fund

JPMorgan SmartRetirement^® 2055 Fund

CONTENTS

CEO’s Letter	1
Fund Facts	2
Funds Commentary	4
Schedules of Portfolio Investments	24
Financial Statements	46
Financial Highlights	70
Notes to Financial Statements	90
Schedule of Shareholder Expenses	118
Board Approval of Investment Advisory Agreement	123
Tax Letter	128

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectus for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

January 29, 2016 (Unaudited)

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies — particularly those of emerging market exporting nations — put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48% of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets — including a 2% devaluation of the yuan — the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24^th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks — particularly those of large cap technology companies — while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management, J.P. Morgan Asset Management

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 1

JPMorgan SmartRetirement^® Funds

FUND FACTS

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

Fund	Fund Return*		Primary Benchmark Return		Primary Benchmark	Fund Net Assets as of December 31, 2015
JPMorgan SmartRetirement® Income Fund		-2.26%		-0.85%	S&P Target Date Retirement Income Index	$	2,030,743,281
JPMorgan SmartRetirement® 2015 Fund		-2.30%		-1.50%	S&P Target Date 2015 Index	$	2,623,617,752
JPMorgan SmartRetirement® 2020 Fund		-2.49%		-1.82%	S&P Target Date 2020 Index	$	6,151,176,144
JPMorgan SmartRetirement® 2025 Fund		-2.91%		-2.11%	S&P Target Date 2025 Index	$	5,564,135,599
JPMorgan SmartRetirement® 2030 Fund		-3.38%		-2.37%	S&P Target Date 2030 Index	$	6,225,608,047
JPMorgan SmartRetirement® 2035 Fund		-3.84%		-2.61%	S&P Target Date 2035 Index	$	4,307,959,668
JPMorgan SmartRetirement® 2040 Fund		-4.09%		-2.81%	S&P Target Date 2040 Index	$	4,438,871,312
JPMorgan SmartRetirement® 2045 Fund		-4.01%		-2.99%	S&P Target Date 2045 Index	$	2,598,331,204
JPMorgan SmartRetirement® 2050 Fund		-4.01%		-3.09%	S&P Target Date 2050 Index	$	2,088,448,342
JPMorgan SmartRetirement® 2055 Fund		-4.02%		-3.23%	S&P Target Date 2055+ Index	$	452,948,279

* Returns for the JPMorgan SmartRetirement 2025 Fund, JPMorgan SmartRetirement 2035 Fund and JPMorgan SmartRetirement 2055 Fund are based on Select Class Shares. The remaining JPMorgan SmartRetirement Funds’ returns are based on Institutional Class Shares.

2 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

Portfolio Composition by Asset Class*

JPMorgan SmartRetirement® Income Fund
Fixed Income	53.9	%
U.S. Equity	24.4
Money Market	9.4
International Equity	9.1
Alternative Assets	2.7
U.S. Treasury Obligation	0.5
JPMorgan SmartRetirement® 2015 Fund
Fixed Income	53.4	%
U.S. Equity	26.0
International Equity	10.3
Money Market	6.8
Alternative Assets	3.0
U.S. Treasury Obligation	0.5
JPMorgan SmartRetirement® 2020 Fund
Fixed Income	46.0	%
U.S. Equity	33.0
International Equity	14.8
Alternative Assets	4.2
Money Market	1.5
U.S. Treasury Obligation	0.5
JPMorgan SmartRetirement® 2025 Fund
U.S. Equity	39.5	%
Fixed Income	36.0
International Equity	17.9
Alternative Assets	4.7
Money Market	1.3
U.S. Treasury Obligation	0.6
JPMorgan SmartRetirement® 2030 Fund
U.S. Equity	46.4	%
Fixed Income	26.7
International Equity	19.5
Alternative Assets	5.2
Money Market	1.4
U.S. Treasury Obligation	0.8

JPMorgan SmartRetirement® 2035 Fund
U.S. Equity	50.4	%
International Equity	21.9
Fixed Income	19.7
Alternative Assets	5.6
Money Market	1.6
U.S. Treasury Obligation	0.8
JPMorgan SmartRetirement® 2040 Fund
U.S. Equity	53.9	%
International Equity	23.9
Fixed Income	14.0
Alternative Assets	6.0
Money Market	1.4
U.S. Treasury Obligation	0.8
JPMorgan SmartRetirement® 2045 Fund
U.S. Equity	53.4	%
International Equity	23.9
Fixed Income	14.1
Alternative Assets	6.1
Money Market	1.7
U.S. Treasury Obligation	0.8
JPMorgan SmartRetirement® 2050 Fund
U.S. Equity	53.7	%
International Equity	23.9
Fixed Income	14.0
Alternative Assets	6.1
Money Market	1.5
U.S. Treasury Obligation	0.8
JPMorgan SmartRetirement® 2055 Fund
U.S. Equity	53.7	%
International Equity	24.0
Fixed Income	13.8
Alternative Assets	6.1
Money Market	1.6
U.S. Treasury Obligation	0.8

* The percentages indicated are based on total investments as of December 31, 2015. Each Fund’s portfolio composition is subject to change.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 3

JPMorgan SmartRetirement^® Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

INVESTMENT OBJECTIVES*

The JPMorgan SmartRetirement^® Income Fund seeks current income and some capital appreciation. The JPMorgan SmartRetirement^® 2015 Fund seeks total return with a shift to current income and some capital appreciation over time as the Fund approaches and passes its target retirement date. The remaining JPMorgan SmartRetirement^® Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

HOW DID THE MARKET PERFORM?

Overall, U.S. equity markets provided slim returns for the second half of 2015, while equity markets in other developed market nations posted negative returns and emerging market equities posted double-digit losses. Global weakness in commodities prices, slowing economic growth in China, anxiety over U.S. interest rate policy and slowing growth in corporate earnings combined to put pressure on equity prices during the summer months.

In mid-August, Chinese authorities devalued the yuan by 2% amid declines in the Shanghai and Shenzhen equity markets. A global sell-off followed on August 24, 2015. However, U.S. and other equity markets rebounded in October and the Standard & Poor’s 500 Index (S&P 500) turned in its best one-month performance since 2011. For the six months ended December 31, 2015, the S&P 500 returned 0.15%.

Generally, bond markets had a weak performance during the second half of 2015 as interest rates remained low globally. Also, increased volatility in financial markets pushed investors toward lower risk securities in developed market sovereign debt and away from lower-rated bonds. The Barclays U.S. Aggregate Index returned 0.65% and the Barclays High Yield Index returned -6.82% for the six months ended December 31, 2015.

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

All ten JPMorgan SmartRetirement Funds (Institutional Share Class or Select Share Class) (the “Funds”) underperformed their respective S&P Target Date indexes (the “benchmarks”) for the six months ended December 31, 2015.

The Funds’ manager selection, particularly investments in the JPMorgan Disciplined Equity Fund and the Value Advantage Fund, detracted from performance during the six month period. However, the Funds’ allocation to the JPMorgan Corporate Bond Fund and the JPMorgan Inflation Managed Bond Fund made a positive contribution to performance.

Strategic allocation to real estate investment trusts and equities in the U.S. and other developed markets made a positive contribution to the Funds’ performance. From a tactical perspective, the Funds’ overweight position in high yield debt (also known as “junk bonds”) detracted from performance, while the Funds’ underweight position in emerging market equity contributed to performance.

Strategic asset allocation involves setting long-term target allocations to various asset classes and periodically rebalancing the portfolio in accordance with those targets. Tactical asset allocation generally involves a more active trading approach and seeks to take advantage of short-to-intermediate term opportunities.

HOW WERE THE FUNDS POSITIONED?

The Funds invested in underlying J.P. Morgan Funds to implement the Funds’ portfolio managers’ asset allocation decisions. The Funds’ portfolio managers used a systematic screening and selection process to choose the underlying funds in their construction of the JPMorgan SmartRetirement portfolios. Relative to their respective S&P Target Date benchmarks, the Funds invested across a broader range of asset classes. The Funds’ portfolio managers believed that this diversification would help shield the Funds from market volatility and contribute to the Funds’ long-term risk-adjusted returns. In addition, they sought to invest in asset classes that have had historically lower correlations to the broader fixed income and equity markets, investing in underlying funds that hold real estate investment securities, commodity-related investments and U.S. Treasury Inflation Protected Securities. The Funds’ portfolio managers also used futures contracts to help manage cash flows and implement tactical asset allocations.

* The adviser seeks to achieve each Fund’s objective. There can be no guarantee it will be achieved.

4 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement^® Income Fund

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	May 15, 2006
Without Sales Charge			(2.32	)%		(1.24	)%		4.36	%		4.58	%
With Sales Charge**			(6.72	)		(5.71	)		3.41			4.08
CLASS C SHARES	May 15, 2006
Without CDSC			(2.65	)		(1.87	)		3.69			3.95
With CDSC***			(3.65	)		(2.87	)		3.69			3.95
CLASS R2 SHARES	November 3, 2008		(2.51	)		(1.49	)		4.10			4.39
CLASS R6 SHARES	November 3, 2014		(2.23	)		(0.97	)		4.63			4.90
INSTITUTIONAL CLASS SHARES	May 15, 2006		(2.26	)		(1.01	)		4.62			4.89
SELECT CLASS SHARES	May 15, 2006		(2.27	)		(1.09	)		4.47			4.74

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (5/15/06 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on May 15, 2006.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan SmartRetirement Income Fund, the S&P Target Date Retirement Income Index and the Lipper Mixed-Asset Target Today Funds Average from May 15, 2006 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the indices reflects an initial investment at the end of the month following the Fund’s inception. The performance of the S&P Target Date Retirement Income Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Today Funds

Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date Retirement Income Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries, Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the Index was reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. Effective March 1, 2010, the Index is reconstituted on the same schedule. However, the Index is now rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis and will continue to be calculated daily. Investors cannot invest directly in an index. The Lipper Mixed-Asset Target Today Funds Average is an average based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Institutional Class Shares have a $3,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also,

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 5

JPMorgan SmartRetirement^® Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement^® 2015 Fund

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	May 15, 2006
Without Sales Charge			(2.42	)%		(1.14	)%		5.25	%		4.81	%
With Sales Charge**			(6.82	)		(5.58	)		4.29			4.31
CLASS C SHARES	May 15, 2006
Without CDSC			(2.69	)		(1.77	)		4.59			4.19
With CDSC***			(3.69	)		(2.77	)		4.59			4.19
CLASS R2 SHARES	November 3, 2008		(2.55	)		(1.39	)		4.99			4.62
CLASS R6 SHARES	November 3, 2014		(2.27	)		(0.86	)		5.54			5.14
INSTITUTIONAL CLASS SHARES	May 15, 2006		(2.30	)		(0.91	)		5.52			5.13
SELECT CLASS SHARES	May 15, 2006		(2.36	)		(1.04	)		5.37			4.97

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (5/15/06 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on May 15, 2006.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan SmartRetirement 2015 Fund, the S&P Target Date 2015 Index and the Lipper Mixed-Asset Target 2015 Funds Index from May 15, 2006 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the indices reflects an initial investment at the end of the month following the Fund’s inception. The performance of the S&P Target Date 2015 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of

the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2015 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2015 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries, Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the Index was reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. Effective March 1, 2010, the Index is reconstituted on the same schedule. However, the Index is now rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis and will continue to be calculated daily. The Lipper Mixed-Asset Target 2015 Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Institutional Class Shares have a $3,000,000 minimum initial investment.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 7

JPMorgan SmartRetirement^® 2015 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

8 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement^® 2020 Fund

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	May 15, 2006
Without Sales Charge			(2.61	)%		(0.98	)%		6.28	%		5.29	%
With Sales Charge**			(6.99	)		(5.43	)		5.30			4.79
CLASS C SHARES	May 15, 2006
Without CDSC			(2.94	)		(1.65	)		5.58			4.66
With CDSC***			(3.94	)		(2.65	)		5.58			4.66
CLASS R2 SHARES	November 3, 2008		(2.73	)		(1.22	)		6.01			5.10
CLASS R6 SHARES	November 3, 2014		(2.46	)		(0.65	)		6.56			5.62
INSTITUTIONAL CLASS SHARES	May 15, 2006		(2.49	)		(0.76	)		6.54			5.61
SELECT CLASS SHARES	May 15, 2006		(2.56	)		(0.89	)		6.38			5.45

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (5/15/06 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on May 15, 2006.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan SmartRetirement 2020 Fund, the S&P Target Date 2020 Index and the Lipper Mixed-Asset Target 2020 Funds Index from May 15, 2006 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the indices reflects an initial investment at the end of the month following the Fund’s inception. The performance of the S&P Target Date 2020 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of

the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2020 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2020 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries, Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the Index was reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. Effective March 1, 2010, the Index is reconstituted on the same schedule. However, the Index is now rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis and will continue to be calculated daily. The Lipper Mixed-Asset Target 2020 Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Institutional Class Shares have a $3,000,000 minimum initial investment.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 9

JPMorgan SmartRetirement^® 2020 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

10 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement^® 2025 Fund

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	July 31, 2007
Without Sales Charge			(2.96	)%		(1.18	)%		6.89	%		4.78	%
With Sales Charge**			(7.34	)		(5.64	)		5.91			4.20
CLASS C SHARES	July 31, 2007
Without CDSC			(3.29	)		(1.80	)		6.20			4.14
With CDSC***			(4.29	)		(2.80	)		6.20			4.14
CLASS R2 SHARES	November 3, 2008		(3.09	)		(1.36	)		6.63			4.55
CLASS R6 SHARES	November 3, 2014		(2.86	)		(0.89	)		7.16			5.08
INSTITUTIONAL CLASS SHARES	July 31, 2007		(2.89	)		(0.94	)		7.14			5.07
SELECT CLASS SHARES	July 31, 2007		(2.91	)		(1.02	)		7.00			4.92

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/31/07 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 31, 2007.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan SmartRetirement 2025 Fund, the S&P Target Date 2025 Index and the Lipper Mixed-Asset Target 2025 Funds Average from July 31, 2007 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2025 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if

applicable. The performance of the Lipper Mixed-Asset Target 2025 Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2025 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries, Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the Index was reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. Effective March 1, 2010, the Index is reconstituted on the same schedule. However, the Index is now rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis and will continue to be calculated daily. Investors cannot invest directly in an index. The Lipper Mixed-Asset Target 2025 Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Select Class Shares have a $1,000,000 minimum initial investment.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 11

JPMorgan SmartRetirement^® 2025 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

12 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement^® 2030 Fund

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	May 15, 2006
Without Sales Charge			(3.51	)%		(1.54	)%		7.23	%		5.63	%
With Sales Charge**			(7.84	)		(5.98	)		6.25			5.13
CLASS C SHARES	May 15, 2006
Without CDSC			(3.85	)		(2.17	)		6.52			5.00
With CDSC***			(4.85	)		(3.17	)		6.52			5.00
CLASS R2 SHARES	November 3, 2008		(3.64	)		(1.78	)		6.95			5.44
CLASS R6 SHARES	November 3, 2014		(3.35	)		(1.25	)		7.50			5.96
INSTITUTIONAL CLASS SHARES	May 15, 2006		(3.38	)		(1.31	)		7.48			5.95
SELECT CLASS SHARES	May 15, 2006		(3.46	)		(1.45	)		7.32			5.79

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (5/15/06 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on May 15, 2006.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan SmartRetirement 2030 Fund, the S&P Target Date 2030 Index and the Lipper Mixed-Asset Target 2030 Funds Index from May 15, 2006 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the indices reflects an initial investment at the end of the month following the Fund’s inception. The performance of the S&P Target Date 2030 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of

the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2030 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2030 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries, Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the Index was reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. Effective March 1, 2010, the Index is reconstituted on the same schedule. However, the Index is now rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis and will continue to be calculated daily. The Lipper Mixed-Asset Target 2030 Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Institutional Class Shares have a $3,000,000 minimum initial investment.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 13

JPMorgan SmartRetirement^® 2030 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

14 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement^® 2035 Fund

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	July 31, 2007
Without Sales Charge			(3.85	)%		(1.73	)%		7.63	%		4.93	%
With Sales Charge**			(8.20	)		(6.15	)		6.64			4.35
CLASS C SHARES	July 31, 2007
Without CDSC			(4.21	)		(2.36	)		6.93			4.28
With CDSC***			(5.21	)		(3.36	)		6.93			4.28
CLASS R2 SHARES	November 3, 2008		(3.98	)		(1.97	)		7.35			4.70
CLASS R6 SHARES	November 3, 2014		(3.69	)		(1.44	)		7.91			5.24
INSTITUTIONAL CLASS SHARES	July 31, 2007		(3.77	)		(1.50	)		7.88			5.23
SELECT CLASS SHARES	July 31, 2007		(3.84	)		(1.63	)		7.72			5.07

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/31/07 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 31, 2007.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan SmartRetirement 2035 Fund, the S&P Target Date 2035 Index and the Lipper Mixed-Asset Target 2035 Funds Average from July 31, 2007 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2035 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark,

if applicable. The performance of the Lipper Mixed-Asset Target 2035 Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2035 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries, Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the Index was reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. Effective March 1, 2010, the Index is reconstituted on the same schedule. However, the Index is now rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis and will continue to be calculated daily. Investors cannot invest directly in an index. The Lipper Mixed-Asset Target 2035 Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Select Class Shares have a $1,000,000 minimum initial investment.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 15

JPMorgan SmartRetirement^® 2035 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

16 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement^® 2040 Fund

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	May 15, 2006
Without Sales Charge			(4.18	)%		(1.89	)%		7.74	%		5.87	%
With Sales Charge**			(8.49	)		(6.30	)		6.76			5.36
CLASS C SHARES	May 15, 2006
Without CDSC			(4.50	)		(2.50	)		7.05			5.24
With CDSC***			(5.50	)		(3.50	)		7.05			5.24
CLASS R2 SHARES	November 3, 2008		(4.32	)		(2.13	)		7.47			5.68
CLASS R6 SHARES	November 3, 2014		(4.06	)		(1.60	)		8.02			6.19
INSTITUTIONAL CLASS SHARES	May 15, 2006		(4.09	)		(1.65	)		8.01			6.19
SELECT CLASS SHARES	May 15, 2006		(4.12	)		(1.80	)		7.85			6.03

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (5/15/06 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on May 15, 2006.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan SmartRetirement 2040 Fund, the S&P Target Date 2040 Index and the Lipper Mixed-Asset Target 2040 Funds Average from May 15, 2006 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the indices reflects an initial investment at the end of the month following the Fund’s inception. The performance of the S&P Target Date 2040 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The

performance of the Lipper Mixed-Asset Target 2040 Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2040 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries, Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the Index was reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. Effective March 1, 2010, the Index is reconstituted on the same schedule. However, the Index is now rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis and will continue to be calculated daily. Investors cannot invest directly in an index. The Lipper Mixed-Asset Target 2040 Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Institutional Class Shares have a $3,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 17

JPMorgan SmartRetirement^® 2040 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

18 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement^® 2045 Fund

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	July 31, 2007
Without Sales Charge			(4.14	)%		(1.79	)%		7.78	%		5.16	%
With Sales Charge**			(8.45	)		(6.20	)		6.79			4.59
CLASS C SHARES	July 31, 2007
Without CDSC			(4.45	)		(2.46	)		7.08			4.53
With CDSC***			(5.45	)		(3.46	)		7.08			4.53
CLASS R2 SHARES	November 3, 2008		(4.29	)		(2.05	)		7.50			4.94
CLASS R6 SHARES	November 3, 2014		(4.03	)		(1.61	)		8.06			5.46
INSTITUTIONAL CLASS SHARES	July 31, 2007		(4.01	)		(1.55	)		8.06			5.46
SELECT CLASS SHARES	July 31, 2007		(4.13	)		(1.74	)		7.88			5.31

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/31/07 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 31, 2007.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan SmartRetirement 2045 Fund, the S&P Target Date 2045 Index and the Lipper Mixed-Asset Target 2045 Funds Average from July 31, 2007 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2045 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2045 Funds Average includes expenses associated with a mutual fund, such as investment

management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2045 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries, Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the Index was reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. Effective March 1, 2010, the Index is reconstituted on the same schedule. However, the Index is now rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis and will continue to be calculated daily. Investors cannot invest directly in an index. The Lipper Mixed-Asset Target 2045 Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Institutional Class Shares have a $3,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 19

JPMorgan SmartRetirement^® 2045 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

20 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement^® 2050 Fund

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	July 31, 2007
Without Sales Charge			(4.09	)%		(1.79	)%		7.76	%		5.18	%
With Sales Charge**			(8.41	)		(6.21	)		6.77			4.61
CLASS C SHARES	July 31, 2007
Without CDSC			(4.41	)		(2.42	)		7.06			4.54
With CDSC***			(5.41	)		(3.42	)		7.06			4.54
CLASS R2 SHARES	November 3, 2008		(4.24	)		(2.05	)		7.48			4.96
CLASS R6 SHARES	November 3, 2014		(3.93	)		(1.45	)		8.05			5.50
INSTITUTIONAL CLASS SHARES	July 31, 2007		(4.01	)		(1.56	)		8.03			5.48
SELECT CLASS SHARES	July 31, 2007		(4.03	)		(1.64	)		7.87			5.33

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/31/07 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 31, 2007.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan SmartRetirement 2050 Fund, the S&P Target Date 2050 Index and the Lipper Mixed-Asset Target 2050 Funds Average from July 31, 2007 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2050 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the Lipper Mixed-Asset Target 2050

Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2050 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries, Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the Index was reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. Effective March 1, 2010, the Index is reconstituted on the same schedule. However, the Index is now rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis and will continue to be calculated daily. Investors cannot invest directly in an index. The Lipper Mixed-Asset Target 2050 Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Institutional Class Shares have a $3,000,000 minimum initial investment.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 21

JPMorgan SmartRetirement^® 2050 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

22 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement^® 2055 Fund

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	January 31, 2012
Without Sales Charge			(4.07	)%		(1.78	)%		9.08	%		9.85	%
With Sales Charge**			(8.37	)		(6.19	)		7.42			8.56
CLASS C SHARES	January 31, 2012
Without CDSC			(4.42	)		(2.43	)		8.36			9.13
With CDSC***			(5.42	)		(3.43	)		8.36			9.13
CLASS R2 SHARES	January 31, 2012		(4.19	)		(2.05	)		8.80			9.58
CLASS R6 SHARES	November 3, 2014		(3.92	)		(1.51	)		9.37			10.14
INSTITUTIONAL CLASS SHARES	January 31, 2012		(4.00	)		(1.61	)		9.33			10.11
SELECT CLASS SHARES	January 31, 2012		(4.02	)		(1.68	)		9.19			9.97

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (1/31/12 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on January 31, 2012.

Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan SmartRetirement 2055 Fund, the S&P Target Date 2055+ Index and the Lipper Mixed-Asset Target 2055+ Funds Average from January 31, 2012 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2055+ Average does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the Lipper Mixed-Asset Target 2055+ Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2055+ Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and

international REITs, core fixed income, short term treasuries, Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the Index was reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. Effective March 1, 2010, the Index is reconstituted on the same schedule. However, the Index is now rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis and will continue to be calculated daily. The Lipper Mixed-Asset Target 2055+ Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 23

JPMorgan SmartRetirement Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange Traded Fund — 2.5%
		Fixed Income — 2.5%
	455,925	iShares Barclays TIPS Bond ETF (Cost $50,895,328)		50,005,854
	Investment Companies — 98.0% (b)
		Alternative Assets — 2.7%
	475,304	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		3,897,493
	3,778,012	JPMorgan Realty Income Fund, Class R6 Shares		50,663,140
		Total Alternative Assets		54,560,633
		Fixed Income — 52.0%
	48,656,220	JPMorgan Core Bond Fund, Class R6 Shares		561,979,336
	13,468,128	JPMorgan Corporate Bond Fund, Class R6 Shares		129,832,755
	5,537,608	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		42,584,206
	457,007	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		3,359,002
	5,400,048	JPMorgan Floating Rate Income Fund, Class R6 Shares		49,140,440
	24,234,577	JPMorgan High Yield Fund, Class R6 Shares		165,522,161
	10,221,551	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		103,237,667
		Total Fixed Income		1,055,655,567
		International Equity — 9.1%
	1,786,326	JPMorgan Emerging Economies Fund, Class R6 Shares		18,417,023
	1,468,641	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		27,522,330
	3,155,313	JPMorgan International Equity Fund, Class R6 Shares		45,436,510
	3,054,261	JPMorgan International Opportunities Fund, Class R6 Shares		43,706,481
	2,659,471	JPMorgan Intrepid International Fund, Class R6 Shares		50,636,337
		Total International Equity		185,718,681
		Money Market — 9.5%
	193,697,724	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		193,697,724

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — 24.7%
	11,239,633	JPMorgan Disciplined Equity Fund, Class R6 Shares		245,923,167
	4,222,382	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		65,784,715
	1,265,564	JPMorgan Intrepid America Fund, Class R6 Shares		44,446,618
	850,874	JPMorgan Mid Cap Equity Fund, Class R6 Shares		36,332,333
	166,934	JPMorgan Small Cap Equity Fund, Class R5 Shares		7,336,756
	405,229	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		5,381,435
	314,055	JPMorgan Small Cap Value Fund, Class R6 Shares		7,688,067
	1,973,576	JPMorgan U.S. Equity Fund, Class R6 Shares		27,294,553
	2,172,848	JPMorgan Value Advantage Fund, Institutional Class Shares		60,687,644
		Total U.S. Equity		500,875,288
		Total Investment Companies (Cost $1,914,243,634)		1,990,507,893
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.5%
	9,766,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $9,767,574)		9,766,488
		Total Investments — 101.0% (Cost $1,974,906,536)		2,050,280,235
		Liabilities in Excess of Other Assets — (1.0)%		(19,536,954	)
		NET ASSETS — 100.0%	$	2,030,743,281

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	83		TOPIX Index		03/10/16		JPY	$	10,686,177		$	(186,948	)
	215		10 Year Australian Government Bond		03/15/16		AUD		19,880,285			61,491
	696		Dow Jones Euro STOXX 50 Index		03/18/16		EUR		24,824,326			614,109
	7		E-mini Russell 2000		03/18/16		USD		792,050			9,646
	94		10 Year U.S. Treasury Note		03/21/16		USD		11,835,187			(34,713	)
			Short Futures Outstanding
	(70	)	Hang Seng Index		01/28/16		HKD		(9,894,775	)		23,739
	(78	)	S&P/Toronto 60 Index		03/17/16		CAD		(8,578,478	)		(136,513	)
	(113	)	SPI 200 Index		03/17/16		AUD		(10,821,941	)		(733,750	)
	(89	)	E-mini S&P 500		03/18/16		USD		(9,057,530	)		(153,176	)
	(278	)	10 Year Canadian Government Bond		03/21/16		CAD		(28,326,386	)		(547,161	)
											$	(1,083,276	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 25

JPMorgan SmartRetirement 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange Traded Fund — 2.2%
		Fixed Income — 2.2%
	527,756	iShares Barclays TIPS Bond ETF (Cost $58,913,885)		57,884,278
	Investment Companies — 98.1% (b)
		Alternative Assets — 3.0%
	495,539	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		4,063,416
	5,574,071	JPMorgan Realty Income Fund, Class R6 Shares		74,748,298
		Total Alternative Assets		78,811,714
		Fixed Income — 51.7%
	64,557,940	JPMorgan Core Bond Fund, Class R6 Shares		745,644,205
	17,441,416	JPMorgan Corporate Bond Fund, Class R6 Shares		168,135,247
	7,319,121	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		56,284,042
	353,938	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		2,601,442
	6,492,181	JPMorgan Floating Rate Income Fund, Class R6 Shares		59,078,851
	29,932,647	JPMorgan High Yield Fund, Class R6 Shares		204,439,982
	11,908,306	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		120,273,894
		Total Fixed Income		1,356,457,663
		International Equity — 10.4%
	2,708,160	JPMorgan Emerging Economies Fund, Class R6 Shares		27,921,128
	2,061,116	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		38,625,321
	4,916,878	JPMorgan International Equity Fund, Class R6 Shares		70,803,041
	4,252,568	JPMorgan International Opportunities Fund, Class R6 Shares		60,854,246
	3,883,744	JPMorgan Intrepid International Fund, Class R6 Shares		73,946,481
		Total International Equity		272,150,217

SHARES		SECURITY DESCRIPTION	VALUE($)
		Money Market — 6.8%
	179,089,987	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		179,089,987
		U.S. Equity — 26.2%
	14,125,142	JPMorgan Disciplined Equity Fund, Class R6 Shares		309,058,099
	5,888,595	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		91,744,308
	2,116,867	JPMorgan Intrepid America Fund, Class R6 Shares		74,344,372
	1,028,688	JPMorgan Mid Cap Equity Fund, Class R6 Shares		43,924,969
	238,454	JPMorgan Small Cap Equity Fund, Class R5 Shares		10,480,050
	946,522	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		12,569,809
	476,517	JPMorgan Small Cap Value Fund, Class R6 Shares		11,665,136
	3,638,381	JPMorgan U.S. Equity Fund, Class R6 Shares		50,318,812
	3,002,298	JPMorgan Value Advantage Fund, Institutional Class Shares		83,854,188
		Total U.S. Equity		687,959,743
		Total Investment Companies (Cost $2,481,790,141)		2,574,469,324
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.5%
	13,398,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $13,400,243)		13,398,670
		Total Investments — 100.8% (Cost $2,554,104,269)		2,645,752,272
		Liabilities in Excess of Other Assets — (0.8)%		(22,134,520	)
		NET ASSETS — 100.0%	$	2,623,617,752

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	108		TOPIX Index		03/10/16		JPY	$	13,904,905		$	(243,816	)
	279		10 Year Australian Government Bond		03/15/16		AUD		25,798,137			79,777
	904		Dow Jones Euro STOXX 50 Index		03/18/16		EUR		32,243,089			797,655
	43		E-mini Russell 2000		03/18/16		USD		4,865,450			59,254
	93		10 Year U.S. Treasury Note		03/21/16		USD		11,709,281			(34,344	)
			Short Futures Outstanding
	(92	)	Hang Seng Index		01/28/16		HKD		(13,004,561	)		31,294
	(102	)	S&P/Toronto 60 Index		03/17/16		CAD		(11,218,010	)		(178,517	)
	(146	)	SPI 200 Index		03/17/16		AUD		(13,982,331	)		(948,060	)
	(78	)	E-mini S&P 500		03/18/16		USD		(7,938,060	)		(134,122	)
	(361	)	10 Year Canadian Government Bond		03/21/16		CAD		(36,783,544	)		(710,523	)
											$	(1,281,402	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 27

JPMorgan SmartRetirement 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange Traded Fund — 0.8%
		Fixed Income — 0.8%
	434,022	iShares Barclays TIPS Bond ETF (Cost $48,450,272)		47,603,533
	Investment Companies — 100.8% (b)
		Alternative Assets — 4.3%
	516,425	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		4,234,687
	19,363,525	JPMorgan Realty Income Fund, Class R6 Shares		259,664,875
		Total Alternative Assets		263,899,562
		Fixed Income — 46.2%
	153,959,219	JPMorgan Core Bond Fund, Class R6 Shares		1,778,228,980
	41,882,627	JPMorgan Corporate Bond Fund, Class R6 Shares		403,748,524
	15,319,126	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		117,804,078
	621,101	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		4,565,094
	6,080,567	JPMorgan Floating Rate Income Fund, Class R6 Shares		55,333,159
	55,589,210	JPMorgan High Yield Fund, Class R6 Shares		379,674,305
	10,201,044	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		103,030,543
		Total Fixed Income		2,842,384,683
		International Equity — 15.1%
	9,465,148	JPMorgan Emerging Economies Fund, Class R6 Shares		97,585,674
	6,694,927	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		125,462,940
	16,669,443	JPMorgan International Equity Fund, Class R6 Shares		240,039,978
	16,374,543	JPMorgan International Opportunities Fund, Class R6 Shares		234,319,712
	12,198,654	JPMorgan Intrepid International Fund, Class R6 Shares		232,262,376
		Total International Equity		929,670,680

SHARES		SECURITY DESCRIPTION	VALUE($)
		Money Market — 1.5%
	93,569,632	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		93,569,632
		U.S. Equity — 33.7%
	32,616,945	JPMorgan Disciplined Equity Fund, Class R6 Shares		713,658,753
	19,365,265	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		301,710,826
	7,897,400	JPMorgan Intrepid America Fund, Class R6 Shares		277,356,686
	3,381,875	JPMorgan Mid Cap Equity Fund, Class R6 Shares		144,406,082
	775,170	JPMorgan Small Cap Equity Fund, Class R5 Shares		34,068,702
	2,860,322	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		37,985,074
	1,726,808	JPMorgan Small Cap Value Fund, Class R6 Shares		42,272,267
	18,322,521	JPMorgan U.S. Equity Fund, Class R6 Shares		253,400,464
	9,639,777	JPMorgan Value Advantage Fund, Institutional Class Shares		269,238,968
		Total U.S. Equity		2,074,097,822
		Total Investment Companies (Cost $6,004,738,721)		6,203,622,379
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.5%
	29,400,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $29,404,577)		29,401,470
		Total Investments — 102.1% (Cost $6,082,593,570)		6,280,627,382
		Liabilities in Excess of Other Assets — (2.1)%		(129,451,238	)
		NET ASSETS — 100.0%	$	6,151,176,144

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	249		TOPIX Index		03/10/16		JPY	$	32,058,530		$	(560,579	)
	630		10 Year Australian Government Bond		03/15/16		AUD		58,253,858			180,166
	2,102		Dow Jones Euro STOXX 50 Index		03/18/16		EUR		74,972,317			1,854,700
	76		E-mini Russell 2000		03/18/16		USD		8,599,400			104,728
	731		E-mini S&P 500		03/18/16		USD		74,393,870			789,716
	332		10 Year U.S. Treasury Note		03/21/16		USD		41,800,875			(122,604	)
			Short Futures Outstanding
	(210	)	Hang Seng Index		01/28/16		HKD		(29,684,325	)		71,371
	(230	)	S&P/Toronto 60 Index		03/17/16		CAD		(25,295,512	)		(402,538	)
	(340	)	SPI 200 Index		03/17/16		AUD		(32,561,593	)		(2,207,799	)
	(816	)	10 Year Canadian Government Bond		03/21/16		CAD		(83,145,075	)		(1,606,057	)
											$	(1,898,896	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 29

JPMorgan SmartRetirement 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 100.5% (b)
		Alternative Assets — 4.7%
	19,487,793	JPMorgan Realty Income Fund, Class R6 Shares		261,331,300
		Fixed Income — 36.4%
	115,008,497	JPMorgan Core Bond Fund, Class R6 Shares		1,328,348,140
	31,581,150	JPMorgan Corporate Bond Fund, Class R6 Shares		304,442,281
	10,677,239	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		82,107,970
	1,742,090	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		12,804,365
	43,689,175	JPMorgan High Yield Fund, Class R6 Shares		298,397,068
		Total Fixed Income		2,026,099,824
		International Equity — 18.1%
	10,692,901	JPMorgan Emerging Economies Fund, Class R6 Shares		110,243,813
	7,869,256	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		147,469,858
	17,135,308	JPMorgan International Equity Fund, Class R6 Shares		246,748,436
	17,533,309	JPMorgan International Opportunities Fund, Class R6 Shares		250,901,652
	13,188,696	JPMorgan Intrepid International Fund, Class R6 Shares		251,112,766
		Total International Equity		1,006,476,525
		Money Market — 1.4%
	75,215,825	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		75,215,825
		U.S. Equity — 39.9%
	34,253,062	JPMorgan Disciplined Equity Fund, Class R6 Shares		749,457,007
	20,623,465	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		321,313,587

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	8,329,632	JPMorgan Intrepid America Fund, Class R6 Shares		292,536,683
	3,999,796	JPMorgan Mid Cap Equity Fund, Class R6 Shares		170,791,296
	888,947	JPMorgan Small Cap Equity Fund, Class R5 Shares		39,069,235
	2,923,027	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		38,817,797
	1,618,559	JPMorgan Small Cap Value Fund, Class R6 Shares		39,622,332
	20,526,687	JPMorgan U.S. Equity Fund, Class R6 Shares		283,884,074
	10,307,845	JPMorgan Value Advantage Fund, Institutional Class Shares		287,898,124
		Total U.S. Equity		2,223,390,135
		Total Investment Companies (Cost $5,527,861,381)		5,592,513,609
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.7%
	35,710,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $35,715,574)		35,711,786
		Total Investments — 101.2% (Cost $5,563,576,955)		5,628,225,395
		Liabilities in Excess of Other Assets — (1.2)%		(64,089,796	)
		NET ASSETS — 100.0%	$	5,564,135,599

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	219		TOPIX Index		03/10/16		JPY	$	28,196,056		$	(493,961	)
	542		10 Year Australian Government Bond		03/15/16		AUD		50,116,811			154,986
	1,876		Dow Jones Euro STOXX 50 Index		03/18/16		EUR		66,911,544			1,655,217
	32		E-mini Russell 2000		03/18/16		USD		3,620,800			44,096
	652		E-mini S&P 500		03/18/16		USD		66,354,040			1,119,115
	180		10 Year U.S. Treasury Note		03/21/16		USD		22,663,125			(66,472	)
			Short Futures Outstanding
	(186	)	Hang Seng Index		01/28/16		HKD		(26,291,830	)		63,208
	(198	)	S&P/Toronto 60 Index		03/17/16		CAD		(21,776,136	)		(346,533	)
	(303	)	SPI 200 Index		03/17/16		AUD		(29,018,125	)		(1,967,540	)
	(702	)	10 Year Canadian Government Bond		03/21/16		CAD		(71,529,219	)		(1,381,681	)
											$	(1,219,565	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 31

JPMorgan SmartRetirement 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 101.7% (b)
		Alternative Assets — 5.3%
	24,547,487	JPMorgan Realty Income Fund, Class R6 Shares		329,181,799
		Fixed Income — 27.4%
	85,148,343	JPMorgan Core Bond Fund, Class R6 Shares		983,463,359
	25,669,415	JPMorgan Corporate Bond Fund, Class R6 Shares		247,453,161
	5,946,430	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		45,728,050
	1,943,255	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		14,282,928
	60,661,638	JPMorgan High Yield Fund, Class R6 Shares		414,318,990
		Total Fixed Income		1,705,246,488
		International Equity — 20.0%
	10,728,688	JPMorgan Emerging Economies Fund, Class R6 Shares		110,612,769
	8,930,894	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		167,364,945
	22,725,976	JPMorgan International Equity Fund, Class R6 Shares		327,254,052
	22,271,385	JPMorgan International Opportunities Fund, Class R6 Shares		318,703,521
	16,999,003	JPMorgan Intrepid International Fund, Class R6 Shares		323,661,020
		Total International Equity		1,247,596,307
		Money Market — 1.4%
	89,960,310	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		89,960,310
		U.S. Equity — 47.6%
	46,859,611	JPMorgan Disciplined Equity Fund, Class R6 Shares		1,025,288,296
	26,628,232	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		414,867,854

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	10,836,150	JPMorgan Intrepid America Fund, Class R6 Shares		380,565,585
	5,315,387	JPMorgan Mid Cap Equity Fund, Class R6 Shares		226,967,025
	1,104,379	JPMorgan Small Cap Equity Fund, Class R5 Shares		48,537,471
	3,446,783	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		45,773,272
	2,158,935	JPMorgan Small Cap Value Fund, Class R6 Shares		52,850,724
	27,480,168	JPMorgan U.S. Equity Fund, Class R6 Shares		380,050,726
	13,854,948	JPMorgan Value Advantage Fund, Institutional Class Shares		386,968,688
		Total U.S. Equity		2,961,869,641
		Total Investment Companies (Cost $6,096,929,975)		6,333,854,545
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.9%
	53,445,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $53,453,568)		53,447,672
		Total Investments — 102.6% (Cost $6,150,383,543)		6,387,302,217
		Liabilities in Excess of Other Assets — (2.6)%		(161,694,170	)
		NET ASSETS — 100.0%	$	6,225,608,047

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	494		TOPIX Index		03/10/16		JPY	$	63,602,063		$	(1,114,919	)
	1,392		10 Year Australian Government Bond		03/15/16		AUD		128,713,286			398,067
	4,257		Dow Jones Euro STOXX 50 Index		03/18/16		EUR		151,834,991			3,756,144
	18		E-mini Russell 2000		03/18/16		USD		2,036,700			24,804
	703		E-mini S&P 500		03/18/16		USD		71,544,310			1,206,652
	379		10 Year U.S. Treasury Note		03/21/16		USD		47,718,469			(139,960	)
			Short Futures Outstanding
	(421	)	Hang Seng Index		01/28/16		HKD		(59,510,003	)		143,177
	(455	)	S&P/Toronto 60 Index		03/17/16		CAD		(50,041,122	)		(796,324	)
	(688	)	SPI 200 Index		03/17/16		AUD		(65,889,340	)		(4,467,529	)
	(1,800	)	10 Year Canadian Government Bond		03/21/16		CAD		(183,408,253	)		(3,542,772	)
											$	(4,532,660	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 33

JPMorgan SmartRetirement 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 100.5% (b)
		Alternative Assets — 5.7%
	18,226,865	JPMorgan Realty Income Fund, Class R6 Shares		244,422,255
		Fixed Income — 19.9%
	38,090,876	JPMorgan Core Bond Fund, Class R6 Shares		439,949,623
	11,983,318	JPMorgan Corporate Bond Fund, Class R6 Shares		115,519,182
	2,926,465	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		22,504,516
	1,063,789	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		7,818,852
	39,766,566	JPMorgan High Yield Fund, Class R6 Shares		271,605,643
		Total Fixed Income		857,397,816
		International Equity — 22.2%
	8,678,014	JPMorgan Emerging Economies Fund, Class R6 Shares		89,470,327
	6,812,990	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		127,675,431
	16,772,702	JPMorgan International Equity Fund, Class R6 Shares		241,526,906
	17,164,498	JPMorgan International Opportunities Fund, Class R6 Shares		245,623,964
	13,205,858	JPMorgan Intrepid International Fund, Class R6 Shares		251,439,536
		Total International Equity		955,736,164
		Money Market — 1.6%
	71,049,154	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		71,049,154
		U.S. Equity — 51.1%
	34,256,294	JPMorgan Disciplined Equity Fund, Class R6 Shares		749,527,714
	19,893,426	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		309,939,571

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	8,449,401	JPMorgan Intrepid America Fund, Class R6 Shares		296,742,968
	3,683,846	JPMorgan Mid Cap Equity Fund, Class R6 Shares		157,300,217
	939,276	JPMorgan Small Cap Equity Fund, Class R5 Shares		41,281,161
	2,397,105	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		31,833,550
	1,631,586	JPMorgan Small Cap Value Fund, Class R6 Shares		39,941,213
	20,357,792	JPMorgan U.S. Equity Fund, Class R6 Shares		281,548,263
	10,486,583	JPMorgan Value Advantage Fund, Institutional Class Shares		292,890,268
		Total U.S. Equity		2,201,004,925
		Total Investment Companies (Cost $4,285,477,806)		4,329,610,314
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.8%
	36,006,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $36,011,792)		36,007,800
		Total Investments — 101.3% (Cost $4,321,489,598)		4,365,618,114
		Liabilities in Excess of Other Assets — (1.3)%		(57,658,446	)
		NET ASSETS — 100.0%	$	4,307,959,668

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	335		TOPIX Index		03/10/16		JPY	$	43,130,954		$	(756,656	)
	978		10 Year Australian Government Bond		03/15/16		AUD		90,432,180			279,670
	2,896		Dow Jones Euro STOXX 50 Index		03/18/16		EUR		103,292,021			2,555,377
	109		E-mini Russell 2000		03/18/16		USD		12,333,350			150,202
	441		E-mini S&P 500		03/18/16		USD		44,880,570			762,646
	344		10 Year U.S. Treasury Note		03/21/16		USD		43,311,750			(127,035	)
			Short Futures Outstanding
	(285	)	Hang Seng Index		01/28/16		HKD		(40,285,869	)		96,811
	(305	)	S&P/Toronto 60 Index		03/17/16		CAD		(33,544,049	)		(533,799	)
	(468	)	SPI 200 Index		03/17/16		AUD		(44,820,075	)		(3,038,825	)
	(1,244	)	10 Year Canadian Government Bond		03/21/16		CAD		(126,755,482	)		(2,448,449	)
											$	(3,060,058	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 35

JPMorgan SmartRetirement 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 102.4% (b)
		Alternative Assets — 6.2%
	20,652,080	JPMorgan Realty Income Fund, Class R6 Shares		276,944,389
		Fixed Income — 14.4%
	23,218,090	JPMorgan Core Bond Fund, Class R6 Shares		268,168,940
	8,151,623	JPMorgan Corporate Bond Fund, Class R6 Shares		78,581,644
	1,887,076	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		14,511,614
	1,141,325	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		8,388,737
	39,515,461	JPMorgan High Yield Fund, Class R6 Shares		269,890,599
		Total Fixed Income		639,541,534
		International Equity — 24.7%
	11,111,144	JPMorgan Emerging Economies Fund, Class R6 Shares		114,555,891
	7,833,564	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		146,800,989
	19,258,681	JPMorgan International Equity Fund, Class R6 Shares		277,325,001
	19,575,243	JPMorgan International Opportunities Fund, Class R6 Shares		280,121,730
	14,579,075	JPMorgan Intrepid International Fund, Class R6 Shares		277,585,582
		Total International Equity		1,096,389,193
		Money Market — 1.5%
	64,778,961	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		64,778,961
		U.S. Equity — 55.6%
	37,302,565	JPMorgan Disciplined Equity Fund, Class R6 Shares		816,180,130
	22,506,081	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		350,644,736

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	9,654,070	JPMorgan Intrepid America Fund, Class R6 Shares		339,050,936
	4,033,516	JPMorgan Mid Cap Equity Fund, Class R6 Shares		172,231,131
	1,049,941	JPMorgan Small Cap Equity Fund, Class R5 Shares		46,144,901
	3,471,526	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		46,101,864
	1,939,111	JPMorgan Small Cap Value Fund, Class R6 Shares		47,469,436
	23,623,822	JPMorgan U.S. Equity Fund, Class R6 Shares		326,717,462
	11,601,457	JPMorgan Value Advantage Fund, Institutional Class Shares		324,028,689
		Total U.S. Equity		2,468,569,285
		Total Investment Companies (Cost $4,371,556,120)		4,546,223,362
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.9%
	38,037,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $38,042,988)		38,038,902
		Total Investments — 101.3% (Cost $4,409,599,108)		4,584,262,264
		Liabilities in Excess of Other Assets — (1.3)%		(145,390,952	)
		NET ASSETS — 100.0%	$	4,438,871,312

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	354		TOPIX Index		03/10/16		JPY	$	45,577,187		$	(798,634	)
	1,002		10 Year Australian Government Bond		03/15/16		AUD		92,651,374			286,547
	3,072		Dow Jones Euro STOXX 50 Index		03/18/16		EUR		109,569,437			2,710,572
	11		E-mini Russell 2000		03/18/16		USD		1,244,650			15,158
	562		E-mini S&P 500		03/18/16		USD		57,194,740			964,635
	364		10 Year U.S. Treasury Note		03/21/16		USD		45,829,875			(134,421	)
			Short Futures Outstanding
	(302	)	Hang Seng Index		01/28/16		HKD		(42,688,886	)		101,948
	(326	)	S&P/Toronto 60 Index		03/17/16		CAD		(35,853,639	)		(570,552	)
	(497	)	SPI Index 200		03/17/16		AUD		(47,597,387	)		(3,227,296	)
	(1,296	)	10 Year Canadian Government Bond		03/21/16		CAD		(132,053,942	)		(2,550,796	)
											$	(3,202,839	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 37

JPMorgan SmartRetirement 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 100.7% (b)
		Alternative Assets — 6.2%
	12,039,021	JPMorgan Realty Income Fund, Class R6 Shares		161,443,277
		Fixed Income — 14.3%
	13,415,440	JPMorgan Core Bond Fund, Class R6 Shares		154,948,329
	4,499,634	JPMorgan Corporate Bond Fund, Class R6 Shares		43,376,474
	1,146,552	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		8,816,986
	553,093	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		4,065,233
	23,275,281	JPMorgan High Yield Fund, Class R6 Shares		158,970,172
		Total Fixed Income		370,177,194
		International Equity — 24.3%
	6,240,748	JPMorgan Emerging Economies Fund, Class R6 Shares		64,342,116
	4,531,369	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		84,917,858
	11,383,663	JPMorgan International Equity Fund, Class R6 Shares		163,924,753
	11,134,366	JPMorgan International Opportunities Fund, Class R6 Shares		159,332,773
	8,318,859	JPMorgan Intrepid International Fund, Class R6 Shares		158,391,070
		Total International Equity		630,908,570
		Money Market — 1.7%
	44,907,334	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		44,907,334
		U.S. Equity — 54.2%
	21,410,827	JPMorgan Disciplined Equity Fund, Class R6 Shares		468,468,901
	12,907,838	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		201,104,122

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	5,469,692	JPMorgan Intrepid America Fund, Class R6 Shares		192,095,576
	2,327,838	JPMorgan Mid Cap Equity Fund, Class R6 Shares		99,398,693
	626,373	JPMorgan Small Cap Equity Fund, Class R5 Shares		27,529,080
	1,775,254	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		23,575,377
	1,098,454	JPMorgan Small Cap Value Fund, Class R6 Shares		26,890,143
	13,206,035	JPMorgan U.S. Equity Fund, Class R6 Shares		182,639,471
	6,644,083	JPMorgan Value Advantage Fund, Institutional Class Shares		185,569,233
		Total U.S. Equity		1,407,270,596
		Total Investment Companies (Cost $2,619,054,286)		2,614,706,971
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.8%
	21,546,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $21,549,460)		21,547,077
		Total Investments — 101.5% (Cost $2,640,603,746)		2,636,254,048
		Liabilities in Excess of Other Assets — (1.5)%		(37,922,844	)
		NET ASSETS — 100.0%	$	2,598,331,204

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	200		TOPIX Index		03/10/16		JPY	$	25,749,823		$	(451,274	)
	581		10 Year Australian Government Bond		03/15/16		AUD		53,723,002			166,152
	1,742		Dow Jones Euro STOXX 50 Index		03/18/16		EUR		62,132,148			1,537,028
	9		E-mini Russell 2000		03/18/16		USD		1,018,350			12,402
	338		E-mini S&P 500		03/18/16		USD		34,398,260			580,153
	221		10 Year U.S. Treasury Note		03/21/16		USD		27,825,281			(81,613	)
			Short Futures Outstanding
	(170	)	Hang Seng Index		01/28/16		HKD		(24,030,167	)		58,093
	(180	)	S&P/Toronto 60 Index		03/17/16		CAD		(19,796,488	)		(315,028	)
	(282	)	SPI 200 Index		03/17/16		AUD		(27,006,968	)		(1,831,108	)
	(739	)	10 Year Canadian Government Bond		03/21/16		CAD		(75,299,277	)		(1,454,505	)
											$	(1,779,700	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 39

JPMorgan SmartRetirement 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 102.0% (b)
		Alternative Assets — 6.3%
	9,804,656	JPMorgan Realty Income Fund, Class R6 Shares		131,480,436
		Fixed Income — 14.4%
	10,755,640	JPMorgan Core Bond Fund, Class R6 Shares		124,227,639
	3,881,679	JPMorgan Corporate Bond Fund, Class R6 Shares		37,419,387
	944,941	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		7,266,594
	438,701	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		3,224,456
	18,922,148	JPMorgan High Yield Fund, Class R6 Shares		129,238,268
		Total Fixed Income		301,376,344
		International Equity — 24.5%
	4,960,730	JPMorgan Emerging Economies Fund, Class R6 Shares		51,145,122
	3,720,526	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		69,722,654
	9,138,151	JPMorgan International Equity Fund, Class R6 Shares		131,589,372
	8,969,376	JPMorgan International Opportunities Fund, Class R6 Shares		128,351,775
	6,905,032	JPMorgan Intrepid International Fund, Class R6 Shares		131,471,810
		Total International Equity		512,280,733
		Money Market — 1.6%
	32,753,695	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		32,753,695
		U.S. Equity — 55.2%
	17,416,801	JPMorgan Disciplined Equity Fund, Class R6 Shares		381,079,597
	10,582,327	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		164,872,660

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	4,491,621	JPMorgan Intrepid America Fund, Class R6 Shares		157,745,746
	1,879,344	JPMorgan Mid Cap Equity Fund, Class R6 Shares		80,247,985
	499,633	JPMorgan Small Cap Equity Fund, Class R5 Shares		21,958,850
	1,611,774	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		21,404,357
	804,388	JPMorgan Small Cap Value Fund, Class R6 Shares		19,691,429
	11,156,477	JPMorgan U.S. Equity Fund, Class R6 Shares		154,294,073
	5,439,419	JPMorgan Value Advantage Fund, Institutional Class Shares		151,922,971
		Total U.S. Equity		1,153,217,668
		Total Investment Companies (Cost $2,127,334,878)		2,131,108,876
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.8%
	16,594,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $16,596,652)		16,594,830
		Total Investments — 102.8% (Cost $2,143,931,530)		2,147,703,706
		Liabilities in Excess of Other Assets — (2.8)%		(59,255,364	)
		NET ASSETS — 100.0%	$	2,088,448,342

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	164		TOPIX Index		03/10/16		JPY	$	21,114,855		$	(369,981	)
	484		10 Year Australian Government Bond		03/15/16		AUD		44,753,758			138,402
	1,424		Dow Jones Euro STOXX 50 Index		03/18/16		EUR		50,789,999			1,256,428
	35		E-mini Russell 2000		03/18/16		USD		3,960,250			48,230
	202		E-mini S&P 500		03/18/16		USD		20,557,540			346,719
	123		10 Year U.S. Treasury Note		03/21/16		USD		15,486,469			(45,422	)
			Short Futures Outstanding
	(139	)	Hang Seng Index		01/28/16		HKD		(19,648,196	)		47,048
	(142	)	S&P/Toronto 60 Index		03/17/16		CAD		(15,617,229	)		(248,521	)
	(230	)	SPI 200 Index		03/17/16		AUD		(22,026,960	)		(1,493,483	)
	(604	)	10 Year Canadian Government Bond		03/21/16		CAD		(61,543,658	)		(1,188,797	)
											$	(1,509,377	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 41

JPMorgan SmartRetirement 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 99.2% (b)
		Alternative Assets — 6.1%
	2,060,671	JPMorgan Realty Income Fund, Class R6 Shares		27,633,603
		Fixed Income — 13.8%
	2,227,640	JPMorgan Core Bond Fund, Class R6 Shares		25,729,247
	774,800	JPMorgan Corporate Bond Fund, Class R6 Shares		7,469,075
	200,635	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,542,886
	87,982	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		646,668
	3,979,731	JPMorgan High Yield Fund, Class R6 Shares		27,181,560
		Total Fixed Income		62,569,436
		International Equity — 24.0%
	1,073,208	JPMorgan Emerging Economies Fund, Class R6 Shares		11,064,778
	798,755	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		14,968,678
	1,917,668	JPMorgan International Equity Fund, Class R6 Shares		27,614,420
	1,926,105	JPMorgan International Opportunities Fund, Class R6 Shares		27,562,557
	1,428,361	JPMorgan Intrepid International Fund, Class R6 Shares		27,195,985
		Total International Equity		108,406,418
		Money Market — 1.6%
	7,466,886	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		7,466,886
		U.S. Equity — 53.7%
	3,675,602	JPMorgan Disciplined Equity Fund, Class R6 Shares		80,422,162
	2,201,819	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		34,304,346

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	936,565	JPMorgan Intrepid America Fund, Class R6 Shares		32,892,169
	411,372	JPMorgan Mid Cap Equity Fund, Class R6 Shares		17,565,581
	108,561	JPMorgan Small Cap Equity Fund, Class R5 Shares		4,771,255
	332,293	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		4,412,849
	181,335	JPMorgan Small Cap Value Fund, Class R6 Shares		4,439,078
	2,350,750	JPMorgan U.S. Equity Fund, Class R6 Shares		32,510,878
	1,141,822	JPMorgan Value Advantage Fund, Institutional Class Shares		31,891,098
		Total U.S. Equity		243,209,416
		Total Investment Companies (Cost $469,085,185)		449,285,759
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.8%
	3,590,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $3,590,562)		3,590,180
		Total Investments — 100.0% (Cost $472,675,747)		452,875,939
		Other Assets in Excess of Liabilities — 0.0% (g)		72,340
		NET ASSETS — 100.0%	$	452,948,279

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	32		TOPIX Index		03/10/16		JPY	$	4,119,972		$	(72,559	)
	95		10 Year Australian Government Bond		03/15/16		AUD		8,784,312			27,159
	286		Dow Jones Euro STOXX 50 Index		03/18/16		EUR		10,200,800			252,293
	2		E-mini Russell 2000		03/18/16		USD		226,300			2,756
	43		E-mini S&P 500		03/18/16		USD		4,376,110			73,806
	35		10 Year U.S. Treasury Note		03/21/16		USD		4,406,719			(12,925	)
			Short Futures Outstanding
	(27	)	Hang Seng Index		01/28/16		HKD		(3,816,556	)		9,186
	(32	)	S&P/Toronto 60 Index		03/17/16		CAD		(3,519,376	)		(56,005	)
	(46	)	SPI 200 Index		03/17/16		AUD		(4,405,392	)		(299,082	)
	(123	)	10 Year Canadian Government Bond		03/21/16		CAD		(12,532,897	)		(242,089	)
											$	(317,460	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 43

JPMorgan SmartRetirement Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

AUD	—  Australian Dollar
CAD	—  Canadian Dollar
ETF	—  Exchange Traded Fund
EUR	—  Euro
HKD	—  Hong Kong Dollar
JPY	—  Japanese Yen
SPDR	—  Standard & Poor’s Depositary Receipts
TIPS	—  Treasury Inflation Protected Security
TOPIX	—  Tokyo Stock Price Index
USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(g)	—  Amount rounds to less than 0.01%.
(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 December 31, 2015.
Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in certified portfolio holdings filed quarterly on Form N-Q, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 45

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited)

	JPMorgan SmartRetirement Income Fund		JPMorgan SmartRetirement 2015 Fund		JPMorgan SmartRetirement 2020 Fund
ASSETS:
Investments in non-affiliates, at value	$	59,772,342	$	71,282,948	$	77,005,003
Investments in affiliates, at value		1,990,507,893		2,574,469,324		6,203,622,379
Total investment securities, at value		2,050,280,235		2,645,752,272		6,280,627,382
Receivables:
Investment securities sold		—		21,419,522		—
Fund shares sold		2,742,809		5,564,244		16,542,048
Interest and dividends from non-affiliates		15,326		21,025		46,137
Dividends from affiliates		23,473		22,237		8,635
Variation margin on futures contracts		527,725		679,505		145,192
Due from Adviser		42,346		6,314		13,908
Total Assets		2,053,631,914		2,673,465,119		6,297,383,302
LIABILITIES:
Payables:
Distributions		776,151		1,217,146		2,950,031
Investment securities purchased		—		—		1,861
Fund shares redeemed		21,530,115		48,016,670		141,903,286
Accrued liabilities:
Distribution fees		183,614		216,997		487,671
Shareholder servicing fees		34,520		94,523		239,544
Trustees’ and Chief Compliance Officer’s fees		—		—		56
Other		364,233		302,031		624,709
Total Liabilities		22,888,633		49,847,367		146,207,158
Net Assets	$	2,030,743,281	$	2,623,617,752	$	6,151,176,144

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement Income Fund			JPMorgan SmartRetirement 2015 Fund			JPMorgan SmartRetirement 2020 Fund
NET ASSETS:
Paid-in-Capital	$	1,965,816,654		$	2,543,853,350		$	5,943,285,021
Accumulated undistributed (distributions in excess of) net investment income		(6,837,538	)		(9,342,465	)		(24,231,120	)
Accumulated net realized gains (losses)		(2,545,952	)		(1,274,698	)		35,964,526
Net unrealized appreciation (depreciation)		74,310,117			90,381,565			196,157,717
Total Net Assets	$	2,030,743,281		$	2,623,617,752		$	6,151,176,144
Net Assets:
Class A	$	590,365,045		$	677,277,033		$	1,474,092,544
Class C		25,764,948			27,373,254			58,953,093
Class R2		100,237,588			131,052,321			335,076,927
Class R6		235,372,144			98,073,403			212,488,428
Institutional Class		779,343,630			1,327,438,492			3,149,481,004
Select Class		299,659,926			362,403,249			921,084,148
Total	$	2,030,743,281		$	2,623,617,752		$	6,151,176,144
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		34,940,046			39,980,146			83,921,961
Class C		1,531,198			1,627,226			3,370,594
Class R2		5,945,146			7,758,642			19,128,301
Class R6		13,887,563			5,773,879			12,044,997
Institutional Class		45,978,514			78,153,948			178,579,528
Select Class		17,707,509			21,358,989			52,281,023
Net Asset Value (a):
Class A — Redemption price per share	$	16.90		$	16.94		$	17.57
Class C — Offering price per share (b)		16.83			16.82			17.49
Class R2 — Offering and redemption price per share		16.86			16.89			17.52
Class R6 — Offering and redemption price per share		16.95			16.99			17.64
Institutional Class — Offering and redemption price per share		16.95			16.98			17.64
Select Class — Offering and redemption price per share		16.92			16.97			17.62
Class A maximum sales charge		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.70		$	17.74		$	18.40
Cost of investments in non-affiliates	$	60,662,902		$	72,314,128		$	77,854,849
Cost of investments in affiliates		1,914,243,634			2,481,790,141			6,004,738,721

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 47

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

	JPMorgan SmartRetirement 2025 Fund		JPMorgan SmartRetirement 2030 Fund		JPMorgan SmartRetirement 2035 Fund
ASSETS:
Investments in non-affiliates, at value	$	35,711,786	$	53,447,672	$	36,007,800
Investments in affiliates, at value		5,592,513,609		6,333,854,545		4,329,610,314
Total investment securities, at value		5,628,225,395		6,387,302,217		4,365,618,114
Receivables:
Fund shares sold		20,771,858		20,979,088		18,514,722
Interest from non-affiliates		56,039		83,871		56,504
Dividends from affiliates		9,570		9,790		8,139
Variation margin on futures contracts		188,843		732,306		403,648
Due from Adviser		11,283		15,238		25,991
Total Assets		5,649,262,988		6,409,122,510		4,384,627,118
LIABILITIES:
Payables:
Distributions		2,690,859		4,292,658		2,461,581
Investment securities purchased		—		12,832,591		10,963,895
Fund shares redeemed		81,231,257		164,927,720		62,223,293
Accrued liabilities:
Distribution fees		460,271		527,833		356,837
Shareholder servicing fees		217,610		199,712		105,868
Trustees’ and Chief Compliance Officer’s fees		694		541		624
Other		526,698		733,408		555,352
Total Liabilities		85,127,389		183,514,463		76,667,450
Net Assets	$	5,564,135,599	$	6,225,608,047	$	4,307,959,668

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement 2025 Fund			JPMorgan SmartRetirement 2030 Fund			JPMorgan SmartRetirement 2035 Fund
NET ASSETS:
Paid-in-Capital	$	5,457,463,404		$	5,962,582,095		$	4,223,398,963
Accumulated undistributed (distributions in excess of) net investment income		(25,307,099	)		(31,732,809	)		(23,368,284	)
Accumulated net realized gains (losses)		68,523,275			62,287,866			66,803,391
Net unrealized appreciation (depreciation)		63,456,019			232,470,895			41,125,598
Total Net Assets	$	5,564,135,599		$	6,225,608,047		$	4,307,959,668
Net Assets:
Class A	$	1,424,382,720		$	1,575,298,930		$	1,093,073,364
Class C		53,614,975			51,461,821			32,666,705
Class R2		293,296,906			396,122,073			251,463,152
Class R6		190,623,908			198,352,145			162,182,627
Institutional Class		2,828,846,320			3,086,219,529			2,175,217,333
Select Class		773,370,770			918,153,549			593,356,487
Total	$	5,564,135,599		$	6,225,608,047		$	4,307,959,668
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		83,797,763			86,523,912			62,802,076
Class C		3,165,467			2,851,060			1,891,608
Class R2		17,309,745			21,827,517			14,486,488
Class R6		11,180,086			10,848,225			9,270,484
Institutional Class		165,929,209			168,757,602			124,342,650
Select Class		45,406,198			50,314,613			33,939,295
Net Asset Value (a):
Class A — Redemption price per share	$	17.00		$	18.21		$	17.41
Class C — Offering price per share (b)		16.94			18.05			17.27
Class R2 — Offering and redemption price per share		16.94			18.15			17.36
Class R6 — Offering and redemption price per share		17.05			18.28			17.49
Institutional Class — Offering and redemption price per share		17.05			18.29			17.49
Select Class — Offering and redemption price per share		17.03			18.25			17.48
Class A maximum sales charge		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.80		$	19.07		$	18.23
Cost of investments in non-affiliates	$	35,715,574		$	53,453,568		$	36,011,792
Cost of investments in affiliates		5,527,861,381			6,096,929,975			4,285,477,806

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 49

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

	JPMorgan SmartRetirement 2040 Fund		JPMorgan SmartRetirement 2045 Fund		JPMorgan SmartRetirement 2050 Fund		JPMorgan SmartRetirement 2055 Fund
ASSETS:
Investments in non-affiliates, at value	$	38,038,902	$	21,547,077	$	16,594,830	$	3,590,180
Investments in affiliates, at value		4,546,223,362		2,614,706,971		2,131,108,876		449,285,759
Total investment securities, at value		4,584,262,264		2,636,254,048		2,147,703,706		452,875,939
Receivables:
Fund shares sold		19,041,101		15,554,453		14,148,284		5,098,118
Interest from non-affiliates		59,691		33,812		26,041		5,634
Dividends from affiliates		7,869		5,277		3,832		697
Variation margin on futures contracts		426,435		84,972		84,698		719,170
Due from Adviser		57,584		71,877		113,721		36,219
Total Assets		4,603,854,944		2,652,004,439		2,162,080,282		458,735,777
LIABILITIES:
Payables:
Due to custodian		—		1,269		381		143
Distributions		3,927,059		1,706,853		1,944,994		204,157
Investment securities purchased		2,645		7,150,608		4,318,252		3,715,956
Fund shares redeemed		159,846,646		44,037,440		66,588,115		1,737,842
Accrued liabilities:
Distribution fees		358,877		206,390		167,598		37,649
Shareholder servicing fees		80,821		21,317		—		—
Trustees’ and Chief Compliance Officer’s fees		594		544		—		571
Other		766,990		548,814		612,600		91,180
Total Liabilities		164,983,632		53,673,235		73,631,940		5,787,498
Net Assets	$	4,438,871,312	$	2,598,331,204	$	2,088,448,342	$	452,948,279

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement 2040 Fund			JPMorgan SmartRetirement 2045 Fund			JPMorgan SmartRetirement 2050 Fund			JPMorgan SmartRetirement 2055 Fund
NET ASSETS:
Paid-in-Capital	$	4,228,057,497		$	2,574,730,827		$	2,060,831,366		$	467,248,058
Accumulated undistributed (distributions in excess of) net investment income		(25,915,387	)		(14,875,250	)		(12,377,510	)		(2,608,585	)
Accumulated net realized gains (losses)		65,209,696			44,582,377			37,723,766			8,428,179
Net unrealized appreciation (depreciation)		171,519,506			(6,106,750	)		2,270,720			(20,119,373	)
Total Net Assets	$	4,438,871,312		$	2,598,331,204		$	2,088,448,342		$	452,948,279
Net Assets:
Class A	$	1,101,375,214		$	630,092,617		$	496,729,743		$	106,738,854
Class C		33,042,633			18,655,581			17,266,966			2,815,383
Class R2		259,299,870			148,214,024			124,972,053			34,275,280
Class R6		153,373,373			106,662,474			85,715,148			14,123,655
Institutional Class		2,241,650,240			1,342,276,713			1,036,006,405			237,814,186
Select Class		650,129,982			352,429,795			327,758,027			57,180,921
Total	$	4,438,871,312		$	2,598,331,204		$	2,088,448,342		$	452,948,279
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		59,169,315			35,723,808			28,186,497			5,457,929
Class C		1,797,008			1,064,961			987,645			144,504
Class R2		13,994,156			8,430,647			7,115,696			1,755,187
Class R6		8,199,982			6,024,616			4,840,303			720,677
Institutional Class		119,849,109			75,806,869			58,521,616			12,137,034
Select Class		34,835,932			19,920,408			18,539,772			2,919,563
Net Asset Value (a):
Class A — Redemption price per share	$	18.61		$	17.64		$	17.62		$	19.56
Class C — Offering price per share (b)		18.39			17.52			17.48			19.48
Class R2 — Offering and redemption price per share		18.53			17.58			17.56			19.53
Class R6 — Offering and redemption price per share		18.70			17.70			17.71			19.60
Institutional Class — Offering and redemption price per share		18.70			17.71			17.70			19.59
Select Class — Offering and redemption price per share		18.66			17.69			17.68			19.59
Class A maximum sales charge		4.50	%		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	19.49		$	18.47		$	18.45		$	20.48
Cost of investments in non-affiliates	$	38,042,988		$	21,549,460		$	16,596,652		$	3,590,562
Cost of investments in affiliates		4,371,556,120			2,619,054,286			2,127,334,878			469,085,185

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 51

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

	JPMorgan SmartRetirement Income Fund			JPMorgan SmartRetirement 2015 Fund			JPMorgan SmartRetirement 2020 Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	23,886,712		$	31,715,108		$	74,605,904
Dividend income from non-affiliates		168,400			194,932			160,310
Interest income from non-affiliates		9,845			11,424			27,520
Total investment income		24,064,957			31,921,464			74,793,734
EXPENSES:
Distribution fees:
Class A		748,955			858,351			1,815,276
Class C		95,413			100,020			217,619
Class R2		244,645			322,645			775,759
Shareholder servicing fees:
Class A		748,955			858,351			1,815,276
Class C		31,804			33,340			72,540
Class R2		122,323			161,323			387,879
Institutional Class		410,024			709,500			1,643,547
Select Class		379,820			473,503			1,192,063
Interest expense to non-affiliates		3,672			4,559			10,802
Trustees’ and Chief Compliance Officer’s fees		7,921			10,365			23,836
Transfer agent fees (See Note 2.G)		73,414			61,014			95,014
Sub-transfer agent fees (See Note 2.G)		546,407			596,489			1,321,664
Other		647			5,343			12,286
Total expenses		3,414,000			4,194,803			9,383,561
Less fees waived		(1,507,330	)		(1,824,499	)		(4,052,506	)
Less expense reimbursements		(239,200	)		(112,666	)		(210,104	)
Net expenses		1,667,470			2,257,638			5,120,951
Net investment income (loss)		22,397,487			29,663,826			69,672,783
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(7,955,559	)		(5,064,507	)		(1,643,846	)
Investments in affiliates		(6,172,592	)		(11,138,710	)		(17,713,872	)
Futures		(4,791,534	)		(6,859,847	)		(14,456,483	)
Foreign currency transactions		(89,886	)		(58,026	)		(220,016	)
Net realized gain (loss)		(19,009,571	)		(23,121,090	)		(34,034,217	)
Distributions of capital gains received from investment company affiliates		23,924,533			34,381,374			102,184,677
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		3,042,342			1,439,465			17,126
Investments in affiliates		(79,117,870	)		(108,098,508	)		(302,856,984	)
Futures		423,783			578,751			3,232,188
Foreign currency translations		21,161			19,133			47,534
Change in net unrealized appreciation/depreciation		(75,630,584	)		(106,061,159	)		(299,560,136	)
Net realized/unrealized gains (losses)		(70,715,622	)		(94,800,875	)		(231,409,676	)
Change in net assets resulting from operations	$	(48,318,135	)	$	(65,137,049	)	$	(161,736,893	)

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement 2025 Fund			JPMorgan SmartRetirement 2030 Fund			JPMorgan SmartRetirement 2035 Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	63,618,023		$	69,406,460		$	45,544,087
Interest income from non-affiliates		34,225			47,671			31,557
Total investment income		63,652,248			69,454,131			45,575,644
EXPENSES:
Distribution fees:
Class A		1,729,847			1,918,649			1,312,375
Class C		204,588			200,578			130,154
Class R2		696,798			906,684			595,191
Shareholder servicing fees:
Class A		1,729,847			1,918,649			1,312,375
Class C		68,196			66,860			43,385
Class R2		348,399			453,342			297,595
Institutional Class		1,427,404			1,601,203			1,094,953
Select Class		975,875			1,176,948			741,250
Interest expense to non-affiliates		9,685			24,003			15,495
Trustees’ and Chief Compliance Officer’s fees		22,125			25,938			16,234
Transfer agent fees (See Note 2.G)		94,844			107,983			90,756
Sub-transfer agent fees (See Note 2.G)		1,192,831			1,637,814			1,233,691
Other		9,892			10,366			8,392
Total expenses		8,510,331			10,049,017			6,891,846
Less fees waived		(3,627,701	)		(4,331,376	)		(2,999,968	)
Less expense reimbursements		(129,569	)		(232,863	)		(227,854	)
Net expenses		4,753,061			5,484,778			3,664,024
Net investment income (loss)		58,899,187			63,969,353			41,911,620
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in affiliates		(11,199,760	)		(23,290,746	)		(11,421,280	)
Futures		(13,583,428	)		(25,174,310	)		(16,383,106	)
Foreign currency transactions		(187,038	)		(505,071	)		(302,229	)
Net realized gain (loss)		(24,970,226	)		(48,970,127	)		(28,106,615	)
Distributions of capital gains received from investment company affiliates		106,427,511			138,938,518			102,645,664
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(11,378	)		(15,110	)		(10,027	)
Investments in affiliates		(305,144,672	)		(378,231,977	)		(283,229,214	)
Futures		3,170,034			4,467,036			3,050,475
Foreign currency translations		36,001			108,050			75,631
Change in net unrealized appreciation/depreciation		(301,950,015	)		(373,672,001	)		(280,113,135	)
Net realized/unrealized gains (losses)		(220,492,730	)		(283,703,610	)		(205,574,086	)
Change in net assets resulting from operations	$	(161,593,543	)	$	(219,734,257	)	$	(163,662,466	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 53

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

	JPMorgan SmartRetirement 2040 Fund			JPMorgan SmartRetirement 2045 Fund			JPMorgan SmartRetirement 2050 Fund			JPMorgan SmartRetirement 2055 Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	46,767,267		$	26,647,659		$	21,742,857		$	4,411,086
Interest income from non-affiliates		34,685			18,860			15,423			3,433
Total investment income		46,801,952			26,666,519			21,758,280			4,414,519
EXPENSES:
Distribution fees:
Class A		1,330,863			741,103			592,391			114,127
Class C		129,563			70,890			66,631			10,805
Class R2		598,425			354,293			298,670			74,169
Shareholder servicing fees:
Class A		1,330,863			741,103			592,391			114,127
Class C		43,188			23,630			22,210			3,602
Class R2		299,213			177,146			149,335			37,085
Institutional Class		1,182,757			670,746			520,345			107,539
Select Class		830,486			432,222			405,316			66,153
Interest expense to non-affiliates		16,354			8,780			6,658			1,713
Trustees’ and Chief Compliance Officer’s fees		18,200			10,723			7,032			2,185
Transfer agent fees (See Note 2.G)		96,110			72,833			59,402			26,055
Sub-transfer agent fees (See Note 2.G)		1,707,703			1,233,404			1,406,992			289,300
Other		7,880			10,323			4,165			1,805
Total expenses		7,591,605			4,547,196			4,131,538			848,665
Less fees waived		(3,282,803	)		(1,919,084	)		(1,683,186	)		(326,216	)
Less expense reimbursements		(495,287	)		(498,549	)		(677,491	)		(169,363	)
Net expenses		3,813,515			2,129,563			1,770,861			353,086
Net investment income (loss)		42,988,437			24,536,956			19,987,419			4,061,433
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in affiliates		(11,929,667	)		(7,440,095	)		(5,533,920	)		(760,867	)
Futures		(17,735,779	)		(10,253,147	)		(7,613,955	)		(1,412,132	)
Foreign currency transactions		(315,680	)		(122,977	)		(120,031	)		(3,586	)
Net realized gain (loss)		(29,981,126	)		(17,816,219	)		(13,267,906	)		(2,176,585	)
Distributions of capital gains received from investment company affiliates		114,847,844			65,375,864			53,801,308			11,057,348
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(11,460	)		(5,962	)		(4,762	)		(998	)
Investments in affiliates		(318,670,661	)		(178,157,014	)		(144,923,417	)		(28,885,153	)
Futures		3,462,355			1,710,183			1,092,267			170,743
Foreign currency translations		79,104			31,455			14,787			(1,521	)
Change in net unrealized appreciation/depreciation		(315,140,662	)		(176,421,338	)		(143,821,125	)		(28,716,929	)
Net realized/unrealized gains (losses)		(230,273,944	)		(128,861,693	)		(103,287,723	)		(19,836,166	)
Change in net assets resulting from operations	$	(187,285,507	)	$	(104,324,737	)	$	(83,300,304	)	$	(15,774,733	)

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan SmartRetirement Income Fund						JPMorgan SmartRetirement 2015 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	22,397,487		$	35,904,624		$	29,663,826		$	45,796,616
Net realized gain (loss)		(19,009,571	)		1,433,516			(23,121,090	)		2,822,865
Distributions of capital gains received from investment company affiliates		23,924,533			27,771,607			34,381,374			39,635,671
Change in net unrealized appreciation/depreciation		(75,630,584	)		(30,949,500	)		(106,061,159	)		(34,542,323	)
Change in net assets resulting from operations		(48,318,135	)		34,160,247			(65,137,049	)		53,712,829
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(7,853,635	)		(14,386,248	)		(9,255,273	)		(15,496,491	)
From net realized gains		(2,159,873	)		—			(6,075,192	)		(1,864,797	)
Class C
From net investment income		(261,819	)		(393,721	)		(288,283	)		(479,826	)
From net realized gains		(93,814	)		—			(246,263	)		(77,163	)
Class R2
From net investment income		(1,195,041	)		(2,128,178	)		(1,617,501	)		(2,819,346	)
From net realized gains		(351,655	)		—			(1,161,878	)		(373,524	)
Class R6 (a)
From net investment income		(3,409,524	)		(1,165,791	)		(1,390,206	)		(303,117	)
From net realized gains		(846,383	)		—			(844,878	)		(154	)
Institutional Class
From net investment income		(11,450,606	)		(22,544,685	)		(20,214,772	)		(33,791,159	)
From net realized gains		(2,897,606	)		—			(12,176,686	)		(3,593,448	)
Select Class
From net investment income		(4,176,204	)		(7,904,306	)		(5,224,832	)		(10,204,570	)
From net realized gains		(1,094,269	)		—			(3,279,630	)		(1,222,737	)
Total distributions to shareholders		(35,790,429	)		(48,522,929	)		(61,775,394	)		(70,226,332	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		43,717,563			332,469,651			55,287,814			584,617,906
NET ASSETS:
Change in net assets		(40,391,001	)		318,106,969			(71,624,629	)		568,104,403
Beginning of period		2,071,134,282			1,753,027,313			2,695,242,381			2,127,137,978
End of period	$	2,030,743,281		$	2,071,134,282		$	2,623,617,752		$	2,695,242,381
Accumulated undistributed (distributions in excess of) net investment income	$	(6,837,538	)	$	(888,196	)	$	(9,342,465	)	$	(1,015,424	)

(a) Commencement of offering of class of shares effective November 3, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2020 Fund						JPMorgan SmartRetirement 2025 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	69,672,783		$	98,950,864		$	58,899,187		$	75,835,541
Net realized gain (loss)		(34,034,217	)		8,923,673			(24,970,226	)		6,765,905
Distributions of capital gains received from investment company affiliates		102,184,677			106,579,897			106,427,511			101,392,362
Change in net unrealized appreciation/depreciation		(299,560,136	)		(56,272,029	)		(301,950,015	)		(32,718,849	)
Change in net assets resulting from operations		(161,736,893	)		158,182,405			(161,593,543	)		151,274,959
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(20,657,012	)		(32,972,887	)		(19,819,664	)		(29,486,131	)
From net realized gains		(15,831,932	)		(14,507,426	)		(15,800,574	)		(12,847,299	)
Class C
From net investment income		(647,913	)		(950,120	)		(580,766	)		(892,666	)
From net realized gains		(635,890	)		(534,324	)		(599,998	)		(495,694	)
Class R2
From net investment income		(4,286,824	)		(6,463,528	)		(3,741,108	)		(5,474,415	)
From net realized gains		(3,396,781	)		(3,073,735	)		(3,236,669	)		(2,590,772	)
Class R6 (a)
From net investment income		(3,111,084	)		(553,551	)		(2,795,803	)		(434,345	)
From net realized gains		(2,158,596	)		(586	)		(1,973,056	)		(586	)
Institutional Class
From net investment income		(49,153,966	)		(75,566,031	)		(43,307,336	)		(62,320,051	)
From net realized gains		(34,601,481	)		(29,836,166	)		(31,639,512	)		(24,264,359	)
Select Class
From net investment income		(13,799,444	)		(25,406,261	)		(11,459,852	)		(19,120,704	)
From net realized gains		(10,157,147	)		(11,013,576	)		(8,730,971	)		(8,099,184	)
Total distributions to shareholders		(158,438,070	)		(200,878,191	)		(143,685,309	)		(166,026,206	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		400,192,681			1,609,998,700			631,116,343			1,711,008,507
NET ASSETS:
Change in net assets		80,017,718			1,567,302,914			325,837,491			1,696,257,260
Beginning of period		6,071,158,426			4,503,855,512			5,238,298,108			3,542,040,848
End of period	$	6,151,176,144		$	6,071,158,426		$	5,564,135,599		$	5,238,298,108
Accumulated undistributed (distributions in excess of) net investment income	$	(24,231,120	)	$	(2,247,660	)	$	(25,307,099	)	$	(2,501,757	)

(a) Commencement of offering of class of shares effective November 3, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement 2030 Fund						JPMorgan SmartRetirement 2035 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	63,969,353		$	83,590,603		$	41,911,620		$	51,151,678
Net realized gain (loss)		(48,970,127	)		13,526,779			(28,106,615	)		7,776,362
Distributions of capital gains received from investment company affiliates		138,938,518			126,323,378			102,645,664			88,228,717
Change in net unrealized appreciation/depreciation		(373,672,001	)		(30,060,455	)		(280,113,135	)		(17,159,471	)
Change in net assets resulting from operations		(219,734,257	)		193,380,305			(163,662,466	)		129,997,286
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(21,691,457	)		(32,878,789	)		(15,080,241	)		(21,690,913	)
From net realized gains		(18,655,549	)		(17,521,862	)		(13,178,431	)		(11,310,179	)
Class C
From net investment income		(587,063	)		(882,219	)		(382,269	)		(577,217	)
From net realized gains		(622,886	)		(590,558	)		(403,242	)		(376,753	)
Class R2
From net investment income		(5,020,934	)		(7,297,163	)		(3,186,706	)		(4,419,211	)
From net realized gains		(4,416,798	)		(4,259,082	)		(3,009,463	)		(2,511,321	)
Class R6 (a)
From net investment income		(2,916,940	)		(461,582	)		(2,414,237	)		(340,262	)
From net realized gains		(2,210,782	)		(703	)		(1,861,685	)		(683	)
Institutional Class
From net investment income		(47,755,021	)		(69,801,740	)		(32,879,014	)		(45,761,344	)
From net realized gains		(37,779,480	)		(33,644,738	)		(26,541,562	)		(21,574,483	)
Select Class
From net investment income		(13,404,951	)		(24,090,460	)		(8,616,369	)		(14,068,013	)
From net realized gains		(11,144,240	)		(12,609,316	)		(7,242,330	)		(7,195,217	)
Total distributions to shareholders		(166,206,101	)		(204,038,212	)		(114,795,549	)		(129,825,596	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		590,564,402			1,737,822,408			552,627,107			1,346,440,560
NET ASSETS:
Change in net assets		204,624,044			1,727,164,501			274,169,092			1,346,612,250
Beginning of period		6,020,984,003			4,293,819,502			4,033,790,576			2,687,178,326
End of period	$	6,225,608,047		$	6,020,984,003		$	4,307,959,668		$	4,033,790,576
Accumulated undistributed (distributons in excess of) net investment income	$	(31,732,809	)	$	(4,325,796	)	$	(23,368,284	)	$	(2,721,068	)

(a) Commencement of offering of class of shares effective November 3, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2040 Fund						JPMorgan SmartRetirement 2045 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	42,988,437		$	53,176,061		$	24,536,956		$	28,269,981
Net realized gain (loss)		(29,981,126	)		10,398,475			(17,816,219	)		6,081,504
Distributions of capital gains received from investment company affiliates		114,847,844			101,274,605			65,375,864			53,352,388
Change in net unrealized appreciation/depreciation		(315,140,662	)		(17,743,736	)		(176,421,338	)		(10,086,791	)
Change in net assets resulting from operations		(187,285,507	)		147,105,405			(104,324,737	)		77,617,082
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(15,148,372	)		(22,513,386	)		(8,640,436	)		(11,672,181	)
From net realized gains		(14,459,956	)		(13,402,931	)		(7,851,760	)		(6,272,003	)
Class C
From net investment income		(401,089	)		(605,310	)		(226,617	)		(290,625	)
From net realized gains		(444,222	)		(450,220	)		(237,331	)		(191,821	)
Class R2
From net investment income		(3,397,417	)		(4,682,780	)		(1,921,854	)		(2,573,662	)
From net realized gains		(3,212,576	)		(3,038,904	)		(1,847,386	)		(1,512,690	)
Class R6 (a)
From net investment income		(2,279,609	)		(300,224	)		(1,593,314	)		(246,157	)
From net realized gains		(1,937,126	)		(768	)		(1,288,652	)		(690	)
Institutional Class
From net investment income		(35,287,836	)		(48,973,810	)		(20,453,903	)		(26,760,616	)
From net realized gains		(31,065,229	)		(26,174,363	)		(17,141,051	)		(12,899,668	)
Select Class
From net investment income		(9,398,703	)		(16,774,064	)		(5,008,229	)		(7,803,240	)
From net realized gains		(8,679,387	)		(9,750,982	)		(4,386,792	)		(4,083,632	)
Total distributions to shareholders		(125,711,522	)		(146,667,742	)		(70,597,325	)		(74,306,985	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		423,035,475			1,268,105,155			382,996,466			854,181,148
NET ASSETS:
Change in net assets		110,038,446			1,268,542,818			208,074,404			857,491,245
Beginning of period		4,328,832,866			3,060,290,048			2,390,256,800			1,532,765,555
End of period	$	4,438,871,312		$	4,328,832,866		$	2,598,331,204		$	2,390,256,800
Accumulated undistributed (distributions in excess of) net investment income	$	(25,915,387	)	$	(2,990,798	)	$	(14,875,250	)	$	(1,567,853	)

(a) Commencement of offering of class of shares effective November 3, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

58 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement 2050 Fund						JPMorgan SmartRetirement 2055 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	19,987,419		$	21,957,328		$	4,061,433		$	3,237,521
Net realized gain (loss)		(13,267,906	)		3,799,063			(2,176,585	)		144,936
Distributions of capital gains received from investment company affiliates		53,801,308			41,547,444			11,057,348			5,749,373
Change in net unrealized appreciation/depreciation		(143,821,125	)		(6,947,235	)		(28,716,929	)		(891,314	)
Change in net assets resulting from operations		(83,300,304	)		60,356,600			(15,774,733	)		8,240,516
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(6,852,097	)		(9,176,241	)		(1,488,614	)		(1,133,976	)
From net realized gains		(5,855,458	)		(4,952,628	)		(803,961	)		(369,018	)
Class C
From net investment income		(212,498	)		(283,041	)		(33,182	)		(25,463	)
From net realized gains		(209,820	)		(193,237	)		(21,916	)		(10,741	)
Class R2
From net investment income		(1,639,270	)		(2,113,382	)		(449,433	)		(336,219	)
From net realized gains		(1,480,365	)		(1,246,757	)		(261,418	)		(118,024	)
Class R6 (a)
From net investment income		(1,285,404	)		(208,000	)		(201,877	)		(10,522	)
From net realized gains		(982,261	)		(690	)		(98,810	)		(392	)
Institutional Class
From net investment income		(16,325,301	)		(19,203,859	)		(3,604,138	)		(2,890,699	)
From net realized gains		(12,893,437	)		(9,267,496	)		(1,820,383	)		(834,536	)
Select Class
From net investment income		(4,750,654	)		(7,411,074	)		(830,903	)		(720,719	)
From net realized gains		(3,922,949	)		(3,922,161	)		(440,356	)		(218,415	)
Total distributions to shareholders		(56,409,514	)		(57,978,566	)		(10,054,991	)		(6,668,724	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		346,679,589			683,681,230			142,400,866			202,395,630
NET ASSETS:
Change in net assets		206,969,771			686,059,264			116,571,142			203,967,422
Beginning of period		1,881,478,571			1,195,419,307			336,377,137			132,409,715
End of period	$	2,088,448,342		$	1,881,478,571		$	452,948,279		$	336,377,137
Accumulated undistributed (distributions in excess of) net investment income	$	(12,377,510	)	$	(1,299,705	)	$	(2,608,585	)	$	(61,871	)

(a) Commencement of offering of class of shares effective November 3, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Income Fund						JPMorgan SmartRetirement 2015 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	89,727,312		$	223,692,249		$	143,322,817		$	294,512,103
Distributions reinvested		9,540,758			13,847,990			14,459,462			16,374,626
Cost of shares redeemed		(84,956,576	)		(169,326,886	)		(119,880,419	)		(187,359,839	)
Change in net assets resulting from Class A capital transactions	$	14,311,494		$	68,213,353		$	37,901,860		$	123,526,890
Class C
Proceeds from shares issued	$	4,716,163		$	7,626,989		$	5,780,823		$	10,716,827
Distributions reinvested		275,460			289,861			398,214			350,990
Cost of shares redeemed		(2,421,840	)		(4,360,436	)		(3,378,551	)		(7,603,748	)
Change in net assets resulting from Class C capital transactions	$	2,569,783		$	3,556,414		$	2,800,486		$	3,464,069
Class R2
Proceeds from shares issued	$	20,153,036		$	40,384,406		$	31,969,434		$	52,076,278
Distributions reinvested		1,430,669			1,998,039			2,589,792			2,997,197
Cost of shares redeemed		(16,963,897	)		(29,311,431	)		(22,394,059	)		(37,655,955	)
Change in net assets resulting from Class R2 capital transactions	$	4,619,808		$	13,071,014		$	12,165,167		$	17,417,520
Class R6 (a)
Proceeds from shares issued	$	40,482,798		$	212,065,272		$	70,191,643		$	50,620,376
Distributions reinvested		4,211,114			1,165,791			2,089,947			303,271
Cost of shares redeemed		(8,974,285	)		(2,565,172	)		(15,336,565	)		(6,315,616	)
Change in net assets resulting from Class R6 capital transactions	$	35,719,627		$	210,665,891		$	56,945,025		$	44,608,031
Institutional Class
Proceeds from shares issued	$	120,587,702		$	447,907,082		$	152,638,595		$	730,591,013
Distributions reinvested		14,023,628			22,195,630			31,767,545			36,818,587
Cost of shares redeemed		(155,139,678	)		(440,222,099	)		(234,835,736	)		(393,536,367	)
Change in net assets resulting from Institutional Class capital transactions	$	(20,528,348	)	$	29,880,613		$	(50,429,596	)	$	373,873,233
Select Class
Proceeds from shares issued	$	50,346,067		$	93,418,479		$	50,483,328		$	126,827,382
Distributions reinvested		5,107,305			7,668,496			8,329,723			11,133,839
Cost of shares redeemed		(48,428,173	)		(94,004,609	)		(62,908,179	)		(116,233,058	)
Change in net assets resulting from Select Class capital transactions	$	7,025,199		$	7,082,366		$	(4,095,128	)	$	21,728,163
Total change in net assets resulting from capital transactions	$	43,717,563		$	332,469,651		$	55,287,814		$	584,617,906

(a) Commencement of offering of class of shares effective November 3, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement Income Fund						JPMorgan SmartRetirement 2015 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		5,168,640			12,635,440			8,168,255			16,491,303
Reinvested		563,846			788,510			851,452			925,222
Redeemed		(4,897,743	)		(9,551,777	)		(6,862,477	)		(10,483,562	)
Change in Class A Shares		834,743			3,872,173			2,157,230			6,932,963
Class C
Issued		272,278			430,960			332,722			601,937
Reinvested		16,354			16,584			23,624			19,983
Redeemed		(140,518	)		(246,752	)		(195,279	)		(427,570	)
Change in Class C Shares		148,114			200,792			161,067			194,350
Class R2
Issued		1,168,674			2,279,847			1,835,551			2,919,577
Reinvested		84,755			114,032			152,987			169,911
Redeemed		(981,592	)		(1,654,878	)		(1,288,438	)		(2,109,723	)
Change in Class R2 Shares		271,837			739,001			700,100			979,765
Class R6 (a)
Issued		2,347,988			11,885,589			4,036,118			2,817,117
Reinvested		248,119			65,984			122,690			16,965
Redeemed		(516,954	)		(143,163	)		(870,367	)		(348,644	)
Change in Class R6 Shares		2,079,153			11,808,410			3,288,441			2,485,438
Institutional Class
Issued		6,894,300			25,115,359			8,676,446			40,658,907
Reinvested		826,138			1,259,487			1,865,034			2,073,769
Redeemed		(8,937,057	)		(24,703,127	)		(13,488,867	)		(21,912,120	)
Change in Institutional Class Shares		(1,216,619	)		1,671,719			(2,947,387	)		20,820,556
Select Class
Issued		2,909,099			5,254,664			2,881,501			7,086,829
Reinvested		301,344			436,021			489,627			628,076
Redeemed		(2,794,156	)		(5,295,140	)		(3,605,126	)		(6,481,324	)
Change in Select Class Shares		416,287			395,545			(233,998	)		1,233,581

(a) Commencement of offering of class of shares effective November 3, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2020 Fund						JPMorgan SmartRetirement 2025 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	288,593,327		$	578,479,491		$	280,476,578		$	569,934,467
Distributions reinvested		34,516,187			44,822,386			33,642,370			39,979,583
Cost of shares redeemed		(186,773,068	)		(308,585,004	)		(134,929,671	)		(234,171,505	)
Change in net assets resulting from Class A capital transactions	$	136,336,446		$	314,716,873		$	179,189,277		$	375,742,545
Class C
Proceeds from shares issued	$	13,563,490		$	24,736,777		$	11,026,140		$	26,740,641
Distributions reinvested		951,843			937,343			906,287			859,332
Cost of shares redeemed		(8,727,917	)		(10,271,402	)		(8,607,737	)		(10,442,486	)
Change in net assets resulting from Class C capital transactions	$	5,787,416		$	15,402,718		$	3,324,690		$	17,157,487
Class R2
Proceeds from shares issued	$	84,302,988		$	121,599,512		$	68,642,128		$	110,446,221
Distributions reinvested		7,067,961			8,893,774			6,391,407			7,666,211
Cost of shares redeemed		(43,040,937	)		(54,382,930	)		(31,351,265	)		(47,076,060	)
Change in net assets resulting from Class R2 capital transactions	$	48,330,012		$	76,110,356		$	43,682,270		$	71,036,372
Class R6 (a)
Proceeds from shares issued	$	134,602,257		$	101,423,490		$	119,368,948		$	86,648,511
Distributions reinvested		5,047,100			554,137			4,589,998			434,931
Cost of shares redeemed		(16,335,798	)		(4,676,646	)		(8,692,535	)		(4,391,454	)
Change in net assets resulting from Class R6 capital transactions	$	123,313,559		$	97,300,981		$	115,266,411		$	82,691,988
Institutional Class
Proceeds from shares issued	$	393,748,695		$	1,417,556,542		$	415,928,962		$	1,289,613,159
Distributions reinvested		81,994,250			104,308,859			73,375,803			84,916,319
Cost of shares redeemed		(394,489,858	)		(548,007,141	)		(253,409,763	)		(381,224,294	)
Change in net assets resulting from Institutional Class capital transactions	$	81,253,087		$	973,858,260		$	235,895,002		$	993,305,184
Select Class
Proceeds from shares issued	$	133,113,218		$	310,653,769		$	124,584,760		$	284,235,278
Distributions reinvested		23,787,084			36,105,117			19,802,177			26,749,119
Cost of shares redeemed		(151,728,141	)		(214,149,374	)		(90,628,244	)		(139,909,466	)
Change in net assets resulting from Select Class capital transactions	$	5,172,161		$	132,609,512		$	53,758,693		$	171,074,931
Total change in net assets resulting from capital transactions	$	400,192,681		$	1,609,998,700		$	631,116,343		$	1,711,008,507

(a) Commencement of offering of class of shares effective November 3, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

62 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement 2020 Fund						JPMorgan SmartRetirement 2025 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		15,869,416			31,083,830			15,918,550			31,564,727
Reinvested		1,962,436			2,439,254			1,978,603			2,246,909
Redeemed		(10,300,945	)		(16,571,139	)		(7,680,519	)		(12,994,770	)
Change in Class A Shares		7,530,907			16,951,945			10,216,634			20,816,866
Class C
Issued		751,005			1,330,746			630,219			1,481,980
Reinvested		54,387			51,275			53,505			48,531
Redeemed		(485,499	)		(552,685	)		(494,350	)		(578,591	)
Change in Class C Shares		319,893			829,336			189,374			951,920
Class R2
Issued		4,677,787			6,534,547			3,914,916			6,135,713
Reinvested		403,098			485,578			377,069			432,452
Redeemed		(2,375,025	)		(2,924,479	)		(1,788,787	)		(2,613,015	)
Change in Class R2 Shares		2,705,860			4,095,646			2,503,198			3,955,150
Class R6 (a)
Issued		7,462,288			5,412,274			6,846,049			4,771,901
Reinvested		285,626			29,750			269,112			24,061
Redeemed		(897,223	)		(247,718	)		(490,768	)		(240,269	)
Change in Class R6 Shares		6,850,691			5,194,306			6,624,393			4,555,693
Institutional Class
Issued		21,453,046			75,523,896			23,441,449			70,947,385
Reinvested		4,642,340			5,651,059			4,302,194			4,754,763
Redeemed		(21,892,868	)		(29,238,013	)		(14,507,077	)		(20,990,116	)
Change in Institutional Class Shares		4,202,518			51,936,942			13,236,566			54,712,032
Select Class
Issued		7,310,185			16,616,126			7,087,760			15,716,814
Reinvested		1,348,292			1,959,176			1,161,954			1,500,307
Redeemed		(8,344,610	)		(11,463,039	)		(5,177,938	)		(7,724,433	)
Change in Select Class Shares		313,867			7,112,263			3,071,776			9,492,688

(a) Commencement of offering of class of shares effective November 3, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 63

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2030 Fund						JPMorgan SmartRetirement 2035 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	327,486,005		$	593,341,448		$	228,062,290		$	437,517,645
Distributions reinvested		38,022,628			47,240,624			26,673,983			31,235,527
Cost of shares redeemed		(174,579,364	)		(271,209,567	)		(103,254,224	)		(183,353,403	)
Change in net assets resulting from Class A capital transactions	$	190,929,269		$	369,372,505		$	151,482,049		$	285,399,769
Class C
Proceeds from shares issued	$	10,405,011		$	25,931,439		$	7,785,714		$	18,170,500
Distributions reinvested		788,716			751,228			529,704			523,989
Cost of shares redeemed		(9,608,342	)		(12,324,323	)		(8,647,345	)		(5,649,243	)
Change in net assets resulting from Class C capital transactions	$	1,585,385		$	14,358,344		$	(331,927	)	$	13,045,246
Class R2
Proceeds from shares issued	$	102,727,898		$	141,589,205		$	64,930,328		$	96,465,172
Distributions reinvested		8,613,710			10,730,068			5,703,836			6,570,558
Cost of shares redeemed		(43,366,907	)		(59,734,164	)		(28,714,524	)		(37,343,336	)
Change in net assets resulting from Class R2 capital transactions	$	67,974,701		$	92,585,109		$	41,919,640		$	65,692,394
Class R6 (a)
Proceeds from shares issued	$	113,918,230		$	100,665,493		$	94,984,449		$	82,096,456
Distributions reinvested		4,865,844			462,285			4,082,448			340,945
Cost of shares redeemed		(8,228,982	)		(4,304,681	)		(7,753,177	)		(4,093,127	)
Change in net assets resulting from Class R6 capital transactions	$	110,555,092		$	96,823,097		$	91,313,720		$	78,344,274
Institutional Class
Proceeds from shares issued	$	462,460,046		$	1,330,537,673		$	344,202,177		$	989,633,643
Distributions reinvested		82,825,069			101,807,091			57,909,832			65,779,220
Cost of shares redeemed		(351,293,086	)		(436,888,638	)		(184,941,630	)		(294,599,074	)
Change in net assets resulting from Institutional Class capital transactions	$	193,992,029		$	995,456,126		$	217,170,379		$	760,813,789
Select Class
Proceeds from shares issued	$	133,283,255		$	334,081,077		$	100,096,177		$	226,130,394
Distributions reinvested		24,233,797			36,327,549			15,593,416			20,855,073
Cost of shares redeemed		(131,989,126	)		(201,181,399	)		(64,616,347	)		(103,840,379	)
Change in net assets resulting from Select Class capital transactions	$	25,527,926		$	169,227,227		$	51,073,246		$	143,145,088
Total change in net assets resulting from capital transactions	$	590,564,402		$	1,737,822,408		$	552,627,107		$	1,346,440,560

(a) Commencement of offering of class of shares effective November 3, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

64 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement 2030 Fund						JPMorgan SmartRetirement 2035 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		17,321,979			30,526,882			12,596,467			23,468,975
Reinvested		2,088,564			2,471,068			1,532,852			1,707,011
Redeemed		(9,258,837	)		(13,984,527	)		(5,727,622	)		(9,880,548	)
Change in Class A Shares		10,151,706			19,013,423			8,401,697			15,295,438
Class C
Issued		554,443			1,340,970			434,138			979,065
Reinvested		43,722			39,642			30,699			28,851
Redeemed		(515,374	)		(638,248	)		(483,303	)		(304,738	)
Change in Class C Shares		82,791			742,364			(18,466	)		703,178
Class R2
Issued		5,481,426			7,289,673			3,598,296			5,183,072
Reinvested		474,630			563,472			328,747			360,337
Redeemed		(2,306,999	)		(3,074,923	)		(1,594,086	)		(2,008,597	)
Change in Class R2 Shares		3,649,057			4,778,222			2,332,957			3,534,812
Class R6 (a)
Issued		6,072,886			5,134,129			5,297,415			4,363,808
Reinvested		266,081			23,725			233,440			18,222
Redeemed		(430,544	)		(218,052	)		(427,664	)		(214,737	)
Change in Class R6 Shares		5,908,423			4,939,802			5,103,191			4,167,293
Institutional Class
Issued		24,143,814			67,862,754			18,770,824			52,644,264
Reinvested		4,529,256			5,298,302			3,312,457			3,575,216
Redeemed		(18,829,688	)		(22,295,830	)		(10,316,349	)		(15,677,670	)
Change in Institutional Class Shares		9,843,382			50,865,226			11,766,932			40,541,810
Select Class
Issued		7,034,104			17,151,411			5,524,111			12,082,428
Reinvested		1,327,997			1,896,181			892,352			1,134,935
Redeemed		(6,986,869	)		(10,338,319	)		(3,588,133	)		(5,540,554	)
Change in Select Class Shares		1,375,232			8,709,273			2,828,330			7,676,809

(a) Commencement of offering of class of shares effective November 3, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2040 Fund						JPMorgan SmartRetirement 2045 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	239,578,477		$	408,581,072		$	153,486,208		$	263,684,919
Distributions reinvested		27,968,454			33,845,161			15,598,306			17,002,130
Cost of shares redeemed		(124,252,881	)		(203,477,822	)		(64,038,314	)		(107,945,415	)
Change in net assets resulting from Class A capital transactions	$	143,294,050		$	238,948,411		$	105,046,200		$	172,741,634
Class C
Proceeds from shares issued	$	6,700,964		$	18,640,933		$	4,417,310		$	9,168,115
Distributions reinvested		486,667			498,565			264,351			254,459
Cost of shares redeemed		(6,591,614	)		(11,405,202	)		(3,089,386	)		(3,429,482	)
Change in net assets resulting from Class C capital transactions	$	596,017		$	7,734,296		$	1,592,275		$	5,993,092
Class R2
Proceeds from shares issued	$	71,578,577		$	96,922,341		$	37,249,607		$	67,885,339
Distributions reinvested		6,090,774			7,129,907			3,506,626			3,857,634
Cost of shares redeemed		(34,267,572	)		(43,483,983	)		(18,535,577	)		(29,550,822	)
Change in net assets resulting from Class R2 capital transactions	$	43,401,779		$	60,568,265		$	22,220,656		$	42,192,151
Class R6 (a)
Proceeds from shares issued	$	89,252,733		$	76,373,751		$	55,051,275		$	62,264,548
Distributions reinvested		3,940,784			300,992			2,756,748			246,841
Cost of shares redeemed		(7,129,482	)		(1,707,869	)		(6,080,576	)		(2,001,709	)
Change in net assets resulting from Class R6 capital transactions	$	86,064,035		$	74,966,874		$	51,727,447		$	60,509,680
Institutional Class
Proceeds from shares issued	$	385,132,376		$	980,727,933		$	247,443,475		$	609,795,807
Distributions reinvested		63,465,451			73,626,871			36,394,800			38,639,443
Cost of shares redeemed		(308,924,115	)		(299,778,807	)		(121,154,140	)		(177,365,046	)
Change in net assets resulting from Institutional Class capital transactions	$	139,673,712		$	754,575,997		$	162,684,135		$	471,070,204
Select Class
Proceeds from shares issued	$	97,389,660		$	246,202,147		$	69,412,240		$	155,140,729
Distributions reinvested		17,843,025			26,200,370			9,239,310			11,650,904
Cost of shares redeemed		(105,226,803	)		(141,091,205	)		(38,925,797	)		(65,117,246	)
Change in net assets resulting from Select Class capital transactions	$	10,005,882		$	131,311,312		$	39,725,753		$	101,674,387
Total change in net assets resulting from capital transactions	$	423,035,475		$	1,268,105,155		$	382,996,466		$	854,181,148

(a) Commencement of offering of class of shares effective November 3, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

66 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement 2040 Fund						JPMorgan SmartRetirement 2045 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		12,385,032			20,418,763			8,359,309			13,920,870
Reinvested		1,503,789			1,727,187			885,079			916,546
Redeemed		(6,429,084	)		(10,224,745	)		(3,495,356	)		(5,729,767	)
Change in Class A Shares		7,459,737			11,921,205			5,749,032			9,107,649
Class C
Issued		350,233			937,973			242,756			486,213
Reinvested		26,502			25,719			15,111			13,796
Redeemed		(345,096	)		(574,333	)		(170,698	)		(181,847	)
Change in Class C Shares		31,639			389,359			87,169			318,162
Class R2
Issued		3,727,826			4,849,795			2,036,762			3,593,663
Reinvested		328,956			365,454			199,634			208,703
Redeemed		(1,780,659	)		(2,177,908	)		(1,013,483	)		(1,564,026	)
Change in Class R2 Shares		2,276,123			3,037,341			1,222,913			2,238,340
Class R6 (a)
Issued		4,643,749			3,781,642			3,023,646			3,265,300
Reinvested		210,853			14,988			155,844			12,996
Redeemed		(367,692	)		(83,558	)		(329,763	)		(103,407	)
Change in Class R6 Shares		4,486,910			3,713,072			2,849,727			3,174,889
Institutional Class
Issued		19,546,118			48,581,539			13,337,109			31,985,324
Reinvested		3,395,890			3,735,838			2,056,888			2,072,926
Redeemed		(16,207,352	)		(14,855,251	)		(6,684,621	)		(9,312,374	)
Change in Institutional Class Shares		6,734,656			37,462,126			8,709,376			24,745,876
Select Class
Issued		5,013,918			12,293,963			3,788,885			8,176,042
Reinvested		956,890			1,333,257			522,688			625,998
Redeemed		(5,381,081	)		(7,048,585	)		(2,125,627	)		(3,432,317	)
Change in Select Class Shares		589,727			6,578,635			2,185,946			5,369,723

(a) Commencement of offering of class of shares effective November 3, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 67

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2050 Fund						JPMorgan SmartRetirement 2055 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	127,843,588		$	214,162,638		$	49,479,454		$	55,345,915
Distributions reinvested		11,938,879			13,270,194			2,136,399			1,403,604
Cost of shares redeemed		(54,642,476	)		(92,795,148	)		(12,509,013	)		(15,736,271	)
Change in net assets resulting from Class A capital transactions	$	85,139,991		$	134,637,684		$	39,106,840		$	41,013,248
Class C
Proceeds from shares issued	$	4,147,428		$	8,364,662		$	1,224,801		$	2,139,714
Distributions reinvested		247,251			261,196			33,895			14,341
Cost of shares redeemed		(3,361,357	)		(3,392,367	)		(883,943	)		(449,041	)
Change in net assets resulting from Class C capital transactions	$	1,033,322		$	5,233,491		$	374,753		$	1,705,014
Class R2
Proceeds from shares issued	$	36,095,007		$	60,508,090		$	13,658,982		$	19,659,235
Distributions reinvested		2,864,748			3,082,798			657,534			442,179
Cost of shares redeemed		(20,025,615	)		(26,804,295	)		(3,839,360	)		(4,490,455	)
Change in net assets resulting from Class R2 capital transactions	$	18,934,140		$	36,786,593		$	10,477,156		$	15,610,959
Class R6 (a)
Proceeds from shares issued	$	43,008,734		$	50,220,500		$	11,589,802		$	3,424,637
Distributions reinvested		2,144,438			208,690			261,513			10,914
Cost of shares redeemed		(4,300,340	)		(1,248,304	)		(565,317	)		(75,886	)
Change in net assets resulting from Class R6 capital transactions	$	40,852,832		$	49,180,886		$	11,285,998		$	3,359,665
Institutional Class
Proceeds from shares issued	$	282,066,358		$	485,454,686		$	81,092,591		$	129,485,667
Distributions reinvested		27,682,060			27,551,099			5,398,142			3,696,813
Cost of shares redeemed		(136,427,042	)		(141,995,856	)		(19,368,636	)		(22,262,498	)
Change in net assets resulting from Institutional Class capital transactions	$	173,321,376		$	371,009,929		$	67,122,097		$	110,919,982
Select Class
Proceeds from shares issued	$	75,882,079		$	151,324,337		$	21,959,157		$	37,470,668
Distributions reinvested		8,555,021			11,192,775			1,236,922			901,809
Cost of shares redeemed		(57,039,172	)		(75,684,465	)		(9,162,057	)		(8,585,715	)
Change in net assets resulting from Select Class capital transactions	$	27,397,928		$	86,832,647		$	14,034,022		$	29,786,762
Total change in net assets resulting from capital transactions	$	346,679,589		$	683,681,230		$	142,400,866		$	202,395,630

(a) Commencement of offering of class of shares effective November 3, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

68 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement 2050 Fund						JPMorgan SmartRetirement 2055 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		6,974,880			11,344,408			2,437,343			2,656,449
Reinvested		678,018			716,739			109,339			68,605
Redeemed		(2,995,931	)		(4,934,455	)		(618,525	)		(756,430	)
Change in Class A Shares		4,656,967			7,126,692			1,928,157			1,968,624
Class C
Issued		228,261			445,571			60,867			102,645
Reinvested		14,161			14,209			1,742			703
Redeemed		(186,418	)		(179,722	)		(43,904	)		(21,501	)
Change in Class C Shares		56,004			280,058			18,705			81,847
Class R2
Issued		1,980,537			3,201,816			675,821			945,379
Reinvested		163,273			167,093			33,698			21,654
Redeemed		(1,098,112	)		(1,422,182	)		(190,100	)		(216,359	)
Change in Class R2 Shares		1,045,698			1,946,727			519,419			750,674
Class R6 (a)
Issued		2,361,895			2,644,813			577,351			161,062
Reinvested		121,160			10,996			13,356			524
Redeemed		(234,091	)		(64,470	)		(28,043	)		(3,573	)
Change in Class R6 Shares		2,248,964			2,591,339			562,664			158,013
Institutional Class
Issued		15,158,472			25,483,553			3,975,927			6,195,474
Reinvested		1,564,996			1,479,923			275,899			180,122
Redeemed		(7,554,845	)		(7,480,645	)		(955,045	)		(1,062,002	)
Change in Institutional Class Shares		9,168,623			19,482,831			3,296,781			5,313,594
Select Class
Issued		4,144,611			7,985,082			1,086,031			1,794,037
Reinvested		484,249			602,688			63,220			43,984
Redeemed		(3,095,400	)		(3,999,544	)		(455,013	)		(413,601	)
Change in Select Class Shares		1,533,460			4,588,226			694,238			1,424,420

(a) Commencement of offering of class of shares effective November 3, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 69

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Income Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	17.60	$	0.18	(h)	$	(0.59	)	$	(0.41	)	$	(0.23	)	$	(0.06	)	$	(0.29	)
Year Ended June 30, 2015		17.72		0.32	(h)(j)		0.00	(k)		0.32			(0.44	)		—			(0.44	)
Year Ended June 30, 2014		16.41		0.36	(h)		1.38			1.74			(0.43	)		—			(0.43	)
Year Ended June 30, 2013		15.79		0.36	(h)		0.66			1.02			(0.40	)		—			(0.40	)
Year Ended June 30, 2012		15.82		0.43	(h)		(0.06	)		0.37			(0.40	)		—			(0.40	)
Year Ended June 30, 2011		14.26		0.43			1.57			2.00			(0.44	)		—			(0.44	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		17.53		0.12	(h)		(0.59	)		(0.47	)		(0.17	)		(0.06	)		(0.23	)
Year Ended June 30, 2015		17.66		0.20	(h)(j)		0.00	(k)		0.20			(0.33	)		—			(0.33	)
Year Ended June 30, 2014		16.36		0.26	(h)		1.36			1.62			(0.32	)		—			(0.32	)
Year Ended June 30, 2013		15.75		0.25	(h)		0.66			0.91			(0.30	)		—			(0.30	)
Year Ended June 30, 2012		15.78		0.32	(h)		(0.05	)		0.27			(0.30	)		—			(0.30	)
Year Ended June 30, 2011		14.24		0.34			1.54			1.88			(0.34	)		—			(0.34	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		17.57		0.16	(h)		(0.60	)		(0.44	)		(0.21	)		(0.06	)		(0.27	)
Year Ended June 30, 2015		17.69		0.28	(h)(j)		0.00	(k)		0.28			(0.40	)		—			(0.40	)
Year Ended June 30, 2014		16.39		0.31	(h)		1.38			1.69			(0.39	)		—			(0.39	)
Year Ended June 30, 2013		15.77		0.32	(h)		0.67			0.99			(0.37	)		—			(0.37	)
Year Ended June 30, 2012		15.81		0.40	(h)		(0.07	)		0.33			(0.37	)		—			(0.37	)
Year Ended June 30, 2011		14.25		0.40			1.56			1.96			(0.40	)		—			(0.40	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		17.66		0.21	(h)		(0.61	)		(0.40	)		(0.25	)		(0.06	)		(0.31	)
November 3, 2014 (i) through June 30, 2015		17.75		0.49	(h)(j)		(0.18	)		0.31			(0.40	)		—			(0.40	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		17.66		0.20	(h)		(0.60	)		(0.40	)		(0.25	)		(0.06	)		(0.31	)
Year Ended June 30, 2015		17.78		0.36	(h)(j)		0.00	(k)		0.36			(0.48	)		—			(0.48	)
Year Ended June 30, 2014		16.46		0.39	(h)		1.40			1.79			(0.47	)		—			(0.47	)
Year Ended June 30, 2013		15.83		0.40	(h)		0.67			1.07			(0.44	)		—			(0.44	)
Year Ended June 30, 2012		15.85		0.46	(h)		(0.04	)		0.42			(0.44	)		—			(0.44	)
Year Ended June 30, 2011		14.29		0.47			1.56			2.03			(0.47	)		—			(0.47	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		17.63		0.19	(h)		(0.60	)		(0.41	)		(0.24	)		(0.06	)		(0.30	)
Year Ended June 30, 2015		17.75		0.34	(h)(j)		0.00	(k)		0.34			(0.46	)		—			(0.46	)
Year Ended June 30, 2014		16.43		0.37	(h)		1.39			1.76			(0.44	)		—			(0.44	)
Year Ended June 30, 2013		15.81		0.38	(h)		0.66			1.04			(0.42	)		—			(0.42	)
Year Ended June 30, 2012		15.83		0.44	(h)		(0.05	)		0.39			(0.41	)		—			(0.41	)
Year Ended June 30, 2011		14.27		0.43			1.58			2.01			(0.45	)		—			(0.45	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Commencement of offering of class of shares.

(j) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of classes.

(k) Amount rounds to less than $0.01.

(l) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

70 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers and reimbursements (e)(f)			Portfolio turnover rate (c)(g)
$	16.90		(2.32	)%	$	590,365,045		0.28	%		2.05	%		0.58	%		11	%
	17.60		1.81			600,404,300		0.27			1.80	(j)		0.58			10
	17.72		10.68			535,792,964		0.27			2.09			0.57			11
	16.41		6.48			207,251,354		0.27			2.16			0.57			20
	15.79		2.44			121,365,820		0.27			2.75			0.58			10
	15.82		14.07			69,177,162		0.27			2.92			0.56			30
	16.83		(2.65	)		25,764,948		0.93			1.42			1.08			11
	17.53		1.12			24,249,797		0.92			1.15	(j)		1.09			10
	17.66		9.98			20,874,415		0.92			1.54			1.07			11
	16.36		5.80			6,649,282		0.92			1.53			1.07			20
	15.75		1.79			4,691,065		0.92			2.08			1.08			10
	15.78		13.27			3,487,584		0.92			2.24			1.06			30
	16.86		(2.51	)		100,237,588		0.53			1.81			0.86			11
	17.57		1.58			99,663,111		0.52			1.56	(j)		0.87			10
	17.69		10.39			87,275,247		0.52			1.80			0.82			11
	16.39		6.26			31,858,647		0.52			1.96			0.82			20
	15.77		2.18			15,109,569		0.52			2.57			0.84			10
	15.81		13.81			1,250,861		0.52			2.65			0.82			30
	16.95		(2.23	)		235,372,144		0.00			2.40			0.00	(l)		11
	17.66		1.76			208,521,972		0.00			4.22	(j)		0.00	(l)		10
	16.95		(2.26	)		779,343,630		0.05			2.27			0.15			11
	17.66		2.04			833,438,828		0.03			2.00	(j)		0.16			10
	17.78		10.96			809,213,832		0.02			2.24			0.17			11
	16.46		6.79			393,543,989		0.02			2.40			0.17			20
	15.83		2.74			260,033,867		0.02			2.96			0.18			10
	15.85		14.29			174,000,764		0.02			3.03			0.15			30
	16.92		(2.33	)		299,659,926		0.18			2.17			0.32			11
	17.63		1.91			304,856,274		0.17			1.91	(j)		0.34			10
	17.75		10.82			299,870,855		0.17			2.17			0.32			11
	16.43		6.57			115,267,735		0.17			2.27			0.32			20
	15.81		2.58			75,389,029		0.17			2.81			0.33			10
	15.83		14.14			48,015,171		0.17			2.87			0.31			30

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 71

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2015 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	17.76	$	0.18	(h)	$	(0.62	)	$	(0.44	)	$	(0.23	)	$	(0.15	)	$	(0.38	)
Year Ended June 30, 2015		17.87		0.33	(h)(j)		0.07			0.40			(0.45	)		(0.06	)		(0.51	)
Year Ended June 30, 2014		16.31		0.34	(h)		1.68			2.02			(0.46	)		—			(0.46	)
Year Ended June 30, 2013		15.39		0.36	(h)		0.97			1.33			(0.41	)		—			(0.41	)
Year Ended June 30, 2012		15.48		0.41	(h)		(0.12	)		0.29			(0.38	)		—			(0.38	)
Year Ended June 30, 2011		13.30		0.42	(h)		2.16			2.58			(0.40	)		—			(0.40	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		17.64		0.13	(h)		(0.62	)		(0.49	)		(0.18	)		(0.15	)		(0.33	)
Year Ended June 30, 2015		17.76		0.21	(h)(j)		0.07			0.28			(0.34	)		(0.06	)		(0.40	)
Year Ended June 30, 2014		16.21		0.22	(h)		1.68			1.90			(0.35	)		—			(0.35	)
Year Ended June 30, 2013		15.30		0.25	(h)		0.97			1.22			(0.31	)		—			(0.31	)
Year Ended June 30, 2012		15.41		0.30	(h)		(0.12	)		0.18			(0.29	)		—			(0.29	)
Year Ended June 30, 2011		13.25		0.31	(h)		2.16			2.47			(0.31	)		—			(0.31	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		17.71		0.16	(h)		(0.62	)		(0.46	)		(0.21	)		(0.15	)		(0.36	)
Year Ended June 30, 2015		17.82		0.28	(h)(j)		0.08			0.36			(0.41	)		(0.06	)		(0.47	)
Year Ended June 30, 2014		16.27		0.30	(h)		1.67			1.97			(0.42	)		—			(0.42	)
Year Ended June 30, 2013		15.36		0.33	(h)		0.95			1.28			(0.37	)		—			(0.37	)
Year Ended June 30, 2012		15.46		0.38	(h)		(0.13	)		0.25			(0.35	)		—			(0.35	)
Year Ended June 30, 2011		13.29		0.39	(h)		2.15			2.54			(0.37	)		—			(0.37	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		17.81		0.24	(h)		(0.65	)		(0.41	)		(0.26	)		(0.15	)		(0.41	)
November 3, 2014 (i) through June 30, 2015		17.92		0.26	(h)(j)		0.11			0.37			(0.42	)		(0.06	)		(0.48	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		17.81		0.20	(h)		(0.63	)		(0.43	)		(0.25	)		(0.15	)		(0.40	)
Year Ended June 30, 2015		17.91		0.37	(h)(j)		0.09			0.46			(0.50	)		(0.06	)		(0.56	)
Year Ended June 30, 2014		16.35		0.38	(h)		1.68			2.06			(0.50	)		—			(0.50	)
Year Ended June 30, 2013		15.42		0.40	(h)		0.98			1.38			(0.45	)		—			(0.45	)
Year Ended June 30, 2012		15.51		0.44	(h)		(0.12	)		0.32			(0.41	)		—			(0.41	)
Year Ended June 30, 2011		13.32		0.44	(h)		2.18			2.62			(0.43	)		—			(0.43	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		17.79		0.19	(h)		(0.62	)		(0.43	)		(0.24	)		(0.15	)		(0.39	)
Year Ended June 30, 2015		17.90		0.35	(h)(j)		0.07			0.42			(0.47	)		(0.06	)		(0.53	)
Year Ended June 30, 2014		16.33		0.35	(h)		1.69			2.04			(0.47	)		—			(0.47	)
Year Ended June 30, 2013		15.41		0.38	(h)		0.96			1.34			(0.42	)		—			(0.42	)
Year Ended June 30, 2012		15.50		0.42	(h)		(0.12	)		0.30			(0.39	)		—			(0.39	)
Year Ended June 30, 2011		13.31		0.42	(h)		2.18			2.60			(0.41	)		—			(0.41	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Commencement of offering of class of shares.

(j) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of classes.

(k) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

72 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers and reimbursements (e)(f)			Portfolio turnover rate (c)(g)
$	16.94		(2.42	)%	$	677,277,033		0.29	%		2.08	%		0.56	%		11	%
	17.76		2.28			671,796,712		0.28			1.82	(j)		0.56			12
	17.87		12.49			552,000,974		0.28			1.97			0.56			10
	16.31		8.66			345,597,966		0.28			2.23			0.57			21
	15.39		1.97			224,499,324		0.28			2.69			0.57			16
	15.48		19.47			138,715,314		0.28			2.81			0.58			12
	16.82		(2.75	)		27,373,254		0.94			1.45			1.08			11
	17.64		1.59			25,865,433		0.93			1.19	(j)		1.07			12
	17.76		11.81			22,582,903		0.93			1.30			1.06			10
	16.21		7.99			17,518,436		0.93			1.58			1.06			21
	15.30		1.22			11,606,585		0.93			2.03			1.07			16
	15.41		18.69			8,175,672		0.93			2.10			1.08			12
	16.89		(2.55	)		131,052,321		0.54			1.84			0.84			11
	17.71		2.03			125,015,610		0.53			1.57	(j)		0.83			12
	17.82		12.21			108,335,745		0.53			1.73			0.81			10
	16.27		8.38			56,742,819		0.53			2.06			0.82			21
	15.36		1.72			33,178,533		0.53			2.48			0.83			16
	15.46		19.21			5,587,838		0.53			2.56			0.83			12
	16.99		(2.27	)		98,073,403		0.00			2.73			0.00	(k)		11
	17.81		2.04			44,259,790		0.00			2.18	(j)		0.00	(k)		12
	16.98		(2.35	)		1,327,438,492		0.06			2.28			0.14			11
	17.81		2.57			1,444,189,771		0.04			2.05	(j)		0.15			12
	17.91		12.73			1,079,859,658		0.03			2.21			0.16			10
	16.35		8.97			607,263,583		0.03			2.48			0.17			21
	15.42		2.21			337,354,170		0.03			2.92			0.17			16
	15.51		19.77			213,270,237		0.03			2.93			0.18			12
	16.97		(2.36	)		362,403,249		0.19			2.17			0.30			11
	17.79		2.37			384,115,065		0.18			1.93	(j)		0.31			12
	17.90		12.64			364,358,698		0.18			2.05			0.31			10
	16.33		8.75			247,864,903		0.18			2.33			0.32			21
	15.41		2.06			193,787,532		0.18			2.77			0.32			16
	15.50		19.62			139,335,245		0.18			2.80			0.33			12

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2020 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	18.50	$	0.19	(h)	$	(0.68	)	$	(0.49	)	$	(0.25	)	$	(0.19	)	$	(0.44	)
Year Ended June 30, 2015		18.62		0.34	(h)(j)		0.25			0.59			(0.49	)		(0.22	)		(0.71	)
Year Ended June 30, 2014		16.70		0.33	(h)		2.13			2.46			(0.47	)		(0.07	)		(0.54	)
Year Ended June 30, 2013		15.41		0.35	(h)		1.34			1.69			(0.40	)		—			(0.40	)
Year Ended June 30, 2012		15.54		0.38	(h)		(0.17	)		0.21			(0.34	)		—			(0.34	)
Year Ended June 30, 2011		13.00		0.38	(h)		2.52			2.90			(0.36	)		—			(0.36	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		18.42		0.14	(h)		(0.69	)		(0.55	)		(0.19	)		(0.19	)		(0.38	)
Year Ended June 30, 2015		18.56		0.21	(h)(j)		0.24			0.45			(0.37	)		(0.22	)		(0.59	)
Year Ended June 30, 2014		16.65		0.21	(h)		2.13			2.34			(0.36	)		(0.07	)		(0.43	)
Year Ended June 30, 2013		15.37		0.25	(h)		1.33			1.58			(0.30	)		—			(0.30	)
Year Ended June 30, 2012		15.50		0.27	(h)		(0.15	)		0.12			(0.25	)		—			(0.25	)
Year Ended June 30, 2011		12.99		0.29	(h)		2.49			2.78			(0.27	)		—			(0.27	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		18.45		0.17	(h)		(0.68	)		(0.51	)		(0.23	)		(0.19	)		(0.42	)
Year Ended June 30, 2015		18.58		0.29	(h)(j)		0.24			0.53			(0.44	)		(0.22	)		(0.66	)
Year Ended June 30, 2014		16.67		0.29	(h)		2.12			2.41			(0.43	)		(0.07	)		(0.50	)
Year Ended June 30, 2013		15.39		0.32	(h)		1.32			1.64			(0.36	)		—			(0.36	)
Year Ended June 30, 2012		15.53		0.34	(h)		(0.17	)		0.17			(0.31	)		—			(0.31	)
Year Ended June 30, 2011		13.00		0.35	(h)		2.51			2.86			(0.33	)		—			(0.33	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		18.58		0.26	(h)		(0.73	)		(0.47	)		(0.28	)		(0.19	)		(0.47	)
November 3, 2014 (i) through June 30, 2015		18.75		0.27	(h)(j)		0.23			0.50			(0.45	)		(0.22	)		(0.67	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		18.57		0.21	(h)		(0.68	)		(0.47	)		(0.27	)		(0.19	)		(0.46	)
Year Ended June 30, 2015		18.69		0.38	(h)(j)		0.25			0.63			(0.53	)		(0.22	)		(0.75	)
Year Ended June 30, 2014		16.76		0.38	(h)		2.13			2.51			(0.51	)		(0.07	)		(0.58	)
Year Ended June 30, 2013		15.46		0.40	(h)		1.34			1.74			(0.44	)		—			(0.44	)
Year Ended June 30, 2012		15.59		0.41	(h)		(0.16	)		0.25			(0.38	)		—			(0.38	)
Year Ended June 30, 2011		13.04		0.41	(h)		2.53			2.94			(0.39	)		—			(0.39	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		18.55		0.20	(h)		(0.68	)		(0.48	)		(0.26	)		(0.19	)		(0.45	)
Year Ended June 30, 2015		18.68		0.36	(h)(j)		0.23			0.59			(0.50	)		(0.22	)		(0.72	)
Year Ended June 30, 2014		16.75		0.35	(h)		2.14			2.49			(0.49	)		(0.07	)		(0.56	)
Year Ended June 30, 2013		15.45		0.36	(h)		1.35			1.71			(0.41	)		—			(0.41	)
Year Ended June 30, 2012		15.57		0.39	(h)		(0.15	)		0.24			(0.36	)		—			(0.36	)
Year Ended June 30, 2011		13.03		0.40	(h)		2.51			2.91			(0.37	)		—			(0.37	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Commencement of offering of class of shares.

(j) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of classes.

(k) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

74 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers and reimbursements (e)(f)			Portfolio turnover rate (c)(g)
$	17.57		(2.61	)%	$	1,474,092,544		0.29	%		2.13	%		0.56	%		6	%
	18.50		3.23			1,413,064,773		0.28			1.80	(j)		0.56			8
	18.62		14.87			1,106,943,955		0.28			1.86			0.55			9
	16.70		11.04			652,936,166		0.28			2.16			0.57			23
	15.41		1.48			396,662,789		0.28			2.50			0.58			12
	15.54		22.41			212,703,422		0.28			2.54			0.58			12
	17.49		(2.94	)		58,953,093		0.94			1.49			1.08			6
	18.42		2.50			56,200,731		0.93			1.15	(j)		1.08			8
	18.56		14.17			41,225,755		0.93			1.20			1.05			9
	16.65		10.33			26,331,781		0.93			1.50			1.07			23
	15.37		0.84			17,329,335		0.93			1.83			1.08			12
	15.50		21.51			12,604,090		0.93			1.90			1.09			12
	17.52		(2.73	)		335,076,927		0.54			1.90			0.83			6
	18.45		2.94			303,004,617		0.53			1.55	(j)		0.83			8
	18.58		14.58			229,054,335		0.53			1.63			0.80			9
	16.67		10.75			123,433,251		0.53			1.96			0.82			23
	15.39		1.22			66,197,474		0.53			2.22			0.84			12
	15.53		22.11			10,648,198		0.53			2.32			0.84			12
	17.64		(2.51	)		212,488,428		0.00			2.86			0.00	(k)		6
	18.58		2.73			96,486,068		0.00			2.14	(j)		0.00	(k)		8
	17.64		(2.49	)		3,149,481,004		0.06			2.33			0.14			6
	18.57		3.45			3,238,307,085		0.04			2.02	(j)		0.15			8
	18.69		15.14			2,288,844,154		0.03			2.12			0.15			9
	16.76		11.33			1,199,064,978		0.03			2.39			0.17			23
	15.46		1.72			595,699,881		0.03			2.73			0.18			12
	15.59		22.69			365,232,969		0.03			2.72			0.18			12
	17.62		(2.56	)		921,084,148		0.19			2.22			0.31			6
	18.55		3.26			964,095,152		0.18			1.91	(j)		0.30			8
	18.68		14.99			837,787,313		0.18			1.95			0.30			9
	16.75		11.17			579,236,917		0.18			2.18			0.32			23
	15.45		1.63			529,645,002		0.18			2.57			0.33			12
	15.57		22.47			423,159,326		0.18			2.64			0.33			12

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 75

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2025 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	17.97	$	0.18	(h)	$	(0.72	)	$	(0.54	)	$	(0.24	)	$	(0.19	)	$	(0.43	)
Year Ended June 30, 2015		18.00		0.30	(h)(j)		0.35			0.65			(0.47	)		(0.21	)		(0.68	)
Year Ended June 30, 2014		16.03		0.29	(h)		2.39			2.68			(0.45	)		(0.26	)		(0.71	)
Year Ended June 30, 2013		14.50		0.32	(h)		1.58			1.90			(0.36	)		(0.01	)		(0.37	)
Year Ended June 30, 2012		14.81		0.32	(h)		(0.29	)		0.03			(0.29	)		(0.05	)		(0.34	)
Year Ended June 30, 2011		12.15		0.33	(h)		2.70			3.03			(0.30	)		(0.07	)		(0.37	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		17.91		0.12	(h)		(0.72	)		(0.60	)		(0.18	)		(0.19	)		(0.37	)
Year Ended June 30, 2015		17.95		0.18	(h)(j)		0.36			0.54			(0.37	)		(0.21	)		(0.58	)
Year Ended June 30, 2014		16.00		0.18	(h)		2.37			2.55			(0.34	)		(0.26	)		(0.60	)
Year Ended June 30, 2013		14.48		0.22	(h)		1.58			1.80			(0.27	)		(0.01	)		(0.28	)
Year Ended June 30, 2012		14.80		0.23	(h)		(0.30	)		(0.07	)		(0.20	)		(0.05	)		(0.25	)
Year Ended June 30, 2011		12.15		0.23	(h)		2.71			2.94			(0.22	)		(0.07	)		(0.29	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		17.92		0.16	(h)		(0.73	)		(0.57	)		(0.22	)		(0.19	)		(0.41	)
Year Ended June 30, 2015		17.95		0.25	(h)(j)		0.36			0.61			(0.43	)		(0.21	)		(0.64	)
Year Ended June 30, 2014		16.00		0.25	(h)		2.37			2.62			(0.41	)		(0.26	)		(0.67	)
Year Ended June 30, 2013		14.47		0.29	(h)		1.58			1.87			(0.33	)		(0.01	)		(0.34	)
Year Ended June 30, 2012		14.79		0.29	(h)		(0.30	)		(0.01	)		(0.26	)		(0.05	)		(0.31	)
Year Ended June 30, 2011		12.14		0.29	(h)		2.70			2.99			(0.27	)		(0.07	)		(0.34	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		18.03		0.25	(h)		(0.77	)		(0.52	)		(0.27	)		(0.19	)		(0.46	)
November 3, 2014 (i) through June 30, 2015		18.13		0.24	(h)(j)		0.32			0.56			(0.45	)		(0.21	)		(0.66	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		18.03		0.20	(h)		(0.73	)		(0.53	)		(0.26	)		(0.19	)		(0.45	)
Year Ended June 30, 2015		18.05		0.34	(h)(j)		0.37			0.71			(0.52	)		(0.21	)		(0.73	)
Year Ended June 30, 2014		16.07		0.34	(h)		2.39			2.73			(0.49	)		(0.26	)		(0.75	)
Year Ended June 30, 2013		14.53		0.35	(h)		1.60			1.95			(0.40	)		(0.01	)		(0.41	)
Year Ended June 30, 2012		14.84		0.36	(h)		(0.30	)		0.06			(0.32	)		(0.05	)		(0.37	)
Year Ended June 30, 2011		12.17		0.35	(h)		2.72			3.07			(0.33	)		(0.07	)		(0.40	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		18.01		0.19	(h)		(0.73	)		(0.54	)		(0.25	)		(0.19	)		(0.44	)
Year Ended June 30, 2015		18.04		0.32	(h)(j)		0.35			0.67			(0.49	)		(0.21	)		(0.70	)
Year Ended June 30, 2014		16.06		0.31	(h)		2.39			2.70			(0.46	)		(0.26	)		(0.72	)
Year Ended June 30, 2013		14.52		0.34	(h)		1.59			1.93			(0.38	)		(0.01	)		(0.39	)
Year Ended June 30, 2012		14.84		0.33	(h)		(0.30	)		0.03			(0.30	)		(0.05	)		(0.35	)
Year Ended June 30, 2011		12.17		0.33	(h)		2.73			3.06			(0.32	)		(0.07	)		(0.39	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Commencement of offering of class of shares.

(j) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of classes.

(k) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

76 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers and reimbursements (e)(f)			Portfolio turnover rate (c)(g)
$	17.00		(2.96	)%	$	1,424,382,720		0.30	%		2.03	%		0.56	%		5	%
	17.97		3.74			1,322,590,934		0.29			1.66	(j)		0.56			8
	18.00		16.96			949,827,525		0.29			1.69			0.56			7
	16.03		13.23			524,850,362		0.29			2.03			0.58			14
	14.50		0.30			304,654,425		0.29			2.29			0.59			13
	14.81		25.08			166,459,484		0.29			2.27			0.59			13
	16.94		(3.29	)		53,614,975		0.95			1.34			1.09			5
	17.91		3.07			53,305,463		0.94			1.01	(j)		1.08			8
	17.95		16.18			36,336,181		0.94			1.05			1.06			7
	16.00		12.54			20,270,701		0.94			1.41			1.08			14
	14.48		(0.39	)		9,094,758		0.94			1.65			1.09			13
	14.80		24.25			5,333,896		0.94			1.60			1.09			13
	16.94		(3.14	)		293,296,906		0.55			1.80			0.83			5
	17.92		3.50			265,307,239		0.54			1.39	(j)		0.83			8
	17.95		16.61			194,791,393		0.54			1.45			0.81			7
	16.00		13.01			90,656,793		0.54			1.86			0.83			14
	14.47		0.03			48,206,399		0.54			2.05			0.85			13
	14.79		24.75			11,214,211		0.54			2.02			0.84			13
	17.05		(2.86	)		190,623,908		0.00			2.79			0.00	(k)		5
	18.03		3.16			82,127,377		0.00			1.97	(j)		0.00	(k)		8
	17.05		(2.89	)		2,828,846,320		0.06			2.25			0.14			5
	18.03		4.02			2,752,521,619		0.05			1.89	(j)		0.15			8
	18.05		17.25			1,768,679,204		0.04			1.97			0.16			7
	16.07		13.54			684,782,838		0.04			2.25			0.18			14
	14.53		0.53			261,570,481		0.04			2.55			0.19			13
	14.84		25.39			90,629,871		0.04			2.43			0.19			13
	17.03		(2.96	)		773,370,770		0.20			2.12			0.30			5
	18.01		3.82			762,445,476		0.19			1.77	(j)		0.31			8
	18.04		17.10			592,406,545		0.19			1.78			0.31			7
	16.06		13.39			348,288,801		0.19			2.15			0.33			14
	14.52		0.32			235,342,053		0.19			2.36			0.34			13
	14.84		25.22			127,173,268		0.19			2.29			0.34			13

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 77

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2030 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	19.37	$	0.18	(h)	$	(0.87	)	$	(0.69	)	$	(0.25	)	$	(0.22	)	$	(0.47	)
Year Ended June 30, 2015		19.38		0.30	(h)(j)		0.46			0.76			(0.50	)		(0.27	)		(0.77	)
Year Ended June 30, 2014		16.94		0.28	(h)		2.86			3.14			(0.48	)		(0.22	)		(0.70	)
Year Ended June 30, 2013		15.05		0.32	(h)		1.94			2.26			(0.37	)		—			(0.37	)
Year Ended June 30, 2012		15.51		0.31	(h)		(0.49	)		(0.18	)		(0.28	)		—			(0.28	)
Year Ended June 30, 2011		12.44		0.30	(h)		3.05			3.35			(0.28	)		—			(0.28	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		19.22		0.12	(h)		(0.86	)		(0.74	)		(0.21	)		(0.22	)		(0.43	)
Year Ended June 30, 2015		19.25		0.17	(h)(j)		0.46			0.63			(0.39	)		(0.27	)		(0.66	)
Year Ended June 30, 2014		16.84		0.16	(h)		2.84			3.00			(0.37	)		(0.22	)		(0.59	)
Year Ended June 30, 2013		14.98		0.21	(h)		1.92			2.13			(0.27	)		—			(0.27	)
Year Ended June 30, 2012		15.44		0.21	(h)		(0.48	)		(0.27	)		(0.19	)		—			(0.19	)
Year Ended June 30, 2011		12.39		0.21	(h)		3.04			3.25			(0.20	)		—			(0.20	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		19.31		0.16	(h)		(0.87	)		(0.71	)		(0.23	)		(0.22	)		(0.45	)
Year Ended June 30, 2015		19.33		0.25	(h)(j)		0.45			0.70			(0.45	)		(0.27	)		(0.72	)
Year Ended June 30, 2014		16.90		0.24	(h)		2.85			3.09			(0.44	)		(0.22	)		(0.66	)
Year Ended June 30, 2013		15.03		0.28	(h)		1.92			2.20			(0.33	)		—			(0.33	)
Year Ended June 30, 2012		15.50		0.28	(h)		(0.50	)		(0.22	)		(0.25	)		—			(0.25	)
Year Ended June 30, 2011		12.43		0.26	(h)		3.07			3.33			(0.26	)		—			(0.26	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		19.45		0.26	(h)		(0.93	)		(0.67	)		(0.28	)		(0.22	)		(0.50	)
November 3, 2014 (i) through June 30, 2015		19.55		0.24	(h)(j)		0.41			0.65			(0.48	)		(0.27	)		(0.75	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		19.45		0.21	(h)		(0.87	)		(0.66	)		(0.28	)		(0.22	)		(0.50	)
Year Ended June 30, 2015		19.46		0.35	(h)(j)		0.46			0.81			(0.55	)		(0.27	)		(0.82	)
Year Ended June 30, 2014		17.01		0.33	(h)		2.86			3.19			(0.52	)		(0.22	)		(0.74	)
Year Ended June 30, 2013		15.11		0.35	(h)		1.96			2.31			(0.41	)		—			(0.41	)
Year Ended June 30, 2012		15.57		0.35	(h)		(0.50	)		(0.15	)		(0.31	)		—			(0.31	)
Year Ended June 30, 2011		12.48		0.33	(h)		3.08			3.41			(0.32	)		—			(0.32	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		19.41		0.19	(h)		(0.87	)		(0.68	)		(0.26	)		(0.22	)		(0.48	)
Year Ended June 30, 2015		19.42		0.32	(h)(j)		0.46			0.78			(0.52	)		(0.27	)		(0.79	)
Year Ended June 30, 2014		16.98		0.30	(h)		2.85			3.15			(0.49	)		(0.22	)		(0.71	)
Year Ended June 30, 2013		15.08		0.31	(h)		1.97			2.28			(0.38	)		—			(0.38	)
Year Ended June 30, 2012		15.54		0.32	(h)		(0.49	)		(0.17	)		(0.29	)		—			(0.29	)
Year Ended June 30, 2011		12.46		0.32	(h)		3.06			3.38			(0.30	)		—			(0.30	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Commencement of offering of class of shares.

(j) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of classes.

(k) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

78 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers and reimbursements (e)(f)			Portfolio turnover rate (c)(g)
$	18.21		(3.51	)%	$	1,575,298,930		0.30	%		1.94	%		0.57	%		9	%
	19.37		4.05			1,479,265,341		0.29			1.54	(j)		0.57			10
	19.38		18.75			1,111,610,185		0.29			1.54			0.56			10
	16.94		15.12			626,316,366		0.29			1.93			0.59			21
	15.05		(1.07	)		357,065,620		0.29			2.14			0.60			15
	15.51		27.05			203,411,734		0.29			2.05			0.60			12
	18.05		(3.85	)		51,461,821		0.95			1.24			1.11			9
	19.22		3.39			53,202,326		0.94			0.88	(j)		1.10			10
	19.25		17.96			39,005,729		0.94			0.87			1.06			10
	16.84		14.30			25,631,541		0.94			1.27			1.09			21
	14.98		(1.69	)		14,941,472		0.94			1.47			1.10			15
	15.44		26.30			10,145,113		0.94			1.39			1.10			12
	18.15		(3.64	)		396,122,073		0.55			1.70			0.84			9
	19.31		3.77			351,034,923		0.54			1.29	(j)		0.84			10
	19.33		18.48			259,005,839		0.54			1.32			0.81			10
	16.90		14.76			116,048,480		0.54			1.72			0.84			21
	15.03		(1.32	)		51,533,094		0.54			1.93			0.85			15
	15.50		26.84			8,835,558		0.54			1.71			0.86			12
	18.28		(3.41	)		198,352,145		0.00			2.70			0.00	(k)		9
	19.45		3.42			96,079,609		0.00			1.84	(j)		0.00	(k)		10
	18.29		(3.38	)		3,086,219,529		0.06			2.16			0.15			9
	19.45		4.28			3,091,391,989		0.05			1.77	(j)		0.16			10
	19.46		19.00			2,102,751,164		0.04			1.80			0.16			10
	17.01		15.39			1,036,751,950		0.04			2.15			0.19			21
	15.11		(0.83	)		520,099,078		0.04			2.37			0.20			15
	15.57		27.41			323,775,695		0.04			2.24			0.20			12
	18.25		(3.46	)		918,153,549		0.20			2.02			0.32			9
	19.41		4.14			950,009,815		0.19			1.66	(j)		0.32			10
	19.42		18.81			781,446,585		0.19			1.64			0.31			10
	16.98		15.25			470,179,084		0.19			1.92			0.34			21
	15.08		(0.98	)		458,655,221		0.19			2.21			0.35			15
	15.54		27.21			363,287,639		0.19			2.16			0.35			12

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 79

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2035 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	18.59	$	0.17	(h)	$	(0.89	)	$	(0.72	)	$	(0.24	)	$	(0.22	)	$	(0.46	)
Year Ended June 30, 2015		18.56		0.27	(h)(j)		0.50			0.77			(0.48	)		(0.26	)		(0.74	)
Year Ended June 30, 2014		16.15		0.25	(h)		2.95			3.20			(0.45	)		(0.34	)		(0.79	)
Year Ended June 30, 2013		14.17		0.28	(h)		2.06			2.34			(0.33	)		(0.03	)		(0.36	)
Year Ended June 30, 2012		14.73		0.27	(h)		(0.54	)		(0.27	)		(0.24	)		(0.05	)		(0.29	)
Year Ended June 30, 2011		11.68		0.26	(h)		3.09			3.35			(0.23	)		(0.07	)		(0.30	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		18.47		0.10	(h)		(0.88	)		(0.78	)		(0.20	)		(0.22	)		(0.42	)
Year Ended June 30, 2015		18.46		0.15	(h)(j)		0.50			0.65			(0.38	)		(0.26	)		(0.64	)
Year Ended June 30, 2014		16.08		0.13	(h)		2.93			3.06			(0.34	)		(0.34	)		(0.68	)
Year Ended June 30, 2013		14.12		0.18	(h)		2.05			2.23			(0.24	)		(0.03	)		(0.27	)
Year Ended June 30, 2012		14.68		0.18	(h)		(0.53	)		(0.35	)		(0.16	)		(0.05	)		(0.21	)
Year Ended June 30, 2011		11.66		0.17	(h)		3.08			3.25			(0.16	)		(0.07	)		(0.23	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		18.54		0.15	(h)		(0.89	)		(0.74	)		(0.22	)		(0.22	)		(0.44	)
Year Ended June 30, 2015		18.52		0.22	(h)(j)		0.49			0.71			(0.43	)		(0.26	)		(0.69	)
Year Ended June 30, 2014		16.12		0.21	(h)		2.94			3.15			(0.41	)		(0.34	)		(0.75	)
Year Ended June 30, 2013		14.15		0.25	(h)		2.05			2.30			(0.30	)		(0.03	)		(0.33	)
Year Ended June 30, 2012		14.72		0.24	(h)		(0.54	)		(0.30	)		(0.22	)		(0.05	)		(0.27	)
Year Ended June 30, 2011		11.68		0.23	(h)		3.09			3.32			(0.21	)		(0.07	)		(0.28	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		18.68		0.24	(h)		(0.94	)		(0.70	)		(0.27	)		(0.22	)		(0.49	)
November 3, 2014 (i) through June 30, 2015		18.74		0.20	(h)(j)		0.46			0.66			(0.46	)		(0.26	)		(0.72	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		18.68		0.19	(h)		(0.89	)		(0.70	)		(0.27	)		(0.22	)		(0.49	)
Year Ended June 30, 2015		18.64		0.32	(h)(j)		0.50			0.82			(0.52	)		(0.26	)		(0.78	)
Year Ended June 30, 2014		16.21		0.30	(h)		2.96			3.26			(0.49	)		(0.34	)		(0.83	)
Year Ended June 30, 2013		14.23		0.32	(h)		2.06			2.38			(0.37	)		(0.03	)		(0.40	)
Year Ended June 30, 2012		14.78		0.31	(h)		(0.54	)		(0.23	)		(0.27	)		(0.05	)		(0.32	)
Year Ended June 30, 2011		11.72		0.28	(h)		3.11			3.39			(0.26	)		(0.07	)		(0.33	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		18.67		0.18	(h)		(0.90	)		(0.72	)		(0.25	)		(0.22	)		(0.47	)
Year Ended June 30, 2015		18.63		0.30	(h)(j)		0.49			0.79			(0.49	)		(0.26	)		(0.75	)
Year Ended June 30, 2014		16.21		0.26	(h)		2.96			3.22			(0.46	)		(0.34	)		(0.80	)
Year Ended June 30, 2013		14.23		0.30	(h)		2.05			2.35			(0.34	)		(0.03	)		(0.37	)
Year Ended June 30, 2012		14.78		0.28	(h)		(0.53	)		(0.25	)		(0.25	)		(0.05	)		(0.30	)
Year Ended June 30, 2011		11.72		0.26	(h)		3.11			3.37			(0.24	)		(0.07	)		(0.31	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Commencement of offering of class of shares.

(j) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of classes.

(k) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

80 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers and reimbursements (e)(f)			Portfolio turnover rate (c)(g)
$	17.41		(3.85	)%	$	1,093,073,364		0.30	%		1.87	%		0.58	%		7	%
	18.59		4.22			1,011,295,528		0.29			1.45	(j)		0.58			10
	18.56		20.12			725,647,849		0.29			1.39			0.57			8
	16.15		16.62			380,599,455		0.29			1.81			0.61			13
	14.17		(1.71	)		204,636,229		0.29			1.98			0.61			14
	14.73		28.87			104,259,153		0.29			1.87			0.62			12
	17.27		(4.21	)		32,666,705		0.95			1.12			1.07			7
	18.47		3.59			35,271,638		0.94			0.80	(j)		1.07			10
	18.46		19.30			22,282,103		0.94			0.74			1.07			8
	16.08		15.85			13,673,242		0.94			1.14			1.11			13
	14.12		(2.32	)		7,450,619		0.94			1.33			1.11			14
	14.68		27.96			4,348,234		0.94			1.22			1.12			12
	17.36		(3.98	)		251,463,152		0.55			1.64			0.85			7
	18.54		3.93			225,354,729		0.54			1.19	(j)		0.85			10
	18.52		19.84			159,581,426		0.54			1.17			0.82			8
	16.12		16.32			64,440,577		0.54			1.64			0.86			13
	14.15		(1.97	)		32,627,384		0.54			1.74			0.87			14
	14.72		28.55			4,870,838		0.54			1.64			0.87			12
	17.49		(3.75	)		162,182,627		0.00			2.63			0.00	(k)		7
	18.68		3.60			77,861,701		0.00			1.63	(j)		0.00	(k)		10
	17.49		(3.77	)		2,175,217,333		0.06			2.08			0.16			7
	18.68		4.50			2,103,140,075		0.05			1.68	(j)		0.17			10
	18.64		20.43			1,342,987,195		0.04			1.69			0.17			8
	16.21		16.82			441,806,897		0.04			2.01			0.21			13
	14.23		(1.41	)		160,986,570		0.04			2.25			0.21			14
	14.78		29.13			57,672,721		0.04			2.02			0.22			12
	17.48		(3.84	)		593,356,487		0.20			1.95			0.32			7
	18.67		4.36			580,866,905		0.19			1.57	(j)		0.33			10
	18.63		20.21			436,679,753		0.19			1.50			0.32			8
	16.21		16.66			235,978,216		0.19			1.94			0.36			13
	14.23		(1.55	)		157,650,585		0.19			2.05			0.36			14
	14.78		28.96			88,391,472		0.19			1.87			0.37			12

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 81

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2040 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	19.96	$	0.18	(h)	$	(1.02	)	$	(0.84	)	$	(0.26	)	$	(0.25	)	$	(0.51	)
Year Ended June 30, 2015		19.93		0.27	(h)(j)		0.57			0.84			(0.50	)		(0.31	)		(0.81	)
Year Ended June 30, 2014		17.14		0.25	(h)		3.26			3.51			(0.49	)		(0.23	)		(0.72	)
Year Ended June 30, 2013		14.96		0.29	(h)		2.24			2.53			(0.35	)		—			(0.35	)
Year Ended June 30, 2012		15.49		0.28	(h)		(0.57	)		(0.29	)		(0.24	)		—			(0.24	)
Year Ended June 30, 2011		12.24		0.27	(h)		3.24			3.51			(0.26	)		—			(0.26	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		19.76		0.10	(h)		(1.00	)		(0.90	)		(0.22	)		(0.25	)		(0.47	)
Year Ended June 30, 2015		19.76		0.14	(h)(j)		0.57			0.71			(0.40	)		(0.31	)		(0.71	)
Year Ended June 30, 2014		17.00		0.13	(h)		3.23			3.36			(0.37	)		(0.23	)		(0.60	)
Year Ended June 30, 2013		14.86		0.18	(h)		2.22			2.40			(0.26	)		—			(0.26	)
Year Ended June 30, 2012		15.39		0.18	(h)		(0.55	)		(0.37	)		(0.16	)		—			(0.16	)
Year Ended June 30, 2011		12.17		0.18	(h)		3.22			3.40			(0.18	)		—			(0.18	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		19.88		0.15	(h)		(1.00	)		(0.85	)		(0.25	)		(0.25	)		(0.50	)
Year Ended June 30, 2015		19.86		0.22	(h)(j)		0.57			0.79			(0.46	)		(0.31	)		(0.77	)
Year Ended June 30, 2014		17.09		0.21	(h)		3.23			3.44			(0.44	)		(0.23	)		(0.67	)
Year Ended June 30, 2013		14.92		0.26	(h)		2.23			2.49			(0.32	)		—			(0.32	)
Year Ended June 30, 2012		15.46		0.25	(h)		(0.57	)		(0.32	)		(0.22	)		—			(0.22	)
Year Ended June 30, 2011		12.22		0.21	(h)		3.26			3.47			(0.23	)		—			(0.23	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		20.06		0.26	(h)		(1.08	)		(0.82	)		(0.29	)		(0.25	)		(0.54	)
November 3, 2014 (i) through June 30, 2015		20.11		0.21	(h)(j)		0.54			0.75			(0.49	)		(0.31	)		(0.80	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		20.06		0.20	(h)		(1.03	)		(0.83	)		(0.28	)		(0.25	)		(0.53	)
Year Ended June 30, 2015		20.02		0.32	(h)(j)		0.58			0.90			(0.55	)		(0.31	)		(0.86	)
Year Ended June 30, 2014		17.21		0.30	(h)		3.27			3.57			(0.53	)		(0.23	)		(0.76	)
Year Ended June 30, 2013		15.02		0.33	(h)		2.25			2.58			(0.39	)		—			(0.39	)
Year Ended June 30, 2012		15.55		0.32	(h)		(0.57	)		(0.25	)		(0.28	)		—			(0.28	)
Year Ended June 30, 2011		12.28		0.30	(h)		3.27			3.57			(0.30	)		—			(0.30	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		20.01		0.18	(h)		(1.01	)		(0.83	)		(0.27	)		(0.25	)		(0.52	)
Year Ended June 30, 2015		19.98		0.30	(h)(j)		0.56			0.86			(0.52	)		(0.31	)		(0.83	)
Year Ended June 30, 2014		17.18		0.27	(h)		3.26			3.53			(0.50	)		(0.23	)		(0.73	)
Year Ended June 30, 2013		14.99		0.28	(h)		2.28			2.56			(0.37	)		—			(0.37	)
Year Ended June 30, 2012		15.52		0.29	(h)		(0.56	)		(0.27	)		(0.26	)		—			(0.26	)
Year Ended June 30, 2011		12.26		0.29	(h)		3.25			3.54			(0.28	)		—			(0.28	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Commencement of offering of class of shares.

(j) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of classes.

(k) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

82 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers and reimbursements (e)(f)			Portfolio turnover rate (c)(g)
$	18.61		(4.18	)%	$	1,101,375,214		0.30	%		1.81	%		0.61	%		7	%
	19.96		4.36			1,032,320,891		0.29			1.36	(j)		0.61			10
	19.93		20.71			793,106,767		0.29			1.34			0.59			9
	17.14		17.07			448,919,625		0.29			1.77			0.63			22
	14.96		(1.77	)		245,722,474		0.29			1.94			0.64			14
	15.49		28.80			147,557,932		0.29			1.84			0.62			13
	18.39		(4.50	)		33,042,633		0.95			1.07			1.16			7
	19.76		3.71			34,874,908		0.94			0.71	(j)		1.15			10
	19.76		19.97			27,191,674		0.94			0.67			1.09			9
	17.00		16.22			17,539,682		0.94			1.14			1.13			22
	14.86		(2.36	)		10,162,186		0.94			1.27			1.14			14
	15.39		28.01			6,969,911		0.94			1.20			1.12			13
	18.53		(4.27	)		259,299,870		0.55			1.55			0.89			7
	19.88		4.09			233,012,841		0.54			1.11	(j)		0.88			10
	19.86		20.40			172,440,254		0.54			1.12			0.84			9
	17.09		16.80			78,247,889		0.54			1.56			0.88			22
	14.92		(2.02	)		36,941,195		0.54			1.70			0.90			14
	15.46		28.51			6,141,245		0.54			1.42			0.88			13
	18.70		(4.06	)		153,373,373		0.00			2.63			0.00	(k)		7
	20.06		3.85			74,475,091		0.00			1.54	(j)		0.00	(k)		10
	18.70		(4.09	)		2,241,650,240		0.06			2.02			0.16			7
	20.06		4.63			2,268,744,460		0.05			1.59	(j)		0.18			10
	20.02		21.02			1,514,714,606		0.04			1.61			0.19			9
	17.21		17.34			721,292,751		0.04			1.99			0.23			22
	15.02		(1.53	)		381,880,090		0.04			2.17			0.24			14
	15.55		29.15			261,763,562		0.04			2.04			0.22			13
	18.66		(4.12	)		650,129,982		0.20			1.86			0.35			7
	20.01		4.44			685,404,675		0.19			1.49	(j)		0.35			10
	19.98		20.83			552,836,747		0.19			1.45			0.34			9
	17.18		17.20			312,754,826		0.19			1.74			0.38			22
	14.99		(1.67	)		307,088,155		0.19			2.02			0.39			14
	15.52		28.96			232,478,416		0.19			1.97			0.37			13

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 83

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2045 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	18.90	$	0.17	(h)	$	(0.95	)	$	(0.78	)	$	(0.25	)	$	(0.23	)	$	(0.48	)
Year Ended June 30, 2015		18.83		0.26	(h)(j)		0.54			0.80			(0.47	)		(0.26	)		(0.73	)
Year Ended June 30, 2014		16.29		0.24	(h)		3.07			3.31			(0.45	)		(0.32	)		(0.77	)
Year Ended June 30, 2013		14.23		0.27	(h)		2.14			2.41			(0.33	)		(0.02	)		(0.35	)
Year Ended June 30, 2012		14.77		0.27	(h)		(0.54	)		(0.27	)		(0.23	)		(0.04	)		(0.27	)
Year Ended June 30, 2011		11.81		0.26	(h)		3.10			3.36			(0.23	)		(0.17	)		(0.40	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		18.80		0.10	(h)		(0.94	)		(0.84	)		(0.21	)		(0.23	)		(0.44	)
Year Ended June 30, 2015		18.76		0.13	(h)(j)		0.55			0.68			(0.38	)		(0.26	)		(0.64	)
Year Ended June 30, 2014		16.24		0.12	(h)		3.07			3.19			(0.35	)		(0.32	)		(0.67	)
Year Ended June 30, 2013		14.20		0.17	(h)		2.13			2.30			(0.24	)		(0.02	)		(0.26	)
Year Ended June 30, 2012		14.74		0.18	(h)		(0.53	)		(0.35	)		(0.15	)		(0.04	)		(0.19	)
Year Ended June 30, 2011		11.81		0.19	(h)		3.08			3.27			(0.17	)		(0.17	)		(0.34	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		18.85		0.14	(h)		(0.95	)		(0.81	)		(0.23	)		(0.23	)		(0.46	)
Year Ended June 30, 2015		18.79		0.21	(h)(j)		0.54			0.75			(0.43	)		(0.26	)		(0.69	)
Year Ended June 30, 2014		16.26		0.20	(h)		3.07			3.27			(0.42	)		(0.32	)		(0.74	)
Year Ended June 30, 2013		14.21		0.25	(h)		2.11			2.36			(0.29	)		(0.02	)		(0.31	)
Year Ended June 30, 2012		14.76		0.24	(h)		(0.54	)		(0.30	)		(0.21	)		(0.04	)		(0.25	)
Year Ended June 30, 2011		11.81		0.23	(h)		3.09			3.32			(0.20	)		(0.17	)		(0.37	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		18.97		0.23	(h)		(1.00	)		(0.77	)		(0.27	)		(0.23	)		(0.50	)
November 3, 2014 (i) through June 30, 2015		18.99		0.19	(h)(j)		0.51			0.70			(0.46	)		(0.26	)		(0.72	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		18.97		0.19	(h)		(0.95	)		(0.76	)		(0.27	)		(0.23	)		(0.50	)
Year Ended June 30, 2015		18.90		0.30	(h)(j)		0.55			0.85			(0.52	)		(0.26	)		(0.78	)
Year Ended June 30, 2014		16.34		0.30	(h)		3.08			3.38			(0.50	)		(0.32	)		(0.82	)
Year Ended June 30, 2013		14.27		0.31	(h)		2.14			2.45			(0.36	)		(0.02	)		(0.38	)
Year Ended June 30, 2012		14.81		0.31	(h)		(0.54	)		(0.23	)		(0.27	)		(0.04	)		(0.31	)
Year Ended June 30, 2011		11.84		0.28	(h)		3.12			3.40			(0.26	)		(0.17	)		(0.43	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		18.96		0.18	(h)		(0.96	)		(0.78	)		(0.26	)		(0.23	)		(0.49	)
Year Ended June 30, 2015		18.89		0.29	(h)(j)		0.53			0.82			(0.49	)		(0.26	)		(0.75	)
Year Ended June 30, 2014		16.34		0.26	(h)		3.08			3.34			(0.47	)		(0.32	)		(0.79	)
Year Ended June 30, 2013		14.27		0.30	(h)		2.13			2.43			(0.34	)		(0.02	)		(0.36	)
Year Ended June 30, 2012		14.80		0.28	(h)		(0.52	)		(0.24	)		(0.25	)		(0.04	)		(0.29	)
Year Ended June 30, 2011		11.84		0.27	(h)		3.10			3.37			(0.24	)		(0.17	)		(0.41	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Commencement of offering of class of shares.

(j) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of classes.

(k) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

84 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers and reimbursements (e)(f)			Portfolio turnover rate (c)(g)
$	17.64		(4.14	)%	$	630,092,617		0.30	%		1.84	%		0.64	%		7	%
	18.90		4.40			566,570,260		0.29			1.38	(j)		0.64			9
	18.83		20.68			393,004,238		0.29			1.34			0.62			8
	16.29		17.10			195,534,833		0.29			1.77			0.66			11
	14.23		(1.68	)		97,150,663		0.29			1.97			0.66			11
	14.77		28.68			44,721,790		0.29			1.82			0.68			11
	17.52		(4.45	)		18,655,581		0.95			1.11			1.19			7
	18.80		3.71			18,384,099		0.94			0.69	(j)		1.18			9
	18.76		19.91			12,377,129		0.94			0.70			1.12			8
	16.24		16.31			6,672,821		0.94			1.11			1.16			11
	14.20		(2.29	)		3,188,443		0.94			1.30			1.15			11
	14.74		27.82			1,782,177		0.94			1.34			1.18			11
	17.58		(4.29	)		148,214,024		0.55			1.57			0.93			7
	18.85		4.12			135,857,065		0.54			1.11	(j)		0.93			9
	18.79		20.41			93,369,236		0.54			1.12			0.87			8
	16.26		16.80			36,478,073		0.54			1.59			0.91			11
	14.21		(1.94	)		18,099,079		0.54			1.71			0.93			11
	14.76		28.34			2,197,468		0.54			1.59			0.93			11
	17.70		(4.03	)		106,662,474		0.00			2.49			0.00	(k)		7
	18.97		3.82			60,229,727		0.00			1.48	(j)		0.01			9
	17.71		(4.01	)		1,342,276,713		0.06			2.04			0.18			7
	18.97		4.62			1,273,012,966		0.05			1.60	(j)		0.20			9
	18.90		21.02			800,474,522		0.04			1.64			0.22			8
	16.34		17.39			232,443,865		0.04			1.95			0.27			11
	14.27		(1.45	)		80,127,469		0.04			2.22			0.26			11
	14.81		28.96			32,109,107		0.04			2.01			0.28			11
	17.69		(4.13	)		352,429,795		0.20			1.89			0.38			7
	18.96		4.48			336,202,683		0.19			1.51	(j)		0.40			9
	18.89		20.79			233,540,430		0.19			1.45			0.37			8
	16.34		17.23			106,990,895		0.19			1.89			0.41			11
	14.27		(1.53	)		64,581,494		0.19			2.03			0.40			11
	14.80		28.71			34,397,929		0.19			1.90			0.43			11

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 85

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2050 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	18.86	$	0.17	(h)	$	(0.94	)	$	(0.77	)	$	(0.25	)	$	(0.22	)	$	(0.47	)
Year Ended June 30, 2015		18.79		0.26	(h)(j)		0.54			0.80			(0.47	)		(0.26	)		(0.73	)
Year Ended June 30, 2014		16.28		0.24	(h)		3.08			3.32			(0.46	)		(0.35	)		(0.81	)
Year Ended June 30, 2013		14.23		0.28	(h)		2.11			2.39			(0.32	)		(0.02	)		(0.34	)
Year Ended June 30, 2012		14.79		0.27	(h)		(0.55	)		(0.28	)		(0.23	)		(0.05	)		(0.28	)
Year Ended June 30, 2011		11.85		0.26	(h)		3.16			3.42			(0.24	)		(0.24	)		(0.48	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		18.74		0.10	(h)		(0.93	)		(0.83	)		(0.21	)		(0.22	)		(0.43	)
Year Ended June 30, 2015		18.70		0.13	(h)(j)		0.54			0.67			(0.37	)		(0.26	)		(0.63	)
Year Ended June 30, 2014		16.22		0.12	(h)		3.06			3.18			(0.35	)		(0.35	)		(0.70	)
Year Ended June 30, 2013		14.18		0.18	(h)		2.11			2.29			(0.23	)		(0.02	)		(0.25	)
Year Ended June 30, 2012		14.74		0.18	(h)		(0.54	)		(0.36	)		(0.15	)		(0.05	)		(0.20	)
Year Ended June 30, 2011		11.83		0.17	(h)		3.15			3.32			(0.17	)		(0.24	)		(0.41	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		18.81		0.14	(h)		(0.94	)		(0.80	)		(0.23	)		(0.22	)		(0.45	)
Year Ended June 30, 2015		18.74		0.21	(h)(j)		0.54			0.75			(0.42	)		(0.26	)		(0.68	)
Year Ended June 30, 2014		16.25		0.20	(h)		3.06			3.26			(0.42	)		(0.35	)		(0.77	)
Year Ended June 30, 2013		14.21		0.25	(h)		2.10			2.35			(0.29	)		(0.02	)		(0.31	)
Year Ended June 30, 2012		14.77		0.25	(h)		(0.55	)		(0.30	)		(0.21	)		(0.05	)		(0.26	)
Year Ended June 30, 2011		11.84		0.21	(h)		3.17			3.38			(0.21	)		(0.24	)		(0.45	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		18.95		0.23	(h)		(0.97	)		(0.74	)		(0.28	)		(0.22	)		(0.50	)
November 3, 2014 (i) through June 30, 2015		18.96		0.19	(h)(j)		0.52			0.71			(0.46	)		(0.26	)		(0.72	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		18.95		0.19	(h)		(0.95	)		(0.76	)		(0.27	)		(0.22	)		(0.49	)
Year Ended June 30, 2015		18.87		0.30	(h)(j)		0.55			0.85			(0.51	)		(0.26	)		(0.77	)
Year Ended June 30, 2014		16.34		0.29	(h)		3.09			3.38			(0.50	)		(0.35	)		(0.85	)
Year Ended June 30, 2013		14.28		0.31	(h)		2.13			2.44			(0.36	)		(0.02	)		(0.38	)
Year Ended June 30, 2012		14.83		0.31	(h)		(0.54	)		(0.23	)		(0.27	)		(0.05	)		(0.32	)
Year Ended June 30, 2011		11.88		0.28	(h)		3.18			3.46			(0.27	)		(0.24	)		(0.51	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		18.92		0.18	(h)		(0.94	)		(0.76	)		(0.26	)		(0.22	)		(0.48	)
Year Ended June 30, 2015		18.85		0.28	(h)(j)		0.53			0.81			(0.48	)		(0.26	)		(0.74	)
Year Ended June 30, 2014		16.33		0.26	(h)		3.08			3.34			(0.47	)		(0.35	)		(0.82	)
Year Ended June 30, 2013		14.26		0.28	(h)		2.15			2.43			(0.34	)		(0.02	)		(0.36	)
Year Ended June 30, 2012		14.82		0.28	(h)		(0.54	)		(0.26	)		(0.25	)		(0.05	)		(0.30	)
Year Ended June 30, 2011		11.88		0.27	(h)		3.16			3.43			(0.25	)		(0.24	)		(0.49	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Commencement of offering of class of shares.

(j) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of classes.

(k) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

86 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers and reimbursements (e)(f)			Portfolio turnover rate (c)(g)
$	17.62		(4.09	)%	$	496,729,743		0.30	%		1.82	%		0.71	%		7	%
	18.86		4.37			443,861,392		0.29			1.36	(j)		0.72			9
	18.79		20.67			308,249,235		0.29			1.36			0.66			8
	16.28		16.98			153,506,488		0.29			1.80			0.70			15
	14.23		(1.70	)		69,795,977		0.29			1.96			0.68			11
	14.79		29.06			34,342,393		0.29			1.82			0.68			16
	17.48		(4.41	)		17,266,966		0.95			1.10			1.26			7
	18.74		3.69			17,461,976		0.94			0.70	(j)		1.25			9
	18.70		19.85			12,185,639		0.94			0.70			1.15			8
	16.22		16.27			7,056,864		0.94			1.19			1.19			15
	14.18		(2.31	)		3,703,376		0.94			1.27			1.18			11
	14.74		28.20			1,754,369		0.94			1.16			1.19			16
	17.56		(4.24	)		124,972,053		0.55			1.58			1.00			7
	18.81		4.15			114,171,223		0.54			1.10	(j)		1.02			9
	18.74		20.33			77,289,835		0.54			1.12			0.91			8
	16.25		16.67			31,554,095		0.54			1.59			0.94			15
	14.21		(1.88	)		16,196,277		0.54			1.82			0.95			11
	14.77		28.68			2,735,582		0.54			1.47			0.92			16
	17.71		(3.93	)		85,715,148		0.00			2.53			0.00	(k)		7
	18.95		3.85			49,112,773		0.00			1.47	(j)		0.01			9
	17.70		(4.01	)		1,036,006,405		0.06			2.08			0.20			7
	18.95		4.65			935,076,677		0.05			1.59	(j)		0.23			9
	18.87		20.99			563,630,591		0.04			1.62			0.26			8
	16.34		17.25			225,551,927		0.04			1.96			0.30			15
	14.28		(1.40	)		82,923,018		0.04			2.20			0.28			11
	14.83		29.34			37,596,367		0.04			2.00			0.26			16
	17.68		(4.03	)		327,758,027		0.20			1.90			0.45			7
	18.92		4.46			321,794,530		0.19			1.49	(j)		0.47			9
	18.85		20.78			234,064,007		0.19			1.44			0.41			8
	16.33		17.18			115,467,767		0.19			1.81			0.44			15
	14.26		(1.61	)		76,266,132		0.19			2.05			0.43			11
	14.82		29.08			43,244,532		0.19			1.87			0.42			16

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 87

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2055 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	20.85	$	0.20	(h)	$	(1.05	)	$	(0.85	)	$	(0.28	)	$	(0.16	)	$	(0.44	)
Year Ended June 30, 2015		20.61		0.28	(h)(j)		0.59			0.87			(0.47	)		(0.16	)		(0.63	)
Year Ended June 30, 2014		17.48		0.25	(h)		3.39			3.64			(0.50	)		(0.01	)		(0.51	)
Year Ended June 30, 2013		15.24		0.29	(h)		2.27			2.56			(0.31	)		(0.01	)		(0.32	)
January 31, 2012 (i) through June 30, 2012		15.00		0.08			0.23			0.31			(0.07	)		—			(0.07	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		20.79		0.11	(h)		(1.03	)		(0.92	)		(0.23	)		(0.16	)		(0.39	)
Year Ended June 30, 2015		20.59		0.14	(h)(j)		0.59			0.73			(0.37	)		(0.16	)		(0.53	)
Year Ended June 30, 2014		17.48		0.12	(h)		3.40			3.52			(0.40	)		(0.01	)		(0.41	)
Year Ended June 30, 2013		15.25		0.19	(h)		2.27			2.46			(0.22	)		(0.01	)		(0.23	)
January 31, 2012 (i) through June 30, 2012		15.00		0.04			0.23			0.27			(0.02	)		—			(0.02	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		20.82		0.17	(h)		(1.04	)		(0.87	)		(0.26	)		(0.16	)		(0.42	)
Year Ended June 30, 2015		20.59		0.23	(h)(j)		0.58			0.81			(0.42	)		(0.16	)		(0.58	)
Year Ended June 30, 2014		17.48		0.21	(h)		3.38			3.59			(0.47	)		(0.01	)		(0.48	)
Year Ended June 30, 2013		15.24		0.24	(h)		2.29			2.53			(0.28	)		(0.01	)		(0.29	)
January 31, 2012 (i) through June 30, 2012		15.00		0.07			0.22			0.29			(0.05	)		—			(0.05	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		20.89		0.32	(h)		(1.14	)		(0.82	)		(0.31	)		(0.16	)		(0.47	)
November 3, 2014 (i) through June 30, 2015		20.75		0.25	(h)(j)		0.52			0.77			(0.47	)		(0.16	)		(0.63	)
Institutional Class
Six Months Ended December 31, 2015 (Unaudited)		20.89		0.22	(h)		(1.05	)		(0.83	)		(0.31	)		(0.16	)		(0.47	)
Year Ended June 30, 2015		20.64		0.33	(h)(j)		0.59			0.92			(0.51	)		(0.16	)		(0.67	)
Year Ended June 30, 2014		17.50		0.30	(h)		3.40			3.70			(0.55	)		(0.01	)		(0.56	)
Year Ended June 30, 2013		15.24		0.32	(h)		2.29			2.61			(0.34	)		(0.01	)		(0.35	)
January 31, 2012 (i) through June 30, 2012		15.00		0.10			0.22			0.32			(0.08	)		—			(0.08	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		20.88		0.20	(h)		(1.04	)		(0.84	)		(0.29	)		(0.16	)		(0.45	)
Year Ended June 30, 2015		20.64		0.31	(h)(j)		0.58			0.89			(0.49	)		(0.16	)		(0.65	)
Year Ended June 30, 2014		17.50		0.26	(h)		3.41			3.67			(0.52	)		(0.01	)		(0.53	)
Year Ended June 30, 2013		15.25		0.29	(h)		2.29			2.58			(0.32	)		(0.01	)		(0.33	)
January 31, 2012 (i) through June 30, 2012		15.00		0.09			0.23			0.32			(0.07	)		—			(0.07	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Commencement of offering of class of shares.

(j) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of classes.

SEE NOTES TO FINANCIAL STATEMENTS.

88 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers and reimbursements (e)(f)			Portfolio turnover rate (c)(g)
$	19.56		(4.07	)%	$	106,738,854		0.30	%		1.94	%		0.72	%		6	%
	20.85		4.31			73,599,931		0.29			1.36	(j)		0.75			11
	20.61		21.02			32,181,731		0.29			1.29			0.65			49
	17.48		16.94			5,900,363		0.29			1.66			0.72			17
	15.24		2.03			400,107		0.29			2.30			2.32			19
	19.48		(4.42	)		2,815,383		0.95			1.10			1.49			6
	20.79		3.61			2,615,263		0.94			0.68	(j)		1.51			11
	20.59		20.24			904,749		0.94			0.60			1.15			49
	17.48		16.19			210,550		0.94			1.15			1.30			17
	15.25		1.79			51,943		0.94			0.70			2.57			19
	19.53		(4.19	)		34,275,280		0.55			1.69			1.03			6
	20.82		4.04			25,732,578		0.54			1.09	(j)		1.01			11
	20.59		20.67			9,989,630		0.54			1.05			0.90			49
	17.48		16.72			1,713,490		0.54			1.38			0.97			17
	15.24		1.91			73,253		0.54			1.26			2.35			19
	19.60		(3.92	)		14,123,655		0.00			3.17			0.01			6
	20.89		3.79			3,301,080		0.00			1.82	(j)		0.04			11
	19.59		(4.00	)		237,814,186		0.06			2.13			0.21			6
	20.89		4.58			184,663,068		0.05			1.58	(j)		0.25			11
	20.64		21.30			72,803,481		0.04			1.55			0.26			49
	17.50		17.29			6,795,403		0.04			1.85			0.32			17
	15.24		2.10			71,866		0.04			1.69			1.69			19
	19.59		(4.02	)		57,180,921		0.20			1.97			0.45			6
	20.88		4.41			46,465,217		0.19			1.49	(j)		0.49			11
	20.64		21.14			16,530,124		0.19			1.35			0.40			49
	17.50		17.06			3,596,206		0.19			1.69			0.49			17
	15.25		2.10			881,929		0.19			1.46			1.83			19

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 89

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 10 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan SmartRetirement® Income Fund	Class A, Class C, Class R2, Class R6*, Institutional Class and Select Class	Diversified
JPMorgan SmartRetirement® 2015 Fund	Class A, Class C, Class R2, Class R6*, Institutional Class and Select Class	Diversified
JPMorgan SmartRetirement® 2020 Fund	Class A, Class C, Class R2, Class R6*, Institutional Class and Select Class	Diversified
JPMorgan SmartRetirement® 2025 Fund	Class A, Class C, Class R2, Class R6*, Institutional Class and Select Class	Diversified
JPMorgan SmartRetirement® 2030 Fund	Class A, Class C, Class R2, Class R6*, Institutional Class and Select Class	Diversified
JPMorgan SmartRetirement® 2035 Fund	Class A, Class C, Class R2, Class R6*, Institutional Class and Select Class	Diversified
JPMorgan SmartRetirement® 2040 Fund	Class A, Class C, Class R2, Class R6*, Institutional Class and Select Class	Diversified
JPMorgan SmartRetirement® 2045 Fund	Class A, Class C, Class R2, Class R6*, Institutional Class and Select Class	Diversified
JPMorgan SmartRetirement® 2050 Fund	Class A, Class C, Class R2, Class R6*, Institutional Class and Select Class	Diversified
JPMorgan SmartRetirement® 2055 Fund	Class A, Class C, Class R2, Class R6*, Institutional Class and Select Class	Diversified

* Class R6 commenced operations on November 3, 2014.

The JPMorgan SmartRetirement Income Fund seeks current income and some capital appreciation. The JPMorgan SmartRetirement 2015 Fund seeks total return with a shift to current income and some capital appreciation over time as the Fund approaches and passes its target retirement date. The remaining JPMorgan SmartRetirement Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2, Class R6, Institutional Class and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946—Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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 Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies excluding exchange traded funds (“ETFs”) (the “Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the

90 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Futures are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):

JPMorgan SmartRetirement Income Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,040,513,747		$	9,766,488	$	—	$	2,050,280,235
Appreciation in Other Financial Instruments
Futures Contracts	$	708,985		$	—	$	—	$	708,985
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,792,261	)	$	—	$	—	$	(1,792,261	)
JPMorgan SmartRetirement 2015 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,632,353,602		$	13,398,670	$	—	$	2,645,752,272
Appreciation in Other Financial Instruments
Futures Contracts	$	967,980		$	—	$	—	$	967,980
Depreciation in Other Financial Instruments
Futures Contracts	$	(2,249,382	)	$	—	$	—	$	(2,249,382	)
JPMorgan SmartRetirement 2020 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	6,251,225,912		$	29,401,470	$	—	$	6,280,627,382
Appreciation in Other Financial Instruments
Futures Contracts	$	3,000,681		$	—	$	—	$	3,000,681
Depreciation in Other Financial Instruments
Futures Contracts	$	(4,899,577	)	$	—	$	—	$	(4,899,577	)

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 91

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

JPMorgan SmartRetirement 2025 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,592,513,609		$	35,711,786	$	—	$	5,628,225,395
Appreciation in Other Financial Instruments
Futures Contracts	$	3,036,622		$	—	$	—	$	3,036,622
Depreciation in Other Financial Instruments
Futures Contracts	$	(4,256,187	)	$	—	$	—	$	(4,256,187	)
JPMorgan SmartRetirement 2030 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	6,333,854,545		$	53,447,672	$	—	$	6,387,302,217
Appreciation in Other Financial Instruments
Futures Contracts	$	5,528,844		$	—	$	—	$	5,528,844
Depreciation in Other Financial Instruments
Futures Contracts	$	(10,061,504	)	$	—	$	—	$	(10,061,504	)
JPMorgan SmartRetirement 2035 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,329,610,314		$	36,007,800	$	—	$	4,365,618,114
Appreciation in Other Financial Instruments
Futures Contracts	$	3,844,706		$	—	$	—	$	3,844,706
Depreciation in Other Financial Instrument
Futures Contracts	$	(6,904,764	)	$	—	$	—	$	(6,904,764	)
JPMorgan SmartRetirement 2040 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,546,223,362		$	38,038,902	$	—	$	4,584,262,264
Appreciation in Other Financial Instruments
Futures Contracts	$	4,078,860		$	—	$	—	$	4,078,860
Depreciation in Other Financial Instruments
Futures Contracts	$	(7,281,699	)	$	—	$	—	$	(7,281,699	)
JPMorgan SmartRetirement 2045 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,614,706,971		$	21,547,077	$	—	$	2,636,254,048
Appreciation in Other Financial Instruments
Futures Contracts	$	2,353,828		$	—	$	—	$	2,353,828
Depreciation in Other Financial Instruments
Futures Contracts	$	(4,133,528	)	$	—	$	—	$	(4,133,528	)

92 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement 2050 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,131,108,876		$	16,594,830	$	—	$	2,147,703,706
Appreciation in Other Financial Instruments
Futures Contracts	$	1,836,827		$	—	$	—	$	1,836,827
Depreciation in Other Financial Instruments
Futures Contracts	$	(3,346,204	)	$	—	$	—	$	(3,346,204	)
JPMorgan SmartRetirement 2055 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	449,285,759		$	3,590,180	$	—	$	452,875,939
Appreciation in Other Financial Instruments
Futures Contracts	$	365,200		$	—	$	—	$	365,200
Depreciation in Other Financial Instruments
Futures Contracts	$	(682,660	)	$	—	$	—	$	(682,660	)

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOIs. Level 2 consists of U.S. Treasury Notes that are held for futures collateral. Please refer to the SOIs for asset class specifics of portfolio holdings.

There were no transfers among any levels during the six months ended December 31, 2015.

B. Futures Contracts — The Funds used treasury and index futures contracts to gain exposure to or to overweight or underweight allocations among various sectors or markets, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/ depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 93

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

The tables below disclose the volume of the Funds’ futures contracts activity during the six months ended December 31, 2015:

	Average Notional Balance		Ending Notional Balance
JPMorgan SmartRetirement Income Fund
Long Futures Contracts:
Equity	$	45,781,443	$	36,302,553
Interest Rate		41,163,647		31,715,472
Short Futures Contracts:
Equity		36,507,270		38,352,724
Interest Rate		77,169,670		28,326,386
JPMorgan SmartRetirement 2015 Fund
Long Futures Contracts:
Equity		63,617,596		51,013,444
Interest Rate		56,849,280		37,507,418
Short Futures Contracts:
Equity		47,995,383		46,142,962
Interest Rate		98,263,841		36,783,544
JPMorgan SmartRetirement 2020 Fund
Long Futures Contracts:
Equity		183,604,880		190,024,117
Interest Rate		133,811,289		100,054,733
Short Futures Contracts:
Equity		71,345,322		87,541,430
Interest Rate		220,626,185		83,145,075
JPMorgan SmartRetirement 2025 Fund
Long Futures Contracts:
Equity		179,342,250		165,082,440
Interest Rate		113,919,067		72,779,936
Short Futures Contracts:
Equity		60,976,686		77,086,091
Interest Rate		199,757,948		71,529,219
JPMorgan SmartRetirement 2030 Fund
Long Futures Contracts:
Equity		309,322,678		289,018,064
Interest Rate		250,591,658		176,431,755
Short Futures Contracts:
Equity		150,099,825		175,440,465
Interest Rate		460,922,297		183,408,253
JPMorgan SmartRetirement 2035 Fund
Long Futures Contracts:
Equity		208,535,667		203,636,895
Interest Rate		171,010,501		133,743,930
Short Futures Contracts:
Equity		98,305,347		118,649,993
Interest Rate		302,531,863		126,755,482
JPMorgan SmartRetirement 2040 Fund
Long Futures Contracts:
Equity		221,810,971		213,586,014
Interest Rate		182,078,447		138,481,249
Short Futures Contracts:
Equity		103,484,480		126,139,912
Interest Rate		330,351,769		132,053,942

94 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

	Average Notional Balance		Ending Notional Balance
JPMorgan SmartRetirement 2045 Fund
Long Futures Contracts:
Equity	$	125,721,513	$	123,298,581
Interest Rate		100,067,859		81,548,283
Short Futures Contracts:
Equity		58,951,127		70,833,623
Interest Rate		178,604,562		75,299,277
JPMorgan SmartRetirement 2050 Fund
Long Futures Contracts:
Equity		96,635,024		96,422,644
Interest Rate		79,225,239		60,240,227
Short Futures Contracts:
Equity		47,828,918		57,292,385
Interest Rate		142,395,306		61,543,658
JPMorgan SmartRetirement 2055 Fund
Long Futures Contracts:
Equity		18,439,292		18,923,182
Interest Rate		15,810,840		13,191,031
Short Futures Contracts:
Equity		9,469,367		11,741,324
Interest Rate		26,153,904		12,532,897

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

C. Summary of Derivatives Information — The following tables present the value of derivatives held as of December 31, 2015, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

JPMorgan SmartRetirement Income Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	61,491
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		647,494
Total		$	708,985
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(581,874	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(1,210,387	)
Total		$	(1,792,261	)

JPMorgan SmartRetirement 2015 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	79,777
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		888,203
Total		$	967,980
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(744,867	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(1,504,515	)
Total		$	(2,249,382	)

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 95

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

JPMorgan SmartRetirement 2020 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	180,166
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		2,820,515
Total		$	3,000,681
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,728,661	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(3,170,916	)
Total		$	(4,899,577	)

JPMorgan SmartRetirement 2025 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	154,986
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		2,881,636
Total		$	3,036,622
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,448,153	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(2,808,034	)
Total		$	(4,256,187	)

JPMorgan SmartRetirement 2030 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	398,067
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		5,130,777
Total		$	5,528,844
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(3,682,732	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(6,378,772	)
Total		$	(10,061,504	)

JPMorgan SmartRetirement 2035 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	279,670
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		3,565,036
Total		$	3,844,706
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(2,575,484	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(4,329,280	)
Total		$	(6,904,764	)

96 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement 2040 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	286,547
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		3,792,313
Total		$	4,078,860
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(2,685,217	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(4,596,482	)
Total		$	(7,281,699	)

JPMorgan SmartRetirement 2045 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	166,152
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		2,187,676
Total		$	2,353,828
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,536,118	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(2,597,410	)
Total		$	(4,133,528	)

JPMorgan SmartRetirement 2050 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	138,402
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		1,698,425
Total		$	1,836,827
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,234,219	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(2,111,985	)
Total		$	(3,346,204	)

JPMorgan SmartRetirement 2055 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	27,159
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		338,041
Total		$	365,200
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(255,014	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(427,646	)
Total		$	(682,660	)

(a) This amount reflects the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable to brokers.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

The following tables present the effect of derivatives on the Statements of Operations for the six months ended December 31, 2015, by primary underlying risk exposure:

JPMorgan SmartRetirement Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(962,504	)
Equity contracts		(3,829,030	)
Total	$	(4,791,534	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	700,929
Equity contracts		(277,146	)
Total	$	423,783

JPMorgan SmartRetirement 2015 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(1,159,451	)
Equity contracts		(5,700,396	)
Total	$	(6,859,847	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	897,537
Equity contracts		(318,786	)
Total	$	578,751

JPMorgan SmartRetirement 2020 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(3,152,340	)
Equity contracts		(11,304,143	)
Total	$	(14,456,483	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	2,035,659
Equity contracts		1,196,529
Total	$	3,232,188

JPMorgan SmartRetirement 2025 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(1,898,606	)
Equity contracts		(11,684,822	)
Total	$	(13,583,428	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	1,489,558
Equity contracts		1,680,476
Total	$	3,170,034

98 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement 2030 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(4,552,508	)
Equity contracts		(20,621,802	)
Total	$	(25,174,310	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	3,661,078
Equity contracts		805,958
Total	$	4,467,036

JPMorgan SmartRetirement 2035 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(3,345,544	)
Equity contracts		(13,037,562	)
Total	$	(16,383,106	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	2,361,479
Equity contracts		688,996
Total	$	3,050,475

JPMorgan SmartRetirement 2040 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(3,603,574	)
Equity contracts		(14,132,205	)
Total	$	(17,735,779	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	2,716,450
Equity contracts		745,905
Total	$	3,462,355

JPMorgan SmartRetirement 2045 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(1,955,670	)
Equity contracts		(8,297,477	)
Total	$	(10,253,147	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	1,462,414
Equity contracts		247,769
Total	$	1,710,183

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

JPMorgan SmartRetirement 2050 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(1,540,593	)
Equity contracts		(6,073,362	)
Total	$	(7,613,955	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	1,027,732
Equity contracts		64,535
Total	$	1,092,267

JPMorgan SmartRetirement 2055 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(276,132	)
Equity contracts		(1,136,000	)
Total	$	(1,412,132	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	141,386
Equity contracts		29,357
Total	$	170,743

The Funds’ derivatives contracts held at December 31, 2015 are not accounted for as hedging instruments under GAAP.

D. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

E. Investment Transactions with Affiliates — The Funds invest in Underlying Funds advised by the J.P. Morgan Investment Management Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), or its affiliates pursuant to Section 12(d)(1)(G) of the 1940 Act. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the affiliated Underlying Funds. Such exchanges are not treated as purchases and sales for

100 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

the purpose of recognizing realized gains (losses) or portfolio turnover. Included in the realized gain (loss) amounts in the table below are distributions of realized capital gains, if any, received from the affiliated Underlying Funds:

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Income Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	5,104,766	$	—	$	—	$	—		$	—		475,304	$	3,897,493
JPMorgan Core Bond Fund, Class R6 Shares		614,088,197		42,703,262		89,614,704		(1,295,235	)		7,774,170		48,656,220		561,979,336
JPMorgan Corporate Bond Fund, Class R6 Shares		128,316,606		10,303,693		7,000,000		(156,695	)		2,131,161		13,468,128		129,832,755
JPMorgan Disciplined Equity Fund, Class R6 Shares		253,201,275		34,340,950		18,856,462		9,425,951			1,950,586		11,239,633		245,923,167
JPMorgan Emerging Economies Fund, Class R5 Shares		5,098,946		14,861,134		19,881,128		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		20,124,933		—		—			243,805		1,786,326		18,417,023
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		40,502,514		6,734,272		3,109,797		(362,810	)		1,234,272		5,537,608		42,584,206
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		5,896,919		23,592,557		—		—			306,912		1,468,641		27,522,330
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		10,600,647		—		6,219,592		(1,919,357	)		—		457,007		3,359,002
JPMorgan Floating Rate Income Fund, Class R6 Shares		51,566,086		1,198,022		—		—			1,198,022		5,400,048		49,140,440
JPMorgan Growth Advantage Fund, Class R6 Shares		67,410,770		5,305,426		4,099,231		2,240,414			—		4,222,382		65,784,715
JPMorgan High Yield Fund, Class R6 Shares		108,227,697		71,172,898		—		96,530			4,117,159		24,234,577		165,522,161
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		104,201,917		864,482		—		—			864,482		10,221,551		103,237,667
JPMorgan International Equity Fund, Class R6 Shares		50,005,394		5,240,745		5,138,806		(393,484	)		240,745		3,155,313		45,436,510
JPMorgan International Opportunities Fund, Class R6 Shares		36,389,852		9,296,497		—		—			296,497		3,054,261		43,706,481
JPMorgan Intrepid America Fund, Class R5 Shares		45,022,850		—		30,312,170		—			—		—		—
JPMorgan Intrepid America Fund, Class R6 Shares		—		33,591,532		—		2,640,278			639,084		1,265,564		44,446,618
JPMorgan Intrepid International Fund, Class R6 Shares		—		48,635,487		—		—			1,078,551		2,659,471		50,636,337
JPMorgan Intrepid International Fund, Institutional Class Shares		53,421,585		—		47,556,936		—			—		—		—
JPMorgan Mid Cap Equity Fund, Class R6 Shares		31,819,310		7,791,083		—		1,707,327			83,757		850,874		36,332,333
JPMorgan Prime Money Market Fund, Institutional Class Shares		210,283,612		201,912,837		218,498,725		—			88,415		193,697,724		193,697,724
JPMorgan Real Return Fund, Institutional Class Shares		55,435,577		—		55,042,417		59,921			—		—		—
JPMorgan Realty Income Fund, Class R5 Shares		48,926,766		180,448		47,330,694		66,492			180,448		—		—

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)		Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Income Fund (continued)
JPMorgan Realty Income Fund, Class R6 Shares	$	—	$	47,275,168	$	—	$	2,533,539	$	494,223		3,778,012	$	50,663,140
JPMorgan Small Cap Equity Fund, Class R5 Shares		7,814,711		525,411		—		476,051		49,360		166,934		7,336,756
JPMorgan Small Cap Growth Fund, Class R6 Shares		6,009,835		389,224		—		389,224		—		405,229		5,381,435
JPMorgan Small Cap Value Fund, Class R6 Shares		8,361,597		382,426		—		326,794		55,632		314,055		7,688,067
JPMorgan U.S. Equity Fund, Class R6 Shares		27,645,294		1,475,476		—		1,303,183		172,293		1,973,576		27,294,553
JPMorgan Value Advantage Fund, Institutional Class Shares		63,907,374		1,300,955		—		613,818		687,138		2,172,848		60,687,644
Total	$	2,039,260,097					$	17,751,941	$	23,886,712			$	1,990,507,893

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement 2015 Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	5,322,084	$	—	$	—	$	—		$	—		495,539	$	4,063,416
JPMorgan Core Bond Fund, Class R6 Shares		792,486,132		74,110,171		114,236,146		(1,676,530	)		10,206,961		64,557,940		745,644,205
JPMorgan Corporate Bond Fund, Class R6 Shares		171,404,092		8,039,934		9,000,000		(202,356	)		2,816,503		17,441,416		168,135,247
JPMorgan Disciplined Equity Fund, Class R6 Shares		333,396,309		40,828,777		33,611,019		10,918,881			2,592,575		14,125,142		309,058,099
JPMorgan Emerging Economies Fund, Class R5 Shares		10,124,159		21,506,410		31,115,124		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		31,484,744		—		—			369,620		2,708,160		27,921,128
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		51,503,681		11,111,711		4,329,604		(505,120	)		1,611,711		7,319,121		56,284,042
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		18,994,346		23,891,618		—		—			430,726		2,061,116		38,625,321
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		11,842,438		—		8,118,009		(2,501,172	)		—		353,938		2,601,442
JPMorgan Floating Rate Income Fund, Class R6 Shares		61,995,073		1,440,317		—		—			1,440,317		6,492,181		59,078,851
JPMorgan Growth Advantage Fund, Class R6 Shares		89,122,183		10,028,462		4,060,555		3,286,195			—		5,888,595		91,744,308
JPMorgan High Yield Fund, Class R6 Shares		133,019,994		88,632,454		—		119,227			5,172,358		29,932,647		204,439,982
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		114,383,619		8,007,138		—		—			1,007,138		11,908,306		120,273,894
JPMorgan International Equity Fund, Class R6 Shares		71,728,725		11,769,750		5,401,654		(403,437	)		369,750		4,916,878		70,803,041
JPMorgan International Opportunities Fund, Class R6 Shares		52,196,888		11,512,825		—		—			412,825		4,252,568		60,854,246

102 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement 2015 Fund (continued)
JPMorgan Intrepid America Fund, Class R5 Shares	$	72,823,202	$	7,500,003	$	56,823,112	$	181,661		$	—		—	$	—
JPMorgan Intrepid America Fund, Class R6 Shares		—		56,911,938		—		4,416,304			1,068,975		2,116,867		74,344,372
JPMorgan Intrepid International Fund, Class R6 Shares		—		71,694,375		—		—			1,575,055		3,883,744		73,946,481
JPMorgan Intrepid International Fund, Institutional Class Shares		78,013,901		—		70,119,320		—			—		—		—
JPMorgan Mid Cap Equity Fund, Class R6 Shares		40,388,191		7,666,377		—		2,064,119			102,257		1,028,688		43,924,969
JPMorgan Prime Money Market Fund, Institutional Class Shares		233,854,902		240,773,429		295,538,344		—			88,725		179,089,987		179,089,987
JPMorgan Real Return Fund, Institutional Class Shares		60,752,149		—		60,321,282		(1,387,240	)		—		—		—
JPMorgan Realty Income Fund, Class R5 Shares		71,740,084		264,586		66,686,311		87,483			264,586		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		67,092,911		—		3,737,978			729,175		5,574,071		74,748,298
JPMorgan Small Cap Equity Fund, Class R5 Shares		11,162,776		750,513		—		680,006			70,507		238,454		10,480,050
JPMorgan Small Cap Growth Fund, Class R6 Shares		14,037,608		909,139		—		909,139			—		946,522		12,569,809
JPMorgan Small Cap Value Fund, Class R6 Shares		12,687,086		580,256		—		495,846			84,411		476,517		11,665,136
JPMorgan U.S. Equity Fund, Class R6 Shares		56,398,226		3,010,069		5,363,879		2,134,991			351,489		3,638,381		50,318,812
JPMorgan Value Advantage Fund, Institutional Class Shares		83,798,123		9,797,574		4,060,555		886,689			949,444		3,002,298		83,854,188
Total	$	2,653,175,971					$	23,242,664		$	31,715,108			$	2,574,469,324
			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement 2020 Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	5,546,407	$	—	$	—	$	—		$	—		516,425	$	4,234,687
JPMorgan Core Bond Fund, Class R6 Shares		1,794,881,721		182,868,601		183,160,043		(1,531,976	)		23,185,023		153,959,219		1,778,228,980
JPMorgan Corporate Bond Fund, Class R6 Shares		394,196,021		35,093,074		20,000,000		(405,809	)		6,556,540		41,882,627		403,748,524
JPMorgan Disciplined Equity Fund, Class R6 Shares		713,822,255		102,858,044		31,289,536		28,480,953			5,705,641		32,616,945		713,658,753
JPMorgan Emerging Economies Fund, Class R5 Shares		70,072,223		41,835,651		111,987,880		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		113,279,720		—		—			1,291,840		9,465,148		97,585,674
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		106,104,761		25,359,923		9,501,121		(1,100,664	)		3,359,923		15,319,126		117,804,078

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement 2020 Fund (continued)
JPMorgan Emerging Markets Equity Fund, Class R6 Shares	$	103,710,583	$	40,841,498	$	—	$	—		$	1,399,087		6,694,927	$	125,462,940
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		19,045,516		—		12,668,160		(3,886,731	)		—		621,101		4,565,094
JPMorgan Floating Rate Income Fund, Class R6 Shares		42,984,125		16,290,404		—		—			1,290,404		6,080,567		55,333,159
JPMorgan Growth Advantage Fund, Class R6 Shares		285,601,842		28,881,365		—		9,959,416			—		19,365,265		301,710,826
JPMorgan High Yield Fund, Class R6 Shares		269,825,091		143,550,526		—		221,421			10,232,634		55,589,210		379,674,305
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		103,992,859		862,748		—		—			862,748		10,201,044		103,030,543
JPMorgan International Equity Fund, Class R6 Shares		236,886,612		26,215,610		—		—			1,215,610		16,669,443		240,039,978
JPMorgan International Opportunities Fund, Class R6 Shares		182,774,258		62,975,644		—		—			1,589,586		16,374,543		234,319,712
JPMorgan Intrepid America Fund, Class R5 Shares		270,381,984		30,000,000		233,161,941		(43,847	)		—		—		—
JPMorgan Intrepid America Fund, Class R6 Shares		—		231,735,703		—		16,475,915			3,988,025		7,897,400		277,356,686
JPMorgan Intrepid International Fund, Class R6 Shares		—		245,855,475		15,577,787		(1,295,532	)		4,947,173		12,198,654		232,262,376
JPMorgan Intrepid International Fund, Institutional Class Shares		245,381,379		—		225,908,304		—			—		—		—
JPMorgan Mid Cap Equity Fund, Class R6 Shares		152,566,544		7,132,382		—		6,785,922			346,460		3,381,875		144,406,082
JPMorgan Prime Money Market Fund, Institutional Class Shares		80,489,498		514,375,939		501,295,805		—			37,496		93,569,632		93,569,632
JPMorgan Real Return Fund, Institutional Class Shares		52,161,740		—		51,791,798		(2,044,492	)		—		—		—
JPMorgan Realty Income Fund, Class R5 Shares		247,768,246		913,800		229,461,100		(566,802	)		913,800		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		233,116,708		—		12,985,200			2,533,051		19,363,525		259,664,875
JPMorgan Small Cap Equity Fund, Class R5 Shares		36,288,118		2,439,780		—		2,210,575			229,205		775,170		34,068,702
JPMorgan Small Cap Growth Fund, Class R6 Shares		42,420,660		2,747,354		—		2,747,354			—		2,860,322		37,985,074
JPMorgan Small Cap Value Fund, Class R6 Shares		32,921,057		14,456,464		—		1,796,852			273,049		1,726,808		42,272,267
JPMorgan U.S. Equity Fund, Class R6 Shares		256,872,015		33,698,789		21,890,167		10,959,870			1,600,140		18,322,521		253,400,464
JPMorgan Value Advantage Fund, Institutional Class Shares		261,693,817		26,112,346		—		2,723,180			3,048,469		9,639,777		269,238,968
Total	$	6,008,389,332					$	84,470,805		$	74,605,904			$	6,203,622,379

104 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement 2025 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	1,297,106,748	$	173,343,821	$	129,571,214	$	(1,141,757	)	$	17,101,518		115,008,497	$	1,328,348,140
JPMorgan Corporate Bond Fund, Class R6 Shares		279,945,420		44,726,035		16,000,000		(342,556	)		4,851,785		31,581,150		304,442,281
JPMorgan Disciplined Equity Fund, Class R6 Shares		720,706,005		159,001,783		58,384,584		26,295,389			5,855,668		34,253,062		749,457,007
JPMorgan Emerging Economies Fund, Class R5 Shares		85,332,130		41,906,763		128,072,070		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		129,531,478		—		—			1,459,408		10,692,901		110,243,813
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		90,970,917		13,674,215		19,269,650		(2,160,378	)		2,674,215		10,677,239		82,107,970
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		116,989,348		51,842,295		—		—			1,644,495		7,869,256		147,469,858
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		14,319,983		—		—		—			—		1,742,090		12,804,365
JPMorgan Growth Advantage Fund, Class R6 Shares		292,001,301		41,614,441		—		10,606,499			—		20,623,465		321,313,587
JPMorgan High Yield Fund, Class R6 Shares		203,707,843		121,456,929		—		174,021			8,129,654		43,689,175		298,397,068
JPMorgan International Equity Fund, Class R6 Shares		237,530,594		33,249,583		—		—			1,249,583		17,135,308		246,748,436
JPMorgan International Opportunities Fund, Class R6 Shares		192,586,267		69,623,518		—		—			1,645,609		17,533,309		250,901,652
JPMorgan Intrepid America Fund, Class R5 Shares		277,655,058		18,999,983		244,205,391		—			—		—		—
JPMorgan Intrepid America Fund, Class R6 Shares		—		265,789,342		—		17,377,657			4,206,294		8,329,632		292,536,683
JPMorgan Intrepid International Fund, Class R6 Shares		—		257,695,690		—		—			5,348,685		13,188,696		251,112,766
JPMorgan Intrepid International Fund, Institutional Class Shares		240,269,522		—		228,217,392		—			—		—		—
JPMorgan Mid Cap Equity Fund, Class R6 Shares		168,844,692		19,677,595		—		8,025,814			403,737		3,999,796		170,791,296
JPMorgan Prime Money Market Fund, Institutional Class Shares		81,171,875		567,248,831		573,204,881		—			38,082		75,215,825		75,215,825
JPMorgan Realty Income Fund, Class R5 Shares		236,477,403		9,401,000		236,259,563		318,927			902,412		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		244,099,131		—		13,068,534			2,549,307		19,487,793		261,331,300
JPMorgan Small Cap Equity Fund, Class R5 Shares		32,856,010		11,078,683		—		2,535,038			262,848		888,947		39,069,235
JPMorgan Small Cap Growth Fund, Class R6 Shares		43,350,621		2,807,582		—		2,807,582			—		2,923,027		38,817,797
JPMorgan Small Cap Value Fund, Class R6 Shares		30,599,541		13,470,925		—		1,684,212			286,713		1,618,559		39,622,332
JPMorgan U.S. Equity Fund, Class R6 Shares		259,867,994		56,843,418		16,713,258		13,066,862			1,748,272		20,526,687		283,884,074
JPMorgan Value Advantage Fund, Institutional Class Shares		265,776,049		43,607,679		—		2,911,907			3,259,738		10,307,845		287,898,124
Total	$	5,168,065,321					$	95,227,751		$	63,618,023			$	5,592,513,609

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement 2030 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	1,049,100,276	$	232,089,404	$	288,986,935	$	(4,145,853	)	$	12,897,393		85,148,343	$	983,463,359
JPMorgan Corporate Bond Fund, Class R6 Shares		238,000,913		29,882,214		17,000,000		(436,278	)		3,982,024		25,669,415		247,453,161
JPMorgan Disciplined Equity Fund, Class R6 Shares		1,038,662,476		220,988,411		130,362,395		32,447,643			8,266,093		46,859,611		1,025,288,296
JPMorgan Emerging Economies Fund, Class R5 Shares		59,305,382		65,728,857		124,497,272		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		125,961,565		—		—			1,464,293		10,728,688		110,612,769
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		80,047,633		31,933,480		63,605,901		(4,914,019	)		2,362,125		5,946,430		45,728,050
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		111,905,688		78,287,780		—		—			1,718,209		8,930,894		167,364,945
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		15,973,560		—		—		—			—		1,943,255		14,282,928
JPMorgan Growth Advantage Fund, Class R6 Shares		402,654,952		29,414,708		—		13,694,707			—		26,628,232		414,867,854
JPMorgan High Yield Fund, Class R6 Shares		213,372,187		235,245,870		—		234,144			10,235,676		60,661,638		414,318,990
JPMorgan International Equity Fund, Class R6 Shares		317,999,987		41,209,599		—		—			1,609,095		22,725,976		327,254,052
JPMorgan International Opportunities Fund, Class R6 Shares		261,797,139		72,662,032		—		—			2,162,032		22,271,385		318,703,521
JPMorgan Intrepid America Fund, Class R5 Shares		372,947,176		11,999,997		305,089,013		—			—		—		—
JPMorgan Intrepid America Fund, Class R6 Shares		—		333,167,916		—		22,606,869			5,472,034		10,836,150		380,565,585
JPMorgan Intrepid International Fund, Class R6 Shares		—		323,081,478		—		—			6,893,958		16,999,003		323,661,020
JPMorgan Intrepid International Fund, Institutional Class Shares		317,340,598		12,000,000		304,762,754		—			—		—		—
JPMorgan Mid Cap Equity Fund, Class R6 Shares		218,140,434		32,188,863		—		10,665,620			533,289		5,315,387		226,967,025
JPMorgan Prime Money Market Fund, Institutional Class Shares		100,249,646		789,241,968		799,531,304		—			37,390		89,960,310		89,960,310
JPMorgan Realty Income Fund, Class R5 Shares		301,108,644		1,110,526		282,646,530		203,873			1,110,526		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		300,328,498		—		16,461,570			3,211,194		24,547,487		329,181,799
JPMorgan Small Cap Equity Fund, Class R5 Shares		51,699,460		3,475,939		—		3,149,392			326,547		1,104,379		48,537,471
JPMorgan Small Cap Growth Fund, Class R6 Shares		51,118,299		3,310,652		—		3,310,652			—		3,446,783		45,773,272
JPMorgan Small Cap Value Fund, Class R6 Shares		44,443,618		14,628,942		—		2,246,506			382,436		2,158,935		52,850,724
JPMorgan U.S. Equity Fund, Class R6 Shares		341,106,075		91,747,412		30,190,627		16,209,004			2,360,677		27,480,168		380,050,726
JPMorgan Value Advantage Fund, Institutional Class Shares		367,109,729		48,280,016		—		3,913,942			4,381,469		13,854,948		386,968,688
Total	$	5,954,083,872					$	115,647,772		$	69,406,460			$	6,333,854,545

106 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement 2035 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	489,805,998	$	135,237,735	$	181,590,072	$	(2,082,050	)	$	5,688,733		38,090,876	$	439,949,623
JPMorgan Corporate Bond Fund, Class R6 Shares		108,550,822		8,512,140		—		153,511			1,850,936		11,983,318		115,519,182
JPMorgan Disciplined Equity Fund, Class R6 Shares		740,319,779		145,366,209		62,787,591		26,605,314			5,952,695		34,256,294		749,527,714
JPMorgan Emerging Economies Fund, Class R5 Shares		58,726,735		43,655,782		102,743,004		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		103,927,413		—		—			1,184,409		8,678,014		89,470,327
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		45,469,238		21,864,715		43,352,758		(3,212,353	)		1,357,023		2,926,465		22,504,516
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		87,778,203		57,269,475		—		—			1,423,759		6,812,990		127,675,431
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		8,744,349		—		—		—			—		1,063,789		7,818,852
JPMorgan Growth Advantage Fund, Class R6 Shares		286,482,189		35,153,540		—		10,231,045			—		19,893,426		309,939,571
JPMorgan High Yield Fund, Class R6 Shares		132,840,332		160,889,950		—		152,004			6,587,092		39,766,566		271,605,643
JPMorgan International Equity Fund, Class R6 Shares		234,251,585		31,225,355		—		—			1,204,818		16,772,702		241,526,906
JPMorgan International Opportunities Fund, Class R6 Shares		206,562,707		51,644,230		—		—			1,666,272		17,164,498		245,623,964
JPMorgan Intrepid America Fund, Class R5 Shares		270,375,085		23,999,993		248,040,459		—			—		—		—
JPMorgan Intrepid America Fund, Class R6 Shares		—		276,475,161		—		17,627,525			4,266,775		8,449,401		296,742,968
JPMorgan Intrepid International Fund, Class R6 Shares		—		258,309,099		—		—			5,145,899		13,205,858		251,439,536
JPMorgan Intrepid International Fund, Institutional Class Shares		233,031,773		12,300,000		234,097,533		—			—		—		—
JPMorgan Mid Cap Equity Fund, Class R6 Shares		149,598,234		24,286,865		—		7,391,841			373,902		3,683,846		157,300,217
JPMorgan Prime Money Market Fund, Institutional Class Shares		71,582,214		562,201,696		562,734,756		—			28,890		71,049,154		71,049,154
JPMorgan Realty Income Fund, Class R5 Shares		221,544,027		7,825,731		221,330,711		(883,232	)		842,054		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		230,117,699		—		12,222,955			2,384,358		18,226,865		244,422,255
JPMorgan Small Cap Equity Fund, Class R5 Shares		33,940,601		12,956,289		—		2,678,560			277,729		939,276		41,281,161
JPMorgan Small Cap Growth Fund, Class R6 Shares		35,550,811		2,302,431		—		2,302,430			—		2,397,105		31,833,550
JPMorgan Small Cap Value Fund, Class R6 Shares		43,440,350		1,986,787		—		1,697,766			289,021		1,631,586		39,941,213
JPMorgan U.S. Equity Fund, Class R6 Shares		261,481,649		39,219,806		—		13,442,571			1,777,234		20,357,792		281,548,263
JPMorgan Value Advantage Fund, Institutional Class Shares		261,749,673		52,383,234		—		2,896,497			3,242,488		10,486,583		292,890,268
Total	$	3,981,826,354					$	91,224,384		$	45,544,087			$	4,329,610,314

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement 2040 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	342,360,185	$	89,707,822	$	162,133,199	$	(1,793,304	)	$	3,566,487		23,218,090	$	268,168,940
JPMorgan Corporate Bond Fund, Class R6 Shares		78,225,504		1,410,826		—		104,426			1,306,401		8,151,623		78,581,644
JPMorgan Disciplined Equity Fund, Class R6 Shares		834,017,898		121,057,368		57,351,821		28,792,409			6,482,554		37,302,565		816,180,130
JPMorgan Emerging Economies Fund, Class R5 Shares		75,275,781		46,233,323		121,402,380		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		131,974,855		—		—			1,516,492		11,111,144		114,555,891
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		42,993,214		19,109,840		46,291,517		(3,124,486	)		1,219,744		1,887,076		14,511,614
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		108,716,245		59,109,878		—		—			1,560,810		7,833,564		146,800,989
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		9,381,690		—		—		—			—		1,141,325		8,388,737
JPMorgan Growth Advantage Fund, Class R6 Shares		323,390,794		41,885,576		—		11,574,715			—		22,506,081		350,644,736
JPMorgan High Yield Fund, Class R6 Shares		122,538,547		169,822,964		—		157,397			6,722,207		39,515,461		269,890,599
JPMorgan International Equity Fund, Class R6 Shares		270,180,247		34,704,429		—		—			1,404,429		19,258,681		277,325,001
JPMorgan International Opportunities Fund, Class R6 Shares		240,880,519		54,028,198		—		—			1,900,299		19,575,243		280,121,730
JPMorgan Intrepid America Fund, Class R5 Shares		319,284,474		15,000,000		267,302,586		—			—		—		—
JPMorgan Intrepid America Fund, Class R6 Shares		—		300,863,911		—		19,596,873			4,743,459		9,654,070		339,050,936
JPMorgan Intrepid International Fund, Class R6 Shares		—		280,119,232		—		—			5,912,554		14,579,075		277,585,582
JPMorgan Intrepid International Fund, Institutional Class Shares		269,032,559		14,300,000		264,973,297		—			—		—		—
JPMorgan Mid Cap Equity Fund, Class R6 Shares		172,515,591		25,637,482		8,290,988		7,707,738			408,308		4,033,516		172,231,131
JPMorgan Prime Money Market Fund, Institutional Class Shares		73,339,307		545,988,567		554,548,913		—			28,497		64,778,961		64,778,961
JPMorgan Realty Income Fund, Class R5 Shares		256,023,673		944,247		240,751,629		(967,559	)		944,247		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		253,464,139		—		13,849,306			2,701,614		20,652,080		276,944,389
JPMorgan Small Cap Equity Fund, Class R5 Shares		42,117,061		9,652,323		—		2,994,148			310,451		1,049,941		46,144,901
JPMorgan Small Cap Growth Fund, Class R6 Shares		51,485,262		3,334,418		—		3,334,418			—		3,471,526		46,101,864
JPMorgan Small Cap Value Fund, Class R6 Shares		37,333,630		15,826,955		—		2,017,766			307,538		1,939,111		47,469,436
JPMorgan U.S. Equity Fund, Class R6 Shares		314,193,640		41,553,754		6,800,345		15,396,986			2,062,347		23,623,822		326,717,462
JPMorgan Value Advantage Fund, Institutional Class Shares		306,058,943		41,595,492		—		3,277,344			3,668,829		11,601,457		324,028,689
Total	$	4,289,344,764					$	102,918,177		$	46,767,267			$	4,546,223,362

108 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement 2045 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	189,854,594	$	55,275,184	$	89,082,495	$	(833,142	)	$	2,042,802		13,415,440	$	154,948,329
JPMorgan Corporate Bond Fund, Class R6 Shares		39,203,934		4,766,964		—		57,642			709,322		4,499,634		43,376,474
JPMorgan Disciplined Equity Fund, Class R6 Shares		466,501,536		86,467,944		38,719,404		15,511,363			3,695,867		21,410,827		468,468,901
JPMorgan Emerging Economies Fund, Class R5 Shares		41,412,476		25,396,593		67,156,063		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		74,507,824		—		—			851,761		6,240,748		64,342,116
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		23,371,012		12,907,675		26,721,089		(1,921,212	)		688,253		1,146,552		8,816,986
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		55,967,888		40,378,603		—		—			897,444		4,531,369		84,917,858
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		4,546,425		—		—		—			—		553,093		4,065,233
JPMorgan Growth Advantage Fund, Class R6 Shares		183,655,962		25,348,186		—		6,511,322			—		12,907,838		201,104,122
JPMorgan High Yield Fund, Class R6 Shares		73,755,659		97,967,177		—		88,539			3,786,403		23,275,281		158,970,172
JPMorgan International Equity Fund, Class R6 Shares		152,343,240		26,614,844		—		—			788,670		11,383,663		163,924,753
JPMorgan International Opportunities Fund, Class R6 Shares		134,352,988		33,400,337		—		—			1,080,887		11,134,366		159,332,773
JPMorgan Intrepid America Fund, Class R5 Shares		175,077,777		14,999,984		164,555,941		—			—		—		—
JPMorgan Intrepid America Fund, Class R6 Shares		—		183,452,753		—		11,411,120			2,762,082		5,469,692		192,095,576
JPMorgan Intrepid International Fund, Class R6 Shares		—		164,081,462		—		—			3,373,719		8,318,859		158,391,070
JPMorgan Intrepid International Fund, Institutional Class Shares		147,062,595		8,000,000		149,147,181		—			—		—		—
JPMorgan Mid Cap Equity Fund, Class R6 Shares		87,711,277		21,515,965		—		4,670,937			233,075		2,327,838		99,398,693
JPMorgan Prime Money Market Fund, Institutional Class Shares		33,923,485		349,687,103		338,703,254		—			18,410		44,907,334		44,907,334
JPMorgan Realty Income Fund, Class R5 Shares		142,602,009		4,214,339		143,145,121		(636,284	)		539,076		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		153,636,323		—		7,844,018			1,574,892		12,039,021		161,443,277
JPMorgan Small Cap Equity Fund, Class R5 Shares		29,322,470		1,971,454		—		1,786,246			185,208		626,373		27,529,080
JPMorgan Small Cap Growth Fund, Class R6 Shares		21,322,062		6,705,141		—		1,705,141			—		1,775,254		23,575,377
JPMorgan Small Cap Value Fund, Class R6 Shares		23,079,425		7,316,433		—		1,143,010			179,069		1,098,454		26,890,143
JPMorgan U.S. Equity Fund, Class R6 Shares		171,675,472		23,130,356		—		8,720,154			1,139,603		13,206,035		182,639,471
JPMorgan Value Advantage Fund, Institutional Class Shares		170,300,840		28,748,858		—		1,876,915			2,101,116		6,644,083		185,569,233
Total	$	2,367,043,126					$	57,935,769		$	26,647,659			$	2,614,706,971

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement 2050 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	145,193,247	$	56,658,878	$	76,714,667	$	(636,162	)	$	1,619,116		10,755,640	$	124,227,639
JPMorgan Corporate Bond Fund, Class R6 Shares		34,089,859		3,825,225		—		49,726			579,818		3,881,679		37,419,387
JPMorgan Disciplined Equity Fund, Class R6 Shares		367,599,802		83,224,024		32,794,210		13,142,545			2,997,923		17,416,801		381,079,597
JPMorgan Emerging Economies Fund, Class R5 Shares		28,004,684		24,974,059		52,950,262		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		58,101,276		—		—			677,059		4,960,730		51,145,122
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		18,209,980		10,768,715		21,125,178		(1,416,637	)		552,245		944,941		7,266,594
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		50,557,845		28,906,712		—		—			741,895		3,720,526		69,722,654
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		3,606,126		—		—		—			—		438,701		3,224,456
JPMorgan Growth Advantage Fund, Class R6 Shares		144,041,117		26,949,804		—		5,336,311			—		10,582,327		164,872,660
JPMorgan High Yield Fund, Class R6 Shares		58,440,010		81,201,666		—		72,852			3,106,072		18,922,148		129,238,268
JPMorgan International Equity Fund, Class R6 Shares		117,395,718		26,695,427		—		—			641,532		9,138,151		131,589,372
JPMorgan International Opportunities Fund, Class R6 Shares		104,452,263		30,814,193		—		—			870,717		8,969,376		128,351,775
JPMorgan Intrepid America Fund, Class R5 Shares		138,460,512		13,500,019		130,673,318		—			—		—		—
JPMorgan Intrepid America Fund, Class R6 Shares		—		149,900,665		—		9,184,908			2,268,177		4,491,621		157,745,746
JPMorgan Intrepid International Fund, Class R6 Shares		—		135,526,540		—		—			2,800,341		6,905,032		131,471,810
JPMorgan Intrepid International Fund, Institutional Class Shares		120,078,560		—		114,762,484		—			—		—		—
JPMorgan Mid Cap Equity Fund, Class R6 Shares		69,482,570		19,049,042		—		3,771,008			189,674		1,879,344		80,247,985
JPMorgan Prime Money Market Fund, Institutional Class Shares		25,214,584		398,720,658		391,181,547		—			13,932		32,753,695		32,753,695
JPMorgan Realty Income Fund, Class R5 Shares		112,057,520		7,288,428		116,145,734		(525,531	)		438,714		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		124,928,487		—		6,575,013			1,282,602		9,804,656		131,480,436
JPMorgan Small Cap Equity Fund, Class R5 Shares		23,389,366		1,572,551		—		1,424,817			147,733		499,633		21,958,850
JPMorgan Small Cap Growth Fund, Class R6 Shares		18,840,531		6,548,117		—		1,548,117			—		1,611,774		21,404,357
JPMorgan Small Cap Value Fund, Class R6 Shares		18,287,028		3,979,507		—		837,017			142,490		804,388		19,691,429
JPMorgan U.S. Equity Fund, Class R6 Shares		133,005,287		31,393,657		—		7,366,799			952,664		11,156,477		154,294,073
JPMorgan Value Advantage Fund, Institutional Class Shares		134,363,272		28,616,086		—		1,536,605			1,720,153		5,439,419		151,922,971
Total	$	1,864,769,881					$	48,267,388		$	21,742,857			$	2,131,108,876

110 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement 2055 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	26,241,476	$	13,519,966	$	13,850,001	$	(94,366	)	$	317,467		2,227,640	$	25,729,247
JPMorgan Corporate Bond Fund, Class R6 Shares		5,845,320		1,723,161		—		9,926			113,236		774,800		7,469,075
JPMorgan Disciplined Equity Fund, Class R6 Shares		64,419,059		26,663,163		3,479,334		2,905,679			605,268		3,675,602		80,422,162
JPMorgan Emerging Economies Fund, Class R5 Shares		5,257,868		5,757,858		11,015,984		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		12,635,244		—		—			146,476		1,073,208		11,064,778
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		2,986,451		2,902,173		4,246,878		(239,090	)		102,173		200,635		1,542,886
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		8,560,429		8,251,131		—		—			158,326		798,755		14,968,678
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		723,213		—		—		—			—		87,982		646,668
JPMorgan Growth Advantage Fund, Class R6 Shares		25,484,633		10,080,048		—		1,088,517			—		2,201,819		34,304,346
JPMorgan High Yield Fund, Class R6 Shares		10,113,255		19,136,556		—		15,033			603,345		3,979,731		27,181,560
JPMorgan International Equity Fund, Class R6 Shares		21,037,037		9,004,676		—		—			130,193		1,917,668		27,614,420
JPMorgan International Opportunities Fund, Class R6 Shares		19,528,075		9,307,117		—		—			186,980		1,926,105		27,562,557
JPMorgan Intrepid America Fund, Class R5 Shares		24,709,734		6,332,587		29,729,320		—			—		—		—
JPMorgan Intrepid America Fund, Class R6 Shares		—		34,255,447		—		1,915,444			472,946		936,565		32,892,169
JPMorgan Intrepid International Fund, Class R6 Shares		—		28,479,867		—		—			579,273		1,428,361		27,195,985
JPMorgan Intrepid International Fund, Institutional Class Shares		21,044,197		600,000		21,132,930		—			—		—		—
JPMorgan Mid Cap Equity Fund, Class R6 Shares		12,952,342		6,173,185		—		757,652			37,820		411,372		17,565,581
JPMorgan Prime Money Market Fund, Institutional Class Shares		7,317,565		92,857,661		92,708,340		—			2,705		7,466,886		7,466,886
JPMorgan Realty Income Fund, Class R5 Shares		20,138,181		2,623,215		23,153,309		—			83,215		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		27,518,121		—		1,338,911			269,568		2,060,671		27,633,603
JPMorgan Small Cap Equity Fund, Class R5 Shares		3,370,071		2,001,706		—		309,587			32,100		108,561		4,771,255
JPMorgan Small Cap Growth Fund, Class R6 Shares		3,922,139		1,207,044		—		319,169			—		332,293		4,412,849
JPMorgan Small Cap Value Fund, Class R6 Shares		3,235,532		1,762,331		—		188,690			30,453		181,335		4,439,078
JPMorgan U.S. Equity Fund, Class R6 Shares		23,679,255		10,851,441		—		1,467,690			188,441		2,350,750		32,510,878
JPMorgan Value Advantage Fund, Institutional Class Shares		23,552,824		10,485,522		—		313,639			351,101		1,141,822		31,891,098
Total	$	334,118,656					$	10,296,481		$	4,411,086			$	449,285,759

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

F. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income and distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on the ex-dividend date.

G. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer Agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended December 31, 2015 are as follows (amounts in thousands):

	Class A		Class C		Class R2		Class R6		Institutional Class		Select Class		Total
JPMorgan SmartRetirement Income Fund
Transfer agent fees	$	54,654	$	1,134	$	4,047	$	715	$	8,459	$	4,405	$	73,414
Sub-transfer agent fees		189,343		7,925		47,611		—		207,433		94,095		546,407
JPMorgan SmartRetirement 2015 Fund
Transfer agent fees		41,262		1,424		4,141		393		9,791		4,003		61,014
Sub-transfer agent fees		162,846		8,797		48,675		—		282,575		93,596		596,489
JPMorgan SmartRetirement 2020 Fund
Transfer agent fees		61,136		2,890		6,780		511		16,702		6,995		95,014
Sub-transfer agent fees		342,632		19,586		108,701		—		601,891		248,854		1,321,664
JPMorgan SmartRetirement 2025 Fund
Transfer agent fees		64,261		2,974		6,305		513		14,996		5,795		94,844
Sub-transfer agent fees		309,771		18,895		98,615		—		567,100		198,450		1,192,831
JPMorgan SmartRetirement 2030 Fund
Transfer agent fees		72,822		3,480		7,326		472		16,819		7,064		107,983
Sub-transfer agent fees		450,177		23,298		140,235		—		722,499		301,605		1,637,814
JPMorgan SmartRetirement 2035 Fund
Transfer agent fees		63,627		2,567		5,945		464		12,964		5,189		90,756
Sub-transfer agent fees		336,929		9,070		108,514		—		573,416		205,762		1,233,691
JPMorgan SmartRetirement 2040 Fund
Transfer agent fees		64,882		3,338		7,228		448		13,798		6,416		96,110
Sub-transfer agent fees		489,764		22,945		150,585		—		722,024		322,385		1,707,703
JPMorgan SmartRetirement 2045 Fund
Transfer agent fees		50,039		2,327		5,419		325		10,311		4,412		72,833
Sub-transfer agent fees		346,776		15,516		116,518		—		534,867		219,727		1,233,404
JPMorgan SmartRetirement 2050 Fund
Transfer agent fees		35,536		2,646		6,270		265		9,467		5,218		59,402
Sub-transfer agent fees		448,920		19,951		138,811		—		478,603		320,707		1,406,992
JPMorgan SmartRetirement 2055 Fund
Transfer agent fees		14,501		1,017		2,577		343		4,619		2,998		26,055
Sub-transfer agent fees		85,365		5,968		38,243		—		110,292		49,432		289,300

The Funds invest in Underlying Funds and ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of Underlying Funds are waived as described in Note 3.F.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

I. Distributions to Shareholders — Distributions from net investment income are generally declared and paid quarterly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are

112 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser supervises the investments of each Fund and receives no compensation for performing such services, although the Adviser and its affiliates receive investment advisory fees from the Underlying Funds.

The Adviser reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. The Administrator does not receive a separate fee for services to the Funds but does receive fees for services to the Underlying Funds.

JPMorgan Chase Bank, N.A (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

The Administrator pays many of the ordinary expenses incurred by the Funds in their operations including taxes, ordinary fees and expenses for legal and auditing services, fees and expenses of pricing services, the expenses of preparing (including typesetting), printing and mailing reports, prospectuses, statements of additional information, proxy solicitation material and notices to existing shareholders, all expenses incurred in connection with issuing and redeeming shares (other than transfer agency and sub-transfer agency expenses), the cost of custodial and fund accounting services, and the cost of initial and ongoing registration of the shares under Federal and state securities laws.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:

Class A	Class C			Class R2
0.25%		0.75	%		0.50	%

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor retained the following amounts:

	Front-End Sales Charge		CDSC
JPMorgan SmartRetirement Income Fund	$	4,157	$	498
JPMorgan SmartRetirement 2015 Fund		13,264		11
JPMorgan SmartRetirement 2020 Fund		21,366		133
JPMorgan SmartRetirement 2025 Fund		31,062		2,383
JPMorgan SmartRetirement 2030 Fund		28,678		513
JPMorgan SmartRetirement 2035 Fund		22,813		109
JPMorgan SmartRetirement 2040 Fund		16,916		879
JPMorgan SmartRetirement 2045 Fund		17,426		168
JPMorgan SmartRetirement 2050 Fund		13,711		141
JPMorgan SmartRetirement 2055 Fund		4,486		20

D. Shareholder Servicing Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A	Class C			Class R2			Institutional Class			Select Class
0.25%		0.25	%		0.25	%		0.10	%		0.25	%

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The Distributor waived Shareholder Servicing fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. As part of its Administration Agreement, the Administrator pays fees and certain expenses for custody and fund accounting.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or Distributor have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R6			Institutional Class			Select Class
JPMorgan SmartRetirement Income Fund*		0.29	%		0.94	%		0.54	%		0.00	%		0.06	%		0.19	%
JPMorgan SmartRetirement 2015 Fund**		0.31			0.96			0.56			0.00			0.08			0.21
JPMorgan SmartRetirement 2020 Fund**		0.31			0.96			0.56			0.00			0.08			0.21
JPMorgan SmartRetirement 2025 Fund***		0.32			0.97			0.57			0.00			0.08			0.22
JPMorgan SmartRetirement 2030 Fund***		0.32			0.97			0.57			0.00			0.08			0.22
JPMorgan SmartRetirement 2035 Fund***		0.32			0.97			0.57			0.00			0.08			0.22
JPMorgan SmartRetirement 2040 Fund***		0.32			0.97			0.57			0.00			0.08			0.22
JPMorgan SmartRetirement 2045 Fund***		0.32			0.97			0.57			0.00			0.08			0.22
JPMorgan SmartRetirement 2050 Fund***		0.32			0.97			0.57			0.00			0.08			0.22
JPMorgan SmartRetirement 2055 Fund***		0.32			0.97			0.57			0.00			0.08			0.22

* Prior to November 1, 2015, the contractual expense limitations for SmartRetirement Income Fund were 0.27%, 0.92%, 0.52%, 0.04% and 0.17% for Class A, Class C, Class R2, Institutional Class and Select Class Shares, respectively.

** Prior to November 1, 2015, the contractual expense limitations for SmartRetirement 2015 Fund and SmartRetirement 2020 Fund were 0.28%, 0.93%, 0.53%, 0.05% and 0.18% for Class A, Class C, Class R2, Institutional Class and Select Class Shares, respectively.

*** Prior to November 1, 2015, the contractual expense limitations for SmartRetirement 2025 Fund, SmartRetirement 2030 Fund, SmartRetirement 2035 Fund, SmartRetirement 2040 Fund, SmartRetirement 2045 Fund, SmartRetirement 2050 Fund and SmartRetirement 2055 Fund were 0.29%, 0.94%, 0.54%, 0.05% and 0.19% for Class A, Class C Class R2, Institutional Class and Select Class Shares, respectively.

The contractual expense limitation percentages are in place until at least October 31, 2016.

The Underlying Funds may impose separate shareholder service fees. To avoid charging a shareholder service fee at an effective rate above 0.25% for Class A, Class C, Class R2 and Select Class Shares and 0.10% for Institutional Class Shares, the shareholder servicing agent will waive shareholder service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of shareholder service fees charged by the Underlying Funds up to 0.25% for Class A, Class C, Class R2 and Select Class Shares and up to 0.10% with respect to Institutional Class Shares.

For the six months ended December 31, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in futures.

	Contractual Waivers
	Shareholder Servicing		Contractual Reimbursements
JPMorgan SmartRetirement Income Fund	$	1,507,330	$	239,200
JPMorgan SmartRetirement 2015 Fund		1,824,499		112,666
JPMorgan SmartRetirement 2020 Fund		4,052,506		210,104
JPMorgan SmartRetirement 2025 Fund		3,627,701		129,569
JPMorgan SmartRetirement 2030 Fund		4,331,376		232,863
JPMorgan SmartRetirement 2035 Fund		2,999,968		227,854
JPMorgan SmartRetirement 2040 Fund		3,282,803		495,287
JPMorgan SmartRetirement 2045 Fund		1,919,084		498,549
JPMorgan SmartRetirement 2050 Fund		1,683,186		677,491
JPMorgan SmartRetirement 2055 Fund		326,216		169,363

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

114 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

During the six months ended December 31, 2015, the Funds and/or certain Underlying Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended December 31, 2015, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

The SEC has granted an exemptive order permitting the Funds to invest in certain financial instruments in addition to Underlying Funds and securities.

4. Investment Transactions

During the six months ended December 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
JPMorgan SmartRetirement Income Fund	$	296,183,770	$	205,631,740
JPMorgan SmartRetirement 2015 Fund		412,169,079		266,641,411
JPMorgan SmartRetirement 2020 Fund		930,805,475		382,212,151
JPMorgan SmartRetirement 2025 Fund		1,002,730,667		255,981,897
JPMorgan SmartRetirement 2030 Fund		1,333,084,763		541,502,032
JPMorgan SmartRetirement 2035 Fund		944,994,932		302,030,421
JPMorgan SmartRetirement 2040 Fund		890,607,139		294,567,867
JPMorgan SmartRetirement 2045 Fund		586,500,090		164,222,485
JPMorgan SmartRetirement 2050 Fund		547,391,282		138,134,058
JPMorgan SmartRetirement 2055 Fund		166,240,016		21,576,212

During the six months ended December 31, 2015, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2015 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement Income Fund	$	1,974,906,536	$	109,322,873	$	33,949,174	$	75,373,699
JPMorgan SmartRetirement 2015 Fund		2,554,104,269		140,583,404		48,935,401		91,648,003
JPMorgan SmartRetirement 2020 Fund		6,082,593,570		312,575,857		114,542,045		198,033,812
JPMorgan SmartRetirement 2025 Fund		5,563,576,955		183,959,968		119,311,528		64,648,440
JPMorgan SmartRetirement 2030 Fund		6,150,383,543		327,938,986		91,020,312		236,918,674
JPMorgan SmartRetirement 2035 Fund		4,321,489,598		129,644,792		85,516,276		44,128,516
JPMorgan SmartRetirement 2040 Fund		4,409,599,108		246,580,277		71,917,121		174,663,156
JPMorgan SmartRetirement 2045 Fund		2,640,603,746		59,302,341		63,652,039		(4,349,698	)
JPMorgan SmartRetirement 2050 Fund		2,143,931,530		50,865,891		47,093,715		3,772,176
JPMorgan SmartRetirement 2055 Fund		472,675,747		1,806,516		21,606,324		(19,799,808	)

At June 30, 2015, the Funds did not have any pre-enactment or post-enactment net capital loss carryforwards.

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015, or at any time during the six months then ended.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

As of December 31, 2015, the Funds each have one shareholder, which is an account maintained by a financial intermediary on behalf of their clients, that collectively owned shares representing the following percentage of each applicable Fund’s net assets:

	% of the Fund
JPMorgan SmartRetirement Income Fund		21.0	%
JPMorgan SmartRetirement 2015 Fund		28.5
JPMorgan SmartRetirement 2020 Fund		29.0
JPMorgan SmartRetirement 2025 Fund		28.1
JPMorgan SmartRetirement 2030 Fund		26.3
JPMorgan SmartRetirement 2035 Fund		29.2
JPMorgan SmartRetirement 2040 Fund		28.0
JPMorgan SmartRetirement 2045 Fund		32.0
JPMorgan SmartRetirement 2050 Fund		28.9
JPMorgan SmartRetirement 2055 Fund		32.0

Significant shareholder transactions by these shareholders may impact the Funds’ performance.

As of December 31, 2015, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:

	% of Net Assets
JPMorgan Intrepid International Fund		85.0	%
JPMorgan Corporate Bond Fund		84.7
JPMorgan International Opportunities Fund		76.5
JPMorgan Realty Income Fund		75.3
JPMorgan Disciplined Equity Fund		67.8
JPMorgan Emerging Economies Fund		65.3
JPMorgan International Equity Fund		61.9
JPMorgan Intrepid America Fund		56.0
JPMorgan Emerging Markets Local Currency Debt Fund		54.2
JPMorgan Emerging Markets Equity Fund		44.5
JPMorgan Emerging Markets Debt Fund		38.9
JPMorgan Mid Cap Equity Fund		35.8
JPMorgan Growth Advantage Fund		35.0
JPMorgan Commodities Strategy Fund		26.9
JPMorgan Small Cap Growth Fund		24.0
JPMorgan High Yield Fund		23.8
JPMorgan Core Bond Fund		22.8
JPMorgan Inflation Managed Bond Fund		19.9
JPMorgan Value Advantage Fund		18.6
JPMorgan Small Cap Value Fund		16.4
JPMorgan U.S. Equity Fund		14.9

Because of the Funds’ investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities; equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

116 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

The Funds may also invest in unaffiliated ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indices, as well as indices relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 117

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2015, and continued to hold your shares at the end of the reporting period, December 31, 2015.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees, and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Income Fund
Class A
Actual	$	1,000.00	$	976.80	$	1.39		0.28	%
Hypothetical		1,000.00		1,023.73		1.42		0.28
Class C
Actual		1,000.00		973.50		4.61		0.93
Hypothetical		1,000.00		1,020.46		4.72		0.93
Class R2
Actual		1,000.00		974.90		2.63		0.53
Hypothetical		1,000.00		1,022.47		2.69		0.53
Class R6
Actual		1,000.00		977.70		0.00		0.00
Hypothetical		1,000.00		1,025.14		0.00		0.00
Institutional Class
Actual		1,000.00		977.40		0.25		0.05
Hypothetical		1,000.00		1,024.89		0.25		0.05
Select Class
Actual		1,000.00		976.70		0.89		0.18
Hypothetical		1,000.00		1,024.23		0.92		0.18
JPMorgan SmartRetirement 2015 Fund
Class A
Actual		1,000.00		975.80		1.44		0.29
Hypothetical		1,000.00		1,023.68		1.48		0.29
Class C
Actual		1,000.00		972.50		4.66		0.94
Hypothetical		1,000.00		1,020.41		4.77		0.94

118 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement 2015 Fund (continued)
Class R2
Actual	$	1,000.00	$	974.50	$	2.68		0.54	%
Hypothetical		1,000.00		1,022.42		2.75		0.54
Class R6
Actual		1,000.00		977.30		0.00		0.00
Hypothetical		1,000.00		1,025.14		0.00		0.00
Institutional Class
Actual		1,000.00		976.50		0.30		0.06
Hypothetical		1,000.00		1,024.83		0.31		0.06
Select Class
Actual		1,000.00		976.40		0.94		0.19
Hypothetical		1,000.00		1,024.18		0.97		0.19
JPMorgan SmartRetirement 2020 Fund
Class A
Actual		1,000.00		973.90		1.44		0.29
Hypothetical		1,000.00		1,023.68		1.48		0.29
Class C
Actual		1,000.00		970.60		4.66		0.94
Hypothetical		1,000.00		1,020.41		4.77		0.94
Class R2
Actual		1,000.00		972.70		2.68		0.54
Hypothetical		1,000.00		1,022.42		2.75		0.54
Class R6
Actual		1,000.00		974.90		0.00		0.00
Hypothetical		1,000.00		1,025.14		0.00		0.00
Institutional Class
Actual		1,000.00		975.10		0.30		0.06
Hypothetical		1,000.00		1,024.83		0.31		0.06
Select Class
Actual		1,000.00		974.40		0.94		0.19
Hypothetical		1,000.00		1,024.18		0.97		0.19
JPMorgan SmartRetirement 2025 Fund
Class A
Actual		1,000.00		970.40		1.49		0.30
Hypothetical		1,000.00		1,023.63		1.53		0.30
Class C
Actual		1,000.00		967.10		4.70		0.95
Hypothetical		1,000.00		1,020.36		4.82		0.95
Class R2
Actual		1,000.00		968.60		2.72		0.55
Hypothetical		1,000.00		1,022.37		2.80		0.55
Class R6
Actual		1,000.00		971.40		0.00		0.00
Hypothetical		1,000.00		1,025.14		0.00		0.00
Institutional Class
Actual		1,000.00		971.10		0.30		0.06
Hypothetical		1,000.00		1,024.83		0.31		0.06
Select Class
Actual		1,000.00		970.40		0.99		0.20
Hypothetical		1,000.00		1,024.13		1.02		0.20

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 119

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement 2030 Fund
Class A
Actual	$	1,000.00	$	964.90	$	1.48		0.30	%
Hypothetical		1,000.00		1,023.63		1.53		0.30
Class C
Actual		1,000.00		961.50		4.68		0.95
Hypothetical		1,000.00		1,020.36		4.82		0.95
Class R2
Actual		1,000.00		963.60		2.71		0.55
Hypothetical		1,000.00		1,022.37		2.80		0.55
Class R6
Actual		1,000.00		965.90		0.00		0.00
Hypothetical		1,000.00		1,025.14		0.00		0.00
Institutional Class
Actual		1,000.00		966.20		0.30		0.06
Hypothetical		1,000.00		1,024.83		0.31		0.06
Select Class
Actual		1,000.00		965.40		0.99		0.20
Hypothetical		1,000.00		1,024.13		1.02		0.20
JPMorgan SmartRetirement 2035 Fund
Class A
Actual		1,000.00		961.50		1.48		0.30
Hypothetical		1,000.00		1,023.63		1.53		0.30
Class C
Actual		1,000.00		957.90		4.68		0.95
Hypothetical		1,000.00		1,020.36		4.82		0.95
Class R2
Actual		1,000.00		960.20		2.71		0.55
Hypothetical		1,000.00		1,022.37		2.80		0.55
Class R6
Actual		1,000.00		962.50		0.00		0.00
Hypothetical		1,000.00		1,025.14		0.00		0.00
Institutional Class
Actual		1,000.00		962.30		0.30		0.06
Hypothetical		1,000.00		1,024.83		0.31		0.06
Select Class
Actual		1,000.00		961.60		0.99		0.20
Hypothetical		1,000.00		1,024.13		1.02		0.20
JPMorgan SmartRetirement 2040 Fund
Class A
Actual		1,000.00		958.20		1.48		0.30
Hypothetical		1,000.00		1,023.63		1.53		0.30
Class C
Actual		1,000.00		955.00		4.67		0.95
Hypothetical		1,000.00		1,020.36		4.82		0.95
Class R2
Actual		1,000.00		957.30		2.71		0.55
Hypothetical		1,000.00		1,022.37		2.80		0.55
Class R6
Actual		1,000.00		959.40		0.00		0.00
Hypothetical		1,000.00		1,025.14		0.00		0.00
Institutional Class
Actual		1,000.00		959.10		0.30		0.06
Hypothetical		1,000.00		1,024.83		0.31		0.06

120 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement 2040 Fund (continued)
Select Class
Actual	$	1,000.00	$	958.80	$	0.98		0.20	%
Hypothetical		1,000.00		1,024.13		1.02		0.20
JPMorgan SmartRetirement 2045 Fund
Class A
Actual		1,000.00		958.60		1.48		0.30
Hypothetical		1,000.00		1,023.63		1.53		0.30
Class C
Actual		1,000.00		955.50		4.67		0.95
Hypothetical		1,000.00		1,020.36		4.82		0.95
Class R2
Actual		1,000.00		957.10		2.71		0.55
Hypothetical		1,000.00		1,022.37		2.80		0.55
Class R6
Actual		1,000.00		959.70		0.00		0.00
Hypothetical		1,000.00		1,025.14		0.00		0.00
Institutional Class
Actual		1,000.00		959.90		0.30		0.06
Hypothetical		1,000.00		1,024.83		0.31		0.06
Select Class
Actual		1,000.00		958.70		0.98		0.20
Hypothetical		1,000.00		1,024.13		1.02		0.20
JPMorgan SmartRetirement 2050 Fund
Class A
Actual		1,000.00		959.10		1.48		0.30
Hypothetical		1,000.00		1,023.63		1.53		0.30
Class C
Actual		1,000.00		955.90		4.67		0.95
Hypothetical		1,000.00		1,020.36		4.82		0.95
Class R2
Actual		1,000.00		957.60		2.71		0.55
Hypothetical		1,000.00		1,022.37		2.80		0.55
Class R6
Actual		1,000.00		960.70		0.00		0.00
Hypothetical		1,000.00		1,025.14		0.00		0.00
Institutional Class
Actual		1,000.00		959.90		0.30		0.06
Hypothetical		1,000.00		1,024.83		0.31		0.06
Select Class
Actual		1,000.00		959.70		0.99		0.20
Hypothetical		1,000.00		1,024.13		1.02		0.20
JPMorgan SmartRetirement 2055 Fund
Class A
Actual		1,000.00		959.30		1.48		0.30
Hypothetical		1,000.00		1,023.63		1.53		0.30
Class C
Actual		1,000.00		955.80		4.67		0.95
Hypothetical		1,000.00		1,020.36		4.82		0.95
Class R2
Actual		1,000.00		958.10		2.71		0.55
Hypothetical		1,000.00		1,022.37		2.80		0.55

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 121

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement 2055 Fund (continued)
Class R6
Actual	$	1,000.00	$	960.80	$	0.00		0.00	%
Hypothetical		1,000.00		1,025.14		0.00		0.00
Institutional Class
Actual		1,000.00		960.00		0.30		0.06
Hypothetical		1,000.00		1,024.83		0.31		0.06
Select Class
Actual		1,000.00		959.80		0.99		0.20
Hypothetical		1,000.00		1,024.13		1.02		0.20

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one half year period).

122 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreement for each of the Funds whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information concerning the Funds and the underlying J.P. Morgan Funds in which each of the Funds invests (the “Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreements, the Trustees’ considered and reviewed performance and other information about the Funds and Underlying Funds received from the Adviser. This information includes the Funds’ and Underlying Funds’ performance as compared to the performance of the Funds’ and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ and Underlying Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ and Underlying Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds and/or Underlying Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agree-

ments with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds and Underlying Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the overall arrangement between the Funds and the Adviser, as provided in each Advisory Agreement was fair and reasonable and that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 123

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

provide high quality service to the Funds and Underlying Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund and Underlying Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees noted that there was no advisory fee charged to the Funds. At the request of the Trustees, the Adviser provided information regarding the profitability to the Adviser and its affiliates in providing services to the Funds and Underlying Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds and Underlying Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund and Underlying Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds including the benefits received by the Adviser and its affiliates in connection with the Funds’ investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds and/or Underlying Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the

payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services to the Underlying Funds, noting that JPMFM pays such fees for the Funds pursuant to the Administration Agreement.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees also noted that there was not an investment advisory fee or administrative fee charged to the Funds. The Trustees further noted that JPMFM paid many of the ordinary expenses incurred by the Funds including organization costs, taxes, ordinary fees and expenses for legal and auditing services, fees and expenses of pricing services, the expenses of preparing (including typesetting), printing and mailing reports, prospectuses, statements of additional information, proxy solicitation material and notices to existing shareholders, all expenses incurred in connection with issuing and redeeming shares (not including transfer agency fees), the cost of custodian and fund accounting services, and the cost of initial and ongoing registration of the shares under Federal and state securities laws. The Trustees also considered that the Adviser and/or its affiliates, has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees of the Underlying Funds. In determining whether to continue the Advisory Agreements, the Trustees considered the Chief Compliance Officer’s report.

124 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the SmartRetirement Income Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement 2015 Fund’s performance was in the first, third and second quintiles for Class A shares, and in the first, second, and second quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement 2020 Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement 2025 Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement 2030 Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement 2035 Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement 2040 Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 125

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement 2045 Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement 2050 Fund’s performance was in the first quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement 2055 Fund’s performance was in the first quintile for both Class A and Select Class shares for the one-year period ended December 31, 2014, and that the Trustees’ independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Funds are not charged a separate investment advisory fee by the Adviser and the Trustees considered the reasonableness of the investment advisory fee and expense ratio of the Underlying Funds with respect to the Funds. The Trustees considered the contractual advisory fee rate paid by each Underlying Fund to the Adviser or its affiliates by comparing that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Underlying Fund. The Trustees recognized that Lipper reported each Underlying Fund’s management fee rate as the combined contractual advisory fee rate and administration fee rate. The Trustees also considered the fee waiver and/or expense reimbursement arrangements currently in place for each Underlying Fund and considered the net advisory fee rate after taking into account waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advi-

sory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the SmartRetirement Income Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the SmartRetirement 2015 Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the SmartRetirement 2020 Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the SmartRetirement 2025 Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the SmartRetirement 2030 Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the SmartRetirement 2035 Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the SmartRetirement 2040 Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable.

126 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

The Trustees noted that the SmartRetirement 2045 Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the SmartRetirement 2050 Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles,

respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the SmartRetirement 2055 Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT FUNDS 127

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2015. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2015. The information necessary to complete your income tax returns for the calendar year ending December 31, 2015 will be provided under separate cover.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2015, the Funds elected to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses were as follows or amounts as finally determined:

	Total Foreign Source Income		Total Foreign Tax Credit
SmartRetirement Income Fund	$	4,582,944	$	400,497
SmartRetirement 2015 Fund		7,172,095		635,738
SmartRetirement 2020 Fund		22,003,494		1,964,136
SmartRetirement 2025 Fund		20,757,698		1,868,844
SmartRetirement 2030 Fund		28,492,729		2,562,357
SmartRetirement 2035 Fund		20,443,482		1,840,220
SmartRetirement 2040 Fund		23,969,133		2,155,753
SmartRetirement 2045 Fund		12,505,106		1,128,481
SmartRetirement 2050 Fund		9,780,400		882,533
SmartRetirement 2055 Fund		1,353,931		123,585

128 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2015

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016.  All rights reserved. December 2015. SAN-SR-1215

Semi-Annual Report

JPMorgan SmartRetirement^® Blend Funds

December 31, 2015 (Unaudited)

JPMorgan SmartRetirement^® Blend Income Fund

JPMorgan SmartRetirement^® Blend 2015 Fund

JPMorgan SmartRetirement^® Blend 2020 Fund

JPMorgan SmartRetirement^® Blend 2025 Fund

JPMorgan SmartRetirement^® Blend 2030 Fund

JPMorgan SmartRetirement^® Blend 2035 Fund

JPMorgan SmartRetirement^® Blend 2040 Fund

JPMorgan SmartRetirement^® Blend 2045 Fund

JPMorgan SmartRetirement^® Blend 2050 Fund

JPMorgan SmartRetirement^® Blend 2055 Fund

CONTENTS

CEO’s Letter	1
Fund Facts	2
Funds Commentary	4
Schedules of Portfolio Investments	15
Financial Statements	26
Financial Highlights	50
Notes to Financial Statements	70
Schedule of Shareholder Expenses	88
Board Approval of Investment Advisory Agreement	93

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectus for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

January 29, 2016 (Unaudited)

Dear Shareholder:

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies — particularly those of emerging market exporting nations — put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48% of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets — including a 2% devaluation of the yuan — the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24^th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks — particularly those of large cap technology companies — while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management,

J.P. Morgan Asset Management

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 1

JPMorgan SmartRetirement^® Blend Funds

FUND FACTS

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

Fund	Fund Return*		Primary Benchmark Return		Primary Benchmark	Fund Net Assets as of December 31, 2015
JPMorgan SmartRetirement® Blend Income Fund		(1.39)%		(0.85)%	S&P Target Date Retirement Income Index	$	48,240,189
JPMorgan SmartRetirement® Blend 2015 Fund		(1.33)%		(1.50)%	S&P Target Date 2015 Index	$	52,875,311
JPMorgan SmartRetirement® Blend 2020 Fund		(1.63)%		(1.82)%	S&P Target Date 2020 Index	$	145,571,231
JPMorgan SmartRetirement® Blend 2025 Fund		(1.78)%		(2.11)%	S&P Target Date 2025 Index	$	135,464,137
JPMorgan SmartRetirement® Blend 2030 Fund		(2.20)%		(2.37)%	S&P Target Date 2030 Index	$	133,995,832
JPMorgan SmartRetirement® Blend 2035 Fund		(2.44)%		(2.61)%	S&P Target Date 2035 Index	$	98,720,354
JPMorgan SmartRetirement® Blend 2040 Fund		(2.74)%		(2.81)%	S&P Target Date 2040 Index	$	92,179,492
JPMorgan SmartRetirement® Blend 2045 Fund		(2.66)%		(2.99)%	S&P Target Date 2045 Index	$	56,055,457
JPMorgan SmartRetirement® Blend 2050 Fund		(2.69)%		(3.09)%	S&P Target Date 2050 Index	$	34,322,120
JPMorgan SmartRetirement® Blend 2055 Fund		(2.60)%		(3.23)%	S&P Target Date 2055+ Index	$	16,385,463

* Returns for all Funds are based on Class R6 Shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

2 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

Portfolio Composition by Asset Class*

JPMorgan SmartRetirement® Blend Income Fund
Fixed Income	54.2	%
U.S. Equity	23.8
Money Market	9.7
International Equity	9.5
Alternative Assets	2.8
U.S. Treasury Obligation	0.0	(a)
JPMorgan SmartRetirement® Blend 2015 Fund
Fixed Income	53.1	%
U.S. Equity	23.6
International Equity	10.3
Money Market	9.7
Alternative Assets	3.2
U.S. Treasury Obligation	0.1
JPMorgan SmartRetirement® Blend 2020 Fund
Fixed Income	46.0	%
U.S. Equity	33.1
International Equity	15.1
Alternative Assets	4.3
Money Market	1.4
U.S. Treasury Obligation	0.1
JPMorgan SmartRetirement® Blend 2025 Fund
U.S. Equity	39.5	%
Fixed Income	35.9
International Equity	18.1
Alternative Assets	4.6
Money Market	1.8
U.S. Treasury Obligation	0.1
JPMorgan SmartRetirement® Blend 2030 Fund
U.S. Equity	45.6	%
Fixed Income	26.5
International Equity	21.0
Alternative Assets	5.3
Money Market	1.5
U.S. Treasury Obligation	0.1

JPMorgan SmartRetirement® Blend 2035 Fund
U.S. Equity	41.7	%
International Equity	23.5
Fixed Income	19.2
Money Market	9.5
Alternative Assets	5.7
U.S. Treasury Obligation	0.4
JPMorgan SmartRetirement® Blend 2040 Fund
U.S. Equity	45.3	%
International Equity	25.3
Fixed Income	13.7
Money Market	9.2
Alternative Assets	6.1
U.S. Treasury Obligation	0.4
JPMorgan SmartRetirement® Blend 2045 Fund
U.S. Equity	45.3	%
International Equity	25.6
Fixed Income	13.8
Money Market	8.7
Alternative Assets	6.2
U.S. Treasury Obligation	0.4
JPMorgan SmartRetirement® Blend 2050 Fund
U.S. Equity	45.6	%
International Equity	25.4
Fixed Income	14.0
Money Market	8.4
Alternative Assets	6.2
U.S. Treasury Obligation	0.4
JPMorgan SmartRetirement® Blend 2055 Fund
U.S. Equity	51.2	%
International Equity	24.8
Fixed Income	13.5
Alternative Assets	6.0
Money Market	4.4
U.S. Treasury Obligation	0.1

* The percentages indicated are based on total investments as of December 31, 2015. Each Fund’s Portfolio composition is subject to change.

(a) Rounds to less than 0.1%

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 3

JPMorgan SmartRetirement^® Blend Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

INVESTMENT OBJECTIVES*

The JPMorgan SmartRetirement^® Blend Income Fund seeks current income and some capital appreciation. The JPMorgan SmartRetirement^® Blend 2015 Fund seeks total return with a shift to current income and some capital appreciation over time as the Fund approaches and passes its target retirement date. The remaining JPMorgan SmartRetirement^® Blend Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement dates.

HOW DID THE MARKET PERFORM?

Overall, U.S. equity markets provided slim returns for the second half of 2015, while equity markets in other developed market nations posted negative returns and emerging market equities posted double-digit losses. Global weakness in commodities prices, slowing economic growth in China, anxiety over U.S. interest rate policy and slowing growth in corporate earnings combined to put pressure on equity prices during the summer months.

In mid-August, Chinese authorities devalued the yuan by 2% amid declines in the Shanghai and Shenzhen equity markets. A global sell-off followed on August 24^th. However, U.S. and other equity markets rebounded in October and the Standard & Poor’s 500 Index (S&P 500) turned in its best one-month performance since 2011. For the six months ended December 31, 2015, the S&P 500 returned 0.15%.

Generally, bond markets had a weak performance during the second half of 2015 as interest rates remained low globally. Also, increased volatility in financial markets pushed investors toward lower risk securities in developed market sovereign debt and away from lower-rated bonds. The Barclays U.S. Aggregate Index returned 0.65% and the Barclays High Yield Index returned -6.82% for the second half of 2015.

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

Nine out of ten JPMorgan SmartRetirement Blend Funds’ (the “Funds”) Class R6 Shares outperformed their respective S&P

Target Date indexes for the six months ended December 31, 2015.

The Funds’ investments in iShares of the MSCI Europe Australasia and Far East Index exchange traded fund in particular, detracted from performance relative to the respective indexes. However, the Funds’ fixed income investments, particularly the JPMorgan Corporate Bond Fund and JPMorgan Inflation Managed Bond Fund, made a positive contribution to relative performance.

Strategic allocation to real estate investment trusts and equities in the U.S. and other developed markets made a positive contribution to the Funds’ relative performance. From a tactical perspective, the Funds’ underweight position in emerging market equity contributed to relative performance, while the overweight position in high yield debt (also known as “junk bonds”) detracted from performance.

Strategic asset allocation involves setting target allocations to various asset classes and periodically rebalancing the portfolio to those targets. Tactical asset allocation generally involves a more active trading approach and seeks to exploit shorter-term inefficiencies in markets.

HOW WERE THE FUNDS POSITIONED?

The Funds primarily invested in underlying J.P. Morgan funds and third-party exchange-traded funds to implement the asset allocation views of the Funds’ portfolio managers. The Funds’ portfolio managers used a systematic screening and selection process to choose the underlying funds in their construction of the JPMorgan SmartRetirement Blend portfolios. Relative to their respective S&P Target Date indexes, the Funds invested across a broader range of asset classes. The Funds’ portfolio managers believed that this diversification would help shield the Funds from market volatility and contribute to the Funds’ long-term risk-adjusted returns. In addition, they sought to invest in asset classes that they believe have had historically lower correlations to the broader fixed income and equity markets.

* The adviser seeks to achieve the Funds’ objectives. There can be no guarantee they will be achieved.

4 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement^® Blend Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
Without Sales Charge			(1.53	)%		(1.06	)%		3.35	%		4.03	%
With Sales Charge**			(5.98	)		(5.52	)		1.77			2.67
CLASS C SHARES	July 2, 2012
Without CDSC			(1.83	)		(1.65	)		2.73			3.41
With CDSC***			(2.83	)		(2.65	)		2.73			3.41
CLASS R2 SHARES	July 2, 2012		(1.66	)		(1.30	)		3.10			3.78
CLASS R5 SHARES	July 2, 2012		(1.35	)		(0.71	)		3.72			4.40
CLASS R6 SHARES	July 2, 2012		(1.39	)		(0.66	)		3.76			4.44
SELECT CLASS SHARES	July 2, 2012		(1.51	)		(0.96	)		3.50			4.18

* Not annualized

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend Income Fund, the S&P Target Date Retirement Income Index and the Lipper Mixed-Asset Target Today Funds Average from July 2, 2012 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date Retirement Income Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Today Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date Retirement Income Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and

international REITs, core fixed income, short term treasuries, Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. The Index is reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. The Index is rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target Today Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 5

JPMorgan SmartRetirement^® Blend 2015 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
Without Sales Charge			(1.53	)%		(0.96	)%		4.34	%		5.12	%
With Sales Charge**			(5.95	)		(5.40	)		2.75			3.74
CLASS C SHARES	July 2, 2012
Without CDSC			(1.83	)		(1.61	)		3.71			4.49
With CDSC***			(2.83	)		(2.61	)		3.71			4.49
CLASS R2 SHARES	July 2, 2012		(1.72	)		(1.26	)		4.06			4.85
CLASS R5 SHARES	July 2, 2012		(1.35	)		(0.61	)		4.71			5.49
CLASS R6 SHARES	July 2, 2012		(1.33	)		(0.62	)		4.75			5.54
SELECT CLASS SHARES	July 2, 2012		(1.45	)		(0.87	)		4.49			5.28

* Not annualized

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2015 Fund, the S&P Target Date 2015 Index and the Lipper Mixed-Asset Target 2015 Funds Index from July 2, 2012 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2015 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2015 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2015 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries,

Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. The Index is reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. The Index is rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis. The Lipper Mixed-Asset Target 2015 Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement^® Blend 2020 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
Without Sales Charge			(1.78	)%		(1.05	)%		5.67	%		6.50	%
With Sales Charge**			(6.18	)		(5.48	)		4.05			5.10
CLASS C SHARES	July 2, 2012
Without CDSC			(2.14	)		(1.65	)		5.05			5.86
With CDSC***			(3.14	)		(2.65	)		5.05			5.86
CLASS R2 SHARES	July 2, 2012		(1.91	)		(1.25	)		5.41			6.24
CLASS R5 SHARES	July 2, 2012		(1.60	)		(0.70	)		6.04			6.88
CLASS R6 SHARES	July 2, 2012		(1.63	)		(0.65	)		6.08			6.92
SELECT CLASS SHARES	July 2, 2012		(1.76	)		(0.90	)		5.82			6.66

* Not annualized

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2020 Fund, the S&P Target Date 2020 Index and the Lipper Mixed-Asset Target 2020 Funds Index from July 2, 2012 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2020 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2020 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2020 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries,

Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. The Index is reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. The Index is rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis. The Lipper Mixed-Asset Target 2020 Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 7

JPMorgan SmartRetirement^® Blend 2025 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
Without Sales Charge			(2.04	)%		(1.13	)%		6.57	%		7.43	%
With Sales Charge**			(6.43	)		(5.57	)		4.94			6.01
CLASS C SHARES	July 2, 2012
Without CDSC			(2.34	)		(1.73	)		5.92			6.78
With CDSC***			(3.34	)		(2.73	)		5.92			6.78
CLASS R2 SHARES	July 2, 2012		(2.11	)		(1.38	)		6.30			7.16
CLASS R5 SHARES	July 2, 2012		(1.80	)		(0.77	)		6.96			7.82
CLASS R6 SHARES	July 2, 2012		(1.78	)		(0.67	)		7.01			7.87
SELECT CLASS SHARES	July 2, 2012		(1.91	)		(0.97	)		6.74			7.60

* Not annualized

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2025 Fund, the S&P Target Date 2025 Index and the Lipper Mixed-Asset Target 2025 Funds Index from July 2, 2012 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2025 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2025 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2025 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries,

Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. The Index is reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. The Index is rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis. The Lipper Mixed-Asset Target 2025 Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

8 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement^® Blend 2030 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
Without Sales Charge			(2.40	)%		(1.25	)%		7.33	%		8.20	%
With Sales Charge**			(6.79	)		(5.71	)		5.70			6.78
CLASS C SHARES	July 2, 2012
Without CDSC			(2.70	)		(1.85	)		6.68			7.55
With CDSC***			(3.70	)		(2.85	)		6.68			7.55
CLASS R2 SHARES	July 2, 2012		(2.47	)		(1.50	)		7.07			7.93
CLASS R5 SHARES	July 2, 2012		(2.22	)		(0.95	)		7.69			8.56
CLASS R6 SHARES	July 2, 2012		(2.20	)		(0.85	)		7.76			8.62
SELECT CLASS SHARES	July 2, 2012		(2.27	)		(1.09	)		7.49			8.36

* Not annualized

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2030 Fund, the S&P Target Date 2030 Index and the Lipper Mixed-Asset Target 2030 Funds Index from July 2, 2012 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2030 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2030 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2030 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries,

Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. The Index is reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. The Index is rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis. The Lipper Mixed-Asset Target 2030 Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 9

JPMorgan SmartRetirement^® Blend 2035 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
Without Sales Charge			(2.59	)%		(1.32	)%		7.89	%		8.81	%
With Sales Charge**			(6.97	)		(5.77	)		6.24			7.38
CLASS C SHARES	July 2, 2012
Without CDSC			(2.90	)		(1.92	)		7.24			8.16
With CDSC***			(3.90	)		(2.92	)		7.24			8.16
CLASS R2 SHARES	July 2, 2012		(2.77	)		(1.62	)		7.61			8.53
CLASS R5 SHARES	July 2, 2012		(2.46	)		(1.01	)		8.27			9.20
CLASS R6 SHARES	July 2, 2012		(2.44	)		(0.97	)		8.32			9.24
SELECT CLASS SHARES	July 2, 2012		(2.56	)		(1.21	)		8.05			8.97

* Not annualized

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2035 Fund, the S&P Target Date 2035 Index and the Lipper Mixed-Asset Target 2035 Funds Index from July 2, 2012 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2035 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2035 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2035 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries,

Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. The Index is reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. The Index is rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis. The Lipper Mixed-Asset Target 2035 Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

10 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement^® Blend 2040 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
Without Sales Charge			(2.94	)%		(1.58	)%		8.15	%		9.08	%
With Sales Charge**			(7.29	)		(6.02	)		6.50			7.65
CLASS C SHARES	July 2, 2012
Without CDSC			(3.25	)		(2.18	)		7.50			8.42
With CDSC***			(4.25	)		(3.18	)		7.50			8.42
CLASS R2 SHARES	July 2, 2012		(3.02	)		(1.78	)		7.89			8.81
CLASS R5 SHARES	July 2, 2012		(2.76	)		(1.23	)		8.54			9.46
CLASS R6 SHARES	July 2, 2012		(2.74	)		(1.13	)		8.58			9.51
SELECT CLASS SHARES	July 2, 2012		(2.86	)		(1.42	)		8.32			9.24

* Not annualized

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2040 Fund, the S&P Target Date 2040 Index and the Lipper Mixed-Asset Target 2040 Funds Index from July 2, 2012 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2040 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2040 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2040 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries,

Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. The Index is reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. The Index is rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis. The Lipper Mixed-Asset Target 2040 Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 11

JPMorgan SmartRetirement^® Blend 2045 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
Without Sales Charge			(2.86	)%		(1.45	)%		8.15	%		9.06	%
With Sales Charge**			(7.23	)		(5.87	)		6.50			7.63
CLASS C SHARES	July 2, 2012
Without CDSC			(3.17	)		(2.05	)		7.50			8.41
With CDSC***			(4.17	)		(3.05	)		7.50			8.41
CLASS R2 SHARES	July 2, 2012		(2.99	)		(1.75	)		7.87			8.78
CLASS R5 SHARES	July 2, 2012		(2.73	)		(1.15	)		8.51			9.43
CLASS R6 SHARES	July 2, 2012		(2.66	)		(1.05	)		8.60			9.51
SELECT CLASS SHARES	July 2, 2012		(2.78	)		(1.34	)		8.30			9.22

* Not annualized

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2045 Fund, the S&P Target Date 2045 Index and the Lipper Mixed-Asset Target 2045 Funds Index from July 2, 2012 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2045 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2045 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2045 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries,

Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. The Index is reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. The Index is rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis. The Lipper Mixed-Asset Target 2045 Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

12 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement^® Blend 2050 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
Without Sales Charge			(2.84	)%		(1.53	)%		8.16	%		9.07	%
With Sales Charge**			(7.22	)		(5.94	)		6.50			7.64
CLASS C SHARES	July 2, 2012
Without CDSC			(3.15	)		(2.08	)		7.51			8.41
With CDSC***			(4.15	)		(3.08	)		7.51			8.41
CLASS R2 SHARES	July 2, 2012		(3.02	)		(1.78	)		7.87			8.78
CLASS R5 SHARES	July 2, 2012		(2.72	)		(1.18	)		8.52			9.44
CLASS R6 SHARES	July 2, 2012		(2.69	)		(1.13	)		8.59			9.50
SELECT CLASS SHARES	July 2, 2012		(2.77	)		(1.38	)		8.32			9.23

* Not annualized

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2050 Fund, the S&P Target Date 2050 Index and the Lipper Mixed-Asset Target 2050 Funds Index from July 2, 2012 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2050 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2050 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2050 Index (the “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries,

Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. The Index is reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. The Index is rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis. The Lipper Mixed-Asset Target 2050 Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 13

JPMorgan SmartRetirement^® Blend 2055 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
Without Sales Charge			(2.86	)%		(1.43	)%		8.04	%		8.96	%
With Sales Charge**			(7.21	)		(5.87	)		6.38			7.53
CLASS C SHARES	July 2, 2012
Without CDSC			(3.11	)		(2.03	)		7.38			8.31
With CDSC***			(4.11	)		(3.03	)		7.38			8.31
CLASS R2 SHARES	July 2, 2012		(2.93	)		(1.68	)		7.77			8.69
CLASS R5 SHARES	July 2, 2012		(2.68	)		(1.07	)		8.41			9.34
CLASS R6 SHARES	July 2, 2012		(2.60	)		(1.02	)		8.48			9.40
SELECT CLASS SHARES	July 2, 2012		(2.76	)		(1.30	)		8.19			9.12

* Not annualized

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2055 Fund, the S&P Target Date 2055+ Index and the Lipper Mixed-Asset Target 2055+ Funds Index from July 2, 2012 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2055+ Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2055+ Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2055+ Index reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries, Treasury Inflation

Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the Index calculation. The Index is reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. The Index is rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis. The Lipper Mixed-Asset Target 2055+ Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

14 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 54.5%
		Fixed Income — 19.9%
	11,977	iShares Barclays TIPS Bond ETF		1,313,637
	76,574	iShares Core U.S. Aggregate Bond ETF		8,270,758
		Total Fixed Income		9,584,395
		International Equity — 9.3%
	65,635	iShares MSCI EAFE ETF		3,856,057
	19,074	iShares MSCI Emerging Markets ETF		613,992
		Total International Equity		4,470,049
		U.S. Equity — 25.3%
	6,742	iShares Russell 2000 ETF		758,542
	7,512	iShares Russell Mid-Cap ETF		1,204,324
	54,900	Vanguard S&P 500 ETF		10,262,457
		Total U.S. Equity		12,225,323
		Total Exchange-Traded Funds (Cost $25,387,331)		26,279,767
	Investment Companies — 52.1% (b)
		Alternative Assets — 3.0%
	9,619	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		78,872
	101,301	JPMorgan Realty Income Fund, Class R6 Shares		1,358,450
		Total Alternative Assets		1,437,322
		Fixed Income — 37.9%
	634,355	JPMorgan Core Bond Fund, Class R6 Shares		7,326,801
	170,569	JPMorgan Corporate Bond Fund, Class R6 Shares		1,644,289
	146,254	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,124,692
	6,927	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		50,915

SHARES		SECURITY DESCRIPTION	VALUE($)
		Fixed Income — continued
	140,288	JPMorgan Floating Rate Income Fund, Class R6 Shares		1,276,619
	621,319	JPMorgan High Yield Fund, Class R6 Shares		4,243,605
	260,241	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		2,628,437
		Total Fixed Income		18,295,358
		International Equity — 0.9%
	11,346	JPMorgan Emerging Economies Fund, Class R6 Shares		116,980
	15,764	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		295,416
		Total International Equity		412,396
		Money Market — 10.3%
	4,987,152	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		4,987,152
		Total Investment Companies (Cost $26,071,706)		25,132,228
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.0% (g)
	25,000	U.S. Treasury Note, 0.375%, 01/31/16 (Cost $25,003)		25,001
		Total Investments — 106.6% (Cost $51,484,040)		51,436,996
		Liabilities in Excess of Other Assets — (6.6)%		(3,196,807	)
		NET ASSETS — 100.0%	$	48,240,189

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 15

JPMorgan SmartRetirement Blend 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 56.9%
		Fixed Income — 20.8%
	11,987	iShares Barclays TIPS Bond ETF		1,314,734
	89,705	iShares Core U.S. Aggregate Bond ETF		9,689,037
		Total Fixed Income		11,003,771
		International Equity — 10.1%
	81,055	iShares MSCI EAFE ETF		4,761,981
	17,524	iShares MSCI Emerging Markets ETF		564,098
		Total International Equity		5,326,079
		U.S. Equity — 26.0%
	8,354	iShares Russell 2000 ETF		939,908
	9,505	iShares Russell Mid-Cap ETF		1,523,842
	60,381	Vanguard S&P 500 ETF		11,287,020
		Total U.S. Equity		13,750,770
		Total Exchange-Traded Funds (Cost $28,168,995)		30,080,620
	Investment Companies — 53.4% (b)
		Alternative Assets — 3.5%
	11,733	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		96,212
	131,256	JPMorgan Realty Income Fund, Class R6 Shares		1,760,137
		Total Alternative Assets		1,856,349
		Fixed Income — 37.9%
	734,294	JPMorgan Core Bond Fund, Class R6 Shares		8,481,091
	195,783	JPMorgan Corporate Bond Fund, Class R6 Shares		1,887,351
	161,851	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,244,634
	8,625	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		63,395

SHARES		SECURITY DESCRIPTION	VALUE($)
		Fixed Income — continued
	141,022	JPMorgan Floating Rate Income Fund, Class R6 Shares		1,283,301
	659,065	JPMorgan High Yield Fund, Class R6 Shares		4,501,415
	253,717	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		2,562,540
		Total Fixed Income		20,023,727
		International Equity — 1.3%
	33,309	JPMorgan Emerging Economies Fund, Class R6 Shares		343,420
	18,508	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		346,846
		Total International Equity		690,266
		Money Market — 10.7%
	5,666,115	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		5,666,115
		Total Investment Companies (Cost $29,300,547)		28,236,457
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.1%
	75,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $75,014)		75,004
		Total Investments — 110.4% (Cost $57,544,556)		58,392,081
		Liabilities in Excess of Other Assets — (10.4)%		(5,516,770	)
		NET ASSETS — 100.0%	$	52,875,311

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	11	E-mini S&P 500		03/18/16		USD	$	1,119,470	$	(15,727	)

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 68.9%
		Fixed Income — 18.9%
	11,642	iShares Barclays TIPS Bond ETF		1,276,894
	242,873	iShares Core U.S. Aggregate Bond ETF		26,232,713
		Total Fixed Income		27,509,607
		International Equity — 14.1%
	315,969	iShares MSCI EAFE ETF		18,563,179
	63,001	iShares MSCI Emerging Markets ETF		2,028,002
		Total International Equity		20,591,181
		U.S. Equity — 35.9%
	34,578	iShares Russell 2000 ETF		3,890,371
	35,580	iShares Russell Mid-Cap ETF		5,704,186
	228,026	Vanguard S&P 500 ETF		42,624,900
		Total U.S. Equity		52,219,457
		Total Exchange-Traded Funds (Cost $96,243,882)		100,320,245
	Investment Companies — 39.3% (b)
		Alternative Assets — 4.6%
	11,517	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		94,440
	492,319	JPMorgan Realty Income Fund, Class R6 Shares		6,601,997
		Total Alternative Assets		6,696,437
		Fixed Income — 31.0%
	2,008,535	JPMorgan Core Bond Fund, Class R6 Shares		23,198,579
	520,685	JPMorgan Corporate Bond Fund, Class R6 Shares		5,019,404
	371,324	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		2,855,482
	34,604	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		254,338

SHARES		SECURITY DESCRIPTION	VALUE($)
		Fixed Income — continued
	147,535	JPMorgan Floating Rate Income Fund, Class R6 Shares		1,342,573
	1,441,526	JPMorgan High Yield Fund, Class R6 Shares		9,845,621
	254,766	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		2,573,141
		Total Fixed Income		45,089,138
		International Equity — 2.2%
	135,126	JPMorgan Emerging Economies Fund, Class R6 Shares		1,393,144
	97,305	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		1,823,489
		Total International Equity		3,216,633
		Money Market — 1.5%
	2,225,787	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		2,225,787
		Total Investment Companies (Cost $59,760,752)		57,227,995
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.1%
	175,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $175,019)		175,009
		Total Investments — 108.3% (Cost $156,179,653)		157,723,249
		Liabilities in Excess of Other Assets — (8.3)%		(12,152,018	)
		NET ASSETS — 100.0%	$	145,571,231

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	16	E-mini S&P 500		03/18/16		USD	$	1,628,320	$	25,180

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 17

JPMorgan SmartRetirement Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 74.1%
		Fixed Income — 14.9%
	187,632	iShares Core U.S. Aggregate Bond ETF		20,266,133
		International Equity — 16.5%
	342,001	iShares MSCI EAFE ETF		20,092,559
	70,344	iShares MSCI Emerging Markets ETF		2,264,373
		Total International Equity		22,356,932
		U.S. Equity — 42.7%
	37,011	iShares Russell 2000 ETF		4,164,108
	39,691	iShares Russell Mid-Cap ETF		6,363,261
	252,941	Vanguard S&P 500 ETF		47,282,261
		Total U.S. Equity		57,809,630
		Total Exchange-Traded Funds (Cost $97,544,590)		100,432,695
	Investment Companies — 33.7% (b)
		Alternative Assets — 5.0%
	500,904	JPMorgan Realty Income Fund, Class R6 Shares		6,717,129
		Fixed Income — 23.8%
	1,559,092	JPMorgan Core Bond Fund, Class R6 Shares		18,007,509
	409,919	JPMorgan Corporate Bond Fund, Class R6 Shares		3,951,614
	280,991	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		2,160,824
	41,883	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		307,838
	1,142,315	JPMorgan High Yield Fund, Class R6 Shares		7,802,011
		Total Fixed Income		32,229,796

SHARES		SECURITY DESCRIPTION	VALUE($)
		International Equity — 3.0%
	166,027	JPMorgan Emerging Economies Fund, Class R6 Shares		1,711,734
	125,615	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		2,354,030
		Total International Equity		4,065,764
		Money Market — 1.9%
	2,568,592	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		2,568,592
		Total Investment Companies (Cost $47,753,790)		45,581,281
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.1%
	145,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $145,016)		145,007
		Total Investments — 107.9% (Cost $145,443,396)		146,158,983
		Liabilities in Excess of Other Assets — (7.9)%		(10,694,846	)
		NET ASSETS — 100.0%	$	135,464,137

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	1	E-mini Russell 2000		03/18/16		USD	$	113,150	$	1,378
	14	E-mini S&P 500		03/18/16		USD		1,424,780		24,029
									$	25,407

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 83.0%
		Fixed Income — 10.9%
	135,587	iShares Core U.S. Aggregate Bond ETF		14,644,752
		International Equity — 20.3%
	409,600	iShares MSCI EAFE ETF		24,064,000
	97,462	iShares MSCI Emerging Markets ETF		3,137,302
		Total International Equity		27,201,302
		U.S. Equity — 51.8%
	44,712	iShares Russell 2000 ETF		5,030,547
	47,203	iShares Russell Mid-Cap ETF		7,567,585
	303,873	Vanguard S&P 500 ETF		56,802,980
		Total U.S. Equity		69,401,112
		Total Exchange-Traded Funds (Cost $107,298,510)		111,247,166
	Investment Companies — 30.5% (b)
		Alternative Assets — 6.0%
	597,910	JPMorgan Realty Income Fund, Class R6 Shares		8,017,974
		Fixed Income — 19.2%
	1,145,551	JPMorgan Core Bond Fund, Class R6 Shares		13,231,118
	304,192	JPMorgan Corporate Bond Fund, Class R6 Shares		2,932,409
	242,582	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,865,453
	47,223	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		347,092
	1,085,698	JPMorgan High Yield Fund, Class R6 Shares		7,415,317
		Total Fixed Income		25,791,389

SHARES		SECURITY DESCRIPTION	VALUE($)
		International Equity — 3.6%
	208,348	JPMorgan Emerging Economies Fund, Class R6 Shares		2,148,068
	142,749	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		2,675,116
		Total International Equity		4,823,184
		Money Market — 1.7%
	2,242,783	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		2,242,783
		Total Investment Companies (Cost $42,911,505)		40,875,330
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.1%
	140,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $140,017)		140,007
		Total Investments — 113.6% (Cost $150,350,032)		152,262,503
		Liabilities in Excess of Other Assets — (13.6)%		(18,266,671	)
		NET ASSETS — 100.0%	$	133,995,832

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	2	E-mini Russell 2000		03/18/16		USD	$	226,300	$	2,756
	15	E-mini S&P 500		03/18/16		USD		1,526,550		17,552
									$	20,308

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 19

JPMorgan SmartRetirement Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 73.3%
		Fixed Income — 6.5%
	59,998	iShares Core U.S. Aggregate Bond ETF		6,480,384
		International Equity — 21.5%
	318,298	iShares MSCI EAFE ETF		18,700,007
	77,677	iShares MSCI Emerging Markets ETF		2,500,423
		Total International Equity		21,200,430
		U.S. Equity — 45.3%
	34,495	iShares Russell 2000 ETF		3,881,033
	36,746	iShares Russell Mid-Cap ETF		5,891,119
	187,065	Vanguard S&P 500 ETF		34,968,060
		Total U.S. Equity		44,740,212
		Total Exchange-Traded Funds (Cost $70,414,327)		72,421,026
	Investment Companies — 34.9% (b)
		Alternative Assets — 6.2%
	456,806	JPMorgan Realty Income Fund, Class R6 Shares		6,125,766
		Fixed Income — 14.3%
	556,511	JPMorgan Core Bond Fund, Class R6 Shares		6,427,704
	145,938	JPMorgan Corporate Bond Fund, Class R6 Shares		1,406,846
	143,686	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,104,945
	24,245	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		178,197
	728,450	JPMorgan High Yield Fund, Class R6 Shares		4,975,315
		Total Fixed Income		14,093,007

SHARES		SECURITY DESCRIPTION	VALUE($)
		International Equity — 4.0%
	176,018	JPMorgan Emerging Economies Fund, Class R6 Shares		1,814,747
	114,435	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		2,144,520
		Total International Equity		3,959,267
		Money Market — 10.4%
	10,244,513	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		10,244,513
		Total Investment Companies (Cost $35,766,078)		34,422,553
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.5%
	470,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $470,099)		470,023
		Total Investments — 108.7% (Cost $106,650,504)		107,313,602
		Liabilities in Excess of Other Assets — (8.7)%		(8,593,248	)
		NET ASSETS — 100.0%	$	98,720,354

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	93	E-mini S&P 500		03/18/16		USD	$	9,464,610	$	(101,542	)

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement Blend 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 76.3%
		Fixed Income — 4.0%
	33,738	iShares Core U.S. Aggregate Bond ETF		3,644,041
		International Equity — 23.2%
	319,611	iShares MSCI EAFE ETF		18,777,146
	81,603	iShares MSCI Emerging Markets ETF		2,626,801
		Total International Equity		21,403,947
		U.S. Equity — 49.1%
	34,485	iShares Russell 2000 ETF		3,879,907
	36,026	iShares Russell Mid-Cap ETF		5,775,688
	190,393	Vanguard S&P 500 ETF		35,590,164
		Total U.S. Equity		45,245,759
		Total Exchange-Traded Funds (Cost $67,844,448)		70,293,747
	Investment Companies — 31.7% (b)
		Alternative Assets — 6.6%
	457,105	JPMorgan Realty Income Fund, Class R6 Shares		6,129,782
		Fixed Income — 10.9%
	331,580	JPMorgan Core Bond Fund, Class R6 Shares		3,829,752
	82,943	JPMorgan Corporate Bond Fund, Class R6 Shares		799,572
	107,808	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		829,042
	23,317	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		171,382
	649,164	JPMorgan High Yield Fund, Class R6 Shares		4,433,791
		Total Fixed Income		10,063,539

SHARES		SECURITY DESCRIPTION	VALUE($)
		International Equity — 4.2%
	162,011	JPMorgan Emerging Economies Fund, Class R6 Shares		1,670,335
	116,704	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		2,187,038
		Total International Equity		3,857,373
		Money Market — 10.0%
	9,211,121	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		9,211,121
		Total Investment Companies (Cost $30,482,299)		29,261,815
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.5%
	420,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $420,085)		420,021
		Total Investments — 108.5% (Cost $98,746,832)		99,975,583
		Liabilities in Excess of Other Assets — (8.5)%		(7,796,091	)
		NET ASSETS — 100.0%	$	92,179,492

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	83	E-mini S&P 500		03/18/16		USD	$	8,446,910	$	(87,247	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 21

JPMorgan SmartRetirement Blend 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 76.3%
		Fixed Income — 4.0%
	20,735	iShares Core U.S. Aggregate Bond ETF		2,239,587
		International Equity — 23.4%
	196,070	iShares MSCI EAFE ETF		11,519,113
	49,307	iShares MSCI Emerging Markets ETF		1,587,192
		Total International Equity		13,106,305
		U.S. Equity — 48.9%
	20,573	iShares Russell 2000 ETF		2,314,668
	22,453	iShares Russell Mid-Cap ETF		3,599,665
	115,118	Vanguard S&P 500 ETF		21,519,008
		Total U.S. Equity		27,433,341
		Total Exchange-Traded Funds (Cost $42,000,579)		42,779,233
	Investment Companies — 31.3% (b)
		Alternative Assets — 6.7%
	280,476	JPMorgan Realty Income Fund, Class R6 Shares		3,761,178
		Fixed Income — 10.9%
	201,066	JPMorgan Core Bond Fund, Class R6 Shares		2,322,307
	48,559	JPMorgan Corporate Bond Fund, Class R6 Shares		468,113
	69,432	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		533,929
	10,473	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		76,974
	400,030	JPMorgan High Yield Fund, Class R6 Shares		2,732,202
		Total Fixed Income		6,133,525

SHARES		SECURITY DESCRIPTION	VALUE($)
		International Equity — 4.3%
	101,214	JPMorgan Emerging Economies Fund, Class R6 Shares		1,043,513
	72,066	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		1,350,511
		Total International Equity		2,394,024
		Money Market — 9.4%
	5,270,346	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		5,270,346
		Total Investment Companies (Cost $18,294,693)		17,559,073
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.5%
	270,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $270,056)		270,014
		Total Investments — 108.1% (Cost $60,565,328)		60,608,320
		Liabilities in Excess of Other Assets — (8.1)%		(4,552,863	)
		NET ASSETS — 100.0%	$	56,055,457

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	52	E-mini S&P 500		03/18/16		USD	$	5,292,040	$	(55,487	)

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement Blend 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 76.5%
		Fixed Income — 4.1%
	12,877	iShares Core U.S. Aggregate Bond ETF		1,390,845
		International Equity — 23.2%
	118,884	iShares MSCI EAFE ETF		6,984,435
	30,121	iShares MSCI Emerging Markets ETF		969,595
		Total International Equity		7,954,030
		U.S. Equity — 49.2%
	12,786	iShares Russell 2000 ETF		1,438,553
	13,433	iShares Russell Mid-Cap ETF		2,153,578
	71,176	Vanguard S&P 500 ETF		13,304,930
		Total U.S. Equity		16,897,061
		Total Exchange-Traded Funds (Cost $25,319,357)		26,241,936
	Investment Companies — 31.0% (b)
		Alternative Assets — 6.6%
	169,830	JPMorgan Realty Income Fund, Class R6 Shares		2,277,414
		Fixed Income — 11.1%
	125,882	JPMorgan Core Bond Fund, Class R6 Shares		1,453,939
	33,588	JPMorgan Corporate Bond Fund, Class R6 Shares		323,786
	41,209	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		316,895
	7,310	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		53,728
	241,367	JPMorgan High Yield Fund, Class R6 Shares		1,648,540
		Total Fixed Income		3,796,888

SHARES		SECURITY DESCRIPTION	VALUE($)
		International Equity — 4.2%
	64,756	JPMorgan Emerging Economies Fund, Class R6 Shares		667,630
	41,297	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		773,909
		Total International Equity		1,441,539
		Money Market — 9.1%
	3,128,873	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		3,128,873
		Total Investment Companies (Cost $11,112,686)		10,644,714
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.5%
	165,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $165,033)		165,008
		Total Investments — 108.0% (Cost $36,597,076)		37,051,658
		Liabilities in Excess of Other Assets — (8.0)%		(2,729,538	)
		NET ASSETS — 100.0%	$	34,322,120

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	30	E-mini S&P 500		03/18/16		USD	$	3,053,100	$	(33,478	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 23

JPMorgan SmartRetirement Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 79.6%
		Fixed Income — 3.7%
	5,617	iShares Core U.S. Aggregate Bond ETF		606,692
		International Equity — 22.0%
	54,087	iShares MSCI EAFE ETF		3,177,611
	13,168	iShares MSCI Emerging Markets ETF		423,878
		Total International Equity		3,601,489
		U.S. Equity — 53.9%
	5,743	iShares Russell 2000 ETF		646,145
	6,083	iShares Russell Mid-Cap ETF		975,227
	38,604	Vanguard S&P 500 ETF		7,216,246
		Total U.S. Equity		8,837,618
		Total Exchange-Traded Funds (Cost $12,867,851)		13,045,799
	Investment Companies — 25.7% (b)
		Alternative Assets — 6.3%
	76,853	JPMorgan Realty Income Fund, Class R6 Shares		1,030,603
		Fixed Income — 10.5%
	57,367	JPMorgan Core Bond Fund, Class R6 Shares		662,583
	15,143	JPMorgan Corporate Bond Fund, Class R6 Shares		145,982
	16,953	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		130,372
	3,805	JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares (a)		27,970
	110,264	JPMorgan High Yield Fund, Class R6 Shares		753,101
		Total Fixed Income		1,720,008

SHARES		SECURITY DESCRIPTION	VALUE($)
		International Equity — 4.2%
	30,045	JPMorgan Emerging Economies Fund, Class R6 Shares		309,768
	20,087	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		376,426
		Total International Equity		686,194
		Money Market — 4.7%
	761,959	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		761,959
		Total Investment Companies (Cost $4,394,617)		4,198,764
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.1%
	20,000	U.S. Treasury Note, 0.375%, 01/31/16 (k) (Cost $20,002)		20,001
		Total Investments — 105.4% (Cost $17,282,470)		17,264,564
		Liabilities in Excess of Other Assets — (5.4)%		(879,101	)
		NET ASSETS — 100.0%	$	16,385,463

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	2	E-mini S&P 500		03/18/16		USD	$	203,540	$	383

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement Blend Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

EAFE	—  Europe, Australasia and Far East
ETF	—  Exchange Traded Fund
MSCI	—  Morgan Stanley Capital International
TIPS	—  Treasury Inflation Protected Security
USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.1%.
(k)	—  All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)

—  The rate shown is the current yield as of December 31, 2015.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in certified portfolio holdings filed quarterly on Form N-Q, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited)

	JPMorgan SmartRetirement Blend Income Fund		JPMorgan SmartRetirement Blend 2015 Fund		JPMorgan SmartRetirement Blend 2020 Fund
ASSETS:
Investments in non-affiliates, at value	$	26,304,768	$	30,155,624	$	100,495,254
Investments in affiliates, at value		25,132,228		28,236,457		57,227,995
Total investment securities, at value		51,436,996		58,392,081		157,723,249
Cash		530		—		—
Receivables:
Fund shares sold		27,875		30,925		80,495
Interest from non-affiliates		39		118		275
Dividends from affiliates		627		547		317
Variation margin on futures contracts		13		—		—
Due from Adviser		9,445		8,443		5,911
Other assets		20,400		22,267		25,423
Total Assets		51,495,925		58,454,381		157,835,670
LIABILITIES:
Payables:
Due to custodian		—		—		3
Distributions		—		—		1,001
Fund shares redeemed		3,236,786		5,548,716		12,213,104
Variation margin on futures contracts		—		10,560		15,360
Accrued liabilities:
Administration fees		—		—		7,688
Distribution fees		26		26		26
Shareholder servicing fees		837		1,414		3,235
Custodian and accounting fees		8,313		8,402		8,625
Trustees’ and Chief Compliance Officer’s fees		37		65		165
Other		9,737		9,887		15,232
Total Liabilities		3,255,736		5,579,070		12,264,439
Net Assets	$	48,240,189	$	52,875,311	$	145,571,231

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement Blend Income Fund			JPMorgan SmartRetirement Blend 2015 Fund			JPMorgan SmartRetirement Blend 2020 Fund
NET ASSETS:
Paid-in-Capital	$	48,789,975		$	52,622,991		$	144,921,762
Accumulated undistributed (distributions in excess of) net investment income		(47,560	)		(59,850	)		(204,720	)
Accumulated net realized gains (losses)		(455,182	)		(519,628	)		(714,587	)
Net unrealized appreciation (depreciation)		(47,044	)		831,798			1,568,776
Total Net Assets	$	48,240,189		$	52,875,311		$	145,571,231
Net Assets:
Class A	$	20,039		$	20,068		$	20,126
Class C		19,888			19,914			19,932
Class R2		19,949			19,995			20,032
Class R5		17,676,498			18,756,785			46,666,643
Class R6		25,133,635			26,576,606			82,984,417
Select Class		5,370,180			7,481,943			15,860,081
Total	$	48,240,189		$	52,875,311		$	145,571,231
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,250			1,211			1,158
Class C		1,242			1,203			1,148
Class R2		1,245			1,207			1,152
Class R5		1,103,072			1,132,366			2,685,535
Class R6		1,567,730			1,603,802			4,774,877
Select Class		335,151			451,852			913,050
Net Asset Value (a):
Class A — Redemption price per share	$	16.03		$	16.57		$	17.38
Class C — Offering price per share (b)		16.02			16.56			17.37
Class R2 — Offering and redemption price per share		16.03			16.56			17.38
Class R5 — Offering and redemption price per share		16.02			16.56			17.38
Class R6 — Offering and redemption price per share		16.03			16.57			17.38
Select Class — Offering and redemption price per share		16.02			16.56			17.37
Class A maximum sales charge		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	16.79		$	17.35		$	18.20
Cost of investments in non-affiliates	$	25,412,334		$	28,244,009		$	96,418,901
Cost of investments in affiliates		26,071,706			29,300,547			59,760,752

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

	JPMorgan SmartRetirement Blend 2025 Fund		JPMorgan SmartRetirement Blend 2030 Fund		JPMorgan SmartRetirement Blend 2035 Fund
ASSETS:
Investments in non-affiliates, at value	$	100,577,702	$	111,387,173	$	72,891,049
Investments in affiliates, at value		45,581,281		40,875,330		34,422,553
Total investment securities, at value		146,158,983		152,262,503		107,313,602
Receivables:
Fund shares sold		237,151		59,885		461,361
Interest from non-affiliates		228		220		738
Dividends from affiliates		341		291		253
Due from Adviser		4,094		1,751		3,193
Other assets		21,919		23,460		21,502
Total Assets		146,422,716		152,348,110		107,800,649
LIABILITIES:
Payables:
Due to custodian		—		4		3
Distributions		5,230		2,260		293
Investment securities purchased		—		—		389,679
Fund shares redeemed		10,906,928		18,295,665		8,573,276
Variation margin on futures contracts		14,590		16,700		89,280
Accrued liabilities:
Administration fees		6,279		7,072		3,318
Distribution fees		26		26		26
Shareholder servicing fees		2,215		2,898		1,869
Custodian and accounting fees		8,797		8,421		8,508
Trustees’ and Chief Compliance Officer’s fees		250		145		—
Other		14,264		19,087		14,043
Total Liabilities		10,958,579		18,352,278		9,080,295
Net Assets	$	135,464,137	$	133,995,832	$	98,720,354

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement Blend 2025 Fund			JPMorgan SmartRetirement Blend 2030 Fund			JPMorgan SmartRetirement Blend 2035 Fund
NET ASSETS:
Paid-in-Capital	$	135,218,197		$	132,862,621		$	98,717,063
Accumulated undistributed (distributions in excess of) net investment income		(197,431	)		(219,937	)		(160,375	)
Accumulated net realized gains (losses)		(297,623	)		(579,631	)		(397,890	)
Net unrealized appreciation (depreciation)		740,994			1,932,779			561,556
Total Net Assets	$	135,464,137		$	133,995,832		$	98,720,354
Net Assets:
Class A	$	20,107		$	20,091		$	20,099
Class C		19,941			19,921			19,925
Class R2		20,044			20,025			19,998
Class R5		50,419,351			56,666,722			34,748,355
Class R6		70,835,731			60,205,615			51,142,972
Select Class		14,148,963			17,063,458			12,769,005
Total	$	135,464,137		$	133,995,832		$	98,720,354
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		1,121			1,089			1,067
Class C		1,113			1,081			1,058
Class R2		1,118			1,086			1,061
Class R5		2,811,280			3,073,817			1,843,462
Class R6		3,949,423			3,264,772			2,713,076
Select Class		789,213			925,898			677,805
Net Asset Value (a):
Class A — Redemption price per share	$	17.93		$	18.44		$	18.85
Class C — Offering price per share (b)		17.93			18.43			18.84
Class R2 — Offering and redemption price per share		17.93			18.44			18.84
Class R5 — Offering and redemption price per share		17.93			18.44			18.85
Class R6 — Offering and redemption price per share		17.94			18.44			18.85
Select Class — Offering and redemption price per share		17.93			18.43			18.84
Class A maximum sales charge		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	18.77		$	19.31		$	19.74
Cost of investments in non-affiliates	$	97,689,606		$	107,438,527		$	70,884,426
Cost of investments in affiliates		47,753,790			42,911,505			35,766,078

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

	JPMorgan SmartRetirement Blend 2040 Fund		JPMorgan SmartRetirement Blend 2045 Fund		JPMorgan SmartRetirement Blend 2050 Fund		JPMorgan SmartRetirement Blend 2055 Fund
ASSETS:
Investments in non-affiliates, at value	$	70,713,768	$	43,049,247	$	26,406,944	$	13,065,800
Investments in affiliates, at value		29,261,815		17,559,073		10,644,714		4,198,764
Total investment securities, at value		99,975,583		60,608,320		37,051,658		17,264,564
Receivables:
Fund shares sold		95,771		223,297		87,717		47,172
Interest from non-affiliates		659		424		259		31
Dividends from affiliates		227		153		80		53
Due from Adviser		3,525		7,230		10,663		12,453
Other assets		22,049		19,684		20,887		7,151
Total Assets		100,097,814		60,859,108		37,171,264		17,331,424
LIABILITIES:
Payables:
Due to custodian		—		—		5		3
Distributions		4,067		6,641		1,989		7,559
Investment securities purchased		573,688		—		—		524,460
Fund shares redeemed		7,233,516		4,724,881		2,798,400		394,673
Variation margin on futures contracts		79,680		49,920		28,800		1,920
Accrued liabilities:
Administration fees		2,538		—		—		—
Distribution fees		26		26		26		26
Shareholder servicing fees		2,590		789		717		280
Custodian and accounting fees		8,462		8,954		8,456		9,441
Trustees’ and Chief Compliance Officer’s fees		91		58		35		5
Other		13,664		12,382		10,716		7,594
Total Liabilities		7,918,322		4,803,651		2,849,144		945,961
Net Assets	$	92,179,492	$	56,055,457	$	34,322,120	$	16,385,463

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement Blend 2040 Fund			JPMorgan SmartRetirement Blend 2045 Fund			JPMorgan SmartRetirement Blend 2050 Fund			JPMorgan SmartRetirement Blend 2055 Fund
NET ASSETS:
Paid-in-Capital	$	91,615,575		$	56,379,496		$	34,129,244		$	16,447,229
Accumulated undistributed (distributions in excess of) net investment income		(155,415	)		(95,209	)		(57,854	)		(24,437	)
Accumulated net realized gains (losses)		(422,172	)		(216,335	)		(170,374	)		(19,806	)
Net unrealized appreciation (depreciation)		1,141,504			(12,495	)		421,104			(17,523	)
Total Net Assets	$	92,179,492		$	56,055,457		$	34,322,120		$	16,385,463
Net Assets:
Class A	$	20,042		$	20,051		$	20,080		$	20,066
Class C		19,867			19,875			19,906			19,923
Class R2		19,995			20,004			19,979			20,020
Class R5		33,026,035			22,144,818			15,602,882			7,474,752
Class R6		43,193,727			26,082,843			12,314,887			5,340,108
Select Class		15,899,826			7,767,866			6,344,386			3,510,594
Total	$	92,179,492		$	56,055,457		$	34,322,120		$	16,385,463
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,053			1,057			1,059			1,075
Class C		1,044			1,048			1,051			1,068
Class R2		1,051			1,055			1,054			1,073
Class R5		1,735,361			1,167,669			823,126			400,534
Class R6		2,269,829			1,374,416			649,405			286,045
Select Class		835,928			409,698			334,785			188,181
Net Asset Value (a):
Class A — Redemption price per share	$	19.03		$	18.97		$	18.96		$	18.67
Class C — Offering price per share (b)		19.02			18.96			18.95			18.65
Class R2 — Offering and redemption price per share		19.03			18.96			18.95			18.66
Class R5 — Offering and redemption price per share		19.03			18.96			18.96			18.66
Class R6 — Offering and redemption price per share		19.03			18.98			18.96			18.67
Select Class — Offering and redemption price per share		19.02			18.96			18.95			18.66
Class A maximum sales charge		4.50	%		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	19.93		$	19.86		$	19.85		$	19.55
Cost of investments in non-affiliates	$	68,264,533		$	42,270,635		$	25,484,390		$	12,887,853
Cost of investments in affiliates		30,482,299			18,294,693			11,112,686			4,394,617

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 31

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

	JPMorgan SmartRetirement Blend Income Fund			JPMorgan SmartRetirement Blend 2015 Fund			JPMorgan SmartRetirement Blend 2020 Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	297,332		$	366,834		$	1,139,246
Dividend income from affiliates		332,422			396,395			898,236
Interest income from non-affiliates		30			30			210
Total investment income		629,784			763,259			2,037,692
EXPENSES:
Investment advisory fees		76,256			91,463			231,720
Administration fees		20,804			24,951			63,216
Distribution fees:
Class A		26			26			26
Class C		77			77			77
Class R2		51			51			52
Shareholder servicing fees:
Class A		26			26			26
Class C		26			26			26
Class R2		26			26			26
Class R5		5,468			6,322			14,803
Select Class		7,099			9,708			19,805
Custodian and accounting fees		12,907			12,971			13,439
Professional fees		13,388			13,426			13,669
Trustees’ and Chief Compliance Officer’s fees		195			234			594
Printing and mailing costs		5,728			6,859			13,284
Registration and filing fees		34,750			33,464			38,948
Transfer agent fees (See Note 2.F.)		1,570			1,670			2,076
Sub-transfer agent fees (See Note 2.F.)		7,576			7,021			13,988
Other		3,442			3,687			3,730
Total expenses		189,415			212,008			429,505
Less fees waived		(101,529	)		(118,693	)		(256,553	)
Less expense reimbursements		(32,081	)		(25,723	)		(403	)
Net expenses		55,805			67,592			172,549
Net investment income (loss)		573,979			695,667			1,865,143
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(245,033	)		(142,976	)		(494,355	)
Investments in affiliates		(94,158	)		(155,505	)		(233,003	)
Futures		2,265			(9,878	)		(67,519	)
Net realized gain (loss)		(336,926	)		(308,359	)		(794,877	)
Distributions of capital gains received from investment company non-affiliates		12,138			14,360			36,834
Distributions of capital gains received from investment company affiliates		87,332			110,458			388,576
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(504,717	)		(730,492	)		(2,549,264	)
Investments in affiliates		(593,252	)		(654,423	)		(1,636,027	)
Futures		(1,956	)		(8,297	)		74,596
Change in net unrealized appreciation/depreciation		(1,099,925	)		(1,393,212	)		(4,110,695	)
Net realized/unrealized gains (losses)		(1,337,381	)		(1,576,753	)		(4,480,162	)
Change in net assets resulting from operations	$	(763,402	)	$	(881,086	)	$	(2,615,019	)

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement Blend 2025 Fund			JPMorgan SmartRetirement Blend 2030 Fund			JPMorgan SmartRetirement Blend 2035 Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,093,679		$	1,221,968		$	867,926
Dividend income from affiliates		682,348			648,693			396,097
Interest income from non-affiliates		172			155			91
Total investment income		1,776,199			1,870,816			1,264,114
EXPENSES:
Investment advisory fees		204,746			224,811			153,697
Administration fees		55,857			61,330			41,931
Distribution fees:
Class A		26			26			26
Class C		77			77			77
Class R2		51			51			52
Shareholder servicing fees:
Class A		26			26			26
Class C		26			26			25
Class R2		26			26			26
Class R5		14,843			18,427			10,312
Select Class		17,780			21,088			15,840
Custodian and accounting fees		13,786			13,286			13,564
Professional fees		14,115			13,952			13,944
Trustees’ and Chief Compliance Officer’s fees		752			579			397
Printing and mailing costs		11,329			13,638			9,120
Registration and filing fees		40,045			40,168			38,169
Transfer agent fees (See Note 2.F.)		2,070			2,109			1,900
Sub-transfer agent fees (See Note 2.F.)		20,007			22,337			16,544
Other		3,956			4,045			3,752
Total expenses		399,518			436,002			319,402
Less fees waived		(235,905	)		(253,738	)		(185,744	)
Less expense reimbursements		(2,415	)		(1,310	)		(11,003	)
Net expenses		161,198			180,954			122,655
Net investment income (loss)		1,615,001			1,689,862			1,141,459
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(206,830	)		(400,691	)		(275,999	)
Investments in affiliates		(79,497	)		(131,829	)		(115,266	)
Futures		(124,261	)		(113,717	)		(56,120	)
Net realized gain (loss)		(410,588	)		(646,237	)		(447,385	)
Distributions of capital gains received from investment company non-affiliates		28,212			20,125			8,910
Distributions of capital gains received from investment company affiliates		381,063			435,158			323,725
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2,849,778	)		(3,339,305	)		(2,477,542	)
Investments in affiliates		(1,412,485	)		(1,405,688	)		(949,448	)
Futures		59,844			55,466			(79,231	)
Change in net unrealized appreciation/depreciation		(4,202,419	)		(4,689,527	)		(3,506,221	)
Net realized/unrealized gains (losses)		(4,203,732	)		(4,880,481	)		(3,620,971	)
Change in net assets resulting from operations	$	(2,588,731	)	$	(3,190,619	)	$	(2,479,512	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 33

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited) (continued)

	JPMorgan SmartRetirement Blend 2040 Fund			JPMorgan SmartRetirement Blend 2045 Fund			JPMorgan SmartRetirement Blend 2050 Fund			JPMorgan SmartRetirement Blend 2055 Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	827,386		$	492,807		$	302,297		$	123,995
Dividend income from affiliates		335,713			199,175			121,943			48,574
Interest income from non-affiliates		111			55			44			22
Total investment income		1,163,210			692,037			424,284			172,591
EXPENSES:
Investment advisory fees		144,594			83,493			52,056			19,967
Administration fees		39,447			22,778			14,202			5,448
Distribution fees:
Class A		26			26			26			26
Class C		77			77			77			77
Class R2		51			51			51			52
Shareholder servicing fees:
Class A		26			26			26			26
Class C		25			26			25			25
Class R2		26			26			26			26
Class R5		9,732			6,353			4,265			1,829
Select Class		19,632			8,922			8,131			3,162
Custodian and accounting fees		13,341			13,756			13,144			14,087
Interest expense to affiliates		21			—			—			—
Professional fees		13,784			13,950			13,549			16,069
Trustees’ and Chief Compliance Officer’s fees		373			218			135			53
Printing and mailing costs		9,002			6,485			5,318			3,600
Registration and filing fees		37,314			37,963			35,430			27,316
Transfer agent fees (See Note 2.F.)		2,056			1,826			1,716			1,879
Sub-transfer agent fees (See Note 2.F.)		16,329			15,250			10,825			3,719
Other		3,771			3,602			3,413			3,658
Total expenses		309,627			214,828			162,415			101,019
Less fees waived		(176,118	)		(113,871	)		(72,734	)		(28,498	)
Less expense reimbursements		(14,171	)		(33,591	)		(44,830	)		(54,916	)
Net expenses		119,338			67,366			44,851			17,605
Net investment income (loss)		1,043,872			624,671			379,433			154,986
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(412,501	)		(185,466	)		(148,950	)		(26,994	)
Investments in affiliates		(92,662	)		(60,474	)		(47,592	)		(11,744	)
Futures		(54,276	)		(36,921	)		(7,509	)		(3,246	)
Net realized gain (loss)		(559,439	)		(282,861	)		(204,051	)		(41,984	)
Distributions of capital gains received from investment company non-affiliates		4,525			2,709			1,766			683
Distributions of capital gains received from investment company affiliates		317,703			194,862			118,134			49,980
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2,339,951	)		(1,341,197	)		(749,351	)		(387,450	)
Investments in affiliates		(892,992	)		(516,915	)		(329,324	)		(143,400	)
Futures		(64,361	)		(43,905	)		(27,435	)		1,895
Change in net unrealized appreciation/depreciation		(3,297,304	)		(1,902,017	)		(1,106,110	)		(528,955	)
Net realized/unrealized gains (losses)		(3,534,515	)		(1,987,307	)		(1,190,261	)		(520,276	)
Change in net assets resulting from operations	$	(2,490,643	)	$	(1,362,636	)	$	(810,828	)	$	(365,290	)

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan SmartRetirement Blend Income Fund						JPMorgan SmartRetirement Blend 2015 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	573,979		$	839,565		$	695,667		$	1,145,609
Net realized gain (loss)		(336,926	)		(81,370	)		(308,359	)		(156,772	)
Distributions of capital gains received from investment company non-affiliates		12,138			5,059			14,360			7,213
Distributions of capital gains received from investment company affiliates		87,332			82,026			110,458			120,768
Change in net unrealized appreciation/depreciation		(1,099,925	)		(524,299	)		(1,393,212	)		(416,988	)
Change in net assets resulting from operations		(763,402	)		320,981			(881,086	)		699,830
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(212	)		(972	)		(220	)		(1,041	)
From net realized gains		(20	)		(412	)		(6	)		(412	)
Class C
From net investment income		(150	)		(621	)		(158	)		(675	)
From net realized gains		(20	)		(407	)		(6	)		(407	)
Class R2
From net investment income		(186	)		(824	)		(195	)		(886	)
From net realized gains		(20	)		(410	)		(6	)		(410	)
Class R5
From net investment income		(258,785	)		(449,573	)		(312,225	)		(521,199	)
From net realized gains		(21,365	)		(154,442	)		(6,965	)		(170,876	)
Class R6
From net investment income		(300,196	)		(333,343	)		(353,175	)		(520,581	)
From net realized gains		(25,574	)		(87,245	)		(7,596	)		(151,037	)
Select Class
From net investment income		(61,871	)		(73,325	)		(89,346	)		(129,303	)
From net realized gains		(5,391	)		(25,143	)		(2,236	)		(49,452	)
Total distributions to shareholders		(673,790	)		(1,126,717	)		(772,134	)		(1,546,279	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		781,984			11,131,830			(5,048,395	)		12,579,499
NET ASSETS:
Change in net assets		(655,208	)		10,326,094			(6,701,615	)		11,733,050
Beginning of period		48,895,397			38,569,303			59,576,926			47,843,876
End of period	$	48,240,189		$	48,895,397		$	52,875,311		$	59,576,926
Accumulated undistributed (distributions in excess of) net investment income	$	(47,560	)	$	(139	)	$	(59,850	)	$	(198	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 35

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2020 Fund						JPMorgan SmartRetirement Blend 2025 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,865,143		$	2,727,696		$	1,615,001		$	2,195,801
Net realized gain (loss)		(794,877	)		(256,315	)		(410,588	)		(206,815	)
Distributions of capital gains received from investment company non-affiliates		36,834			14,590			28,212			9,393
Distributions of capital gains received from investment company affiliates		388,576			266,140			381,063			210,825
Change in net unrealized appreciation/depreciation		(4,110,695	)		(552,971	)		(4,202,419	)		(432,019	)
Change in net assets resulting from operations		(2,615,019	)		2,199,140			(2,588,731	)		1,777,185
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(232	)		(1,107	)		(221	)		(1,115	)
From net realized gains		(8	)		(268	)		(14	)		(230	)
Class C
From net investment income		(169	)		(723	)		(158	)		(718	)
From net realized gains		(8	)		(265	)		(13	)		(228	)
Class R2
From net investment income		(205	)		(946	)		(195	)		(948	)
From net realized gains		(8	)		(267	)		(14	)		(229	)
Class R5
From net investment income		(774,290	)		(1,148,199	)		(765,819	)		(1,037,468	)
From net realized gains		(24,296	)		(221,826	)		(40,895	)		(165,003	)
Class R6
From net investment income		(1,098,781	)		(1,417,161	)		(877,088	)		(990,352	)
From net realized gains		(34,274	)		(213,564	)		(47,648	)		(124,918	)
Select Class
From net investment income		(195,045	)		(226,754	)		(164,854	)		(215,890	)
From net realized gains		(6,314	)		(47,894	)		(9,522	)		(37,149	)
Total distributions to shareholders		(2,133,630	)		(3,278,974	)		(1,906,441	)		(2,574,248	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,781,537			48,140,569			10,991,287			49,610,727
NET ASSETS:
Change in net assets		(2,967,112	)		47,060,735			6,496,115			48,813,664
Beginning of period		148,538,343			101,477,608			128,968,022			80,154,358
End of period	$	145,571,231		$	148,538,343		$	135,464,137		$	128,968,022
Accumulated undistributed (distributions in excess of) net investment income	$	(204,720	)	$	(1,141	)	$	(197,431	)	$	(4,097	)

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement Blend 2030 Fund						JPMorgan SmartRetirement Blend 2035 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,689,862		$	2,468,127		$	1,141,459		$	1,524,936
Net realized gain (loss)		(646,237	)		(340,140	)		(447,385	)		(211,728	)
Distributions of capital gains received from investment company non-affiliates		20,125			7,679			8,910			2,675
Distributions of capital gains received from investment company affiliates		435,158			246,481			323,725			151,773
Change in net unrealized appreciation/depreciation		(4,689,527	)		(38,356	)		(3,506,221	)		(32,404	)
Change in net assets resulting from operations		(3,190,619	)		2,343,791			(2,479,512	)		1,435,252
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(219	)		(1,125	)		(214	)		(1,102	)
From net realized gains		(8	)		(266	)		(9	)		(227	)
Class C
From net investment income		(156	)		(719	)		(151	)		(687	)
From net realized gains		(8	)		(263	)		(9	)		(224	)
Class R2
From net investment income		(192	)		(954	)		(187	)		(927	)
From net realized gains		(8	)		(265	)		(9	)		(225	)
Class R5
From net investment income		(934,315	)		(1,346,949	)		(522,467	)		(651,971	)
From net realized gains		(29,174	)		(252,909	)		(19,749	)		(99,754	)
Class R6
From net investment income		(776,220	)		(908,641	)		(633,404	)		(724,238	)
From net realized gains		(23,571	)		(126,248	)		(23,215	)		(86,639	)
Select Class
From net investment income		(198,348	)		(269,136	)		(145,128	)		(182,811	)
From net realized gains		(6,645	)		(56,261	)		(5,836	)		(32,114	)
Total distributions to shareholders		(1,968,864	)		(2,963,736	)		(1,350,378	)		(1,780,919	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(4,230,491	)		44,935,602			6,895,954			39,255,639
NET ASSETS:
Change in net assets		(9,389,974	)		44,315,657			3,066,064			38,909,972
Beginning of period		143,385,806			99,070,149			95,654,290			56,744,318
End of period	$	133,995,832		$	143,385,806		$	98,720,354		$	95,654,290
Accumulated undistributed (distributions in excess of) net investment income	$	(219,937	)	$	(349	)	$	(160,375	)	$	(283	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2040 Fund						JPMorgan SmartRetirement Blend 2045 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,043,872		$	1,445,687		$	624,671		$	762,288
Net realized gain (loss)		(559,439	)		(149,316	)		(282,861	)		(118,452	)
Distributions of capital gains received from investment company non-affiliates		4,525			1,670			2,709			832
Distributions of capital gains received from investment company affiliates		317,703			149,642			194,862			77,900
Change in net unrealized appreciation/depreciation		(3,297,304	)		(41,755	)		(1,902,017	)		5,265
Change in net assets resulting from operations		(2,490,643	)		1,405,928			(1,362,636	)		727,833
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(210	)		(1,111	)		(210	)		(1,118	)
From net realized gains		(14	)		(198	)		(13	)		(154	)
Class C
From net investment income		(148	)		(691	)		(147	)		(699	)
From net realized gains		(14	)		(195	)		(13	)		(152	)
Class R2
From net investment income		(184	)		(934	)		(184	)		(942	)
From net realized gains		(14	)		(197	)		(13	)		(153	)
Class R5
From net investment income		(482,447	)		(639,460	)		(320,371	)		(396,933	)
From net realized gains		(28,174	)		(86,181	)		(17,684	)		(41,066	)
Class R6
From net investment income		(536,938	)		(607,614	)		(313,869	)		(283,509	)
From net realized gains		(30,425	)		(62,945	)		(17,145	)		(22,169	)
Select Class
From net investment income		(178,632	)		(231,566	)		(84,998	)		(97,640	)
From net realized gains		(11,196	)		(34,784	)		(5,101	)		(10,951	)
Total distributions to shareholders		(1,268,396	)		(1,665,876	)		(759,748	)		(855,486	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,733,200			32,349,973			7,961,698			22,824,440
NET ASSETS:
Change in net assets		1,974,161			32,090,025			5,839,314			22,696,787
Beginning of period		90,205,331			58,115,306			50,216,143			27,519,356
End of period	$	92,179,492		$	90,205,331		$	56,055,457		$	50,216,143
Accumulated undistributed (distributions in excess of) net investment income	$	(155,415	)	$	(728	)	$	(95,209	)	$	(101	)

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement Blend 2050 Fund						JPMorgan SmartRetirement Blend 2055 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	379,433		$	514,869		$	154,986		$	167,554
Net realized gain (loss)		(204,051	)		(69,065	)		(41,984	)		(25,422	)
Distributions of capital gains received from investment company non-affiliates		1,766			601			683			181
Distributions of capital gains received from investment company affiliates		118,134			54,508			49,980			16,937
Change in net unrealized appreciation/depreciation		(1,106,110	)		19,937			(528,955	)		(582	)
Change in net assets resulting from operations		(810,828	)		520,850			(365,290	)		158,668
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(209	)		(1,144	)		(196	)		(1,148	)
From net realized gains		(18	)		(129	)		(10	)		(110	)
Class C
From net investment income		(147	)		(725	)		(134	)		(731	)
From net realized gains		(17	)		(128	)		(10	)		(108	)
Class R2
From net investment income		(183	)		(968	)		(171	)		(973	)
From net realized gains		(18	)		(129	)		(10	)		(109	)
Class R5
From net investment income		(216,780	)		(273,215	)		(88,058	)		(110,594	)
From net realized gains		(16,174	)		(23,379	)		(4,002	)		(7,823	)
Class R6
From net investment income		(148,598	)		(142,793	)		(56,027	)		(26,583	)
From net realized gains		(10,688	)		(10,208	)		(2,642	)		(1,276	)
Select Class
From net investment income		(70,117	)		(109,059	)		(34,784	)		(31,611	)
From net realized gains		(5,553	)		(10,245	)		(1,284	)		(2,371	)
Total distributions to shareholders		(468,502	)		(572,122	)		(187,328	)		(183,437	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		3,287,496			13,415,621			5,863,257			5,284,996
NET ASSETS:
Change in net assets		2,008,166			13,364,349			5,310,639			5,260,227
Beginning of period		32,313,954			18,949,605			11,074,824			5,814,597
End of period	$	34,322,120		$	32,313,954		$	16,385,463		$	11,074,824
Accumulated undistributed (distributions in excess of) net investment income	$	(57,854	)	$	(1,253	)	$	(24,437	)	$	(53	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 39

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend Income Fund						JPMorgan SmartRetirement Blend 2015 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Distributions reinvested	$	232		$	1,384		$	226		$	1,453
Cost of shares redeemed		(38,019	)		—			(40,173	)		—
Change in net assets resulting from Class A capital transactions	$	(37,787	)	$	1,384		$	(39,947	)	$	1,453
Class C
Distributions reinvested	$	170		$	1,028		$	164		$	1,082
Cost of shares redeemed		(37,071	)		—			(39,188	)		—
Change in net assets resulting from Class C capital transactions	$	(36,901	)	$	1,028		$	(39,024	)	$	1,082
Class R2
Distributions reinvested	$	206		$	1,234		$	201		$	1,296
Cost of shares redeemed		(37,648	)		—			(39,767	)		—
Change in net assets resulting from Class R2 capital transactions	$	(37,442	)	$	1,234		$	(39,566	)	$	1,296
Class R5
Proceeds from shares issued	$	1,395,352		$	4,897,873		$	2,461,191		$	9,269,187
Distributions reinvested		280,150			604,015			319,190			692,075
Cost of shares redeemed		(6,111,579	)		(4,371,532	)		(8,633,202	)		(5,684,153	)
Change in net assets resulting from Class R5 capital transactions	$	(4,436,077	)	$	1,130,356		$	(5,852,821	)	$	4,277,109
Class R6
Proceeds from shares issued	$	8,521,855		$	10,158,983		$	6,379,869		$	8,411,806
Distributions reinvested		317,579			420,588			330,577			671,618
Cost of shares redeemed		(3,180,824	)		(4,031,039	)		(6,070,439	)		(5,120,245	)
Change in net assets resulting from Class R6 capital transactions	$	5,658,610		$	6,548,532		$	640,007		$	3,963,179
Select Class
Proceeds from shares issued	$	119,387		$	4,507,961		$	1,065,670		$	6,277,812
Distributions reinvested		67,262			98,468			91,582			178,755
Cost of shares redeemed		(515,068	)		(1,157,133	)		(874,296	)		(2,121,187	)
Change in net assets resulting from Select Class capital transactions	$	(328,419	)	$	3,449,296		$	282,956		$	4,335,380
Total change in net assets resulting from capital transactions	$	781,984		$	11,131,830		$	(5,048,395	)	$	12,579,499

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement Blend Income Fund						JPMorgan SmartRetirement Blend 2015 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Reinvested		15			84			14			85
Redeemed		(2,305	)		—			(2,356	)		—
Change in Class A Shares		(2,290	)		84			(2,342	)		85
Class C
Reinvested		11			62			10			64
Redeemed		(2,248	)		—			(2,299	)		—
Change in Class C Shares		(2,237	)		62			(2,289	)		64
Class R2
Reinvested		12			75			12			75
Redeemed		(2,282	)		—			(2,332	)		—
Change in Class R2 Shares		(2,270	)		75			(2,320	)		75
Class R5
Issued		85,912			293,504			146,144			538,470
Reinvested		17,516			36,593			19,320			40,587
Redeemed		(377,565	)		(260,913	)		(518,493	)		(329,269	)
Change in Class R5 Shares		(274,137	)		69,184			(353,029	)		249,788
Class R6
Issued		518,416			608,902			374,638			488,106
Reinvested		19,849			25,461			20,001			39,369
Redeemed		(196,002	)		(240,852	)		(359,497	)		(296,695	)
Change in Class R6 Shares		342,263			393,511			35,142			230,780
Select Class
Issued		7,328			269,747			63,034			364,913
Reinvested		4,208			5,967			5,546			10,489
Redeemed		(31,497	)		(69,349	)		(52,309	)		(123,134	)
Change in Select Class Shares		(19,961	)		206,365			16,271			252,268

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 41

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2020 Fund						JPMorgan SmartRetirement Blend 2025 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Distributions reinvested	$	240		$	1,375		$	235		$	1,345
Cost of shares redeemed		(43,097	)		—			(45,217	)		—
Change in net assets resulting from Class A capital transactions	$	(42,857	)	$	1,375		$	(44,982	)	$	1,345
Class C
Distributions reinvested	$	177		$	988		$	171		$	946
Cost of shares redeemed		(42,101	)		—			(44,152	)		—
Change in net assets resulting from Class C capital transactions	$	(41,924	)	$	988		$	(43,981	)	$	946
Class R2
Distributions reinvested	$	213		$	1,213		$	209		$	1,177
Cost of shares redeemed		(42,693	)		—			(44,764	)		—
Change in net assets resulting from Class R2 capital transactions	$	(42,480	)	$	1,213		$	(44,555	)	$	1,177
Class R5
Proceeds from shares issued	$	6,523,132		$	16,549,633		$	7,689,860		$	19,577,837
Distributions reinvested		798,586			1,370,025			806,714			1,202,471
Cost of shares redeemed		(17,407,188	)		(4,757,046	)		(13,787,812	)		(4,721,460	)
Change in net assets resulting from Class R5 capital transactions	$	(10,085,470	)	$	13,162,612		$	(5,291,238	)	$	16,058,848
Class R6
Proceeds from shares issued	$	19,797,311		$	35,139,341		$	21,264,461		$	29,724,901
Distributions reinvested		1,062,628			1,630,725			871,852			1,115,270
Cost of shares redeemed		(10,402,777	)		(9,910,565	)		(6,236,258	)		(4,995,297	)
Change in net assets resulting from Class R6 capital transactions	$	10,457,162		$	26,859,501		$	15,900,055		$	25,844,874
Select Class
Proceeds from shares issued	$	2,634,355		$	11,243,013		$	1,454,638		$	9,847,471
Distributions reinvested		199,790			273,549			166,257			238,252
Cost of shares redeemed		(1,297,039	)		(3,401,682	)		(1,104,907	)		(2,382,186	)
Change in net assets resulting from Select Class capital transactions	$	1,537,106		$	8,114,880		$	515,988		$	7,703,537
Total change in net assets resulting from capital transactions	$	1,781,537		$	48,140,569		$	10,991,287		$	49,610,727

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement Blend 2020 Fund						JPMorgan SmartRetirement Blend 2025 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Reinvested		14			77			13			73
Redeemed		(2,399	)		—			(2,433	)		—
Change in Class A Shares		(2,385	)		77			(2,420	)		73
Class C
Reinvested		10			56			11			51
Redeemed		(2,344	)		—			(2,377	)		—
Change in Class C Shares		(2,334	)		56			(2,366	)		51
Class R2
Reinvested		12			68			12			64
Redeemed		(2,377	)		—			(2,409	)		—
Change in Class R2 Shares		(2,365	)		68			(2,397	)		64
Class R5
Issued		370,389			914,726			422,714			1,041,219
Reinvested		46,193			76,503			45,269			65,021
Redeemed		(997,332	)		(262,188	)		(765,154	)		(251,399	)
Change in Class R5 Shares		(580,750	)		729,041			(297,171	)		854,841
Class R6
Issued		1,111,250			1,940,899			1,158,875			1,588,356
Reinvested		61,419			90,973			48,866			60,266
Redeemed		(585,887	)		(545,806	)		(341,155	)		(265,681	)
Change in Class R6 Shares		586,782			1,486,066			866,586			1,382,941
Select Class
Issued		147,794			622,602			78,887			528,571
Reinvested		11,562			15,275			9,333			12,888
Redeemed		(73,244	)		(188,549	)		(61,100	)		(128,359	)
Change in Select Class Shares		86,112			449,328			27,120			413,100

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 43

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2030 Fund						JPMorgan SmartRetirement Blend 2035 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Distributions reinvested	$	227		$	1,391		$	223		$	1,329
Cost of shares redeemed		(47,115	)		—			(48,607	)		—
Change in net assets resulting from Class A capital transactions	$	(46,888	)	$	1,391		$	(48,384	)	$	1,329
Class C
Distributions reinvested	$	164		$	982		$	160		$	911
Cost of shares redeemed		(46,019	)		—			(47,486	)		—
Change in net assets resulting from Class C capital transactions	$	(45,855	)	$	982		$	(47,326	)	$	911
Class R2
Distributions reinvested	$	200		$	1,219		$	196		$	1,152
Cost of shares redeemed		(46,647	)		—			(48,165	)		—
Change in net assets resulting from Class R2 capital transactions	$	(46,447	)	$	1,219		$	(47,969	)	$	1,152
Class R5
Proceeds from shares issued	$	7,621,750		$	17,525,211		$	6,644,629		$	14,330,793
Distributions reinvested		963,489			1,599,858			542,216			751,725
Cost of shares redeemed		(21,427,854	)		(5,359,947	)		(10,014,259	)		(2,131,814	)
Change in net assets resulting from Class R5 capital transactions	$	(12,842,615	)	$	13,765,122		$	(2,827,414	)	$	12,950,704
Class R6
Proceeds from shares issued	$	15,736,347		$	29,835,826		$	14,705,339		$	25,170,273
Distributions reinvested		775,196			1,034,889			651,896			810,877
Cost of shares redeemed		(9,137,580	)		(4,883,249	)		(6,486,307	)		(4,916,779	)
Change in net assets resulting from Class R6 capital transactions	$	7,373,963		$	25,987,466		$	8,870,928		$	21,064,371
Select Class
Proceeds from shares issued	$	1,773,678		$	7,775,053		$	1,550,331		$	7,477,911
Distributions reinvested		201,674			325,397			150,541			214,822
Cost of shares redeemed		(598,001	)		(2,921,028	)		(704,753	)		(2,455,561	)
Change in net assets resulting from Select Class capital transactions	$	1,377,351		$	5,179,422		$	996,119		$	5,237,172
Total change in net assets resulting from capital transactions	$	(4,230,491	)	$	44,935,602		$	6,895,954		$	39,255,639

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement Blend 2030 Fund						JPMorgan SmartRetirement Blend 2035 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Reinvested		12			74			12			69
Redeemed		(2,455	)		—			(2,470	)		—
Change in Class A Shares		(2,443	)		74			(2,458	)		69
Class C
Reinvested		9			51			8			47
Redeemed		(2,398	)		—			(2,414	)		—
Change in Class C Shares		(2,389	)		51			(2,406	)		47
Class R2
Reinvested		11			64			10			59
Redeemed		(2,431	)		—			(2,448	)		—
Change in Class R2 Shares		(2,420	)		64			(2,438	)		59
Class R5
Issued		407,008			906,648			346,991			721,998
Reinvested		52,695			84,076			29,001			38,579
Redeemed		(1,158,572	)		(277,581	)		(529,551	)		(107,978	)
Change in Class R5 Shares		(698,869	)		713,143			(153,559	)		652,599
Class R6
Issued		836,610			1,547,298			764,055			1,273,448
Reinvested		42,362			54,296			34,877			41,561
Redeemed		(485,046	)		(253,757	)		(338,459	)		(246,864	)
Change in Class R6 Shares		393,926			1,347,837			460,473			1,068,145
Select Class
Issued		94,345			404,998			80,891			380,688
Reinvested		11,027			17,107			8,056			11,030
Redeemed		(31,984	)		(153,302	)		(37,090	)		(125,510	)
Change in Select Class Shares		73,388			268,803			51,857			266,208

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 45

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2040 Fund						JPMorgan SmartRetirement Blend 2045 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Distributions reinvested	$	224		$	1,309		$	223		$	1,272
Cost of shares redeemed		(49,457	)		—			(49,361	)		—
Change in net assets resulting from Class A capital transactions	$	(49,233	)	$	1,309		$	(49,138	)	$	1,272
Class C
Distributions reinvested	$	162		$	886		$	160		$	851
Cost of shares redeemed		(48,322	)		—			(48,228	)		—
Change in net assets resulting from Class C capital transactions	$	(48,160	)	$	886		$	(48,068	)	$	851
Class R2
Distributions reinvested	$	198		$	1,131		$	197		$	1,095
Cost of shares redeemed		(48,952	)		—			(48,857	)		—
Change in net assets resulting from Class R2 capital transactions	$	(48,754	)	$	1,131		$	(48,660	)	$	1,095
Class R5
Proceeds from shares issued	$	5,720,883		$	11,795,238		$	4,963,607		$	9,443,810
Distributions reinvested		510,621			725,641			338,055			437,999
Cost of shares redeemed		(9,375,477	)		(2,236,463	)		(5,779,034	)		(2,102,478	)
Change in net assets resulting from Class R5 capital transactions	$	(3,143,973	)	$	10,284,416		$	(477,372	)	$	7,779,331
Class R6
Proceeds from shares issued	$	14,937,290		$	20,564,169		$	10,638,992		$	14,604,717
Distributions reinvested		565,193			670,559			330,617			305,678
Cost of shares redeemed		(8,245,010	)		(3,208,591	)		(3,553,847	)		(2,791,773	)
Change in net assets resulting from Class R6 capital transactions	$	7,257,473		$	18,026,137		$	7,415,762		$	12,118,622
Select Class
Proceeds from shares issued	$	2,093,303		$	5,965,395		$	1,530,425		$	4,732,484
Distributions reinvested		183,973			265,833			82,941			108,591
Cost of shares redeemed		(511,429	)		(2,195,134	)		(444,192	)		(1,917,806	)
Change in net assets resulting from Select Class capital transactions	$	1,765,847		$	4,036,094		$	1,169,174		$	2,923,269
Total change in net assets resulting from capital transactions	$	5,733,200		$	32,349,973		$	7,961,698		$	22,824,440

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement Blend 2040 Fund						JPMorgan SmartRetirement Blend 2045 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Reinvested		12			67			12			65
Redeemed		(2,480	)		—			(2,485	)		—
Change in Class A Shares		(2,468	)		67			(2,473	)		65
Class C
Reinvested		8			45			8			43
Redeemed		(2,424	)		—			(2,429	)		—
Change in Class C Shares		(2,416	)		45			(2,421	)		43
Class R2
Reinvested		11			57			10			56
Redeemed		(2,455	)		—			(2,460	)		—
Change in Class R2 Shares		(2,444	)		57			(2,450	)		56
Class R5
Issued		297,038			585,960			259,414			473,295
Reinvested		27,064			36,801			17,982			22,295
Redeemed		(490,170	)		(112,427	)		(303,756	)		(106,302	)
Change in Class R5 Shares		(166,068	)		510,334			(26,360	)		389,288
Class R6
Issued		769,816			1,029,638			550,918			734,473
Reinvested		29,970			33,960			17,571			15,520
Redeemed		(422,948	)		(160,911	)		(182,680	)		(138,958	)
Change in Class R6 Shares		376,838			902,687			385,809			611,035
Select Class
Issued		106,989			299,611			78,678			238,413
Reinvested		9,755			13,489			4,411			5,525
Redeemed		(26,051	)		(111,723	)		(22,785	)		(97,787	)
Change in Select Class Shares		90,693			201,377			60,304			146,151

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 47

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2050 Fund						JPMorgan SmartRetirement Blend 2055 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Distributions reinvested	$	227		$	1,273		$	206		$	1,258
Cost of shares redeemed		(49,352	)		—			(49,117	)		—
Change in net assets resulting from Class A capital transactions	$	(49,125	)	$	1,273		$	(48,911	)	$	1,258
Class C
Distributions reinvested	$	164		$	853		$	144		$	839
Cost of shares redeemed		(48,216	)		—			(47,955	)		—
Change in net assets resulting from Class C capital transactions	$	(48,052	)	$	853		$	(47,811	)	$	839
Class R2
Distributions reinvested	$	201		$	1,097		$	181		$	1,082
Cost of shares redeemed		(48,903	)		—			(48,613	)		—
Change in net assets resulting from Class R2 capital transactions	$	(48,702	)	$	1,097		$	(48,432	)	$	1,082
Class R5
Proceeds from shares issued	$	4,014,240		$	5,890,315		$	1,892,170		$	3,008,056
Distributions reinvested		232,954			296,594			92,060			118,417
Cost of shares redeemed		(3,627,623	)		(1,561,233	)		(951,078	)		(377,099	)
Change in net assets resulting from Class R5 capital transactions	$	619,571		$	4,625,676		$	1,033,152		$	2,749,374
Class R6
Proceeds from shares issued	$	6,216,317		$	7,744,641		$	4,112,725		$	2,227,517
Distributions reinvested		158,916			153,001			58,532			27,859
Cost of shares redeemed		(3,267,686	)		(1,801,398	)		(687,438	)		(598,073	)
Change in net assets resulting from Class R6 capital transactions	$	3,107,547		$	6,096,244		$	3,483,819		$	1,657,303
Select Class
Proceeds from shares issued	$	1,125,661		$	3,054,689		$	1,569,718		$	1,069,391
Distributions reinvested		72,767			117,254			28,491			33,926
Cost of shares redeemed		(1,492,171	)		(481,465	)		(106,769	)		(228,177	)
Change in net assets resulting from Select Class capital transactions	$	(293,743	)	$	2,690,478		$	1,491,440		$	875,140
Total change in net assets resulting from capital transactions	$	3,287,496		$	13,415,621		$	5,863,257		$	5,284,996

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

	JPMorgan SmartRetirement Blend 2050 Fund						JPMorgan SmartRetirement Blend 2055 Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Reinvested		12			65			11			65
Redeemed		(2,485	)		—			(2,516	)		—
Change in Class A Shares		(2,473	)		65			(2,505	)		65
Class C
Reinvested		9			43			8			44
Redeemed		(2,429	)		—			(2,459	)		—
Change in Class C Shares		(2,420	)		43			(2,451	)		44
Class R2
Reinvested		11			56			10			56
Redeemed		(2,464	)		—			(2,491	)		—
Change in Class R2 Shares		(2,453	)		56			(2,481	)		56
Class R5
Issued		210,219			295,740			100,204			153,205
Reinvested		12,395			15,096			4,978			6,131
Redeemed		(190,689	)		(78,993	)		(50,450	)		(19,594	)
Change in Class R5 Shares		31,925			231,843			54,732			139,742
Class R6
Issued		323,206			389,949			214,347			114,202
Reinvested		8,454			7,769			3,157			1,437
Redeemed		(167,955	)		(89,687	)		(35,788	)		(30,079	)
Change in Class R6 Shares		163,705			308,031			181,716			85,560
Select Class
Issued		57,327			154,067			82,367			54,644
Reinvested		3,871			5,971			1,541			1,756
Redeemed		(75,936	)		(24,330	)		(5,636	)		(11,588	)
Change in Select Class Shares		(14,738	)		135,708			78,272			44,812

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 49

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend Income Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	16.47	$	0.16	(h)	$	(0.41	)	$	(0.25	)	$	(0.17	)	$	(0.02	)	$	(0.19	)
Year Ended June 30, 2015		16.78		0.28			(0.19	)		0.09			(0.28	)		(0.12	)		(0.40	)
Year Ended June 30, 2014		15.44		0.30	(h)		1.33			1.63			(0.28	)		(0.01	)		(0.29	)
July 2, 2012 (j) through June 30, 2013		15.00		0.32	(k)		0.41			0.73			(0.29	)		—	(l)		(0.29	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		16.46		0.11	(h)		(0.41	)		(0.30	)		(0.12	)		(0.02	)		(0.14	)
Year Ended June 30, 2015		16.77		0.18			(0.19	)		(0.01	)		(0.18	)		(0.12	)		(0.30	)
Year Ended June 30, 2014		15.44		0.20	(h)		1.33			1.53			(0.19	)		(0.01	)		(0.20	)
July 2, 2012 (j) through June 30, 2013		15.00		0.23	(k)		0.41			0.64			(0.20	)		—	(l)		(0.20	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		16.47		0.14	(h)		(0.41	)		(0.27	)		(0.15	)		(0.02	)		(0.17	)
Year Ended June 30, 2015		16.77		0.23			(0.17	)		0.06			(0.24	)		(0.12	)		(0.36	)
Year Ended June 30, 2014		15.44		0.26	(h)		1.32			1.58			(0.24	)		(0.01	)		(0.25	)
July 2, 2012 (j) through June 30, 2013		15.00		0.28	(k)		0.41			0.69			(0.25	)		—	(l)		(0.25	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		16.47		0.18	(h)		(0.41	)		(0.23	)		(0.20	)		(0.02	)		(0.22	)
Year Ended June 30, 2015		16.77		0.33			(0.17	)		0.16			(0.34	)		(0.12	)		(0.46	)
Year Ended June 30, 2014		15.44		0.38	(h)		1.30			1.68			(0.34	)		(0.01	)		(0.35	)
July 2, 2012 (j) through June 30, 2013		15.00		0.33	(k)		0.45			0.78			(0.34	)		—	(l)		(0.34	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		16.48		0.19	(h)		(0.42	)		(0.23	)		(0.20	)		(0.02	)		(0.22	)
Year Ended June 30, 2015		16.78		0.34			(0.18	)		0.16			(0.34	)		(0.12	)		(0.46	)
Year Ended June 30, 2014		15.45		0.39	(h)		1.30			1.69			(0.35	)		(0.01	)		(0.36	)
July 2, 2012 (j) through June 30, 2013		15.00		0.37	(k)		0.43			0.80			(0.35	)		—	(l)		(0.35	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		16.47		0.17	(h)		(0.42	)		(0.25	)		(0.18	)		(0.02	)		(0.20	)
Year Ended June 30, 2015		16.77		0.29			(0.16	)		0.13			(0.31	)		(0.12	)		(0.43	)
Year Ended June 30, 2014		15.44		0.34	(h)		1.31			1.65			(0.31	)		(0.01	)		(0.32	)
July 2, 2012 (j) through June 30, 2013		15.00		0.34	(k)		0.41			0.75			(0.31	)		—	(l)		(0.31	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(j) Commencement of operations.

(k) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(l) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)(g)
$	16.03		(1.53	)%	$	20,039		0.58	%		2.01	%		2.66	%		15	%
	16.47		0.53			58,318		0.56			1.66			1.37			24
	16.78		10.61			57,991		0.51	(i)		1.85	(i)		1.87	(i)		86
	15.44		4.87			52,447		0.54	(i)		2.07	(i)(k)		12.14	(i)		84
	16.02		(1.83	)		19,888		1.17			1.40			3.18			15
	16.46		(0.05	)		57,280		1.15			1.06			1.87			24
	16.77		9.92			57,298		1.11	(i)		1.24	(i)		2.37	(i)		86
	15.44		4.26			52,134		1.14	(i)		1.47	(i)(k)		12.64	(i)		84
	16.03		(1.66	)		19,949		0.82			1.75			2.92			15
	16.47		0.35			57,882		0.81			1.41			1.62			24
	16.77		10.28			57,700		0.76	(i)		1.59	(i)		2.12	(i)		86
	15.44		4.61			52,315		0.79	(i)		1.81	(i)(k)		12.38	(i)		84
	16.02		(1.41	)		17,676,498		0.22			2.24			0.77			15
	16.47		0.95			22,682,759		0.20			2.02			0.87			24
	16.77		10.94			21,940,682		0.19	(i)		2.33	(i)		0.95	(i)		86
	15.44		5.24			398,244		0.20	(i)		3.20	(i)(k)		9.64	(i)		84
	16.03		(1.39	)		25,133,635		0.17			2.35			0.67			15
	16.48		0.99			20,191,251		0.16			2.08			0.77			24
	16.78		10.97			13,960,559		0.12	(i)		2.37	(i)		1.27	(i)		86
	15.45		5.34			3,874,952		0.17	(i)		2.47	(i)(k)		4.40	(i)		84
	16.02		(1.51	)		5,370,180		0.42			2.03			0.95			15
	16.47		0.77			5,847,907		0.41			1.90			1.02			24
	16.77		10.74			2,495,073		0.36	(i)		2.10	(i)		1.55	(i)		86
	15.44		5.03			788,241		0.40	(i)		2.22	(i)(k)		11.88	(i)		84

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 51

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2015 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	17.02	$	0.18	(h)(i)	$	(0.45	)	$	(0.27	)	$	(0.18	)	$	—	(j)	$	(0.18	)
Year Ended June 30, 2015		17.29		0.30	(h)		(0.15	)		0.15			(0.30	)		(0.12	)		(0.42	)
Year Ended June 30, 2014		15.71		0.32	(h)		1.61			1.93			(0.34	)		(0.01	)		(0.35	)
July 2, 2012 (l) through June 30, 2013		15.00		0.35	(i)		0.66			1.01			(0.30	)		—			(0.30	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		17.01		0.12	(h)(i)		(0.44	)		(0.32	)		(0.13	)		—	(j)		(0.13	)
Year Ended June 30, 2015		17.28		0.19	(h)		(0.14	)		0.05			(0.20	)		(0.12	)		(0.32	)
Year Ended June 30, 2014		15.71		0.22	(h)		1.60			1.82			(0.24	)		(0.01	)		(0.25	)
July 2, 2012 (l) through June 30, 2013		15.00		0.25	(i)		0.66			0.91			(0.20	)		—			(0.20	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		17.02		0.15	(h)(i)		(0.45	)		(0.30	)		(0.16	)		—	(j)		(0.16	)
Year Ended June 30, 2015		17.29		0.25	(h)		(0.15	)		0.10			(0.25	)		(0.12	)		(0.37	)
Year Ended June 30, 2014		15.71		0.28	(h)		1.61			1.89			(0.30	)		(0.01	)		(0.31	)
July 2, 2012 (l) through June 30, 2013		15.00		0.31	(i)		0.66			0.97			(0.26	)		—			(0.26	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		17.02		0.19	(h)(i)		(0.44	)		(0.25	)		(0.21	)		—	(j)		(0.21	)
Year Ended June 30, 2015		17.29		0.36	(h)		(0.15	)		0.21			(0.36	)		(0.12	)		(0.48	)
Year Ended June 30, 2014		15.71		0.39	(h)		1.60			1.99			(0.40	)		(0.01	)		(0.41	)
July 2, 2012 (l) through June 30, 2013		15.00		0.35	(i)		0.71			1.06			(0.35	)		—			(0.35	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		17.02		0.20	(h)(i)		(0.43	)		(0.23	)		(0.22	)		—	(j)		(0.22	)
Year Ended June 30, 2015		17.29		0.37	(h)		(0.16	)		0.21			(0.36	)		(0.12	)		(0.48	)
Year Ended June 30, 2014		15.72		0.41	(h)		1.58			1.99			(0.41	)		(0.01	)		(0.42	)
July 2, 2012 (l) through June 30, 2013		15.00		0.39	(i)		0.69			1.08			(0.36	)		—			(0.36	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		17.01		0.18	(h)(i)		(0.43	)		(0.25	)		(0.20	)		—	(j)		(0.20	)
Year Ended June 30, 2015		17.29		0.34	(h)		(0.17	)		0.17			(0.33	)		(0.12	)		(0.45	)
Year Ended June 30, 2014		15.71		0.37	(h)		1.59			1.96			(0.37	)		(0.01	)		(0.38	)
July 2, 2012 (l) through June 30, 2013		15.00		0.37	(i)		0.66			1.03			(0.32	)		—			(0.32	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(j) Amount rounds to less than $0.01.

(k) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(l) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)(g)
$	16.57		(1.53	)%	$	20,068		0.57	%		2.07	%(i)		2.63	%		19	%
	17.02		0.86			60,484		0.56			1.73			1.25			23
	17.29		12.36			59,964		0.51	(k)		1.94	(k)		1.54	(k)		75
	15.71		6.73			53,380		0.55	(k)		2.24	(k)(i)		11.07	(k)		50
	16.56		(1.83	)		19,914		1.17			1.45	(i)		3.12			19
	17.01		0.26			59,407		1.15			1.13			1.74			23
	17.28		11.65			59,249		1.11	(k)		1.34	(k)		2.03	(k)		75
	15.71		6.12			53,060		1.15	(k)		1.63	(k)(i)		11.56	(k)		50
	16.56		(1.72	)		19,995		0.82			1.81	(i)		2.86			19
	17.02		0.61			60,030		0.81			1.48			1.49			23
	17.29		12.09			59,663		0.76	(k)		1.69	(k)		1.78	(k)		75
	15.71		6.47			53,245		0.80	(k)		1.98	(k)(i)		11.31	(k)		50
	16.56		(1.41	)		18,756,785		0.22			2.29	(i)		0.71			19
	17.02		1.21			25,280,472		0.20			2.10			0.73			23
	17.29		12.75			21,360,913		0.19	(k)		2.32	(k)		0.88	(k)		75
	15.71		7.11			1,664,879		0.22	(k)		4.74	(k)(i)		4.81	(k)		50
	16.57		(1.33	)		26,576,606		0.17			2.35	(i)		0.62			19
	17.02		1.26			26,706,166		0.16			2.13			0.67			23
	17.29		12.73			23,135,359		0.12	(k)		2.44	(k)		1.01	(k)		75
	15.72		7.22			12,260,353		0.17	(k)		2.70	(k)(i)		1.91	(k)		50
	16.56		(1.45	)		7,481,943		0.42			2.08	(i)		0.91			19
	17.01		0.97			7,410,367		0.41			1.97			0.92			23
	17.29		12.55			3,168,728		0.38	(k)		2.23	(k)		1.28	(k)		75
	15.71		6.90			918,172		0.40	(k)		2.40	(k)(i)		10.55	(k)		50

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 53

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2020 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	17.91	$	0.19	(h)	$	(0.51	)	$	(0.32	)	$	(0.20	)	$	(0.01	)	$	(0.21	)
Year Ended June 30, 2015		18.03		0.33	(h)		(0.05	)		0.28			(0.32	)		(0.08	)		(0.40	)
Year Ended June 30, 2014		16.03		0.33	(h)(i)		2.02			2.35			(0.34	)		(0.01	)		(0.35	)
July 2, 2012 (k) through June 30, 2013		15.00		0.37	(i)		0.96			1.33			(0.30	)		—			(0.30	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		17.91		0.14	(h)		(0.52	)		(0.38	)		(0.15	)		(0.01	)		(0.16	)
Year Ended June 30, 2015		18.03		0.22	(h)		(0.05	)		0.17			(0.21	)		(0.08	)		(0.29	)
Year Ended June 30, 2014		16.02		0.23	(h)(i)		2.03			2.26			(0.24	)		(0.01	)		(0.25	)
July 2, 2012 (k) through June 30, 2013		15.00		0.27	(i)		0.96			1.23			(0.21	)		—			(0.21	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		17.91		0.17	(h)		(0.51	)		(0.34	)		(0.18	)		(0.01	)		(0.19	)
Year Ended June 30, 2015		18.03		0.28	(h)		(0.05	)		0.23			(0.27	)		(0.08	)		(0.35	)
Year Ended June 30, 2014		16.03		0.29	(h)(i)		2.02			2.31			(0.30	)		(0.01	)		(0.31	)
July 2, 2012 (k) through June 30, 2013		15.00		0.33	(i)		0.96			1.29			(0.26	)		—			(0.26	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		17.91		0.21	(h)		(0.50	)		(0.29	)		(0.23	)		(0.01	)		(0.24	)
Year Ended June 30, 2015		18.03		0.40	(h)		(0.06	)		0.34			(0.38	)		(0.08	)		(0.46	)
Year Ended June 30, 2014		16.03		0.46	(h)(i)		1.95			2.41			(0.40	)		(0.01	)		(0.41	)
July 2, 2012 (k) through June 30, 2013		15.00		0.37	(i)		1.02			1.39			(0.36	)		—			(0.36	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		17.92		0.22	(h)		(0.51	)		(0.29	)		(0.24	)		(0.01	)		(0.25	)
Year Ended June 30, 2015		18.03		0.40	(h)		(0.04	)		0.36			(0.39	)		(0.08	)		(0.47	)
Year Ended June 30, 2014		16.03		0.44	(h)(i)		1.98			2.42			(0.41	)		(0.01	)		(0.42	)
July 2, 2012 (k) through June 30, 2013		15.00		0.41	(i)		0.98			1.39			(0.36	)		—			(0.36	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		17.91		0.20	(h)		(0.51	)		(0.31	)		(0.22	)		(0.01	)		(0.23	)
Year Ended June 30, 2015		18.03		0.37	(h)		(0.06	)		0.31			(0.35	)		(0.08	)		(0.43	)
Year Ended June 30, 2014		16.03		0.39	(h)(i)		1.99			2.38			(0.37	)		(0.01	)		(0.38	)
July 2, 2012 (k) through June 30, 2013		15.00		0.38	(i)		0.98			1.36			(0.33	)		—			(0.33	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Net investment income (loss) may appear disproportionate among classes due to timing of recognition of income and changes in the relative size of the classes.

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(k) Commencement of operations

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)(g)
$	17.38		(1.78	)%	$	20,126		0.58	%		2.14	%		2.48	%		11	%
	17.91		1.54			63,467		0.57			1.80			1.10			17
	18.03		14.75			62,504		0.53	(j)		1.94	(i)(j)		1.28	(j)		49
	16.03		8.93			54,454		0.56	(j)		2.33	(i)(j)		10.57	(j)		31
	17.37		(2.14	)		19,932		1.18			1.54			3.00			11
	17.91		0.94			62,339		1.17			1.20			1.61			17
	18.03		14.16			61,763		1.13	(j)		1.34	(i)(j)		1.78	(j)		49
	16.02		8.23			54,131		1.16	(j)		1.73	(i)(j)		11.07	(j)		31
	17.38		(1.91	)		20,032		0.83			1.89			2.74			11
	17.91		1.29			62,995		0.82			1.55			1.36			17
	18.03		14.47			62,195		0.78	(j)		1.69	(i)(j)		1.53	(j)		49
	16.03		8.66			54,320		0.81	(j)		2.08	(i)(j)		10.82	(j)		31
	17.38		(1.60	)		46,666,643		0.23			2.39			0.58			11
	17.91		1.89			58,510,251		0.22			2.19			0.60			17
	18.03		15.15			45,752,633		0.21	(j)		2.60	(i)(j)		0.68	(j)		49
	16.03		9.31			667,513		0.22	(j)		4.48	(i)(j)		6.18	(j)		31
	17.38		(1.63	)		82,984,417		0.18			2.49			0.49			11
	17.92		2.00			75,032,153		0.17			2.21			0.53			17
	18.03		15.19			48,730,493		0.14	(j)		2.53	(i)(j)		0.76	(j)		49
	16.03		9.35			17,419,901		0.18	(j)		2.84	(i)(j)		1.56	(j)		31
	17.37		(1.76	)		15,860,081		0.43			2.20			0.77			11
	17.91		1.71			14,807,138		0.42			2.06			0.78			17
	18.03		14.95			6,808,020		0.38	(j)		2.28	(i)(j)		1.01	(j)		49
	16.03		9.10			988,689		0.41	(j)		2.52	(i)(j)		9.98	(j)		31

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 55

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2025 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	18.52	$	0.19	(h)(i)	$	(0.57	)	$	(0.38	)	$	(0.20	)	$	(0.01	)	$	(0.21	)
Year Ended June 30, 2015		18.58		0.32			0.01	(j)		0.33			(0.32	)		(0.07	)		(0.39	)
Year Ended June 30, 2014		16.27		0.33	(h)(i)		2.35			2.68			(0.35	)		(0.02	)		(0.37	)
July 2, 2012 (l) through June 30, 2013		15.00		0.37	(i)		1.20			1.57			(0.30	)		—			(0.30	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		18.51		0.13	(h)(i)		(0.56	)		(0.43	)		(0.14	)		(0.01	)		(0.15	)
Year Ended June 30, 2015		18.57		0.21			0.01	(j)		0.22			(0.21	)		(0.07	)		(0.28	)
Year Ended June 30, 2014		16.27		0.22	(h)(i)		2.35			2.57			(0.25	)		(0.02	)		(0.27	)
July 2, 2012 (l) through June 30, 2013		15.00		0.27	(i)		1.21			1.48			(0.21	)		—			(0.21	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		18.51		0.16	(h)(i)		(0.55	)		(0.39	)		(0.18	)		(0.01	)		(0.19	)
Year Ended June 30, 2015		18.58		0.28			(0.01	)(j)		0.27			(0.27	)		(0.07	)		(0.34	)
Year Ended June 30, 2014		16.27		0.29	(h)(i)		2.35			2.64			(0.31	)		(0.02	)		(0.33	)
July 2, 2012 (l) through June 30, 2013		15.00		0.33	(i)		1.20			1.53			(0.26	)		—			(0.26	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		18.52		0.21	(h)(i)		(0.56	)		(0.35	)		(0.23	)		(0.01	)		(0.24	)
Year Ended June 30, 2015		18.59		0.38			—	(j)(m)		0.38			(0.38	)		(0.07	)		(0.45	)
Year Ended June 30, 2014		16.28		0.47	(h)(i)		2.27			2.74			(0.41	)		(0.02	)		(0.43	)
July 2, 2012 (l) through June 30, 2013		15.00		0.39	(i)		1.25			1.64			(0.36	)		—			(0.36	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		18.52		0.23	(h)(i)		(0.56	)		(0.33	)		(0.24	)		(0.01	)		(0.25	)
Year Ended June 30, 2015		18.58		0.38			0.02	(j)		0.40			(0.39	)		(0.07	)		(0.46	)
Year Ended June 30, 2014		16.27		0.44	(h)(i)		2.31			2.75			(0.42	)		(0.02	)		(0.44	)
July 2, 2012 (l) through June 30, 2013		15.00		0.42	(i)		1.21			1.63			(0.36	)		—			(0.36	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		18.51		0.19	(h)(i)		(0.55	)		(0.36	)		(0.21	)		(0.01	)		(0.22	)
Year Ended June 30, 2015		18.58		0.34			0.01	(j)		0.35			(0.35	)		(0.07	)		(0.42	)
Year Ended June 30, 2014		16.28		0.41	(h)(i)		2.29			2.70			(0.38	)		(0.02	)		(0.40	)
July 2, 2012 (l) through June 30, 2013		15.00		0.39	(i)		1.22			1.61			(0.33	)		—			(0.33	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(j) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented on the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(k) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(l) Commencement of operations.

(m) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)(g)
$	17.93		(2.04	)%	$	20,107		0.59	%		2.06	%(i)		2.49	%		7	%
	18.52		1.77			65,562		0.58			1.74			1.13			14
	18.58		16.57			64,440		0.53	(k)		1.88	(i)(k)		1.42	(k)		40
	16.27		10.55			55,293		0.57	(k)		2.33	(i)(k)		10.86	(k)		25
	17.93		(2.29	)		19,941		1.19			1.44	(i)		3.01			7
	18.51		1.17			64,394		1.18			1.14			1.64			14
	18.57		15.83			63,675		1.12	(k)		1.28	(i)(k)		1.92	(k)		40
	16.27		9.91			54,964		1.17	(k)		1.73	(i)(k)		11.36	(k)		25
	17.93		(2.11	)		20,044		0.84			1.80	(i)		2.75			7
	18.51		1.46			65,072		0.83			1.49			1.39			14
	18.58		16.29			64,120		0.78	(k)		1.63	(i)(k)		1.67	(k)		40
	16.27		10.28			55,156		0.82	(k)		2.08	(i)(k)		11.11	(k)		25
	17.93		(1.86	)		50,419,351		0.24			2.33	(i)		0.62			7
	18.52		2.07			57,570,135		0.22			2.17			0.63			14
	18.59		16.96			41,884,578		0.21	(k)		2.62	(i)(k)		0.76	(k)		40
	16.28		11.01			1,386,248		0.24	(k)		5.51	(i)(k)		4.79	(k)		25
	17.94		(1.78	)		70,835,731		0.19			2.48	(i)		0.51			7
	18.52		2.17			57,094,878		0.18			2.19			0.55			14
	18.58		17.02			31,592,373		0.14	(k)		2.47	(i)(k)		0.90	(k)		40
	16.27		10.98			13,347,658		0.20	(k)		2.79	(i)(k)		1.76	(k)		25
	17.93		(1.91	)		14,148,963		0.44			2.10	(i)		0.80			7
	18.51		1.89			14,107,981		0.43			2.02			0.82			14
	18.58		16.69			6,485,172		0.40	(k)		2.33	(i)(k)		1.13	(k)		40
	16.28		10.78			840,259		0.42	(k)		2.48	(i)(k)		10.56	(k)		25

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 57

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2030 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	19.11	$	0.18	(h)	$	(0.64	)	$	(0.46	)	$	(0.20	)	$	(0.01	)	$	(0.21	)
Year Ended June 30, 2015		19.14		0.33	(h)		0.04	(i)		0.37			(0.32	)		(0.08	)		(0.40	)
Year Ended June 30, 2014		16.48		0.33	(h)(j)		2.67			3.00			(0.33	)		(0.01	)		(0.34	)
July 2, 2012 (l) through June 30, 2013		15.00		0.37	(j)		1.40			1.77			(0.29	)		—			(0.29	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		19.10		0.13	(h)		(0.64	)		(0.51	)		(0.15	)		(0.01	)		(0.16	)
Year Ended June 30, 2015		19.13		0.21	(h)		0.05	(i)		0.26			(0.21	)		(0.08	)		(0.29	)
Year Ended June 30, 2014		16.48		0.22	(h)(j)		2.67			2.89			(0.23	)		(0.01	)		(0.24	)
July 2, 2012 (l) through June 30, 2013		15.00		0.27	(j)		1.41			1.68			(0.20	)		—			(0.20	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		19.10		0.16	(h)		(0.63	)		(0.47	)		(0.18	)		(0.01	)		(0.19	)
Year Ended June 30, 2015		19.14		0.28	(h)		0.03	(i)		0.31			(0.27	)		(0.08	)		(0.35	)
Year Ended June 30, 2014		16.48		0.28	(h)(j)		2.68			2.96			(0.29	)		(0.01	)		(0.30	)
July 2, 2012 (l) through June 30, 2013		15.00		0.33	(j)		1.40			1.73			(0.25	)		—			(0.25	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		19.10		0.21	(h)		(0.62	)		(0.41	)		(0.24	)		(0.01	)		(0.25	)
Year Ended June 30, 2015		19.14		0.40	(h)		0.03	(i)		0.43			(0.39	)		(0.08	)		(0.47	)
Year Ended June 30, 2014		16.48		0.52	(h)(j)		2.55			3.07			(0.40	)		(0.01	)		(0.41	)
July 2, 2012 (l) through June 30, 2013		15.00		0.40	(j)		1.43			1.83			(0.35	)		—			(0.35	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		19.11		0.22	(h)		(0.64	)		(0.42	)		(0.24	)		(0.01	)		(0.25	)
Year Ended June 30, 2015		19.14		0.41	(h)		0.04	(i)		0.45			(0.40	)		(0.08	)		(0.48	)
Year Ended June 30, 2014		16.48		0.46	(h)(j)		2.61			3.07			(0.40	)		(0.01	)		(0.41	)
July 2, 2012 (l) through June 30, 2013		15.00		0.42	(j)		1.41			1.83			(0.35	)		—			(0.35	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		19.09		0.19	(h)		(0.62	)		(0.43	)		(0.22	)		(0.01	)		(0.23	)
Year Ended June 30, 2015		19.13		0.37	(h)		0.02	(i)		0.39			(0.35	)		(0.08	)		(0.43	)
Year Ended June 30, 2014		16.48		0.40	(h)(j)		2.63			3.03			(0.37	)		(0.01	)		(0.38	)
July 2, 2012 (l) through June 30, 2013		15.00		0.38	(j)		1.42			1.80			(0.32	)		—			(0.32	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented on the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(j) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(k) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(l) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

58 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)(g)
$	18.44		(2.40	)%	$	20,091		0.59	%		1.96	%		2.49	%		8	%
	19.11		1.95			67,472		0.58			1.69			1.11			14
	19.14		18.32			66,203		0.54			1.81	(j)(k)		1.45	(k)		36
	16.48		11.89			55,947		0.58			2.31	(j)(k)		11.17	(k)		30
	18.43		(2.70	)		19,921		1.19			1.34			2.99			8
	19.10		1.35			66,269		1.18			1.09			1.61			14
	19.13		17.58			65,414		1.14			1.21	(j)(k)		1.95	(k)		36
	16.48		11.25			55,613		1.18			1.71	(j)(k)		11.67	(k)		30
	18.44		(2.47	)		20,025		0.84			1.70			2.73			8
	19.10		1.65			66,965		0.83			1.44			1.36			14
	19.14		18.03			65,871		0.79			1.56	(j)(k)		1.70	(k)		36
	16.48		11.62			55,807		0.83			2.06	(j)(k)		11.42	(k)		30
	18.44		(2.17	)		56,666,722		0.24			2.26			0.60			8
	19.10		2.26			72,055,507		0.23			2.09			0.62			14
	19.14		18.73			58,548,233		0.22			2.78	(j)(k)		0.73	(k)		36
	16.48		12.29			974,686		0.26			4.51	(j)(k)		5.45	(k)		30
	18.44		(2.20	)		60,205,615		0.19			2.32			0.50			8
	19.11		2.36			54,851,499		0.18			2.13			0.53			14
	19.14		18.77			29,155,385		0.16			2.50	(j)(k)		0.89	(k)		36
	16.48		12.33			6,769,334		0.22			2.80	(j)(k)		2.85	(k)		30
	18.43		(2.27	)		17,063,458		0.44			2.06			0.78			8
	19.09		2.07			16,278,094		0.43			1.93			0.80			14
	19.13		18.47			11,169,043		0.39			2.21	(j)(k)		1.13	(k)		36
	16.48		12.06			929,479		0.43			2.45	(j)(k)		10.68	(k)		30

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 59

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2035 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	19.57	$	0.18	(h)(i)	$	(0.69	)	$	(0.51	)	$	(0.20	)	$	(0.01	)	$	(0.21	)
Year Ended June 30, 2015		19.57		0.32			0.07	(j)		0.39			(0.32	)		(0.07	)		(0.39	)
Year Ended June 30, 2014		16.67		0.31	(h)(i)		2.93			3.24			(0.32	)		(0.02	)		(0.34	)
July 2, 2012 (l) through June 30, 2013		15.00		0.37	(i)		1.60			1.97			(0.30	)		—			(0.30	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		19.56		0.12	(h)(i)		(0.69	)		(0.57	)		(0.14	)		(0.01	)		(0.15	)
Year Ended June 30, 2015		19.56		0.20			0.07	(j)		0.27			(0.20	)		(0.07	)		(0.27	)
Year Ended June 30, 2014		16.66		0.20	(h)(i)		2.93			3.13			(0.21	)		(0.02	)		(0.23	)
July 2, 2012 (l) through June 30, 2013		15.00		0.27	(i)		1.59			1.86			(0.20	)		—			(0.20	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		19.57		0.16	(h)(i)		(0.70	)		(0.54	)		(0.18	)		(0.01	)		(0.19	)
Year Ended June 30, 2015		19.57		0.27			0.07	(j)		0.34			(0.27	)		(0.07	)		(0.34	)
Year Ended June 30, 2014		16.67		0.27	(h)(i)		2.92			3.19			(0.27	)		(0.02	)		(0.29	)
July 2, 2012 (l) through June 30, 2013		15.00		0.33	(i)		1.60			1.93			(0.26	)		—			(0.26	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		19.58		0.22	(h)(i)		(0.70	)		(0.48	)		(0.24	)		(0.01	)		(0.25	)
Year Ended June 30, 2015		19.58		0.38			0.07	(j)		0.45			(0.38	)		(0.07	)		(0.45	)
Year Ended June 30, 2014		16.67		0.51	(h)(i)		2.80			3.31			(0.38	)		(0.02	)		(0.40	)
July 2, 2012 (l) through June 30, 2013		15.00		0.41	(i)		1.61			2.02			(0.35	)		—			(0.35	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		19.58		0.22	(h)(i)		(0.70	)		(0.48	)		(0.24	)		(0.01	)		(0.25	)
Year Ended June 30, 2015		19.57		0.38			0.09	(j)		0.47			(0.39	)		(0.07	)		(0.46	)
Year Ended June 30, 2014		16.67		0.48	(h)(i)		2.83			3.31			(0.39	)		(0.02	)		(0.41	)
July 2, 2012 (l) through June 30, 2013		15.00		0.43	(i)		1.60			2.03			(0.36	)		—			(0.36	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		19.57		0.19	(h)(i)		(0.69	)		(0.50	)		(0.22	)		(0.01	)		(0.23	)
Year Ended June 30, 2015		19.57		0.34			0.08	(j)		0.42			(0.35	)		(0.07	)		(0.42	)
Year Ended June 30, 2014		16.67		0.40	(h)(i)		2.87			3.27			(0.35	)		(0.02	)		(0.37	)
July 2, 2012 (l) through June 30, 2013		15.00		0.39	(i)		1.60			1.99			(0.32	)		—			(0.32	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(j) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented on the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(k) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(l) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)(g)
$	18.85		(2.59	)%	$	20,099		0.59	%		1.86	%(i)		2.52	%		16	%
	19.57		1.98			68,989		0.58			1.65			1.19			14
	19.57		19.50			67,644		0.54	(k)		1.72	(i)(k)		1.94	(k)		37
	16.67		13.21			56,597		0.59	(k)		2.29	(i)(k)		12.80	(k)		41
	18.84		(2.90	)		19,925		1.19			1.25	(i)		3.03			16
	19.56		1.37			67,759		1.18			1.04			1.69			14
	19.56		18.83			66,839		1.14	(k)		1.11	(i)(k)		2.43	(k)		37
	16.66		12.49			56,260		1.19	(k)		1.69	(i)(k)		13.30	(k)		41
	18.84		(2.77	)		19,998		0.84			1.61	(i)		2.77			16
	19.57		1.72			68,472		0.83			1.39			1.44			14
	19.57		19.21			67,306		0.79	(k)		1.46	(i)(k)		2.18	(k)		37
	16.67		12.93			56,455		0.84	(k)		2.04	(i)(k)		13.04	(k)		41
	18.85		(2.46	)		34,748,355		0.24			2.23	(i)		0.65			16
	19.58		2.33			39,097,276		0.23			2.09			0.71			14
	19.58		19.98			26,317,740		0.22	(k)		2.67	(i)(k)		0.91	(k)		37
	16.67		13.60			606,414		0.26	(k)		5.21	(i)(k)		10.33	(k)		41
	18.85		(2.44	)		51,142,972		0.19			2.30	(i)		0.54			16
	19.58		2.43			44,103,932		0.18			2.10			0.60			14
	19.57		19.96			23,185,570		0.16	(k)		2.59	(i)(k)		1.08	(k)		37
	16.67		13.65			1,295,293		0.23	(k)		2.78	(i)(k)		7.67	(k)		41
	18.84		(2.56	)		12,769,005		0.44			2.00	(i)		0.85			16
	19.57		2.14			12,247,862		0.43			1.94			0.88			14
	19.57		19.69			7,039,219		0.41	(k)		2.13	(i)(k)		1.41	(k)		37
	16.67		13.38			1,176,228		0.45	(k)		2.41	(i)(k)		11.89	(k)		41

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 61

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2040 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	19.83	$	0.18	(h)	$	(0.77	)	$	(0.59	)	$	(0.20	)	$	(0.01	)	$	(0.21	)
Year Ended June 30, 2015		19.80		0.32	(h)		0.09	(i)		0.41			(0.32	)		(0.06	)		(0.38	)
Year Ended June 30, 2014		16.72		0.32	(h)(j)		3.10			3.42			(0.32	)		(0.02	)		(0.34	)
July 2, 2012 (l) through June 30, 2013		15.00		0.37	(j)		1.64			2.01			(0.29	)		—			(0.29	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		19.82		0.12	(h)		(0.77	)		(0.65	)		(0.14	)		(0.01	)		(0.15	)
Year Ended June 30, 2015		19.79		0.20	(h)		0.09	(i)		0.29			(0.20	)		(0.06	)		(0.26	)
Year Ended June 30, 2014		16.72		0.20	(h)(j)		3.10			3.30			(0.21	)		(0.02	)		(0.23	)
July 2, 2012 (l) through June 30, 2013		15.00		0.27	(j)		1.65			1.92			(0.20	)		—			(0.20	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		19.82		0.15	(h)		(0.75	)		(0.60	)		(0.18	)		(0.01	)		(0.19	)
Year Ended June 30, 2015		19.80		0.27	(h)		0.08	(i)		0.35			(0.27	)		(0.06	)		(0.33	)
Year Ended June 30, 2014		16.72		0.27	(h)(j)		3.10			3.37			(0.27	)		(0.02	)		(0.29	)
July 2, 2012 (l) through June 30, 2013		15.00		0.32	(j)		1.65			1.97			(0.25	)		—			(0.25	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		19.83		0.21	(h)		(0.76	)		(0.55	)		(0.24	)		(0.01	)		(0.25	)
Year Ended June 30, 2015		19.80		0.41	(h)		0.07	(i)		0.48			(0.39	)		(0.06	)		(0.45	)
Year Ended June 30, 2014		16.72		0.52	(h)(j)		2.96			3.48			(0.38	)		(0.02	)		(0.40	)
July 2, 2012 (l) through June 30, 2013		15.00		0.42	(j)		1.65			2.07			(0.35	)		—			(0.35	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		19.83		0.22	(h)		(0.77	)		(0.55	)		(0.24	)		(0.01	)		(0.25	)
Year Ended June 30, 2015		19.80		0.42	(h)		0.07	(i)		0.49			(0.40	)		(0.06	)		(0.46	)
Year Ended June 30, 2014		16.72		0.48	(h)(j)		3.01			3.49			(0.39	)		(0.02	)		(0.41	)
July 2, 2012 (l) through June 30, 2013		15.00		0.42	(j)		1.66			2.08			(0.36	)		—			(0.36	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		19.82		0.19	(h)		(0.76	)		(0.57	)		(0.22	)		(0.01	)		(0.23	)
Year Ended June 30, 2015		19.79		0.37	(h)		0.07	(i)		0.44			(0.35	)		(0.06	)		(0.41	)
Year Ended June 30, 2014		16.72		0.40	(h)(j)		3.04			3.44			(0.35	)		(0.02	)		(0.37	)
July 2, 2012 (l) through June 30, 2013		15.00		0.39	(j)		1.65			2.04			(0.32	)		—			(0.32	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented on the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(j) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(k) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(l) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

62 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)(g)
$	19.03		(2.94	)%	$	20,042		0.59	%		1.80	%		2.54	%		17	%
	19.83		2.08			69,811		0.58			1.63			1.20			12
	19.80		20.50			68,397		0.56	(k)		1.71	(j)(k)		1.93	(k)		22
	16.72		13.52			56,777		0.60	(k)		2.88	(j)(k)		14.44	(k)		52
	19.02		(3.25	)		19,867		1.19			1.19			3.04			17
	19.82		1.47			68,566		1.18			1.02			1.70			12
	19.79		19.75			67,582		1.16	(k)		1.10	(j)(k)		2.44	(k)		22
	16.72		12.87			56,439		1.20	(k)		1.68	(j)(k)		14.93	(k)		52
	19.03		(3.02	)		19,995		0.84			1.54			2.77			17
	19.82		1.77			69,287		0.83			1.37			1.45			12
	19.80		20.21			68,055		0.81	(k)		1.45	(j)(k)		2.18	(k)		22
	16.72		13.25			56,635		0.85	(k)		2.03	(j)(k)		14.68	(k)		52
	19.03		(2.76	)		33,026,035		0.24			2.17			0.67			17
	19.83		2.43			37,700,436		0.23			2.06			0.72			12
	19.80		20.92			27,542,352		0.22	(k)		2.74	(j)(k)		0.88	(k)		22
	16.72		13.92			669,908		0.27	(k)		5.57	(j)(k)		12.70	(k)		52
	19.03		(2.74	)		43,193,727		0.19			2.25			0.55			17
	19.83		2.48			37,529,276		0.18			2.09			0.61			12
	19.80		20.97			19,605,778		0.16	(k)		2.56	(j)(k)		1.04	(k)		22
	16.72		13.96			504,437		0.23	(k)		2.67	(j)(k)		11.68	(k)		52
	19.02		(2.86	)		15,899,826		0.44			1.97			0.84			17
	19.82		2.24			14,767,955		0.43			1.86			0.89			12
	19.79		20.66			10,763,142		0.40	(k)		2.15	(j)(k)		1.35	(k)		22
	16.72		13.70			928,644		0.45	(k)		2.44	(j)(k)		14.11	(k)		52

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2045 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	19.75	$	0.18	(h)	$	(0.75	)	$	(0.57	)	$	(0.20	)	$	(0.01	)	$	(0.21	)
Year Ended June 30, 2015		19.71		0.32			0.08	(i)		0.40			(0.32	)		(0.04	)		(0.36	)
Year Ended June 30, 2014		16.72		0.32	(h)(j)		3.05			3.37			(0.33	)		(0.05	)		(0.38	)
July 2, 2012 (l) through June 30, 2013		15.00		0.37	(j)		1.65			2.02			(0.30	)		—			(0.30	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		19.74		0.12	(h)		(0.75	)		(0.63	)		(0.14	)		(0.01	)		(0.15	)
Year Ended June 30, 2015		19.70		0.20			0.08	(i)		0.28			(0.20	)		(0.04	)		(0.24	)
Year Ended June 30, 2014		16.71		0.21	(h)(j)		3.05			3.26			(0.22	)		(0.05	)		(0.27	)
July 2, 2012 (l) through June 30, 2013		15.00		0.27	(j)		1.64			1.91			(0.20	)		—			(0.20	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		19.74		0.15	(h)		(0.74	)		(0.59	)		(0.18	)		(0.01	)		(0.19	)
Year Ended June 30, 2015		19.71		0.27			0.07	(i)		0.34			(0.27	)		(0.04	)		(0.31	)
Year Ended June 30, 2014		16.72		0.27	(h)(j)		3.05			3.32			(0.28	)		(0.05	)		(0.33	)
July 2, 2012 (l) through June 30, 2013		15.00		0.33	(j)		1.65			1.98			(0.26	)		—			(0.26	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		19.75		0.21	(h)		(0.76	)		(0.55	)		(0.23	)		(0.01	)		(0.24	)
Year Ended June 30, 2015		19.71		0.38			0.09	(i)		0.47			(0.39	)		(0.04	)		(0.43	)
Year Ended June 30, 2014		16.72		0.55	(h)(j)		2.88			3.43			(0.39	)		(0.05	)		(0.44	)
July 2, 2012 (l) through June 30, 2013		15.00		0.42	(j)		1.65			2.07			(0.35	)		—			(0.35	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		19.76		0.23	(h)		(0.76	)		(0.53	)		(0.24	)		(0.01	)		(0.25	)
Year Ended June 30, 2015		19.72		0.39			0.09	(i)		0.48			(0.40	)		(0.04	)		(0.44	)
Year Ended June 30, 2014		16.72		0.50	(h)(j)		2.95			3.45			(0.40	)		(0.05	)		(0.45	)
July 2, 2012 (l) through June 30, 2013		15.00		0.43	(j)		1.65			2.08			(0.36	)		—			(0.36	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		19.74		0.20	(h)		(0.75	)		(0.55	)		(0.22	)		(0.01	)		(0.23	)
Year Ended June 30, 2015		19.71		0.34			0.08	(i)		0.42			(0.35	)		(0.04	)		(0.39	)
Year Ended June 30, 2014		16.72		0.39	(h)(j)		3.01			3.40			(0.36	)		(0.05	)		(0.41	)
July 2, 2012 (l) through June 30, 2013		15.00		0.39	(j)		1.65			2.04			(0.32	)		—			(0.32	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented on the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(j) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(k) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(l) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

64 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)(g)
$	18.97		(2.86	)%	$	20,051		0.59	%		1.80	%		2.64	%		15	%
	19.75		2.08			69,714		0.58			1.62			1.42			15
	19.71		20.29			68,311		0.53	(k)		1.73	(j)(k)		3.34	(k)		31
	16.72		13.56			56,774		0.60	(k)		2.28	(j)(k)		15.87	(k)		64
	18.96		(3.17	)		19,875		1.19			1.19			3.15			15
	19.74		1.47			68,470		1.18			1.02			1.92			15
	19.70		19.62			67,498		1.13	(k)		1.13	(j)(k)		3.84	(k)		31
	16.71		12.84			56,435		1.20	(k)		1.68	(j)(k)		16.36	(k)		64
	18.96		(2.99	)		20,004		0.84			1.54			2.89			15
	19.74		1.77			69,190		0.83			1.37			1.67			15
	19.71		20.00			67,969		0.78	(k)		1.48	(j)(k)		3.59	(k)		31
	16.72		13.29			56,632		0.85	(k)		2.03	(j)(k)		16.10	(k)		64
	18.96		(2.73	)		22,144,818		0.24			2.21			0.81			15
	19.75		2.44			23,577,304		0.23			2.07			0.94			15
	19.71		20.71			15,862,556		0.21	(k)		2.87	(j)(k)		1.32	(k)		31
	16.72		13.96			197,653		0.26	(k)		3.43	(j)(k)		15.73	(k)		64
	18.98		(2.66	)		26,082,843		0.19			2.36			0.66			15
	19.76		2.48			19,533,673		0.18			2.15			0.79			15
	19.72		20.81			7,446,757		0.16	(k)		2.67	(j)(k)		1.97	(k)		31
	16.72		14.00			162,602		0.23	(k)		2.41	(j)(k)		14.36	(k)		64
	18.96		(2.78	)		7,767,866		0.44			2.05			1.00			15
	19.74		2.19			6,897,792		0.43			1.95			1.10			15
	19.71		20.47			4,006,265		0.40	(k)		2.10	(j)(k)		2.56	(k)		31
	16.72		13.73			855,650		0.45	(k)		2.43	(j)(k)		15.61	(k)		64

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 65

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2050 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	19.74	$	0.17	(h)	$	(0.73	)	$	(0.56	)	$	(0.20	)	$	(0.02	)	$	(0.22	)
Year Ended June 30, 2015		19.72		0.32			0.07			0.39			(0.33	)		(0.04	)		(0.37	)
Year Ended June 30, 2014		16.73		0.33	(h)(i)		3.05			3.38			(0.34	)		(0.05	)		(0.39	)
July 2, 2012 (k) through June 30, 2013		15.00		0.36	(i)		1.67			2.03			(0.30	)		—			(0.30	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		19.73		0.12	(h)		(0.74	)		(0.62	)		(0.14	)		(0.02	)		(0.16	)
Year Ended June 30, 2015		19.71		0.20			0.07			0.27			(0.21	)		(0.04	)		(0.25	)
Year Ended June 30, 2014		16.72		0.21	(h)(i)		3.06			3.27			(0.23	)		(0.05	)		(0.28	)
July 2, 2012 (k) through June 30, 2013		15.00		0.27	(i)		1.65			1.92			(0.20	)		—			(0.20	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		19.74		0.15	(h)		(0.75	)		(0.60	)		(0.17	)		(0.02	)		(0.19	)
Year Ended June 30, 2015		19.71		0.27			0.08			0.35			(0.28	)		(0.04	)		(0.32	)
Year Ended June 30, 2014		16.72		0.28	(h)(i)		3.06			3.34			(0.30	)		(0.05	)		(0.35	)
July 2, 2012 (k) through June 30, 2013		15.00		0.32	(i)		1.66			1.98			(0.26	)		—			(0.26	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		19.74		0.22	(h)		(0.75	)		(0.53	)		(0.23	)		(0.02	)		(0.25	)
Year Ended June 30, 2015		19.71		0.39			0.08			0.47			(0.40	)		(0.04	)		(0.44	)
Year Ended June 30, 2014		16.72		0.53	(h)(i)		2.92			3.45			(0.41	)		(0.05	)		(0.46	)
July 2, 2012 (k) through June 30, 2013		15.00		0.42	(i)		1.65			2.07			(0.35	)		—			(0.35	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		19.75		0.23	(h)		(0.76	)		(0.53	)		(0.24	)		(0.02	)		(0.26	)
Year Ended June 30, 2015		19.72		0.41			0.07			0.48			(0.41	)		(0.04	)		(0.45	)
Year Ended June 30, 2014		16.73		0.49	(h)(i)		2.97			3.46			(0.42	)		(0.05	)		(0.47	)
July 2, 2012 (k) through June 30, 2013		15.00		0.43	(i)		1.66			2.09			(0.36	)		—			(0.36	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		19.73		0.18	(h)		(0.73	)		(0.55	)		(0.21	)		(0.02	)		(0.23	)
Year Ended June 30, 2015		19.71		0.35			0.07			0.42			(0.36	)		(0.04	)		(0.40	)
Year Ended June 30, 2014		16.73		0.40	(h)(i)		3.01			3.41			(0.38	)		(0.05	)		(0.43	)
July 2, 2012 (k) through June 30, 2013		15.00		0.39	(i)		1.66			2.05			(0.32	)		—			(0.32	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Net investment income (loss) may appear disproportionate among classes due to timing of recognition of income and changes in the relative size of the classes.

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(k) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

66 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)(g)
$	18.96		(2.84	)%	$	20,080		0.59	%		1.80	%		2.76	%		21	%
	19.74		1.97			69,732		0.58			1.63			1.57			11
	19.72		20.36			68,363		0.55	(j)		1.77	(i)(j)		3.42	(j)		23
	16.73		13.62			56,796		0.60	(j)		2.28	(i)(j)		15.61	(j)		49
	18.95		(3.15	)		19,906		1.19			1.19			3.29			21
	19.73		1.37			68,487		1.18			1.03			2.07			11
	19.71		19.68			67,548		1.15	(j)		1.17	(i)(j)		3.92	(j)		23
	16.72		12.90			56,458		1.20	(j)		1.67	(i)(j)		16.10	(j)		49
	18.95		(3.02	)		19,979		0.84			1.54			3.03			21
	19.74		1.78			69,207		0.83			1.38			1.82			11
	19.71		20.08			68,021		0.80	(j)		1.52	(i)(j)		3.67	(j)		23
	16.72		13.28			56,654		0.85	(j)		2.02	(i)(j)		15.85	(j)		49
	18.96		(2.67	)		15,602,882		0.24			2.23			0.95			21
	19.74		2.38			15,617,460		0.23			2.06			1.09			11
	19.71		20.79			11,027,186		0.21	(j)		2.78	(i)(j)		1.74	(j)		23
	16.72		13.95			503,559		0.27	(j)		4.14	(i)(j)		14.51	(j)		49
	18.96		(2.69	)		12,314,887		0.19			2.32			0.81			21
	19.75		2.43			9,591,809		0.18			2.20			0.92			11
	19.72		20.82			3,503,945		0.16	(j)		2.60	(i)(j)		2.52	(j)		23
	16.73		14.06			238,087		0.22	(j)		3.09	(i)(j)		14.50	(j)		49
	18.95		(2.77	)		6,344,386		0.44			1.89			1.11			21
	19.73		2.14			6,897,259		0.43			1.88			1.25			11
	19.71		20.51			4,214,542		0.40	(j)		2.16	(i)(j)		2.90	(j)		23
	16.73		13.79			860,746		0.45	(j)		2.43	(i)(j)		15.35	(j)		49

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 67

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2055 Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	19.41	$	0.17	(h)	$	(0.72	)	$	(0.55	)	$	(0.18	)	$	(0.01	)	$	(0.19	)
Year Ended June 30, 2015		19.36		0.32			0.08	(i)		0.40			(0.32	)		(0.03	)		(0.35	)
Year Ended June 30, 2014		16.71		0.33	(h)(j)		2.95			3.28			(0.40	)		(0.23	)		(0.63	)
July 2, 2012 (l) through June 30, 2013		15.00		0.36	(j)		1.65			2.01			(0.30	)		—			(0.30	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		19.39		0.11	(h)		(0.71	)		(0.60	)		(0.13	)		(0.01	)		(0.14	)
Year Ended June 30, 2015		19.35		0.20			0.08	(i)		0.28			(0.21	)		(0.03	)		(0.24	)
Year Ended June 30, 2014		16.70		0.22	(h)(j)		2.95			3.17			(0.29	)		(0.23	)		(0.52	)
July 2, 2012 (l) through June 30, 2013		15.00		0.27	(j)		1.63			1.90			(0.20	)		—			(0.20	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		19.40		0.15	(h)		(0.72	)		(0.57	)		(0.16	)		(0.01	)		(0.17	)
Year Ended June 30, 2015		19.35		0.27			0.09	(i)		0.36			(0.28	)		(0.03	)		(0.31	)
Year Ended June 30, 2014		16.71		0.29	(h)(j)		2.94			3.23			(0.36	)		(0.23	)		(0.59	)
July 2, 2012 (l) through June 30, 2013		15.00		0.32	(j)		1.65			1.97			(0.26	)		—			(0.26	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		19.41		0.21	(h)		(0.73	)		(0.52	)		(0.22	)		(0.01	)		(0.23	)
Year Ended June 30, 2015		19.36		0.39			0.08	(i)		0.47			(0.39	)		(0.03	)		(0.42	)
Year Ended June 30, 2014		16.71		0.58	(h)(j)		2.77			3.35			(0.47	)		(0.23	)		(0.70	)
July 2, 2012 (l) through June 30, 2013		15.00		0.42	(j)		1.64			2.06			(0.35	)		—			(0.35	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		19.41		0.27	(h)		(0.78	)		(0.51	)		(0.22	)		(0.01	)		(0.23	)
Year Ended June 30, 2015		19.36		0.40			0.08	(i)		0.48			(0.40	)		(0.03	)		(0.43	)
Year Ended June 30, 2014		16.71		0.46	(h)(j)		2.89			3.35			(0.47	)		(0.23	)		(0.70	)
July 2, 2012 (l) through June 30, 2013		15.00		0.43	(j)		1.64			2.07			(0.36	)		—			(0.36	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		19.40		0.19	(h)		(0.72	)		(0.53	)		(0.20	)		(0.01	)		(0.21	)
Year Ended June 30, 2015		19.35		0.35			0.09	(i)		0.44			(0.36	)		(0.03	)		(0.39	)
Year Ended June 30, 2014		16.71		0.37	(h)(j)		2.93			3.30			(0.43	)		(0.23	)		(0.66	)
July 2, 2012 (l) through June 30, 2013		15.00		0.39	(j)		1.64			2.03			(0.32	)		—			(0.32	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented on the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(j) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(k) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(l) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

68 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers and reimbursements and earnings credits (f)			Portfolio turnover rate (c)(g)
$	18.67		(2.80	)%	$	20,066		0.59	%		1.79	%		3.31	%		6	%
	19.41		2.12			69,475		0.58			1.64			3.04			16
	19.36		19.92			68,033		0.51	(k)		1.84	(j)(k)	$	9.61	(k)		23
	16.71		13.49			56,738		0.60	(k)		2.27	(j)(k)	$	16.56	(k)		52
	18.65		(3.11	)		19,923		1.19			1.18			3.83			6
	19.39		1.46			68,236		1.18			1.03			3.53			16
	19.35		19.25			67,223		1.10	(k)		1.23	(j)(k)	$	10.11	(k)		23
	16.70		12.77			56,400		1.20	(k)		1.67	(j)(k)	$	17.04	(k)		52
	18.66		(2.93	)		20,020		0.84			1.53			3.57			6
	19.40		1.87			68,954		0.83			1.38			3.28			16
	19.35		19.57			67,693		0.75	(k)		1.59	(j)(k)	$	9.86	(k)		23
	16.71		13.21			56,597		0.85	(k)		2.02	(j)(k)	$	16.79	(k)		52
	18.66		(2.68	)		7,474,752		0.24			2.23			1.50			6
	19.41		2.48			6,710,477		0.23			2.13			2.43			16
	19.36		20.34			3,988,320		0.21	(k)		3.10	(j)(k)	$	4.01	(k)		23
	16.71		13.88			71,611		0.25	(k)		2.68	(j)(k)	$	16.17	(k)		52
	18.67		(2.60	)		5,340,108		0.19			2.85			1.42			6
	19.41		2.52			2,025,206		0.18			2.24			2.01			16
	19.36		20.38			363,385		0.14	(k)		2.51	(j)(k)	$	8.79	(k)		23
	16.71		13.93			108,546		0.21	(k)		2.85	(j)(k)	$	16.21	(k)		52
	18.66		(2.71	)		3,510,594		0.44			1.97			1.69			6
	19.40		2.29			2,132,476		0.43			1.89			2.58			16
	19.35		20.04			1,259,943		0.36	(k)		2.04	(j)(k)	$	9.30	(k)		23
	16.71		13.66			901,904		0.45	(k)		2.44	(j)(k)	$	16.31	(k)		52

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 69

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 10 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan SmartRetirement® Blend Income Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Diversified
JPMorgan SmartRetirement® Blend 2015 Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Diversified
JPMorgan SmartRetirement® Blend 2020 Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Diversified
JPMorgan SmartRetirement® Blend 2025 Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Diversified
JPMorgan SmartRetirement® Blend 2030 Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Diversified
JPMorgan SmartRetirement® Blend 2035 Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Diversified
JPMorgan SmartRetirement® Blend 2040 Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Diversified
JPMorgan SmartRetirement® Blend 2045 Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Diversified
JPMorgan SmartRetirement® Blend 2050 Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Diversified
JPMorgan SmartRetirement® Blend 2055 Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Diversified

Currently, Class A, Class C and Class R2 Shares of the Funds are not publicly offered for investment.

JPMorgan SmartRetirement Blend Income Fund seeks current income and some capital appreciation. JPMorgan SmartRetirement Blend 2015 Fund seeks total return with a shift to current income and some capital appreciation over time as the Fund approaches and passes the target retirement date. The remaining JPMorgan SmartRetirement Blend Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2, Class R5, Class R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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 Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies excluding exchange-traded funds (“ETFs”) (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

70 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

Futures are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments. The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):

JPMorgan SmartRetirement Blend Income Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	51,411,995		$	25,001	$	—	$	51,436,996
JPMorgan SmartRetirement Blend 2015 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	58,317,077		$	75,004	$	—	$	58,392,081
Depreciation in Other Financial Instruments
Futures Contracts	$	(15,727	)	$	—	$	—	$	(15,727	)
JPMorgan SmartRetirement Blend 2020 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	157,548,240		$	175,009	$	—	$	157,723,249
Appreciation in Other Financial Instruments
Futures Contracts	$	25,180		$	—	$	—	$	25,180
JPMorgan SmartRetirement Blend 2025 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	146,013,976		$	145,007	$	—	$	146,158,983
Appreciation in Other Financial Instruments
Futures Contracts	$	25,407		$	—	$	—	$	25,407
JPMorgan SmartRetirement Blend 2030 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	152,122,496		$	140,007	$	—	$	152,262,503
Appreciation in Other Financial Instruments
Futures Contracts	$	20,308		$	—	$	—	$	20,308

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

JPMorgan SmartRetirement Blend 2035 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	106,843,579		$	470,023	$	—	$	107,313,602
Depreciation in Other Financial Instruments
Futures Contracts	$	(101,542	)	$	—	$	—	$	(101,542	)
JPMorgan SmartRetirement Blend 2040 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	99,555,562		$	420,021	$	—	$	99,975,583
Depreciation in Other Financial Instruments
Futures Contracts	$	(87,247	)	$	—	$	—	$	(87,247	)
JPMorgan SmartRetirement Blend 2045 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	60,338,306		$	270,014	$	—	$	60,608,320
Depreciation in Other Financial Instruments
Futures Contracts	$	(55,487	)	$	—	$	—	$	(55,487	)
JPMorgan SmartRetirement Blend 2050 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	36,886,650		$	165,008	$	—	$	37,051,658
Depreciation in Other Financial Instruments
Futures Contracts	$	(33,478	)	$	—	$	—	$	(33,478	)
JPMorgan SmartRetirement Blend 2055 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	17,244,563		$	20,001	$	—	$	17,264,564
Appreciation in Other Financial Instruments
Futures Contracts	$	383		$	—	$	—	$	383

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOIs. Level 2 consists of a U.S. Treasury Note. Please refer to the SOIs for asset class specifics of portfolio holdings.

(b) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOIs. Level 2 consists of a U.S. Treasury Note that is held for futures collateral. Please refer to the SOIs for asset class specifics of portfolio holdings.

There were no transfers among any levels during the six months ended December 31, 2015.

B. Investment Transactions with Affiliates — The Funds invest in certain Underlying Funds which are advised by J.P. Morgan Investment Management Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) or its affiliates pursuant to Section 12(d)(1)(G) of the 1940 Act. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the affiliated Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Included in the realized gain (loss) amounts in the tables below are distributions of realized capital gains, if any, received from the affiliated Underlying Funds.

72 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Blend Income Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	103,303	$	—	$	—	$	—		$	—		9,619	$	78,872
JPMorgan Core Bond Fund, Class R6 Shares		6,957,931		1,871,927		1,428,857		(7,910	)		98,843		634,355		7,326,801
JPMorgan Corporate Bond Fund, Class R6 Shares		1,532,258		134,316		—		2,185			26,207		170,569		1,644,289
JPMorgan Emerging Economies Fund, Class R5 Shares		141,432		—		149,985		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		151,533		—		—			1,549		11,346		116,980
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		915,626		357,733		110,572		(12,839	)		30,009		146,254		1,124,692
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		131,606		193,779		—		—			3,294		15,764		295,416
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		238,181		—		164,703		(49,191	)		—		6,927		50,915
JPMorgan Floating Rate Income Fund, Class R6 Shares		1,176,816		187,581		—		—			28,696		140,288		1,276,619
JPMorgan High Yield Fund, Class R6 Shares		2,474,985		2,119,281		—		2,475			102,721		621,319		4,243,605
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		2,345,200		406,414		78,424		(3,136	)		21,047		260,241		2,628,437
JPMorgan Prime Money Market Fund, Institutional Class Shares		5,609,007		12,164,306		12,786,161		—			2,264		4,987,152		4,987,152
JPMorgan Realty Income Fund, Class R5 Shares		1,157,427		77,511		1,242,248		(6,343	)		4,540		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		1,332,434		—		67,933			13,252		101,301		1,358,450
Total	$	22,783,772					$	(6,826	)	$	332,422			$	25,132,228
			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Blend 2015 Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	126,014	$	—	$	—	$	—		$	—		11,733	$	96,212
JPMorgan Core Bond Fund, Class R6 Shares		8,576,997		1,758,747		1,769,100		(4,464	)		119,632		734,294		8,481,091
JPMorgan Corporate Bond Fund, Class R6 Shares		1,868,700		134,325		89,882		(2,024	)		31,550		195,783		1,887,351
JPMorgan Emerging Economies Fund, Class R5 Shares		274,400		119,845		417,295		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		421,841		—		—			4,546		33,309		343,420
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,218,812		162,291		90,718		(10,446	)		36,456		161,851		1,244,634
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		305,509		93,750		—		—			3,868		18,508		346,846
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		307,983		—		215,451		(64,415	)		—		8,625		63,395
JPMorgan Floating Rate Income Fund, Class R6 Shares		1,343,973		124,095		90,047		(7,104	)		31,246		141,022		1,283,301
JPMorgan High Yield Fund, Class R6 Shares		3,093,871		2,038,747		229,949		(32,582	)		121,177		659,065		4,501,415

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Blend 2015 Fund (continued)
JPMorgan Inflation Managed Bond Fund, Class R6 Shares	$	2,704,442	$	22,379	$	116,587	$	(6,403	)	$	22,379		253,717	$	2,562,540
JPMorgan Prime Money Market Fund, Institutional Class Shares		5,295,011		14,252,473		13,881,369		—			2,144		5,666,115		5,666,115
JPMorgan Realty Income Fund, Class R5 Shares		1,684,119		94,993		1,760,276		(5,630	)		6,227		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		1,683,743		—		88,021			17,170		131,256		1,760,137
Total	$	26,799,831					$	(45,047	)	$	396,395			$	28,236,457
			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Blend 2020 Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	123,693	$	—	$	—	$	—		$	—		11,517	$	94,440
JPMorgan Core Bond Fund, Class R6 Shares		20,858,510		5,376,392		2,802,887		(4,121	)		297,273		2,008,535		23,198,579
JPMorgan Corporate Bond Fund, Class R6 Shares		4,987,765		326,166		225,276		(4,690	)		82,097		520,685		5,019,404
JPMorgan Emerging Economies Fund, Class R5 Shares		1,419,675		225,274		1,697,084		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		1,715,526		—		—			18,442		135,126		1,393,144
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		2,601,399		592,468		236,981		(27,648	)		81,842		371,324		2,855,482
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		1,396,295		679,581		—		—			20,334		97,305		1,823,489
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		637,019		—		320,407		(96,079	)		—		34,604		254,338
JPMorgan Floating Rate Income Fund, Class R6 Shares		1,158,480		268,371		—		—			28,063		147,535		1,342,573
JPMorgan High Yield Fund, Class R6 Shares		6,540,937		4,170,490		—		5,742			261,163		1,441,526		9,845,621
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		2,597,175		21,546		—		—			21,546		254,766		2,573,141
JPMorgan Prime Money Market Fund, Institutional Class Shares		3,322,390		30,676,865		31,773,468		—			947		2,225,787		2,225,787
JPMorgan Realty Income Fund, Class R5 Shares		5,800,953		483,542		6,233,917		(47,781	)		22,126		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		6,406,533		—		330,150			64,403		492,319		6,601,997
Total	$	51,444,291					$	155,573		$	898,236			$	57,227,995
			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Blend 2025 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	14,456,214	$	5,469,412	$	1,729,687	$	6,497		$	216,395		1,559,092	$	18,007,509
JPMorgan Corporate Bond Fund, Class R6 Shares		3,601,715		402,250		—		5,251			61,254		409,919		3,951,614

74 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Blend 2025 Fund (continued)
JPMorgan Emerging Economies Fund, Class R5 Shares	$	1,510,219	$	476,055	$	2,068,194	$	—		$	—		—	$	—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		2,090,854		—		—			22,660		166,027		1,711,734
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,963,540		712,836		437,929		(50,639	)		64,870		280,991		2,160,824
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		1,737,476		934,665		—		—			23,834		125,615		2,354,030
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		344,276		—		—		—			—		41,883		307,838
JPMorgan High Yield Fund, Class R6 Shares		4,946,582		3,537,750		—		4,550			205,179		1,142,315		7,802,011
JPMorgan Prime Money Market Fund, Institutional Class Shares		2,390,185		30,976,904		30,798,497		—			1,077		2,568,592		2,568,592
JPMorgan Realty Income Fund, Class R5 Shares		5,843,982		21,553		5,890,278		—			21,553		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		6,581,381		—		335,907			65,526		500,904		6,717,129
Total	$	36,794,189					$	301,566		$	682,348			$	45,581,281
			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Blend 2030 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	11,072,521	$	3,525,021	$	1,231,547	$	6,550		$	168,850		1,145,551	$	13,231,118
JPMorgan Corporate Bond Fund, Class R6 Shares		2,904,095		286,314		216,811		(6,375	)		47,382		304,192		2,932,409
JPMorgan Emerging Economies Fund, Class R5 Shares		2,002,705		505,889		2,567,187		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		2,595,624		—		—			28,436		208,348		2,148,067
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,955,676		582,846		602,533		(68,538	)		63,377		242,582		1,865,453
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		2,286,107		776,133		—		—			29,831		142,749		2,675,116
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		388,176		—		—		—			—		47,223		347,092
JPMorgan High Yield Fund, Class R6 Shares		5,146,155		2,949,615		—		4,325			204,355		1,085,698		7,415,317
JPMorgan Prime Money Market Fund, Institutional Class Shares		2,504,477		27,045,837		27,307,531		—			1,080		2,242,783		2,242,783
JPMorgan Realty Income Fund, Class R5 Shares		7,137,337		254,067		7,345,673		(33,591	)		27,166		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		7,765,532		—		400,958			78,216		597,910		8,017,975
Total	$	35,397,249					$	303,329		$	648,693			$	40,875,330
			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Blend 2035 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	4,949,876	$	2,341,213	$	792,763	$	(175	)	$	79,960		556,511	$	6,427,704
JPMorgan Corporate Bond Fund, Class R6 Shares		1,388,016		185,768		146,808		(5,382	)		22,437		145,938		1,406,846

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Blend 2035 Fund (continued)
JPMorgan Emerging Economies Fund, Class R5 Shares	$	1,389,653	$	489,359	$	1,918,218	$	—		$	—		—	$	—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		2,132,849		—		—			21,511		176,018		1,814,747
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,067,664		456,497		377,741		(42,871	)		35,647		143,686		1,104,945
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		1,861,441		619,909		—		—			23,914		114,435		2,144,520
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		199,290		—		—		—			—		24,245		178,198
JPMorgan High Yield Fund, Class R6 Shares		3,031,312		2,526,102		146,808		(12,737	)		131,638		728,450		4,975,315
JPMorgan Prime Money Market Fund, Institutional Class Shares		1,929,410		28,769,655		20,454,552		—			777		10,244,513		10,244,513
JPMorgan Realty Income Fund, Class R5 Shares		5,214,627		719,693		5,915,380		(36,709	)		20,456		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		5,967,205		—		306,333			59,757		456,806		6,125,766
Total	$	21,031,289					$	208,459		$	396,097			$	34,422,554
			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Blend 2040 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	2,765,374	$	2,057,286	$	950,347	$	(4,028	)	$	49,058		331,580	$	3,829,752
JPMorgan Corporate Bond Fund, Class R6 Shares		795,948		14,356		—		1,063			13,293		82,943		799,572
JPMorgan Emerging Economies Fund, Class R5 Shares		1,567,123		385,020		1,989,016		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		2,011,127		—		—			22,112		162,011		1,670,335
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		905,023		331,445		374,006		(42,552	)		28,931		107,808		829,042
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		1,876,453		648,385		—		—			24,389		116,704		2,187,038
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		191,668		—		—		—			—		23,317		171,382
JPMorgan High Yield Fund, Class R6 Shares		2,719,795		2,253,893		146,902		(16,544	)		116,922		649,164		4,433,791
JPMorgan Prime Money Market Fund, Institutional Class Shares		1,907,096		28,468,697		21,164,672		—			685		9,211,121		9,211,121
JPMorgan Realty Income Fund, Class R5 Shares		5,293,525		606,905		5,866,300		(19,433	)		20,527		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		5,939,593		—		306,535			59,796		457,105		6,129,782
Total	$	18,022,005					$	225,041		$	335,713			$	29,261,815
			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Blend 2045 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	1,543,233	$	1,114,734	$	309,105	$	614		$	27,798		201,066	$	2,322,307
JPMorgan Corporate Bond Fund, Class R6 Shares		465,992		8,404		—		622			7,782		48,559		468,113

76 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

				For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Blend 2045 Fund (continued)
JPMorgan Emerging Economies Fund, Class R5 Shares	$	815,257	$	297,844	$	1,144,029	$	—		$	—		—	$	—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		1,247,547		—		—			13,814		101,214		1,043,513
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		469,570		332,475		247,906		(25,307	)		16,916		69,432		533,929
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		1,017,743		520,718		—		—			15,060		72,066		1,350,511
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		86,085		—		—		—			—		10,473		76,974
JPMorgan High Yield Fund, Class R6 Shares		1,479,396		1,560,603		77,276		(6,536	)		68,742		400,030		2,732,202
JPMorgan Prime Money Market Fund, Institutional Class Shares		1,082,061		18,486,931		14,298,646		—			479		5,270,346		5,270,346
JPMorgan Realty Income Fund, Class R5 Shares		2,942,119		619,306		3,562,614		(23,092	)		11,893		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		3,686,021		—		188,087			36,691		280,476		3,761,179
Total	$	9,901,456					$	134,388		$	199,175			$	17,559,074
			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Blend 2050 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	968,176	$	854,934	$	352,627	$	(1,367	)	$	17,275		125,882	$	1,453,939
JPMorgan Corporate Bond Fund, Class R6 Shares		314,565		61,781		47,797		(2,107	)		5,034		33,588		323,786
JPMorgan Emerging Economies Fund, Class R5 Shares		540,920		159,941		716,505		—			—		—		—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		798,172		—		—			8,839		64,756		667,630
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		312,027		121,773		104,914		(11,836	)		10,247		41,209		316,895
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		757,241		144,685		—		—			8,630		41,297		773,909
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		60,088		—		—		—			—		7,310		53,728
JPMorgan High Yield Fund, Class R6 Shares		935,421		990,636		134,850		(16,371	)		42,245		241,367		1,648,540
JPMorgan Prime Money Market Fund, Institutional Class Shares		631,838		12,222,327		9,725,292		—			238		3,128,873		3,128,873
JPMorgan Realty Income Fund, Class R5 Shares		1,909,551		215,204		2,118,567		(11,665	)		7,219		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		2,222,903		—		113,888			22,216		169,830		2,277,414
Total	$	6,429,827					$	70,542		$	121,943			$	10,644,714
			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Blend 2055 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	326,137	$	412,151	$	68,439	$	326		$	6,579		57,367	$	662,583
JPMorgan Corporate Bond Fund, Class R6 Shares		83,198		64,339		—		151			1,804		15,143		145,982

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

				For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan SmartRetirement Blend 2055 Fund (continued)
JPMorgan Emerging Economies Fund, Class R5 Shares	$	217,381	$	49,188	$	271,985	$	—		$	—		—	$	—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		359,296		—		—			3,706		30,045		309,768
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		105,810		85,178		55,984		(5,843	)		3,783		16,953		130,372
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		246,012		178,145		—		—			3,864		20,087		376,426
JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares		31,281		—		—		—			—		3,805		27,970
JPMorgan High Yield Fund, Class R6 Shares		333,793		475,536		—		406			16,509		110,264		753,101
JPMorgan Prime Money Market Fund, Institutional Class Shares		149,134		6,711,082		6,098,257		—			116		761,959		761,959
JPMorgan Realty Income Fund, Class R5 Shares		652,626		181,029		836,057		(5,015	)		2,808		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		1,023,312		—		48,211			9,405		76,853		1,030,603
Total	$	2,145,372					$	38,236		$	48,574			$	4,198,764

C. Futures Contracts — The Funds used treasury and index futures contracts to manage and hedge interest rate and equity price risk associated with portfolio investments. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to interest rate and equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2015:

	Average Notional Balance			Ending Notional Balance
JPMorgan SmartRetirement Blend Income Fund
Long Futures Contracts:
Interest Rate	$	238,809	(a)	$	—
JPMorgan SmartRetirement Blend 2015 Fund
Long Futures Contracts:
Equity		233,001			1,119,470
Short Futures Contracts:
Interest Rate		239,102	(a)		—

78 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

	Average Notional Balance			Ending Notional Balance
JPMorgan SmartRetirement Blend 2020 Fund
Long Futures Contracts:
Equity	$	1,672,777		$	1,628,320
Short Futures Contracts:
Interest Rate		357,773	(a)		—
JPMorgan SmartRetirement Blend 2025 Fund
Long Futures Contracts:
Equity		1,719,076			1,537,930
Interest Rate		102,549			—
Short Futures Contracts:
Interest Rate		357,773	(a)		—
JPMorgan SmartRetirement Blend 2030 Fund
Long Futures Contracts:
Equity		1,953,392			1,752,850
Short Futures Contracts:
Interest Rate		438,315	(b)		—
JPMorgan SmartRetirement Blend 2035 Fund
Long Futures Contracts:
Equity		2,468,349			9,464,610
Short Futures Contracts:
Interest Rate		239,102	(a)		—
JPMorgan SmartRetirement Blend 2040 Fund
Long Futures Contracts:
Equity		2,066,924			8,446,910
Short Futures Contracts:
Interest Rate		238,516	(a)		—
JPMorgan SmartRetirement Blend 2045 Fund
Long Futures Contracts:
Equity		1,334,989			5,292,040
JPMorgan SmartRetirement Blend 2050 Fund
Long Futures Contracts:
Equity		714,023			3,053,100
JPMorgan SmartRetirement Blend 2055 Fund
Long Futures Contracts:
Equity		116,107			203,540

(a) For the period July 1, 2015 through July 31, 2015.

(b) For the period July 1, 2015 through August 31, 2015.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 79

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

D. Summary of Derivatives Information — The following tables present the value of derivatives held as of December 31, 2015, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

JPMorgan SmartRetirement Blend 2015 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(15,727	)

JPMorgan SmartRetirement Blend 2020 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	25,180

JPMorgan SmartRetirement Blend 2025 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	25,407

JPMorgan SmartRetirement Blend 2030 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	20,308

JPMorgan SmartRetirement Blend 2035 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Liabilities:		Futures Contracts (a)
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(101,542	)

JPMorgan SmartRetirement Blend 2040 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Liabilities:		Futures Contracts (a)
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(87,247	)

JPMorgan SmartRetirement Blend 2045 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Liabilities:		Futures Contracts (a)
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(55,487	)

JPMorgan SmartRetirement Blend 2050 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Liabilities:		Futures Contracts (a)
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(33,478	)

JPMorgan SmartRetirement Blend 2055 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	383

(a) This amount reflects the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable to brokers.

80 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

The following tables present the effect of derivatives on the Statements of Operations for the six months ended December 31, 2015, by primary underlying risk exposure:

JPMorgan SmartRetirement Blend Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	2,265

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(1,956	)

JPMorgan SmartRetirement Blend 2015 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(1,898	)
Equity contracts		(7,980	)
Total	$	(9,878	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	4
Equity contracts		(8,301	)
Total	$	(8,297	)

JPMorgan SmartRetirement Blend 2020 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(855	)
Equity contracts		(66,664	)
Total	$	(67,519	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	6
Equity contracts		74,590
Total	$	74,596

JPMorgan SmartRetirement Blend 2025 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	784
Equity contracts		(125,045	)
Total	$	(124,261	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	966
Equity contracts		58,878
Total	$	59,844

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 81

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

JPMorgan SmartRetirement Blend 2030 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(4,852	)
Equity contracts		(108,865	)
Total	$	(113,717	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	1,610
Equity contracts		53,856
Total	$	55,466

JPMorgan SmartRetirement Blend 2035 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(601	)
Equity contracts		(55,519	)
Total	$	(56,120	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	4
Equity contracts		(79,235	)
Total	$	(79,231	)

JPMorgan SmartRetirement Blend 2040 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(758	)
Equity contracts		(53,518	)
Total	$	(54,276	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	4
Equity contracts		(64,365	)
Total	$	(64,361	)

JPMorgan SmartRetirement Blend 2045 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(36,921	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(43,905	)

82 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

JPMorgan SmartRetirement Blend 2050 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(7,509	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(27,435	)

JPMorgan SmartRetirement Blend 2055 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(3,246	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	1,895

The Funds’ derivatives contracts held at December 31, 2015 are not accounted for as hedging instruments under GAAP.

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on the ex-dividend date.

F. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended December 31, 2015 are as follows:

	Class A		Class C		Class R2		Class R5		Class R6		Select Class		Total
JPMorgan SmartRetirement Blend Income Fund
Transfer agent fees	$	154	$	154	$	154	$	342	$	527	$	239	$	1,570
Sub-transfer agent fees		—		—		—		6,586		—		990		7,576
JPMorgan SmartRetirement Blend 2015 Fund
Transfer agent fees		154		154		153		381		536		292		1,670
Sub-transfer agent fees		—		—		—		5,543		—		1,478		7,021
JPMorgan SmartRetirement Blend 2020 Fund
Transfer agent fees		153		153		153		460		751		406		2,076
Sub-transfer agent fees		—		—		—		12,171		—		1,817		13,988
JPMorgan SmartRetirement Blend 2025 Fund
Transfer agent fees		153		153		153		452		698		461		2,070
Sub-transfer agent fees		—		—		—		17,059		—		2,948		20,007
JPMorgan SmartRetirement Blend 2030 Fund
Transfer agent fees		153		153		153		511		707		432		2,109
Sub-transfer agent fees		—		—		—		19,704		—		2,633		22,337
JPMorgan SmartRetirement Blend 2035 Fund
Transfer agent fees		153		153		153		394		666		381		1,900
Sub-transfer agent fees		—		—		—		13,267		—		3,277		16,544
JPMorgan SmartRetirement Blend 2040 Fund
Transfer agent fees		153		153		153		398		645		554		2,056
Sub-transfer agent fees		—		—		—		13,415		—		2,914		16,329
JPMorgan SmartRetirement Blend 2045 Fund
Transfer agent fees		153		153		153		351		578		438		1,826
Sub-transfer agent fees		—		—		—		12,237		—		3,013		15,250

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 83

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

	Class A		Class C		Class R2		Class R5		Class R6		Select Class		Total
JPMorgan SmartRetirement Blend 2050 Fund
Transfer agent fees	$	153	$	153	$	153	$	333	$	535	$	389	$	1,716
Sub-transfer agent fees		—		—		—		8,943		—		1,882		10,825
JPMorgan SmartRetirement Blend 2055 Fund
Transfer agent fees		153		153		153		294		529		597		1,879
Sub-transfer agent fees		—		—		—		3,139		—		580		3,719

The Funds invest in Underlying Funds and ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown on the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income are generally declared and paid quarterly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.30% of each Fund’s respective average daily net assets.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2015, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:

Class A			Class C			Class R2
	0.25	%		0.75	%		0.50	%

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor did not retain any front-end sales charges or CDSC.

D. Shareholder Servicing Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing

84 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

Agreement. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A			Class C			Class R2			Class R5			Select Class
	0.25	%		0.25	%		0.25	%		0.05	%		0.25	%

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The Distributor waived Shareholder Servicing fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses of the Funds and Underlying Funds and ETFs (excluding dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses incurred by the Funds and any Underlying Fund and ETFs and acquired fund fees incurred by an Underlying Fund and ETFs) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

Class A			Class C			Class R2			Class R5			Class R6			Select Class
	0.85	%		1.45	%		1.10	%		0.50	%		0.45	%		0.70	%

The expense limitation agreements were in effect for the six months ended December 31, 2015 and are in place until at least October 31, 2016.

The Underlying Funds may impose separate advisory and shareholder servicing fees. To avoid charging a shareholder servicing fee at an effective rate above 0.25% for Class A, Class C, Class R2 and Select Class Shares and above 0.05% for Class R5 Shares, the Funds’ Distributor may waive shareholder servicing fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of shareholder servicing fees charged by the affiliated Underlying Funds. These waivers may be in addition to any waivers required to meet the Funds’ contractual expense limitations, but will not exceed the Funds’ shareholder servicing fees.

For the six months ended December 31, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
JPMorgan SmartRetirement Blend Income Fund	$	76,256	$	18,626	$	6,647	$	101,529	$	32,081
JPMorgan SmartRetirement Blend 2015 Fund		91,463		20,097		7,133		118,693		25,723
JPMorgan SmartRetirement Blend 2020 Fund		229,334		12,996		14,223		256,553		403
JPMorgan SmartRetirement Blend 2025 Fund		202,127		15,605		18,173		235,905		2,415
JPMorgan SmartRetirement Blend 2030 Fund		217,831		14,539		21,368		253,738		1,310
JPMorgan SmartRetirement Blend 2035 Fund		153,697		18,174		13,873		185,744		11,003
JPMorgan SmartRetirement Blend 2040 Fund		144,594		18,489		13,035		176,118		14,171
JPMorgan SmartRetirement Blend 2045 Fund		83,493		20,675		9,703		113,871		33,591
JPMorgan SmartRetirement Blend 2050 Fund		52,056		14,202		6,476		72,734		44,830
JPMorgan SmartRetirement Blend 2055 Fund		19,967		5,448		3,083		28,498		54,916

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 85

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

During the six months ended December 31, 2015, the Funds and/or certain affiliated Underlying Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended December 31, 2015, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

The SEC has granted an exemptive order permitting the Funds to invest in certain financial instruments in addition to Underlying Funds and securities.

4. Investment Transactions

During the six months ended December 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
JPMorgan SmartRetirement Blend Income Fund	$	11,199,588	$	6,873,120
JPMorgan SmartRetirement Blend 2015 Fund		10,609,885		10,804,998
JPMorgan SmartRetirement Blend 2020 Fund		31,129,843		16,331,832
JPMorgan SmartRetirement Blend 2025 Fund		30,368,296		8,923,747
JPMorgan SmartRetirement Blend 2030 Fund		25,953,011		11,717,902
JPMorgan SmartRetirement Blend 2035 Fund		22,513,445		15,958,122
JPMorgan SmartRetirement Blend 2040 Fund		21,708,269		16,073,053
JPMorgan SmartRetirement Blend 2045 Fund		16,324,432		8,243,173
JPMorgan SmartRetirement Blend 2050 Fund		10,220,834		7,029,010
JPMorgan SmartRetirement Blend 2055 Fund		6,967,895		813,851

During the six months ended December 31, 2015, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2015 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement Blend Income Fund	$	51,484,040	$	1,289,104	$	1,336,148	$	(47,044	)
JPMorgan SmartRetirement Blend 2015 Fund		57,544,556		2,301,178		1,453,653		847,525
JPMorgan SmartRetirement Blend 2020 Fund		156,179,653		5,817,394		4,273,798		1,543,596
JPMorgan SmartRetirement Blend 2025 Fund		145,443,396		5,003,284		4,287,697		715,587
JPMorgan SmartRetirement Blend 2030 Fund		150,350,032		6,612,868		4,700,397		1,912,471
JPMorgan SmartRetirement Blend 2035 Fund		106,650,504		4,125,147		3,462,049		663,098
JPMorgan SmartRetirement Blend 2040 Fund		98,746,832		4,467,792		3,239,041		1,228,751
JPMorgan SmartRetirement Blend 2045 Fund		60,565,328		1,993,255		1,950,263		42,992
JPMorgan SmartRetirement Blend 2050 Fund		36,597,076		1,597,595		1,143,013		454,582
JPMorgan SmartRetirement Blend 2055 Fund		17,282,470		448,504		466,410		(17,906	)

At June 30, 2015, the Funds did not have any net capital loss carryforwards.

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely

86 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015, or at any time during the six months then ended.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

As of December 31, 2015, the Funds each had two shareholders, which are accounts maintained by financial intermediaries on behalf of their clients, that collectively owned shares representing the following percentage of each applicable Fund’s net assets:

	% of the Fund
JPMorgan SmartRetirement Blend Income Fund		58.8	%
JPMorgan SmartRetirement Blend 2015 Fund		58.7
JPMorgan SmartRetirement Blend 2020 Fund		65.3
JPMorgan SmartRetirement Blend 2025 Fund		62.4
JPMorgan SmartRetirement Blend 2030 Fund		67.5
JPMorgan SmartRetirement Blend 2035 Fund		55.3
JPMorgan SmartRetirement Blend 2040 Fund		58.0
JPMorgan SmartRetirement Blend 2045 Fund		58.6
JPMorgan SmartRetirement Blend 2050 Fund		55.7
JPMorgan SmartRetirement Blend 2055 Fund		51.0

Significant shareholder transactions by these shareholders may impact the Funds’ performance.

Because of the Funds’ investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

The Funds may also invest in unaffiliated ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indices, as well as indices relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 87

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds and ETFs) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2015, and continued to hold your shares at the end of the reporting period, December 31, 2015.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees, and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Blend Income Fund
Class A
Actual	$	1,000.00	$	984.70	$	2.89		0.58	%
Hypothetical		1,000.00		1,022.22		2.95		0.58
Class C
Actual		1,000.00		981.70		5.83		1.17
Hypothetical		1,000.00		1,019.25		5.94		1.17
Class R2
Actual		1,000.00		983.40		4.09		0.82
Hypothetical		1,000.00		1,021.01		4.17		0.82
Class R5
Actual		1,000.00		985.90		1.10		0.22
Hypothetical		1,000.00		1,024.03		1.12		0.22
Class R6
Actual		1,000.00		986.10		0.85		0.17
Hypothetical		1,000.00		1,024.28		0.87		0.17
Select Class
Actual		1,000.00		984.90		2.10		0.42
Hypothetical		1,000.00		1,023.03		2.14		0.42
JPMorgan SmartRetirement Blend 2015 Fund
Class A
Actual		1,000.00		984.70		2.84		0.57
Hypothetical		1,000.00		1,022.27		2.90		0.57
Class C
Actual		1,000.00		981.70		5.83		1.17
Hypothetical		1,000.00		1,019.25		5.94		1.17

88 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Blend 2015 Fund (continued)
Class R2
Actual	$	1,000.00	$	982.80	$	4.09		0.82	%
Hypothetical		1,000.00		1,021.01		4.17		0.82
Class R5
Actual		1,000.00		985.90		1.10		0.22
Hypothetical		1,000.00		1,024.03		1.12		0.22
Class R6
Actual		1,000.00		986.70		0.85		0.17
Hypothetical		1,000.00		1,024.28		0.87		0.17
Select Class
Actual		1,000.00		985.50		2.10		0.42
Hypothetical		1,000.00		1,023.03		2.14		0.42
JPMorgan SmartRetirement Blend 2020 Fund
Class A
Actual		1,000.00		982.20		2.89		0.58
Hypothetical		1,000.00		1,022.22		2.95		0.58
Class C
Actual		1,000.00		978.60		5.87		1.18
Hypothetical		1,000.00		1,019.20		5.99		1.18
Class R2
Actual		1,000.00		980.90		4.13		0.83
Hypothetical		1,000.00		1,020.96		4.22		0.83
Class R5
Actual		1,000.00		984.00		1.15		0.23
Hypothetical		1,000.00		1,023.98		1.17		0.23
Class R6
Actual		1,000.00		983.70		0.90		0.18
Hypothetical		1,000.00		1,024.23		0.92		0.18
Select Class
Actual		1,000.00		982.40		2.14		0.43
Hypothetical		1,000.00		1,022.97		2.19		0.43
JPMorgan SmartRetirement Blend 2025 Fund
Class A
Actual		1,000.00		979.60		2.94		0.59
Hypothetical		1,000.00		1,022.17		3.00		0.59
Class C
Actual		1,000.00		977.10		5.91		1.19
Hypothetical		1,000.00		1,019.15		6.04		1.19
Class R2
Actual		1,000.00		978.90		4.18		0.84
Hypothetical		1,000.00		1,020.91		4.27		0.84
Class R5
Actual		1,000.00		981.40		1.20		0.24
Hypothetical		1,000.00		1,023.93		1.22		0.24
Class R6
Actual		1,000.00		982.20		0.95		0.19
Hypothetical		1,000.00		1,024.18		0.97		0.19
Select Class
Actual		1,000.00		980.90		2.19		0.44
Hypothetical		1,000.00		1,022.92		2.24		0.44

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 89

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Blend 2030 Fund
Class A
Actual	$	1,000.00	$	976.00	$	2.93		0.59	%
Hypothetical		1,000.00		1,022.17		3.00		0.59
Class C
Actual		1,000.00		973.00		5.90		1.19
Hypothetical		1,000.00		1,019.15		6.04		1.19
Class R2
Actual		1,000.00		975.30		4.17		0.84
Hypothetical		1,000.00		1,020.91		4.27		0.84
Class R5
Actual		1,000.00		978.30		1.19		0.24
Hypothetical		1,000.00		1,023.93		1.22		0.24
Class R6
Actual		1,000.00		978.00		0.94		0.19
Hypothetical		1,000.00		1,024.18		0.97		0.19
Select Class
Actual		1,000.00		977.30		2.19		0.44
Hypothetical		1,000.00		1,022.92		2.24		0.44
JPMorgan SmartRetirement Blend 2035 Fund
Class A
Actual		1,000.00		974.10		2.93		0.59
Hypothetical		1,000.00		1,022.17		3.00		0.59
Class C
Actual		1,000.00		971.00		5.90		1.19
Hypothetical		1,000.00		1,019.15		6.04		1.19
Class R2
Actual		1,000.00		972.30		4.16		0.84
Hypothetical		1,000.00		1,020.91		4.27		0.84
Class R5
Actual		1,000.00		975.40		1.19		0.24
Hypothetical		1,000.00		1,023.93		1.22		0.24
Class R6
Actual		1,000.00		975.60		0.94		0.19
Hypothetical		1,000.00		1,024.18		0.97		0.19
Select Class
Actual		1,000.00		974.40		2.18		0.44
Hypothetical		1,000.00		1,022.92		2.24		0.44
JPMorgan SmartRetirement Blend 2040 Fund
Class A
Actual		1,000.00		970.60		2.92		0.59
Hypothetical		1,000.00		1,022.17		3.00		0.59
Class C
Actual		1,000.00		967.50		5.89		1.19
Hypothetical		1,000.00		1,019.15		6.04		1.19
Class R2
Actual		1,000.00		969.80		4.16		0.84
Hypothetical		1,000.00		1,020.91		4.27		0.84
Class R5
Actual		1,000.00		972.40		1.19		0.24
Hypothetical		1,000.00		1,023.93		1.22		0.24
Class R6
Actual		1,000.00		972.60		0.94		0.19
Hypothetical		1,000.00		1,024.18		0.97		0.19

90 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Blend 2040 Fund (continued)
Select Class
Actual	$	1,000.00	$	971.40	$	2.18		0.44	%
Hypothetical		1,000.00		1,022.92		2.24		0.44
JPMorgan SmartRetirement Blend 2045 Fund
Class A
Actual		1,000.00		971.40		2.92		0.59
Hypothetical		1,000.00		1,022.17		3.00		0.59
Class C
Actual		1,000.00		968.30		5.89		1.19
Hypothetical		1,000.00		1,019.15		6.04		1.19
Class R2
Actual		1,000.00		970.10		4.16		0.84
Hypothetical		1,000.00		1,020.91		4.27		0.84
Class R5
Actual		1,000.00		973.20		1.19		0.24
Hypothetical		1,000.00		1,023.93		1.22		0.24
Class R6
Actual		1,000.00		973.40		0.94		0.19
Hypothetical		1,000.00		1,024.18		0.97		0.19
Select Class
Actual		1,000.00		972.20		2.18		0.44
Hypothetical		1,000.00		1,022.92		2.24		0.44
JPMorgan SmartRetirement Blend 2050 Fund
Class A
Actual		1,000.00		971.60		2.92		0.59
Hypothetical		1,000.00		1,022.17		3.00		0.59
Class C
Actual		1,000.00		968.50		5.89		1.19
Hypothetical		1,000.00		1,019.15		6.04		1.19
Class R2
Actual		1,000.00		969.80		4.16		0.84
Hypothetical		1,000.00		1,020.91		4.27		0.84
Class R5
Actual		1,000.00		973.30		1.19		0.24
Hypothetical		1,000.00		1,023.93		1.22		0.24
Class R6
Actual		1,000.00		973.10		0.94		0.19
Hypothetical		1,000.00		1,024.18		0.97		0.19
Select Class
Actual		1,000.00		972.30		2.18		0.44
Hypothetical		1,000.00		1,022.92		2.24		0.44
JPMorgan SmartRetirement Blend 2055 Fund
Class A
Actual		1,000.00		972.00		2.92		0.59
Hypothetical		1,000.00		1,022.17		3.00		0.59
Class C
Actual		1,000.00		968.90		5.89		1.19
Hypothetical		1,000.00		1,019.15		6.04		1.19
Class R2
Actual		1,000.00		970.70		4.16		0.84
Hypothetical		1,000.00		1,020.91		4.27		0.84

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 91

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Blend 2055 Fund (continued)
Class R5
Actual	$	1,000.00	$	973.20	$	1.19		0.24	%
Hypothetical		1,000.00		1,023.93		1.22		0.24
Class R6
Actual		1,000.00		974.00		0.94		0.19
Hypothetical		1,000.00		1,024.18		0.97		0.19
Select Class
Actual		1,000.00		972.90		2.18		0.44
Hypothetical		1,000.00		1,022.92		2.24		0.44

* Expenses are equal to each Class' respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

92 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreement for each of the Funds whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information concerning the Funds and the underlying J.P. Morgan Funds in which each of the Funds invests (the “Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds and Underlying Funds received from the Adviser. This information includes the Funds’ and Underlying Funds’ performance as compared to the performance of the Funds’ and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ and Underlying Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ and Underlying Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds and/or Underlying Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the

Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds and Underlying Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreements was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds and Underlying Funds,

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 93

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund and Underlying Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Funds and Underlying Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds and Underlying Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund and Underlying Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds including the benefits received by the Adviser and its affiliates in connection with the Funds’ investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds and/or Underlying Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid

to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services to the Funds and/or Underlying Funds.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Chief Compliance Officer’s report.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory,

94 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for the applicable one-year period. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the SmartRetirement Blend Income Fund’s performance was in the second quintile for both Class A and Select Class shares for the one-year period ended December 31, 2014, and that the independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement Blend 2015 Fund’s performance was in the second quintile for both Class A and Select Class shares for the one-year period ended December 31, 2014, and that the independent consultant indicated that the Fund’s overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable.

The Trustees noted that the SmartRetirement Blend 2020 Fund’s performance was in the first quintile for both Class A and Select Class shares for the one-year period ended December 31, 2014, and that the independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement Blend 2025 Fund’s performance was in the second and first quintiles for Class A and Select Class shares for the one-year period ended December 31, 2014, respectively, and that the independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement Blend 2030 Fund’s performance was in the first quintile for both Class A and Select Class shares for the one-year period ended December 31, 2014, and that the independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement Blend 2035 Fund’s performance was in the second and first quintiles for Class A and Select Class shares for the one-year period ended December 31, 2014, respectively, and that the independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement Blend 2040 Fund’s performance was in the second and first quintiles for Class A and Select Class shares for the one-year period ended December 31, 2014, respectively, and that the independent consultant indicated that the Fund’s overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement Blend 2045 Fund’s performance was in the second quintile for both Class A and Select Class shares for the one-year period ended December 31, 2014, and that the independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 95

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

with the Adviser and, based upon this discussion and various other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance.

The Trustees noted that the SmartRetirement Blend 2050 Fund’s performance was in the second quintile for both Class A and Select Class shares for the one-year period ended December 31, 2014, and that the independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the SmartRetirement Blend 2055 Fund’s performance was in the second quintile for both Class A and Select Class shares for the one-year period ended December 31, 2014, and that the independent consultant indicated that the Fund’s overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the SmartRetirement Blend Income Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the third and fourth quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2015 Fund’s net advisory fee for both Class A and Select Class shares was in the fifth quintile, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2020 Fund’s net advisory fee for Class A and Select Class shares was in the fourth and fifth quintiles, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, of the Universe Group, respectively. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2025 Fund’s net advisory fee for Class A and Select Class shares was in the fourth and fifth quintiles, and that the actual total expenses for Class A and Select Class shares were in the first and second quintiles, of the Universe Group, respectively. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2030 Fund’s net advisory fee for Class A and Select Class shares was in the fourth and fifth quintiles, and that the actual total expenses for Class A and Select Class shares were in the first and second quintiles, of the Universe Group, respectively. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2035 Fund’s net advisory for Class A and Select Class shares was in the fourth and fifth quintiles, and that the actual total expenses for Class A and Select Class shares were in the first and second quintiles, of the Universe Group, respectively. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

96 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2015

The Trustees noted that the SmartRetirement Blend 2040 Fund’s net advisory fee for Class A and Select Class shares was in the fourth and fifth quintiles, and that the actual total expenses for Class A and Select Class shares were in the first and second quintiles, of the Universe Group, respectively. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2045 Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and second quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2050 Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and second quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2055 Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and second quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.

DECEMBER 31, 2015 JPMORGAN SMARTRETIREMENT BLEND FUNDS 97

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2015.  All rights reserved. December 2015. SAN-SRB-1215

Semi-Annual Report

JPMorgan SmartAllocation Funds

December 31, 2015 (Unaudited)

JPMorgan SmartAllocation Equity Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	4
Financial Statements	6
Financial Highlights	12
Notes to Financial Statements	14
Schedule of Shareholder Expenses	20
Board Approval of Investment Advisory Agreement	21
Tax Letter	24

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectus for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

January 29, 2016 (Unaudited)

The past six months have cemented key divergences between the U.S. and the rest of the world and between developed market economies and emerging market economies. In the face of slowing economic growth in China and a tentative economic recovery in Europe, U.S. employment and consumer spending were strong enough to persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in a decade.

  “Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets.”

While U.S. equity and bond markets posted small positive returns for the six month period, the broader U.S. economy continued to strengthen. Unemployment dropped to 5.0% and remained there for the final three months of 2015, the lowest levels since April 2008. Thanks to cheap gasoline, easy credit and overall economic improvement, the U.S. auto industry continued to show strong sales growth through the second half of 2015, on pace for an all-time high of 17.5 million vehicles for the full year. While U.S. wage growth had averaged 2% throughout most of the post financial crisis recovery, U.S. wages rose 2.5% from one year earlier in both October and December 2015.

While the Fed determined the domestic economy was healthy enough to move toward normalized interest rate policy, U.S. gross domestic product fluctuated throughout 2015 and slowed to 2.0% in the July-September period and an estimated 0.7% in the October-December period. It became apparent during the second half of 2015, that economic weakness in both developed and emerging markets was a significant drag on U.S. growth. Furthermore, the strength of the U.S. dollar against other currencies — particularly those of emerging market exporting nations — put U.S. exports at a comparative disadvantage.

Against this backdrop, demand for oil and most other commodities decreased. Prices for energy, metals, foods and precious metals were trading at levels not seen since the 1990s. While an oversupply of petroleum and natural gas hurt global energy prices, slowing economic growth in China and the nation’s transition away from a decade-long construction boom reduced demand for a range of other basic materials. The consequences of China’s shrinking appetite for raw materials are sobering: In 2014, the latest available full year of data, China consumed an estimated 60% of the world’s iron ore, 50% of its copper, 48% of its aluminum, 47% of its zinc, 45% of its nickel and 12% of its crude oil.

China’s slowing economy and the accompanying financial market turmoil held investors’ attention for most of the second half of 2015. After posting year-to-date gains that reached 30% in the first half of the year, Chinese equity prices began to fall in June. While Chinese authorities undertook a range of actions to bolster economic growth and stabilize financial markets — including a 2% devaluation of the yuan — the “Black Monday” sell-off that originated in the Shanghai and Shenzhen markets on August 24^th dragged the Standard & Poor’s 500 Index (S&P 500) down 3.9% for the day.

U.S. equity prices remained subdued through September and finally rebounded in October and the S&P 500 posted its best monthly performance since October 2011. Overall, U.S. equities markets in the second half of 2015 were marked by large gains in a few stocks — particularly those of large cap technology companies — while a large number of stocks underperformed and the median stock was flat for the year. Notably, U.S mergers and acquisitions activity in 2015 had surpassed previous records by November and in December the U.S. bull market for equities reached 82 consecutive months. For the six months ended December 31, 2015, the S&P 500 returned 0.15% and closed 4.08% below its all-time high, reached on May 21, 2015.

Investors endured a sharp increase in financial market volatility over the past six months. Selling in China’s financial markets, struggling commodities prices and uncertainty about global economic growth all fueled market gyrations. However, the Fed removed a key uncertainty in December when it lifted interest rates. Investors may take comfort from a relatively healthy U.S. economy and the stated determination of central banks in China, the European Union and elsewhere to support both economic growth and financial markets. However, increased market volatility and the divergent performance of developed and emerging market economies may be best managed through a properly diversified portfolio and a patient approach to investing.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management,

J.P. Morgan Asset Management

DECEMBER 31, 2015 JPMORGAN SMARTALLOCATION FUNDS 1

JPMorgan SmartAllocation Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R6 Shares)*		-4.01%
MSCI World Index (net of foreign withholding taxes)		-3.41%
Standard & Poor’s 500 Index		0.15%
Net Assets as of 12/31/15	$	134,265,224

INVESTMENT OBJECTIVE**

The JPMorgan SmartAllocation Equity Fund (the “Fund”) seeks to provide long-term capital appreciation. The Fund seeks to provide exposure to a broadly diversified portfolio of equity securities of U.S. and non-U.S. companies (including companies in emerging markets) across all market capitalization ranges.

HOW DID THE MARKET PERFORM?

U.S. equity markets provided slim returns for the second half of 2015. Global weakness in commodities prices, slowing economic growth in China, anxiety over U.S. interest rate policy and slowing growth in corporate earnings combined to put pressure on equity prices during the summer months.

In mid-August, Chinese authorities devalued the yuan by 2% amid declines in Shanghai/Shenzhen equity markets. A global sell-off followed on August 24, 2015, dragging down the Standard & Poor’s 500 Index (S&P 500) by 3.9% for the day.

However, U.S. equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. The S&P 500 turned in its best one-month performance since October 2011.

In general, the U.S. equities market for the six month reporting period was marked by large gains in a few select stocks, especially technology sector stocks, while most other stocks ended the period lower or essentially flat. The energy, materials and industrials sectors underperformed the broader market, while the consumer discretionary, consumer staples and health care sectors outperformed the broader market. For the six month ended December 31, 2015, the S&P 500 returned 0.15%.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund underperformed the MSCI World Index (net of foreign withholding taxes) and underperformed the S&P 500 (the “Benchmark”) for the six months ended December 31, 2015. Based on their view of market conditions and valuations, the

Fund’s portfolio managers implemented overweight and underweight positions versus the targeted weights of the Fund’s long-term strategic asset allocation.

During the reporting period, the Fund’s allocation to U.S. equities and REITs made a positive contribution to performance relative to the Benchmark and the MSCI World Index (net of foreign withholdings), while the Fund’s exposure to emerging market equities detracted from relative performance.

In general, the Fund’s security selection detracted from relative performance over the last six months. Allocations to the Growth Advantage Fund helped performance relative to both the Benchmark and the MSCI World Index. The Fund’s allocation to the JPMorgan Emerging Markets Equity Fund detracted from relative performance.

HOW WAS THE FUND POSITIONED?

The Fund targets a long-term strategic asset allocation consisting of JPMorgan Funds, as well as exchange-traded funds that are managed by unaffiliated investment advisers. During the period, the Fund had a slight overweight to U.S. large cap equities, offset by an underweight position in emerging market equities.

PORTFOLIO COMPOSITION BY ASSET CLASS***
U.S. Equity	59.9	%
International Equity	33.3
Alternative Assets	6.0
Others (each less than 1.0%)	0.8

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2015. The Fund’s portfolio composition is subject to change.

2 JPMORGAN SMARTALLOCATION FUNDS DECEMBER 31, 2015

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2015

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
Without Sales Charge			(4.28	)%		(1.83	)%		8.86	%		9.91	%
With Sales Charge**			(9.31	)		(6.99	)		6.93			8.23
CLASS C SHARES	July 2, 2012
Without CDSC			(4.51	)		(2.31	)		8.30			9.35
With CDSC***			(5.51	)		(3.31	)		8.30			9.35
CLASS R2 SHARES	July 2, 2012		(4.38	)		(2.08	)		8.59			9.63
CLASS R5 SHARES	July 2, 2012		(4.07	)		(1.40	)		9.34			10.39
CLASS R6 SHARES	July 2, 2012		(4.01	)		(1.34	)		9.41			10.45
SELECT CLASS SHARES	July 2, 2012		(4.17	)		(1.60	)		9.12			10.17

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 to 12/31/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartAllocation Equity Fund, the MSCI World Index (net of foreign withholding taxes), the S&P 500 Index and the Lipper Global Multi-Cap Core Funds Index from July 2, 2012 to December 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the S&P 500 Index does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The performance of the Lipper Global

Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Global Multi-Cap Core Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class R6 Shares have a $15,000,000 minimum initial investment.

Subsequent to the inception of the Fund on July 2, 2012 until May 14, 2013, the Fund did not experience any shareholder purchase and sale activity. If such activity had occurred, the Fund’s performance may have been impacted.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2015 JPMORGAN SMARTALLOCATION FUNDS 3

JPMorgan SmartAllocation Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 46.1%
		International Equity — 15.6%
	245,278	iShares MSCI EAFE ETF		14,410,083
	201,370	iShares MSCI Emerging Markets ETF		6,482,100
		Total International Equity		20,892,183
		U.S. Equity — 30.5%
	28,794	iShares Russell 2000 ETF		3,239,613
	30,378	iShares Russell Mid-Cap ETF		4,870,201
	175,748	Vanguard S&P 500 ETF		32,852,573
		Total U.S. Equity		40,962,387
		Total Exchange-Traded Funds (Cost $62,227,396)		61,854,570
	Investment Companies — 53.0% (b)
		Alternative Assets — 6.0%
	600,102	JPMorgan Realty Income Fund, Class R6 Shares		8,047,364
		International Equity — 17.6%
	412,188	JPMorgan Emerging Economies Fund, Class R6 Shares		4,249,661
	228,366	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		4,279,578
	356,115	JPMorgan International Equity Fund, Class R6 Shares		5,128,060
	351,205	JPMorgan International Opportunities Fund, Class R6 Shares		5,025,744
	261,567	JPMorgan Intrepid International Fund, Class R6 Shares		4,980,232
		Total International Equity		23,663,275

SHARES		SECURITY DESCRIPTION	VALUE($)
		Money Market — 0.3%
	354,918	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.170% (l)		354,918
		U.S. Equity — 29.1%
	528,628	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		8,236,031
	223,236	JPMorgan Intrepid America Fund, Class R6 Shares		7,840,054
	45,676	JPMorgan Mid Cap Equity Fund, Class R6 Shares		1,950,347
	819,326	JPMorgan U.S. Equity Fund, Class R6 Shares		11,331,282
	125,959	JPMorgan U.S. Small Company Fund, Class R6 Shares		1,918,363
	281,805	JPMorgan Value Advantage Fund, Institutional Class Shares		7,870,813
		Total U.S. Equity		39,146,890
		Total Investment Companies (Cost $74,043,880)		71,212,447
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.6%
	747,000	U.S. Treasury Note, 0.375%, 03/31/16 (k) (Cost $747,053)		747,029
		Total Investments — 99.7% (Cost $137,018,329)		133,814,046
		Other Assets in Excess of Liabilities — 0.3%		451,178
		NET ASSETS — 100.0%	$	134,265,224

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN SMARTALLOCATION FUNDS DECEMBER 31, 2015

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	7		TOPIX Index		03/10/16		JPY	$	901,244		$	(15,180	)
	46		Dow Jones Euro STOXX 50 Index		03/18/16		EUR		1,640,688			32,936
	11		E-mini S&P 500		03/18/16		USD		1,119,470			18,880
			Short Futures Outstanding
	(10	)	Hang Seng Index		01/28/16		HKD		(1,413,539	)		3,429
	(3	)	S&P/Toronto 60 Index		03/17/16		CAD		(329,942	)		(5,250	)
	(5	)	SPI 200 Index		03/17/16		AUD		(478,847	)		(32,480	)
											$	2,335

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AUD	—  Australian Dollar
CAD	—  Canadian Dollar
EAFE	—  Europe, Australasia, and Far East
ETF	—  Exchange-Traded Fund
EUR	—  Euro
HKD	—  Hong Kong Dollar
JPY	—  Japanese Yen
MSCI	—  Morgan Stanley Capital International
SPI	—  Australian Securities Exchange
TOPIX	—  Tokyo Stock Price Index
USD	—  United States Dollar
(a)	—  Non-income producing security.

(b)	—  Investment in affiliate. Fund is registered under the Investment     Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)	—  All or a portion of this security is deposited with the broker as     collateral for futures or with brokers as initial margin for futures contracts.
(l)	—  The rate shown is the current yield as of December 31, 2015.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in certified portfolio holdings filed quarterly on Form N-Q, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTALLOCATION FUNDS 5

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2015 (Unaudited)

	SmartAllocation Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	62,601,599
Investments in affiliates, at value		71,212,447
Total investment securities, at value		133,814,046
Receivables:
Investment securities sold		1,372,167
Fund shares sold		5,492
Interest from non-affiliates		712
Dividends from affiliates		60
Variation margin on futures contracts		177,522
Due from Adviser		1,859
Other assets		21,317
Total Assets		135,393,175
LIABILITIES:
Payables:
Distributions		154,485
Fund shares redeemed		955,436
Accrued liabilities:
Administration fees		5,519
Distribution fees		343
Shareholder servicing fees		63
Custodian and accounting fees		5,835
Trustees’ and Chief Compliance Officer’s fees		53
Other		6,217
Total Liabilities		1,127,951
Net Assets	$	134,265,224

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN SMARTALLOCATION FUNDS DECEMBER 31, 2015

	SmartAllocation Equity Fund
NET ASSETS:
Paid-in-Capital	$	137,875,775
Accumulated undistributed (distributions in excess of) net investment income		(345,994	)
Accumulated net realized gains (losses)		(60,920	)
Net unrealized appreciation (depreciation)		(3,203,637	)
Total Net Assets	$	134,265,224
Net Assets:
Class A	$	427,926
Class C		379,874
Class R2		19,456
Class R5		19,532
Class R6		132,601,987
Select Class		816,449
Total	$	134,265,224
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		21,776
Class C		19,349
Class R2		979
Class R5		988
Class R6		6,707,933
Select Class		41,349
Net Asset Value (a):
Class A — Redemption price per share	$	19.65
Class C — Offering price per share (b)		19.63
Class R2 — Offering and redemption price per share		19.87
Class R5 — Offering and redemption price per share		19.78
Class R6 — Offering and redemption price per share		19.77
Select Class — Offering and redemption price per share		19.75
Class A maximum sales charge		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	20.74
Cost of investments in non-affiliates	$	62,974,449
Cost of investments in affiliates		74,043,880

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTALLOCATION FUNDS 7

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2015 (Unaudited)

	SmartAllocation Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	453
Dividend income from non-affiliates		692,907
Dividend income from affiliates		674,608
Total investment income		1,367,968
EXPENSES:
Investment advisory fees		357,842
Administration fees		58,576
Distribution fees:
Class A		572
Class C		1,297
Class R2		50
Shareholder servicing fees:
Class A		572
Class C		432
Class R2		25
Class R5		6
Select Class		921
Custodian and accounting fees		11,236
Interest expense to non-affiliates		206
Professional fees		16,462
Trustees’ and Chief Compliance Officer’s fees		541
Printing and mailing costs		5,893
Registration and filing fees		31,869
Transfer agent fees (See Note 2.E.)		2,041
Sub-transfer agent fee (See Note 2.E.)		16
Other		3,428
Total expenses		491,985
Less fees waived		(373,278	)
Less expense reimbursements		(936	)
Net expenses		117,771
Net investment income (loss)		1,250,197
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,195,669	)
Investments in affiliates		(652,252	)
Futures		(14,343	)
Foreign currency transactions		(336	)
Net realized gain (loss)		(1,862,600	)
Distributions of capital gains received from investment company affiliates		1,975,624
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2,221,612	)
Investments in affiliates		(4,763,756	)
Futures		4,311
Foreign currency translations		(636	)
Change in net unrealized appreciation/depreciation		(6,981,693	)
Net realized/unrealized gains (losses)		(6,868,669	)
Change in net assets resulting from operations	$	(5,618,472	)

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN SMARTALLOCATION FUNDS DECEMBER 31, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	SmartAllocation Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,250,197		$	1,232,840
Net realized gain (loss)		(1,862,600	)		(55,311	)
Distributions of capital gains received from investment company affiliates		1,975,624			748,120
Change in net unrealized appreciation/depreciation		(6,981,693	)		(1,292,513	)
Change in net assets resulting from operations		(5,618,472	)		633,136
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(5,396	)		(6,191	)
From net realized gains		(2,007	)		(3,087	)
Class C
From net investment income		(3,715	)		(1,912	)
From net realized gains		(1,779	)		(1,254	)
Class R2
From net investment income		—			(1,188	)
From net realized gains		(92	)		(637	)
Class R5
From net investment income		(319	)		(1,444	)
From net realized gains		(91	)		(643	)
Class R6
From net investment income		(2,329,043	)		(956,407	)
From net realized gains		(625,992	)		(422,019	)
Select Class
From net investment income		(12,899	)		(3,932	)
From net realized gains		(3,810	)		(1,944	)
Total distributions to shareholders		(2,985,143	)		(1,400,658	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(10,062,177	)		104,358,619
NET ASSETS:
Change in net assets		(18,665,792	)		103,591,097
Beginning of period		152,931,016			49,339,919
End of period	$	134,265,224		$	152,931,016
Accumulated undistributed (distributions in excess of) net investment income	$	(345,994	)	$	755,181

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTALLOCATION FUNDS 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	SmartAllocation Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	131,052		$	233,205
Distributions reinvested		7,403			9,278
Cost of shares redeemed		(186,443	)		(56,055	)
Change in net assets resulting from Class A capital transactions	$	(47,988	)	$	186,428
Class C
Proceeds from shares issued	$	114,961		$	297,976
Distributions reinvested		5,494			3,166
Cost of shares redeemed		(85,890	)		(112,953	)
Change in net assets resulting from Class C capital transactions	$	34,565		$	188,189
Class R2
Distributions reinvested	$	92		$	1,825
Cost of shares redeemed		(52,136	)		—
Change in net assets resulting from Class R2 capital transactions	$	(52,044	)	$	1,825
Class R5
Distributions reinvested	$	410		$	2,087
Cost of shares redeemed		(53,668	)		—
Change in net assets resulting from Class R5 capital transactions	$	(53,258	)	$	2,087
Class R6
Proceeds from shares issued	$	10,799,844		$	109,430,640
Distributions reinvested		2,756,081			1,378,426
Cost of shares redeemed		(23,980,006	)		(5,966,961	)
Change in net assets resulting from Class R6 capital transactions	$	(10,424,081	)	$	104,842,105
Select Class
Proceeds from shares issued	$	496,854		$	196,671
Distributions reinvested		16,656			5,835
Cost of shares redeemed		(32,881	)		(1,064,521	)
Change in net assets resulting from Select Class capital transactions	$	480,629		$	(862,015	)
Total change in net assets resulting from capital transactions	$	(10,062,177	)	$	104,358,619

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN SMARTALLOCATION FUNDS DECEMBER 31, 2015

	SmartAllocation Equity Fund
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
SHARE TRANSACTIONS:
Class A
Issued		6,633			11,070
Reinvested		377			455
Redeemed		(9,119	)		(2,728	)
Change in Class A Shares		(2,109	)		8,797
Class C
Issued		5,739			14,254
Reinvested		280			156
Redeemed		(4,169	)		(5,435	)
Change in Class C Shares		1,850			8,975
Class R2
Reinvested		4			90
Redeemed		(2,480	)		—
Change in Class R2 Shares		(2,476	)		90
Class R5
Reinvested		21			102
Redeemed		(2,532	)		—
Change in Class R5 Shares		(2,511	)		102
Class R6
Issued		553,234			5,144,846
Reinvested		139,378			67,253
Redeemed		(1,180,173	)		(282,655	)
Change in Class R6 Shares		(487,561	)		4,929,444
Select Class
Issued		23,461			9,571
Reinvested		844			285
Redeemed		(1,667	)		(51,735	)
Change in Select Class Shares		22,638			(41,879	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTALLOCATION FUNDS 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartAllocation Equity Fund
Class A
Six Months Ended December 31, 2015 (Unaudited)	$	20.89	$	0.13	(h)(i)	$	(1.03	)	$	(0.90	)	$	(0.25	)	$	(0.09	)	$	(0.34	)
Year Ended June 30, 2015		20.82		0.23	(h)(i)		0.41			0.64			(0.38	)		(0.19	)		(0.57	)
Year Ended June 30, 2014		17.29		0.25	(h)(i)		3.50			3.75			(0.20	)		(0.02	)		(0.22	)
July 2, 2012 (k) through June 30, 2013		15.00		0.23			2.13			2.36			(0.07	)		—			(0.07	)
Class C
Six Months Ended December 31, 2015 (Unaudited)		20.86		0.10	(h)(i)		(1.05	)		(0.95	)		(0.19	)		(0.09	)		(0.28	)
Year Ended June 30, 2015		20.81		0.10	(h)(i)		0.43			0.53			(0.29	)		(0.19	)		(0.48	)
Year Ended June 30, 2014		17.24		0.16	(h)(i)		3.49			3.65			(0.06	)		(0.02	)		(0.08	)
July 2, 2012 (k) through June 30, 2013		15.00		0.16			2.11			2.27			(0.03	)		—			(0.03	)
Class R2
Six Months Ended December 31, 2015 (Unaudited)		20.88		0.10	(h)(i)		(1.02	)		(0.92	)		—	(i)		(0.09	)		(0.09	)
Year Ended June 30, 2015		20.84		0.16	(h)(i)		0.42			0.58			(0.35	)		(0.19	)		(0.54	)
Year Ended June 30, 2014		17.26		0.18	(h)(i)		3.53			3.71			(0.11	)		(0.02	)		(0.13	)
July 2, 2012 (k) through June 30, 2013		15.00		0.20			2.11			2.31			(0.05	)		—			(0.05	)
Class R5
Six Months Ended December 31, 2015 (Unaudited)		21.05		0.18	(h)(i)		(1.03	)		(0.85	)		(0.33	)		(0.09	)		(0.42	)
Year Ended June 30, 2015		20.93		0.31	(h)(i)		0.42			0.73			(0.42	)		(0.19	)		(0.61	)
Year Ended June 30, 2014		17.33		0.31	(h)(i)		3.54			3.85			(0.23	)		(0.02	)		(0.25	)
July 2, 2012 (k) through June 30, 2013		15.00		0.32			2.12			2.44			(0.11	)		—			(0.11	)
Class R6
Six Months Ended December 31, 2015 (Unaudited)		21.06		0.18	(h)(i)		(1.03	)		(0.85	)		(0.35	)		(0.09	)		(0.44	)
Year Ended June 30, 2015		20.94		0.35	(h)(i)		0.39			0.74			(0.43	)		(0.19	)		(0.62	)
Year Ended June 30, 2014		17.33		0.41	(h)(i)		3.46			3.87			(0.24	)		(0.02	)		(0.26	)
July 2, 2012 (k) through June 30, 2013		15.00		0.32			2.12			2.44			(0.11	)		—			(0.11	)
Select Class
Six Months Ended December 31, 2015 (Unaudited)		21.03		0.18	(h)(i)		(1.05	)		(0.87	)		(0.32	)		(0.09	)		(0.41	)
Year Ended June 30, 2015		20.90		0.18	(h)(i)		0.51			0.69			(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2014		17.31		0.28	(h)(i)		3.53			3.81			(0.20	)		(0.02	)		(0.22	)
July 2, 2012 (k) through June 30, 2013		15.00		0.28			2.12			2.40			(0.09	)		—			(0.09	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Calculated based upon average shares outstanding.

(i) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended June 30, 2013 and for the year ended June 30, 2014.

(k) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN SMARTALLOCATION FUNDS DECEMBER 31, 2015

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)(g)
$	19.65		(4.28	)%	$	427,926		0.66	%		1.31	%(i)		1.34	%		12	%
	20.89		3.14			498,867		0.64			1.10	(i)		1.39			16
	20.82		21.76			314,143		0.55	(j)		1.31	(i)(j)		2.15	(j)		18
	17.29		15.77			68,166		0.64	(j)		1.56	(j)		19.01	(j)		47
	19.63		(4.51	)		379,874		1.16			0.95	(i)		1.84			12
	20.86		2.59			365,005		1.14			0.48	(i)		1.86			16
	20.81		21.18			177,347		1.04	(j)		0.83	(i)(j)		2.78	(j)		18
	17.24		15.16			57,583		1.14	(j)		0.99	(j)		19.29	(j)		47
	19.87		(4.38	)		19,456		0.91			1.03	(i)		3.00			12
	20.88		2.86			72,127		0.89			0.79	(i)		1.64			16
	20.84		21.50			70,122		0.75	(j)		0.92	(i)(j)		2.95	(j)		18
	17.26		15.43			57,726		0.89	(j)		1.24	(j)		19.04	(j)		47
	19.78		(4.02	)		19,532		0.21			1.73	(i)		2.30			12
	21.05		3.59			73,655		0.19			1.49	(i)		0.94			16
	20.93		22.30			71,108		0.05	(j)		1.62	(i)(j)		2.25	(j)		18
	17.33		16.29			58,128		0.19	(j)		1.94	(j)		18.35	(j)		47
	19.77		(4.01	)		132,601,987		0.16			1.76	(i)		0.68			12
	21.06		3.61			151,527,926		0.15			1.68	(i)		0.81			16
	20.94		22.40			47,440,627		0.13	(j)		2.10	(i)(j)		1.14	(j)		18
	17.33		16.31			58,152		0.15	(j)		1.99	(j)		18.30	(j)		47
	19.75		(4.12	)		816,449		0.41			1.78	(i)		1.10			12
	21.03		3.41			393,436		0.38			0.84	(i)		1.15			16
	20.90		22.04			1,266,572		0.26	(j)		1.42	(i)(j)		2.36	(j)		18
	17.31		16.04			870,195		0.39	(j)		1.74	(j)		18.55	(j)		47

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2015 JPMORGAN SMARTALLOCATION FUNDS 13

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited)

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
SmartAllocation Equity Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Diversified

The investment objective of the Fund is to seek to provide long-term capital appreciation.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2, Class R5, Class R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 —Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date. Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (the “Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Futures are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

14 JPMORGAN SMARTALLOCATION FUNDS DECEMBER 31, 2015

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)	$	133,067,017		$	747,029	$	—	$	133,814,046
Appreciation in Other Financial Instruments
Futures Contracts	$	55,245		$	—	$	—	$	55,245
Depreciation in Other Financial Instruments
Futures Contracts	$	(52,910	)	$	—	$	—	$	(52,910	)

(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 Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the six months ended December 31, 2015.

B. Investment Transactions with Affiliates — The Fund invests in certain Underlying Funds which are advised by J.P. Morgan Investment Management Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), or its affiliates pursuant to Section 12(d)(1)(G) of the 1940 Act. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the affiliated Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Included in the realized gain (loss) amounts in the table below are distributions of realized capital gains, if any, received from the affiliated Underlying Funds.

			For the six months ended December 31, 2015
Affiliate	Value at June 30, 2015		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2015		Value at December 31, 2015
JPMorgan Emerging Economies Fund, Class R5 Shares	$	4,719,921	$	419,155	$	5,213,317	$	—		$	—		—	$	—
JPMorgan Emerging Economies Fund, Class R6 Shares		—		5,473,798		251,096		(55,702	)		56,257		412,188		4,249,661
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		4,728,150		1,021,440		732,822		(156,896	)		47,723		228,366		4,279,578
JPMorgan Growth Advantage Fund, Class R6 Shares		9,519,950		688,143		1,638,601		304,033			—		528,628		8,236,031
JPMorgan International Equity Fund, Class R6 Shares		5,426,117		879,156		691,823		(86,792	)		25,490		356,115		5,128,060
JPMorgan International Opportunities Fund, Class R6 Shares		5,586,408		34,094		273,331		(29,704	)		34,094		351,205		5,025,744
JPMorgan Intrepid America Fund, Class R5 Shares		9,171,761		—		8,693,410		(48,058	)		—		—		—
JPMorgan Intrepid America Fund, Class R6 Shares		—		8,064,319		—		465,725			112,729		223,236		7,840,054
JPMorgan Intrepid International Fund, Class R6 Shares		—		5,915,325		622,080		(49,095	)		106,079		261,567		4,980,232
JPMorgan Intrepid International Fund, Institutional Class Shares		5,461,065		—		5,405,033		—			—		—		—
JPMorgan Mid Cap Equity Fund, Class R6 Shares		2,279,657		106,189		204,224		73,269			4,793		45,676		1,950,347
JPMorgan Prime Money Market Fund, Institutional Class Shares		3,004,853		7,830,924		10,480,859		—			311		354,918		354,918
JPMorgan Realty Income Fund, Class R5 Shares		9,133,967		30,074		9,394,949		(59,273	)		30,074		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		8,215,409		257,289		397,260			81,013		600,102		8,047,364
JPMorgan U.S. Equity Fund, Class R6 Shares		12,987,672		615,679		1,487,356		486,893			74,665		819,326		11,331,282
JPMorgan U.S. Small Company Fund, Class R6 Shares		2,296,051		100,909		204,224		58,500			12,262		125,959		1,918,363
JPMorgan Value Advantage Fund, Institutional Class Shares		8,849,933		567,934		949,184		23,212			89,118		281,805		7,870,813
	$	83,165,505					$	1,323,372		$	674,608			$	71,212,447

DECEMBER 31, 2015 JPMORGAN SMARTALLOCATION FUNDS 15

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

C. Futures Contracts — The Fund used index futures contracts to gain or reduce exposure to the stock and bond markets, maintain liquidity or minimize transactions costs. The Fund also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI and cash deposited is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to equity risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended December 31, 2015:

Futures Contracts:
Average Notional Balance Long	$	3,920,259
Average Notional Balance Short		2,084,958
Ending Notional Balance Long		3,661,402
Ending Notional Balance Short		2,222,328

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

D. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on the ex-dividend date.

E. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Fund for the six months ended December 31, 2015 are as follows:

	Class A		Class C		Class R2		Class R5		Class R6		Select Class		Total
Transfer agent fees	$	353	$	260	$	158	$	158	$	502	$	610	$	2,041
Sub-transfer agent fees		—		—		—		—		—		16		16

The Fund invests in Underlying Funds and ETFs and, as a result, bears a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.

F. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of December 31, 2015, no liability for income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

16 JPMORGAN SMARTALLOCATION FUNDS DECEMBER 31, 2015

G. Distributions to Shareholders — Distributions from net investment income are generally declared and paid annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the Adviser supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.50% of the Fund’s average daily net assets.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2015, the effective annualized rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Fund in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, at annual rates of 0.25%, 0.75%, and 0.50% of the average daily net assets of Class A, Class C and Class R2 Shares, respectively.

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2015, the Distributor retained the following amounts:

Front-End Sales Charge		CDSC
$	37	$	—

D. Shareholder Servicing Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A	Class C			R2 Class			R5 Class			Select Class
0.25%		0.25	%		0.25	%		0.05	%		0.25	%

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The Distributor waived Shareholder Servicing fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. Payments to the custodian may be reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse expenses to the extent that total annual operating expenses of the Fund, Underlying Funds and ETFs (excluding dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses incurred by the Fund and any Underlying Fund and ETFs and acquired fund fees incurred by an Underlying Fund and ETFs) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A	Class C	R2 Class	R5 Class	R6 Class	Select Class
1.13%	1.63%	1.38%	0.68%	0.63%	0.88%

DECEMBER 31, 2015 JPMORGAN SMARTALLOCATION FUNDS 17

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2015 (Unaudited) (continued)

The expense limitation agreement was in effect for the six months ended December 31, 2015 and is in place until at least October 31, 2016.

For the six months ended December 31, 2015, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and reimbursed expenses in future years.

Contractual Waivers
Investment Advisory		Administration		Shareholder Services		Total		Contractual Reimbursements
	$357,842	$	14,175	$	1,261	$	373,278	$	936

The Underlying Funds may impose separate advisory and shareholder servicing fees. The Fund’s Distributor has agreed to waive the Fund’s fees in the weighted average pro-rata amount of the shareholder servicing fees charged by the affiliated Underlying Funds. These waivers may be in addition to any waivers required to meet the Fund’s contractual expense limitations, but will not exceed the Fund’s shareholder servicing fee up to 0.25% of Class A, Class C, Class R2 and Select Class Shares and up to 0.05% of Class R5 Shares.

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2015, the Fund may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Fund may use related party broker-dealers. For the six months ended December 31, 2015, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

The SEC has granted an exemptive order permitting the Fund to invest in certain financial instruments in addition to Underlying Funds and securities.

4. Investment Transactions

During the six months ended December 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	16,722,430	$	24,639,993

During the six months ended December 31, 2015, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2015 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	137,018,329	$	2,502,809	$	5,707,092	$	(3,204,283	)

At June 30, 2015, the Fund did not have any net capital loss carryforwards.

6. Borrowings

The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are both investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

18 JPMORGAN SMARTALLOCATION FUNDS DECEMBER 31, 2015

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2015, or at any time during the six months then ended.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

As of December 31, 2015, the Fund had two shareholders which are accounts maintained by financial intermediaries on behalf of their clients, that collectively own shares representing 57.2% of the Fund’s net assets.

As of December 31, 2015, the Adviser or an affiliate had discretion on behalf of certain of their clients with respect to the purchase or sale of shares representing 26.4% of the Fund’s net assets.

Significant shareholder transactions by these shareholders may impact the Fund’s performance.

Because of the Fund’s investments in the Underlying Funds and ETFs, the Fund indirectly pays a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Fund may be higher than the cost of investing in a mutual fund that invests directly in Individual securities and financial instruments. The Fund is also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as equity securities, foreign and emerging markets securities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

The Fund invests in unaffiliated ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indexes, as well as indexes relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

DECEMBER 31, 2015 JPMORGAN SMARTALLOCATION FUNDS 19

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund (not including expenses of the Underlying Funds and ETFs) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2015, and continued to hold your shares at the end of the reporting period, December 31, 2015.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees, and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period*		Annualized Expense Ratio
SmartAllocation Equity Fund
Class A
Actual	$	1,000.00	$	957.20	$	3.25		0.66	%
Hypothetical		1,000.00		1,021.82		3.35		0.66
Class C
Actual		1,000.00		954.90		5.70		1.16
Hypothetical		1,000.00		1,019.30		5.89		1.16
Class R2
Actual		1,000.00		956.20		4.47		0.91
Hypothetical		1,000.00		1,020.56		4.62		0.91
Class R5
Actual		1,000.00		959.80		1.03		0.21
Hypothetical		1,000.00		1,024.08		1.07		0.21
Class R6
Actual		1,000.00		959.90		0.79		0.16
Hypothetical		1,000.00		1,024.33		0.81		0.16
Select Class
Actual		1,000.00		958.80		2.02		0.41
Hypothetical		1,000.00		1,023.08		2.08		0.41

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

20 JPMORGAN SMARTALLOCATION FUNDS DECEMBER 31, 2015

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2015, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose semi-annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the Fund and other J.P. Morgan Funds in which the Fund invests (the “Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 19, 2015.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund and Underlying Funds received from the Adviser. This information included the Fund’s and Underlying Funds’ performance as compared to the performance of Fund’s and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Fund’s and Underlying Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s and the Underlying Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Fund and/or Underlying Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the Advisory Agreement. Before voting on the proposed Advisory Agreement, the Trustees reviewed the proposed Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel

and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreement. The Trustees also discussed the proposed Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

The Trustees considered information provided with respect to the Fund and Underlying Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Fund and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund and Underlying Funds, their overall confidence in the Adviser’s integrity and the Adviser’s

DECEMBER 31, 2015 JPMORGAN SMARTALLOCATION FUNDS 21

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund and Underlying Funds.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund and Underlying Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund and Underlying Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund and Underlying Funds.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the J.P. Morgan Funds including the benefits received by the Adviser and its affiliates in connection with the Fund’s investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Fund and/or Underlying Funds for providing administrative and shareholder services. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees

paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services for the Fund and/or Underlying Funds.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees noted that the proposed investment advisory fee schedule for the Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allows the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that

22 JPMORGAN SMARTALLOCATION FUNDS DECEMBER 31, 2015

serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Fund in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for the applicable one-year period. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in the Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Fund’s performance was in the first quintile for both Class A and Select Class shares for the one-year period ended December 31, 2014, and that the Trustees’

independent consultant indicated that the Fund’s overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis, and various other factors, concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund. The Trustees recognized that Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for a certain representative class are summarized below:

The Trustees noted that the Fund’s net advisory fee and actual total expenses for Select Class shares were in the first and second quintiles of the Universe Group, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund invests.

DECEMBER 31, 2015 JPMORGAN SMARTALLOCATION FUNDS 23

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended June 30, 2015. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2015. The information necessary to complete your income tax returns for the calendar year ending December 31, 2015 will be provided under separate cover.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2015, the Fund elected to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses were as follows or amounts as finally determined:

	Total Foreign Source Income		Total Foreign Tax Credit
SmartAllocation Equity Fund	$	267,119	$	41,267

24 JPMORGAN SMARTALLOCATION FUNDS DECEMBER 31, 2015

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016.  All rights reserved. December 2015. SAN-SAE-1215

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I
By:	/s/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	March 4, 2016

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
	March 4, 2016
By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	March 4, 2016