UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31

Date of reporting period: January 31, 2016

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust I

Schedule of Portfolio Investments as of January 31, 2016

(Unaudited)

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

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

JPMorgan Distribution Services, Inc.

© JPMorgan Chase & Co., 2016.

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 91.2%
			Australia — 17.0%
	4		Aristocrat Leisure Ltd.		32
	1		Australia & New Zealand Banking Group Ltd.		12
	1		Caltex Australia Ltd.		28
	3		Challenger Ltd.		18
	2		Commonwealth Bank of Australia		108
	1		CSL Ltd.		56
	7		Incitec Pivot Ltd.		15
	1		Macquarie Group Ltd.		49
	9		Medibank Private Ltd.		17
	16		Myer Holdings Ltd.		12
	1		National Australia Bank Ltd.		13
	6		Oil Search Ltd.		29
	10		Qantas Airways Ltd. (a)		28
	1		QBE Insurance Group Ltd.		10
	1		Ramsay Health Care Ltd.		44
	4		Westpac Banking Corp.		84
					555
			China — 19.5%
	3		AAC Technologies Holdings, Inc.		16
	—	(h)	Alibaba Group Holding Ltd., ADR (a)		31
	7		ANTA Sports Products Ltd.		17
	98		Bank of China Ltd., Class H		38
	22		Beijing Capital International Airport Co., Ltd., Class H		20
	105		China Construction Bank Corp., Class H		64
	18		China Lesso Group Holdings Ltd.		10
	10		China Railway Construction Corp., Ltd., Class H		9
	12		China Vanke Co., Ltd., Class H		27
	12		Chongqing Changan Automobile Co., Ltd., Class B		23
	33		CNOOC Ltd.		34
	34		Huaneng Power International, Inc., Class H		28
	94		Industrial & Commercial Bank of China Ltd., Class H		49
	18		PICC Property & Casualty Co., Ltd., Class H		31
	11		Ping An Insurance Group Co. of China Ltd., Class H		48
	216		Semiconductor Manufacturing International Corp. (a)		19
	8		Tencent Holdings Ltd.		141
	62		Xinyi Solar Holdings Ltd.		20
	3		Zhuzhou CSR Times Electric Co., Ltd., Class H		15
					640

SHARES			SECURITY DESCRIPTION	VALUE($)
			Hong Kong — 15.6%
	19		AIA Group Ltd.		104
	8		BOC Hong Kong Holdings Ltd.		21
	4		Cheung Kong Infrastructure Holdings Ltd.		38
	8		China Mobile Ltd.		88
	13		China Overseas Land & Investment Ltd.		37
	13		China Resources Land Ltd.		33
	10		China Taiping Insurance Holdings Co., Ltd. (a)		22
	6		CK Hutchison Holdings Ltd.		69
	16		Dah Sing Banking Group Ltd.		25
	5		Kerry Properties Ltd.		12
	18		New World Development Co., Ltd.		14
	22		Pacific Textiles Holdings Ltd.		32
	4		Wheelock & Co., Ltd.		15
					510
			India — 2.9%
	1		HDFC Bank Ltd., ADR		38
	3		Infosys Ltd., ADR		56
					94
			Indonesia — 4.1%
	42		Astra International Tbk PT		20
	44		Bank Central Asia Tbk PT		42
	5		Gudang Garam Tbk PT		21
	139		Telekomunikasi Indonesia Persero Tbk PT		34
	12		United Tractors Tbk PT		16
					133
			Malaysia — 0.5%
	37		Sapurakencana Petroleum Bhd		17
			New Zealand — 1.3%
	22		Air New Zealand Ltd.		42
			Philippines — 1.5%
	119		Megaworld Corp.		9
	7		Security Bank Corp.		21
	4		Universal Robina Corp.		18
					48
			Singapore — 0.7%
	2		DBS Group Holdings Ltd.		18
	—	(h)	Jardine Cycle & Carriage Ltd.		5
					23
			South Korea — 17.3%
	—	(h)	Amorepacific Corp. (a)		41
	—	(h)	Hankook Tire Co., Ltd. (a)		15
	—   (h)		Hyundai Development Co-Engineering & Construction (a)		15

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			South Korea — continued
	1		Hyundai Marine & Fire Insurance Co., Ltd. (a)		22
	—	(h)	Hyundai Mobis Co., Ltd. (a)		34
	—	(h)	Hyundai Motor Co.		17
	1		Kia Motors Corp.		19
	1		Korea Electric Power Corp. (a)		45
	2		Korean Reinsurance Co. (a)		25
	—	(h)	LG Chem Ltd.		42
	—	(h)	Lotte Chemical Corp.		19
	—	(h)	Samsung Electronics Co., Ltd.		147
	—	(h)	Samsung Life Insurance Co., Ltd.		25
	1		Shinhan Financial Group Co., Ltd. (a)		34
	—	(h)	SK Innovation Co., Ltd. (a)		38
	—	(h)	S-Oil Corp.		27
					565
			Taiwan — 7.9%
	2		Catcher Technology Co., Ltd.		12
	35		E.Sun Financial Holding Co., Ltd.		18
	17		Fubon Financial Holding Co., Ltd.		19
	19		Hon Hai Precision Industry Co., Ltd.		44
	7		Pegatron Corp.		16
	35		Taiwan Semiconductor Manufacturing Co., Ltd.		151
					260
			Thailand — 2.6%
	3		Airports of Thailand PCL		32
	4		Kasikornbank PCL		18
	3		PTT PCL		18
	10		Thai Oil PCL		18
					86
			United Kingdom — 0.3%
	—	(h)	Rio Tinto Ltd.		9
			Total Common Stocks (Cost $2,748)		2,982
	Structured Instruments — 8.8%
			India — 8.8%
			Low Exercise Cash Settled Call Warrants — 8.8%
	5		Bank of Baroda, expiring 08/17/16 (Strike Price $1.00) (issued through UBS AG) (a)		9
	2		Bharat Petroleum Corp. Ltd., expiring 05/27/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		21
	1		HCL Technologies Ltd., expiring 02/20/17 (Strike Price $1.00) (issued through UBS AG) (a)		18

SHARES			SECURITY DESCRIPTION	VALUE($)
			Low Exercise Cash Settled Call Warrants — continued
	3		Hindustan Petroleum Corp. Ltd., expiring 09/04/20 (Strike Price $0.00) (issued through BNP Paribas) (a)		31
	2		Housing Development Finance Corp., Ltd., expiring 07/08/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		26
	3		IndusInd Bank Ltd., expiring 06/25/17 (Strike Price $0.00) (issued through UBS AG) (a)		42
	—	(h)	Maruti Suzuki India Ltd., expiring 06/05/18 (Strike Price $0.00) (issued through UBS AG) (a)		20
	2		Reliance Industries Ltd., expiring 02/13/17 (Strike Price $0.00) (issued through UBS AG) (a)		25
	1		Sun Pharmaceutical Industries Ltd., expiring 06/05/18 (Strike Price $1.00) (issued through UBS AG) (a)		15
	1		Sun Pharmaceutical Industries Ltd., expiring 06/05/18 (Strike Price $0.00) (issued through UBS AG) (a)		10
	1		Tata Consultancy Services Ltd., expiring 08/31/18 (Strike Price $0.00) (issued through BNP Paribas) (a)		42
	3		Tata Motors Ltd., expiring 12/08/16 (Strike Price $1.00) (issued through UBS AG) (a)		16
	2		UPL Ltd., expiring 03/11/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		11
			Total Structured Instruments (Cost $309)		286
			Total Investments — 100.0% (Cost $3,057)		3,268
			Other Assets in Excess of Liabilities — 0.0% (g)		2
			NET ASSETS — 100.0%	$	3,270

Percentages indicated are based on net assets.

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		22.5	%
Insurance		9.3
Oil, Gas & Consumable Fuels		6.6
Semiconductors & Semiconductor Equipment		5.8
Technology Hardware, Storage & Peripherals		5.3
Internet Software & Services		5.3
Real Estate Management & Development		4.5
Capital Markets		4.4
Automobiles		2.9
Wireless Telecommunication Services		2.7
Electric Utilities		2.5
Chemicals		2.3
IT Services		2.3
Airlines		2.1
Industrial Conglomerates		2.1
Electronic Equipment, Instruments & Components		1.8
Biotechnology		1.7
Transportation Infrastructure		1.6
Auto Components		1.5
Textiles, Apparel & Luxury Goods		1.5
Health Care Providers & Services		1.3
Personal Products		1.3
Diversified Financial Services		1.1
Diversified Telecommunication Services		1.0
Hotels, Restaurants & Leisure		1.0
Others (each less than 1.0%)		5.6

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ADR	—	American Depositary Receipt
(a)	—	Non-income producing security.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $2,820,000 and 86.3%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	389
Aggregate gross unrealized depreciation		(178	)
Net unrealized appreciation/depreciation	$	211
Federal income tax cost of investments	$	3,057

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

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

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

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

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 (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	555	$	–	$	555
China		31		609		—		640
Hong Kong		—		510		—		510
India		94		—		—		94
Indonesia		—		133		—		133
Malaysia		—		17		—		17
New Zealand		—		42		—		42
Philippines		—		48		—		48
Singapore		—		23		—		23
South Korea		—		565		—		565
Taiwan		—		260		—		260
Thailand		68		18		—		86
United Kingdom		—		9		—		9
Total Common Stocks		193		2,789		—		2,982
Structured Instruments
India		—		286		—		286
Total Investments in Securities	$	193	$	3,075	$	—	$	3,268

There were no transfers among any levels during the period ended January 31, 2016.

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

Asia Pacific Fund	Balance as of October 31, 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 January 31, 2016
Structured Instruments — India	$	19	$	(1)	$	—	$	—	$	10	$	(28)	$	—	$	—	$	—

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

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

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

Transfers between Level 2 to Level 3 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 January 31, 2016, which were valued using significant unobservable inputs (Level 3), amounted to approximately $0.

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.7%
		China — 47.0%
	90	AAC Technologies Holdings, Inc.		577
	4	Alibaba Group Holding Ltd., ADR (a)		254
	168	CAR, Inc. (a)		211
	691	China CITIC Bank Corp., Ltd., Class H (a)		405
	118	China Conch Venture Holdings Ltd.		191
	2,225	China Construction Bank Corp., Class H		1,358
	505	China Harmony New Energy Auto Holding Ltd.		321
	269	China Machinery Engineering Corp., Class H		186
	305	China Merchants Bank Co., Ltd., Class H		593
	258	China Petroleum & Chemical Corp., Class H		146
	140	China Shenhua Energy Co., Ltd., Class H		211
	1,236	China Telecom Corp., Ltd., Class H		581
	298	China Vanke Co., Ltd., Class H		682
	160	Chongqing Changan Automobile Co., Ltd., Class B		315
	572	CNOOC Ltd.		583
	310	CSPC Pharmaceutical Group Ltd.		262
	8	JD.com, Inc., ADR (a)		210
	132	MGM China Holdings Ltd.		158
	147	Phoenix Healthcare Group Co., Ltd.		127
	168	PICC Property & Casualty Co., Ltd., Class H		287
	200	Ping An Insurance Group Co. of China Ltd., Class H		906
	125	Tencent Holdings Ltd.		2,356
	10	Vipshop Holdings Ltd., ADR (a)		127
				11,047
		Hong Kong — 27.0%
	255	AIA Group Ltd.		1,420
	376	Beijing Enterprises Water Group Ltd. (a)		188
	91	Cheung Kong Property Holdings Ltd.		494
	246	China Everbright International Ltd.		262
	43	China Mobile Ltd.		467
	146	China Resources Gas Group Ltd.		364
	149	China Taiping Insurance Holdings Co., Ltd. (a)		314
	26	CK Hutchison Holdings Ltd.		320
	28	Hong Kong Exchanges and Clearing Ltd.		610
	34	Hongkong Land Holdings Ltd.		213
	43	IMAX China Holding, Inc. (a) (e)		273
	240	Nexteer Automotive Group Ltd.		248
	38	Orient Overseas International Ltd.		142
	260	Regina Miracle International Holdings Ltd. (a) (e)		426

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued
	630	Sino Biopharmaceutical Ltd.		434
	45	Wheelock & Co., Ltd.		171
				6,346
		Taiwan — 20.7%
	406	Advanced Semiconductor Engineering, Inc.		436
	50	Catcher Technology Co., Ltd.		372
	64	Delta Electronics, Inc.		272
	565	E.Sun Financial Holding Co., Ltd.		293
	283	Fubon Financial Holding Co., Ltd.		313
	292	Inventec Corp.		219
	5	Largan Precision Co., Ltd.		359
	54	President Chain Store Corp.		357
	10	Silicon Motion Technology Corp., ADR		302
	88	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		1,957
				4,880
		Total Common Stocks (Cost $18,411)		22,273
	Structured Instruments — 4.7%
		China — 4.7%
		Low Exercise Cash Settled Call Warrants — 4.7%
	24	Beijing Originwater Technology Co., Ltd., expiring 07/01/16 (Strike Price $0.00) (issued through UBS AG) (a)		141
	48	China South Publishing & Media Group Co., Ltd., expiring 06/03/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		130
	35	Hangzhou Hikvision Digital Technology Co., Ltd., expiring 09/07/18 (Strike Price $0.00) (issued through UBS AG) (a)		140
	24	Jiangsu Hengrui Medicine Co., Ltd., expiring 07/01/16 (Strike Price $0.00) (issued through UBS AG) (a)		160
	17	Shenzhen Inovance Technology Co., Ltd., expiring 12/19/16 (Strike Price $0.00) (issued through UBS AG) (a)		90
	5	Shenzhen Inovance Technology Co., Ltd., expiring 12/19/16 (Strike Price $0.00) (issued through UBS AG) (a)		28
	18	Spring Airlines Co., Ltd., expiring 06/16/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		136
	23	Wangsu Science & Technology Co., Ltd., expiring 10/31/18 (Strike Price $0.00) (issued through UBS AG) (a)		182

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
		Low Exercise Cash Settled Call Warrants — continued
	28	Zhejiang Huace Film & TV Co., Ltd., expiring 06/03/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		90
		Total Structured Instruments (Cost $1,356)		1,097
		Total Investments — 99.4% (Cost $19,767)		23,370
		Other Assets in Excess of Liabilities — 0.6%		145
		NET ASSETS — 100.0%	$	23,515

Percentages indicated are based on net assets.

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		12.9	%
Insurance		12.5
Semiconductors & Semiconductor Equipment		11.5
Internet Software & Services		11.2
Real Estate Management & Development		6.7
Electronic Equipment, Instruments & Components		5.2
Oil, Gas & Consumable Fuels		4.0
Diversified Financial Services		3.9
Pharmaceuticals		3.7
Technology Hardware, Storage & Peripherals		2.5
Capital Markets		2.5
Diversified Telecommunication Services		2.5
Wireless Telecommunication Services		2.0
Textiles, Apparel & Luxury Goods		1.8
Gas Utilities		1.6
Food & Staples Retailing		1.5
Internet & Catalog Retail		1.4
Specialty Retail		1.4
Industrial Conglomerates		1.4
Automobiles		1.3
Media		1.2
Commercial Services & Supplies		1.1
Auto Components		1.1
Others (each less than 1.0%)		5.1

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

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

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $19,423,000 and 83.1%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	4,907
Aggregate gross unrealized depreciation		(1,304	)
Net unrealized appreciation/depreciation	$	3,603
Federal income tax cost of investments	$	19,767

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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

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

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.

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 (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
China	$	591	$	10,456	$	—	$	11,047
Hong Kong		—		6,346		—		6,346
Taiwan		2,259		2,621		—		4,880
Total Common Stocks	$	2,850		19,423		—		22,273
Structured Instruments
China		—		1,097		—		1,097
Total Investments in Securities	$	2,850	$	20,520	$	—	$	23,370

Transfers from level 1 to level 2 in the amount of approximately $471,000 are due to applying the fair value factors to certain securities as of January 31, 2015.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — 51.9%
		Federal Home Loan Bank,
	1,000,000	DN, 0.260%, 02/18/16 (n)		999,877
		Federal Home Loan Mortgage Corp.,
	1,500,000	DN, 0.180%, 02/01/16 (n)		1,500,000
		Federal National Mortgage Association,
	10,699,000	DN, 0.240%, 02/23/16 (n)		10,697,299
	10,000,000	DN, 0.310%, 05/09/16 (n)		9,989,030
		Total U.S. Government Agency Securities (Cost $23,188,869)		23,186,206
	U.S. Treasury Obligations — 24.8%
		U.S. Treasury Bills,
	4,100,000	0.201%, 02/04/16 (n)		4,099,938
	7,000,000	0.250%, 02/18/16 (n)		6,999,307
		Total U.S. Treasury Obligations (Cost $11,099,105)		11,099,245
SHARES
	Short-Term Investment — 21.8%
		Investment Company — 21.8%
	9,726,689	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) ^ † (Cost $9,726,689)		9,726,689
		Total Investments — 98.5% (Cost $44,014,663)		44,012,140
		Other Assets in Excess of Liabilities — 1.5% (c)		691,601
		NET ASSETS — 100.0%	$	44,703,741

Percentages indicated are based on net assets.

Futures Contracts ^

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT JANUARY 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	41	WTI Crude Oil Futures		02/19/16	USD	$	1,378,420		$	(383,127	)
	3	Coffee ‘C’ Futures		03/18/16	USD		130,894			2,072
	2	Copper Futures		03/29/16	USD		103,350			2,795
	1	Gold 100 OZ Futures		04/27/16	USD		111,640			2,227
	48	Brent Crude Oil Futures		04/29/16	USD		1,807,680			(5,264	)
	60	WTI Crude Oil Futures		05/19/16	USD		2,280,000			(104,217	)
	34	Lean Hogs Futures		06/14/16	USD		1,096,840			72,850
	46	Brent Crude Oil Futures		07/29/16	USD		1,831,260			357,099
		Short Futures Outstanding
	(3)	Natural Gas Futures		02/25/16	USD		(68,940	)		(4,178	)
	(5)	Sugar No. 11 (World Markets) Futures		02/29/16	USD		(73,584	)		9,954
									$	(49,789	)

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

Return Swaps on Commodities^

SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Macquarie Bank Ltd.
	Long Positions
	NYBOT-ICE Coffee March 2016 Futures		02/17/16	$	871,744	$	(42,742	)
	NYMEX Natural Gas March 2016 Futures		02/24/16		2,794,000		124,427
	CBOT Soybean Meal March 2016 Futures		02/25/16		1,396,560		(197,945	)
	CBOT Wheat March 2016 Futures		02/25/16		514,500		(18,895	)
	COMEX Silver March 2016 Futures		02/25/16		2,093,000		(241,343	)
	NYBOT-ICE Sugar No. 11 March 2016 Futures		02/26/16		1,505,515		128,013
	NYMEX Gasoline RBOB March 2016 Futures		02/26/16		844,603		(83,674	)
	NYMEX Gasoline RBOB March 2016 Futures		02/26/16		935,483		(126,984	)
	NYMEX Harbor ULSD March 2016 Futures		02/26/16		1,600,330		(286,391	)
	NYMEX Harbor ULSD March 2016 Futures		02/26/16		332,237		30,198
	COMEX Gold April 2016 Futures		03/29/16		5,880,500		(298,312	)
	NYBOT-ICE Cotton No. 2 May 2016 Futures		04/21/16		715,300		(6,894	)
	NYMEX Natural Gas May 2016 Futures		04/26/16		1,043,550		22,029
	CBOT Corn No. 2 May 2016 Futures		04/27/16		3,437,350		28,723
	NYMEX Natural Gas June 2016 Futures		05/25/16		1,385,620		9,268
	CME Live Cattle June 2016 Futures		06/02/16		1,518,690		11,764
	CBOT Corn No. 2 July 2016 Futures		06/28/16		1,054,700		(43,651	)
	CBOT Soyabean July 2016 Futures		06/28/16		2,641,500		28,452
	CBOT Wheat July 2016 Futures		06/28/16		1,659,925		(16,722	)
	CBOT Soyabean Oil September 2016 Futures		08/29/16		1,464,078		(12,904	)
	Short Positions
	NYMEX Natural Gas May 2016 Futures		04/26/16		1,360,100		(13,328	)
	CBOT Corn No. 2 December 2016 Futures		11/28/16		1,070,600		28,382
						$	(978,529	)
Morgan Stanley Capital Services
	Long Position
	CBOT Corn No. 2 July 2016 Futures		06/24/16		1,028,200	$	(17,197	)
	Short Position
	CBOT Corn No. 2 December 2016 Futures		11/25/16		1,058,013		15,842
						$	(1,355	)

Return Swaps on Commodities Index^

SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Macquarie Bank Ltd.
	Long Position
	BBG Industrial Metals Index		02/25/16	$	7,350,000	$	224,123

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

Brent	—	Broom, Rannoch, Etieve, Ness, Tarbat
CBOT	—	Chicago Board of Trade
CME	—	Chicago Mercantile Exchange
COMEX	—	Commodity Exchange, Inc.
DN	—	Discount Notes
ICE	—	Intercontinental Exchange, Inc.
NYBOT	—	New York Board of Trade
NYMEX	—	New York Mercantile Exchange
RBOB	—	Reformulated gasoline blendstock for oxygen blending
ULSD	—	Ultra Low Sulfur Diesel
USD	—	United States Dollar
WTI	—	West Texas Intermediate
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—	Included in this amount is cash segregated as collateral for futures contracts.
(l)	—	The rate shown is the current yield as of January 31, 2016.
(n)	—	The rate shown is the effective yield at the date of purchase.
^	—	All or a portion of the position is held by the Subsidiary.
†	—	The value of investments restricted as collateral for swaps to the broker is $4,080,000.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	140
Aggregate gross unrealized depreciation		(2,663	)
Net unrealized appreciation/depreciation	$	(2,523	)
Federal income tax cost of investments	$	44,014,663

Commodities Strategy Fund CS Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on September 5, 2012 and is a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments on behalf of the Fund consistent with the Fund’s investment objective and policies as described in the Fund’s prospectus. As of January 31, 2016, net assets of the Fund were $44,703,741 of which $10,306,569, or approximately 23.1%, represented the Subsidiary’s net assets. The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

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

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

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.

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

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

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

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).

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities (a)
Total Investments in Securities	$	9,726,689		$	34,285,451		$	—	$	44,012,140
Appreciation in Other Financial Instruments
Futures Contracts	$	446,997		$	—		$	—	$	446,997
Return Swaps		—			651,221			—		651,221
Total Appreciation in Other Financial Instruments	$	446,997		$	651,221		$	—	$	1,098,218
Depreciation in Other Financial Instruments
Futures Contracts	$	(496,786	)	$	—		$	—	$	(496,786	)
Return Swaps		—			(1,406,982	)		—		(1,406,982	)
Total Depreciation in Other Financial Instruments	$	(496,786	)	$	(1,406,982	)	$	—	$	(1,903,768	)

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

There were no transfers among any levels during the period ended January 31, 2016.

B. Derivatives — The Fund used instruments including futures and swaps, in connection with its investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

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

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

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

(1). Futures Contracts — The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.

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

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

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

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(2). Return Swaps on Commodities and Commodity Indices — The Fund used return swaps on physical commodities, commodities futures and commodity futures indices to obtain long and short exposure to commodities markets. The value of a swap agreement is recorded at the beginning of the measurement period. Swaps on commodity futures and commodity indices values are based on the values of underlying commodity spot prices or futures contracts, using the last sale or closing price from the principal exchange on which the contract is traded. Under some circumstances, commodity futures exchanges may establish daily limits on the amount that the price of a commodity futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions. Realized gain or loss is recorded upon termination of a swap and is based on the difference between the contract price and market price of the underlying instrument or when an offsetting position is entered into. Return swaps on commodity indices are subject to monthly/quarterly resets. Realized gain or loss is recorded on reset date of the swap and is based on the difference between contract and market price of underlying instrument.

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 42.5%
			Consumer Discretionary — 6.6%
			Auto Components — 0.6%
	71,000		Calsonic Kansei Corp., (Japan)		623,629
	15,400		Dana Holding Corp.		183,106
	4,500		Tenneco, Inc. (a)		171,945
	496,000		Tianneng Power International Ltd., (China) (a)		370,873
	1,800		Visteon Corp.		120,384
	728,000		Xinyi Glass Holdings Ltd., (Hong Kong)		370,738
					1,840,675
			Automobiles — 0.2%
	—	(h)	Ferrari N.V., (Italy) (a)		5
	14,300		Fuji Heavy Industries Ltd., (Japan)		585,198
	4,700		Harley-Davidson, Inc.		188,000
					773,203
			Diversified Consumer Services — 0.3%
	20,168		H&R Block, Inc.		686,720
	16,000		Houghton Mifflin Harcourt Co. (a)		285,440
					972,160
			Hotels, Restaurants & Leisure — 1.1%
	5,300		Bob Evans Farms, Inc.		216,982
	11,734		Carnival Corp.		564,758
	1,600		Churchill Downs, Inc.		221,024
	3,923		Cracker Barrel Old Country Store, Inc.		514,815
	19,249		Flight Centre Travel Group Ltd., (Australia)		537,937
	4,500		Hyatt Hotels Corp., Class A (a)		174,060
	3,200		Marriott International, Inc., Class A		196,096
	136,320		Star Entertainment Grp Ltd. (The), (Australia)		526,186
	11,221		Wendy’s Co. (The)		114,791
	5,900		Yum! Brands, Inc.		426,983
					3,493,632
			Household Durables — 0.8%
	15,548		D.R. Horton, Inc.		427,726
	46,500		Haseko Corp., (Japan)		487,019
	26,800		Iida Group Holdings Co., Ltd., (Japan)		477,761
	29,035		PulteGroup, Inc.		486,627
	29,500		Sekisui House Ltd., (Japan)		464,358
	4,300		Universal Electronics, Inc. (a)		215,645
					2,559,136
			Internet & Catalog Retail — 0.2%
	15,900		Ikyu Corp., (Japan)		456,074
	4,900		Shutterfly, Inc. (a)		204,085
					660,159
			Leisure Products — 0.2%
	33,200		Heiwa Corp., (Japan)		646,667

SHARES		SECURITY DESCRIPTION	VALUE($)
		Media — 2.0%
	91,054	Cablevision Systems Corp., Class A		2,905,533
	11,066	Comcast Corp., Class A		616,487
	756,893	Fairfax Media Ltd., (Australia)		480,239
	29,255	Gannett Co., Inc.		434,144
	22,316	Interpublic Group of Cos., Inc. (The)		500,771
	10,800	Liberty Media Corp., Class A (a)		395,496
	13,686	Scholastic Corp.		469,840
	17,130	Sinclair Broadcast Group, Inc., Class A		565,290
	7,800	Twenty-First Century Fox, Inc., Class A		210,366
				6,578,166
		Multiline Retail — 0.1%
	3,100	Dillard’s, Inc., Class A		218,271
	5,800	Macy’s, Inc.		234,378
				452,649
		Specialty Retail — 1.0%
	20,416	Abercrombie & Fitch Co., Class A		535,716
	3,100	Asbury Automotive Group, Inc. (a)		145,948
	10,700	Ascena Retail Group, Inc. (a)		78,966
	18,080	Caleres, Inc.		485,991
	31,900	Express, Inc. (a)		541,024
	3,900	Genesco, Inc. (a)		257,946
	7,000	Hibbett Sports, Inc. (a)		225,120
	5,400	Outerwall, Inc.		182,520
	27,621	Pep Boys-Manny Moe & Jack (The) (a)		510,712
	9,400	Urban Outfitters, Inc. (a)		215,072
				3,179,015
		Textiles, Apparel & Luxury Goods — 0.1%
	5,300	Michael Kors Holdings Ltd., (United Kingdom) (a)		211,470
	8,100	Movado Group, Inc.		208,170
				419,640
		Total Consumer Discretionary		21,575,102
		Consumer Staples — 4.1%
		Beverages — 0.2%
	2,100	Brown-Forman Corp., Class B		205,464
	9,936	Coca-Cola Enterprises, Inc.		461,229
				666,693
		Food & Staples Retailing — 1.5%
	26,880	Empire Co., Ltd., (Canada), Class A		508,090
	7,171	George Weston Ltd., (Canada)		552,887
	15,758	Kroger Co. (The)		611,568
	386,286	Rite Aid Corp. (a)		3,009,168
	71,400	SUPERVALU, Inc. (a)		324,870
				5,006,583
		Food Products — 1.9%
	9,692	Campbell Soup Co.		546,726

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Food Products — continued
	10,800	ConAgra Foods, Inc.		449,712
	22,319	Flowers Foods, Inc.		458,432
	6,921	Hormel Foods Corp.		556,518
	33,867	Keurig Green Mountain, Inc.		3,022,630
	105,000	Morinaga & Co. Ltd., (Japan)		578,363
	10,211	Tyson Foods, Inc., Class A		544,859
				6,157,240
		Household Products — 0.2%
	4,062	Clorox Co. (The)		524,201
		Personal Products — 0.2%
	8,000	Coty, Inc., Class A		196,880
	3,827	USANA Health Sciences, Inc. (a)		485,646
				682,526
		Tobacco — 0.1%
	10,380	Reynolds American, Inc.		518,481
		Total Consumer Staples		13,555,724
		Energy — 0.8%
		Energy Equipment & Services — 0.2%
	36,307	Noble Corp. plc, (United Kingdom)		282,831
	153,680	WorleyParsons Ltd., (Australia)		377,055
				659,886
		Oil, Gas & Consumable Fuels — 0.6%
	35,672	Cameco Corp., (Canada)		433,137
	19,700	Canadian Natural Resources Ltd., (Canada)		421,731
	20,771	Enbridge Income Fund Holdings, Inc., (Canada)		433,983
	5,100	HollyFrontier Corp.		178,347
	4,200	REX American Resources Corp. (a)		224,406
	3,100	Valero Energy Corp.		210,397
				1,902,001
		Total Energy		2,561,887
		Financials — 5.1%
		Banks — 0.5%
	62,642	Bank of Queensland Ltd., (Australia)		586,787
	2,300	Banner Corp.		95,450
	96,500	Mitsubishi UFJ Financial Group, Inc., (Japan)		494,842
	101,100	Resona Holdings, Inc., (Japan)		464,935
				1,642,014
		Capital Markets — 0.1%
	17,400	KCG Holdings, Inc., Class A (a)		177,828
		Consumer Finance — 0.1%
	7,100	Cash America International, Inc.		212,574
	17,400	Navient Corp.		166,344
				378,918

SHARES		SECURITY DESCRIPTION	VALUE($)
		Diversified Financial Services — 0.1%
	3,000	MSCI, Inc.		206,520
	5,800	Voya Financial, Inc.		177,364
				383,884
		Insurance — 4.1%
	3,400	Allstate Corp. (The)		206,040
	6,896	American Financial Group, Inc.		489,478
	3,600	American International Group, Inc.		203,328
	31,252	Assured Guaranty Ltd., (Bermuda)		743,173
	9,172	Axis Capital Holdings Ltd., (Bermuda)		494,463
	11,500	CNO Financial Group, Inc.		200,100
	12,430	Hartford Financial Services Group, Inc. (The)		499,437
	39,100	MBIA, Inc. (a)		260,406
	28,077	Old Republic International Corp.		507,632
	16,998	PartnerRe Ltd., (Bermuda)		2,386,519
	4,400	Primerica, Inc.		198,044
	13,950	Selective Insurance Group, Inc.		436,775
	26,988	StanCorp Financial Group, Inc.		3,094,444
	18,345	Sun Life Financial, Inc., (Canada)		526,163
	96,441	Symetra Financial Corp.		3,088,041
	300	White Mountains Insurance Group Ltd.		213,927
				13,547,970
		Real Estate Management & Development — 0.2%
	13,500	Brookfield Asset Management, Inc., (Canada), Class A		407,534
	11,800	St. Joe Co. (The) (a)		187,738
				595,272
		Total Financials		16,725,886
		Health Care — 1.7%
		Biotechnology — 0.1%
	700	Biogen, Inc. (a)		191,142
		Health Care Equipment & Supplies — 0.3%
	10,331	Greatbatch, Inc. (a)		398,880
	5,888	Stryker Corp.		583,795
				982,675
		Health Care Providers & Services — 0.5%
	2,100	AmerisourceBergen Corp.		188,076
	2,500	Express Scripts Holding Co. (a)		179,675
	4,100	Magellan Health, Inc. (a)		233,700
	33,700	Medipal Holdings Corp., (Japan)		546,603
	13,100	Suzuken Co., Ltd., (Japan)		453,129
				1,601,183
		Life Sciences Tools & Services — 0.5%
	79,204	Affymetrix, Inc. (a)		1,111,232
	11,082	Cambrex Corp. (a)		383,880

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Life Sciences Tools & Services — continued
	2,900	ICON plc, (Ireland) (a)		191,603
				1,686,715
		Pharmaceuticals — 0.3%
	6,500	Kaken Pharmaceutical Co., Ltd., (Japan)		429,341
	30,500	Mitsubishi Tanabe Pharma Corp., (Japan)		501,171
				930,512
		Total Health Care		5,392,227
		Industrials — 6.2%
		Aerospace & Defense — 1.3%
	9,800	AAR Corp.		205,898
	8,047	Curtiss-Wright Corp.		555,243
	3,400	Moog, Inc., Class A (a)		157,522
	1,100	Northrop Grumman Corp.		203,566
	13,213	Precision Castparts Corp.		3,104,394
				4,226,623
		Air Freight & Logistics — 1.0%
	371,733	TNT Express N.V., (Netherlands)		3,171,237
		Airlines — 0.6%
	5,100	American Airlines Group, Inc.		198,849
	10,058	Delta Air Lines, Inc.		445,469
	26,945	SkyWest, Inc.		404,714
	11,085	Southwest Airlines Co.		417,017
	2,300	United Continental Holdings, Inc. (a)		111,044
	17,568	Virgin America, Inc. (a)		541,973
				2,119,066
		Commercial Services & Supplies — 0.5%
	2,400	Cintas Corp.		206,208
	219,127	Downer EDI Ltd., (Australia)		490,595
	16,027	Herman Miller, Inc.		410,612
	15,538	KAR Auction Services, Inc.		519,280
				1,626,695
		Construction & Engineering — 0.9%
	10,170	EMCOR Group, Inc.		464,769
	26,443	KBR, Inc.		377,077
	36,700	Kinden Corp., (Japan)		455,120
	12,979	NCC AB, (Sweden), Class B		440,628
	30,000	Nippo Corp., (Japan)		445,617
	10,700	Quanta Services, Inc. (a)		200,090
	18,183	WSP Global, Inc., (Canada)		522,555
				2,905,856
		Electrical Equipment — 0.3%
	112,000	Fuji Electric Co., Ltd., (Japan)		389,359
	54,000	Mitsubishi Electric Corp., (Japan)		501,178
				890,537

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — 0.2%
	241,000	CITIC Ltd., (Hong Kong)		341,101
	4,600	Danaher Corp.		398,590
				739,691
		Machinery — 0.9%
	4,200	Allison Transmission Holdings, Inc.		99,918
	13,440	American Railcar Industries, Inc.		610,176
	148,000	Kawasaki Heavy Industries Ltd., (Japan)		458,279
	3,300	Nordson Corp.		199,419
	111,000	Sumitomo Heavy Industries Ltd., (Japan)		439,447
	24,100	Takeuchi Manufacturing Co., Ltd., (Japan)		376,506
	35,555	Terex Corp.		796,432
				2,980,177
		Professional Services — 0.2%
	2,600	ManpowerGroup, Inc.		198,510
	215,541	Veda Group Ltd., (Australia)		431,303
				629,813
		Road & Rail — 0.1%
	89,000	Sankyu, Inc., (Japan)		438,330
		Trading Companies & Distributors — 0.2%
	40,100	ITOCHU Corp., (Japan)		471,292
	1,100	WW Grainger, Inc.		216,359
				687,651
		Total Industrials		20,415,676
		Information Technology — 8.3%
		Communications Equipment — 0.9%
	13,200	ADTRAN, Inc.		239,712
	7,313	Harris Corp.		636,012
	35,000	Hitachi Kokusai Electric, Inc., (Japan)		421,417
	16,284	Juniper Networks, Inc.		384,302
	3,100	Motorola Solutions, Inc.		206,987
	3,164	NETGEAR, Inc. (a)		118,239
	15,260	Plantronics, Inc.		684,106
	8,200	Polycom, Inc. (a)		83,558
	4,500	QUALCOMM, Inc.		204,030
				2,978,363
		Electronic Equipment, Instruments & Components — 0.7%
	16,200	Alps Electric Co., Ltd., (Japan)		321,190
	11,700	Corning, Inc.		217,737
	22,257	Jabil Circuit, Inc.		443,137
	37,754	Sanmina Corp. (a)		707,510
	6,300	ScanSource, Inc. (a)		197,694
	7,056	Tech Data Corp. (a)		440,294
				2,327,562

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Internet Software & Services — 0.6%
	44,252	Constant Contact, Inc. (a)		1,398,806
	55,567	RetailMeNot, Inc. (a)		505,659
				1,904,465
		IT Services — 0.5%
	9,272	Broadridge Financial Solutions, Inc.		496,609
	1,900	DST Systems, Inc.		200,279
	16,489	Sykes Enterprises, Inc. (a)		485,436
	7,900	Teradata Corp. (a)		192,286
	32,000	Xerox Corp.		312,000
				1,686,610
		Semiconductors & Semiconductor Equipment — 1.7%
	8,468	Analog Devices, Inc.		456,086
	11,700	Applied Materials, Inc.		206,505
	155,659	Fairchild Semiconductor International, Inc. (a)		3,189,453
	19,800	Kulicke & Soffa Industries, Inc., (Singapore) (a)		200,376
	10,123	Microsemi Corp. (a)		320,892
	16,352	NVIDIA Corp.		478,950
	4,000	Qorvo, Inc. (a)		158,400
	10,386	Xilinx, Inc.		522,104
				5,532,766
		Software — 3.6%
	7,600	CA, Inc.		218,348
	12,687	Citrix Systems, Inc. (a)		893,926
	7,323	Electronic Arts, Inc. (a)		472,663
	127,945	King Digital Entertainment plc, (Ireland)		2,294,054
	23,400	Konami Holdings Corp., (Japan)		541,865
	24,426	Nuance Communications, Inc. (a)		430,630
	10,616	Open Text Corp., (Canada)		519,395
	20,300	Rovi Corp. (a)		395,038
	51,277	SolarWinds, Inc. (a)		3,074,056
	55,771	Solera Holdings, Inc.		3,026,135
				11,866,110
		Technology Hardware, Storage & Peripherals — 0.3%
	12,400	FUJIFILM Holdings Corp., (Japan)		479,109
	7,400	NetApp, Inc.		162,282
	6,300	Seagate Technology plc		183,015
				824,406
		Total Information Technology		27,120,282
		Materials — 3.7%
		Chemicals — 2.5%
	22,008	Airgas, Inc.		3,081,120
	11,791	Cabot Corp.		475,649
	35,100	Daicel Corp., (Japan)		516,359
	7,645	Eastman Chemical Co.		467,950
	949,000	Fufeng Group Ltd., (China)		303,817
	47,800	Huntsman Corp.		412,514

SHARES		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
	186,591	Incitec Pivot Ltd., (Australia)		415,908
	7,300	Innophos Holdings, Inc.		194,983
	9,255	Innospec, Inc.		461,362
	2,500	LyondellBasell Industries N.V., Class A		194,925
	2,300	Monsanto Co.		208,380
	88,000	Sumitomo Chemical Co., Ltd., (Japan)		447,128
	99,000	Tosoh Corp., (Japan)		479,082
	240,000	Ube Industries Ltd., (Japan)		467,445
				8,126,622
		Construction Materials — 0.3%
	253,388	CSR Ltd., (Australia)		462,766
	131,000	Sumitomo Osaka Cement Co., Ltd., (Japan)		533,967
				996,733
		Containers & Packaging — 0.1%
	5,000	Sealed Air Corp.		202,650
		Metals & Mining — 0.7%
	11,600	Alcoa, Inc.		84,564
	509,085	Evolution Mining Ltd., (Australia)		525,762
	155,000	Mitsubishi Materials Corp., (Japan)		478,113
	15,914	Rio Tinto Ltd., (United Kingdom)		449,408
	77,500	Sims Metal Management Ltd.		378,093
	18,289	Worthington Industries, Inc.		559,460
				2,475,400
		Paper & Forest Products — 0.1%
	4,900	Clearwater Paper Corp. (a)		191,884
		Total Materials		11,993,289
		Telecommunication Services — 0.7%
		Diversified Telecommunication Services — 0.5%
	7,771	Atlantic Tele-Network, Inc.		598,289
	11,870	BCE, Inc., (Canada)		478,138
	23,195	Manitoba Telecom Services, Inc., (Canada)		499,697
				1,576,124
		Wireless Telecommunication Services — 0.2%
	21,900	KDDI Corp., (Japan)		554,565
	32,294	NTELOS Holdings Corp. (a)		298,720
				853,285
		Total Telecommunication Services		2,429,409
		Utilities — 5.3%
		Electric Utilities — 2.4%
	54,436	Cleco Corp.		2,892,729
	43,647	Hawaiian Electric Industries, Inc.		1,305,918
	115,077	Pepco Holdings, Inc.		3,070,255
	18,189	PPL Corp.		637,706
				7,906,608

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Gas Utilities — 1.9%
	39,379	AGL Resources, Inc.		2,502,929
	10,892	Northwest Natural Gas Co.		565,840
	51,901	Piedmont Natural Gas Co., Inc.		3,074,615
				6,143,384
		Independent Power & Renewable Electricity Producers — 0.1%
	23,000	NRG Energy, Inc.		244,720
		Multi-Utilities — 0.9%
	114,655	TECO Energy, Inc.		3,109,443
		Total Utilities		17,404,155
		Total Common Stocks (Cost $145,385,109)		139,173,637
	Preferred Stocks — 2.5%
		Consumer Staples — 0.2%
		Food Products — 0.2%
	14,650	Tyson Foods, Inc., 4.750%, 07/15/17 ($50 par value)		879,586
		Financials — 1.1%
		Banks — 0.5%
	773	Bank of America Corp., Series L, 7.250% ($1,000 par value)		848,043
	745	Wells Fargo & Co., Series L, 7.500% ($1,000 par value)		873,140
				1,721,183
		Real Estate Investment Trusts (REITs) — 0.6%
	4,900	American Tower Corp., Series A, 5.250%, 05/15/17 ($100 par value)		485,884
	5,700	Crown Castle International Corp., Series A, 4.500%, 11/01/16 ($100 par value)		604,143
	4,750	Welltower, Inc., Series I, 6.500% ($50 par value)		269,610
	9,600	Weyerhaeuser Co., Series A, 6.375%, 07/01/16 ($50 par value)		439,968
				1,799,605
		Total Financials		3,520,788
		Health Care — 0.1%
		Health Care Providers & Services — 0.1%
	8,150	Anthem, Inc., 5.250%, 05/01/18 ($50 par value)		359,334
		Materials — 0.1%
		Metals & Mining — 0.1%
	15,350	Alcoa, Inc., Series 1, 5.375%, 10/01/17 ($50 par value)		404,472

SHARES		SECURITY DESCRIPTION	VALUE($)
		Telecommunication Services — 0.4%
		Diversified Telecommunication Services — 0.2%
	6,800	Frontier Communications Corp., Series A, 11.125%, 06/29/18 ($100 par value)		607,784
		Wireless Telecommunication Services — 0.2%
	8,800	T-Mobile US, Inc., 5.500%, 12/15/17 ($50 par value)		607,376
		Total Telecommunication Services		1,215,160
		Utilities — 0.6%
		Electric Utilities — 0.4%
	16,200	Exelon Corp., 6.500%, 06/01/17 ($50 par value)		696,924
	10,350	NextEra Energy, Inc.,
		5.799%, 09/01/16 ($50 par value)		196,305
		6.371%, 09/01/18 ($50 par value)		380,190
				1,273,419
		Multi-Utilities — 0.2%
	12,350	Dominion Resources, Inc.,
		6.375%, 07/01/17 ($50 par value)		186,600
		Series A, 6.125%, 04/01/16 ($49 par value)		240,628
		Series B, 6.000%, 07/01/16 ($49 par value)		242,090
				669,318
		Total Utilities		1,942,737
		Total Preferred Stocks (Cost $8,961,383)		8,322,077
PRINCIPAL/ UNIT AMOUNT($)
	Convertible Bonds — 11.3%
		Consumer Discretionary — 1.3%
		Automobiles — 0.1%
	600,000	Fiat Chrysler Automobiles N.V., (Netherlands), 7.875%, 12/15/16		384,375
		Internet & Catalog Retail — 0.8%
		Ctrip.com International Ltd., (Cayman Islands),
	893,000	1.250%, 10/15/18		1,129,645
		Priceline Group, Inc. (The),
	148,000	0.350%, 06/15/20		163,263
	125,000	1.000%, 03/15/18		158,281
	639,000	Shutterfly, Inc., 0.250%, 05/15/18		602,657
	506,000	Vipshop Holdings Ltd., (Cayman Islands), 1.500%, 03/15/19		506,000
				2,559,846

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

PRINCIPAL/ UNIT AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Consumer Discretionary — continued
		Media — 0.3%
	574,000	Liberty Interactive LLC, 1.000%, 09/30/43 (e)		495,075
		Liberty Media Corp.,
	646,000	1.375%, 10/15/23		609,663
				1,104,738
		Textiles, Apparel & Luxury Goods — 0.1%
		Iconix Brand Group, Inc.,
	194,000	1.500%, 03/15/18		97,242
	195,000	2.500%, 06/01/16		172,697
				269,939
		Total Consumer Discretionary		4,318,898
		Energy — 0.4%
		Energy Equipment & Services — 0.3%
	816,000	Hornbeck Offshore Services, Inc., 1.500%, 09/01/19		428,910
	798,000	SEACOR Holdings, Inc., 2.500%, 12/15/27		684,784
				1,113,694
		Oil, Gas & Consumable Fuels — 0.1%
		Chesapeake Energy Corp.,
	451,000	2.500%, 05/15/37		213,097
		Total Energy		1,326,791
		Financials — 0.7%
		Capital Markets — 0.2%
	672,000	Prospect Capital Corp., 4.750%, 04/15/20		563,640
		Real Estate Investment Trusts (REITs) — 0.3%
		Spirit Realty Capital, Inc.,
	276,000	2.875%, 05/15/19		267,375
	244,000	3.750%, 05/15/21		236,070
		Starwood Property Trust, Inc.,
	355,000	4.000%, 01/15/19		355,000
	233,000	4.550%, 03/01/18		234,456
				1,092,901
		Thrifts & Mortgage Finance — 0.2%
	502,000	Radian Group, Inc., 2.250%, 03/01/19		544,670
		Total Financials		2,201,211
		Health Care — 2.6%
		Biotechnology — 1.4%
	740,000	Acorda Therapeutics, Inc., 1.750%, 06/15/21		774,688
	741,000	Aegerion Pharmaceuticals, Inc., 2.000%, 08/15/19		456,641

PRINCIPAL/ UNIT AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Biotechnology — continued
		BioMarin Pharmaceutical, Inc.,
	357,000	0.750%, 10/15/18		384,667
	348,000	1.500%, 10/15/20		383,888
	591,000	Cepheid, 1.250%, 02/01/21		494,593
	176,000	Gilead Sciences, Inc., Series D, 1.625%, 05/01/16		648,560
	661,000	Ionis Pharmaceuticals, Inc., 1.000%, 11/15/21		588,290
	903,000	PDL BioPharma, Inc., 4.000%, 02/01/18		729,173
				4,460,500
		Health Care Equipment & Supplies — 0.3%
		Hologic, Inc.,
	168,000	SUB, 0.000%, 12/15/43		204,645
	174,000	Series 2012, SUB, 2.000%, 03/01/42		213,585
	454,000	NuVasive, Inc., 2.750%, 07/01/17		553,596
				971,826
		Health Care Providers & Services — 0.4%
		Anthem, Inc.,
	360,000	2.750%, 10/15/42		643,950
		Molina Healthcare, Inc.,
	274,000	1.125%, 01/15/20		395,930
	341,000	1.625%, 08/15/44		390,232
				1,430,112
		Health Care Technology — 0.2%
	593,000	Allscripts Healthcare Solutions, Inc., 1.250%, 07/01/20		611,902
		Life Sciences Tools & Services — 0.1%
	187,000	Illumina, Inc., 0.500%, 06/15/21		203,596
		Pharmaceuticals — 0.2%
	800,000	Jazz Investments I Ltd., (Bermuda), 1.875%, 08/15/21		813,500
		Total Health Care		8,491,436
		Industrials — 0.5%
		Air Freight & Logistics — 0.2%
	634,000	UTi Worldwide, Inc., (United Kingdom), 4.500%, 03/01/19		637,962
		Machinery — 0.1%
		Trinity Industries, Inc.,
	436,000	3.875%, 06/01/36		490,500

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

PRINCIPAL/ UNIT AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Transportation Infrastructure — 0.2%
	530,000	Macquarie Infrastructure Corp., 2.875%, 07/15/19		577,369
		Total Industrials		1,705,831
		Information Technology — 5.7%
		Communications Equipment — 0.7%
	797,000	Brocade Communications Systems, Inc., 1.375%, 01/01/20		739,218
	201,000	Ciena Corp., 3.750%, 10/15/18 (e)		228,763
	391,000	Palo Alto Networks, Inc., 0.000%, 07/01/19		567,683
	651,000	Viavi Solutions, Inc., 0.625%, 08/15/33		601,361
				2,137,025
		Internet Software & Services — 1.3%
	643,000	Akamai Technologies, Inc., 0.000%, 02/15/19		601,205
	544,000	j2 Global, Inc., 3.250%, 06/15/29		658,240
	598,000	MercadoLibre, Inc., 2.250%, 07/01/19		613,324
	400,000	Qihoo 360 Technology Co., Ltd., (Cayman Islands), 2.500%, 09/15/18		393,500
	597,000	SINA Corp., (Cayman Islands), 1.000%, 12/01/18		579,463
	926,000	Yandex N.V., (Netherlands), 1.125%, 12/15/18		795,781
	637,000	YY, Inc., (Cayman Islands), 2.250%, 04/01/19		609,530
				4,251,043
		IT Services — 0.3%
	800,000	Euronet Worldwide, Inc., 1.500%, 10/01/44		991,500
		Semiconductors & Semiconductor Equipment — 1.7%
		Intel Corp.,
	221,000	2.950%, 12/15/35		270,725
	189,000	3.250%, 08/01/39		288,697
		Lam Research Corp.,
	152,000	0.500%, 05/15/16		174,800
	273,000	1.250%, 05/15/18		366,332
	400,000	Microchip Technology, Inc., 1.625%, 02/15/25 (e)		384,500
	932,000	Micron Technology, Inc., Series G, 3.000%, 11/15/43		654,148
	101,000	Novellus Systems, Inc., 2.625%, 05/15/41		215,509
		NVIDIA Corp.,
	524,000	1.000%, 12/01/18		787,310
	800,000	NXP Semiconductors N.V., (Netherlands), 1.000%, 12/01/19		843,000
	725,000	ON Semiconductor Corp., Series B, 2.625%, 12/15/26		775,297

PRINCIPAL/ UNIT AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — continued
	550,000	Xilinx, Inc., 2.625%, 06/15/17		952,187
				5,712,505
		Software — 1.3%
	821,000	Citrix Systems, Inc., 0.500%, 04/15/19		865,129
	464,000	Electronic Arts, Inc., 0.750%, 07/15/16		939,310
	873,000	Nuance Communications, Inc., 2.750%, 11/01/31		877,365
	478,000	Red Hat, Inc., 0.250%, 10/01/19		566,729
	483,000	salesforce.com, Inc., 0.250%, 04/01/18		572,355
	541,000	Verint Systems, Inc., 1.500%, 06/01/21		493,662
				4,314,550
		Technology Hardware, Storage & Peripherals — 0.4%
	751,000	Electronics For Imaging, Inc., 0.750%, 09/01/19		755,694
		SanDisk Corp.,
	232,000	0.500%, 10/15/20		238,380
	270,000	1.500%, 08/15/17		406,012
				1,400,086
		Total Information Technology		18,806,709
		Materials — 0.1%
		Metals & Mining — 0.1%
	261,000	Newmont Mining Corp., Series B, 1.625%, 07/15/17		258,553
		Total Convertible Bonds (Proceeds $39,460,611)		37,109,429
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Health Care — 0.0%
		Biotechnology — 0.0%
	2,982	Chelsea Therapeutics International Ltd. (a)		—
		Telecommunication Services — 0.0% (g)
		Wireless Telecommunication Services — 0.0% (g)
	3,314	Leap Wireless International, Inc., (a)		8,351
		Total Rights (Cost –)		8,351

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 38.0%
		Investment Company — 38.0%
	124,489,793	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (Cost $124,489,793) (b) (l) ^^		124,489,793
		Total Investments — 94.3% (Cost 318,296,896)		309,103,287
		Other Assets in Excess of Liabilities — 5.7% (c)		18,687,807
		NET ASSETS — 100.0%	$	327,791,094

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JANUARY 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	17	Sugar No. 11 (World Markets) Futures ^		02/29/16		USD	$	250,186		$	(27,881	)
	29	Euro Bobl		03/08/16		EUR		4,160,381			23,609
	137	Euro Schatz		03/08/16		EUR		16,596,183			29,467
	2	TOPIX Index		03/10/16		JPY		237,724			(11,464	)
	31	LME Aluminium Futures ^		03/14/16		USD		1,174,707			32,263
	38	Soybean Futures ^		03/14/16		USD		1,676,275			50,663
	178	10 Year Australian Government Bond		03/15/16		AUD		16,303,344			352,468
	16	Cocoa Futures ^		03/15/16		USD		441,760			(52,826	)
	244	10 Year U.S. Treasury Note		03/21/16		USD		31,617,062			776,001
	1	U.S. Treasury Long Bond		03/21/16		USD		161,031			2,029
	14	Feeder Cattle Futures ^		03/24/16		USD		1,100,750			(114,754	)
	162	Long Gilt		03/29/16		GBP		27,773,923			720,076
	2	5 Year U.S. Treasury Note		03/31/16		USD		241,344			1,293
	9	Gold 100 OZ Futures ^		04/27/16		USD		1,004,760			(6,463	)
	10	Feeder Cattle Futures ^		04/28/16		USD		783,375			(36,604	)
	107	Sugar No. 11 (World Markets) Futures ^		04/29/16		USD		1,567,507			(119,771	)
	29	Cotton No. 2 Futures ^		05/06/16		USD		893,200			(28,630	)
	79	Cocoa Futures ^		05/13/16		USD		2,185,930			(287,690	)
	50	Sugar No. 11 (World Markets) Futures ^		06/30/16		USD		730,800			(23,923	)
	36	Cocoa Futures ^		07/14/16		USD		997,920			(128,835	)
		Short Futures Outstanding
	(19)	LME Nickel Futures ^		02/15/16		USD		(979,488	)		(11,116	)
	(6)	CAC 40 Index		02/19/16		EUR		(286,706	)		(13,690	)
	(6)	IBEX 35 Index		02/19/16		EUR		(569,935	)		2,290
	(48)	WTI Crude Futures ^		02/22/16		USD		(1,613,760	)		235,145
	(102)	Natural Gas Futures ^		02/25/16		USD		(2,343,960	)		1,664
	(4)	Hang Seng Index		02/26/16		HKD		(506,963	)		(15,845	)
	(20)	Cotton No. 2 Futures ^		03/08/16		USD		(611,300	)		10,932
	(111)	Euro Bund		03/08/16		EUR		(19,642,233	)		(371,554	)
	(4)	Euro-Buxl 30-Year Bond		03/08/16		EUR		(704,665	)		(33,598	)
	(9)	10 Year Japanese Government Bond		03/14/16		JPY		(11,182,257	)		(125,223	)
	(30)	CBOT Wheat Futures ^		03/14/16		USD		(718,875	)		7,511

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JANUARY 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
	(45)	Corn Futures ^		03/14/16		USD	$	(837,000	)	$	(533	)
	(13)	LME Aluminium Futures ^		03/14/16		USD		(492,619	)		1,342
	(10)	LME Nickel Futures ^		03/14/16		USD		(516,300	)		13,008
	(16)	LME Zinc Futures ^		03/14/16		USD		(648,800	)		(39,623	)
	(11)	Soybean Futures ^		03/14/16		USD		(485,238	)		5,880
	(121)	3 Year Australian Government Bond		03/15/16		AUD		(9,590,951	)		(41,952	)
	(8)	SPI 200 Index		03/17/16		AUD		(702,796	)		(5,612	)
	(7)	Coffee ‘C’ Futures ^		03/18/16		USD		(305,419	)		39,655
	(413)	E-mini S&P 500		03/18/16		USD		(39,856,565	)		1,551,549
	(11)	Euro STOXX 50 Index		03/18/16		EUR		(360,826	)		(11,237	)
	(8)	FTSE 100 Index		03/18/16		GBP		(684,750	)		(7,053	)
	(2)	FTSE/MIB Index		03/18/16		EUR		(201,537	)		1,828
	(221)	10 Year Canadian Government Bond		03/21/16		CAD		(22,533,828	)		(462,097	)
	(10)	WTI Crude Futures ^		03/21/16		USD		(352,800	)		34,464
	(8)	Feeder Cattle Futures ^		03/24/16		USD		(629,000	)		15,576
	(14)	LME Copper Futures ^		03/29/16		USD		(723,450	)		(8,837	)
	(34)	Natural Gas Futures ^		03/29/16		USD		(792,880	)		16,831
	(10)	Silver Futures ^		03/29/16		USD		(712,150	)		(16,901	)
	(41)	2 Year U.S. Treasury Note		03/31/16		USD		(8,963,625	)		(33,350	)
	(76)	Lean Hogs Futures ^		04/14/16		USD		(2,149,280	)		(137,374	)
	(11)	Gold 100 OZ Futures ^		04/27/16		USD		(1,228,040	)		(359	)
	(11)	Live Cattle Futures ^		04/29/16		USD		(589,600	)		(22,462	)
	(32)	CBOT Wheat Futures ^		05/13/16		USD		(776,000	)		(13,794	)
	(42)	Coffee ‘C’ Futures ^		05/18/16		USD		(1,866,375	)		142,696
	(38)	Lean Hogs Futures ^		06/14/16		USD		(1,225,880	)		(47,912	)
	(21)	CBOT Wheat Futures ^		07/14/16		USD		(515,025	)		(10,862	)
	(34)	Corn Futures ^		07/14/16		USD		(648,550	)		(18,375	)
	(8)	Coffee ‘C’ Futures ^		07/19/16		USD		(360,750	)		27,314
										$	1,807,354

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT JANUARY 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
831,799	AUD
834,714	for CAD	Goldman Sachs International		02/18/16	$	595,838	#	$	588,269	#	$	(7,569	)
9,842,904	AUD	Merrill Lynch International		02/18/16		7,032,794			6,961,151			(71,643	)
418,629	AUD	Standard Chartered Bank		02/18/16		287,805			296,065			8,260
7,153,245	BRL	Goldman Sachs International †		02/18/16		1,755,441			1,780,390			24,949
458,119	CAD	Union Bank of Switzerland AG		02/18/16		324,391			327,016			2,625
11,168	CAD	Westpac Banking Corp.		02/18/16		7,914			7,972			58
7,989,575	CZK	Goldman Sachs International		02/18/16		319,544			320,391			847
3,056,898	GBP	Citibank, N.A.		02/18/16		4,487,926			4,355,843			(132,083)
496,775	GBP	Union Bank of Switzerland AG		02/18/16		725,006			707,865			(17,141	)
21,619,027,002	IDR	Goldman Sachs International †		02/18/16		1,533,808			1,576,719			42,911
1,253,177	ILS	Merrill Lynch International		02/18/16		319,543			316,514			(3,029	)
115,031,269	INR	Goldman Sachs International †		02/18/16		1,717,911			1,689,950			(27,961	)
29,070,028	JPY	BNP Paribas		02/18/16		245,527			240,184			(5,343)
192,840,706	JPY	Goldman Sachs International		02/18/16		1,640,524			1,593,300			(47,224)
131,046,747	JPY	HSBC Bank, N.A.		02/18/16		1,120,121			1,082,742			(37,379)
163,421,055	JPY	Royal Bank of Canada		02/18/16		1,375,964			1,350,228			(25,736)
501,886,347	JPY	Standard Chartered Bank		02/18/16		4,209,929			4,146,716			(63,213)
32,130,318	JPY	State Street Corp.		02/18/16		272,640			265,469			(7,171)
30,207,287	JPY	Union Bank of Switzerland AG		02/18/16		256,367			249,581			(6,786	)
7,301,985	MYR	Merrill Lynch International †		02/18/16		1,681,710			1,763,079			81,369
16,616,631	NZD	Citibank, N.A.		02/18/16		11,044,218			10,750,004			(294,214)
935,771	NZD	Standard Chartered Bank		02/18/16		611,721			605,390			(6,331	)
72,595,144	PHP	Goldman Sachs International †		02/18/16		1,533,808			1,517,589			(16,219	)
118,585,463	RUB	Merrill Lynch International †		02/18/16		1,608,375			1,564,539			(43,836	)
21,119,295	SEK	Citibank, N.A.		02/18/16		2,473,372			2,461,457			(11,915	)
5,299,225	TRY	Deutsche Bank AG		02/18/16		1,753,251			1,785,034			31,783
25,509,173	ZAR	Deutsche Bank AG		02/18/16		1,583,829			1,601,092			17,263
					$	50,519,277		$	49,904,549		$	(614,728	)

CONTRACTS TO SELL		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
119,611	AUD	BNP Paribas		02/18/16		$84,424		$84,591		$(167)
2,540,072	AUD	Citibank, N.A.		02/18/16		1,778,620		1,796,403		(17,783)
7,564,556	AUD	Royal Bank of Canada		02/18/16		5,297,133		5,349,846		(52,713)
549,520	AUD	Union Bank of Switzerland AG		02/18/16		385,127		388,635		(3,508	)
7,153,245	BRL	Goldman Sachs International †		02/18/16		1,739,179		1,780,390		(41,211	)
9,550,897	CAD	Citibank, N.A.		02/18/16		6,838,228		6,817,657		20,571
11,651,585	CAD	Royal Bank of Canada		02/18/16		8,271,144		8,317,178		(46,034	)
2,258,026	CHF	Citibank, N.A.		02/18/16		2,249,107		2,205,653		43,454
1,970,835	CHF	Royal Bank of Canada		02/18/16		1,968,184		1,925,122		43,062
45,552,943	CZK	Royal Bank of Canada		02/18/16		1,826,685		1,826,723		(38	)
2,029,687	EUR	Morgan Stanley		02/18/16		2,193,181		2,199,565		(6,384)
2,590,914	EUR	Royal Bank of Canada		02/18/16		2,806,846		2,807,763		(917	)
4,048,890	GBP	Citibank, N.A.		02/18/16		5,901,719		5,769,354		132,365
33,469	GBP	Deutsche Bank AG		02/18/16		48,046		47,691		355

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
5,365,328	HKD	Union Bank of Switzerland AG		02/18/16	$	691,437	$	689,599	$	1,838
505,645,035	HUF	State Street Corp.		02/18/16		1,736,178		1,759,118		(22,940	)
7,147,952	ILS	Citibank, N.A.		02/18/16		1,821,480		1,805,353		16,127
115,031,269	INR	Goldman Sachs International†		02/18/16		1,715,093		1,689,950		25,143
146,200,228	JPY	BNP Paribas		02/18/16		1,248,688		1,207,945		40,743
54,404,191	JPY	Goldman Sachs International		02/18/16		462,825		449,502		13,323
166,280,538	JPY	Merrill Lynch International		02/18/16		1,418,674		1,373,853		44,821
2,154,492,261	JPY	Standard Chartered Bank		02/18/16		18,321,372		17,800,976		520,396
35,234,490	JPY	Union Bank of Switzerland AG		02/18/16		296,300		291,117		5,183
1,832,900,835	KRW	Goldman Sachs International†		02/18/16		1,533,808		1,515,955		17,853
7,301,985	MYR	Goldman Sachs International†		02/18/16		1,661,241		1,763,079		(101,838	)
35,117,977	NOK	Merrill Lynch International		02/18/16		3,930,384		4,044,454		(114,070	)
38,317,495	NOK	Royal Bank of Canada		02/18/16		4,290,392		4,412,935		(122,543	)
7,251,663	RON	Societe Generale		02/18/16		1,734,472		1,724,514		9,958
74,301,144	SEK	Citibank, N.A.		02/18/16		8,736,172		8,659,809		76,363
					$	90,986,139	$	90,504,730	$	481,409

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at January 31, 2016 of the currency being sold, and the value at January 31, 2016 is the U.S. Dollar market value of the currency being purchased.

Total Return Basket Swaps* Outstanding at January 31, 2016

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		AMOUNT**
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short positions and pays one month LIBOR plus a spread for long positions, with the exception of long positions denominated in HKD which pays one day LIBOR plus a spread, or one day Federal Funds floating rate for short positions, which is denominated in various foreign currencies based on the local currencies of the positions within the portfolio.		02/05/18		$595,929
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short positions and pays one month LIBOR plus a spread for long positions, with the exception of long positions denominated in ZAR which pays one day LIBOR plus a spread, or one day Federal Funds floating rate for short positions, which is denominated in various foreign currencies based on the local currencies of the positions within the portfolio.		02/05/18		(2,138,995)
Total				$	(1,543,066	)

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

** The fair value of the swap is zero. Amount presented represents due from/(to) counterparty for swap contract.

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

AUD	—	Australian Dollar
BRL	—	Brazilian Real
CAC	—	Continuous Assisted Quotation
CAD	—	Canadian Dollar
CBOT	—	Chicago Board of Trade
CHF	—	Swiss Franc
CZK	—	Czech Republic Koruna
EUR	—	Euro
FTSE	—	Financial Times and the London Stock Exchange
GBP	—	British Pound
HKD	—	Hong Kong Dollar
HUF	—	Hungarian Forint
IBEX	—	International Business Exchange
IDR	—	Indonesian Rupiah
ILS	—	Israeli Shekel
INR	—	Indian Rupee
JPY	—	Japanese Yen
KRW	—	South Korean Won
LIBOR	—	London Interbank Offered Rate
LME	—	London Metal Exchange
MIB	—	Milan, Italian Stock Exchange
MSCI	—	Morgan Stanley Capital International
MYR	—	Malaysian Ringgit
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
PHP	—	Philippine Peso
RON	—	Romanian Leu
RUB	—	Russian Ruble
SEK	—	Swedish Krona
SPI	—	Australian Securities Exchange
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of January 31, 2016.
TOPIX	—	Tokyo Stock Price Index
TRY	—	New Turkish Lira
USD	—	United States Dollar
WTI	—	West Texas Intermediate
ZAR	—	South African Rand
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—	Included in this amount is cash segregated as collateral for futures contracts.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one (shares or dollars).
(l)	—	The rate shown is the current yield as of January 31, 2016.
†	—	Non-deliverable forward.
^	—	Represents positions held in the Subsidiary.
^^	—	A portion of the position is held by the Subsidiary.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are $27,084,890 and 8.8%, respectively.

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	4,287,394
Aggregate gross unrealized depreciation		(13,481,003	)
Net unrealized appreciation/depreciation	$	(9,193,609	)
Federal income tax cost of investments	$	318,296,896

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions
Common Stocks
Consumer Discretionary — 1.9%
Media — 1.4%
Rentrak Corp. (a)		30,836	$	1,371,277	$	1,371,277	$	—
Time Warner Cable, Inc.		17,604		3,204,104		3,204,104		—
		48,440		4,575,381		4,575,381		—
Specialty Retail — 0.5%
Office Depot, Inc. (a)		345,070		1,777,110		1,777,110		—
Total Consumer Discretionary		393,510		6,352,491		6,352,491		—
Consumer Staples — 2.5%
Beverages — 0.9%
SABMiller plc (United Kingdom)		48,997		2,920,047		2,920,047		—
Food & Staples Retailing — 0.9%
Delhaize Group (Belgium)		28,560		2,983,762		2,983,762		—
Food Products — 0.7%
Diamond Foods, Inc. (a)		61,048		2,240,462		2,240,462		—
Total Consumer Staples		138,605		8,144,271		8,144,271		—
Energy — 2.8%
Energy Equipment & Services — 1.6%
Baker Hughes, Inc.		45,463		1,978,095		1,978,095		—
Cameron International Corp. (a)		50,874		3,340,387		3,340,387		—
		96,337		5,318,482		5,318,482		—
Oil, Gas & Consumable Fuels — 1.2%
BG Group plc (United Kingdom)		171,188		2,572,197		2,572,197		—
Canadian Oil Sands Ltd. (Canada)		205,381		1,376,635		1,376,635		—
		376,569		3,948,832		3,948,832		—
Total Energy		472,906		9,267,314		9,267,314		—
Financials — 3.0%
Banks — 1.8%
First Niagara Financial Group, Inc.		289,635		2,835,527		2,835,527		—
FirstMerit Corp.		121,837		2,361,201		2,361,201		—
National Penn Bancshares, Inc.		53,061		604,895		604,895		—
		464,533		5,801,623		5,801,623		—
Insurance — 0.3%
Amlin plc (United Kingdom)		110,079		1,049,337		1,049,337		—
Chubb Ltd. (Switzerland)		150		16,961		16,961		—
		110,229		1,066,298		1,066,298		—
Thrifts & Mortgage Finance — 0.9%
Astoria Financial Corp.		186,586		2,823,046		2,823,046		—
Total Financials		761,348		9,690,967		9,690,967		—
Health Care — 1.2%
Biotechnology — 0.3%
Baxalta, Inc.		20,220		809,002		809,002		—
Health Care Providers & Services — 0.9%
Cigna Corp.		4,842		646,891		646,891		—
Health Net, Inc. (a)		35,167		2,328,759		2,328,759		—
		40,009		2,975,650		2,975,650		—
Total Health Care		60,229		3,784,652		3,784,652		—
Industrials — 0.2%
Road & Rail — 0.2%
Norfolk Southern Corp.		8,256		582,048		582,048		—
Information Technology — 2.5%
IT Services — 0.9%
Heartland Payment Systems, Inc.		32,395		2,982,931		2,982,931		—
Semiconductors & Semiconductor Equipment — 1.0%
KLA-Tencor Corp.		45,503		3,048,246		3,048,246		—
Technology Hardware, Storage & Peripherals — 0.6%
EMC Corp.		27,056		670,177		670,177		—
SanDisk Corp.		19,631		1,387,912		1,387,912		—
		46,687		2,058,089		2,058,089		—
Total Information Technology		124,585		8,089,266		8,089,266		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Materials — 1.2%
Chemicals — 0.2%
Axiall Corp.		43,855		786,320		786,320		—
Containers & Packaging — 1.0%
Rexam plc (United Kingdom)		389,486		3,329,872		3,329,872		—
Total Materials		433,341		4,116,192		4,116,192		—
Telecommunication Services — 0.1%
Diversified Telecommunication Services — 0.1%
Cable & Wireless Communications plc (United Kingdom)		380,345		372,864		372,864		—
Total Long Positions of Total Return Basket Swap		2,773,125		50,400,065		50,400,065		—
Short Positions
Common Stocks
Consumer Discretionary — 0.5%
Media — 0.3%
Charter Communications, Inc. (a)		6,660		1,141,258		1,141,258		—
Specialty Retail — 0.2%
Staples, Inc.		74,745		666,725		666,725		—
Total Consumer Discretionary		81,405		1,807,983		1,807,983		—
Consumer Staples — 1.6%
Food & Staples Retailing — 1.1%
Koninklijke Ahold N.V. (Netherlands)		162,060		3,656,029		3,656,029		—
Food Products — 0.5%
Snyder’s-Lance, Inc.		46,839		1,478,707		1,478,707		—
Total Consumer Staples		208,899		5,134,736		5,134,736		—
Energy — 2.2%
Energy Equipment & Services — 1.3%
Halliburton Co.		59,833		1,902,091		1,902,091		—
Schlumberger Ltd.		36,061		2,606,129		2,606,129		—
		95,894		4,508,220		4,508,220		—
Oil, Gas & Consumable Fuels — 0.9%
Royal Dutch Shell plc (Netherlands)		75,485		1,635,966		1,635,966		—
Royal Dutch Shell plc (Netherlands)		1,447		31,299		31,299		—
Suncor Energy, Inc. (Canada)		50,832		1,203,944		1,203,944		—
		127,764		2,871,209		2,871,209		—
Total Energy		223,658		7,379,429		7,379,429		—
Financials — 2.2%
Banks — 1.3%
BB&T Corp.		11,788		384,996		384,996		—
Huntington Bancshares, Inc.		207,463		1,780,032		1,780,032		—
KeyCorp.		194,981		2,175,988		2,175,988		—
		414,232		4,341,016		4,341,016		—
Thrifts & Mortgage Finance — 0.9%
New York Community Bancorp, Inc.		184,720		2,859,466		2,859,466		—
Total Financials		598,952		7,200,482		7,200,482		—
Health Care — 0.6%
Health Care Providers & Services — 0.4%
Centene Corp. (a)		21,873		1,357,438		1,357,438		—
Pharmaceuticals — 0.2%
Shire plc (Ireland)		3,377		568,349		568,349		—
Total Health Care		25,250		1,925,787		1,925,787		—
Industrials — 0.1%
Road & Rail — 0.1%
Canadian Pacific Railway Ltd. (Canada)		2,844		341,873		341,873		—
Information Technology — 1.4%
Internet Software & Services — 0.4%
comScore, Inc. (a)		35,106		1,352,634		1,352,634		—
IT Services — 0.4%
Global Payments, Inc.		21,445		1,264,183		1,264,183		—
Semiconductors & Semiconductor Equipment — 0.6%
Lam Research Corp.		22,523		1,616,926		1,616,926		—
Microsemi Corp. (a)		9,920		314,464		314,464		—
		32,443		1,931,390		1,931,390		—
Technology Hardware, Storage & Peripherals — 0.0% (g)
Western Digital Corp.		346		16,601		16,601		—
Total Information Technology		89,340		4,564,808		4,564,808		—

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Materials — 0.5%
Chemicals — 0.1%
Westlake Chemical Corp.		8,540		388,399		388,399		—
Containers & Packaging — 0.4%
Ball Corp.		17,207		1,149,944		1,149,944		—
Total Materials		25,747		1,538,343		1,538,343		—
Utilities — 0.4%
Electric Utilities — 0.4%
NextEra Energy, Inc.		10,427		1,164,800		1,164,800		—
Total Short Positions of Total Return Basket Swap		1,266,522		31,058,241		31,058,241		—
Total of Long and Short Positions of Total Return Basket Swap		1,506,603		19,341,824		19,341,824		—
Cash and Other Receivables/(Payables) (4)								622,132
Financing Costs								(26,203	)
Net Dividends Receivable/(Payable)								—
Due from counterparty for swap contract							$	595,929
TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Common Stocks
Consumer Discretionary — 5.0%
Auto Components — 0.6%
Brembo S.p.A. (Italy)		11,823		483,112		483,112		—
Cooper Tire & Rubber Co.		14,602		532,389		532,389		—
Lear Corp.		4,108		426,534		426,534		—
Linamar Corp. (Canada)		8,662		337,786		337,786		—
Magna International, Inc. (Canada)		9,623		334,322		334,322		—
		48,818		2,114,143		2,114,143		—
Automobiles — 0.3%
Peugeot S.A. (France) (a)		31,391		464,521		464,521		—
Renault S.A. (France)		5,134		433,420		433,420		—
		36,525		897,941		897,941		—
Distributors — 0.1%
Inchcape plc (United Kingdom)		46,863		479,111		479,111		—
Hotels, Restaurants & Leisure — 0.4%
Carnival plc		9,120		452,229		452,229		—
Marriott Vacations Worldwide Corp.		8,528		421,198		421,198		—
Wyndham Worldwide Corp.		6,202		402,510		402,510		—
		23,850		1,275,937		1,275,937		—
Household Durables — 0.9%
Barratt Developments plc (United Kingdom)		57,217		488,763		488,763		—
Bellway plc (United Kingdom)		12,802		506,751		506,751		—
Berkeley Group Holdings plc (United Kingdom)		9,593		483,202		483,202		—
Bovis Homes Group plc (United Kingdom)		36,089		481,578		481,578		—
Persimmon plc (United Kingdom) (a)		19,726		572,270		572,270		—
Taylor Wimpey plc (United Kingdom)		195,220		535,197		535,197		—
		330,647		3,067,761		3,067,761		—
Media — 0.5%
ProSiebenSat.1 Media SE (Germany)		9,311		463,025		463,025		—
Sky plc (United Kingdom)		31,896		491,754		491,754		—
Technicolor S.A. (France)		73,791		523,593		523,593		—
		114,998		1,478,372		1,478,372		—
Multiline Retail — 0.9%
Big Lots, Inc.		10,626		412,076		412,076		—
Dillard’s, Inc.		5,977		420,841		420,841		—
Kohl’s Corp.		11,295		561,926		561,926		—
Macy’s, Inc.		15,758		636,781		636,781		—
Marks & Spencer Group plc (United Kingdom)		71,133		429,857		429,857		—
Target Corp.		7,067		511,792		511,792		—
		121,856		2,973,273		2,973,273		—
Specialty Retail — 1.3%
American Eagle Outfitters, Inc.		37,037		542,222		542,222		—
Best Buy Co., Inc.		14,742		411,744		411,744		—
Children’s Place, Inc. (The)		8,016		521,842		521,842		—
Foot Locker, Inc.		9,000		608,040		608,040		—
GameStop Corp.		19,659		515,262		515,262		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Consumer Discretionary — continued
Specialty Retail — continued
Guess?, Inc.		26,404		489,530		489,530		—
Outerwall, Inc.		15,086		509,907		509,907		—
WH Smith plc (United Kingdom)		19,570		513,647		513,647		—
		149,514		4,112,194		4,112,194		—
Total Consumer Discretionary		873,071		16,398,732		16,398,732		—
Consumer Staples — 1.9%
Beverages — 0.2%
Dr. Pepper Snapple Group, Inc.		6,433		603,673		603,673		—
Food & Staples Retailing — 0.5%
Delhaize Group (Belgium)		5,558		580,664		580,664		—
Ingles Markets, Inc.		10,609		406,961		406,961		—
Metro, Inc. (Canada)		17,481		516,731		516,731		—
		33,648		1,504,356		1,504,356		—
Food Products — 0.9%
Cal-Maine Foods, Inc.		9,624		485,723		485,723		—
Ebro Foods S.A. (Spain)		28,257		551,913		551,913		—
Fresh Del Monte Produce, Inc.		13,980		570,524		570,524		—
Ingredion, Inc.		6,249		629,399		629,399		—
Lancaster Colony Corp.		4,394		446,782		446,782		—
Pinnacle Foods, Inc.		11,039		473,463		473,463		—
		73,543		3,157,804		3,157,804		—
Tobacco — 0.3%
Imperial Tobacco Group plc (United Kingdom)		9,976		538,172		538,172		—
Universal Corp.		9,262		506,909		506,909		—
		19,238		1,045,081		1,045,081		—
Total Consumer Staples		132,862		6,310,914		6,310,914		—
Energy — 3.4%
Energy Equipment & Services — 0.7%
Baker Hughes, Inc.		7,961		346,383		346,383		—
Hunting plc (United Kingdom)		124,904		545,051		545,051		—
John Wood Group plc (United Kingdom)		56,791		520,326		520,326		—
National Oilwell Varco, Inc.		13,634		443,650		443,650		—
Tecnicas Reunidas S.A. (Spain)		12,829		424,017		424,017		—
		216,119		2,279,427		2,279,427		—
Oil, Gas & Consumable Fuels — 2.7%
Alon USA Energy, Inc.		26,797		337,106		337,106		—
BP plc (United Kingdom)		105,472		565,229		565,229		—
Chevron Corp.		5,650		488,556		488,556		—
CVR Energy, Inc.		11,636		407,493		407,493		—
Delek US Holdings, Inc.		19,302		328,520		328,520		—
Eni S.p.A. (Italy)		36,700		527,973		527,973		—
Green Plains, Inc.		25,853		489,914		489,914		—
HollyFrontier Corp.		12,475		436,251		436,251		—
Marathon Petroleum Corp.		8,769		366,457		366,457		—
Neste Oil OYJ (Finland)		18,402		573,726		573,726		—
Nordic American Tankers Ltd. (Norway)		35,635		452,921		452,921		—
OMV AG (Austria)		20,937		536,520		536,520		—
Phillips 66		5,877		471,042		471,042		—
Ship Finance International Ltd. (Norway)		35,081		469,735		469,735		—
Tesoro Corp.		4,340		378,665		378,665		—
TOTAL S.A. (France)		11,339		502,642		502,642		—
Valero Energy Corp.		8,006		543,367		543,367		—
Western Refining, Inc.		13,791		453,724		453,724		—
World Fuel Services Corp.		11,588		451,353		451,353		—
		417,650		8,781,194		8,781,194		—
Total Energy		633,769		11,060,621		11,060,621		—
Financials — 5.5%
Banks — 0.5%
Erste Group Bank AG (Austria) (a)		17,900		518,323		518,323		—
National Bank of Canada (Canada)		17,644		503,413		503,413		—
Royal Bank of Canada (Canada)		10,180		527,203		527,203		—
		45,724		1,548,939		1,548,939		—
Capital Markets — 0.4%
3i Group plc (United Kingdom)		74,223		467,461		467,461		—
Investec plc (South Africa)		62,268		393,853		393,853		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Financials — continued
Capital Markets — continued
Mediobanca S.p.A. (Italy)		54,320		433,392		433,392		—
		190,811		1,294,706		1,294,706		—
Diversified Financial Services — 0.1%
Voya Financial, Inc.		12,386		378,764		378,764		—
Insurance — 4.4%
Ageas (Belgium)		13,368		540,814		540,814		—
Allianz SE (Germany)		2,977		479,394		479,394		—
Allied World Assurance Co. Holdings AG (Switzerland)		12,215		446,947		446,947		—
American Equity Investment Life Holding Co.		23,321		424,209		424,209		—
Amlin plc (United Kingdom)		76,063		725,077		725,077		—
AmTrust Financial Services, Inc.		7,795		445,796		445,796		—
Aspen Insurance Holdings Ltd. (Bermuda)		12,076		561,655		561,655		—
AXA S.A. (France)		21,803		537,809		537,809		—
Baloise Holding AG (Switzerland)		4,504		549,617		549,617		—
Direct Line Insurance Group plc (United Kingdom)		95,587		510,212		510,212		—
First American Financial Corp.		14,775		507,817		507,817		—
Great-West Lifeco, Inc. (Canada)		22,431		555,931		555,931		—
Hannover Rueck SE (Germany)		4,386		458,981		458,981		—
Hanover Insurance Group, Inc. (The)		6,820		555,762		555,762		—
Legal & General Group plc (United Kingdom)		135,848		471,343		471,343		—
Manulife Financial Corp. (Canada)		36,649		509,355		509,355		—
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)		3,019		578,385		578,385		—
NN Group N.V. (Netherlands)		14,658		494,790		494,790		—
Old Mutual plc (United Kingdom)		182,728		441,846		441,846		—
PartnerRe Ltd. (Bermuda) (a)		4,591		644,576		644,576		—
Power Corp. of Canada (Canada)		26,122		553,990		553,990		—
Reinsurance Group of America, Inc.		5,400		454,842		454,842		—
SCOR SE (France)		13,495		469,640		469,640		—
Swiss Life Holding AG (Switzerland) (a)		2,024		512,940		512,940		—
Swiss Re AG (Switzerland)		5,318		492,162		492,162		—
Talanx AG (Germany)		19,587		561,126		561,126		—
Universal Insurance Holdings, Inc.		24,379		456,862		456,862		—
Validus Holdings Ltd. (Bermuda)		12,394		548,311		548,311		—
		804,333		14,490,189		14,490,189		—
Thrifts & Mortgage Finance — 0.1%
Aareal Bank AG (Germany)		16,135		440,122		440,122		—
Total Financials		1,069,389		18,152,720		18,152,720		—
Health Care — 2.8%
Health Care Equipment & Supplies — 0.2%
Hill-Rom Holdings, Inc.		10,811		528,442		528,442		—
Health Care Providers & Services — 2.0%
Aetna, Inc.		4,594		467,853		467,853		—
Cardinal Health, Inc.		7,305		594,408		594,408		—
Chemed Corp.		3,857		541,214		541,214		—
Express Scripts Holding Co. (a)		5,765		414,331		414,331		—
Health Net, Inc. (a)		8,305		549,957		549,957		—
HealthSouth Corp.		15,103		540,536		540,536		—
Humana, Inc.		3,235		526,626		526,626		—
Laboratory Corp. of America Holdings (a)		4,187		470,409		470,409		—
McKesson Corp.		2,458		395,689		395,689		—
MEDNAX, Inc. (a)		7,247		503,377		503,377		—
Quest Diagnostics, Inc.		7,946		521,814		521,814		—
UnitedHealth Group, Inc.		4,859		559,562		559,562		—
Universal Health Services, Inc.		4,511		508,119		508,119		—
		79,372		6,593,895		6,593,895		—
Life Sciences Tools & Services — 0.3%
Gerresheimer AG (Germany)		7,847		553,648		553,648		—
Lonza Group AG (Switzerland) (a)		3,254		496,510		496,510		—
		11,101		1,050,158		1,050,158		—
Pharmaceuticals — 0.3%
Roche Holding AG (Switzerland)		1,878		480,797		480,797		—
STADA Arzneimittel AG (Germany)		13,746		473,461		473,461		—
		15,624		954,258		954,258		—
Total Health Care		116,908		9,126,753		9,126,753		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Industrials — 4.7%
Aerospace & Defense — 0.6%
Boeing Co. (The)		3,691		443,400		443,400		—
Huntington Ingalls Industries, Inc.		3,848		492,082		492,082		—
Northrop Grumman Corp.		3,231		597,929		597,929		—
Raytheon Co.		4,615		591,828		591,828		—
		15,385		2,125,239		2,125,239		—
Air Freight & Logistics — 0.3%
CTT-Correios de Portugal S.A. (Portugal)		44,578		386,330		386,330		—
Royal Mail plc (United Kingdom)		81,752		534,915		534,915		—
		126,330		921,245		921,245		—
Airlines — 0.5%
Alaska Air Group, Inc.		7,477		526,381		526,381		—
easyJet plc (United Kingdom)		19,034		419,841		419,841		—
JetBlue Airways Corp. (a)		24,341		518,707		518,707		—
		50,852		1,464,929		1,464,929		—
Commercial Services & Supplies — 0.3%
Deluxe Corp.		9,984		558,106		558,106		—
Tetra Tech, Inc.		20,572		544,952		544,952		—
		30,556		1,103,058		1,103,058		—
Construction & Engineering — 0.9%
Astaldi S.p.A. (Italy)		91,546		459,363		459,363		—
Boskalis Westminster N.V. (Netherlands)		12,151		477,823		477,823		—
Carillion plc (United Kingdom)		103,135		404,573		404,573		—
Eiffage S.A. (France)		9,127		625,865		625,865		—
Vinci S.A. (France)		8,912		602,626		602,626		—
		224,871		2,570,250		2,570,250		—
Electrical Equipment — 0.4%
AZZ, Inc.		9,718		500,283		500,283		—
OSRAM Licht AG (Germany)		9,940		442,026		442,026		—
Prysmian S.p.A. (Italy)		23,456		479,485		479,485		—
		43,114		1,421,794		1,421,794		—
Machinery — 0.7%
Barnes Group, Inc.		13,111		426,239		426,239		—
Greenbrier Cos., Inc. (The)		15,050		389,193		389,193		—
KION Group AG (Germany) (a)		12,903		632,706		632,706		—
Stanley Black & Decker, Inc.		4,993		471,040		471,040		—
Wabash National Corp. (a)		46,408		513,272		513,272		—
		92,465		2,432,450		2,432,450		—
Marine — 0.1%
Matson, Inc.		11,099		448,511		448,511		—
Professional Services — 0.8%
Adecco S.A. (Switzerland) (a)		7,939		484,393		484,393		—
Korn/Ferry International		17,319		533,598		533,598		—
ManpowerGroup, Inc.		5,596		427,255		427,255		—
Randstad Holding N.V. (Netherlands)		8,859		481,095		481,095		—
USG People N.V. (Netherlands)		29,361		545,645		545,645		—
		69,074		2,471,986		2,471,986		—
Trading Companies & Distributors — 0.1%
Finning International, Inc. (Canada)		36,377		463,249		463,249		—
Total Industrials		700,123		15,422,711		15,422,711		—
Information Technology — 5.0%
Communications Equipment — 0.2%
ARRIS International plc (a)		349		8,889		8,889		—
Brocade Communications Systems, Inc.		45,458		362,755		362,755		—
Cisco Systems, Inc.		17,430		414,660		414,660		—
		63,237		786,304		786,304		—
Electronic Equipment, Instruments & Components — 0.4%
CDW Corp.		12,829		493,275		493,275		—
Corning, Inc.		31,912		593,882		593,882		—
Methode Electronics, Inc.		14,108		367,655		367,655		—
		58,849		1,454,812		1,454,812		—
Internet Software & Services — 0.2%
j2 Global, Inc.		7,306		529,758		529,758		—
IT Services — 1.8%
Amdocs Ltd.		9,521		521,180		521,180		—

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Information Technology — continued
IT Services — continued
Atos SE (France)		6,667		525,426		525,426		—
Cap Gemini S.A. (France)		6,336		577,107		577,107		—
CGI Group, Inc. (Canada) (a)		13,583		582,142		582,142		—
Computer Sciences Corp.		16,867		540,925		540,925		—
Convergys Corp.		22,162		541,639		541,639		—
CSG Systems International, Inc.		14,227		497,091		497,091		—
DST Systems, Inc.		4,692		494,584		494,584		—
NeuStar, Inc. (a)		18,052		443,718		443,718		—
Science Applications International Corp.		10,319		439,796		439,796		—
Total System Services, Inc.		9,373		376,420		376,420		—
Western Union Co. (The)		25,651		457,614		457,614		—
		157,450		5,997,642		5,997,642		—
Semiconductors & Semiconductor Equipment — 1.3%
Advanced Energy Industries, Inc. (a)		19,679		552,586		552,586		—
BE Semiconductor Industries N.V. (Netherlands)		23,098		466,162		466,162		—
Cirrus Logic, Inc. (a)		20,551		713,531		713,531		—
Integrated Device Technology, Inc. (a)		20,876		531,920		531,920		—
Intel Corp.		14,925		462,974		462,974		—
Skyworks Solutions, Inc.		5,601		386,021		386,021		—
Teradyne, Inc.		26,208		509,221		509,221		—
Tessera Technologies, Inc.		17,381		500,920		500,920		—
		148,319		4,123,335		4,123,335		—
Software — 1.0%
Activision Blizzard, Inc.		14,516		505,447		505,447		—
Ebix, Inc.		13,470		459,596		459,596		—
Micro Focus International plc (United Kingdom)		23,621		466,494		466,494		—
Oracle Corp.		15,670		568,978		568,978		—
Software AG (Germany)		19,476		655,104		655,104		—
Synopsys, Inc. (a)		10,916		468,296		468,296		—
		97,669		3,123,915		3,123,915		—
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.		4,214		410,191		410,191		—
Total Information Technology		537,044		16,425,957		16,425,957		—
Materials — 2.0%
Chemicals — 0.4%
Celanese Corp.		7,240		460,971		460,971		—
Dow Chemical Co. (The)		9,979		419,118		419,118		—
LyondellBasell Industries N.V.		5,521		430,472		430,472		—
		22,740		1,310,561		1,310,561		—
Containers & Packaging — 0.4%
DS Smith plc (United Kingdom)		83,161		433,340		433,340		—
International Paper Co.		13,655		467,138		467,138		—
Smurfit Kappa Group plc (Ireland)		18,310		396,705		396,705		—
		115,126		1,297,183		1,297,183		—
Metals & Mining — 0.5%
Aurubis AG (Germany)		7,563		307,565		307,565		—
Centamin plc (United Kingdom)		520,529		503,245		503,245		—
Kaiser Aluminum Corp.		6,558		509,819		509,819		—
Salzgitter AG (Germany)		18,496		394,322		394,322		—
		553,146		1,714,951		1,714,951		—
Paper & Forest Products — 0.7%
Domtar Corp.		15,337		494,618		494,618		—
Mondi plc (South Africa)		21,898		354,460		354,460		—
Schweitzer-Mauduit International, Inc.		12,251		514,542		514,542		—
Stora Enso OYJ (Finland)		52,334		423,783		423,783		—
UPM-Kymmene OYJ (Finland)		27,153		439,752		439,752		—
		128,973		2,227,155		2,227,155		—
Total Materials		819,985		6,549,850		6,549,850		—
Telecommunication Services — 0.6%
Diversified Telecommunication Services — 0.4%
Elisa OYJ (Finland)		13,381		482,849		482,849		—
TELUS Corp. (Canada)		14,141		393,372		393,372		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Telecommunication Services — continued
Diversified Telecommunication Services — continued
Verizon Communications, Inc.		12,770		638,117		638,117		—
		40,292		1,514,338		1,514,338		—
Wireless Telecommunication Services — 0.2%
Freenet AG (Germany)		17,969		556,236		556,236		—
Total Telecommunication Services		58,261		2,070,574		2,070,574		—
Utilities — 2.3%
Electric Utilities — 1.2%
Acciona S.A. (Spain)		7,460		569,821		569,821		—
American Electric Power Co., Inc.		9,508		579,703		579,703		—
EDP - Energias de Portugal S.A. (Portugal)		159,960		557,457		557,457		—
Entergy Corp.		8,734		616,446		616,446		—
Iberdrola S.A. (Spain)		76,798		536,442		536,442		—
Pinnacle West Capital Corp.		7,905		524,181		524,181		—
SSE plc (United Kingdom)		24,806		512,518		512,518		—
		295,171		3,896,568		3,896,568		—
Gas Utilities — 0.4%
AGL Resources, Inc.		10,816		687,465		687,465		—
Snam S.p.A. (Italy)		104,377		584,015		584,015		—
		115,193		1,271,480		1,271,480		—
Multi-Utilities — 0.7%
Consolidated Edison, Inc.		8,485		588,774		588,774		—
Hera S.p.A. (Italy)		209,083		584,369		584,369		—
National Grid plc (United Kingdom)		36,232		508,939		508,939		—
Public Service Enterprise Group, Inc.		11,968		494,278		494,278		—
		265,768		2,176,360		2,176,360		—
Total Utilities		676,132		7,344,408		7,344,408		—
Total Long Positions of Total Return Basket Swap		5,617,544		108,863,240		108,863,240		—
Short Positions
Common Stocks
Consumer Discretionary — 8.0%
Auto Components — 0.1%
NGK Spark Plug Co., Ltd. (Japan)		21,300		492,628		492,628		—
Distributors — 0.2%
LKQ Corp. (a)		20,759		568,797		568,797		—
Diversified Consumer Services — 0.1%
Sotheby’s		15,605		366,561		366,561		—
Hotels, Restaurants & Leisure — 2.6%
Accor S.A. (France)		10,298		390,454		390,454		—
Aramark		16,588		529,987		529,987		—
Autogrill S.p.A. (Italy) (a)		60,198		508,984		508,984		—
Belmond Ltd. (United Kingdom) (a)		49,552		419,210		419,210		—
Chipotle Mexican Grill, Inc. (a)		769		348,334		348,334		—
ClubCorp Holdings, Inc.		25,234		302,051		302,051		—
Compass Group plc (United Kingdom)		33,395		572,442		572,442		—
Crown Resorts Ltd. (Australia)		62,082		539,126		539,126		—
Fiesta Restaurant Group, Inc. (a)		11,038		401,783		401,783		—
InterContinental Hotels Group plc (United Kingdom)		13,704		448,531		448,531		—
Merlin Entertainments plc (United Kingdom)		83,809		494,038		494,038		—
Oriental Land Co Ltd. (Japan)		9,200		579,289		579,289		—
Panera Bread Co. (a)		2,213		429,322		429,322		—
Resorttrust, Inc. (Japan)		17,000		421,963		421,963		—
Scientific Games Corp. (a)		40,549		240,050		240,050		—
Tabcorp Holdings Ltd. (Australia)		148,887		484,724		484,724		—
Thomas Cook Group plc (United Kingdom) (a)		315,953		480,815		480,815		—
Whitbread plc (United Kingdom)		7,190		409,801		409,801		—
Wynn Resorts Ltd.		7,129		480,067		480,067		—
		914,788		8,480,971		8,480,971		—
Internet & Catalog Retail — 0.7%
Groupon, Inc. (a)		151,312		411,569		411,569		—
Rakuten, Inc. (Japan)		38,000		385,602		385,602		—
TripAdvisor, Inc. (a)		6,157		411,041		411,041		—
Yoox Net-A-Porter Group (Italy) (a)		15,510		530,943		530,943		—
Zalando SE (Germany) (a)		13,036		447,170		447,170		—
		224,015		2,186,325		2,186,325		—

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Consumer Discretionary — continued
Media — 1.8%
Atresmedia Corp de Medios de Comunicacion S.A. (Spain)		40,503		382,168		382,168		—
Charter Communications, Inc. (a)		2,767		474,153		474,153		—
CyberAgent, Inc. (Japan)		13,300		615,207		615,207		—
DreamWorks Animation SKG, Inc. (a)		22,713		582,361		582,361		—
JCDecaux S.A. (France)		14,128		555,261		555,261		—
Liberty Broadband Corp. (a)		10,243		481,421		481,421		—
Lions Gate Entertainment Corp.		13,372		349,678		349,678		—
Live Nation Entertainment, Inc. (a)		20,220		458,994		458,994		—
Loral Space & Communications, Inc. (a)		11,497		397,221		397,221		—
Numericable-SFR SAS (France)		10,423		412,695		412,695		—
Pearson plc (United Kingdom)		47,456		533,522		533,522		—
Regal Entertainment Group		3,187		54,976		54,976		—
Telenet Group Holding N.V. (Belgium)		9,217		478,570		478,570		—
		219,026		5,776,227		5,776,227		—
Multiline Retail — 0.2%
Burlington Stores, Inc. (a)		10,216		548,906		548,906		—
Specialty Retail — 1.2%
Cabela’s, Inc. (a)		9,038		380,229		380,229		—
CarMax, Inc. (a)		9,258		409,018		409,018		—
Conn’s, Inc. (a)		20,735		255,455		255,455		—
CST Brands, Inc.		14,611		566,030		566,030		—
Dufry AG (Switzerland) (a)		3,912		422,382		422,382		—
Fast Retailing Co., Ltd. (Japan)		1,500		476,149		476,149		—
Five Below, Inc. (a)		15,638		550,927		550,927		—
Restoration Hardware Holdings, Inc. (a)		5,022		309,456		309,456		—
Sally Beauty Holdings, Inc. (a)		19,888		548,113		548,113		—
		99,602		3,917,759		3,917,759		—
Textiles, Apparel & Luxury Goods — 1.1%
Cie Financiere Richemont S.A. (Switzerland)		6,420		415,214		415,214		—
Crocs, Inc. (a)		47,279		435,440		435,440		—
Hugo Boss AG (Germany)		4,500		357,619		357,619		—
Kate Spade & Co. (a)		23,842		424,626		424,626		—
Kering (France)		3,001		504,065		504,065		—
lululemon athletica, Inc. (Canada) (a)		10,003		620,886		620,886		—
Salvatore Ferragamo S.p.A. (Italy)		17,719		399,064		399,064		—
Under Armour, Inc. (a)		6,198		529,495		529,495		—
		118,962		3,686,409		3,686,409		—
Total Consumer Discretionary		1,644,273		26,024,583		26,024,583		—
Consumer Staples — 3.3%
Beverages — 0.5%
Anheuser-Busch InBev N.V. (Belgium)		4,243		532,498		532,498		—
Boston Beer Co., Inc. (The) (a)		2,034		364,595		364,595		—
Coca-Cola Amatil Ltd. (Australia)		58,799		349,982		349,982		—
Diageo plc (United Kingdom)		19,259		517,147		517,147		—
		84,335		1,764,222		1,764,222		—
Food & Staples Retailing — 0.8%
Cosmos Pharmaceutical Corp. (Japan)		3,200		478,156		478,156		—
PriceSmart, Inc.		5,136		393,212		393,212		—
Sprouts Farmers Market, Inc. (a)		20,116		458,645		458,645		—
Tesco plc (United Kingdom) (a)		161,924		400,078		400,078		—
United Natural Foods, Inc. (a)		10,843		379,722		379,722		—
Whole Foods Market, Inc.		13,480		395,099		395,099		—
		214,699		2,504,912		2,504,912		—
Food Products — 1.5%
Aryzta AG (Switzerland) (a)		11,013		502,081		502,081		—
Associated British Foods plc (United Kingdom)		11,033		495,209		495,209		—
Barry Callebaut AG (Switzerland) (a)		433		494,144		494,144		—
Chocoladefabriken Lindt & Sprungli AG (Switzerland) (a)		89		520,003		520,003		—
Hershey Co. (The)		5,862		516,501		516,501		—
Kagome Co., Ltd. (Japan)		30,300		518,578		518,578		—
Kerry Group plc (Ireland)		6,970		568,560		568,560		—
Kewpie Corp. (Japan)		25,200		543,903		543,903		—
WhiteWave Foods Co. (The) (a)		11,414		430,879		430,879		—
Yakult Honsha Co., Ltd. (Japan)		10,200		461,702		461,702		—
		112,514		5,051,560		5,051,560		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Consumer Staples — continued
Household Products — 0.2%
Unicharm Corp. (Japan)		25,600		492,588		492,588		—
Personal Products — 0.3%
Beiersdorf AG (Germany)		4,469		411,895		411,895		—
Edgewell Personal Care Co.		6,376		471,888		471,888		—
		10,845		883,783		883,783		—
Total Consumer Staples		447,993		10,697,065		10,697,065		—
Energy — 2.7%
Energy Equipment & Services — 0.1%
Weatherford International plc (Switzerland) (a)		49,983		336,885		336,885		—
Oil, Gas & Consumable Fuels — 2.6%
Anadarko Petroleum Corp.		7,470		292,002		292,002		—
Cabot Oil & Gas Corp.		25,827		535,910		535,910		—
Cheniere Energy, Inc. (a)		10,614		318,951		318,951		—
Cobalt International Energy, Inc. (a)		73,025		276,765		276,765		—
Concho Resources, Inc. (a)		5,221		496,674		496,674		—
Continental Resources, Inc. (a)		21,743		458,995		458,995		—
Gulfport Energy Corp. (a)		15,702		463,994		463,994		—
Magnum Hunter Resources (a)		290		—		—		—
Matador Resources Co. (a)		19,535		313,146		313,146		—
MEG Energy Corp. (Canada) (a)		65,127		270,103		270,103		—
Memorial Resource Development Corp. (a)		26,428		420,469		420,469		—
Paramount Resources Ltd. (Canada) (a)		113,502		372,696		372,696		—
Parsley Energy, Inc. (a)		25,265		486,604		486,604		—
Premier Oil plc (United Kingdom) (a)		489,447		132,508		132,508		—
Range Resources Corp.		16,813		496,992		496,992		—
Rice Energy, Inc. (a)		45,839		534,941		534,941		—
RSP Permian, Inc. (a)		18,650		439,208		439,208		—
Seven Generations Energy Ltd. (Canada) (a)		47,858		538,399		538,399		—
SM Energy Co.		25,415		355,302		355,302		—
Synergy Resources Corp. (a)		65,935		418,028		418,028		—
Tourmaline Oil Corp. (Canada) (a)		23,670		471,913		471,913		—
WPX Energy, Inc. (a)		87,047		471,795		471,795		—
		1,230,423		8,565,395		8,565,395		—
Total Energy		1,280,406		8,902,280		8,902,280		—
Financials — 5.2%
Banks — 0.8%
Banca Monte dei Paschi di Siena S.p.A. (Italy) (a)		281,537		202,208		202,208		—
Banco Comercial Portugues S.A. (Portugal) (a)		10,283,551		433,352		433,352		—
Banco Espirito Santo S.A. (Portugal) (a)		35,937		4,672		4,672		—
Banco Popolare SC (Italy) (a)		34,694		320,215		320,215		—
Bankia S.A. (Spain)		438,166		433,844		433,844		—
Hilltop Holdings, Inc. (a)		27,392		437,450		437,450		—
Royal Bank of Scotland Group plc (United Kingdom) (a)		99,270		357,444		357,444		—
UniCredit S.p.A. (Italy)		90,989		349,721		349,721		—
		11,291,536		2,538,906		2,538,906		—
Capital Markets — 0.8%
Charles Schwab Corp. (The)		17,571		448,588		448,588		—
Eaton Vance Corp.		13,871		397,543		397,543		—
Julius Baer Group Ltd. (Switzerland) (a)		10,842		457,769		457,769		—
NorthStar Asset Management Group, Inc.		36,012		415,578		415,578		—
State Street Corp.		7,529		419,591		419,591		—
TD Ameritrade Holding Corp.		10,982		302,884		302,884		—
		96,807		2,441,953		2,441,953		—
Consumer Finance — 0.2%
First Cash Financial Services, Inc. (a)		13,495		479,072		479,072		—
LendingClub Corp. (a)		38,581		284,728		284,728		—
		52,076		763,800		763,800		—
Diversified Financial Services — 1.0%
Element Financial Corp. (Canada)		41,087		433,189		433,189		—
Eurazeo S.A. (France)		8,364		510,662		510,662		—
Leucadia National Corp.		22,593		374,140		374,140		—
London Stock Exchange Group plc (United Kingdom)		14,990		528,429		528,429		—
McGraw Hill Financial, Inc.		5,891		500,853		500,853		—
Moody’s Corp.		4,908		437,499		437,499		—

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Financials — continued
Diversified Financial Services — continued
Onex Corp. (Canada)		8,669		518,135		518,135		—
		106,502		3,302,907		3,302,907		—
Insurance — 0.3%
Insurance Australia Group Ltd. (Australia)		130,708		487,520		487,520		—
Standard Life plc (United Kingdom)		87,086		451,063		451,063		—
		217,794		938,583		938,583		—
Real Estate Management & Development — 2.0%
Aeon Mall Co., Ltd. (Japan)		29,500		443,968		443,968		—
Alexander & Baldwin, Inc.		15,410		466,923		466,923		—
Capital & Counties Properties plc (United Kingdom)		87,866		462,615		462,615		—
Howard Hughes Corp. (The) (a)		3,769		358,168		358,168		—
Hulic Co., Ltd. (Japan)		62,200		527,132		527,132		—
IMMOFINANZ AG (Austria) (a)		234,658		441,554		441,554		—
Kennedy-Wilson Holdings, Inc.		23,460		475,769		475,769		—
Mitsubishi Estate Co., Ltd. (Japan)		23,000		449,779		449,779		—
Mitsui Fudosan Co., Ltd. (Japan)		18,000		416,751		416,751		—
NTT Urban Development Corp. (Japan)		48,800		470,808		470,808		—
Realogy Holdings Corp. (a)		11,409		374,215		374,215		—
Sumitomo Realty & Development Co., Ltd. (Japan)		14,000		386,008		386,008		—
Tokyo Tatemono Co., Ltd. (Japan)		42,900		454,283		454,283		—
Tokyu Fudosan Holdings Corp. (Japan)		67,700		436,738		436,738		—
Vonovia SE (Germany)		16,121		489,164		489,164		—
		698,793		6,653,875		6,653,875		—
Thrifts & Mortgage Finance — 0.1%
PHH Corp. (a)		32,453		398,523		398,523		—
Total Financials		12,495,961		17,038,547		17,038,547		—
Health Care — 2.9%
Health Care Equipment & Supplies — 1.1%
Endologix, Inc. (a)		56,757		404,678		404,678		—
IDEXX Laboratories, Inc. (a)		7,123		499,607		499,607		—
Insulet Corp. (a)		13,215		438,474		438,474		—
Neogen Corp. (a)		8,534		445,304		445,304		—
NxStage Medical, Inc. (a)		28,722		543,420		543,420		—
Olympus Corp. (Japan)		12,400		475,249		475,249		—
Wright Medical Group N.V. (Netherlands)		—		429,264		429,264		—
Zeltiq Aesthetics, Inc. (a)		17,513		406,652		406,652		—
		144,264		3,642,648		3,642,648		—
Health Care Providers & Services — 0.8%
Brookdale Senior Living, Inc. (a)		22,656		368,840		368,840		—
Centene Corp. (a)		5,166		320,602		320,602		—
ExamWorks Group, Inc. (a)		18,641		511,882		511,882		—
Healthscope Ltd. (Australia)		284,889		445,603		445,603		—
Ramsay Health Care Ltd. (Australia)		11,317		485,221		485,221		—
Tenet Healthcare Corp. (a)		15,597		422,990		422,990		—
		358,266		2,555,138		2,555,138		—
Health Care Technology — 0.3%
M3, Inc. (Japan)		26,300		592,627		592,627		—
Medidata Solutions, Inc. (a)		10,594		452,682		452,682		—
		36,894		1,045,309		1,045,309		—
Life Sciences Tools & Services — 0.1%
MorphoSys AG (Germany) (a)		7,125		338,225		338,225		—
Pharmaceuticals — 0.6%
Akorn, Inc. (a)		17,203		447,106		447,106		—
BTG plc (United Kingdom) (a)		45,274		377,712		377,712		—
Nektar Therapeutics (a)		31,936		435,607		435,607		—
Pacira Pharmaceuticals, Inc. (a)		7,693		457,118		457,118		—
Relypsa, Inc. (a)		17,631		332,168		332,168		—
		119,737		2,049,711		2,049,711		—
Total Health Care		666,286		9,631,031		9,631,031		—
Industrials — 8.0%
Aerospace & Defense — 1.1%
B/E Aerospace, Inc.		11,639		470,798		470,798		—
Bombardier, Inc. (Canada) (a)		427,716		299,209		299,209		—
BWX Technologies, Inc.		18,757		561,585		561,585		—
Dassault Aviation S.A. (France)		427		508,826		508,826		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Industrials — continued
Aerospace & Defense — continued
DigitalGlobe, Inc. (a)		23,862		312,592		312,592		—
Finmeccanica S.p.A. (Italy) (a)		38,524		456,141		456,141		—
Rolls-Royce Holdings plc (United Kingdom) (a)		92,202		131		131		—
Rolls-Royce Holdings plc (United Kingdom) (a)		45,837		362,488		362,488		—
Zodiac Aerospace (France)		22,790		475,746		475,746		—
		681,754		3,447,516		3,447,516		—
Air Freight & Logistics — 0.4%
Hub Group, Inc. (a)		13,502		411,406		411,406		—
PostNL N.V. (Netherlands) (a)		118,243		429,110		429,110		—
Yamato Holdings Co., Ltd. (Japan)		24,300		525,381		525,381		—
		156,045		1,365,897		1,365,897		—
Airlines — 0.2%
Spirit Airlines, Inc. (a)		13,421		560,998		560,998		—
Building Products — 0.6%
Armstrong World Industries, Inc. (a)		9,971		385,678		385,678		—
Geberit AG (Switzerland)		1,661		586,665		586,665		—
Masonite International Corp. (a)		7,221		400,838		400,838		—
Nippon Sheet Glass Co., Ltd. (Japan) (a)		526,000		382,340		382,340		—
USG Corp. (a)		18,325		327,834		327,834		—
		563,178		2,083,355		2,083,355		—
Commercial Services & Supplies — 1.0%
Brambles Ltd. (Australia)		73,849		581,728		581,728		—
Clean Harbors, Inc. (a)		9,839		435,966		435,966		—
Covanta Holding Corp.		28,580		404,121		404,121		—
Edenred (France)		24,259		454,903		454,903		—
G4S plc (United Kingdom)		153,347		495,567		495,567		—
Serco Group plc (United Kingdom) (a)		334,042		406,246		406,246		—
Stericycle, Inc. (a)		3,755		451,914		451,914		—
		627,671		3,230,445		3,230,445		—
Construction & Engineering — 0.1%
OCI N.V. (Netherlands) (a)		16,248		293,592		293,592		—
Electrical Equipment — 0.2%
Franklin Electric Co., Inc.		15,023		409,827		409,827		—
Sensata Technologies Holding N.V. (a)		11,098		407,297		407,297		—
		26,121		817,124		817,124		—
Machinery — 1.1%
EnPro Industries, Inc.		11,722		521,277		521,277		—
Harsco Corp.		3,313		21,336		21,336		—
IMI plc (United Kingdom)		32,689		374,723		374,723		—
KUKA AG (Germany)		6,635		507,595		507,595		—
Manitowoc Co., Inc. (The)		34,428		541,897		541,897		—
Navistar International Corp. (a)		56,522		410,915		410,915		—
OC Oerlikon Corp AG (Switzerland) (a)		57,023		506,018		506,018		—
Proto Labs, Inc. (a)		7,416		407,806		407,806		—
Rotork plc (United Kingdom)		168,400		410,560		410,560		—
		378,148		3,702,127		3,702,127		—
Professional Services — 0.4%
Advisory Board Co. (The) (a)		10,491		480,173		480,173		—
Bureau Veritas S.A. (France)		22,474		427,517		427,517		—
SEEK Ltd. (Australia)		51,021		522,875		522,875		—
		83,986		1,430,565		1,430,565		—
Road & Rail — 1.7%
Avis Budget Group, Inc. (a)		9,992		262,490		262,490		—
Heartland Express, Inc.		26,450		453,618		453,618		—
Hertz Global Holdings, Inc. (a)		35,112		318,817		318,817		—
JB Hunt Transport Services, Inc.		6,811		495,160		495,160		—
Kansas City Southern		6,099		432,297		432,297		—
Keikyu Corp. (Japan)		59,000		482,955		482,955		—
Keio Corp. (Japan)		62,000		543,361		543,361		—
Kintetsu Group Holdings Co., Ltd. (Japan)		150,000		612,068		612,068		—
Knight Transportation, Inc.		19,728		482,744		482,744		—
Odakyu Electric Railway Co., Ltd. (Japan)		47,000		492,653		492,653		—
Old Dominion Freight Line, Inc. (a)		7,740		424,384		424,384		—
Tobu Railway Co., Ltd. (Japan)		116,000		559,567		559,567		—
		545,932		5,560,114		5,560,114		—

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Industrials — continued
Trading Companies & Distributors — 0.4%
Brenntag AG (Germany)		9,568		465,959		465,959		—
MISUMI Group, Inc. (Japan)		34,100		408,699		408,699		—
MRC Global, Inc. (a)		34,978		351,529		351,529		—
		78,646		1,226,187		1,226,187		—
Transportation Infrastructure — 0.8%
Abertis Infraestructuras S.A. (Spain)		32,502		482,545		482,545		—
BBA Aviation plc (United Kingdom)		183,417		425,479		425,479		—
Groupe Eurotunnel SE (France)		37,649		431,915		431,915		—
Mitsubishi Logistics Corp. (Japan)		38,000		512,254		512,254		—
Qube Holdings Ltd. (Australia)		364,793		586,074		586,074		—
		656,361		2,438,267		2,438,267		—
Total Industrials		3,827,511		26,156,187		26,156,187		—
Information Technology — 6.8%
Communications Equipment — 0.4%
Infinera Corp. (a)		26,972		413,211		413,211		—
ViaSat, Inc. (a)		7,969		498,063		498,063		—
Viavi Solutions, Inc. (a)		83,332		416,660		416,660		—
		118,273		1,327,934		1,327,934		—
Electronic Equipment, Instruments & Components — 0.2%
FARO Technologies, Inc. (a)		16,474		422,888		422,888		—
Japan Display, Inc. (Japan) (a)		180,300		409,553		409,553		—
		196,774		832,441		832,441		—
Internet Software & Services — 2.1%
Benefitfocus, Inc. (a)		13,730		400,367		400,367		—
carsales.com Ltd. (Australia)		74,230		621,504		621,504		—
Cornerstone OnDemand, Inc. (a)		15,917		488,493		488,493		—
CoStar Group, Inc. (a)		2,692		472,096		472,096		—
Demandware, Inc. (a)		9,612		407,837		407,837		—
Envestnet, Inc. (a)		17,549		411,524		411,524		—
GrubHub, Inc. (a)		16,394		309,027		309,027		—
Hortonworks, Inc. (a)		29,538		286,519		286,519		—
Kakaku.com, Inc. (Japan)		25,900		493,761		493,761		—
LinkedIn Corp. (a)		2,033		402,351		402,351		—
Marketo, Inc. (a)		19,911		378,508		378,508		—
New Relic, Inc. (a)		13,235		373,492		373,492		—
Pandora Media, Inc. (a)		41,631		404,653		404,653		—
Rackspace Hosting, Inc. (a)		19,151		387,042		387,042		—
Textura Corp. (a)		23,153		365,586		365,586		—
Twitter, Inc. (a)		17,148		288,086		288,086		—
Yelp, Inc. (a)		16,371		342,972		342,972		—
		358,195		6,833,818		6,833,818		—
IT Services — 0.5%
Acxiom Corp. (a)		5,480		102,476		102,476		—
FleetCor Technologies, Inc. (a)		3,496		429,448		429,448		—
InterXion Holding N.V. (Netherlands) (a)		19,741		620,065		620,065		—
Unisys Corp. (a)		33,985		333,733		333,733		—
		62,702		1,485,722		1,485,722		—
Semiconductors & Semiconductor Equipment — 1.1%
Advanced Micro Devices, Inc. (a)		174,094		383,007		383,007		—
AIXTRON SE (Germany) (a)		64,781		232,918		232,918		—
Amkor Technology, Inc. (a)		80,505		494,301		494,301		—
ASML Holding N.V. (Netherlands)		5,507		502,434		502,434		—
Cavium, Inc. (a)		8,122		469,208		469,208		—
Cree, Inc. (a)		21,216		594,684		594,684		—
M/A-COM Technology Solutions Holdings, Inc. (a)		12,219		470,432		470,432		—
Veeco Instruments, Inc. (a)		24,302		452,989		452,989		—
		390,746		3,599,973		3,599,973		—
Software — 2.3%
Autodesk, Inc. (a)		6,238		292,063		292,063		—
Barracuda Networks, Inc. (a)		20,458		216,446		216,446		—
Callidus Software, Inc. (a)		26,350		406,580		406,580		—
CommVault Systems, Inc. (a)		14,923		559,911		559,911		—
Fair Isaac Corp.		4,944		472,498		472,498		—
FireEye, Inc. (a)		21,465		302,442		302,442		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Information Technology — continued
Software — continued
Fortinet, Inc. (a)		11,764		331,039		331,039		—
Imperva, Inc. (a)		6,513		335,810		335,810		—
Infoblox, Inc. (a)		1,953		31,521		31,521		—
MicroStrategy, Inc. (a)		2,858		493,034		493,034		—
NetSuite, Inc. (a)		6,566		455,483		455,483		—
Proofpoint, Inc. (a)		6,737		339,275		339,275		—
Qlik Technologies, Inc. (a)		15,722		393,679		393,679		—
ServiceNow, Inc. (a)		7,105		442,002		442,002		—
Splunk, Inc. (a)		7,686		355,785		355,785		—
Synchronoss Technologies, Inc. (a)		14,183		434,567		434,567		—
Tableau Software, Inc. (a)		6,098		489,304		489,304		—
TiVo, Inc. (a)		57,897		462,018		462,018		—
Workday, Inc. (a)		7,351		463,187		463,187		—
Zendesk, Inc. (a)		19,300		424,793		424,793		—
		266,111		7,701,437		7,701,437		—
Technology Hardware, Storage & Peripherals — 0.2%
Nimble Storage, Inc. (a)		48,921		321,411		321,411		—
Stratasys Ltd. (a)		16,835		274,410		274,410		—
		65,756		595,821		595,821		—
Total Information Technology		1,458,557		22,377,146		22,377,146		—
Materials — 3.7%
Chemicals — 1.1%
Ashland, Inc.		4,456		422,251		422,251		—
Axalta Coating Systems Ltd. (a)		20,575		489,891		489,891		—
Johnson Matthey plc (United Kingdom)		11,321		397,637		397,637		—
Kansai Paint Co., Ltd. (Japan)		32,400		445,060		445,060		—
Linde AG (Germany)		2,868		387,120		387,120		—
Nippon Kayaku Co., Ltd. (Japan)		48,000		507,099		507,099		—
Nippon Paint Holdings Co., Ltd. (Japan)		23,300		435,341		435,341		—
WR Grace & Co. (a)		5,376		437,284		437,284		—
		148,296		3,521,683		3,521,683		—
Construction Materials — 0.1%
Summit Materials, Inc. (a)		21,900		347,553		347,553		—
Metals & Mining — 2.4%
Allegheny Technologies, Inc.		44,413		416,594		416,594		—
Alumina Ltd. (Australia)		550,282		403,093		403,093		—
Antofagasta plc (Chile)		57,832		313,303		313,303		—
Barrick Gold Corp. (Canada)		63,547		631,886		631,886		—
BHP Billiton Ltd. (Australia)		33,424		363,117		363,117		—
Eldorado Gold Corp. (Canada)		135,087		306,643		306,643		—
Franco-Nevada Corp. (Canada)		10,155		449,650		449,650		—
Fresnillo plc (Mexico)		49,360		507,805		507,805		—
Goldcorp, Inc. (Canada)		40,705		463,739		463,739		—
Hecla Mining Co.		268,073		498,616		498,616		—
Kloeckner & Co. SE (Germany)		64,518		556,972		556,972		—
Outokumpu OYJ (Finland) (a)		109,684		267,109		267,109		—
Randgold Resources Ltd. (United Kingdom)		8,401		594,579		594,579		—
South32 Ltd. (Australia) (a)		647,032		446,489		446,489		—
Stillwater Mining Co. (a)		56,685		371,287		371,287		—
SunCoke Energy, Inc. (a)		135,362		511,668		511,668		—
ThyssenKrupp AG (Germany)		29,394		453,278		453,278		—
Yamana Gold, Inc. (Canada)		217,666		374,456		374,456		—
		2,521,620		7,930,284		7,930,284		—
Paper & Forest Products — 0.1%
West Fraser Timber Co., Ltd. (Canada)		13,224		454,519		454,519		—
Total Materials		2,705,040		12,254,039		12,254,039		—
Telecommunication Services — 0.9%
Diversified Telecommunication Services — 0.5%
Cogent Communications Holdings, Inc.		17,379		580,632		580,632		—
Iliad S.A. (France)		2,492		623,739		623,739		—
Sunrise Communications Group AG (Switzerland) (a)		8,800		517,167		517,167		—
		28,671		1,721,538		1,721,538		—
Wireless Telecommunication Services — 0.4%
SBA Communications Corp. (a)		4,378		434,648		434,648		—
SoftBank Group Corp. (Japan)		8,800		382,703		382,703		—

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Telecommunication Services —   continued
Wireless Telecommunication Services — continued
Sprint Corp. (a)		132,842		401,183		401,183		—
		146,020		1,218,534		1,218,534		—
Total Telecommunication Services		174,691		2,940,072		2,940,072		—
Utilities — 1.7%
Electric Utilities — 0.4%
Edison International		8,218		507,872		507,872		—
ITC Holdings Corp.		12,730		507,927		507,927		—
Kyushu Electric Power Co., Inc. (Japan) (a)		39,700		422,037		422,037		—
		60,648		1,437,836		1,437,836		—
Gas Utilities — 0.2%
Southwest Gas Corp.		8,907		523,999		523,999		—
Independent Power & Renewable Electricity Producers — 0.3%
Drax Group plc (United Kingdom)		120,741		434,239		434,239		—
TerraForm Power, Inc. (a)		33,908		336,028		336,028		—
Dynegy, Inc. (a)		29,891		353,909		353,909		—
		184,540		1,124,176		1,124,176		—
Multi-Utilities — 0.7%
Canadian Utilities Ltd. (Canada)		20,873		538,326		538,326		—
Centrica plc (United Kingdom)		127,668		372,561		372,561		—
Dominion Resources, Inc.		8,070		582,412		582,412		—
Sempra Energy		5,329		504,923		504,923		—
		161,940		1,998,222		1,998,222		—
Water Utilities — 0.1%
Pennon Group plc (United Kingdom)		38,695		487,958		487,958		—
Total Utilities		454,730		5,572,191		5,572,191		—
Total Short Positions of Total Return Basket Swap		25,155,448		141,593,141		141,593,141		—
Total of Long and Short Positions of Total Return Basket Swap		19,537,904		32,729,901		32,729,901		—
Cash and Other Receivables/(Payables) (4)								(2,083,159	)
Financing Costs								(65,791	)
Net Dividends Receivable/(Payable)								9,955
Due to counterparty for swap contract							$	(2,138,995	)

NOTES TO ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS:

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

(2) Current value represents market value as of January 31, 2016 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.

(3) Value represents the unrealized gain(loss) of the positions and was zero at January 31, 2016 as the swap resets on that day.

(4) Cash and other receivables/(payables) includes the gains (or losses) realized when the swap resets. For swaps that reset at the reporting period end date, these receivables/(payables) are awaiting settlement with the counterparty and are reflected on the Consolidated Statement of Operations as Net realized gain (loss) on transactions from swaps.

(a) Non-income producing security.

(g) Amount rounds to less than 0.1%.

Systematic Alpha Fund CS Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on October 11, 2012 and is currently a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments on behalf of the Fund consistent with the Fund’s investment objectives and policies as described in the Fund’s prospectus. As of January 31, 2016, net assets of the Fund were $327,791,094 of which $40,569,058, or approximately 12.4%, represented the Subsidiary’s net assets. The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved 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.

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

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

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

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 CSOI:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	15,548,423	$	6,026,679	$	—	$	21,575,102
Consumer Staples		12,977,361		578,363		—		13,555,724
Energy		2,184,832		377,055		—		2,561,887
Financials		15,179,322		1,546,564		—		16,725,886
Health Care		3,461,983		1,930,244		—		5,392,227
Industrials		11,565,684		8,849,992		—		20,415,676
Information Technology		25,356,701		1,763,581		—		27,120,282
Materials		6,535,441		5,457,848		—		11,993,289
Telecommunication Services		1,874,844		554,565		—		2,429,409
Utilities		17,404,155		—		—		17,404,155
Total Common Stocks		112,088,746		27,084,891		—		139,173,637

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Preferred Stocks
Consumer Staples		879,586			—			—			879,586
Financials		3,520,788			—			—			3,520,788
Health Care		359,334			—			—			359,334
Materials		404,472			—			—			404,472
Telecommunication Services		1,215,160			—			—			1,215,160
Utilities		1,942,737			—			—			1,942,737
Total Preferred Stocks		8,322,077			—			—			8,322,077
Debt Securities
Convertible Bonds
Consumer Discretionary		—			4,318,898			—			4,318,898
Energy		—			1,326,791			—			1,326,791
Financials		—			2,201,211			—			2,201,211
Health Care		—			8,491,436			—			8,491,436
Industrials		—			1,705,831			—			1,705,831
Information Technology		—			18,806,709			—			18,806,709
Materials		—			258,553			—			258,553
Total Convertible Bonds		—			37,109,429			—			37,109,429
Rights
Health Care		—			—			—	(a)		—
Telecommunication Services		—			—			8,351			8,351
Total Rights		—			—			8,351			8,351
Short-Term Investments
Investment Company		124,489,793			—			—			124,489,793
Total Investments in Securities	$	244,900,616		$	64,194,320		$	8,351		$	309,103,287
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,221,620		$	—		$	1,221,620
Futures Contracts		4,095,554			—			—			4,095,554
Total Appreciation in Other Financial Instruments	$	4,095,554		$	1,221,620		$	—		$	5,317,174
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(1,354,939	)	$	—		$	(1,354,939	)
Futures Contracts		(2,288,200	)		—			—			(2,288,200	)
Total Depreciation in Other Financial Instruments	$	(2,288,200	)	$	(1,354,939	)	$	—		$	(3,643,139	)

(a) Value is zero.

There were no transfers between levels 1 and 2 during the period ended January 31, 2016.

A. Derivatives — The Fund used instruments including futures, forward foreign currency exchange contracts, swaps and other derivatives, in connection with its investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

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

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

Notes C(1) — C(4) below describe the various derivatives used by the Fund.

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(1). Futures Contracts — The Fund used commodity futures to obtain long and short exposure to the underlying commodities markets. The purchase of the futures contracts will tend to increase the Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sale of future contracts will tend to offset both positive and negative market price changes. The Fund also used index, equity or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to seek to enhance portfolio performance.

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 market value on open future contracts are recorded as changes in unrealized appreciation or depreciation.

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

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

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

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency 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 or due across transactions. As of January 31, 2016, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

(3). Total Return Basket Swaps — The Fund entered into a total return basket swap agreement to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity and a significant aspect of the Fund’s investment strategy.

Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs”. Positions within each swap and financing costs are reset monthly.

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.3%
		Brazil — 3.2%
	2,389	Banco do Brasil S.A.		8,274
	779	Estacio Participacoes S.A.		2,280
	1,511	Itau Unibanco Holding S.A. (Preference Shares), ADR		9,502
	1,609	JBS S.A.		4,345
	1,716	MRV Engenharia e Participacoes S.A.		3,925
	444	Porto Seguro S.A.		2,907
	296	Sul America S.A.		1,337
				32,570
		Cayman Islands — 0.3%
	348	Chlitina Holding Ltd.		3,430
		China — 23.9%
	1,048	AAC Technologies Holdings, Inc.		6,715
	2,206	ANTA Sports Products Ltd.		5,333
	30,183	Bank of China Ltd., Class H		11,819
	9,293	Belle International Holdings Ltd.		6,261
	16,548	China CITIC Bank Corp., Ltd., Class H (a)		9,690
	17,206	China Everbright Bank Co., Ltd., Class H		8,105
	4,909	China Lesso Group Holdings Ltd.		2,672
	3,475	China Mengniu Dairy Co., Ltd.		4,848
	6,075	China Merchants Bank Co., Ltd., Class H		11,808
	10,050	China Minsheng Banking Corp., Ltd., Class H		8,919
	5,315	China Railway Construction Corp., Ltd., Class H		5,338
	3,632	China Vanke Co., Ltd., Class H		8,320
	5,545	Chongqing Rural Commercial Bank Co., Ltd., Class H		2,838
	9,597	CNOOC Ltd.		9,781
	16,660	Geely Automobile Holdings Ltd.		7,172
	15,379	GOME Electrical Appliances Holdings Ltd.		2,156
	5,578	Great Wall Motor Co., Ltd., Class H		4,307
	7,754	Huadian Power International Corp., Ltd., Class H		4,635
	8,656	Huaneng Power International, Inc., Class H		7,122
	36,044	Industrial & Commercial Bank of China Ltd., Class H		18,759
	10,932	Lenovo Group Ltd.		9,813
	73	NetEase, Inc., ADR		11,435
	5,538	PICC Property & Casualty Co., Ltd., Class H		9,473
	1,921	Ping An Insurance Group Co. of China Ltd., Class H		8,701
	1,490	Shanghai Pharmaceuticals Holding Co., Ltd., Class H		2,886

SHARES		SECURITY DESCRIPTION	VALUE($)
		China — continued
	4,446	Shenzhen Expressway Co., Ltd., Class H		3,552
	2,442	Sinopharm Group Co., Ltd., Class H		8,676
	3,015	Sunny Optical Technology Group Co., Ltd.		6,471
	660	Tencent Holdings Ltd.		12,405
	2,262	TravelSky Technology Ltd.		3,455
	567	Trina Solar Ltd., ADR (a)		5,206
	1,352	Xinjiang Goldwind Science & Technology Co., Ltd., Class H		1,770
	8,502	Xinyi Solar Holdings Ltd.		2,732
	7,668	Zhejiang Expressway Co., Ltd., Class H		6,725
	2,369	ZTE Corp., Class H		4,305
				244,203
		Cyprus — 0.2%
	175	QIWI plc, ADR		2,265
		Egypt — 0.4%
	1,078	Commercial International Bank Egypt SAE, GDR		4,189
		Hong Kong — 4.7%
	918	China Mobile Ltd.		10,084
	3,498	China Overseas Land & Investment Ltd.		10,220
	3,190	China Resources Land Ltd.		7,884
	11,224	China Travel International Investment Hong Kong Ltd.		3,821
	34,875	REXLot Holdings Ltd.		242
	2,817	Shenzhen International Holdings Ltd.		4,426
	11,520	Sino Biopharmaceutical Ltd.		7,938
	6,988	Skyworth Digital Holdings Ltd.		3,631
				48,246
		Hungary — 1.0%
	488	OTP Bank plc		10,378
		India — 5.2%
	1,824	Apollo Tyres Ltd.		3,993
	759	Bharat Petroleum Corp., Ltd.		10,005
	298	Ceat Ltd.		4,157
	788	HCL Technologies Ltd.		10,114
	749	Hindustan Petroleum Corp., Ltd.		9,045
	555	Housing Development Finance Corp., Ltd.		9,721
	577	Jubilant Life Sciences Ltd.		2,985
	553	Sun TV Network Ltd.		3,107
				53,127
		Indonesia — 0.8%
	17,856	Astra International Tbk PT		8,490

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Netherlands — 0.9%
	2,018	Steinhoff International Holdings N.V.		9,693
		Poland — 2.0%
	400	Eurocash S.A.		5,416
	670	Polski Koncern Naftowy Orlen S.A.		10,277
	3,537	Polskie Gornictwo Naftowe i Gazownictwo S.A.		4,514
				20,207
		Russia — 6.4%
	2,777	Gazprom PAO, ADR		9,920
	260	Lukoil PJSC, ADR		8,856
	13,673	Magnitogorsk Iron & Steel Works OJSC		3,468
	567	MMC Norilsk Nickel PJSC, ADR		6,571
	846	Mobile TeleSystems PJSC, ADR		5,921
	2,377	Moscow Exchange MICEX-RTS PJSC		3,035
	2,326	Sberbank PAO, ADR		12,876
	576	Severstal PAO, Reg. S, GDR		4,671
	232	Tatneft PAO, ADR		6,340
	180	X5 Retail Group N.V., GDR (a)		3,331
				64,989
		South Africa — 2.8%
	3,574	Netcare Ltd.		7,605
	409	Pioneer Foods Group Ltd.		3,415
	626	Spar Group Ltd. (The)		7,243
	844	Truworths International Ltd.		5,245
	862	Woolworths Holdings Ltd.		5,103
				28,611
		South Korea — 17.5%
	18	BGF retail Co., Ltd. (a)		3,218
	131	Coway Co., Ltd. (a)		10,820
	5	Crown Confectionery Co., Ltd. (a)		2,675
	353	DGB Financial Group, Inc. (a)		2,642
	24	GS Home Shopping, Inc. (a)		3,290
	81	GS Retail Co., Ltd. (a)		4,450
	185	Hankook Tire Co., Ltd. (a)		7,226
	73	Hyosung Corp. (a)		6,697
	50	Hyundai Mobis Co., Ltd. (a)		10,819
	758	Industrial Bank of Korea (a)		7,331
	253	Kangwon Land, Inc. (a)		8,726
	366	KB Financial Group, Inc. (a)		9,350
	259	Kia Motors Corp.		9,843
	222	Korea Electric Power Corp. (a)		9,730
	136	KT&G Corp.		11,729
	521	LG Display Co., Ltd.		9,570
	37	Lotte Chemical Corp.		8,569

SHARES		SECURITY DESCRIPTION	VALUE($)
		South Korea — continued
	970	Meritz Securities Co., Ltd. (a)		3,001
	53	NCSoft Corp.		10,376
	234	Partron Co., Ltd.		2,127
	16	Samsung Electronics Co., Ltd.		15,845
	316	SK Hynix, Inc.		7,289
	152	S-Oil Corp.		9,997
	14	Yuhan Corp. (a)		3,789
				179,109
		Taiwan — 18.1%
	9,606	Advanced Semiconductor Engineering, Inc.		10,319
	1,166	Casetek Holdings Ltd.		6,050
	1,020	Catcher Technology Co., Ltd.		7,589
	7,521	Cathay Financial Holding Co., Ltd.		8,214
	3,154	Chailease Holding Co., Ltd. (a)		5,030
	1,633	Chicony Electronics Co., Ltd.		3,391
	5,736	Compeq Manufacturing Co., Ltd.		3,302
	9,330	E.Sun Financial Holding Co., Ltd.		4,843
	2,526	Elite Material Co., Ltd.		4,393
	940	Feng TAY Enterprise Co., Ltd.		5,058
	1,945	FLEXium Interconnect, Inc.		4,687
	4,457	Foxconn Technology Co., Ltd.		8,634
	6,122	Fubon Financial Holding Co., Ltd.		6,759
	1,039	Grape King Bio Ltd.		5,700
	4,338	Hon Hai Precision Industry Co., Ltd.		10,206
	1,362	Hota Industrial Manufacturing Co., Ltd.		5,725
	17,480	Innolux Corp.		4,996
	111	Largan Precision Co., Ltd.		7,967
	15,546	Mega Financial Holding Co., Ltd.		9,912
	3,837	Pegatron Corp.		8,768
	5,565	Pou Chen Corp.		6,966
	1,683	Ruentex Industries Ltd.		2,765
	1,183	Shin Zu Shing Co., Ltd.		4,420
	277	St. Shine Optical Co., Ltd.		5,379
	2,191	Taiwan Paiho Ltd.		5,480
	623	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		13,919
	4,363	Uni-President Enterprises Corp.		7,296
	2,927	Win Semiconductors Corp.		4,665
	1,435	Zhen Ding Technology Holding Ltd.		3,051
				185,484
		Thailand — 1.4%
	39,260	IRPC PCL, NVDR		4,680
	18,614	Krung Thai Bank PCL, NVDR		9,131
				13,811

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
Common Stocks — continued
		Turkey — 5.2%
	1,153	Arcelik A.S.		6,023
	795	Dogus Otomotiv Servis ve Ticaret A.S.		2,936
	6,055	Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.		5,303
	545	TAV Havalimanlari Holding A.S.		3,236
	766	Tofas Turk Otomobil Fabrikasi A.S.		5,297
	4,295	Turkiye Garanti Bankasi A.S.		10,854
	2,852	Turkiye Halk Bankasi A.S.		9,872
	6,117	Turkiye Is Bankasi, Class C		9,605
				53,126
		United Arab Emirates — 0.3%
	1,989	Dubai Islamic Bank PJSC		3,129
		Total Common Stocks (Cost $1,099,800)		965,057
	Preferred Stocks — 0.8%
		Russia — 0.8%
	13,752	Surgutneftegas OAO		8,301
		Total Preferred Stocks (Cost $9,799)		8,301
	Short-Term Investment — 2.0%
		Investment Company — 2.0%
	20,183	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $20,183)		20,183
		Total Investments — 97.1% (Cost $1,129,782)		993,541
		Other Assets in Excess of Liabilities — 2.9% (c)		30,069
		NET ASSETS — 100.0%	$	1,023,610

Percentages indicated are based on net assets.

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
427	Mini MSCI Emerging Markets Index		03/18/16		USD		15,966		(553	)

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		19.5	%
Oil, Gas & Consumable Fuels		9.2
Electronic Equipment, Instruments & Components		6.4
Technology Hardware, Storage & Peripherals		6.0
Semiconductors & Semiconductor Equipment		4.4
Automobiles		3.5
Household Durables		3.4
Auto Components		3.2
Textiles, Apparel & Luxury Goods		3.2
Insurance		3.1
Real Estate Management & Development		2.7
Internet Software & Services		2.4
Food & Staples Retailing		2.4
Food Products		2.3
Health Care Providers & Services		1.9
Transportation Infrastructure		1.8
Wireless Telecommunication Services		1.6
IT Services		1.6
Chemicals		1.5
Diversified Financial Services		1.5
Pharmaceuticals		1.5
Metals & Mining		1.5
Hotels, Restaurants & Leisure		1.3
Independent Power & Renewable Electricity Producers		1.2
Tobacco		1.2
Software		1.0
Electric Utilities		1.0
Thrifts & Mortgage Finance		1.0
Others (each less than 1.0%)		6.7
Short-Term Investment		2.0

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
NVDR	—	Non Voting Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
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.
(l)	—	The rate shown is the current yield as of January 31, 2016.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $866,697,000 and 87.2%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	34,214
Aggregate gross unrealized depreciation		(170,455	)
Net unrealized appreciation/depreciation	$	(136,241	)
Federal income tax cost of investments	$	1,129,782

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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.

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)(continued)

(Amounts in thousands)

The following table represents each valuation input as presented on the Schedules 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
Brazil	$	32,570		$	—	$	—	$	32,570
Cayman Islands		—			3,430		—		3,430
China		16,641			227,562		—		244,203
Cyprus		2,265			—		—		2,265
Egypt		—			4,189		—		4,189
Hong Kong		—			48,004		242		48,246
Hungary		—			10,378		—		10,378
India		—			53,127		—		53,127
Indonesia		—			8,490		—		8,490
Netherlands		9,693			—		—		9,693
Poland		—			20,207		—		20,207
Russia		34,335			30,654		—		64,989
South Africa		—			28,611		—		28,611
South Korea		11,729			167,380		—		179,109
Taiwan		13,919			171,565		—		185,484
Thailand		4,680			9,131		—		13,811
Turkey		—			53,126		—		53,126
United Arab Emirates		—			3,129		—		3,129
Total Common Stocks		125,832			838,983		242		965,057
Preferred Stocks
Russia		5,339			2,962		—		8,301
Short-Term Investment
Investment Company		20,183			—		—		20,183
Total Investments in Securities	$	151,354		$	841,945	$	242	$	993,541
Depreciation in Other Financial Instruments
Futures Contracts	$	(553	)	$	—	$	—	$	(553	)

Transfers from level 1 to level 2 in the amount of approximately $18,483,000 are due to applying the fair value factors to certain securities as of January 31, 2016.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.6%
		Australia — 1.1%
	5,054	Oil Search Ltd.		23,748
		Brazil — 7.6%
	5,376	AMBEV S.A., ADR		25,108
	3,796	BB Seguridade Participacoes S.A.		21,950
	7,586	CCR S.A.		24,237
	1,905	Cielo S.A.		16,130
	3,330	Itau Unibanco Holding S.A. (Preference Shares), ADR		20,945
	3,768	Lojas Renner S.A.		16,711
	846	Marcopolo S.A.		389
	1,595	Ultrapar Participacoes S.A.		23,676
	2,312	WEG S.A.		8,935
				158,081
		China — 10.2%
	146	Alibaba Group Holding Ltd., ADR (a)		9,753
	152	Baidu, Inc., ADR (a)		24,884
	6,281	Chongqing Changan Automobile Co., Ltd., Class B		12,331
	17,190	CNOOC Ltd.		17,521
	28,040	Geely Automobile Holdings Ltd.		12,071
	1,336	JD.com, Inc., ADR (a)		34,775
	4,090	Tencent Holdings Ltd.		76,832
	1,464	Tsingtao Brewery Co., Ltd., Class H		5,228
	1,468	Vipshop Holdings Ltd., ADR (a)		18,853
				212,248
		Cyprus — 0.2%
	1,207	Globaltrans Investment plc, Reg. S, GDR (a)		4,745
		Hong Kong — 6.8%
	14,439	AIA Group Ltd.		80,273
	434	Jardine Matheson Holdings Ltd.		22,762
	10,173	Sands China Ltd.		35,532
	4,965	Sun Art Retail Group Ltd.		2,801
				141,368
		India — 20.5%
	338	ACC Ltd.		6,197
	1,993	Ambuja Cements Ltd.		5,778
	1,472	Asian Paints Ltd.		18,942
	865	HDFC Bank Ltd.		15,792
	874	HDFC Bank Ltd., ADR		52,738
	4,444	Housing Development Finance Corp., Ltd.		77,797
	2,601	Infosys Ltd., ADR		46,586

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — continued
	9,496	ITC Ltd.		45,030
	2,017	Kotak Mahindra Bank Ltd.		20,427
	1,333	Lupin Ltd.		33,762
	876	Mahindra & Mahindra Ltd.		16,010
	1,956	Tata Consultancy Services Ltd.		69,186
	631	Tata Motors Ltd., ADR (a)		15,774
				424,019
		Indonesia — 4.1%
	60,007	Astra International Tbk PT		28,530
	23,697	Bank Central Asia Tbk PT		22,722
	39,710	Bank Rakyat Indonesia Persero Tbk PT		32,750
				84,002
		Mexico — 2.3%
	12,283	Fibra Uno Administracion S.A. de C.V.		24,624
	3,077	Infraestructura Energetica Nova S.A.B. de C.V.		12,043
	959	Promotora y Operadora de Infraestructura S.A.B. de C.V.		10,955
				47,622
		Panama — 0.7%
	314	Copa Holdings S.A., Class A		14,786
		Peru — 1.0%
	206	Credicorp Ltd.		20,863
		Russia — 5.7%
	719	Lukoil PJSC, ADR		24,453
	214	Magnit PJSC		32,649
	181	Magnit PJSC, Reg. S, GDR		7,100
	664	Mail.Ru Group Ltd., Reg. S, GDR (a)		14,447
	30,183	Sberbank PAO		38,815
				117,464
		South Africa — 16.5%
	1,470	Aspen Pharmacare Holdings Ltd. (a)		25,032
	2,078	Bidvest Group Ltd. (The)		47,994
	388	Capitec Bank Holdings Ltd.		11,820
	14,127	FirstRand Ltd.		40,077
	9,822	Life Healthcare Group Holdings Ltd.		21,697
	1,457	Mr Price Group Ltd.		15,034
	2,200	MTN Group Ltd.		19,445
	256	Naspers Ltd., Class N		32,291
	2,418	Remgro Ltd.		38,346
	8,354	Sanlam Ltd.		30,763
	2,189	Shoprite Holdings Ltd.		20,212
	6,467	Woolworths Holdings Ltd.		38,264
				340,975

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Korea — 3.9%
	182	Hyundai Motor Co.		20,420
	562	Kia Motors Corp.		21,349
	40	Samsung Electronics Co., Ltd.		38,935
				80,704
		Switzerland — 1.3%
	371	Luxoft Holding, Inc. (a)		27,859
		Taiwan — 6.2%
	5,316	Delta Electronics, Inc.		22,500
	4,270	President Chain Store Corp.		28,236
	3,460	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		77,323
				128,059
		Thailand — 2.5%
	5,923	Kasikornbank PCL, NVDR		28,299
	1,480	Siam Cement PCL (The)		17,906
	379	Siam Cement PCL (The), NVDR		4,576
				50,781
		Turkey — 2.4%
	943	Ford Otomotiv Sanayi A.S.		10,330
	5,225	KOC Holding A.S.		20,972
	7,634	Turkiye Garanti Bankasi A.S.		19,291
				50,593
		United Kingdom — 1.6%
	551	SABMiller plc		33,007
		Total Common Stocks (Cost $2,053,593)		1,960,924
	Preferred Stocks — 0.4%
		Brazil — 0.4%
	1,071	Itau Unibanco Holding S.A.		6,679
	6,486	Marcopolo S.A.		3,291
		Total Preferred Stocks (Cost $18,647)		9,970
	Structured Instruments — 0.7%
		China — 0.7%
		Chongqing Changan Automobile Co., Ltd.,
	3,931	expiring 10/13/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		8,783
	2,681	expiring 2/17/17 (Strike Price $1.00) (issued through UBS AG) (a)		6,019
		Total Structured Instruments (Cost $17,045)		14,802

NUMBER OF WARRANTS		SECURITY DESCRIPTION	VALUE($)
	Warrant — 0.1%
		Saudi Arabia — 0.1%
	97	Almarai Co., expiring 07/24/17, (Strike Price $1.00) (a) (Cost $1,684)		1,736
SHARES
	Short-Term Investment — 1.6%
		Investment Company — 1.6%
	32,373	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $32,373)		32,373
		Total Investments — 97.4% (Cost $2,123,342)		2,019,805
		Other Assets in Excess of Liabilities — 2.6%		53,055
		NET ASSETS — 100.0%	$	2,072,860

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		14.8	%
IT Services		7.9
Automobiles		7.1
Insurance		6.6
Internet Software & Services		6.2
Industrial Conglomerates		4.5
Food & Staples Retailing		4.5
Oil, Gas & Consumable Fuels		4.4
Diversified Financial Services		3.9
Thrifts & Mortgage Finance		3.9
Semiconductors & Semiconductor Equipment		3.8
Beverages		3.1
Pharmaceuticals		2.9
Multiline Retail		2.7
Internet & Catalog Retail		2.7
Tobacco		2.2
Technology Hardware, Storage & Peripherals		1.9
Hotels, Restaurants & Leisure		1.8
Construction Materials		1.7
Media		1.6
Real Estate Investment Trusts (REITs)		1.2
Transportation Infrastructure		1.2
Electronic Equipment, Instruments & Components		1.1
Health Care Providers & Services		1.1
Wireless Telecommunication Services		1.0
Others (each less than 1.0%)		4.6
Short-Term Investment		1.6

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
NVDR	—	Non Voting Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2016.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $1,403,093,000 and 69.5%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	232,062
Aggregate gross unrealized depreciation		(335,599	)
Net unrealized appreciation/depreciation	$	(103,537	)
Federal income tax cost of investments	$	2,123,342

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

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

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.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	23,748	$	—	$	23,748
Brazil		158,081		—		—		158,081
China		88,265		123,983		—		212,248
Cyprus		4,745		—		—		4,745
Hong Kong		2,867		138,501		—		141,368
India		115,098		308,921		—		424,019
Indonesia		—		84,002		—		84,002
Mexico		47,622		—		—		47,622
Panama		14,786		—		—		14,786
Peru		20,863		—		—		20,863
Russia		492		116,972		—		117,464
South Africa		—		340,975		—		340,975
South Korea		—		80,704		—		80,704
Switzerland		27,859		—		—		27,859
Taiwan		77,323		50,736		—		128,059
Thailand		4,576		46,205		—		50,781
Turkey		—		50,593		—		50,593
United Kingdom		—		33,007		—		33,007
Total Common Stocks		562,577		1,398,347		—		1,960,924
Preferred Stocks
Brazil		9970		—		—		9,970
Structured Instruments
China		—		14,802		—		14,802
Warrant
Saudi Arabia		—		1,736		—		1,736
Short-Term Investment
Investment Company		32,373		—		—		32,373
Total Investments in Securities	$	604,920	$	1,414,885	$	—	$	2,019,805

Transfers from level 1 to level 2 in the amount of approximately $21,917,000 are due to applying the fair value factors to certain securities as of January 31, 2015.

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 90.7%
			Brazil — 8.1%
	12		AMBEV S.A., ADR		56
	4		Banco Bradesco S.A., ADR		18
	11		Banco do Brasil S.A.		38
	8		BB Seguridade Participacoes S.A.		45
	4		Tractebel Energia S.A.		37
					194
			Chile — 2.7%
	4		Banco Santander Chile, ADR		64
			China — 4.1%
	78		China Construction Bank Corp., Class H		48
	4		Fuyao Glass Industry Group Co., Ltd., Class H (a) (e)		9
	83		Industrial & Commercial Bank of China Ltd., Class H		43
					100
			Czech Republic — 2.6%
	—	(h)	Komercni Banka A.S.		63
			Hong Kong — 8.0%
	4		China Mobile Ltd.		44
	20		China Resources Power Holdings Co., Ltd.		34
	3		Hang Seng Bank Ltd.		42
	16		Sands China Ltd.		54
	2		VTech Holdings Ltd.		18
					192
			Hungary — 1.7%
	2		OTP Bank plc		41
			Indonesia — 1.1%
	109		Telekomunikasi Indonesia Persero Tbk PT		27
			Mexico — 2.8%
	28		Kimberly-Clark de Mexico S.A.B. de C.V., Class A		68
			Poland — 1.6%
	5		Powszechny Zaklad Ubezpieczen S.A.		39
			Russia — 6.2%
	1		Lukoil PJSC, ADR		39
	1		MegaFon PJSC, Reg. S, GDR		18
	3		MMC Norilsk Nickel PJSC, ADR		32
	2		Mobile TeleSystems PJSC, ADR		17
	20		Moscow Exchange MICEX-RTS PJSC		25
	2		Severstal PAO, Reg. S, GDR		19
					150
			Singapore — 1.3%
	64		Hutchison Port Holdings Trust, Class U		31

SHARES			SECURITY DESCRIPTION	VALUE($)
			South Africa — 14.2%
	7		AVI Ltd.		37
	5		Barclays Africa Group Ltd.		49
	2		Bidvest Group Ltd. (The)		55
	17		FirstRand Ltd.		49
	4		Imperial Holdings Ltd.		27
	22		Life Healthcare Group Holdings Ltd.		48
	32		MMI Holdings Ltd.		46
	3		Vodacom Group Ltd.		31
					342
			South Korea — 6.0%
	1		Kangwon Land, Inc. (a)		22
	1		KT&G Corp.		55
	—	(h)	Samsung Electronics Co., Ltd.		35
	2		SK Telecom Co., Ltd., ADR		32
					144
			Taiwan — 23.5%
	4		Asustek Computer, Inc.		35
	21		Cheng Shin Rubber Industry Co., Ltd.		32
	9		Chicony Electronics Co., Ltd.		19
	15		Delta Electronics, Inc.		62
	10		Far EasTone Telecommunications Co., Ltd. (a)		21
	8		MediaTek, Inc.		52
	9		Novatek Microelectronics Corp.		38
	6		President Chain Store Corp.		40
	19		Quanta Computer, Inc.		30
	27		Siliconware Precision Industries Co., Ltd.		42
	4		Simplo Technology Co., Ltd.		12
	16		Taiwan Mobile Co., Ltd.		48
	4		Taiwan Semiconductor Manufacturing Co., Ltd., ADR		82
	37		Vanguard International Semiconductor Corp.		53
					566
			Thailand — 2.0%
	4		Siam Cement PCL (The)		48
			Turkey — 3.5%
	12		Eregli Demir ve Celik Fabrikalari TAS		13
	6		Tofas Turk Otomobil Fabrikasi A.S.		44
	7		Turkcell Iletisim Hizmetleri A.S.		26
					83
			United Arab Emirates — 1.3%
	12		First Gulf Bank PJSC		32
			Total Common Stocks (Cost $2,743)		2,184

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stock — 0.8%
		Russia — 0.8%
	34	Surgutneftegas OAO (Cost $23)		20
	Structured Instruments — 3.3%
		China — 3.3%
		Low Exercise Call Warrants —3.3%
	20	Fuyao Glass Industry Group Co., Ltd., expiring 09/23/16 (Strike Price $0.00) (issued through BNP Paribas) (a)		39
	8	Midea Group Co., Ltd., expiring 02/17/17 (Strike Price $1.00) (issued through UBS AG) (a)		32
	2	Midea Group Co., Ltd., expiring 10/29/18 (Strike Price $0.00) (issued through BNP Paribas) (a)		8
		Total Structured Instruments (Cost $83)		79
NUMBER OF WARRANTS
	Warrants — 1.8%
		Saudi Arabia — 1.8%
	3	Al Rajhi Bank, expiring 08/22/16 (Strike Price $1.00) (a)		34
	1	Yanbu National Petrochemical, expiring 07/31/17 (Strike Price $1.00) (a)		8
		Total Warrants (Cost $47)		42
		Total Investments — 96.6% (Cost $2,896)		2,325
		Other Assets in Excess of Liabilities — 3.4%		81
		NET ASSETS — 100.0%	$	2,406

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		20.3	%
Semiconductors & Semiconductor Equipment		11.5
Wireless Telecommunication Services		10.1
Insurance		5.6
Technology Hardware, Storage & Peripherals		5.1
Auto Components		3.5
Hotels, Restaurants & Leisure		3.3
Electronic Equipment, Instruments & Components		3.2
Diversified Financial Services		3.2
Independent Power & Renewable Electricity Producers		3.0
Household Products		2.9
Metals & Mining		2.7
Oil, Gas & Consumable Fuels		2.6
Beverages		2.4
Construction Materials		2.4
Tobacco		2.4
Industrial Conglomerates		2.4
Health Care Providers & Services		2.1
Automobiles		1.9
Household Durables		1.7
Food & Staples Retailing		1.7
Food Products		1.6
Transportation Infrastructure		1.3
Distributors		1.2
Diversified Telecommunication Services		1.1
Others (each less than 1.0%)		0.8

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration normally to qualified institutional buyers.
(h)	—	Amount rounds to less than one thousand (shares or dollars).

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $1,703,000 and 73.2%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	41
Aggregate gross unrealized depreciation		(612	)
Net unrealized appreciation/depreciation	$	(571	)
Federal income tax cost of investments	$	2,896

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

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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 value (“NAV”) of the Fund is calculated on a valuation date. Certain foreign equity instruments shall be valued by applying an international fair value factor provided by approved affiliated and unaffiliated pricing vendors or third party broker-dealers. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAV is calculated.

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 (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	194	$	—	$	—	$	194
Chile		64		—		—		64
China		—		100		—		100
Czech Republic		—		63		—		63
Hong Kong		—		192		—		192
Hungary		—		41		—		41
Indonesia		—		27		—		27
Mexico		68		—		—		68
Poland		—		39		—		39
Russia		42		108		—		150
Singapore		—		31		—		31
South Africa		—		342		—		342
South Korea		87		57		—		144
Taiwan		82		484		—		566
Thailand		—		48		—		48
Turkey		—		83		—		83
United Arab Emirates		—		32		—		32
Total Common Stocks		537		1,647		—		2,184
Preferred Stocks
Russia		20		—		—		20
Structured Instruments
China		—		79		—		79
Warrants
Saudi Arabia		—		42		—		42
Total Investments in Securities	$	557	$	1,768	$	—	$	2,325

Transfers from level 1 to level 2 in the amount of approximately $24,000 are due to applying the fair value factors to certain securities as of January 31, 2016.

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — 64.8%
		Brazil — 3.3%
BRL	410	Brazil Notas do Tesouro Nacional Serie B, 6.000%, 08/15/50		246
		Brazil Notas do Tesouro Nacional Series F,
BRL	4,200	10.000%, 01/01/21		868
BRL	1,846	10.000%, 01/01/23		359
BRL	4,779	10.000%, 01/01/25		885
				2,358
		Colombia — 4.6%
		Republic of Colombia,
COP	3,793,200	6.000%, 04/28/28		883
COP	6,700,000	7.750%, 09/18/30		1,777
COP	1,874,200	10.000%, 07/24/24		616
				3,276
		Hungary — 7.8%
		Republic of Hungary,
HUF	560,010	3.000%, 06/26/24		1,934
HUF	659,280	5.500%, 06/24/25		2,727
HUF	69,910	6.000%, 11/24/23		295
HUF	157,920	7.000%, 06/24/22		687
				5,643
		Indonesia — 9.3%
		Republic of Indonesia,
IDR	6,214,000	8.250%, 07/15/21		450
IDR	10,600,000	8.250%, 05/15/36		740
IDR	35,010,000	8.375%, 03/15/24		2,541
IDR	14,450,000	8.375%, 03/15/34		1,008
IDR	19,678,000	9.000%, 03/15/29		1,449
IDR	6,600,000	10.500%, 08/15/30		545
				6,733
		Kenya — 0.6%
	600	Citigroup, Inc., CLN, 12.000%, 11/15/32 (linked to Republic of Kenya 20-Year Bond, 12.000%, 11/15/32; credit rating B)		453
		Malaysia — 5.3%
		Malaysia Government Bond,
MYR	5,900	3.844%, 04/15/33		1,320
MYR	5,980	3.892%, 03/15/27		1,398
MYR	2,170	3.955%, 09/15/25		525
MYR	2,400	4.498%, 04/15/30		592
				3,835
		Mexico — 4.5%
		United Mexican States,
MXN	2,916	4.000%, 11/15/40		165
MXN	11,300	7.500%, 06/03/27		684

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Mexico — continued
MXN	3,100	7.750%, 11/13/42		189
MXN	31,450	8.500%, 05/31/29		2,058
MXN	2,300	10.000%, 12/05/24		163
				3,259
		Peru — 1.2%
		Republic of Peru,
PEN	1,991	Reg. S, 6.900%, 08/12/37, GDN		504
PEN	1,431	Reg. S, 6.950%, 08/12/31, GDN		374
				878
		Philippines — 0.6%
PHP	14,000	Republic of Philippines, 8.000%, 07/19/31		405
		Poland — 4.3%
		Republic of Poland,
PLN	1,700	3.250%, 07/25/25		426
PLN	6,020	5.750%, 10/25/21		1,735
PLN	3,076	5.750%, 04/25/29		942
				3,103
		Romania — 2.5%
		Republic of Romania,
RON	1,590	4.750%, 02/24/25		415
RON	3,750	5.750%, 04/29/20		1,018
RON	1,240	5.950%, 06/11/21		344
				1,777
		Russia — 2.5%
		Russian Federation,
RUB	66,899	7.000%, 08/16/23		745
RUB	90,700	7.600%, 07/20/22		1,064
				1,809
		South Africa — 5.5%
		Republic of South Africa,
ZAR	33,300	6.250%, 03/31/36		1,460
ZAR	4,625	8.750%, 02/28/48		260
ZAR	9,700	8.875%, 02/28/35		565
ZAR	24,300	10.500%, 12/21/26		1,665
				3,950
		Thailand — 5.2%
		Thailand Government Bond,
THB	29,200	3.580%, 12/17/27		898
THB	35,570	3.650%, 12/17/21		1,089
THB	56,500	3.850%, 12/12/25		1,787
				3,774
		Turkey — 7.6%
		Republic of Turkey,
TRY	2,560	7.100%, 03/08/23		716

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Turkey –– continued
TRY	6,400	7.400%, 02/05/20		1,941
TRY	1,124	8.000%, 03/12/25		324
TRY	2,568	8.500%, 09/14/22		784
TRY	3,540	9.000%, 07/24/24		1,098
TRY	640	9.500%, 01/12/22		206
TRY	1,230	10.400%, 03/20/24		411
				5,480
		Total Foreign Government Securities (Cost $57,080)		46,733
SHARES
	Short-Term Investment — 22.6%
		Investment Company — 22.6%
	16,271	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $16,271)		16,271
		Total Investments — 87.4% (Cost $73,351)		63,004
		Other Assets in Excess of Liabilities — 12.6% (c)		9,078
		NET ASSETS — 100.0%	$	72,082

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT JANUARY 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	52	90-Day EuroDollar		12/19/16	USD		12,894			49
		Short Futures Outstanding
	(7)	5 Year U.S. Treasury Note		03/31/16	USD		(845	)		(14	)
	(25)	90-Day EuroDollar		03/13/17	USD		(6,194	)		(39	)
	(52)	90-Day EuroDollar		12/18/17	USD		(12,845	)		(76	)
										(80	)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
730	AUD	Standard Chartered Bank		03/16/16		531		516		(15	)
1,620	AUD	Westpac Banking Corp.		03/16/16		1,140		1,144		4
2,082	BRL	Citibank, N.A.†		04/20/16		488		508		20
37,006	BRL	Deutsche Bank AG†		04/20/16		8,923		9,032		109
3,144	CAD	Credit Suisse International		03/16/16		2,197		2,244		47
1,062	CAD	Royal Bank of Canada		03/16/16		787		758		(29	)
4,511	CAD	TD Bank Financial Group		03/16/16		3,379		3,220		(159	)
87,719	CLP	Standard Chartered Bank†		04/20/16		119		122		3
9,473,617	COP	Credit Suisse International†		04/20/16		2,871		2,859		(12	)
2,241,755	COP	HSBC Bank, N.A.†		04/20/16		660		676		16
87,846	CZK	Deutsche Bank AG		03/16/16		3,577		3,525		(52	)
477	EUR	BNP Paribas		03/16/16		521		517		(4	)
1,041	EUR	Goldman Sachs International		03/16/16		1,140		1,129		(11	)
1,518	EUR	Societe Generale		03/16/16		1,667		1,646		(21	)
1,694	EUR	TD Bank Financial Group		03/16/16		1,848		1,837		(11	)
177	EUR	HSBC Bank, N.A.		04/20/16		192		192		—	(h)
670	EUR	Standard Chartered Bank		04/20/16		731		727		(4	)
723	GBP	HSBC Bank, N.A.		03/16/16		1,098		1,030		(68	)
330,217	HUF	Deutsche Bank AG		03/16/16		1,138		1,148		10
1,150,705	HUF	Citibank, N.A.		04/20/16		3,994		4,000		6
159,557	HUF	Morgan Stanley		04/20/16		556		555		(1	)
23,806,829	IDR	Deutsche Bank AG†		04/20/16		1,680		1,714		34
21,333,017	IDR	HSBC Bank, N.A.†		04/20/16		1,511		1,536		25
113,308	INR	Deutsche Bank AG†		03/16/16		1,672		1,658		(14	)
3,991,139	KRW	HSBC Bank, N.A.†		03/16/16		3,344		3,299		(45	)
3,561	MXN	BNP Paribas		03/16/16		195		196		1
35,492	MXN	Deutsche Bank AG		03/16/16		1,971		1,951		(20	)
11,886	MXN	BNP Paribas		04/20/16		640		652		12
114,482	MXN	Citibank, N.A.		04/20/16		6,377		6,277		(100	)
33,425	MXN	Deutsche Bank AG		04/20/16		1,809		1,833		24
10,786	MXN	Standard Chartered Bank		04/20/16		616		591		(25	)
19,822	MYR	Deutsche Bank AG†		04/20/16		4,548		4,780		232
5,514	MYR	HSBC Bank, N.A.†		04/20/16		1,249		1,330		81
985	PEN	Deutsche Bank AG†		04/20/16		281		281		—	(h)
1,286	PEN	Standard Chartered Bank†		04/20/16		369		366		(3	)
80,670	PHP	Societe Generale†		03/16/16		1,699		1,680		(19	)
4,567	PLN	Deutsche Bank AG		03/16/16		1,139		1,119		(20	)
36,938	PLN	Citibank, N.A.		04/20/16		9,180		9,042		(138	)
2,326	PLN	Deutsche Bank AG		04/20/16		577		569		(8	)
1,558	PLN	Goldman Sachs International		04/20/16		377		381		4

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
449	PLN	Standard Chartered Bank		04/20/16		110		110		—	(h)
980	RON	Goldman Sachs International		04/20/16		234		233		(1	)
9,049	RON	HSBC Bank, N.A.		04/20/16		2,174		2,153		(21	)
23,155	RUB	Credit Suisse International†		04/20/16		285		301		16
69,408	RUB	Deutsche Bank AG†		04/20/16		863		902		39
66,991	RUB	HSBC Bank, N.A.†		04/20/16		829		871		42
44,592	RUB	Standard Chartered Bank†		04/20/16		594		580		(14	)
1,719	SGD	Citibank, N.A.		03/16/16		1,191		1,206		15
1,519	SGD	Societe Generale		03/16/16		1,057		1,065		8
1,001	SGD	Australia and New Zealand Banking Group Limited		04/20/16		701		701		—	(h)
63,895	THB	Morgan Stanley		04/20/16		1,746		1,785		39
13,066	THB	Societe Generale		04/20/16		358		365		7
49,168	THB	Standard Chartered Bank		04/20/16		1,345		1,373		28
737	TRY	Barclays Bank plc		03/16/16		239		246		7
10,400	TRY	HSBC Bank, N.A.		03/16/16		3,472		3,477		5
1,839	TRY	Citibank, N.A.		04/20/16		589		609		20
12,670	TRY	Deutsche Bank AG		04/20/16		4,099		4,194		95
2,687	ZAR	Barclays Bank plc		03/16/16		158		168		10
36,055	ZAR	Goldman Sachs International		03/16/16		2,250		2,251		1
3,902	ZAR	State Street Corp.		03/16/16		233		244		11
30,536	ZAR	Citibank, N.A.		04/20/16		1,835		1,893		58
20,865	ZAR	Deutsche Bank AG		04/20/16		1,285		1,294		9
37,181	ZAR	Goldman Sachs International		04/20/16		2,201		2,305		104
5,514	ZAR	Standard Chartered Bank		04/20/16		324		342		18
						104,963		105,308		345
CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
2,350	AUD	National Australia Bank		03/16/16		1,713		1,660		53
843	BRL	Citibank, N.A.†		04/20/16		204		206		(2	)
1,880	BRL	Deutsche Bank AG†		04/20/16		451		459		(8	)
16,290	BRL	HSBC Bank, N.A.†		04/20/16		3,892		3,976		(84	)
4,873	CAD	HSBC Bank, N.A.		03/16/16		3,593		3,479		114
2,290	CAD	Royal Bank of Canada		03/16/16		1,690		1,634		56
1,554	CAD	TD Bank Financial Group		03/16/16		1,126		1,109		17
974,786	COP	Credit Suisse International†		04/20/16		292		294		(2	)
8,228,607	COP	HSBC Bank, N.A.†		04/20/16		2,429		2,483		(54	)
34,683	CZK	Goldman Sachs International		03/16/16		1,411		1,391		20
6,859	CZK	Merrill Lynch International		03/16/16		279		275		4
46,304	CZK	TD Bank Financial Group		03/16/16		1,868		1,859		9
1,482	EUR	Credit Suisse International		03/16/16		1,624		1,607		17
3,247	EUR	Standard Chartered Bank		03/16/16		3,559		3,522		37
2,139	EUR	Merrill Lynch International		04/20/16		2,333		2,322		11
723	GBP	Societe Generale		03/16/16		1,093		1,030		63
330,217	HUF	Deutsche Bank AG		03/16/16		1,133		1,148		(15	)
32,672	HUF	Citibank, N.A.		04/20/16		114		114		—	(h)
471,264	HUF	Deutsche Bank AG		04/20/16		1,627		1,638		(11	)
126,050	HUF	Goldman Sachs International		04/20/16		437		438		(1	)
783,157	HUF	HSBC Bank, N.A.		04/20/16		2,682		2,723		(41	)
328,730	HUF	Standard Chartered Bank		04/20/16		1,137		1,143		(6	)
4,804,920	IDR	Credit Suisse International†		04/20/16		337		347		(10	)
55,813,227	IDR	HSBC Bank, N.A.†		04/20/16		3,908		4,018		(110	)

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
78,389	INR	Goldman Sachs International†		03/16/16		1,150		1,147		3
34,919	INR	HSBC Bank, N.A.†		03/16/16		515		510		5
85,690	JPY	Deutsche Bank AG		04/20/16		709		709		—	(h)
3,991,139	KRW	Standard Chartered Bank†		03/16/16		3,373		3,299		74
20,397	MXN	Credit Suisse International		03/16/16		1,123		1,121		2
18,656	MXN	HSBC Bank, N.A.		03/16/16		1,089		1,026		63
4,465	MXN	Deutsche Bank AG		04/20/16		255		244		11
9,603	MXN	Goldman Sachs International		04/20/16		521		527		(6	)
3,641	MXN	HSBC Bank, N.A.		04/20/16		196		199		(3	)
50,569	MXN	Royal Bank of Canada		04/20/16		2,725		2,773		(48	)
7,342	MXN	Standard Chartered Bank		04/20/16		420		403		17
915	MYR	Credit Suisse International†		04/20/16		220		221		(1	)
621	MYR	Deutsche Bank AG†		04/20/16		144		149		(5	)
17,640	MYR	HSBC Bank, N.A.†		04/20/16		4,036		4,254		(218	)
1,110	PEN	HSBC Bank, N.A.†		04/20/16		316		317		(1	)
25,709	PHP	HSBC Bank, N.A.†		03/16/16		539		536		3
54,961	PHP	TD Bank Financial Group†		03/16/16		1,157		1,145		12
4,567	PLN	Deutsche Bank AG		03/16/16		1,127		1,118		9
9,412	PLN	Goldman Sachs International		04/20/16		2,265		2,304		(39	)
8,324	PLN	HSBC Bank, N.A.		04/20/16		2,037		2,038		(1	)
2,870	PLN	Standard Chartered Bank		04/20/16		731		703		28
1,767	PLN	State Street Corp.		04/20/16		433		433		—	(h)
1,491	RON	Barclays Bank plc		04/20/16		358		355		3
3,985	RON	Goldman Sachs International		04/20/16		959		948		11
9,857	RUB	Credit Suisse International†		04/20/16		128		128		—	(h)
10,879	RUB	Deutsche Bank AG†		04/20/16		140		141		(1	)
84,620	RUB	HSBC Bank, N.A.†		04/20/16		1,062		1,100		(38	)
3,238	SGD	Goldman Sachs International		03/16/16		2,267		2,270		(3	)
16,400	THB	HSBC Bank, N.A.		04/20/16		447		458		(11	)
42,372	THB	Morgan Stanley		04/20/16		1,154		1,184		(30	)
67,013	THB	Societe Generale		04/20/16		1,858		1,871		(13	)
13,252	TRY	HSBC Bank, N.A.		03/16/16		4,423		4,430		(7	)
568	TRY	BNP Paribas		04/20/16		184		188		(4	)
6,672	TRY	Citibank, N.A.		04/20/16		2,150		2,208		(58	)
7,134	TRY	Credit Suisse International		04/20/16		2,298		2,362		(64	)
610	TRY	Deutsche Bank AG		04/20/16		202		202		—	(h)
2,920	ZAR	BNP Paribas		03/16/16		181		183		(2	)
51,335	ZAR	Goldman Sachs International		03/16/16		3,468		3,205		263
37,037	ZAR	Deutsche Bank AG		04/20/16		2,217		2,297		(80	)
6,861	ZAR	HSBC Bank, N.A.		04/20/16		400		425		(25	)
9,612	ZAR	Morgan Stanley		04/20/16		564		595		(31	)
						88,473		88,601		(128	)

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AUD	—	Australian Dollar
BRL	—	Brazilian Real
BUBOR	—	Budapest Interbank Offered Rate
CAD	—	Canadian Dollar
CDI	—	Certificado de Deposito Interbancario
CLN	—	Credit-Linked Notes. The credit ratings disclosed for the underlying referenced obligations provide an indication of the likelihood or risk that the underlying sovereign issuer will default on payment of principal or interest. The credit ratings on these securities represent the rating from a nationally recognized statistical rating organization and are as of January 31, 2016. Credit ratings are generally considered to be lagging indicators, and as such, credit risk could be greater than the current ratings would indicate.
CLP	—	Chilean Peso
COP	—	Colombian Peso
CZK	—	Czech Republic Koruna
EUR	—	Euro
GBP	—	British Pound
GDN	—	Global Depository Note
HUF	—	Hungarian Forint
IDR	—	Indonesian Rupiah
INR	—	Indian Rupee
JIBAR	—	Johannesburg Interbank Agreed Rate
JPY	—	Japanese Yen
KLIBOR	—	Kuala Lumpur Interbank Offered Rate
KRW	—	Korean Republic Won
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
PEN	—	Peruvian Nuevo Sol
PHP	—	Philippine Peso
PLN	—	Polish Zloty
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
RON	—	Romanian Leu
RUB	—	Russian Ruble
SGD	—	Singapore Dollar
THB	—	Thai Baht
THBFIX	—	Thai Baht Interest Rate Fixing
TIIE	—	Tasa de Interés Interbancaria de Equilibrio
TRY	—	Turkish Lira
USD	—	United States Dollar
WIBOR	—	Warsaw Interbank Offered Rate
ZAR	—	South African Rand
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—	Included in this amount is cash segregated as collateral for futures contracts.
(h)	—	Amount rounds to less than $1,000.

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

(l)	—	The rate shown is the current yield as of January 31, 2016.
(r)	—	Rates shown are per annum and payments are as described.
†	—	Non-deliverable forward.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	95
Aggregate gross unrealized depreciation		(10,442	)
Net unrealized appreciation/depreciation	$	(10,347	)
Federal income tax cost of investments	$	73,351

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

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

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.

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

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

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

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.

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Foreign Government Securities	$	—		$	46,280		$	453		$	46,733
Short-Term Investment
Investment Company		16,271			—			—			16,271
Total Investments in Securities	$	16,271		$	46,280		$	453	*		63,004
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	2,065		$	—		$	2,065
Futures Contracts		49			—			—			49
Interest Rate Swaps		—			374			—			374
Total Appreciation in Other Financial Instruments	$	49		$	2,439		$	—		$	2,488
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(1,848	)	$	—		$	(1,848	)
Futures Contracts		(129	)		—			—			(129	)
Interest Rate Swaps		—			(439	)		—			(439	)
Total Depreciation in Other Financial Instruments	$	(129	)	$	(2,287	)	$	—		$	(2,416	)

There were no transfers between levels 1 and 2 during the year ended January 31, 2016.

* The table above does not include certain level 3 investments that are valued by brokers and pricing services. At January 31, 2016, the value of these investments was approximately $453,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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

JPMorgan Emerging Markets Local Currency Debt Fund	Balance as of October 31, 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 January 31, 2016
Foreign Government Security	$	439	$	—	$	14	$	—	$	—	$	—	$	—	$	—	$	453

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

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

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

Transfers from level 2 to level 3 or from level 3 to level 2 are due to a decline or an increase in market activity (e.g. frequency of

trades), which resulted in a lack of or increase in available market inputs to determine price.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at January 31, 2016, which were valued using significant unobservable inputs (Level 3) amounted to approximately $ 14,000.

B. Derivatives — The Fund used instruments including futures, forwards and swaps, in connection with its investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

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

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

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

(1). Futures Contracts — The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

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

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

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

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

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency 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 or due across transactions. As of January 31, 2016, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

(3). Swaps — The Fund engaged in interest rate swaps to manage interest risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC” swaps”) between the Fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s’ custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund except for amounts posted to Bank of America which is held as restricted cash. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

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

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Interest Rate Swaps

The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

Interest Rate Swaps

(Amounts in thousands)

	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE	CURRENCY	NOTIONAL AMOUNT	VALUE
Bank of America N.A.	3.870% quarterly	3 month KLIBOR quarterly	11/26/16	MYR	72,000		(22	)
Bank of America N.A.	6 month BUBOR semi-annually	1.390% annually	11/06/17	HUF	1,500,000		21
Bank of America N.A.	3 month JIBAR quarterly	8.440% quarterly	01/27/18	ZAR	64,000		12
Bank of America N.A.	Brazilian CDI at maturity	16.630% at maturity	01/02/19	BRL	9,700		45
Bank of America N.A.	Brazilian CDI at maturity	15.950% at maturity	01/02/19	BRL	12,300		17
Bank of America N.A.	1.800% annually	6 month BUBOR semi-annually	11/06/20	HUF	1,200,000		(67	)
Bank of America N.A.	1 month TIIE monthly	5.375% monthly	11/13/20	MXN	29,000		27
Bank of America N.A.	Brazilian CDI at maturity	12.240% at maturity	01/04/21	BRL	5,000		(125	)
Bank of America N.A.	3.120% annually	6 month BUBOR semi-annually	06/04/25	HUF	250,000		(78	)
Bank of America N.A.	6 month BUBOR semi-annually	2.660% annually	11/06/25	HUF	300,000		33
Citibank, N.A.	3 month KLIBOR quarterly	4.295% quarterly	09/24/23	MYR	5,880		28
Citibank, N.A.	6 month THBFIX semi-annually	3.870% at semi-annually	09/26/23	THB	25,000		86
Citibank, N.A.	3.320% annually	6 month BUBOR semi-annually	06/05/25	HUF	239,400		(90	)
Citibank, N.A.	6 month WIBOR semi-annually	2.833% annually	06/05/25	PLN	2,100		29
Citibank, N.A.	1 month TIIE monthly	6.310% monthly	07/08/25	MXN	36,000		65
Deutsche Bank AG, New York	3 month JIBAR quarterly	8.480% quarterly	01/27/18	ZAR	64,000		10
Deutsche Bank AG, New York	Brazilian CDI at maturity	15.920% at maturity	01/04/21	BRL	1,800		1
Deutsche Bank AG, New York	3 month JIBAR quarterly	7.865% quarterly	09/23/23	ZAR	21,000		(57	)
							(65	)

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 6.0%
		United States — 6.0%
	432	ABFC Trust, Series 2004-HE1, Class M1, VAR, 1.327%, 03/25/34		395
	1,657	Accredited Mortgage Loan Trust, Series 2004-3, Class 2A5, VAR, 1.506%, 10/25/34		1,528
		ACE Securities Corp. Home Equity Loan Trust,
	1,786	Series 2003-HE1, Class M1, VAR, 1.402%, 11/25/33		1,659
	466	Series 2003-NC1, Class M1, VAR, 1.597%, 07/25/33		443
	533	Series 2003-OP1, Class M1, VAR, 1.477%, 12/25/33		502
	406	Series 2004-HE4, Class M1, VAR, 1.402%, 12/25/34		397
	158	Series 2005-HE7, Class A1B2, VAR, 1.027%, 11/25/35		153
		Ameriquest Mortgage Securities, Inc.,
	772	Series 2003-10, Class M1, VAR, 1.477%, 12/25/33		715
	337	Series 2003-10, Class M2, VAR, 2.977%, 12/25/33		324
	551	Series 2004-FR1W, Class A6, VAR, 5.440%, 05/25/34		551
	210	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-11, Class M3, VAR, 3.216%, 12/25/33		201
	457	Amortizing Residential Collateral Trust, Series 2004-1, Class M5, VAR, 2.302%, 10/25/34		422
		Argent Securities, Inc.,
	1,107	Series 2003-W5, Class M2, VAR, 3.202%, 10/25/33		1,043
	983	Series 2004-W4, Class A, VAR, 0.947%, 03/25/34		907
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	195	Series 2003-W9, Class M2, VAR, 3.007%, 01/25/34		187
	1,617	Series 2004-W2, Class M1, VAR, 1.267%, 04/25/34		1,481
	343	Series 2004-W5, Class M1, VAR, 1.326%, 04/25/34		322
		Asset Backed Securities Corp. Home Equity Loan Trust,
	979	Series 2004-HE1, Class M1, VAR, 1.476%, 01/15/34		903
	1,329	Series 2004-HE3, Class M2, VAR, 2.107%, 06/25/34		1,199
		Bear Stearns Asset-Backed Securities I Trust,
	1,155	Series 2004-FR2, Class M3, VAR, 2.226%, 06/25/34		1,112
	1,112	Series 2004-HE6, Class M2, VAR, 2.302%, 08/25/34		1,044
		Bear Stearns Asset-Backed Securities Trust,
	718	Series 2004-1, Class M1, VAR, 1.402%, 06/25/34		678
	238	Series 2004-2, Class M1, VAR, 1.627%, 08/25/34		216
	1,344	Chase Funding Trust, Series 2002-2, Class 2M1, VAR, 1.326%, 02/25/32		1,284
		Countrywide Asset-Backed Certificates,
	53	Series 2002-3, Class M1, VAR, 1.552%, 03/25/32		51
	70	Series 2002-4, Class M1, VAR, 1.552%, 12/25/32		64
	625	Series 2003-BC4, Class M2, VAR, 1.776%, 06/25/33		606
	318	Series 2003-BC6, Class M2, VAR, 2.152%, 10/25/33		281
	146	Series 2004-2, Class M1, VAR, 1.177%, 05/25/34		138
	601	Series 2004-3, Class M1, VAR, 1.177%, 06/25/34		570
	781	Series 2005-AB3, Class 1A1, VAR, 0.677%, 02/25/36		686
	1,127	Countrywide Partnership Trust, Series 2004-EC1, Class M2, VAR, 1.372%, 01/25/35		1,015
		Credit-Based Asset Servicing and Securitization LLC,
	1,579	Series 2004-CB4, Class A5, SUB, 6.780%, 05/25/35		1,586
	671	Series 2004-CB5, Class M1, VAR, 1.342%, 01/25/34		622
	195	Series 2005-CB1, Class M2, VAR, 1.522%, 01/25/35		174
		CWABS, Inc. Asset-Backed Certificates,
	664	Series 2003-BC1, Class A1, VAR, 1.227%, 03/25/33		610
	306	Series 2004-1, Class M1, VAR, 1.177%, 03/25/34		292
		CWABS, Inc. Asset-Backed Certificates Trust,
	835	Series 2004-4, Class M1, VAR, 1.146%, 07/25/34		770
	121	Series 2004-5, Class M3, VAR, 2.152%, 07/25/34		109

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	2,738	Series 2004-6, Class 1A1, VAR, 0.966%, 12/25/34		2,496
	1,053	Series 2004-6, Class M1, VAR, 1.326%, 10/25/34		992
	104	Series 2004-6, Class M2, VAR, 1.402%, 10/25/34		97
	389	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.869%, 10/25/34		374
		First Franklin Mortgage Loan Trust,
	894	Series 2004-FF7, Class M1, VAR, 1.297%, 09/25/34		823
	648	Series 2005-FF10, Class A1, VAR, 0.727%, 11/25/35		569
		Fremont Home Loan Trust,
	67	Series 2003-B, Class M2, VAR, 2.856%, 12/25/33		66
	1,773	Series 2004-A, Class M1, VAR, 1.252%, 01/25/34		1,604
	10	Series 2005-D, Class 2A3, VAR, 0.677%, 11/25/35		10
		GSAMP Trust,
	478	Series 2004-AR1, Class M1, VAR, 1.402%, 06/25/34		453
	811	Series 2004-OPT, Class M1, VAR, 1.297%, 11/25/34		737
	433	Series 2006-HE3, Class A2C, VAR, 0.587%, 05/25/46		385
		Home Equity Asset Trust,
	1,309	Series 2003-3, Class M1, VAR, 1.717%, 08/25/33		1,241
	431	Series 2004-7, Class M1, VAR, 1.357%, 01/25/35		405
		Home Equity Mortgage Loan Asset-Backed Trust,
	333	Series 2004-B, Class M3, VAR, 1.627%, 11/25/34		295
	369	Series 2004-B, Class M8, VAR, 3.727%, 11/25/34		294
		Long Beach Mortgage Loan Trust,
	1,327	Series 2004-1, Class M1, VAR, 1.177%, 02/25/34		1,248
	1,198	Series 2004-3, Class M2, VAR, 1.327%, 07/25/34		1,119
	688	Series 2004-3, Class M4, VAR, 2.039%, 07/25/34		639
		MASTR Asset-Backed Securities Trust,
	187	Series 2003-NC1, Class M5, VAR, 6.427%, 04/25/33		164
	1,714	Series 2004-WMC2, Class M1, VAR, 1.326%, 04/25/34		1,583
	1,107	Series 2005-NC1, Class M2, VAR, 1.177%, 12/25/34		1,056
		Morgan Stanley ABS Capital I, Inc. Trust,
	334	Series 2003-HE2, Class M2, VAR, 2.901%, 08/25/33		321
	944	Series 2004-HE6, Class M1, VAR, 1.252%, 08/25/34		889
	39	Series 2004-HE8, Class M3, VAR, 1.552%, 09/25/34		36
	482	Series 2004-NC5, Class M1, VAR, 1.327%, 05/25/34		437
	584	Series 2004-NC6, Class M2, VAR, 2.302%, 07/25/34		506
	901	Series 2004-NC7, Class M2, VAR, 1.357%, 07/25/34		865
	67	Series 2005-HE1, Class M3, VAR, 1.207%, 12/25/34		54
	461	Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-AM3, Class A3, VAR, 1.406%, 02/25/33		432
	1,394	New Century Home Equity Loan Trust, Series 2004-4, Class M1, VAR, 1.191%, 02/25/35		1,239
	340	NovaStar Mortgage Funding Trust, Series 2003-2, Class M3, VAR, 3.801%, 09/25/33		300
	1,932	Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-4, Class M1, VAR, 1.447%, 07/25/33		1,731
		Option One Mortgage Loan Trust,
	816	Series 2004-1, Class M1, VAR, 1.326%, 01/25/34		756
	39	Series 2004-3, Class M2, VAR, 1.282%, 11/25/34		35
	1,701	Pretium Mortgage Credit Partners I LLC, Series 2015-NPL3, Class A1, SUB, 4.125%, 10/27/30 (e)		1,691
		RAMP Trust,
	141	Series 2005-EFC4, Class M2, VAR, 0.866%, 09/25/35		138
	737	Series 2006-EFC2, Class A3, VAR, 0.587%, 12/25/36		706
		RASC Trust,
	220	Series 2001-KS2, Class AI5, SUB, 7.514%, 06/25/31		228
	1,782	Series 2005-EMX1, Class M1, VAR, 1.072%, 03/25/35		1,652

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
		Renaissance Home Equity Loan Trust,
	518	Series 2003-2, Class A, VAR, 1.307%, 08/25/33		482
	427	Series 2003-2, Class M1, VAR, 1.664%, 08/25/33		391
	231	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		234
		Saxon Asset Securities Trust,
	502	Series 2003-3, Class M1, VAR, 1.402%, 12/25/33		471
	382	Series 2006-2, Class A3C, VAR, 0.577%, 09/25/36		352
	1,727	Securitized Asset-Backed Receivables LLC Trust, Series 2004-OP2, Class M1, VAR, 1.402%, 08/25/34		1,606
	1,004	Specialty Underwriting & Residential Finance Trust, Series 2003-BC4, Class M1, VAR, 1.326%, 11/25/34		926
		Structured Asset Investment Loan Trust,
	546	Series 2003-BC11, Class M1, VAR, 1.402%, 10/25/33		526
	500	Series 2004-6, Class A3, VAR, 1.226%, 07/25/34		469
	528	Series 2004-7, Class M2, VAR, 1.551%, 08/25/34		457
	1,511	Series 2004-BNC1, Class A4, VAR, 1.366%, 09/25/34		1,399
	88	Series 2004-BNC1, Class A5, VAR, 1.667%, 09/25/34		79
	582	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC4, Class A4, VAR, 0.597%, 12/25/36		494
	1,240	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		1,230
	1,713	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		1,683
	1,688	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.875%, 09/25/45 (e)		1,666
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	81	Series 2004-2, Class M6, VAR, 3.247%, 10/25/34		80
	97	Series 2004-2, Class M8A, VAR, 4.927%, 10/25/34 (e)		88
	1,039	Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates, Series 2004-1, Class 1A, VAR, 0.727%, 04/25/34		982
		Total Asset-Backed Securities (Cost $67,797)		67,521
	Collateralized Mortgage Obligations — 3.1%
		Non-Agency CMO — 3.1%
		United States — 3.1%
		Alternative Loan Trust
	138	Series 2004-24CB, Class 1A1, 6.000%, 11/25/34		140
	753	Series 2004-27CB, Class A1, 6.000%, 12/25/34		746
	710	Series 2004-28CB, Class 3A1, 6.000%, 01/25/35		687
	188	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		191
	154	Series 2005-11CB, Class 2A1, 5.500%, 06/25/35		152
	35	Series 2005-19CB, Class A2, IF, 16.002%, 06/25/35 (u)		44
	135	Banc of America Funding Trust, Series 2005-6, Class 1A2, 5.500%, 10/25/35		128
	745	Banc of America Mortgage Trust, Series 2004-D, Class 2A2, VAR, 2.725%, 05/25/34		737
		Bear Stearns ALT-A Trust
	137	Series 2005-4, Class 23A1, VAR, 2.610%, 05/25/35		132
	274	Series 2005-4, Class 23A2, VAR, 2.610%, 05/25/35		270
	351	Series 2005-7, Class 12A3, VAR, 1.107%, 08/25/35		322
		Bear Stearns ARM Trust
	830	Series 2004-3, Class 2A, VAR, 2.653%, 07/25/34		808
	284	Series 2005-5, Class A2, VAR, 2.480%, 08/25/35		285
	485	Series 2005-9, Class A1, VAR, 2.660%, 10/25/35		475
		Chase Mortgage Finance Trust
	24	Series 2005-S1, Class 1A9, 5.500%, 05/25/35		24
	390	Series 2006-S4, Class A5, 6.000%, 12/25/36		345
	211	Series 2007-A1, Class 1A1, VAR, 2.716%, 02/25/37		214
	467	Series 2007-A1, Class 1A5, VAR, 2.716%, 02/25/37		447
	305	Series 2007-A1, Class 8A1, VAR, 2.758%, 02/25/37		307
	351	Series 2007-A2, Class 2A1, VAR, 2.716%, 07/25/37		341
		CHL Mortgage Pass-Through Trust
	157	Series 2004-9, Class A7, 5.250%, 06/25/34		162

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	510	Series 2004-25, Class 2A1, VAR, 1.107%, 02/25/35		444
	294	Series 2004-HYB7, Class 1A1, VAR, 2.643%, 11/20/34		289
	325	Series 2004-HYB7, Class 1A2, VAR, 2.643%, 11/20/34		320
	352	Series 2006-21, Class A14, 6.000%, 02/25/37		335
	415	Series 2007-10, Class A4, 5.500%, 07/25/37		357
		Citigroup Mortgage Loan Trust, Inc.
	769	Series 2005-3, Class 2A2A, VAR, 2.713%, 08/25/35		761
	424	Series 2005-4, Class A, VAR, 2.783%, 08/25/35		417
	817	Series 2005-6, Class A1, VAR, 2.430%, 09/25/35		815
	286	Series 2005-11, Class A2A, VAR, 2.730%, 10/25/35		282
		Credit Suisse First Boston Mortgage Securities Corp.
	99	Series 2003-25, Class 2A1, 4.500%, 10/25/18		99
	820	Series 2004-8, Class 5A1, 6.000%, 12/25/34		845
	106	Series 2005-1, Class 3A4, 5.250%, 05/25/28		106
		GSR Mortgage Loan Trust
	711	Series 2004-11, Class 2A2, VAR, 2.853%, 09/25/34		699
	390	Series 2005-AR6, Class 1A1, VAR, 2.804%, 09/25/35		392
	591	Series 2005-AR6, Class 4A5, VAR, 2.809%, 09/25/35		592
		Impac CMB Trust
	159	Series 2004-6, Class 1A2, VAR, 1.207%, 10/25/34		146
	432	Series 2007-A, Class M1, VAR, 0.826%, 05/25/37 (e)		399
		JP Morgan Mortgage Trust
	226	Series 2005-A5, Class 2A2, VAR, 2.773%, 08/25/35		226
	438	Series 2005-A8, Class 2A3, VAR, 2.550%, 11/25/35		406
	271	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 2.778%, 04/21/34		272
		MASTR Alternative Loan Trust
	223	Series 2004-6, Class 8A1, 5.500%, 07/25/34		230
	253	Series 2005-1, Class 1A1, 5.500%, 02/25/35		269
		Merrill Lynch Mortgage Investors Trust
	140	Series 2003-A4, Class 3A, VAR, 2.935%, 05/25/33		135
	144	Series 2005-1, Class 2A1, VAR, 2.218%, 04/25/35		139
	111	Series 2005-A2, Class A3, VAR, 2.589%, 02/25/35		107
	534	Series 2005-A5, Class A3, VAR, 2.572%, 06/25/35		523
		Morgan Stanley Mortgage Loan Trust
	258	Series 2004-5AR, Class 4A, VAR, 2.676%, 07/25/34		247
	622	Series 2004-7AR, Class 2A6, VAR, 2.541%, 09/25/34		610
	517	Series 2004-11AR, Class 1A2A, VAR, 0.737%, 01/25/35		486
	1,005	Opteum Mortgage Acceptance Corp. Trust, Series 2005-4, Class 1A2, VAR, 0.817%, 11/25/35		922
	1	Prudential Home Mortgage Securities Co., Inc. (The), Series 1988-1, Class A, VAR, 0.000%, 04/25/18		1
	147	RALI Trust, Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		139
		Residential Asset Securitization Trust
	47	Series 2004-A3, Class A1, 4.500%, 06/25/34		47
	495	Series 2004-A8, Class A1, 5.250%, 11/25/34		499
		RFMSI Trust
	43	Series 2003-S15, Class A1, 4.500%, 08/25/18		44
	55	Series 2003-S16, Class A2, 4.500%, 09/25/18		55
	132	Series 2003-S20, Class 2A1, 4.750%, 12/25/18		134
	1,379	Sequoia Mortgage Trust, Series 2007-3, Class 1A1, VAR, 0.626%, 07/20/36		1,245
		Structured Adjustable Rate Mortgage Loan Trust
	1,333	Series 2004-16, Class 5A2, VAR, 2.598%, 11/25/34		1,319
	637	Series 2005-17, Class 4A3, VAR, 2.746%, 08/25/35		622
		WaMu Mortgage Pass-Through Certificates Trust
	52	Series 2003-S8, Class A2, 5.000%, 09/25/18		53

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	123	Series 2004-CB2, Class 5A, 5.000%, 07/25/19		125
	242	Series 2005-AR3, Class A1, VAR, 2.456%, 03/25/35		240
	663	Series 2005-AR7, Class A3, VAR, 2.492%, 08/25/35		651
	467	Series 2005-AR10, Class 1A3, VAR, 2.502%, 09/25/35		449
	589	Series 2005-AR14, Class 1A4, VAR, 2.525%, 12/25/35		567
	126	Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2003-MS3, Class 2A2, 4.500%, 03/25/18		125
		Wells Fargo Mortgage-Backed Securities Trust
	368	Series 2003-H, Class A1, VAR, 2.740%, 09/25/33		368
	130	Series 2003-K, Class 1A1, VAR, 2.615%, 11/25/33		130
	409	Series 2003-M, Class A1, VAR, 2.787%, 12/25/33		410
	903	Series 2004-CC, Class A1, VAR, 2.838%, 01/25/35		910
	120	Series 2004-EE, Class 2A2, VAR, 2.742%, 12/25/34		122
	244	Series 2004-H, Class A1, VAR, 2.739%, 06/25/34		244
	136	Series 2004-K, Class 1A2, VAR, 2.743%, 07/25/34		136
	536	Series 2004-K, Class 2A6, VAR, 2.740%, 07/25/34		539
	126	Series 2004-N, Class A7, VAR, 2.730%, 08/25/34		126
	206	Series 2004-Z, Class 2A2, VAR, 2.851%, 12/25/34		206
	1,570	Series 2005-AR1, Class 1A1, VAR, 2.764%, 02/25/35		1,563
	491	Series 2005-AR1, Class 2A1, VAR, 2.761%, 02/25/35		484
	541	Series 2005-AR2, Class 2A2, VAR, 2.688%, 03/25/35		546
	205	Series 2005-AR2, Class 3A1, VAR, 2.707%, 03/25/35		207
	281	Series 2005-AR3, Class 1A1, VAR, 2.747%, 03/25/35		282
	839	Series 2005-AR10, Class 2A1, VAR, 2.750%, 06/25/35		842
	499	Series 2005-AR11, Class 1A1, VAR, 2.760%, 06/25/35		494
	665	Series 2006-AR2, Class 2A1, VAR, 2.781%, 03/25/36		659
	100	Series 2006-AR2, Class 2A3, VAR, 2.781%, 03/25/36		98
	331	Series 2006-AR3, Class A3, VAR, 2.675%, 03/25/36		324
	954	Series 2006-AR6, Class 7A1, VAR, 2.760%, 03/25/36		942
		Total Collateralized Mortgage Obligations (Cost $34,599)		34,774
	Commercial Mortgage-Backed Securities — 0.6%
		United States — 0.6%
	1,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class AM, VAR, 5.960%, 06/15/49		1,019
	1,700	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, VAR, 6.096%, 07/15/44		1,671
		Morgan Stanley Capital I Trust,
	1,000	Series 2006-HQ8, Class AJ, VAR, 5.683%, 03/12/44		999
	1,750	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		1,737
		Wachovia Bank Commercial Mortgage Trust,
	975	Series 2006-C24, Class AJ, VAR, 5.658%, 03/15/45		974
	1,000	Series 2007-C31, Class C, VAR, 5.869%, 04/15/47		969
		Total Commercial Mortgage-Backed Securities (Cost $7,392)		7,369
SHARES
	Common Stocks — 48.5%
		Australia — 0.9%
	158	AMP Ltd.		610
	95	Australia & New Zealand Banking Group Ltd.		1,657
	107	BHP Billiton Ltd.		1,172
	36	Commonwealth Bank of Australia		2,032
	98	Dexus Property Group		518
	217	Goodman Group		951
	20	Macquarie Group Ltd.		1,036
	5	National Australia Bank Ltd.		90

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
			Australia — continued
	58		Oil Search Ltd.		272
	250		Qantas Airways Ltd. (a)		695
	46		Wesfarmers Ltd.		1,397
	15		Westpac Banking Corp.		324
					10,754
			Bermuda — 0.1%
	26		Lazard Ltd., Class A		952
	30		Teekay Corp.		208
					1,160
			Brazil — 0.6%
	302		AMBEV S.A., ADR		1,408
	170		CCR S.A.		543
	126		Cielo S.A.		1,065
	106		Itau Unibanco Holding S.A., ADR		664
	135		Lojas Renner S.A.		599
	75		Ultrapar Participacoes S.A.		1,113
	27		Vale S.A. (Preference Shares), ADR		51
	237		WEG S.A.		915
					6,358
			Canada — 0.3%
	21		Brookfield Asset Management, Inc., Class A		616
	3		Novadaq Technologies, Inc. (a)		37
	25		Valeant Pharmaceuticals International, Inc. (a)		2,289
					2,942
			Chile — 0.1%
	45		Banco Santander Chile, ADR		770
			China — 1.0%
	22		Baidu, Inc., ADR (a)		3,542
	764		CNOOC Ltd.		779
	7		CNOOC Ltd., ADR		724
	1,160		Geely Automobile Holdings Ltd.		499
	2,222		Industrial & Commercial Bank of China Ltd., Class H		1,156
	140		Tencent Holdings Ltd.		2,638
	238		Tingyi Cayman Islands Holding Corp.		272
	206		Tsingtao Brewery Co., Ltd., Class H		736
	41		Vipshop Holdings Ltd., ADR (a)		527
					10,873
			Denmark — 0.3%
	—	(h)	AP Moeller—Maersk A/S, Class B		543
	11		Chr Hansen Holding A/S		684
	39		Danske Bank A/S		1,038
	28		Novo Nordisk A/S, Class B		1,560
					3,825
			Finland — 0.4%
	16		Cargotec Oyj, Class B		518
	343		Nokia OYJ		2,468
	56		Outokumpu OYJ (a)		139
	53		UPM-Kymmene OYJ		866
	19		Wartsila OYJ Abp		832
					4,823
			France — 1.9%
	18		Air Liquide S.A.		1,865
	33		Airbus Group SE		2,089
	13		Arkema S.A.		819
	122		AXA S.A.		3,026
	27		BNP Paribas S.A.		1,300
	14		Cap Gemini S.A.		1,252
	55		Engie S.A.		870
	26		IPSOS		539
	1		L’Oreal S.A.		152
	16		Renault S.A.		1,359
	39		Sanofi		3,234
	12		Schneider Electric SE		617
	20		Societe Generale S.A.		749
	15		Thales S.A.		1,176
	35		TOTAL S.A.		1,559
	53		Vivendi S.A.		1,146
					21,752
			Germany — 1.4%
	11		adidas AG		1,094
	3		Allianz SE		469
	2		BASF SE		139
	27		Bayer AG		3,008
	18		Brenntag AG		898
	28		Daimler AG, Reg. S,		1,954
	5		Deutsche Bank AG		88
	9		Deutsche Post AG		226
	88		Deutsche Telekom AG		1,530
	19		E.ON SE		193
	17		HeidelbergCement AG		1,286
	88		Infineon Technologies AG		1,179
	5		Linde AG		742
	33		SAP SE		2,638
	8		Siemens AG		733
					16,177

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Hong Kong — 1.0%
	703	AIA Group Ltd.		3,909
	122	Cheung Kong Property Holdings Ltd.		661
	116	CK Hutchison Holdings Ltd.		1,448
	12	Hang Seng Bank Ltd.		203
	29	Jardine Matheson Holdings Ltd.		1,520
	5	Jardine Matheson Holdings Ltd.		284
	89	Power Assets Holdings Ltd.		813
	372	Sands China Ltd.		1,298
	918	Sun Art Retail Group Ltd.		517
	113	Wharf Holdings Ltd. (The)		529
				11,182
		India — 1.3%
	108	HDFC Bank Ltd., ADR		6,508
	79	ICICI Bank Ltd., ADR		522
	269	Infosys Ltd., ADR		4,825
	114	Mahindra & Mahindra Ltd., GDR		2,050
	16	Tata Motors Ltd., ADR (a)		392
				14,297
		Indonesia — 0.3%
	2,249	Astra International Tbk PT		1,069
	882	Bank Central Asia Tbk PT		846
	1,313	Bank Rakyat Indonesia Persero Tbk PT		1,083
	191	Unilever Indonesia Tbk PT		513
				3,511
		Ireland — 0.3%
	3	DCC plc		261
	15	Ryanair Holdings plc, ADR		1,148
	21	Shire plc		1,182
	6	Shire plc, ADR		946
				3,537
		Israel — 0.3%
	18	Caesarstone Sdot-Yam Ltd. (a)		669
	26	Mobileye N.V. (a)		718
	37	Teva Pharmaceutical Industries Ltd., ADR		2,294
				3,681
		Italy — 0.4%
	50	Assicurazioni Generali S.p.A.		748
	37	Atlantia S.p.A.		972
	351	Enel S.p.A.		1,440
	941	Telecom Italia S.p.A. (a)		1,047
	195	UniCredit S.p.A.		756
				4,963
		Japan — 4.0%
	80	Amada Holdings Co., Ltd.		753
	31	Bridgestone Corp.		1,118
	9	Central Japan Railway Co.		1,596
	17	Daikin Industries Ltd.		1,169
	22	Daiwa House Industry Co., Ltd.		607
	17	Dentsu, Inc.		882
	20	DMG Mori Co., Ltd.		198
	16	East Japan Railway Co.		1,425
	14	Electric Power Development Co., Ltd.		472
	18	Fuji Heavy Industries Ltd.		728
	161	Fujitsu Ltd.		672
	233	Hitachi Ltd.		1,152
	6	Honda Motor Co., Ltd.		168
	6	Japan Tobacco, Inc.		227
	25	JFE Holdings, Inc.		335
	61	JX Holdings, Inc.		231
	184	Kajima Corp.		1,041
	33	KDDI Corp.		841
	3	Keyence Corp.		1,227
	63	Kirin Holdings Co., Ltd.		895
	36	Kyushu Electric Power Co., Inc. (a)		385
	13	LIXIL Group Corp.		270
	18	Mabuchi Motor Co., Ltd.		966
	25	Mazda Motor Corp.		446
	46	Medipal Holdings Corp.		749
	386	Mitsubishi UFJ Financial Group, Inc.		1,979
	11	Mitsui & Co., Ltd.		123
	48	Mitsui Fudosan Co., Ltd.		1,130
	28	MS&AD Insurance Group Holdings, Inc.		752
	5	NGK Spark Plug Co., Ltd.		128
	31	Nippon Steel & Sumitomo Metal Corp.		552
	54	Nippon Telegraph & Telephone Corp.		2,312
	78	Nishi-Nippon City Bank Ltd. (The)		175
	9	Nitori Holdings Co., Ltd.		764
	47	ORIX Corp.		663
	35	Otsuka Holdings Co., Ltd.		1,171
	76	Seiko Epson Corp.		1,064
	42	Seven & i Holdings Co., Ltd.		1,878
	21	Shin-Etsu Chemical Co., Ltd.		1,057
	49	Sony Corp.		1,140
	96	Sumitomo Bakelite Co., Ltd.		366
	70	Sumitomo Mitsui Financial Group, Inc.		2,355
	17	Suntory Beverage & Food Ltd.		795
	15	Suzuken Co., Ltd.		529

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Japan — continued
	10	Sysmex Corp.		637
	60	Takashimaya Co., Ltd.		514
	143	Tokyo Gas Co., Ltd.		659
	70	Toyota Motor Corp.		4,210
	35	Yamato Holdings Co., Ltd.		764
	24	Yamazaki Baking Co., Ltd.		524
				44,794
		Luxembourg — 0.0% (g)
	114	ArcelorMittal		434
		Malaysia — 0.1%
	150	Public Bank Bhd		667
		Mexico — 0.2%
	88	Fibra Uno Administracion S.A. de C.V.		177
	153	Grupo Financiero Banorte S.A.B. de C.V., Class O		796
	499	Wal-Mart de Mexico S.A.B. de C.V.		1,253
				2,226
		Netherlands — 1.3%
	70	Aegon N.V.		397
	8	ASML Holding N.V.		763
	14	Heineken N.V.		1,244
	122	ING Groep N.V., CVA		1,394
	221	Koninklijke KPN N.V.		853
	45	Koninklijke Philips N.V.		1,211
	21	NN Group N.V.		728
	34	NXP Semiconductors N.V. (a)		2,512
	126	Royal Dutch Shell plc, Class A		2,761
	138	Royal Dutch Shell plc, Class B		2,998
				14,861
		New Zealand — 0.0% (g)
	276	Spark New Zealand Ltd.		603
		Norway — 0.1%
	63	DNB ASA		764
		Peru — 0.1%
	8	Credicorp Ltd.		768
		Portugal — 0.0% (g)
	48	Galp Energia SGPS S.A.		570
		Russia — 0.4%
	37	Lukoil PJSC, ADR		1,272
	44	Magnit PJSC, Reg. S, GDR		1,716
	9	Mail.Ru Group Ltd., Reg. S, GDR (a)		188
	33	Mobile TeleSystems PJSC, ADR		234
	190	Sberbank of Russia PJSC, ADR		1,053
				4,463
		Singapore — 0.3%
	14	Avago Technologies Ltd.		1,834
	117	DBS Group Holdings Ltd.		1,164
	30	Singapore Exchange Ltd.		147
				3,145
		South Africa — 1.0%
	43	Aspen Pharmacare Holdings Ltd. (a)		740
	87	Bidvest Group Ltd. (The)		2,008
	15	Capitec Bank Holdings Ltd.		472
	409	FirstRand Ltd.		1,161
	49	Mr Price Group Ltd.		506
	129	MTN Group Ltd.		1,141
	8	Naspers Ltd., Class N		980
	94	Remgro Ltd.		1,492
	102	RMB Holdings Ltd.		365
	174	Sanlam Ltd.		639
	83	Shoprite Holdings Ltd.		769
	30	Tiger Brands Ltd.		553
				10,826
		South Korea — 0.4%
	13	Hyundai Motor Co.		1,486
	3	Samsung Electronics Co., Ltd.		2,631
				4,117
		Spain — 0.4%
	199	Banco Santander S.A.		853
	547	Bankia S.A.		544
	68	Distribuidora Internacional de Alimentacion S.A. (a)		366
	138	Iberdrola S.A.		974
	29	Repsol S.A.		305
	93	Telefonica S.A.		979
				4,021
		Sweden — 0.2%
	16	Assa Abloy AB, Class B		345
	41	Electrolux AB, Series B		890
	55	Nordea Bank AB		557
	110	Sandvik AB		922
				2,714

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousand)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Switzerland — 2.0%
	8	Actelion Ltd. (a)		1,030
	20	Allied World Assurance Co. Holdings AG		745
	17	Chubb Ltd.		1,907
	14	Cie Financiere Richemont S.A.		897
	19	Credit Suisse Group AG (a)		335
	3	LafargeHolcim Ltd. (a)		126
	65	Nestle S.A.		4,753
	49	Novartis AG		3,791
	17	Roche Holding AG		4,493
	1	Syngenta AG		546
	164	UBS Group AG		2,716
	26	Wolseley plc		1,300
	2	Zurich Insurance Group AG (a)		337
				22,976
		Taiwan — 0.6%
	220	Delta Electronics, Inc.		930
	205	President Chain Store Corp.		1,356
	188	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		4,194
				6,480
		Thailand — 0.2%
	90	Siam Cement PCL (The)		1,086
	322	Siam Commercial Bank PCL (The)		1,183
				2,269
		Turkey — 0.1%
	227	KOC Holding A.S.		910
	216	Turkiye Garanti Bankasi A.S.		545
				1,455
		United Kingdom — 3.7%
	95	3i Group plc		603
	23	Associated British Foods plc		1,047
	33	AstraZeneca plc		2,101
	163	Aviva plc		1,125
	1,075	Barclays plc		2,876
	123	Barratt Developments plc		1,057
	243	BP plc		1,315
	55	British American Tobacco plc		3,074
	56	Burberry Group plc		957
	396	Centrica plc		1,163
	137	Debenhams plc		153
	135	Dixons Carphone plc		919
	56	Domino’s Pizza Group plc		785
	113	GlaxoSmithKline plc		2,336
	334	HSBC Holdings plc		2,353
	20	HSBC Holdings plc		144
	26	InterContinental Hotels Group plc		866
	101	ITV plc		385
	3,189	Lloyds Banking Group plc		2,987
	222	Poundland Group plc		451
	32	Prudential plc		635
	16	Reckitt Benckiser Group plc		1,454
	8	Rio Tinto Ltd.		238
	6	Rio Tinto plc		147
	119	RSA Insurance Group plc		712
	90	SABMiller plc		5,375
	21	Standard Chartered plc		141
	214	Taylor Wimpey plc		590
	53	UBM plc		396
	33	Unilever N.V., CVA		1,455
	1,205	Vodafone Group plc		3,875
	10	Whitbread plc		568
				42,283
		United States — 22.8%
	22	Acadia Healthcare Co., Inc. (a)		1,340
	13	Acuity Brands, Inc.		2,674
	14	Adobe Systems, Inc. (a)		1,236
	9	Advanced Drainage Systems, Inc.		201
	33	Aetna, Inc.		3,316
	8	Affiliated Managers Group, Inc. (a)		1,011
	10	Air Products & Chemicals, Inc.		1,252
	4	Alexion Pharmaceuticals, Inc. (a)		614
	1	Alleghany Corp. (a)		524
	2	Allergan plc (a)		539
	11	Alphabet, Inc., Class C (a)		8,221
	8	Amazon.com, Inc. (a)		4,619
	23	American Electric Power Co., Inc.		1,394
	46	American Homes 4 Rent, Class A		685
	33	American International Group, Inc.		1,863
	2	American Residential Properties, Inc.		40
	2	Ameriprise Financial, Inc.		140
	22	Amphenol Corp., Class A		1,092
	9	AmTrust Financial Services, Inc.		499
	19	Anadarko Petroleum Corp.		739
	8	Analog Devices, Inc.		457
	45	Apple, Inc.		4,414
	14	Arista Networks, Inc. (a)		868
	20	Arrow Electronics, Inc. (a)		1,034
	2	AutoZone, Inc. (a)		1,152

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — continued
	18	Ball Corp.		1,172
	241	Bank of America Corp.		3,408
	19	Bed Bath & Beyond, Inc. (a)		837
	41	Best Buy Co., Inc.		1,133
	2	Biogen, Inc. (a)		528
	3	BioMarin Pharmaceutical, Inc. (a)		256
	11	Brinker International, Inc.		543
	44	Brixmor Property Group, Inc.		1,164
	37	Capital One Financial Corp.		2,456
	32	Carlisle Cos., Inc.		2,660
	69	CBRE Group, Inc., Class A (a)		1,926
	19	CBS Corp. (Non-Voting), Class B		893
	26	Celgene Corp. (a)		2,577
	54	Charles Schwab Corp. (The)		1,367
	10	Charter Communications, Inc., Class A (a)		1,735
	52	Cisco Systems, Inc.		1,240
	22	CIT Group, Inc.		648
	69	Citigroup, Inc.		2,950
	41	Citizens Financial Group, Inc.		880
	59	Clear Channel Outdoor Holdings, Inc., Class A (a)		300
	26	ClubCorp Holdings, Inc.		311
	17	CNO Financial Group, Inc.		298
	23	Columbia Pipeline Group, Inc.		418
	12	Columbia Sportswear Co.		643
	19	Concho Resources, Inc. (a)		1,787
	6	CoStar Group, Inc. (a)		990
	11	CVS Health Corp.		1,068
	70	Delta Air Lines, Inc.		3,116
	14	Devon Energy Corp.		389
	41	DISH Network Corp., Class A (a)		1,975
	24	Dollar General Corp.		1,829
	24	Dover Corp.		1,386
	10	Dr. Pepper Snapple Group, Inc.		929
	18	Duke Energy Corp.		1,362
	13	Eagle Materials, Inc.		720
	20	East West Bancorp, Inc.		655
	12	EastGroup Properties, Inc.		624
	21	Edison International		1,311
	25	Electronic Arts, Inc. (a)		1,614
	16	Energizer Holdings, Inc.		506
	27	Entercom Communications Corp., Class A (a)		287
	37	Envision Healthcare Holdings, Inc. (a)		816
	11	EQT Corp.		695
	21	Eversource Energy		1,136
	10	Expedia, Inc.		961
	37	Exxon Mobil Corp.		2,898
	55	Facebook, Inc., Class A (a)		6,164
	4	Fifth Third Bancorp		69
	5	First Republic Bank		344
	26	Fortune Brands Home & Security, Inc.		1,285
	87	Frontier Communications Corp.		394
	4	GameStop Corp., Class A		108
	41	Gap, Inc. (The)		1,005
	12	Gartner, Inc. (a)		1,062
	18	Genuine Parts Co.		1,593
	31	Gilead Sciences, Inc.		2,536
	21	Guidewire Software, Inc. (a)		1,156
	24	Hanesbrands, Inc.		736
	1	Harman International Industries, Inc.		82
	27	Harris Corp.		2,355
	36	Hartford Financial Services Group, Inc. (The)		1,438
	12	HCA Holdings, Inc. (a)		830
	18	HCP, Inc.		640
	61	HD Supply Holdings, Inc. (a)		1,598
	38	Hewlett Packard Enterprise Co.		520
	80	Hilton Worldwide Holdings, Inc.		1,423
	26	HollyFrontier Corp.		908
	28	Home Depot, Inc. (The)		3,521
	11	Honeywell International, Inc.		1,138
	65	Horizon Pharma plc (a)		1,137
	93	HP, Inc.		907
	6	Humana, Inc.		1,013
	13	Illinois Tool Works, Inc.		1,210
	11	Illumina, Inc. (a)		1,716
	12	Jarden Corp. (a)		631
	20	Johnson & Johnson		2,048
	43	KapStone Paper & Packaging Corp.		637
	19	Kimco Realty Corp.		511
	61	Kinder Morgan, Inc.		1,000
	13	Kite Pharma, Inc. (a)		620
	11	KLA-Tencor Corp.		730
	33	Kohl’s Corp.		1,644
	24	Kroger Co. (The)		924
	48	La Quinta Holdings, Inc. (a)		548
	13	Lam Research Corp.		914
	9	Las Vegas Sands Corp.		419

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — continued
	11	Legg Mason, Inc.		346
	12	Lennox International, Inc.		1,408
	65	Loews Corp.		2,407
	9	M&T Bank Corp.		965
	13	Marathon Petroleum Corp.		534
	13	Marsh & McLennan Cos., Inc.		673
	9	Martin Marietta Materials, Inc.		1,105
	28	MasterCard, Inc., Class A		2,506
	15	McGraw Hill Financial, Inc.		1,284
	8	McKesson Corp.		1,342
	41	Media General, Inc. (a)		669
	36	Merck & Co., Inc.		1,810
	37	MetLife, Inc.		1,646
	64	Microsoft Corp.		3,530
	15	Mohawk Industries, Inc. (a)		2,450
	8	Monster Beverage Corp. (a)		1,136
	23	Morgan Stanley		595
	65	Mosaic Co. (The)		1,560
	7	National HealthCare Corp.		414
	46	Navient Corp.		444
	15	Netflix, Inc. (a)		1,395
	8	Nexstar Broadcasting Group, Inc., Class A		342
	13	NextEra Energy, Inc.		1,422
	1	NII Holdings, Inc. (a)		4
	11	Northern Trust Corp.		655
	30	Norwegian Cruise Line Holdings Ltd. (a)		1,338
	11	Old Dominion Freight Line, Inc. (a)		601
	26	Outfront Media, Inc.		567
	5	Palo Alto Networks, Inc. (a)		805
	59	PayPal Holdings, Inc. (a)		2,117
	21	PBF Energy, Inc., Class A		741
	155	Pfizer, Inc.		4,729
	13	Phillips 66		1,031
	19	PNC Financial Services Group, Inc. (The)		1,687
	13	Post Holdings, Inc. (a)		734
	14	PPG Industries, Inc.		1,301
	2	Priceline Group, Inc. (The) (a)		1,656
	20	Procter & Gamble Co. (The)		1,667
	15	Prudential Financial, Inc.		1,064
	60	QUALCOMM, Inc.		2,721
	4	Ralph Lauren Corp.		470
	44	Rayonier, Inc.		926
	5	Regeneron Pharmaceuticals, Inc. (a)		2,159
	24	Revance Therapeutics, Inc. (a)		505
	13	Sempra Energy		1,186
	13	ServiceNow, Inc. (a)		839
	5	Sherwin-Williams Co. (The)		1,190
	9	Signature Bank (a)		1,189
	13	SolarCity Corp. (a)		455
	16	Splunk, Inc. (a)		748
	37	Sprouts Farmers Market, Inc. (a)		838
	30	Starbucks Corp.		1,821
	12	Stericycle, Inc. (a)		1,431
	9	SunTrust Banks, Inc.		331
	10	T. Rowe Price Group, Inc.		677
	6	TEGNA, Inc.		146
	6	Tesla Motors, Inc. (a)		1,105
	24	Texas Instruments, Inc.		1,251
	17	Tiffany & Co.		1,058
	10	Time Warner, Inc.		684
	132	Time, Inc.		1,976
	27	T-Mobile USA, Inc. (a)		1,087
	14	Travelers Cos., Inc. (The)		1,476
	13	TreeHouse Foods, Inc. (a)		1,009
	90	Twenty-First Century Fox, Inc., Class A		2,429
	36	U.S. Bancorp		1,454
	11	Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,914
	21	United Continental Holdings, Inc. (a)		1,026
	16	United Technologies Corp.		1,386
	38	UnitedHealth Group, Inc.		4,422
	33	Unum Group		941
	35	Veeva Systems, Inc., Class A (a)		853
	31	VeriFone Systems, Inc. (a)		715
	35	Verizon Communications, Inc.		1,770
	19	Vertex Pharmaceuticals, Inc. (a)		1,734
	34	Visa, Inc., Class A		2,558
	11	Vulcan Materials Co.		989
	5	W.R. Berkley Corp.		245
	6	W.W. Grainger, Inc.		1,144
	33	Waste Connections, Inc.		1,980
	5	Watsco, Inc.		534
	18	Wayfair, Inc., Class A (a)		829
	99	Wells Fargo & Co.		4,955
	30	WestRock Co.		1,043
	28	Weyerhaeuser Co.		720
	15	Workday, Inc., Class A (a)		963
	38	Xcel Energy, Inc.		1,464
				258,861
		Total Common Stocks (Cost $583,297)		549,902

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Convertible Bond — 0.0% (g)
		United States — 0.0% (g)
	125	NRG Yield, Inc., 3.250%, 06/01/20 (Cost $111) (e)		102
	Corporate Bonds — 22.4%
		Australia — 0.0% (g)
	27	BlueScope Steel Finance Ltd./BlueScope Steel Finance USA LLC, 7.125%, 05/01/18 (e)		26
		Bahamas — 0.0% (g)
	262	Ultrapetrol Bahamas Ltd., 8.875%, 06/15/21 (d)		45
		Belgium — 0.0% (g)
	EUR 300	Ontex Group N.V., Reg. S, 4.750%, 11/15/21		344
		Bermuda — 0.0% (g)
		Aircastle Ltd.,
	270	5.125%, 03/15/21		267
	54	5.500%, 02/15/22		54
	10	6.250%, 12/01/19		10
	161	7.625%, 04/15/20		176
	10	NCL Corp., Ltd., 5.250%, 11/15/19 (e)		10
	55	Viking Cruises Ltd., 6.250%, 05/15/25 (e)		46
				563
		Canada — 0.9%
		1011778 B.C. ULC/New Red Finance, Inc.,
	39	4.625%, 01/15/22 (e)		39
	300	6.000%, 04/01/22 (e)		313
	45	ATS Automation Tooling Systems, Inc., 6.500%, 06/15/23 (e)		46
	80	Baytex Energy Corp., 5.625%, 06/01/24 (e)		46
		Bombardier, Inc.,
	6	4.750%, 04/15/19 (e)		5
	30	5.500%, 09/15/18 (e)		27
	5	6.125%, 01/15/23 (e)		3
	105	Brookfield Residential Properties, Inc., 6.375%, 05/15/25 (e)		88
	51	Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.125%, 07/01/22 (e)		45
		Cascades, Inc.,
	86	5.500%, 07/15/22 (e)		82
	229	5.750%, 07/15/23 (e)		219
	870	Concordia Healthcare Corp., 7.000%, 04/15/23 (e)		757
		First Quantum Minerals Ltd.,
	247	6.750%, 02/15/20 (e)		113
	35	7.000%, 02/15/21 (e)		16
	445	Garda World Security Corp., 7.250%, 11/15/21 (e)		347
	155	HudBay Minerals, Inc., 9.500%, 10/01/20		95
		Lundin Mining Corp.,
	270	7.500%, 11/01/20 (e)		230
	175	7.875%, 11/01/22 (e)		141
	210	Masonite International Corp., 5.625%, 03/15/23 (e)		215
	232	Mattamy Group Corp., 6.500%, 11/15/20 (e)		211
		MEG Energy Corp.,
	318	6.375%, 01/30/23 (e)		163
	20	6.500%, 03/15/21 (e)		11
	85	7.000%, 03/31/24 (e)		45
		New Gold, Inc.,
	380	6.250%, 11/15/22 (e)		284
	170	7.000%, 04/15/20 (e)		142
		NOVA Chemicals Corp.,
	54	5.000%, 05/01/25 (e)		51
	54	5.250%, 08/01/23 (e)		53
	735	Novelis, Inc., 8.750%, 12/15/20		668
	323	Open Text Corp., 5.625%, 01/15/23 (e)		321
		Precision Drilling Corp.,
	53	5.250%, 11/15/24		30
	120	6.500%, 12/15/21		78
	30	6.625%, 11/15/20		21
	105	Quebecor Media, Inc., 5.750%, 01/15/23		106
		Ultra Petroleum Corp.,
	69	5.750%, 12/15/18 (e)		10
	177	6.125%, 10/01/24 (e)		25
		Valeant Pharmaceuticals International, Inc.,
	525	5.375%, 03/15/20 (e)		495
	20	5.500%, 03/01/23 (e)		18
	366	5.625%, 12/01/21 (e)		333
	778	5.875%, 05/15/23 (e)		696

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
Corporate Bonds — continued
	Canada — continued
550	6.125%, 04/15/25 (e)		494
460	6.375%, 10/15/20 (e)		442
359	6.750%, 08/15/18 (e)		357
362	6.750%, 08/15/21 (e)		351
340	7.000%, 10/01/20 (e)		335
135	7.250%, 07/15/22 (e)		132
354	7.500%, 07/15/21 (e)		351
EUR 750	Reg. S, 4.500%, 05/15/23		697
513	Videotron Ltd., 5.375%, 06/15/24 (e)		517
			10,264
	Cayman Islands — 0.0% (g)
30	Shelf Drilling Holdings Ltd., 8.625%, 11/01/18 (e)		21
	Transocean, Inc.,
98	6.500%, 11/15/20		59
168	7.125%, 12/15/21		99
			179
	Finland — 0.0% (g)
501	Nokia OYJ, 6.625%, 05/15/39		509
	France — 0.7%
EUR 700	Areva S.A., 3.500%, 03/22/21		677
EUR 500	Crown European Holdings S.A., Reg. S, 4.000%, 07/15/22		552
EUR 1,550	Europcar Groupe S.A., Reg. S, 5.750%, 06/15/22		1,700
EUR 300	GIE PSA Tresorerie, 6.000%, 09/19/33		357
EUR 450	Holdikks SAS, Reg. S, 6.750%, 07/15/21		457
EUR 550	Horizon Holdings III SASU, 5.125%, 08/01/22		608
EUR 400	Labeyrie Fine Foods SAS, Reg. S, 5.625%, 03/15/21		439
	Numericable-SFR SAS,
400	4.875%, 05/15/19 (e)		397
800	6.000%, 05/15/22 (e)		788
200	6.250%, 05/15/24 (e)		195
EUR 1,050	Reg. S, 5.375%, 05/15/22		1,166
EUR 300	Vallourec S.A., 3.250%, 08/02/19		240
			7,576
	Germany — 0.6%
EUR 950	CeramTec Group GmbH, Reg. S, 8.250%, 08/15/21		1,098
EUR 300	HP Pelzer Holding GmbH, 7.500%, 07/15/21		335
EUR 450	Pfleiderer GmbH, Reg. S, 7.875%, 08/01/19		503
EUR 500	ProGroup AG, Reg. S, 5.125%, 05/01/22		558
EUR 700	ThyssenKrupp AG, 1.750%, 11/25/20		744
EUR 500	Trionista TopCo GmbH, Reg. S, 6.875%, 04/30/21		566
400	Unitymedia GmbH, 6.125%, 01/15/25 (e)		406
EUR 527	Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH, 5.750%, 01/15/23		602
	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH,
735	5.500%, 01/15/23 (e)		769
EUR 972	Reg. S, 5.125%, 01/21/23		1,100
			6,681
	Ireland — 0.3%
	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust,
150	4.500%, 05/15/21		147
770	4.625%, 10/30/20		758
565	4.625%, 07/01/22		550
EUR 300	Ardagh Packaging Finance plc, Reg. S, 9.250%, 10/15/20		337
200	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 6.000%, 06/30/21 (e)		180
EUR 600	Bank of Ireland, VAR, 4.250%, 06/11/24		659
400	Endo Ltd./Endo Finance LLC/Endo Finco, Inc., 6.000%, 07/15/23 (e)		402
EUR 700	Smurfit Kappa Acquisitions, Reg. S, 3.250%, 06/01/21		777
			3,810
	Italy — 0.3%
EUR 300	Banco Popolare SC, 3.500%, 03/14/19		321
EUR 950	Finmeccanica S.p.A, 4.500%, 01/19/21		1,122
EUR 400	Intesa Sanpaolo S.p.A., 6.625%, 09/13/23		511
EUR 1,300	Telecom Italia S.p.A., 3.250%, 01/16/23		1,412
EUR 400	UniCredit S.p.A., 6.950%, 10/31/22		485
			3,851
	Japan — 0.1%
600	SoftBank Group Corp., 4.500%, 04/15/20 (e)		597
	Liberia — 0.0% (g)
	Royal Caribbean Cruises Ltd.,
15	5.250%, 11/15/22		15
1	7.500%, 10/15/27		1
			16

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
Corporate Bonds — continued
	Luxembourg — 2.2%
	Altice Luxembourg S.A.,
200	7.625%, 02/15/25 (e)		178
400	7.750%, 05/15/22 (e)		373
	Altice Financing S.A.,
400	6.500%, 01/15/22 (e)		397
400	6.625%, 02/15/23 (e)		393
EUR 500	Reg. S, 5.250%, 02/15/23		526
EUR 500	Altice Finco S.A., 9.000%, 06/15/23		597
EUR 1,250	Altice Luxembourg S.A., Reg. S, 7.250%, 05/15/22		1,281
	ArcelorMittal,
EUR 800	3.125%, 01/14/22		672
160	6.125%, 06/01/25		116
20	6.500%, 03/01/21		16
1,920	7.250%, 02/25/22		1,560
153	8.000%, 10/15/39		108
EUR 400	Ardagh Finance Holdings S.A., 8.375% (PIK), 06/15/19 (v)		412
EUR 1,200	Auris Luxembourg II S.A., Reg. S, 8.000%, 01/15/23		1,399
208	Capsugel S.A., 7.000% (Cash), 05/15/19 (e) (v)		203
600	ConvaTec Healthcare E S.A., 10.500%, 12/15/18 (e)		612
EUR 700	Dufry Finance SCA, Reg. S, 4.500%, 08/01/23		776
EUR 1,750	Fiat Chrysler Finance Europe, 6.750%, 10/14/19		2,109
EUR 500	Galapagos S.A., Reg. S, 5.375%, 06/15/21		508
EUR 600	Garfunkelux Holdco 3 S.A., 7.500%, 08/01/22		652
EUR 450	Geo Debt Finance S.C.A., Reg. S, 7.500%, 08/01/18		436
EUR 500	Gestamp Funding Luxembourg S.A., Reg. S, 5.875%, 05/31/20		556
EUR 700	HeidelbergCement Finance Luxembourg S.A., 7.500%, 04/03/20		904
	Intelsat Jackson Holdings S.A.,
485	5.500%, 08/01/23		387
523	7.250%, 04/01/19		474
545	7.250%, 10/15/20		469
151	7.500%, 04/01/21		129
31	Intelsat Luxembourg S.A., 7.750%, 06/01/21		13
EUR 400	LSF9 Balta Issuer SA, Reg. S, 7.750%, 09/15/22		444
63	Mallinckrodt International Finance S.A., 4.750%, 04/15/23		55
	Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,
20	4.875%, 04/15/20 (e)		19
90	5.500%, 04/15/25 (e)		80
880	5.625%, 10/15/23 (e)		825
322	5.750%, 08/01/22 (e)		308
EUR 350	Monitchem HoldCo 2 S.A., Reg. S, 6.875%, 06/15/22		317
50	Nielsen Co. Luxembourg SARL (The), 5.500%, 10/01/21 (e)		51
EUR 500	Picard Bondco S.A., 7.750%, 02/01/20		573
EUR 500	Play Finance 1 S.A., Reg. S, 6.500%, 08/01/19		558
EUR 1,400	SIG Combibloc Holdings SCA, Reg. S, 7.750%, 02/15/23		1,562
EUR 700	Swissport Investments S.A., 6.750%, 12/15/21		783
EUR 1,100	Telenet Finance V Luxembourg S.C.A., Reg. S, 6.250%, 08/15/22		1,274
EUR 500	Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., Reg. S, 6.375%, 05/01/22		518
	Wind Acquisition Finance S.A.,
200	4.750%, 07/15/20 (e)		196
EUR 1,100	Reg. S, 7.000%, 04/23/21		1,153
			24,972
	Mexico — 0.2%
	Cemex S.A.B. de C.V.,
400	5.700%, 01/11/25 (e)		333
1,715	6.125%, 05/05/25 (e)		1,459
200	7.250%, 01/15/21 (e)		191
			1,983
	Netherlands — 0.6%
276	Basell Finance Co., B.V., Class B, 8.100%, 03/15/27 (e)		343
400	Bluewater Holding B.V., 10.000%, 12/10/19 (e)		180
	Fiat Chrysler Automobiles N.V.,
437	4.500%, 04/15/20		427
663	5.250%, 04/15/23		618
	NXP B.V./NXP Funding LLC,
200	4.125%, 06/15/20 (e)		199
400	4.625%, 06/15/22 (e)		389
200	5.750%, 02/15/21 (e)		207
EUR 450	PortAventura Entertainment Barcelona B.V., Reg. S, 7.250%, 12/01/20		492

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
Corporate Bonds — continued
	Netherlands — continued
EUR 300	Repsol International Finance B.V., VAR, 4.500%, 03/25/75		233
EUR 900	Schaeffler Finance B.V., Reg. S, 3.500%, 05/15/22		968
EUR 400	Schaeffler Holding Finance B.V., 5.750% (Cash), 11/15/21		459
	Sensata Technologies B.V.,
241	4.875%, 10/15/23 (e)		236
38	5.000%, 10/01/25 (e)		37
7	5.625%, 11/01/24 (e)		7
EUR 1,200	UPC Holding B.V., Reg. S, 6.375%, 09/15/22		1,373
EUR 700	Ziggo Bond Finance B.V., Reg. S, 4.625%, 01/15/25		704
			6,872
	Norway — 0.1%
EUR 900	Lock A.S., Reg. S, 7.000%, 08/15/21		1,000
	Portugal — 0.1%
EUR 600	EDP—Energias de Portugal S.A., VAR, 5.375%, 09/16/75		621
	Singapore — 0.0% (g)
	Flextronics International Ltd.,
15	4.625%, 02/15/20		15
195	5.000%, 02/15/23		194
			209
	Spain — 0.1%
EUR 500	Campofrio Food Group S.A., Reg. S, 3.375%, 03/15/22		533
150	Cemex Espana S.A., 9.875%, 04/30/19 (e)		155
			688
	Sweden — 0.2%
EUR 900	Verisure Holding A.B., 6.000%, 11/01/22		1,005
EUR 900	Volvo Treasury AB, VAR, 4.200%, 06/10/75		919
			1,924
	United Kingdom — 1.3%
EUR 600	Alliance Automotive Finance plc, 6.250%, 12/01/21		670
600	Barclays Bank plc, 7.625%, 11/21/22		671
GBP 250	Galaxy Bidco Ltd., Reg. S, 6.375%, 11/15/20		354
EUR 600	Ineos Finance plc, Reg. S, 4.000%, 05/01/23		608
EUR 750	International Game Technology plc, Reg. S, 4.125%, 02/15/20		808
	Jaguar Land Rover Automotive plc,
200	4.125%, 12/15/18 (e)		201
409	4.250%, 11/15/19 (e)		411
537	5.625%, 02/01/23 (e)		529
GBP 450	Reg. S, 5.000%, 02/15/22		635
EUR 400	Merlin Entertainments plc, Reg. S, 2.750%, 03/15/22		414
GBP 500	New Look Secured Issuer plc, Reg. S, 6.500%, 07/01/22		696
GBP 750	Pizzaexpress Financing 2 plc, Reg. S, 6.625%, 08/01/21		1,101
	Royal Bank of Scotland Group plc,
515	6.000%, 12/19/23		546
862	6.100%, 06/10/23		918
1,075	6.125%, 12/15/22		1,161
200	Sensata Technologies UK Financing Co. plc, 6.250%, 02/15/26 (e)		204
EUR 1,700	Synlab Unsecured Bondco plc, 8.250%, 07/01/23		1,778
EUR 1,100	Tesco Corporate Treasury Services plc, 2.500%, 07/01/24		1,077
	Virgin Media Finance plc,
EUR 1,100	4.500%, 01/15/25		1,126
400	6.375%, 04/15/23 (e)		410
270	Virgin Media Secured Finance plc, 5.375%, 04/15/21 (e)		276
EUR 500	Worldpay Finance plc, 3.750%, 11/15/22		546
			15,140
	United States — 14.7%
	Acadia Healthcare Co., Inc.,
25	5.125%, 07/01/22		23
5	5.625%, 02/15/23		5
40	6.125%, 03/15/21		40
26	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		12
	Activision Blizzard, Inc.,
130	5.625%, 09/15/21 (e)		136
250	6.125%, 09/15/23 (e)		268
	ADT Corp. (The),
2	3.500%, 07/15/22		2
5	4.125%, 04/15/19		5
1,350	4.125%, 06/15/23		1,242
365	6.250%, 10/15/21		379
	Advanced Micro Devices, Inc.,
601	6.750%, 03/01/19		410
164	7.000%, 07/01/24		102

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
Corporate Bonds — continued
	United States — continued
21	7.750%, 08/01/20		13
	AECOM,
313	5.750%, 10/15/22		317
735	5.875%, 10/15/24		732
53	Aerojet Rocketdyne Holdings, Inc., 7.125%, 03/15/21		54
	AES Corp.,
2	5.500%, 03/15/24		2
1,000	5.500%, 04/15/25		898
20	VAR, 3.414%, 06/01/19		18
171	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		125
260	AK Steel Corp., 8.750%, 12/01/18		222
1,185	Albertson’s Holdings LLC/Safeway, Inc., 7.750%, 10/15/22 (e)		1,238
	Alcatel-Lucent USA, Inc.,
200	6.450%, 03/15/29		207
200	6.750%, 11/15/20 (e)		215
	Alcoa, Inc.,
740	5.125%, 10/01/24		607
115	5.400%, 04/15/21		103
385	5.900%, 02/01/27		315
5	6.750%, 07/15/18		5
120	6.750%, 01/15/28		101
	Alere, Inc.,
205	6.375%, 07/01/23 (e)		194
317	6.500%, 06/15/20		309
147	Aleris International, Inc., 7.625%, 02/15/18		128
160	Allegheny Technologies, Inc., 7.625%, 08/15/23		106
218	Alliance Data Systems Corp., 5.375%, 08/01/22 (e)		207
	Ally Financial, Inc.,
319	3.250%, 11/05/18		313
102	3.600%, 05/21/18		101
670	4.125%, 03/30/20		660
416	4.125%, 02/13/22		405
473	4.625%, 05/19/22		473
25	4.625%, 03/30/25		24
710	5.125%, 09/30/24		720
400	5.750%, 11/20/25		399
23	6.250%, 12/01/17		24
448	8.000%, 11/01/31		504
	AMC Entertainment, Inc.,
200	5.750%, 06/15/25		204
208	5.875%, 02/15/22		214
300	AMC Networks, Inc., 4.750%, 12/15/22		298
550	American Axle & Manufacturing, Inc., 6.625%, 10/15/22		550
73	American Builders & Contractors Supply Co., Inc., 5.750%, 12/15/23 (e)		74
	AmeriGas Finance LLC/AmeriGas Finance Corp.,
250	6.750%, 05/20/20		248
95	7.000%, 05/20/22		93
100	AmeriGas Partners LP/AmeriGas Finance Corp., 6.250%, 08/20/19		98
25	Amkor Technology, Inc., 6.625%, 06/01/21		24
	Amsurg Corp.,
55	5.625%, 11/30/20		55
450	5.625%, 07/15/22		452
425	Anixter, Inc., 5.500%, 03/01/23 (e)		416
	Antero Resources Corp.,
338	5.125%, 12/01/22		285
25	5.375%, 11/01/21		21
100	6.000%, 12/01/20		87
	Aramark Services, Inc.,
300	5.125%, 01/15/24 (e)		310
61	5.750%, 03/15/20		63
25	Archrock Partners LP/Archrock Partners Finance Corp., 6.000%, 10/01/22		19
534	Argos Merger Sub, Inc., 7.125%, 03/15/23 (e)		538
297	Ashland, Inc., 4.750%, 08/15/22		283
400	Ashtead Capital, Inc., 5.625%, 10/01/24 (e)		385
	Audatex North America, Inc.,
172	6.000%, 06/15/21 (e)		173
179	6.125%, 11/01/23 (e)		181
	Avaya, Inc.,
740	7.000%, 04/01/19 (e)		492
345	10.500%, 03/01/21 (e)		86
	Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
106	5.250%, 03/15/25 (e)		96
45	5.500%, 04/01/23		43
292	Axiall Corp., 4.875%, 05/15/23		275
165	B&G Foods, Inc., 4.625%, 06/01/21		165
	Ball Corp.,
EUR 600	3.500%, 12/15/20		666
350	4.000%, 11/15/23		336
215	4.375%, 12/15/20		223
150	5.000%, 03/15/22		155

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
Corporate Bonds — continued
	United States — continued
110	5.250%, 07/01/25		113
50	Basic Energy Services, Inc., 7.750%, 10/15/22		13
200	Beacon Roofing Supply, Inc., 6.375%, 10/01/23 (e)		206
	Belden, Inc.,
3	5.250%, 07/15/24 (e)		3
1	5.500%, 09/01/22 (e)		1
	Berry Plastics Corp.,
230	5.125%, 07/15/23		224
190	5.500%, 05/15/22		190
135	Blue Coat Holdings, Inc., 8.375%, 06/01/23 (e)		136
	Blue Cube Spinco, Inc.,
615	9.750%, 10/15/23 (e)		661
859	10.000%, 10/15/25 (e)		928
250	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (e)		187
495	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		389
427	Boyd Gaming Corp., 6.875%, 05/15/23		433
185	Briggs & Stratton Corp., 6.875%, 12/15/20		199
	Building Materials Corp. of America,
125	5.375%, 11/15/24 (e)		123
330	6.000%, 10/15/25 (e)		337
423	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		427
	Cablevision Systems Corp.,
451	8.000%, 04/15/20		426
150	8.625%, 09/15/17		156
	CalAtlantic Group, Inc.,
100	5.375%, 10/01/22		101
285	5.875%, 11/15/24		295
70	8.375%, 01/15/21		80
652	Caleres, Inc., 6.250%, 08/15/23		644
	California Resources Corp.,
3	5.000%, 01/15/20		1
20	5.500%, 09/15/21		4
7	6.000%, 11/15/24		1
71	8.000%, 12/15/22 (e)		28
	Calpine Corp.,
4	5.375%, 01/15/23		4
20	5.500%, 02/01/24		18
7	5.750%, 01/15/25		6
754	5.875%, 01/15/24 (e)		773
500	6.000%, 01/15/22 (e)		519
10	Cardtronics, Inc., 5.125%, 08/01/22		10
535	Casella Waste Systems, Inc., 7.750%, 02/15/19		519
105	CCM Merger, Inc., 9.125%, 05/01/19 (e)		108
	CCO Holdings LLC/CCO Holdings Capital Corp.,
50	5.125%, 02/15/23		50
645	5.125%, 05/01/23 (e)		645
32	5.375%, 05/01/25 (e)		32
30	5.750%, 09/01/23		31
102	6.500%, 04/30/21		106
304	6.625%, 01/31/22		322
212	CCO Safari II LLC, 4.464%, 07/23/22 (e)		212
756	CCOH Safari LLC, 5.750%, 02/15/26 (e)		752
	CDW LLC/CDW Finance Corp.,
105	5.000%, 09/01/23		106
70	5.500%, 12/01/24		73
134	6.000%, 08/15/22		141
110	CEB, Inc., 5.625%, 06/15/23 (e)		110
	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.,
500	5.250%, 03/15/21		513
5	5.375%, 06/01/24		5
600	Cemex Finance LLC, 6.000%, 04/01/24 (e)		513
47	Centene Corp., 4.750%, 05/15/22		45
	Centene Escrow Corp.,
295	5.625%, 02/15/21 (e)		300
200	6.125%, 02/15/24 (e)		206
120	Central Garden & Pet Co., 6.125%, 11/15/23		123
248	CenturyLink, Inc., 5.625%, 04/01/25		211
	Cenveo Corp.,
2	6.000%, 08/01/19 (e)		1
5	8.500%, 09/15/22 (e)		3
	Cequel Communications Holdings I LLC/Cequel Capital Corp.,
415	5.125%, 12/15/21 (e)		373
15	CF Industries, Inc., 7.125%, 05/01/20		17
290	Chesapeake Energy Corp., 8.000%, 12/15/22 (e)		124
145	Choice Hotels International, Inc., 5.750%, 07/01/22		153
	CHS/Community Health Systems, Inc.,
15	5.125%, 08/15/18		15
260	5.125%, 08/01/21		258
761	6.875%, 02/01/22		689
362	7.125%, 07/15/20		346

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	645	8.000%, 11/15/19		640
	91	Cimarex Energy Co., 4.375%, 06/01/24		80
	550	Cincinnati Bell, Inc., 8.375%, 10/15/20		560
	568	Cinemark USA, Inc., 5.125%, 12/15/22		571
		CIT Group, Inc.,
	288	3.875%, 02/19/19		286
	1,875	5.000%, 08/15/22		1,896
	500	5.375%, 05/15/20		518
	39	5.500%, 02/15/19 (e)		40
	45	Citgo Holding, Inc., 10.750%, 02/15/20 (e)		43
	29	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		28
		Claire’s Stores, Inc.,
	159	6.125%, 03/15/20 (e)		84
	17	8.875%, 03/15/19		3
	26	9.000%, 03/15/19 (e)		16
		Clear Channel Worldwide Holdings, Inc.,
	15	6.500%, 11/15/22		13
	780	Series B, 6.500%, 11/15/22		723
	55	Series A, 7.625%, 03/15/20		44
	575	Series B, 7.625%, 03/15/20		474
		Clearwater Paper Corp.,
	345	4.500%, 02/01/23		328
	91	5.375%, 02/01/25 (e)		87
	8	Clearwire Communications LLC/Clearwire Finance, Inc., 14.750%, 12/01/16 (e)		9
		Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.,
	37	6.375%, 03/15/24		9
	36	8.500%, 12/15/19		15
	144	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		59
		CNO Financial Group, Inc.,
	39	4.500%, 05/30/20		40
	645	5.250%, 05/30/25		651
	215	Coeur Mining, Inc., 7.875%, 02/01/21		123
		Commercial Metals Co.,
	611	4.875%, 05/15/23		508
	235	7.350%, 08/15/18		240
	68	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		66
		CommScope, Inc.,
	23	4.375%, 06/15/20 (e)		24
	310	5.000%, 06/15/21 (e)		298
	295	5.500%, 06/15/24 (e)		284
	122	Communications Sales & Leasing, Inc./CSL Capital LLC, 6.000%, 04/15/23 (e)		116
	15	Comstock Resources, Inc., 10.000%, 03/15/20 (e)		6
		Concho Resources, Inc.,
	50	5.500%, 10/01/22		45
	103	5.500%, 04/01/23		93
	176	6.500%, 01/15/22		165
	60	7.000%, 01/15/21		58
	144	ConocoPhillips Co., 4.300%, 11/15/44		108
		CONSOL Energy, Inc.,
	30	5.875%, 04/15/22		19
	220	8.000%, 04/01/23		148
	330	Consolidated Communications, Inc., 6.500%, 10/01/22		279
		Constellation Brands, Inc.,
	100	4.250%, 05/01/23		102
	3	4.750%, 11/15/24		3
	270	4.750%, 12/01/25		279
	60	6.000%, 05/01/22		67
		Continental Airlines 2003-ERJ1 Pass-Through Trust
	15	7.875%, 07/02/18		16
	364	9.798%, 04/01/21		392
		Cott Beverages, Inc.,
	420	5.375%, 07/01/22		407
	392	6.750%, 01/01/20		404
		Covanta Holding Corp.,
	100	5.875%, 03/01/24		87
	95	6.375%, 10/01/22		90
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	9	6.125%, 03/01/22		5
	324	6.250%, 04/01/23 (e)		197
	219	Crimson Merger Sub, Inc., 6.625%, 05/15/22 (e)		147
	30	Crown Americas LLC/Crown Americas Capital Corp. III, 6.250%, 02/01/21		31
	325	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.500%, 01/15/23		322
		Crown Castle International Corp.,
	273	4.875%, 04/15/22		286
	168	5.250%, 01/15/23		179
		CSC Holdings LLC,
	316	6.750%, 11/15/21		312
	85	8.625%, 02/15/19		91

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	20	CSI Compressco LP/Compressco Finance, Inc., 7.250%, 08/15/22		13
		D.R. Horton, Inc.,
	32	4.375%, 09/15/22		32
	154	4.750%, 02/15/23		153
	71	Dana Holding Corp., 5.500%, 12/15/24		64
	219	Darling Ingredients, Inc., 5.375%, 01/15/22		215
		DaVita HealthCare Partners, Inc.,
	335	5.000%, 05/01/25		330
	348	5.125%, 07/15/24		350
	115	5.750%, 08/15/22		119
	287	Dean Foods Co., 6.500%, 03/15/23 (e)		296
	43	Delta Air Lines 2007-1 Class B Pass-Through Trust, 8.021%, 08/10/22		48
	58	Denali Borrower LLC/Denali Finance Corp., 5.625%, 10/15/20 (e)		61
	107	Diamondback Energy, Inc., 7.625%, 10/01/21		106
		DISH DBS Corp.,
	190	5.000%, 03/15/23		165
	248	5.875%, 11/15/24		221
	1,456	6.750%, 06/01/21		1,485
	350	7.875%, 09/01/19		380
	606	Dollar Tree, Inc., 5.750%, 03/01/23 (e)		639
	216	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		208
	65	DR Horton, Inc., 5.750%, 08/15/23		68
	705	DS Services of America, Inc., 10.000%, 09/01/21 (e)		791
	310	DuPont Fabros Technology LP, 5.875%, 09/15/21		319
		Dynegy, Inc.,
	562	5.875%, 06/01/23		455
	2	6.750%, 11/01/19		2
	185	7.375%, 11/01/22		164
	330	7.625%, 11/01/24		290
		E*TRADE Financial Corp.,
	220	4.625%, 09/15/23		216
	110	5.375%, 11/15/22		116
	50	Eldorado Resorts, Inc., 7.000%, 08/01/23 (e)		49
	1,874	Embarq Corp., 7.995%, 06/01/36		1,856
		Emdeon, Inc.,
	280	6.000%, 02/15/21 (e)		261
	405	11.000%, 12/31/19		421
	351	Endo Finance LLC, 5.750%, 01/15/22 (e)		349
		Endo Finance LLC/Endo Finco, Inc.,
	250	5.875%, 01/15/23 (e)		248
	211	7.750%, 01/15/22 (e)		220
		Energy Transfer Equity LP,
	483	5.875%, 01/15/24		377
	60	7.500%, 10/15/20		53
	375	EnerSys, 5.000%, 04/30/23 (e)		369
	42	Entegris, Inc., 6.000%, 04/01/22 (e)		43
	280	Envision Healthcare Corp., 5.125%, 07/01/22 (e)		275
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	148	6.375%, 06/15/23		52
	172	7.750%, 09/01/22		60
	73	9.375%, 05/01/20		31
		Equinix, Inc.,
	750	5.375%, 01/01/22		780
	47	5.375%, 04/01/23		49
	3	5.750%, 01/01/25		3
	86	5.875%, 01/15/26		89
	214	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		206
	51	FelCor Lodging LP, 6.000%, 06/01/25		51
	281	Ferrellgas LP/Ferrellgas Finance Corp., 6.750%, 06/15/23 (e)		214
	200	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		205
		First Data Corp.,
	180	5.000%, 01/15/24 (e)		180
	295	5.375%, 08/15/23 (e)		301
	555	5.750%, 01/15/24 (e)		551
	73	6.750%, 11/01/20 (e)		77
	960	7.000%, 12/01/23 (e)		967
		Freescale Semiconductor, Inc.,
	130	5.000%, 05/15/21 (e)		133
	322	6.000%, 01/15/22 (e)		337
		Fresenius Medical Care U.S. Finance II, Inc.,
	160	4.125%, 10/15/20 (e)		162
	220	4.750%, 10/15/24 (e)		221
	85	5.625%, 07/31/19 (e)		92
	150	5.875%, 01/31/22 (e)		162
	25	6.500%, 09/15/18 (e)		28
	300	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		322
		Frontier Communications Corp.,
	675	6.250%, 09/15/21		569

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	15	7.125%, 03/15/19		15
	40	8.125%, 10/01/18		41
	375	8.500%, 04/15/20		372
	188	8.875%, 09/15/20 (e)		189
	644	9.250%, 07/01/21		621
	213	10.500%, 09/15/22 (e)		207
	542	11.000%, 09/15/25 (e)		522
	210	FTI Consulting, Inc., 6.000%, 11/15/22		217
	155	Gardner Denver, Inc., 6.875%, 08/15/21 (e)		114
	272	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		288
		Genesis Energy LP/Genesis Energy Finance Corp.,
	307	5.625%, 06/15/24		224
	50	5.750%, 02/15/21		40
	27	6.000%, 05/15/23		20
	30	6.750%, 08/01/22		25
	3	GenOn Energy, Inc., 9.875%, 10/15/20		2
		Global Partners LP/GLP Finance Corp.,
	3	6.250%, 07/15/22		2
	250	7.000%, 06/15/23		180
	445	GLP Capital LP/GLP Financing II, Inc., 5.375%, 11/01/23		426
	210	Golden Nugget Escrow, Inc., 8.500%, 12/01/21 (e)		204
	152	Goodman Networks, Inc., 12.125%, 07/01/18		46
		Goodyear Tire & Rubber Co. (The),
	515	5.125%, 11/15/23		527
	100	6.500%, 03/01/21		105
	290	7.000%, 05/15/22		310
		Graphic Packaging International, Inc.,
	100	4.750%, 04/15/21		101
	100	4.875%, 11/15/22		100
	865	Gray Television, Inc., 7.500%, 10/01/20		892
	25	Greif, Inc., 6.750%, 02/01/17		26
	6	Griffon Corp., 5.250%, 03/01/22		6
	1,000	Group 1 Automotive, Inc., 5.250%, 12/15/23 (e)		940
	4	Guitar Center, Inc., 6.500%, 04/15/19 (e)		3
	430	H&E Equipment Services, Inc., 7.000%, 09/01/22		393
	55	Halcon Resources Corp., 13.000%, 02/15/22 (e)		14
	150	Halyard Health, Inc., 6.250%, 10/15/22		145
	330	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		247
		Harland Clarke Holdings Corp.,
	200	6.875%, 03/01/20 (e)		167
	5	9.250%, 03/01/21 (e)		3
	15	9.750%, 08/01/18 (e)		14
	240	HCA Holdings, Inc., 6.250%, 02/15/21		253
		HCA, Inc.,
	289	3.750%, 03/15/19		291
	205	4.250%, 10/15/19		210
	55	4.750%, 05/01/23		55
	346	5.000%, 03/15/24		350
	165	5.250%, 04/15/25		169
	551	5.375%, 02/01/25		557
	290	5.875%, 03/15/22		311
	301	5.875%, 05/01/23		314
	535	5.875%, 02/15/26		546
	125	6.500%, 02/15/20		138
	412	7.500%, 02/15/22		457
	5	8.000%, 10/01/18		6
		HD Supply, Inc.,
	365	5.250%, 12/15/21 (e)		375
	370	7.500%, 07/15/20		385
	204	Headwaters, Inc., 7.250%, 01/15/19		208
	15	HealthSouth Corp., 5.750%, 11/01/24		15
	320	Hecla Mining Co., 6.875%, 05/01/21		193
		Hertz Corp. (The),
	105	6.250%, 10/15/22		102
	462	7.375%, 01/15/21		468
		Hexion, Inc.,
	1,094	6.625%, 04/15/20		848
	28	10.000%, 04/15/20		23
		Hiland Partners LP/Hiland Partners Finance Corp.,
	28	5.500%, 05/15/22 (e)		25
	24	7.250%, 10/01/20 (e)		24
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	437	5.000%, 12/01/24 (e)		338
	60	5.750%, 10/01/25 (e)		47
	50	7.625%, 04/15/21 (e)		45
	10	Reg. S, 7.625%, 04/15/21		9
	130	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		132

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	165	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21		170
	25	Holly Energy Partners LP/Holly Energy Finance Corp., 6.500%, 03/01/20		24
	283	Hologic, Inc., 5.250%, 07/15/22 (e)		293
	50	Huntington Ingalls Industries, Inc., 5.000%, 12/15/21 (e)		52
	865	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		811
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
	35	4.875%, 03/15/19		32
	290	5.875%, 02/01/22		259
	315	6.000%, 08/01/20		296
		iHeartCommunications, Inc.,
	1,195	9.000%, 12/15/19		820
	30	9.000%, 03/01/21		20
	825	IHS, Inc., 5.000%, 11/01/22		825
	820	ILFC E-Capital Trust I, VAR, 4.490%, 12/21/65 (e)		736
	580	ILFC E-Capital Trust II, VAR, 4.740%, 12/21/65 (e)		522
	8	Infor Software Parent LLC/Infor Software Parent, Inc., 7.125% (Cash), 05/01/21 (e) (v)		6
		Infor U.S., Inc.,
	324	5.750%, 08/15/20 (e)		326
	120	6.500%, 05/15/22 (e)		105
	325	Informatica LLC, 7.125%, 07/15/23 (e)		291
	215	Ingles Markets, Inc., 5.750%, 06/15/23		216
		International Lease Finance Corp.,
	340	4.625%, 04/15/21		334
	236	8.250%, 12/15/20		269
	40	International Wire Group Holdings, Inc., 8.500%, 10/15/17 (e)		40
	34	inVentiv Health, Inc., 9.000%, 01/15/18 (e)		34
		Iron Mountain, Inc.,
	369	5.750%, 08/15/24		365
	266	6.000%, 10/01/20 (e)		283
	300	Isle of Capri Casinos, Inc., 5.875%, 03/15/21		307
	4	J.C. Penney Corp., Inc., 8.125%, 10/01/19		4
	145	Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375%, 08/01/23 (e)		143
	426	Jarden Corp., 7.500%, 05/01/17		437
		JBS USA LLC/JBS USA Finance, Inc.,
	736	5.750%, 06/15/25 (e)		566
	700	5.875%, 07/15/24 (e)		555
	500	7.250%, 06/01/21 (e)		453
	300	8.250%, 02/01/20 (e)		282
	150	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		121
	59	Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.750%, 04/01/22		24
	44	Kennedy-Wilson, Inc., 5.875%, 04/01/24		42
	275	Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18		267
	EUR 300	Kloeckner Pentaplast of America, Inc., Reg. S, 7.125%, 11/01/20		327
	1,000	KLX, Inc., 5.875%, 12/01/22 (e)		935
		L Brands, Inc.,
	385	5.625%, 02/15/22		414
	300	5.625%, 10/15/23		318
	325	6.875%, 11/01/35 (e)		336
		Lamar Media Corp.,
	175	5.000%, 05/01/23		175
	30	5.875%, 02/01/22		31
	144	Landry’s, Inc., 9.375%, 05/01/20 (e)		152
		Lennar Corp.,
	15	4.500%, 06/15/19		15
	25	4.500%, 11/15/19		26
	510	4.750%, 05/30/25		487
	154	4.875%, 12/15/23		151
	60	6.950%, 06/01/18		64
	5	Series B, 12.250%, 06/01/17		6
	375	Level 3 Communications, Inc., 5.750%, 12/01/22		386
		Level 3 Financing, Inc.,
	384	5.125%, 05/01/23		386
	142	5.375%, 01/15/24 (e)		143
	291	5.375%, 05/01/25		293
	3	5.625%, 02/01/23		3
	299	6.125%, 01/15/21		313
	116	7.000%, 06/01/20		122
	5	VAR, 4.101%, 01/15/18		5
	200	Levi Strauss & Co., 5.000%, 05/01/25		195
	251	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		286
	204	LifePoint Health, Inc., 5.500%, 12/01/21		207
	390	LIN Television Corp., 5.875%, 11/15/22		393
	410	Live Nation Entertainment, Inc., 5.375%, 06/15/22 (e)		404

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	5	Louisiana-Pacific Corp., 7.500%, 06/01/20		5
	305	M/I Homes, Inc., 6.750%, 01/15/21 (e)		296
	48	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		41
		Masco Corp.,
	379	4.450%, 04/01/25		379
	4	5.950%, 03/15/22		4
	757	MasTec, Inc., 4.875%, 03/15/23		634
	200	Match Group, Inc., 6.750%, 12/15/22 (e)		200
	57	Memorial Resource Development Corp., 5.875%, 07/01/22		43
	195	Meritage Homes Corp., 7.000%, 04/01/22		200
		MGM Resorts International,
	350	5.250%, 03/31/20		347
	320	6.000%, 03/15/23		319
	350	6.625%, 12/15/21		360
	500	7.750%, 03/15/22		530
	45	11.375%, 03/01/18		52
	50	Michaels Stores, Inc., 5.875%, 12/15/20 (e)		51
		Micron Technology, Inc.,
	425	5.250%, 08/01/23 (e)		344
	76	5.250%, 01/15/24 (e)		62
	114	5.500%, 02/01/25		90
	14	5.625%, 01/15/26 (e)		11
	17	5.875%, 02/15/22		15
	216	Microsemi Corp., 9.125%, 04/15/23 (e)		227
	550	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		487
		Momentive Performance Materials, Inc.,
	102	3.880%, 10/24/21		69
	35	8.875%, 10/15/20 (d)		—
	338	MPG Holdco I, Inc., 7.375%, 10/15/22		326
	820	MPH Acquisition Holdings LLC, 6.625%, 04/01/22 (e)		821
		MPLX LP,
	218	4.500%, 07/15/23 (e)		171
	28	4.875%, 12/01/24 (e)		22
	197	4.875%, 06/01/25 (e)		154
	400	5.500%, 02/15/23 (e)		332
	404	MSCI, Inc., 5.250%, 11/15/24 (e)		417
	4	Murphy Oil USA, Inc., 6.000%, 08/15/23		4
	2	Mustang Merger Corp., 8.500%, 08/15/21 (e)		2
	333	National Financial Partners Corp., 9.000%, 07/15/21 (e)		300
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	300	6.500%, 08/01/18		290
	15	6.500%, 07/01/21		13
	198	6.500%, 06/01/22		170
	45	7.875%, 10/01/20		43
	43	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.125%, 11/15/21 (e)		34
	285	Navios Maritime Holdings, Inc./Navios Maritime Finance II U.S., Inc., 7.375%, 01/15/22 (e)		103
	285	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 7.250%, 05/01/22 (e)		147
	200	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		208
		NCR Corp.,
	50	5.000%, 07/15/22		47
	4	5.875%, 12/15/21		4
	16	6.375%, 12/15/23		16
	250	Neiman Marcus Group Ltd. LLC, 8.000%, 10/15/21 (e)		187
		Netflix, Inc.,
	350	5.500%, 02/15/22 (e)		361
	115	5.750%, 03/01/24		118
	260	5.875%, 02/15/25 (e)		268
		New Albertsons, Inc.,
	121	Series C, 6.625%, 06/01/28		93
	204	7.450%, 08/01/29		164
	6	7.750%, 06/15/26		5
	47	8.000%, 05/01/31		40
	225	8.700%, 05/01/30		200
		Newfield Exploration Co.,
	231	5.375%, 01/01/26		186
	50	5.625%, 07/01/24		42
	110	5.750%, 01/30/22		94
		Nexstar Broadcasting, Inc.,
	35	6.125%, 02/15/22 (e)		33
	25	6.875%, 11/15/20		25
	2	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 07/15/19		1
	125	NGPL PipeCo LLC, 9.625%, 06/01/19 (e)		117
	1,033	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		1,042
	39	Noble Energy, Inc., 5.625%, 05/01/21		39

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		NRG Energy, Inc.,
	850	6.250%, 05/01/24		678
	11	6.625%, 03/15/23		9
	113	7.875%, 05/15/21		98
	30	8.250%, 09/01/20		27
	600	NRG Yield Operating LLC, 5.375%, 08/15/24		504
	332	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		332
	40	NWH Escrow Corp., 7.500%, 08/01/21 (e)		29
	40	Oasis Petroleum, Inc., 6.875%, 03/15/22		23
		Orbital ATK, Inc.,
	113	5.250%, 10/01/21		114
	110	5.500%, 10/01/23 (e)		112
	66	Oshkosh Corp., 5.375%, 03/01/25		65
		Outfront Media Capital LLC/Outfront Media Capital Corp.,
	33	5.250%, 02/15/22		34
	455	5.625%, 02/15/24		465
	205	5.875%, 03/15/25		208
		Owens-Brockway Glass Container, Inc.,
	80	5.000%, 01/15/22 (e)		77
	5	5.375%, 01/15/25 (e)		5
	349	5.875%, 08/15/23 (e)		342
	17	6.375%, 08/15/25 (e)		17
	100	Parker Drilling Co., 6.750%, 07/15/22		60
	310	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		301
	167	PBF Holding Co. LLC/PBF Finance Corp., 7.000%, 11/15/23 (e)		153
	267	PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 05/15/23		226
	75	Penn Virginia Corp., 8.500%, 05/01/20		12
	329	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		317
	85	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.875%, 01/15/24 (e)		88
	19	Pioneer Energy Services Corp., 6.125%, 03/15/22		7
	204	Plantronics, Inc., 5.500%, 05/31/23 (e)		206
	555	PolyOne Corp., 5.250%, 03/15/23		543
		Post Holdings, Inc.,
	425	6.750%, 12/01/21 (e)		445
	200	7.750%, 03/15/24 (e)		213
	100	8.000%, 07/15/25 (e)		107
	145	Prestige Brands, Inc., 5.375%, 12/15/21 (e)		141
	70	Prince Mineral Holding Corp., 11.500%, 12/15/19 (e)		55
	115	Provident Funding Associates LP/PFG Finance Corp., 6.750%, 06/15/21 (e)		110
	EUR 800	PSPC Escrow Corp., Reg. S, 6.000%, 02/01/23		693
	15	PVH Corp., 4.500%, 12/15/22		15
		QEP Resources, Inc.,
	410	5.250%, 05/01/23		279
	334	5.375%, 10/01/22		227
	50	6.875%, 03/01/21		38
	236	Qorvo, Inc., 6.750%, 12/01/23 (e)		233
	10	Quad/Graphics, Inc., 7.000%, 05/01/22		7
	564	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		529
	125	Quintiles Transnational Corp., 4.875%, 05/15/23 (e)		127
		Qwest Capital Funding, Inc.,
	7	6.875%, 07/15/28		6
	71	7.750%, 02/15/31		58
	25	Qwest Corp., 7.250%, 09/15/25		28
	56	R.R. Donnelley & Sons Co., 7.625%, 06/15/20		56
	25	Radio Systems Corp., 8.375%, 11/01/19 (e)		26
	382	Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/18 (e)		317
	181	Range Resources Corp., 5.000%, 03/15/23		141
	205	RCN Telecom Services LLC/RCN Capital Corp., 8.500%, 08/15/20 (e)		206
		Regal Entertainment Group,
	365	5.750%, 03/15/22		368
	50	5.750%, 06/15/23		49
	250	5.750%, 02/01/25		241
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	50	4.500%, 11/01/23		40
	25	5.000%, 10/01/22		21
	600	5.500%, 04/15/23		504
	9	5.875%, 03/01/22		8
	110	Revlon Consumer Products Corp., 5.750%, 02/15/21		107
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	585	5.750%, 10/15/20		586
	100	6.875%, 02/15/21		103
	250	8.250%, 02/15/21		233
	150	9.875%, 08/15/19		147

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	200	RHP Hotel Properties LP/RHP Finance Corp., 5.000%, 04/15/23		199
	186	Rice Energy, Inc., 7.250%, 05/01/23		143
		Rite Aid Corp.,
	501	6.125%, 04/01/23 (e)		529
	5	6.750%, 06/15/21		5
	10	9.250%, 03/15/20		10
	32	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 9.500%, 06/15/19 (e)		33
		Rockies Express Pipeline LLC,
	375	6.000%, 01/15/19 (e)		353
	50	6.850%, 07/15/18 (e)		48
		Rose Rock Midstream LP/Rose Rock Finance Corp.,
	3	5.625%, 07/15/22		2
	20	5.625%, 11/15/23 (e)		11
	55	RSP Permian, Inc., 6.625%, 10/01/22		49
		Sabine Pass Liquefaction LLC,
	1,723	5.625%, 03/01/25		1,482
	100	5.750%, 05/15/24		88
	200	6.250%, 03/15/22		184
		Sabre GLBL, Inc.,
	40	5.250%, 11/15/23 (e)		40
	105	5.375%, 04/15/23 (e)		105
	2	Safeway, Inc., 5.000%, 08/15/19		2
		Sally Holdings LLC/Sally Capital, Inc.,
	75	5.500%, 11/01/23		77
	267	5.625%, 12/01/25		276
	150	5.750%, 06/01/22		156
	228	SBA Communications Corp., 4.875%, 07/15/22		228
	70	SBA Telecommunications, Inc., 5.750%, 07/15/20		73
		Scientific Games International, Inc.,
	510	7.000%, 01/01/22 (e)		479
	250	10.000%, 12/01/22		174
	200	Scotts Miracle-Gro Co. (The), 6.000%, 10/15/23 (e)		209
		Sealed Air Corp.,
	105	4.875%, 12/01/22 (e)		106
	410	5.125%, 12/01/24 (e)		410
	100	5.250%, 04/01/23 (e)		101
	16	SemGroup Corp., 7.500%, 06/15/21		12
	440	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		441
	50	Serta Simmons Bedding LLC, 8.125%, 10/01/20 (e)		51
		Service Corp. International,
	315	5.375%, 05/15/24		333
	20	7.000%, 06/15/17		21
	80	8.000%, 11/15/21		94
	40	SESI LLC, 7.125%, 12/15/21		28
	405	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		422
	30	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 05/01/22 (e)		25
		Sinclair Television Group, Inc.,
	10	5.375%, 04/01/21		10
	750	5.625%, 08/01/24 (e)		730
	115	6.125%, 10/01/22		118
	5	6.375%, 11/01/21		5
		Sirius XM Radio, Inc.,
	290	4.625%, 05/15/23 (e)		284
	404	5.750%, 08/01/21 (e)		419
	770	Six Flags Entertainment Corp., 5.250%, 01/15/21 (e)		784
		SM Energy Co.,
	525	5.000%, 01/15/24		282
	314	5.625%, 06/01/25		168
	140	6.500%, 01/01/23		81
		Smithfield Foods, Inc.,
	321	5.250%, 08/01/18 (e)		328
	400	5.875%, 08/01/21 (e)		406
	425	6.625%, 08/15/22		447
	5	7.750%, 07/01/17		5
		Spectrum Brands, Inc.,
	344	5.750%, 07/15/25 (e)		353
	14	6.125%, 12/15/24 (e)		14
	40	6.625%, 11/15/22		43
	10	Speedway Motorsports, Inc., 5.125%, 02/01/23		10
		Sprint Capital Corp.,
	151	6.875%, 11/15/28		99
	177	6.900%, 05/01/19		142
	598	8.750%, 03/15/32		422

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Sprint Communications, Inc.,
	490	6.000%, 12/01/16		486
	1,379	7.000%, 03/01/20 (e)		1,324
	630	7.000%, 08/15/20		463
	600	8.375%, 08/15/17		581
	238	9.125%, 03/01/17		237
		Sprint Corp.,
	256	7.125%, 06/15/24		173
	629	7.250%, 09/15/21		453
	43	7.625%, 02/15/25		29
	486	7.875%, 09/15/23		346
	122	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23 (e)		126
	205	Station Casinos LLC, 7.500%, 03/01/21		211
		Steel Dynamics, Inc.,
	165	5.125%, 10/01/21		154
	370	5.500%, 10/01/24		334
	285	6.375%, 08/15/22		276
	255	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		244
	40	Stone Energy Corp., 7.500%, 11/15/22		11
	85	Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.500%, 06/01/24		71
	677	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 07/15/23		653
		Summit Midstream Holdings LLC/Summit Midstream Finance Corp.,
	5	5.500%, 08/15/22		3
	11	7.500%, 07/01/21		8
		Sunoco LP/Sunoco Finance Corp.,
	65	5.500%, 08/01/20 (e)		61
	500	6.375%, 04/01/23 (e)		461
	820	SUPERVALU, Inc., 7.750%, 11/15/22		697
		Talen Energy Supply LLC,
	150	4.600%, 12/15/21		86
	15	4.625%, 07/15/19 (e)		12
	100	6.500%, 06/01/25		68
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	150	4.250%, 11/15/23		109
	20	5.000%, 01/15/18		19
	100	6.750%, 03/15/24 (e)		82
	150	6.875%, 02/01/21		130
		Taylor Morrison Communities, Inc./Monarch Communities, Inc.,
	125	5.625%, 03/01/24 (e)		113
	85	5.875%, 04/15/23 (e)		79
	350	Team Health, Inc., 7.250%, 12/15/23 (e)		366
		TEGNA, Inc.,
	355	4.875%, 09/15/21 (e)		357
	30	5.125%, 07/15/20		31
	200	5.500%, 09/15/24 (e)		201
	620	6.375%, 10/15/23		654
	170	Teleflex, Inc., 5.250%, 06/15/24		170
	165	Tempur Sealy International, Inc., 5.625%, 10/15/23 (e)		168
		Tenet Healthcare Corp.,
	685	4.375%, 10/01/21		676
	653	4.500%, 04/01/21		640
	230	4.750%, 06/01/20		232
	201	5.000%, 03/01/19		189
	130	5.500%, 03/01/19		124
	49	6.000%, 10/01/20		52
	5	6.250%, 11/01/18		5
	18	6.750%, 02/01/20		17
	175	6.750%, 06/15/23		162
	223	8.000%, 08/01/20		223
	368	8.125%, 04/01/22		369
	29	Tenneco, Inc., 5.375%, 12/15/24		29
	189	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		147
		TerraForm Power Operating LLC,
	213	5.875%, 02/01/23 (e)		170
	487	6.125%, 06/15/25 (e)		376
	32	Tesoro Corp., 5.125%, 04/01/24		30
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	6	5.500%, 10/15/19 (e)		6
	10	5.875%, 10/01/20		9
	100	6.125%, 10/15/21		91
	576	6.250%, 10/15/22 (e)		524
	1,000	Texas Competitive Electric Holdings Co. LLC, VAR, 3.977%, 10/01/20		322
	297	Time Warner Cable, Inc., 7.300%, 07/01/38		316
		T-Mobile USA, Inc.,
	3	5.250%, 09/01/18		3
	121	6.000%, 03/01/23		122
	665	6.125%, 01/15/22		677
	35	6.250%, 04/01/21		36
	81	6.375%, 03/01/25		81

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	2	6.464%, 04/28/19		2
	359	6.500%, 01/15/24		363
	182	6.500%, 01/15/26		182
	229	6.625%, 11/15/20		235
	413	6.625%, 04/01/23		422
	220	6.633%, 04/28/21		227
	757	6.731%, 04/28/22		777
	442	6.836%, 04/28/23		455
	211	Toll Brothers Finance Corp., 4.875%, 11/15/25		207
	220	Tops Holding LLC/Tops Markets II Corp., 8.000%, 06/15/22 (e)		209
	200	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 02/01/26 (e)		209
		TransDigm, Inc.,
	462	5.500%, 10/15/20		450
	821	6.000%, 07/15/22		805
		TreeHouse Foods, Inc.,
	19	4.875%, 03/15/22		19
	155	6.000%, 02/15/24 (e)		159
	522	Tribune Media Co., 5.875%, 07/15/22 (e)		521
		Tronox Finance LLC,
	11	6.375%, 08/15/20		7
	424	7.500%, 03/15/22 (e)		255
	151	Tutor Perini Corp., 7.625%, 11/01/18		151
	224	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		225
	26	U.S. Concrete, Inc., 8.500%, 12/01/18		27
	142	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		114
	251	Unit Corp., 6.625%, 05/15/21		163
		United Rentals North America, Inc.,
	25	4.625%, 07/15/23		24
	475	5.500%, 07/15/25		424
	775	5.750%, 11/15/24		715
	135	6.125%, 06/15/23		130
	274	Univar USA, Inc., 6.750%, 07/15/23 (e)		242
		Universal Health Services, Inc.,
	2	3.750%, 08/01/19 (e)		2
	2	4.750%, 08/01/22 (e)		2
		Univision Communications, Inc.,
	600	5.125%, 05/15/23 (e)		582
	550	5.125%, 02/15/25 (e)		521
	853	6.750%, 09/15/22 (e)		879
	330	8.500%, 05/15/21 (e)		327
	65	USG Corp., 6.300%, 11/15/16		67
	400	USI, Inc., 7.750%, 01/15/21 (e)		359
		VeriSign, Inc.,
	208	4.625%, 05/01/23		204
	54	5.250%, 04/01/25		53
		Vulcan Materials Co.,
	505	4.500%, 04/01/25		501
	130	7.500%, 06/15/21		150
		W.R. Grace & Co.-Conn,
	200	5.125%, 10/01/21 (e)		201
	27	5.625%, 10/01/24 (e)		27
	165	WCI Communities, Inc., 6.875%, 08/15/21		168
	7	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		7
	245	West Corp., 5.375%, 07/15/22 (e)		206
	211	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 02/15/23		192
	221	Whiting Petroleum Corp., 5.000%, 03/15/19		143
		Williams Partners LP/ACMP Finance Corp.,
	350	4.875%, 05/15/23		266
	330	6.125%, 07/15/22		269
		Windstream Services LLC,
	40	6.375%, 08/01/23		29
	335	7.500%, 06/01/22		258
	625	7.500%, 04/01/23		479
	374	7.750%, 10/01/21		292
	130	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		109
		WMG Acquisition Corp.,
	450	5.625%, 04/15/22 (e)		437
	380	6.750%, 04/15/22 (e)		334
		WPX Energy, Inc.,
	611	5.250%, 09/15/24		333
	126	6.000%, 01/15/22		73
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	195	5.375%, 03/15/22		187
	295	5.500%, 03/01/25 (e)		258
		Yum! Brands, Inc.,
	195	3.750%, 11/01/21		177
	73	3.875%, 11/01/20		70
		Zayo Group LLC/Zayo Capital, Inc.,
	495	6.000%, 04/01/23		484
	153	10.125%, 07/01/20		164

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
Corporate Bonds — continued
	United States — continued
299	Zebra Technologies Corp., 7.250%, 10/15/22		311
	ZF North America Capital, Inc.,
550	4.000%, 04/29/20 (e)		549
422	4.500%, 04/29/22 (e)		407
350	4.750%, 04/29/25 (e)		328
			166,006
	Total Corporate Bonds (Cost $268,520)		253,876
Foreign Government Securities — 7.0%
	France — 1.6%
EUR 14,796	France Government Bond OAT, 1.750%, 11/25/24		17,788
	Germany — 0.9%
EUR 9,553	Bundesrepublik Deutschland, 0.500%, 02/15/25		10,623
	Italy — 1.9%
	Italy Buoni Poliennali Del Tesoro,
EUR 1,954	4.750%, 09/01/44 (e)		3,058
EUR 13,238	5.500%, 11/01/22		18,651
			21,709
	Japan — 0.6%
JPY 704,650	Government of Japan, 1.200%, 09/20/35		6,226
	Spain — 0.5%
EUR 4,366	Kingdom of Spain, 4.000%, 04/30/20 (e)		5,442
	United Kingdom — 1.5%
	United Kingdom Gilt,
GBP 6,057	1.750%, 01/22/17		8,753
GBP 5,918	4.000%, 09/07/16		8,615
			17,368
	Total Foreign Government Securities (Cost $79,439)		79,156
Loan Assignments — 0.7%
	Australia — 0.0% (g)
199	FMG Resources Pty, Ltd., Term Loan B, VAR, 4.250%, 06/30/19		137
	Canada — 0.0% (g)
200	Concordia Healthcare Corp. Initial Dollar Term Loan, VAR, 5.250%, 10/21/21		191
	Netherlands — 0.0% (g)
100	NXP B.V., Tranche B Term Loan, VAR, 3.750%, 12/07/20		100
	Singapore — 0.1%
3	Avago Technologies Cayman Ltd., Term Loan, VAR, 3.750%, 05/06/21		3
540	Avago Technologies Ltd., Term Loan, VAR, 4.250%, 11/10/22 ^		531
			534
	United States — 0.6%
770	Albertson’s LLC, Term Loan B-5, VAR, 5.500%, 12/21/22		752
5	Altice Financing S.A., Term Loan, VAR, 5.500%, 07/02/19		5
220	American Commercial Lines, Inc., Term Loan B, VAR, 9.750%, 11/12/20		192
4	AOT Holdings, 1st Lien Senior Secured Term Loan, VAR, 4.250%, 10/01/19		4
100	Atkore International, Inc., 1st Lien Initial Term Loan, VAR, 4.500%, 04/09/21		95
1,000	Calpine Corp., Term Loan, VAR, 4.000%, 01/15/23 ^		960
354	Cincinnati Bell, Inc., Tranche B Term Loan, VAR, 4.000%, 09/10/20		340
765	CSC Holdings LLC, Initial Term Loan, VAR, 5.000%, 10/09/22 ^		763
6	Dell International LLC, Term Loan B-2, VAR, 4.000%, 04/29/20		6
5	Dupont Performance, Term Loan, VAR, 3.750%, 02/01/20		5
60	Energy Future Intermediate Holding Co. LLC, Term Loan, VAR, 4.250%, 12/19/16		60
48	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		37
500	First Data Corp., Term Loan, VAR, 3.927%, 03/23/18		493
499	J.C. Penney Corp., Inc., Term Loan, VAR, 6.000%, 05/22/18		487
545	Microsemi Corp., Term Loan B, VAR, 5.250%, 12/16/22 ^		541
208	Pet Acquisition Merger Sub LLC, Term Loan B-1, 5.750%, 01/15/23 ^		204
30	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.000%, 04/29/20		30
300	Pinnacle Foods Finance LLC, 1st Lien Term Loan I, VAR, 3.750%, 01/13/23		300
5	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		5

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
Loan Assignments — continued
	United States — continued
249	Riverbed Technology, Inc., Term Loan, VAR, 6.000%, 04/25/22		247
250	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		233
250	Staples, Inc., Term Loan, VAR, 5.250%, 02/02/22 ^		248
126	Stardust Finance Holdings LLC, Senior Lien Term Loan, VAR, 6.500%, 03/14/22		118
8	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		5
440	UPC Financing Partnership, Facility AH, VAR, 3.344%, 06/30/21		430
			6,560
	Total Loan Assignments (Cost 7,650)		7,522
NUMBER OF CONTRACTS
Option Purchased — 0.1%
	Call Option Purchased — 0.1%
27	iShares MSCI Emerging Markets ETF, Expiring 03/18/2016 @ 33.00 USD, American Style (a) (Cost $3,167)		639
PRINCIPAL AMOUNT
Preferred Securities — 0.6% (x)
	Cayman Islands — 0.0% (g)
780	XLIT Ltd., Series E, VAR, 6.500%, 04/15/17		566
	France — 0.2%
400	BNP Paribas S.A., VAR, 7.375%, 08/19/25 (e)		393
	Credit Agricole S.A.,
200	VAR, 6.625%, 09/23/19 (e)		188
248	VAR, 8.125%, 12/23/25 (e)		248
	Societe Generale S.A.,
500	VAR, 8.000%, 09/29/25 (e)		494
EUR 500	VAR, 9.375%, 09/04/19		652
			1,975
	Netherlands — 0.1%
EUR 1,100	Telefonica Europe B.V., VAR, 5.000%, 03/31/20		1,151
	United Kingdom — 0.1%
400	Barclays plc, VAR, 8.250%, 12/15/18		419
	Royal Bank of Scotland Group plc,
400	VAR, 7.500%, 08/10/20		407
200	VAR, 8.000%, 08/10/25		205
			1,031
	United States — 0.2%
	Bank of America Corp.,
410	Series AA, VAR, 6.100%, 03/17/25		417
30	Series K, VAR, 8.000%, 01/30/18		30
	Citigroup, Inc.,
95	VAR, 5.950%, 01/30/23		93
30	Series O, VAR, 5.875%, 03/27/20		29
15	Series P, VAR, 5.950%, 05/15/25		14
415	Series Q, VAR, 5.950%, 08/15/20		408
560	Series R, VAR, 6.125%, 11/15/20		563
338	Goldman Sachs Group, Inc. (The), Series M, VAR, 5.375%, 05/10/20		330
			1,884
	Total Preferred Securities (Cost $6,761)		6,607
SHARES
Preferred Stocks — 0.3%
	Brazil — 0.1%
176	Itau Unibanco Holding S.A.		1,099
34	Marcopolo S.A.		17
			1,116
	Cayman Islands — 0.0% (g)
— (h)	XLIT Ltd., Series D, VAR, 3.742%, 02/29/16 ($1,000 par value) (a) @		67
	Germany — 0.2%
14	Henkel AG & Co. KGaA		1,469
3	Volkswagen AG		311
			1,780
	United States — 0.0% (g)
1	GMAC Capital Trust I, Series 2, VAR, 8.125%, 02/15/40 ($25 par value)		16
	Total Preferred Stocks (Cost $3,632)		2,979
PRINCIPAL AMOUNT
U.S. Treasury Obligations — 2.4%
	U.S. Treasury Notes,
14,351	0.500%, 01/31/17 (k)		14,330
6,228	2.125%, 06/30/22		6,425
6,729	2.250%, 11/15/24		6,931
	Total U.S. Treasury Obligations (Cost $27,323)		27,686

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE
	Short-Term Investment — 9.8%
		Investment Company — 9.8%
	111,331	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $111,331)		111,331
		Total Investments — 101.5% (Cost $1,201,019)		1,149,464
		Liabilities in Excess of Other Assets — (1.5)% (c)		(16,741	)
		NET ASSETS — 100.0%	$	1,132,723

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Foreign Government Securities		6.9	%
Banks		6.7
Asset-Backed Securities		5.9
Pharmaceuticals		4.1
Media		3.8
Oil, Gas & Consumable Fuels		3.1
Non-Agency CMO		3.0
Insurance		2.8
Diversified Telecommunication Services		2.8
Health Care Providers & Services		2.6
Internet Software & Services		1.9
Hotels, Restaurants & Leisure		1.8
Automobiles		1.8
IT Services		1.7
Specialty Retail		1.6
Chemicals		1.6
Semiconductors & Semiconductor Equipment		1.6
Food & Staples Retailing		1.6
Wireless Telecommunication Services		1.5
Software		1.4
Food Products		1.4
Beverages		1.3
U.S. Treasury Bonds		1.2
U.S. Treasury Notes		1.2
Communications Equipment		1.1
Electric Utilities		1.1
Capital Markets		1.1
Biotechnology		1.0
Metals & Mining		1.0
Containers & Packaging		1.0
Industrial Conglomerates		1.0
Others (each less than 1.0%)		19.7
Short-Term Investment		9.7

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT JANUARY 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	5	TOPIX Index		03/10/16	JPY		594			(31	)
	406	10 Year Australian Government Bond		03/15/16	AUD		37,186			811
	549	E-mini S&P 500		03/18/16	USD		52,981			(2,521	)
	947	Euro STOXX 50 Index		03/18/16	EUR		31,064			(2,549	)
	12	FTSE 100 Index		03/18/16	GBP		1,027			(11	)
	492	10 Year U.S. Treasury Note		03/21/16	USD		63,753			344
	79	U.S. Treasury Long Bond		03/21/16	USD		12,722			591
		Short Futures Outstanding
	(35)	Euro Bund		03/08/16	EUR		(6,193	)		(149	)
	(14)	E-mini Russell 2000		03/18/16	USD		(1,444	)		2
	(377)	FTSE 100 Index		03/18/16	GBP		(32,269	)		(473	)
	(1,768)	Mini MSCI Emerging Markets Index		03/18/16	USD		(66,106	)		1,448
	(250)	10 Year Canadian Government Bond		03/21/16	CAD		(25,491	)		(762	)
										(3,300	)

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
645	CAD	Citibank, N.A.	03/29/16		454		460		6
1,041	CAD	Royal Bank of Canada	03/29/16		751		743		(8	)
986	CAD	Standard Chartered Bank	03/29/16		687		704		17
220	EUR	BNP Paribas	03/29/16		239		240		1
215	EUR	Citibank, N.A.	03/29/16		234		233		(1	)
8,608	EUR	Goldman Sachs International	03/29/16		9,404		9,339		(65	)
457	EUR	Merrill Lynch International	03/29/16		498		496		(2	)
1,697	EUR	Standard Chartered Bank	03/29/16		1,858		1,841		(17	)
162	GBP	Goldman Sachs International	03/29/16		240		230		(10	)
58	GBP	Standard Chartered Bank	03/29/16		82		83		1
					14,447		14,369		(78	)
CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
3,079	AUD	Goldman Sachs International	03/29/16		2,212		2,173		39
696	AUD	HSBC Bank, N.A.	03/29/16		481		492		(11	)
610	AUD	Royal Bank of Canada	03/29/16		435		430		5
614	CAD	BNP Paribas	03/29/16		449		438		11
149	CAD	Citibank, N.A.	03/29/16		105		107		(2	)
427	CAD	Goldman Sachs International	03/29/16		311		305		6
417	CAD	Morgan Stanley	03/29/16		300		298		2
569	CAD	Standard Chartered Bank	03/29/16		400		405		(5	)
496	CAD	State Street Corp.	03/29/16		342		354		(12	)
66,172	EUR	BNP Paribas	03/29/16		72,730		71,793		937
55,537	EUR	Citibank, N.A.	03/29/16		60,351		60,255		96
548	EUR	Deutsche Bank AG	03/29/16		590		594		(4	)
4,472	EUR	Goldman Sachs International	03/29/16		4,900		4,852		48
93	EUR	Morgan Stanley	03/29/16		102		101		1
1,668	EUR	Royal Bank of Canada	03/29/16		1,825		1,809		16
456	EUR	Societe Generale	03/29/16		494		495		(1	)
3,682	EUR	Standard Chartered Bank	03/29/16		3,999		3,995		4
261	GBP	Citibank, N.A.	03/29/16		383		372		11
12,362	GBP	Goldman Sachs International	03/29/16		18,739		17,616		1,123
1,651	GBP	Royal Bank of Canada	03/29/16		2,459		2,352		107
99	GBP	Westpac Banking Corp.	03/29/16		145		142		3
1,044,487	JPY	Royal Bank of Canada	03/29/16		8,677		8,641		36
					180,429		178,019		2,410

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CMO	—	Collateralized Mortgage Obligation
CVA	—	Dutch Certification
ETF	—	Exchange-Traded Fund
EUR	—	Euro

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

FTSE	—	Financial Times and the London Stock Exchange
GBP	—	British Pound
GDR	—	Global Depositary Receipt
GMAC	—	General Motors Acceptance Corp.
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 January 31, 2016. The rate may be subject to a cap and floor.
JPY	—	Japanese Yen
MSCI	—	Morgan Stanley Capital International
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.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of January 31, 2016.
TOPIX	—	Tokyo Price Index
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of January 31, 2016.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—	Included in this amount is cash segregated as collateral for futures contracts.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%
(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, centrally cleared swaps or with brokers as initial margin for future contracts or centrally cleared swaps.
(l)	—	The rate shown is the current yield as of January 31, 2016.
(u)	—	Security represents the underlying bond on an inverse floating rate security.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(x)	—	Securities are perpetual and thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as of January 31, 2016.
^	—	All or a portion of the security is unsettled as of January 31, 2016. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
@	—	The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of January 31, 2016.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $241,798,000 and 21.0%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	11,748
Aggregate gross unrealized depreciation		(63,303	)
Net unrealized appreciation/depreciation	$	(51,555	)
Federal income tax cost of investments	$	1,201,019

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

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved 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.

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 value (“NAV”) of the Fund is 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 NAV is calculated.

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

Futures and options 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 January 31, 2016.

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).

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

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 (amount in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	10,754	$	—	$	10,754
Bermuda		1,160		—		—		1,160
Brazil		6,358		—		—		6,358
Canada		2,942		—		—		2,942
Chile		770		—		—		770
China		4,793		6,080		—		10,873
Denmark		—		3,825		—		3,825
Finland		—		4,823		—		4,823
France		—		21,752		—		21,752
Germany		—		16,177		—		16,177
Hong Kong		1,520		9,662		—		11,182
India		12,268		2,029		—		14,297
Indonesia		—		3,511		—		3,511
Ireland		2,094		1,443		—		3,537
Israel		3,681		—		—		3,681
Italy		—		4,963		—		4,963
Japan		—		44,794		—		44,794
Luxembourg		—		434		—		434
Malaysia		—		667		—		667
Mexico		2,226		—		—		2,226
Netherlands		2,512		12,349		—		14,861
New Zealand		—		603		—		603
Norway		—		764		—		764
Peru		768		—		—		768
Portugal		—		570		—		570
Russia		1,229		3,234		—		4,463
Singapore		1,834		1,311		—		3,145
South Africa		—		10,826		—		10,826
South Korea		—		4,117		—		4,117
Spain		—		4,021		—		4,021
Sweden		—		2,714		—		2,714
Switzerland		2,652		20,324		—		22,976
Taiwan		4,194		2,286		—		6,480
Thailand		1,183		1,086		—		2,269
Turkey		—		1,455		—		1,455
United Kingdom		1,455		40,828		—		42,283
United States		258,861		—		—		258,861
Total Common Stocks		312,500		237,402		—		549,902
Preferred Stocks
Brazil		1,116		—		—		1,116
Cayman Islands		—		67		—		67
Germany		—		1,780		—		1,780
United States		16		—		—		16
Total Preferred Stocks		1,132		1,847		—		2,979
Debt Securities
Asset-Backed Securities
United States		—		23,750		43,771		67,521

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Collateralized Mortgage Obligations
Non-Agency CMO
United States	$	—	$	34,375	$	399	$	34,774
Commercial Mortgage-Backed Securities
United States		—		7,369		—		7,369
Convertible Bond
United States		—		102		—		102
Corporate Bonds
Australia		—		26		—		26
Bahamas		—		—		45		45
Belgium		—		344		—		344
Bermuda		—		563		—		563
Canada		—		10,264		—		10,264
Cayman Islands		—		179		—		179
Finland		—		509		—		509
France		—		7,576		—		7,576
Germany		—		6,681		—		6,681
Ireland		—		3,810		—		3,810
Italy		—		3,851		—		3,851
Japan		—		597		—		597
Liberia		—		16		—		16
Luxembourg		—		24,972		—		24,972
Mexico		—		1,983		—		1,983
Netherlands		—		6,872		—		6,872
Norway		—		1,000		—		1,000
Portugal		—		621		—		621
Singapore		—		209		—		209
Spain		—		688		—		688
Sweden		—		1,924		—		1,924
United Kingdom		—		15,140		—		15,140
United States		—		165,620		386		166,006
Total Corporate Bonds		—		253,445		431		253,876
Preferred Securities
Cayman Islands		—		566		—		566
France		—		1,975		—		1,975
Netherlands		—		1,151		—		1,151
United Kingdom		—		1,031		—		1,031
United States		—		1,884		—		1,884
Total Preferred Securities		—		6,607		—		6,607
Loan Assignments
Australia		—		137		—		137
Canada		—		191		—		191
Netherlands		—		100		—		100
Singapore		—		534		—		534
United States		—		6,560		—		6,560
Total Loan Assignments		—		7,522		—		7,522
Foreign Government Securities		—		79,156		—		79,156
U.S. Treasury Obligations		—		27,686		—		27,686
Options Purchased
Call Option Purchased		639		—		—		639
Short-Term Investment
Investment Company		111,331		—		—		111,331
Total Investments in Securities	$	425,602	$	679,261	$	44,601	$	1,149,464
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	2,470	$	—	$	2,470
Futures Contracts		3,196		—		—		3,196
Total Appreciation in Other Financial Instruments	$	3,196	$	2,470	$	—	$	5,666

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(138	)	$	—	$	(138	)
Futures Contracts		(6,496	)		—			—		(6,496	)
Total Depreciation in Other Financial Instruments	$	(6,496	)	$	(138	)	$	—	$	(6,634	)

There were no significant transfers between levels 1 and 2 during the period ended January 31, 2016.

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

JPMorgan Global Allocation Fund	Balance as of October 31, 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 January 31, 2016
Asset-Backed Securities — United States	$	31,322	$	—	$	(279	)	$	32		$	10,727		$	(1,583	)	$	3,552	$	—	$	43,771
Collateralized Mortgage Obligation — Non-Agency CMO — United States		423		—		(9	)		—	(a)		—			(15	)		—		—		399
Corporate Bonds — Bahamas		166		—		(122	)		1			—			—			—		—		45
Corporate Bonds — United States		—		—		(98	)		—	(a)		—	(a)		—			484		—		386
Total	$	31,911	$	—	$	(508	)	$	33		$	10,727		$	(1,598	)	$	4,036	$	—	$	44,601

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

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

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

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

Transfers from level 2 to level 3 or from level 3 to level 2 are due to a decline or an increase in market activity (e.g. frequency of

trades), which resulted in a lack of or increase in available market inputs to determine price.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at January 31, 2016, which were valued using significant unobservable inputs (Level 3) amounted to approximately $ (556).

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at January 31, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	43,771	Discounted Cash Flow	Constant Prepayment Rate	0.00% — 10.00% (3.87%)
				Constant Default Rate	2.00% — 38.00% (6.56%)
				Yield (Discount Rate of Cash Flows)	2.35% — 10.53% (4.30%)
Asset-Backed Securities		43,771
		399	Discounted Cash Flow	Constant Prepayment Rate	11.43% (11.43%)
				Yield (Discount Rate of Cash Flows)	3.83% (3.83%)
				Constant Default Rate	3.00% (3.00%)
Collateralized Mortgage Obligations		399
Total	$	44,170

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At January 31, 2016, the value of these investments was apprpximately $431,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

B. Derivatives — The Fund used instruments including futures, forward foreign currency exchange contracts and options in connection with its investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

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

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

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

(1). Options — The Fund purchased and sold (“wrote”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

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

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

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

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

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

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

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

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

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency 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 or due across transactions. As of January 31, 2016, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.6%
		Australia — 3.7%
	184	Transurban Group		1,415
	269	Westfield Corp.		1,916
				3,331
		Belgium — 2.9%
	21	Anheuser-Busch InBev S.A./N.V.		2,656
		Denmark — 1.9%
	64	Danske Bank A/S		1,712
		Finland — 2.3%
	128	UPM-Kymmene OYJ		2,083
		France — 6.4%
	76	Orange S.A.		1,353
	21	Thales S.A.		1,579
	25	TOTAL S.A.		1,109
	7	Unibail-Rodamco SE		1,701
				5,742
		Germany — 12.7%
	18	Bayer AG		2,001
	5	Continental AG		983
	17	Daimler AG		1,224
	27	Deutsche Boerse AG		2,265
	97	Deutsche Telekom AG		1,696
	78	Deutsche Wohnen AG		2,067
	26	ProSiebenSat.1 Media SE		1,299
				11,535
		India — 1.6%
	79	Infosys Ltd., ADR		1,412
		Ireland — 1.0%
	12	Ryanair Holdings plc, ADR		932
		Israel — 5.6%
	1,664	Bezeq The Israeli Telecommunication Corp., Ltd.		3,588
	24	Teva Pharmaceutical Industries Ltd.		1,469
				5,057
		Italy — 3.0%
	103	Atlantia S.p.A.		2,700
		Japan — 13.8%
	68	Dai-ichi Life Insurance Co., Ltd. (The)		945
	38	Daiwa House Industry Co., Ltd.		1,076
	69	Japan Airlines Co., Ltd.		2,590
	74	Japan Tobacco, Inc.		2,879
	71	Nippon Telegraph & Telephone Corp.		3,018
	45	Seven & i Holdings Co., Ltd.		1,994
				12,502

SHARES		SECURITY DESCRIPTION	VALUE($)
		Netherlands — 3.9%
	84	ING Groep N.V., CVA		957
	76	NN Group N.V.		2,571
				3,528
		Norway — 1.4%
	101	DNB ASA		1,223
		Russia — 2.6%
	206	MMC Norilsk Nickel PJSC, ADR		2,386
		Spain — 1.5%
	29	Cellnex Telecom SAU (e)		496
	41	Ferrovial S.A.		899
				1,395
		Switzerland — 4.9%
	19	Novartis AG		1,453
	12	Roche Holding AG		3,006
				4,459
		Taiwan — 2.8%
	335	Siliconware Precision Industries Co., Ltd., ADR		2,568
		United Kingdom — 22.7%
	244	3i Group plc		1,548
	404	BAE Systems plc		2,990
	25	Berkeley Group Holdings plc		1,253
	123	Compass Group plc		2,117
	384	Direct Line Insurance Group plc		2,062
	157	GlaxoSmithKline plc		3,227
	42	Imperial Tobacco Group plc		2,253
	38	InterContinental Hotels Group plc		1,243
	56	Reed Elsevier N.V.		936
	144	RSA Insurance Group plc		858
	96	WPP plc		2,079
				20,566
		United States — 1.9%
	34	Carnival plc		1,672
		Total Common Stocks (Cost $86,063)		87,459

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.5%
		Investment Company — 2.5%
	2,303	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $2,303)		2,303
		Total Investments — 99.1% (Cost $88,366)		89,762
		Other Assets in Excess of Liabilities — 0.9%		804
		NET ASSETS — 100.0%	$	90,566

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		12.4	%
Diversified Telecommunication Services		11.3
Insurance		7.2
Tobacco		5.7
Hotels, Restaurants & Leisure		5.6
Aerospace & Defense		5.1
Media		4.8
Transportation Infrastructure		4.6
Banks		4.3
Real Estate Investment Trusts (REITs)		4.0
Airlines		3.9
Real Estate Management & Development		3.5
Beverages		3.0
Semiconductors & Semiconductor Equipment		2.9
Metals & Mining		2.7
Diversified Financial Services		2.5
Paper & Forest Products		2.3
Food & Staples Retailing		2.2
Capital Markets		1.7
IT Services		1.6
Household Durables		1.4
Automobiles		1.4
Oil, Gas & Consumable Fuels		1.2
Auto Components		1.1
Construction & Engineering		1.0
Short-Term Investment		2.6

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(l)	—	The rate shown is the current yield as of January 31, 2016.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $82,547,000 and 92.0%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	5,596
Aggregate gross unrealized depreciation		(4,200	)
Net unrealized appreciation/depreciation	$	1,396
Federal income tax cost of investments	$	88,366

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

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

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.

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

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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

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

• Level 2 – Other significant observable inputs including, but 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
Australia	$	—	$	3,331	$	—	$	3,331
Belgium		—		2,656		—		2,656
Denmark		—		1,712		—		1,712
Finland		—		2,083		—		2,083
France		—		5,742		—		5,742
Germany		—		11,535		—		11,535
India		1,412		—		—		1,412
Ireland		932		—		—		932
Israel		—		5,057		—		5,057
Italy		—		2,700		—		2,700
Japan		—		12,502		—		12,502
Netherlands		—		3,528		—		3,528
Norway		—		1,223		—		1,223
Russia		—		2,386		—		2,386
Spain		—		1,395		—		1,395
Switzerland		—		4,459		—		4,459
Taiwan		2,568		—		—		2,568
United Kingdom		—		20,566		—		20,566
United States		—		1,672		—		1,672
Total Common Stocks		4,912		82,547		—		87,459
Short-Term Investment
Investment Company		2,303		—		—		2,303
Total Investments in Securities	$	7,215	$	82,547	$	–	$	89,762

Transfers from level 1 to level 2 in the amount of approximately $1,626,000 are primarily due to a decline in trading activity as of January 31, 2016.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.2%
		Australia — 2.4%
	62	AGL Energy Ltd.		824
	1,462	Alumina Ltd.		1,095
	356	Amcor Ltd.		3,395
	488	AMP Ltd.		1,879
	275	APA Group		1,674
	284	Asciano Ltd.		1,799
	534	Aurizon Holdings Ltd.		1,412
	776	Australia & New Zealand Banking Group Ltd.		13,470
	107	Bank of Queensland Ltd.		1,007
	38	Bendigo & Adelaide Bank Ltd.		295
	510	BHP Billiton Ltd.		5,605
	459	BHP Billiton plc		4,461
	462	Boral Ltd.		1,852
	144	Brambles Ltd.		1,148
	177	Caltex Australia Ltd.		4,736
	304	Coca-Cola Amatil Ltd.		1,821
	20	Cochlear Ltd.		1,330
	310	Commonwealth Bank of Australia		17,514
	190	Computershare Ltd.		1,422
	8	Crown Resorts Ltd.		66
	87	CSL Ltd.		6,470
	342	Dexus Property Group		1,804
	663	Goodman Group		2,905
	115	Insurance Australia Group Ltd.		434
	267	LendLease Group		2,494
	84	Macquarie Group Ltd.		4,315
	1,170	Mirvac Group		1,597
	483	National Australia Bank Ltd.		9,598
	204	Newcrest Mining Ltd. (a)		1,914
	690	Oil Search Ltd.		3,242
	112	Orica Ltd.		1,144
	267	Origin Energy Ltd.		791
	446	Qantas Airways Ltd. (a)		1,240
	489	QBE Insurance Group Ltd.		3,827
	46	Ramsay Health Care Ltd.		2,006
	22	REA Group Ltd.		833
	179	Santos Ltd.		410
	879	Scentre Group		2,745
	7	SEEK Ltd.		73
	1,438	South32 Ltd. (a)		1,009
	182	Stockland		534
	315	Suncorp Group Ltd.		2,632
	668	Sydney Airport		3,146
	567	Tabcorp Holdings Ltd.		1,863
	929	Telstra Corp., Ltd.		3,742

SHARES			SECURITY DESCRIPTION	VALUE($)
			Australia — continued
	113		TPG Telecom Ltd.		814
	538		Transurban Group		4,151
	1,164		Vicinity Centres		2,423
	184		Wesfarmers Ltd.		5,554
	266		Westfield Corp.		1,897
	626		Westpac Banking Corp.		13,866
	174		Woodside Petroleum Ltd.		3,510
	357		Woolworths Ltd.		6,202
					165,990
			Austria — 0.0% (g)
	—	(h)	Telekom Austria AG		—	(h)
			Belgium — 0.4%
	156		Anheuser-Busch InBev S.A.		19,615
	79		Delhaize Group		8,241
					27,856
			Bermuda — 0.0% (g)
	239		Marvell Technology Group Ltd.		2,117
			Canada — 3.2%
	40		Agrium, Inc.		3,455
	102		Alimentation Couche-Tard, Inc., Class B		4,437
	163		Bank of Montreal		8,749
	294		Bank of Nova Scotia (The)		12,036
	272		Barrick Gold Corp.		2,707
	57		BCE, Inc.		2,281
	212		Brookfield Asset Management, Inc., Class A		6,402
	102		Canadian Imperial Bank of Commerce		6,628
	217		Canadian National Railway Co.		11,773
	275		Canadian Natural Resources Ltd.		5,892
	137		Canadian Pacific Railway Ltd.		16,465
	27		Canadian Tire Corp., Ltd., Class A		2,240
	194		Cenovus Energy, Inc.		2,389
	81		CGI Group, Inc., Class A (a)		3,451
	7		Constellation Software, Inc.		2,445
	94		Crescent Point Energy Corp.		1,038
	44		Dollarama, Inc.		2,340
	199		Enbridge, Inc.		6,896
	194		Encana Corp.		853
	8		Fairfax Financial Holdings Ltd.		3,891
	163		First Quantum Minerals Ltd.		354
	69		Fortis, Inc.		2,006
	38		Franco-Nevada Corp.		1,692
	82		Gildan Activewear, Inc.		2,059
	210		Goldcorp, Inc.		2,395
	73		Great-West Lifeco, Inc.		1,814
	76		Imperial Oil Ltd.		2,327

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Canada — continued
	33		Intact Financial Corp.		2,006
	125		Inter Pipeline Ltd.		2,028
	64		Loblaw Cos. Ltd.		3,021
	110		Magna International, Inc.		3,813
	469		Manulife Financial Corp.		6,513
	71		Metro, Inc.		2,106
	82		National Bank of Canada		2,348
	78		Pembina Pipeline Corp.		1,770
	215		Potash Corp. of Saskatchewan, Inc.		3,500
	89		Power Corp. of Canada		1,889
	62		Power Financial Corp.		1,423
	72		Restaurant Brands International, Inc.		2,439
	97		Rogers Communications, Inc., Class B		3,310
	367		Royal Bank of Canada		19,022
	97		Shaw Communications, Inc., Class B		1,686
	95		Silver Wheaton Corp.		1,114
	152		Sun Life Financial, Inc.		4,363
	394		Suncor Energy, Inc.		9,332
	465		Toronto-Dominion Bank (The)		17,653
	178		TransCanada Corp.		6,176
					214,527
			China — 0.0% (g)
	1,462		Yangzijiang Shipbuilding Holdings Ltd.		963
			Colombia — 0.0% (g)
	—	(h)	Pacific Exploration and Production Corp. (a)		—	(h)
			Denmark — 0.6%
	6		AP Moeller - Maersk A/S, Class B		8,055
	241		Danske Bank A/S		6,496
	406		Novo Nordisk A/S, Class B		22,663
	45		Pandora A/S		5,966
					43,180
			Finland — 0.6%
	2,661		Nokia OYJ		19,171
	—	(h)	Nokian Renkaat OYJ		—	(h)
	534		UPM-Kymmene OYJ		8,700
	291		Wartsila OYJ Abp		13,080
					40,951
			France — 3.7%
	183		Air Liquide S.A.		18,883
	273		Airbus Group SE		17,142
	102		Arkema S.A.		6,385
	831		AXA S.A.		20,540
	374		BNP Paribas S.A.		17,723

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — continued
	239	Bouygues S.A.		9,351
	74	Cap Gemini S.A.		6,785
	224	Cie de Saint-Gobain		9,229
	44	Cie Generale des Etablissements Michelin		4,034
	32	Danone S.A.		2,232
	101	Engie S.A.		1,609
	37	L’Oreal S.A.		6,285
	13	LVMH Moet Hennessy Louis Vuitton SE		2,096
	1,113	Natixis S.A.		5,443
	166	Publicis Groupe S.A.		9,942
	162	Renault S.A.		13,766
	334	Sanofi		27,757
	74	Schneider Electric SE		3,929
	122	Societe Generale S.A.		4,672
	102	Sodexo S.A. (a)		9,999
	153	Thales S.A.		11,645
	568	TOTAL S.A.		25,210
	25	Unibail-Rodamco SE		6,227
	425	Vivendi S.A.		9,242
				250,126
		Germany — 3.1%
	100	adidas AG		10,299
	111	Allianz SE		17,984
	97	BASF SE		6,455
	239	Bayer AG		26,906
	38	Bayerische Motoren Werke AG		3,163
	186	Brenntag AG		9,128
	47	Continental AG		9,960
	312	Daimler AG		21,871
	279	Deutsche Bank AG		5,008
	471	Deutsche Post AG		11,406
	641	Deutsche Telekom AG		11,167
	870	E.ON SE		8,916
	143	HeidelbergCement AG		10,530
	785	Infineon Technologies AG		10,500
	50	Linde AG		6,755
	26	Muenchener Rueckversicherungs-Gesellschaft AG		4,958
	254	SAP SE		20,273
	119	Siemens AG		11,395
	1,335	Telefonica Deutschland Holding AG		6,621
				213,295
		Hong Kong — 1.1%
	2,356	AIA Group Ltd.		13,098
	1,090	BOC Hong Kong Holdings Ltd.		2,900

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Hong Kong — continued
	739	Cathay Pacific Airways Ltd.		1,166
	285	Cheung Kong Infrastructure Holdings Ltd.		2,681
	565	Cheung Kong Property Holdings Ltd.		3,064
	675	CK Hutchison Holdings Ltd.		8,432
	470	CLP Holdings Ltd.		3,948
	265	Galaxy Entertainment Group Ltd.		833
	80	Hang Lung Properties Ltd.		148
	212	Hang Seng Bank Ltd.		3,517
	495	Henderson Land Development Co., Ltd.		2,699
	1,546	HKT Trust & HKT Ltd.		2,031
	1,720	Hong Kong & China Gas Co., Ltd.		3,028
	206	Hong Kong Exchanges and Clearing Ltd.		4,558
	504	Kerry Properties Ltd.		1,165
	414	Link REIT		2,375
	105	MTR Corp., Ltd.		475
	260	New World Development Co., Ltd.		213
	183	NWS Holdings Ltd.		273
	249	Power Assets Holdings Ltd.		2,276
	774	Sands China Ltd.		2,705
	1,508	Sino Land Co., Ltd.		1,937
	363	Sun Hung Kai Properties Ltd.		3,938
	185	Swire Pacific Ltd., Class A		1,780
	60	Techtronic Industries Co., Ltd.		226
	528	Wharf Holdings Ltd. (The)		2,471
	592	Wheelock & Co., Ltd.		2,266
	174	Yue Yuen Industrial Holdings Ltd.		601
				74,804
		Ireland — 1.1%
	330	Accenture plc, Class A		34,801
	156	Allegion plc		9,424
	172	James Hardie Industries plc, CDI		1,988
	81	Medtronic plc		6,175
	30	Perrigo Co. plc		4,337
	213	Shire plc		11,941
	157	XL Group plc		5,709
				74,375
		Israel — 0.1%
	155	Teva Pharmaceutical Industries Ltd., ADR		9,515
		Italy — 0.9%
	588	Assicurazioni Generali S.p.A.		8,828
	319	Atlantia S.p.A.		8,365
	3,457	Enel S.p.A.		14,193
	48	Eni S.p.A.		696
	3,766	Intesa Sanpaolo S.p.A.		10,729

SHARES		SECURITY DESCRIPTION	VALUE($)
		Italy — continued
	984	Snam S.p.A.		5,523
	6,576	Telecom Italia S.p.A. (a)		7,319
	1,853	UniCredit S.p.A.		7,162
				62,815
		Japan — 9.0%
	328	Ajinomoto Co., Inc.		7,801
	4	Alfresa Holdings Corp.		75
	92	Alps Electric Co., Ltd.		1,824
	686	Amada Holdings Co., Ltd.		6,480
	1,534	ANA Holdings, Inc.		4,502
	200	Asahi Glass Co., Ltd.		1,219
	27	Asahi Group Holdings Ltd.		879
	579	Asahi Kasei Corp.		3,762
	521	Astellas Pharma, Inc.		7,211
	194	Bandai Namco Holdings, Inc.		4,418
	824	Bank of Yokohama Ltd. (The)		4,395
	205	Bridgestone Corp.		7,472
	214	Canon, Inc.		5,988
	42	Central Japan Railway Co.		7,740
	894	Chiba Bank Ltd. (The)		5,530
	107	Chubu Electric Power Co., Inc.		1,374
	23	Chugai Pharmaceutical Co., Ltd.		705
	354	Citizen Holdings Co., Ltd.		2,160
	82	COLOPL, Inc.		1,579
	203	Daicel Corp.		2,986
	420	Dai-ichi Life Insurance Co., Ltd. (The)		5,811
	102	Daikin Industries Ltd.		6,892
	111	Daiwa House Industry Co., Ltd.		3,120
	26	Denso Corp.		1,139
	101	Dentsu, Inc.		5,384
	113	East Japan Railway Co.		10,341
	50	Eisai Co., Ltd.		3,040
	40	FamilyMart Co., Ltd.		1,867
	25	FANUC Corp.		3,280
	11	Fast Retailing Co., Ltd.		3,557
	188	Fuji Heavy Industries Ltd.		7,702
	118	FUJIFILM Holdings Corp.		4,544
	24	Fukuoka Financial Group, Inc.		102
	770	Furukawa Electric Co., Ltd.		1,584
	1,709	Hitachi Ltd.		8,446
	402	Hokuhoku Financial Group, Inc.		746
	402	Honda Motor Co., Ltd.		10,889
	57	Hoya Corp.		2,196
	105	Hulic Co., Ltd.		906
	257	Ibiden Co., Ltd.		3,624

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	15		Isetan Mitsukoshi Holdings Ltd.		194
	215		ITOCHU Corp.		2,528
	2		Japan Retail Fund Investment Corp.		4,381
	352		Japan Tobacco, Inc.		13,786
	87		JFE Holdings, Inc.		1,181
	670		Kajima Corp.		3,790
	471		Kansai Electric Power Co., Inc. (The) (a)		5,124
	67		Kao Corp.		3,585
	1,120		Kawasaki Heavy Industries Ltd.		3,468
	619		KDDI Corp.		15,682
	18		Keyence Corp.		8,683
	288		Kirin Holdings Co., Ltd.		4,087
	67		Komatsu Ltd.		997
	148		Kubota Corp.		2,187
	6		Kyocera Corp.		254
	210		Kyowa Hakko Kirin Co., Ltd.		3,044
	336		Kyushu Electric Power Co., Inc. (a)		3,632
	86		M3, Inc.		1,970
	54		Mabuchi Motor Co., Ltd.		2,910
	67		Makita Corp.		3,788
	339		Marubeni Corp.		1,622
	177		Marui Group Co., Ltd.		2,813
	245		Mazda Motor Corp.		4,455
	223		Medipal Holdings Corp.		3,609
	40		MEIJI Holdings Co., Ltd.		3,349
	416		Mitsubishi Corp.		6,675
	491		Mitsubishi Electric Corp.		4,557
	143		Mitsubishi Estate Co., Ltd.		2,831
	300		Mitsubishi Heavy Industries Ltd.		1,179
	945		Mitsubishi Materials Corp.		2,915
	7		Mitsubishi Motors Corp.		59
	3,540		Mitsubishi UFJ Financial Group, Inc.		18,154
	673		Mitsui & Co., Ltd.		7,653
	913		Mitsui Chemicals, Inc.		3,997
	400		Mitsui Fudosan Co., Ltd.		9,416
	149		Mitsui OSK Lines Ltd.		295
	4,477		Mizuho Financial Group, Inc.		7,747
	31		Murata Manufacturing Co., Ltd.		3,597
	160		NGK Spark Plug Co., Ltd.		3,768
	157		NH Foods Ltd.		3,046
	92		Nidec Corp.		6,257
	23		Nintendo Co., Ltd.		3,225
	489		Nippon Electric Glass Co., Ltd.		2,531
	429		Nippon Express Co., Ltd.		2,010
	—	(h)	Nippon Prologis REIT, Inc.		267

SHARES			SECURITY DESCRIPTION	VALUE($)
			Japan — continued
	291		Nippon Steel & Sumitomo Metal Corp.		5,216
	291		Nippon Telegraph & Telephone Corp.		12,367
	1,007		Nissan Motor Co., Ltd.		10,012
	40		Nitori Holdings Co., Ltd.		3,282
	78		Nitto Denko Corp.		4,485
	1,458		Nomura Holdings, Inc.		7,914
	74		Nomura Real Estate Holdings, Inc.		1,303
	148		NTT DOCOMO, Inc.		3,291
	75		Omron Corp.		1,952
	20		Ono Pharmaceutical Co., Ltd.		3,143
	30		Oriental Land Co., Ltd.		1,890
	269		ORIX Corp.		3,806
	159		Otsuka Holdings Co., Ltd.		5,356
	459		Panasonic Corp.		4,313
	144		Rakuten, Inc.		1,484
	1,167		Resona Holdings, Inc.		5,367
	9		Santen Pharmaceutical Co., Ltd.		136
	310		Sanwa Holdings Corp.		2,197
	9		Secom Co., Ltd.		648
	162		Seiko Epson Corp.		2,276
	321		Sekisui Chemical Co., Ltd.		3,925
	103		Seven & i Holdings Co., Ltd.		4,594
	227		Shimadzu Corp.		3,515
	16		Shimamura Co., Ltd.		1,835
	408		Shimizu Corp.		3,163
	154		Shin-Etsu Chemical Co., Ltd.		7,876
	45		Shionogi & Co., Ltd.		1,946
	17		SMC Corp.		3,782
	184		SoftBank Group Corp.		8,107
	222		Sompo Japan Nipponkoa Holdings, Inc.		6,590
	423		Sony Corp.		9,822
	81		Sumitomo Corp.		809
	156		Sumitomo Electric Industries Ltd.		2,061
	—	(h)	Sumitomo Forestry Co., Ltd.		1
	391		Sumitomo Mitsui Financial Group, Inc.		13,107
	32		Sumitomo Realty & Development Co., Ltd.		897
	—	(h)	Sundrug Co., Ltd.		26
	76		Suntory Beverage & Food Ltd.		3,529
	158		Suzuken Co., Ltd.		5,448
	32		Suzuki Motor Corp.		992
	71		Sysmex Corp.		4,553
	98		T&D Holdings, Inc.		1,117
	771		Taiheiyo Cement Corp.		2,223
	498		Takashimaya Co., Ltd.		4,265
	74		Takeda Pharmaceutical Co., Ltd.		3,593

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	312	Teijin Ltd.		1,143
	115	Terumo Corp.		3,660
	185	Tokio Marine Holdings, Inc.		6,630
	1,011	Tokyo Gas Co., Ltd.		4,658
	254	Tokyu Corp.		1,980
	382	Toppan Printing Co., Ltd.		3,324
	170	Toshiba Corp. (a)		284
	682	Toyota Motor Corp.		41,089
	124	Unicharm Corp.		2,428
	39	West Japan Railway Co.		2,507
	426	Yamada Denki Co., Ltd.		2,062
	201	Yamaha Motor Co., Ltd.		4,032
	283	Yamato Holdings Co., Ltd.		6,202
				612,781
		Luxembourg — 0.0% (g)
	831	ArcelorMittal		3,154
		Netherlands — 2.0%
	1,340	Aegon N.V.		7,577
	131	ASML Holding N.V.		12,013
	196	Heineken Holding N.V.		15,021
	39	Heineken N.V.		3,372
	1,308	ING Groep N.V., CVA		14,901
	2,846	Koninklijke KPN N.V.		11,014
	446	Koninklijke Philips N.V.		11,875
	241	NN Group N.V.		8,161
	117	NXP Semiconductors N.V. (a)		8,770
	1,121	Royal Dutch Shell plc, Class A		24,487
	857	Royal Dutch Shell plc, Class B		18,664
				135,855
		New Zealand — 0.1%
	500	Auckland International Airport Ltd.		1,805
	168	Contact Energy Ltd.		501
	444	Meridian Energy Ltd.		679
	72	Ryman Healthcare Ltd.		374
	800	Spark New Zealand Ltd.		1,750
				5,109
		Norway — 0.2%
	676	DNB ASA		8,152
	942	Norsk Hydro ASA		3,130
				11,282
		Portugal — 0.1%
	1,337	EDP - Energias de Portugal S.A.		4,670
	437	Galp Energia SGPS S.A.		5,190
				9,860

SHARES		SECURITY DESCRIPTION	VALUE($)
		Singapore — 0.8%
	202	Avago Technologies Ltd.		26,973
	1,053	CapitaLand Commercial Trust Ltd.		963
	260	ComfortDelGro Corp., Ltd.		520
	470	DBS Group Holdings Ltd.		4,673
	1,558	Global Logistic Properties Ltd.		1,846
	1,942	Hutchison Port Holdings Trust, Class U		928
	505	Keppel Corp., Ltd.		1,800
	789	Oversea-Chinese Banking Corp., Ltd.		4,417
	1,435	Singapore Telecommunications Ltd.		3,558
	320	United Overseas Bank Ltd.		4,062
	732	Wilmar International Ltd.		1,480
				51,220
		Spain — 1.1%
	762	Banco Bilbao Vizcaya Argentaria S.A.		4,904
	3,709	Banco Santander S.A.		15,894
	6,437	Bankia S.A.		6,406
	1,157	Distribuidora Internacional de Alimentacion S.A. (a)		6,235
	1,653	Iberdrola S.A. (a)		11,623
	420	Industria de Diseno Textil S.A.		13,833
	599	Repsol S.A.		6,210
	723	Telefonica S.A.		7,634
				72,739
		Sweden — 0.6%
	320	Assa Abloy AB, Class B		6,778
	62	Atlas Copco AB, Class A		1,330
	441	Electrolux AB, Series B		9,612
	509	Nordea Bank AB		5,125
	1,007	Sandvik AB		8,429
	1,625	TeliaSonera AB		7,675
				38,949
		Switzerland — 4.1%
	186	ABB Ltd. (a)		3,213
	58	Actelion Ltd. (a)		7,692
	252	Chubb Ltd.		28,529
	246	Cie Financiere Richemont S.A.		15,984
	597	Credit Suisse Group AG (a)		10,577
	241	LafargeHolcim Ltd. (a)		10,150
	842	Nestle S.A.		62,015
	450	Novartis AG		34,835
	186	Roche Holding AG		48,246
	21	Syngenta AG		7,696
	316	TE Connectivity Ltd.		18,059
	1,142	UBS Group AG		18,877

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — continued
	224	Wolseley plc		11,106
				276,979
		United Kingdom — 7.1%
	1,394	3i Group plc		8,841
	82	Anglo American plc		328
	212	Associated British Foods plc		9,567
	402	AstraZeneca plc		25,880
	1,745	Aviva plc		12,034
	1,310	BAE Systems plc		9,687
	5,912	Barclays plc		15,819
	553	BG Group plc		8,367
	3,373	BP plc		18,214
	598	British American Tobacco plc		33,306
	1,159	BT Group plc		8,065
	516	Capita plc		8,679
	3,147	Centrica plc		9,233
	137	Compass Group plc		2,362
	34	Delphi Automotive plc		2,229
	281	Diageo plc		7,564
	1,492	Dixons Carphone plc		10,120
	1,347	GlaxoSmithKline plc		27,742
	399	Hammerson plc		3,336
	3,639	HSBC Holdings plc		25,661
	157	Imperial Tobacco Group plc		8,483
	211	InterContinental Hotels Group plc		6,922
	3,114	ITV plc		11,905
	1,822	Kingfisher plc		8,526
	33	Liberty Global plc, Class A (a)		1,127
	126	Liberty Global plc, Series C (a)		4,189
	18,841	Lloyds Banking Group plc		17,651
	489	National Grid plc		6,888
	76	Next plc		7,536
	433	Persimmon plc (a)		12,626
	1,016	Prudential plc		19,967
	85	Randgold Resources Ltd.		6,020
	249	Reckitt Benckiser Group plc		22,128
	113	Rio Tinto Ltd.		3,188
	387	Rio Tinto plc		9,482
	977	RSA Insurance Group plc		5,830
	326	SABMiller plc		19,514
	374	Standard Chartered plc		2,525
	2,563	Tesco plc (a)		6,377
	439	Unilever N.V., CVA		19,439
	8,280	Vodafone Group plc		26,615
	144	Whitbread plc		8,239

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — continued
	132	WPP plc		2,865
				485,076
		United States — 55.9%
	13	3M Co.		1,931
	542	Abbott Laboratories		20,497
	43	AbbVie, Inc.		2,351
	338	Adobe Systems, Inc. (a)		30,102
	182	Aetna, Inc.		18,519
	95	Alexion Pharmaceuticals, Inc. (a)		13,935
	121	Allergan plc (a)		34,300
	37	Alliance Data Systems Corp. (a)		7,338
	73	Alphabet, Inc., Class A (a)		55,479
	84	Alphabet, Inc., Class C (a)		62,680
	145	Altria Group, Inc.		8,867
	104	Amazon.com, Inc. (a)		61,292
	255	American Electric Power Co., Inc.		15,568
	448	American International Group, Inc.		25,317
	49	American Tower Corp.		4,633
	115	American Water Works Co., Inc.		7,493
	117	Ameriprise Financial, Inc.		10,598
	59	AMETEK, Inc.		2,769
	42	Amgen, Inc.		6,413
	153	Amphenol Corp., Class A		7,594
	112	Analog Devices, Inc.		6,011
	1,344	Apple, Inc.		130,783
	68	Applied Materials, Inc.		1,207
	130	Archer-Daniels-Midland Co.		4,598
	21	Arrow Electronics, Inc. (a)		1,082
	196	Arthur J. Gallagher & Co.		7,367
	1,220	AT&T, Inc.		43,999
	105	Automatic Data Processing, Inc.		8,690
	103	AutoNation, Inc. (a)		4,441
	6	AutoZone, Inc. (a)		4,957
	93	AvalonBay Communities, Inc.		15,978
	28	Avnet, Inc.		1,125
	93	Axiall Corp.		1,667
	208	Baker Hughes, Inc.		9,064
	3,510	Bank of America Corp.		49,629
	50	Bank of New York Mellon Corp. (The)		1,826
	75	BB&T Corp.		2,450
	18	Becton, Dickinson and Co.		2,687
	263	Berkshire Hathaway, Inc., Class B (a)		34,085
	233	Best Buy Co., Inc.		6,512
	94	Biogen, Inc. (a)		25,688
	81	BioMarin Pharmaceutical, Inc. (a)		5,976

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	66	BlackRock, Inc.		20,788
	20	Boston Beer Co., Inc. (The), Class A (a)		3,571
	70	Boston Properties, Inc.		8,141
	1,202	Boston Scientific Corp. (a)		21,076
	586	Bristol-Myers Squibb Co.		36,454
	213	Broadcom Corp., Class A		11,622
	32	Bunge Ltd.		2,000
	307	Cabot Oil & Gas Corp.		6,367
	183	Capital One Financial Corp.		12,014
	200	Carnival Corp.		9,605
	23	Caterpillar, Inc.		1,451
	281	CBS Corp. (Non-Voting), Class B		13,351
	301	Celgene Corp. (a)		30,242
	23	Centene Corp. (a)		1,406
	213	CenterPoint Energy, Inc.		3,805
	700	Charles Schwab Corp. (The)		17,865
	100	Charter Communications, Inc., Class A (a)		17,177
	458	Chevron Corp.		39,595
	7	Chipotle Mexican Grill, Inc. (a)		3,311
	55	Cigna Corp.		7,351
	858	Cisco Systems, Inc.		20,412
	1,026	Citigroup, Inc.		43,688
	292	CMS Energy Corp.		11,344
	836	Coca-Cola Co. (The)		35,883
	135	Coca-Cola Enterprises, Inc.		6,269
	362	Cognizant Technology Solutions Corp., Class A (a)		22,907
	115	Colgate-Palmolive Co.		7,776
	479	Columbia Pipeline Group, Inc.		8,888
	723	Comcast Corp., Class A		40,301
	122	ConocoPhillips		4,764
	124	Constellation Brands, Inc., Class A		18,904
	295	Corning, Inc.		5,486
	182	Costco Wholesale Corp.		27,440
	277	Crown Holdings, Inc. (a)		12,692
	141	CSX Corp.		3,256
	59	Cummins, Inc.		5,318
	209	CVS Health Corp.		20,208
	310	D.R. Horton, Inc.		8,526
	45	Danaher Corp.		3,897
	256	Delta Air Lines, Inc.		11,323
	32	DENTSPLY International, Inc.		1,890
	28	Diamondback Energy, Inc.		2,116
	196	Discover Financial Services		8,964
	250	DISH Network Corp., Class A (a)		12,091

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	191	Dollar General Corp.		14,300
	135	Douglas Emmett, Inc.		4,001
	415	Dow Chemical Co. (The)		17,439
	44	Dr. Pepper Snapple Group, Inc.		4,102
	334	E.I. du Pont de Nemours & Co.		17,624
	119	Eastman Chemical Co.		7,256
	374	Eaton Corp. plc		18,877
	243	Edison International		15,026
	410	Eli Lilly & Co.		32,466
	229	EMC Corp.		5,681
	230	EOG Resources, Inc.		16,322
	150	EQT Corp.		9,238
	84	Equifax, Inc.		8,867
	23	Equinix, Inc.		7,018
	41	Essex Property Trust, Inc.		8,838
	48	Express Scripts Holding Co. (a)		3,471
	873	Exxon Mobil Corp.		67,955
	14	F5 Networks, Inc. (a)		1,352
	641	Facebook, Inc., Class A (a)		71,938
	58	FedEx Corp.		7,643
	268	Fidelity National Information Services, Inc.		16,011
	714	Fifth Third Bancorp		11,273
	32	Flowserve Corp.		1,238
	191	Fluor Corp.		8,575
	32	Foot Locker, Inc.		2,168
	644	Ford Motor Co.		7,691
	42	Fortune Brands Home & Security, Inc.		2,036
	33	General Dynamics Corp.		4,370
	1,795	General Electric Co.		52,234
	121	General Growth Properties, Inc.		3,390
	142	General Motors Co.		4,213
	406	Gilead Sciences, Inc.		33,689
	59	Global Payments, Inc.		3,457
	117	Goldman Sachs Group, Inc. (The)		18,963
	186	Halliburton Co.		5,898
	127	Harman International Industries, Inc.		9,445
	49	Hartford Financial Services Group, Inc. (The)		1,988
	107	HCP, Inc.		3,850
	134	Hershey Co. (The)		11,772
	397	Hewlett Packard Enterprise Co.		5,462
	149	Highwoods Properties, Inc.		6,283
	126	Hilton Worldwide Holdings, Inc.		2,242
	41	HollyFrontier Corp.		1,443
	42	Hologic, Inc. (a)		1,422

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	390	Home Depot, Inc. (The)		48,997
	362	Honeywell International, Inc.		37,380
	693	HP, Inc.		6,730
	102	Humana, Inc.		16,629
	57	Illumina, Inc. (a)		8,943
	32	Incyte Corp. (a)		2,280
	243	Ingersoll-Rand plc		12,532
	430	Intel Corp.		13,337
	70	Intercontinental Exchange, Inc.		18,503
	71	International Business Machines Corp.		8,838
	457	Invesco Ltd.		13,685
	76	Jack Henry & Associates, Inc.		6,161
	423	Johnson & Johnson		44,186
	638	KeyCorp		7,125
	217	Kimberly-Clark Corp.		27,865
	94	Kimco Realty Corp.		2,542
	401	Kinder Morgan, Inc.		6,604
	411	Kroger Co. (The)		15,932
	123	L-3 Communications Holdings, Inc.		14,325
	21	Laboratory Corp. of America Holdings (a)		2,367
	314	Lam Research Corp.		22,507
	26	Lennox International, Inc.		3,161
	162	Liberty Property Trust		4,737
	83	Lincoln National Corp.		3,256
	436	Lowe’s Cos., Inc.		31,276
	16	ManpowerGroup, Inc.		1,249
	227	Marathon Petroleum Corp.		9,490
	59	Martin Marietta Materials, Inc.		7,404
	334	Masco Corp.		8,827
	38	MasterCard, Inc., Class A		3,394
	36	McDonald’s Corp.		4,496
	37	McGraw Hill Financial, Inc.		3,125
	141	McKesson Corp.		22,621
	360	Merck & Co., Inc.		18,250
	614	MetLife, Inc.		27,431
	2,068	Microsoft Corp.		113,927
	231	Molson Coors Brewing Co., Class B		20,912
	746	Mondelez International, Inc., Class A		32,171
	49	Monsanto Co.		4,431
	22	Moody’s Corp.		1,928
	892	Morgan Stanley		23,087
	414	Mosaic Co. (The)		9,979
	94	Mylan N.V. (a)		4,941
	86	National Oilwell Varco, Inc.		2,793
	116	Newmont Mining Corp.		2,309

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	235	NextEra Energy, Inc.		26,262
	98	NIKE, Inc., Class B		6,056
	444	NiSource, Inc.		9,324
	82	Northrop Grumman Corp.		15,082
	67	Nucor Corp.		2,625
	355	Occidental Petroleum Corp.		24,462
	517	Oracle Corp.		18,757
	39	O’Reilly Automotive, Inc. (a)		10,149
	344	PACCAR, Inc.		16,876
	42	Parker-Hannifin Corp.		4,114
	166	PayPal Holdings, Inc. (a)		5,999
	439	PepsiCo, Inc.		43,552
	1,726	Pfizer, Inc.		52,618
	439	Philip Morris International, Inc.		39,550
	1	Phillips 66		94
	91	Pioneer Natural Resources Co.		11,268
	32	PPG Industries, Inc.		3,089
	478	PPL Corp.		16,746
	6	Priceline Group, Inc. (The) (a)		5,975
	598	Procter & Gamble Co. (The)		48,856
	351	Prologis, Inc.		13,860
	134	Prudential Financial, Inc.		9,364
	220	Public Service Enterprise Group, Inc.		9,080
	277	PulteGroup, Inc.		4,647
	31	Qorvo, Inc. (a)		1,211
	196	QUALCOMM, Inc.		8,906
	24	Quest Diagnostics, Inc.		1,592
	100	Questar Corp.		2,036
	85	Ralph Lauren Corp.		9,511
	85	Raytheon Co.		10,903
	43	Red Hat, Inc. (a)		3,028
	58	Regency Centers Corp.		4,230
	17	Regeneron Pharmaceuticals, Inc. (a)		7,242
	46	Republic Services, Inc.		2,017
	28	Robert Half International, Inc.		1,233
	208	Ross Stores, Inc.		11,691
	175	Royal Caribbean Cruises Ltd.		14,305
	27	salesforce.com, Inc. (a)		1,822
	306	Schlumberger Ltd.		22,140
	80	Sealed Air Corp.		3,223
	37	Sensata Technologies Holding N.V. (a)		1,369
	45	Sherwin-Williams Co. (The)		11,457
	45	Simon Property Group, Inc.		8,468
	551	Sirius XM Holdings, Inc. (a)		2,037
	110	SL Green Realty Corp.		10,630

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			United States — continued
	65		Snap-on, Inc.		10,508
	142		Stanley Black & Decker, Inc.		13,369
	450		Starbucks Corp.		27,366
	65		Stryker Corp.		6,412
	107		SunTrust Banks, Inc.		3,920
	62		SVB Financial Group (a)		6,288
	44		Symantec Corp.		870
	344		Synchrony Financial (a)		9,773
	38		Synopsys, Inc. (a)		1,630
	106		Target Corp.		7,682
	225		TD Ameritrade Holding Corp.		6,207
	444		Texas Instruments, Inc.		23,479
	145		Thermo Fisher Scientific, Inc.		19,126
	94		Thomson Reuters Corp.		3,521
	61		Time Warner Cable, Inc.		11,016
	375		Time Warner, Inc.		26,387
	361		TJX Cos., Inc. (The)		25,718
	188		T-Mobile USA, Inc. (a)		7,529
	215		Toll Brothers, Inc. (a)		5,936
	36		Total System Services, Inc.		1,429
	783		Twenty-First Century Fox, Inc., Class A		21,122
	95		Twenty-First Century Fox, Inc., Class B		2,575
	99		U.S. Bancorp		3,967
	385		Union Pacific Corp.		27,698
	232		United Continental Holdings, Inc. (a)		11,189
	370		United Technologies Corp.		32,405
	373		UnitedHealth Group, Inc.		42,958
	262		V.F. Corp.		16,431
	128		Valeant Pharmaceuticals International, Inc. (a)		11,647
	243		Valero Energy Corp.		16,493
	79		Vantiv, Inc., Class A (a)		3,733
	—	(h)	Veritiv Corp. (a)		—	(h)
	599		Verizon Communications, Inc.		29,916
	122		Vertex Pharmaceuticals, Inc. (a)		11,099
	633		Visa, Inc., Class A		47,150
	50		Vulcan Materials Co.		4,444
	89		Walgreens Boots Alliance, Inc.		7,130
	42		Wal-Mart Stores, Inc.		2,814
	264		Walt Disney Co. (The)		25,341
	1,396		Wells Fargo & Co.		70,135
	79		Western Union Co. (The)		1,417
	166		WestRock Co.		5,868
	396		Xcel Energy, Inc.		15,117

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	27	Yum! Brands, Inc.		1,922
				3,808,416
		Total Common Stocks (Cost $6,801,931)		6,691,934
	Preferred Stocks — 0.2%
		Germany — 0.2%
	111	Henkel AG & Co. KGaA		11,825
	30	Volkswagen AG		3,497
		Total Preferred Stocks (Cost $17,266)		15,322
	Short-Term Investment — 1.4%
		Investment Company — 1.4%
	93,435	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $93,435)		93,435
		Total Investments — 99.8% (Cost $6,912,632)		6,800,691
		Other Assets in Excess of Liabilities — 0.2% (c)		15,639
		NET ASSETS — 100.0%	$	6,816,330

Percentages indicated are based on net assets.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		8.3	%
Pharmaceuticals		7.4
Oil, Gas & Consumable Fuels		5.6
Insurance		4.1
Media		3.1
Beverages		3.1
Software		2.9
Internet Software & Services		2.8
Specialty Retail		2.8
IT Services		2.7
Diversified Telecommunication Services		2.5
Capital Markets		2.5
Technology Hardware, Storage & Peripherals		2.4
Aerospace & Defense		2.2
Chemicals		2.2
Biotechnology		2.2
Electric Utilities		2.1
Food Products		2.1
Semiconductors & Semiconductor Equipment		2.1
Real Estate Investment Trusts (REITs)		2.0
Automobiles		2.0
Health Care Providers & Services		1.9
Food & Staples Retailing		1.8
Household Products		1.8
Machinery		1.7
Tobacco		1.5
Hotels, Restaurants & Leisure		1.5
Industrial Conglomerates		1.4
Road & Rail		1.3
Health Care Equipment & Supplies		1.1
Electronic Equipment, Instruments & Components		1.0
Household Durables		1.0
Textiles, Apparel & Luxury Goods		1.0
Internet & Catalog Retail		1.0
Diversified Financial Services		1.0
Others (each less than 1.0%)		12.5
Short-Term Investment		1.4

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
417	E-mini S&P 500		03/18/16		USD	$	40,242	$	939
603	Euro STOXX 50 Index		03/18/16		EUR		19,780		(1,727	)
								$	(788	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CDI	—	CHESS Depository Interest
CVA	—	Dutch Certification
EUR	—	Euro
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 or dollars).
(l)	—	The rate shown is the current yield as of January 31, 2016.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $2,522,133,000 and 37.1%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	508,313
Aggregate gross unrealized depreciation		(620,254	)
Net unrealized appreciation/depreciation	$	(111,941	)
Federal income tax cost of investments	$	6,912,632

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

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

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.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

Futures are generally valued on the basis of available market quotations. Forward Foreign Currency Contracts are valued utilizing market quotations from approved Pricing Services.

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

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 tables represent each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	165,990		$	—	$	165,990
Austria		—			—	(a)		—		—	(a)
Belgium		—			27,856			—		27,856
Bermuda		2,117			—			—		2,117
Canada		214,527			—			—		214,527
China		—			963			—		963
Colombia		—	(a)		—			—		—	(a)
Denmark		—			43,180			—		43,180
Finland		—			40,951			—		40,951
France		—			250,126			—		250,126
Germany		—			213,295			—		213,295
Hong Kong		2,031			72,773			—		74,804
Ireland		60,446			13,929			—		74,375
Israel		9,515			—			—		9,515
Italy		—			62,815			—		62,815
Japan		—			612,781			—		612,781
Luxembourg		—			3,154			—		3,154
Netherlands		8,770			127,085			—		135,855
New Zealand		—			5,109			—		5,109
Norway		—			11,282			—		11,282
Portugal		—			9,860			—		9,860
Singapore		26,973			24,247			—		51,220
Spain		228			72,511			—		72,739
Sweden		—			38,949			—		38,949
Switzerland		46,588			230,391			—		276,979
United Kingdom		26,984			458,092			—		485,076
United States		3,808,416			—			—		3,808,416
Total Common Stocks		4,206,595			2,485,339			—		6,691,934
Preferred Stocks
Germany		—			15,322			—		15,322

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Short-Term Investment
Investment Company		93,435			—		—		93,435
Total Investments in Securities	$	4,300,030		$	2,500,661	$	—	$	6,800,691
Appreciation in Other Financial Instruments
Futures Contracts	$	939		$	—	$	—	$	939
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,727	)	$	—	$	—	$	(1,727	)

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

There were no transfers among any levels during the period ended January 31, 2016.

(1). Futures Contracts — The Fund used index futures contracts to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

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

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

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

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 35.8%
		Brazil — 0.5%
	3	Itau Unibanco Holding S.A. (Preference Shares), ADR		17
		China — 2.6%
	—  (h)	Baidu, Inc., ADR (a)		40
	—  (h)	CNOOC Ltd., ADR		16
	58	Industrial & Commercial Bank of China Ltd., Class H		30
	1	Vipshop Holdings Ltd., ADR (a)		13
				99
		Finland — 0.4%
	2	Nokia OYJ		15
		France — 2.2%
	—  (h)	Airbus Group SE		10
	1	AXA S.A.		23
	1	IPSOS		13
	—  (h)	Sanofi		39
				85
		Germany — 0.4%
	—  (h)	Bayer AG		15
		India — 0.6%
	2	ICICI Bank Ltd., ADR		12
	—  (h)	Tata Motors Ltd., ADR (a)		10
				22
		Ireland — 0.6%
	—  (h)	Shire plc, ADR		24
		Israel — 1.1%
	1	Teva Pharmaceutical Industries Ltd., ADR		43
		Japan — 0.6%
	1	Sumitomo Mitsui Financial Group, Inc.		24
		Netherlands — 1.1%
	—  (h)	NXP Semiconductors N.V. (a)		21
	1	Royal Dutch Shell plc, Class A		21
				42
		Norway — 0.4%
	1	DNB ASA		14
		South Korea — 0.5%
	—  (h)	Samsung Electronics Co., Ltd.		20
		Switzerland — 1.5%
	—  (h)	Chubb Ltd.		22
	—  (h)	Novartis AG		23
	1	UBS Group AG		11
				56
		United Kingdom — 2.8%
	9	Barclays plc		25
	1	Burberry Group plc		23
	30	Lloyds Banking Group plc		29
	10	Vodafone Group plc		32
				109
		United States — 20.5%
	—  (h)	Aetna, Inc.		29
	—  (h)	Alexion Pharmaceuticals, Inc. (a)		15
	—  (h)	Allergan plc (a)		13
	—  (h)	Alphabet, Inc., Class C (a)		29
	—  (h)	Amazon.com, Inc. (a)		13
	1	Anadarko Petroleum Corp.		21
	—  (h)	Apple, Inc.		32
	2	Bank of America Corp.		29
	—  (h)	Biogen, Inc. (a)		12
	—  (h)	BioMarin Pharmaceutical, Inc. (a)		6
	—  (h)	Celgene Corp. (a)		8
	—  (h)	Charter Communications, Inc., Class A (a)		20
	1	Citigroup, Inc.		44
	1	Columbia Pipeline Group, Inc.		10
	—  (h)	DISH Network Corp., Class A (a)		13
	2	Frontier Communications Corp.		7
	—  (h)	Harman International Industries, Inc.		18
	2	Horizon Pharma plc (a)		28
	1	HP, Inc.		14
	—  (h)	Lam Research Corp.		19
	—  (h)	Las Vegas Sands Corp.		11
	—  (h)	McKesson Corp.		33
	1	MetLife, Inc.		40
	1	Morgan Stanley		15
	1	Mosaic Co. (The)		26
	1	Navient Corp.		11
	1	Pfizer, Inc.		36
	1	QUALCOMM, Inc.		44
	—  (h)	Ralph Lauren Corp.		11
	3	Time, Inc.		52
	2	Twenty-First Century Fox, Inc., Class A		60
	1	United Continental Holdings, Inc. (a)		26

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES	SECURITY DESCRIPTION	VALUE($)
Common Stocks — continued
—  (h)	Valeant Pharmaceuticals International, Inc. (a)		30
—  (h)	Vertex Pharmaceuticals, Inc. (a)		10
			785
	Total Common Stocks (Cost $1,424)		1,370
	Total Investments — 35.8% (Cost $1,424)		1,370
	Other Assets in Excess of Liabilities — 64.2%		2,456
	NET ASSETS — 100.0%	$	3,826

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		18.3	%
Banks		16.3
Media		11.5
Insurance		6.2
Internet Software & Services		5.0
Oil, Gas & Consumable Fuels		5.0
Technology Hardware, Storage & Peripherals		4.8
Health Care Providers & Services		4.5
Communications Equipment		4.3
Biotechnology		3.8
Semiconductors & Semiconductor Equipment		2.9
Textiles, Apparel & Luxury Goods		2.5
Wireless Telecommunication Services		2.3
Capital Markets		1.9
Internet & Catalog Retail		1.9
Airlines		1.9
Chemicals		1.9
Household Durables		1.3
Others (each less than 1.0%)		3.7

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
(a)	—	Non-income producing security.
(h)	—	Amount rounds to less than one thousand (shares or dollars).

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $368,000 and 26.9%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	77
Aggregate gross unrealized depreciation		(131	)
Net unrealized appreciation/depreciation	$	(54	)
Federal income tax cost of investments	$	1,424

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

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

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 approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

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

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

The various inputs that are used in determining the valuation of the 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.

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	17	$	—	$	—	$	17
China		69		30		—		99
Finland		—		15		—		15
France		—		85		—		85
Germany		—		15		—		15
India		22		—		—		22
Ireland		24		—		—		24
Israel		43		—		—		43
Japan		—		24		—		24
Netherlands		21		21		—		42
Norway		—		14		—		14
South Korea		—		20		—		20
Switzerland		22		34		—		56
United Kingdom		—		109		—		109
United States		785		—		—		785
Total Common Stocks		1,003		367		—		1,370
Total Investments in Securities	$	1,003	$	367	$	—	$	1,370

There were no transfers among any levels during the period ended January 31, 2016.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 4.5%
		United States — 4.5%
		ABFC Trust,
	375	Series 2003-OPT1, Class A1A, VAR, 1.247%, 04/25/33		361
	1,171	Series 2004-HE1, Class M1, VAR, 1.327%, 03/25/34		1,070
	1,642	Series 2004-OPT3, Class M1, VAR, 1.177%, 09/25/33		1,533
	3,171	Series 2004-OPT5, Class A1, VAR, 1.127%, 06/25/34		2,937
	1,558	Series 2005-WF1, Class M1, VAR, 0.967%, 11/25/34		1,352
	1,814	Accredited Mortgage Loan Trust, Series 2004-4, Class M1, VAR, 1.292%, 01/25/35		1,672
		ACE Securities Corp. Home Equity Loan Trust,
	1,589	Series 2003-FM1, Class M2, VAR, 1.717%, 11/25/32		1,403
	1,676	Series 2003-HE1, Class M1, VAR, 1.402%, 11/25/33		1,558
	1,114	Series 2003-NC1, Class M1, VAR, 1.597%, 07/25/33		1,058
	4,847	Series 2003-OP1, Class M1, VAR, 1.477%, 12/25/33		4,565
	1,346	Series 2004-HE2, Class M1, VAR, 1.462%, 10/25/34		1,256
	4,388	Series 2004-HE4, Class M1, VAR, 1.402%, 12/25/34		4,299
	3,480	Series 2004-OP1, Class M2, VAR, 2.002%, 04/25/34		3,187
	1,090	American Homes 4 Rent, Series 2014-SFR1, Class D, VAR, 2.776%, 06/17/31 (e)		1,041
	854	Ameriquest Mortgage Securities, Inc. Asset-Backed Certificates, Series 2002-AR1, Class M1, VAR, 1.493%, 09/25/32		773
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	1,560	Series 2003-13, Class M1, VAR, 1.442%, 01/25/34		1,411
	686	Series 2003-13, Class M2, VAR, 2.972%, 01/25/34		637
	916	Series 2004-R1, Class A2, VAR, 1.027%, 02/25/34		869
	6,316	Series 2004-R1, Class M1, VAR, 1.222%, 02/25/34		5,749
	621	Series 2004-R1, Class M2, VAR, 1.297%, 02/25/34		558
	204	Series 2004-R3, Class A1B, VAR, 1.127%, 05/25/34		201

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	497	Series 2004-R8, Class M1, VAR, 1.387%, 09/25/34		495
		Argent Securities, Inc.,
	1,493	Series 2003-W5, Class M2, VAR, 3.197%, 10/25/33		1,406
	2,431	Series 2004-W3, Class A3, VAR, 1.242%, 02/25/34		2,165
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	911	Series 2004-W2, Class M2, VAR, 2.297%, 04/25/34		849
	672	Series 2004-W2, Class M3, VAR, 2.522%, 04/25/34		576
	1,922	Series 2004-W4, Class A, VAR, 0.942%, 03/25/34		1,773
	1,807	Series 2004-W6, Class M1, VAR, 1.252%, 05/25/34		1,713
	660	Series 2004-W7, Class M2, VAR, 1.322%, 05/25/34		601
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	2,827	Series 2001-HE3, Class A1, VAR, 0.966%, 11/15/31		2,644
	211	Series 2001-HE3, Class M1, VAR, 1.326%, 11/15/31		210
	253	Series 2003-HE3, Class M2, VAR, 3.426%, 06/15/33		243
	1,960	Series 2003-HE4, Class M1, VAR, 1.671%, 08/15/33		1,851
	1,908	Bayview Financial Acquisition Trust, Series 2006-D, Class 1A5, SUB, 5.668%, 12/28/36		1,875
	632	Bayview Financial Mortgage Pass-Through Trust, Series 2006-C, Class 1A2, SUB, 5.638%, 11/28/36		629
	3,006	Bear Stearns Asset-Backed Securities I Trust, Series 2004-HE11, Class M2, VAR, 2.002%, 12/25/34		2,960
		Bear Stearns Asset-Backed Securities Trust,
	887	Series 2003-1, Class M1, VAR, 2.077%, 11/25/42		845
	712	Series 2003-SD1, Class A, VAR, 1.327%, 12/25/33		663
	1,431	Series 2003-SD1, Class M1, VAR, 1.702%, 12/25/33		1,343
	1,811	Series 2004-HE2, Class M2, VAR, 2.222%, 03/25/34		1,725
	2,535	Series 2004-SD4, Class A1, VAR, 1.327%, 08/25/44		2,436

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	869	CDC Mortgage Capital Trust, Series 2003-HE1, Class M1, VAR, 1.772%, 08/25/33		825
		Centex Home Equity Loan Trust,
	2,331	Series 2004-A, Class M1, VAR, 1.027%, 01/25/34		2,090
	954	Series 2004-C, Class M2, VAR, 1.217%, 06/25/34		826
	626	Series 2004-D, Class MF2, SUB, 5.560%, 09/25/34		562
	1,662	Series 2004-D, Class MF3, SUB, 5.760%, 09/25/34		1,185
	314	Series 2004-D, Class MV2, VAR, 1.117%, 09/25/34		244
	1,547	Series 2005-A, Class M1, VAR, 0.907%, 01/25/35		1,412
		Chase Funding Loan Acquisition Trust,
	1,521	Series 2004-AQ1, Class M1, VAR, 1.522%, 05/25/34		1,355
	2,337	Series 2004-OPT1, Class M2, VAR, 1.927%, 06/25/34		2,233
		Chase Funding Trust,
	1,783	Series 2003-4, Class 1A5, SUB, 5.416%, 05/25/33		1,837
	204	Series 2003-4, Class M1, VAR, 1.327%, 03/25/33		193
	568	Series 2003-5, Class 1M2, VAR, 5.641%, 09/25/32		495
	2,345	Series 2003-6, Class 2A2, VAR, 1.007%, 11/25/34		2,148
	2,961	Series 2003-6, Class 2M1, VAR, 1.177%, 11/25/34		2,732
	1,162	Series 2004-1, Class 1M1, 4.725%, 05/25/33		1,113
	1,390	Series 2004-1, Class 2M1, VAR, 1.177%, 09/25/33		1,265
	2,212	Series 2004-2, Class 1M1, VAR, 5.700%, 02/26/35		2,027
		Citigroup Mortgage Loan Trust, Inc.,
	340	Series 2005-OPT1, Class M4, VAR, 1.477%, 02/25/35		254
	229	Series 2005-WF2, Class AF7, SUB, 5.249%, 08/25/35		212
	584	Series 2006-WFH4, Class A3, VAR, 0.577%, 11/25/36		582
		Countrywide Asset-Backed Certificates,
	436	Series 2002-3, Class M1, VAR, 1.552%, 03/25/32		426
	1,321	Series 2002-4, Class M1, VAR, 1.552%, 12/25/32		1,207

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,443	Series 2003-3, Class 3A, VAR, 0.962%, 11/25/33		1,319
	1,548	Series 2004-1, Class M3, VAR, 1.402%, 02/25/34		1,423
	13,103	Series 2004-2, Class M1, VAR, 1.177%, 05/25/34		12,318
	4,514	Series 2004-3, Class M1, VAR, 1.177%, 06/25/34		4,286
	730	Series 2004-3, Class M2, VAR, 1.252%, 06/25/34		675
	2,364	Series 2004-5, Class M2, VAR, 1.432%, 07/25/34		2,221
	383	Series 2004-BC4, Class M1, VAR, 1.477%, 11/25/34		363
	1,260	Series 2004-ECC2, Class M2, VAR, 1.402%, 12/25/34		1,199
	642	Series 2005-11, Class AF6, VAR, 4.794%, 02/25/36		660
	7,665	Series 2005-AB3, Class 1A1, VAR, 0.677%, 02/25/36		6,729
	91	Series 2006-2, Class 2A2, VAR, 0.617%, 10/25/34		89
	1,567	Countrywide Partnership Trust, Series 2004-EC1, Class M2, VAR, 1.372%, 01/25/35		1,411
	881	Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB8, Class AF2, SUB, 4.136%, 12/25/35		871
		CWABS, Inc. Asset-Backed Certificates,
	4,966	Series 2003-BC1, Class A1, VAR, 1.227%, 03/25/33		4,562
	862	Series 2004-1, Class M2, VAR, 1.252%, 03/25/34		784
	945	Series 2004-6, Class M2, VAR, 1.402%, 10/25/34		884
		Equity One Mortgage Pass-Through Trust,
	359	Series 2003-2, Class M1, VAR, 5.050%, 09/25/33		362
	572	Series 2003-4, Class M1, SUB, 5.869%, 10/25/34		551
	223	Finance America Mortgage Loan Trust, Series 2004-3, Class M2, VAR, 1.372%, 11/25/34		193
		First Franklin Mortgage Loan Asset Backed Certificates,
	1,131	Series 2004-FF3, Class M1, VAR, 1.252%, 05/25/34		1,033
	10,500	Series 2005-FF11, Class M1, VAR, 1.072%, 11/25/35		9,641

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
		First Franklin Mortgage Loan Trust,
	6,143	Series 2003-FF5, Class M1, VAR, 1.327%, 03/25/34		5,643
	8,213	Series 2004-FF4, Class M1, VAR, 1.282%, 06/25/34		7,293
	2,804	Series 2004-FF5, Class A1, VAR, 1.147%, 08/25/34		2,647
	14,116	Series 2005-FF10, Class A1, VAR, 0.727%, 11/25/35		12,404
	3,452	Series 2005-FF10, Class A4, VAR, 0.747%, 11/25/35		3,360
	973	Series 2005-FF11, Class A2D, VAR, 1.107%, 11/25/35		970
	1,839	Series 2006-FF8, Class IIA3, VAR, 0.577%, 07/25/36		1,742
		Fremont Home Loan Trust,
	2,427	Series 2003-A, Class M1, VAR, 1.402%, 08/25/33		2,232
	3,002	Series 2004-2, Class M2, VAR, 1.357%, 07/25/34		2,829
	583	Series 2004-B, Class M2, VAR, 1.372%, 05/25/34		507
	1,128	Series 2004-C, Class M1, VAR, 1.402%, 08/25/34		1,048
	1,878	GSAA Trust, Series 2005-6, Class A3, VAR, 0.797%, 06/25/35		1,797
		GSAMP Trust,
	2,705	Series 2003-HE1, Class M1, VAR, 1.671%, 06/20/33		2,618
	1,782	Series 2003-SEA, Class A1, VAR, 0.827%, 02/25/33		1,657
	1,256	Series 2005-HE3, Class M2, VAR, 1.432%, 06/25/35		1,221
	2,356	Series 2005-NC1, Class M1, VAR, 1.102%, 02/25/35		2,282
	545	Series 2005-SEA2, Class A1, VAR, 0.777%, 01/25/45 (e)		532
	3,902	Series 2006-FM1, Class A2C, VAR, 0.587%, 04/25/36		2,363
	5,738	Series 2006-HE3, Class A2C, VAR, 0.587%, 05/25/46		5,111
	3,220	Series 2006-HE4, Class A2C, VAR, 0.577%, 06/25/36		3,002
	362	Series 2007-HE1, Class A2B, VAR, 0.527%, 03/25/47		361
	5,901	Series 2007-SEA1, Class A, VAR, 0.727%, 12/25/36 (e)		5,458
		Home Equity Asset Trust,
	854	Series 2003-1, Class M1, VAR, 1.927%, 06/25/33		820

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,205	Series 2003-3, Class M1, VAR, 1.717%, 08/25/33		1,142
	443	Series 2004-6, Class M2, VAR, 1.327%, 12/25/34		374
	4,100	Series 2005-7, Class M1, VAR, 0.877%, 01/25/36		3,797
		Home Equity Mortgage Loan Asset-Backed Trust,
	665	Series 2004-B, Class M2, VAR, 1.547%, 11/25/34		607
	3,201	Series 2004-C, Class M1, VAR, 1.262%, 03/25/35		2,888
	1,172	Series 2004-C, Class M2, VAR, 1.322%, 03/25/35		1,024
		Invitation Homes Trust,
	2,520	Series 2013-SFR1, Class C, VAR, 2.277%, 12/17/30 (e)		2,403
	3,050	Series 2013-SFR1, Class E, VAR, 3.077%, 12/17/30 (e)		2,932
	543	JP Morgan Mortgage Acquisition Trust, Series 2006-NC1, Class A4, VAR, 0.592%, 04/25/36		532
		Long Beach Mortgage Loan Trust,
	1,051	Series 2001-2, Class M1, VAR, 1.267%, 07/25/31		984
	3,258	Series 2002-5, Class M1, VAR, 1.672%, 11/25/32		3,086
	543	Series 2003-4, Class M1, VAR, 1.447%, 08/25/33		513
	1,079	Series 2004-3, Class M2, VAR, 1.327%, 07/25/34		1,009
	704	Series 2004-3, Class M4, VAR, 2.039%, 07/25/34		654
	757	Series 2004-3, Class M6, VAR, 2.564%, 07/25/34		692
	2,250	Series 2004-4, Class M1, VAR, 1.327%, 10/25/34		2,022
	494	Series 2005-WL2, Class M1, VAR, 1.132%, 08/25/35		490
		MASTR Asset-Backed Securities Trust,
	2,898	Series 2004-OPT2, Class M1, VAR, 1.327%, 09/25/34		2,721
	1,120	Series 2004-OPT2, Class M2, VAR, 1.402%, 09/25/34		968
	3,295	Series 2005-NC1, Class M2, VAR, 1.177%, 12/25/34		3,145
		Merrill Lynch Mortgage Investors Trust,
	930	Series 2003-OPT1, Class M1, VAR, 1.402%, 07/25/34		829

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	543	Series 2004-HE2, Class M1, VAR, 1.627%, 08/25/35		512
	127	Series 2004-WMC5, Class M5, VAR, 2.152%, 07/25/35		121
	2,610	Series 2005-FM1, Class M1, VAR, 0.907%, 05/25/36		2,371
		Morgan Stanley ABS Capital I, Inc. Trust,
	1,339	Series 2003-NC10, Class M1, VAR, 1.447%, 10/25/33		1,258
	11,069	Series 2004-HE1, Class M1, VAR, 1.282%, 01/25/34		10,473
	932	Series 2004-HE2, Class M2, VAR, 2.227%, 03/25/34		858
	1,033	Series 2004-HE2, Class M3, VAR, 2.602%, 03/25/34		522
	4,962	Series 2004-HE3, Class M1, VAR, 1.282%, 03/25/34		4,680
	1,621	Series 2004-HE3, Class M2, VAR, 2.302%, 03/25/34		1,527
	1,652	Series 2004-HE6, Class M1, VAR, 1.252%, 08/25/34		1,555
	1,568	Series 2004-HE6, Class M2, VAR, 1.327%, 08/25/34		1,465
	1,037	Series 2004-HE6, Class M3, VAR, 1.402%, 08/25/34		848
	1,825	Series 2004-HE7, Class M2, VAR, 1.372%, 08/25/34		1,799
	101	Series 2004-HE7, Class M3, VAR, 1.447%, 08/25/34		95
	2,177	Series 2004-HE8, Class M2, VAR, 1.447%, 09/25/34		2,100
	965	Series 2004-HE8, Class M3, VAR, 1.552%, 09/25/34		896
	3,304	Series 2004-NC3, Class M1, VAR, 1.222%, 03/25/34		3,131
	6,392	Series 2004-NC5, Class M1, VAR, 1.327%, 05/25/34		5,802
	847	Series 2004-NC6, Class M2, VAR, 2.302%, 07/25/34		733
	330	Series 2004-NC7, Class M3, VAR, 1.402%, 07/25/34		285
	768	Series 2004-NC8, Class M3, VAR, 1.537%, 09/25/34		712
	2,490	Series 2004-OP1, Class M2, VAR, 1.342%, 11/25/34		2,411
	1,081	Series 2004-OP1, Class M3, VAR, 1.447%, 11/25/34		976
	2,587	Series 2004-WMC2, Class M1, VAR, 1.342%, 07/25/34		2,458

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,299	Series 2004-WMC2, Class M2, VAR, 2.227%, 07/25/34		1,237
	796	Series 2005-HE1, Class M2, VAR, 1.132%, 12/25/34		709
	1,494	Series 2005-HE1, Class M3, VAR, 1.207%, 12/25/34		1,202
	339	Series 2005-NC1, Class M3, VAR, 1.192%, 01/25/35		265
		New Century Home Equity Loan Trust,
	728	Series 2003-3, Class M1, VAR, 1.612%, 07/25/33		694
	1,085	Series 2003-B, Class M2, VAR, 2.902%, 11/25/33		1,032
	3,724	Series 2004-1, Class M1, VAR, 1.312%, 05/25/34		3,383
	272	Series 2004-2, Class M2, VAR, 1.357%, 08/25/34		248
	1,267	Series 2004-2, Class M4, VAR, 2.227%, 08/25/34		1,186
	1,081	Series 2004-2, Class M6, VAR, 2.677%, 08/25/34		984
	3,314	Series 2004-3, Class M2, VAR, 1.402%, 11/25/34		3,192
	545	Series 2004-3, Class M3, VAR, 1.492%, 11/25/34		434
	751	Series 2004-4, Class M2, VAR, 1.222%, 02/25/35		628
	337	Series 2005-1, Class M3, VAR, 1.207%, 03/25/35		268
		NovaStar Mortgage Funding Trust,
	1,191	Series 2003-2, Class M2, VAR, 2.956%, 09/25/33		1,059
	1,062	Series 2003-3, Class M2, VAR, 2.897%, 12/25/33		1,045
	4,395	Series 2004-2, Class M4, VAR, 2.227%, 09/25/34		3,862
		Option One Mortgage Acceptance Corp. Asset-Backed Certificates,
	3,972	Series 2002-6, Class A1, VAR, 1.187%, 11/25/32		3,757
	1,034	Series 2002-6, Class A2, VAR, 1.227%, 11/25/32		963
	903	Series 2003-2, Class A2, VAR, 1.027%, 04/25/33		832
	1,939	Series 2003-2, Class M1, VAR, 1.402%, 04/25/33		1,724
	1,657	Series 2003-3, Class M1A, VAR, 1.987%, 06/25/33		1,547
	7,307	Series 2003-5, Class A1, VAR, 1.067%, 08/25/33		6,863

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	621	Series 2003-5, Class A2, VAR, 1.067%, 08/25/33		585
	444	Series 2003-5, Class M2, VAR, 2.752%, 08/25/33		395
		Option One Mortgage Loan Trust,
	6,355	Series 2002-3, Class A1, VAR, 0.927%, 08/25/32		5,968
	1,055	Series 2002-3, Class A2, VAR, 0.967%, 08/25/32		961
	1,853	Series 2003-1, Class A2, VAR, 1.267%, 02/25/33		1,717
	10,820	Series 2004-2, Class M1, VAR, 1.222%, 05/25/34		9,933
	812	Series 2004-3, Class M2, VAR, 1.282%, 11/25/34		719
	1,910	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M3, VAR, 2.152%, 10/25/34		1,259
		Pretium Mortgage Credit Partners I LLC,
	3,881	Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		3,845
	4,083	Series 2015-NPL3, Class A1, SUB, 4.125%, 10/27/30 (e)		4,059
	3,641	Series 2015-NPL4, Class A1, SUB, 4.375%, 11/27/30 (e)		3,636
		Progress Residential Trust,
	7,887	Series 2014-SFR1, Class A, VAR, 1.526%, 10/17/31 (e)		7,766
	3,325	Series 2014-SFR1, Class E, VAR, 4.576%, 10/17/31 (e)		3,263
	3,873	RAAC Trust, Series 2005-RP3, Class M1, VAR, 1.222%, 05/25/39 (e)		3,731
		RAMP Trust,
	828	Series 2002-RS2, Class AI5, VAR, 6.030%, 03/25/32		819
	215	Series 2004-RS11, Class M1, VAR, 1.357%, 11/25/34		213
		RASC Trust,
	941	Series 2001-KS3, Class AII, VAR, 0.887%, 09/25/31		874
	6,668	Series 2005-EMX1, Class M1, VAR, 1.072%, 03/25/35		6,141
	3,667	Series 2006-KS5, Class A3, VAR, 0.587%, 07/25/36		3,521
	1,148	Series 2006-KS7, Class A3, VAR, 0.577%, 09/25/36		1,128
		Renaissance Home Equity Loan Trust,
	2,307	Series 2002-3, Class M1, VAR, 1.927%, 12/25/32		2,248

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	666	Series 2003-1, Class M1, VAR, 1.927%, 06/25/33		587
	222	Series 2003-2, Class A, VAR, 1.302%, 08/25/33		206
	1,993	Series 2003-3, Class M1, VAR, 1.157%, 12/25/33		1,797
	1,694	Series 2003-3, Class M2F, SUB, 5.681%, 12/25/33		1,555
	2,950	Series 2003-4, Class M1, VAR, 1.277%, 03/25/34		2,664
	1,295	Series 2003-4, Class M2F, SUB, 5.744%, 03/25/34		1,079
	881	Series 2004-1, Class M1, VAR, 1.007%, 05/25/34		797
	1,001	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		1,015
	1,273	Series 2005-2, Class AV3, VAR, 0.797%, 08/25/35		1,141
	1,572	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		1,549
	1,754	SASCO Mortgage Loan Trust, Series 2004-GEL3, Class M1, VAR, 1.997%, 08/25/34		1,644
		Saxon Asset Securities Trust,
	6,383	Series 2003-3, Class M1, VAR, 1.397%, 12/25/33		5,982
	450	Series 2004-2, Class AF3, VAR, 5.230%, 08/25/35		453
	1,629	Series 2004-2, Class MV2, VAR, 2.222%, 08/25/35		1,540
	985	Series 2006-2, Class A3C, VAR, 0.577%, 09/25/36		908
		Securitized Asset-Backed Receivables LLC Trust,
	3,422	Series 2004-NC1, Class M1, VAR, 1.207%, 02/25/34		3,165
	1,079	Series 2004-OP1, Class M2, VAR, 2.077%, 02/25/34		1,003
	4,959	Series 2004-OP2, Class M1, VAR, 1.402%, 08/25/34		4,612
	2,223	Series 2005-FR2, Class M2, VAR, 1.402%, 03/25/35		2,099
	3,175	Series 2005-OP1, Class M2, VAR, 1.102%, 01/25/35		2,892
	3,433	Soundview Home Loan Trust, Series 2006-OPT3, Class 2A3, VAR, 0.597%, 06/25/36		3,151

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
		Specialty Underwriting & Residential Finance Trust,
	2,783	Series 2004-BC1, Class M2, VAR, 2.032%, 02/25/35		2,565
	1,850	Series 2004-BC3, Class M1, VAR, 1.357%, 07/25/35		1,761
		Structured Asset Investment Loan Trust,
	634	Series 2003-BC3, Class M1, VAR, 1.852%, 04/25/33		625
	4,199	Series 2003-BC6, Class M1, VAR, 1.552%, 07/25/33		3,943
	551	Series 2003-BC10, Class A4, VAR, 1.427%, 10/25/33		529
	2,499	Series 2003-BC11, Class M2, VAR, 2.977%, 10/25/33		2,474
	1,924	Series 2003-BC12, Class M1, VAR, 1.402%, 11/25/33		1,799
	4,085	Series 2004-1, Class M1, VAR, 1.402%, 02/25/34		3,904
	—  (h)	Series 2004-1, Class M2, VAR, 3.127%, 02/25/34		—	(h)
	4,683	Series 2004-5, Class M3, VAR, 1.357%, 05/25/34		4,322
	15,795	Series 2004-6, Class A3, VAR, 1.227%, 07/25/34		14,825
	2,755	Series 2004-6, Class M1, VAR, 1.327%, 07/25/34		2,521
	4,053	Series 2004-7, Class M1, VAR, 1.477%, 08/25/34		3,748
	651	Series 2004-8, Class M2, VAR, 1.357%, 09/25/34		572
	569	Series 2004-BNC1, Class A5, VAR, 1.667%, 09/25/34		509
	3,719	Series 2005-HE2, Class M1, VAR, 1.147%, 07/25/35		3,503
	6,337	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC4, Class A4, VAR, 0.597%, 12/25/36		5,377
	199	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-AM1, Class M1, VAR, 1.777%, 04/25/33		194
	4,571	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		4,536
	5,223	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		5,151
	3,766	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		3,701
	6,084	VOLT XXXVI LLC, Series 2015-NP10, Class A1, SUB, 3.625%, 07/25/45 (e)		6,014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	4,962	VOLT XXXVII LLC, Series 2015-NP11, Class A1, SUB, 3.625%, 07/25/45 (e)		4,901
	8,535	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.875%, 09/25/45 (e)		8,425
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	108	Series 2004-2, Class A21B, VAR, 1.267%, 10/25/34		105
	1,401	Series 2004-2, Class M1, VAR, 1.327%, 10/25/34		1,333
	1,711	Series 2004-2, Class M4, VAR, 2.227%, 10/25/34		1,584
	1,008	Series 2004-2, Class M5, VAR, 2.302%, 10/25/34		955
	290	Series 2004-2, Class M8A, VAR, 4.927%, 10/25/34 (e)		263
	290	Series 2004-2, Class M8B, VAR, 5.000%, 10/25/34 (e)		251
		Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates,
	616	Series 2004-1, Class M2, VAR, 1.057%, 04/25/34		549
	996	Series 2004-1, Class M4, VAR, 1.577%, 04/25/34		877
		Total Asset-Backed Securities (Cost $509,731)		521,136
	Collateralized Mortgage Obligations — 3.8%
		Non-Agency CMO — 3.8%
		United States — 3.8%
		Adjustable Rate Mortgage Trust
	6,891	Series 2004-2, Class 6A1, VAR, 2.651%, 02/25/35		6,858
	7,715	Series 2004-4, Class 4A1, VAR, 2.833%, 03/25/35		7,682
	2,615	Series 2005-2, Class 3A1, VAR, 4.183%, 06/25/35		2,495
		Alternative Loan Trust
	158	Series 2004-4CB, Class 3A1, 5.000%, 04/25/34		160
	1,590	Series 2004-12CB, Class 2A1, 6.000%, 06/25/34		1,649
	122	Series 2004-16CB, Class 2A1, 5.000%, 08/25/19		125
	645	Series 2004-27CB, Class A1, 6.000%, 12/25/34		639
	947	Series 2004-28CB, Class 2A4, 5.750%, 01/25/35		960

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	201	Series 2004-28CB, Class 4A1, 5.000%, 01/25/20		204
	1,839	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		1,870
	6,790	Series 2004-32CB, Class 2A5, 5.500%, 02/25/35		6,846
	507	Series 2005-3CB, Class 1A4, 5.250%, 03/25/35		505
	12,520	Series 2005-3CB, Class 1A13, 5.500%, 03/25/35		11,710
	8,015	Series 2005-6CB, Class 1A4, 5.500%, 04/25/35		7,434
	880	Series 2005-6CB, Class 1A6, 5.500%, 04/25/35		846
	7,905	Series 2005-10CB, Class 1A5, 5.500%, 05/25/35		7,806
	4,544	Series 2005-10CB, Class 1A8, 5.500%, 05/25/35		4,618
	3,459	Series 2005-13CB, Class A4, 5.500%, 05/25/35		3,438
	409	Series 2005-20CB, Class 1A1, 5.500%, 07/25/35		385
	1,756	Series 2005-21CB, Class A4, 5.250%, 06/25/35		1,676
	7,811	Series 2005-21CB, Class A17, 6.000%, 06/25/35		7,777
	3,979	Series 2005-23CB, Class A15, 5.500%, 07/25/35		3,878
	86	Series 2005-50CB, Class 4A1, 5.000%, 11/25/20		86
	1,550	Series 2005-64CB, Class 1A1, 5.500%, 12/25/35		1,496
	3,922	Series 2005-64CB, Class 1A15, 5.500%, 12/25/35		3,785
	1,396	Series 2005-85CB, Class 3A2, 5.250%, 02/25/21		1,361
	883	Series 2005-86CB, Class A4, 5.500%, 02/25/36		803
	464	Series 2005-J1, Class 3A1, 6.500%, 08/25/32		468
	1,081	Series 2005-J3, Class 3A1, 6.500%, 09/25/34		1,093
	567	Series 2005-J6, Class 2A1, 5.500%, 07/25/25		575
	123	Series 2005-J7, Class 2A1, 6.000%, 10/25/17		123
	702	Series 2005-J11, Class 5A1, 5.500%, 11/25/20		679
	735	Series 2005-J14, Class A3, 5.500%, 12/25/35		659

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,044	Series 2006-4CB, Class 2A5, 5.500%, 04/25/36		1,944
	1,249	Series 2006-19CB, Class A15, 6.000%, 08/25/36		1,137
	570	Series 2006-25CB, Class A2, 6.000%, 10/25/36		532
	357	Series 2006-J1, Class 1A13, 5.500%, 02/25/36		320
	978	Series 2006-J3, Class 4A1, 5.750%, 05/25/26		885
	381	Series 2007-8CB, Class A9, 6.000%, 05/25/37		335
	295	Series 2007-19, Class 1A8, 6.000%, 08/25/37		243
	415	Series 2007-25, Class 2A1, 6.000%, 11/25/22		394
	193	Series 2007-9T1, Class 3A1, 5.500%, 05/25/22		168
	529	American Home Mortgage Investment Trust, Series 2005-1, Class 6A, VAR, 2.844%, 06/25/45		517
		Banc of America Alternative Loan Trust
	3,132	Series 2003-7, Class 1CB1, 5.500%, 09/25/33		3,198
	833	Series 2004-9, Class 4A1, 5.500%, 10/25/19		839
	1,379	Series 2004-12, Class 4A1, 5.500%, 01/25/20		1,404
	295	Series 2005-3, Class 2A1, 5.500%, 04/25/20		294
	296	Series 2005-4, Class 3A1, 5.500%, 05/25/20		297
	110	Series 2005-6, Class 5A4, 5.500%, 07/25/35		95
	176	Series 2005-6, Class 7A1, 5.500%, 07/25/20		172
	1,325	Series 2005-11, Class 4A5, 5.750%, 12/25/35		1,134
	921	Series 2005-12, Class 5A1, 5.250%, 01/25/21		922
	22	Series 2006-4, Class 2A1, 6.000%, 05/25/21		22
	1,407	Series 2006-4, Class 3CB4, 6.000%, 05/25/46		1,169
	1,087	Series 2006-5, Class CB7, 6.000%, 06/25/46		918
		Banc of America Funding Trust
	5,361	Series 2005-6, Class 1A2, 5.500%, 10/25/35		5,081

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	2,243	Series 2005-7, Class 4A7, 6.000%, 11/25/35		2,287
	1,108	Series 2006-2, Class 2A20, 5.750%, 03/25/36		1,061
	3,100	Series 2006-A, Class 1A1, VAR, 2.805%, 02/20/36		3,067
	340	Series 2007-4, Class 8A1, 5.500%, 11/25/34		327
		Banc of America Mortgage Trust
	1,770	Series 2004-A, Class 2A2, VAR, 2.783%, 02/25/34		1,744
	748	Series 2007-3, Class 1A1, 6.000%, 09/25/37		675
	659	Bear Stearns Alt-A Trust, Series 2006-8, Class 3A1, VAR, 0.587%, 02/25/34		579
	923	Bear Stearns ARM Trust, Series 2005-2, Class A2, VAR, 2.924%, 03/25/35		932
	1,146	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC5, Class M1, VAR, 1.432%, 10/25/34		580
	502	Bear Stearns Asset-Backed Securities Trust, Series 2003-AC4, Class M1, SUB, 5.658%, 09/25/33		492
		Chase Mortgage Finance Trust
	2,155	Series 2006-S3, Class 1A2, 6.000%, 11/25/36		1,806
	1,505	Series 2006-S4, Class A5, 6.000%, 12/25/36		1,331
	16,819	Series 2007-A2, Class 3A1, VAR, 2.738%, 07/25/37		16,764
	414	Series 2007-S2, Class 1A8, 6.000%, 03/25/37		355
		CHL Mortgage Pass-Through Trust
	354	Series 2003-27, Class A1, VAR, 2.790%, 06/25/33		349
	703	Series 2003-37, Class 2A1, VAR, 2.690%, 09/25/33		647
	5,019	Series 2004-25, Class 2A1, VAR, 1.107%, 02/25/35		4,368
	477	Series 2005-5, Class A2, 5.500%, 03/25/35		482
	353	Series 2005-20, Class A7, 5.250%, 12/25/27		338
	430	Series 2005-30, Class A5, 5.500%, 01/25/36		413
	3,000	Series 2006-10, Class 1A16, 6.000%, 05/25/36		2,747
	194	Series 2006-15, Class A1, 6.250%, 10/25/36		172

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	922	Series 2006-17, Class A2, 6.000%, 12/25/36		840
	5,771	Series 2006-18, Class 2A4, 6.000%, 12/25/36		5,261
	336	Series 2006-J2, Class 1A1, 6.000%, 04/25/36		317
	317	Series 2007-2, Class A2, 6.000%, 03/25/37		297
	2,611	Series 2007-3, Class A18, 6.000%, 04/25/37		2,382
	299	Series 2007-10, Class A4, 5.500%, 07/25/37		257
	734	Series 2007-13, Class A4, 6.000%, 08/25/37		690
	1,035	Series 2007-18, Class 2A1, 6.500%, 11/25/37		858
	1,647	Citicorp Mortgage Securities Trust, Series 2007-4, Class 1A9, 6.000%, 05/25/37		1,647
	1,222	Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, VAR, 2.730%, 10/25/35		1,207
		Citigroup Mortgage Loan Trust, Inc.
	653	Series 2005-3, Class 2A2A, VAR, 2.713%, 08/25/35		646
	1,524	Series 2005-4, Class A, VAR, 2.783%, 08/25/35		1,500
	1,760	Series 2005-6, Class A1, VAR, 2.430%, 09/25/35		1,756
	2,077	Series 2005-9, Class 2A2, 5.500%, 11/25/35		1,985
	1,821	Series 2006-8, Class A3, VAR, 0.777%, 10/25/35 (e)		1,417
	40	CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 2A1, 5.250%, 03/25/21		41
		Credit Suisse First Boston Mortgage Securities Corp.
	611	Series 2003-29, Class 3A1, 5.500%, 12/25/33		635
	9,130	Series 2004-4, Class 4A1, 5.500%, 08/25/34		9,523
	258	Series 2004-8, Class 4A3, 5.500%, 12/25/34		264
	1,149	Series 2004-AR4, Class 2A1, VAR, 2.615%, 05/25/34		1,143
	6,219	Series 2004-AR4, Class 4A1, VAR, 2.647%, 05/25/34		6,252
	1,712	Series 2004-AR5, Class 6A1, VAR, 2.560%, 06/25/34		1,714
	3,593	Series 2004-AR6, Class 7A1, VAR, 2.681%, 10/25/34		3,637

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	3,944	Series 2005-2, Class 1A2, 5.250%, 01/25/28		3,967
	748	Series 2005-4, Class 3A17, 5.500%, 06/25/35		753
	709	Series 2005-10, Class 5A3, 5.500%, 11/25/35		643
	3,757	Series 2005-10, Class 11A1, 5.500%, 11/25/20		3,542
	110	Series 2005-10, Class 12A1, 5.250%, 11/25/20		105
		CSMC Mortgage-Backed Trust
	128	Series 2006-8, Class 5A1, VAR, 5.691%, 10/25/26		110
	1,288	Series 2007-2, Class 3A13, 5.500%, 03/25/37		1,180
	271	Series 2007-3, Class 4A5, 5.000%, 04/25/37		250
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	335	Series 2005-1, Class 2A1, VAR, 5.829%, 02/25/20		342
	120	Series 2005-2, Class 2A1, VAR, 0.727%, 03/25/20		114
	5,350	DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, VAR, 0.686%, 08/19/45		4,539
	880	Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2014-DN2, Class M3, VAR, 4.027%, 04/25/24		789
		First Horizon Alternative Mortgage Securities Trust
	227	Series 2005-FA1, Class 1A4, 5.500%, 03/25/35		223
	1,129	Series 2006-FA6, Class 3A1, 5.750%, 11/25/21		1,127
		First Horizon Mortgage Pass-Through Trust
	582	Series 2004-AR7, Class 4A1, VAR, 2.641%, 02/25/35		575
	4,591	Series 2005-5, Class 1A6, 5.500%, 10/25/35		4,487
	911	Series 2006-2, Class 1A3, 6.000%, 08/25/36		863
	120	Series 2006-2, Class 1A7, 6.000%, 08/25/36		113
	919	Series 2006-3, Class 1A13, 6.250%, 11/25/36		885
		GMACM Mortgage Loan Trust
	1,394	Series 2004-AR2, Class 3A, VAR, 3.194%, 08/19/34		1,346

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	861	Series 2005-AR1, Class 3A, VAR, 3.052%, 03/18/35		840
	1,894	GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1, VAR, 7.500%, 10/25/36 (e)		1,475
		GSR Mortgage Loan Trust
	478	Series 2004-15F, Class 1A2, 5.500%, 12/25/34		511
	641	Series 2005-1F, Class 2A3, 6.000%, 02/25/35		655
	290	Series 2005-AR3, Class 6A1, VAR, 2.686%, 05/25/35		268
	6,376	Series 2005-AR4, Class 3A5, VAR, 2.905%, 07/25/35		6,220
	2,955	Series 2006-1F, Class 2A9, 6.000%, 02/25/36		2,673
	1,825	Series 2006-1F, Class 2A16, 6.000%, 02/25/36		1,650
	701	Series 2006-9F, Class 8A1, 5.500%, 08/25/21		647
	1,007	Series 2007-1F, Class 3A13, 6.000%, 01/25/37		950
	548	HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, VAR, 0.736%, 08/19/45		506
		Impac CMB Trust
	1,928	Series 2004-5, Class 1A1, VAR, 1.147%, 10/25/34		1,812
	702	Series 2004-5, Class 1M2, VAR, 1.297%, 10/25/34		642
	4,151	Series 2004-6, Class 1A2, VAR, 1.207%, 10/25/34		3,823
	1,520	Series 2004-7, Class 1A2, VAR, 1.347%, 11/25/34		1,413
	6,213	Series 2004-9, Class 1A1, VAR, 1.187%, 01/25/35		5,651
	2,548	Series 2004-10, Class 3A1, VAR, 1.127%, 03/25/35		2,302
	888	Series 2005-1, Class 1A1, VAR, 0.947%, 04/25/35		803
	961	Series 2005-4, Class 1A1A, VAR, 0.967%, 05/25/35		883
	1,134	Impac CMB Trust Series, Series 2005-2, Class 1A2, VAR, 1.047%, 04/25/35		985
	532	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A4, 3.750%, 08/25/33		499
		IndyMac INDX Mortgage Loan Trust
	819	Series 2005-AR3, Class 3A1, VAR, 2.587%, 04/25/35		790

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	2,050	Series 2005-AR14, Class 2A1A, VAR, 0.727%, 07/25/35		1,758
		JP Morgan Mortgage Trust
	381	Series 2004-A6, Class 1A1, VAR, 2.748%, 12/25/34		373
	1,115	Series 2005-A3, Class 6A6, VAR, 2.638%, 06/25/35		1,085
	442	Series 2005-A8, Class 1A1, VAR, 2.635%, 11/25/35		416
	291	Series 2006-S2, Class 2A1, 5.000%, 06/25/21		271
	167	Series 2006-S3, Class 2A4, 5.500%, 08/25/21		167
	879	Series 2007-A1, Class 2A2, VAR, 2.705%, 07/25/35		858
	164	Series 2007-S3, Class 2A3, 6.000%, 08/25/22		163
	2,381	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.500%, 12/25/35		2,100
		Lehman XS Trust
	12,722	Series 2005-5N, Class 3A1A, VAR, 0.727%, 11/25/35		10,853
	8,600	Series 2005-7N, Class 1A1A, VAR, 0.697%, 12/25/35		7,364
		MASTR Alternative Loan Trust
	883	Series 2004-8, Class 1A1, 6.500%, 09/25/34		936
	2,757	Series 2004-12, Class 3A1, 6.000%, 12/25/34		2,901
	916	Series 2005-3, Class 1A1, 5.500%, 04/25/35		923
	481	Series 2005-5, Class 3A1, 5.750%, 08/25/35		407
	1,515	Series 2005-6, Class 1A2, 5.500%, 12/25/35		1,348
	1,409	Series 2006-3, Class 3A1, 5.500%, 06/25/21		1,316
		Merrill Lynch Mortgage Investors Trust
	297	Series 2005-1, Class 2A1, VAR, 2.218%, 04/25/35		287
	939	Series 2005-1, Class 2A2, VAR, 2.218%, 04/25/35		909
	636	Series 2006-AF2, Class AF2, 6.250%, 10/25/36		544
		Morgan Stanley Mortgage Loan Trust
	805	Series 2004-8AR, Class 4A1, VAR, 2.518%, 10/25/34		795
	1,266	Series 2004-9, Class 1A, VAR, 5.831%, 11/25/34		1,304

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	201	Series 2005-4, Class 1A, 5.000%, 08/25/35		203
	2,292	Series 2006-2, Class 1A, 5.250%, 02/25/21		2,207
		MortgageIT Trust
	8,644	Series 2005-3, Class A1, VAR, 0.727%, 08/25/35		7,982
	1,153	Series 2005-5, Class A1, VAR, 0.687%, 12/25/35		1,042
	181	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 2A5, SUB, 5.159%, 03/25/35		185
	3,484	Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-5, Class 1APT, VAR, 0.707%, 12/25/35		3,021
	1,141	Opteum Mortgage Acceptance Corp. Trust, Series 2005-4, Class 1A2, VAR, 0.817%, 11/25/35		1,047
		RALI Trust
	96	Series 2003-QS20, Class CB, 5.000%, 11/25/18		98
	3,580	Series 2004-QA3, Class CB2, VAR, 3.673%, 08/25/34		3,630
	631	Series 2004-QS15, Class A2, VAR, 0.827%, 11/25/34		613
	235	Series 2005-QS2, Class A1, 5.500%, 02/25/35		235
	4,108	Series 2005-QS6, Class A1, 5.000%, 05/25/35		3,632
	1,932	Series 2005-QS17, Class A3, 6.000%, 12/25/35		1,682
	3,816	Series 2006-QS4, Class A2, 6.000%, 04/25/36		3,259
	147	Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		139
		Residential Asset Securitization Trust
	356	Series 2004-A6, Class A1, 5.000%, 08/25/19		356
	422	Series 2004-A8, Class A1, 5.250%, 11/25/34		425
	5,735	Series 2005-A3, Class A2, 5.500%, 04/25/35		5,235
	3,426	Series 2005-A8CB, Class A11, 6.000%, 07/25/35		3,268
	252	Series 2005-A14, Class A1, 5.500%, 12/25/35		228
		RFMSI Trust
	833	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		839

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	285	Series 2005-S7, Class A6, 5.500%, 11/25/35		284
	228	Series 2006-S10, Class 2A1, 5.500%, 10/25/21		227
	89	Series 2006-S12, Class 2A2, 6.000%, 12/25/36		85
	2,044	Sequoia Mortgage Trust, Series 2007-3, Class 1A1, VAR, 0.626%, 07/20/36		1,845
		Structured Adjustable Rate Mortgage Loan Trust
	1,748	Series 2004-16, Class 5A2, VAR, 2.598%, 11/25/34		1,730
	902	Series 2005-17, Class 4A3, VAR, 2.746%, 08/25/35		881
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates
	1,039	Series 2003-35, Class B1, VAR, 5.528%, 12/25/33		864
	8,837	Series 2004-10, Class 1A1, VAR, 5.412%, 06/25/34		9,113
		Structured Asset Securities Corp. Trust
	697	Series 2005-6, Class 2A3, 5.500%, 05/25/35		713
	447	Series 2005-6, Class 5A2, 5.000%, 05/25/35		456
		WaMu Mortgage Pass-Through Certificates Trust
	2,294	Series 2004-AR10, Class A1B, VAR, 0.847%, 07/25/44		2,201
	2,987	Series 2004-AR11, Class A, VAR, 2.553%, 10/25/34		3,008
	6,778	Series 2005-AR5, Class A6, VAR, 2.454%, 05/25/35		6,761
	558	Series 2005-AR7, Class A3, VAR, 2.492%, 08/25/35		548
	4,475	Series 2005-AR14, Class 1A3, VAR, 2.525%, 12/25/35		4,297
	2,770	Series 2005-AR14, Class 1A4, VAR, 2.525%, 12/25/35		2,669
	87	Series 2005-AR15, Class A1A1, VAR, 0.687%, 11/25/45		81
	1,679	Series 2005-AR16, Class 1A1, VAR, 2.557%, 12/25/35		1,582
	202	Series 2005-AR18, Class 1A3A, VAR, 2.510%, 01/25/36		200
	798	Series 2006-AR2, Class 1A1, VAR, 2.413%, 03/25/36		753
	1,513	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-3, Class 5A2, 5.500%, 03/25/21		1,415

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
	2,492	Series 2005-1, Class 1A3, 5.500%, 03/25/35		2,404
	1,213	Series 2005-4, Class CB7, 5.500%, 06/25/35		1,144
	1,944	Series 2005-10, Class 4CB1, 5.750%, 12/25/35		1,836
	409	Series 2006-5, Class 2CB5, 6.500%, 07/25/36		343
	2,427	Series 2007-1, Class 2A1, 6.000%, 01/25/22		2,342
		Wells Fargo Mortgage-Backed Securities Trust
	1,159	Series 2004-BB, Class A5, VAR, 2.848%, 01/25/35		1,166
	11,119	Series 2004-DD, Class 1A1, VAR, 2.832%, 01/25/35		11,061
	432	Series 2004-DD, Class 2A6, VAR, 2.833%, 01/25/35		428
	5,966	Series 2004-M, Class A1, VAR, 2.739%, 08/25/34		6,046
	8,132	Series 2004-N, Class A6, VAR, 2.730%, 08/25/34		8,123
	7,722	Series 2004-N, Class A7, VAR, 2.730%, 08/25/34		7,714
	815	Series 2004-Q, Class 1A2, VAR, 2.741%, 09/25/34		823
	253	Series 2005-AR2, Class 2A2, VAR, 2.688%, 03/25/35		256
	913	Series 2005-AR3, Class 2A1, VAR, 2.736%, 03/25/35		920
	644	Series 2005-AR4, Class 2A2, VAR, 2.723%, 04/25/35		645
	3,092	Series 2005-AR5, Class 1A1, VAR, 2.690%, 04/25/35		3,073
	332	Series 2005-AR7, Class 2A1, VAR, 2.741%, 05/25/35		327
	5,630	Series 2005-AR8, Class 1A1, VAR, 2.739%, 06/25/35		5,712
	3,866	Series 2005-AR10, Class 1A1, VAR, 2.750%, 06/25/35		3,931
	778	Series 2005-AR11, Class 1A1, VAR, 2.760%, 06/25/35		770
	2,943	Series 2005-AR16, Class 6A3, VAR, 2.735%, 10/25/35		2,948
	465	Series 2005-AR16, Class 7A1, VAR, 2.740%, 10/25/35		452

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	2,155	Series 2006-4, Class 1A9, 5.750%, 04/25/36		2,213
	1,162	Series 2006-AR2, Class 2A1, VAR, 2.781%, 03/25/36		1,151
	590	Series 2006-AR2, Class 2A3, VAR, 2.781%, 03/25/36		579
	3,462	Series 2006-AR6, Class 5A1, VAR, 2.756%, 03/25/36		3,444
	681	Series 2006-AR19, Class A3, VAR, 5.612%, 12/25/36		643
	557	Series 2007-2, Class 1A13, 6.000%, 03/25/37		548
	1,045	Series 2007-15, Class A1, 6.000%, 11/25/37		1,034
		Total Collateralized Mortgage Obligations (Cost $443,949)		448,638
	Commercial Mortgage-Backed Securities — 1.4%
		United States — 1.4%
		Banc of America Commercial Mortgage Trust,
	785	Series 2006-1, Class C, VAR, 5.509%, 09/10/45		785
	3,270	Series 2006-2, Class B, VAR, 6.055%, 05/10/45		3,269
	2,350	Series 2007-3, Class AJ, VAR, 5.742%, 06/10/49		2,345
	5,000	Series 2007-3, Class B, VAR, 5.742%, 06/10/49		4,957
		Bear Stearns Commercial Mortgage Securities Trust,
	3,986	Series 2006-PW13, Class AJ, VAR, 5.611%, 09/11/41		4,024
	7,165	Series 2006-PW13, Class C, VAR, 5.680%, 09/11/41 (e)		7,070
	7,080	Series 2007-PW16, Class AJ, VAR, 5.911%, 06/11/40		6,943
	5,790	Series 2007-PW17, Class AJ, VAR, 6.080%, 06/11/50		5,714
	5,769	CD Commercial Mortgage Trust, Series 2005-CD1, Class E, VAR, 5.475%, 07/15/44		5,758
		CD Mortgage Trust,
	2,400	Series 2007-CD5, Class B, VAR, 6.323%, 11/15/44		2,485
	3,159	Series 2007-CD5, Class D, VAR, 6.323%, 11/15/44 (e)		3,181

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	5,385	Citigroup Commercial Mortgage Trust, Series 2006-C4, Class AJ, VAR, 6.033%, 03/15/49		5,362
		COMM Mortgage Trust,
	4,585	Series 2006-C8, Class AJ, 5.377%, 12/10/46		4,542
	5,400	Series 2015-CR23, Class CMC, VAR, 3.807%, 05/10/48 (e)		5,170
	2,275	Commercial Mortgage Trust, Series 2007-GG11, Class AJ, VAR, 6.237%, 12/10/49		2,254
	2,560	Credit Suisse Commercial Mortgage Trust, Series 2006-C1, Class E, VAR, 5.719%, 02/15/39		2,549
	2,860	GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class AM, VAR, 5.290%, 11/10/45		2,858
	4,150	GS Mortgage Securities Trust, Series 2006-GG8, Class AJ, 5.622%, 11/10/39		4,118
		JP Morgan Chase Commercial Mortgage Securities Trust,
	4,900	Series 2006-LDP8, Class D, VAR, 5.618%, 05/15/45		4,788
	4,850	Series 2007-LD11, Class AM, VAR, 5.960%, 06/15/49		4,943
		LB-UBS Commercial Mortgage Trust,
	1,500	Series 2006-C6, Class AJ, VAR, 5.452%, 09/15/39		1,506
	2,410	Series 2006-C6, Class B, VAR, 5.472%, 09/15/39		2,401
	4,800	Series 2007-C1, Class AJ, 5.484%, 02/15/40		4,787
	1,240	Series 2007-C1, Class C, VAR, 5.533%, 02/15/40		1,244
	9,200	Series 2007-C6, Class AJ, VAR, 6.324%, 07/15/40		9,317
	2,400	ML-CFC Commercial Mortgage Trust, Series 2006-3, Class AJ, VAR, 5.485%, 07/12/46		2,394
		Morgan Stanley Capital I Trust,
	2,042	Series 2005-HQ7, Class C, VAR, 5.350%, 11/14/42		2,039
	1,750	Series 2006-HQ8, Class AJ, VAR, 5.683%, 03/12/44		1,748
	3,480	Series 2006-HQ8, Class C, VAR, 5.683%, 03/12/44		3,464
	3,584	Series 2006-HQ9, Class D, VAR, 5.862%, 07/12/44		3,556
	6,890	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		6,840

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
		United States — continued
	5,225	Series 2007-HQ11, Class AJ, VAR, 5.508%, 02/12/44		5,236
	2,922	Series 2007-HQ11, Class B, VAR, 5.538%, 02/12/44		2,877
	3,255	Series 2007-HQ12, Class B, VAR, 5.903%, 04/12/49		3,295
		Wachovia Bank Commercial Mortgage Trust,
	5,100	Series 2006-C24, Class AJ, VAR, 5.658%, 03/15/45		5,095
	3,400	Series 2006-C29, Class AJ, VAR, 5.368%, 11/15/48		3,341
	7,275	Series 2007-C31, Class AJ, VAR, 5.660%, 04/15/47		7,224
	1,200	Series 2007-C31, Class C, VAR, 5.869%, 04/15/47		1,163
	2,075	Series 2007-C33, Class AJ, VAR, 6.149%, 02/15/51		2,090
	2,650	Series 2007-C33, Class B, VAR, 6.149%, 02/15/51		2,592
	6,313	Series 2007-C33, Class C, VAR, 6.149%, 02/15/51		6,045
	2,500	Series 2007-C34, Class AJ, VAR, 6.142%, 05/15/46		2,503
	1,500	Series 2007-C34, Class B, VAR, 6.217%, 05/15/46		1,460
		Total Commercial Mortgage-Backed Securities (Cost $169,716)		165,332
SHARES
	Common Stocks — 36.6%
		Australia — 1.0%
	1,370	Dexus Property Group		7,225
	1,745	Goodman Group		7,641
	8,925	Mirvac Group		12,186
	5,347	Scentre Group		16,704
	2,123	Suncorp Group Ltd.		17,713
	2,611	Transurban Group		20,129
	4,964	Westfield Corp.		35,339
				116,937
		Belgium — 0.3%
	211	Ageas		8,566
	157	KBC Groep N.V.		9,010
	273	Proximus SADP		9,451
	31	Warehouses De Pauw CVA		2,532
				29,559

SHARES		SECURITY DESCRIPTION	VALUE
		Bermuda — 0.0% (g)
	34	Validus Holdings Ltd.		1,502
		Brazil — 0.1%
	494	AMBEV S.A., ADR		2,305
	444	Banco do Brasil S.A.		1,537
	325	BB Seguridade Participacoes S.A.		1,878
	183	Tractebel Energia S.A.		1,548
				7,268
		Canada — 0.2%
	453	Allied Properties Real Estate Investment Trust		10,771
	296	Canadian Apartment Properties REIT		6,311
	244	RioCan Real Estate Investment Trust		4,308
				21,390
		Chile — 0.0% (g)
	147	Banco Santander Chile, ADR		2,540
		China — 0.1%
	3,379	China Construction Bank Corp., Class H		2,063
	189	Fuyao Glass Industry Group Co., Ltd., Class H (a) (e)		385
	3,809	Industrial & Commercial Bank of China Ltd., Class H		1,982
				4,430
		Czech Republic — 0.0% (g)
	13	Komercni Banka A.S.		2,816
		Denmark — 0.4%
	1,222	Danske Bank A/S		32,885
	94	Pandora A/S		12,531
				45,416
		Finland — 0.9%
	280	Elisa OYJ		10,127
	252	Kone OYJ, Class B		11,085
	1,761	Nokia OYJ		12,685
	266	Nokian Renkaat OYJ		9,052
	273	Orion OYJ, Class B		9,008
	273	Sampo OYJ, Class A		13,206
	1,073	Stora Enso OYJ, Class R		8,744
	2,144	UPM-Kymmene OYJ		34,934
				108,841
		France — 2.3%
	1,844	AXA S.A.		45,570
	329	BNP Paribas S.A.		15,598
	289	Bouygues S.A.		11,307
	966	Credit Agricole S.A.		9,640
	353	Eutelsat Communications S.A.		11,416

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		France — continued
	68	Gecina S.A.		8,726
	528	Klepierre		22,873
	300	Lagardere S.C.A.		8,514
	798	Orange S.A.		14,173
	273	SCOR SE		9,508
	326	Societe Generale S.A.		12,419
	485	Suez Environnement Co.		8,993
	289	Unibail-Rodamco SE		72,810
	483	Veolia Environnement S.A.		11,651
				263,198
		Germany — 1.8%
	134	Allianz SE		21,659
	689	alstria office REIT-AG (a)		8,583
	96	Axel Springer SE		4,981
	193	Bayer AG		21,714
	634	Daimler AG		44,364
	1,806	Deutsche Telekom AG		31,456
	237	Deutsche Wohnen AG		6,248
	82	Hannover Rueck SE		8,615
	77	Muenchener Rueckversicherungs-Gesellschaft AG		14,922
	190	ProSiebenSat.1 Media SE		9,509
	203	Siemens AG		19,453
	1,598	Telefonica Deutschland Holding AG		7,928
	417	TUI AG		7,077
				206,509
		Hong Kong — 0.2%
	168	China Mobile Ltd.		1,845
	802	China Resources Power Holdings Co., Ltd.		1,364
	129	Hang Seng Bank Ltd.		2,138
	1,164	Hongkong Land Holdings Ltd.		7,336
	1,198	Link REIT		6,873
	2,520	New World Development Co., Ltd.		2,063
	692	Sands China Ltd.		2,416
	92	VTech Holdings Ltd.		923
				24,958
		Hungary — 0.0% (g)
	78	OTP Bank plc		1,663
		India — 0.0% (g)
	373	Coal India Ltd.		1,764
	432	ITC Ltd.		2,050
				3,814
		Indonesia — 0.0% (g)
	6,898	Telekomunikasi Indonesia Persero Tbk PT		1,692

SHARES			SECURITY DESCRIPTION	VALUE
			Ireland — 0.3%
	354		Accenture plc, Class A		37,394
			Italy — 0.7%
	623		Assicurazioni Generali S.p.A.		9,352
	927		Atlantia S.p.A.		24,298
	—	(h)	Ferrari N.V. (a)		—	(h)
	9,607		Intesa Sanpaolo S.p.A.		27,373
	2,149		Snam S.p.A.		12,059
	1,767		Terna Rete Elettrica Nazionale S.p.A.		9,468
					82,550
			Japan — 1.6%
	4		GLP J-Reit		3,907
	549		Japan Airlines Co., Ltd.		20,621
	3		Japan Logistics Fund, Inc.		5,624
	1		Japan Real Estate Investment Corp.		7,187
	2		Japan Retail Fund Investment Corp.		4,296
	934		Japan Tobacco, Inc.		36,571
	5,041		Mitsubishi UFJ Financial Group, Inc.		25,849
	4		Nippon Prologis REIT, Inc.		6,621
	926		Nippon Telegraph & Telephone Corp.		39,431
	4		Orix JREIT, Inc.		6,227
	385		Seven & i Holdings Co., Ltd.		17,190
	271		Toyota Motor Corp.		16,340
					189,864
			Luxembourg — 0.1%
	106		RTL Group S.A.		8,607
			Mexico — 0.0% (g)
	1,186		Kimberly-Clark de Mexico S.A.B. de C.V., Class A		2,836
			Netherlands — 1.1%
	1,285		Aegon N.V.		7,268
	219		Boskalis Westminster		8,613
	72		Eurocommercial Properties N.V., CVA		3,161
	2,553		ING Groep N.V., CVA		29,082
	518		Koninklijke Ahold N.V.		11,713
	1,057		NN Group N.V.		35,804
	1,178		Royal Dutch Shell plc, Class B		25,666
	202		Vastned Retail N.V.		8,825
					130,132
			Norway — 0.5%
	1,831		DNB ASA		22,091
	611		Gjensidige Forsikring ASA		9,729
	1,314		Orkla ASA		10,644
	673		Telenor ASA		10,973

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Norway — continued
	220	Yara International ASA		8,348
				61,785
		Poland — 0.0% (g)
	190	Powszechny Zaklad Ubezpieczen S.A.		1,513
		Portugal — 0.2%
	3,147	EDP - Energias de Portugal S.A.		10,988
	837	Galp Energia SGPS S.A.		9,930
				20,918
		Russia — 0.1%
	51	Lukoil PJSC, ADR		1,742
	67	MegaFon PJSC, Reg. S, GDR		806
	864	MMC Norilsk Nickel PJSC, ADR		10,009
	18	MMC Norilsk Nickel PJSC, ADR		213
	114	Mobile TeleSystems PJSC, ADR		796
	828	Moscow Exchange MICEX-RTS PJSC		1,057
	87	Severstal PAO, Reg. S, GDR		704
				15,327
		Singapore — 0.1%
	1,177	Ascendas Real Estate Investment Trust		1,930
	1,879	CapitaLand Commercial Trust Ltd.		1,719
	2,620	Hutchison Port Holdings Trust, Class U		1,252
				4,901
		South Africa — 0.1%
	264	AVI Ltd.		1,323
	232	Barclays Africa Group Ltd.		2,118
	117	Bidvest Group Ltd. (The)		2,698
	793	FirstRand Ltd.		2,249
	153	Imperial Holdings Ltd.		1,176
	860	Life Healthcare Group Holdings Ltd.		1,899
	1,112	MMI Holdings Ltd.		1,593
	141	Vodacom Group Ltd.		1,294
				14,350
		South Korea — 0.1%
	35	Kangwon Land, Inc. (a)		1,208
	28	KT&G Corp.		2,454
	2	Samsung Electronics Co., Ltd.		1,471
	80	SK Telecom Co., Ltd., ADR		1,572
				6,705
		Spain — 0.7%
	324	ACS Actividades de Construccion y Servicios S.A.		8,238
	6	ACS Actividades de Construccion y Servicios S.A. (a)		140

SHARES		SECURITY DESCRIPTION	VALUE
		Spain — continued
	362	Enagas S.A.		10,527
	505	Endesa S.A.		9,785
	338	Ferrovial S.A.		7,416
	451	Gas Natural SDG S.A.		8,858
	2,345	Iberdrola S.A.		16,484
	3,744	Mapfre S.A.		8,410
	130	Red Electrica Corp. S.A.		10,525
				80,383
		Sweden — 0.5%
	466	Electrolux AB, Series B		10,155
	235	ICA Gruppen AB		8,297
	1,049	Skandinaviska Enskilda Banken AB, Class A		10,111
	878	Svenska Handelsbanken AB, Class A		11,048
	527	Swedbank AB, Class A		11,063
				50,674
		Switzerland — 1.3%
	44	Baloise Holding AG		5,362
	5	Banque Cantonale Vaudoise (a)		2,804
	37	Cembra Money Bank AG (a)		2,235
	81	Chubb Ltd.		9,110
	79	Kuehne + Nagel International AG		10,404
	298	Nestle S.A.		21,931
	191	Novartis AG		14,807
	189	Roche Holding AG		48,967
	112	Swiss Prime Site AG (a)		8,934
	322	Swiss Re AG		30,011
				154,565
		Taiwan — 0.3%
	122	Asustek Computer, Inc.		989
	886	Cheng Shin Rubber Industry Co., Ltd.		1,369
	263	Chicony Electronics Co., Ltd.		547
	567	Delta Electronics, Inc.		2,401
	483	Far EasTone Telecommunications Co., Ltd. (a)		998
	253	MediaTek, Inc.		1,646
	438	Novatek Microelectronics Corp.		1,836
	310	President Chain Store Corp.		2,050
	1,127	Quanta Computer, Inc.		1,797
	8,253	Siliconware Precision Industries Co., Ltd.		12,780
	156	Simplo Technology Co., Ltd.		472
	767	Taiwan Mobile Co., Ltd.		2,308
	148	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		3,302

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Taiwan — continued
	1,857	Vanguard International Semiconductor Corp.		2,666
				35,161
		Thailand — 0.0% (g)
	131	Siam Cement PCL (The)		1,585
		Turkey — 0.0% (g)
	496	Eregli Demir ve Celik Fabrikalari TAS		520
	285	Tofas Turk Otomobil Fabrikasi A.S.		1,968
	206	Turkcell Iletisim Hizmetleri A.S.		736
				3,224
		United Arab Emirates — 0.0% (g)
	472	First Gulf Bank PJSC		1,293
		United Kingdom — 6.8%
	423	Admiral Group plc		10,750
	707	AstraZeneca plc		45,503
	4,539	Aviva plc		31,307
	6,999	BAE Systems plc		51,760
	5,011	Barclays plc		13,409
	1,117	Barratt Developments plc		9,578
	4,522	BP plc		24,421
	467	British American Tobacco plc		26,001
	3,145	British Land Co. plc (The)		33,321
	1,836	BT Group plc		12,776
	3,641	Centrica plc		10,683
	6,162	Direct Line Insurance Group plc		33,100
	342	easyJet plc		7,583
	3,652	GlaxoSmithKline plc		75,243
	2,729	Hammerson plc		22,798
	4,509	HSBC Holdings plc		31,803
	345	Imperial Tobacco Group plc		18,666
	556	Inmarsat plc		8,748
	1,926	Intu Properties plc		8,242
	2,925	ITV plc		11,182
	2,531	J Sainsbury plc		8,888
	3,380	Legal & General Group plc		11,798
	20,846	Lloyds Banking Group plc		19,530
	1,511	Marks & Spencer Group plc		9,175
	1,313	National Grid plc		18,497
	106	Next plc		10,521
	1,374	Persimmon plc (a)		40,104
	599	Petrofac Ltd.		6,828
	138	Provident Financial plc		5,811
	430	Rio Tinto plc		10,546
	1,487	Royal Mail plc		9,775

SHARES		SECURITY DESCRIPTION	VALUE
		United Kingdom — continued
	2,279	Safestore Holdings plc		11,153
	2,732	Segro plc		17,144
	322	Severn Trent plc		10,112
	664	Sky plc		10,272
	1,681	Standard Life plc		8,785
	997	Tate & Lyle plc		8,932
	3,984	Taylor Wimpey plc		10,986
	699	Unilever plc		30,725
	768	United Utilities Group plc		10,512
	12,269	Vodafone Group plc		39,438
				796,406
		United States — 14.8%
	88	3M Co.		13,259
	121	AbbVie, Inc.		6,658
	1,208	Altria Group, Inc.		73,844
	106	Analog Devices, Inc.		5,695
	511	Apartment Investment & Management Co., Class A		20,022
	248	Apple, Inc.		24,146
	49	Arthur J. Gallagher & Co.		1,839
	733	AT&T, Inc.		26,432
	90	Automatic Data Processing, Inc.		7,517
	227	AvalonBay Communities, Inc.		38,894
	265	BB&T Corp.		8,663
	206	Boston Properties, Inc.		23,939
	261	Brandywine Realty Trust		3,349
	568	Bristol-Myers Squibb Co.		35,334
	125	Camden Property Trust		9,523
	90	Chevron Corp.		7,773
	114	Cincinnati Financial Corp.		6,555
	82	Cinemark Holdings, Inc.		2,431
	558	CME Group, Inc.		50,109
	202	CMS Energy Corp.		7,862
	205	Coca-Cola Co. (The)		8,815
	105	Coca-Cola Enterprises, Inc.		4,885
	265	Columbia Pipeline Group, Inc.		4,924
	79	Comcast Corp., Class A		4,417
	93	ConocoPhillips		3,650
	1	Constar International, Inc., Class A, ADR (a)		—
	24	Cullen/Frost Bankers, Inc.		1,173
	823	DiamondRock Hospitality Co.		6,827
	287	Douglas Emmett, Inc.		8,495
	77	Dr. Pepper Snapple Group, Inc.		7,228
	37	DTE Energy Co.		3,118

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
			United States — continued
	346		Duke Realty Corp.		6,974
	4		Dynegy, Inc. (a)		44
	408		E.I. du Pont de Nemours & Co.		21,527
	84		Edison International		5,173
	10		EI du Pont de Nemours & Co. (a)		536
	167		Eli Lilly & Co.		13,236
	583		Equity One, Inc.		16,166
	127		Extra Space Storage, Inc.		11,526
	227		Exxon Mobil Corp.		17,700
	133		Fidelity National Information Services, Inc.		7,933
	764		General Growth Properties, Inc.		21,423
	1,120		General Motors Co.		33,199
	957		HCP, Inc.		34,398
	40		Hershey Co. (The)		3,559
	213		Highwoods Properties, Inc.		9,010
	579		Home Depot, Inc. (The)		72,865
	150		Honeywell International, Inc.		15,473
	144		Illinois Tool Works, Inc.		12,933
	185		Johnson & Johnson		19,281
	91		Kilroy Realty Corp.		5,084
	59		Kimberly-Clark Corp.		7,608
	1,254		Kimco Realty Corp.		34,103
	534		KLA-Tencor Corp.		35,795
	104		L Brands, Inc.		10,018
	833		LaSalle Hotel Properties		18,457
	551		Liberty Property Trust		16,149
	41		M&T Bank Corp.		4,511
	227		Macerich Co. (The)		17,704
	51		Marathon Petroleum Corp.		2,151
	367		Merck & Co., Inc.		18,613
	219		MetLife, Inc.		9,781
	1,624		Microsoft Corp.		89,440
	287		Mondelez International, Inc., Class A		12,360
	966		Morgan Stanley		25,010
	94		National Health Investors, Inc.		5,692
	302		National Retail Properties, Inc.		12,987
	3		Nebraska Book Holdings, Inc. (a)		4
	—	(h)	New Cotai LLC/New Cotai Capital Corp., Class B, ADR (a)		100
	270		NextEra Energy, Inc.		30,195
	178		NII Holdings, Inc. (a)		648
	265		NiSource, Inc.		5,576
	142		Northern Trust Corp.		8,813
	1,102		Occidental Petroleum Corp.		75,822

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	283	Omega Healthcare Investors, Inc.		8,981
	261	Parkway Properties, Inc.		3,517
	158	Pebblebrook Hotel Trust		3,856
	46	PepsiCo, Inc.		4,578
	1,895	Pfizer, Inc.		57,765
	186	Philip Morris International, Inc.		16,753
	153	PNC Financial Services Group, Inc. (The)		13,246
	62	PPG Industries, Inc.		5,938
	341	PPL Corp.		11,944
	175	Procter & Gamble Co. (The)		14,314
	1,278	Prologis, Inc.		50,440
	107	Public Storage		27,004
	291	Regency Centers Corp.		21,094
	174	Simon Property Group, Inc.		32,326
	193	SL Green Realty Corp.		18,626
	24	Snap-on, Inc.		3,887
	3	Somerset Cayuga Holding Co., Inc. (a)		70
	1,737	Spirit Realty Capital, Inc.		18,202
	139	T. Rowe Price Group, Inc.		9,894
	195	Texas Instruments, Inc.		10,337
	174	Time Warner, Inc.		12,271
	183	Travelers Cos., Inc. (The)		19,554
	353	U.S. Bancorp		14,130
	164	United Technologies Corp.		14,395
	135	UnitedHealth Group, Inc.		15,551
	138	V.F. Corp.		8,639
	340	Verizon Communications, Inc.		16,995
	83	Vornado Realty Trust		7,369
	1,385	Wells Fargo & Co.		69,572
	192	Welltower, Inc.		11,940
	181	Xcel Energy, Inc.		6,905
				1,727,046
		Total Common Stocks (Cost $4,089,564)		4,269,752
PRINCIPAL AMOUNT
	Convertible Bonds — 1.0%
		Belgium — 0.0% (g)
	EUR 700	Bekaert S.A., Series BEKB, 0.750%, 06/18/18		764
		Bermuda — 0.0% (g)
	200	Horizon Pharma Investment Ltd., 2.500%, 03/15/22 (e)		175
	400	Jazz Investments I Ltd., 1.875%, 08/15/21		407

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		Bermuda — continued
				582
		Cayman Islands — 0.1%
HKD	4,000	ASM Pacific Technology Ltd., 2.000%, 03/28/19		509
HKD	12,000 Units	Hengan International Group Co., Ltd., Reg. S, Zero Coupon, 06/27/18		1,615
HKD	8,000	Kingsoft Corp., Ltd., 1.250%, 04/11/19		982
		Qihoo 360 Technology Co., Ltd.,
	600	0.500%, 08/15/20		579
	1,400	1.750%, 08/15/21		1,339
	600	2.500%, 09/15/18		590
	1,739	SINA Corp., 1.000%, 12/01/18		1,688
	946	SouFun Holdings Ltd., 2.000%, 12/15/18		917
	500	TPK Holding Co., Ltd., Reg. S, Zero Coupon, 04/08/20		415
				8,634
		France — 0.0% (g)
EUR	17,092 Units	Air France-KLM, 2.030%, 02/15/23		2,034
		Germany — 0.0% (g)
EUR	800	Rocket Internet SE, 3.000%, 07/22/22		659
		Luxembourg — 0.0% (g)
	3,600	Subsea 7 S.A., Reg. S, 1.000%, 10/05/17		3,231
		Malaysia — 0.0% (g)
	1,400	Cahaya Capital Ltd., Zero Coupon, 09/18/21		1,344
		Mexico — 0.0% (g)
	400	Cemex S.A.B. de C.V., 3.750%, 03/15/18		338
		Netherlands — 0.1%
EUR	1,900	America Movil B.V., 5.500%, 09/17/18		2,136
EUR	600	Amorim Energia B.V., Reg. S, 3.375%, 06/03/18		638
	4,560 Units	Fiat Chrysler Automobiles N.V., 7.875%, 12/15/16		2,921
	1,800	STMicroelectronics N.V., 1.000%, 07/03/21		1,726
	1,481	Yandex N.V., 1.125%, 12/15/18		1,273
				8,694
		Singapore — 0.0% (g)
SGD	8,250	CapitaLand Ltd., Reg. S, 1.850%, 06/19/20		5,373
		South Africa — 0.0% (g)
ZAR	110	Shoprite Investments Pty Ltd., Reg. S, 6.500%, 04/03/17		733

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Spain — 0.1%
EUR	700	OHL Investments S.A., Reg. S, 4.000%, 04/25/18		618
EUR	2,500	Telefonica Participaciones SAU, 4.900%, 09/25/17		2,408
EUR	4,300	Telefonica S.A., Reg. S, 6.000%, 07/24/17		5,216
				8,242
		Taiwan — 0.0% (g)
	500	Siliconware Precision Industries Co., Ltd., Zero Coupon, 10/31/19		517
		United Arab Emirates — 0.1%
		Aabar Investments PJSC,
EUR	2,800	0.500%, 03/27/20		2,218
EUR	1,500	1.000%, 03/27/22		1,146
	2,800	DP World Ltd., Reg. S, 1.750%, 06/19/24		2,688
	1,200	National Bank of Abu Dhabi PJSC, 1.000%, 03/12/18		1,146
				7,198
		United Kingdom — 0.0% (g)
GBP	700	Balfour Beatty Finance No.2 Ltd., Reg. S, 1.875%, 12/03/18		969
	1,900	Newford Capital Ltd., Zero Coupon, 05/12/16		2,099
HKD	10,000	Shine Power International Ltd., Zero Coupon, 07/28/19		1,239
HKD	11,000	Tong Jie Ltd., Zero Coupon, 02/18/18		1,449
				5,756
		United States — 0.6%
	1,245	Akamai Technologies, Inc., Zero Coupon, 02/15/19		1,164
		Ares Capital Corp.,
	2,400	4.750%, 01/15/18		2,430
	2,374	4.875%, 03/15/17		2,393
	1,025	Brocade Communications Systems, Inc., 1.375%, 01/01/20		951
	2,138	Centerpoint Energy Resources Corp., 4.184%, 09/15/29		1,268
	807	Cheniere Energy, Inc., 4.250%, 03/15/45		393
	977	Cobalt International Energy, Inc., 3.125%, 05/15/24		413
	997	Colony Capital, Inc., 3.875%, 01/15/21		872
	367	Dycom Industries, Inc., 0.750%, 09/15/21 (e)		359
	1,590	Extra Space Storage LP, 3.125%, 10/01/35 (e)		1,773
	1,758	FireEye, Inc., Series B, 1.625%, 06/01/35 (e)		1,342

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		United States — continued
	889	Hologic, Inc., Series 2012, SUB, 2.000%, 03/01/42		1,091
	649	IAS Operating Partnership LP, 5.000%, 03/15/18 (e)		611
	1,025	Impax Laboratories, Inc., 2.000%, 06/15/22 (e)		951
		Intel Corp.,
	5,169	2.950%, 12/15/35		6,332
	1,867	3.250%, 08/01/39		2,852
	823	Jarden Corp., 1.125%, 03/15/34		959
	1,791	Liberty Interactive LLC, 4.000%, 11/15/29		1,007
	1,890	Liberty Media Corp., 1.375%, 10/15/23		1,784
	3,053	Microchip Technology, Inc., 1.625%, 02/15/25 (e)		2,935
	1,851	Micron Technology, Inc., Series G, 3.000%, 11/15/43		1,299
	GBP        1,300	National Grid North America, Inc., 0.900%, 11/02/20		1,908
	1,000	NRG Yield, Inc., 3.250%, 06/01/20 (e)		820
	1,564	Nuance Communications, Inc., 2.750%, 11/01/31		1,572
	2,079	ON Semiconductor Corp., 1.000%, 12/01/20 (e)		1,835
	2,357	Priceline Group, Inc. (The), 0.900%, 09/15/21		2,270
	61	Real Mex Restaurants, Inc., 1.120%, 03/21/18		—
	1,036	Redwood Trust, Inc., 4.625%, 04/15/18		956
	581	SanDisk Corp., 0.500%, 10/15/20		597
	546	Solarcity Corp., 1.625%, 11/01/19		360
		Spirit Realty Capital, Inc.,
	1,074	2.875%, 05/15/19		1,040
	1,082	3.750%, 05/15/21		1,047
	3,040	Starwood Property Trust, Inc., 3.750%, 10/15/17		2,975
	793	SunEdison, Inc., 0.250%, 01/15/20 (e)		161
	826	SunPower Corp., 0.875%, 06/01/21		657
	4,086	Tesla Motors, Inc., 1.250%, 03/01/21		3,284
	861	Trinity Industries, Inc., 3.875%, 06/01/36		969
		Twitter, Inc.,
	1,382	0.250%, 09/15/19		1,182
	1,870	1.000%, 09/15/21		1,516
	2,129	VEREIT, Inc., 3.750%, 12/15/20		1,912
	1,688	Viavi Solutions, Inc., 0.625%, 08/15/33		1,559
	1,616	Wright Medical Group, Inc., 2.000%, 02/15/20 (e)		1,530

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,079	Yahoo!, Inc., Zero Coupon, 12/01/18		2,969
				64,298
		Total Convertible Bonds (Cost $129,422)		118,397
	Corporate Bonds — 35.9%
		Argentina — 0.0% (g)
		YPF S.A.,
	890	8.500%, 07/28/25 (e)		825
	950	Reg. S, 8.750%, 04/04/24		911
				1,736
		Australia — 0.1%
	4,565	BHP Billiton Finance USA Ltd., 5.000%, 09/30/43		4,073
	364	BlueScope Steel Finance Ltd./BlueScope Steel Finance USA LLC, 7.125%, 05/01/18 (e)		349
	1,560	Nufarm Australia Ltd., 6.375%, 10/15/19 (e)		1,498
				5,920
		Bahamas — 0.0% (g)
	5,100	Ultrapetrol Bahamas Ltd., 8.875%, 06/15/21 (d)		867
		Bermuda — 0.1%
		Aircastle Ltd.,
	3,400	6.750%, 04/15/17		3,532
	7,097	7.625%, 04/15/20		7,771
	3,730	Digicel Group Ltd., Reg. S, 7.125%, 04/01/22		2,718
	425	Fly Leasing Ltd., 6.750%, 12/15/20		426
	1,076	NCL Corp., Ltd., 5.250%, 11/15/19 (e)		1,081
	955	Viking Cruises Ltd., 6.250%, 05/15/25 (e)		798
				16,326
		Brazil — 0.1%
	2,703	Banco Daycoval S.A., Reg. S, 5.750%, 03/19/19		2,575
	3,920	Votorantim Cimentos S.A., Reg. S, 7.250%, 04/05/41		2,714
				5,289
		Canada — 1.6%
		1011778 B.C. ULC/New Red Finance, Inc.,
	580	4.625%, 01/15/22 (e)		583
	7,520	6.000%, 04/01/22 (e)		7,849
	1,632	ATS Automation Tooling Systems, Inc., 6.500%, 06/15/23 (e)		1,661

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Canada — continued
		Baytex Energy Corp.,
	339	5.125%, 06/01/21 (e)		204
	359	5.625%, 06/01/24 (e)		208
		Bombardier, Inc.,
	965	4.750%, 04/15/19 (e)		762
	543	5.500%, 09/15/18 (e)		482
	648	6.125%, 01/15/23 (e)		444
	1,580	7.500%, 03/15/25 (e)		1,086
	5,963	7.750%, 03/15/20 (e)		4,711
	1,115	Brookfield Residential Properties, Inc., 6.375%, 05/15/25 (e)		939
	890	Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.125%, 07/01/22 (e)		781
		Cascades, Inc.,
	1,420	5.500%, 07/15/22 (e)		1,359
	1,450	5.750%, 07/15/23 (e)		1,385
	6,527	Concordia Healthcare Corp., 7.000%, 04/15/23 (e)		5,679
	885	Encana Corp., 5.150%, 11/15/41		502
		First Quantum Minerals Ltd.,
	2,027	6.750%, 02/15/20 (e)		925
	1,197	7.000%, 02/15/21 (e)		541
	600	7.250%, 10/15/19 (e)		279
	4,080	Garda World Security Corp., 7.250%, 11/15/21 (e)		3,182
	2,106	HudBay Minerals, Inc., 9.500%, 10/01/20		1,295
	2,175	Jupiter Resources, Inc., 8.500%, 10/01/22 (e)		772
		Lundin Mining Corp.,
	1,800	7.500%, 11/01/20 (e)		1,530
	1,795	7.875%, 11/01/22 (e)		1,449
	1,847	Masonite International Corp., 5.625%, 03/15/23 (e)		1,893
	2,838	Mattamy Group Corp., 6.500%, 11/15/20 (e)		2,583
		MEG Energy Corp.,
	6,700	6.375%, 01/30/23 (e)		3,430
	650	6.500%, 03/15/21 (e)		369
	5,555	7.000%, 03/31/24 (e)		2,902
		New Gold, Inc.,
	3,068	6.250%, 11/15/22 (e)		2,293
	1,054	7.000%, 04/15/20 (e)		880
		NOVA Chemicals Corp.,
	685	5.000%, 05/01/25 (e)		642
	1,430	5.250%, 08/01/23 (e)		1,400
	5,350	Novelis, Inc., 8.750%, 12/15/20		4,863

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada — continued
	1,957	Open Text Corp., 5.625%, 01/15/23 (e)		1,947
		Pacific Exploration & Production Corp.,
	1,350	5.375%, 01/26/19 (e)		161
	1,350	Reg. S, 5.125%, 03/28/23		168
	880	Reg. S, 5.375%, 01/26/19		105
	1,709	Reg. S, 5.625%, 01/19/25		218
		Precision Drilling Corp.,
	1,347	5.250%, 11/15/24		780
	210	6.500%, 12/15/21		136
	885	6.625%, 11/15/20		611
	9,545	Quebecor Media, Inc., 5.750%, 01/15/23		9,605
	50	Quebecor World Capital Corp., 6.125%, 01/15/16 (d)		—
	50	Quebecor, Inc., 9.750%, 01/15/16 (d)		—
	1,005	Taseko Mines Ltd., 7.750%, 04/15/19		543
	9,855	Transcanada Trust, VAR, 5.625%, 05/20/75		8,845
	4,028	Trinidad Drilling Ltd., 7.875%, 01/15/19 (e)		3,263
		Ultra Petroleum Corp.,
	2,600	5.750%, 12/15/18 (e)		367
	1,554	6.125%, 10/01/24 (e)		218
		Valeant Pharmaceuticals International, Inc.,
	4,875	5.375%, 03/15/20 (e)		4,598
	930	5.500%, 03/01/23 (e)		821
	1,555	5.625%, 12/01/21 (e)		1,415
	30,299	5.875%, 05/15/23 (e)		27,118
	9,790	6.125%, 04/15/25 (e)		8,799
	4,275	6.375%, 10/15/20 (e)		4,104
	3,524	6.750%, 08/15/18 (e)		3,508
	7,840	6.750%, 08/15/21 (e)		7,605
	9,475	7.000%, 10/01/20 (e)		9,333
	7,262	7.250%, 07/15/22 (e)		7,080
	20,023	7.500%, 07/15/21 (e)		19,860
		Videotron Ltd.,
	3,741	5.000%, 07/15/22		3,774
	5,281	5.375%, 06/15/24 (e)		5,320
				190,165
		Cayman Islands — 0.1%
	1,470	Comcel Trust via Comunicaciones Celulares S.A., Reg. S, 6.875%, 02/06/24		1,158
	776	Odebrecht Finance Ltd., Reg. S, 7.125%, 06/26/42		349
	5,606	Odebrecht Offshore Drilling Finance Ltd., Reg. S, 6.750%, 10/01/22		1,205
	925	Shelf Drilling Holdings Ltd., 8.625%, 11/01/18 (e)		664

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Cayman Islands –– continued
		Transocean, Inc.,
	460	6.500%, 11/15/20		278
	2,115	7.125%, 12/15/21		1,242
	6,107	UPCB Finance IV Ltd., 5.375%, 01/15/25 (e)		5,863
	2,250	UPCB Finance V Ltd., 7.250%, 11/15/21 (e)		2,385
	1,913	UPCB Finance VI Ltd., 6.875%, 01/15/22 (e)		2,018
	2,400	Vale Overseas Ltd., 6.875%, 11/21/36		1,515
				16,677
		Chile — 0.0% (g)
	4,040	Cencosud S.A., Reg. S, 5.500%, 01/20/21		4,080
	1,350	Empresa Electrica Angamos S.A., Reg. S, 4.875%, 05/25/29		1,168
				5,248
		Colombia — 0.1%
		Ecopetrol S.A.,
	8,932	7.375%, 09/18/43		6,822
		Croatia — 0.0% (g)
	2,540	Hrvatska Elektroprivreda, 5.875%, 10/23/22		2,584
		Finland — 0.0% (g)
		Nokia OYJ,
	904	5.375%, 05/15/19		952
	1,019	6.625%, 05/15/39		1,034
				1,986
		France — 0.3%
		Numericable-SFR SAS,
	2,529	4.875%, 05/15/19 (e)		2,510
	18,441	6.000%, 05/15/22 (e)		18,164
	3,730	6.250%, 05/15/24 (e)		3,637
	5,070	Orange S.A., 5.500%, 02/06/44		5,515
				29,826
		Georgia — 0.1%
		Georgian Railway JSC,
	4,580	7.750%, 07/11/22 (e)		4,601
	988	7.750%, 07/11/22		993
				5,594
		Germany — 0.1%
	2,014	Unitymedia GmbH, 6.125%, 01/15/25 (e)		2,045
		Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH,
	800	5.000%, 01/15/25 (e)		798
EUR	582	5.125%, 01/21/23 (e)		659
	2,682	5.500%, 01/15/23 (e)		2,804
				6,306

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Hungary — 0.0% (g)
		MFB Magyar Fejlesztesi Bank Zrt,
	3,820	6.250%, 10/21/20 (e)		4,202
		Indonesia — 0.1%
		Pertamina Persero PT,
	5,340	Reg. S, 5.250%, 05/23/21		5,273
	2,910	Reg. S, 6.000%, 05/03/42		2,372
	6,410	Reg. S, 6.450%, 05/30/44		5,545
				13,190
		Ireland — 0.4%
		AerCap Ireland Capital Ltd./AerCap Global Aviation Trust,
	2,357	4.250%, 07/01/20		2,292
	3,260	4.500%, 05/15/21		3,195
	2,355	4.625%, 10/30/20		2,320
	583	4.625%, 07/01/22		567
	1,515	5.000%, 10/01/21		1,515
	12,283	Ardagh Packaging Finance plc, 9.125%, 10/15/20 (e)		12,314
		Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.,
	1,000	6.000%, 06/30/21 (e)		902
	900	6.250%, 01/31/19 (e)		871
	88	7.000%, 11/15/20 (e)		84
	350	9.125%, 10/15/20 (e)		352
	3,205	VAR, 3.512%, 12/15/19 (e)		3,065
		Endo Ltd./Endo Finance LLC/Endo Finco, Inc.,
	10,650	6.000%, 07/15/23 (e)		10,703
	1,770	6.000%, 02/01/25 (e)		1,748
	920	Grifols Worldwide Operations Ltd., 5.250%, 04/01/22		934
	2,000	James Hardie International Finance Ltd., 5.875%, 02/15/23 (e)		2,020
	3,100	Russian Railways Via RZD Capital plc, Reg. S, 5.700%, 04/05/22		2,968
				45,850
		Israel — 0.1%
	5,600	Israel Electric Corp., Ltd., Reg. S, 5.000%, 11/12/24 (e)		5,684
		Italy — 0.1%
	8,600	Enel S.p.A., VAR, 8.750%, 09/24/73 (e)		9,460
	2,000	Telecom Italia S.p.A., 5.303%, 05/30/24 (e)		1,950
				11,410

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Japan — 0.0% (g)
	4,299	SoftBank Group Corp., 4.500%, 04/15/20 (e)		4,280
		Kazakhstan — 0.1%
		KazMunayGas National Co. JSC,
	11,596	Reg. S, 6.375%, 04/09/21		11,335
	2,500	Reg. S, 9.125%, 07/02/18		2,666
				14,001
		Liberia — 0.0% (g)
		Royal Caribbean Cruises Ltd.,
	1,315	5.250%, 11/15/22		1,348
	110	7.500%, 10/15/27		122
				1,470
		Luxembourg — 1.5%
		Actavis Funding SCS,
	6,715	4.750%, 03/15/45		6,715
	5,970	4.850%, 06/15/44		5,998
	1,700	Albea Beauty Holdings S.A., 8.375%, 11/01/19 (e)		1,772
		Altice Luxembourg S.A.,
	1,915	7.625%, 02/15/25 (e)		1,704
	10,363	7.750%, 05/15/22 (e)		9,664
		Altice Financing S.A.,
	724	6.500%, 01/15/22 (e)		718
	10,062	6.625%, 02/15/23 (e)		9,886
	311	7.875%, 12/15/19 (e)		323
		Altice Finco S.A.,
	200	7.625%, 02/15/25 (e)		184
	200	8.125%, 01/15/24 (e)		189
	200	9.875%, 12/15/20 (e)		212
		ArcelorMittal,
	2,375	6.125%, 06/01/25		1,722
	400	6.500%, 03/01/21		325
	15,585	7.250%, 02/25/22		12,663
	500	7.750%, 03/01/41		352
	2,000	8.000%, 10/15/39		1,410
	4,300	10.850%, 06/01/19		3,999
	945	Beverage Packaging Holdings Luxembourg II S.A./Beverage Packaging Holdings II Is, 5.625%, 12/15/16 (e)		933
	1,020	Capsugel S.A., 7.000% (Cash), 05/15/19 (e) (v)		997
	5,534	ConvaTec Healthcare E S.A., 10.500%, 12/15/18 (e)		5,645

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Luxembourg — continued
		INEOS Group Holdings S.A.,
	16,330	5.875%, 02/15/19 (e)		15,881
	1,378	6.125%, 08/15/18 (e)		1,376
		Intelsat Jackson Holdings S.A.,
	10,770	5.500%, 08/01/23		8,589
	5,355	6.625%, 12/15/22		3,467
	3,657	7.250%, 04/01/19		3,319
	23,427	7.250%, 10/15/20		20,147
	13,671	7.500%, 04/01/21		11,689
	2,223	Intelsat Luxembourg S.A., 7.750%, 06/01/21		967
		Mallinckrodt International Finance S.A.,
	160	3.500%, 04/15/18		151
	539	4.750%, 04/15/23		468
		Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,
	1,675	4.875%, 04/15/20 (e)		1,604
	6,105	5.500%, 04/15/25 (e)		5,433
	7,975	5.625%, 10/15/23 (e)		7,477
	2,402	5.750%, 08/01/22 (e)		2,294
	2,550	Millicom International Cellular S.A., Reg. S, 6.625%, 10/15/21		2,270
	2,750	MOL Group Finance S.A., Reg. S, 6.250%, 09/26/19		2,922
	5,240	Nielsen Co. Luxembourg SARL (The), 5.500%, 10/01/21 (e)		5,384
	2,010	Russian Agricultural Bank OJSC Via RSHB Capital S.A., Reg. S, 5.298%, 12/27/17		2,000
	3,650	Sberbank of Russia Via SB Capital SA, Reg. S, 4.950%, 02/07/17		3,682
	2,200	Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 6.750%, 05/01/22 (e)		2,090
	1,601	VTB Bank OJSC Via VTB Capital S.A., Reg. S, 6.950%, 10/17/22		1,525
		Wind Acquisition Finance S.A.,
	6,237	4.750%, 07/15/20 (e)		6,128
	2,584	7.375%, 04/23/21 (e)		2,456
				176,730
		Mexico — 0.4%
		Alfa S.A.B. de C.V.,
	3,412	6.875%, 03/25/44 (e)		3,152
	4,500	Reg. S, 5.250%, 03/25/24		4,556
	2,600	BBVA Bancomer S.A., Reg. S, 6.750%, 09/30/22		2,799
		Cemex S.A.B. de C.V.,
	890	5.700%, 01/11/25 (e)		741

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Mexico — continued
	6,160	6.125%, 05/05/25 (e)		5,242
	10,000	7.250%, 01/15/21 (e)		9,525
	300	VAR, 5.372%, 10/15/18 (e)		288
	2,150	Grupo KUO S.A.B. de C.V., Reg. S, 6.250%, 12/04/22		1,962
	2,154	Mexichem S.A.B. de C.V., Reg. S, 6.750%, 09/19/42		1,952
	3,229	Nemak S.A.B de C.V., Reg. S, 5.500%, 02/28/23		3,205
		Petroleos Mexicanos,
	4,499	5.625%, 01/23/46 (e)		3,464
	1,920	6.500%, 06/02/41		1,625
	7,320	6.625%, 06/15/35		6,480
	1,600	6.875%, 08/04/26 (e)		1,597
				46,588
		Morocco — 0.2%
		OCP S.A.,
	11,120	Reg. S, 5.625%, 04/25/24		11,065
	6,671	Reg. S, 6.875%, 04/25/44		6,268
				17,333
		Netherlands — 0.5%
	985	Basell Finance Co., B.V., Class B, 8.100%, 03/15/27 (e)		1,226
	2,680	Bharti Airtel International Netherlands B.V., Reg. S, 5.125%, 03/11/23		2,759
		Bluewater Holding B.V.,
	4,600	10.000%, 12/10/19 (e)		2,070
		Fiat Chrysler Automobiles N.V.,
	2,584	4.500%, 04/15/20		2,524
	6,632	5.250%, 04/15/23		6,185
	746	InterGen N.V., 7.000%, 06/30/23 (e)		574
	2,825	Kazakhstan Temir Zholy Finance B.V., Reg. S, 6.950%, 07/10/42		2,357
	4,372	LYB International Finance B.V., 4.875%, 03/15/44		3,759
		LyondellBasell Industries N.V.,
	660	5.000%, 04/15/19		696
	2,225	6.000%, 11/15/21		2,483
	3,350	Majapahit Holding B.V., Reg. S, 7.750%, 01/20/20		3,739
		NXP B.V./NXP Funding LLC,
	268	3.500%, 09/15/16 (e)		269
	1,000	3.750%, 06/01/18 (e)		1,006
	2,281	4.125%, 06/15/20 (e)		2,270
	2,665	4.625%, 06/15/22 (e)		2,592

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Netherlands — continued
	5,902	5.750%, 02/15/21 (e)		6,109
	6,024	5.750%, 03/15/23 (e)		6,148
		Schaeffler Finance B.V.,
	1,750	4.250%, 05/15/21 (e)		1,737
	975	4.750%, 05/15/21 (e)		975
	2,755	4.750%, 05/15/23 (e)		2,672
		Sensata Technologies B.V.,
	4,083	4.875%, 10/15/23 (e)		4,002
	3,095	5.000%, 10/01/25 (e)		2,979
	514	5.625%, 11/01/24 (e)		524
	1,025	Ziggo Bond Finance B.V., 5.875%, 01/15/25 (e)		940
				60,595
		Peru — 0.1%
	2,950	Banco de Credito del Peru, Reg. S, 4.250%, 04/01/23		2,895
	2,800	BBVA Banco Continental S.A., Reg. S, 5.000%, 08/26/22		2,859
	1,924	Consorcio Transmantaro S.A., Reg. S, 4.375%, 05/07/23		1,845
				7,599
		Singapore — 0.0% (g)
	480	Flextronics International Ltd., 5.000%, 02/15/23		477
		Sri Lanka — 0.0% (g)
	680	National Savings Bank, 5.150%, 09/10/19 (e)		617
		United Arab Emirates — 0.0% (g)
	3,100	DP World Ltd., Reg. S, 6.850%, 07/02/37		2,954
		United Kingdom — 0.6%
	3,075	Afren plc, Reg. S, 6.625%, 12/09/20 (d)		46
	1,820	Gerdau Trade, Inc., Reg. S, 5.750%, 01/30/21		1,395
		International Game Technology plc,
	8,100	6.250%, 02/15/22 (e)		7,796
	5,700	6.500%, 02/15/25 (e)		5,102
		Jaguar Land Rover Automotive plc,
	3,528	4.125%, 12/15/18 (e)		3,554
	1,814	4.250%, 11/15/19 (e)		1,823
	300	5.625%, 02/01/23 (e)		296
		Royal Bank of Scotland Group plc,
	1,610	5.125%, 05/28/24		1,616
	643	6.000%, 12/19/23		682
	6,288	6.100%, 06/10/23		6,697
	14,497	6.125%, 12/15/22		15,649

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United Kingdom — continued
	2,032	Royal Bank of Scotland plc (The), Reg. S, VAR, 9.500%, 03/16/22		2,163
	2,631	Sea Trucks Group Ltd., Reg. S, 9.000%, 03/26/18 (e)		1,211
	7,661	Sensata Technologies UK Financing Co. plc, 6.250%, 02/15/26 (e)		7,814
	1,470	Star Energy Geothermal Wayang Windu Ltd., Reg. S, 6.125%, 03/27/20		1,419
		Virgin Media Finance plc,
	889	5.750%, 01/15/25 (e)		880
	1,400	6.000%, 10/15/24 (e)		1,410
	1,143	6.375%, 04/15/23 (e)		1,172
		Virgin Media Secured Finance plc,
	975	5.250%, 01/15/26 (e)		965
	8,606	5.375%, 04/15/21 (e)		8,800
				70,490
		United States — 29.1%
		21st Century Fox America, Inc.,
	6,795	4.750%, 09/15/44		6,424
	4,795	4.950%, 10/15/45		4,622
	11,794	AbbVie, Inc., 4.700%, 05/14/45		11,571
		Acadia Healthcare Co., Inc.,
	520	5.125%, 07/01/22		481
	700	5.625%, 02/15/23		660
	528	6.125%, 03/15/21		525
	7,550	ACCO Brands Corp., 6.750%, 04/30/20		7,767
	2,877	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		1,295
	2,375	ACI Worldwide, Inc., 6.375%, 08/15/20 (e)		2,434
		Activision Blizzard, Inc.,
	1,335	5.625%, 09/15/21 (e)		1,402
	2,535	6.125%, 09/15/23 (e)		2,712
		ADT Corp. (The),
	8,355	3.500%, 07/15/22		7,540
	490	4.125%, 04/15/19		505
	10,220	4.125%, 06/15/23		9,402
	3,745	6.250%, 10/15/21		3,886
		Advanced Micro Devices, Inc.,
	2,666	6.750%, 03/01/19		1,820
	2,728	7.000%, 07/01/24		1,691
	460	7.500%, 08/15/22		285
	1,406	7.750%, 08/01/20		893
		AECOM,
	2,780	5.750%, 10/15/22		2,811
	9,373	5.875%, 10/15/24		9,338

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	5,371	Aerojet Rocketdyne Holdings, Inc., 7.125%, 03/15/21		5,452
		AES Corp.,
	1,900	4.875%, 05/15/23		1,681
	2,849	5.500%, 03/15/24		2,561
	6,285	5.500%, 04/15/25		5,641
	6,704	7.375%, 07/01/21		6,905
	2,271	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		1,658
	4,785	Air Medical Merger Sub Corp., 6.375%, 05/15/23 (e)		4,211
	1,850	AK Steel Corp., 8.750%, 12/01/18		1,577
	6,461	Albertson’s Holdings LLC/Safeway, Inc., 7.750%, 10/15/22 (e)		6,752
		Alcatel-Lucent USA, Inc.,
	586	4.625%, 07/01/17 (e)		611
	1,045	6.450%, 03/15/29		1,081
	1,350	6.750%, 11/15/20 (e)		1,451
	4,500	8.875%, 01/01/20 (e)		4,821
		Alcoa, Inc.,
	9,295	5.125%, 10/01/24		7,622
	2,063	5.400%, 04/15/21		1,848
	1,167	5.870%, 02/23/22		1,032
	1,831	5.900%, 02/01/27		1,502
	524	6.150%, 08/15/20		508
	1,804	6.750%, 01/15/28		1,515
		Alere, Inc.,
	497	6.375%, 07/01/23 (e)		470
	3,955	6.500%, 06/15/20		3,856
		Aleris International, Inc.,
	881	7.625%, 02/15/18		766
	240	7.875%, 11/01/20		185
	1,430	Allegheny Technologies, Inc., 7.625%, 08/15/23		944
	1,939	Alliance Data Systems Corp., 5.375%, 08/01/22 (e)		1,837
	9,065	Allstate Corp. (The), VAR, 5.750%, 08/15/53		9,235
		Ally Financial, Inc.,
	1,353	3.250%, 02/13/18		1,328
	12,325	3.500%, 01/27/19		12,032
	1,872	3.600%, 05/21/18		1,849
	5,200	4.125%, 03/30/20		5,122
	3,039	4.125%, 02/13/22		2,963
	14,172	4.625%, 05/19/22		14,172
	11,685	4.625%, 03/30/25		11,364
	146	4.750%, 09/10/18		147

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	3,835	5.125%, 09/30/24		3,888
	2,855	5.750%, 11/20/25		2,848
	4,070	8.000%, 11/01/31		4,579
	14,160	Altria Group, Inc., 5.375%, 01/31/44		15,403
	4,490	Amazon.com, Inc., 4.950%, 12/05/44		4,727
		AMC Entertainment, Inc.,
	5,075	5.750%, 06/15/25		5,170
	1,400	5.875%, 02/15/22		1,440
	2,000	AMC Networks, Inc., 4.750%, 12/15/22		1,990
		American Axle & Manufacturing, Inc.,
	1,600	6.250%, 03/15/21		1,610
	3,025	6.625%, 10/15/22		3,025
	3,450	7.750%, 11/15/19		3,666
	663	American Builders & Contractors Supply Co., Inc., 5.750%, 12/15/23 (e)		676
		American International Group, Inc.,
	8,855	4.800%, 07/10/45		8,119
	6,463	6.250%, 03/15/37		6,996
		AmeriGas Finance LLC/AmeriGas Finance Corp.,
	350	6.750%, 05/20/20		346
	1,950	7.000%, 05/20/22		1,911
		AmeriGas Partners LP/AmeriGas Finance Corp.,
	1,285	6.250%, 08/20/19		1,266
	84	6.500%, 05/20/21		80
	8,470	Amgen, Inc., 4.400%, 05/01/45		7,876
		Amkor Technology, Inc.,
	9,039	6.375%, 10/01/22		8,565
	5,006	6.625%, 06/01/21		4,818
		Amsurg Corp.,
	1,000	5.625%, 11/30/20		1,012
	1,050	5.625%, 07/15/22		1,054
	9,990	Anadarko Petroleum Corp., 4.500%, 07/15/44		6,644
	19,490	Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/46		20,183
		Anixter, Inc.,
	6,606	5.500%, 03/01/23 (e)		6,474
	2,060	5.625%, 05/01/19		2,117
		Antero Resources Corp.,
	6,174	5.125%, 12/01/22		5,202
	2,075	5.375%, 11/01/21		1,759
	1,565	6.000%, 12/01/20		1,369
	3,640	Anthem, Inc., 5.100%, 01/15/44		3,629

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Aramark Services, Inc.,
	1,120	5.125%, 01/15/24 (e)		1,156
	1,200	5.750%, 03/15/20		1,245
	920	Archrock Partners LP/Archrock Partners Finance Corp., 6.000%, 10/01/22		690
	16,920	Argos Merger Sub, Inc., 7.125%, 03/15/23 (e)		17,047
		Ashland, Inc.,
	1,000	3.875%, 04/15/18		1,025
	15,942	4.750%, 08/15/22		15,165
		Ashtead Capital, Inc.,
	3,100	5.625%, 10/01/24 (e)		2,984
	7,485	6.500%, 07/15/22 (e)		7,634
		AT&T, Inc.,
	1,765	4.300%, 12/15/42		1,457
	4,700	4.350%, 06/15/45		3,910
	8,215	4.750%, 05/15/46		7,284
	3,950	Atwood Oceanics, Inc., 6.500%, 02/01/20		1,402
		Audatex North America, Inc.,
	11,646	6.000%, 06/15/21 (e)		11,733
	1,329	6.125%, 11/01/23 (e)		1,339
	275	AutoNation, Inc., 5.500%, 02/01/20		300
		Avaya, Inc.,
	11,993	7.000%, 04/01/19 (e)		7,976
	3,225	10.500%, 03/01/21 (e)		806
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	300	5.125%, 06/01/22 (e)		283
	1,065	5.250%, 03/15/25 (e)		964
	8,845	5.500%, 04/01/23		8,403
	3,500	Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding B B.V., 7.375%, 05/01/21 (e)		3,673
	2,807	Axiall Corp., 4.875%, 05/15/23		2,642
	4,450	B&G Foods, Inc., 4.625%, 06/01/21		4,439
		Ball Corp.,
	995	4.000%, 11/15/23		955
	1,850	4.375%, 12/15/20		1,916
	905	5.000%, 03/15/22		937
	1,962	5.250%, 07/01/25		2,016
	1,233	Basic Energy Services, Inc., 7.750%, 10/15/22		321
	5,675	Baxalta, Inc., 5.250%, 06/23/45 (e)		5,622
	1,868	Beacon Roofing Supply, Inc., 6.375%, 10/01/23 (e)		1,926

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,807	Becton, Dickinson and Co., 4.685%, 12/15/44		1,831
		Belden, Inc.,
	500	5.250%, 07/15/24 (e)		449
	5,499	5.500%, 09/01/22 (e)		5,251
		Berry Plastics Corp.,
	1,875	5.125%, 07/15/23		1,828
	500	6.000%, 10/15/22 (e)		510
	4,955	Biogen, Inc., 5.200%, 09/15/45		5,019
	2,580	Blackboard, Inc., 7.750%, 11/15/19 (e)		2,128
	1,650	Blue Coat Holdings, Inc., 8.375%, 06/01/23 (e)		1,666
		Blue Cube Spinco, Inc.,
	5,012	9.750%, 10/15/23 (e)		5,388
	6,057	10.000%, 10/15/25 (e)		6,541
	2,262	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (e)		1,691
	4,530	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		3,556
	3,715	Boyd Gaming Corp., 6.875%, 05/15/23		3,771
		BreitBurn Energy Partners LP/BreitBurn Finance Corp.,
	1,325	7.875%, 04/15/22		215
	5,000	8.625%, 10/15/20		838
	1,500	Briggs & Stratton Corp., 6.875%, 12/15/20		1,616
		Building Materials Corp. of America,
	1,606	8.625%, 10/15/20 (e)		1,582
	2,440	6.000%, 10/15/20 (e)		2,489
	7,840	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		7,918
	9,105	Burlington Northern Santa Fe LLC, 4.700%, 09/01/45		9,259
		Cablevision Systems Corp.,
	5,900	8.000%, 04/15/20		5,575
	340	8.625%, 09/15/17		353
		Caesars Entertainment Operating Co., Inc.,
	5,850	8.500%, 02/15/20 (d)		4,387
	10,800	9.000%, 02/15/20 (d)		8,046
	6,390	11.250%, 06/01/17 (d)		4,625
		CalAtlantic Group, Inc.,
	960	5.375%, 10/01/22		967
	1,538	5.875%, 11/15/24		1,596
	1,275	8.375%, 01/15/21		1,457
	319	10.750%, 09/15/16		336
	2,759	Caleres, Inc., 6.250%, 08/15/23		2,725

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		California Resources Corp.,
	153	5.000%, 01/15/20		31
	514	5.500%, 09/15/21		103
	178	6.000%, 11/15/24		34
	2,261	8.000%, 12/15/22 (e)		898
		Calpine Corp.,
	1,139	5.375%, 01/15/23		1,036
	1,500	5.500%, 02/01/24		1,312
	1,140	5.750%, 01/15/25		1,025
	4,467	5.875%, 01/15/24 (e)		4,579
	4,101	6.000%, 01/15/22 (e)		4,260
	4,450	Case New Holland, Inc., 7.875%, 12/01/17		4,764
	4,775	Casella Waste Systems, Inc., 7.750%, 02/15/19		4,632
	905	CCM Merger, Inc., 9.125%, 05/01/19 (e)		932
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	429	5.125%, 02/15/23		428
	11,337	5.125%, 05/01/23 (e)		11,337
	3,500	5.250%, 09/30/22		3,543
	4,008	5.375%, 05/01/25 (e)		3,968
	266	5.750%, 09/01/23		272
	7,005	6.500%, 04/30/21		7,307
	2,663	6.625%, 01/31/22		2,823
	857	7.000%, 01/15/19		875
	12,297	7.375%, 06/01/20		12,789
		CCO Safari II LLC,
	899	4.464%, 07/23/22 (e)		901
	14,325	6.484%, 10/23/45 (e)		14,421
	10,218	CCOH Safari LLC, 5.750%, 02/15/26 (e)		10,160
		CDW LLC/CDW Finance Corp.,
	1,861	5.000%, 09/01/23		1,880
	875	5.500%, 12/01/24		910
	996	CEB, Inc., 5.625%, 06/15/23 (e)		996
		Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.,
	1,095	5.250%, 03/15/21		1,122
	575	5.375%, 06/01/24		578
	6,795	Celgene Corp., 5.000%, 08/15/45		6,777
		Cemex Finance LLC,
	225	6.000%, 04/01/24 (e)		193
	7,090	9.375%, 10/12/22 (e)		7,123
		Centene Escrow Corp.,
	2,570	5.625%, 02/15/21 (e)		2,615
	1,745	6.125%, 02/15/24 (e)		1,793

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	650	Central Garden & Pet Co., 6.125%, 11/15/23		665
		CenturyLink, Inc.,
	2,345	5.625%, 04/01/25		1,993
	13,146	Series T, 5.800%, 03/15/22		12,160
	7,175	6.750%, 12/01/23		6,790
		Cenveo Corp.,
	88	6.000%, 08/01/19 (e)		60
	1,275	8.500%, 09/15/22 (e)		612
	3,754	Cequel Communications Holdings I LLC/Cequel Capital Corp., 5.125%, 12/15/21 (e)		3,379
		CF Industries, Inc.,
	1,405	4.950%, 06/01/43		1,090
	5,230	5.375%, 03/15/44		4,429
		Chemours Co. (The),
	2,500	6.625%, 05/15/23 (e)		1,531
	1,500	7.000%, 05/15/25 (e)		915
	10,348	Chesapeake Energy Corp., 8.000%, 12/15/22 (e)		4,424
	2,214	Chiquita Brands International, Inc./Chiquita Brands LLC, 7.875%, 02/01/21		2,347
	828	Choice Hotels International, Inc., 5.750%, 07/01/22		874
		CHS/Community Health Systems, Inc.,
	750	5.125%, 08/15/18		754
	2,085	5.125%, 08/01/21		2,069
	5,985	6.875%, 02/01/22		5,417
	2,905	7.125%, 07/15/20		2,774
	5,225	8.000%, 11/15/19		5,186
	142	Chukchansi Economic Development Authority, 9.750%, 05/30/20 (d) (e)		80
		Cimarex Energy Co.,
	975	4.375%, 06/01/24		853
	1,290	5.875%, 05/01/22		1,204
	4,767	Cincinnati Bell, Inc., 8.375%, 10/15/20		4,850
		Cinemark USA, Inc.,
	3,350	4.875%, 06/01/23		3,291
	2,412	5.125%, 12/15/22		2,424
	1,005	7.375%, 06/15/21		1,048
		CIT Group, Inc.,
	1,149	4.250%, 08/15/17		1,161
	2,161	5.000%, 05/15/17		2,207
	7,263	5.000%, 08/15/22		7,345
	5,640	5.250%, 03/15/18		5,827
	9,242	5.375%, 05/15/20		9,565

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	13,175	5.500%, 02/15/19 (e)		13,603
	2,580	6.625%, 04/01/18 (e)		2,727
	1,500	Citgo Holding, Inc., 10.750%, 02/15/20 (e)		1,425
	1,908	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		1,827
		Claire’s Stores, Inc.,
	1,150	6.125%, 03/15/20 (e)		609
	3,518	8.875%, 03/15/19		721
	11,608	9.000%, 03/15/19 (e)		6,936
	6,200	Clean Harbors, Inc., 5.250%, 08/01/20		6,316
	1,675	Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22		1,491
	33,535	Series B, 6.500%, 11/15/22		31,062
	115	Series A, 7.625%, 03/15/20		91
	20,563	Series B, 7.625%, 03/15/20		16,964
		Clearwater Paper Corp.,
	3,025	4.500%, 02/01/23		2,874
	900	5.375%, 02/01/25 (e)		866
		Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.,
	1,108	6.375%, 03/15/24		285
	284	8.500%, 12/15/19		118
	2,530	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		1,037
	2,800	CNH Industrial Capital LLC, 4.375%, 11/06/20		2,660
		CNO Financial Group, Inc.,
	600	4.500%, 05/30/20		615
	5,015	5.250%, 05/30/25		5,065
	2,977	Coeur Mining, Inc., 7.875%, 02/01/21		1,704
	954	Cogent Communications Finance, Inc., 5.625%, 04/15/21 (e)		909
	3,900	Cogent Communications Group, Inc., 5.375%, 03/01/22 (e)		3,783
		Commercial Metals Co.,
	2,600	4.875%, 05/15/23		2,161
	1,730	7.350%, 08/15/18		1,765
	8,777	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		8,536
		CommScope, Inc.,
	358	4.375%, 06/15/20 (e)		364
	2,855	5.000%, 06/15/21 (e)		2,748
	5,188	5.500%, 06/15/24 (e)		4,994
		Communications Sales & Leasing, Inc./CSL Capital LLC,
	3,130	6.000%, 04/15/23 (e)		2,989
	7,150	8.250%, 10/15/23		6,310

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Comstock Resources, Inc.,
	516	7.750%, 04/01/19		63
	996	9.500%, 06/15/20		117
	1,500	10.000%, 03/15/20 (e)		581
		Concho Resources, Inc.,
	1,875	5.500%, 04/01/23		1,701
	2,475	6.500%, 01/15/22		2,314
	1,264	ConocoPhillips Co., 4.300%, 11/15/44		947
		CONSOL Energy, Inc.,
	1,855	5.875%, 04/15/22		1,199
	1,460	8.000%, 04/01/23		978
	3,006	Consolidated Communications, Inc., 6.500%, 10/01/22		2,540
	30	Constar International, Inc., 11.000%, 12/31/17 (d)		3
		Constellation Brands, Inc.,
	299	3.750%, 05/01/21		301
	995	4.750%, 11/15/24		1,038
	1,865	4.750%, 12/01/25		1,926
	510	6.000%, 05/01/22		567
	1,000	7.250%, 09/01/16		1,030
	1,181	Continental Airlines 2003-ERJ1 Pass-Through Trust, Series RJO3, 7.875%, 07/02/18		1,234
	54	Continental Airlines 2004-ERJ1 Pass-Through Trust, Series RJO4, 9.558%, 09/01/19		57
	1,042	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		1,123
	1,344	Continental Airlines 2012-3 Class C Pass-Through Certificates, Class C, 6.125%, 04/29/18		1,404
		Corrections Corp. of America,
	10,100	4.125%, 04/01/20		10,049
	2,400	4.625%, 05/01/23		2,364
		Cott Beverages, Inc.,
	3,076	5.375%, 07/01/22		2,984
	5,762	6.750%, 01/01/20		5,935
		Covanta Holding Corp.,
	240	5.875%, 03/01/24		209
	577	6.375%, 10/01/22		544
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	349	6.000%, 12/15/20		221
	3,830	6.125%, 03/01/22		2,308
	1,409	6.250%, 04/01/23 (e)		856

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,300	Crimson Merger Sub, Inc., 6.625%, 05/15/22 (e)		1,541
	1,770	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.500%, 01/15/23		1,752
		Crown Castle International Corp.,
	1,863	4.875%, 04/15/22		1,955
	7,152	5.250%, 01/15/23		7,617
		CSC Holdings LLC,
	2,288	6.750%, 11/15/21		2,259
	960	8.625%, 02/15/19		1,023
	1,600	CSI Compressco LP/Compressco Finance, Inc., 7.250%, 08/15/22		1,040
	433	CST Brands, Inc., 5.000%, 05/01/23		432
	9,967	CVS Health Corp., 5.125%, 07/20/45		10,709
		D.R. Horton, Inc.,
	590	4.375%, 09/15/22		587
	964	4.750%, 02/15/23		962
		Dana Holding Corp.,
	3,500	5.375%, 09/15/21		3,377
	3,550	5.500%, 12/15/24		3,188
	5,500	6.000%, 09/15/23		5,239
	1,059	6.750%, 02/15/21		1,070
	4,795	Darling Ingredients, Inc., 5.375%, 01/15/22		4,699
		DaVita HealthCare Partners, Inc.,
	6,730	5.000%, 05/01/25		6,621
	2,890	5.125%, 07/15/24		2,906
	1,275	5.750%, 08/15/22		1,320
	6,738	Dean Foods Co., 6.500%, 03/15/23 (e)		6,940
	39	Delta Air Lines 2009-1 Series B Pass-Through Trust, Series B, 9.750%, 12/17/16		41
	375	Delta Air Lines 2012-1 Class A Pass-Through Trust, Series A, 4.750%, 05/07/20		393
	470	Delta Air Lines 2012-1 Class B Pass-Through Trust, Series B, 6.875%, 05/07/19 (e)		506
	8,308	Denali Borrower LLC/Denali Finance Corp., 5.625%, 10/15/20 (e)		8,744
		Denbury Resources, Inc.,
	4,635	4.625%, 07/15/23		1,530
	3,350	5.500%, 05/01/22		1,172
	7,955	Devon Energy Corp., 5.000%, 06/15/45		5,266
	2,257	Diamondback Energy, Inc., 7.625%, 10/01/21		2,246
	3,850	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.150%, 03/15/42		3,518

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
		DISH DBS Corp.,
	5,345	5.000%, 03/15/23		4,650
	20,775	5.875%, 07/15/22		19,554
	9,180	5.875%, 11/15/24		8,182
	22,674	6.750%, 06/01/21		23,128
	3,925	7.125%, 02/01/16		3,925
	2,535	7.875%, 09/01/19		2,750
	6,950	DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125%, 06/15/21 (e)		5,838
	5,098	Dollar Tree, Inc., 5.750%, 03/01/23 (e)		5,372
	1,857	Dominion Gas Holdings LLC, 4.600%, 12/15/44		1,746
		Dominion Resources, Inc.,
	2,245	4.700%, 12/01/44		2,221
	17,485	VAR, 5.750%, 10/01/54		17,048
	1,984	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		1,910
	4,775	DreamWorks Animation SKG, Inc., 6.875%, 08/15/20 (e)		4,727
	3,419	DS Services of America, Inc., 10.000%, 09/01/21 (e)		3,838
	1,668	DuPont Fabros Technology LP, 5.875%, 09/15/21		1,718
		Dynegy, Inc.,
	5,138	5.875%, 06/01/23		4,162
	432	6.750%, 11/01/19		417
	4,585	7.375%, 11/01/22		4,057
	2,135	7.625%, 11/01/24		1,879
		E*TRADE Financial Corp.,
	4,424	4.625%, 09/15/23		4,357
	720	5.375%, 11/15/22		758
	380	Eldorado Resorts, Inc., 7.000%, 08/01/23 (e)		374
	14,487	Embarq Corp., 7.995%, 06/01/36		14,347
		Emdeon, Inc.,
	2,680	6.000%, 02/15/21 (e)		2,492
	4,435	11.000%, 12/31/19		4,613
	491	Enable Midstream Partners LP, 5.000%, 05/15/44		284
	3,026	Endo Finance LLC, 5.750%, 01/15/22 (e)		3,011
	1,846	Endo Finance LLC/Endo Finco, Inc., 7.750%, 01/15/22 (e)		1,927
	10,692	Energizer Holdings, Inc., 5.500%, 06/15/25 (e)		9,944
		Energy Transfer Equity LP,
	6,102	5.875%, 01/15/24		4,760
	1,055	7.500%, 10/15/20		928

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Energy Transfer Partners LP,
	3,020	5.150%, 02/01/43		2,087
	4,470	6.125%, 12/15/45		3,523
	670	EnerSys, 5.000%, 04/30/23 (e)		660
	455	EnLink Midstream Partners LP/EnLink Midstream Finance Corp., 7.125%, 06/01/22		408
	2,568	Entegris, Inc., 6.000%, 04/01/22 (e)		2,607
	7,000	Enterprise Products Operating LLC, 4.900%, 05/15/46		5,813
	1,754	Envision Healthcare Corp., 5.125%, 07/01/22 (e)		1,723
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	993	6.375%, 06/15/23		347
	4,036	7.750%, 09/01/22		1,413
	13,583	9.375%, 05/01/20		5,773
		Equinix, Inc.,
	1,320	4.875%, 04/01/20		1,370
	3,098	5.375%, 01/01/22		3,222
	950	5.375%, 04/01/23		983
	438	5.750%, 01/01/25		450
	1,640	5.875%, 01/15/26		1,697
	1,085	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		1,045
	6,325	EV Energy Partners LP/EV Energy Finance Corp., 8.000%, 04/15/19		2,087
	3,750	Exelon Corp., 5.100%, 06/15/45 (e)		3,773
	5,835	Express Scripts Holding Co., 6.125%, 11/15/41		6,385
	2,215	FedEx Corp., 4.750%, 11/15/45		2,183
	685	FelCor Lodging LP, 6.000%, 06/01/25		692
	2,085	Ferrellgas LP/Ferrellgas Finance Corp., 6.750%, 06/15/23 (e)		1,585
	1,605	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		1,645
		First Data Corp.,
	1,955	5.000%, 01/15/24 (e)		1,955
	9,580	5.375%, 08/15/23 (e)		9,772
	26,335	5.750%, 01/15/24 (e)		26,137
	5,563	6.750%, 11/01/20 (e)		5,862
	14,250	7.000%, 12/01/23 (e)		14,357
	12,160	Ford Motor Co., 4.750%, 01/15/43		11,106
	5,500	Ford Motor Credit Co. LLC, 5.000%, 05/15/18		5,766
		Freescale Semiconductor, Inc.,
	770	5.000%, 05/15/21 (e)		785
	549	6.000%, 01/15/22 (e)		575

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
		Fresenius Medical Care U.S. Finance II, Inc.,
	860	4.125%, 10/15/20 (e)		870
	2,965	4.750%, 10/15/24 (e)		2,980
	3,183	5.625%, 07/31/19 (e)		3,446
	3,357	5.875%, 01/31/22 (e)		3,634
	400	6.500%, 09/15/18 (e)		440
	1,850	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		1,989
		Frontier Communications Corp.,
	430	6.250%, 09/15/21		362
	865	7.125%, 03/15/19		858
	365	8.125%, 10/01/18		373
	7,935	8.500%, 04/15/20		7,866
	957	8.750%, 04/15/22		861
	715	8.875%, 09/15/20 (e)		718
	5,491	9.250%, 07/01/21		5,299
	10,498	10.500%, 09/15/22 (e)		10,209
	21,607	11.000%, 09/15/25 (e)		20,824
	900	FTI Consulting, Inc., 6.000%, 11/15/22		931
	72	Gannett Co., Inc., 10.000%, 04/01/16		73
	825	Gardner Denver, Inc., 6.875%, 08/15/21 (e)		606
	2,850	GCI, Inc., 6.750%, 06/01/21		2,829
	2,402	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		2,540
	5,100	General Cable Corp., 5.750%, 10/01/22		3,857
		General Motors Co.,
	11,400	4.875%, 10/02/23		11,486
	9,020	6.250%, 10/02/43		9,061
		General Motors Financial Co., Inc.,
	3,796	3.250%, 05/15/18		3,807
	700	3.450%, 04/10/22		672
	205	4.250%, 05/15/23		199
	1,050	4.750%, 08/15/17		1,080
		Genesis Energy LP/Genesis Energy Finance Corp.,
	2,418	5.625%, 06/15/24		1,765
	859	6.000%, 05/15/23		653
	780	6.750%, 08/01/22		640
		GenOn Energy, Inc.,
	1,000	9.500%, 10/15/18		700
	3,848	9.875%, 10/15/20		2,617
		GEO Group, Inc. (The),
	8,450	5.875%, 01/15/22		8,376
	3,700	6.625%, 02/15/21		3,779

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	7,260	Gilead Sciences, Inc., 4.750%, 03/01/46		7,406
		Global Partners LP/GLP Finance Corp.,
	490	6.250%, 07/15/22		343
	1,425	7.000%, 06/15/23		1,026
	4,035	GLP Capital LP/GLP Financing II, Inc., 5.375%, 11/01/23		3,864
	1,890	Golden Nugget Escrow, Inc., 8.500%, 12/01/21 (e)		1,833
	3,326	Goodman Networks, Inc., 12.125%, 07/01/18		998
		Goodyear Tire & Rubber Co. (The),
	1,685	5.125%, 11/15/23		1,723
	3,980	6.500%, 03/01/21		4,179
	5,787	7.000%, 05/15/22		6,189
	3,179	8.750%, 08/15/20		3,664
		Graphic Packaging International, Inc.,
	1,187	4.750%, 04/15/21		1,199
	570	4.875%, 11/15/22		570
	2,350	Gray Television, Inc., 7.500%, 10/01/20		2,423
	3,425	Great Lakes Dredge & Dock Corp., 7.375%, 02/01/19		3,168
	755	Griffon Corp., 5.250%, 03/01/22		721
	2,460	Group 1 Automotive, Inc., 5.250%, 12/15/23 (e)		2,312
	933	Guitar Center, Inc., 6.500%, 04/15/19 (e)		786
	9,544	H&E Equipment Services, Inc., 7.000%, 09/01/22		8,733
	5,608	Halcon Resources Corp., 13.000%, 02/15/22 (e)		1,458
	8,305	Halliburton Co., 5.000%, 11/15/45		7,405
	1,650	Halyard Health, Inc., 6.250%, 10/15/22		1,598
	2,100	Hanesbrands, Inc., 6.375%, 12/15/20		2,179
	2,870	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		2,152
		Harland Clarke Holdings Corp.,
	900	6.875%, 03/01/20 (e)		749
	1,340	9.250%, 03/01/21 (e)		926
	990	9.750%, 08/01/18 (e)		925
	2,080	Harris Corp., 5.054%, 04/27/45		2,097
	650	Hartford Financial Services Group, Inc. (The), VAR, 8.125%, 06/15/38		700
	1,670	HCA Holdings, Inc., 6.250%, 02/15/21		1,762
		HCA, Inc.,
	2,318	3.750%, 03/15/19		2,335
	1,410	4.250%, 10/15/19		1,445
	1,976	5.000%, 03/15/24		2,001

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	1,575	5.250%, 04/15/25		1,614
	30,646	5.375%, 02/01/25		30,991
	2,480	5.875%, 03/15/22		2,660
	2,015	Series 1, 5.875%, 05/01/23		2,101
	5,435	5.875%, 02/15/26		5,544
	15,576	6.500%, 02/15/20		17,172
	29,753	7.500%, 02/15/22		33,026
	1,400	8.000%, 10/01/18		1,568
		HD Supply, Inc.,
	13,775	5.250%, 12/15/21 (e)		14,171
	1,882	7.500%, 07/15/20		1,957
	1,425	Headwaters, Inc., 7.250%, 01/15/19		1,453
		HealthSouth Corp.,
	3,371	5.750%, 11/01/24 (e)		3,328
	3,650	5.750%, 09/15/25 (e)		3,540
	2,327	7.750%, 09/15/22		2,414
	3,830	Hecla Mining Co., 6.875%, 05/01/21		2,308
		Hertz Corp. (The),
	5,551	5.875%, 10/15/20		5,465
	3,150	6.250%, 10/15/22		3,063
	10,092	7.375%, 01/15/21		10,218
	1,000	7.500%, 10/15/18		1,015
		Hexion, Inc.,
	24,503	6.625%, 04/15/20		18,990
	1,600	8.875%, 02/01/18		1,088
	985	10.000%, 04/15/20		812
		Hiland Partners LP/Hiland Partners Finance Corp.,
	448	5.500%, 05/15/22 (e)		401
	921	7.250%, 10/01/20 (e)		912
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	1,234	5.000%, 12/01/24 (e)		953
	4,222	5.750%, 10/01/25 (e)		3,304
	2,393	7.625%, 04/15/21 (e)		2,172
	600	Hillman Group, Inc. (The), 6.375%, 07/15/22 (e)		501
	7,498	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		7,639
	3,900	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21		4,017
	500	Holly Energy Partners LP/Holly Energy Finance Corp., 6.500%, 03/01/20		475
	4,617	Hologic, Inc., 5.250%, 07/15/22 (e)		4,779
	1,800	Hughes Satellite Systems Corp., 6.500%, 06/15/19		1,971

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Huntsman International LLC,
	7,450	4.875%, 11/15/20		6,612
	6,205	5.125%, 11/15/22 (e)		5,336
	7,805	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		7,317
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
	2,470	4.875%, 03/15/19		2,272
	2,684	5.875%, 02/01/22		2,399
		iHeartCommunications, Inc.,
	3,813	9.000%, 12/15/19		2,617
	2,067	9.000%, 03/01/21		1,343
	1,745	IHS, Inc., 5.000%, 11/01/22		1,745
	8,163	ILFC E-Capital Trust I, VAR, 4.490%, 12/21/65 (e)		7,326
	4,720	ILFC E-Capital Trust II, VAR, 4.740%, 12/21/65 (e)		4,248
	7,311	IMS Health, Inc., 6.000%, 11/01/20 (e)		7,552
	8,192	Infor Software Parent LLC/Infor Software Parent, Inc., 7.125% (Cash), 05/01/21 (e) (v)		5,837
		Infor U.S., Inc.,
	1,248	5.750%, 08/15/20 (e)		1,257
	13,152	6.500%, 05/15/22 (e)		11,475
	6,824	Informatica LLC, 7.125%, 07/15/23 (e)		6,107
	1,910	Ingles Markets, Inc., 5.750%, 06/15/23		1,915
	4,780	Intel Corp., 4.900%, 07/29/45		4,946
		International Lease Finance Corp.,
	1,602	4.625%, 04/15/21		1,572
	1,480	5.875%, 04/01/19		1,534
	5,920	6.250%, 05/15/19		6,201
	2,575	8.250%, 12/15/20		2,935
	4,800	8.625%, 01/15/22		5,628
	14,485	8.750%, 03/15/17		15,225
	1,390	International Wire Group Holdings, Inc., 8.500%, 10/15/17 (e)		1,390
	960	Interval Acquisition Corp., 5.625%, 04/15/23 (e)		955
	4,480	inVentiv Health, Inc., 9.000%, 01/15/18 (e)		4,533
		Iron Mountain, Inc.,
	1,530	5.750%, 08/15/24		1,511
	4,028	6.000%, 10/01/20 (e)		4,290
	1,250	6.000%, 08/15/23		1,300
	4,578	Isle of Capri Casinos, Inc., 5.875%, 03/15/21		4,681
	449	J.C. Penney Corp., Inc., 8.125%, 10/01/19		412

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	500	Jack Cooper Holdings Corp., 10.250%, 06/01/20 (e)		395
	2,310	Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375%, 08/01/23 (e)		2,275
		Jarden Corp.,
	1,000	6.125%, 11/15/22		1,034
	1,425	7.500%, 05/01/17		1,460
	1,007	JB Poindexter & Co., Inc., 9.000%, 04/01/22 (e)		1,037
		JBS USA LLC/JBS USA Finance, Inc.,
	4,689	5.750%, 06/15/25 (e)		3,604
	4,448	5.875%, 07/15/24 (e)		3,525
	9,834	7.250%, 06/01/21 (e)		8,912
	2,701	8.250%, 02/01/20 (e)		2,546
	1,960	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		1,578
	975	Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.750%, 04/01/22		400
	1,500	Kaiser Aluminum Corp., 8.250%, 06/01/20		1,560
	606	Kennedy-Wilson, Inc., 5.875%, 04/01/24		579
	25	Kinder Morgan Energy Partners LP, 6.500%, 04/01/20		26
		Kinder Morgan, Inc.,
	726	5.000%, 02/15/21 (e)		692
	6,020	5.050%, 02/15/46		4,384
	726	5.625%, 11/15/23 (e)		668
	2,500	7.250%, 06/01/18		2,576
		Kindred Healthcare, Inc.,
	3,450	8.000%, 01/15/20		3,148
	2,850	8.750%, 01/15/23		2,551
	11,670	Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18		11,320
	4,900	KLX, Inc., 5.875%, 12/01/22 (e)		4,581
	2,065	Kohl’s Corp., 5.550%, 07/17/45		1,870
		Kraft Heinz Foods Co.,
	897	4.875%, 02/15/25 (e)		959
	13,152	5.200%, 07/15/45 (e)		13,832
	3,574	Kratos Defense & Security Solutions, Inc., 7.000%, 05/15/19		2,421
	4,560	Kroger Co. (The), 5.150%, 08/01/43		4,953
		L Brands, Inc.,
	1,335	5.625%, 02/15/22		1,435
	4,100	5.625%, 10/15/23		4,356
	6,925	6.625%, 04/01/21		7,704
	1,000	7.000%, 05/01/20		1,123
	1,000	Lamar Media Corp., 5.000%, 05/01/23		1,000

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	1,650	Landry’s, Inc., 9.375%, 05/01/20 (e)		1,743
	2,900	Laredo Petroleum, Inc., 7.375%, 05/01/22		2,153
		Lear Corp.,
	3,400	5.250%, 01/15/25		3,532
	2,000	5.375%, 03/15/24		2,060
		Lennar Corp.,
	950	4.500%, 06/15/19		974
	690	4.500%, 11/15/19		709
	3,105	4.750%, 05/30/25		2,965
	994	4.875%, 12/15/23		974
	175	6.950%, 06/01/18		187
	555	Series B, 12.250%, 06/01/17		620
	3,856	Level 3 Communications, Inc., 5.750%, 12/01/22		3,972
		Level 3 Financing, Inc.,
	8,401	5.125%, 05/01/23		8,443
	1,575	5.375%, 01/15/24 (e)		1,591
	8,989	5.375%, 05/01/25		9,045
	401	5.625%, 02/01/23		410
	1,619	6.125%, 01/15/21		1,696
	1,480	7.000%, 06/01/20		1,554
	1,680	Levi Strauss & Co., 5.000%, 05/01/25		1,638
	870	Liberty Interactive LLC, 8.250%, 02/01/30		861
	2,538	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		2,893
		LifePoint Health, Inc.,
	1,335	5.500%, 12/01/21		1,355
	200	6.625%, 10/01/20		207
	1,780	LIN Television Corp., 5.875%, 11/15/22		1,793
		Linn Energy LLC/Linn Energy Finance Corp.,
	1,290	6.500%, 09/15/21		145
	5,850	7.750%, 02/01/21		702
	3,275	12.000%, 12/15/20 (e)		1,163
		Live Nation Entertainment, Inc.,
	1,365	5.375%, 06/15/22 (e)		1,344
	1,018	7.000%, 09/01/20 (e)		1,069
	3,777	Lockheed Martin Corp., 4.700%, 05/15/46		3,992
	300	Louisiana-Pacific Corp., 7.500%, 06/01/20		309
	3,700	LSB Industries, Inc., 7.750%, 08/01/19		3,043
	3,348	LTF Merger Sub, Inc., 8.500%, 06/15/23 (e)		3,164
	1,850	M/I Homes, Inc., 6.750%, 01/15/21 (e)		1,795
	3,805	Magnachip Semiconductor Corp., 6.625%, 07/15/21		2,435

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	2,995	Manitowoc Co., Inc. (The), 8.500%, 11/01/20		3,131
	1,237	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		1,058
		Masco Corp.,
	3,375	4.450%, 04/01/25		3,375
	261	5.950%, 03/15/22		286
	56	7.125%, 03/15/20		64
	4,837	MasTec, Inc., 4.875%, 03/15/23		4,051
	7,280	McDonald’s Corp., 4.875%, 12/09/45		7,354
	3,775	McKesson Corp., 4.883%, 03/15/44		3,793
	1,783	Memorial Resource Development Corp., 5.875%, 07/01/22		1,337
		Meritage Homes Corp.,
	1,270	7.000%, 04/01/22		1,302
	420	7.150%, 04/15/20		438
	12,815	MetLife, Inc., 6.400%, 12/15/36		13,456
		MGM Resorts International,
	4,730	5.250%, 03/31/20		4,695
	12,580	6.000%, 03/15/23		12,541
	5,205	6.625%, 12/15/21		5,348
	3,625	6.750%, 10/01/20		3,770
	4,120	7.625%, 01/15/17		4,274
	22,204	7.750%, 03/15/22		23,536
	5	8.625%, 02/01/19		6
	500	11.375%, 03/01/18		572
	2,165	Michaels Stores, Inc., 5.875%, 12/15/20 (e)		2,230
		Micron Technology, Inc.,
	2,736	5.250%, 08/01/23 (e)		2,216
	7,803	5.250%, 01/15/24 (e)		6,340
	1,565	5.500%, 02/01/25		1,236
	847	5.625%, 01/15/26 (e)		657
	3,772	5.875%, 02/15/22		3,357
	1,900	Microsemi Corp., 9.125%, 04/15/23 (e)		2,000
	13,370	Microsoft Corp., 4.750%, 11/03/55		13,426
	3,870	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		3,425
		Momentive Performance Materials, Inc.,
	1,350	3.880%, 10/24/21		908
	1,350	8.875%, 10/15/20 (d)		—	(h)
		Motors Liquidation Co.,
	10	0.000%, 05/01/28 (d)		—	(h)
	115	0.000%, 07/15/33 (d)		—	(h)
	11	7.750%, 03/15/36 (d)		—	(h)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,736	MPG Holdco I, Inc., 7.375%, 10/15/22		3,598
	6,855	MPH Acquisition Holdings LLC, 6.625%, 04/01/22 (e)		6,864
		MPLX LP,
	585	4.500%, 07/15/23 (e)		458
	9,039	4.875%, 12/01/24 (e)		7,055
	9,543	4.875%, 06/01/25 (e)		7,454
	5,200	5.500%, 02/15/23 (e)		4,321
	778	MPT Operating Partnership LP/MPT Finance Corp., 6.375%, 02/15/22		790
	2,185	MSCI, Inc., 5.250%, 11/15/24 (e)		2,253
	182	Murphy Oil USA, Inc., 6.000%, 08/15/23		190
	778	Mustang Merger Corp., 8.500%, 08/15/21 (e)		786
	3,130	National Financial Partners Corp., 9.000%, 07/15/21 (e)		2,817
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	272	6.500%, 07/01/21		240
	1,028	6.500%, 06/01/22		884
	3,280	7.875%, 10/01/20		3,124
	421	9.625%, 05/01/19		438
	548	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.125%, 11/15/21 (e)		436
	3,680	Navios Maritime Holdings, Inc./Navios Maritime Finance II U.S., Inc., 7.375%, 01/15/22 (e)		1,325
	2,135	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 7.250%, 05/01/22 (e)		1,100
	1,800	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		1,872
		NCR Corp.,
	686	5.000%, 07/15/22		652
	903	6.375%, 12/15/23		893
	55	Nebraska Book Holdings, Inc., 15.000%, 06/30/16 (e)		56
		Neiman Marcus Group Ltd. LLC,
	4,937	8.000%, 10/15/21 (e)		3,703
	3,425	(Cash), 8.750%, 10/15/21 (e) (v)		2,175
		Neptune Finco Corp.,
	1,400	6.625%, 10/15/25 (e)		1,452
	7,700	10.125%, 01/15/23 (e)		8,143
	900	10.875%, 10/15/25 (e)		952
		Netflix, Inc.,
	1,164	5.375%, 02/01/21		1,251

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	700	5.500%, 02/15/22 (e)		721
	1,545	5.750%, 03/01/24		1,588
	700	5.875%, 02/15/25 (e)		722
	747	Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 5.875%, 03/15/22 (e)		779
		New Albertsons, Inc.,
	675	6.625%, 06/01/28		520
	1,129	7.450%, 08/01/29		909
	291	7.750%, 06/15/26		250
	893	8.000%, 05/01/31		763
	2,042	8.700%, 05/01/30		1,812
		Newfield Exploration Co.,
	1,000	5.375%, 01/01/26		805
	1,204	5.625%, 07/01/24		1,008
	2,100	5.750%, 01/30/22		1,802
		Nexstar Broadcasting, Inc.,
	4,380	6.125%, 02/15/22 (e)		4,161
	6,533	6.875%, 11/15/20		6,549
		NGL Energy Partners LP/NGL Energy Finance Corp.,
	445	5.125%, 07/15/19		325
	750	6.875%, 10/15/21		525
	1,100	NGPL PipeCo LLC, 9.625%, 06/01/19 (e)		1,029
	11,844	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		11,948
		Noble Energy, Inc.,
	2,060	5.050%, 11/15/44		1,487
	3,150	5.250%, 11/15/43		2,323
	1,128	5.625%, 05/01/21		1,128
	2,899	Northwest Airlines 2007-1 Class A Pass-Through Trust, Series 07-1, 7.027%, 11/01/19		3,223
		NRG Energy, Inc.,
	600	6.250%, 07/15/22		495
	2,500	6.250%, 05/01/24		1,994
	3,766	6.625%, 03/15/23		3,116
	5,245	7.625%, 01/15/18		5,297
	2,236	7.875%, 05/15/21		1,945
	1,000	8.250%, 09/01/20		908
	1,000	NRG Yield Operating LLC, 5.375%, 08/15/24		840
	2,867	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		2,867
	1,657	Nucor Corp., 5.200%, 08/01/43		1,501
	1,010	NWH Escrow Corp., 7.500%, 08/01/21 (e)		732

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	5,550	Oasis Petroleum, Inc., 6.875%, 03/15/22		3,219
	3,520	Omega U.S. Sub LLC, 8.750%, 07/15/23 (e)		3,159
	3,600	ONEOK Partners LP, 6.200%, 09/15/43		2,689
	10,650	Oracle Corp., 4.375%, 05/15/55		9,657
		Orbital ATK, Inc.,
	672	5.250%, 10/01/21		679
	870	5.500%, 10/01/23 (e)		883
		Oshkosh Corp.,
	2,475	5.375%, 03/01/22		2,500
	4,609	5.375%, 03/01/25		4,563
		Outfront Media Capital LLC/Outfront Media Capital Corp.,
	748	5.250%, 02/15/22		765
	4,980	5.625%, 02/15/24		5,092
	650	5.875%, 03/15/25		661
		Owens-Brockway Glass Container, Inc.,
	810	5.000%, 01/15/22 (e)		778
	545	5.375%, 01/15/25 (e)		508
	584	5.875%, 08/15/23 (e)		573
	1,084	6.375%, 08/15/25 (e)		1,068
		Parker Drilling Co.,
	755	6.750%, 07/15/22		457
	660	7.500%, 08/01/20		460
	2,540	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		2,464
	1,588	PBF Holding Co. LLC/PBF Finance Corp., 7.000%, 11/15/23 (e)		1,453
	879	PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 05/15/23		745
	3,475	Peabody Energy Corp., 6.250%, 11/15/21		182
		Penn Virginia Corp.,
	500	7.250%, 04/15/19		67
	1,100	8.500%, 05/01/20		179
	4,450	Petco Animal Supplies, Inc., 9.250%, 12/01/18 (e)		4,575
	6,110	Phillips 66, 4.875%, 11/15/44		5,276
	2,096	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		2,017
	760	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.875%, 01/15/24 (e)		787
	151	Pioneer Energy Services Corp., 6.125%, 03/15/22		57
		Pioneer Natural Resources Co.,
	425	6.875%, 05/01/18		443
	231	7.500%, 01/15/20		244

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
		Plains All American Pipeline LP/PAA Finance Corp.,
	1,560	4.700%, 06/15/44		1,055
	1,490	4.900%, 02/15/45		1,038
	6,147	Plantronics, Inc., 5.500%, 05/31/23 (e)		6,193
	2,568	PolyOne Corp., 5.250%, 03/15/23		2,513
		Post Holdings, Inc.,
	2,200	6.000%, 12/15/22 (e)		2,184
	5,411	6.750%, 12/01/21 (e)		5,660
	18,250	7.375%, 02/15/22		19,231
	3,109	7.750%, 03/15/24 (e)		3,311
	350	8.000%, 07/15/25 (e)		376
	9,206	PPL Capital Funding, Inc., Series A, VAR, 6.700%, 03/30/67		7,089
		Prestige Brands, Inc.,
	1,725	5.375%, 12/15/21 (e)		1,682
	136	8.125%, 02/01/20		141
	1,030	Prince Mineral Holding Corp., 11.500%, 12/15/19 (e)		803
		Prudential Financial, Inc.,
	7,920	VAR, 5.200%, 03/15/44		7,692
	23,245	VAR, 5.625%, 06/15/43		23,507
	20,685	VAR, 5.875%, 09/15/42		21,693
		QEP Resources, Inc.,
	2,269	5.250%, 05/01/23		1,543
	3,625	5.375%, 10/01/22		2,465
	1,871	6.875%, 03/01/21		1,422
	2,241	Qorvo, Inc., 6.750%, 12/01/23 (e)		2,213
	1,000	Quad/Graphics, Inc., 7.000%, 05/01/22		655
	9,221	QUALCOMM, Inc., 4.800%, 05/20/45		8,209
	4,262	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		4,001
	1,255	Quintiles Transnational Corp., 4.875%, 05/15/23 (e)		1,271
		Qwest Capital Funding, Inc.,
	239	6.875%, 07/15/28		182
	2,527	7.750%, 02/15/31		2,072
	375	Qwest Corp., 7.250%, 09/15/25		416
		R.R. Donnelley & Sons Co.,
	765	7.000%, 02/15/22		717
	465	7.875%, 03/15/21		458
	1,016	Radio Systems Corp., 8.375%, 11/01/19 (e)		1,046
		Rain CII Carbon LLC/CII Carbon Corp.,
	1,770	8.000%, 12/01/18 (e)		1,469
	1,731	8.250%, 01/15/21 (e)		1,307

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Range Resources Corp.,
	4,950	4.875%, 05/15/25 (e)		4,009
	569	5.000%, 08/15/22		444
	3,029	5.000%, 03/15/23		2,363
	1,864	RCN Telecom Services LLC/RCN Capital Corp., 8.500%, 08/15/20 (e)		1,873
	119	Real Mex Restaurants, Inc., 7.000%, 03/21/16		98
	1,500	Realogy Group LLC/Realogy Co.-Issuer Corp., 5.250%, 12/01/21 (e)		1,528
		Regal Entertainment Group,
	7,884	5.750%, 03/15/22		7,933
	1,200	5.750%, 06/15/23		1,182
	315	5.750%, 02/01/25		304
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	292	4.500%, 11/01/23		234
	696	5.000%, 10/01/22		585
	5,245	5.500%, 04/15/23		4,406
	1,043	5.875%, 03/01/22		955
	1,145	6.500%, 07/15/21		1,093
	2,030	Reliance Holding USA, Inc., Reg. S, 5.400%, 02/14/22		2,227
	600	Revlon Consumer Products Corp., 5.750%, 02/15/21		585
	13,960	Reynolds American, Inc., 5.850%, 08/15/45		15,483
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	9,985	5.750%, 10/15/20		9,998
	4,750	6.875%, 02/15/21		4,916
	2,630	7.125%, 04/15/19		2,679
	1,950	8.250%, 02/15/21		1,818
	13,175	9.000%, 04/15/19		12,681
	8,371	9.875%, 08/15/19		8,183
		RHP Hotel Properties LP/RHP Finance Corp.,
	3,460	5.000%, 04/15/21		3,503
	4,063	5.000%, 04/15/23		4,048
	1,125	Rice Energy, Inc., 7.250%, 05/01/23		863
		Rite Aid Corp.,
	12,172	6.125%, 04/01/23 (e)		12,842
	910	6.750%, 06/15/21		962
	1,600	9.250%, 03/15/20		1,686
	5,500	Riverbed Technology, Inc., 8.875%, 03/01/23 (e)		5,026

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	583	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 9.500%, 06/15/19 (e)		602
	4,000	Rockies Express Pipeline LLC, 6.000%, 01/15/19 (e)		3,760
		Rose Rock Midstream LP/Rose Rock Finance Corp.,
	656	5.625%, 07/15/22		394
	1,070	5.625%, 11/15/23 (e)		578
	3,400	RSI Home Products, Inc., 6.500%, 03/15/23 (e)		3,494
	554	RSP Permian, Inc., 6.625%, 10/01/22		493
	182	Sabine Oil & Gas Corp., 9.750%, 02/15/17 (d)		5
		Sabine Pass Liquefaction LLC,
	11,944	5.625%, 04/15/23		10,481
	2,853	5.625%, 03/01/25		2,454
	3,337	5.625%, 02/01/21		3,053
	975	5.750%, 05/15/24		856
	3,513	6.250%, 03/15/22		3,236
		Sabre GLBL, Inc.,
	2,542	5.250%, 11/15/23 (e)		2,517
	8,087	5.375%, 04/15/23 (e)		8,127
		Sally Holdings LLC/Sally Capital, Inc.,
	500	5.500%, 11/01/23		513
	2,433	5.625%, 12/01/25		2,512
	5,495	5.750%, 06/01/22		5,735
	3,100	Sanchez Energy Corp., 6.125%, 01/15/23		1,240
	2,791	SBA Communications Corp., 4.875%, 07/15/22		2,791
	3,246	SBA Telecommunications, Inc., 5.750%, 07/15/20		3,368
		Scientific Games International, Inc.,
	3,170	7.000%, 01/01/22 (e)		2,980
	4,535	10.000%, 12/01/22		3,152
	6,908	Scotts Miracle-Gro Co. (The), 6.000%, 10/15/23 (e)		7,219
		Sealed Air Corp.,
	1,400	4.875%, 12/01/22 (e)		1,410
	1,750	5.125%, 12/01/24 (e)		1,750
	1,233	5.250%, 04/01/23 (e)		1,248
	600	6.500%, 12/01/20 (e)		662
	3,905	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		3,915
	15,492	Serta Simmons Bedding LLC, 8.125%, 10/01/20 (e)		15,879

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Service Corp. International,
	3,041	5.375%, 01/15/22		3,163
	7,080	5.375%, 05/15/24		7,487
	2,735	7.500%, 04/01/27		3,138
	700	7.625%, 10/01/18		784
	1,240	8.000%, 11/15/21		1,457
	850	SESI LLC, 7.125%, 12/15/21		604
	408	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/19 (e)		428
	2,994	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		3,121
	910	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 05/01/22 (e)		755
		Sinclair Television Group, Inc.,
	7,729	5.375%, 04/01/21		7,758
	4,490	5.625%, 08/01/24 (e)		4,367
	4,230	6.125%, 10/01/22		4,346
		Sirius XM Radio, Inc.,
	2,530	4.625%, 05/15/23 (e)		2,480
	6,255	5.375%, 04/15/25 (e)		6,286
	7,245	5.750%, 08/01/21 (e)		7,518
	7,895	6.000%, 07/15/24 (e)		8,270
	2,230	Six Flags Entertainment Corp., 5.250%, 01/15/21 (e)		2,271
		SM Energy Co.,
	1,760	5.000%, 01/15/24		946
	1,354	5.625%, 06/01/25		724
	3,617	6.500%, 11/15/21		2,106
	2,600	6.500%, 01/01/23		1,502
		Smithfield Foods, Inc.,
	2,625	5.250%, 08/01/18 (e)		2,677
	5,530	5.875%, 08/01/21 (e)		5,613
	4,075	6.625%, 08/15/22		4,284
	3,800	Southern Copper Corp., 5.875%, 04/23/45		2,890
		Southern Power Co.,
	1,380	5.150%, 09/15/41		1,269
	1,534	5.250%, 07/15/43		1,444
		Spectrum Brands, Inc.,
	5,538	5.750%, 07/15/25 (e)		5,677
	2,159	6.125%, 12/15/24 (e)		2,245
	2,200	6.375%, 11/15/20		2,321
	4,135	6.625%, 11/15/22		4,404
	1,075	Speedway Motorsports, Inc., 5.125%, 02/01/23		1,072

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
		Sprint Capital Corp.,
	3,886	6.875%, 11/15/28		2,560
	1,336	6.900%, 05/01/19		1,069
	16,490	8.750%, 03/15/32		11,625
		Sprint Communications, Inc.,
	2,351	6.000%, 12/01/16		2,333
	2,727	6.000%, 11/15/22		1,834
	8,626	7.000%, 03/01/20 (e)		8,281
	6,825	7.000%, 08/15/20		5,016
	17,095	9.000%, 11/15/18 (e)		17,437
	734	9.125%, 03/01/17		730
	305	11.500%, 11/15/21		256
		Sprint Corp.,
	1,188	7.125%, 06/15/24		802
	16,448	7.250%, 09/15/21		11,843
	17,053	7.625%, 02/15/25		11,649
	30,106	7.875%, 09/15/23		21,450
	1,560	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23 (e)		1,615
	1,835	Station Casinos LLC, 7.500%, 03/01/21		1,890
		Steel Dynamics, Inc.,
	1,125	5.125%, 10/01/21		1,049
	625	5.250%, 04/15/23		567
	2,600	5.500%, 10/01/24		2,347
	1,935	6.375%, 08/15/22		1,872
	1,945	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		1,860
	1,623	Stone Energy Corp., 7.500%, 11/15/22		430
		Suburban Propane Partners LP/Suburban Energy Finance Corp.,
	650	5.500%, 06/01/24		541
	114	7.375%, 08/01/21		112
	5,683	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 07/15/23		5,484
		Summit Midstream Holdings LLC/Summit Midstream Finance Corp.,
	510	5.500%, 08/15/22		321
	391	7.500%, 07/01/21		285
		Sunoco Logistics Partners Operations LP,
	5,150	5.300%, 04/01/44		3,639
	4,450	5.350%, 05/15/45		3,102
		Sunoco LP/Sunoco Finance Corp.,
	1,638	5.500%, 08/01/20 (e)		1,536
	2,320	6.375%, 04/01/23 (e)		2,140

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	7,575	SUPERVALU, Inc., 7.750%, 11/15/22		6,439
		Talen Energy Supply LLC,
	878	4.625%, 07/15/19 (e)		671
	2,351	6.500%, 06/01/25		1,599
	1,005	Talos Production LLC/Talos Production Finance, Inc., 9.750%, 02/15/18 (e)		352
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	850	5.250%, 05/01/23		659
	1,500	6.375%, 08/01/22		1,245
	2,750	6.750%, 03/15/24 (e)		2,269
	655	6.875%, 02/01/21		566
		Taylor Morrison Communities, Inc./Monarch Communities, Inc.,
	185	5.625%, 03/01/24 (e)		168
	1,795	5.875%, 04/15/23 (e)		1,678
	1,665	Team Health, Inc., 7.250%, 12/15/23 (e)		1,740
		TEGNA, Inc.,
	1,415	4.875%, 09/15/21 (e)		1,422
	384	5.125%, 07/15/20		397
	2,010	5.500%, 09/15/24 (e)		2,020
	6,355	6.375%, 10/15/23		6,705
	875	Teleflex, Inc., 5.250%, 06/15/24		875
		Tempur Sealy International, Inc.,
	2,485	5.625%, 10/15/23 (e)		2,535
	4,425	6.875%, 12/15/20		4,657
		Tenet Healthcare Corp.,
	3,935	4.375%, 10/01/21		3,881
	2,321	4.500%, 04/01/21		2,275
	13,750	4.750%, 06/01/20		13,853
	1,134	5.000%, 03/01/19		1,069
	2,995	5.500%, 03/01/19		2,853
	4,629	6.000%, 10/01/20		4,895
	510	6.250%, 11/01/18		539
	6,790	6.750%, 02/01/20		6,518
	5,495	6.750%, 06/15/23		5,083
	10,318	8.000%, 08/01/20		10,344
	16,005	8.125%, 04/01/22		16,045
	1,022	Tenneco, Inc., 5.375%, 12/15/24		1,035
		Terex Corp.,
	9,835	6.000%, 05/15/21		8,852
	2,200	6.500%, 04/01/20		2,101
	1,402	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		1,094

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
		TerraForm Power Operating LLC,
	3,741	5.875%, 02/01/23 (e)		2,983
	4,273	6.125%, 06/15/25 (e)		3,301
	480	Tesoro Corp., 5.125%, 04/01/24		451
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	893	5.500%, 10/15/19 (e)		829
	5,079	5.875%, 10/01/20		4,724
	4,975	6.125%, 10/15/21		4,502
	3,557	6.250%, 10/15/22 (e)		3,237
	2,654	Time Warner Cable, Inc., 7.300%, 07/01/38		2,820
	10,590	Time Warner, Inc., 4.850%, 07/15/45		9,546
	5,200	Time, Inc., 5.750%, 04/15/22 (e)		4,563
		T-Mobile USA, Inc.,
	595	5.250%, 09/01/18		607
	2,880	6.000%, 03/01/23		2,896
	1,715	6.125%, 01/15/22		1,745
	1,296	6.250%, 04/01/21		1,319
	2,355	6.375%, 03/01/25		2,361
	1,360	6.500%, 01/15/24		1,373
	6,195	6.500%, 01/15/26		6,195
	1,571	6.625%, 11/15/20		1,616
	4,187	6.625%, 04/01/23		4,281
	14,994	6.633%, 04/28/21		15,500
	14,260	6.731%, 04/28/22		14,634
	4,532	6.836%, 04/28/23		4,668
		Toll Brothers Finance Corp.,
	1,970	4.875%, 11/15/25		1,931
	70	5.625%, 01/15/24		71
	1,995	Tops Holding LLC/Tops Markets II Corp., 8.000%, 06/15/22 (e)		1,895
	1,320	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 02/01/26 (e)		1,376
		TransDigm, Inc.,
	1,000	5.500%, 10/15/20		975
	3,211	6.000%, 07/15/22		3,147
	3,800	6.500%, 07/15/24		3,715
	3,215	6.500%, 05/15/25 (e)		3,090
	1,380	TreeHouse Foods, Inc., 6.000%, 02/15/24 (e)		1,420
	2,560	Tribune Media Co., 5.875%, 07/15/22 (e)		2,554
		Triumph Group, Inc.,
	4,545	4.875%, 04/01/21		3,613
	1,686	5.250%, 06/01/22		1,355

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Tronox Finance LLC,
	158	6.375%, 08/15/20		98
	3,760	7.500%, 03/15/22 (e)		2,265
	3,219	Tutor Perini Corp., 7.625%, 11/01/18		3,219
	3,163	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		3,186
	1,240	U.S. Concrete, Inc., 8.500%, 12/01/18		1,283
	563	UAL 2007-1 Pass-Through Trust, Series 071A, 6.636%, 07/02/22		595
	2,950	UCI International, Inc., 8.625%, 02/15/19		826
	2,133	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		1,706
	4,880	Unit Corp., 6.625%, 05/15/21		3,172
		United Rentals North America, Inc.,
	1,498	4.625%, 07/15/23		1,453
	3,281	5.500%, 07/15/25		2,928
	2,520	5.750%, 11/15/24		2,325
	6,478	6.125%, 06/15/23		6,235
	435	7.375%, 05/15/20		448
	10,777	7.625%, 04/15/22		11,087
	3,115	8.250%, 02/01/21		3,247
	2,915	Univar USA, Inc., 6.750%, 07/15/23 (e)		2,580
		Universal Health Services, Inc.,
	288	3.750%, 08/01/19 (e)		294
	420	4.750%, 08/01/22 (e)		420
		Univision Communications, Inc.,
	5,175	5.125%, 05/15/23 (e)		5,020
	5,830	5.125%, 02/15/25 (e)		5,524
	5,253	6.750%, 09/15/22 (e)		5,411
	750	8.500%, 05/15/21 (e)		744
	112	Upstate New York Power Producers, Inc., 20.000% (PIK), 06/15/17 (e) (v)		215
	4,131	USI, Inc., 7.750%, 01/15/21 (e)		3,708
		VeriSign, Inc.,
	1,800	4.625%, 05/01/23		1,764
	418	5.250%, 04/01/25		413
		Verizon Communications, Inc.,
	7,030	4.522%, 09/15/48		6,159
	11,945	4.862%, 08/21/46		11,078
	1,130	Viacom, Inc., 4.375%, 03/15/43		781
	1,300	Vista Outdoor, Inc., 5.875%, 10/01/23 (e)		1,323
	13,110	Voya Financial, Inc., VAR, 5.650%, 05/15/53		12,717
		Vulcan Materials Co.,
	3,160	4.500%, 04/01/25		3,136

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	5,080	7.500%, 06/15/21		5,852
	1,567	W&T Offshore, Inc., 8.500%, 06/15/19		415
		W.R. Grace & Co.-Conn,
	938	5.125%, 10/01/21 (e)		943
	312	5.625%, 10/01/24 (e)		310
	9,315	Walgreens Boots Alliance, Inc., 4.800%, 11/18/44		8,248
	1,740	WCI Communities, Inc., 6.875%, 08/15/21		1,775
	433	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		444
	2,316	West Corp., 5.375%, 07/15/22 (e)		1,951
	1,071	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 02/15/23		975
	353	Western Refining, Inc., 6.250%, 04/01/21		321
		Whiting Petroleum Corp.,
	2,601	5.000%, 03/15/19		1,689
	7,600	5.750%, 03/15/21		4,769
	1,725	6.250%, 04/01/23		1,078
	3,720	Williams Partners LP, 5.100%, 09/15/45		2,410
		Williams Partners LP/ACMP Finance Corp.,
	6,415	4.875%, 05/15/23		4,874
	7,443	6.125%, 07/15/22		6,069
		Windstream Services LLC,
	2,520	6.375%, 08/01/23		1,821
	4,029	7.500%, 06/01/22		3,102
	7,726	7.500%, 04/01/23		5,930
	3,000	7.750%, 10/15/20		2,482
	19,767	7.750%, 10/01/21		15,418
	1,155	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		967
		WMG Acquisition Corp.,
	4,100	5.625%, 04/15/22 (e)		3,977
	4,915	6.000%, 01/15/21 (e)		5,001
	3,408	6.750%, 04/15/22 (e)		2,999
		WPX Energy, Inc.,
	2,158	5.250%, 09/15/24		1,176
	5,930	6.000%, 01/15/22		3,440
	800	8.250%, 08/01/23		512
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	1,835	5.375%, 03/15/22		1,757
	11,420	5.500%, 03/01/25 (e)		10,014
	4,900	XPO Logistics, Inc., 6.500%, 06/15/22 (e)		4,385
	900	Yum! Brands, Inc., 3.750%, 11/01/21		816

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Zayo Group LLC/Zayo Capital, Inc.,
	12,940	6.000%, 04/01/23		12,649
	1,014	10.125%, 07/01/20		1,090
	12,185	Zebra Technologies Corp., 7.250%, 10/15/22		12,672
		ZF North America Capital, Inc.,
	2,586	4.000%, 04/29/20 (e)		2,581
	9,705	4.500%, 04/29/22 (e)		9,353
	7,288	4.750%, 04/29/25 (e)		6,833
				3,393,263
		Venezuela — 0.1%
		Petroleos de Venezuela S.A.,
	15,330	Reg. S, 5.375%, 04/12/27		4,466
	500	Reg. S, 6.000%, 11/15/26		147
	22,736	Petróleos de Venezuela S.A., Reg. S, 6.000%, 11/15/26		6,682
				11,295
		Total Corporate Bonds (Cost $4,576,140)		4,183,374
	Foreign Government Securities — 3.3%
		Angola — 0.0% (g)
	1,640	Republic of Angola, 9.500%, 11/12/25 (e)		1,361
		Argentina — 0.1%
		Provincia de Buenos Aires,
	2,332	Reg. S, 9.625%, 04/18/28		2,376
	2,300	Reg. S, 9.950%, 06/09/21		2,363
	5,399	Reg. S, 10.875%, 01/26/21		5,696
				10,435
		Aruba — 0.0% (g)
	2,220	Government of Aruba, 4.625%, 09/14/23 (e)		2,176
		Belarus — 0.0% (g)
	4,800	Republic of Belarus, 8.950%, 01/26/18		4,932
		Brazil — 0.2%
	10,805	Citigroup, Inc., CLN, Reg. S, 0.000%, 01/03/17 (linked to Federative Republic of Brazil, 0.000%, 01/01/17; credit rating BBB)		4,671
		Federative Republic of Brazil,
	5,740	4.250%, 01/07/25		4,801
	4,750	4.875%, 01/22/21		4,501
	7,912	5.000%, 01/27/45		5,499

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Brazil –– continued
	3,520	7.125%, 01/20/37		3,194
				22,666
		Costa Rica — 0.1%
	1,370	Instituto Costarricense de Electricidad, Reg. S, 6.950%, 11/10/21		1,344
		Republic of Costa Rica,
	3,370	7.158%, 03/12/45 (e)		2,831
	6,790	Reg. S, 9.995%, 08/01/20		8,012
				12,187
		Croatia — 0.1%
		Republic of Croatia,
	5,990	Reg. S, 6.000%, 01/26/24		6,423
	4,690	Reg. S, 6.750%, 11/05/19		5,091
				11,514
		Dominican Republic — 0.1%
		Government of Dominican Republic,
	1,290	6.875%, 01/29/26 (e)		1,308
	2,105	7.450%, 04/30/44 (e)		2,031
	6,179	9.040%, 01/23/18 (e)		6,527
	5,340	Reg. S, 7.500%, 05/06/21		5,634
				15,500
		Ecuador — 0.0% (g)
		Republic of Ecuador,
	2,850	10.500%, 03/24/20 (e)		2,109
		El Salvador — 0.1%
		Republic of El Salvador,
	9,190	Reg. S, 7.750%, 01/24/23		8,581
		Ethiopia — 0.0% (g)
	2,200	Federal Democratic Republic of Ethiopia, 6.625%, 12/11/24 (e)		1,889
		Ghana — 0.1%
	6,350	Republic of Ghana, 10.750%, 10/14/30 (e)		5,961
		Honduras — 0.0% (g)
		Republic of Honduras,
	5,230	Reg. S, 8.750%, 12/16/20		5,648
		Hungary — 0.3%
		Republic of Hungary,
	10,630	5.375%, 03/25/24		11,706
	6,340	5.750%, 11/22/23		7,109
	4,564	6.375%, 03/29/21		5,169
	9,352	7.625%, 03/29/41		12,718
				36,702

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Indonesia — 0.2%
		Republic of Indonesia,
	5,350	5.875%, 01/15/24 (e)		5,818
	5,700	6.750%, 01/15/44 (e)		6,234
	9,142	Reg. S, 11.625%, 03/04/19		11,485
				23,537
		Iraq — 0.1%
	15,935	Republic of Iraq, Reg. S, 5.800%, 01/15/28		9,959
		Ivory Coast — 0.0% (g)
	3,220	Republic of Ivory Coast, 6.375%, 03/03/28 (e)		2,830
		Jamaica — 0.1%
		Government of Jamaica,
	1,250	7.875%, 07/28/45		1,200
	5,440	8.000%, 06/24/19		5,814
				7,014
		Kenya — 0.0% (g)
	750	Citigroup, Inc., CLN, 0.000%, 11/15/32 (linked to Republic of Kenya 20-Year Bond, 12.000%, 11/01/32; credit rating B)		567
	2,420	Republic of Kenya, Reg. S, 6.875%, 06/24/24		2,151
				2,718
		Lebanon — 0.1%
		Republic of Lebanon,
	2,300	4.500%, 04/22/16		2,292
	4,500	6.600%, 11/27/26		4,348
	5,050	Reg. S, 8.250%, 04/12/21		5,421
				12,061
		Mexico — 0.1%
	6,550	United Mexican States, 4.600%, 01/23/46		5,797
		Morocco — 0.0% (g)
		Kingdom of Morocco,
	2,250	Reg. S, 4.250%, 12/11/22		2,250
	2,250	Reg. S, 5.500%, 12/11/42		2,160
				4,410
		Netherlands — 0.0% (g)
	1,594	Republic of Angola Via Northern Lights III BV, Reg. S, 7.000%, 08/16/19		1,488
		Pakistan — 0.1%
	4,150	Pakistan Government International Bond, Reg. S, 6.750%, 12/03/19		4,171

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Pakistan –– continued
		Republic of Pakistan,
	4,620	8.250%, 04/15/24 (e)		4,657
	1,004	Reg. S, 6.875%, 06/01/17		1,027
				9,855
		Panama — 0.1%
		Republic of Panama,
	3,250	3.750%, 03/16/25		3,201
	2,450	4.300%, 04/29/53		2,089
	2,150	6.700%, 01/26/36		2,569
				7,859
		Peru — 0.0% (g)
		Republic of Peru,
	1,900	5.625%, 11/18/50		1,957
	1,500	6.550%, 03/14/37		1,733
				3,690
		Philippines — 0.1%
		Republic of the Philippines,
	1,760	5.500%, 03/30/26		2,138
	7,080	10.625%, 03/16/25		11,346
				13,484
		Poland — 0.0% (g)
	3,450	Republic of Poland, 5.000%, 03/23/22		3,812
		Portugal — 0.0% (g)
	EUR 1,150	Republic of Portugal, 5.250%, 09/28/17		1,310
		Romania — 0.2%
		Republic of Romania,
	6,180	6.750%, 02/07/22 (e)		7,247
	10,110	Reg. S, 6.125%, 01/22/44		11,920
				19,167
		Russia — 0.2%
		Russian Federation,
	2,400	Reg. S, 3.500%, 01/16/19		2,399
	6,200	Reg. S, 4.875%, 09/16/23		6,309
	6,000	Reg. S, 5.875%, 09/16/43		5,805
	6,390	Reg. S, 12.750%, 06/24/28		10,152
	3,237	Reg. S, SUB, 7.500%, 03/31/30		3,884
				28,549
		Serbia — 0.1%
	9,980	Republic of Serbia, Reg. S, 7.250%, 09/28/21		11,198
		Slovenia — 0.1%
		Republic of Slovenia,
	2,270	Reg. S, 5.250%, 02/18/24		2,528

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Slovenia — continued
	4,020	Reg. S, 5.850%, 05/10/23		4,592
				7,120
		South Africa — 0.1%
		Republic of South Africa,
	2,000	5.875%, 05/30/22		2,110
	5,334	5.875%, 09/16/25		5,566
	2,000	South Africa Government International Bond, 5.875%, 05/30/22		2,110
				9,786
		Sri Lanka — 0.1%
		Republic of Sri Lanka,
	3,350	Reg. S, 5.875%, 07/25/22		3,024
	4,090	Reg. S, 6.250%, 10/04/20		3,916
				6,940
		Turkey — 0.3%
		Republic of Turkey,
	7,450	6.000%, 01/14/41		7,664
	6,810	6.250%, 09/26/22		7,484
	13,040	7.375%, 02/05/25		15,348
				30,496
		Ukraine — 0.1%
		Republic of Ukraine,
	169	7.750%, 09/01/19 (e)		160
	1,077	7.750%, 09/01/20 (e)		1,010
	978	7.750%, 09/01/21 (e)		907
	3,078	7.750%, 09/01/22 (e)		2,832
	3,078	7.750%, 09/01/23 (e)		2,812
	978	7.750%, 09/01/24 (e)		890
	978	7.750%, 09/01/25 (e)		888
	1,978	VAR, 0.000%, 05/31/40 (e)		761
				10,260
		Uruguay — 0.0% (g)
		Republic of Uruguay,
	3,060	5.100%, 06/18/50		2,639
	1,280	7.625%, 03/21/36		1,559
	1,230	8.000%, 11/18/22		1,505
				5,703
		Venezuela — 0.1%
		Republic of Venezuela,
	10,570	Reg. S, 7.650%, 04/21/25		3,488
	4,020	Reg. S, 9.000%, 05/07/23		1,367
	3,050	Venezuela Government International Bond, Reg. S, 7.650%, 04/21/25		1,006
				5,861

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Zambia — 0.0% (g)
		Republic of Zambia,
	2,090	8.500%, 04/14/24 (e)		1,484
	2,010	8.970%, 07/30/27 (e)		1,407
				2,891
		Total Foreign Government Securities (Cost $411,245)		389,456
	Loan Assignments — 0.9%
		Australia — 0.0% (g)
	2,085	FMG Resources Pty, Ltd., Term Loan B, VAR, 4.250%, 06/30/19		1,440
		Bermuda — 0.0% (g)
	835	Floatel International Ltd., Initial Term Loan, VAR, 6.000%, 06/27/20		323
		Canada — 0.0% (g)
	2,375	Concordia Healthcare Corp., Initial Dollar Term Loan, VAR, 5.250%, 10/21/21		2,268
	303	MEG Energy Corp., Incremental Term Loan, VAR, 3.750%, 03/31/20		234
				2,502
		Cayman Islands — 0.0% (g)
	660	Shelf Drilling Midco Ltd., Term Loan, VAR, 10.000%, 10/08/18		323
		Luxembourg — 0.0% (g)
	1,700	Delta 2 Lux Sarl, 2nd Lien Facility, VAR, 7.750%, 07/29/22		1,411
	997	Onex Wizard Acquisition Co. II S.C.A., Initial Dollar Term Loan, VAR, 4.250%, 03/11/22		985
				2,396
		Netherlands — 0.0% (g)
	873	NXP B.V., Tranche B Term Loan, VAR, 3.750%, 12/07/20		871
		Singapore — 0.1%
	865	Avago Technologies Ltd., 1st Lien Term Loan B, VAR, 3.750%, 05/06/21		864
	3,930	Avago Technologies Ltd., Term Loan, VAR, 4.250%, 11/10/22 ^		3,864
				4,728
		United States — 0.8%
	6,448	Albertson’s LLC, Term Loan B-5, VAR, 5.500%, 12/21/22		6,295
	183	Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		182

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,054	Altice Financing S.A., Term Loan, VAR, 5.500%, 07/02/19		1,046
	1,590	American Commercial Lines, Inc., Term Loan B, VAR, 9.750%, 11/12/20		1,391
	400	Atkore International, Inc., 1st Lien Initial Term Loan, VAR, 4.500%, 04/09/21		381
	1,276	Avaya, Inc., Term Loan B-7, VAR, 6.250%, 05/29/20		852
	1,655	Berry Plastics Corp., Term Loan F, VAR, 4.000%, 10/03/22		1,646
	1,443	Chrysler Group LLC, Term Loan B, VAR, 3.500%, 05/24/17		1,437
	3,169	Chrysler Group LLC, Tranche B Term Loan, VAR, 3.250%, 12/31/18		3,144
	2,226	Cincinnati Bell, Inc., Tranche B term Loan, VAR, 4.000%, 09/10/20		2,139
	1,592	Coeur Mining, Inc., Term Loan, VAR, 9.000%, 06/23/20		1,519
	5,820	CSC Holdings LLC, Initial Term Loan, VAR, 5.000%, 10/09/22 ^		5,804
	2,040	Dell International LLC, Term Loan B-2, VAR, 4.000%, 04/29/20		2,033
	725	Delta 2 Sarl, USD Facility B-3, VAR, 4.750%, 07/30/21		681
	1,617	Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.500%, 11/01/18		1,574
	807	Drillships Ocean Ventures, Inc., Term Loan, VAR, 5.500%, 07/25/21		314
	640	Energy Future Intermediate Holdings Co. LLC., Term Loan, VAR, 4.250%, 12/19/16		637
	178	Entercom Radio LLC, Term B-2 Loan, VAR, 4.000%, 11/23/18		177
	808	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		624
	1,510	Fieldwood Energy LLC, 2nd Lien Closing Date Loan, VAR, 8.375%, 09/30/20		243
	2,260	First Data Corp., Term Loan, VAR, 3.927%, 03/23/18		2,228
	113	Fram Group Holdings, Inc., Term Loan, VAR, 7.955%, 07/29/17		89
	855	Go Daddy Group, Inc. (The), Incinitial Term Loan, VAR, 4.250%, 05/13/21		849
	1,897	Graton Economic Development Authority, Incremental Term B Loan, VAR, 4.750%, 09/01/22 ^		1,880
	1,230	Gruden Acquisition, Inc., 2nd Lien Term Loan, VAR, 9.500%, 08/18/23		1,165
	5,407	iHeartCommunications, Inc., Term Loan D, VAR, 7.178%, 01/30/19		3,573

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States –– continued
	1,873	iHeartCommunications, Inc., Tranche E Term Loan, VAR, 7.928%, 07/30/19		1,236
	491	Intrawest Operations Group LLC, Initial Term Loan, VAR, 4.750%, 12/09/20		478
	867	inVentiv Health, Inc., Term Loan B4, VAR, 7.750%, 05/15/18		858
	2,099	J. Crew Group, Inc., Initial Loan, VAR, 4.000%, 03/05/21		1,417
	1,477	J.C. Penney Corp., Inc., Term Loan, VAR, 6.000%, 05/22/18		1,442
	3,244	Microsemi Corp., Term Loan B, VAR, 5.250%, 12/16/22 ^		3,222
	625	Navios Maritime Partners LP, Term Loan, VAR, 5.500%, 06/18/20		615
	269	OCI Beaumont LLC, Term Loan B3, VAR, 6.500%, 08/20/19		269
	1,276	Petsmart, Inc., Term Loan B, VAR, 4.250%, 03/11/22		1,235
	5,084	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.000%, 04/29/20		5,019
	1,275	Pinnacle Foods Finance LLC, 1st Lien Term Loan I, VAR, 3.750%, 01/13/23		1,275
	747	Post Holdings, Inc., Series A Incremental Term Loan, VAR, 3.750%, 06/02/21		746
	169	Quikrete Holdings, Inc., Initial Term Loan (second Lien), VAR, 7.000%, 03/26/21		167
	395	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		395
	2,125	Rite Aid Corp., 2nd Lien Tranche 2 Term Loan, VAR, 4.875%, 06/21/21		2,118
	645	Riverbed Technology, Inc., Term Loan, VAR, 6.000%, 04/25/22		638
	2,709	ROC Finance LLC, Funded Term B Loan, VAR, 5.000%, 06/20/19		2,401
	1,217	Sabine Oil & Gas LLC, 2nd Lien Term Loan, VAR, 12.000%, 12/31/18 (d)		28
	714	Scientific Games Corp., Initial Term Loan, VAR, 6.000%, 10/18/20		638
	1,597	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		1,490
	1,001	Serta Simmons Holdings LLC, 1st Lien Senior Secured Term Loan, VAR, 4.250%, 10/01/19		994
	1,017	Signode Industrial Group U.S., Inc. Initial Term B Loan, VAR, 3.750%, 05/01/21		971
	1,225	Staples, Inc., Term Loan B, VAR, 5.250%, 02/02/22 ^		1,214
	2,415	Stardust Finance Holding, Inc., Senior Lien Term Loan, VAR, 6.500%, 03/14/22		2,258

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,060	Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.000%, 04/23/19		721
	313	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		210
	1,001	Texas Competitive Electric Holdings Co. LLC, 1st Lien DIP Term Loan, VAR, 3.750%, 11/07/16 (d)		993
	16,772	Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, VAR, 4.908%, 10/10/17 (d)		5,055
	12,477	Texas Competitive Electric Holdings Co. LLC, Non-Extended Term Loan, VAR, 4.908%, 10/10/17 (d)		3,640
	767	Tribune Media Co., Term Loan B, VAR, 3.750%, 12/27/20		753
	437	Univision Communications, Inc., 2013 Incremental Term Loan, VAR, 4.000%, 03/01/20		427
	1,691	Univision Communications, Inc., Replacement 1st Lien Term Loan, VAR, 4.000%, 03/01/20		1,647
	2,950	UPC Financing Partnership, Facility AH, VAR, 3.344%, 06/30/21		2,884
	744	Veresen Midstream Ltd. Partnership, Initial Term Loan, VAR, 5.250%, 03/31/22		700
	754	Vertis, Inc., 1st Lien Term Loan, VAR, 12.000%, 12/20/15 (d)		—	(h)
				90,057
		Total Loan Assignments (Cost 125,247)		102,640
	Preferred Securities — 6.9% (x)
		Belgium — 0.1%
EUR	12,925	KBC Groep N.V., VAR, 5.625%, 03/19/19		13,827
		Denmark — 0.1%
EUR	4,071	Danske Bank A/S, VAR, 5.750%, 04/06/20		4,366
		France — 0.3%
	6,810	BNP Paribas S.A., VAR, 7.375%, 08/19/25 (e)		6,682
		Credit Agricole S.A.,
EUR	1,235	Reg. S, VAR, 6.500%, 06/23/21		1,325
	14,645	VAR, 6.625%, 09/23/19 (e)		13,780
	4,435	VAR, 8.125%, 12/23/25 (e)		4,431
		Electricite de France S.A.,
	4,600	VAR, 5.250%, 01/29/23 (e)		4,123
	5,270	VAR, 5.625%, 01/22/24 (e)		4,764
GBP	2,000	Orange S.A., Reg. S, VAR, 5.875%, 02/07/22		2,786
				37,891

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Preferred Securities — continued
		Netherlands — 0.1%
EUR	5,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, VAR, 5.500%, 06/29/20		5,329
GBP	4,400	Telefonica Europe B.V., Reg. S, VAR, 6.750%, 11/26/20		6,207
				11,536
		Spain — 0.2%
		Banco Bilbao Vizcaya Argentaria S.A.,
EUR	10,000	Reg. S, VAR, 7.000%, 02/19/19		10,192
EUR	5,000	VAR, 6.750%, 02/18/20		5,050
	2,000	VAR, 9.000%, 05/09/18		2,090
				17,332
		Sweden — 0.1%
	5,000	Skandinaviska Enskilda Banken AB, VAR, 5.750%, 05/13/20		4,756
	5,000	Svenska Handelsbanken AB, VAR, 5.250%, 03/01/21		4,737
	5,000	Swedbank AB, VAR, 5.500%, 03/17/20		4,862
				14,355
		Switzerland — 0.2%
		Credit Suisse Group AG,
	6,385	VAR, 6.250%, 12/18/24 (e)		6,233
	15,111	VAR, 7.500%, 12/11/23 (e)		15,512
	5,000	UBS Group AG, VAR, 7.000%, 02/19/25		5,194
				26,939
		United Kingdom — 0.4%
		HSBC Holdings plc,
	14,540	VAR, 6.375%, 09/17/24		13,958
	7,675	VAR, 6.375%, 03/30/25		7,396
		Lloyds Banking Group plc,
	16,958	VAR, 7.500%, 06/27/24		17,552
GBP	6,909	Nationwide Building Society, VAR, 6.875%, 06/20/19		9,573
				48,479
		United States — 5.4%
		American Express Co.,
	11,620	VAR, 5.200%, 11/15/19		11,068
	17,060	Series C, VAR, 4.900%, 03/15/20		15,908
		Bank of America Corp.,
	15,338	Series AA, VAR, 6.100%, 03/17/25		15,594
	19,619	Series K, VAR, 8.000%, 01/30/18		19,809
	1,315	Series M, VAR, 8.125%, 05/15/18		1,334
	12,355	Series U, VAR, 5.200%, 06/01/23		11,552

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	41,030	Series V, VAR, 5.125%, 06/17/19		38,876
	11,220	Series X, VAR, 6.250%, 09/05/24		11,220
	16,930	Series Z, VAR, 6.500%, 10/23/24		17,686
		Bank of New York Mellon Corp. (The),
	12,235	Series D, VAR, 4.500%, 06/20/23		11,074
	20,375	Series E, VAR, 4.950%, 06/20/20		20,102
	21,570	Capital One Financial Corp., Series E, VAR, 5.550%, 06/01/20		21,449
		Citigroup, Inc.,
	18,431	VAR, 5.950%, 01/30/23		17,970
	22,455	Series D, VAR, 5.350%, 05/15/23		21,136
	10,670	Series M, VAR, 6.300%, 05/15/24		10,350
	21,330	Series N, VAR, 5.800%, 11/15/19		20,743
	12,795	Series O, VAR, 5.875%, 03/27/20		12,427
	21,650	Series P, VAR, 5.950%, 05/15/25		21,007
	5,040	Series Q, VAR, 5.950%, 08/15/20		4,952
	8,065	Series R, VAR, 6.125%, 11/15/20		8,113
		Fifth Third Bancorp,
	17,625	VAR, 5.100%, 06/30/23		15,808
	6,175	Series J, VAR, 4.900%, 09/30/19		5,588
	58,839	General Electric Co., Series D, VAR, 5.000%, 01/21/21		60,457
		Goldman Sachs Group, Inc. (The),
	25,078	Series L, VAR, 5.700%, 05/10/19		24,733
	21,703	Series M, VAR, 5.375%, 05/10/20		21,188
	17,944	MetLife, Inc., Series C, VAR, 5.250%, 06/15/20		17,529
		Morgan Stanley,
	26,970	Series H, VAR, 5.450%, 07/15/19		26,026
	13,055	Series J, VAR, 5.550%, 07/15/20		12,916
		PNC Financial Services Group, Inc. (The),
	9,588	VAR, 6.750%, 08/01/21		10,281
	12,415	Series R, VAR, 4.850%, 06/01/23		11,577
	13,910	State Street Corp., Series F, VAR, 5.250%, 09/15/20		13,979
	12,540	SunTrust Banks, Inc., VAR, 5.625%, 12/15/19		12,462
	12,045	U.S. Bancorp, Series I, VAR, 5.125%, 01/15/21		12,136
		Wachovia Capital Trust III,
	11,565	VAR, 5.570%, 03/03/16		11,045
		Wells Fargo & Co.,
	12,480	Series K, VAR, 7.980%, 03/15/18		13,042
	27,592	Series S, VAR, 5.900%, 06/15/24		27,833
	16,775	Series U, VAR, 5.875%, 06/15/25		17,683
				626,653
		Total Preferred Securities (Cost $821,196)		801,378

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Preferred Stocks — 1.8%
		Bermuda — 0.0% (g)
	12	Bunge Ltd., 4.875% ($100 par value) @		1,037
		Brazil — 0.0% (g)
	150	Banco Bradesco S.A. (Preference Shares)		680
		Cayman Islands — 0.1%
	3	XLIT Ltd., Series D, VAR, 3.742%, 02/01/16 ($1,000 par value) @		2,649
	3,924	XLIT Ltd., Series E, VAR, 6.500%, 04/15/17 ($100 par value) @		2,847
				5,496
		Ireland — 0.1%
	7	Allergan plc, Series A, 5.500%, 03/01/18 ($1,000 par value)		6,396
		Israel — 0.0% (g)
	5	Teva Pharmaceutical Industries Ltd., 7.000%, 12/15/18 ($1,000 par value)		5,120
		Russia — 0.0% (g)
	1,495	Surgutneftegas OAO ($1 par value)		912
		United States — 1.6%
	19	Alcoa, Inc., Series 1, 5.375%, 10/01/17 ($50 par value)		489
	256	Allstate Corp. (The), Series C, 6.750%, 10/15/18 ($25 par value) @		7,148
	97	Allstate Corp. (The), Series E, 6.625%, 04/15/19 ($25 par value) @		2,665
	23	American Tower Corp., 5.500%, 02/15/18 ($100 par value)		2,290
	10	American Tower Corp., Series A, 5.250%, 05/15/17 ($100 par value)		946
	46	Anthem, Inc., 5.250%, 05/01/18 ($50 par value)		2,025
	4	Bank of America Corp., Series L, 7.250% ($1,000 par value) @		4,570
	508	BB&T Corp., Series F, 5.200%, 11/01/17 ($25 par value) @		12,828
	52	BB&T Corp., Series G, 5.200%, 06/01/18 ($25 par value) @		1,316
	117	Boston Properties, Inc., 5.250%, 03/27/18 ($25 par value) @		3,013

SHARES		SECURITY DESCRIPTION	VALUE
		United States –– continued
	85	Capital One Financial Corp., Series B, 6.000%, 09/01/17 ($25 par value) @		2,203
	365	Capital One Financial Corp., Series D, 6.700%, 12/01/19 ($25 par value) @		9,935
	—  (h)	Constar International, Inc., Class A		—
	16	Crown Castle International Corp., Series A, 4.500%, 11/01/16 ($100 par value)		1,646
	307	Discover Financial Services, Series B, 6.500%, 12/01/17 ($25 par value) @		7,954
	42	Dominion Resources, Inc., 6.375%, 07/01/17 ($50 par value)		2,082
	19	Dominion Resources, Inc., Series B, 6.000%, 07/01/16 ($50 par value)		1,057
	290	Duke Energy Corp., 5.125%, 01/15/73 ($25 par value)		7,464
	34	Exelon Corp., 6.500%, 06/01/17 ($50 par value)		1,454
	28	Frontier Communications Corp., Series A, 11.125%, 06/29/18 ($100 par value)		2,491
	12	GMAC Capital Trust I, Series 2, VAR, 8.125%, 02/15/40 ($25 par value)		305
	675	Goldman Sachs Group, Inc. (The), Series J, VAR, 5.500%, 05/10/23 ($25 par value) @		16,842
	430	Goldman Sachs Group, Inc. (The), Series K, VAR, 6.375%, 05/10/24 ($25 par value) @		11,692
	65	Hartford Financial Services Group, Inc. (The), VAR, 7.875%, 04/15/42 ($25 par value)		2,002
	400	Morgan Stanley, Series E, VAR, 7.125%, 10/15/23 ($25 par value) @		11,372
	300	Morgan Stanley, Series F, VAR, 6.875%, 01/15/24 ($25 par value) @		8,412
	500	Morgan Stanley, Series I, VAR, 6.375%, 10/15/24 ($25 par value) @		12,995
	48	NextEra Energy, Inc., 5.799%, 09/01/16 ($50 par value)		2,743
	1	Pitney Bowes International Holdings, Inc., Series F, 6.125%, 10/30/16 ($1,000 par value) (e) @		1,036
	274	SCE Trust II, 5.100%, 03/15/18 ($25 par value) @		6,838
	56	Southwestern Energy Co., Series B, 6.250%, 01/15/18 ($50 par value)		1,133
	8	Stanley Black & Decker, Inc., 6.250%, 11/17/16 ($100 par value)		900
	575	State Street Corp., 6.000%, 12/15/19 ($25 par value) @		15,140

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Preferred Stocks — continued
			United States –– continued
	301		State Street Corp., Series D, VAR, 5.900%, 03/15/24 ($25 par value) @		8,102
	10		Stericycle, Inc., 5.250%, 09/15/18 ($100 par value)		886
	33		T-Mobile US, Inc., 5.500%, 12/15/17 ($50 par value)		2,262
	50		Tyson Foods, Inc., 4.750%, 07/15/17 ($50 par value)		3,020
	42		Vornado Realty Trust, Series G, 6.625%, 11/30/15 ($25 par value) @		1,089
	5		Wells Fargo & Co., Series L, 7.500% ($1,000 par value) @		6,297
	30		Welltower, Inc., Series I, 6.500% ($50 par value) @		1,686
	25		Weyerhaeuser Co., Series A, 6.375%, 07/01/16 ($50 par value)		1,127
					189,455
			Total Preferred Stocks (Cost $205,005)		209,096
NUMBER OF WARRANTS
	Warrants — 0.0% (g)
			United States — 0.0%
	1		Gener8 Maritime, Inc., expiring 05/17/17 (Strike Price $42.50) (a)		—	(h)
	1		Nebraska Book Co., Inc., expiring 06/29/19 (Strike Price $22.32) (a)		—
	—	(h)	Nebraska Book Holdings, Inc., expiring 06/29/19 (Strike Price $14.88) (a)		—
			Total Warrants (Cost $–(h))		—	(h)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	U.S. Treasury Obligation — 0.3%
	38,600	U.S. Treasury Note, 0.500%, 01/31/17 (Cost $38,514) (k)		38,543
	Short-Term Investments — 2.6%
		Investment Company — 2.1%
	249,594	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l)		249,594
		Time Deposits — 0.5%
	52,800	Credit Agricole, 0.350%, 02/01/16		52,800
		Total Short-Term Investments (Cost $302,394)		302,394
		Total Investments — 99.0% (Cost $11,822,123)		11,550,136
		Other Assets in Excess of Liabilities — 1.0% (c)		114,606
		NET ASSETS — 100.0%	$	11,664,742

Percentages indicated are based on net assets.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		8.9	%
Real Estate Investment Trusts (REITs)		8.5
Diversified Telecommunication Services		5.0
Insurance		4.7
Pharmaceuticals		4.5
Asset-Backed Securities		4.5
Oil, Gas & Consumable Fuels		4.4
Media		4.4
Non-Agency CMO		3.9
Foreign Government Securities		3.4
Capital Markets		2.7
Health Care Providers & Services		2.5
Wireless Telecommunication Services		1.9
Tobacco		1.8
Hotels, Restaurants & Leisure		1.7
Chemicals		1.6
Electric Utilities		1.6
Food Products		1.6
Semiconductors & Semiconductor Equipment		1.5
Software		1.5
Commercial Mortgage-Backed Securities		1.4
Consumer Finance		1.4
Specialty Retail		1.3
Automobiles		1.3
Diversified Financial Services		1.1
Aerospace & Defense		1.1
Food & Staples Retailing		1.1
IT Services		1.0
Others (each less than 1.0%)		17.1
Short-Term Investments		2.6

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures Contracts)

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT JANUARY 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	120	Euro STOXX 50 Index		03/18/16	EUR		3,936			55
	52	FTSE 100 Index		03/18/16	GBP		4,451			119
		Short Futures Outstanding
	(4,642)	Euro FX		03/14/16	USD		(628,904	)		4,432
	(3,908)	GBP FX		03/14/16	USD		(347,861	)		18,383
	(14,395)	5 Year U.S. Treasury Note		03/31/16	USD		(1,737,071	)		(28,504	)
										(5,515	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ADR	—	American Depositary Receipt
CLN	—	Credit-Linked Notes. The credit ratings disclosed for the underlying referenced obligations provide an indication of the likelihood or risk that the underlying sovereign issuer will default on payment of principal or interest. The credit ratings on these securities represent the rating from a nationally recognized statistical rating organization and are as of January 31, 2016. Credit ratings are generally considered to be lagging indicators, and as such, credit risk could be greater than the current ratings would indicate.
CMO	—	Collateralized Mortgage Obligation
CSMC	—	Credit Suisse Mortgage Trust
CVA	—	Dutch Certification
DIP	—	Debtor-in-possession
EUR	—	Euro
FTSE	—	Financial Times and the London Stock Exchange
GBP	—	British Pound
GDR	—	Global Depositary Receipt
GMAC	—	General Motors Acceptance Corp.
HKD	—	Hong Kong Dollar
MSCI	—	Morgan Stanley Capital International
PIK	—	Payment-in-Kind
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REIT	—	Real Estate Investment Trust
SGD	—	Singapore Dollar
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of January 31, 2016.
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of January 31, 2016.
ZAR	—	South African Rand
(a)	—	Non-income producing security.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—	Included in this amount is cash segregated as collateral for futures contracts.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%
(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, centrally cleared swaps or with brokers as initial margin for future contracts or centrally cleared swaps.
(l)	—	The rate shown is the current yield as of January 31, 2016.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed
(x)	—	Securities are perpetual and thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as of January 31, 2016.
^	—	All or a portion of the security is unsettled as of January 31, 2016. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
@	—	The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of January 31, 2016.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $2,452,866,000 and 21.2%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	502,220
Aggregate gross unrealized depreciation		(774,207	)
Net unrealized appreciation/depreciation	$	(271,987	)
Federal income tax cost of investments	$	11,822,123

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

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved 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.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

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

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

See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Fund at January 31, 2016.

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”) (amount in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	116,937	$	—	$	116,937
Belgium		—			29,559		—		29,559
Bermuda		1,502			—		—		1,502
Brazil		7,268			—		—		7,268
Canada		21,390			—		—		21,390
Chile		2,540			—		—		2,540
China		—			4,430		—		4,430
Czech Republic		—			2,816		—		2,816
Denmark		—			45,416		—		45,416
Finland		—			108,841		—		108,841
France		—			263,198		—		263,198
Germany		8,583			197,926		—		206,509
Hong Kong		—			24,958		—		24,958
Hungary		—			1,663		—		1,663
India		—			3,814		—		3,814
Indonesia		—			1,692		—		1,692
Ireland		37,394			—		—		37,394
Italy		—	(a)		82,550		—		82,550
Japan		—			189,864		—		189,864
Luxembourg		—			8,607		—		8,607

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Mexico		2,836		—		—			2,836
Netherlands		—		130,132		—			130,132
Norway		—		61,785		—			61,785
Poland		—		1,513		—			1,513
Portugal		—		20,918		—			20,918
Russia		2,479		12,848		—			15,327
Singapore		—		4,901		—			4,901
South Africa		—		14,350		—			14,350
South Korea		4,026		2,679		—			6,705
Spain		140		80,243		—			80,383
Sweden		—		50,674		—			50,674
Switzerland		9,110		145,455		—			154,565
Taiwan		3,302		31,859		—			35,161
Thailand		—		1,585		—			1,585
Turkey		—		3,224		—			3,224
United Arab Emirates		—		1,293		—			1,293
United Kingdom		—		796,406		—			796,406
United States		1,726,872		—		174			1,727,046
Total Common Stocks		1,827,442		2,442,136		174			4,269,752
Preferred Stocks
Bermuda		1,037		—		—			1,037
Brazil		680		—		—			680
Cayman Islands		—		5,496		—			5,496
Ireland		6,396		—		—			6,396
Israel		5,120		—		—			5,120
Russia		912		—		—			912
United States		188,418		1,037		—	(a)		189,455
Total Preferred Stocks		202,563		6,533		—	(a)		209,096
Debt Securities
Asset-Backed Securities
United States	$	—	$	41,609	$	479,527		$	521,136
Collateralized Mortgage Obligations
Non-Agency CMO
United States		—		445,271		3,367			448,638
Commercial Mortgage-Backed Securities
United States		—		96,347		68,985			165,332
Convertible Bonds
Belgium		—		764		—			764
Bermuda		—		582		—			582
Cayman Islands		—		8,634		—			8,634
France		—		2,034		—			2,034
Germany		—		659		—			659
Luxembourg		—		3,231		—			3,231
Malaysia		—		1,344		—			1,344
Mexico		—		338		—			338
Netherlands		—		8,694		—			8,694
Singapore		—		5,373		—			5,373
South Africa		—		733		—			733
Spain		—		8,242		—			8,242
Taiwan		—		517		—			517
United Arab Emirates		—		7,198		—			7,198
United Kingdom		—		5,756		—			5,756
United States		—		64,298		—	(a)		64,298
Total Convertible Bonds		—		118,397		—	(a)		118,397
Corporate Bonds
Argentina		—		1,736		—			1,736
Australia		—		5,920		—			5,920
Bahamas		—		—		867			867
Bermuda		—		16,326		—			16,326

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Brazil		—		5,289		—			5,289
Canada		—		190,165		—	(a)		190,165
Cayman Islands		—		16,677		—			16,677
Chile		—		5,248		—			5,248
Colombia		—		6,822		—			6,822
Croatia		—		2,584		—			2,584
Finland		—		1,986		—			1,986
France		—		29,826		—			29,826
Georgia		—		5,594		—			5,594
Germany		—		6,306		—			6,306
Hungary		—		4,202		—			4,202
Indonesia		—		13,190		—			13,190
Ireland		—		45,850		—			45,850
Israel		—		5,684		—			5,684
Italy		—		11,410		—			11,410
Japan		—		4,280		—			4,280
Kazakhstan		—		14,001		—			14,001
Liberia		—		1,470		—			1,470
Luxembourg		—		176,730		—			176,730
Mexico		—		46,588		—			46,588
Morocco		—		17,333		—			17,333
Netherlands		—		60,595		—			60,595
Peru		—		7,599		—			7,599
Singapore		—		477		—			477
Sri Lanka		—		617		—			617
United Arab Emirates		—		2,954		—			2,954
United Kingdom		—		70,490		—			70,490
United States		—		3,387,292		5,971			3,393,263
Venezuela		—		11,295		—			11,295
Total Corporate Bonds		—		4,176,536		6,838			4,183,374

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Preferred Securities
Belgium	$	—		$	13,827	$	—		$	13,827
Denmark		—			4,366		—			4,366
France		—			37,891		—			37,891
Netherlands		—			11,536		—			11,536
Spain		—			17,332		—			17,332
Sweden		—			14,355		—			14,355
Switzerland		—			26,939		—			26,939
United Kingdom		—			48,479		—			48,479
United States		—			626,653		—			626,653
Total Preferred Securities		—			801,378		—			801,378
Loan Assignments
Australia		—			1,440		—			1,440
Bermuda		—			323		—			323
Canada		—			2,502		—			2,502
Cayman Islands		—			323		—			323
Luxembourg		—			2,396		—			2,396
Netherlands		—			871		—			871
Singapore		—			4,728		—			4,728
United States		—			87,923		2,134			90,057
Total Loan Assignments		—			100,506		2,134			102,640
Foreign Government Securities		—			384,218		5,238			389,456
U.S. Treasury Obligations		—			38,543		—			38,543
Warrants
United States		—			—		—	(b)		—	(b)
Short-Term Investments
Investment Company		249,594			—		—			249,594
Time Deposits		—			52,800		—			52,800
Total Investments in Securities	$	2,279,599		$	8,704,274	$	566,263		$	11,550,136
Appreciation in Other Financial Instruments
Futures Contracts	$	22,989		$	—	$	—		$	22,989
Depreciation in Other Financial Instruments
Futures Contracts	$	(28,504	)	$	—	$	—		$	(28,504	)

(a) Value is zero.

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

There were no transfers between levels 1 and 2 during the period ended January 31, 2016.

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

JPMorgan Income Builder Fund	Balance as of October 31, 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 January 31, 2016
Asset-Backed Securities — United States	$	471,259		$	—	$	(4,330	)	$	541		$	24,111	$	(21,671	)	$	19,587	$	(9,970	)	$	479,527
Collateralized Mortgage Obligations — Non-Agency CMO — United States		3,628			—		(151	)		5			—		(115	)		—		—			3,367
Commercial Mortgage-Backed Securities — United States		62,029			—		(365	)		(2	)		4,746		(988	)		3,565		—			68,985
Common Stocks — United States		180			—		(6	)		—			—		—			—		—			174
Convertible Bonds — United States		277			117		(137	)		—			14		(271	)		—		—			—	(a)
Corporate Bonds — Bahamas		3,239			—		(2,379	)		7			—		—			—		—			867
Corporate Bonds — Canada		—	(b)		—		—			—			—		—			—		—			—	(b)
Corporate Bonds — United States		105			—		(1,257	)		(3	)		216		(5	)		6,915		—			5,971
Foreign Government Securities		5,053			—		185			—			—		—			—		—			5,238
Loan Assignment — United States		1,556			—		(36	)		—			—		(5	)		619		—			2,134
Preferred Stock — United States		—	(a)		—		—			—			—		—			—		—			—	(a)
Warrants — United States		—	(b)		—		—			—			—		—			—		—			—	(b)
Total	$	547,326		$	117	$	(8,476	)	$	548		$	29,087	$	(23,055	)	$	30,686	$	(9,970	)	$	566,263

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

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

(a) Value is zero.

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

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at January 31, 2016, which were valued using significant unobservable inputs (Level 3), amounted to approximately $ (10,287)

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

	Fair Value at January 31, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	—	Pending Sale Amount (a)	Discount for lack of marketability (b)	100.00% (100.00%)
Common Stock		—
		—	Pending Sale Amount (a)	Discount for lack of marketability (b)	100.00% (100.00%)
Preferred Stock		—
		98	Market Comparable Companies	EBITDA Multiple (c)	6.0x (6.0x)
		218	Pending Sale Amount	Discount for lack of marketability (b)	0.00%—50.00% (14.85%)
Corporate Bond		316
		479,529	Discounted Cash Flow	Constant Prepayment Rate	0.00%—11.00% (3.53%)
				Constant Default Rate	0.00%—38.00% (6.80%)
				Yield (Discount Rate of Cash Flows)	1.11%—10.36% (4.19%)
Asset-Backed Securities		479,529
		3,366	Discounted Cash Flow	Constant Prepayment Rate	4.00%—21.26% (11.95%)
				Constant Default Rate	0.00%—7.82% (2.92%)
				Yield (Discount Rate of Cash Flows)	4.06%—10.78% (6.98%)
Collateralized Mortgage Obligations		3,366
		63,814	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	4.05%—13.56% (7.08%)
Commercial Mortgage-Backed Securities		63,814
Warrants		—	Intrinsic Value	Issue Price vs. Stock Price	(N/A)
Total	$	547,025

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At January 31, 2016, the value of these investments was apprpximately $19,238,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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

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

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

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

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.1%
		Australia — 5.9%
	8,140	Aristocrat Leisure Ltd.		59,817
	1,297	Domino’s Pizza Enterprises Ltd.		55,693
	18,647	Qantas Airways Ltd. (a)		51,854
	954	Ramsay Health Care Ltd.		41,419
	4,301	TPG Telecom Ltd.		30,988
	5,945	Treasury Wine Estates Ltd.		38,693
				278,464
		Belgium — 1.1%
	1,298	Ageas		52,713
		China — 1.6%
	10,000	Shenzhou International Group Holdings Ltd.		53,621
	50,000	XTEP International Holdings Ltd.		22,408
				76,029
		Denmark — 3.7%
	675	Chr Hansen Holding A/S		41,328
	917	ISS A/S		32,419
	242	Pandora A/S		32,376
	873	Royal Unibrew A/S		36,604
	484	Vestas Wind Systems A/S		31,670
				174,397
		Finland — 1.4%
	832	Elisa OYJ		30,135
	887	Huhtamaki OYJ		31,355
	126	Tieto OYJ		3,392
				64,882
		France — 8.1%
	613	Cap Gemini S.A.		56,016
	6,983	Havas S.A.		55,642
	887	Ipsen S.A.		51,126
	731	Rubis S.C.A		54,691
	565	SEB S.A.		55,162
	512	Sopra Steria Group		55,500
	737	Thales S.A.		56,097
				384,234
		Germany — 4.7%
	850	CTS Eventim AG & Co. KGaA		31,268
	359	Fielmann AG		27,087
	141	GRENKELEASING AG		27,132
	50	Rational AG		22,423
	722	Stroeer Media SE		42,489
	614	United Internet AG		31,777
	820	Wirecard AG		41,468
				223,644

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — 1.7%
	5,500	Link REIT		31,553
	13,000	Techtronic Industries Co., Ltd.		49,325
				80,878
		Ireland — 2.8%
	285	DCC plc		22,003
	4,628	Irish Continental Group plc		25,481
	1,265	Kingspan Group plc		32,508
	347	Paddy Power plc		52,154
				132,146
		Italy — 2.3%
	8,752	OVS S.p.A. (a) (e)		53,413
	2,291	Recordati S.p.A.		56,783
				110,196
		Japan — 30.2%
	8,800	Acom Co., Ltd. (a)		39,989
	2,200	Aida Engineering Ltd.		20,047
	700	Alps Electric Co., Ltd.		13,879
	14,000	Aozora Bank Ltd.		46,893
	900	Bandai Namco Holdings, Inc.		20,475
	2,300	Casio Computer Co., Ltd.		44,627
	300	Cosmos Pharmaceutical Corp.		45,309
	2,800	Daicel Corp.		41,191
	800	Daihatsu Motor Co., Ltd.		12,489
	1,700	Don Quijote Holdings Co., Ltd.		57,570
	1,000	HIS Co., Ltd.		29,682
	1,100	Idemitsu Kosan Co., Ltd.		16,499
	2,400	Iida Group Holdings Co., Ltd.		42,785
	1,500	Japan Exchange Group, Inc.		21,325
	7,000	Kajima Corp.		39,597
	8,000	Kobe Steel Ltd.		7,774
	500	Kose Corp.		46,475
	1,900	M3, Inc.		43,577
	300	MEIJI Holdings Co., Ltd.		25,181
	3,100	Mitsubishi Chemical Holdings Corp.		17,289
	11,000	Mitsui Chemicals, Inc.		48,155
	3,700	Nexon Co., Ltd.		60,056
	4,000	Next Co., Ltd.		41,843
	800	NSK Ltd.		8,291
	5,000	Obayashi Corp.		45,107
	1,100	Otsuka Corp.		54,570
	300	Ryohin Keikaku Co., Ltd.		63,630

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	3,000	Shimadzu Corp.		46,451
	300	Shimano, Inc.		47,857
	3,000	Sumitomo Chemical Co., Ltd.		15,243
	2,900	Suruga Bank Ltd.		52,651
	600	Sysmex Corp.		38,636
	7,000	Taisei Corp.		43,565
	6,500	Takara Leben Co., Ltd.		33,418
	200	TDK Corp.		10,986
	2,600	Tokyo Electric Power Co., Inc. (a)		13,065
	1,200	TOTO Ltd.		38,946
	2,200	Toyo Tire & Rubber Co., Ltd.		47,067
	10,100	Yamada Denki Co., Ltd.		48,911
	2,100	Yamaha Motor Co., Ltd.		42,064
				1,433,165
		Luxembourg — 0.3%
	3,017	Regus plc		12,754
		Malta — 0.7%
	3,121	Unibet Group plc, SDR		35,159
		Netherlands — 2.4%
	1,147	Flow Traders (e)		57,983
	2,871	Intertrust N.V. (a) (e)		54,210
				112,193
		New Zealand — 1.4%
	24,914	Air New Zealand Ltd.		47,796
	9,930	Spark New Zealand Ltd.		21,721
				69,517
		Norway — 0.6%
	2,570	XXL ASA (e)		27,050
		Spain — 0.4%
	638	Grupo Catalana Occidente S.A.		19,584
		Sweden — 2.7%
	1,954	Fastighets AB Balder (a)		43,660
	496	Indutrade AB		26,406
	928	Intrum Justitia AB		30,750
	1,700	Pandox AB (a)		26,486
				127,302
		Switzerland — 5.9%
	86	dorma+kaba Holding AG		53,126
	31	Givaudan S.A.		58,053
	29	SGS S.A.		56,360
	215	Swiss Life Holding AG		54,805

SHARES		SECURITY DESCRIPTION	VALUE($)
		Switzerland — continued
	1,175	Temenos Group AG		57,113
				279,457
		United Kingdom — 18.6%
	660	Admiral Group plc		16,769
	5,600	Ashtead Group plc		72,242
	4,700	Barratt Developments plc		40,315
	2,484	Beazley plc		13,356
	1,117	Betfair Group plc		69,938
	6,988	Dixons Carphone plc		47,392
	1,047	easyJet plc		23,209
	1,150	Great Portland Estates plc		12,613
	919	Greggs plc		13,697
	6,500	Howden Joinery Group plc		46,558
	1,416	Inmarsat plc		22,294
	583	InterContinental Hotels Group plc		19,159
	1,623	Intermediate Capital Group plc		13,530
	20,072	ITV plc		76,733
	1,500	JD Sports Fashion plc		24,451
	2,000	London Stock Exchange Group plc		70,819
	1,000	Micro Focus International plc		19,807
	100	Next plc		9,912
	3,512	OneSavings Bank plc		15,323
	1,513	Provident Financial plc		63,641
	900	Rightmove plc		51,353
	5,036	St. James’s Place plc		68,949
	17,500	Taylor Wimpey plc		48,253
	800	WH Smith plc		21,110
				881,423
		United States — 0.6%
	600	Carnival plc		29,931
		Total Common Stocks (Cost $4,794,918)		4,605,118
	Preferred Stock — 0.8%
		Germany — 0.8%
	142	Sartorius AG (Cost $35,702)		36,419
		Total Investments — 97.9% (Cost $4,830,620)		4,641,537
		Other Assets in Excess of Liabilities — 2.1%		98,050
		NET ASSETS — 100.0%	$	4,739,587

Percentages indicated are based on net assets.

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Hotels, Restaurants & Leisure		8.1	%
Household Durables		6.0
Media		5.3
Specialty Retail		5.2
Insurance		4.9
Chemicals		4.8
IT Services		4.5
Textiles, Apparel & Luxury Goods		3.5
Software		3.0
Multiline Retail		2.8
Commercial Services & Supplies		2.8
Construction & Engineering		2.8
Capital Markets		2.7
Airlines		2.6
Diversified Financial Services		2.6
Pharmaceuticals		2.3
Diversified Telecommunication Services		2.3
Consumer Finance		2.2
Banks		2.1
Trading Companies & Distributors		2.1
Internet Software & Services		1.8
Real Estate Management & Development		1.7
Beverages		1.6
Health Care Equipment & Supplies		1.6
Building Products		1.5
Electronic Equipment, Instruments & Components		1.5
Leisure Products		1.5
Food & Staples Retailing		1.3
Professional Services		1.2
Aerospace & Defense		1.2
Gas Utilities		1.2
Automobiles		1.2
Machinery		1.1
Auto Components		1.0
Personal Products		1.0
Real Estate Investment Trusts (REITs)		1.0
Others (each less than 1.0%)		6.0

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENT:

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

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $45,69,960 and 98.5%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	58,819
Aggregate gross unrealized depreciation		(247,902	)
Net unrealized appreciation/depreciation	$	(189,083	)
Federal income tax cost of investments	$	4,830,620

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

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

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.

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.

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	278,464	$	—	$	278,464
Belgium		—		52,713		—		52,713
China		—		76,029		—		76,029
Denmark		—		174,397		—		174,397
Finland		—		64,882		—		64,882
France		—		384,234		—		384,234
Germany		—		223,644		—		223,644
Hong Kong		—		80,878		—		80,878
Ireland		25,481		106,665		—		132,146
Italy		—		110,196		—		110,196
Japan		—		1,433,165		—		1,433,165
Luxembourg		—		12,754		—		12,754
Malta		35,159		—		—		35,159
Netherlands		112,193		—		—		112,193
New Zealand		—		69,517		—		69,517
Norway		—		27,050		—		27,050
Spain		—		19,584		—		19,584
Sweden		—		127,302		—		127,302
Switzerland		—		279,457		—		279,457
United Kingdom		39,774		841,649		—		881,423
United States		—		29,931		—		29,931
Total Common Stocks		212,607		4,392,511		—		4,605,118
Preferred Stock
Germany		36,419		—		—		36,419
Total Investments in Securities	$	249,026	$	4,392,511	$	—	$	4,641,537

There were no transfers among any levels during the period ended January 31, 2016.

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.8%
		Australia — 0.8%
	1,626	BHP Billiton Ltd.		17,855
	639	BHP Billiton plc		6,200
	1,794	South32 Ltd. (a)		1,259
				25,314
		Belgium — 1.7%
	418	Anheuser-Busch InBev S.A./N.V.		52,588
		China — 2.5%
	118	Baidu, Inc., ADR (a)		19,315
	25,126	CNOOC Ltd.		25,609
	5,089	Ping An Insurance Group Co. of China Ltd., Class H		23,057
	5,737	Wynn Macau Ltd.		6,212
				74,193
		Denmark — 1.0%
	551	Novo Nordisk A/S, Class B		30,792
		France — 11.2%
	788	Accor S.A.		29,921
	1,657	AXA S.A.		40,940
	738	BNP Paribas S.A.		34,940
	253	Essilor International S.A.		31,381
	8	Hermes International		2,842
	281	Imerys S.A.		17,406
	109	Kering		18,385
	195	LVMH Moet Hennessy Louis Vuitton SE		31,419
	282	Pernod Ricard S.A.		33,031
	565	Sanofi		46,973
	654	Schneider Electric SE		34,899
	358	Technip S.A.		16,682
				338,819
		Germany — 7.2%
	273	Allianz SE		44,203
	375	Bayer AG		42,260
	207	Continental AG		43,363
	330	Fresenius Medical Care AG & Co. KGaA		29,285
	734	SAP SE		58,458
				217,569
		Hong Kong — 4.2%
	4,683	Cheung Kong Property Holdings Ltd.		25,384
	6,900	China Overseas Land & Investment Ltd.		20,159
	3,486	CK Hutchison Holdings Ltd.		43,550
	6,606	Hang Lung Properties Ltd.		12,186
	6,920	Sands China Ltd.		24,171
				125,450

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 1.1%
	536	HDFC Bank Ltd., ADR		32,365
		Indonesia — 0.6%
	37,920	Astra International Tbk PT		18,029
		Israel — 1.3%
	623	Teva Pharmaceutical Industries Ltd., ADR		38,315
		Japan — 22.0%
	2,767	Astellas Pharma, Inc.		38,311
	347	Daikin Industries Ltd.		23,412
	264	East Japan Railway Co.		24,303
	183	FANUC Corp.		24,502
	1,469	Honda Motor Co., Ltd.		39,812
	2,549	Inpex Corp.		22,694
	1,576	Japan Tobacco, Inc.		61,734
	1,149	KDDI Corp.		29,103
	60	Keyence Corp.		28,502
	1,346	Komatsu Ltd.		20,118
	2,789	Kubota Corp.		41,224
	624	Makita Corp.		35,140
	1,234	Mitsui Fudosan Co., Ltd.		29,050
	354	Nidec Corp.		24,139
	235	Nitto Denko Corp.		13,496
	423	Shin-Etsu Chemical Co., Ltd.		21,605
	168	SMC Corp.		38,072
	1,761	Sumitomo Mitsui Financial Group, Inc.		59,062
	514	Tokyo Electron Ltd.		33,275
	938	Toyota Motor Corp.		56,519
				664,073
		Netherlands — 3.6%
	609	Akzo Nobel N.V.		39,070
	347	ASML Holding N.V.		31,855
	3,450	ING Groep N.V., CVA		39,301
				110,226
		South Africa — 0.8%
	200	Naspers Ltd., Class N		25,238
		South Korea — 2.0%
	81	Hyundai Mobis Co., Ltd. (a)		17,565
	91	Samsung Electronics Co., Ltd., Reg. S, GDR		43,074
				60,639
		Switzerland — 11.7%
	440	Cie Financiere Richemont S.A.		28,572
	2,186	Credit Suisse Group AG (a)		38,730
	8,875	Glencore plc (a)		11,443
	646	LafargeHolcim Ltd. (a)		27,301
	273	Nestle S.A.		20,108

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — continued
	850	Novartis AG		65,834
	276	Roche Holding AG		71,536
	3,268	UBS Group AG		54,010
	161	Zurich Insurance Group AG (a)		35,611
				353,145
		Taiwan — 1.1%
	1,512	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		33,799
		United Kingdom — 22.0%
	761	Aggreko plc		9,293
	2,351	ARM Holdings plc		33,542
	14,997	Barclays plc		40,130
	4,244	BG Group plc		64,218
	812	British American Tobacco plc		45,265
	1,639	Burberry Group plc		28,085
	9,464	HSBC Holdings plc		66,899
	667	Imperial Tobacco Group plc		36,093
	44,666	Lloyds Banking Group plc		41,846
	3,959	Meggitt plc		20,590
	2,956	Prudential plc		58,076
	672	Rio Tinto Ltd.		18,986
	436	Rio Tinto plc		10,693
	4,253	Standard Chartered plc		28,690
	1,397	Tullow Oil plc (a)		3,463
	971	Unilever plc		42,697
	22,457	Vodafone Group plc		72,185
	2,085	WPP plc		45,334
				666,085
		Total Common Stocks (Cost $2,972,168)		2,866,639
	Preferred Stock — 1.1%
		Germany — 1.1%
	328	Henkel AG & Co. KGaA (Cost $29,391)		34,840
	Short-Term Investment — 1.7%
		Investment Company — 1.7%
	50,829	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $50,829)		50,829
		Total Investments — 97.6% (Cost $3,052,388)		2,952,308
		Other Assets in Excess of Liabilities — 2.4%		71,863
		NET ASSETS — 100.0%	$	3,024,171

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		11.6	%
Pharmaceuticals		11.3
Insurance		6.8
Machinery		5.4
Tobacco		4.8
Semiconductors & Semiconductor Equipment		4.5
Oil, Gas & Consumable Fuels		3.9
Automobiles		3.9
Textiles, Apparel & Luxury Goods		3.7
Wireless Telecommunication Services		3.4
Capital Markets		3.1
Real Estate Management & Development		2.9
Beverages		2.9
Chemicals		2.5
Media		2.4
Metals & Mining		2.3
Auto Components		2.1
Hotels, Restaurants & Leisure		2.0
Electrical Equipment		2.0
Software		2.0
Construction Materials		1.5
Industrial Conglomerates		1.5
Technology Hardware, Storage & Peripherals		1.5
Personal Products		1.4
Household Products		1.2
Health Care Equipment & Supplies		1.1
Health Care Providers & Services		1.0
Electronic Equipment, Instruments & Components		1.0
Others (each less than 1.0%)		4.6
Short-Term Investment		1.7

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
GDR	—	Global Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2016.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $2,768,179,000 and 93.8%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	291,757
Aggregate gross unrealized depreciation		(391,837	)
Net unrealized appreciation/depreciation	$	(100,080	)
Federal income tax cost of investments	$	3,052,388

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

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

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.

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

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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

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

• Level 2 – Other significant observable inputs including, but 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
Australia	$	—	$	25,314	$	—	$	25,314
Belgium		—		52,588		—		52,588
China		19,315		54,878		—		74,193
Denmark		—		30,792		—		30,792
France		—		338,819		—		338,819
Germany		—		217,569		—		217,569
Hong Kong		—		125,450		—		125,450
India		32,365		—		—		32,365
Indonesia		—		18,029		—		18,029
Israel		38,315		—		—		38,315
Japan		—		664,073		—		664,073
Netherlands		—		110,226		—		110,226
South Africa		—		25,238		—		25,238
South Korea		9,507		51,132		—		60,639
Switzerland		—		353,145		—		353,145
Taiwan		33,799		—		—		33,799
United Kingdom		—		666,085		—		666,085
Total Common Stocks		133,301		2,733,338		—		2,866,639
Preferred Stocks
Germany		—		34,840		—		34,840
Short-Term Investment
Investment Company		50,829		—		—		50,829
Total Investments in Securities	$	184,130	$	2,768,178	$	—	$	2,952,308

Transfers from level 1 to level 2 in the amount of approximately $50,207,000 are primarily due to a decline in trading activity as of January 31, 2016.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.6%
		Australia — 3.6%
	1,898	Australia & New Zealand Banking Group Ltd.		32,941
	5,419	Goodman Group		23,729
	2,532	Oil Search Ltd.		11,898
	3,108	Westfield Corp.		22,123
				90,691
		Belgium — 1.3%
	251	Anheuser-Busch InBev S.A./N.V.		31,590
		China — 0.7%
	4,040	ENN Energy Holdings Ltd.		18,216
		Denmark — 1.0%
	401	Chr Hansen Holding A/S		24,568
		Finland — 2.0%
	4,655	Nokia OYJ		33,535
	965	UPM-Kymmene OYJ		15,731
				49,266
		France — 7.5%
	500	Airbus Group SE		31,447
	1,266	AXA S.A.		31,279
	663	BNP Paribas S.A.		31,419
	761	Klepierre		32,988
	318	Renault S.A.		26,996
	450	Thales S.A.		34,255
				188,384
		Germany — 6.6%
	193	adidas AG		19,848
	378	Bayer AG		42,529
	299	Bayerische Motoren Werke AG		24,938
	131	Continental AG		27,512
	2,544	Infineon Technologies AG		34,036
	133	Linde AG		18,032
				166,895
		Hong Kong — 1.7%
	6,836	China Overseas Land & Investment Ltd.		19,972
	1,617	CK Hutchison Holdings Ltd.		20,205
	3,015	Sun Art Retail Group Ltd.		1,701
				41,878
		India — 0.9%
	368	HDFC Bank Ltd., ADR		22,200
		Ireland — 1.0%
	466	Shire plc		26,164
		Italy — 4.3%
	8,159	Enel S.p.A.		33,500
	11,450	Intesa Sanpaolo S.p.A.		32,624
	2,477	Snam S.p.A.		13,899
	25,281	Telecom Italia S.p.A. (a)		28,138
				108,161
		Japan — 24.4%
	467	Daikin Industries Ltd.		31,533
	1,332	Daiwa House Industry Co., Ltd.		37,618
	866	Dentsu, Inc.		45,998
	1,665	DMG Mori Co., Ltd.		16,176
	792	Japan Airlines Co., Ltd.		29,726
	5,651	Kajima Corp.		31,966
	66	Keyence Corp.		31,097
	7,669	Mitsubishi UFJ Financial Group, Inc.		39,328
	1,539	Mitsui Fudosan Co., Ltd.		36,229
	770	NH Foods Ltd.		14,941
	1,352	Nippon Steel & Sumitomo Metal Corp.		24,230
	1,062	Nippon Telegraph & Telephone Corp.		45,229
	2,543	ORIX Corp.		35,969
	755	Seven & i Holdings Co., Ltd.		33,693
	811	Sompo Japan Nipponkoa Holdings, Inc.		24,055
	668	Sumitomo Mitsui Financial Group, Inc.		22,424
	418	Suntory Beverage & Food Ltd.		19,346
	338	Tokio Marine Holdings, Inc.		12,079
	721	Toyota Motor Corp.		43,444
	1,736	Yamato Holdings Co., Ltd.		38,109
				613,190
		Netherlands — 4.0%
	216	ASML Holding N.V.		19,832
	2,886	ING Groep N.V., CVA		32,875
	2,232	Royal Dutch Shell plc, Class A		48,797
				101,504
		Norway — 1.2%
	8,712	Norsk Hydro ASA		28,961
		Spain — 0.4%
	2,113	Distribuidora Internacional de Alimentacion S.A. (a)		11,389
		Sweden — 0.9%
	985	Electrolux AB, Series B		21,445
		Switzerland — 9.3%
	848	Nestle S.A.		62,504
	304	Novartis AG		23,570
	289	Roche Holding AG		74,944
	2,377	UBS Group AG		39,279

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — (continued)
		Switzerland — continued
	649	Wolseley plc		32,183
				232,480
		United Kingdom — 22.8%
	524	Associated British Foods plc		23,650
	591	AstraZeneca plc		38,087
	2,574	Aviva plc		17,753
	886	British American Tobacco plc		49,391
	4,168	Dixons Carphone plc		28,265
	2,415	GlaxoSmithKline plc		49,740
	6,604	HSBC Holdings plc		46,575
	492	InterContinental Hotels Group plc		16,154
	5,607	Kingfisher plc		26,240
	37,333	Lloyds Banking Group plc		34,975
	954	National Grid plc		13,435
	2,160	Pennon Group plc		27,385
	926	Prudential plc		18,183
	450	Reckitt Benckiser Group plc		40,064
	959	Rio Tinto plc		23,527
	523	SABMiller plc		31,328
	1,801	Smith & Nephew plc		30,003
	17,900	Vodafone Group plc		57,536
				572,291
		Total Common Stocks (Cost $2,409,414)		2,349,273
	Preferred Stock — 1.1%
		Germany — 1.1%
	248	Henkel AG & Co. KGaA ($– par value) (Cost $21,713)		26,342
	Short-Term Investment — 2.0%
		Investment Company — 2.0%
	50,526	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $50,526)		50,526
		Total Investments — 96.7% (Cost $2,481,653)		2,426,141
		Other Assets in Excess of Liabilities — 3.3%		83,006
		NET ASSETS — 100.0%	$	2,509,147

Percentages indicated are based on net assets.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		12.2	%
Pharmaceuticals		10.5
Insurance		4.3
Food Products		4.2
Automobiles		3.9
Real Estate Management & Development		3.9
Beverages		3.4
Real Estate Investment Trusts (REITs)		3.2
Metals & Mining		3.2
Diversified Telecommunication Services		3.0
Household Products		2.7
Aerospace & Defense		2.7
Oil, Gas & Consumable Fuels		2.5
Wireless Telecommunication Services		2.4
Specialty Retail		2.2
Semiconductors & Semiconductor Equipment		2.2
Tobacco		2.0
Food & Staples Retailing		1.9
Media		1.9
Chemicals		1.8
Capital Markets		1.6
Air Freight & Logistics		1.6
Diversified Financial Services		1.5
Communications Equipment		1.4
Electric Utilities		1.4
Trading Companies & Distributors		1.3
Gas Utilities		1.3
Construction & Engineering		1.3
Building Products		1.3
Electronic Equipment, Instruments & Components		1.3
Health Care Equipment & Supplies		1.2
Airlines		1.2
Auto Components		1.1
Water Utilities		1.1
Others (each less than 1.0%)		5.2
Short-Term Investment		2.1

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	102	TOPIX Index	03/10/16	JPY	$	12,124	$	324
	484	Euro STOXX 50 Index	03/18/16	EUR		15,876		26
	177	FTSE 100 Index	03/18/16	GBP		15,150		241
							$	591

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	7,635	EUR
	1,007,187	for JPY	State Street Corp.		02/16/16	$	8,321	#	$	8,274	$	(47	)
	1,100,245	JPY
	8,343	for EUR	Royal Bank of Canada		02/16/16		9,041	#		9,090		49
	22,220	AUD	Goldman Sachs International		02/16/16		15,475			15,716		241
	89,450	AUD	HSBC Bank, N.A.		02/16/16		63,991			63,267		(724	)
	14,510	CHF	Goldman Sachs International		02/16/16		14,186			14,172		(14	)
	18,816	CHF	Standard Chartered Bank		02/16/16		18,631			18,378		(253	)
	19,715	CHF	Union Bank of Switzerland AG		02/16/16		19,679			19,256		(423	)
	139,967	DKK	Standard Chartered Bank		02/16/16		20,573			20,325		(248	)
	9,434	EUR	Citibank, N.A.		02/16/16		10,121			10,223		102
	15,324	EUR	Goldman Sachs International		02/16/16		16,780			16,606		(174	)
	38,950	EUR	Merrill Lynch International		02/16/16		41,439			42,208		769
	66,339	EUR	Morgan Stanley		02/16/16		71,931			71,888		(43	)
	4,682	EUR	Royal Bank of Canada		02/16/16		5,125			5,074		(51	)
	23,634	EUR	Royal Bank of Scotland		02/16/16		25,622			25,611		(11	)
	7,079	EUR	Societe Generale		02/16/16		7,738			7,672		(66	)
	87,806	EUR	Standard Chartered Bank		02/16/16		96,157			95,151		(1,006	)
	9,124	GBP	Citibank, N.A.		02/16/16		13,105			13,001		(104	)
	22,791	GBP	Goldman Sachs International		02/16/16		32,494			32,476		(18	)
	42,437	GBP	Morgan Stanley		02/16/16		61,397			60,468		(929	)
	10,965	GBP	Societe Generale		02/16/16		15,707			15,625		(82	)
	7,164	GBP	State Street Corp.		02/16/16		10,875			10,208		(667	)
	3,226	GBP	Westpac Banking Corp.		02/16/16		4,716			4,597		(119	)
	122,845	HKD	BNP Paribas		02/16/16		15,827			15,789		(38	)
	2,527,084	JPY	Goldman Sachs International		02/16/16		20,614			20,879		265
	5,534,550	JPY	Morgan Stanley		02/16/16		47,048			45,726		(1,322	)
	2,130,737	JPY	Royal Bank of Scotland		02/16/16		17,824			17,604		(220	)
	1,797,589	JPY	Standard Chartered Bank		02/16/16		14,854			14,852		(2	)
	113,957	SEK	Merrill Lynch International		02/16/16		13,392			13,281		(111	)
	259,269	SEK	Royal Bank of Canada		02/16/16		30,372			30,216		(156	)
	37,640	SGD	Standard Chartered Bank		02/16/16		26,840			26,415		(425	)
						$	769,875		$	764,048	$	(5,827	)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	10,766	AUD	Royal Bank of Canada		02/16/16	$	7,442	$	7,614	$	(172	)
	6,710	CHF	BNP Paribas		02/16/16		6,560		6,553		7
	13,871	CHF	Goldman Sachs International		02/16/16		13,790		13,549		241
	6,881	CHF	Royal Bank of Scotland		02/16/16		6,977		6,721		256
	40,098	EUR	Citibank, N.A.		02/16/16		43,851		43,452		399
	4,776	EUR	Goldman Sachs International		02/16/16		5,209		5,175		34
	9,708	EUR	Morgan Stanley		02/16/16		10,315		10,520		(205	)
	44,299	EUR	Royal Bank of Canada		02/16/16		47,316		48,004		(688	)
	25,561	EUR	Societe Generale		02/16/16		27,128		27,699		(571	)
	57,469	EUR	Standard Chartered Bank		02/16/16		62,277		62,276		1
	16,001	EUR	State Street Corp.		02/16/16		17,379		17,340		39
	130,061	GBP	Citibank, N.A.		02/16/16		200,380		185,327		15,053
	59,642	GBP	Merrill Lynch International		02/16/16		87,273		84,986		2,287

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	15,225	GBP	State Street Corp.		02/16/16	$	21,908	$	21,695	$	213
	44,712	HKD	Credit Suisse International		02/16/16		5,764		5,747		17
	2,154,725	JPY	Morgan Stanley		02/16/16		17,490		17,803		(313	)
	2,314,475	JPY	Royal Bank of Canada		02/16/16		19,152		19,121		31
	9,441,441	JPY	Royal Bank of Scotland		02/16/16		80,363		78,005		2,358
	2,059,166	JPY	State Street Corp.		02/16/16		16,973		17,013		(40	)
	981,596	JPY	Westpac Banking Corp.		02/16/16		8,303		8,110		193
	100,414	NOK	BNP Paribas		02/16/16		11,764		11,565		199
						$	717,614	$	698,275	$	19,339

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at January 31, 2016 of the currency being sold, and the value at January 31, 2016 is the U.S. dollar market value of the currency being purchased.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENT

ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
CHF	—	Swiss Franc
CVA	—	Dutch Certification
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2016.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A. of the Notes to Financial Statements are approximately $2,353,415,000 and 97.0%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	145,897
Aggregate gross unrealized depreciation		(201,409	)
Net unrealized appreciation/depreciation	$	(55,512	)
Federal income tax cost of investments	$	2,481,653

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

Futures are generally valued on the basis of available market quotations. Forward Foreign Currency Contracts are valued utilizing market quotations from approved Pricing Services.

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	90,691	$	—	$	90,691
Belgium		—		31,590		—		31,590
China		—		18,216		—		18,216
Denmark		—		24,568		—		24,568
Finland		—		49,266		—		49,266
France		—		188,384		—		188,384
Germany		—		166,895		—		166,895
Hong Kong		—		41,878		—		41,878
India		22,200		—		—		22,200
Ireland		—		26,164		—		26,164
Italy		—		108,161		—		108,161
Japan		—		613,190		—		613,190

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Netherlands		—		101,504			—		101,504
Norway		—		28,961			—		28,961
Spain		—		11,389			—		11,389
Sweden		—		21,445			—		21,445
Switzerland		—		232,480			—		232,480
United Kingdom		—		572,291			—		572,291
Total Common Stocks		22,200		2,327,073			—		2,349,273
Preferred Stock
Germany		—		26,342			—		26,342
Short-Term Investment
Investment Company		50,526		—			—		50,526
Total Investments in Securities	$	72,726	$	2,353,415		$	—	$	2,426,141
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	22,754		$	—	$	22,754
Futures Contracts		591		—			—		591
Total Appreciation in Other Financial Instruments	$	591	$	22,754		$	—	$	23,345
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(9,242	)	$	—	$	(9,242	)

Transfers from level 1 to level 2 in the amount of approximately $35,176,000 are primarily due to a decline in trading activity as of January 31, 2016.

B. Derivatives — The Fund used instruments including futures and forward foreign currency exchange contracts, in connection with its investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

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

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

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

(1). Futures Contracts — The Fund used index futures contracts to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

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

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency 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 or due across transactions. As of January 31, 2016, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 90.8%
		Australia — 1.7%
	1,898	South32 Ltd. (a)		1,315
		Canada — 1.9%
	28	Canadian National Railway Co.		1,516
		China — 8.1%
	14	Baidu, Inc., ADR (a)		2,217
	1,644	CNOOC Ltd.		1,676
	29	JD.com, Inc., ADR (a)		764
	392	Ping An Insurance Group Co. of China Ltd., Class H		1,776
				6,433
		Finland — 3.5%
	381	Nokia OYJ		2,748
		France — 8.9%
	39	Accor S.A.		1,498
	124	Orange S.A.		2,210
	16	Pernod Ricard S.A.		1,930
	17	Sanofi		1,407
				7,045
		Germany — 5.0%
	10	Continental AG		2,163
	31	Covestro AG (a) (e)		1,034
	21	Zalando SE (a) (e)		732
				3,929
		Hong Kong — 2.9%
	200	Cheung Kong Property Holdings Ltd.		1,082
	96	CK Hutchison Holdings Ltd.		1,193
				2,275
		India — 2.0%
	26	HDFC Bank Ltd., ADR		1,563
		Israel — 3.9%
	50	Teva Pharmaceutical Industries Ltd., ADR		3,044
		Italy — 1.7%
	462	Intesa Sanpaolo S.p.A.		1,317
		Japan — 13.2%
	44	Japan Tobacco, Inc.		1,711
	60	KDDI Corp.		1,512
	3	Keyence Corp.		1,227
	103	Kubota Corp.		1,519
	25	Makita Corp.		1,424
	41	Sumitomo Mitsui Financial Group, Inc.		1,386
	26	Tokyo Electron Ltd.		1,664
				10,443
		Netherlands — 6.2%
	20	Akzo Nobel N.V.		1,296
	132	Altice N.V., Class A (a)		1,897
	146	ING Groep N.V., CVA		1,668
				4,861
		South Africa — 1.4%
	9	Naspers Ltd., Class N		1,126
		South Korea — 2.4%
	4	Samsung Electronics Co., Ltd., Reg. S, GDR		1,868
		Switzerland — 7.5%
	11	Actelion Ltd. (a)		1,423
	19	Cie Financiere Richemont S.A.		1,250
	8	Roche Holding AG		2,193
	66	UBS Group AG		1,096
				5,962
		Taiwan — 1.3%
	46	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		1,035
		United Kingdom — 19.2%
	69	ARM Holdings plc		977
	600	Barclays plc		1,605
	2,102	Lloyds Banking Group plc		1,969
	180	Meggitt plc		935
	98	Prudential plc		1,920
	116	RELX N.V.		1,933
	98	Smith & Nephew plc		1,632
	673	Vodafone Group plc		2,163
	238	Worldpay Group plc (a) (e)		1,060
	45	WPP plc		982
				15,176
		Total Common Stocks (Cost $79,008)		71,656

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 8.4%
		Investment Company — 8.4%
	6,646	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $6,646)		6,646
		Total Investments — 99.2% (Cost $85,654)		78,302
		Other Assets in Excess of Liabilities — 0.8%		619
		NET ASSETS — 100.0%	$	78,921

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		12.1	%
Pharmaceuticals		8.5
Media		7.6
Insurance		4.7
Semiconductors & Semiconductor Equipment		4.7
Wireless Telecommunication Services		4.7
Machinery		3.8
Communications Equipment		3.5
Chemicals		3.0
Internet Software & Services		2.8
Diversified Telecommunication Services		2.8
Auto Components		2.8
Beverages		2.5
Technology Hardware, Storage & Peripherals		2.4
Tobacco		2.2
Oil, Gas & Consumable Fuels		2.1
Health Care Equipment & Supplies		2.1
Road & Rail		1.9
Hotels, Restaurants & Leisure		1.9
Internet & Catalog Retail		1.9
Biotechnology		1.8
Metals & Mining		1.7
Textiles, Apparel & Luxury Goods		1.6
Electronic Equipment, Instruments & Components		1.6
Industrial Conglomerates		1.4
Capital Markets		1.4
Real Estate Management & Development		1.4
IT Services		1.4
Aerospace & Defense		1.2
Short-Term Investment		8.5

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
GDR	—	Global Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(l)	—	The rate shown is the current yield as of January 31, 2016.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $61,516,000 and 78.6%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,695
Aggregate gross unrealized depreciation		(9,047	)
Net unrealized appreciation/depreciation	$	(7,352	)
Federal income tax cost of investments	$	85,654

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

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

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.

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

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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

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

• Level 2 – Other significant observable inputs including, but 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 represent each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	1,315	$	—	$	1,315
Canada		1,516		—		—		1,516
China		2,981		3,452		—		6,433
Finland		—		2,748		—		2,748
France		—		7,045		—		7,045
Germany		—		3,929		—		3,929
Hong Kong		—		2,275		—		2,275
India		1,563		—		—		1,563
Israel		3,044		—		—		3,044
Italy		—		1,317		—		1,317
Japan		—		10,443		—		10,443
Netherlands		—		4,861		—		4,861
South Africa		—		1,126		—		1,126
South Korea		—		1,868		—		1,868
Switzerland		—		5,962		—		5,962
Taiwan		1,035		—		—		1,035
United Kingdom		1,060		14,116		—		15,176
Total Common Stocks		11,199		60,457		—		71,656
Short-Term Investment
Investment Company		6,646		—		—		6,646
Total Investments in Securities	$	17,845	$	60,457	$	—	$	78,302

Transfers from level 1 to level 2 in the amount of approximately $2,808,000 are due to applying the fair value factors to certain securities as of January 31, 2015.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.5%
		Australia — 2.4%
	1,762	Australia & New Zealand Banking Group Ltd.		30,578
	4,504	Goodman Group		19,723
				50,301
		Belgium — 2.0%
	138	Anheuser-Busch InBev S.A./N.V.		17,298
	428	KBC Groep N.V.		24,545
				41,843
		Brazil — 0.6%
	2,173	Itau Unibanco Holding S.A. (Preference Shares), ADR		13,669
		China — 1.6%
	19,692	CNOOC Ltd.		20,070
	27,553	Industrial & Commercial Bank of China Ltd., Class H		14,340
				34,410
		Finland — 3.1%
	5,876	Nokia OYJ		42,326
	1,494	UPM-Kymmene OYJ		24,349
				66,675
		France — 12.1%
	406	Airbus Group SE		25,505
	1,965	AXA S.A.		48,555
	749	BNP Paribas S.A.		35,492
	223	Cap Gemini S.A.		20,361
	2,218	Natixis S.A.		10,853
	397	Renault S.A.		33,698
	205	Thales S.A.		15,623
	1,559	TOTAL S.A.		69,232
				259,319
		Germany — 7.4%
	106	adidas AG		10,929
	275	Bayer AG		30,958
	120	Bayerische Motoren Werke AG		10,030
	355	Brenntag AG		17,398
	545	Daimler AG		38,125
	1,493	E.ON SE		15,295
	229	HeidelbergCement AG		16,905
	1,428	Infineon Technologies AG		19,105
				158,745
		Hong Kong — 2.0%
	3,626	China Overseas Land & Investment Ltd.		10,594
	2,535	CK Hutchison Holdings Ltd.		31,669
				42,263
		Ireland — 1.6%
	205	Ryanair Holdings plc, ADR		16,030
	339	Shire plc		19,014
				35,044
		Israel — 1.0%
	353	Teva Pharmaceutical Industries Ltd., ADR		21,703
		Italy — 4.5%
	9,305	Enel S.p.A.		38,202
	11,639	Intesa Sanpaolo S.p.A.		33,161
	22,281	Telecom Italia S.p.A. (a)		24,798
				96,161
		Japan — 22.5%
	1,173	Dai-ichi Life Insurance Co., Ltd. (The)		16,211
	368	Daikin Industries Ltd.		24,885
	1,148	Daiwa House Industry Co., Ltd.		32,403
	443	Dentsu, Inc.		23,528
	656	Japan Airlines Co., Ltd.		24,626
	3,170	Kawasaki Heavy Industries Ltd.		9,816
	11,432	Mitsubishi UFJ Financial Group, Inc.		58,621
	1,166	Mitsui Fudosan Co., Ltd.		27,449
	1,514	Nippon Telegraph & Telephone Corp.		64,455
	3,081	Nissan Motor Co., Ltd.		30,640
	381	Seven & i Holdings Co., Ltd.		16,993
	704	Sompo Japan Nipponkoa Holdings, Inc.		20,875
	955	Sony Corp.		22,156
	472	Sumitomo Mitsui Financial Group, Inc.		15,818
	1,151	Toyota Motor Corp.		69,300
	1,107	Yamato Holdings Co., Ltd.		24,314
				482,090
		Netherlands — 7.1%
	2,710	ING Groep N.V., CVA		30,878
	7,862	Koninklijke KPN N.V.		30,421
	936	Koninklijke Philips N.V.		24,928
	547	NN Group N.V.		18,525
	2,212	Royal Dutch Shell plc, Class A		48,326
				153,078
		Norway — 1.1%
	7,232	Norsk Hydro ASA		24,041
		South Korea — 0.9%
	20	Samsung Electronics Co., Ltd.		19,372
		Sweden — 1.5%
	780	Electrolux AB, Series B		16,986
	1,535	Nordea Bank AB		15,454
				32,440

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — 5.6%
	1,353	Credit Suisse Group AG (a)		23,964
	313	Nestle S.A.		23,050
	111	Roche Holding AG		28,824
	517	Wolseley plc		25,658
	80	Zurich Insurance Group AG (a)		17,783
				119,279
		United Kingdom — 21.5%
	480	AstraZeneca plc		30,913
	2,595	Aviva plc		17,896
	6,155	Barclays plc		16,469
	1,454	Barratt Developments plc		12,469
	1,480	BG Group plc		22,389
	465	British American Tobacco plc		25,895
	8,044	Centrica plc		23,602
	2,823	Dixons Carphone plc		19,146
	2,356	GlaxoSmithKline plc		48,539
	376	InterContinental Hotels Group plc		12,349
	40,509	Lloyds Banking Group plc		37,951
	2,648	National Grid plc		37,313
	1,779	Prudential plc		34,944
	1,189	Rio Tinto plc		29,161
	1,799	RSA Insurance Group plc		10,739
	2,066	Standard Chartered plc		13,938
	20,693	Vodafone Group plc		66,515
				460,228
		Total Common Stocks (Cost $2,214,383)		2,110,661
	Preferred Stock — 0.7%
		Germany — 0.7%
	147	Henkel AG & Co. KGaA (Cost $16,401)		15,638
	Short-Term Investment — 1.2%
		Investment Company — 1.2%
	24,706	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $24,706)		24,706
		Total Investments — 100.4% (Cost $2,255,490)		2,151,005
		Liabilities in Excess of Other Assets — (0.4)%		(8,817	)
		NET ASSETS — 100.0%	$	2,142,188

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		16.4	%
Insurance		8.6
Automobiles		8.4
Pharmaceuticals		8.4
Oil, Gas & Consumable Fuels		7.4
Diversified Telecommunication Services		5.6
Multi-Utilities		3.5
Real Estate Management & Development		3.3
Wireless Telecommunication Services		3.1
Industrial Conglomerates		2.6
Metals & Mining		2.5
Household Durables		2.4
Trading Companies & Distributors		2.0
Communications Equipment		2.0
Aerospace & Defense		1.9
Airlines		1.9
Electric Utilities		1.8
Tobacco		1.2
Building Products		1.2
Paper & Forest Products		1.1
Air Freight & Logistics		1.1
Capital Markets		1.1
Media		1.1
Food Products		1.1
Others (each less than 1.0%)		9.2
Short-Term Investment		1.1

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
11,118	CHF
1,361,718	for JPY	Citibank, N.A.	02/26/16	$	11,252	#	$	10,863	$	(389	)
11,951	EUR
19,011	for AUD	BNP Paribas	02/26/16		13,440	#		12,953		(487	)
18,384	EUR
13,252	for GBP	Goldman Sachs International	02/26/16		18,883	#		19,926		1,043
55,447	SEK
44,527	for DKK	Merrill Lynch International	02/26/16		6,468	#		6,464		(4	)
122,166	AUD	Deutsche Bank AG	02/26/16		87,267			86,367		(900	)
9,544	AUD	Goldman Sachs International	02/26/16		6,594			6,748		154
8,544	AUD	HSBC Bank, N.A.	02/26/16		6,156			6,040		(116	)
47,981	CHF	Morgan Stanley	02/26/16		47,959			46,882		(1,077	)
20,415	CHF	Standard Chartered Bank	02/26/16		20,239			19,948		(291	)
105,927	DKK	HSBC Bank, N.A.	02/26/16		15,136			15,386		250
26,401	EUR	Citibank, N.A.	02/26/16		28,670			28,616		(54	)
11,118	EUR	Societe Generale	02/26/16		12,150			12,051		(99	)
19,610	EUR	Standard Chartered Bank	02/26/16		21,387			21,255		(132	)
9,835	GBP	Goldman Sachs International	02/26/16		14,885			14,014		(871	)
4,618	GBP	Morgan Stanley	02/26/16		6,910			6,580		(330	)
4,023	GBP	Royal Bank of Canada	02/26/16		6,125			5,732		(393	)
3,047	GBP	Royal Bank of Scotland	02/26/16		4,321			4,342		21
4,041	GBP	Standard Chartered Bank	02/26/16		6,143			5,758		(385	)
60,849	HKD	HSBC Bank, N.A.	02/26/16		7,855			7,821		(34	)
1,316,855	JPY	Barclays Bank plc	02/26/16		10,857			10,882		25
1,556,859	JPY	Deutsche Bank AG	02/26/16		12,668			12,865		197
1,246,880	JPY	Goldman Sachs International	02/26/16		10,664			10,303		(361	)
1,512,679	JPY	Morgan Stanley	02/26/16		12,320			12,500		180
816,647	JPY	Standard Chartered Bank	02/26/16		6,901			6,748		(153	)
53,432	NOK	Royal Bank of Canada	02/26/16		6,165			6,153		(12	)
130,965	SEK	Standard Chartered Bank	02/26/16		15,068			15,268		200
48,958	SGD	HSBC Bank, N.A.	02/26/16		34,386			34,351		(35	)
				$	450,869		$	446,816	$	(4,053	)

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
6,190	CHF	BNP Paribas	02/26/16	$	6,109	$	6,048	$	61
13,286	CHF	Goldman Sachs International	02/26/16		13,292		12,983		309
6,195	CHF	Morgan Stanley	02/26/16		6,189		6,052		137
6,854	CHF	State Street Corp.	02/26/16		6,814		6,697		117
13,799	EUR	BNP Paribas	02/26/16		14,754		14,957		(203	)
7,524	EUR	Credit Suisse International	02/26/16		8,036		8,155		(119	)
6,048	EUR	Deutsche Bank AG	02/26/16		6,506		6,556		(50	)
14,708	EUR	Goldman Sachs International	02/26/16		15,969		15,942		27
6,097	EUR	HSBC Bank, N.A.	02/26/16		6,722		6,608		114
5,330	EUR	Merrill Lynch International	02/26/16		5,835		5,776		59
28,962	EUR	Morgan Stanley	02/26/16		30,746		31,392		(646	)
5,648	EUR	Royal Bank of Canada	02/26/16		6,167		6,122		45
80,018	EUR	Royal Bank of Scotland	02/26/16		85,212		86,731		(1,519	)
9,431	EUR	Societe Generale	02/26/16		10,222		10,223		(1	)
8,118	EUR	Standard Chartered Bank	02/26/16		8,848		8,799		49
3,168	GBP	Barclays Bank plc	02/26/16		4,696		4,514		182
5,233	GBP	Deutsche Bank AG	02/26/16		7,476		7,457		19
10,447	GBP	Goldman Sachs International	02/26/16		14,969		14,887		82
3,129	GBP	Merrill Lynch International	02/26/16		4,526		4,459		67
5,968	GBP	Morgan Stanley	02/26/16		9,113		8,504		609
6,864	GBP	Royal Bank of Scotland	02/26/16		10,222		9,780		442
27,872	GBP	Standard Chartered Bank	02/26/16		42,216		39,716		2,500
3,149	GBP	State Street Corp.	02/26/16		4,615		4,487		128
3,467	GBP	Union Bank of Switzerland AG	02/26/16		5,164		4,941		223
106,903	HKD	Standard Chartered Bank	02/26/16		13,797		13,740		57
823,476	JPY	Citibank, N.A.	02/26/16		6,820		6,805		15
1,661,469	JPY	Goldman Sachs International	02/26/16		13,938		13,729		209
703,661	JPY	Union Bank of Switzerland AG	02/26/16		5,858		5,815		43
157,522	NOK	Goldman Sachs International	02/26/16		18,121		18,140		(19	)
65,609	SEK	Deutsche Bank AG	02/26/16		7,558		7,649		(91	)
				$	400,510	$	397,664	$	2,846

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at January 31, 2016 of the currency being sold, and the value at January 31, 2016 is the U.S. Dollar market value of the currency being purchased.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
CHF	—	Swiss Franc
CVA	—	Dutch Certification
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2016.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $2,074,897,000 and 96.5%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	119,144
Aggregate gross unrealized depreciation		(223,629	)
Net unrealized appreciation/depreciation	$	(104,485	)
Federal income tax cost of investments	$	2,255,490

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

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

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 is 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 NAV is 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.

Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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 (amount in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	50,301		$	—	$	50,301
Belgium		—		41,843			—		41,843
Brazil		13,669		—			—		13,669
China		—		34,410			—		34,410
Finland		—		66,675			—		66,675
France		—		259,319			—		259,319
Germany		—		158,745			—		158,745
Hong Kong		—		42,263			—		42,263
Ireland		16,030		19,014			—		35,044
Israel		21,703		—			—		21,703
Italy		—		96,161			—		96,161
Japan		—		482,090			—		482,090
Netherlands		—		153,078			—		153,078
Norway		—		24,041			—		24,041
South Korea		—		19,372			—		19,372
Sweden		—		32,440			—		32,440
Switzerland		—		119,279			—		119,279
United Kingdom		—		460,228			—		460,228
Total Common Stocks		51,402		2,059,259			—		2,110,661
Preferred Stocks
Germany		—		15,638			—		15,638
Short-Term Investment
Investment Company		24,706		—			—		24,706
Total Investments in Securities		76,108		2,074,897			—		2,151,005
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	7,564		$	—	$	7,564
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(8,771	)	$	—	$	(8,771	)

Transfers from level 1 to level 2 in the amount of approximately $44,479,000 are primarily due to a decline in trading activity as of January 31, 2016.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

B. Derivatives — The Fund used instruments including forward foreign currency exchange contracts in connection with its investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

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

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

(1). Forward Foreign Currency Exchange Contracts — The Portfolio 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 Portfolio 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 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 Portfolio 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 Portfolio 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.

As of January 31, 2016, the Portfolio did not receive or post collateral for forward foreign currency exchange contracts.

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.1%
		Australia — 3.8%
	697	Goodman Group		3,053
		Finland — 4.4%
	217	UPM-Kymmene OYJ		3,529
		France — 15.0%
	33	Cap Gemini S.A.		3,037
	326	Natixis S.A.		1,593
	59	Renault S.A.		4,988
	31	Thales S.A.		2,396
				12,014
		Germany — 13.2%
	55	Brenntag AG		2,701
	76	Daimler AG		5,306
	34	HeidelbergCement AG		2,527
				10,534
		Hong Kong — 2.0%
	544	China Overseas Land & Investment Ltd.		1,589
		Japan — 35.8%
	181	Dai-ichi Life Insurance Co., Ltd. (The)		2,503
	50	Daikin Industries Ltd.		3,385
	143	Daiwa House Industry Co., Ltd.		4,043
	66	Dentsu, Inc.		3,481
	91	Japan Airlines Co., Ltd.		3,404
	490	Kawasaki Heavy Industries Ltd.		1,517
	147	Mitsui Fudosan Co., Ltd.		3,461
	106	Sompo Japan Nipponkoa Holdings, Inc.		3,135
	168	Yamato Holdings Co., Ltd.		3,693
				28,622
		Netherlands — 3.8%
	90	NN Group N.V.		3,047
		South Korea — 3.4%
	3	Samsung Electronics Co., Ltd.		2,697
		Sweden — 3.1%
	112	Electrolux AB, Series B		2,444
		United Kingdom — 8.6%
	217	Barratt Developments plc		1,862
	436	Dixons Carphone plc		2,957
	306	Standard Chartered plc		2,067
				6,886
		Total Common Stocks (Cost $74,137)		74,415
	Preferred Stock — 2.8%
		Germany — 2.8%
	21	Henkel AG & Co. KGaA (Cost $2,372)		2,279
		Total Investments — 95.9% (Cost $76,509)		76,694
		Other Assets in Excess of Liabilities — 4.1%		3,244
		NET ASSETS — 100.0%	$	79,938

Percentages indicated are based on net assets.

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Automobiles		13.4	%
Real Estate Management & Development		11.9
Insurance		11.3
Household Durables		5.6
Air Freight & Logistics		4.8
Banks		4.8
Paper & Forest Products		4.6
Media		4.5
Airlines		4.4
Building Products		4.4
Real Estate Investment Trusts (REITs)		4.0
IT Services		4.0
Specialty Retail		3.9
Trading Companies & Distributors		3.5
Technology Hardware, Storage & Peripherals		3.5
Construction Materials		3.3
Aerospace & Defense		3.1
Household Products		3.0
Machinery		2.0

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT JANUARY 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	10	Euro STOXX 50 Index		03/18/16	EUR	$	328	$	—	(h)
	3	FTSE 100 Index		03/18/16	GBP		257		1
								$	1

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(h)	—	Amount rounds to less than $1,000.
EUR	—	Euro
FSTE GBP	— —	Financial Times and the London Stock Exchange Great British Pound

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $76,694,000 and 100.0%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	5,672
Aggregate gross unrealized depreciation		(5,487	)
Net unrealized appreciation/depreciation	$	185
Federal income tax cost of investments	$	76,509

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

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

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

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 value (“NAV”) of the Fund is calculated on a valuation date. Certain foreign equity instruments shall be valued by applying an international fair value factor provided by approved affiliated and unaffiliated pricing vendors or third party broker-dealers. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAV is calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

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

• Level 1 – 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 Schedules of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	76,694	$	—	$	76,694
Appreciation in Other Financial Instruments
Futures Contracts	$	1	$	—	$	—	$	1

(a) All portfolio holdings designated as Level 2 are disclosed individually on the SOI. Please refer to the SOI for country specifics of portfolio holdings.

There were no transfers among any levels during the year ended January 31, 2016.

(1). Futures Contracts — The Fund used index futures contracts to gain or reduce exposure to the 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. The use of futures contracts exposes the Fund to equity price risk.

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

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

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

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.0%
		Belgium — 2.8%
	182	Anheuser-Busch InBev S.A./N.V.		22,864
	150	Proximus SADP		5,181
				28,045
		Denmark — 7.1%
	273	ISS A/S		9,636
	466	Novo Nordisk A/S, Class B		26,062
	121	Pandora A/S		16,252
	277	Vestas Wind Systems A/S		18,115
				70,065
		Finland — 3.7%
	3,337	Nokia OYJ		24,038
	158	Nokian Renkaat OYJ		5,378
	438	UPM-Kymmene OYJ		7,135
				36,551
		France — 20.4%
	953	Air France-KLM (a)		7,649
	153	Airbus Group SE		9,631
	850	AXA S.A.		21,008
	409	BNP Paribas S.A.		19,384
	130	Cap Gemini S.A.		11,873
	779	Orange S.A.		13,831
	478	Peugeot S.A. (a)		7,112
	98	Renault S.A.		8,326
	126	Safran S.A.		8,184
	203	Sanofi		16,883
	286	SCOR SE		9,983
	300	Societe Generale S.A.		11,453
	111	Sodexo S.A. (a)		10,911
	198	Thales S.A.		15,052
	455	Veolia Environnement S.A.		10,973
	293	Vinci S.A.		19,863
				202,116
		Germany — 16.1%
	102	Allianz SE		16,520
	95	Bayerische Motoren Werke AG		7,946
	64	Continental AG		13,434
	495	E.ON SE		5,075
	152	Fresenius SE & Co. KGaA		10,085
	69	Hannover Rueck SE		7,224
	755	Infineon Technologies AG		10,109
	68	Muenchener Rueckversicherungs-Gesellschaft AG		13,184
	502	Nordex SE (a)		16,260
	121	Rheinmetall AG		8,658

SHARES		SECURITY DESCRIPTION	VALUE($)
		Germany — continued
	249	SAP SE		19,830
	305	Scout24 AG (a) (e)		10,148
	214	Siemens AG		20,536
				159,009
		Ireland — 0.9%
	118	Ryanair Holdings plc, ADR		9,276
		Italy — 1.2%
	2,888	Enel S.p.A.		11,858
		Luxembourg — 1.0%
	317	APERAM S.A. (a)		9,909
		Netherlands — 6.4%
	2,287	Aegon N.V.		12,931
	664	Koninklijke Ahold N.V.		15,028
	506	NN Group N.V.		17,129
	178	Randstad Holding N.V.		9,688
	383	Royal Dutch Shell plc, Class A		8,380
				63,156
		Spain — 1.2%
	630	Gamesa Corp. Tecnologica S.A.		11,775
		Switzerland — 8.0%
	416	ABB Ltd. (a)		7,189
	852	Logitech International S.A.		13,525
	75	Lonza Group AG (a)		11,461
	102	Roche Holding AG		26,512
	26	Swiss Life Holding AG (a)		6,559
	829	UBS Group AG		13,697
				78,943
		United Kingdom — 30.2%
	646	Ashtead Group plc		8,338
	2,023	Auto Trader Group plc (e)		11,358
	1,337	Barratt Developments plc		11,471
	181	Berkeley Group Holdings plc		9,135
	2,321	BP plc		12,533
	147	British American Tobacco plc		8,194
	1,094	British Land Co. plc (The)		11,586
	3,615	BT Group plc		25,158
	313	easyJet plc		6,932
	384	Imperial Tobacco Group plc		20,775
	1,470	International Consolidated Airlines Group S.A.		11,343
	4,055	ITV plc		15,500
	729	Land Securities Group plc		11,435
	2,734	Legal & General Group plc		9,541

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	137	Next plc		13,535
	289	Persimmon plc (a)		8,430
	655	Prudential plc		12,865
	203	Reckitt Benckiser Group plc		18,022
	709	RELX plc		12,478
	673	Rio Tinto plc		16,502
	117	SABMiller plc		7,017
	4,101	Taylor Wimpey plc		11,309
	586	Unilever N.V., CVA		25,941
				299,398
		Total Common Stocks (Cost $1,018,800)		980,101
	Short-Term Investment — 1.1%
		Investment Company — 1.1%
	10,796	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $10,796)		10,796
		Total Investments — 100.1% (Cost $1,029,596)		990,897
		Liabilities in Excess of Other Assets — (0.1)%		(1,440	)
		NET ASSETS — 100.0%	$	989,457

Percentages indicated are based on net assets.

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Insurance		12.8	%
Pharmaceuticals		7.0
Electrical Equipment		5.4
Diversified Telecommunication Services		4.5
Household Durables		4.1
Airlines		3.6
Aerospace & Defense		3.3
Banks		3.1
Beverages		3.0
Industrial Conglomerates		2.9
Tobacco		2.9
Media		2.8
Metals & Mining		2.7
Personal Products		2.6
Communications Equipment		2.4
Automobiles		2.4
Real Estate Investment Trusts (REITs)		2.3
Internet Software & Services		2.2
Oil, Gas & Consumable Fuels		2.1
Construction & Engineering		2.0
Software		2.0
Auto Components		1.9
Household Products		1.8
Textiles, Apparel & Luxury Goods		1.6
Multi-Utilities		1.6
Food & Staples Retailing		1.5
Capital Markets		1.4
Multiline Retail		1.4
Technology Hardware, Storage & Peripherals		1.4
IT Services		1.2
Electric Utilities		1.2
Life Sciences Tools & Services		1.2
Hotels, Restaurants & Leisure		1.1
Semiconductors & Semiconductor Equipment		1.0
Health Care Providers & Services		1.0
Professional Services		1.0
Commercial Services & Supplies		1.0
Others (each less than 1.0%)		1.5
Short-Term Investment		1.1

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(l)	—	The rate shown is the current yield as of January 31, 2016.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $970,824,000 and 98.0%, respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	40,477
Aggregate gross unrealized depreciation		(79,176	)
Net unrealized appreciation/depreciation	$	(38,699	)
Federal income tax cost of investments	$	1,029,596

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

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

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.

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

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	—	$	28,045	$	—	$	28,045
Denmark		—		70,065		—		70,065
Finland		—		36,551		—		36,551
France		—		202,116		—		202,116
Germany		—		159,009		—		159,009
Ireland		9,276		—		—		9,276
Italy		—		11,858		—		11,858
Luxembourg		—		9,909		—		9,909
Netherlands		—		63,156		—		63,156
Spain		—		11,775		—		11,775
Switzerland		—		78,943		—		78,943
United Kingdom		25,941		273,457		—		299,398
Total Common Stocks		35,217		944,884		—		980,101
Short-Term Investment
Investment Company		10,796		—		—		10,796
Total Investments in Securities	$	46,013	$	944,884	$	—	$	990,897

Transfers from level 1 to level 2 in the amount of approximately $10,408,000 are primarily due to a decline in trading activity as of January 31, 2016.

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.3%
		Australia — 5.7%
	343	Australia & New Zealand Banking Group Ltd.		5,949
	785	Bank of Queensland Ltd.		7,351
	1,074	Bendigo & Adelaide Bank Ltd.		8,264
	1,039	BHP Billiton Ltd.		11,411
	12,841	Fairfax Media Ltd.		8,147
	287	Flight Centre Travel Group Ltd.		8,019
	2,544	GPT Group (The)		8,898
	2,656	Harvey Norman Holdings Ltd.		8,470
	725	LendLease Group		6,771
	157	Macquarie Group Ltd.		8,100
	5,439	South32 Ltd. (a)		3,818
	2,338	Star Entertainment Grp Ltd. (The)		9,026
	1,203	Westfield Corp.		8,560
	829	Westpac Banking Corp.		18,353
	395	Woodside Petroleum Ltd.		7,967
				129,104
		Belgium — 1.4%
	138	Ageas		5,603
	64	Anheuser-Busch InBev S.A./N.V.		8,057
	308	bpost S.A.		7,306
	99	Delhaize Group		10,376
				31,342
		China — 0.2%
	8,950	China Construction Bank Corp., Class H		5,464
		Denmark — 2.6%
	410	Danske Bank A/S		11,031
	521	Novo Nordisk A/S, Class B		29,132
	72	Pandora A/S		9,570
	137	Vestas Wind Systems A/S		8,997
				58,730
		Finland — 0.8%
	342	Tieto OYJ		9,220
	499	UPM-Kymmene OYJ		8,130
				17,350
		France — 11.3%
	588	Altran Technologies S.A.		7,428
	632	AXA S.A.		15,626
	322	BNP Paribas S.A.		15,263
	113	Cap Gemini S.A.		10,323
	675	Credit Agricole S.A.		6,739
	563	Engie S.A.		8,979
	185	Faurecia		6,735
	77	Gaztransport Et Technigaz S.A.		2,881
	96	LVMH Moet Hennessy Louis Vuitton SE		15,454
	1,007	Natixis S.A.		4,927
	738	Orange S.A.		13,100
	74	Pernod Ricard S.A.		8,633
	123	Publicis Groupe S.A.		7,367
	69	Renault S.A.		5,863
	130	Safran S.A.		8,450
	312	Sanofi		25,953
	290	Societe Generale S.A.		11,077
	1,156	Technicolor S.A.		8,215
	111	Teleperformance		9,229
	120	Thales S.A.		9,123
	618	TOTAL S.A.		27,432
	56	Valeo S.A.		7,272
	345	Veolia Environnement S.A.		8,314
	185	Vinci S.A.		12,528
				256,911
		Germany — 7.5%
	130	Allianz SE		21,003
	129	Aurubis AG		5,279
	197	Bayer AG		22,179
	80	Bayerische Motoren Werke AG		6,678
	50	Continental AG		10,538
	279	Daimler AG		19,526
	229	Evonik Industries AG		7,065
	275	Freenet AG		8,549
	117	Fresenius Medical Care AG & Co. KGaA		10,380
	152	Fresenius SE & Co. KGaA		10,056
	77	Hannover Rueck SE		8,076
	116	HeidelbergCement AG		8,549
	418	Infineon Technologies AG		5,595
	62	KUKA AG		4,796
	148	OSRAM Licht AG		6,592
	136	ProSiebenSat.1 Media SE		6,792
	96	Siemens AG		9,198
				170,851
		Hong Kong — 2.3%
	1,511	BOC Hong Kong Holdings Ltd.		4,021
	1,063	Cheung Kong Infrastructure Holdings Ltd.		9,998
	1,053	Cheung Kong Property Holdings Ltd.		5,705
	2,540	China Overseas Land & Investment Ltd.		7,421
	999	CK Hutchison Holdings Ltd.		12,482
	6,985	New World Development Co., Ltd.		5,718
	579	Swire Pacific Ltd., Class A		5,581
				50,926

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		India — 0.3%
	126	HDFC Bank Ltd., ADR		7,584
		Ireland — 1.5%
	112	DCC plc		8,637
	107	Ryanair Holdings plc, ADR		8,385
	178	Shire plc		9,986
	147	Smurfit Kappa Group plc		3,195
	180	Smurfit Kappa Group plc 1		3,908
				34,111
		Israel — 0.7%
	259	Teva Pharmaceutical Industries Ltd., ADR		15,917
		Italy — 1.8%
	178	Atlantia S.p.A.		4,671
	2,895	Enel S.p.A.		11,888
	3,199	Intesa Sanpaolo S.p.A.		9,116
	961	Mediobanca S.p.A.		7,703
	7,532	Telecom Italia S.p.A. (a)		8,383
				41,761
		Japan — 22.3%
	299	Alps Electric Co., Ltd.		5,918
	859	Amada Holdings Co., Ltd.		8,114
	1,524	Asahi Glass Co., Ltd.		9,292
	391	Bandai Namco Holdings, Inc.		8,888
	1,423	Bank of Yokohama Ltd. (The)		7,590
	252	Bridgestone Corp.		9,163
	386	Canon, Inc.		10,797
	409	Casio Computer Co., Ltd.		7,934
	1,244	Citizen Holdings Co., Ltd.		7,589
	676	Daicel Corp.		9,943
	151	Dentsu, Inc.		8,009
	205	FamilyMart Co., Ltd.		9,584
	2,007	Fuji Electric Co., Ltd.		6,977
	263	Fuji Heavy Industries Ltd.		10,767
	244	FUJIFILM Holdings Corp.		9,416
	1,713	Fukuoka Financial Group, Inc.		7,270
	115	Hikari Tsushin, Inc.		7,591
	175	Hoya Corp.		6,755
	834	ITOCHU Corp.		9,796
	361	Japan Tobacco, Inc.		14,138
	349	JFE Holdings, Inc.		4,728
	497	JTEKT Corp.		8,011
	558	KDDI Corp.		14,138
	4,517	Kobe Steel Ltd.		4,389
	86	Kose Corp.		8,022
	407	Mazda Motor Corp.		7,410
	112	MEIJI Holdings Co., Ltd.		9,359
	524	Mitsubishi Corp.		8,403
	4,105	Mitsubishi UFJ Financial Group, Inc.		21,048
	1,353	Mitsubishi UFJ Lease & Finance Co., Ltd.		6,717
	2,105	Mitsui Chemicals, Inc.		9,215
	355	Nippon Telegraph & Telephone Corp.		15,126
	1,153	Nissan Motor Co., Ltd.		11,467
	89	Nitori Holdings Co., Ltd.		7,213
	89	Nitto Denko Corp.		5,112
	962	Obayashi Corp.		8,681
	704	ORIX Corp.		9,954
	246	Otsuka Holdings Co., Ltd.		8,266
	688	Sekisui Chemical Co., Ltd.		8,411
	550	Sekisui House Ltd.		8,662
	219	Shionogi & Co., Ltd.		9,553
	247	Sompo Japan Nipponkoa Holdings, Inc.		7,310
	391	Sony Corp.		9,070
	1,515	Sumitomo Chemical Co., Ltd.		7,698
	511	Sumitomo Electric Industries Ltd.		6,738
	1,579	Sumitomo Heavy Industries Ltd.		6,251
	417	Sumitomo Mitsui Financial Group, Inc.		14,000
	2,229	Sumitomo Mitsui Trust Holdings, Inc.		7,127
	643	T&D Holdings, Inc.		7,361
	1,447	Taisei Corp.		9,006
	459	Taiyo Yuden Co., Ltd.		5,315
	624	Toyota Motor Corp.		37,583
	137	West Japan Railway Co.		8,896
	382	Yamaha Corp.		9,118
				504,889
		Luxembourg — 0.3%
	211	APERAM S.A. (a)		6,583
		Netherlands — 4.5%
	1,323	Aegon N.V.		7,484
	132	Heineken N.V.		11,478
	1,287	ING Groep N.V., CVA		14,660
	444	Koninklijke Ahold N.V.		10,039
	408	Koninklijke Philips N.V.		10,869
	239	NN Group N.V.		8,089
	150	Randstad Holding N.V.		8,169
	1,469	Royal Dutch Shell plc, Class B		32,013
				102,801

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Norway — 0.6%
	614	DNB ASA		7,408
	164	Yara International ASA		6,212
				13,620
		Singapore — 0.3%
	618	DBS Group Holdings Ltd.		6,145
		South Korea — 0.3%
	6	Samsung Electronics Co., Ltd.		5,970
		Spain — 2.5%
	161	Amadeus IT Holding S.A., Class A		6,560
	1,471	Banco Santander S.A.		6,303
	368	Ferrovial S.A.		8,068
	424	Gas Natural SDG S.A.		8,330
	1,998	Iberdrola S.A.		14,045
	637	Repsol S.A.		6,608
	188	Tecnicas Reunidas S.A.		6,275
				56,189
		Sweden — 2.7%
	433	Boliden AB		6,019
	608	Castellum AB		9,070
	575	Securitas AB, Class B		8,478
	378	Svenska Cellulosa AB S.C.A., Class B		11,217
	439	Swedbank AB, Class A		9,208
	265	Swedish Match AB		9,443
	493	Trelleborg AB, Class B,		8,507
				61,942
		Switzerland — 8.5%
	62	Actelion Ltd. (a)		8,114
	119	Adecco S.A. (a)		7,303
	13	Georg Fischer AG		8,821
	56	Lonza Group AG (a)		8,528
	448	Nestle S.A.		33,031
	529	Novartis AG		40,999
	156	Roche Holding AG		40,439
	20	Straumann Holding AG		5,951
	33	Swiss Life Holding AG (a)		8,495
	136	Swiss Re AG		12,695
	1,068	UBS Group AG		17,651
				192,027
		United Kingdom — 17.9%
	1,117	3i Group plc		7,080
	362	AstraZeneca plc		23,322
	1,537	Aviva plc		10,602
	4,957	Barclays plc		13,264
	883	Barratt Developments plc		7,572
	2,384	Booker Group plc		5,675
	4,663	BP plc		25,182
	508	British American Tobacco plc		28,329
	775	British Land Co. plc (The)		8,211
	2,453	BT Group plc		17,072
	1,346	Carillion plc		5,291
	1,454	Direct Line Insurance Group plc		7,811
	1,264	Dixons Carphone plc		8,569
	2,540	HSBC Holdings plc		17,914
	316	Imperial Tobacco Group plc		17,112
	1,721	Indivior plc		3,726
	176	Intertek Group plc		7,125
	2,160	ITV plc		8,256
	804	John Wood Group plc		7,429
	16,149	Lloyds Banking Group plc		15,129
	1,090	Marks & Spencer Group plc		6,617
	235	Persimmon plc (a)		6,866
	502	Playtech plc		5,511
	774	Prudential plc		15,215
	201	Reckitt Benckiser Group plc		17,878
	527	Rio Tinto plc		12,929
	1,118	Segro plc		7,014
	596	Sky plc		9,228
	2,902	Taylor Wimpey plc		8,003
	927	UBM plc		6,936
	670	Unilever N.V., CVA		29,680
	7,470	Vodafone Group plc		24,010
	533	WPP plc		11,591
				406,149
		United States — 0.3%
	152	Carnival plc		7,580
		Total Common Stocks (Cost $2,305,094)		2,183,946
	Preferred Stock — 0.4%
		Germany — 0.4%
	88	Henkel AG & Co. KGaA (Cost $8,700)		9,323

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 0.8%
		Investment Company — 0.8%
	17,052	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $17,052)		17,052
		Total Investments — 97.5% (Cost $2,330,846)		2,210,321
		Other Assets in Excess of Liabilities — 2.5%		57,546
		NET ASSETS — 100.0%	$	2,267,867

Percentages indicated are based on net assets.

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		11.9	%
Pharmaceuticals		10.4
Insurance		6.1
Oil, Gas & Consumable Fuels		4.6
Automobiles		4.5
Media		3.4
Tobacco		3.1
Household Durables		2.6
Metals & Mining		2.5
Diversified Telecommunication Services		2.4
Wireless Telecommunication Services		2.1
Chemicals		2.0
Machinery		2.0
Construction & Engineering		2.0
Food Products		1.9
Industrial Conglomerates		1.9
Capital Markets		1.8
Auto Components		1.8
Real Estate Management & Development		1.8
Household Products		1.7
Personal Products		1.7
Electric Utilities		1.6
Food & Staples Retailing		1.6
IT Services		1.5
Real Estate Investment Trusts (REITs)		1.5
Professional Services		1.4
Beverages		1.3
Technology Hardware, Storage & Peripherals		1.2
Textiles, Apparel & Luxury Goods		1.1
Hotels, Restaurants & Leisure		1.1
Specialty Retail		1.1
Electrical Equipment		1.0
Others (each less than 1.0%)		12.6
Short-Term Investment		0.8

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2016.

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 $2,161,145,000 and 97.8% respectively.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	118,678
Aggregate gross unrealized depreciation		(239,203	)
Net unrealized appreciation/depreciation	$	(120,525	)
Federal income tax cost of investments	$	2,330,846

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

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

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 value (“NAV”) of the Fund is calculated on a valuation date. Certain foreign equity instruments shall be valued by applying an international fair value factor provided by approved affiliated and unaffiliated pricing vendors or third party broker-dealers. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAV is 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.

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.

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	129,104	$	—	$	129,104
Belgium		—		31,342		—		31,342
China		—		5,464		—		5,464
Denmark		—		58,730		—		58,730
Finland		—		17,350		—		17,350
France		—		256,911		—		256,911
Germany		—		170,851		—		170,851
Hong Kong		—		50,926		—		50,926
India		7,584		—		—		7,584
Ireland		8,385		25,726		—		34,111
Israel		15,917		—		—		15,917
Italy		—		41,761		—		41,761
Japan		—		504,889		—		504,889
Luxembourg		—		6,583		—		6,583
Netherlands		—		102,801		—		102,801
Norway		—		13,620		—		13,620
Singapore		—		6,145		—		6,145
South Korea		—		5,970		—		5,970
Spain		—		56,189		—		56,189
Sweden		—		61,942		—		61,942
Switzerland		—		192,027		—		192,027
United Kingdom		29,680		376,469		—		406,149
United States		—		7,580		—		7,580
Total Common Stocks		61,566		2,122,380		—		2,183,946
Preferred Stocks
Germany		—		9,323		—		9,323
Short-Term Investment
Investment Company		17,052		—		—		17,052
Total Investments in Securities	$	78,618	$	2,131,703	$	—	$	2,210,321

Transfers from level 1 to level 2 in the amount of approximately $16,191,000 are primarily due to a decline in trading activity as of January 31, 2016.

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 91.6%
		Bermuda — 0.4%
	33	Wilson Sons Ltd., BDR		235
		Brazil — 37.5%
	698	AMBEV S.A., ADR		3,259
	76	Arezzo Industria e Comercio S.A.		361
	99	Banco Bradesco S.A., ADR		454
	173	BB Seguridade Participacoes S.A.		999
	391	BM&FBovespa S.A. - Bolsa de Valores Mercadorias e Futuros		1,004
	101	CCR S.A.		322
	165	Embraer S.A.		1,183
	91	Ez Tec Empreendimentos e Participacoes S.A.		281
	111	Iochpe Maxion S.A.		297
	496	Itau Unibanco Holding S.A. (Preference Shares), ADR		3,119
	48	Linx S.A.		596
	319	Lojas Renner S.A.		1,415
	21	Multiplus S.A.		165
	261	Odontoprev S.A.		658
	179	Raia Drogasil S.A.		1,855
	35	TOTVS S.A.		286
	63	Tractebel Energia S.A.		537
	123	Transmissora Alianca de Energia Eletrica S.A.		533
	59	Ultrapar Participacoes S.A.		882
	145	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A.		1,450
	315	WEG S.A.		1,216
				20,872
		Chile — 4.5%
	25,174	Banco Santander Chile		1,092
	211	S.A.C.I. Falabella		1,388
				2,480
		Colombia — 0.2%
	5	Bancolombia S.A., ADR		141
		Luxembourg — 1.4%
	25	Globant S.A. (a)		761
		Mexico — 38.2%
	471	Alfa S.A.B. de C.V., Class A		875
	79	Alsea S.A.B. de C.V.		280
	40	America Movil S.A.B. de C.V., Class L, ADR		562
	699	Bolsa Mexicana de Valores S.A.B. de C.V.		951
	481	Concentradora Fibra Hotelera Mexicana S.A. de C.V.		365
	585	Corp. Inmobiliaria Vesta S.A.B. de C.V.		840
	25	El Puerto de Liverpool S.A.B. de C.V., Class C1		295
	313	Fibra Uno Administracion S.A. de C.V.		628
	31	Fomento Economico Mexicano S.A.B. de C.V., ADR		2,900
	1,151	Gentera S.A.B. de C.V.		2,058
	103	Gruma S.A.B. de C.V., Class B		1,564
	195	Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (a)		908
	128	Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		1,075
	13	Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR		1,739
	133	Grupo Financiero Banorte S.A.B. de C.V., Class O		693
	926	Grupo Financiero Santander Mexico S.A.B. de C.V., Class B		1,426
	294	Infraestructura Energetica Nova S.A.B. de C.V.		1,151
	144	Promotora y Operadora de Infraestructura S.A.B. de C.V.		1,644
	504	Qualitas Controladora S.A.B. de C.V. (a)		558
	46	Unifin Financiera S.A.B. de CV SOFOM ENR (a)		135
	228	Wal-Mart de Mexico S.A.B. de C.V.		573
				21,220
		Panama — 1.8%
	21	Copa Holdings S.A., Class A		1,005
		Peru — 5.0%
	22	Credicorp Ltd.		2,212
	28	Intercorp Financial Services, Inc., Series INC		572
				2,784
		United States — 2.6%
	40	First Cash Financial Services, Inc. (a)		1,434
		Total Common Stocks (Cost $63,055)		50,932
	Preferred Stocks — 5.1%
		Brazil — 5.1%
	648	Itausa - Investimentos Itau S.A.		1,115
	290	Marcopolo S.A.		148
	386	Suzano Papel e Celulose S.A.		1,541
		Total Preferred Stocks (Cost $5,117)		2,804

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	576	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $576)		576
		Total Investments — 97.7% (Cost $68,748)		54,312
		Other Assets in Excess of Liabilities — 2.3%		1,270
		NET ASSETS — 100.0%	$	55,582

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		19.9	%
Beverages		11.3
Transportation Infrastructure		7.9
Consumer Finance		6.7
Multiline Retail		5.7
Food & Staples Retailing		4.5
Diversified Financial Services		3.6
Machinery		3.1
Construction & Engineering		3.0
Software		3.0
Food Products		2.9
Insurance		2.9
Paper & Forest Products		2.8
Commercial Services & Supplies		2.7
Aerospace & Defense		2.2
Gas Utilities		2.1
Airlines		1.9
Real Estate Investment Trusts (REITs)		1.8
Oil, Gas & Consumable Fuels		1.6
Industrial Conglomerates		1.6
Real Estate Management & Development		1.5
Health Care Providers & Services		1.2
Wireless Telecommunication Services		1.0
Independent Power & Renewable Electricity Producers		1.0
Electric Utilities		1.0
Others (each less than 1.0%)		2.0
Short-Term Investment		1.1

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
BDR	—	Brazilian Depositary Receipt
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2016.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	4,888
Aggregate gross unrealized depreciation		(19,324	)
Net unrealized appreciation/depreciation	$	(14,436	)
Federal income tax cost of investments	$	68,748

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

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

Equities and other exchange-traded instruments is 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 is 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.

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

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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

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

• Level 2 – Other significant observable inputs including, but 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”) (amount in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	54,312	$	—	$	—	$	54,312

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

There were no transfers among any levels during the period ended January 31, 2016.

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 88.7%
	Common Stocks — 56.2%
		Consumer Discretionary — 32.2%
		Hotels, Restaurants & Leisure — 3.5%
	172	Norwegian Cruise Line Holdings Ltd. (a)		7,799
		Household Durables — 16.9%
	395	Jarden Corp. (a) (j)		20,967
	51	Mohawk Industries, Inc. (a) (j)		8,518
	206	Newell Rubbermaid, Inc.		7,970
				37,455
		Internet & Catalog Retail — 1.2%
	5	Amazon.com, Inc. (a)		2,743
		Media — 9.1%
	59	Charter Communications, Inc., Class A (a)		10,171
	88	Comcast Corp., Class A		4,880
	64	DISH Network Corp., Class A (a) (j)		3,111
	12	Time Warner Cable, Inc.		2,173
				20,335
		Specialty Retail — 1.5%
	28	Signet Jewelers Ltd. (j)		3,250
		Total Consumer Discretionary		71,582
		Consumer Staples — 8.7%
		Beverages — 4.0%
	14	Anheuser-Busch InBev N.V., (Belgium), ADR (j)		1,718
	23	Brown-Forman Corp., Class B (j)		2,229
	114	Coca-Cola Co. (The) (j)		4,873
				8,820
		Tobacco — 4.7%
	211	Reynolds American, Inc. (j)		10,560
		Total Consumer Staples		19,380
		Health Care — 4.5%
		Life Sciences Tools & Services — 4.5%
	77	Thermo Fisher Scientific, Inc. (j)		10,104
		Information Technology — 7.6%
		Internet Software & Services — 2.8%
	8	Alphabet, Inc., Class A (a) (j)		6,304
		IT Services — 4.8%
	79	Fiserv, Inc. (a) (j)		7,439
	18	MasterCard, Inc., Class A		1,617
	22	Visa, Inc., Class A		1,668
				10,724
		Total Information Technology		17,028

SHARES		SECURITY DESCRIPTION	VALUE($)
		Materials — 3.2%
		Chemicals — 3.2%
	65	Ecolab, Inc. (j)		7,045
		Total Common Stocks (Cost $123,767)		125,139
NUMBER OF CONTRACTS
	Options Purchased — 0.0% (g)
		Call Options Purchased: — 0.0% (g)
	737	Coca-Cola Co. (The), Expiring 01/20/17 at 50.00 USD, American Style (a) (Cost $34)		30
SHARES
	Short-Term Investment — 32.5%
		Investment Company — 32.5%
	72,123	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $72,123)		72,123
		Total Investments — 88.7% (Cost $195,924)		197,292
		Other Assets in Excess of Liabilities — 11.3%		24,960
		NET ASSETS — 100.0%	$	222,252
	Short Positions — 22.2%
	Common Stocks — 14.7%
		Consumer Discretionary — 5.2%
		Automobiles — 0.2%
	14	Harley-Davidson, Inc.		541
		Hotels, Restaurants & Leisure — 0.9%
	22	Carnival Corp.		1,056
	12	Melco Crown Entertainment Ltd., (Hong Kong), ADR		190
	22	Restaurant Brands International, Inc., (Canada)		736
				1,982
		Household Durables — 0.8%
	25	Harman International Industries, Inc.		1,838
		Media — 1.1%
	8	AMC Networks, Inc., Class A (a)		546

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Media — continued
	19	Discovery Communications, Inc., Class A (a)		536
	11	Scripps Networks Interactive, Inc., Class A		669
	23	Twenty-First Century Fox, Inc., Class A		622
				2,373
		Multiline Retail — 0.8%
	10	Kohl’s Corp.		482
	12	Macy’s, Inc.		501
	3	Nordstrom, Inc.		170
	7	Target Corp.		532
				1,685
		Specialty Retail — 1.4%
	44	Bed Bath & Beyond, Inc. (a)		1,913
	4	Best Buy Co., Inc.		105
	9	CarMax, Inc. (a)		417
	19	Dick’s Sporting Goods, Inc.		754
				3,189
		Total Consumer Discretionary		11,608
		Consumer Staples — 3.7%
		Beverages — 0.5%
	6	Boston Beer Co., Inc. (The), Class A (a)		1,139
		Food & Staples Retailing — 0.9%
	7	Wal-Mart Stores, Inc.		469
	55	Whole Foods Market, Inc.		1,609
				2,078
		Food Products — 1.0%
	18	Hershey Co. (The)		1,582
	10	Mead Johnson Nutrition Co.		690
				2,272
		Household Products — 0.6%
	18	Colgate-Palmolive Co.		1,218
		Personal Products — 0.7%
	57	Coty, Inc., Class A		1,411
		Total Consumer Staples		8,118
		Financials — 2.2%
		Banks — 0.6%
	31	Citigroup, Inc.		1,336
		Capital Markets — 0.2%
	16	Franklin Resources, Inc.		548
		Consumer Finance — 0.9%
	37	American Express Co.		2,006

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — 0.5%
	75	Host Hotels & Resorts, Inc.		1,034
		Total Financials		4,924
		Industrials — 2.1%
		Construction & Engineering — 0.2%
	11	Fluor Corp.		476
		Electrical Equipment — 0.5%
	5	Emerson Electric Co.		251
	10	Rockwell Automation, Inc.		925
				1,176
		Machinery — 1.4%
	2	Caterpillar, Inc.		98
	1	Cummins, Inc.		121
	14	Flowserve Corp.		537
	13	Joy Global, Inc.		125
	6	Parker-Hannifin Corp.		556
	34	Pentair plc, (United Kingdom)		1,611
				3,048
		Total Industrials		4,700
		Information Technology — 1.5%
		Communications Equipment — 0.4%
	42	Cisco Systems, Inc.		989
		IT Services — 1.0%
	17	International Business Machines Corp.		2,178
		Software — 0.1%
	3	VMware, Inc., Class A (a)		140
		Total Information Technology		3,307
		Total Common Stocks (Proceeds $34,697)		32,657
	Exchange Traded Funds — 7.5%
		U.S. Equity — 7.5%
	63	Powershares QQQ Trust, 0.000%		6,611
	52	SPDR S&P500 ETF Trust		10,014
		Total Exchange Traded Funds (Proceeds $16,855)		16,625
		Total Securities Sold Short (Proceeds $51,552)	$	49,282

Percentages indicated are based on net assets.

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
ETF	—	Exchange Traded Fund
SPDR	—	Standard & Poor’s Depositary Receipts
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—	Amount rounds to less than 0.1%.
(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
		JPMorgan Opportunistic Equity Long/Short Fund		$86,118
(l)	—	The rate shown is the current yield as of January 31, 2016.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	4,679
Aggregate gross unrealized depreciation		(3,311	)
Net unrealized appreciation/depreciation	$	1,368
Federal income tax cost of investments	$	195,924

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

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

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.

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 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.

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	197,292		—		—	$	197,292
Total Liabilities for Securities Sold Short (a)		49,282		—		—		49,282

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

There were no transfers among any levels during the year ended January 31, 2016.

(1). Options — The Fund purchased and sold (“writes”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

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

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

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 101.6%
	Common Stocks — 91.5%
		Consumer Discretionary — 17.1%
		Auto Components — 0.1%
	2	Goodyear Tire & Rubber Co. (The)		55
		Hotels, Restaurants & Leisure — 2.6%
	9	Carnival Corp. (j)		411
	5	Hilton Worldwide Holdings, Inc.		98
	1	Norwegian Cruise Line Holdings Ltd. (a)		44
	5	Royal Caribbean Cruises Ltd. (j)		438
	5	Yum! Brands, Inc.		359
				1,350
		Household Durables — 2.0%
	20	D.R. Horton, Inc.		549
	2	Harman International Industries, Inc.		121
	25	PulteGroup, Inc. (j)		415
				1,085
		Internet & Catalog Retail — 1.7%
	2	Amazon.com, Inc. (a) (j)		908
		Media — 5.0%
	7	CBS Corp. (Non-Voting), Class B (j)		328
	1	Charter Communications, Inc., Class A (a)		134
	2	Comcast Corp., Class A		113
	5	DISH Network Corp., Class A (a) (j)		239
	105	Sirius XM Holdings, Inc. (a)		387
	2	Time Warner Cable, Inc.		329
	3	Time Warner, Inc. (j)		242
	32	Twenty-First Century Fox, Inc., Class B (j)		869
				2,641
		Multiline Retail — 0.4%
	3	Dollar General Corp.		193
		Specialty Retail — 5.3%
	7	Best Buy Co., Inc.		191
	1	Home Depot, Inc. (The)		110
	2	L Brands, Inc.		145
	26	Lowe’s Cos., Inc. (j)		1,841
	1	O’Reilly Automotive, Inc. (a)		146
	4	Ross Stores, Inc.		225

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	2	TJX Cos., Inc. (The)		120
				2,778
		Total Consumer Discretionary		9,010
		Consumer Staples — 7.5%
		Beverages — 3.4%
	1	Boston Beer Co., Inc. (The), Class A (a)		158
	1	Constellation Brands, Inc., Class A (j)		139
	11	Molson Coors Brewing Co., Class B (j)		1,033
	5	PepsiCo, Inc. (j)		492
				1,822
		Food & Staples Retailing — 1.0%
	2	Costco Wholesale Corp. (j)		341
	5	Kroger Co. (The)		184
				525
		Food Products — 1.4%
	7	ConAgra Foods, Inc.		289
	– (h)	Hershey Co. (The)		13
	7	Mondelez International, Inc., Class A (j)		298
	2	Post Holdings, Inc. (a)		120
				720
		Household Products — 0.4%
	2	Kimberly-Clark Corp.		221
		Personal Products — 0.7%
	4	Estee Lauder Cos., Inc. (The), Class A		359
		Tobacco — 0.6%
	4	Philip Morris International, Inc.		327
		Total Consumer Staples		3,974
		Energy — 1.8%
		Oil, Gas & Consumable Fuels — 1.8%
	2	Diamondback Energy, Inc. (a)		170
	2	EOG Resources, Inc.		140
	5	Occidental Petroleum Corp.		327
	2	Pioneer Natural Resources Co.		285
		Total Energy		922
		Financials — 13.9%
		Banks — 2.4%
	46	Bank of America Corp. (j)		644
	3	Citigroup, Inc.		122
	5	Prosperity Bancshares, Inc.		201

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
			Banks — continued
	6		Wells Fargo & Co. (j)		307
					1,274
			Capital Markets — 2.7%
	3		Ameriprise Financial, Inc.		272
	2		Bank of New York Mellon Corp. (The)		81
	1		BlackRock, Inc.		348
	17		Charles Schwab Corp. (The) (j)		432
	12		Morgan Stanley (j)		313
					1,446
			Consumer Finance — 1.6%
	10		Ally Financial, Inc. (a)		153
	3		Capital One Financial Corp.		216
	4		Discover Financial Services		177
	10		Synchrony Financial (a)		273
					819
			Diversified Financial Services — 0.6%
	—	(h)	Intercontinental Exchange, Inc. (j)		117
	6		Voya Financial, Inc.		186
					303
			Insurance — 3.6%
	8		Arthur J. Gallagher & Co.		302
	11		Chubb Ltd., (Switzerland)		1,269
	3		Hartford Financial Services Group, Inc. (The)		112
	5		MetLife, Inc.		231
					1,914
			Real Estate Investment Trusts (REITs) — 3.0%
	5		AvalonBay Communities, Inc. (j)		820
	10		Kimco Realty Corp.		274
	5		Prologis, Inc.		203
	2		SL Green Realty Corp.		218
	1		Vornado Realty Trust		77
					1,592
			Total Financials		7,348
			Health Care — 12.0%
			Biotechnology — 2.7%
	2		Alexion Pharmaceuticals, Inc. (a) (j)		286
	1		Biogen, Inc. (a)		229
	4		Celgene Corp. (a) (j)		419
	3		Gilead Sciences, Inc.		220
	1		Incyte Corp. (a)		61

SHARES		SECURITY DESCRIPTION	VALUE($)
		Biotechnology — continued
	2	Vertex Pharmaceuticals, Inc. (a)		215
				1,430
		Health Care Providers & Services — 5.5%
	8	Aetna, Inc. (j)		850
	2	Anthem, Inc.		315
	9	Humana, Inc.		1,473
	2	McKesson Corp.		270
				2,908
		Life Sciences Tools & Services — 0.4%
	1	Illumina, Inc. (a)		171
		Pharmaceuticals — 3.4%
	1	Allergan plc (a)		381
	8	Bristol-Myers Squibb Co. (j)		488
	7	Eli Lilly & Co. (j)		538
	6	Pfizer, Inc.		195
	2	Valeant Pharmaceuticals International, Inc. (a)		194
				1,796
		Total Health Care		6,305
		Industrials — 11.4%
		Aerospace & Defense — 4.8%
	4	Curtiss-Wright Corp.		283
	13	Honeywell International, Inc. (j)		1,292
	1	Northrop Grumman Corp.		229
	9	United Technologies Corp. (j)		750
				2,554
		Airlines — 1.6%
	8	Delta Air Lines, Inc. (j)		348
	10	United Continental Holdings, Inc. (a) (j)		502
				850
		Building Products — 0.7%
	1	Allegion plc, (Ireland)		81
	2	Lennox International, Inc.		215
	3	Masco Corp.		91
				387
		Electrical Equipment — 0.7%
	7	Eaton Corp. plc		349
		Machinery — 0.3%
	2	Ingersoll-Rand plc		82
	1	Stanley Black & Decker, Inc.		79
				161

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Road & Rail — 3.3%
	3	Canadian Pacific Railway Ltd., (Canada) (j)		365
	4	CSX Corp.		101
	18	Union Pacific Corp. (j)		1,266
				1,732
		Total Industrials		6,033
		Information Technology — 19.6%
		Electronic Equipment, Instruments & Components — 0.2%
	1	TE Connectivity Ltd., (Switzerland)		82
		Internet Software & Services — 4.8%
	2	Alphabet, Inc., Class C (a) (j)		1,303
	11	Facebook, Inc., Class A (a) (j)		1,259
				2,562
		IT Services — 3.7%
	8	Accenture plc, (Ireland), Class A (j)		842
	7	Cognizant Technology Solutions Corp., Class A (a) (j)		424
	8	Fidelity National Information Services, Inc. (j)		474
	2	Global Payments, Inc.		131
	2	Vantiv, Inc., Class A (a)		85
				1,956
		Semiconductors & Semiconductor Equipment — 7.7%
	11	Avago Technologies Ltd., (Singapore)		1,501
	4	Broadcom Corp., Class A		230
	14	Lam Research Corp. (j)		1,007
	11	Marvell Technology Group Ltd., (Bermuda)		99
	9	NXP Semiconductors N.V., (Netherlands) (a) (j)		678
	3	Qorvo, Inc. (a)		99
	8	Texas Instruments, Inc.		427
				4,041
		Software — 3.2%
	7	Adobe Systems, Inc. (a) (j)		648
	3	Electronic Arts, Inc. (a)		196
	1	Intuit, Inc.		113
	12	Microsoft Corp. (j)		648

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	4	Mobileye N.V., (Israel) (a)		102
				1,707
		Total Information Technology		10,348
		Materials — 3.0%
		Chemicals — 1.2%
	3	Axiall Corp.		51
	2	E.I. du Pont de Nemours & Co.		87
	3	Eastman Chemical Co.		193
	2	Monsanto Co.		225
	4	Mosaic Co. (The)		89
				645
		Construction Materials — 1.0%
	1	Martin Marietta Materials, Inc.		139
	4	Vulcan Materials Co. (j)		373
				512
		Containers & Packaging — 0.8%
	5	Crown Holdings, Inc. (a) (j)		212
	5	Sealed Air Corp.		191
	1	WestRock Co.		41
				444
		Total Materials		1,601
		Telecommunication Services — 0.9%
		Wireless Telecommunication Services — 0.9%
	12	T-Mobile USA, Inc. (a)		475
		Utilities — 4.3%
		Electric Utilities — 4.0%
	6	American Electric Power Co., Inc.		337
	7	Edison International (j)		428
	4	NextEra Energy, Inc.		407
	16	PPL Corp. (j)		545
	11	Xcel Energy, Inc. (j)		412
				2,129
		Gas Utilities — 0.1%
	1	AGL Resources, Inc.		56
		Multi-Utilities — 0.2%
	4	NiSource, Inc.		75
		Total Utilities		2,260
		Total Common Stocks (Cost $40,447)		48,276

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Short-Term Investment — 10.1%
			Investment Company — 10.1%
	5,321		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $5,321)		5,321
			Total Investments — 101.6% (Cost $45,768)		53,597
			Liabilities in Excess of Other Assets — (1.6)%		(821	)
			NET ASSETS — 100.0%	$	52,776
	Short Positions — 58.4%
	Common Stocks — 58.4%
			Consumer Discretionary — 10.7%
			Auto Components — 0.9%
	3		Autoliv, Inc., (Sweden)		305
	5		BorgWarner, Inc.		147
					452
			Automobiles — 0.4%
	8		Ford Motor Co.		94
	3		Harley-Davidson, Inc.		103
					197
			Hotels, Restaurants & Leisure — 1.3%
	5		Darden Restaurants, Inc.		334
	5		Hyatt Hotels Corp., Class A (a)		208
	2		Marriott International, Inc., Class A		122
					664
			Household Durables — 0.6%
	4		Garmin Ltd., (Switzerland)		148
	4		Lennar Corp., Class A		166
					314
			Internet & Catalog Retail — 0.9%
	—	(h)	Expedia, Inc.		22
	18		Groupon, Inc. (a)		48
	3		Netflix, Inc. (a)		259
	1		Shutterfly, Inc. (a)		61
	1		TripAdvisor, Inc. (a)		73
					463
			Leisure Products — 0.9%
	2		Hasbro, Inc.		162
	12		Mattel, Inc.		335
					497

SHARES			SECURITY DESCRIPTION	VALUE($)
			Media — 3.9%
	4		AMC Networks, Inc., Class A (a)		262
	5		Cinemark Holdings, Inc.		156
	8		Discovery Communications, Inc., Class A (a)		231
	5		Interpublic Group of Cos., Inc. (The)		112
	14		News Corp., Class A		178
	4		Omnicom Group, Inc.		291
	8		Regal Entertainment Group, Class A		137
	2		Scripps Networks Interactive, Inc., Class A		149
	2		Viacom, Inc., Class B		111
	5		Walt Disney Co. (The)		459
					2,086
			Multiline Retail — 0.3%
	4		Kohl’s Corp.		175
			Specialty Retail — 1.0%
	4		Abercrombie & Fitch Co., Class A		102
	6		Bed Bath & Beyond, Inc. (a)		259
	1		CarMax, Inc. (a)		54
	2		DSW, Inc., Class A		56
	2		Gap, Inc. (The)		57
					528
			Textiles, Apparel & Luxury Goods — 0.5%
	—	(h)	Ralph Lauren Corp.		29
	3		Under Armour, Inc., Class A (a)		246
					275
			Total Consumer Discretionary		5,651
			Consumer Staples — 7.6%
			Beverages — 1.1%
	6		Brown-Forman Corp., Class B		577
			Food & Staples Retailing — 2.5%
	3		CVS Health Corp.		334
	9		Sysco Corp.		360
	2		Walgreens Boots Alliance, Inc.		142
	3		Wal-Mart Stores, Inc.		220
	10		Whole Foods Market, Inc.		281
					1,337
			Food Products — 2.8%
	8		General Mills, Inc.		439
	6		Kellogg Co.		416
	7		Kraft Heinz Co. (The)		579

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Food Products — continued
	1	Mead Johnson Nutrition Co.		55
				1,489
		Household Products — 0.4%
	1	Church & Dwight Co., Inc.		112
	1	Colgate-Palmolive Co.		84
				196
		Personal Products — 0.3%
	6	Coty, Inc., Class A		147
		Tobacco — 0.5%
	4	Altria Group, Inc.		252
		Total Consumer Staples		3,998
		Energy — 0.8%
		Energy Equipment & Services — 0.5%
	2	Baker Hughes, Inc.		81
	2	Halliburton Co.		64
	1	Helmerich & Payne, Inc.		56
	2	Tenaris S.A., (Luxembourg), ADR		47
	8	Weatherford International plc, (Switzerland) (a)		51
				299
		Oil, Gas & Consumable Fuels — 0.3%
	1	Cimarex Energy Co.		49
	3	Range Resources Corp.		100
				149
		Total Energy		448
		Financials — 9.1%
		Banks — 2.0%
	2	Bank of Hawaii Corp.		111
	9	First Horizon National Corp.		112
	4	First Niagara Financial Group, Inc.		42
	4	FirstMerit Corp.		73
	3	M&T Bank Corp.		303
	1	People’s United Financial, Inc.		14
	4	U.S. Bancorp		170
	3	UMB Financial Corp.		164
	3	Zions Bancorporation		59
				1,048
		Capital Markets — 0.6%
	4	Federated Investors, Inc., Class B		111
	3	Franklin Resources, Inc.		118
	1	T. Rowe Price Group, Inc.		74
				303

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — 0.2%
	2	American Express Co.		124
		Diversified Financial Services — 0.6%
	3	CME Group, Inc.		269
	1	McGraw Hill Financial, Inc.		59
				328
		Insurance — 2.9%
	2	Aon plc, (United Kingdom)		175
	3	Arch Capital Group Ltd., (Bermuda) (a)		185
	1	Axis Capital Holdings Ltd., (Bermuda)		30
	7	Genworth Financial, Inc., Class A (a)		21
	9	Progressive Corp. (The)		297
	6	Torchmark Corp.		341
	9	W.R. Berkley Corp.		449
				1,498
		Real Estate Investment Trusts (REITs) — 2.8%
	2	Crown Castle International Corp.		200
	5	DDR Corp.		90
	2	Digital Realty Trust, Inc.		153
	1	Federal Realty Investment Trust		133
	2	Four Corners Property Trust, Inc.		29
	3	Healthcare Trust of America, Inc., Class A		80
	1	Realty Income Corp.		72
	8	Ventas, Inc.		468
	4	Welltower, Inc.		251
				1,476
		Total Financials		4,777
		Health Care — 5.4%
		Biotechnology — 1.0%
	2	Alkermes plc, (Ireland) (a)		67
	3	Amgen, Inc.		437
	1	Ionis Pharmaceuticals, Inc. (a)		51
				555
		Health Care Equipment & Supplies — 1.8%
	6	Baxter International, Inc.		202
	1	Becton, Dickinson and Co.		139
	1	C.R. Bard, Inc.		121
	6	Medtronic plc, (Ireland)		443
	1	St. Jude Medical, Inc.		37
				942

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
			Health Care Providers & Services — 1.0%
	5		Community Health Systems, Inc. (a)		99
	—	(h)	DaVita HealthCare Partners, Inc. (a)		32
	2		Express Scripts Holding Co. (a)		175
	1		HCA Holdings, Inc. (a)		63
	1		Laboratory Corp. of America Holdings (a)		74
	1		Quest Diagnostics, Inc.		39
	2		Tenet Healthcare Corp. (a)		58
					540
			Health Care Technology — 0.4%
	3		Cerner Corp. (a)		190
			Pharmaceuticals — 1.2%
	3		AbbVie, Inc.		161
	3		Johnson & Johnson		263
	4		Merck & Co., Inc.		192
					616
			Total Health Care		2,843
			Industrials — 8.4%
			Aerospace & Defense — 0.9%
	3		Boeing Co. (The)		395
	—	(h)	Lockheed Martin Corp.		55
	1		Textron, Inc.		47
					497
			Commercial Services & Supplies — 0.3%
	6		ADT Corp. (The)		166
			Electrical Equipment — 0.6%
	3		Rockwell Automation, Inc.		326
			Industrial Conglomerates — 2.3%
	3		3M Co.		441
	27		General Electric Co.		792
					1,233
			Machinery — 1.5%
	2		Caterpillar, Inc.		125
	2		Deere & Co.		134
	9		Donaldson Co., Inc.		250
	2		Illinois Tool Works, Inc.		198
	1		Parker-Hannifin Corp.		90
					797

SHARES		SECURITY DESCRIPTION	VALUE($)
		Professional Services — 0.2%
	2	Nielsen Holdings plc		76
		Road & Rail — 1.3%
	18	Heartland Express, Inc.		310
	6	Knight Transportation, Inc.		139
	9	Werner Enterprises, Inc.		209
				658
		Trading Companies & Distributors — 1.3%
	10	Fastenal Co.		398
	1	W.W. Grainger, Inc.		289
				687
		Total Industrials		4,440
		Information Technology — 7.2%
		Communications Equipment — 1.3%
	20	Cisco Systems, Inc.		485
	5	Juniper Networks, Inc.		118
	2	QUALCOMM, Inc.		75
				678
		Internet Software & Services — 0.5%
	9	eBay, Inc. (a)		211
	3	GrubHub, Inc. (a)		55
				266
		IT Services — 0.9%
	1	Automatic Data Processing, Inc.		57
	3	International Business Machines Corp.		385
	2	VeriFone Systems, Inc. (a)		50
				492
		Semiconductors & Semiconductor Equipment — 3.6%
	9	Applied Materials, Inc.		161
	5	Atmel Corp.		38
	14	Intel Corp.		437
	8	Linear Technology Corp.		332
	2	Maxim Integrated Products, Inc.		55
	5	Microchip Technology, Inc.		204
	16	Micron Technology, Inc. (a)		174
	3	NVIDIA Corp.		83
	1	Skyworks Solutions, Inc.		49
	12	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		275
	2	Xilinx, Inc.		93
				1,901
		Software — 0.5%
	5	Oracle Corp.		171

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
			Software — continued
	1		SAP SE, (Germany), ADR		117
					288
			Technology Hardware, Storage & Peripherals — 0.4%
	1		NetApp, Inc.		32
	—	(h)	SanDisk Corp.		35
	4		Seagate Technology plc		126
					193
			Total Information Technology		3,818
			Materials — 2.8%
			Chemicals — 1.9%
	4		Air Products & Chemicals, Inc.		499
	1		CF Industries Holdings, Inc.		27
	1		Ecolab, Inc.		56
	4		LyondellBasell Industries N.V., Class A		289
	2		Westlake Chemical Corp.		112
					983
			Containers & Packaging — 0.4%
	4		International Paper Co.		133
	2		Sonoco Products Co.		76
					209
			Metals & Mining — 0.5%
	27		Alcoa, Inc.		198
	18		Freeport-McMoRan, Inc.		81
					279
			Total Materials		1,471
			Telecommunication Services — 2.2%
			Diversified Telecommunication Services — 2.2%
	6		CenturyLink, Inc.		144
	20		Verizon Communications, Inc.		1,013
			Total Telecommunication Services		1,157
			Utilities — 4.2%
			Electric Utilities — 1.9%
	10		Duke Energy Corp.		722
	6		Exelon Corp.		165
	2		Southern Co. (The)		119
					1,006
			Multi-Utilities — 2.1%
	4		Consolidated Edison, Inc.		275
	5		Dominion Resources, Inc.		388

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — continued
	3	DTE Energy Co.		278
	3	WEC Energy Group, Inc.		166
				1,107
		Water Utilities — 0.2%
	3	Aqua America, Inc.		101
		Total Utilities		2,214
		Total Securities Sold Short (Proceeds $33,869)	$	30,817

Percentages indicated are based on net assets.

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(j)	—	All or a portion of this security is segregated for short sales.
(l)	—	The rate shown is the current yield as of January 31, 2016.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	9,342
Aggregate gross unrealized depreciation		(1,513	)
Net unrealized appreciation/depreciation	$	7,829
Federal income tax cost of investments	$	45,768

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

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

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 (the “Underlying Funds”) are valued at each Underlying Fund’s net asset values or NAV per share as of the report date.

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

The various inputs that are used in determining the valuation of the 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”) (amount in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	53,597			—		—	$	53,597
Total Liabilities for Securities Sold Short (a)	$	(30,817	)		—		—	$	(30,817	)

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

There were no transfers among any levels during the period ended January 31, 2016.

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 103.5%
	Common Stocks — 78.6%
		Consumer Discretionary — 14.0%
		Auto Components — 0.1%
	18	Goodyear Tire & Rubber Co. (The) (j)		517
		Hotels, Restaurants & Leisure — 2.3%
	88	Carnival Corp.		4,251
	60	Hilton Worldwide Holdings, Inc.		1,069
	10	Norwegian Cruise Line Holdings Ltd. (a)		468
	44	Royal Caribbean Cruises Ltd.		3,617
	46	Yum! Brands, Inc.		3,302
				12,707
		Household Durables — 1.5%
	156	D.R. Horton, Inc.		4,304
	13	Harman International Industries, Inc.		956
	188	PulteGroup, Inc.		3,155
				8,415
		Internet & Catalog Retail — 1.2%
	11	Amazon.com, Inc. (a)		6,433
		Media — 4.4%
	63	CBS Corp. (Non-Voting), Class B (j)		3,006
	10	Charter Communications, Inc., Class A (a)		1,647
	21	Comcast Corp., Class A		1,184
	36	DISH Network Corp., Class A (a)		1,736
	1,099	Sirius XM Holdings, Inc. (a)		4,067
	18	Time Warner Cable, Inc.		3,279
	28	Time Warner, Inc.		1,983
	276	Twenty-First Century Fox, Inc., Class B		7,475
				24,377
		Multiline Retail — 0.4%
	26	Dollar General Corp.		1,935
		Specialty Retail — 4.1%
	55	Best Buy Co., Inc.		1,530
	5	Home Depot, Inc. (The)		623
	14	L Brands, Inc.		1,332
	215	Lowe’s Cos., Inc. (j)		15,391
	5	O’Reilly Automotive, Inc. (a)		1,383
	26	Ross Stores, Inc.		1,452
	18	TJX Cos., Inc. (The)		1,255
				22,966
		Total Consumer Discretionary		77,350

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 6.4%
		Beverages — 2.9%
	8	Boston Beer Co., Inc. (The), Class A (a)		1,385
	8	Constellation Brands, Inc., Class A (j)		1,250
	99	Molson Coors Brewing Co., Class B		8,998
	42	PepsiCo, Inc.		4,188
				15,821
		Food & Staples Retailing — 0.9%
	23	Costco Wholesale Corp.		3,443
	44	Kroger Co. (The)		1,689
				5,132
		Food Products — 1.2%
	58	ConAgra Foods, Inc.		2,413
	2	Hershey Co. (The)		145
	66	Mondelez International, Inc., Class A		2,860
	20	Post Holdings, Inc. (a)		1,175
				6,593
		Household Products — 0.4%
	17	Kimberly-Clark Corp.		2,128
		Personal Products — 0.5%
	33	Estee Lauder Cos., Inc. (The), Class A		2,789
		Tobacco — 0.5%
	31	Philip Morris International, Inc.		2,831
		Total Consumer Staples		35,294
		Energy — 1.7%
		Oil, Gas & Consumable Fuels — 1.7%
	24	Diamondback Energy, Inc. (a)		1,779
	13	EOG Resources, Inc.		958
	50	Occidental Petroleum Corp.		3,411
	25	Pioneer Natural Resources Co.		3,123
		Total Energy		9,271
		Financials — 12.0%
		Banks — 2.1%
	406	Bank of America Corp. (j)		5,744
	29	Citigroup, Inc.		1,248
	49	Prosperity Bancshares, Inc.		2,093
	48	Wells Fargo & Co. (j)		2,418
				11,503
		Capital Markets — 2.4%
	26	Ameriprise Financial, Inc. (j)		2,320
	25	Bank of New York Mellon Corp. (The)		898

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Capital Markets — continued
	10	BlackRock, Inc.		3,289
	146	Charles Schwab Corp. (The)		3,738
	126	Morgan Stanley		3,252
				13,497
		Consumer Finance — 1.4%
	78	Ally Financial, Inc. (a) (j)		1,238
	31	Capital One Financial Corp.		2,019
	35	Discover Financial Services		1,614
	95	Synchrony Financial (a)		2,687
				7,558
		Diversified Financial Services — 0.4%
	3	Intercontinental Exchange, Inc.		871
	35	Voya Financial, Inc.		1,065
				1,936
		Insurance — 3.5%
	76	Arthur J. Gallagher & Co.		2,849
	116	Chubb Ltd., (Switzerland)		13,121
	31	Hartford Financial Services Group, Inc. (The)		1,262
	54	MetLife, Inc.		2,432
				19,664
		Real Estate Investment Trusts (REITs) — 2.2%
	32	AvalonBay Communities, Inc.		5,520
	70	Kimco Realty Corp.		1,915
	46	Prologis, Inc.		1,823
	24	SL Green Realty Corp.		2,325
	9	Vornado Realty Trust		801
				12,384
		Total Financials		66,542
		Health Care — 9.7%
		Biotechnology — 2.7%
	14	Alexion Pharmaceuticals, Inc. (a)		1,978
	9	Biogen, Inc. (a)		2,380
	49	Celgene Corp. (a) (j)		4,887
	29	Gilead Sciences, Inc. (j)		2,439
	9	Incyte Corp. (a)		630
	27	Vertex Pharmaceuticals, Inc. (a)		2,463
				14,777
		Health Care Providers & Services — 4.1%
	70	Aetna, Inc. (j)		7,082
	15	Anthem, Inc.		1,982
	73	Humana, Inc.		11,948
	12	McKesson Corp. (j)		1,952
				22,964

SHARES		SECURITY DESCRIPTION	VALUE($)
		Life Sciences Tools & Services — 0.3%
	12	Illumina, Inc. (a) (j)		1,817
		Pharmaceuticals — 2.6%
	11	Allergan plc (a)		3,222
	49	Bristol-Myers Squibb Co.		3,030
	58	Eli Lilly & Co.		4,620
	48	Pfizer, Inc.		1,465
	24	Valeant Pharmaceuticals International, Inc. (a) (j)		2,179
				14,516
		Total Health Care		54,074
		Industrials — 10.4%
		Aerospace & Defense — 4.0%
	34	Curtiss-Wright Corp.		2,322
	102	Honeywell International, Inc.		10,500
	13	Northrop Grumman Corp.		2,358
	77	United Technologies Corp.		6,766
				21,946
		Airlines — 1.6%
	80	Delta Air Lines, Inc.		3,538
	114	United Continental Holdings, Inc. (a)		5,521
				9,059
		Building Products — 0.6%
	14	Allegion plc, (Ireland)		834
	14	Lennox International, Inc.		1,732
	36	Masco Corp.		950
				3,516
		Electrical Equipment — 0.7%
	71	Eaton Corp. plc		3,583
		Machinery — 0.3%
	18	Ingersoll-Rand plc		928
	9	Stanley Black & Decker, Inc. (j)		807
				1,735
		Road & Rail — 3.2%
	45	Canadian Pacific Railway Ltd., (Canada) (j)		5,446
	45	CSX Corp.		1,025
	158	Union Pacific Corp.		11,401
				17,872
		Total Industrials		57,711
		Information Technology — 16.3%
		Electronic Equipment, Instruments & Components — 0.2%
	25	TE Connectivity Ltd., (Switzerland)		1,434

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Internet Software & Services — 3.7%
	14	Alphabet, Inc., Class C (a)		10,517
	90	Facebook, Inc., Class A (a)		10,079
				20,596
		IT Services — 3.2%
	79	Accenture plc, (Ireland), Class A (j)		8,295
	55	Cognizant Technology Solutions Corp., Class A (a)		3,504
	62	Fidelity National Information Services, Inc. (j)		3,718
	23	Global Payments, Inc.		1,363
	19	Vantiv, Inc., Class A (a)		886
				17,766
		Semiconductors & Semiconductor Equipment — 6.3%
	103	Avago Technologies Ltd., (Singapore)		13,718
	143	Lam Research Corp. (j)		10,249
	81	Marvell Technology Group Ltd., (Bermuda)		716
	84	NXP Semiconductors N.V., (Netherlands) (a) (j)		6,297
	26	Qorvo, Inc. (a)		1,038
	53	Texas Instruments, Inc.		2,785
				34,803
		Software — 2.9%
	67	Adobe Systems, Inc. (a) (j)		5,946
	27	Electronic Arts, Inc. (a)		1,733
	12	Intuit, Inc.		1,162
	115	Microsoft Corp.		6,317
	29	Mobileye N.V., (Israel) (a)		797
				15,955
		Total Information Technology		90,554
		Materials — 2.9%
		Chemicals — 1.2%
	29	Axiall Corp. (j)		528
	17	E.I. du Pont de Nemours & Co.		910
	37	Eastman Chemical Co.		2,254
	22	Monsanto Co.		2,004
	38	Mosaic Co. (The)		918
				6,614
		Construction Materials — 1.0%
	11	Martin Marietta Materials, Inc.		1,443
	44	Vulcan Materials Co.		3,885
				5,328

SHARES		SECURITY DESCRIPTION	VALUE($)
		Containers & Packaging — 0.7%
	38	Crown Holdings, Inc. (a)		1,742
	49	Sealed Air Corp. (j)		1,992
	8	WestRock Co.		269
				4,003
		Total Materials		15,945
		Telecommunication Services — 0.8%
		Wireless Telecommunication Services — 0.8%
	107	T-Mobile USA, Inc. (a) (j)		4,303
		Utilities — 4.4%
		Electric Utilities — 4.2%
	61	American Electric Power Co., Inc.		3,692
	77	Edison International		4,768
	37	NextEra Energy, Inc.		4,086
	173	PPL Corp.		6,076
	115	Xcel Energy, Inc.		4,384
				23,006
		Gas Utilities — 0.1%
	10	AGL Resources, Inc.		642
		Multi-Utilities — 0.1%
	32	NiSource, Inc.		681
		Total Utilities		24,329
		Total Common Stocks (Cost $384,412)		435,373
	Short-Term Investments — 24.9%
		Investment Company — 24.7%
	136,919	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l)		136,919
PRINCIPAL AMOUNT($)
		U.S. Treasury Obligation — 0.2%
	1,125	U.S. Treasury Bill, 0.191%, 04/28/16 (k) (n)		1,124
		Total Short-Term Investments (Cost $138,043)		138,043
		Total Investments — 103.5% (Cost $522,455)		573,416
		Liabilities in Excess of Other Assets — (3.5)%		(19,275	)
		NET ASSETS — 100.0%	$	554,141

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short Positions — 75.8%
	Common Stocks — 75.8%
		Consumer Discretionary — 13.8%
		Auto Components — 1.2%
	39	Autoliv, Inc., (Sweden)		4,045
	58	BorgWarner, Inc.		1,712
	21	Johnson Controls, Inc.		735
				6,492
		Automobiles — 0.6%
	84	Ford Motor Co.		1,005
	37	General Motors Co.		1,092
	33	Harley-Davidson, Inc.		1,328
				3,425
		Hotels, Restaurants & Leisure — 1.8%
	65	Darden Restaurants, Inc.		4,085
	89	Hyatt Hotels Corp., Class A (a)		3,458
	40	Marriott International, Inc., Class A		2,436
				9,979
		Household Durables — 0.7%
	63	Garmin Ltd., (Switzerland)		2,202
	38	Lennar Corp., Class A		1,593
				3,795
		Internet & Catalog Retail — 1.2%
	5	Expedia, Inc.		505
	311	Groupon, Inc. (a)		847
	41	Netflix, Inc. (a)		3,750
	15	Shutterfly, Inc. (a)		633
	12	TripAdvisor, Inc. (a)		774
				6,509
		Leisure Products — 1.2%
	33	Hasbro, Inc.		2,422
	152	Mattel, Inc.		4,184
				6,606
		Media — 4.8%
	44	AMC Networks, Inc., Class A (a)		3,213
	67	Cinemark Holdings, Inc.		1,967
	118	Discovery Communications, Inc., Class A (a)		3,246
	103	Interpublic Group of Cos., Inc. (The)		2,315
	216	News Corp., Class A		2,796
	48	Omnicom Group, Inc.		3,490
	103	Regal Entertainment Group, Class A		1,771
	29	Scripps Networks Interactive, Inc., Class A		1,778
	24	Viacom, Inc., Class B		1,109
	53	Walt Disney Co. (The)		5,107
				26,792

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Multiline Retail — 0.4%
	49	Kohl’s Corp.		2,461
		Specialty Retail — 1.1%
	80	Bed Bath & Beyond, Inc. (a)		3,455
	20	CarMax, Inc. (a)		862
	37	DSW, Inc., Class A		898
	36	Gap, Inc. (The)		887
				6,102
		Textiles, Apparel & Luxury Goods — 0.8%
	13	PVH Corp.		940
	5	Ralph Lauren Corp.		596
	34	Under Armour, Inc., Class A (a)		2,896
				4,432
		Total Consumer Discretionary		76,593
		Consumer Staples — 9.4%
		Beverages — 1.1%
	62	Brown-Forman Corp., Class B		6,025
		Food & Staples Retailing — 3.7%
	56	CVS Health Corp.		5,411
	127	Sysco Corp.		5,039
	19	Walgreens Boots Alliance, Inc.		1,499
	77	Wal-Mart Stores, Inc.		5,097
	122	Whole Foods Market, Inc.		3,576
				20,622
		Food Products — 3.3%
	81	General Mills, Inc.		4,589
	73	Kellogg Co.		5,370
	95	Kraft Heinz Co. (The)		7,406
	8	Mead Johnson Nutrition Co.		580
				17,945
		Household Products — 0.5%
	24	Church & Dwight Co., Inc.		2,009
	14	Colgate-Palmolive Co.		925
				2,934
		Personal Products — 0.3%
	62	Coty, Inc., Class A		1,536
		Tobacco — 0.5%
	48	Altria Group, Inc.		2,939
		Total Consumer Staples		52,001
		Energy — 1.2%
		Energy Equipment & Services — 0.7%
	20	Baker Hughes, Inc.		866
	25	Halliburton Co.		801
	17	Helmerich & Payne, Inc.		879
	26	Rowan Cos. plc, Class A		328

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Energy Equipment & Services — continued
	19	Tenaris S.A., (Luxembourg), ADR		386
	79	Weatherford International plc, (Switzerland) (a)		530
				3,790
		Oil, Gas & Consumable Fuels — 0.5%
	40	Anadarko Petroleum Corp.		1,579
	6	Cimarex Energy Co.		512
	36	Range Resources Corp.		1,052
				3,143
		Total Energy		6,933
		Financials — 11.8%
		Banks — 3.4%
	51	Associated Banc-Corp.		893
	47	Bank of Hawaii Corp.		2,787
	120	First Horizon National Corp.		1,533
	59	First Niagara Financial Group, Inc.		581
	122	FirstMerit Corp.		2,361
	27	M&T Bank Corp.		2,964
	76	People’s United Financial, Inc.		1,096
	99	U.S. Bancorp		3,985
	42	UMB Financial Corp.		1,951
	27	Zions Bancorporation		619
				18,770
		Capital Markets — 0.8%
	54	Federated Investors, Inc., Class B		1,353
	57	Franklin Resources, Inc.		1,962
	13	T. Rowe Price Group, Inc.		901
				4,216
		Consumer Finance — 0.2%
	24	American Express Co.		1,300
		Diversified Financial Services — 0.6%
	32	CME Group, Inc.		2,839
	7	McGraw Hill Financial, Inc.		629
				3,468
		Insurance — 3.8%
	44	Aon plc, (United Kingdom)		3,853
	38	Arch Capital Group Ltd., (Bermuda) (a)		2,550
	11	Axis Capital Holdings Ltd., (Bermuda)		617
	78	Genworth Financial, Inc., Class A (a)		217
	142	Progressive Corp. (The)		4,451
	76	Torchmark Corp.		4,144

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
	101	W.R. Berkley Corp.		5,050
				20,882
		Real Estate Investment Trusts (REITs) — 3.0%
	34	Crown Castle International Corp.		2,960
	37	DDR Corp.		638
	21	Digital Realty Trust, Inc.		1,673
	10	Federal Realty Investment Trust		1,448
	21	Four Corners Property Trust, Inc.		360
	50	Healthcare Trust of America, Inc., Class A		1,391
	13	Realty Income Corp.		747
	92	Ventas, Inc.		5,068
	42	Welltower, Inc.		2,597
				16,882
		Total Financials		65,518
		Health Care — 9.1%
		Biotechnology — 1.2%
	18	Alkermes plc, (Ireland) (a)		574
	33	Amgen, Inc.		5,086
	23	Ionis Pharmaceuticals, Inc. (a)		911
				6,571
		Health Care Equipment & Supplies — 3.1%
	117	Baxter International, Inc.		4,289
	11	Becton, Dickinson and Co.		1,628
	7	C.R. Bard, Inc.		1,320
	114	Medtronic plc, (Ireland)		8,660
	13	St. Jude Medical, Inc.		666
	8	Zimmer Biomet Holdings, Inc.		774
				17,337
		Health Care Providers & Services — 1.4%
	49	Community Health Systems, Inc. (a)		1,059
	14	DaVita HealthCare Partners, Inc. (a)		969
	24	Express Scripts Holding Co. (a)		1,746
	19	HCA Holdings, Inc. (a)		1,329
	6	Laboratory Corp. of America Holdings (a)		708
	6	Quest Diagnostics, Inc.		374
	40	Tenet Healthcare Corp. (a)		1,085
	5	Universal Health Services, Inc., Class B		597
				7,867
		Health Care Technology — 0.4%
	32	Cerner Corp. (a)		1,874

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Pharmaceuticals — 3.0%
	55	AbbVie, Inc.		3,007
	71	Johnson & Johnson		7,387
	124	Merck & Co., Inc.		6,300
				16,694
		Total Health Care		50,343
		Industrials — 9.2%
		Aerospace & Defense — 1.0%
	39	Boeing Co. (The)		4,647
	3	Lockheed Martin Corp.		591
	15	Textron, Inc.		527
				5,765
		Air Freight & Logistics — 0.2%
	13	United Parcel Service, Inc., Class B		1,165
		Commercial Services & Supplies — 0.4%
	83	ADT Corp. (The)		2,448
		Electrical Equipment — 0.7%
	38	Rockwell Automation, Inc.		3,591
		Industrial Conglomerates — 2.2%
	31	3M Co.		4,696
	264	General Electric Co.		7,688
				12,384
		Machinery — 1.5%
	21	Caterpillar, Inc.		1,288
	17	Deere & Co.		1,317
	85	Donaldson Co., Inc.		2,404
	23	Illinois Tool Works, Inc.		2,104
	10	Parker-Hannifin Corp.		962
				8,075
		Professional Services — 0.2%
	19	Nielsen Holdings plc		910
		Road & Rail — 1.5%
	270	Heartland Express, Inc.		4,633
	70	Knight Transportation, Inc.		1,707
	85	Werner Enterprises, Inc.		2,054
				8,394
		Trading Companies & Distributors — 1.5%
	120	Fastenal Co.		4,849
	16	W.W. Grainger, Inc.		3,147
				7,996
		Total Industrials		50,728
		Information Technology — 11.5%
		Communications Equipment — 2.3%
	334	Cisco Systems, Inc.		7,943

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Communications Equipment — continued
	120	Juniper Networks, Inc.		2,835
	5	Motorola Solutions, Inc.		307
	32	QUALCOMM, Inc.		1,428
				12,513
		Internet Software & Services — 0.9%
	179	eBay, Inc. (a)		4,209
	40	GrubHub, Inc. (a)		744
				4,953
		IT Services — 1.3%
	15	Automatic Data Processing, Inc.		1,205
	41	International Business Machines Corp.		5,161
	12	Paychex, Inc.		569
	22	VeriFone Systems, Inc. (a)		515
				7,450
		Semiconductors & Semiconductor Equipment — 5.6%
	204	Applied Materials, Inc.		3,599
	51	Atmel Corp.		407
	207	Intel Corp.		6,425
	118	Linear Technology Corp.		5,054
	39	Maxim Integrated Products, Inc.		1,289
	55	Microchip Technology, Inc.		2,460
	268	Micron Technology, Inc. (a)		2,956
	40	NVIDIA Corp.		1,185
	19	Skyworks Solutions, Inc.		1,296
	227	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		5,082
	27	Xilinx, Inc.		1,352
				31,105
		Software — 0.8%
	79	Oracle Corp.		2,873
	19	SAP SE, (Germany), ADR		1,549
				4,422
		Technology Hardware, Storage & Peripherals — 0.6%
	40	NetApp, Inc.		886
	9	SanDisk Corp.		632
	52	Seagate Technology plc		1,519
				3,037
		Total Information Technology		63,480
		Materials — 2.7%
		Chemicals — 1.7%
	28	Air Products & Chemicals, Inc.		3,561
	10	CF Industries Holdings, Inc.		297

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Chemicals — continued
	6	Ecolab, Inc.		593
	8	FMC Corp.		282
	47	LyondellBasell Industries N.V., Class A		3,633
	27	Westlake Chemical Corp.		1,224
				9,590
		Containers & Packaging — 0.4%
	41	International Paper Co.		1,416
	19	Sonoco Products Co.		743
				2,159
		Metals & Mining — 0.6%
	285	Alcoa, Inc.		2,077
	195	Freeport-McMoRan, Inc.		898
				2,975
		Total Materials		14,724
		Telecommunication Services — 2.4%
		Diversified Telecommunication Services — 2.4%
	61	CenturyLink, Inc.		1,553
	236	Verizon Communications, Inc.		11,791
		Total Telecommunication Services		13,344
		Utilities — 4.7%
		Electric Utilities — 2.4%
	127	Duke Energy Corp.		9,548
	71	Exelon Corp.		2,087
	35	Southern Co. (The)		1,708
				13,343
		Multi-Utilities — 2.1%
	35	Consolidated Edison, Inc.		2,450
	65	Dominion Resources, Inc.		4,719
	35	DTE Energy Co.		2,984
	32	WEC Energy Group, Inc.		1,745
				11,898
		Water Utilities — 0.2%
	35	Aqua America, Inc.		1,091
		Total Utilities		26,332
		Total Securities Sold Short (Proceeds $448,908)	$	419,996

Percentages indicated are based on net assets.

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JANUARY 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Short Futures Outstanding
	(175)	E-mini S&P 500		03/18/16		USD	$	(16,888	)	$	389

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

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.
(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
JPMorgan Research Market Neutral Fund	$	99,821

(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 January 31, 2016.
(n)	—	The rate shown is the effective yield at the date of purchase.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	69,567
Aggregate gross unrealized depreciation		(18,606	)
Net unrealized appreciation/depreciation	$	50,961
Federal income tax cost of investments	$	522,455

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

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

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.

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

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 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
Total Investments in Securities (a)	$	572,292		$	1,124	$	—	$	573,416
Total Liabilities for Securities Sold Short (b)	$	(419,996	)	$	—	$	—	$	(419,996	)
Appreciation in Other Financial Instruments
Futures Contracts	$	389		$	—	$	—	$	389

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Bill that is held for futures contracts collateral. Please refer to the SOI for industry specifics of portfolio holdings.

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

There were no transfers among any levels during the period ended January 31, 2016.

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.6%
		Consumer Discretionary — 15.3%
		Auto Components — 0.4%
	82	Delphi Automotive plc, (United Kingdom)		5,345
		Automobiles — 0.9%
	373	General Motors Co.		11,042
		Hotels, Restaurants & Leisure — 0.8%
	209	Carnival Corp.		10,049
		Internet & Catalog Retail — 2.1%
	42	Amazon.com, Inc. (a)		24,692
		Media — 5.4%
	198	CBS Corp. (Non-Voting), Class B		9,391
	235	Comcast Corp., Class A		13,071
	132	DISH Network Corp., Class A (a)		6,354
	408	Time Warner, Inc.		28,747
	76	Walt Disney Co. (The)		7,256
				64,819
		Specialty Retail — 5.2%
	15	AutoZone, Inc. (a)		11,642
	195	Home Depot, Inc. (The)		24,553
	374	Lowe’s Cos., Inc.		26,765
				62,960
		Textiles, Apparel & Luxury Goods — 0.5%
	87	lululemon athletica, Inc., (Canada) (a)		5,410
		Total Consumer Discretionary		184,317
		Consumer Staples — 6.8%
		Beverages — 3.1%
	79	Constellation Brands, Inc., Class A		12,062
	163	Molson Coors Brewing Co., Class B		14,738
	112	PepsiCo, Inc.		11,118
				37,918
		Food & Staples Retailing — 1.0%
	82	Costco Wholesale Corp.		12,329
		Food Products — 0.8%
	220	Mondelez International, Inc., Class A		9,495
		Household Products — 1.9%
	119	Colgate-Palmolive Co.		8,046
	178	Procter & Gamble Co. (The)		14,504
				22,550
		Total Consumer Staples		82,292

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 5.9%
		Energy Equipment & Services — 0.3%
	41	Schlumberger Ltd.		2,958
		Oil, Gas & Consumable Fuels — 5.6%
	145	Chevron Corp.		12,503
	395	Columbia Pipeline Group, Inc.		7,333
	63	EOG Resources, Inc.		4,443
	156	Hess Corp.		6,626
	244	Occidental Petroleum Corp.		16,795
	83	Phillips 66		6,674
	108	Pioneer Natural Resources Co.		13,325
				67,699
		Total Energy		70,657
		Financials — 16.0%
		Banks — 6.6%
	1,735	Bank of America Corp.		24,528
	313	Citigroup, Inc.		13,337
	53	SVB Financial Group (a)		5,345
	726	Wells Fargo & Co.		36,470
				79,680
		Capital Markets — 3.3%
	33	BlackRock, Inc.		10,250
	271	Charles Schwab Corp. (The)		6,908
	99	Invesco Ltd.		2,955
	759	Morgan Stanley		19,632
				39,745
		Consumer Finance — 1.3%
	53	Capital One Financial Corp.		3,446
	120	Discover Financial Services		5,503
	223	Synchrony Financial (a)		6,333
				15,282
		Diversified Financial Services — 1.0%
	47	Intercontinental Exchange, Inc.		12,362
		Insurance — 3.8%
	190	Chubb Ltd., (Switzerland)		21,536
	199	Marsh & McLennan Cos., Inc.		10,618
	293	MetLife, Inc.		13,087
				45,241
		Total Financials		192,310
		Health Care — 15.1%
		Biotechnology — 5.0%
	60	Alexion Pharmaceuticals, Inc. (a)		8,717
	41	Biogen, Inc. (a)		11,241
	185	Celgene Corp. (a)		18,545

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Biotechnology — continued
	147	Gilead Sciences, Inc.		12,224
	105	Vertex Pharmaceuticals, Inc. (a)		9,554
				60,281
		Health Care Providers & Services — 3.9%
	45	Aetna, Inc.		4,610
	106	Humana, Inc.		17,179
	218	UnitedHealth Group, Inc.		25,097
				46,886
		Life Sciences Tools & Services — 0.2%
	14	Illumina, Inc. (a)		2,164
		Pharmaceuticals — 6.0%
	80	Allergan plc (a)		22,803
	396	Bristol-Myers Squibb Co.		24,617
	91	Eli Lilly & Co.		7,206
	578	Pfizer, Inc.		17,614
				72,240
		Total Health Care		181,571
		Industrials — 10.2%
		Aerospace & Defense — 3.4%
	268	Honeywell International, Inc.		27,693
	151	United Technologies Corp.		13,237
				40,930
		Airlines — 1.0%
	75	Spirit Airlines, Inc. (a)		3,147
	186	United Continental Holdings, Inc. (a)		8,967
				12,114
		Building Products — 2.2%
	115	Allegion plc, (Ireland)		6,940
	36	Lennox International, Inc.		4,265
	580	Masco Corp.		15,302
				26,507
		Industrial Conglomerates — 1.9%
	40	Danaher Corp.		3,483
	640	General Electric Co.		18,638
				22,121
		Machinery — 1.5%
	176	PACCAR, Inc.		8,634
	55	Stanley Black & Decker, Inc.		5,160
	50	WABCO Holdings, Inc. (a)		4,527
				18,321
		Road & Rail — 0.2%
	119	CSX Corp.		2,744
		Total Industrials		122,737

SHARES		SECURITY DESCRIPTION	VALUE($)
		Information Technology — 25.9%
		Electronic Equipment, Instruments & Components — 0.4%
	85	TE Connectivity Ltd., (Switzerland)		4,859
		Internet Software & Services — 5.4%
	25	Alphabet, Inc., Class A (a)		19,209
	33	Alphabet, Inc., Class C (a)		24,700
	192	Facebook, Inc., Class A (a)		21,596
				65,505
		IT Services — 4.5%
	114	Accenture plc, (Ireland), Class A		12,014
	15	Alliance Data Systems Corp. (a)		3,070
	68	Cognizant Technology Solutions Corp., Class A (a)		4,299
	150	Fidelity National Information Services, Inc.		8,946
	192	MasterCard, Inc., Class A		17,129
	119	Visa, Inc., Class A		8,894
				54,352
		Semiconductors & Semiconductor Equipment — 6.4%
	334	Applied Materials, Inc.		5,893
	337	Avago Technologies Ltd., (Singapore)		45,072
	166	Broadcom Corp., Class A		9,087
	230	Lam Research Corp.		16,533
				76,585
		Software — 5.0%
	166	Adobe Systems, Inc. (a)		14,817
	731	Microsoft Corp.		40,266
	146	Oracle Corp.		5,298
				60,381
		Technology Hardware, Storage & Peripherals — 4.2%
	516	Apple, Inc.		50,227
		Total Information Technology		311,909
		Materials — 1.9%
		Chemicals — 1.2%
	221	Dow Chemical Co. (The)		9,297
	50	PPG Industries, Inc.		4,756
				14,053
		Construction Materials — 0.7%
	71	Martin Marietta Materials, Inc.		8,942
		Total Materials		22,995

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Telecommunication Services — 1.0%
		Diversified Telecommunication Services — 0.7%
	171	Verizon Communications, Inc.		8,538
		Wireless Telecommunication Services — 0.3%
	92	T-Mobile US, Inc. (a)		3,698
		Total Telecommunication Services		12,236
		Utilities — 1.5%
		Electric Utilities — 0.5%
	53	NextEra Energy, Inc.		5,950
		Multi-Utilities — 1.0%
	156	CMS Energy Corp.		6,050
	302	NiSource, Inc.		6,337
				12,387
		Total Utilities		18,337
		Total Common Stocks (Cost $778,998)		1,199,361
	Short-Term Investment — 0.4%
		Investment Company — 0.4%
	5,256	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $5,256)		5,256
		Total Investments — 100.0% (Cost $784,254)		1,204,617
		Liabilities in Excess of Other Assets — 0.0% (g)		(497	)
		NET ASSETS — 100.0%	$	1,204,120

Percentages indicated are based on net assets.

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—	Amount rounds to less than 0.1%.
(l)	—	The rate shown is the current yield as of January 31, 2016.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	427,483
Aggregate gross unrealized depreciation		(7,120	)
Net unrealized appreciation/depreciation	$	420,363
Federal income tax cost of investments	$	784,254

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

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

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 (the “Underlying Funds”) are valued at each Underlying Fund’s net asset values or NAV per share as of the report date.

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

The various inputs that are used in determining the valuation of the 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”) (amount in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,204,617	$	—	$	—	$	1,204,617

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

There were no transfers among any levels during the period ended January 31, 2016.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 98.2% (t)
		Alaska — 1.0%
		Other Revenue — 1.0%
	13,490	Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Rev., 5.250%, 09/01/29		16,549
		Arizona — 3.0%
		General Obligation — 0.1%
	1,400	City of Goodyear, GO, AGM, 6.000%, 07/01/19		1,576
	275	Maricopa County Unified School District No. 48, Scottsdale, Unrefunded Balance, School Improvement, Series A, GO, NATL-RE, FGIC, 5.000%, 07/01/16		280
				1,856
		Other Revenue — 2.6%
		Arizona State Transportation Board,
	16,705	Series A, Rev., GAN, 5.250%, 07/01/25		19,591
	17,135	Series A, Rev., GAN, 5.250%, 07/01/26		20,054
		Phoenix Civic Improvement Corp., Senior Lien,
	1,085	Series C, Rev., 5.000%, 07/01/22		1,286
	1,000	Series C, Rev., 5.000%, 07/01/24		1,188
				42,119
		Prerefunded — 0.2%
	3,000	Arizona State Transportation Board, Maricopa County Regional Area Road, Rev., 5.000%, 07/01/20 (p)		3,518
		Utility — 0.1%
	1,500	Salt River Project Agricultural Improvement & Power District, Electric System, Series A, Rev., 5.000%, 01/01/22		1,678
		Total Arizona		49,171
		Arkansas — 0.1%
		Water & Sewer — 0.1%
	1,815	City of Fort Smith, Water & Sewer, Rev., AGM, 5.000%, 10/01/22		2,003
		California — 16.1%
		Certificate Of Participation/Lease — 0.0% (g)
	80	Los Angeles Unified School District, Headquarters Building Projects, Series B, COP, 5.000%, 10/01/31		95
		Education — 1.0%
	7,500	California Educational Facilities Authority, Stanford University, Series U-3, Rev., 5.000%, 06/01/43		10,182

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education –– continued
	2,000	California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.000%, 10/01/39		2,216
	3,000	California State University, Series A, Rev., 5.000%, 11/01/24		3,856
				16,254
		General Obligation — 7.8%
		Carlsbad Unified School District,
	2,500	Series B, GO, Zero Coupon, 05/01/16		2,498
	2,000	Series B, GO, Zero Coupon, 05/01/17		1,983
	1,490	Series B, GO, Zero Coupon, 05/01/19		1,428
	3,445	Center Unified School District, Election of 1991, Series D, GO, NATL-RE, Zero Coupon, 08/01/26		2,197
		Contra Costa Community College District,
	2,115	GO, 5.000%, 08/01/21		2,559
	1,000	GO, 5.000%, 08/01/22		1,201
	1,000	GO, 5.000%, 08/01/24		1,197
	145	Los Altos School District, Unrefunded Balance, GO, AMBAC, 5.000%, 08/01/21		149
	7,500	Los Angeles Community College District, Series A, GO, 4.000%, 08/01/32		8,315
	145	Los Angeles Community College District, Election of 2008, Series G, GO, 4.000%, 08/01/39		156
		Los Angeles Unified School District,
	1,000	Series A-1, GO, AGM, 5.000%, 07/01/19		1,066
	2,750	Series B, GO, FGIC, 4.750%, 07/01/21		2,802
	9,000	Series C, GO, 5.000%, 07/01/26		11,265
	5,000	Series D, GO, 5.250%, 07/01/24		5,752
		Murrieta Valley Unified School District,
	550	GO, AGM, 5.000%, 09/01/22		673
	725	GO, AGM, 5.000%, 09/01/23		896
		San Diego Unified School District, Election of 1998,
	3,800	Series C-2, GO, AGM, 5.500%, 07/01/24		4,922
	1,000	Series F-1, GO, AGM, 5.250%, 07/01/28		1,320
	1,000	State Center Community College District, GO, 5.000%, 08/01/24		1,231
		State of California, Various Purpose,
	1,000	GO, 5.000%, 08/01/16		1,024
	310	GO, 5.000%, 04/01/17		326
	5,000	GO, 5.000%, 04/01/20		5,643
	10,010	GO, 5.000%, 03/01/25		12,650
	2,000	GO, 5.000%, 09/01/26		2,212
	12,705	GO, 5.000%, 03/01/28		15,658

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation –– continued
	10,370	GO, 5.000%, 08/01/30		12,574
	5,000	GO, 5.500%, 04/01/18		5,518
	5,000	GO, 5.500%, 04/01/21		5,731
	5,000	GO, 5.625%, 04/01/26		5,742
	6,600	GO, 6.500%, 04/01/33		7,749
				126,437
		Hospital — 0.1%
	1,000	University of California, Unrefunded Balance, UCLA Medical Center, Series B, Rev., AMBAC, 5.500%, 05/15/20		1,003
		Other Revenue — 5.2%
	8,700	California State Public Works Board, University of California, Series H, Rev., 5.000%, 09/01/32		10,287
		City of Los Angeles, Department of Water & Power, Power System,
	2,500	Series A, Rev., 5.000%, 07/01/23		3,099
	1,025	Series A, Rev., 5.000%, 07/01/30		1,233
	25,385	Series B, Rev., 5.000%, 07/01/28		31,203
	2,100	Series B, Rev., 5.000%, 07/01/31		2,517
	1,925	Series B, Rev., 5.000%, 07/01/32		2,297
	3,300	Series D, Rev., 5.000%, 07/01/32		3,973
	450	City of Los Angeles, Wastewater System, Series B, Rev., 5.000%, 06/01/19		512
	4,950	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A, Rev., 5.000%, 06/01/34		5,844
	2,475	Golden West Schools Financing Authority, Placentia-Yorba Linda University, Rev., AMBAC, 5.500%, 08/01/20		2,935
	2,545	Metropolitan Water District Southern Water Works, Series A, Rev., 5.000%, 10/01/25		3,128
	6,000	San Diego County Water Authority, Series A, Rev., 5.000%, 05/01/30		7,239
		San Francisco Bay Area Rapid Transit District, Sales Tax Refunding,
	175	Series A, Rev., 5.000%, 07/01/24		224
	395	Series A, Rev., 5.000%, 07/01/25		509
	225	Series A, Rev., 5.000%, 07/01/26		289
	3,110	Simi Valley School Financing Authority, Rev., AGM, 5.000%, 08/01/21		3,378
	5,000	University of California, Series AF, Rev., 5.000%, 05/15/27		6,132
				84,799

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 1.2%
		California Health Facilities Financing Authority, Providence Health & Services,
	3,500	Series C, Rev., 6.250%, 10/01/18 (p)		4,004
		California Infrastructure & Economic Development Bank, Bay Area Toll Bridges, First Lien,
	340	Series A, Rev., AGM, 5.000%, 07/01/22 (p)		420
	2,315	Series A, Rev., FGIC, 5.000%, 07/01/25 (p)		2,989
	1,000	California State Public Works Board, University of California Research Project, Series E, Rev., 5.250%, 10/01/16 (p)		1,033
	105	Los Altos School District, GO, AMBAC, 5.000%, 08/01/16 (p)		108
		University of California,
	10,285	Series O, Rev., 5.750%, 05/15/19 (p)		11,925
				20,479
		Utility — 0.5%
	2,070	California State Department of Water Resources, Power Supply, Series H, Rev., AGM-CR, 5.000%, 05/01/21		2,266
	5,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.250%, 11/15/21		5,906
				8,172
		Water & Sewer — 0.3%
	4,750	City of Santa Rosa, Wastewater, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/23		3,968
	1,370	City of Vallejo, Water Revenue, Rev., NATL-RE, 5.000%, 05/01/21		1,383
				5,351
		Total California		262,590
		Colorado — 2.0%
		General Obligation — 1.5%
		Douglas County School District No. Re-1, Douglas & Elbert Counties,
	6,950	GO, 5.250%, 12/15/23		8,806
	2,345	GO, 5.250%, 12/15/25		3,043
	10,000	Jefferson County School District No. R-1, GO, 5.000%, 12/15/22		12,334
				24,183
		Prerefunded — 0.4%
	2,170	Colorado Higher Education, COP, 5.500%, 11/01/18 (p)		2,444

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded –– continued
	4,250	Dawson Ridge Metropolitan District No. 1, Series A, GO, Zero Coupon, 10/01/22 (p)		3,812
				6,256
		Utility — 0.1%
	1,225	Platte River Power Authority, Series HH, Rev., 5.000%, 06/01/22		1,387
		Total Colorado		31,826
		Connecticut — 1.1%
		General Obligation — 1.0%
	200	City of Greenwich, GO, 5.000%, 06/01/20		219
		State of Connecticut,
	4,980	Series B, GO, AMBAC, 5.250%, 06/01/20		5,828
	8,200	Series E, GO, 5.000%, 08/15/30		9,719
				15,766
		Prerefunded — 0.0% (g)
	1,000	Connecticut State Health & Educational Facility Authority, Quinnipiac University, Series I, Rev., NATL-RE, 5.000%, 07/01/17 (p)		1,062
		Water & Sewer — 0.1%
		South Central Regional Water Authority, Water System Revenue,
	250	Series A, Rev., NATL-RE, 5.250%, 08/01/19		286
	1,290	Series A, Rev., NATL-RE, 5.250%, 08/01/20		1,515
				1,801
		Total Connecticut		18,629
		Delaware — 0.1%
		General Obligation — 0.1%
	1,000	State of Delaware, Series C, GO, 5.000%, 03/01/21		1,198
		Other Revenue — 0.0% (g)
	1,000	University of Delaware, Series B, Rev., 5.000%, 11/01/21		1,144
		Total Delaware		2,342
		District of Columbia — 0.9%
		Other Revenue — 0.9%
		District of Columbia Water & Sewer Authority, Sub Lien,
	5,000	Series C, Rev., 5.000%, 10/01/25		6,097
	5,000	Series C, Rev., 5.000%, 10/01/29		6,010
	2,000	District of Columbia, Income Tax, Series A, Rev., 5.000%, 12/01/20		2,376
		Total District of Columbia		14,483

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Florida — 2.7%
		General Obligation — 2.7%
		Florida State Board of Education, Public Education Capital Outlay,
	5,090	Series A, GO, 5.000%, 06/01/24		6,002
	32,375	Series D, GO, 5.000%, 06/01/25		38,691
		Total Florida		44,693
		Georgia — 2.1%
		General Obligation — 0.4%
		State of Georgia,
	300	Series B, GO, 5.000%, 07/01/20		353
	1,000	Series B, GO, 5.750%, 08/01/17		1,078
	5,000	Series F, GO, 5.000%, 12/01/19		5,776
				7,207
		Other Revenue — 0.8%
	6,000	City of Atlanta, Airport, Series A, Rev., 5.000%, 01/01/21		7,071
	5,000	Fulton County, Water & Sewerage, Rev., 5.000%, 01/01/23		5,884
	125	Henry County Water & Sewerage Authority, Rev., 5.000%, 02/01/29		148
				13,103
		Utility — 0.4%
	5,700	Municipal Electric Authority of Georgia, Series B, Rev., 6.250%, 01/01/17		6,000
		Water & Sewer — 0.5%
	6,895	Cobb County, Water & Sewer, Rev., 5.000%, 07/01/22		7,800
		Total Georgia		34,110
		Hawaii — 0.2%
		Water & Sewer — 0.2%
	2,945	City & County of Honolulu, Wastewater System, Senior First Bond Resolution, Series A, Rev., 5.000%, 07/01/32		3,579
		Idaho — 0.6%
		Prerefunded — 0.6%
	8,000	Idaho Health Facilities Authority, Trinity Health Group, Series B, Rev., 6.000%, 12/01/18 (p)		9,160
		Illinois — 1.1%
		General Obligation — 0.3%
	140	Du Page & Will Counties Community School District No. 204 Indian Prairie, School Building, Series F, GO, AGM-CR, FGIC, 6.250%, 12/30/21		178

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation –– continued
	3,205	Kane, Cook & DuPage Counties, School District No. 46, Elgin, Series A, GO, 5.000%, 01/01/33		3,647
	625	Village of Schaumburg, Series A, GO, 4.000%, 12/01/20		709
				4,534
		Other Revenue — 0.3%
		City of Chicago, Motor Fuel Tax,
	150	Rev., 5.000%, 01/01/20		160
	200	Rev., 5.000%, 01/01/21		216
	150	Rev., 5.000%, 01/01/22		163
	1,000	City of Chicago, Water Revenue, Second Lien Project, Rev., 5.000%, 11/01/29		1,111
	3,000	Illinois State Toll Highway Authority, Series A, Rev., 5.000%, 12/01/22		3,655
				5,305
		Prerefunded — 0.0% (g)
	610	Chicago Transit Authority, Capital Grant, Federal Transit Administration, Rev., AMBAC, 5.000%, 12/01/16 (p)		633
		Special Tax — 0.2%
	3,000	City of Chicago, Sales Tax, Rev., AGM, 5.000%, 01/01/18		3,050
		Transportation — 0.1%
	750	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.000%, 07/01/24		980
		Water & Sewer — 0.2%
	1,125	City of Chicago, Wastewater Transmission, Series A, Rev., 5.250%, 01/01/30		1,200
		City of Chicago, Water Revenue, Second Lien Project,
	1,000	Rev., 5.000%, 11/01/21		1,135
	400	Rev., 5.000%, 11/01/22		459
				2,794
		Total Illinois		17,296
		Indiana — 1.6%
		Education — 0.3%
	3,570	Purdue University, Student Facilities Systems, Series A, Rev., 5.250%, 07/01/20		4,216
		Other Revenue — 1.3%
		City of Evansville, Waterworks District,
	325	Series B, Rev., 5.000%, 01/01/22		390
	375	Series B, Rev., 5.000%, 01/01/23		444

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue –– continued
	1,110	Fort Wayne Redevelopment Authority, Lease Rental, Harrison Square Project, Rev., 5.000%, 02/01/26		1,338
	9,870	Indiana Finance Authority, Revolving Fund, Series A, Rev., 5.000%, 02/01/26		11,750
	1,750	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.000%, 01/01/22		2,020
	4,050	Indianapolis Local Public Improvement Bond Bank, Stormwater Project, Series D, Rev., 5.000%, 01/01/26		4,809
	1,030	South Bend Community School Corp., First Mortgage, Rev., AGM, 5.000%, 07/05/17		1,093
				21,844
		Prerefunded — 0.0% (g)
	160	Indiana Bond Bank, Special Program, Series D, Rev., AGM, 5.000%, 02/01/16 (p)		160
		Total Indiana		26,220
		Iowa — 0.4%
		Other Revenue — 0.4%
	5,440	Iowa Finance Authority, State Revolving Fund, Rev., 5.000%, 08/01/26		6,487
		Kansas — 1.2%
		Prerefunded — 1.2%
	11,045	City of Olathe & County of Labette, Capital Accumulator, Series A, Rev., Zero Coupon, 02/01/16 (p)		11,045
	9,015	Counties of Reno, Sedgwick & Finney , Single Family Mortgage, Capital Accumulator, Series A, Rev., NATL-RE, Zero Coupon, 04/01/16 (p)		9,010
		Total Kansas		20,055
		Kentucky — 0.9%
		Other Revenue — 0.9%
		Kentucky State Property & Buildings Commission, Project No. 89,
	6,145	Rev., AGM, 5.000%, 11/01/22		6,800
	1,000	Rev., AGM, 5.000%, 11/01/24		1,106
	5,185	Kentucky Turnpike Authority, Revitalization Projects, Series A, Rev., 5.000%, 07/01/28		6,111
		Total Kentucky		14,017
		Louisiana — 0.8%
		Education — 0.2%
	3,000	Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 360 Project, Rev., 5.000%, 10/01/32		3,520

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.1%
	1,250	City of Alexandria, Utilities, Series A, Rev., 5.000%, 05/01/43		1,388
		Prerefunded — 0.5%
	4,375	Louisiana Public Facilities Authority, CR, Series B, Rev., Zero Coupon, 12/01/19 (p)		4,170
	3,270	Louisiana Public Facilities Authority, Multi-Family Housing, CR, Series A, Rev., Zero Coupon, 02/01/20 (p)		3,116
				7,286
		Total Louisiana		12,194
		Maryland — 0.4%
		General Obligation — 0.4%
	4,785	Harford County, Series B, GO, 5.000%, 07/01/23		6,005
		Massachusetts — 4.1%
		General Obligation — 2.7%
		Commonwealth of Massachusetts,
	9,000	Series A, GO, 5.250%, 08/01/19		10,349
	200	Series C, GO, AGM, 5.500%, 12/01/22		254
		Commonwealth of Massachusetts, Consolidated Loan of 2014,
	5,000	Series C, GO, 4.000%, 07/01/31		5,467
	2,500	Series C, GO, 5.000%, 07/01/23		3,078
	6,875	Series F, GO, 5.000%, 11/01/26		8,491
	13,300	Series F, GO, 5.000%, 11/01/27		16,331
				43,970
		Other Revenue — 1.4%
	10,000	Massachusetts Bay Transportation Authority, Series A, Rev., 5.250%, 07/01/27		13,030
	7,420	Massachusetts School Building Authority, Dedicated Sales Tax, Series B, Rev., 5.000%, 08/15/30		8,886
				21,916
		Total Massachusetts		65,886
		Michigan — 1.2%
		Education — 0.3%
	4,170	University of Michigan, Series A, Rev., 5.000%, 04/01/21		4,664
		General Obligation — 0.1%
	2,000	Huron Valley School District, GO, Q-SBLF, 5.000%, 05/01/24		2,337

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.7%
	10,000	City of Grand Rapids, Sanitary Sewer System, Series A, Rev., BHAC-CR, AGM-CR, FGIC, 5.500%, 01/01/22		11,495
		Transportation — 0.1%
	1,240	State of Michigan, Trunk Line Fund, Rev., 5.000%, 11/15/28		1,466
		Total Michigan		19,962
		Minnesota — 1.4%
		General Obligation — 0.7%
	775	Olmsted County, Crossover, Series A, GO, 5.000%, 02/01/21		925
	8,275	State of Minnesota, Various Purpose, Series F, GO, 5.000%, 08/01/20		9,738
				10,663
		Other Revenue — 0.7%
	9,705	State of Minnesota, General Fund Refunding Appropriation, Series B, Rev., 5.000%, 03/01/25		11,691
		Total Minnesota		22,354
		Mississippi — 1.0%
		Prerefunded — 1.0%
	15,750	Mississippi Housing Finance Corp., Capital Appreciation, Rev., Zero Coupon, 09/15/16 (p)		15,699
		Missouri — 3.4%
		Other Revenue — 1.0%
		Kansas City Industrial Development Authority, Downtown Redevelopment District,
	7,640	Series A, Rev., 5.000%, 09/01/20		8,780
	6,620	Series A, Rev., 5.000%, 09/01/21		7,772
				16,552
		Prerefunded — 0.2%
		Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water,
	15	Rev., 5.000%, 01/01/19 (p)		17
	20	Rev., 5.000%, 01/01/20 (p)		23
	1,990	Rev., 5.000%, 01/01/21 (p)		2,363
				2,403
		Transportation — 0.7%
	4,060	Missouri Highways & Transportation Commission, Federal Reimbursement, Series A, Rev., 5.000%, 05/01/20		4,606

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — continued
	7,000	Missouri Highways & Transportation Commission, Senior Lien, Rev., 5.000%, 02/01/21		7,324
				11,930
		Water & Sewer — 1.5%
		Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water,
	20,895	Rev., 5.000%, 01/01/21		24,119
	365	Rev., 5.000%, 07/01/25		432
				24,551
		Total Missouri		55,436
		Nebraska — 0.4%
		Other Revenue — 0.3%
	5,000	Omaha Public Power District, Electric System, Series A, Rev., 4.000%, 02/01/32		5,407
		Prerefunded — 0.0% (g)
	155	Nebraska Public Power District, Series B, Rev., 5.000%, 07/01/17 (p)		165
		Utility — 0.1%
		Nebraska Public Power District,
	250	Series B, Rev., AGM, 5.000%, 01/01/17		260
	445	Series B, Rev., 5.000%, 01/01/18		473
				733
		Total Nebraska		6,305
		Nevada — 0.1%
		Prerefunded — 0.1%
		Nevada System of Higher Education University, Unrefunded Balance,
	1,315	Series B, Rev., AMBAC, 5.000%, 02/11/16 (p)		1,317
		New Hampshire — 0.3%
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
		New Hampshire Municipal Bond Bank,
	1,025	Series E, Rev., 5.000%, 01/15/23		1,174
	1,035	Series E, Rev., 5.000%, 01/15/24		1,180
	1,195	Series E, Rev., 5.000%, 01/15/26		1,361
	1,250	Series E, Rev., 5.000%, 01/15/27		1,420
		Total New Hampshire		5,135

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New Jersey — 2.8%
		Education — 0.6%
		New Jersey Economic Development Authority, School Facilities Construction,
	3,500	Series XX, Rev., 5.000%, 06/15/19		3,774
	5,145	Series XX, Rev., 5.000%, 06/15/21		5,678
				9,452
		General Obligation — 0.2%
	850	North Brunswick Township Board of Education, GO, 5.000%, 07/15/22		990
		Township of Woodbridge,
	1,100	GO, 5.000%, 07/15/22		1,282
	1,200	GO, 5.000%, 07/15/23		1,395
				3,667
		Other Revenue — 1.5%
		New Jersey Economic Development Authority, School Facilities Construction,
	1,500	Series NN, Rev., 5.000%, 03/01/23		1,672
	5,000	Series NN, Rev., 5.000%, 03/01/29		5,416
	10,000	Series PP, Rev., 5.000%, 06/15/29		10,930
	5,000	New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.000%, 06/15/36		5,303
	1,995	Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 12/01/20		1,844
				25,165
		Transportation — 0.5%
	1,750	New Jersey State Turnpike Authority, Rev., 3.375%, 01/01/31		1,793
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., AMBAC, 5.250%, 12/15/22		5,726
				7,519
		Total New Jersey		45,803
		New Mexico — 0.9%
		Other Revenue — 0.9%
		New Mexico Finance Authority, Senior Lien,
	1,625	Series B, Rev., 5.000%, 06/01/22		1,774
	1,690	Series B, Rev., 5.000%, 06/01/23		1,844
	1,820	Series B, Rev., 5.000%, 06/01/25		1,982
	1,965	Series B, Rev., 5.000%, 06/01/27		2,133
	4,200	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.000%, 06/01/22		5,039

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	1,385	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.000%, 12/15/21		1,632
		Total New Mexico		14,404
		New York — 25.4%
		Education — 0.7%
	6,750	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2007, Series S-2, Rev., NATL-RE, FGIC, 5.000%, 01/15/22		7,038
	4,000	New York State Dormitory Authority, Education, Series A, Rev., 5.000%, 03/15/23		4,512
				11,550
		General Obligation — 1.1%
		City of New York,
	6,085	Series D, GO, 5.000%, 08/01/28		7,319
	4,050	Series F, Sub Series F-1, GO, 5.000%, 03/01/30		4,854
	5,000	City of New York, Fiscal Year 2010, Series E, GO, 5.000%, 08/01/23		5,720
				17,893
		Hospital — 0.0% (g)
	510	New York State Dormitory Authority, Mental Health Services Facilities Improvement, Series D, Rev., AGM, 5.000%, 02/15/18		533
		Other Revenue — 16.7%
	1,500	Metropolitan Transportation Authority, Series A, Rev., 5.000%, 11/15/41		1,735
	16,335	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2010, Series FF, Rev., 5.000%, 06/15/24		19,124
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015,
	3,000	Series FF, Rev., 5.000%, 06/15/31		3,651
	2,000	Series FF, Rev., 5.000%, 06/15/32		2,418
	400	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2007, Series S-1, Rev., NATL-RE, FGIC, 5.000%, 07/15/16		409
	3,500	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015, Series S-1, Rev., 5.000%, 07/15/40		4,040

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	9,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012, Series D, Sub Series D-1, Rev., 5.000%, 11/01/31		10,651
	10,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013, Sub Series F-1, Rev., 5.000%, 02/01/31		11,844
	9,475	New York Liberty Development Corp., World Trade Centrer Projects, Rev., 5.000%, 09/15/30		11,221
		New York State Dormitory Authority,
	3,000	Series A, Rev., 5.000%, 03/15/28		3,702
	4,225	Series A, Rev., 5.000%, 03/15/34		5,028
	10,000	Series A, Rev., 5.000%, 03/15/44		11,518
	12,500	Series C, Rev., 5.000%, 03/15/33		14,836
	8,500	New York State Dormitory Authority, Consolidated Services Contract, Series A, Rev., 5.000%, 07/01/23		9,671
	3,500	New York State Dormitory Authority, General Purpose, Series C, Rev., 5.000%, 03/15/41		4,014
		New York State Dormitory Authority, State Sales Tax,
	13,700	Series A, Rev., 5.000%, 03/15/21		16,431
	5,000	Series A, Rev., 5.000%, 03/15/29		6,133
	14,500	Series A, Rev., 5.000%, 03/15/31		17,506
	7,985	Series A, Rev., 5.000%, 03/15/32		9,575
	7,425	New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series B, Rev., 5.000%, 04/01/23		7,965
		New York State Urban Development Corp., Service Contract,
	15,000	Series B, Rev., 5.250%, 01/01/25		16,568
	5,000	Series D, Rev., 5.500%, 01/01/19		5,660
		Port Authority of New York & New Jersey, Consolidated,
	2,965	Rev., 5.000%, 05/01/34		3,386
	2,000	Rev., 5.000%, 05/01/35		2,277
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	4,500	Series A, Rev., 5.000%, 10/15/25		5,702
	1,800	Series A, Rev., 5.000%, 10/15/28		2,240
	7,500	Series A, Rev., 5.000%, 10/15/29		9,282
	1,850	Series A, Rev., 5.000%, 10/15/31		2,267
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	25,000	Series A, Rev., 5.000%, 01/01/26		30,256
	4,970	Series A-2, Rev., 5.000%, 11/15/28		5,511

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	1,250	Series B, Rev., 5.000%, 11/15/31		1,503
		Utility Debt Securitization Authority,
	4,000	Series TE, Rev., 5.000%, 12/15/28		4,927
	5,000	Series TE, Rev., 5.000%, 12/15/29		6,126
	4,250	Series TE, Rev., 5.000%, 12/15/41		4,949
				272,126
		Prerefunded — 0.4%
	20	New York State Dormitory Authority, State Personal Income Tax, Education, Series C, Rev., 5.000%, 12/15/16 (p)		21
	4,395	New York State Dormitory Authority, University Dormitory Facilities, Series A, Rev., 5.000%, 07/01/18 (p)		4,842
	1,000	New York State Environmental Facilities Corp., Series A, Rev., 5.000%, 12/15/17 (p)		1,083
				5,946
		Special Tax — 3.2%
	3,750	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series B, Rev., 5.000%, 11/01/21		4,333
	5,805	New York Local Government Assistance Corp., Senior Lien, Series B-C/D, Rev., 5.500%, 04/01/19		6,659
	7,875	New York Local Government Assistance Corp., Sub Lien, Series A-5, Rev., 5.500%, 04/01/19		9,033
		New York State Dormitory Authority,
	1,000	Series A, Rev., 5.000%, 03/15/33		1,195
	7,250	Series C, Rev., 5.000%, 03/15/31		8,699
	10,000	New York State Dormitory Authority, State Personal Income Tax, Education, Series A, Rev., 5.000%, 03/15/21		10,908
	10,000	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.000%, 03/15/26		11,621
				52,448
		Transportation — 0.9%
		Metropolitan Transportation Authority,
	1,000	Series C, Rev., 6.500%, 11/15/28		1,158
	5,000	Subseries C-1, Rev., 5.250%, 11/15/28		6,265
	6,500	Port Authority of New York & New Jersey, Consolidated, Rev., 5.000%, 10/15/41		7,618
				15,041

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — 1.5%
		Utility Debt Securitization Authority,
	9,675	Rev., 5.000%, 12/15/35		11,837
	5,250	Rev., 5.000%, 12/15/36		6,398
	5,000	Rev., 5.000%, 12/15/37		6,068
				24,303
		Water & Sewer — 0.9%
	2,500	New York City Municipal Water Finance Authority, Series CC, Rev., 5.000%, 06/15/29		2,739
	380	New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Fiscal Year 2009, Series AA, Rev., 5.000%, 06/15/17 (p)		403
	10,225	New York State Environmental Facilities Corp., New York City Municipal Project, Revolving Funds, Series C, Rev., 5.000%, 06/15/21		10,872
				14,014
		Total New York		413,854
		North Carolina — 0.8%
		Other Revenue — 0.8%
		City of High Point, Combined Water & Sewer System Revenue,
	1,000	Rev., AGM, 5.000%, 11/01/25		1,111
	1,170	Rev., AGM, 5.000%, 11/01/26		1,298
		Wake County, Hammond Road Detention Center, Limited Obligation,
	3,905	Rev., 5.000%, 06/01/20		4,452
	5,950	Rev., 5.000%, 06/01/21		6,767
		Total North Carolina		13,628
		Ohio — 1.1%
		General Obligation — 0.7%
	4,750	City of Columbus, Series 1, GO, 5.000%, 07/01/27		5,811
	5,725	Franklin County, Various Purpose, GO, 5.000%, 12/01/19		6,398
				12,209
		Other Revenue — 0.2%
	550	City of Cleveland, Parking Facilities, Rev., AGM, 5.250%, 09/15/18 (p)		614
	2,235	Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects, Series B, Rev., 5.000%, 10/01/22		2,569
				3,183

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.0% (g)
	670	State of Ohio, Higher Educational Facility, Denison University 2007 Project, Rev., 5.000%, 11/01/17 (p)		721
		Water & Sewer — 0.2%
		Northeast Ohio Regional Sewer District, Wastewater Improvement,
	555	Rev., 5.000%, 11/15/25		695
	1,500	Rev., 5.000%, 11/15/27		1,847
				2,542
		Total Ohio		18,655
		Oklahoma — 0.5%
		Other Revenue — 0.5%
	1,380	Oklahoma City Water Utilities Trust, Water & Sewer System, Rev., 5.000%, 07/01/27		1,672
		Oklahoma Turnpike Authority, Turnpike System, Second Senior,
	3,000	Series A, Rev., 5.000%, 01/01/22		3,572
	2,000	Series A, Rev., 5.000%, 01/01/24		2,363
		Total Oklahoma		7,607
		Oregon — 1.7%
		Certificate Of Participation/Lease — 0.2%
	3,425	Oregon State Department of Administrative Services, Series A, COP, 5.000%, 05/01/20		3,871
		General Obligation — 0.0% (g)
	100	Marion County, GO, AMBAC, 5.500%, 06/01/23		128
		Other Revenue — 1.0%
	2,180	City of Portland, Sewer System, Second Lien, Series B, Rev., 4.000%, 10/01/36		2,365
		Oregon State Department of Administrative Services, Lottery,
	1,500	Series A, Rev., 5.000%, 04/01/27		1,812
	8,975	Series C, Rev., 5.000%, 04/01/25		11,172
				15,349
		Prerefunded — 0.5%
	6,965	Oregon State Department of Administrative Services, Series A, COP, 5.000%, 05/01/19 (p)		7,874
		Total Oregon		27,222
		Pennsylvania — 0.8%
		Education — 0.2%
		Pennsylvania State University,
	1,225	Series A, Rev., 5.000%, 03/01/22		1,365

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education –– continued
	2,000	Series A, Rev., 5.000%, 03/01/23		2,224
				3,589
		General Obligation — 0.4%
	4,195	Commonwealth of Pennsylvania, Third Series, GO, 5.375%, 07/01/21		5,051
	1,860	Red Lion Area School District, GO, AGM, 5.000%, 05/01/20		2,029
				7,080
		Hospital — 0.2%
	3,000	Sayre Health Care Facilities Authority, Guthrie Health Issue, Rev., VAR, 1.057%, 12/01/24		2,933
		Total Pennsylvania		13,602
		Rhode Island — 0.1%
		General Obligation — 0.1%
	1,000	State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan of 2014, Series A, GO, 5.000%, 11/01/24		1,238
		Other Revenue — 0.0% (g)
	655	Rhode Island Health & Educational Building Corp., Brown University, Series A, Rev., 5.000%, 09/01/25		779
		Total Rhode Island		2,017
		South Carolina — 1.1%
		Other Revenue — 0.1%
	1,500	City of Columbia, Rev., 5.000%, 02/01/26		1,794
		Prerefunded — 0.3%
	4,740	York County School District No. 1, Series A, GO, SCSDE, 5.250%, 03/01/19 (p)		5,375
		Utility — 0.5%
	7,000	Piedmont Municipal Power Agency, Series A-3, Rev., AGC, 5.000%, 01/01/18		7,541
		Water & Sewer — 0.2%
	2,220	City of Charleston, Waterworks & Sewer System, Series A, Rev., 5.000%, 01/01/22		2,472
		Total South Carolina		17,182
		Tennessee — 0.1%
		General Obligation — 0.1%
	1,030	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 07/01/24		1,251

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Texas — 9.0%
		Education — 0.9%
		Southwest Higher Education Authority, Inc., Southern Methodist University Project,
	2,000	Rev., 5.000%, 10/01/20		2,299
	3,000	Rev., 5.000%, 10/01/21		3,436
		University of North Texas, Financing System,
	1,255	Series A, Rev., 5.000%, 04/15/20		1,410
	2,500	Series A, Rev., 5.000%, 04/15/22		2,817
	500	University of Texas, Financing System, Series C, Rev., 5.000%, 08/15/18		553
		Waco Educational Finance Corp., Baylor University,
	2,275	Series C, Rev., 5.000%, 03/01/21		2,475
	1,215	Series C, Rev., 5.000%, 03/01/22		1,321
				14,311
		General Obligation — 4.4%
		Carroll Independent School District,
	1,000	Series C, GO, 5.000%, 02/15/20		1,119
	945	Series C, GO, 5.000%, 02/15/22		1,056
	325	Series C, GO, 5.000%, 02/15/23		363
	4,485	City of Garland, Series A, GO, 5.000%, 02/15/23		4,853
	4,000	City of Houston, Public Improvement, Series A, GO, 5.000%, 03/01/30		4,805
	3,150	City of Lubbock, GO, 5.000%, 02/15/25		3,891
	680	City of Pflugerville, Limited Tax, GO, 5.000%, 08/01/23		827
		City of San Antonio,
	2,000	GO, 5.000%, 08/01/24		2,380
	4,735	GO, 5.000%, 08/01/26		5,623
		City of San Antonio, General Improvement,
	700	GO, 5.000%, 08/01/23		838
	1,500	GO, 5.000%, 08/01/24		1,785
	2,735	GO, 5.000%, 08/01/27		3,235
	4,000	Counties of Dallas, Denton, Collin and Rockwall, City of Dallas, GO, 5.000%, 02/15/29		4,831
		Crandall Independent School District,
	1,150	Series A, GO, PSF-GTD, Zero Coupon, 08/15/25		908
	2,140	Series A, GO, PSF-GTD, Zero Coupon, 08/15/26		1,633
	2,145	Series A, GO, PSF-GTD, Zero Coupon, 08/15/27		1,574
	2,105	Series A, GO, PSF-GTD, Zero Coupon, 08/15/28		1,489

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation –– continued
	1,965	Dallas County Community College District, GO, 5.000%, 02/15/24		2,206
	1,830	Harlandale Independent School District, GO, AGC, 5.000%, 08/01/27		2,048
		Hays County,
	1,000	GO, 5.000%, 02/15/23		1,150
	1,785	GO, 5.000%, 02/15/24		2,045
	2,410	GO, 5.000%, 02/15/25		2,746
	1,500	Hays County, Pass-Through Toll, GO, 5.000%, 02/15/23		1,724
		San Jacinto Community College District,
	390	GO, AMBAC, 5.000%, 02/15/20		408
	5,000	GO, 5.000%, 02/15/34		5,558
	2,600	San Jacinto Community College District, Limited Tax, GO, 5.000%, 02/15/40		2,977
		State of Texas, Water Financial Assistance,
	2,500	Series A, GO, 5.000%, 08/01/20		2,765
	4,340	Series A, GO, 5.000%, 08/01/21		4,798
	1,800	Tarrant County, Limited Tax, GO, 5.000%, 07/15/20		1,985
				71,620
		Other Revenue — 1.1%
	1,250	City of San Antonio, Water System Junior Lien, Rev., 5.000%, 05/15/24		1,546
		Coastal Water Authority, City of Houston Projects,
	100	Rev., 4.000%, 12/15/18		109
	3,315	Rev., 5.000%, 12/15/23		3,910
	7,660	Grand Parkway Transportation Corp., Series B, Rev., 5.250%, 10/01/51		8,739
	3,000	Houston Airport System, Sub Lien, Series B, Rev., 5.000%, 07/01/26		3,534
				17,838
		Prerefunded — 0.6%
	5,550	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.750%, 12/01/32 (p)		8,132
		Deer Park Independent School District, Limited Tax,
	2,000	GO, AGM, 5.250%, 02/15/17 (p)		2,099
				10,231
		Transportation — 0.9%
		Dallas Area Rapid Transit, Senior Lien,
	3,000	Rev., 5.250%, 12/01/48		3,319
	7,660	Series A, Rev., 5.000%, 12/01/21		8,679

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation –– continued
	2,000	Dallas-Fort Worth International Airport, Series A, Rev., 5.000%, 11/01/21		2,072
				14,070
		Utility — 0.2%
	3,000	City of San Antonio, Electric and Gas System, Rev., 5.000%, 02/01/26		3,860
		Water & Sewer — 0.9%
		North Texas Municipal Water District,
	2,695	Rev., 5.000%, 06/01/21		2,948
	2,955	Rev., 5.000%, 06/01/23		3,232
	3,405	Rev., 5.000%, 06/01/26		3,722
	3,820	Texas Water Development Board, State Revolving Fund, Series A, Sub Series A-1, Rev., 5.000%, 07/15/20		4,373
				14,275
		Total Texas		146,205
		Utah — 0.7%
		Prerefunded — 0.2%
		Utah State University of Agriculture & Applied Science,
	3,200	Rev., 5.000%, 06/01/19 (p)		3,630
		Water & Sewer — 0.5%
	7,455	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.000%, 07/01/26		8,400
		Total Utah		12,030
		Vermont — 0.4%
		Other Revenue — 0.4%
		University of Vermont & State Agricultural College,
	4,230	Rev., AMBAC, 5.000%, 10/01/21		4,530
	2,355	Rev., AMBAC, 5.000%, 10/01/22		2,519
		Total Vermont		7,049
		Virginia — 2.0%
		Education — 0.7%
	10,050	Virginia College Building Authority, Public Higher Education Financing Program, Series B, Rev., 5.000%, 09/01/19		11,493
		General Obligation — 1.3%
	205	City of Richmond, Public Improvement, Series D, GO, 5.000%, 07/15/26		239
	17,575	Commonwealth of Virginia, Series D, GO, 5.000%, 06/01/20		20,033
				20,272

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.0% (g)
	25	Virginia Public Building Authority, Public Facilities, Series B-1, Rev., 5.000%, 08/01/18 (p)		28
	490	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Rev., 5.000%, 11/01/23		565
				593
		Prerefunded — 0.0% (g)
	475	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Series A, Rev., 5.000%, 11/01/19 (p)		546
		Total Virginia		32,904
		Washington — 2.6%
		General Obligation — 2.1%
	1,100	County of Snohomish, Edmonds School District No. 15, GO, 5.000%, 12/01/33		1,298
		State of Washington, Various Purpose,
	10,000	Series 2010C, GO, 5.000%, 08/01/34		11,240
	2,000	Series D, GO, 5.000%, 02/01/24		2,465
	12,400	Series R-2010A, GO, 5.000%, 01/01/22		13,875
	4,690	Yakima County School District No. 7, GO, 5.500%, 12/01/23		5,440
				34,318
		Transportation — 0.4%
		Port of Seattle, Intermediate Lien,
	3,750	Series B, Rev., 5.000%, 03/01/33		4,417
	1,000	Series B, Rev., 5.000%, 03/01/34		1,173
				5,590
		Utility — 0.1%
	1,325	City of Seattle, Drainage & Wastewater Improvement, Rev., 5.000%, 09/01/26		1,582
		Total Washington		41,490
		Total Municipal Bonds (Cost $1,477,250)		1,598,406

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 10.3%
		Investment Company — 10.3%
	168,294	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.010% † (b) (l) (Cost $168,294)		168,294
		Total Investments — 108.5% (Cost $1,645,544)		1,766,700
		Liabilities in Excess of Other Assets — (8.5)%		(138,184	)
		NET ASSETS — 100.0%	$	1,628,516

Percentages indicated are based on net assets.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

Inflation-Linked Swaps
(Amounts in thousands)
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Barclays Bank plc	2.943% at termination	CPI-U at termination		06/14/2016	$	5,000	$	(726	)
Barclays Bank plc	2.930% at termination	CPI-U at termination		06/15/2016		3,000		(431	)
Barclays Bank plc	2.680% at termination	CPI-U at termination		07/15/2016		25,000		(2,963	)
Barclays Bank plc	2.812% at termination	CPI-U at termination		10/12/2019		25,000		(4,609	)
Barclays Bank plc	2.590% at termination	CPI-U at termination		12/31/2019		35,000		(3,722	)
Barclays Bank plc	2.439% at termination	CPI-U at termination		05/15/2024		18,000		(1,909	)
Barclays Bank plc	2.700% at termination	CPI-U at termination		09/03/2044		5,000		(1,443	)
BNP Paribas	2.395% at termination	CPI-U at termination		05/31/2016		25,000		(1,444	)
BNP Paribas	2.100% at termination	CPI-U at termination		08/26/2018		25,000		(1,294	)
BNP Paribas	2.105% at termination	CPI-U at termination		08/26/2018		12,000		(624	)
BNP Paribas	2.190% at termination	CPI-U at termination		09/03/2019		13,000		(790	)
BNP Paribas	2.350% at termination	CPI-U at termination		07/06/2020		25,000		(2,298	)
BNP Paribas	2.693% at termination	CPI-U at termination		09/03/2044		4,000		(1,144	)
BNP Paribas	2.695% at termination	CPI-U at termination		09/03/2044		4,000		(1,147	)
Citibank, N.A.	2.275% at termination	CPI-U at termination		07/02/2018		50,000		(3,387	)
Citibank, N.A.	2.220% at termination	CPI-U at termination		07/06/2018		50,000		(3,126	)
Citibank, N.A.	2.190% at termination	CPI-U at termination		09/02/2019		9,000		(547	)
Citibank, N.A.	2.420% at termination	CPI-U at termination		05/24/2020		25,000		(2,553	)
Citibank, N.A.	2.420% at termination	CPI-U at termination		06/30/2020		50,000		(5,024	)
Citibank, N.A.	2.410% at termination	CPI-U at termination		07/01/2020		50,000		(4,961	)
Citibank, N.A.	2.330% at termination	CPI-U at termination		07/06/2020		50,000		(4,477	)
Citibank, N.A.	2.480% at termination	CPI-U at termination		07/01/2022		50,000		(6,270	)
Citibank, N.A.	2.458% at termination	CPI-U at termination		05/21/2024		10,000		(1,084	)
Citibank, N.A.	2.492% at termination	CPI-U at termination		08/27/2024		22,000		(2,490	)
Citibank, N.A.	2.477% at termination	CPI-U at termination		09/02/2024		15,000		(1,673	)
Citibank, N.A.	2.357% at termination	CPI-U at termination		09/23/2024		27,000		(2,628	)
Citibank, N.A.	2.623% at termination	CPI-U at termination		10/07/2024		14,000		(535	)
Credit Suisse International	2.250% at termination	CPI-U at termination		05/09/2017		50,000		(3,055	)
Credit Suisse International	2.178% at termination	CPI-U at termination		05/28/2018		65,000		(3,868	)
Deutsche Bank AG, New York	2.500% at termination	CPI-U at termination		02/25/2018		50,000		(3,685	)
Deutsche Bank AG, New York	2.140% at termination	CPI-U at termination		09/10/2019		55,000		(3,183	)
Deutsche Bank AG, New York	2.410% at termination	CPI-U at termination		06/30/2020		100,000		(9,928	)
Deutsche Bank AG, New York	1.525% at termination	CPI-U at termination		10/13/2020		25,000		(216	)
Deutsche Bank AG, New York	2.505% at termination	CPI-U at termination		01/28/2024		17,000		(1,912	)
Deutsche Bank AG, New York	2.477% at termination	CPI-U at termination		02/21/2024		40,000		(4,382	)
Deutsche Bank AG, New York	2.423% at termination	CPI-U at termination		09/12/2024		27,000		(2,836	)
Deutsche Bank AG, New York	2.415% at termination	CPI-U at termination		12/15/2024		54,000		(1,457	)
Deutsche Bank AG, New York	2.708% at termination	CPI-U at termination		02/25/2044		5,000		(1,455	)
Deutsche Bank AG, New York	2.498% at termination	CPI-U at termination		10/10/2044		13,000		(2,801	)
Deutsche Bank AG, New York	2.000% at termination	CPI-U at termination		10/13/2045		5,000		(202	)
Goldman Sachs International	2.211% at termination	CPI-U at termination		08/29/2019		20,000		(1,239	)
Goldman Sachs International	2.194% at termination	CPI-U at termination		09/02/2019		19,000		(1,159	)
Goldman Sachs International	2.185% at termination	CPI-U at termination		09/02/2019		12,000		(726	)
Morgan Stanley Capital Services	2.175% at termination	CPI-U at termination		10/01/2018		20,000		(1,118	)
Morgan Stanley Capital Services	2.323% at termination	CPI-U at termination		06/23/2019		20,000		(1,313	)
Morgan Stanley Capital Services	1.442% at termination	CPI-U at termination		09/17/2020		32,000		(180	)
Morgan Stanley Capital Services	2.525% at termination	CPI-U at termination		01/27/2024		30,000		(3,446	)
Morgan Stanley Capital Services	2.500% at termination	CPI-U at termination		02/04/2024		34,000		(3,800	)
Morgan Stanley Capital Services	2.673% at termination	CPI-U at termination		09/12/2044		3,000		(834	)
Royal Bank of Scotland	2.430% at termination	CPI-U at termination		06/28/2020		25,000		(2,543	)
Royal Bank of Scotland	2.423% at termination	CPI-U at termination		06/30/2020		75,000		(7,565	)
Royal Bank of Scotland	2.475% at termination	CPI-U at termination		03/17/2024		7,000		(767	)
Royal Bank of Scotland	3.556% at termination	CPI-U at termination		07/31/2029		49,000		(22,369	)
Royal Bank of Scotland	2.733% at termination	CPI-U at termination		02/10/2044		9,000		(2,699	)
Union Bank of Switzerland AG	2.170% at termination	CPI-U at termination		04/22/2018		50,000		(2,952	)
							$	(154,989	)

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
COP	—	Certificate of Participation
CPI-U	—	Consumer Price Index for All Urban
CR	—	Custodial Receipts
FGIC	—	Insured by Financial Guaranty Insurance Co.
GAN	—	Grant Anticipation Notes
GO	—	General Obligation
GTD	—	Guaranteed
MTA	—	Metropolitan Transportation Authority
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
Q-SBLF	—	Qualified School Bond Loan Fund
RE	—	Reinsured
Rev.	—	Revenue
SCSDE	—	South Carolina School District Enhancement
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of January 31, 2016.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—	Amount rounds to less than 0.1%
(l)	—	The rate shown is the current yield as of January 31, 2016.
(p)	—	Security is prerefunded or escrowed to maturity.
(r)	—	Rates shown are per annum and payments are as described.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date, or final maturity date.
†	—	Approximately $155,610,000 of this investment is restricted as collateral for swaps to various brokers.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	121,672
Aggregate gross unrealized depreciation		(516	)
Net unrealized appreciation/depreciation	$	121,156
Federal income tax cost of investments	$	1,645,544

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

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

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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.

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

Swaps are valued utilizing market quotations from approved Pricing Services.

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	168,294	$	1,598,406		$	—	$	1,766,700
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(154,989	)	$	—	$	(154,989	)

(a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash and as an investment of cash collateral for swaps. Please refer to the SOI for state specifics of portfolio holdings.

There were no transfers among any levels during the period ended January 31, 2016.

B. Derivatives — The Fund used instruments including swaps, in connection with its investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

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

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

Note (1) below describes the derivative used by the Fund.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

(1). Swaps — The Fund engaged in various swap transactions, including inflation-linked swaps to manage inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC” swaps”) between the Fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s’ custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

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

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Inflation-Linked Swaps - The Fund used inflation-linked swaps to provide inflation protection within its portfolio.

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

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 95.0% (t)
		California — 1.8%
		Education — 0.6%
	60	California Educational Facilities Authority, Pomona College, Series A, Rev., 5.000%, 01/01/18		65
		Other Revenue — 1.2%
	75	Golden West Schools Financing Authority, Series A, Rev., NATL-RE, 5.800%, 02/01/20		87
	25	Golden West Schools Financing Authority, Beverly Hills Unified School District, Rev., NATL-RE, FGIC, 5.250%, 08/01/23		32
				119
		Total California		184
		Colorado — 3.6%
		General Obligation — 3.6%
	305	Jefferson County School District No. R-1, GO, 5.000%, 12/15/22		376
		Connecticut — 4.3%
		Utility — 4.3%
		City of Stamford, Water Pollution Control System & Facility,
	100	Series A, Rev., 6.000%, 08/15/20		123
	150	Series A, Rev., 6.000%, 08/15/21		190
	100	Series A, Rev., 6.000%, 08/15/22		131
		Total Connecticut		444
		District of Columbia — 1.4%
		Other Revenue — 1.4%
	135	Washington Metropolitan Area Transit Authority, Series A, Rev., 5.000%, 07/01/18		148
		Florida — 5.7%
		General Obligation — 5.7%
	500	Florida State Board of Education, Public Education Capital Outlay, Series D, GO, 5.000%, 06/01/25		598
		Georgia — 3.8%
		Water & Sewer — 3.8%
	250	DeKalb County, Water & Sewerage, Series B, Rev., 5.250%, 10/01/26		325
	60	Jackson County Water & Sewer Authority, Series A, Rev., XLCA, 5.250%, 09/01/21		69
		Total Georgia		394
		Illinois — 4.0%
		General Obligation — 2.4%
	60	City of Chicago, Series A, GO, AGM, 5.500%, 01/01/19		65

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation –– continued
	165	Cook County Forest Preserve District, Limited Tax Project and Refunding, Series B, GO, 5.000%, 12/15/24		186
				251
		Prerefunded — 1.6%
	150	Metropolitan Pier & Exposition Authority, McCormick Place Expansion, Series A-2002, Rev., FGIC, 5.500%, 06/15/18 (p)		166
		Total Illinois		417
		Indiana — 1.2%
		Education — 1.2%
	100	Purdue University, Student Fee, Series U, Rev., 5.250%, 07/01/21		121
		Louisiana — 2.2%
		Prerefunded — 2.2%
	200	Terrebonne Parish, Public Improvement, Series ST, Rev., 5.875%, 03/01/19 (p)		230
		Massachusetts — 4.9%
		Other Revenue — 4.9%
		Massachusetts Bay Transportation Authority,
	150	Series A, Rev., 5.250%, 07/01/27		196
	250	Series B, Rev., 5.250%, 07/01/23		317
		Total Massachusetts		513
		Missouri — 1.8%
		General Obligation — 1.8%
	175	Clay County, North Kansas City School District No. 74, Direct Deposit of State Aid Program, GO, 5.000%, 03/01/20		190
		New Jersey — 1.5%
		Transportation — 1.5%
		New Jersey Transportation Trust Fund Authority, Transportation System,
	80	Series A, Rev., 5.250%, 12/15/20		89
	60	Series A, Rev., 5.500%, 12/15/21		69
		Total New Jersey		158
		New Mexico — 12.1%
		Other Revenue — 12.1%
	340	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.000%, 06/01/22		408
	250	New Mexico Finance Authority, State Transportation, Senior Lien, Series B, Rev., 5.000%, 06/15/24		289
		New Mexico Finance Authority, State Transportation, Sub Lien,
	200	Series A-2, Rev., NATL-RE, 5.000%, 12/15/20		237
	250	Series A-2, Rev., NATL-RE, 5.000%, 12/15/21		294

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue –– continued
	30	New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Series B, Class B, Rev., NATL-RE, 5.000%, 06/15/17		32
		Total New Mexico		1,260
		New York — 11.1%
		General Obligation — 0.3%
	10	City of New York, Series E-1, GO, 6.250%, 10/15/28		11
	20	County of Tompkins, Public Improvement, Series A, GO, 4.000%, 03/01/21		23
				34
		Other Revenue — 9.8%
	110	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2009, Series S-5, Rev., 5.000%, 01/15/26		123
	150	New York State Dormitory Authority, Series C, Rev., 5.000%, 03/15/33		178
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	500	Series A, Rev., 5.000%, 01/01/26		605
	100	Series D, Rev., 5.000%, 11/15/18		112
				1,018
		Prerefunded — 1.0%
	85	City of New York, Series E-1, GO, 6.250%, 10/15/18 (p)		98
		Total New York		1,150
		Ohio — 6.5%
		General Obligation — 5.1%
	100	Cincinnati City School District, Classroom Facilities Construction & Improvement, GO, NATL-RE, FGIC, 5.250%, 12/01/19		116
	250	City of Columbus, Series 1, GO, 5.000%, 07/01/27		306
	100	Franklin County, Various Purpose, GO, 5.000%, 12/01/19		111
				533
		Other Revenue — 1.4%
	125	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Water Quality, Rev., 5.250%, 12/01/18		141
		Total Ohio		674
		Oregon — 4.6%
		General Obligation — 2.7%
	215	Clackamas County School District No. 7J, Lake Oswego, GO, AGM, 5.250%, 06/01/25		281

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 1.9%
	175	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.000%, 04/01/19 (p)		197
		Total Oregon		478
		Pennsylvania — 0.2%
		General Obligation — 0.2%
	15	Central Bucks School District, Series A, GO, 5.000%, 05/15/23		18
		South Carolina — 3.4%
		General Obligation — 3.4%
	300	State of South Carolina, Series C, Class C, GO, 5.000%, 03/01/22		358
		Tennessee — 0.5%
		Prerefunded — 0.5%
	50	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 01/01/18 (p)		54
		Texas — 10.2%
		General Obligation — 2.7%
	250	Hays County, Pass-Through Toll, GO, 5.000%, 02/15/23		287
		Other Revenue — 2.3%
	210	Harris County, Series C, Rev., 5.000%, 08/15/22		240
		Water & Sewer — 5.2%
	355	City of Houston, Combined Utility System, First Lien, Series D, Rev., 5.000%, 11/15/24		429
	70	City of Mesquite, Waterworks & Sewer System, Rev., AGM, 5.000%, 03/01/20		73
	30	North Texas Municipal Water District, Water System, Rev., 5.250%, 09/01/20		36
				538
		Total Texas		1,065
		Virginia — 0.6%
		Other Revenue — 0.6%
	50	Virginia College Building Authority, 21st Century College & Equipment Programs, Educational Facilities, Series E-2, Class E, Rev., 5.000%, 02/01/23		62
		Washington — 5.3%
		General Obligation — 3.3%
	25	Snohomish County, Everett School District No. 2, GO, NATL-RE, FGIC, 5.000%, 12/01/16		26

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation –– continued
	280	State of Washington, Various Purpose, Series 2010A, GO, 5.000%, 08/01/19		320
				346
		Other Revenue — 1.8%
	150	Central Puget Sound Regional Transportation Authority, Sales Tax & Motor Vehicle Excise Tax, Series P-1, Rev., 5.000%, 02/01/25		182
		Utility — 0.2%
	20	Energy Northwest Project 1, Electric, Series D, Rev., 5.000%, 07/01/16		20
		Total Washington		548
		Wisconsin — 4.3%
		Other Revenue — 3.3%
	290	State of Wisconsin, Transportation, Series A, Rev., 5.000%, 07/01/20		340
		Prerefunded — 1.0%
	100	State of Wisconsin, Transportation, Series A, Rev., 5.000%, 07/01/18 (p)		110
		Total Wisconsin		450
		Total Municipal Bonds (Cost $8,983)		9,890
SHARES
	Short-Term Investment — 15.2%
		Investment Company — 15.2%
	1,581	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.010% † (b) (l) (Cost $1,581)		1,581
		Total Investments — 110.2% (Cost $10,564)		11,471
		Liabilities in Excess of Other Assets — (10.2)%		(1,063	)
		NET ASSETS — 100.0%	$	10,408

Percentages indicated are based on net assets.

Inflation-Linked Swaps
(Amounts in thousands)
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
BNP Paribas	2.720% at termination	CPI-U at termination		04/01/2021	$	6,000	$	(836	)
Deutsche Bank AG, New York	1.930% at termination	CPI-U at termination		01/03/2017		1,800		(72	)
Royal Bank of Scotland	2.328% at termination	CPI-U at termination		01/31/2021		1,000		(76	)
Royal Bank of Scotland	2.620% at termination	CPI-U at termination		06/28/2025		1,000		(167	)
							$	(1,151	)

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGM	—	Insured by Assured Guaranty Municipal Corp.
CPI-U	—	Consumer Price Index for All Urban Consumers
FGIC	—	Insured by Financial Guaranty Insurance Co.
GO	—	General Obligation
MTA	—	Metropolitan Transportation Authority
NATL	—	Insured by National Public Finance Guarantee Corp.
RE	—	Reinsured
Rev.	—	Revenue
XLCA	—	Insured by XL Capital Assurance
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2016.
(p)	—	Security is prerefunded or escrowed to maturity.
(r)	—	Rates shown are per annum and payments are as described.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date, or final maturity date.
†	—	Approximately $1,320,000 of this investment is restricted as collateral for swaps to various brokers.

As of January 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	907
Aggregate gross unrealized depreciation		—
Net unrealized appreciation/depreciation	$	907
Federal income tax cost of investments	$	10,564

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

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

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.

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

Swaps are valued utilizing market quotations from approved Pricing Services.

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

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

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

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

• Level 2 – Other significant observable inputs including, but 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”) (amount in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,581	$	9,890		$	—	$	11,471
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(1,151	)	$	—	$	(1,151	)

(a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash and as an investment of cash collateral for swaps. Please refer to the SOI for state specifics of portfolio holdings.

There were no transfers among any levels during the period ended January 31, 2016.

B. Derivatives — The Fund used instruments including futures and swaps, in connection with its investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

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

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

Note (1) below describes derivative used by the Fund.

(1). Swaps — The Fund engaged in various swap transactions, including inflation-linked swaps to manage inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC” swaps”) between the Fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s’ custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2016 (Unaudited) (continued)

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

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Inflation-Linked Swaps — The Fund used inflation-linked swaps to provide inflation protection within its portfolio.

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

ITEM 2. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal controls over financial reporting.

ITEM 3. EXHIBITS.

CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I
By:	/s/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	March 30, 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 30, 2016
By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	March 30, 2016