Audited Annual Report as at 30 June 2018

PRIVATE AND CONFIDENTIAL - FOR PROFESSIONAL INVESTORS IN HONG KONG AND EXISTING INVESTORS OF SFC UNAUTHORISED FUNDS ONLY

WARNING: the contents of this document have not been reviewed by any regulatory authority in Hong Kong or any other regulatory authority. You are advised to exercise caution in relation to the information contained herein. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

JPMorgan Funds (the “Fund”)

This document is distributed in Hong Kong only on a confidential basis. It is not to be reproduced for any other purpose or distributed to or used by any other person (other than your professional advisors). This document must not be issued, circulated or distributed in Hong Kong other than in circumstances which do not constitute an offer or sale of shares of the Fund to the public of Hong Kong.

私人及機密文件 – 僅供香港專業投資者及未經證監會認可基金的現有投資者閱覽

警告：本文件之內容並未經香港任何監管機構或任何其他監管機構審閱。閣下務請因

應本文件所載資料審慎行事。閣下如對本文件任何內容有任何疑問，應獲取獨立專業

意見。

摩根基金（「本基金」）

本文件以機密形式僅於香港派發，不得為任何其他目的而複製或派發給任何其他人士

或由任何其他人士使用（惟閣下的專業顧問除外）。除非在不構成向香港公眾人士提

呈發售或出售本基金股份之情況，本文件不得在香港刊發、傳閱或派發。

JPMorgan FundsSociété d’Investissement à Capital Variable, Luxembourg

Audited Annual Report

(R.C.S. No B 8 478)

30 June 2018

GB

JPMorgan Funds

Audited Annual Report

As at 30 June 2018

Contents (continued)

Board of Directors 1

Management and Administration 2

Board of Directors’ Report 3

Investment Managers’ Report 9

Audit Report 10

Financial Statements and Statistical InformationCombined Statement of Net Assets 14

Combined Statement of Operations and Changes in Net Assets 36

Statement of Changes in the Number of Shares 58

Statistical Information 88

Notes to the Financial Statements 119

Schedule of InvestmentsJPMorgan Funds - Africa Equity Fund 147

JPMorgan Funds - Aggregate Bond Fund 149

JPMorgan Funds - America Equity Fund 160

JPMorgan Funds - ASEAN Equity Fund 162

JPMorgan Funds - Asia Growth Fund 164

JPMorgan Funds - Asia Pacific Equity Fund 166

JPMorgan Funds - Asia Pacific Income Fund 168

JPMorgan Funds - Asian Total Return Bond Fund 175

JPMorgan Funds - Brazil Equity Fund 179

JPMorgan Funds - China A-Share Opportunities Fund 180

JPMorgan Funds - China Bond Fund 182

JPMorgan Funds - China Fund 185

JPMorgan Funds - Diversified Risk Fund 187

JPMorgan Funds - Emerging Europe Equity Fund 199

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 201

JPMorgan Funds - Emerging Markets Aggregate Bond Fund 203

JPMorgan Funds - Emerging Markets Bond Fund 215

JPMorgan Funds - Emerging Markets Corporate Bond Fund 222

JPMorgan Funds - Emerging Markets Debt Fund 229

JPMorgan Funds - Emerging Markets Diversified Equity Fund 237

JPMorgan Funds - Emerging Markets Dividend Fund 240

JPMorgan Funds - Emerging Markets Equity Fund 243

JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 246

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 253

JPMorgan Funds - Emerging Markets Opportunities Fund 260

JPMorgan Funds - Emerging Markets Small Cap Fund 263

JPMorgan Funds - Emerging Markets Strategic Bond Fund 267

JPMorgan Funds - Emerging Middle East Equity Fund 279

JPMorgan Funds - Equity Premium Income Fund 280

JPMorgan Funds - EU Government Bond Fund 282

JPMorgan Funds - Euro Aggregate Bond Fund 286

JPMorgan Funds - Euro Corporate Bond Fund 290

JPMorgan Funds - Euro Government Short Duration Bond Fund 296

JPMorgan Funds - Euro Money Market Fund 298

JPMorgan Funds - Euroland Dynamic Fund 300

JPMorgan Funds - Euroland Equity Fund 303

JPMorgan Funds - Europe Dynamic Fund 306

JPMorgan Funds - Europe Dynamic Small Cap Fund 310

JPMorgan Funds - Europe Dynamic Technologies Fund 312

JPMorgan Funds - Europe Equity Absolute Alpha Fund 315

JPMorgan Funds - Europe Equity Fund 319

JPMorgan Funds - Europe Equity Plus Fund 322

JPMorgan Funds - Europe High Yield Bond Fund 327

JPMorgan Funds - Europe High Yield Short Duration Bond Fund 331

JPMorgan Funds - Europe Small Cap Fund 335

JPMorgan Funds - Europe Strategic Growth Fund 338

JPMorgan Funds - Europe Strategic Value Fund 341

JPMorgan Funds - Europe Sustainable Equity Fund 345

JPMorgan Funds - Financials Bond Fund 348

JPMorgan Funds - Flexible Credit Fund 355

JPMorgan Funds - Global Absolute Return Bond Fund 371

JPMorgan Funds - Global Aggregate Bond Fund 380

JPMorgan Funds - Global Bond Opportunities Fund 390

JPMorgan Funds - Global Capital Structure Opportunities Fund 416

JPMorgan Funds - Global Convertibles Fund (EUR) 419

JPMorgan Funds - Global Corporate Bond Duration-Hedged Fund 423

JPMorgan Funds - Global Corporate Bond Fund 435

JPMorgan Funds - Global Dynamic Fund 449

JPMorgan Funds - Global Emerging Markets Research Enhanced Index Equity Fund 454

JPMorgan Funds - Global Equity Plus Fund 458

JPMorgan Funds

Audited Annual Report

As at 30 June 2018

Contents (continued)

JPMorgan Funds - Global Focus Fund 464

JPMorgan Funds - Global Government Bond Fund 468

JPMorgan Funds - Global Government Short Duration Bond Fund 474

JPMorgan Funds - Global Healthcare Fund 477

JPMorgan Funds - Global Multi Strategy Income Fund 480

JPMorgan Funds - Global Natural Resources Fund 482

JPMorgan Funds - Global Real Estate Securities Fund (USD) 484

JPMorgan Funds - Global Research Enhanced Index Equity Fund 487

JPMorgan Funds - Global Short Duration Bond Fund 494

JPMorgan Funds - Global Socially Responsible Fund 500

JPMorgan Funds - Global Strategic Bond Fund 503

JPMorgan Funds - Global Unconstrained Equity Fund 523

JPMorgan Funds - Greater China Fund 526

JPMorgan Funds - Highbridge US STEEP Fund 527

JPMorgan Funds - Hong Kong Fund 530

JPMorgan Funds - Income Fund 531

JPMorgan Funds - India Fund 544

JPMorgan Funds - Indonesia Equity Fund 545

JPMorgan Funds - Italy Flexible Bond Fund 546

JPMorgan Funds - Japan Equity Fund 548

JPMorgan Funds - Korea Equity Fund 551

JPMorgan Funds - Latin America Corporate Bond Fund 552

JPMorgan Funds - Latin America Equity Fund 555

JPMorgan Funds - Managed Reserves Fund 556

JPMorgan Funds - Multi-Asset Italy PIR Fund 562

JPMorgan Funds - Multi-Manager Alternatives Fund 563

JPMorgan Funds - Pacific Equity Fund 574

JPMorgan Funds - Russia Fund 576

JPMorgan Funds - Singapore Fund 577

JPMorgan Funds - Sterling Bond Fund 578

JPMorgan Funds - Sterling Managed Reserves Fund 582

JPMorgan Funds - Systematic Alpha Fund 586

JPMorgan Funds - Systematic Alpha Higher Volatility Fund 595

JPMorgan Funds - Taiwan Fund 601

JPMorgan Funds - Total Emerging Markets Income Fund 602

JPMorgan Funds - US Aggregate Bond Fund 610

JPMorgan Funds - US Corporate Bond Fund 638

JPMorgan Funds - US Dollar Money Market Fund 645

JPMorgan Funds - US Equity All Cap Fund 647

JPMorgan Funds - US Growth Fund 650

JPMorgan Funds - US Hedged Equity Fund 652

JPMorgan Funds - US High Yield Plus Bond Fund 655

JPMorgan Funds - US Opportunistic Long-Short Equity Fund 664

JPMorgan Funds - US Research Enhanced Index Equity Fund 667

JPMorgan Funds - US Select Equity Plus Fund 670

JPMorgan Funds - US Short Duration Bond Fund 674

JPMorgan Funds - US Small Cap Growth Fund 683

JPMorgan Funds - US Smaller Companies Fund 685

JPMorgan Funds - US Technology Fund 687

JPMorgan Funds - US Value Fund 688

Appendix - Unaudited Additional Disclosures1. Total Expense Ratios 691

2. Summary of Investment Objectives of the Sub-Funds 734

3. Performance and Volatility 741

4. Interest Rate Received/(Charged) on Bank Accounts 775

5. Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01% 775

6. Portfolio Turnover Ratio 778

7. Calculation Method of the Risk Exposure 780

8. Collateral Received 784

9. Securities Financing Transactions 785

10. UCITS Remuneration Disclosures 797

11. Historical Statement of Changes in the Number of Shares 798

For additional information, please consult www.jpmorganassetmanagement.lu.

No subscriptions can be received solely on the basis of this report. Subscriptions are only valid if made on the basis of the current Prospectus, the current Key Investor Information Documents,supplemented by the latest audited annual report and, if published thereafter, the latest unaudited semi-annual report.

The current Prospectus, the current Key Investor Information Documents, the unaudited semi-annual report, as well as the audited annual report can be obtained free of charge from the registeredoffice of the SICAV and from local paying agents.

Details of the Investment Manager(s) for the individual Sub-Funds are available within the Prospectus and from the Management Company at its registered office, or fromwww.jpmorganassetmanagement.lu.

JPMorgan FundsBoard of Directors

Chairman

Iain O.S. SaundersDuine, ArdfernArgyll PA31 8QNUnited Kingdom

Directors

Jacques ElvingerElvinger Hoss Prussen, société anonyme2, place Winston ChurchillB.P. 425, L-2014 LuxembourgGrand Duchy of Luxembourg

Massimo GrecoJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPUnited Kingdom

John Li How CheongThe Directors’ Office19, rue de BitbourgL-1273 LuxembourgGrand Duchy of Luxembourg

Registered Office

6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Peter Thomas SchwichtGuiollettstraße 64D-60325 Frankfurt am MainGermany

Susanne van Dootingh (from 15 December 2017)Vlierbeekberg 125B-3090 OverijseBelgium

Daniel WatkinsJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPUnited Kingdom

1

JPMorgan FundsManagement and Administration

Management Company, Registrar and Transfer Agent,Global Distributor and Domiciliary Agent

JPMorgan Asset Management (Europe) S.à r.l.6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Investment Managers

JPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPUnited Kingdom

J.P. Morgan Investment Management Inc.270 Park AvenueNew York, NY 10017United States of America

JF Asset Management Limited21st Floor, Chater House8 Connaught Road CentralHong Kong

JPMorgan Asset Management (Singapore) Limited168, Robinson Road17th Floor, Capital TowerSingapore 068912

JPMorgan Asset Management (Japan) LimitedTokyo Building 7 - 3, Marunouchi 2 - chome, Chiyoda-kuTokyo 100 - 6432Japan

JPMorgan Asset Management (Taiwan) Limited20F, 1, Songzhi Rd, Xinyi DistTaipei City 110Taiwan (R.O.C.)

Highbridge Capital Management, LLC40 West 57th Street, 33 FloorNew York, NY 10019United States of America

J.P. Morgan Alternative Asset Management, Inc.270 Park AvenueNew York, NY 10017United States of America

Depositary, Corporate, Administrative and Listing Agent

J.P. Morgan Bank Luxembourg S.A.6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg

Independent Auditor

PricewaterhouseCoopers, Société coopérative2, rue Gerhard MercatorB.P. 1443, L-1014 LuxembourgGrand Duchy of Luxembourg

Luxembourg Legal Adviser

Elvinger Hoss Prussen, société anonyme2, place Winston ChurchillB.P. 425, L-2014 LuxembourgGrand Duchy of Luxembourg

2

ChairmanIain O.S. SaundersChairman and Independent Non-Executive Director. A member of the Board since November 1996.

Mr Saunders graduated in Economics from Bristol University and joined Robert Fleming in 1970. He held several senior positions with the group in HongKong, Japan and the US, before returning to the UK in 1988. He was appointed Deputy Chairman of Fleming Asset Management and retired in 2001 followingthe merger of the Robert Fleming group with JP Morgan. Mr Saunders is currently Chairman of several JPMorgan managed Luxembourg-domiciledinvestment funds and MB Asia Select Fund.

Jacques ElvingerNon-Executive Director. A member of the Board since January 2009.

Mr Elvinger became a member of the Luxembourg Bar in 1984 and has been a partner of the Luxembourg law firm Elvinger Hoss Prussen since 1987. MrElvinger practices general corporate and banking law and specialises in the field of investment and pension funds. He is a member of the High Committee forthe Development of the Financial Sector instituted by the Luxembourg Government. He is also a member of the Advisory Committees to the LuxembourgCommission for the Supervision of the Financial Sector in the area of investment funds. He is a member of the Board of Directors of the Association of theLuxembourg Fund Industry (ALFI) and is currently chairman of ALFI’s Regulatory Board. Mr Elvinger currently holds a number of board mandates withLuxembourg investment funds including several JPMorgan managed Luxembourg-domiciled investment funds.

Massimo GrecoExecutive Director. A member of the Board since November 2015.

Mr Greco, Managing Director, is responsible for JPMorgan Asset Management’s Global Funds business in Europe, based in London. He took on his currentresponsibilities in 2012. Mr Greco has been a JPMorgan employee since 1992, initially with the Investment Banking unit, moving to Asset Management in1998. Before that, he worked for Goldman Sachs International in London. Mr Greco holds a degree in Economics from the University of Turin and an MBA(Major in Finance) from the Anderson Graduate School of Management at UCLA. Mr Greco is a Member of the Board of JPMorgan Asset Management (Europe)S.à r.l. as well as other Luxembourg domiciled SICAVs and is on the Board of European Fund Asset Management Association (“EFAMA”).

John Li How CheongIndependent Non-Executive Director. A member of the Board since June 2012.

Mr Li is a fellow of the Institute of Chartered Accountants in England & Wales. Mr Li moved to Luxembourg in 1987 and has since been working in the financialsector. Mr Li was a Partner at KPMG Luxembourg for more than 20 years during which he was Managing Partner for 8 years before taking on the role ofChairman of the Supervisory Board for 3 years. Mr Li was also a member of the Global Investment Management Practice of KPMG. During these years Mr Li’sexperience included auditing and advising clients such as banks, investment funds, insurance companies from Europe, US, Japan and Asia offering Mr Li anextensive experience in dealing with international companies. Mr Li is a board member of the Institut Luxembourgeois des Administrateurs. Mr Li currentlyholds a number of board mandates with financial institutions including several JPMorgan managed Luxembourg-domiciled investment funds.

Peter Thomas SchwichtIndependent Non-Executive Director. A member of the Board since June 2012.

Mr Schwicht obtained a Business Economics degree from the University of Mannheim in Germany after having studied business, tax and accounting inHamburg, Norway and the USA and was an employee of JPMorgan Asset Management from 1987 until October 2014. Prior to his retirement Mr Schwicht wasthe Chief Executive of Investment Management - EMEA, JPMorgan Asset Management. He had previously held positions as the Head of the ContinentalEurope Institutional business and the Investment Management Country Head for Institutional and Retail business in Germany where he first developed thebusiness and then went on to expand this throughout Continental Europe. Mr Schwicht is currently a Director of several JPMorgan managedLuxembourg-domiciled investment funds.

Susanne van DootinghIndependent Non-Executive Director. A member of the Board since December 2017.

Ms van Dootingh was at State Street Global Advisors from 2002 to 2017 with her final position being as Senior Managing Director, Head of EuropeanGovernance and Regulatory Strategy, EMEA. In addition she was the Chair of the SSGA Sicav and Management Company and has been a member of variousESMA consultative working groups since 2013. Prior to this she held positions within State Street Global Investors as the Global Head of Institutional ProductDevelopment and Research, Head of European Product Development and Management, EMEA, Head of Fixed Income Product Engineering, EMEA and SeniorFixed Income Strategist and Product Engineer. Before 2002 Ms van Dootingh worked at Fortis Investment Management as Senior Product Manager,European Fixed Income, at Barclays Global Investors as Product Manager, Fixed Income, and at ABN AMRO Asset Management as Portfolio Manager GlobalFixed Income. She graduated from Vrije Universiteit Amsterdam with a Master of Arts Financial Sector Management. Ms van Dootingh is currently a Directorof several JPMorgan managed Luxembourg-domiciled investment funds.

Daniel WatkinsExecutive Director. A member of the Board since December 2014.

Mr Watkins is the Deputy CEO of J.P. Morgan Asset Management’s AM Europe and Global Head of AM Client Services and Business Platform. Mr Watkins hasbeen an employee since 1997 and oversees the business infrastructure of Investment Management globally including client services, fund administration,product development, and Request for Proposal. Mr Watkins also performs the role of Deputy CEO of AM EMEA, acting as a director of all the regulated legalentities across the region. Mr Watkins has held a number of positions at JPMorgan namely; Head of Europe COO and Global AM Operations, Head of theEuropean Operations Team, Head of the European Transfer Agency, Head of Luxembourg Operations, manager of European Transfer Agency and LondonInvestment Operations; and manager of the Flemings Investment Operations Teams. Mr Watkins obtained a BA in Economics and Politics from the Universityof York and is a qualified Financial Advisor. Mr Watkins is currently a Director of several JPMorgan managed Luxembourg and Irish domiciled investmentfunds and also several UK legal entities.

The Board of Directors (the “Board”) is pleased to present the Audited Annual Report of JPMorgan Funds (the ‘Fund’) for the year ended 30 June 2018, andconsiders that taken as a whole they are fair and balanced and provide the information necessary for shareholders to assess the Fund’s position andperformance.

3

JPMorgan FundsBoard of Directors’ Report

Structure of the FundThe Fund is a variable capital open-ended investment company, organised as a “Société Anonyme”, under the laws of the Grand Duchy of Luxembourg. TheBoard has appointed JPMorgan Asset Management (Europe) S.à r.l. (JPMAME) as Management Company of the Fund. The Fund is organised as an “umbrella”with a number of Sub-Funds each of which has its own investment objective, policies and restrictions.

The objective of the Fund is to place the money available to it in transferable securities and other permitted assets of any kind, in accordance with the Fund’sProspectus, with the purpose of spreading investment risks and affording shareholders the results of the management of their portfolios.

The Fund qualifies as an Undertaking for Collective Investment in Transferable Securities (UCITS) under the EC Directive 2009/65/EC of 13 July 2009 and issubject to the Luxembourg law of 17 December 2010, as amended, on undertakings for collective investment. The Fund may therefore be offered for sale inEuropean Union Member States, subject to notification in countries other than the Grand Duchy of Luxembourg. In addition, applications to register the Fundand its Sub-Funds may be made in other countries.

The Fund currently has 110 Sub-Funds. All of the Sub-Funds and Share Classes are registered for offer and distribution in the Grand Duchy of Luxembourgand a number of the Sub-Funds and Share Classes are registered for distribution in the following jurisdictions: Austria, Bahrain, Belgium, Chile, CzechRepublic, Croatia, Curacao and Sint Maarten, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, Ireland, Italy, Japan,Jersey, Korea, Liechtenstein, Macau, The Netherlands, Norway, Peru, Poland, Portugal, Singapore, Slovakia, Spain, Sweden, Switzerland, Taiwan and theUnited Kingdom. During the year JPMorgan Funds was registered in Chile and there were no country de-registrations.

Role and Responsibility of the BoardThe responsibility of the Board is governed exclusively by Luxembourg law. With respect to the annual accounts of the Fund, the duties of the Directors aregoverned by the law of 10 December 2010 on, inter alia, the accounting and annual accounts of undertakings for collective investment and by the law of17 December 2010, as amended, relating to undertakings for collective investment.

A management agreement between the Fund and JPMorgan Asset Management (Europe) S.à r.l sets out the matters over which the Management Companyhas authority under Chapter 15 of the Law of 17 December 2010. This includes management of the Fund’s assets and the provision of administration,registration, domiciliation agent and marketing services. All other matters are reserved for approval by the Board and a schedule setting out such mattersfor clarity is in place between the Board and the Management Company. The matters reserved for the Board include determination of each Sub-Fund’sinvestment objective and policies, investment restrictions and powers, amendments to the Prospectus, reviewing and approving key investment andfinancial data, including the annual accounts, as well as the appointment of, and review of the services provided by, the Management Company, Auditor andDepositary.

Prior to each Board meeting the Directors receive detailed and timely information allowing them to be prepared for the items under discussion during themeeting. For each quarterly meeting the Board requests, and receives, reports from, amongst others, the Management Company, the investment managers,risk management as well as proposals for changes to existing Sub-Funds or proposals to launch new ones as appropriate. Senior representatives of each ofthese functions attend Board meetings by invitation to enable the Directors to question the reports presented to them.

The Directors take decisions in the interests of the Fund and its shareholders as a whole and refrain from taking part in any deliberation or decision whichcreates a conflict of interest between their personal interests and those of the Fund and its shareholders. The subject of conflicts of interest is documented inthe Prospectus and the Management Company’s policy on conflicts of interest is available for inspection on the website:

http://www.jpmorganassetmanagement.lu/ENG/Document_Library

The Board can take independent professional advice if necessary and at the Fund’s expense.

Board CompositionThe Board is chaired by Mr. Saunders and consists of four Independent Non-Executive Directors, one Non-Executive Director and two Executive Directors.The Board defines an Executive Director as someone who is employed by JPMorgan Chase & Co or any of its affiliates, a Non-Executive Director as someonewho has a business, family or other relationship with the Fund or JPMorgan Chase & Co or any of its affiliates, and an Independent Non-Executive Director assomeone who is free of any business, family or other relationship with the Fund or JPMorgan Chase & Co or any of its affiliates. All Board meetings require amajority of Non-Executive Directors to be in attendance.

In appointing a Director the Board takes into account the relative mix and composition of the Board, which as a whole has a breadth of investmentknowledge, financial skills, as well as legal and other experience relevant to the Fund’s business.

The Board does not limit the number of years of Directors ’ service and it does take into account the nature and requirements of the fund industry and of theFund’s business when making recommendation to shareholders that Directors be elected. The terms of each Director’s appointment are set out in a contractfor services and these are available at the Fund’s registered office for inspection.

Change to the Composition of the BoardAt the Board meeting held on 14 December 2017, Mr Frijns resigned from the Board with effect from the close of business on that day. The Board would like totake this opportunity to record its thanks for his service.

At the same Board meeting, the Board approved that Ms Susanne van Dootingh be co-opted as a Director with effect from 15 December 2017.

Induction and TrainingAll new Directors will receive an induction incorporating relevant information regarding the Fund and their duties and responsibilities as a Director. In addition,the Board takes active steps to keep up to date with developments relevant to the Fund and have ensured that a formal training programme is in place.

Board EvaluationThe Board carries out a biennial review of its performance.

Board RemunerationThe Board believes that the remuneration of its members should reflect the responsibilities and experience of the Board as a whole and be fair andappropriate given the size, complexity and investment objectives of the Fund. The remuneration is reviewed on an annual basis. The Chairman is paidEUR 82,488 per annum and the other Directors EUR 65,488 per annum pro rata apart from the Connected Directors who have agreed to waive theirremuneration. No element of the remuneration paid by the Fund to the Directors is performance related.

Board Meetings and CommitteesThe Board meets quarterly but if necessary additional meetings will be arranged. Given the scope and nature of the business of the Fund, the Board does notcurrently consider it necessary to have a formal Audit or Remuneration Committee or indeed any other standing committees. However, this is kept underreview. All Board related matters are therefore currently approved by the Board or, where there are specific matters that need further consideration, aSub-Committee of the Board could be formed for this specific purpose. Such circumstances could be where the Board requests some amendments to theProspectus and where it is not appropriate to wait till the next quarterly Board meeting for this to be approved. These Sub-Committee meetings are usuallyformed of a minimum of two Directors.

4

JPMorgan FundsBoard of Directors’ Report (continued)

There were nine Board meetings held during the year. Four of these were quarterly Board meetings where, amongst other matters, the agenda includedthose items highlighted under the section above called ‘Role and Responsibility of the Board’ and five were ad hoc Board meetings. In addition to the Boardmeeting where the Auditors present the report on the audit of the Fund accounts, the Non-Executive Directors also meet with them annually without theExecutive Directors being in attendance.

Internal ControlInvestment management and all administrative services are provided by the Management Company and custody of assets is provided by J.P. Morgan BankLuxembourg S.A. The Board’s system of internal control therefore mainly comprises monitoring the services provided by the Management Company and theDepositary, including the operational and compliance controls established by them to meet the Fund’s obligations to shareholders as set out in theProspectus, Articles of Incorporation as well as all relevant regulations. The Management Company formally reports to the Board on a quarterly basis on thevarious activities it is responsible for and in addition shall inform the Board without delay of any material administrative or accounting matters.

Corporate Governance and ALFI Code of ConductThe Board is responsible for ensuring that a high level of corporate governance is met and considers that the Fund has complied with the best practices in theLuxembourg funds industry.

In particular the Board has adopted the ALFI Code of Conduct (the “Code”) which sets out principles of good governance. These principles are set out below:

1. The Board should ensure that high standards of corporate governance are applied at all times;

2. The Board should have good professional standing and appropriate experience and to ensure that it is collectively competent to fulfil its responsibilities;

3. The Board should act fairly and independently in the best interests of the investors;

4. The Board should act with due care and diligence in the performance of their duties;

5. The Board should ensure compliance with all applicable laws and regulations and with the Fund’s constitutional documents;

6. The Board should ensure that investors are properly informed, are fairly and equitably treated, and receive the benefits and services to which they areentitled;

7. The Board should ensure that an effective risk management process and appropriate internal controls are in place;

8. The Board should identify and manage fairly and effectively, to the best of its ability, any actual, potential or apparent conflict of interest and ensureappropriate disclosure;

9. The Board should ensure that shareholder rights are exercised in a considered way and in the best interests of the Fund;

10. The Board should ensure that the remuneration of the Board members is reasonable and fair and adequately disclosed.

The Board considers that the Fund has been in compliance with the principles of the Code in all material aspects throughout the financial year ended 30 June2018. The Board undertakes an annual review of ongoing compliance with the principles of the Code.

Proxy Voting PolicyThe Board delegates responsibility for proxy voting to the Management Company. The Management Company manages the voting rights of the sharesentrusted in a prudent and diligent manner, based exclusively on the reasonable judgement of what will best serve the financial interests of clients. So far asis practicable, the Management Company will vote at all of the meetings called by companies in which they are invested.

A copy of the proxy voting policy is available from the Fund’s registered office upon request or on the website:

https://am.jpmorgan.com/uk/institutional/corporate-governance

Environmental Social Governance (“ESG”)Certain Sub-Funds of JPMorgan Funds have included ESG as part of their investment policy. Details of these are included within the prospectus.

Directors and Officers Indemnity InsuranceThe Fund’s Articles of Incorporation indemnify the Directors against expenses reasonably incurred in connection with any claim against them arising in thecourse of their duties or responsibilities as long as they have not acted fraudulently or dishonestly. To protect shareholders against any such claim, the Boardhas taken out Directors and Officers Indemnity Insurance which indemnifies the Directors against certain liabilities arising in the course of their duties andresponsibilities but does not cover against any fraudulent or dishonest actions on their part.

Independent AuditorPricewaterhouseCoopers, Société coopérative, has been the Fund’s Auditor since February 2006. The provision of audit services was last put to competitivetender in 2016. The Board reviewed the services of PwC in 2016 and decided that, subject to any other influencing factor, they should continue to be proposedto the Shareholders to be appointed as Auditor.

Annual General MeetingsThe next Annual General Meeting of the Fund will be held on 21 November 2018 at the Registered Office of the Fund to consider matters relating to the yearending on 30 June 2018. At this meeting shareholders will be requested to consider the usual matters at such meetings including:

1. The adoption of the financial statements and approval of the allocation of the results;

2. The approval of Directors’ fees;

3. The election of the Directors, all of whom wish to stand for election;

4. The election of the Auditor;

5. The discharge of Directors duties.

No special business is being proposed by the Board.

Discharge of DirectorsOne of the resolutions in the AGM is, as required under Luxembourg Law, for shareholders to vote on the discharge the directors of their duties for the fiscalyear in question. This discharge is only valid where the annual accounts contain no omission or false information concealing the real financial situation of theFund.

5

JPMorgan FundsBoard of Directors’ Report (continued)

6

Privacy PolicyThe Management Company complies with a privacy policy that has been issued by J.P. Morgan Asset Management which can be accessed atwww.jpmorgan.com/emea-privacy-policy. This policy will be updated by 25 May 2018 to comply with the General Data Protection Regulation.

Events during the YearThe Board agreed the following corporate actions relating to Sub-Funds which were notified to clients as appropriate:

a) Sub-Fund launchesJPMorgan Funds - Latin America Corporate Bond Fund on 10 July 2017;

JPMorgan Funds - Multi-Asset Italy PIR Fund on 12 July 2017;

JPMorgan Funds - Global Corporate Bond Duration-Hedged Fund on 31 July 2017;

JPMorgan Funds - Systematic Alpha Higher Volatility Fund on 18 April 2018;

JPMorgan Funds - Global Equity Plus Fund on 26 April 2018.

b) Sub-Fund liquidationsJPMorgan Funds - Global Allocation Fund on 17 July 2017;

JPMorgan Funds - Global Multi Asset Portfolios Fund on 25 October 2017;

JPMorgan Funds - Global Merger Arbitrage Fund on 17 November 2017;

JPMorgan Funds - Europe Dividend Alpha Fund on 28 November 2017;

JPMorgan Funds - Europe Research Enhanced Index Equity Fund became dormant on 10 January 2018.

c) Sub-Fund mergersJPMorgan Funds - Turkey Equity Fund merged into JPMorgan Funds - Emerging Europe Equity Fund on 14 July 2017;

JPMorgan Funds - US Select Long-Short Equity Fund merged into JPMorgan Funds - US Opportunistic Long-Short Equity Fund on 1 December 2017;

JPMorgan Funds - Euroland Select Equity Fund merged into JPMorgan Funds - Euroland Equity Fund on 9 February 2018;

JPMorgan Funds - France Equity Fund merged into JPMorgan Funds - Euroland Equity Fund on 9 February 2018;

JPMorgan Funds - Germany Equity Fund merged into JPMorgan Funds - Euroland Equity Fund on 9 February 2018;

JPMorgan Funds - Income Opportunity Plus Fund merged into JPMorgan Investment Funds - Income Opportunity Fund on 9 February 2018;

JPMorgan Funds - Euro Short Duration Bond Fund merged into JPMorgan Funds - Global Short Duration Bond Fund on 23 February 2018;

JPMorgan Funds - Europe Select Equity Plus Fund merged into JPMorgan Investment Funds - Europe Select Equity Fund on 23 February 2018;

JPMorgan Funds - Highbridge Europe STEEP Fund merged into JPMorgan Funds - Europe Dynamic Fund on 23 February 2018;

JPMorgan Funds - US Equity Plus Fund merged into JPMorgan Funds - US Select Equity Plus Fund on 23 February 2018.

d) Share Class transactions-in-kindThe Duration Hedged Share Classes of Sub-Fund JPMorgan Funds - Global Corporate Bond Fund redeemed-in-kind and consequently subscribed-in-kind intoJPMorgan Funds - Global Corporate Bond Duration-Hedged Fund on 31 July 2017.

e) Share Class merger and name changeWith effect from 29 September 2017, following Share Classes were renamed:Old Share Class Name New Share Class Name

JPM Europe High Yield Short Duration Bond S (acc) - EUR JPM Europe High Yield Short Duration Bond S1 (acc) - EUR

JPM Global Capital Structure Opportunities S (acc) - EUR JPM Global Capital Structure Opportunities S1 (acc) - EUR

JPM Highbridge Europe STEEP S (perf) (acc) - EUR JPM Highbridge Europe STEEP S1 (perf) (acc) - EUR

JPM Multi-Manager Alternatives S (acc) - CHF (hedged) JPM Multi-Manager Alternatives S1 (acc) - CHF (hedged)

JPM Multi-Manager Alternatives S (acc) - EUR (hedged) JPM Multi-Manager Alternatives S1 (acc) - EUR (hedged)

JPM Multi-Manager Alternatives S (acc) - SEK (hedged) JPM Multi-Manager Alternatives S1 (acc) - SEK (hedged)

JPM Multi-Manager Alternatives S (acc) - USD JPM Multi-Manager Alternatives S1 (acc) - USD

With effect from 10 November 2017, the “(inc)” Share Classes of the Sub-Funds were merged into the equivalent “(dist)” Share Classes within the sameSub-Fund or, where corresponding “(dist)” Share Classes within the same Sub-Fund had not been launched, the “(inc)” Share Classes were renamed to theequivalent “(dist)” Share Classes with Share Class identifiers retained.

With effect from 1 July 2017, the performance fee charged on JPMorgan Funds - Europe Research Enhanced Index Equity Fund, JPMorgan Funds - GlobalEmerging Markets Research Enhanced Index Equity Fund, JPMorgan Funds - Global Research Enhanced Index Equity Fund and JPMorgan Funds - USResearch Enhanced Index Equity Fund, was removed. As a consequence, the suffix“perf” was removed from the Share Class names.

f) Changes to the ProspectusWith effect from 12 July 2017, the investment policy of JPMorgan Funds - Asia Pacific Income Fund was amended to hold up to a maximum of 10% of its assetsin contingent convertible securities (instead of 5% previously).

With effect from 29 September 2017, JPMorgan Funds - Asia Equity Fund changed its name to JPMorgan Funds - Asia Growth Fund. The investment objectiveand policy of the Sub-Fund was amended to clarify that the Sub-Fund will now invest primarily in a growth biased concentrated portfolio.

With effect from 29 September 2017, JPMorgan Funds - Europe Technology Fund changed its name to JPMorgan Funds - Europe Dynamic Technologies Fund.The investment objective and policy of the Sub-Fund was amended to clarify that the Sub-Fund also invests in companies related to technologies, includingbut not limited to technology, media and communications.

With effect from 27 December 2017 the investment objective of JPMorgan Funds – Korea Equity Fund was amended to remove reference to financialderivative instruments being used for investment purposes.

With effect from 3 January 2018, the investment objective and policy of JPMorgan Funds - Quantitative Flexible Bond Fund was amended to remove theflexibility for use of financial derivative instruments for investment purposes.

JPMorgan FundsBoard of Directors’ Report (continued)

Share Class Eligibility and Minimums - Change ProposalWith effect from September 2017, the Prospectus was amended to enhance Share Class eligibility transparency and understanding.

Currency Hedged Share Classes - Clarifications to Address Regulatory ChangesWith effect from June 2017, the Prospectus was amended to enhance the description of Currency Hedged Share Classes in connection with the ESMA OpinionPaper on UCITS Share Classes (ESMA Opinion) and European Market Infrastructure Regulation (EMIR).

Research Enhanced Index Funds - Operating and Adminstration (O&A) Fee Reduction ProposalWith effect from 30 September 2017, the O&A was reduced by/to 5 bps on all Share Classes for the following three Sub-Funds:

JPMorgan Funds - Europe Research Enhanced Index Equity Fund;

JPMorgan Funds - Global Research Enhanced Index Equity Fund;

JPMorgan Funds - US Research Enhanced Index Equity Fund.

JPMorgan Funds - Diversified Risk Fund - Addition of S1 Share ClassWith effect from 2 October 2017, the Prospectus was amended to incorporate the addition of an S1 Share Class.

Addition of ESG Language to various Sub-FundsWith effect from December 2017, the Prospectus was amended to reflect how Environmental, Social and Governance (“ESG”) factors are integrated into theinvestment process for some Sub-Funds.

Currency Hedged Share Classes - Update on the derivatives margin model to meet the European Market Infrastructure RegulationsWith effect from December 2017, the following statement was removed from the Prospectus “As a result of currency hedging transactions, the Sub-Fund maybe required to transfer cash or other liquid assets as collateral to counterparties. Consequently, the Currency Hedged Share Classes may be allocated agreater proportion of cash or other liquid assets than the other Share Classes and therefore may have less market exposure which could have a positive ornegative impact on performance”.

Regulatory update - MIFID II - Changes to Commission Sharing ArrangementsWith effect from 1 January 2018 J.P. Morgan Asset Management pays for external research services with the exception of the Sub-Funds listed below whichwill continue to use commission sharing/soft commission to pay for external research:

JPMorgan Funds - America Equity FundJPMorgan Funds - ASEAN Equity FundJPMorgan Funds - Asia Growth FundJPMorgan Funds - Asia Pacific Equity FundJPMorgan Funds - Asia Pacific Income FundJPMorgan Funds - China FundJPMorgan Funds - China A Share Opportunities FundJPMorgan Funds - Equity Premium Income FundJPMorgan Funds - Greater China FundJPMorgan Funds - Hong Kong FundJPMorgan Funds - Income Opportunity Plus FundJPMorgan Funds - India FundJPMorgan Funds - Indonesia Equity FundJPMorgan Funds - Japan Equity FundJPMorgan Funds - Korea Equity FundJPMorgan Funds - Multi-Manager Alternatives FundJPMorgan Funds - Pacific Equity FundJPMorgan Funds - Singapore FundJPMorgan Funds - Taiwan FundJPMorgan Funds - US Equity All Cap FundJPMorgan Funds - US Equity Plus FundJPMorgan Funds - US Growth FundJPMorgan Funds - US Hedged Equity FundJPMorgan Funds - US Opportunistic Long-Short Equity FundJPMorgan Funds - US Researched Enhanced Index Equity FundJPMorgan Funds - US Select Equity Plus FundJPMorgan Funds - US Select Long-Short Equity FundJPMorgan Funds - US Small Cap Growth FundJPMorgan Funds - US Smaller Companies FundJPMorgan Funds - US Technology FundJPMorgan Funds - US Value Fund

JPMorgan Funds - Europe Dividend Alpha Fund - full redemptionA full redemption was received for JPMorgan Funds - Europe Dividend Alpha Fund on 28 November 2017. The Sub-Fund became dormant and was removedfrom the Prospectus in December 2017.

EU Benchmark RegulationWith effect from 29 March 2018, the Prospectus was amended to meet EU Benchmark Regulations.

7

JPMorgan FundsBoard of Directors’ Report (continued)

g) Change to the Sub-Fund benchmarkWith effect from 3 July 2017, the benchmark for JPMorgan Funds - Africa Equity Fund changed from MSCI Emerging and Frontier Markets Africa Index (TotalReturn Net) to Dow Jones Africa Titans 50 Index (Total Return Net).

With effect from 1 August 2017, the benchmark for JPMorgan Funds - Emerging Middle East Equity Fund changed from MSCI Middle East Index (Total ReturnNet) to S&P Pan Arab Composite Index (Total Return Net).

With effect from 2 October 2017, the benchmark for JPMorgan Funds - US Technology Fund changed from BofA Merrill Lynch 100 Technology Price Index toRussell 1000 Equal Weight Technology Index (Total Return Net).

With effect from 11 April 2018, the benchmark for JPMorgan Funds - Emerging Europe Equity Fund changed from MSCI Emerging Markets Europe Index (TotalReturn Net) to MSCI Emerging Markets Europe 10/40 Index (Total Return Net).

h) Removal of Performance Fee and reduction of Management and Advisory FeeWith effect from 1 July 2017, the performance fee of 10% was removed and the Management and Advisory Fee was reduced to 0.19% on the C and I ShareClasses, to 0.38% on the A Share Class and 0.10% on S Share Classes (JPMorgan Funds - Global Emerging Markets Research Enhanced Index Equity Fundonly) for the following Sub-Funds:

JPMorgan Funds - Europe Research Enhanced Index Equity Fund;

JPMorgan Funds - Global Emerging Markets Research Enhanced Index Equity Fund;

JPMorgan Funds - Global Research Enhanced Index Equity Fund;

JPMorgan Funds - US Research Enhanced Index Equity Fund.

With effect from 1 September 2017 performance and non-performance fee Share Classes were merged or renamed.

With effect from 11 May 2018, the Management and Advisory Fee was reduced to 1.25% on the A Share Classes, to 0.60% on the C Share Class and 1.25% onD Share Classes for JPMorgan Funds - Multi-Manager Alternatives Fund.

i) Swing waiver mechanismWith effect from 26 September 2017, the swing waiver period for JPMorgan Funds - Europe High Yield Short Duration Bond Fund was extended to 31 March2018. Subsequently, the end of the swing waiver period was extended to 31 December 2018 effective 12 March 2018.

With effect from 26 September 2017, the swing waiver period for JPMorgan Funds - Income Fund was extended to 31 March 2018. Subsequently, with effectfrom 1 April 2018, JPMorgan Funds - Income Fund was removed from the swing waiver mechanism having reached the end of its waiver period.

With effect from 1 October 2017, JPMorgan Funds - Global Emerging Markets Research Enhanced Index Equity Fund was removed from the scope of the swingwaiver mechanism.

With effect from 6 December 2017, the swing waiver period for JPMorgan Funds - US Corporate Bond Fund was extended to 31 December 2018.

With effect from 17 May 2018, JPMorgan Funds - Diversified Risk Fund was included in the scope of the swing waiver mechanism with an AUM target ofUSD 400 million or by the end of waiver period on 15 August 2018, whichever comes first.

Events after the Year-EndThe Board agreed the following corporate actions relating to Sub-Funds which were notified to clients as appropriate:

a) Sub-Fund launchesSubsequent to the year-end JPMorgan Funds - Quantitative Flexible Bond Fund was launched on 17 September 2018.

b) Sub-Fund mergersSubsequent to the year, the following Sub-Fund was merged:

JPMorgan Funds - Highbridge US STEEP Fund merged into JPMorgan Funds - US Select Equity Plus Fund on 28 September 2018.

c) Sub-Fund registrationThe Management Company has submitted a request to deregister JPMorgan Funds - Singapore Fund with the SFC in Hong Kong. This request was made inanticipation of the prospective merger of the Sub-Fund with another Sub-Fund of JPMorgan Funds (the “Fund”) for which authorisation is currently not andwill not be sought from the SFC in Hong Kong. The deregistration was effective from 8 October 2018.

d) Changes to the Prospectus

JPMorgan Funds - Multi-Manager Alternatives Fund - Fee ReductionWith effect from July 2018, the Prospectus was amended to incorporate the reduction of the Annual Management Charge on A, C, D, I and I2 Share Class and areduction of the distribution fee on the D Share Class.

Change to Sub-Fund benchmarkWith effect from 15 September 2018 the equity components of the benchmark for JPMorgan Funds - Multi-Asset Italy PIR Fund changed from FTSE MIB Indexand FTSA Italia Mid Cap Index and replaced with the FTSA Italia PIR Benchmark.

Board of Directors

Luxembourg, 11 October 2018

8

JPMorgan FundsBoard of Directors’ Report (continued)

JPMorgan FundsInvestment Managers’ Report

Market Review

Global equity markets produced positive returns for the 12 months ended 30 June 2018, despite increased market volatility and investor concerns overU.S.-driven trade tensions in the second half of the period. The MSCI All-Country World Index rose 11.7%, the Standard & Poor’s 500 was up 14.4%, the FTSEAll-World Developed Europe ex UK Index gained 4.6% and the FTSE All-Share ended 10.8% higher. Global bond markets generally underperformed equities.The Bloomberg Barclays Aggregate Multiverse Index returned 1.3% and the Bloomberg Barclays Global Aggregate Bond Index, U.S. dollar hedged, returned1.66%. (All performance in U.S. dollar terms, total return net, 1 July 2017 – 30 June 2018, source: J.P. Morgan Asset Management).

Through the latter half of 2017, global equity prices rose and bond prices remained relatively stable amid synchronised global economic growth, strongcorporate earnings and support from leading central banks. U.S. equity markets generally outperformed other developed markets and emerging marketsequities benefitted from rising petroleum prices and a positive environment for global investors. In January 2018, the S&P 500 ended four separate tradingsessions at record highs but would not reach those levels again for the remainder of the reporting period.

In early February 2018, both equity and bond prices fell sharply in the U.S. and the sell off spread to other financial markets. The S&P 500 lost more than 10%of its value over nine trading sessions, and yields on 10-year U.S. Treasury bonds, which serve as a benchmark for a broad range of financial assets, spikedhigher. Equity markets rebounded somewhat in subsequent weeks but financial market volatility remained elevated through to 30 June 2018.

Meanwhile, the European Central Bank reduced its monthly purchases of assets by half in January 2018, but declined to raise interest rates. Responding toweaker-than-expected economic data and below-target core inflation during the first half of 2018, the ECB said it would not raise interest rates untilmid-2019, though it confirmed it would end all asset purchases under its quantitative easing program by the end of 2018. In November 2017, the Bank ofEngland raised interest rates for the first time in a decade but did not raise rates further during the reporting period, despite improved retail sales data andthe lowest U.K. jobless rate since 1975. In the U.S., the Federal Reserve Bank raised interest rates in December 2017 and again in March 2018 and June 2018.

Trade tensions weighed on equity markets in 2018 as investors braced for higher U.S. tariffs on a range of agricultural, industrial and consumer products. Thepotential for a trade war with China, as well as with long-term U.S. allies and trading partners, rose during latter part of the reporting period as details of theTrump administration’s policies were revealed.

Rising interest rates in the U.S. and a strengthening U.S. dollar also put pressure on emerging market equities and currencies, particularly in nations relianton external financing, notably Argentina and Turkey.

Outlook

Overall, the global economy remains on track for further growth supported by corporate earnings and accommodative policies at leading central banks.However, there are a number of potential political risks that may impact financial markets in the second half of the 2018. Protectionist trade policies enactedby the U.S. and reciprocated by China and other leading trading partners are expected to drive consumer prices higher and may hurt investor sentiment.While global energy prices have risen over the past year to the benefit of petroleum exporting nations, increasing global demand and other factors couldpush prices high enough to become a drag on economic growth in developed and emerging market nations.

While the outlook for financial markets appears positive, we believe investors should keep their focus on central banks’ public statements and economicindicators that may signal changes in economic and financial market fundamentals.

Investment Managers

11 October 2018

The information contained in this report is historical and not necessarily indicative of future performance.

9

Audit Report

To the Shareholders of

JPMorgan Funds

Our opinionIn our opinion, the accompanying Financial Statements give a true and fair view of the financial position of JPMorgan Funds and of each of its Sub-Funds (the“Fund”) as at 30 June 2018, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourglegal and regulatory requirements relating to the preparation and presentation of the Financial Statements.

What we have auditedThe Fund’s Financial Statements comprise :

- the Combined Statement of Net Assets as at 30 June 2018;

- the Schedule of Investments as at 30 June 2018;

- the Combined Statement of Operations and Changes in Net Assets for the year then ended; and

- the Notes to the Financial Statements, which include a summary of significant accounting policies.

Basis for opinionWe conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing(ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under those Law and standards arefurther described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the Financial Statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBACode) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the Financial Statements. We have fulfilledour other ethical responsibilities under those ethical requirements.

Other informationThe Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report butdoes not include the Financial Statements and our audit report thereon.

Our opinion on the Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements, our responsibility is to read the other information identified above and, in doing so, considerwhether the other information is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to bematerially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requiredto report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund and those charged with governance for the Financial StatementsThe Board of Directors of the Fund is responsible for the preparation and fair presentation of the Financial Statements in accordance with Luxembourg legaland regulatory requirements relating to the preparation and presentation of the Financial Statements, and for such internal control as the Board of Directorsof the Fund determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud orerror.

In preparing the Financial Statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to continue as a going concern,disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund eitherintends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Fund’s financial reporting process.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 LuxembourgT: +352 494848 1, F: +352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n° 10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

10

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the Financial StatementsThe objectives of our audit are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement,whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranteethat an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they couldreasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment andmaintain professional scepticism throughout the audit.

We also:

· identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit proceduresresponsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal control;

· obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not forthe purpose of expressing an opinion on the effectiveness of the Fund’s internal control;

· evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board ofDirectors of the Fund;

· conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis of accounting and, based on the audit evidenceobtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a goingconcern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the FinancialStatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of ouraudit report. However, future events or conditions may cause the Fund to cease to continue as a going concern;

· evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statementsrepresent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant auditfindings, including any significant deficiencies in internal control that we identify during our audit.

PricewaterhouseCoopers, Société coopérative Luxembourg, 24 October 2018

Represented by

Régis Malcourant

11

12

This page has been left blank intentionally

13

This page has been left blank intentionally

JPMorgan FundsCombined Statement of Net Assets

As at 30 June 2018

JPMorganFunds

CombinedUSD

AfricaEquity

FundUSD

AggregateBondFundUSD

AssetsInvestments in Securities at Market Value 107,048,560,624 210,775,646 3,043,561,450Acquisition Cost: 99,346,489,533 182,854,323 3,093,387,303Investment in TBAs at Market Value* 22,976,434 - -Cash at Bank and at Brokers 1,217,007,827 816,335 28,522,687Time Deposits 283,464,788 - 82,000,000Amounts Receivable on Sale of Investments 469,493,785 797,132 14,364,775Amounts Receivable on Sale of TBAs* 12,805,650 - -Amounts Receivable on Subscriptions 371,512,852 176,834 10,588,692Interest and Dividends Receivable, Net 533,162,362 252,118 17,607,028Tax Reclaims Receivable 54,482,343 - 41,099Fee Waiver** 3,210,911 23,555 151,545Other Receivables 705,313 - 23,544Net Unrealised Gain on Forward Currency Exchange Contracts 78,992,917 - 9,172,817Net Unrealised Gain on Financial Futures Contracts 6,484,397 - 1,198,482Other Derivative Instruments at Market Value 49,136,489 - -

Total Assets 110,151,996,692 212,841,620 3,207,232,119

LiabilitiesBank and Broker Overdraft 15,606,517 - -Open Short Positions on TBAs* 12,844,788 - -Amounts Payable on Purchase of Investments 697,389,472 1,694,025 13,780,838Amounts Payable on Purchase of TBAs* 22,926,578 - -Amounts Payable on Redemptions 341,441,793 812,487 1,956,430Management and Advisory Fees Payable 73,486,687 254,250 500,020Fund Servicing Fees Payable 8,883,955 17,977 260,209Distribution Fees Payable 5,854,787 33,389 3,928Performance Fees Payable 7,206,416 - -Other Payables*** 12,762,256 54,731 159,002Net Unrealised Loss on Forward Currency Exchange Contracts 187,118,539 - -Net Unrealised Loss on Financial Futures Contracts 5,596,112 - -Other Derivative Instruments at Market Value 23,278,617 - 81,969

Total Liabilities 1,414,396,517 2,866,859 16,742,396

Total Net Assets 108,737,600,175 209,974,761 3,190,489,723

Historical Total Net Assets30 June 2017 101,379,377,996 188,128,113 3,238,067,77630 June 2016 89,615,749,740 201,325,725 3,203,184,855

* Please refer to Note 2i).** Please refer to Note 3a), 3b), 3c) and 3d). To the extent that actual operating costs exceed the capped percentage, the amount borne by the Management Company will be separately disclosed as a“Fee Waiver’’ in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets.*** Other Payables are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses.

The accompanying notes form an integral part of these Financial Statements.

14

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

AmericaEquity

FundUSD

ASEANEquity

FundUSD

AsiaGrowth

Fund (1)USD

Asia PacificEquity

FundUSD

Asia PacificIncome

FundUSD

AsianTotal Return

Bond FundUSD

1,899,436,184 479,179,966 102,560,306 1,055,861,206 2,721,821,205 17,726,8731,593,390,388 467,537,225 95,525,775 889,884,150 2,816,988,053 18,805,591

- - - - - -1,062,919 3,679,608 2,287,670 18,600,537 20,700,076 1,493,934

- - 1,200,194 10,009,720 - -8,783 2,229,372 516,789 13,418,012 1,701,463 63,543

- - - - - -23,447,908 12,415,106 8,014 1,960,959 11,369,486 -

646,251 692,790 465,110 6,313,173 26,412,401 208,228- - 28,080 40,792 - -- 26,563 6,101 11,692 13,154 11,132

11,806 2,596 - - 14,862 -- 178 - - - 28,720- - - - - -- - - - - -

1,924,613,851 498,226,179 107,072,264 1,106,216,091 2,782,032,647 19,532,430

- - - - - -- - - - - -

26,947,973 11,185,761 620,958 19,656,826 11,325,412 -- - - - - -

3,754,258 588,737 1,627,095 7,121,043 4,789,733 -1,646,270 411,798 102,391 778,032 3,241,241 16,167

154,300 39,533 8,898 90,546 228,892 1,61739,770 36,152 7,591 11,498 14,394 -

- - - - - -83,757 61,683 24,033 205,895 378,268 13,991

3,128,000 - - - 12,975,632 -- - - - - 13,586- - - - - -

35,754,328 12,323,664 2,390,966 27,863,840 32,953,572 45,361

1,888,859,523 485,902,515 104,681,298 1,078,352,251 2,749,079,075 19,487,069

1,307,437,537 494,224,851 70,916,110 697,698,175 2,453,909,081 20,233,6691,188,361,357 508,893,310 58,409,123 423,529,345 2,007,198,980 20,179,911

(1) This Sub-Fund was renamed from JPMorgan Funds - Asia Equity Fund to JPMorgan Funds - Asia Growth Fund on 29 September 2017.

15

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

BrazilEquity

FundUSD

China A-ShareOpportunities

FundCNH

ChinaBondFundCNH

ChinaFund

USD

DiversifiedRisk

FundUSD

Emerging EuropeEquity

FundEUR

206,608,550 702,864,783 79,463,977 1,438,157,869 300,080,292 382,503,789223,238,237 702,691,881 81,722,590 1,117,279,173 301,612,223 378,204,037

- - - - - -578,792 6,492,204 3,000,088 10,311,730 22,017,792 775,805

- - - 5,000,000 30,000,000 -- 5,316,263 - 7,241,627 75,225 29,275- - - - - -

1,733,277 1,825,383 - 4,034,910 3,433,355 47,042570,583 232,776 1,175,342 5,102,459 980,074 2,120,557

- - - - 372 328,94210,541 217,203 95,155 - 62,409 91,442

177 - - - 2,034 -- - - - - -- - - - 38,037 -- - - - - -

209,501,920 716,948,612 83,734,562 1,469,848,595 356,689,590 385,896,852

- - - - 100,221 -- - - - - -- - - 725,104 363,487 -- - - - - -

942,982 12,780,849 - 11,047,639 - 609,928239,833 830,498 68,164 1,966,255 13,377 352,902

17,136 59,727 6,858 127,963 28,617 32,53316,517 3,319 - 92,952 4,521 13,353

- - - - - -32,083 366,928 112,168 2,885,718 76,412 118,540

- - 652,713 - 4,802,665 -- 45,128 - - - -- - - - 5,793,750 -

1,248,551 14,086,449 839,903 16,845,631 11,183,050 1,127,256

208,253,369 702,862,163 82,894,659 1,453,002,964 345,506,540 384,769,596

232,064,859 112,711,505 82,186,959 1,240,419,082 25,395,585 463,040,496205,693,028 34,477,693 79,214,456 1,104,369,993 23,847,385 441,855,694

16

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

Emerging Europe,Middle East and Africa

Equity FundUSD

Emerging MarketsAggregate Bond

FundUSD

Emerging MarketsBondFundUSD

Emerging MarketsCorporate Bond

FundUSD

Emerging MarketsDebtFundUSD

Emerging MarketsDiversified Equity

FundUSD

310,425,788 515,739,696 441,350,421 2,338,333,115 2,078,873,274 297,959,515285,335,449 542,128,287 459,782,560 2,511,815,152 2,179,413,807 267,914,346

- - - - - -1,231,134 2,521,903 27,773,639 14,880,808 18,773,448 3,520,891

- - - - - -18,742 1,475,413 1,684,238 8,334,553 7,734,216 1,996,143

- - - - - -57,284 - 831,573 1,247,979 2,803,272 43,835

1,309,472 7,487,495 6,941,818 34,242,456 31,991,956 1,879,492152,134 - - - - 16,44573,478 53,895 23,569 5,723 48,742 -

- - - - - -- - - - - -- 8,106 - 120,126 - -- 1,882,909 161,657 5,410,726 771,038 -

313,268,032 529,169,417 478,766,915 2,402,575,486 2,140,995,946 305,416,321

- 1,609,068 - - - -- - - - - -- 1,602,986 1,311,781 10,153,926 6,242,302 422,902- - - - - -

872,891 - 730,342 7,482,376 3,114,998 -248,040 - 208,117 1,346,508 1,147,049 76,471

25,884 43,063 39,154 198,370 175,264 26,0319,708 - 25,060 76,525 14,916 -

- - - - - -94,590 45,813 54,061 177,494 190,815 1,558

- 9,631,796 2,300,609 20,550,465 18,682,175 -- - - - - -- - - - - -

1,251,113 12,932,726 4,669,124 39,985,664 29,567,519 526,962

312,016,919 516,236,691 474,097,791 2,362,589,822 2,111,428,427 304,889,359

336,189,555 200,870,288 394,818,847 2,467,970,931 1,909,213,297 502,038,034299,245,118 154,250,581 425,799,886 1,965,308,360 1,598,669,678 467,441,966

17

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

Emerging MarketsDividend

FundUSD

Emerging MarketsEquity

FundUSD

Emerging MarketsInvestment Grade

Bond FundUSD

Emerging MarketsLocal Currency

Debt FundUSD

Emerging MarketsOpportunities

FundUSD

Emerging MarketsSmall Cap

FundUSD

517,689,673 6,822,181,189 484,040,679 2,096,441,342 2,896,227,526 1,789,983,591510,182,984 5,482,589,451 505,730,213 2,377,111,806 2,512,449,854 1,652,032,750

- - - - - -4,206,474 13,802,041 28,805,296 27,375,442 7,897,089 21,041,163

- - - - - -- 1,285,500 1,672,000 5,647,113 13,056,394 26,174,640- - - - - -

247,929 7,914,419 448,630 5,127,274 5,930,326 2,640,9273,788,964 33,921,409 5,830,996 34,790,715 17,463,488 3,213,299

262,797 987,644 - 1,943,236 307,256 369,36447,247 43,746 21,970 99,669 53,201 13,013

- - - 14,739 - -- - - 1,214,273 - -- - 61,723 - - 330,782- - 102,060 - - -

526,243,084 6,880,135,948 520,983,354 2,172,653,803 2,940,935,280 1,843,766,779

- - 65,281 597,051 - -- - - - - -- - 1,939,500 - 2,456,497 -- - - - - -

1,146,289 15,544,138 265,865 11,747,403 3,909,724 17,450,699297,770 3,316,443 193,532 1,108,055 1,630,006 1,542,82844,303 519,008 42,396 182,685 246,302 157,73919,516 83,006 820 105,195 20,943 52,761

- - - - - 1,445,116165,291 878,268 51,514 194,691 226,488 155,257645,161 3,033,747 4,702,877 - 189,883 -

- - - - - -- - - 7,168,723 - -

2,318,330 23,374,610 7,261,785 21,103,803 8,679,843 20,804,400

523,924,754 6,856,761,338 513,721,569 2,151,550,000 2,932,255,437 1,822,962,379

410,465,654 5,305,118,830 589,044,097 2,402,486,192 2,211,347,680 1,968,506,802195,265,193 3,543,323,304 297,179,434 2,467,475,648 1,803,781,838 758,444,181

18

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

Emerging MarketsStrategic Bond

FundUSD

EmergingMiddle EastEquity Fund

USD

EquityPremium Income

FundUSD

EUGovernment Bond

FundEUR

EuroAggregate Bond

FundEUR

EuroCorporate Bond

FundEUR

1,056,855,437 132,011,568 4,870,082 816,738,992 39,067,728 105,043,7921,126,312,523 118,570,090 4,599,514 814,446,204 39,586,021 105,707,794

- - - - - -102,133,535 421,870 18,241 6,877,640 624,150 314,240

- - - - - -2,738,872 1,337,252 - 19,139,055 707,273 1,356,366

- - - - - -7,280,993 481,948 - 1,411,348 20,075 372,106

14,742,774 48,316 3,726 6,638,613 355,901 838,247169,426 - - - - -

11,893 50,294 12,481 49,862 7,829 13,43913,065 - - - - -

- - - - - -12,697 - - 335,243 8,066 3,474

2,829,559 - - - - -

1,186,788,251 134,351,248 4,904,530 851,190,753 40,791,022 107,941,664

3,355,755 - - 3,979 - -- - - - - -

821,056 - 2,138 17,965,730 157,158 -- - - - - -

1,461,131 2,723,401 - 1,005,917 7,985 51,844742,266 155,378 2,865 201,276 22,422 54,881

96,381 11,166 398 67,917 3,288 8,806218,542 8,540 - 19,854 1,739 18,65675,044 - - - - -61,864 58,774 12,987 79,383 10,401 15,861

13,426,869 - - - - 1,025- - - - - -- - - - - 9,963

20,258,908 2,957,259 18,388 19,344,056 202,993 161,036

1,166,529,343 131,393,989 4,886,142 831,846,697 40,588,029 107,780,628

1,016,673,446 105,984,509 5,043,115 772,222,826 88,510,964 91,317,676447,655,897 108,972,302 - 1,373,866,983 100,056,582 52,328,785

19

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

Euro GovernmentShort Duration

Bond FundEUR

EuroMoney Market

FundEUR

EurolandDynamic

FundEUR

EurolandEquity

FundEUR

EuropeDynamic

FundEUR

Europe DynamicSmall Cap

FundEUR

151,078,304 164,401,542 641,182,028 752,235,108 1,555,917,501 950,197,840152,937,794 164,401,542 618,262,987 714,545,235 1,496,948,200 834,635,015

- - - - - -1,139,489 429,870 917,485 173,920 335,760 50,947

- 68,500,000 - - - -- - 252,227 20,635 - 8,070,193- - - - - -

253,194 458,711 200,261 467,605 2,011,679 4,822,5721,102,922 - 113,287 356,947 2,182,339 2,152,007

- - 1,613,786 1,877,757 3,114,251 847,45014,497 - 1,966 1,624 1,239 -

- 47,864 - - - 2,263- - 4,831 - 1,843,487 -

27,705 - - - - -- - - - - -

153,616,111 233,837,987 644,285,871 755,133,596 1,565,406,256 966,143,272

- - - - - -- - - - - -- 32,000,930 285,874 - 692,113 9,829,559- - - - - -

752,924 728,080 391,903 767,684 13,634,263 26,605,68940,426 52,122 687,570 648,823 1,274,013 948,26612,595 17,135 54,071 64,007 130,735 78,585

854 3,518 32,542 48,728 37,451 40,571- - - - - 4,424,321

18,744 - 44,910 48,308 92,530 51,254- - - 36,379 - -- - - - - -- - - - - -

825,543 32,801,785 1,496,870 1,613,929 15,861,105 41,978,245

152,790,568 201,036,202 642,789,001 753,519,667 1,549,545,151 924,165,027

188,673,844 351,961,109 670,983,883 417,289,814 1,218,980,412 631,808,066155,862,436 569,462,593 618,461,982 278,591,499 1,332,238,255 305,280,277

20

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

EuropeDynamic Technologies

Fund (2)EUR

Europe EquityAbsolute Alpha

FundEUR

EuropeEquity

FundEUR

EuropeEquity Plus

FundEUR

EuropeHigh Yield

Bond FundEUR

Europe High YieldShort Duration

Bond FundEUR

621,219,556 164,172,805 886,105,467 4,128,734,727 814,041,042 202,953,201554,143,161 142,078,088 839,797,172 3,595,912,264 827,753,307 207,943,239

- - - - - -1,150,617 32,517,442 6,410,562 17,639,361 51,002 49,991

- - - - - -13,354 80,631 19,253,573 2,242,613 8,007,018 467,453

- - - - - -5,830,058 197,248 345,496 8,502,289 1,100,888 218,270

148,554 75,582 1,043,187 2,889,266 10,779,861 3,134,901874,061 1,276,803 1,361,559 13,916,236 - -

- 16,297 1,498 - 43,794 21,746- - - - - -

346,764 - 316,730 1,418,780 223,222 30,319120,730 - 49,526 - - -

- - - 19,707,805 - -

629,703,694 198,336,808 914,887,598 4,195,051,077 834,246,827 206,875,881

- - 83,421 - - -- - - - - -

474,136 1,395,600 83,890,582 2,035,198 5,945,315 3,439,474- - - - - -

11,175,098 62,675 320,900 8,974,972 675,607 228,850721,084 170,009 401,347 4,169,983 356,168 74,688

52,263 16,500 64,749 316,988 68,649 16,29967,290 8,290 30,689 266,484 118,992 22,816

- 2,454 - - - -39,449 30,361 80,039 141,506 66,944 25,067

- 402,244 - - - -- - - 2,167,609 - -- 114,788 - - - -

12,529,320 2,202,921 84,871,727 18,072,740 7,231,675 3,807,194

617,174,374 196,133,887 830,015,871 4,176,978,337 827,015,152 203,068,687

278,735,735 207,679,601 447,778,063 4,596,415,414 844,755,114 75,073,613148,537,641 663,533,003 396,466,241 3,903,376,788 776,487,454 -

(2) This Sub-Fund was renamed from JPMorgan Funds - Europe Technology Fund to JPMorgan Funds - Europe Dynamic Technologies Fund on 29 September 2017.

21

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

EuropeSmall Cap

FundEUR

EuropeStrategic Growth

FundEUR

EuropeStrategic Value

FundEUR

EuropeSustainableEquity Fund

EUR

FinancialsBondFundEUR

FlexibleCreditFundUSD

961,368,026 1,067,704,922 2,489,156,476 256,247,423 367,446,711 543,111,568833,198,705 936,102,482 2,337,340,484 257,905,981 378,427,206 556,869,382

- - - - - -125,686 3,135,411 3,304,071 4,858,888 1,909,701 26,575,198

- - - - - -5,349,256 503,792 - 6,605,808 1,465,076 2,145,015

- - - - - -3,191,432 1,114,170 5,792,786 2,036 410,147 952,2041,895,922 643,623 3,026,315 280,564 4,354,191 6,198,3451,607,175 1,411,690 6,267,197 249,039 - -

1,311 - 938 7,177 13,574 35,6992,830 - - 19,648 - -

193,004 - 576,737 - - -- - 220,477 65,320 17,614 18,796- - - - - -

973,734,642 1,074,513,608 2,508,344,997 268,335,903 375,617,014 579,036,825

- - - - 22,121 10,327- - - - - -

3,496,015 2,186,120 6,030,560 5,327,736 - 1,060,493- - - - - -

1,501,103 1,479,012 4,676,205 1,774,080 369,764 1,232,1431,002,156 1,002,308 2,235,039 43,773 246,322 364,093

81,468 89,774 211,470 20,586 30,790 47,31568,768 79,209 27,426 - 113,530 153,535

- - - - - -69,926 64,830 104,230 18,477 30,394 64,356

- - - - 1,233,552 5,101,831- - - - - -- - - - - 377,763

6,219,436 4,901,253 13,284,930 7,184,652 2,046,473 8,411,856

967,515,206 1,069,612,355 2,495,060,067 261,151,251 373,570,541 570,624,969

708,685,364 929,749,006 2,479,864,281 25,725,998 243,726,474 361,171,035450,311,698 461,313,132 1,042,010,895 - 139,371,617 195,297,499

22

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

GlobalAbsolute Return

Bond FundUSD

GlobalAggregate Bond

FundUSD

Global BondOpportunities

FundUSD

GlobalCapital Structure

Opportunities FundEUR

GlobalConvertibles

Fund (EUR)EUR

Global Corporate BondDuration-Hedged

Fund (3)USD

85,862,478 152,597,772 5,356,739,782 20,276,827 1,727,428,259 226,865,88786,267,363 154,582,418 5,509,855,379 20,105,035 1,710,518,022 235,102,55518,855,469 4,120,965 - - - -5,654,653 7,812,687 69,387,544 512,748 49,388 3,599,445

- - - - - -- 983,304 26,763,284 220,602 18,392,482 1,734,273

12,805,650 - - - - -23,322 59,785 8,932,623 397 4,395,829 1,461,967

137,147 812,997 63,289,009 87,031 3,681,351 2,392,431- 1,607 - 6,337 213,194 -

22,515 22,928 138,171 20,658 18,058 32,310- - - - 129,358 4,068

176,134 74,200 27,936,956 39,854 6,244,975 -171,984 125,670 - - - -

- - 1,820 405,575 - 182,752

123,709,352 166,611,915 5,553,189,189 21,570,029 1,760,552,894 236,273,133

225,581 - 643,299 - - 28,70212,844,788 - - - - -

- 685,604 69,981,155 - 6,001,787 1,101,78318,819,203 4,107,375 - - - -

354,162 94,741 6,518,969 1,696 3,391,929 2152,770 17,512 3,536,075 5,560 1,402,934 100,1047,493 13,307 455,099 1,781 147,164 19,247

719 2,475 941,375 - 29,594 1,893- - - - - -

22,342 23,953 315,196 20,624 113,958 39,419- - - - - 709,493- - 422,875 37,082 - 11,500

381,893 3,640 - - - -

32,658,951 4,948,607 82,814,043 66,743 11,087,366 2,012,356

91,050,401 161,663,308 5,470,375,146 21,503,286 1,749,465,528 234,260,777

29,911,665 167,808,212 4,246,979,624 53,269,699 1,568,683,417 -39,712,103 48,203,273 1,225,775,027 23,556,428 1,548,378,613 -

(3) This Sub-Fund was launched on 31 July 2017.

23

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

GlobalCorporate Bond

FundUSD

GlobalDynamic

FundUSD

Global Emerging MarketsResearch Enhanced

Index Equity FundUSD

GlobalEquity Plus

Fund (4)USD

GlobalFocusFundEUR

GlobalGovernment Bond

FundEUR

4,916,042,967 388,319,129 19,358,669 24,213,505 1,719,167,771 691,593,3505,028,435,492 326,926,079 18,291,189 24,337,271 1,558,660,690 693,281,883

- - - - - -16,926,237 284,634 140,277 615,085 101,482 9,563,560

- - - - - -40,675,249 - - 395,142 1,088,872 4,641,270

- - - - - -9,830,384 314,516 - - 3,336,799 2,929,989

51,294,025 437,223 87,199 47,662 2,174,305 3,785,463- 710,551 - - 2,605,826 -

133,560 6,331 1,100 22,603 414 53,83627,687 229 - 127 - -

- - - - 14,117,922 4,570,773107,966 - 1,480 - - 193,971

3,995,894 - - - - 791,267

5,039,033,969 390,072,613 19,588,725 25,294,124 1,742,593,391 718,123,479

12,620 - - - - 169,571- - - - - -

25,957,784 - 21,655 411,696 - 8,791,877- - - - - -

7,564,890 350,107 - - 3,832,926 1,465,0371,728,677 290,298 2,585 19,129 1,459,247 111,010370,206 33,390 829 2,064 145,459 58,079241,086 22,976 - - 135,039 2,240

- - - - - -281,444 37,471 4,022 24,317 69,701 78,450

17,025,452 483,979 - 175,790 - -- 2,257 - 755 - -- - - 44,891 - -

53,182,159 1,220,478 29,091 678,642 5,642,372 10,676,264

4,985,851,810 388,852,135 19,559,634 24,615,482 1,736,951,019 707,447,215

5,225,412,063 381,821,844 11,666,369 - 1,879,819,844 334,280,1285,149,376,096 423,931,684 - - 1,551,352,219 718,282,343

(4) This Sub-Fund was launched on 26 April 2018.

24

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

Global GovernmentShort Duration

Bond FundEUR

GlobalHealthcare

FundUSD

GlobalMulti Strategy

Income FundEUR

GlobalNatural Resources

FundEUR

GlobalReal Estate

Securities Fund (USD)USD

Global ResearchEnhanced Index

Equity FundEUR

74,245,293 2,581,722,812 827,169,271 801,346,347 93,703,643 460,864,15875,523,091 2,237,656,150 741,666,792 683,157,612 88,690,041 403,959,493

- - - - - -1,390,654 1,106,629 5,889,929 777,214 215,882 7,869,676

- - - - - -- 21,684,682 17,180 2,159,733 4,520 3,374,469- - - - - -

504,051 3,089,395 779,028 2,114,353 2,329,340 401,880519,858 1,345,063 - 374,425 350,069 540,750

- 698,328 - 535,403 28,195 350,96919,410 260 23,700 - 22,507 24,801

- 10,817 - - - -197,371 - 134,278 - - -

4,416 - 20,869 - - 77,147- - - - - -

76,881,053 2,609,657,986 834,034,255 807,307,475 96,654,156 473,503,850

2,099 - - - - -- - - - - -- 3,035,990 - - 2,795,042 2,600,370- - - - - -

16,583 12,520,350 952,497 5,199,474 23,011 436,54015,554 2,517,461 1,034,568 1,005,952 47,603 43,1196,200 215,930 68,971 68,397 7,432 19,254

203 210,534 563,725 76,037 6,274 -- - - - - -

21,407 105,587 35,740 68,658 28,728 45,472- 4,382,769 - - 247,572 119,449- - - - - -- - - - - -

62,046 22,988,621 2,655,501 6,418,518 3,155,662 3,264,204

76,819,007 2,586,669,365 831,378,754 800,888,957 93,498,494 470,239,646

78,125,281 2,931,092,094 837,192,248 754,168,043 120,527,083 440,696,06782,172,247 3,578,255,630 861,530,691 625,353,241 121,028,238 619,649,673

25

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

GlobalShort Duration

Bond FundUSD

GlobalSocially Responsible

FundUSD

GlobalStrategic Bond

FundUSD

GlobalUnconstrained Equity

FundUSD

GreaterChinaFundUSD

HighbridgeUS STEEP

FundUSD

610,309,585 106,466,680 1,627,174,743 447,254,890 620,136,950 536,823,103620,375,586 89,859,771 1,646,620,544 405,781,447 468,747,180 548,710,540

- - - - - -12,785,259 145,040 53,717,339 241,227 359,939 5,268,668

- - - - - -- - 4,930,878 9,620,368 2,085,567 50,661,444- - - - - -

1,745,038 116,907 1,898,275 63,449 8,179,868 216,8802,696,127 193,703 12,176,685 1,054,268 2,872,718 541,694

- 32,464 - 147,875 - -48,193 14,895 79,690 12,584 - 15,870

- - - 3,713 269 23,355657,833 - - 766,737 - 44,377

- - 2,577,100 - - -- - - - - -

628,242,035 106,969,689 1,702,554,710 459,165,111 633,635,311 593,595,391

9,635 - 2,320,218 - - -- - - - - -- - 4,592,373 8,952,753 6,078,237 29,314,303- - - - - -

4,626,531 5,641 3,076,437 1,470,940 2,008,565 20,109,609156,637 36,286 1,094,363 264,000 731,801 610,073

51,019 8,649 138,687 37,425 54,317 48,3653,565 5,031 243,836 7,360 66,511 37,066

- - 93,342 - - -82,189 20,225 132,132 40,593 352,741 69,095

- 42,500 19,277,637 - - -209,438 - - - - -

- - 6,937,792 - - -

5,139,014 118,332 37,906,817 10,773,071 9,292,172 50,188,511

623,103,021 106,851,357 1,664,647,893 448,392,040 624,343,139 543,406,880

659,677,451 83,147,917 1,568,058,756 454,584,344 493,619,116 1,212,313,9282,240,474,835 93,963,015 982,108,644 460,900,674 599,499,845 2,046,917,411

26

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

HongKongFundUSD

IncomeFund

USD

IndiaFund

USD

IndonesiaEquity

FundUSD

ItalyFlexible Bond

FundEUR

JapanEquity

FundJPY

70,716,924 150,186,324 995,571,454 41,069,960 182,593,000 481,749,974,07560,959,415 153,361,639 596,440,586 43,972,493 187,922,089 381,863,914,845

- - - - - -2,218,946 1,844,267 3,110,960 264,737 509,813 4,312,280,773

- - 17,045,861 1,601,214 - -105,977 291,744 1,161,352 465,194 - 626,623,562

- - - - - -141,897 475,080 348,943 29,085 595,312 4,775,179,454353,633 1,404,710 1,437,838 58,690 1,227,761 395,925,640

- - - - - -10,368 25,450 10,484 17,378 7,488 152,896

- 2,001 - - - 4,332,270- - - - - -- 45,995 - - 3,352 -- 164,844 - - 3,719,858 -

73,547,745 154,440,415 1,018,686,892 43,506,258 188,656,584 491,864,468,670

- 71,306 - - 1,265,584 -- - - - - -

1,814,965 185,950 - 656,515 - 5,054,770,640- - - - - -

59,096 141,104 1,185,644 9,910 280,243 481,240,38889,243 115,997 1,191,678 19,836 153,634 328,785,819

6,126 12,386 85,626 3,709 15,365 39,488,7695,896 26,554 152,426 4,473 146,309 3,181,147

- - - - - -18,652 31,449 385,684 20,165 8,013 17,752,737

- 972,625 - - 12,323 389,181,013- - - - - -- - - - - -

1,993,978 1,557,371 3,001,058 714,608 1,881,471 6,314,400,513

71,553,767 152,883,044 1,015,685,834 42,791,650 186,775,113 485,550,068,157

96,259,234 28,193,845 1,085,522,831 51,675,650 189,481,447 279,368,960,542111,206,377 26,311,345 1,094,663,464 53,247,065 201,121,537 274,915,549,821

27

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

KoreaEquity

FundUSD

Latin AmericaCorporate Bond

Fund (5)USD

Latin AmericaEquity

FundUSD

ManagedReserves

FundUSD

Multi-AssetItaly PIRFund (6)

EUR

Multi-ManagerAlternatives

FundUSD

259,756,819 42,937,344 674,896,820 2,192,710,082 26,097,250 245,221,659272,458,171 45,447,499 656,774,987 2,198,522,887 26,256,232 239,594,256

- - - - - -962,127 322,977 885,147 26,293,309 2,066,005 50,631,133

4,412,568 - - - - -2,509,827 - 8,611,856 - - 701,815

- - - - - -282,152 100,000 773,458 5,124,764 48,813 159,449406,781 701,126 1,254,321 10,675,022 71,998 822,029

- - 68,497 - - 18,37039,280 8,417 18,310 164,073 8,991 219,595

- - 13,712 - - 4,823- - - - - -- 2,237 - - - 303,483- - - - - 2,130,442

268,369,554 44,072,101 686,522,121 2,234,967,250 28,293,057 300,212,798

- - - - - 880,617- - - - - -

1,310,069 - 8,379,228 34,064,027 - 3,408,877- - - - - -

519,731 - 546,980 1,686,721 - 200,417208,746 23,738 579,261 399,295 24,481 138,807

22,702 3,577 58,614 184,745 2,303 23,0817,608 668 19,158 - 3,442 3,339

- - - - - -56,983 12,172 66,718 141,240 9,885 434,840

- - - 5,320,116 - 1,374,191- - - - - -- - - - - -

2,125,839 40,155 9,649,959 41,796,144 40,111 6,464,169

266,243,715 44,031,946 676,872,162 2,193,171,106 28,252,946 293,748,629

179,541,563 - 945,270,489 3,243,127,039 - 190,873,156141,752,681 - 799,977,215 5,550,006,002 - 146,738,553

(5) This Sub-Fund was launched on 10 July 2017.

(6) This Sub-Fund was launched on 12 July 2017.

28

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

PacificEquity

FundUSD

RussiaFund

USD

SingaporeFund

USD

SterlingBondFundGBP

SterlingManaged Reserves

FundGBP

SystematicAlphaFundEUR

775,848,842 634,799,944 52,742,814 59,581,283 137,305,433 803,716,624645,131,391 580,945,908 54,225,673 58,087,988 138,583,548 774,324,686

- - - - - -10,539,754 1,558,757 703,057 702,444 2,143,435 44,137,6694,700,813 - - - 15,000,000 24,048,372

- 115,898 - - - 1,438,183- - - - - -

945,254 1,637,646 682 39,423 - 214,0962,454,712 6,359,269 - 933,182 1,191,512 149,005

- - - - - 309,582- 237,019 10,975 9,131 18,639 36,770

22,088 - - - - 28,313- - - - - 3,084,483- - - - - -- - - - - 2,196,482

794,511,463 644,708,533 53,457,528 61,265,463 155,659,019 879,359,579

- - - 12,054 - 75,830- - - - - -

512,252 36,792 - - - 2,840,729- - - - - -

4,246,400 1,559,946 48,549 45,632 2 19,960,546917,129 659,754 68,399 45,020 26,243 607,19267,254 52,964 4,638 5,045 13,100 73,31541,311 41,786 11,269 12,318 - -

- - - - - -51,777 298,585 17,043 11,882 12,404 88,112

- - - 12,911 78,690 -- - - 22,109 - 1,469,878- - - - - -

5,836,123 2,649,827 149,898 166,971 130,439 25,115,602

788,675,340 642,058,706 53,307,630 61,098,492 155,528,580 854,243,977

630,808,816 663,077,256 61,184,224 74,957,804 97,615,386 2,283,243,180523,845,087 494,382,484 53,785,651 46,164,631 - 2,011,370,835

29

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

Systematic AlphaHigher Volatility

Fund (7)EUR

TaiwanFund

USD

TotalEmerging Markets

Income FundUSD

USAggregate Bond

FundUSD

USCorporate Bond

FundUSD

US DollarMoney Market

FundUSD

103,279,267 154,378,274 194,302,183 3,073,421,996 44,947,064 362,136,311100,649,371 127,684,032 199,181,784 3,120,625,402 46,308,859 362,136,311

- - - - - -26,877,324 692,742 5,001,953 - 1,476,465 92,247,082

- - - - - -- - 590,045 4,336,977 - -- - - - - -- 26,843 265,077 13,509,146 107,452 4,714,796

53,917 956,899 1,739,019 15,958,038 445,976 572,2637,759 - 66,566 - - -9,632 8,034 21,231 109,356 15,338 7,996

- - - 6,091 337 -- - - - - -- - - - 23,198 -- - - - - -

130,227,899 156,062,792 201,986,074 3,107,341,604 47,015,830 459,678,448

21,905 - - 3,723,812 22,426 -- - - - - -

779,404 - 185,750 6,173,565 136,290 -- - - - - -- 111,893 466,087 4,371,431 4,442 1,233,843

56,266 159,930 202,470 1,388,416 17,809 92,6649,852 13,292 16,927 249,503 3,816 37,066

- 4,095 71,436 10,680 151 -- - - - - -

12,945 21,977 44,137 171,481 16,766 50,7121,802,730 - 295,474 6,689,689 344,074 -

326,699 - - - - -1,260,262 - - - - -

4,270,063 311,187 1,282,281 22,778,577 545,774 1,414,285

125,957,836 155,751,605 200,703,793 3,084,563,027 46,470,056 458,264,163

- 170,862,328 152,172,401 3,765,956,833 33,515,585 376,994,175- 169,397,561 72,315,659 2,442,643,007 - 437,971,653

(7) This Sub-Fund was launched on 18 April 2018.

30

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

US EquityAll Cap

FundUSD

USGrowth

FundUSD

USHedged Equity

FundUSD

USHigh Yield Plus

Bond FundUSD

US OpportunisticLong-Short

Equity FundUSD

USResearch Enhanced

Index Equity FundUSD

1,812,510,139 444,031,279 35,349,705 191,607,746 320,835,363 554,402,1321,486,168,854 312,126,007 34,270,720 198,668,673 312,963,429 475,794,339

- - - - - -1,833,404 2,580,223 247,605 1,358,472 58,009,842 5,053,635

- - - - - -8,062,638 1,038,170 285,667 57,629 1,516,517 4,853,872

- - - - - -1,877,578 5,035,516 - 269,277 17,396,874 1,571694,435 21,806 18,044 2,939,965 34,722 309,130

- - - - - 234,7641,731 6,183 12,564 26,024 21,983 7,439

- 1,778 - - 106,805 -- 44,899 - - - 53,255- - - - - -- - - - 274,577 -

1,824,979,925 452,759,854 35,913,585 196,259,113 398,196,683 564,915,798

- - - - - -- - - - - -

1,327,713 - 273,289 854,277 18,144,939 4,488,115- - - - - -

3,282,201 602,949 - 344,737 922,062 66,615754,128 367,395 13,826 87,832 204,994 87,076149,874 36,768 2,839 16,149 28,715 23,371

- 17,158 - 10,315 17,128 -- - - - 438,731 -

83,337 41,051 14,912 32,359 39,861 47,9546,252,888 - 40,734 956,042 3,069,946 -

- - 10,756 - - 46,475- - - - - -

11,850,141 1,065,321 356,356 2,301,711 22,866,376 4,759,606

1,813,129,784 451,694,533 35,557,229 193,957,402 375,330,307 560,156,192

1,051,395,521 356,916,124 5,700,485 210,940,849 93,553,934 691,380,957795,610,803 337,319,879 - 154,392,682 24,406,212 486,097,537

31

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2018

USSelect Equity

Plus FundUSD

USShort Duration

Bond FundUSD

USSmall Cap

Growth FundUSD

USSmaller Companies

FundUSD

USTechnology

FundUSD

USValueFundUSD

2,985,109,895 761,964,957 336,124,108 1,139,060,774 778,524,384 2,344,810,0632,545,365,548 777,669,727 298,176,940 887,416,104 636,524,370 1,749,167,117

- - - - - -12,948,576 321,014 4,801,537 53,886,952 30,232,587 1,022,077

- - - - - -1,586,106 31,089 15,041 - 29,307,672 -

- - - - - -5,361,376 29,488,882 9,794,598 5,237,622 17,918,100 2,955,5431,508,127 4,031,389 75,295 775,071 83,973 1,521,910

- - - - 4,739 3,005,2161,235 42,936 - 1,519 - -

- 74,649 5,677 771 6,259 -- - - - - -- - - - - -- - - - - -

3,006,515,315 795,954,916 350,816,256 1,198,962,709 856,077,714 2,353,314,809

- - - - - -- - - - - -

4,921,672 24,076,762 8,076,089 4,540,504 34,535,858 -- - - - - -

4,901,428 2,549,556 1,512,686 1,955,280 10,473,806 3,432,7661,763,672 206,043 290,301 972,274 837,914 1,711,228

254,719 61,317 25,964 96,563 64,259 199,20769,910 22,217 15,323 11,877 53,235 48,592

- - - - - -111,984 62,307 25,274 52,930 70,254 78,845

7,808,283 1,318,356 - 509,480 - 2,716,012183,813 - - - - -875,598 - - - - -

20,891,079 28,296,558 9,945,637 8,138,908 46,035,326 8,186,650

2,985,624,236 767,658,358 340,870,619 1,190,823,801 810,042,388 2,345,128,159

2,905,145,571 1,005,420,167 117,036,878 1,234,252,030 307,321,133 2,646,213,5782,721,935,845 938,553,614 73,163,879 464,407,765 236,235,056 2,587,378,500

32

This page has been left blank intentionally

33

This page has been left blank intentionally

34

This page has been left blank intentionally

35

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets

For the Year Ended 30 June 2018

JPMorganFunds

CombinedUSD

Net Assets at the Beginning of the Year* 101,966,366,276

IncomeDividend Income, Net 1,340,553,081Interest Income, Net 1,571,447,964Securities Lending Income 10,207,622Bank Interest 2,092,298Interest on Swap Transactions 8,724,233Other Income 2,072,632

Total Income 2,935,097,830

ExpensesManagement and Advisory Fees 888,441,133Fund Servicing Fees 108,402,936Distribution Fees 69,824,217Depositary, Corporate, Administration and Domiciliary Agency Fees 69,216,257Registrar and Transfer Agency Fees 13,308,331Taxe d’Abonnement 38,484,417Overdraft Interest 2,225,199Interest on Swap Transactions 25,625,720Sundry Fees** 27,419,725

1,242,947,935

Less: Fee Waiver*** 50,332,533

Total Expenses before Performance Fees 1,192,615,402

Performance Fees 7,638,128

Total Expenses 1,200,253,530

Net Investment Income/(Loss) 1,734,844,300

Net Realised Gain/(Loss) on Sale of Investments 4,182,887,383Net Realised Gain/(Loss) on Forward Currency Exchange Contracts 198,127,428Net Realised Gain/(Loss) on Financial Futures Contracts (64,534,656)Net Realised Gain/(Loss) on Foreign Exchange (24,707,100)Net Realised Gain/(Loss) on TBAs (3,460,095)Net Realised Gain/(Loss) on Other Derivative Instruments 83,539,582

Net Realised Gain/(Loss) for the Year 4,371,852,542

Net Change in Unrealised Gain/(Loss) on Investments (1,123,841,319)Net Change in Unrealised Gain/(Loss) on Forward Currency Exchange Contracts (400,150,111)Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts 5,597,901Net Change in Unrealised Gain/(Loss) on Foreign Exchange (6,545,356)Net Change in Unrealised Gain/(Loss) on TBAs (16,609)Net Change in Unrealised Gain/(Loss) on Other Derivative Instruments (7,755,872)

Net Change in Unrealised Gain/(Loss) for the Year (1,532,711,366)

Increase/(Decrease) in Net Assets as a Result of Operations 4,573,985,476

Movements in Share CapitalSubscriptions 68,275,187,272Redemptions (65,323,535,806)

Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 2,951,651,466

Dividend Distribution (754,403,043)

Net Assets at the End of the Year 108,737,600,175

* The opening balance was combined using the foreign exchange rates as at 30 June 2018. The same net assets when combined using the foreign exchange rates ruling as at 30 June 2017 reflected afigure of USD 101,379,377,996.** Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses.*** Please refer to Note 3a), 3b), 3c) and 3d). To the extent that actual operating costs exceed the capped percentage, the amount borne by the Management Company will be separately disclosed as a“Fee Waiver’’ in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets.

The accompanying notes form an integral part of these Financial Statements.

36

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

AfricaEquity

FundUSD

AggregateBondFundUSD

AmericaEquity

FundUSD

ASEANEquity

FundUSD

AsiaGrowth

Fund (1)USD

Asia PacificEquity

FundUSD

188,128,113 3,238,067,776 1,307,437,537 494,224,851 70,916,110 697,698,175

5,710,607 - 17,010,240 13,555,399 1,633,707 24,639,467- 82,545,662 - - 6,085 131,376

10,255 - 1,203 - 15,874 132,767 110,578 877 2,944 1,152 2,335

- - - - - -- - - - - -

5,723,629 82,656,240 17,012,320 13,558,343 1,656,818 24,773,191

2,922,479 7,971,970 17,419,186 5,191,162 1,140,873 9,094,164208,807 3,302,698 1,660,209 498,489 94,878 1,017,219414,213 57,487 436,032 444,582 93,663 122,873409,571 1,429,524 501,571 644,791 166,283 845,874134,891 146,657 213,634 130,479 43,325 115,678101,921 420,462 805,664 215,689 44,073 390,126

428 18,320 450 225 - 118- - - - - -

116,116 384,927 291,446 131,697 106,804 221,448

4,308,426 13,732,045 21,328,192 7,257,114 1,689,899 11,807,500

372,815 2,000,276 129,245 453,301 205,669 388,714

3,935,611 11,731,769 21,198,947 6,803,813 1,484,230 11,418,786

- - - - - -

3,935,611 11,731,769 21,198,947 6,803,813 1,484,230 11,418,786

1,788,018 70,924,471 (4,186,627) 6,754,530 172,588 13,354,405

(7,092,976) 5,933,541 132,257,718 51,847,317 9,324,761 62,078,108137,272 13,063,558 (1,351,022) (39,092) 1,150 428,493

- (9,609,800) - - (7,590) -(9,277) (615,185) 40,479 (126,726) (59,267) (424,322)

- (3,181,959) - - - -- (194,372) - - - -

(6,964,981) 5,395,783 130,947,175 51,681,499 9,259,054 62,082,279

24,912,871 (42,233,442) 84,125,015 (40,372,027) (1,219,192) 47,843,585- 2,435,515 (4,540,794) (9,854) - -- 2,142,574 - - - -

25,074 (684,676) (1,761) (30,239) 32,421 (88,670)- (59,146) - - - -- (81,969) - - - -

24,937,945 (38,481,144) 79,582,460 (40,412,120) (1,186,771) 47,754,915

19,760,982 37,839,110 206,343,008 18,023,909 8,244,871 123,191,599

75,242,519 2,722,968,782 1,322,556,772 426,052,299 73,472,690 852,336,224(73,016,009) (2,804,006,056) (943,579,906) (452,373,910) (47,952,028) (594,260,290)

2,226,510 (81,037,274) 378,976,866 (26,321,611) 25,520,662 258,075,934

(140,844) (4,379,889) (3,897,888) (24,634) (345) (613,457)

209,974,761 3,190,489,723 1,888,859,523 485,902,515 104,681,298 1,078,352,251

(1) This Sub-Fund was renamed from JPMorgan Funds - Asia Equity Fund to JPMorgan Funds - Asia Growth Fund on 29 September 2017.

37

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

Asia PacificIncome

FundUSD

AsianTotal Return

Bond FundUSD

BrazilEquity

FundUSD

China A-ShareOpportunities

FundCNH

ChinaBondFundCNH

ChinaFund

USD

2,453,909,081 20,233,669 232,064,859 112,711,505 82,186,959 1,240,419,082

61,189,536 - 6,840,182 7,872,452 - 22,175,26344,351,147 806,264 - 3,178 3,539,306 41,287

6,644 - - - - 924,60525,062 1,536 2,054 23,483 4,765 4,837

- - - - - -148,266 1,046 - - 5,469 -

105,720,655 808,846 6,842,236 7,899,113 3,549,540 23,145,992

37,318,222 202,070 3,336,319 6,279,616 831,318 21,487,9262,697,773 20,277 245,628 444,521 83,944 1,459,241

185,992 - 243,963 5,108 - 1,062,2121,851,238 56,925 319,732 1,911,588 410,588 965,233339,548 19,381 115,350 312,197 220,101 262,175

1,268,178 10,071 110,349 249,727 41,908 721,2764,682 - - 1,482 438 2,515

- - - - - -1,567,678 105,257 167,929 817,497 745,826 532,342

45,233,311 413,981 4,539,270 10,021,736 2,334,123 26,492,920

530,113 150,990 264,116 2,449,363 1,325,335 183,798

44,703,198 262,991 4,275,154 7,572,373 1,008,788 26,309,122

- - - - - -

44,703,198 262,991 4,275,154 7,572,373 1,008,788 26,309,122

61,017,457 545,855 2,567,082 326,740 2,540,752 (3,163,130)

104,183,539 334,155 9,381,585 (8,586,123) 460,487 245,628,798(1,612,023) (43,291) (27,974) (1,180,700) 1,649,923 (82,041)

- 121,207 - (1,372,045) 88,840 -601,533 12,777 (253,241) 419,702 (202,253) 142,828

- - - - - -- - - - - -

103,173,049 424,848 9,100,370 (10,719,166) 1,996,997 245,689,585

(145,771,377) (1,324,194) (20,394,633) (15,536,505) (3,299,026) 62,877,000(21,318,245) 47,482 - - (721,715) -

- (11,156) - (45,128) - -(956,468) (6,435) (50,608) 44,073 69,674 (202,036)

- - - - - -- - - - - -

(168,046,090) (1,294,303) (20,445,241) (15,537,560) (3,951,067) 62,674,964

(3,855,584) (323,600) (8,777,789) (25,929,986) 586,682 305,201,419

2,248,468,760 3,000 235,203,847 869,160,117 5,363,555 1,098,394,929(1,852,606,509) (2,000) (249,735,857) (253,079,180) (4,576,656) (1,189,119,053)

395,862,251 1,000 (14,532,010) 616,080,937 786,899 (90,724,124)

(96,836,673) (424,000) (501,691) (293) (665,881) (1,893,413)

2,749,079,075 19,487,069 208,253,369 702,862,163 82,894,659 1,453,002,964

38

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

DiversifiedRisk

FundUSD

Emerging EuropeEquity

FundEUR

Emerging Europe,Middle East and Africa

Equity FundUSD

Emerging MarketsAggregate Bond

FundUSD

Emerging MarketsBondFundUSD

Emerging MarketsCorporate Bond

FundUSD

25,395,585 463,040,496 336,189,555 200,870,288 394,818,847 2,467,970,931

1,686,395 16,696,642 10,841,535 358,358 - -2,641,644 - - 19,611,047 23,237,149 136,286,260

20,643 - - - - -44,791 4,332 1,791 6,813 36,597 31,138

454 - - - 198,094 -- 1,010,785 362,021 2,101 - 60,058

4,393,927 17,711,759 11,205,347 19,978,319 23,471,840 136,377,456

179,625 4,893,170 3,438,744 95,578 2,333,881 16,636,252205,924 456,255 350,640 374,773 469,888 2,579,190

61,161 188,492 137,804 - 333,900 947,815505,895 666,363 607,642 351,245 406,641 1,306,41144,936 102,004 91,988 8,351 118,285 263,29427,378 177,697 106,662 37,654 148,039 1,030,38112,971 - 327 1,509 - 951

- - - 287,458 198,094 61,589122,274 147,127 157,025 119,967 146,094 538,009

1,160,164 6,631,108 4,890,832 1,276,535 4,154,822 23,363,892

579,249 413,476 524,291 517,219 340,532 477,269

580,915 6,217,632 4,366,541 759,316 3,814,290 22,886,623

- - - - - -

580,915 6,217,632 4,366,541 759,316 3,814,290 22,886,623

3,813,012 11,494,127 6,838,806 19,219,003 19,657,550 113,490,833

(3,218,252) 12,545,606 12,638,261 (9,260,282) (2,053,391) 10,815,64869,014 (47,855) (49,276) 731,868 6,059,270 27,420,751

(3,735,631) - - (127,857) (28,973) 1,205,43740,556 (399,031) (4,563) (227,380) 32,705 1,156,594

- - - - - -1,542,312 - - 107,341 266,658 (5,787,626)

(5,302,001) 12,098,720 12,584,422 (8,776,310) 4,276,269 34,810,804

(2,475,573) (22,080,254) (11,634,287) (29,636,415) (26,665,319) (187,202,001)(5,184,019) - - (12,907,613) (4,945,294) (41,879,272)

71,361 - - 11,582 (24,984) 192,462(40,773) 64,916 21,908 (37,651) (2,493) (5,251)

- - - - - -(5,817,461) - - 1,553,035 (106,882) 5,410,726

(13,446,465) (22,015,338) (11,612,379) (41,017,062) (31,744,972) (223,483,336)

(14,935,454) 1,577,509 7,810,849 (30,574,369) (7,811,153) (75,181,699)

373,541,802 114,652,591 61,874,155 431,882,498 341,792,775 1,271,634,820(38,484,601) (188,086,842) (92,226,661) (85,941,726) (251,698,550) (1,256,105,343)

335,057,201 (73,434,251) (30,352,506) 345,940,772 90,094,225 15,529,477

(10,792) (6,414,158) (1,630,979) - (3,004,128) (45,728,887)

345,506,540 384,769,596 312,016,919 516,236,691 474,097,791 2,362,589,822

39

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

Emerging MarketsDebtFundUSD

Emerging MarketsDiversified Equity

FundUSD

Emerging MarketsDividend

FundUSD

Emerging MarketsEquity

FundUSD

Emerging MarketsInvestment Grade

Bond FundUSD

Emerging MarketsLocal Currency

Debt FundUSD

1,909,213,297 502,038,034 410,465,654 5,305,118,830 589,044,097 2,402,486,192

1,222,800 10,739,043 21,169,505 123,360,821 - 11,002125,944,891 - - - 27,432,271 153,304,162

- 48,070 29,341 9,499 - -29,655 7,112 4,697 8,666 49,595 266,216

956,417 - - - 135,303 906,030- 70,462 - - 3,020 -

128,153,763 10,864,687 21,203,543 123,378,986 27,620,189 154,487,410

14,465,476 565,290 3,543,498 41,139,769 2,793,569 15,093,4642,179,781 390,584 532,359 6,075,170 620,037 2,527,306

194,415 - 222,427 885,588 13,884 1,387,4271,277,419 516,446 769,761 4,916,363 498,779 2,921,981293,492 27,837 188,248 356,318 81,777 275,726641,363 41,461 159,888 1,638,870 143,068 748,303

230 - 580 11,565 154 10,5681,122,528 - - - 135,303 3,469,535764,098 112,186 351,639 1,590,431 162,271 478,753

20,938,802 1,653,804 5,768,400 56,614,074 4,448,842 26,913,063

699,423 500,746 815,645 2,152,375 359,019 1,540,121

20,239,379 1,153,058 4,952,755 54,461,699 4,089,823 25,372,942

- - - - - -

20,239,379 1,153,058 4,952,755 54,461,699 4,089,823 25,372,942

107,914,384 9,711,629 16,250,788 68,917,287 23,530,366 129,114,468

(12,599,825) 105,864,328 29,766,560 235,159,281 (5,819,937) (115,595,356)19,001,735 94,626 708,696 (671,369) 2,343,503 21,617,469

923,716 111,109 112,760 4,345,280 257,234 1,511,988(1,865,470) (238,411) (121,114) (1,791,657) 71,437 (5,359,596)

- - - - - -425,322 - - - (3,783) 11,607,819

5,885,478 105,831,652 30,466,902 237,041,535 (3,151,546) (86,217,676)

(133,812,361) (67,945,970) (25,028,636) 44,051,882 (25,158,023) (131,836,494)(36,989,034) - (947,387) (4,501,342) (7,622,720) (15,548,713)

(321,063) - - - 324,082 (75,445)121,691 (11,257) (69,674) (606,271) - (2,189,803)

- - - - - -(509,784) - - - (67,479) (10,737,745)

(171,510,551) (67,957,227) (26,045,697) 38,944,269 (32,524,140) (160,388,200)

(57,710,689) 47,586,054 20,671,993 344,903,091 (12,145,320) (117,491,408)

1,418,343,818 63,889,177 376,504,384 3,970,080,006 241,832,320 1,679,859,009(1,098,018,858) (308,623,906) (273,278,940) (2,745,823,944) (297,944,046) (1,726,062,536)

320,324,960 (244,734,729) 103,225,444 1,224,256,062 (56,111,726) (46,203,527)

(60,399,141) - (10,438,337) (17,516,645) (7,065,482) (87,241,257)

2,111,428,427 304,889,359 523,924,754 6,856,761,338 513,721,569 2,151,550,000

40

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

Emerging MarketsOpportunities

FundUSD

Emerging MarketsSmall Cap

FundUSD

Emerging MarketsStrategic Bond

FundUSD

EmergingMiddle EastEquity Fund

USD

EquityPremium Income

FundUSD

EUGovernment Bond

FundEUR

2,211,347,680 1,968,506,802 1,016,673,446 105,984,509 5,043,115 772,222,826

64,457,560 50,130,929 - 3,964,076 73,775 -- - 70,271,788 - - 14,545,574

105,572 389,272 - - - -30,856 27,514 92,437 428 - -

- - 70,417 - - -- - 10,024 - - -

64,593,988 50,547,715 70,444,666 3,964,504 73,775 14,545,574

18,411,270 20,624,226 9,050,249 1,639,572 35,687 2,500,6082,831,467 2,091,842 1,173,750 114,919 4,978 846,188

196,256 579,064 2,324,092 90,288 - 195,0102,329,936 2,170,665 991,003 455,065 22,783 491,938

242,598 210,508 160,137 71,566 19,040 70,114801,694 791,576 405,701 55,466 2,439 368,844

1,080 1,570 19,307 15,499 760 44,649- - 1,558,204 - - -

357,816 179,501 180,601 137,799 104,836 107,593

25,172,117 26,648,952 15,863,044 2,580,174 190,523 4,624,944

1,262,880 954,613 478,374 503,291 141,171 538,986

23,909,237 25,694,339 15,384,670 2,076,883 49,352 4,085,958

- 1,445,116 75,044 - - -

23,909,237 27,139,455 15,459,714 2,076,883 49,352 4,085,958

40,684,751 23,408,260 54,984,952 1,887,621 24,423 10,459,616

233,804,941 198,783,327 (10,252,100) 6,707,843 191,361 3,090,710225,881 467,224 17,606,129 (53,250) 8 69,775

(4,179,116) 1,424,536 (1,184,657) - (45) 3,468,109(970,301) (427,970) 185,407 (77,582) 15 (1,831)

- - - - - -- - 4,943,964 - (221,201) -

228,881,405 200,247,117 11,298,743 6,577,011 (29,862) 6,626,763

(19,049,538) (82,757,704) (84,268,841) 6,066,527 213,679 (6,616,835)(248,785) - (33,525,517) - - (69,775)

- 85,672 (54,508) - - 348,656(225,521) (546,977) (144,217) (682) (3) (2,326)

- - - - - -- - (3,451,621) - - -

(19,523,844) (83,219,009) (121,444,704) 6,065,845 213,676 (6,340,280)

250,042,312 140,436,368 (55,161,009) 14,530,477 208,237 10,746,099

1,511,218,398 625,974,530 766,028,325 91,697,367 - 569,298,899(1,037,842,519) (910,948,262) (541,900,024) (79,616,042) - (520,376,510)

473,375,879 (284,973,732) 224,128,301 12,081,325 - 48,922,389

(2,510,434) (1,007,059) (19,111,395) (1,202,322) (365,210) (44,617)

2,932,255,437 1,822,962,379 1,166,529,343 131,393,989 4,886,142 831,846,697

41

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

EuroAggregate Bond

FundEUR

EuroCorporate Bond

FundEUR

Euro GovernmentShort Duration

Bond FundEUR

EuroMoney Market

FundEUR

EuroShort DurationBond Fund (2)

EUR

EurolandDynamic

FundEUR

88,510,964 91,317,676 188,673,844 351,961,109 22,538,161 670,983,883

- (8,032) - - - 14,676,2491,521,071 2,017,947 1,752,948 (1,014,344) 313,097 -

- - - - - -- - - - - -- - - - - -- - - - - -

1,521,071 2,009,915 1,752,948 (1,014,344) 313,097 14,676,249

465,090 605,608 525,687 - 71,538 8,441,46676,895 96,487 171,658 261,209 12,559 679,45225,280 208,649 10,861 53,755 25,080 438,66371,063 81,832 107,408 155,802 33,050 348,40429,935 21,519 30,658 29,375 14,434 59,03929,737 32,789 82,227 24,237 4,580 309,0013,740 2,855 6,632 5,134 933 15,594

- - - - - -89,214 89,691 91,122 94,838 52,477 116,423

790,954 1,139,430 1,026,253 624,350 214,651 10,408,042

153,424 164,160 226,222 255,453 92,876 100,932

637,530 975,270 800,031 368,897 121,775 10,307,110

- - - - - -

637,530 975,270 800,031 368,897 121,775 10,307,110

883,541 1,034,645 952,917 (1,383,241) 191,322 4,369,139

(658,054) 277,851 (1,587,722) - (717,472) 35,575,097- (7,455) - - (14,993) (14,372)

(347,895) 9,974 360,836 - (9,162) (730,194)3 (3,516) (7) - 70 31,393- - - - - -- 33,265 - - - -

(1,005,946) 310,119 (1,226,893) - (741,557) 34,861,924

799,470 (1,189,450) (558,506) - 446,986 (20,835,884)- (1,025) - - 5,587 12,734

(6,582) 4,099 30,345 - (1,000) 700(35) 372 - - 2 1,216

- - - - - -- (9,963) - - - -

792,853 (1,195,967) (528,161) - 451,575 (20,821,234)

670,448 148,797 (802,137) (1,383,241) (98,660) 18,409,829

25,950,889 37,797,315 74,832,016 64,290,053 2,482,093 229,133,669(74,476,391) (21,483,160) (109,846,394) (213,831,719) (24,915,293) (275,699,714)

(48,525,502) 16,314,155 (35,014,378) (149,541,666) (22,433,200) (46,566,045)

(67,881) - (66,761) - (6,301) (38,666)

40,588,029 107,780,628 152,790,568 201,036,202 - 642,789,001

(2) This Sub-Fund was merged into JPMorgan Funds - Global Short Duration Bond Fund on 23 February 2018.

42

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

EurolandEquity

FundEUR

EurolandSelect Equity

Fund (3)EUR

EuropeDividend Alpha

Fund (4)EUR

EuropeDynamic

FundEUR

Europe DynamicSmall Cap

FundEUR

EuropeDynamic Technologies

Fund (5)EUR

417,289,814 22,406,956 50,681,447 1,218,980,412 631,808,066 278,735,735

19,691,116 109,611 305,737 38,435,850 15,568,347 6,081,063- - - - - -

35,176 1,508 4,016 480,424 60,926 74,246617 - - 1,526 - 114

- - - - - -- - - - - -

19,726,909 111,119 309,753 38,917,800 15,629,273 6,155,423

5,560,942 112,158 158,916 14,436,090 9,690,712 5,753,912568,751 13,899 20,751 1,494,727 780,013 429,752313,867 11,781 - 316,794 418,301 516,160391,323 34,770 66,234 651,663 372,452 285,253115,571 13,477 5,058 178,410 76,002 131,330

263,400 3,139 1,187 500,866 355,115 213,02713,288 1,228 7,264 13,590 8,398 12,097

- - - - - -167,293 52,104 27,911 348,368 122,046 124,887

7,394,435 242,556 287,321 17,940,508 11,823,039 7,466,418

217,269 127,858 91,533 223,120 93,341 132,953

7,177,166 114,698 195,788 17,717,388 11,729,698 7,333,465

- - - - 4,424,321 -

7,177,166 114,698 195,788 17,717,388 16,154,019 7,333,465

12,549,743 (3,579) 113,965 21,200,412 (524,746) (1,178,042)

21,342,643 461,688 7,171,974 16,878,866 75,040,575 19,319,889186,763 - (85,311) (3,500,038) (14,456) (359,806)950,668 12,852 (891,636) 2,279,313 - (201,034)

30,546 (6) (16,539) (190,890) (153,107) 82,295- - - - - -- - - - - -

22,510,620 474,534 6,178,488 15,467,251 74,873,012 18,841,344

(5,550,618) (720,016) (5,097,249) (25,288,245) 30,030,646 40,619,974123,401 - 21,095 4,849,515 - 850,537

(10,600) (262) 73,710 (18,557) - 122,080566 6 (23,655) 31,791 114,839 (1,046)

- - - - - -- - (1,369,696) - - -

(5,437,251) (720,272) (6,395,795) (20,425,496) 30,145,485 41,591,545

29,623,112 (249,317) (103,342) 16,242,167 104,493,751 59,254,847

701,135,914 6,043,305 7,864 1,008,459,674 531,057,833 889,901,246(392,915,338) (28,198,429) (49,560,393) (692,438,042) (342,541,378) (609,133,969)

308,220,576 (22,155,124) (49,552,529) 316,021,632 188,516,455 280,767,277

(1,613,835) (2,515) (1,025,576) (1,699,060) (653,245) (1,583,485)

753,519,667 - - 1,549,545,151 924,165,027 617,174,374

(3) This Sub-Fund was merged into JPMorgan Funds - Euroland Equity Fund on 9 February 2018.(4) This Sub-Fund was liquidated on 28 November 2017.(5) This Sub-Fund was renamed from JPMorgan Funds - Europe Technology Fund to JPMorgan Funds - Europe Dynamic Technologies Fund on 29 September 2017.

43

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

Europe EquityAbsolute Alpha

FundEUR

EuropeEquity

FundEUR

EuropeEquity Plus

FundEUR

EuropeHigh Yield

Bond FundEUR

Europe High YieldShort Duration

Bond FundEUR

Europe ResearchEnhanced IndexEquity Fund (6)

EUR

207,679,601 447,778,063 4,596,415,414 844,755,114 75,073,613 15,062,772

3,953,226 21,661,775 124,881,013 - - 89,564- - - 34,117,490 5,618,925 -

60,096 199,474 1,667,660 - - 769986 - 237 - - -

- - - - - -- 123 - - - -

4,014,308 21,861,372 126,548,910 34,117,490 5,618,925 90,333

2,151,229 4,378,492 50,893,918 4,438,006 624,321 4,188202,391 671,155 4,120,336 817,229 135,023 4,56996,699 312,181 3,377,562 1,388,782 170,345 -

308,145 393,226 1,529,745 482,718 114,569 36,65564,468 116,685 222,607 98,173 41,458 4,38575,865 261,506 1,885,314 307,896 39,432 63667,323 9,488 70,628 11,472 4,325 512

- - - - - -120,287 160,590 357,020 142,412 104,985 44,986

3,086,407 6,303,323 62,457,130 7,686,688 1,234,458 95,931

303,737 181,763 82,950 491,873 236,111 73,768

2,782,670 6,121,560 62,374,180 7,194,815 998,347 22,163

2,454 - - - - -

2,785,124 6,121,560 62,374,180 7,194,815 998,347 22,163

1,229,184 15,739,812 64,174,730 26,922,675 4,620,578 68,170

13,491,393 12,166,467 164,031,769 9,662,523 (693,697) 1,768,7232,903,182 (453,819) 20,706,158 (358,515) (138,690) (550)

- 1,994,852 813,212 - - 19,98813,493 249,876 284,223 (169,152) 10,037 (10,267)

- - - - - -- - - - - -

16,408,068 13,957,376 185,835,362 9,134,856 (822,350) 1,777,894

(9,160,245) (9,078,648) (161,186,625) (39,521,486) (4,942,276) (1,195,774)(394,007) 593,281 4,371,096 (113,431) 18,987 -

- 49,526 (2,124,991) - - (733)(3,511) 14,271 80,535 12,613 797 (722)

- - - - - -(4,414,228) - 16,813,559 - - -

(13,971,991) (8,421,570) (142,046,426) (39,622,304) (4,922,492) (1,197,229)

3,665,261 21,275,618 107,963,666 (3,564,773) (1,124,264) 648,835

89,282,259 538,999,812 1,596,595,621 577,557,477 161,269,740 5,864,134(104,097,006) (174,387,320) (2,122,501,466) (581,536,940) (31,004,049) (21,575,741)

(14,814,747) 364,612,492 (525,905,845) (3,979,463) 130,265,691 (15,711,607)

(396,228) (3,650,302) (1,494,898) (10,195,726) (1,146,353) -

196,133,887 830,015,871 4,176,978,337 827,015,152 203,068,687 -

(6) This Sub-Fund became dormant on 10 January 2018.

44

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

EuropeSelect EquityPlus Fund (7)

EUR

EuropeSmall Cap

FundEUR

EuropeStrategic Growth

FundEUR

EuropeStrategic Value

FundEUR

EuropeSustainableEquity Fund

EUR

FinancialsBondFundEUR

13,428,611 708,685,364 929,749,006 2,479,864,281 25,725,998 243,726,474

94,148 19,325,037 22,211,019 98,396,677 5,608,874 (27,678)- - - - - 11,325,873

969 95,127 321,485 837,398 - -- 135 - 397 103 2,937- - - - - -- - - - - -

95,117 19,420,299 22,532,504 99,234,472 5,608,977 11,301,132

133,224 10,381,799 11,501,387 26,732,850 472,699 2,608,6138,921 862,900 1,026,408 2,589,630 147,995 329,050

40,164 640,405 873,527 313,875 355 1,185,31288,524 457,805 591,872 1,061,704 125,361 232,39413,963 150,347 119,560 178,031 18,202 47,4163,033 356,055 341,780 986,799 31,753 165,924

416 9,489 24,778 25,307 4,237 7,242- - - - - -

59,991 181,643 147,745 241,859 92,641 94,487

348,236 13,040,443 14,627,057 32,130,055 893,243 4,670,438

139,839 142,801 165,218 112,794 157,338 212,397

208,397 12,897,642 14,461,839 32,017,261 735,905 4,458,041

- - - - - -

208,397 12,897,642 14,461,839 32,017,261 735,905 4,458,041

(113,280) 6,522,657 8,070,665 67,217,211 4,873,072 6,843,091

934,378 34,172,478 45,140,596 48,616,544 (7,062,788) (1,757,258)(2,044) (348,108) 2,243 1,400,241 (166) (820,006)(1,132) - 3,151,345 (2,166,214) 285,486 660,893

770 (403,705) (187,655) 740,122 (133,436) (17,065)- - - - - -- - - - - -

931,972 33,420,665 48,106,529 48,590,693 (6,910,904) (1,933,436)

(830,424) 42,592,276 38,914,641 (117,171,137) (3,139,873) (12,758,218)- 287,358 - 618,509 - (3,993,342)

(50) - 57,670 220,477 65,320 64,240818 124,075 12,001 78,093 1,494 121,709

- - - - - -59,716 - - - - -

(769,940) 43,003,709 38,984,312 (116,254,058) (3,073,059) (16,565,611)

48,752 82,947,031 95,161,506 (446,154) (5,110,891) (11,655,956)

1,710,485 609,290,834 774,162,238 1,168,799,922 244,011,145 218,116,888(15,181,511) (429,299,855) (728,292,792) (1,123,577,998) (3,475,001) (63,574,811)

(13,471,026) 179,990,979 45,869,446 45,221,924 240,536,144 154,542,077

(6,337) (4,108,168) (1,167,603) (29,579,984) - (13,042,054)

- 967,515,206 1,069,612,355 2,495,060,067 261,151,251 373,570,541

(7) This Sub-Fund was merged into JPMorgan Investment Funds - Europe Select Equity Fund on 23 February 2018.

45

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

FlexibleCreditFundUSD

FranceEquity

Fund (3)EUR

GermanyEquity

Fund (3)EUR

GlobalAbsolute Return

Bond FundUSD

GlobalAggregate Bond

FundUSD

GlobalAllocation

Fund (8)EUR

361,171,035 50,896,801 192,716,812 29,911,665 167,808,212 19,602,175

113,322 320,459 87,720 80,291 - 1,47420,996,354 - - 995,108 3,971,951 4,856

- 1,333 23,156 - - -39,729 - - 35,603 10,847 262

356,883 - - 6,283 - -- 44,845 - - - 74

21,506,288 366,637 110,876 1,117,285 3,982,798 6,666

3,920,541 538,935 1,867,429 35,551 264,353 11,227499,880 35,686 129,516 75,850 169,637 898

1,580,224 - 373,339 8,370 31,617 -435,834 23,584 73,547 171,005 188,595 10,169

75,737 8,455 41,365 29,004 25,634 724236,979 14,879 51,353 8,914 29,136 -

4,080 1,023 2,005 2,728 1,591 1,923816,354 - - 23,192 - -129,768 52,421 57,787 107,859 108,279 -

7,699,397 674,983 2,596,341 462,473 818,842 24,941

385,802 32,233 30,342 313,185 318,452 9,921

7,313,595 642,750 2,565,999 149,288 500,390 15,020

- - - - - -

7,313,595 642,750 2,565,999 149,288 500,390 15,020

14,192,693 (276,113) (2,455,123) 967,997 3,482,408 (8,354)

2,602,199 9,621,361 52,041,566 560,372 2,983,488 922,6562,876,603 - - 169,157 (302,203) 107,523

429,482 (89,119) (326,411) 814,455 (889,777) 75,506167,682 (112) - (58,077) 88,584 473

- - - (81,115) (228,398) -573,832 - - 388,332 (13,710) (34,201)

6,649,798 9,532,130 51,715,155 1,793,124 1,637,984 1,071,957

(21,206,179) (8,446,381) (43,850,376) (433,200) (4,645,205) (885,158)(8,404,388) - - 10,180 240,588 (106,401)

1,349 - - 196,932 163,402 (6,940)(98,954) 18 - (6,962) (24,560) (15,760)

- - - 12,253 31,054 -(79,064) - - (289,097) (3,640) 37,007

(29,787,236) (8,446,363) (43,850,376) (509,894) (4,238,361) (977,252)

(8,944,745) 809,654 5,409,656 2,251,227 882,031 86,351

356,948,644 11,167,684 75,013,845 68,690,227 104,093,759 -(120,498,286) (62,874,139) (272,731,268) (9,801,829) (111,007,770) (19,688,526)

236,450,358 (51,706,455) (197,717,423) 58,888,398 (6,914,011) (19,688,526)

(18,051,679) - (409,045) (889) (112,924) -

570,624,969 - - 91,050,401 161,663,308 -

(3) This Sub-Fund was merged into JPMorgan Funds - Euroland Equity Fund on 9 February 2018.(8) This Sub-Fund was liquidated on 17 July 2017.

46

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

Global BondOpportunities

FundUSD

GlobalCapital Structure

Opportunities FundEUR

GlobalConvertibles

Fund (EUR)EUR

Global Corporate BondDuration-Hedged

Fund (9)USD

GlobalCorporate Bond

FundUSD

GlobalDynamic

FundUSD

4,246,979,624 53,269,699 1,568,683,417 - 5,225,412,063 381,821,844

1,902,347 212,895 302,661 54,700 1,498,695 7,343,480253,031,762 98,786 11,529,968 7,848,271 178,275,917 -

205,045 - - - - 127,071319,170 913 2,484 30,966 157,420 2,489

- - - 29,557 481,641 -901 - - - 151 -

255,459,225 312,594 11,835,113 7,963,494 180,413,824 7,473,040

40,944,322 196,190 15,616,018 1,128,590 23,332,265 3,777,2595,175,566 46,149 1,705,329 237,115 4,754,906 405,997

11,913,481 - 306,363 25,080 3,091,715 224,1571,991,515 153,115 809,882 224,405 1,804,668 324,414

323,597 19,870 161,653 79,579 370,005 115,6702,298,259 7,012 646,774 102,855 1,537,298 176,364

68,506 18,268 22,702 6,368 55,141 1,056- - - 11,673 1,095,340 -

982,802 90,296 262,579 120,798 1,119,549 145,857

63,698,048 530,900 19,531,300 1,936,463 37,160,887 5,170,774

1,729,105 257,514 267,991 401,951 1,991,483 262,460

61,968,943 273,386 19,263,309 1,534,512 35,169,404 4,908,314

- - - - - -

61,968,943 273,386 19,263,309 1,534,512 35,169,404 4,908,314

193,490,282 39,208 (7,428,196) 6,428,982 145,244,420 2,564,726

(15,834,499) 1,413,256 66,330,391 (497,268) 58,374,429 35,367,369431,828 1,261,695 3,064,591 (2,420,643) 17,312,604 887,416

4,851,685 (212,419) 321,949 1,842,732 5,713,715 137,735(11,297,975) (37,175) 393,966 118,937 (704,080) 19,903

- - - - - -(245,379) 80,476 (5,099,055) 87,739 1,550,392 -

(22,094,340) 2,505,833 65,011,842 (868,503) 82,247,060 36,412,423

(223,564,858) 559,919 (1,178,731) (8,236,668) (210,642,378) 9,745,921(23,710,772) (572,582) (19,001,355) (709,493) (22,374,350) (1,031,776)

(595,557) (35,929) - (11,500) 339,629 (3,891)(1,295,777) (21,201) (292,439) (19,543) (551,610) 20,998

- - - - - -474 (882,144) 494,341 182,752 4,779,189 -

(249,166,490) (951,937) (19,978,184) (8,794,452) (228,449,520) 8,731,252

(77,770,548) 1,593,104 37,605,462 (3,233,973) (958,040) 47,708,401

2,735,947,722 8,933,472 1,033,440,795 421,823,191 3,148,812,545 126,331,553(1,324,597,260) (42,290,510) (887,477,806) (184,328,441) (3,347,386,479) (166,182,398)

1,411,350,462 (33,357,038) 145,962,989 237,494,750 (198,573,934) (39,850,845)

(110,184,392) (2,479) (2,786,340) - (40,028,279) (827,265)

5,470,375,146 21,503,286 1,749,465,528 234,260,777 4,985,851,810 388,852,135

(9) This Sub-Fund was launched on 31 July 2017.

47

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

Global Emerging MarketsResearch Enhanced

Index Equity FundUSD

GlobalEquity Plus

Fund (10)USD

GlobalFocusFundEUR

GlobalGovernment Bond

FundEUR

Global GovernmentShort Duration

Bond FundEUR

GlobalHealthcare

FundUSD

11,666,369 - 1,879,819,844 334,280,128 78,125,281 2,931,092,094

373,671 107,129 29,142,449 - - 24,771,003- 2,158 - 7,599,520 1,181,734 -- 204 88,699 - - -

112 669 1,045 15,178 1,029 616- - - 2,013 - -- - - - - -

373,783 110,160 29,232,193 7,616,711 1,182,763 24,771,619

30,447 40,600 17,221,832 971,439 189,753 31,082,60510,558 4,463 1,823,629 508,965 81,515 2,782,129

- - 1,597,100 28,359 2,661 2,702,055149,776 - 614,047 397,683 110,009 740,780

15,962 18,250 165,174 57,459 45,027 275,1545,100 2,876 719,565 147,920 38,123 1,119,393

- 203 8,925 37,991 2,865 1,558- - - 50,389 - -

106,198 25,287 218,696 132,125 94,900 672,624

318,041 91,679 22,368,968 2,332,330 564,853 39,376,298

261,618 41,036 78,971 587,236 250,642 84,927

56,423 50,643 22,289,997 1,745,094 314,211 39,291,371

- - - - - -

56,423 50,643 22,289,997 1,745,094 314,211 39,291,371

317,360 59,517 6,942,196 5,871,617 868,552 (14,519,752)

496,237 12,522 158,239,626 (4,122,050) (2,240,343) 169,908,406(12,607) (17,147) (34,506,383) (5,559,024) (223,983) (12,646,788)(67,110) 20,297 - (1,704,871) 104,232 -

944 (105,392) (984,103) (169,373) (222,717) 394,081- - - - - -- - - 86,566 - -

417,464 (89,720) 122,749,140 (11,468,752) (2,582,811) 157,655,699

(206,327) (123,766) (43,695,930) 2,159,892 716,050 82,785,914- (175,790) 28,628,858 2,288,689 (234,430) (200,283)

1,480 (755) - 274,772 12,314 -(191) (150) 143,591 60,558 7,244 (20,256)

- - - - - -- (44,891) - 777,268 - -

(205,038) (345,352) (14,923,481) 5,561,179 501,178 82,565,375

529,786 (375,555) 114,767,855 (35,956) (1,213,081) 225,701,322

10,148,431 24,992,220 592,173,892 677,276,342 86,373,015 337,893,135(2,784,952) (1,183) (847,488,191) (303,766,745) (86,203,733) (907,958,059)

7,363,479 24,991,037 (255,314,299) 373,509,597 169,282 (570,064,924)

- - (2,322,381) (306,554) (262,475) (59,127)

19,559,634 24,615,482 1,736,951,019 707,447,215 76,819,007 2,586,669,365

(10) This Sub-Fund was launched on 26 April 2018.

48

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

Global MergerArbitrageFund (11)

USD

GlobalMulti Asset Portfolios

Fund (12)EUR

GlobalMulti Strategy

Income FundEUR

GlobalNatural Resources

FundEUR

GlobalReal Estate

Securities Fund (USD)USD

Global ResearchEnhanced Index

Equity FundEUR

8,553,765 6,155,136 837,192,248 754,168,043 120,527,083 440,696,067

16,019 - 8,406,696 17,541,258 3,624,270 9,267,4567,338 - - - - -

- - - 12,175 - 15,159183 - 1,338 169 930 1,420

- - - - - -- - - - - -

23,540 - 8,408,034 17,553,602 3,625,200 9,284,035

29,822 23,357 12,819,950 11,081,659 717,096 530,1233,302 1,933 852,749 777,070 123,500 297,656

- 8,408 6,974,674 719,602 82,961 -71,126 13,453 238,577 376,496 145,419 421,0509,792 3,244 98,095 201,159 55,021 56,209

900 - 102,510 374,831 36,141 81,116- 348 30,215 4,207 - 25,220- - - - - -

32,711 19,877 104,995 285,755 109,936 126,930

147,653 70,620 21,221,765 13,820,779 1,270,074 1,538,304

110,656 36,615 111,655 91,134 219,848 369,592

36,997 34,005 21,110,110 13,729,645 1,050,226 1,168,712

- - - - - -

36,997 34,005 21,110,110 13,729,645 1,050,226 1,168,712

(13,457) (34,005) (12,702,076) 3,823,957 2,574,974 8,115,323

(170,734) 744,554 14,844,233 42,618,758 2,646,761 28,469,767151,440 194,550 781,094 4,963 1,741,461 557,584

- (69,844) 878,794 - - 302,916346 (2,362) 103,318 625,287 (33,404) (248,270)

- - - - - -- - - - - -

(18,948) 866,898 16,607,439 43,249,008 4,354,818 29,081,997

56,173 (544,295) (10,009,044) 115,361,312 649,122 4,865,544(97,958) (134,997) (516,119) - (951,727) (210,250)

- 5,516 19,880 - - 137,4196,426 (10,553) (83) 20,781 (4,407) 40,214

- - - - - -132,200 - - - - -

96,841 (684,329) (10,505,366) 115,382,093 (307,012) 4,832,927

64,436 148,564 (6,600,003) 162,455,058 6,622,780 42,030,247

739,506 - 233,801,929 468,494,830 42,790,891 239,292,044(9,343,021) (6,303,700) (200,506,974) (583,908,755) (76,427,081) (248,347,760)

(8,603,515) (6,303,700) 33,294,955 (115,413,925) (33,636,190) (9,055,716)

(14,686) - (32,508,446) (320,219) (15,179) (3,430,952)

- - 831,378,754 800,888,957 93,498,494 470,239,646

(11) This Sub-Fund was liquidated on 17 November 2017.(12) This Sub-Fund was liquidated on 25 October 2017.

49

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

GlobalShort Duration

Bond FundUSD

GlobalSocially Responsible

FundUSD

GlobalStrategic Bond

FundUSD

GlobalUnconstrained Equity

FundUSD

GreaterChinaFundUSD

HighbridgeEurope STEEP

Fund (13)EUR

659,677,451 83,147,917 1,568,058,756 454,584,344 493,619,116 83,790,313

- 1,410,323 562,507 7,204,958 9,001,513 (21,312)11,733,300 - 66,311,315 - - 205,871

- 237 - 13,361 353,550 -28,310 512 190,001 5,206 1,708 1,132

- - 14,208 - - 1,100,920- - - - - -

11,761,610 1,411,072 67,078,031 7,223,525 9,356,771 1,286,611

2,135,011 514,854 13,423,249 3,336,432 8,247,898 774,364681,478 101,226 1,673,297 472,623 612,708 53,301

24,013 50,133 3,147,247 94,214 713,560 218,722537,659 110,386 1,007,778 327,956 509,842 112,987109,950 46,832 276,921 100,010 154,972 35,911205,478 24,791 661,061 128,940 295,679 18,021

2,545 108 11,586 239 207 4,953- - 127,931 - - -

175,200 108,781 411,607 169,308 231,872 53,746

3,871,334 957,111 20,740,677 4,629,722 10,766,738 1,272,005

768,853 200,593 1,204,601 245,245 197,032 123,868

3,102,481 756,518 19,536,076 4,384,477 10,569,706 1,148,137

- - 93,342 - - -

3,102,481 756,518 19,629,418 4,384,477 10,569,706 1,148,137

8,659,129 654,554 47,448,613 2,839,048 (1,212,935) 138,474

(708,971) 4,496,360 (17,528,142) 36,244,558 75,873,782 (4,219,346)7,667,937 97,369 1,187,611 1,336,470 67,819 2,101,0963,582,370 - 4,207,464 - - -

341,368 (26,645) 680,696 89,634 (54,438) (178,971)- - - - - -- - 9,838,762 - - (2,330,428)

10,882,704 4,567,084 (1,613,609) 37,670,662 75,887,163 (4,627,649)

(8,179,890) 8,134,298 (29,914,094) 1,935,901 18,597,167 749,005(6,836,918) (197,702) (39,925,521) (1,161,662) - (391,371)

(228,890) - 3,635,540 - - -(38,343) 7,312 (79,620) 8,613 (22,291) 280,459

- - - - - -- - (6,896,031) - - 1,483,239

(15,284,041) 7,943,908 (73,179,726) 782,852 18,574,876 2,121,332

4,257,792 13,165,546 (27,344,722) 41,292,562 93,249,104 (2,367,843)

646,742,296 59,075,998 854,355,318 99,025,776 605,262,718 13,603,429(687,337,755) (48,100,513) (719,921,705) (146,469,395) (567,351,577) (95,024,456)

(40,595,459) 10,975,485 134,433,613 (47,443,619) 37,911,141 (81,421,027)

(236,763) (437,591) (10,499,754) (41,247) (436,222) (1,443)

623,103,021 106,851,357 1,664,647,893 448,392,040 624,343,139 -

(13) This Sub-Fund was merged into JPMorgan Funds - Europe Dynamic Fund on 23 February 2018.

50

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

HighbridgeUS STEEP

FundUSD

HongKongFundUSD

IncomeFund

USD

IncomeOpportunity

Plus Fund (14)USD

IndiaFund

USD

IndonesiaEquity

FundUSD

1,212,313,928 96,259,234 28,193,845 268,990,577 1,085,522,831 51,675,650

9,409,970 2,109,266 97,050 582,133 10,284,822 941,788- - 4,240,510 5,167,981 77,801 9,680- 39,407 - - - -

1,446 3,353 7,115 3,577 1,926 1,545- - 109,503 12,573 - -

184,030 - - - - -

9,595,446 2,152,026 4,454,178 5,766,264 10,364,549 953,013

9,783,471 1,297,845 733,890 2,639,439 15,844,974 242,405807,655 92,192 80,309 166,912 1,129,695 49,014511,000 69,935 189,380 13,258 2,032,608 53,432663,062 143,541 174,316 254,104 1,538,144 123,503144,570 39,820 78,603 46,045 192,797 27,416320,856 44,761 47,911 66,919 539,030 12,396

136 - 2,104 1,141 7,240 115- - 33,222 254,412 - -- 135,373 122,328 78,319 604,814 107,474

12,230,750 1,823,467 1,462,063 3,520,549 21,889,302 615,755

390,119 189,844 349,204 426,029 321,917 224,134

11,840,631 1,633,623 1,112,859 3,094,520 21,567,385 391,621

- - - 27,451 - -

11,840,631 1,633,623 1,112,859 3,121,971 21,567,385 391,621

(2,245,185) 518,403 3,341,319 2,644,293 (11,202,836) 561,392

82,544,792 18,954,527 (301,918) (1,013,182) 130,599,712 1,695,342325,916 20,618 (1,360,123) 17,383,170 15,981 (4,713)

- - 352,903 993,115 - -(93,659) (1,909) 2,732 56,675 (244,465) 24,658

- - 32,240 (863) - -- - 65,276 (742,687) - -

82,777,049 18,973,236 (1,208,890) 16,676,228 130,371,228 1,715,287

(12,171,639) (2,733,222) (3,510,320) (605,265) (72,350,219) (7,042,395)(895,413) - (1,016,384) (4,863,904) - (91)

- - 61,604 (180,676) - -80,479 (387) (146) (16,125) (10,203) (292)

- - - (770) - -- - 40,753 489,857 - -

(12,986,573) (2,733,609) (4,424,493) (5,176,883) (72,360,422) (7,042,778)

67,545,291 16,758,030 (2,292,064) 14,143,638 46,807,970 (4,766,099)

224,450,769 71,181,544 167,160,311 29,174,372 142,696,771 14,684,137(960,859,436) (111,797,274) (38,703,312) (306,658,234) (256,337,894) (18,802,038)

(736,408,667) (40,615,730) 128,456,999 (277,483,862) (113,641,123) (4,117,901)

(43,672) (847,767) (1,475,736) (5,650,353) (3,003,844) -

543,406,880 71,553,767 152,883,044 - 1,015,685,834 42,791,650

(14) This Sub-Fund was merged into JPMorgan Investment Funds - Income Opportunity Fund on 9 February 2018.

51

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

ItalyFlexible Bond

FundEUR

JapanEquity

FundJPY

KoreaEquity

FundUSD

Latin AmericaCorporate Bond

Fund (15)USD

Latin AmericaEquity

FundUSD

ManagedReserves

FundUSD

189,481,447 279,368,960,542 179,541,563 - 945,270,489 3,243,127,039

- 3,722,155,815 3,406,607 21,021 27,345,692 1,792,6714,847,444 - 28,618 1,872,314 - 60,920,802

- 295,233,936 - - - -32,336 436,126 1,302 6,830 6,433 675

2,541,546 - - - - -- - - - - -

7,421,326 4,017,825,877 3,436,527 1,900,165 27,352,125 62,714,148

1,906,444 3,039,285,489 2,043,934 255,680 9,642,881 6,419,487191,776 352,437,532 225,103 32,275 985,045 3,019,564

1,821,101 29,404,875 70,792 8,384 296,355 -138,362 129,620,643 347,109 59,021 952,357 1,081,227

45,171 32,163,743 59,194 62,267 173,137 128,99294,006 86,142,047 94,257 13,548 275,592 940,02649,799 4,000,261 168 - 127 2,369

- - - - - -91,487 64,692,887 120,070 105,428 204,445 540,695

4,338,146 3,737,747,477 2,960,627 536,603 12,529,939 12,132,360

177,410 36,702,438 365,880 189,107 487,466 2,972,301

4,160,736 3,701,045,039 2,594,747 347,496 12,042,473 9,160,059

- - - - - -

4,160,736 3,701,045,039 2,594,747 347,496 12,042,473 9,160,059

3,260,590 316,780,838 841,780 1,552,669 15,309,652 53,554,089

(5,579,631) 15,777,348,845 42,597,961 43,438 41,349,844 (7,606,581)(1,221,814) 1,155,651,773 (32,867) - (8,800) 33,253,967(552,648) - - 1,962 - 71,615

38,775 (324,336,925) 86,278 (6) (398,396) 170,001- - - - - -

(504,982) - - - - -

(7,820,300) 16,608,663,693 42,651,372 45,394 40,942,648 25,889,002

(1,307,412) 52,748,722,979 (29,085,609) (2,510,155) (90,753,933) (2,625,196)55,346 (1,010,604,947) - - - (19,330,072)

278 - - 2,237 - -(19,691) (1,474,989) 16,829 6 (103,005) (25)

- - - - - -(334,244) - - - - -

(1,605,723) 51,736,643,043 (29,068,780) (2,507,912) (90,856,938) (21,955,293)

(6,165,433) 68,662,087,574 14,424,372 (909,849) (34,604,638) 57,487,798

69,252,232 331,506,294,194 174,366,956 47,046,534 412,113,164 2,287,574,610(60,594,044) (193,968,160,947) (102,020,017) (1,998,018) (643,737,843) (3,393,005,635)

8,658,188 137,538,133,247 72,346,939 45,048,516 (231,624,679) (1,105,431,025)

(5,199,089) (19,113,206) (69,159) (106,721) (2,169,010) (2,012,706)

186,775,113 485,550,068,157 266,243,715 44,031,946 676,872,162 2,193,171,106

(15) This Sub-Fund was launched on 10 July 2017.

52

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

Multi-AssetItaly PIR

Fund (16)EUR

Multi-ManagerAlternatives

FundUSD

PacificEquity

FundUSD

RussiaFund

USD

SingaporeFund

USD

SterlingBondFundGBP

- 190,873,156 630,808,816 663,077,256 61,184,224 74,957,804

355,873 829,312 13,022,200 32,043,314 1,974,569 -150,499 2,592,217 61,012 - 1,818 2,555,403

- - 199,559 58 12,741 -- 69,032 2,052 5,095 1,688 -- 1,203,530 - - - -- - - - - -

506,372 4,694,091 13,284,823 32,048,467 1,990,816 2,555,403

266,909 3,433,446 9,975,071 8,071,094 866,871 584,96120,462 218,167 748,775 667,548 59,688 65,55841,348 36,485 375,366 530,877 141,736 154,95938,645 1,407,152 545,875 1,116,853 94,092 61,98723,192 70,349 159,217 147,417 60,605 24,33812,377 79,566 363,064 287,066 28,335 31,4206,965 7,946 1,262 186 - -

- 831,722 - - - -88,142 128,763 52,396 303,700 114,247 79,294

498,040 6,213,596 12,221,026 11,124,741 1,365,574 1,002,517

138,094 1,505,482 161,347 741,068 181,269 131,948

359,946 4,708,114 12,059,679 10,383,673 1,184,305 870,569

- - - - - -

359,946 4,708,114 12,059,679 10,383,673 1,184,305 870,569

146,426 (14,023) 1,225,144 21,664,794 806,511 1,684,834

(94,372) 12,312,933 82,885,626 21,234,438 4,038,860 528,986- (2,772,726) 338,101 6,396 (14,426) 26,586

27,284 2,974,626 - - - (73,864)(24) 332,548 (610,791) (137,748) 48,215 (16,996)

- - - - - -- (10,680,744) - - - -

(67,112) 2,166,637 82,612,936 21,103,086 4,072,649 464,712

(158,982) (2,435,146) (2,859,988) 46,458,727 (3,652,215) (2,734,570)- (2,189,986) - - - (14,536)- 401,388 - - - (3,546)- (47,460) 27,970 964 (15,174) 14,022- - - - - -- 3,508,102 - - - -

(158,982) (763,102) (2,832,018) 46,459,691 (3,667,389) (2,738,630)

(79,668) 1,389,512 81,006,062 89,227,571 1,211,771 (589,084)

30,292,573 212,931,164 318,031,656 518,472,841 26,711,748 24,909,122(1,798,907) (111,445,203) (240,999,312) (618,309,274) (35,360,020) (37,579,618)

28,493,666 101,485,961 77,032,344 (99,836,433) (8,648,272) (12,670,496)

(161,052) - (171,882) (10,409,688) (440,093) (599,732)

28,252,946 293,748,629 788,675,340 642,058,706 53,307,630 61,098,492

(16) This Sub-Fund was launched on 12 July 2017.

53

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

SterlingManaged Reserves

FundGBP

SystematicAlphaFundEUR

Systematic AlphaHigher Volatility

Fund (17)EUR

TaiwanFund

USD

TotalEmerging Markets

Income FundUSD

TurkeyEquity

Fund (18)EUR

97,615,386 2,283,243,180 - 170,862,328 152,172,401 32,179,088

53,904 15,317,549 165,340 4,029,914 5,521,675 (420)2,586,207 1,853,123 19,206 - 3,342,033 -

- 321,935 - - 5,535 -- 40,221 3,982 4,457 7,331 -- - - - - -- - - - - 349

2,640,111 17,532,828 188,528 4,034,371 8,876,574 (71)

283,199 16,688,232 135,832 1,998,235 2,471,667 18,506141,767 1,839,451 22,656 167,739 208,600 1,193

- 107 - 50,858 800,780 3,51784,536 1,232,623 - 318,842 418,013 3,96913,068 134,780 6,885 51,411 105,157 3,59014,287 542,395 3,148 70,781 98,090 -

- 1,025,741 18,972 - 517 -- - - - - -

80,596 406,558 23,594 139,915 97,190 113

617,453 21,869,887 211,087 2,797,781 4,200,014 30,888

246,334 698,730 20,457 326,522 362,915 6,496

371,119 21,171,157 190,630 2,471,259 3,837,099 24,392

- - - - - -

371,119 21,171,157 190,630 2,471,259 3,837,099 24,392

2,268,992 (3,638,329) (2,102) 1,563,112 5,039,475 (24,463)

(1,352,251) (90,285,399) (3,564,212) 20,729,436 8,320,084 552,590376,129 (1,863,551) (2,067,027) 1,790 949,120 -

- (78,322,812) (681,526) - 9,420 -(93,018) (985,713) (18,547) 6,887 (117,851) 922

- - - - - -- 18,544,175 (656) - - -

(1,069,140) (152,913,300) (6,331,968) 20,738,113 9,160,773 553,512

(549,659) (18,356,414) 2,629,896 (11,232,226) (11,980,678) 354,473(78,690) (21,948,584) (1,802,730) - (407,215) -

- 784,938 (326,699) - (656) -(19) 378,638 (9,667) (12,893) (39,253) (631)

- - - - - -- (5,449,444) (1,260,262) - - -

(628,368) (44,590,866) (769,462) (11,245,119) (12,427,802) 353,842

571,484 (201,142,495) (7,103,532) 11,056,106 1,772,446 882,891

120,083,608 479,197,003 133,061,368 41,995,326 152,137,332 323,858(62,710,712) (1,706,520,867) - (67,342,433) (102,221,862) (33,385,837)

57,372,896 (1,227,323,864) 133,061,368 (25,347,107) 49,915,470 (33,061,979)

(31,186) (532,844) - (819,722) (3,156,524) -

155,528,580 854,243,977 125,957,836 155,751,605 200,703,793 -

(17) This Sub-Fund was launched on 18 April 2018.(18) This Sub-Fund was merged into JPMorgan Funds - Emerging Europe Equity Fund on 17 July 2017.

54

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

USAggregate Bond

FundUSD

USCorporate Bond

FundUSD

US DollarMoney Market

FundUSD

US EquityAll Cap

FundUSD

USEquity Plus

Fund (19)USD

USGrowth

FundUSD

3,765,956,833 33,515,585 376,994,175 1,051,395,521 80,962,497 356,916,124

1,297,086 14,415 - 16,322,290 486,898 2,156,087100,564,182 1,381,966 7,142,030 - - -

- - - - - 9,1162,925 343 - 963 3,275 722

- - - - - -- - - - - -

101,864,193 1,396,724 7,142,030 16,323,253 490,173 2,165,925

19,428,948 187,949 1,051,587 8,225,635 759,460 3,753,8793,456,356 38,955 422,093 1,591,796 52,569 399,979

137,150 1,299 - - 114,793 135,4671,159,685 84,775 193,632 481,770 133,284 234,603

305,726 25,445 104,171 60,439 45,883 131,9371,070,092 20,001 43,788 469,701 19,956 166,293

- - 515 142 104 -- - - - 37,975 -

558,697 106,442 265,240 277,831 64,742 148,302

26,116,654 464,866 2,081,026 11,107,314 1,228,766 4,970,460

1,464,493 213,071 184,738 115,699 170,678 232,360

24,652,161 251,795 1,896,288 10,991,615 1,058,088 4,738,100

- - - - - -

24,652,161 251,795 1,896,288 10,991,615 1,058,088 4,738,100

77,212,032 1,144,929 5,245,742 5,331,638 (567,915) (2,572,175)

1,490,198 (199,508) - 83,864,941 24,452,690 57,631,77725,542,708 32,505 - (52,746) 164,866 325,510

- 42,582 - - 163,451 -(41,188) 176 - 428,749 1,538 (23,006)

- - - - - -- (461) - - 1,549,335 -

26,991,718 (124,706) - 84,240,944 26,331,880 57,934,281

(93,047,139) (1,548,514) - 157,673,555 (13,255,823) 38,747,571(19,951,836) (497,530) - (9,569,134) (38,514) (939,627)

- (1,977) - - - -1,855 (2,435) - (3,191) 2,068 (1,042)

- - - - - -- - - - (3,069) -

(112,997,120) (2,050,456) - 148,101,230 (13,295,338) 37,806,902

(8,793,370) (1,030,233) 5,245,742 237,673,812 12,468,627 93,169,008

2,969,206,959 16,673,543 534,236,820 970,226,300 3,374,211 428,199,363(3,633,801,471) (2,688,818) (458,212,574) (446,084,154) (96,515,844) (426,423,597)

(664,594,512) 13,984,725 76,024,246 524,142,146 (93,141,633) 1,775,766

(8,005,924) (21) - (81,695) (289,491) (166,365)

3,084,563,027 46,470,056 458,264,163 1,813,129,784 - 451,694,533

(19) This Sub-Fund was merged into JPMorgan Funds - US Select Equity Plus Fund on 23 February 2018.

55

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

USHedged Equity

FundUSD

USHigh Yield Plus

Bond FundUSD

US OpportunisticLong-Short

Equity FundUSD

USResearch Enhanced

Index Equity FundUSD

USSelect Equity

Plus FundUSD

US SelectLong-Short

Equity Fund (20)USD

5,700,485 210,940,849 93,553,934 691,380,957 2,905,145,571 72,611,631

119,809 174,945 1,489,947 8,273,381 36,563,465 297,380- 12,488,553 276,495 - - 52,377- - 1,233 2,319 2,714 -- 570 51,026 25,173 5,214 2,707- - - - - -- - - - - -

119,809 12,664,068 1,818,701 8,300,873 36,571,393 352,464

47,214 1,164,675 1,555,441 1,254,784 21,861,858 132,36910,034 212,456 227,778 390,157 3,070,188 29,885

- 123,689 123,849 - 714,064 13,15850,565 204,683 255,297 256,789 1,013,308 110,84415,079 70,367 61,769 21,003 183,954 15,8236,299 77,955 70,802 267,303 931,110 4,087

646 420 - - 1,480 -- - 892,777 - 14,609,742 -

105,186 163,503 131,832 134,346 320,171 42,753

235,023 2,017,748 3,319,545 2,324,382 42,705,875 348,919

166,946 379,955 300,121 84,568 215,403 145,539

68,077 1,637,793 3,019,424 2,239,814 42,490,472 203,380

- - 438,731 - - 404,261

68,077 1,637,793 3,458,155 2,239,814 42,490,472 607,641

51,732 11,026,275 (1,639,454) 6,061,059 (5,919,079) (255,177)

288,987 (49,706) 9,140,812 93,239,297 379,363,778 11,330,39873,740 2,759,685 (3,046,481) (1,093,750) (115,357) 542,25320,707 - (123,261) 553,271 1,100,919 -

- (564) 4,777 (5,625) 391,316 (533)- - - - - -

(155,126) - (1,197,094) - 58,643,600 (1,354,653)

228,308 2,709,415 4,778,753 92,693,193 439,384,256 10,517,465

747,564 (6,067,489) 1,900,961 (18,498,952) (18,353,590) (6,767,671)(86,300) (2,361,236) (3,620,128) (722,181) (12,425,065) (397,254)(10,712) - - (13,144) (183,813) -

- (2,798) (13) (34) 25 -- - - - - -- - 699,812 - (3,488,019) 101,924

650,552 (8,431,523) (1,019,368) (19,234,311) (34,450,462) (7,063,001)

930,592 5,304,167 2,119,931 79,519,941 399,014,715 3,199,287

30,407,513 45,360,056 343,396,646 429,612,005 1,514,483,254 2,696,708(1,481,361) (60,660,714) (63,739,780) (640,356,711) (1,831,245,188) (78,507,626)

28,926,152 (15,300,658) 279,656,866 (210,744,706) (316,761,934) (75,810,918)

- (6,986,956) (424) - (1,774,116) -

35,557,229 193,957,402 375,330,307 560,156,192 2,985,624,236 -

(20) This Sub-Fund was merged into JPMorgan Funds - US Opportunistic Long-Short Equity Fund on 1 December 2017.

56

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)

For the Year Ended 30 June 2018

USShort Duration

Bond FundUSD

USSmall Cap

Growth FundUSD

USSmaller Companies

FundUSD

USTechnology

FundUSD

USValueFundUSD

1,005,420,167 117,036,878 1,234,252,030 307,321,133 2,646,213,578

103,555 507,632 11,921,225 1,697,332 42,834,35020,400,901 - - - -

- - - - -772 6,128 91,094 20,536 431

- - - - -- - - - -

20,505,228 513,760 12,012,319 1,717,868 42,834,781

3,161,592 2,276,348 11,600,083 6,353,486 21,943,872936,350 178,154 1,184,517 487,958 2,651,083329,431 133,577 154,715 394,435 640,928500,283 119,110 371,147 220,487 654,813

69,878 76,991 118,558 171,981 242,037353,634 98,085 506,336 269,908 941,165

- - - 429 983- - - - -

145,510 115,856 185,862 205,820 282,892

5,496,678 2,998,121 14,121,218 8,104,504 27,357,773

614,668 121,214 68,067 101,486 93,366

4,882,010 2,876,907 14,053,151 8,003,018 27,264,407

- - - - -

4,882,010 2,876,907 14,053,151 8,003,018 27,264,407

15,623,218 (2,363,147) (2,040,832) (6,285,150) 15,570,374

(9,482,116) 35,370,493 93,005,440 65,135,967 193,887,5738,462,234 74,465 691,762 (94,385) 1,415,474

- - - - -(2,625) (54,071) (760) 42,622 1,379,954

- - - - -- - - - -

(1,022,507) 35,390,887 93,696,442 65,084,204 196,683,001

(6,700,025) 16,102,368 67,332,975 71,936,252 (37,199,655)(3,959,934) - (916,708) - (5,514,278)

- - - - -(285) (1,195) 1 (1,904) (6,159)

- - - - -- - - - -

(10,660,244) 16,101,173 66,416,268 71,934,348 (42,720,092)

3,940,467 49,128,913 158,071,878 130,733,402 169,533,283

526,611,828 387,937,914 439,933,976 1,239,599,095 1,554,475,441(768,155,717) (213,229,908) (639,402,233) (867,478,720) (2,015,685,098)

(241,543,889) 174,708,006 (199,468,257) 372,120,375 (461,209,657)

(158,387) (3,178) (2,031,850) (132,522) (9,409,045)

767,658,358 340,870,619 1,190,823,801 810,042,388 2,345,128,159

57

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Africa Equity FundJPM Africa Equity A (perf) (acc) - EUR 2,296,109.741 702,526.551 837,075.140 2,161,561.152JPM Africa Equity A (perf) (acc) - USD 6,476,564.498 3,560,858.193 2,598,232.312 7,439,190.379JPM Africa Equity A (perf) (dist) - EUR^ 26,102.710 5,508.673 8,750.586 22,860.797JPM Africa Equity A (perf) (dist) - GBP 414,928.582 26,013.731 73,295.065 367,647.248JPM Africa Equity A (perf) (dist) - USD 4,555.000 610.000 610.000 4,555.000JPM Africa Equity C (perf) (acc) - EUR 53,791.787 2,716.182 3,286.821 53,221.148JPM Africa Equity C (perf) (acc) - USD 1,051,576.249 402,188.682 589,171.110 864,593.821JPM Africa Equity C (perf) (dist) - GBP 43,888.401 17,948.358 10,879.746 50,957.013JPM Africa Equity D (perf) (acc) - EUR 175,221.012 41,185.601 44,669.694 171,736.919JPM Africa Equity D (perf) (acc) - USD 3,688,425.096 479,439.959 854,072.258 3,313,792.797JPM Africa Equity I (perf) (acc) - USD 35,071.920 930.627 6,634.767 29,367.780JPM Africa Equity I2 (perf) (acc) - EUR - 10.000 - 10.000JPM Africa Equity I2 (perf) (acc) - USD - 10.000 - 10.000JPM Africa Equity T (perf) (acc) - EUR 8,648.741 15,516.793 3,847.613 20,317.921

JPMorgan Funds - Aggregate Bond FundJPM Aggregate Bond A (acc) - EUR (hedged) 5,987,450.011 833,201.079 1,054,197.646 5,766,453.444JPM Aggregate Bond A (acc) - USD 2,368,810.054 4,188,952.937 863,767.630 5,693,995.361JPM Aggregate Bond A (dist) - EUR (hedged)^ 26,734.139 6,012.230 5,413.663 27,332.706JPM Aggregate Bond C (acc) - EUR (hedged) 1,380,753.613 209,579.295 807,561.683 782,771.225JPM Aggregate Bond C (acc) - USD 613,675.059 196,106.936 337,916.731 471,865.264JPM Aggregate Bond C (dist) - EUR (hedged) 100,228.659 53,704.780 62,725.867 91,207.572JPM Aggregate Bond C (dist) - GBP (hedged) 115,032.577 53,952.425 3,500.298 165,484.704JPM Aggregate Bond C (dist) - USD 64,053.129 93,782.021 10.000 157,825.150JPM Aggregate Bond C (inc) - EUR (hedged)*** 500.499 - 500.499 -JPM Aggregate Bond D (acc) - EUR (hedged) 105,598.768 15,363.941 52,600.725 68,361.984JPM Aggregate Bond D (acc) - USD 60,316.255 16,547.385 23,577.846 53,285.794JPM Aggregate Bond I (acc) - EUR (hedged) 7,941,506.735 1,014,365.844 8,594,022.604 361,849.975JPM Aggregate Bond I (acc) - USD 9,516,257.895 916,086.559 10,319,764.406 112,580.048JPM Aggregate Bond I (dist) - EUR (hedged) 423,390.518 63,106.563 478,681.683 7,815.398JPM Aggregate Bond I (dist) - GBP (hedged)* 665,661.813 112,611.537 778,273.350 -JPM Aggregate Bond I (dist) - USD* 785,455.810 164,666.813 950,122.623 -JPM Aggregate Bond I2 (acc) - EUR (hedged) - 5,360,849.629 1,106,010.547 4,254,839.082JPM Aggregate Bond I2 (acc) - USD - 7,548,174.263 762,441.184 6,785,733.079JPM Aggregate Bond I2 (dist) - EUR (hedged) - 269,948.713 34,287.461 235,661.252JPM Aggregate Bond I2 (dist) - GBP (hedged) - 371,137.686 64,007.511 307,130.175JPM Aggregate Bond I2 (dist) - USD - 923,001.066 177,910.708 745,090.358JPM Aggregate Bond X (acc) - EUR (hedged) 1,526,365.873 2,420,674.850 111,998.277 3,835,042.446JPM Aggregate Bond X (acc) - USD 6,140,678.937 4,430,593.855 908,443.765 9,662,829.027JPM Aggregate Bond X (dist) - GBP (hedged) 166,118.952 202,461.378 54,428.170 314,152.160JPM Aggregate Bond X (dist) - USD 35,708.748 27,355.968 13,652.728 49,411.988JPM Aggregate Bond X (irc) - AUD (hedged) 65,559.599 1,759.811 12,623.460 54,695.950

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - AUD 283,333.104 986,437.977 718,416.920 551,354.161JPM America Equity A (acc) - AUD (hedged) 246,091.374 3,078,099.723 2,491,039.051 833,152.046JPM America Equity A (acc) - EUR 8,077.367 3,307.691 5,016.866 6,368.192JPM America Equity A (acc) - EUR (hedged) 1,042,462.301 1,054,290.445 574,479.978 1,522,272.768JPM America Equity A (acc) - HKD 2,674,314.746 16,690,828.706 11,542,321.374 7,822,822.078JPM America Equity A (acc) - USD 9,099,944.897 2,070,533.296 3,268,528.667 7,901,949.526JPM America Equity A (dist) - USD 2,695,568.451 1,139,249.945 1,235,256.743 2,599,561.653JPM America Equity C (acc) - EUR 20,789.825 547,050.582 81,929.017 485,911.390JPM America Equity C (acc) - EUR (hedged) 2,105,564.867 10,148,300.221 5,407,994.941 6,845,870.147JPM America Equity C (acc) - USD 11,844,704.740 10,862,463.362 11,094,113.679 11,613,054.423JPM America Equity C (dist) - USD 1,051,847.879 925,608.286 188,682.780 1,788,773.385JPM America Equity D (acc) - EUR 113,948.921 78,513.960 116,515.146 75,947.735JPM America Equity D (acc) - EUR (hedged) 1,392,253.340 1,498,775.974 931,927.890 1,959,101.424JPM America Equity D (acc) - USD 1,605,913.704 352,095.236 455,845.187 1,502,163.753JPM America Equity I (acc) - EUR (hedged)* 1,619.117 - 1,619.117 -JPM America Equity I (acc) - USD 56,339.802 471,152.633 110,948.025 416,544.410JPM America Equity I (dist) - USD* 5,488.593 - 5,488.593 -JPM America Equity I2 (acc) - EUR (hedged) - 10.000 - 10.000JPM America Equity I2 (acc) - USD - 27,512.718 13,016.459 14,496.259JPM America Equity I2 (dist) - USD - 8,242.444 - 8,242.444JPM America Equity X (acc) - USD 156,638.866 909,599.751 274,058.823 792,179.794

* Share Class inactive as at the end of the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

58

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - ASEAN Equity FundJPM ASEAN Equity A (acc) - EUR 1,979,660.823 782,075.935 828,767.437 1,932,969.321JPM ASEAN Equity A (acc) - SGD 227,294.140 134,447.163 109,738.232 252,003.071JPM ASEAN Equity A (acc) - USD 4,309,740.782 3,251,911.884 3,929,607.418 3,632,045.248JPM ASEAN Equity C (acc) - EUR 560,451.481 118,094.978 115,777.659 562,768.800JPM ASEAN Equity C (acc) - SGD 19,541.221 - 142.725 19,398.496JPM ASEAN Equity C (acc) - USD 744,160.759 233,762.888 229,859.441 748,064.206JPM ASEAN Equity C (dist) - GBP 10,693.516 3,601.349 2,266.465 12,028.400JPM ASEAN Equity D (acc) - EUR 1,781,181.387 844,055.040 855,142.790 1,770,093.637JPM ASEAN Equity D (acc) - PLN 19,051.694 79,420.615 86,101.598 12,370.711JPM ASEAN Equity D (acc) - USD 986,419.284 199,792.098 294,381.839 891,829.543JPM ASEAN Equity I (acc) - USD 730,624.422 1,398,361.705 1,525,824.504 603,161.623JPM ASEAN Equity I2 (acc) - USD - 70,946.811 739.562 70,207.249JPM ASEAN Equity I2 (dist) - USD - 4,718.618 - 4,718.618JPM ASEAN Equity T (acc) - EUR 17,809.006 19,461.842 9,445.542 27,825.306JPM ASEAN Equity X (acc) - USD 44,469.877 10,671.434 28,889.352 26,251.959JPM ASEAN Equity X (dist) - USD 9.723 0.001 - 9.724

JPMorgan Funds - Asia Growth Fund (1)JPM Asia Growth A (acc) - USD 1,674,889.266 947,463.086 489,832.554 2,132,519.798JPM Asia Growth A (dist) - USD 32,175.068 5,383.869 19,715.169 17,843.768JPM Asia Growth C (acc) - EUR - 10.000 - 10.000JPM Asia Growth C (acc) - USD 111,327.831 125,570.307 171,453.496 65,444.642JPM Asia Growth C (dist) - USD 11.327 - - 11.327JPM Asia Growth D (acc) - EUR - 10.000 - 10.000JPM Asia Growth D (acc) - USD 99,744.674 17,122.353 25,536.486 91,330.541JPM Asia Growth I2 (acc) - USD - 10.000 - 10.000JPM Asia Growth X (acc) - USD 2,257.678 1,233,645.606 272,657.550 963,245.734JPM Asia Growth X (dist) - USD* 10.010 - 10.010 -

JPMorgan Funds - Asia Pacific Equity FundJPM Asia Pacific Equity A (acc) - EUR 1,573,572.197 512,474.147 1,268,634.290 817,412.054JPM Asia Pacific Equity A (acc) - HKD 626,122.293 1,264,009.103 679,555.573 1,210,575.823JPM Asia Pacific Equity A (acc) - SGD 9,030.945 - 908.277 8,122.668JPM Asia Pacific Equity A (acc) - USD 8,307,201.447 14,506,851.752 6,852,403.341 15,961,649.858JPM Asia Pacific Equity A (dist) - GBP 4,821.741 2,368.766 679.196 6,511.311JPM Asia Pacific Equity A (dist) - USD 766,928.146 55,581.298 127,884.972 694,624.472JPM Asia Pacific Equity C (acc) - EUR 1,414,310.268 1,085,772.115 1,354,286.739 1,145,795.644JPM Asia Pacific Equity C (acc) - USD 235,066.017 87,813.123 110,282.952 212,596.188JPM Asia Pacific Equity C (dist) - USD 38,621.903 10,035.282 42,556.821 6,100.364JPM Asia Pacific Equity D (acc) - EUR 7,882.208 20,487.848 4,436.199 23,933.857JPM Asia Pacific Equity D (acc) - USD 87,179.935 43,388.598 25,572.257 104,996.276JPM Asia Pacific Equity I (acc) - EUR 45,353.000 266,239.213 69,297.946 242,294.267JPM Asia Pacific Equity I (acc) - USD 107,678.542 443,499.881 258,585.865 292,592.558JPM Asia Pacific Equity X (acc) - USD 1,005,847.737 1,333,418.439 645,945.246 1,693,320.930

JPMorgan Funds - Asia Pacific Income FundJPM Asia Pacific Income A (acc) - HKD 15,586,165.807 1,927,072.994 3,102,408.874 14,410,829.927JPM Asia Pacific Income A (acc) - USD 6,609,977.560 3,792,846.872 2,375,553.283 8,027,271.149JPM Asia Pacific Income A (dist) - USD 5,181,419.295 4,217,089.145 4,019,905.681 5,378,602.759JPM Asia Pacific Income A (div) - SGD - 389,921.016 13,635.542 376,285.474JPM Asia Pacific Income A (irc) - AUD (hedged) 20,128,840.897 29,430,131.766 22,159,551.448 27,399,421.215JPM Asia Pacific Income A (irc) - CAD (hedged) 5,420,566.261 6,818,764.482 4,260,881.613 7,978,449.130JPM Asia Pacific Income A (irc) - EUR (hedged) 1,360,435.698 1,009,014.024 842,041.133 1,527,408.589JPM Asia Pacific Income A (irc) - GBP (hedged) 3,902,638.172 2,531,833.054 2,068,790.825 4,365,680.401JPM Asia Pacific Income A (irc) - NZD (hedged) 4,772,102.056 7,169,702.338 5,758,296.452 6,183,507.942JPM Asia Pacific Income A (irc) - RMB (hedged) 6,617,977.746 4,718,878.813 1,845,125.705 9,491,730.854JPM Asia Pacific Income A (mth) - HKD 209,661,515.835 218,838,480.683 197,641,102.459 230,858,894.059JPM Asia Pacific Income A (mth) - SGD 3,887,830.712 2,532,047.941 1,084,334.906 5,335,543.747JPM Asia Pacific Income A (mth) - SGD (hedged) 12,915,016.684 17,627,271.510 4,196,086.570 26,346,201.624JPM Asia Pacific Income A (mth) - USD 7,816,716.426 7,120,586.861 5,949,129.334 8,988,173.953JPM Asia Pacific Income C (acc) - HKD* 774.599 - 774.599 -JPM Asia Pacific Income C (acc) - USD 744,486.176 393,436.832 171,834.163 966,088.845JPM Asia Pacific Income C (dist) - USD 15,401.095 47,008.198 4,759.006 57,650.287JPM Asia Pacific Income C (irc) - AUD (hedged)** - 24,900.000 - 24,900.000JPM Asia Pacific Income C (irc) - CAD (hedged)* 133.236 - 133.236 -JPM Asia Pacific Income C (irc) - EUR (hedged)** - 25,000.000 - 25,000.000JPM Asia Pacific Income C (irc) - GBP (hedged)** - 17,500.000 - 17,500.000JPM Asia Pacific Income C (irc) - NZD (hedged)** - 18,781.900 - 18,781.900JPM Asia Pacific Income C (irc) - RMB (hedged)* 639.460 - 639.460 -JPM Asia Pacific Income C (mth) - HKD 731,796.168 107,142.857 774.612 838,164.413JPM Asia Pacific Income C (mth) - SGD* 141.855 - 141.855 -JPM Asia Pacific Income C (mth) - SGD (hedged)** - 130,000.000 - 130,000.000JPM Asia Pacific Income C (mth) - USD 2,253,585.936 474,523.455 996,072.246 1,732,037.145JPM Asia Pacific Income D (acc) - USD 1,362,789.215 217,102.655 347,765.674 1,232,126.196JPM Asia Pacific Income D (mth) - EUR (hedged) 3,217.814 18,823.689 3,322.428 18,719.075JPM Asia Pacific Income D (mth) - USD 24,567.686 124.398 14,226.326 10,465.758JPM Asia Pacific Income I (acc) - USD 832,723.724 1,322,580.557 1,333,689.229 821,615.052JPM Asia Pacific Income X (acc) - USD 36,939.487 5,896.090 16,961.090 25,874.487

(1) This Sub-Fund was renamed from JPMorgan Funds - Asia Equity Fund to JPMorgan Funds - Asia Growth Fund on 29 September 2017.* Share Class inactive as at the end of the year.** Share Class reactivated during the year.

59

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Asian Total Return Bond FundJPM Asian Total Return Bond A (acc) - USD 1,000,000.000 - 189.036 999,810.964JPM Asian Total Return Bond A (mth) - USD 1,000,000.000 - - 1,000,000.000JPM Asian Total Return Bond C (acc) - USD - 10.000 - 10.000JPM Asian Total Return Bond C (dist) - USD - 10.000 - 10.000JPM Asian Total Return Bond I (acc) - USD - 10.000 - 10.000

JPMorgan Funds - Brazil Equity FundJPM Brazil Equity A (acc) - EUR 206,094.490 20,963.940 26,214.855 200,843.575JPM Brazil Equity A (acc) - SGD 91,474.673 510,884.116 410,795.698 191,563.091JPM Brazil Equity A (acc) - USD 25,079,142.292 27,881,537.274 28,581,154.069 24,379,525.497JPM Brazil Equity A (dist) - USD 5,610,279.229 153,966.754 211,177.542 5,553,068.441JPM Brazil Equity C (acc) - USD 622,735.463 1,187,047.706 1,110,449.296 699,333.873JPM Brazil Equity D (acc) - EUR 117,438.411 71,677.129 49,511.254 139,604.286JPM Brazil Equity D (acc) - USD 2,861,784.373 538,576.950 939,158.462 2,461,202.861JPM Brazil Equity I (acc) - USD 314,222.479 2,206,762.301 2,333,105.499 187,879.281JPM Brazil Equity T (acc) - EUR 16,836.026 6,026.280 5,772.127 17,090.179JPM Brazil Equity X (acc) - USD 161,540.453 4,330.817 66,053.690 99,817.580

JPMorgan Funds - China A-Share Opportunities FundJPM China A-Share Opportunities A (acc) - EUR 63.693 64,196.721 16,161.831 48,098.583JPM China A-Share Opportunities A (acc) - HKD 774.604 7,921,148.888 172,805.362 7,749,118.130JPM China A-Share Opportunities A (acc) - RMB 176,470.484 63,254.021 8,369.319 231,355.186JPM China A-Share Opportunities A (acc) - SGD - 3,662,910.561 1,217,617.157 2,445,293.404JPM China A-Share Opportunities A (acc) - USD 709,680.771 2,939,737.928 1,089,322.888 2,560,095.811JPM China A-Share Opportunities C (acc) - EUR 3,138.693 536,210.355 154,504.922 384,844.126JPM China A-Share Opportunities C (acc) - HKD 774.604 48,300.000 - 49,074.604JPM China A-Share Opportunities C (acc) - RMB 64.058 - - 64.058JPM China A-Share Opportunities C (acc) - USD 20,787.080 235,397.698 2,389.716 253,795.062JPM China A-Share Opportunities C (dist) - USD 128.122 23,998.494 2,788.122 21,338.494JPM China A-Share Opportunities D (acc) - EUR - 9,706.993 10.000 9,696.993JPM China A-Share Opportunities I (acc) - HKD 774.604 - - 774.604

JPMorgan Funds - China Bond FundJPM China Bond A (acc) - RMB 602,944.780 28,020.253 - 630,965.033JPM China Bond A (mth) - HKD (hedged) 12,397.261 - - 12,397.261JPM China Bond A (mth) - RMB 9,842.890 - - 9,842.890JPM China Bond A (mth) - USD (hedged) 126,793.160 22,831.445 47,778.862 101,845.743JPM China Bond C (dist) - GBP (hedged) 12,453.180 - - 12,453.180

JPMorgan Funds - China FundJPM China A (acc) - SGD 56,898.232 490,316.351 289,618.854 257,595.729JPM China A (acc) - USD 2,220,446.171 2,034,896.318 1,543,930.346 2,711,412.143JPM China A (dist) - HKD 19,819,277.548 17,998,610.561 27,385,299.229 10,432,588.880JPM China A (dist) - USD 18,878,751.122 13,290,606.371 14,791,714.181 17,377,643.312JPM China C (acc) - USD 957,894.380 793,730.064 1,047,063.297 704,561.147JPM China C (dist) - USD 18,060.498 15,669.578 5,687.885 28,042.191JPM China D (acc) - EUR 37,628.894 149,032.708 104,261.940 82,399.662JPM China D (acc) - USD 1,998,854.864 232,707.724 360,033.428 1,871,529.160JPM China I2 (acc) - USD - 10.000 - 10.000JPM China T (acc) - EUR 5,646.197 19,469.919 3,261.886 21,854.230JPM China X (acc) - USD 15,807.154 4,367.717 6,049.786 14,125.085

JPMorgan Funds - Diversified Risk FundJPM Diversified Risk A (acc) - EUR (hedged) 13,223.577 688.910 2,696.920 11,215.567JPM Diversified Risk A (acc) - SEK (hedged) 26,321.524 - 24,914.460 1,407.064JPM Diversified Risk A (acc) - USD 50,212.842 12,388.070 38,075.488 24,525.424JPM Diversified Risk C (acc) - EUR (hedged) 10.000 - - 10.000JPM Diversified Risk C (acc) - SEK (hedged) 24,926.458 - 22,756.904 2,169.554JPM Diversified Risk C (acc) - USD - 7,502.792 0.010 7,502.782JPM Diversified Risk C (dist) - EUR (hedged)^ 10,617.387 - 10,606.715 10.672JPM Diversified Risk D (acc) - EUR (hedged) 49,764.133 13,252.423 8,851.562 54,164.994JPM Diversified Risk D (acc) - USD 65,654.498 5,435.497 41,389.516 29,700.479JPM Diversified Risk X (acc) - EUR (hedged) 10.000 740,005.622 196,274.532 543,741.090JPM Diversified Risk X (acc) - USD - 715,771.193 - 715,771.193JPM Diversified Risk X (acc) - GBP (hedged) - 1,585,000.000 - 1,585,000.000JPM Diversified Risk X (dist) - AUD (hedged) - 50,000.000 - 50,000.000

JPMorgan Funds - Emerging Europe Equity FundJPM Emerging Europe Equity A (acc) - EUR 1,742,336.679 691,265.873 999,547.672 1,434,054.880JPM Emerging Europe Equity A (acc) - USD 64,247.770 71,395.638 77,236.842 58,406.566JPM Emerging Europe Equity A (dist) - EUR 5,804,618.873 832,033.329 1,141,067.293 5,495,584.909JPM Emerging Europe Equity C (acc) - EUR 4,631,096.515 1,687,469.511 4,295,380.337 2,023,185.689JPM Emerging Europe Equity C (acc) - USD 157,012.207 57,021.569 109,044.454 104,989.322JPM Emerging Europe Equity C (dist) - EUR 70,092.454 28,099.294 23,217.478 74,974.270JPM Emerging Europe Equity D (acc) - EUR 455,055.000 392,775.758 225,380.195 622,450.563JPM Emerging Europe Equity I (acc) - EUR 1,424,462.361 685,668.334 1,298,271.405 811,859.290JPM Emerging Europe Equity I2 (acc) - EUR - 10.000 - 10.000JPM Emerging Europe Equity X (acc) - EUR 3,451,294.676 17,868.403 86,976.446 3,382,186.633

^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

60

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 227,259.841 396,399.172 101,765.129 521,893.884JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 899,476.074 118,284.435 252,502.777 765,257.732JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 2,541,342.861 640,687.765 1,204,832.830 1,977,197.796JPM Emerging Europe, Middle East and Africa Equity C (acc) - EUR 11.401 14,845.000 8,950.000 5,906.401JPM Emerging Europe, Middle East and Africa Equity C (acc) - SGD 140.996 - - 140.996JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,109,702.630 158,402.045 327,820.859 940,283.816JPM Emerging Europe, Middle East and Africa Equity C (dist) - USD 3,494.809 159.858 1,218.833 2,435.834JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 18,588.715 3,728.383 7,041.420 15,275.678JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 335,110.269 16,743.400 77,758.519 274,095.150JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 616,535.071 2,118.703 - 618,653.774JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 5,425,368.352 691,019.111 587,117.768 5,529,269.695

JPMorgan Funds - Emerging Markets Aggregate Bond FundJPM Emerging Markets Aggregate Bond I (acc) - GBP (hedged)* 685,219.559 - 685,219.559 -JPM Emerging Markets Aggregate Bond X (acc) - EUR (hedged) 208,574.536 36,409.873 - 244,984.409JPM Emerging Markets Aggregate Bond X (acc) - GBP (hedged) 1,143,022.589 4,129,119.308 166,221.539 5,105,920.358

JPMorgan Funds - Emerging Markets Bond FundJPM Emerging Markets Bond A (acc) - USD 100,485.850 54,248.164 47,381.834 107,352.180JPM Emerging Markets Bond A (mth) - USD 248,962.692 236,066.358 41,528.715 443,500.335JPM Emerging Markets Bond C (acc) - EUR (hedged) 3,715.000 342,342.743 158,952.989 187,104.754JPM Emerging Markets Bond C (acc) - GBP - 10.000 - 10.000JPM Emerging Markets Bond C (acc) - USD 171,357.855 127,461.331 135,683.584 163,135.602JPM Emerging Markets Bond C (dist) - GBP - 48,568.000 48,558.000 10.000JPM Emerging Markets Bond C (dist) - GBP (hedged) - 10.000 - 10.000JPM Emerging Markets Bond C (dist) - USD** - 17,339.946 - 17,339.946JPM Emerging Markets Bond C (mth) - USD 8,698.000 29,416.912 9,940.000 28,174.912JPM Emerging Markets Bond D (acc) - USD 273,977.189 49,451.536 86,175.651 237,253.074JPM Emerging Markets Bond D (mth) - EUR (hedged) 2,912.977 40,719.371 9,038.929 34,593.419JPM Emerging Markets Bond D (mth) - USD 87,311.586 38,919.469 32,237.068 93,993.987JPM Emerging Markets Bond I (acc) - JPY (hedged) 78,067.937 21,001.092 21,825.555 77,243.474JPM Emerging Markets Bond I (acc) - USD 2,540.624 702,597.388 126,873.165 578,264.847JPM Emerging Markets Bond X (acc) - EUR (hedged) 1,353,091.100 58,654.673 426,357.673 985,388.100JPM Emerging Markets Bond X (acc) - GBP (hedged)* 40,232.678 15,206.642 55,439.320 -JPM Emerging Markets Bond X (acc) - USD 64,018.621 22,276.163 43,289.641 43,005.143JPM Emerging Markets Bond X (dist) - GBP (hedged) - 119,542.963 29,395.426 90,147.537

JPMorgan Funds - Emerging Markets Corporate Bond FundJPM Emerging Markets Corporate Bond A (acc) - CHF (hedged) 57,789.000 54,857.350 25,472.000 87,174.350JPM Emerging Markets Corporate Bond A (acc) - EUR (hedged) 1,099,340.344 1,190,762.789 750,939.171 1,539,163.962JPM Emerging Markets Corporate Bond A (acc) - USD 2,360,938.796 910,396.891 1,181,056.708 2,090,278.979JPM Emerging Markets Corporate Bond A (acc) - USD - Duration (hedged) 51,741.413 8,698.440 28,330.052 32,109.801JPM Emerging Markets Corporate Bond A (dist) - EUR (hedged)^ 276,825.998 52,219.985 95,204.431 233,841.552JPM Emerging Markets Corporate Bond A (dist) - USD 34,559.890 8,301.883 24,181.210 18,680.563JPM Emerging Markets Corporate Bond A (div) - EUR (hedged) 428,935.848 204,106.555 94,256.092 538,786.311JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) 1,543,376.211 1,178,572.965 1,010,925.788 1,711,023.388JPM Emerging Markets Corporate Bond A (mth) - SGD (hedged) 333,649.541 337,173.000 482,959.541 187,863.000JPM Emerging Markets Corporate Bond A (mth) - USD 1,652,269.523 956,889.573 864,839.914 1,744,319.182JPM Emerging Markets Corporate Bond C (acc) - CHF (hedged) 6,834.240 199,332.065 84,878.610 121,287.695JPM Emerging Markets Corporate Bond C (acc) - EUR (hedged) 2,075,281.765 1,651,266.483 1,002,911.829 2,723,636.419JPM Emerging Markets Corporate Bond C (acc) - SEK (hedged) 22,539.006 15,410.110 29,248.701 8,700.415JPM Emerging Markets Corporate Bond C (acc) - USD 2,384,376.027 1,011,404.964 1,215,162.388 2,180,618.603JPM Emerging Markets Corporate Bond C (acc) - USD - Duration (hedged) 40,325.000 31,598.000 45,626.000 26,297.000JPM Emerging Markets Corporate Bond C (dist) - EUR (hedged)^ 1,048,290.156 272,871.248 326,533.273 994,628.131JPM Emerging Markets Corporate Bond C (dist) - GBP (hedged) 1,275,324.004 368,662.891 375,087.784 1,268,899.111JPM Emerging Markets Corporate Bond C (dist) - USD 1,235,384.111 490,425.854 141,101.739 1,584,708.226JPM Emerging Markets Corporate Bond C (div) - EUR (hedged) 2,257,148.509 8,340.517 373,647.000 1,891,842.026JPM Emerging Markets Corporate Bond C (mth) - USD 62,561.213 49,715.313 15,621.305 96,655.221JPM Emerging Markets Corporate Bond D (acc) - EUR (hedged) 308,353.718 152,749.502 91,047.367 370,055.853JPM Emerging Markets Corporate Bond D (div) - EUR (hedged) 1,444,884.524 685,634.749 285,611.097 1,844,908.176JPM Emerging Markets Corporate Bond D (mth) - EUR (hedged) 2,900.766 18,114.097 3,386.283 17,628.580JPM Emerging Markets Corporate Bond I (acc) - EUR (hedged) 425,440.591 493,016.233 783,763.961 134,692.863JPM Emerging Markets Corporate Bond I (acc) - USD 1,951,748.288 1,265,310.720 2,279,487.798 937,571.210JPM Emerging Markets Corporate Bond I (dist) - CHF (hedged) 171,467.385 - 9.207 171,458.178JPM Emerging Markets Corporate Bond X (acc) - EUR (hedged) 583,709.000 - - 583,709.000JPM Emerging Markets Corporate Bond X (acc) - USD 924,479.787 399,461.893 245,639.419 1,078,302.261JPM Emerging Markets Corporate Bond X (dist) - EUR (hedged)^ 13.824 - - 13.824JPM Emerging Markets Corporate Bond Y (acc) - EUR (hedged) 28,647.000 63,307.345 25,898.345 66,056.000

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

61

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - AUD (hedged) - 197,550.635 43,055.168 154,495.467JPM Emerging Markets Debt A (acc) - CHF (hedged) - 410.519 - 410.519JPM Emerging Markets Debt A (acc) - EUR (hedged) 1,458,912.356 1,062,666.437 839,840.295 1,681,738.498JPM Emerging Markets Debt A (acc) - GBP (hedged)** - 107,339.389 28,362.000 78,977.389JPM Emerging Markets Debt A (acc) - USD 4,707,358.769 8,043,080.377 7,225,110.852 5,525,328.294JPM Emerging Markets Debt A (dist) - EUR (hedged)^ 3,400,306.130 1,463,941.860 1,113,052.617 3,751,195.373JPM Emerging Markets Debt A (dist) - GBP 16.499 132.001 - 148.500JPM Emerging Markets Debt A (dist) - USD^ 26,210.056 5,614.275 15,450.109 16,374.222JPM Emerging Markets Debt A (irc) - AUD (hedged) 2,441,849.849 1,304,084.400 1,376,747.075 2,369,187.174JPM Emerging Markets Debt A (irc) - CAD (hedged) 118,240.535 112,516.609 50,138.290 180,618.854JPM Emerging Markets Debt A (irc) - NZD (hedged) 65,548.048 54,263.403 13,780.894 106,030.557JPM Emerging Markets Debt A (irc) - RMB (hedged)* 298,548.536 - 298,548.536 -JPM Emerging Markets Debt A (mth) - EUR (hedged) 1,376,428.920 1,129,525.866 724,380.006 1,781,574.780JPM Emerging Markets Debt A (mth) - HKD 11,328,719.899 31,637,640.976 13,700,546.164 29,265,814.711JPM Emerging Markets Debt A (mth) - USD 33,996,659.210 15,254,206.796 15,399,206.543 33,851,659.463JPM Emerging Markets Debt C (acc) - CHF (hedged) - 2,030.532 50.013 1,980.519JPM Emerging Markets Debt C (acc) - EUR (hedged) 4,549,344.893 10,964,764.828 3,102,539.513 12,411,570.208JPM Emerging Markets Debt C (acc) - GBP (hedged) 15.394 6,545.604 3,145.998 3,415.000JPM Emerging Markets Debt C (acc) - USD 53,651.051 491,282.599 22,149.467 522,784.183JPM Emerging Markets Debt C (dist) - EUR (hedged)^ 89,907.227 50,711.640 75,086.510 65,532.357JPM Emerging Markets Debt C (dist) - GBP (hedged) - 399,482.504 1,152.000 398,330.504JPM Emerging Markets Debt C (dist) - USD 6,186.267 82,513.974 21,230.235 67,470.006JPM Emerging Markets Debt C (irc) - AUD (hedged)* 143.038 - 143.038 -JPM Emerging Markets Debt C (irc) - CAD (hedged) 100,205.812 7,500.000 5,130.812 102,575.000JPM Emerging Markets Debt C (irc) - NZD (hedged)* 157.724 - 157.724 -JPM Emerging Markets Debt C (mth) - EUR (hedged)* 11.217 - 11.217 -JPM Emerging Markets Debt C (mth) - HKD* 774.612 - 774.612 -JPM Emerging Markets Debt C (mth) - USD 232,053.590 1,582,124.893 416,099.954 1,398,078.529JPM Emerging Markets Debt D (acc) - EUR (hedged) 1,358,162.675 397,396.355 490,855.903 1,264,703.127JPM Emerging Markets Debt D (mth) - EUR (hedged) 808.595 25,472.477 1,824.476 24,456.596JPM Emerging Markets Debt I (acc) - EUR (hedged) 3,106,563.274 853,436.994 1,158,401.670 2,801,598.598JPM Emerging Markets Debt I (acc) - USD 2,147,642.932 539,273.784 1,886,680.742 800,235.974JPM Emerging Markets Debt I (dist) - CHF (hedged) 402,357.025 - 43,215.129 359,141.896JPM Emerging Markets Debt I (dist) - EUR (hedged)^ 24,287,416.232 843,046.426 5,800,588.908 19,329,873.750JPM Emerging Markets Debt I2 (acc) - EUR (hedged) - 10.000 - 10.000JPM Emerging Markets Debt X (acc) - EUR (hedged) 1,058,239.898 733,617.735 281,356.541 1,510,501.092JPM Emerging Markets Debt X (acc) - GBP (hedged) 80,523.681 105,198.037 87,989.718 97,732.000JPM Emerging Markets Debt X (acc) - USD 517,183.035 1,054,822.638 559,690.410 1,012,315.263JPM Emerging Markets Debt X (dist) - GBP (hedged) - 176,727.702 30,800.805 145,926.897JPM Emerging Markets Debt X (dist) - USD 3,624.035 - 3,614.703 9.332

JPMorgan Funds - Emerging Markets Diversified Equity FundJPM Emerging Markets Diversified Equity A (acc) - EUR 663.348 236.840 705.473 194.715JPM Emerging Markets Diversified Equity C (acc) - EUR 27,251.264 22,187.868 17,141.620 32,297.512JPM Emerging Markets Diversified Equity C (acc) - USD 161,450.000 - 29,505.000 131,945.000JPM Emerging Markets Diversified Equity I (acc) - USD 299,766.392 401,422.577 35,034.198 666,154.771JPM Emerging Markets Diversified Equity X (acc) - EUR 764,032.914 22,067.406 269,204.095 516,896.225JPM Emerging Markets Diversified Equity X (acc) - GBP 1,076,737.666 - - 1,076,737.666JPM Emerging Markets Diversified Equity X (acc) - USD 2,035,176.542 6,142.254 2,027,863.713 13,455.083

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

62

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Emerging Markets Dividend FundJPM Emerging Markets Dividend A (acc) - CHF (hedged) 2,310.184 15.000 150.000 2,175.184JPM Emerging Markets Dividend A (acc) - EUR 127,223.742 55,695.936 30,341.923 152,577.755JPM Emerging Markets Dividend A (acc) - USD 82,206.777 6,467.341 36,409.750 52,264.368JPM Emerging Markets Dividend A (dist) - EUR^ 25,026.223 19,853.077 2,673.905 42,205.395JPM Emerging Markets Dividend A (dist) - GBP 36,072.146 1,118.872 2,951.013 34,240.005JPM Emerging Markets Dividend A (div) - EUR 168,310.884 58,876.119 55,389.022 171,797.981JPM Emerging Markets Dividend A (irc) - AUD (hedged) 1,649,034.973 8,389,918.722 7,196,511.536 2,842,442.159JPM Emerging Markets Dividend A (irc) - GBP (hedged) 84,126.360 334,634.412 159,930.051 258,830.721JPM Emerging Markets Dividend A (irc) - RMB (hedged)* 147,953.107 69,099.684 217,052.791 -JPM Emerging Markets Dividend A (mth) - HKD 5,580,946.782 44,505,675.912 36,502,912.257 13,583,710.437JPM Emerging Markets Dividend A (mth) - SGD 346,230.721 127,857.808 212,244.333 261,844.196JPM Emerging Markets Dividend A (mth) - SGD (hedged) 1,954,342.115 458,484.444 775,113.893 1,637,712.666JPM Emerging Markets Dividend A (mth) - USD 671,768.434 971,197.619 1,057,079.212 585,886.841JPM Emerging Markets Dividend C (acc) - CHF (hedged) 655.652 - - 655.652JPM Emerging Markets Dividend C (acc) - EUR 194,416.645 360,615.000 339,471.620 215,560.025JPM Emerging Markets Dividend C (acc) - USD 6,437.133 1,090.867 6,460.000 1,068.000JPM Emerging Markets Dividend C (dist) - EUR^ 20,153.858 663,621.000 45,900.858 637,874.000JPM Emerging Markets Dividend C (div) - EUR 327.766 166,475.004 - 166,802.770JPM Emerging Markets Dividend D (acc) - EUR 31,372.357 11,667.275 8,966.670 34,072.962JPM Emerging Markets Dividend D (dist) - USD 21,844.495 10,832.000 21,759.495 10,917.000JPM Emerging Markets Dividend D (div) - EUR 205,389.779 67,844.713 64,338.444 208,896.048JPM Emerging Markets Dividend D (mth) - EUR 2,115.712 20,921.708 1,736.332 21,301.088JPM Emerging Markets Dividend I (acc) - EUR 267,400.000 - - 267,400.000JPM Emerging Markets Dividend T (acc) - EUR 11,912.264 5,580.223 2,010.146 15,482.341JPM Emerging Markets Dividend T (div) - EUR 35,650.094 53,042.905 10,251.245 78,441.754JPM Emerging Markets Dividend X (acc) - EUR 141,697.000 144,832.000 106,638.000 179,891.000JPM Emerging Markets Dividend X (acc) - USD 1,374,716.889 84,086.862 62,817.191 1,395,986.560JPM Emerging Markets Dividend X (dist) - EUR^ 392,012.162 - 12.162 392,000.000

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - EUR 23,700,177.126 9,269,552.621 7,153,671.343 25,816,058.404JPM Emerging Markets Equity A (acc) - EUR (hedged) 121,893.938 602,720.765 372,707.136 351,907.567JPM Emerging Markets Equity A (acc) - SGD 994,934.156 1,879,102.333 683,049.224 2,190,987.265JPM Emerging Markets Equity A (acc) - USD 8,977,309.227 21,502,026.957 20,000,747.941 10,478,588.243JPM Emerging Markets Equity A (dist) - GBP 177,444.574 26,073.097 35,638.296 167,879.375JPM Emerging Markets Equity A (dist) - USD 19,437,767.632 8,500,785.316 9,429,684.226 18,508,868.722JPM Emerging Markets Equity C (acc) - EUR 665,054.712 909,680.181 548,359.806 1,026,375.087JPM Emerging Markets Equity C (acc) - EUR (hedged) 268,136.559 645,368.748 327,831.043 585,674.264JPM Emerging Markets Equity C (acc) - USD 14,560,361.521 7,177,326.043 11,327,225.562 10,410,462.002JPM Emerging Markets Equity C (dist) - GBP 37,526.030 5,851.249 9,700.601 33,676.678JPM Emerging Markets Equity C (dist) - USD 87,066.514 41,770.525 18,579.579 110,257.460JPM Emerging Markets Equity D (acc) - EUR 3,160,454.523 3,002,039.646 1,430,836.105 4,731,658.064JPM Emerging Markets Equity D (acc) - EUR (hedged) 1,071.699 24,112.704 6,476.302 18,708.101JPM Emerging Markets Equity D (acc) - USD 1,208,795.745 332,726.715 266,645.311 1,274,877.149JPM Emerging Markets Equity I (acc) - EUR 2,153,290.468 2,964,444.706 1,583,286.296 3,534,448.878JPM Emerging Markets Equity I (acc) - EUR (hedged) 323,197.327 184,709.893 14,793.955 493,113.265JPM Emerging Markets Equity I (acc) - SGD 25,684,159.016 2,281,699.754 475,702.812 27,490,155.958JPM Emerging Markets Equity I (acc) - USD 15,505,951.652 24,896,023.165 18,629,112.347 21,772,862.470JPM Emerging Markets Equity I (dist) - EUR^* 4,584,993.277 - 4,584,993.277 -JPM Emerging Markets Equity I2 (acc) - EUR - 10.000 - 10.000JPM Emerging Markets Equity I2 (acc) - USD - 3,000,898.511 - 3,000,898.511JPM Emerging Markets Equity I2 (dist) - USD - 10.000 - 10.000JPM Emerging Markets Equity T (acc) - EUR 26,695.669 96,636.629 10,557.335 112,774.963JPM Emerging Markets Equity X (acc) - EUR 1,839,915.817 418,165.000 204,325.203 2,053,755.614JPM Emerging Markets Equity X (acc) - EUR (hedged)* 3,363.000 - 3,363.000 -JPM Emerging Markets Equity X (acc) - USD 47,283,094.054 22,106,868.281 4,436,065.025 64,953,897.310JPM Emerging Markets Equity X (dist) - EUR^ 47,379,084.723 16,569,229.613 19,986,145.056 43,962,169.280JPM Emerging Markets Equity X (dist) - USD** - 44,890.000 28,086.000 16,804.000

JPMorgan Funds - Emerging Markets Investment Grade Bond FundJPM Emerging Markets Investment Grade Bond A (acc) - CHF (hedged) 12,486.821 2,023.807 444.379 14,066.249JPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) 75,920.276 48,128.826 21,013.323 103,035.779JPM Emerging Markets Investment Grade Bond A (acc) - USD 112,658.730 63,156.237 42,334.254 133,480.713JPM Emerging Markets Investment Grade Bond A (dist) - EUR (hedged)^ 453,513.636 35,407.657 70,877.630 418,043.663JPM Emerging Markets Investment Grade Bond A (dist) - USD 12,509.695 1,329.000 1,929.288 11,909.407JPM Emerging Markets Investment Grade Bond A (mth) - USD 166,703.140 24,564.218 143,009.249 48,258.109JPM Emerging Markets Investment Grade Bond C (acc) - USD 93,887.549 28,561.856 38,953.794 83,495.611JPM Emerging Markets Investment Grade Bond C (dist) - EUR (hedged)^ 1,180,470.558 369,311.859 220,938.986 1,328,843.431JPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) 33,996.768 3,181.919 15,226.860 21,951.827JPM Emerging Markets Investment Grade Bond D (acc) - USD 1,539.585 - - 1,539.585JPM Emerging Markets Investment Grade Bond I (acc) - CHF (hedged) 76,169.000 50,910.000 3,279.000 123,800.000JPM Emerging Markets Investment Grade Bond I (acc) - EUR 252,723.487 - - 252,723.487JPM Emerging Markets Investment Grade Bond I (acc) - EUR (hedged) 201,650.000 - 102,120.000 99,530.000JPM Emerging Markets Investment Grade Bond I (acc) - JPY (hedged) 686,414.012 - 480.769 685,933.243JPM Emerging Markets Investment Grade Bond I (acc) - USD 1,772,958.415 538,256.394 1,616,879.822 694,334.987JPM Emerging Markets Investment Grade Bond I (dist) - EUR (hedged)^ 308,350.712 1,267,405.239 183,020.348 1,392,735.603JPM Emerging Markets Investment Grade Bond I2 (acc) - EUR (hedged) - 10.000 - 10.000

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

63

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - CZK - 90.334 - 90.334JPM Emerging Markets Local Currency Debt A (acc) - EUR 5,119,181.499 5,592,166.742 5,396,062.569 5,315,285.672JPM Emerging Markets Local Currency Debt A (acc) - SGD 1,258,400.958 341,133.016 244,553.313 1,354,980.661JPM Emerging Markets Local Currency Debt A (acc) - USD 2,983,405.777 7,175,372.370 6,093,054.656 4,065,723.491JPM Emerging Markets Local Currency Debt A (dist) - EUR^ 818,427.249 114,909.164 167,741.082 765,595.331JPM Emerging Markets Local Currency Debt A (dist) - GBP 3,564.403 2,695.451 3,015.390 3,244.464JPM Emerging Markets Local Currency Debt A (div) - EUR 185,360.905 57,489.872 54,179.895 188,670.882JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) 16,362,868.312 12,540,392.020 8,667,028.013 20,236,232.319JPM Emerging Markets Local Currency Debt A (mth) - HKD 246,818.253 1,143,291.762 361,638.555 1,028,471.460JPM Emerging Markets Local Currency Debt A (mth) - USD 51,935,167.991 18,603,012.920 19,222,334.297 51,315,846.614JPM Emerging Markets Local Currency Debt C (acc) - EUR 387,195.802 298,345.179 313,803.857 371,737.124JPM Emerging Markets Local Currency Debt C (acc) - EUR (hedged) 162,419.291 744,312.515 528,958.599 377,773.207JPM Emerging Markets Local Currency Debt C (acc) - SEK (hedged) - 8,413.475 - 8,413.475JPM Emerging Markets Local Currency Debt C (acc) - USD 8,664,895.731 2,138,870.056 10,142,534.474 661,231.313JPM Emerging Markets Local Currency Debt C (dist) - EUR^ 12.719 - - 12.719JPM Emerging Markets Local Currency Debt C (dist) - GBP 7,630.979 40.380 510.866 7,160.493JPM Emerging Markets Local Currency Debt C (div) - EUR* 96,104.380 - 96,104.380 -JPM Emerging Markets Local Currency Debt C (mth) - USD 40,544.694 6,296.783 39,859.694 6,981.783JPM Emerging Markets Local Currency Debt D (acc) - EUR 4,145,742.729 725,560.680 1,144,805.683 3,726,497.726JPM Emerging Markets Local Currency Debt D (acc) - USD 67,758.458 32,221.258 44,202.587 55,777.129JPM Emerging Markets Local Currency Debt D (div) - EUR 22,479,700.694 5,832,763.917 4,524,963.289 23,787,501.322JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) 4,574.884 59,970.138 9,761.480 54,783.542JPM Emerging Markets Local Currency Debt D (mth) - USD 38,463.607 28,060.308 31,528.104 34,995.811JPM Emerging Markets Local Currency Debt I (acc) - EUR 262,640.592 438,249.310 225,182.863 475,707.039JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 998,325.000 2,526,552.239 1,277,990.239 2,246,887.000JPM Emerging Markets Local Currency Debt I (acc) - USD 146,888.091 1,172,459.229 1,249,699.594 69,647.726JPM Emerging Markets Local Currency Debt I (dist) - EUR^ 3,377,900.726 1,541,869.819 3,212,450.702 1,707,319.843JPM Emerging Markets Local Currency Debt I (dist) - EUR (hedged) - 1,240,406.546 50,000.000 1,190,406.546JPM Emerging Markets Local Currency Debt I2 (acc) - EUR - 10.000 - 10.000JPM Emerging Markets Local Currency Debt T (acc) - EUR 21,570.892 21,302.991 7,789.186 35,084.697JPM Emerging Markets Local Currency Debt T (div) - EUR 257,810.762 114,139.483 151,576.820 220,373.425JPM Emerging Markets Local Currency Debt X (acc) - USD 11,437,227.546 6,707,946.428 14,612,518.297 3,532,655.677JPM Emerging Markets Local Currency Debt X (dist) - GBP^ 549,705.219 25,354.578 9.648 575,050.149JPM Emerging Markets Local Currency Debt X (dist) - GBP (hedged) - 266,417.462 81,662.437 184,755.025JPM Emerging Markets Local Currency Debt X (dist) - USD** - 44,890.000 - 44,890.000JPM Emerging Markets Local Currency Debt Y (acc) - EUR 1,971,842.243 791,950.836 66,222.231 2,697,570.848JPM Emerging Markets Local Currency Debt Y (acc) - GBP 1,261,624.787 70,972.163 244,253.787 1,088,343.163

JPMorgan Funds - Emerging Markets Opportunities FundJPM Emerging Markets Opportunities A (acc) - CHF (hedged) 33,161.450 9,436.385 12,929.953 29,667.882JPM Emerging Markets Opportunities A (acc) - EUR 289,347.704 341,725.815 206,066.826 425,006.693JPM Emerging Markets Opportunities A (acc) - SGD 49,362.582 69,282.382 42,605.687 76,039.277JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 138,065.537 682,954.788 335,203.889 485,816.436JPM Emerging Markets Opportunities A (acc) - USD 1,465,509.045 1,341,068.917 1,040,114.713 1,766,463.249JPM Emerging Markets Opportunities A (dist) - EUR 169,392.380 127,270.645 65,329.671 231,333.354JPM Emerging Markets Opportunities A (dist) - GBP 3,601.736 4,080.292 5,060.247 2,621.781JPM Emerging Markets Opportunities A (dist) - USD 41,754.511 34,875.902 24,332.592 52,297.821JPM Emerging Markets Opportunities A (inc) - EUR*** 6,336.623 401.000 6,737.623 -JPM Emerging Markets Opportunities C (acc) - CHF (hedged) 1,659.479 35,568.975 4,287.000 32,941.454JPM Emerging Markets Opportunities C (acc) - EUR 68,738.365 194,036.392 102,946.539 159,828.218JPM Emerging Markets Opportunities C (acc) - PLN 66,384.524 47,797.083 20,017.248 94,164.359JPM Emerging Markets Opportunities C (acc) - SGD* 141.644 - 141.644 -JPM Emerging Markets Opportunities C (acc) - SGD (hedged)* 141.644 - 141.644 -JPM Emerging Markets Opportunities C (acc) - USD 1,001,750.314 881,975.565 558,131.733 1,325,594.146JPM Emerging Markets Opportunities C (dist) - EUR 2,422.688 66,785.263 1,483.604 67,724.347JPM Emerging Markets Opportunities C (dist) - GBP 1,483,988.648 393,155.473 401,683.271 1,475,460.850JPM Emerging Markets Opportunities C (dist) - USD 292,892.449 255,493.090 125,743.335 422,642.204JPM Emerging Markets Opportunities C (inc) - EUR*** 730.164 26,535.000 27,265.164 -JPM Emerging Markets Opportunities D (acc) - EUR 49,390.578 118,591.478 28,910.275 139,071.781JPM Emerging Markets Opportunities D (acc) - PLN 12,444.757 5,370.373 8,511.199 9,303.931JPM Emerging Markets Opportunities D (acc) - USD 82,536.170 88,529.440 103,859.409 67,206.201JPM Emerging Markets Opportunities I (acc) - EUR 11.007 474,937.274 56,361.893 418,586.388JPM Emerging Markets Opportunities I (acc) - SGD 6,119,786.993 - 1,085,937.500 5,033,849.493JPM Emerging Markets Opportunities I (acc) - USD 2,318,528.930 1,224,659.266 1,717,850.317 1,825,337.879JPM Emerging Markets Opportunities I2 (acc) - EUR - 10.000 - 10.000JPM Emerging Markets Opportunities I2 (acc) - USD - 1,373.358 3.059 1,370.299JPM Emerging Markets Opportunities T (acc) - EUR 13,690.827 48,915.779 8,007.109 54,599.497JPM Emerging Markets Opportunities X (acc) - EUR 2,629,647.006 200,717.570 179,074.965 2,651,289.611JPM Emerging Markets Opportunities X (acc) - EUR (hedged)* 3,529.000 - 3,529.000 -JPM Emerging Markets Opportunities X (acc) - GBP 1,933,374.888 49,117.617 210,369.133 1,772,123.372JPM Emerging Markets Opportunities X (acc) - USD 814,009.176 431,638.998 60,301.595 1,185,346.579JPM Emerging Markets Opportunities X (dist) - AUD 100,693.984 43,508.155 14,695.124 129,507.015JPM Emerging Markets Opportunities X (dist) - GBP 28,476.787 32,955.000 17,778.592 43,653.195

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

64

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Emerging Markets Small Cap FundJPM Emerging Markets Small Cap A (perf) (acc) - EUR 21,782,499.599 4,554,716.611 11,069,712.052 15,267,504.158JPM Emerging Markets Small Cap A (perf) (acc) - USD 31,491,972.801 8,719,539.526 13,920,558.537 26,290,953.790JPM Emerging Markets Small Cap A (perf) (dist) - GBP 516,965.510 369,309.803 200,383.015 685,892.298JPM Emerging Markets Small Cap A (perf) (dist) - USD 69,735.265 9,219.000 65,684.265 13,270.000JPM Emerging Markets Small Cap C (perf) (acc) - EUR 3,505,984.476 1,170,383.729 867,627.427 3,808,740.778JPM Emerging Markets Small Cap C (perf) (acc) - USD 6,395,458.070 3,399,811.476 3,143,964.529 6,651,305.017JPM Emerging Markets Small Cap C (perf) (dist) - GBP 40,389.438 32,512.072 28,220.772 44,680.738JPM Emerging Markets Small Cap D (perf) (acc) - EUR 141,384.694 95,729.636 48,261.908 188,852.422JPM Emerging Markets Small Cap D (perf) (acc) - USD 1,807,669.484 439,392.403 398,597.661 1,848,464.226JPM Emerging Markets Small Cap I (perf) (acc) - USD 2,116,779.077 533,334.227 1,563,118.410 1,086,994.894JPM Emerging Markets Small Cap I (perf) (dist) - USD - 1,926.711 - 1,926.711JPM Emerging Markets Small Cap T (perf) (acc) - EUR 26,648.646 30,663.744 8,780.086 48,532.304JPM Emerging Markets Small Cap X (acc) - EUR 267,846.745 155,884.869 47,620.325 376,111.289JPM Emerging Markets Small Cap X (acc) - JPY 1,777,442.416 193,554.648 377,288.703 1,593,708.361JPM Emerging Markets Small Cap X (perf) (dist) - USD^ 352,010.223 - 10.223 352,000.000

JPMorgan Funds - Emerging Markets Strategic Bond FundJPM Emerging Markets Strategic Bond A (acc) - EUR (hedged) 20,103.507 83,641.640 30,132.294 73,612.853JPM Emerging Markets Strategic Bond A (acc) - USD 19,695.524 790.955 3,354.992 17,131.487JPM Emerging Markets Strategic Bond A (dist) - EUR (hedged)^ 91,536.315 7,450.130 25,515.473 73,470.972JPM Emerging Markets Strategic Bond A (dist) - USD 433.000 682,397.886 90,260.936 592,569.950JPM Emerging Markets Strategic Bond A (inc) - USD*** 29,716.855 40,619.110 70,335.965 -JPM Emerging Markets Strategic Bond A (mth) - USD - 10.299 - 10.299JPM Emerging Markets Strategic Bond A (perf) (acc) - EUR (hedged) 2,142,332.721 1,149,201.082 2,009,926.003 1,281,607.800JPM Emerging Markets Strategic Bond A (perf) (acc) - USD 519,569.036 73,164.690 473,824.151 118,909.575JPM Emerging Markets Strategic Bond A (perf) (dist) - EUR (hedged)^ 251,071.985 391,296.826 115,608.537 526,760.274JPM Emerging Markets Strategic Bond A (perf) (div) - EUR (hedged) 19,770.952 34,267.717 7,936.194 46,102.475JPM Emerging Markets Strategic Bond C (acc) - USD 79,599.468 27,095.367 3,099.518 103,595.317JPM Emerging Markets Strategic Bond C (dist) - GBP (hedged) 132,048.169 2,836.757 6,324.376 128,560.550JPM Emerging Markets Strategic Bond C (dist) - USD 33,009.994 255,282.489 20,306.086 267,986.397JPM Emerging Markets Strategic Bond C (inc) - USD*** 210,998.485 37,955.000 248,953.485 -JPM Emerging Markets Strategic Bond C (perf) (acc) - CHF (hedged) 74,995.000 6,002.585 75,479.585 5,518.000JPM Emerging Markets Strategic Bond C (perf) (acc) - EUR (hedged) 1,064,259.063 563,477.777 583,431.500 1,044,305.340JPM Emerging Markets Strategic Bond C (perf) (acc) - USD 219,642.185 93,293.386 121,906.306 191,029.265JPM Emerging Markets Strategic Bond C (perf) (dist) - USD 110,603.215 25,005.135 2,739.895 132,868.455JPM Emerging Markets Strategic Bond D (perf) (acc) - EUR (hedged) 561,068.280 703,209.390 208,294.040 1,055,983.630JPM Emerging Markets Strategic Bond D (perf) (acc) - USD 24,350.152 22,023.708 5,775.397 40,598.463JPM Emerging Markets Strategic Bond D (perf) (div) - EUR (hedged) 1,507,556.295 1,512,929.892 252,799.853 2,767,686.334JPM Emerging Markets Strategic Bond I (div) - EUR (hedged) 509,745.000 - - 509,745.000JPM Emerging Markets Strategic Bond I (perf) (acc) - EUR 1,108,770.598 188,220.000 661,342.598 635,648.000JPM Emerging Markets Strategic Bond I (perf) (acc) - EUR (hedged) 1,729,909.256 2,318,286.552 230,748.749 3,817,447.059JPM Emerging Markets Strategic Bond I2 (perf) (acc) - EUR (hedged) - 10.000 - 10.000JPM Emerging Markets Strategic Bond I2 (perf) (acc) - USD - 10.000 - 10.000JPM Emerging Markets Strategic Bond X (acc) - EUR (hedged) 17,590.000 21,615.686 7,736.686 31,469.000JPM Emerging Markets Strategic Bond X (acc) - USD 179,757.598 - 47,084.296 132,673.302

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - EUR 175,578.462 93,589.807 74,350.395 194,817.874JPM Emerging Middle East Equity A (acc) - USD 420,119.544 429,759.345 266,446.975 583,431.914JPM Emerging Middle East Equity A (dist) - USD 3,833,302.034 2,125,421.914 2,290,545.468 3,668,178.480JPM Emerging Middle East Equity C (acc) - USD 625,151.619 773,987.331 244,773.061 1,154,365.889JPM Emerging Middle East Equity C (dist) - USD 4,290.657 1,095.110 1,180.905 4,204.862JPM Emerging Middle East Equity D (acc) - EUR 12,336.083 16,455.468 8,179.981 20,611.570JPM Emerging Middle East Equity D (acc) - USD 395,650.509 64,051.312 113,660.290 346,041.531JPM Emerging Middle East Equity I (acc) - USD 489.401 222,338.921 151,309.047 71,519.275

JPMorgan Funds - Equity Premium Income FundJPM Equity Premium Income A (mth) - USD 30,000.000 - - 30,000.000JPM Equity Premium Income C (mth) - USD 20,000.000 - - 20,000.000

JPMorgan Funds - EU Government Bond FundJPM EU Government Bond A (acc) - EUR 17,060,938.428 2,798,579.075 11,044,441.850 8,815,075.653JPM EU Government Bond A (dist) - EUR 25,299.693 900.540 3,890.660 22,309.573JPM EU Government Bond C (acc) - EUR 26,429,549.982 11,543,673.772 8,684,833.875 29,288,389.879JPM EU Government Bond C (dist) - EUR 10.000 - - 10.000JPM EU Government Bond D (acc) - EUR 5,968,351.992 4,208,807.132 1,831,665.928 8,345,493.196JPM EU Government Bond I (acc) - EUR 93,897.604 2,327,859.524 1,560,064.592 861,692.536JPM EU Government Bond I2 (acc) - EUR - 3,683.413 - 3,683.413JPM EU Government Bond X (acc) - EUR 2,802.773 38.817 1,362.047 1,479.543

JPMorgan Funds - Euro Aggregate Bond FundJPM Euro Aggregate Bond A (acc) - EUR 3,653,260.708 1,469,324.713 3,047,940.205 2,074,645.216JPM Euro Aggregate Bond A (dist) - EUR^ 51,645.637 1,199.467 11,018.472 41,826.632JPM Euro Aggregate Bond C (acc) - EUR 221,076.120 46,257.599 249,507.960 17,825.759JPM Euro Aggregate Bond C (dist) - EUR^ 19.812 - - 19.812JPM Euro Aggregate Bond D (acc) - EUR 73,931.602 3,754.033 24,959.387 52,726.248

*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

65

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Euro Corporate Bond FundJPM Euro Corporate Bond A (acc) - EUR 279,423.944 21,020.182 109,945.763 190,498.363JPM Euro Corporate Bond C (acc) - EUR 344,774.205 8,874.526 131,710.641 221,938.090JPM Euro Corporate Bond D (acc) - EUR 3,224,220.433 1,402,781.261 835,649.404 3,791,352.290JPM Euro Corporate Bond I (acc) - EUR 324,095.000 138,826.000 32,357.000 430,564.000JPM Euro Corporate Bond X (acc) - EUR 172.784 14,516.000 14,666.727 22.057

JPMorgan Funds - Euro Government Short Duration Bond FundJPM Euro Government Short Duration Bond A (acc) - EUR 7,342,088.306 4,400,206.570 2,969,392.472 8,772,902.404JPM Euro Government Short Duration Bond A (dist) - EUR^ 943,852.319 192,409.549 623,571.988 512,689.880JPM Euro Government Short Duration Bond C (acc) - EUR 6,265,229.742 1,334,102.479 5,120,835.711 2,478,496.510JPM Euro Government Short Duration Bond D (acc) - EUR 2,274,424.757 636,779.722 1,020,676.714 1,890,527.765JPM Euro Government Short Duration Bond I (acc) - EUR 9,050.934 12,959.569 11,235.015 10,775.488JPM Euro Government Short Duration Bond X (acc) - EUR 776.334 1,691.578 388.167 2,079.745

JPMorgan Funds - Euro Money Market FundJPM Euro Money Market A (acc) - EUR 2,618,439.448 356,697.915 1,499,308.327 1,475,829.036JPM Euro Money Market C (acc) - EUR 5,842.838 11,963.000 708.000 17,097.838JPM Euro Money Market D (acc) - EUR 657,649.038 232,083.800 497,220.333 392,512.505

JPMorgan Funds - Euro Short Duration Bond Fund (2)JPM Euro Short Duration Bond A (acc) - EUR 605,209.761 14,855.552 620,065.313 -JPM Euro Short Duration Bond C (acc) - EUR 15,102.796 3,093.386 18,196.182 -JPM Euro Short Duration Bond C (dist) - GBP (hedged) 14,230.281 - 14,230.281 -JPM Euro Short Duration Bond C (dist) - USD (hedged) 1,487.908 - 1,487.908 -JPM Euro Short Duration Bond D (acc) - EUR 129,277.684 18,722.610 148,000.294 -JPM Euro Short Duration Bond I (acc) - EUR 1,654.763 - 1,654.763 -

JPMorgan Funds - Euroland Dynamic FundJPM Euroland Dynamic A (perf) (acc) - EUR 1,819,477.501 431,530.487 743,077.717 1,507,930.271JPM Euroland Dynamic A (perf) (dist) - EUR 23,577.001 27,350.062 12,205.000 38,722.063JPM Euroland Dynamic C (perf) (acc) - EUR 1,069,619.853 432,976.882 286,864.534 1,215,732.201JPM Euroland Dynamic C (perf) (acc) - USD (hedged) 5,294.468 1,520.000 417.967 6,396.501JPM Euroland Dynamic C (perf) (dist) - EUR 8,314.795 162,285.446 29,565.132 141,035.109JPM Euroland Dynamic D (perf) (acc) - EUR 206,633.394 135,495.577 117,072.765 225,056.206JPM Euroland Dynamic I (perf) (acc) - EUR 323,009.898 36,279.343 141,468.915 217,820.326JPM Euroland Dynamic I2 (perf) (acc) - EUR - 10.000 - 10.000

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - CHF (hedged) 6,800.211 281.440 2,756.772 4,324.879JPM Euroland Equity A (acc) - EUR 1,542,348.125 5,365,009.812 1,054,388.462 5,852,969.475JPM Euroland Equity A (acc) - GBP (hedged) 1,665.368 - 403.368 1,262.000JPM Euroland Equity A (acc) - USD (hedged) 41,311.472 77,816.695 38,541.797 80,586.370JPM Euroland Equity A (dist) - EUR 1,679,939.896 1,738,377.686 761,160.174 2,657,157.408JPM Euroland Equity A (dist) - USD 4,409,018.046 5,909,270.960 5,624,532.990 4,693,756.016JPM Euroland Equity A (inc) - EUR*** 3,260.835 4,346.347 7,607.182 -JPM Euroland Equity C (acc) - CHF (hedged) 18,945.000 316.000 11,741.000 7,520.000JPM Euroland Equity C (acc) - EUR 8,817,804.606 9,286,447.921 9,030,749.050 9,073,503.477JPM Euroland Equity C (acc) - GBP (hedged)* 13.600 - 13.600 -JPM Euroland Equity C (acc) - USD (hedged)** - 24,747.767 5,851.838 18,895.929JPM Euroland Equity C (dist) - EUR 3,491.022 7,302.628 2,501.646 8,292.004JPM Euroland Equity C (dist) - USD 18,907.056 26,100.000 5,959.261 39,047.795JPM Euroland Equity D (acc) - EUR 1,413,447.380 4,762,016.096 868,784.210 5,306,679.266JPM Euroland Equity I (acc) - EUR** - 1,204,785.720 268,633.056 936,152.664JPM Euroland Equity I (acc) - USD - 52,612.464 51,891.120 721.344JPM Euroland Equity I2 (acc) - EUR - 10.000 - 10.000JPM Euroland Equity T (acc) - EUR - 71,618.247 4,862.250 66,755.997JPM Euroland Equity X (acc) - EUR 1,986,819.985 837,564.747 182,857.705 2,641,527.027

JPMorgan Funds - Euroland Select Equity Fund (3)JPM Euroland Select Equity A (acc) - EUR 153,400.731 8,732.669 162,133.400 -JPM Euroland Select Equity A (dist) - EUR 28,256.188 239.955 28,496.143 -JPM Euroland Select Equity C (acc) - EUR 413,540.597 223,771.269 637,311.866 -JPM Euroland Select Equity D (acc) - EUR 251,418.277 32,705.273 284,123.550 -JPM Euroland Select Equity I (acc) - EUR - 13,256.000 13,256.000 -JPM Euroland Select Equity X (acc) - EUR 704,759.346 16.052 704,775.398 -

JPMorgan Funds - Europe Dividend Alpha Fund (4)JPM Europe Dividend Alpha C (acc) - EUR 10.000 78.000 88.000 -JPM Europe Dividend Alpha I (acc) - EUR 32,884.888 - 32,884.888 -JPM Europe Dividend Alpha I (dist) - EUR^ 468,906.013 - 468,906.013 -JPM Europe Dividend Alpha X (dist) - EUR^ 991.380 - 991.380 -

(2) This Sub-Fund was merged into JPMorgan Funds - Global Short Duration Bond Fund on 23 February 2018.(3) This Sub-Fund was merged into JPMorgan Funds - Euroland Equity Fund on 9 February 2018.(4) This Sub-Fund was liquidated on 28 November 2017.* Share Class inactive as at the end of the year.** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

66

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - AUD (hedged) 2,305,338.225 3,259,602.902 3,917,248.285 1,647,692.842JPM Europe Dynamic A (acc) - EUR 9,672,272.426 8,218,832.976 5,615,709.039 12,275,396.363JPM Europe Dynamic A (acc) - HKD (hedged) 18,410,456.832 8,093,783.199 14,557,905.824 11,946,334.207JPM Europe Dynamic A (acc) - SGD (hedged) 1,169,350.057 3,866,140.552 987,040.926 4,048,449.683JPM Europe Dynamic A (acc) - USD 231,957.815 104,606.240 186,226.727 150,337.328JPM Europe Dynamic A (acc) - USD (hedged) 1,192,591.411 750,573.093 901,906.905 1,041,257.599JPM Europe Dynamic A (dist) - EUR 5,604,939.641 800,868.787 1,621,994.567 4,783,813.861JPM Europe Dynamic A (dist) - GBP 35,750.494 23,521.443 3,232.516 56,039.421JPM Europe Dynamic A (inc) - EUR*** 264.306 2.928 267.234 -JPM Europe Dynamic C (acc) - EUR 4,183,660.098 3,062,671.657 2,473,624.191 4,772,707.564JPM Europe Dynamic C (acc) - USD 78,513.068 260,315.836 173,693.422 165,135.482JPM Europe Dynamic C (acc) - USD (hedged) 200,604.197 119,107.553 68,151.579 251,560.171JPM Europe Dynamic C (dist) - EUR 58,062.298 92,305.195 86,257.975 64,109.518JPM Europe Dynamic C (dist) - GBP 9,086.919 3,510.641 766.449 11,831.111JPM Europe Dynamic C (inc) - EUR*** 13,980.000 - 13,980.000 -JPM Europe Dynamic D (acc) - EUR 1,157,640.119 1,336,641.257 460,865.003 2,033,416.373JPM Europe Dynamic D (acc) - USD 4,160.469 1,448.131 2,001.832 3,606.768JPM Europe Dynamic D (acc) - USD (hedged) 20,834.895 1,309.649 7,925.589 14,218.955JPM Europe Dynamic I (acc) - EUR 4,737,994.763 8,716,831.094 3,330,522.702 10,124,303.155JPM Europe Dynamic I (acc) - USD (hedged) 74,540.527 90,588.787 117,229.314 47,900.000JPM Europe Dynamic I (dist) - EUR 60,151.212 7,654.275 49,364.966 18,440.521JPM Europe Dynamic I (dist) - GBP* 836.644 - 836.644 -JPM Europe Dynamic I2 (acc) - EUR - 98,417.757 21,535.790 76,881.967JPM Europe Dynamic I2 (acc) - USD (hedged) - 76,144.871 25,861.627 50,283.244JPM Europe Dynamic I2 (dist) - EUR - 4,912.846 4,902.846 10.000JPM Europe Dynamic I2 (dist) - GBP - 1,824.351 - 1,824.351JPM Europe Dynamic T (acc) - EUR** - 164,115.287 21,594.480 142,520.807JPM Europe Dynamic X (acc) - EUR 1,682,135.763 604,663.308 257,915.946 2,028,883.125JPM Europe Dynamic X (acc) - USD (hedged) 42,599.000 146,509.000 21,673.000 167,435.000

JPMorgan Funds - Europe Dynamic Small Cap FundJPM Europe Dynamic Small Cap A (perf) (acc) - EUR 9,215,019.132 3,108,376.276 3,360,127.527 8,963,267.881JPM Europe Dynamic Small Cap A (perf) (dist) - EUR 1,401,150.917 593,557.887 185,841.812 1,808,866.992JPM Europe Dynamic Small Cap C (perf) (acc) - EUR 481,368.977 993,509.240 333,550.692 1,141,327.525JPM Europe Dynamic Small Cap C (perf) (dist) - EUR 111,359.910 244,132.908 90,471.367 265,021.451JPM Europe Dynamic Small Cap D (perf) (acc) - EUR 1,257,586.660 1,143,907.681 715,268.457 1,686,225.884JPM Europe Dynamic Small Cap I (perf) (acc) - EUR 540,205.699 448,541.161 481,467.275 507,279.585JPM Europe Dynamic Small Cap I2 (perf) (acc) - EUR - 383,875.091 38,812.260 345,062.831JPM Europe Dynamic Small Cap X (perf) (acc) - EUR 5,783.262 15,330.216 6,081.221 15,032.257

JPMorgan Funds - Europe Dynamic Technologies Fund (5)JPM Europe Dynamic Technologies A (acc) - EUR 927,271.969 5,738,270.861 2,176,051.377 4,489,491.453JPM Europe Dynamic Technologies A (acc) - USD (hedged) 184,203.353 205,372.876 252,674.144 136,902.085JPM Europe Dynamic Technologies A (dist) - EUR 5,009,352.490 8,312,559.261 7,833,795.291 5,488,116.460JPM Europe Dynamic Technologies A (dist) - GBP 55,552.155 46,642.184 33,443.957 68,750.382JPM Europe Dynamic Technologies C (acc) - EUR 231,168.191 753,339.382 621,632.234 362,875.339JPM Europe Dynamic Technologies C (acc) - USD (hedged) - 13,461.051 637.450 12,823.601JPM Europe Dynamic Technologies C (dist) - EUR 11,152.418 16,487.106 3,352.653 24,286.871JPM Europe Dynamic Technologies C (dist) - GBP 1,081.261 4,398.081 3,277.507 2,201.835JPM Europe Dynamic Technologies D (acc) - EUR 2,462,710.404 6,615,656.004 3,276,923.396 5,801,443.012JPM Europe Dynamic Technologies I (acc) - EUR** - 917,281.884 517,641.339 399,640.545JPM Europe Dynamic Technologies I2 (dist) - EUR - 10.000 - 10.000JPM Europe Dynamic Technologies X (acc) - EUR 496.311 1,668.558 262.356 1,902.513

JPMorgan Funds - Europe Equity Absolute Alpha FundJPM Europe Equity Absolute Alpha A (perf) (acc) - CHF (hedged) 20,723.464 - 6,755.000 13,968.464JPM Europe Equity Absolute Alpha A (perf) (acc) - EUR 490,423.164 39,353.325 145,056.591 384,719.898JPM Europe Equity Absolute Alpha A (perf) (acc) - SEK (hedged) 3,029.554 70.607 465.333 2,634.828JPM Europe Equity Absolute Alpha A (perf) (acc) - USD 1,411.554 - 574.540 837.014JPM Europe Equity Absolute Alpha A (perf) (acc) - USD (hedged) 205,597.850 688.528 93,459.206 112,827.172JPM Europe Equity Absolute Alpha A (perf) (dist) - EUR^ 1,229.816 111.317 254.812 1,086.321JPM Europe Equity Absolute Alpha A (perf) (dist) - GBP 585.338 4.330 495.531 94.137JPM Europe Equity Absolute Alpha A (perf) (dist) - GBP (hedged) 3,068.429 38.141 254.229 2,852.341JPM Europe Equity Absolute Alpha C (acc) - EUR* 10.000 - 10.000 -JPM Europe Equity Absolute Alpha C (perf) (acc) - CHF (hedged) 475.000 - - 475.000JPM Europe Equity Absolute Alpha C (perf) (acc) - EUR 407,664.213 310,935.118 348,504.488 370,094.843JPM Europe Equity Absolute Alpha C (perf) (dist) - GBP (hedged) 177,233.090 195,699.561 83,564.327 289,368.324JPM Europe Equity Absolute Alpha C (perf) (dist) - USD (hedged) 22,041.747 531.267 16,983.314 5,589.700JPM Europe Equity Absolute Alpha D (perf) (acc) - EUR 130,116.290 37,307.699 34,097.977 133,326.012JPM Europe Equity Absolute Alpha D (perf) (acc) - USD 201.769 15,457.000 11,047.070 4,611.699JPM Europe Equity Absolute Alpha I (perf) (acc) - EUR 403,843.537 204,772.683 180,105.931 428,510.289JPM Europe Equity Absolute Alpha I2 (perf) (acc) - EUR - 10.000 - 10.000JPM Europe Equity Absolute Alpha X (perf) (acc) - EUR* 2,695.000 - 2,695.000 -

(5) This Sub-Fund was renamed from JPMorgan Funds - Europe Technology Fund to JPMorgan Funds - Europe Dynamic Technologies Fund on 29 September 2017.* Share Class inactive as at the end of the year.** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

67

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - AUD (hedged) - 70,863.505 4,366.898 66,496.607JPM Europe Equity A (acc) - EUR 2,980,738.261 1,875,027.605 1,022,790.238 3,832,975.628JPM Europe Equity A (acc) - USD 1,728,927.090 874,573.321 443,927.958 2,159,572.453JPM Europe Equity A (acc) - USD (hedged) 61,457.580 32,699.055 35,632.616 58,524.019JPM Europe Equity A (dist) - EUR 3,136,051.313 808,393.482 408,830.869 3,535,613.926JPM Europe Equity A (dist) - USD 748,926.930 372,082.605 450,519.091 670,490.444JPM Europe Equity C (acc) - EUR 3,602,588.182 5,713,600.081 1,107,063.810 8,209,124.453JPM Europe Equity C (acc) - USD 3,375.932 70,525.196 45,387.982 28,513.146JPM Europe Equity C (acc) - USD (hedged) 7,811.006 9,523.488 3,428.831 13,905.663JPM Europe Equity C (dist) - EUR 8,476.501 17,861.264 1,394.854 24,942.911JPM Europe Equity C (dist) - USD 2,358.393 5,662.064 72.400 7,948.057JPM Europe Equity D (acc) - EUR 2,231,287.216 1,480,385.978 699,642.610 3,012,030.584JPM Europe Equity D (acc) - USD 152,849.592 225,433.792 45,957.077 332,326.307JPM Europe Equity D (acc) - USD (hedged) 22,202.719 3,898.019 4,911.207 21,189.531JPM Europe Equity I (acc) - EUR 412,360.157 349,381.000 277,501.565 484,239.592JPM Europe Equity X (acc) - EUR 24,564.849 8,144,122.475 945,599.014 7,223,088.310JPM Europe Equity X (acc) - USD (hedged) - 30,073.000 2,883.000 27,190.000

JPMorgan Funds - Europe Equity Plus FundJPM Europe Equity Plus A (perf) (acc) - EUR 90,541,500.225 26,042,685.006 36,979,469.435 79,604,715.796JPM Europe Equity Plus A (perf) (acc) - USD 1,723,050.306 603,888.076 637,735.754 1,689,202.628JPM Europe Equity Plus A (perf) (acc) - USD (hedged) 878,125.608 128,412.847 244,267.952 762,270.503JPM Europe Equity Plus A (perf) (dist) - EUR 6,332,081.127 1,991,674.612 2,447,089.741 5,876,665.998JPM Europe Equity Plus A (perf) (dist) - GBP 474,378.559 115,657.339 371,594.821 218,441.077JPM Europe Equity Plus C (acc) - EUR 578,160.000 106,943.887 66,324.184 618,779.703JPM Europe Equity Plus C (perf) (acc) - EUR 8,503,910.700 2,714,674.440 4,391,469.777 6,827,115.363JPM Europe Equity Plus C (perf) (acc) - USD 46,538.846 62,158.565 22,289.870 86,407.541JPM Europe Equity Plus C (perf) (acc) - USD (hedged) 662,288.117 168,701.799 237,676.003 593,313.913JPM Europe Equity Plus C (perf) (dist) - EUR 15,338.000 166,412.557 26,130.928 155,619.629JPM Europe Equity Plus C (perf) (dist) - GBP 116,021.168 18,673.465 25,331.610 109,363.023JPM Europe Equity Plus D (perf) (acc) - EUR 22,034,868.348 4,123,265.337 5,705,104.407 20,453,029.278JPM Europe Equity Plus D (perf) (acc) - USD 197,711.641 88,571.066 75,339.334 210,943.373JPM Europe Equity Plus D (perf) (acc) - USD (hedged) 7,464.778 1,274.149 4,486.872 4,252.055JPM Europe Equity Plus I (perf) (acc) - EUR 4,403,522.794 3,424,433.683 2,749,972.750 5,077,983.727JPM Europe Equity Plus X (perf) (acc) - EUR 2,273,803.205 886.609 515,663.122 1,759,026.692

JPMorgan Funds - Europe High Yield Bond FundJPM Europe High Yield Bond A (acc) - EUR 6,027,433.641 5,043,582.393 4,777,023.634 6,293,992.400JPM Europe High Yield Bond A (dist) - EUR^ 30,009,155.674 3,378,543.307 3,088,240.229 30,299,458.752JPM Europe High Yield Bond A (div) - EUR* - 1,489.102 1,489.102 -JPM Europe High Yield Bond C (acc) - EUR 12,172,529.885 7,595,926.996 13,357,839.636 6,410,617.245JPM Europe High Yield Bond C (acc) - USD (hedged) 3,712.621 - 1,568.000 2,144.621JPM Europe High Yield Bond C (dist) - EUR^ 20,109.690 19,000.001 20,100.000 19,009.691JPM Europe High Yield Bond D (acc) - EUR 10,798,191.998 3,808,569.216 3,855,268.281 10,751,492.933JPM Europe High Yield Bond D (div) - EUR 550,579.329 464,325.170 104,956.312 909,948.187JPM Europe High Yield Bond I (acc) - EUR 10.000 226,495.842 174,440.731 52,065.111JPM Europe High Yield Bond I (dist) - EUR^ 470,009.765 405,000.000 405,009.765 470,000.000JPM Europe High Yield Bond I2 (acc) - EUR - 10.000 - 10.000JPM Europe High Yield Bond T (acc) - EUR 196,068.012 228,231.100 101,006.306 323,292.806JPM Europe High Yield Bond X (acc) - EUR 1,150,133.943 1,009,849.098 675,761.210 1,484,221.831JPM Europe High Yield Bond X (acc) - GBP (hedged)* 15,645.000 - 15,645.000 -

JPMorgan Funds - Europe High Yield Short Duration Bond FundJPM Europe High Yield Short Duration Bond A (acc) - CHF (hedged) 10,065.000 - - 10,065.000JPM Europe High Yield Short Duration Bond A (acc) - EUR 199,179.969 4,911.466 460.000 203,631.435JPM Europe High Yield Short Duration Bond A (acc) - SEK (hedged) 8,919.000 - - 8,919.000JPM Europe High Yield Short Duration Bond A (acc) - USD (hedged) 10,610.000 916.000 706.000 10,820.000JPM Europe High Yield Short Duration Bond A (div) - EUR 1,578.104 8,034.134 512.361 9,099.877JPM Europe High Yield Short Duration Bond C (acc) - EUR 19,318.591 120,559.137 119,059.137 20,818.591JPM Europe High Yield Short Duration Bond D (acc) - EUR 7,335.719 112,389.910 10,811.375 108,914.254JPM Europe High Yield Short Duration Bond D (div) - EUR 22,484.206 421,035.795 24,700.271 418,819.730JPM Europe High Yield Short Duration Bond I (acc) - EUR - 267,069.863 31,104.661 235,965.202JPM Europe High Yield Short Duration Bond S1 (acc) - EUR^^ 463,007.496 662,114.001 117,590.869 1,007,530.628

JPMorgan Funds - Europe Research Enhanced Index Equity Fund (6)JPM Europe Research Enhanced Index Equity I (acc) - EUR# 75,147.637 28,897.661 104,045.298 -JPM Europe Research Enhanced Index Equity X (acc) - EUR 2,029.339 195.940 2,225.279 -JPM Europe Research Enhanced Index Equity X (perf) (acc) - EUR 58.946 - 58.946 -

(6) This Sub-Fund became dormant on 10 January 2018.* Share Class inactive as at the end of the year.# With effect from 1 July 2017, the suffix “perf” was removed from the name of these Share Classes since these Classes do not charge a performance fee. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).^^ With effect from 29 September 2017, Share Class renamed from “S” Share Class to the equivalent “S1” Share Class within the same Sub-Fund.

68

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Europe Select Equity Plus Fund (7)JPM Europe Select Equity Plus A (perf) (acc) - EUR 505,097.073 115,348.777 620,445.850 -JPM Europe Select Equity Plus A (perf) (acc) - USD 26,302.360 8,995.037 35,297.397 -JPM Europe Select Equity Plus A (perf) (dist) - EUR 26,195.655 135.172 26,330.827 -JPM Europe Select Equity Plus A (perf) (dist) - GBP 15,907.689 59.088 15,966.777 -JPM Europe Select Equity Plus D (perf) (acc) - EUR 599,040.744 15,492.757 614,533.501 -JPM Europe Select Equity Plus X (perf) (acc) - EUR 508.606 4.060 512.666 -

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 4,177,085.908 4,335,117.398 1,706,324.515 6,805,878.791JPM Europe Small Cap A (acc) - SEK - 1,297.888 144.740 1,153.148JPM Europe Small Cap A (acc) - USD 213,967.577 400,475.643 418,768.494 195,674.726JPM Europe Small Cap A (acc) - USD (hedged) 62,931.950 329,283.104 326,877.002 65,338.052JPM Europe Small Cap A (dist) - EUR 3,265,893.723 969,061.288 959,818.606 3,275,136.405JPM Europe Small Cap A (dist) - GBP 143,008.185 22,884.068 12,448.889 153,443.364JPM Europe Small Cap C (acc) - EUR 2,226,794.110 3,578,557.409 1,913,228.157 3,892,123.362JPM Europe Small Cap C (dist) - EUR 48,987.052 29,514.132 13,260.420 65,240.764JPM Europe Small Cap D (acc) - EUR 2,274,625.592 2,146,327.294 766,377.099 3,654,575.787JPM Europe Small Cap I (acc) - EUR 587,898.234 383,925.666 365,953.543 605,870.357JPM Europe Small Cap I (dist) - EUR**^ - 50,000.000 - 50,000.000JPM Europe Small Cap I2 (acc) - EUR - 10.000 - 10.000JPM Europe Small Cap I2 (dist) - EUR - 10.000 - 10.000JPM Europe Small Cap X (acc) - EUR 226,607.885 2,212.235 21,489.330 207,330.790

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 4,591,544.132 2,862,926.107 2,030,800.820 5,423,669.419JPM Europe Strategic Growth A (dist) - EUR 16,625,780.714 3,679,373.223 5,667,406.799 14,637,747.138JPM Europe Strategic Growth A (dist) - GBP 31,815.364 15,445.089 6,810.112 40,450.341JPM Europe Strategic Growth C (acc) - EUR 3,863,167.752 2,015,220.310 2,798,047.104 3,080,340.958JPM Europe Strategic Growth C (dist) - EUR 94,355.751 52,271.972 63,693.436 82,934.287JPM Europe Strategic Growth D (acc) - EUR 6,337,703.282 2,811,238.180 2,082,654.759 7,066,286.703JPM Europe Strategic Growth I (acc) - EUR 2,839,649.991 1,717,571.056 3,663,593.451 893,627.596JPM Europe Strategic Growth I2 (acc) - EUR - 3,148,736.449 - 3,148,736.449JPM Europe Strategic Growth X (acc) - EUR 1,588.813 3,225.517 167.209 4,647.121

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 9,939,148.973 8,634,906.645 6,725,539.577 11,848,516.041JPM Europe Strategic Value A (dist) - EUR 51,919,828.192 2,267,397.279 7,912,463.540 46,274,761.931JPM Europe Strategic Value A (dist) - GBP 22,902.314 8,125.173 1,182.442 29,845.045JPM Europe Strategic Value C (acc) - EUR 28,614,551.012 16,510,007.592 25,303,422.106 19,821,136.498JPM Europe Strategic Value C (acc) - USD (hedged) 23,555.000 1,567,618.654 1,254,474.442 336,699.212JPM Europe Strategic Value C (dist) - EUR 1,844,991.904 366,058.526 416,404.107 1,794,646.323JPM Europe Strategic Value C (dist) - GBP* 27.473 - 27.473 -JPM Europe Strategic Value D (acc) - EUR 2,006,575.333 1,300,218.490 839,581.674 2,467,212.149JPM Europe Strategic Value I (acc) - EUR 4,548,246.502 3,060,885.018 1,041,903.413 6,567,228.107JPM Europe Strategic Value I (dist) - EUR** - 28.000 - 28.000JPM Europe Strategic Value I2 (acc) - EUR - 10.000 - 10.000JPM Europe Strategic Value X (acc) - EUR 317,901.814 503,296.260 189,361.235 631,836.839

JPMorgan Funds - Europe Sustainable Equity FundJPM Europe Sustainable Equity A (acc) - EUR 220,642.508 20,005.330 6,401.561 234,246.277JPM Europe Sustainable Equity C (acc) - EUR 9,578.544 357.249 - 9,935.793JPM Europe Sustainable Equity D (acc) - EUR - 1,615.458 - 1,615.458JPM Europe Sustainable Equity I (acc) - EUR 9,578.544 166.817 - 9,745.361JPM Europe Sustainable Equity S2 (acc) - EUR - 417,261.371 10,182.262 407,079.109JPM Europe Sustainable Equity X (acc) - EUR** - 1,980,983.417 18,000.000 1,962,983.417

JPMorgan Funds - Financials Bond FundJPM Financials Bond A (acc) - EUR 79,623.465 43,999.231 69,263.097 54,359.599JPM Financials Bond A (dist) - EUR^ 3,463.682 6,295.231 2,371.438 7,387.475JPM Financials Bond A (div) - EUR 205,719.376 20,551.185 15,578.192 210,692.369JPM Financials Bond C (div) - EUR 10.000 115,859.000 115,859.000 10.000JPM Financials Bond D (acc) - EUR 46,876.810 95,901.755 28,312.405 114,466.160JPM Financials Bond D (div) - EUR 1,585,590.892 1,273,563.746 277,254.176 2,581,900.462JPM Financials Bond I2 (acc) - EUR - 10.000 - 10.000JPM Financials Bond T (div) - EUR 370,584.641 522,878.050 90,688.452 802,774.239

(7) This Sub-Fund was merged into JPMorgan Investment Funds - Europe Select Equity Fund on 23 February 2018.* Share Class inactive as at the end of the year.** Share Class reactivated during the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

69

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Flexible Credit FundJPM Flexible Credit A (acc) - EUR (hedged) 6,348,089.288 2,476,915.844 3,384,897.902 5,440,107.230JPM Flexible Credit A (acc) - USD 183,368.419 68,466.006 91,162.233 160,672.192JPM Flexible Credit A (div) - EUR (hedged) 80,183.423 71,723.580 23,614.075 128,292.928JPM Flexible Credit C (acc) - EUR (hedged) 67,919.624 112,812.996 98,187.175 82,545.445JPM Flexible Credit C (acc) - USD 160.155 169.875 10.157 319.873JPM Flexible Credit D (acc) - EUR (hedged) 254,598.033 140,486.571 71,438.520 323,646.084JPM Flexible Credit D (div) - EUR (hedged) 2,644,518.943 2,654,911.264 540,290.404 4,759,139.803JPM Flexible Credit I2 (acc) - EUR (hedged) - 10.000 - 10.000JPM Flexible Credit T (acc) - EUR (hedged) 124,295.161 161,616.652 22,021.687 263,890.126JPM Flexible Credit T (div) - EUR (hedged) 398,861.765 641,297.029 153,692.223 886,466.571JPM Flexible Credit X (acc) - GBP (hedged) - 139,328.004 6,875.085 132,452.919

JPMorgan Funds - France Equity Fund (3)JPM France Equity A (acc) - EUR 272,384.125 58,935.612 331,319.737 -JPM France Equity C (acc) - EUR 10.000 - 10.000 -JPM France Equity I (acc) - EUR 736.702 2.066 738.768 -

JPMorgan Funds - Germany Equity Fund (3)JPM Germany Equity A (acc) - EUR 1,531,064.964 489,670.912 2,020,735.876 -JPM Germany Equity A (dist) - EUR 6,467,421.726 874,396.870 7,341,818.596 -JPM Germany Equity C (acc) - EUR 414,674.564 1,965,247.747 2,379,922.311 -JPM Germany Equity C (dist) - EUR 6,167.668 - 6,167.668 -JPM Germany Equity D (acc) - EUR 11,941,651.837 1,596,769.056 13,538,420.893 -JPM Germany Equity T (acc) - EUR 17,409.434 16,004.366 33,413.800 -JPM Germany Equity X (acc) - EUR 7,124.082 - 7,124.082 -

JPMorgan Funds - Global Absolute Return Bond FundJPM Global Absolute Return Bond A (acc) - EUR (hedged) 1,859.023 44,160.659 41,617.393 4,402.289JPM Global Absolute Return Bond A (acc) - USD 13,818.500 13,436.296 21,365.936 5,888.860JPM Global Absolute Return Bond A (dist) - EUR (hedged)^ 13.757 - - 13.757JPM Global Absolute Return Bond C (acc) - USD 10.000 - - 10.000JPM Global Absolute Return Bond D (acc) - EUR (hedged) 10,155.429 8,676.094 2,032.034 16,799.489JPM Global Absolute Return Bond D (acc) - USD 19,622.475 6,309.557 20,862.102 5,069.930JPM Global Absolute Return Bond X (acc) - USD 147,695.647 574,175.969 - 721,871.616JPM Global Absolute Return Bond X (dist) - USD^ 104,151.444 26,511.882 15,270.000 115,393.326

JPMorgan Funds - Global Aggregate Bond FundJPM Global Aggregate Bond A (acc) - USD 1,365,802.920 1,700,739.840 2,915,023.275 151,519.485JPM Global Aggregate Bond A (dist) - USD^ 1,275,847.154 30,021.781 138,476.036 1,167,392.899JPM Global Aggregate Bond C (acc) - USD 68,372.624 33,536.881 50,708.062 51,201.443JPM Global Aggregate Bond D (acc) - USD 527,260.619 91,440.215 112,624.634 506,076.200JPM Global Aggregate Bond X (acc) - USD 1,124,020.634 703,038.407 593,813.345 1,233,245.696

JPMorgan Funds - Global Allocation Fund (8)JPM Global Allocation Fund A (acc) - EUR 152,978.619 - 152,978.619 -JPM Global Allocation Fund A (acc) - USD (hedged) 8,853.631 - 8,853.631 -

(3) This Sub-Fund was merged into JPMorgan Funds - Euroland Equity Fund on 9 February 2018.(8) This Sub-Fund was liquidated on 17 July 2017.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

70

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Global Bond Opportunities FundJPM Global Bond Opportunities A (acc) - CHF (hedged) 38,663.000 14,567.364 19,105.000 34,125.364JPM Global Bond Opportunities A (acc) - CZK (hedged) 5,078.080 32,809.981 - 37,888.061JPM Global Bond Opportunities A (acc) - EUR (hedged) 3,184,437.545 3,011,565.671 1,416,062.472 4,779,940.744JPM Global Bond Opportunities A (acc) - GBP (hedged) - 10.000 - 10.000JPM Global Bond Opportunities A (acc) - HKD - 784.760 - 784.760JPM Global Bond Opportunities A (acc) - SEK (hedged) 960,869.302 528,736.984 520,939.418 968,666.868JPM Global Bond Opportunities A (acc) - SGD (hedged) - 6,781.500 - 6,781.500JPM Global Bond Opportunities A (acc) - USD 1,395,536.859 1,025,346.741 537,310.716 1,883,572.884JPM Global Bond Opportunities A (dist) - CHF (hedged) - 9.874 - 9.874JPM Global Bond Opportunities A (dist) - EUR (hedged)^ 260,608.229 601,294.242 31,396.494 830,505.977JPM Global Bond Opportunities A (dist) - GBP (hedged) - 10.000 - 10.000JPM Global Bond Opportunities A (dist) - USD - 10.000 - 10.000JPM Global Bond Opportunities A (div) - EUR (hedged) - 10.000 - 10.000JPM Global Bond Opportunities A (fix) EUR 3.50 - EUR (hedged) 143,994.454 301,756.425 26,421.902 419,328.977JPM Global Bond Opportunities A (mth) - EUR (hedged) - 8.108 - 8.108JPM Global Bond Opportunities A (mth) - HKD - 193,362.493 - 193,362.493JPM Global Bond Opportunities A (mth) - SGD (hedged) - 6,781.500 - 6,781.500JPM Global Bond Opportunities A (mth) - USD 503,521.980 1,027,747.585 274,636.412 1,256,633.153JPM Global Bond Opportunities C (acc) - CHF (hedged) 23,855.000 336,070.000 13,366.000 346,559.000JPM Global Bond Opportunities C (acc) - EUR (hedged) 1,522,986.323 2,462,595.998 1,301,219.969 2,684,362.352JPM Global Bond Opportunities C (acc) - GBP (hedged) - 10.000 - 10.000JPM Global Bond Opportunities C (acc) - HKD - 784.760 - 784.760JPM Global Bond Opportunities C (acc) - PLN (hedged) 1,995.808 14,730.351 3,491.005 13,235.154JPM Global Bond Opportunities C (acc) - SEK (hedged) 112.648 - - 112.648JPM Global Bond Opportunities C (acc) - SGD (hedged) - 6,781.500 - 6,781.500JPM Global Bond Opportunities C (acc) - USD 4,926,843.023 5,201,097.344 1,744,304.277 8,383,636.090JPM Global Bond Opportunities C (dist) - CHF (hedged) - 9.874 - 9.874JPM Global Bond Opportunities C (dist) - EUR (hedged) - 10.000 - 10.000JPM Global Bond Opportunities C (dist) - GBP (hedged) 49,173.484 82,198.540 40,432.799 90,939.225JPM Global Bond Opportunities C (dist) - USD 597,742.761 570,641.491 78,871.790 1,089,512.462JPM Global Bond Opportunities C (div) - EUR (hedged) - 211,673.774 73,217.801 138,455.973JPM Global Bond Opportunities C (mth) - HKD - 784.760 - 784.760JPM Global Bond Opportunities C (mth) - USD 551,495.971 868,965.524 108,677.473 1,311,784.022JPM Global Bond Opportunities C (mth) - SGD (hedged) - 6,781.500 - 6,781.500JPM Global Bond Opportunities D (acc) - EUR (hedged) 2,341,631.529 1,459,926.266 754,028.237 3,047,529.558JPM Global Bond Opportunities D (acc) - USD 267,009.691 99,426.342 91,668.797 274,767.236JPM Global Bond Opportunities D (div) - EUR (hedged) 22,802,185.013 4,659,866.995 4,186,332.339 23,275,719.669JPM Global Bond Opportunities D (fix) EUR 3.00 - EUR (hedged) 281,961.398 13,141.655 50,198.901 244,904.152JPM Global Bond Opportunities D (mth) - EUR (hedged) 109,355.565 621,104.484 38,479.428 691,980.621JPM Global Bond Opportunities D (mth) - USD - 10.000 - 10.000JPM Global Bond Opportunities I (acc) - EUR (hedged) 1,729,736.234 918,578.347 1,254,103.458 1,394,211.123JPM Global Bond Opportunities I (acc) - SEK (hedged) 2,238,622.658 4,541.451 3.204 2,243,160.905JPM Global Bond Opportunities I (acc) - USD 331,811.025 370,215.068 666,414.217 35,611.876JPM Global Bond Opportunities I (dist) - GBP (hedged) 115,844.644 2,042.898 82,655.617 35,231.925JPM Global Bond Opportunities I2 (acc) - EUR (hedged) - 826,389.166 196,938.144 629,451.022JPM Global Bond Opportunities I2 (acc) - USD - 330,107.215 53,796.753 276,310.462JPM Global Bond Opportunities I2 (dist) - GBP (hedged) - 966.799 659.997 306.802JPM Global Bond Opportunities T (acc) - EUR (hedged) 214,212.207 237,328.757 27,476.033 424,064.931JPM Global Bond Opportunities T (div) - EUR (hedged) 790,669.079 696,914.721 97,626.621 1,389,957.179JPM Global Bond Opportunities V (acc) - USD (hedged to BRL) - 28,022.077 - 28,022.077JPM Global Bond Opportunities X (acc) - EUR (hedged)** - 82,631.000 - 82,631.000JPM Global Bond Opportunities X (acc) - GBP (hedged) 708,977.240 326,847.346 101.288 1,035,723.298JPM Global Bond Opportunities X (dist) - USD 943,495.234 68,617.646 28,255.928 983,856.952JPM Global Bond Opportunities X (irc) - AUD (hedged) 83,928.510 376,527.453 10,805.211 449,650.752

JPMorgan Funds - Global Capital Structure Opportunities FundJPM Global Capital Structure Opportunities A (acc) - EUR 171,427.470 100.000 171,418.470 109.000JPM Global Capital Structure Opportunities A (acc) - USD (hedged) 1,334.107 - - 1,334.107JPM Global Capital Structure Opportunities C (acc) - EUR 602.109 1,059.135 120.293 1,540.951JPM Global Capital Structure Opportunities C (acc) - USD (hedged) 2,497.160 173.687 1,507.794 1,163.053JPM Global Capital Structure Opportunities C (dist) - GBP (hedged) 1,759.186 - - 1,759.186JPM Global Capital Structure Opportunities S1 (acc) - EUR^^ 190,010.000 - 10.000 190,000.000JPM Global Capital Structure Opportunities X (acc) - EUR 137,426.250 79,971.000 217,252.000 145.250

** Share Class reactivated during the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).^^ With effect from 29 September 2017, Share Class renamed from “S” Share Class to the equivalent “S1” Share Class within the same Sub-Fund.

71

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 1,788,996.257 80,541.176 1,125,756.627 743,780.806JPM Global Convertibles (EUR) A (acc) - EUR 22,530,056.459 17,970,288.210 7,812,153.537 32,688,191.132JPM Global Convertibles (EUR) A (acc) - SEK (hedged) 4,269.923 25,893.989 17,725.595 12,438.317JPM Global Convertibles (EUR) A (acc) - SGD (hedged) - 26,319.660 - 26,319.660JPM Global Convertibles (EUR) A (acc) - USD (hedged) - 55,171.321 1,072.654 54,098.667JPM Global Convertibles (EUR) A (dist) - EUR 8,162,657.476 1,379,583.827 2,795,489.467 6,746,751.836JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 266,279.486 45,564.132 124,777.041 187,066.577JPM Global Convertibles (EUR) A (dist) - USD 299,075.133 217,873.169 63,055.022 453,893.280JPM Global Convertibles (EUR) A (dist) - USD (hedged) - 10.000 - 10.000JPM Global Convertibles (EUR) A (mth) - USD (hedged) - 10.000 - 10.000JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 1,389,522.735 605,710.597 753,049.326 1,242,184.006JPM Global Convertibles (EUR) C (acc) - EUR 31,941,755.350 13,868,989.178 14,947,773.009 30,862,971.519JPM Global Convertibles (EUR) C (acc) - USD (hedged) - 373,775.642 24,965.000 348,810.642JPM Global Convertibles (EUR) C (dist) - EUR 396,999.147 92,324.100 325,352.977 163,970.270JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 295,413.875 96,289.178 160,915.044 230,788.009JPM Global Convertibles (EUR) C (dist) - USD 37,931.252 6,650.775 2,287.789 42,294.238JPM Global Convertibles (EUR) C (dist) - USD (hedged) - 10.000 - 10.000JPM Global Convertibles (EUR) C (mth) - USD (hedged) - 10.000 - 10.000JPM Global Convertibles (EUR) D (acc) - EUR 4,123,702.707 1,256,259.727 982,668.479 4,397,293.955JPM Global Convertibles (EUR) D (acc) - USD (hedged) - 10.000 - 10.000JPM Global Convertibles (EUR) D (mth) - USD (hedged) - 10.000 - 10.000JPM Global Convertibles (EUR) I (acc) - EUR 21,917,042.243 22,399,300.562 21,559,979.225 22,756,363.580JPM Global Convertibles (EUR) I (acc) - USD (hedged) - 10.000 - 10.000JPM Global Convertibles (EUR) I (dist) - EUR 5,404.390 516,082.133 226.720 521,259.803JPM Global Convertibles (EUR) I (inc) - EUR*** 4,280,090.196 - 4,280,090.196 -JPM Global Convertibles (EUR) I2 (acc) - EUR - 6,887.774 - 6,887.774JPM Global Convertibles (EUR) I2 (acc) - USD (hedged) - 10.000 - 10.000JPM Global Convertibles (EUR) I2 (dist) - EUR - 10.000 - 10.000JPM Global Convertibles (EUR) T (acc) - EUR 13,903.278 109,427.339 4,705.442 118,625.175JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 1,254,509.030 6,300.000 6,300.000 1,254,509.030JPM Global Convertibles (EUR) X (acc) - EUR 455,827.313 679,082.047 450,413.004 684,496.356JPM Global Convertibles (EUR) X (acc) - USD (hedged) - 10.000 - 10.000JPM Global Convertibles (EUR) X (dist) - GBP (hedged) 21,127.353 1,703.835 1,717.188 21,114.000

JPMorgan Funds - Global Corporate Bond Duration-Hedged Fund (9)JPM Global Corporate Bond Duration-Hedged A (acc) - EUR (hedged) - 850,165.370 129,708.495 720,456.875JPM Global Corporate Bond Duration-Hedged A (acc) - USD - 9,737.176 1,334.741 8,402.435JPM Global Corporate Bond Duration-Hedged A (dist) - EUR (hedged)^ - 1,312.315 12.315 1,300.000JPM Global Corporate Bond Duration-Hedged C (acc) - EUR (hedged) - 422,337.513 25,939.425 396,398.088JPM Global Corporate Bond Duration-Hedged C (acc) - USD - 1,416,790.662 786,085.487 630,705.175JPM Global Corporate Bond Duration-Hedged C (dist) - GBP (hedged)* - 15.356 15.356 -JPM Global Corporate Bond Duration-Hedged D (acc) - EUR (hedged) - 42,453.025 20,286.589 22,166.436JPM Global Corporate Bond Duration-Hedged D (acc) - USD - 57,485.422 23,091.786 34,393.636JPM Global Corporate Bond Duration-Hedged I (acc) - EUR (hedged) - 487,229.266 477,123.721 10,105.545JPM Global Corporate Bond Duration-Hedged I (acc) - USD - 80,950.172 75,752.345 5,197.827JPM Global Corporate Bond Duration-Hedged I (dist) - GBP (hedged)* - 59,958.622 59,958.622 -JPM Global Corporate Bond Duration-Hedged I2 (acc) - EUR (hedged) - 362,731.695 60,098.975 302,632.720JPM Global Corporate Bond Duration-Hedged I2 (acc) - USD - 82,893.185 15,195.208 67,697.977JPM Global Corporate Bond Duration-Hedged I2 (dist) - GBP (hedged)* - 10.000 10.000 -JPM Global Corporate Bond Duration-Hedged X (dist) - GBP (hedged)* - 37,071.875 37,071.875 -

(9) This Sub-Fund was launched on 31 July 2017.* Share Class inactive as at the end of the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

72

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Global Corporate Bond FundJPM Global Corporate Bond A (acc) - AUD (hedged) - 534,586.721 36,780.666 497,806.055JPM Global Corporate Bond A (acc) - CHF (hedged) 497,749.024 147,143.810 64,343.344 580,549.490JPM Global Corporate Bond A (acc) - EUR (hedged) 26,333,859.112 3,958,834.566 9,176,394.009 21,116,299.669JPM Global Corporate Bond A (acc) - EUR (hedged) & Duration (hedged)*** 463,210.537 1,591.031 464,801.568 -JPM Global Corporate Bond A (acc) - NOK (hedged) 191,645.432 64,255.170 209,383.113 46,517.489JPM Global Corporate Bond A (acc) - NZD (hedged) - 133,585.082 - 133,585.082JPM Global Corporate Bond A (acc) - SEK (hedged) 1,719,386.569 463,545.331 1,144,381.434 1,038,550.466JPM Global Corporate Bond A (acc) - USD 20,772,380.927 14,261,779.919 12,301,630.523 22,732,530.323JPM Global Corporate Bond A (acc) - USD - Duration (hedged)*** 11,800.332 - 11,800.332 -JPM Global Corporate Bond A (dist) - EUR (hedged) 39,271.282 41,928.544 36,898.977 44,300.849JPM Global Corporate Bond A (dist) - GBP (hedged) 4,346,844.684 125,211.378 3,264,262.040 1,207,794.022JPM Global Corporate Bond A (dist) - USD 29,481.682 8,998.931 11,716.072 26,764.541JPM Global Corporate Bond A (div) - EUR (hedged) 145,696.219 28,470.749 33,812.664 140,354.304JPM Global Corporate Bond A (inc) - EUR (hedged)*** 39,400.807 364.980 39,765.787 -JPM Global Corporate Bond A (inc) - EUR (hedged) & Duration (hedged)*** 1,312.315 - 1,312.315 -JPM Global Corporate Bond A (mth) - SGD 97,951.079 12,221.961 51,493.177 58,679.863JPM Global Corporate Bond A (mth) - USD 1,386,804.746 427,999.738 585,981.738 1,228,822.746JPM Global Corporate Bond C (acc) - EUR (hedged) 2,790,643.119 1,925,902.544 1,162,490.815 3,554,054.848JPM Global Corporate Bond C (acc) - EUR (hedged) & Duration (hedged)*** 369,847.750 19,418.125 389,265.875 -JPM Global Corporate Bond C (acc) - SEK (hedged) 60,125.965 4,074.509 22,986.358 41,214.116JPM Global Corporate Bond C (acc) - USD 1,964,398.824 835,371.388 521,137.294 2,278,632.918JPM Global Corporate Bond C (acc) - USD - Duration (hedged)*** 1,403,114.223 5,467.445 1,408,581.668 -JPM Global Corporate Bond C (dist) - CHF (hedged) 127,861.927 108,530.000 156,761.927 79,630.000JPM Global Corporate Bond C (dist) - EUR (hedged) 133,202.468 211,549.423 145,678.861 199,073.030JPM Global Corporate Bond C (dist) - GBP (hedged) 984,775.000 171,231.621 460,239.786 695,766.835JPM Global Corporate Bond C (dist) - GBP (hedged) & Duration (hedged)*** 15.628 - 15.628 -JPM Global Corporate Bond C (dist) - USD 119,201.962 49,465.365 94,204.221 74,463.106JPM Global Corporate Bond C (div) - EUR (hedged) 116,105.333 90,997.132 108,522.379 98,580.086JPM Global Corporate Bond C (mth) - SGD* 139.700 - 139.700 -JPM Global Corporate Bond C (mth) - USD 10.000 16,119.854 - 16,129.854JPM Global Corporate Bond D (acc) - EUR (hedged) 5,029,356.391 1,317,765.165 1,473,933.504 4,873,188.052JPM Global Corporate Bond D (acc) - EUR (hedged) & Duration (hedged)*** 28,416.981 554.087 28,971.068 -JPM Global Corporate Bond D (acc) - USD 3,725,104.815 956,278.374 1,118,469.338 3,562,913.851JPM Global Corporate Bond D (acc) - USD - Duration (hedged)*** 45,537.886 48.036 45,585.922 -JPM Global Corporate Bond D (div) - EUR (hedged) 58,674,335.443 15,956,446.248 9,773,782.603 64,856,999.088JPM Global Corporate Bond D (mth) - USD 346,372.753 51,117.635 138,647.379 258,843.009JPM Global Corporate Bond I (acc) - CHF (hedged) 26,286.286 3,359.066 15,495.352 14,150.000JPM Global Corporate Bond I (acc) - EUR (hedged) 6,288,695.136 2,187,242.673 6,503,175.604 1,972,762.205JPM Global Corporate Bond I (acc) - EUR (hedged) & Duration (hedged)*** 445,911.073 16,898.829 462,809.902 -JPM Global Corporate Bond I (acc) - JPY (hedged) 1,082,719.792 1,783.000 1,082,719.792 1,783.000JPM Global Corporate Bond I (acc) - USD 5,325,278.419 1,743,356.344 6,893,190.349 175,444.414JPM Global Corporate Bond I (acc) - USD - Duration (hedged)*** 61,423.507 - 61,423.507 -JPM Global Corporate Bond I2 (acc) - JPY (hedged) - 1,134,473.798 - 1,134,473.798JPM Global Corporate Bond I (dist) - CHF (hedged) 77,632.190 24,920.000 62,032.190 40,520.000JPM Global Corporate Bond I (dist) - EUR (hedged) 4,571.973 35,639.214 40,201.645 9.542JPM Global Corporate Bond I (dist) - GBP (hedged)* 429,828.017 62,908.245 492,736.262 -JPM Global Corporate Bond I (dist) - GBP (hedged) & Duration (hedged)*** 59,958.622 - 59,958.622 -JPM Global Corporate Bond I (dist) - USD* 560,622.426 86,299.151 646,921.577 -JPM Global Corporate Bond I (inc) - EUR (hedged)*** 12.058 - 12.058 -JPM Global Corporate Bond I2 (acc) - CHF (hedged) - 2,692.648 - 2,692.648JPM Global Corporate Bond I2 (acc) - EUR (hedged) - 4,025,343.412 921,471.112 3,103,872.300JPM Global Corporate Bond I2 (acc) - USD - 6,801,772.437 664,554.095 6,137,218.342JPM Global Corporate Bond I2 (dist) - EUR (hedged) - 50,826.851 802.777 50,024.074JPM Global Corporate Bond I2 (dist) - GBP (hedged) - 254,606.509 35,977.437 218,629.072JPM Global Corporate Bond I2 (dist) - USD - 670,519.498 108,892.283 561,627.215JPM Global Corporate Bond T (acc) - EUR (hedged) 84,282.545 36,868.575 21,855.947 99,295.173JPM Global Corporate Bond T (div) - EUR (hedged) 537,282.205 189,211.200 122,243.293 604,250.112JPM Global Corporate Bond X (acc) - EUR (hedged) 1,800,809.840 696,174.214 621,794.279 1,875,189.775JPM Global Corporate Bond X (acc) - GBP (hedged) 3,362,672.170 282,835.209 115,039.675 3,530,467.704JPM Global Corporate Bond X (acc) - USD 3,502,718.414 685,822.628 217,323.687 3,971,217.355JPM Global Corporate Bond X (dist) - GBP (hedged) 1,089,303.180 146,597.391 31,112.555 1,204,788.016JPM Global Corporate Bond X (dist) - GBP (hedged) & Duration (hedged)*** 36,819.875 - 36,819.875 -JPM Global Corporate Bond X (dist) - USD** - 1,291,599.993 553,603.479 737,996.514

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).

73

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - CHF (hedged) 2,756.435 2,208.067 2,471.555 2,492.947JPM Global Dynamic A (acc) - EUR 684,325.663 15,671.021 299,103.164 400,893.520JPM Global Dynamic A (acc) - EUR (hedged) 235,173.198 227,068.853 68,139.318 394,102.733JPM Global Dynamic A (acc) - SGD 249,060.632 123,696.524 82,771.296 289,985.860JPM Global Dynamic A (acc) - USD 1,365,642.150 178,504.431 320,616.997 1,223,529.584JPM Global Dynamic A (dist) - EUR^ 56,549.702 1,808.239 5,451.950 52,905.991JPM Global Dynamic A (dist) - GBP 245,123.625 13,813.288 65,466.210 193,470.703JPM Global Dynamic A (dist) - USD 3,146,125.752 1,937,045.045 2,193,408.692 2,889,762.105JPM Global Dynamic C (acc) - EUR 857,668.093 225,504.820 72,429.062 1,010,743.851JPM Global Dynamic C (acc) - EUR (hedged) 196,244.133 176,782.820 168,618.453 204,408.500JPM Global Dynamic C (acc) - USD 5,737,212.739 595,057.871 1,301,234.701 5,031,035.909JPM Global Dynamic C (dist) - EUR^ 18,107.371 793.000 4,835.371 14,065.000JPM Global Dynamic C (dist) - GBP 2,842.022 411.878 213.547 3,040.353JPM Global Dynamic C (dist) - USD 157,471.834 16,939.080 43,799.117 130,611.797JPM Global Dynamic D (acc) - EUR 242,257.066 46,088.439 104,527.151 183,818.354JPM Global Dynamic D (acc) - EUR (hedged) 488,444.975 1,060,610.980 213,689.733 1,335,366.222JPM Global Dynamic D (acc) - USD 603,621.143 124,592.835 136,376.731 591,837.247JPM Global Dynamic I (acc) - USD 1,248,357.716 705,056.416 1,885,110.099 68,304.033JPM Global Dynamic I (dist) - EUR^ 1,470,573.070 17,406.389 82.222 1,487,897.237JPM Global Dynamic X (acc) - EUR (hedged) 58,857.435 3,925.000 14,630.000 48,152.435JPM Global Dynamic X (acc) - USD 15,004.756 124,050.036 3,495.141 135,559.651

JPMorgan Funds - Global Emerging Markets Research Enhanced Index Equity FundJPM Global Emerging Markets Research Enhanced Index Equity C (acc) - EUR# 1,808.487 - - 1,808.487JPM Global Emerging Markets Research Enhanced Index Equity C (acc) - USD# 53,480.000 26,218.000 7.555 79,690.445JPM Global Emerging Markets Research Enhanced Index Equity I (acc) - USD 22,250.000 23,790.957 - 46,040.957JPM Global Emerging Markets Research Enhanced Index Equity I (perf) (acc) - USD*** 22,250.000 - 22,250.000 -JPM Global Emerging Markets Research Enhanced Index Equity X (acc) - EUR - 31,105.000 118.000 30,987.000JPM Global Emerging Markets Research Enhanced Index Equity X (acc) - GBP 774.321 538.845 1,296.849 16.317JPM Global Emerging Markets Research Enhanced Index Equity X (acc) - USD - 10.000 - 10.000

JPMorgan Funds - Global Equity Plus Fund (10)JPM Global Equity Plus A (perf) (acc) - EUR - 34,480.000 - 34,480.000JPM Global Equity Plus A (perf) (acc) - USD - 17,000.000 - 17,000.000JPM Global Equity Plus C (perf) (acc) - EUR - 57,460.000 9.644 57,450.356JPM Global Equity Plus C (perf) (acc) - EUR (hedged) - 6,575.000 - 6,575.000JPM Global Equity Plus C (perf) (acc) - USD - 85,000.000 - 85,000.000JPM Global Equity Plus C (perf) (acc) - USD (hedged) - 8,000.000 - 8,000.000JPM Global Equity Plus D (perf) (acc) - EUR - 10.000 - 10.000JPM Global Equity Plus I (perf) (acc) - EUR - 16,420.000 - 16,420.000

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - CHF (hedged) 25,063.694 4,621.019 10,381.801 19,302.912JPM Global Focus A (acc) - EUR 17,896,412.525 3,031,174.242 8,392,995.835 12,534,590.932JPM Global Focus A (acc) - EUR (hedged) 1,759,272.998 2,767,160.300 1,017,461.001 3,508,972.297JPM Global Focus A (dist) - EUR 3,236,886.320 416,290.098 897,201.817 2,755,974.601JPM Global Focus A (dist) - USD 512,093.883 115,011.400 101,884.466 525,220.817JPM Global Focus C (acc) - EUR 5,184,261.774 842,963.637 2,689,830.335 3,337,395.076JPM Global Focus C (acc) - EUR (hedged) 4,959,096.752 1,766,110.987 1,847,342.919 4,877,864.820JPM Global Focus C (acc) - USD 1,564,521.325 1,212,611.878 888,406.642 1,888,726.561JPM Global Focus C (dist) - EUR 757,695.901 15,088.781 155,883.897 616,900.785JPM Global Focus C (dist) - USD 1,552.971 160.000 9.971 1,703.000JPM Global Focus D (acc) - EUR 3,774,173.946 604,341.505 1,047,889.997 3,330,625.454JPM Global Focus D (acc) - EUR (hedged) 2,160,516.924 2,956,317.294 2,028,171.224 3,088,662.994JPM Global Focus I (acc) - EUR 414,837.618 549,196.471 264,913.027 699,121.062JPM Global Focus I (acc) - EUR (hedged)** - 4,281.626 1,016.845 3,264.781JPM Global Focus I2 (acc) - EUR - 10.000 - 10.000JPM Global Focus T (acc) - EUR 37,713.263 14,763.168 9,295.120 43,181.311JPM Global Focus X (acc) - CHF 642,434.409 59,633.848 - 702,068.257JPM Global Focus X (acc) - EUR 6,195,426.539 28,387.658 2,151,610.840 4,072,203.357JPM Global Focus X (acc) - JPY* 523,027.692 - 523,027.692 -

(10) This Sub-Fund was launched on 26 April 2018.* Share Class inactive as at the end of the year.** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).# With effect from 1 July 2017, the suffix “perf” was removed from the name of these Share Classes since these Classes do not charge a performance fee. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

74

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Global Government Bond FundJPM Global Government Bond A (acc) - AUD (hedged) - 64,334.109 100.000 64,234.109JPM Global Government Bond A (acc) - EUR 1,686,957.283 1,836,128.080 1,417,642.359 2,105,443.004JPM Global Government Bond A (acc) - USD (hedged) 910,527.212 1,763,715.580 392,078.962 2,282,163.830JPM Global Government Bond C (acc) - EUR 7,291,264.291 17,757,514.724 5,940,524.235 19,108,254.780JPM Global Government Bond C (acc) - USD (hedged) 5,440.664 - - 5,440.664JPM Global Government Bond D (acc) - EUR 1,416,351.406 309,052.558 622,879.056 1,102,524.908JPM Global Government Bond I (acc) - EUR 638,125.013 1,318,589.480 1,139,551.293 817,163.200JPM Global Government Bond I (acc) - USD (hedged) 10,892.179 89,231.671 33,238.173 66,885.677JPM Global Government Bond I2 (acc) - EUR - 1,111,014.753 135,953.220 975,061.533JPM Global Government Bond I2 (acc) - USD (hedged) - 16,378.225 - 16,378.225JPM Global Government Bond X (acc) - EUR 1,258,023.988 4,013,583.853 180,249.539 5,091,358.302JPM Global Government Bond X (acc) - USD (hedged) 771,979.047 234,248.311 479,711.798 526,515.560JPM Global Government Bond X (dist) - GBP (hedged) 156,966.298 404,231.936 14,915.234 546,283.000

JPMorgan Funds - Global Government Short Duration Bond FundJPM Global Government Short Duration Bond A (acc) - EUR 748,250.686 1,595,182.297 209,688.767 2,133,744.216JPM Global Government Short Duration Bond A (acc) - USD (hedged) 332,163.063 4,862.000 211,116.000 125,909.063JPM Global Government Short Duration Bond C (acc) - EUR 203,154.472 34,275.952 47,179.453 190,250.971JPM Global Government Short Duration Bond C (acc) - USD (hedged) 1,193,415.744 66,736.908 917,985.491 342,167.161JPM Global Government Short Duration Bond C (dist) - GBP (hedged) 1,882,374.675 107,062.681 213,415.042 1,776,022.314JPM Global Government Short Duration Bond D (acc) - EUR 620,938.371 60,051.370 203,112.690 477,877.051JPM Global Government Short Duration Bond D (acc) - USD (hedged) 43.002 - 9.000 34.002JPM Global Government Short Duration Bond I (acc) - EUR 14,021.503 560,119.419 573,349.106 791.816JPM Global Government Short Duration Bond I (acc) - USD (hedged)* 30,323.047 - 30,323.047 -JPM Global Government Short Duration Bond I2 (acc) - EUR - 32,405.158 664.996 31,740.162JPM Global Government Short Duration Bond I2 (acc) - USD (hedged) - 42,831.837 - 42,831.837JPM Global Government Short Duration Bond P (acc) - EUR - 10.000 - 10.000JPM Global Government Short Duration Bond P (acc) - USD (hedged) - 10.000 - 10.000JPM Global Government Short Duration Bond P (dist) - GBP (hedged) - 10.000 - 10.000

JPMorgan Funds - Global Healthcare FundJPM Global Healthcare A (acc) - EUR 355,263.255 105,125.329 200,835.684 259,552.900JPM Global Healthcare A (acc) - USD 4,240,509.412 443,915.447 1,331,336.249 3,353,088.610JPM Global Healthcare A (dist) - EUR^ 36,896.453 22,209.722 22,439.986 36,666.189JPM Global Healthcare A (dist) - GBP 39,084.134 2,908.540 11,881.484 30,111.190JPM Global Healthcare A (dist) - USD 1,686,051.285 80,304.288 444,752.090 1,321,603.483JPM Global Healthcare C (acc) - EUR 187,081.912 188,064.396 125,625.392 249,520.916JPM Global Healthcare C (acc) - PLN (hedged)* 2,673.547 5,634.200 8,307.747 -JPM Global Healthcare C (acc) - USD 643,443.643 230,750.831 279,615.380 594,579.094JPM Global Healthcare C (dist) - EUR - 12,061.825 430.037 11,631.788JPM Global Healthcare C (dist) - GBP 5,223.540 380.360 498.104 5,105.796JPM Global Healthcare C (dist) - USD 157,448.369 21,049.609 121,770.081 56,727.897JPM Global Healthcare D (acc) - EUR 294,003.735 115,770.439 106,952.120 302,822.054JPM Global Healthcare D (acc) - PLN (hedged) 53,339.106 15,163.937 32,645.888 35,857.155JPM Global Healthcare D (acc) - USD 833,607.335 92,787.324 243,323.563 683,071.096JPM Global Healthcare I (acc) - USD 8,369.149 33,013.027 3,246.357 38,135.819JPM Global Healthcare I2 (acc) - USD - 10.000 - 10.000JPM Global Healthcare T (acc) - EUR 120,858.411 26,433.808 53,060.558 94,231.661JPM Global Healthcare X (acc) - JPY 4,034,256.041 - 683,723.093 3,350,532.948

JPMorgan Funds - Global Merger Arbitrage Fund (11)JPM Global Merger Arbitrage A (acc) - EUR (hedged) 1,272.304 3,850.855 5,123.159 -JPM Global Merger Arbitrage A (acc) - USD 11,053.912 1,402.263 12,456.175 -JPM Global Merger Arbitrage A (dist) - GBP (hedged) 863.361 - 863.361 -JPM Global Merger Arbitrage C (acc) - USD 26,793.923 1,700.175 28,494.098 -JPM Global Merger Arbitrage C (dist) - GBP (hedged) 45,347.389 784.618 46,132.007 -JPM Global Merger Arbitrage I (acc) - EUR (hedged) 1,701.458 - 1,701.458 -

JPMorgan Funds - Global Multi Asset Portfolios Fund (12)JPM Global Multi Asset Portfolios A (acc) - EUR 1,257.408 - 1,257.408 -JPM Global Multi Asset Portfolios C (acc) - EUR 680.162 - 680.162 -JPM Global Multi Asset Portfolios D (acc) - SEK (hedged) 55,617.572 - 55,617.572 -

JPMorgan Funds - Global Multi Strategy Income FundJPM Global Multi Strategy Income A (acc) - EUR 3,929.758 2,042.389 1,356.527 4,615.620JPM Global Multi Strategy Income A (div) - EUR 296,217.917 57,440.398 43,737.917 309,920.398JPM Global Multi Strategy Income C (div) - EUR 10.000 - - 10.000JPM Global Multi Strategy Income D (acc) - EUR 876,542.997 369,462.047 190,703.286 1,055,301.758JPM Global Multi Strategy Income D (div) - EUR 5,751,444.685 1,072,981.161 1,139,758.383 5,684,667.463JPM Global Multi Strategy Income T (acc) - EUR 209,708.840 197,077.519 106,422.674 300,363.685JPM Global Multi Strategy Income T (div) - EUR 835,647.448 481,720.487 441,176.924 876,191.011

(11) This Sub-Fund was liquidated on 17 November 2017.(12) This Sub-Fund was liquidated on 25 October 2017.* Share Class inactive as at the end of the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

75

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 10,768,309.249 7,479,901.104 6,363,125.163 11,885,085.190JPM Global Natural Resources A (acc) - GBP 138,778.155 5,203.943 31,981.339 112,000.759JPM Global Natural Resources A (acc) - SGD 462,751.756 517,064.919 282,019.145 697,797.530JPM Global Natural Resources A (acc) - USD 50,158,580.711 28,797,833.457 43,589,644.034 35,366,770.134JPM Global Natural Resources A (dist) - EUR 13,786,101.812 3,278,613.085 4,888,609.240 12,176,105.657JPM Global Natural Resources C (acc) - EUR 1,869,283.655 3,280,308.597 2,990,928.801 2,158,663.451JPM Global Natural Resources C (acc) - USD 5,948,501.522 518,664.210 398,978.482 6,068,187.250JPM Global Natural Resources C (dist) - EUR 43,624.068 18,536.336 14,503.457 47,656.947JPM Global Natural Resources D (acc) - EUR 8,817,449.812 4,691,477.846 5,235,201.209 8,273,726.449JPM Global Natural Resources D (acc) - USD 308,658.863 190,430.015 203,429.972 295,658.906JPM Global Natural Resources I (acc) - EUR** - 68,081.195 48,993.615 19,087.580JPM Global Natural Resources I (dist) - EUR 6,312.231 108.695 4,622.912 1,798.014JPM Global Natural Resources I2 (acc) - USD - 10.000 - 10.000JPM Global Natural Resources X (acc) - EUR 109,684.565 17,906.883 49,612.465 77,978.983JPM Global Natural Resources X (dist) - AUD 94.649 0.001 - 94.650

JPMorgan Funds - Global Real Estate Securities Fund (USD)JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 493,225.021 315,298.762 502,887.316 305,636.467JPM Global Real Estate Securities (USD) A (acc) - USD 1,456,199.282 212,564.108 436,317.478 1,232,445.912JPM Global Real Estate Securities (USD) A (dist) - EUR (hedged)^ 25,541.418 2,376.209 2,394.847 25,522.780JPM Global Real Estate Securities (USD) A (dist) - USD^ 3,725.587 923.958 1,743.733 2,905.812JPM Global Real Estate Securities (USD) C (acc) - EUR (hedged) 84,991.093 45,453.516 123,492.992 6,951.617JPM Global Real Estate Securities (USD) C (acc) - USD 151,097.128 102,003.572 142,728.028 110,372.672JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 501,956.893 29,890.437 95,088.546 436,758.784JPM Global Real Estate Securities (USD) D (acc) - USD 676,241.036 88,550.090 213,593.653 551,197.473JPM Global Real Estate Securities (USD) I (acc) - USD 22,835.880 - 10,708.822 12,127.058JPM Global Real Estate Securities (USD) I (dist) - EUR (hedged) - 60,000.000 - 60,000.000JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 236,430.000 8,730.000 80,295.000 164,865.000JPM Global Real Estate Securities (USD) X (acc) - USD 1,165,776.894 391,295.028 808,909.602 748,162.320

JPMorgan Funds - Global Research Enhanced Index Equity FundJPM Global Research Enhanced Index Equity C (acc) - EUR# 473,496.422 204,771.913 523,745.045 154,523.290JPM Global Research Enhanced Index Equity C (acc) - EUR (hedged)# 12,135.869 18,234.493 411.038 29,959.324JPM Global Research Enhanced Index Equity C (acc) - USD# 50,000.765 50,779.186 - 100,779.951JPM Global Research Enhanced Index Equity C (dist) - USD# 8,008.790 10,733.000 8,008.790 10,733.000JPM Global Research Enhanced Index Equity I (acc) - EUR# 352,337.696 160,980.802 155,529.185 357,789.313JPM Global Research Enhanced Index Equity I (acc) - EUR (hedged)# 43,524.192 82,445.048 91,279.969 34,689.271JPM Global Research Enhanced Index Equity I (acc) - USD# 241,859.225 722,319.935 149,422.162 814,756.998JPM Global Research Enhanced Index Equity I (dist) - EUR 10.000 - - 10.000JPM Global Research Enhanced Index Equity I (dist) - GBP (hedged)# 11,673.516 - 4,431.369 7,242.147JPM Global Research Enhanced Index Equity I (dist) - USD 10.000 - - 10.000JPM Global Research Enhanced Index Equity X (acc) - EUR# 6,764.791 9.486 2,539.828 4,234.449JPM Global Research Enhanced Index Equity X (acc) - GBP 372,229.004 32,445.708 47,114.712 357,560.000JPM Global Research Enhanced Index Equity X (acc) - USD* 10.000 - 10.000 -JPM Global Research Enhanced Index Equity X (dist) - AUD 1,347,128.556 1,306,964.822 1,221,256.783 1,432,836.595JPM Global Research Enhanced Index Equity X (dist) - AUD (hedged) 96,805.886 335,518.787 87,422.459 344,902.214JPM Global Research Enhanced Index Equity X (dist) - USD# 1,509,040.284 80,380.503 488,707.472 1,100,713.315

JPMorgan Funds - Global Short Duration Bond FundJPM Global Short Duration Bond A (acc) - EUR (hedged) 1,972,237.907 1,332,788.531 1,869,508.684 1,435,517.754JPM Global Short Duration Bond A (acc) - USD 9,167,982.912 14,986,130.194 17,559,938.173 6,594,174.933JPM Global Short Duration Bond C (acc) - EUR (hedged) 1,413,512.246 180,207.448 341,897.841 1,251,821.853JPM Global Short Duration Bond C (acc) - USD 11,532,633.534 6,229,379.960 8,003,527.152 9,758,486.342JPM Global Short Duration Bond C (dist) - EUR (hedged) 82,828.381 0.001 73,072.382 9,756.000JPM Global Short Duration Bond C (dist) - GBP (hedged) 94,382.941 513,896.321 81,078.614 527,200.648JPM Global Short Duration Bond C (dist) - USD 42,555.895 17,157.121 11,818.374 47,894.642JPM Global Short Duration Bond D (acc) - EUR (hedged) 43,592.900 174,936.892 58,772.913 159,756.879JPM Global Short Duration Bond I (acc) - EUR (hedged) 1,779,985.911 1,425,149.218 2,029,007.325 1,176,127.804JPM Global Short Duration Bond I (acc) - USD 531,475.077 137,350.067 535,778.831 133,046.313JPM Global Short Duration Bond I (dist) - EUR (hedged) 52,678.136 - 52,668.124 10.012JPM Global Short Duration Bond I (dist) - GBP (hedged) 483.631 - 10.031 473.600JPM Global Short Duration Bond I (dist) - USD* 35,300.356 1,910.524 37,210.880 -JPM Global Short Duration Bond I2 (acc) - EUR (hedged) - 1,127,719.158 517,464.061 610,255.097JPM Global Short Duration Bond I2 (acc) - USD - 447,082.102 256,346.223 190,735.879JPM Global Short Duration Bond I2 (dist) - EUR (hedged) - 10.000 - 10.000JPM Global Short Duration Bond I2 (dist) - GBP (hedged) - 10.000 - 10.000JPM Global Short Duration Bond I2 (dist) - USD - 350,044.468 16,432.408 333,612.060JPM Global Short Duration Bond P (dist) - GBP (hedged) - 10.000 - 10.000JPM Global Short Duration Bond X (acc) - EUR (hedged) 693,642.429 - 39,719.317 653,923.112JPM Global Short Duration Bond X (acc) - USD 1,800.506 874.738 484.097 2,191.147JPM Global Short Duration Bond X (dist) - GBP (hedged) 10.086 - - 10.086

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.# With effect from 1 July 2017, the suffix “perf” was removed from the name of these Share Classes since these Classes do not charge a performance fee. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

76

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Global Socially Responsible FundJPM Global Socially Responsible A (acc) - USD 351,873.061 1,238,706.916 1,214,418.008 376,161.969JPM Global Socially Responsible A (dist) - USD 247,622.634 52,680.764 50,829.073 249,474.325JPM Global Socially Responsible C (acc) - USD 9,033.957 69,659.330 6,481.620 72,211.667JPM Global Socially Responsible C (dist) - EUR (hedged) 92,767.769 35,835.120 34,147.323 94,455.566JPM Global Socially Responsible D (acc) - USD 439,457.757 271,934.704 78,342.295 633,050.166JPM Global Socially Responsible I (acc) - USD 1,661.835 10,387.500 12,039.335 10.000JPM Global Socially Responsible I (dist) - EUR (hedged) 10.000 - - 10.000JPM Global Socially Responsible I (dist) - GBP 108,900.992 - 108,890.992 10.000JPM Global Socially Responsible I2 (acc) - USD - 1,871.713 - 1,871.713JPM Global Socially Responsible I2 (dist) - GBP - 139,242.102 - 139,242.102JPM Global Socially Responsible X (acc) - USD 226,264.453 2.470 370.091 225,896.832

JPMorgan Funds - Global Strategic Bond FundJPM Global Strategic Bond A (acc) - EUR (hedged) 970,100.144 63,886.028 765,919.079 268,067.093JPM Global Strategic Bond A (acc) - NOK (hedged) 33,514.138 14,220.895 43,734.502 4,000.531JPM Global Strategic Bond A (acc) - USD 143,150.804 282,950.607 207,765.973 218,335.438JPM Global Strategic Bond A (mth) - USD 4,578.413 22,598.290 23,003.894 4,172.809JPM Global Strategic Bond A (perf) (acc) - CHF (hedged) 105,513.597 126.508 7,469.830 98,170.275JPM Global Strategic Bond A (perf) (acc) - CZK (hedged) 5,078.080 - - 5,078.080JPM Global Strategic Bond A (perf) (acc) - EUR (hedged) 553,219.042 339,156.950 298,159.246 594,216.746JPM Global Strategic Bond A (perf) (acc) - GBP (hedged) 24,931.951 8,844.515 2,267.463 31,509.003JPM Global Strategic Bond A (perf) (acc) - SEK (hedged) 3,745,835.224 1,516,847.341 1,129,455.046 4,133,227.519JPM Global Strategic Bond A (perf) (acc) - USD 416,850.131 100,120.987 127,969.550 389,001.568JPM Global Strategic Bond A (perf) (dist) - EUR (hedged)^ 3,625.055 25,430.656 418.111 28,637.600JPM Global Strategic Bond A (perf) (div) - EUR (hedged) 175,966.262 518,745.660 114,519.156 580,192.766JPM Global Strategic Bond A (perf) (fix) EUR 2.35 - EUR (hedged) 3,226.558 - 302.018 2,924.540JPM Global Strategic Bond A (perf) (mth) - USD 10,096.436 - 3,614.433 6,482.003JPM Global Strategic Bond C (acc) - EUR (hedged) 429,079.502 141,598.530 52,340.499 518,337.533JPM Global Strategic Bond C (perf) (acc) - CHF (hedged) 88,578.000 7,204.025 80,465.025 15,317.000JPM Global Strategic Bond C (perf) (acc) - EUR (hedged) 1,352,740.956 688,365.683 595,617.888 1,445,488.751JPM Global Strategic Bond C (perf) (acc) - GBP (hedged) 15,746.918 29,413.983 3,110.078 42,050.823JPM Global Strategic Bond C (perf) (acc) - PLN (hedged) 39,968.954 64,542.544 41,286.091 63,225.407JPM Global Strategic Bond C (perf) (acc) - USD 630,994.101 743,895.774 204,320.868 1,170,569.007JPM Global Strategic Bond C (perf) (dist) - GBP (hedged) 18,854.242 23,955.465 2,627.213 40,182.494JPM Global Strategic Bond C (perf) (dist) - USD 75,183.135 31,521.965 713.538 105,991.562JPM Global Strategic Bond C (perf) (fix) EUR 2.60 - EUR (hedged) 596.002 0.001 - 596.003JPM Global Strategic Bond C (perf) (mth) - USD** - 1,600.299 - 1,600.299JPM Global Strategic Bond D (perf) (acc) - EUR (hedged) 367,213.747 250,938.947 178,580.630 439,572.064JPM Global Strategic Bond D (perf) (acc) - PLN (hedged) 29,244.036 45,239.905 52,351.540 22,132.401JPM Global Strategic Bond D (perf) (acc) - USD 10.000 796.012 - 806.012JPM Global Strategic Bond D (perf) (div) - EUR (hedged) 2,772,741.640 787,069.771 668,774.499 2,891,036.912JPM Global Strategic Bond D (perf) (fix) EUR 1.60 - EUR (hedged) 159,382.784 - 65,997.666 93,385.118JPM Global Strategic Bond D (perf) (mth) - USD 9,723.163 323.873 576.369 9,470.667JPM Global Strategic Bond I (acc) - EUR (hedged) 1,236,594.085 1,183,746.420 1,048,486.755 1,371,853.750JPM Global Strategic Bond I (perf) (acc) - EUR (hedged) 414,478.613 939,730.868 377,488.858 976,720.623JPM Global Strategic Bond I (perf) (acc) - JPY (hedged) 836,846.299 114,987.079 13,624.661 938,208.717JPM Global Strategic Bond I (perf) (acc) - USD 267,265.766 72,070.192 209,499.249 129,836.709JPM Global Strategic Bond I (perf) (dist) - GBP (hedged) 499.725 - 10.071 489.654JPM Global Strategic Bond I (perf) (dist) - USD* 4,393.785 - 4,393.785 -JPM Global Strategic Bond I (perf) (mth) - USD* 300,000.000 - 300,000.000 -JPM Global Strategic Bond I2 (perf) (acc) - EUR (hedged) - 220,068.565 121,287.166 98,781.399JPM Global Strategic Bond I2 (perf) (acc) - USD - 42,496.374 17,665.577 24,830.797JPM Global Strategic Bond I2 (perf) (dist) - GBP (hedged) - 10.000 - 10.000JPM Global Strategic Bond I2 (perf) (dist) - USD - 3,730.822 3,720.822 10.000JPM Global Strategic Bond T (perf) (acc) - EUR (hedged) 77,698.110 72,794.079 43,377.164 107,115.025JPM Global Strategic Bond T (perf) (div) - EUR (hedged) 265,782.185 222,825.032 159,368.007 329,239.210JPM Global Strategic Bond X (acc) - EUR (hedged) 352,151.000 - 54,346.000 297,805.000JPM Global Strategic Bond X (acc) - USD 355,016.881 2,681.333 2,284.646 355,413.568JPM Global Strategic Bond X (perf) (acc) - EUR (hedged)* 122,928.994 - 122,928.994 -JPM Global Strategic Bond X (perf) (acc) - USD* 538.517 - 538.517 -

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

77

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Global Unconstrained Equity FundJPM Global Unconstrained Equity A (acc) - CHF (hedged) 5,255.007 20.849 74.988 5,200.868JPM Global Unconstrained Equity A (acc) - EUR 133,732.126 5,525.665 42,456.484 96,801.307JPM Global Unconstrained Equity A (acc) - EUR (hedged) 422,535.376 48,368.146 48,689.773 422,213.749JPM Global Unconstrained Equity A (acc) - USD 1,028,858.004 122,472.021 275,333.654 875,996.371JPM Global Unconstrained Equity A (dist) - EUR (hedged) 1,891,051.962 9,132.810 70,536.752 1,829,648.020JPM Global Unconstrained Equity A (dist) - USD 1,867,542.397 447,442.217 606,800.540 1,708,184.074JPM Global Unconstrained Equity C (acc) - EUR 11,887.643 536.153 3,255.788 9,168.008JPM Global Unconstrained Equity C (acc) - EUR (hedged) 6,194,739.187 516,504.816 480,449.930 6,230,794.073JPM Global Unconstrained Equity C (acc) - USD 10,718.292 1,073,396.368 1,048,334.404 35,780.256JPM Global Unconstrained Equity C (dist) - USD* 439.399 - 439.399 -JPM Global Unconstrained Equity D (acc) - EUR 68,865.461 3,427.445 17,598.126 54,694.780JPM Global Unconstrained Equity D (acc) - EUR (hedged) 175,577.795 58,410.337 34,386.720 199,601.412JPM Global Unconstrained Equity D (acc) - USD 136,647.578 64,491.734 33,665.301 167,474.011JPM Global Unconstrained Equity I (acc) - JPY 237,242.959 17,911.236 137,709.791 117,444.404JPM Global Unconstrained Equity I (acc) - USD 994,365.183 210,086.275 208,514.770 995,936.688JPM Global Unconstrained Equity T (acc) - EUR 11,592.009 2,210.659 6,607.651 7,195.017JPM Global Unconstrained Equity X (acc) - EUR 4,798,140.352 794,464.329 1,483,378.830 4,109,225.851JPM Global Unconstrained Equity X (acc) - EUR (hedged) 7,098.601 - - 7,098.601JPM Global Unconstrained Equity X (acc) - USD 242,918.637 34,252.344 97,283.984 179,886.997JPM Global Unconstrained Equity X (dist) - AUD 101.686 0.001 - 101.687

JPMorgan Funds - Greater China FundJPM Greater China A (acc) - SGD 27,594.858 72,726.641 50,437.558 49,883.941JPM Greater China A (acc) - USD 2,728,819.626 1,871,292.769 1,528,523.105 3,071,589.290JPM Greater China A (dist) - HKD 2,837,153.118 4,623,266.440 4,854,974.386 2,605,445.172JPM Greater China A (dist) - USD 6,886,957.559 6,116,001.513 6,763,338.566 6,239,620.506JPM Greater China C (acc) - EUR 7,854.395 88,446.706 3,671.005 92,630.096JPM Greater China C (acc) - SGD* 139.700 - 139.700 -JPM Greater China C (acc) - USD 2,180,439.771 1,246,366.790 1,322,876.877 2,103,929.684JPM Greater China C (dist) - USD 17,987.413 14,344.291 10,983.320 21,348.384JPM Greater China D (acc) - EUR 65,895.526 96,359.362 32,971.111 129,283.777JPM Greater China D (acc) - USD 889,314.431 1,212,697.639 1,173,605.321 928,406.749JPM Greater China I (acc) - USD 57,927.262 450,172.866 316,133.783 191,966.345JPM Greater China I2 (acc) - USD* - 10.000 10.000 -JPM Greater China I2 (acc) - EUR - 10.000 - 10.000JPM Greater China T (acc) - EUR 8,391.133 29,762.467 7,824.956 30,328.644JPM Greater China X (acc) - USD 1,248.475 1,204.489 475.109 1,977.855

JPMorgan Funds - Highbridge Europe STEEP Fund (13)JPM Highbridge Europe STEEP A (perf) (acc) - EUR 1,270,782.328 339,456.630 1,610,238.958 -JPM Highbridge Europe STEEP A (perf) (acc) - USD 79,103.054 26,400.439 105,503.493 -JPM Highbridge Europe STEEP A (perf) (acc) - USD (hedged) 10.000 - 10.000 -JPM Highbridge Europe STEEP A (perf) (dist) - EUR^ 54,483.002 6,476.154 60,959.156 -JPM Highbridge Europe STEEP A (perf) (dist) - GBP 5,137.227 - 5,137.227 -JPM Highbridge Europe STEEP C (perf) (acc) - EUR 299,269.269 16,455.737 315,725.006 -JPM Highbridge Europe STEEP C (perf) (acc) - USD (hedged) 4,980.000 11.600 4,991.600 -JPM Highbridge Europe STEEP D (perf) (acc) - EUR 1,425,929.487 132,515.545 1,558,445.032 -JPM Highbridge Europe STEEP D (perf) (acc) - USD (hedged) 10.000 - 10.000 -JPM Highbridge Europe STEEP I (perf) (acc) - EUR 580.967 - 580.967 -JPM Highbridge Europe STEEP S1 (perf) (acc) - EUR^^ 10.000 - 10.000 -JPM Highbridge Europe STEEP T (perf) (acc) - EUR 90,355.293 13,897.474 104,252.767 -JPM Highbridge Europe STEEP X (perf) (acc) - EUR 365.165 - 365.165 -

(13) This Sub-Fund was merged into JPMorgan Funds - Europe Dynamic Fund on 23 February 2018.* Share Class inactive as at the end of the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).^^ With effect from 29 September 2017, Share Class renamed from “S” Share Class to the equivalent “S1” Share Class within the same Sub-Fund.

78

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Highbridge US STEEP FundJPM Highbridge US STEEP A (perf) (acc) - EUR 5,768,396.235 924,658.692 3,524,628.014 3,168,426.913JPM Highbridge US STEEP A (perf) (acc) - EUR (hedged) 1,366,216.142 546,061.948 1,465,155.343 447,122.747JPM Highbridge US STEEP A (perf) (acc) - HUF (hedged) 35,656.748 5,001.039 10,363.319 30,294.468JPM Highbridge US STEEP A (perf) (acc) - USD 18,414,757.649 1,175,835.268 10,129,340.172 9,461,252.745JPM Highbridge US STEEP A (perf) (dist) - EUR^ 278,141.932 11,104.093 98,858.906 190,387.119JPM Highbridge US STEEP A (perf) (dist) - GBP 37,697.046 2,449.299 12,021.355 28,124.990JPM Highbridge US STEEP A (perf) (dist) - USD 3,513.984 4,420.001 6,508.985 1,425.000JPM Highbridge US STEEP C (perf) (acc) - EUR 647,378.161 36,482.940 427,488.097 256,373.004JPM Highbridge US STEEP C (perf) (acc) - EUR (hedged) 80,724.048 11,242.644 55,847.935 36,118.757JPM Highbridge US STEEP C (perf) (acc) - PLN (hedged)* 7,439.653 3,212.272 10,651.925 -JPM Highbridge US STEEP C (perf) (acc) - USD 8,159,329.288 241,192.219 6,390,847.072 2,009,674.435JPM Highbridge US STEEP C (perf) (dist) - GBP 15,559.554 340.504 7,787.195 8,112.863JPM Highbridge US STEEP C (perf) (dist) - USD 98,700.592 61,586.259 69,556.499 90,730.352JPM Highbridge US STEEP D (perf) (acc) - EUR (hedged) 464,930.197 47,680.059 165,833.480 346,776.776JPM Highbridge US STEEP D (perf) (acc) - PLN (hedged) 76,114.031 232,367.886 251,378.084 57,103.833JPM Highbridge US STEEP D (perf) (acc) - USD 2,868,020.322 235,157.675 979,146.114 2,124,031.883JPM Highbridge US STEEP I (perf) (acc) - EUR (hedged)** - 340,945.057 77,943.451 263,001.606JPM Highbridge US STEEP I (perf) (acc) - USD 1,851,873.190 403,962.888 1,982,141.949 273,694.129JPM Highbridge US STEEP I2 (perf) (acc) - EUR (hedged) - 10.000 - 10.000JPM Highbridge US STEEP I2 (perf) (acc) - USD - 10.000 - 10.000JPM Highbridge US STEEP T (perf) (acc) - EUR (hedged) 7,425.025 2,990.191 1,451.590 8,963.626JPM Highbridge US STEEP X (perf) (acc) - USD 43,895.670 123.561 28,559.474 15,459.757JPM Highbridge US STEEP X (perf) (dist) - USD 9.904 - - 9.904

JPMorgan Funds - Hong Kong FundJPM Hong Kong A (acc) - USD 98,407.847 294,423.602 250,908.916 141,922.533JPM Hong Kong A (dist) - HKD 18,408,669.833 4,424,724.007 19,051,517.706 3,781,876.134JPM Hong Kong A (dist) - USD 915,772.481 497,226.422 643,042.966 769,955.937JPM Hong Kong C (acc) - USD 240,921.508 668,853.022 789,047.103 120,727.427JPM Hong Kong D (acc) - USD 173,386.685 66,072.264 66,075.301 173,383.648JPM Hong Kong X (acc) - USD 1,696.303 - 576.903 1,119.400

JPMorgan Funds - Income FundJPM Income Fund A (acc) - EUR (hedged) 3,270.212 21,505.604 1,058.559 23,717.257JPM Income Fund A (acc) - SEK (hedged) 1,997.107 - - 1,997.107JPM Income Fund A (acc) - USD 122,142.602 20,076.023 116,708.625 25,510.000JPM Income Fund A (div) - EUR (hedged) 30,072.416 11,959.397 8,578.679 33,453.134JPM Income Fund A (div) - USD 125,120.000 - 121,870.883 3,249.117JPM Income Fund A (mth) - HKD 143,726.294 26,162,925.423 2,408,606.085 23,898,045.632JPM Income Fund A (mth) - USD 22,492.099 3,799,429.776 268,607.295 3,553,314.580JPM Income Fund C (acc) - EUR (hedged) - 125,408.696 58,927.179 66,481.517JPM Income Fund C (acc) - USD 10.000 93,303.479 3,576.103 89,737.376JPM Income Fund C (div) - EUR (hedged) 499.385 4,644.802 20.703 5,123.484JPM Income Fund D (acc) - EUR (hedged) - 10,133.422 1,307.978 8,825.444JPM Income Fund D (div) - EUR (hedged) 499.385 59,912.830 1,457.201 58,955.014JPM Income Fund T (acc) - EUR (hedged) - 523,273.565 5,261.510 518,012.055JPM Income Fund T (div) - EUR (hedged) - 1,551.177 - 1,551.177

JPMorgan Funds - Income Opportunity Plus Fund (14)JPM Income Opportunity Plus A (perf) (acc) - CHF (hedged) 7,820.834 9.859 7,830.693 -JPM Income Opportunity Plus A (perf) (acc) - EUR (hedged) 33,557.435 4,949.895 38,507.330 -JPM Income Opportunity Plus A (perf) (acc) - SEK (hedged) 262,611.098 20,177.051 282,788.149 -JPM Income Opportunity Plus A (perf) (acc) - USD 116,270.130 49,658.975 165,929.105 -JPM Income Opportunity Plus A (perf) (dist) - EUR (hedged)^ 17,442.587 3,199.289 20,641.876 -JPM Income Opportunity Plus A (perf) (dist) - GBP (hedged) 47,825.584 55,338.737 103,164.321 -JPM Income Opportunity Plus C (dist) - GBP (hedged) 1,429,501.907 71,660.058 1,501,161.965 -JPM Income Opportunity Plus C (perf) (acc) - CHF (hedged) 9.995 - 9.995 -JPM Income Opportunity Plus C (perf) (acc) - EUR (hedged) 10.000 3,554.970 3,564.970 -JPM Income Opportunity Plus C (perf) (acc) - USD 11,949.680 28,971.702 40,921.382 -JPM Income Opportunity Plus C (perf) (dist) - GBP (hedged) 23,248.798 6,170.143 29,418.941 -JPM Income Opportunity Plus C (perf) (dist) - USD 47,865.416 - 47,865.416 -JPM Income Opportunity Plus D (perf) (acc) - EUR (hedged) 85,345.197 14,439.976 99,785.173 -JPM Income Opportunity Plus I (perf) (acc) - EUR (hedged) 101,485.843 - 101,485.843 -JPM Income Opportunity Plus I (perf) (acc) - USD 39,547.583 4,081.254 43,628.837 -JPM Income Opportunity Plus I (perf) (dist) - GBP (hedged) 1,062.846 - 1,062.846 -

(14) This Sub-Fund was merged into JPMorgan Investment Funds - Income Opportunity Fund on 9 February 2018.* Share Class inactive as at the end of the year.** Share Class reactivated during the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

79

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - India FundJPM India A (acc) - EUR* 491.260 - 491.260 -JPM India A (acc) - SGD 140,369.933 15,172.923 9,644.918 145,897.938JPM India A (acc) - USD 10,269,476.034 1,250,974.619 2,698,043.889 8,822,406.764JPM India A (dist) - GBP 1,174.061 245.844 993.352 426.553JPM India A (dist) - USD 4,346,274.912 139,657.721 667,577.783 3,818,354.850JPM India C (acc) - EUR 2,913.225 56,536.063 9,987.898 49,461.390JPM India C (acc) - USD 1,800,635.084 329,811.621 352,672.881 1,777,773.824JPM India C (dist) - USD 153,293.432 7,006.959 22,483.191 137,817.200JPM India D (acc) - EUR 273,084.904 101,929.798 128,908.495 246,106.207JPM India D (acc) - USD 3,490,689.251 254,571.995 674,146.735 3,071,114.511JPM India I (acc) - USD 20,771.047 12,387.876 32,756.019 402.904JPM India I (dist) - USD* 2,556.491 2,831.615 5,388.106 -JPM India I2 (acc) - USD - 172,589.305 25,940.212 146,649.093JPM India I2 (dist) - USD - 10,848.958 1,981.569 8,867.389JPM India T (acc) - EUR 34,742.837 33,952.403 18,242.998 50,452.242JPM India X (acc) - USD 371,317.994 103,770.672 67,464.370 407,624.296

JPMorgan Funds - Indonesia Equity FundJPM Indonesia Equity A (acc) - USD 52,405.288 58,929.729 48,559.101 62,775.916JPM Indonesia Equity C (acc) - USD 65,888.270 22,764.358 13,573.847 75,078.781JPM Indonesia Equity D (acc) - EUR 32,675.863 52,449.933 18,452.023 66,673.773JPM Indonesia Equity D (acc) - USD 13,740.611 2,415.034 4,238.256 11,917.389JPM Indonesia Equity X (acc) - JPY 400,883.909 14,185.081 112,909.957 302,159.033

JPMorgan Funds - Italy Flexible Bond FundJPM Italy Flexible Bond A (perf) (acc) - EUR 15,753.745 26,173.453 12,753.903 29,173.295JPM Italy Flexible Bond A (perf) (div) - EUR 22,257.756 1,813.272 4,351.216 19,719.812JPM Italy Flexible Bond A (perf) (fix) EUR 4.00 - EUR 78,691.073 16.810 32,793.610 45,914.273JPM Italy Flexible Bond C (perf) (acc) - EUR 1,497.343 - 1,133.858 363.485JPM Italy Flexible Bond D (perf) (acc) - EUR 27,662.227 8,474.352 8,208.672 27,927.907JPM Italy Flexible Bond D (perf) (div) - EUR 1,582,963.434 590,708.562 438,965.085 1,734,706.911JPM Italy Flexible Bond D (perf) (fix) EUR 3.00 - EUR 160,437.866 545.618 77,248.581 83,734.903JPM Italy Flexible Bond T (perf) (acc) - EUR 52,028.972 67,735.960 43,874.291 75,890.641JPM Italy Flexible Bond T (perf) (div) - EUR 111,700.164 52,846.090 42,300.332 122,245.922

JPMorgan Funds - Japan Equity FundJPM Japan Equity A (acc) - AUD (hedged) - 295,764.461 89,396.445 206,368.016JPM Japan Equity A (acc) - EUR 4,905,320.253 3,710,533.374 3,936,247.102 4,679,606.525JPM Japan Equity A (acc) - EUR (hedged) 147,814.071 219,932.400 183,238.040 184,508.431JPM Japan Equity A (acc) - JPY 5,448,948.939 4,956,255.725 6,240,649.470 4,164,555.194JPM Japan Equity A (acc) - SGD (hedged) 39,077.753 192,687.568 47,101.562 184,663.759JPM Japan Equity A (acc) - USD 4,125,180.299 6,190,986.101 2,619,896.902 7,696,269.498JPM Japan Equity A (acc) - USD (hedged) 1,034,271.752 1,435,310.757 1,266,969.047 1,202,613.462JPM Japan Equity A (dist) - GBP 146,887.625 42,219.030 141,862.414 47,244.241JPM Japan Equity A (dist) - GBP (hedged) 6,686.353 5,945.756 2,416.464 10,215.645JPM Japan Equity A (dist) - JPY 30.020 105.000 30.010 105.010JPM Japan Equity A (dist) - SGD 70,084.642 112,382.948 73,572.747 108,894.843JPM Japan Equity A (dist) - USD 3,369,673.122 985,740.835 1,004,979.048 3,350,434.909JPM Japan Equity C (acc) - EUR 193,777.972 493,354.852 65,567.197 621,565.627JPM Japan Equity C (acc) - EUR (hedged) 675,952.260 1,171,841.774 573,461.785 1,274,332.249JPM Japan Equity C (acc) - JPY 288,094.029 788,388.840 653,214.824 423,268.045JPM Japan Equity C (acc) - USD 10,121,619.279 5,878,792.179 1,259,759.583 14,740,651.875JPM Japan Equity C (acc) - USD (hedged) 67,011.842 269,335.932 76,860.615 259,487.159JPM Japan Equity C (dist) - GBP 21,348.552 100,293.419 3,406.856 118,235.115JPM Japan Equity C (dist) - JPY - 40,660.846 - 40,660.846JPM Japan Equity C (dist) - USD 46,899.415 107,672.566 19,024.321 135,547.660JPM Japan Equity D (acc) - EUR 237,659.642 406,131.742 219,299.448 424,491.936JPM Japan Equity D (acc) - EUR (hedged) 3,109.665 29,507.713 12,296.985 20,320.393JPM Japan Equity D (acc) - JPY 13,208.243 27,804.663 6,811.613 34,201.293JPM Japan Equity D (acc) - USD 2,454,944.241 1,477,276.644 1,048,494.203 2,883,726.682JPM Japan Equity I (acc) - EUR 706,902.628 822,111.405 384,696.510 1,144,317.523JPM Japan Equity I (acc) - EUR (hedged) - 42,284.510 626.720 41,657.790JPM Japan Equity I (acc) - JPY 1,297,801.681 2,337,575.780 2,506,009.238 1,129,368.223JPM Japan Equity I (acc) - USD 10,182,214.784 7,322,996.006 4,424,268.974 13,080,941.816JPM Japan Equity I2 (acc) - EUR - 145,751.599 - 145,751.599JPM Japan Equity J (dist) - USD 1,143,932.063 1,389,730.142 1,201,676.901 1,331,985.304JPM Japan Equity X (acc) - JPY 155,239.588 1,998,983.165 96,326.366 2,057,896.387JPM Japan Equity X (acc) - USD 842,629.109 315,581.339 37,012.448 1,121,198.000JPM Japan Equity X (acc) - USD (hedged) 22,761.000 25,153.000 9,983.000 37,931.000

* Share Class inactive as at the end of the year.

80

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Korea Equity FundJPM Korea Equity A (acc) - EUR 379,486.388 955,039.100 383,917.697 950,607.791JPM Korea Equity A (acc) - USD 2,669,433.326 4,103,251.399 3,776,048.335 2,996,636.390JPM Korea Equity A (dist) - USD 46,298.860 47,331.103 21,841.067 71,788.896JPM Korea Equity C (acc) - EUR 197,927.841 52,963.625 20,867.185 230,024.281JPM Korea Equity C (acc) - SGD* 141.644 - 141.644 -JPM Korea Equity C (acc) - USD 759,603.249 173,307.285 242,243.998 690,666.536JPM Korea Equity C (dist) - USD 47,487.924 146,503.000 33,582.924 160,408.000JPM Korea Equity D (acc) - USD 607,331.826 391,372.266 204,576.017 794,128.075JPM Korea Equity I (acc) - USD 198,891.074 417,125.917 61,988.552 554,028.439JPM Korea Equity I2 (acc) - USD - 10.000 - 10.000JPM Korea Equity X (acc) - USD 289.629 98.980 60.529 328.080

JPMorgan Funds - Latin America Corporate Bond Fund (15)JPM Latin America Corporate Bond A (acc) - USD - 206,760.137 - 206,760.137JPM Latin America Corporate Bond A (div) - USD - 15,275.000 9,861.798 5,413.202JPM Latin America Corporate Bond A (mth) - USD - 6,660.000 - 6,660.000JPM Latin America Corporate Bond C (acc) - USD - 10,000.000 - 10,000.000JPM Latin America Corporate Bond C (mth) - USD - 6,660.000 - 6,660.000JPM Latin America Corporate Bond D (acc) - USD - 10,000.000 - 10,000.000JPM Latin America Corporate Bond D (div) - USD - 10,000.000 9,865.692 134.308JPM Latin America Corporate Bond D (mth) - USD - 6,660.000 - 6,660.000JPM Latin America Corporate Bond I (acc) - USD - 10,153.811 - 10,153.811JPM Latin America Corporate Bond S2 (acc) - USD - 187,754.917 - 187,754.917

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - EUR 132,748.219 28,071.741 74,485.738 86,334.222JPM Latin America Equity A (acc) - SGD 100.000 - - 100.000JPM Latin America Equity A (acc) - USD 4,460,483.254 1,896,779.530 1,923,942.539 4,433,320.245JPM Latin America Equity A (dist) - USD 5,176,434.125 1,289,722.829 2,215,547.481 4,250,609.473JPM Latin America Equity C (acc) - EUR 259,506.753 94,032.994 204,308.592 149,231.155JPM Latin America Equity C (acc) - SGD* 140.996 - 140.996 -JPM Latin America Equity C (acc) - USD 3,340,042.659 716,557.874 1,855,953.923 2,200,646.610JPM Latin America Equity C (dist) - USD 76,998.700 6,779.465 2,493.760 81,284.405JPM Latin America Equity D (acc) - EUR 60,853.780 12,787.946 27,686.485 45,955.241JPM Latin America Equity D (acc) - USD 712,225.898 82,489.790 167,178.800 627,536.888JPM Latin America Equity I (acc) - EUR 200,000.000 854.512 349.606 200,504.906JPM Latin America Equity I (acc) - JPY 99,688.371 32,909.487 35,387.924 97,209.934JPM Latin America Equity I (acc) - USD 17,269,524.863 13,713,268.703 20,576,828.451 10,405,965.115JPM Latin America Equity I (dist) - USD* 11,860.479 - 11,860.479 -JPM Latin America Equity I2 (acc) - USD - 10.000 - 10.000JPM Latin America Equity I2 (dist) - USD - 10,125.180 1,204.786 8,920.394JPM Latin America Equity X (acc) - USD 3,699,220.170 97,576.764 329,429.910 3,467,367.024

JPMorgan Funds - Managed Reserves FundJPM Managed Reserves Fund A (acc) - EUR (hedged) 510.955 3.004 94.246 419.713JPM Managed Reserves Fund A (acc) - USD 32,648.474 541.632 14,848.564 18,341.542JPM Managed Reserves Fund A (dist) - GBP (hedged) 51.787 0.522 1.140 51.169JPM Managed Reserves Fund C (acc) - EUR (hedged) 11,376.210 580.876 3,388.713 8,568.373JPM Managed Reserves Fund C (acc) - HKD (hedged) 2,758.181 3,017.317 4,162.518 1,612.980JPM Managed Reserves Fund C (acc) - SGD (hedged) 290.871 - 178.002 112.869JPM Managed Reserves Fund C (acc) - USD 122,597.831 123,428.971 124,550.392 121,476.410JPM Managed Reserves Fund C (dist) - GBP (hedged) 32.870 112.209 53.436 91.643JPM Managed Reserves Fund C (dist) - USD 4,629.897 18.103 3,343.377 1,304.623JPM Managed Reserves Fund I (acc) - EUR (hedged) 1,818.278 21,156.490 7,546.665 15,428.103JPM Managed Reserves Fund I (acc) - GBP (hedged) 26,929.115 2,370.518 29,109.480 190.153JPM Managed Reserves Fund I (acc) - HKD (hedged) 7.753 6,082.902 6,020.064 70.591JPM Managed Reserves Fund I (acc) - RMB (hedged) 20.358 7,013.463 7,002.189 31.632JPM Managed Reserves Fund I (acc) - SEK (hedged) 15,489.993 - 13,489.993 2,000.000JPM Managed Reserves Fund I (acc) - USD 87,030.401 53,400.242 101,503.887 38,926.756JPM Managed Reserves Fund I (dist) - GBP (hedged)* 1,625.182 - 1,625.182 -JPM Managed Reserves Fund I (dist) - NOK (hedged)* 19.901 - 19.901 -JPM Managed Reserves Fund I (dist) - USD* 13.191 - 13.191 -JPM Managed Reserves Fund P (acc) - EUR (hedged) - 1.000 - 1.000JPM Managed Reserves Fund P (acc) - USD 357.344 - 140.774 216.570JPM Managed Reserves Fund P (dist) - GBP (hedged)* 12,371.269 - 12,371.269 -JPM Managed Reserves Fund P (dist) - USD 2,251.922 1,640.092 969.907 2,922.107JPM Managed Reserves Fund X (dist) - GBP (hedged)* 125.568 - 125.568 -JPM Managed Reserves Fund X (dist) - USD* 99.091 - 99.091 -

JPMorgan Funds - Multi-Asset Italy PIR Fund (16)JPM Multi-Asset Italy PIR A (acc) - EUR - 57,286.287 17,286.000 40,000.287JPM Multi-Asset Italy PIR A (div) - EUR - 40,000.000 - 40,000.000JPM Multi-Asset Italy PIR C (acc) - EUR - 84,701.305 402.062 84,299.243JPM Multi-Asset Italy PIR D (acc) - EUR - 60,095.476 0.639 60,094.837JPM Multi-Asset Italy PIR D (div) - EUR - 60,047.934 - 60,047.934

(15) This Sub-Fund was launched on 10 July 2017.(16) This Sub-Fund was launched on 12 July 2017.* Share Class inactive as at the end of the year.

81

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Multi-Manager Alternatives FundJPM Multi-Manager Alternatives A (acc) - CHF (hedged) 48,887.345 2,426.500 10,587.689 40,726.156JPM Multi-Manager Alternatives A (acc) - EUR (hedged) 29,088.472 43,430.570 10,321.702 62,197.340JPM Multi-Manager Alternatives A (acc) - USD 19,857.752 21,264.931 1,806.114 39,316.569JPM Multi-Manager Alternatives C (acc) - CHF (hedged) 13,322.045 52,539.136 557.900 65,303.281JPM Multi-Manager Alternatives C (acc) - EUR 17.261 7,574.595 70.000 7,521.856JPM Multi-Manager Alternatives C (acc) - EUR (hedged) 179,491.294 134,434.928 65,631.076 248,295.146JPM Multi-Manager Alternatives C (acc) - GBP (hedged) 2,077.455 - - 2,077.455JPM Multi-Manager Alternatives C (acc) - SEK (hedged) 124,273.133 16,837.130 95,917.990 45,192.273JPM Multi-Manager Alternatives C (acc) - USD 998,128.517 699,703.935 442,354.686 1,255,477.766JPM Multi-Manager Alternatives D (acc) - EUR (hedged) 27,123.083 30,939.135 12,573.052 45,489.166JPM Multi-Manager Alternatives D (acc) - USD 3,602.678 3,526.781 1,766.759 5,362.700JPM Multi-Manager Alternatives S1 (acc) - CHF (hedged)^^ 109,775.000 35,460.000 3,670.000 141,565.000JPM Multi-Manager Alternatives S1 (acc) - EUR (hedged)^^ 72,560.000 54,580.000 4,560.000 122,580.000JPM Multi-Manager Alternatives S1 (acc) - SEK (hedged)^^ 6,151.000 72,521.417 3,297.394 75,375.023JPM Multi-Manager Alternatives S1 (acc) - USD^^ 144,487.819 47,113.160 144,804.577 46,796.402JPM Multi-Manager Alternatives X (acc) - NZD (hedged) - 2,741,345.750 - 2,741,345.750JPM Multi-Manager Alternatives X (acc) - USD - 576,524.564 239,057.406 337,467.158

JPMorgan Funds - Pacific Equity FundJPM Pacific Equity A (acc) - EUR 2,614,679.854 3,804,927.317 2,377,064.829 4,042,542.342JPM Pacific Equity A (acc) - USD 1,078,503.097 404,747.829 639,753.536 843,497.390JPM Pacific Equity A (dist) - GBP 16,554.330 3,748.217 1,648.062 18,654.485JPM Pacific Equity A (dist) - USD 4,424,361.695 306,157.639 657,016.105 4,073,503.229JPM Pacific Equity C (acc) - EUR 118.942 12,432.214 2,294.198 10,256.958JPM Pacific Equity C (acc) - USD 3,778,349.557 3,692,602.546 2,979,884.797 4,491,067.306JPM Pacific Equity C (dist) - USD 151,469.097 16,410.748 28,878.338 139,001.507JPM Pacific Equity D (acc) - EUR 120,664.052 166,791.592 128,549.986 158,905.658JPM Pacific Equity D (acc) - USD 1,249,190.405 2,044,227.580 502,804.338 2,790,613.647JPM Pacific Equity I (acc) - USD 93,724.607 330,600.417 83,587.895 340,737.129JPM Pacific Equity I2 (acc) - USD - 10.000 - 10.000JPM Pacific Equity X (acc) - USD 1,131.690 1,322.985 414.544 2,040.131

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 8,141,070.608 2,165,400.650 4,395,390.944 5,911,080.314JPM Russia A (dist) - USD 41,181,031.667 41,891,466.716 45,369,114.130 37,703,384.253JPM Russia C (acc) - USD 7,827,543.190 6,037,028.923 3,747,779.779 10,116,792.334JPM Russia C (dist) - USD 3,553.305 255.052 3,422.305 386.052JPM Russia D (acc) - EUR 87,355.406 66,249.128 48,377.271 105,227.263JPM Russia D (acc) - USD 5,338,536.390 789,859.784 1,620,722.960 4,507,673.214JPM Russia I (acc) - USD 239,109.280 2,629,638.499 606,977.908 2,261,769.871JPM Russia I2 (acc) - USD - 10.000 - 10.000JPM Russia T (acc) - EUR 45,308.691 22,224.040 17,790.249 49,742.482JPM Russia X (acc) - USD 1,268,024.501 34,596.829 582,000.626 720,620.704

JPMorgan Funds - Singapore FundJPM Singapore A (acc) - SGD 152,221.080 50,031.201 47,064.798 155,187.483JPM Singapore A (acc) - USD 292,674.123 66,836.138 108,824.500 250,685.761JPM Singapore A (dist) - USD 983,423.909 284,339.757 415,958.443 851,805.223JPM Singapore C (acc) - SGD 139.700 - - 139.700JPM Singapore C (acc) - USD 89,800.692 174,147.389 241,380.595 22,567.486JPM Singapore C (dist) - USD 3,026.012 1,000.000 1,070.000 2,956.012JPM Singapore D (acc) - USD 278,851.105 55,281.399 67,378.227 266,754.277JPM Singapore I (acc) - USD 795.540 35,344.298 35,247.508 892.330JPM Singapore I2 (acc) - USD - 10.000 - 10.000JPM Singapore X (acc) - USD 2,880.697 - 1,071.557 1,809.140

JPMorgan Funds - Sterling Bond FundJPM Sterling Bond A (acc) - GBP 1,898,973.523 861,285.384 1,732,168.014 1,028,090.893JPM Sterling Bond A (dist) - GBP 14,963,244.671 3,230,599.503 2,173,062.076 16,020,782.098JPM Sterling Bond C (dist) - GBP 1,081.242 1,735.652 1,899.354 917.540JPM Sterling Bond D (acc) - GBP 1,628,265.682 320,472.718 307,666.801 1,641,071.599JPM Sterling Bond I (acc) - GBP - 10,275.000 1,118.000 9,157.000

JPMorgan Funds - Sterling Managed Reserves FundJPM Sterling Managed Reserves A (acc) - GBP 152.820 9.994 147.814 15.000JPM Sterling Managed Reserves I (acc) - GBP 9,127.201 11,910.864 5,604.341 15,433.724JPM Sterling Managed Reserves I (dist) - GBP* 152.820 9.958 162.778 -JPM Sterling Managed Reserves K (acc) - GBP* 152.820 9.953 162.773 -JPM Sterling Managed Reserves P (dist) - GBP* 152.820 9.952 162.772 -

* Share Class inactive as at the end of the year.^^ With effect from 29 September 2017, Share Class renamed from “S” Share Class to the equivalent “S1” Share Class within the same Sub-Fund.

82

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - Systematic Alpha FundJPM Systematic Alpha A (acc) - CHF (hedged) 6,801.000 543.000 7,049.000 295.000JPM Systematic Alpha A (acc) - EUR 30,748,436.383 1,009,374.391 9,208,257.924 22,549,552.850JPM Systematic Alpha A (acc) - GBP (hedged) 8,702.590 - 7,871.664 830.926JPM Systematic Alpha A (acc) - NOK (hedged) 110,078.589 24,268.027 82,234.787 52,111.829JPM Systematic Alpha A (acc) - SEK (hedged) 2,823,503.701 839,771.693 3,346,972.471 316,302.923JPM Systematic Alpha A (acc) - USD (hedged) 58,327.750 5,364.134 44,217.117 19,474.767JPM Systematic Alpha C (acc) - CHF (hedged) 674,024.184 75,795.447 428,783.970 321,035.661JPM Systematic Alpha C (acc) - EUR 3,331,333.322 929,340.115 3,631,612.865 629,060.572JPM Systematic Alpha C (acc) - GBP (hedged)* 24,212.348 305.000 24,517.348 -JPM Systematic Alpha C (acc) - NOK (hedged)* 27,640.379 49,850.652 77,491.031 -JPM Systematic Alpha C (acc) - SEK (hedged) 3,042,754.420 600,061.817 3,641,361.964 1,454.273JPM Systematic Alpha C (acc) - USD (hedged) 64,172.210 55,705.914 81,022.660 38,855.464JPM Systematic Alpha C (dist) - EUR - 700.000 - 700.000JPM Systematic Alpha C (dist) - GBP (hedged) 133,806.128 17,865.958 20,703.772 130,968.314JPM Systematic Alpha D (acc) - EUR 10.000 281.263 74.841 216.422JPM Systematic Alpha D (acc) - USD (hedged) 7.293 - - 7.293JPM Systematic Alpha I (acc) - EUR 2,362,308.802 236,161.078 2,485,787.120 112,682.760JPM Systematic Alpha I (acc) - JPY (hedged) 1,146,823.687 338,214.022 2,386.133 1,482,651.576JPM Systematic Alpha I (acc) - SEK (hedged) 334,397.855 618,532.264 133,283.549 819,646.570JPM Systematic Alpha I (acc) - USD (hedged) 456,782.444 64,293.990 520,118.828 957.606JPM Systematic Alpha I (dist) - EUR 708.013 1,795.931 2,493.909 10.035JPM Systematic Alpha I (dist) - GBP (hedged) 401,499.194 17,140.060 132,341.181 286,298.073JPM Systematic Alpha I (dist) - USD (hedged)* 5,141.889 3,909.796 9,051.685 -JPM Systematic Alpha I2 (acc) - EUR - 104,248.199 96,024.913 8,223.286JPM Systematic Alpha I2 (acc) - USD (hedged) - 66,627.397 65,971.199 656.198JPM Systematic Alpha I2 (dist) - EUR - 10.000 - 10.000JPM Systematic Alpha I2 (dist) - GBP (hedged) - 4,368.208 4,358.208 10.000JPM Systematic Alpha I2 (dist) - USD (hedged) - 2,192.920 2,182.920 10.000JPM Systematic Alpha X (acc) - EUR 661,695.835 106,409.153 162,629.673 605,475.315JPM Systematic Alpha X (acc) - USD (hedged) 1,007,808.804 18,833.000 222,472.407 804,169.397JPM Systematic Alpha X (dist) - AUD (hedged) 49,586.219 904,435.936 61,125.427 892,896.728JPM Systematic Alpha X (dist) - GBP (hedged) 160,159.838 140,329.046 59,324.544 241,164.340JPM Systematic Alpha X (dist) - USD (hedged) 7.271 - - 7.271

JPMorgan Funds - Systematic Alpha Higher Volatility Fund (17)JPM Systematic Alpha Higher Volatility I (acc) - EUR - 179,990.000 - 179,990.000JPM Systematic Alpha Higher Volatility I (acc) - SEK (hedged) - 800,088.225 - 800,088.225JPM Systematic Alpha Higher Volatility X (acc) - EUR - 10.000 - 10.000JPM Systematic Alpha Higher Volatility X (acc) - GBP (hedged) - 341,837.665 - 341,837.665

JPMorgan Funds - Taiwan FundJPM Taiwan A (acc) - EUR 21,534.764 8,622.182 12,805.678 17,351.268JPM Taiwan A (acc) - USD 1,632,029.877 233,458.253 499,451.602 1,366,036.528JPM Taiwan A (dist) - HKD 205,758.446 132,697.739 137,150.534 201,305.651JPM Taiwan A (dist) - USD 3,312,969.142 1,412,530.625 1,883,533.364 2,841,966.403JPM Taiwan C (acc) - USD 989,115.256 197,402.000 167,068.398 1,019,448.858JPM Taiwan C (dist) - USD 85,634.511 2,363.809 81,122.525 6,875.795JPM Taiwan D (acc) - USD 249,016.557 54,058.417 66,624.908 236,450.066JPM Taiwan I (acc) - EUR 210,000.000 1,150.000 1,150.000 210,000.000

JPMorgan Funds - Total Emerging Markets Income FundJPM Total Emerging Markets Income A (acc) - EUR 141,763.783 70,898.758 109,345.589 103,316.952JPM Total Emerging Markets Income A (acc) - USD 296,761.391 65,809.783 73,812.987 288,758.187JPM Total Emerging Markets Income A (dist) - EUR^ 13,759.646 807.377 2,318.450 12,248.573JPM Total Emerging Markets Income A (irc) - AUD (hedged) 47,840.368 875,257.580 648,747.718 274,350.230JPM Total Emerging Markets Income A (mth) - HKD 814,823.353 13,960,991.664 8,664,393.153 6,111,421.864JPM Total Emerging Markets Income A (mth) - SGD - 132.374 - 132.374JPM Total Emerging Markets Income A (mth) - USD 15,659.611 257,970.753 193,169.218 80,461.146JPM Total Emerging Markets Income C (acc) - EUR 27,463.540 25,379.601 1,072.250 51,770.891JPM Total Emerging Markets Income C (div) - EUR - 159,430.878 152,047.368 7,383.510JPM Total Emerging Markets Income D (acc) - EUR 223,253.632 147,459.683 66,650.453 304,062.862JPM Total Emerging Markets Income D (acc) - USD 454,942.306 278,287.325 139,345.059 593,884.572JPM Total Emerging Markets Income D (div) - EUR 344,592.143 233,260.050 60,188.333 517,663.860JPM Total Emerging Markets Income D (mth) - EUR 3,423.847 14,114.626 1,994.591 15,543.882JPM Total Emerging Markets Income D (mth) - USD* 10.000 - 10.000 -JPM Total Emerging Markets Income X (acc) - GBP 64,658.640 286.507 17,863.348 47,081.799

JPMorgan Funds - Turkey Equity Fund (18)JPM Turkey Equity A (acc) - EUR 617,183.210 6,596.933 623,780.143 -JPM Turkey Equity A (dist) - EUR 615,144.632 2,542.710 617,687.342 -JPM Turkey Equity C (acc) - EUR 215,126.380 - 215,126.380 -JPM Turkey Equity C (dist) - EUR 4,510.825 1.145 4,511.970 -JPM Turkey Equity D (acc) - EUR 417,198.024 8,486.835 425,684.859 -JPM Turkey Equity I (acc) - EUR 2,451.811 - 2,451.811 -

(17) This Sub-Fund was launched on 18 April 2018.(18) This Sub-Fund was merged into JPMorgan Funds - Emerging Europe Equity Fund on 17 July 2017.* Share Class inactive as at the end of the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

83

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - AUD (hedged) - 385,674.945 58,012.556 327,662.389JPM US Aggregate Bond A (acc) - EUR (hedged) 1,989,454.086 440,801.458 1,630,380.667 799,874.877JPM US Aggregate Bond A (acc) - USD 50,370,556.996 17,952,427.633 32,121,359.778 36,201,624.851JPM US Aggregate Bond A (dist) - USD^ 6,149,412.866 2,021,526.983 3,148,986.761 5,021,953.088JPM US Aggregate Bond A (div) - USD 13,079.888 4,991.719 4,071.389 14,000.218JPM US Aggregate Bond A (mth) - HKD 313,777.306 49,242.004 93,576.223 269,443.087JPM US Aggregate Bond A (mth) - SGD 20,030.345 0.001 394.945 19,635.401JPM US Aggregate Bond A (mth) - SGD (hedged) 191,474.675 47,298.773 53,223.188 185,550.260JPM US Aggregate Bond A (mth) - USD 9,453,677.946 6,903,740.016 5,101,341.727 11,256,076.235JPM US Aggregate Bond C (acc) - EUR (hedged) 1,469,627.623 1,793,177.721 913,315.940 2,349,489.404JPM US Aggregate Bond C (acc) - USD 30,616,214.649 17,500,448.170 12,378,033.304 35,738,629.515JPM US Aggregate Bond C (dist) - EUR (hedged) 260,860.819 429,997.000 195,148.819 495,709.000JPM US Aggregate Bond C (dist) - GBP (hedged) 22,868.860 1,817.000 9.860 24,676.000JPM US Aggregate Bond C (dist) - USD 234,738.296 837,365.964 521,434.189 550,670.071JPM US Aggregate Bond C (div) - USD 342,010.542 129,096.304 460,578.752 10,528.094JPM US Aggregate Bond C (inc) - USD*** 21,554.532 37.767 21,592.299 -JPM US Aggregate Bond C (mth) - HKD* 774.612 - 774.612 -JPM US Aggregate Bond C (mth) - SGD* 139.503 - 139.503 -JPM US Aggregate Bond C (mth) - SGD (hedged)* 139.503 - 139.503 -JPM US Aggregate Bond C (mth) - USD 226,099.463 56,575.002 61,893.031 220,781.434JPM US Aggregate Bond D (acc) - EUR (hedged) 297,274.174 76,579.487 113,823.915 260,029.746JPM US Aggregate Bond D (acc) - USD 1,731,280.986 413,286.001 548,023.059 1,596,543.928JPM US Aggregate Bond I (acc) - EUR (hedged) 4,545,021.124 2,093,848.334 4,479,938.243 2,158,931.215JPM US Aggregate Bond I (acc) - USD 8,152,402.482 3,687,914.057 7,543,917.459 4,296,399.080JPM US Aggregate Bond I (dist) - EUR (hedged)* 85,375.419 34,851.294 120,226.713 -JPM US Aggregate Bond I (dist) - GBP (hedged)* 336,709.724 29,258.663 365,968.387 -JPM US Aggregate Bond I (dist) - USD 527,048.373 164,695.224 691,733.630 9.967JPM US Aggregate Bond I (div) - USD - 524,322.537 35,570.833 488,751.704JPM US Aggregate Bond I (inc) - USD*** 94,308.151 11,544.729 105,852.880 -JPM US Aggregate Bond I2 (acc) - EUR (hedged) - 3,381,037.114 2,053,812.553 1,327,224.561JPM US Aggregate Bond I2 (acc) - USD - 5,318,269.671 4,121,850.221 1,196,419.450JPM US Aggregate Bond I2 (dist) - EUR (hedged) - 97,413.626 55,852.329 41,561.297JPM US Aggregate Bond I2 (dist) - GBP (hedged) - 172,042.149 129,403.925 42,638.224JPM US Aggregate Bond I2 (dist) - USD - 500,366.786 400,112.292 100,254.494JPM US Aggregate Bond X (acc) - EUR (hedged) 191,252.994 713,147.734 229,213.876 675,186.852JPM US Aggregate Bond X (acc) - USD 6,194,957.776 1,347,315.031 4,192,147.763 3,350,125.044JPM US Aggregate Bond X (dist) - USD 10.001 - - 10.001

JPMorgan Funds - US Corporate Bond FundJPM US Corporate Bond A (acc) - EUR (hedged) 11,386.947 7,303.792 9,945.324 8,745.415JPM US Corporate Bond A (acc) - USD 62,228.866 2,000.243 2,303.855 61,925.254JPM US Corporate Bond A (dist) - USD 10.000 - - 10.000JPM US Corporate Bond C (acc) - EUR (hedged) 57,851.510 124,265.396 10,032.770 172,084.136JPM US Corporate Bond C (acc) - USD 187,500.000 - - 187,500.000JPM US Corporate Bond D (acc) - USD 1,543.450 3,329.441 211.365 4,661.526JPM US Corporate Bond I (acc) - USD 10.000 151.392 - 161.392

JPMorgan Funds - US Dollar Money Market FundJPM US Dollar Money Market A (acc) - USD 3,745,340.513 5,280,222.021 4,528,057.576 4,497,504.958

JPMorgan Funds - US Equity All Cap FundJPM US Equity All Cap A (acc) - AUD (hedged) - 343,206.765 38,158.914 305,047.851JPM US Equity All Cap A (acc) - CHF* 10.061 - 10.061 -JPM US Equity All Cap A (acc) - CHF (hedged)* 2,012.248 - 2,012.248 -JPM US Equity All Cap A (acc) - EUR 600.000 942.357 298.422 1,243.935JPM US Equity All Cap A (acc) - USD 1,895,842.091 1,041,006.601 723,480.738 2,213,367.954JPM US Equity All Cap A (dist) - USD* 151,060.210 13,270.000 164,330.210 -JPM US Equity All Cap C (acc) - EUR 165,291.000 564,283.740 136,728.896 592,845.844JPM US Equity All Cap C (acc) - EUR (hedged) 1,344,447.919 996,538.740 328,402.156 2,012,584.503JPM US Equity All Cap C (acc) - PLN (hedged) 2,000.493 - - 2,000.493JPM US Equity All Cap C (acc) - USD 1,113,371.119 650,187.889 1,346,528.665 417,030.343JPM US Equity All Cap C (dist) - GBP 232,628.317 604.918 33,639.630 199,593.605JPM US Equity All Cap I (acc) - EUR - 50,000.000 - 50,000.000JPM US Equity All Cap I (acc) - EUR (hedged) - 551,220.165 2,890.000 548,330.165JPM US Equity All Cap X (acc) - USD 3,191,593.847 2,987,167.607 295,521.276 5,883,240.178

* Share Class inactive as at the end of the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

84

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - US Equity Plus Fund (19)JPM US Equity Plus A (acc) - EUR 4,678.727 245.636 4,924.363 -JPM US Equity Plus A (acc) - EUR (hedged) 28,623.488 8,766.379 37,389.867 -JPM US Equity Plus A (acc) - USD 1,409,815.940 38,586.701 1,448,402.641 -JPM US Equity Plus A (dist) - GBP 2,371.595 - 2,371.595 -JPM US Equity Plus A (dist) - USD 138,210.715 1,481.780 139,692.495 -JPM US Equity Plus C (acc) - EUR 169.772 - 169.772 -JPM US Equity Plus C (acc) - USD 298,629.329 35,228.358 333,857.687 -JPM US Equity Plus C (dist) - USD 4,794.484 - 4,794.484 -JPM US Equity Plus D (acc) - EUR 17,213.122 3,156.014 20,369.136 -JPM US Equity Plus D (acc) - EUR (hedged) 123,187.511 6,142.544 129,330.055 -JPM US Equity Plus D (acc) - USD 592,883.781 6,297.692 599,181.473 -JPM US Equity Plus I (dist) - EUR^ 15.514 - 15.514 -JPM US Equity Plus T (acc) - EUR 26,487.981 3,454.398 29,942.379 -JPM US Equity Plus X (acc) - USD 2,348.829 17.230 2,366.059 -

JPMorgan Funds - US Growth FundJPM US Growth A (acc) - EUR (hedged) 342,695.466 710,922.425 532,859.204 520,758.687JPM US Growth A (acc) - USD 4,275,719.504 4,024,854.715 3,687,516.718 4,613,057.501JPM US Growth A (dist) - GBP 36,129.027 3,313.511 338.234 39,104.304JPM US Growth A (dist) - USD 1,612,607.020 2,609,428.613 1,970,772.310 2,251,263.323JPM US Growth C (acc) - EUR (hedged) 2,018,583.232 1,253,114.581 1,579,967.721 1,691,730.092JPM US Growth C (acc) - USD 4,317,256.585 4,280,358.102 4,766,344.486 3,831,270.201JPM US Growth C (dist) - GBP 1,657.017 1.709 75.835 1,582.891JPM US Growth C (dist) - USD 10,171.183 1,519.001 9,856.827 1,833.357JPM US Growth D (acc) - EUR (hedged) 115,632.639 897,304.847 582,814.948 430,122.538JPM US Growth D (acc) - USD 726,292.461 874,795.882 397,617.056 1,203,471.287JPM US Growth I (acc) - EUR (hedged)* 370.470 - 370.470 -JPM US Growth I (acc) - JPY 207,975.375 1,215.385 59,293.014 149,897.746JPM US Growth I (acc) - USD 210,122.239 390,285.062 473,245.468 127,161.833JPM US Growth I (dist) - GBP 23,476.476 - 22,758.514 717.962JPM US Growth I (dist) - USD 8,719.961 - 7,876.628 843.333JPM US Growth I2 (acc) - EUR (hedged) - 484.985 474.985 10.000JPM US Growth I2 (acc) - USD - 51,154.430 18,235.609 32,918.821JPM US Growth I2 (dist) - GBP - 14,499.409 - 14,499.409JPM US Growth I2 (dist) - USD - 972.970 - 972.970JPM US Growth P (dist) - USD 99.999 1,200.001 - 1,300.000JPM US Growth T (acc) - EUR (hedged) 7,247.377 31,549.471 4,996.725 33,800.123JPM US Growth X (acc) - USD 131,032.998 317,715.329 129,688.228 319,060.099

JPMorgan Funds - US Hedged Equity FundJPM US Hedged Equity A (acc) - EUR (hedged) - 10.000 - 10.000JPM US Hedged Equity A (acc) - USD - 30,080.187 - 30,080.187JPM US Hedged Equity C (acc) - EUR (hedged) 19,111.323 - - 19,111.323JPM US Hedged Equity C (acc) - USD 22,142.643 237,158.817 13,491.842 245,809.618JPM US Hedged Equity I (acc) - USD 10,000.000 8,094.462 - 18,094.462

JPMorgan Funds - US High Yield Plus Bond FundJPM US High Yield Plus Bond A (acc) - EUR (hedged) 3,277.845 1,518.375 3,013.109 1,783.111JPM US High Yield Plus Bond A (acc) - USD 102,093.378 19,318.737 23,306.356 98,105.759JPM US High Yield Plus Bond A (dist) - GBP (hedged) 216,032.906 3,187.761 216,017.000 3,203.667JPM US High Yield Plus Bond A (dist) - USD 39,503.816 2,103.000 2,655.816 38,951.000JPM US High Yield Plus Bond A (div) - EUR (hedged) 65,654.415 24,080.694 15,588.510 74,146.599JPM US High Yield Plus Bond A (mth) - HKD 10,668,195.500 4,109,512.802 558,154.332 14,219,553.970JPM US High Yield Plus Bond A (mth) - USD 497,394.858 84,805.442 118,842.073 463,358.227JPM US High Yield Plus Bond C (acc) - EUR (hedged) 128,316.000 63,265.000 69,333.000 122,248.000JPM US High Yield Plus Bond C (acc) - USD 136,532.571 45,715.000 46,807.285 135,440.286JPM US High Yield Plus Bond D (div) - EUR (hedged) 268,192.411 114,551.664 41,643.982 341,100.093JPM US High Yield Plus Bond X (acc) - EUR (hedged) 555,213.035 10,256.000 65,819.035 499,650.000JPM US High Yield Plus Bond X (acc) - USD 221.019 - 52.956 168.063JPM US High Yield Plus Bond X (mth) - USD - 38,324.706 21,428.830 16,895.876

JPMorgan Funds - US Opportunistic Long-Short Equity FundJPM US Opportunistic Long-Short Equity A (perf) (acc) - EUR (hedged) 171,612.727 394,832.632 31,521.553 534,923.806JPM US Opportunistic Long-Short Equity A (perf) (acc) - SEK (hedged) - 77,131.180 56,628.913 20,502.267JPM US Opportunistic Long-Short Equity A (perf) (acc) - USD 35,519.043 65,085.961 27,038.045 73,566.959JPM US Opportunistic Long-Short Equity C (perf) (acc) - EUR (hedged) 52,771.574 518,082.800 121,621.980 449,232.394JPM US Opportunistic Long-Short Equity C (perf) (acc) - USD 71,150.225 161,465.427 82,939.332 149,676.320JPM US Opportunistic Long-Short Equity C (perf) (dist) - GBP (hedged) 3,472.180 3,721.132 117.636 7,075.676JPM US Opportunistic Long-Short Equity D (perf) (acc) - EUR (hedged) 27,404.621 188,895.489 32,882.939 183,417.171JPM US Opportunistic Long-Short Equity D (perf) (acc) - USD 39,676.490 29,587.122 9,336.202 59,927.410JPM US Opportunistic Long-Short Equity I (perf) (acc) - JPY (hedged) - 1,204,216.979 142,058.907 1,062,158.072JPM US Opportunistic Long-Short Equity I (perf) (acc) - USD - 10.460 - 10.460JPM US Opportunistic Long-Short Equity S2 (perf) (acc) - EUR (hedged) - 162,026.000 - 162,026.000JPM US Opportunistic Long-Short Equity X (perf) (acc) - USD 440,484.468 376,655.279 66,687.495 750,452.252

(19) This Sub-Fund was merged into JPMorgan Funds - US Select Equity Plus Fund on 23 February 2018.* Share Class inactive as at the end of the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

85

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - US Research Enhanced Index Equity FundJPM US Research Enhanced Index Equity C (acc) - EUR (hedged)# 280,766.798 718,989.361 635,141.200 364,614.959JPM US Research Enhanced Index Equity C (acc) - USD# 2,177,871.369 1,153,344.438 1,219,902.000 2,111,313.807JPM US Research Enhanced Index Equity I (acc) - USD# 1,060,343.283 308,206.074 1,288,990.080 79,559.277JPM US Research Enhanced Index Equity X (acc) - USD 83,592.393 4,500.319 9,475.043 78,617.669

JPMorgan Funds - US Select Equity Plus FundJPM US Select Equity Plus A (acc) - EUR 47,487.526 30,481.578 15,778.655 62,190.449JPM US Select Equity Plus A (acc) - EUR (hedged) 2,298,568.142 1,205,062.892 926,377.761 2,577,253.273JPM US Select Equity Plus A (acc) - USD 34,233,838.591 4,972,189.785 9,206,823.168 29,999,205.208JPM US Select Equity Plus A (dist) - GBP 886,791.278 3,509.037 757,414.831 132,885.484JPM US Select Equity Plus A (dist) - USD 1,465,179.350 1,856,066.349 1,161,633.696 2,159,612.003JPM US Select Equity Plus C (acc) - CHF (hedged)* 1,025.000 - 1,025.000 -JPM US Select Equity Plus C (acc) - EUR - 333.923 - 333.923JPM US Select Equity Plus C (acc) - EUR (hedged) 1,472,794.339 1,728,472.995 550,005.109 2,651,262.225JPM US Select Equity Plus C (acc) - USD 22,858,441.343 7,543,945.449 14,627,325.500 15,775,061.292JPM US Select Equity Plus C (dist) - GBP 20,600.544 3,215.468 2,060.293 21,755.719JPM US Select Equity Plus C (dist) - GBP (hedged) 4,250.142 - 69.984 4,180.158JPM US Select Equity Plus C (dist) - USD 388,558.070 120,170.346 86,099.064 422,629.352JPM US Select Equity Plus D (acc) - EUR - 22,717.660 1,404.588 21,313.072JPM US Select Equity Plus D (acc) - EUR (hedged) 462,734.419 359,591.992 212,704.118 609,622.293JPM US Select Equity Plus D (acc) - USD 3,096,352.937 1,203,265.484 808,986.660 3,490,631.761JPM US Select Equity Plus I (acc) - EUR (hedged) 292,607.084 375,188.305 297,117.956 370,677.433JPM US Select Equity Plus I (acc) - USD 2,938,345.835 287,038.313 3,003,510.520 221,873.628JPM US Select Equity Plus I (dist) - GBP* 10,061.735 - 10,061.735 -JPM US Select Equity Plus I (dist) - USD 381,147.187 14,313.133 382,159.754 13,300.566JPM US Select Equity Plus I2 (acc) - EUR (hedged) - 249,628.488 35,018.719 214,609.769JPM US Select Equity Plus I2 (acc) - USD - 3,347,478.176 1,629,547.518 1,717,930.658JPM US Select Equity Plus I2 (dist) - GBP - 6,333.477 3,290.135 3,043.342JPM US Select Equity Plus I2 (dist) - USD - 487,449.993 256,526.849 230,923.144JPM US Select Equity Plus P (acc) - USD - 10.000 - 10.000JPM US Select Equity Plus P (dist) - USD 21,014.973 5,226.948 3,892.574 22,349.347JPM US Select Equity Plus T (acc) - EUR - 33,065.972 5,110.109 27,955.863JPM US Select Equity Plus X (acc) - USD 27,481,507.922 14,054,326.556 3,719,521.378 37,816,313.100JPM US Select Equity Plus X (dist) - USD 42,955.908 5,437.818 2,465.459 45,928.267

JPMorgan Funds - US Select Long-Short Equity Fund (20)JPM US Select Long-Short Equity A (perf) (acc) - EUR (hedged) 11,072.237 10,795.957 21,868.194 -JPM US Select Long-Short Equity A (perf) (acc) - SEK (hedged) 90,884.470 9,295.080 100,179.550 -JPM US Select Long-Short Equity A (perf) (acc) - USD 45,972.397 1,147.030 47,119.427 -JPM US Select Long-Short Equity C (perf) (acc) - USD 19,842.804 53.903 19,896.707 -JPM US Select Long-Short Equity D (perf) (acc) - EUR (hedged) 42,240.844 6,514.738 48,755.582 -JPM US Select Long-Short Equity I (perf) (acc) - USD 10.000 - 10.000 -JPM US Select Long-Short Equity X (perf) (acc) - USD 408,165.929 - 408,165.929 -

JPMorgan Funds - US Short Duration Bond FundJPM US Short Duration Bond A (acc) - EUR (hedged) 496,578.083 141,811.993 483,715.696 154,674.380JPM US Short Duration Bond A (acc) - USD 994,053.853 393,766.355 995,255.013 392,565.195JPM US Short Duration Bond C (acc) - EUR (hedged) 87,081.574 283,665.342 83,226.473 287,520.443JPM US Short Duration Bond C (acc) - USD 5,151,230.375 2,013,207.629 3,305,786.364 3,858,651.640JPM US Short Duration Bond C (dist) - USD 129,010.042 78,247.904 188,699.976 18,557.970JPM US Short Duration Bond D (acc) - EUR (hedged) 71,124.264 16,038.875 56,621.402 30,541.737JPM US Short Duration Bond D (acc) - USD 1,090,707.031 238,922.333 490,217.350 839,412.014JPM US Short Duration Bond I (acc) - EUR (hedged) 64,677.527 835,388.177 894,588.189 5,477.515JPM US Short Duration Bond I (acc) - USD 920,912.149 772,334.613 541,499.452 1,151,747.310JPM US Short Duration Bond I2 (acc) - EUR (hedged) - 26,436.945 8,127.645 18,309.300JPM US Short Duration Bond I2 (acc) - USD - 44,917.782 12,169.861 32,747.921JPM US Short Duration Bond X (acc) - EUR (hedged) 819,329.264 337,681.711 531,920.326 625,090.649JPM US Short Duration Bond X (acc) - USD 5,759.639 1,853.185 3,151.708 4,461.116

JPMorgan Funds - US Small Cap Growth FundJPM US Small Cap Growth A (acc) - EUR 22,654.890 72,684.515 19,026.850 76,312.555JPM US Small Cap Growth A (acc) - USD 1,485,597.802 1,355,551.074 1,190,734.362 1,650,414.514JPM US Small Cap Growth A (dist) - GBP 35,998.073 2,397.120 1,288.762 37,106.431JPM US Small Cap Growth A (dist) - USD 232,318.392 217,637.172 105,196.601 344,758.963JPM US Small Cap Growth C (acc) - EUR 77,233.444 145,911.175 42,700.291 180,444.328JPM US Small Cap Growth C (acc) - USD 44,370.537 680,440.178 595,198.739 129,611.976JPM US Small Cap Growth C (dist) - USD 8,607.265 84,744.000 3,684.075 89,667.190JPM US Small Cap Growth D (acc) - USD 907,862.865 679,302.232 364,168.998 1,222,996.099JPM US Small Cap Growth I2 (acc) - USD - 815,428.427 - 815,428.427JPM US Small Cap Growth I2 (dist) - USD - 10.000 - 10.000JPM US Small Cap Growth X (acc) - USD 8,576.307 8,860.043 4,047.377 13,388.973

(20) This Sub-Fund was merged into JPMorgan Funds - US Opportunistic Long-Short Equity Fund on 1 December 2017.* Share Class inactive as at the end of the year.# With effect from 1 July 2017, the suffix “perf” was removed from the name of these Share Classes since these Classes do not charge a performance fee. Please refer to Note 17e).

86

JPMorgan FundsStatement of Changes in the Number of Shares (continued)

For the Year Ended 30 June 2018

Shares Outstandingat the Beginning

of the Year

SharesSubscribed

SharesRedeemed

Shares Outstandingat the End

of the Year

JPMorgan Funds - US Smaller Companies FundJPM US Smaller Companies A (acc) - EUR (hedged)** - 5,794.472 - 5,794.472JPM US Smaller Companies A (acc) - USD 16,783,765.262 3,060,934.467 9,292,873.686 10,551,826.043JPM US Smaller Companies A (dist) - USD 554,940.037 392,524.435 355,524.067 591,940.405JPM US Smaller Companies C (acc) - EUR (hedged) 161,192.909 108,632.774 53,946.315 215,879.368JPM US Smaller Companies C (acc) - USD 1,980,772.972 844,502.442 928,562.427 1,896,712.987JPM US Smaller Companies C (dist) - USD 824,946.915 154,597.781 163,498.713 816,045.983JPM US Smaller Companies D (acc) - USD 595,134.729 142,261.577 271,976.187 465,420.119JPM US Smaller Companies I (acc) - EUR (hedged) 13,916.930 3,538.937 12,718.469 4,737.398JPM US Smaller Companies I (acc) - USD 1,439,998.822 271,993.937 847,976.830 864,015.929JPM US Smaller Companies I (dist) - USD 388.364 267,277.802 21,902.520 245,763.646JPM US Smaller Companies P (dist) - USD 96,314.729 5,961.679 24,832.134 77,444.274JPM US Smaller Companies X (acc) - USD 2,861,142.841 254,556.770 537,349.971 2,578,349.640

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - EUR 32,782.113 123,269.887 35,396.113 120,655.887JPM US Technology A (acc) - SGD 3,844.624 12,898.988 10,872.446 5,871.166JPM US Technology A (acc) - USD 2,064,060.378 2,197,797.689 2,078,332.245 2,183,525.822JPM US Technology A (dist) - GBP 428,200.691 278,003.801 213,251.552 492,952.940JPM US Technology A (dist) - USD 10,744,022.263 48,177,814.615 36,555,475.849 22,366,361.029JPM US Technology C (acc) - EUR 6,666.482 34,564.964 3,226.662 38,004.784JPM US Technology C (acc) - USD 2,382,019.932 5,043,000.228 2,485,724.029 4,939,296.131JPM US Technology C (dist) - USD 26,881.715 20,076.666 5,708.366 41,250.015JPM US Technology D (acc) - EUR 61,360.616 445,569.352 137,545.271 369,384.697JPM US Technology D (acc) - USD 7,104,718.885 16,665,523.579 11,748,315.896 12,021,926.568JPM US Technology I (acc) - USD* 451.788 95,917.331 96,369.119 -JPM US Technology I2 (acc) - USD - 10.000 - 10.000JPM US Technology X (acc) - USD 893.565 1,254.244 201.981 1,945.828

JPMorgan Funds - US Value FundJPM US Value A (acc) - EUR 3,280.816 9,497.794 2,752.564 10,026.046JPM US Value A (acc) - EUR (hedged) 3,025,522.968 4,428,369.714 2,909,108.758 4,544,783.924JPM US Value A (acc) - SGD 59,316.976 44,272.300 66,110.226 37,479.050JPM US Value A (acc) - USD 14,556,398.432 5,505,377.051 8,520,577.293 11,541,198.190JPM US Value A (dist) - GBP 54,857.082 1,487.256 24,317.297 32,027.041JPM US Value A (dist) - USD 14,641,763.633 3,474,492.607 7,224,182.974 10,892,073.266JPM US Value C (acc) - EUR 424,124.340 210,488.776 291,989.899 342,623.217JPM US Value C (acc) - EUR (hedged) 2,819,047.268 1,298,112.880 1,920,048.561 2,197,111.587JPM US Value C (acc) - USD 29,116,683.715 8,883,367.261 16,542,440.303 21,457,610.673JPM US Value C (dist) - GBP 6,581.034 92.391 1,357.647 5,315.778JPM US Value C (dist) - USD 1,438,877.724 849,222.494 1,030,018.422 1,258,081.796JPM US Value D (acc) - EUR (hedged) 2,157,846.944 774,012.228 893,360.661 2,038,498.511JPM US Value D (acc) - USD 2,705,846.156 418,209.959 1,122,383.499 2,001,672.616JPM US Value I (acc) - EUR - 3,377,272.105 718,308.232 2,658,963.873JPM US Value I (acc) - EUR (hedged) 81,819.294 24,278.813 99,979.274 6,118.833JPM US Value I (acc) - USD 2,508,640.263 826,186.783 2,752,029.165 582,797.881JPM US Value I (dist) - GBP* 19,271.320 - 19,271.320 -JPM US Value I (dist) - USD 769,139.616 106,240.780 865,884.396 9,496.000JPM US Value I2 (acc) - EUR (hedged) - 71,677.469 11,092.316 60,585.153JPM US Value I2 (acc) - USD - 1,460,214.753 486,904.094 973,310.659JPM US Value I2 (dist) - GBP - 14,514.874 - 14,514.874JPM US Value I2 (dist) - USD - 21,835.728 8,667.787 13,167.941JPM US Value X (acc) - EUR (hedged)** - 34,322.000 1,547.000 32,775.000JPM US Value X (acc) - USD 4,932,609.360 1,579,152.815 364,937.153 6,146,825.022

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.The accompanying notes form an integral part of these Financial Statements.

87

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Africa Equity FundJPM Africa Equity A (perf) (acc) - EUR 19.27 17.65 16.71JPM Africa Equity A (perf) (acc) - USD 10.50 9.44 8.70JPM Africa Equity A (perf) (dist) - EUR^ 71.54 66.18 63.75JPM Africa Equity A (perf) (dist) - GBP 8.06 7.41 6.72JPM Africa Equity A (perf) (dist) - USD 83.19 75.69 70.96JPM Africa Equity C (perf) (acc) - EUR 82.52 74.94 70.36JPM Africa Equity C (perf) (acc) - USD 13.10 11.67 10.66JPM Africa Equity C (perf) (dist) - GBP 69.06 63.54 57.58JPM Africa Equity D (perf) (acc) - EUR 93.18 85.98 82.02JPM Africa Equity D (perf) (acc) - USD 9.78 8.85 8.22JPM Africa Equity I (perf) (acc) - USD 108.57 96.66 88.30JPM Africa Equity I2 (perf) (acc) - EUR 96.25 - -JPM Africa Equity I2 (perf) (acc) - USD 95.30 - -JPM Africa Equity T (perf) (acc) - EUR 78.65 72.57 69.23

JPMorgan Funds - Aggregate Bond FundJPM Aggregate Bond A (acc) - EUR (hedged) 8.65 8.83 9.05JPM Aggregate Bond A (acc) - USD 13.62 13.59 13.69JPM Aggregate Bond A (dist) - EUR (hedged)^ 74.61 77.13 80.47JPM Aggregate Bond C (acc) - EUR (hedged) 82.42 83.74 85.41JPM Aggregate Bond C (acc) - USD 115.36 114.57 114.90JPM Aggregate Bond C (dist) - EUR (hedged) 77.31 79.90 85.32JPM Aggregate Bond C (dist) - GBP (hedged) 66.45 68.10 70.57JPM Aggregate Bond C (dist) - USD 106.43 107.66 110.40JPM Aggregate Bond C (inc) - EUR (hedged)*** - 77.57 80.92JPM Aggregate Bond D (acc) - EUR (hedged) 77.77 79.69 81.97JPM Aggregate Bond D (acc) - USD 110.25 110.42 111.68JPM Aggregate Bond I (acc) - EUR (hedged) 81.74 83.01 84.63JPM Aggregate Bond I (acc) - USD 115.97 115.12 115.40JPM Aggregate Bond I (dist) - EUR (hedged) 74.52 77.01 80.34JPM Aggregate Bond I (dist) - GBP (hedged)* - 67.88 70.35JPM Aggregate Bond I (dist) - USD* - 107.44 110.19JPM Aggregate Bond I2 (acc) - EUR (hedged) 97.61 - -JPM Aggregate Bond I2 (acc) - USD 99.02 - -JPM Aggregate Bond I2 (dist) - EUR (hedged) 97.62 - -JPM Aggregate Bond I2 (dist) - GBP (hedged) 98.11 - -JPM Aggregate Bond I2 (dist) - USD 99.02 - -JPM Aggregate Bond X (acc) - EUR (hedged) 81.67 82.60 83.87JPM Aggregate Bond X (acc) - USD 117.08 115.76 115.56JPM Aggregate Bond X (dist) - GBP (hedged) 62.45 63.99 67.22JPM Aggregate Bond X (dist) - USD 106.70 108.06 110.80JPM Aggregate Bond X (irc) - AUD (hedged) 9.90 10.10 10.41

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - AUD 20.87 17.47 14.55JPM America Equity A (acc) - AUD (hedged) 16.71 14.58 11.65JPM America Equity A (acc) - EUR 153.97 136.83 113.14JPM America Equity A (acc) - EUR (hedged) 14.95 13.34 10.92JPM America Equity A (acc) - HKD 21.65 18.77 15.03JPM America Equity A (acc) - USD 25.58 22.28 17.92JPM America Equity A (dist) - USD 191.49 167.64 135.88JPM America Equity C (acc) - EUR 120.09 105.71 86.65JPM America Equity C (acc) - EUR (hedged) 15.59 13.79 11.18JPM America Equity C (acc) - USD 32.16 27.77 22.15JPM America Equity C (dist) - USD 206.41 179.54 144.55JPM America Equity D (acc) - EUR 18.31 16.40 13.67JPM America Equity D (acc) - EUR (hedged) 13.76 12.37 10.20JPM America Equity D (acc) - USD 22.38 19.64 15.93JPM America Equity I (acc) - EUR (hedged)* - 107.90 87.42JPM America Equity I (acc) - USD 218.41 188.50 150.34JPM America Equity I (dist) - USD* - 134.65 108.38JPM America Equity I2 (acc) - EUR (hedged) 101.50 - -JPM America Equity I2 (acc) - USD 103.07 - -JPM America Equity I2 (dist) - USD 103.07 - -JPM America Equity X (acc) - USD 32.89 28.20 22.35

* Share Class inactive as at the end of the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

88

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - ASEAN Equity FundJPM ASEAN Equity A (acc) - EUR 18.75 18.35 16.64JPM ASEAN Equity A (acc) - SGD 22.68 21.98 19.00JPM ASEAN Equity A (acc) - USD 21.83 20.96 18.51JPM ASEAN Equity C (acc) - EUR 132.49 128.58 115.63JPM ASEAN Equity C (acc) - SGD 13.85 13.31 11.39JPM ASEAN Equity C (acc) - USD 155.99 148.48 129.98JPM ASEAN Equity C (dist) - GBP 108.42 106.37 91.45JPM ASEAN Equity D (acc) - EUR 16.23 16.01 14.63JPM ASEAN Equity D (acc) - PLN 518.34 493.71 471.72JPM ASEAN Equity D (acc) - USD 18.91 18.29 16.27JPM ASEAN Equity I (acc) - EUR* - - 102.54JPM ASEAN Equity I (acc) - USD 149.51 142.26 124.49JPM ASEAN Equity I2 (acc) - USD 94.61 - -JPM ASEAN Equity I2 (dist) - USD 88.25 - -JPM ASEAN Equity T (acc) - EUR 111.68 110.13 100.63JPM ASEAN Equity X (acc) - USD 118.73 112.12 97.37JPM ASEAN Equity X (dist) - USD 109.76 106.15 94.41

JPMorgan Funds - Asia Growth Fund (1)JPM Asia Growth A (acc) - USD 30.53 27.02 20.58JPM Asia Growth A (dist) - USD 12.40 10.98 8.40JPM Asia Growth C (acc) - EUR 100.38 - -JPM Asia Growth C (acc) - USD 140.32 123.15 92.97JPM Asia Growth C (dist) - USD 133.70 118.31 90.36JPM Asia Growth D (acc) - EUR 100.03 - -JPM Asia Growth D (acc) - USD 129.86 115.80 88.83JPM Asia Growth I2 (acc) - USD 94.55 - -JPM Asia Growth X (acc) - USD 18.99 16.53 12.38JPM Asia Growth X (dist) - USD* - 120.16 91.70

JPMorgan Funds - Asia Pacific Equity FundJPM Asia Pacific Equity A (acc) - EUR 18.95 16.91 13.36JPM Asia Pacific Equity A (acc) - HKD 13.90 12.11 9.26JPM Asia Pacific Equity A (acc) - SGD 15.64 13.82 10.41JPM Asia Pacific Equity A (acc) - USD 22.07 19.31 14.85JPM Asia Pacific Equity A (dist) - GBP 105.49 94.21 71.37JPM Asia Pacific Equity A (dist) - USD 133.64 117.65 92.30JPM Asia Pacific Equity C (acc) - EUR 135.78 120.15 94.12JPM Asia Pacific Equity C (acc) - USD 152.50 132.35 100.92JPM Asia Pacific Equity C (dist) - USD 141.16 124.08 96.86JPM Asia Pacific Equity D (acc) - EUR 121.10 108.88 86.66JPM Asia Pacific Equity D (acc) - USD 140.99 124.33 96.33JPM Asia Pacific Equity I (acc) - EUR 125.42 110.93 -JPM Asia Pacific Equity I (acc) - USD 125.84 109.17 83.21JPM Asia Pacific Equity X (acc) - USD 181.44 156.22 118.18

(1) This Sub-Fund was renamed from JPMorgan Funds - Asia Equity Fund to JPMorgan Funds - Asia Growth Fund on 29 September 2017.* Share Class inactive as at the end of the year.

89

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Asia Pacific Income FundJPM Asia Pacific Income A (acc) - HKD 13.49 13.31 11.88JPM Asia Pacific Income A (acc) - USD 21.47 21.30 19.11JPM Asia Pacific Income A (dist) - USD 30.54 31.05 28.88JPM Asia Pacific Income A (div) - SGD 9.77 - -JPM Asia Pacific Income A (irc) - AUD (hedged) 9.52 9.90 9.31JPM Asia Pacific Income A (irc) - CAD (hedged) 9.60 9.97 9.37JPM Asia Pacific Income A (irc) - EUR (hedged) 9.74 10.10 9.48JPM Asia Pacific Income A (irc) - GBP (hedged) 9.69 10.05 9.43JPM Asia Pacific Income A (irc) - NZD (hedged) 9.58 9.96 9.37JPM Asia Pacific Income A (irc) - RMB (hedged) 9.86 10.21 9.61JPM Asia Pacific Income A (mth) - HKD 12.59 12.97 12.09JPM Asia Pacific Income A (mth) - SGD 13.65 14.29 13.12JPM Asia Pacific Income A (mth) - SGD (hedged) 11.55 12.06 11.34JPM Asia Pacific Income A (mth) - USD 112.01 116.03 108.80JPM Asia Pacific Income C (acc) - HKD* - 11.88 10.51JPM Asia Pacific Income C (acc) - USD 16.34 16.07 14.30JPM Asia Pacific Income C (dist) - USD 113.52 115.34 106.97JPM Asia Pacific Income C (irc) - AUD (hedged)** 9.46 10.93 10.19JPM Asia Pacific Income C (irc) - CAD (hedged)* - 10.96 10.22JPM Asia Pacific Income C (irc) - EUR (hedged)** 9.63 98.39 91.54JPM Asia Pacific Income C (irc) - GBP (hedged)** 94.72 72.31 67.26JPM Asia Pacific Income C (irc) - NZD (hedged)** 9.09 10.97 10.23JPM Asia Pacific Income C (irc) - RMB (hedged)* - 10.91 10.20JPM Asia Pacific Income C (mth) - HKD 10.69 10.93 10.11JPM Asia Pacific Income C (mth) - SGD* - 10.49 9.55JPM Asia Pacific Income C (mth) - SGD (hedged)** 9.47 10.86 10.14JPM Asia Pacific Income C (mth) - USD 111.71 114.77 106.72JPM Asia Pacific Income D (acc) - USD 28.13 28.03 25.26JPM Asia Pacific Income D (mth) - EUR (hedged) 95.75 102.16 -JPM Asia Pacific Income D (mth) - USD 103.55 107.80 101.59JPM Asia Pacific Income I (acc) - USD 111.22 109.38 97.28JPM Asia Pacific Income X (acc) - USD 131.67 128.51 113.43

JPMorgan Funds - Asian Total Return Bond FundJPM Asian Total Return Bond A (acc) - USD 10.22 10.39 10.13JPM Asian Total Return Bond A (mth) - USD 9.27 9.84 10.05JPM Asian Total Return Bond C (acc) - USD 96.88 - -JPM Asian Total Return Bond C (dist) - USD 96.68 - -JPM Asian Total Return Bond I (acc) - USD 96.94 - -

JPMorgan Funds - Brazil Equity FundJPM Brazil Equity A (acc) - EUR 40.47 43.70 40.25JPM Brazil Equity A (acc) - SGD 7.11 7.59 6.68JPM Brazil Equity A (acc) - USD 5.45 5.77 5.17JPM Brazil Equity A (dist) - USD 4.83 5.19 4.71JPM Brazil Equity C (acc) - USD 10.84 11.39 10.14JPM Brazil Equity D (acc) - EUR 42.52 46.37 43.14JPM Brazil Equity D (acc) - USD 4.91 5.26 4.76JPM Brazil Equity I (acc) - USD 5.98 6.28 5.59JPM Brazil Equity T (acc) - EUR 38.20 41.67 38.76JPM Brazil Equity X (acc) - USD 97.24 101.31 -

JPMorgan Funds - China A-Share Opportunities FundJPM China A-Share Opportunities A (acc) - EUR 17.63 15.97 14.08JPM China A-Share Opportunities A (acc) - HKD 13.31 11.77 10.04JPM China A-Share Opportunities A (acc) - RMB 136.15 123.82 104.45JPM China A-Share Opportunities A (acc) - SGD 10.92 - -JPM China A-Share Opportunities A (acc) - USD 20.52 18.24 15.65JPM China A-Share Opportunities C (acc) - EUR 18.05 16.22 14.17JPM China A-Share Opportunities C (acc) - HKD 13.64 11.96 10.11JPM China A-Share Opportunities C (acc) - RMB 139.31 125.62 105.08JPM China A-Share Opportunities C (acc) - USD 21.02 18.52 15.75JPM China A-Share Opportunities C (dist) - USD 20.60 18.48 15.75JPM China A-Share Opportunities D (acc) - EUR 95.62 - -JPM China A-Share Opportunities I (acc) - HKD 13.65 11.96 10.11

JPMorgan Funds - China Bond FundJPM China Bond A (acc) - RMB 111.20 109.45 106.29JPM China Bond A (mth) - HKD (hedged) 108.07 114.76 121.76JPM China Bond A (mth) - RMB 96.88 99.90 101.55JPM China Bond A (mth) - USD (hedged) 14.21 14.94 15.77JPM China Bond C (dist) - GBP (hedged) 9.66 10.24 10.85

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.

90

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - China FundJPM China A (acc) - SGD 19.86 15.96 12.05JPM China A (acc) - USD 43.60 34.71 26.75JPM China A (dist) - HKD 15.58 12.36 9.64JPM China A (dist) - USD 66.86 53.30 41.74JPM China C (acc) - USD 47.16 37.23 28.46JPM China C (dist) - HKD* - - 10.14JPM China C (dist) - USD 175.40 139.28 109.16JPM China D (acc) - EUR 127.60 104.63 83.68JPM China D (acc) - USD 49.49 39.78 30.96JPM China I (dist) - USD* - - 91.60JPM China I2 (acc) - USD 92.21 - -JPM China T (acc) - EUR 114.00 93.47 74.77JPM China X (acc) - USD 183.65 143.84 109.07

JPMorgan Funds - Diversified Risk FundJPM Diversified Risk A (acc) - EUR (hedged) 82.01 86.00 82.75JPM Diversified Risk A (acc) - SEK (hedged) 714.27 750.43 723.60JPM Diversified Risk A (acc) - USD 115.95 118.72 112.50JPM Diversified Risk C (acc) - EUR (hedged) 95.93 99.94 -JPM Diversified Risk C (acc) - SEK (hedged) 745.90 777.40 744.01JPM Diversified Risk C (acc) - USD 97.86 - -JPM Diversified Risk C (dist) - EUR (hedged)^ 91.28 95.92 92.56JPM Diversified Risk D (acc) - EUR (hedged) 79.27 83.67 81.04JPM Diversified Risk D (acc) - USD 111.96 115.38 110.04JPM Diversified Risk X (acc) - EUR (hedged) 96.52 99.91 -JPM Diversified Risk X (acc) - GBP (hedged) 95.90 - -JPM Diversified Risk X (acc) - USD 98.86 - -JPM Diversified Risk X (dist) - AUD (hedged) 9.75 - -

JPMorgan Funds - Emerging Europe Equity FundJPM Emerging Europe Equity A (acc) - EUR 16.56 16.58 14.28JPM Emerging Europe Equity A (acc) - USD 97.30 95.55 80.12JPM Emerging Europe Equity A (dist) - EUR 35.76 36.76 32.57JPM Emerging Europe Equity C (acc) - EUR 17.43 17.32 14.81JPM Emerging Europe Equity C (acc) - USD 146.57 142.85 118.89JPM Emerging Europe Equity C (dist) - EUR 104.37 107.22 94.93JPM Emerging Europe Equity D (acc) - EUR 26.15 26.44 23.00JPM Emerging Europe Equity I (acc) - EUR 14.23 14.14 12.08JPM Emerging Europe Equity I2 (acc) - EUR 93.23 - -JPM Emerging Europe Equity X (acc) - EUR 22.32 21.99 18.63

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 17.59 17.69 15.51JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 19.07 18.82 16.06JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 49.88 49.85 43.24JPM Emerging Europe, Middle East and Africa Equity C (acc) - EUR 104.06 103.91 90.41JPM Emerging Europe, Middle East and Africa Equity C (acc) - SGD 11.84 11.71 9.71JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 21.88 21.43 18.15JPM Emerging Europe, Middle East and Africa Equity C (dist) - USD 89.31 89.10 77.41JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 82.17 83.50 73.93JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 37.15 37.03 31.91JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 146.82 143.74 121.69JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 11.60 11.26 9.45

JPMorgan Funds - Emerging Markets Aggregate Bond FundJPM Emerging Markets Aggregate Bond I (acc) - GBP (hedged)* - 74.20 69.58JPM Emerging Markets Aggregate Bond X (acc) - EUR (hedged) 104.24 107.82 101.62JPM Emerging Markets Aggregate Bond X (acc) - GBP (hedged) 72.41 74.19 69.23

JPMorgan Funds - Emerging Markets Bond FundJPM Emerging Markets Bond A (acc) - USD 409.74 417.13 394.61JPM Emerging Markets Bond A (mth) - USD 83.39 90.83 91.69JPM Emerging Markets Bond C (acc) - EUR (hedged) 97.07 100.59 -JPM Emerging Markets Bond C (acc) - GBP 98.51 - -JPM Emerging Markets Bond C (acc) - USD 575.89 581.97 546.59JPM Emerging Markets Bond C (dist) - GBP 95.70 - -JPM Emerging Markets Bond C (dist) - GBP (hedged) 96.73 - -JPM Emerging Markets Bond C (dist) - USD** 95.09 - -JPM Emerging Markets Bond C (mth) - USD 86.90 93.94 94.11JPM Emerging Markets Bond D (acc) - USD 134.01 137.38 130.89JPM Emerging Markets Bond D (mth) - EUR (hedged) 88.81 99.94 -JPM Emerging Markets Bond D (mth) - USD 79.87 87.61 89.08JPM Emerging Markets Bond I (acc) - JPY (hedged) 10,770.00 11,105.00 10,621.00JPM Emerging Markets Bond I (acc) - USD 157.04 158.63 148.94JPM Emerging Markets Bond X (acc) - EUR (hedged) 86.54 89.19 84.75JPM Emerging Markets Bond X (acc) - GBP (hedged)* - 92.41 86.83JPM Emerging Markets Bond X (acc) - USD 511.86 514.43 480.51JPM Emerging Markets Bond X (dist) - GBP (hedged) 96.33 - -

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

91

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Emerging Markets Corporate Bond FundJPM Emerging Markets Corporate Bond A (acc) - CHF (hedged) 90.10 95.23 91.63JPM Emerging Markets Corporate Bond A (acc) - EUR (hedged) 108.02 113.74 108.85JPM Emerging Markets Corporate Bond A (acc) - USD 145.67 149.51 140.81JPM Emerging Markets Corporate Bond A (acc) - USD - Duration (hedged) 108.07 108.41 99.92JPM Emerging Markets Corporate Bond A (dist) - EUR (hedged)^ 73.24 79.84 79.23JPM Emerging Markets Corporate Bond A (dist) - USD 99.16 105.67 106.34JPM Emerging Markets Corporate Bond A (div) - EUR (hedged) 65.93 73.57 74.51JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) 8.82 9.62 9.60JPM Emerging Markets Corporate Bond A (mth) - SGD (hedged) 8.85 9.69 9.69JPM Emerging Markets Corporate Bond A (mth) - USD 83.48 90.81 90.43JPM Emerging Markets Corporate Bond C (acc) - CHF (hedged) 95.61 100.45 -JPM Emerging Markets Corporate Bond C (acc) - EUR (hedged) 96.73 101.32 96.45JPM Emerging Markets Corporate Bond C (acc) - SEK (hedged) 983.04 1,031.28 -JPM Emerging Markets Corporate Bond C (acc) - USD 144.88 147.94 138.61JPM Emerging Markets Corporate Bond C (acc) - USD - Duration (hedged) 110.93 110.62 101.35JPM Emerging Markets Corporate Bond C (dist) - EUR (hedged)^ 71.33 77.70 77.07JPM Emerging Markets Corporate Bond C (dist) - GBP (hedged) 57.73 62.42 61.67JPM Emerging Markets Corporate Bond C (dist) - USD 98.96 105.43 102.89JPM Emerging Markets Corporate Bond C (div) - EUR (hedged) 62.78 69.68 70.18JPM Emerging Markets Corporate Bond C (mth) - USD 89.16 96.48 95.55JPM Emerging Markets Corporate Bond D (acc) - EUR (hedged) 99.95 105.80 101.81JPM Emerging Markets Corporate Bond D (div) - EUR (hedged) 63.86 71.60 72.88JPM Emerging Markets Corporate Bond D (mth) - EUR (hedged) 88.45 99.31 -JPM Emerging Markets Corporate Bond I (acc) - EUR (hedged) 98.76 103.40 98.39JPM Emerging Markets Corporate Bond I (acc) - USD 111.11 113.40 106.20JPM Emerging Markets Corporate Bond I (dist) - CHF (hedged) 84.27 92.31 92.13JPM Emerging Markets Corporate Bond I (mth) - USD* - - 100.27JPM Emerging Markets Corporate Bond X (acc) - EUR (hedged) 82.96 86.41 81.81JPM Emerging Markets Corporate Bond X (acc) - USD 122.29 124.18 115.72JPM Emerging Markets Corporate Bond X (dist) - EUR (hedged)^ 68.52 74.61 73.96JPM Emerging Markets Corporate Bond Y (acc) - EUR (hedged) 85.24 88.79 84.06

JPMorgan Funds - Emerging Markets Debt FundJPM Emerging Markets Debt A (acc) - AUD (hedged) 9.75 - -JPM Emerging Markets Debt A (acc) - CHF (hedged) 94.92 - -JPM Emerging Markets Debt A (acc) - EUR (hedged) 14.09 14.77 14.19JPM Emerging Markets Debt A (acc) - GBP (hedged)** 95.75 - -JPM Emerging Markets Debt A (acc) - USD 20.07 20.51 19.38JPM Emerging Markets Debt A (dist) - EUR (hedged)^ 8.50 9.30 9.35JPM Emerging Markets Debt A (dist) - GBP 77.00 83.49 79.55JPM Emerging Markets Debt A (dist) - USD^ 98.81 105.68 104.34JPM Emerging Markets Debt A (irc) - AUD (hedged) 7.54 8.26 8.35JPM Emerging Markets Debt A (irc) - CAD (hedged) 8.05 8.81 8.90JPM Emerging Markets Debt A (irc) - NZD (hedged) 9.52 10.43 10.53JPM Emerging Markets Debt A (irc) - RMB (hedged)* - 9.43 9.52JPM Emerging Markets Debt A (mth) - EUR (hedged) 8.49 9.52 9.77JPM Emerging Markets Debt A (mth) - HKD 9.35 10.16 10.18JPM Emerging Markets Debt A (mth) - USD 12.65 13.82 13.93JPM Emerging Markets Debt C (acc) - CHF (hedged) 95.08 - -JPM Emerging Markets Debt C (acc) - EUR (hedged) 14.98 15.59 14.87JPM Emerging Markets Debt C (acc) - GBP (hedged) 72.78 75.02 70.81JPM Emerging Markets Debt C (acc) - USD 128.02 129.90 121.87JPM Emerging Markets Debt C (dist) - EUR (hedged)^ 71.60 78.24 78.51JPM Emerging Markets Debt C (dist) - GBP (hedged) 98.50 - -JPM Emerging Markets Debt C (dist) - USD 97.42 107.63 106.20JPM Emerging Markets Debt C (irc) - AUD (hedged)* - 10.54 10.57JPM Emerging Markets Debt C (irc) - CAD (hedged) 9.63 10.46 10.48JPM Emerging Markets Debt C (irc) - NZD (hedged)* - 10.57 10.58JPM Emerging Markets Debt C (mth) - EUR (hedged)* - 91.27 92.83JPM Emerging Markets Debt C (mth) - HKD* - 10.48 10.43JPM Emerging Markets Debt C (mth) - USD 92.00 99.82 99.93JPM Emerging Markets Debt D (acc) - EUR (hedged) 15.46 16.33 15.79JPM Emerging Markets Debt D (mth) - EUR (hedged) 88.34 99.79 -JPM Emerging Markets Debt I (acc) - EUR (hedged) 86.09 89.56 85.39JPM Emerging Markets Debt I (acc) - USD 121.53 123.26 115.60JPM Emerging Markets Debt I (dist) - CHF (hedged) 89.70 98.76 99.63JPM Emerging Markets Debt I (dist) - USD* - - 105.22JPM Emerging Markets Debt I (dist) - EUR (hedged)^ 9.09 9.94 9.98JPM Emerging Markets Debt I2 (acc) - EUR (hedged) 98.95 - -JPM Emerging Markets Debt X (acc) - EUR (hedged) 93.85 97.14 92.14JPM Emerging Markets Debt X (acc) - GBP (hedged) 90.67 92.95 87.21JPM Emerging Markets Debt X (acc) - USD 113.85 114.89 107.21JPM Emerging Markets Debt X (dist) - GBP (hedged) 94.49 - -JPM Emerging Markets Debt X (dist) - USD 96.49 103.00 101.60

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

92

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Emerging Markets Diversified Equity FundJPM Emerging Markets Diversified Equity A (acc) - EUR 89.92 87.31 70.17JPM Emerging Markets Diversified Equity C (acc) - EUR 90.95 87.56 69.78JPM Emerging Markets Diversified Equity C (acc) - USD 115.08 108.66 84.30JPM Emerging Markets Diversified Equity I (acc) - USD 128.87 121.63 94.33JPM Emerging Markets Diversified Equity X (acc) - EUR 115.63 110.43 87.31JPM Emerging Markets Diversified Equity X (acc) - GBP 91.20 86.64 64.39JPM Emerging Markets Diversified Equity X (acc) - USD 119.54 111.96 86.17

JPMorgan Funds - Emerging Markets Dividend FundJPM Emerging Markets Dividend A (acc) - CHF (hedged) 81.61 80.23 69.39JPM Emerging Markets Dividend A (acc) - EUR 92.18 89.62 77.91JPM Emerging Markets Dividend A (acc) - USD 107.32 102.34 86.61JPM Emerging Markets Dividend A (dist) - EUR^ 77.33 77.00 68.93JPM Emerging Markets Dividend A (dist) - GBP 70.76 70.22 59.08JPM Emerging Markets Dividend A (div) - EUR 69.92 71.32 65.22JPM Emerging Markets Dividend A (irc) - AUD (hedged) 7.75 7.81 6.95JPM Emerging Markets Dividend A (irc) - GBP (hedged) 9.09 9.11 8.09JPM Emerging Markets Dividend A (irc) - RMB (hedged)* - 8.03 7.16JPM Emerging Markets Dividend A (mth) - HKD 8.78 8.73 7.72JPM Emerging Markets Dividend A (mth) - SGD 8.56 8.64 7.51JPM Emerging Markets Dividend A (mth) - SGD (hedged) 7.83 7.89 7.05JPM Emerging Markets Dividend A (mth) - USD 78.55 78.51 69.76JPM Emerging Markets Dividend C (acc) - CHF (hedged) 84.54 82.40 70.67JPM Emerging Markets Dividend C (acc) - EUR 93.29 89.93 77.52JPM Emerging Markets Dividend C (acc) - USD 109.06 103.13 86.54JPM Emerging Markets Dividend C (dist) - EUR^ 83.01 82.58 73.85JPM Emerging Markets Dividend C (div) - EUR 74.17 75.03 68.06JPM Emerging Markets Dividend D (acc) - EUR 88.42 86.62 75.86JPM Emerging Markets Dividend D (dist) - USD 111.63 108.82 -JPM Emerging Markets Dividend D (div) - EUR 67.03 68.90 63.49JPM Emerging Markets Dividend D (mth) - EUR 94.65 97.31 -JPM Emerging Markets Dividend I (acc) - EUR 111.63 107.58 92.69JPM Emerging Markets Dividend T (acc) - EUR 88.42 86.61 75.86JPM Emerging Markets Dividend T (div) - EUR 67.03 68.90 63.49JPM Emerging Markets Dividend X (acc) - EUR 96.27 92.08 78.74JPM Emerging Markets Dividend X (acc) - USD 117.60 110.32 91.83JPM Emerging Markets Dividend X (dist) - EUR^ 86.14 85.63 76.56

JPMorgan Funds - Emerging Markets Equity FundJPM Emerging Markets Equity A (acc) - EUR 18.21 17.19 14.01JPM Emerging Markets Equity A (acc) - EUR (hedged) 90.23 85.86 69.47JPM Emerging Markets Equity A (acc) - SGD 18.08 16.90 13.14JPM Emerging Markets Equity A (acc) - USD 26.60 24.62 19.54JPM Emerging Markets Equity A (dist) - GBP 45.24 42.68 33.03JPM Emerging Markets Equity A (dist) - USD 35.75 33.24 26.55JPM Emerging Markets Equity C (acc) - EUR 103.59 97.11 78.62JPM Emerging Markets Equity C (acc) - EUR (hedged) 92.33 87.20 70.03JPM Emerging Markets Equity C (acc) - USD 29.93 27.52 21.69JPM Emerging Markets Equity C (dist) - GBP 91.71 86.25 66.72JPM Emerging Markets Equity C (dist) - USD 113.77 105.50 84.54JPM Emerging Markets Equity D (acc) - EUR 12.11 11.52 9.47JPM Emerging Markets Equity D (acc) - EUR (hedged) 115.61 110.83 -JPM Emerging Markets Equity D (acc) - USD 38.77 36.17 28.94JPM Emerging Markets Equity I (acc) - EUR 19.43 18.21 14.73JPM Emerging Markets Equity I (acc) - EUR (hedged) 102.29 96.57 77.53JPM Emerging Markets Equity I (acc) - SGD 13.86 12.86 9.92JPM Emerging Markets Equity I (acc) - USD 20.21 18.57 14.63JPM Emerging Markets Equity I (dist) - GBP* - - 62.58JPM Emerging Markets Equity I (dist) - USD* - - 88.19JPM Emerging Markets Equity I (dist) - EUR^* - 13.76 11.33JPM Emerging Markets Equity I2 (acc) - EUR 97.82 - -JPM Emerging Markets Equity I2 (acc) - USD 96.22 - -JPM Emerging Markets Equity I2 (dist) - USD 96.87 - -JPM Emerging Markets Equity T (acc) - EUR 96.75 92.06 75.66JPM Emerging Markets Equity X (acc) - EUR 115.67 107.46 86.23JPM Emerging Markets Equity X (acc) - EUR (hedged)* - 80.66 64.20JPM Emerging Markets Equity X (acc) - USD 36.93 33.65 26.28JPM Emerging Markets Equity X (dist) - EUR^ 16.08 15.16 12.41JPM Emerging Markets Equity X (dist) - USD** 92.20 20.76 16.54

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

93

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Emerging Markets Investment Grade Bond FundJPM Emerging Markets Investment Grade Bond A (acc) - CHF (hedged) 99.65 104.09 104.54JPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) 93.04 96.84 96.85JPM Emerging Markets Investment Grade Bond A (acc) - USD 128.32 130.34 128.16JPM Emerging Markets Investment Grade Bond A (dist) - EUR (hedged)^ 72.45 77.74 80.63JPM Emerging Markets Investment Grade Bond A (dist) - USD 89.73 94.18 95.99JPM Emerging Markets Investment Grade Bond A (mth) - USD 89.71 95.75 99.16JPM Emerging Markets Investment Grade Bond C (acc) - USD 123.95 125.29 122.58JPM Emerging Markets Investment Grade Bond C (dist) - EUR (hedged)^ 70.73 75.86 78.66JPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) 90.25 94.31 94.70JPM Emerging Markets Investment Grade Bond D (acc) - USD 108.12 110.27 108.86JPM Emerging Markets Investment Grade Bond I (acc) - CHF (hedged) 103.36 107.38 107.26JPM Emerging Markets Investment Grade Bond I (acc) - EUR 96.88 99.80 100.26JPM Emerging Markets Investment Grade Bond I (acc) - EUR (hedged) 98.25 101.71 -JPM Emerging Markets Investment Grade Bond I (acc) - JPY (hedged) 11,011.00 11,356.00 11,314.00JPM Emerging Markets Investment Grade Bond I (acc) - USD 130.38 131.74 128.83JPM Emerging Markets Investment Grade Bond I (dist) - EUR (hedged)^ 67.58 72.48 75.16JPM Emerging Markets Investment Grade Bond I2 (acc) - EUR (hedged) 100.07 - -JPM Emerging Markets Investment Grade Bond X (acc) - EUR (hedged)* - - 90.37JPM Emerging Markets Investment Grade Bond X (dist) - EUR (hedged)^* - - 78.09

JPMorgan Funds - Emerging Markets Local Currency Debt FundJPM Emerging Markets Local Currency Debt A (acc) - CZK 967.48 - -JPM Emerging Markets Local Currency Debt A (acc) - EUR 13.43 14.34 13.99JPM Emerging Markets Local Currency Debt A (acc) - SGD 16.70 17.65 16.41JPM Emerging Markets Local Currency Debt A (acc) - USD 15.63 16.36 15.54JPM Emerging Markets Local Currency Debt A (dist) - EUR^ 75.58 84.96 86.77JPM Emerging Markets Local Currency Debt A (dist) - GBP 62.76 70.17 67.34JPM Emerging Markets Local Currency Debt A (div) - EUR 62.65 71.83 75.08JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) 5.68 6.44 6.57JPM Emerging Markets Local Currency Debt A (mth) - HKD 6.85 7.65 7.74JPM Emerging Markets Local Currency Debt A (mth) - USD 8.25 9.27 9.42JPM Emerging Markets Local Currency Debt C (acc) - EUR 108.26 114.84 111.37JPM Emerging Markets Local Currency Debt C (acc) - EUR (hedged) 76.33 81.79 78.70JPM Emerging Markets Local Currency Debt C (acc) - SEK (hedged) 971.05 - -JPM Emerging Markets Local Currency Debt C (acc) - USD 14.13 14.70 13.87JPM Emerging Markets Local Currency Debt C (dist) - EUR^ 66.47 74.71 76.26JPM Emerging Markets Local Currency Debt C (dist) - GBP 49.39 55.20 52.99JPM Emerging Markets Local Currency Debt C (div) - EUR* - 62.16 64.59JPM Emerging Markets Local Currency Debt C (mth) - USD 56.78 63.45 64.11JPM Emerging Markets Local Currency Debt D (acc) - EUR 12.75 13.67 13.40JPM Emerging Markets Local Currency Debt D (acc) - USD 14.72 15.49 14.78JPM Emerging Markets Local Currency Debt D (div) - EUR 6.09 7.02 7.37JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) 88.17 102.65 -JPM Emerging Markets Local Currency Debt D (mth) - USD 52.97 59.85 61.15JPM Emerging Markets Local Currency Debt I (acc) - EUR 107.50 113.99 110.50JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 57.66 61.75 59.40JPM Emerging Markets Local Currency Debt I (acc) - USD 124.21 129.18 121.90JPM Emerging Markets Local Currency Debt I (dist) - EUR^ 82.41 92.61 94.53JPM Emerging Markets Local Currency Debt I (dist) - EUR (hedged) 96.45 - -JPM Emerging Markets Local Currency Debt I2 (acc) - EUR 99.14 - -JPM Emerging Markets Local Currency Debt T (acc) - EUR 98.75 105.92 103.85JPM Emerging Markets Local Currency Debt T (div) - EUR 60.05 69.19 72.68JPM Emerging Markets Local Currency Debt X (acc) - USD 18.43 19.07 17.90JPM Emerging Markets Local Currency Debt X (dist) - GBP^ 101.33 111.08 -JPM Emerging Markets Local Currency Debt X (dist) - GBP (hedged) 92.51 - -JPM Emerging Markets Local Currency Debt X (dist) - USD** 89.74 - -JPM Emerging Markets Local Currency Debt Y (acc) - EUR 72.36 76.34 73.63JPM Emerging Markets Local Currency Debt Y (acc) - GBP 99.58 104.50 94.73

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

94

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Emerging Markets Opportunities FundJPM Emerging Markets Opportunities A (acc) - CHF (hedged) 96.44 89.33 69.83JPM Emerging Markets Opportunities A (acc) - EUR 104.70 96.04 75.45JPM Emerging Markets Opportunities A (acc) - SGD 15.38 13.97 10.46JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 13.85 12.57 9.66JPM Emerging Markets Opportunities A (acc) - USD 286.25 257.45 196.80JPM Emerging Markets Opportunities A (dist) - EUR 109.19 100.67 79.90JPM Emerging Markets Opportunities A (dist) - GBP 83.33 76.43 57.35JPM Emerging Markets Opportunities A (dist) - USD 114.42 103.47 79.94JPM Emerging Markets Opportunities A (inc) - EUR*** - 90.08 71.48JPM Emerging Markets Opportunities C (acc) - CHF (hedged) 113.84 104.67 81.20JPM Emerging Markets Opportunities C (acc) - EUR 102.96 93.75 73.10JPM Emerging Markets Opportunities C (acc) - PLN 545.97 480.18 391.51JPM Emerging Markets Opportunities C (acc) - SGD* - 13.29 9.88JPM Emerging Markets Opportunities C (acc) - SGD (hedged)* - 13.69 10.44JPM Emerging Markets Opportunities C (acc) - USD 408.56 364.88 276.96JPM Emerging Markets Opportunities C (dist) - EUR 105.21 96.86 78.37JPM Emerging Markets Opportunities C (dist) - GBP 84.65 77.52 57.70JPM Emerging Markets Opportunities C (dist) - USD 111.33 100.62 78.43JPM Emerging Markets Opportunities C (inc) - EUR*** - 115.29 90.74JPM Emerging Markets Opportunities D (acc) - EUR 101.78 94.07 74.46JPM Emerging Markets Opportunities D (acc) - PLN 494.69 441.65 365.52JPM Emerging Markets Opportunities D (acc) - USD 127.11 115.23 88.78JPM Emerging Markets Opportunities I (acc) - EUR 133.39 121.43 94.69JPM Emerging Markets Opportunities I (acc) - SGD 13.41 12.08 8.98JPM Emerging Markets Opportunities I (acc) - USD 129.42 115.54 87.66JPM Emerging Markets Opportunities I (dist) - USD* - - 95.60JPM Emerging Markets Opportunities I2 (acc) - EUR 97.76 - -JPM Emerging Markets Opportunities I2 (acc) - USD 96.45 - -JPM Emerging Markets Opportunities T (acc) - EUR 101.26 93.59 74.08JPM Emerging Markets Opportunities X (acc) - EUR 108.34 97.77 75.55JPM Emerging Markets Opportunities X (acc) - EUR (hedged)* - 79.13 60.71JPM Emerging Markets Opportunities X (acc) - GBP 100.14 89.89 65.29JPM Emerging Markets Opportunities X (acc) - USD 481.53 426.20 320.61JPM Emerging Markets Opportunities X (dist) - AUD 14.64 12.68 10.08JPM Emerging Markets Opportunities X (dist) - GBP 153.57 140.31 102.02

JPMorgan Funds - Emerging Markets Small Cap FundJPM Emerging Markets Small Cap A (perf) (acc) - EUR 13.16 12.65 10.90JPM Emerging Markets Small Cap A (perf) (acc) - USD 15.30 14.42 12.10JPM Emerging Markets Small Cap A (perf) (dist) - GBP 9.99 9.65 7.97JPM Emerging Markets Small Cap A (perf) (dist) - USD 115.87 109.85 -JPM Emerging Markets Small Cap C (perf) (acc) - EUR 118.24 112.90 96.64JPM Emerging Markets Small Cap C (perf) (acc) - USD 24.92 23.34 19.45JPM Emerging Markets Small Cap C (perf) (dist) - GBP 96.40 92.77 76.26JPM Emerging Markets Small Cap D (perf) (acc) - EUR 131.93 128.04 111.34JPM Emerging Markets Small Cap D (perf) (acc) - USD 13.94 13.26 11.22JPM Emerging Markets Small Cap I (perf) (acc) - USD 144.95 135.66 113.08JPM Emerging Markets Small Cap I (perf) (dist) - USD 90.76 - -JPM Emerging Markets Small Cap T (perf) (acc) - EUR 131.36 127.48 110.87JPM Emerging Markets Small Cap X (acc) - EUR 131.52 124.31 105.16JPM Emerging Markets Small Cap X (acc) - JPY 10,909.00 10,242.00 -JPM Emerging Markets Small Cap X (perf) (dist) - USD^ 130.26 123.16 102.00

* Share Class inactive as at the end of the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

95

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Emerging Markets Strategic Bond FundJPM Emerging Markets Strategic Bond A (acc) - EUR (hedged) 94.28 100.27 96.19JPM Emerging Markets Strategic Bond A (acc) - USD 102.68 106.36 100.35JPM Emerging Markets Strategic Bond A (dist) - EUR (hedged)^ 82.44 91.47 90.75JPM Emerging Markets Strategic Bond A (dist) - USD 93.76 101.69 99.17JPM Emerging Markets Strategic Bond A (inc) - USD*** - 101.28 98.80JPM Emerging Markets Strategic Bond A (mth) - USD 90.93 - -JPM Emerging Markets Strategic Bond A (perf) (acc) - EUR (hedged) 80.35 85.10 81.61JPM Emerging Markets Strategic Bond A (perf) (acc) - USD 122.81 126.68 119.70JPM Emerging Markets Strategic Bond A (perf) (dist) - EUR (hedged)^ 66.30 73.39 73.05JPM Emerging Markets Strategic Bond A (perf) (div) - EUR (hedged) 56.24 63.97 65.62JPM Emerging Markets Strategic Bond C (acc) - USD 103.13 106.34 99.89JPM Emerging Markets Strategic Bond C (dist) - GBP (hedged) 60.03 66.10 65.16JPM Emerging Markets Strategic Bond C (dist) - USD 92.72 100.53 98.09JPM Emerging Markets Strategic Bond C (inc) - USD*** - 101.03 98.52JPM Emerging Markets Strategic Bond C (perf) (acc) - CHF (hedged) 96.28 102.11 -JPM Emerging Markets Strategic Bond C (perf) (acc) - EUR (hedged) 74.05 78.08 74.59JPM Emerging Markets Strategic Bond C (perf) (acc) - USD 107.83 110.65 104.17JPM Emerging Markets Strategic Bond C (perf) (dist) - USD 90.91 98.00 96.17JPM Emerging Markets Strategic Bond D (perf) (acc) - EUR (hedged) 74.75 80.08 77.36JPM Emerging Markets Strategic Bond D (perf) (acc) - USD 100.01 104.39 99.60JPM Emerging Markets Strategic Bond D (perf) (div) - EUR (hedged) 52.83 60.64 62.67JPM Emerging Markets Strategic Bond I (div) - EUR (hedged) 91.05 103.29 -JPM Emerging Markets Strategic Bond I (perf) (acc) - EUR 90.24 94.41 91.23JPM Emerging Markets Strategic Bond I (perf) (acc) - EUR (hedged) 76.91 81.10 77.45JPM Emerging Markets Strategic Bond I2 (perf) (acc) - EUR (hedged) 98.72 - -JPM Emerging Markets Strategic Bond I2 (perf) (acc) - USD 98.91 - -JPM Emerging Markets Strategic Bond X (acc) - EUR (hedged) 81.78 85.73 81.07JPM Emerging Markets Strategic Bond X (acc) - USD 113.57 115.95 107.83

JPMorgan Funds - Emerging Middle East Equity FundJPM Emerging Middle East Equity A (acc) - EUR 16.29 14.61 13.30JPM Emerging Middle East Equity A (acc) - USD 19.76 17.46 15.49JPM Emerging Middle East Equity A (dist) - USD 23.29 20.90 18.99JPM Emerging Middle East Equity C (acc) - USD 10.30 9.03 7.95JPM Emerging Middle East Equity C (dist) - USD 101.47 90.98 82.25JPM Emerging Middle East Equity D (acc) - EUR 100.30 90.85 83.51JPM Emerging Middle East Equity D (acc) - USD 23.40 20.89 18.72JPM Emerging Middle East Equity I (acc) - USD 111.09 97.41 85.75

JPMorgan Funds - Equity Premium Income FundJPM Equity Premium Income A (mth) - USD 97.45 100.81 -JPM Equity Premium Income C (mth) - USD 98.13 100.95 -

JPMorgan Funds - EU Government Bond FundJPM EU Government Bond A (acc) - EUR 15.17 14.95 15.48JPM EU Government Bond A (dist) - EUR 110.75 110.94 116.58JPM EU Government Bond C (acc) - EUR 15.97 15.71 16.24JPM EU Government Bond C (dist) - EUR 111.71 111.71 116.96JPM EU Government Bond D (acc) - EUR 14.86 14.67 15.23JPM EU Government Bond I (acc) - EUR 120.48 118.46 122.37JPM EU Government Bond I2 (acc) - EUR 99.26 - -JPM EU Government Bond X (acc) - EUR 130.61 128.09 131.98

JPMorgan Funds - Euro Aggregate Bond FundJPM Euro Aggregate Bond A (acc) - EUR 13.59 13.54 13.89JPM Euro Aggregate Bond A (dist) - EUR^ 105.45 106.37 111.54JPM Euro Aggregate Bond C (acc) - EUR 115.48 114.55 117.02JPM Euro Aggregate Bond C (dist) - EUR^ 106.13 107.06 112.03JPM Euro Aggregate Bond D (acc) - EUR 111.47 111.41 114.67

JPMorgan Funds - Euro Corporate Bond FundJPM Euro Corporate Bond A (acc) - EUR 15.74 15.69 15.52JPM Euro Corporate Bond C (acc) - EUR 15.24 15.12 14.89JPM Euro Corporate Bond D (acc) - EUR 15.16 15.17 15.07JPM Euro Corporate Bond I (acc) - EUR 102.00 101.17 -JPM Euro Corporate Bond X (acc) - EUR 107.17 105.87 103.81

JPMorgan Funds - Euro Government Short Duration Bond FundJPM Euro Government Short Duration Bond A (acc) - EUR 11.15 11.21 11.26JPM Euro Government Short Duration Bond A (dist) - EUR^ 9.38 9.50 9.65JPM Euro Government Short Duration Bond C (acc) - EUR 11.30 11.35 11.38JPM Euro Government Short Duration Bond D (acc) - EUR 11.05 11.12 11.18JPM Euro Government Short Duration Bond I (acc) - EUR 102.58 102.99 103.27JPM Euro Government Short Duration Bond X (acc) - EUR 99.85 100.04 100.12

JPMorgan Funds - Euro Money Market FundJPM Euro Money Market A (acc) - EUR 106.47 107.03 107.54JPM Euro Money Market C (acc) - EUR 98.77 99.29 99.77JPM Euro Money Market D (acc) - EUR 107.56 108.14 108.65

*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

96

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Euro Short Duration Bond Fund (2)JPM Euro Short Duration Bond A (acc) - EUR - 11.05 11.13JPM Euro Short Duration Bond C (acc) - EUR - 103.82 104.24JPM Euro Short Duration Bond C (dist) - GBP (hedged) - 8.83 8.98JPM Euro Short Duration Bond C (dist) - USD (hedged) - 132.87 133.63JPM Euro Short Duration Bond D (acc) - EUR - 106.73 107.86JPM Euro Short Duration Bond I (acc) - EUR - 102.29 102.66JPM Euro Short Duration Bond I (dist) - GBP (hedged) - - 84.15JPM Euro Short Duration Bond I (dist) - USD (hedged) - - 137.19

JPMorgan Funds - Euroland Dynamic FundJPM Euroland Dynamic A (perf) (acc) - EUR 240.57 234.42 187.12JPM Euroland Dynamic A (perf) (dist) - EUR 101.89 100.29 82.00JPM Euroland Dynamic C (perf) (acc) - EUR 141.66 137.01 108.53JPM Euroland Dynamic C (perf) (acc) - USD (hedged) 128.68 121.62 94.96JPM Euroland Dynamic C (perf) (dist) - EUR 131.43 129.21 104.67JPM Euroland Dynamic D (perf) (acc) - EUR 228.92 224.86 180.95JPM Euroland Dynamic I (perf) (acc) - EUR 151.92 146.87 116.30JPM Euroland Dynamic I2 (perf) (acc) - EUR 97.33 - -

JPMorgan Funds - Euroland Equity FundJPM Euroland Equity A (acc) - CHF (hedged) 177.20 169.79 134.62JPM Euroland Equity A (acc) - EUR 18.35 17.53 13.84JPM Euroland Equity A (acc) - GBP (hedged) 126.78 120.25 94.32JPM Euroland Equity A (acc) - USD (hedged) 213.08 199.06 154.74JPM Euroland Equity A (dist) - EUR 53.68 51.88 41.55JPM Euroland Equity A (dist) - USD 11.09 10.52 8.20JPM Euroland Equity A (inc) - EUR*** - 8.96 7.27JPM Euroland Equity C (acc) - CHF (hedged) 123.24 116.86 91.78JPM Euroland Equity C (acc) - EUR 24.57 23.24 18.18JPM Euroland Equity C (acc) - GBP (hedged)* - 87.85 68.28JPM Euroland Equity C (acc) - USD (hedged)** 101.02 - 143.82JPM Euroland Equity C (dist) - EUR 156.89 151.24 122.34JPM Euroland Equity C (dist) - USD 124.13 118.81 93.15JPM Euroland Equity D (acc) - EUR 13.30 12.81 10.19JPM Euroland Equity I (acc) - EUR** 104.14 - -JPM Euroland Equity I (acc) - USD 100.14 - -JPM Euroland Equity I2 (acc) - EUR 97.41 - -JPM Euroland Equity T (acc) - EUR 103.19 - -JPM Euroland Equity X (acc) - EUR 14.13 13.29 10.32

JPMorgan Funds - Euroland Select Equity Fund (3)JPM Euroland Select Equity A (acc) - EUR - 11.28 8.95JPM Euroland Select Equity A (dist) - EUR - 10.01 8.19JPM Euroland Select Equity C (acc) - EUR - 18.79 14.79JPM Euroland Select Equity D (acc) - EUR - 10.47 8.37JPM Euroland Select Equity X (acc) - EUR - 14.17 11.06

JPMorgan Funds - Europe Dividend Alpha Fund (4)JPM Europe Dividend Alpha C (acc) - EUR - 100.60 -JPM Europe Dividend Alpha I (acc) - EUR - 107.28 106.45JPM Europe Dividend Alpha I (dist) - EUR^ - 100.35 -JPM Europe Dividend Alpha X (dist) - EUR^ - 98.24 100.48

(2) This Sub-Fund was merged into JPMorgan Funds - Global Short Duration Bond Fund on 23 February 2018.(3) This Sub-Fund was merged into JPMorgan Funds - Euroland Equity Fund on 9 February 2018.(4) This Sub-Fund was liquidated on 28 November 2017.* Share Class inactive as at the end of the year.** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

97

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Europe Dynamic FundJPM Europe Dynamic A (acc) - AUD (hedged) 14.36 13.91 11.05JPM Europe Dynamic A (acc) - EUR 23.83 23.78 19.69JPM Europe Dynamic A (acc) - HKD (hedged) 13.32 13.04 10.51JPM Europe Dynamic A (acc) - SGD (hedged) 12.97 12.62 10.15JPM Europe Dynamic A (acc) - USD 153.06 149.94 120.91JPM Europe Dynamic A (acc) - USD (hedged) 182.74 177.03 142.22JPM Europe Dynamic A (dist) - EUR 19.85 20.05 17.07JPM Europe Dynamic A (dist) - GBP 26.64 26.82 21.46JPM Europe Dynamic A (inc) - EUR*** - 123.72 105.34JPM Europe Dynamic C (acc) - EUR 31.47 31.18 25.63JPM Europe Dynamic C (acc) - USD 156.42 152.01 121.62JPM Europe Dynamic C (acc) - USD (hedged) 187.46 180.28 143.78JPM Europe Dynamic C (dist) - EUR 96.41 97.59 82.63JPM Europe Dynamic C (dist) - GBP 113.56 114.05 91.34JPM Europe Dynamic C (inc) - EUR*** - 102.02 86.04JPM Europe Dynamic D (acc) - EUR 20.98 21.13 17.67JPM Europe Dynamic D (acc) - USD 146.20 144.45 117.67JPM Europe Dynamic D (acc) - USD (hedged) 166.81 163.10 132.44JPM Europe Dynamic I (acc) - EUR 30.22 29.93 24.59JPM Europe Dynamic I (acc) - USD* - - 115.11JPM Europe Dynamic I (acc) - USD (hedged) 160.58 154.38 123.07JPM Europe Dynamic I (dist) - EUR 127.98 129.23 109.36JPM Europe Dynamic I (dist) - GBP* - 108.53 86.32JPM Europe Dynamic I2 (acc) - EUR 99.12 - -JPM Europe Dynamic I2 (acc) - USD (hedged) 100.59 - -JPM Europe Dynamic I2 (dist) - EUR 99.15 - -JPM Europe Dynamic I2 (dist) - GBP 99.61 - -JPM Europe Dynamic T (acc) - EUR** 100.22 - -JPM Europe Dynamic X (acc) - EUR 142.33 139.83 113.96JPM Europe Dynamic X (acc) - USD (hedged) 109.73 104.63 -

JPMorgan Funds - Europe Dynamic Small Cap FundJPM Europe Dynamic Small Cap A (perf) (acc) - EUR 48.66 42.01 34.29JPM Europe Dynamic Small Cap A (perf) (dist) - EUR 26.55 23.20 19.21JPM Europe Dynamic Small Cap C (perf) (acc) - EUR 188.27 161.50 130.80JPM Europe Dynamic Small Cap C (perf) (dist) - EUR 177.80 155.99 128.31JPM Europe Dynamic Small Cap D (perf) (acc) - EUR 29.12 25.36 20.92JPM Europe Dynamic Small Cap I (perf) (acc) - EUR 177.46 152.26 123.25JPM Europe Dynamic Small Cap I2 (perf) (acc) - EUR 106.40 - -JPM Europe Dynamic Small Cap X (perf) (acc) - EUR 143.12 121.61 97.69

JPMorgan Funds - Europe Dynamic Technologies Fund (5)JPM Europe Dynamic Technologies A (acc) - EUR 44.00 37.46 27.99JPM Europe Dynamic Technologies A (acc) - USD (hedged) 297.52 245.31 178.00JPM Europe Dynamic Technologies A (dist) - EUR 26.87 23.16 17.60JPM Europe Dynamic Technologies A (dist) - GBP 22.60 19.39 13.85JPM Europe Dynamic Technologies C (acc) - EUR 278.71 235.46 174.58JPM Europe Dynamic Technologies C (acc) - USD (hedged) 108.74 - -JPM Europe Dynamic Technologies C (dist) - EUR 231.52 198.36 149.75JPM Europe Dynamic Technologies C (dist) - GBP 128.70 111.44 79.08JPM Europe Dynamic Technologies D (acc) - EUR 14.32 12.32 9.30JPM Europe Dynamic Technologies I (acc) - EUR** 109.49 - -JPM Europe Dynamic Technologies I2 (dist) - EUR 97.62 - -JPM Europe Dynamic Technologies X (acc) - EUR 154.53 129.44 95.16

(5) This Sub-Fund was renamed from JPMorgan Funds - Europe Technology Fund to JPMorgan Funds - Europe Dynamic Technologies Fund on 29 September 2017.* Share Class inactive as at the end of the year.** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).

98

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Europe Equity Absolute Alpha FundJPM Europe Equity Absolute Alpha A (perf) (acc) - CHF (hedged) 129.03 127.73 126.07JPM Europe Equity Absolute Alpha A (perf) (acc) - EUR 118.37 116.72 114.65JPM Europe Equity Absolute Alpha A (perf) (acc) - SEK (hedged) 1,060.03 1,046.73 1,029.42JPM Europe Equity Absolute Alpha A (perf) (acc) - USD 112.00 108.32 103.62JPM Europe Equity Absolute Alpha A (perf) (acc) - USD (hedged) 142.44 137.22 132.63JPM Europe Equity Absolute Alpha A (perf) (dist) - EUR^ 93.78 93.31 92.75JPM Europe Equity Absolute Alpha A (perf) (dist) - GBP 82.99 82.11 76.71JPM Europe Equity Absolute Alpha A (perf) (dist) - GBP (hedged) 68.57 67.67 66.68JPM Europe Equity Absolute Alpha C (acc) - EUR* - 99.25 -JPM Europe Equity Absolute Alpha C (perf) (acc) - CHF (hedged) 118.85 116.66 114.19JPM Europe Equity Absolute Alpha C (perf) (acc) - EUR 109.66 107.22 104.47JPM Europe Equity Absolute Alpha C (perf) (acc) - USD (hedged)* - - 101.32JPM Europe Equity Absolute Alpha C (perf) (dist) - GBP (hedged) 101.43 99.78 97.65JPM Europe Equity Absolute Alpha C (perf) (dist) - USD (hedged) 149.04 144.50 140.24JPM Europe Equity Absolute Alpha D (perf) (acc) - EUR 93.89 93.28 92.35JPM Europe Equity Absolute Alpha D (perf) (acc) - USD 109.31 106.52 102.66JPM Europe Equity Absolute Alpha D (perf) (acc) - USD (hedged)* - - 102.10JPM Europe Equity Absolute Alpha I (perf) (acc) - EUR 109.87 107.39 104.60JPM Europe Equity Absolute Alpha I (perf) (acc) - SEK (hedged)* - - 867.46JPM Europe Equity Absolute Alpha I2 (perf) (acc) - EUR 99.10 - -JPM Europe Equity Absolute Alpha X (perf) (acc) - EUR* - 100.22 96.87

JPMorgan Funds - Europe Equity FundJPM Europe Equity A (acc) - AUD (hedged) 10.13 - -JPM Europe Equity A (acc) - EUR 18.47 17.91 14.87JPM Europe Equity A (acc) - USD 20.59 19.58 15.83JPM Europe Equity A (acc) - USD (hedged) 195.13 183.20 147.46JPM Europe Equity A (dist) - EUR 50.43 49.86 42.75JPM Europe Equity A (dist) - USD 47.78 46.34 38.70JPM Europe Equity C (acc) - EUR 24.12 23.26 19.21JPM Europe Equity C (acc) - USD 166.62 157.60 126.68JPM Europe Equity C (acc) - USD (hedged) 200.66 187.27 149.84JPM Europe Equity C (dist) - EUR 136.25 134.62 114.95JPM Europe Equity C (dist) - USD 165.63 160.52 133.42JPM Europe Equity D (acc) - EUR 13.97 13.65 11.42JPM Europe Equity D (acc) - USD 15.83 15.18 12.37JPM Europe Equity D (acc) - USD (hedged) 181.23 171.43 139.03JPM Europe Equity I (acc) - EUR 117.00 112.78 93.10JPM Europe Equity X (acc) - EUR 25.89 24.83 20.39JPM Europe Equity X (acc) - USD (hedged) 105.48 - -

JPMorgan Funds - Europe Equity Plus FundJPM Europe Equity Plus A (perf) (acc) - EUR 16.87 16.55 13.62JPM Europe Equity Plus A (perf) (acc) - USD 21.42 20.62 16.51JPM Europe Equity Plus A (perf) (acc) - USD (hedged) 192.66 183.09 146.08JPM Europe Equity Plus A (perf) (dist) - EUR 14.48 14.39 12.08JPM Europe Equity Plus A (perf) (dist) - GBP 12.75 12.63 9.98JPM Europe Equity Plus C (acc) - EUR 114.95 112.34 -JPM Europe Equity Plus C (perf) (acc) - EUR 216.02 210.38 172.07JPM Europe Equity Plus C (perf) (acc) - USD 167.51 160.17 127.52JPM Europe Equity Plus C (perf) (acc) - USD (hedged) 198.08 186.90 148.10JPM Europe Equity Plus C (perf) (dist) - EUR 117.13 116.27 102.65JPM Europe Equity Plus C (perf) (dist) - GBP 97.59 96.25 76.00JPM Europe Equity Plus D (perf) (acc) - EUR 15.23 15.09 12.53JPM Europe Equity Plus D (perf) (acc) - USD 19.41 18.89 15.28JPM Europe Equity Plus D (perf) (acc) - USD (hedged) 178.08 171.12 138.03JPM Europe Equity Plus I (perf) (acc) - EUR 107.40 104.58 85.59JPM Europe Equity Plus X (perf) (acc) - EUR 21.38 20.65 16.75

JPMorgan Funds - Europe High Yield Bond FundJPM Europe High Yield Bond A (acc) - EUR 19.35 19.36 17.87JPM Europe High Yield Bond A (dist) - EUR^ 2.75 2.85 2.75JPM Europe High Yield Bond C (acc) - EUR 18.81 18.76 17.26JPM Europe High Yield Bond C (acc) - USD (hedged) 134.67 131.07 118.70JPM Europe High Yield Bond C (dist) - EUR^ 106.27 110.03 105.85JPM Europe High Yield Bond D (acc) - EUR 12.15 12.23 11.35JPM Europe High Yield Bond D (div) - EUR 92.15 97.25 94.91JPM Europe High Yield Bond I (acc) - EUR 108.65 108.33 -JPM Europe High Yield Bond I (dist) - EUR^ 107.27 111.05 103.51JPM Europe High Yield Bond I2 (acc) - EUR 99.25 - -JPM Europe High Yield Bond T (acc) - EUR 142.59 143.48 133.17JPM Europe High Yield Bond X (acc) - EUR 122.89 121.95 111.61JPM Europe High Yield Bond X (acc) - GBP (hedged)* - 110.10 99.92

* Share Class inactive as at the end of the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

99

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Europe High Yield Short Duration Bond FundJPM Europe High Yield Short Duration Bond A (acc) - CHF (hedged) 100.53 101.36 -JPM Europe High Yield Short Duration Bond A (acc) - EUR 101.12 101.55 -JPM Europe High Yield Short Duration Bond A (acc) - SEK (hedged) 1,009.30 1,015.02 -JPM Europe High Yield Short Duration Bond A (acc) - USD (hedged) 104.27 102.32 -JPM Europe High Yield Short Duration Bond A (div) - EUR 94.69 99.66 -JPM Europe High Yield Short Duration Bond C (acc) - EUR 101.64 101.71 -JPM Europe High Yield Short Duration Bond D (acc) - EUR 100.06 101.04 -JPM Europe High Yield Short Duration Bond D (div) - EUR 94.55 100.06 -JPM Europe High Yield Short Duration Bond I (acc) - EUR 98.87 - -JPM Europe High Yield Short Duration Bond S1 (acc) - EUR^^ 101.50 101.31 -

JPMorgan Funds - Europe Research Enhanced Index Equity Fund (6)JPM Europe Research Enhanced Index Equity C (acc) - EUR# - - 97.87JPM Europe Research Enhanced Index Equity I (acc) - EUR# - 196.51 163.33JPM Europe Research Enhanced Index Equity X (acc) - EUR - 139.79 115.95JPM Europe Research Enhanced Index Equity X (perf) (acc) - EUR - 198.83 164.91

JPMorgan Funds - Europe Select Equity Plus Fund (7)JPM Europe Select Equity Plus A (perf) (acc) - EUR - 11.91 10.11JPM Europe Select Equity Plus A (perf) (acc) - USD - 15.17 12.55JPM Europe Select Equity Plus A (perf) (dist) - EUR - 14.63 12.84JPM Europe Select Equity Plus A (perf) (dist) - GBP - 8.75 7.23JPM Europe Select Equity Plus D (perf) (acc) - EUR - 10.79 9.26JPM Europe Select Equity Plus X (perf) (acc) - EUR - 118.15 98.74

JPMorgan Funds - Europe Small Cap FundJPM Europe Small Cap A (acc) - EUR 31.49 28.43 22.66JPM Europe Small Cap A (acc) - SEK 1,084.68 - -JPM Europe Small Cap A (acc) - USD 204.84 181.50 140.82JPM Europe Small Cap A (acc) - USD (hedged) 170.05 148.28 114.50JPM Europe Small Cap A (dist) - EUR 81.19 74.47 60.54JPM Europe Small Cap A (dist) - GBP 35.31 32.24 24.65JPM Europe Small Cap C (acc) - EUR 37.45 33.56 26.54JPM Europe Small Cap C (dist) - EUR 184.40 168.30 135.94JPM Europe Small Cap D (acc) - EUR 23.11 21.08 16.97JPM Europe Small Cap I (acc) - EUR 252.62 226.32 178.88JPM Europe Small Cap I (dist) - EUR**^ 108.07 - -JPM Europe Small Cap I2 (acc) - EUR 97.43 - -JPM Europe Small Cap I2 (dist) - EUR 97.43 - -JPM Europe Small Cap X (acc) - EUR 175.33 155.81 122.16

JPMorgan Funds - Europe Strategic Growth FundJPM Europe Strategic Growth A (acc) - EUR 28.83 26.41 22.52JPM Europe Strategic Growth A (dist) - EUR 17.09 15.71 13.67JPM Europe Strategic Growth A (dist) - GBP 27.52 25.23 20.63JPM Europe Strategic Growth C (acc) - EUR 32.16 29.23 24.73JPM Europe Strategic Growth C (dist) - EUR 177.77 163.57 141.22JPM Europe Strategic Growth D (acc) - EUR 18.03 16.65 14.30JPM Europe Strategic Growth I (acc) - EUR 121.02 109.97 92.99JPM Europe Strategic Growth I2 (acc) - EUR 99.05 - -JPM Europe Strategic Growth X (acc) - EUR 134.22 121.03 101.58

JPMorgan Funds - Europe Strategic Value FundJPM Europe Strategic Value A (acc) - EUR 16.18 16.28 12.59JPM Europe Strategic Value A (dist) - EUR 16.35 16.86 13.30JPM Europe Strategic Value A (dist) - GBP 21.88 22.45 16.55JPM Europe Strategic Value C (acc) - EUR 21.26 21.23 16.28JPM Europe Strategic Value C (acc) - USD (hedged) 103.60 100.32 -JPM Europe Strategic Value C (dist) - EUR 130.31 134.23 106.78JPM Europe Strategic Value C (dist) - GBP* - 101.78 75.77JPM Europe Strategic Value D (acc) - EUR 17.65 17.89 13.94JPM Europe Strategic Value I (acc) - EUR 111.83 111.60 85.56JPM Europe Strategic Value I (dist) - EUR** 98.54 - -JPM Europe Strategic Value I2 (acc) - EUR 98.18 - -JPM Europe Strategic Value X (acc) - EUR 130.76 129.51 98.54

JPMorgan Funds - Europe Sustainable Equity FundJPM Europe Sustainable Equity A (acc) - EUR 108.17 107.24 -JPM Europe Sustainable Equity C (acc) - EUR 109.82 107.79 -JPM Europe Sustainable Equity D (acc) - EUR 99.08 - -JPM Europe Sustainable Equity I (acc) - EUR 109.89 107.81 -JPM Europe Sustainable Equity S2 (acc) - EUR 98.15 - -JPM Europe Sustainable Equity X (acc) - EUR** 98.59 - -

(6) This Sub-Fund became dormant on 10 January 2018.(7) This Sub-Fund was merged into JPMorgan Investment Funds - Europe Select Equity Fund on 23 February 2018.* Share Class inactive as at the end of the year.** Share Class reactivated during the year.# With effect from 1 July 2017, the suffix “perf” was removed from the name of these Share Classes since these Classes do not charge a performance fee. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).^^ With effect from 29 September 2017, Share Class renamed from “S” Share Class to the equivalent “S1” Share Class within the same Sub-Fund.

100

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Financials Bond FundJPM Financials Bond A (acc) - EUR 133.54 136.70 131.53JPM Financials Bond A (dist) - EUR^ 111.13 117.30 115.79JPM Financials Bond A (div) - EUR 99.96 106.75 107.19JPM Financials Bond C (div) - EUR 93.40 99.32 99.31JPM Financials Bond D (acc) - EUR 130.06 133.68 129.14JPM Financials Bond D (div) - EUR 97.36 104.39 105.25JPM Financials Bond I2 (acc) - EUR 99.82 - -JPM Financials Bond T (div) - EUR 97.36 104.39 105.25

JPMorgan Funds - Flexible Credit FundJPM Flexible Credit A (acc) - EUR (hedged) 10.29 10.43 9.95JPM Flexible Credit A (acc) - USD 15.30 15.13 14.21JPM Flexible Credit A (div) - EUR (hedged) 70.12 74.84 75.28JPM Flexible Credit C (acc) - EUR (hedged) 85.57 86.28 81.95JPM Flexible Credit C (acc) - USD 112.03 110.33 103.19JPM Flexible Credit D (acc) - EUR (hedged) 93.57 95.14 91.14JPM Flexible Credit D (div) - EUR (hedged) 60.99 65.36 66.01JPM Flexible Credit I2 (acc) - EUR (hedged) 99.61 - -JPM Flexible Credit T (acc) - EUR (hedged) 86.48 87.94 84.25JPM Flexible Credit T (div) - EUR (hedged) 64.97 69.63 70.31JPM Flexible Credit X (acc) - GBP (hedged) 99.55 - -

JPMorgan Funds - France Equity Fund (3)JPM France Equity A (acc) - EUR - 186.45 148.45JPM France Equity C (acc) - EUR - 117.18 92.57JPM France Equity I (acc) - EUR - 147.92 116.73

JPMorgan Funds - Germany Equity Fund (3)JPM Germany Equity A (acc) - EUR - 27.19 22.26JPM Germany Equity A (dist) - EUR - 13.14 10.84JPM Germany Equity C (acc) - EUR - 17.81 14.47JPM Germany Equity C (dist) - EUR - 99.20 82.45JPM Germany Equity D (acc) - EUR - 4.63 3.83JPM Germany Equity I (dist) - EUR - - 111.47JPM Germany Equity T (acc) - EUR - 153.04 126.62JPM Germany Equity X (acc) - EUR - 18.01 14.51

JPMorgan Funds - Global Absolute Return Bond FundJPM Global Absolute Return Bond A (acc) - EUR (hedged) 72.53 72.82 73.50JPM Global Absolute Return Bond A (acc) - USD 105.94 103.86 103.21JPM Global Absolute Return Bond A (dist) - EUR (hedged)^ 67.59 67.93 68.95JPM Global Absolute Return Bond C (acc) - USD 103.66 101.11 100.01JPM Global Absolute Return Bond D (acc) - EUR (hedged) 70.01 70.64 71.66JPM Global Absolute Return Bond D (acc) - USD 101.99 100.49 100.36JPM Global Absolute Return Bond X (acc) - USD 105.68 102.48 100.72JPM Global Absolute Return Bond X (dist) - USD^ 102.91 99.79 99.91

JPMorgan Funds - Global Aggregate Bond FundJPM Global Aggregate Bond A (acc) - USD 12.76 12.75 13.09JPM Global Aggregate Bond A (dist) - USD^ 12.20 12.28 12.85JPM Global Aggregate Bond C (acc) - USD 106.46 105.90 108.32JPM Global Aggregate Bond D (acc) - USD 15.22 15.27 15.73JPM Global Aggregate Bond X (acc) - USD 107.30 106.26 108.12

JPMorgan Funds - Global Allocation Fund (8)JPM Global Allocation Fund A (acc) - EUR - 122.03 110.18JPM Global Allocation Fund A (acc) - SEK (hedged) - - 959.96JPM Global Allocation Fund A (acc) - USD (hedged) - 115.53 102.55JPM Global Allocation Fund A (inc) - EUR - - 102.79JPM Global Allocation Fund C (acc) - EUR - - 98.84

(3) This Sub-Fund was merged into JPMorgan Funds - Euroland Equity Fund on 9 February 2018.(8) This Sub-Fund was liquidated on 17 July 2017.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

101

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Global Bond Opportunities FundJPM Global Bond Opportunities A (acc) - CHF (hedged) 99.57 101.92 -JPM Global Bond Opportunities A (acc) - CZK (hedged) 993.13 1,016.10 -JPM Global Bond Opportunities A (acc) - EUR (hedged) 85.97 87.67 84.17JPM Global Bond Opportunities A (acc) - GBP (hedged) 99.37 - -JPM Global Bond Opportunities A (acc) - HKD 9.92 - -JPM Global Bond Opportunities A (acc) - SEK (hedged) 738.71 754.10 725.42JPM Global Bond Opportunities A (acc) - SGD (hedged) 9.94 - -JPM Global Bond Opportunities A (acc) - USD 119.85 119.34 112.74JPM Global Bond Opportunities A (dist) - CHF (hedged) 99.09 - -JPM Global Bond Opportunities A (dist) - EUR (hedged)^ 69.61 72.92 72.55JPM Global Bond Opportunities A (dist) - GBP (hedged) 99.57 - -JPM Global Bond Opportunities A (dist) - USD 99.60 - -JPM Global Bond Opportunities A (div) - EUR (hedged) 99.55 - -JPM Global Bond Opportunities A (fix) EUR 3.50 - EUR (hedged) 96.12 101.50 100.86JPM Global Bond Opportunities A (mth) - EUR (hedged) 97.28 - -JPM Global Bond Opportunities A (mth) - HKD 9.92 - -JPM Global Bond Opportunities A (mth) - SGD (hedged) 9.94 - -JPM Global Bond Opportunities A (mth) - USD 91.52 95.51 94.95JPM Global Bond Opportunities C (acc) - CHF (hedged) 98.03 99.80 95.72JPM Global Bond Opportunities C (acc) - EUR (hedged) 79.35 80.47 76.84JPM Global Bond Opportunities C (acc) - GBP (hedged) 99.40 - -JPM Global Bond Opportunities C (acc) - HKD 9.92 - -JPM Global Bond Opportunities C (acc) - PLN (hedged) 447.42 445.37 416.43JPM Global Bond Opportunities C (acc) - SEK (hedged) 760.57 772.18 738.78JPM Global Bond Opportunities C (acc) - SGD (hedged) 9.94 - -JPM Global Bond Opportunities C (acc) - USD 112.16 111.07 104.35JPM Global Bond Opportunities C (dist) - CHF (hedged) 99.12 - -JPM Global Bond Opportunities C (dist) - EUR (hedged) 99.56 - -JPM Global Bond Opportunities C (dist) - GBP (hedged) 102.01 104.71 -JPM Global Bond Opportunities C (dist) - USD 102.19 104.44 -JPM Global Bond Opportunities C (div) - EUR (hedged) 94.75 - -JPM Global Bond Opportunities C (mth) - HKD 9.92 - -JPM Global Bond Opportunities C (mth) - SGD (hedged) 9.94 - -JPM Global Bond Opportunities C (mth) - USD 93.63 97.18 96.06JPM Global Bond Opportunities D (acc) - EUR (hedged) 83.76 85.85 82.84JPM Global Bond Opportunities D (acc) - USD 116.69 116.77 110.86JPM Global Bond Opportunities D (div) - EUR (hedged) 62.16 66.73 67.77JPM Global Bond Opportunities D (fix) EUR 3.00 - EUR (hedged) 96.15 101.53 100.89JPM Global Bond Opportunities D (mth) - EUR (hedged) 92.72 99.64 -JPM Global Bond Opportunities D (mth) - USD 95.88 - -JPM Global Bond Opportunities I (acc) - EUR (hedged) 79.25 80.34 76.68JPM Global Bond Opportunities I (acc) - SEK (hedged) 989.80 1,004.49 -JPM Global Bond Opportunities I (acc) - USD 113.02 111.88 105.07JPM Global Bond Opportunities I (dist) - GBP (hedged) 61.78 65.42 64.73JPM Global Bond Opportunities I2 (acc) - EUR (hedged) 97.20 - -JPM Global Bond Opportunities I2 (acc) - USD 98.72 - -JPM Global Bond Opportunities I2 (dist) - GBP (hedged) 97.74 - -JPM Global Bond Opportunities T (acc) - EUR (hedged) 78.39 80.34 77.52JPM Global Bond Opportunities T (div) - EUR (hedged) 64.94 69.71 70.81JPM Global Bond Opportunities V (acc) - USD (hedged to BRL) 94.24 - -JPM Global Bond Opportunities X (acc) - EUR (hedged)** 97.37 98.17 93.13JPM Global Bond Opportunities X (acc) - GBP (hedged) 78.95 78.89 74.13JPM Global Bond Opportunities X (dist) - USD 103.99 106.82 103.71JPM Global Bond Opportunities X (irc) - AUD (hedged) 9.41 9.73 9.58

JPMorgan Funds - Global Capital Structure Opportunities FundJPM Global Capital Structure Opportunities A (acc) - EUR 102.07 101.29 93.84JPM Global Capital Structure Opportunities A (acc) - USD (hedged) 117.82 114.18 104.12JPM Global Capital Structure Opportunities C (acc) - EUR 104.34 102.80 94.58JPM Global Capital Structure Opportunities C (acc) - USD (hedged) 120.58 116.04 105.09JPM Global Capital Structure Opportunities C (dist) - GBP (hedged) 75.27 74.71 69.69JPM Global Capital Structure Opportunities S1 (acc) - EUR^^ 110.05 108.06 99.07JPM Global Capital Structure Opportunities X (acc) - EUR 109.84 107.51 98.28

** Share Class reactivated during the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).^^ With effect from 29 September 2017, Share Class renamed from “S” Share Class to the equivalent “S1” Share Class within the same Sub-Fund.

102

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Global Convertibles Fund (EUR)JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 27.01 26.58 24.64JPM Global Convertibles (EUR) A (acc) - EUR 15.63 15.32 14.13JPM Global Convertibles (EUR) A (acc) - SEK (hedged) 974.05 957.01 884.89JPM Global Convertibles (EUR) A (acc) - SGD (hedged) 10.02 - -JPM Global Convertibles (EUR) A (acc) - USD (hedged) 97.69 - -JPM Global Convertibles (EUR) A (dist) - EUR 12.20 12.11 11.29JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 14.12 13.91 12.87JPM Global Convertibles (EUR) A (dist) - USD 16.27 15.86 14.40JPM Global Convertibles (EUR) A (dist) - USD (hedged) 98.94 - -JPM Global Convertibles (EUR) A (mth) - USD (hedged) 98.69 - -JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 28.59 27.98 25.80JPM Global Convertibles (EUR) C (acc) - EUR 17.42 16.99 15.59JPM Global Convertibles (EUR) C (acc) - USD (hedged) 97.94 - -JPM Global Convertibles (EUR) C (dist) - EUR 99.73 98.61 91.44JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 13.51 13.25 12.20JPM Global Convertibles (EUR) C (dist) - USD 142.27 137.98 124.56JPM Global Convertibles (EUR) C (dist) - USD (hedged) 99.18 - -JPM Global Convertibles (EUR) C (mth) - USD (hedged) 98.93 - -JPM Global Convertibles (EUR) D (acc) - EUR 13.11 12.92 11.98JPM Global Convertibles (EUR) D (acc) - USD (hedged) 98.69 - -JPM Global Convertibles (EUR) D (mth) - USD (hedged) 98.44 - -JPM Global Convertibles (EUR) I (acc) - EUR 13.99 13.64 12.51JPM Global Convertibles (EUR) I (acc) - USD (hedged) 97.94 - -JPM Global Convertibles (EUR) I (dist) - EUR 112.08 110.79 102.72JPM Global Convertibles (EUR) I (inc) - EUR*** - 12.30 11.41JPM Global Convertibles (EUR) I2 (acc) - EUR 99.47 - -JPM Global Convertibles (EUR) I2 (acc) - USD (hedged) 99.30 - -JPM Global Convertibles (EUR) I2 (dist) - EUR 99.48 - -JPM Global Convertibles (EUR) T (acc) - EUR 130.76 128.95 119.64JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 24.96 24.24 22.17JPM Global Convertibles (EUR) X (acc) - EUR 19.38 18.75 17.07JPM Global Convertibles (EUR) X (acc) - USD (hedged) 99.54 - -JPM Global Convertibles (EUR) X (dist) - GBP (hedged) 101.90 99.31 91.06

JPMorgan Funds - Global Corporate Bond Duration-Hedged Fund (9)JPM Global Corporate Bond Duration-Hedged A (acc) - EUR (hedged) 86.52 - -JPM Global Corporate Bond Duration-Hedged A (acc) - USD 107.34 - -JPM Global Corporate Bond Duration-Hedged A (dist) - EUR (hedged)^ 76.51 - -JPM Global Corporate Bond Duration-Hedged C (acc) - EUR (hedged) 88.56 - -JPM Global Corporate Bond Duration-Hedged C (acc) - USD 113.02 - -JPM Global Corporate Bond Duration-Hedged D (acc) - EUR (hedged) 81.51 - -JPM Global Corporate Bond Duration-Hedged D (acc) - USD 108.23 - -JPM Global Corporate Bond Duration-Hedged I (acc) - EUR (hedged) 75.89 - -JPM Global Corporate Bond Duration-Hedged I (acc) - USD 109.76 - -JPM Global Corporate Bond Duration-Hedged I2 (acc) - EUR (hedged) 97.78 - -JPM Global Corporate Bond Duration-Hedged I2 (acc) - USD 99.29 - -

(9) This Sub-Fund was launched on 31 July 2017.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

103

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Global Corporate Bond FundJPM Global Corporate Bond A (acc) - AUD (hedged) 9.92 - -JPM Global Corporate Bond A (acc) - CHF (hedged) 100.63 103.53 103.19JPM Global Corporate Bond A (acc) - EUR (hedged) 12.55 12.86 12.75JPM Global Corporate Bond A (acc) - EUR (hedged) & Duration (hedged)*** - 87.86 84.62JPM Global Corporate Bond A (acc) - NOK (hedged) 655.02 663.31 648.69JPM Global Corporate Bond A (acc) - NZD (hedged) 9.80 - -JPM Global Corporate Bond A (acc) - SEK (hedged) 106.25 108.99 108.27JPM Global Corporate Bond A (acc) - USD 16.74 16.76 16.34JPM Global Corporate Bond A (acc) - USD - Duration (hedged)*** - 106.43 100.87JPM Global Corporate Bond A (dist) - EUR (hedged) 80.56 84.33 85.34JPM Global Corporate Bond A (dist) - GBP (hedged) 8.33 8.66 8.71JPM Global Corporate Bond A (dist) - USD 103.61 106.15 105.67JPM Global Corporate Bond A (div) - EUR (hedged) 68.52 72.82 74.81JPM Global Corporate Bond A (inc) - EUR (hedged)*** - 84.09 85.02JPM Global Corporate Bond A (inc) - EUR (hedged) & Duration (hedged)*** - 77.69 76.37JPM Global Corporate Bond A (mth) - SGD 13.03 13.67 13.51JPM Global Corporate Bond A (mth) - USD 97.67 101.42 102.41JPM Global Corporate Bond C (acc) - EUR (hedged) 95.17 97.10 95.82JPM Global Corporate Bond C (acc) - EUR (hedged) & Duration (hedged)*** - 89.52 85.83JPM Global Corporate Bond C (acc) - SEK (hedged) 994.43 1,015.47 1,004.37JPM Global Corporate Bond C (acc) - USD 132.07 131.66 127.74JPM Global Corporate Bond C (acc) - USD - Duration (hedged)*** - 111.56 105.26JPM Global Corporate Bond C (dist) - CHF (hedged) 89.99 94.68 96.28JPM Global Corporate Bond C (dist) - EUR (hedged) 77.42 81.00 81.89JPM Global Corporate Bond C (dist) - GBP (hedged) 64.86 67.57 67.90JPM Global Corporate Bond C (dist) - GBP (hedged) & Duration (hedged)*** - 63.51 61.99JPM Global Corporate Bond C (dist) - USD 104.97 107.54 106.86JPM Global Corporate Bond C (div) - EUR (hedged) 71.18 75.30 77.01JPM Global Corporate Bond C (mth) - SGD* - 10.09 9.95JPM Global Corporate Bond C (mth) - USD 97.62 101.02 101.65JPM Global Corporate Bond D (acc) - EUR (hedged) 12.10 12.45 12.39JPM Global Corporate Bond D (acc) - EUR (hedged) & Duration (hedged)*** - 83.10 80.35JPM Global Corporate Bond D (acc) - USD 16.16 16.25 15.90JPM Global Corporate Bond D (acc) - USD - Duration (hedged)*** - 107.74 102.52JPM Global Corporate Bond D (div) - EUR (hedged) 6.88 7.35 7.58JPM Global Corporate Bond D (mth) - USD 93.67 97.67 99.01JPM Global Corporate Bond I (acc) - CHF (hedged) 99.03 101.39 100.56JPM Global Corporate Bond I (acc) - EUR (hedged) 83.60 85.25 84.10JPM Global Corporate Bond I (acc) - EUR (hedged) & Duration (hedged)*** - 76.69 73.50JPM Global Corporate Bond I (acc) - JPY (hedged) 10,336.00 10,507.00 10,368.00JPM Global Corporate Bond I (acc) - USD 116.58 116.17 112.67JPM Global Corporate Bond I (acc) - USD - Duration (hedged)*** - 108.29 102.13JPM Global Corporate Bond I (dist) - CHF (hedged) 84.23 94.75 96.36JPM Global Corporate Bond I (dist) - EUR (hedged) 98.99 101.83 -JPM Global Corporate Bond I (dist) - GBP (hedged)* - 68.19 68.51JPM Global Corporate Bond I (dist) - GBP (hedged) & Duration (hedged)*** - 68.70 66.25JPM Global Corporate Bond I (dist) - USD* - 108.83 108.15JPM Global Corporate Bond I (inc) - EUR (hedged)*** - 82.01 82.91JPM Global Corporate Bond I2 (acc) - CHF (hedged) 96.09 - -JPM Global Corporate Bond I2 (acc) - EUR (hedged) 96.33 - -JPM Global Corporate Bond I2 (acc) - JPY (hedged) 9,866.00 - -JPM Global Corporate Bond I2 (acc) - USD 97.73 - -JPM Global Corporate Bond I2 (dist) - EUR (hedged) 96.33 - -JPM Global Corporate Bond I2 (dist) - GBP (hedged) 96.84 - -JPM Global Corporate Bond I2 (dist) - USD 97.73 - -JPM Global Corporate Bond T (acc) - EUR (hedged) 82.29 84.67 84.27JPM Global Corporate Bond T (div) - EUR (hedged) 67.77 72.30 74.57JPM Global Corporate Bond X (acc) - EUR (hedged) 89.72 91.12 89.52JPM Global Corporate Bond X (acc) - GBP (hedged) 79.48 79.99 77.88JPM Global Corporate Bond X (acc) - USD 111.89 111.04 107.26JPM Global Corporate Bond X (dist) - GBP (hedged) 63.07 65.45 65.82JPM Global Corporate Bond X (dist) - GBP (hedged) & Duration (hedged)*** - 103.12 -JPM Global Corporate Bond X (dist) - USD** 98.24 - 106.02

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).

104

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Global Dynamic FundJPM Global Dynamic A (acc) - CHF (hedged) 196.74 179.34 150.97JPM Global Dynamic A (acc) - EUR 13.04 11.86 10.13JPM Global Dynamic A (acc) - EUR (hedged) 9.16 8.32 6.97JPM Global Dynamic A (acc) - SGD 25.63 23.07 18.78JPM Global Dynamic A (acc) - USD 20.32 18.12 15.06JPM Global Dynamic A (dist) - EUR^ 12.69 11.58 10.08JPM Global Dynamic A (dist) - GBP 24.74 22.45 18.36JPM Global Dynamic A (dist) - USD 23.08 20.64 17.48JPM Global Dynamic C (acc) - EUR 12.41 11.18 9.47JPM Global Dynamic C (acc) - EUR (hedged) 111.49 100.33 83.33JPM Global Dynamic C (acc) - USD 26.63 23.53 19.40JPM Global Dynamic C (dist) - EUR^ 119.10 108.34 93.60JPM Global Dynamic C (dist) - GBP 113.37 102.58 83.31JPM Global Dynamic C (dist) - USD 140.92 125.73 105.74JPM Global Dynamic D (acc) - EUR 11.76 10.80 9.31JPM Global Dynamic D (acc) - EUR (hedged) 8.34 7.65 6.47JPM Global Dynamic D (acc) - USD 21.15 19.05 15.99JPM Global Dynamic I (acc) - EUR (hedged)* - - 93.59JPM Global Dynamic I (acc) - USD 14.92 13.17 10.86JPM Global Dynamic I (dist) - USD* - - 102.48JPM Global Dynamic I (dist) - EUR^ 21.24 19.32 16.69JPM Global Dynamic X (acc) - EUR (hedged) 153.63 137.29 113.07JPM Global Dynamic X (acc) - USD 26.96 23.65 19.34

JPMorgan Funds - Global Emerging Markets Research Enhanced Index Equity FundJPM Global Emerging Markets Research Enhanced Index Equity C (acc) - EUR# 119.01 111.66 -JPM Global Emerging Markets Research Enhanced Index Equity C (acc) - USD# 125.60 115.58 -JPM Global Emerging Markets Research Enhanced Index Equity I (acc) - USD 125.72 115.64 -JPM Global Emerging Markets Research Enhanced Index Equity I (perf) (acc) - USD*** - 115.61 -JPM Global Emerging Markets Research Enhanced Index Equity X (acc) - EUR 97.22 - -JPM Global Emerging Markets Research Enhanced Index Equity X (acc) - GBP 116.96 108.88 -JPM Global Emerging Markets Research Enhanced Index Equity X (acc) - USD 94.97 - -

JPMorgan Funds - Global Equity Plus Fund (10)JPM Global Equity Plus A (perf) (acc) - EUR 102.91 - -JPM Global Equity Plus A (perf) (acc) - USD 98.42 - -JPM Global Equity Plus C (perf) (acc) - EUR 103.06 - -JPM Global Equity Plus C (perf) (acc) - EUR (hedged) 100.04 - -JPM Global Equity Plus C (perf) (acc) - USD 98.57 - -JPM Global Equity Plus C (perf) (acc) - USD (hedged) 100.14 - -JPM Global Equity Plus D (perf) (acc) - EUR 99.07 - -JPM Global Equity Plus I (perf) (acc) - EUR 103.07 - -

JPMorgan Funds - Global Focus FundJPM Global Focus A (acc) - CHF (hedged) 229.06 216.34 175.67JPM Global Focus A (acc) - EUR 29.09 27.39 22.49JPM Global Focus A (acc) - EUR (hedged) 14.56 13.71 11.08JPM Global Focus A (dist) - EUR 37.21 35.36 29.49JPM Global Focus A (dist) - USD 21.89 20.42 16.61JPM Global Focus C (acc) - EUR 24.36 22.77 18.57JPM Global Focus C (acc) - EUR (hedged) 32.95 30.79 24.69JPM Global Focus C (acc) - USD 183.81 168.58 133.82JPM Global Focus C (dist) - EUR 159.55 150.97 125.24JPM Global Focus C (dist) - USD 183.67 170.46 137.66JPM Global Focus D (acc) - EUR 34.64 32.95 27.33JPM Global Focus D (acc) - EUR (hedged) 12.76 12.13 9.90JPM Global Focus I (acc) - EUR 209.16 195.50 159.36JPM Global Focus I (acc) - EUR (hedged)** 99.32 - -JPM Global Focus I2 (acc) - EUR 99.59 - -JPM Global Focus T (acc) - EUR 162.02 154.25 128.07JPM Global Focus X (acc) - CHF 162.14 141.99 113.86JPM Global Focus X (acc) - EUR 39.15 36.30 29.35JPM Global Focus X (acc) - JPY* - 18,309.00 13,206.00JPM Global Focus X (acc) - USD* - - 122.63

(10) This Sub-Fund was launched on 26 April 2018.* Share Class inactive as at the end of the year.** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).# With effect from 1 July 2017, the suffix “perf” was removed from the name of these Share Classes since these Classes do not charge a performance fee. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

105

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Global Government Bond FundJPM Global Government Bond A (acc) - AUD (hedged) 10.07 - -JPM Global Government Bond A (acc) - EUR 12.82 12.85 13.36JPM Global Government Bond A (acc) - USD (hedged) 17.02 16.66 17.05JPM Global Government Bond C (acc) - EUR 13.20 13.19 13.70JPM Global Government Bond C (acc) - USD (hedged) 117.59 114.85 117.34JPM Global Government Bond D (acc) - EUR 12.59 12.63 13.17JPM Global Government Bond I (acc) - EUR 112.05 111.99 116.22JPM Global Government Bond I (acc) - USD (hedged) 116.58 113.82 116.24JPM Global Government Bond I2 (acc) - EUR 99.18 - -JPM Global Government Bond I2 (acc) - USD (hedged) 100.66 - -JPM Global Government Bond X (acc) - EUR 13.55 13.51 13.98JPM Global Government Bond X (acc) - USD (hedged) 117.76 114.67 116.80JPM Global Government Bond X (dist) - GBP (hedged) 99.57 100.09 102.84JPM Global Government Bond X (dist) - USD (hedged)* - - 118.21

JPMorgan Funds - Global Government Short Duration Bond FundJPM Global Government Short Duration Bond A (acc) - CHF (hedged)* - - 121.61JPM Global Government Short Duration Bond A (acc) - EUR 10.46 10.59 10.73JPM Global Government Short Duration Bond A (acc) - USD (hedged) 13.89 13.73 13.69JPM Global Government Short Duration Bond C (acc) - CHF (hedged)* - - 121.81JPM Global Government Short Duration Bond C (acc) - EUR 103.35 104.46 105.66JPM Global Government Short Duration Bond C (acc) - USD (hedged) 14.11 13.93 13.87JPM Global Government Short Duration Bond C (dist) - GBP (hedged) 8.62 8.77 8.93JPM Global Government Short Duration Bond D (acc) - EUR 10.37 10.50 10.65JPM Global Government Short Duration Bond D (acc) - USD (hedged) 136.40 134.93 134.60JPM Global Government Short Duration Bond I (acc) - EUR 100.39 101.38 102.49JPM Global Government Short Duration Bond I (acc) - USD (hedged)* - 140.45 139.78JPM Global Government Short Duration Bond I2 (acc) - EUR 99.29 - -JPM Global Government Short Duration Bond I2 (acc) - USD (hedged) 100.81 - -JPM Global Government Short Duration Bond P (acc) - EUR 99.09 - -JPM Global Government Short Duration Bond P (acc) - USD (hedged) 100.84 - -JPM Global Government Short Duration Bond P (dist) - GBP (hedged) 99.79 - -JPM Global Government Short Duration Bond I (dist) - GBP (hedged)* - - 85.40

JPMorgan Funds - Global Healthcare FundJPM Global Healthcare A (acc) - EUR 166.21 156.77 146.60JPM Global Healthcare A (acc) - USD 314.61 291.03 264.88JPM Global Healthcare A (dist) - EUR^ 81.47 76.92 72.84JPM Global Healthcare A (dist) - GBP 238.96 224.39 199.71JPM Global Healthcare A (dist) - USD 292.69 270.79 249.42JPM Global Healthcare C (acc) - EUR 110.17 103.19 95.72JPM Global Healthcare C (acc) - PLN (hedged)* - 358.07 320.57JPM Global Healthcare C (acc) - USD 369.32 339.21 306.54JPM Global Healthcare C (dist) - EUR 107.89 - -JPM Global Healthcare C (dist) - GBP 77.49 72.31 63.91JPM Global Healthcare C (dist) - USD 163.17 150.12 137.38JPM Global Healthcare D (acc) - EUR 106.27 101.29 95.70JPM Global Healthcare D (acc) - PLN (hedged) 387.34 360.82 328.89JPM Global Healthcare D (acc) - USD 285.12 266.36 244.82JPM Global Healthcare I (acc) - USD 144.96 133.10 120.23JPM Global Healthcare I2 (acc) - USD 100.49 - -JPM Global Healthcare T (acc) - EUR 166.57 158.76 149.99JPM Global Healthcare X (acc) - JPY 18,483.00 17,047.00 13,998.00

JPMorgan Funds - Global Merger Arbitrage Fund (11)JPM Global Merger Arbitrage A (acc) - EUR (hedged) - 73.81 70.70JPM Global Merger Arbitrage A (acc) - USD - 105.13 99.17JPM Global Merger Arbitrage A (dist) - GBP (hedged) - 64.27 61.14JPM Global Merger Arbitrage C (acc) - USD - 111.89 104.65JPM Global Merger Arbitrage C (dist) - GBP (hedged) - 69.03 65.75JPM Global Merger Arbitrage I (acc) - EUR (hedged) - 78.45 74.47

JPMorgan Funds - Global Multi Asset Portfolios Fund (12)JPM Global Multi Asset Portfolios A (acc) - EUR - 100.09 95.45JPM Global Multi Asset Portfolios C (acc) - EUR - 104.46 98.93JPM Global Multi Asset Portfolios D (acc) - SEK (hedged) - 1,031.67 990.03

JPMorgan Funds - Global Multi Strategy Income FundJPM Global Multi Strategy Income A (acc) - EUR 100.97 100.91 -JPM Global Multi Strategy Income A (div) - EUR 102.10 106.87 103.88JPM Global Multi Strategy Income C (div) - EUR 99.57 103.51 100.02JPM Global Multi Strategy Income D (acc) - EUR 121.99 122.93 114.99JPM Global Multi Strategy Income D (div) - EUR 96.56 101.91 99.89JPM Global Multi Strategy Income T (acc) - EUR 123.31 124.29 116.29JPM Global Multi Strategy Income T (div) - EUR 96.54 101.92 99.90

(11) This Sub-Fund was liquidated on 17 November 2017.(12) This Sub-Fund was liquidated on 25 October 2017.* Share Class inactive as at the end of the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

106

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Global Natural Resources FundJPM Global Natural Resources A (acc) - EUR 14.20 11.47 10.20JPM Global Natural Resources A (acc) - GBP 97.05 78.03 65.24JPM Global Natural Resources A (acc) - SGD 13.37 10.70 9.08JPM Global Natural Resources A (acc) - USD 10.13 8.03 6.95JPM Global Natural Resources A (dist) - EUR 12.13 9.82 8.76JPM Global Natural Resources C (acc) - EUR 13.71 11.00 9.71JPM Global Natural Resources C (acc) - USD 8.68 6.83 5.86JPM Global Natural Resources C (dist) - EUR 105.51 85.49 76.20JPM Global Natural Resources D (acc) - EUR 8.88 7.24 6.50JPM Global Natural Resources D (acc) - USD 6.43 5.15 4.50JPM Global Natural Resources I (acc) - EUR** 112.56 - -JPM Global Natural Resources I (dist) - EUR 106.81 87.12 77.84JPM Global Natural Resources I2 (acc) - USD 97.84 - -JPM Global Natural Resources X (acc) - EUR 17.30 13.76 12.04JPM Global Natural Resources X (dist) - AUD 11.44 8.73 7.82

JPMorgan Funds - Global Real Estate Securities Fund (USD)JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 8.39 8.09 8.19JPM Global Real Estate Securities (USD) A (acc) - USD 12.10 11.49 11.59JPM Global Real Estate Securities (USD) A (dist) - EUR (hedged)^ 6.66 6.60 6.89JPM Global Real Estate Securities (USD) A (dist) - USD^ 106.60 104.32 108.37JPM Global Real Estate Securities (USD) C (acc) - EUR (hedged) 108.96 104.03 104.32JPM Global Real Estate Securities (USD) C (acc) - USD 164.48 154.70 154.47JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 7.79 7.57 7.73JPM Global Real Estate Securities (USD) D (acc) - USD 11.08 10.60 10.78JPM Global Real Estate Securities (USD) I (acc) - USD 127.99 120.33 120.10JPM Global Real Estate Securities (USD) I (dist) - EUR (hedged) 103.54 - -JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 139.46 132.33 131.84JPM Global Real Estate Securities (USD) X (acc) - USD 13.95 13.03 12.93

JPMorgan Funds - Global Research Enhanced Index Equity FundJPM Global Research Enhanced Index Equity C (acc) - EUR# 216.55 199.32 170.14JPM Global Research Enhanced Index Equity C (acc) - EUR (hedged)# 164.69 151.13 126.27JPM Global Research Enhanced Index Equity C (acc) - USD# 210.76 190.26 158.09JPM Global Research Enhanced Index Equity C (dist) - USD# 143.13 131.97 111.53JPM Global Research Enhanced Index Equity I (acc) - EUR# 209.54 192.78 164.51JPM Global Research Enhanced Index Equity I (acc) - EUR (hedged)# 149.79 137.41 114.72JPM Global Research Enhanced Index Equity I (acc) - USD# 200.48 180.91 150.28JPM Global Research Enhanced Index Equity I (dist) - EUR 106.08 98.17 -JPM Global Research Enhanced Index Equity I (dist) - GBP (hedged)# 94.49 87.48 76.39JPM Global Research Enhanced Index Equity I (dist) - USD 115.34 104.72 -JPM Global Research Enhanced Index Equity X (acc) - EUR# 241.76 221.99 189.03JPM Global Research Enhanced Index Equity X (acc) - GBP 123.07 112.40 89.94JPM Global Research Enhanced Index Equity X (acc) - USD* - 115.42 -JPM Global Research Enhanced Index Equity X (dist) - AUD 12.62 11.20 9.81JPM Global Research Enhanced Index Equity X (dist) - AUD (hedged) 12.38 11.30 9.43JPM Global Research Enhanced Index Equity X (dist) - USD# 133.40 122.53 103.82

JPMorgan Funds - Global Short Duration Bond FundJPM Global Short Duration Bond A (acc) - EUR (hedged) 7.44 7.56 7.63JPM Global Short Duration Bond A (acc) - USD 11.12 11.05 10.97JPM Global Short Duration Bond C (acc) - EUR (hedged) 73.62 74.59 75.06JPM Global Short Duration Bond C (acc) - USD 11.25 11.14 11.02JPM Global Short Duration Bond C (dist) - EUR (hedged) 70.43 72.33 73.61JPM Global Short Duration Bond C (dist) - GBP (hedged) 5.93 6.02 6.09JPM Global Short Duration Bond C (dist) - USD 99.94 100.14 99.99JPM Global Short Duration Bond D (acc) - EUR (hedged) 76.89 78.41 79.41JPM Global Short Duration Bond I (acc) - EUR (hedged) 74.22 75.17 75.61JPM Global Short Duration Bond I (acc) - USD 105.71 104.63 103.51JPM Global Short Duration Bond I (dist) - EUR (hedged) 69.52 71.24 72.48JPM Global Short Duration Bond I (dist) - GBP (hedged) 61.40 62.37 62.96JPM Global Short Duration Bond I (dist) - USD* - 100.28 100.41JPM Global Short Duration Bond I2 (acc) - EUR (hedged) 98.91 - -JPM Global Short Duration Bond I2 (acc) - USD 100.34 - -JPM Global Short Duration Bond I2 (dist) - EUR (hedged) 98.92 - -JPM Global Short Duration Bond I2 (dist) - GBP (hedged) 99.48 - -JPM Global Short Duration Bond I2 (dist) - USD 100.34 - -JPM Global Short Duration Bond P (dist) - GBP (hedged) 99.51 - -JPM Global Short Duration Bond X (acc) - EUR (hedged) 75.29 76.02 76.22JPM Global Short Duration Bond X (acc) - USD 114.32 112.81 111.21JPM Global Short Duration Bond X (dist) - GBP (hedged) 60.72 61.64 62.04

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.# With effect from 1 July 2017, the suffix “perf” was removed from the name of these Share Classes since these Classes do not charge a performance fee. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

107

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Global Socially Responsible FundJPM Global Socially Responsible A (acc) - USD 17.12 15.08 12.10JPM Global Socially Responsible A (dist) - USD 9.67 8.62 7.04JPM Global Socially Responsible C (acc) - USD 147.39 128.61 102.45JPM Global Socially Responsible C (dist) - EUR (hedged) 131.14 118.33 95.75JPM Global Socially Responsible D (acc) - USD 10.06 8.95 7.26JPM Global Socially Responsible I (acc) - USD 117.07 102.09 -JPM Global Socially Responsible I (dist) - EUR (hedged) 112.46 100.42 -JPM Global Socially Responsible I (dist) - GBP 135.35 121.38 -JPM Global Socially Responsible I2 (acc) - USD 103.90 - -JPM Global Socially Responsible I2 (dist) - GBP 105.90 - -JPM Global Socially Responsible X (acc) - USD 207.89 180.12 142.28

JPMorgan Funds - Global Strategic Bond FundJPM Global Strategic Bond A (acc) - EUR (hedged) 91.81 93.34 92.02JPM Global Strategic Bond A (acc) - NOK (hedged) 1,006.50 1,010.93 -JPM Global Strategic Bond A (acc) - USD 105.12 104.32 101.22JPM Global Strategic Bond A (mth) - USD 93.03 95.60 96.82JPM Global Strategic Bond A (perf) (acc) - CHF (hedged) 98.00 99.75 98.68JPM Global Strategic Bond A (perf) (acc) - CZK (hedged) 984.16 1,001.46 -JPM Global Strategic Bond A (perf) (acc) - EUR (hedged) 95.77 97.19 95.81JPM Global Strategic Bond A (perf) (acc) - GBP (hedged) 63.98 64.26 62.82JPM Global Strategic Bond A (perf) (acc) - SEK (hedged) 795.05 807.15 797.40JPM Global Strategic Bond A (perf) (acc) - USD 122.73 121.54 118.01JPM Global Strategic Bond A (perf) (dist) - EUR (hedged)^ 68.75 70.18 70.90JPM Global Strategic Bond A (perf) (div) - EUR (hedged) 65.07 68.36 70.27JPM Global Strategic Bond A (perf) (fix) EUR 2.35 - EUR (hedged) 66.47 69.78 71.10JPM Global Strategic Bond A (perf) (mth) - USD 86.10 88.25 89.48JPM Global Strategic Bond C (acc) - EUR (hedged) 90.49 91.54 89.79JPM Global Strategic Bond C (perf) (acc) - CHF (hedged) 99.28 100.32 -JPM Global Strategic Bond C (perf) (acc) - EUR (hedged) 85.49 86.27 84.60JPM Global Strategic Bond C (perf) (acc) - GBP (hedged) 68.31 68.28 66.43JPM Global Strategic Bond C (perf) (acc) - PLN (hedged) 456.23 451.72 433.90JPM Global Strategic Bond C (perf) (acc) - USD 120.14 118.42 114.40JPM Global Strategic Bond C (perf) (dist) - GBP (hedged) 60.55 61.39 61.70JPM Global Strategic Bond C (perf) (dist) - USD 99.86 100.43 99.84JPM Global Strategic Bond C (perf) (fix) EUR 2.60 - EUR (hedged) 66.59 69.78 71.02JPM Global Strategic Bond C (perf) (mth) - USD** 98.43 91.02 91.75JPM Global Strategic Bond D (perf) (acc) - EUR (hedged) 76.07 77.96 77.47JPM Global Strategic Bond D (perf) (acc) - PLN (hedged) 416.76 418.96 407.56JPM Global Strategic Bond D (perf) (acc) - USD 101.16 101.14 99.84JPM Global Strategic Bond D (perf) (div) - EUR (hedged) 63.43 67.26 69.68JPM Global Strategic Bond D (perf) (fix) EUR 1.60 - EUR (hedged) 66.92 70.18 71.33JPM Global Strategic Bond D (perf) (mth) - USD 81.40 84.31 86.18JPM Global Strategic Bond I (acc) - EUR (hedged) 86.94 87.91 86.20JPM Global Strategic Bond I (perf) (acc) - CHF (hedged)* - - 93.28JPM Global Strategic Bond I (perf) (acc) - EUR (hedged) 78.27 78.93 77.41JPM Global Strategic Bond I (perf) (acc) - JPY (hedged) 10,662.00 10,705.00 10,493.00JPM Global Strategic Bond I (perf) (acc) - USD 111.41 109.71 106.00JPM Global Strategic Bond I (perf) (dist) - GBP (hedged) 60.49 61.66 61.96JPM Global Strategic Bond I (perf) (dist) - USD* - 99.71 99.52JPM Global Strategic Bond I (perf) (mth) - USD* - 90.18 90.95JPM Global Strategic Bond I2 (perf) (acc) - EUR (hedged) 98.37 - -JPM Global Strategic Bond I2 (perf) (acc) - USD 99.93 - -JPM Global Strategic Bond I2 (perf) (dist) - GBP (hedged) 99.04 - -JPM Global Strategic Bond I2 (perf) (dist) - USD 99.98 - -JPM Global Strategic Bond T (perf) (acc) - EUR (hedged) 71.09 72.86 72.40JPM Global Strategic Bond T (perf) (div) - EUR (hedged) 54.48 57.79 59.88JPM Global Strategic Bond X (acc) - EUR (hedged) 83.20 83.50 81.25JPM Global Strategic Bond X (acc) - USD 108.53 106.32 101.83JPM Global Strategic Bond X (perf) (acc) - EUR (hedged)* - 89.00 86.82JPM Global Strategic Bond X (perf) (acc) - USD* - 122.86 118.02

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

108

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Global Unconstrained Equity FundJPM Global Unconstrained Equity A (acc) - CHF (hedged) 110.12 103.36 86.03JPM Global Unconstrained Equity A (acc) - EUR 137.52 129.31 108.37JPM Global Unconstrained Equity A (acc) - EUR (hedged) 10.13 9.51 7.88JPM Global Unconstrained Equity A (acc) - USD 18.06 16.66 13.59JPM Global Unconstrained Equity A (dist) - EUR (hedged) 9.18 8.62 7.26JPM Global Unconstrained Equity A (dist) - USD 33.66 31.05 25.71JPM Global Unconstrained Equity C (acc) - EUR 106.20 98.86 82.05JPM Global Unconstrained Equity C (acc) - EUR (hedged) 11.26 10.46 8.58JPM Global Unconstrained Equity C (acc) - USD 22.95 20.95 16.92JPM Global Unconstrained Equity C (dist) - USD* - 111.83 -JPM Global Unconstrained Equity D (acc) - EUR 100.31 95.02 80.25JPM Global Unconstrained Equity D (acc) - EUR (hedged) 9.39 8.88 7.42JPM Global Unconstrained Equity D (acc) - USD 14.80 13.75 11.31JPM Global Unconstrained Equity I (acc) - JPY 14,064.00 13,000.00 9,621.00JPM Global Unconstrained Equity I (acc) - USD 116.95 106.74 86.20JPM Global Unconstrained Equity T (acc) - EUR 100.31 95.02 80.25JPM Global Unconstrained Equity X (acc) - EUR 21.52 19.91 16.41JPM Global Unconstrained Equity X (acc) - EUR (hedged) 149.95 138.45 112.86JPM Global Unconstrained Equity X (acc) - USD 18.59 16.86 13.53JPM Global Unconstrained Equity X (dist) - AUD 16.11 14.26 12.03

JPMorgan Funds - Greater China FundJPM Greater China A (acc) - SGD 26.16 22.13 16.48JPM Greater China A (acc) - USD 38.10 31.93 24.28JPM Greater China A (dist) - HKD 19.09 15.94 12.25JPM Greater China A (dist) - USD 44.57 37.40 28.92JPM Greater China C (acc) - EUR 122.41 103.73 80.37JPM Greater China C (acc) - SGD* - 11.99 8.86JPM Greater China C (acc) - USD 43.57 36.21 27.31JPM Greater China C (dist) - USD 148.86 124.61 95.65JPM Greater China D (acc) - EUR 159.42 137.60 108.59JPM Greater China D (acc) - USD 53.13 44.97 34.55JPM Greater China I (acc) - USD 184.82 153.54 115.75JPM Greater China I (dist) - USD* - - 97.64JPM Greater China I2 (acc) - EUR 93.75 - -JPM Greater China T (acc) - EUR 133.35 115.10 90.84JPM Greater China X (acc) - USD 181.36 149.52 111.88

JPMorgan Funds - Highbridge Europe STEEP Fund (13)JPM Highbridge Europe STEEP A (perf) (acc) - EUR - 21.41 18.32JPM Highbridge Europe STEEP A (perf) (acc) - USD - 24.47 20.36JPM Highbridge Europe STEEP A (perf) (acc) - USD (hedged) - 114.22 -JPM Highbridge Europe STEEP A (perf) (dist) - EUR^ - 20.23 17.33JPM Highbridge Europe STEEP A (perf) (dist) - GBP - 19.00 15.30JPM Highbridge Europe STEEP C (perf) (acc) - EUR - 23.53 19.95JPM Highbridge Europe STEEP C (perf) (acc) - USD (hedged) - 115.11 -JPM Highbridge Europe STEEP C (perf) (dist) - EUR^ - - 137.47JPM Highbridge Europe STEEP D (perf) (acc) - EUR - 20.19 17.40JPM Highbridge Europe STEEP D (perf) (acc) - USD (hedged) - 113.51 -JPM Highbridge Europe STEEP I (perf) (acc) - EUR - 160.78 136.42JPM Highbridge Europe STEEP I (perf) (dist) - EUR^ - - 135.09JPM Highbridge Europe STEEP S1 (perf) (acc) - EUR^^ - 117.52 99.46JPM Highbridge Europe STEEP T (perf) (acc) - EUR - 190.27 164.00JPM Highbridge Europe STEEP X (perf) (acc) - EUR - 122.22 102.87

(13) This Sub-Fund was merged into JPMorgan Funds - Europe Dynamic Fund on 23 February 2018.* Share Class inactive as at the end of the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).^^ With effect from 29 September 2017, Share Class renamed from “S” Share Class to the equivalent “S1” Share Class within the same Sub-Fund.

109

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Highbridge US STEEP FundJPM Highbridge US STEEP A (perf) (acc) - EUR 18.39 17.41 15.93JPM Highbridge US STEEP A (perf) (acc) - EUR (hedged) 21.84 20.80 18.83JPM Highbridge US STEEP A (perf) (acc) - HUF (hedged) 28,432.61 26,978.83 24,202.33JPM Highbridge US STEEP A (perf) (acc) - USD 21.40 19.87 17.68JPM Highbridge US STEEP A (perf) (dist) - EUR^ 17.37 16.47 15.24JPM Highbridge US STEEP A (perf) (dist) - GBP 24.06 22.69 19.73JPM Highbridge US STEEP A (perf) (dist) - USD 129.87 120.70 108.66JPM Highbridge US STEEP C (perf) (acc) - EUR 105.99 99.62 90.45JPM Highbridge US STEEP C (perf) (acc) - EUR (hedged) 128.58 121.48 109.13JPM Highbridge US STEEP C (perf) (acc) - GBP (hedged)* - - 64.81JPM Highbridge US STEEP C (perf) (acc) - PLN (hedged)* - 559.45 490.95JPM Highbridge US STEEP C (perf) (acc) - USD 34.81 32.09 28.36JPM Highbridge US STEEP C (perf) (dist) - GBP 90.87 85.18 73.54JPM Highbridge US STEEP C (perf) (dist) - USD 182.83 168.97 151.09JPM Highbridge US STEEP D (perf) (acc) - EUR (hedged) 16.32 15.66 14.28JPM Highbridge US STEEP D (perf) (acc) - PLN (hedged) 554.02 521.65 464.91JPM Highbridge US STEEP D (perf) (acc) - USD 20.00 18.72 16.79JPM Highbridge US STEEP I (perf) (acc) - EUR (hedged)** 98.47 - -JPM Highbridge US STEEP I (perf) (acc) - USD 145.25 133.86 118.26JPM Highbridge US STEEP I (perf) (dist) - GBP* - - 85.07JPM Highbridge US STEEP I (perf) (dist) - USD* - - 113.26JPM Highbridge US STEEP I2 (perf) (acc) - EUR (hedged) 98.56 - -JPM Highbridge US STEEP I2 (perf) (acc) - USD 98.72 - -JPM Highbridge US STEEP T (perf) (acc) - EUR (hedged) 131.90 126.56 115.47JPM Highbridge US STEEP X (perf) (acc) - EUR (hedged)* - - 84.32JPM Highbridge US STEEP X (perf) (acc) - USD 25.67 23.47 20.57JPM Highbridge US STEEP X (perf) (dist) - USD 189.01 174.54 155.03

JPMorgan Funds - Hong Kong FundJPM Hong Kong A (acc) - USD 26.99 23.21 18.16JPM Hong Kong A (dist) - HKD 14.65 12.67 10.10JPM Hong Kong A (dist) - USD 64.93 56.40 45.17JPM Hong Kong C (acc) - USD 30.75 26.22 20.34JPM Hong Kong D (acc) - USD 39.04 33.91 26.80JPM Hong Kong X (acc) - USD 168.71 142.71 109.84

JPMorgan Funds - Income FundJPM Income Fund A (acc) - EUR (hedged) 78.99 78.81 75.90JPM Income Fund A (acc) - SEK (hedged) 706.79 706.45 681.88JPM Income Fund A (acc) - USD 112.70 109.90 104.11JPM Income Fund A (div) - EUR (hedged) 62.99 66.33 67.90JPM Income Fund A (div) - USD 89.30 92.42 93.01JPM Income Fund A (mth) - HKD 9.33 9.60 9.59JPM Income Fund A (mth) - USD 9.21 9.52 9.58JPM Income Fund C (acc) - EUR (hedged) 99.91 - -JPM Income Fund C (acc) - USD 114.58 111.05 104.66JPM Income Fund C (div) - EUR (hedged) 64.48 67.49 68.65JPM Income Fund D (acc) - EUR (hedged) 99.39 - -JPM Income Fund D (div) - EUR (hedged) 61.60 65.23 67.16JPM Income Fund T (acc) - EUR (hedged) 99.39 - -JPM Income Fund T (div) - EUR (hedged) 95.78 - -

JPMorgan Funds - Income Opportunity Plus Fund (14)JPM Income Opportunity Plus A (perf) (acc) - CHF (hedged) - 104.95 100.27JPM Income Opportunity Plus A (perf) (acc) - EUR (hedged) - 87.54 83.54JPM Income Opportunity Plus A (perf) (acc) - SEK (hedged) - 823.90 786.84JPM Income Opportunity Plus A (perf) (acc) - USD - 119.07 112.13JPM Income Opportunity Plus A (perf) (dist) - EUR (hedged)^ - 70.73 69.58JPM Income Opportunity Plus A (perf) (dist) - GBP (hedged) - 68.88 68.56JPM Income Opportunity Plus C (dist) - GBP (hedged) - 102.49 -JPM Income Opportunity Plus C (perf) (acc) - CHF (hedged) - 103.24 98.74JPM Income Opportunity Plus C (perf) (acc) - EUR (hedged) - 100.42 -JPM Income Opportunity Plus C (perf) (acc) - USD - 109.39 102.58JPM Income Opportunity Plus C (perf) (dist) - GBP (hedged) - 63.76 62.74JPM Income Opportunity Plus C (perf) (dist) - USD - 100.16 97.51JPM Income Opportunity Plus D (perf) (acc) - EUR (hedged) - 83.72 79.93JPM Income Opportunity Plus I (perf) (acc) - EUR (hedged) - 77.35 73.57JPM Income Opportunity Plus I (perf) (acc) - USD - 107.67 101.18JPM Income Opportunity Plus I (perf) (dist) - GBP (hedged) - 60.61 59.70

(14) This Sub-Fund was merged into JPMorgan Investment Funds - Income Opportunity Fund on 9 February 2018.* Share Class inactive as at the end of the year.** Share Class reactivated during the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

110

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - India FundJPM India A (acc) - EUR* - 95.66 -JPM India A (acc) - SGD 20.09 19.50 17.48JPM India A (acc) - USD 33.31 32.04 29.32JPM India A (dist) - GBP 119.85 117.45 104.57JPM India A (dist) - USD 96.36 93.10 85.94JPM India C (acc) - EUR 142.67 138.75 129.34JPM India C (acc) - USD 37.65 35.92 32.59JPM India C (dist) - USD 128.32 128.63 117.82JPM India D (acc) - EUR 109.95 108.70 103.01JPM India D (acc) - USD 61.31 59.45 54.84JPM India I (acc) - USD 162.48 154.96 140.55JPM India I (dist) - USD* - 141.80 129.86JPM India I2 (acc) - USD 94.33 - -JPM India I2 (dist) - USD 94.33 - -JPM India T (acc) - EUR 103.49 102.31 96.96JPM India X (acc) - USD 44.74 42.34 38.11

JPMorgan Funds - Indonesia Equity FundJPM Indonesia Equity A (acc) - USD 92.03 104.20 94.19JPM Indonesia Equity C (acc) - USD 74.74 83.90 75.21JPM Indonesia Equity D (acc) - EUR 74.05 88.15 80.58JPM Indonesia Equity D (acc) - USD 87.78 100.15 91.19JPM Indonesia Equity X (acc) - JPY 8,956.00 10,009.00 8,232.00

JPMorgan Funds - Italy Flexible Bond FundJPM Italy Flexible Bond A (perf) (acc) - EUR 114.62 117.23 116.53JPM Italy Flexible Bond A (perf) (div) - EUR 90.62 95.32 97.65JPM Italy Flexible Bond A (perf) (fix) EUR 4.00 - EUR 86.49 92.45 95.88JPM Italy Flexible Bond C (perf) (acc) - EUR 110.78 112.54 111.61JPM Italy Flexible Bond D (perf) (acc) - EUR 108.31 111.90 112.27JPM Italy Flexible Bond D (perf) (div) - EUR 85.68 91.03 94.13JPM Italy Flexible Bond D (perf) (fix) EUR 3.00 - EUR 86.83 92.71 96.02JPM Italy Flexible Bond T (perf) (acc) - EUR 108.34 111.92 112.29JPM Italy Flexible Bond T (perf) (div) - EUR 85.73 91.09 94.19

JPMorgan Funds - Japan Equity FundJPM Japan Equity A (acc) - AUD (hedged) 12.56 - -JPM Japan Equity A (acc) - EUR 11.27 9.17 9.27JPM Japan Equity A (acc) - EUR (hedged) 118.76 96.56 87.87JPM Japan Equity A (acc) - JPY 1,302.00 1,052.00 949.00JPM Japan Equity A (acc) - SGD (hedged) 13.25 10.60 9.50JPM Japan Equity A (acc) - USD 15.70 12.52 12.32JPM Japan Equity A (acc) - USD (hedged) 167.00 132.76 118.95JPM Japan Equity A (dist) - GBP 15.13 12.25 11.66JPM Japan Equity A (dist) - GBP (hedged) 99.10 79.98 72.39JPM Japan Equity A (dist) - JPY 14,772.00 11,950.00 -JPM Japan Equity A (dist) - SGD 17.61 14.20 13.71JPM Japan Equity A (dist) - USD 39.31 31.38 30.89JPM Japan Equity C (acc) - EUR 147.35 118.86 119.23JPM Japan Equity C (acc) - EUR (hedged) 101.26 81.66 73.69JPM Japan Equity C (acc) - JPY 14,124.00 11,317.00 10,127.00JPM Japan Equity C (acc) - USD 19.59 15.50 15.14JPM Japan Equity C (acc) - USD (hedged) 177.00 139.61 124.10JPM Japan Equity C (dist) - GBP 128.75 103.75 98.69JPM Japan Equity C (dist) - JPY 9,951.00 - -JPM Japan Equity C (dist) - USD 208.63 165.76 163.45JPM Japan Equity D (acc) - EUR 8.64 7.08 7.22JPM Japan Equity D (acc) - EUR (hedged) 144.10 118.08 -JPM Japan Equity D (acc) - JPY 14,589.00 11,878.00 -JPM Japan Equity D (acc) - USD 12.21 9.82 9.74JPM Japan Equity I (acc) - EUR 122.54 98.82 -JPM Japan Equity I (acc) - EUR (hedged) 123.19 - -JPM Japan Equity I (acc) - JPY 14,170.00 11,350.00 10,152.00JPM Japan Equity I (acc) - USD 184.98 146.31 142.80JPM Japan Equity I2 (acc) - EUR 97.54 - -JPM Japan Equity J (dist) - USD 20.97 16.75 16.51JPM Japan Equity X (acc) - JPY 12,705.00 10,100.00 8,967.00JPM Japan Equity X (acc) - USD 20.96 16.45 15.93JPM Japan Equity X (acc) - USD (hedged) 138.29 108.22 -

* Share Class inactive as at the end of the year.

111

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Korea Equity FundJPM Korea Equity A (acc) - EUR 10.98 10.29 8.33JPM Korea Equity A (acc) - USD 12.78 11.74 9.26JPM Korea Equity A (dist) - USD 13.25 12.18 9.62JPM Korea Equity C (acc) - EUR 102.79 95.50 76.70JPM Korea Equity C (acc) - SGD* - 12.95 9.92JPM Korea Equity C (acc) - USD 124.37 113.33 88.60JPM Korea Equity C (dist) - USD 147.10 135.01 106.84JPM Korea Equity D (acc) - USD 11.47 10.64 8.47JPM Korea Equity I (acc) - USD 124.68 113.56 88.74JPM Korea Equity I2 (acc) - USD 92.35 - -JPM Korea Equity X (acc) - USD 159.99 144.63 112.18

JPMorgan Funds - Latin America Corporate Bond Fund (15)JPM Latin America Corporate Bond A (acc) - USD 99.46 - -JPM Latin America Corporate Bond A (div) - USD 94.86 - -JPM Latin America Corporate Bond A (mth) - USD 93.11 - -JPM Latin America Corporate Bond C (acc) - USD 100.04 - -JPM Latin America Corporate Bond C (mth) - USD 93.62 - -JPM Latin America Corporate Bond D (acc) - USD 98.98 - -JPM Latin America Corporate Bond D (div) - USD 94.40 - -JPM Latin America Corporate Bond D (mth) - USD 92.68 - -JPM Latin America Corporate Bond I (acc) - USD 100.08 - -JPM Latin America Corporate Bond S2 (acc) - USD 96.27 - -

JPMorgan Funds - Latin America Equity FundJPM Latin America Equity A (acc) - EUR 63.53 70.32 63.61JPM Latin America Equity A (acc) - SGD 10.31 11.31 9.75JPM Latin America Equity A (acc) - USD 22.18 24.08 21.20JPM Latin America Equity A (dist) - USD 39.75 43.50 38.58JPM Latin America Equity C (acc) - EUR 68.16 74.88 67.23JPM Latin America Equity C (acc) - SGD* - 12.99 11.12JPM Latin America Equity C (acc) - USD 26.42 28.47 24.88JPM Latin America Equity C (dist) - USD 100.90 110.49 97.86JPM Latin America Equity D (acc) - EUR 61.47 68.72 62.79JPM Latin America Equity D (acc) - USD 31.04 34.03 30.27JPM Latin America Equity I (acc) - EUR 85.93 94.37 -JPM Latin America Equity I (acc) - JPY 7,949.00 8,671.00 6,942.00JPM Latin America Equity I (acc) - USD 15.47 16.67 14.56JPM Latin America Equity I (dist) - USD* - 79.95 70.82JPM Latin America Equity I2 (acc) - USD 85.56 - -JPM Latin America Equity I2 (dist) - USD 85.55 - -JPM Latin America Equity X (acc) - USD 32.71 34.93 30.26

JPMorgan Funds - Managed Reserves FundJPM Managed Reserves Fund A (acc) - EUR (hedged) 8,222.08 8,318.80 8,365.92JPM Managed Reserves Fund A (acc) - USD 10,441.58 10,316.99 10,232.81JPM Managed Reserves Fund A (dist) - GBP (hedged) 6,497.15 6,584.25 6,649.46JPM Managed Reserves Fund C (acc) - EUR (hedged) 7,756.85 7,824.64 7,859.38JPM Managed Reserves Fund C (acc) - HKD (hedged) 100,903.16 100,434.54 -JPM Managed Reserves Fund C (acc) - SGD (hedged) 10,175.23 10,079.50 -JPM Managed Reserves Fund C (acc) - USD 10,567.99 10,410.78 10,296.75JPM Managed Reserves Fund C (dist) - GBP (hedged) 6,032.78 6,262.54 6,327.08JPM Managed Reserves Fund C (dist) - USD 9,728.18 9,725.27 9,735.04JPM Managed Reserves Fund C (dist) - EUR (hedged)^* - - 7,774.59JPM Managed Reserves Fund I (acc) - EUR (hedged) 7,494.09 7,557.35 7,593.69JPM Managed Reserves Fund I (acc) - GBP (hedged) 6,445.88 6,443.77 6,420.54JPM Managed Reserves Fund I (acc) - HKD (hedged) 100,963.12 100,454.31 -JPM Managed Reserves Fund I (acc) - RMB (hedged) 71,091.37 68,810.09 65,628.96JPM Managed Reserves Fund I (acc) - SEK (hedged) 84,038.65 84,852.78 85,373.10JPM Managed Reserves Fund I (acc) - USD 10,605.72 10,443.78 10,325.27JPM Managed Reserves Fund I (dist) - GBP (hedged)* - 6,173.88 6,237.84JPM Managed Reserves Fund I (dist) - NOK (hedged)* - 89,252.75 88,933.09JPM Managed Reserves Fund I (dist) - USD* - 9,203.77 9,933.69JPM Managed Reserves Fund P (acc) - EUR (hedged) 9,932.75 - -JPM Managed Reserves Fund P (acc) - USD 10,420.12 10,254.87 10,132.47JPM Managed Reserves Fund P (dist) - GBP (hedged)* - 5,873.17 5,890.07JPM Managed Reserves Fund P (dist) - USD 10,180.50 10,148.14 10,050.90JPM Managed Reserves Fund X (dist) - GBP (hedged)* - 59.09 59.70JPM Managed Reserves Fund X (dist) - USD* - 100.92 100.91

JPMorgan Funds - Multi-Asset Italy PIR Fund (16)JPM Multi-Asset Italy PIR A (acc) - EUR 100.53 - -JPM Multi-Asset Italy PIR A (div) - EUR 98.97 - -JPM Multi-Asset Italy PIR C (acc) - EUR 98.81 - -JPM Multi-Asset Italy PIR D (acc) - EUR 100.19 - -JPM Multi-Asset Italy PIR D (div) - EUR 98.63 - -

(15) This Sub-Fund was launched on 10 July 2017.(16) This Sub-Fund was launched on 12 July 2017.* Share Class inactive as at the end of the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

112

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Multi-Manager Alternatives FundJPM Multi-Manager Alternatives A (acc) - CHF (hedged) 101.19 101.94 100.98JPM Multi-Manager Alternatives A (acc) - EUR (hedged) 93.36 93.65 92.35JPM Multi-Manager Alternatives A (acc) - USD 106.02 103.91 100.73JPM Multi-Manager Alternatives C (acc) - CHF (hedged) 103.29 103.20 101.36JPM Multi-Manager Alternatives C (acc) - EUR 92.60 92.02 91.11JPM Multi-Manager Alternatives C (acc) - EUR (hedged) 95.37 94.87 92.76JPM Multi-Manager Alternatives C (acc) - GBP (hedged) 72.67 71.62 69.45JPM Multi-Manager Alternatives C (acc) - SEK (hedged) 1,022.49 1,019.24 -JPM Multi-Manager Alternatives C (acc) - USD 108.25 105.21 101.13JPM Multi-Manager Alternatives D (acc) - EUR (hedged) 91.77 92.68 92.09JPM Multi-Manager Alternatives D (acc) - USD 104.10 102.74 100.35JPM Multi-Manager Alternatives S1 (acc) - CHF (hedged)^^ 101.37 100.89 -JPM Multi-Manager Alternatives S1 (acc) - EUR (hedged)^^ 103.52 102.57 99.88JPM Multi-Manager Alternatives S1 (acc) - SEK (hedged)^^ 1,030.58 1,023.35 -JPM Multi-Manager Alternatives S1 (acc) - USD^^ 109.61 106.12 101.59JPM Multi-Manager Alternatives X (acc) - NZD (hedged) 10.13 - -JPM Multi-Manager Alternatives X (acc) - USD 102.94 - -JPM Multi-Manager Alternatives X (dist) - AUD (hedged)* - - 9.98

JPMorgan Funds - Pacific Equity FundJPM Pacific Equity A (acc) - EUR 17.87 16.12 13.06JPM Pacific Equity A (acc) - USD 23.35 20.67 16.30JPM Pacific Equity A (dist) - GBP 25.61 22.99 17.74JPM Pacific Equity A (dist) - USD 105.59 93.39 74.56JPM Pacific Equity C (acc) - EUR 108.87 97.39 -JPM Pacific Equity C (acc) - USD 26.10 22.90 17.91JPM Pacific Equity C (dist) - USD 163.16 143.96 114.27JPM Pacific Equity D (acc) - EUR 13.00 11.81 9.64JPM Pacific Equity D (acc) - USD 22.71 20.25 16.09JPM Pacific Equity I (acc) - USD 137.33 120.45 94.17JPM Pacific Equity I2 (acc) - USD 95.52 - -JPM Pacific Equity X (acc) - USD 182.83 159.15 123.49

JPMorgan Funds - Russia FundJPM Russia A (acc) - USD 11.49 10.18 8.69JPM Russia A (dist) - USD 10.00 9.11 8.00JPM Russia C (acc) - USD 5.62 4.95 4.19JPM Russia C (dist) - USD 85.15 77.14 67.68JPM Russia D (acc) - EUR 81.24 74.13 65.65JPM Russia D (acc) - USD 8.17 7.31 6.30JPM Russia I (acc) - USD 6.18 5.43 4.60JPM Russia I2 (acc) - USD 100.22 - -JPM Russia T (acc) - EUR 75.52 68.91 61.03JPM Russia X (acc) - USD 104.00 90.65 -

JPMorgan Funds - Singapore FundJPM Singapore A (acc) - SGD 20.27 19.96 16.63JPM Singapore A (acc) - USD 30.28 29.53 25.13JPM Singapore A (dist) - USD 34.16 33.79 29.26JPM Singapore C (acc) - SGD 11.98 11.69 9.67JPM Singapore C (acc) - USD 32.94 31.84 26.88JPM Singapore C (dist) - USD 99.70 98.50 85.26JPM Singapore D (acc) - USD 48.98 48.24 41.47JPM Singapore I (acc) - USD 111.18 107.51 90.73JPM Singapore I2 (acc) - USD 94.58 - -JPM Singapore X (acc) - USD 148.50 142.46 119.28

JPMorgan Funds - Sterling Bond FundJPM Sterling Bond A (acc) - GBP 17.34 17.37 16.45JPM Sterling Bond A (dist) - GBP 0.94 0.98 0.97JPM Sterling Bond C (dist) - GBP 108.08 114.31 109.93JPM Sterling Bond D (acc) - GBP 16.55 16.67 15.88JPM Sterling Bond I (acc) - GBP 98.43 - -JPM Sterling Bond X (acc) - GBP* - - 110.88

JPMorgan Funds - Sterling Managed Reserves FundJPM Sterling Managed Reserves A (acc) - GBP 10,004.28 9,994.94 -JPM Sterling Managed Reserves I (acc) - GBP 10,067.47 10,023.98 -JPM Sterling Managed Reserves I (dist) - GBP* - 10,023.99 -JPM Sterling Managed Reserves K (acc) - GBP* - 10,028.27 -JPM Sterling Managed Reserves P (dist) - GBP* - 10,029.13 -

* Share Class inactive as at the end of the year.^^ With effect from 29 September 2017, Share Class renamed from “S” Share Class to the equivalent “S1” Share Class within the same Sub-Fund.

113

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - Systematic Alpha FundJPM Systematic Alpha A (acc) - CHF (hedged) 109.84 120.59 117.85JPM Systematic Alpha A (acc) - EUR 10.62 11.59 11.27JPM Systematic Alpha A (acc) - GBP (hedged) 84.55 91.60 88.37JPM Systematic Alpha A (acc) - NOK (hedged) 851.77 919.20 882.24JPM Systematic Alpha A (acc) - SEK (hedged) 966.37 1,056.77 1,028.92JPM Systematic Alpha A (acc) - USD (hedged) 130.86 139.71 133.85JPM Systematic Alpha C (acc) - CHF (hedged) 116.22 126.44 122.52JPM Systematic Alpha C (acc) - EUR 108.11 117.15 113.00JPM Systematic Alpha C (acc) - GBP (hedged)* - 84.53 80.86JPM Systematic Alpha C (acc) - NOK (hedged)* - 1,042.35 -JPM Systematic Alpha C (acc) - SEK (hedged) 1,023.48 1,110.83 1,073.35JPM Systematic Alpha C (acc) - USD (hedged) 145.58 154.09 146.36JPM Systematic Alpha C (dist) - EUR 93.78 - -JPM Systematic Alpha C (dist) - GBP (hedged) 87.13 94.16 91.17JPM Systematic Alpha D (acc) - EUR 90.31 99.44 -JPM Systematic Alpha D (acc) - USD (hedged) 127.61 137.27 132.51JPM Systematic Alpha I (acc) - EUR 99.21 107.47 103.62JPM Systematic Alpha I (acc) - JPY (hedged) 13,547.00 14,621.00 14,077.00JPM Systematic Alpha I (acc) - SEK (hedged) 861.68 934.86 902.97JPM Systematic Alpha I (acc) - USD (hedged) 140.21 148.34 140.84JPM Systematic Alpha I (dist) - EUR 92.19 99.89 -JPM Systematic Alpha I (dist) - GBP (hedged) 83.59 90.32 87.41JPM Systematic Alpha I (dist) - USD (hedged)* - 100.45 -JPM Systematic Alpha I2 (acc) - EUR 94.29 - -JPM Systematic Alpha I2 (acc) - USD (hedged) 95.66 - -JPM Systematic Alpha I2 (dist) - EUR 94.28 - -JPM Systematic Alpha I2 (dist) - GBP (hedged) 94.80 - -JPM Systematic Alpha I2 (dist) - USD (hedged) 95.70 - -JPM Systematic Alpha X (acc) - EUR 114.56 123.16 117.84JPM Systematic Alpha X (acc) - USD (hedged) 143.02 150.17 141.50JPM Systematic Alpha X (dist) - AUD (hedged) 10.05 10.66 10.02JPM Systematic Alpha X (dist) - GBP (hedged) 88.34 95.11 91.62JPM Systematic Alpha X (dist) - USD (hedged) 137.71 146.25 139.45

JPMorgan Funds - Systematic Alpha Higher Volatility Fund (17)JPM Systematic Alpha Higher Volatility I (acc) - EUR 94.55 - -JPM Systematic Alpha Higher Volatility I (acc) - SEK (hedged) 945.11 - -JPM Systematic Alpha Higher Volatility X (acc) - EUR 94.72 - -JPM Systematic Alpha Higher Volatility X (acc) - GBP (hedged) 94.86 - -

JPMorgan Funds - Taiwan FundJPM Taiwan A (acc) - EUR 26.68 25.55 20.65JPM Taiwan A (acc) - USD 24.62 23.13 18.20JPM Taiwan A (dist) - HKD 17.46 16.48 13.16JPM Taiwan A (dist) - USD 19.26 18.29 14.69JPM Taiwan C (acc) - USD 30.23 28.16 21.97JPM Taiwan C (dist) - USD 136.20 128.94 103.08JPM Taiwan D (acc) - USD 20.30 19.26 15.30JPM Taiwan I (acc) - EUR 122.01 115.82 92.78

JPMorgan Funds - Total Emerging Markets Income FundJPM Total Emerging Markets Income A (acc) - EUR 87.06 86.89 79.27JPM Total Emerging Markets Income A (acc) - USD 101.33 99.19 88.09JPM Total Emerging Markets Income A (dist) - EUR^ 77.55 79.66 75.21JPM Total Emerging Markets Income A (irc) - AUD (hedged) 10.07 10.44 -JPM Total Emerging Markets Income A (mth) - HKD 10.30 10.55 -JPM Total Emerging Markets Income A (mth) - SGD 9.42 - -JPM Total Emerging Markets Income A (mth) - USD 79.07 81.40 76.15JPM Total Emerging Markets Income C (acc) - EUR 93.34 92.46 83.73JPM Total Emerging Markets Income C (div) - EUR 97.05 - -JPM Total Emerging Markets Income D (acc) - EUR 84.41 84.79 77.86JPM Total Emerging Markets Income D (acc) - USD 98.28 96.83 86.56JPM Total Emerging Markets Income D (div) - EUR 68.65 72.58 70.33JPM Total Emerging Markets Income D (mth) - EUR 91.19 96.50 -JPM Total Emerging Markets Income D (mth) - USD* - 79.35 74.78JPM Total Emerging Markets Income X (acc) - GBP 87.08 85.25 72.09

JPMorgan Funds - Turkey Equity Fund (18)JPM Turkey Equity A (acc) - EUR - 13.71 13.18JPM Turkey Equity A (dist) - EUR - 17.76 17.20JPM Turkey Equity C (acc) - EUR - 12.74 12.16JPM Turkey Equity C (dist) - EUR - 87.35 84.64JPM Turkey Equity D (acc) - EUR - 22.48 21.84JPM Turkey Equity I (acc) - EUR - 115.15 109.86

(17) This Sub-Fund was launched on 18 April 2018.(18) This Sub-Fund was merged into JPMorgan Funds - Emerging Europe Equity Fund on 17 July 2017.* Share Class inactive as at the end of the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

114

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - US Aggregate Bond FundJPM US Aggregate Bond A (acc) - AUD (hedged) 9.89 - -JPM US Aggregate Bond A (acc) - EUR (hedged) 79.96 82.49 84.47JPM US Aggregate Bond A (acc) - USD 16.32 16.46 16.57JPM US Aggregate Bond A (dist) - USD^ 12.00 12.22 12.66JPM US Aggregate Bond A (div) - USD 89.10 93.01 96.15JPM US Aggregate Bond A (mth) - HKD 9.98 10.36 10.64JPM US Aggregate Bond A (mth) - SGD 12.24 12.90 13.05JPM US Aggregate Bond A (mth) - SGD (hedged) 11.48 12.04 12.49JPM US Aggregate Bond A (mth) - USD 9.59 10.00 10.34JPM US Aggregate Bond C (acc) - EUR (hedged) 80.38 82.52 84.08JPM US Aggregate Bond C (acc) - USD 17.05 17.12 17.14JPM US Aggregate Bond C (dist) - EUR (hedged) 98.00 101.40 -JPM US Aggregate Bond C (dist) - GBP (hedged) 98.55 100.99 -JPM US Aggregate Bond C (dist) - USD 98.64 100.49 104.09JPM US Aggregate Bond C (div) - USD 96.18 99.81 102.68JPM US Aggregate Bond C (inc) - USD*** - 101.40 105.05JPM US Aggregate Bond C (mth) - HKD* - 10.00 10.24JPM US Aggregate Bond C (mth) - SGD* - 9.80 9.88JPM US Aggregate Bond C (mth) - SGD (hedged)* - 9.94 10.27JPM US Aggregate Bond C (mth) - USD 91.32 94.81 97.52JPM US Aggregate Bond D (acc) - EUR (hedged) 77.90 80.58 82.71JPM US Aggregate Bond D (acc) - USD 18.02 18.22 18.38JPM US Aggregate Bond I (acc) - EUR (hedged) 95.77 98.28 -JPM US Aggregate Bond I (acc) - USD 119.21 119.62 119.72JPM US Aggregate Bond I (dist) - EUR (hedged)* - 100.80 -JPM US Aggregate Bond I (dist) - GBP (hedged)* - 101.36 -JPM US Aggregate Bond I (dist) - USD 100.25 101.95 -JPM US Aggregate Bond I (div) - USD 98.01 - -JPM US Aggregate Bond I (inc) - USD*** - 101.65 105.27JPM US Aggregate Bond I2 (acc) - EUR (hedged) 97.09 - -JPM US Aggregate Bond I2 (acc) - USD 98.49 - -JPM US Aggregate Bond I2 (dist) - EUR (hedged) 97.09 - -JPM US Aggregate Bond I2 (dist) - GBP (hedged) 97.53 - -JPM US Aggregate Bond I2 (dist) - USD 98.48 - -JPM US Aggregate Bond X (acc) - EUR (hedged) 98.37 100.49 -JPM US Aggregate Bond X (acc) - USD 18.67 18.65 18.58JPM US Aggregate Bond X (dist) - USD 99.58 102.01 105.69

JPMorgan Funds - US Corporate Bond FundJPM US Corporate Bond A (acc) - EUR (hedged) 99.50 103.31 -JPM US Corporate Bond A (acc) - USD 99.14 100.52 -JPM US Corporate Bond A (dist) - USD 96.91 100.44 -JPM US Corporate Bond C (acc) - EUR (hedged) 100.37 103.74 -JPM US Corporate Bond C (acc) - USD 99.90 100.83 -JPM US Corporate Bond D (acc) - USD 98.44 100.20 -JPM US Corporate Bond I (acc) - USD 100.18 100.97 -

JPMorgan Funds - US Dollar Money Market FundJPM US Dollar Money Market A (acc) - USD 101.89 100.66 100.09

JPMorgan Funds - US Equity All Cap FundJPM US Equity All Cap A (acc) - AUD (hedged) 11.33 - -JPM US Equity All Cap A (acc) - CHF* - 122.54 103.14JPM US Equity All Cap A (acc) - CHF (hedged)* - 108.75 91.64JPM US Equity All Cap A (acc) - EUR 127.68 112.17 95.18JPM US Equity All Cap A (acc) - EUR (hedged)* - - 76.44JPM US Equity All Cap A (acc) - USD 148.96 128.24 105.85JPM US Equity All Cap A (dist) - USD* - 122.82 101.44JPM US Equity All Cap C (acc) - EUR 132.50 115.36 97.08JPM US Equity All Cap C (acc) - EUR (hedged) 126.27 110.41 91.84JPM US Equity All Cap C (acc) - PLN (hedged) 619.42 531.77 433.06JPM US Equity All Cap C (acc) - USD 154.25 131.71 107.89JPM US Equity All Cap C (dist) - GBP 110.82 96.22 76.48JPM US Equity All Cap I (acc) - EUR 105.64 - -JPM US Equity All Cap I (acc) - EUR (hedged) 114.45 - -JPM US Equity All Cap X (acc) - USD 156.44 132.60 107.76

* Share Class inactive as at the end of the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

115

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - US Equity Plus Fund (19)JPM US Equity Plus A (acc) - EUR - 128.19 112.35JPM US Equity Plus A (acc) - EUR (hedged) - 12.23 10.58JPM US Equity Plus A (acc) - USD - 17.75 15.15JPM US Equity Plus A (dist) - GBP - 16.80 14.03JPM US Equity Plus A (dist) - USD - 214.43 185.34JPM US Equity Plus C (acc) - EUR - 126.84 110.31JPM US Equity Plus C (acc) - USD - 23.01 19.48JPM US Equity Plus C (dist) - USD - 141.36 121.42JPM US Equity Plus D (acc) - EUR - 123.24 109.10JPM US Equity Plus D (acc) - EUR (hedged) - 11.11 9.71JPM US Equity Plus D (acc) - USD - 16.14 13.91JPM US Equity Plus I (dist) - EUR^ - 128.14 113.01JPM US Equity Plus T (acc) - EUR - 123.25 109.10JPM US Equity Plus X (acc) - USD - 126.82 106.43

JPMorgan Funds - US Growth FundJPM US Growth A (acc) - EUR (hedged) 16.47 13.18 10.57JPM US Growth A (acc) - USD 30.01 23.44 18.46JPM US Growth A (dist) - GBP 17.31 13.79 10.52JPM US Growth A (dist) - USD 15.84 12.45 9.85JPM US Growth C (acc) - EUR (hedged) 23.03 18.26 14.50JPM US Growth C (acc) - USD 29.47 22.80 17.80JPM US Growth C (dist) - GBP 204.44 161.37 122.55JPM US Growth C (dist) - USD 251.68 195.87 154.06JPM US Growth D (acc) - EUR (hedged) 15.13 12.20 9.86JPM US Growth D (acc) - USD 14.13 11.12 8.83JPM US Growth I (acc) - EUR (hedged)* - 112.38 89.18JPM US Growth I (acc) - JPY 24,929.00 19,526.00 13,966.00JPM US Growth I (acc) - USD 199.98 154.67 120.72JPM US Growth I (dist) - GBP 151.74 119.72 90.89JPM US Growth I (dist) - USD 199.74 155.38 122.17JPM US Growth I2 (acc) - EUR (hedged) 110.73 - -JPM US Growth I2 (acc) - USD 112.35 - -JPM US Growth I2 (dist) - GBP 114.50 - -JPM US Growth I2 (dist) - USD 112.35 - -JPM US Growth P (dist) - USD 202.71 156.44 121.83JPM US Growth T (acc) - EUR (hedged) 160.64 129.54 104.64JPM US Growth X (acc) - USD 34.18 26.27 20.39

JPMorgan Funds - US Hedged Equity FundJPM US Hedged Equity A (acc) - EUR (hedged) 100.65 - -JPM US Hedged Equity A (acc) - USD 102.86 - -JPM US Hedged Equity C (acc) - EUR (hedged) 109.89 104.97 -JPM US Hedged Equity C (acc) - USD 113.74 106.07 -JPM US Hedged Equity I (acc) - USD 113.81 106.09 -

JPMorgan Funds - US High Yield Plus Bond FundJPM US High Yield Plus Bond A (acc) - EUR (hedged) 87.65 87.98 80.77JPM US High Yield Plus Bond A (acc) - USD 135.97 133.28 120.38JPM US High Yield Plus Bond A (dist) - GBP (hedged) 58.67 61.29 59.36JPM US High Yield Plus Bond A (dist) - USD 97.84 100.87 96.23JPM US High Yield Plus Bond A (div) - EUR (hedged) 64.24 68.69 67.22JPM US High Yield Plus Bond A (mth) - HKD 10.22 10.61 10.14JPM US High Yield Plus Bond A (mth) - USD 90.97 95.02 91.37JPM US High Yield Plus Bond C (acc) - EUR (hedged) 102.06 101.98 -JPM US High Yield Plus Bond C (acc) - USD 112.60 109.88 98.72JPM US High Yield Plus Bond D (div) - EUR (hedged) 62.72 67.41 66.30JPM US High Yield Plus Bond X (acc) - EUR (hedged) 92.49 91.96 83.54JPM US High Yield Plus Bond X (acc) - USD 126.43 122.77 109.71JPM US High Yield Plus Bond X (mth) - USD 97.32 - -

JPMorgan Funds - US Opportunistic Long-Short Equity FundJPM US Opportunistic Long-Short Equity A (perf) (acc) - EUR (hedged) 96.15 94.39 85.64JPM US Opportunistic Long-Short Equity A (perf) (acc) - SEK (hedged) 995.66 - -JPM US Opportunistic Long-Short Equity A (perf) (acc) - USD 111.00 106.46 95.21JPM US Opportunistic Long-Short Equity C (perf) (acc) - EUR (hedged) 97.88 95.53 86.13JPM US Opportunistic Long-Short Equity C (perf) (acc) - USD 113.15 107.76 95.75JPM US Opportunistic Long-Short Equity C (perf) (dist) - GBP (hedged) 111.87 108.12 -JPM US Opportunistic Long-Short Equity D (perf) (acc) - EUR (hedged) 100.19 99.26 91.41JPM US Opportunistic Long-Short Equity D (perf) (acc) - USD 114.20 110.23 99.95JPM US Opportunistic Long-Short Equity I (perf) (acc) - JPY (hedged) 10,361.00 - -JPM US Opportunistic Long-Short Equity I (perf) (acc) - USD 101.70 - -JPM US Opportunistic Long-Short Equity S2 (perf) (acc) - EUR (hedged) 96.75 - -JPM US Opportunistic Long-Short Equity X (perf) (acc) - USD 119.89 113.25 -

(19) This Sub-Fund was merged into JPMorgan Funds - US Select Equity Plus Fund on 23 February 2018.* Share Class inactive as at the end of the year.^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

116

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - US Research Enhanced Index Equity FundJPM US Research Enhanced Index Equity C (acc) - EUR (hedged)# 129.10 116.69 98.87JPM US Research Enhanced Index Equity C (acc) - USD# 225.63 198.89 165.67JPM US Research Enhanced Index Equity I (acc) - USD# 225.27 198.49 165.28JPM US Research Enhanced Index Equity X (acc) - USD 140.53 123.58 102.69

JPMorgan Funds - US Select Equity Plus FundJPM US Select Equity Plus A (acc) - EUR 129.85 116.67 98.10JPM US Select Equity Plus A (acc) - EUR (hedged) 14.63 13.19 10.96JPM US Select Equity Plus A (acc) - USD 21.80 19.18 15.69JPM US Select Equity Plus A (dist) - GBP 16.87 15.20 12.16JPM US Select Equity Plus A (dist) - USD 21.35 18.96 15.71JPM US Select Equity Plus C (acc) - CHF (hedged)* - 115.02 95.33JPM US Select Equity Plus C (acc) - EUR 106.04 - -JPM US Select Equity Plus C (acc) - EUR (hedged) 106.47 95.22 78.48JPM US Select Equity Plus C (acc) - USD 22.78 19.90 16.16JPM US Select Equity Plus C (dist) - GBP 153.82 137.66 109.40JPM US Select Equity Plus C (dist) - GBP (hedged) 147.46 131.96 109.41JPM US Select Equity Plus C (dist) - USD 202.43 178.64 147.02JPM US Select Equity Plus D (acc) - EUR 105.33 - -JPM US Select Equity Plus D (acc) - EUR (hedged) 13.07 11.91 10.00JPM US Select Equity Plus D (acc) - USD 19.56 17.39 14.37JPM US Select Equity Plus I (acc) - EUR (hedged) 120.76 107.95 88.95JPM US Select Equity Plus I (acc) - USD 262.26 228.92 185.85JPM US Select Equity Plus I (dist) - GBP* - 110.94 88.13JPM US Select Equity Plus I (dist) - USD 164.33 144.97 119.27JPM US Select Equity Plus I2 (acc) - EUR (hedged) 101.13 - -JPM US Select Equity Plus I2 (acc) - USD 102.68 - -JPM US Select Equity Plus I2 (dist) - GBP 104.63 - -JPM US Select Equity Plus I2 (dist) - USD 102.68 - -JPM US Select Equity Plus P (acc) - USD 107.99 - -JPM US Select Equity Plus P (dist) - USD 184.16 160.95 130.35JPM US Select Equity Plus T (acc) - EUR 105.33 - -JPM US Select Equity Plus X (acc) - USD 26.84 23.26 18.74JPM US Select Equity Plus X (dist) - USD 208.80 183.32 149.80

JPMorgan Funds - US Select Long-Short Equity Fund (20)JPM US Select Long-Short Equity A (perf) (acc) - EUR (hedged) - 80.49 71.39JPM US Select Long-Short Equity A (perf) (acc) - SEK (hedged) - 796.49 706.60JPM US Select Long-Short Equity A (perf) (acc) - USD - 115.73 101.23JPM US Select Long-Short Equity C (perf) (acc) - USD - 104.68 90.92JPM US Select Long-Short Equity D (perf) (acc) - EUR (hedged) - 77.51 69.13JPM US Select Long-Short Equity I (perf) (acc) - USD - 100.34 -JPM US Select Long-Short Equity X (perf) (acc) - USD - 127.09 109.79

JPMorgan Funds - US Short Duration Bond FundJPM US Short Duration Bond A (acc) - EUR (hedged) 70.82 72.73 74.04JPM US Short Duration Bond A (acc) - USD 104.95 105.24 105.43JPM US Short Duration Bond C (acc) - EUR (hedged) 96.51 98.75 -JPM US Short Duration Bond C (acc) - USD 105.02 104.95 104.77JPM US Short Duration Bond C (dist) - USD 99.71 100.63 -JPM US Short Duration Bond D (acc) - EUR (hedged) 69.29 71.35 72.87JPM US Short Duration Bond D (acc) - USD 102.60 103.20 103.69JPM US Short Duration Bond I (acc) - EUR (hedged) 72.64 74.29 75.34JPM US Short Duration Bond I (acc) - USD 107.61 107.49 107.27JPM US Short Duration Bond I2 (acc) - EUR (hedged) 98.51 - -JPM US Short Duration Bond I2 (acc) - USD 100.01 - -JPM US Short Duration Bond X (acc) - EUR (hedged) 76.21 77.71 78.56JPM US Short Duration Bond X (acc) - USD 107.36 106.91 106.35

JPMorgan Funds - US Small Cap Growth FundJPM US Small Cap Growth A (acc) - EUR 186.27 141.81 109.12JPM US Small Cap Growth A (acc) - USD 34.14 25.49 19.09JPM US Small Cap Growth A (dist) - GBP 27.00 20.46 14.84JPM US Small Cap Growth A (dist) - USD 234.78 175.32 131.33JPM US Small Cap Growth C (acc) - EUR 151.35 114.21 87.18JPM US Small Cap Growth C (acc) - USD 242.02 179.13 133.11JPM US Small Cap Growth C (dist) - USD 171.54 126.99 94.68JPM US Small Cap Growth D (acc) - USD 21.48 16.16 12.19JPM US Small Cap Growth I (dist) - USD* - - 101.38JPM US Small Cap Growth I2 (acc) - USD 98.67 - -JPM US Small Cap Growth I2 (dist) - USD 98.67 - -JPM US Small Cap Growth X (acc) - USD 33.31 24.47 18.03

(20) This Sub-Fund was merged into JPMorgan Funds - US Opportunistic Long-Short Equity Fund on 1 December 2017.* Share Class inactive as at the end of the year.# With effect from 1 July 2017, the suffix “perf” was removed from the name of these Share Classes since these Classes do not charge a performance fee. Please refer to Note 17e).

117

JPMorgan FundsStatistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 30 June 2017 30 June 2016

JPMorgan Funds - US Smaller Companies FundJPM US Smaller Companies A (acc) - EUR (hedged)** 100.53 - -JPM US Smaller Companies A (acc) - USD 24.17 21.19 17.32JPM US Smaller Companies A (dist) - USD 239.57 211.72 174.76JPM US Smaller Companies C (acc) - EUR (hedged) 117.49 104.66 -JPM US Smaller Companies C (acc) - USD 190.25 165.56 134.24JPM US Smaller Companies C (dist) - USD 167.52 147.17 120.48JPM US Smaller Companies D (acc) - USD 30.82 27.32 22.57JPM US Smaller Companies I (acc) - EUR (hedged) 112.20 99.91 82.15JPM US Smaller Companies I (acc) - USD 155.62 135.37 109.63JPM US Smaller Companies I (dist) - USD 150.59 132.26 108.24JPM US Smaller Companies P (dist) - USD 141.21 123.04 100.05JPM US Smaller Companies X (acc) - USD*** - - 105.13JPM US Smaller Companies X (acc) - USD 26.69 23.04 18.54

JPMorgan Funds - US Technology FundJPM US Technology A (acc) - EUR 303.11 225.17 166.00JPM US Technology A (acc) - SGD 38.19 28.09 19.73JPM US Technology A (acc) - USD 37.37 27.22 19.52JPM US Technology A (dist) - GBP 5.68 4.21 2.92JPM US Technology A (dist) - USD 18.79 13.70 9.83JPM US Technology C (acc) - EUR 161.47 118.89 86.95JPM US Technology C (acc) - USD 35.37 25.54 18.18JPM US Technology C (dist) - USD 279.02 202.07 144.44JPM US Technology D (acc) - EUR 28.37 21.28 15.85JPM US Technology D (acc) - USD 4.64 3.42 2.48JPM US Technology I (acc) - USD* - 165.21 117.67JPM US Technology I (dist) - USD* - - 121.27JPM US Technology I2 (acc) - USD 97.43 - -JPM US Technology X (acc) - USD 213.39 152.95 107.97

JPMorgan Funds - US Value FundJPM US Value A (acc) - EUR 100.64 96.89 84.23JPM US Value A (acc) - EUR (hedged) 12.97 12.54 10.76JPM US Value A (acc) - SGD 13.63 12.99 10.76JPM US Value A (acc) - USD 22.59 21.31 18.01JPM US Value A (dist) - GBP 29.20 28.33 23.50JPM US Value A (dist) - USD 26.93 25.74 22.09JPM US Value C (acc) - EUR 112.45 107.20 92.31JPM US Value C (acc) - EUR (hedged) 20.09 19.25 16.38JPM US Value C (acc) - USD 28.55 26.69 22.37JPM US Value C (dist) - GBP 120.96 116.44 96.42JPM US Value C (dist) - USD 145.81 138.49 118.05JPM US Value D (acc) - EUR (hedged) 11.88 11.58 10.01JPM US Value D (acc) - USD 25.14 23.89 20.35JPM US Value I (acc) - EUR 109.28 - -JPM US Value I (acc) - EUR (hedged) 105.68 101.28 86.12JPM US Value I (acc) - USD 204.19 190.81 159.86JPM US Value I (dist) - GBP* - 103.38 85.09JPM US Value I (dist) - USD 142.56 135.34 115.37JPM US Value I2 (acc) - EUR (hedged) 96.49 - -JPM US Value I2 (acc) - USD 98.04 - -JPM US Value I2 (dist) - GBP 99.93 - -JPM US Value I2 (dist) - USD 98.07 - -JPM US Value X (acc) - EUR (hedged)** 97.04 - -JPM US Value X (acc) - USD 29.19 27.11 22.57

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note 17e).The accompanying notes form an integral part of these Financial Statements.

118

1. OrganisationJPMorgan Funds (the “Fund” or the “SICAV”) is an investment company incorporated on 14 April 1969 under the name Multi Trust Fund S.A.. The name of theSICAV was changed to Fleming International Fund on 3 July 1984, to Fleming Flagship Fund on 19 October 1988, to Fleming Funds on 2 June 2000, toJPMorgan Fleming Funds on 19 November 2001 and then to JPMorgan Funds on 12 September 2005.

It is organised under Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment, as amended, as a Société Anonymequalifying as a Société d’Investissement à Capital Variable (SICAV). As at 30 June 2018, it comprises 110 Sub-Funds, each relating to a separate investmentportfolio consisting of securities, cash and other instruments.

JPMorgan Asset Management (Europe) S.à r.l. was appointed by the SICAV to act as Management Company.

The SICAV is registered with the Registre de Commerce et des Sociétés of Luxembourg, under number B 8478.

Each Sub-Fund may contain A, C, D, I, I2, J, P, S1, S2, T, V, X and Y Share Classes. In addition, JPMorgan Funds - Sterling Managed Reserves Fund may contain KShare Classes. These Share Classes may differ in the minimum subscription amount, minimum holding amount, currency and/or eligibility requirements, thefees and expenses, and the dividend policy applicable to them. Certain Share Classes may charge a Performance Fee and are redenominated by the inclusionof “(perf)” in the name of the Share Class. Within each Sub-Fund, individual Share Classes may have a currency of denomination that differs from thecurrency of denomination of the Sub-Fund. The currency of denomination for each Share Class is indicated by a suffix in the name of the Share Class.

2. Significant Accounting PoliciesThe Financial Statements are prepared in accordance with Luxembourg regulations (under Luxembourg GAAP) relating to Undertakings for CollectiveInvestment.

a) Investment ValuationTransferable securities which are admitted to an official exchange listing or dealt in on another regulated market are valued on the basis of the latestavailable price prevailing at the time of calculating the net asset value.

If securities are listed or dealt in on several exchanges or markets, the latest available price, or if appropriate, the average price on the principal exchange ormarket will be applied.

Transferable securities not admitted to an official exchange listing nor dealt in on another regulated market are valued at the latest available price. Thosesecurities for which no price is available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeablesales price determined with prudence and in good faith by the Board of Directors.

Securities issued by any open-ended investment funds are valued at the latest available price or net asset value, as reported or provided by such funds ortheir agents.

Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis.

The Financial Statements are presented on the basis of the net asset values of the Sub-Funds calculated on 29 June 2018 except for JPMorgan Funds -Emerging Middle East Equity Fund which was calculated on 28 June 2018. In accordance with the Prospectus, the net asset values were calculated using thelatest exchange rates known at the time of calculation.

In managing the daily priced funds, the Board’s principle is to ensure that portfolios are appropriately valued to give equal treatment to Shareholders and inthis context the Management Company has implemented a Fair Value Committee (FVC) to address any potential valuation concerns. In line with this, noadjustments were made on 30 June 2018 as the portfolio value at the valuation point represents the same value since closure of the portfolios’ relevantunderlying markets.

b) Swing Pricing AdjustmentA Sub-Fund may suffer dilution of the Net Asset Value per Share due to investors buying or selling Shares in a Sub-Fund at a price that does not reflect thedealing and other costs that arise when security trades are undertaken by the Investment Manager to accommodate cash inflows or outflows.

In order to counter this impact, a swing pricing mechanism may be adopted to protect the interests of Shareholders of the Sub-Fund. If on any Valuation Day,the aggregate net transactions in Shares of a Sub-Fund exceed a pre-determined threshold, as determined and reviewed for each Sub-Fund on a periodicbasis by the Management Company, the Net Asset Value per Share may be adjusted upwards or downwards to reflect net inflows and net outflowsrespectively.

The net inflows and net outflows will be determined by the Management Company based on the latest available information at the time of calculation of theNet Asset Value per Share. The swing pricing mechanism may be applied across all Sub-Funds with the exception of JPMorgan Funds - Global Multi StrategyIncome Fund, JPMorgan Funds - Highbridge US STEEP Fund and the money market Sub-Funds. The extent of the price adjustment will be set by theManagement Company to reflect dealing and other costs. Such adjustment may vary from Sub-Fund to Sub-Fund and will not exceed 2% of the original NetAsset Value per Share. The price adjustment applicable to a specific Sub-Fund is available on request from the Management Company at its registered office.

The official Net Asset Value per Share as at year end, disclosed in the Statistical Information section of this report may therefore include a swing pricingadjustment, which would not be recognised in the Combined Statement of Net Assets and in the Combined Statement of Operations and Changes in NetAssets.

As at year end, a swing pricing adjustment has been applied to: JPMorgan Funds - ASEAN Equity Fund, JPMorgan Funds - EU Government Bond Fund,JPMorgan Funds - Euro Aggregate Bond Fund, JPMorgan Funds - Europe High Yield Short Duration Bond Fund, JPMorgan Funds - Global ConvertiblesFund (EUR), JPMorgan Funds - Global Government Short Duration Bond Fund, JPMorgan Funds - Indonesia Equity Fund, JPMorgan Funds - Korea Equity Fund,JPMorgan Funds - Singapore Fund and JPMorgan Funds - Total Emerging Markets Income Fund.

Similarly, in order to protect the interests of Shareholders in a Sub-Fund that is being merged, the Management Company may adjust the final Net AssetValue per Share of the merging Sub-Fund, or make other appropriate adjustments in order to neutralise for the Sub-Fund being merged, the impact of anypricing adjustment made through the swing pricing mechanism in the absorbing Sub-Fund as a result of cash inflows or outflows in the absorbing Sub-Fundon the merger date.

The Management Company may consider it appropriate not to apply the swing pricing adjustment to the Net Asset Value per Share of a Sub-Fund where it isseeking to attract inflows so that the Sub-Fund reaches a certain size. If a decision is taken in relation to a Sub-Fund the Management Company will pay thedealing and other costs resulting from securities trades to avoid the Sub-Fund suffering dilution of the net asset value. Where this happens shareholders willsubscribe or redeem at a net asset value that will not have been adjusted upwards as would have been the case if the swing pricing mechanism had beenapplied.

As at 30 June 2018, the Management Company has determined to apply this mechanism to the following Sub-Funds until such time that the Sub-Fundreaches a certain size (“AUM target”) or for a specific period of time (“End of Waiver Period”) whichever comes first. See Notes 17i).Sub-Fund Effective Date AUM Target End of Waiver PeriodJPMorgan Funds - Europe High Yield Short Duration Bond Fund 12 March 2018 EUR 250 million 31 December 2018JPMorgan Funds - Diversified Risk Fund 17 May 2018 USD 400 million 15 August 2018JPMorgan Funds - US Corporate Bond Fund 6 December 2017 USD 250 million 31 December 2018

JPMorgan FundsNotes to the Financial Statements

As at 30 June 2018

119

c) Realised and Unrealised Gains and Losses on InvestmentsInvestment transactions are accounted for on the trade date (the date the order to buy or sell is executed). For trades into other collective investmentschemes, transactions are accounted for on receipt of the trade confirmation from the underlying transfer agents.

Realised gains and losses on sales of investments are calculated on the average book cost. The associated foreign exchange movement between the date ofpurchase and date of sale of investments is included in realised gains and losses on investments. Unrealised gains and losses on holdings of investments arecalculated on the total book cost and include the associated unrealised gains and losses on foreign exchange.

d) Income RecognitionInterest income is accrued daily and includes the amortisation of premiums and accretion of discounts, where applicable. Bank interest income is recognisedon an accrual basis. Dividend income is accrued on the ex-dividend date. This income is shown net of any withholding taxes and adjusted accordingly whentax reclaims apply.

e) Conversion of Foreign CurrenciesThe books and records of each Sub-Fund are denominated in the base currency of the corresponding Sub-Fund. Amounts denominated in other currenciesare translated into the base currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currenciesare converted each business day into the base currency using currency exchange rates prevailing on each such business day; (ii) purchases and sales offoreign investments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of suchtransactions.

Net realised and unrealised gains or losses on foreign exchange transactions represent: (i) foreign exchange gains and losses from the sale and holding offoreign currencies and foreign cash equivalents; (ii) gains and losses between trade date and settlement date on securities transactions and forwardcurrency exchange contracts; and (iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amountsactually received.

The resulting gains and losses on translation are included in “Net Realised Gain/(Loss) on Foreign Exchange” in the Combined Statement of Operations andChanges in Net Assets.

The reference currency of the SICAV as reflected in the combined statements is USD.

The principal exchange rates applied for the year ended 30 June 2018 are the latest exchange rates known at the time of the NAV calculation:

1 USD = 1.353766270 AUD; 1 USD = 0.858870430 EUR; 1 USD = 8.180490000 NOK;

1 USD = 1.318580000 CAD; 1 USD = 0.759936180 GBP; 1 USD = 1.478633870 NZD;

1 USD = 0.993610000 CHF; 1 USD = 7.846090000 HKD; 1 USD = 3.756500000 PLN;

1 USD = 6.629100000 CNH; 1 USD = 283.190000000 HUF; 1 USD = 8.984220000 SEK;

1 USD = 22.338400000 CZK; 1 USD = 110.745000000 JPY; 1 USD = 1.363640000 SGD.

f) Forward Currency Exchange ContractsUnrealised gains or losses on outstanding forward currency exchange contracts are valued on the basis of currency exchange rates prevailing at the relevantvaluation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change inUnrealised Gain/(Loss) on Forward Currency Exchange Contracts”. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net RealisedGain/(Loss) on Forward Currency Exchange Contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses arerecorded under “Net Unrealised Gain/(Loss) on Forward Currency Exchange Contracts” in the Combined Statement of Net Assets.

g) Financial Futures Contracts on Securities and IndicesRegulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contractsand can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains andlosses by “marking-to-market” on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. Variation marginpayments are made or received, depending upon whether losses or gains are incurred. The frequency of those margin payments may differ depending onwhere the contract is traded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or costof, the closing transaction and the initial cost of the contract in “Net Realised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement ofOperations and Changes in Net Assets.

Unrealised gains or losses are recorded under “Net Unrealised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Net Assets. Thechanges in such amounts are recorded under “Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement ofOperations and Changes in Net Assets.

h) Option ContractsThe SICAV writes options on securities, futures and currencies. These options are settled in cash and subject the SICAV to unlimited risk of loss. The SICAV,however, is not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception ofthe contract.

Option contracts purchased are recorded as investments; option contracts written or sold are recorded as liabilities. When the exercise of an option results ina cash settlement, the difference between the premium and the settlement proceeds is accounted for as a realised gain or loss. When securities are acquiredor delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, thedifference between the premium and the cost to close the position is accounted for as a realised gain or loss. When an option expires, the premium isaccounted for as a realised gain for options written or as a realised loss for options purchased.

For options on futures, where the investment manager is based in the United Kingdom, variation margin payments are made or received daily, dependingupon whether losses or gains are incurred on the underlying financial futures contracts.

The market values are recorded under “Other Derivative Instruments at Market Value” in the Combined Statement of Net Assets. The changes in unrealisedgains or losses are recorded under “Net Change in Unrealised Gain/(Loss) on Other Derivative Instruments” in the Combined Statement of Operations andChanges in Net Assets. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net Realised Gain/(Loss) on Other Derivative Instruments” inthe Combined Statement of Operations and Changes in Net Assets.

i) To Be Announced Securities (“TBA”)TBAs are related to mortgage backed securities issued by government sponsored agencies. These agencies usually pool mortgage loans and sell interests inthe pools created. TBAs relate to future pools of these agencies that are bought and sold for future settlement for which either the interest rate or thematurity date is not yet fixed. TBAs are separately disclosed in the Schedule of Investments.

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

120

Certain Sub-Funds may enter into Dollar Rolls, principally using TBAs, in which the Sub-Funds sell mortgage-backed securities for delivery in the currentmonth and simultaneously contract to repurchase similar, but not identical, securities at an agreed-upon price on a fixed date. The Sub-Funds account forsuch Dollar Rolls as purchases and sales and receive compensation as consideration for entering into the commitment to repurchase. The Sub-Funds mustmaintain liquid securities having a value not less than the repurchase price (including accrued interest) for such Dollar Rolls. The market value of thesecurities that the Sub-Funds are required to purchase may decline below the agreed upon repurchase price of those securities.

The Sub-Funds had TBA Dollar Rolls outstanding as at 30 June 2018, which are included in “Investment in TBAs at Market Value”, “Open Short Positions onTBAs” and “Amounts payable on purchase of TBAs” in the Combined Statement of Net Assets. The changes in unrealised gains or losses are included in theCombined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on TBAs”. When a contract is closed, the realisedgains or losses are recorded under “Net Realised Gain/(Loss) on TBAs” in the Combined Statement of Operations and Changes in Net Assets.

j) Interest Rate Swap ContractsAn interest rate swap contract is a bilateral agreement in which each of the parties agree to exchange a series of interest payments for another series ofinterest payments (usually fixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged.

The market values are recorded under “Other Derivative Instruments at Market Value” in the Combined Statement of Net Assets. The interest on interest rateswap contracts are recorded under “Interest on Swap Transactions” in the Combined Statement of Operations and Changes in Net Assets. The changes inunrealised gains or losses are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) onOther Derivative Instruments”. When a contract is closed, the realised gains or losses are recorded under “Net Realised Gain/(Loss) on Other DerivativeInstruments” in the Combined Statement of Operations and Changes in Net Assets.

k) Total Return Swap ContractsThe SICAV may enter into swap contracts in which the SICAV and the counterparty agree to exchange payments where one or both parties pay the returnsgenerated by a security, instrument, basket or index thereof. The payments made by the SICAV to the counterparty and vice versa are calculated byreference to a specific security, basket of securities, index, or instruments and an agreed upon notional amount. Any such underlying security or instrumentmust be a transferable security and any such index must be an index of a regulated market.

A total return swap contract will exchange the total performance on a specific basket of securities, selected by the Investment Manager against a referencerate plus a spread. The total performance includes interest, dividends, gains and losses on the underlying securities during the contract period according tothe type of underlying. The risk of this type of instrument will depend on the uncertain evolution, at the time of the contract conclusion, of the performance ofthe underlying. These underlying securities are listed on a primary exchange.

The value of the underlying securities shall be taken into account for the calculation of the investment and borrowing powers applicable to individual issuers. Therelevant indices include, but are not limited to, currencies, interest rates, prices and total return on interest rates indices, fixed income indices and stock indices.

The market values are recorded under “Other Derivative Instruments at Market Value” in the Combined Statement of Net Assets. The changes in suchamounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on Other DerivativeInstruments”. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net Realised Gain/(Loss) on Other Derivative Instruments” in theCombined Statement of Operations and Changes in Net Assets.

l) Credit Default Swap ContractsA credit default swap contract is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixedperiodic coupon for the specified life of the agreement. The other party makes no payments unless a credit event, relating to a predetermined referenceasset, occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate. The value of the underlying securitiesshall be taken into account for the calculation of the investment and borrowing powers applicable to individual issuers.

The market values are recorded under “Other Derivative Instruments at Market Value” in the Combined Statement of Net Assets. The changes in unrealisedgains or losses are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on OtherDerivative Instruments”. When a contract is closed, the realised gains or losses are recorded under “Net Realised Gain/(Loss) on Other DerivativeInstruments” in the Combined Statement of Operations and Changes in Net Assets.

m) Commodity Index Swap ContractsA commodity index swap contract is a bilateral agreement in which each of the parties agree to exchange the total return of a specified commodity indexagainst money market rate plus fees.

The market values are recorded under “Other Derivative Instruments at Market Value” in the Combined Statement of Net Assets. The changes in unrealisedgains or losses are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on OtherDerivative Instruments”. When a contract is closed, the realised gains or losses are recorded under “Net Realised Gain/(Loss) on Other DerivativeInstruments” in the Combined Statement of Operations and Changes in Net Assets.

n) Inflation Rate Swap ContractsAn inflation rate swap contract is a bilateral agreement in which each of the parties agrees to exchange a predetermined fixed rate for an inflation-linkedpayment based on a notional amount that serves as a computation basis and that is usually not exchanged until the end of the term. Inflation rate swapcontracts are marked to market at each NAV calculation date. The estimated market value is based on the valuation elements laid down in the contracts, andis obtained from third party pricing agents, market makers or internal models.

The market values are recorded under “Other Derivative Instruments at Market Value” in the Combined Statement of Net Assets. The income from inflationrate swap contracts is recorded under “Interest on Swap Transactions” in the Combined Statement of Operations and Changes in Net Assets. The changes inunrealised gains or losses are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) onOther Derivative Instruments”. When a contract is closed, the realised gains or losses are recorded under “Net Realised Gain/(Loss) on Other DerivativeInstruments” in the Combined Statement of Operations and Changes in Net Assets.

o) Consolidation of Mauritian SubsidiaryAll income, expenses, receivables, payables and investments of JPMorgan SICAV Investment Company (Mauritius) Limited (the “Subsidiary”), awholly-owned subsidiary of JPMorgan Funds - India Fund, are consolidated into the Combined Statement of Net Assets and the Combined Statement ofOperations and Changes in Net Assets of JPMorgan Funds - India Fund. Securities owned by the Subsidiary are individually disclosed in the Schedule ofInvestments of JPMorgan Funds - India Fund. Intercompany balances are eliminated on consolidation.

The use of the Mauritius Subsidiary and the tax treatment it is afforded, is based on the law and practice currently in force in the relevant countries, asunderstood by the Board of Directors. It is subject to any future changes and such changes may adversely affect the returns of the Sub-Fund. This includesany circumstances where the India/Mauritius Double Taxation Treaty may not be applied or ceases to be applied, resulting from, inter alia, any ruling by theIndian tax authorities. Should the treaty not be applied, or cease to be applied, interest on securities listed on an Indian stock exchange would be subject totax at a maximum rate of 20%. Capital gains on disposal of such investments would be subject to tax at rates of 0% to 15% (plus surcharge and education tax)in respect of listed securities depending on the length of time the relevant investment has been held. The Mauritius Subsidiary is subject to Corporate IncomeTax of 15% (plus surcharge and education tax) based on the law and practice currently in force in Mauritius.

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

121

The Subsidiary received tax assessments from the Mauritius Revenue Authority (“MRA”) in respect of the treatment of capital gains in the income taxcomputation and subsequently objected to these by appealing to the Mauritius Assessment Review Committee (“ARC”). On 11 September 2014 the ARC ruledin favour of the MRA for the tax assessments for the periods before 2009. As a result a sum of MUR 18,615,727 (USD 610,352) was paid to the MRA for the taxassessments and interest for the periods before 2009. As a result, an additional tax provision including interest for periods after 2009 was made on14 February 2017. As at 30 June 2018, the total recognised tax provision amounts to USD 267,997.

3. Fees and Expenses

a) Capped Expense RatioThe maximum total fees and expenses to be borne by shareholders on a Share Class of any Sub-Fund will not exceed a capped percentage of the total netassets attributable to that Share Class. These capped fees and expenses comprise the Management Advisory Fees, Distribution Fees and other Operating andAdministrative Expenses; it does not cover performance fees, if any.

No other costs are charged to these Share Classes and the Management Company absorbs any difference that may arise between the actual costs of theoperations of these Share Classes and the capped percentage.

This capped annual rate of fees and expenses is categorised as a Capped Expense Ratio as shown in the Appendix.

b) Management and Advisory FeesThe SICAV pays to the Management Company a management fee calculated as a percentage of the average daily net assets of each Sub-Fund or Share Classunder its management (“Management and Advisory Fee”). The Management and Advisory Fees are accrued daily and payable monthly in arrears at amaximum rate as specified in the Prospectus. The Management Company may at its absolute discretion and from time to time (which in certaincircumstances may be daily) decide to vary such rate between the maximum and 0.0%.

The maximum Management and Advisory Fee that can be charged on P Share Classes is stated in the Prospectus. However, the actual Management andAdvisory Fee charged may be lower as J.P. Morgan International Bank Limited will also charge and collect a separate and additional fee from their clients.

Charges for the management of the Sub-Funds in respect of the X and Y Share Classes of the Sub-Funds are administratively levied and collected by theManagement Company or the appropriate JPMorgan Chase & Co. entity directly from the Shareholder.

Sub-Funds may invest in UCITS, other UCIs and closed ended investment undertakings qualifying as transferable securities within the meaning of UCITS rules(including investment trusts) (the “Undertakings”) managed by the Management Company, the Investment Managers, or any other member of JPMorganChase & Co. In accordance with the Prospectus, no double-charging of fees will occur with the exception of Performance Fees. The avoidance of adouble-charge of the Management and Advisory Fee on such assets is achieved by either a) excluding the assets from the net assets on which theManagement and Advisory Fee are calculated; or b) investing in Undertakings via classes that do not accrue a Management and Advisory Fee or otherequivalent fees payable to the relevant adviser’s group; or c) the Management and Advisory Fee being netted off by a rebate to the SICAV or Sub-Fund of themanagement and advisory fee (or equivalent) charged to the underlying Undertakings; or d) charging only the difference between the Management andAdvisory Fee of the SICAV or Sub-Fund as per Prospectus and the Management and Advisory Fee (or equivalent) charged to the underlying Undertakings.

An additional fee may be charged to remunerate the Sub-Investment Managers as specified in the Prospectus. Such fee will be calculated as a percentage ofthe average daily net assets which are allocated to each Sub-Investment Manager in the relevant Sub-Fund. This is accrued daily and payable monthly inarrears to the Management Company.

Where a Sub-Fund invests in Undertakings managed by investment managers which are not members of JPMorgan Chase & Co. group, the Management andAdvisory Fee, as specified in the Prospectus, may be charged regardless of any fees reflected in the price of the shares or units of the Undertakings.

c) Operating and Administrative ExpensesThe SICAV bears all its ordinary operating and administrative expenses at the rates set out in the Prospectus (“Operating and Administrative Expenses”) tomeet all fixed and variable costs, charges, fees and other expenses incurred in the operation and administration of the SICAV from time to time. TheOperating and Administrative Expenses are capped for each Share Class at the maximum rate set out in the Prospectus. The Operating and AdministrativeExpenses are calculated as a percentage of the average daily net assets of each Sub-Fund or Share Class. They are accrued daily and payable monthly inarrears at a maximum rate as specified in the Prospectus.

The Operating and Administrative Expenses cover:

i) A “Fund Servicing Fee” paid to the Management Company for the services that the Management Company provides to the SICAV. The Fund Servicing Feewill be reviewed annually and will not exceed 0.15% per annum, except for JPMorgan Funds - Europe Research Enhanced Index Equity Fund, JPMorgan Funds- Global Research Enhanced Index Equity Fund and JPMorgan Funds - US Research Enhanced Index Equity Fund where it will not exceed 0.05% per annum.

ii) Expenses directly contracted by the SICAV (“Direct Fund Expenses”) and expenses directly contracted by the Management Company on behalf of the SICAV(“Indirect Fund Expenses”) as detailed in the Prospectus.

Operating and Administrative Expenses do not include Transaction Fees and Extraordinary Expenses.

The Sub-Funds may invest in UCITS and other UCIs managed by the Management Company, any other member of JPMorgan Chase & Co. and also otherinvestment managers. Where a Sub-Fund invests primarily in UCITS and other UCIs managed by the Management Company or any other member ofJPMorgan Chase & Co. and where specifically indicated for each Sub-Fund in the Prospectus, no double-charging of Operating and Administrative Expenseswill occur. The avoidance of a double-charge is achieved by the Operating and Administrative Expenses being netted off by a rebate to the Sub-Fund of theOperating and Administrative Expenses (or equivalent) charged to the underlying UCITS or other UCIs managed by the Management Company and any othermember of JPMorgan Chase & Co. Where the Sub-Funds invest in UCITS and other UCIs managed by other investment managers, the Operating andAdministrative Expenses may not be subject to the above-mentioned rebate process.

The Management Company will bear any Operating and Administrative Expenses which exceed the maximum rate specified in the Prospectus. At itsdiscretion, the Management Company may on a temporary basis meet the Direct and/or Indirect Fund Expenses on a Sub-Fund’s behalf and/or waive all orpart of the Fund Servicing Fee.

d) Performance FeesAs set out in the Prospectus, the Management Company is entitled to receive from the net assets of certain Sub-Funds or Share Classes, an annualperformance-based incentive fee (the “Performance Fee”) if the performance of the Sub-Fund exceeds the return from the benchmark, subject to theoperation of a Claw-Back Mechanism or of a High Water Mark as defined in the Prospectus and as specified in the Prospectus for each Sub-Fund. On eachValuation Day, an accrual for the previous Valuation Day’s Performance Fee is made, when appropriate, and the performance fee accrual, if any, becomespayable to the Management Company on the last Dealing Day of the Financial Year, or under any of the following circumstances: on very significant ordersfor switching or redemption (applies to those Shares only) and when a Sub-Fund is merged or liquidated. Pursuant to the provisions of the relevantInvestment Management Agreement, the Investment Manager may be entitled to receive the whole or part of the Performance Fee from the ManagementCompany.

On each Valuation Day, the net asset value of each Share Class of each Sub-Fund for which a Performance Fee applies, which includes an accrual for all feesand expenses (including the Management and Advisory Fee, and the Operating and Administrative Expenses to be borne by the relevant Share Class at the

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

122

rate set out in the Prospectus), is adjusted for any dividend distributions and for subscriptions and redemptions dealt with on that Valuation Day, if any, andany Performance Fee accrued through that day in respect of such Share Class is added back (the “Adjusted net asset value”). For purposes of calculating thePerformance Fee, the “Share Class Return” is computed on each Valuation Day, as the difference between the net asset value (adjusted by adding back anyaccrued Performance Fee) on such day and the Adjusted net asset value on the previous Valuation Day, expressed as a return based on the previousValuation Day’s Adjusted net asset value for that Share Class.

Claw-Back mechanismThe Claw-Back mechanism may accrue a Performance Fee where there is negative return, provided that the performance exceeds the Performance FeeBenchmark return since the last time a Performance Fee was paid.

High Water Mark MethodThe High Water Mark mechanism introduces an additional requirement that a Performance Fee may only be accrued where the Net Asset Value per Share ishigher than the greater of the Net Asset Value per Share at launch of the Share Class, and the Net Asset Value per Share at which the last Performance Feewas paid.

As at 30 June 2018, Performance Fee rates and benchmarks on all Share Classes with suffix of “(perf)” are as follows:

Sub-Fund Applicable

Share Classes

Performance

Fee Rate

Performance Benchmark

Claw-Back Mechanism method

JPMorgan Funds - Africa Equity Fund All 10% Dow Jones Africa Titans 50 Index (Total Return Net)

JPMorgan Funds - Emerging Markets Small Cap Fund All 10% MSCI Emerging Markets Small Cap Index (Total Return Net)

JPMorgan Funds - Euroland Dynamic Fund Non-hedged 10% MSCI EMU Index (Total Return Net)

JPMorgan Funds - Euroland Dynamic Fund USD hedged 10% MSCI EMU Index (Total Return Net) hedged to USD

JPMorgan Funds - Europe Dynamic Small Cap Fund All 10% EMIX Smaller Europe (Inc. UK) Index (Total Return Net)

JPMorgan Funds - Europe Equity Plus Fund Non-hedged 10% MSCI Europe Index (Total Return Net)

JPMorgan Funds - Europe Equity Plus Fund USD hedged 10% MSCI Europe Index (Total Return Net) Hedged to USD

JPMorgan Funds - Global Equity Plus Fund Non-hedged 10% MSCI All Country World Index (Total Return Net)

JPMorgan Funds - Global Equity Plus Fund EUR hedged 10% MSCI All Country World Index (Total Return Net) Hedged to EUR

JPMorgan Funds - Global Equity Plus Fund USD hedged 10% MSCI All Country World Index (Total Return Net) Hedged to USD

JPMorgan Funds - Highbridge US STEEP Fund Non-hedged 20% S&P 500 Index (Total Return Net of 30% withholding tax)

JPMorgan Funds - Highbridge US STEEP Fund EUR hedged 20% S&P 500 Index (Total Return Net of 30% withholding tax) Hedged to EUR

JPMorgan Funds - Highbridge US STEEP Fund HUF hedged 20% S&P 500 Index (Total Return Net of 30% withholding tax) Hedged to HUF

JPMorgan Funds - Highbridge US STEEP Fund PLN hedged 20% S&P 500 Index (Total Return Net of 30% withholding tax) Hedged to PLN

JPMorgan Funds - Italy Flexible Bond Fund All 20% ICE BofAML Italian Government 1-3 Year Index (Total Return Gross)

High Water Mark method

JPMorgan Funds - Emerging Markets Strategic Bond Fund Non-hedged 10% ICE 1 Month USD LIBOR

JPMorgan Funds - Emerging Markets Strategic Bond Fund CHF hedged 10% ICE 1 Month CHF LIBOR

JPMorgan Funds - Emerging Markets Strategic Bond Fund EUR hedged 10% ICE 1 Month EUR LIBOR

JPMorgan Funds - Europe Equity Absolute Alpha Fund Non-hedged 15% ICE 1 Month EUR LIBOR

JPMorgan Funds - Europe Equity Absolute Alpha Fund CHF hedged 15% ICE 1 Month CHF LIBOR

JPMorgan Funds - Europe Equity Absolute Alpha Fund GBP hedged 15% ICE 1 Month GBP LIBOR

JPMorgan Funds - Europe Equity Absolute Alpha Fund SEK hedged 15% STIBOR 1 Month Offered Rate

JPMorgan Funds - Europe Equity Absolute Alpha Fund USD hedged 15% ICE 1 Month USD LIBOR

JPMorgan Funds - Global Strategic Bond Fund Non-hedged 10% ICE Overnight USD LIBOR

JPMorgan Funds - Global Strategic Bond Fund CHF hedged 10% ICE Spot Next CHF LIBOR

JPMorgan Funds - Global Strategic Bond Fund CZK hedged 10% ICE Overnight USD LIBOR Hedged to CZK

JPMorgan Funds - Global Strategic Bond Fund EUR hedged 10% EONIA

JPMorgan Funds - Global Strategic Bond Fund GBP hedged 10% ICE Overnight GBP LIBOR

JPMorgan Funds - Global Strategic Bond Fund JPY hedged 10% ICE Spot Next JPY LIBOR

JPMorgan Funds - Global Strategic Bond Fund PLN hedged 10% ICE Overnight USD LIBOR Hedged to PLN

JPMorgan Funds - Global Strategic Bond Fund SEK hedged 10% STIBOR Tomorrow Next Offered Rate

JPMorgan Funds - US Opportunistic Long-Short Equity Fund Non-hedged 15%* ICE 1 Month USD LIBOR

JPMorgan Funds - US Opportunistic Long-Short Equity Fund EUR hedged 15%* ICE 1 Month EUR LIBOR

JPMorgan Funds - US Opportunistic Long-Short Equity Fund GBP hedged 15%* ICE 1 Month GBP LIBOR

JPMorgan Funds - US Opportunistic Long-Short Equity Fund JPY hedged 15%* ICE 1 Month JPY LIBOR

JPMorgan Funds - US Opportunistic Long-Short Equity Fund SEK hedged 15%* STIBOR 1 Month Offered Rate

* Subject to a 11.5% cap on any cumulative Excess Return.

e) Distribution FeesThe SICAV pays to the Management Company a distribution fee (the “Distribution Fee”) in respect of D and T Share Classes. The Distribution Fee rate payablefor each Share Class is stated in the Prospectus. The Management Company may at its absolute discretion and from time to time (which in certaincircumstances may be daily) decide to vary such rate between the maximum and 0.0%. The Management Company may pay all or part of the Distribution Feeto certain Distributors for the services provided by them in relation to the distribution of the D and T Share Classes.

4. Distribution PolicyShare Classes with the suffix “(acc)” are accumulation Share Classes and will not normally pay dividends.

Distribution Share Classes will normally pay dividends as described below.

Share Classes suffixed “(dist)”It is intended that all those Share Classes with the suffix “(dist)” will, if appropriate, pay reportable income annually and will have “UK Reporting Fund Status”.Payment of dividends on these Share Classes will normally be made in September of each year.

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

123

Share Classes suffixed “(div)”Share Classes with the suffix “(div)” will normally pay quarterly dividends which are calculated by the Management Company based on the estimated annualyield of the relevant Sub-Fund’s portfolio which is attributable to that Share Class. The Management Company will review the dividend rate for each ShareClass at least semi-annually, but may adjust the dividend rate more frequently to reflect changes in the portfolio’s expected yield.

Investors should be aware that “(div)” Share Classes give priority to dividends, rather than to capital growth. The expected yield for each Share Class will becalculated gross of both the Management and Advisory Fee and the Operating and Administrative Expenses, and such Share Classes will typically distributemore than the income received. Share Classes with the suffix “(div)” in issue at the dividend record date will be eligible for any dividends which will normallybe paid in the currency of the relevant Share Class.

Share Classes suffixed “(mth)”Share Classes with the suffix “(mth)” will be available to Shareholders subscribing, and remaining subscribed, through specific Asian distribution networksand to other distributors at the sole discretion of the Management Company. Share Classes with the suffix “(mth)” will normally pay dividends on a monthlybasis. The monthly dividend rate per Share will be calculated by the Management Company based on the estimated annual yield of the relevant Sub-Fund’sportfolio which is attributable to that Share Class. The Management Company will review the dividend rate for each Share Class at least semi-annually, butmay adjust the dividend rate more frequently to reflect changes in the portfolio’s expected yield. Investors should be aware that “(mth)” Share Classes givepriority to dividends, rather than to capital growth. The expected yield for each Share Class will be calculated gross of both the Management and AdvisoryFee and the Operating and Administrative Expenses, and such Share Classes will typically distribute more than the income received. Dividend payments forthese Share Classes will normally be made to Shareholders each month and will be paid in the currency of the relevant Share Class. The ManagementCompany reserves the right to fix a minimum amount per Share Class, below which the actual payment of the dividend would not be economically efficientfor the SICAV. These payments will be deferred to the following month or reinvested in further Shares of the same Share Class and not paid directly to theShareholders. The net asset value of “(mth)” Share Classes may fluctuate more than other Share Classes due to more frequent distribution of income.

Share Classes suffixed “(fix)”Share Classes with the suffix “(fix)” will normally pay a quarterly fixed dividend based on a total amount per Share per annum as defined in the Prospectus.Share Classes with the suffix “(fix)” may be closed, liquidated, not pay a dividend or reduce the dividend amount payable if the payment of the dividend isbelieved not to be in the best interests of all Shareholders collectively in the Share Class.

Share Classes suffixed “(irc)”Share Classes with the suffix “(irc)” will normally pay dividends on a monthly basis. The monthly dividend rate per Share will be variable and will be calculatedby the Management Company based on: the estimated gross annual yield of the relevant Sub-Fund’s portfolio attributable to that Share Class, which isrevised at least semi-annually; and the addition or deduction of the estimated interest rate carry depending on whether such carry is positive or negativerespectively. The interest rate carry is calculated using the average daily differential of the one month FX forward rate and the spot rate between these twocurrencies of the preceding calendar month.

Other InformationShareholders should note that, where the dividend rate is in excess of the investment income of the Share Class, dividends will be paid out of the capitalattributed to the Share Class, as well as from realised and unrealised capital gains. This may be tax inefficient for Shareholders in certain countries.Shareholders should consult their local tax adviser about their own position. Share Classes with the suffix “(div)”, “(fix)” and “(mth)” do not distribute thereportable income in accordance with the United Kingdom tax legislation relating to offshore funds.

During the year ended 30 June 2018, the SICAV paid dividends as follows:

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Aggregate Bond X (irc) - AUD (hedged) AUD 0.03 18/07/17

JPM Asia Pacific Income A (irc) - AUD (hedged) AUD 0.04 18/07/17

JPM Asia Pacific Income A (irc) - CAD (hedged) CAD 0.03 18/07/17

JPM Asia Pacific Income A (irc) - EUR (hedged) EUR 0.02 18/07/17

JPM Asia Pacific Income A (irc) - GBP (hedged) GBP 0.02 18/07/17

JPM Asia Pacific Income A (irc) - NZD (hedged) NZD 0.04 18/07/17

JPM Asia Pacific Income A (irc) - RMB (hedged) CNH 0.06 18/07/17

JPM Asia Pacific Income A (mth) - HKD HKD 0.05 18/07/17

JPM Asia Pacific Income A (mth) - SGD SGD 0.05 18/07/17

JPM Asia Pacific Income A (mth) - SGD (hedged) SGD 0.04 18/07/17

JPM Asia Pacific Income A (mth) - USD USD 0.40 18/07/17

JPM Asia Pacific Income C (irc) - AUD (hedged)** AUD 0.04 18/07/17

JPM Asia Pacific Income C (irc) - CAD (hedged)* CAD 0.03 18/07/17

JPM Asia Pacific Income C (irc) - EUR (hedged)** EUR 0.18 18/07/17

JPM Asia Pacific Income C (irc) - GBP (hedged)** GBP 0.18 18/07/17

JPM Asia Pacific Income C (irc) - NZD (hedged)** NZD 0.04 18/07/17

JPM Asia Pacific Income C (irc) - RMB (hedged)* CNH 0.07 18/07/17

JPM Asia Pacific Income C (mth) - HKD HKD 0.04 18/07/17

JPM Asia Pacific Income C (mth) - SGD (hedged)** SGD 0.04 18/07/17

JPM Asia Pacific Income C (mth) - SGD* SGD 0.04 18/07/17

JPM Asia Pacific Income C (mth) - USD USD 0.40 18/07/17

JPM Asia Pacific Income D (mth) - EUR (hedged) EUR 0.36 18/07/17

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Asia Pacific Income D (mth) - USD USD 0.38 18/07/17

JPM Asian Total Return Bond A (mth) - USD USD 0.04 18/07/17

JPM China Bond A (mth) - HKD (hedged) HKD 0.44 18/07/17

JPM China Bond A (mth) - RMB CNH 0.38 18/07/17

JPM China Bond A (mth) - USD (hedged) USD 0.06 18/07/17

JPM Emerging Markets Bond A (mth) - USD USD 0.50 18/07/17

JPM Emerging Markets Bond C (mth) - USD USD 0.52 18/07/17

JPM Emerging Markets Bond D (mth) - EUR (hedged) EUR 0.56 18/07/17

JPM Emerging Markets Bond D (mth) - USD USD 0.48 18/07/17

JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.05 18/07/17

JPM Emerging Markets Corporate Bond A (mth) - SGD (hedged) SGD 0.05 18/07/17

JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.43 18/07/17

JPM Emerging Markets Corporate Bond C (mth) - USD USD 0.46 18/07/17

JPM Emerging Markets Corporate Bond D (mth) - EUR (hedged) EUR 0.47 18/07/17

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.05 18/07/17

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.04 18/07/17

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.06 18/07/17

JPM Emerging Markets Debt A (irc) - RMB (hedged)* CNH 0.08 18/07/17

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.05 18/07/17

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 18/07/17

JPM Emerging Markets Debt A (mth) - USD USD 0.08 18/07/17

JPM Emerging Markets Debt C (irc) - AUD (hedged)* AUD 0.06 18/07/17

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

124

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Emerging Markets Debt C (irc) - CAD (hedged) CAD 0.05 18/07/17

JPM Emerging Markets Debt C (irc) - NZD (hedged)* NZD 0.06 18/07/17

JPM Emerging Markets Debt C (mth) - EUR (hedged)* EUR 0.50 18/07/17

JPM Emerging Markets Debt C (mth) - HKD* HKD 0.06 18/07/17

JPM Emerging Markets Debt C (mth) - USD USD 0.55 18/07/17

JPM Emerging Markets Debt D (mth) - EUR (hedged) EUR 0.55 18/07/17

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.03 18/07/17

JPM Emerging Markets Dividend A (irc) - GBP (hedged) GBP 0.03 18/07/17

JPM Emerging Markets Dividend A (irc) - RMB (hedged)* CNH 0.05 18/07/17

JPM Emerging Markets Dividend A (mth) - HKD HKD 0.04 18/07/17

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 18/07/17

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.03 18/07/17

JPM Emerging Markets Dividend A (mth) - USD USD 0.31 18/07/17

JPM Emerging Markets Dividend D (mth) - EUR EUR 0.42 18/07/17

JPM Emerging Markets Investment Grade Bond A (mth) - USD USD 0.37 18/07/17

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.04 18/07/17

JPM Emerging Markets Local Currency Debt A (mth) - HKD HKD 0.04 18/07/17

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.05 18/07/17

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.36 18/07/17

JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) EUR 0.59 18/07/17

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.34 18/07/17

JPM Equity Premium Income A (mth) - USD USD 0.60 18/07/17

JPM Equity Premium Income C (mth) - USD USD 0.60 18/07/17

JPM Global Bond Opportunities A (mth) - USD USD 0.41 18/07/17

JPM Global Bond Opportunities C (mth) - USD USD 0.42 18/07/17

JPM Global Bond Opportunities D (mth) - EUR (hedged) EUR 0.43 18/07/17

JPM Global Bond Opportunities X (irc) - AUD (hedged) AUD 0.05 18/07/17

JPM Global Corporate Bond A (mth) - SGD SGD 0.04 18/07/17

JPM Global Corporate Bond A (mth) - USD USD 0.31 18/07/17

JPM Global Corporate Bond C (mth) - SGD* SGD 0.03 18/07/17

JPM Global Corporate Bond C (mth) - USD USD 0.31 18/07/17

JPM Global Corporate Bond D (mth) - USD USD 0.30 18/07/17

JPM Global Strategic Bond A (mth) - USD USD 0.31 18/07/17

JPM Global Strategic Bond A (perf) (mth) - USD USD 0.28 18/07/17

JPM Global Strategic Bond C (perf) (mth) - USD** USD 0.29 18/07/17

JPM Global Strategic Bond D (perf) (mth) - USD USD 0.27 18/07/17

JPM Global Strategic Bond I (perf) (mth) - USD* USD 0.29 18/07/17

JPM Income Fund A (mth) - HKD HKD 0.05 18/07/17

JPM Income Fund A (mth) - USD USD 0.05 18/07/17

JPM Total Emerging Markets Income A (irc) - AUD (hedged) AUD 0.05 18/07/17

JPM Total Emerging Markets Income A (mth) - HKD HKD 0.05 18/07/17

JPM Total Emerging Markets Income A (mth) - USD USD 0.36 18/07/17

JPM Total Emerging Markets Income D (mth) - EUR EUR 0.46 18/07/17

JPM Total Emerging Markets Income D (mth) - USD* USD 0.35 18/07/17

JPM US Aggregate Bond A (mth) - HKD HKD 0.02 18/07/17

JPM US Aggregate Bond A (mth) - SGD SGD 0.03 18/07/17

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 18/07/17

JPM US Aggregate Bond A (mth) - USD USD 0.02 18/07/17

JPM US Aggregate Bond C (mth) - HKD* HKD 0.02 18/07/17

JPM US Aggregate Bond C (mth) - SGD (hedged)* SGD 0.02 18/07/17

JPM US Aggregate Bond C (mth) - SGD* SGD 0.02 18/07/17

JPM US Aggregate Bond C (mth) - USD USD 0.22 18/07/17

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.06 18/07/17

JPM US High Yield Plus Bond A (mth) - USD USD 0.50 18/07/17

JPM Aggregate Bond X (irc) - AUD (hedged) AUD 0.03 17/08/17

JPM Asia Pacific Income A (irc) - AUD (hedged) AUD 0.04 17/08/17

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Asia Pacific Income A (irc) - CAD (hedged) CAD 0.03 17/08/17

JPM Asia Pacific Income A (irc) - EUR (hedged) EUR 0.02 17/08/17

JPM Asia Pacific Income A (irc) - GBP (hedged) GBP 0.03 17/08/17

JPM Asia Pacific Income A (irc) - NZD (hedged) NZD 0.04 17/08/17

JPM Asia Pacific Income A (irc) - RMB (hedged) CNH 0.06 17/08/17

JPM Asia Pacific Income A (mth) - HKD HKD 0.05 17/08/17

JPM Asia Pacific Income A (mth) - SGD SGD 0.05 17/08/17

JPM Asia Pacific Income A (mth) - SGD (hedged) SGD 0.04 17/08/17

JPM Asia Pacific Income A (mth) - USD USD 0.40 17/08/17

JPM Asia Pacific Income C (irc) - AUD (hedged)** AUD 0.04 17/08/17

JPM Asia Pacific Income C (irc) - CAD (hedged)* CAD 0.03 17/08/17

JPM Asia Pacific Income C (irc) - EUR (hedged)** EUR 0.18 17/08/17

JPM Asia Pacific Income C (irc) - GBP (hedged)** GBP 0.18 17/08/17

JPM Asia Pacific Income C (irc) - NZD (hedged)** NZD 0.04 17/08/17

JPM Asia Pacific Income C (irc) - RMB (hedged)* CNH 0.06 17/08/17

JPM Asia Pacific Income C (mth) - HKD HKD 0.04 17/08/17

JPM Asia Pacific Income C (mth) - SGD (hedged)** SGD 0.04 17/08/17

JPM Asia Pacific Income C (mth) - SGD* SGD 0.04 17/08/17

JPM Asia Pacific Income C (mth) - USD USD 0.40 17/08/17

JPM Asia Pacific Income D (mth) - EUR (hedged) EUR 0.36 17/08/17

JPM Asia Pacific Income D (mth) - USD USD 0.38 17/08/17

JPM Asian Total Return Bond A (mth) - USD USD 0.04 17/08/17

JPM China Bond A (mth) - HKD (hedged) HKD 0.42 17/08/17

JPM China Bond A (mth) - RMB CNH 0.37 17/08/17

JPM China Bond A (mth) - USD (hedged) USD 0.06 17/08/17

JPM Emerging Markets Bond A (mth) - USD USD 0.51 17/08/17

JPM Emerging Markets Bond C (mth) - USD USD 0.53 17/08/17

JPM Emerging Markets Bond D (mth) - EUR (hedged) EUR 0.56 17/08/17

JPM Emerging Markets Bond D (mth) - USD USD 0.49 17/08/17

JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.05 17/08/17

JPM Emerging Markets Corporate Bond A (mth) - SGD (hedged) SGD 0.05 17/08/17

JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.43 17/08/17

JPM Emerging Markets Corporate Bond C (mth) - USD USD 0.46 17/08/17

JPM Emerging Markets Corporate Bond D (mth) - EUR (hedged) EUR 0.48 17/08/17

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.05 17/08/17

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.04 17/08/17

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.06 17/08/17

JPM Emerging Markets Debt A (irc) - RMB (hedged)* CNH 0.07 17/08/17

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.05 17/08/17

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 17/08/17

JPM Emerging Markets Debt A (mth) - USD USD 0.07 17/08/17

JPM Emerging Markets Debt C (irc) - AUD (hedged)* AUD 0.06 17/08/17

JPM Emerging Markets Debt C (irc) - CAD (hedged) CAD 0.05 17/08/17

JPM Emerging Markets Debt C (irc) - NZD (hedged)* NZD 0.06 17/08/17

JPM Emerging Markets Debt C (mth) - EUR (hedged)* EUR 0.49 17/08/17

JPM Emerging Markets Debt C (mth) - HKD* HKD 0.06 17/08/17

JPM Emerging Markets Debt C (mth) - USD USD 0.54 17/08/17

JPM Emerging Markets Debt D (mth) - EUR (hedged) EUR 0.54 17/08/17

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.03 17/08/17

JPM Emerging Markets Dividend A (irc) - GBP (hedged) GBP 0.03 17/08/17

JPM Emerging Markets Dividend A (irc) - RMB (hedged)* CNH 0.05 17/08/17

JPM Emerging Markets Dividend A (mth) - HKD HKD 0.04 17/08/17

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 17/08/17

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.03 17/08/17

JPM Emerging Markets Dividend A (mth) - USD USD 0.31 17/08/17

JPM Emerging Markets Dividend D (mth) - EUR EUR 0.40 17/08/17

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

125

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Emerging Markets Investment Grade Bond A (mth) - USD USD 0.39 17/08/17

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.04 17/08/17

JPM Emerging Markets Local Currency Debt A (mth) - HKD HKD 0.05 17/08/17

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.06 17/08/17

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.39 17/08/17

JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) EUR 0.63 17/08/17

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.37 17/08/17

JPM Equity Premium Income A (mth) - USD USD 0.49 17/08/17

JPM Equity Premium Income C (mth) - USD USD 0.49 17/08/17

JPM Global Bond Opportunities A (mth) - USD USD 0.39 17/08/17

JPM Global Bond Opportunities C (mth) - USD USD 0.39 17/08/17

JPM Global Bond Opportunities D (mth) - EUR (hedged) EUR 0.41 17/08/17

JPM Global Bond Opportunities X (irc) - AUD (hedged) AUD 0.04 17/08/17

JPM Global Corporate Bond A (mth) - SGD SGD 0.04 17/08/17

JPM Global Corporate Bond A (mth) - USD USD 0.31 17/08/17

JPM Global Corporate Bond C (mth) - SGD* SGD 0.03 17/08/17

JPM Global Corporate Bond C (mth) - USD USD 0.31 17/08/17

JPM Global Corporate Bond D (mth) - USD USD 0.30 17/08/17

JPM Global Strategic Bond A (mth) - USD USD 0.31 17/08/17

JPM Global Strategic Bond A (perf) (mth) - USD USD 0.29 17/08/17

JPM Global Strategic Bond C (perf) (mth) - USD** USD 0.30 17/08/17

JPM Global Strategic Bond D (perf) (mth) - USD USD 0.28 17/08/17

JPM Global Strategic Bond I (perf) (mth) - USD* USD 0.30 17/08/17

JPM Income Fund A (mth) - HKD HKD 0.05 17/08/17

JPM Income Fund A (mth) - USD USD 0.05 17/08/17

JPM Total Emerging Markets Income A (irc) - AUD (hedged) AUD 0.05 17/08/17

JPM Total Emerging Markets Income A (mth) - HKD HKD 0.05 17/08/17

JPM Total Emerging Markets Income A (mth) - USD USD 0.36 17/08/17

JPM Total Emerging Markets Income D (mth) - EUR EUR 0.43 17/08/17

JPM Total Emerging Markets Income D (mth) - USD* USD 0.35 17/08/17

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 17/08/17

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 17/08/17

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 17/08/17

JPM US Aggregate Bond A (mth) - USD USD 0.03 17/08/17

JPM US Aggregate Bond C (mth) - HKD* HKD 0.03 17/08/17

JPM US Aggregate Bond C (mth) - SGD (hedged)* SGD 0.03 17/08/17

JPM US Aggregate Bond C (mth) - SGD* SGD 0.03 17/08/17

JPM US Aggregate Bond C (mth) - USD USD 0.26 17/08/17

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.06 17/08/17

JPM US High Yield Plus Bond A (mth) - USD USD 0.51 17/08/17

JPM Emerging Markets Corporate Bond A (div) - EUR (hedged) EUR 1.06 21/08/17

JPM Emerging Markets Corporate Bond C (div) - EUR (hedged) EUR 1.01 21/08/17

JPM Emerging Markets Corporate Bond D (div) - EUR (hedged) EUR 1.03 21/08/17

JPM Emerging Markets Dividend A (div) - EUR EUR 0.86 21/08/17

JPM Emerging Markets Dividend C (div) - EUR EUR 0.90 21/08/17

JPM Emerging Markets Dividend D (div) - EUR EUR 0.83 21/08/17

JPM Emerging Markets Dividend T (div) - EUR EUR 0.83 21/08/17

JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 1.31 21/08/17

JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.13 21/08/17

JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 1.26 21/08/17

JPM Emerging Markets Strategic Bond A (perf) (div) - EUR (hedged) EUR 1.14 21/08/17

JPM Emerging Markets Strategic Bond D (perf) (div) - EUR (hedged) EUR 1.08 21/08/17

JPM Emerging Markets Strategic Bond I (div) - EUR (hedged) EUR 1.85 21/08/17

JPM Europe High Yield Bond D (div) - EUR EUR 1.19 21/08/17

JPM Europe High Yield Short Duration Bond A (div) - EUR EUR 1.19 21/08/17

JPM Europe High Yield Short Duration Bond D (div) - EUR EUR 1.19 21/08/17

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Financials Bond A (div) - EUR EUR 1.16 21/08/17

JPM Financials Bond C (div) - EUR EUR 1.08 21/08/17

JPM Financials Bond D (div) - EUR EUR 1.13 21/08/17

JPM Financials Bond T (div) - EUR EUR 1.13 21/08/17

JPM Flexible Credit A (div) - EUR (hedged) EUR 1.02 21/08/17

JPM Flexible Credit D (div) - EUR (hedged) EUR 0.89 21/08/17

JPM Flexible Credit T (div) - EUR (hedged) EUR 0.95 21/08/17

JPM Global Bond Opportunities A (fix) EUR 3.50 - EUR (hedged) EUR 0.88 21/08/17

JPM Global Bond Opportunities D (div) - EUR (hedged) EUR 0.82 21/08/17

JPM Global Bond Opportunities D (fix) EUR 3.00 - EUR (hedged) EUR 0.75 21/08/17

JPM Global Bond Opportunities T (div) - EUR (hedged) EUR 0.85 21/08/17

JPM Global Corporate Bond A (div) - EUR (hedged) EUR 0.67 21/08/17

JPM Global Corporate Bond C (div) - EUR (hedged) EUR 0.69 21/08/17

JPM Global Corporate Bond D (div) - EUR (hedged) EUR 0.07 21/08/17

JPM Global Corporate Bond T (div) - EUR (hedged) EUR 0.66 21/08/17

JPM Global Multi Strategy Income A (div) - EUR EUR 1.21 21/08/17

JPM Global Multi Strategy Income C (div) - EUR EUR 1.18 21/08/17

JPM Global Multi Strategy Income D (div) - EUR EUR 1.16 21/08/17

JPM Global Multi Strategy Income T (div) - EUR EUR 1.16 21/08/17

JPM Global Strategic Bond A (perf) (div) - EUR (hedged) EUR 0.67 21/08/17

JPM Global Strategic Bond A (perf) (fix) EUR 2.35 - EUR (hedged) EUR 0.59 21/08/17

JPM Global Strategic Bond C (perf) (fix) EUR 2.60 - EUR (hedged) EUR 0.65 21/08/17

JPM Global Strategic Bond D (perf) (div) - EUR (hedged) EUR 0.66 21/08/17

JPM Global Strategic Bond D (perf) (fix) EUR 1.60 - EUR (hedged) EUR 0.40 21/08/17

JPM Global Strategic Bond T (perf) (div) - EUR (hedged) EUR 0.57 21/08/17

JPM Income Fund A (div) - EUR (hedged) EUR 1.02 21/08/17

JPM Income Fund A (div) - USD USD 1.38 21/08/17

JPM Income Fund C (div) - EUR (hedged) EUR 1.02 21/08/17

JPM Income Fund D (div) - EUR (hedged) EUR 1.02 21/08/17

JPM Italy Flexible Bond A (perf) (div) - EUR EUR 0.68 21/08/17

JPM Italy Flexible Bond A (perf) (fix) EUR 4.00 - EUR EUR 1.00 21/08/17

JPM Italy Flexible Bond D (perf) (div) - EUR EUR 0.65 21/08/17

JPM Italy Flexible Bond D (perf) (fix) EUR 3.00 - EUR EUR 0.75 21/08/17

JPM Italy Flexible Bond T (perf) (div) - EUR EUR 0.65 21/08/17

JPM Total Emerging Markets Income D (div) - EUR EUR 0.96 21/08/17

JPM US Aggregate Bond A (div) - USD USD 0.77 21/08/17

JPM US Aggregate Bond C (div) - USD USD 0.83 21/08/17

JPM US High Yield Plus Bond A (div) - EUR (hedged) EUR 1.11 21/08/17

JPM US High Yield Plus Bond D (div) - EUR (hedged) EUR 1.09 21/08/17

JPM Aggregate Bond X (irc) - AUD (hedged) AUD 0.03 19/09/17

JPM Asia Pacific Income A (irc) - AUD (hedged) AUD 0.04 19/09/17

JPM Asia Pacific Income A (irc) - CAD (hedged) CAD 0.03 19/09/17

JPM Asia Pacific Income A (irc) - EUR (hedged) EUR 0.02 19/09/17

JPM Asia Pacific Income A (irc) - GBP (hedged) GBP 0.03 19/09/17

JPM Asia Pacific Income A (irc) - NZD (hedged) NZD 0.04 19/09/17

JPM Asia Pacific Income A (irc) - RMB (hedged) CNH 0.05 19/09/17

JPM Asia Pacific Income A (mth) - HKD HKD 0.05 19/09/17

JPM Asia Pacific Income A (mth) - SGD SGD 0.05 19/09/17

JPM Asia Pacific Income A (mth) - SGD (hedged) SGD 0.04 19/09/17

JPM Asia Pacific Income A (mth) - USD USD 0.40 19/09/17

JPM Asia Pacific Income C (irc) - AUD (hedged)** AUD 0.04 19/09/17

JPM Asia Pacific Income C (irc) - CAD (hedged)* CAD 0.03 19/09/17

JPM Asia Pacific Income C (irc) - EUR (hedged)** EUR 0.18 19/09/17

JPM Asia Pacific Income C (irc) - GBP (hedged)** GBP 0.18 19/09/17

JPM Asia Pacific Income C (irc) - NZD (hedged)** NZD 0.05 19/09/17

JPM Asia Pacific Income C (irc) - RMB (hedged)* CNH 0.05 19/09/17

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

126

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Asia Pacific Income C (mth) - HKD HKD 0.04 19/09/17

JPM Asia Pacific Income C (mth) - SGD (hedged)** SGD 0.04 19/09/17

JPM Asia Pacific Income C (mth) - SGD* SGD 0.04 19/09/17

JPM Asia Pacific Income C (mth) - USD USD 0.40 19/09/17

JPM Asia Pacific Income D (mth) - EUR (hedged) EUR 0.36 19/09/17

JPM Asia Pacific Income D (mth) - USD USD 0.38 19/09/17

JPM Asian Total Return Bond A (mth) - USD USD 0.04 19/09/17

JPM China Bond A (mth) - HKD (hedged) HKD 0.42 19/09/17

JPM China Bond A (mth) - RMB CNH 0.37 19/09/17

JPM China Bond A (mth) - USD (hedged) USD 0.06 19/09/17

JPM Emerging Markets Bond A (mth) - USD USD 0.51 19/09/17

JPM Emerging Markets Bond C (mth) - USD USD 0.53 19/09/17

JPM Emerging Markets Bond D (mth) - EUR (hedged) EUR 0.56 19/09/17

JPM Emerging Markets Bond D (mth) - USD USD 0.49 19/09/17

JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.05 19/09/17

JPM Emerging Markets Corporate Bond A (mth) - SGD (hedged) SGD 0.05 19/09/17

JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.43 19/09/17

JPM Emerging Markets Corporate Bond C (mth) - USD USD 0.46 19/09/17

JPM Emerging Markets Corporate Bond D (mth) - EUR (hedged) EUR 0.48 19/09/17

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.05 19/09/17

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.04 19/09/17

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.06 19/09/17

JPM Emerging Markets Debt A (irc) - RMB (hedged)* CNH 0.06 19/09/17

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.05 19/09/17

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 19/09/17

JPM Emerging Markets Debt A (mth) - USD USD 0.07 19/09/17

JPM Emerging Markets Debt C (irc) - AUD (hedged)* AUD 0.06 19/09/17

JPM Emerging Markets Debt C (irc) - CAD (hedged) CAD 0.05 19/09/17

JPM Emerging Markets Debt C (irc) - NZD (hedged)* NZD 0.06 19/09/17

JPM Emerging Markets Debt C (mth) - EUR (hedged)* EUR 0.49 19/09/17

JPM Emerging Markets Debt C (mth) - HKD* HKD 0.06 19/09/17

JPM Emerging Markets Debt C (mth) - USD USD 0.54 19/09/17

JPM Emerging Markets Debt D (mth) - EUR (hedged) EUR 0.54 19/09/17

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.03 19/09/17

JPM Emerging Markets Dividend A (irc) - GBP (hedged) GBP 0.03 19/09/17

JPM Emerging Markets Dividend A (irc) - RMB (hedged)* CNH 0.04 19/09/17

JPM Emerging Markets Dividend A (mth) - HKD HKD 0.04 19/09/17

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 19/09/17

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.03 19/09/17

JPM Emerging Markets Dividend A (mth) - USD USD 0.31 19/09/17

JPM Emerging Markets Dividend D (mth) - EUR EUR 0.40 19/09/17

JPM Emerging Markets Investment Grade Bond A (mth) - USD USD 0.39 19/09/17

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.04 19/09/17

JPM Emerging Markets Local Currency Debt A (mth) - HKD HKD 0.05 19/09/17

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.06 19/09/17

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.39 19/09/17

JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) EUR 0.63 19/09/17

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.37 19/09/17

JPM Equity Premium Income A (mth) - USD USD 0.60 19/09/17

JPM Equity Premium Income C (mth) - USD USD 0.60 19/09/17

JPM Global Bond Opportunities A (mth) - USD USD 0.39 19/09/17

JPM Global Bond Opportunities C (mth) - USD USD 0.39 19/09/17

JPM Global Bond Opportunities D (mth) - EUR (hedged) EUR 0.41 19/09/17

JPM Global Bond Opportunities X (irc) - AUD (hedged) AUD 0.04 19/09/17

JPM Global Corporate Bond A (mth) - SGD SGD 0.04 19/09/17

JPM Global Corporate Bond A (mth) - USD USD 0.31 19/09/17

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Global Corporate Bond C (mth) - SGD* SGD 0.03 19/09/17

JPM Global Corporate Bond C (mth) - USD USD 0.31 19/09/17

JPM Global Corporate Bond D (mth) - USD USD 0.30 19/09/17

JPM Global Strategic Bond A (mth) - USD USD 0.31 19/09/17

JPM Global Strategic Bond A (perf) (mth) - USD USD 0.29 19/09/17

JPM Global Strategic Bond C (perf) (mth) - USD** USD 0.30 19/09/17

JPM Global Strategic Bond D (perf) (mth) - USD USD 0.28 19/09/17

JPM Global Strategic Bond I (perf) (mth) - USD* USD 0.30 19/09/17

JPM Income Fund A (mth) - HKD HKD 0.05 19/09/17

JPM Income Fund A (mth) - USD USD 0.05 19/09/17

JPM Latin America Corporate Bond A (mth) - USD USD 0.53 19/09/17

JPM Latin America Corporate Bond C (mth) - USD USD 0.53 19/09/17

JPM Latin America Corporate Bond D (mth) - USD USD 0.53 19/09/17

JPM Total Emerging Markets Income A (irc) - AUD (hedged) AUD 0.05 19/09/17

JPM Total Emerging Markets Income A (mth) - HKD HKD 0.05 19/09/17

JPM Total Emerging Markets Income A (mth) - USD USD 0.36 19/09/17

JPM Total Emerging Markets Income D (mth) - EUR EUR 0.43 19/09/17

JPM Total Emerging Markets Income D (mth) - USD* USD 0.35 19/09/17

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 19/09/17

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 19/09/17

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 19/09/17

JPM US Aggregate Bond A (mth) - USD USD 0.03 19/09/17

JPM US Aggregate Bond C (mth) - HKD* HKD 0.03 19/09/17

JPM US Aggregate Bond C (mth) - SGD (hedged)* SGD 0.03 19/09/17

JPM US Aggregate Bond C (mth) - SGD* SGD 0.03 19/09/17

JPM US Aggregate Bond C (mth) - USD USD 0.26 19/09/17

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.06 19/09/17

JPM US High Yield Plus Bond A (mth) - USD USD 0.51 19/09/17

JPM Africa Equity A (perf) (dist) - EUR^ EUR 0.69 28/09/17

JPM Africa Equity A (perf) (dist) - GBP GBP 0.08 28/09/17

JPM Africa Equity A (perf) (dist) - USD USD 1.05 28/09/17

JPM Africa Equity C (perf) (dist) - GBP GBP 1.24 28/09/17

JPM Aggregate Bond A (dist) - EUR (hedged)^ EUR 0.99 28/09/17

JPM Aggregate Bond C (dist) - EUR (hedged) EUR 1.36 28/09/17

JPM Aggregate Bond C (dist) - GBP (hedged) GBP 1.22 28/09/17

JPM Aggregate Bond C (dist) - USD USD 1.98 28/09/17

JPM Aggregate Bond C (inc) - EUR (hedged)*** EUR 1.32 28/09/17

JPM Aggregate Bond I (dist) - EUR (hedged) EUR 1.34 28/09/17

JPM Aggregate Bond I (dist) - GBP (hedged)* GBP 1.24 28/09/17

JPM Aggregate Bond I (dist) - USD* USD 2.02 28/09/17

JPM Aggregate Bond X (dist) - GBP (hedged) GBP 1.42 28/09/17

JPM Aggregate Bond X (dist) - USD USD 2.60 28/09/17

JPM America Equity A (dist) - USD USD 0.92 28/09/17

JPM America Equity C (dist) - USD USD 1.38 28/09/17

JPM America Equity I (dist) - USD* USD 1.07 28/09/17

JPM ASEAN Equity C (dist) - GBP GBP 1.74 28/09/17

JPM ASEAN Equity X (dist) - USD USD 2.70 28/09/17

JPM Asia Growth A (dist) - USD+ USD 0.01 28/09/17

JPM Asia Growth C (dist) - USD+ USD 1.06 28/09/17

JPM Asia Growth X (dist) - USD*+ USD 2.16 28/09/17

JPM Asia Pacific Equity A (dist) - GBP GBP 0.61 28/09/17

JPM Asia Pacific Equity A (dist) - USD USD 0.79 28/09/17

JPM Asia Pacific Equity C (dist) - USD USD 1.74 28/09/17

JPM Asia Pacific Income A (dist) - USD USD 0.76 28/09/17

JPM Asia Pacific Income C (dist) - USD USD 3.73 28/09/17

JPM Brazil Equity A (dist) - USD USD 0.09 28/09/17

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

127

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).+ Sub-Fund was renamed from JPMorgan Funds - Asia Equity Fund to JPMorgan Funds - Asia Growth Fund on 29 September 2017. Further to this change, Share Classes have been renamed.

Class Name Currency

DividendAmount

per SharePayment

Date

JPM China A (dist) - HKD HKD 0.03 28/09/17

JPM China A (dist) - USD USD 0.10 28/09/17

JPM China A-Share Opportunities C (dist) - USD USD 0.35 28/09/17

JPM China Bond C (dist) - GBP (hedged) GBP 0.46 28/09/17

JPM China C (dist) - USD USD 0.91 28/09/17

JPM Diversified Risk C (dist) - EUR (hedged)^ EUR 0.85 28/09/17

JPM Emerging Europe Equity A (dist) - EUR EUR 1.03 28/09/17

JPM Emerging Europe Equity C (dist) - EUR EUR 3.78 28/09/17

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD USD 0.70 28/09/17

JPM Emerging Europe, Middle East and Africa Equity C (dist) - USD USD 1.80 28/09/17

JPM Emerging Markets Corporate Bond A (dist) - EUR (hedged)^ EUR 2.74 28/09/17

JPM Emerging Markets Corporate Bond A (dist) - USD USD 3.90 28/09/17

JPM Emerging Markets Corporate Bond C (dist) - EUR (hedged)^ EUR 3.05 28/09/17

JPM Emerging Markets Corporate Bond C (dist) - GBP (hedged) GBP 2.57 28/09/17

JPM Emerging Markets Corporate Bond C (dist) - USD USD 4.49 28/09/17

JPM Emerging Markets Corporate Bond I (dist) - CHF (hedged) CHF 3.87 28/09/17

JPM Emerging Markets Corporate Bond X (dist) - EUR (hedged)^ EUR 3.32 28/09/17

JPM Emerging Markets Debt A (dist) - EUR (hedged)^ EUR 0.40 28/09/17

JPM Emerging Markets Debt A (dist) - GBP GBP 3.72 28/09/17

JPM Emerging Markets Debt A (dist) - USD^ USD 4.83 28/09/17

JPM Emerging Markets Debt C (dist) - EUR (hedged)^ EUR 3.82 28/09/17

JPM Emerging Markets Debt C (dist) - USD USD 9.09 28/09/17

JPM Emerging Markets Debt I (dist) - CHF (hedged) CHF 5.26 28/09/17

JPM Emerging Markets Debt I (dist) - EUR (hedged)^ EUR 0.49 28/09/17

JPM Emerging Markets Debt X (dist) - USD USD 6.00 28/09/17

JPM Emerging Markets Dividend A (dist) - EUR^ EUR 1.82 28/09/17

JPM Emerging Markets Dividend A (dist) - GBP GBP 1.83 28/09/17

JPM Emerging Markets Dividend C (dist) - EUR^ EUR 2.56 28/09/17

JPM Emerging Markets Dividend D (dist) - USD USD 1.66 28/09/17

JPM Emerging Markets Dividend X (dist) - EUR^ EUR 3.26 28/09/17

JPM Emerging Markets Equity A (dist) - GBP GBP 0.20 28/09/17

JPM Emerging Markets Equity A (dist) - USD USD 0.17 28/09/17

JPM Emerging Markets Equity C (dist) - GBP GBP 0.80 28/09/17

JPM Emerging Markets Equity C (dist) - USD USD 1.00 28/09/17

JPM Emerging Markets Equity I (dist) - EUR^ EUR 0.13 28/09/17

JPM Emerging Markets Equity X (dist) - EUR^ EUR 0.23 28/09/17

JPM Emerging Markets Equity X (dist) - USD** USD 0.32 28/09/17

JPM Emerging Markets Investment Grade Bond A (dist) - EUR(hedged)^ EUR 2.38 28/09/17

JPM Emerging Markets Investment Grade Bond A (dist) - USD USD 3.10 28/09/17

JPM Emerging Markets Investment Grade Bond C (dist) - EUR(hedged)^ EUR 2.65 28/09/17

JPM Emerging Markets Investment Grade Bond I (dist) - EUR(hedged)^ EUR 2.56 28/09/17

JPM Emerging Markets Local Currency Debt A (dist) - EUR^ EUR 4.31 28/09/17

JPM Emerging Markets Local Currency Debt A (dist) - GBP GBP 3.64 28/09/17

JPM Emerging Markets Local Currency Debt C (dist) - EUR^ EUR 4.19 28/09/17

JPM Emerging Markets Local Currency Debt C (dist) - GBP GBP 3.17 28/09/17

JPM Emerging Markets Local Currency Debt I (dist) - EUR^ EUR 5.23 28/09/17

JPM Emerging Markets Local Currency Debt X (dist) - GBP^ GBP 4.88 28/09/17

JPM Emerging Markets Opportunities A (dist) - EUR EUR 0.54 28/09/17

JPM Emerging Markets Opportunities A (dist) - GBP GBP 0.43 28/09/17

JPM Emerging Markets Opportunities A (dist) - USD USD 0.58 28/09/17

JPM Emerging Markets Opportunities A (inc) - EUR*** EUR 0.49 28/09/17

JPM Emerging Markets Opportunities C (dist) - EUR EUR 1.14 28/09/17

JPM Emerging Markets Opportunities C (dist) - GBP GBP 0.93 28/09/17

JPM Emerging Markets Opportunities C (dist) - USD USD 1.34 28/09/17

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Emerging Markets Opportunities C (inc) - EUR*** EUR 1.35 28/09/17

JPM Emerging Markets Opportunities X (dist) - AUD AUD 0.25 28/09/17

JPM Emerging Markets Opportunities X (dist) - GBP GBP 2.72 28/09/17

JPM Emerging Markets Small Cap A (perf) (dist) - GBP GBP 0.10 28/09/17

JPM Emerging Markets Small Cap A (perf) (dist) - USD USD 0.64 28/09/17

JPM Emerging Markets Small Cap C (perf) (dist) - GBP GBP 1.25 28/09/17

JPM Emerging Markets Small Cap X (perf) (dist) - USD^ USD 2.38 28/09/17

JPM Emerging Markets Strategic Bond A (dist) - EUR (hedged)^ EUR 3.90 28/09/17

JPM Emerging Markets Strategic Bond A (dist) - USD USD 4.73 28/09/17

JPM Emerging Markets Strategic Bond A (inc) - USD*** USD 4.69 28/09/17

JPM Emerging Markets Strategic Bond A (perf) (dist) - EUR (hedged)^ EUR 3.11 28/09/17

JPM Emerging Markets Strategic Bond C (dist) - GBP (hedged) GBP 3.23 28/09/17

JPM Emerging Markets Strategic Bond C (dist) - USD USD 5.09 28/09/17

JPM Emerging Markets Strategic Bond C (inc) - USD*** USD 5.12 28/09/17

JPM Emerging Markets Strategic Bond C (perf) (dist) - USD USD 4.81 28/09/17

JPM Emerging Middle East Equity A (dist) - USD USD 0.32 28/09/17

JPM Emerging Middle East Equity C (dist) - USD USD 2.06 28/09/17

JPM EU Government Bond A (dist) - EUR EUR 1.80 28/09/17

JPM EU Government Bond C (dist) - EUR EUR 1.89 28/09/17

JPM Euro Aggregate Bond A (dist) - EUR^ EUR 1.35 28/09/17

JPM Euro Aggregate Bond C (dist) - EUR^ EUR 1.75 28/09/17

JPM Euro Government Short Duration Bond A (dist) - EUR^ EUR 0.07 28/09/17

JPM Euro Short Duration Bond C (dist) - GBP (hedged)*** GBP 0.18 28/09/17

JPM Euro Short Duration Bond C (dist) - USD (hedged)*** USD 2.78 28/09/17

JPM Euroland Dynamic A (perf) (dist) - EUR EUR 0.93 28/09/17

JPM Euroland Dynamic C (perf) (dist) - EUR EUR 2.16 28/09/17

JPM Euroland Equity A (dist) - EUR EUR 0.62 28/09/17

JPM Euroland Equity A (dist) - USD USD 0.13 28/09/17

JPM Euroland Equity A (inc) - EUR*** EUR 0.11 28/09/17

JPM Euroland Equity C (dist) - EUR EUR 2.92 28/09/17

JPM Euroland Equity C (dist) - USD USD 3.94 28/09/17

JPM Euroland Select Equity A (dist) - EUR*** EUR 0.09 28/09/17

JPM Europe Dividend Alpha I (dist) - EUR***^ EUR 2.18 28/09/17

JPM Europe Dividend Alpha X (dist) - EUR***^ EUR 3.39 28/09/17

JPM Europe Dynamic A (dist) - EUR EUR 0.24 28/09/17

JPM Europe Dynamic A (dist) - GBP GBP 0.36 28/09/17

JPM Europe Dynamic A (inc) - EUR*** EUR 1.41 28/09/17

JPM Europe Dynamic C (dist) - EUR EUR 2.08 28/09/17

JPM Europe Dynamic C (dist) - GBP GBP 2.20 28/09/17

JPM Europe Dynamic C (inc) - EUR*** EUR 1.92 28/09/17

JPM Europe Dynamic I (dist) - EUR EUR 2.49 28/09/17

JPM Europe Dynamic I (dist) - GBP* GBP 2.13 28/09/17

JPM Europe Dynamic Small Cap A (perf) (dist) - EUR EUR 0.29 28/09/17

JPM Europe Dynamic Small Cap C (perf) (dist) - EUR EUR 3.65 28/09/17

JPM Europe Dynamic Technologies A (dist) - EUR++ EUR 0.30 28/09/17

JPM Europe Dynamic Technologies A (dist) - GBP++ GBP 0.26 28/09/17

JPM Europe Dynamic Technologies C (dist) - EUR++ EUR 2.92 28/09/17

JPM Europe Dynamic Technologies C (dist) - GBP++ GBP 3.45 28/09/17

JPM Europe Equity A (dist) - EUR EUR 0.97 28/09/17

JPM Europe Equity A (dist) - USD USD 0.92 28/09/17

JPM Europe Equity Absolute Alpha A (perf) (dist) - EUR^ EUR 0.84 28/09/17

JPM Europe Equity Absolute Alpha A (perf) (dist) - GBP GBP 0.75 28/09/17

JPM Europe Equity Absolute Alpha A (perf) (dist) - GBP (hedged) GBP 0.65 28/09/17

JPM Europe Equity Absolute Alpha C (perf) (dist) - GBP (hedged) GBP 1.43 28/09/17

JPM Europe Equity Absolute Alpha C (perf) (dist) - USD (hedged) USD 2.16 28/09/17

JPM Europe Equity C (dist) - EUR EUR 3.26 28/09/17

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

128

** Share Class reactivated during the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).++ Sub-Fund was renamed from JPMorgan Funds - Europe Technology Fund to JPMorgan Funds - Europe Dynamic Technologies Fund on 29 September 2017. Further to this change, Share Classes havebeen renamed.

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Europe Equity C (dist) - USD USD 4.07 28/09/17

JPM Europe Equity Plus A (perf) (dist) - EUR EUR 0.18 28/09/17

JPM Europe Equity Plus A (perf) (dist) - GBP GBP 0.19 28/09/17

JPM Europe Equity Plus C (perf) (dist) - EUR EUR 2.07 28/09/17

JPM Europe Equity Plus C (perf) (dist) - GBP GBP 1.73 28/09/17

JPM Europe High Yield Bond A (dist) - EUR^ EUR 0.10 28/09/17

JPM Europe High Yield Bond C (dist) - EUR^ EUR 4.08 28/09/17

JPM Europe High Yield Bond I (dist) - EUR^ EUR 4.17 28/09/17

JPM Europe Select Equity Plus A (perf) (dist) - EUR*** EUR 0.17 28/09/17

JPM Europe Select Equity Plus A (perf) (dist) - GBP*** GBP 0.11 28/09/17

JPM Europe Small Cap A (dist) - EUR EUR 1.22 28/09/17

JPM Europe Small Cap A (dist) - GBP GBP 0.54 28/09/17

JPM Europe Small Cap C (dist) - EUR EUR 3.17 28/09/17

JPM Europe Strategic Growth A (dist) - EUR EUR 0.06 28/09/17

JPM Europe Strategic Growth A (dist) - GBP GBP 0.15 28/09/17

JPM Europe Strategic Growth C (dist) - EUR EUR 2.03 28/09/17

JPM Europe Strategic Value A (dist) - EUR EUR 0.42 28/09/17

JPM Europe Strategic Value A (dist) - GBP GBP 0.55 28/09/17

JPM Europe Strategic Value C (dist) - EUR EUR 4.18 28/09/17

JPM Europe Strategic Value C (dist) - GBP* GBP 3.26 28/09/17

JPM Financials Bond A (dist) - EUR^ EUR 3.57 28/09/17

JPM Germany Equity A (dist) - EUR*** EUR 0.06 28/09/17

JPM Germany Equity C (dist) - EUR*** EUR 1.68 28/09/17

JPM Global Absolute Return Bond A (dist) - EUR (hedged)^ EUR 0.01 28/09/17

JPM Global Absolute Return Bond X (dist) - USD^ USD 0.01 28/09/17

JPM Global Aggregate Bond A (dist) - USD^ USD 0.09 28/09/17

JPM Global Bond Opportunities A (dist) - EUR (hedged)^ EUR 1.95 28/09/17

JPM Global Bond Opportunities C (dist) - GBP (hedged) GBP 2.24 28/09/17

JPM Global Bond Opportunities C (dist) - USD USD 3.29 28/09/17

JPM Global Bond Opportunities I (dist) - GBP (hedged) GBP 3.41 28/09/17

JPM Global Bond Opportunities X (dist) - USD USD 4.46 28/09/17

JPM Global Capital Structure Opportunities C (dist) - GBP (hedged) GBP 1.27 28/09/17

JPM Global Convertibles (EUR) A (dist) - EUR EUR 0.15 28/09/17

JPM Global Convertibles (EUR) A (dist) - GBP (hedged) GBP 0.18 28/09/17

JPM Global Convertibles (EUR) A (dist) - USD USD 0.21 28/09/17

JPM Global Convertibles (EUR) C (dist) - EUR EUR 1.35 28/09/17

JPM Global Convertibles (EUR) C (dist) - GBP (hedged) GBP 0.20 28/09/17

JPM Global Convertibles (EUR) C (dist) - USD USD 1.98 28/09/17

JPM Global Convertibles (EUR) I (dist) - EUR EUR 1.53 28/09/17

JPM Global Convertibles (EUR) I (inc) - EUR*** EUR 0.17 28/09/17

JPM Global Convertibles (EUR) X (dist) - GBP (hedged) GBP 1.65 28/09/17

JPM Global Corporate Bond A (dist) - EUR (hedged) EUR 1.78 28/09/17

JPM Global Corporate Bond A (dist) - GBP (hedged) GBP 0.20 28/09/17

JPM Global Corporate Bond A (dist) - USD USD 2.43 28/09/17

JPM Global Corporate Bond A (inc) - EUR (hedged)*** EUR 1.77 28/09/17

JPM Global Corporate Bond C (dist) - CHF (hedged) CHF 2.52 28/09/17

JPM Global Corporate Bond C (dist) - EUR (hedged) EUR 2.03 28/09/17

JPM Global Corporate Bond C (dist) - GBP (hedged) GBP 2.02 28/09/17

JPM Global Corporate Bond C (dist) - USD USD 2.93 28/09/17

JPM Global Corporate Bond I (dist) - CHF (hedged) CHF 8.56 28/09/17

JPM Global Corporate Bond I (dist) - EUR (hedged) EUR 0.85 28/09/17

JPM Global Corporate Bond I (dist) - GBP (hedged)* GBP 1.82 28/09/17

JPM Global Corporate Bond I (dist) - USD* USD 3.01 28/09/17

JPM Global Corporate Bond I (inc) - EUR (hedged)*** EUR 2.07 28/09/17

JPM Global Corporate Bond X (dist) - GBP (hedged) GBP 2.00 28/09/17

JPM Global Dynamic A (dist) - EUR^ EUR 0.04 28/09/17

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Global Dynamic A (dist) - GBP GBP 0.07 28/09/17

JPM Global Dynamic A (dist) - USD USD 0.07 28/09/17

JPM Global Dynamic C (dist) - EUR^ EUR 1.06 28/09/17

JPM Global Dynamic C (dist) - GBP GBP 1.03 28/09/17

JPM Global Dynamic C (dist) - USD USD 1.29 28/09/17

JPM Global Dynamic I (dist) - EUR^ EUR 0.20 28/09/17

JPM Global Focus A (dist) - EUR EUR 0.32 28/09/17

JPM Global Focus A (dist) - USD USD 0.19 28/09/17

JPM Global Focus C (dist) - EUR EUR 1.77 28/09/17

JPM Global Focus C (dist) - USD USD 2.09 28/09/17

JPM Global Government Bond X (dist) - GBP (hedged) GBP 1.76 28/09/17

JPM Global Government Short Duration Bond C (dist) - GBP (hedged) GBP 0.13 28/09/17

JPM Global Healthcare A (dist) - EUR^ EUR 0.01 28/09/17

JPM Global Healthcare A (dist) - GBP GBP 0.01 28/09/17

JPM Global Healthcare A (dist) - USD USD 0.01 28/09/17

JPM Global Healthcare C (dist) - GBP GBP 0.13 28/09/17

JPM Global Healthcare C (dist) - USD USD 0.26 28/09/17

JPM Global Merger Arbitrage A (dist) - GBP (hedged)*** GBP 0.01 28/09/17

JPM Global Merger Arbitrage C (dist) - GBP (hedged)*** GBP 0.24 28/09/17

JPM Global Natural Resources A (dist) - EUR EUR 0.02 28/09/17

JPM Global Natural Resources C (dist) - EUR EUR 0.94 28/09/17

JPM Global Natural Resources I (dist) - EUR EUR 1.61 28/09/17

JPM Global Natural Resources X (dist) - AUD AUD 0.19 28/09/17

JPM Global Real Estate Securities (USD) A (dist) - EUR (hedged)^ EUR 0.18 28/09/17

JPM Global Real Estate Securities (USD) A (dist) - USD^ USD 3.16 28/09/17

JPM Global Research Enhanced Index Equity C (dist) - USD# USD 2.88 28/09/17

JPM Global Research Enhanced Index Equity I (dist) - EUR EUR 0.54 28/09/17

JPM Global Research Enhanced Index Equity I (dist) - GBP (hedged)# GBP 1.66 28/09/17

JPM Global Research Enhanced Index Equity I (dist) - USD USD 0.60 28/09/17

JPM Global Research Enhanced Index Equity X (dist) - AUD AUD 0.28 28/09/17

JPM Global Research Enhanced Index Equity X (dist) - AUD (hedged) AUD 0.22 28/09/17

JPM Global Research Enhanced Index Equity X (dist) - USD# USD 2.48 28/09/17

JPM Global Short Duration Bond C (dist) - EUR (hedged) EUR 0.97 28/09/17

JPM Global Short Duration Bond C (dist) - GBP (hedged) GBP 0.07 28/09/17

JPM Global Short Duration Bond C (dist) - USD USD 1.18 28/09/17

JPM Global Short Duration Bond I (dist) - EUR (hedged) EUR 0.80 28/09/17

JPM Global Short Duration Bond I (dist) - GBP (hedged) GBP 0.74 28/09/17

JPM Global Short Duration Bond I (dist) - USD* USD 1.22 28/09/17

JPM Global Short Duration Bond X (dist) - GBP (hedged) GBP 0.92 28/09/17

JPM Global Socially Responsible A (dist) - USD USD 0.10 28/09/17

JPM Global Socially Responsible C (dist) - EUR (hedged) EUR 1.52 28/09/17

JPM Global Socially Responsible I (dist) - EUR (hedged) EUR 0.23 28/09/17

JPM Global Socially Responsible I (dist) - GBP GBP 1.69 28/09/17

JPM Global Strategic Bond A (perf) (dist) - EUR (hedged)^ EUR 0.42 28/09/17

JPM Global Strategic Bond C (perf) (dist) - GBP (hedged) GBP 0.90 28/09/17

JPM Global Strategic Bond C (perf) (dist) - USD USD 2.05 28/09/17

JPM Global Strategic Bond I (perf) (dist) - GBP (hedged) GBP 1.27 28/09/17

JPM Global Strategic Bond I (perf) (dist) - USD* USD 2.32 28/09/17

JPM Global Unconstrained Equity A (dist) - EUR (hedged) EUR 0.01 28/09/17

JPM Global Unconstrained Equity A (dist) - USD USD 0.01 28/09/17

JPM Global Unconstrained Equity C (dist) - USD* USD 1.95 28/09/17

JPM Global Unconstrained Equity X (dist) - AUD AUD 0.22 28/09/17

JPM Greater China A (dist) - HKD HKD 0.03 28/09/17

JPM Greater China A (dist) - USD USD 0.06 28/09/17

JPM Greater China C (dist) - USD USD 0.99 28/09/17

JPM Highbridge Europe STEEP A (perf) (dist) - EUR***^ EUR 0.01 28/09/17

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

129

* Share Class inactive as at the end of the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).# With effect from 1 July 2017, the suffix “perf” was removed from the name of these Share Classes since these Classes do not charge a performance fee. Please refer to Note 17e).

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Highbridge Europe STEEP A (perf) (dist) - GBP*** GBP 0.16 28/09/17

JPM Highbridge US STEEP A (perf) (dist) - EUR^ EUR 0.01 28/09/17

JPM Highbridge US STEEP A (perf) (dist) - GBP GBP 0.01 28/09/17

JPM Highbridge US STEEP A (perf) (dist) - USD USD 0.01 28/09/17

JPM Highbridge US STEEP C (perf) (dist) - GBP GBP 0.21 28/09/17

JPM Highbridge US STEEP C (perf) (dist) - USD USD 0.42 28/09/17

JPM Highbridge US STEEP X (perf) (dist) - USD USD 1.69 28/09/17

JPM Hong Kong A (dist) - HKD HKD 0.15 28/09/17

JPM Hong Kong A (dist) - USD USD 0.63 28/09/17

JPM Income Opportunity Plus A (perf) (dist) - EUR (hedged)***^ EUR 2.33 28/09/17

JPM Income Opportunity Plus A (perf) (dist) - GBP (hedged)*** GBP 2.26 28/09/17

JPM Income Opportunity Plus C (dist) - GBP (hedged)*** GBP 2.68 28/09/17

JPM Income Opportunity Plus C (perf) (dist) - GBP (hedged)*** GBP 2.25 28/09/17

JPM Income Opportunity Plus C (perf) (dist) - USD*** USD 3.57 28/09/17

JPM Income Opportunity Plus I (perf) (dist) - GBP (hedged)*** GBP 2.14 28/09/17

JPM India A (dist) - GBP GBP 0.56 28/09/17

JPM India A (dist) - USD USD 0.45 28/09/17

JPM India C (dist) - USD USD 6.85 28/09/17

JPM India I (dist) - USD* USD 8.97 28/09/17

JPM Japan Equity A (dist) - GBP GBP 0.01 28/09/17

JPM Japan Equity A (dist) - GBP (hedged) GBP 0.06 28/09/17

JPM Japan Equity A (dist) - JPY JPY 11.00 28/09/17

JPM Japan Equity A (dist) - SGD SGD 0.02 28/09/17

JPM Japan Equity A (dist) - USD USD 0.03 28/09/17

JPM Japan Equity C (dist) - GBP GBP 0.44 28/09/17

JPM Japan Equity C (dist) - USD USD 0.72 28/09/17

JPM Japan Equity J (dist) - USD USD 0.02 28/09/17

JPM Korea Equity A (dist) - USD USD 0.01 28/09/17

JPM Korea Equity C (dist) - USD USD 0.98 28/09/17

JPM Latin America Equity A (dist) - USD USD 0.40 28/09/17

JPM Latin America Equity C (dist) - USD USD 2.04 28/09/17

JPM Latin America Equity I (dist) - USD* USD 1.60 28/09/17

JPM Managed Reserves Fund A (dist) - GBP (hedged) GBP 67.09 28/09/17

JPM Managed Reserves Fund C (dist) - GBP (hedged) GBP 229.27 28/09/17

JPM Managed Reserves Fund C (dist) - USD USD 142.25 28/09/17

JPM Managed Reserves Fund I (dist) - GBP (hedged)* GBP 82.89 28/09/17

JPM Managed Reserves Fund I (dist) - NOK (hedged)* NOK 1161.16 28/09/17

JPM Managed Reserves Fund I (dist) - USD* USD 130.12 28/09/17

JPM Managed Reserves Fund P (dist) - GBP (hedged)* GBP 72.24 28/09/17

JPM Managed Reserves Fund P (dist) - USD USD 129.51 28/09/17

JPM Managed Reserves Fund X (dist) - GBP (hedged)* GBP 0.92 28/09/17

JPM Managed Reserves Fund X (dist) - USD* USD 1.63 28/09/17

JPM Pacific Equity A (dist) - GBP GBP 0.01 28/09/17

JPM Pacific Equity A (dist) - USD USD 0.01 28/09/17

JPM Pacific Equity C (dist) - USD USD 0.85 28/09/17

JPM Russia A (dist) - USD USD 0.27 28/09/17

JPM Russia C (dist) - USD USD 2.58 28/09/17

JPM Singapore A (dist) - USD USD 0.49 28/09/17

JPM Singapore C (dist) - USD USD 2.16 28/09/17

JPM Sterling Bond A (dist) - GBP GBP 0.04 28/09/17

JPM Sterling Bond C (dist) - GBP GBP 6.75 28/09/17

JPM Sterling Managed Reserves I (dist) - GBP* GBP 156.35 28/09/17

JPM Sterling Managed Reserves P (dist) - GBP* GBP 35.24 28/09/17

JPM Systematic Alpha C (dist) - GBP (hedged) GBP 0.57 28/09/17

JPM Systematic Alpha I (dist) - EUR EUR 0.19 28/09/17

JPM Systematic Alpha I (dist) - GBP (hedged) GBP 0.57 28/09/17

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Systematic Alpha I (dist) - USD (hedged)* USD 0.21 28/09/17

JPM Systematic Alpha X (dist) - AUD (hedged) AUD 0.11 28/09/17

JPM Systematic Alpha X (dist) - GBP (hedged) GBP 0.97 28/09/17

JPM Systematic Alpha X (dist) - USD (hedged) USD 1.81 28/09/17

JPM Taiwan A (dist) - HKD HKD 0.17 28/09/17

JPM Taiwan A (dist) - USD USD 0.21 28/09/17

JPM Taiwan C (dist) - USD USD 2.28 28/09/17

JPM Total Emerging Markets Income A (dist) - EUR^ EUR 2.27 28/09/17

JPM US Aggregate Bond A (dist) - USD^ USD 0.11 28/09/17

JPM US Aggregate Bond C (dist) - EUR (hedged) EUR 0.79 28/09/17

JPM US Aggregate Bond C (dist) - GBP (hedged) GBP 0.64 28/09/17

JPM US Aggregate Bond C (dist) - USD USD 1.50 28/09/17

JPM US Aggregate Bond C (inc) - USD*** USD 1.35 28/09/17

JPM US Aggregate Bond I (dist) - EUR (hedged)* EUR 1.18 28/09/17

JPM US Aggregate Bond I (dist) - GBP (hedged)* GBP 1.23 28/09/17

JPM US Aggregate Bond I (dist) - USD USD 1.33 28/09/17

JPM US Aggregate Bond I (inc) - USD*** USD 1.35 28/09/17

JPM US Aggregate Bond X (dist) - USD USD 2.69 28/09/17

JPM US Corporate Bond A (dist) - USD USD 2.12 28/09/17

JPM US Equity All Cap A (dist) - USD* USD 0.03 28/09/17

JPM US Equity All Cap C (dist) - GBP GBP 0.25 28/09/17

JPM US Equity Plus A (dist) - GBP*** GBP 0.17 28/09/17

JPM US Equity Plus A (dist) - USD*** USD 2.15 28/09/17

JPM US Equity Plus C (dist) - USD*** USD 1.74 28/09/17

JPM US Equity Plus I (dist) - EUR***^ EUR 1.53 28/09/17

JPM US Growth A (dist) - GBP GBP 0.08 28/09/17

JPM US Growth A (dist) - USD USD 0.08 28/09/17

JPM US Growth C (dist) - GBP GBP 0.97 28/09/17

JPM US Growth C (dist) - USD USD 1.20 28/09/17

JPM US Growth I (dist) - GBP GBP 0.72 28/09/17

JPM US Growth I (dist) - USD USD 0.95 28/09/17

JPM US Growth P (dist) - USD USD 0.01 28/09/17

JPM US High Yield Plus Bond A (dist) - GBP (hedged) GBP 2.98 28/09/17

JPM US High Yield Plus Bond A (dist) - USD USD 5.03 28/09/17

JPM US Opportunistic Long-Short Equity C (perf) (dist) - GBP (hedged) GBP 0.09 28/09/17

JPM US Select Equity Plus A (dist) - GBP GBP 0.13 28/09/17

JPM US Select Equity Plus A (dist) - USD USD 0.16 28/09/17

JPM US Select Equity Plus C (dist) - GBP GBP 1.41 28/09/17

JPM US Select Equity Plus C (dist) - GBP (hedged) GBP 1.33 28/09/17

JPM US Select Equity Plus C (dist) - USD USD 1.87 28/09/17

JPM US Select Equity Plus I (dist) - GBP* GBP 1.16 28/09/17

JPM US Select Equity Plus I (dist) - USD USD 1.53 28/09/17

JPM US Select Equity Plus P (dist) - USD USD 0.45 28/09/17

JPM US Select Equity Plus X (dist) - USD USD 2.39 28/09/17

JPM US Short Duration Bond C (dist) - USD USD 1.00 28/09/17

JPM US Small Cap Growth A (dist) - GBP GBP 0.01 28/09/17

JPM US Small Cap Growth A (dist) - USD USD 0.01 28/09/17

JPM US Small Cap Growth C (dist) - USD USD 0.03 28/09/17

JPM US Smaller Companies A (dist) - USD USD 1.58 28/09/17

JPM US Smaller Companies C (dist) - USD USD 1.38 28/09/17

JPM US Smaller Companies I (dist) - USD USD 1.25 28/09/17

JPM US Smaller Companies P (dist) - USD USD 0.15 28/09/17

JPM US Technology A (dist) - GBP GBP 0.01 28/09/17

JPM US Technology A (dist) - USD USD 0.01 28/09/17

JPM US Technology C (dist) - USD USD 0.62 28/09/17

JPM US Value A (dist) - GBP GBP 0.36 28/09/17

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

130

* Share Class inactive as at the end of the year.*** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. Please refer to Note17e).^ Share Class renamed from “(inc)” to “(dist)” Share Class within the same Sub-Fund. Please refer to Note 17e).

Class Name Currency

DividendAmount

per SharePayment

Date

JPM US Value A (dist) - USD USD 0.34 28/09/17

JPM US Value C (dist) - GBP GBP 1.58 28/09/17

JPM US Value C (dist) - USD USD 2.18 28/09/17

JPM US Value I (dist) - GBP* GBP 1.60 28/09/17

JPM US Value I (dist) - USD USD 2.14 28/09/17

JPM Aggregate Bond X (irc) - AUD (hedged) AUD 0.03 19/10/17

JPM Asia Pacific Income A (irc) - AUD (hedged) AUD 0.04 19/10/17

JPM Asia Pacific Income A (irc) - CAD (hedged) CAD 0.03 19/10/17

JPM Asia Pacific Income A (irc) - EUR (hedged) EUR 0.02 19/10/17

JPM Asia Pacific Income A (irc) - GBP (hedged) GBP 0.02 19/10/17

JPM Asia Pacific Income A (irc) - NZD (hedged) NZD 0.04 19/10/17

JPM Asia Pacific Income A (irc) - RMB (hedged) CNH 0.05 19/10/17

JPM Asia Pacific Income A (mth) - HKD HKD 0.05 19/10/17

JPM Asia Pacific Income A (mth) - SGD SGD 0.05 19/10/17

JPM Asia Pacific Income A (mth) - SGD (hedged) SGD 0.04 19/10/17

JPM Asia Pacific Income A (mth) - USD USD 0.40 19/10/17

JPM Asia Pacific Income C (irc) - AUD (hedged)** AUD 0.04 19/10/17

JPM Asia Pacific Income C (irc) - CAD (hedged)* CAD 0.04 19/10/17

JPM Asia Pacific Income C (irc) - EUR (hedged)** EUR 0.18 19/10/17

JPM Asia Pacific Income C (irc) - GBP (hedged)** GBP 0.18 19/10/17

JPM Asia Pacific Income C (irc) - NZD (hedged)** NZD 0.05 19/10/17

JPM Asia Pacific Income C (irc) - RMB (hedged)* CNH 0.06 19/10/17

JPM Asia Pacific Income C (mth) - HKD HKD 0.04 19/10/17

JPM Asia Pacific Income C (mth) - SGD (hedged)** SGD 0.04 19/10/17

JPM Asia Pacific Income C (mth) - SGD* SGD 0.04 19/10/17

JPM Asia Pacific Income C (mth) - USD USD 0.40 19/10/17

JPM Asia Pacific Income D (mth) - EUR (hedged) EUR 0.36 19/10/17

JPM Asia Pacific Income D (mth) - USD USD 0.38 19/10/17

JPM Asian Total Return Bond A (mth) - USD USD 0.04 19/10/17

JPM China Bond A (mth) - HKD (hedged) HKD 0.42 19/10/17

JPM China Bond A (mth) - RMB CNH 0.37 19/10/17

JPM China Bond A (mth) - USD (hedged) USD 0.06 19/10/17

JPM Emerging Markets Bond A (mth) - USD USD 0.51 19/10/17

JPM Emerging Markets Bond C (mth) - USD USD 0.53 19/10/17

JPM Emerging Markets Bond D (mth) - EUR (hedged) EUR 0.56 19/10/17

JPM Emerging Markets Bond D (mth) - USD USD 0.49 19/10/17

JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.05 19/10/17

JPM Emerging Markets Corporate Bond A (mth) - SGD (hedged) SGD 0.05 19/10/17

JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.43 19/10/17

JPM Emerging Markets Corporate Bond C (mth) - USD USD 0.46 19/10/17

JPM Emerging Markets Corporate Bond D (mth) - EUR (hedged) EUR 0.48 19/10/17

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.05 19/10/17

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.05 19/10/17

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.06 19/10/17

JPM Emerging Markets Debt A (irc) - RMB (hedged)* CNH 0.07 19/10/17

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.05 19/10/17

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 19/10/17

JPM Emerging Markets Debt A (mth) - USD USD 0.07 19/10/17

JPM Emerging Markets Debt C (irc) - AUD (hedged)* AUD 0.06 19/10/17

JPM Emerging Markets Debt C (irc) - CAD (hedged) CAD 0.05 19/10/17

JPM Emerging Markets Debt C (irc) - NZD (hedged)* NZD 0.06 19/10/17

JPM Emerging Markets Debt C (mth) - EUR (hedged)* EUR 0.49 19/10/17

JPM Emerging Markets Debt C (mth) - HKD* HKD 0.06 19/10/17

JPM Emerging Markets Debt C (mth) - USD USD 0.54 19/10/17

JPM Emerging Markets Debt D (mth) - EUR (hedged) EUR 0.54 19/10/17

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.03 19/10/17

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Emerging Markets Dividend A (irc) - GBP (hedged) GBP 0.03 19/10/17

JPM Emerging Markets Dividend A (irc) - RMB (hedged)* CNH 0.05 19/10/17

JPM Emerging Markets Dividend A (mth) - HKD HKD 0.04 19/10/17

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 19/10/17

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.03 19/10/17

JPM Emerging Markets Dividend A (mth) - USD USD 0.31 19/10/17

JPM Emerging Markets Dividend D (mth) - EUR EUR 0.40 19/10/17

JPM Emerging Markets Investment Grade Bond A (mth) - USD USD 0.39 19/10/17

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.04 19/10/17

JPM Emerging Markets Local Currency Debt A (mth) - HKD HKD 0.05 19/10/17

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.06 19/10/17

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.39 19/10/17

JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) EUR 0.63 19/10/17

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.37 19/10/17

JPM Equity Premium Income A (mth) - USD USD 0.57 19/10/17

JPM Equity Premium Income C (mth) - USD USD 0.57 19/10/17

JPM Global Bond Opportunities A (mth) - USD USD 0.39 19/10/17

JPM Global Bond Opportunities C (mth) - USD USD 0.39 19/10/17

JPM Global Bond Opportunities D (mth) - EUR (hedged) EUR 0.41 19/10/17

JPM Global Bond Opportunities X (irc) - AUD (hedged) AUD 0.04 19/10/17

JPM Global Corporate Bond A (mth) - SGD SGD 0.04 19/10/17

JPM Global Corporate Bond A (mth) - USD USD 0.31 19/10/17

JPM Global Corporate Bond C (mth) - SGD* SGD 0.03 19/10/17

JPM Global Corporate Bond C (mth) - USD USD 0.31 19/10/17

JPM Global Corporate Bond D (mth) - USD USD 0.30 19/10/17

JPM Global Strategic Bond A (mth) - USD USD 0.31 19/10/17

JPM Global Strategic Bond A (perf) (mth) - USD USD 0.29 19/10/17

JPM Global Strategic Bond C (perf) (mth) - USD** USD 0.30 19/10/17

JPM Global Strategic Bond D (perf) (mth) - USD USD 0.28 19/10/17

JPM Global Strategic Bond I (perf) (mth) - USD* USD 0.30 19/10/17

JPM Income Fund A (mth) - HKD HKD 0.05 19/10/17

JPM Income Fund A (mth) - USD USD 0.05 19/10/17

JPM Latin America Corporate Bond A (mth) - USD USD 0.53 19/10/17

JPM Latin America Corporate Bond C (mth) - USD USD 0.53 19/10/17

JPM Latin America Corporate Bond D (mth) - USD USD 0.53 19/10/17

JPM Total Emerging Markets Income A (irc) - AUD (hedged) AUD 0.05 19/10/17

JPM Total Emerging Markets Income A (mth) - HKD HKD 0.05 19/10/17

JPM Total Emerging Markets Income A (mth) - USD USD 0.36 19/10/17

JPM Total Emerging Markets Income D (mth) - EUR EUR 0.43 19/10/17

JPM Total Emerging Markets Income D (mth) - USD* USD 0.35 19/10/17

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 19/10/17

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 19/10/17

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 19/10/17

JPM US Aggregate Bond A (mth) - USD USD 0.03 19/10/17

JPM US Aggregate Bond C (mth) - HKD* HKD 0.03 19/10/17

JPM US Aggregate Bond C (mth) - SGD (hedged)* SGD 0.03 19/10/17

JPM US Aggregate Bond C (mth) - SGD* SGD 0.03 19/10/17

JPM US Aggregate Bond C (mth) - USD USD 0.26 19/10/17

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.06 19/10/17

JPM US High Yield Plus Bond A (mth) - USD USD 0.51 19/10/17

JPM Aggregate Bond X (irc) - AUD (hedged) AUD 0.03 16/11/17

JPM Asia Pacific Income A (irc) - AUD (hedged) AUD 0.04 16/11/17

JPM Asia Pacific Income A (irc) - CAD (hedged) CAD 0.04 16/11/17

JPM Asia Pacific Income A (irc) - EUR (hedged) EUR 0.02 16/11/17

JPM Asia Pacific Income A (irc) - GBP (hedged) GBP 0.03 16/11/17

JPM Asia Pacific Income A (irc) - NZD (hedged) NZD 0.04 16/11/17

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

131

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Asia Pacific Income A (irc) - RMB (hedged) CNH 0.06 16/11/17

JPM Asia Pacific Income A (mth) - HKD HKD 0.05 16/11/17

JPM Asia Pacific Income A (mth) - SGD SGD 0.05 16/11/17

JPM Asia Pacific Income A (mth) - SGD (hedged) SGD 0.04 16/11/17

JPM Asia Pacific Income A (mth) - USD USD 0.43 16/11/17

JPM Asia Pacific Income C (irc) - AUD (hedged)** AUD 0.04 16/11/17

JPM Asia Pacific Income C (irc) - CAD (hedged)* CAD 0.04 16/11/17

JPM Asia Pacific Income C (irc) - EUR (hedged)** EUR 0.20 16/11/17

JPM Asia Pacific Income C (irc) - GBP (hedged)** GBP 0.20 16/11/17

JPM Asia Pacific Income C (irc) - NZD (hedged)** NZD 0.05 16/11/17

JPM Asia Pacific Income C (irc) - RMB (hedged)* CNH 0.06 16/11/17

JPM Asia Pacific Income C (mth) - HKD HKD 0.04 16/11/17

JPM Asia Pacific Income C (mth) - SGD (hedged)** SGD 0.04 16/11/17

JPM Asia Pacific Income C (mth) - SGD* SGD 0.04 16/11/17

JPM Asia Pacific Income C (mth) - USD USD 0.42 16/11/17

JPM Asia Pacific Income D (mth) - EUR (hedged) EUR 0.37 16/11/17

JPM Asia Pacific Income D (mth) - USD USD 0.40 16/11/17

JPM Asian Total Return Bond A (mth) - USD USD 0.03 16/11/17

JPM China Bond A (mth) - HKD (hedged) HKD 0.40 16/11/17

JPM China Bond A (mth) - RMB CNH 0.35 16/11/17

JPM China Bond A (mth) - USD (hedged) USD 0.05 16/11/17

JPM Emerging Markets Bond A (mth) - USD USD 0.51 16/11/17

JPM Emerging Markets Bond C (mth) - USD USD 0.53 16/11/17

JPM Emerging Markets Bond D (mth) - EUR (hedged) EUR 0.56 16/11/17

JPM Emerging Markets Bond D (mth) - USD USD 0.49 16/11/17

JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.05 16/11/17

JPM Emerging Markets Corporate Bond A (mth) - SGD (hedged) SGD 0.05 16/11/17

JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.43 16/11/17

JPM Emerging Markets Corporate Bond C (mth) - USD USD 0.46 16/11/17

JPM Emerging Markets Corporate Bond D (mth) - EUR (hedged) EUR 0.47 16/11/17

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.05 16/11/17

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.05 16/11/17

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.07 16/11/17

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.05 16/11/17

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 16/11/17

JPM Emerging Markets Debt A (mth) - USD USD 0.08 16/11/17

JPM Emerging Markets Debt C (irc) - AUD (hedged)* AUD 0.06 16/11/17

JPM Emerging Markets Debt C (irc) - CAD (hedged) CAD 0.06 16/11/17

JPM Emerging Markets Debt C (irc) - NZD (hedged)* NZD 0.07 16/11/17

JPM Emerging Markets Debt C (mth) - EUR (hedged)* EUR 0.52 16/11/17

JPM Emerging Markets Debt C (mth) - HKD* HKD 0.06 16/11/17

JPM Emerging Markets Debt C (mth) - USD USD 0.57 16/11/17

JPM Emerging Markets Debt D (mth) - EUR (hedged) EUR 0.56 16/11/17

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.04 16/11/17

JPM Emerging Markets Dividend A (irc) - GBP (hedged) GBP 0.03 16/11/17

JPM Emerging Markets Dividend A (irc) - RMB (hedged)* CNH 0.05 16/11/17

JPM Emerging Markets Dividend A (mth) - HKD HKD 0.04 16/11/17

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 16/11/17

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.03 16/11/17

JPM Emerging Markets Dividend A (mth) - USD USD 0.32 16/11/17

JPM Emerging Markets Dividend D (mth) - EUR EUR 0.38 16/11/17

JPM Emerging Markets Investment Grade Bond A (mth) - USD USD 0.39 16/11/17

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.04 16/11/17

JPM Emerging Markets Local Currency Debt A (mth) - HKD HKD 0.05 16/11/17

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.06 16/11/17

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.38 16/11/17

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) EUR 0.62 16/11/17

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.36 16/11/17

JPM Equity Premium Income A (mth) - USD USD 0.58 16/11/17

JPM Equity Premium Income C (mth) - USD USD 0.58 16/11/17

JPM Global Bond Opportunities A (mth) - USD USD 0.37 16/11/17

JPM Global Bond Opportunities C (mth) - USD USD 0.38 16/11/17

JPM Global Bond Opportunities D (mth) - EUR (hedged) EUR 0.39 16/11/17

JPM Global Bond Opportunities X (irc) - AUD (hedged) AUD 0.04 16/11/17

JPM Global Corporate Bond A (mth) - SGD SGD 0.04 16/11/17

JPM Global Corporate Bond A (mth) - USD USD 0.31 16/11/17

JPM Global Corporate Bond C (mth) - SGD* SGD 0.03 16/11/17

JPM Global Corporate Bond C (mth) - USD USD 0.31 16/11/17

JPM Global Corporate Bond D (mth) - USD USD 0.30 16/11/17

JPM Global Strategic Bond A (mth) - USD USD 0.26 16/11/17

JPM Global Strategic Bond A (perf) (mth) - USD USD 0.24 16/11/17

JPM Global Strategic Bond C (perf) (mth) - USD** USD 0.25 16/11/17

JPM Global Strategic Bond D (perf) (mth) - USD USD 0.23 16/11/17

JPM Income Fund A (mth) - HKD HKD 0.05 16/11/17

JPM Income Fund A (mth) - USD USD 0.05 16/11/17

JPM Latin America Corporate Bond A (mth) - USD USD 0.53 16/11/17

JPM Latin America Corporate Bond C (mth) - USD USD 0.53 16/11/17

JPM Latin America Corporate Bond D (mth) - USD USD 0.53 16/11/17

JPM Total Emerging Markets Income A (irc) - AUD (hedged) AUD 0.05 16/11/17

JPM Total Emerging Markets Income A (mth) - HKD HKD 0.04 16/11/17

JPM Total Emerging Markets Income A (mth) - USD USD 0.34 16/11/17

JPM Total Emerging Markets Income D (mth) - EUR EUR 0.39 16/11/17

JPM Total Emerging Markets Income D (mth) - USD* USD 0.33 16/11/17

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 16/11/17

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 16/11/17

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 16/11/17

JPM US Aggregate Bond A (mth) - USD USD 0.03 16/11/17

JPM US Aggregate Bond C (mth) - HKD* HKD 0.03 16/11/17

JPM US Aggregate Bond C (mth) - SGD (hedged)* SGD 0.03 16/11/17

JPM US Aggregate Bond C (mth) - SGD* SGD 0.03 16/11/17

JPM US Aggregate Bond C (mth) - USD USD 0.27 16/11/17

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.06 16/11/17

JPM US High Yield Plus Bond A (mth) - USD USD 0.49 16/11/17

JPM Asia Pacific Income A (div) - SGD SGD 0.05 20/11/17

JPM Emerging Markets Corporate Bond A (div) - EUR (hedged) EUR 1.05 20/11/17

JPM Emerging Markets Corporate Bond C (div) - EUR (hedged) EUR 0.99 20/11/17

JPM Emerging Markets Corporate Bond D (div) - EUR (hedged) EUR 1.02 20/11/17

JPM Emerging Markets Dividend A (div) - EUR EUR 0.88 20/11/17

JPM Emerging Markets Dividend C (div) - EUR EUR 0.93 20/11/17

JPM Emerging Markets Dividend D (div) - EUR EUR 0.85 20/11/17

JPM Emerging Markets Dividend T (div) - EUR EUR 0.85 20/11/17

JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 1.24 20/11/17

JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.12 20/11/17

JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 1.19 20/11/17

JPM Emerging Markets Strategic Bond A (perf) (div) - EUR (hedged) EUR 1.08 20/11/17

JPM Emerging Markets Strategic Bond D (perf) (div) - EUR (hedged) EUR 1.03 20/11/17

JPM Emerging Markets Strategic Bond I (div) - EUR (hedged) EUR 1.76 20/11/17

JPM Europe High Yield Bond D (div) - EUR EUR 1.20 20/11/17

JPM Europe High Yield Short Duration Bond A (div) - EUR EUR 1.17 20/11/17

JPM Europe High Yield Short Duration Bond D (div) - EUR EUR 1.17 20/11/17

JPM Financials Bond A (div) - EUR EUR 1.14 20/11/17

JPM Financials Bond C (div) - EUR EUR 1.06 20/11/17

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

132

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Financials Bond D (div) - EUR EUR 1.11 20/11/17

JPM Financials Bond T (div) - EUR EUR 1.11 20/11/17

JPM Flexible Credit A (div) - EUR (hedged) EUR 0.99 20/11/17

JPM Flexible Credit D (div) - EUR (hedged) EUR 0.86 20/11/17

JPM Flexible Credit T (div) - EUR (hedged) EUR 0.92 20/11/17

JPM Global Bond Opportunities A (fix) EUR 3.50 - EUR (hedged) EUR 0.88 20/11/17

JPM Global Bond Opportunities C (div) - EUR (hedged) EUR 1.18 20/11/17

JPM Global Bond Opportunities D (div) - EUR (hedged) EUR 0.78 20/11/17

JPM Global Bond Opportunities D (fix) EUR 3.00 - EUR (hedged) EUR 0.75 20/11/17

JPM Global Bond Opportunities T (div) - EUR (hedged) EUR 0.82 20/11/17

JPM Global Corporate Bond A (div) - EUR (hedged) EUR 0.67 20/11/17

JPM Global Corporate Bond C (div) - EUR (hedged) EUR 0.69 20/11/17

JPM Global Corporate Bond D (div) - EUR (hedged) EUR 0.07 20/11/17

JPM Global Corporate Bond T (div) - EUR (hedged) EUR 0.66 20/11/17

JPM Global Multi Strategy Income A (div) - EUR EUR 1.19 20/11/17

JPM Global Multi Strategy Income C (div) - EUR EUR 1.16 20/11/17

JPM Global Multi Strategy Income D (div) - EUR EUR 1.14 20/11/17

JPM Global Multi Strategy Income T (div) - EUR EUR 1.14 20/11/17

JPM Global Strategic Bond A (perf) (div) - EUR (hedged) EUR 0.55 20/11/17

JPM Global Strategic Bond A (perf) (fix) EUR 2.35 - EUR (hedged) EUR 0.59 20/11/17

JPM Global Strategic Bond C (perf) (fix) EUR 2.60 - EUR (hedged) EUR 0.65 20/11/17

JPM Global Strategic Bond D (perf) (div) - EUR (hedged) EUR 0.54 20/11/17

JPM Global Strategic Bond D (perf) (fix) EUR 1.60 - EUR (hedged) EUR 0.40 20/11/17

JPM Global Strategic Bond T (perf) (div) - EUR (hedged) EUR 0.47 20/11/17

JPM Income Fund A (div) - EUR (hedged) EUR 1.10 20/11/17

JPM Income Fund A (div) - USD USD 1.50 20/11/17

JPM Income Fund C (div) - EUR (hedged) EUR 1.10 20/11/17

JPM Income Fund D (div) - EUR (hedged) EUR 1.10 20/11/17

JPM Income Fund T (div) - EUR (hedged) EUR 1.52 20/11/17

JPM Italy Flexible Bond A (perf) (div) - EUR EUR 0.67 20/11/17

JPM Italy Flexible Bond A (perf) (fix) EUR 4.00 - EUR EUR 1.00 20/11/17

JPM Italy Flexible Bond D (perf) (div) - EUR EUR 0.64 20/11/17

JPM Italy Flexible Bond D (perf) (fix) EUR 3.00 - EUR EUR 0.75 20/11/17

JPM Italy Flexible Bond T (perf) (div) - EUR EUR 0.64 20/11/17

JPM Latin America Corporate Bond A (div) - USD USD 1.64 20/11/17

JPM Latin America Corporate Bond D (div) - USD USD 1.64 20/11/17

JPM Multi-Asset Italy PIR A (div) - EUR EUR 0.52 20/11/17

JPM Multi-Asset Italy PIR D (div) - EUR EUR 0.52 20/11/17

JPM Total Emerging Markets Income C (div) - EUR EUR 1.27 20/11/17

JPM Total Emerging Markets Income D (div) - EUR EUR 0.91 20/11/17

JPM US Aggregate Bond A (div) - USD USD 0.78 20/11/17

JPM US Aggregate Bond C (div) - USD USD 0.84 20/11/17

JPM US High Yield Plus Bond A (div) - EUR (hedged) EUR 1.07 20/11/17

JPM US High Yield Plus Bond D (div) - EUR (hedged) EUR 1.05 20/11/17

JPM Aggregate Bond X (irc) - AUD (hedged) AUD 0.03 18/12/17

JPM Asia Pacific Income A (irc) - AUD (hedged) AUD 0.04 18/12/17

JPM Asia Pacific Income A (irc) - CAD (hedged) CAD 0.03 18/12/17

JPM Asia Pacific Income A (irc) - EUR (hedged) EUR 0.02 18/12/17

JPM Asia Pacific Income A (irc) - GBP (hedged) GBP 0.03 18/12/17

JPM Asia Pacific Income A (irc) - NZD (hedged) NZD 0.04 18/12/17

JPM Asia Pacific Income A (irc) - RMB (hedged) CNH 0.06 18/12/17

JPM Asia Pacific Income A (mth) - HKD HKD 0.05 18/12/17

JPM Asia Pacific Income A (mth) - SGD SGD 0.05 18/12/17

JPM Asia Pacific Income A (mth) - SGD (hedged) SGD 0.04 18/12/17

JPM Asia Pacific Income A (mth) - USD USD 0.43 18/12/17

JPM Asia Pacific Income C (mth) - HKD HKD 0.04 18/12/17

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Asia Pacific Income C (mth) - USD USD 0.42 18/12/17

JPM Asia Pacific Income D (mth) - EUR (hedged) EUR 0.37 18/12/17

JPM Asia Pacific Income D (mth) - USD USD 0.40 18/12/17

JPM Asian Total Return Bond A (mth) - USD USD 0.03 18/12/17

JPM China Bond A (mth) - HKD (hedged) HKD 0.40 18/12/17

JPM China Bond A (mth) - RMB CNH 0.35 18/12/17

JPM China Bond A (mth) - USD (hedged) USD 0.05 18/12/17

JPM Emerging Markets Bond A (mth) - USD USD 0.51 18/12/17

JPM Emerging Markets Bond C (mth) - USD USD 0.53 18/12/17

JPM Emerging Markets Bond D (mth) - EUR (hedged) EUR 0.56 18/12/17

JPM Emerging Markets Bond D (mth) - USD USD 0.49 18/12/17

JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.05 18/12/17

JPM Emerging Markets Corporate Bond A (mth) - SGD (hedged) SGD 0.05 18/12/17

JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.43 18/12/17

JPM Emerging Markets Corporate Bond C (mth) - USD USD 0.46 18/12/17

JPM Emerging Markets Corporate Bond D (mth) - EUR (hedged) EUR 0.47 18/12/17

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.05 18/12/17

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.05 18/12/17

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.07 18/12/17

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.05 18/12/17

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 18/12/17

JPM Emerging Markets Debt A (mth) - USD USD 0.08 18/12/17

JPM Emerging Markets Debt C (irc) - CAD (hedged) CAD 0.06 18/12/17

JPM Emerging Markets Debt C (mth) - USD USD 0.57 18/12/17

JPM Emerging Markets Debt D (mth) - EUR (hedged) EUR 0.56 18/12/17

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.03 18/12/17

JPM Emerging Markets Dividend A (irc) - GBP (hedged) GBP 0.03 18/12/17

JPM Emerging Markets Dividend A (irc) - RMB (hedged)* CNH 0.05 18/12/17

JPM Emerging Markets Dividend A (mth) - HKD HKD 0.04 18/12/17

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 18/12/17

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.03 18/12/17

JPM Emerging Markets Dividend A (mth) - USD USD 0.32 18/12/17

JPM Emerging Markets Dividend D (mth) - EUR EUR 0.38 18/12/17

JPM Emerging Markets Investment Grade Bond A (mth) - USD USD 0.39 18/12/17

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.04 18/12/17

JPM Emerging Markets Local Currency Debt A (mth) - HKD HKD 0.05 18/12/17

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.06 18/12/17

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.38 18/12/17

JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) EUR 0.62 18/12/17

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.36 18/12/17

JPM Equity Premium Income A (mth) - USD USD 0.63 18/12/17

JPM Equity Premium Income C (mth) - USD USD 0.63 18/12/17

JPM Global Bond Opportunities A (mth) - USD USD 0.37 18/12/17

JPM Global Bond Opportunities C (mth) - USD USD 0.38 18/12/17

JPM Global Bond Opportunities D (mth) - EUR (hedged) EUR 0.39 18/12/17

JPM Global Bond Opportunities X (irc) - AUD (hedged) AUD 0.04 18/12/17

JPM Global Corporate Bond A (mth) - SGD SGD 0.04 18/12/17

JPM Global Corporate Bond A (mth) - USD USD 0.31 18/12/17

JPM Global Corporate Bond C (mth) - USD USD 0.31 18/12/17

JPM Global Corporate Bond D (mth) - USD USD 0.30 18/12/17

JPM Global Strategic Bond A (mth) - USD USD 0.26 18/12/17

JPM Global Strategic Bond A (perf) (mth) - USD USD 0.24 18/12/17

JPM Global Strategic Bond D (perf) (mth) - USD USD 0.23 18/12/17

JPM Income Fund A (mth) - HKD HKD 0.05 18/12/17

JPM Income Fund A (mth) - USD USD 0.05 18/12/17

JPM Latin America Corporate Bond A (mth) - USD USD 0.53 18/12/17

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

133

* Share Class inactive as at the end of the year.

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Latin America Corporate Bond C (mth) - USD USD 0.53 18/12/17

JPM Latin America Corporate Bond D (mth) - USD USD 0.53 18/12/17

JPM Total Emerging Markets Income A (irc) - AUD (hedged) AUD 0.05 18/12/17

JPM Total Emerging Markets Income A (mth) - HKD HKD 0.04 18/12/17

JPM Total Emerging Markets Income A (mth) - USD USD 0.34 18/12/17

JPM Total Emerging Markets Income D (mth) - EUR EUR 0.39 18/12/17

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 18/12/17

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 18/12/17

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 18/12/17

JPM US Aggregate Bond A (mth) - USD USD 0.03 18/12/17

JPM US Aggregate Bond C (mth) - USD USD 0.27 18/12/17

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.06 18/12/17

JPM US High Yield Plus Bond A (mth) - USD USD 0.49 18/12/17

JPM Aggregate Bond X (irc) - AUD (hedged) AUD 0.03 17/01/18

JPM Asia Pacific Income A (irc) - AUD (hedged) AUD 0.04 17/01/18

JPM Asia Pacific Income A (irc) - CAD (hedged) CAD 0.03 17/01/18

JPM Asia Pacific Income A (irc) - EUR (hedged) EUR 0.01 17/01/18

JPM Asia Pacific Income A (irc) - GBP (hedged) GBP 0.02 17/01/18

JPM Asia Pacific Income A (irc) - NZD (hedged) NZD 0.04 17/01/18

JPM Asia Pacific Income A (irc) - RMB (hedged) CNH 0.06 17/01/18

JPM Asia Pacific Income A (mth) - HKD HKD 0.05 17/01/18

JPM Asia Pacific Income A (mth) - SGD SGD 0.05 17/01/18

JPM Asia Pacific Income A (mth) - SGD (hedged) SGD 0.04 17/01/18

JPM Asia Pacific Income A (mth) - USD USD 0.43 17/01/18

JPM Asia Pacific Income C (mth) - HKD HKD 0.04 17/01/18

JPM Asia Pacific Income C (mth) - USD USD 0.42 17/01/18

JPM Asia Pacific Income D (mth) - EUR (hedged) EUR 0.37 17/01/18

JPM Asia Pacific Income D (mth) - USD USD 0.40 17/01/18

JPM Asian Total Return Bond A (mth) - USD USD 0.03 17/01/18

JPM China Bond A (mth) - HKD (hedged) HKD 0.40 17/01/18

JPM China Bond A (mth) - RMB CNH 0.35 17/01/18

JPM China Bond A (mth) - USD (hedged) USD 0.05 17/01/18

JPM Emerging Markets Bond A (mth) - USD USD 0.51 17/01/18

JPM Emerging Markets Bond C (mth) - USD USD 0.53 17/01/18

JPM Emerging Markets Bond D (mth) - EUR (hedged) EUR 0.56 17/01/18

JPM Emerging Markets Bond D (mth) - USD USD 0.49 17/01/18

JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.05 17/01/18

JPM Emerging Markets Corporate Bond A (mth) - SGD (hedged) SGD 0.05 17/01/18

JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.43 17/01/18

JPM Emerging Markets Corporate Bond C (mth) - USD USD 0.46 17/01/18

JPM Emerging Markets Corporate Bond D (mth) - EUR (hedged) EUR 0.47 17/01/18

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.05 17/01/18

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.04 17/01/18

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.06 17/01/18

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.05 17/01/18

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 17/01/18

JPM Emerging Markets Debt A (mth) - USD USD 0.08 17/01/18

JPM Emerging Markets Debt C (irc) - CAD (hedged) CAD 0.05 17/01/18

JPM Emerging Markets Debt C (mth) - USD USD 0.57 17/01/18

JPM Emerging Markets Debt D (mth) - EUR (hedged) EUR 0.56 17/01/18

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.03 17/01/18

JPM Emerging Markets Dividend A (irc) - GBP (hedged) GBP 0.02 17/01/18

JPM Emerging Markets Dividend A (irc) - RMB (hedged)* CNH 0.05 17/01/18

JPM Emerging Markets Dividend A (mth) - HKD HKD 0.04 17/01/18

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 17/01/18

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.03 17/01/18

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Emerging Markets Dividend A (mth) - USD USD 0.32 17/01/18

JPM Emerging Markets Dividend D (mth) - EUR EUR 0.38 17/01/18

JPM Emerging Markets Investment Grade Bond A (mth) - USD USD 0.39 17/01/18

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.04 17/01/18

JPM Emerging Markets Local Currency Debt A (mth) - HKD HKD 0.05 17/01/18

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.06 17/01/18

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.38 17/01/18

JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) EUR 0.62 17/01/18

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.36 17/01/18

JPM Equity Premium Income A (mth) - USD USD 0.59 17/01/18

JPM Equity Premium Income C (mth) - USD USD 0.59 17/01/18

JPM Global Bond Opportunities A (mth) - USD USD 0.37 17/01/18

JPM Global Bond Opportunities C (mth) - USD USD 0.38 17/01/18

JPM Global Bond Opportunities D (mth) - EUR (hedged) EUR 0.39 17/01/18

JPM Global Bond Opportunities X (irc) - AUD (hedged) AUD 0.04 17/01/18

JPM Global Corporate Bond A (mth) - SGD SGD 0.04 17/01/18

JPM Global Corporate Bond A (mth) - USD USD 0.31 17/01/18

JPM Global Corporate Bond C (mth) - USD USD 0.31 17/01/18

JPM Global Corporate Bond D (mth) - USD USD 0.30 17/01/18

JPM Global Strategic Bond A (mth) - USD USD 0.26 17/01/18

JPM Global Strategic Bond A (perf) (mth) - USD USD 0.24 17/01/18

JPM Global Strategic Bond C (perf) (mth) - USD** USD 0.27 17/01/18

JPM Global Strategic Bond D (perf) (mth) - USD USD 0.23 17/01/18

JPM Income Fund A (mth) - HKD HKD 0.05 17/01/18

JPM Income Fund A (mth) - USD USD 0.04 17/01/18

JPM Latin America Corporate Bond A (mth) - USD USD 0.53 17/01/18

JPM Latin America Corporate Bond C (mth) - USD USD 0.53 17/01/18

JPM Latin America Corporate Bond D (mth) - USD USD 0.53 17/01/18

JPM Total Emerging Markets Income A (irc) - AUD (hedged) AUD 0.04 17/01/18

JPM Total Emerging Markets Income A (mth) - HKD HKD 0.04 17/01/18

JPM Total Emerging Markets Income A (mth) - USD USD 0.34 17/01/18

JPM Total Emerging Markets Income D (mth) - EUR EUR 0.39 17/01/18

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 17/01/18

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 17/01/18

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 17/01/18

JPM US Aggregate Bond A (mth) - USD USD 0.03 17/01/18

JPM US Aggregate Bond C (mth) - USD USD 0.27 17/01/18

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.06 17/01/18

JPM US High Yield Plus Bond A (mth) - USD USD 0.49 17/01/18

JPM Aggregate Bond X (irc) - AUD (hedged) AUD 0.03 22/02/18

JPM Asia Pacific Income A (div) - SGD SGD 0.11 22/02/18

JPM Asia Pacific Income A (irc) - AUD (hedged) AUD 0.04 22/02/18

JPM Asia Pacific Income A (irc) - CAD (hedged) CAD 0.03 22/02/18

JPM Asia Pacific Income A (irc) - EUR (hedged) EUR 0.02 22/02/18

JPM Asia Pacific Income A (irc) - GBP (hedged) GBP 0.03 22/02/18

JPM Asia Pacific Income A (irc) - NZD (hedged) NZD 0.04 22/02/18

JPM Asia Pacific Income A (irc) - RMB (hedged) CNH 0.06 22/02/18

JPM Asia Pacific Income A (mth) - HKD HKD 0.05 22/02/18

JPM Asia Pacific Income A (mth) - SGD SGD 0.05 22/02/18

JPM Asia Pacific Income A (mth) - SGD (hedged) SGD 0.04 22/02/18

JPM Asia Pacific Income A (mth) - USD USD 0.43 22/02/18

JPM Asia Pacific Income C (mth) - HKD HKD 0.04 22/02/18

JPM Asia Pacific Income C (mth) - USD USD 0.42 22/02/18

JPM Asia Pacific Income D (mth) - EUR (hedged) EUR 0.37 22/02/18

JPM Asia Pacific Income D (mth) - USD USD 0.39 22/02/18

JPM Asian Total Return Bond A (mth) - USD USD 0.04 22/02/18

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

134

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.

Class Name Currency

DividendAmount

per SharePayment

Date

JPM China Bond A (mth) - HKD (hedged) HKD 0.47 22/02/18

JPM China Bond A (mth) - RMB CNH 0.41 22/02/18

JPM China Bond A (mth) - USD (hedged) USD 0.06 22/02/18

JPM Emerging Markets Bond A (mth) - USD USD 0.50 22/02/18

JPM Emerging Markets Bond C (mth) - USD USD 0.52 22/02/18

JPM Emerging Markets Bond D (mth) - EUR (hedged) EUR 0.55 22/02/18

JPM Emerging Markets Bond D (mth) - USD USD 0.48 22/02/18

JPM Emerging Markets Corporate Bond A (div) - EUR (hedged) EUR 1.04 22/02/18

JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.05 22/02/18

JPM Emerging Markets Corporate Bond A (mth) - SGD (hedged) SGD 0.05 22/02/18

JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.44 22/02/18

JPM Emerging Markets Corporate Bond C (div) - EUR (hedged) EUR 0.99 22/02/18

JPM Emerging Markets Corporate Bond C (mth) - USD USD 0.46 22/02/18

JPM Emerging Markets Corporate Bond D (div) - EUR (hedged) EUR 1.01 22/02/18

JPM Emerging Markets Corporate Bond D (mth) - EUR (hedged) EUR 0.47 22/02/18

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.05 22/02/18

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.05 22/02/18

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.06 22/02/18

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.05 22/02/18

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 22/02/18

JPM Emerging Markets Debt A (mth) - USD USD 0.08 22/02/18

JPM Emerging Markets Debt C (irc) - CAD (hedged) CAD 0.05 22/02/18

JPM Emerging Markets Debt C (mth) - USD USD 0.55 22/02/18

JPM Emerging Markets Debt D (mth) - EUR (hedged) EUR 0.55 22/02/18

JPM Emerging Markets Dividend A (div) - EUR EUR 0.88 22/02/18

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.03 22/02/18

JPM Emerging Markets Dividend A (irc) - GBP (hedged) GBP 0.03 22/02/18

JPM Emerging Markets Dividend A (mth) - HKD HKD 0.04 22/02/18

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 22/02/18

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.03 22/02/18

JPM Emerging Markets Dividend A (mth) - USD USD 0.33 22/02/18

JPM Emerging Markets Dividend C (div) - EUR EUR 0.93 22/02/18

JPM Emerging Markets Dividend D (div) - EUR EUR 0.85 22/02/18

JPM Emerging Markets Dividend D (mth) - EUR EUR 0.40 22/02/18

JPM Emerging Markets Dividend T (div) - EUR EUR 0.85 22/02/18

JPM Emerging Markets Investment Grade Bond A (mth) - USD USD 0.39 22/02/18

JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 1.13 22/02/18

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.04 22/02/18

JPM Emerging Markets Local Currency Debt A (mth) - HKD HKD 0.04 22/02/18

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.05 22/02/18

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.34 22/02/18

JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.11 22/02/18

JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) EUR 0.55 22/02/18

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.32 22/02/18

JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 1.08 22/02/18

JPM Emerging Markets Strategic Bond A (mth) - USD USD 0.57 22/02/18

JPM Emerging Markets Strategic Bond A (perf) (div) - EUR (hedged) EUR 1.07 22/02/18

JPM Emerging Markets Strategic Bond D (perf) (div) - EUR (hedged) EUR 1.01 22/02/18

JPM Emerging Markets Strategic Bond I (div) - EUR (hedged) EUR 1.74 22/02/18

JPM Equity Premium Income A (mth) - USD USD 0.54 22/02/18

JPM Equity Premium Income C (mth) - USD USD 0.54 22/02/18

JPM Europe High Yield Bond A (div) - EUR* EUR 0.87 22/02/18

JPM Europe High Yield Bond D (div) - EUR EUR 1.11 22/02/18

JPM Europe High Yield Short Duration Bond A (div) - EUR EUR 1.12 22/02/18

JPM Europe High Yield Short Duration Bond D (div) - EUR EUR 1.12 22/02/18

JPM Financials Bond A (div) - EUR EUR 1.10 22/02/18

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Financials Bond C (div) - EUR EUR 1.03 22/02/18

JPM Financials Bond D (div) - EUR EUR 1.07 22/02/18

JPM Financials Bond T (div) - EUR EUR 1.07 22/02/18

JPM Flexible Credit A (div) - EUR (hedged) EUR 0.95 22/02/18

JPM Flexible Credit D (div) - EUR (hedged) EUR 0.83 22/02/18

JPM Flexible Credit T (div) - EUR (hedged) EUR 0.88 22/02/18

JPM Global Bond Opportunities A (fix) EUR 3.50 - EUR (hedged) EUR 0.88 22/02/18

JPM Global Bond Opportunities A (mth) - USD USD 0.36 22/02/18

JPM Global Bond Opportunities C (div) - EUR (hedged) EUR 1.11 22/02/18

JPM Global Bond Opportunities C (mth) - USD USD 0.36 22/02/18

JPM Global Bond Opportunities D (div) - EUR (hedged) EUR 0.73 22/02/18

JPM Global Bond Opportunities D (fix) EUR 3.00 - EUR (hedged) EUR 0.75 22/02/18

JPM Global Bond Opportunities D (mth) - EUR (hedged) EUR 0.37 22/02/18

JPM Global Bond Opportunities T (div) - EUR (hedged) EUR 0.77 22/02/18

JPM Global Bond Opportunities X (irc) - AUD (hedged) AUD 0.04 22/02/18

JPM Global Corporate Bond A (div) - EUR (hedged) EUR 0.65 22/02/18

JPM Global Corporate Bond A (mth) - SGD SGD 0.04 22/02/18

JPM Global Corporate Bond A (mth) - USD USD 0.31 22/02/18

JPM Global Corporate Bond C (div) - EUR (hedged) EUR 0.68 22/02/18

JPM Global Corporate Bond C (mth) - USD USD 0.31 22/02/18

JPM Global Corporate Bond D (div) - EUR (hedged) EUR 0.07 22/02/18

JPM Global Corporate Bond D (mth) - USD USD 0.30 22/02/18

JPM Global Corporate Bond T (div) - EUR (hedged) EUR 0.65 22/02/18

JPM Global Multi Strategy Income A (div) - EUR EUR 1.22 22/02/18

JPM Global Multi Strategy Income C (div) - EUR EUR 1.18 22/02/18

JPM Global Multi Strategy Income D (div) - EUR EUR 1.16 22/02/18

JPM Global Multi Strategy Income T (div) - EUR EUR 1.16 22/02/18

JPM Global Strategic Bond A (mth) - USD USD 0.26 22/02/18

JPM Global Strategic Bond A (perf) (div) - EUR (hedged) EUR 0.55 22/02/18

JPM Global Strategic Bond A (perf) (fix) EUR 2.35 - EUR (hedged) EUR 0.59 22/02/18

JPM Global Strategic Bond A (perf) (mth) - USD USD 0.24 22/02/18

JPM Global Strategic Bond C (perf) (fix) EUR 2.60 - EUR (hedged) EUR 0.65 22/02/18

JPM Global Strategic Bond C (perf) (mth) - USD** USD 0.26 22/02/18

JPM Global Strategic Bond D (perf) (div) - EUR (hedged) EUR 0.53 22/02/18

JPM Global Strategic Bond D (perf) (fix) EUR 1.60 - EUR (hedged) EUR 0.40 22/02/18

JPM Global Strategic Bond D (perf) (mth) - USD USD 0.23 22/02/18

JPM Global Strategic Bond T (perf) (div) - EUR (hedged) EUR 0.46 22/02/18

JPM Income Fund A (div) - EUR (hedged) EUR 0.92 22/02/18

JPM Income Fund A (div) - USD USD 1.30 22/02/18

JPM Income Fund A (mth) - HKD HKD 0.05 22/02/18

JPM Income Fund A (mth) - USD USD 0.04 22/02/18

JPM Income Fund C (div) - EUR (hedged) EUR 0.94 22/02/18

JPM Income Fund D (div) - EUR (hedged) EUR 0.90 22/02/18

JPM Income Fund T (div) - EUR (hedged) EUR 1.39 22/02/18

JPM Italy Flexible Bond A (perf) (div) - EUR EUR 0.68 22/02/18

JPM Italy Flexible Bond A (perf) (fix) EUR 4.00 - EUR EUR 1.00 22/02/18

JPM Italy Flexible Bond D (perf) (div) - EUR EUR 0.64 22/02/18

JPM Italy Flexible Bond D (perf) (fix) EUR 3.00 - EUR EUR 0.75 22/02/18

JPM Italy Flexible Bond T (perf) (div) - EUR EUR 0.65 22/02/18

JPM Latin America Corporate Bond A (div) - USD USD 1.65 22/02/18

JPM Latin America Corporate Bond A (mth) - USD USD 0.54 22/02/18

JPM Latin America Corporate Bond C (mth) - USD USD 0.54 22/02/18

JPM Latin America Corporate Bond D (div) - USD USD 1.64 22/02/18

JPM Latin America Corporate Bond D (mth) - USD USD 0.54 22/02/18

JPM Multi-Asset Italy PIR A (div) - EUR EUR 0.49 22/02/18

JPM Multi-Asset Italy PIR D (div) - EUR EUR 0.49 22/02/18

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

135

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Total Emerging Markets Income A (irc) - AUD (hedged) AUD 0.05 22/02/18

JPM Total Emerging Markets Income A (mth) - HKD HKD 0.05 22/02/18

JPM Total Emerging Markets Income A (mth) - USD USD 0.38 22/02/18

JPM Total Emerging Markets Income C (div) - EUR EUR 1.36 22/02/18

JPM Total Emerging Markets Income D (div) - EUR EUR 0.96 22/02/18

JPM Total Emerging Markets Income D (mth) - EUR EUR 0.43 22/02/18

JPM US Aggregate Bond A (div) - USD USD 0.77 22/02/18

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 22/02/18

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 22/02/18

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 22/02/18

JPM US Aggregate Bond A (mth) - USD USD 0.03 22/02/18

JPM US Aggregate Bond C (div) - USD USD 0.83 22/02/18

JPM US Aggregate Bond C (mth) - USD USD 0.27 22/02/18

JPM US High Yield Plus Bond A (div) - EUR (hedged) EUR 1.03 22/02/18

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.05 22/02/18

JPM US High Yield Plus Bond A (mth) - USD USD 0.48 22/02/18

JPM US High Yield Plus Bond D (div) - EUR (hedged) EUR 1.01 22/02/18

JPM Aggregate Bond X (irc) - AUD (hedged) AUD 0.03 16/03/18

JPM Asia Pacific Income A (irc) - AUD (hedged) AUD 0.04 16/03/18

JPM Asia Pacific Income A (irc) - CAD (hedged) CAD 0.03 16/03/18

JPM Asia Pacific Income A (irc) - EUR (hedged) EUR 0.02 16/03/18

JPM Asia Pacific Income A (irc) - GBP (hedged) GBP 0.03 16/03/18

JPM Asia Pacific Income A (irc) - NZD (hedged) NZD 0.04 16/03/18

JPM Asia Pacific Income A (irc) - RMB (hedged) CNH 0.06 16/03/18

JPM Asia Pacific Income A (mth) - HKD HKD 0.05 16/03/18

JPM Asia Pacific Income A (mth) - SGD SGD 0.05 16/03/18

JPM Asia Pacific Income A (mth) - SGD (hedged) SGD 0.04 16/03/18

JPM Asia Pacific Income A (mth) - USD USD 0.43 16/03/18

JPM Asia Pacific Income C (irc) - NZD (hedged)** NZD 0.04 16/03/18

JPM Asia Pacific Income C (mth) - HKD HKD 0.04 16/03/18

JPM Asia Pacific Income C (mth) - USD USD 0.42 16/03/18

JPM Asia Pacific Income D (mth) - EUR (hedged) EUR 0.37 16/03/18

JPM Asia Pacific Income D (mth) - USD USD 0.39 16/03/18

JPM Asian Total Return Bond A (mth) - USD USD 0.04 16/03/18

JPM China Bond A (mth) - HKD (hedged) HKD 0.47 16/03/18

JPM China Bond A (mth) - RMB CNH 0.41 16/03/18

JPM China Bond A (mth) - USD (hedged) USD 0.06 16/03/18

JPM Emerging Markets Bond A (mth) - USD USD 0.50 16/03/18

JPM Emerging Markets Bond C (mth) - USD USD 0.52 16/03/18

JPM Emerging Markets Bond D (mth) - EUR (hedged) EUR 0.55 16/03/18

JPM Emerging Markets Bond D (mth) - USD USD 0.48 16/03/18

JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.05 16/03/18

JPM Emerging Markets Corporate Bond A (mth) - SGD (hedged) SGD 0.05 16/03/18

JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.44 16/03/18

JPM Emerging Markets Corporate Bond C (mth) - USD USD 0.46 16/03/18

JPM Emerging Markets Corporate Bond D (mth) - EUR (hedged) EUR 0.47 16/03/18

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.05 16/03/18

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.05 16/03/18

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.06 16/03/18

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.05 16/03/18

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 16/03/18

JPM Emerging Markets Debt A (mth) - USD USD 0.08 16/03/18

JPM Emerging Markets Debt C (irc) - CAD (hedged) CAD 0.05 16/03/18

JPM Emerging Markets Debt C (mth) - USD USD 0.55 16/03/18

JPM Emerging Markets Debt D (mth) - EUR (hedged) EUR 0.55 16/03/18

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.03 16/03/18

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Emerging Markets Dividend A (irc) - GBP (hedged) GBP 0.03 16/03/18

JPM Emerging Markets Dividend A (mth) - HKD HKD 0.04 16/03/18

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 16/03/18

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.03 16/03/18

JPM Emerging Markets Dividend A (mth) - USD USD 0.33 16/03/18

JPM Emerging Markets Dividend D (mth) - EUR EUR 0.40 16/03/18

JPM Emerging Markets Investment Grade Bond A (mth) - USD USD 0.39 16/03/18

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.04 16/03/18

JPM Emerging Markets Local Currency Debt A (mth) - HKD HKD 0.04 16/03/18

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.05 16/03/18

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.34 16/03/18

JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) EUR 0.55 16/03/18

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.32 16/03/18

JPM Emerging Markets Strategic Bond A (mth) - USD USD 0.57 16/03/18

JPM Equity Premium Income A (mth) - USD USD 0.60 16/03/18

JPM Equity Premium Income C (mth) - USD USD 0.60 16/03/18

JPM Global Bond Opportunities A (mth) - USD USD 0.36 16/03/18

JPM Global Bond Opportunities C (mth) - USD USD 0.36 16/03/18

JPM Global Bond Opportunities D (mth) - EUR (hedged) EUR 0.37 16/03/18

JPM Global Bond Opportunities D (mth) - USD USD 0.37 16/03/18

JPM Global Bond Opportunities X (irc) - AUD (hedged) AUD 0.04 16/03/18

JPM Global Convertibles (EUR) A (mth) - USD (hedged) USD 0.06 16/03/18

JPM Global Convertibles (EUR) C (mth) - USD (hedged) USD 0.06 16/03/18

JPM Global Convertibles (EUR) D (mth) - USD (hedged) USD 0.06 16/03/18

JPM Global Corporate Bond A (mth) - SGD SGD 0.04 16/03/18

JPM Global Corporate Bond A (mth) - USD USD 0.31 16/03/18

JPM Global Corporate Bond C (mth) - USD USD 0.31 16/03/18

JPM Global Corporate Bond D (mth) - USD USD 0.30 16/03/18

JPM Global Strategic Bond A (mth) - USD USD 0.26 16/03/18

JPM Global Strategic Bond A (perf) (mth) - USD USD 0.24 16/03/18

JPM Global Strategic Bond C (perf) (mth) - USD** USD 0.26 16/03/18

JPM Global Strategic Bond D (perf) (mth) - USD USD 0.23 16/03/18

JPM Income Fund A (mth) - HKD HKD 0.05 16/03/18

JPM Income Fund A (mth) - USD USD 0.04 16/03/18

JPM Latin America Corporate Bond A (mth) - USD USD 0.54 16/03/18

JPM Latin America Corporate Bond C (mth) - USD USD 0.54 16/03/18

JPM Latin America Corporate Bond D (mth) - USD USD 0.54 16/03/18

JPM Total Emerging Markets Income A (irc) - AUD (hedged) AUD 0.05 16/03/18

JPM Total Emerging Markets Income A (mth) - HKD HKD 0.05 16/03/18

JPM Total Emerging Markets Income A (mth) - USD USD 0.38 16/03/18

JPM Total Emerging Markets Income D (mth) - EUR EUR 0.43 16/03/18

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 16/03/18

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 16/03/18

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 16/03/18

JPM US Aggregate Bond A (mth) - USD USD 0.03 16/03/18

JPM US Aggregate Bond C (mth) - USD USD 0.27 16/03/18

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.05 16/03/18

JPM US High Yield Plus Bond A (mth) - USD USD 0.48 16/03/18

JPM US High Yield Plus Bond X (mth) - USD USD 0.51 16/03/18

JPM Aggregate Bond X (irc) - AUD (hedged) AUD 0.03 18/04/18

JPM Asia Pacific Income A (irc) - AUD (hedged) AUD 0.04 18/04/18

JPM Asia Pacific Income A (irc) - CAD (hedged) CAD 0.03 18/04/18

JPM Asia Pacific Income A (irc) - EUR (hedged) EUR 0.01 18/04/18

JPM Asia Pacific Income A (irc) - GBP (hedged) GBP 0.02 18/04/18

JPM Asia Pacific Income A (irc) - NZD (hedged) NZD 0.04 18/04/18

JPM Asia Pacific Income A (irc) - RMB (hedged) CNH 0.05 18/04/18

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

136

** Share Class reactivated during the year.

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Asia Pacific Income A (mth) - HKD HKD 0.05 18/04/18

JPM Asia Pacific Income A (mth) - SGD SGD 0.05 18/04/18

JPM Asia Pacific Income A (mth) - SGD (hedged) SGD 0.04 18/04/18

JPM Asia Pacific Income A (mth) - USD USD 0.43 18/04/18

JPM Asia Pacific Income C (irc) - GBP (hedged)** GBP 0.20 18/04/18

JPM Asia Pacific Income C (irc) - NZD (hedged)** NZD 0.04 18/04/18

JPM Asia Pacific Income C (mth) - HKD HKD 0.04 18/04/18

JPM Asia Pacific Income C (mth) - SGD (hedged)** SGD 0.04 18/04/18

JPM Asia Pacific Income C (mth) - USD USD 0.42 18/04/18

JPM Asia Pacific Income D (mth) - EUR (hedged) EUR 0.37 18/04/18

JPM Asia Pacific Income D (mth) - USD USD 0.39 18/04/18

JPM Asian Total Return Bond A (mth) - USD USD 0.04 18/04/18

JPM China Bond A (mth) - HKD (hedged) HKD 0.47 18/04/18

JPM China Bond A (mth) - RMB CNH 0.41 18/04/18

JPM China Bond A (mth) - USD (hedged) USD 0.06 18/04/18

JPM Emerging Markets Bond A (mth) - USD USD 0.50 18/04/18

JPM Emerging Markets Bond C (mth) - USD USD 0.52 18/04/18

JPM Emerging Markets Bond D (mth) - EUR (hedged) EUR 0.55 18/04/18

JPM Emerging Markets Bond D (mth) - USD USD 0.48 18/04/18

JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.05 18/04/18

JPM Emerging Markets Corporate Bond A (mth) - SGD (hedged) SGD 0.05 18/04/18

JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.44 18/04/18

JPM Emerging Markets Corporate Bond C (mth) - USD USD 0.46 18/04/18

JPM Emerging Markets Corporate Bond D (mth) - EUR (hedged) EUR 0.47 18/04/18

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.05 18/04/18

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.04 18/04/18

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.06 18/04/18

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.05 18/04/18

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 18/04/18

JPM Emerging Markets Debt A (mth) - USD USD 0.08 18/04/18

JPM Emerging Markets Debt C (irc) - CAD (hedged) CAD 0.05 18/04/18

JPM Emerging Markets Debt C (mth) - USD USD 0.55 18/04/18

JPM Emerging Markets Debt D (mth) - EUR (hedged) EUR 0.55 18/04/18

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.03 18/04/18

JPM Emerging Markets Dividend A (irc) - GBP (hedged) GBP 0.02 18/04/18

JPM Emerging Markets Dividend A (mth) - HKD HKD 0.04 18/04/18

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 18/04/18

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.03 18/04/18

JPM Emerging Markets Dividend A (mth) - USD USD 0.33 18/04/18

JPM Emerging Markets Dividend D (mth) - EUR EUR 0.40 18/04/18

JPM Emerging Markets Investment Grade Bond A (mth) - USD USD 0.39 18/04/18

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.03 18/04/18

JPM Emerging Markets Local Currency Debt A (mth) - HKD HKD 0.04 18/04/18

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.05 18/04/18

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.34 18/04/18

JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) EUR 0.55 18/04/18

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.32 18/04/18

JPM Emerging Markets Strategic Bond A (mth) - USD USD 0.57 18/04/18

JPM Equity Premium Income A (mth) - USD USD 0.68 18/04/18

JPM Equity Premium Income C (mth) - USD USD 0.68 18/04/18

JPM Global Bond Opportunities A (mth) - USD USD 0.36 18/04/18

JPM Global Bond Opportunities C (mth) - USD USD 0.36 18/04/18

JPM Global Bond Opportunities D (mth) - EUR (hedged) EUR 0.37 18/04/18

JPM Global Bond Opportunities D (mth) - USD USD 0.37 18/04/18

JPM Global Bond Opportunities X (irc) - AUD (hedged) AUD 0.04 18/04/18

JPM Global Convertibles (EUR) A (mth) - USD (hedged) USD 0.06 18/04/18

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Global Convertibles (EUR) C (mth) - USD (hedged) USD 0.06 18/04/18

JPM Global Convertibles (EUR) D (mth) - USD (hedged) USD 0.06 18/04/18

JPM Global Corporate Bond A (mth) - SGD SGD 0.04 18/04/18

JPM Global Corporate Bond A (mth) - USD USD 0.31 18/04/18

JPM Global Corporate Bond C (mth) - USD USD 0.31 18/04/18

JPM Global Corporate Bond D (mth) - USD USD 0.30 18/04/18

JPM Global Strategic Bond A (mth) - USD USD 0.26 18/04/18

JPM Global Strategic Bond A (perf) (mth) - USD USD 0.24 18/04/18

JPM Global Strategic Bond C (perf) (mth) - USD** USD 0.26 18/04/18

JPM Global Strategic Bond D (perf) (mth) - USD USD 0.23 18/04/18

JPM Income Fund A (mth) - HKD HKD 0.05 18/04/18

JPM Income Fund A (mth) - USD USD 0.04 18/04/18

JPM Latin America Corporate Bond A (mth) - USD USD 0.54 18/04/18

JPM Latin America Corporate Bond C (mth) - USD USD 0.54 18/04/18

JPM Latin America Corporate Bond D (mth) - USD USD 0.54 18/04/18

JPM Total Emerging Markets Income A (irc) - AUD (hedged) AUD 0.05 18/04/18

JPM Total Emerging Markets Income A (mth) - HKD HKD 0.05 18/04/18

JPM Total Emerging Markets Income A (mth) - USD USD 0.38 18/04/18

JPM Total Emerging Markets Income D (mth) - EUR EUR 0.43 18/04/18

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 18/04/18

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 18/04/18

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 18/04/18

JPM US Aggregate Bond A (mth) - USD USD 0.03 18/04/18

JPM US Aggregate Bond C (mth) - USD USD 0.27 18/04/18

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.05 18/04/18

JPM US High Yield Plus Bond A (mth) - USD USD 0.48 18/04/18

JPM US High Yield Plus Bond X (mth) - USD USD 0.51 18/04/18

JPM Aggregate Bond X (irc) - AUD (hedged) AUD 0.03 17/05/18

JPM Asia Pacific Income A (irc) - AUD (hedged) AUD 0.04 17/05/18

JPM Asia Pacific Income A (irc) - CAD (hedged) CAD 0.03 17/05/18

JPM Asia Pacific Income A (irc) - EUR (hedged) EUR 0.02 17/05/18

JPM Asia Pacific Income A (irc) - GBP (hedged) GBP 0.03 17/05/18

JPM Asia Pacific Income A (irc) - NZD (hedged) NZD 0.04 17/05/18

JPM Asia Pacific Income A (irc) - RMB (hedged) CNH 0.05 17/05/18

JPM Asia Pacific Income A (mth) - HKD HKD 0.05 17/05/18

JPM Asia Pacific Income A (mth) - SGD SGD 0.06 17/05/18

JPM Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 17/05/18

JPM Asia Pacific Income A (mth) - USD USD 0.47 17/05/18

JPM Asia Pacific Income C (irc) - AUD (hedged)** AUD 0.04 17/05/18

JPM Asia Pacific Income C (irc) - EUR (hedged)** EUR 0.02 17/05/18

JPM Asia Pacific Income C (irc) - GBP (hedged)** GBP 0.26 17/05/18

JPM Asia Pacific Income C (irc) - NZD (hedged)** NZD 0.04 17/05/18

JPM Asia Pacific Income C (mth) - HKD HKD 0.04 17/05/18

JPM Asia Pacific Income C (mth) - SGD (hedged)** SGD 0.04 17/05/18

JPM Asia Pacific Income C (mth) - USD USD 0.46 17/05/18

JPM Asia Pacific Income D (mth) - EUR (hedged) EUR 0.40 17/05/18

JPM Asia Pacific Income D (mth) - USD USD 0.43 17/05/18

JPM Asian Total Return Bond A (mth) - USD USD 0.04 17/05/18

JPM China Bond A (mth) - HKD (hedged) HKD 0.49 17/05/18

JPM China Bond A (mth) - RMB CNH 0.44 17/05/18

JPM China Bond A (mth) - USD (hedged) USD 0.06 17/05/18

JPM Emerging Markets Bond A (mth) - USD USD 0.48 17/05/18

JPM Emerging Markets Bond C (mth) - USD USD 0.50 17/05/18

JPM Emerging Markets Bond D (mth) - EUR (hedged) EUR 0.52 17/05/18

JPM Emerging Markets Bond D (mth) - USD USD 0.46 17/05/18

JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.05 17/05/18

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

137

** Share Class reactivated during the year.

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Emerging Markets Corporate Bond A (mth) - SGD (hedged) SGD 0.05 17/05/18

JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.43 17/05/18

JPM Emerging Markets Corporate Bond C (mth) - USD USD 0.46 17/05/18

JPM Emerging Markets Corporate Bond D (mth) - EUR (hedged) EUR 0.47 17/05/18

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.04 17/05/18

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.04 17/05/18

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.06 17/05/18

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.05 17/05/18

JPM Emerging Markets Debt A (mth) - HKD HKD 0.05 17/05/18

JPM Emerging Markets Debt A (mth) - USD USD 0.07 17/05/18

JPM Emerging Markets Debt C (irc) - CAD (hedged) CAD 0.05 17/05/18

JPM Emerging Markets Debt C (mth) - USD USD 0.54 17/05/18

JPM Emerging Markets Debt D (mth) - EUR (hedged) EUR 0.52 17/05/18

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.04 17/05/18

JPM Emerging Markets Dividend A (irc) - GBP (hedged) GBP 0.03 17/05/18

JPM Emerging Markets Dividend A (mth) - HKD HKD 0.04 17/05/18

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 17/05/18

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.04 17/05/18

JPM Emerging Markets Dividend A (mth) - USD USD 0.35 17/05/18

JPM Emerging Markets Dividend D (mth) - EUR EUR 0.40 17/05/18

JPM Emerging Markets Investment Grade Bond A (mth) - USD USD 0.38 17/05/18

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.04 17/05/18

JPM Emerging Markets Local Currency Debt A (mth) - HKD HKD 0.05 17/05/18

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.06 17/05/18

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.40 17/05/18

JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) EUR 0.62 17/05/18

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.37 17/05/18

JPM Emerging Markets Strategic Bond A (mth) - USD USD 0.56 17/05/18

JPM Equity Premium Income A (mth) - USD USD 0.76 17/05/18

JPM Equity Premium Income C (mth) - USD USD 0.76 17/05/18

JPM Global Bond Opportunities A (mth) - USD USD 0.34 17/05/18

JPM Global Bond Opportunities C (mth) - USD USD 0.35 17/05/18

JPM Global Bond Opportunities D (mth) - EUR (hedged) EUR 0.35 17/05/18

JPM Global Bond Opportunities D (mth) - USD USD 0.36 17/05/18

JPM Global Bond Opportunities X (irc) - AUD (hedged) AUD 0.04 17/05/18

JPM Global Convertibles (EUR) A (mth) - USD (hedged) USD 0.07 17/05/18

JPM Global Convertibles (EUR) C (mth) - USD (hedged) USD 0.07 17/05/18

JPM Global Convertibles (EUR) D (mth) - USD (hedged) USD 0.07 17/05/18

JPM Global Corporate Bond A (mth) - SGD SGD 0.04 17/05/18

JPM Global Corporate Bond A (mth) - USD USD 0.29 17/05/18

JPM Global Corporate Bond C (mth) - USD USD 0.29 17/05/18

JPM Global Corporate Bond D (mth) - USD USD 0.28 17/05/18

JPM Global Strategic Bond A (mth) - USD USD 0.26 17/05/18

JPM Global Strategic Bond A (perf) (mth) - USD USD 0.24 17/05/18

JPM Global Strategic Bond C (perf) (mth) - USD** USD 0.27 17/05/18

JPM Global Strategic Bond D (perf) (mth) - USD USD 0.23 17/05/18

JPM Income Fund A (mth) - HKD HKD 0.05 17/05/18

JPM Income Fund A (mth) - USD USD 0.04 17/05/18

JPM Latin America Corporate Bond A (mth) - USD USD 0.50 17/05/18

JPM Latin America Corporate Bond C (mth) - USD USD 0.50 17/05/18

JPM Latin America Corporate Bond D (mth) - USD USD 0.50 17/05/18

JPM Total Emerging Markets Income A (irc) - AUD (hedged) AUD 0.05 17/05/18

JPM Total Emerging Markets Income A (mth) - HKD HKD 0.05 17/05/18

JPM Total Emerging Markets Income A (mth) - SGD SGD 0.04 17/05/18

JPM Total Emerging Markets Income A (mth) - USD USD 0.36 17/05/18

JPM Total Emerging Markets Income D (mth) - EUR EUR 0.39 17/05/18

Class Name Currency

DividendAmount

per SharePayment

Date

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 17/05/18

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 17/05/18

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 17/05/18

JPM US Aggregate Bond A (mth) - USD USD 0.03 17/05/18

JPM US Aggregate Bond C (mth) - USD USD 0.27 17/05/18

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.06 17/05/18

JPM US High Yield Plus Bond A (mth) - USD USD 0.49 17/05/18

JPM US High Yield Plus Bond X (mth) - USD USD 0.52 17/05/18

JPM Asia Pacific Income A (div) - SGD SGD 0.12 23/05/18

JPM Emerging Markets Corporate Bond A (div) - EUR (hedged) EUR 1.00 23/05/18

JPM Emerging Markets Corporate Bond C (div) - EUR (hedged) EUR 0.96 23/05/18

JPM Emerging Markets Corporate Bond D (div) - EUR (hedged) EUR 0.97 23/05/18

JPM Emerging Markets Dividend A (div) - EUR EUR 0.86 23/05/18

JPM Emerging Markets Dividend C (div) - EUR EUR 0.92 23/05/18

JPM Emerging Markets Dividend D (div) - EUR EUR 0.83 23/05/18

JPM Emerging Markets Dividend T (div) - EUR EUR 0.83 23/05/18

JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 1.21 23/05/18

JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.12 23/05/18

JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 1.16 23/05/18

JPM Emerging Markets Strategic Bond A (perf) (div) - EUR (hedged) EUR 1.00 23/05/18

JPM Emerging Markets Strategic Bond D (perf) (div) - EUR (hedged) EUR 0.94 23/05/18

JPM Emerging Markets Strategic Bond I (div) - EUR (hedged) EUR 1.62 23/05/18

JPM Europe High Yield Bond A (div) - EUR* EUR 1.14 23/05/18

JPM Europe High Yield Bond D (div) - EUR EUR 1.09 23/05/18

JPM Europe High Yield Short Duration Bond A (div) - EUR EUR 1.13 23/05/18

JPM Europe High Yield Short Duration Bond D (div) - EUR EUR 1.13 23/05/18

JPM Financials Bond A (div) - EUR EUR 1.05 23/05/18

JPM Financials Bond C (div) - EUR EUR 0.98 23/05/18

JPM Financials Bond D (div) - EUR EUR 1.03 23/05/18

JPM Financials Bond T (div) - EUR EUR 1.03 23/05/18

JPM Flexible Credit A (div) - EUR (hedged) EUR 0.89 23/05/18

JPM Flexible Credit D (div) - EUR (hedged) EUR 0.78 23/05/18

JPM Flexible Credit T (div) - EUR (hedged) EUR 0.83 23/05/18

JPM Global Bond Opportunities A (fix) EUR 3.50 - EUR (hedged) EUR 0.88 23/05/18

JPM Global Bond Opportunities C (div) - EUR (hedged) EUR 1.06 23/05/18

JPM Global Bond Opportunities D (div) - EUR (hedged) EUR 0.70 23/05/18

JPM Global Bond Opportunities D (fix) EUR 3.00 - EUR (hedged) EUR 0.75 23/05/18

JPM Global Bond Opportunities T (div) - EUR (hedged) EUR 0.73 23/05/18

JPM Global Corporate Bond A (div) - EUR (hedged) EUR 0.61 23/05/18

JPM Global Corporate Bond C (div) - EUR (hedged) EUR 0.63 23/05/18

JPM Global Corporate Bond D (div) - EUR (hedged) EUR 0.06 23/05/18

JPM Global Corporate Bond T (div) - EUR (hedged) EUR 0.60 23/05/18

JPM Global Multi Strategy Income A (div) - EUR EUR 1.28 23/05/18

JPM Global Multi Strategy Income C (div) - EUR EUR 1.24 23/05/18

JPM Global Multi Strategy Income D (div) - EUR EUR 1.21 23/05/18

JPM Global Multi Strategy Income T (div) - EUR EUR 1.21 23/05/18

JPM Global Strategic Bond A (perf) (div) - EUR (hedged) EUR 0.54 23/05/18

JPM Global Strategic Bond A (perf) (fix) EUR 2.35 - EUR (hedged) EUR 0.59 23/05/18

JPM Global Strategic Bond C (perf) (fix) EUR 2.60 - EUR (hedged) EUR 0.65 23/05/18

JPM Global Strategic Bond D (perf) (div) - EUR (hedged) EUR 0.52 23/05/18

JPM Global Strategic Bond D (perf) (fix) EUR 1.60 - EUR (hedged) EUR 0.40 23/05/18

JPM Global Strategic Bond T (perf) (div) - EUR (hedged) EUR 0.45 23/05/18

JPM Income Fund A (div) - EUR (hedged) EUR 0.50 23/05/18

JPM Income Fund A (div) - USD USD 1.30 23/05/18

JPM Income Fund C (div) - EUR (hedged) EUR 0.51 23/05/18

JPM Income Fund D (div) - EUR (hedged) EUR 0.49 23/05/18

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

138

* Share Class inactive as at the end of the year.** Share Class reactivated during the year.

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Income Fund T (div) - EUR (hedged) EUR 0.76 23/05/18

JPM Italy Flexible Bond A (perf) (div) - EUR EUR 0.61 23/05/18

JPM Italy Flexible Bond A (perf) (fix) EUR 4.00 - EUR EUR 1.00 23/05/18

JPM Italy Flexible Bond D (perf) (div) - EUR EUR 0.58 23/05/18

JPM Italy Flexible Bond D (perf) (fix) EUR 3.00 - EUR EUR 0.75 23/05/18

JPM Italy Flexible Bond T (perf) (div) - EUR EUR 0.58 23/05/18

JPM Latin America Corporate Bond A (div) - USD USD 1.49 23/05/18

JPM Latin America Corporate Bond D (div) - USD USD 1.48 23/05/18

JPM Multi-Asset Italy PIR A (div) - EUR EUR 0.60 23/05/18

JPM Multi-Asset Italy PIR D (div) - EUR EUR 0.60 23/05/18

JPM Total Emerging Markets Income C (div) - EUR EUR 1.21 23/05/18

JPM Total Emerging Markets Income D (div) - EUR EUR 0.86 23/05/18

JPM US Aggregate Bond A (div) - USD USD 0.79 23/05/18

JPM US Aggregate Bond C (div) - USD USD 0.85 23/05/18

JPM US Aggregate Bond I (div) - USD USD 0.87 23/05/18

JPM US High Yield Plus Bond A (div) - EUR (hedged) EUR 1.03 23/05/18

JPM US High Yield Plus Bond D (div) - EUR (hedged) EUR 1.01 23/05/18

JPM Aggregate Bond X (irc) - AUD (hedged) AUD 0.02 19/06/18

JPM Asia Pacific Income A (irc) - AUD (hedged) AUD 0.04 19/06/18

JPM Asia Pacific Income A (irc) - CAD (hedged) CAD 0.03 19/06/18

JPM Asia Pacific Income A (irc) - EUR (hedged) EUR 0.02 19/06/18

JPM Asia Pacific Income A (irc) - GBP (hedged) GBP 0.03 19/06/18

JPM Asia Pacific Income A (irc) - NZD (hedged) NZD 0.04 19/06/18

JPM Asia Pacific Income A (irc) - RMB (hedged) CNH 0.06 19/06/18

JPM Asia Pacific Income A (mth) - HKD HKD 0.05 19/06/18

JPM Asia Pacific Income A (mth) - SGD SGD 0.06 19/06/18

JPM Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 19/06/18

JPM Asia Pacific Income A (mth) - USD USD 0.47 19/06/18

JPM Asia Pacific Income C (irc) - AUD (hedged)** AUD 0.04 19/06/18

JPM Asia Pacific Income C (irc) - EUR (hedged)** EUR 0.02 19/06/18

JPM Asia Pacific Income C (irc) - GBP (hedged)** GBP 0.25 19/06/18

JPM Asia Pacific Income C (irc) - NZD (hedged)** NZD 0.04 19/06/18

JPM Asia Pacific Income C (mth) - HKD HKD 0.04 19/06/18

JPM Asia Pacific Income C (mth) - SGD (hedged)** SGD 0.04 19/06/18

JPM Asia Pacific Income C (mth) - USD USD 0.46 19/06/18

JPM Asia Pacific Income D (mth) - EUR (hedged) EUR 0.40 19/06/18

JPM Asia Pacific Income D (mth) - USD USD 0.43 19/06/18

JPM Asian Total Return Bond A (mth) - USD USD 0.04 19/06/18

JPM China Bond A (mth) - HKD (hedged) HKD 0.49 19/06/18

JPM China Bond A (mth) - RMB CNH 0.44 19/06/18

JPM China Bond A (mth) - USD (hedged) USD 0.06 19/06/18

JPM Emerging Markets Bond A (mth) - USD USD 0.48 19/06/18

JPM Emerging Markets Bond C (mth) - USD USD 0.50 19/06/18

JPM Emerging Markets Bond D (mth) - EUR (hedged) EUR 0.52 19/06/18

JPM Emerging Markets Bond D (mth) - USD USD 0.46 19/06/18

JPM Emerging Markets Corporate Bond A (irc) - AUD (hedged) AUD 0.05 19/06/18

JPM Emerging Markets Corporate Bond A (mth) - SGD (hedged) SGD 0.05 19/06/18

JPM Emerging Markets Corporate Bond A (mth) - USD USD 0.43 19/06/18

JPM Emerging Markets Corporate Bond C (mth) - USD USD 0.46 19/06/18

JPM Emerging Markets Corporate Bond D (mth) - EUR (hedged) EUR 0.47 19/06/18

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.04 19/06/18

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.04 19/06/18

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.06 19/06/18

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.05 19/06/18

JPM Emerging Markets Debt A (mth) - HKD HKD 0.05 19/06/18

JPM Emerging Markets Debt A (mth) - USD USD 0.07 19/06/18

Class Name Currency

DividendAmount

per SharePayment

Date

JPM Emerging Markets Debt C (irc) - CAD (hedged) CAD 0.05 19/06/18

JPM Emerging Markets Debt C (mth) - USD USD 0.54 19/06/18

JPM Emerging Markets Debt D (mth) - EUR (hedged) EUR 0.52 19/06/18

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.03 19/06/18

JPM Emerging Markets Dividend A (irc) - GBP (hedged) GBP 0.03 19/06/18

JPM Emerging Markets Dividend A (mth) - HKD HKD 0.04 19/06/18

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 19/06/18

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.04 19/06/18

JPM Emerging Markets Dividend A (mth) - USD USD 0.35 19/06/18

JPM Emerging Markets Dividend D (mth) - EUR EUR 0.40 19/06/18

JPM Emerging Markets Investment Grade Bond A (mth) - USD USD 0.38 19/06/18

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.04 19/06/18

JPM Emerging Markets Local Currency Debt A (mth) - HKD HKD 0.05 19/06/18

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.06 19/06/18

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.40 19/06/18

JPM Emerging Markets Local Currency Debt D (mth) - EUR (hedged) EUR 0.62 19/06/18

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.37 19/06/18

JPM Emerging Markets Strategic Bond A (mth) - USD USD 0.56 19/06/18

JPM Equity Premium Income A (mth) - USD USD 0.67 19/06/18

JPM Equity Premium Income C (mth) - USD USD 0.67 19/06/18

JPM Global Bond Opportunities A (mth) - EUR (hedged) EUR 0.36 19/06/18

JPM Global Bond Opportunities A (mth) - USD USD 0.34 19/06/18

JPM Global Bond Opportunities C (mth) - USD USD 0.35 19/06/18

JPM Global Bond Opportunities D (mth) - EUR (hedged) EUR 0.35 19/06/18

JPM Global Bond Opportunities D (mth) - USD USD 0.36 19/06/18

JPM Global Bond Opportunities X (irc) - AUD (hedged) AUD 0.03 19/06/18

JPM Global Convertibles (EUR) A (mth) - USD (hedged) USD 0.07 19/06/18

JPM Global Convertibles (EUR) C (mth) - USD (hedged) USD 0.07 19/06/18

JPM Global Convertibles (EUR) D (mth) - USD (hedged) USD 0.07 19/06/18

JPM Global Corporate Bond A (mth) - SGD SGD 0.04 19/06/18

JPM Global Corporate Bond A (mth) - USD USD 0.29 19/06/18

JPM Global Corporate Bond C (mth) - USD USD 0.29 19/06/18

JPM Global Corporate Bond D (mth) - USD USD 0.28 19/06/18

JPM Global Strategic Bond A (mth) - USD USD 0.26 19/06/18

JPM Global Strategic Bond A (perf) (mth) - USD USD 0.24 19/06/18

JPM Global Strategic Bond C (perf) (mth) - USD** USD 0.27 19/06/18

JPM Global Strategic Bond D (perf) (mth) - USD USD 0.23 19/06/18

JPM Income Fund A (mth) - HKD HKD 0.05 19/06/18

JPM Income Fund A (mth) - USD USD 0.04 19/06/18

JPM Latin America Corporate Bond A (mth) - USD USD 0.50 19/06/18

JPM Latin America Corporate Bond C (mth) - USD USD 0.50 19/06/18

JPM Latin America Corporate Bond D (mth) - USD USD 0.50 19/06/18

JPM Total Emerging Markets Income A (irc) - AUD (hedged) AUD 0.04 19/06/18

JPM Total Emerging Markets Income A (mth) - HKD HKD 0.05 19/06/18

JPM Total Emerging Markets Income A (mth) - SGD SGD 0.04 19/06/18

JPM Total Emerging Markets Income A (mth) - USD USD 0.36 19/06/18

JPM Total Emerging Markets Income D (mth) - EUR EUR 0.39 19/06/18

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 19/06/18

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 19/06/18

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 19/06/18

JPM US Aggregate Bond A (mth) - USD USD 0.03 19/06/18

JPM US Aggregate Bond C (mth) - USD USD 0.27 19/06/18

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.06 19/06/18

JPM US High Yield Plus Bond A (mth) - USD USD 0.49 19/06/18

JPM US High Yield Plus Bond X (mth) - USD USD 0.52 19/06/18

139

** Share Class reactivated during the year.

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

5. TaxationThe SICAV is not subject to taxation in Luxembourg on its income, profits or gains. The SICAV is not subject to net wealth tax in Luxembourg. The only tax to whichthe SICAV in Luxembourg is subject is the subscription tax (“Taxe d’Abonnement”), up to a rate of 0.05% per annum based on the net asset value attributed toeach Share Class at the end of the relevant quarter, calculated and paid quarterly. A reduced tax rate of 0.01% per annum of the net assets will be applicable toShare Classes as identified in the Appendix. The 0.01% and 0.05% rates described above, as appropriate, are not applicable for the portion of the assets of theSICAV invested in other Luxembourg collective investment undertakings which are themselves already subject to the Taxe d’Abonnement.

No stamp duty, capital duty or other tax is payable in Luxembourg upon the issue of the Shares of the SICAV. No tax is payable on realised or unrealisedcapital appreciation of the assets of the SICAV in the Grand Duchy of Luxembourg. Although the SICAV’s realised capital gains, whether short or long-term,are not expected to become taxable in another country, the shareholders must be aware and recognise that such a possibility is not totally excluded. Theregular income of the SICAV from some of its securities, as well as interest earned on cash deposits in certain countries, may be subject to withholding taxesat varying rates, which normally cannot be recovered.

Dividends, interest and capital gains on security investments held by any Sub-Fund may be subject to non-recoverable withholding tax and Capital Gains Taxof varying rates in the source countries.

6. Statement of Changes in InvestmentsA list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the financial year, may be obtained free ofcharge upon request at the registered office of the SICAV. Additional information on investments within each Sub-Fund’s portfolio is available toshareholders at the registered office of the SICAV.

7. Value of Financial Instruments and Associated RisksThe SICAV entered into forward currency exchange contracts, financial futures contracts, options and swaps which, to varying degrees, represent a marketrisk in excess of the amount reflected on the Combined Statement of Net Assets. The amount of the contracts represents the extent of the SICAV’sparticipation in these financial instruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates,indices, and security values underlying these instruments. Associated risks are set out in Appendix IV of the Prospectus.

In emerging and less developed markets, in which some of the Sub-Funds will invest, the legal, judicial and regulatory infrastructure is still developing andthere is much legal uncertainty both for local market participants and their overseas counterparts. Some markets may carry higher risks for investors whoshould therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. Insome markets there may be no secure method of delivery against payment which would minimise the exposure to counterparty risk. It may be necessary tomake payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds.

8. Collateral Received with Respect to Financial Techniques and Financial Derivative InstrumentsAssets received from counterparties in securities lending activities and OTC derivative transactions other than currency forwards constitute collateral.

The SICAV will only enter into transactions with counterparties which the Management Company believes to be creditworthy. Approved counterparties willtypically have a public rating of A- or above. Counterparties will comply with prudential rules considered by the CSSF as equivalent to EU prudential rules. Thecounterparty does not have discretion over the composition or management of a Sub-Fund’s portfolio or over the underlying of financial derivativeinstruments used by a Sub-Fund. Counterparty approval is not required in relation to any investment decision made by a Sub-Fund.

Collateral may be offset against gross counterparty exposure provided it meets a range of standards, including those for liquidity, valuation, issuer creditquality, correlation and diversification. In offsetting collateral its value is reduced by a percentage (a “haircut”) which provides, inter alia, for short termfluctuations in the value of the exposure and of the collateral. Collateral levels are maintained to ensure that net counterparty exposure does not exceed thelimits per counterparty as set out in the Prospectus. If any, collateral is received in the form of securities and cash. Non-cash collateral received is not sold orpledged.

Collateral received with respect to financial derivative instruments is shown in the Appendix.

9. Securities LendingThe SICAV may lend portions of its securities portfolio to third parties for the purpose of generating additional income or for reducing costs, to the maximumextent allowed by and within the limits set forth in (i) article 11 of the Grand Ducal regulation of 8 February 2008 relating to certain definitions of theLuxembourg Law, (ii) CSSF Circular 08/356 relating to the rules applicable to Undertakings for Collective Investment when they use certain techniques andinstruments relating to transferable securities and money market instruments, (iii) CSSF circular 14/592 relating to ESMA Guidelines on ETFs and otherUCITS issues and (iv) any other applicable laws, regulations, circulars or CSSF positions.

A significant proportion of the income generated from the securities lending program is credited to participating Sub-Funds, with a portion of the incomebeing paid to JPMorgan Chase Bank, N.A. for its role as securities lending agent for the SICAV. Borrowers of securities lent by participating Sub-Funds areapproved by the Management Company after appropriate assessment of such borrowers’ status and financial standing. The Management Company waivesthe incremental income previously received from the portion of income generated from the securities lending program, for its oversight of the program;hence, 85% of any incremental income earned from the securities lending is accrued to the applicable Sub-Fund, whilst the remaining 15% income is paid tothe securities lending agent which arranges the transaction. The net income earned from the securities lending program is detailed in the CombinedStatement of Operations and Changes in Net Assets.

As at 30 June 2018, the SICAV valuation of securities on loan is USD 2,102,681,428 as detailed below and received collateral with a market value ofUSD 2,216,312,140.

140

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

Sub-Fund Market ValueUSD

Cash Collateral**USD

Non CashCollateral*

USD

BaseCurrency

Lending Income(Gross)

Base Currency

LendingAgent Fee

Base Currency

LendingIncome (Net)

Base Currency

JPMorgan Funds - Africa Equity Fund - - - USD 12,064 1,809 10,255

JPMorgan Funds - America Equity Fund 16,108,274 - 16,961,127 USD 1,415 212 1,203

JPMorgan Funds - Asia Growth Fund (1) 2,137,132 75,366 2,172,538 USD 18,675 2,801 15,874

JPMorgan Funds - Asia Pacific Equity Fund 503,549 - 544,766 USD 15 2 13

JPMorgan Funds - Asia Pacific Income Fund 22,298,931 - 23,800,852 USD 7,817 1,173 6,644

JPMorgan Funds - China Fund 170,117,104 54,864,945 123,780,333 USD 1,087,771 163,166 924,605

JPMorgan Funds - Diversified Risk Fund 7,834,565 3,596,481 4,645,518 USD 24,286 3,643 20,643

JPMorgan Funds - Emerging Markets Diversified Equity Fund 6,902,681 - 7,304,930 USD 56,553 8,483 48,070

JPMorgan Funds - Emerging Markets Dividend Fund 452,390 - 499,766 USD 34,519 5,178 29,341

JPMorgan Funds - Emerging Markets Equity Fund 353,289,950 - 372,553,345 USD 11,176 1,677 9,499

JPMorgan Funds - Emerging Markets Opportunities Fund 70,233,039 - 73,951,529 USD 124,202 18,630 105,572

JPMorgan Funds - Emerging Markets Small Cap Fund 10,067,396 458,381 10,481,579 USD 457,967 68,695 389,272

JPMorgan Funds - Euroland Equity Fund - - - EUR 41,383 6,207 35,176

JPMorgan Funds - Euroland Select Equity Fund (2) - - - EUR 1,774 266 1,508

JPMorgan Funds - Europe Dividend Alpha Fund (3) - - - EUR 4,725 709 4,016

JPMorgan Funds - Europe Dynamic Fund 21,650,430 - 22,903,971 EUR 565,204 84,780 480,424

JPMorgan Funds - Europe Dynamic Small Cap Fund 24,646,392 1,658,851 24,133,937 EUR 71,677 10,751 60,926

JPMorgan Funds - Europe Dynamic Technologies Fund (4) 6,178,138 - 6,580,904 EUR 87,349 13,103 74,246

JPMorgan Funds - Europe Equity Absolute Alpha Fund 3,817,687 160,237 3,908,630 EUR 70,702 10,606 60,096

JPMorgan Funds - Europe Equity Fund 7,368,004 - 7,825,510 EUR 234,675 35,201 199,474

JPMorgan Funds - Europe Equity Plus Fund 112,076,306 1,338,118 118,184,322 EUR 1,961,952 294,292 1,667,660

JPMorgan Funds - Europe Research Enhanced Index Equity Fund (5) - - - EUR 905 136 769

JPMorgan Funds - Europe Select Equity Plus Fund (6) - - - EUR 1,141 172 969

JPMorgan Funds - Europe Small Cap Fund 45,556,060 - 49,778,925 EUR 111,914 16,787 95,127

JPMorgan Funds - Europe Strategic Growth Fund 18,526,845 2,349,918 17,661,174 EUR 378,218 56,733 321,485

JPMorgan Funds - Europe Strategic Value Fund 65,044,612 1,192,500 66,846,901 EUR 985,175 147,777 837,398

JPMorgan Funds - France Equity Fund (2) - - - EUR 1,568 235 1,333

JPMorgan Funds - Germany Equity Fund (2) - - - EUR 27,242 4,086 23,156

JPMorgan Funds - Global Bond Opportunities Fund 351,283,222 211,873,008 152,969,027 USD 241,229 36,184 205,045

JPMorgan Funds - Global Dynamic Fund 14,660,470 3,097,324 12,299,814 USD 149,496 22,425 127,071

JPMorgan Funds - Global Equity Plus Fund (7) 744,746 366,120 413,084 USD 240 36 204

JPMorgan Funds - Global Focus Fund 80,639,224 17,373,002 67,674,705 EUR 104,351 15,652 88,699

JPMorgan Funds - Global Natural Resources Fund 16,787,235 17,672,336 79,479 EUR 14,323 2,148 12,175

JPMorgan Funds - Global Research Enhanced Index Equity Fund 11,927,299 1,291,055 11,355,835 EUR 17,834 2,675 15,159

JPMorgan Funds - Global Socially Responsible Fund 901,901 946,842 - USD 279 42 237

JPMorgan Funds - Global Unconstrained Equity Fund 11,337,568 - 12,026,742 USD 15,719 2,358 13,361

JPMorgan Funds - Greater China Fund 54,886,137 29,178,952 28,045,391 USD 415,940 62,390 353,550

JPMorgan Funds - Hong Kong Fund 500,438 157,947 395,727 USD 46,361 6,954 39,407

JPMorgan Funds - Japan Equity Fund 451,873,731 35,951,807 444,046,296 JPY 347,334,043 52,100,107 295,233,936

JPMorgan Funds - Pacific Equity Fund 50,029,852 4,046,013 49,263,987 USD 234,774 35,215 199,559

JPMorgan Funds - Russia Fund - - - USD 68 10 58

JPMorgan Funds - Singapore Fund 1,800,776 538,955 1,486,108 USD 14,989 2,248 12,741

JPMorgan Funds - Systematic Alpha Fund 15,692,823 5,604,796 10,890,414 EUR 378,748 56,813 321,935

JPMorgan Funds - Total Emerging Markets Income Fund - - - USD 6,512 977 5,535

JPMorgan Funds - US Equity All Cap Fund 5,018,107 5,108,806 14,087 USD - - -

JPMorgan Funds - US Growth Fund 10,637,911 4,298,398 6,828,798 USD 10,724 1,608 9,116

JPMorgan Funds - US Opportunistic Long-Short Equity Fund - - - USD 1,450 217 1,233

JPMorgan Funds - US Research Enhanced Index Equity Fund 3,933,365 657,566 3,478,392 USD 2,728 409 2,319

JPMorgan Funds - US Select Equity Plus Fund 2,463,520 2,530,125 - USD 3,193 479 2,714

JPMorgan Funds - US Small Cap Growth Fund 13,052,163 13,338,048 - USD - - -

JPMorgan Funds - US Smaller Companies Fund 17,089,990 16,241,240 1,309,086 USD - - -

JPMorgan Funds - US Technology Fund 21,945,240 20,001,306 2,536,006 USD - - -

JPMorgan Funds - US Value Fund 666,225 - 710,162 USD - - -(1) This Sub-Fund was renamed from JPMorgan Funds - Asia Equity Fund to JPMorgan Funds - Asia Growth Fund on 29 September 2017.(2) This Sub-Fund was merged into JPMorgan Funds - Euroland Equity Fund on 9 February 2018.(3) This Sub-Fund was liquidated on 28 November 2017.(4) This Sub-Fund was renamed from JPMorgan Funds - Europe Technology Fund to JPMorgan Funds - Europe Dynamic Technologies Fund on 29 September 2017.(5) This Sub-Fund became dormant on 10 January 2018.(6) This Sub-Fund was merged into JPMorgan Investment Funds – Europe Select Equity Fund on 23 February 2018.(7) This Sub-Fund was launched on 26 April 2018.

* The securities received as collateral are in the form of government securities (US, UK, Eurozone and other government securities). These securities are issued and guaranteed as to principal andinterest by the governments of the relevant countries.** Cash collateral may be reinvested into Reverse Repurchase Transactions with high quality government bonds as collateral. Income earned is recorded under the “Securities Lending Income” inthe Combined Statement of Operations and Changes in Net Assets.

141

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

10. Transactions with Connected PartiesAll transactions with connected parties were carried out on an arm’s length basis.

JPMorgan Chase & Co. and its affiliates are counterparties for all securities lending activity and for certain forward currency exchange contracts, financialfutures contracts and swaps contracts.The Management Company, Registrar and Transfer Agent, Global Distributor and Domiciliary Agent, InvestmentManagers, Depositary, Corporate, Administrative and Listing Agent and other related Agents of the SICAV are considered as connected parties as they areaffiliated entities of JPMorgan Chase & Co. In addition Elvinger Hoss Prussen, société anonyme (of which Mr Jacques Elvinger who is on the Board of Directorsof the SICAV, is a partner) is compensated for legal services to the SICAV.

11. Commission Sharing ArrangementsThe Investment Managers may enter into commission sharing arrangements only where there is a direct and identifiable benefit to the clients of theInvestment Managers, including the SICAV, and where the Investment Managers are satisfied that the transactions generating the shared commissions aremade in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the SICAV and the Shareholders. Any sucharrangements must be made by the Investment Manager on terms commensurate with best market practice. Due to their local regulatory rights, certainInvestment Managers may make use of soft commission to pay for research or execution services. Other jurisdictions may have other arrangements in placeto pay for such services in accordance with local regulatory obligations.

From 1st January 2018, where JPMorgan Asset Management (UK) Limited is the investment manager, all costs associated with the purchase of externalresearch in relation to Soft Commission are being paid directly by JPMorgan Asset Management (UK) Limited.

12. Information for German Registered ShareholdersA list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the financial year, may be obtained free ofcharge upon request at the registered office of the SICAV and at the office of the German paying and information agent, JPMorgan Asset Management(Europe) S.à r.l., Frankfurt Branch, Taunustor 1, D-60310, Frankfurt am Main, Germany. Additional information on investments within each Sub-Fund’sportfolio is available to shareholders at the registered office of the SICAV and at the office of the German paying and information agent.

13. Information for Investors in SwitzerlandRepresentative in Switzerland: JPMorgan Asset Management (Switzerland) LLC, Dreikönigstrasse 21, 8002 Zürich.

Paying Agent in Switzerland: J.P. Morgan (Suisse) SA, 8 Rue de la Confédération, 1204 Geneva.

The Prospectus, the Key Investor Information Documents, the articles of incorporation, the annual and semi-annual financial report as well as a list of thepurchases and sales which the SICAV has undertaken during the financial year may be obtained free of charge from the representative.

On 1 October 2018 the address of the Swiss Representative will change as follows:

Old address: Dreikönigstrasse 21, 8002 Zürich

New address: Dreikönigstrasse 37, 8002 Zürich

14. Authorisation of Sub-Funds in Hong Kong

Certain Share Classes of the following Sub-Funds are authorised in Hong Kong and are available to Hong Kong residents:

JPMorgan Funds - America Equity Fund

JPMorgan Funds - Asia Pacific Equity Fund

JPMorgan Funds - Asia Pacific Income Fund

JPMorgan Funds - Brazil Equity Fund

JPMorgan Funds - China Fund

JPMorgan Funds - Emerging Europe Equity Fund

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund

JPMorgan Funds - Emerging Markets Debt Fund

JPMorgan Funds - Emerging Markets Dividend Fund

JPMorgan Funds - Emerging Markets Equity Fund

JPMorgan Funds - Emerging Markets Investment Grade Bond Fund

JPMorgan Funds - Emerging Markets Local Currency Debt Fund

JPMorgan Funds - Emerging Markets Opportunities Fund

JPMorgan Funds - Emerging Middle East Equity Fund

JPMorgan Funds - Euroland Equity Fund

JPMorgan Funds - Europe Dynamic Fund

JPMorgan Funds - Europe Dynamic Technologies Fund

JPMorgan Funds - Europe Equity Fund

JPMorgan Funds - Europe Small Cap Fund

JPMorgan Funds - Global Dynamic Fund

JPMorgan Funds - Global Government Bond Fund

JPMorgan Funds - Global Natural Resources Fund

JPMorgan Funds - Global Real Estate Securities Fund (USD)

JPMorgan Funds - Global Unconstrained Equity Fund

JPMorgan Funds - Greater China Fund

JPMorgan Funds - Hong Kong Fund

JPMorgan Funds - Income Fund

JPMorgan Funds - India Fund

JPMorgan Funds - Indonesia Equity Fund

JPMorgan Funds - Japan Equity Fund

JPMorgan Funds - Korea Equity Fund

JPMorgan Funds - Latin America Equity Fund

JPMorgan Funds - Russia Fund

JPMorgan Funds - Singapore Fund

JPMorgan Funds - Taiwan Fund

JPMorgan Funds - Total Emerging Markets Income Fund

JPMorgan Funds - US Aggregate Bond Fund

JPMorgan Funds - US Dollar Money Market Fund

JPMorgan Funds - US Growth Fund

JPMorgan Funds - US High Yield Plus Bond Fund

JPMorgan Funds - US Technology Fund

JPMorgan Funds - US Value Fund

15. Directors’ FeesThe only remuneration paid to Directors is an annual fee. This is waived by Mr Daniel Watkins and Mr Massimo Greco.

The total Directors’ fees for the year amounted to EUR 344,438 of which EUR 82,488 was due to the Chairman.

142

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

16. Transaction CostsFor the year ended 30 June 2018, the SICAV incurred transaction costs which have been defined as brokerage fees relating to purchase or sale oftransferable securities, derivatives (except OTC derivatives), money market instruments or other eligible assets. The SICAV also incurred transaction costscharged by the custodian agent and relating to purchase and sale of transferable securities as follows:

Sub-Fund BaseCurrency

CustodianTransaction Costs

and BrokerageFees

(in Base Currency)JPMorgan Funds - Africa Equity Fund USD 391,831JPMorgan Funds - Aggregate Bond Fund USD 245,335JPMorgan Funds - America Equity Fund USD 334,683JPMorgan Funds - ASEAN Equity Fund USD 1,418,880JPMorgan Funds - Asia Growth Fund USD 441,685JPMorgan Funds - Asia Pacific Equity Fund USD 2,142,181JPMorgan Funds - Asia Pacific Income Fund USD 3,890,793JPMorgan Funds - Asian Total Return Bond Fund USD 4,689JPMorgan Funds - Brazil Equity Fund USD 312,828JPMorgan Funds - China A-Share Opportunities Fund CNH 3,249,844JPMorgan Funds - China Bond Fund CNH 37,324JPMorgan Funds - China Fund USD 4,573,793JPMorgan Funds - Diversified Risk Fund USD 188,322JPMorgan Funds - Emerging Europe Equity Fund EUR 605,423JPMorgan Funds - Emerging Europe, Middle East and AfricaEquity Fund USD 665,578JPMorgan Funds - Emerging Markets Aggregate Bond Fund USD 59,931JPMorgan Funds - Emerging Markets Bond Fund USD 20,805JPMorgan Funds - Emerging Markets Corporate Bond Fund USD 182,447JPMorgan Funds - Emerging Markets Debt Fund USD 37,717JPMorgan Funds - Emerging Markets Diversified Equity Fund USD 1,372,249JPMorgan Funds - Emerging Markets Dividend Fund USD 897,085JPMorgan Funds - Emerging Markets Equity Fund USD 5,663,038JPMorgan Funds - Emerging Markets Investment Grade BondFund USD 22,938JPMorgan Funds - Emerging Markets Local Currency Debt Fund USD 130,048JPMorgan Funds - Emerging Markets Opportunities Fund USD 4,132,672JPMorgan Funds - Emerging Markets Small Cap Fund USD 2,144,890JPMorgan Funds - Emerging Markets Strategic Bond Fund USD 85,493JPMorgan Funds - Emerging Middle East Equity Fund USD 547,127JPMorgan Funds - Equity Premium Income Fund USD 5,311JPMorgan Funds - EU Government Bond Fund EUR 48,800JPMorgan Funds - Euro Aggregate Bond Fund EUR 6,988JPMorgan Funds - Euro Corporate Bond Fund EUR 5,232JPMorgan Funds - Euro Government Short Duration Bond Fund EUR 11,802JPMorgan Funds - Euro Money Market Fund EUR 8,477JPMorgan Funds - Euro Short Duration Bond Fund EUR 1,656JPMorgan Funds - Euroland Dynamic Fund EUR 2,680,301JPMorgan Funds - Euroland Equity Fund EUR 2,171,182JPMorgan Funds - Euroland Select Equity Fund EUR 84,563JPMorgan Funds - Europe Dividend Alpha Fund EUR 155,270JPMorgan Funds - Europe Dynamic Fund EUR 6,169,233JPMorgan Funds - Europe Dynamic Small Cap Fund EUR 1,854,710JPMorgan Funds - Europe Dynamic Technologies Fund EUR 1,459,752JPMorgan Funds - Europe Equity Absolute Alpha Fund EUR 612,702JPMorgan Funds - Europe Equity Fund EUR 2,999,561JPMorgan Funds - Europe Equity Plus Fund EUR 7,205,227JPMorgan Funds - Europe High Yield Bond Fund EUR 12,114JPMorgan Funds - Europe High Yield Short Duration Bond Fund EUR 4,951JPMorgan Funds - Europe Research Enhanced Index EquityFund EUR 47,061JPMorgan Funds - Europe Select Equity Plus Fund EUR 38,643JPMorgan Funds - Europe Small Cap Fund EUR 1,877,871JPMorgan Funds - Europe Strategic Growth Fund EUR 7,007,052JPMorgan Funds - Europe Strategic Value Fund EUR 8,773,613JPMorgan Funds - Europe Sustainable Equity Fund EUR 862,893JPMorgan Funds - Financials Bond Fund EUR 35,630JPMorgan Funds - Flexible Credit Fund USD 63,295JPMorgan Funds - France Equity Fund EUR 123,272JPMorgan Funds - Germany Equity Fund EUR 660,619JPMorgan Funds - Global Absolute Return Bond Fund USD 82,017JPMorgan Funds - Global Aggregate Bond Fund USD 49,821JPMorgan Funds - Global Allocation Fund EUR 10,717JPMorgan Funds - Global Bond Opportunities Fund USD 539,605JPMorgan Funds - Global Capital Structure Opportunities Fund EUR 29,593JPMorgan Funds - Global Convertibles Fund (EUR) EUR 64,376

Sub-Fund BaseCurrency

CustodianTransaction Costs

and BrokerageFees

(in Base Currency)JPMorgan Funds - Global Corporate Bond Duration-HedgedFund USD 64,303JPMorgan Funds - Global Corporate Bond Fund USD 415,159JPMorgan Funds - Global Dynamic Fund USD 415,887JPMorgan Funds - Global Emerging Markets Research EnhancedIndex Equity Fund USD 111,070JPMorgan Funds - Global Equity Plus Fund USD 14,651JPMorgan Funds - Global Focus Fund EUR 2,227,633JPMorgan Funds - Global Government Bond Fund EUR 122,806JPMorgan Funds - Global Government Short Duration BondFund EUR 23,532JPMorgan Funds - Global Healthcare Fund USD 2,220,118JPMorgan Funds - Global Merger Arbitrage Fund USD 9,801JPMorgan Funds - Global Multi Asset Portfolios Fund EUR 2,162JPMorgan Funds - Global Multi Strategy Income Fund EUR 22,175JPMorgan Funds - Global Natural Resources Fund EUR 788,859JPMorgan Funds - Global Real Estate Securities Fund (USD) USD 153,626JPMorgan Funds - Global Research Enhanced Index Equity Fund EUR 513,321JPMorgan Funds - Global Short Duration Bond Fund USD 49,409JPMorgan Funds - Global Socially Responsible Fund USD 71,127JPMorgan Funds - Global Strategic Bond Fund USD 106,419JPMorgan Funds - Global Unconstrained Equity Fund USD 672,116JPMorgan Funds - Greater China Fund USD 1,578,383JPMorgan Funds - Highbridge Europe STEEP Fund EUR 3,532JPMorgan Funds - Highbridge US STEEP Fund USD 671,899JPMorgan Funds - Hong Kong Fund USD 387,028JPMorgan Funds - Income Fund USD 27,882JPMorgan Funds - Income Opportunity Plus Fund USD 23,180JPMorgan Funds - India Fund USD 1,504,599JPMorgan Funds - Indonesia Equity Fund USD 171,782JPMorgan Funds - Italy Flexible Bond Fund EUR 11,564JPMorgan Funds - Japan Equity Fund JPY 214,679,763JPMorgan Funds - Korea Equity Fund USD 1,127,150JPMorgan Funds - Latin America Corporate Bond Fund USD 8,333JPMorgan Funds - Latin America Equity Fund USD 1,014,196JPMorgan Funds - Managed Reserves Fund USD 13,576JPMorgan Funds - Multi-Asset Italy PIR Fund EUR 50,931JPMorgan Funds - Multi-Manager Alternatives Fund USD 746,965JPMorgan Funds - Pacific Equity Fund USD 988,168JPMorgan Funds - Russia Fund USD 668,149JPMorgan Funds - Singapore Fund USD 79,535JPMorgan Funds - Sterling Bond Fund GBP 7,767JPMorgan Funds - Sterling Managed Reserves Fund GBP 4,419JPMorgan Funds - Systematic Alpha Fund EUR 1,599,768JPMorgan Funds - Systematic Alpha Higher Volatility Fund EUR 40,650JPMorgan Funds - Taiwan Fund USD 867,797JPMorgan Funds - Total Emerging Markets Income Fund USD 358,023JPMorgan Funds - Turkey Equity Fund EUR 4,985JPMorgan Funds - US Aggregate Bond Fund USD 27,289JPMorgan Funds - US Corporate Bond Fund USD 16,397JPMorgan Funds - US Dollar Money Market Fund USD 27,183JPMorgan Funds - US Equity All Cap Fund USD 395,884JPMorgan Funds - US Equity Plus Fund USD 51,688JPMorgan Funds - US Growth Fund USD 80,474JPMorgan Funds - US Hedged Equity Fund USD 14,081JPMorgan Funds - US High Yield Plus Bond Fund USD 19,083JPMorgan Funds - US Opportunistic Long-Short Equity Fund USD 432,114JPMorgan Funds - US Research Enhanced Index Equity Fund USD 286,767JPMorgan Funds - US Select Equity Plus Fund USD 1,439,926JPMorgan Funds - US Select Long-Short Equity Fund USD 49,205JPMorgan Funds - US Short Duration Bond Fund USD 13,683JPMorgan Funds - US Small Cap Growth Fund USD 201,691JPMorgan Funds - US Smaller Companies Fund USD 358,345JPMorgan Funds - US Technology Fund USD 225,118JPMorgan Funds - US Value Fund USD 345,975

For fixed income securities, transaction costs are not separately identifiable from the purchase price of the security and therefore cannot be disclosed separately.

143

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

17. Significant Events during the Year

a) Sub-Fund launchesDuring the year, the following Sub-Funds were launched:

JPMorgan Funds - Latin America Corporate Bond Fund on 10 July 2017;

JPMorgan Funds - Multi-Asset Italy PIR Fund on 12 July 2017;

JPMorgan Funds - Global Corporate Bond Duration-Hedged Fund on 31 July 2017;

JPMorgan Funds - Systematic Alpha Higher Volatility Fund on 18 April 2018;

JPMorgan Funds - Global Equity Plus Fund on 26 April 2018.

b) Sub-Fund liquidationsDuring the year, the following Sub-Funds were liquidated:

JPMorgan Funds - Global Allocation Fund on 17 July 2017;

JPMorgan Funds - Global Multi Asset Portfolios Fund on 25 October 2017;

JPMorgan Funds - Global Merger Arbitrage Fund on 17 November 2017;

JPMorgan Funds - Europe Dividend Alpha Fund on 28 November 2017.

JPMorgan Funds - Europe Research Enhanced Index Equity Fund became dormant on 10 January 2018.

c) Sub-Fund mergersDuring the year, the following Sub-Funds were merged:

JPMorgan Funds - Turkey Equity Fund merged into JPMorgan Funds - Emerging Europe Equity Fund on 14 July 2017;

JPMorgan Funds – US Select Long-Short Equity Fund merged into JPMorgan Funds - US Opportunistic Long-Short Equity Fund on 1 December 2017;

JPMorgan Funds - Euroland Select Equity Fund, JPMorgan Funds - France Equity Fund and JPMorgan Funds - Germany Equity Fund merged into JPMorganFunds - Euroland Equity Fund on 9 February 2018;

JPMorgan Funds – Income Opportunity Plus Fund merged into JPMorgan Investment Funds – Income Opportunity Fund on 9 February 2018;

JPMorgan Funds – Euro Short Duration Bond Fund merged into JPMorgan Funds – Global Short Duration Bond Fund on 23 February 2018;

JPMorgan Funds – Europe Select Equity Plus Fund merged into JPMorgan Investment Funds – Europe Select Equity Fund on 23 February 2018;

JPMorgan Funds – Highbridge Europe STEEP Fund merged into JPMorgan Funds – Europe Dynamic Fund on 23 February 2018;

JPMorgan Funds – US Equity Plus Fund merged into JPMorgan Funds – US Select Equity Plus Fund on 23 February 2018.

d) Share Class transactions-in-kindDuring the year, the Duration Hedged Share Classes of Sub-Fund JPMorgan Funds - Global Corporate Bond Fund redeemed-in-kind and consequentlysubscribed-in-kind into JPMorgan Funds - Global Corporate Bond Duration-Hedged Fund on 31 July 2017.

e) Share Class merger and name changeWith effect from 29 September 2017, following Share Classes were renamed:

Old Share Class Name New Share Class Name

JPM Europe High Yield Short Duration Bond S (acc) - EUR JPM Europe High Yield Short Duration Bond S1 (acc) - EUR

JPM Global Capital Structure Opportunities S (acc) - EUR JPM Global Capital Structure Opportunities S1 (acc) - EUR

JPM Highbridge Europe STEEP S (perf) (acc) - EUR JPM Highbridge Europe STEEP S1 (perf) (acc) - EUR

JPM Multi-Manager Alternatives S (acc) - CHF (hedged) JPM Multi-Manager Alternatives S1 (acc) - CHF (hedged)

JPM Multi-Manager Alternatives S (acc) - EUR (hedged) JPM Multi-Manager Alternatives S1 (acc) - EUR (hedged)

JPM Multi-Manager Alternatives S (acc) - SEK (hedged) JPM Multi-Manager Alternatives S1 (acc) - SEK (hedged)

JPM Multi-Manager Alternatives S (acc) - USD JPM Multi-Manager Alternatives S1 (acc) - USD

With effect from 10 November 2017, the “(inc)” Share Classes of the Sub-Funds were merged into the equivalent “(dist)” Share Classes within the sameSub-Fund or, where corresponding “(dist)” Share Classes within the same Sub-Fund had not been launched, the “(inc)” Share Classes were renamed to theequivalent “(dist)” Share Classes with Share Class identifiers retained.

With effect from 1 July 2017, the performance fee charged on JPMorgan Funds - Europe Research Enhanced Index Equity Fund, JPMorgan Funds - GlobalEmerging Markets Research Enhanced Index Equity Fund, JPMorgan Funds - Global Research Enhanced Index Equity Fund and JPMorgan Funds - USResearch Enhanced Index Equity Fund was removed. As a consequence, the suffix“perf” was removed from the Share Class names.

Merging Share Classes Receiving Share Classes

JPM Aggregate Bond C (inc) - EUR (hedged) JPM Aggregate Bond C (dist) - EUR (hedged)

JPM Emerging Markets Opportunities A (inc) - EUR JPM Emerging Markets Opportunities A (dist) - EUR

JPM Emerging Markets Opportunities C (inc) - EUR JPM Emerging Markets Opportunities C (dist) - EUR

JPM Emerging Markets Strategic Bond A (inc) - USD JPM Emerging Markets Strategic Bond A (dist) - USD

JPM Emerging Markets Strategic Bond C (inc) - USD JPM Emerging Markets Strategic Bond C (dist) - USD

JPM Euroland Equity A (inc) - EUR JPM Euroland Equity A (dist) - EUR

JPM Europe Dynamic A (inc) - EUR JPM Europe Dynamic A (dist) - EUR

JPM Europe Dynamic C (inc) - EUR JPM Europe Dynamic C (dist) - EUR

JPM Global Convertibles (EUR) I (inc) - EUR JPM Global Convertibles (EUR) I (dist) - EUR

JPM Global Corporate Bond A (inc) - EUR (hedged) JPM Global Corporate Bond A (dist) - EUR (hedged)

JPM Global Corporate Bond I (inc) - EUR (hedged) JPM Global Corporate Bond I (dist) - EUR (hedged)

JPM US Aggregate Bond C (inc) - USD JPM US Aggregate Bond C (dist) - USD

JPM US Aggregate Bond I (inc) - USD JPM US Aggregate Bond I (dist) - USD

144

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

f) Changes to Investment Strategies, Investment Objectives and Policies, Investor Profile and Names

With effect from 12 July 2017, the investment policy of JPMorgan Funds - Asia Pacific Income Fund was amended to hold up to a maximum of 10% of its assetsin contingent convertible securities (previously 5%).

With effect from 29 September 2017, JPMorgan Funds - Asia Equity Fund changed its name to JPMorgan Funds - Asia Growth Fund. The investment objectiveand policy of the Sub-Fund was amended to clarify that the Sub-Fund will now invest primarily in a growth biased concentrated portfolio.

With effect from 29 September 2017, JPMorgan Funds - Europe Technology Fund changed its name to JPMorgan Funds - Europe Dynamic Technologies Fund.The investment objective and policy of the Sub-Fund was amended to clarify that the Sub-Fund also invests in companies related to technologies, includingbut not limited to technology, media and communications.

With effect from 30 November 2017, the investment policy of JPMorgan Funds - Euroland Equity Fund was amended to clarify that the Sub-Fund will invest atleast 75% of its net assets in equity securities (excluding convertible securities, index and participation notes and equity linked notes) of companiesdomiciled in countries which are part of the Euro-zone.

With effect from 27 December 2017 the investment objective of JPMorgan Funds – Korea Equity Fund was amended to remove reference to financialderivative instruments being used for investment purposes.

With effect from 3 January 2018, the investment objective and policy of JPMorgan Funds - Quantitative Flexible Bond Fund was amended to remove theflexibility for use of financial derivative instruments for investment purposes.

With effect from 8 January 2018, the investment objective of JPMorgan Funds – Global Natural Resources Fund was amended to clarify that the Sub-Fund willbe investing primarily in natural resources companies globally and accordingly investment policy was amended to clarify that the Sub-Fund will haveexposure to small capitalisation companies and may invest in emerging markets (instead of high risk markets, previously) and investor profile was updated.

g) Change to the Sub-Fund benchmark

With effect from 3 July 2017, the benchmark for JPMorgan Funds – Africa Equity Fund changed from MSCI Emerging and Frontier Markets Africa Index (TotalReturn Net) to Dow Jones Africa Titans 50 Index (Total Return Net).

With effect from 1 August 2017, the benchmark for JPMorgan Funds - Emerging Middle East Equity Fund changed from MSCI Middle East Index (Total ReturnNet) to S&P Pan Arab Composite Index (Total Return Net).

With effect from 2 October 2017, the benchmark for JPMorgan Funds - US Technology Fund changed from BofA Merrill Lynch 100 Technology Price Index toRussell 1000 Equal Weight Technology Index (Total Return Net).

With effect from 11 April 2018, the benchmark for JPMorgan Funds – Emerging Europe Equity Fund changed from MSCI Emerging Markets Europe Index (TotalReturn Net) to MSCI Emerging Markets Europe 10/40 Index (Total Return Net).

h) Removal of Performance Fee and reduction of Management and Advisory Fee

With effect from 1 July 2017, the performance fee of 10% was removed and the Management and Advisory Fee was reduced to 0.19% on the C and I ShareClasses, to 0.38% on the A Share Class and 0.10% on S Share Classes (JPMorgan Funds - Global Emerging Markets Research Enhanced Index Equity Fundonly) for the following Sub-Funds:

JPMorgan Funds - Europe Research Enhanced Index Equity Fund;

JPMorgan Funds - Global Emerging Markets Research Enhanced Index Equity Fund;

JPMorgan Funds - Global Research Enhanced Index Equity Fund;

JPMorgan Funds - US Research Enhanced Index Equity Fund.

With effect from 1 September 2017 performance and non-performance fee Share Classes were merged or renamed.

With effect from 11 May 2018, the Management and Advisory Fee was reduced to 1.25% on the A Share Classes, to 0.60% on the C Share Class and 1.25% onD Share Classes for JPMorgan Funds - Multi-Manager Alternatives Fund.

i) Swing waiver mechanism

With effect from 26 September 2017, the swing waiver period for JPMorgan Funds - Europe High Yield Short Duration Bond Fund was extended to 31 March2018. Subsequently, the end of the swing waiver period was extended to 31 December 2018 effective 12 March 2018.

With effect from 26 September 2017, the swing waiver period for JPMorgan Funds - Income Fund was extended to 31 March 2018. Subsequently, with effectfrom 1 April 2018, JPMorgan Funds - Income Fund was removed from the swing waiver mechanism having reached the end of its waiver period.

With effect from 1 October 2017, JPMorgan Funds - Global Emerging Markets Research Enhanced Index Equity Fund was removed from the scope of the swingwaiver mechanism.

With effect from 6 December 2017, the swing waiver period for JPMorgan Funds - US Corporate Bond Fund was extended to 31 December 2018.

With effect from 17 May 2018, JPMorgan Funds - Diversified Risk Fund was included in the scope of the swing waiver mechanism with an AUM target ofUSD 400 million or by the end of waiver period on 15 August 2018, whichever comes first.

18. Events after the Year-End

a) Sub-Fund launch

Subsequent to the year-end, JPMorgan Funds - Quantitative Flexible Bond Fund was launched on 17 September 2018.

b) Sub-Fund mergers

Subsequent to the year, the following Sub-Fund was merged:

JPMorgan Funds - Highbridge US STEEP Fund merged into JPMorgan Funds - US Select Equity Plus Fund on 28 September 2018.

145

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

c) Sub-Fund registration

The Management Company has submitted a request to deregister JPMorgan Funds - Singapore Fund with the SFC in Hong Kong. This request was made inanticipation of the prospective merger of the Sub-Fund with another Sub-Fund of JPMorgan Funds (the “Fund”) for which authorisation is currently not andwill not be sought from the SFC in Hong Kong. The deregistration was effective from 8 October 2018.

d) Changes to the Prospectus

JPMorgan Funds - Multi-Manager Alternatives Fund - Fee Reduction

With effect from July 2018, the Prospectus was amended to incorporate the reduction of the Annual Management Charge on A, C, D, I and I2 Share Class and areduction of the distribution fee on the D Share Class.

Change to Sub-Fund benchmark

With effect from 15 September 2018 the equity components of the benchmark for JPMorgan Funds - Multi-Asset Italy PIR Fund changed from FTSE MIB Indexand FTSA Italia Mid Cap Index and replaced with the FTSA Italia PIR Benchmark.

146

JPMorgan FundsNotes to the Financial Statements (continued)

As at 30 June 2018

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

CanadaFirst Quantum Minerals Ltd. CAD 767,610 11,267,493 5.36

11,267,493 5.36

Cayman IslandsEndeavour Mining Corp. CAD 52,800 955,428 0.45

955,428 0.45

EgyptCommercial International Bank EgyptSAE, Reg. S, GDR USD 2,483,545 12,262,503 5.84Eastern Tobacco EGP 139,020 1,389,423 0.66Egyptian International PharmaceuticalsEIPICO EGP 144,700 1,064,316 0.51

14,716,242 7.01

JerseyRandgold Resources Ltd. GBP 62,490 4,802,266 2.29

4,802,266 2.29

KenyaBritish American Tobacco Kenya Ltd. KES 118,860 724,828 0.34Co-operative Bank of Kenya Ltd. (The) KES 9,092,632 1,600,339 0.76East African Breweries Ltd. KES 1,539,455 3,434,580 1.64Equity Group Holdings Ltd. KES 10,050,191 4,559,209 2.17KCB Group Ltd. KES 8,826,052 4,200,798 2.00Safaricom plc KES 34,432,623 10,157,368 4.84

24,677,122 11.75

MauritiusMCB Group Ltd. MUR 233,990 1,861,591 0.89

1,861,591 0.89

MoroccoAttijariwafa Bank MAD 143,420 7,169,792 3.41Label Vie MAD 5,715 1,277,072 0.61Maroc Telecom MAD 258,260 3,797,541 1.81Societe Des Brasseries du Maroc MAD 4,110 1,302,139 0.62

13,546,544 6.45

NigeriaDangote Cement plc NGN 4,824,266 3,058,235 1.46Guaranty Trust Bank plc NGN 77,430,392 8,520,258 4.06Nestle Nigeria plc NGN 1,293,624 5,640,178 2.68Nigerian Breweries plc NGN 8,578,633 2,659,747 1.27SEPLAT Petroleum Development Co. plc GBP 1,097,690 1,993,341 0.95UAC of Nigeria plc NGN 21,071,526 818,094 0.39Zenith Bank plc NGN 72,638,777 5,022,017 2.39

27,711,870 13.20

South AfricaAlexander Forbes Group Holdings Ltd. ZAR 2,249,180 915,956 0.44AVI Ltd. ZAR 293,660 2,305,696 1.10Barclays Africa Group Ltd. ZAR 129,160 1,480,115 0.70Bid Corp. Ltd. ZAR 239,043 4,710,250 2.24Bidvest Group Ltd. (The) ZAR 106,563 1,507,119 0.72Capitec Bank Holdings Ltd. ZAR 30,537 1,918,984 0.91City Lodge Hotels Ltd. ZAR 71,320 715,110 0.34Clicks Group Ltd. ZAR 285,369 4,018,202 1.91Famous Brands Ltd. ZAR 140,400 1,144,343 0.55FirstRand Ltd. ZAR 1,448,204 6,669,864 3.18Foschini Group Ltd. (The) ZAR 133,810 1,684,916 0.80KAP Industrial Holdings Ltd. ZAR 1,642,580 885,358 0.42Mr Price Group Ltd. ZAR 116,521 1,894,199 0.90Naspers Ltd. ‘N’ ZAR 84,344 20,744,838 9.88Old Mutual Ltd. GBP 3,022,786 6,072,730 2.89Pick n Pay Stores Ltd. ZAR 188,430 1,019,671 0.49PSG Group Ltd. ZAR 53,700 832,919 0.40PSG Konsult Ltd. ZAR 1,531,680 1,067,325 0.51Reunert Ltd. ZAR 181,200 1,048,041 0.50RMB Holdings Ltd. ZAR 204,350 1,122,538 0.53Sanlam Ltd. ZAR 204,460 1,031,959 0.49Santam Ltd. ZAR 51,520 1,074,339 0.51Sasol Ltd. ZAR 198,926 7,241,338 3.45

Shoprite Holdings Ltd. ZAR 233,569 3,696,520 1.76Standard Bank Group Ltd. ZAR 395,720 5,494,384 2.62Telkom SA SOC Ltd. ZAR 296,750 1,045,742 0.50

81,342,456 38.74

TanzaniaNMB Bank plc TZS 349,990 423,530 0.20

423,530 0.20

United KingdomAnglo American plc ZAR 192,940 4,320,040 2.06Quilter plc GBP 1,007,595 1,922,679 0.92Tullow Oil plc GBP 4,328,560 13,972,171 6.65

20,214,890 9.63

Total Equities 201,519,432 95.97

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 201,519,432 95.97

Other transferable securities and money market instruments

Equities

ZimbabweDelta Corp. Ltd. * USD 3,078,280 2,296,397 1.09

2,296,397 1.09

Total Equities 2,296,397 1.09

Total Other transferable securities and money marketinstruments 2,296,397 1.09

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund - JPMUS Dollar Liquidity X (dist.)† USD 6,959,817 6,959,817 3.32

6,959,817 3.32

Total Collective Investment Schemes - UCITS 6,959,817 3.32

Total Units of authorised UCITS or other collective investmentundertakings 6,959,817 3.32

Total Investments 210,775,646 100.38

Cash 816,335 0.39

Other Assets/(Liabilities) (1,617,220) (0.77)

Total Net Assets 209,974,761 100.00

* Security is valued at its fair value under the direction of the Board of Directors.† Related Party Fund.

147

JPMorgan Funds - Africa Equity FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsSouth Africa 38.74Nigeria 13.20Kenya 11.75United Kingdom 9.63Egypt 7.01Morocco 6.45Canada 5.36Luxembourg 3.32Jersey 2.29Zimbabwe 1.09Mauritius 0.89Cayman Islands 0.45Tanzania 0.20Total Investments 100.38Cash and Other Assets/(Liabilities) (0.38)

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

South Africa 42.13Nigeria 12.82Kenya 10.41United Kingdom 8.15Egypt 6.42Morocco 6.36Canada 4.48Jersey 4.15Luxembourg 1.88Zimbabwe 1.48Mauritius 0.91Cayman Islands 0.52Tanzania 0.20Total Investments 99.91Cash and Other Assets/(Liabilities) 0.09

Total 100.00

148

JPMorgan Funds - Africa Equity FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

ArgentinaArgentina Government Bond 6.875%22/04/2021 USD 1,083,000 1,080,894 0.03Argentina Government Bond, Reg. S3.875% 15/01/2022 EUR 1,929,000 2,163,018 0.07

3,243,912 0.10

AustraliaAustralia Government Bond, Reg. S5.75% 15/05/2021 AUD 43,070,000 35,069,080 1.10Australia Government Bond, Reg. S3.75% 21/04/2037 AUD 2,300,000 1,901,370 0.06Commonwealth Bank of Australia,Reg. S 0.375% 24/04/2023 EUR 9,347,000 10,934,262 0.34National Australia Bank Ltd., Reg. S1.125% 10/11/2021 GBP 13,200,000 17,266,546 0.54New South Wales Treasury Corp.,Reg. S 6% 01/05/2020 AUD 2,456,000 1,941,822 0.06Scentre Group Trust 1, REIT, Reg. S1.5% 16/07/2020 EUR 1,942,000 2,320,303 0.07Transurban Finance Co. Pty. Ltd.,Reg. S 1.875% 16/09/2024 EUR 1,129,000 1,378,544 0.05

70,811,927 2.22

AustriaAustria Government Bond, Reg. S,144A 0.5% 20/04/2027 EUR 6,650,000 7,767,404 0.25Austria Government Bond, Reg. S,144A 4.15% 15/03/2037 EUR 2,750,000 4,856,649 0.15

12,624,053 0.40

BelgiumBelgium Government Bond, Reg. S,144A 1% 22/06/2026 EUR 13,418,060 16,365,395 0.51Belgium Government Bond, Reg. S,144A 5% 28/03/2035 EUR 1,594,000 2,937,450 0.09Belgium Government Bond, Reg. S,144A 4.25% 28/03/2041 EUR 2,270,000 4,095,530 0.13Belgium Government Bond, Reg. S4% 28/03/2032 EUR 1,670,000 2,709,359 0.09KBC Group NV, Reg. S, FRN 1.625%18/09/2029 EUR 4,300,000 4,882,682 0.15

30,990,416 0.97

BermudaBermuda Government Bond, 144A3.717% 25/01/2027 USD 3,518,000 3,312,478 0.10

3,312,478 0.10

CanadaCanada Government Bond 2.75%01/06/2022 CAD 15,555,000 12,125,912 0.38Canada Government Bond 1.5%01/06/2023 CAD 38,188,000 28,214,687 0.88Canada Government Bond 5.75%01/06/2033 CAD 8,353,000 9,181,661 0.29Canada Government Bond 5%01/06/2037 CAD 10,550,000 11,428,953 0.36Cenovus Energy, Inc. 6.75%15/11/2039 USD 1,399,000 1,544,167 0.05Cenovus Energy, Inc. 5.2%15/09/2043 USD 871,000 826,048 0.02National Bank of Canada, Reg. S 0.5%26/01/2022 EUR 4,228,000 5,002,936 0.16Province of Alberta Canada 3.3%15/03/2028 USD 9,145,000 9,128,585 0.29Province of Quebec Canada 5%01/12/2041 CAD 5,700,000 5,778,049 0.18Royal Bank of Canada, Reg. S 0.25%28/06/2023 EUR 7,047,000 8,193,394 0.26Toronto-Dominion Bank (The), Reg. S0.25% 12/01/2023 EUR 7,476,000 8,722,997 0.27Toronto-Dominion Bank (The), Reg. S0.625% 06/06/2025 EUR 2,215,000 2,587,301 0.08

102,734,690 3.22

DenmarkDenmark Government Bond 1.75%15/11/2025 DKK 60,000,000 10,539,179 0.33

10,539,179 0.33

EgyptEgypt Government Bond, Reg. S4.75% 16/04/2026 EUR 1,620,000 1,741,216 0.06Egypt Government Bond, Reg. S5.625% 16/04/2030 EUR 1,570,000 1,655,210 0.05

3,396,426 0.11

FinlandFinland Government Bond, Reg. S,144A 0.5% 15/09/2027 EUR 3,400,000 3,965,952 0.12

3,965,952 0.12

FranceArkea Home Loans SFH SA, Reg. S0.75% 05/10/2027 EUR 530,000 614,499 0.02BPCE SA, 144A 5.15% 21/07/2024 USD 5,560,000 5,646,541 0.18BPCE SA, Reg. S 1% 05/10/2028 EUR 1,500,000 1,706,751 0.05Caisse d’Amortissement de la DetteSociale, Reg. S 4.25% 25/04/2020 EUR 450,000 568,897 0.02Caisse d’Amortissement de la DetteSociale, Reg. S 4.375% 25/10/2021 EUR 125,000 168,469 0.00Credit Agricole Home Loan SFH SA,Reg. S 0.625% 11/09/2023 EUR 10,050,000 11,955,424 0.37Dexia Credit Local SA, Reg. S 1.25%26/11/2024 EUR 12,400,000 15,173,772 0.48France Government Bond OAT,Reg. S, 144A 2% 25/05/2048 EUR 5,613,739 7,234,907 0.23France Government Bond OAT, Reg. S3.25% 25/10/2021 EUR 13,084,000 17,106,236 0.54France Government Bond OAT, Reg. S2.75% 25/10/2027 EUR 901,498 1,265,491 0.04France Government Bond OAT, Reg. S4.5% 25/04/2041 EUR 190,594 361,530 0.01France Government Bond OAT, Reg. S4% 25/04/2055 EUR 442,400 850,984 0.03Imerys SA, Reg. S 2% 10/12/2024 EUR 900,000 1,110,425 0.03UNEDIC ASSEO, Reg. S 0.25%24/11/2023 EUR 7,300,000 8,604,147 0.27

72,368,073 2.27

GermanyBundesrepublik Deutschland, Reg. S4.75% 04/07/2034 EUR 7,550,000 14,286,962 0.45Kreditanstalt fuer Wiederaufbau2.125% 15/08/2023 EUR 2,000,000 2,581,146 0.08Volkswagen Leasing GmbH, Reg. S2.625% 15/01/2024 EUR 1,448,000 1,809,978 0.06

18,678,086 0.59

HungaryHungary Government Bond 7.5%12/11/2020 HUF 3,360,000,000 13,516,765 0.42Hungary Government Bond 0.5%21/04/2021 HUF 1,757,960,000 5,976,654 0.19Hungary Government Bond 1.75%26/10/2022 HUF 2,207,950,000 7,626,975 0.24Hungary Government Bond 5.375%25/03/2024 USD 4,700,000 5,001,435 0.16

32,121,829 1.01

IcelandIceland Government Bond, Reg. S0.5% 20/12/2022 EUR 13,000,000 15,322,486 0.48

15,322,486 0.48

IndonesiaIndonesia Treasury 7% 15/05/2027 IDR 281,094,000,000 18,482,960 0.58Pertamina Persero PT, Reg. S 5.625%20/05/2043 USD 6,635,000 6,311,781 0.20

24,794,741 0.78

IrelandAerCap Ireland Capital DAC 3.5%15/01/2025 USD 3,470,000 3,259,975 0.10AerCap Ireland Capital DAC 3.65%21/07/2027 USD 3,815,000 3,478,078 0.11Fresenius Finance Ireland plc, Reg. S2.125% 01/02/2027 EUR 2,372,000 2,854,569 0.09GE Capital International Funding Co.Unlimited Co. 3.373% 15/11/2025 USD 2,395,000 2,300,841 0.07Ireland Government Bond, Reg. S3.4% 18/03/2024 EUR 4,715,500 6,522,674 0.20Ireland Government Bond, Reg. S 1%15/05/2026 EUR 1,850,000 2,235,119 0.07

149

JPMorgan Funds - Aggregate Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Ireland Government Bond, Reg. S1.3% 15/05/2033 EUR 34,898,000 40,739,586 1.28Liberty Mutual Finance Europe DAC,Reg. S 1.75% 27/03/2024 EUR 2,950,000 3,512,443 0.11

64,903,285 2.03

IsraelIsrael Government Bond 3.75%31/03/2024 ILS 10,430,000 3,248,536 0.10

3,248,536 0.10

ItalyAutostrade per l’Italia SpA, Reg. S2.875% 26/02/2021 EUR 3,479,000 4,325,827 0.14Autostrade per l’Italia SpA, Reg. S1.75% 26/06/2026 EUR 2,921,000 3,353,416 0.11Eni SpA, Reg. S 1.125% 19/09/2028 EUR 5,913,000 6,410,996 0.20Intesa Sanpaolo SpA, Reg. S 0.5%03/02/2020 EUR 21,100,000 24,300,426 0.76Italy Buoni Poliennali Del Tesoro 4%01/09/2020 EUR 37,667,000 46,819,250 1.47Italy Buoni Poliennali Del Tesoro 9%01/11/2023 EUR 2,570,000 4,057,203 0.13Italy Buoni Poliennali Del Tesoro,Reg. S, 144A 4.75% 01/08/2023 EUR 5,836,000 7,743,081 0.24Italy Buoni Poliennali Del Tesoro,Reg. S, 144A 4.75% 01/09/2044 EUR 8,623,000 12,272,009 0.38Italy Buoni Poliennali Del Tesoro,Reg. S, 144A 2.8% 01/03/2067 EUR 1,642,000 1,655,953 0.05Italy Buoni Poliennali Del Tesoro,Reg. S 4% 01/02/2037 EUR 5,181,000 6,770,761 0.21

117,708,922 3.69

JapanJapan Government Five Year Bond0.1% 20/09/2020 JPY 1,479,850,000 13,430,047 0.42Japan Government Five Year Bond0.1% 20/12/2022 JPY 13,024,300,000 118,729,952 3.72Japan Government Forty Year Bond2.4% 20/03/2048 JPY 3,511,450,000 45,950,896 1.44Japan Government Forty Year Bond2.2% 20/03/2051 JPY 1,168,900,000 14,949,031 0.47Japan Government Forty Year Bond1.7% 20/03/2054 JPY 841,900,000 9,706,236 0.30Japan Government Thirty Year Bond2.4% 20/03/2034 JPY 1,442,200,000 17,211,669 0.54Japan Government Thirty Year Bond2.5% 20/09/2035 JPY 1,770,350,000 21,644,282 0.68Japan Government Thirty Year Bond2.3% 20/03/2039 JPY 1,928,750,000 23,481,147 0.74Japan Government Thirty Year Bond2.2% 20/09/2039 JPY 948,200,000 11,404,657 0.36Japan Government Thirty Year Bond1.7% 20/06/2044 JPY 1,004,950,000 11,350,986 0.36Japan Government Twenty Year Bond1.8% 20/09/2031 JPY 2,213,800,000 24,202,456 0.76Japan Government Twenty Year Bond1.3% 20/06/2035 JPY 2,557,750,000 26,658,116 0.83

338,719,475 10.62

JerseyGatwick Funding Ltd., Reg. S 5.25%23/01/2026 GBP 5,100,000 7,745,839 0.24Heathrow Funding Ltd., Reg. S 6.75%03/12/2028 GBP 3,400,000 5,872,576 0.19Heathrow Funding Ltd., Reg. S 1.5%11/02/2030 EUR 1,009,000 1,151,484 0.04Porterbrook Rail Finance Ltd., Reg. S5.5% 20/04/2019 GBP 550,000 747,079 0.02

15,516,978 0.49

KazakhstanKazMunayGas National Co. JSC, 144A5.75% 19/04/2047 USD 6,850,000 6,551,546 0.21

6,551,546 0.21

KuwaitKuwait Government Bond, Reg. S2.75% 20/03/2022 USD 7,770,000 7,579,868 0.24

7,579,868 0.24

LuxembourgEuropean Financial Stability Facility,Reg. S 0.75% 03/05/2027 EUR 9,120,000 10,719,937 0.34

10,719,937 0.34

MexicoMexican Bonos 10% 05/12/2024 MXN 1,220,000 6,966,475 0.22Mexico Government Bond 2.375%09/04/2021 EUR 1,875,000 2,318,827 0.07Mexico Government Bond 1.625%06/03/2024 EUR 948,000 1,106,259 0.03Mexico Government Bond 4.15%28/03/2027 USD 5,778,000 5,712,564 0.18Petroleos Mexicanos, FRN 5.977%11/03/2022 USD 6,473,000 6,943,296 0.22

23,047,421 0.72

NetherlandsABN AMRO Bank NV, Reg. S 2.375%23/01/2024 EUR 13,450,000 17,504,065 0.55BMW Finance NV, Reg. S 0.875%16/08/2022 GBP 4,050,000 5,160,408 0.16EDP Finance BV, Reg. S 2%22/04/2025 EUR 6,000,000 7,160,232 0.22EDP Finance BV, Reg. S 1.5%22/11/2027 EUR 2,577,000 2,868,545 0.09Enel Finance International NV, Reg. S1.125% 16/09/2026 EUR 4,094,000 4,515,181 0.14Enel Finance International NV, Reg. S5.75% 14/09/2040 GBP 400,000 672,217 0.02ING Bank NV, Reg. S 3.375%10/01/2022 EUR 13,850,000 18,097,310 0.57ING Groep NV, FRN 3% 11/04/2028 EUR 8,400,000 10,388,825 0.32Netherlands Government Bond,Reg. S, 144A 3.25% 15/07/2021 EUR 4,579,430 5,953,921 0.19Netherlands Government Bond,Reg. S, 144A 3.75% 15/01/2042 EUR 4,982,000 9,305,737 0.29Teva Pharmaceutical FinanceNetherlands II BV, Reg. S 1.125%15/10/2024 EUR 530,000 524,014 0.02Teva Pharmaceutical FinanceNetherlands III BV 3.15% 01/10/2026 USD 1,085,000 877,054 0.03

83,027,509 2.60

New ZealandANZ New Zealand Int’l Ltd., Reg. S0.625% 27/01/2022 EUR 5,098,000 6,050,102 0.19ASB Finance Ltd., Reg. S 0.125%18/10/2023 EUR 11,295,000 12,976,086 0.41

19,026,188 0.60

NorwayDNB Boligkreditt A/S, Reg. S, FRN0.907% 17/02/2020 GBP 6,500,000 8,571,782 0.27

8,571,782 0.27

PolandPoland Government Bond 5.75%23/09/2022 PLN 12,500,000 3,789,265 0.12Poland Government Bond 3%17/03/2023 USD 22,900,000 22,397,345 0.70Poland Government Bond, Reg. S3.75% 19/01/2023 EUR 100,000 134,605 0.00Poland Government Bond, Reg. S1.5% 09/09/2025 EUR 3,600,000 4,365,180 0.14

30,686,395 0.96

PortugalPortugal Government Bond, Reg. S,144A 4.125% 14/04/2027 EUR 32,767,500 45,913,022 1.44Portugal Government Bond, Reg. S,144A 2.25% 18/04/2034 EUR 1,256,000 1,450,514 0.04Portugal Government Bond, Reg. S5.125% 15/10/2024 USD 7,650,000 7,942,000 0.25

55,305,536 1.73

QatarQatar Government Bond, 144A3.875% 23/04/2023 USD 2,890,000 2,893,396 0.09Qatar Government Bond, 144A5.103% 23/04/2048 USD 4,880,000 4,875,559 0.16Qatar Government Bond, Reg. S2.375% 02/06/2021 USD 7,000,000 6,769,490 0.21

14,538,445 0.46

150

JPMorgan Funds - Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

RussiaRussian Federal Bond - OFZ 8.15%03/02/2027 RUB 189,750,000 3,130,374 0.10

3,130,374 0.10

Saudi ArabiaSaudi Government Bond, Reg. S 4.5%26/10/2046 USD 2,361,000 2,185,212 0.07

2,185,212 0.07

SingaporeOversea-Chinese Banking Corp. Ltd.,Reg. S 0.25% 21/03/2022 EUR 7,100,000 8,317,705 0.26Singapore Government Bond 2.375%01/06/2025 SGD 3,635,000 2,661,661 0.08

10,979,366 0.34

SlovakiaSlovakia Government Bond, Reg. S1% 12/06/2028 EUR 8,896,659 10,484,880 0.33Slovakia Government Bond, Reg. S2.25% 12/06/2068 EUR 3,039,589 3,620,258 0.11

14,105,138 0.44

SloveniaSlovenia Government Bond, Reg. S5.25% 18/02/2024 USD 5,800,000 6,315,649 0.20

6,315,649 0.20

SpainFerrovial Emisiones SA, Reg. S1.375% 31/03/2025 EUR 3,100,000 3,583,219 0.11NorteGas Energia Distribucion SAU,Reg. S 2.065% 28/09/2027 EUR 4,114,000 4,770,680 0.15Spain Government Bond 0.4%30/04/2022 EUR 6,330,000 7,453,799 0.23Spain Government Bond, Reg. S,144A 1.5% 30/04/2027 EUR 20,150,000 24,072,491 0.76Spain Government Bond, Reg. S,144A 1.4% 30/07/2028 EUR 11,494,000 13,408,522 0.42Spain Government Bond, Reg. S,144A 5.15% 31/10/2044 EUR 4,757,000 8,548,271 0.27Spain Government Bond, Reg. S,144A 2.9% 31/10/2046 EUR 2,628,000 3,342,289 0.11Spain Government Bond, Reg. S,144A 2.7% 31/10/2048 EUR 27,978,000 33,914,023 1.06Telefonica Emisiones SAU 5.213%08/03/2047 USD 760,000 735,393 0.02

99,828,687 3.13

Sri LankaSri Lanka Government Bond, Reg. S5.75% 18/04/2023 USD 2,490,000 2,390,176 0.07

2,390,176 0.07

SupranationalEuropean Investment Bank, Reg. S0.875% 13/09/2024 EUR 8,050,000 9,751,674 0.31European Investment Bank, Reg. S1.25% 12/05/2025 SEK 20,810,000 2,390,775 0.07European Investment Bank, Reg. S2.75% 15/09/2025 EUR 6,500,000 8,852,538 0.28European Investment Bank, Reg. S1.75% 12/11/2026 SEK 26,400,000 3,118,732 0.10European Stability Mechanism, Reg. S2.125% 20/11/2023 EUR 5,537,051 7,167,755 0.22European Union, Reg. S 3.375%04/04/2032 EUR 2,400,000 3,647,888 0.11

34,929,362 1.09

SwedenStadshypotek AB 2.5% 18/09/2019 SEK 65,000,000 7,493,121 0.23Stadshypotek AB, Reg. S 1.5%01/06/2023 SEK 27,000,000 3,134,361 0.10

10,627,482 0.33

SwitzerlandUBS AG, Reg. S 1.375% 16/04/2021 EUR 9,544,000 11,581,833 0.36UBS Group Funding Switzerland AG,FRN, 144A 2.859% 15/08/2023 USD 8,645,000 8,278,625 0.26

19,860,458 0.62

United Arab EmiratesAbu Dhabi Crude Oil Pipeline LLC,144A 4.6% 02/11/2047 USD 4,450,000 4,085,857 0.13Abu Dhabi Government Bond, 144A3.125% 11/10/2027 USD 16,640,000 15,533,606 0.48

19,619,463 0.61

United KingdomBarclays Bank plc 2.65% 11/01/2021 USD 5,355,000 5,242,893 0.16Barclays plc, Reg. S 3.25%12/02/2027 GBP 7,650,000 9,846,941 0.31BP Capital Markets plc 3.017%16/01/2027 USD 3,920,000 3,710,417 0.12Centrica plc, Reg. S 4.375%13/03/2029 GBP 1,291,000 1,933,875 0.06Eversholt Funding plc, Reg. S 6.359%02/12/2025 GBP 300,000 487,228 0.02FCE Bank plc, Reg. S 1.875%24/06/2021 EUR 2,911,000 3,527,223 0.11Hammerson plc, REIT 6%23/02/2026 GBP 375,000 593,833 0.02Hammerson plc, REIT, Reg. S 2%01/07/2022 EUR 2,877,000 3,521,350 0.11HSBC Holdings plc, Reg. S 3%30/06/2025 EUR 5,200,000 6,513,372 0.20HSBC Holdings plc, Reg. S 2.625%16/08/2028 GBP 4,550,000 5,775,939 0.18Imperial Brands Finance plc, 144A4.25% 21/07/2025 USD 5,080,000 5,069,154 0.16Lloyds Bank plc, FRN 5.75%09/07/2025 GBP 2,975,000 4,172,057 0.13London & Quadrant Housing TrustLtd., Reg. S 3.125% 28/02/2053 GBP 4,170,000 5,472,057 0.17Nationwide Building Society, FRN,144A 4.302% 08/03/2029 USD 2,620,000 2,530,029 0.08Nationwide Building Society, Reg. S0.75% 26/10/2022 EUR 3,587,000 4,287,364 0.13Nationwide Building Society, Reg. S0.625% 25/03/2027 EUR 6,000,000 6,877,554 0.22NatWest Markets plc, FRN 3.498%15/05/2023 USD 7,930,000 7,694,122 0.24Northumbrian Water Finance plc,Reg. S 1.625% 11/10/2026 GBP 1,725,000 2,113,954 0.07Prudential plc, FRN 11.375%29/05/2039 GBP 500,000 714,616 0.02RSA Insurance Group plc, Reg. S, FRN5.125% 10/10/2045 GBP 330,000 468,334 0.01Sky plc, Reg. S 2.25% 17/11/2025 EUR 3,780,000 4,709,582 0.15UK Treasury, Reg. S 4.25%07/12/2027 GBP 2,300,000 3,822,557 0.12UK Treasury, Reg. S 4.5%07/09/2034 GBP 31,868,000 58,961,776 1.85UK Treasury, Reg. S 4.25%07/12/2055 GBP 7,182,000 16,368,328 0.51UK Treasury, Reg. S 3.5%22/07/2068 GBP 1,000,000 2,189,937 0.07Vodafone Group plc 4.125%30/05/2025 USD 3,230,000 3,217,532 0.10Vodafone Group plc 4.375%30/05/2028 USD 4,175,000 4,120,308 0.13

173,942,332 5.45

United States of AmericaAllergan Finance LLC 3.25%01/10/2022 USD 1,370,000 1,332,791 0.04Altria Group, Inc. 2.85% 09/08/2022 USD 3,005,000 2,939,085 0.09American International Group, Inc.3.75% 10/07/2025 USD 4,800,000 4,649,424 0.15American Tower Corp., REIT 3.125%15/01/2027 USD 2,000,000 1,816,180 0.06Anheuser-Busch InBev Finance, Inc.3.65% 01/02/2026 USD 12,735,000 12,486,731 0.39Anthem, Inc. 5.1% 15/01/2044 USD 1,205,000 1,246,103 0.04AT&T, Inc. 5.15% 15/03/2042 USD 2,328,000 2,227,361 0.07AT&T, Inc. 4.5% 09/03/2048 USD 1,455,000 1,256,429 0.04Baltimore Gas & Electric Co. 3.35%01/07/2023 USD 25,000 24,927 0.00Bank of America Corp. 2.151%09/11/2020 USD 3,616,000 3,532,217 0.11Bank of America Corp. 2.65%01/04/2019 USD 3,750,000 3,748,538 0.12Bank of America Corp. 3.95%21/04/2025 USD 2,200,000 2,159,498 0.07Bank of America Corp., Reg. S, FRN1.379% 07/02/2025 EUR 11,993,000 14,194,921 0.44Becton Dickinson and Co. 3.7%06/06/2027 USD 5,000,000 4,745,400 0.15Buckeye Partners LP 5.85%15/11/2043 USD 2,490,000 2,343,725 0.07

151

JPMorgan Funds - Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Capital One Financial Corp. 3.75%09/03/2027 USD 5,000,000 4,755,950 0.15Citigroup, Inc. 4.45% 29/09/2027 USD 3,685,000 3,634,608 0.11CMS Energy Corp. 2.95% 15/02/2027 USD 860,000 791,110 0.02Constellation Brands, Inc. 4.5%09/05/2047 USD 595,000 571,548 0.02Discovery Communications LLC 2.5%20/09/2024 GBP 1,524,000 1,960,692 0.06Duke Energy Corp. 3.75%15/04/2024 USD 525,000 523,367 0.02Entergy Corp. 2.95% 01/09/2026 USD 980,000 897,670 0.03Entergy Mississippi, Inc. 2.85%01/06/2028 USD 1,470,000 1,353,113 0.04Enterprise Products Operating LLC3.75% 15/02/2025 USD 2,705,000 2,683,590 0.08Enterprise Products Operating LLC4.9% 15/05/2046 USD 1,815,000 1,834,847 0.06Exelon Corp. 3.4% 15/04/2026 USD 590,000 562,922 0.02Exelon Generation Co. LLC 3.4%15/03/2022 USD 6,530,000 6,490,004 0.20FirstEnergy Corp. 3.9% 15/07/2027 USD 1,985,000 1,926,839 0.06Ford Motor Credit Co. LLC 3.2%15/01/2021 USD 5,060,000 5,008,110 0.16General Electric Co. 2.125%17/05/2037 EUR 3,900,000 4,239,674 0.13General Electric Co. 4.125%09/10/2042 USD 255,000 237,216 0.01General Motors Financial Co., Inc.3.95% 13/04/2024 USD 6,990,000 6,855,163 0.21Goldman Sachs Group, Inc. (The)2.35% 15/11/2021 USD 12,220,000 11,775,864 0.37Goldman Sachs Group, Inc. (The) 3%26/04/2022 USD 480,000 469,514 0.01Goldman Sachs Group, Inc. (The)3.85% 26/01/2027 USD 4,855,000 4,683,400 0.15Goldman Sachs Group, Inc. (The)5.15% 22/05/2045 USD 840,000 837,690 0.03HCP, Inc., REIT 4.2% 01/03/2024 USD 470,000 469,737 0.01HSBC USA, Inc. 2.375% 13/11/2019 USD 6,240,000 6,186,149 0.19Kroger Co. (The) 2.65% 15/10/2026 USD 3,970,000 3,531,831 0.11Morgan Stanley 3.7% 23/10/2024 USD 2,000,000 1,976,510 0.06Morgan Stanley 3.125% 27/07/2026 USD 910,000 847,797 0.03Morgan Stanley 1.875% 27/04/2027 EUR 5,000,000 5,934,410 0.19NiSource, Inc. 4.8% 15/02/2044 USD 585,000 613,197 0.02NiSource, Inc. 5.65% 01/02/2045 USD 1,560,000 1,795,443 0.06Noble Energy, Inc. 5.25% 15/11/2043 USD 260,000 266,698 0.01Oracle Corp. 2.65% 15/07/2026 USD 4,680,000 4,326,660 0.13Oracle Corp. 4.125% 15/05/2045 USD 2,005,000 1,936,870 0.06Owens Corning 4.3% 15/07/2047 USD 1,870,000 1,543,638 0.05Philip Morris International, Inc. 2.75%25/02/2026 USD 4,870,000 4,537,890 0.14Philip Morris International, Inc.4.375% 15/11/2041 USD 2,200,000 2,129,831 0.07Phillips 66 4.875% 15/11/2044 USD 285,000 296,024 0.01Reynolds American, Inc. 5.7%15/08/2035 USD 845,000 912,579 0.03Rockwell Collins, Inc. 3.2%15/03/2024 USD 8,770,000 8,471,952 0.26Rockwell Collins, Inc. 3.5%15/03/2027 USD 4,025,000 3,843,976 0.12Sempra Energy 3.4% 01/02/2028 USD 3,985,000 3,753,830 0.12Sempra Energy 3.8% 01/02/2038 USD 1,360,000 1,245,155 0.04Sherwin-Williams Co. (The) 4.5%01/06/2047 USD 720,000 695,095 0.02Southern California Edison Co. 3.65%01/03/2028 USD 3,465,000 3,412,817 0.11Southern California Edison Co. 3.6%01/02/2045 USD 435,000 386,463 0.01Sunoco Logistics Partners OperationsLP 5.3% 01/04/2044 USD 970,000 881,027 0.03Sunoco Logistics Partners OperationsLP 5.35% 15/05/2045 USD 1,090,000 997,617 0.03Sunoco Logistics Partners OperationsLP 5.4% 01/10/2047 USD 1,320,000 1,217,924 0.04United Technologies Corp. 4.5%01/06/2042 USD 1,290,000 1,275,197 0.04US Treasury 2.375% 15/04/2021 USD 7,695,000 7,646,004 0.24US Treasury 4.5% 15/02/2036 USD 9,010,000 11,035,138 0.35US Treasury 3% 15/02/2048 USD 1,510,000 1,518,966 0.05Ventas Realty LP, REIT 4.375%01/02/2045 USD 225,000 207,317 0.01Verizon Communications, Inc. 3.85%01/11/2042 USD 1,823,000 1,533,526 0.05

Wells Fargo & Co. 2.55% 07/12/2020 USD 4,385,000 4,313,283 0.13Wells Fargo & Co. 5.375% 02/11/2043 USD 535,000 560,177 0.02Wells Fargo & Co., Reg. S 1%02/02/2027 EUR 3,430,000 3,827,523 0.12

214,924,472 6.74

Total Bonds 1,816,894,242 56.95

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 1,816,894,242 56.95

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

AustraliaCommonwealth Bank of Australia,144A 4.316% 10/01/2048 USD 1,760,000 1,584,660 0.05Commonwealth Bank of Australia,Reg. S 2% 18/06/2019 USD 600,000 596,130 0.02National Australia Bank Ltd., Reg. S2.125% 09/09/2019 USD 3,964,000 3,933,299 0.12Westpac Banking Corp., FRN 4.322%23/11/2031 USD 2,320,000 2,241,062 0.07

8,355,151 0.26

CanadaBank of Nova Scotia (The) 3.125%20/04/2021 USD 7,515,000 7,479,417 0.24CDP Financial, Inc., 144A 3.15%24/07/2024 USD 2,700,000 2,677,220 0.08Fortis, Inc. 3.055% 04/10/2026 USD 4,923,000 4,509,911 0.14Glencore Finance Canada Ltd., 144A4.25% 25/10/2022 USD 1,215,000 1,226,889 0.04Hydro-Quebec 6.5% 15/02/2035 CAD 2,000,000 2,215,489 0.07Province of Ontario Canada 2.6%02/06/2025 CAD 25,000,000 18,873,239 0.59TransCanada PipeLines Ltd. 4.25%15/05/2028 USD 5,215,000 5,226,812 0.16

42,208,977 1.32

Cayman IslandsGPMT Ltd., FRN, Series 2018-FL1 ‘A’,144A 2.796% 21/11/2035 USD 11,090,000 11,095,416 0.35

11,095,416 0.35

FranceBanque Federative du Credit MutuelSA, 144A 2.75% 15/10/2020 USD 5,295,000 5,228,495 0.16BPCE SA 2.5% 10/12/2018 USD 780,000 779,259 0.02BPCE SA 4% 15/04/2024 USD 2,190,000 2,196,756 0.07Credit Agricole SA, 144A 3.75%24/04/2023 USD 4,410,000 4,328,966 0.14Credit Agricole SA, 144A 3.25%04/10/2024 USD 5,395,000 5,068,765 0.16

17,602,241 0.55

ItalyIntesa Sanpaolo SpA, 144A 5.71%15/01/2026 USD 3,200,000 2,918,016 0.09Intesa Sanpaolo SpA, 144A 3.875%14/07/2027 USD 2,145,000 1,853,269 0.06Intesa Sec Srl, Reg. S, FRN, Series 3‘B’ 0%30/10/2033 EUR 80,000 92,850 0.00

4,864,135 0.15

MalaysiaMalaysia Government Bond 3.955%15/09/2025 MYR 15,755,000 3,829,029 0.12

3,829,029 0.12

MexicoPetroleos Mexicanos 4.25%15/01/2025 USD 7,640,000 7,169,109 0.23

7,169,109 0.23

152

JPMorgan Funds - Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

NetherlandsCooperatieve Rabobank UA 3.75%21/07/2026 USD 1,270,000 1,190,206 0.04EDP Finance BV, 144A 3.625%15/07/2024 USD 3,550,000 3,415,242 0.10Enel Finance International NV, 144A2.75% 06/04/2023 USD 260,000 243,087 0.01Enel Finance International NV, 144A3.625% 25/05/2027 USD 4,520,000 4,140,159 0.13Siemens FinancieringsmaatschappijNV, 144A 3.4% 16/03/2027 USD 2,330,000 2,270,410 0.07

11,259,104 0.35

New ZealandNew Zealand Government Bond, Reg.S 2.75% 15/04/2037 NZD 1,164,000 740,663 0.02

740,663 0.02

SwitzerlandCredit Suisse Group AG, FRN, 144A4.207% 12/06/2024 USD 3,375,000 3,378,864 0.11Credit Suisse Group AG, FRN, 144A3.869% 12/01/2029 USD 6,845,000 6,447,751 0.20Credit Suisse Group AG, 144A 4.282%09/01/2028 USD 1,060,000 1,033,113 0.03

10,859,728 0.34

United KingdomGreat Hall Mortgages No. 1 plc,Reg. S, FRN, Series 2007-1 ‘A2B’0%18/03/2039 EUR 34,200 39,606 0.00Santander UK Group Holdings plc,144A 4.75% 15/09/2025 USD 1,235,000 1,207,910 0.04

1,247,516 0.04

United States of America280 Park Avenue Mortgage Trust,FRN, Series 2017-280P ‘A’, 144A2.799% 15/09/2034 USD 6,008,000 6,017,321 0.19American Credit AcceptanceReceivables Trust, Series 2018-2 ‘C’,144A 3.7% 10/07/2024 USD 5,692,000 5,699,267 0.18American Credit AcceptanceReceivables Trust, Series 2018-2 ‘D’,144A 4.07% 10/07/2024 USD 5,165,000 5,181,091 0.16American Tower Corp., REIT 4%01/06/2025 USD 4,315,000 4,238,387 0.13AmeriCredit Automobile ReceivablesTrust, Series 2017-1 ‘A3’ 1.87%18/08/2021 USD 1,437,000 1,426,517 0.04Anthem, Inc. 3.65% 01/12/2027 USD 1,885,000 1,788,874 0.06Aviation Capital Group LLC, 144A3.5% 01/11/2027 USD 2,795,000 2,579,841 0.08Baker Hughes a GE Co. LLC 3.337%15/12/2027 USD 2,528,000 2,357,221 0.07BAMLL Commercial MortgageSecurities Trust, Series 2012-PARK‘A’, 144A 2.959% 10/12/2030 USD 2,025,000 1,993,227 0.06BANK, Series 2017-BNK9 ‘A4’ 3.538%15/11/2054 USD 6,120,000 6,054,532 0.19BANK, Series 2018-BN11 ‘A3’ 4.046%15/03/2061 USD 4,525,000 4,635,339 0.15Bank of America Corp., FRN 3.124%20/01/2023 USD 1,370,000 1,348,018 0.04Bank of America Corp., FRN 3.366%23/01/2026 USD 2,800,000 2,693,516 0.08BAT Capital Corp., 144A 3.557%15/08/2027 USD 3,735,000 3,484,699 0.11BAT Capital Corp., 144A 4.39%15/08/2037 USD 4,015,000 3,780,422 0.12Baxalta, Inc. 4% 23/06/2025 USD 4,000,000 3,923,520 0.12Bayer US Finance II LLC, 144A 4.25%15/12/2025 USD 4,785,000 4,809,499 0.15BBCMS Mortgage Trust, FRN, Series2018-TALL ‘A’, 144A 2.641%15/03/2037 USD 7,500,000 7,497,990 0.24Bear Stearns Asset-Backed SecuritiesI Trust, FRN, Series 2004-AC5 ‘M1’2.965% 25/10/2034 USD 51,234 16,690 0.00BMW Vehicle Lease Trust, Series2017-1 ‘A3’ 1.98% 20/05/2020 USD 2,087,000 2,075,240 0.07Braemar Hotels & Resorts Trust, FRN,Series 2018-PRME ‘A’, 144A 2.781%15/06/2035 USD 4,685,000 4,689,410 0.15Braemar Hotels & Resorts Trust, FRN,Series 2018-PRME ‘B’, 144A 3.011%15/06/2035 USD 3,830,000 3,833,532 0.12

BX Commercial Mortgage Trust, FRN,Series 2018-BIOA ‘A’, 144A 2.59%15/03/2037 USD 8,540,000 8,535,421 0.27BX Commercial Mortgage Trust, FRN,Series 2018-BIOA ‘B’, 144A 2.79%15/03/2037 USD 7,327,000 7,305,344 0.23BX Trust, FRN, Series 2018-MCSF ‘A’,144A 2.495% 15/04/2035 USD 7,865,000 7,852,927 0.25BXP Trust, Series 2017-GM ‘A’, 144A3.379% 13/06/2039 USD 4,355,000 4,239,867 0.13BXP Trust, FRN, Series 2017-GM ‘B’,144A 3.425% 13/06/2039 USD 9,520,000 9,232,281 0.29Capital Automotive REIT, Series2017-1A ‘A1’, 144A 3.87%15/04/2047§ USD 5,801,517 5,793,879 0.18CGDBB Commercial Mortgage Trust,FRN, Series 2017-BIOC ‘A’, 144A2.709% 15/07/2032 USD 11,160,000 11,173,732 0.35CGDBB Commercial Mortgage Trust,FRN, Series 2017-BIOC ‘B’, 144A2.889% 15/07/2032 USD 10,385,500 10,401,757 0.33Charter Communications OperatingLLC 4.908% 23/07/2025 USD 899,000 908,804 0.03Charter Communications OperatingLLC 6.484% 23/10/2045 USD 1,125,000 1,183,984 0.04CHL Mortgage Pass-Through Trust,Series 2005-21 ‘A2’ 5.5% 25/10/2035 USD 6,521 6,242 0.00Citigroup Commercial MortgageTrust, Series 2018-B2 ‘A4’ 4.009%10/03/2051 USD 12,315,000 12,582,977 0.39Citigroup Commercial MortgageTrust, Series 2018-C5 ‘A4’ 4.228%10/06/2051 USD 7,510,000 7,810,732 0.24Citigroup Commercial MortgageTrust, Series 2013-GC11 ‘AS’ 3.422%10/04/2046 USD 3,270,000 3,213,133 0.10Citigroup, Inc., FRN 2.876%24/07/2023 USD 7,670,000 7,399,134 0.23Citigroup, Inc., FRN 4.044%01/06/2024 USD 2,850,000 2,866,388 0.09Cold Storage Trust, FRN, Series2017-ICE3 ‘A’, 144A 2.919%15/04/2036 USD 3,155,000 3,168,762 0.10Comcast Corp. 2.35% 15/01/2027 USD 4,115,000 3,612,353 0.11Comcast Corp. 3.9% 01/03/2038 USD 3,060,000 2,789,236 0.09Comcast Corp. 4.6% 15/08/2045 USD 1,950,000 1,883,466 0.06COMM Mortgage Trust, Series2016-667M ‘A’, 144A 3.14%10/10/2036 USD 2,665,000 2,546,328 0.08COMM Mortgage Trust, Series2013-CR11 ‘A4’ 4.258% 10/08/2050 USD 845,000 879,346 0.03COMM Mortgage Trust, FRN, Series2013-CR13 ‘A4’ 4.194% 10/11/2046 USD 8,000,000 8,311,862 0.26COMM Mortgage Trust, Series2012-CR4 ‘AM’ 3.251% 15/10/2045 USD 5,650,000 5,519,534 0.17Cox Communications, Inc., 144A 3.5%15/08/2027 USD 3,920,000 3,656,262 0.11Credit Acceptance Auto Loan Trust,Series 2018-2A ‘A’, 144A 3.47%17/05/2027 USD 3,815,000 3,824,798 0.12CVS Health Corp. 4.3% 25/03/2028 USD 4,728,000 4,668,758 0.15DBGS Mortgage Trust, FRN, Series2018-BIOD ‘A’, 144A 2.703%15/05/2035 USD 5,915,000 5,914,988 0.19DBGS Mortgage Trust, FRN, Series2018-BIOD ‘B’, 144A 2.788%15/05/2035 USD 2,895,000 2,887,299 0.09Dell Equipment Finance Trust, Series2017-1 ‘A2’, 144A 1.86% 24/06/2019 USD 1,106,083 1,104,486 0.03Dell Equipment Finance Trust, Series2017-1 ‘A3’, 144A 2.14% 22/04/2022 USD 1,913,000 1,903,962 0.06Dell International LLC, 144A 5.45%15/06/2023 USD 3,490,000 3,657,258 0.11Dell International LLC, 144A 6.02%15/06/2026 USD 2,555,000 2,695,742 0.08Discover Bank 4.2% 08/08/2023 USD 700,000 707,921 0.02Drive Auto Receivables Trust, Series2017-2 ‘A3’ 1.82% 15/06/2020 USD 764,497 764,240 0.02Drive Auto Receivables Trust, Series2017-BA ‘B’, 144A 2.2% 15/05/2020 USD 1,622,084 1,623,346 0.05Drive Auto Receivables Trust, Series2018-1 ‘B’ 2.88% 15/02/2022 USD 3,755,000 3,745,869 0.12Drive Auto Receivables Trust, Series2018-2 ‘B’ 3.22% 15/04/2022 USD 4,650,000 4,652,966 0.15Drive Auto Receivables Trust, Series2017-BA ‘C’, 144A 2.61% 16/08/2021 USD 6,937,000 6,939,888 0.22Drive Auto Receivables Trust, Series2018-1 ‘C’ 3.22% 15/03/2023 USD 7,985,000 7,960,137 0.25DT Auto Owner Trust, Series 2018-1A‘B’, 144A 3.04% 18/01/2022 USD 4,415,000 4,406,219 0.14

153

JPMorgan Funds - Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Exeter Automobile Receivables Trust,Series 2018-2A ‘B’, 144A 3.27%16/05/2022 USD 6,510,000 6,505,762 0.20Exeter Automobile Receivables Trust,Series 2018-2A ‘C’, 144A 3.69%15/03/2023 USD 4,165,000 4,162,583 0.13FHLMC, IO, Series 4056 ‘BI’ 3%15/05/2027 USD 94,362 8,399 0.00FHLMC, FRN, Series 326 ‘F2’ 2.623%15/03/2044 USD 1,067,047 1,080,117 0.03FHLMC, FRN, Series 317 ‘F3’ 2.593%15/11/2043 USD 3,669,646 3,714,554 0.12FHLMC, IO, Series 4097 ‘HI’ 3%15/08/2027 USD 2,129,194 203,463 0.01FHLMC, IO, Series 4323 ‘IW’ 3.5%15/04/2028 USD 1,542,026 137,828 0.00FHLMC, IO, Series 4207 ‘JI’ 3%15/05/2028 USD 3,122,828 310,209 0.01FHLMC, IO, Series 4097 ‘JP’ 3%15/08/2027 USD 7,326,337 658,260 0.02FHLMC, IO, Series 4167 2.5%15/02/2028 USD 8,511,778 629,863 0.02FHLMC G07550 3% 01/08/2043 USD 1,644,537 1,605,281 0.05FHLMC G08697 3% 01/03/2046 USD 942,333 913,340 0.03FHLMC G08789 4% 01/11/2047 USD 8,930,446 9,122,758 0.29FHLMC G60081 4% 01/06/2045 USD 2,461,695 2,531,183 0.08FHLMC G61215 3.5% 01/08/2044 USD 5,981,978 5,997,320 0.19FHLMC J34001 3.5% 01/03/2031 USD 689,309 698,164 0.02FHLMC Q08418 3.5% 01/05/2042 USD 57,526 57,250 0.00FHLMC Q10324 3.5% 01/08/2042 USD 38,041 38,137 0.00FHLMC Q28454 3.5% 01/09/2044 USD 631,568 635,763 0.02FHLMC Q31032 3.5% 01/01/2045 USD 824,854 828,099 0.03FHLMC Q33362 3.5% 01/05/2045 USD 1,422,622 1,429,870 0.04FHLMC Q34742 3.5% 01/07/2045 USD 1,534,128 1,541,049 0.05FHLMC Q38373 3.5% 01/01/2046 USD 2,468,125 2,465,210 0.08FHLMC Q52319 3.5% 01/11/2047 USD 41,646,727 41,448,664 1.30FHLMC Q56064 4% 01/05/2048 USD 7,979,319 8,138,054 0.26FirstEnergy Transmission LLC, 144A5.45% 15/07/2044 USD 1,170,000 1,321,301 0.04FNMA, IO, FRN, Series 2016-63 ‘AS’3.909% 25/09/2046 USD 11,308,226 2,134,336 0.07FNMA, IO, Series 2010-116 ‘BI’ 5%25/08/2020 USD 71,066 1,472 0.00FNMA, IO, Series 421 ‘C3’ 4%25/07/2030 USD 6,940,147 855,340 0.03FNMA, IO, Series 2012-145 ‘EI’ 3%25/01/2028 USD 353,326 31,072 0.00FNMA, FRN, Series 2016-40 ‘FA’2.741% 25/07/2046 USD 3,004,341 3,061,927 0.10FNMA, Series 2017-49 ‘JA’ 4%25/07/2053 USD 6,942,624 7,154,036 0.22FNMA, IO, Series 2014-13 ‘KI’ 3.5%25/03/2029 USD 2,347,002 247,657 0.01FNMA, Series 2017-46 ‘LB’ 3.5%25/12/2052 USD 6,076,490 6,109,972 0.19FNMA, IO, Series 2013-10 ‘YI’ 3%25/02/2028 USD 216,042 18,541 0.00FNMA 190360 5% 01/08/2035 USD 1,161,044 1,243,824 0.04FNMA 759331 5.5% 01/01/2034 USD 638,042 706,336 0.02FNMA 889183 5.5% 01/09/2021 USD 4,461 4,521 0.00FNMA 890720 4.5% 01/07/2044 USD 703,041 739,706 0.02FNMA 890812 3.5% 01/01/2047 USD 1,456,641 1,460,850 0.05FNMA AB2812 4.5% 01/04/2041 USD 4,372,557 4,601,452 0.14FNMA AB5473 3.5% 01/06/2042 USD 1,953,504 1,957,857 0.06FNMA AB9240 3% 01/05/2043 USD 7,505,804 7,329,847 0.23FNMA AB9673 3.5% 01/06/2043 USD 216,054 218,073 0.01FNMA AI1193 4.5% 01/04/2041 USD 13,376,647 14,076,215 0.44FNMA AJ1230 4.5% 01/09/2041 USD 59,931 63,068 0.00FNMA AK6740 4% 01/03/2042 USD 15,802,264 16,254,486 0.51FNMA AL2922 4% 01/12/2042 USD 61,589 63,262 0.00FNMA AL7522 4.5% 01/06/2044 USD 8,904,309 9,376,298 0.29FNMA AL7696 3% 01/12/2043 USD 12,389,443 12,099,032 0.38FNMA AL8468 4% 01/04/2046 USD 588,003 603,657 0.02FNMA AL8709 4% 01/05/2044 USD 192,216 197,445 0.01FNMA AL8832 4.5% 01/10/2042 USD 1,965,076 2,072,405 0.07FNMA AL9514 4% 01/02/2043 USD 717,166 736,609 0.02FNMA AL9750 4% 01/03/2044 USD 2,487,948 2,555,809 0.08FNMA AL9873 4.5% 01/10/2045 USD 1,926,663 2,023,965 0.06FNMA AN0571 3.1% 01/01/2026 USD 7,440,000 7,332,711 0.23FNMA AN6428 3.06% 01/09/2029 USD 5,494,000 5,285,879 0.17FNMA AP4093 3.5% 01/09/2042 USD 25,124 25,164 0.00FNMA AP4392 3.5% 01/08/2042 USD 44,491 44,564 0.00FNMA AS3134 3.5% 01/08/2044 USD 5,974,096 5,972,358 0.19FNMA AS5640 3.5% 01/08/2045 USD 8,610,074 8,599,581 0.27FNMA AS6190 3.5% 01/11/2045 USD 1,759,508 1,755,817 0.06FNMA AY1357 3.5% 01/04/2045 USD 10,452,797 10,430,870 0.33FNMA BC9489 3.5% 01/07/2046 USD 1,785,402 1,781,662 0.06FNMA BF0144 3.5% 01/10/2056 USD 6,638,258 6,591,466 0.21

FNMA BM3329 3.5% 01/01/2045 USD 3,921,872 3,932,063 0.12FNMA BM3704 3% 01/09/2043 USD 11,643,994 11,370,178 0.36FNMA BM3705 3% 01/12/2045 USD 10,782,441 10,497,351 0.33FNMA BM3779 3.5% 01/05/2046 USD 4,889,095 4,879,379 0.15FNMA BM3780 3.5% 01/01/2046 USD 4,476,637 4,497,387 0.14FNMA BM3785 3.5% 01/07/2043 USD 1,119,260 1,123,839 0.04FNMA BM3786 3.5% 01/07/2047 USD 4,513,665 4,520,225 0.14FNMA BM3789 3.5% 01/12/2042 USD 1,661,169 1,665,029 0.05FNMA MA3149 4% 01/10/2047 USD 2,989,566 3,052,769 0.10FNMA MA3238 3.5% 01/01/2048 USD 3,169,771 3,155,195 0.10FNMA MA3276 3.5% 01/02/2048 USD 9,411,221 9,377,975 0.29FNMA MA3415 4% 01/07/2048 USD 8,000,000 8,169,120 0.26FNMA ACES, FRN, Series 2017-M5 ‘FA’2.384% 25/04/2024 USD 4,096,047 4,115,519 0.13FREMF Mortgage Trust, FRN, Series2011-K12 ‘B’, 144A 4.344%25/01/2046 USD 4,665,000 4,774,369 0.15FREMF Mortgage Trust, FRN, Series2012-K22 ‘B’, 144A 3.686%25/08/2045 USD 7,300,000 7,356,142 0.23FREMF Mortgage Trust, FRN, Series2012-K23 ‘B’, 144A 3.655%25/10/2045 USD 3,500,000 3,520,292 0.11FREMF Mortgage Trust, FRN, Series2017-K70 ‘B’, 144A 3.803%25/12/2049 USD 2,420,000 2,344,491 0.07FREMF Mortgage Trust, FRN, Series2018-K74 ‘B’, 144A 4.091%25/02/2051 USD 1,965,000 1,938,458 0.06GLS Auto Receivables Trust, Series2018-2A ‘B’, 144A 3.71% 15/03/2023 USD 2,845,000 2,848,927 0.09GLS Auto Receivables Trust, Series2018-2A ‘C’, 144A 4.17% 15/04/2024 USD 1,290,000 1,294,920 0.04GNMA, Series 2009-124 ‘L’ 4%20/11/2038 USD 159,670 160,843 0.01GNMA, Series 2011-4 ‘PA’ 4%20/09/2040 USD 676,097 681,463 0.02GNMA, IO, FRN, Series 2015-144 ‘SA’4.116% 20/10/2045 USD 11,237,461 2,184,787 0.07GNMA 4193 5% 20/07/2038 USD 25,098 26,889 0.00GNMA 4746 4.5% 20/07/2040 USD 33,118 34,808 0.00GNMA 4834 4.5% 20/10/2040 USD 92,888 97,631 0.00GNMA 745151 4.5% 15/06/2040 USD 406,156 429,450 0.01GNMA 781769 5% 15/11/2033 USD 527,678 562,436 0.02GNMA MA0628 5% 20/12/2042 USD 265,938 283,490 0.01GNMA MA1524 5% 20/12/2043 USD 308,613 328,695 0.01GNMA MA1998 5% 20/06/2044 USD 199,681 212,615 0.01GNMA MA2306 5% 20/10/2044 USD 42,674 45,423 0.00GNMA MA3036 4.5% 20/08/2045 USD 1,919,200 2,021,424 0.06GNMA MA3246 4.5% 20/11/2045 USD 2,039,417 2,148,523 0.07GNMA MA4587 4% 20/07/2047 USD 16,713,499 17,198,881 0.54GNMA MA5079 4.5% 20/03/2048 USD 30,936,533 32,177,453 1.01GNMA MA5194 5% 20/05/2048 USD 5,876,671 6,176,949 0.19Goldman Sachs Group, Inc. (The), FRN3.491% 15/05/2026 USD 3,268,000 3,235,974 0.10Goldman Sachs Group, Inc. (The), FRN3.814% 23/04/2029 USD 1,425,000 1,357,861 0.04GS Mortgage Securities Corp. Trust,Series 2017-GPTX ‘A’, 144A 2.856%10/05/2034 USD 6,545,000 6,424,655 0.20GS Mortgage Securities Trust, FRN,Series 2018-GS9 ‘A4’ 3.992%10/03/2051 USD 6,180,000 6,305,759 0.20Harris Corp. 4.4% 15/06/2028 USD 2,275,000 2,291,824 0.07Independence Plaza Trust, Series2018-INDP ‘A’, 144A 3.763%10/07/2035 USD 4,585,000 4,593,522 0.14ITC Holdings Corp. 3.35% 15/11/2027 USD 5,405,000 5,074,836 0.16J.P. Morgan Chase CommercialMortgage Securities Trust, FRN,Series 2013-C13 ‘AS’ 4.041%15/01/2046 USD 3,270,000 3,333,049 0.10Kraft Heinz Foods Co. 4.375%01/06/2046 USD 1,725,000 1,507,866 0.05LB-UBS Commercial Mortgage Trust,FRN, Series 2006-C6 ‘AJ’ 5.452%15/09/2039 USD 4,892,189 3,765,895 0.12Lendmark Funding Trust, Series2018-1A ‘A’, 144A 3.81% 21/12/2026 USD 5,845,000 5,875,948 0.18MAD Mortgage Trust, FRN, Series2017-330M ‘A’, 144A 3.188%15/08/2034 USD 5,117,000 5,042,136 0.16Maple Escrow Subsidiary, Inc., 144A4.057% 25/05/2023 USD 5,200,000 5,215,548 0.16Maple Escrow Subsidiary, Inc., 144A4.417% 25/05/2025 USD 3,865,000 3,894,181 0.12Metropolitan Life Global Funding I,144A 2.3% 10/04/2019 USD 5,425,000 5,407,532 0.17Metropolitan Life Global Funding I,144A 3% 10/01/2023 USD 850,000 832,609 0.03

154

JPMorgan Funds - Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Morgan Stanley, FRN 3.772%24/01/2029 USD 4,670,000 4,501,483 0.14Morgan Stanley 2.8% 16/06/2020 USD 5,055,000 5,014,762 0.16Morgan Stanley Bank of AmericaMerrill Lynch Trust, Series 2013-C7‘A4’ 2.918% 15/02/2046 USD 135,000 132,717 0.00Morgan Stanley Bank of AmericaMerrill Lynch Trust, Series 2013-C8‘A4’ 3.134% 15/12/2048 USD 570,000 564,417 0.02Morgan Stanley Capital I Trust, FRN,Series 2016-BNK2 ‘C’ 3.909%15/11/2049 USD 3,625,000 3,439,312 0.11MPLX LP 4.5% 15/04/2038 USD 2,670,000 2,476,332 0.08New Century Home Equity LoanTrust, FRN, Series 2003-B ‘M2’4.566% 25/11/2033 USD 40,083 40,365 0.00New England Power Co., 144A 3.8%05/12/2047 USD 1,390,000 1,312,104 0.04New York City Water & Sewer System5.724% 15/06/2042 USD 990,000 1,264,854 0.04Olympic Tower Mortgage Trust,Series 2017-OT ‘A’, 144A 3.566%10/05/2039 USD 7,747,000 7,643,896 0.24One Market Plaza Trust, Series2017-1MKT ‘A’, 144A 3.614%10/02/2032 USD 11,780,000 11,775,909 0.37Parker-Hannifin Corp. 3.25%01/03/2027 USD 1,615,000 1,559,824 0.05Residential Asset Securitization Trust,Series 2004-A6 ‘A1’ 5% 25/08/2019 USD 2,978 2,968 0.00Santander Retail Auto Lease Trust,Series 2017-A ‘A3’, 144A 2.22%20/01/2021 USD 7,000,000 6,919,779 0.22Sierra Pacific Power Co. 2.6%01/05/2026 USD 2,225,000 2,062,252 0.06Southwestern Electric Power Co.3.85% 01/02/2048 USD 1,995,000 1,854,353 0.06State of California 7.55% 01/04/2039 USD 45,000 66,705 0.00Trans-Allegheny Interstate Line Co.,144A 3.85% 01/06/2025 USD 2,530,000 2,532,593 0.08UBS Commercial Mortgage Trust,Series 2017-C5 ‘A5’ 3.474%15/11/2050 USD 2,230,000 2,183,434 0.07UBS Commercial Mortgage Trust,FRN, Series 2017-C4 ‘C’ 4.455%15/10/2050 USD 4,295,000 4,175,690 0.13Wells Fargo & Co., FRN 3.584%22/05/2028 USD 1,460,000 1,397,300 0.04Wells Fargo Commercial MortgageTrust, Series 2017-C41 ‘A3’ 3.21%15/11/2050 USD 1,450,000 1,393,003 0.04Wells Fargo Commercial MortgageTrust, Series 2018-C44 ‘A5’ 4.212%15/05/2051 USD 11,310,000 11,721,542 0.37Westlake Automobile ReceivablesTrust, Series 2018-2A ‘C’, 144A 3.5%16/01/2024 USD 4,230,000 4,244,319 0.13WFRBS Commercial Mortgage Trust,Series 2013-C11 ‘AS’ 3.311%15/03/2045 USD 4,915,000 4,855,797 0.15

818,957,697 25.67

Total Bonds 938,188,766 29.40

Total Transferable securities and money market instrumentsdealt in on another regulated market 938,188,766 29.40

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Europe High Yield BondFund - JPM Europe High Yield Bond X(acc) - EUR X† EUR 979,970 140,112,352 4.39JPMorgan Investment Funds GlobalHigh Yield Bond Fund - JPM GlobalHigh Yield Bond X (acc) - EUR(hedged)† EUR 398,211 80,052,949 2.51JPMorgan US Dollar Liquidity Fund -JPM US Dollar Liquidity X (acc.) X† USD 4,657 68,313,141 2.14

288,478,442 9.04

Total Collective Investment Schemes - UCITS 288,478,442 9.04

Total Units of authorised UCITS or other collective investmentundertakings 288,478,442 9.04

Total Investments 3,043,561,450 95.39

Time Deposits

FranceBRED Banque Populaire SA 1.99%02/07/2018 USD 82,000,000 82,000,000 2.57

82,000,000 2.57

Total Time Deposits 82,000,000 2.57

Cash 28,522,687 0.89

Other Assets/(Liabilities) 36,405,586 1.15

Total Net Assets 3,190,489,723 100.00

† Related Party Fund.§ Security is currently in default.

155

JPMorgan Funds - Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited States of America 32.41Japan 10.62Luxembourg 9.38United Kingdom 5.49France 5.39Canada 4.54Italy 3.84Spain 3.13Netherlands 2.95Australia 2.48Ireland 2.03Portugal 1.73Supranational 1.09Hungary 1.01Belgium 0.97Switzerland 0.96Poland 0.96Mexico 0.95Indonesia 0.78New Zealand 0.62United Arab Emirates 0.61Germany 0.59Jersey 0.49Iceland 0.48Qatar 0.46Slovakia 0.44Austria 0.40Cayman Islands 0.35Singapore 0.34Sweden 0.33Denmark 0.33Norway 0.27Kuwait 0.24Kazakhstan 0.21Slovenia 0.20Finland 0.12Malaysia 0.12Egypt 0.11Bermuda 0.10Israel 0.10Argentina 0.10Russia 0.10Sri Lanka 0.07Saudi Arabia 0.07Total Investments and Cash Equivalents 97.96Cash and Other Assets/(Liabilities) 2.04

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United States of America 32.98Japan 13.54Luxembourg 9.65Italy 6.18Canada 5.29United Kingdom 5.27France 2.95Australia 2.71Spain 2.23Netherlands 2.08Supranational 1.35Indonesia 1.27Portugal 1.26Mexico 1.22Poland 1.12Sweden 0.96Hungary 0.84New Zealand 0.78Belgium 0.75Ireland 0.71United Arab Emirates 0.68Switzerland 0.61Brazil 0.58Jersey 0.53Slovenia 0.50Austria 0.42Denmark 0.35Norway 0.29Kuwait 0.25Kazakhstan 0.24Qatar 0.22Slovakia 0.16Germany 0.15Finland 0.13Malaysia 0.13Israel 0.12Bermuda 0.11Russia 0.11Singapore 0.09Saudi Arabia 0.08Total Investments 98.89Cash and Other Assets/(Liabilities) 1.11

Total 100.00

156

JPMorgan Funds - Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

AUD 7,355,078 USD 5,399,547 19/07/2018 Goldman Sachs 33,663 -AUD 30,138,680 USD 22,123,087 19/07/2018 HSBC 140,413 0.01AUD 542,763 USD 400,324 03/08/2018 BNP Paribas 642 -CAD 35,824,885 AUD 36,264,409 19/07/2018 Credit Suisse 388,514 0.01CHF 16,238,264 USD 16,287,452 19/07/2018 Credit Suisse 77,348 -EUR 23,780,094 CHF 27,431,170 17/08/2018 Goldman Sachs 66,462 -EUR 23,213,022 NZD 39,144,583 19/07/2018 Goldman Sachs 585,400 0.02EUR 14,665,000 NZD 25,152,106 19/07/2018 HSBC 84,278 -EUR 42,967,354 SEK 443,421,485 19/07/2018 Credit Suisse 671,830 0.02EUR 7,009,470 USD 8,151,463 05/07/2018 Barclays 10,946 -EUR 1,824,599 USD 2,119,500 05/07/2018 Citibank 5,214 -EUR 2,574,913 USD 2,994,953 05/07/2018 Goldman Sachs 3,489 -EUR 10,568 USD 12,282 05/07/2018 National Australia Bank 25 -EUR 685,667 USD 796,194 05/07/2018 Standard Chartered 2,253 -EUR 7,885,971 USD 9,189,467 19/07/2018 Morgan Stanley 3,147 -EUR 3,923,934 USD 4,560,184 03/08/2018 Societe Generale 19,173 -EUR 1,314,339 USD 1,524,405 03/08/2018 State Street 9,470 -GBP 4,858,137 USD 6,361,717 19/07/2018 HSBC 35,758 -GBP 59,949,141 USD 78,961,016 03/08/2018 Barclays 39,812 -GBP 467,250 USD 614,897 03/08/2018 BNP Paribas 844 -GBP 106,685 USD 140,495 03/08/2018 Merrill Lynch 94 -SEK 48,759,153 USD 5,429,151 19/07/2018 Goldman Sachs 4,568 -USD 893 AUD 1,167 05/07/2018 Merrill Lynch 31 -USD 1,657,998 AUD 2,244,279 19/07/2018 Barclays 145 -USD 22,029,536 AUD 29,505,015 19/07/2018 Goldman Sachs 234,125 0.01USD 75,161,693 AUD 99,056,367 19/07/2018 Merrill Lynch 1,988,567 0.06USD 21,731,536 BRL 80,917,374 19/07/2018 Goldman Sachs 820,016 0.03USD 22,502,889 CAD 29,124,364 19/07/2018 HSBC 408,866 0.01USD 3,750,482 CHF 3,667,333 19/07/2018 Citibank 54,571 -USD 83,752,194 CHF 82,278,357 19/07/2018 HSBC 832,688 0.03USD 43,953,238 CLP 28,265,406,939 19/07/2018 Credit Suisse 585,116 0.02USD 22,245,305 CNH 143,236,810 19/07/2018 Goldman Sachs 648,163 0.02USD 44,934,545 COP 129,901,761,908 19/07/2018 Credit Suisse 806,657 0.03USD 10,792,942 DKK 68,484,229 19/07/2018 Merrill Lynch 78,197 -USD 1,018,888 EUR 870,133 05/07/2018 Barclays 5,633 -USD 1,804,679 EUR 1,532,497 05/07/2018 Deutsche Bank 20,113 -USD 1,061,804,600 EUR 911,152,496 05/07/2018 Goldman Sachs 783,018 0.03USD 1,083,968 EUR 925,024 05/07/2018 Morgan Stanley 6,792 -USD 2,968,806 EUR 2,508,673 05/07/2018 National Australia Bank 47,499 -USD 6,343,734 EUR 5,418,910 05/07/2018 State Street 33,506 -USD 2,835,279 EUR 2,397,642 19/07/2018 ANZ 40,367 -USD 4,434,480 EUR 3,764,366 19/07/2018 Barclays 46,388 -USD 17,395,080 EUR 14,918,677 19/07/2018 BNP Paribas 4,497 -USD 33,765,555 EUR 28,841,221 19/07/2018 Goldman Sachs 145,572 0.01USD 14,147,804 EUR 12,078,585 19/07/2018 HSBC 67,893 -USD 1,080,273,332 EUR 921,620,116 19/07/2018 Merrill Lynch 5,948,058 0.19USD 90,908,566 EUR 77,487,895 19/07/2018 Morgan Stanley 581,540 0.02USD 3,549,533 EUR 3,000,000 19/07/2018 State Street 52,457 -USD 11,327,354 EUR 9,577,230 19/07/2018 Toronto-Dominion Bank 163,253 0.01USD 2,037,002 EUR 1,741,300 03/08/2018 National Australia Bank 4,849 -USD 1,569,296 EUR 1,342,056 03/08/2018 RBC 3,073 -USD 3,193,742 EUR 2,717,725 17/08/2018 Barclays 18,530 -USD 928,174 GBP 693,126 05/07/2018 ANZ 16,012 -USD 179,237 GBP 133,339 05/07/2018 BNP Paribas 3,761 -USD 139,510 GBP 104,006 05/07/2018 HSBC 2,636 -USD 85,127 GBP 63,979 05/07/2018 Standard Chartered 929 -USD 5,494,246 GBP 4,073,321 19/07/2018 Barclays 130,262 -USD 2,444,014 GBP 1,820,201 19/07/2018 BNP Paribas 47,068 -USD 6,974,172 GBP 5,243,864 19/07/2018 Goldman Sachs 68,749 -USD 190,676,791 GBP 142,645,808 19/07/2018 Merrill Lynch 2,832,575 0.09USD 5,446,651 GBP 4,087,847 19/07/2018 RBC 63,539 -USD 2,483,575 GBP 1,864,400 19/07/2018 Toronto-Dominion Bank 28,425 -USD 116,834 GBP 88,137 03/08/2018 BNP Paribas 686 -USD 30,232,951 HUF 8,219,045,359 19/07/2018 Goldman Sachs 1,180,828 0.04USD 21,849,762 IDR 305,765,563,737 19/07/2018 Citibank 503,045 0.02USD 21,844,142 IDR 305,765,563,737 19/07/2018 Merrill Lynch 497,425 0.02USD 3,518,966 ILS 12,507,194 19/07/2018 Merrill Lynch 92,718 -USD 43,387,395 INR 2,945,895,644 19/07/2018 Standard Chartered 500,813 0.02USD 364,397,659 JPY 39,557,399,276 19/07/2018 Barclays 6,815,226 0.21USD 7,309,172 JPY 806,552,489 19/07/2018 Goldman Sachs 18,273 -USD 6,827,927 JPY 743,424,726 19/07/2018 HSBC 107,677 -USD 22,252,934 KRW 23,966,186,899 19/07/2018 HSBC 725,450 0.02USD 3,738,668 MYR 14,893,732 19/07/2018 Standard Chartered 51,965 -USD 12,767,282 NOK 102,886,055 19/07/2018 Goldman Sachs 182,025 0.01USD 12,698,865 NZD 18,711,533 19/07/2018 Goldman Sachs 44,085 -USD 11,550,059 NZD 17,055,811 19/07/2018 HSBC 15,060 -USD 44,285,243 PHP 2,340,253,660 19/07/2018 Merrill Lynch 484,321 0.02USD 3,999,445 PLN 14,721,244 19/07/2018 Goldman Sachs 79,698 -USD 3,297,510 RUB 205,768,906 19/07/2018 Goldman Sachs 28,900 -USD 1,840,196 SEK 16,417,295 19/07/2018 Credit Suisse 10,654 -USD 10,751,400 SEK 94,146,140 19/07/2018 Goldman Sachs 259,758 0.01USD 117,800,074 SEK 1,030,685,386 19/07/2018 RBC 2,940,533 0.09

157

JPMorgan Funds - Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

USD 2,639,796 SGD 3,529,521 19/07/2018 Societe Generale 50,559 -USD 44,170,943 TWD 1,326,276,170 19/07/2018 Goldman Sachs 583,822 0.02USD 21,492,068 ZAR 279,187,982 19/07/2018 State Street 1,321,124 0.04

Total Unrealised Gain on Forward Currency Exchange Contracts 36,302,124 1.14

AUD 37,807,394 CAD 37,421,607 19/07/2018 Goldman Sachs (459,997) (0.02)AUD 542,051 USD 413,791 05/07/2018 ANZ (13,390) -AUD 1,879 USD 1,399 05/07/2018 Goldman Sachs (11) -AUD 28,533,172 USD 21,828,761 19/07/2018 Credit Suisse (751,253) (0.02)AUD 52,648,166 USD 39,958,540 19/07/2018 Goldman Sachs (1,067,240) (0.03)AUD 1,293 USD 955 03/08/2018 National Australia Bank - -BRL 80,917,374 USD 21,561,292 19/07/2018 HSBC (649,772) (0.02)CAD 4,362,473 CHF 3,301,929 19/07/2018 Goldman Sachs (18,245) -CAD 22,968,437 USD 17,478,454 19/07/2018 Citibank (54,377) -CAD 4,994,954 USD 3,897,023 19/07/2018 State Street (107,802) -CLP 14,906,841,194 USD 23,501,247 19/07/2018 Credit Suisse (629,413) (0.02)CLP 13,358,565,745 USD 21,166,443 19/07/2018 Goldman Sachs (670,156) (0.02)CNH 284,355,616 USD 44,314,689 19/07/2018 Toronto-Dominion Bank (1,439,755) (0.05)COP 129,901,761,908 USD 44,319,426 19/07/2018 Credit Suisse (191,538) (0.01)CZK 485,057,509 EUR 18,851,827 19/07/2018 HSBC (245,621) (0.01)CZK 43,678,029 EUR 1,696,694 19/07/2018 Societe Generale (21,117) -CZK 461,174,142 USD 20,976,935 19/07/2018 Goldman Sachs (317,067) (0.01)EUR 23,627,626 CHF 27,387,845 19/07/2018 Credit Suisse (58,726) -EUR 780,916 USD 913,884 05/07/2018 Barclays (4,521) -EUR 5,666,100 USD 6,673,734 05/07/2018 National Australia Bank (75,657) -EUR 903,966,711 USD 1,060,588,238 05/07/2018 State Street (7,934,380) (0.25)EUR 12,874,430 USD 15,252,325 19/07/2018 ANZ (244,704) (0.01)EUR 2,954,088 USD 3,469,620 19/07/2018 BNP Paribas (26,063) -EUR 23,972,118 USD 27,980,855 19/07/2018 Goldman Sachs (36,747) -EUR 1,922,584 USD 2,241,166 19/07/2018 RBC (25) -EUR 1,834,293 USD 2,143,428 19/07/2018 Societe Generale (5,206) -EUR 5,305,834 USD 6,291,231 19/07/2018 Standard Chartered (106,262) -EUR 14,265,820 USD 16,667,608 19/07/2018 State Street (38,054) -EUR 1,593,456 USD 1,861,151 03/08/2018 Citibank (1,537) -EUR 906,661,444 USD 1,058,723,982 03/08/2018 Goldman Sachs (621,053) (0.02)GBP 21,144,798 EUR 23,972,118 19/07/2018 HSBC (99,420) -GBP 1,210,282 EUR 1,370,609 19/07/2018 RBC (3,939) -GBP 429,018 USD 574,986 05/07/2018 ANZ (10,393) -GBP 60,207,459 USD 80,646,603 05/07/2018 Barclays (1,412,866) (0.05)GBP 118,747 USD 158,446 05/07/2018 Merrill Lynch (2,174) -GBP 1,359 USD 1,805 05/07/2018 Societe Generale (17) -GBP 164,385 USD 217,688 05/07/2018 Standard Chartered (1,355) -GBP 22,622 USD 29,894 05/07/2018 State Street (123) -GBP 6,262,630 USD 8,447,775 19/07/2018 ANZ (200,782) (0.01)GBP 74,527,271 USD 100,333,084 19/07/2018 Morgan Stanley (2,191,281) (0.07)GBP 311,999 USD 413,738 03/08/2018 Merrill Lynch (2,586) -IDR 305,765,563,737 USD 21,785,933 19/07/2018 Goldman Sachs (439,216) (0.01)IDR 305,765,563,737 USD 21,747,814 20/08/2018 Merrill Lynch (549,393) (0.02)INR 1,462,861,165 USD 21,559,906 19/07/2018 Goldman Sachs (263,457) (0.01)JPY 3,112,567,764 EUR 24,173,782 19/07/2018 HSBC (42,868) -JPY 429,171,633 USD 3,908,124 19/07/2018 Citibank (28,591) -JPY 3,050,510,758 USD 27,898,751 19/07/2018 HSBC (323,402) (0.01)JPY 595,885,694 USD 5,419,463 19/07/2018 State Street (32,904) -KRW 23,966,186,899 USD 21,866,959 19/07/2018 Citibank (339,475) (0.01)NOK 90,291,049 EUR 9,557,491 19/07/2018 Credit Suisse (96,485) -NOK 48,968,382 EUR 5,182,843 19/07/2018 Goldman Sachs (51,675) -NOK 137,664,518 EUR 14,570,773 19/07/2018 HSBC (145,598) (0.01)NOK 49,527,931 USD 6,067,874 19/07/2018 Goldman Sachs (9,505) -NOK 457,704,396 USD 56,109,048 19/07/2018 HSBC (121,604) (0.01)NZD 40,829,273 EUR 23,873,836 19/07/2018 Goldman Sachs (216,335) (0.01)NZD 16,246,187 USD 11,047,407 19/07/2018 HSBC (59,964) -PHP 1,167,585,897 USD 21,877,195 19/07/2018 Citibank (24,291) -SEK 14,488,952 EUR 1,414,952 19/07/2018 Goldman Sachs (34,750) -SEK 245,053,892 JPY 3,049,475,132 19/07/2018 Credit Suisse (257,190) (0.01)SEK 44,478,281 USD 5,084,641 19/07/2018 Goldman Sachs (127,983) (0.01)SEK 90,384,446 USD 10,413,565 19/07/2018 Morgan Stanley (341,126) (0.01)THB 693,028,418 USD 21,672,919 19/07/2018 ANZ (746,128) (0.02)TWD 1,326,276,170 USD 44,363,739 19/07/2018 Merrill Lynch (776,619) (0.03)USD 400,286 AUD 542,763 05/07/2018 BNP Paribas (641) -USD 829 AUD 1,123 03/08/2018 RBC (1) -USD 10,838,925 CAD 14,373,651 19/07/2018 Goldman Sachs (65,064) -USD 11,177,663 CAD 14,869,075 19/07/2018 RBC (102,160) -USD 4,549,382 EUR 3,923,934 02/07/2018 Societe Generale (19,333) -USD 1,519,388 EUR 1,313,007 03/07/2018 State Street (9,373) -USD 128,968 EUR 111,211 05/07/2018 National Australia Bank (534) -USD 1,893,074 EUR 1,632,353 19/07/2018 Barclays (9,747) -USD 13,509,978 EUR 11,612,386 19/07/2018 Citibank (26,488) -USD 3,191,197 EUR 2,761,518 19/07/2018 Merrill Lynch (27,883) -USD 613,976 GBP 467,250 02/07/2018 BNP Paribas (878) -USD 78,857,885 GBP 59,949,141 05/07/2018 Barclays (35,902) -

158

JPMorgan Funds - Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

USD 18,842,346 IDR 271,612,417,590 19/07/2018 Standard Chartered (120,003) -USD 7,196,442 MXN 143,601,212 19/07/2018 Standard Chartered (79,497) -ZAR 279,187,982 USD 22,059,562 19/07/2018 Merrill Lynch (1,888,619) (0.06)

Total Unrealised Loss on Forward Currency Exchange Contracts (27,129,307) (0.85)

Net Unrealised Gain on Forward Currency Exchange Contracts 9,172,817 0.29

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

Canada 10 Year Bond, 19/09/2018 (48) CAD (4,981,905) 8,555 -Euro-Bobl, 06/09/2018 (1,093) EUR (168,180,682) 118,576 -Euro-BTP, 06/09/2018 201 EUR 29,720,426 202,434 0.01Euro-Buxl 30 Year Bond, 06/09/2018 136 EUR 28,124,102 123,837 0.01Short-Term Euro-BTP, 06/09/2018 14 EUR 1,803,241 5,950 -US 10 Year Note, 19/09/2018 921 USD 110,699,883 747,196 0.02US 10 Year Ultra Note, 19/09/2018 337 USD 43,222,883 7,897 -US 2 Year Note, 28/09/2018 (1,188) USD (251,661,094) 27,846 -US 5 Year Note, 28/09/2018 1,504 USD 170,862,625 550,391 0.02US Long Bond, 19/09/2018 84 USD 12,194,437 17,062 -US Ultra Bond, 19/09/2018 866 USD 138,465,281 4,489,984 0.14

Total Unrealised Gain on Financial Futures Contracts 6,299,728 0.20

Australia 10 Year Bond, 17/09/2018 255 AUD 24,367,002 (28,833) -Australia 3 Year Bond, 17/09/2018 (416) AUD (34,214,849) - -Euro-Bund, 06/09/2018 (582) EUR (110,105,397) (316,223) (0.01)Euro-OAT, 06/09/2018 (348) EUR (62,570,439) (123,581) (0.01)Euro-Schatz, 06/09/2018 203 EUR 26,492,660 (4,136) -Japan 10 Year Bond, 12/09/2018 44 JPY 59,930,110 (7,946) -US 10 Year Note, 19/09/2018 (920) USD (110,579,687) (7,188) -US 10 Year Ultra Note, 19/09/2018 (1,240) USD (159,039,687) (1,640,062) (0.05)US 2 Year Note, 28/09/2018 802 USD 169,892,422 (46,204) -US 5 Year Note, 28/09/2018 1,056 USD 119,967,375 (37,127) -US Long Bond, 19/09/2018 (738) USD (107,136,844) (2,806,273) (0.09)US Ultra Bond, 19/09/2018 (315) USD (50,365,547) (83,673) -

Total Unrealised Loss on Financial Futures Contracts (5,101,246) (0.16)

Net Unrealised Gain on Financial Futures Contracts 1,198,482 0.04

Inflation Rate Swap Contracts

NominalAmount Currency Counterparty Security Description

MaturityDate

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

173,600,000 USD Barclays Pay floating USCPI 1 monthReceive fixed 2.378% 02/05/2023 (50,719) (50,719) -

236,880,000 USD Barclays Pay fixed 2.123%Receive floating USCPI 1 month 02/05/2020 (31,250) (31,250) -

Total Unrealised Loss on Inflation Rate Swap Contracts (81,969) (81,969) -

Net Unrealised Loss on Inflation Rate Swap Contracts (81,969) (81,969) -

159

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

CanadaWaste Connections, Inc. USD 428,790 32,399,372 1.72

32,399,372 1.72

United States of AmericaAcadia Healthcare Co., Inc. USD 329,540 13,343,075 0.71Ally Financial, Inc. USD 754,328 20,061,353 1.06Alphabet, Inc. ‘C’ USD 82,518 92,900,827 4.92Amazon.com, Inc. USD 56,680 97,431,786 5.16American International Group, Inc. USD 1,139,013 60,789,124 3.22Apple, Inc. USD 444,510 82,901,115 4.39AutoZone, Inc. USD 101,808 68,385,452 3.62Ball Corp. USD 1,679,093 59,465,079 3.15Broadcom, Inc. USD 161,780 39,619,922 2.10Capital One Financial Corp. USD 581,359 53,979,183 2.86Charles Schwab Corp. (The) USD 802,000 41,812,270 2.21Concho Resources, Inc. USD 236,140 32,979,312 1.74Delta Air Lines, Inc. USD 1,081,999 53,948,470 2.86DISH Network Corp. ‘A’ USD 1,252,801 42,344,674 2.24Electronic Arts, Inc. USD 229,320 32,607,011 1.73Federal Realty Investment Trust, REIT USD 468,347 59,201,403 3.13Intuitive Surgical, Inc. USD 57,888 28,035,737 1.48Kinder Morgan, Inc. USD 3,613,731 63,294,498 3.35Kohl’s Corp. USD 527,928 39,211,852 2.07Loews Corp. USD 949,458 46,105,680 2.44Marathon Petroleum Corp. USD 412,694 29,224,926 1.55Mastercard, Inc. ‘A’ USD 379,680 75,096,907 3.97Microsoft Corp. USD 521,670 51,898,340 2.75Molson Coors Brewing Co. ‘B’ USD 518,034 35,153,787 1.86NVIDIA Corp. USD 125,060 30,131,331 1.59Parker-Hannifin Corp. USD 122,210 19,257,852 1.02Pfizer, Inc. USD 1,156,177 42,079,062 2.23Public Storage, REIT USD 187,513 42,629,205 2.26S&P Global, Inc. USD 193,650 40,091,359 2.12salesforce.com, Inc. USD 227,990 31,151,414 1.65ServiceNow, Inc. USD 178,710 31,100,008 1.65Stanley Black & Decker, Inc. USD 198,400 26,762,176 1.42T Rowe Price Group, Inc. USD 391,643 46,145,336 2.44UnitedHealth Group, Inc. USD 296,947 72,835,160 3.86Vertex Pharmaceuticals, Inc. USD 157,050 26,019,259 1.38Walgreens Boots Alliance, Inc. USD 581,319 34,789,036 1.84Wells Fargo & Co. USD 1,065,844 60,166,894 3.18WestRock Co. USD 489,883 28,099,689 1.49Xcel Energy, Inc. USD 1,003,397 45,649,547 2.42

1,796,699,111 95.12

Total Equities 1,829,098,483 96.84

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 1,829,098,483 96.84

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund -JPM US Dollar Liquidity X (dist.)† USD 70,337,701 70,337,701 3.72

70,337,701 3.72

Total Collective Investment Schemes - UCITS 70,337,701 3.72

Total Units of authorised UCITS or other collective investmentundertakings 70,337,701 3.72

Total Investments 1,899,436,184 100.56

Cash 1,062,919 0.06

Other Assets/(Liabilities) (11,639,580) (0.62)

Total Net Assets 1,888,859,523 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited States of America 95.12Luxembourg 3.72Canada 1.72Total Investments 100.56Cash and Other Assets/(Liabilities) (0.56)

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United States of America 92.97Luxembourg 4.02Singapore 1.67Canada 1.45Total Investments 100.11Cash and Other Assets/(Liabilities) (0.11)

Total 100.00

160

JPMorgan Funds - America Equity FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - America Equity FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

AUD 77,055 USD 56,728 18/07/2018 Merrill Lynch 192 -AUD 1,226,098 USD 902,536 18/07/2018 National Australia Bank 3,181 -AUD 255,868 USD 188,844 18/07/2018 Standard Chartered 165 -EUR 612,011 USD 709,637 11/07/2018 ANZ 3,342 -EUR 1,739,794 USD 2,012,989 11/07/2018 BNP Paribas 13,836 -EUR 576,437 USD 669,661 11/07/2018 Citibank 1,876 -EUR 1,086,211 USD 1,258,188 11/07/2018 National Australia Bank 7,226 -EUR 677,300 USD 787,663 11/07/2018 Toronto-Dominion Bank 1,378 -USD 217,766 AUD 283,766 18/07/2018 BNP Paribas 8,148 -USD 2,331,429 AUD 3,062,266 18/07/2018 HSBC 69,337 0.01USD 105,815 AUD 140,919 18/07/2018 Merrill Lynch 1,719 -USD 2,287,485 AUD 3,016,402 18/07/2018 National Australia Bank 59,273 -USD 56,084 AUD 73,703 18/07/2018 RBC 1,640 -USD 1,090 AUD 1,440 18/07/2018 Standard Chartered 27 -USD 112,873 AUD 150,246 18/07/2018 State Street 1,887 -USD 1,114,421 EUR 955,285 11/07/2018 ANZ 1,534 -USD 929,431 EUR 785,848 11/07/2018 Barclays 13,934 -USD 2,272 EUR 1,929 11/07/2018 Citibank 25 -USD 462,577 EUR 392,316 11/07/2018 HSBC 5,536 -USD 2,423,447 EUR 2,080,156 11/07/2018 RBC 107 -USD 2,456,418 EUR 2,107,083 11/07/2018 Toronto-Dominion Bank 1,710 -

Total Unrealised Gain on Forward Currency Exchange Contracts 196,073 0.01

AUD 14,315,100 USD 10,797,160 18/07/2018 Barclays (222,614) (0.01)AUD 210,758 USD 158,091 18/07/2018 BNP Paribas (2,405) -AUD 598,344 USD 453,064 18/07/2018 Citibank (11,068) -AUD 165,624 USD 126,598 18/07/2018 Morgan Stanley (4,252) -AUD 3,327,185 USD 2,502,060 18/07/2018 National Australia Bank (44,273) (0.01)AUD 180,719 USD 136,855 18/07/2018 Societe Generale (3,358) -AUD 109,149 USD 83,097 18/07/2018 Standard Chartered (2,469) -AUD 210,791 USD 155,939 18/07/2018 State Street (228) -EUR 130,416 USD 152,010 11/07/2018 ANZ (79) -EUR 890,478 USD 1,052,953 11/07/2018 Barclays (15,565) -EUR 961,515 USD 1,127,591 11/07/2018 BNP Paribas (7,445) -EUR 151,943,476 USD 179,968,204 11/07/2018 HSBC (2,957,157) (0.16)EUR 1,945 USD 2,302 11/07/2018 Merrill Lynch (36) -EUR 803,964 USD 937,630 11/07/2018 National Australia Bank (1,028) -EUR 2,329,462 USD 2,748,655 11/07/2018 RBC (34,879) -USD 112,377 AUD 152,480 02/07/2018 National Australia Bank (257) -USD 537,936 AUD 731,610 03/07/2018 National Australia Bank (2,490) -USD 23,369 AUD 31,667 18/07/2018 BNP Paribas (24) -USD 127,878 AUD 173,414 18/07/2018 Merrill Lynch (222) -USD 1,831 AUD 2,497 18/07/2018 National Australia Bank (13) -USD 123,333 EUR 106,379 02/07/2018 BNP Paribas (526) -USD 1,257,465 EUR 1,086,211 03/07/2018 National Australia Bank (7,232) -USD 6,668 EUR 5,774 11/07/2018 ANZ (59) -USD 1,156,556 EUR 997,847 11/07/2018 Barclays (5,915) -USD 1,961 EUR 1,696 11/07/2018 BNP Paribas (15) -USD 110,074 EUR 94,884 11/07/2018 Toronto-Dominion Bank (464) -

Total Unrealised Loss on Forward Currency Exchange Contracts (3,324,073) (0.18)

Net Unrealised Loss on Forward Currency Exchange Contracts (3,128,000) (0.17)

161

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

IndonesiaAstra International Tbk. PT IDR 25,235,700 11,600,850 2.39Bank Central Asia Tbk. PT IDR 14,885,100 22,215,986 4.57Bank Mandiri Persero Tbk. PT IDR 28,874,000 13,751,923 2.83Bank Rakyat Indonesia Persero Tbk. PT IDR 52,983,000 10,481,982 2.16BFI Finance Indonesia Tbk. PT IDR 69,806,100 3,336,858 0.69Kalbe Farma Tbk. PT IDR 33,020,900 2,805,509 0.58Semen Indonesia Persero Tbk. PT IDR 3,460,100 1,717,373 0.35Telekomunikasi Indonesia PerseroTbk. PT IDR 51,275,200 13,400,253 2.76Unilever Indonesia Tbk. PT IDR 790,700 2,540,944 0.52United Tractors Tbk. PT IDR 2,502,400 5,522,568 1.13

87,374,246 17.98

MalaysiaCIMB Group Holdings Bhd. MYR 3,977,590 5,362,877 1.10Dialog Group Bhd. MYR 5,361,562 4,108,960 0.85Genting Bhd. MYR 4,498,800 9,390,834 1.93Genting Malaysia Bhd. MYR 6,150,900 7,440,175 1.53Malayan Banking Bhd. MYR 4,533,825 10,092,630 2.08Petronas Chemicals Group Bhd. MYR 1,986,800 4,139,884 0.85Public Bank Bhd. MYR 3,331,900 19,149,041 3.94Tenaga Nasional Bhd. MYR 849,200 3,076,339 0.63

62,760,740 12.91

PhilippinesAyala Corp. PHP 394,140 6,756,528 1.39Ayala Land, Inc. PHP 15,161,300 10,749,424 2.21Bank of the Philippine Islands PHP 4,301,101 7,123,548 1.47Jollibee Foods Corp. PHP 654,480 3,220,943 0.66LT Group, Inc. PHP 6,261,700 2,116,928 0.44Metropolitan Bank & Trust Co. PHP 5,311,072 7,295,019 1.50Universal Robina Corp. PHP 1,561,130 3,538,990 0.73Wilcon Depot, Inc. PHP 10,044,000 2,235,551 0.46

43,036,931 8.86

SingaporeCapitaLand Ltd. SGD 1,002,200 2,326,100 0.48City Developments Ltd. SGD 1,102,600 8,849,811 1.82DBS Group Holdings Ltd. SGD 1,736,411 33,896,968 6.98Genting Singapore plc SGD 7,875,100 7,074,446 1.46Jardine Cycle & Carriage Ltd. SGD 320,600 7,479,899 1.54Keppel Corp. Ltd. SGD 2,004,700 10,503,932 2.16Oversea-Chinese Banking Corp. Ltd. SGD 3,004,718 25,670,239 5.28Sembcorp Industries Ltd. SGD 2,814,700 5,686,617 1.17Singapore Telecommunications Ltd. SGD 5,757,400 13,025,123 2.68United Overseas Bank Ltd. SGD 1,449,588 28,451,954 5.86UOL Group Ltd. SGD 966,175 5,406,057 1.11Venture Corp. Ltd. SGD 331,100 4,329,231 0.89Wilmar International Ltd. SGD 2,517,900 5,640,920 1.16

158,341,297 32.59

ThailandAirports of Thailand PCL THB 2,098,500 3,984,995 0.82Airports of Thailand PCL, NVDR THB 120,300 228,447 0.05Bangkok Bank PCL, NVDR THB 1,006,200 5,933,571 1.22Beauty Community PCL THB 4,005,600 1,481,987 0.31Central Pattana PCL THB 2,133,900 4,503,360 0.93Central Pattana PCL, NVDR THB 1,300,800 2,745,195 0.56Central Plaza Hotel PCL THB 3,345,000 4,331,528 0.89CP ALL PCL ‘F’ THB 7,990,300 17,767,618 3.66CP ALL PCL, NVDR THB 204,400 454,514 0.09Home Product Center PCL ‘F’ THB 8,803,400 3,576,132 0.74Kasikornbank PCL ‘F’ THB 1,068,600 6,470,985 1.33Kasikornbank PCL, NVDR THB 1,179,200 6,900,332 1.42KCE Electronics PCL THB 2,800,700 3,203,761 0.66PTT Exploration & Production PCL THB 2,047,500 8,672,965 1.78PTT Global Chemical PCL THB 1,889,700 4,173,492 0.86PTT Global Chemical PCL, NVDR THB 304,500 672,503 0.14PTT PCL THB 3,596,700 5,200,604 1.07PTT PCL, NVDR THB 162,900 235,543 0.05Siam Cement PCL (The) THB 472,500 5,893,763 1.21Siam Commercial Bank PCL (The) THB 896,500 3,215,324 0.66Siam Commercial Bank PCL (The), NVDR THB 66,800 239,580 0.05TOA Paint Thailand PCL THB 2,330,700 2,683,719 0.55VGI Global Media PCL THB 10,617,600 2,477,226 0.51

95,047,144 19.56

VietnamVietnam Dairy Products JSC VND 186,246 1,387,111 0.29Vietnam Prosperity JSC Bank VND 1,682,411 2,101,182 0.43Vinhomes JSC, Reg. S VND 873,660 4,231,315 0.87

7,719,608 1.59

Total Equities 454,279,966 93.49

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 454,279,966 93.49

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund - JPMUS Dollar Liquidity X (dist.)† USD 24,900,000 24,900,000 5.13

24,900,000 5.13

Total Collective Investment Schemes - UCITS 24,900,000 5.13

Total Units of authorised UCITS or other collective investmentundertakings 24,900,000 5.13

Total Investments 479,179,966 98.62

Cash 3,679,608 0.76

Other Assets/(Liabilities) 3,042,941 0.62

Total Net Assets 485,902,515 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsSingapore 32.59Thailand 19.56Indonesia 17.98Malaysia 12.91Philippines 8.86Luxembourg 5.13Vietnam 1.59Total Investments 98.62Cash and Other Assets/(Liabilities) 1.38

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Singapore 31.07Thailand 23.79Indonesia 20.63Malaysia 11.42Philippines 7.52Vietnam 2.10Luxembourg 1.53Isle of Man 1.10Total Investments 99.16Cash and Other Assets/(Liabilities) 0.84

Total 100.00

162

JPMorgan Funds - ASEAN Equity FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - ASEAN Equity FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

MYR 951,240 USD 235,365 03/07/2018 J.P. Morgan 178 -

Net Unrealised Gain on Forward Currency Exchange Contracts 178 -

163

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

Cayman Islands51job, Inc., ADR ‘A’ USD 11,919 1,178,372 1.12Alibaba Group Holding Ltd., ADR USD 35,785 6,651,537 6.35Chailease Holding Co. Ltd. TWD 411,000 1,348,238 1.29Country Garden Holdings Co. Ltd. HKD 633,000 1,112,538 1.06Country Garden Services Holdings Co.Ltd. HKD 445,689 572,016 0.55Hutchison China MediTech Ltd., ADR USD 55,284 1,705,511 1.63Nexteer Automotive Group Ltd. HKD 325,000 478,837 0.46Shenzhou International Group HoldingsLtd. HKD 254,000 3,136,116 3.00Tencent Holdings Ltd. HKD 175,200 8,791,161 8.40Wuxi Biologics Cayman, Inc. HKD 121,000 1,340,145 1.28

26,314,471 25.14

ChinaChina Construction Bank Corp. ‘H’ HKD 3,703,000 3,419,312 3.26China Merchants Bank Co. Ltd. ‘H’ HKD 281,500 1,037,764 0.99Inner Mongolia Yili Industrial Group Co.Ltd. ‘A’ CNY 240,200 1,012,913 0.97Ping An Insurance Group Co. of China Ltd.‘H’ HKD 449,500 4,134,883 3.95

9,604,872 9.17

Hong KongAIA Group Ltd. HKD 762,200 6,666,502 6.37China Overseas Land & Investment Ltd. HKD 514,000 1,691,804 1.61CNOOC Ltd. HKD 1,098,000 1,893,420 1.81Galaxy Entertainment Group Ltd. HKD 342,000 2,649,097 2.53Techtronic Industries Co. Ltd. HKD 313,500 1,747,085 1.67

14,647,908 13.99

IndiaHDFC Bank Ltd. INR 101,198 3,139,803 3.00HDFC Standard Life Insurance Co. Ltd.,Reg. S INR 145,134 963,854 0.92Housing Development Finance Corp. Ltd. INR 110,596 3,081,027 2.95IndusInd Bank Ltd. INR 103,187 2,951,254 2.82ITC Ltd. INR 438,995 1,697,275 1.62Maruti Suzuki India Ltd. INR 14,903 1,917,080 1.83Tata Consultancy Services Ltd. INR 70,819 1,906,409 1.82

15,656,702 14.96

IndonesiaAstra International Tbk. PT IDR 2,698,900 1,240,684 1.18Bank Central Asia Tbk. PT IDR 1,843,800 2,751,868 2.63Telekomunikasi Indonesia PerseroTbk. PT IDR 5,368,600 1,403,029 1.34United Tractors Tbk. PT IDR 285,200 629,411 0.60

6,024,992 5.75

PhilippinesJollibee Foods Corp. PHP 318,500 1,567,459 1.50Metropolitan Bank & Trust Co. PHP 731,566 1,004,842 0.96

2,572,301 2.46

SingaporeBOC Aviation Ltd., Reg. S HKD 256,200 1,591,027 1.52DBS Group Holdings Ltd. SGD 141,186 2,756,132 2.63Jardine Cycle & Carriage Ltd. SGD 45,700 1,066,224 1.02

5,413,383 5.17

South KoreaNCSoft Corp. KRW 3,971 1,324,333 1.27Samsung Electronics Co. Ltd. KRW 198,519 8,323,713 7.95

9,648,046 9.22

TaiwanEclat Textile Co. Ltd. TWD 139,180 1,652,446 1.58Largan Precision Co. Ltd. TWD 14,344 2,107,889 2.01Taiwan Semiconductor Manufacturing Co.Ltd. TWD 896,000 6,359,250 6.08

10,119,585 9.67

ThailandBeauty Community PCL THB 814,700 301,422 0.29Beauty Community PCL, NVDR THB 311,800 115,359 0.11Kasikornbank PCL, NVDR THB 144,200 843,816 0.80

1,260,597 1.20

VietnamVietnam Dairy Products JSC VND 94,540 704,109 0.67Vinhomes JSC, Reg. S VND 122,510 593,341 0.57

1,297,450 1.24

Total Equities 102,560,307 97.97

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 102,560,307 97.97

Other transferable securities and money market instruments

Equities

Hong KongBeauty China Holdings Ltd.* SGD 3,000,000 0 0.00

0 0.00

Total Equities 0 0.00

Total Other transferable securities and money marketinstruments 0 0.00

Total Investments 102,560,307 97.97

Time Deposits

United KingdomStandard Chartered Bank 1.4%03/07/2018 USD 1,200,194 1,200,194 1.15

1,200,194 1.15

Total Time Deposits 1,200,194 1.15

Cash 2,287,670 2.19

Other Assets/(Liabilities) (1,366,873) (1.31)

Total Net Assets 104,681,298 100.00

* Security is valued at its fair value under the direction of the Board of Directors.

164

JPMorgan Funds - Asia Growth FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsCayman Islands 25.14India 14.96Hong Kong 13.99Taiwan 9.67South Korea 9.22China 9.17Indonesia 5.75Singapore 5.17Philippines 2.46Vietnam 1.24Thailand 1.20United Kingdom 1.15Total Investments and Cash Equivalents 99.12Cash and Other Assets/(Liabilities) 0.88

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Cayman Islands 27.51Hong Kong 13.30India 11.93China 9.67Taiwan 8.57South Korea 8.49Indonesia 6.02Singapore 4.77Thailand 2.31Philippines 2.22United Kingdom 1.43Bermuda 1.38Vietnam 0.87Total Investments and Cash Equivalents 98.47Cash and Other Assets/(Liabilities) 1.53

Total 100.00

165

JPMorgan Funds - Asia Growth FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

AustraliaAristocrat Leisure Ltd. AUD 773,955 17,662,827 1.64Australia & New Zealand Banking GroupLtd. AUD 1,670,475 34,858,985 3.23BlueScope Steel Ltd. AUD 1,166,242 14,877,752 1.38CSL Ltd. AUD 192,723 27,420,078 2.54Downer EDI Ltd. AUD 1,662,370 8,319,425 0.77Iluka Resources Ltd. AUD 1,035,327 8,554,012 0.79Macquarie Group Ltd. AUD 204,973 18,720,264 1.74Mineral Resources Ltd. AUD 433,092 5,125,060 0.48Qantas Airways Ltd. AUD 2,129,197 9,696,282 0.90Rio Tinto Ltd. AUD 381,046 23,487,351 2.18Westpac Banking Corp. AUD 652,600 14,124,432 1.31Whitehaven Coal Ltd. AUD 2,200,531 9,387,194 0.87Woodside Petroleum Ltd. AUD 441,767 11,569,833 1.07

203,803,495 18.90

BermudaJohnson Electric Holdings Ltd. HKD 1,698,000 4,955,870 0.46

4,955,870 0.46

Cayman IslandsAlibaba Group Holding Ltd., ADR USD 278,521 51,770,091 4.80Chailease Holding Co. Ltd. TWD 2,859,000 9,378,616 0.87Country Garden Holdings Co. Ltd. HKD 5,632,000 9,898,597 0.92Country Garden Services Holdings Co.Ltd. HKD 2,772,091 3,557,817 0.33KWG Property Holding Ltd. HKD 2,754,000 3,450,358 0.32Lonking Holdings Ltd. HKD 16,532,000 7,616,938 0.71New Oriental Education & TechnologyGroup, Inc., ADR USD 112,573 10,767,607 1.00Tencent Holdings Ltd. HKD 1,331,400 66,806,802 6.19Uni-President China Holdings Ltd. HKD 7,663,000 9,854,548 0.91Xinyi Glass Holdings Ltd. HKD 7,176,000 8,761,827 0.81

181,863,201 16.86

ChinaAnhui Conch Cement Co. Ltd. ‘H’ HKD 1,831,000 10,495,575 0.97China Construction Bank Corp. ‘H’ HKD 32,968,970 30,443,213 2.82China Merchants Bank Co. Ltd. ‘H’ HKD 3,158,000 11,642,123 1.08China Petroleum & Chemical Corp. ‘H’ HKD 17,074,000 15,243,691 1.41China Railway Group Ltd. ‘H’ HKD 8,336,000 6,284,333 0.58Chongqing Rural Commercial Bank Co.Ltd. ‘H’ HKD 1,166,000 694,747 0.07Ping An Insurance Group Co. of ChinaLtd. ‘H’ HKD 2,892,000 26,603,072 2.47Postal Savings Bank of China Co. Ltd.,Reg. S ‘H’ HKD 6,646,000 4,324,170 0.40Weichai Power Co. Ltd. ‘H’ HKD 6,496,000 8,941,626 0.83

114,672,550 10.63

Hong KongAIA Group Ltd. HKD 3,726,400 32,592,565 3.02BOC Hong Kong Holdings Ltd. HKD 2,122,500 10,002,363 0.93China Overseas Land & Investment Ltd. HKD 3,518,000 11,579,315 1.08CNOOC Ltd. HKD 13,212,000 22,783,114 2.11Dah Sing Banking Group Ltd. HKD 1,936,352 4,062,196 0.38Galaxy Entertainment Group Ltd. HKD 1,599,000 12,385,688 1.15MMG Ltd. HKD 10,124,000 7,045,170 0.65

100,450,411 9.32

IndiaCoal India Ltd. INR 1,618,109 6,238,343 0.58Graphite India Ltd. INR 33,244 407,504 0.04HDFC Bank Ltd. INR 679,574 21,084,692 1.95HDFC Standard Life Insurance Co. Ltd.,Reg. S INR 1,060,344 7,041,885 0.65Housing Development Finance Corp.Ltd. INR 708,717 19,743,717 1.83IndusInd Bank Ltd. INR 574,419 16,428,972 1.52JSW Steel Ltd. INR 1,380,297 6,580,252 0.61Maruti Suzuki India Ltd. INR 97,696 12,567,339 1.17Shriram Transport Finance Co. Ltd. INR 351,570 6,641,151 0.62Tata Consultancy Services Ltd. INR 547,203 14,730,408 1.37UPL Ltd. INR 443,045 3,997,974 0.37

115,462,237 10.71

IndonesiaBank Central Asia Tbk. PT IDR 9,165,600 13,679,642 1.27Telekomunikasi Indonesia PerseroTbk. PT IDR 38,022,800 9,936,873 0.92United Tractors Tbk. PT IDR 2,877,200 6,349,717 0.59

29,966,232 2.78

New ZealandAir New Zealand Ltd. NZD 3,595,606 7,732,832 0.72

7,732,832 0.72

SingaporeBOC Aviation Ltd., Reg. S HKD 1,559,000 9,681,545 0.90ComfortDelGro Corp. Ltd. SGD 4,378,800 7,562,167 0.70DBS Group Holdings Ltd. SGD 822,515 16,056,547 1.49United Overseas Bank Ltd. SGD 710,100 13,937,569 1.29

47,237,828 4.38

South KoreaHana Financial Group, Inc. KRW 361,039 13,921,791 1.29Hyundai Marine & Fire Insurance Co.Ltd. KRW 112,992 3,423,185 0.32LG Uplus Corp. KRW 576,564 7,264,088 0.67Lotte Chemical Corp. KRW 18,188 5,681,759 0.53NCSoft Corp. KRW 17,381 5,796,581 0.54POSCO KRW 62,802 18,546,841 1.72Samsung Electro-Mechanics Co. Ltd. KRW 53,103 7,072,036 0.65Samsung Electronics Co. Ltd. KRW 1,457,520 61,112,430 5.67SK Hynix, Inc. KRW 314,015 24,160,642 2.24SK Innovation Co. Ltd. KRW 70,617 12,798,336 1.19

159,777,689 14.82

TaiwanFubon Financial Holding Co. Ltd. TWD 5,886,000 9,861,837 0.91Globalwafers Co. Ltd. TWD 682,000 11,337,195 1.05Largan Precision Co. Ltd. TWD 76,000 11,168,401 1.04Taiwan Semiconductor ManufacturingCo. Ltd. TWD 5,429,000 38,531,663 3.57

70,899,096 6.57

ThailandPTT PCL THB 8,217,900 11,882,572 1.10

11,882,572 1.10

United KingdomHSBC Holdings plc HKD 763,248 7,157,192 0.66

7,157,192 0.66

Total Equities 1,055,861,205 97.91

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 1,055,861,205 97.91

Total Investments 1,055,861,205 97.91

Time Deposits

United KingdomStandard Chartered Bank 1.4%03/07/2018 USD 10,009,720 10,009,720 0.93

10,009,720 0.93

Total Time Deposits 10,009,720 0.93

Cash 18,600,537 1.72

Other Assets/(Liabilities) (6,119,211) (0.56)

Total Net Assets 1,078,352,251 100.00

166

JPMorgan Funds - Asia Pacific Equity FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsAustralia 18.90Cayman Islands 16.86South Korea 14.82India 10.71China 10.63Hong Kong 9.32Taiwan 6.57Singapore 4.38Indonesia 2.78United Kingdom 1.59Thailand 1.10New Zealand 0.72Bermuda 0.46Total Investments and Cash Equivalents 98.84Cash and Other Assets/(Liabilities) 1.16

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Cayman Islands 19.83South Korea 16.10Australia 14.58China 10.93Hong Kong 9.63India 9.12Taiwan 6.21Singapore 3.25United Kingdom 3.23Indonesia 2.50Thailand 1.78Bermuda 1.29New Zealand 0.78Philippines 0.51Total Investments and Cash Equivalents 99.74Cash and Other Assets/(Liabilities) 0.26

Total 100.00

167

JPMorgan Funds - Asia Pacific Equity FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

AustraliaShandong Energy Australia Pty. Ltd.,Reg. S 4.55% 26/07/2020 USD 4,500,000 4,259,000 0.15

4,259,000 0.15

BermudaChina Oil & Gas Group Ltd., Reg. S 5%07/05/2020 USD 3,400,000 3,372,681 0.12China Oil & Gas Group Ltd., Reg. S4.625% 20/04/2022 USD 5,300,000 4,842,191 0.17Concord New Energy Group Ltd., Reg. S7.9% 23/01/2021 USD 3,700,000 3,496,073 0.13GCL New Energy Holdings Ltd., Reg. S7.1% 30/01/2021 USD 5,950,000 5,205,598 0.19GOME Retail Holdings Ltd., Reg. S 5%10/03/2020 USD 4,000,000 3,820,009 0.14Landsea Green Group Co. Ltd., Reg. S9.625% 25/04/2020 USD 5,000,000 4,960,188 0.18

25,696,740 0.93

Cayman IslandsAgile Group Holdings Ltd., Reg. S 9%21/05/2020 USD 4,000,000 4,150,189 0.15Azure Orbit IV International FinanceLtd., Reg. S 3.75% 25/01/2023 USD 7,300,000 7,133,212 0.26CAR, Inc., Reg. S 6.125% 04/02/2020 USD 3,300,000 3,218,804 0.12CAR, Inc., Reg. S 6% 11/02/2021 USD 3,400,000 3,242,748 0.12CDBL Funding 2, Reg. S 3%01/08/2022 USD 6,800,000 6,530,817 0.24Central China Real Estate Ltd., Reg. S8% 28/01/2020 USD 1,900,000 1,905,936 0.07Champion MTN Ltd., REIT, Reg. S 3.75%17/01/2023 USD 2,000,000 1,968,780 0.07China Aoyuan Property Group Ltd.,Reg. S 7.5% 10/05/2021 USD 4,700,000 4,558,053 0.17China Aoyuan Property Group Ltd.,Reg. S 5.375% 13/09/2022 USD 5,000,000 4,362,257 0.16China Overseas Finance Cayman IIILtd., Reg. S 6.375% 29/10/2043 USD 2,500,000 2,978,240 0.11China Overseas Finance Cayman V Ltd.,Reg. S 5.35% 15/11/2042 USD 1,200,000 1,262,200 0.05China Overseas Grand Oceans FinanceIV Cayman Ltd., Reg. S 4.875%01/06/2021 USD 6,100,000 6,089,465 0.22China SCE Property Holdings Ltd.,Reg. S 10% 02/07/2020 USD 6,000,000 6,288,747 0.23China SCE Property Holdings Ltd.,Reg. S 7.45% 17/04/2021 USD 2,400,000 2,357,553 0.09CIFI Holdings Group Co. Ltd., Reg. S7.75% 05/06/2020 USD 1,450,000 1,472,986 0.05CIFI Holdings Group Co. Ltd., Reg. S6.875% 23/04/2021 USD 700,000 694,613 0.02CIFI Holdings Group Co. Ltd., Reg. S5.5% 23/01/2022 USD 2,000,000 1,846,881 0.07CIFI Holdings Group Co. Ltd., Reg. S,FRN 5.375% Perpetual USD 2,000,000 1,844,820 0.07Country Garden Holdings Co. Ltd.,Reg. S 7.25% 04/04/2021 USD 300,000 301,009 0.01ENN Energy Holdings Ltd., Reg. S3.25% 24/07/2022 USD 5,400,000 5,209,340 0.19Fantasia Holdings Group Co. Ltd.,Reg. S 8.375% 08/03/2021 USD 4,900,000 4,363,260 0.16Fantasia Holdings Group Co. Ltd.,Reg. S 7.95% 05/07/2022 USD 3,200,000 2,734,974 0.10FWD Group Ltd., Reg. S, FRN 0%Perpetual USD 4,900,000 3,407,569 0.12FWD Ltd., Reg. S 5% 24/09/2024 USD 4,700,000 4,814,104 0.17FWD Ltd., Reg. S, FRN 5.5% Perpetual USD 6,100,000 5,669,859 0.21FWD Ltd., Reg. S, FRN 6.25% Perpetual USD 1,200,000 1,175,333 0.04Golden Eagle Retail Group Ltd., Reg. S4.625% 21/05/2023 USD 3,200,000 2,738,880 0.10Greenland Hong Kong Holdings Ltd.,Reg. S 3.875% 28/07/2019 USD 3,700,000 3,538,141 0.13Guorui Properties Ltd., Reg. S 10.2%01/03/2019 USD 9,700,000 9,224,700 0.34HPHT Finance 17 Ltd., Reg. S 2.75%11/09/2022 USD 1,000,000 953,906 0.03Jiayuan International Group Ltd.,Reg. S 8.25% 14/11/2018 USD 5,000,000 4,899,981 0.18Jiayuan International Group Ltd.,Reg. S 8.125% 17/01/2019 USD 1,100,000 1,050,486 0.04KWG Property Holding Ltd., Reg. S 6%15/09/2022 USD 5,100,000 4,724,321 0.17Logan Property Holdings Co. Ltd.,Reg. S 5.25% 23/02/2023 USD 1,900,000 1,683,267 0.06

Longfor Properties Co. Ltd., Reg. S3.875% 13/07/2022 USD 3,500,000 3,386,267 0.12Maoye International Holdings Ltd.,Reg. S 7% 23/10/2018 USD 2,100,000 2,022,300 0.07Overseas Chinese Town Asia HoldingsLtd., Reg. S, FRN 4.3% Perpetual USD 4,900,000 4,721,394 0.17OVPH Ltd., Reg. S 5.875% Perpetual USD 1,400,000 1,368,822 0.05Powerlong Real Estate Holdings Ltd.,Reg. S 4.875% 15/09/2021 USD 3,500,000 3,065,762 0.11Semiconductor ManufacturingInternational Corp., Reg. S 4.125%07/10/2019 USD 6,400,000 6,405,792 0.23Sun Hung Kai Properties CapitalMarket Ltd., Reg. S 4.45% Perpetual USD 1,900,000 1,629,234 0.06Times China Holdings Ltd., Reg. S6.25% 17/01/2021 USD 5,000,000 4,751,711 0.17Times China Holdings Ltd., Reg. S5.75% 26/04/2022 USD 4,000,000 3,563,685 0.13WTT Investment Ltd., Reg. S 5.5%21/11/2022 USD 4,800,000 4,583,160 0.17Yankuang Group Cayman Ltd., Reg. S4.75% 30/11/2020 USD 3,100,000 2,972,124 0.11Yuzhou Properties Co. Ltd., Reg. S6.375% 06/03/2021 USD 1,800,000 1,754,999 0.06Yuzhou Properties Co. Ltd., Reg. S 6%25/01/2022 USD 1,800,000 1,680,710 0.06Yuzhou Properties Co. Ltd., Reg. S 6%25/10/2023 USD 3,300,000 2,935,305 0.11

163,236,696 5.94

ChinaBank of China Ltd., Reg. S 5%13/11/2024 USD 8,000,000 8,187,546 0.30Bank of China Ltd., Reg. S 3.5%20/04/2027 USD 3,200,000 3,040,022 0.11CCB Life Insurance Co. Ltd., Reg. S,FRN 4.5% 21/04/2077 USD 3,000,000 2,832,864 0.10China Construction Bank Corp., Reg. S,FRN 4.9% 12/11/2024 CNH 9,600,000 1,454,315 0.05China Construction Bank Corp., Reg. S,FRN 3.875% 13/05/2025 USD 6,600,000 6,559,292 0.24China Construction Bank Corp., Reg. S,FRN 4.65% Perpetual USD 2,300,000 2,285,625 0.08China Government Bond 3.46%27/07/2020 CNY 99,500,000 15,050,879 0.55China Life Insurance Co. Ltd., Reg. S,FRN 4% 03/07/2075 USD 1,800,000 1,758,384 0.06China Life Insurance Overseas Co. Ltd.,Reg. S, FRN 3.35% 27/07/2027 USD 4,100,000 3,896,210 0.14China Minmetals Corp., Reg. S, FRN3.75% Perpetual USD 6,600,000 6,064,756 0.22China Minmetals Corp., Reg. S, FRN4.45% Perpetual USD 5,000,000 4,887,495 0.18Guangxi Communications InvestmentGroup Co. Ltd., Reg. S 3% 04/11/2019 USD 4,600,000 4,481,452 0.16Huzhou City Investment DevelopmentGroup Co. Ltd., Reg. S 4.875%20/12/2020 USD 5,400,000 5,275,087 0.19Nanjing Yangzi State-owned AssetsInvestment Group Co. Ltd., Reg. S3.625% 05/12/2022 USD 2,500,000 2,335,593 0.09Postal Savings Bank of China Co. Ltd.,Reg. S, FRN 4.5% Perpetual USD 6,800,000 6,322,436 0.23Tianjin Infrastructure Construction &Investment Group Co. Ltd., Reg. S2.75% 15/06/2019 USD 5,800,000 5,673,840 0.21Yangzhou Urban ConstructionState-owned Asset Holding Group Co.Ltd., Reg. S 4.375% 19/12/2020 USD 4,500,000 4,338,255 0.16

84,444,051 3.07

Hong KongBank of East Asia Ltd. (The), Reg. S,FRN 4.25% 20/11/2024 USD 4,800,000 4,798,702 0.17Bank of East Asia Ltd. (The), Reg. S,FRN 4% 03/11/2026 USD 4,800,000 4,681,561 0.17Bank of East Asia Ltd. (The), Reg. S,FRN 5.5% Perpetual USD 1,500,000 1,480,667 0.05Bank of East Asia Ltd. (The), Reg. S,FRN 5.625% Perpetual USD 1,600,000 1,535,940 0.06Beijing State-Owned AssetsManagement Hong Kong Co. Ltd.,Reg. S 3% 26/05/2020 USD 4,300,000 4,206,644 0.15Beijing State-Owned AssetsManagement Hong Kong Co. Ltd.,Reg. S 4.125% 26/05/2025 USD 6,000,000 5,849,266 0.21Chalieco Hong Kong Corp. Ltd., Reg. S,FRN 5.7% Perpetual USD 3,600,000 3,573,011 0.13Chong Hing Bank Ltd., Reg. S, FRN3.876% 26/07/2027 USD 2,200,000 2,116,504 0.08

168

JPMorgan Funds - Asia Pacific Income FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Chong Hing Bank Ltd., Reg. S, FRN6.5% Perpetual USD 5,900,000 6,028,443 0.22CITIC Ltd., Reg. S 4% 11/01/2028 USD 3,600,000 3,374,079 0.12CITIC Ltd., Reg. S, FRN 8.625%Perpetual USD 3,200,000 3,248,560 0.12CNAC HK Finbridge Co. Ltd., Reg. S3.5% 19/07/2022 USD 1,900,000 1,835,543 0.07CNAC HK Finbridge Co. Ltd., Reg. S4.875% 14/03/2025 USD 7,000,000 6,965,114 0.25CRCC Yupeng Ltd., Reg. S, FRN 3.95%Perpetual USD 3,300,000 3,291,819 0.12Dah Sing Bank Ltd., Reg. S, FRN 5.25%29/01/2024 USD 2,374,000 2,389,633 0.09Dah Sing Bank Ltd., Reg. S, FRN 4.25%30/11/2026 USD 4,600,000 4,561,241 0.17Full Dragon Hong Kong InternationalDevelopment Ltd., Reg. S 5.6%14/02/2021 USD 500,000 473,981 0.02Gemdale Ever Prosperity InvestmentLtd., Reg. S 4.95% 26/07/2022 USD 5,800,000 5,435,216 0.20HeSteel Hong Kong Co. Ltd., Reg. S4.25% 07/04/2020 USD 4,900,000 4,648,780 0.17Hong Kong Red Star MacallineUniversal Home Furnishings Ltd.,Reg. S 3.375% 21/09/2022 USD 5,100,000 4,381,699 0.16Hongkong International Qingdao Co.Ltd., Reg. S 4.25% 04/12/2022 USD 4,300,000 3,969,327 0.14Huasing International Holdings Co.Ltd., Reg. S 4.5% 20/03/2021 USD 5,100,000 4,835,212 0.18Hubei Science & TechnologyInvestment Group Hong Kong Ltd.,Reg. S 4.375% 05/03/2021 USD 3,100,000 3,009,962 0.11ICBCIL Finance Co. Ltd., Reg. S 3.625%19/05/2026 USD 7,100,000 6,709,653 0.24Industrial & Commercial Bank of ChinaAsia Ltd., Reg. S, FRN 4.25% Perpetual USD 3,000,000 2,830,377 0.10Lenovo Group Ltd., Reg. S 4.75%29/03/2023 USD 5,000,000 4,761,654 0.17MCC Holding Hong Kong Corp. Ltd.,Reg. S 2.95% 31/05/2020 USD 5,800,000 5,695,206 0.21Shanghai Commercial Bank Ltd.,Reg. S, FRN 3.75% 29/11/2027 USD 7,600,000 7,324,216 0.27Sino Trendy Investment Ltd., Reg. S3.875% 25/01/2021 USD 2,885,000 2,823,874 0.10Vanke Real Estate Hong Kong Co. Ltd.,Reg. S 3.975% 09/11/2027 USD 1,600,000 1,467,277 0.05Weichai International Hong KongEnergy Group Co. Ltd., Reg. S, FRN3.75% Perpetual USD 2,900,000 2,696,842 0.10Wing Lung Bank Ltd., Reg. S, FRN3.75% 22/11/2027 USD 3,600,000 3,441,081 0.13

124,441,084 4.53

IndiaAdani Transmission Ltd., Reg. S 4%03/08/2026 USD 5,000,000 4,448,218 0.16Bharat Petroleum Corp. Ltd., Reg. S4% 08/05/2025 USD 7,100,000 6,784,078 0.25GMR Hyderabad International AirportLtd., Reg. S 4.25% 27/10/2027 USD 4,000,000 3,395,873 0.12Hindustan Petroleum Corp. Ltd., Reg. S4% 12/07/2027 USD 1,200,000 1,105,908 0.04JSW Steel Ltd., Reg. S 5.25%13/04/2022 USD 3,100,000 3,029,115 0.11NTPC Ltd., Reg. S 4.375% 26/11/2024 USD 5,400,000 5,368,608 0.19NTPC Ltd., Reg. S 4.25% 26/02/2026 USD 2,000,000 1,943,040 0.07ONGC Videsh Ltd., Reg. S 3.75%07/05/2023 USD 4,700,000 4,586,401 0.17Power Finance Corp. Ltd., Reg. S 3.75%06/12/2027 USD 6,500,000 5,785,186 0.21

36,446,427 1.32

IndonesiaABM Investama Tbk. PT, Reg. S 7.125%01/08/2022 USD 3,400,000 3,050,292 0.11Indonesia Government Bond, Reg. S3.375% 15/04/2023 USD 4,600,000 4,443,977 0.16Indonesia Government Bond, Reg. S5.25% 17/01/2042 USD 900,000 906,551 0.03Pelabuhan Indonesia II PT, Reg. S4.25% 05/05/2025 USD 6,400,000 6,132,672 0.22Pelabuhan Indonesia III Persero PT,Reg. S 4.5% 02/05/2023 USD 4,200,000 4,171,650 0.15Perusahaan Listrik Negara PT, Reg. S4.125% 15/05/2027 USD 2,000,000 1,845,530 0.07Perusahaan Listrik Negara PT, Reg. S5.25% 24/10/2042 USD 2,900,000 2,660,750 0.10

Perusahaan Listrik Negara PT, Reg. S6.15% 21/05/2048 USD 3,700,000 3,740,459 0.14Perusahaan Penerbit SBSN IndonesiaIII, Reg. S 4.325% 28/05/2025 USD 4,700,000 4,666,372 0.17

31,618,253 1.15

Isle of ManGohl Capital Ltd., Reg. S 4.25%24/01/2027 USD 6,300,000 5,974,538 0.22

5,974,538 0.22

JerseyWest China Cement Ltd., Reg. S 6.5%11/09/2019 USD 6,000,000 6,022,526 0.22

6,022,526 0.22

MacauIndustrial & Commercial Bank of ChinaMacau Ltd., Reg. S, FRN 3.875%10/09/2024 USD 3,200,000 3,197,151 0.12

3,197,151 0.12

MalaysiaIOI Investment L Bhd., Reg. S 4.375%27/06/2022 USD 6,800,000 6,825,646 0.25Press Metal Labuan Ltd., Reg. S 4.8%30/10/2022 USD 900,000 834,217 0.03SSG Resources Ltd., Reg. S 4.25%04/10/2022 USD 3,000,000 3,017,196 0.11

10,677,059 0.39

MauritiusAzure Power Energy Ltd., Reg. S 5.5%03/11/2022 USD 3,000,000 2,752,665 0.10Neerg Energy Ltd., Reg. S 6%13/02/2022 USD 3,900,000 3,635,515 0.13UPL Corp. Ltd., Reg. S 3.25%13/10/2021 USD 5,600,000 5,428,953 0.20UPL Corp. Ltd., Reg. S 4.5%08/03/2028 USD 3,600,000 3,381,030 0.12

15,198,163 0.55

NetherlandsGreenko Dutch BV, Reg. S 4.875%24/07/2022 USD 3,700,000 3,443,849 0.13Minejesa Capital BV, Reg. S 5.625%10/08/2037 USD 1,800,000 1,630,600 0.06PB International BV, Reg. S 7.625%26/01/2022 USD 1,600,000 1,515,510 0.05Royal Capital BV, Reg. S, FRN 4.875%Perpetual USD 2,600,000 2,478,554 0.09

9,068,513 0.33

PhilippinesBDO Unibank, Inc., Reg. S 2.95%06/03/2023 USD 3,000,000 2,842,239 0.10Megaworld Corp., Reg. S 4.25%17/04/2023 USD 3,600,000 3,588,991 0.13Petron Corp., Reg. S, FRN 4.6%Perpetual USD 5,000,000 4,672,255 0.17Philippine Government Bond 6.5%20/01/2020 USD 1,300,000 1,367,402 0.05Philippine Government Bond 3.9%26/11/2022 PHP 20,000,000 353,987 0.01Philippine Government Bond 5%13/01/2037 USD 1,000,000 1,070,455 0.04San Miguel Corp., Reg. S 4.875%26/04/2023 USD 8,000,000 7,814,000 0.29

21,709,329 0.79

SingaporeABJA Investment Co. Pte. Ltd., Reg. S5.45% 24/01/2028 USD 7,800,000 6,619,920 0.24Alam Synergy Pte. Ltd., Reg. S 6.95%27/03/2020 USD 6,900,000 6,277,344 0.23Alam Synergy Pte. Ltd., Reg. S 6.625%24/04/2022 USD 1,200,000 991,200 0.03APL Realty Holdings Pte. Ltd., Reg. S5.95% 02/06/2024 USD 4,500,000 3,487,190 0.13BOC Aviation Ltd., Reg. S 3.875%27/04/2026 USD 3,400,000 3,278,661 0.12BPRL International Singapore Pte. Ltd.,Reg. S 4.375% 18/01/2027 USD 3,300,000 3,140,211 0.11COSL Singapore Capital Ltd., Reg. S3.5% 30/07/2020 USD 2,800,000 2,787,471 0.10

169

JPMorgan Funds - Asia Pacific Income FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

DBS Group Holdings Ltd., Reg. S, FRN4.52% 11/12/2028 USD 1,600,000 1,614,678 0.06DBS Group Holdings Ltd., Reg. S, FRN3.6% Perpetual USD 3,400,000 3,253,960 0.12Indika Energy Capital II Pte. Ltd., Reg. S6.875% 10/04/2022 USD 3,300,000 3,261,522 0.12Indika Energy Capital III Pte. Ltd.,Reg. S 5.875% 09/11/2024 USD 1,800,000 1,606,365 0.06Jubilant Pharma Ltd., Reg. S 4.875%06/10/2021 USD 4,300,000 4,137,517 0.15Medco Platinum Road Pte. Ltd., Reg. S6.75% 30/01/2025 USD 4,900,000 4,321,305 0.16Medco Straits Services Pte. Ltd., Reg. S8.5% 17/08/2022 USD 5,700,000 5,703,515 0.21Oversea-Chinese Banking Corp. Ltd.,Reg. S 4.25% 19/06/2024 USD 5,100,000 5,102,634 0.18Parkway Pantai Ltd., Reg. S, FRN4.25% Perpetual USD 6,000,000 5,679,000 0.21Soechi Capital Pte. Ltd., Reg. S 8.375%31/01/2023 USD 5,100,000 4,626,122 0.17SSMS Plantation Holdings Pte. Ltd.,Reg. S 7.75% 23/01/2023 USD 2,400,000 2,129,018 0.08TBLA International Pte. Ltd., Reg. S 7%24/01/2023 USD 500,000 443,541 0.02Theta Capital Pte. Ltd., Reg. S 7%11/04/2022 USD 2,600,000 2,087,628 0.07United Overseas Bank Ltd., Reg. S, FRN2.88% 08/03/2027 USD 2,600,000 2,490,435 0.09United Overseas Bank Ltd., Reg. S, FRN3.875% Perpetual USD 4,200,000 3,921,497 0.14

76,960,734 2.80

South KoreaBusan Bank Co. Ltd., Reg. S 3.625%25/07/2026 USD 1,900,000 1,749,447 0.06Daegu Bank Ltd. (The), Reg. S 3.75%13/08/2023 USD 3,500,000 3,466,766 0.13Doosan Infracore Co. Ltd., Reg. S 2.5%26/07/2020 USD 2,000,000 1,964,806 0.07Hanwha Life Insurance Co. Ltd., Reg. S,FRN 4.7% 23/04/2048 USD 4,000,000 3,770,015 0.14Heungkuk Life Insurance Co. Ltd.,Reg. S, FRN 4.475% 09/11/2047 USD 4,000,000 3,514,767 0.13Hyundai Capital Services, Inc., Reg. S3% 06/03/2022 USD 2,500,000 2,421,550 0.09Industrial Bank of Korea, Reg. S, FRN3.9% Perpetual USD 1,900,000 1,747,732 0.06Kia Motors Corp., Reg. S 2.625%21/04/2021 USD 1,300,000 1,265,394 0.05Korea Resources Corp., Reg. S 3%24/04/2022 USD 4,300,000 4,164,282 0.15Korean Air Lines Co. Ltd., Reg. S5.875% 06/03/2021 USD 6,200,000 5,915,382 0.21Kyobo Life Insurance Co. Ltd., Reg. S,FRN 3.95% 24/07/2047 USD 4,300,000 4,011,663 0.15Shinhan Bank Co. Ltd., Reg. S 3.875%24/03/2026 USD 2,800,000 2,676,100 0.10Shinhan Bank Co. Ltd., Reg. S, FRN3.875% 07/12/2026 USD 3,600,000 3,558,020 0.13Woori Bank, Reg. S 4.75% 30/04/2024 USD 2,200,000 2,199,407 0.08Woori Bank, Reg. S, FRN 4.5%Perpetual USD 7,100,000 6,727,204 0.24Woori Bank, Reg. S, FRN 5.25%Perpetual USD 2,900,000 2,744,573 0.10

51,897,108 1.89

Sri LankaNational Savings Bank, Reg. S 5.15%10/09/2019 USD 3,900,000 3,880,071 0.14Sri Lanka Government Bond, Reg. S5.75% 18/01/2022 USD 2,700,000 2,659,151 0.10Sri Lanka Government Bond, Reg. S5.75% 18/04/2023 USD 1,000,000 959,910 0.03Sri Lanka Government Bond, Reg. S6.125% 03/06/2025 USD 2,800,000 2,623,416 0.10Sri Lanka Government Bond, Reg. S6.2% 11/05/2027 USD 700,000 640,524 0.02

10,763,072 0.39

ThailandPTT Global Chemical PCL, Reg. S 4.25%19/09/2022 USD 2,500,000 2,541,334 0.09PTTEP Treasury Center Co. Ltd., Reg. S,FRN 4.6% Perpetual USD 3,700,000 3,496,331 0.13Thaioil Treasury Center Co. Ltd., Reg. S3.625% 23/01/2023 USD 1,900,000 1,876,487 0.07

7,914,152 0.29

United KingdomVedanta Resources plc, Reg. S 6.375%30/07/2022 USD 2,300,000 2,184,068 0.08Vedanta Resources plc, Reg. S 6.125%09/08/2024 USD 2,200,000 1,939,128 0.07

4,123,196 0.15

Virgin Islands, BritishAVIC International Finance &Investment Ltd., Reg. S 4.375%23/05/2021 USD 5,500,000 5,527,307 0.20Baoxin Auto Finance I Ltd., Reg. S6.625% 02/04/2019 USD 3,100,000 3,076,797 0.11Baoxin Auto Finance I Ltd., Reg. S, FRN5.625% Perpetual USD 1,100,000 978,934 0.04Beijing Capital Polaris Investment Co.Ltd., Reg. S 4.25% 26/03/2021 USD 5,500,000 5,499,540 0.20Bluestar Finance Holdings Ltd., Reg. S3.125% 30/09/2019 USD 2,500,000 2,480,993 0.09CCCI Treasure Ltd., Reg. S, FRN 3.5%Perpetual USD 6,000,000 5,879,896 0.21CDBI Treasure I Ltd., Reg. S 2.25%02/08/2021 USD 1,100,000 1,050,449 0.04China Cinda Finance 2017 I Ltd., Reg. S4.375% 08/02/2025 USD 1,400,000 1,376,932 0.05China Southern Power GridInternational Finance BVI Co. Ltd.,Reg. S 3.5% 08/05/2027 USD 3,800,000 3,633,370 0.13Chinalco Capital Holdings Ltd., Reg. S4% 25/08/2021 USD 2,700,000 2,557,517 0.09Chinalco Capital Holdings Ltd., Reg. S4.25% 21/04/2022 USD 1,100,000 1,046,362 0.04Chouzhou International InvestmentLtd., Reg. S 4% 05/12/2020 USD 7,100,000 6,752,257 0.25CNOOC Finance 2013 Ltd. 4.25%09/05/2043 USD 5,000,000 4,793,986 0.18COSCO Finance 2011 Ltd., Reg. S 4%03/12/2022 USD 2,200,000 2,206,932 0.08COSCO Pacific Finance 2013 Co. Ltd.,Reg. S 4.375% 31/01/2023 USD 4,500,000 4,439,093 0.16Dianjian Haixing Ltd., Reg. S, FRN4.05% Perpetual USD 2,700,000 2,696,636 0.10Dianjian Haiyu Ltd., Reg. S, FRN 3.5%Perpetual USD 1,900,000 1,768,832 0.06Dianjian International Finance Ltd.,Reg. S, FRN 4.6% Perpetual USD 2,700,000 2,588,516 0.09Fortune Star BVI Ltd., Reg. S 5.375%05/12/2020 USD 3,400,000 3,370,249 0.12Fortune Star BVI Ltd., Reg. S 5.25%23/03/2022 USD 4,600,000 4,318,237 0.16Fortune Star BVI Ltd., Reg. S 5.95%29/01/2023 USD 8,100,000 7,572,906 0.28FPC Capital Ltd., Reg. S 5.75%30/05/2025 USD 5,000,000 5,000,257 0.18FPC Treasury Ltd., Reg. S 4.5%16/04/2023 USD 7,200,000 7,088,070 0.26Franshion Brilliant Ltd., Reg. S, FRN4% Perpetual USD 3,000,000 2,712,109 0.10Franshion Brilliant Ltd., Reg. S, FRN5.75% Perpetual USD 1,900,000 1,747,960 0.06Gemstones International Ltd., Reg. S8.5% 15/08/2020 USD 5,600,000 5,459,981 0.20Greenland Global Investment Ltd.,Reg. S 3.5% 06/09/2019 USD 3,900,000 3,761,060 0.14Greenland Global Investment Ltd.,Reg. S 5.9% 12/02/2023 USD 7,900,000 7,244,647 0.26Greenland Global Investment Ltd.,Reg. S 5.875% 03/07/2024 USD 4,200,000 3,708,411 0.14Haitian BVI International InvestmentDevelopment Ltd., Reg. S 3.875%12/12/2020 USD 6,200,000 5,835,761 0.21HKT Capital No. 2 Ltd., Reg. S 3.625%02/04/2025 USD 3,803,000 3,700,743 0.14HKT Capital No. 4 Ltd., Reg. S 3%14/07/2026 USD 2,500,000 2,304,777 0.08Huaneng Hong Kong Capital Ltd.,Reg. S, FRN 3.6% Perpetual USD 3,400,000 3,085,296 0.11Huarong Finance 2017 Co. Ltd., Reg. S3.75% 27/04/2022 USD 1,640,000 1,612,516 0.06Huarong Finance 2017 Co. Ltd., Reg. S,FRN 4% Perpetual USD 1,300,000 1,231,354 0.05Huarong Finance 2017 Co. Ltd., Reg. S,FRN 4.5% Perpetual USD 3,800,000 3,722,706 0.14Huarong Finance II Co. Ltd., Reg. S2.75% 03/06/2019 USD 3,000,000 2,971,904 0.11JGSH Philippines Ltd., Reg. S 4.375%23/01/2023 USD 1,200,000 1,193,383 0.04JIC Zhixin Ltd., Reg. S 3.5% 24/11/2027 USD 3,000,000 2,774,148 0.10King Power Capital Ltd., Reg. S 5.625%03/11/2024 USD 3,900,000 4,122,417 0.15

170

JPMorgan Funds - Asia Pacific Income FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Knight Castle Investments Ltd., Reg. S7.99% 23/01/2021 USD 7,500,000 6,500,698 0.24Leader Goal International Ltd., Reg. S,FRN 4.25% Perpetual USD 5,400,000 5,100,392 0.19LS Finance 2022 Ltd., Reg. S 4.25%16/10/2022 USD 2,100,000 2,036,050 0.07Minmetals Bounteous Finance BVI Ltd.,Reg. S 3.125% 27/07/2021 USD 2,000,000 1,948,505 0.07Nan Fung Treasury Ltd., Reg. S 3.875%03/10/2027 USD 4,900,000 4,566,069 0.17New Metro Global Ltd., Reg. S 6.5%23/04/2021 USD 6,900,000 6,734,798 0.25NWD Finance BVI Ltd., Reg. S 5.75%Perpetual USD 2,800,000 2,561,258 0.09Poly Real Estate Finance Ltd., Reg. S3.95% 05/02/2023 USD 6,800,000 6,612,168 0.24Rock International Investment, Inc.,Reg. S 6.625% 27/03/2020 USD 1,200,000 916,356 0.03Sino-Ocean Land Treasure Finance ILtd., Reg. S 6% 30/07/2024 USD 3,000,000 3,120,842 0.11Sino-Ocean Land Treasure III Ltd.,Reg. S, FRN 4.9% Perpetual USD 3,100,000 2,462,856 0.09Sinopec Capital 2013 Ltd., Reg. S4.25% 24/04/2043 USD 4,600,000 4,478,905 0.16Sinopec Group Overseas Development2013 Ltd., Reg. S 5.375% 17/10/2043 USD 2,800,000 3,146,026 0.12Skyland Mining BVI Ltd., Reg. S 3.25%06/07/2020 USD 6,000,000 5,893,107 0.21SmarTone Finance Ltd., Reg. S 3.875%08/04/2023 USD 6,000,000 5,920,556 0.22State Grid Overseas Investment 2014Ltd., Reg. S 4.85% 07/05/2044 USD 4,100,000 4,468,595 0.16Studio City Finance Ltd., Reg. S 8.5%01/12/2020 USD 5,000,000 5,037,400 0.18Tewoo Group Finance No. 2 Ltd., Reg. S4.5% 16/12/2019 USD 8,300,000 8,050,493 0.29Tewoo Group NO 5 Ltd., Reg. S, FRN5.8% Perpetual USD 4,500,000 3,947,880 0.14Tianqi Finco Co. Ltd., Reg. S 3.75%28/11/2022 USD 2,200,000 2,032,576 0.07Top Wise Excellence Enterprise Co.Ltd., Reg. S 6% 16/03/2020 USD 2,300,000 2,012,452 0.07Wisdom Glory Group Ltd., Reg. S, FRN5.25% Perpetual USD 5,200,000 4,969,120 0.18Xinxing Industry Investment Co. Ltd.,Reg. S 4.25% 14/12/2020 USD 6,600,000 6,484,790 0.24Yuexiu REIT MTN Co. Ltd., Reg. S 4.75%27/04/2021 USD 3,700,000 3,708,946 0.14Zhongrong International Resources Co.Ltd., Reg. S 7.25% 26/10/2020 USD 3,900,000 2,837,079 0.10

248,441,158 9.04

Total Bonds 942,088,950 34.27

Equities

AustraliaAmcor Ltd. AUD 1,688,151 17,963,083 0.65Australia & New Zealand BankingGroup Ltd. AUD 3,179,765 66,354,409 2.41Macquarie Group Ltd. AUD 231,219 21,117,321 0.77Qantas Airways Ltd. AUD 5,229,291 23,813,992 0.87QBE Insurance Group Ltd. AUD 3,800,090 27,354,705 0.99Suncorp Group Ltd. AUD 1,739,165 18,749,997 0.68Sydney Airport AUD 1,602,970 8,483,946 0.31Transurban Group AUD 2,130,894 18,833,492 0.69Westpac Banking Corp. AUD 783,113 16,949,167 0.62

219,620,112 7.99

BermudaYuexiu Transport Infrastructure Ltd. HKD 30,396,000 22,198,201 0.81

22,198,201 0.81

Cayman IslandsChina Yongda Automobiles ServicesHoldings Ltd. HKD 3,700,000 3,628,750 0.13CK Hutchison Holdings Ltd. HKD 3,908,500 41,483,126 1.51HKBN Ltd. HKD 6,598,500 10,167,595 0.37WH Group Ltd., Reg. S HKD 26,559,500 21,596,695 0.78Zhen Ding Technology Holding Ltd. TWD 10,298,000 22,763,146 0.83

99,639,312 3.62

ChinaBank of China Ltd. ‘H’ HKD 42,201,000 20,895,871 0.76Baoshan Iron & Steel Co. Ltd. ‘A’ CNY 6,641,775 7,820,994 0.28China Construction Bank Corp. ‘H’ HKD 38,271,000 35,339,054 1.29China Life Insurance Co. Ltd. ‘H’ HKD 23,679,000 61,037,762 2.22

China Shenhua Energy Co. Ltd. ‘H’ HKD 3,354,500 7,965,029 0.29China Vanke Co. Ltd. ‘A’ CNY 2,065,500 7,672,651 0.28China Vanke Co. Ltd. ‘H’ HKD 4,847,500 16,943,814 0.62Datang International Power GenerationCo. Ltd. ‘H’ HKD 56,638,000 17,288,613 0.63Huadian Power International Corp. Ltd.‘H’ HKD 19,436,000 7,654,416 0.28Huaneng Power International, Inc. ‘H’ HKD 39,260,000 26,044,603 0.95Inner Mongolia Yili Industrial Group Co.Ltd. ‘A’ CNY 1,412,000 5,954,345 0.22PetroChina Co. Ltd. ‘H’ HKD 64,130,000 48,754,915 1.77PICC Property & Casualty Co. Ltd. ‘H’ HKD 10,215,000 11,020,773 0.40Ping An Insurance Group Co. of ChinaLtd. ‘H’ HKD 1,050,500 9,663,391 0.35Sinopec Engineering Group Co. Ltd. ‘H’ HKD 19,536,000 20,404,752 0.74Zhejiang Expressway Co. Ltd. ‘H’ HKD 28,532,000 25,437,044 0.92

329,898,027 12.00

Hong KongBOC Hong Kong Holdings Ltd. HKD 7,271,500 34,267,223 1.25China Mobile Ltd. HKD 4,508,500 40,036,469 1.46China Overseas Land & Investment Ltd. HKD 8,720,000 28,701,430 1.04CNOOC Ltd. HKD 13,831,000 23,850,533 0.87Guangdong Investment Ltd. HKD 3,614,000 5,725,402 0.21Lenovo Group Ltd. HKD 45,156,000 24,488,475 0.89New World Development Co. Ltd. HKD 5,622,132 7,917,900 0.29Sun Hung Kai Properties Ltd. HKD 2,120,000 32,004,986 1.16

196,992,418 7.17

IndonesiaAstra International Tbk. PT IDR 17,882,500 8,220,584 0.30Bank Rakyat Indonesia Persero Tbk. PT IDR 41,810,100 8,271,572 0.30Telekomunikasi Indonesia PerseroTbk. PT IDR 118,380,600 30,937,568 1.13

47,429,724 1.73

New ZealandZ Energy Ltd. NZD 1,351,770 6,943,364 0.25

6,943,364 0.25

SingaporeAIMS AMP Capital Industrial REIT SGD 11,074,325 11,247,793 0.41Ascendas India Trust, Reg. S SGD 21,255,000 15,820,763 0.57Ascendas Real Estate Investment Trust SGD 8,815,000 17,098,116 0.62DBS Group Holdings Ltd. SGD 2,826,097 55,169,035 2.01Mapletree Logistics Trust, REIT SGD 21,337,373 19,168,022 0.70Singapore Exchange Ltd. SGD 1,921,900 10,098,276 0.37United Overseas Bank Ltd. SGD 2,303,400 45,210,247 1.64

173,812,252 6.32

South KoreaDoosan Corp. KRW 157,418 14,742,161 0.54Hana Financial Group, Inc. KRW 168,000 6,478,139 0.23ING Life Insurance Korea Ltd., Reg. S KRW 133,284 5,001,787 0.18Korea Electric Power Corp. KRW 2,438,715 70,049,059 2.55Samsung Electronics Co. Ltd. KRW 1,317,847 55,256,074 2.01Samsung Fire & Marine Insurance Co.Ltd. KRW 88,690 21,053,308 0.76Shinhan Financial Group Co. Ltd. KRW 1,107,979 43,072,424 1.57

215,652,952 7.84

TaiwanChipbond Technology Corp. TWD 5,675,000 11,780,621 0.43ChipMOS Techinologies, Inc. TWD 4,872,000 3,689,698 0.13Powertech Technology, Inc. TWD 3,521,000 10,215,511 0.37Taiwan Cement Corp. TWD 11,369,000 15,792,869 0.58Taiwan Semiconductor ManufacturingCo. Ltd. TWD 9,234,000 65,537,185 2.38Wistron NeWeb Corp. TWD 2,265,598 5,402,071 0.20Yuanta Financial Holding Co. Ltd. TWD 69,886,377 31,824,920 1.16

144,242,875 5.25

ThailandBangkok Bank PCL, NVDR THB 9,850,700 58,089,676 2.11Land & Houses PCL THB 40,264,100 13,680,795 0.50Siam Commercial Bank PCL (The) THB 4,417,800 15,844,571 0.58Siam Commercial Bank PCL(The), NVDR THB 901,300 3,232,539 0.12Supalai PCL THB 19,754,900 14,050,979 0.51TMB Bank PCL THB 76,956,600 5,369,065 0.19

110,267,625 4.01

171

JPMorgan Funds - Asia Pacific Income FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

United KingdomHSBC Holdings plc HKD 5,772,773 54,132,921 1.97

54,132,921 1.97

Total Equities 1,620,829,783 58.96

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 2,562,918,733 93.23

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

Cayman IslandsCK Hutchison Capital Securities 17 Ltd.,Reg. S, FRN 4% Perpetual USD 500,000 479,949 0.02

479,949 0.02

Hong KongCITIC Ltd., Reg. S 6.625% 15/04/2021 USD 1,400,000 1,497,930 0.05

1,497,930 0.05

NetherlandsIndo Energy Finance II BV, Reg. S6.375% 24/01/2023 USD 6,200,000 5,856,162 0.21

5,856,162 0.21

South KoreaGS Caltex Corp., Reg. S 3% 12/06/2022 USD 1,400,000 1,357,391 0.05GS Caltex Corp., Reg. S 3.875%27/06/2023 USD 1,600,000 1,588,048 0.06Shinhan Bank Co. Ltd., Reg. S 3.75%20/09/2027 USD 2,500,000 2,328,957 0.08Woori Bank, Reg. S, FRN 5%10/06/2045 USD 2,500,000 2,481,005 0.09

7,755,401 0.28

Virgin Islands, BritishSinochem Global Capital Co. Ltd., Reg.S, FRN 5% Perpetual USD 9,800,000 9,823,030 0.36

9,823,030 0.36

Total Bonds 25,412,472 0.92

Total Transferable securities and money market instrumentsdealt in on another regulated market 25,412,472 0.92

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund -JPM US Dollar Liquidity X (dist.)† USD 133,490,000 133,490,000 4.86

133,490,000 4.86

Total Collective Investment Schemes - UCITS 133,490,000 4.86

Total Units of authorised UCITS or other collective investmentundertakings 133,490,000 4.86

Total Investments 2,721,821,205 99.01

Cash 20,700,076 0.75

Other Assets/(Liabilities) 6,557,794 0.24

Total Net Assets 2,749,079,075 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsChina 15.07Hong Kong 11.75South Korea 10.01Cayman Islands 9.58Virgin Islands, British 9.40Singapore 9.12Australia 8.14Taiwan 5.25Luxembourg 4.86Thailand 4.30Indonesia 2.88United Kingdom 2.12Bermuda 1.74India 1.32Philippines 0.79Mauritius 0.55Netherlands 0.54Sri Lanka 0.39Malaysia 0.39New Zealand 0.25Jersey 0.22Isle of Man 0.22Macau 0.12Total Investments 99.01Cash and Other Assets/(Liabilities) 0.99

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

China 13.80Cayman Islands 13.70Hong Kong 10.94South Korea 9.70Virgin Islands, British 8.26Singapore 8.24Australia 8.12Thailand 6.00Taiwan 5.56United Kingdom 2.55India 2.08Bermuda 1.44Indonesia 1.27Luxembourg 1.12Netherlands 1.01Malaysia 0.95Philippines 0.67Mauritius 0.48Sri Lanka 0.44New Zealand 0.34Supranational 0.32United States of America 0.30Jersey 0.23Macau 0.16Isle of Man 0.16Total Investments 97.84Cash and Other Assets/(Liabilities) 2.16

Total 100.00

172

JPMorgan Funds - Asia Pacific Income FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Asia Pacific Income FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

AUD 534,978 USD 394,369 18/07/2018 ANZ 818 -AUD 911,287 USD 670,364 18/07/2018 Barclays 2,802 -AUD 2,071 USD 1,522 18/07/2018 RBC 8 -CAD 2,386,946 USD 1,794,732 18/07/2018 BNP Paribas 15,997 -CAD 928,547 USD 698,503 18/07/2018 Deutsche Bank 5,890 -CAD 12,770 USD 9,595 18/07/2018 National Australia Bank 92 -CAD 7,896 USD 5,939 18/07/2018 Societe Generale 51 -EUR 20,464 USD 23,682 03/07/2018 Morgan Stanley 145 -EUR 59,130 USD 68,541 18/07/2018 BNP Paribas 381 -EUR 2,777 USD 3,234 18/07/2018 Citibank 2 -EUR 17,118 USD 19,890 18/07/2018 Standard Chartered 63 -GBP 18,810 USD 24,624 03/07/2018 Morgan Stanley 128 -GBP 157,287 USD 206,797 18/07/2018 BNP Paribas 317 -NZD 98,562 USD 66,577 03/07/2018 Standard Chartered 81 -SGD 1,179,003 USD 864,140 11/07/2018 Goldman Sachs 642 -SGD 21,613 USD 15,806 11/07/2018 State Street 47 -USD 1,602 AUD 2,100 18/07/2018 ANZ 50 -USD 1,519,763 AUD 2,036,041 18/07/2018 Barclays 15,742 -USD 1,632,771 AUD 2,146,412 18/07/2018 Citibank 47,219 -USD 1,036,318 AUD 1,400,563 18/07/2018 Goldman Sachs 1,723 -USD 1,011,904 AUD 1,334,317 18/07/2018 HSBC 26,246 -USD 692,972 AUD 911,267 18/07/2018 National Australia Bank 19,821 -USD 278,474 AUD 368,847 18/07/2018 Standard Chartered 6,007 -USD 4,218,004 AUD 5,644,529 18/07/2018 State Street 48,398 0.01USD 56,849 AUD 76,593 18/07/2018 UBS 270 -USD 16,553 CAD 21,446 18/07/2018 ANZ 284 -USD 146,634 CAD 192,383 18/07/2018 BNP Paribas 693 -USD 1,020,976 CAD 1,323,878 18/07/2018 Goldman Sachs 16,687 -USD 495,605 CAD 642,219 18/07/2018 Standard Chartered 8,420 -USD 86,500 CNH 554,481 11/07/2018 ANZ 2,870 -USD 572,649 CNH 3,667,471 11/07/2018 BNP Paribas 19,502 -USD 157,585 CNH 1,010,522 11/07/2018 RBC 5,173 -USD 506,462 CNH 3,265,607 11/07/2018 Societe Generale 13,926 -USD 14,614,892 CNH 96,256,601 11/07/2018 Standard Chartered 96,968 0.01USD 225,464 CNH 1,486,500 10/08/2018 National Australia Bank 1,524 -USD 79,268 CNH 520,910 10/08/2018 Societe Generale 793 -USD 180,194 EUR 152,407 18/07/2018 ANZ 2,548 -USD 105,864 EUR 90,530 18/07/2018 BNP Paribas 342 -USD 211,071 EUR 179,728 18/07/2018 Merrill Lynch 1,580 -USD 68,520 EUR 58,593 18/07/2018 Morgan Stanley 224 -USD 28,528 EUR 24,408 18/07/2018 National Australia Bank 78 -USD 47,130 EUR 40,011 18/07/2018 State Street 493 -USD 113,049 GBP 85,311 18/07/2018 ANZ 712 -USD 705,442 GBP 535,535 18/07/2018 Barclays 253 -USD 946,406 GBP 709,640 18/07/2018 BNP Paribas 11,955 -USD 926,900 GBP 695,426 18/07/2018 Deutsche Bank 11,166 -USD 73,012 GBP 54,956 18/07/2018 Morgan Stanley 646 -USD 28,158 GBP 20,945 18/07/2018 Societe Generale 578 -USD 466,671 GBP 352,768 18/07/2018 Standard Chartered 2,148 -USD 60,899 NZD 89,584 02/07/2018 BNP Paribas 313 -USD 1,842 NZD 2,617 18/07/2018 ANZ 72 -USD 500,641 NZD 726,266 18/07/2018 Barclays 9,461 -USD 556,707 NZD 803,651 18/07/2018 BNP Paribas 13,191 -USD 433,908 NZD 620,301 18/07/2018 Goldman Sachs 14,393 -USD 1,443,501 NZD 2,063,558 18/07/2018 Merrill Lynch 47,900 -USD 11,834 NZD 17,031 18/07/2018 National Australia Bank 316 -USD 70,659 NZD 100,249 18/07/2018 Societe Generale 2,860 -USD 227,902 NZD 324,272 18/07/2018 Standard Chartered 8,594 -USD 169,283 NZD 244,121 18/07/2018 State Street 4,182 -USD 2,734,431 SGD 3,708,562 11/07/2018 Barclays 14,253 -USD 3,096,136 SGD 4,157,024 11/07/2018 Citibank 47,017 -USD 1,931,083 SGD 2,607,891 11/07/2018 HSBC 18,232 -USD 393,283 SGD 534,025 11/07/2018 Societe Generale 1,583 -USD 1,909,935 SGD 2,569,499 11/07/2018 Standard Chartered 25,244 -

Total Unrealised Gain on Forward Currency Exchange Contracts 600,114 0.02

AUD 1,146,107 USD 849,813 18/07/2018 ANZ (3,185) -AUD 253,734,580 USD 191,330,142 18/07/2018 Barclays (3,896,743) (0.14)AUD 1,452,933 USD 1,107,748 18/07/2018 BNP Paribas (34,468) -AUD 2,344,563 USD 1,775,295 18/07/2018 Citibank (43,369) -AUD 353,942 USD 267,511 18/07/2018 HSBC (6,054) -AUD 582,170 USD 443,416 18/07/2018 Merrill Lynch (13,367) -AUD 2,946,096 USD 2,251,908 18/07/2018 Morgan Stanley (75,630) -AUD 95,979 USD 72,140 18/07/2018 National Australia Bank (1,241) -AUD 1,673,237 USD 1,267,129 18/07/2018 Societe Generale (31,111) -AUD 1,008,952 USD 770,240 18/07/2018 Standard Chartered (24,928) -AUD 12,033,673 USD 9,187,854 18/07/2018 State Street (298,595) (0.01)CAD 3,923,955 USD 3,035,830 18/07/2018 ANZ (59,131) -CAD 111,840 USD 86,196 18/07/2018 BNP Paribas (1,355) -CAD 569,365 USD 439,432 18/07/2018 Goldman Sachs (7,513) -CAD 70,087,801 USD 54,186,333 18/07/2018 Merrill Lynch (1,017,959) (0.04)CAD 2,382,880 USD 1,827,842 18/07/2018 National Australia Bank (20,197) -

173

JPMorgan Funds - Asia Pacific Income FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

CAD 512,101 USD 394,820 18/07/2018 Societe Generale (6,341) -CAD 1,097,436 USD 846,272 18/07/2018 State Street (13,761) -CNH 5,939,518 USD 926,875 11/07/2018 ANZ (31,046) -CNH 19,054 USD 2,934 11/07/2018 BNP Paribas (60) -CNH 97,796,110 USD 15,265,513 11/07/2018 Goldman Sachs (515,392) (0.02)CNH 1,000,000 USD 156,059 11/07/2018 State Street (5,233) -CNH 96,256,601 USD 14,597,825 10/08/2018 Standard Chartered (96,854) -EUR 239,005 USD 280,349 18/07/2018 ANZ (1,765) -EUR 155,923 USD 183,126 18/07/2018 BNP Paribas (1,382) -EUR 114,472 USD 135,069 18/07/2018 Deutsche Bank (1,640) -EUR 16,986,275 USD 19,903,600 18/07/2018 HSBC (104,346) (0.01)EUR 239,734 USD 282,812 18/07/2018 Merrill Lynch (3,376) -EUR 9,740 USD 11,515 18/07/2018 National Australia Bank (162) -EUR 194,726 USD 230,115 18/07/2018 Standard Chartered (3,142) -GBP 604,559 USD 807,126 18/07/2018 ANZ (11,046) -GBP 375,564 USD 498,248 18/07/2018 Barclays (3,708) -GBP 302,376 USD 403,024 18/07/2018 BNP Paribas (4,857) -GBP 80,378 USD 107,265 18/07/2018 HSBC (1,424) -GBP 884,291 USD 1,183,138 18/07/2018 Merrill Lynch (18,709) -GBP 31,960 USD 42,926 18/07/2018 Morgan Stanley (842) -GBP 127,886 USD 170,413 18/07/2018 National Australia Bank (2,014) -GBP 98,039 USD 131,181 18/07/2018 Societe Generale (2,084) -GBP 43,750,469 USD 58,289,500 18/07/2018 Standard Chartered (679,112) (0.03)GBP 316,967 USD 426,315 18/07/2018 State Street (8,934) -NZD 247,345 USD 173,678 18/07/2018 ANZ (6,396) -NZD 741,245 USD 521,888 18/07/2018 Barclays (20,579) -NZD 809,525 USD 561,953 18/07/2018 BNP Paribas (14,465) -NZD 682,977 USD 472,121 18/07/2018 Deutsche Bank (10,218) -NZD 60,485,796 USD 42,424,862 18/07/2018 HSBC (1,517,829) (0.06)NZD 1,057,252 USD 743,628 18/07/2018 Merrill Lynch (28,600) -NZD 152,082 USD 104,734 18/07/2018 National Australia Bank (1,880) -NZD 381,398 USD 267,492 18/07/2018 Societe Generale (9,550) -NZD 294,972 USD 206,873 18/07/2018 Standard Chartered (7,381) -SGD 466,041 USD 349,370 11/07/2018 Barclays (7,535) -SGD 2,248,725 USD 1,680,878 11/07/2018 Citibank (31,469) -SGD 1,156,325 USD 865,662 11/07/2018 HSBC (17,514) -SGD 168,043 USD 123,864 11/07/2018 National Australia Bank (607) -SGD 1,640,013 USD 1,208,092 11/07/2018 Societe Generale (5,165) -SGD 314,399,347 USD 235,391,224 11/07/2018 Standard Chartered (4,783,671) (0.18)USD 394,367 AUD 534,978 02/07/2018 ANZ (810) -USD 540,346 AUD 735,168 03/07/2018 Barclays (2,708) -USD 263,773 AUD 357,662 18/07/2018 ANZ (431) -USD 98,184 AUD 133,117 18/07/2018 BNP Paribas (149) -USD 984,246 AUD 1,337,519 18/07/2018 Citibank (3,778) -USD 1,545,952 AUD 2,106,638 18/07/2018 Goldman Sachs (10,219) -USD 4,592 AUD 6,232 18/07/2018 HSBC (12) -USD 666,159 CAD 885,917 03/07/2018 BNP Paribas (5,713) -USD 1,504 CAD 2,000 18/07/2018 BNP Paribas (14) -USD 311,898 CAD 414,625 18/07/2018 Goldman Sachs (2,635) -USD 468,678 CAD 624,762 18/07/2018 Merrill Lynch (5,265) -USD 2,234 CAD 2,973 18/07/2018 National Australia Bank (21) -USD 691,688 CAD 919,387 18/07/2018 RBC (5,756) -USD 1,057,249 CAD 1,405,181 18/07/2018 Standard Chartered (8,717) -USD 99,701 CNH 662,831 10/08/2018 Societe Generale (154) -USD 157,124 EUR 135,792 18/07/2018 BNP Paribas (1,156) -USD 14,930 EUR 12,870 18/07/2018 Citibank (72) -USD 101,585 EUR 87,739 18/07/2018 Merrill Lynch (684) -USD 182,005 EUR 156,718 18/07/2018 Morgan Stanley (665) -USD 239,955 EUR 207,265 18/07/2018 RBC (1,634) -USD 206,647 GBP 157,287 02/07/2018 BNP Paribas (327) -USD 462,325 GBP 352,904 18/07/2018 Barclays (2,376) -USD 24,641 GBP 18,810 18/07/2018 Morgan Stanley (128) -USD 395,966 NZD 585,886 18/07/2018 Standard Chartered (274) -USD 863,998 SGD 1,179,003 02/07/2018 Goldman Sachs (602) -USD 14,585 SGD 19,950 03/07/2018 State Street (46) -USD 1,804,500 SGD 2,468,984 11/07/2018 Standard Chartered (6,465) -

Total Unrealised Loss on Forward Currency Exchange Contracts (13,575,746) (0.49)

Net Unrealised Loss on Forward Currency Exchange Contracts (12,975,632) (0.47)

174

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

BermudaChina Oil & Gas Group Ltd., Reg. S4.625% 20/04/2022 USD 200,000 182,724 0.94GCL New Energy Holdings Ltd., Reg. S7.1% 30/01/2021 USD 200,000 174,978 0.90

357,702 1.84

Cayman IslandsCDBL Funding 2, Reg. S 3% 01/08/2022 USD 200,000 192,083 0.99China Overseas Finance Cayman III Ltd.,Reg. S 5.375% 29/10/2023 USD 200,000 209,373 1.07China SCE Property Holdings Ltd.,Reg. S 7.45% 17/04/2021 USD 200,000 196,463 1.01CIFI Holdings Group Co. Ltd., Reg. S6.875% 23/04/2021 USD 200,000 198,461 1.02Fantasia Holdings Group Co. Ltd., Reg. S8.375% 08/03/2021 USD 200,000 178,092 0.91FWD Group Ltd., Reg. S, FRN 0%Perpetual USD 200,000 139,085 0.71FWD Ltd., Reg. S 5% 24/09/2024 USD 200,000 204,856 1.05Logan Property Holdings Co. Ltd.,Reg. S 5.25% 23/02/2023 USD 200,000 177,186 0.91Overseas Chinese Town Asia HoldingsLtd., Reg. S, FRN 4.3% Perpetual USD 200,000 192,710 0.99Sun Hung Kai Properties Capital MarketLtd., Reg. S 4.45% Perpetual USD 200,000 171,498 0.88Times China Holdings Ltd., Reg. S 6.25%23/01/2020 USD 200,000 198,253 1.02Times China Holdings Ltd., Reg. S 6.25%17/01/2021 USD 200,000 190,068 0.98Well Hope Development Ltd., Reg. S,FRN 3.875% Perpetual USD 200,000 184,913 0.95WTT Investment Ltd., Reg. S 5.5%21/11/2022 USD 200,000 190,965 0.98Yankuang Group Cayman Ltd., Reg. S4.75% 30/11/2020 USD 200,000 191,750 0.98

2,815,756 14.45

ChinaBank of China Ltd., Reg. S 4.65%05/03/2021 CNH 1,000,000 151,680 0.78China Construction Bank Corp., Reg. S,FRN 3.875% 13/05/2025 USD 200,000 198,766 1.02China Development Bank 4.69%23/03/2023 CNY 1,000,000 154,402 0.79China Government Bond 3.46%27/07/2020 CNY 2,000,000 302,530 1.55China Government Bond, Reg. S 3.36%21/05/2022 CNH 1,000,000 148,868 0.76China Government Bond, Reg. S 4.1%04/12/2022 CNH 1,000,000 152,827 0.79China Minmetals Corp., Reg. S, FRN3.75% Perpetual USD 200,000 183,781 0.94Postal Savings Bank of China Co. Ltd.,Reg. S, FRN 4.5% Perpetual USD 200,000 185,954 0.96

1,478,808 7.59

Hong KongBank of East Asia Ltd. (The), Reg. S, FRN5.5% Perpetual USD 200,000 197,422 1.01Bank of East Asia Ltd. (The), Reg. S, FRN5.625% Perpetual USD 200,000 191,993 0.98China Clean Energy Development Ltd.,Reg. S 4% 05/11/2025 USD 200,000 194,691 1.00Chong Hing Bank Ltd., Reg. S, FRN3.876% 26/07/2027 USD 200,000 192,409 0.99Chong Hing Bank Ltd., Reg. S, FRN 6.5%Perpetual USD 200,000 204,354 1.05CNAC HK Finbridge Co. Ltd., Reg. S3.5% 19/07/2022 USD 200,000 193,215 0.99Hongkong International Qingdao Co.Ltd., Reg. S 4.25% 04/12/2022 USD 200,000 184,620 0.95Industrial & Commercial Bank of ChinaAsia Ltd., Reg. S, FRN 4.25% Perpetual USD 200,000 188,692 0.97MCC Holding Hong Kong Corp. Ltd.,Reg. S 2.95% 31/05/2020 USD 200,000 196,386 1.01Vanke Real Estate Hong Kong Co. Ltd.,Reg. S 3.975% 09/11/2027 USD 200,000 183,410 0.94Weichai International Hong KongEnergy Group Co. Ltd., Reg. S, FRN3.75% Perpetual USD 200,000 185,989 0.95

2,113,181 10.84

IndiaAdani Transmission Ltd., Reg. S 4%03/08/2026 USD 200,000 177,929 0.91India Government Bond 8.27%09/06/2020 INR 50,000,000 739,476 3.80JSW Steel Ltd., Reg. S 5.25%13/04/2022 USD 200,000 195,427 1.00Oil India Ltd., Reg. S 5.375%17/04/2024 USD 200,000 205,794 1.06ONGC Videsh Ltd., Reg. S 3.75%07/05/2023 USD 200,000 195,166 1.00Power Finance Corp. Ltd., Reg. S 3.75%06/12/2027 USD 200,000 178,005 0.91

1,691,797 8.68

IndonesiaIndonesia Treasury 7.875% 15/04/2019 IDR 2,378,000,000 166,983 0.86Indonesia Treasury 8.25% 15/07/2021 IDR 2,700,000,000 192,231 0.99Indonesia Treasury 7% 15/05/2022 IDR 1,800,000,000 123,350 0.63Perusahaan Gas Negara Persero Tbk.,Reg. S 5.125% 16/05/2024 USD 200,000 203,121 1.04

685,685 3.52

MalaysiaIOI Investment L Bhd., Reg. S 4.375%27/06/2022 USD 200,000 200,754 1.03Press Metal Labuan Ltd., Reg. S 4.8%30/10/2022 USD 200,000 185,382 0.95

386,136 1.98

MauritiusAzure Power Energy Ltd., Reg. S 5.5%03/11/2022 USD 200,000 183,511 0.94UPL Corp. Ltd., Reg. S 3.25%13/10/2021 USD 200,000 193,891 1.00

377,402 1.94

NetherlandsGreenko Dutch BV, Reg. S 4.875%24/07/2022 USD 200,000 186,154 0.95Royal Capital BV, Reg. S, FRN 4.875%Perpetual USD 200,000 190,658 0.98

376,812 1.93

SingaporeABJA Investment Co. Pte. Ltd., Reg. S5.45% 24/01/2028 USD 200,000 169,741 0.87APL Realty Holdings Pte. Ltd., Reg. S5.95% 02/06/2024 USD 200,000 154,986 0.80DBS Group Holdings Ltd., Reg. S, FRN4.52% 11/12/2028 USD 200,000 201,835 1.04Medco Platinum Road Pte. Ltd., Reg. S6.75% 30/01/2025 USD 200,000 176,380 0.90Parkway Pantai Ltd., Reg. S, FRN 4.25%Perpetual USD 200,000 189,300 0.97Singapore Government Bond 1.625%01/10/2019 SGD 285,000 208,520 1.07TBG Global Pte. Ltd., Reg. S 5.25%10/02/2022 USD 200,000 196,434 1.01Theta Capital Pte. Ltd., Reg. S 7%11/04/2022 USD 200,000 160,587 0.82United Overseas Bank Ltd., Reg. S, FRN3.875% Perpetual USD 200,000 186,738 0.96

1,644,521 8.44

South KoreaExport-Import Bank of Korea, Reg. S4.65% 21/06/2021 CNH 1,000,000 151,340 0.78Heungkuk Life Insurance Co. Ltd.,Reg. S, FRN 4.475% 09/11/2047 USD 200,000 175,738 0.90Industrial Bank of Korea, Reg. S, FRN3.9% Perpetual USD 200,000 183,972 0.95Korea Monetary Stabilization Bond1.6% 02/04/2019 KRW 100,000,000 89,703 0.46Korea Treasury 2.75% 10/09/2019 KRW 215,000,000 195,042 1.00Woori Bank, Reg. S, FRN 5.25%Perpetual USD 200,000 189,281 0.97

985,076 5.06

ThailandKrung Thai Bank PCL, Reg. S, FRN 5.2%26/12/2024 USD 200,000 203,038 1.04PTTEP Treasury Center Co. Ltd., Reg. S,FRN 4.6% Perpetual USD 200,000 188,991 0.97Thailand Government Bond 3.875%13/06/2019 THB 3,150,000 97,203 0.50

175

JPMorgan Funds - Asian Total Return Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Thailand Government Bond 2.55%26/06/2020 THB 2,000,000 61,435 0.32Thailand Government Bond 3.65%17/12/2021 THB 2,750,000 87,939 0.45Thailand Government Bond, Reg. S1.29% 14/07/2021 THB 4,000,000 130,939 0.67

769,545 3.95

Virgin Islands, BritishBaoxin Auto Finance I Ltd., Reg. S, FRN5.625% Perpetual USD 200,000 177,988 0.91Beijing Capital Polaris Investment Co.Ltd., Reg. S 4.25% 26/03/2021 USD 200,000 199,983 1.03CCCI Treasure Ltd., Reg. S, FRN 3.5%Perpetual USD 200,000 195,997 1.00Chinalco Capital Holdings Ltd., Reg. S4.25% 21/04/2022 USD 200,000 190,248 0.98Chouzhou International InvestmentLtd., Reg. S 4% 05/12/2020 USD 200,000 190,204 0.98Fortune Star BVI Ltd., Reg. S 5.25%23/03/2022 USD 200,000 187,750 0.96Franshion Brilliant Ltd., Reg. S, FRN 4%Perpetual USD 200,000 180,807 0.93Gemstones International Ltd., Reg. S8.5% 15/08/2020 USD 200,000 194,999 1.00Greenland Global Investment Ltd.,Reg. S 5.9% 12/02/2023 USD 200,000 183,409 0.94Haitian BVI International InvestmentDevelopment Ltd., Reg. S 3.875%12/12/2020 USD 200,000 188,250 0.97Poly Real Estate Finance Ltd., Reg. S3.95% 05/02/2023 USD 200,000 194,476 1.00Radiant Access Ltd., Reg. S 4.6%Perpetual USD 200,000 166,500 0.85Sino-Ocean Land Treasure III Ltd.,Reg. S, FRN 4.9% Perpetual USD 200,000 158,894 0.81Skyland Mining BVI Ltd., Reg. S 3.25%06/07/2020 USD 200,000 196,437 1.01Wisdom Glory Group Ltd., Reg. S, FRN5.25% Perpetual USD 200,000 191,120 0.98Zhongrong International Resources Co.Ltd., Reg. S 7.25% 26/10/2020 USD 200,000 145,491 0.75

2,942,553 15.10

Total Bonds 16,624,974 85.32

Convertible Bonds

Cayman IslandsZhen Ding Technology Holding Ltd.,Reg. S 0% 26/06/2019 USD 100,000 99,084 0.51

99,084 0.51

Hong KongBagan Capital Ltd., Reg. S 0%23/09/2021 USD 200,000 189,276 0.97

189,276 0.97

JapanTohoku Electric Power Co., Inc., Reg. S0% 03/12/2020 JPY 10,000,000 90,129 0.46

90,129 0.46

SingaporeCapitaLand Ltd., Reg. S 1.85%19/06/2020 SGD 250,000 179,118 0.92

179,118 0.92

Total Convertible Bonds 557,607 2.86

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 17,182,581 88.18

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

Cayman IslandsCK Hutchison Capital Securities 17 Ltd.,Reg. S, FRN 4% Perpetual USD 200,000 191,980 0.98

191,980 0.98

MalaysiaMalaysia Government Bond 4.16%15/07/2021 MYR 420,000 105,351 0.54Malaysia Government Bond 3.743%26/08/2021 MYR 1,000,000 246,961 1.27

352,312 1.81

Total Bonds 544,292 2.79

Total Transferable securities and money market instrumentsdealt in on another regulated market 544,292 2.79

Total Investments 17,726,873 90.97

Cash 1,493,934 7.67

Other Assets/(Liabilities) 266,262 1.36

Total Net Assets 19,487,069 100.00

176

JPMorgan Funds - Asian Total Return Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsCayman Islands 15.94Virgin Islands, British 15.10Hong Kong 11.81Singapore 9.36India 8.68China 7.59South Korea 5.06Thailand 3.95Malaysia 3.79Indonesia 3.52Mauritius 1.94Netherlands 1.93Bermuda 1.84Japan 0.46Total Investments 90.97Cash and Other Assets/(Liabilities) 9.03

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Virgin Islands, British 15.51Cayman Islands 14.12Hong Kong 11.84India 8.97Malaysia 8.52Indonesia 6.65Singapore 5.87China 5.74Bermuda 3.14Netherlands 3.02South Korea 2.92Thailand 2.64Mauritius 1.98Lebanon 1.27Australia 1.23Mongolia 0.99Philippines 0.96New Zealand 0.90Japan 0.88Total Investments 97.15Cash and Other Assets/(Liabilities) 2.85

Total 100.00

177

JPMorgan Funds - Asian Total Return Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Asian Total Return Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

IDR 2,160,000,000 USD 147,996 04/09/2018 Standard Chartered 1,314 0.01USD 775,000 CNH 5,080,239 04/09/2018 HSBC 10,461 0.05USD 190,500 CNH 1,262,601 04/09/2018 Standard Chartered 488 -USD 237,168 CNH 1,519,675 04/09/2018 State Street 8,467 0.04USD 195,000 IDR 2,756,910,000 11/07/2018 Standard Chartered 2,173 0.01USD 315,000 IDR 4,536,000,000 04/09/2018 State Street 1,449 0.01USD 196,000 IDR 2,828,280,000 19/11/2018 ANZ 2,727 0.02USD 104,000 IDR 1,515,800,000 19/11/2018 Standard Chartered 416 -USD 282,000 JPY 30,236,785 11/07/2018 Standard Chartered 8,825 0.05USD 268,846 KRW 289,050,000 04/09/2018 ANZ 8,830 0.05USD 57,000 KRW 63,042,000 04/09/2018 State Street 290 -USD 346,666 MYR 1,383,544 04/09/2018 Standard Chartered 4,544 0.02USD 366,000 THB 11,773,770 04/09/2018 State Street 10,201 0.05

Total Unrealised Gain on Forward Currency Exchange Contracts 60,185 0.31

CNH 409,285 USD 63,480 04/09/2018 ANZ (1,886) (0.01)CNH 1,110,390 USD 172,863 04/09/2018 Standard Chartered (5,757) (0.03)IDR 2,756,910,000 USD 192,993 11/07/2018 ANZ (167) -IDR 1,650,000,000 USD 114,282 19/11/2018 ANZ (1,527) (0.01)IDR 2,694,080,000 USD 189,884 19/11/2018 State Street (5,782) (0.03)INR 10,570,000 USD 156,038 04/09/2018 Standard Chartered (3,175) (0.02)JPY 8,118,393 USD 74,846 11/07/2018 ANZ (1,500) (0.01)JPY 7,000,000 USD 64,026 11/07/2018 HSBC (784) -JPY 22,677,588 USD 211,500 11/07/2018 Standard Chartered (6,618) (0.03)KRW 50,000,000 USD 46,292 04/09/2018 State Street (1,314) (0.01)THB 3,150,000 USD 95,570 04/09/2018 State Street (379) -USD 745,589 INR 51,702,525 04/09/2018 Standard Chartered (2,131) (0.01)USD 155,000 SGD 211,686 04/09/2018 HSBC (445) -

Total Unrealised Loss on Forward Currency Exchange Contracts (31,465) (0.16)

Net Unrealised Gain on Forward Currency Exchange Contracts 28,720 0.15

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

US 10 Year Note, 19/09/2018 (12) USD (1,442,344) (12,375) (0.06)US 2 Year Note, 28/09/2018 (5) USD (1,059,179) (1,211) (0.01)

Total Unrealised Loss on Financial Futures Contracts (13,586) (0.07)

Net Unrealised Loss on Financial Futures Contracts (13,586) (0.07)

178

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

BermudaWilson Sons Ltd., BDR BRL 107,721 1,129,151 0.54

1,129,151 0.54

BrazilAmbev SA, ADR ‘A’ USD 1,243,299 5,849,722 2.81Arezzo Industria e Comercio SA BRL 132,491 1,451,033 0.70B3 SA - Brasil Bolsa Balcao BRL 2,454,159 13,107,014 6.29Banco Bradesco SA, ADR Preference USD 2,020,455 13,931,037 6.69Banco Bradesco SA BRL 185,972 1,162,415 0.56Banco do Brasil SA BRL 977,179 7,225,717 3.47BB Seguridade Participacoes SA BRL 634,267 4,031,782 1.94BK Brasil Operacao e Assessoria aRestaurantes SA BRL 572,245 2,406,015 1.15Cielo SA BRL 240,800 1,030,834 0.49CVC Brasil Operadora e Agencia deViagens SA BRL 240,936 2,779,959 1.33Engie Brasil Energia SA BRL 304,934 2,700,343 1.30Fleury SA BRL 969,090 6,582,749 3.16Gerdau SA, ADR Preference USD 2,155,626 7,771,032 3.73Hapvida Participacoes e InvestimentosSA, Reg. S BRL 438,050 3,392,770 1.63Iochpe Maxion SA BRL 745,576 3,962,627 1.90IRB Brasil Resseguros S/A BRL 428,219 5,271,138 2.53Itau Unibanco Holding SA, ADRPreference USD 1,422,415 14,828,676 7.12Itausa - Investimentos Itau SA Preference BRL 2,263,002 5,362,162 2.57Kroton Educacional SA BRL 2,070,583 5,088,435 2.44Linx SA BRL 525,265 2,434,841 1.17Localiza Rent a Car SA BRL 944,459 5,831,216 2.80Lojas Renner SA BRL 1,136,463 8,552,078 4.11M Dias Branco SA BRL 175,338 1,706,774 0.82Ouro Fino Saude Animal Participacoes SA BRL 102,536 535,543 0.26Petrobras Distribuidora SA BRL 601,632 2,814,530 1.35Petroleo Brasileiro SA, ADR Preference USD 881,652 7,718,863 3.71Raia Drogasil SA BRL 443,122 7,590,086 3.64Smiles Fidelidade SA BRL 229,683 3,030,874 1.46Suzano Papel e Celulose SA BRL 813,350 9,299,308 4.47Telefonica Brasil SA Preference BRL 390,207 4,572,462 2.20Transmissora Alianca de Energia EletricaSA BRL 472,258 2,258,801 1.08Ultrapar Participacoes SA BRL 393,029 4,658,935 2.24Vale SA BRL 1,509,099 19,400,302 9.32Via Varejo SA BRL 500,897 2,465,787 1.18WEG SA BRL 1,005,429 4,231,249 2.03

195,037,109 93.65

Cayman IslandsPagseguro Digital Ltd. ‘A’ USD 38,200 1,071,892 0.52

1,071,892 0.52

United States of AmericaMercadoLibre, Inc. USD 10,531 3,123,231 1.50

3,123,231 1.50

Total Equities 200,361,383 96.21

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 200,361,383 96.21

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - Other

United KingdomJPMorgan Brazil Investment Trust plc† GBP 854,610 604,462 0.29

604,462 0.29

Total Collective Investment Schemes - Other 604,462 0.29

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund - JPMUS Dollar Liquidity X (dist.)† USD 5,642,705 5,642,705 2.71

5,642,705 2.71

Total Collective Investment Schemes - UCITS 5,642,705 2.71

Total Units of authorised UCITS or other collective investmentundertakings 6,247,167 3.00

Total Investments 206,608,550 99.21

Cash 578,792 0.28

Other Assets/(Liabilities) 1,066,027 0.51

Total Net Assets 208,253,369 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsBrazil 93.65Luxembourg 2.71United States of America 1.50Bermuda 0.54Cayman Islands 0.52United Kingdom 0.29Total Investments 99.21Cash and Other Assets/(Liabilities) 0.79

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Brazil 94.43Luxembourg 1.88Argentina 1.37Bermuda 0.51United Kingdom 0.33Total Investments 98.52Cash and Other Assets/(Liabilities) 1.48

Total 100.00

179

JPMorgan Funds - Brazil Equity FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

ChinaAier Eye Hospital Group Co. Ltd. ‘A’ CNY 353,512 11,413,135 1.62Angel Yeast Co. Ltd. ‘A’ CNY 155,700 5,554,597 0.79Bank of Nanjing Co. Ltd. ‘A’ CNY 1,283,500 9,915,037 1.41Bank of Ningbo Co. Ltd. ‘A’ CNY 935,796 15,248,796 2.17Beijing Thunisoft Corp. Ltd. ‘A’ CNY 472,500 8,358,525 1.19BOE Technology Group Co. Ltd. ‘A’ CNY 4,375,900 15,468,807 2.20BTG Hotels Group Co. Ltd. ‘A’ CNY 343,791 9,344,239 1.33China CYTS Tours Holding Co. Ltd. ‘A’ CNY 342,900 6,832,283 0.97China International Travel Service Corp.Ltd. ‘A’ CNY 276,836 17,854,538 2.54China Merchants Bank Co. Ltd. ‘A’ CNY 484,171 12,799,060 1.82China Merchants Bank Co. Ltd. ‘H’ HKD 616,000 15,054,120 2.14China Merchants Shekou Industrial ZoneHoldings Co. Ltd. ‘A’ CNY 412,000 7,850,660 1.12China Vanke Co. Ltd. ‘A’ CNY 686,700 16,885,953 2.40China Yangtze Power Co. Ltd. ‘A’ CNY 1,081,500 17,460,817 2.48CITIC Securities Co. Ltd. ‘H’ HKD 618,500 8,183,381 1.16Focus Media Information Technology Co.Ltd. ‘A’ CNY 2,089,560 19,986,641 2.84Guangdong Haid Group Co. Ltd. ‘A’ CNY 238,612 5,035,906 0.72Hand Enterprise Solutions Co. Ltd. ‘A’ CNY 257,400 4,181,463 0.60Hangzhou Hikvision Digital TechnologyCo. Ltd. ‘A’ CNY 743,025 27,584,803 3.93Hangzhou Robam Appliances Co. Ltd. ‘A’ CNY 165,470 5,065,864 0.72Han’s Laser Technology Industry GroupCo. Ltd. ‘A’ CNY 468,800 24,937,816 3.55Hongfa Technology Co. Ltd. ‘A’ CNY 141,581 4,243,183 0.60Huatai Securities Co. Ltd., Reg. S ‘H’ HKD 542,800 5,728,007 0.82Iflytek Co. Ltd. ‘A’ CNY 279,100 8,949,341 1.27Inner Mongolia First Machinery Group Co.Ltd. ‘A’ CNY 436,660 5,565,232 0.79Inner Mongolia Yili Industrial Group Co.Ltd. ‘A’ CNY 829,835 23,164,844 3.30Jiangsu Hengrui Medicine Co. Ltd. ‘A’ CNY 472,202 35,774,024 5.09Jointown Pharmaceutical Group Co. Ltd.‘A’ CNY 320,100 5,427,295 0.77Kweichow Moutai Co. Ltd. ‘A’ CNY 53,900 39,444,828 5.61Laobaixing Pharmacy Chain JSC ‘A’ CNY 110,101 9,155,449 1.30Luxshare Precision Industry Co. Ltd. ‘A’ CNY 914,060 20,584,631 2.93Midea Group Co. Ltd. ‘A’ CNY 485,800 25,366,047 3.61Ping An Bank Co. Ltd. ‘A’ CNY 917,200 8,341,934 1.19Ping An Insurance Group Co. of China Ltd.‘A’ CNY 841,935 49,312,133 7.02Qingdao Haier Co. Ltd. ‘A’ CNY 1,025,800 19,762,037 2.81SAIC Motor Corp. Ltd. ‘A’ CNY 477,200 16,699,614 2.38Shanghai International Airport Co. Ltd.‘A’ CNH 24,629 1,366,540 0.19Shanghai International Airport Co. Ltd.‘A’ CNY 342,200 18,986,967 2.70Shanghai M&G Stationery, Inc. ‘A’ CNY 158,600 5,025,241 0.72Shenzhen Inovance Technology Co. Ltd.‘A’ CNY 229,225 7,524,311 1.07Shenzhen Sunway Communication Co.Ltd. ‘A’ CNY 305,227 9,381,152 1.34Spring Airlines Co. Ltd. ‘A’ CNY 299,102 10,425,200 1.48Suofeiya Home Collection Co. Ltd. ‘A’ CNY 177,112 5,700,350 0.81Tasly Pharmaceutical Group Co. Ltd. ‘A’ CNY 401,980 10,377,114 1.48Tianqi Lithium Corp. ‘A’ CNY 110,660 5,488,183 0.78Tonghua Dongbao Pharmaceutical Co.Ltd. ‘A’ CNY 685,845 16,439,705 2.34Venustech Group, Inc. ‘A’ CNY 233,100 4,947,547 0.70Yonghui Superstores Co. Ltd. ‘A’ CNY 947,400 7,233,399 1.03Yunnan Baiyao Group Co. Ltd. ‘A’ CNY 87,937 9,405,302 1.34Zhejiang Huace Film & TV Co. Ltd. ‘A’ CNY 972,800 10,355,456 1.47Zhejiang Weixing New Building MaterialsCo. Ltd. ‘A’ CNY 646,140 11,433,447 1.63

676,624,954 96.27

Total Equities 676,624,954 96.27

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 676,624,954 96.27

Transferable securities and money market instruments dealt in on another regulatedmarket

Equities

ChinaAier Eye Hospital Group Co. Ltd. CNH 13,424 433,394 0.06China Vanke Co. Ltd. CNH 29,300 966,329 0.14Focus Media Information Technology Co.Ltd. CNH 158,736 1,518,310 0.21Hand Enterprise Solutions Co. Ltd. CNH 29,500 479,227 0.07Hangzhou Hikvision Digital TechnologyCo. Ltd. CNH 17,600 653,400 0.09Hangzhou Robam Appliances Co. Ltd. CNH 1,940 59,393 0.01Han’s Laser Technology Industry GroupCo. Ltd. CNH 19,700 1,047,942 0.15Inner Mongolia Yili Industrial Group Co.Ltd. CNH 62,000 1,730,730 0.24Jiangsu Hengrui Medicine Co. Ltd. CNH 1,924 145,762 0.02Kweichow Moutai Co. Ltd. CNH 2,365 1,730,742 0.25Ping An Insurance Group CNH 33,500 1,962,095 0.28Qingdao Haier Co. Ltd. CNH 145,400 2,801,131 0.40Shanghai International Airport TerminalFood Co. Ltd.* CNH 43,481 2,114,007 0.30Shenzhen Inovance Technology Co. Ltd. CNH 18,800 617,110 0.09Suofeiya Home Collection Co. Ltd. CNH 12,500 402,313 0.06Yonghui Superstores Co. Ltd. CNH 63,200 482,532 0.07

17,144,417 2.44

Total Equities 17,144,417 2.44

Total Transferable securities and money market instrumentsdealt in on another regulated market 17,144,417 2.44

Other transferable securities and money market instruments

Equities

ChinaKangde Xin Composite Material Group Co.Ltd.* CNH 53,600 842,641 0.12Kangde Xin Composite Material Group Co.Ltd. ‘A’* CNY 461,568 7,256,276 1.03Wanda Film Holding Co. Ltd. ‘A’* CNY 22,700 996,495 0.14

9,095,412 1.29

Total Equities 9,095,412 1.29

Total Other transferable securities and money marketinstruments 9,095,412 1.29

Total Investments 702,864,783 100.00

Cash 6,492,204 0.92

Other Assets/(Liabilities) (6,494,824) (0.92)

Total Net Assets 702,862,163 100.00

* Security is valued at its fair value under the direction of the Board of Directors.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsChina 100.00Total Investments 100.00Cash and Other Assets/(Liabilities) -

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

China 98.72Total Investments 98.72Cash and Other Assets/(Liabilities) 1.28

Total 100.00

180

JPMorgan Funds - China A-Share Opportunities FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

CNH

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

CNH

%of

NetAssets

JPMorgan Funds - China A-Share Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

CNH

UnrealisedGain/(Loss)

CNH

%of

NetAssets

FTSE China A50 Index, 30/07/2018 14 USD 1,070,069 (45,128) (0.01)

Total Unrealised Loss on Financial Futures Contracts (45,128) (0.01)

Net Unrealised Loss on Financial Futures Contracts (45,128) (0.01)

181

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

BermudaConcord New Energy Group Ltd., Reg. S7.9% 23/01/2021 USD 200,000 1,252,747 1.51GCL New Energy Holdings Ltd., Reg. S7.1% 30/01/2021 USD 200,000 1,159,947 1.40

2,412,694 2.91

CanadaRoyal Bank of Canada 4.25% 29/09/2020 CNH 1,000,000 1,000,625 1.21

1,000,625 1.21

Cayman IslandsChina Aoyuan Property Group Ltd., Reg. S5.375% 13/09/2022 USD 200,000 1,156,713 1.39Country Garden Holdings Co. Ltd., Reg. S5.8% 12/03/2021 CNH 1,000,000 1,006,258 1.21Fantasia Holdings Group Co. Ltd., Reg. S7.95% 05/07/2022 USD 200,000 1,133,151 1.37Guorui Properties Ltd., Reg. S 10.2%01/03/2019 USD 200,000 1,260,855 1.52Jiayuan International Group Ltd., Reg. S8.25% 14/11/2018 USD 200,000 1,299,299 1.57KWG Property Holding Ltd., Reg. S 8.975%14/01/2019 USD 200,000 1,354,013 1.63Logan Property Holdings Co. Ltd., Reg. S5.25% 23/02/2023 USD 200,000 1,174,584 1.42Maoye International Holdings Ltd., Reg. S7% 23/10/2018 USD 200,000 1,276,765 1.54QNB Finance Ltd., Reg. S 5.1% 14/05/2021 CNH 1,000,000 1,000,540 1.21Times China Holdings Ltd., Reg. S 6.25%17/01/2021 USD 200,000 1,259,983 1.52Tingyi Cayman Islands Holding Corp.,Reg. S 4.375% 06/08/2018 CNH 1,000,000 1,000,304 1.21Yankuang Group Cayman Ltd., Reg. S4.75% 30/11/2020 USD 200,000 1,271,129 1.53

14,193,594 17.12

ChinaBank of China Ltd., Reg. S 4.88%20/04/2020 CNH 2,000,000 2,018,146 2.43Bank of China Ltd., Reg. S 4.65%05/03/2021 CNH 1,000,000 1,005,500 1.21China Construction Bank Corp., Reg. S,FRN 4.9% 12/11/2024 CNH 1,000,000 1,004,250 1.21China Development Bank 4.69%23/03/2023 CNY 2,000,000 2,044,194 2.47China Development Bank, Reg. S 4.35%06/08/2024 CNH 2,000,000 2,003,560 2.42China Government Bond 4.26%31/07/2021 CNY 2,000,000 2,046,393 2.47China Government Bond, Reg. S 3.8%22/05/2021 CNH 2,000,000 2,007,500 2.42China Government Bond, Reg. S 4.1%26/06/2022 CNH 2,000,000 2,027,530 2.45China Government Bond, Reg. S 4.1%04/12/2022 CNH 2,000,000 2,026,210 2.44China Government Bond, Reg. S 3.85%12/12/2026 CNH 5,000,000 4,930,600 5.95China Minmetals Corp., Reg. S, FRN 3.75%Perpetual USD 200,000 1,218,299 1.47Export-Import Bank of China (The), Reg. S4.4% 14/05/2024 CNH 5,000,000 5,043,959 6.09

27,376,141 33.03

Hong KongHong Kong Red Star Macalline UniversalHome Furnishings Ltd., Reg. S 3.375%21/09/2022 USD 200,000 1,139,087 1.37Hongkong International Qingdao Co. Ltd.,Reg. S 3.75% 04/12/2020 USD 200,000 1,250,712 1.51Lenovo Group Ltd., Reg. S 4.95%10/06/2020 CNH 2,000,000 2,000,890 2.41Vanke Real Estate Hong Kong Co. Ltd.,Reg. S 4.5% 04/12/2018 CNH 1,000,000 1,000,136 1.21

5,390,825 6.50

HungaryHungary Government Bond, Reg. S 6.25%25/04/2019 CNH 2,000,000 2,027,500 2.45

2,027,500 2.45

MongoliaMongolia Government Bond, Reg. S 7.5%30/06/2018 CNH 2,000,000 2,000,000 2.41

2,000,000 2.41

NetherlandsDaimler International Finance BV, Reg. S4.8% 09/04/2021 CNH 1,000,000 1,015,000 1.23

1,015,000 1.23

SingaporeBOC Aviation Ltd., Reg. S 4.5%17/10/2020 CNH 1,000,000 996,889 1.20

996,889 1.20

South KoreaBusan Bank Co. Ltd. 4.85% 25/05/2021 CNH 1,000,000 1,001,070 1.21Export-Import Bank of Korea 4.785%18/03/2019 CNH 2,000,000 2,006,958 2.42Korea Development Bank (The), Reg. S4.585% 13/02/2021 CNH 2,000,000 2,000,013 2.41

5,008,041 6.04

Virgin Islands, BritishBaoxin Auto Finance I Ltd., Reg. S, FRN5.625% Perpetual USD 200,000 1,179,900 1.42Franshion Brilliant Ltd., Reg. S 5.2%08/03/2021 CNH 1,000,000 1,002,512 1.21Gemstones International Ltd., Reg. S 8.5%15/08/2020 USD 200,000 1,292,670 1.56Greenland Global Investment Ltd., Reg. S5.9% 12/02/2023 USD 200,000 1,215,835 1.47Huarong Finance 2017 Co. Ltd., Reg. S,FRN 4% Perpetual USD 200,000 1,255,811 1.51Knight Castle Investments Ltd., Reg. S7.99% 23/01/2021 USD 200,000 1,149,168 1.39Tianqi Finco Co. Ltd., Reg. S 3.75%28/11/2022 USD 200,000 1,224,922 1.48Zhongrong International Resources Co.Ltd., Reg. S 7.25% 26/10/2020 USD 200,000 964,476 1.16

9,285,294 11.20

Total Bonds 70,706,603 85.30

Convertible Bonds

BermudaKunlun Energy Co. Ltd., Reg. S 1.625%25/07/2019 CNY 1,000,000 1,068,705 1.29

1,068,705 1.29

Cayman IslandsChina Overseas Finance InvestmentCayman V Ltd., Reg. S 0% 05/01/2023 USD 200,000 1,385,906 1.67

1,385,906 1.67

Total Convertible Bonds 2,454,611 2.96

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 73,161,214 88.26

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

AustraliaCommonwealth Bank of Australia, Reg. S5.01% 01/03/2020 CNH 1,000,000 1,008,570 1.22

1,008,570 1.22

ChinaChina Development Bank 5.84%03/01/2019 CNY 2,160,000 2,183,078 2.63Chongqing Land Properties Co. Group7.35% 25/04/2019 CNY 500,000 102,000 0.12

2,285,078 2.75

MalaysiaMalayan Banking Bhd. 4.5% 02/11/2020 CNH 1,000,000 1,002,500 1.21

1,002,500 1.21

Total Bonds 4,296,148 5.18

182

JPMorgan Funds - China Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

CNH

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

CNH

%of

NetAssets

Certificates of Deposit

ChinaBank of China Ltd., Reg. S 4% 28/09/2018 CNH 1,000,000 1,002,005 1.21Bank of China Ltd., Reg. S 4.25%11/12/2018 CNH 1,000,000 1,004,610 1.21

2,006,615 2.42

Total Certificates of Deposit 2,006,615 2.42

Total Transferable securities and money market instrumentsdealt in on another regulated market 6,302,763 7.60

Total Investments 79,463,977 95.86

Cash 3,000,088 3.62

Other Assets/(Liabilities) 430,594 0.52

Total Net Assets 82,894,659 100.00

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsChina 38.20Cayman Islands 18.79Virgin Islands, British 11.20Hong Kong 6.50South Korea 6.04Bermuda 4.20Hungary 2.45Mongolia 2.41Netherlands 1.23Australia 1.22Malaysia 1.21Canada 1.21Singapore 1.20Total Investments 95.86Cash and Other Assets/(Liabilities) 4.14

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

China 44.05Cayman Islands 19.21Virgin Islands, British 13.73South Korea 7.06Hong Kong 6.55Singapore 3.53Bermuda 1.39Canada 1.18Malaysia 1.18Total Investments 97.88Cash and Other Assets/(Liabilities) 2.12

Total 100.00

183

JPMorgan Funds - China Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

CNH

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

CNH

%of

NetAssets

JPMorgan Funds - China Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

CNH

%of

NetAssets

GBP 120,987 CNH 1,034,352 11/07/2018 HSBC 21,722 0.03HKD 1,352,076 CNH 1,104,396 11/07/2018 Citibank 38,410 0.05USD 1,689,755 CNH 10,827,624 11/07/2018 HSBC 376,926 0.45USD 69,311 CNH 444,500 04/09/2018 ANZ 16,062 0.02USD 204,376 CNH 1,320,750 04/09/2018 HSBC 37,293 0.04

Total Unrealised Gain on Forward Currency Exchange Contracts 490,413 0.59

CNH 7,112 HKD 8,635 11/07/2018 HSBC (186) -CNH 41,162 USD 6,421 11/07/2018 Citibank (1,417) -CNH 17,253 USD 2,700 11/07/2018 Societe Generale (648) -CNH 1,471,370 USD 230,000 11/07/2018 Toronto-Dominion Bank (53,731) (0.07)CNH 29,716,371 USD 4,635,707 04/09/2018 ANZ (1,087,144) (1.31)

Total Unrealised Loss on Forward Currency Exchange Contracts (1,143,126) (1.38)

Net Unrealised Loss on Forward Currency Exchange Contracts (652,713) (0.79)

184

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

BermudaHaier Electronics Group Co. Ltd. HKD 8,486,000 29,012,789 2.00

29,012,789 2.00

Cayman IslandsAAC Technologies Holdings, Inc. HKD 1,873,000 26,366,362 1.82Airtac International Group TWD 497,000 7,062,949 0.49Alibaba Group Holding Ltd., ADR USD 750,740 139,543,797 9.60ANTA Sports Products Ltd. HKD 5,816,000 30,836,455 2.12Baidu, Inc., ADR USD 155,587 38,194,275 2.63Bilibili, Inc., ADR USD 892,610 12,849,121 0.88China Medical System Holdings Ltd. HKD 6,005,000 11,977,718 0.82China Resources Phoenix HealthcareHoldings Co. Ltd. HKD 8,009,500 9,789,730 0.67Country Garden Holdings Co. Ltd. HKD 22,503,000 39,550,447 2.72Country Garden Services Holdings Co.Ltd. HKD 2,586,551 3,319,688 0.23ENN Energy Holdings Ltd. HKD 2,687,000 26,403,941 1.82Geely Automobile Holdings Ltd. HKD 8,280,000 21,449,027 1.48Hutchison China MediTech Ltd., ADR USD 331,683 10,232,421 0.70IMAX China Holding, Inc., Reg. S HKD 4,692,100 14,307,571 0.99iQIYI, Inc., ADR USD 461,600 15,119,708 1.04JD.com, Inc., ADR ‘A’ USD 880,502 34,665,364 2.39Kingdee International Software GroupCo. Ltd. HKD 21,258,000 21,742,734 1.50Nexteer Automotive Group Ltd. HKD 5,751,000 8,473,209 0.58Noah Holdings Ltd., ADR USD 348,316 18,478,164 1.27Shenzhou International Group HoldingsLtd. HKD 3,218,000 39,732,370 2.74Silergy Corp. TWD 431,000 10,460,616 0.72Sino Biopharmaceutical Ltd. HKD 16,131,000 24,712,261 1.70Tencent Holdings Ltd. HKD 2,925,100 146,775,256 10.10Wisdom Education InternationalHoldings Co. Ltd., Reg. S HKD 28,144,000 24,606,886 1.69Wuxi Biologics Cayman, Inc. HKD 946,500 10,483,037 0.72

747,133,107 51.42

ChinaBank of Nanjing Co. Ltd. ‘A’ CNY 5,157,481 6,018,632 0.41Bank of Ningbo Co. Ltd. ‘A’ CNY 4,385,125 10,794,388 0.74Beijing Thunisoft Corp. Ltd. ‘A’ CNY 594,600 1,588,965 0.11BOE Technology Group Co. Ltd. ‘A’ CNY 5,871,800 3,135,612 0.22BTG Hotels Group Co. Ltd. ‘A’ CNY 439,275 1,803,631 0.12China Merchants Bank Co. Ltd. ‘H’ HKD 19,703,000 72,636,087 5.00China Petroleum & Chemical Corp. ‘H’ HKD 38,994,000 34,813,897 2.40Chongqing Rural Commercial Bank Co.Ltd. ‘H’ HKD 18,529,000 11,040,286 0.76Hangzhou Hikvision Digital TechnologyCo. Ltd. ‘A’ CNY 2,484,631 13,934,457 0.96Han’s Laser Technology Industry GroupCo. Ltd. ‘A’ CNY 2,297,134 18,459,453 1.27Inner Mongolia Yili Industrial Group Co.Ltd. ‘A’ CNY 2,158,847 9,103,768 0.63Jiangsu Hengrui Medicine Co. Ltd. ‘A’ CNY 1,971,530 22,563,426 1.55Kweichow Moutai Co. Ltd. ‘A’ CNY 84,500 9,341,567 0.64Luxshare Precision Industry Co. Ltd. ‘A’ CNY 2,256,518 7,676,600 0.53Midea Group Co. Ltd. ‘A’ CNY 342,000 2,697,634 0.19Ping An Insurance Group Co. of ChinaLtd. ‘H’ HKD 9,966,000 91,675,733 6.31Postal Savings Bank of China Co. Ltd.,Reg. S ‘H’ HKD 60,699,000 39,493,352 2.72Shanghai International Airport Co. Ltd.‘A’ CNY 1,983,827 16,628,041 1.14Spring Airlines Co. Ltd. ‘A’ CNY 245,934 1,294,927 0.09Tonghua Dongbao Pharmaceutical Co.Ltd. ‘A’ CNY 4,715,161 17,073,645 1.17Zhejiang Huace Film & TV Co. Ltd. ‘A’ CNY 1,140,200 1,833,532 0.13

393,607,633 27.09

Hong KongChina Everbright International Ltd. HKD 13,658,000 17,668,507 1.21China Overseas Land & Investment Ltd. HKD 8,578,000 28,234,044 1.94CSPC Pharmaceutical Group Ltd. HKD 11,600,000 35,002,148 2.41Galaxy Entertainment Group Ltd. HKD 2,939,000 22,765,189 1.57

103,669,888 7.13

United States of AmericaYum China Holdings, Inc. USD 563,903 21,958,383 1.51

21,958,383 1.51

Total Equities 1,295,381,800 89.15

Warrants

ChinaBank of Nanjing Co. Ltd. 08/05/2019 USD 1,219,940 1,427,330 0.10Bank of Ningbo Co. Ltd. 21/05/2019 USD 835,232 2,056,759 0.14Bank of Ningbo Co. Ltd. 27/05/2019 USD 1,448,644 3,562,650 0.25Bank of Ningbo Co. Ltd. 21/04/2021 USD 1,905,941 4,689,949 0.32Beijing Thunisoft Corp. Ltd. 12/01/2021 USD 2,463,233 6,578,556 0.45BOE Technology Group Co. 19/11/2018 USD 11,483,801 6,124,311 0.42BTG Hotels Group Co. Ltd. 03/08/2018 USD 1,440,815 5,919,877 0.41China Yangtze Power Co. Ltd.05/01/2021 USD 5,027,095 12,260,744 0.84Focus Media Information TechnologyCo. Ltd. 06/08/2018 USD 11,578,724 16,730,440 1.15Focus Media Information TechnologyCo. Ltd. 15/12/2020 USD 890,628 1,287,492 0.09Han’s Laser Technology Industry GroupCo. Ltd. 05/08/2019 USD 484,311 3,891,857 0.27Hangzhou Hikvision Digital TechnologyCo. Ltd., Reg. S 11/07/2019 USD 684,286 3,838,023 0.26Inner Mongolia Yili Industrial Group Co.Ltd. 25/11/2020 USD 1,192,116 5,024,173 0.35Jiangsu Hengrui Medicine Co. Ltd.24/11/2020 USD 784,954 8,983,506 0.62Kweichow Moutai Co. Ltd. 08/10/2018 USD 37,990 4,201,303 0.29Kweichow Moutai Co. Ltd., Reg. S28/04/2020 USD 33,650 3,718,073 0.26Luxshare Precision Industry Co. Ltd.27/07/2018 USD 1,753,025 5,953,098 0.41Luxshare Precision Industry Co. Ltd.,Reg. S 15/07/2019 USD 2,249,376 7,658,675 0.53Midea Group Co. Ltd. 30/07/2018 USD 513,000 4,049,519 0.28Shanghai International Group02/03/2021 USD 366,362 3,070,370 0.21Spring Airlines Co. Ltd. 27/07/2018 USD 1,694,175 8,924,914 0.61Tonghua Dongbao Pharmaceutical Co.27/03/2019 USD 372,909 1,620,662 0.11Zhejiang Huace Film & TV Co. Ltd.29/03/2019 USD 3,466,578 5,566,631 0.38Zhejiang Weixing IndustrialDevelopment 24/06/2019 USD 3,298,846 11,460,521 0.79

138,599,433 9.54

SwitzerlandUBS AG 27/07/2018 USD 990,438 4,176,636 0.29

4,176,636 0.29

Total Warrants 142,776,069 9.83

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 1,438,157,869 98.98

Other transferable securities and money market instruments

Equities

BermudaEuro-Asia Agricultural Holdings Co.Ltd.* HKD 30,392,000 0 0.00

0 0.00

Total Equities 0 0.00

Total Other transferable securities and money marketinstruments 0 0.00

Total Investments 1,438,157,869 98.98

185

JPMorgan Funds - China FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Time Deposits

United KingdomStandard Chartered Bank 1.4%03/07/2018 USD 5,000,000 5,000,000 0.34

5,000,000 0.34

Total Time Deposits 5,000,000 0.34

Cash 10,311,730 0.71

Other Assets/(Liabilities) (466,635) (0.03)

Total Net Assets 1,453,002,964 100.00

* Security is valued at its fair value under the direction of the Board of Directors.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsCayman Islands 51.42China 36.63Hong Kong 7.13Bermuda 2.00United States of America 1.51United Kingdom 0.34Switzerland 0.29Total Investments and Cash Equivalents 99.32Cash and Other Assets/(Liabilities) 0.68

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Cayman Islands 46.55China 35.13Hong Kong 11.03Bermuda 5.86Singapore 0.57Switzerland 0.39United Kingdom 0.13Total Investments and Cash Equivalents 99.66Cash and Other Assets/(Liabilities) 0.34

Total 100.00

186

JPMorgan Funds - China FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

BermudaAircastle Ltd. 7.625% 15/04/2020 USD 236,000 249,694 0.07

249,694 0.07

ItalyWind Tre SpA, 144A 5% 20/01/2026 USD 214,000 169,856 0.05

169,856 0.05

LuxembourgArcelorMittal 6.5% 25/02/2022 USD 260,000 277,917 0.08ArcelorMittal 6.125% 01/06/2025 USD 177,000 191,549 0.06Telecom Italia Capital SA 6% 30/09/2034 USD 267,000 255,791 0.07Telecom Italia Capital SA 7.2%18/07/2036 USD 151,000 155,619 0.04

880,876 0.25

NetherlandsCNH Industrial NV 3.85% 15/11/2027 USD 203,000 188,940 0.05Fiat Chrysler Automobiles NV 5.25%15/04/2023 USD 200,000 202,084 0.06Ziggo Bond Finance BV, 144A 6%15/01/2027 USD 150,000 138,938 0.04

529,962 0.15

United KingdomEnsco plc 7.75% 01/02/2026 USD 59,000 56,166 0.02Ensco plc 5.75% 01/10/2044 USD 226,000 161,509 0.05Inmarsat Finance plc, 144A 4.875%15/05/2022 USD 154,000 152,075 0.04

369,750 0.11

United States of AmericaAECOM 5.125% 15/03/2027 USD 212,000 199,487 0.06AES Corp. 5.5% 15/04/2025 USD 313,000 316,939 0.09AK Steel Corp. 7% 15/03/2027 USD 121,000 116,044 0.03Allegheny Technologies, Inc. 5.95%15/01/2021 USD 159,000 161,499 0.05Ally Financial, Inc. 4.625% 30/03/2025 USD 534,000 526,156 0.15AmeriGas Partners LP 5.5% 20/05/2025 USD 183,000 178,385 0.05Anixter, Inc. 5.625% 01/05/2019 USD 55,000 55,973 0.02Antero Resources Corp. 5% 01/03/2025 USD 248,000 247,389 0.07Archrock Partners LP 6% 01/10/2022 USD 50,000 49,750 0.01Arconic, Inc. 5.4% 15/04/2021 USD 126,000 129,532 0.04Arconic, Inc. 5.125% 01/10/2024 USD 283,000 280,831 0.08Ashland LLC 4.75% 15/08/2022 USD 161,000 161,446 0.05B&G Foods, Inc. 4.625% 01/06/2021 USD 150,000 148,284 0.04Ball Corp. 4% 15/11/2023 USD 296,000 289,426 0.08Ball Corp. 5.25% 01/07/2025 USD 56,000 57,278 0.02Beazer Homes USA, Inc. 8.75%15/03/2022 USD 92,000 97,852 0.03Blue Cube Spinco LLC 10% 15/10/2025 USD 158,000 183,936 0.05Boyd Gaming Corp. 6.375% 01/04/2026 USD 137,000 139,049 0.04CBL & Associates LP, REIT 5.95%15/12/2026 USD 75,000 63,321 0.02Cedar Fair LP 5.375% 01/06/2024 USD 104,000 105,046 0.03Centene Corp. 6.125% 15/02/2024 USD 332,000 349,369 0.10CenturyLink, Inc. 6.45% 15/06/2021 USD 182,000 187,460 0.05CenturyLink, Inc. 7.5% 01/04/2024 USD 324,000 333,670 0.10CF Industries, Inc. 5.15% 15/03/2034 USD 376,000 348,755 0.10Chemours Co. (The) 7% 15/05/2025 USD 197,000 211,571 0.06Cinemark USA, Inc. 4.875% 01/06/2023 USD 141,000 138,346 0.04CIT Group, Inc. 5% 15/08/2022 USD 199,000 201,869 0.06CIT Group, Inc. 5% 01/08/2023 USD 50,000 50,730 0.01Clean Harbors, Inc. 5.125% 01/06/2021 USD 174,000 174,911 0.05CNO Financial Group, Inc. 5.25%30/05/2025 USD 57,000 56,918 0.02Commercial Metals Co. 5.375%15/07/2027 USD 50,000 47,688 0.01Continental Resources, Inc. 4.9%01/06/2044 USD 323,000 315,959 0.09CoreCivic, Inc., REIT 4.75% 15/10/2027 USD 94,000 86,691 0.03Covanta Holding Corp. 5.875%01/03/2024 USD 69,000 68,224 0.02Crestwood Midstream Partners LP 6.25%01/04/2023 USD 148,000 151,378 0.04Crown Americas LLC 4.5% 15/01/2023 USD 197,000 193,337 0.06DaVita, Inc. 5.75% 15/08/2022 USD 310,000 316,352 0.09DCP Midstream Operating LP 3.875%15/03/2023 USD 282,000 272,618 0.08Dell, Inc. 5.4% 10/09/2040 USD 117,000 102,244 0.03

Diamond Offshore Drilling, Inc. 7.875%15/08/2025 USD 167,000 173,163 0.05Edgewell Personal Care Co. 4.7%24/05/2022 USD 134,000 132,305 0.04Embarq Corp. 7.995% 01/06/2036 USD 166,000 157,167 0.05Encompass Health Corp. 5.125%15/03/2023 USD 177,000 177,939 0.05FelCor Lodging LP, REIT 6% 01/06/2025 USD 64,000 65,812 0.02Ferrellgas LP 6.75% 15/06/2023 USD 162,000 142,745 0.04Freeport-McMoRan, Inc. 3.875%15/03/2023 USD 189,000 179,324 0.05Freeport-McMoRan, Inc. 5.4%14/11/2034 USD 336,000 307,255 0.09Freeport-McMoRan, Inc. 5.45%15/03/2043 USD 67,000 58,887 0.02Genesis Energy LP 6.5% 01/10/2025 USD 179,000 173,269 0.05Genworth Holdings, Inc. 4.9%15/08/2023 USD 163,000 142,625 0.04GEO Group, Inc. (The), REIT 5.875%15/10/2024 USD 110,000 107,491 0.03Global Partners LP 6.25% 15/07/2022 USD 51,000 49,725 0.01Graphic Packaging International LLC4.875% 15/11/2022 USD 132,000 133,253 0.04Griffon Corp. 5.25% 01/03/2022 USD 178,000 173,853 0.05Group 1 Automotive, Inc. 5% 01/06/2022 USD 104,000 103,090 0.03HCA, Inc. 7.5% 15/02/2022 USD 291,000 317,577 0.09HCA, Inc. 5.875% 01/05/2023 USD 196,000 203,345 0.06Hertz Corp. (The) 6.25% 15/10/2022 USD 141,000 125,784 0.04Hilton Domestic Operating Co., Inc.4.25% 01/09/2024 USD 185,000 176,551 0.05Hilton Worldwide Finance LLC 4.875%01/04/2027 USD 132,000 127,092 0.04Huntsman International LLC 5.125%15/11/2022 USD 123,000 126,624 0.04Ingram Micro, Inc. 5.45% 15/12/2024 USD 73,000 72,332 0.02Iron Mountain, Inc., REIT 6% 15/08/2023 USD 202,000 207,830 0.06iStar, Inc., REIT 6.5% 01/07/2021 USD 160,000 162,866 0.05Jefferies Financial Group, Inc. 6.625%23/10/2043 USD 69,000 69,985 0.02KB Home 7% 15/12/2021 USD 169,000 178,600 0.05Kennedy-Wilson, Inc. 5.875% 01/04/2024 USD 100,000 97,068 0.03L Brands, Inc. 5.625% 15/10/2023 USD 150,000 152,657 0.04L Brands, Inc. 6.75% 01/07/2036 USD 265,000 234,525 0.07Laredo Petroleum, Inc. 5.625%15/01/2022 USD 65,000 64,512 0.02Lennar Corp. 4.75% 15/11/2022 USD 107,000 107,307 0.03Lennar Corp. 4.875% 15/12/2023 USD 195,000 194,785 0.06Level 3 Financing, Inc. 5.25% 15/03/2026 USD 198,000 188,558 0.05Level 3 Financing, Inc. 5.375%15/08/2022 USD 183,000 183,467 0.05Level 3 Parent LLC 5.75% 01/12/2022 USD 140,000 140,119 0.04MDC Holdings, Inc. 5.5% 15/01/2024 USD 103,000 103,939 0.03Meritage Homes Corp. 5.125%06/06/2027 USD 113,000 105,795 0.03MGIC Investment Corp. 5.75%15/08/2023 USD 50,000 51,250 0.02MGM Growth Properties OperatingPartnership LP, REIT 4.5% 01/09/2026 USD 165,000 154,405 0.05MGM Resorts International 7.75%15/03/2022 USD 179,000 195,353 0.06MGM Resorts International 4.625%01/09/2026 USD 259,000 240,603 0.07Molina Healthcare, Inc. 5.375%15/11/2022 USD 119,000 120,200 0.04MPT Operating Partnership LP, REIT5.25% 01/08/2026 USD 198,000 195,030 0.06Murphy Oil Corp. 6.875% 15/08/2024 USD 187,000 197,774 0.06Murphy Oil USA, Inc. 6% 15/08/2023 USD 54,000 55,755 0.02Nabors Industries, Inc. 5% 15/09/2020 USD 217,000 218,656 0.06Nationstar Mortgage LLC 7.875%01/10/2020 USD 130,000 131,137 0.04NCR Corp. 4.625% 15/02/2021 USD 186,000 184,920 0.05Newfield Exploration Co. 5.375%01/01/2026 USD 177,000 181,104 0.05NGL Energy Partners LP 6.875%15/10/2021 USD 190,000 193,087 0.06NRG Energy, Inc. 6.25% 15/07/2022 USD 50,000 51,582 0.02NRG Energy, Inc. 7.25% 15/05/2026 USD 294,000 314,270 0.09NRG Yield Operating LLC 5.375%15/08/2024 USD 50,000 50,104 0.01NuStar Logistics LP 5.625% 28/04/2027 USD 100,000 96,269 0.03Oasis Petroleum, Inc. 6.875% 15/01/2023 USD 83,000 84,933 0.02Outfront Media Capital LLC 5.625%15/02/2024 USD 122,000 123,138 0.04PulteGroup, Inc. 5% 15/01/2027 USD 233,000 222,672 0.06QEP Resources, Inc. 5.375% 01/10/2022 USD 92,000 94,422 0.03QEP Resources, Inc. 5.625% 01/03/2026 USD 50,000 47,705 0.01Range Resources Corp. 5% 15/03/2023 USD 207,000 201,855 0.06

187

JPMorgan Funds - Diversified Risk FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

RHP Hotel Properties LP, REIT 5%15/04/2021 USD 129,000 129,853 0.04Rowan Cos., Inc. 7.375% 15/06/2025 USD 152,000 147,885 0.04RR Donnelley & Sons Co. 7.875%15/03/2021 USD 100,000 102,750 0.03RSP Permian, Inc. 6.625% 01/10/2022 USD 63,000 66,352 0.02Sally Holdings LLC 5.625% 01/12/2025 USD 51,000 47,132 0.01SCANA Corp. 4.75% 15/05/2021 USD 50,000 50,569 0.01Scotts Miracle-Gro Co. (The) 5.25%15/12/2026 USD 50,000 47,816 0.01Service Corp. International 5.375%15/05/2024 USD 129,000 132,386 0.04SM Energy Co. 6.125% 15/11/2022 USD 220,000 226,600 0.07Southwestern Energy Co. 7.5%01/04/2026 USD 242,000 250,727 0.07Spectrum Brands, Inc. 6.125%15/12/2024 USD 129,000 130,946 0.04Sprint Communications, Inc. 11.5%15/11/2021 USD 277,000 323,515 0.09Suburban Propane Partners LP 5.5%01/06/2024 USD 108,000 104,847 0.03Summit Materials LLC 6.125%15/07/2023 USD 149,000 150,858 0.04Summit Midstream Holdings LLC 5.5%15/08/2022 USD 50,000 49,316 0.01SUPERVALU, Inc. 7.75% 15/11/2022 USD 64,000 65,920 0.02Teleflex, Inc. 5.25% 15/06/2024 USD 116,000 118,900 0.03Tempur Sealy International, Inc. 5.5%15/06/2026 USD 141,000 136,718 0.04Toll Brothers Finance Corp. 4.875%15/03/2027 USD 125,000 117,937 0.03Toll Brothers Finance Corp. 4.35%15/02/2028 USD 70,000 62,477 0.02TRI Pointe Group, Inc. 5.875%15/06/2024 USD 157,000 156,356 0.05Tribune Media Co. 5.875% 15/07/2022 USD 100,000 100,901 0.03Triumph Group, Inc. 7.75% 15/08/2025 USD 142,000 141,553 0.04United Continental Holdings, Inc. 5%01/02/2024 USD 83,000 80,587 0.02United Rentals North America, Inc. 5.5%15/07/2025 USD 231,000 232,984 0.07United Rentals North America, Inc.4.875% 15/01/2028 USD 200,000 186,014 0.05US Treasury Bill 0% 06/12/2018 USD 18,750,000 18,611,854 5.39US Treasury Bill 0% 28/02/2019 USD 17,300,000 17,053,763 4.94US Treasury Bill 0% 25/04/2019 USD 17,300,000 16,984,275 4.92Vistra Energy Corp. 7.375% 01/11/2022 USD 61,000 63,779 0.02Vistra Energy Corp. 5.875% 01/06/2023 USD 309,000 318,179 0.09WellCare Health Plans, Inc. 5.25%01/04/2025 USD 70,000 69,838 0.02WESCO Distribution, Inc. 5.375%15/12/2021 USD 119,000 121,224 0.04Western Digital Corp. 4.75% 15/02/2026 USD 180,000 175,540 0.05Whiting Petroleum Corp. 5.75%15/03/2021 USD 185,000 189,162 0.06William Carter Co. (The) 5.25%15/08/2021 USD 80,000 81,322 0.02William Lyon Homes, Inc. 5.875%31/01/2025 USD 118,000 112,138 0.03Williams Cos., Inc. (The) 4.55%24/06/2024 USD 316,000 316,152 0.09WPX Energy, Inc. 5.25% 15/09/2024 USD 190,000 188,795 0.05Yum! Brands, Inc. 3.75% 01/11/2021 USD 441,000 433,834 0.13Zayo Group LLC 6% 01/04/2023 USD 284,000 288,970 0.08

74,511,882 21.57

Total Bonds 76,712,020 22.20

Convertible Bonds

BelgiumBekaert SA, Reg. S 0% 09/06/2021 EUR 100,000 112,102 0.03Sagerpar SA, Reg. S 0.375% 09/10/2018 EUR 100,000 124,517 0.04

236,619 0.07

Cayman IslandsASM Pacific Technology Ltd., Reg. S 2%28/03/2019 HKD 2,000,000 285,828 0.08China Overseas Finance InvestmentCayman V Ltd., Reg. S 0% 05/01/2023 USD 200,000 209,064 0.06Zhen Ding Technology Holding Ltd.,Reg. S 0% 26/06/2019 USD 100,000 99,084 0.03

593,976 0.17

ChinaChina Railway Construction Corp. Ltd.,Reg. S 0% 29/01/2021 USD 250,000 253,236 0.07

253,236 0.07

CyprusVolcan Holdings plc, Reg. S 4.125%11/04/2020 GBP 300,000 505,434 0.15

505,434 0.15

FranceCie Generale des Etablissements MichelinSCA, Reg. S 0% 10/01/2022 USD 200,000 194,477 0.06Covivio, REIT, Reg. S 0.875% 01/04/2019 EUR 33,200 39,511 0.01Ingenico Group SA, Reg. S 0%26/06/2022 EUR 6,400 12,456 0.00LVMH Moet Hennessy Louis Vuitton SE,Reg. S 0% 16/02/2021 USD 9,300 32,363 0.01Safran SA, Reg. S 0% 31/12/2020 EUR 108,700 136,981 0.04TOTAL SA, Reg. S 0.5% 02/12/2022 USD 200,000 219,431 0.06Veolia Environnement SA, Reg. S 0%15/03/2021 EUR 43,000 14,902 0.01Wendel SA, Reg. S 0% 31/07/2019 EUR 96,800 58,691 0.02

708,812 0.21

GermanyBayer AG, Reg. S 0.05% 15/06/2020 EUR 100,000 132,581 0.04Deutsche Wohnen SE, Reg. S 0.325%26/07/2024 EUR 200,000 255,253 0.07MTU Aero Engines AG, Reg. S 0.125%17/05/2023 EUR 100,000 165,550 0.05RAG-Stiftung, Reg. S 0% 18/02/2021 EUR 100,000 125,508 0.04

678,892 0.20

Hong KongBaosteel Hong Kong Investment Co. Ltd.,Reg. S 0% 01/12/2018 USD 200,000 211,577 0.06

211,577 0.06

HungaryMagyar Nemzeti Vagyonkezelo Zrt.,Reg. S 3.375% 02/04/2019 EUR 100,000 119,820 0.03

119,820 0.03

ItalyPrysmian SpA, Reg. S 0% 17/01/2022 EUR 100,000 115,398 0.03

115,398 0.03

JapanANA Holdings, Inc., Reg. S 0%16/09/2022 JPY 20,000,000 183,523 0.05Daio Paper Corp., Reg. S 0% 17/09/2020 JPY 10,000,000 97,392 0.03Ezaki Glico Co. Ltd., Reg. S 0%30/01/2024 JPY 10,000,000 91,784 0.03Kansai Paint Co. Ltd., Reg. S 0%17/06/2022 JPY 10,000,000 92,121 0.03Mitsubishi Chemical Holdings Corp.,Reg. S 0% 29/03/2024 JPY 20,000,000 187,701 0.05Sony Corp. 0% 30/09/2022 JPY 18,000,000 208,777 0.06Toray Industries, Inc., Reg. S 0%30/08/2019 JPY 10,000,000 96,765 0.03

958,063 0.28

JerseyIntu Jersey 2 Ltd., REIT, Reg. S 2.875%01/11/2022 GBP 100,000 120,896 0.04

120,896 0.04

NetherlandsAirbus SE, Reg. S 0% 14/06/2021 EUR 100,000 146,440 0.04Airbus SE, Reg. S 0% 01/07/2022 EUR 100,000 140,072 0.04America Movil BV, Reg. S 5.5%17/09/2018 EUR 100,000 82,343 0.03Bayer Capital Corp. BV, 144A 5.625%22/11/2019 EUR 300,000 372,220 0.11Siemens Financieringsmaatschappij NV,Reg. S 1.65% 16/08/2019 USD 250,000 286,730 0.08

1,027,805 0.30

188

JPMorgan Funds - Diversified Risk FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

SingaporeCapitaLand Ltd., Reg. S 1.95% 17/10/2023 SGD 250,000 182,683 0.05

182,683 0.05

United Arab EmiratesAabar Investments PJSC, Reg. S 0.5%27/03/2020 EUR 100,000 108,654 0.03DP World Ltd., Reg. S 1.75% 19/06/2024 USD 200,000 208,266 0.06

316,920 0.09

United KingdomBP Capital Markets plc, Reg. S 1%28/04/2023 GBP 100,000 174,269 0.05TechnipFMC plc, Reg. S 0.875%25/01/2021 EUR 100,000 141,123 0.04Vodafone Group plc, Reg. S 2%25/02/2019 GBP 100,000 131,312 0.04

446,704 0.13

United States of AmericaGlencore Funding LLC, Reg. S 0%27/03/2025 USD 200,000 195,707 0.06

195,707 0.06

Virgin Islands, BritishShanghai Port Group BVI Holding Co.Ltd., Reg. S 0% 09/08/2021 USD 278,000 292,641 0.08

292,641 0.08

Total Convertible Bonds 6,965,183 2.02

Equities

AustraliaBeach Energy Ltd. AUD 493,193 640,278 0.19Fortescue Metals Group Ltd. AUD 197,556 639,906 0.19Metcash Ltd. AUD 295,157 567,959 0.16OZ Minerals Ltd. AUD 75,965 528,312 0.15Sandfire Resources NL AUD 87,090 589,599 0.17Whitehaven Coal Ltd. AUD 144,943 618,309 0.18

3,584,363 1.04

BermudaBunge Ltd. Preference 4.875% USD 194 20,903 0.01

20,903 0.01

CanadaBRP, Inc. CAD 12,506 610,419 0.18Canadian Imperial Bank of Commerce CAD 6,876 597,527 0.17Canfor Corp. CAD 27,186 644,713 0.19CGI Group, Inc. ‘A’ CAD 8,684 549,459 0.16Cogeco Communications, Inc. CAD 11,342 548,873 0.16Enerplus Corp. CAD 46,285 587,435 0.17First Capital Realty, Inc. CAD 37,590 588,261 0.17Genworth MI Canada, Inc. CAD 18,916 605,462 0.17Hudbay Minerals, Inc. CAD 93,616 520,057 0.15Husky Energy, Inc. CAD 39,403 620,668 0.18Labrador Iron Ore Royalty Corp. CAD 32,814 587,680 0.17Laurentian Bank of Canada CAD 18,056 613,880 0.18Linamar Corp. CAD 12,780 546,303 0.16Magna International, Inc. CAD 8,327 494,917 0.14Maple Leaf Foods, Inc. CAD 24,679 614,645 0.18Methanex Corp. CAD 8,760 625,918 0.18National Bank of Canada CAD 12,540 603,424 0.17Norbord, Inc. CAD 14,651 599,005 0.17Parex Resources, Inc. CAD 32,144 608,225 0.18Suncor Energy, Inc. CAD 15,143 618,603 0.18Toronto-Dominion Bank (The) CAD 11,651 672,598 0.19West Fraser Timber Co. Ltd. CAD 9,539 641,682 0.19

13,099,754 3.79

Cayman IslandsHerbalife Nutrition Ltd. USD 11,104 599,894 0.17

599,894 0.17

GuernseyAmdocs Ltd. USD 7,750 513,360 0.15

513,360 0.15

IrelandAccenture plc ‘A’ USD 3,332 545,098 0.16Eaton Corp. plc USD 7,687 581,099 0.17ICON plc USD 4,443 590,075 0.17Ingersoll-Rand plc USD 6,580 590,029 0.17Seagate Technology plc USD 9,374 531,787 0.15

2,838,088 0.82

IsraelTaro Pharmaceutical Industries Ltd. USD 5,160 589,117 0.17Teva Pharmaceutical Industries Ltd.Preference 7% USD 25 11,000 0.01

600,117 0.18

JapanAstellas Pharma, Inc. JPY 38,000 579,376 0.17Azbil Corp. JPY 11,000 479,503 0.14Brother Industries Ltd. JPY 28,600 564,795 0.16Capcom Co. Ltd. JPY 22,600 556,812 0.16Central Japan Railway Co. JPY 2,700 559,529 0.16Chubu Electric Power Co., Inc. JPY 39,800 597,027 0.17GungHo Online Entertainment, Inc. JPY 232,200 591,272 0.17Haseko Corp. JPY 42,300 584,397 0.17Hoya Corp. JPY 9,900 563,230 0.16Inpex Corp. JPY 57,500 596,573 0.17JXTG Holdings, Inc. JPY 90,700 630,629 0.18Kanamoto Co. Ltd. JPY 18,600 588,257 0.17Keihin Corp. JPY 29,400 596,124 0.17KH Neochem Co. Ltd. JPY 21,100 639,697 0.19Kinden Corp. JPY 36,400 594,916 0.17Kirin Holdings Co. Ltd. JPY 22,300 596,690 0.17Leopalace21 Corp. JPY 100,200 548,750 0.16Maruwa Co. Ltd. JPY 6,700 537,839 0.16Matsumotokiyoshi Holdings Co. Ltd. JPY 12,400 557,325 0.16Medipal Holdings Corp. JPY 27,500 553,377 0.16Mitsubishi Chemical Holdings Corp. JPY 73,300 613,398 0.18Mitsubishi Gas Chemical Co., Inc. JPY 25,800 584,399 0.17Mitsui Chemicals, Inc. JPY 23,700 631,636 0.18Mixi, Inc. JPY 20,000 506,569 0.15Nichias Corp. JPY 45,000 564,405 0.16Nihon Unisys Ltd. JPY 21,700 545,807 0.16Nikon Corp. JPY 37,400 595,894 0.17Nippon Light Metal Holdings Co. Ltd. JPY 280,100 629,779 0.18Nippon Telegraph & Telephone Corp. JPY 12,800 582,643 0.17Nishimatsu Construction Co. Ltd. JPY 21,100 605,878 0.18NTT DOCOMO, Inc. JPY 23,400 596,384 0.17Obayashi Corp. JPY 57,900 602,815 0.18Oji Holdings Corp. JPY 100,000 620,796 0.18Okumura Corp. JPY 17,400 567,588 0.17Sankyu, Inc. JPY 11,700 614,344 0.18Seino Holdings Co. Ltd. JPY 31,400 557,003 0.16Shimachu Co. Ltd. JPY 18,900 601,585 0.17Shionogi & Co. Ltd. JPY 11,600 596,000 0.17Ship Healthcare Holdings, Inc. JPY 15,900 600,135 0.17Showa Corp. JPY 33,800 555,169 0.16Showa Shell Sekiyu KK JPY 42,100 628,202 0.18Sumitomo Bakelite Co. Ltd. JPY 62,000 597,354 0.17Sumitomo Corp. JPY 35,000 574,642 0.17Suzuken Co. Ltd. JPY 15,100 639,137 0.19Taisei Corp. JPY 11,000 607,386 0.18Taisho Pharmaceutical Holdings Co. Ltd. JPY 5,300 620,714 0.18Toda Corp. JPY 74,000 643,812 0.19Tosoh Corp. JPY 37,700 584,164 0.17TS Tech Co. Ltd. JPY 13,800 576,012 0.17Tsugami Corp. JPY 62,000 550,607 0.16Ulvac, Inc. JPY 12,900 493,891 0.14Unipres Corp. JPY 28,400 556,101 0.16

30,360,367 8.79

LuxembourgTrinseo SA USD 8,314 594,451 0.17

594,451 0.17

NetherlandsLyondellBasell Industries NV ‘A’ USD 4,708 520,540 0.15

520,540 0.15

United KingdomSensata Technologies Holding plc USD 11,475 552,349 0.16STERIS plc USD 5,720 595,595 0.17

1,147,944 0.33

189

JPMorgan Funds - Diversified Risk FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

United States of AmericaAbercrombie & Fitch Co. ‘A’ USD 23,263 592,858 0.17Aflac, Inc. USD 13,285 575,705 0.17Agilent Technologies, Inc. USD 9,465 585,789 0.17American Eagle Outfitters, Inc. USD 25,787 617,083 0.18Apple, Inc. USD 2,920 544,580 0.16Applied Industrial Technologies, Inc. USD 7,892 560,727 0.16Applied Materials, Inc. USD 11,204 520,650 0.15ArcBest Corp. USD 13,072 606,868 0.18Artisan Partners Asset Management, Inc.‘A’ USD 18,867 566,482 0.16Bank of America Corp. Preference 7.25% USD 224 280,134 0.08Barnes Group, Inc. USD 10,298 608,148 0.18Becton Dickinson and Co. Preference6.125% USD 5,918 367,389 0.11Belden, Inc. Preference 6.75% USD 589 50,021 0.01Best Buy Co., Inc. USD 7,775 587,673 0.17BGC Partners, Inc. ‘A’ USD 51,998 598,757 0.17Blackbaud, Inc. USD 4,949 503,041 0.15Boeing Co. (The) USD 1,757 595,403 0.17Boingo Wireless, Inc. USD 25,555 562,593 0.16BorgWarner, Inc. USD 12,748 559,127 0.16Brady Corp. ‘A’ USD 14,864 574,494 0.17Cabot Corp. USD 9,772 607,134 0.18Cabot Microelectronics Corp. USD 4,863 519,077 0.15Cambrex Corp. USD 13,115 673,455 0.19CF Industries Holdings, Inc. USD 14,226 641,379 0.19Charles River Laboratories International,Inc. USD 5,172 581,152 0.17Chemed Corp. USD 1,738 558,332 0.16Chico’s FAS, Inc. USD 70,932 589,800 0.17Children’s Place, Inc. (The) USD 4,198 526,639 0.15Cisco Systems, Inc. USD 12,326 534,024 0.15Citrix Systems, Inc. USD 5,116 536,285 0.16Cognizant Technology Solutions Corp. ‘A’ USD 6,832 545,535 0.16Comcast Corp. ‘A’ USD 14,836 487,288 0.14ConocoPhillips USD 9,001 632,905 0.18CONSOL Energy, Inc. USD 14,814 572,561 0.17Convergys Corp. USD 21,359 535,577 0.15Cooper-Standard Holdings, Inc. USD 4,505 591,912 0.17Crane Co. USD 7,262 587,133 0.17Crown Castle International Corp., REITPreference 6.875% USD 219 231,057 0.07CSG Systems International, Inc. USD 12,540 515,394 0.15Cummins, Inc. USD 4,444 598,340 0.17Danaher Corp. USD 6,003 595,828 0.17Deckers Outdoor Corp. USD 5,478 623,588 0.18Deluxe Corp. USD 8,761 585,936 0.17Diamond Offshore Drilling, Inc. USD 35,001 740,621 0.21Dick’s Sporting Goods, Inc. USD 15,939 582,252 0.17Dominion Energy, Inc. Preference 6.75% USD 1,980 91,159 0.03Domtar Corp. USD 12,451 598,208 0.17DSW, Inc. ‘A’ USD 23,434 613,736 0.18DTE Energy Co. Preference 6.5% USD 934 48,110 0.01Eastman Chemical Co. USD 5,736 577,099 0.17Encompass Health Corp. USD 8,866 599,386 0.17Entegris, Inc. USD 14,879 515,185 0.15First American Financial Corp. USD 11,663 600,878 0.17First Solar, Inc. USD 10,315 544,735 0.16FLIR Systems, Inc. USD 10,020 522,493 0.15Flowers Foods, Inc. USD 28,579 594,443 0.17Gap, Inc. (The) USD 16,763 556,448 0.16Gentex Corp. USD 21,751 507,886 0.15Greenbrier Cos., Inc. (The) USD 11,556 596,290 0.17Greif, Inc. ‘A’ USD 10,393 556,753 0.16Hess Corp. Preference 8% USD 926 70,515 0.02Hillenbrand, Inc. USD 12,855 606,435 0.18HollyFrontier Corp. USD 8,093 560,440 0.16Humana, Inc. USD 1,987 593,368 0.17Huntsman Corp. USD 19,138 565,432 0.16ICF International, Inc. USD 8,886 633,350 0.18Illinois Tool Works, Inc. USD 4,176 583,492 0.17Ingredion, Inc. USD 5,216 578,715 0.17Intuit, Inc. USD 2,587 532,198 0.15Jacobs Engineering Group, Inc. USD 9,270 595,690 0.17JM Smucker Co. (The) USD 5,702 618,724 0.18Johnson & Johnson USD 4,893 598,463 0.17Kinder Morgan, Inc. Preference 9.75% USD 672 23,023 0.01Kohl’s Corp. USD 8,494 630,892 0.18L3 Technologies, Inc. USD 3,069 592,240 0.17Lam Research Corp. USD 2,881 501,020 0.14Lear Corp. USD 2,685 505,371 0.15Mandatory Exchangeable TrustPreference 144A 5.75% USD 5,387 1,140,825 0.33ManTech International Corp. ‘A’ USD 9,920 536,077 0.16Mastercard, Inc. ‘A’ USD 2,715 537,000 0.16

Match Group, Inc. USD 12,337 486,695 0.14Maxim Integrated Products, Inc. USD 9,011 530,162 0.15MAXIMUS, Inc. USD 8,585 540,340 0.16Methode Electronics, Inc. USD 12,626 510,722 0.15MKS Instruments, Inc. USD 5,586 533,463 0.15Motorola Solutions, Inc. USD 4,690 551,192 0.16Movado Group, Inc. USD 12,126 593,265 0.17National Oilwell Varco, Inc. USD 14,753 642,493 0.19NextEra Energy, Inc. Preference 6.123% USD 4,274 244,537 0.07NRG Energy, Inc. USD 17,828 548,835 0.16NRG Yield, Inc. ‘C’ USD 35,236 611,345 0.18Old Republic International Corp. USD 28,538 572,044 0.17Omnicom Group, Inc. USD 7,520 575,318 0.17Oracle Corp. USD 11,698 514,653 0.15Owens Corning USD 8,970 566,500 0.16Packaging Corp. of America USD 5,118 574,649 0.17PepsiCo, Inc. USD 5,662 613,223 0.18Pfizer, Inc. USD 16,570 603,065 0.17Procter & Gamble Co. (The) USD 7,859 613,277 0.18Prudential Financial, Inc. USD 6,155 581,124 0.17Quad/Graphics, Inc. USD 27,861 579,927 0.17Quest Diagnostics, Inc. USD 5,438 596,875 0.17Ralph Lauren Corp. USD 4,293 549,203 0.16Regal Beloit Corp. USD 7,379 596,039 0.17Rudolph Technologies, Inc. USD 17,007 507,659 0.15Sanderson Farms, Inc. USD 6,390 666,733 0.19Schnitzer Steel Industries, Inc. ‘A’ USD 17,090 589,178 0.17Stanley Black & Decker, Inc. Preference5.375% USD 1,888 202,969 0.06Steel Dynamics, Inc. USD 12,378 577,372 0.17Synopsys, Inc. USD 6,053 518,379 0.15Tailored Brands, Inc. USD 22,200 589,077 0.17Tapestry, Inc. USD 12,443 589,612 0.17Target Corp. USD 7,581 580,325 0.17Taylor Morrison Home Corp. ‘A’ USD 28,566 587,460 0.17Teradyne, Inc. USD 13,988 541,545 0.16Texas Instruments, Inc. USD 4,837 535,456 0.15Toll Brothers, Inc. USD 15,855 585,525 0.17Total System Services, Inc. USD 6,212 528,983 0.15Tyson Foods, Inc. ‘A’ USD 8,437 578,905 0.17Umpqua Holdings Corp. USD 25,233 576,196 0.17United Natural Foods, Inc. USD 14,719 629,311 0.18UnitedHealth Group, Inc. USD 2,246 550,899 0.16Universal Insurance Holdings, Inc. USD 17,164 599,024 0.17Valero Energy Corp. USD 5,186 580,443 0.17Visa, Inc. ‘A’ USD 4,002 534,047 0.15Vishay Intertechnology, Inc. USD 22,639 528,055 0.15Vistra Energy Corp. USD 25,670 606,197 0.18VMware, Inc. ‘A’ USD 3,911 578,280 0.17Waddell & Reed Financial, Inc. ‘A’ USD 30,814 566,978 0.16Walmart, Inc. USD 7,207 618,577 0.18Watts Water Technologies, Inc. ‘A’ USD 7,599 599,181 0.17WellCare Health Plans, Inc. USD 2,517 621,900 0.18Wells Fargo & Co. Preference 7.5% USD 282 354,481 0.10Welltower, Inc., REIT Preference 6.5% USD 1,051 62,456 0.02Western Union Co. (The) USD 25,973 528,421 0.15Westlake Chemical Corp. USD 5,060 548,099 0.16William Lyon Homes ‘A’ USD 25,064 584,116 0.17Wolverine World Wide, Inc. USD 16,313 577,235 0.17Wyndham Worldwide Corp. USD 4,360 193,540 0.06Zumiez, Inc. USD 23,084 612,880 0.18

75,735,245 21.92

Virgin Islands, BritishNomad Foods Ltd. USD 33,629 661,987 0.19

661,987 0.19

Total Equities 130,277,013 37.71

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 213,954,216 61.93

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

ArgentinaTecpetrol SA, 144A 4.875% 12/12/2022 USD 50,000 46,276 0.01

46,276 0.01

190

JPMorgan Funds - Diversified Risk FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

AustraliaFMG Resources August 2006 Pty. Ltd.,144A 5.125% 15/05/2024 USD 163,000 158,171 0.05Virgin Australia Holdings Ltd., 144A7.875% 15/10/2021 USD 121,000 120,698 0.03

278,869 0.08

BermudaViking Cruises Ltd., 144A 5.875%15/09/2027 USD 114,000 108,504 0.03

108,504 0.03

CanadaAir Canada, 144A 7.75% 15/04/2021 USD 102,000 109,395 0.03Brookfield Residential Properties, Inc.,144A 6.125% 01/07/2022 USD 75,000 75,656 0.02Cascades, Inc., 144A 5.5% 15/07/2022 USD 31,000 30,923 0.01Eldorado Gold Corp., 144A 6.125%15/12/2020 USD 119,000 115,132 0.03GFL Environmental, Inc., 144A 5.375%01/03/2023 USD 60,000 55,698 0.02Hudbay Minerals, Inc., 144A 7.625%15/01/2025 USD 103,000 108,536 0.03Mattamy Group Corp., 144A 6.5%01/10/2025 USD 61,000 59,933 0.02MDC Partners, Inc., 144A 6.5%01/05/2024 USD 100,000 88,000 0.03New Gold, Inc., 144A 6.375% 15/05/2025 USD 50,000 50,428 0.01NOVA Chemicals Corp., 144A 5.25%01/06/2027 USD 193,000 181,191 0.05Open Text Corp., 144A 5.875%01/06/2026 USD 132,000 135,634 0.04Precision Drilling Corp. 7.75% 15/12/2023 USD 91,000 95,894 0.03Seven Generations Energy Ltd., 144A6.75% 01/05/2023 USD 125,000 129,375 0.04Teck Resources Ltd., 144A 8.5%01/06/2024 USD 287,000 317,169 0.09Videotron Ltd., 144A 5.125% 15/04/2027 USD 235,000 228,585 0.07

1,781,549 0.52

Cayman IslandsNoble Holding International Ltd., 144A7.875% 01/02/2026 USD 110,000 113,263 0.03Park Aerospace Holdings Ltd., 144A3.625% 15/03/2021 USD 333,000 323,426 0.10Transocean, Inc., 144A 9% 15/07/2023 USD 188,000 203,510 0.06

640,199 0.19

FinlandNokia OYJ 3.375% 12/06/2022 USD 180,000 175,754 0.05

175,754 0.05

IrelandArdagh Packaging Finance plc, 144A7.25% 15/05/2024 USD 211,000 219,589 0.06C&W Senior Financing DAC, 144A 6.875%15/09/2027 USD 200,000 195,206 0.06Smurfit Kappa Treasury Funding Ltd.7.5% 20/11/2025 USD 50,000 59,820 0.02

474,615 0.14

LuxembourgAltice Luxembourg SA, 144A 7.625%15/02/2025 USD 214,000 195,542 0.05Dana Financing Luxembourg Sarl, 144A6.5% 01/06/2026 USD 91,000 92,479 0.03Mallinckrodt International Finance SA,144A 5.625% 15/10/2023 USD 280,000 233,800 0.07

521,821 0.15

NetherlandsClear Channel International BV, 144A8.75% 15/12/2020 USD 212,000 220,215 0.06NXP BV, 144A 4.125% 01/06/2021 USD 400,000 399,760 0.12Sensata Technologies BV, 144A 4.875%15/10/2023 USD 122,000 122,457 0.03Sensata Technologies BV, 144A 5.625%01/11/2024 USD 120,000 123,839 0.04

866,271 0.25

SwedenTelefonaktiebolaget LM Ericsson 4.125%15/05/2022 USD 78,000 76,962 0.02

76,962 0.02

United KingdomJaguar Land Rover Automotive plc, 144A4.25% 15/11/2019 USD 200,000 201,500 0.06Travelport Corporate Finance plc, 144A6% 15/03/2026 USD 50,000 50,500 0.01Tronox Finance plc, 144A 5.75%01/10/2025 USD 141,000 136,065 0.04

388,065 0.11

United States of AmericaAcadia Healthcare Co., Inc. 5.625%15/02/2023 USD 157,000 158,586 0.05Albertsons Cos. LLC 5.75% 15/03/2025 USD 234,000 206,977 0.06Allison Transmission, Inc., 144A 4.75%01/10/2027 USD 121,000 113,135 0.03AMC Networks, Inc. 5% 01/04/2024 USD 211,000 208,293 0.06American Axle & Manufacturing, Inc.6.25% 01/04/2025 USD 167,000 166,582 0.05Amsted Industries, Inc., 144A 5.375%15/09/2024 USD 92,000 91,770 0.03Aramark Services, Inc., 144A 5%01/04/2025 USD 221,000 219,895 0.06Ascent Resources Utica Holdings LLC,144A 10% 01/04/2022 USD 134,000 145,390 0.04Avis Budget Car Rental LLC, 144A 5.25%15/03/2025 USD 187,000 177,261 0.05Beacon Roofing Supply, Inc. 6.375%01/10/2023 USD 162,000 167,810 0.05Caesars Resort Collection LLC, 144A5.25% 15/10/2025 USD 147,000 139,363 0.04Calpine Corp. 5.5% 01/02/2024 USD 262,000 241,666 0.07Cardtronics, Inc. 5.125% 01/08/2022 USD 50,000 48,417 0.01Carrizo Oil & Gas, Inc. 8.25% 15/07/2025 USD 155,000 165,724 0.05CB Escrow Corp., 144A 8% 15/10/2025 USD 100,000 94,000 0.03CCO Holdings LLC, 144A 5.375%01/05/2025 USD 256,000 247,680 0.07CCO Holdings LLC, 144A 5.125%01/05/2027 USD 200,000 187,421 0.05CCO Holdings LLC, 144A 5.875%01/05/2027 USD 52,000 50,945 0.02CCO Holdings LLC, 144A 5% 01/02/2028 USD 50,000 45,888 0.01CDK Global, Inc. 3.8% 15/10/2019 USD 146,000 146,690 0.04CDW LLC 5% 01/09/2025 USD 175,000 172,691 0.05Central Garden & Pet Co. 5.125%01/02/2028 USD 51,000 47,424 0.01Century Communities, Inc. 5.875%15/07/2025 USD 60,000 56,650 0.02Change Healthcare Holdings LLC, 144A5.75% 01/03/2025 USD 124,000 117,335 0.03Cleveland-Cliffs, Inc. 5.75% 01/03/2025 USD 196,000 186,867 0.05CNX Resources Corp. 8% 01/04/2023 USD 52,000 55,120 0.02CommScope, Inc., 144A 5.5% 15/06/2024 USD 262,000 264,750 0.08Continental Resources, Inc. 4.375%15/01/2028 USD 85,000 84,555 0.02Cott Holdings, Inc., 144A 5.5%01/04/2025 USD 50,000 48,881 0.01CrownRock LP, 144A 5.625% 15/10/2025 USD 95,000 91,815 0.03CSC Holdings LLC, 144A 10.875%15/10/2025 USD 200,000 231,859 0.07CSC Holdings LLC, 144A 5.5% 15/04/2027 USD 402,000 383,745 0.11CyrusOne LP, REIT 5.375% 15/03/2027 USD 125,000 124,648 0.04Dean Foods Co., 144A 6.5% 15/03/2023 USD 50,000 48,161 0.01Dell International LLC, 144A 5.875%15/06/2021 USD 196,000 199,829 0.06Dell International LLC, 144A 7.125%15/06/2024 USD 185,000 196,504 0.06Diamondback Energy, Inc. 4.75%01/11/2024 USD 102,000 99,746 0.03DISH DBS Corp. 5.125% 01/05/2020 USD 180,000 178,554 0.05DISH DBS Corp. 5.875% 15/11/2024 USD 421,000 356,210 0.10Eldorado Resorts, Inc. 7% 01/08/2023 USD 113,000 118,887 0.03Endeavor Energy Resources LP, 144A5.75% 30/01/2028 USD 105,000 102,244 0.03Energy Transfer Equity LP 4.25%15/03/2023 USD 75,000 72,857 0.02EnerSys, 144A 5% 30/04/2023 USD 50,000 49,812 0.01Envision Healthcare Corp., 144A 6.25%01/12/2024 USD 165,000 176,058 0.05Equinix, Inc., REIT 5.375% 01/01/2022 USD 319,000 329,092 0.10ESH Hospitality, Inc., REIT, 144A 5.25%01/05/2025 USD 153,000 147,778 0.04Extraction Oil & Gas, Inc., 144A 7.375%15/05/2024 USD 110,000 115,775 0.03First Data Corp., 144A 7% 01/12/2023 USD 217,000 227,041 0.07First Quality Finance Co., Inc., 144A 5%01/07/2025 USD 51,000 47,142 0.01Five Point Operating Co. LP, 144A 7.875%15/11/2025 USD 55,000 56,237 0.02

191

JPMorgan Funds - Diversified Risk FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Freedom Mortgage Corp., 144A 8.125%15/11/2024 USD 50,000 48,794 0.01Frontier Communications Corp., 144A8.5% 01/04/2026 USD 111,000 107,590 0.03GameStop Corp., 144A 5.5% 01/10/2019 USD 100,000 100,625 0.03Gartner, Inc., 144A 5.125% 01/04/2025 USD 50,000 49,625 0.01GCI, Inc. 6.75% 01/06/2021 USD 50,000 50,563 0.02GLP Capital LP 5.375% 15/04/2026 USD 207,000 206,046 0.06Goodyear Tire & Rubber Co. (The) 5.125%15/11/2023 USD 190,000 188,944 0.06Gray Television, Inc., 144A 5.875%15/07/2026 USD 68,000 64,770 0.02Gulfport Energy Corp. 6.375%15/05/2025 USD 155,000 150,635 0.04H&E Equipment Services, Inc. 5.625%01/09/2025 USD 100,000 98,437 0.03Hanesbrands, Inc., 144A 4.625%15/05/2024 USD 139,000 135,875 0.04HD Supply, Inc., STEP, 144A 5.75%15/04/2024 USD 126,000 132,359 0.04Hertz Corp. (The), 144A 5.5% 15/10/2024 USD 53,000 42,002 0.01Hess Infrastructure Partners LP, 144A5.625% 15/02/2026 USD 50,000 49,883 0.01Hilcorp Energy I LP, 144A 5.75%01/10/2025 USD 109,000 108,913 0.03Hill-Rom Holdings, Inc., 144A 5%15/02/2025 USD 50,000 48,750 0.01Hologic, Inc., 144A 4.625% 01/02/2028 USD 116,000 109,475 0.03Howard Hughes Corp. (The), 144A 5.375%15/03/2025 USD 59,000 57,967 0.02Hughes Satellite Systems Corp. 7.625%15/06/2021 USD 161,000 172,227 0.05Icahn Enterprises LP 6% 01/08/2020 USD 150,000 151,977 0.04Icahn Enterprises LP 6.75% 01/02/2024 USD 175,000 177,138 0.05Ingles Markets, Inc. 5.75% 15/06/2023 USD 51,000 50,410 0.01IQVIA, Inc., 144A 4.875% 15/05/2023 USD 144,000 145,440 0.04Jefferies Finance LLC, 144A 6.875%15/04/2022 USD 200,000 200,500 0.06Jeld-Wen, Inc., 144A 4.875% 15/12/2027 USD 51,000 47,076 0.01KAR Auction Services, Inc., 144A 5.125%01/06/2025 USD 136,000 130,220 0.04Kindred Healthcare, Inc. 6.375%15/04/2022 USD 103,000 106,348 0.03KLX, Inc., 144A 5.875% 01/12/2022 USD 112,000 116,760 0.03Ladder Capital Finance Holdings LLLP,144A 5.875% 01/08/2021 USD 100,000 102,570 0.03Lamar Media Corp. 5.75% 01/02/2026 USD 50,000 50,999 0.02Lamb Weston Holdings, Inc., 144A4.875% 01/11/2026 USD 173,000 168,026 0.05Lennar Corp. 8.375% 15/01/2021 USD 191,000 209,622 0.06LifePoint Health, Inc. 5.5% 01/12/2021 USD 169,000 170,183 0.05Live Nation Entertainment, Inc., 144A5.375% 15/06/2022 USD 101,000 103,020 0.03LPL Holdings, Inc., 144A 5.75%15/09/2025 USD 128,000 124,800 0.04Match Group, Inc., 144A 5% 15/12/2027 USD 51,000 47,990 0.01Mattel, Inc. 2.35% 15/08/2021 USD 212,000 193,876 0.06McDermott Technology Americas, Inc.,144A 10.625% 01/05/2024 USD 125,000 130,481 0.04MEDNAX, Inc., 144A 5.25% 01/12/2023 USD 81,000 79,177 0.02Meredith Corp., 144A 6.875%01/02/2026 USD 110,000 108,366 0.03Micron Technology, Inc. 5.5% 01/02/2025 USD 55,000 57,296 0.02Moss Creek Resources Holdings, Inc.,144A 7.5% 15/01/2026 USD 58,000 57,263 0.02MSCI, Inc., 144A 5.75% 15/08/2025 USD 157,000 160,726 0.05Multi-Color Corp., 144A 4.875%01/11/2025 USD 104,000 96,947 0.03Navient Corp. 7.25% 25/01/2022 USD 189,000 197,880 0.06Navient Corp. 5.875% 25/10/2024 USD 266,000 257,822 0.07Navient Corp. 5.625% 01/08/2033 USD 75,000 62,790 0.02Netflix, Inc., 144A 4.875% 15/04/2028 USD 100,000 95,325 0.03Netflix, Inc., 144A 5.875% 15/11/2028 USD 86,000 87,252 0.03Netflix, Inc. 5.375% 01/02/2021 USD 290,000 298,604 0.09Nexstar Broadcasting, Inc., 144A 6.125%15/02/2022 USD 167,000 171,384 0.05NextEra Energy Operating Partners LP,144A 4.5% 15/09/2027 USD 58,000 54,249 0.02NGPL PipeCo LLC, 144A 7.768%15/12/2037 USD 131,000 154,580 0.05Nielsen Finance LLC, 144A 5%15/04/2022 USD 281,000 277,804 0.08Novelis Corp., 144A 6.25% 15/08/2024 USD 218,000 218,122 0.06Nuance Communications, Inc., 144A5.375% 15/08/2020 USD 73,000 73,059 0.02Owens-Brockway Glass Container, Inc.,144A 6.375% 15/08/2025 USD 139,000 142,475 0.04Parsley Energy LLC, 144A 5.375%15/01/2025 USD 188,000 185,742 0.05

Pattern Energy Group, Inc., 144A 5.875%01/02/2024 USD 50,000 50,250 0.01PBF Holding Co. LLC 7% 15/11/2023 USD 84,000 87,502 0.03PDC Energy, Inc. 6.125% 15/09/2024 USD 55,000 56,169 0.02Pilgrim’s Pride Corp., 144A 5.75%15/03/2025 USD 154,000 148,274 0.04Post Holdings, Inc., 144A 5% 15/08/2026 USD 168,000 156,600 0.05Post Holdings, Inc., 144A 5.75%01/03/2027 USD 200,000 194,693 0.06Provident Funding Associates LP, 144A6.375% 15/06/2025 USD 50,000 48,750 0.01Qorvo, Inc. 6.75% 01/12/2023 USD 54,000 57,442 0.02Quicken Loans, Inc., 144A 5.75%01/05/2025 USD 114,000 112,575 0.03Quicken Loans, Inc., 144A 5.25%15/01/2028 USD 50,000 46,298 0.01Rackspace Hosting, Inc., 144A 8.625%15/11/2024 USD 114,000 114,504 0.03Realogy Group LLC, 144A 5.25%01/12/2021 USD 160,000 159,400 0.05Rockies Express Pipeline LLC, 144A6.875% 15/04/2040 USD 139,000 157,700 0.05SBA Communications Corp., REIT, 144A4% 01/10/2022 USD 186,000 179,133 0.05Sealed Air Corp., 144A 4.875%01/12/2022 USD 195,000 197,913 0.06SemGroup Corp. 7.25% 15/03/2026 USD 73,000 71,722 0.02ServiceMaster Co. LLC (The), 144A5.125% 15/11/2024 USD 50,000 48,625 0.01SESI LLC 7.75% 15/09/2024 USD 121,000 124,396 0.04Shea Homes LP, 144A 6.125%01/04/2025 USD 59,000 58,829 0.02Silgan Holdings, Inc. 5.5% 01/02/2022 USD 137,000 139,398 0.04Sinclair Television Group, Inc., 144A5.125% 15/02/2027 USD 224,000 209,066 0.06Sirius XM Radio, Inc., 144A 6%15/07/2024 USD 193,000 197,453 0.06Sirius XM Radio, Inc., 144A 5.375%15/07/2026 USD 249,000 241,462 0.07Six Flags Entertainment Corp., 144A4.875% 31/07/2024 USD 155,000 150,917 0.04Springleaf Finance Corp. 8.25%15/12/2020 USD 386,000 418,463 0.12Sprint Communications, Inc., 144A 9%15/11/2018 USD 190,000 194,095 0.06Standard Industries, Inc., 144A 6%15/10/2025 USD 113,000 113,921 0.03Standard Industries, Inc., 144A 4.75%15/01/2028 USD 200,000 183,722 0.05Starwood Property Trust, Inc., REIT, 144A4.75% 15/03/2025 USD 102,000 98,685 0.03Steel Dynamics, Inc. 4.125% 15/09/2025 USD 179,000 172,025 0.05SunCoke Energy Partners LP, 144A 7.5%15/06/2025 USD 51,000 52,020 0.02Sunoco LP, 144A 5.5% 15/02/2026 USD 166,000 158,738 0.05Symantec Corp. 3.95% 15/06/2022 USD 166,000 161,481 0.05Talen Energy Supply LLC, 144A 9.5%15/07/2022 USD 50,000 49,500 0.01Tallgrass Energy Partners LP, 144A 5.5%15/01/2028 USD 115,000 113,275 0.03Targa Resources Partners LP 5.25%01/05/2023 USD 366,000 368,644 0.11Taylor Morrison Communities, Inc., 144A5.875% 15/04/2023 USD 148,000 148,000 0.04TEGNA, Inc., 144A 5.5% 15/09/2024 USD 168,000 168,630 0.05Terex Corp., 144A 5.625% 01/02/2025 USD 75,000 74,674 0.02Terraform Global Operating LLC, 144A6.125% 01/03/2026 USD 50,000 50,085 0.01TerraForm Power Operating LLC, 144A5% 31/01/2028 USD 126,000 119,227 0.03T-Mobile USA, Inc. 6% 01/03/2023 USD 50,000 51,635 0.02T-Mobile USA, Inc. 6.5% 15/01/2026 USD 450,000 467,347 0.14TreeHouse Foods, Inc., 144A 6%15/02/2024 USD 124,000 126,945 0.04Ultra Resources, Inc., 144A 6.875%15/04/2022 USD 67,000 50,501 0.01United States Steel Corp. 6.25%15/03/2026 USD 50,000 49,679 0.01US Treasury Bill 0% 31/01/2019 USD 18,750,000 18,528,262 5.36USG Corp., 144A 5.5% 01/03/2025 USD 50,000 52,136 0.02Valeant Pharmaceuticals International,Inc., 144A 9.25% 01/04/2026 USD 129,000 134,585 0.04Valvoline, Inc. 5.5% 15/07/2024 USD 50,000 50,666 0.02Vantiv LLC, 144A 4.375% 15/11/2025 USD 50,000 47,563 0.01VeriSign, Inc. 4.75% 15/07/2027 USD 144,000 136,545 0.04Vertiv Group Corp., 144A 9.25%15/10/2024 USD 60,000 59,382 0.02ViaSat, Inc., 144A 5.625% 15/09/2025 USD 50,000 47,100 0.01W.R. Grace & Co.-Conn. ‘C’, 144A 5.625%01/10/2024 USD 102,000 106,973 0.03

192

JPMorgan Funds - Diversified Risk FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Wynn Las Vegas LLC, 144A 5.25%15/05/2027 USD 234,000 219,926 0.06XPO Logistics, Inc., 144A 6.5%15/06/2022 USD 160,000 164,078 0.05Zachry Holdings, Inc., 144A 7.5%01/02/2020 USD 50,000 49,687 0.01

40,596,805 11.75

Total Bonds 45,955,690 13.30

Convertible Bonds

BermudaJazz Investments I Ltd. 1.875%15/08/2021 USD 200,000 218,362 0.07Weatherford International Ltd. 5.875%01/07/2021 USD 67,000 66,351 0.02

284,713 0.09

Cayman IslandsCtrip.com International Ltd. 1%01/07/2020 USD 178,000 188,853 0.06Ctrip.com International Ltd. 1.25%15/09/2022 USD 98,000 101,243 0.03Weibo Corp., 144A 1.25% 15/11/2022 USD 254,000 255,531 0.07

545,627 0.16

JerseyEnsco Jersey Finance Ltd. 3% 31/01/2024 USD 182,000 169,574 0.05

169,574 0.05

NetherlandsNXP Semiconductors NV 1% 01/12/2019 USD 200,000 241,259 0.07Yandex NV 1.125% 15/12/2018 USD 8,000 7,885 0.00

249,144 0.07

United States of AmericaAdvanced Micro Devices, Inc. 2.125%01/09/2026 USD 69,000 139,575 0.04Akamai Technologies, Inc., 144A 0.125%01/05/2025 USD 40,000 39,854 0.01Akamai Technologies, Inc. 0%15/02/2019 USD 26,000 26,174 0.01Altaba, Inc. 0% 01/12/2018 USD 78,000 108,895 0.03Anthem, Inc. 2.75% 15/10/2042 USD 25,000 82,144 0.02BioMarin Pharmaceutical, Inc. 0.75%15/10/2018 USD 36,000 37,892 0.01BioMarin Pharmaceutical, Inc. 1.5%15/10/2020 USD 4,000 4,649 0.00Booking Holdings, Inc. 0.35% 15/06/2020 USD 147,000 228,206 0.07Booking Holdings, Inc. 0.9% 15/09/2021 USD 54,000 64,699 0.02Centerpoint Energy, Inc., FRN 1.98%15/09/2029 USD 171 11,843 0.00Chesapeake Energy Corp. 5.5%15/09/2026 USD 22,000 22,353 0.01Citrix Systems, Inc. 0.5% 15/04/2019 USD 84,000 122,195 0.04Colony NorthStar, Inc., REIT 3.875%15/01/2021 USD 10,000 9,500 0.00DISH Network Corp. 2.375% 15/03/2024 USD 258,000 228,029 0.07DISH Network Corp. 3.375% 15/08/2026 USD 82,000 79,417 0.02Dycom Industries, Inc. 0.75% 15/09/2021 USD 38,000 44,242 0.01Etsy, Inc., 144A 0% 01/03/2023 USD 47,000 61,657 0.02Extra Space Storage LP, REIT, 144A3.125% 01/10/2035 USD 47,000 54,825 0.02Finisar Corp. 0.5% 15/12/2033 USD 109,000 108,057 0.03Finisar Corp. 0.5% 15/12/2036 USD 53,000 48,182 0.01FireEye, Inc. 1.625% 01/06/2035 USD 66,000 60,702 0.02Illumina, Inc. 0% 15/06/2019 USD 95,000 111,096 0.03Illumina, Inc. 0.5% 15/06/2021 USD 70,000 92,446 0.03Intel Corp. 3.25% 01/08/2039 USD 162,000 385,857 0.11Intercept Pharmaceuticals, Inc. 3.25%01/07/2023 USD 12,000 10,470 0.00Ionis Pharmaceuticals, Inc. 1% 15/11/2021 USD 57,000 55,963 0.02Liberty Expedia Holdings, Inc., 144A 1%30/06/2047 USD 121,000 119,264 0.03Liberty Interactive LLC, 144A 1.75%30/09/2046 USD 68,000 74,588 0.02Liberty Media Corp. 1.375% 15/10/2023 USD 43,000 53,725 0.02Liberty Media Corp-Liberty Formula One1% 30/01/2023 USD 30,000 35,240 0.01Live Nation Entertainment, Inc., 144A2.5% 15/03/2023 USD 59,000 60,633 0.02Macquarie Infrastructure Corp. 2%01/10/2023 USD 41,000 36,473 0.01Medicines Co. (The) 2.5% 15/01/2022 USD 8,000 9,435 0.00

Microchip Technology, Inc. 1.625%15/02/2027 USD 469,000 548,801 0.16Micron Technology, Inc. 3% 15/11/2043 USD 71,000 128,994 0.04Molina Healthcare, Inc. 1.125%15/01/2020 USD 42,000 102,363 0.03Nabors Industries, Inc. 0.75% 15/01/2024 USD 14,000 11,045 0.00Neurocrine Biosciences, Inc. 2.25%15/05/2024 USD 18,000 25,740 0.01New Relic, Inc., 144A 0.5% 01/05/2023 USD 70,000 77,549 0.02Novellus Systems, Inc. 2.625%15/05/2041 USD 11,000 56,588 0.02NuVasive, Inc. 2.25% 15/03/2021 USD 56,000 61,193 0.02ON Semiconductor Corp. 1.625%15/10/2023 USD 121,000 152,323 0.04Palo Alto Networks, Inc. 0% 01/07/2019 USD 52,000 96,492 0.03Red Hat, Inc. 0.25% 01/10/2019 USD 62,000 113,155 0.03Royal Gold, Inc. 2.875% 15/06/2019 USD 8,000 8,477 0.00ServiceNow, Inc. 0% 01/06/2022 USD 112,000 152,442 0.04Silicon Laboratories, Inc. 1.375%01/03/2022 USD 76,000 92,492 0.03Spirit Realty Capital, Inc., REIT 2.875%15/05/2019 USD 6,000 5,984 0.00Starwood Property Trust, Inc., REIT 4%15/01/2019 USD 25,000 28,265 0.01SunPower Corp. 0.875% 01/06/2021 USD 17,000 13,443 0.00Synaptics, Inc. 0.5% 15/06/2022 USD 61,000 60,010 0.02Teradyne, Inc. 1.25% 15/12/2023 USD 9,000 11,906 0.00Twilio, Inc., 144A 0.25% 01/06/2023 USD 70,000 72,819 0.02Twitter, Inc., 144A 0.25% 15/06/2024 USD 40,000 41,834 0.01Twitter, Inc. 1% 15/09/2021 USD 89,000 86,652 0.03Veeco Instruments, Inc. 2.7% 15/01/2023 USD 70,000 61,784 0.02VEREIT, Inc., REIT 3.75% 15/12/2020 USD 17,000 17,179 0.00Viavi Solutions, Inc. 1% 01/03/2024 USD 103,000 103,322 0.03Viavi Solutions, Inc. 0.625% 15/08/2033 USD 74,000 74,788 0.02Vishay Intertechnology, Inc., 144A 2.25%15/06/2025 USD 90,000 88,294 0.03Western Digital Corp., 144A 1.5%01/02/2024 USD 196,000 198,450 0.06Workday, Inc., 144A 0.25% 01/10/2022 USD 188,000 197,761 0.06Wright Medical Group, Inc. 2%15/02/2020 USD 20,000 21,771 0.01Zendesk, Inc., 144A 0.25% 15/03/2023 USD 110,000 119,029 0.03

5,459,225 1.58

Total Convertible Bonds 6,708,283 1.95

Total Transferable securities and money market instrumentsdealt in on another regulated market 52,663,973 15.25

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund - JPMUS Dollar Liquidity X (dist.)† USD 33,462,103 33,462,103 9.68

33,462,103 9.68

Total Collective Investment Schemes - UCITS 33,462,103 9.68

Total Units of authorised UCITS or other collective investmentundertakings 33,462,103 9.68

Total Investments 300,080,292 86.86

Time Deposits

FranceBRED Banque Populaire SA 1.99%02/07/2018 USD 30,000,000 30,000,000 8.68

30,000,000 8.68

Total Time Deposits 30,000,000 8.68

Cash 21,917,571 6.34

Other Assets/(Liabilities) (6,491,323) (1.88)

Total Net Assets 345,506,540 100.00

† Related Party Fund.

193

JPMorgan Funds - Diversified Risk FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited States of America 56.88Luxembourg 10.25Japan 9.07France 8.89Canada 4.31Australia 1.12Ireland 0.96Netherlands 0.92Cayman Islands 0.69United Kingdom 0.68Virgin Islands, British 0.27Germany 0.20Bermuda 0.20Israel 0.18Guernsey 0.15Cyprus 0.15United Arab Emirates 0.09Jersey 0.09Italy 0.08China 0.07Belgium 0.07Hong Kong 0.06Singapore 0.05Finland 0.05Hungary 0.03Sweden 0.02Argentina 0.01Total Investments 95.54Cash and Other Assets/(Liabilities) 4.46

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United States of America 63.62Luxembourg 9.64Japan 8.83Canada 4.49France 2.48Australia 1.24Netherlands 0.65United Kingdom 0.59Cayman Islands 0.50Bermuda 0.44Ireland 0.41Germany 0.21Guernsey 0.15Israel 0.14United Arab Emirates 0.12China 0.10Belgium 0.09Hong Kong 0.08Jersey 0.07Cyprus 0.06Finland 0.05Italy 0.05Sweden 0.03Total Investments and Cash Equivalents 94.04Cash and Other Assets/(Liabilities) 5.96

Total 100.00

194

JPMorgan Funds - Diversified Risk FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Diversified Risk FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

CAD 937,301 USD 706,122 18/07/2018 National Australia Bank 4,912 -EUR 253,127 USD 293,806 11/07/2018 BNP Paribas 1,081 -EUR 192,184 USD 222,612 11/07/2018 National Australia Bank 1,279 -EUR 114,580 USD 132,934 11/07/2018 State Street 550 -EUR 308,436 USD 358,546 11/07/2018 Toronto-Dominion Bank 776 -MXN 42,930,197 USD 2,046,521 18/07/2018 State Street 129,010 0.04TRY 9,974,794 USD 2,125,874 18/07/2018 Citibank 37,468 0.01USD 1,952 AUD 2,638 11/07/2018 Merrill Lynch 3 -USD 5,358,114 AUD 7,172,430 18/07/2018 ANZ 59,849 0.02USD 13,697,247 CAD 17,988,740 18/07/2018 HSBC 51,048 0.02USD 406,375 EUR 347,695 11/07/2018 BNP Paribas 1,318 -USD 1,087,746 GBP 814,760 11/07/2018 Barclays 15,233 -USD 1,124,630 GBP 847,480 11/07/2018 Deutsche Bank 9,045 -USD 755,417 GBP 568,048 18/07/2018 State Street 7,415 -USD 300,112 HKD 2,354,167 18/07/2018 Merrill Lynch 10 -USD 2,088,623 HUF 581,184,369 18/07/2018 HSBC 34,416 0.01USD 2,145,881 ILS 7,731,561 18/07/2018 BNP Paribas 28,005 0.01USD 2,728,480 JPY 300,118,662 18/07/2018 Barclays 15,722 0.01USD 856,755 JPY 93,810,306 18/07/2018 BNP Paribas 8,808 -USD 31,341,222 JPY 3,460,366,187 18/07/2018 State Street 63,135 0.02USD 2,146,241 PLN 7,919,925 18/07/2018 HSBC 37,477 0.01USD 1,855 SEK 15,985 11/07/2018 Goldman Sachs 75 -USD 1,583 SEK 14,077 11/07/2018 Merrill Lynch 15 -USD 1,837 SEK 16,223 11/07/2018 Societe Generale 30 -USD 18,112,081 SEK 155,562,725 18/07/2018 Citibank 777,525 0.23USD 191,656 SGD 255,423 18/07/2018 Societe Generale 4,283 -USD 2,230,285 THB 72,328,152 18/07/2018 ANZ 46,281 0.01USD 2,175,127 TWD 64,889,708 18/07/2018 J.P. Morgan 42,677 0.01

Total Unrealised Gain on Forward Currency Exchange Contracts 1,377,446 0.40

AUD 491,388 USD 371,269 11/07/2018 Standard Chartered (8,293) -AUD 7,726,756 USD 5,772,219 18/07/2018 ANZ (64,474) (0.02)CAD 1,229,144 USD 945,263 18/07/2018 Goldman Sachs (12,839) -CAD 14,985,132 USD 11,410,196 18/07/2018 HSBC (42,525) (0.01)EUR 61,079,510 USD 72,330,782 11/07/2018 ANZ (1,174,399) (0.34)EUR 279,961 USD 328,022 11/07/2018 BNP Paribas (1,873) -EUR 139,762 USD 164,792 11/07/2018 HSBC (1,972) -EUR 78,668 USD 93,054 11/07/2018 National Australia Bank (1,407) -EUR 168,315 USD 198,910 11/07/2018 RBC (2,827) -EUR 119,924 USD 140,361 11/07/2018 State Street (653) -EUR 583,736 USD 688,105 18/07/2018 National Australia Bank (7,701) -GBP 153,919,633 USD 206,973,652 11/07/2018 Citibank (4,360,802) (1.26)GBP 2,000,088 USD 2,659,813 18/07/2018 State Street (26,108) (0.01)INR 146,647,113 USD 2,146,223 18/07/2018 Standard Chartered (11,001) -JPY 55,057,068 USD 501,354 18/07/2018 Goldman Sachs (3,696) -JPY 93,810,306 USD 852,426 18/07/2018 National Australia Bank (4,479) -JPY 69,901,689 USD 637,684 18/07/2018 Standard Chartered (5,846) -JPY 480,547,607 USD 4,352,415 18/07/2018 State Street (8,768) -NOK 78,426,651 USD 9,647,343 18/07/2018 HSBC (54,414) (0.02)NZD 11,987,342 USD 8,332,785 18/07/2018 HSBC (225,649) (0.07)PHP 119,393,415 USD 2,237,969 18/07/2018 Merrill Lynch (3,228) -SEK 2,661,810 USD 309,779 11/07/2018 Merrill Lynch (13,331) (0.01)USD 2,026 AUD 2,752 11/07/2018 RBC (7) -USD 930,224 CAD 1,229,144 18/07/2018 Goldman Sachs (2,201) -USD 22,553,846 CHF 22,428,695 18/07/2018 HSBC (47,631) (0.02)USD 210,723 EUR 181,755 02/07/2018 BNP Paribas (898) -USD 222,484 EUR 192,184 03/07/2018 National Australia Bank (1,280) -USD 552,400 EUR 477,232 11/07/2018 BNP Paribas (3,565) -USD 5,132,303 EUR 4,410,669 11/07/2018 Toronto-Dominion Bank (6,036) -USD 22,027,735 EUR 18,924,543 18/07/2018 State Street (30,770) (0.01)USD 1,024,469 GBP 780,583 11/07/2018 BNP Paribas (3,054) -ZAR 27,420,133 USD 2,029,715 18/07/2018 HSBC (48,384) (0.02)

Total Unrealised Loss on Forward Currency Exchange Contracts (6,180,111) (1.79)

Net Unrealised Loss on Forward Currency Exchange Contracts (4,802,665) (1.39)

195

JPMorgan Funds - Diversified Risk FundSchedule of Investments (continued)

As at 30 June 2018

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

CAC 40 10 Euro Index, 20/07/2018 57 EUR 3,549,101 50,272 0.02Canada 10 Year Bond, 19/09/2018 (79) CAD (8,199,385) 14,880 -DAX Index, 21/09/2018 1 EUR 358,843 5,370 -Euro-Buxl 30 Year Bond, 06/09/2018 11 EUR 2,274,744 11,143 -Euro-Bund, 06/09/2018 17 EUR 3,216,137 495 -EURO STOXX 50 Index, 21/09/2018 24 EUR 950,225 13,832 -FTSE 100 Index, 21/09/2018 24 GBP 2,404,939 20,212 0.01FTSE MIB Index, 21/09/2018 12 EUR 1,508,085 17,919 0.01Hang Seng Index, 30/07/2018 7 HKD 1,281,415 20,654 0.01Japan 10 Year Bond, 12/09/2018 (47) JPY (64,016,254) 8,488 -Long Gilt, 26/09/2018 (105) GBP (16,995,539) 45,668 0.02S&P 500 Emini Index, 21/09/2018 10 USD 1,368,188 8,437 -TOPIX Index, 13/09/2018 5 JPY 781,299 3,160 -US 2 Year Note, 28/09/2018 (255) USD (54,018,164) 6,595 -US 5 Year Note, 28/09/2018 (166) USD (18,858,508) 6,159 -US 10 Year Note, 19/09/2018 593 USD 71,275,820 4,636 -

Total Unrealised Gain on Financial Futures Contracts 237,920 0.07

Australia 3 Year Bond, 17/09/2018 (226) AUD (18,587,875) (21,040) (0.01)Australia 10 Year Bond, 17/09/2018 761 AUD 72,718,779 (93,560) (0.03)Canada 10 Year Bond, 19/09/2018 35 CAD 3,632,639 (8,240) -Euro-Bobl, 06/09/2018 62 EUR 9,539,984 (3,970) -Euro-Schatz, 06/09/2018 297 EUR 38,760,198 (6,052) -Euro-Bund, 06/09/2018 (307) EUR (58,079,651) (34,365) (0.01)IBEX 35 Index, 20/07/2018 (11) EUR (1,231,955) (11,475) -Japan 10 Year Bond, 12/09/2018 25 JPY 34,051,199 (1,986) -SPI 200 Index, 20/09/2018 26 AUD 2,951,913 (11,523) (0.01)US Long Bond, 19/09/2018 (34) USD (4,935,844) (6,906) -US 10 Year Note, 19/09/2018 (98) USD (11,779,141) (766) -

Total Unrealised Loss on Financial Futures Contracts (199,883) (0.06)

Net Unrealised Gain on Financial Futures Contracts 38,037 0.01

Commodity Index Swap Contracts

NominalAmount Currency Counterparty Security Description

MaturityDate

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

74,829,200 USD Goldman Sachs Receive Spread of 0.01% on NotionalPay S&P GSCI Equal Weight Select Excess Return Index 17/08/2018 1,887,819 1,887,819 0.55

17,313,768 USD Goldman Sachs Receive Spread of 0.00% on NotionalPay S&P GSCI Equal Weight Select Excess Return Index 29/08/2018 782,862 782,862 0.23

368,106 USD Goldman Sachs Receive S&P GSCI Roll Weight Select Excess Return IndexPay Spread of 0.12% on Notional 26/09/2018 5,001 5,001 -

Total Unrealised Gain on Commodity Index Swap Contracts 2,675,682 2,675,682 0.78

74,908,072 USD Goldman Sachs Receive S&P GSCI Roll Weight Select Excess Return IndexPay Spread of 0.04% on Notional 17/08/2018 (1,518,884) (1,518,884) (0.44)

17,840,017 USD Goldman Sachs Receive S&P GSCI Roll Weight Select Excess Return IndexPay Spread of 0.00% on Notional 29/08/2018 (603,601) (603,601) (0.18)

347,962 USD Goldman Sachs Receive S&P GSCI Roll Weight Select Excess Return IndexPay Spread of 0.00% on Notional 07/09/2018 (6,405) (6,405) -

3,412,061 USD Goldman Sachs Receive S&P GSCI Roll Weight Select Excess Return IndexPay Spread of 0.12% on Notional 14/09/2018 (77,231) (77,231) (0.02)

Total Unrealised Loss on Commodity Index Swap Contracts (2,206,121) (2,206,121) (0.64)

Net Unrealised Gain on Commodity Index Swap Contracts 469,561 469,561 0.14

196

JPMorgan Funds - Diversified Risk FundSchedule of Investments (continued)

As at 30 June 2018

Total Return Swap Contracts

Description CurrencyMaturityDate Counterparty

GlobalExposure

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

Receive 1M BBR -0.35%Pay Performance of the underlying equity basket of 3 Securities AUD 15/10/2018 Bank of America (1,055,303) 7,492 -Receive Performance of the underlying equity basket of 7 SecuritiesPay 1M LIBOR +0.25% CHF 29/03/2019 Bank of America 2,141,420 35,564 0.01Receive 1M LIBORPay Performance of the underlying equity basket of 4 Securities CHF 29/03/2019 Bank of America (1,624,951)Receive 1M EURIBORPay Performance of the underlying equity basket of 31 Securities EUR 29/03/2019 Bank of America (13,439,611) 446,984 0.13Receive Performance of the underlying equity basket of 25 SecuritiesPay GBP-1M-LIBOR-BBA +0.25% GBP 23/01/2023 UBS 11,133,762 52,910 0.02Receive GBP-1M-LIBOR-BBAPay Performance of the underlying equity basket of 21 Securities GBP 23/01/2023 UBS (3,648,237)Receive 1M LIBOR -0.35%Pay Performance of the underlying equity basket of 39 SecuritiesReceive 1M LIBOR -0.75%Pay Performance of the underlying equity basket of 39 SecuritiesReceive 1M LIBOR -1.00%Pay Performance of the underlying equity basket of 39 SecuritiesReceive 1M LIBOR -1.25%Pay Performance of the underlying equity basket of 39 SecuritiesReceive 1M LIBOR -1.50%Pay Performance of the underlying equity basket of 39 SecuritiesReceive 1M LIBOR -1.75%Pay Performance of the underlying equity basket of 39 SecuritiesReceive 1M LIBOR -2.00%Pay Performance of the underlying equity basket of 39 SecuritiesReceive 1M LIBOR -2.25%Pay Performance of the underlying equity basket of 39 SecuritiesReceive 1M LIBOR -3.00%Pay Performance of the underlying equity basket of 39 SecuritiesReceive 1M LIBOR -3.09%Pay Performance of the underlying equity basket of 39 SecuritiesReceive 1M LIBOR -4.00%Pay Performance of the underlying equity basket of 39 Securities

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

15/10/2018

15/10/2018

15/10/2018

15/10/2018

15/10/2018

15/10/2018

15/10/2018

15/10/2018

15/10/2018

15/10/2018

15/10/2018

Bank of America

Bank of America

Bank of America

Bank of America

Bank of America

Bank of America

Bank of America

Bank of America

Bank of America

Bank of America

Bank of America (17,703,362) 531,781 0.15Receive 1M LIBORPay Performance of the underlying equity basket of 63 SecuritiesReceive 1M LIBORPay Performance of the underlying equity basket of 63 Securities

USD

USD

15/10/2018

31/12/2019

Bank of America

Bank of America (10,051,638) 293,158 0.09

Total Unrealised Gain on Total Return Swap Contracts 1,367,889 0.40

Receive AUD-1M-BBSW-REUTRPay Performance of the underlying equity basket of 4 Securities AUD 23/01/2023 UBS (1,797,417) (133,831) (0.04)Receive Performance of the underlying equity basket of 1 SecurityPay CAD-1M-CDOR-BANKS +0.15% CAD 23/01/2023 UBS 21,543 (458,062) (0.13)Receive CAD-1D-CORRA-BIDPay Performance of the underlying equity basket of 14 Securities CAD 23/01/2023 UBS (2,327,930)Receive 1M BAPay Performance of the underlying equity basket of 17 Securities CAD 15/10/2018 Bank of America (8,592,414) (4,419) -Receive Performance of the underlying equity basket of 8 SecuritiesPay CHF-1M-LIBOR-BBA +0.25% CHF 23/01/2023 UBS 3,355,552 (53,579) (0.02)Receive CHF-1M-LIBOR-BBAPay Performance of the underlying equity basket of 4 Securities CHF 23/01/2023 UBS (1,209,386)Receive Performance of the underlying equity basket of 56 SecuritiesPay EUR-1M-LIBOR-BBA +0.25% EUR 23/01/2023 UBS 34,118,457 (292,519) (0.09)Receive EUR-1M-LIBOR-BBAPay Performance of the underlying equity basket of 40 Securities EUR 23/01/2023 UBS (11,494,396)Receive Performance of the underlying equity basket of 20 SecuritiesPay 1M LIBORReceive Performance of the underlying equity basket of 20 SecuritiesPay 1M LIBOR +0.25%

GBP

GBP

29/03/2019

29/03/2019

Bank of America

Bank of America 5,337,146 (64,674) (0.02)Receive 1M LIBORPay Performance of the underlying equity basket of 22 Securities GBP 29/03/2019 Bank of America (10,017,845)Receive Performance of the underlying equity basket of 3 SecuritiesPay JPY-1M-LIBOR-BBA +0.25% JPY 23/01/2023 UBS 87,496 (460,985) (0.13)Receive JPY-1M-LIBOR-BBAPay Performance of the underlying equity basket of 38 Securities JPY 23/01/2023 UBS (9,357,786)Receive Performance of the underlying equity basket of 11 SecuritiesPay USD-1M-LIBOR-BBA +0.25% USD 09/04/2020 UBSReceive Performance of the underlying equity basket of 11 SecuritiesPay USD-1M-LIBOR-BBA +0.25% USD 23/01/2023 UBS 321,709 (6,163,131) (1.78)Receive USD-1M-LIBOR-BBAPay Performance of the underlying equity basket of 113 Securities USD 09/04/2020 UBSReceive USD-1M-LIBOR-BBAPay Performance of the underlying equity basket of 113 Securities USD 23/01/2023 UBS (52,490,809)

Total Unrealised Loss on Total Return Swap Contracts (7,631,200) (2.21)

Net Unrealised Loss on Total Return Swap Contracts (6,263,311) (1.81)

197

JPMorgan Funds - Diversified Risk FundSchedule of Investments (continued)

As at 30 June 2018

Total Return Swap Contracts (continued)

Geographic Distribution based on EconomicExposure of Swap Portfolio

Global ExposureUSD

% of Basket GlobalExposure

United States of America (56,611,936) 64.12Japan (26,973,652) 30.55Canada (11,399,526) 12.91Australia (2,852,720) 3.23France (2,232,662) 2.53Ireland (1,726,130) 1.95Belgium (1,603,995) 1.82Cayman Islands (1,426,097) 1.61Bermuda (509,471) 0.58Israel (439,515) 0.50Austria (414,264) 0.47Luxembourg (374,317) 0.42Portugal 638,485 (0.72)United Kingdom 947,083 (1.07)Germany 1,192,197 (1.35)Jersey 1,221,080 (1.38)Spain 1,428,368 (1.62)Finland 1,456,533 (1.65)Netherlands 2,086,005 (2.36)Switzerland 3,103,580 (3.52)Italy 6,196,954 (7.02)

(88,294,000) 100.00

198

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

AustriaErste Group Bank AG EUR 78,620 2,814,203 0.73

2,814,203 0.73

CyprusEtalon Group plc, Reg. S, GDR USD 1,353,582 3,188,298 0.83Ros Agro plc, Reg. S, GDR USD 440,644 4,117,602 1.07TCS Group Holding plc, Reg. S, GDR USD 171,348 2,998,502 0.78

10,304,402 2.68

Czech RepublicKomercni banka A/S CZK 96,831 3,465,158 0.90Philip Morris CR A/S CZK 7,564 4,414,676 1.15

7,879,834 2.05

HungaryMOL Hungarian Oil & Gas plc HUF 960,325 7,956,988 2.07OTP Bank Nyrt. HUF 396,432 12,197,492 3.17

20,154,480 5.24

JerseyWizz Air Holdings plc, Reg. S GBP 54,500 2,209,421 0.57

2,209,421 0.57

NetherlandsYandex NV ‘A’ USD 136,148 4,172,771 1.09

4,172,771 1.09

PolandBank Polska Kasa Opieki SA PLN 177,157 4,566,875 1.19Bank Zachodni WBK SA PLN 94,179 7,172,540 1.86Budimex SA PLN 60,990 1,747,246 0.45CD Projekt SA PLN 173,113 6,368,395 1.65Dino Polska SA, Reg. S PLN 166,155 3,888,172 1.01Globe Trade Centre SA PLN 1,087,485 2,307,361 0.60KRUK SA PLN 35,637 1,609,616 0.42Polski Koncern Naftowy ORLEN SA PLN 266,679 5,103,997 1.33Powszechna Kasa Oszczednosci BankPolski SA PLN 694,360 5,806,485 1.51Powszechny Zaklad Ubezpieczen SA PLN 1,587,408 13,913,240 3.62

52,483,927 13.64

RomaniaBanca Transilvania SA RON 8,466,511 4,389,418 1.14Sphera Franchise Group SA, Reg. S RON 689,446 4,058,622 1.06

8,448,040 2.20

RussiaAlrosa PJSC USD 6,842,875 9,366,362 2.43Gazprom PJSC, ADR USD 8,693,776 32,951,108 8.56Inter RAO UES PJSC USD 61,974,089 3,426,431 0.89LSR Group PJSC, Reg. S, GDR USD 1,571,469 3,674,526 0.96LUKOIL PJSC, ADR USD 554,007 32,655,542 8.49Magnitogorsk Iron & Steel Works PJSC USD 4,884,951 2,847,004 0.74MMC Norilsk Nickel PJSC, ADR ‘A’ USD 808,159 12,479,988 3.24Moscow Exchange MICEX-RTS PJSC USD 3,849,661 5,793,598 1.51Novatek PJSC, Reg. S, GDR USD 163,474 20,716,460 5.38Polyus PJSC, Reg. S, GDR USD 165,288 4,663,418 1.21Rosneft Oil Co. PJSC, Reg. S, GDR USD 2,266,006 12,167,677 3.16Sberbank of Russia PJSC, ADR USD 2,514,535 31,115,298 8.09Severstal PJSC, GDR USD 428,658 5,419,340 1.41Sollers PJSC USD 258,806 1,863,995 0.48Surgutneftegas OJSC Preference USD 10,458,202 4,494,722 1.17Tatneft PJSC, ADR USD 218,515 11,915,554 3.10

195,551,023 50.82

TurkeyAkbank Turk A/S TRY 4,923,283 6,982,519 1.82BIM Birlesik Magazalar A/S TRY 612,247 7,733,460 2.01Cimsa Cimento Sanayi ve Ticaret A/S TRY 495,048 1,012,559 0.26Ford Otomotiv Sanayi A/S TRY 177,007 2,018,464 0.52Tofas Turk Otomobil Fabrikasi A/S TRY 1,064,092 4,781,846 1.24Tupras Turkiye Petrol Rafinerileri A/S TRY 447,218 9,151,482 2.38Turkcell Iletisim Hizmetleri A/S TRY 3,284,995 7,553,542 1.96

Turkiye Garanti Bankasi A/S TRY 5,158,436 8,152,561 2.12Ulker Biskuvi Sanayi A/S TRY 928,139 3,174,719 0.83Yapi ve Kredi Bankasi A/S TRY 12,060,322 5,618,672 1.46

56,179,824 14.60

United KingdomNostrum Oil & Gas plc GBP 1,292,185 2,814,213 0.73TBC Bank Group plc GBP 401,571 7,706,382 2.00

10,520,595 2.73

United States of AmericaEPAM Systems, Inc. USD 25,901 2,767,687 0.72

2,767,687 0.72

Total Equities 373,486,207 97.07

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 373,486,207 97.07

Other transferable securities and money market instruments

Equities

PolandgetBACK SA * PLN 2,492,486 57 0.00

57 0.00

Total Equities 57 0.00

Total Other transferable securities and money marketinstruments 57 0.00

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - Other

United KingdomJPMorgan Russian Securities plc† GBP 1,534,382 9,017,525 2.34

9,017,525 2.34

Total Collective Investment Schemes - Other 9,017,525 2.34

Total Units of authorised UCITS or other collective investmentundertakings 9,017,525 2.34

Total Investments 382,503,789 99.41

Cash 775,805 0.20

Other Assets/(Liabilities) 1,490,002 0.39

Total Net Assets 384,769,596 100.00

* Security is valued at its fair value under the direction of the Board of Directors.† Related Party Fund.

199

JPMorgan Funds - Emerging Europe Equity FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsRussia 50.82Turkey 14.60Poland 13.64Hungary 5.24United Kingdom 5.07Cyprus 2.68Romania 2.20Czech Republic 2.05Netherlands 1.09Austria 0.73United States of America 0.72Jersey 0.57Total Investments 99.41Cash and Other Assets/(Liabilities) 0.59

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Russia 46.95Poland 14.28Turkey 13.94Hungary 6.30United Kingdom 6.10Romania 2.33Czech Republic 1.87Jersey 1.70Cyprus 1.65Austria 1.46Luxembourg 1.30Netherlands 1.21United States of America 0.63Total Investments 99.72Cash and Other Assets/(Liabilities) 0.28

Total 100.00

200

JPMorgan Funds - Emerging Europe Equity FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

AustriaErste Group Bank AG EUR 52,018 2,167,946 0.69

2,167,946 0.69

CyprusEtalon Group plc, Reg. S, GDR USD 741,788 2,034,354 0.65Ros Agro plc, Reg. S, GDR USD 249,909 2,719,010 0.87TCS Group Holding plc, Reg. S, GDR USD 116,430 2,372,261 0.76

7,125,625 2.28

Czech RepublicPhilip Morris CR A/S CZK 3,110 2,113,392 0.68

2,113,392 0.68

EgyptCommercial International Bank EgyptSAE, Reg. S, GDR USD 598,200 2,953,613 0.95

2,953,613 0.95

HungaryMOL Hungarian Oil & Gas plc HUF 474,880 4,581,278 1.47OTP Bank Nyrt. HUF 191,720 6,868,178 2.20

11,449,456 3.67

JerseyWizz Air Holdings plc, Reg. S GBP 36,557 1,725,539 0.55

1,725,539 0.55

KenyaSafaricom plc KES 11,542,610 3,404,984 1.09

3,404,984 1.09

NetherlandsYandex NV ‘A’ USD 97,920 3,494,275 1.12

3,494,275 1.12

PolandBank Zachodni WBK SA PLN 31,880 2,826,894 0.91Budimex SA PLN 26,628 888,191 0.29CD Projekt SA PLN 77,920 3,337,503 1.07Dino Polska SA, Reg. S PLN 79,195 2,157,755 0.69Globe Trade Centre SA PLN 685,990 1,694,659 0.54KRUK SA PLN 24,460 1,286,323 0.41Powszechna Kasa Oszczednosci BankPolski SA PLN 435,350 4,238,767 1.36Powszechny Zaklad Ubezpieczen SA PLN 550,810 5,621,004 1.80

22,051,096 7.07

RomaniaBanca Transilvania SA RON 6,341,307 3,827,838 1.23Sphera Franchise Group SA, Reg. S RON 441,555 3,026,464 0.97

6,854,302 2.20

RussiaAlrosa PJSC USD 2,216,940 3,533,122 1.13Gazprom PJSC, ADR USD 3,160,510 13,947,331 4.47Inter RAO UES PJSC USD 27,247,070 1,753,977 0.56LSR Group PJSC, Reg. S, GDR USD 929,729 2,531,187 0.81LUKOIL PJSC, ADR USD 159,547 10,949,711 3.51Magnitogorsk Iron & Steel Works PJSC USD 2,490,500 1,690,000 0.54MMC Norilsk Nickel PJSC, ADR ‘A’ USD 164,170 2,951,777 0.95Moscow Exchange MICEX-RTS PJSC USD 1,639,390 2,872,635 0.92Novatek PJSC, Reg. S, GDR USD 69,500 10,254,725 3.29Polyus PJSC, Reg. S, GDR USD 125,753 4,130,986 1.32Rosneft Oil Co. PJSC, Reg. S, GDR USD 1,334,850 8,345,482 2.68Sberbank of Russia PJSC USD 5,080,148 17,613,097 5.65Severstal PJSC, GDR USD 224,922 3,310,852 1.06Sollers PJSC USD 127,468 1,068,916 0.34Surgutneftegas OJSC Preference USD 3,603,340 1,803,115 0.58

86,756,913 27.81

Saudi ArabiaAl Rajhi Bank SAR 233,573 5,381,809 1.72Alinma Bank SAR 427,800 2,443,724 0.78Mouwasat Medical Services Co. SAR 122,060 3,046,780 0.98National Commercial Bank SAR 349,386 4,516,637 1.45Savola Group (The) SAR 134,151 1,330,849 0.43United International Transportation Co. SAR 232,054 2,221,649 0.71

18,941,448 6.07

South AfricaAVI Ltd. ZAR 505,330 3,967,641 1.27Barclays Africa Group Ltd. ZAR 322,590 3,696,736 1.19Bid Corp. Ltd. ZAR 206,500 4,069,003 1.30Capitec Bank Holdings Ltd. ZAR 40,860 2,567,694 0.82City Lodge Hotels Ltd. ZAR 177,630 1,781,058 0.57FirstRand Ltd. ZAR 2,446,380 11,267,074 3.61Naspers Ltd. ‘N’ ZAR 121,098 29,784,672 9.55Old Mutual Ltd. GBP 1,403,130 2,818,866 0.90Pick n Pay Stores Ltd. ZAR 277,370 1,500,961 0.48PSG Group Ltd. ZAR 102,380 1,587,974 0.51Sanlam Ltd. ZAR 822,910 4,153,424 1.33Sasol Ltd. ZAR 377,100 13,727,259 4.40Shoprite Holdings Ltd. ZAR 261,520 4,138,880 1.33Vodacom Group Ltd. ZAR 628,620 5,558,252 1.78

90,619,494 29.04

TurkeyBIM Birlesik Magazalar A/S TRY 204,410 3,006,226 0.96Tofas Turk Otomobil Fabrikasi A/S TRY 306,270 1,602,482 0.51Tupras Turkiye Petrol Rafinerileri A/S TRY 174,900 4,167,104 1.34Turkcell Iletisim Hizmetleri A/S TRY 1,465,200 3,922,701 1.26Turkiye Garanti Bankasi A/S TRY 1,608,447 2,959,750 0.95Ulker Biskuvi Sanayi A/S TRY 612,700 2,440,128 0.78Yapi ve Kredi Bankasi A/S TRY 6,169,383 3,346,485 1.07

21,444,876 6.87

United Arab EmiratesDP World Ltd. USD 141,290 3,214,347 1.03Emaar Development PJSC AED 2,126,100 2,931,853 0.94Emaar Malls PJSC AED 3,349,590 1,933,333 0.62

8,079,533 2.59

United KingdomMondi plc GBP 179,500 4,853,993 1.55Nostrum Oil & Gas plc GBP 882,210 2,237,055 0.72Quilter plc GBP 467,710 892,478 0.29TBC Bank Group plc GBP 218,867 4,890,360 1.57

12,873,886 4.13

United States of AmericaEPAM Systems, Inc. USD 16,640 2,070,266 0.66

2,070,266 0.66

Total Equities 304,126,644 97.47

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 304,126,644 97.47

Other transferable securities and money market instruments

Equities

PolandgetBACK SA* PLN 1,345,802 36 0.00

36 0.00

Total Equities 36 0.00

Total Other transferable securities and money marketinstruments 36 0.00

201

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund - JPMUS Dollar Liquidity X (dist.)† USD 6,299,108 6,299,108 2.02

6,299,108 2.02

Total Collective Investment Schemes - UCITS 6,299,108 2.02

Total Units of authorised UCITS or other collective investmentundertakings 6,299,108 2.02

Total Investments 310,425,788 99.49

Cash 1,231,134 0.39

Other Assets/(Liabilities) 359,997 0.12

Total Net Assets 312,016,919 100.00

* Security is valued at its fair value under the direction of the Board of Directors.† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsSouth Africa 29.04Russia 27.81Poland 7.07Turkey 6.87Saudi Arabia 6.07United Kingdom 4.13Hungary 3.67United Arab Emirates 2.59Cyprus 2.28Romania 2.20Luxembourg 2.02Netherlands 1.12Kenya 1.09Egypt 0.95Austria 0.69Czech Republic 0.68United States of America 0.66Jersey 0.55Total Investments 99.49Cash and Other Assets/(Liabilities) 0.51

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

South Africa 28.62Russia 27.36Poland 8.38Turkey 7.09United Kingdom 6.21Hungary 4.24Saudi Arabia 3.74United Arab Emirates 2.48Romania 2.25Kenya 1.89Jersey 1.70Cyprus 1.41Netherlands 1.18Austria 0.98Egypt 0.71Czech Republic 0.68United States of America 0.62Luxembourg 0.46Total Investments 100.00Cash and Other Assets/(Liabilities) -

Total 100.00

202

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

AngolaAngola Government Bond, Reg. S 9.5%12/11/2025 USD 1,675,000 1,830,909 0.35Angola Government Bond, Reg. S8.25% 09/05/2028 USD 2,910,000 2,921,582 0.57Angola Government Bond, Reg. S9.375% 08/05/2048 USD 1,460,000 1,479,184 0.29

6,231,675 1.21

ArgentinaAgua y Saneamientos Argentinos SA,Reg. S 6.625% 01/02/2023 USD 880,000 764,667 0.15Arcor SAIC, Reg. S 6% 06/07/2023 USD 560,000 559,664 0.11Argentina Government Bond 4.625%11/01/2023 USD 1,300,000 1,162,882 0.23Argentina Government Bond 8.28%31/12/2033 USD 1,029,505 994,065 0.19Argentina Government Bond 7.625%22/04/2046 USD 350,000 289,392 0.06Argentina Government Bond 6.875%11/01/2048 USD 251,000 193,044 0.04Argentina Government Bond 7.125%28/06/2117 USD 1,185,000 926,866 0.18Argentina Government Bond, FRN 0%15/12/2035 USD 1,909,091 113,161 0.02Argentina Government Bond 6.875%22/04/2021 USD 3,950,000 3,941,843 0.76Argentina Government Bond, Reg. S3.875% 15/01/2022 EUR 1,200,000 1,345,579 0.26Bonos de la Nacion Argentina conAjuste por CER 0% 06/03/2020 ARS 47,000,000 1,650,867 0.32Generacion Mediterranea SA, Reg. S9.625% 27/07/2023 USD 150,000 148,641 0.03Pampa Energia SA, Reg. S 7.375%21/07/2023 USD 880,000 844,338 0.16Pampa Energia SA, Reg. S 7.5%24/01/2027 USD 1,270,000 1,142,009 0.22Provincia de Buenos Aires, Reg. S9.95% 09/06/2021 USD 2,250,000 2,340,968 0.45Provincia de Buenos Aires, Reg. S5.375% 20/01/2023 EUR 200,000 221,640 0.04Provincia de Buenos Aires, Reg. S7.875% 15/06/2027 USD 200,000 176,662 0.03Provincia de Cordoba, Reg. S 7.125%10/06/2021 USD 150,000 145,315 0.03Provincia de Cordoba, Reg. S 7.45%01/09/2024 USD 2,520,000 2,290,756 0.44Provincia de Cordoba, Reg. S 7.125%01/08/2027 USD 150,000 127,786 0.03Provincia de Mendoza Argentina,Reg. S 8.375% 19/05/2024 USD 500,000 461,585 0.09YPF SA, Reg. S 8.5% 23/03/2021 USD 3,374,000 3,441,294 0.67YPF SA, Reg. S 8.75% 04/04/2024 USD 898,000 893,335 0.17YPF SA, Reg. S 8.5% 28/07/2025 USD 870,000 829,754 0.16YPF SA, Reg. S 6.95% 21/07/2027 USD 1,171,000 1,007,218 0.20

26,013,331 5.04

ArmeniaArmenia Government Bond, Reg. S 6%30/09/2020 USD 200,000 205,238 0.04Armenia Government Bond, Reg. S7.15% 26/03/2025 USD 1,100,000 1,154,852 0.22

1,360,090 0.26

AustriaSuzano Austria GmbH, Reg. S 7%16/03/2047 USD 980,000 1,011,850 0.20

1,011,850 0.20

AzerbaijanAzerbaijan Government Bond, Reg. S4.75% 18/03/2024 USD 600,000 595,920 0.11State Oil Co. of the AzerbaijanRepublic, Reg. S 4.75% 13/03/2023 USD 1,250,000 1,235,587 0.24State Oil Co. of the AzerbaijanRepublic, Reg. S 6.95% 18/03/2030 USD 3,500,000 3,751,353 0.73

5,582,860 1.08

BahrainBahrain Government Bond, Reg. S5.5% 31/03/2020 USD 500,000 494,967 0.10Bahrain Government Bond, Reg. S5.875% 26/01/2021 USD 500,000 494,428 0.09Bahrain Government Bond, Reg. S6.125% 05/07/2022 USD 3,158,000 3,088,919 0.60

4,078,314 0.79

BelarusBelarus Government Bond, Reg. S6.875% 28/02/2023 USD 1,919,000 1,992,172 0.39Belarus Government Bond, Reg. S7.625% 29/06/2027 USD 3,951,000 4,140,648 0.80Belarus Government Bond, Reg. S 6.2%28/02/2030 USD 2,495,000 2,364,474 0.46

8,497,294 1.65

BermudaBermuda Government Bond, Reg. S4.138% 03/01/2023 USD 200,000 201,990 0.04Bermuda Government Bond, Reg. S3.717% 25/01/2027 USD 400,000 375,786 0.07GCL New Energy Holdings Ltd., Reg. S7.1% 30/01/2021 USD 1,698,000 1,485,564 0.29Geopark Ltd., Reg. S 6.5% 21/09/2024 USD 870,000 842,878 0.16GOME Retail Holdings Ltd., Reg. S 5%10/03/2020 USD 381,000 363,856 0.07Inkia Energy Ltd., Reg. S 5.875%09/11/2027 USD 814,000 764,122 0.15

4,034,196 0.78

BrazilBanco ABC Brasil SA, Reg. S 7.875%08/04/2020 USD 370,000 386,987 0.07Banco do Brasil SA, Reg. S, FRN 6.25%Perpetual USD 910,000 710,592 0.14Brazil Government Bond 6%07/04/2026 USD 2,814,000 2,894,832 0.56Brazil Government Bond 8.25%20/01/2034 USD 580,000 670,060 0.13Brazil Government Bond 5%27/01/2045 USD 2,950,000 2,351,002 0.46Cemig Geracao e Transmissao SA,Reg. S 9.25% 05/12/2024 USD 2,110,000 2,150,744 0.42Light Servicos de Eletricidade SA,Reg. S 7.25% 03/05/2023 USD 1,760,000 1,663,050 0.32Votorantim Cimentos SA, Reg. S 7.25%05/04/2041 USD 940,000 938,557 0.18

11,765,824 2.28

Cayman IslandsABQ Finance Ltd., Reg. S 3.625%13/04/2021 USD 789,000 772,139 0.15ABQ Finance Ltd., Reg. S 3.5%22/02/2022 USD 842,000 809,583 0.16ADCB Finance Cayman Ltd., Reg. S 4%29/03/2023 USD 770,000 768,433 0.15Avi Funding Co. Ltd., Reg. S 3.8%16/09/2025 USD 500,000 492,486 0.10Azure Orbit IV International FinanceLtd., Reg. S 3.75% 25/01/2023 USD 1,022,000 998,650 0.19Batelco International Finance No. 1Ltd., Reg. S 4.25% 01/05/2020 USD 1,060,000 1,018,543 0.20CDBL Funding 2, Reg. S 3%01/08/2022 USD 777,000 746,242 0.15China Overseas Grand Oceans FinanceIV Cayman Ltd., Reg. S 4.875%01/06/2021 USD 792,000 790,632 0.15China SCE Property Holdings Ltd.,Reg. S 7.45% 17/04/2021 USD 430,000 422,395 0.08Comunicaciones Celulares SA, Reg. S6.875% 06/02/2024 USD 800,000 824,392 0.16Dar Al-Arkan Sukuk Co. Ltd., Reg. S6.875% 10/04/2022 USD 1,110,000 1,063,513 0.21Emirates Reit Sukuk Ltd., Reg. S5.125% 12/12/2022 USD 870,000 813,781 0.16Ezdan Sukuk Co. Ltd., Reg. S 4.375%18/05/2021 USD 1,430,000 1,157,657 0.22Fantasia Holdings Group Co. Ltd.,Reg. S 8.375% 08/03/2021 USD 1,380,000 1,228,837 0.24Gran Tierra Energy InternationalHoldings Ltd., Reg. S 6.25%15/02/2025 USD 760,000 715,350 0.14

203

JPMorgan Funds - Emerging Markets Aggregate Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

IBQ Finance Ltd., Reg. S 3.5%25/11/2020 USD 430,000 425,823 0.08ICD Sukuk Co. Ltd., Reg. S 3.508%21/05/2020 USD 2,300,000 2,291,099 0.44ICD Sukuk Co. Ltd., Reg. S 5%01/02/2027 USD 1,243,000 1,240,209 0.24MAF Global Securities Ltd., Reg. S, FRN6.375% Perpetual USD 1,560,000 1,502,243 0.29Noor Tier 1 Sukuk Ltd., Reg. S, FRN6.25% Perpetual USD 400,000 397,050 0.08Ooredoo Tamweel Ltd., Reg. S 3.039%03/12/2018 USD 4,550,000 4,551,183 0.88Overseas Chinese Town Asia HoldingsLtd., Reg. S, FRN 4.3% Perpetual USD 200,000 192,710 0.04QIB Sukuk Ltd., Reg. S 3.251%23/05/2022 USD 910,000 876,194 0.17Three Gorges Finance I Cayman IslandsLtd., Reg. S 3.15% 02/06/2026 USD 600,000 563,634 0.11Times China Holdings Ltd., Reg. S6.25% 17/01/2021 USD 830,000 788,784 0.15WTT Investment Ltd., Reg. S 5.5%21/11/2022 USD 1,480,000 1,413,141 0.27Yuzhou Properties Co. Ltd., Reg. S6.375% 06/03/2021 USD 817,000 796,574 0.15

27,661,277 5.36

ChileCorp. Nacional del Cobre de Chile,Reg. S 4.5% 16/09/2025 USD 500,000 511,235 0.10Empresa Electrica Angamos SA, Reg. S4.875% 25/05/2029 USD 1,731,265 1,683,846 0.32Empresa Electrica Guacolda SA, Reg. S4.56% 30/04/2025 USD 600,000 554,400 0.11

2,749,481 0.53

ChinaChina Government Bond, Reg. S 2.36%18/08/2021 CNH 4,000,000 580,018 0.11China Life Insurance Co. Ltd., Reg. S,FRN 4% 03/07/2075 USD 1,199,000 1,171,279 0.23China Minmetals Corp., Reg. S, FRN3.75% Perpetual USD 1,490,000 1,369,165 0.26Guangxi Communications InvestmentGroup Co. Ltd., Reg. S 3% 04/11/2019 USD 200,000 194,846 0.04

3,315,308 0.64

ColombiaBanco GNB Sudameris SA, Reg. S, FRN6.5% 03/04/2027 USD 360,000 366,683 0.07Bancolombia SA, FRN 4.875%18/10/2027 USD 430,000 409,642 0.08Colombia Government Bond 4%26/02/2024 USD 300,000 300,293 0.06Colombia Government Bond 3.875%25/04/2027 USD 1,400,000 1,356,040 0.26Colombia Government Bond 7.375%18/09/2037 USD 600,000 753,450 0.15Colombia Government Bond 5%15/06/2045 USD 2,750,000 2,706,412 0.53Ecopetrol SA 5.875% 18/09/2023 USD 840,000 891,946 0.17Ecopetrol SA 4.125% 16/01/2025 USD 550,000 531,635 0.10Ecopetrol SA 5.375% 26/06/2026 USD 1,064,000 1,092,164 0.21Ecopetrol SA 7.375% 18/09/2043 USD 170,000 187,207 0.04Ecopetrol SA 5.875% 28/05/2045 USD 1,438,000 1,363,253 0.26

9,958,725 1.93

Costa RicaAutopistas del Sol SA, Reg. S 7.375%30/12/2030 USD 782,100 789,858 0.15Costa Rica Government Bond, Reg. S4.375% 30/04/2025 USD 220,000 204,530 0.04Costa Rica Government Bond, Reg. S7% 04/04/2044 USD 1,100,000 1,078,325 0.21Costa Rica Government Bond, Reg. S7.158% 12/03/2045 USD 1,449,000 1,445,479 0.28Instituto Costarricense de Electricidad,Reg. S 6.95% 10/11/2021 USD 500,000 519,832 0.10Instituto Costarricense de Electricidad,Reg. S 6.375% 15/05/2043 USD 400,000 334,508 0.07

4,372,532 0.85

CroatiaCroatia Government Bond, Reg. S6.75% 05/11/2019 USD 300,000 313,014 0.06Croatia Government Bond, Reg. S6.375% 24/03/2021 USD 1,100,000 1,167,446 0.23

Croatia Government Bond, Reg. S 6%26/01/2024 USD 1,381,000 1,486,688 0.29Hrvatska Elektroprivreda, Reg. S5.875% 23/10/2022 USD 220,000 230,295 0.04

3,197,443 0.62

Czech RepublicCzech Republic Government Bond,Reg. S 2.5% 25/08/2028 CZK 124,000,000 5,710,626 1.11

5,710,626 1.11

Dominican RepublicDominican Republic Government Bond,Reg. S 5.875% 18/04/2024 USD 1,300,000 1,334,508 0.26Dominican Republic Government Bond,Reg. S 6.875% 29/01/2026 USD 2,400,000 2,544,516 0.49Dominican Republic Government Bond,Reg. S 7.45% 30/04/2044 USD 550,000 581,295 0.11Dominican Republic Government Bond,Reg. S 6.5% 15/02/2048 USD 203,000 194,443 0.04

4,654,762 0.90

EcuadorEcuador Government Bond, Reg. S10.5% 24/03/2020 USD 2,300,000 2,355,994 0.46Ecuador Government Bond, Reg. S10.75% 28/03/2022 USD 900,000 925,011 0.18Ecuador Government Bond, Reg. S8.75% 02/06/2023 USD 910,000 854,922 0.16Ecuador Government Bond, Reg. S7.95% 20/06/2024 USD 400,000 357,000 0.07Ecuador Government Bond, Reg. S8.875% 23/10/2027 USD 200,000 178,738 0.03Petroamazonas EP, Reg. S 4.625%16/02/2020 USD 700,000 659,634 0.13Petroamazonas EP, Reg. S 4.625%06/11/2020 USD 910,000 827,918 0.16

6,159,217 1.19

EgyptEgypt Government Bond, Reg. S 5.75%29/04/2020 USD 1,442,000 1,465,195 0.28Egypt Government Bond, Reg. S6.125% 31/01/2022 USD 1,570,000 1,550,406 0.30Egypt Government Bond, Reg. S5.875% 11/06/2025 USD 799,000 747,077 0.15Egypt Government Bond, Reg. S 7.5%31/01/2027 USD 1,200,000 1,186,944 0.23Egypt Government Bond, Reg. S5.625% 16/04/2030 EUR 990,000 1,043,731 0.20Egypt Government Bond, Reg. S 8.5%31/01/2047 USD 600,000 588,228 0.11Egypt Government Bond, Reg. S7.903% 21/02/2048 USD 785,000 722,416 0.14

7,303,997 1.41

El SalvadorEl Salvador Government Bond, Reg. S7.375% 01/12/2019 USD 2,031,000 2,090,244 0.41El Salvador Government Bond, Reg. S7.75% 24/01/2023 USD 200,000 210,413 0.04El Salvador Government Bond, Reg. S5.875% 30/01/2025 USD 1,348,000 1,270,126 0.25El Salvador Government Bond, Reg. S6.375% 18/01/2027 USD 200,000 189,265 0.04El Salvador Government Bond, Reg. S8.25% 10/04/2032 USD 660,000 683,915 0.13El Salvador Government Bond, Reg. S7.65% 15/06/2035 USD 2,174,000 2,134,423 0.41El Salvador Government Bond, Reg. S7.625% 01/02/2041 USD 2,300,000 2,243,029 0.43

8,821,415 1.71

EthiopiaEthiopia Government Bond, Reg. S6.625% 11/12/2024 USD 1,000,000 980,250 0.19

980,250 0.19

GabonGabon Government Bond, Reg. S6.95% 16/06/2025 USD 362,000 328,667 0.06

328,667 0.06

204

JPMorgan Funds - Emerging Markets Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

GeorgiaGeorgia Government Bond, Reg. S6.875% 12/04/2021 USD 200,000 213,283 0.04Georgian Railway JSC, Reg. S 7.75%11/07/2022 USD 200,000 210,771 0.04

424,054 0.08

GhanaGhana Government Bond, Reg. S8.125% 18/01/2026 USD 1,100,000 1,128,825 0.22

1,128,825 0.22

HondurasHonduras Government Bond, Reg. S8.75% 16/12/2020 USD 1,700,000 1,845,426 0.36

1,845,426 0.36

Hong KongBank of East Asia Ltd. (The), Reg. S,FRN 5.625% Perpetual USD 680,000 652,775 0.13CITIC Ltd., Reg. S 4% 11/01/2028 USD 1,570,000 1,471,473 0.28CNAC HK Finbridge Co. Ltd., Reg. S4.875% 14/03/2025 USD 890,000 885,564 0.17Hongkong International Qingdao Co.Ltd., Reg. S 4.25% 04/12/2022 USD 1,075,000 992,332 0.19Hubei Science & TechnologyInvestment Group Hong Kong Ltd.,Reg. S 4.375% 05/03/2021 USD 833,000 808,806 0.16Wing Lung Bank Ltd., Reg. S, FRN3.75% 22/11/2027 USD 854,000 816,301 0.16

5,627,251 1.09

HungaryHungary Government Bond 6.25%29/01/2020 USD 1,500,000 1,571,228 0.30Hungary Government Bond 6.375%29/03/2021 USD 3,400,000 3,638,255 0.71Hungary Government Bond 1.75%26/10/2022 HUF 947,060,000 3,271,452 0.63Hungary Government Bond 5.75%22/11/2023 USD 3,300,000 3,557,301 0.69Hungary Government Bond 5.375%25/03/2024 USD 1,410,000 1,500,430 0.29MFB Magyar Fejlesztesi Bank Zrt., Reg.S 6.25% 21/10/2020 USD 200,000 210,137 0.04

13,748,803 2.66

IndiaExport-Import Bank of India, Reg. S 4%14/01/2023 USD 200,000 198,462 0.04IDBI Bank Ltd., Reg. S 3.75%25/01/2019 USD 200,000 199,688 0.04JSW Steel Ltd., Reg. S 5.25%13/04/2022 USD 1,130,000 1,104,161 0.21

1,502,311 0.29

IndonesiaIndonesia Government Bond 3.5%11/01/2028 USD 400,000 370,391 0.07Indonesia Government Bond, Reg. S4.125% 15/01/2025 USD 1,500,000 1,476,150 0.29Indonesia Government Bond, Reg. S4.35% 08/01/2027 USD 900,000 887,916 0.17Indonesia Government Bond, Reg. S6.625% 17/02/2037 USD 500,000 575,482 0.11Indonesia Government Bond, Reg. S6.75% 15/01/2044 USD 1,900,000 2,265,574 0.44Indonesia Government Bond, Reg. S5.95% 08/01/2046 USD 340,000 373,643 0.07Indonesia Treasury 8.25% 15/07/2021 IDR 1,804,000,000 128,439 0.03Indonesia Treasury 8.375%15/03/2024 IDR 18,280,000,000 1,309,450 0.25Indonesia Treasury 7% 15/05/2027 IDR 39,900,000,000 2,623,571 0.51Indonesia Treasury 6.125% 15/05/2028 IDR 34,800,000,000 2,167,411 0.42Indonesia Treasury 8.75% 15/05/2031 IDR 26,000,000,000 1,900,553 0.37Indonesia Treasury 7.5% 15/08/2032 IDR 15,000,000,000 986,567 0.19Indonesia Treasury 8.25% 15/05/2036 IDR 13,714,000,000 949,836 0.18Pelabuhan Indonesia II PT, Reg. S4.25% 05/05/2025 USD 400,000 383,292 0.07Pertamina Persero PT, Reg. S 6.5%27/05/2041 USD 1,300,000 1,372,872 0.27Pertamina Persero PT, Reg. S 6.45%30/05/2044 USD 1,200,000 1,257,840 0.24

Perusahaan Listrik Negara PT, Reg. S4.125% 15/05/2027 USD 600,000 553,659 0.11Perusahaan Listrik Negara PT, Reg. S5.25% 15/05/2047 USD 400,000 364,160 0.07Perusahaan Listrik Negara PT, Reg. S6.15% 21/05/2048 USD 400,000 404,374 0.08

20,351,180 3.94

IraqIraq Government Bond, Reg. S 6.752%09/03/2023 USD 1,500,000 1,445,205 0.28Iraq Government Bond, Reg. S 5.8%15/01/2028 USD 1,442,000 1,298,233 0.25

2,743,438 0.53

IrelandGTLK Europe DAC, Reg. S 5.125%31/05/2024 USD 500,000 474,177 0.09Vnesheconombank, Reg. S 4.224%21/11/2018 USD 200,000 200,381 0.04Vnesheconombank, Reg. S 6.025%05/07/2022 USD 500,000 514,725 0.10Vnesheconombank, Reg. S 5.942%21/11/2023 USD 700,000 721,543 0.14

1,910,826 0.37

IsraelIsrael Electric Corp. Ltd., Reg. S, 144A5% 12/11/2024 USD 500,000 514,780 0.10Israel Electric Corp. Ltd., Reg. S, 144A4.25% 14/08/2028 USD 572,000 553,802 0.11Israel Electric Corp. Ltd., Reg. S6.875% 21/06/2023 USD 270,000 299,927 0.06

1,368,509 0.27

Ivory CoastIvory Coast Government Bond, Reg. S6.375% 03/03/2028 USD 500,000 473,132 0.09Ivory Coast Government Bond, Reg. S5.25% 22/03/2030 EUR 2,160,000 2,417,842 0.47Ivory Coast Government Bond, Reg. S6.625% 22/03/2048 EUR 840,000 924,032 0.18Ivory Coast Government Bond, STEP,Reg. S 5.75% 31/12/2032 USD 548,100 510,043 0.10

4,325,049 0.84

JamaicaJamaica Government Bond 8%24/06/2019 USD 68,000 69,700 0.01Jamaica Government Bond 6.75%28/04/2028 USD 900,000 967,176 0.19Jamaica Government Bond 8%15/03/2039 USD 1,009,000 1,139,242 0.22

2,176,118 0.42

JordanJordan Government Bond, Reg. S7.375% 10/10/2047 USD 600,000 552,777 0.11

552,777 0.11

KazakhstanKazakhstan Government Bond, Reg. S3.875% 14/10/2024 USD 551,000 553,816 0.11Kazakhstan Government Bond, Reg. S4.875% 14/10/2044 USD 400,000 387,994 0.08Kazakhstan Government Bond, Reg. S6.5% 21/07/2045 USD 700,000 826,550 0.16Kazakhstan Temir Zholy National Co.JSC, Reg. S 4.85% 17/11/2027 USD 1,020,000 988,717 0.19KazMunayGas National Co. JSC, Reg. S3.875% 19/04/2022 USD 2,750,000 2,710,166 0.52KazMunayGas National Co. JSC, Reg. S4.4% 30/04/2023 USD 400,000 397,222 0.08KazMunayGas National Co. JSC, Reg. S4.75% 19/04/2027 USD 900,000 879,799 0.17KazMunayGas National Co. JSC, Reg. S5.375% 24/04/2030 USD 600,000 601,317 0.12KazMunayGas National Co. JSC, Reg. S5.75% 19/04/2047 USD 400,000 382,314 0.07KazMunayGas National Co. JSC, Reg. S6.375% 24/10/2048 USD 790,000 797,473 0.15

8,525,368 1.65

205

JPMorgan Funds - Emerging Markets Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

KenyaKenya Government Bond, Reg. S5.875% 24/06/2019 USD 1,100,000 1,105,879 0.21Kenya Government Bond, Reg. S6.875% 24/06/2024 USD 1,200,000 1,187,904 0.23Kenya Government Bond, Reg. S 7.25%28/02/2028 USD 280,000 269,506 0.05Kenya Government Bond, Reg. S 8.25%28/02/2048 USD 810,000 760,254 0.15

3,323,543 0.64

LebanonLebanon Government Bond 6.375%09/03/2020 USD 4,894,000 4,705,092 0.91Lebanon Government Bond 6.25%27/05/2022 USD 1,800,000 1,579,887 0.30Lebanon Government Bond, Reg. S5.45% 28/11/2019 USD 3,275,000 3,156,150 0.61Lebanon Government Bond, Reg. S5.8% 14/04/2020 USD 200,000 190,046 0.04Lebanon Government Bond, Reg. S8.25% 12/04/2021 USD 1,976,000 1,899,420 0.37Lebanon Government Bond, Reg. S6.1% 04/10/2022 USD 1,920,000 1,658,074 0.32

13,188,669 2.55

LuxembourgAltice Financing SA, Reg. S 7.5%15/05/2026 USD 1,570,000 1,518,685 0.29Russian Agricultural Bank OJSC, Reg. S8.5% 16/10/2023 USD 700,000 752,367 0.15Sberbank of Russia, Reg. S 6.125%07/02/2022 USD 900,000 940,774 0.18

3,211,826 0.62

MacedoniaFormer Yugoslav Republic ofMacedonia, Reg. S 2.75% 18/01/2025 EUR 414,000 474,960 0.09

474,960 0.09

MauritiusAzure Power Energy Ltd., Reg. S 5.5%03/11/2022 USD 1,192,000 1,093,726 0.21HTA Group Ltd., Reg. S 9.125%08/03/2022 USD 773,000 744,623 0.15

1,838,349 0.36

MexicoBanco Mercantil del Norte SA, Reg. S,FRN 7.625% Perpetual USD 250,000 247,427 0.05Banco Mercantil del Norte SA, Reg. S,FRN 6.875% Perpetual USD 1,420,000 1,402,619 0.27Banco Nacional de Comercio ExteriorSNC, Reg. S 4.375% 14/10/2025 USD 200,000 195,569 0.04Banco Nacional de Comercio ExteriorSNC, Reg. S, FRN 3.8% 11/08/2026 USD 500,000 482,865 0.09Grupo KUO SAB de CV, Reg. S 5.75%07/07/2027 USD 1,390,000 1,287,126 0.25Mexichem SAB de CV, Reg. S 5.875%17/09/2044 USD 1,074,000 984,761 0.19Mexico Government Bond 4.15%28/03/2027 USD 600,000 593,205 0.12Mexico Government Bond 3.375%23/02/2031 EUR 250,000 321,813 0.06Mexico Government Bond 5.55%21/01/2045 USD 1,140,000 1,207,288 0.23Mexico Government Bond 4.6%23/01/2046 USD 350,000 324,765 0.06Mexico Government Bond 5.75%12/10/2110 USD 200,000 199,450 0.04Petroleos Mexicanos 5.375%13/03/2022 USD 3,462,000 3,550,973 0.69Petroleos Mexicanos 6.5% 13/03/2027 USD 1,550,000 1,595,121 0.31Petroleos Mexicanos 6.75%21/09/2047 USD 4,160,000 3,964,314 0.77Petroleos Mexicanos, FRN 5.977%11/03/2022 USD 470,000 504,148 0.10Petroleos Mexicanos, Reg. S 5.35%12/02/2028 USD 3,050,000 2,894,054 0.56Petroleos Mexicanos, Reg. S 6.35%12/02/2048 USD 72,000 65,780 0.01

19,821,278 3.84

MongoliaMongolia Government Bond, Reg. S10.875% 06/04/2021 USD 1,000,000 1,117,149 0.22Mongolia Government Bond, Reg. S5.125% 05/12/2022 USD 2,100,000 1,971,845 0.38Mongolia Government Bond, Reg. S5.625% 01/05/2023 USD 1,960,000 1,860,009 0.36Mongolia Government Bond, Reg. S8.75% 09/03/2024 USD 500,000 537,696 0.10

5,486,699 1.06

MontenegroMontenegro Government Bond, Reg. S3.375% 21/04/2025 EUR 1,450,000 1,660,306 0.32

1,660,306 0.32

MoroccoMorocco Government Bond, Reg. S5.5% 11/12/2042 USD 200,000 203,581 0.04OCP SA, Reg. S 6.875% 25/04/2044 USD 1,800,000 1,894,950 0.37

2,098,531 0.41

NetherlandsEA Partners I BV, Reg. S 6.875%28/09/2020 USD 1,400,000 1,013,313 0.20EA Partners II BV, Reg. S 6.75%01/06/2021 USD 880,000 616,132 0.12IHS Netherlands Holdco BV, Reg. S9.5% 27/10/2021 USD 1,000,000 966,405 0.19Kazakhstan Temir Zholy Finance BV,Reg. S 6.95% 10/07/2042 USD 900,000 976,896 0.19Metinvest BV, Reg. S 8.5% 23/04/2026 USD 750,000 702,319 0.13Minejesa Capital BV, Reg. S 4.625%10/08/2030 USD 720,000 657,830 0.13Minejesa Capital BV, Reg. S 5.625%10/08/2037 USD 1,100,000 996,478 0.19Nostrum Oil & Gas Finance BV, Reg. S8% 25/07/2022 USD 900,000 859,567 0.17Petrobras Global Finance BV 5.875%07/03/2022 EUR 415,000 537,823 0.10Teva Pharmaceutical FinanceNetherlands III BV 3.15% 01/10/2026 USD 3,240,000 2,619,038 0.51Teva Pharmaceutical FinanceNetherlands III BV 4.1% 01/10/2046 USD 1,100,000 800,255 0.15

10,746,056 2.08

NigeriaNigeria Government Bond, Reg. S6.75% 28/01/2021 USD 400,000 407,810 0.08Nigeria Government Bond, Reg. S 6.5%28/11/2027 USD 1,690,000 1,577,607 0.31Nigeria Government Bond, Reg. S7.143% 23/02/2030 USD 1,000,000 947,205 0.18Nigeria Government Bond, Reg. S7.696% 23/02/2038 USD 742,000 703,334 0.14Nigeria Government Bond, Reg. S7.625% 28/11/2047 USD 520,000 476,203 0.09United Bank for Africa plc, Reg. S7.75% 08/06/2022 USD 590,000 575,330 0.11

4,687,489 0.91

OmanBank Muscat SAOG, Reg. S 4.875%14/03/2023 USD 1,252,000 1,243,962 0.24Oman Government Bond, Reg. S3.625% 15/06/2021 USD 200,000 194,019 0.04Oman Government Bond, Reg. S4.125% 17/01/2023 USD 800,000 760,824 0.15Oman Government Bond, Reg. S 4.75%15/06/2026 USD 1,600,000 1,470,040 0.29Oman Government Bond, Reg. S5.375% 08/03/2027 USD 1,000,000 944,200 0.18Oman Government Bond, Reg. S 6.75%17/01/2048 USD 3,240,000 2,945,873 0.57Oman Government Bond, Reg. S 6.5%08/03/2047 USD 1,900,000 1,708,803 0.33

9,267,721 1.80

PakistanPakistan Government Bond, Reg. S7.25% 15/04/2019 USD 1,000,000 990,805 0.19

990,805 0.19

206

JPMorgan Funds - Emerging Markets Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

PanamaAES El Salvador Trust II, Reg. S 6.75%28/03/2023 USD 521,000 486,361 0.09Panama Government Bond 3.875%17/03/2028 USD 2,700,000 2,665,440 0.52Panama Government Bond 9.375%01/04/2029 USD 750,000 1,056,656 0.20Panama Government Bond 6.7%26/01/2036 USD 1,300,000 1,599,228 0.31Panama Government Bond 4.3%29/04/2053 USD 1,300,000 1,228,305 0.24

7,035,990 1.36

ParaguayParaguay Government Bond, Reg. S4.625% 25/01/2023 USD 2,550,000 2,601,000 0.50Paraguay Government Bond, Reg. S 5%15/04/2026 USD 700,000 709,625 0.14Paraguay Government Bond, Reg. S4.7% 27/03/2027 USD 400,000 394,000 0.08Paraguay Government Bond, Reg. S6.1% 11/08/2044 USD 1,614,000 1,678,560 0.32Paraguay Government Bond, Reg. S5.6% 13/03/2048 USD 500,000 492,430 0.10

5,875,615 1.14

PeruConsorcio Transmantaro SA, Reg. S4.375% 07/05/2023 USD 880,000 870,654 0.17Corp. Financiera de Desarrollo SA,Reg. S 4.75% 15/07/2025 USD 200,000 199,996 0.04Fenix Power Peru SA, Reg. S 4.317%20/09/2027 USD 820,000 772,190 0.15Peru Government Bond 8.75%21/11/2033 USD 600,000 882,390 0.17Peru Government Bond, Reg. S, 144A6.15% 12/08/2032 PEN 2,272,000 711,607 0.14Petroleos del Peru SA, Reg. S 4.75%19/06/2032 USD 1,000,000 957,575 0.18Petroleos del Peru SA, Reg. S 5.625%19/06/2047 USD 220,000 214,536 0.04

4,608,948 0.89

PhilippinesPetron Corp., Reg. S, FRN 4.6%Perpetual USD 938,000 876,515 0.17

876,515 0.17

QatarQatar Government Bond, Reg. S3.875% 23/04/2023 USD 1,050,000 1,050,856 0.20Qatar Government Bond, Reg. S5.103% 23/04/2048 USD 2,560,000 2,556,774 0.50

3,607,630 0.70

RomaniaRomania Government Bond, Reg. S6.75% 07/02/2022 USD 1,180,000 1,287,911 0.25Romania Government Bond, Reg. S4.375% 22/08/2023 USD 340,000 343,468 0.07Romania Government Bond, Reg. S4.875% 22/01/2024 USD 250,000 257,687 0.05

1,889,066 0.37

RussiaRussian Foreign Bond - Eurobond, Reg.S 5.875% 16/09/2043 USD 1,200,000 1,292,328 0.25

1,292,328 0.25

SenegalSenegal Government Bond, Reg. S6.25% 23/05/2033 USD 400,000 356,674 0.07Senegal Government Bond, Reg. S6.75% 13/03/2048 USD 672,000 577,335 0.11

934,009 0.18

SerbiaSerbia Government Bond, Reg. S4.875% 25/02/2020 USD 4,250,000 4,322,845 0.84Serbia Government Bond, Reg. S 7.25%28/09/2021 USD 3,450,000 3,771,523 0.73

8,094,368 1.57

SingaporeABJA Investment Co. Pte. Ltd., Reg. S5.45% 24/01/2028 USD 1,284,000 1,089,741 0.21Medco Platinum Road Pte. Ltd., Reg. S6.75% 30/01/2025 USD 1,129,000 995,664 0.19Olam International Ltd., Reg. S, FRN5.35% Perpetual USD 430,000 414,040 0.08Parkway Pantai Ltd., Reg. S, FRN4.25% Perpetual USD 820,000 776,130 0.15SSMS Plantation Holdings Pte. Ltd.,Reg. S 7.75% 23/01/2023 USD 1,187,000 1,052,976 0.20Theta Capital Pte. Ltd., Reg. S 7%11/04/2022 USD 830,000 666,435 0.13United Overseas Bank Ltd., Reg. S, FRN3.875% Perpetual USD 1,580,000 1,475,230 0.29

6,470,216 1.25

South AfricaBarclays Africa Group Ltd., Reg. S, FRN6.25% 25/04/2028 USD 888,000 861,125 0.17Eskom Holdings SOC Ltd., Reg. S 5.75%26/01/2021 USD 2,160,000 2,092,641 0.41Eskom Holdings SOC Ltd., Reg. S 6.75%06/08/2023 USD 800,000 766,932 0.15Eskom Holdings SOC Ltd., Reg. S7.125% 11/02/2025 USD 600,000 575,508 0.11FirstRand Bank Ltd., Reg. S, FRN 6.25%23/04/2028 USD 1,000,000 998,630 0.19South Africa Government Bond 5.5%09/03/2020 USD 400,000 411,122 0.08South Africa Government Bond 5.875%16/09/2025 USD 880,000 904,222 0.18South Africa Government Bond 4.3%12/10/2028 USD 1,000,000 893,650 0.17South Africa Government Bond 6.5%28/02/2041 ZAR 62,665,536 3,227,335 0.63South Africa Government Bond 6.25%08/03/2041 USD 130,000 128,818 0.02South Africa Government Bond 5.375%24/07/2044 USD 750,000 659,494 0.13South Africa Government Bond 5%12/10/2046 USD 200,000 166,940 0.03South Africa Government Bond 8.75%28/02/2048 ZAR 71,029,214 4,671,498 0.90Transnet SOC Ltd., Reg. S 4%26/07/2022 USD 200,000 190,101 0.04

16,548,016 3.21

South KoreaHeungkuk Life Insurance Co. Ltd.,Reg. S, FRN 4.475% 09/11/2047 USD 2,190,000 1,924,335 0.37Woori Bank, Reg. S, FRN 5.25%Perpetual USD 1,880,000 1,779,240 0.35

3,703,575 0.72

Sri LankaNational Savings Bank, Reg. S 8.875%18/09/2018 USD 2,800,000 2,819,866 0.55Sri Lanka Government Bond, Reg. S6.25% 04/10/2020 USD 1,850,000 1,877,657 0.36Sri Lanka Government Bond, Reg. S5.875% 25/07/2022 USD 1,100,000 1,082,754 0.21Sri Lanka Government Bond, Reg. S5.75% 18/04/2023 USD 2,650,000 2,543,762 0.49Sri Lanka Government Bond, Reg. S6.825% 18/07/2026 USD 450,000 432,069 0.08Sri Lanka Government Bond, Reg. S6.2% 11/05/2027 USD 780,000 713,726 0.14

9,469,834 1.83

SupranationalAfrican Export-Import Bank (The),Reg. S 4.125% 20/06/2024 USD 821,000 783,255 0.15

783,255 0.15

TajikistanTajikistan Government Bond, Reg. S7.125% 14/09/2027 USD 200,000 178,258 0.03

178,258 0.03

Trinidad and TobagoPetroleum Co. of Trinidad & TobagoLtd., Reg. S 9.75% 14/08/2019 USD 500,000 514,397 0.10

514,397 0.10

207

JPMorgan Funds - Emerging Markets Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

TunisiaBanque Centrale de TunisieInternational Bond, Reg. S 5.75%30/01/2025 USD 400,000 353,524 0.07

353,524 0.07

TurkeyAkbank Turk A/S, Reg. S, FRN 7.2%16/03/2027 USD 1,180,000 1,070,278 0.21Akbank Turk A/S, Reg. S, FRN 6.797%27/04/2028 USD 1,660,000 1,435,244 0.28Export Credit Bank of Turkey, Reg. S5.375% 24/10/2023 USD 600,000 545,049 0.10KOC Holding A/S, Reg. S 5.25%15/03/2023 USD 1,220,000 1,173,121 0.23Petkim Petrokimya Holding A/S, Reg. S5.875% 26/01/2023 USD 466,000 425,523 0.08QNB Finansbank A/S, Reg. S 4.875%19/05/2022 USD 650,000 609,021 0.12Ronesans Gayrimenkul Yatirim A/S,Reg. S 7.25% 26/04/2023 USD 1,323,000 1,247,920 0.24TC Ziraat Bankasi A/S, Reg. S 5.125%29/09/2023 USD 268,000 238,784 0.05Turkey Government Bond 6.25%26/09/2022 USD 600,000 602,952 0.12Turkey Government Bond 3.25%23/03/2023 USD 2,173,000 1,932,449 0.37Turkey Government Bond 7.375%05/02/2025 USD 930,000 964,177 0.19Turkey Government Bond 4.25%14/04/2026 USD 600,000 514,212 0.10Turkey Government Bond 6%25/03/2027 USD 800,000 753,408 0.15Turkey Government Bond 8%14/02/2034 USD 500,000 525,062 0.10Turkey Government Bond 6%14/01/2041 USD 200,000 170,079 0.03Turkey Government Bond 4.875%16/04/2043 USD 4,891,000 3,654,677 0.71Turkey Government Bond 5.75%11/05/2047 USD 1,950,000 1,578,428 0.31Turkiye Garanti Bankasi A/S, Reg. S5.25% 13/09/2022 USD 870,000 819,410 0.16Turkiye Garanti Bankasi A/S, Reg. S,FRN 6.125% 24/05/2027 USD 2,350,000 2,066,402 0.40Turkiye Is Bankasi A/S, Reg. S 5%30/04/2020 USD 430,000 414,374 0.08Turkiye Is Bankasi A/S, Reg. S 6%24/10/2022 USD 1,060,000 941,837 0.18Turkiye Is Bankasi A/S, Reg. S 6.125%25/04/2024 USD 479,000 430,631 0.08Turkiye Sise ve Cam Fabrikalari A/S,Reg. S 4.25% 09/05/2020 USD 1,960,000 1,915,312 0.37Turkiye Vakiflar Bankasi TAO, Reg. S6% 01/11/2022 USD 860,000 746,338 0.14Turkiye Vakiflar Bankasi TAO, Reg. S,FRN 6.875% 03/02/2025 USD 840,000 749,851 0.14Yapi ve Kredi Bankasi A/S, Reg. S 6.1%16/03/2023 USD 870,000 810,770 0.16

26,335,309 5.10

UkraineUkraine Government Bond, Reg. S7.75% 01/09/2020 USD 2,500,000 2,492,250 0.48Ukraine Government Bond, Reg. S7.75% 01/09/2024 USD 350,000 332,876 0.07

2,825,126 0.55

United Arab EmiratesKuwait Projects Co. SPC Ltd., Reg. S4.8% 05/02/2019 USD 3,700,000 3,726,843 0.72Kuwait Projects Co. SPC Ltd., Reg. S 5%15/03/2023 USD 917,000 914,419 0.18Kuwait Projects Co. SPC Ltd., Reg. S4.5% 23/02/2027 USD 660,000 615,777 0.12

5,257,039 1.02

United KingdomHikma Pharmaceuticals plc, Reg. S4.25% 10/04/2020 USD 880,000 875,415 0.17Liquid Telecommunications Financingplc, Reg. S 8.5% 13/07/2022 USD 1,416,000 1,419,172 0.27State Savings Bank of Ukraine, STEP,Reg. S 9.375% 10/03/2023 USD 1,000,000 1,011,650 0.20State Savings Bank of Ukraine, STEP,Reg. S 9.625% 20/03/2025 USD 500,000 503,343 0.10Ukreximbank, Reg. S 9.625%27/04/2022 USD 800,000 807,852 0.16

Vedanta Resources plc, Reg. S 6.375%30/07/2022 USD 570,000 541,269 0.10Vedanta Resources plc, Reg. S 7.125%31/05/2023 USD 420,000 401,249 0.08Vedanta Resources plc, Reg. S 6.125%09/08/2024 USD 1,140,000 1,004,821 0.19

6,564,771 1.27

United States of AmericaStillwater Mining Co., Reg. S 6.125%27/06/2022 USD 1,170,000 1,041,446 0.20

1,041,446 0.20

UruguayUruguay Government Bond 4.375%27/10/2027 USD 500,000 508,188 0.10Uruguay Government Bond 7.875%15/01/2033 USD 1,600,000 2,098,840 0.41Uruguay Government Bond 5.1%18/06/2050 USD 1,666,000 1,657,753 0.32Uruguay Government Bond 4.975%20/04/2055 USD 980,000 950,355 0.18

5,215,136 1.01

Venezuela, Bolivarian Republic ofPetroleos de Venezuela SA, Reg. S12.75% 17/02/2022§ USD 360,000 92,165 0.02Petroleos de Venezuela SA, Reg. S5.375% 12/04/2027§ USD 1,180,300 277,370 0.05Petroleos de Venezuela SA, Reg. S9.75% 17/05/2035§ USD 370,000 89,007 0.02Petroleos de Venezuela SA, Reg. S5.5% 12/04/2037§ USD 130,000 29,550 0.01Venezuela Government Bond, Reg. S7.75% 13/10/2019§ USD 327,000 89,933 0.02Venezuela Government Bond, Reg. S6% 09/12/2020§ USD 210,000 56,700 0.01Venezuela Government Bond, Reg. S12.75% 23/08/2022§ USD 310,000 87,583 0.02Venezuela Government Bond, Reg. S9% 07/05/2023§ USD 2,083,300 574,001 0.11Venezuela Government Bond, Reg. S8.25% 13/10/2024§ USD 1,590,000 437,290 0.08Venezuela Government Bond, Reg. S7.65% 21/04/2025§ USD 460,000 125,120 0.02Venezuela Government Bond, Reg. S11.75% 21/10/2026§ USD 300,000 86,258 0.02Venezuela Government Bond, Reg. S9.25% 07/05/2028§ USD 1,530,000 418,111 0.08

2,363,088 0.46

VietnamVietnam Government Bond, Reg. S4.8% 19/11/2024 USD 700,000 696,602 0.14

696,602 0.14

Virgin Islands, BritishBaoxin Auto Finance I Ltd., Reg. S, FRN5.625% Perpetual USD 200,000 177,988 0.03Baoxin Auto Finance I Ltd., Reg. S, FRN8.75% Perpetual USD 460,000 453,642 0.09Central American Bottling Corp., Reg. S5.75% 31/01/2027 USD 409,000 407,327 0.08Chouzhou International InvestmentLtd., Reg. S 4% 05/12/2020 USD 881,000 837,851 0.16Fortune Star BVI Ltd., Reg. S 5.375%05/12/2020 USD 980,000 971,425 0.19Fortune Star BVI Ltd., Reg. S 5.95%29/01/2023 USD 297,000 277,673 0.05Gemstones International Ltd., Reg. S8.5% 15/08/2020 USD 200,000 194,999 0.04Haitian BVI International InvestmentDevelopment Ltd., Reg. S 3.875%12/12/2020 USD 1,001,000 942,193 0.18Huarong Finance 2017 Co. Ltd., Reg. S,FRN 4.5% Perpetual USD 871,000 853,283 0.17King Power Capital Ltd., Reg. S 5.625%03/11/2024 USD 400,000 422,812 0.08Leader Goal International Ltd., Reg. S,FRN 4.25% Perpetual USD 821,000 775,449 0.15LS Finance 2022 Ltd., Reg. S 4.25%16/10/2022 USD 510,000 494,469 0.10Nan Fung Treasury Ltd., Reg. S 3.875%03/10/2027 USD 1,145,000 1,066,969 0.21Rock International Investment, Inc.,Reg. S 6.625% 27/03/2020 USD 856,000 653,667 0.13Sino-Ocean Land Treasure III Ltd.,Reg. S, FRN 4.9% Perpetual USD 800,000 635,576 0.12

208

JPMorgan Funds - Emerging Markets Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Sinopec Group Overseas Development2012 Ltd., Reg. S 4.875% 17/05/2042 USD 400,000 419,277 0.08Studio City Co. Ltd., Reg. S 7.25%30/11/2021 USD 700,000 726,642 0.14Tewoo Group Finance No. 3 Ltd., Reg. S4.625% 06/04/2020 USD 1,430,000 1,377,159 0.27Tianqi Finco Co. Ltd., Reg. S 3.75%28/11/2022 USD 945,000 873,084 0.17Top Wise Excellence Enterprise Co.Ltd., Reg. S 6% 16/03/2020 USD 677,000 592,361 0.11Wisdom Glory Group Ltd., Reg. S, FRN5.25% Perpetual USD 925,000 883,930 0.17

14,037,776 2.72

ZambiaZambia Government Bond, Reg. S5.375% 20/09/2022 USD 1,150,000 962,740 0.19

962,740 0.19

Total Bonds 434,349,878 84.14

Convertible Bonds

United Arab EmiratesAabar Investments PJSC, Reg. S 0.5%27/03/2020 EUR 600,000 651,926 0.13

651,926 0.13

Total Convertible Bonds 651,926 0.13

Equities

CanadaFrontera Energy Corp. CAD 6,270 91,631 0.02Frontera Energy Corp. USD 13,850 193,045 0.03

284,676 0.05

Total Equities 284,676 0.05

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 435,286,480 84.32

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

ArgentinaAeropuertos Argentina 2000 SA, Reg.S 6.875% 01/02/2027 USD 290,000 280,643 0.05Banco Macro SA, Reg. S, FRN 6.75%04/11/2026 USD 930,000 877,329 0.17Tecpetrol SA, Reg. S 4.875%12/12/2022 USD 1,160,000 1,073,702 0.21YPF SA, Reg. S 7% 15/12/2047 USD 1,210,000 922,359 0.18

3,154,033 0.61

AzerbaijanAzerbaijan Government Bond, Reg. S3.5% 01/09/2032 USD 3,200,000 2,644,080 0.51

2,644,080 0.51

BermudaDigicel Group Ltd., Reg. S 8.25%30/09/2020 USD 1,340,000 1,012,692 0.20Digicel Group Ltd., Reg. S 7.125%01/04/2022 USD 2,040,000 1,365,066 0.26

2,377,758 0.46

BrazilCentrais Eletricas Brasileiras SA, Reg. S5.75% 27/10/2021 USD 600,000 588,075 0.11Itau Unibanco Holding SA, Reg. S, FRN6.125% Perpetual USD 450,000 423,029 0.08Itau Unibanco Holding SA, Reg. S, FRN6.5% Perpetual USD 700,000 664,405 0.13

1,675,509 0.32

Cayman IslandsCK Hutchison Capital Securities 17 Ltd.,Reg. S, FRN 4% Perpetual USD 458,000 439,633 0.09Energuate Trust, Reg. S 5.875%03/05/2027 USD 200,000 191,444 0.04Sable International Finance Ltd., Reg. S6.875% 01/08/2022 USD 260,000 271,353 0.05

902,430 0.18

ChileEmpresa Nacional del Petroleo, Reg. S3.75% 05/08/2026 USD 400,000 375,034 0.07

375,034 0.07

Costa RicaBanco Nacional de Costa Rica, Reg. S5.875% 25/04/2021 USD 400,000 406,278 0.08

406,278 0.08

EgyptEgypt Treasury Bill 0% 10/07/2018 EGP 13,000,000 723,410 0.14Egypt Treasury Bill 0% 18/09/2018 EGP 11,000,000 593,618 0.11Egypt Treasury Bill 0% 25/09/2018 EGP 23,500,000 1,264,773 0.25

2,581,801 0.50

KazakhstanKazakhstan Government Bond, Reg. S0% 15/03/2019 KZT 809,000,000 2,241,103 0.43

2,241,103 0.43

LuxembourgCSN Resources SA, Reg. S 6.5%21/07/2020 USD 225,000 210,624 0.04Hidrovias International Finance SARL,Reg. S 5.95% 24/01/2025 USD 720,000 649,915 0.12JSL Europe SA, Reg. S 7.75%26/07/2024 USD 2,390,000 2,164,635 0.42Nexa Resources SA, Reg. S 5.375%04/05/2027 USD 2,210,000 2,148,518 0.42

5,173,692 1.00

MexicoAlfa SAB de CV, Reg. S 6.875%25/03/2044 USD 800,000 809,716 0.16BBVA Bancomer SA, Reg. S, FRN5.125% 18/01/2033 USD 860,000 762,141 0.15Cometa Energia SA de CV, Reg. S6.375% 24/04/2035 USD 1,980,000 1,903,097 0.37Elementia SAB de CV, Reg. S 5.5%15/01/2025 USD 400,000 378,212 0.07Grupo Bimbo SAB de CV, Reg. S, FRN5.95% Perpetual USD 950,000 940,471 0.18Grupo Posadas SAB de CV, Reg. S7.875% 30/06/2022 USD 810,000 806,845 0.16Petroleos Mexicanos 5.5% 21/01/2021 USD 720,000 739,555 0.14Petroleos Mexicanos 4.875%24/01/2022 USD 800,000 806,476 0.15Petroleos Mexicanos 5.625%23/01/2046 USD 2,527,000 2,156,466 0.42

9,302,979 1.80

NetherlandsAngola Government Bond, Reg. S 7%17/08/2019 USD 2,490,625 2,508,757 0.48Greenko Dutch BV, Reg. S 5.25%24/07/2024 USD 660,000 600,346 0.12

3,109,103 0.60

NigeriaFidelity Bank plc, Reg. S 10.5%16/10/2022 USD 864,000 858,967 0.17

858,967 0.17

NorwayDNO ASA, Reg. S, 144A 8.75%31/05/2023 USD 600,000 602,466 0.12

602,466 0.12

PanamaBanistmo SA, Reg. S 3.65%19/09/2022 USD 360,000 340,443 0.07

340,443 0.07

209

JPMorgan Funds - Emerging Markets Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

PeruCorp. Financiera de Desarrollo SA,Reg. S 4.75% 08/02/2022 USD 500,000 507,970 0.10Fondo MIVIVIENDA SA, Reg. S 3.5%31/01/2023 USD 600,000 579,546 0.11Transportadora de Gas del Peru SA,Reg. S 4.25% 30/04/2028 USD 850,000 817,504 0.16

1,905,020 0.37

QatarRas Laffan Liquefied Natural Gas Co.Ltd. II, Reg. S 5.298% 30/09/2020 USD 3,428,208 3,503,183 0.68

3,503,183 0.68

Venezuela, Bolivarian Republic ofPetroleos de Venezuela SA, Reg. S8.5% 27/10/2020§ USD 292,500 249,994 0.05Petroleos de Venezuela SA, Reg. S 9%17/11/2021§ USD 270,000 65,739 0.01Petroleos de Venezuela SA, Reg. S 6%15/11/2026§ USD 1,335,000 286,231 0.06

601,964 0.12

Total Bonds 41,755,843 8.09

Total Transferable securities and money market instrumentsdealt in on another regulated market 41,755,843 8.09

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund -JPM US Dollar Liquidity X (dist.)† USD 38,697,373 38,697,373 7.49

38,697,373 7.49

Total Collective Investment Schemes - UCITS 38,697,373 7.49

Total Units of authorised UCITS or other collective investmentundertakings 38,697,373 7.49

Total Investments 515,739,696 99.90

Cash 912,835 0.18

Other Assets/(Liabilities) (415,840) (0.08)

Total Net Assets 516,236,691 100.00

§ Security is currently in default.† Related Party Fund.

210

JPMorgan Funds - Emerging Markets Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsLuxembourg 9.11Argentina 5.65Mexico 5.64Cayman Islands 5.54Turkey 5.10Indonesia 3.94South Africa 3.21Virgin Islands, British 2.72Netherlands 2.68Hungary 2.66Brazil 2.60Lebanon 2.55Kazakhstan 2.08Colombia 1.93Egypt 1.91Sri Lanka 1.83Oman 1.80El Salvador 1.71Belarus 1.65Azerbaijan 1.59Serbia 1.57Panama 1.43Qatar 1.38United Kingdom 1.27Peru 1.26Singapore 1.25Bermuda 1.24Angola 1.21Ecuador 1.19United Arab Emirates 1.15Paraguay 1.14Czech Republic 1.11Hong Kong 1.09Nigeria 1.08Mongolia 1.06Uruguay 1.01Costa Rica 0.93Dominican Republic 0.90Ivory Coast 0.84Bahrain 0.79South Korea 0.72Kenya 0.64China 0.64Croatia 0.62Chile 0.60Venezuela, Bolivarian Republic of 0.58Ukraine 0.55Iraq 0.53Jamaica 0.42Morocco 0.41Ireland 0.37Romania 0.37Honduras 0.36Mauritius 0.36Montenegro 0.32India 0.29Israel 0.27Armenia 0.26Russia 0.25Ghana 0.22United States of America 0.20Austria 0.20Pakistan 0.19Ethiopia 0.19Zambia 0.19Senegal 0.18Philippines 0.17Supranational 0.15Vietnam 0.14Norway 0.12Jordan 0.11Trinidad and Tobago 0.10Macedonia 0.09Georgia 0.08Tunisia 0.07Gabon 0.06Canada 0.05Tajikistan 0.03Total Investments 99.90Cash and Other Assets/(Liabilities) 0.10

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Argentina 6.02Mexico 5.19Indonesia 4.63Cayman Islands 4.43Netherlands 4.09Luxembourg 4.04Lebanon 3.65Ukraine 3.36Brazil 3.32Turkey 3.24Virgin Islands, British 3.01Belarus 2.68Ecuador 2.56Colombia 2.22South Africa 2.06Russia 1.91El Salvador 1.65Sri Lanka 1.60Kazakhstan 1.56Dominican Republic 1.42United Arab Emirates 1.38Peru 1.26Hong Kong 1.23Nigeria 1.23Singapore 1.22Oman 1.12Hungary 1.11Pakistan 1.08Panama 1.07Bermuda 1.04Mongolia 0.99Costa Rica 0.98Gabon 0.92Ireland 0.92Ivory Coast 0.89Morocco 0.87Croatia 0.86United Kingdom 0.84Uruguay 0.83South Korea 0.77Egypt 0.75Azerbaijan 0.72Tunisia 0.71Jamaica 0.70Chile 0.69Mauritius 0.68Iraq 0.67Bahrain 0.56Jordan 0.56Romania 0.54Serbia 0.53Paraguay 0.43Qatar 0.42Angola 0.41Ghana 0.40Zambia 0.40Kenya 0.38India 0.37Honduras 0.36China 0.34Venezuela, Bolivarian Republic of 0.33Armenia 0.30Austria 0.29Namibia 0.28Israel 0.26United States of America 0.25Senegal 0.17Malaysia 0.15Supranational 0.13Vietnam 0.12Trinidad and Tobago 0.10Canada 0.10Spain 0.10Cameroon 0.08Macau 0.07Ethiopia 0.07Norway 0.07Tajikistan 0.06Total Investments 96.80Cash and Other Assets/(Liabilities) 3.20

Total 100.00

211

JPMorgan Funds - Emerging Markets Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Emerging Markets Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

AUD 3,548,586 USD 2,604,815 19/07/2018 HSBC 16,532 -EUR 80,558 USD 92,977 11/07/2018 Deutsche Bank 871 -EUR 676,184 USD 785,498 19/07/2018 Barclays 2,724 -GBP 1,161,696 USD 1,524,962 11/07/2018 Goldman Sachs 4,242 -MXN 107,660,610 USD 5,212,930 19/09/2018 State Street 188,186 0.04RUB 466,164,090 USD 7,270,557 19/09/2018 HSBC 86,295 0.02TRY 7,123,032 USD 1,498,884 19/09/2018 Goldman Sachs 4,355 -TRY 10,984,933 USD 2,286,898 19/09/2018 HSBC 31,354 0.01TRY 2,290,539 USD 483,291 19/09/2018 State Street 103 -USD 1,860,988 ARS 51,828,523 19/09/2018 Citibank 201,494 0.04USD 2,665,445 AUD 3,518,493 19/07/2018 Barclays 66,327 0.01USD 2,608,048 AUD 3,493,061 19/07/2018 Goldman Sachs 27,718 0.01USD 2,629,880 CLP 1,699,691,537 19/07/2018 Goldman Sachs 22,013 -USD 2,621,333 CLP 1,677,574,250 19/07/2018 J.P. Morgan 47,400 0.01USD 2,738,937 CNH 17,635,926 19/07/2018 Goldman Sachs 79,805 0.02USD 8,007,201 CNH 51,888,061 19/09/2018 HSBC 203,476 0.04USD 2,630,134 COP 7,703,663,335 19/07/2018 Citibank 13,184 -USD 2,662,393 COP 7,625,093,982 19/07/2018 Goldman Sachs 72,133 0.01USD 5,707,629 CZK 126,530,152 19/09/2018 Goldman Sachs 23,549 -USD 44,686 EUR 37,804 11/07/2018 Barclays 645 -USD 73,903 EUR 62,778 11/07/2018 BNP Paribas 768 -USD 80,892 EUR 69,374 11/07/2018 Citibank 73 -USD 51,852 EUR 44,012 11/07/2018 Goldman Sachs 578 -USD 54,909 EUR 46,356 11/07/2018 RBC 905 -USD 10,650,867 EUR 9,010,221 19/07/2018 Barclays 147,725 0.03USD 3,368,080 EUR 2,848,763 19/07/2018 State Street 47,299 0.01USD 2,998,074 GBP 2,260,232 11/07/2018 Barclays 22,806 -USD 1,214,962 GBP 909,276 11/07/2018 BNP Paribas 18,032 -USD 2,613,568 GBP 1,984,470 11/07/2018 Deutsche Bank 1,302 -USD 856,360 GBP 638,257 11/07/2018 HSBC 16,187 -USD 731,835 GBP 545,277 11/07/2018 Merrill Lynch 14,058 -USD 6,274,271 HUF 1,702,581,143 19/09/2018 Goldman Sachs 233,682 0.05USD 2,873,570 IDR 40,212,742,306 19/07/2018 Citibank 66,158 0.01USD 10,783,041 IDR 152,858,230,161 19/09/2018 Standard Chartered 240,256 0.05USD 5,438,738 INR 368,746,437 19/07/2018 J.P. Morgan 70,498 0.01USD 2,630,220 INR 181,932,301 19/09/2018 Goldman Sachs 4,872 -USD 5,228,647 JPY 572,892,928 19/09/2018 Standard Chartered 26,681 0.01USD 2,680,540 KRW 2,884,314,116 19/07/2018 Goldman Sachs 89,722 0.02USD 11,570,091 KRW 12,418,756,683 19/09/2018 Standard Chartered 391,757 0.08USD 5,422,865 PHP 285,627,702 19/07/2018 Goldman Sachs 76,967 0.02USD 9,943,546 RUB 626,536,293 19/09/2018 Standard Chartered 55,752 0.01USD 37,104 SGD 49,452 19/09/2018 HSBC 778 -USD 4,828,780 TRY 22,740,648 19/09/2018 HSBC 29,612 0.01USD 5,422,759 TWD 162,827,770 19/07/2018 Goldman Sachs 71,541 0.01USD 7,000,008 ZAR 93,104,969 19/09/2018 HSBC 328,577 0.06USD 2,542,000 ZAR 34,037,380 19/09/2018 Standard Chartered 103,053 0.02USD 2,542,742 ZAR 33,824,825 19/09/2018 State Street 119,026 0.02

Total Unrealised Gain on Forward Currency Exchange Contracts 3,271,071 0.63

CLP 3,377,265,787 USD 5,334,974 19/07/2018 Goldman Sachs (153,174) (0.03)CNH 34,254,729 USD 5,342,072 19/07/2018 Barclays (177,169) (0.03)CNH 34,642,494 USD 5,457,383 31/07/2018 HSBC (236,400) (0.05)COP 15,328,757,317 USD 5,226,767 19/07/2018 Goldman Sachs (19,557) -CZK 58,081,274 EUR 2,257,337 19/07/2018 HSBC (29,411) (0.01)CZK 61,050,294 USD 2,809,724 19/07/2018 Citibank (74,768) (0.02)EUR 88,229 USD 102,904 11/07/2018 ANZ (119) -EUR 25,833,196 USD 30,597,917 11/07/2018 HSBC (502,771) (0.10)EUR 1,528,332 USD 1,803,778 19/07/2018 ANZ (22,213) -GBP 1,272,856 USD 1,685,884 11/07/2018 Barclays (10,354) -GBP 373,865,266 USD 502,731,577 11/07/2018 Citibank (10,592,233) (2.05)HUF 211,645,235 USD 767,786 19/09/2018 Citibank (16,889) -HUF 544,873,738 USD 2,011,561 19/09/2018 HSBC (78,403) (0.02)IDR 40,212,742,306 USD 2,865,686 19/07/2018 Merrill Lynch (58,274) (0.01)INR 191,642,467 USD 2,824,460 19/07/2018 Goldman Sachs (34,514) (0.01)INR 181,932,301 USD 2,676,459 19/09/2018 Standard Chartered (51,111) (0.01)JPY 572,892,928 USD 5,262,114 19/09/2018 HSBC (60,148) (0.01)KRW 2,884,314,116 USD 2,631,673 19/07/2018 Citibank (40,856) (0.01)KRW 5,681,123,545 USD 5,282,309 19/09/2018 Citibank (168,633) (0.03)KRW 977,206,651 USD 911,403 19/09/2018 HSBC (31,803) (0.01)KZT 898,202,080 USD 2,693,260 24/10/2018 Citibank (100,558) (0.02)PHP 144,670,793 USD 2,710,714 19/07/2018 Citibank (3,010) -RUB 160,372,204 USD 2,551,260 19/09/2018 Citibank (20,318) -THB 91,416,260 USD 2,853,628 19/07/2018 Citibank (93,209) (0.02)TRY 2,342,144 USD 499,196 19/09/2018 Goldman Sachs (4,912) -TWD 162,827,770 USD 5,457,609 19/07/2018 Goldman Sachs (106,391) (0.02)USD 145,727 EUR 125,812 11/07/2018 Citibank (841) -USD 159,032 EUR 137,371 11/07/2018 RBC (1,003) -USD 10,708,399 EUR 9,178,014 19/09/2018 HSBC (42,302) (0.01)USD 1,320,288 GBP 1,003,623 11/07/2018 Citibank (836) -ZAR 13,359,732 USD 1,017,993 19/09/2018 Goldman Sachs (60,702) (0.01)

212

JPMorgan Funds - Emerging Markets Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

ZAR 13,957,346 USD 1,022,846 19/09/2018 HSBC (22,733) -ZAR 19,872,671 USD 1,511,227 19/09/2018 Merrill Lynch (87,252) (0.02)

Total Unrealised Loss on Forward Currency Exchange Contracts (12,902,867) (2.50)

Net Unrealised Loss on Forward Currency Exchange Contracts (9,631,796) (1.87)

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

US 10 Year Note, 19/09/2018 76 USD 9,134,844 1,803 -US 5 Year Note, 28/09/2018 (71) USD (8,065,989) 2,481 -US Long Bond, 19/09/2018 26 USD 3,774,469 5,182 -

Total Unrealised Gain on Financial Futures Contracts 9,466 -

Euro-Bund, 06/09/2018 (29) EUR (5,486,351) (844) -US 2 Year Note, 28/09/2018 25 USD 5,295,898 (516) -

Total Unrealised Loss on Financial Futures Contracts (1,360) -

Net Unrealised Gain on Financial Futures Contracts 8,106 -

Option Purchased Contracts

Quantity Security Description Currency Counterparty

GlobalExposure

USD

MarketValue

USD

%of

NetAssets

24,940,451 Foreign Exchange USD/CNH, Call, 6.497, 27/07/2018 USD Standard Chartered 24,940,451 571,366 0.1126,310,571 Foreign Exchange USD/CNH, Call, 6.740, 21/09/2018 USD Standard Chartered 26,310,571 191,859 0.0422,977,187 Foreign Exchange USD/INR, Call, 67.600, 03/07/2018 USD Merrill Lynch 22,977,187 431,251 0.08

28,668,036 Foreign Exchange USD/JPY, Put, 105.400, 06/08/2018 USD Standard Chartered 28,668,036 29,329 0.0113,380,900 Foreign Exchange USD/PLN, Call, 3.829, 10/09/2018 USD Goldman Sachs 13,380,900 179,521 0.0328,580,107 Foreign Exchange USD/TRY, Put, 4.028, 06/08/2018 USD Merrill Lynch 28,580,107 2,058 -

Total Option Purchased Contracts 1,405,384 0.27

Option Written Contracts

Quantity Security Description Currency Counterparty

GlobalExposure

USD

MarketValue

USD

%of

NetAssets

(24,940,451) Foreign Exchange USD/CNH, Call, 6.497, 27/07/2018 USD Standard Chartered 24,940,451 (571,366) (0.11)(22,977,187) Foreign Exchange USD/INR, Call, 67.600, 03/07/2018 USD Goldman Sachs 22,977,187 (431,252) (0.08)

Total Option Written Contracts (1,002,618) (0.19)

213

JPMorgan Funds - Emerging Markets Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Credit Default Swap Contracts

NominalAmount Currency Counterparty Reference Entity Buy/Sell

Interest(Paid)/

ReceivedMaturity

Date

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

32,072,000 USD Citigroup CDX.EM.29-V1 Buy (1.00)% 20/06/2023 1,277,686 1,277,686 0.2523,000,000 USD Goldman Sachs Indonesia Government Bond

5.875% 13/03/2020 Buy (1.00)% 20/06/2023 441,103 441,103 0.08

Total Unrealised Gain on Credit Default Swap Contracts 1,718,789 1,718,789 0.33

22,000,000 USD Goldman Sachs China Government Bond 7.5%28/10/2027 Buy (1.00)% 20/06/2023 (278,256) (278,256) (0.05)

Total Unrealised Loss on Credit Default Swap Contracts (278,256) (278,256) (0.05)

Net Unrealised Gain on Credit Default Swap Contracts 1,440,533 1,440,533 0.28

Interest Rate Swap Contracts

NominalAmount Currency Counterparty Security Description

MaturityDate

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

120,000,000 CZK Citigroup Pay fixed 1.889%Receive floating PRIBOR 6 month 05/06/2028 74,752 74,752 0.02

Total Unrealised Gain on Interest Rate Swap Contracts 74,752 74,752 0.02

23,000,000 PLN Citigroup Pay fixed 2.962%Receive floating WIBOR 6 month 31/05/2028 (35,142) (35,142) (0.01)

Total Unrealised Loss on Interest Rate Swap Contracts (35,142) (35,142) (0.01)

Net Unrealised Gain on Interest Rate Swap Contracts 39,610 39,610 0.01

214

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

AngolaAngola Government Bond, Reg. S 9.5%12/11/2025 USD 3,856,000 4,214,917 0.89Angola Government Bond, Reg. S8.25% 09/05/2028 USD 2,900,000 2,911,542 0.62Angola Government Bond, Reg. S9.375% 08/05/2048 USD 2,780,000 2,816,529 0.59

9,942,988 2.10

ArgentinaArgentina Government Bond 8.28%31/12/2033 USD 2,449,180 2,364,867 0.50Argentina Government Bond 7.625%22/04/2046 USD 1,000,000 826,835 0.17Argentina Government Bond 6.875%11/01/2048 USD 690,000 530,679 0.11Argentina Government Bond 7.125%28/06/2117 USD 2,244,000 1,755,178 0.37Argentina Government Bond 6.875%22/04/2021 USD 7,750,000 7,733,996 1.63Provincia de Buenos Aires, Reg. S9.95% 09/06/2021 USD 4,930,000 5,129,320 1.08Provincia de Cordoba, Reg. S 7.125%10/06/2021 USD 800,000 775,012 0.16Provincia de Cordoba, Reg. S 7.45%01/09/2024 USD 720,000 654,502 0.14Provincia de Cordoba, Reg. S 7.125%01/08/2027 USD 1,440,000 1,226,743 0.26Provincia de Mendoza Argentina,Reg. S 8.375% 19/05/2024 USD 1,000,000 923,170 0.20YPF SA, Reg. S 8.5% 23/03/2021 USD 2,820,000 2,876,245 0.61YPF SA, Reg. S 8.75% 04/04/2024 USD 2,903,000 2,887,919 0.61

27,684,466 5.84

ArmeniaArmenia Government Bond, Reg. S 6%30/09/2020 USD 400,000 410,476 0.09Armenia Government Bond, Reg. S7.15% 26/03/2025 USD 3,000,000 3,149,595 0.66

3,560,071 0.75

AzerbaijanAzerbaijan Government Bond, Reg. S4.75% 18/03/2024 USD 1,500,000 1,489,800 0.31State Oil Co. of the AzerbaijanRepublic, Reg. S 4.75% 13/03/2023 USD 700,000 691,929 0.15State Oil Co. of the AzerbaijanRepublic, Reg. S 6.95% 18/03/2030 USD 4,326,000 4,636,672 0.98

6,818,401 1.44

BahrainBahrain Government Bond, Reg. S5.875% 26/01/2021 USD 1,195,000 1,181,682 0.25Bahrain Government Bond, Reg. S6.125% 05/07/2022 USD 2,556,000 2,500,087 0.53

3,681,769 0.78

BelarusBelarus Government Bond, Reg. S6.875% 28/02/2023 USD 882,000 915,631 0.19Belarus Government Bond, Reg. S7.625% 29/06/2027 USD 4,310,000 4,516,880 0.95Belarus Government Bond, Reg. S 6.2%28/02/2030 USD 1,741,000 1,649,919 0.35

7,082,430 1.49

BermudaBermuda Government Bond, Reg. S4.854% 06/02/2024 USD 1,000,000 1,029,055 0.22Bermuda Government Bond, Reg. S3.717% 25/01/2027 USD 830,000 779,756 0.16

1,808,811 0.38

BrazilBrazil Government Bond 6%07/04/2026 USD 5,622,000 5,783,492 1.22Brazil Government Bond 8.25%20/01/2034 USD 1,200,000 1,386,330 0.29

Brazil Government Bond 5%27/01/2045 USD 2,400,000 1,912,680 0.41Caixa Economica Federal, Reg. S, FRN7.25% 23/07/2024 USD 2,500,000 2,510,162 0.53Cemig Geracao e Transmissao SA,Reg. S 9.25% 05/12/2024 USD 1,500,000 1,528,965 0.32

13,121,629 2.77

Cayman IslandsThree Gorges Finance I Cayman IslandsLtd., Reg. S 3.7% 10/06/2025 USD 1,100,000 1,080,866 0.23Three Gorges Finance I Cayman IslandsLtd., Reg. S 3.15% 02/06/2026 USD 1,000,000 939,390 0.20

2,020,256 0.43

ChileCorp. Nacional del Cobre de Chile,Reg. S 4.5% 16/09/2025 USD 1,700,000 1,738,199 0.37

1,738,199 0.37

ColombiaColombia Government Bond 3.875%25/04/2027 USD 1,500,000 1,452,900 0.31Colombia Government Bond 10.375%28/01/2033 USD 1,330,000 2,056,487 0.43Colombia Government Bond 7.375%18/09/2037 USD 1,299,000 1,631,219 0.35Colombia Government Bond 5%15/06/2045 USD 7,187,000 7,073,086 1.49Ecopetrol SA 5.875% 18/09/2023 USD 2,460,000 2,612,127 0.55Ecopetrol SA 5.375% 26/06/2026 USD 2,210,000 2,268,499 0.48

17,094,318 3.61

Costa RicaCosta Rica Government Bond, Reg. S4.25% 26/01/2023 USD 311,000 297,302 0.06Costa Rica Government Bond, Reg. S4.375% 30/04/2025 USD 380,000 353,278 0.08Costa Rica Government Bond, Reg. S7% 04/04/2044 USD 2,000,000 1,960,590 0.41Costa Rica Government Bond, Reg. S7.158% 12/03/2045 USD 4,249,000 4,238,675 0.89Instituto Costarricense de Electricidad,Reg. S 6.375% 15/05/2043 USD 762,000 637,238 0.14

7,487,083 1.58

CroatiaCroatia Government Bond, Reg. S 6%26/01/2024 USD 4,551,000 4,899,288 1.03Hrvatska Elektroprivreda, Reg. S5.875% 23/10/2022 USD 531,000 555,848 0.12

5,455,136 1.15

Dominican RepublicDominican Republic Government Bond,Reg. S 5.875% 18/04/2024 USD 2,468,000 2,533,513 0.54Dominican Republic Government Bond,Reg. S 6.875% 29/01/2026 USD 4,818,000 5,108,116 1.08Dominican Republic Government Bond,Reg. S 5.95% 25/01/2027 USD 1,200,000 1,204,644 0.25Dominican Republic Government Bond,Reg. S 7.45% 30/04/2044 USD 2,700,000 2,853,630 0.60

11,699,903 2.47

EcuadorEcuador Government Bond, Reg. S10.5% 24/03/2020 USD 1,810,000 1,854,064 0.39Ecuador Government Bond, Reg. S10.75% 28/03/2022 USD 2,220,000 2,281,694 0.48Ecuador Government Bond, Reg. S8.75% 02/06/2023 USD 760,000 714,001 0.15Ecuador Government Bond, Reg. S7.95% 20/06/2024 USD 1,300,000 1,160,250 0.25Petroamazonas EP, Reg. S 4.625%16/02/2020 USD 1,420,000 1,338,116 0.28Petroamazonas EP, Reg. S 4.625%06/11/2020 USD 960,000 873,408 0.18

8,221,533 1.73

215

JPMorgan Funds - Emerging Markets Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

EgyptEgypt Government Bond, Reg. S6.125% 31/01/2022 USD 900,000 888,768 0.19Egypt Government Bond, Reg. S5.875% 11/06/2025 USD 1,529,000 1,429,638 0.30Egypt Government Bond, Reg. S 7.5%31/01/2027 USD 3,500,000 3,461,920 0.73Egypt Government Bond, Reg. S 8.5%31/01/2047 USD 1,576,000 1,545,079 0.33Egypt Government Bond, Reg. S7.903% 21/02/2048 USD 1,712,000 1,575,511 0.33

8,900,916 1.88

El SalvadorEl Salvador Government Bond, Reg. S7.375% 01/12/2019 USD 1,154,000 1,187,662 0.25El Salvador Government Bond, Reg. S5.875% 30/01/2025 USD 2,910,000 2,741,890 0.58El Salvador Government Bond, Reg. S6.375% 18/01/2027 USD 800,000 757,060 0.16El Salvador Government Bond, Reg. S8.25% 10/04/2032 USD 1,720,000 1,782,324 0.38El Salvador Government Bond, Reg. S7.65% 15/06/2035 USD 3,214,000 3,155,489 0.66El Salvador Government Bond, Reg. S7.625% 01/02/2041 USD 1,773,000 1,729,083 0.36

11,353,508 2.39

EthiopiaEthiopia Government Bond, Reg. S6.625% 11/12/2024 USD 2,400,000 2,352,600 0.50

2,352,600 0.50

GabonGabon Government Bond, Reg. S6.95% 16/06/2025 USD 906,000 822,576 0.17

822,576 0.17

GeorgiaGeorgia Government Bond, Reg. S6.875% 12/04/2021 USD 500,000 533,207 0.11Georgian Railway JSC, Reg. S 7.75%11/07/2022 USD 500,000 526,928 0.11

1,060,135 0.22

GhanaGhana Government Bond, Reg. S8.125% 18/01/2026 USD 2,500,000 2,565,512 0.54

2,565,512 0.54

HondurasHonduras Government Bond, Reg. S8.75% 16/12/2020 USD 2,794,000 3,033,013 0.64Honduras Government Bond, Reg. S7.5% 15/03/2024 USD 900,000 964,233 0.20

3,997,246 0.84

HungaryHungary Government Bond 5.75%22/11/2023 USD 6,514,000 7,021,897 1.48Hungary Government Bond 5.375%25/03/2024 USD 5,440,000 5,788,894 1.22MFB Magyar Fejlesztesi Bank Zrt.,Reg. S 6.25% 21/10/2020 USD 670,000 703,959 0.15

13,514,750 2.85

IndiaIDBI Bank Ltd., Reg. S 3.75%25/01/2019 USD 1,000,000 998,440 0.21

998,440 0.21

IndonesiaIndonesia Government Bond 3.5%11/01/2028 USD 2,500,000 2,314,945 0.49Indonesia Government Bond, Reg. S3.375% 15/04/2023 USD 870,000 840,491 0.18Indonesia Government Bond, Reg. S4.125% 15/01/2025 USD 2,000,000 1,968,200 0.42Indonesia Government Bond, Reg. S4.35% 08/01/2027 USD 2,000,000 1,973,146 0.42Indonesia Government Bond, Reg. S6.625% 17/02/2037 USD 4,000,000 4,603,859 0.97Indonesia Government Bond, Reg. S6.75% 15/01/2044 USD 1,515,000 1,806,497 0.38

Pertamina Persero PT, Reg. S 6.5%27/05/2041 USD 350,000 369,619 0.08Pertamina Persero PT, Reg. S 6.45%30/05/2044 USD 4,300,000 4,523,600 0.95Perusahaan Listrik Negara PT, Reg. S5.5% 22/11/2021 USD 1,100,000 1,147,289 0.24Perusahaan Listrik Negara PT, Reg. S5.25% 15/05/2047 USD 900,000 819,360 0.17Perusahaan Listrik Negara PT, Reg. S6.15% 21/05/2048 USD 1,100,000 1,112,029 0.23

21,479,035 4.53

IraqIraq Government Bond, Reg. S 6.752%09/03/2023 USD 3,252,000 3,133,204 0.66Iraq Government Bond, Reg. S 5.8%15/01/2028 USD 1,703,000 1,533,211 0.32

4,666,415 0.98

IrelandGTLK Europe DAC, Reg. S 5.125%31/05/2024 USD 1,900,000 1,801,874 0.38Vnesheconombank, Reg. S 4.224%21/11/2018 USD 800,000 801,524 0.17Vnesheconombank, Reg. S 6.025%05/07/2022 USD 1,300,000 1,338,285 0.28Vnesheconombank, Reg. S 5.942%21/11/2023 USD 2,900,000 2,989,248 0.63

6,930,931 1.46

Ivory CoastIvory Coast Government Bond, Reg. S6.375% 03/03/2028 USD 389,000 368,097 0.08Ivory Coast Government Bond, Reg. S6.625% 22/03/2048 EUR 2,040,000 2,244,077 0.47Ivory Coast Government Bond, STEP,Reg. S 5.75% 31/12/2032 USD 1,506,330 1,401,738 0.30

4,013,912 0.85

JamaicaJamaica Government Bond 8%24/06/2019 USD 346,667 355,333 0.08Jamaica Government Bond 9.25%17/10/2025 USD 810,000 1,017,996 0.21Jamaica Government Bond 8%15/03/2039 USD 3,024,000 3,414,338 0.72

4,787,667 1.01

JordanJordan Government Bond, Reg. S7.375% 10/10/2047 USD 1,173,000 1,080,679 0.23Jordan Government Bond, Reg. S5.75% 31/01/2027 USD 227,000 211,363 0.04

1,292,042 0.27

KazakhstanKazakhstan Government Bond, Reg. S3.875% 14/10/2024 USD 1,256,000 1,262,418 0.27Kazakhstan Government Bond, Reg. S4.875% 14/10/2044 USD 2,100,000 2,036,969 0.43Kazakhstan Government Bond, Reg. S6.5% 21/07/2045 USD 1,000,000 1,180,785 0.25Kazakhstan Temir Zholy National Co.JSC, Reg. S 4.85% 17/11/2027 USD 2,350,000 2,277,925 0.48KazMunayGas National Co. JSC, Reg. S9.125% 02/07/2018 USD 950,000 951,781 0.20KazMunayGas National Co. JSC, Reg. S4.4% 30/04/2023 USD 1,444,000 1,433,971 0.30KazMunayGas National Co. JSC, Reg. S4.75% 19/04/2027 USD 700,000 684,289 0.14KazMunayGas National Co. JSC, Reg. S5.75% 19/04/2047 USD 1,000,000 955,785 0.20KazMunayGas National Co. JSC, Reg. S6.375% 24/10/2048 USD 2,236,000 2,257,153 0.48

13,041,076 2.75

KenyaKenya Government Bond, Reg. S6.875% 24/06/2024 USD 3,600,000 3,563,712 0.75Kenya Government Bond, Reg. S 7.25%28/02/2028 USD 850,000 818,142 0.17Kenya Government Bond, Reg. S 8.25%28/02/2048 USD 1,550,000 1,454,807 0.31

5,836,661 1.23

216

JPMorgan Funds - Emerging Markets Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

LebanonLebanon Government Bond 6.375%09/03/2020 USD 1,221,000 1,173,870 0.25Lebanon Government Bond, Reg. S5.45% 28/11/2019 USD 5,393,000 5,197,288 1.10Lebanon Government Bond, Reg. S8.25% 12/04/2021 USD 4,605,000 4,426,533 0.93

10,797,691 2.28

LuxembourgRussian Agricultural Bank OJSC, Reg. S8.5% 16/10/2023 USD 2,200,000 2,364,582 0.50Sberbank of Russia, Reg. S 6.125%07/02/2022 USD 2,600,000 2,717,793 0.57

5,082,375 1.07

MacedoniaFormer Yugoslav Republic ofMacedonia, Reg. S 2.75% 18/01/2025 EUR 837,000 960,244 0.20

960,244 0.20

MexicoBanco Nacional de Comercio ExteriorSNC, Reg. S 4.375% 14/10/2025 USD 650,000 635,599 0.13Banco Nacional de Comercio ExteriorSNC, Reg. S, FRN 3.8% 11/08/2026 USD 880,000 849,842 0.18Mexico Government Bond 3.375%23/02/2031 EUR 910,000 1,171,400 0.25Mexico Government Bond 5.55%21/01/2045 USD 1,650,000 1,747,391 0.37Mexico Government Bond 4.6%23/01/2046 USD 1,450,000 1,345,455 0.28Petroleos Mexicanos 5.375%13/03/2022 USD 7,535,000 7,728,650 1.63Petroleos Mexicanos 6.5% 13/03/2027 USD 3,800,000 3,910,618 0.83Petroleos Mexicanos 6.75%21/09/2047 USD 4,320,000 4,116,787 0.87Petroleos Mexicanos, FRN 5.977%11/03/2022 USD 1,245,000 1,335,456 0.28

22,841,198 4.82

MongoliaMongolia Government Bond, Reg. S10.875% 06/04/2021 USD 2,771,000 3,095,620 0.65Mongolia Government Bond, Reg. S5.625% 01/05/2023 USD 510,000 483,982 0.10Mongolia Government Bond, Reg. S8.75% 09/03/2024 USD 1,000,000 1,075,393 0.23

4,654,995 0.98

MoroccoOCP SA, Reg. S 6.875% 25/04/2044 USD 1,900,000 2,000,225 0.42

2,000,225 0.42

NetherlandsKazakhstan Temir Zholy Finance BV,Reg. S 6.95% 10/07/2042 USD 1,254,000 1,363,725 0.29

1,363,725 0.29

NigeriaNigeria Government Bond, Reg. S6.75% 28/01/2021 USD 1,200,000 1,223,430 0.26Nigeria Government Bond, Reg. S 6.5%28/11/2027 USD 3,710,000 3,463,266 0.73Nigeria Government Bond, Reg. S7.143% 23/02/2030 USD 300,000 284,162 0.06Nigeria Government Bond, Reg. S7.696% 23/02/2038 USD 2,348,000 2,225,646 0.47Nigeria Government Bond, Reg. S7.625% 28/11/2047 USD 2,160,000 1,978,074 0.42

9,174,578 1.94

OmanOman Government Bond, Reg. S3.625% 15/06/2021 USD 216,000 209,541 0.04Oman Government Bond, Reg. S4.125% 17/01/2023 USD 1,400,000 1,331,442 0.28Oman Government Bond, Reg. S 4.75%15/06/2026 USD 7,900,000 7,258,323 1.53Oman Government Bond, Reg. S5.375% 08/03/2027 USD 1,000,000 944,200 0.20

Oman Government Bond, Reg. S 6.75%17/01/2048 USD 1,355,000 1,231,993 0.26Oman Government Bond, Reg. S 6.5%08/03/2047 USD 5,573,000 5,012,189 1.06

15,987,688 3.37

PakistanPakistan Government Bond, Reg. S7.25% 15/04/2019 USD 4,277,000 4,237,673 0.89

4,237,673 0.89

PanamaPanama Government Bond 9.375%01/04/2029 USD 2,274,000 3,203,781 0.68Panama Government Bond 6.7%26/01/2036 USD 1,370,000 1,685,340 0.35Panama Government Bond 4.5%15/05/2047 USD 2,000,000 1,959,950 0.41Panama Government Bond 4.3%29/04/2053 USD 2,200,000 2,078,670 0.44

8,927,741 1.88

ParaguayParaguay Government Bond, Reg. S4.625% 25/01/2023 USD 596,000 607,920 0.13Paraguay Government Bond, Reg. S 5%15/04/2026 USD 2,000,000 2,027,500 0.43Paraguay Government Bond, Reg. S4.7% 27/03/2027 USD 900,000 886,500 0.18Paraguay Government Bond, Reg. S6.1% 11/08/2044 USD 4,377,000 4,552,080 0.96Paraguay Government Bond, Reg. S5.6% 13/03/2048 USD 1,000,000 984,860 0.21

9,058,860 1.91

PeruCorp. Financiera de Desarrollo SA,Reg. S 4.75% 15/07/2025 USD 1,500,000 1,499,970 0.32Peru Government Bond 8.75%21/11/2033 USD 1,645,000 2,419,219 0.51Petroleos del Peru SA, Reg. S 4.75%19/06/2032 USD 1,670,000 1,599,150 0.34Petroleos del Peru SA, Reg. S 5.625%19/06/2047 USD 840,000 819,139 0.17

6,337,478 1.34

PhilippinesPhilippine Government Bond 7.75%14/01/2031 USD 1,850,000 2,438,227 0.51

2,438,227 0.51

RomaniaRomania Government Bond, Reg. S6.75% 07/02/2022 USD 778,000 849,148 0.18Romania Government Bond, Reg. S4.375% 22/08/2023 USD 2,820,000 2,848,764 0.60Romania Government Bond, Reg. S4.875% 22/01/2024 USD 1,070,000 1,102,903 0.23

4,800,815 1.01

RussiaRussian Foreign Bond - Eurobond,Reg. S 5.875% 16/09/2043 USD 2,800,000 3,015,432 0.64

3,015,432 0.64

SenegalSenegal Government Bond, Reg. S6.25% 23/05/2033 USD 426,000 379,858 0.08Senegal Government Bond, Reg. S6.75% 13/03/2048 USD 2,078,000 1,785,272 0.38

2,165,130 0.46

SerbiaSerbia Government Bond, Reg. S4.875% 25/02/2020 USD 3,000,000 3,051,420 0.65Serbia Government Bond, Reg. S 7.25%28/09/2021 USD 2,000,000 2,186,390 0.46

5,237,810 1.11

South AfricaEskom Holdings SOC Ltd., Reg. S 5.75%26/01/2021 USD 3,270,000 3,168,025 0.67Eskom Holdings SOC Ltd., Reg. S 6.75%06/08/2023 USD 840,000 805,279 0.17

217

JPMorgan Funds - Emerging Markets Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Eskom Holdings SOC Ltd., Reg. S7.125% 11/02/2025 USD 1,400,000 1,342,852 0.28South Africa Government Bond 5.5%09/03/2020 USD 1,000,000 1,027,805 0.22South Africa Government Bond 5.875%30/05/2022 USD 1,000,000 1,049,050 0.22South Africa Government Bond 5.875%16/09/2025 USD 900,000 924,772 0.19South Africa Government Bond 4.3%12/10/2028 USD 2,500,000 2,234,125 0.47South Africa Government Bond 5.375%24/07/2044 USD 2,790,000 2,453,317 0.52Transnet SOC Ltd., Reg. S 4%26/07/2022 USD 800,000 760,404 0.16

13,765,629 2.90

Sri LankaNational Savings Bank, Reg. S 8.875%18/09/2018 USD 900,000 906,385 0.19Sri Lanka Government Bond, Reg. S6.25% 27/07/2021 USD 2,642,000 2,665,110 0.56Sri Lanka Government Bond, Reg. S5.875% 25/07/2022 USD 1,700,000 1,673,347 0.35Sri Lanka Government Bond, Reg. S5.75% 18/04/2023 USD 1,170,000 1,123,095 0.24Sri Lanka Government Bond, Reg. S6.85% 03/11/2025 USD 1,050,000 1,018,543 0.22Sri Lanka Government Bond, Reg. S6.825% 18/07/2026 USD 1,750,000 1,680,268 0.35Sri Lanka Government Bond, Reg. S6.2% 11/05/2027 USD 1,250,000 1,143,793 0.24

10,210,541 2.15

TajikistanTajikistan Government Bond, Reg. S7.125% 14/09/2027 USD 450,000 401,080 0.08

401,080 0.08

Trinidad and TobagoPetroleum Co. of Trinidad & TobagoLtd., Reg. S 9.75% 14/08/2019 USD 900,000 925,915 0.20

925,915 0.20

TunisiaBanque Centrale de TunisieInternational Bond, Reg. S 5.75%30/01/2025 USD 1,004,000 887,345 0.19

887,345 0.19

TurkeyExport Credit Bank of Turkey, Reg. S5.375% 24/10/2023 USD 1,500,000 1,362,623 0.29TC Ziraat Bankasi A/S, Reg. S 5.125%29/09/2023 USD 1,105,000 984,538 0.21Turkey Government Bond 6.25%26/09/2022 USD 2,200,000 2,210,824 0.47Turkey Government Bond 3.25%23/03/2023 USD 6,315,000 5,615,930 1.18Turkey Government Bond 5.75%22/03/2024 USD 1,690,000 1,632,287 0.34Turkey Government Bond 7.375%05/02/2025 USD 1,710,000 1,772,842 0.37Turkey Government Bond 6%25/03/2027 USD 1,400,000 1,318,464 0.28Turkey Government Bond 4.875%16/04/2043 USD 2,485,000 1,856,854 0.39

16,754,362 3.53

UkraineUkraine Government Bond, Reg. S7.75% 01/09/2020 USD 6,200,000 6,180,780 1.31Ukraine Government Bond, Reg. S7.75% 01/09/2024 USD 1,200,000 1,141,290 0.24Ukraine Government Bond, Reg. S7.75% 01/09/2025 USD 667,000 627,227 0.13

7,949,297 1.68

United KingdomState Savings Bank of Ukraine, STEP,Reg. S 9.375% 10/03/2023 USD 2,100,000 2,124,465 0.45State Savings Bank of Ukraine, STEP,Reg. S 9.625% 20/03/2025 USD 1,400,000 1,409,359 0.29Ukreximbank, Reg. S 9.625%27/04/2022 USD 1,960,000 1,979,237 0.42

5,513,061 1.16

United States of AmericaUS Treasury 0.75% 30/09/2018 USD 235,000 234,316 0.05

234,316 0.05

UruguayUruguay Government Bond 4.375%27/10/2027 USD 2,000,000 2,032,750 0.43Uruguay Government Bond 7.875%15/01/2033 USD 2,974,855 3,902,340 0.82Uruguay Government Bond 7.625%21/03/2036 USD 652,250 847,729 0.18Uruguay Government Bond 5.1%18/06/2050 USD 3,479,000 3,461,779 0.73Uruguay Government Bond 4.975%20/04/2055 USD 2,790,000 2,705,603 0.57

12,950,201 2.73

Venezuela, Bolivarian Republic ofPetroleos de Venezuela SA, Reg. S12.75% 17/02/2022§ USD 980,000 250,895 0.05Petroleos de Venezuela SA, Reg. S5.375% 12/04/2027§ USD 3,004,000 705,940 0.15Petroleos de Venezuela SA, Reg. S9.75% 17/05/2035§ USD 1,080,000 259,805 0.06Petroleos de Venezuela SA, Reg. S5.5% 12/04/2037§ USD 400,000 90,922 0.02Venezuela Government Bond, Reg. S7.75% 13/10/2019§ USD 1,196,000 328,930 0.07Venezuela Government Bond, Reg. S6% 09/12/2020§ USD 430,000 116,100 0.02Venezuela Government Bond, Reg. S12.75% 23/08/2022§ USD 880,000 248,622 0.05Venezuela Government Bond, Reg. S9% 07/05/2023§ USD 3,185,000 877,547 0.19Venezuela Government Bond, Reg. S8.25% 13/10/2024§ USD 2,320,000 638,058 0.14Venezuela Government Bond, Reg. S7.65% 21/04/2025§ USD 1,203,000 327,216 0.07Venezuela Government Bond, Reg. S11.75% 21/10/2026§ USD 900,000 258,772 0.05Venezuela Government Bond, Reg. S9.25% 07/05/2028§ USD 1,735,000 474,132 0.10

4,576,939 0.97

VietnamVietnam Government Bond, Reg. S4.8% 19/11/2024 USD 800,000 796,116 0.17

796,116 0.17

Virgin Islands, BritishKing Power Capital Ltd., Reg. S 5.625%03/11/2024 USD 1,000,000 1,057,030 0.23Minmetals Bounteous Finance BVI Ltd.,Reg. S 4.2% 27/07/2026 USD 1,000,000 957,366 0.20

2,014,396 0.43

ZambiaZambia Government Bond, Reg. S5.375% 20/09/2022 USD 2,900,000 2,427,778 0.51

2,427,778 0.51

Total Bonds 433,519,276 91.44

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 433,519,276 91.44

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

AzerbaijanAzerbaijan Government Bond, Reg. S3.5% 01/09/2032 USD 1,100,000 908,902 0.19

908,902 0.19

Costa RicaBanco Nacional de Costa Rica, Reg. S5.875% 25/04/2021 USD 1,000,000 1,015,695 0.22

1,015,695 0.22

218

JPMorgan Funds - Emerging Markets Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

MexicoPetroleos Mexicanos 6.375%04/02/2021 USD 2,050,000 2,149,979 0.45

2,149,979 0.45

NetherlandsAngola Government Bond, Reg. S 7%17/08/2019 USD 200,000 201,456 0.04

201,456 0.04

PeruFondo MIVIVIENDA SA, Reg. S 3.5%31/01/2023 USD 1,100,000 1,062,501 0.22

1,062,501 0.22

Venezuela, Bolivarian Republic ofPetroleos de Venezuela SA, Reg. S8.5% 27/10/2020§ USD 855,750 731,393 0.15Petroleos de Venezuela SA, Reg. S 9%17/11/2021§ USD 700,000 170,436 0.04Petroleos de Venezuela SA, Reg. S 6%15/11/2026§ USD 3,317,000 711,181 0.15

1,613,010 0.34

Virgin Islands, British1MDB Global Investments Ltd., Reg. S4.4% 09/03/2023 USD 1,000,000 879,602 0.19

879,602 0.19

Total Bonds 7,831,145 1.65

Total Transferable securities and money market instrumentsdealt in on another regulated market 7,831,145 1.65

Other transferable securities and money market instruments

Bonds

IndonesiaPolysindo 0% 28/10/1998* IDR 47,500,000 0 0.00Polysindo 0% 28/10/1998* IDR 475,000,000 0 0.00Polysindo 0% 26/04/1999* IDR 47,500,000 0 0.00Polysindo 0% 26/04/1999* IDR 475,000,000 0 0.00Polysindo 0% 26/04/1999* IDR 5,000,000,000 0 0.00Polysindo 0% 22/10/1999* IDR 47,236,110 0 0.00Polysindo 0% 20/04/2000* IDR 47,763,890 0 0.00Polysindo 0% 31/12/2000* IDR 475,000,000 0 0.00

0 0.00

Total Bonds 0 0.00

Total Other transferable securities and money marketinstruments 0 0.00

Total Investments 441,350,421 93.09

Cash 27,773,639 5.86

Other Assets/(Liabilities) 4,973,731 1.05

Total Net Assets 474,097,791 100.00

§ Security is currently in default.* Security is valued at its fair value under the direction of the Board of Directors.

219

JPMorgan Funds - Emerging Markets Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsArgentina 5.84Mexico 5.27Indonesia 4.53Colombia 3.61Turkey 3.53Oman 3.37South Africa 2.90Hungary 2.85Brazil 2.77Kazakhstan 2.75Uruguay 2.73Dominican Republic 2.47El Salvador 2.39Lebanon 2.28Sri Lanka 2.15Angola 2.10Nigeria 1.94Paraguay 1.91Panama 1.88Egypt 1.88Costa Rica 1.80Ecuador 1.73Ukraine 1.68Azerbaijan 1.63Peru 1.56Belarus 1.49Ireland 1.46Venezuela, Bolivarian Republic of 1.31Kenya 1.23United Kingdom 1.16Croatia 1.15Serbia 1.11Luxembourg 1.07Romania 1.01Jamaica 1.01Iraq 0.98Mongolia 0.98Pakistan 0.89Ivory Coast 0.85Honduras 0.84Bahrain 0.78Armenia 0.75Russia 0.64Virgin Islands, British 0.62Ghana 0.54Philippines 0.51Zambia 0.51Ethiopia 0.50Senegal 0.46Cayman Islands 0.43Morocco 0.42Bermuda 0.38Chile 0.37Netherlands 0.33Jordan 0.27Georgia 0.22India 0.21Macedonia 0.20Trinidad and Tobago 0.20Tunisia 0.19Gabon 0.17Vietnam 0.17Tajikistan 0.08United States of America 0.05Total Investments 93.09Cash and Other Assets/(Liabilities) 6.91

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Argentina 6.51Mexico 5.62Lebanon 4.70Indonesia 3.65Ukraine 3.34Colombia 3.24Ecuador 3.08Kazakhstan 2.97Dominican Republic 2.68Brazil 2.65Hungary 2.51South Africa 2.44El Salvador 2.23Uruguay 2.14Sri Lanka 2.12Croatia 2.05Panama 2.02Oman 1.97Belarus 1.96Costa Rica 1.86Serbia 1.82Netherlands 1.81Turkey 1.79Peru 1.72Pakistan 1.61Romania 1.51Ireland 1.49Jamaica 1.43Egypt 1.31Azerbaijan 1.14Ghana 1.05Kenya 1.04Angola 0.92Paraguay 0.92Iraq 0.90Venezuela, Bolivarian Republic of 0.84Virgin Islands, British 0.84Philippines 0.83Zambia 0.83Russia 0.80Honduras 0.75Nigeria 0.73Namibia 0.73Luxembourg 0.69Jordan 0.68Tunisia 0.67Chile 0.59Mongolia 0.53Armenia 0.47Cayman Islands 0.43United Kingdom 0.40Ivory Coast 0.40Bermuda 0.39Senegal 0.39Gabon 0.39Morocco 0.35Vietnam 0.32Bahrain 0.25India 0.20Trinidad and Tobago 0.20Ethiopia 0.19Cameroon 0.17Tajikistan 0.09United States of America 0.05Total Investments 94.40Cash and Other Assets/(Liabilities) 5.60

Total 100.00

220

JPMorgan Funds - Emerging Markets Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Emerging Markets Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

EUR 285,962 USD 331,537 02/07/2018 BNP Paribas 1,414 -EUR 551,912 USD 636,996 11/07/2018 Deutsche Bank 5,969 -EUR 133,673 USD 154,837 11/07/2018 National Australia Bank 889 -EUR 1,181 USD 1,372 11/07/2018 Standard Chartered 4 -EUR 39,429 USD 45,757 11/07/2018 Toronto-Dominion Bank 177 -GBP 44,903 USD 58,944 11/07/2018 Goldman Sachs 164 -JPY 847,663,935 USD 7,643,533 10/07/2018 Credit Suisse 14,183 0.01USD 574,583 EUR 488,081 11/07/2018 BNP Paribas 5,978 -USD 237,318 EUR 203,508 11/07/2018 Citibank 235 -USD 300,098 EUR 254,010 11/07/2018 Deutsche Bank 4,182 -USD 256,974 EUR 216,968 11/07/2018 RBC 4,210 -USD 218,980 EUR 187,840 11/07/2018 Toronto-Dominion Bank 150 -USD 117,138 GBP 88,323 11/07/2018 Barclays 873 -USD 69,600 GBP 52,058 11/07/2018 BNP Paribas 1,074 -USD 88,503 GBP 67,200 11/07/2018 Deutsche Bank 44 -USD 20,235 JPY 2,220,583 10/07/2018 Barclays 175 -USD 202,977 JPY 21,999,998 10/07/2018 Citibank 4,231 -USD 12,791 JPY 1,403,338 10/07/2018 Deutsche Bank 113 -USD 222,637 JPY 24,483,791 10/07/2018 Goldman Sachs 1,453 -USD 18,347 JPY 2,025,084 10/07/2018 National Australia Bank 53 -USD 43,355 JPY 4,757,787 10/07/2018 RBC 374 -USD 21,017 JPY 2,289,873 10/07/2018 State Street 330 -USD 13,895 JPY 1,531,956 28/08/2018 Goldman Sachs 7 -

Total Unrealised Gain on Forward Currency Exchange Contracts 46,282 0.01

EUR 1,469,504 USD 1,713,028 11/07/2018 ANZ (1,086) -EUR 619,260 USD 731,204 11/07/2018 BNP Paribas (9,780) -EUR 106,535,966 USD 126,185,451 11/07/2018 HSBC (2,073,226) (0.44)EUR 1,894 USD 2,241 11/07/2018 Merrill Lynch (35) -GBP 848,125 USD 1,136,123 11/07/2018 ANZ (19,689) (0.01)GBP 52,043 USD 68,930 11/07/2018 Barclays (423) -GBP 7,926,670 USD 10,658,886 11/07/2018 Citibank (224,576) (0.05)GBP 15,985 USD 21,250 11/07/2018 Merrill Lynch (209) -JPY 2,156,235 USD 19,681 10/07/2018 Barclays (202) -JPY 2,310,142 USD 21,118 10/07/2018 Goldman Sachs (248) -JPY 7,003,450 USD 64,375 10/07/2018 National Australia Bank (1,106) -JPY 2,191,914 USD 19,862 10/07/2018 RBC (60) -JPY 30,228,354 USD 276,441 10/07/2018 Standard Chartered (3,361) -JPY 2,891,813 USD 26,435 10/07/2018 State Street (311) -USD 154,748 EUR 133,673 03/07/2018 National Australia Bank (890) -USD 18,476 EUR 15,934 11/07/2018 ANZ (87) -USD 331,758 EUR 285,962 11/07/2018 BNP Paribas (1,382) -USD 674,250 EUR 582,231 11/07/2018 Citibank (4,037) -USD 955,475 EUR 825,338 11/07/2018 RBC (6,027) -USD 67,381 EUR 57,907 11/07/2018 Toronto-Dominion Bank (79) -USD 21,762 GBP 16,543 11/07/2018 Citibank (14) -USD 32,523 JPY 3,607,076 10/07/2018 National Australia Bank (63) -

Total Unrealised Loss on Forward Currency Exchange Contracts (2,346,891) (0.50)

Net Unrealised Loss on Forward Currency Exchange Contracts (2,300,609) (0.49)

Credit Default Swap Contracts

NominalAmount Currency Counterparty Reference Entity Buy/Sell

Interest(Paid)/

ReceivedMaturity

Date

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

21,700,000 USD Goldman Sachs Peru Government Bond 8.75%21/11/2033 Buy (1.00)% 20/06/2023 (107,372) 100,919 (0.03)

Total Unrealised Gain on Credit Default Swap Contracts (107,372) 100,919 (0.03)

21,700,000 USD Goldman Sachs China Government Bond 7.5%28/10/2027 Sell 1.00% 20/06/2023 269,029 (207,801) 0.06

Total Unrealised Loss on Credit Default Swap Contracts 269,029 (207,801) 0.06

Net Unrealised Loss on Credit Default Swap Contracts 161,657 (106,882) 0.03

221

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

ArgentinaAgua y Saneamientos Argentinos SA,Reg. S 6.625% 01/02/2023 USD 13,470,000 11,704,622 0.49Generacion Mediterranea SA, Reg. S9.625% 27/07/2023 USD 3,330,000 3,299,830 0.14Pampa Energia SA, Reg. S 7.375%21/07/2023 USD 12,570,000 12,060,601 0.51Pampa Energia SA, Reg. S 7.5%24/01/2027 USD 20,470,000 18,407,033 0.78Provincia de Buenos Aires, Reg. S9.95% 09/06/2021 USD 9,860,000 10,258,640 0.43YPF SA, Reg. S 8.5% 28/07/2025 USD 9,900,000 9,442,026 0.40YPF SA, Reg. S 6.95% 21/07/2027 USD 23,777,000 20,451,430 0.87

85,624,182 3.62

AustriaSuzano Austria GmbH, Reg. S 7%16/03/2047 USD 15,890,000 16,406,425 0.69

16,406,425 0.69

BermudaGCL New Energy Holdings Ltd., Reg. S7.1% 30/01/2021 USD 20,059,000 17,549,426 0.74Geopark Ltd., Reg. S 6.5% 21/09/2024 USD 13,140,000 12,730,361 0.54GOME Retail Holdings Ltd., Reg. S 5%10/03/2020 USD 7,362,000 7,030,726 0.30Inkia Energy Ltd., Reg. S 5.875%09/11/2027 USD 12,802,000 12,017,557 0.51

49,328,070 2.09

BrazilBanco ABC Brasil SA, Reg. S 7.875%08/04/2020 USD 5,793,000 6,058,957 0.26Banco do Brasil SA, Reg. S, FRN 6.25%Perpetual USD 12,080,000 9,432,909 0.40Cemig Geracao e Transmissao SA,Reg. S 9.25% 05/12/2024 USD 23,436,000 23,888,549 1.01Light Servicos de Eletricidade SA,Reg. S 7.25% 03/05/2023 USD 23,298,000 22,014,630 0.93Votorantim Cimentos SA, Reg. S 7.25%05/04/2041 USD 15,344,000 15,320,447 0.65

76,715,492 3.25

Cayman IslandsABQ Finance Ltd., Reg. S 3.625%13/04/2021 USD 11,304,000 11,062,434 0.47ABQ Finance Ltd., Reg. S 3.5%22/02/2022 USD 10,641,000 10,231,321 0.43ADCB Finance Cayman Ltd., Reg. S 4%29/03/2023 USD 14,627,000 14,597,234 0.62Azure Orbit IV International FinanceLtd., Reg. S 3.75% 25/01/2023 USD 13,499,000 13,190,580 0.56Batelco International Finance No. 1 Ltd.,Reg. S 4.25% 01/05/2020 USD 12,363,000 11,879,483 0.50CDBL Funding 2, Reg. S 3% 01/08/2022 USD 13,143,000 12,622,725 0.53China Overseas Grand Oceans FinanceIV Cayman Ltd., Reg. S 4.875%01/06/2021 USD 12,228,000 12,206,881 0.52China SCE Property Holdings Ltd.,Reg. S 7.45% 17/04/2021 USD 6,440,000 6,326,101 0.27Comunicaciones Celulares SA, Reg. S6.875% 06/02/2024 USD 15,140,000 15,601,619 0.66Dar Al-Arkan Sukuk Co. Ltd., Reg. S6.875% 10/04/2022 USD 16,458,000 15,768,739 0.67Emirates Reit Sukuk Ltd., Reg. S 5.125%12/12/2022 USD 9,886,000 9,247,167 0.39Ezdan Sukuk Co. Ltd., Reg. S 4.375%18/05/2021 USD 21,948,000 17,768,003 0.75Fantasia Holdings Group Co. Ltd., Reg. S8.375% 08/03/2021 USD 18,670,000 16,624,912 0.70Gran Tierra Energy InternationalHoldings Ltd., Reg. S 6.25% 15/02/2025 USD 13,843,000 13,029,724 0.55IBQ Finance Ltd., Reg. S 3.5%25/11/2020 USD 11,055,000 10,947,601 0.46ICD Sukuk Co. Ltd., Reg. S 5%01/02/2027 USD 18,688,000 18,646,045 0.79MAF Global Securities Ltd., Reg. S, FRN6.375% Perpetual USD 15,850,000 15,263,179 0.65Noor Tier 1 Sukuk Ltd., Reg. S, FRN6.25% Perpetual USD 7,463,000 7,407,960 0.31Overseas Chinese Town Asia HoldingsLtd., Reg. S, FRN 4.3% Perpetual USD 8,961,000 8,634,370 0.37

QIB Sukuk Ltd., Reg. S 3.251%23/05/2022 USD 11,030,000 10,620,235 0.45Times China Holdings Ltd., Reg. S6.25% 17/01/2021 USD 12,587,000 11,961,956 0.51WTT Investment Ltd., Reg. S 5.5%21/11/2022 USD 21,110,000 20,156,356 0.85Yuzhou Properties Co. Ltd., Reg. S6.375% 06/03/2021 USD 12,277,000 11,970,066 0.51

295,764,691 12.52

ChileEmpresa Electrica Angamos SA, Reg. S4.875% 25/05/2029 USD 24,869,000 24,187,838 1.02Empresa Electrica Guacolda SA, Reg. S4.56% 30/04/2025 USD 8,440,000 7,798,560 0.33

31,986,398 1.35

ChinaChina Life Insurance Co. Ltd., Reg. S,FRN 4% 03/07/2075 USD 18,610,000 18,179,737 0.77China Minmetals Corp., Reg. S, FRN3.75% Perpetual USD 19,750,000 18,148,321 0.77Guangxi Communications InvestmentGroup Co. Ltd., Reg. S 3% 04/11/2019 USD 4,170,000 4,062,534 0.17

40,390,592 1.71

ColombiaBanco GNB Sudameris SA, Reg. S, FRN6.5% 03/04/2027 USD 10,790,000 10,990,316 0.47Ecopetrol SA 7.375% 18/09/2043 USD 3,290,000 3,623,014 0.15Ecopetrol SA 5.875% 28/05/2045 USD 13,373,000 12,677,872 0.54

27,291,202 1.16

Costa RicaAutopistas del Sol SA, Reg. S 7.375%30/12/2030 USD 9,482,220 9,576,284 0.41

9,576,284 0.41

Hong KongBank of East Asia Ltd. (The), Reg. S, FRN5.625% Perpetual USD 10,669,000 10,241,841 0.43CITIC Ltd., Reg. S 4% 11/01/2028 USD 25,088,000 23,513,584 1.00CNAC HK Finbridge Co. Ltd., Reg. S4.875% 14/03/2025 USD 12,410,000 12,348,151 0.52Hongkong International Qingdao Co.Ltd., Reg. S 4.25% 04/12/2022 USD 16,882,000 15,583,762 0.66Hubei Science & Technology InvestmentGroup Hong Kong Ltd., Reg. S 4.375%05/03/2021 USD 12,322,000 11,964,114 0.51Wing Lung Bank Ltd., Reg. S, FRN 3.75%22/11/2027 USD 11,407,000 10,903,446 0.46

84,554,898 3.58

IndiaJSW Steel Ltd., Reg. S 5.25%13/04/2022 USD 18,065,000 17,651,926 0.75

17,651,926 0.75

IsraelIsrael Electric Corp. Ltd., Reg. S, 144A5% 12/11/2024 USD 8,296,000 8,534,510 0.36Israel Electric Corp. Ltd., Reg. S, 144A4.25% 14/08/2028 USD 10,025,000 9,706,055 0.41Israel Electric Corp. Ltd., Reg. S 6.875%21/06/2023 USD 6,597,000 7,328,211 0.31

25,568,776 1.08

LuxembourgAltice Financing SA, Reg. S 7.5%15/05/2026 USD 22,290,000 21,561,451 0.91

21,561,451 0.91

MauritiusAzure Power Energy Ltd., Reg. S 5.5%03/11/2022 USD 15,529,000 14,248,711 0.60HTA Group Ltd., Reg. S 9.125%08/03/2022 USD 10,992,000 10,588,484 0.45

24,837,195 1.05

MexicoBanco Mercantil del Norte SA, Reg. S,FRN 7.625% Perpetual USD 6,341,000 6,275,751 0.27

222

JPMorgan Funds - Emerging Markets Corporate Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Banco Mercantil del Norte SA, Reg. S,FRN 6.875% Perpetual USD 18,304,000 18,079,959 0.76Grupo KUO SAB de CV, Reg. S 5.75%07/07/2027 USD 20,494,000 18,977,239 0.80Mexichem SAB de CV, Reg. S 5.875%17/09/2044 USD 16,424,000 15,059,330 0.64Petroleos Mexicanos, Reg. S 6.35%12/02/2048 USD 1,038,000 948,322 0.04

59,340,601 2.51

MoroccoOCP SA, Reg. S 6.875% 25/04/2044 USD 16,440,000 17,307,210 0.73

17,307,210 0.73

NetherlandsEA Partners I BV, Reg. S 6.875%28/09/2020 USD 21,096,000 15,269,179 0.65EA Partners II BV, Reg. S 6.75%01/06/2021 USD 13,391,000 9,375,709 0.40IHS Netherlands Holdco BV, Reg. S9.5% 27/10/2021 USD 16,861,000 16,294,555 0.69Metinvest BV, Reg. S 8.5% 23/04/2026 USD 13,020,000 12,192,254 0.52Minejesa Capital BV, Reg. S 4.625%10/08/2030 USD 9,883,000 9,029,635 0.38Minejesa Capital BV, Reg. S 5.625%10/08/2037 USD 13,333,000 12,078,215 0.51Nostrum Oil & Gas Finance BV, Reg. S8% 25/07/2022 USD 12,060,000 11,518,204 0.49Teva Pharmaceutical FinanceNetherlands III BV 3.15% 01/10/2026 USD 48,284,000 39,030,130 1.65Teva Pharmaceutical FinanceNetherlands III BV 4.1% 01/10/2046 USD 17,400,000 12,658,587 0.53

137,446,468 5.82

NigeriaUnited Bank for Africa plc, Reg. S 7.75%08/06/2022 USD 10,310,000 10,053,642 0.43

10,053,642 0.43

OmanBank Muscat SAOG, Reg. S 4.875%14/03/2023 USD 18,565,000 18,445,813 0.78Oman Government Bond, Reg. S 6.5%08/03/2047 USD 7,090,000 6,376,533 0.27

24,822,346 1.05

PanamaAES El Salvador Trust II, Reg. S 6.75%28/03/2023 USD 7,435,000 6,940,684 0.29

6,940,684 0.29

PeruConsorcio Transmantaro SA, Reg. S4.375% 07/05/2023 USD 13,251,000 13,110,274 0.56Fenix Power Peru SA, Reg. S 4.317%20/09/2027 USD 12,050,000 11,347,425 0.48

24,457,699 1.04

PhilippinesPetron Corp., Reg. S, FRN 4.6%Perpetual USD 14,471,000 13,522,441 0.57

13,522,441 0.57

SingaporeABJA Investment Co. Pte. Ltd., Reg. S5.45% 24/01/2028 USD 16,822,000 14,276,961 0.60Medco Platinum Road Pte. Ltd., Reg. S6.75% 30/01/2025 USD 17,457,000 15,395,312 0.65Olam International Ltd., Reg. S, FRN5.35% Perpetual USD 7,717,000 7,430,578 0.32Parkway Pantai Ltd., Reg. S, FRN 4.25%Perpetual USD 12,405,000 11,741,332 0.50SSMS Plantation Holdings Pte. Ltd.,Reg. S 7.75% 23/01/2023 USD 18,490,000 16,402,308 0.69Theta Capital Pte. Ltd., Reg. S 7%11/04/2022 USD 11,800,000 9,474,618 0.40United Overseas Bank Ltd., Reg. S, FRN3.875% Perpetual USD 19,171,000 17,899,766 0.76

92,620,875 3.92

South AfricaBarclays Africa Group Ltd., Reg. S, FRN6.25% 25/04/2028 USD 15,622,000 15,149,200 0.64Eskom Holdings SOC Ltd., Reg. S 5.75%26/01/2021 USD 18,990,000 18,397,797 0.78FirstRand Bank Ltd., Reg. S, FRN 6.25%23/04/2028 USD 12,910,000 12,892,313 0.55

46,439,310 1.97

South KoreaHeungkuk Life Insurance Co. Ltd.,Reg. S, FRN 4.475% 09/11/2047 USD 31,900,000 28,030,271 1.19Woori Bank, Reg. S, FRN 5.25%Perpetual USD 25,765,000 24,384,108 1.03

52,414,379 2.22

SupranationalAfrican Export-Import Bank (The),Reg. S 4.125% 20/06/2024 USD 11,991,000 11,439,714 0.48

11,439,714 0.48

TurkeyAkbank Turk A/S, Reg. S, FRN 7.2%16/03/2027 USD 13,262,000 12,028,833 0.51Akbank Turk A/S, Reg. S, FRN 6.797%27/04/2028 USD 27,220,000 23,534,548 1.00KOC Holding A/S, Reg. S 5.25%15/03/2023 USD 15,000,000 14,423,625 0.61Petkim Petrokimya Holding A/S, Reg. S5.875% 26/01/2023 USD 10,720,000 9,788,861 0.41QNB Finansbank A/S, Reg. S 6.25%30/04/2019 USD 4,500,000 4,515,795 0.19Ronesans Gayrimenkul Yatirim A/S,Reg. S 7.25% 26/04/2023 USD 20,341,000 19,186,648 0.81Turkiye Garanti Bankasi A/S, Reg. S,FRN 6.125% 24/05/2027 USD 31,430,000 27,637,028 1.17Turkiye Garanti Bankasi A/S, Reg. S5.25% 13/09/2022 USD 11,206,000 10,554,371 0.45Turkiye Is Bankasi A/S, Reg. S 5%30/04/2020 USD 10,180,000 9,810,059 0.42Turkiye Is Bankasi A/S, Reg. S 6%24/10/2022 USD 12,900,000 11,461,972 0.49Turkiye Is Bankasi A/S, Reg. S 6.125%25/04/2024 USD 13,590,000 12,217,682 0.52Turkiye Vakiflar Bankasi TAO, Reg. S,FRN 6.875% 03/02/2025 USD 12,010,000 10,721,087 0.45Turkiye Vakiflar Bankasi TAO, Reg. S6% 01/11/2022 USD 11,023,000 9,566,145 0.40Yapi ve Kredi Bankasi A/S, Reg. S 6.1%16/03/2023 USD 17,107,000 15,942,355 0.67

191,389,009 8.10

United Arab EmiratesKuwait Projects Co. SPC Ltd., Reg. S 5%15/03/2023 USD 11,496,000 11,463,639 0.48Kuwait Projects Co. SPC Ltd., Reg. S4.5% 23/02/2027 USD 12,326,000 11,500,096 0.49

22,963,735 0.97

United KingdomHikma Pharmaceuticals plc, Reg. S4.25% 10/04/2020 USD 12,282,000 12,218,011 0.52Liquid Telecommunications Financingplc, Reg. S 8.5% 13/07/2022 USD 18,492,000 18,533,422 0.78Vedanta Resources plc, Reg. S 6.375%30/07/2022 USD 10,486,000 9,957,453 0.42Vedanta Resources plc, Reg. S 7.125%31/05/2023 USD 7,944,000 7,589,340 0.32Vedanta Resources plc, Reg. S 6.125%09/08/2024 USD 13,390,000 11,802,239 0.50

60,100,465 2.54

United States of AmericaStillwater Mining Co., Reg. S 6.125%27/06/2022 USD 15,593,000 13,879,719 0.59

13,879,719 0.59

Virgin Islands, BritishBaoxin Auto Finance I Ltd., Reg. S, FRN5.625% Perpetual USD 2,665,000 2,371,689 0.10Baoxin Auto Finance I Ltd., Reg. S, FRN8.75% Perpetual USD 6,920,000 6,824,359 0.29Central American Bottling Corp., Reg. S5.75% 31/01/2027 USD 6,209,000 6,183,605 0.26Chouzhou International InvestmentLtd., Reg. S 4% 05/12/2020 USD 13,459,000 12,799,806 0.54

223

JPMorgan Funds - Emerging Markets Corporate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Fortune Star BVI Ltd., Reg. S 5.375%05/12/2020 USD 12,550,000 12,440,182 0.53Fortune Star BVI Ltd., Reg. S 5.25%23/03/2022 USD 3,652,000 3,428,305 0.14Fortune Star BVI Ltd., Reg. S 5.95%29/01/2023 USD 5,345,000 4,997,183 0.21Gemstones International Ltd., Reg. S8.5% 15/08/2020 USD 5,306,000 5,173,332 0.22Haitian BVI International InvestmentDevelopment Ltd., Reg. S 3.875%12/12/2020 USD 14,572,000 13,715,920 0.58Huarong Finance 2017 Co. Ltd., Reg. S,FRN 4.5% Perpetual USD 12,187,000 11,939,110 0.50Leader Goal International Ltd., Reg. S,FRN 4.25% Perpetual USD 11,554,000 10,912,949 0.46Nan Fung Treasury Ltd., Reg. S 3.875%03/10/2027 USD 16,615,000 15,482,702 0.65Rock International Investment, Inc.,Reg. S 6.625% 27/03/2020 USD 12,674,000 9,678,247 0.41Sino-Ocean Land Treasure III Ltd.,Reg. S, FRN 4.9% Perpetual USD 11,192,000 8,891,705 0.38Studio City Co. Ltd., Reg. S 7.25%30/11/2021 USD 11,520,000 11,958,451 0.51Tewoo Group Finance No. 3 Ltd., Reg. S4.625% 06/04/2020 USD 19,816,000 19,083,770 0.81Tianqi Finco Co. Ltd., Reg. S 3.75%28/11/2022 USD 12,932,000 11,947,849 0.51Top Wise Excellence Enterprise Co. Ltd.,Reg. S 6% 16/03/2020 USD 9,696,000 8,483,798 0.36Wisdom Glory Group Ltd., Reg. S, FRN5.25% Perpetual USD 12,281,000 11,735,723 0.50

188,048,685 7.96

Total Bonds 1,780,444,564 75.36

Convertible Bonds

United Arab EmiratesAabar Investments PJSC, Reg. S 0.5%27/03/2020 EUR 9,800,000 10,648,126 0.45

10,648,126 0.45

Total Convertible Bonds 10,648,126 0.45

Equities

CanadaFrontera Energy Corp. CAD 236,160 3,451,291 0.15Frontera Energy Corp. USD 450,000 6,272,235 0.26

9,723,526 0.41

Total Equities 9,723,526 0.41

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 1,800,816,216 76.22

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

ArgentinaAeropuertos Argentina 2000 SA, Reg. S6.875% 01/02/2027 USD 6,160,000 5,961,248 0.25Banco Macro SA, Reg. S, FRN 6.75%04/11/2026 USD 14,745,000 13,909,917 0.59Tecpetrol SA, Reg. S 4.875% 12/12/2022 USD 17,030,000 15,763,053 0.67YPF SA, Reg. S 7% 15/12/2047 USD 17,830,000 13,591,452 0.57

49,225,670 2.08

BermudaDigicel Group Ltd., Reg. S 8.25%30/09/2020 USD 22,585,000 17,068,388 0.72Digicel Group Ltd., Reg. S 7.125%01/04/2022 USD 39,580,000 26,484,957 1.12

43,553,345 1.84

BrazilItau Unibanco Holding SA, Reg. S, FRN6.125% Perpetual USD 7,257,000 6,822,052 0.29Itau Unibanco Holding SA, Reg. S, FRN6.5% Perpetual USD 13,150,000 12,481,322 0.53

19,303,374 0.82

Cayman IslandsCK Hutchison Capital Securities 17 Ltd.,Reg. S, FRN 4% Perpetual USD 7,382,000 7,085,967 0.30Energuate Trust, Reg. S 5.875%03/05/2027 USD 4,480,000 4,288,346 0.18

11,374,313 0.48

LuxembourgCSN Resources SA, Reg. S 6.5%21/07/2020 USD 4,445,000 4,160,987 0.18Hidrovias International Finance SARL,Reg. S 5.95% 24/01/2025 USD 13,940,000 12,583,080 0.53JSL Europe SA, Reg. S 7.75%26/07/2024 USD 34,799,000 31,517,628 1.33Nexa Resources SA, Reg. S 5.375%04/05/2027 USD 32,214,000 31,317,807 1.33

79,579,502 3.37

MexicoAlfa SAB de CV, Reg. S 6.875%25/03/2044 USD 11,127,000 11,262,137 0.48BBVA Bancomer SA, Reg. S, FRN 5.125%18/01/2033 USD 8,700,000 7,710,027 0.33Cometa Energia SA de CV, Reg. S6.375% 24/04/2035 USD 30,180,000 29,007,809 1.23Elementia SAB de CV, Reg. S 5.5%15/01/2025 USD 5,730,000 5,417,887 0.23Grupo Bimbo SAB de CV, Reg. S, FRN5.95% Perpetual USD 13,500,000 13,364,595 0.56Grupo Posadas SAB de CV, Reg. S7.875% 30/06/2022 USD 11,845,000 11,798,864 0.50Nemak SAB de CV, Reg. S 4.75%23/01/2025 USD 3,815,000 3,621,827 0.15

82,183,146 3.48

NetherlandsGreenko Dutch BV, Reg. S 5.25%24/07/2024 USD 10,804,000 9,827,480 0.42

9,827,480 0.42

NigeriaFidelity Bank plc, Reg. S 10.5%16/10/2022 USD 15,496,000 15,405,736 0.65

15,405,736 0.65

NorwayDNO ASA, Reg. S, 144A 8.75%31/05/2023 USD 9,900,000 9,940,689 0.42

9,940,689 0.42

PanamaBanistmo SA, Reg. S 3.65% 19/09/2022 USD 8,610,000 8,142,262 0.35

8,142,262 0.35

PeruTransportadora de Gas del Peru SA,Reg. S 4.25% 30/04/2028 USD 10,935,000 10,516,955 0.45

10,516,955 0.45

United KingdomAfren plc, Reg. S 6.625% 09/12/2020§ USD 9,169,931 29,711 0.00

29,711 0.00

United States of AmericaStillwater Mining Co., Reg. S 7.125%27/06/2025 USD 4,115,000 3,628,319 0.15

3,628,319 0.15

Total Bonds 342,710,502 14.51

Total Transferable securities and money market instrumentsdealt in on another regulated market 342,710,502 14.51

224

JPMorgan Funds - Emerging Markets Corporate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Other transferable securities and money market instruments

Bonds

United KingdomAfren plc 15% 31/12/2018* USD 14,760,041 15 0.00

15 0.00

Total Bonds 15 0.00

Total Other transferable securities and money marketinstruments 15 0.00

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund -JPM US Dollar Liquidity X (acc.) X† USD 13,279 194,806,382 8.24

194,806,382 8.24

Total Collective Investment Schemes - UCITS 194,806,382 8.24

Total Units of authorised UCITS or other collective investmentundertakings 194,806,382 8.24

Total Investments 2,338,333,115 98.97

Cash 14,880,808 0.63

Other Assets/(Liabilities) 9,375,899 0.40

Total Net Assets 2,362,589,822 100.00

§ Security is currently in default.* Security is valued at its fair value under the direction of the Board of Directors.† Related Party Fund.

225

JPMorgan Funds - Emerging Markets Corporate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsCayman Islands 13.00Luxembourg 12.52Turkey 8.10Virgin Islands, British 7.96Netherlands 6.24Mexico 5.99Argentina 5.70Brazil 4.07Bermuda 3.93Singapore 3.92Hong Kong 3.58United Kingdom 2.54South Korea 2.22South Africa 1.97China 1.71Peru 1.49United Arab Emirates 1.42Chile 1.35Colombia 1.16Israel 1.08Nigeria 1.08Mauritius 1.05Oman 1.05India 0.75United States of America 0.74Morocco 0.73Austria 0.69Panama 0.64Philippines 0.57Supranational 0.48Norway 0.42Canada 0.41Costa Rica 0.41Total Investments 98.97Cash and Other Assets/(Liabilities) 1.03

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Cayman Islands 13.22Luxembourg 8.39Netherlands 8.35Virgin Islands, British 8.00Argentina 5.87Mexico 5.50Turkey 4.94Singapore 4.03Brazil 3.76Hong Kong 3.70Bermuda 3.27United Arab Emirates 3.02United Kingdom 2.48Peru 2.34South Korea 2.32Colombia 1.91Mauritius 1.73Chile 1.65Ireland 1.61Indonesia 1.28Nigeria 0.95China 0.93Israel 0.88Panama 0.79United States of America 0.79Morocco 0.74India 0.73Austria 0.72Supranational 0.48Malaysia 0.48Costa Rica 0.46Ukraine 0.43Spain 0.42Canada 0.40Norway 0.38Macau 0.30Oman 0.28Total Investments 97.53Cash and Other Assets/(Liabilities) 2.47

Total 100.00

226

JPMorgan Funds - Emerging Markets Corporate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Emerging Markets Corporate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

AUD 1,771 USD 1,306 11/07/2018 National Australia Bank 3 -CHF 7,254 USD 7,267 03/07/2018 UBS 34 -CHF 90,415 USD 90,912 11/07/2018 ANZ 144 -CHF 24,020 USD 24,178 11/07/2018 Citibank 12 -EUR 1,697,733 USD 1,968,075 02/07/2018 National Australia Bank 8,630 -EUR 1,616,489 USD 1,870,555 03/07/2018 National Australia Bank 11,555 -EUR 7,894 USD 9,152 11/07/2018 BNP Paribas 44 -GBP 31,956 USD 42,002 11/07/2018 BNP Paribas 64 -GBP 4,793 USD 6,277 11/07/2018 National Australia Bank 32 -USD 41,380 AUD 54,811 11/07/2018 Barclays 892 -USD 11,735 AUD 15,444 11/07/2018 BNP Paribas 326 -USD 21,178 AUD 27,807 11/07/2018 Citibank 637 -USD 66,668 AUD 87,962 11/07/2018 Goldman Sachs 1,693 -USD 30,496 AUD 41,279 11/07/2018 National Australia Bank 4 -USD 95,668 AUD 127,364 11/07/2018 Standard Chartered 1,587 -USD 719,368 CHF 707,405 11/07/2018 ANZ 6,953 -USD 48,562 CHF 47,783 11/07/2018 Barclays 440 -USD 157,163 CHF 155,517 11/07/2018 Deutsche Bank 545 -USD 57,619 CHF 56,568 11/07/2018 Goldman Sachs 651 -USD 67,188 CHF 66,078 11/07/2018 Merrill Lynch 642 -USD 4,620 CHF 4,554 11/07/2018 State Street 34 -USD 2,276,267 EUR 1,939,585 11/07/2018 ANZ 16,690 -USD 11,457,158 EUR 9,698,069 11/07/2018 Barclays 159,106 0.01USD 2,057,268 EUR 1,747,594 11/07/2018 BNP Paribas 21,356 -USD 2,819,573 EUR 2,418,106 11/07/2018 Citibank 2,528 -USD 2,261,538 EUR 1,914,218 11/07/2018 Deutsche Bank 31,513 -USD 170,110 EUR 144,292 11/07/2018 HSBC 2,013 -USD 1,340,461 EUR 1,147,830 11/07/2018 Merrill Lynch 3,263 -USD 18,085,356 EUR 15,296,779 11/07/2018 National Australia Bank 264,921 0.01USD 2,639,518 EUR 2,229,896 11/07/2018 RBC 41,735 -USD 671,577 GBP 506,067 11/07/2018 Barclays 5,413 -USD 610,692 GBP 456,498 11/07/2018 BNP Paribas 9,779 -USD 430,375 GBP 326,782 11/07/2018 Deutsche Bank 214 -USD 10,753 GBP 8,097 11/07/2018 Morgan Stanley 95 -USD 4,087 GBP 3,071 11/07/2018 National Australia Bank 45 -USD 14,347 GBP 10,822 11/07/2018 Societe Generale 101 -USD 1,544 SEK 13,561 11/07/2018 Citibank 33 -USD 3,763 SEK 32,539 11/07/2018 Goldman Sachs 139 -USD 6,041 SEK 53,203 11/07/2018 Merrill Lynch 116 -USD 6,870 SEK 61,366 11/07/2018 RBC 36 -USD 9,612 SGD 12,861 11/07/2018 Citibank 179 -USD 4,957 SGD 6,727 11/07/2018 Deutsche Bank 23 -USD 68,390 SGD 92,411 11/07/2018 Goldman Sachs 607 -USD 3,028 SGD 4,041 11/07/2018 HSBC 64 -USD 11,531 SGD 15,614 11/07/2018 Standard Chartered 78 -

Total Unrealised Gain on Forward Currency Exchange Contracts 594,969 0.02

AUD 30,276 USD 22,463 11/07/2018 Barclays (99) -AUD 31,313 USD 23,258 11/07/2018 BNP Paribas (128) -AUD 15,553,317 USD 11,747,524 11/07/2018 Citibank (258,660) (0.01)AUD 27,209 USD 20,694 11/07/2018 National Australia Bank (596) -CHF 14,521 USD 14,633 11/07/2018 ANZ (10) -CHF 35,042,833 USD 35,692,366 11/07/2018 Barclays (401,364) (0.02)CHF 136,646 USD 138,323 11/07/2018 Merrill Lynch (709) -CHF 8,610 USD 8,730 11/07/2018 UBS (59) -EUR 1,827,104 USD 2,131,179 11/07/2018 ANZ (2,640) -EUR 1,864,145 USD 2,172,755 11/07/2018 Barclays (1,063) -EUR 639,219 USD 748,185 11/07/2018 BNP Paribas (3,509) -EUR 934,932,571 USD 1,107,373,217 11/07/2018 HSBC (18,195,859) (0.77)EUR 1,934 USD 2,292 11/07/2018 National Australia Bank (39) -EUR 1,294 USD 1,525 11/07/2018 UBS (18) -GBP 2,545 USD 3,372 11/07/2018 ANZ (21) -GBP 158,578 USD 210,050 11/07/2018 Barclays (1,306) -GBP 74,348,669 USD 99,975,651 11/07/2018 Citibank (2,106,423) (0.09)GBP 158,371 USD 210,574 11/07/2018 National Australia Bank (2,101) -GBP 65,150 USD 87,483 11/07/2018 Societe Generale (1,722) -GBP 39,530 USD 52,134 11/07/2018 Standard Chartered (98) -GBP 9,169 USD 12,286 11/07/2018 State Street (217) -SEK 8,683,455 USD 1,011,126 11/07/2018 BNP Paribas (44,044) -SEK 17,828 USD 2,016 11/07/2018 National Australia Bank (30) -SEK 17,595 USD 1,981 11/07/2018 RBC (21) -SGD 3,370 USD 2,473 11/07/2018 Citibank (1) -SGD 1,788,588 USD 1,338,970 11/07/2018 Merrill Lynch (27,066) -SGD 3,432 USD 2,529 11/07/2018 Standard Chartered (11) -USD 1,306 AUD 1,771 02/07/2018 National Australia Bank (3) -USD 30,540 AUD 41,365 11/07/2018 BNP Paribas (16) -USD 46,625 AUD 63,219 11/07/2018 Citibank (74) -USD 50,089 AUD 67,836 11/07/2018 HSBC (20) -USD 6,922 AUD 9,397 11/07/2018 National Australia Bank (19) -USD 79,113 CHF 78,745 02/07/2018 ANZ (138) -USD 150,038 CHF 149,313 11/07/2018 Barclays (332) -USD 145,724 CHF 144,900 11/07/2018 BNP Paribas (202) -

227

JPMorgan Funds - Emerging Markets Corporate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

USD 61,083 CHF 60,769 11/07/2018 Merrill Lynch (116) -USD 7,271 CHF 7,254 11/07/2018 UBS (34) -USD 807,465 EUR 696,449 11/07/2018 BNP Paribas (3,884) -USD 6,112,474 EUR 5,277,034 11/07/2018 Citibank (35,163) -USD 593,731 EUR 511,268 11/07/2018 Merrill Lynch (1,886) -USD 4,838,085 EUR 4,170,652 11/07/2018 National Australia Bank (20,640) -USD 4,677,121 EUR 4,040,092 11/07/2018 RBC (29,503) -USD 1,091,244 EUR 940,581 11/07/2018 State Street (4,514) -USD 374,442 EUR 322,110 11/07/2018 Toronto-Dominion Bank (810) -USD 41,985 GBP 31,956 02/07/2018 BNP Paribas (66) -USD 6,275 GBP 4,793 03/07/2018 National Australia Bank (33) -USD 263,249 GBP 200,110 11/07/2018 Citibank (167) -

Total Unrealised Loss on Forward Currency Exchange Contracts (21,145,434) (0.89)

Net Unrealised Loss on Forward Currency Exchange Contracts (20,550,465) (0.87)

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

US 10 Year Note, 19/09/2018 994 USD 119,474,141 16,147 -US 2 Year Note, 28/09/2018 (6) USD (1,271,016) 172 -US 5 Year Note, 28/09/2018 (1,006) USD (114,287,102) 35,917 -US Long Bond, 19/09/2018 338 USD 49,068,094 73,140 0.01

Total Unrealised Gain on Financial Futures Contracts 125,376 0.01

US 10 Year Note, 19/09/2018 (12) USD (1,442,344) (94) -US 2 Year Note, 28/09/2018 207 USD 43,850,039 (4,547) -US Long Bond, 19/09/2018 (3) USD (435,515) (609) -

Total Unrealised Loss on Financial Futures Contracts (5,250) -

Net Unrealised Gain on Financial Futures Contracts 120,126 0.01

Credit Default Swap Contracts

NominalAmount Currency Counterparty Reference Entity Buy/Sell

Interest(Paid)/

ReceivedMaturity

Date

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

35,900,000 USD Citibank Turkey Government Bond 11.875%15/01/2030 Buy (1.00)% 20/09/2023 3,331,438 3,331,438 0.14

24,100,000 USD Goldman Sachs Turkey Government Bond 11.875%15/01/2030 Buy (1.00)% 20/06/2023 2,079,288 2,079,288 0.09

Total Unrealised Gain on Credit Default Swap Contracts 5,410,726 5,410,726 0.23

Net Unrealised Gain on Credit Default Swap Contracts 5,410,726 5,410,726 0.23

228

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

AngolaAngola Government Bond, Reg. S 9.5%12/11/2025 USD 16,801,000 18,364,837 0.87Angola Government Bond, Reg. S8.25% 09/05/2028 USD 13,210,000 13,262,576 0.63Angola Government Bond, Reg. S9.375% 08/05/2048 USD 12,650,000 12,816,221 0.60

44,443,634 2.10

ArgentinaArgentina Government Bond 8.28%31/12/2033 USD 10,978,953 10,601,003 0.50Argentina Government Bond 7.625%22/04/2046 USD 4,650,000 3,844,783 0.18Argentina Government Bond 6.875%11/01/2048 USD 3,065,000 2,357,291 0.11Argentina Government Bond 7.125%28/06/2117 USD 11,053,000 8,645,270 0.41Argentina Government Bond, FRN 0%15/12/2035 USD 24,920,455 1,477,160 0.07Argentina Government Bond 6.875%22/04/2021 USD 50,083,000 49,979,579 2.37Pampa Energia SA, Reg. S 7.375%21/07/2023 USD 4,981,000 4,779,145 0.23Provincia de Buenos Aires, Reg. S9.95% 09/06/2021 USD 15,198,736 15,813,221 0.75Provincia de Cordoba, Reg. S 7.125%10/06/2021 USD 2,505,000 2,426,756 0.11Provincia de Cordoba, Reg. S 7.45%01/09/2024 USD 2,970,000 2,699,819 0.13Provincia de Cordoba, Reg. S 7.125%01/08/2027 USD 6,726,000 5,729,913 0.27Provincia de Mendoza Argentina,Reg. S 8.375% 19/05/2024 USD 4,300,000 3,969,631 0.19YPF SA, Reg. S 8.5% 23/03/2021 USD 3,812,000 3,888,030 0.18YPF SA, Reg. S 8.75% 04/04/2024 USD 12,722,000 12,655,909 0.60

128,867,510 6.10

ArmeniaArmenia Government Bond, Reg. S 6%30/09/2020 USD 1,100,000 1,128,809 0.05Armenia Government Bond, Reg. S7.15% 26/03/2025 USD 15,253,000 16,013,591 0.76

17,142,400 0.81

AzerbaijanAzerbaijan Government Bond, Reg. S4.75% 18/03/2024 USD 4,600,000 4,568,720 0.22State Oil Co. of the AzerbaijanRepublic, Reg. S 6.95% 18/03/2030 USD 21,061,000 22,573,496 1.07

27,142,216 1.29

BahrainBahrain Government Bond, Reg. S5.5% 31/03/2020 USD 3,263,000 3,230,158 0.15Bahrain Government Bond, Reg. S5.875% 26/01/2021 USD 5,865,000 5,799,635 0.28Bahrain Government Bond, Reg. S6.125% 05/07/2022 USD 7,500,000 7,335,937 0.35

16,365,730 0.78

BelarusBelarus Government Bond, Reg. S6.875% 28/02/2023 USD 3,744,000 3,886,759 0.18Belarus Government Bond, Reg. S7.625% 29/06/2027 USD 19,216,000 20,138,368 0.95Belarus Government Bond, Reg. S 6.2%28/02/2030 USD 8,379,000 7,940,652 0.38

31,965,779 1.51

BermudaBermuda Government Bond, Reg. S4.138% 03/01/2023 USD 2,057,000 2,077,467 0.10Bermuda Government Bond, Reg. S4.854% 06/02/2024 USD 2,757,000 2,837,105 0.13Bermuda Government Bond, Reg. S3.717% 25/01/2027 USD 2,670,000 2,508,371 0.12

7,422,943 0.35

BrazilBrazil Government Bond 6%07/04/2026 USD 16,190,000 16,655,058 0.79Brazil Government Bond 8.25%20/01/2034 USD 6,180,000 7,139,599 0.34Brazil Government Bond 5%27/01/2045 USD 11,100,000 8,846,145 0.42Caixa Economica Federal, Reg. S, FRN7.25% 23/07/2024 USD 12,038,000 12,086,934 0.57Cemig Geracao e Transmissao SA,Reg. S 9.25% 05/12/2024 USD 5,570,000 5,677,557 0.27Votorantim Cimentos SA, Reg. S 7.25%05/04/2041 USD 4,800,000 4,792,632 0.22

55,197,925 2.61

Cayman IslandsShimao Property Holdings Ltd., Reg. S8.375% 10/02/2022 USD 3,700,000 3,898,687 0.18

3,898,687 0.18

ChileCorp. Nacional del Cobre de Chile,Reg. S 4.5% 16/09/2025 USD 9,163,000 9,368,893 0.44

9,368,893 0.44

ColombiaColombia Government Bond 4%26/02/2024 USD 8,127,000 8,134,924 0.39Colombia Government Bond 3.875%25/04/2027 USD 2,100,000 2,034,060 0.10Colombia Government Bond 10.375%28/01/2033 USD 3,858,000 5,965,359 0.28Colombia Government Bond 7.375%18/09/2037 USD 5,627,000 7,066,105 0.34Colombia Government Bond 5%15/06/2045 USD 34,422,000 33,876,411 1.60Ecopetrol SA 5.875% 18/09/2023 USD 11,015,000 11,696,168 0.55Ecopetrol SA 5.375% 26/06/2026 USD 9,710,000 9,967,024 0.47

78,740,051 3.73

Costa RicaCosta Rica Government Bond, Reg. S4.25% 26/01/2023 USD 1,761,000 1,683,437 0.08Costa Rica Government Bond, Reg. S4.375% 30/04/2025 USD 2,119,000 1,969,992 0.09Costa Rica Government Bond, Reg. S7% 04/04/2044 USD 7,300,000 7,156,153 0.34Costa Rica Government Bond, Reg. S7.158% 12/03/2045 USD 18,087,000 18,043,049 0.86Instituto Costarricense de Electricidad,Reg. S 6.375% 15/05/2043 USD 6,529,000 5,460,007 0.26

34,312,638 1.63

CroatiaCroatia Government Bond, Reg. S6.75% 05/11/2019 USD 11,807,000 12,319,188 0.58Croatia Government Bond, Reg. S 6%26/01/2024 USD 14,459,000 15,565,547 0.74Hrvatska Elektroprivreda, Reg. S5.875% 23/10/2022 USD 2,398,000 2,510,214 0.12

30,394,949 1.44

Dominican RepublicDominican Republic Government Bond,Reg. S 5.875% 18/04/2024 USD 16,280,000 16,712,153 0.79Dominican Republic Government Bond,Reg. S 6.875% 29/01/2026 USD 13,360,000 14,164,472 0.67Dominican Republic Government Bond,Reg. S 5.95% 25/01/2027 USD 7,798,000 7,828,178 0.37Dominican Republic Government Bond,Reg. S 7.45% 30/04/2044 USD 6,559,000 6,932,207 0.33Dominican Republic Government Bond,Reg. S 6.5% 15/02/2048 USD 2,537,000 2,430,053 0.12

48,067,063 2.28

EcuadorEcuador Government Bond, Reg. S10.5% 24/03/2020 USD 1,200,000 1,229,214 0.06Ecuador Government Bond, Reg. S10.75% 28/03/2022 USD 5,500,000 5,652,845 0.27Ecuador Government Bond, Reg. S8.75% 02/06/2023 USD 3,795,000 3,565,308 0.17Ecuador Government Bond, Reg. S7.95% 20/06/2024 USD 9,705,000 8,661,712 0.41Ecuador Government Bond, Reg. S9.65% 13/12/2026 USD 3,445,000 3,236,853 0.15

229

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Ecuador Government Bond, Reg. S8.875% 23/10/2027 USD 5,442,000 4,863,461 0.23Petroamazonas EP, Reg. S 4.625%16/02/2020 USD 5,880,000 5,540,930 0.26Petroamazonas EP, Reg. S 4.625%06/11/2020 USD 4,350,000 3,957,630 0.19

36,707,953 1.74

EgyptEgypt Government Bond, Reg. S6.125% 31/01/2022 USD 4,700,000 4,641,344 0.22Egypt Government Bond, Reg. S5.875% 11/06/2025 USD 11,610,000 10,855,524 0.51Egypt Government Bond, Reg. S 7.5%31/01/2027 USD 8,968,000 8,870,428 0.42Egypt Government Bond, Reg. S 8.5%31/01/2047 USD 7,568,000 7,419,516 0.35Egypt Government Bond, Reg. S7.903% 21/02/2048 USD 8,013,000 7,374,164 0.35

39,160,976 1.85

El SalvadorEl Salvador Government Bond, Reg. S7.375% 01/12/2019 USD 4,582,000 4,715,657 0.22El Salvador Government Bond, Reg. S7.75% 24/01/2023 USD 4,232,000 4,452,339 0.21El Salvador Government Bond, Reg. S5.875% 30/01/2025 USD 6,010,000 5,662,802 0.27El Salvador Government Bond, Reg. S6.375% 18/01/2027 USD 2,827,000 2,675,261 0.13El Salvador Government Bond, Reg. S8.25% 10/04/2032 USD 6,356,000 6,586,310 0.31El Salvador Government Bond, Reg. S7.65% 15/06/2035 USD 20,971,000 20,589,223 0.98El Salvador Government Bond, Reg. S7.625% 01/02/2041 USD 7,365,000 7,182,569 0.34

51,864,161 2.46

EthiopiaEthiopia Government Bond, Reg. S6.625% 11/12/2024 USD 10,489,000 10,281,842 0.49

10,281,842 0.49

GabonGabon Government Bond, Reg. S6.95% 16/06/2025 USD 3,989,000 3,621,693 0.17

3,621,693 0.17

GeorgiaGeorgia Government Bond, Reg. S6.875% 12/04/2021 USD 2,200,000 2,346,113 0.11Georgian Railway JSC, Reg. S 7.75%11/07/2022 USD 2,200,000 2,318,481 0.11

4,664,594 0.22

GhanaGhana Government Bond, Reg. S8.125% 18/01/2026 USD 9,991,397 10,253,222 0.49

10,253,222 0.49

HondurasHonduras Government Bond, Reg. S8.75% 16/12/2020 USD 16,394,000 17,796,425 0.84Honduras Government Bond, Reg. S7.5% 15/03/2024 USD 1,000,000 1,071,370 0.05Honduras Government Bond, Reg. S6.25% 19/01/2027 USD 2,200,000 2,214,641 0.11

21,082,436 1.00

HungaryHungary Government Bond 5.375%21/02/2023 USD 12,054,000 12,778,446 0.61Hungary Government Bond 5.75%22/11/2023 USD 29,534,000 31,836,766 1.51Hungary Government Bond 5.375%25/03/2024 USD 12,134,000 12,912,214 0.61MFB Magyar Fejlesztesi Bank Zrt.,Reg. S 6.25% 21/10/2020 USD 2,460,000 2,584,685 0.12

60,112,111 2.85

IndiaIDBI Bank Ltd., Reg. S 3.75%25/01/2019 USD 3,900,000 3,893,916 0.18

3,893,916 0.18

IndonesiaIndonesia Government Bond, Reg. S5.875% 15/01/2024 USD 3,200,000 3,431,757 0.16Indonesia Government Bond, Reg. S4.125% 15/01/2025 USD 3,000,000 2,952,301 0.14Indonesia Government Bond, Reg. S4.35% 08/01/2027 USD 9,748,000 9,617,114 0.46Indonesia Government Bond, Reg. S6.625% 17/02/2037 USD 13,890,000 15,986,900 0.76Indonesia Government Bond, Reg. S6.75% 15/01/2044 USD 1,624,000 1,936,469 0.09Indonesia Government Bond, Reg. S5.95% 08/01/2046 USD 5,456,000 5,995,867 0.28Pertamina Persero PT, Reg. S 6.5%27/05/2041 USD 4,680,000 4,942,339 0.23Pertamina Persero PT, Reg. S 6.45%30/05/2044 USD 13,552,000 14,256,704 0.68Perusahaan Listrik Negara PT, Reg. S4.125% 15/05/2027 USD 3,000,000 2,768,295 0.13Perusahaan Listrik Negara PT, Reg. S5.25% 15/05/2047 USD 4,100,000 3,732,640 0.18Perusahaan Listrik Negara PT, Reg. S6.15% 21/05/2048 USD 4,700,000 4,751,395 0.22

70,371,781 3.33

IraqIraq Government Bond, Reg. S 6.752%09/03/2023 USD 12,726,000 12,261,119 0.58Iraq Government Bond, Reg. S 5.8%15/01/2028 USD 12,221,000 11,002,566 0.52

23,263,685 1.10

IrelandGTLK Europe DAC, Reg. S 5.125%31/05/2024 USD 9,358,000 8,874,706 0.42Vnesheconombank, Reg. S 4.224%21/11/2018 USD 4,500,000 4,508,573 0.21Vnesheconombank, Reg. S 6.025%05/07/2022 USD 7,993,000 8,228,394 0.39Vnesheconombank, Reg. S 5.942%21/11/2023 USD 7,798,000 8,037,983 0.38

29,649,656 1.40

Ivory CoastIvory Coast Government Bond, Reg. S6.375% 03/03/2028 USD 4,058,000 3,839,944 0.18Ivory Coast Government Bond, Reg. S6.625% 22/03/2048 EUR 9,140,000 10,054,346 0.48Ivory Coast Government Bond, STEP,Reg. S 5.75% 31/12/2032 USD 5,087,880 4,734,603 0.22

18,628,893 0.88

JamaicaJamaica Government Bond 8%24/06/2019 USD 1,300,000 1,332,500 0.06Jamaica Government Bond 9.25%17/10/2025 USD 2,974,000 3,737,679 0.18Jamaica Government Bond 8%15/03/2039 USD 15,165,000 17,122,498 0.81

22,192,677 1.05

JordanJordan Government Bond, Reg. S7.375% 10/10/2047 USD 5,410,000 4,984,206 0.23Jordan Government Bond, Reg. S5.75% 31/01/2027 USD 1,090,000 1,014,915 0.05

5,999,121 0.28

KazakhstanKazakhstan Government Bond, Reg. S3.875% 14/10/2024 USD 2,480,000 2,492,673 0.12Kazakhstan Government Bond, Reg. S5.125% 21/07/2025 USD 5,500,000 5,807,422 0.28Kazakhstan Government Bond, Reg. S4.875% 14/10/2044 USD 8,188,000 7,942,237 0.38Kazakhstan Government Bond, Reg. S6.5% 21/07/2045 USD 4,500,000 5,313,533 0.25

230

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Kazakhstan Temir Zholy National Co.JSC, Reg. S 4.85% 17/11/2027 USD 10,372,000 10,053,891 0.48KazMunayGas National Co. JSC, Reg. S9.125% 02/07/2018 USD 3,885,000 3,892,284 0.18KazMunayGas National Co. JSC, Reg. S4.4% 30/04/2023 USD 6,170,000 6,127,149 0.29KazMunayGas National Co. JSC, Reg. S4.75% 19/04/2027 USD 4,500,000 4,398,998 0.21KazMunayGas National Co. JSC, Reg. S5.75% 19/04/2047 USD 5,800,000 5,543,553 0.26KazMunayGas National Co. JSC, Reg. S6.375% 24/10/2048 USD 10,320,000 10,417,627 0.49

61,989,367 2.94

KenyaKenya Government Bond, Reg. S6.875% 24/06/2024 USD 15,596,000 15,438,792 0.73Kenya Government Bond, Reg. S 7.25%28/02/2028 USD 3,650,000 3,513,198 0.17Kenya Government Bond, Reg. S 8.25%28/02/2048 USD 6,700,000 6,288,520 0.30

25,240,510 1.20

LebanonLebanon Government Bond 6.375%09/03/2020 USD 24,602,000 23,652,363 1.12Lebanon Government Bond, Reg. S8.25% 12/04/2021 USD 26,399,000 25,375,906 1.20

49,028,269 2.32

LuxembourgRussian Agricultural Bank OJSC, Reg. S8.5% 16/10/2023 USD 9,748,000 10,477,248 0.50Sberbank of Russia, Reg. S 6.125%07/02/2022 USD 12,200,000 12,752,721 0.60

23,229,969 1.10

MacedoniaFormer Yugoslav Republic ofMacedonia, Reg. S 2.75% 18/01/2025 EUR 3,938,000 4,517,852 0.21

4,517,852 0.21

MexicoBanco Mercantil del Norte SA, Reg. S,FRN 6.875% Perpetual USD 5,160,000 5,096,842 0.24Banco Nacional de Comercio ExteriorSNC, Reg. S 4.375% 14/10/2025 USD 3,390,000 3,314,894 0.16Banco Nacional de Comercio ExteriorSNC, Reg. S, FRN 3.8% 11/08/2026 USD 3,170,000 3,061,364 0.15Mexico City Airport Trust, Reg. S 5.5%31/07/2047 USD 981,000 867,076 0.04Mexico Government Bond 3.375%23/02/2031 EUR 3,520,000 4,531,128 0.21Mexico Government Bond 5.55%21/01/2045 USD 12,151,000 12,868,213 0.61Mexico Government Bond 4.6%23/01/2046 USD 4,300,000 3,989,970 0.19Petroleos Mexicanos 5.375%13/03/2022 USD 23,534,000 24,138,824 1.14Petroleos Mexicanos 6.5% 13/03/2027 USD 17,000,000 17,494,870 0.83Petroleos Mexicanos 6.75%21/09/2047 USD 19,571,000 18,650,380 0.88Petroleos Mexicanos, FRN 5.977%11/03/2022 USD 4,853,000 5,205,595 0.25

99,219,156 4.70

MongoliaMongolia Government Bond, Reg. S10.875% 06/04/2021 USD 11,160,000 12,467,383 0.59Mongolia Government Bond, Reg. S5.625% 01/05/2023 USD 2,300,000 2,182,663 0.10Mongolia Government Bond, Reg. S8.75% 09/03/2024 USD 5,499,000 5,913,586 0.28

20,563,632 0.97

MoroccoMorocco Government Bond, Reg. S5.5% 11/12/2042 USD 2,823,000 2,873,546 0.14OCP SA, Reg. S 6.875% 25/04/2044 USD 5,252,000 5,529,043 0.26

8,402,589 0.40

NetherlandsKazakhstan Temir Zholy Finance BV,Reg. S 6.95% 10/07/2042 USD 5,376,000 5,846,400 0.28Minejesa Capital BV, Reg. S 4.625%10/08/2030 USD 7,868,000 7,188,624 0.34VTR Finance BV, Reg. S 6.875%15/01/2024 USD 4,800,000 4,852,392 0.23

17,887,416 0.85

NigeriaNigeria Government Bond, Reg. S 6.5%28/11/2027 USD 15,316,000 14,297,409 0.68Nigeria Government Bond, Reg. S7.143% 23/02/2030 USD 8,200,000 7,767,081 0.37Nigeria Government Bond, Reg. S7.696% 23/02/2038 USD 11,736,000 11,124,437 0.52Nigeria Government Bond, Reg. S7.625% 28/11/2047 USD 9,485,000 8,686,126 0.41

41,875,053 1.98

OmanOman Government Bond, Reg. S3.625% 15/06/2021 USD 1,116,000 1,082,628 0.05Oman Government Bond, Reg. S 4.75%15/06/2026 USD 16,054,000 14,750,014 0.70Oman Government Bond, Reg. S5.375% 08/03/2027 USD 9,748,000 9,204,062 0.44Oman Government Bond, Reg. S 6.75%17/01/2048 USD 6,624,000 6,022,673 0.28Oman Government Bond, Reg. S 6.5%08/03/2047 USD 24,135,000 21,706,295 1.03

52,765,672 2.50

PakistanPakistan Government Bond, Reg. S7.25% 15/04/2019 USD 18,494,000 18,323,949 0.87

18,323,949 0.87

PanamaPanama Government Bond 8.875%30/09/2027 USD 7,506,000 10,114,710 0.48Panama Government Bond 9.375%01/04/2029 USD 5,117,000 7,209,213 0.34Panama Government Bond 6.7%26/01/2036 USD 4,909,000 6,038,929 0.29Panama Government Bond 4.5%15/05/2047 USD 7,798,000 7,641,845 0.36Panama Government Bond 4.3%29/04/2053 USD 12,950,000 12,235,808 0.58

43,240,505 2.05

ParaguayParaguay Government Bond, Reg. S 5%15/04/2026 USD 9,320,000 9,448,150 0.45Paraguay Government Bond, Reg. S4.7% 27/03/2027 USD 5,970,000 5,880,450 0.28Paraguay Government Bond, Reg. S6.1% 11/08/2044 USD 18,064,000 18,786,560 0.89Paraguay Government Bond, Reg. S5.6% 13/03/2048 USD 5,900,000 5,810,674 0.27

39,925,834 1.89

PeruCia Minera Milpo SAA, Reg. S 4.625%28/03/2023 USD 5,786,000 5,728,285 0.27Consorcio Transmantaro SA, Reg. S4.375% 07/05/2023 USD 2,230,000 2,206,317 0.11Petroleos del Peru SA, Reg. S 4.75%19/06/2032 USD 5,750,000 5,506,056 0.26Petroleos del Peru SA, Reg. S 5.625%19/06/2047 USD 3,950,000 3,851,902 0.18

17,292,560 0.82

PhilippinesPhilippine Government Bond 7.75%14/01/2031 USD 10,295,000 13,568,402 0.64

13,568,402 0.64

231

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

RomaniaRomania Government Bond, Reg. S6.75% 07/02/2022 USD 3,422,000 3,734,942 0.18Romania Government Bond, Reg. S4.375% 22/08/2023 USD 6,944,000 7,014,829 0.33Romania Government Bond, Reg. S4.875% 22/01/2024 USD 8,556,000 8,819,097 0.42

19,568,868 0.93

RussiaRussian Foreign Bond - Eurobond, Reg.S 5.875% 16/09/2043 USD 12,400,000 13,354,056 0.63

13,354,056 0.63

SenegalSenegal Government Bond, Reg. S6.25% 23/05/2033 USD 1,873,000 1,670,126 0.08Senegal Government Bond, Reg. S6.75% 13/03/2048 USD 8,817,000 7,574,949 0.36

9,245,075 0.44

SerbiaSerbia Government Bond, Reg. S4.875% 25/02/2020 USD 8,481,000 8,626,364 0.41Serbia Government Bond, Reg. S 7.25%28/09/2021 USD 13,452,000 14,705,659 0.70

23,332,023 1.11

South AfricaEskom Holdings SOC Ltd., Reg. S 5.75%26/01/2021 USD 17,035,000 16,503,764 0.78Eskom Holdings SOC Ltd., Reg. S 6.75%06/08/2023 USD 4,560,000 4,371,512 0.21Eskom Holdings SOC Ltd., Reg. S7.125% 11/02/2025 USD 5,100,000 4,891,818 0.23South Africa Government Bond 5.5%09/03/2020 USD 7,223,000 7,423,836 0.35South Africa Government Bond 5.875%30/05/2022 USD 2,000,000 2,098,100 0.10South Africa Government Bond 5.375%24/07/2044 USD 6,840,000 6,014,583 0.28South Africa Government Bond 5%12/10/2046 USD 6,900,000 5,759,430 0.27South Africa Government Bond 8.75%28/02/2048 ZAR 163,618,324 10,760,962 0.51Transnet SOC Ltd., Reg. S 4%26/07/2022 USD 2,800,000 2,661,414 0.13

60,485,419 2.86

Sri LankaNational Savings Bank, Reg. S 8.875%18/09/2018 USD 5,117,000 5,153,305 0.24Sri Lanka Government Bond, Reg. S6.25% 04/10/2020 USD 10,292,000 10,445,862 0.50Sri Lanka Government Bond, Reg. S5.875% 25/07/2022 USD 4,200,000 4,134,152 0.20Sri Lanka Government Bond, Reg. S5.75% 18/04/2023 USD 11,040,000 10,597,407 0.50Sri Lanka Government Bond, Reg. S6.85% 03/11/2025 USD 2,850,000 2,764,617 0.13Sri Lanka Government Bond, Reg. S6.825% 18/07/2026 USD 5,000,000 4,800,765 0.23Sri Lanka Government Bond, Reg. S6.2% 11/05/2027 USD 9,972,000 9,124,720 0.43

47,020,828 2.23

TajikistanTajikistan Government Bond, Reg. S7.125% 14/09/2027 USD 2,130,000 1,898,448 0.09

1,898,448 0.09

Trinidad and TobagoPetroleum Co. of Trinidad & TobagoLtd., Reg. S 9.75% 14/08/2019 USD 4,612,000 4,744,802 0.22

4,744,802 0.22

TunisiaBanque Centrale de TunisieInternational Bond, Reg. S 5.75%30/01/2025 USD 4,290,000 3,791,545 0.18

3,791,545 0.18

TurkeyTC Ziraat Bankasi A/S, Reg. S 5.125%29/09/2023 USD 5,163,000 4,600,156 0.22Turkey Government Bond 6.25%26/09/2022 USD 6,822,000 6,855,564 0.33Turkey Government Bond 3.25%23/03/2023 USD 29,954,000 26,638,092 1.26Turkey Government Bond 5.75%22/03/2024 USD 3,093,000 2,987,374 0.14Turkey Government Bond 7.375%05/02/2025 USD 11,212,000 11,624,041 0.55Turkey Government Bond 6%25/03/2027 USD 6,600,000 6,215,616 0.29Turkey Government Bond 6%14/01/2041 USD 10,034,000 8,532,864 0.40Turkey Government Bond 4.875%16/04/2043 USD 8,352,000 6,240,823 0.30

73,694,530 3.49

UkraineUkraine Government Bond, Reg. S7.75% 01/09/2020 USD 18,322,000 18,265,202 0.87Ukraine Government Bond, Reg. S7.75% 01/09/2021 USD 6,880,000 6,802,600 0.32Ukraine Government Bond, Reg. S7.75% 01/09/2024 USD 4,484,000 4,264,620 0.20Ukraine Government Bond, Reg. S7.75% 01/09/2025 USD 7,556,000 7,105,436 0.34

36,437,858 1.73

United KingdomState Savings Bank of Ukraine, STEP,Reg. S 9.375% 10/03/2023 USD 8,724,000 8,825,635 0.42State Savings Bank of Ukraine, STEP,Reg. S 9.625% 20/03/2025 USD 6,900,000 6,946,126 0.33Ukreximbank, Reg. S 9.625%27/04/2022 USD 8,512,000 8,595,545 0.41Vedanta Resources plc, Reg. S 6.375%30/07/2022 USD 11,015,000 10,459,789 0.49

34,827,095 1.65

United States of AmericaUS Treasury 0.75% 30/09/2018 USD 1,004,400 1,001,477 0.05

1,001,477 0.05

UruguayUruguay Government Bond 7.875%15/01/2033 USD 7,813,541 10,249,608 0.49Uruguay Government Bond 7.625%21/03/2036 USD 6,891,360 8,956,701 0.42Uruguay Government Bond 5.1%18/06/2050 USD 17,988,210 17,899,168 0.85Uruguay Government Bond 4.975%20/04/2055 USD 12,840,000 12,451,590 0.59

49,557,067 2.35

Venezuela, Bolivarian Republic ofPetroleos de Venezuela SA, Reg. S12.75% 17/02/2022§ USD 4,425,500 1,132,994 0.05Petroleos de Venezuela SA, Reg. S5.375% 12/04/2027§ USD 15,606,100 3,667,433 0.17Petroleos de Venezuela SA, Reg. S9.75% 17/05/2035§ USD 4,854,357 1,167,764 0.06Petroleos de Venezuela SA, Reg. S5.5% 12/04/2037§ USD 2,047,000 465,293 0.02Venezuela Government Bond, Reg. S7.75% 13/10/2019§ USD 3,351,300 921,691 0.04Venezuela Government Bond, Reg. S6% 09/12/2020§ USD 2,018,000 544,860 0.03Venezuela Government Bond, Reg. S12.75% 23/08/2022§ USD 4,064,800 1,148,408 0.05Venezuela Government Bond, Reg. S9% 07/05/2023§ USD 18,903,900 5,208,497 0.25Venezuela Government Bond, Reg. S8.25% 13/10/2024§ USD 7,802,100 2,145,773 0.10Venezuela Government Bond, Reg. S7.65% 21/04/2025§ USD 6,245,000 1,698,640 0.08Venezuela Government Bond, Reg. S11.75% 21/10/2026§ USD 3,460,400 994,952 0.05Venezuela Government Bond, Reg. S9.25% 07/05/2028§ USD 8,082,800 2,208,827 0.11

21,305,132 1.01

232

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

VietnamVietnam Government Bond, Reg. S6.75% 29/01/2020 USD 1,437,000 1,490,226 0.07

1,490,226 0.07

Virgin Islands, BritishFranshion Development Ltd., Reg. S6.75% 15/04/2021 USD 2,900,000 3,081,294 0.15GTL Trade Finance, Inc., Reg. S 5.893%29/04/2024 USD 5,842,000 5,912,075 0.28

8,993,369 0.43

ZambiaZambia Government Bond, Reg. S5.375% 20/09/2022 USD 12,583,000 10,534,047 0.50

10,534,047 0.50

Total Bonds 1,903,431,735 90.15

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 1,903,431,735 90.15

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

AzerbaijanAzerbaijan Government Bond, Reg. S3.5% 01/09/2032 USD 5,200,000 4,296,630 0.20

4,296,630 0.20

BrazilItau Unibanco Holding SA, Reg. S, FRN6.125% Perpetual USD 6,000,000 5,640,390 0.27

5,640,390 0.27

MexicoCometa Energia SA de CV, Reg. S6.375% 24/04/2035 USD 13,210,000 12,696,924 0.60Petroleos Mexicanos 5.5% 21/01/2021 USD 18,716,000 19,224,326 0.91Petroleos Mexicanos 6.375%04/02/2021 USD 2,271,000 2,381,757 0.12

34,303,007 1.63

NetherlandsAngola Government Bond, Reg. S 7%17/08/2019 USD 3,354,063 3,378,480 0.16

3,378,480 0.16

PeruFondo MIVIVIENDA SA, Reg. S 3.5%31/01/2023 USD 3,900,000 3,767,049 0.18

3,767,049 0.18

Venezuela, Bolivarian Republic ofPetroleos de Venezuela SA, Reg. S8.5% 27/10/2020§ USD 3,894,750 3,328,765 0.16Petroleos de Venezuela SA, Reg. S 9%17/11/2021§ USD 3,284,976 799,826 0.04Petroleos de Venezuela SA, Reg. S 6%15/11/2026§ USD 12,296,571 2,636,447 0.12

6,765,038 0.32

Virgin Islands, British1MDB Global Investments Ltd., Reg. S4.4% 09/03/2023 USD 2,000,000 1,759,202 0.08

1,759,202 0.08

Total Bonds 59,909,796 2.84

Total Transferable securities and money market instrumentsdealt in on another regulated market 59,909,796 2.84

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund -JPM US Dollar Liquidity X (dist.)† USD 115,531,743 115,531,743 5.47

115,531,743 5.47

Total Collective Investment Schemes - UCITS 115,531,743 5.47

Total Units of authorised UCITS or other collective investmentundertakings 115,531,743 5.47

Total Investments 2,078,873,274 98.46

Cash 18,773,448 0.89

Other Assets/(Liabilities) 13,781,705 0.65

Total Net Assets 2,111,428,427 100.00

§ Security is currently in default.† Related Party Fund.

233

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsLuxembourg 6.57Mexico 6.33Argentina 6.10Colombia 3.73Turkey 3.49Indonesia 3.33Kazakhstan 2.94Brazil 2.88South Africa 2.86Hungary 2.85Oman 2.50El Salvador 2.46Uruguay 2.35Lebanon 2.32Dominican Republic 2.28Sri Lanka 2.23Angola 2.10Panama 2.05Nigeria 1.98Paraguay 1.89Egypt 1.85Ecuador 1.74Ukraine 1.73United Kingdom 1.65Costa Rica 1.63Belarus 1.51Azerbaijan 1.49Croatia 1.44Ireland 1.40Venezuela, Bolivarian Republic of 1.33Kenya 1.20Serbia 1.11Iraq 1.10Jamaica 1.05Netherlands 1.01Honduras 1.00Peru 1.00Mongolia 0.97Romania 0.93Ivory Coast 0.88Pakistan 0.87Armenia 0.81Bahrain 0.78Philippines 0.64Russia 0.63Virgin Islands, British 0.51Zambia 0.50Ethiopia 0.49Ghana 0.49Chile 0.44Senegal 0.44Morocco 0.40Bermuda 0.35Jordan 0.28Trinidad and Tobago 0.22Georgia 0.22Macedonia 0.21Cayman Islands 0.18India 0.18Tunisia 0.18Gabon 0.17Tajikistan 0.09Vietnam 0.07United States of America 0.05Total Investments 98.46Cash and Other Assets/(Liabilities) 1.54

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Argentina 6.10Mexico 5.71Lebanon 4.10Indonesia 4.07Ukraine 3.26Colombia 3.24Brazil 3.18Ecuador 3.04Kazakhstan 2.99Luxembourg 2.81Dominican Republic 2.75Hungary 2.68Uruguay 2.59Netherlands 2.29El Salvador 2.28South Africa 2.14Sri Lanka 2.13Egypt 2.10Croatia 2.06Panama 2.04Belarus 1.94Oman 1.94Costa Rica 1.89Turkey 1.74Pakistan 1.54Romania 1.46Jamaica 1.33Ireland 1.33Russia 1.24Peru 1.19Azerbaijan 1.15Serbia 1.10Zambia 1.08Ghana 1.06Kenya 1.02Philippines 1.01Paraguay 0.92Iraq 0.92United Kingdom 0.91Angola 0.91Venezuela, Bolivarian Republic of 0.90Honduras 0.80Virgin Islands, British 0.73Jordan 0.72Nigeria 0.72Namibia 0.71Tunisia 0.69Mongolia 0.58Armenia 0.47Chile 0.45Ivory Coast 0.43Morocco 0.41Gabon 0.41Senegal 0.37Bermuda 0.30Bahrain 0.27Trinidad and Tobago 0.23United Arab Emirates 0.20Ethiopia 0.19Cayman Islands 0.18India 0.18Cameroon 0.17Tajikistan 0.09Vietnam 0.07United States of America 0.05Total Investments 97.56Cash and Other Assets/(Liabilities) 2.44

Total 100.00

234

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

AUD 43,456 USD 32,028 02/07/2018 Merrill Lynch 72 -AUD 100,780 USD 74,182 11/07/2018 Barclays 262 -AUD 18,836 USD 13,846 11/07/2018 Goldman Sachs 68 -AUD 1,641 USD 1,209 11/07/2018 Standard Chartered 3 -AUD 14,364,812 USD 10,544,390 19/07/2018 HSBC 66,924 -CAD 14,887 USD 11,193 11/07/2018 RBC 99 -CAD 12,826 USD 9,632 11/07/2018 State Street 97 -CHF 168,240 USD 168,939 11/07/2018 Deutsche Bank 493 -EUR 515,446 USD 597,596 02/07/2018 BNP Paribas 2,548 -EUR 840,193 USD 974,219 11/07/2018 ANZ 4,589 -EUR 7,269,291 USD 8,462,355 11/07/2018 Barclays 6,221 -EUR 4,417,441 USD 5,098,451 11/07/2018 Deutsche Bank 47,777 -EUR 131,596 USD 152,378 11/07/2018 National Australia Bank 929 -EUR 1,953 USD 2,257 11/07/2018 Standard Chartered 17 -GBP 368,944 USD 484,314 11/07/2018 Goldman Sachs 1,347 -GBP 1,774 USD 2,323 11/07/2018 National Australia Bank 12 -MXN 450,277,712 EUR 18,324,755 28/09/2018 Citibank 1,078,984 0.05USD 18,860 AUD 25,374 11/07/2018 ANZ 117 -USD 161,727 AUD 216,890 11/07/2018 Barclays 1,515 -USD 28,481 AUD 37,717 11/07/2018 Goldman Sachs 620 -USD 182,180 AUD 239,954 11/07/2018 Merrill Lynch 4,932 -USD 66,966 AUD 90,228 11/07/2018 National Australia Bank 317 -USD 94,645 AUD 125,877 11/07/2018 Standard Chartered 1,663 -USD 31,497 AUD 41,456 11/07/2018 State Street 874 -USD 14,330 AUD 19,357 11/07/2018 Toronto-Dominion Bank 32 -USD 10,561,297 AUD 14,145,156 19/07/2018 Goldman Sachs 112,243 0.01USD 10,694,833 AUD 14,056,871 19/07/2018 National Australia Bank 310,996 0.02USD 9,930 CAD 12,964 11/07/2018 BNP Paribas 97 -USD 5,061 CAD 6,660 11/07/2018 Deutsche Bank 10 -USD 3,690 CAD 4,779 11/07/2018 National Australia Bank 65 -USD 6,534 CAD 8,471 11/07/2018 RBC 109 -USD 9,057 CAD 11,794 11/07/2018 Societe Generale 112 -USD 217,896 CHF 215,256 11/07/2018 Deutsche Bank 1,116 -USD 62,286 CHF 61,150 11/07/2018 Goldman Sachs 703 -USD 154,654 CHF 152,438 11/07/2018 Merrill Lynch 1,137 -USD 21,277,922 CLP 13,682,581,164 19/07/2018 Credit Suisse 284,491 0.01USD 11,304,624 CNH 72,790,112 19/07/2018 Goldman Sachs 329,384 0.02USD 21,502,537 COP 62,155,990,464 19/07/2018 Credit Suisse 388,023 0.02USD 4,675,405 EUR 3,971,601 11/07/2018 BNP Paribas 48,571 -USD 1,973,757 EUR 1,692,702 11/07/2018 Citibank 1,793 -USD 3,030,123 EUR 2,564,767 11/07/2018 Deutsche Bank 42,222 -USD 560,620 EUR 479,440 11/07/2018 Merrill Lynch 2,082 -USD 8,097,118 EUR 6,850,236 11/07/2018 National Australia Bank 116,733 0.01USD 1,930,798 EUR 1,630,043 11/07/2018 RBC 31,832 -USD 1,764,809 EUR 1,513,844 11/07/2018 Toronto-Dominion Bank 1,212 -USD 11,227,308 EUR 9,497,867 19/07/2018 Barclays 155,719 0.01USD 500,292 EUR 424,707 28/09/2018 Standard Chartered 2,465 -USD 1,238,902 GBP 934,561 11/07/2018 ANZ 8,688 -USD 1,083,529 GBP 817,140 11/07/2018 Barclays 7,882 -USD 737,083 GBP 551,339 11/07/2018 BNP Paribas 11,324 -USD 706,427 GBP 536,386 11/07/2018 Deutsche Bank 352 -USD 4,222 GBP 3,170 11/07/2018 National Australia Bank 48 -USD 4,838 GBP 3,649 11/07/2018 Societe Generale 35 -USD 10,910,651 IDR 152,683,654,111 19/07/2018 Citibank 251,195 0.01USD 21,672,451 INR 1,469,392,192 19/07/2018 Merrill Lynch 280,924 0.01USD 11,008,869 KRW 11,829,909,947 19/07/2018 Standard Chartered 382,723 0.02USD 1,244 NZD 1,824 11/07/2018 BNP Paribas 10 -USD 2,774 NZD 4,022 11/07/2018 Merrill Lynch 54 -USD 5,201 NZD 7,444 11/07/2018 National Australia Bank 166 -USD 5,281 NZD 7,667 11/07/2018 RBC 96 -USD 9,417 NZD 13,496 11/07/2018 Standard Chartered 289 -USD 22,145,012 PHP 1,166,399,929 19/07/2018 Goldman Sachs 314,305 0.02USD 21,561,547 TWD 647,508,132 19/07/2018 Goldman Sachs 281,654 0.01USD 11,417,397 ZAR 158,724,083 28/09/2018 Barclays 56,976 -

Total Unrealised Gain on Forward Currency Exchange Contracts 4,648,348 0.22

AUD 116,017 USD 86,079 11/07/2018 Barclays (379) -AUD 19,943,457 USD 15,063,427 11/07/2018 Citibank (331,670) (0.02)AUD 5,013 USD 3,814 11/07/2018 Goldman Sachs (111) -AUD 51,946 USD 38,778 11/07/2018 Standard Chartered (407) -AUD 275,697 USD 203,899 11/07/2018 State Street (249) -CAD 5,649 USD 4,295 11/07/2018 Societe Generale (10) -CAD 2,486,340 USD 1,919,095 11/07/2018 Toronto-Dominion Bank (33,191) -CHF 32,872,061 USD 33,481,359 11/07/2018 Barclays (376,501) (0.02)CHF 193,336 USD 195,903 11/07/2018 Merrill Lynch (1,198) -CLP 6,678,349,202 USD 10,528,692 19/07/2018 Credit Suisse (281,980) (0.01)CLP 7,004,231,962 USD 11,077,387 19/07/2018 Goldman Sachs (330,668) (0.02)CNH 140,994,918 USD 22,003,886 19/07/2018 HSBC (744,775) (0.04)COP 62,155,990,464 USD 21,206,211 19/07/2018 Credit Suisse (91,697) -CZK 234,399,371 EUR 9,109,964 19/07/2018 HSBC (118,694) (0.01)CZK 237,351,181 USD 10,922,536 19/07/2018 BNP Paribas (289,581) (0.01)EUR 18,749,462 MXN 450,277,712 28/09/2018 Citibank (581,156) (0.03)

235

JPMorgan Funds - Emerging Markets Debt FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

EUR 5,265,602 USD 6,141,467 11/07/2018 ANZ (7,148) -EUR 801,340 USD 946,227 11/07/2018 BNP Paribas (12,683) -EUR 851,171,693 USD 1,008,163,332 11/07/2018 HSBC (16,565,687) (0.78)EUR 727,030 USD 859,184 11/07/2018 RBC (12,209) -EUR 917,589 USD 1,073,966 11/07/2018 State Street (4,993) -GBP 825,150 USD 1,105,346 11/07/2018 ANZ (19,156) -GBP 425,866 USD 564,055 11/07/2018 Barclays (3,464) -GBP 70,536,928 USD 94,850,055 11/07/2018 Citibank (1,998,430) (0.09)GBP 122,137 USD 162,370 11/07/2018 Merrill Lynch (1,594) -GBP 16,310 USD 21,640 11/07/2018 National Australia Bank (171) -GBP 13,431 USD 17,955 11/07/2018 Societe Generale (275) -GBP 232,696 USD 311,860 11/07/2018 State Street (5,550) -IDR 152,683,654,111 USD 10,882,655 19/07/2018 Citibank (223,199) (0.01)INR 740,374,735 USD 10,911,773 19/07/2018 Goldman Sachs (133,340) (0.01)KRW 11,829,909,947 USD 10,793,713 19/07/2018 Citibank (167,568) (0.01)NZD 6,147 USD 4,237 11/07/2018 Goldman Sachs (80) -NZD 1,028,547 USD 723,789 11/07/2018 HSBC (28,181) -NZD 5,291 USD 3,619 11/07/2018 Merrill Lynch (41) -NZD 2,807 USD 1,952 11/07/2018 Standard Chartered (53) -PHP 595,297,884 USD 11,154,167 19/07/2018 Citibank (12,385) -THB 362,764,741 USD 11,318,218 19/07/2018 BNP Paribas (364,119) (0.02)TWD 647,508,132 USD 21,778,595 19/07/2018 Merrill Lynch (498,702) (0.02)USD 13,845 AUD 18,836 03/07/2018 Goldman Sachs (68) -USD 36,316 AUD 49,243 11/07/2018 ANZ (59) -USD 37,278 AUD 50,544 11/07/2018 Barclays (57) -USD 57,317 AUD 77,716 11/07/2018 Citibank (91) -USD 108,316 AUD 146,693 11/07/2018 HSBC (42) -USD 32,029 AUD 43,456 11/07/2018 Merrill Lynch (71) -USD 7,431 CAD 9,828 11/07/2018 Deutsche Bank (24) -USD 7,025 CAD 9,321 11/07/2018 Goldman Sachs (45) -USD 13,971 CAD 18,560 11/07/2018 Merrill Lynch (107) -USD 244,922 CHF 243,739 11/07/2018 Barclays (543) -USD 130,258 CHF 129,521 11/07/2018 BNP Paribas (181) -USD 62,264 CHF 61,908 11/07/2018 Goldman Sachs (83) -USD 150,470 EUR 130,032 03/07/2018 National Australia Bank (929) -USD 25,912 EUR 22,306 11/07/2018 Barclays (74) -USD 599,900 EUR 517,096 11/07/2018 BNP Paribas (2,506) -USD 5,860,027 EUR 5,058,739 11/07/2018 Citibank (33,300) -USD 310,214 EUR 267,129 11/07/2018 Merrill Lynch (986) -USD 7,424,031 EUR 6,412,869 11/07/2018 RBC (46,831) -USD 1,974 EUR 1,700 11/07/2018 Standard Chartered (6) -USD 728,424 EUR 627,923 11/07/2018 Toronto-Dominion Bank (3,094) -USD 2,322 GBP 1,774 03/07/2018 National Australia Bank (12) -USD 187,351 GBP 142,416 11/07/2018 Citibank (119) -

Total Unrealised Loss on Forward Currency Exchange Contracts (23,330,523) (1.10)

Net Unrealised Loss on Forward Currency Exchange Contracts (18,682,175) (0.88)

Credit Default Swap Contracts

NominalAmount Currency Counterparty Reference Entity Buy/Sell

Interest(Paid)/

ReceivedMaturity

Date

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

103,500,000 USD Goldman Sachs Peru Government Bond 8.75%21/11/2033 Buy (1.00)% 20/06/2023 (512,120) 481,339 (0.02)

Total Unrealised Gain on Credit Default Swap Contracts (512,120) 481,339 (0.02)

103,500,000 USD Goldman Sachs China Government Bond 7.5%28/10/2027 Sell 1.00% 20/06/2023 1,283,158 (991,123) 0.06

Total Unrealised Loss on Credit Default Swap Contracts 1,283,158 (991,123) 0.06

Net Unrealised Loss on Credit Default Swap Contracts 771,038 (509,784) 0.04

236

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

BrazilBanco do Brasil SA BRL 361,758 2,675,007 0.88Banco Santander Brasil SA BRL 308,183 2,329,499 0.76Estacio Participacoes SA BRL 242,798 1,507,865 0.49IRB Brasil Resseguros S/A BRL 76,150 937,364 0.31Itau Unibanco Holding SA, ADRPreference USD 423,450 4,414,466 1.45Kroton Educacional SA BRL 595,575 1,463,619 0.48Metalurgica Gerdau SA Preference BRL 1,400,619 2,256,607 0.74MRV Engenharia e Participacoes SA BRL 405,532 1,263,188 0.41Petroleo Brasileiro SA Preference BRL 193,140 845,553 0.28Vale SA, ADR USD 327,310 4,223,936 1.39Via Varejo SA BRL 191,590 943,148 0.31

22,860,252 7.50

Cayman IslandsAlibaba Group Holding Ltd., ADR USD 63,756 11,850,646 3.89Baidu, Inc., ADR USD 21,290 5,226,376 1.71China Maple Leaf Educational SystemsLtd. HKD 370,000 667,747 0.22Country Garden Holdings Co. Ltd. HKD 1,556,000 2,734,769 0.90Daqo New Energy Corp., ADR USD 21,150 766,053 0.25General Interface Solution Holding Ltd. TWD 267,000 1,732,884 0.57IGG, Inc. HKD 1,207,000 1,541,423 0.51Kingboard Laminates Holdings Ltd. HKD 629,000 777,222 0.25Nexteer Automotive Group Ltd. HKD 396,000 583,445 0.19Tencent Holdings Ltd. HKD 381,900 19,162,924 6.28Tingyi Cayman Islands Holding Corp. HKD 398,000 922,704 0.30Want Want China Holdings Ltd. HKD 1,016,000 904,496 0.30Xinyi Solar Holdings Ltd. HKD 574,000 175,944 0.06Zhongsheng Group Holdings Ltd. HKD 338,500 1,014,927 0.33

48,061,560 15.76

ChinaAnhui Conch Cement Co. Ltd. ‘H’ HKD 530,000 3,038,042 1.00China Construction Bank Corp. ‘H’ HKD 8,736,000 8,066,734 2.65China Merchants Bank Co. Ltd. ‘H’ HKD 934,000 3,443,237 1.13China Shenhua Energy Co. Ltd. ‘H’ HKD 614,500 1,459,088 0.48China Vanke Co. Ltd. ‘H’ HKD 425,700 1,487,980 0.49Industrial & Commercial Bank of ChinaLtd. ‘H’ HKD 8,040,000 6,009,949 1.97PICC Property & Casualty Co. Ltd. ‘H’ HKD 2,361,000 2,547,239 0.84Ping An Insurance Group Co. of China Ltd.‘H’ HKD 684,000 6,292,013 2.06Shenzhen Expressway Co. Ltd. ‘H’ HKD 814,000 799,362 0.26Weichai Power Co. Ltd. ‘H’ HKD 898,000 1,236,081 0.41Yangtze Optical Fibre and Cable JointStock Ltd. Co., Reg. S ‘H’ HKD 153,000 619,617 0.20Yanzhou Coal Mining Co. Ltd. ‘H’ HKD 896,000 1,172,803 0.38

36,172,145 11.87

CyprusRos Agro plc, Reg. S, GDR USD 43,520 473,498 0.16

473,498 0.16

Hong KongFosun International Ltd. HKD 1,466,000 2,754,090 0.90Sinotruk Hong Kong Ltd. HKD 352,000 579,183 0.19

3,333,273 1.09

HungaryMOL Hungarian Oil & Gas plc HUF 154,845 1,493,826 0.49OTP Bank Nyrt. HUF 89,477 3,205,424 1.05

4,699,250 1.54

IndiaGraphite India Ltd. INR 23,653 289,938 0.10HCL Technologies Ltd. INR 232,896 3,152,770 1.03Housing Development Finance Corp. Ltd. INR 194,062 5,406,255 1.77Mahindra & Mahindra Ltd. INR 71,610 936,802 0.31NIIT Technologies Ltd. INR 100,460 1,621,051 0.53

11,406,816 3.74

IndonesiaBank Negara Indonesia Persero Tbk. PT IDR 2,971,100 1,459,115 0.48Bank Rakyat Indonesia Persero Tbk. PT IDR 9,687,100 1,916,464 0.63

3,375,579 1.11

MalaysiaAirAsia Group Bhd. MYR 1,812,800 1,344,394 0.44CIMB Group Holdings Bhd. MYR 1,350,000 1,820,168 0.60Malayan Banking Bhd. MYR 247,700 551,399 0.18Top Glove Corp. Bhd. MYR 71,900 215,246 0.07

3,931,207 1.29

MexicoGrupo Mexico SAB de CV MXN 356,330 1,016,534 0.33

1,016,534 0.33

PanamaCopa Holdings SA ‘A’ USD 22,116 2,096,597 0.69

2,096,597 0.69

PolandJastrzebska Spolka Weglowa SA PLN 23,634 482,809 0.16Polski Koncern Naftowy ORLEN SA PLN 89,592 1,996,472 0.65

2,479,281 0.81

RussiaAeroflot PJSC USD 128,566 287,227 0.09Alrosa PJSC USD 1,123,284 1,790,170 0.59LUKOIL PJSC, ADR USD 53,710 3,686,117 1.21Magnitogorsk Iron & Steel Works PJSC USD 1,330,622 902,932 0.30MMC Norilsk Nickel PJSC, ADR ‘A’ USD 136,247 2,449,721 0.80Novatek PJSC, Reg. S, GDR USD 8,840 1,304,342 0.43Novolipetsk Steel PJSC, Reg. S, GDR USD 27,250 660,812 0.22RusHydro PJSC USD 51,628,360 563,114 0.18Sberbank of Russia PJSC, ADR USD 336,320 4,845,530 1.59Severstal PJSC, GDR USD 86,047 1,266,612 0.41Tatneft PJSC, ADR USD 39,779 2,525,569 0.83

20,282,146 6.65

South AfricaNaspers Ltd. ‘N’ ZAR 11,258 2,768,963 0.91Old Mutual Ltd. GBP 356,439 716,080 0.23Sasol Ltd. ZAR 106,902 3,891,465 1.28Standard Bank Group Ltd. ZAR 282,058 3,916,241 1.28

11,292,749 3.70

South KoreaGS Engineering & Construction Corp. KRW 15,470 638,915 0.21Hana Financial Group, Inc. KRW 87,397 3,370,059 1.11Hyundai Marine & Fire Insurance Co. Ltd. KRW 36,266 1,098,708 0.36Industrial Bank of Korea KRW 165,087 2,287,540 0.75KT&G Corp. KRW 41,856 4,013,805 1.32LG Corp. KRW 20,300 1,313,895 0.43LG Electronics, Inc. KRW 35,220 2,622,857 0.86Orion Corp. KRW 4,510 604,675 0.20PSK, Inc. KRW 23,160 532,610 0.17Samsung Electronics Co. Ltd. KRW 402,160 16,862,187 5.53SFA Engineering Corp. KRW 14,944 438,981 0.14Shinhan Financial Group Co. Ltd. KRW 88,330 3,433,808 1.13Silicon Works Co. Ltd. KRW 1,418 45,953 0.02SK Holdings Co. Ltd. KRW 3,530 820,514 0.27SK Hynix, Inc. KRW 47,677 3,668,318 1.20SK Innovation Co. Ltd. KRW 17,232 3,123,057 1.02TES Co. Ltd. KRW 16,560 348,474 0.11

45,224,356 14.83

TaiwanCareer Technology MFG. Co. Ltd. TWD 301,000 618,913 0.20Catcher Technology Co. Ltd. TWD 210,000 2,346,812 0.77Chilisin Electronics Corp. TWD 162,000 950,392 0.31Compeq Manufacturing Co. Ltd. TWD 440,000 466,802 0.15CTBC Financial Holding Co. Ltd. TWD 4,915,000 3,536,755 1.16FLEXium Interconnect, Inc. TWD 279,845 862,891 0.28Fubon Financial Holding Co. Ltd. TWD 2,022,000 3,387,807 1.11Globalwafers Co. Ltd. TWD 91,000 1,512,734 0.50Macronix International TWD 996,000 1,418,701 0.47MediaTek, Inc. TWD 148,000 1,456,004 0.48

237

JPMorgan Funds - Emerging Markets Diversified Equity FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Nanya Technology Corp. TWD 326,000 890,725 0.29Novatek Microelectronics Corp. TWD 138,000 621,632 0.20President Chain Store Corp. TWD 94,000 1,066,674 0.35Sino-American Silicon Products, Inc. TWD 542,000 2,192,442 0.72Taiwan Cement Corp. TWD 647,000 898,759 0.30Taiwan Semiconductor Manufacturing Co.Ltd., ADR USD 360,647 13,176,238 4.32Winbond Electronics Corp. TWD 1,097,000 701,174 0.23Yageo Corp. TWD 45,000 1,665,217 0.55

37,770,672 12.39

ThailandIndorama Ventures PCL THB 158,800 261,989 0.09Indorama Ventures PCL, NVDR THB 205,700 339,365 0.11Kiatnakin Bank PCL ‘F’ THB 519,700 1,061,453 0.35Krung Thai Bank PCL THB 2,762,800 1,397,672 0.46Land & Houses PCL THB 836,600 284,257 0.09Land & Houses PCL, NVDR THB 938,300 318,812 0.10PTT Global Chemical PCL THB 1,075,800 2,375,955 0.78PTT PCL THB 2,621,000 3,789,803 1.24Tisco Financial Group PCL THB 427,300 1,085,672 0.36

10,914,978 3.58

TurkeyAkbank Turk A/S TRY 547,320 903,797 0.30Eregli Demir ve Celik Fabrikalari TAS TRY 1,289,454 2,877,994 0.94KOC Holding A/S TRY 337,580 1,054,109 0.35Petkim Petrokimya Holding A/S TRY 894,567 951,937 0.31Tekfen Holding A/S TRY 333,920 1,256,974 0.41Turk Hava Yollari AO TRY 271,960 805,871 0.26Turkcell Iletisim Hizmetleri A/S TRY 679,442 1,819,034 0.60Turkiye Garanti Bankasi A/S TRY 628,630 1,156,761 0.38Turkiye Halk Bankasi A/S TRY 808,366 1,308,398 0.43

12,134,875 3.98

United KingdomAnglo American plc GBP 141,090 3,159,939 1.04Antofagasta plc GBP 92,360 1,211,476 0.40Evraz plc GBP 121,765 812,529 0.27KAZ Minerals plc GBP 83,740 923,532 0.30Quilter plc GBP 118,813 226,717 0.07

6,334,193 2.08

United States of AmericaCognizant Technology Solutions Corp. ‘A’ USD 43,486 3,472,357 1.14

3,472,357 1.14

VietnamHoa Phat Group JSC VND 546,112 914,547 0.30

914,547 0.30

Total Equities 288,246,865 94.54

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 288,246,865 94.54

Transferable securities and money market instruments dealt in on another regulatedmarket

Equities

ChinaAnhui Jinhe Industrial Co. Ltd. CNH 88,900 271,899 0.09Chongqing Department Store Co. Ltd. ‘A’ CNH 57,900 287,443 0.10Daqin Railway Co. Ltd. ‘A’ CNH 223,200 276,597 0.09Focus Media Information Technology Co.Ltd. CNH 639,000 922,001 0.30Huayu Automotive Systems Co. Ltd. ‘A’ CNH 79,177 283,487 0.09NARI Technology Co. Ltd. ‘A’ CNH 119,600 285,148 0.10Shandong Sun Paper Industry JSC Ltd. ‘A’ CNH 192,200 281,091 0.09Shanying International Holding Co. Ltd.‘A’ CNH 510,500 296,869 0.10Shenzhen Fuanna Bedding andFurnishing Co. Ltd. CNH 174,199 284,984 0.09Weifu High-Technology Group Co. Ltd. ‘A’ CNH 88,497 295,097 0.10XCMG Construction Machinery Co. Ltd. ‘A’ CNH 481,200 307,415 0.10

3,792,031 1.25

Total Equities 3,792,031 1.25

Total Transferable securities and money market instrumentsdealt in on another regulated market 3,792,031 1.25

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund - JPMUS Dollar Liquidity X (dist.)† USD 5,920,619 5,920,619 1.94

5,920,619 1.94

Total Collective Investment Schemes - UCITS 5,920,619 1.94

Total Units of authorised UCITS or other collective investmentundertakings 5,920,619 1.94

Total Investments 297,959,515 97.73

Cash 3,520,891 1.15

Other Assets/(Liabilities) 3,408,953 1.12

Total Net Assets 304,889,359 100.00

† Related Party Fund.

238

JPMorgan Funds - Emerging Markets Diversified Equity FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsCayman Islands 15.76South Korea 14.83China 13.12Taiwan 12.39Brazil 7.50Russia 6.65Turkey 3.98India 3.74South Africa 3.70Thailand 3.58United Kingdom 2.08Luxembourg 1.94Hungary 1.54Malaysia 1.29United States of America 1.14Indonesia 1.11Hong Kong 1.09Poland 0.81Panama 0.69Mexico 0.33Vietnam 0.30Cyprus 0.16Total Investments 97.73Cash and Other Assets/(Liabilities) 2.27

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

South Korea 18.01Cayman Islands 15.46China 12.80Taiwan 10.26Brazil 8.53Russia 6.43Turkey 4.93Thailand 3.81India 3.10South Africa 2.31Malaysia 1.78Hong Kong 1.68Indonesia 1.63Poland 1.47Hungary 1.43Panama 0.96Bermuda 0.66United States of America 0.47Vietnam 0.45Mexico 0.44Netherlands 0.43Jersey 0.22United Kingdom 0.21Cyprus 0.15Total Investments 97.62Cash and Other Assets/(Liabilities) 2.38

Total 100.00

239

JPMorgan Funds - Emerging Markets Diversified Equity FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

BrazilAmbev SA BRL 2,099,191 9,863,813 1.88BB Seguridade Participacoes SA BRL 1,333,720 8,477,926 1.62Cielo SA BRL 954,400 4,085,663 0.78Engie Brasil Energia SA BRL 556,002 4,923,676 0.94Itau Unibanco Holding SA Preference BRL 1,099,559 11,453,206 2.19Petrobras Distribuidora SA BRL 611,080 2,858,729 0.54

41,663,013 7.95

Cayman IslandsSands China Ltd. HKD 1,307,200 6,984,926 1.33WH Group Ltd. HKD 5,344,000 4,345,441 0.83

11,330,367 2.16

ChileBanco Santander Chile, ADR USD 164,650 5,172,480 0.99

5,172,480 0.99

ChinaChina Construction Bank Corp. ‘H’ HKD 12,593,000 11,628,249 2.22China Life Insurance Co. Ltd. ‘H’ HKD 2,791,000 7,194,408 1.37China Pacific Insurance Group Co. Ltd. ‘H’ HKD 3,001,800 11,621,034 2.22Fuyao Glass Industry Group Co. Ltd. ‘H’ HKD 366,000 1,238,489 0.24

31,682,180 6.05

Czech RepublicKomercni banka A/S CZK 198,940 8,289,018 1.58Moneta Money Bank A/S CZK 771,103 2,627,772 0.50

10,916,790 2.08

Hong KongChina Mobile Ltd. HKD 744,500 6,611,323 1.26China Resources Power Holdings Co. Ltd. HKD 5,886,000 10,352,520 1.98CNOOC Ltd. HKD 4,811,000 8,296,212 1.58Guangdong Investment Ltd. HKD 2,118,000 3,355,396 0.64Hang Seng Bank Ltd. HKD 414,100 10,365,576 1.98

38,981,027 7.44

HungaryOTP Bank Nyrt. HUF 271,739 9,734,779 1.86

9,734,779 1.86

IndiaCoal India Ltd. INR 640,350 2,468,760 0.47Infosys Ltd., ADR USD 445,240 8,617,620 1.65ITC Ltd. INR 1,109,458 4,289,467 0.82Tata Consultancy Services Ltd. INR 469,560 12,640,301 2.41

28,016,148 5.35

IndonesiaTelekomunikasi Indonesia PerseroTbk. PT IDR 49,065,100 12,822,666 2.45

12,822,666 2.45

MexicoBolsa Mexicana de Valores SAB de CV MXN 1,394,780 2,384,857 0.46Fibra Uno Administracion SA de CV, REIT MXN 5,079,150 7,233,261 1.38Kimberly-Clark de Mexico SAB de CV ‘A’ MXN 5,078,293 8,458,662 1.61Wal-Mart de Mexico SAB de CV MXN 4,134,194 10,999,107 2.10

29,075,887 5.55

RussiaAlrosa PJSC USD 3,657,240 5,828,518 1.11Moscow Exchange MICEX-RTS PJSC USD 6,531,210 11,444,370 2.18PhosAgro PJSC, GDR USD 93,920 1,205,933 0.23Sberbank of Russia PJSC, ADR USD 287,260 4,138,698 0.79Sberbank of Russia PJSC USD 5,465,653 18,949,660 3.62Severstal PJSC, GDR USD 127,772 1,880,804 0.36

43,447,983 8.29

Saudi ArabiaAl Rajhi Bank SAR 769,230 17,724,004 3.38

17,724,004 3.38

South AfricaAVI Ltd. ZAR 1,120,060 8,794,245 1.68Barclays Africa Group Ltd. ZAR 137,694 1,577,911 0.30Bid Corp. Ltd. ZAR 182,190 3,589,984 0.68FirstRand Ltd. ZAR 1,010,600 4,654,430 0.89SPAR Group Ltd. (The) ZAR 254,061 3,388,461 0.65Vodacom Group Ltd. ZAR 598,710 5,293,788 1.01

27,298,819 5.21

South KoreaING Life Insurance Korea Ltd. KRW 57,050 2,140,932 0.41KT&G Corp. KRW 99,900 9,579,968 1.83Samsung Electronics Co. Ltd. KRW 247,390 10,372,828 1.98Samsung Fire & Marine Insurance Co.Ltd. KRW 28,380 6,736,869 1.28SK Telecom Co. Ltd., ADR USD 92,076 2,146,752 0.41

30,977,349 5.91

SupranationalHKT Trust & HKT Ltd. HKD 6,185,000 7,890,790 1.51

7,890,790 1.51

TaiwanAsustek Computer, Inc. TWD 601,000 5,488,472 1.05Chicony Electronics Co. Ltd. TWD 888,045 2,000,863 0.38Delta Electronics, Inc. TWD 876,867 3,144,104 0.60MediaTek, Inc. TWD 673,000 6,620,885 1.26Mega Financial Holding Co. Ltd. TWD 6,825,000 6,019,951 1.15Novatek Microelectronics Corp. TWD 1,011,000 4,554,129 0.87President Chain Store Corp. TWD 541,000 6,139,051 1.17Quanta Computer, Inc. TWD 3,283,000 5,759,176 1.10Taiwan Mobile Co. Ltd. TWD 2,417,000 8,785,413 1.68Taiwan Semiconductor Manufacturing Co.Ltd., ADR USD 743,391 27,159,790 5.18Vanguard International SemiconductorCorp. TWD 3,736,000 8,564,758 1.64

84,236,592 16.08

ThailandSiam Cement PCL (The) THB 395,108 4,928,409 0.94Siam Commercial Bank PCL (The) THB 2,829,400 10,147,727 1.94Thai Oil PCL THB 1,277,800 2,995,748 0.57

18,071,884 3.45

TurkeyFord Otomotiv Sanayi A/S TRY 143,650 1,907,254 0.37Tofas Turk Otomobil Fabrikasi A/S TRY 462,470 2,419,760 0.46Tupras Turkiye Petrol Rafinerileri A/S TRY 185,000 4,407,743 0.84

8,734,757 1.67

United Arab EmiratesEmaar Development PJSC AED 1,581,970 2,181,508 0.42First Abu Dhabi Bank PJSC AED 1,994,736 6,625,586 1.26

8,807,094 1.68

Total Equities 466,584,609 89.06

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 466,584,609 89.06

Transferable securities and money market instruments dealt in on another regulatedmarket

Equities

ChinaFuyao Glass Industry Group Co. Ltd. CNH 1,954,094 7,580,143 1.45Henan Shuanghui Investment &Development Co. Ltd. ‘A’ CNH 450,690 1,795,866 0.34Huayu Automotive Systems Co. Ltd. ‘A’ CNH 2,213,846 7,926,511 1.51Inner Mongolia Yili Industrial Group Co.Ltd. ‘A’ CNH 835,192 3,516,976 0.67Jiangsu Yanghe Brewery Joint-Stock Co.Ltd. ‘A’ CNH 171,882 3,412,827 0.65Midea Group Co. Ltd. ‘A’ CNH 1,181,764 9,308,323 1.78SAIC Motor Corp. Ltd. ‘A’ CNH 1,906,650 10,065,200 1.92Zhengzhou Yutong Bus Co. Ltd. ‘A’ CNH 798,567 2,311,099 0.44

45,916,945 8.76

Total Equities 45,916,945 8.76

Total Transferable securities and money market instrumentsdealt in on another regulated market 45,916,945 8.76

240

JPMorgan Funds - Emerging Markets Dividend FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund - JPMUS Dollar Liquidity X (dist.)† USD 5,188,119 5,188,119 0.99

5,188,119 0.99

Total Collective Investment Schemes - UCITS 5,188,119 0.99

Total Units of authorised UCITS or other collective investmentundertakings 5,188,119 0.99

Total Investments 517,689,673 98.81

Cash 4,206,474 0.80

Other Assets/(Liabilities) 2,028,607 0.39

Total Net Assets 523,924,754 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsTaiwan 16.08China 14.81Russia 8.29Brazil 7.95Hong Kong 7.44South Korea 5.91Mexico 5.55India 5.35South Africa 5.21Thailand 3.45Saudi Arabia 3.38Indonesia 2.45Cayman Islands 2.16Czech Republic 2.08Hungary 1.86United Arab Emirates 1.68Turkey 1.67Supranational 1.51Luxembourg 0.99Chile 0.99Total Investments 98.81Cash and Other Assets/(Liabilities) 1.19

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Taiwan 16.09Brazil 9.32China 9.02South Africa 8.61Russia 8.32Hong Kong 7.72India 5.83South Korea 5.43Mexico 4.86Thailand 4.04Cayman Islands 2.72Turkey 2.38Indonesia 2.33Saudi Arabia 2.31Czech Republic 2.23Hungary 1.96Chile 1.93United Arab Emirates 1.59Supranational 1.22Luxembourg 1.06Total Investments 98.97Cash and Other Assets/(Liabilities) 1.03

Total 100.00

241

JPMorgan Funds - Emerging Markets Dividend FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Emerging Markets Dividend FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

AUD 269,422 USD 198,350 11/07/2018 Barclays 665 -AUD 90,684 USD 66,893 11/07/2018 BNP Paribas 93 -CHF 2,807 USD 2,822 11/07/2018 Merrill Lynch 5 -GBP 27,136 USD 35,674 11/07/2018 Barclays 47 -SGD 33,464 USD 24,525 11/07/2018 Goldman Sachs 20 -USD 219,261 AUD 296,382 11/07/2018 Barclays 330 -USD 364,497 AUD 484,798 11/07/2018 Goldman Sachs 6,388 -USD 193,044 AUD 259,502 11/07/2018 HSBC 1,356 -USD 148,581 AUD 201,106 11/07/2018 Merrill Lynch 29 -USD 146,508 AUD 194,141 11/07/2018 RBC 3,101 -USD 314,617 AUD 417,514 11/07/2018 Standard Chartered 6,209 -USD 107,444 AUD 144,533 11/07/2018 State Street 681 -USD 3,399 CHF 3,342 11/07/2018 Barclays 34 -USD 2,269 CHF 2,244 11/07/2018 Merrill Lynch 9 -USD 65,785 GBP 49,361 11/07/2018 BNP Paribas 808 -USD 34,819 GBP 26,277 11/07/2018 Merrill Lynch 228 -USD 9,161 GBP 6,871 11/07/2018 National Australia Bank 116 -USD 94,519 GBP 71,372 11/07/2018 RBC 569 -USD 4,166 SGD 5,557 11/07/2018 Barclays 90 -USD 157,279 SGD 211,410 11/07/2018 HSBC 2,213 -USD 84,580 SGD 115,290 11/07/2018 Merrill Lynch 17 -USD 75,952 SGD 102,274 11/07/2018 Morgan Stanley 936 -USD 132,396 SGD 179,508 11/07/2018 National Australia Bank 730 -USD 375,316 SGD 505,279 11/07/2018 Societe Generale 4,700 -

Total Unrealised Gain on Forward Currency Exchange Contracts 29,374 -

AUD 228,317 USD 173,452 11/07/2018 BNP Paribas (4,800) -AUD 22,174,398 USD 16,748,471 11/07/2018 Citibank (368,772) (0.07)AUD 908,875 USD 691,490 11/07/2018 Goldman Sachs (20,125) -AUD 157,552 USD 120,043 11/07/2018 National Australia Bank (3,663) -AUD 236,707 USD 175,238 11/07/2018 Toronto-Dominion Bank (388) -CHF 245,593 USD 250,244 11/07/2018 Barclays (2,912) -GBP 16,681 USD 22,387 11/07/2018 Barclays (429) -GBP 119,078 USD 157,776 11/07/2018 BNP Paribas (1,027) -GBP 2,341,366 USD 3,148,403 11/07/2018 Citibank (66,335) (0.01)GBP 2,727 USD 3,596 11/07/2018 Standard Chartered (7) -SGD 94,454 USD 70,873 11/07/2018 Citibank (1,592) -SGD 35,974 USD 26,496 11/07/2018 Deutsche Bank (110) -SGD 12,179 USD 8,936 11/07/2018 HSBC (4) -SGD 13,666,074 USD 10,226,676 11/07/2018 Societe Generale (202,800) (0.04)USD 118,756 AUD 161,200 11/07/2018 ANZ (318) -USD 35,780 AUD 48,501 11/07/2018 BNP Paribas (47) -USD 131,391 AUD 178,865 11/07/2018 Merrill Lynch (732) -USD 2,095 CHF 2,081 11/07/2018 Barclays - -USD 3,092 CHF 3,075 11/07/2018 Deutsche Bank (4) -USD 1,893 CHF 1,885 11/07/2018 Goldman Sachs (6) -USD 5,040 CHF 5,022 11/07/2018 Merrill Lynch (18) -USD 1,704 CHF 1,694 11/07/2018 State Street (2) -USD 24,758 GBP 18,904 11/07/2018 Barclays (127) -USD 28,140 GBP 21,382 11/07/2018 BNP Paribas (7) -USD 24,521 SGD 33,464 02/07/2018 Goldman Sachs (19) -USD 76,256 SGD 104,360 11/07/2018 Deutsche Bank (291) -

Total Unrealised Loss on Forward Currency Exchange Contracts (674,535) (0.12)

Net Unrealised Loss on Forward Currency Exchange Contracts (645,161) (0.12)

242

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

BermudaCredicorp Ltd. USD 353,040 79,035,065 1.15Jardine Matheson Holdings Ltd. USD 721,221 45,530,682 0.67

124,565,747 1.82

BrazilAmbev SA, ADR ‘A’ USD 12,626,775 59,408,976 0.87B3 SA - Brasil Bolsa Balcao BRL 14,815,630 79,126,362 1.15Cielo SA BRL 3,397,412 14,543,881 0.21Itau Unibanco Holding SA, ADRPreference USD 1,302,590 13,579,501 0.20Itau Unibanco Holding SA Preference BRL 6,684,033 69,622,100 1.01Kroton Educacional SA BRL 22,392,199 55,028,581 0.80Lojas Renner SA BRL 10,912,953 82,121,829 1.20Marcopolo SA BRL 1,529,700 1,021,463 0.01Marcopolo SA Preference BRL 2,835,798 2,491,791 0.04Petrobras Distribuidora SA BRL 6,833,340 31,967,446 0.47Raia Drogasil SA BRL 2,123,480 36,372,365 0.53Ultrapar Participacoes SA BRL 3,283,970 38,927,926 0.57WEG SA BRL 3,305,463 13,910,715 0.20

498,122,936 7.26

Cayman IslandsAAC Technologies Holdings, Inc. HKD 3,753,000 52,831,264 0.77Alibaba Group Holding Ltd., ADR USD 2,016,930 374,896,864 5.47JD.com, Inc., ADR ‘A’ USD 4,163,618 163,921,640 2.39New Oriental Education & TechnologyGroup, Inc., ADR USD 882,045 84,367,604 1.23Sands China Ltd. HKD 9,462,000 50,559,495 0.74Shenzhou International Group HoldingsLtd. HKD 6,145,000 75,871,788 1.10Tencent Holdings Ltd. HKD 9,280,500 465,675,623 6.79

1,268,124,278 18.49

ChinaPing An Insurance Group Co. of ChinaLtd. ‘H’ HKD 31,180,000 286,820,123 4.18

286,820,123 4.18

EgyptCommercial International Bank EgyptSAE, Reg. S, GDR USD 9,893,999 48,851,620 0.71

48,851,620 0.71

Hong KongAIA Group Ltd. HKD 39,980,600 349,686,108 5.10Techtronic Industries Co. Ltd. HKD 13,182,500 73,463,956 1.07

423,150,064 6.17

IndiaAsian Paints Ltd. INR 2,721,360 50,163,597 0.73HDFC Bank Ltd., ADR ‘A’ USD 1,926,680 201,636,695 2.94HDFC Bank Ltd. INR 3,284,131 101,894,553 1.49HDFC Standard Life Insurance Co. Ltd.,Reg. S INR 15,961,928 106,005,275 1.55Housing Development Finance Corp.Ltd. INR 11,416,489 318,045,043 4.64IndusInd Bank Ltd. INR 3,159,712 90,371,002 1.32ITC Ltd. INR 19,888,232 76,893,329 1.12Kotak Mahindra Bank Ltd. INR 4,380,364 85,873,606 1.25Tata Consultancy Services Ltd. INR 4,441,136 119,552,970 1.74Tata Motors Ltd., ADR USD 777,440 15,210,614 0.22UltraTech Cement Ltd. INR 1,147,155 63,632,915 0.93

1,229,279,599 17.93

IndonesiaAstra International Tbk. PT IDR 74,725,500 34,351,307 0.50Bank Central Asia Tbk. PT IDR 49,268,700 73,533,449 1.07Bank Rakyat Indonesia Persero Tbk. PT IDR 190,834,830 37,754,134 0.55

145,638,890 2.12

MexicoBecle SAB de CV MXN 14,061,710 20,421,837 0.30Fomento Economico Mexicano SAB deCV, ADR USD 811,570 71,994,375 1.05

Grupo Financiero Banorte SAB de CV ‘O’ MXN 17,324,330 100,068,554 1.46Infraestructura Energetica Nova SABde CV MXN 10,961,829 49,510,872 0.72

241,995,638 3.53

PanamaCopa Holdings SA ‘A’ USD 632,900 59,998,920 0.88

59,998,920 0.88

Papua New GuineaOil Search Ltd. AUD 7,527,819 49,517,579 0.72

49,517,579 0.72

RussiaMagnit PJSC, Reg. S, GDR USD 414,406 7,473,812 0.11Magnit PJSC USD 393,816 28,926,187 0.42Sberbank of Russia PJSC, ADR USD 839,968 12,101,839 0.18Sberbank of Russia PJSC USD 62,809,464 217,763,182 3.17

266,265,020 3.88

Saudi ArabiaAlmarai Co. JSC SAR 2,817,530 45,233,161 0.66

45,233,161 0.66

South AfricaBid Corp. Ltd. ZAR 6,114,422 120,482,334 1.76Bidvest Group Ltd. (The) ZAR 4,442,775 62,834,106 0.91Capitec Bank Holdings Ltd. ZAR 662,863 41,655,151 0.61FirstRand Ltd. ZAR 7,184,303 33,088,104 0.48Mr Price Group Ltd. ZAR 2,054,641 33,400,839 0.49Sanlam Ltd. ZAR 9,775,861 49,341,115 0.72

340,801,649 4.97

South KoreaNAVER Corp. KRW 79,730 54,576,721 0.79NCSoft Corp. KRW 141,185 47,085,342 0.69Samsung Electronics Co. Ltd.,Reg. S, GDR USD 83,880 87,654,600 1.28Samsung Electronics Co. Ltd. KRW 5,790,500 242,790,168 3.54

432,106,831 6.30

SpainProsegur Cia de Seguridad SA EUR 5,313,566 34,630,003 0.51

34,630,003 0.51

TaiwanLargan Precision Co. Ltd. TWD 605,000 88,906,347 1.29President Chain Store Corp. TWD 8,810,000 99,972,349 1.46Taiwan Semiconductor ManufacturingCo. Ltd., ADR USD 2,209,206 80,713,341 1.18Taiwan Semiconductor ManufacturingCo. Ltd. TWD 28,007,006 198,776,299 2.90

468,368,336 6.83

ThailandSiam Commercial Bank PCL (The) THB 6,997,600 25,097,101 0.37

25,097,101 0.37

United States of AmericaEPAM Systems, Inc. USD 851,260 105,909,513 1.54MercadoLibre, Inc. USD 401,250 119,000,719 1.74Yum China Holdings, Inc. USD 1,751,690 68,210,808 1.00

293,121,040 4.28

Total Equities 6,281,688,535 91.61

Warrants

ChinaHangzhou Robam Appliances Co. Ltd.,Reg. S 30/08/2019 USD 6,050,535 27,986,144 0.41

27,986,144 0.41

Total Warrants 27,986,144 0.41

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 6,309,674,679 92.02

243

JPMorgan Funds - Emerging Markets Equity FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Transferable securities and money market instruments dealt in on another regulatedmarket

Equities

ChinaFuyao Glass Industry Group Co. Ltd. CNH 21,191,057 82,202,415 1.20Hangzhou Robam Appliances Co. Ltd.‘A’ CNH 9,495,466 43,852,664 0.64Han’s Laser Technology Industry GroupCo. Ltd. ‘A’ CNH 5,884,177 47,217,389 0.69Inner Mongolia Yili Industrial Group Co.Ltd. ‘A’ CNH 16,156,101 68,033,000 0.99Kweichow Moutai Co. Ltd. ‘A’ CNH 663,372 73,232,502 1.07Midea Group Co. Ltd. ‘A’ CNH 13,884,409 109,362,420 1.59

423,900,390 6.18

Total Equities 423,900,390 6.18

Total Transferable securities and money market instrumentsdealt in on another regulated market 423,900,390 6.18

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund -JPM US Dollar Liquidity X (dist.)† USD 88,606,120 88,606,120 1.30

88,606,120 1.30

Total Collective Investment Schemes - UCITS 88,606,120 1.30

Total Units of authorised UCITS or other collective investmentundertakings 88,606,120 1.30

Total Investments 6,822,181,189 99.50

Cash 13,802,041 0.20

Other Assets/(Liabilities) 20,778,108 0.30

Total Net Assets 6,856,761,338 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsCayman Islands 18.49India 17.93China 10.77Brazil 7.26Taiwan 6.83South Korea 6.30Hong Kong 6.17South Africa 4.97United States of America 4.28Russia 3.88Mexico 3.53Indonesia 2.12Bermuda 1.82Luxembourg 1.30Panama 0.88Papua New Guinea 0.72Egypt 0.71Saudi Arabia 0.66Spain 0.51Thailand 0.37Total Investments 99.50Cash and Other Assets/(Liabilities) 0.50

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Cayman Islands 17.67India 16.65China 9.42Brazil 8.85South Africa 7.13Taiwan 6.73South Korea 5.81Hong Kong 5.13Russia 4.73United States of America 4.00Mexico 3.14Indonesia 2.43Luxembourg 2.07Bermuda 1.72Panama 1.14Thailand 0.68Papua New Guinea 0.63Spain 0.56Saudi Arabia 0.56Egypt 0.55Total Investments 99.60Cash and Other Assets/(Liabilities) 0.40

Total 100.00

244

JPMorgan Funds - Emerging Markets Equity FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Emerging Markets Equity FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

EUR 146,302 USD 169,619 02/07/2018 BNP Paribas 723 -EUR 6,630 USD 7,663 11/07/2018 Barclays 61 -EUR 2,129,836 USD 2,463,837 11/07/2018 BNP Paribas 17,379 -EUR 3,480 USD 4,031 11/07/2018 National Australia Bank 23 -USD 29,314 BRL 113,075 02/07/2018 J.P. Morgan 48 -USD 66,749 EUR 57,294 11/07/2018 ANZ 3 -USD 2,907,246 EUR 2,458,121 11/07/2018 Barclays 43,585 -USD 576,837 EUR 493,115 11/07/2018 BNP Paribas 2,368 -USD 1,139,757 EUR 977,525 11/07/2018 Goldman Sachs 960 -USD 397,359 EUR 337,004 11/07/2018 HSBC 4,756 -USD 1,770,882 EUR 1,520,030 11/07/2018 RBC 78 -USD 51,748 EUR 44,213 11/07/2018 State Street 241 -USD 1,877,932 EUR 1,610,880 11/07/2018 Toronto-Dominion Bank 1,289 -

Total Unrealised Gain on Forward Currency Exchange Contracts 71,514 -

EUR 20,280 USD 23,654 11/07/2018 ANZ (29) -EUR 1,341,405 USD 1,586,155 11/07/2018 Barclays (23,446) -EUR 4,533 USD 5,287 11/07/2018 BNP Paribas (6) -EUR 154,111,688 USD 182,536,325 11/07/2018 HSBC (2,999,355) (0.04)EUR 4,880 USD 5,763 11/07/2018 Morgan Stanley (77) -EUR 49,681 USD 58,765 11/07/2018 National Australia Bank (889) -EUR 55,148 USD 65,172 11/07/2018 RBC (926) -USD 4,029 EUR 3,480 03/07/2018 National Australia Bank (23) -USD 4,892,865 EUR 4,221,984 11/07/2018 Barclays (25,660) -USD 962,594 EUR 829,297 11/07/2018 BNP Paribas (3,520) -USD 112,988 EUR 97,750 11/07/2018 Citibank (889) -USD 2,219,711 EUR 1,915,319 11/07/2018 Merrill Lynch (11,597) -USD 1,137,279 EUR 983,424 11/07/2018 Societe Generale (8,391) -USD 7,262,955 EUR 6,260,197 11/07/2018 State Street (30,046) -USD 343,484 EUR 295,191 11/07/2018 Toronto-Dominion Bank (407) -

Total Unrealised Loss on Forward Currency Exchange Contracts (3,105,261) (0.04)

Net Unrealised Loss on Forward Currency Exchange Contracts (3,033,747) (0.04)

245

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

BermudaBermuda Government Bond, Reg. S4.854% 06/02/2024 USD 1,600,000 1,646,488 0.32Bermuda Government Bond, Reg. S3.717% 25/01/2027 USD 2,350,000 2,207,743 0.43

3,854,231 0.75

Cayman IslandsABQ Finance Ltd., Reg. S 3.5%22/02/2022 USD 3,679,000 3,537,358 0.69ADCB Finance Cayman Ltd., Reg. S 4%29/03/2023 USD 1,342,000 1,339,269 0.26Amber Circle Funding Ltd., Reg. S 3.25%04/12/2022 USD 770,000 754,869 0.15Avi Funding Co. Ltd., Reg. S 3.8%16/09/2025 USD 1,000,000 984,973 0.19Azure Orbit IV International Finance Ltd.,Reg. S 3.75% 25/01/2023 USD 4,940,000 4,827,133 0.94CDBL Funding 2, Reg. S 3% 01/08/2022 USD 2,509,000 2,409,679 0.47China Overseas Grand Oceans Finance IVCayman Ltd., Reg. S 4.875% 01/06/2021 USD 1,278,000 1,275,793 0.25DP World Crescent Ltd., Reg. S 3.908%31/05/2023 USD 500,000 495,527 0.10ENN Energy Holdings Ltd., Reg. S 3.25%24/07/2022 USD 1,539,000 1,484,662 0.29Fibria Overseas Finance Ltd. 5.5%17/01/2027 USD 2,660,000 2,649,879 0.52FWD Ltd., Reg. S 5% 24/09/2024 USD 1,344,000 1,376,629 0.27IBQ Finance Ltd., Reg. S 3.5% 25/11/2020 USD 1,670,000 1,653,776 0.32Lamar Funding Ltd., Reg. S 3.958%07/05/2025 USD 200,000 175,994 0.03Longfor Properties Co. Ltd., Reg. S3.875% 13/07/2022 USD 400,000 387,002 0.07Longfor Properties Co. Ltd., Reg. S 3.9%16/04/2023 USD 1,660,000 1,590,966 0.31OVPH Ltd., Reg. S 5.875% Perpetual USD 1,830,000 1,789,246 0.35QIB Sukuk Ltd., Reg. S 3.251%23/05/2022 USD 370,000 356,255 0.07QNB Finance Ltd., Reg. S 2.125%07/09/2021 USD 4,570,000 4,338,370 0.84Rakfunding Cayman Ltd., Reg. S 3.25%24/06/2019 USD 3,570,000 3,560,896 0.69Saudi Electricity Global Sukuk Co. 3,Reg. S 5.5% 08/04/2044 USD 1,110,000 1,137,090 0.22Three Gorges Finance I Cayman IslandsLtd., Reg. S 3.7% 10/06/2025 USD 1,000,000 982,605 0.19

37,107,971 7.22

ChileBanco de Credito e Inversiones SA, Reg. S3.5% 12/10/2027 USD 3,590,000 3,253,276 0.63Banco del Estado de Chile, Reg. S 3.875%08/02/2022 USD 1,000,000 999,810 0.19Corp. Nacional del Cobre de Chile, Reg. S4.5% 16/09/2025 USD 3,200,000 3,271,904 0.64Corp. Nacional del Cobre de Chile, Reg. S6.15% 24/10/2036 USD 1,500,000 1,774,073 0.35Empresa de Transporte de PasajerosMetro SA, Reg. S 4.75% 04/02/2024 USD 1,000,000 1,025,230 0.20Empresa Electrica Angamos SA, Reg. S4.875% 25/05/2029 USD 3,424,270 3,330,479 0.65Empresa Nacional del Petroleo, Reg. S4.75% 06/12/2021 USD 1,000,000 1,018,935 0.20GNL Quintero SA, Reg. S 4.634%31/07/2029 USD 3,790,000 3,712,172 0.72

18,385,879 3.58

ChinaCCB Life Insurance Co. Ltd., Reg. S, FRN4.5% 21/04/2077 USD 2,564,000 2,421,154 0.47China Construction Bank Corp., Reg. S,FRN 3.875% 13/05/2025 USD 3,240,000 3,220,016 0.63China Life Insurance Co. Ltd., Reg. S, FRN4% 03/07/2075 USD 3,690,000 3,604,687 0.70China Life Insurance Overseas Co. Ltd.,Reg. S, FRN 3.35% 27/07/2027 USD 1,070,000 1,016,816 0.20China Minmetals Corp., Reg. S, FRN3.75% Perpetual USD 3,290,000 3,023,189 0.59Guangxi Communications InvestmentGroup Co. Ltd., Reg. S 3% 04/11/2019 USD 1,600,000 1,558,766 0.30Nanjing Yangzi State-owned AssetsInvestment Group Co. Ltd., Reg. S 3.625%05/12/2022 USD 1,590,000 1,485,437 0.29

Yangzhou Urban ConstructionState-owned Asset Holding Group Co.Ltd., Reg. S 4.375% 19/12/2020 USD 1,590,000 1,532,850 0.30

17,862,915 3.48

ColombiaColombia Government Bond 4.375%12/07/2021 USD 1,970,000 2,017,920 0.39Colombia Government Bond 2.625%15/03/2023 USD 1,200,000 1,140,570 0.22Colombia Government Bond 3.875%25/04/2027 USD 1,000,000 968,600 0.19Colombia Government Bond 10.375%28/01/2033 USD 1,330,000 2,056,487 0.40Colombia Government Bond 7.375%18/09/2037 USD 3,831,000 4,810,778 0.94Colombia Government Bond 5%15/06/2045 USD 3,600,000 3,542,940 0.69Ecopetrol SA 5.875% 18/09/2023 USD 2,340,000 2,484,706 0.48Ecopetrol SA 4.125% 16/01/2025 USD 2,940,000 2,841,834 0.55Ecopetrol SA 5.375% 26/06/2026 USD 5,834,000 5,988,426 1.17Ecopetrol SA 7.375% 18/09/2043 USD 3,400,000 3,744,148 0.73Ecopetrol SA 5.875% 28/05/2045 USD 758,000 718,599 0.14

30,315,008 5.90

Hong KongBeijing State-Owned Assets ManagementHong Kong Co. Ltd., Reg. S 4.125%26/05/2025 USD 1,640,000 1,598,799 0.31CITIC Ltd., Reg. S 4% 11/01/2028 USD 2,592,000 2,429,337 0.47CNAC HK Finbridge Co. Ltd., Reg. S 3.5%19/07/2022 USD 2,680,000 2,589,082 0.50CNAC HK Finbridge Co. Ltd., Reg. S4.875% 14/03/2025 USD 1,580,000 1,572,126 0.31Hainan Airlines Hong Kong Co. Ltd.,Reg. S 3.625% 07/02/2020 USD 1,850,000 1,838,956 0.36Hongkong International Qingdao Co. Ltd.,Reg. S 4.25% 04/12/2022 USD 1,802,000 1,663,425 0.32Hubei Science & Technology InvestmentGroup Hong Kong Ltd., Reg. S 4.375%05/03/2021 USD 1,564,000 1,518,574 0.30ICBCIL Finance Co. Ltd., Reg. S 3.125%15/11/2022 USD 730,000 703,193 0.14Wing Lung Bank Ltd., Reg. S, FRN 3.75%22/11/2027 USD 1,170,000 1,118,351 0.22

15,031,843 2.93

HungaryHungary Government Bond 6.25%29/01/2020 USD 2,800,000 2,932,958 0.57Hungary Government Bond 5.375%21/02/2023 USD 3,122,000 3,309,632 0.65Hungary Government Bond 5.75%22/11/2023 USD 7,100,000 7,653,587 1.49Hungary Government Bond 5.375%25/03/2024 USD 4,700,000 5,001,434 0.97Hungary Government Bond 7.625%29/03/2041 USD 500,000 685,038 0.13Magyar Export-Import Bank Zrt., Reg. S4% 30/01/2020 USD 2,500,000 2,506,938 0.49MFB Magyar Fejlesztesi Bank Zrt., Reg. S6.25% 21/10/2020 USD 2,600,000 2,731,781 0.53

24,821,368 4.83

IndiaExport-Import Bank of India, Reg. S 4%14/01/2023 USD 1,308,000 1,297,939 0.25

1,297,939 0.25

IndonesiaIndonesia Government Bond, Reg. S4.35% 08/01/2027 USD 4,200,000 4,143,607 0.81Indonesia Government Bond, Reg. S6.625% 17/02/2037 USD 1,800,000 2,071,737 0.40Indonesia Government Bond, Reg. S6.75% 15/01/2044 USD 2,925,000 3,487,791 0.68Pelabuhan Indonesia II PT, Reg. S 4.25%05/05/2025 USD 7,190,000 6,889,674 1.34Pelabuhan Indonesia II PT, Reg. S 5.375%05/05/2045 USD 1,000,000 915,710 0.18Pelabuhan Indonesia III Persero PT,Reg. S 4.5% 02/05/2023 USD 2,210,000 2,195,083 0.43Pertamina Persero PT, Reg. S 4.3%20/05/2023 USD 11,180,000 11,061,417 2.15Pertamina Persero PT, Reg. S 6.5%27/05/2041 USD 600,000 633,633 0.12

246

JPMorgan Funds - Emerging Markets Investment Grade Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Pertamina Persero PT, Reg. S 5.625%20/05/2043 USD 740,000 703,951 0.14Perusahaan Gas Negara Persero Tbk.,Reg. S 5.125% 16/05/2024 USD 2,750,000 2,792,921 0.54Perusahaan Listrik Negara PT, Reg. S4.125% 15/05/2027 USD 1,000,000 922,765 0.18Perusahaan Listrik Negara PT, Reg. S5.25% 15/05/2047 USD 500,000 455,200 0.09

36,273,489 7.06

IrelandVnesheconombank, Reg. S 5.942%21/11/2023 USD 3,000,000 3,092,325 0.60

3,092,325 0.60

Isle of ManGohl Capital Ltd., Reg. S 4.25%24/01/2027 USD 1,785,000 1,692,786 0.33

1,692,786 0.33

IsraelDelek & Avner Tamar Bond Ltd., 144A3.839% 30/12/2018 USD 760,000 761,501 0.15Israel Electric Corp. Ltd., Reg. S, 144A 5%12/11/2024 USD 3,435,000 3,533,756 0.69Israel Electric Corp. Ltd., Reg. S, 144A4.25% 14/08/2028 USD 1,863,000 1,803,729 0.35Israel Electric Corp. Ltd., Reg. S 7.25%15/01/2019 USD 578,000 590,667 0.11

6,689,653 1.30

KazakhstanKazakhstan Government Bond, Reg. S3.875% 14/10/2024 USD 1,588,000 1,596,115 0.31Kazakhstan Government Bond, Reg. S5.125% 21/07/2025 USD 2,400,000 2,534,148 0.49Kazakhstan Temir Zholy National Co. JSC,Reg. S 4.85% 17/11/2027 USD 3,200,000 3,101,856 0.60KazMunayGas National Co. JSC, Reg. S4.75% 19/04/2027 USD 3,500,000 3,421,442 0.67KazMunayGas National Co. JSC, Reg. S5.75% 19/04/2047 USD 3,900,000 3,727,562 0.73KazMunayGas National Co. JSC, Reg. S6.375% 24/10/2048 USD 303,000 305,866 0.06

14,686,989 2.86

MalaysiaIOI Investment L Bhd., Reg. S 4.375%27/06/2022 USD 2,490,000 2,499,391 0.49

2,499,391 0.49

MexicoBanco Nacional de Comercio ExteriorSNC, Reg. S 4.375% 14/10/2025 USD 810,000 792,054 0.15BBVA Bancomer SA, Reg. S 6.75%30/09/2022 USD 3,990,000 4,272,951 0.83Comision Federal de Electricidad, Reg. S4.875% 15/01/2024 USD 2,000,000 2,021,260 0.39Mexichem SAB de CV, Reg. S 5.875%17/09/2044 USD 1,990,000 1,824,651 0.36Mexichem SAB de CV, Reg. S 5.5%15/01/2048 USD 1,860,000 1,623,008 0.32Mexico City Airport Trust, Reg. S 5.5%31/07/2047 USD 301,000 266,045 0.05Mexico Government Bond 4%02/10/2023 USD 1,000,000 1,005,975 0.20Mexico Government Bond 4.15%28/03/2027 USD 2,583,000 2,553,748 0.50Mexico Government Bond 5.55%21/01/2045 USD 3,930,000 4,161,968 0.81Mexico Government Bond 5.75%12/10/2110 USD 1,000,000 997,250 0.19Petroleos Mexicanos, FRN 5.977%11/03/2022 USD 2,132,000 2,286,900 0.45Petroleos Mexicanos 5.375% 13/03/2022 USD 3,113,000 3,193,004 0.62Petroleos Mexicanos 6.5% 13/03/2027 USD 4,050,000 4,167,896 0.81Petroleos Mexicanos 6.75% 21/09/2047 USD 4,097,000 3,904,273 0.76Petroleos Mexicanos, Reg. S 5.35%12/02/2028 USD 2,540,000 2,410,130 0.47Petroleos Mexicanos, Reg. S 6.35%12/02/2048 USD 206,000 188,203 0.04Sigma Alimentos SA de CV, Reg. S6.875% 16/12/2019 USD 1,870,000 1,966,183 0.38

37,635,499 7.33

MoroccoMorocco Government Bond, Reg. S 5.5%11/12/2042 USD 600,000 610,743 0.12OCP SA, Reg. S 5.625% 25/04/2024 USD 2,300,000 2,357,994 0.46OCP SA, Reg. S 6.875% 25/04/2044 USD 6,780,000 7,137,645 1.39

10,106,382 1.97

NetherlandsKazakhstan Temir Zholy Finance BV,Reg. S 6.95% 10/07/2042 USD 2,265,000 2,463,188 0.48Minejesa Capital BV, Reg. S 4.625%10/08/2030 USD 3,143,000 2,871,612 0.56Minejesa Capital BV, Reg. S 5.625%10/08/2037 USD 2,651,000 2,401,511 0.47

7,736,311 1.51

OmanBank Muscat SAOG, Reg. S 4.875%14/03/2023 USD 2,438,000 2,422,348 0.47Oman Government Bond, Reg. S 4.125%17/01/2023 USD 5,800,000 5,515,974 1.07Oman Government Bond, Reg. S 4.75%15/06/2026 USD 4,900,000 4,501,998 0.88Oman Government Bond, Reg. S 5.375%08/03/2027 USD 2,900,000 2,738,180 0.53Oman Government Bond, Reg. S 6.5%08/03/2047 USD 3,393,000 3,051,562 0.60

18,230,062 3.55

PanamaPanama Government Bond 7.125%29/01/2026 USD 1,000,000 1,196,750 0.23Panama Government Bond 8.875%30/09/2027 USD 2,225,000 2,998,299 0.58Panama Government Bond 9.375%01/04/2029 USD 4,736,000 6,672,432 1.30Panama Government Bond 6.7%26/01/2036 USD 2,080,000 2,558,764 0.50Panama Government Bond 4.5%15/05/2047 USD 1,300,000 1,273,967 0.25

14,700,212 2.86

PeruConsorcio Transmantaro SA, Reg. S4.375% 07/05/2023 USD 2,360,000 2,334,937 0.45Corp. Financiera de Desarrollo SA, Reg. S4.75% 15/07/2025 USD 3,200,000 3,199,936 0.62Fenix Power Peru SA, Reg. S 4.317%20/09/2027 USD 1,720,000 1,619,715 0.32Peru Government Bond 8.75%21/11/2033 USD 3,194,000 4,697,256 0.91Peru Government Bond 5.625%18/11/2050 USD 2,200,000 2,569,193 0.50Petroleos del Peru SA, Reg. S 4.75%19/06/2032 USD 3,430,000 3,284,482 0.64Petroleos del Peru SA, Reg. S 5.625%19/06/2047 USD 920,000 897,152 0.18

18,602,671 3.62

PhilippinesPower Sector Assets & LiabilitiesManagement Corp., Reg. S 7.39%02/12/2024 USD 1,700,000 2,010,293 0.39

2,010,293 0.39

PolandPoland Government Bond 5%23/03/2022 USD 1,122,000 1,185,084 0.23Poland Government Bond 3% 17/03/2023 USD 1,940,000 1,897,417 0.37Poland Government Bond 4%22/01/2024 USD 2,550,000 2,592,904 0.50

5,675,405 1.10

QatarQatar Government Bond, Reg. S 3.875%23/04/2023 USD 3,900,000 3,903,178 0.76

3,903,178 0.76

RomaniaRomania Government Bond, Reg. S6.75% 07/02/2022 USD 3,000,000 3,274,350 0.64Romania Government Bond, Reg. S6.125% 22/01/2044 USD 1,250,000 1,406,625 0.27

4,680,975 0.91

247

JPMorgan Funds - Emerging Markets Investment Grade Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

RussiaRussian Foreign Bond - Eurobond, Reg. S12.75% 24/06/2028 USD 2,000,000 3,267,050 0.64Russian Foreign Bond - Eurobond, Reg. S5.875% 16/09/2043 USD 6,200,000 6,677,028 1.30

9,944,078 1.94

SingaporeUnited Overseas Bank Ltd., Reg. S, FRN3.875% Perpetual USD 5,667,000 5,291,220 1.03

5,291,220 1.03

South KoreaHeungkuk Life Insurance Co. Ltd., Reg. S,FRN 4.475% 09/11/2047 USD 4,620,000 4,059,557 0.79Korea Resources Corp., Reg. S 3%24/04/2022 USD 2,320,000 2,246,776 0.43Korea Water Resources Corp., Reg. S3.875% 15/05/2023 USD 2,130,000 2,145,985 0.42Shinhan Bank Co. Ltd., Reg. S, FRN3.875% 07/12/2026 USD 3,629,000 3,586,681 0.70

12,038,999 2.34

SupranationalAfrican Export-Import Bank (The), Reg. S4.75% 29/07/2019 USD 2,400,000 2,430,936 0.47African Export-Import Bank (The), Reg. S4.125% 20/06/2024 USD 1,350,000 1,287,934 0.25

3,718,870 0.72

Trinidad and TobagoTrinidad Generation UnLtd, Reg. S 5.25%04/11/2027 USD 700,000 688,307 0.13

688,307 0.13

TurkeyTurk Telekomunikasyon A/S, Reg. S4.875% 19/06/2024 USD 840,000 767,579 0.15Turkcell Iletisim Hizmetleri A/S, Reg. S5.75% 15/10/2025 USD 1,260,000 1,216,499 0.24

1,984,078 0.39

United Arab EmiratesAbu Dhabi Crude Oil Pipeline LLC, Reg. S4.6% 02/11/2047 USD 228,000 209,294 0.04Abu Dhabi National Energy Co. PJSC,Reg. S 3.625% 12/01/2023 USD 1,500,000 1,473,697 0.29Abu Dhabi National Energy Co. PJSC,Reg. S 6.5% 27/10/2036 USD 400,000 464,496 0.09Emirates NBD PJSC, Reg. S 3.25%14/11/2022 USD 1,722,000 1,662,402 0.32Kuwait Projects Co. SPC Ltd., Reg. S9.375% 15/07/2020 USD 1,990,000 2,186,473 0.43Kuwait Projects Co. SPC Ltd., Reg. S 5%15/03/2023 USD 2,796,000 2,788,129 0.54NBK Tier 1 Financing Ltd., Reg. S, FRN5.75% Perpetual USD 1,210,000 1,218,597 0.24

10,003,088 1.95

United KingdomFresnillo plc, Reg. S 5.5% 13/11/2023 USD 2,720,000 2,812,521 0.55

2,812,521 0.55

United States of AmericaSouthern Copper Corp. 5.875%23/04/2045 USD 3,180,000 3,400,215 0.66US Treasury 0.75% 30/09/2018 USD 260,000 259,243 0.05

3,659,458 0.71

UruguayUruguay Government Bond 4.375%27/10/2027 USD 4,650,000 4,726,144 0.92Uruguay Government Bond 7.875%15/01/2033 USD 2,393,531 3,139,774 0.61Uruguay Government Bond 7.625%21/03/2036 USD 784,568 1,019,703 0.20Uruguay Government Bond 5.1%18/06/2050 USD 3,670,000 3,651,833 0.71Uruguay Government Bond 4.975%20/04/2055 USD 1,660,000 1,609,785 0.31

14,147,239 2.75

Virgin Islands, BritishBluestar Finance Holdings Ltd., Reg. S3.5% 30/09/2021 USD 1,520,000 1,485,616 0.29Chouzhou International Investment Ltd.,Reg. S 4% 05/12/2020 USD 1,946,000 1,850,689 0.36Dianjian Haiyu Ltd., Reg. S, FRN 3.5%Perpetual USD 2,760,000 2,569,462 0.50Haitian BVI International InvestmentDevelopment Ltd., Reg. S 3.875%12/12/2020 USD 1,991,000 1,874,032 0.36Huarong Finance 2017 Co. Ltd., Reg. S,FRN 4.5% Perpetual USD 2,459,000 2,408,983 0.47Huarong Finance II Co. Ltd., Reg. S 2.75%03/06/2019 USD 3,171,000 3,141,302 0.61King Power Capital Ltd., Reg. S 5.625%03/11/2024 USD 3,770,000 3,985,003 0.78Leader Goal International Ltd., Reg. S,FRN 4.25% Perpetual USD 1,411,000 1,332,714 0.26Minmetals Bounteous Finance BVI Ltd.,Reg. S 4.2% 27/07/2026 USD 1,000,000 957,366 0.19Nan Fung Treasury Ltd., Reg. S 3.875%03/10/2027 USD 3,832,000 3,570,852 0.69Sinochem Overseas Capital Co. Ltd.,Reg. S 4.5% 12/11/2020 USD 1,520,000 1,547,065 0.30State Grid Overseas Investment 2014Ltd., Reg. S 4.125% 07/05/2024 USD 1,975,000 2,004,931 0.39Tewoo Group Finance No. 3 Ltd., Reg. S4.625% 06/04/2020 USD 3,133,000 3,017,231 0.59Yuexiu REIT MTN Co. Ltd., Reg. S 4.75%27/04/2021 USD 906,000 908,191 0.18

30,653,437 5.97

Total Bonds 431,834,070 84.06

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 431,834,070 84.06

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

BermudaTengizchevroil Finance Co. InternationalLtd., Reg. S 4% 15/08/2026 USD 2,270,000 2,131,031 0.41

2,131,031 0.41

Cayman IslandsCK Hutchison Capital Securities 17 Ltd.,Reg. S, FRN 4% Perpetual USD 3,085,000 2,961,285 0.58

2,961,285 0.58

ChileColbun SA, Reg. S 3.95% 11/10/2027 USD 1,930,000 1,803,923 0.35Empresa de Transporte de PasajerosMetro SA, Reg. S 5% 25/01/2047 USD 2,250,000 2,233,913 0.43Empresa Nacional del Petroleo, Reg. S3.75% 05/08/2026 USD 4,090,000 3,834,723 0.75Empresa Nacional del Petroleo, Reg. S4.5% 14/09/2047 USD 500,000 445,057 0.09Inversiones CMPC SA, Reg. S 4.75%15/09/2024 USD 1,740,000 1,747,969 0.34SACI Falabella, Reg. S 3.75% 30/10/2027 USD 990,000 913,953 0.18Transelec SA, Reg. S 3.875% 12/01/2029 USD 2,020,000 1,854,784 0.36

12,834,322 2.50

CuracaoSUAM Finance BV, Reg. S 4.875%17/04/2024 USD 1,730,000 1,752,767 0.34

1,752,767 0.34

MexicoCometa Energia SA de CV, Reg. S 6.375%24/04/2035 USD 3,320,000 3,191,051 0.62Mexichem SAB de CV, Reg. S 4%04/10/2027 USD 1,990,000 1,818,621 0.35Mexichem SAB de CV, Reg. S 6.75%19/09/2042 USD 720,000 750,301 0.15Mexico Generadora de Energia S de rl,Reg. S 5.5% 06/12/2032 USD 2,542,362 2,478,383 0.48Petroleos Mexicanos 5.5% 04/02/2019 USD 2,000,000 2,030,000 0.40Petroleos Mexicanos 8% 03/05/2019 USD 500,000 518,435 0.10Petroleos Mexicanos 5.5% 21/01/2021 USD 1,550,000 1,592,098 0.31Petroleos Mexicanos 6.375% 04/02/2021 USD 4,630,000 4,855,805 0.95Petroleos Mexicanos 4.875% 24/01/2022 USD 1,900,000 1,915,381 0.37

19,150,075 3.73

248

JPMorgan Funds - Emerging Markets Investment Grade Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

PeruBanco de Credito del Peru, Reg. S, FRN6.125% 24/04/2027 USD 2,670,000 2,813,459 0.55Corp. Financiera de Desarrollo SA, Reg. S4.75% 08/02/2022 USD 1,000,000 1,015,940 0.20Fondo MIVIVIENDA SA, Reg. S 3.5%31/01/2023 USD 3,280,000 3,168,185 0.61Kallpa Generacion SA, Reg. S 4.875%24/05/2026 USD 1,550,000 1,508,747 0.29Transportadora de Gas del Peru SA,Reg. S 4.25% 30/04/2028 USD 3,790,000 3,645,108 0.71

12,151,439 2.36

Virgin Islands, BritishSinopec Group Overseas Development2014 Ltd., Reg. S 4.375% 10/04/2024 USD 1,200,000 1,225,690 0.24

1,225,690 0.24

Total Bonds 52,206,609 10.16

Total Transferable securities and money market instrumentsdealt in on another regulated market 52,206,609 10.16

Total Investments 484,040,679 94.22

Cash 28,740,015 5.59

Other Assets/(Liabilities) 940,875 0.19

Total Net Assets 513,721,569 100.00

249

JPMorgan Funds - Emerging Markets Investment Grade Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsMexico 11.06Cayman Islands 7.80Indonesia 7.06Virgin Islands, British 6.21Chile 6.08Peru 5.98Colombia 5.90Hungary 4.83Oman 3.55China 3.48Hong Kong 2.93Panama 2.86Kazakhstan 2.86Uruguay 2.75South Korea 2.34Morocco 1.97United Arab Emirates 1.95Russia 1.94Netherlands 1.51Israel 1.30Bermuda 1.16Poland 1.10Singapore 1.03Romania 0.91Qatar 0.76Supranational 0.72United States of America 0.71Ireland 0.60United Kingdom 0.55Malaysia 0.49Philippines 0.39Turkey 0.39Curacao 0.34Isle of Man 0.33India 0.25Trinidad and Tobago 0.13Total Investments 94.22Cash and Other Assets/(Liabilities) 5.78

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Mexico 8.89Cayman Islands 7.83Indonesia 7.27Virgin Islands, British 6.15Chile 5.57Peru 5.00Colombia 4.93Hungary 4.52Kazakhstan 3.61Panama 3.51Netherlands 3.35China 3.23Hong Kong 3.04Oman 2.55Uruguay 2.44United Arab Emirates 2.37South Korea 1.89United States of America 1.85India 1.51Morocco 1.48Singapore 1.39Malaysia 1.35Bermuda 1.28Israel 1.28Poland 1.24Philippines 1.17Qatar 1.17Slovenia 1.09Romania 1.08Turkey 0.98Supranational 0.59Lithuania 0.53United Kingdom 0.45Curacao 0.27Isle of Man 0.23Ireland 0.19Trinidad and Tobago 0.10Total Investments 95.38Cash and Other Assets/(Liabilities) 4.62

Total 100.00

250

JPMorgan Funds - Emerging Markets Investment Grade Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Emerging Markets Investment Grade Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

CHF 23,312 USD 23,388 11/07/2018 Merrill Lynch 90 -EUR 79,679 USD 92,378 02/07/2018 BNP Paribas 394 -EUR 61,106 USD 70,740 03/07/2018 National Australia Bank 407 -EUR 81,251 USD 94,212 11/07/2018 ANZ 444 -EUR 79,112 USD 92,104 11/07/2018 National Australia Bank 60 -EUR 394,651 USD 457,447 11/07/2018 RBC 2,314 -JPY 7,591,049,060 USD 68,449,804 10/07/2018 Credit Suisse 127,013 0.03USD 21,257 CHF 20,963 11/07/2018 Deutsche Bank 145 -USD 57,889 CHF 56,835 11/07/2018 Merrill Lynch 651 -USD 31,308 CHF 30,976 11/07/2018 State Street 112 -USD 11,567 EUR 9,929 11/07/2018 ANZ 1 -USD 471,777 EUR 399,121 11/07/2018 Barclays 6,809 -USD 501,703 EUR 426,547 11/07/2018 BNP Paribas 4,784 -USD 704,366 EUR 597,872 11/07/2018 Goldman Sachs 7,858 -USD 32,695 EUR 27,729 11/07/2018 HSBC 391 -USD 9,729 EUR 8,222 11/07/2018 Merrill Lynch 150 -USD 24,879 EUR 21,052 11/07/2018 RBC 354 -USD 105,696 JPY 11,687,450 10/07/2018 Barclays 113 -USD 24,212 JPY 2,669,998 10/07/2018 BNP Paribas 91 -USD 780,596 JPY 85,906,077 10/07/2018 Goldman Sachs 4,528 -USD 273,507 JPY 29,942,871 10/07/2018 Standard Chartered 3,006 -USD 137,647 JPY 14,997,301 10/07/2018 State Street 2,163 -USD 106,228 JPY 11,715,757 10/07/2018 Toronto-Dominion Bank 388 -

Total Unrealised Gain on Forward Currency Exchange Contracts 162,266 0.03

CHF 14,257,928 USD 14,522,205 11/07/2018 Barclays (163,304) (0.03)CHF 44,125 USD 44,711 11/07/2018 Merrill Lynch (273) -EUR 799,747 USD 932,733 11/07/2018 ANZ (1,044) -EUR 18,208 USD 21,500 11/07/2018 BNP Paribas (288) -EUR 240,390,402 USD 284,728,441 11/07/2018 HSBC (4,678,530) (0.91)EUR 124,930 USD 145,888 11/07/2018 National Australia Bank (347) -JPY 12,113,124 USD 109,947 10/07/2018 Barclays (518) -JPY 21,788,193 USD 199,174 10/07/2018 Goldman Sachs (2,341) -JPY 67,352,531 USD 618,490 10/07/2018 National Australia Bank (10,033) (0.01)JPY 22,984,541 USD 210,210 10/07/2018 Standard Chartered (2,569) -USD 36,601 CHF 36,424 11/07/2018 Barclays (81) -USD 92,440 EUR 79,679 11/07/2018 BNP Paribas (385) -USD 19,616 EUR 16,885 11/07/2018 Citibank (55) -USD 70,781 EUR 61,106 11/07/2018 National Australia Bank (407) -USD 649,167 EUR 560,750 11/07/2018 RBC (4,095) -USD 208,967 EUR 179,926 11/07/2018 Toronto-Dominion Bank (643) -USD 118,391 JPY 13,130,662 10/07/2018 National Australia Bank (230) -

Total Unrealised Loss on Forward Currency Exchange Contracts (4,865,143) (0.95)

Net Unrealised Loss on Forward Currency Exchange Contracts (4,702,877) (0.92)

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

US 10 Year Note, 19/09/2018 31 USD 3,726,055 16,164 -US 2 Year Note, 28/09/2018 129 USD 27,326,836 3,071 -US Long Bond, 19/09/2018 27 USD 3,919,640 96,953 0.02

Total Unrealised Gain on Financial Futures Contracts 116,188 0.02

US 5 Year Note, 28/09/2018 (135) USD (15,336,738) (54,465) (0.01)

Total Unrealised Loss on Financial Futures Contracts (54,465) (0.01)

Net Unrealised Gain on Financial Futures Contracts 61,723 0.01

251

JPMorgan Funds - Emerging Markets Investment Grade Bond FundSchedule of Investments (continued)

As at 30 June 2018

Credit Default Swap Contracts

NominalAmount Currency Counterparty Reference Entity Buy/Sell

Interest(Paid)/

ReceivedMaturity

Date

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

13,700,000 USD Goldman Sachs Peru Government Bond 8.75%21/11/2033 Buy (1.00)% 20/06/2023 (67,788) 63,714 (0.01)

Total Unrealised Gain on Credit Default Swap Contracts (67,788) 63,714 (0.01)

13,700,000 USD Goldman Sachs China Government Bond 7.5%28/10/2027 Sell 1.00% 20/06/2023 169,848 (131,193) 0.03

Total Unrealised Loss on Credit Default Swap Contracts 169,848 (131,193) 0.03

Net Unrealised Loss on Credit Default Swap Contracts 102,060 (67,479) 0.02

252

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

ArgentinaArgentina Government Bond 18.2%03/10/2021 ARS 154,783,679 4,988,148 0.23Argentina Government Bond 16%17/10/2023 ARS 133,200,000 4,310,086 0.20Argentina Government Bond 15.5%17/10/2026 ARS 140,900,000 4,591,269 0.22

13,889,503 0.65

BrazilBrazil Government Bond 10%01/01/2023 BRL 84 22,298 0.00Brazil Government Bond 10%01/01/2027 BRL 13,960 3,485,162 0.16Brazil Notas do Tesouro Nacional,FRN 2.719% 15/08/2022 BRL 74,292 62,400,951 2.90Brazil Notas do Tesouro Nacional,FRN 0% 01/01/2025 BRL 43,946 11,262,484 0.52Brazil Notas do Tesouro Nacional10% 01/01/2021 BRL 155,161 42,709,273 1.99Brazil Notas do Tesouro Nacional 6%15/08/2026 BRL 21,160 17,334,571 0.81Brazil Notas do Tesouro Nacional 6%15/08/2050 BRL 21,129 17,517,924 0.81

154,732,663 7.19

ChileBonos de la Tesoreria de la Republicaen pesos 4.5% 01/03/2026 CLP 38,170,000,000 59,320,269 2.75Tesoreria General de LA Republica2% 01/03/2035 CLP 671,000 27,695,516 1.29

87,015,785 4.04

ChinaChina Government Bond, Reg. S3.36% 21/05/2022 CNH 35,000,000 5,210,375 0.24China Government Bond, Reg. S 3.1%29/06/2022 CNH 5,000,000 736,910 0.04

5,947,285 0.28

ColombiaColombia Government Bond 7.75%14/04/2021 COP 51,990,000,000 18,663,535 0.87Colombia Government Bond 4.375%21/03/2023 COP 19,876,000,000 6,424,061 0.30Colombia Government Bond 9.85%28/06/2027 COP 552,000,000 237,096 0.01Colombian TES 7% 04/05/2022 COP 2,828,000,000 1,000,874 0.05Colombian TES 10% 24/07/2024 COP 59,256,400,000 23,956,271 1.11Colombian TES 6% 28/04/2028 COP 130,834,900,000 42,727,017 1.99Colombian TES 7.75% 18/09/2030 COP 78,130,000,000 28,456,405 1.32Empresas Publicas de Medellin ESP,Reg. S 8.375% 01/02/2021 COP 7,600,000,000 2,642,800 0.12

124,108,059 5.77

Czech RepublicCzech Republic Government Bond,Reg. S 1% 26/06/2026 CZK 91,710,000 3,797,164 0.18Czech Republic Government Bond,Reg. S 2.5% 25/08/2028 CZK 738,400,000 34,005,855 1.58

37,803,019 1.76

Dominican RepublicDominican Republic GovernmentBond, Reg. S 8.9% 15/02/2023 DOP 670,550,000 13,983,251 0.65

13,983,251 0.65

HungaryHungary Government Bond 1%23/09/2020 HUF 9,829,460,000 34,390,094 1.60Hungary Government Bond 0.5%21/04/2021 HUF 14,839,390,000 50,450,467 2.34Hungary Government Bond 2.5%27/10/2021 HUF 10,735,920,000 38,562,345 1.79Hungary Government Bond 7%24/06/2022 HUF 57,750,000 241,215 0.01Hungary Government Bond 1.75%26/10/2022 HUF 15,906,920,000 54,947,655 2.55Hungary Government Bond 6%24/11/2023 HUF 187,440,000 777,969 0.04

Hungary Government Bond 2.75%22/12/2026 HUF 4,857,600,000 16,293,861 0.76Hungary Government Bond 3.25%22/10/2031 HUF 265,150,000 874,188 0.04

196,537,794 9.13

IndonesiaIndonesia Treasury 8.25%15/07/2021 IDR 394,052,000,000 28,055,237 1.30Indonesia Treasury 8.375%15/03/2024 IDR 125,320,000,000 8,977,040 0.42Indonesia Treasury 8.375%15/09/2026 IDR 616,105,000,000 43,961,435 2.04Indonesia Treasury 7% 15/05/2027 IDR 510,580,000,000 33,572,505 1.56Indonesia Treasury 9% 15/03/2029 IDR 1,134,973,000,000 84,627,959 3.93Indonesia Treasury 10.5%15/08/2030 IDR 84,115,000,000 6,882,403 0.32Indonesia Treasury 8.75%15/05/2031 IDR 60,683,000,000 4,435,818 0.21Indonesia Treasury 8.25%15/06/2032 IDR 3,106,000,000 216,815 0.01Indonesia Treasury 8.375%15/03/2034 IDR 178,600,000,000 12,494,522 0.58Indonesia Treasury 8.25%15/05/2036 IDR 41,617,000,000 2,882,406 0.14

226,106,140 10.51

MexicoMexican Bonos, FRN 5.75%05/03/2026 MXN 1,395,000 6,337,769 0.30Mexican Bonos, FRN 8.5%31/05/2029 MXN 1,005,000 5,457,049 0.25Mexican Bonos 7.5% 03/06/2027 MXN 4,613,516 23,339,784 1.09Mexican Bonos 7.75% 29/05/2031 MXN 11,097,000 57,053,495 2.65Mexico Government Bond, FRN 7.75%23/11/2034 MXN 800,000 4,113,217 0.19Mexico Government Bond, FRN 10%20/11/2036 MXN 1,574,311 9,877,230 0.46Mexico Government Bond, FRN2.402% 15/11/2040 MXN 84,102 2,666,002 0.12

108,844,546 5.06

NigeriaNigeria Government Bond 12.5%22/01/2026 NGN 2,668,141,000 6,926,649 0.32

6,926,649 0.32

PeruPeru Government Bond 6.35%12/08/2028 PEN 54,156,000 17,301,875 0.80Peru Government Bond, Reg. S, 144A6.15% 12/08/2032 PEN 24,192,000 7,577,109 0.35Peru Government Bond, Reg. S6.95% 12/08/2031 PEN 79,921,000 26,780,876 1.25

51,659,860 2.40

PhilippinesPhilippine Government Bond 3.9%26/11/2022 PHP 90,000,000 1,592,943 0.07Philippine Government Bond 6.125%24/10/2037 PHP 800,000 13,756 0.00

1,606,699 0.07

PolandPoland Government Bond 5.5%25/10/2019 PLN 59,310,000 16,627,404 0.77Poland Government Bond 1.5%25/04/2020 PLN 89,470,000 23,786,659 1.11Poland Government Bond 2.25%25/04/2022 PLN 127,000,000 33,873,316 1.57Poland Government Bond 2.5%25/01/2023 PLN 106,760,000 28,559,046 1.33Poland Government Bond 4%25/10/2023 PLN 82,580,000 23,568,000 1.10Poland Government Bond 3.25%25/07/2025 PLN 15,400,000 4,176,715 0.19Poland Government Bond 2.5%25/07/2026 PLN 120,000,000 30,600,878 1.42

161,192,018 7.49

RussiaRussian Federal Bond - OFZ 7.6%20/07/2022 RUB 3,661,180,000 58,949,771 2.74Russian Federal Bond - OFZ 7%16/08/2023 RUB 2,369,834,000 37,251,637 1.73

253

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Russian Federal Bond - OFZ 7.1%16/10/2024 RUB 3,961,930,000 61,957,364 2.88Russian Federal Bond - OFZ 7.75%16/09/2026 RUB 343,249,000 5,524,845 0.26

163,683,617 7.61

SerbiaSerbia Treasury 4.5% 05/04/2020 RSD 1,000,000 10,069 0.00Serbia Treasury 5.875% 08/02/2028 RSD 2,022,000,000 21,653,383 1.01

21,663,452 1.01

South AfricaSouth Africa Government Bond 7.25%15/01/2020 ZAR 321,625,000 23,197,749 1.08South Africa Government Bond 7.75%28/02/2023 ZAR 6,333,110 449,894 0.02South Africa Government Bond 8%31/01/2030 ZAR 414,458,926 27,373,943 1.27South Africa Government Bond 7%28/02/2031 ZAR 578,661,594 34,659,619 1.61South Africa Government Bond8.25% 31/03/2032 ZAR 825,548,374 54,356,675 2.52South Africa Government Bond8.875% 28/02/2035 ZAR 108,232,504 7,393,199 0.34South Africa Government Bond6.25% 31/03/2036 ZAR 230,071,379 12,016,564 0.56South Africa Government Bond 8.5%31/01/2037 ZAR 308,800,993 20,216,500 0.94South Africa Government Bond 9%31/01/2040 ZAR 281,072,170 19,113,599 0.89South Africa Government Bond 6.5%28/02/2041 ZAR 3,965,000 204,201 0.01South Africa Government Bond8.75% 31/01/2044 ZAR 181,438,878 11,974,887 0.56South Africa Government Bond8.75% 28/02/2048 ZAR 509,356,234 33,499,691 1.56

244,456,521 11.36

ThailandThailand Government Bond 3.85%12/12/2025 THB 701,088,000 23,169,576 1.08Thailand Government Bond 2.125%17/12/2026 THB 290,800,000 8,479,681 0.39Thailand Government Bond 3.58%17/12/2027 THB 4,436,000 142,964 0.01Thailand Government Bond 4.875%22/06/2029 THB 115,059,000 4,155,702 0.19Thailand Government Bond 3.4%17/06/2036 THB 103,600,000 3,196,666 0.15Thailand Government Bond, Reg. S1.292% 14/07/2021 THB 264,700,000 8,664,873 0.40Thailand Government Bond, Reg. S1.29% 12/03/2028 THB 581,200,000 17,237,168 0.80

65,046,630 3.02

TurkeyTurkey Government Bond 10.7%17/02/2021 TRY 106,150,000 19,844,387 0.92Turkey Government Bond 9.2%22/09/2021 TRY 92,754,966 16,281,724 0.76Turkey Government Bond 4.88%23/02/2022 TRY 17,864,905 6,605,011 0.31Turkey Government Bond 11%02/03/2022 TRY 170,837,208 31,231,154 1.45Turkey Government Bond 7.1%08/03/2023 TRY 300,825 45,572 0.00Turkey Government Bond 8%12/03/2025 TRY 3,441,528 504,074 0.03Turkey Government Bond 11%24/02/2027 TRY 102,484,786 17,032,962 0.79Turkey Government Bond 3.02%07/07/2027 TRY 107,900,000 23,058,172 1.07

114,603,056 5.33

UruguayUruguay Government Bond, Reg. S9.875% 20/06/2022 UYU 169,240,000 5,338,812 0.25

5,338,812 0.25

Total Bonds 1,805,145,359 83.90

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 1,805,145,359 83.90

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

ChileChile Government Bond, Reg. S 6%01/02/2021 CLP 5,000,000 8,178 0.00

8,178 0.00

Dominican RepublicDominican Republic GovernmentBond, Reg. S 11.25% 05/02/2027 DOP 385,000,000 8,405,543 0.39

8,405,543 0.39

EgyptEgypt Treasury Bill 0% 10/07/2018 EGP 194,950,000 9,747,270 0.45

9,747,270 0.45

KazakhstanKazakhstan Government Bond, Reg. S0% 15/03/2019 KZT 4,810,000,000 13,324,726 0.62

13,324,726 0.62

MalaysiaMalaysia Government Bond 3.889%31/07/2020 MYR 17,027,000 4,245,206 0.20Malaysia Government Bond 4.16%15/07/2021 MYR 174,645,000 43,807,202 2.04Malaysia Government Bond 4.048%30/09/2021 MYR 17,295,000 4,325,593 0.20Malaysia Government Bond 3.882%10/03/2022 MYR 56,701,000 14,072,434 0.65Malaysia Government Bond 3.48%15/03/2023 MYR 20,879,000 5,066,589 0.24Malaysia Government Bond 4.181%15/07/2024 MYR 490,000 121,672 0.01Malaysia Government Bond 4.059%30/09/2024 MYR 121,900,000 30,039,398 1.40Malaysia Government Bond 3.955%15/09/2025 MYR 100,000 24,304 0.00Malaysia Government Bond 4.07%30/09/2026 MYR 36,836,000 8,926,341 0.41Malaysia Government Bond 3.892%15/03/2027 MYR 17,100,000 4,083,492 0.19Malaysia Government Bond 4.232%30/06/2031 MYR 3,920,000 931,131 0.04Malaysia Government Bond 4.127%15/04/2032 MYR 205,000 47,659 0.00Malaysia Government Bond 3.844%15/04/2033 MYR 49,700,000 11,132,256 0.52Malaysia Government Bond 4.786%31/10/2035 MYR 22,500,000 5,366,393 0.25

132,189,670 6.15

PeruPeru Government Bond, Reg. S7.84% 12/08/2020 PEN 248,000 83,568 0.00Peru Government Bond, Reg. S 5.7%12/08/2024 PEN 37,000,000 11,795,514 0.55Peru Government Bond, Reg. S6.35% 12/08/2028 PEN 978,000 317,207 0.01Peru Government Bond, Reg. S 6.9%12/08/2037 PEN 23,798,000 7,866,629 0.37

20,062,918 0.93

PhilippinesPhilippine Government Bond 7.375%03/03/2021 PHP 1,030,000 20,343 0.00Philippine Government Bond 4.625%04/12/2022 PHP 733,300,000 13,187,247 0.62Philippine Government Bond 8%19/07/2031 PHP 228,000,000 4,786,973 0.22

17,994,563 0.84

United States of AmericaCitibank NA, FRN 0% 15/04/2028 USD 8,400,000 6,303,024 0.29Citigroup, Inc., FRN 0% 15/11/2032 USD 2,850,000 2,142,032 0.10

8,445,056 0.39

Total Bonds 210,177,924 9.77

Total Transferable securities and money market instrumentsdealt in on another regulated market 210,177,924 9.77

254

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund -JPM US Dollar Liquidity X (dist.)† USD 81,118,059 81,118,059 3.77

81,118,059 3.77

Total Collective Investment Schemes - UCITS 81,118,059 3.77

Total Units of authorised UCITS or other collective investmentundertakings 81,118,059 3.77

Total Investments 2,096,441,342 97.44

Cash 26,778,391 1.24

Other Assets/(Liabilities) 28,330,267 1.32

Total Net Assets 2,151,550,000 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsSouth Africa 11.36Indonesia 10.51Hungary 9.13Russia 7.61Poland 7.49Brazil 7.19Malaysia 6.15Colombia 5.77Turkey 5.33Mexico 5.06Chile 4.04Luxembourg 3.77Peru 3.33Thailand 3.02Czech Republic 1.76Dominican Republic 1.04Serbia 1.01Philippines 0.91Argentina 0.65Kazakhstan 0.62Egypt 0.45United States of America 0.39Nigeria 0.32China 0.28Uruguay 0.25Total Investments 97.44Cash and Other Assets/(Liabilities) 2.56

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Russia 11.84Indonesia 11.67South Africa 11.22Brazil 11.08Hungary 10.04Malaysia 7.28Mexico 5.63Poland 4.69Colombia 4.15Turkey 3.22Romania 3.17Thailand 2.56Chile 2.53Peru 1.85Egypt 1.84India 1.50Argentina 0.95Dominican Republic 0.75Nigeria 0.51United States of America 0.47Uruguay 0.47Philippines 0.30Serbia -Total Investments 97.72Cash and Other Assets/(Liabilities) 2.28

Total 100.00

255

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

AUD 1,146,893 USD 844,622 11/07/2018 Barclays 2,561 -AUD 6,243 USD 4,609 11/07/2018 BNP Paribas 2 -AUD 11,302 USD 8,307 11/07/2018 Goldman Sachs 41 -AUD 81,272 USD 59,879 11/07/2018 National Australia Bank 155 -AUD 14,696,310 USD 10,787,723 19/07/2018 HSBC 68,469 -EGP 113,346,285 USD 6,108,665 19/09/2018 Goldman Sachs 73,397 -EUR 37,807,193 CZK 979,723,866 19/09/2018 HSBC 273,725 0.01EUR 37,318,312 HUF 12,123,600,019 19/09/2018 HSBC 699,612 0.03EUR 2,603,687 USD 3,018,290 02/07/2018 National Australia Bank 13,234 -EUR 7,480 USD 8,660 11/07/2018 BNP Paribas 54 -EUR 2,032,344 USD 2,345,659 11/07/2018 Deutsche Bank 21,981 -EUR 1,524,571 USD 1,770,469 11/07/2018 Merrill Lynch 5,625 -EUR 5,271 USD 6,103 11/07/2018 National Australia Bank 38 -EUR 66,472 USD 77,268 11/07/2018 State Street 171 -EUR 6,902,128 USD 8,023,476 11/07/2018 Toronto-Dominion Bank 17,363 -GBP 122,559 USD 160,883 11/07/2018 Goldman Sachs 448 -MXN 21,304,119 USD 1,067,727 19/09/2018 Citibank 1,058 -MXN 2,438,875,718 USD 117,624,787 19/09/2018 Deutsche Bank 4,728,696 0.22MXN 449,106,891 USD 21,679,751 19/09/2018 Goldman Sachs 851,037 0.04MXN 83,031,666 USD 3,992,187 19/09/2018 RBC 173,344 0.01MXN 910,295,467 USD 43,372,821 19/09/2018 State Street 2,294,869 0.11PEN 33,207,935 USD 10,101,273 19/09/2018 Barclays 4,075 -RUB 234,331,857 USD 3,681,806 19/09/2018 Goldman Sachs 16,344 -TRY 46,178,872 USD 9,506,477 19/09/2018 Deutsche Bank 239,075 0.01TRY 94,464,310 USD 19,874,382 19/09/2018 Goldman Sachs 61,291 -TRY 126,643,940 USD 25,724,201 19/09/2018 HSBC 1,002,636 0.05USD 21,922,091 ARS 610,530,244 19/09/2018 Citibank 2,373,561 0.11USD 494,351 AUD 651,963 11/07/2018 Barclays 12,761 -USD 505,881 AUD 682,469 11/07/2018 BNP Paribas 1,757 -USD 402,637 AUD 532,630 11/07/2018 Goldman Sachs 9,196 -USD 904,344 AUD 1,190,425 11/07/2018 Merrill Lynch 25,005 -USD 1,878,231 AUD 2,529,350 11/07/2018 National Australia Bank 9,861 -USD 1,249,325 AUD 1,655,210 11/07/2018 Standard Chartered 26,660 -USD 1,880 AUD 2,470 11/07/2018 State Street 55 -USD 11,366,723 AUD 15,004,526 19/07/2018 Barclays 282,852 0.01USD 10,823,993 AUD 14,496,996 19/07/2018 Goldman Sachs 115,035 0.01USD 24,089,354 BRL 89,564,218 19/09/2018 Deutsche Bank 1,064,920 0.05USD 23,612,845 BRL 89,846,877 19/09/2018 Standard Chartered 515,748 0.02USD 22,309,909 CLP 14,348,067,851 19/07/2018 Credit Suisse 295,410 0.01USD 29,856,262 CLP 18,867,366,499 20/09/2018 Goldman Sachs 903,270 0.04USD 1,224,699 CNH 7,831,617 19/07/2018 BNP Paribas 43,853 -USD 11,376,132 CNH 73,250,551 19/07/2018 Goldman Sachs 331,467 0.02USD 6,403,336 CNH 41,167,917 19/09/2018 HSBC 211,871 0.01USD 22,655,870 CNH 147,336,557 19/09/2018 Toronto-Dominion Bank 497,131 0.02USD 22,135,526 COP 63,971,898,843 19/07/2018 Credit Suisse 404,144 0.02USD 21,935,993 COP 64,524,723,410 19/09/2018 HSBC 76,243 -USD 21,510,000 COP 61,693,906,500 19/09/2018 Standard Chartered 609,277 0.03USD 1,147,024 CZK 25,337,508 19/07/2018 Goldman Sachs 11,944 -USD 3,480,222 CZK 77,025,665 19/09/2018 Citibank 20,019 -USD 23,813,998 CZK 527,922,997 19/09/2018 Goldman Sachs 98,255 0.01USD 317,458 CZK 7,014,772 19/09/2018 Societe Generale 2,335 -USD 4,647,645 EGP 85,051,902 19/09/2018 Standard Chartered 8,797 -USD 762,772 EUR 654,431 11/07/2018 Barclays 373 -USD 1,020,954 EUR 867,267 11/07/2018 BNP Paribas 10,606 -USD 2,333,038 EUR 2,000,847 11/07/2018 Citibank 2,092 -USD 2,367,078 EUR 2,003,614 11/07/2018 Deutsche Bank 32,909 -USD 1,923,355 EUR 1,632,559 11/07/2018 Goldman Sachs 21,457 -USD 39,945 EUR 34,275 11/07/2018 National Australia Bank 16 -USD 1,379,825 EUR 1,164,893 11/07/2018 RBC 22,748 -USD 1,033,663 EUR 885,478 11/07/2018 Standard Chartered 2,099 -USD 11,989,509 EUR 10,142,659 19/07/2018 Barclays 166,291 0.01USD 434,409 GBP 326,760 11/07/2018 Barclays 4,276 -USD 200,640 GBP 149,973 11/07/2018 BNP Paribas 3,222 -USD 2,295,645 GBP 1,713,701 11/07/2018 Citibank 39,806 -USD 109,772 GBP 83,350 11/07/2018 Deutsche Bank 55 -USD 140,089 GBP 104,410 11/07/2018 HSBC 2,648 -USD 88,069 GBP 66,247 11/07/2018 Merrill Lynch 865 -USD 63,063 GBP 47,425 11/07/2018 National Australia Bank 635 -USD 70,782 GBP 53,454 11/07/2018 RBC 418 -USD 4,146,043 HUF 1,151,044,359 19/09/2018 Citibank 62,252 -USD 5,603,950 HUF 1,527,295,568 19/09/2018 Deutsche Bank 185,257 0.01USD 103,005,113 HUF 27,953,877,768 19/09/2018 Goldman Sachs 3,827,522 0.18USD 10,518,939 HUF 2,814,334,699 19/09/2018 HSBC 533,958 0.03USD 23,247,776 HUF 6,330,168,673 19/09/2018 Societe Generale 788,964 0.04USD 13,835,145 IDR 193,658,739,674 19/07/2018 Citibank 315,053 0.02USD 12,639,391 IDR 178,998,067,875 19/09/2018 Deutsche Bank 293,715 0.01USD 3,729,119 IDR 53,583,710,911 19/09/2018 HSBC 33,397 -USD 28,261,508 IDR 400,629,490,691 19/09/2018 Standard Chartered 629,692 0.03USD 24,130,080 INR 1,636,019,436 19/07/2018 J.P. Morgan 312,780 0.02USD 21,887,529 INR 1,505,752,558 19/09/2018 Citibank 158,981 0.01USD 24,514,032 INR 1,687,496,935 19/09/2018 HSBC 162,847 0.01USD 21,663,062 JPY 2,375,710,030 19/09/2018 ANZ 91,206 -USD 11,859,146 KRW 12,760,677,782 19/07/2018 Goldman Sachs 396,943 0.02

256

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

USD 12,397,017 MYR 49,513,686 19/09/2018 Deutsche Bank 156,321 0.01USD 18,927,652 PEN 61,940,740 19/09/2018 Standard Chartered 78,762 -USD 24,086,058 PHP 1,268,636,756 19/07/2018 Goldman Sachs 341,854 0.02USD 12,901,023 PHP 683,380,069 19/09/2018 Goldman Sachs 180,330 0.01USD 31,927,487 PLN 117,789,600 19/09/2018 Citibank 531,826 0.03USD 17,211,545 PLN 64,476,357 19/09/2018 HSBC 26,005 -USD 4,387,199 PLN 16,174,650 19/09/2018 Societe Generale 76,005 -USD 5,968,934 RON 23,880,217 19/09/2018 Societe Generale 25,164 -USD 23,386,188 RUB 1,475,259,210 19/09/2018 Standard Chartered 104,124 0.01USD 810 SEK 7,113 11/07/2018 Citibank 18 -USD 7,885 SEK 69,503 11/07/2018 Merrill Lynch 144 -USD 3,424 SEK 30,284 11/07/2018 National Australia Bank 51 -USD 6,501 SEK 58,126 11/07/2018 RBC 27 -USD 7,575,955 THB 241,799,483 19/09/2018 Deutsche Bank 266,786 0.01USD 13,807,027 THB 442,279,944 19/09/2018 Societe Generale 437,690 0.02USD 49,713,784 TRY 231,840,245 19/09/2018 Societe Generale 786,402 0.04USD 22,694,537 TWD 681,517,921 19/07/2018 Goldman Sachs 296,936 0.01USD 1,174,725 TWD 34,783,597 19/07/2018 Standard Chartered 31,587 -USD 4,353,681 ZAR 59,787,098 19/09/2018 Barclays 69,640 -USD 136,111,815 ZAR 1,806,834,492 19/09/2018 HSBC 6,643,183 0.31USD 24,076,281 ZAR 331,860,234 19/09/2018 Standard Chartered 296,853 0.01ZAR 344,760,769 USD 24,579,069 19/09/2018 Goldman Sachs 124,746 0.01

Total Unrealised Gain on Forward Currency Exchange Contracts 37,078,265 1.72

ARS 211,764,002 USD 7,805,529 19/09/2018 Barclays (1,025,071) (0.05)ARS 398,766,242 USD 14,622,891 19/09/2018 HSBC (1,854,820) (0.09)AUD 54,422 USD 40,442 11/07/2018 ANZ (242) -AUD 665,043 USD 493,426 11/07/2018 Barclays (2,174) -AUD 28,060 USD 21,322 11/07/2018 BNP Paribas (595) -AUD 121,573,735 USD 91,828,371 11/07/2018 Citibank (2,024,752) (0.09)AUD 168,163 USD 127,899 11/07/2018 National Australia Bank (3,681) -AUD 4,851 USD 3,588 11/07/2018 State Street (4) -BRL 98,416,737 USD 25,680,802 19/09/2018 BNP Paribas (380,635) (0.02)BRL 225,717,441 USD 60,173,283 19/09/2018 Goldman Sachs (2,147,695) (0.10)BRL 19,401,868 USD 5,054,281 19/09/2018 HSBC (66,608) -CLP 7,027,830,660 USD 11,079,664 19/07/2018 Credit Suisse (296,737) (0.01)CLP 7,320,237,191 USD 11,577,158 19/07/2018 Goldman Sachs (345,587) (0.02)CNH 151,312,300 USD 23,597,362 19/07/2018 Barclays (782,603) (0.04)CNH 148,540,074 USD 23,072,000 19/09/2018 HSBC (732,258) (0.03)COP 63,971,898,843 USD 21,825,734 19/07/2018 Credit Suisse (94,352) -COP 64,132,741,920 USD 21,821,280 19/09/2018 Citibank (94,326) -COP 137,537,836,516 USD 48,094,357 19/09/2018 Merrill Lynch (1,499,151) (0.07)CZK 245,509,000 EUR 9,541,741 19/07/2018 HSBC (124,320) (0.01)CZK 1,018,280,689 EUR 39,382,381 19/09/2018 HSBC (386,750) (0.02)CZK 281,766,959 USD 12,966,481 19/07/2018 BNP Paribas (343,770) (0.02)CZK 1,815,645,305 USD 83,819,273 19/09/2018 Merrill Lynch (2,255,527) (0.11)EGP 76,026,571 USD 4,147,658 19/09/2018 Goldman Sachs (1,064) -EUR 1,648,696 USD 1,922,905 11/07/2018 ANZ (2,208) -EUR 1,193,164 USD 1,410,368 11/07/2018 Barclays (20,356) -EUR 305,098,998 USD 361,371,986 11/07/2018 HSBC (5,937,882) (0.28)EUR 20,446 USD 23,877 11/07/2018 Merrill Lynch (58) -EUR 58,081 USD 68,702 11/07/2018 National Australia Bank (1,039) -EUR 298,433 USD 352,680 11/07/2018 RBC (5,012) -EUR 764,992 USD 891,813 11/07/2018 Toronto-Dominion Bank (612) -EUR 1,039,749 USD 1,213,352 19/07/2018 Standard Chartered (1,325) -EUR 4,264,118 USD 5,064,877 19/09/2018 National Australia Bank (70,086) -GBP 144,873 USD 191,722 11/07/2018 Barclays (1,017) -GBP 19,339,739 USD 26,005,886 11/07/2018 Citibank (547,927) (0.03)GBP 75,581 USD 101,440 11/07/2018 Merrill Lynch (1,949) -HUF 1,908,579,870 USD 7,057,037 19/09/2018 Citibank (285,584) (0.01)HUF 8,943,030,478 USD 32,645,947 19/09/2018 HSBC (916,961) (0.04)IDR 193,658,739,674 USD 13,798,271 19/07/2018 Goldman Sachs (278,180) (0.01)INR 871,659,186 USD 12,846,667 19/07/2018 Goldman Sachs (156,983) (0.01)INR 1,555,456,710 USD 22,871,000 19/09/2018 Citibank (425,203) (0.02)INR 1,532,619,569 USD 22,545,154 19/09/2018 HSBC (428,905) (0.02)JPY 2,375,710,030 USD 21,821,280 19/09/2018 HSBC (249,424) (0.01)KRW 12,760,677,782 USD 11,642,954 19/07/2018 Citibank (180,752) (0.01)KZT 2,230,456,004 USD 6,688,024 24/10/2018 Citibank (249,710) (0.01)PHP 611,522,086 USD 11,458,162 19/07/2018 Citibank (12,722) -PHP 61,476,725 USD 1,164,641 19/07/2018 Goldman Sachs (14,023) -PLN 16,081,518 USD 4,361,913 19/09/2018 Barclays (75,542) -PLN 47,083,660 USD 12,806,308 19/09/2018 BNP Paribas (256,621) (0.01)PLN 47,528,957 USD 13,161,308 19/09/2018 HSBC (492,931) (0.02)PLN 129,700,617 USD 35,185,234 19/09/2018 Standard Chartered (614,808) (0.03)PLN 95,086,793 USD 25,498,583 19/09/2018 State Street (154,132) (0.01)RON 259,597,014 USD 65,498,103 19/09/2018 HSBC (884,584) (0.04)RUB 1,216,296,090 USD 19,284,248 19/09/2018 Barclays (89,056) -SEK 12,428 USD 1,393 11/07/2018 Citibank (9) -SEK 8,198,028 USD 928,314 11/07/2018 Merrill Lynch (15,294) -SEK 64,445 USD 7,255 11/07/2018 RBC (78) -SEK 22,217 USD 2,500 11/07/2018 UBS (26) -THB 368,075,059 USD 11,483,900 19/07/2018 BNP Paribas (369,450) (0.02)

257

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

THB 4,232,651,832 USD 132,403,601 19/09/2018 Deutsche Bank (4,458,057) (0.21)TRY 91,345,721 USD 19,485,121 19/09/2018 Citibank (207,592) (0.01)TRY 33,317,631 USD 7,119,490 19/09/2018 Goldman Sachs (88,164) -TWD 716,301,518 USD 24,008,765 19/07/2018 Goldman Sachs (468,027) (0.02)USD 11,147 AUD 15,122 02/07/2018 National Australia Bank (23) -USD 8,307 AUD 11,302 03/07/2018 Goldman Sachs (41) -USD 419,735 AUD 569,153 11/07/2018 ANZ (684) -USD 421,084 AUD 570,910 11/07/2018 BNP Paribas (633) -USD 142,728 AUD 193,526 11/07/2018 Citibank (225) -USD 420,571 AUD 569,579 11/07/2018 HSBC (164) -USD 237,304 AUD 323,005 11/07/2018 National Australia Bank (1,292) -USD 32,637 AUD 44,299 11/07/2018 Standard Chartered (85) -USD 6,100 EUR 5,271 03/07/2018 National Australia Bank (38) -USD 14,017 EUR 12,118 11/07/2018 BNP Paribas (100) -USD 6,665,608 EUR 5,736,744 11/07/2018 Citibank (17,582) -USD 8,691,048 EUR 7,474,539 11/07/2018 National Australia Bank (16,637) -USD 2,581,795 EUR 2,229,178 11/07/2018 RBC (15,152) -USD 21,748,546 EUR 18,745,838 11/07/2018 State Street (89,972) -USD 151,084 EUR 130,793 11/07/2018 Toronto-Dominion Bank (1,287) -USD 22,086,186 EUR 18,882,666 19/09/2018 ANZ (32,096) -USD 161,885 GBP 123,058 11/07/2018 Citibank (102) -USD 63,050 GBP 48,154 11/07/2018 Merrill Lynch (338) -USD 3,454,610 KZT 1,205,658,890 24/10/2018 J.P. Morgan (25,580) -USD 8,930,265 MXN 188,590,921 19/09/2018 Deutsche Bank (530,962) (0.03)USD 282,278 MXN 5,929,169 19/09/2018 Goldman Sachs (15,176) -USD 5,858,658 MXN 120,050,723 19/09/2018 RBC (164,045) (0.01)USD 21,821,280 MXN 444,084,869 19/09/2018 Standard Chartered (457,563) (0.02)USD 2,584 SEK 23,216 11/07/2018 RBC (2) -USD 3,490,666 TRY 17,226,056 19/09/2018 Goldman Sachs (144,707) (0.01)USD 16,843,647 TRY 81,821,264 19/09/2018 National Australia Bank (423,848) (0.02)ZAR 269,865,761 USD 20,144,678 19/09/2018 Barclays (807,461) (0.04)ZAR 113,893,396 USD 8,230,172 19/09/2018 HSBC (69,146) -ZAR 142,842,503 USD 10,859,412 19/09/2018 Merrill Lynch (624,040) (0.03)

Total Unrealised Loss on Forward Currency Exchange Contracts (35,863,992) (1.66)

Net Unrealised Gain on Forward Currency Exchange Contracts 1,214,273 0.06

Option Purchased Contracts

Quantity Security Description Currency Counterparty

GlobalExposure

USD

MarketValue

USD

%of

NetAssets

126,278,125 Foreign Exchange USD/BRL, Put, 3.436, 03/08/2018 USD Goldman Sachs 1,010,225 16,495 -77,167,422 Foreign Exchange USD/TRY, Put, 3.782, 11/07/2018 USD HSBC - 3 -

Total Option Purchased Contracts 16,498 -

258

JPMorgan Funds - Emerging Markets Local Currency Debt FundSchedule of Investments (continued)

As at 30 June 2018

Credit Default Swap Contracts

NominalAmount Currency Counterparty Reference Entity Buy/Sell

Interest(Paid)/

ReceivedMaturity

Date

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

20,000,000 USD Citibank CDX.EM.26-V2 Buy (1.00)% 20/12/2021 284,097 284,097 0.01

Total Unrealised Gain on Credit Default Swap Contracts 284,097 284,097 0.01

90,000,000 USD Citigroup iTraxx Asia ex-Japan IG Series 26Version 1 Buy (1.00)% 20/06/2023 (185,055) (185,055) (0.01)

44,000,000 USD Citibank Malaysia Government Bond 7.5%15/07/2011 Buy (1.00)% 20/12/2021 (262,921) (262,921) (0.01)

Total Unrealised Loss on Credit Default Swap Contracts (447,976) (447,976) (0.02)

Net Unrealised Loss on Credit Default Swap Contracts (163,879) (163,879) (0.01)

Interest Rate Swap Contracts

Nominal Amount Currency Counterparty Security DescriptionMaturity

Date

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

530,000,000 CZK Citigroup Pay fixed 1.889%Receive floating PRIBOR 6 month 05/06/2028 330,154 330,154 0.01

210,000,000 BRL Citigroup Pay floating CDI 1 dayReceive fixed 8.105% 02/01/2020 288,452 288,452 0.01

16,400,000,000 COP Bank of America Pay floating IBR 1 dayReceive fixed 6.65% 11/03/2021 220,822 220,822 0.01

6,350,000,000 HUF Citigroup Pay fixed 1.785%Receive floating BUBOR 6 month 18/06/2023 133,279 133,279 0.01

6,350,000,000 HUF Citigroup Pay fixed 1.8%Receive floating BUBOR 6 month 18/06/2023 117,018 117,018 0.01

Total Unrealised Gain on Interest Rate Swap Contracts 1,089,725 1,089,725 0.05

4,080,000,000 MXN Citigroup Pay floating TIIE 4 weekReceive fixed 6.975% 02/10/2020 (4,616,906) (4,616,906) (0.22)

320,000,000 BRL Citigroup Pay floating CDI 1 dayReceive fixed 8.61% 04/01/2021 (883,505) (883,505) (0.04)

418,000,000 ZAR Citibank Pay fixed 8.445%Receive floating JIBAR 3 month 07/04/2021 (815,891) (815,891) (0.04)

6,500,000,000 HUF Citigroup Pay floating BUBOR 6 monthReceive fixed 1.02% 24/01/2023 (734,240) (734,240) (0.03)

449,000,000 ZAR Citibank Pay fixed 8.295%Receive floating JIBAR 3 month 14/06/2021 (674,378) (674,378) (0.03)

28,900,000,000 CLP Goldman Sachs Pay floating CLICP 1 dayReceive fixed 3.06% 16/10/2020 (233,358) (233,358) (0.01)

100,000,000 PLN Citigroup Pay fixed 2.962%Receive floating WIBOR 6 month 31/05/2028 (152,789) (152,789) (0.01)

Total Unrealised Loss on Interest Rate Swap Contracts (8,111,067) (8,111,067) (0.38)

Net Unrealised Loss on Interest Rate Swap Contracts (7,021,342) (7,021,342) (0.33)

259

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

AustriaErste Group Bank AG EUR 739,690 30,827,937 1.05

30,827,937 1.05

BermudaBrilliance China Automotive HoldingsLtd. HKD 7,774,000 14,019,990 0.48Credicorp Ltd. USD 198,935 44,535,578 1.52Jardine Matheson Holdings Ltd. USD 445,100 28,099,163 0.96

86,654,731 2.96

BrazilBanco do Brasil SA BRL 2,736,190 20,232,665 0.69Cielo SA BRL 2,056,300 8,802,754 0.30Engie Brasil Energia SA BRL 1,570,490 13,907,476 0.47Gerdau SA Preference BRL 11,077,810 40,183,116 1.37Itau Unibanco Holding SA Preference BRL 5,449,525 56,763,241 1.94Kroton Educacional SA BRL 5,224,840 12,839,987 0.44Lojas Renner SA BRL 2,960,282 22,276,626 0.76Petrobras Distribuidora SA BRL 3,046,630 14,252,617 0.49Petroleo Brasileiro SA Preference BRL 4,908,730 21,490,066 0.73

210,748,548 7.19

Cayman IslandsAAC Technologies Holdings, Inc. HKD 1,363,000 19,187,054 0.65Alibaba Group Holding Ltd., ADR USD 586,830 109,077,026 3.72Chailease Holding Co. Ltd. TWD 4,905,000 16,090,280 0.55Country Garden Holdings Co. Ltd. HKD 14,801,000 26,013,695 0.89Tencent Holdings Ltd. HKD 4,497,700 225,684,958 7.70

396,053,013 13.51

ChinaChina Construction Bank Corp. ‘H’ HKD 44,595,000 41,178,571 1.40China Life Insurance Co. Ltd. ‘H’ HKD 17,685,000 45,586,926 1.56China Merchants Bank Co. Ltd. ‘H’ HKD 8,180,867 30,159,172 1.03China Shenhua Energy Co. Ltd. ‘H’ HKD 9,276,000 22,025,223 0.75Ping An Insurance Group Co. of ChinaLtd. ‘H’ HKD 9,171,500 84,367,247 2.88Postal Savings Bank of China Co. Ltd.,Reg. S ‘H’ HKD 33,201,000 21,601,983 0.74Sinopharm Group Co. Ltd. ‘H’ HKD 3,737,200 15,015,789 0.51

259,934,911 8.87

ColombiaBancolombia SA, ADR Preference USD 620,990 29,670,902 1.01

29,670,902 1.01

Hong KongAIA Group Ltd. HKD 7,113,000 62,213,106 2.12China Overseas Land & Investment Ltd. HKD 10,794,000 35,527,893 1.21China Resources Power Holdings Co.Ltd. HKD 16,120,000 28,352,466 0.97China Unicom Hong Kong Ltd. HKD 27,998,000 34,952,494 1.19

161,045,959 5.49

HungaryOTP Bank Nyrt. HUF 600,230 21,502,643 0.73

21,502,643 0.73

IndiaBank of Baroda INR 12,076,470 19,871,947 0.68HDFC Bank Ltd., ADR ‘A’ USD 351,050 36,739,138 1.25Housing Development Finance Corp.Ltd. INR 3,245,740 90,421,102 3.08Tata Consultancy Services Ltd. INR 2,521,160 67,868,259 2.32

214,900,446 7.33

IndonesiaAstra International Tbk. PT IDR 30,838,600 14,176,502 0.48Telekomunikasi Indonesia PerseroTbk. PT IDR 123,298,300 32,222,759 1.10

46,399,261 1.58

MexicoFomento Economico Mexicano SAB deCV, ADR USD 344,480 30,558,821 1.04Grupo Aeroportuario del Pacifico SABde CV ‘B’ MXN 855,980 8,139,985 0.28Grupo Aeroportuario del Sureste SABde CV ‘B’ MXN 521,000 8,323,005 0.28Grupo Financiero Banorte SAB de CV ‘O’ MXN 5,795,820 33,477,735 1.14Grupo Mexico SAB de CV MXN 8,233,230 23,487,666 0.80Wal-Mart de Mexico SAB de CV MXN 9,423,650 25,071,811 0.86

129,059,023 4.40

RussiaMMC Norilsk Nickel PJSC, ADR ‘A’ USD 3,381,880 60,806,202 2.07Novatek PJSC, Reg. S, GDR USD 321,000 47,363,550 1.62Rosneft Oil Co. PJSC, Reg. S, GDR USD 6,044,400 37,789,589 1.29Sberbank of Russia PJSC, ADR USD 3,768,094 54,288,814 1.85Severstal PJSC, GDR USD 1,572,470 23,146,759 0.79

223,394,914 7.62

Saudi ArabiaAl Rajhi Bank SAR 2,443,070 56,291,335 1.92

56,291,335 1.92

South AfricaNaspers Ltd. ‘N’ ZAR 183,550 45,145,061 1.54

45,145,061 1.54

South KoreaHana Financial Group, Inc. KRW 1,020,090 39,335,031 1.34KB Financial Group, Inc. KRW 759,700 36,067,648 1.23Korea Electric Power Corp. KRW 764,580 21,961,611 0.75NCSoft Corp. KRW 66,250 22,094,442 0.75POSCO KRW 122,420 36,153,374 1.23Samsung Electronics Co. Ltd.,Reg. S, GDR USD 58,413 61,041,585 2.08Samsung Electronics Co. Ltd.Preference KRW 2,528,350 85,456,363 2.91Samsung SDI Co. Ltd. KRW 266,710 51,212,518 1.75Shinhan Financial Group Co. Ltd. KRW 713,100 27,721,595 0.95SK Hynix, Inc. KRW 630,741 48,529,871 1.66

429,574,038 14.65

TaiwanFubon Financial Holding Co. Ltd. TWD 38,219,000 64,034,919 2.18Largan Precision Co. Ltd. TWD 262,000 38,501,592 1.31MediaTek, Inc. TWD 1,917,000 18,859,193 0.64Nan Ya Plastics Corp. TWD 9,009,000 25,768,301 0.88Quanta Computer, Inc. TWD 11,069,000 19,417,705 0.66Taiwan Semiconductor ManufacturingCo. Ltd. TWD 5,871,000 41,668,704 1.42Vanguard International SemiconductorCorp. TWD 9,788,000 22,438,931 0.77Yuanta Financial Holding Co. Ltd. TWD 24,891,000 11,334,885 0.39

242,024,230 8.25

ThailandKasikornbank PCL ‘F’ THB 6,467,200 39,162,597 1.34Kasikornbank PCL, NVDR THB 391,500 2,290,943 0.08Siam Cement PCL (The) THB 1,021,000 12,735,518 0.43

54,189,058 1.85

TurkeyEregli Demir ve Celik Fabrikalari TAS TRY 6,208,480 13,857,004 0.47Tupras Turkiye Petrol Rafinerileri A/S TRY 526,643 12,547,604 0.43Turkcell Iletisim Hizmetleri A/S TRY 5,177,510 13,861,469 0.47Turkiye Garanti Bankasi A/S TRY 19,874,310 36,571,299 1.25

76,837,376 2.62

Total Equities 2,714,253,386 92.57

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 2,714,253,386 92.57

260

JPMorgan Funds - Emerging Markets Opportunities FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Transferable securities and money market instruments dealt in on another regulatedmarket

Equities

ChinaBank of Nanjing Co. Ltd. ‘A’ CNH 24,018,334 27,988,962 0.95BOE Technology Group Co. Ltd. ‘A’ CNH 41,773,094 22,275,707 0.76Hangzhou Hikvision Digital TechnologyCo. Ltd. ‘A’ CNH 4,423,530 24,773,129 0.85Midea Group Co. Ltd. ‘A’ CNH 2,842,678 22,390,737 0.76

97,428,535 3.32

Total Equities 97,428,535 3.32

Total Transferable securities and money market instrumentsdealt in on another regulated market 97,428,535 3.32

Other transferable securities and money market instruments

Equities

BermudaPeace Mark (Holdings) Ltd.* HKD 5,104,000 0 0.00

0 0.00

BrazilBanco Nacional SA Preference* BRL 5,100,000 0 0.00

0 0.00

Total Equities 0 0.00

Total Other transferable securities and money marketinstruments 0 0.00

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund -JPM US Dollar Liquidity X (dist.)† USD 84,545,605 84,545,605 2.88

84,545,605 2.88

Total Collective Investment Schemes - UCITS 84,545,605 2.88

Total Units of authorised UCITS or other collective investmentundertakings 84,545,605 2.88

Total Investments 2,896,227,526 98.77

Cash 7,897,089 0.27

Other Assets/(Liabilities) 28,130,822 0.96

Total Net Assets 2,932,255,437 100.00

* Security is valued at its fair value under the direction of the Board of Directors.† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsSouth Korea 14.65Cayman Islands 13.51China 12.19Taiwan 8.25Russia 7.62India 7.33Brazil 7.19Hong Kong 5.49Mexico 4.40Bermuda 2.96Luxembourg 2.88Turkey 2.62Saudi Arabia 1.92Thailand 1.85Indonesia 1.58South Africa 1.54Austria 1.05Colombia 1.01Hungary 0.73Total Investments 98.77Cash and Other Assets/(Liabilities) 1.23

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

South Korea 17.32Cayman Islands 13.36China 11.85Brazil 8.59India 7.36Russia 6.87Taiwan 5.90Hong Kong 5.45Luxembourg 4.18South Africa 3.76Bermuda 2.92Mexico 2.24Thailand 2.20Indonesia 2.03Turkey 1.75Saudi Arabia 1.38Austria 1.36Colombia 0.81Total Investments 99.33Cash and Other Assets/(Liabilities) 0.67

Total 100.00

261

JPMorgan Funds - Emerging Markets Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Emerging Markets Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

CHF 99,925 USD 100,459 11/07/2018 Merrill Lynch 174 -SGD 7,556 USD 5,525 03/07/2018 Deutsche Bank 16 -USD 109,873 CHF 108,016 11/07/2018 Barclays 1,092 -USD 30,492 CHF 30,220 11/07/2018 BNP Paribas 58 -USD 175,963 CHF 173,677 11/07/2018 Merrill Lynch 1,056 -USD 6,800 SGD 9,232 11/07/2018 Deutsche Bank 28 -USD 93,479 SGD 126,986 11/07/2018 HSBC 336 -USD 47,300 SGD 64,474 11/07/2018 Merrill Lynch 9 -USD 38,270 SGD 51,533 11/07/2018 Morgan Stanley 471 -USD 52,556 SGD 71,252 11/07/2018 National Australia Bank 293 -USD 473,702 SGD 640,139 11/07/2018 Societe Generale 4,169 -USD 93,482 SGD 126,305 11/07/2018 Standard Chartered 840 -

Total Unrealised Gain on Forward Currency Exchange Contracts 8,542 -

CHF 7,061,650 USD 7,192,538 11/07/2018 Barclays (80,879) -CHF 39,893 USD 40,731 11/07/2018 Merrill Lynch (556) -CHF 6,556 USD 6,671 11/07/2018 State Street (69) -SGD 1,779 USD 1,334 11/07/2018 Barclays (29) -SGD 55,580 USD 41,704 11/07/2018 Citibank (937) -SGD 1,994 USD 1,488 11/07/2018 HSBC (25) -SGD 7,584,045 USD 5,677,568 11/07/2018 Merrill Lynch (114,777) (0.01)SGD 103,564 USD 76,049 11/07/2018 Societe Generale (86) -USD 63,063 CHF 62,626 11/07/2018 Barclays (7) -USD 6,853 CHF 6,808 11/07/2018 Citibank (3) -USD 105,100 CHF 104,509 11/07/2018 Deutsche Bank (149) -USD 53,314 CHF 53,106 11/07/2018 Goldman Sachs (168) -USD 147,976 CHF 147,453 11/07/2018 Merrill Lynch (522) -USD 47,811 CHF 47,524 11/07/2018 State Street (49) -USD 45,535 SGD 62,311 11/07/2018 Deutsche Bank (169) -

Total Unrealised Loss on Forward Currency Exchange Contracts (198,425) (0.01)

Net Unrealised Loss on Forward Currency Exchange Contracts (189,883) (0.01)

262

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

BermudaCafe de Coral Holdings Ltd. HKD 6,772,000 16,390,365 0.90Johnson Electric Holdings Ltd. HKD 3,015,500 8,801,193 0.48

25,191,558 1.38

BrazilArezzo Industria e Comercio SA BRL 2,411,523 26,410,849 1.45BK Brasil Operacao e Assessoria aRestaurantes SA BRL 4,622,337 19,434,704 1.06Fleury SA BRL 2,139,410 14,532,395 0.80Linx SA BRL 1,454,207 6,740,908 0.37Lojas Renner SA BRL 4,945,112 37,212,809 2.04LPS Brasil Consultoria de Imoveis SA BRL 2,559,240 1,848,042 0.10Marcopolo SA Preference BRL 4,550,944 3,998,875 0.22Valid Solucoes e Servicos de Segurancaem Meios de Pagamento e IdentificacaoSA BRL 1,474,588 6,535,787 0.36

116,714,369 6.40

Cayman Islands51job, Inc., ADR ‘A’ USD 256,678 25,376,470 1.39Chailease Holding Co. Ltd. TWD 5,919,448 19,418,059 1.07Greatview Aseptic Packaging Co. Ltd. HKD 17,812,000 10,658,473 0.59Haitian International Holdings Ltd. HKD 3,502,000 8,261,697 0.45Minth Group Ltd. HKD 2,644,000 11,145,717 0.61Nexteer Automotive Group Ltd. HKD 18,900,000 27,846,227 1.53Pacific Textiles Holdings Ltd. HKD 21,664,000 18,402,868 1.01Regina Miracle International HoldingsLtd., Reg. S HKD 10,612,000 8,216,564 0.45Silergy Corp. TWD 1,137,000 27,595,638 1.51TK Group Holdings Ltd. HKD 13,278,000 11,355,386 0.62Uni-President China Holdings Ltd. HKD 11,342,400 14,586,223 0.80

182,863,322 10.03

CyprusMD Medical Group Investments plc,Reg. S, GDR USD 564,905 4,928,796 0.27

4,928,796 0.27

Czech RepublicMoneta Money Bank A/S CZK 2,383,981 8,124,152 0.45

8,124,152 0.45

EgyptCommercial International Bank EgyptSAE, Reg. S, GDR USD 5,870,140 28,983,816 1.59

28,983,816 1.59

IndiaBharat Financial Inclusion Ltd. INR 1,315,512 22,270,705 1.22Castrol India Ltd. INR 8,858,305 21,158,598 1.16Colgate-Palmolive India Ltd. INR 1,370,639 23,668,947 1.30EIH Ltd. INR 4,490,858 11,142,780 0.61Havells India Ltd. INR 1,420,573 11,268,097 0.62Kajaria Ceramics Ltd. INR 2,263,602 15,935,382 0.87L&T Technology Services Ltd., Reg. S INR 506,705 8,960,771 0.49Marico Ltd. INR 3,259,277 15,735,220 0.86Motilal Oswal Financial Services Ltd. INR 1,092,580 12,346,226 0.68Petronet LNG Ltd. INR 2,072,824 6,646,284 0.37Shriram Transport Finance Co. Ltd. INR 1,355,054 25,596,947 1.40Supreme Industries Ltd. INR 1,473,350 24,303,234 1.33Symphony Ltd. INR 418,368 8,659,152 0.48Tata Elxsi Ltd. INR 1,177,221 22,990,464 1.26TeamLease Services Ltd. INR 480,758 20,745,513 1.14United Breweries Ltd. INR 910,365 15,331,152 0.84

266,759,472 14.63

KenyaEast African Breweries Ltd. KES 3,957,807 8,830,011 0.49Equity Group Holdings Ltd. KES 30,196,076 13,698,269 0.75

22,528,280 1.24

LebanonBLOM Bank SAL, Reg. S, GDR USD 804,670 8,368,568 0.46

8,368,568 0.46

LuxembourgGlobant SA USD 443,313 24,721,349 1.36

24,721,349 1.36

MalaysiaAEON Credit Service M Bhd. MYR 3,605,186 12,846,014 0.70British American Tobacco Malaysia Bhd. MYR 937,200 8,034,138 0.44Bursa Malaysia Bhd. MYR 5,065,500 9,219,122 0.51Carlsberg Brewery Malaysia Bhd. MYR 2,503,400 11,951,356 0.65Heineken Malaysia Bhd. MYR 1,907,300 10,319,303 0.57

52,369,933 2.87

MexicoBolsa Mexicana de Valores SAB de CV MXN 9,322,228 15,939,561 0.87Grupo Aeroportuario del Pacifico SABde CV ‘B’ MXN 1,357,721 12,911,316 0.71Grupo Aeroportuario del Sureste SABde CV, ADR ‘A’ USD 238,025 37,828,123 2.07Kimberly-Clark de Mexico SAB de CV ‘A’ MXN 18,690,839 31,132,409 1.71Regional SAB de CV MXN 3,314,110 17,802,862 0.98

115,614,271 6.34

PanamaIntercorp Financial Services, Inc., Reg. S USD 245,843 9,821,428 0.54

9,821,428 0.54

PhilippinesCentury Pacific Food, Inc. PHP 25,238,000 7,563,841 0.41Jollibee Foods Corp. PHP 4,743,030 23,342,242 1.28

30,906,083 1.69

PolandDino Polska SA, Reg. S PLN 580,261 15,809,853 0.87

15,809,853 0.87

RomaniaBanca Transilvania SA RON 45,797,951 27,645,271 1.52

27,645,271 1.52

RussiaMoscow Exchange MICEX-RTS PJSC USD 16,275,546 28,518,968 1.56

28,518,968 1.56

Saudi ArabiaUnited International Transportation Co. SAR 1,509,022 14,447,141 0.79

14,447,141 0.79

South AfricaAlexander Forbes Group Holdings Ltd. ZAR 9,440,174 3,844,415 0.21AVI Ltd. ZAR 3,674,375 28,849,663 1.58Bid Corp. Ltd. ZAR 975,560 19,223,035 1.06City Lodge Hotels Ltd. ZAR 833,380 8,356,124 0.46Clicks Group Ltd. ZAR 2,579,780 36,325,170 1.99Famous Brands Ltd. ZAR 1,480,254 12,064,941 0.66JSE Ltd. ZAR 960,391 11,227,796 0.62Santam Ltd. ZAR 430,700 8,981,323 0.49SPAR Group Ltd. (The) ZAR 1,952,408 26,039,645 1.43

154,912,112 8.50

South KoreaHana Tour Service, Inc. KRW 246,426 19,358,738 1.06Hanon Systems KRW 2,583,921 24,662,601 1.35KEPCO Plant Service & Engineering Co.Ltd. KRW 203,279 6,505,461 0.36LEENO Industrial, Inc. KRW 303,956 17,010,986 0.93Modetour Network, Inc. KRW 572,654 14,030,972 0.77NCSoft Corp. KRW 75,800 25,279,377 1.39

106,848,135 5.86

Sri LankaCommercial Bank of Ceylon plc LKR 5,673,787 4,426,486 0.24

4,426,486 0.24

SwitzerlandDKSH Holding AG CHF 236,710 16,694,129 0.92

16,694,129 0.92

263

JPMorgan Funds - Emerging Markets Small Cap FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

TaiwanAdvantech Co. Ltd. TWD 4,054,988 26,683,681 1.46Basso Industry Corp. TWD 7,228,000 15,431,468 0.85Chicony Electronics Co. Ltd. TWD 6,842,425 15,416,734 0.85Giant Manufacturing Co. Ltd. TWD 3,774,000 15,947,438 0.87Global PMX Co. Ltd. TWD 2,351,000 11,747,670 0.64Macauto Industrial Co. Ltd. TWD 2,246,000 8,679,855 0.48Sporton International, Inc. TWD 3,072,782 14,824,870 0.81St Shine Optical Co. Ltd. TWD 1,150,000 26,458,039 1.45Taiwan FamilyMart Co. Ltd. TWD 2,083,000 12,630,354 0.69Vanguard International SemiconductorCorp. TWD 16,204,000 37,147,573 2.04Voltronic Power Technology Corp. TWD 1,135,838 19,478,006 1.07

204,445,688 11.21

ThailandKCE Electronics PCL THB 14,295,000 16,352,254 0.90Srisawad Corp. PCL ‘F’ THB 10,072,336 8,936,118 0.49Tisco Financial Group PCL THB 5,912,100 15,021,305 0.82

40,309,677 2.21

TurkeyBIM Birlesik Magazalar A/S TRY 1,325,810 19,498,483 1.07Cimsa Cimento Sanayi ve Ticaret A/S TRY 2,697,811 6,424,762 0.35Ford Otomotiv Sanayi A/S TRY 910,030 12,082,549 0.67Logo Yazilim Sanayi ve Ticaret A/S TRY 1,182,269 10,805,379 0.59Mavi Giyim Sanayi ve Ticaret A/S, Reg. S‘B’ TRY 1,011,050 8,521,051 0.47Turk Traktor ve Ziraat Makineleri A/S TRY 559,301 6,217,237 0.34

63,549,461 3.49

United KingdomTBC Bank Group plc GBP 1,185,454 26,487,762 1.45

26,487,762 1.45

United States of AmericaEPAM Systems, Inc. USD 315,947 39,308,546 2.16

39,308,546 2.16

Total Equities 1,641,298,626 90.03

Warrants

ChinaChongqing Brewery Co. Ltd.07/08/2018 USD 3,925,892 16,433,784 0.90Hangzhou Robam Appliances Co. Ltd.,Reg. S 30/08/2019 USD 2,315,638 10,710,752 0.59Luthai Textile Co. Ltd., Reg. S15/02/2019 USD 3,543,929 5,779,222 0.32

32,923,758 1.81

Total Warrants 32,923,758 1.81

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 1,674,222,384 91.84

Transferable securities and money market instruments dealt in on another regulatedmarket

Equities

ChinaHangzhou Robam Appliances Co. Ltd.‘A’ CNH 3,846,684 17,765,041 0.97Luthai Textile Co. Ltd. ‘A’ CNH 15,783,247 25,701,853 1.41Wuxi Little Swan Co. Ltd. ‘A’ CNH 1,528,942 15,993,797 0.88Zhejiang Supor Cookware Co. Ltd. ‘A’ CNH 4,554,549 35,417,628 1.94

94,878,319 5.20

Total Equities 94,878,319 5.20

Total Transferable securities and money market instrumentsdealt in on another regulated market 94,878,319 5.20

Other transferable securities and money market instruments

Equities

BermudaPeace Mark (Holdings) Ltd. * HKD 374,000 0 0.00

0 0.00

Total Equities 0 0.00

Total Other transferable securities and money marketinstruments 0 0.00

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund -JPM US Dollar Liquidity X (dist.)† USD 20,882,888 20,882,888 1.15

20,882,888 1.15

Total Collective Investment Schemes - UCITS 20,882,888 1.15

Total Units of authorised UCITS or other collective investmentundertakings 20,882,888 1.15

Total Investments 1,789,983,591 98.19

Cash 21,041,163 1.15

Other Assets/(Liabilities) 11,937,625 0.66

Total Net Assets 1,822,962,379 100.00

* Security is valued at its fair value under the direction of the Board of Directors.† Related Party Fund.

264

JPMorgan Funds - Emerging Markets Small Cap FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsIndia 14.63Taiwan 11.21Cayman Islands 10.03South Africa 8.50China 7.01Brazil 6.40Mexico 6.34South Korea 5.86Turkey 3.49Malaysia 2.87Luxembourg 2.51Thailand 2.21United States of America 2.16Philippines 1.69Egypt 1.59Russia 1.56Romania 1.52United Kingdom 1.45Bermuda 1.38Kenya 1.24Switzerland 0.92Poland 0.87Saudi Arabia 0.79Panama 0.54Lebanon 0.46Czech Republic 0.45Cyprus 0.27Sri Lanka 0.24Total Investments 98.19Cash and Other Assets/(Liabilities) 1.81

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

India 12.65Taiwan 12.60South Africa 11.38Cayman Islands 10.45China 6.21Brazil 5.74Mexico 5.40South Korea 5.29Thailand 3.55Luxembourg 3.28Turkey 2.58Malaysia 2.56United States of America 2.48Russia 1.87Philippines 1.61United Kingdom 1.41Romania 1.28Egypt 1.07Kenya 1.03Switzerland 0.99Bermuda 0.95Poland 0.65Saudi Arabia 0.56Netherlands 0.55Cyprus 0.51Lebanon 0.49Panama 0.48Virgin Islands, British 0.48Czech Republic 0.45United Arab Emirates 0.37Sri Lanka 0.24Total Investments 99.16Cash and Other Assets/(Liabilities) 0.84

Total 100.00

265

JPMorgan Funds - Emerging Markets Small Cap FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Emerging Markets Small Cap FundSchedule of Investments (continued)

As at 30 June 2018

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

MSCI Emerging Markets Index, 21/09/2018 447 USD 23,682,060 330,782 0.02

Total Unrealised Gain on Financial Futures Contracts 330,782 0.02

Net Unrealised Gain on Financial Futures Contracts 330,782 0.02

266

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

AngolaAngola Government Bond, Reg. S9.5% 12/11/2025 USD 2,235,000 2,443,034 0.21Angola Government Bond, Reg. S8.25% 09/05/2028 USD 6,160,000 6,184,517 0.53Angola Government Bond, Reg. S9.375% 08/05/2048 USD 2,230,000 2,259,302 0.19

10,886,853 0.93

ArgentinaArgentina Government Bond, FRN0% 15/12/2035 USD 3,136,363 185,908 0.02Argentina Government Bond 18.2%03/10/2021 ARS 25,651,274 826,653 0.07Argentina Government Bond 4.625%11/01/2023 USD 2,700,000 2,415,218 0.21Argentina Government Bond 15.5%17/10/2026 ARS 76,800,000 2,502,551 0.21Argentina Government Bond 8.28%31/12/2033 USD 1,606,549 1,551,244 0.13Argentina Government Bond 7.625%22/04/2046 USD 600,000 496,101 0.04Argentina Government Bond 6.875%11/01/2048 USD 401,000 308,409 0.03Argentina Government Bond 7.125%28/06/2117 USD 1,766,000 1,381,303 0.12Argentina Government Bond 6.875%22/04/2021 USD 6,500,000 6,486,578 0.56Argentina Government Bond, Reg. S3.875% 15/01/2022 EUR 2,900,000 3,251,816 0.28Bonos de la Nacion Argentina conAjuste por CER 0% 06/03/2020 ARS 127,000,000 4,460,854 0.38Generacion Mediterranea SA, Reg. S9.625% 27/07/2023 USD 1,560,000 1,545,866 0.13Pampa Energia SA, Reg. S 7.375%21/07/2023 USD 1,850,000 1,775,029 0.15Pampa Energia SA, Reg. S 7.5%24/01/2027 USD 6,020,000 5,413,304 0.46Provincia de Buenos Aires, Reg. S9.95% 09/06/2021 USD 2,900,000 3,017,247 0.26Provincia de Buenos Aires, Reg. S5.375% 20/01/2023 EUR 1,000,000 1,108,200 0.10Provincia de Buenos Aires, Reg. S7.875% 15/06/2027 USD 300,000 264,993 0.02Provincia de Cordoba, Reg. S 7.125%10/06/2021 USD 150,000 145,315 0.01Provincia de Cordoba, Reg. S 7.45%01/09/2024 USD 3,370,000 3,063,431 0.26Provincia de Cordoba, Reg. S 7.125%01/08/2027 USD 890,000 758,195 0.07Provincia de Mendoza Argentina,Reg. S 8.375% 19/05/2024 USD 850,000 784,695 0.07YPF SA, Reg. S 8.5% 23/03/2021 USD 5,082,000 5,183,360 0.44YPF SA, Reg. S 8.75% 04/04/2024 USD 1,321,000 1,314,137 0.11YPF SA, Reg. S 6.95% 21/07/2027 USD 2,520,000 2,167,540 0.19

50,407,947 4.32

ArmeniaArmenia Government Bond, Reg. S6% 30/09/2020 USD 200,000 205,238 0.02Armenia Government Bond, Reg. S7.15% 26/03/2025 USD 1,900,000 1,994,743 0.17

2,199,981 0.19

AzerbaijanAzerbaijan Government Bond, Reg. S4.75% 18/03/2024 USD 1,091,000 1,083,581 0.09State Oil Co. of the AzerbaijanRepublic, Reg. S 4.75% 13/03/2023 USD 409,000 404,285 0.03State Oil Co. of the AzerbaijanRepublic, Reg. S 6.95% 18/03/2030 USD 5,080,000 5,444,820 0.47

6,932,686 0.59

BahrainBahrain Government Bond, Reg. S5.5% 31/03/2020 USD 400,000 395,974 0.03Bahrain Government Bond, Reg. S5.875% 26/01/2021 USD 698,000 690,221 0.06

Bahrain Government Bond, Reg. S6.125% 05/07/2022 USD 7,099,000 6,943,709 0.60Bahrain Government Bond, Reg. S6.75% 20/09/2029 USD 4,253,000 3,736,665 0.32

11,766,569 1.01

BelarusBelarus Government Bond, Reg. S6.875% 28/02/2023 USD 2,947,000 3,059,369 0.26Belarus Government Bond, Reg. S7.625% 29/06/2027 USD 5,951,000 6,236,648 0.53Belarus Government Bond, Reg. S6.2% 28/02/2030 USD 6,980,000 6,614,841 0.57

15,910,858 1.36

BermudaBermuda Government Bond, Reg. S4.854% 06/02/2024 USD 1,150,000 1,183,413 0.10GCL New Energy Holdings Ltd., Reg. S7.1% 30/01/2021 USD 5,674,000 4,964,128 0.43Geopark Ltd., Reg. S 6.5%21/09/2024 USD 4,860,000 4,708,490 0.40Inkia Energy Ltd., Reg. S 5.875%09/11/2027 USD 4,029,000 3,782,123 0.32

14,638,154 1.25

BrazilBrazil Government Bond 6%07/04/2026 USD 4,701,000 4,836,036 0.41Brazil Government Bond 8.25%20/01/2034 USD 1,900,000 2,195,023 0.19Brazil Government Bond 5%27/01/2045 USD 5,800,000 4,622,310 0.40Brazil Notas do Tesouro Nacional 6%15/08/2050 BRL 14,500 12,021,861 1.03Cemig Geracao e Transmissao SA,Reg. S 9.25% 05/12/2024 USD 6,690,000 6,819,184 0.59Light Servicos de Eletricidade SA,Reg. S 7.25% 03/05/2023 USD 5,100,000 4,819,066 0.41Votorantim Cimentos SA, Reg. S7.25% 05/04/2041 USD 1,899,000 1,896,085 0.16

37,209,565 3.19

Cayman IslandsAvi Funding Co. Ltd., Reg. S 3.8%16/09/2025 USD 800,000 787,978 0.07Batelco International Finance No. 1Ltd., Reg. S 4.25% 01/05/2020 USD 5,621,000 5,401,163 0.46Ezdan Sukuk Co. Ltd., Reg. S 4.375%18/05/2021 USD 6,587,000 5,332,506 0.46Fantasia Holdings Group Co. Ltd.,Reg. S 8.375% 08/03/2021 USD 6,370,000 5,672,238 0.49Gran Tierra Energy InternationalHoldings Ltd., Reg. S 6.25%15/02/2025 USD 3,430,000 3,228,488 0.28ICD Sukuk Co. Ltd., Reg. S 5%01/02/2027 USD 2,536,000 2,530,307 0.22MAF Global Securities Ltd., Reg. S,FRN 6.375% Perpetual USD 5,200,000 5,007,478 0.43Ooredoo Tamweel Ltd., Reg. S3.039% 03/12/2018 USD 2,700,000 2,700,702 0.23Three Gorges Finance I CaymanIslands Ltd., Reg. S 3.15%02/06/2026 USD 800,000 751,512 0.06WTT Investment Ltd., Reg. S 5.5%21/11/2022 USD 6,290,000 6,005,849 0.51

37,418,221 3.21

ChileCorp. Nacional del Cobre de Chile,Reg. S 4.5% 16/09/2025 USD 1,200,000 1,226,964 0.10Empresa de Transporte de PasajerosMetro SA, Reg. S 4.75% 04/02/2024 USD 1,000,000 1,025,230 0.09Empresa Electrica Angamos SA,Reg. S 4.875% 25/05/2029 USD 3,319,055 3,228,146 0.28Tesoreria General de LA Republica2% 01/03/2035 CLP 210,000 8,667,747 0.74

14,148,087 1.21

ChinaChina Government Bond, Reg. S2.36% 18/08/2021 CNH 8,000,000 1,160,037 0.10China Minmetals Corp., Reg. S, FRN3.75% Perpetual USD 3,900,000 3,583,719 0.31

4,743,756 0.41

267

JPMorgan Funds - Emerging Markets Strategic Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

ColombiaColombia Government Bond 2.625%15/03/2023 USD 1,000,000 950,475 0.08Colombia Government Bond 4%26/02/2024 USD 925,000 925,902 0.08Colombia Government Bond 4.5%28/01/2026 USD 500,000 510,888 0.04Colombia Government Bond 3.875%25/04/2027 USD 600,000 581,160 0.05Colombia Government Bond 10.375%28/01/2033 USD 200,000 309,246 0.03Colombia Government Bond 7.375%18/09/2037 USD 1,079,000 1,354,954 0.12Colombia Government Bond 5%15/06/2045 USD 3,950,000 3,887,393 0.33Ecopetrol SA 5.875% 18/09/2023 USD 1,080,000 1,146,787 0.10Ecopetrol SA 4.125% 16/01/2025 USD 1,850,000 1,788,228 0.15Ecopetrol SA 5.375% 26/06/2026 USD 1,749,000 1,795,296 0.15Ecopetrol SA 5.875% 28/05/2045 USD 1,200,000 1,137,624 0.10

14,387,953 1.23

Costa RicaCosta Rica Government Bond, Reg. S4.375% 30/04/2025 USD 341,000 317,021 0.03Costa Rica Government Bond, Reg. S7% 04/04/2044 USD 800,000 784,236 0.07Costa Rica Government Bond, Reg. S7.158% 12/03/2045 USD 2,777,000 2,770,252 0.24Instituto Costarricense deElectricidad, Reg. S 6.95% 10/11/2021 USD 800,000 831,732 0.07Instituto Costarricense deElectricidad, Reg. S 6.375%15/05/2043 USD 900,000 752,643 0.06

5,455,884 0.47

CroatiaCroatia Government Bond, Reg. S6.75% 05/11/2019 USD 1,150,000 1,199,887 0.10Croatia Government Bond, Reg. S6.375% 24/03/2021 USD 2,100,000 2,228,761 0.19Croatia Government Bond, Reg. S 6%26/01/2024 USD 1,356,000 1,459,775 0.13

4,888,423 0.42

Czech RepublicCzech Republic Government Bond,Reg. S 2.5% 25/08/2028 CZK 277,000,000 12,756,801 1.09

12,756,801 1.09

Dominican RepublicDominican Republic GovernmentBond, Reg. S 8.9% 15/02/2023 DOP 153,450,000 3,199,955 0.28Dominican Republic GovernmentBond, Reg. S 5.875% 18/04/2024 USD 1,965,000 2,017,161 0.17Dominican Republic GovernmentBond, Reg. S 6.875% 29/01/2026 USD 3,728,000 3,952,482 0.34Dominican Republic GovernmentBond, Reg. S 7.45% 30/04/2044 USD 800,000 845,520 0.07Dominican Republic GovernmentBond, Reg. S 6.5% 15/02/2048 USD 380,000 363,981 0.03

10,379,099 0.89

EcuadorEcuador Government Bond, Reg. S10.5% 24/03/2020 USD 2,200,000 2,253,559 0.19Ecuador Government Bond, Reg. S10.75% 28/03/2022 USD 1,140,000 1,171,681 0.10Ecuador Government Bond, Reg. S8.75% 02/06/2023 USD 1,780,000 1,672,265 0.14Ecuador Government Bond, Reg. S7.95% 20/06/2024 USD 1,250,000 1,115,625 0.10Ecuador Government Bond, Reg. S8.875% 23/10/2027 USD 1,200,000 1,072,428 0.09Petroamazonas EP, Reg. S 4.625%16/02/2020 USD 790,000 744,445 0.06Petroamazonas EP, Reg. S 4.625%06/11/2020 USD 2,770,000 2,520,146 0.22

10,550,149 0.90

EgyptEgypt Government Bond, Reg. S5.75% 29/04/2020 USD 3,760,000 3,820,480 0.33Egypt Government Bond, Reg. S6.125% 31/01/2022 USD 1,000,000 987,520 0.09Egypt Government Bond, Reg. S5.875% 11/06/2025 USD 1,164,000 1,088,357 0.09

Egypt Government Bond, Reg. S 7.5%31/01/2027 USD 1,800,000 1,780,416 0.15Egypt Government Bond, Reg. S5.625% 16/04/2030 EUR 1,950,000 2,055,835 0.18Egypt Government Bond, Reg. S 8.5%31/01/2047 USD 960,000 941,165 0.08Egypt Government Bond, Reg. S7.903% 21/02/2048 USD 1,143,000 1,051,874 0.09

11,725,647 1.01

El SalvadorEl Salvador Government Bond, Reg. S7.375% 01/12/2019 USD 4,350,000 4,476,889 0.38El Salvador Government Bond, Reg. S7.75% 24/01/2023 USD 300,000 315,620 0.03El Salvador Government Bond, Reg. S5.875% 30/01/2025 USD 3,283,000 3,093,341 0.26El Salvador Government Bond, Reg. S6.375% 18/01/2027 USD 230,000 217,655 0.02El Salvador Government Bond, Reg. S8.25% 10/04/2032 USD 530,000 549,205 0.05El Salvador Government Bond, Reg. S7.65% 15/06/2035 USD 4,325,000 4,246,263 0.36El Salvador Government Bond, Reg. S7.625% 01/02/2041 USD 2,960,000 2,886,681 0.25

15,785,654 1.35

EthiopiaEthiopia Government Bond, Reg. S6.625% 11/12/2024 USD 1,500,000 1,470,375 0.13

1,470,375 0.13

GabonGabon Government Bond, Reg. S6.95% 16/06/2025 USD 544,000 493,908 0.04

493,908 0.04

GeorgiaGeorgia Government Bond, Reg. S6.875% 12/04/2021 USD 300,000 319,924 0.03Georgian Railway JSC, Reg. S 7.75%11/07/2022 USD 300,000 316,157 0.02

636,081 0.05

GhanaGhana Government Bond, Reg. S8.125% 18/01/2026 USD 1,600,000 1,641,928 0.14

1,641,928 0.14

HondurasHonduras Government Bond, Reg. S8.75% 16/12/2020 USD 1,900,000 2,062,536 0.18Honduras Government Bond, Reg. S7.5% 15/03/2024 USD 900,000 964,233 0.08

3,026,769 0.26

Hong KongBank of East Asia Ltd. (The), Reg. S,FRN 5.625% Perpetual USD 3,270,000 3,139,078 0.27

3,139,078 0.27

HungaryHungary Government Bond 1.75%26/10/2022 HUF 2,116,950,000 7,312,631 0.63Hungary Government Bond 5.75%22/11/2023 USD 4,768,000 5,139,761 0.44Hungary Government Bond 5.375%25/03/2024 USD 2,084,000 2,217,657 0.19MFB Magyar Fejlesztesi Bank Zrt.,Reg. S 6.25% 21/10/2020 USD 800,000 840,548 0.07

15,510,597 1.33

IndiaIDBI Bank Ltd., Reg. S 3.75%25/01/2019 USD 750,000 748,830 0.07JSW Steel Ltd., Reg. S 5.25%13/04/2022 USD 4,307,000 4,208,516 0.36

4,957,346 0.43

IndonesiaIndonesia Government Bond, Reg. S5.875% 15/01/2024 USD 1,280,000 1,372,703 0.12Indonesia Government Bond, Reg. S4.125% 15/01/2025 USD 1,350,000 1,328,535 0.12

268

JPMorgan Funds - Emerging Markets Strategic Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Indonesia Government Bond, Reg. S4.35% 08/01/2027 USD 1,800,000 1,775,832 0.15Indonesia Government Bond, Reg. S6.625% 17/02/2037 USD 1,000,000 1,150,965 0.10Indonesia Government Bond, Reg. S6.75% 15/01/2044 USD 3,250,000 3,875,323 0.33Indonesia Treasury 8.25%15/07/2021 IDR 75,054,000,000 5,343,604 0.46Indonesia Treasury 7% 15/05/2022 IDR 130,793,000,000 8,962,926 0.77Indonesia Treasury 7% 15/05/2027 IDR 63,000,000,000 4,142,481 0.36Indonesia Treasury 6.125%15/05/2028 IDR 43,250,000,000 2,693,693 0.23Indonesia Treasury 8.75%15/05/2031 IDR 116,938,000,000 8,547,956 0.73Indonesia Treasury 7.5% 15/08/2032 IDR 62,000,000,000 4,077,809 0.35Indonesia Treasury 8.25%15/05/2036 IDR 119,919,000,000 8,305,625 0.71Pelabuhan Indonesia II PT, Reg. S4.25% 05/05/2025 USD 1,000,000 958,230 0.08Pertamina Persero PT, Reg. S 6.5%27/05/2041 USD 1,650,000 1,742,491 0.15Pertamina Persero PT, Reg. S 6.45%30/05/2044 USD 1,800,000 1,886,761 0.16Perusahaan Listrik Negara PT, Reg. S4.125% 15/05/2027 USD 900,000 830,488 0.07Perusahaan Listrik Negara PT, Reg. S5.25% 15/05/2047 USD 500,000 455,200 0.04Perusahaan Listrik Negara PT, Reg. S6.15% 21/05/2048 USD 600,000 606,561 0.05

58,057,183 4.98

IraqIraq Government Bond, Reg. S6.752% 09/03/2023 USD 3,199,000 3,082,141 0.26Iraq Government Bond, Reg. S 5.8%15/01/2028 USD 1,678,000 1,510,703 0.13

4,592,844 0.39

IrelandGTLK Europe DAC, Reg. S 5.125%31/05/2024 USD 1,100,000 1,043,190 0.09Vnesheconombank, Reg. S 4.224%21/11/2018 USD 400,000 400,762 0.04Vnesheconombank, Reg. S 6.025%05/07/2022 USD 540,000 555,903 0.05Vnesheconombank, Reg. S 5.942%21/11/2023 USD 500,000 515,388 0.04

2,515,243 0.22

Ivory CoastIvory Coast Government Bond, 144A5.25% 22/03/2030 EUR 500,000 559,450 0.05Ivory Coast Government Bond, Reg. S6.375% 03/03/2028 USD 800,000 757,012 0.06Ivory Coast Government Bond, Reg. S5.25% 22/03/2030 EUR 4,600,000 5,149,108 0.44Ivory Coast Government Bond, Reg. S6.625% 22/03/2048 EUR 1,220,000 1,342,046 0.12Ivory Coast Government Bond, STEP,Reg. S 5.75% 31/12/2032 USD 850,500 791,446 0.07

8,599,062 0.74

JamaicaJamaica Government Bond 8%24/06/2019 USD 646,000 662,150 0.06Jamaica Government Bond 6.75%28/04/2028 USD 500,000 537,320 0.04Jamaica Government Bond 8%15/03/2039 USD 1,755,000 1,981,535 0.17

3,181,005 0.27

JordanJordan Government Bond, Reg. S7.375% 10/10/2047 USD 700,000 644,907 0.05Jordan Government Bond, Reg. S5.75% 31/01/2027 USD 200,000 186,223 0.02

831,130 0.07

KazakhstanKazakhstan Government Bond, Reg. S3.875% 14/10/2024 USD 753,000 756,848 0.06Kazakhstan Government Bond, Reg. S5.125% 21/07/2025 USD 700,000 739,126 0.06Kazakhstan Government Bond, Reg. S4.875% 14/10/2044 USD 1,000,000 969,985 0.08

Kazakhstan Government Bond, Reg. S6.5% 21/07/2045 USD 500,000 590,392 0.05Kazakhstan Temir Zholy National Co.JSC, Reg. S 4.85% 17/11/2027 USD 1,910,000 1,851,420 0.16KazMunayGas National Co. JSC,Reg. S 9.125% 02/07/2018 USD 412,000 412,772 0.04KazMunayGas National Co. JSC,Reg. S 3.875% 19/04/2022 USD 4,095,000 4,035,684 0.35KazMunayGas National Co. JSC,Reg. S 4.75% 19/04/2027 USD 1,300,000 1,270,822 0.11KazMunayGas National Co. JSC,Reg. S 5.75% 19/04/2047 USD 700,000 669,050 0.06KazMunayGas National Co. JSC,Reg. S 6.375% 24/10/2048 USD 1,306,000 1,318,355 0.11

12,614,454 1.08

KenyaKenya Government Bond, Reg. S5.875% 24/06/2019 USD 3,050,000 3,066,302 0.26Kenya Government Bond, Reg. S6.875% 24/06/2024 USD 2,100,000 2,078,832 0.18Kenya Government Bond, Reg. S7.25% 28/02/2028 USD 480,000 462,009 0.04Kenya Government Bond, Reg. S8.25% 28/02/2048 USD 1,160,000 1,088,759 0.09

6,695,902 0.57

LebanonLebanon Government Bond 6.375%09/03/2020 USD 7,051,000 6,778,831 0.58Lebanon Government Bond 6.15%19/06/2020 USD 4,170,000 3,968,381 0.34Lebanon Government Bond 6.25%27/05/2022 USD 1,700,000 1,492,116 0.13Lebanon Government Bond 6.4%26/05/2023 USD 2,350,000 1,998,663 0.17Lebanon Government Bond, Reg. S6% 20/05/2019 USD 800,000 788,820 0.07Lebanon Government Bond, Reg. S5.45% 28/11/2019 USD 4,516,000 4,352,114 0.37Lebanon Government Bond, Reg. S5.8% 14/04/2020 USD 4,850,000 4,608,616 0.39Lebanon Government Bond, Reg. S8.25% 12/04/2021 USD 2,784,000 2,676,106 0.23Lebanon Government Bond, Reg. S6.1% 04/10/2022 USD 2,550,000 2,202,129 0.19

28,865,776 2.47

LuxembourgRussian Agricultural Bank OJSC,Reg. S 8.5% 16/10/2023 USD 1,200,000 1,289,772 0.11Sberbank of Russia, Reg. S 6.125%07/02/2022 USD 1,500,000 1,567,958 0.14

2,857,730 0.25

MacedoniaMacedonia Government Bond, Reg. S2.75% 18/01/2025 EUR 702,000 805,366 0.07

805,366 0.07

MauritiusAzure Power Energy Ltd., Reg. S5.5% 03/11/2022 USD 3,043,000 2,792,120 0.24HTA Group Ltd., Reg. S 9.125%08/03/2022 USD 4,268,000 4,111,322 0.35

6,903,442 0.59

MexicoBanco Mercantil del Norte SA, Reg. S,FRN 7.625% Perpetual USD 2,376,000 2,351,551 0.20Banco Mercantil del Norte SA, Reg. S,FRN 6.875% Perpetual USD 2,311,000 2,282,713 0.19Banco Nacional de Comercio ExteriorSNC, Reg. S, FRN 3.8% 11/08/2026 USD 450,000 434,578 0.04Banco Nacional de Comercio ExteriorSNC, Reg. S 4.375% 14/10/2025 USD 600,000 586,707 0.05Grupo KUO SAB de CV, Reg. S 5.75%07/07/2027 USD 4,310,000 3,991,017 0.34Mexico Government Bond 3.6%30/01/2025 USD 400,000 388,190 0.03Mexico Government Bond 4.15%28/03/2027 USD 700,000 692,073 0.06Mexico Government Bond 5.55%21/01/2045 USD 2,060,000 2,181,592 0.19

269

JPMorgan Funds - Emerging Markets Strategic Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Mexico Government Bond 4.6%23/01/2046 USD 850,000 788,715 0.07Mexico Government Bond 5.75%12/10/2110 USD 400,000 398,900 0.03Petroleos Mexicanos, FRN 5.977%11/03/2022 USD 882,000 946,082 0.08Petroleos Mexicanos 5.375%13/03/2022 USD 5,086,000 5,216,710 0.45Petroleos Mexicanos 6.5%13/03/2027 USD 3,050,000 3,138,785 0.27Petroleos Mexicanos 6.75%21/09/2047 USD 8,430,000 8,033,453 0.69Petroleos Mexicanos, Reg. S 5.35%12/02/2028 USD 6,600,000 6,262,542 0.54

37,693,608 3.23

MongoliaMongolia Government Bond, Reg. S10.875% 06/04/2021 USD 1,800,000 2,010,868 0.17Mongolia Government Bond, Reg. S5.625% 01/05/2023 USD 2,630,000 2,495,828 0.21Mongolia Government Bond, Reg. S8.75% 09/03/2024 USD 700,000 752,775 0.07

5,259,471 0.45

MontenegroMontenegro Government Bond,Reg. S 3.375% 21/04/2025 EUR 3,350,000 3,835,880 0.33

3,835,880 0.33

MoroccoMorocco Government Bond, Reg. S5.5% 11/12/2042 USD 400,000 407,162 0.04OCP SA, Reg. S 5.625% 25/04/2024 USD 3,500,000 3,588,252 0.31OCP SA, Reg. S 6.875% 25/04/2044 USD 700,000 736,925 0.06

4,732,339 0.41

NetherlandsEA Partners I BV, Reg. S 6.875%28/09/2020 USD 6,865,000 4,968,853 0.43EA Partners II BV, Reg. S 6.75%01/06/2021 USD 3,352,000 2,346,903 0.20IHS Netherlands Holdco BV, Reg. S9.5% 27/10/2021 USD 4,214,000 4,072,431 0.35Kazakhstan Temir Zholy Finance BV,Reg. S 6.95% 10/07/2042 USD 700,000 759,808 0.07Minejesa Capital BV, Reg. S 4.625%10/08/2030 USD 4,276,000 3,906,781 0.34Minejesa Capital BV, Reg. S 5.625%10/08/2037 USD 4,310,000 3,904,381 0.33Nostrum Oil & Gas Finance BV, Reg. S8% 25/07/2022 USD 2,990,000 2,855,674 0.24

22,814,831 1.96

NigeriaNigeria Government Bond 12.5%22/01/2026 NGN 1,191,936,000 3,094,335 0.27Nigeria Government Bond, Reg. S6.75% 28/01/2021 USD 700,000 713,667 0.06Nigeria Government Bond, Reg. S6.5% 28/11/2027 USD 2,070,000 1,932,335 0.17Nigeria Government Bond, Reg. S7.143% 23/02/2030 USD 900,000 852,484 0.07Nigeria Government Bond, Reg. S7.696% 23/02/2038 USD 1,393,000 1,320,411 0.11Nigeria Government Bond, Reg. S7.625% 28/11/2047 USD 1,200,000 1,098,930 0.09

9,012,162 0.77

OmanOman Government Bond, Reg. S3.625% 15/06/2021 USD 200,000 194,020 0.02Oman Government Bond, Reg. S4.125% 17/01/2023 USD 1,400,000 1,331,442 0.11Oman Government Bond, Reg. S4.75% 15/06/2026 USD 2,800,000 2,572,570 0.22Oman Government Bond, Reg. S5.375% 08/03/2027 USD 1,100,000 1,038,620 0.09Oman Government Bond, Reg. S6.75% 17/01/2048 USD 5,415,000 4,923,426 0.42Oman Government Bond, Reg. S 6.5%08/03/2047 USD 3,433,000 3,087,537 0.27

13,147,615 1.13

PakistanPakistan Government Bond, Reg. S7.25% 15/04/2019 USD 2,400,000 2,377,932 0.20

2,377,932 0.20

PanamaPanama Government Bond 9.375%01/04/2029 USD 772,000 1,087,651 0.09Panama Government Bond 6.7%26/01/2036 USD 2,372,000 2,917,975 0.25Panama Government Bond 4.5%15/05/2047 USD 600,000 587,985 0.05Panama Government Bond 4.3%29/04/2053 USD 1,850,000 1,747,973 0.15

6,341,584 0.54

ParaguayParaguay Government Bond, Reg. S4.625% 25/01/2023 USD 6,400,000 6,528,000 0.56Paraguay Government Bond, Reg. S5% 15/04/2026 USD 1,200,000 1,216,500 0.10Paraguay Government Bond, Reg. S4.7% 27/03/2027 USD 530,000 522,050 0.05Paraguay Government Bond, Reg. S6.1% 11/08/2044 USD 2,397,000 2,492,880 0.21Paraguay Government Bond, Reg. S5.6% 13/03/2048 USD 800,000 787,888 0.07

11,547,318 0.99

PeruCorp. Financiera de Desarrollo SA,Reg. S 4.75% 15/07/2025 USD 1,000,000 999,980 0.09Peru Government Bond 8.75%21/11/2033 USD 985,000 1,448,590 0.13Peru Government Bond, Reg. S, 144A6.15% 12/08/2032 PEN 11,301,000 3,539,555 0.30Petroleos del Peru SA, Reg. S 4.75%19/06/2032 USD 770,000 737,333 0.06Petroleos del Peru SA, Reg. S 5.625%19/06/2047 USD 1,220,000 1,189,701 0.10

7,915,159 0.68

PhilippinesPetron Corp., Reg. S, FRN 4.6%Perpetual USD 4,960,000 4,634,877 0.40

4,634,877 0.40

QatarQatar Government Bond, Reg. S3.875% 23/04/2023 USD 3,600,000 3,602,934 0.31Qatar Government Bond, Reg. S5.103% 23/04/2048 USD 5,500,000 5,493,070 0.47

9,096,004 0.78

RomaniaRomania Government Bond, Reg. S6.75% 07/02/2022 USD 888,000 969,208 0.08Romania Government Bond, Reg. S4.875% 22/01/2024 USD 1,486,000 1,531,694 0.13

2,500,902 0.21

RussiaRussian Foreign Bond - Eurobond,Reg. S 4.5% 04/04/2022 USD 600,000 611,409 0.05Russian Foreign Bond - Eurobond,Reg. S 4.875% 16/09/2023 USD 1,200,000 1,246,890 0.11Russian Foreign Bond - Eurobond,Reg. S 5.875% 16/09/2043 USD 1,600,000 1,723,104 0.15

3,581,403 0.31

SenegalSenegal Government Bond, Reg. S6.25% 23/05/2033 USD 278,000 247,888 0.02Senegal Government Bond, Reg. S6.75% 13/03/2048 USD 1,400,000 1,202,782 0.10

1,450,670 0.12

SerbiaSerbia Government Bond, Reg. S4.875% 25/02/2020 USD 7,800,000 7,933,692 0.68Serbia Government Bond, Reg. S7.25% 28/09/2021 USD 6,350,000 6,941,788 0.60

270

JPMorgan Funds - Emerging Markets Strategic Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Serbia Treasury 4.5% 05/04/2020 RSD 1,000,000 10,069 0.00Serbia Treasury 5.875% 08/02/2028 RSD 959,800,000 10,278,396 0.88

25,163,945 2.16

SingaporeABJA Investment Co. Pte. Ltd., Reg. S5.45% 24/01/2028 USD 8,250,000 7,001,838 0.60Medco Platinum Road Pte. Ltd.,Reg. S 6.75% 30/01/2025 USD 2,582,000 2,277,063 0.20SSMS Plantation Holdings Pte. Ltd.,Reg. S 7.75% 23/01/2023 USD 2,564,000 2,274,501 0.19Theta Capital Pte. Ltd., Reg. S 7%11/04/2022 USD 4,110,000 3,300,058 0.28

14,853,460 1.27

South AfricaBarclays Africa Group Ltd., Reg. S,FRN 6.25% 25/04/2028 USD 3,269,000 3,170,064 0.27Eskom Holdings SOC Ltd., Reg. S5.75% 26/01/2021 USD 1,400,000 1,356,341 0.12Eskom Holdings SOC Ltd., Reg. S6.75% 06/08/2023 USD 1,200,000 1,150,398 0.10Eskom Holdings SOC Ltd., Reg. S7.125% 11/02/2025 USD 500,000 479,590 0.04South Africa Government Bond 5.5%09/03/2020 USD 800,000 822,244 0.07South Africa Government Bond5.875% 16/09/2025 USD 1,650,000 1,695,416 0.14South Africa Government Bond4.875% 14/04/2026 USD 2,500,000 2,409,375 0.21South Africa Government Bond 4.3%12/10/2028 USD 1,300,000 1,161,745 0.10South Africa Government Bond8.25% 31/03/2032 ZAR 126,795,200 8,348,591 0.72South Africa Government Bond6.25% 31/03/2036 ZAR 72,379,919 3,780,383 0.32South Africa Government Bond 9%31/01/2040 ZAR 55,823,722 3,796,151 0.32South Africa Government Bond 6.5%28/02/2041 ZAR 159,629,560 8,221,075 0.70South Africa Government Bond6.25% 08/03/2041 USD 550,000 545,000 0.05South Africa Government Bond5.375% 24/07/2044 USD 630,000 553,975 0.05South Africa Government Bond 5%12/10/2046 USD 800,000 667,760 0.06South Africa Government Bond8.75% 28/02/2048 ZAR 162,388,764 10,680,096 0.92Transnet SOC Ltd., Reg. S 4%26/07/2022 USD 400,000 380,202 0.03

49,218,406 4.22

South KoreaHeungkuk Life Insurance Co. Ltd.,Reg. S, FRN 4.475% 09/11/2047 USD 6,040,000 5,307,299 0.46Woori Bank, Reg. S, FRN 5.25%Perpetual USD 3,385,000 3,203,579 0.27

8,510,878 0.73

Sri LankaNational Savings Bank, Reg. S8.875% 18/09/2018 USD 6,350,000 6,395,053 0.55Sri Lanka Government Bond, Reg. S6.25% 04/10/2020 USD 3,540,000 3,592,922 0.31Sri Lanka Government Bond, Reg. S6.25% 27/07/2021 USD 1,100,000 1,109,622 0.09Sri Lanka Government Bond, Reg. S5.875% 25/07/2022 USD 610,000 600,437 0.05Sri Lanka Government Bond, Reg. S5.75% 18/04/2023 USD 4,470,000 4,290,798 0.37

15,988,832 1.37

SupranationalAfrican Export-Import Bank (The),Reg. S 4.125% 20/06/2024 USD 4,832,000 4,609,849 0.40

4,609,849 0.40

TajikistanTajikistan Government Bond, Reg. S7.125% 14/09/2027 USD 250,000 222,822 0.02

222,822 0.02

Trinidad and TobagoPetroleum Co. of Trinidad & TobagoLtd., Reg. S 9.75% 14/08/2019 USD 3,700,000 3,806,541 0.33

3,806,541 0.33

TunisiaBanque Centrale de TunisieInternational Bond, Reg. S 5.75%30/01/2025 USD 644,000 569,174 0.05

569,174 0.05

TurkeyAkbank Turk A/S, Reg. S, FRN 6.797%27/04/2028 USD 8,690,000 7,513,417 0.64Export Credit Bank of Turkey, Reg. S5.375% 24/10/2023 USD 400,000 363,366 0.03Petkim Petrokimya Holding A/S,Reg. S 5.875% 26/01/2023 USD 2,037,000 1,860,066 0.16Ronesans Gayrimenkul Yatirim A/S,Reg. S 7.25% 26/04/2023 USD 4,818,000 4,544,579 0.39TC Ziraat Bankasi A/S, Reg. S 5.125%29/09/2023 USD 643,000 572,903 0.05Turkey Government Bond 6.25%26/09/2022 USD 500,000 502,460 0.04Turkey Government Bond 3.25%23/03/2023 USD 3,366,000 2,993,384 0.26Turkey Government Bond 5.75%22/03/2024 USD 900,000 869,265 0.07Turkey Government Bond 7.375%05/02/2025 USD 970,000 1,005,648 0.09Turkey Government Bond 4.25%14/04/2026 USD 900,000 771,318 0.07Turkey Government Bond 6%25/03/2027 USD 1,900,000 1,789,344 0.15Turkey Government Bond 8%14/02/2034 USD 420,000 441,052 0.04Turkey Government Bond 4.875%16/04/2043 USD 8,380,000 6,261,745 0.54Turkey Government Bond 5.75%11/05/2047 USD 4,400,000 3,561,580 0.31Turkiye Garanti Bankasi A/S, Reg. S,FRN 6.125% 24/05/2027 USD 9,452,000 8,311,333 0.71Turkiye Garanti Bankasi A/S, Reg. S5.25% 13/09/2022 USD 2,128,000 2,004,257 0.17Turkiye Is Bankasi A/S, Reg. S 6%24/10/2022 USD 2,190,000 1,945,870 0.17Turkiye Sise ve Cam Fabrikalari A/S,Reg. S 4.25% 09/05/2020 USD 3,150,000 3,078,180 0.26Yapi ve Kredi Bankasi A/S, Reg. S6.1% 16/03/2023 USD 5,235,000 4,878,601 0.42

53,268,368 4.57

UkraineUkraine Government Bond, Reg. S7.75% 01/09/2020 USD 2,950,000 2,940,855 0.25Ukraine Government Bond, Reg. S7.75% 01/09/2024 USD 600,000 570,645 0.05Ukraine Government Bond, Reg. S7.75% 01/09/2025 USD 1,141,000 1,072,962 0.09

4,584,462 0.39

United KingdomLiquid Telecommunications Financingplc, Reg. S 8.5% 13/07/2022 USD 3,469,000 3,476,771 0.30State Savings Bank of Ukraine, STEP,Reg. S 9.375% 10/03/2023 USD 1,160,000 1,173,514 0.10State Savings Bank of Ukraine, STEP,Reg. S 9.625% 20/03/2025 USD 800,000 805,348 0.07Ukreximbank, Reg. S 9.625%27/04/2022 USD 1,198,000 1,209,758 0.10

6,665,391 0.57

United States of AmericaStillwater Mining Co., Reg. S 6.125%27/06/2022 USD 3,088,000 2,748,706 0.24

2,748,706 0.24

UruguayUruguay Government Bond 4.375%27/10/2027 USD 1,000,000 1,016,375 0.09Uruguay Government Bond 7.875%15/01/2033 USD 3,074,378 4,032,892 0.35

271

JPMorgan Funds - Emerging Markets Strategic Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Uruguay Government Bond 5.1%18/06/2050 USD 2,323,000 2,311,501 0.20Uruguay Government Bond 4.975%20/04/2055 USD 1,630,000 1,580,693 0.13

8,941,461 0.77

Venezuela, Bolivarian Republic ofPetroleos de Venezuela SA, Reg. S12.75% 17/02/2022§ USD 470,000 120,327 0.01Petroleos de Venezuela SA, Reg. S5.375% 12/04/2027§ USD 980,000 230,300 0.02Petroleos de Venezuela SA, Reg. S9.75% 17/05/2035§ USD 620,000 149,147 0.01Petroleos de Venezuela SA, Reg. S5.5% 12/04/2037§ USD 260,000 59,099 0.01Venezuela Government Bond, Reg. S7.75% 13/10/2019§ USD 431,000 118,536 0.01Venezuela Government Bond, Reg. S6% 09/12/2020§ USD 260,000 70,200 0.01Venezuela Government Bond, Reg. S12.75% 23/08/2022§ USD 520,000 146,913 0.01Venezuela Government Bond, Reg. S9% 07/05/2023§ USD 4,246,700 1,170,072 0.10Venezuela Government Bond, Reg. S8.25% 13/10/2024§ USD 3,310,000 910,333 0.08Venezuela Government Bond, Reg. S7.65% 21/04/2025§ USD 853,000 232,016 0.02Venezuela Government Bond, Reg. S11.75% 21/10/2026§ USD 420,000 120,761 0.01Venezuela Government Bond, Reg. S9.25% 07/05/2028§ USD 3,200,000 874,480 0.07

4,202,184 0.36

VietnamVietnam Government Bond, Reg. S4.8% 19/11/2024 USD 1,000,000 995,146 0.09

995,146 0.09

Virgin Islands, BritishGemstones International Ltd., Reg. S8.5% 15/08/2020 USD 2,326,000 2,267,842 0.19King Power Capital Ltd., Reg. S5.625% 03/11/2024 USD 500,000 528,515 0.05Leader Goal International Ltd.,Reg. S, FRN 4.25% Perpetual USD 2,239,000 2,114,774 0.18Rock International Investment, Inc.,Reg. S 6.625% 27/03/2020 USD 4,184,000 3,195,028 0.27Sino-Ocean Land Treasure III Ltd.,Reg. S, FRN 4.9% Perpetual USD 2,901,000 2,304,757 0.20Sinopec Group OverseasDevelopment 2013 Ltd., Reg. S5.375% 17/10/2043 USD 700,000 786,506 0.07Top Wise Excellence Enterprise Co.Ltd., Reg. S 6% 16/03/2020 USD 2,704,000 2,365,944 0.20

13,563,366 1.16

ZambiaZambia Government Bond, Reg. S5.375% 20/09/2022 USD 1,700,000 1,423,180 0.12

1,423,180 0.12

Total Bonds 824,865,432 70.71

Convertible Bonds

United Arab EmiratesAabar Investments PJSC, Reg. S 0.5%27/03/2020 EUR 2,400,000 2,607,704 0.23

2,607,704 0.23

Total Convertible Bonds 2,607,704 0.23

Equities

CanadaFrontera Energy Corp. CAD 61,646 900,907 0.08Frontera Energy Corp. USD 102,500 1,428,676 0.12

2,329,583 0.20

Total Equities 2,329,583 0.20

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 829,802,719 71.14

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

ArgentinaBanco Macro SA, Reg. S, FRN 6.75%04/11/2026 USD 1,297,000 1,223,545 0.11Tecpetrol SA, Reg. S 4.875%12/12/2022 USD 7,460,000 6,905,013 0.59YPF SA, Reg. S 7% 15/12/2047 USD 6,300,000 4,802,364 0.41

12,930,922 1.11

AzerbaijanAzerbaijan Government Bond, Reg. S3.5% 01/09/2032 USD 4,950,000 4,090,061 0.35

4,090,061 0.35

BermudaDigicel Group Ltd., Reg. S 8.25%30/09/2020 USD 3,440,000 2,599,746 0.22Digicel Group Ltd., Reg. S 7.125%01/04/2022 USD 5,402,000 3,614,748 0.31

6,214,494 0.53

BrazilItau Unibanco Holding SA, Reg. S,FRN 6.125% Perpetual USD 3,231,000 3,037,350 0.26Itau Unibanco Holding SA, Reg. S,FRN 6.5% Perpetual USD 3,180,000 3,018,297 0.26

6,055,647 0.52

ChileEmpresa Nacional del Petroleo, Reg.S 3.75% 05/08/2026 USD 400,000 375,034 0.03

375,034 0.03

Costa RicaBanco Nacional de Costa Rica, Reg. S5.875% 25/04/2021 USD 600,000 609,417 0.05

609,417 0.05

Dominican RepublicDominican Republic GovernmentBond, Reg. S 11.25% 05/02/2027 DOP 155,700,000 3,399,332 0.29

3,399,332 0.29

EgyptEgypt Treasury Bill 0% 10/07/2018 EGP 84,875,000 4,243,650 0.36Egypt Treasury Bill 0% 07/08/2018 EGP 56,600,000 3,126,594 0.27Egypt Treasury Bill 0% 18/09/2018 EGP 97,000,000 4,635,732 0.40

12,005,976 1.03

KazakhstanKazakhstan Government Bond, Reg. S0% 15/03/2019 KZT 2,232,000,000 6,183,116 0.53

6,183,116 0.53

LuxembourgCSN Resources SA, Reg. S 6.5%21/07/2020 USD 1,131,000 1,058,735 0.09JSL Europe SA, Reg. S 7.75%26/07/2024 USD 8,460,000 7,662,264 0.66Nexa Resources SA, Reg. S 5.375%04/05/2027 USD 3,870,000 3,762,337 0.32

12,483,336 1.07

MexicoCometa Energia SA de CV, Reg. S6.375% 24/04/2035 USD 9,510,000 9,140,632 0.78Nemak SAB de CV, Reg. S 4.75%23/01/2025 USD 2,037,000 1,933,856 0.17Petroleos Mexicanos 5.5%21/01/2021 USD 320,000 328,691 0.03Petroleos Mexicanos 4.875%24/01/2022 USD 2,445,000 2,464,792 0.21Petroleos Mexicanos 5.625%23/01/2046 USD 5,632,000 4,806,180 0.41

18,674,151 1.60

272

JPMorgan Funds - Emerging Markets Strategic Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

NetherlandsAngola Government Bond, Reg. S 7%17/08/2019 USD 5,673,438 5,714,740 0.49

5,714,740 0.49

NigeriaFidelity Bank plc, Reg. S 10.5%16/10/2022 USD 2,769,000 2,752,871 0.24

2,752,871 0.24

NorwayDNO ASA, Reg. S, 144A 8.75%31/05/2023 USD 2,300,000 2,309,453 0.20

2,309,453 0.20

PanamaBanistmo SA, Reg. S 3.65%19/09/2022 USD 2,196,000 2,076,702 0.18

2,076,702 0.18

PeruCorp. Financiera de Desarrollo SA,Reg. S 4.75% 08/02/2022 USD 1,000,000 1,015,940 0.09Fondo MIVIVIENDA SA, Reg. S 3.5%31/01/2023 USD 800,000 772,728 0.06

1,788,668 0.15

United KingdomAfren plc, Reg. S 6.625%09/12/2020§ USD 433,271 1,404 0.00

1,404 0.00

United States of AmericaStillwater Mining Co., Reg. S 7.125%27/06/2025 USD 1,746,000 1,539,501 0.14US Treasury Bill 0% 20/09/2018 USD 12,000,000 11,948,272 1.02

13,487,773 1.16

Venezuela, Bolivarian Republic ofPetroleos de Venezuela SA, Reg. S8.5% 27/10/2020§ USD 550,500 470,501 0.04Petroleos de Venezuela SA, Reg. S9% 17/11/2021§ USD 410,000 99,827 0.01Petroleos de Venezuela SA, Reg. S6% 15/11/2026§ USD 3,515,000 753,634 0.06

1,323,962 0.11

Total Bonds 112,477,059 9.64

Total Transferable securities and money market instrumentsdealt in on another regulated market 112,477,059 9.64

Other transferable securities and money market instruments

Bonds

United KingdomAfren plc 15% 31/12/2018* USD 2,172,553 2 0.00

2 0.00

Total Bonds 2 0.00

Total Other transferable securities and money marketinstruments 2 0.00

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund -JPM US Dollar Liquidity X (acc.)† USD 7,810 114,575,657 9.82

114,575,657 9.82

Total Collective Investment Schemes - UCITS 114,575,657 9.82

Total Units of authorised UCITS or other collective investmentundertakings 114,575,657 9.82

Total Investments 1,056,855,437 90.60

Cash 98,777,780 8.47

Other Assets/(Liabilities) 10,896,126 0.93

Total Net Assets 1,166,529,343 100.00

§ Security is currently in default.* Security is valued at its fair value under the direction of the Board of Directors.† Related Party Fund.

273

JPMorgan Funds - Emerging Markets Strategic Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsLuxembourg 11.14Argentina 5.43Indonesia 4.98Mexico 4.83Turkey 4.57South Africa 4.22Brazil 3.71Cayman Islands 3.21Lebanon 2.47Netherlands 2.45Serbia 2.16Egypt 2.04Bermuda 1.78Kazakhstan 1.61United States of America 1.40Sri Lanka 1.37Belarus 1.36El Salvador 1.35Hungary 1.33Singapore 1.27Chile 1.24Colombia 1.23Dominican Republic 1.18Virgin Islands, British 1.16Oman 1.13Czech Republic 1.09Bahrain 1.01Nigeria 1.01Paraguay 0.99Azerbaijan 0.94Angola 0.93Ecuador 0.90Peru 0.83Qatar 0.78Uruguay 0.77Ivory Coast 0.74South Korea 0.73Panama 0.72Mauritius 0.59Kenya 0.57United Kingdom 0.57Costa Rica 0.52Venezuela, Bolivarian Republic of 0.47Mongolia 0.45India 0.43Croatia 0.42China 0.41Morocco 0.41Philippines 0.40Supranational 0.40Iraq 0.39Ukraine 0.39Montenegro 0.33Trinidad and Tobago 0.33Russia 0.31Jamaica 0.27Hong Kong 0.27Honduras 0.26United Arab Emirates 0.23Ireland 0.22Romania 0.21Pakistan 0.20Canada 0.20Norway 0.20Armenia 0.19Ghana 0.14Ethiopia 0.13Senegal 0.12Zambia 0.12Vietnam 0.09Jordan 0.07Macedonia 0.07Georgia 0.05Tunisia 0.05Gabon 0.04Tajikistan 0.02Total Investments 90.60Cash and Other Assets/(Liabilities) 9.40

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Indonesia 5.77South Africa 5.15Argentina 5.10Brazil 4.61Netherlands 4.58Russia 4.15Mexico 4.00Turkey 3.25Lebanon 3.24Ukraine 3.18Cayman Islands 2.83Virgin Islands, British 2.69Belarus 2.62Nigeria 2.27Ecuador 2.22Malaysia 2.08Egypt 2.01Hungary 1.66Bermuda 1.64Colombia 1.48Singapore 1.38Dominican Republic 1.33India 1.31Sri Lanka 1.25El Salvador 1.22Kazakhstan 1.20United Kingdom 1.19Ivory Coast 1.04Mauritius 1.00United Arab Emirates 0.96Ireland 0.94Pakistan 0.87Gabon 0.87Morocco 0.82South Korea 0.77Mongolia 0.76Oman 0.74Panama 0.72Tunisia 0.66Hong Kong 0.65United States of America 0.64Azerbaijan 0.59Bahrain 0.55Jordan 0.55Uruguay 0.54Jamaica 0.50Peru 0.50Croatia 0.50Costa Rica 0.49Iraq 0.48Chile 0.47Canada 0.46Supranational 0.40Luxembourg 0.38Qatar 0.38Serbia 0.33Romania 0.33Austria 0.32Trinidad and Tobago 0.32China 0.31Ghana 0.27Zambia 0.25Paraguay 0.24Kenya 0.24Angola 0.22Spain 0.21Venezuela, Bolivarian Republic of 0.20Honduras 0.18Namibia 0.18Armenia 0.16Norway 0.14Senegal 0.10Ethiopia 0.04Cameroon 0.04Tajikistan 0.02Total Investments 95.74Cash and Other Assets/(Liabilities) 4.26

Total 100.00

274

JPMorgan Funds - Emerging Markets Strategic Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Emerging Markets Strategic Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

AUD 15,892,645 USD 11,665,885 19/07/2018 HSBC 74,042 0.01BRL 8,534,722 USD 2,166,393 19/09/2018 Goldman Sachs 27,643 -CHF 1,956 USD 1,964 11/07/2018 Deutsche Bank 6 -EUR 169,131 USD 196,087 02/07/2018 BNP Paribas 836 -EUR 384,841 USD 447,079 11/07/2018 Citibank 1,253 -EUR 2,884,019 USD 3,328,630 11/07/2018 Deutsche Bank 31,192 -EUR 2,332 USD 2,693 11/07/2018 Morgan Stanley 24 -EUR 7,300,794 USD 8,487,608 11/07/2018 National Australia Bank 17,667 -EUR 71,722 USD 83,386 11/07/2018 Toronto-Dominion Bank 169 -EUR 741,171 USD 860,875 19/07/2018 Barclays 3,102 -EUR 335,330 USD 390,371 19/07/2018 Goldman Sachs 520 -GBP 1,356 USD 1,775 03/07/2018 National Australia Bank 9 -GBP 27,875 USD 36,592 11/07/2018 Goldman Sachs 102 -IDR 30,732,750,546 USD 2,119,047 19/09/2018 Standard Chartered 622 -MXN 472,678,879 USD 22,809,707 19/09/2018 Deutsche Bank 903,640 0.08MXN 241,154,042 USD 11,676,686 19/09/2018 State Street 421,527 0.04RUB 1,074,227,727 USD 16,748,172 19/09/2018 Credit Suisse 204,943 0.02TRY 9,247,854 USD 1,885,256 19/09/2018 Citibank 66,404 0.01TRY 28,286,354 USD 5,952,235 19/09/2018 Goldman Sachs 17,295 -TRY 43,622,390 USD 9,078,935 19/09/2018 HSBC 127,099 0.01TRY 9,095,982 USD 1,919,200 19/09/2018 State Street 409 -USD 8,823,065 ARS 245,722,359 19/09/2018 Citibank 955,296 0.08USD 11,879,751 AUD 15,681,743 19/07/2018 Barclays 295,618 0.03USD 11,522,184 AUD 15,432,110 19/07/2018 Goldman Sachs 122,455 0.01USD 7,166,003 BRL 26,830,948 19/09/2018 Goldman Sachs 268,523 0.02USD 1,801 CHF 1,787 11/07/2018 Deutsche Bank 2 -USD 2,227 CHF 2,186 11/07/2018 Goldman Sachs 25 -USD 2,441 CHF 2,399 11/07/2018 Merrill Lynch 25 -USD 23,538,616 CLP 15,136,579,661 19/07/2018 Credit Suisse 314,289 0.03USD 8,760,414 CLP 5,536,056,118 20/09/2018 Goldman Sachs 265,037 0.02USD 12,105,141 CNH 77,944,617 19/07/2018 Goldman Sachs 352,708 0.03USD 17,647,669 CNH 114,364,048 19/09/2018 HSBC 447,844 0.04USD 23,731,762 COP 68,594,982,638 19/07/2018 Credit Suisse 429,909 0.04USD 12,742,138 CZK 282,475,351 19/09/2018 Goldman Sachs 52,573 -USD 7,355,003 EUR 6,311,319 11/07/2018 ANZ 2,445 -USD 1,405,300 EUR 1,193,756 11/07/2018 BNP Paribas 14,599 -USD 3,094,106 EUR 2,653,536 11/07/2018 Citibank 2,790 -USD 2,545,484 EUR 2,154,557 11/07/2018 Deutsche Bank 35,469 -USD 2,180,788 EUR 1,851,070 11/07/2018 Goldman Sachs 24,329 -USD 3,568,061 EUR 3,014,382 11/07/2018 RBC 56,368 0.01USD 8,103,800 EUR 6,631,589 19/07/2018 ANZ 373,409 0.03USD 12,158,031 EUR 10,285,222 19/07/2018 Barclays 168,628 0.01USD 2,910,950 EUR 2,334,264 19/07/2018 Citibank 189,916 0.02USD 7,510,220 EUR 6,238,227 19/07/2018 Morgan Stanley 238,368 0.02USD 15,181,374 EUR 12,244,158 19/07/2018 State Street 908,456 0.08USD 107,892 GBP 81,198 11/07/2018 Barclays 1,008 -USD 108,997 GBP 81,297 11/07/2018 BNP Paribas 1,981 -USD 53,282 GBP 40,457 11/07/2018 Deutsche Bank 27 -USD 24,274 GBP 18,092 11/07/2018 HSBC 459 -USD 36,226 GBP 27,220 11/07/2018 National Australia Bank 395 -USD 2,637,523 HUF 715,716,182 19/09/2018 Goldman Sachs 98,233 0.01USD 12,235,003 IDR 171,216,632,462 19/07/2018 Citibank 281,685 0.02USD 21,173,766 IDR 300,155,069,122 19/09/2018 Standard Chartered 471,771 0.04USD 23,620,782 INR 1,601,489,041 19/07/2018 J.P. Morgan 306,178 0.03USD 11,747,185 INR 812,552,758 19/09/2018 Goldman Sachs 21,757 -USD 11,694,890 JPY 1,281,386,850 19/09/2018 Standard Chartered 59,677 0.01USD 11,951,537 KRW 12,860,092,363 19/07/2018 Goldman Sachs 400,036 0.03USD 25,186,173 KRW 27,033,578,832 19/09/2018 Standard Chartered 852,789 0.07USD 23,859,549 PHP 1,256,706,326 19/07/2018 Goldman Sachs 338,639 0.03USD 23,293,664 PLN 85,862,776 19/09/2018 Goldman Sachs 407,785 0.04USD 28,209,989 RUB 1,778,902,471 19/09/2018 Standard Chartered 135,925 0.01USD 7,189,430 TRY 33,857,887 19/09/2018 HSBC 44,088 -USD 23,510,105 TWD 706,055,695 19/07/2018 Goldman Sachs 306,088 0.03USD 10,882,278 ZAR 144,588,014 19/09/2018 HSBC 521,831 0.04USD 5,229,000 ZAR 70,016,310 19/09/2018 Standard Chartered 211,985 0.02USD 5,229,626 ZAR 69,567,100 19/09/2018 State Street 244,799 0.02

Total Unrealised Gain on Forward Currency Exchange Contracts 12,124,721 1.04

BRL 60,326,151 USD 16,098,565 19/09/2018 Goldman Sachs (590,413) (0.05)CHF 554,593 USD 565,098 11/07/2018 Barclays (6,577) -CHF 1,755 USD 1,779 11/07/2018 Merrill Lynch (11) -CLP 7,500,452,772 USD 11,824,772 19/07/2018 Credit Suisse (316,692) (0.03)CLP 7,636,126,889 USD 12,076,747 19/07/2018 Goldman Sachs (360,500) (0.03)CLP 3,765,562,509 USD 5,962,886 20/09/2018 Credit Suisse (184,427) (0.02)CNH 152,791,458 USD 23,828,038 19/07/2018 Barclays (790,253) (0.07)CNH 76,189,917 USD 12,002,529 31/07/2018 HSBC (519,920) (0.05)COP 68,594,982,638 USD 23,403,045 19/07/2018 Credit Suisse (101,192) (0.01)COP 52,715,871,114 USD 18,433,734 19/09/2018 Merrill Lynch (574,599) (0.05)CZK 260,682,676 EUR 10,131,468 19/07/2018 HSBC (132,003) (0.01)CZK 261,949,949 USD 12,054,533 19/07/2018 BNP Paribas (319,592) (0.03)CZK 269,768,394 USD 12,460,509 19/09/2018 Merrill Lynch (341,776) (0.03)EGP 41,850,231 USD 2,283,155 19/09/2018 Goldman Sachs (586) -

275

JPMorgan Funds - Emerging Markets Strategic Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

EUR 3,154,682 USD 3,679,035 11/07/2018 ANZ (3,895) -EUR 599,117 USD 699,940 11/07/2018 BNP Paribas (1,981) -EUR 812,652,717 USD 962,539,087 11/07/2018 HSBC (15,815,263) (1.36)EUR 269,919 USD 319,378 11/07/2018 Merrill Lynch (4,927) -EUR 365,880 USD 432,066 11/07/2018 National Australia Bank (5,823) -EUR 161,979 USD 189,584 11/07/2018 State Street (881) -EUR 2,228,091 USD 2,754,984 19/07/2018 ANZ (157,715) (0.01)EUR 501,072 USD 597,811 19/07/2018 Barclays (13,715) -EUR 4,623,725 USD 5,515,613 19/07/2018 Standard Chartered (125,774) (0.01)EUR 440,857 USD 521,574 19/07/2018 Toronto-Dominion Bank (7,670) -GBP 25,161 USD 33,326 11/07/2018 Barclays (205) -GBP 7,933,739 USD 10,668,392 11/07/2018 Citibank (224,776) (0.02)HUF 1,691,050,051 USD 6,265,447 19/09/2018 Citibank (265,769) (0.02)IDR 171,216,632,462 USD 12,199,261 19/07/2018 Goldman Sachs (245,943) (0.02)INR 797,143,909 USD 11,748,447 19/07/2018 Goldman Sachs (143,563) (0.01)INR 812,552,758 USD 11,953,700 19/09/2018 Standard Chartered (228,273) (0.02)JPY 1,281,386,850 USD 11,769,745 19/09/2018 HSBC (134,532) (0.01)KRW 12,860,092,363 USD 11,733,661 19/07/2018 Citibank (182,160) (0.02)KRW 14,049,181,936 USD 13,062,931 19/09/2018 Citibank (417,023) (0.04)KZT 2,109,170,725 USD 6,324,350 24/10/2018 Citibank (236,132) (0.02)PEN 11,911,000 USD 3,639,725 19/09/2018 Standard Chartered (15,146) -PHP 623,853,769 USD 11,689,222 19/07/2018 Citibank (12,979) -PLN 40,708,654 USD 11,210,225 19/09/2018 Citibank (359,733) (0.03)PLN 2,057,621 USD 568,829 19/09/2018 Goldman Sachs (20,390) -PLN 85,862,776 USD 23,776,378 19/09/2018 HSBC (890,498) (0.08)RUB 704,674,744 USD 11,210,225 19/09/2018 Citibank (89,276) (0.01)THB 383,676,039 USD 11,970,648 19/07/2018 BNP Paribas (385,109) (0.03)THB 289,019,761 USD 9,041,616 19/09/2018 HSBC (305,062) (0.03)TWD 706,055,695 USD 23,665,349 19/07/2018 Goldman Sachs (461,332) (0.04)USD 2,843 CHF 2,829 11/07/2018 Barclays (6) -USD 1,689 CHF 1,680 11/07/2018 BNP Paribas (2) -USD 2,900 CHF 2,883 11/07/2018 Goldman Sachs (4) -USD 856 CHF 853 11/07/2018 Merrill Lynch (3) -USD 2,256,685 EGP 41,850,231 19/09/2018 Goldman Sachs (25,884) -USD 2,198,829 EUR 1,900,175 03/07/2018 National Australia Bank (13,582) -USD 90,900 EUR 78,424 11/07/2018 ANZ (463) -USD 204,152 EUR 175,943 11/07/2018 BNP Paribas (817) -USD 7,513,647 EUR 6,477,205 11/07/2018 Citibank (32,165) -USD 3,180 EUR 2,739 11/07/2018 Morgan Stanley (12) -USD 6,288,173 EUR 5,430,173 11/07/2018 RBC (37,867) -USD 2,222,135 EUR 1,915,336 11/07/2018 State Street (9,193) -USD 1,458,287 EUR 1,251,879 19/07/2018 ANZ (1,018) -USD 23,531,563 EUR 20,168,562 19/09/2018 HSBC (92,958) (0.01)USD 33,899 GBP 25,769 11/07/2018 Citibank (22) -USD 15,874 GBP 12,124 11/07/2018 Merrill Lynch (85) -USD 1,776 GBP 1,356 11/07/2018 National Australia Bank (9) -ZAR 75,178,935 USD 5,671,379 19/09/2018 Goldman Sachs (284,437) (0.02)ZAR 22,313,782 USD 1,634,752 19/09/2018 HSBC (35,859) -ZAR 27,380,088 USD 1,985,037 19/09/2018 RBC (23,118) -

Total Unrealised Loss on Forward Currency Exchange Contracts (25,551,590) (2.19)

Net Unrealised Loss on Forward Currency Exchange Contracts (13,426,869) (1.15)

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

Euro-Bobl, 06/09/2018 (231) EUR (35,544,133) 14,793 -

Total Unrealised Gain on Financial Futures Contracts 14,793 -

Euro-Bund, 06/09/2018 (72) EUR (13,621,287) (2,096) -

Total Unrealised Loss on Financial Futures Contracts (2,096) -

Net Unrealised Gain on Financial Futures Contracts 12,697 -

276

JPMorgan Funds - Emerging Markets Strategic Bond FundSchedule of Investments (continued)

As at 30 June 2018

Option Purchased Contracts

Quantity Security Description Currency Counterparty

GlobalExposure

USD

MarketValue

USD

%of

NetAssets

61,253,041 Foreign Exchange USD/BRL, Put, 3.414, 10/08/2018 USD Goldman Sachs 594,155 10,859 -63,244,832 Foreign Exchange USD/CNH, Call, 6.497, 27/07/2018 USD Standard Chartered 56,230,980 1,448,890 0.1258,848,727 Foreign Exchange USD/CNH, Call, 6.740, 21/09/2018 USD Standard Chartered 20,514,666 429,130 0.0463,836,480 Foreign Exchange USD/INR, Call, 67.600, 03/07/2018 USD Merrill Lynch 62,093,744 1,198,126 0.1062,323,233 Foreign Exchange USD/JPY, Put, 105.400, 06/08/2018 USD Standard Chartered 4,530,899 63,760 0.0158,914,246 Foreign Exchange USD/MXN, Put, 19.700, 19/09/2018 USD Goldman Sachs 25,227,080 1,272,102 0.1130,053,524 Foreign Exchange USD/PLN, Call, 3.829, 10/09/2018 USD Goldman Sachs 11,393,291 403,204 0.0361,807,876 Foreign Exchange USD/TRY, Put, 4.028, 06/08/2018 USD Merrill Lynch 247,232 4,450 -

Total Option Purchased Contracts 4,830,521 0.41

Option Written Contracts

Quantity Security Description Currency Counterparty

GlobalExposure

USD

MarketValue

USD

%of

NetAssets

(63,244,832) Foreign Exchange USD/CNH, Call, 6.497, 27/07/2018 USD Standard Chartered 56,230,980 (1,448,889) (0.13)(63,836,480) Foreign Exchange USD/INR, Call, 67.600, 03/07/2018 USD Goldman Sachs 62,093,744 (1,198,126) (0.10)(58,914,246) Foreign Exchange USD/MXN, Put, 19.100, 19/09/2018 USD Goldman Sachs 15,270,573 (631,546) (0.05)

Total Option Written Contracts (3,278,561) (0.28)

Credit Default Swap Contracts

NominalAmount Currency Counterparty Reference Entity Buy/Sell

Interest(Paid)/

ReceivedMaturity

Date

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

68,000,000 USD Citigroup CDX.EM.29-V1 Buy (1.00)% 20/06/2023 2,708,988 2,708,988 0.2352,000,000 USD Goldman Sachs Indonesia Government Bond

5.875% 13/03/2020 Buy (1.00)% 20/06/2023 997,276 997,276 0.09

Total Unrealised Gain on Credit Default Swap Contracts 3,706,264 3,706,264 0.32

50,000,000 USD Goldman Sachs China Government Bond 7.5%28/10/2027 Buy (1.00)% 20/06/2023 (632,400) (632,400) (0.06)

Total Unrealised Loss on Credit Default Swap Contracts (632,400) (632,400) (0.06)

Net Unrealised Gain on Credit Default Swap Contracts 3,073,864 3,073,864 0.26

277

JPMorgan Funds - Emerging Markets Strategic Bond FundSchedule of Investments (continued)

As at 30 June 2018

Interest Rate Swap Contracts

NominalAmount Currency Counterparty Security Description

MaturityDate

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

280,000,000 CZK Citigroup Pay fixed 1.889%Receive floating PRIBOR 6 month 05/06/2028 174,421 174,421 0.02

Total Unrealised Gain on Interest Rate Swap Contracts 174,421 174,421 0.02

1,483,000,000 MXN Citigroup Pay floating TIIE 4 weekReceive fixed 7.03% 05/10/2020 (1,584,531) (1,584,531) (0.13)

280,000,000 MXN Citigroup Pay floating TIIE 4 weekReceive fixed 7.315% 03/04/2023 (309,760) (309,760) (0.03)

50,000,000 PLN Citigroup Pay fixed 2.962%Receive floating WIBOR 6 month 31/05/2028 (76,395) (76,395) (0.01)

Total Unrealised Loss on Interest Rate Swap Contracts (1,970,686) (1,970,686) (0.17)

Net Unrealised Loss on Interest Rate Swap Contracts (1,796,265) (1,796,265) (0.15)

278

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

EgyptCommercial International Bank EgyptSAE, Reg. S, GDR USD 680,891 3,322,748 2.53

3,322,748 2.53

KuwaitHuman Soft Holding Co. KSC KWD 119,330 1,394,606 1.06Mabanee Co. SAK KWD 99,585 205,857 0.16National Bank of Kuwait SAKP KWD 1,847,477 4,545,718 3.46

6,146,181 4.68

LebanonBLOM Bank SAL, Reg. S, GDR USD 149,660 1,563,947 1.19

1,563,947 1.19

MoroccoAttijariwafa Bank MAD 18,970 946,901 0.72Cosumar MAD 37,848 1,076,036 0.82LafargeHolcim Maroc SA MAD 5,795 1,044,740 0.80Maroc Telecom MAD 31,500 461,391 0.35Societe d’Exploitation des Ports MAD 52,111 882,837 0.67TOTAL Maroc SA MAD 4,572 535,454 0.41

4,947,359 3.77

QatarMasraf Al Rayan QSC QAR 63,784 611,155 0.46Qatar Electricity & Water Co. QSC QAR 11,532 586,246 0.45Qatar National Bank QPSC QAR 71,414 2,977,463 2.27

4,174,864 3.18

Saudi ArabiaAbdullah Al Othaim Markets Co. SAR 170,354 3,415,801 2.60Al Khaleej Training and Education Co. SAR 143,105 597,161 0.45Al Rajhi Bank SAR 577,061 13,294,067 10.12Alinma Bank SAR 917,292 5,239,013 3.99Almarai Co. JSC SAR 434,163 6,969,020 5.30Arab National Bank SAR 248,180 2,114,268 1.61Co. for Cooperative Insurance (The) SAR 35,610 673,669 0.51Dallah Healthcare Co. SAR 67,180 1,719,625 1.31Fawaz Abdulaziz Al Hokair & Co. SAR 139,250 961,651 0.73Herfy Food Services Co. SAR 45,538 568,861 0.43Jarir Marketing Co. SAR 60,210 2,843,214 2.16Mouwasat Medical Services Co. SAR 166,480 4,154,898 3.16National Commercial Bank SAR 898,997 11,649,758 8.87National Petrochemical Co. SAR 112,150 891,124 0.68Riyad Bank SAR 402,610 1,743,384 1.33Samba Financial Group SAR 797,989 6,851,335 5.21Saudi Arabian Mining Co. SAR 11,350 172,956 0.13Saudi Basic Industries Corp. SAR 360,199 12,120,604 9.23Saudi British Bank (The) SAR 405,340 3,407,195 2.59Saudi Co. For Hardware CJSC SAR 65,460 2,008,971 1.53Saudi Electricity Co. SAR 31,900 177,175 0.14Saudi Industrial Investment Group SAR 329,091 2,551,280 1.94Saudi Telecom Co. SAR 242,560 5,794,949 4.41Savola Group (The) SAR 245,550 2,435,596 1.85United International Transportation Co. SAR 141,196 1,351,572 1.03Yanbu National Petrochemical Co. SAR 137,150 2,715,280 2.07

96,422,427 73.38

TurkeyBIM Birlesik Magazalar A/S TRY 44,620 660,167 0.50Ford Otomotiv Sanayi A/S TRY 54,140 717,819 0.55Yapi ve Kredi Bankasi A/S TRY 1,571,362 844,321 0.64

2,222,307 1.69

United Arab EmiratesAbu Dhabi Commercial Bank PJSC AED 660,390 1,275,582 0.97DP World Ltd. USD 96,037 2,184,842 1.66Emaar Development PJSC AED 647,450 892,773 0.68Emaar Malls PJSC AED 1,926,870 1,112,099 0.85Emaar Properties PJSC AED 2,149,006 2,881,372 2.19First Abu Dhabi Bank PJSC AED 1,464,769 4,865,017 3.70

13,211,685 10.05

Total Equities 132,011,518 100.47

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 132,011,518 100.47

Transferable securities and money market instruments dealt in on another regulatedmarket

Equities

KuwaitNational Gulf Holding* KWD 152,627 50 0.00

50 0.00

Total Equities 50 0.00

Total Transferable securities and money market instrumentsdealt in on another regulated market 50 0.00

Total Investments 132,011,568 100.47

Cash 421,870 0.32

Other Assets/(Liabilities) (1,039,449) (0.79)

Total Net Assets 131,393,989 100.00

* Security is valued at its fair value under the direction of the Board of Directors.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsSaudi Arabia 73.38United Arab Emirates 10.05Kuwait 4.68Morocco 3.77Qatar 3.18Egypt 2.53Turkey 1.69Lebanon 1.19Total Investments 100.47Cash and Other Assets/(Liabilities) (0.47)

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Saudi Arabia 53.76United Arab Emirates 17.35Qatar 8.33Kuwait 7.62Morocco 4.88Egypt 3.40Lebanon 2.84Turkey 1.50Total Investments 99.68Cash and Other Assets/(Liabilities) 0.32

Total 100.00

279

JPMorgan Funds - Emerging Middle East Equity FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

BermudaEverest Re Group Ltd. USD 253 58,074 1.19

58,074 1.19

CanadaTransCanada Corp. USD 553 23,696 0.48

23,696 0.48

IrelandAccenture plc ‘A’ USD 427 69,855 1.43Allegion plc USD 425 32,738 0.67Eaton Corp. plc USD 893 67,507 1.38Ingersoll-Rand plc USD 787 70,570 1.45Medtronic plc USD 561 48,347 0.99

289,017 5.92

SwitzerlandChubb Ltd. USD 544 69,096 1.41

69,096 1.41

United States of AmericaAbbott Laboratories USD 610 37,628 0.77Adobe Systems, Inc. USD 80 19,496 0.40Alphabet, Inc. ‘A’ USD 75 85,425 1.75Altria Group, Inc. USD 534 30,430 0.62Amazon.com, Inc. USD 7 12,033 0.25American Electric Power Co., Inc. USD 943 65,076 1.33American Express Co. USD 401 39,681 0.81American International Group, Inc. USD 1,280 68,314 1.40Analog Devices, Inc. USD 574 55,512 1.14Apple, Inc. USD 268 49,982 1.02Arthur J Gallagher & Co. USD 171 11,153 0.23AutoZone, Inc. USD 43 28,884 0.59AvalonBay Communities, Inc., REIT USD 342 58,677 1.20Ball Corp. USD 871 30,846 0.63Bank of New York Mellon Corp. (The) USD 290 15,806 0.32BB&T Corp. USD 1,251 63,688 1.30Becton Dickinson and Co. USD 323 77,625 1.59Berkshire Hathaway, Inc. ‘B’ USD 231 43,627 0.89Bristol-Myers Squibb Co. USD 195 10,812 0.22Celanese Corp. USD 172 19,254 0.39Chevron Corp. USD 385 49,061 1.00Cigna Corp. USD 358 61,001 1.25CME Group, Inc. USD 256 42,126 0.86CMS Energy Corp. USD 1,596 74,980 1.53Coca-Cola Co. (The) USD 1,175 51,365 1.05Colgate-Palmolive Co. USD 368 23,907 0.49Comcast Corp. ‘A’ USD 1,870 61,420 1.26Constellation Brands, Inc. ‘A’ USD 172 37,379 0.77Costco Wholesale Corp. USD 210 44,085 0.90Cummins, Inc. USD 139 18,715 0.38Danaher Corp. USD 132 13,102 0.27Dollar General Corp. USD 408 40,482 0.83Dollar Tree, Inc. USD 260 22,114 0.45DowDuPont, Inc. USD 1,060 70,893 1.45Duke Energy Corp. USD 326 25,733 0.53Eastman Chemical Co. USD 204 20,524 0.42Eli Lilly & Co. USD 728 62,015 1.27Equity Residential, REIT USD 208 13,147 0.27Estee Lauder Cos., Inc. (The) ‘A’ USD 279 40,162 0.82Exelon Corp. USD 1,316 55,654 1.14Fidelity National Information Services, Inc. USD 739 78,733 1.61Hartford Financial Services Group, Inc.(The) USD 1,068 54,452 1.11Home Depot, Inc. (The) USD 374 74,218 1.52Honeywell International, Inc. USD 506 73,026 1.49Intercontinental Exchange, Inc. USD 783 57,903 1.19International Business Machines Corp. USD 394 55,475 1.14Intuit, Inc. USD 231 47,521 0.97Johnson & Johnson USD 550 67,271 1.38KeyCorp USD 1,184 23,402 0.48Kraft Heinz Co. (The) USD 263 16,497 0.34L3 Technologies, Inc. USD 191 36,858 0.75Loews Corp. USD 485 23,552 0.48Lowe’s Cos., Inc. USD 347 33,654 0.69Marsh & McLennan Cos., Inc. USD 414 33,799 0.69Merck & Co., Inc. USD 490 29,861 0.61Microsoft Corp. USD 819 81,478 1.67Molson Coors Brewing Co. ‘B’ USD 413 28,026 0.57Mondelez International, Inc. ‘A’ USD 1,641 67,215 1.38

NextEra Energy, Inc. USD 490 81,421 1.67NIKE, Inc. ‘B’ USD 342 27,420 0.56Norfolk Southern Corp. USD 316 47,643 0.98Occidental Petroleum Corp. USD 494 41,775 0.85ONEOK, Inc. USD 537 37,585 0.77Oracle Corp. USD 614 27,013 0.55O’Reilly Automotive, Inc. USD 104 28,618 0.59PACCAR, Inc. USD 410 25,719 0.53PepsiCo, Inc. USD 718 77,763 1.59Pfizer, Inc. USD 2,060 74,974 1.53Philip Morris International, Inc. USD 544 44,200 0.90Procter & Gamble Co. (The) USD 553 43,153 0.88Public Service Enterprise Group, Inc. USD 666 36,061 0.74Public Storage, REIT USD 236 53,652 1.10PVH Corp. USD 166 25,251 0.52Ross Stores, Inc. USD 787 67,355 1.38Silgan Holdings, Inc. USD 1,293 34,478 0.71Snap-on, Inc. USD 218 35,835 0.73Stanley Black & Decker, Inc. USD 485 65,422 1.34Starbucks Corp. USD 809 39,560 0.81State Street Corp. USD 546 51,624 1.06Texas Instruments, Inc. USD 658 72,841 1.49Thermo Fisher Scientific, Inc. USD 143 29,375 0.60Twenty-First Century Fox, Inc. ‘A’ USD 720 35,730 0.73Union Pacific Corp. USD 418 59,440 1.22United Technologies Corp. USD 568 71,162 1.46UnitedHealth Group, Inc. USD 341 83,640 1.71Verizon Communications, Inc. USD 1,009 50,788 1.04Visa, Inc. ‘A’ USD 601 80,200 1.64Vornado Realty Trust, REIT USD 304 22,399 0.46Walgreens Boots Alliance, Inc. USD 476 28,486 0.58Walmart, Inc. USD 356 30,555 0.63Walt Disney Co. (The) USD 626 65,739 1.35Waste Management, Inc. USD 816 66,100 1.35WEC Energy Group, Inc. USD 653 42,014 0.86Wells Fargo & Co. USD 554 31,273 0.64Xcel Energy, Inc. USD 1,673 76,113 1.56Zimmer Biomet Holdings, Inc. USD 242 27,023 0.55

4,374,155 89.52

Total Equities 4,814,038 98.52

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 4,814,038 98.52

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund - JPMUS Dollar Liquidity X (dist.)† USD 56,044 56,044 1.15

56,044 1.15

Total Collective Investment Schemes - UCITS 56,044 1.15

Total Units of authorised UCITS or other collective investmentundertakings 56,044 1.15

Total Investments 4,870,082 99.67

Cash 18,241 0.37

Other Assets/(Liabilities) (2,181) (0.04)

Total Net Assets 4,886,142 100.00

† Related Party Fund.

280

JPMorgan Funds - Equity Premium Income FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited States of America 89.52Ireland 5.92Switzerland 1.41Bermuda 1.19Luxembourg 1.15Canada 0.48Total Investments 99.67Cash and Other Assets/(Liabilities) 0.33

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United States of America 88.12Ireland 5.45Luxembourg 2.29Canada 2.18Bermuda 1.86Switzerland 1.51Total Investments 101.41Cash and Other Assets/(Liabilities) (1.41)

Total 100.00

281

JPMorgan Funds - Equity Premium Income FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

AustriaAustria Government Bond, Reg. S, 144A1.75% 20/10/2023 EUR 4,716,000 5,181,516 0.62Austria Government Bond, Reg. S, 144A1.2% 20/10/2025 EUR 633,000 677,154 0.08Austria Government Bond, Reg. S, 144A0.75% 20/10/2026 EUR 6,319,000 6,508,361 0.78Austria Government Bond, Reg. S, 144A0.5% 20/04/2027 EUR 1,235,000 1,238,936 0.15Austria Government Bond, Reg. S, 144A2.4% 23/05/2034 EUR 316,000 381,261 0.05Austria Government Bond, Reg. S, 144A4.15% 15/03/2037 EUR 2,415,000 3,663,101 0.44Austria Government Bond, Reg. S, 144A3.15% 20/06/2044 EUR 954,000 1,344,631 0.16Austria Government Bond, Reg. S, 144A1.5% 20/02/2047 EUR 768,000 786,672 0.09Austria Government Bond, Reg. S, 144A3.8% 26/01/2062 EUR 618,000 1,066,488 0.13Austria Government Bond, Reg. S, 144A2.1% 20/09/2117 EUR 700,000 792,413 0.10

21,640,533 2.60

BelgiumBelgium Government Bond 4%28/03/2022 EUR 7,778,000 9,068,219 1.09Belgium Government Bond, Reg. S, 144A0.5% 22/10/2024 EUR 3,564,000 3,644,468 0.44Belgium Government Bond, Reg. S, 144A0.8% 22/06/2028 EUR 12,101,324 12,226,148 1.47Belgium Government Bond, Reg. S, 144A1% 22/06/2031 EUR 1,471,600 1,481,316 0.18Belgium Government Bond, Reg. S, 144A3% 22/06/2034 EUR 116,800 148,720 0.02Belgium Government Bond, Reg. S, 144A1.45% 22/06/2037 EUR 4,778,000 4,884,201 0.59Belgium Government Bond, Reg. S, 144A1.9% 22/06/2038 EUR 732,000 800,649 0.10Belgium Government Bond, Reg. S, 144A1.6% 22/06/2047 EUR 1,378,000 1,376,718 0.16Belgium Government Bond, Reg. S, 144A2.25% 22/06/2057 EUR 1,036,000 1,166,426 0.14Belgium Government Bond, Reg. S 4%28/03/2032 EUR 2,025,000 2,821,648 0.34Belgium Government Bond, Reg. S 1.25%22/04/2033 EUR 4,759,398 4,869,342 0.58Belgium Government Bond, Reg. S 3.75%22/06/2045 EUR 1,145,000 1,703,721 0.20

44,191,576 5.31

FinlandFinland Government Bond, Reg. S, 144A2.75% 04/07/2028 EUR 198,000 240,467 0.03Finland Government Bond, Reg. S, 144A0.75% 15/04/2031 EUR 550,000 547,628 0.06Finnvera OYJ, Reg. S 0.625% 22/09/2022 EUR 12,194,000 12,542,992 1.51

13,331,087 1.60

FranceCaisse Centrale du Credit Immobilier deFrance SA, Reg. S 0.375% 31/07/2020 EUR 19,900,000 20,175,973 2.43Dexia Credit Local SA, Reg. S 0.2%31/07/2018 EUR 5,000,000 5,002,325 0.60Dexia Credit Local SA, Reg. S 0.25%19/03/2020 EUR 18,800,000 18,979,645 2.28Dexia Credit Local SA, Reg. S 0.25%02/06/2022 EUR 14,750,000 14,900,504 1.79Dexia Credit Local SA, Reg. S 0.75%25/01/2023 EUR 6,950,000 7,151,536 0.86Dexia Credit Local SA, Reg. S 0.5%17/01/2025 EUR 8,500,000 8,527,413 1.02Dexia Credit Local SA, Reg. S 1.25%27/10/2025 EUR 15,500,000 16,255,315 1.95France Government Bond OAT, Reg. S,144A 1.25% 25/05/2036 EUR 4,251,000 4,302,491 0.52France Government Bond OAT, Reg. S,144A 1.75% 25/06/2039 EUR 12,021,649 13,018,232 1.56France Government Bond OAT, Reg. S,144A 2% 25/05/2048 EUR 3,317,101 3,671,699 0.44France Government Bond OAT, Reg. S,144A 1.75% 25/05/2066 EUR 1,210,000 1,217,891 0.15France Government Bond OAT, Reg. S4.25% 25/10/2018 EUR 7,858,000 7,977,992 0.96

France Government Bond OAT, Reg. S0.5% 25/05/2025 EUR 587,000 600,283 0.07France Government Bond OAT, Reg. S2.75% 25/10/2027 EUR 8,040,000 9,693,439 1.17France Government Bond OAT, Reg. S1.5% 25/05/2031 EUR 7,122,000 7,670,280 0.92France Government Bond OAT, Reg. S5.75% 25/10/2032 EUR 4,451,000 7,363,013 0.89France Government Bond OAT, Reg. S1.25% 25/05/2034 EUR 2,248,000 2,310,474 0.28France Government Bond OAT, Reg. S4.75% 25/04/2035 EUR 4,273,000 6,722,187 0.81France Government Bond OAT, Reg. S3.25% 25/05/2045 EUR 3,463,000 4,851,384 0.58France Government Bond OAT, Reg. S 4%25/04/2055 EUR 2,057,000 3,398,352 0.41France Government Bond OAT, Reg. S 4%25/04/2060 EUR 1,899,000 3,223,037 0.39UNEDIC ASSEO, Reg. S 0.3% 04/11/2021 EUR 25,800,000 26,291,542 3.16UNEDIC ASSEO, Reg. S 0.04%25/05/2019 EUR 13,250,000 13,304,060 1.60

206,609,067 24.84

GermanyBundesrepublik Deutschland, Reg. S1.75% 15/02/2024 EUR 7,859,000 8,725,324 1.05Bundesrepublik Deutschland, Reg. S 1%15/08/2024 EUR 8,770,000 9,377,037 1.13Bundesrepublik Deutschland, Reg. S4.75% 04/07/2034 EUR 4,184,000 6,800,053 0.82Landwirtschaftliche Rentenbank, Reg. S0.05% 12/06/2023 EUR 11,174,000 11,204,393 1.34

36,106,807 4.34

IrelandIreland Government Bond 4.4%18/06/2019 EUR 1,620,000 1,694,787 0.20Ireland Government Bond 4.5%18/04/2020 EUR 1,175,000 1,282,681 0.16Ireland Government Bond 5%18/10/2020 EUR 2,611,000 2,944,825 0.35Ireland Government Bond, Reg. S 0.8%15/03/2022 EUR 344,000 357,494 0.04Ireland Government Bond, Reg. S 0%18/10/2022 EUR 2,580,000 2,595,782 0.31Ireland Government Bond, Reg. S 3.4%18/03/2024 EUR 3,235,000 3,843,261 0.46Ireland Government Bond, Reg. S 1%15/05/2026 EUR 1,114,000 1,155,957 0.14Ireland Government Bond, Reg. S 0.9%15/05/2028 EUR 1,130,000 1,138,982 0.14Ireland Government Bond, Reg. S 2.4%15/05/2030 EUR 1,461,000 1,687,926 0.20Ireland Government Bond, Reg. S 1.3%15/05/2033 EUR 15,963,000 16,005,094 1.93Ireland Government Bond, Reg. S 1.7%15/05/2037 EUR 818,000 854,300 0.10Ireland Government Bond, Reg. S 2%18/02/2045 EUR 1,186,000 1,284,102 0.16

34,845,191 4.19

ItalyItaly Buoni Poliennali Del Tesoro 0.3%15/10/2018 EUR 31,966,000 32,001,962 3.85Italy Buoni Poliennali Del Tesoro 0.1%15/04/2019 EUR 3,050,000 3,048,323 0.37Italy Buoni Poliennali Del Tesoro 2.5%01/05/2019 EUR 10,570,000 10,773,525 1.30Italy Buoni Poliennali Del Tesoro 1.5%01/08/2019 EUR 8,277,000 8,380,520 1.01Italy Buoni Poliennali Del Tesoro 0.7%01/05/2020 EUR 20,704,000 20,695,118 2.49Italy Buoni Poliennali Del Tesoro 0.65%01/11/2020 EUR 4,190,000 4,168,882 0.50Italy Buoni Poliennali Del Tesoro 2.15%15/12/2021 EUR 24,258,000 24,961,967 3.00Italy Buoni Poliennali Del Tesoro 1.2%01/04/2022 EUR 4,084,000 4,047,681 0.49Italy Buoni Poliennali Del Tesoro 0.95%15/03/2023 EUR 730,000 704,352 0.08Italy Buoni Poliennali Del Tesoro 4.5%01/05/2023 EUR 3,638,000 4,086,976 0.49Italy Buoni Poliennali Del Tesoro 3.75%01/09/2024 EUR 2,261,000 2,464,985 0.30Italy Buoni Poliennali Del Tesoro 1.45%15/11/2024 EUR 10,696,000 10,232,168 1.23Italy Buoni Poliennali Del Tesoro 2.5%01/12/2024 EUR 2,964,000 3,022,213 0.36

282

JPMorgan Funds - EU Government Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Italy Buoni Poliennali Del Tesoro 1.5%01/06/2025 EUR 6,741,000 6,405,521 0.77Italy Buoni Poliennali Del Tesoro 5.25%01/11/2029 EUR 3,540,521 4,343,752 0.52Italy Buoni Poliennali Del Tesoro, Reg. S,144A 0.1% 15/05/2022 EUR 3,282,000 3,363,950 0.40Italy Buoni Poliennali Del Tesoro, Reg. S,144A 4.75% 01/08/2023 EUR 3,290,000 3,749,057 0.45Italy Buoni Poliennali Del Tesoro, Reg. S,144A 4.75% 01/09/2028 EUR 3,550,000 4,153,834 0.50Italy Buoni Poliennali Del Tesoro, Reg. S,144A 3.5% 01/03/2030 EUR 987,000 1,041,165 0.13Italy Buoni Poliennali Del Tesoro, Reg. S,144A 1.65% 01/03/2032 EUR 5,324,000 4,601,043 0.55Italy Buoni Poliennali Del Tesoro, Reg. S,144A 2.45% 01/09/2033 EUR 2,573,000 2,406,432 0.29Italy Buoni Poliennali Del Tesoro, Reg. S,144A 2.25% 01/09/2036 EUR 4,278,000 3,817,058 0.46Italy Buoni Poliennali Del Tesoro, Reg. S,144A 2.95% 01/09/2038 EUR 5,062,000 4,872,894 0.59Italy Buoni Poliennali Del Tesoro, Reg. S,144A 3.25% 01/09/2046 EUR 306,000 301,410 0.04Italy Buoni Poliennali Del Tesoro, Reg. S,144A 2.7% 01/03/2047 EUR 2,462,000 2,196,225 0.26Italy Buoni Poliennali Del Tesoro, Reg. S,144A 3.45% 01/03/2048 EUR 3,326,000 3,333,843 0.40Italy Buoni Poliennali Del Tesoro, Reg. S,144A 2.8% 01/03/2067 EUR 967,000 837,585 0.10Italy Buoni Poliennali Del Tesoro, Reg. S3.75% 01/08/2021 EUR 7,110,000 7,660,115 0.92Italy Buoni Poliennali Del Tesoro, Reg. S2.6% 15/09/2023 EUR 2,057,000 2,647,819 0.32Italy Buoni Poliennali Del Tesoro, Reg. S0.25% 20/11/2023 EUR 7,111,000 6,852,742 0.82Italy Buoni Poliennali Del Tesoro, Reg. S3.38% 15/09/2026 EUR 1,420,000 1,772,507 0.21Italy Buoni Poliennali Del Tesoro, Reg. S5% 01/08/2034 EUR 7,904,000 9,828,173 1.18Italy Buoni Poliennali Del Tesoro, Reg. S4% 01/02/2037 EUR 627,000 703,751 0.08Italy Buoni Poliennali Del Tesoro, Reg. S5% 01/08/2039 EUR 2,949,000 3,687,111 0.44Italy Buoni Poliennali Del Tesoro, Reg. S5% 01/09/2040 EUR 1,414,000 1,758,791 0.21

208,923,450 25.11

PolandPoland Government Bond, Reg. S 0.875%14/10/2021 EUR 16,180,000 16,622,410 2.00Poland Government Bond, Reg. S 1.5%09/09/2025 EUR 6,310,000 6,571,381 0.79

23,193,791 2.79

RomaniaRomania Government Bond, Reg. S 2.75%29/10/2025 EUR 3,500,000 3,759,334 0.45

3,759,334 0.45

SlovakiaSlovakia Government Bond, Reg. S 1%12/06/2028 EUR 4,089,225 4,139,093 0.50Slovakia Government Bond, Reg. S 2.25%12/06/2068 EUR 1,385,630 1,417,424 0.17

5,556,517 0.67

SpainSpain Government Bond 3.75%31/10/2018 EUR 32,446,000 32,890,835 3.95Spain Government Bond 0.25%31/01/2019 EUR 7,031,000 7,057,577 0.85Spain Government Bond 2.75%30/04/2019 EUR 8,980,000 9,213,121 1.11Spain Government Bond 0.05%31/01/2021 EUR 5,570,000 5,588,459 0.67Spain Government Bond 0.75%30/07/2021 EUR 237,000 242,972 0.03Spain Government Bond 0.45%31/10/2022 EUR 1,019,000 1,029,599 0.12Spain Government Bond, Reg. S, 144A4.1% 30/07/2018 EUR 25,419,000 25,505,806 3.07Spain Government Bond, Reg. S, 144A4% 30/04/2020 EUR 16,778,000 18,077,904 2.17Spain Government Bond, Reg. S, 144A5.85% 31/01/2022 EUR 6,416,000 7,751,031 0.93Spain Government Bond, Reg. S, 144A5.4% 31/01/2023 EUR 3,031,000 3,738,714 0.45Spain Government Bond, Reg. S, 144A4.4% 31/10/2023 EUR 5,149,000 6,214,067 0.75

Spain Government Bond, Reg. S, 144A2.75% 31/10/2024 EUR 10,867,000 12,273,296 1.48Spain Government Bond, Reg. S, 144A1.6% 30/04/2025 EUR 9,711,000 10,250,235 1.23Spain Government Bond, Reg. S, 144A1.45% 31/10/2027 EUR 3,494,000 3,555,065 0.43Spain Government Bond, Reg. S, 144A1.4% 30/07/2028 EUR 18,062,000 18,096,860 2.18Spain Government Bond, Reg. S, 144A5.15% 31/10/2028 EUR 1,149,000 1,563,861 0.19Spain Government Bond, Reg. S, 144A2.35% 30/07/2033 EUR 9,178,000 9,742,005 1.17Spain Government Bond, Reg. S, 144A4.2% 31/01/2037 EUR 2,107,000 2,822,662 0.34Spain Government Bond, Reg. S, 144A4.7% 30/07/2041 EUR 5,713,000 8,235,512 0.99Spain Government Bond, Reg. S, 144A5.15% 31/10/2044 EUR 1,194,000 1,842,795 0.22Spain Government Bond, Reg. S, 144A2.9% 31/10/2046 EUR 2,462,000 2,689,269 0.32Spain Government Bond, Reg. S, 144A2.7% 31/10/2048 EUR 9,508,000 9,898,730 1.19Spain Government Bond, Reg. S, 144A3.45% 30/07/2066 EUR 1,113,000 1,310,371 0.16Spain Letras del Tesoro 0% 07/12/2018 EUR 18,950,000 18,990,893 2.28

218,581,639 26.28

Total Bonds 816,738,992 98.18

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 816,738,992 98.18

Total Investments 816,738,992 98.18

Cash 6,873,661 0.83

Other Assets/(Liabilities) 8,234,044 0.99

Total Net Assets 831,846,697 100.00

283

JPMorgan Funds - EU Government Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsSpain 26.28Italy 25.11France 24.84Belgium 5.31Germany 4.34Ireland 4.19Poland 2.79Austria 2.60Finland 1.60Slovakia 0.67Romania 0.45Total Investments 98.18Cash and Other Assets/(Liabilities) 1.82

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Italy 34.42France 23.74Spain 19.87Germany 5.74Belgium 5.31Poland 2.64Austria 2.33Ireland 2.08Finland 1.50Netherlands 0.85Romania 0.43Total Investments 98.91Cash and Other Assets/(Liabilities) 1.09

Total 100.00

284

JPMorgan Funds - EU Government Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - EU Government Bond FundSchedule of Investments (continued)

As at 30 June 2018

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

EUR

UnrealisedGain/(Loss)

EUR

%of

NetAssets

Euro-BTP, 06/09/2018 208 EUR 26,414,960 236,210 0.03Euro-Bund, 06/09/2018 95 EUR 15,436,075 4,287 -Euro-Buxl 30 Year Bond, 06/09/2018 124 EUR 22,023,640 103,239 0.01Euro-OAT, 06/09/2018 10 EUR 1,544,250 3,050 -Short-Term Euro-BTP, 06/09/2018 42 EUR 4,646,250 15,610 -

Total Unrealised Gain on Financial Futures Contracts 362,396 0.04

Euro-Bobl, 06/09/2018 70 EUR 9,250,850 (3,850) -Euro-Schatz, 06/09/2018 607 EUR 68,037,112 (10,622) -Long Gilt, 26/09/2018 44 GBP 6,116,824 (12,681) -

Total Unrealised Loss on Financial Futures Contracts (27,153) -

Net Unrealised Gain on Financial Futures Contracts 335,243 0.04

285

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

AustraliaCommonwealth Bank of Australia, Reg. S0.375% 24/04/2023 EUR 388,000 389,831 0.96

389,831 0.96

AustriaAustria Government Bond 6.25%15/07/2027 EUR 310,000 470,782 1.16Austria Government Bond, Reg. S, 144A4.15% 15/03/2037 EUR 141,000 213,870 0.53Austria Government Bond, Reg. S, 144A1.5% 20/02/2047 EUR 70,000 71,702 0.17

756,354 1.86

BelgiumAnheuser-Busch InBev SA, Reg. S 1.5%17/03/2025 EUR 100,000 104,069 0.26Belgium Government Bond, Reg. S, 144A1% 22/06/2026 EUR 473,468 495,970 1.22Belgium Government Bond, Reg. S, 144A4.25% 28/03/2041 EUR 263,180 407,816 1.00Belgium Government Bond, Reg. S, 144A1.6% 22/06/2047 EUR 70,000 69,935 0.17Belgium Government Bond, Reg. S 4.25%28/09/2022 EUR 235,000 280,949 0.69KBC Group NV, Reg. S 0.75% 01/03/2022 EUR 100,000 100,211 0.25

1,458,950 3.59

CanadaBank of Nova Scotia (The), Reg. S 0.5%22/01/2025 EUR 400,000 399,793 0.98Toronto-Dominion Bank (The), Reg. S0.25% 12/01/2023 EUR 377,000 377,803 0.93Toronto-Dominion Bank (The), Reg. S0.625% 06/06/2025 EUR 213,000 213,688 0.53

991,284 2.44

DenmarkDanske Bank A/S, Reg. S, FRN 3.875%04/10/2023 EUR 350,000 353,397 0.87Danske Bank A/S, Reg. S, FRN 2.75%19/05/2026 EUR 260,000 273,592 0.68

626,989 1.55

FinlandFinland Government Bond, Reg. S, 144A4% 04/07/2025 EUR 206,000 260,879 0.64Finland Government Bond, Reg. S, 144A2.625% 04/07/2042 EUR 40,000 53,205 0.13

314,084 0.77

FranceAir Liquide Finance SA, Reg. S 0.75%13/06/2024 EUR 100,000 101,177 0.25BPCE SA, Reg. S, FRN 2.75% 30/11/2027 EUR 100,000 104,999 0.26BPCE SA, Reg. S 0.625% 20/04/2020 EUR 100,000 101,304 0.25Caisse d’Amortissement de la DetteSociale, Reg. S 4.375% 25/10/2021 EUR 112,000 129,645 0.32Credit Agricole SA, Reg. S 2.375%20/05/2024 EUR 100,000 109,384 0.27Dexia Credit Local SA, Reg. S 1.25%26/11/2024 EUR 200,000 210,199 0.52France Government Bond OAT, Reg. S2.25% 25/10/2022 EUR 1,385,000 1,536,776 3.78France Government Bond OAT, Reg. S 4%25/10/2038 EUR 350,000 526,221 1.30France Government Bond OAT, Reg. S4.5% 25/04/2041 EUR 374,000 609,305 1.50France Government Bond OAT, Reg. S 4%25/04/2060 EUR 183,770 311,900 0.77Imerys SA, Reg. S 1.875% 31/03/2028 EUR 100,000 102,406 0.25UNEDIC ASSEO, Reg. S 0.25% 24/11/2023 EUR 300,000 303,692 0.75

4,147,008 10.22

GermanyAllianz SE, Reg. S, FRN 2.241%07/07/2045 EUR 100,000 99,018 0.24Bundesrepublik Deutschland, Reg. S 0.5%15/02/2028 EUR 1,261,800 1,284,686 3.17Bundesrepublik Deutschland, Reg. S6.25% 04/01/2030 EUR 560,000 930,617 2.29

Bundesrepublik Deutschland, Reg. S4.75% 04/07/2034 EUR 462,000 750,866 1.85Bundesrepublik Deutschland, Reg. S 4%04/01/2037 EUR 158,000 247,149 0.61Kreditanstalt fuer Wiederaufbau 4.625%04/01/2023 EUR 350,000 424,997 1.05Volkswagen Leasing GmbH, Reg. S 2.625%15/01/2024 EUR 33,000 35,428 0.09

3,772,761 9.30

IcelandIceland Government Bond, Reg. S 0.5%20/12/2022 EUR 300,000 303,693 0.75

303,693 0.75

IrelandGE Capital European Funding UnlimitedCo., Reg. S 6% 15/01/2019 EUR 250,000 258,392 0.63Ireland Government Bond, Reg. S 1%15/05/2026 EUR 129,000 133,859 0.33Ireland Government Bond, Reg. S 1.3%15/05/2033 EUR 614,000 615,619 1.52Ireland Government Bond, Reg. S 2%18/02/2045 EUR 40,000 43,309 0.11Liberty Mutual Finance Europe DAC,Reg. S 1.75% 27/03/2024 EUR 100,000 102,262 0.25

1,153,441 2.84

IsraelIsrael Government Bond, Reg. S 4.625%18/03/2020 EUR 90,000 97,403 0.24

97,403 0.24

ItalyAutostrade per l’Italia SpA, Reg. S 4.5%08/02/2019 EUR 72,000 74,001 0.18Autostrade per l’Italia SpA, Reg. S 1.875%26/09/2029 EUR 100,000 94,586 0.23Eni SpA, Reg. S 1.125% 19/09/2028 EUR 150,000 139,681 0.34Intesa Sanpaolo SpA, Reg. S 1.75%20/03/2028 EUR 170,000 153,213 0.38Italy Buoni Poliennali Del Tesoro 4%01/09/2020 EUR 2,857,000 3,050,010 7.51Italy Buoni Poliennali Del Tesoro 2.5%01/12/2024 EUR 102,000 104,003 0.26Italy Buoni Poliennali Del Tesoro 2%01/02/2028 EUR 325,000 306,323 0.76Italy Buoni Poliennali Del Tesoro, Reg. S,144A 4.75% 01/09/2044 EUR 515,000 629,495 1.55Italy Buoni Poliennali Del Tesoro, Reg. S,144A 3.25% 01/09/2046 EUR 270,000 265,950 0.66Italy Buoni Poliennali Del Tesoro, Reg. S,144A 2.8% 01/03/2067 EUR 28,000 24,253 0.06Italy Buoni Poliennali Del Tesoro, Reg. S0.25% 20/11/2023 EUR 311,000 299,705 0.74Snam SpA, Reg. S 1.25% 25/01/2025 EUR 100,000 99,215 0.24

5,240,435 12.91

JerseyHeathrow Funding Ltd., Reg. S 1.875%23/05/2024 EUR 150,000 157,989 0.39

157,989 0.39

LuxembourgDH Europe Finance SA 1.7% 04/01/2022 EUR 300,000 315,246 0.78DH Europe Finance SA 1.2% 30/06/2027 EUR 100,000 99,486 0.24European Financial Stability Facility,Reg. S 1.75% 27/06/2024 EUR 120,000 130,906 0.32European Financial Stability Facility,Reg. S 0.4% 31/05/2026 EUR 150,000 148,841 0.37European Financial Stability Facility,Reg. S 0.75% 03/05/2027 EUR 640,000 646,108 1.59Prologis International Funding II SA, REIT,Reg. S 1.75% 15/03/2028 EUR 125,000 125,284 0.31SELP Finance Sarl, REIT, Reg. S 1.5%20/11/2025 EUR 200,000 197,090 0.49

1,662,961 4.10

MexicoMexico Government Bond 1.375%15/01/2025 EUR 250,000 244,422 0.60

244,422 0.60

286

JPMorgan Funds - Euro Aggregate Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

NetherlandsABN AMRO Bank NV, Reg. S, FRN 2.875%30/06/2025 EUR 100,000 104,108 0.26Airbus Finance BV, Reg. S 2.375%02/04/2024 EUR 150,000 163,963 0.40Bunge Finance Europe BV 1.85%16/06/2023 EUR 140,000 143,523 0.35EDP Finance BV, Reg. S 1.125%12/02/2024 EUR 100,000 99,320 0.24EDP Finance BV, Reg. S 2% 22/04/2025 EUR 130,000 133,244 0.33Enel Finance International NV, Reg. S1.375% 01/06/2026 EUR 129,000 125,511 0.31Iberdrola International BV, Reg. S 2.875%11/11/2020 EUR 100,000 106,716 0.26Iberdrola International BV, Reg. S 0.375%15/09/2025 EUR 100,000 94,916 0.23ING Groep NV, FRN 3% 11/04/2028 EUR 300,000 318,666 0.79Netherlands Government Bond 5.5%15/01/2028 EUR 327,000 485,387 1.20Netherlands Government Bond, Reg. S,144A 3.75% 15/01/2042 EUR 146,000 234,222 0.58Netherlands Government Bond, Reg. S,144A 2.75% 15/01/2047 EUR 60,000 85,982 0.21

2,095,558 5.16

New ZealandASB Finance Ltd., Reg. S 0.125%18/10/2023 EUR 395,000 389,747 0.96

389,747 0.96

NorwayDNB Boligkreditt A/S, Reg. S 0.25%18/04/2023 EUR 100,000 100,250 0.25

100,250 0.25

PolandPoland Government Bond, Reg. S 1.5%09/09/2025 EUR 158,000 164,545 0.41

164,545 0.41

PortugalBrisa Concessao Rodoviaria SA, Reg. S2.375% 10/05/2027 EUR 100,000 103,419 0.26Portugal Government Bond, Reg. S, 144A4.125% 14/04/2027 EUR 736,500 886,325 2.18Portugal Government Bond, Reg. S, 144A2.25% 18/04/2034 EUR 57,000 56,537 0.14

1,046,281 2.58

SlovakiaSlovakia Government Bond, Reg. S 1%12/06/2028 EUR 132,848 134,468 0.33Slovakia Government Bond, Reg. S 2.25%12/06/2068 EUR 43,988 44,997 0.11

179,465 0.44

SloveniaSlovenia Government Bond, Reg. S 1.25%22/03/2027 EUR 101,000 104,213 0.26

104,213 0.26

SpainFerrovial Emisiones SA, Reg. S 1.375%31/03/2025 EUR 100,000 99,275 0.24NorteGas Energia Distribucion SAU, Reg. S2.065% 28/09/2027 EUR 100,000 99,596 0.25Spain Government Bond 0.4%30/04/2022 EUR 770,000 778,740 1.92Spain Government Bond, Reg. S, 144A1.5% 30/04/2027 EUR 310,000 318,079 0.78Spain Government Bond, Reg. S, 144A1.4% 30/07/2028 EUR 158,000 158,305 0.39Spain Government Bond, Reg. S, 144A5.15% 31/10/2028 EUR 590,000 803,027 1.98Spain Government Bond, Reg. S, 144A5.15% 31/10/2044 EUR 417,000 643,589 1.59Spain Government Bond, Reg. S, 144A2.7% 31/10/2048 EUR 554,000 576,767 1.42

3,477,378 8.57

SupranationalEuropean Investment Bank 0.5%15/01/2027 EUR 900,000 894,301 2.20European Stability Mechanism, Reg. S2.125% 20/11/2023 EUR 565,274 628,480 1.55European Union, Reg. S 2.75% 21/09/2021 EUR 670,000 735,754 1.81

2,258,535 5.56

SwedenSkandinaviska Enskilda Banken AB,Reg. S, FRN 2.5% 28/05/2026 EUR 150,000 156,932 0.39Skandinaviska Enskilda Banken AB, Reg. S0.625% 30/01/2023 EUR 335,000 342,475 0.84Stadshypotek AB, Reg. S 0.375%21/02/2024 EUR 300,000 301,039 0.74Svenska Handelsbanken AB, Reg. S, FRN2.656% 15/01/2024 EUR 100,000 101,341 0.25

901,787 2.22

United KingdomBAT International Finance plc, Reg. S1.25% 13/03/2027 EUR 150,000 144,798 0.36BP Capital Markets plc, Reg. S 2.177%28/09/2021 EUR 150,000 159,713 0.39Lloyds Bank plc, Reg. S 0.5% 11/04/2023 EUR 150,000 151,831 0.38Nationwide Building Society, Reg. S 0.75%26/10/2022 EUR 400,000 410,626 1.01Nationwide Building Society, Reg. S0.625% 25/03/2027 EUR 100,000 98,449 0.24Santander UK plc, Reg. S 2% 14/01/2019 EUR 100,000 101,185 0.25Sky plc, Reg. S 2.25% 17/11/2025 EUR 190,000 203,316 0.50

1,269,918 3.13

United States of AmericaAmerican International Group, Inc. 1.875%21/06/2027 EUR 100,000 99,167 0.24Bank of America Corp., Reg. S, FRN1.379% 07/02/2025 EUR 100,000 101,656 0.25Bank of America Corp., Reg. S 1.375%10/09/2021 EUR 150,000 155,295 0.38Citigroup, Inc. 1.75% 28/01/2025 EUR 230,000 238,565 0.59Goldman Sachs Group, Inc. (The), Reg. S2.625% 19/08/2020 EUR 254,000 267,660 0.66Goldman Sachs Group, Inc. (The), Reg. S2% 27/07/2023 EUR 75,000 79,006 0.20Goldman Sachs Group, Inc. (The), Reg. S1.625% 27/07/2026 EUR 60,000 60,346 0.15Morgan Stanley 2.375% 31/03/2021 EUR 315,000 333,247 0.82Morgan Stanley 1.375% 27/10/2026 EUR 100,000 98,354 0.24Philip Morris International, Inc. 2.875%03/03/2026 EUR 100,000 111,696 0.28PPG Industries, Inc. 0.875% 13/03/2022 EUR 160,000 163,105 0.40Thermo Fisher Scientific, Inc. 1.5%01/12/2020 EUR 100,000 103,231 0.25Wells Fargo & Co., Reg. S 1.5%12/09/2022 EUR 200,000 207,397 0.51

2,018,725 4.97

Total Bonds 35,324,007 87.03

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 35,324,007 87.03

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

ItalyIntesa Sec 3 Srl, Reg. S, FRN, Series 3 ‘B’0% 30/10/2033 EUR 50,000 49,841 0.12

49,841 0.12

United KingdomBusiness Mortgage Finance plc, Reg. S,FRN, Series 6 ‘A2’ 0.051% 15/08/2040 EUR 71,412 70,602 0.17

70,602 0.17

Total Bonds 120,443 0.29

Total Transferable securities and money market instrumentsdealt in on another regulated market 120,443 0.29

287

JPMorgan Funds - Euro Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Europe High Yield Bond Fund -JPM Europe High Yield Bond X (acc) -EUR† EUR 14,670 1,801,447 4.44JPMorgan Global High Yield Bond Fund -JPM Global High Yield Bond X (acc) - EUR(hedged)† EUR 5,832 1,006,953 2.48JPMorgan Euro Liquidity Fund - JPM EuroLiquidity X (acc.)† EUR 59 814,878 2.01

3,623,278 8.93

Total Collective Investment Schemes - UCITS 3,623,278 8.93

Total Units of authorised UCITS or other collective investmentundertakings 3,623,278 8.93

Total Investments 39,067,728 96.25

Cash 624,150 1.54

Other Assets/(Liabilities) 896,151 2.21

Total Net Assets 40,588,029 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsItaly 13.03Luxembourg 13.03France 10.22Germany 9.30Spain 8.57Supranational 5.56Netherlands 5.16United States of America 4.97Belgium 3.59United Kingdom 3.30Ireland 2.84Portugal 2.58Canada 2.44Sweden 2.22Austria 1.86Denmark 1.55Australia 0.96New Zealand 0.96Finland 0.77Iceland 0.75Mexico 0.60Slovakia 0.44Poland 0.41Jersey 0.39Slovenia 0.26Norway 0.25Israel 0.24Total Investments 96.25Cash and Other Assets/(Liabilities) 3.75

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

France 15.02Italy 12.78Germany 11.49Luxembourg 9.39Spain 7.95Netherlands 6.92United States of America 6.07Supranational 5.35Belgium 3.25United Kingdom 2.85Canada 2.64Australia 2.04Sweden 1.88Austria 1.82Portugal 1.54Switzerland 1.51New Zealand 1.32Ireland 1.15Denmark 0.76Mexico 0.61Finland 0.56Jersey 0.45Israel 0.29Poland 0.29Slovenia 0.26Slovakia 0.14Norway 0.12Total Investments 98.45Cash and Other Assets/(Liabilities) 1.55

Total 100.00

288

JPMorgan Funds - Euro Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Euro Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

EUR

UnrealisedGain/(Loss)

EUR

%of

NetAssets

Euro-Bobl, 06/09/2018 (6) EUR (792,930) 548 -Euro-BTP, 06/09/2018 9 EUR 1,142,955 7,785 0.02Euro-Buxl 30 Year Bond, 06/09/2018 1 EUR 177,610 870 -

Total Unrealised Gain on Financial Futures Contracts 9,203 0.02

Euro-Bund, 06/09/2018 (27) EUR (4,387,095) (752) -Euro-Schatz, 06/09/2018 22 EUR 2,465,925 (385) -

Total Unrealised Loss on Financial Futures Contracts (1,137) -

Net Unrealised Gain on Financial Futures Contracts 8,066 0.02

289

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

AustraliaAustralia Pacific Airports Melbourne Pty.Ltd., Reg. S 3.125% 26/09/2023 EUR 300,000 339,253 0.32BHP Billiton Finance Ltd., Reg. S, FRN4.75% 22/04/2076 EUR 280,000 305,696 0.28BHP Billiton Finance Ltd., Reg. S, FRN5.625% 22/10/2079 EUR 150,000 176,380 0.16Goodman Australia Finance Pty. Ltd.,REIT, Reg. S 1.375% 27/09/2025 EUR 307,000 300,276 0.28National Australia Bank Ltd., Reg. S0.35% 07/09/2022 EUR 249,000 248,360 0.23Scentre Group Trust 1, REIT, Reg. S 1.5%16/07/2020 EUR 600,000 615,708 0.57Sydney Airport Finance Co. Pty. Ltd.,Reg. S 2.75% 23/04/2024 EUR 400,000 441,667 0.41

2,427,340 2.25

BelgiumAnheuser-Busch InBev SA, Reg. S 1.15%22/01/2027 EUR 125,000 123,845 0.12Anheuser-Busch InBev SA, Reg. S 1.5%17/03/2025 EUR 776,000 807,573 0.75Anheuser-Busch InBev SA, Reg. S 2.75%17/03/2036 EUR 400,000 420,842 0.39KBC Group NV, Reg. S, FRN 2.375%25/11/2024 EUR 600,000 616,827 0.57KBC Group NV, Reg. S, FRN 1.625%18/09/2029 EUR 200,000 195,051 0.18KBC Group NV, Reg. S, FRN 5.625%Perpetual EUR 200,000 203,743 0.19

2,367,881 2.20

Cayman IslandsCK Hutchison Europe Finance 18 Ltd.,Reg. S 1.25% 13/04/2025 EUR 116,000 115,362 0.11CK Hutchison Finance 16 Ltd., Reg. S1.25% 06/04/2023 EUR 450,000 459,635 0.42

574,997 0.53

DenmarkDanske Bank A/S, Reg. S, FRN 5.875%Perpetual EUR 200,000 218,199 0.20Danske Bank A/S, Reg. S 0.75%02/06/2023 EUR 250,000 252,860 0.24

471,059 0.44

FranceAir Liquide Finance SA, Reg. S 1.25%13/06/2028 EUR 100,000 100,740 0.09Air Liquide SA, Reg. S 2.375%06/09/2023 EUR 200,000 220,287 0.20APRR SA, Reg. S 1.5% 17/01/2033 EUR 300,000 293,151 0.27Arkema SA, Reg. S 1.5% 20/01/2025 EUR 200,000 205,072 0.19Autoroutes du Sud de la France SA,Reg. S 4.125% 13/04/2020 EUR 250,000 268,703 0.25Autoroutes du Sud de la France SA,Reg. S 1.25% 18/01/2027 EUR 100,000 101,143 0.09Banque Federative du Credit Mutuel SA,Reg. S 2.625% 24/02/2021 EUR 1,000,000 1,068,843 0.99Banque Federative du Credit Mutuel SA,Reg. S 1.25% 26/05/2027 EUR 200,000 201,014 0.19BNP Paribas SA, Reg. S 1.125%15/01/2023 EUR 950,000 978,405 0.91BNP Paribas SA, Reg. S 2.375%17/02/2025 EUR 300,000 307,523 0.29BPCE SA, Reg. S, FRN 2.75% 30/11/2027 EUR 700,000 734,990 0.68BPCE SA, Reg. S 1.125% 14/12/2022 EUR 100,000 103,320 0.10BPCE SA, Reg. S 1% 05/10/2028 EUR 100,000 97,725 0.09Carrefour SA, Reg. S 1.25% 03/06/2025 EUR 100,000 100,064 0.09Cie de Saint-Gobain, Reg. S 1.125%23/03/2026 EUR 300,000 293,594 0.27Credit Agricole Assurances SA, Reg. S,FRN 2.625% 29/01/2048 EUR 100,000 90,337 0.08Credit Agricole SA, Reg. S, FRN 6.5%Perpetual EUR 400,000 431,724 0.40Credit Agricole SA, Reg. S 0.875%19/01/2022 EUR 300,000 306,630 0.28Credit Agricole SA, Reg. S 2.375%20/05/2024 EUR 800,000 875,073 0.81Credit Agricole SA, Reg. S 2.625%17/03/2027 EUR 235,000 238,799 0.22Credit Mutuel Arkea SA, Reg. S, FRN1.875% 25/10/2029 EUR 500,000 460,711 0.43

Danone SA, Reg. S 0.167% 03/11/2020 EUR 200,000 201,211 0.19Danone SA, Reg. S 2.6% 28/06/2023 EUR 200,000 221,634 0.21Engie SA, Reg. S 0.875% 27/03/2024 EUR 200,000 202,645 0.19Engie SA, Reg. S 1.375% 22/06/2028 EUR 200,000 200,750 0.19Europcar Groupe SA, Reg. S 4.125%15/11/2024 EUR 100,000 98,352 0.09Gecina SA, REIT, Reg. S 1.5% 20/01/2025 EUR 300,000 307,987 0.29ICADE, REIT, Reg. S 1.125% 17/11/2025 EUR 100,000 98,667 0.09Imerys SA, Reg. S 2% 10/12/2024 EUR 300,000 317,904 0.29Imerys SA, Reg. S 1.5% 15/01/2027 EUR 200,000 199,997 0.19Infra Park SAS, Reg. S 1.625%19/04/2028 EUR 100,000 98,843 0.09Kering SA, Reg. S 1.5% 05/04/2027 EUR 100,000 102,827 0.10Klepierre SA, REIT, Reg. S 1.75%06/11/2024 EUR 100,000 105,260 0.10Legrand SA, Reg. S 1.875% 06/07/2032 EUR 100,000 103,811 0.10LVMH Moet Hennessy Louis Vuitton SE,Reg. S 0.75% 26/05/2024 EUR 136,000 137,619 0.13Orange SA, Reg. S, FRN 4% Perpetual EUR 250,000 269,514 0.25Orange SA, Reg. S, FRN 5.25% Perpetual EUR 100,000 110,894 0.10Orange SA, Reg. S 3.875% 14/01/2021 EUR 450,000 493,863 0.46Orange SA, Reg. S 0.75% 11/09/2023 EUR 100,000 101,164 0.09Orange SA, Reg. S 0.875% 03/02/2027 EUR 100,000 97,296 0.09Peugeot SA, Reg. S 2% 23/03/2024 EUR 90,000 90,657 0.08RCI Banque SA, Reg. S 0.625%10/11/2021 EUR 150,000 151,001 0.14RCI Banque SA, Reg. S 1.25% 08/06/2022 EUR 210,000 215,265 0.20RCI Banque SA, Reg. S 1.625%26/05/2026 EUR 165,000 163,826 0.15Renault SA, Reg. S 1% 18/04/2024 EUR 200,000 197,972 0.18Sanofi, Reg. S 1.125% 05/04/2028 EUR 400,000 402,367 0.37Societe Generale SA, Reg. S, FRN 6.75%Perpetual EUR 250,000 267,362 0.25Societe Generale SA, Reg. S 4%07/06/2023 EUR 200,000 222,076 0.21Suez, Reg. S 1.5% 03/04/2029 EUR 100,000 101,312 0.09Total Capital International SA, Reg. S2.5% 25/03/2026 EUR 600,000 673,929 0.63TOTAL SA, Reg. S, FRN 2.25% Perpetual EUR 1,250,000 1,278,052 1.19Unibail-Rodamco SE, REIT, Reg. S 1%14/03/2025 EUR 300,000 302,040 0.28Unibail-Rodamco SE, REIT, Reg. S 1.125%15/09/2025 EUR 300,000 302,188 0.28Veolia Environnement SA, Reg. S 1.59%10/01/2028 EUR 300,000 307,777 0.29

15,623,910 14.50

GermanyAllianz SE, Reg. S, FRN 5.625%17/10/2042 EUR 200,000 233,844 0.22Allianz SE, Reg. S, FRN 2.241%07/07/2045 EUR 200,000 198,035 0.18Allianz SE, Reg. S, FRN 3.099%06/07/2047 EUR 100,000 101,760 0.09Commerzbank AG, Reg. S 4%30/03/2027 EUR 120,000 126,292 0.12CRH Finance Germany GmbH, Reg. S1.75% 16/07/2021 EUR 100,000 104,240 0.10Daimler AG, Reg. S 1.5% 09/03/2026 EUR 355,000 358,967 0.33Daimler AG, Reg. S 1% 15/11/2027 EUR 186,000 184,109 0.17Daimler AG, Reg. S 1.5% 03/07/2029 EUR 317,000 306,051 0.28Deutsche Bank AG, Reg. S 5%24/06/2020 EUR 450,000 474,460 0.44Deutsche Bank AG, Reg. S 1.5%20/01/2022 EUR 500,000 497,008 0.46Deutsche Bank AG, Reg. S 1.75%17/01/2028 EUR 200,000 183,956 0.17HeidelbergCement AG, Reg. S 2.25%30/03/2023 EUR 250,000 266,669 0.25MuenchenerRueckversicherungs-Gesellschaft AG,Reg. S, FRN 6.25% 26/05/2042 EUR 100,000 119,247 0.11thyssenkrupp AG, Reg. S 1.375%03/03/2022 EUR 100,000 100,386 0.09Unitymedia Hessen GmbH & Co. KG,Reg. S 4% 15/01/2025 EUR 100,000 104,890 0.10Volkswagen Bank GmbH, Reg. S, FRN0.379% 08/12/2021 EUR 200,000 200,331 0.19Volkswagen Bank GmbH, Reg. S 0.75%15/06/2023 EUR 82,000 80,758 0.08Volkswagen Financial Services AG, Reg. S0.875% 12/04/2023 EUR 84,000 83,263 0.08Volkswagen Leasing GmbH, Reg. S2.625% 15/01/2024 EUR 426,000 457,343 0.42Volkswagen Leasing GmbH, Reg. S1.375% 20/01/2025 EUR 295,000 291,918 0.27

4,473,527 4.15

290

JPMorgan Funds - Euro Corporate Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

IrelandAIB Group plc, Reg. S 1.5% 29/03/2023 EUR 129,000 128,114 0.12Allied Irish Banks plc, Reg. S, FRN 4.125%26/11/2025 EUR 400,000 420,156 0.39Allied Irish Banks plc, Reg. S, FRN 7.375%Perpetual EUR 200,000 218,968 0.20Bank of Ireland, Reg. S, FRN 7.375%Perpetual EUR 200,000 215,024 0.20CRH Finance DAC, Reg. S 1.375%18/10/2028 EUR 300,000 288,071 0.27Fresenius Finance Ireland plc, Reg. S2.125% 01/02/2027 EUR 200,000 206,721 0.19GE Capital European Funding UnlimitedCo. 4.625% 22/02/2027 EUR 400,000 502,049 0.47Johnson Controls International plc 1%15/09/2023 EUR 200,000 201,135 0.19Kerry Group Financial Services, Reg. S2.375% 10/09/2025 EUR 300,000 326,006 0.30Liberty Mutual Finance Europe DAC,Reg. S 1.75% 27/03/2024 EUR 100,000 102,262 0.09Swiss Reinsurance Co. Ltd., Reg. S, FRN6.625% 01/09/2042 EUR 100,000 122,122 0.11Zurich Insurance Co. Ltd., Reg. S 1.75%16/09/2024 EUR 300,000 317,866 0.30

3,048,494 2.83

ItalyAssicurazioni Generali SpA, Reg. S, FRN7.75% 12/12/2042 EUR 400,000 468,289 0.43Autostrade per l’Italia SpA, Reg. S 2.875%26/02/2021 EUR 300,000 320,379 0.30Autostrade per l’Italia SpA, Reg. S 1.125%04/11/2021 EUR 450,000 460,519 0.43Autostrade per l’Italia SpA, Reg. S 1.875%26/09/2029 EUR 100,000 94,586 0.09Enel SpA 5.625% 21/06/2027 EUR 360,000 468,136 0.43Enel SpA, Reg. S, FRN 2.5% 24/11/2078 EUR 570,000 538,100 0.50Eni SpA, Reg. S 2.625% 22/11/2021 EUR 547,000 589,127 0.55Eni SpA, Reg. S 1% 14/03/2025 EUR 180,000 177,935 0.16Eni SpA, Reg. S 1.125% 19/09/2028 EUR 470,000 437,666 0.41FCA Bank SpA, Reg. S 1.375% 17/04/2020 EUR 905,000 917,779 0.85Intesa Sanpaolo SpA, Reg. S 0.875%27/06/2022 EUR 390,000 382,661 0.35Intesa Sanpaolo SpA, Reg. S 6.625%13/09/2023 EUR 200,000 233,845 0.22Intesa Sanpaolo SpA, Reg. S 3.928%15/09/2026 EUR 100,000 101,475 0.09Intesa Sanpaolo SpA, Reg. S 1.75%20/03/2028 EUR 210,000 189,264 0.18Italgas SpA, Reg. S 1.125% 14/03/2024 EUR 240,000 238,905 0.22Italgas SpA, Reg. S 1.625% 18/01/2029 EUR 235,000 220,604 0.20Snam SpA, Reg. S 1.375% 25/10/2027 EUR 200,000 190,846 0.18Telecom Italia SpA, Reg. S 2.5%19/07/2023 EUR 250,000 255,824 0.24Telecom Italia SpA, Reg. S 3.625%19/01/2024 EUR 150,000 161,129 0.15Telecom Italia SpA, Reg. S 2.375%12/10/2027 EUR 100,000 94,374 0.09

6,541,443 6.07

JapanAsahi Group Holdings Ltd., Reg. S 1.151%19/09/2025 EUR 100,000 100,147 0.09Sumitomo Mitsui Financial Group, Inc.,Reg. S 0.934% 11/10/2024 EUR 130,000 130,081 0.12

230,228 0.21

JerseyGlencore Finance Europe Ltd., Reg. S3.375% 30/09/2020 EUR 450,000 481,748 0.45Glencore Finance Europe Ltd., Reg. S2.75% 01/04/2021 EUR 225,000 237,727 0.22Glencore Finance Europe Ltd., Reg. S3.75% 01/04/2026 EUR 210,000 234,980 0.22Heathrow Funding Ltd., Reg. S 1.875%23/05/2024 EUR 300,000 315,979 0.29Heathrow Funding Ltd., Reg. S 1.875%12/07/2032 EUR 150,000 149,101 0.14

1,419,535 1.32

LuxembourgAllergan Funding SCS 1.25% 01/06/2024 EUR 100,000 98,093 0.09ArcelorMittal, Reg. S 3.125% 14/01/2022 EUR 520,000 558,396 0.52DH Europe Finance SA 1.7% 04/01/2022 EUR 750,000 788,115 0.73DH Europe Finance SA 1.2% 30/06/2027 EUR 190,000 189,023 0.18Hannover Finance Luxembourg SA, FRN5% 30/06/2043 EUR 100,000 115,450 0.11

HeidelbergCement Finance LuxembourgSA, Reg. S 1.75% 24/04/2028 EUR 80,000 79,079 0.07Holcim Finance Luxembourg SA, Reg. S1.375% 26/05/2023 EUR 160,000 163,127 0.15Horizon Parent Holdings Sarl, Reg. S8.25% 15/02/2022 EUR 100,000 104,311 0.10John Deere Cash Management SA, Reg. S0.5% 15/09/2023 EUR 100,000 100,303 0.09Nestle Finance International Ltd., Reg. S0.75% 16/05/2023 EUR 200,000 204,883 0.19Prologis International Funding II SA, REIT,Reg. S 1.75% 15/03/2028 EUR 125,000 125,284 0.12Richemont International Holding SA,Reg. S 1% 26/03/2026 EUR 324,000 325,383 0.30SELP Finance Sarl, REIT, Reg. S 1.5%20/11/2025 EUR 453,000 446,408 0.41SES SA, Reg. S, FRN 4.625% Perpetual EUR 100,000 103,298 0.10

3,401,153 3.16

MexicoAmerica Movil SAB de CV 3.259%22/07/2023 EUR 100,000 112,326 0.10America Movil SAB de CV, Reg. S, FRN5.125% 06/09/2073 EUR 190,000 191,508 0.18

303,834 0.28

NetherlandsABN AMRO Bank NV, Reg. S, FRN 2.875%18/01/2028 EUR 200,000 211,073 0.20ABN AMRO Bank NV, Reg. S, FRN 5.75%Perpetual EUR 200,000 212,055 0.20ABN AMRO Bank NV, Reg. S 7.125%06/07/2022 EUR 350,000 431,934 0.40Airbus Finance BV, Reg. S 2.375%02/04/2024 EUR 400,000 437,236 0.40Airbus Finance BV, Reg. S 2.125%29/10/2029 EUR 200,000 215,517 0.20Alliander NV, Reg. S, FRN 1.625%Perpetual EUR 100,000 98,175 0.09Allianz Finance II BV, Reg. S 1.375%21/04/2031 EUR 200,000 200,564 0.19Bayer Capital Corp. BV, Reg. S 1.5%26/06/2026 EUR 300,000 301,462 0.28BMW Finance NV, Reg. S 0.875%03/04/2025 EUR 300,000 297,996 0.28Brenntag Finance BV, Reg. S 1.125%27/09/2025 EUR 220,000 216,822 0.20Bunge Finance Europe BV 1.85%16/06/2023 EUR 290,000 297,297 0.28Cooperatieve Rabobank UA, Reg. S, FRN6.625% Perpetual EUR 200,000 225,177 0.21Cooperatieve Rabobank UA, Reg. S2.375% 22/05/2023 EUR 400,000 438,022 0.41Cooperatieve Rabobank UA, Reg. S3.875% 25/07/2023 EUR 350,000 397,641 0.37Deutsche Telekom International FinanceBV, Reg. S 0.875% 30/01/2024 EUR 518,000 522,402 0.48Deutsche Telekom International FinanceBV, Reg. S 1.5% 03/04/2028 EUR 200,000 199,643 0.18EDP Finance BV, Reg. S 1.125%12/02/2024 EUR 100,000 99,320 0.09EDP Finance BV, Reg. S 2% 22/04/2025 EUR 515,000 527,850 0.49EDP Finance BV, Reg. S 1.5% 22/11/2027 EUR 106,000 101,340 0.09Enel Finance International NV 5.25%29/09/2023 EUR 300,000 366,525 0.34Enel Finance International NV, Reg. S1.125% 16/09/2026 EUR 406,000 384,575 0.36Evonik Finance BV, Reg. S 0.375%07/09/2024 EUR 100,000 97,427 0.09Gas Natural Fenosa Finance BV, Reg. S0.875% 15/05/2025 EUR 200,000 194,490 0.18Geberit International BV, Reg. S 0.688%30/03/2021 EUR 300,000 304,987 0.28Heineken NV, Reg. S 1% 04/05/2026 EUR 250,000 248,177 0.23Iberdrola International BV, Reg. S, FRN1.875% Perpetual EUR 100,000 95,660 0.09Iberdrola International BV, Reg. S 2.5%24/10/2022 EUR 600,000 652,910 0.61Iberdrola International BV, Reg. S0.375% 15/09/2025 EUR 200,000 189,833 0.18ING Groep NV, FRN 3% 11/04/2028 EUR 600,000 637,332 0.59ING Groep NV, Reg. S, FRN 2.5%15/02/2029 EUR 200,000 205,458 0.19Koninklijke Ahold Delhaize NV, Reg. S,FRN 0% 19/03/2021 EUR 100,000 100,109 0.09Mylan NV, Reg. S 2.25% 22/11/2024 EUR 290,000 300,686 0.28Mylan NV, Reg. S 3.125% 22/11/2028 EUR 150,000 157,535 0.15Opel Finance International BV, Reg. S1.168% 18/05/2020 EUR 200,000 204,047 0.19

291

JPMorgan Funds - Euro Corporate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Ren Finance BV, Reg. S 1.75%18/01/2028 EUR 200,000 197,620 0.18Repsol International Finance BV, Reg. S,FRN 3.875% Perpetual EUR 400,000 416,052 0.39Shell International Finance BV, Reg. S0.75% 12/05/2024 EUR 340,000 344,432 0.32Swiss Reinsurance Co. Ltd., Reg. S, FRN2.6% Perpetual EUR 300,000 299,154 0.28Telefonica Europe BV, Reg. S, FRN 3%Perpetual EUR 300,000 281,602 0.26Telefonica Europe BV, Reg. S, FRN5.875% Perpetual EUR 200,000 218,315 0.20Teva Pharmaceutical FinanceNetherlands II BV, Reg. S 1.25%31/03/2023 EUR 220,000 200,188 0.19Unilever NV, Reg. S 1.625% 12/02/2033 EUR 150,000 150,681 0.14Volkswagen International Finance NV,Reg. S, FRN 2.7% Perpetual EUR 300,000 293,023 0.27Volkswagen International Finance NV,Reg. S, FRN 3.75% Perpetual EUR 525,000 542,702 0.50Volkswagen International Finance NV,Reg. S 1.875% 30/03/2027 EUR 200,000 197,185 0.18Vonovia Finance BV, Reg. S 2.25%15/12/2023 EUR 200,000 212,778 0.20Vonovia Finance BV, Reg. S 1.25%06/12/2024 EUR 100,000 99,907 0.09WPC Eurobond BV, REIT 2.125%15/04/2027 EUR 100,000 99,973 0.09Zurich Insurance Co. Ltd., Reg. S, FRN3.5% 01/10/2046 EUR 100,000 105,389 0.10Zurich Insurance Co. Ltd., Reg. S, FRN5.125% 01/06/2048 USD 200,000 165,008 0.15

13,395,286 12.43

New ZealandANZ New Zealand Int’l Ltd., Reg. S 0.4%01/03/2022 EUR 100,000 99,952 0.09

99,952 0.09

NorwayDNB Bank ASA, Reg. S, FRN 1.25%01/03/2027 EUR 400,000 399,398 0.37

399,398 0.37

PortugalBrisa Concessao Rodoviaria SA, Reg. S2.375% 10/05/2027 EUR 300,000 310,256 0.29EDP - Energias de Portugal SA, Reg. S,FRN 5.375% 16/09/2075 EUR 400,000 431,648 0.40

741,904 0.69

SpainAbertis Infraestructuras SA, Reg. S 3.75%20/06/2023 EUR 200,000 228,805 0.21Abertis Infraestructuras SA, Reg. S1.375% 20/05/2026 EUR 300,000 288,543 0.27Banco Bilbao Vizcaya Argentaria SA,Reg. S, FRN 8.875% Perpetual EUR 200,000 224,539 0.21Banco Bilbao Vizcaya Argentaria SA, Reg.S 0.75% 11/09/2022 EUR 500,000 493,261 0.46Banco Santander SA, Reg. S 3.25%04/04/2026 EUR 300,000 311,191 0.29Bankinter SA, Reg. S, FRN 2.5%06/04/2027 EUR 300,000 301,614 0.28CaixaBank SA, Reg. S, FRN 3.5%15/02/2027 EUR 400,000 420,466 0.39CaixaBank SA, Reg. S, FRN 6.75%Perpetual EUR 200,000 213,088 0.20Ferrovial Emisiones SA, Reg. S 1.375%31/03/2025 EUR 500,000 496,374 0.46Iberdrola Finanzas SA, Reg. S 1.25%28/10/2026 EUR 100,000 99,260 0.09NorteGas Energia Distribucion SAU,Reg. S 2.065% 28/09/2027 EUR 321,000 319,704 0.30Red Electrica Financiaciones SAU, Reg. S3.875% 25/01/2022 EUR 300,000 338,422 0.31Red Electrica Financiaciones SAU, Reg. S1.125% 24/04/2025 EUR 200,000 203,504 0.19Telefonica Emisiones SAU, Reg. S 3.961%26/03/2021 EUR 400,000 442,170 0.41Telefonica Emisiones SAU, Reg. S 3.987%23/01/2023 EUR 300,000 345,153 0.32Telefonica Emisiones SAU, Reg. S 1.715%12/01/2028 EUR 100,000 97,316 0.09Telefonica Emisiones SAU, Reg. S 2.318%17/10/2028 EUR 300,000 304,245 0.28

5,127,655 4.76

SwedenSkandinaviska Enskilda Banken AB,Reg. S, FRN 2.5% 28/05/2026 EUR 450,000 470,796 0.44Skandinaviska Enskilda Banken AB,Reg. S 0.75% 24/08/2021 EUR 350,000 357,645 0.33Svenska Handelsbanken AB, Reg. S, FRN2.656% 15/01/2024 EUR 450,000 456,037 0.42Svenska Handelsbanken AB, Reg. S1.125% 14/12/2022 EUR 200,000 206,762 0.19Swedbank AB, Reg. S, FRN 2.375%26/02/2024 EUR 360,000 365,241 0.34Swedbank AB, Reg. S, FRN 1% 22/11/2027 EUR 300,000 295,076 0.28

2,151,557 2.00

SwitzerlandCredit Suisse AG, Reg. S, FRN 5.75%18/09/2025 EUR 530,000 579,128 0.54Credit Suisse AG, Reg. S 1.375%31/01/2022 EUR 850,000 880,396 0.81UBS AG, Reg. S, FRN 4.75% 12/02/2026 EUR 460,000 495,422 0.46UBS Group Funding Switzerland AG,Reg. S, FRN 5.75% Perpetual EUR 400,000 432,184 0.40UBS Group Funding Switzerland AG,Reg. S 1.25% 01/09/2026 EUR 550,000 537,521 0.50

2,924,651 2.71

United KingdomAnglo American Capital plc, Reg. S 3.5%28/03/2022 EUR 170,000 186,144 0.17Anglo American Capital plc, Reg. S 3.25%03/04/2023 EUR 200,000 218,686 0.20Barclays plc, Reg. S, FRN 2.625%11/11/2025 EUR 300,000 305,919 0.28Barclays plc, Reg. S, FRN 1.375%24/01/2026 EUR 366,000 348,261 0.32Barclays plc, Reg. S, FRN 2% 07/02/2028 EUR 208,000 199,103 0.18Barclays plc, Reg. S 1.875% 08/12/2023 EUR 300,000 306,781 0.28BAT International Finance plc, Reg. S2.375% 19/01/2023 EUR 800,000 858,454 0.80BAT International Finance plc, Reg. S2.25% 16/01/2030 EUR 100,000 99,749 0.09BP Capital Markets plc, Reg. S 2.177%28/09/2021 EUR 350,000 372,664 0.35BP Capital Markets plc, Reg. S 1.953%03/03/2025 EUR 300,000 318,298 0.30BP Capital Markets plc, Reg. S 1.573%16/02/2027 EUR 250,000 255,361 0.24BP Capital Markets plc, Reg. S 1.637%26/06/2029 EUR 100,000 100,706 0.09British Telecommunications plc, Reg. S1.125% 10/03/2023 EUR 700,000 712,830 0.66Centrica plc, Reg. S, FRN 3% 10/04/2076 EUR 100,000 102,227 0.09FCE Bank plc, Reg. S 1.528% 09/11/2020 EUR 250,000 257,883 0.24GlaxoSmithKline Capital plc, Reg. S1.375% 02/12/2024 EUR 200,000 208,835 0.19GlaxoSmithKline Capital plc, Reg. S 1.25%21/05/2026 EUR 107,000 109,295 0.10Hammerson plc, REIT, Reg. S 1.75%15/03/2023 EUR 320,000 331,711 0.31HSBC Holdings plc, Reg. S, FRN 0.376%27/09/2022 EUR 100,000 100,475 0.09HSBC Holdings plc, Reg. S, FRN 0.172%05/10/2023 EUR 305,000 303,245 0.28HSBC Holdings plc, Reg. S, FRN 6%Perpetual EUR 200,000 224,327 0.21HSBC Holdings plc, Reg. S 0.875%06/09/2024 EUR 420,000 415,250 0.39HSBC Holdings plc, Reg. S 3%30/06/2025 EUR 200,000 215,159 0.20Imperial Brands Finance plc, Reg. S2.25% 26/02/2021 EUR 300,000 315,014 0.29Imperial Brands Finance plc, Reg. S1.375% 27/01/2025 EUR 300,000 299,218 0.28Lloyds Banking Group plc, FRN 0.457%21/06/2024 EUR 100,000 99,386 0.09Lloyds Banking Group plc, Reg. S, FRN1.75% 07/09/2028 EUR 150,000 146,442 0.14Motability Operations Group plc, Reg. S0.875% 14/03/2025 EUR 270,000 270,872 0.25Nationwide Building Society, Reg. S, FRN2% 25/07/2029 EUR 180,000 177,004 0.16Nationwide Building Society, Reg. S0.625% 19/04/2023 EUR 250,000 250,042 0.23NGG Finance plc, Reg. S, FRN 4.25%18/06/2076 EUR 700,000 742,385 0.69Royal Bank of Scotland Group plc, Reg. S,FRN 2% 08/03/2023 EUR 445,000 458,384 0.43Royal Bank of Scotland Group plc, Reg. S,FRN 3.625% 25/03/2024 EUR 100,000 101,945 0.09

JPMorgan Funds - Euro Corporate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

292

Royal Bank of Scotland Group plc, Reg. S,FRN 1.75% 02/03/2026 EUR 203,000 200,147 0.19Royal Bank of Scotland Group plc, Reg. S2.5% 22/03/2023 EUR 150,000 158,012 0.15Santander UK plc, Reg. S 1.125%14/01/2022 EUR 200,000 204,806 0.19Sky plc, Reg. S 1.5% 15/09/2021 EUR 600,000 621,743 0.58Sky plc, Reg. S 2.25% 17/11/2025 EUR 340,000 363,829 0.34SSE plc, Reg. S 0.875% 06/09/2025 EUR 300,000 298,231 0.28Standard Chartered plc, Reg. S 1.625%13/06/2021 EUR 200,000 206,968 0.19Standard Chartered plc, Reg. S 3.125%19/11/2024 EUR 100,000 106,836 0.10Vodafone Group plc, Reg. S 0.5%30/01/2024 EUR 1,050,000 1,029,752 0.96Yorkshire Building Society, Reg. S 1.25%17/03/2022 EUR 100,000 102,095 0.09Yorkshire Building Society, Reg. S0.875% 20/03/2023 EUR 105,000 104,615 0.10

12,809,089 11.88

United States of AmericaAbbVie, Inc. 1.375% 17/05/2024 EUR 300,000 304,930 0.28Air Products & Chemicals, Inc. 0.375%01/06/2021 EUR 120,000 121,169 0.11American International Group, Inc. 1.5%08/06/2023 EUR 649,000 666,552 0.62American International Group, Inc.1.875% 21/06/2027 EUR 200,000 198,334 0.18American Tower Corp., REIT 1.375%04/04/2025 EUR 480,000 472,897 0.44American Tower Corp., REIT 1.95%22/05/2026 EUR 117,000 118,351 0.11Amgen, Inc. 2% 25/02/2026 EUR 300,000 318,972 0.29Apple, Inc. 1.375% 17/01/2024 EUR 500,000 524,247 0.49AT&T, Inc. 2.4% 15/03/2024 EUR 360,000 385,995 0.36AT&T, Inc. 3.15% 04/09/2036 EUR 325,000 326,229 0.30Bank of America Corp., Reg. S, FRN1.379% 07/02/2025 EUR 476,000 483,882 0.45Bank of America Corp., Reg. S 0.75%26/07/2023 EUR 200,000 199,332 0.18Bank of America Corp., Reg. S 2.375%19/06/2024 EUR 350,000 376,870 0.35Becton Dickinson and Co. 1% 15/12/2022 EUR 200,000 200,356 0.18Becton Dickinson and Co. 1.401%24/05/2023 EUR 200,000 202,013 0.19Berkshire Hathaway, Inc. 1.625%16/03/2035 EUR 200,000 195,692 0.18Celanese US Holdings LLC 1.25%11/02/2025 EUR 423,000 417,277 0.39Citigroup, Inc. 1.75% 28/01/2025 EUR 520,000 539,365 0.50Citigroup, Inc., Reg. S 1.375% 27/10/2021 EUR 450,000 465,611 0.43Digital Euro Finco LLC, REIT, Reg. S2.625% 15/04/2024 EUR 150,000 159,486 0.15Discovery Communications LLC 1.9%19/03/2027 EUR 250,000 246,224 0.23Eli Lilly & Co. 1.625% 02/06/2026 EUR 300,000 315,934 0.29General Electric Co. 1.875% 28/05/2027 EUR 200,000 206,093 0.19General Electric Co. 2.125% 17/05/2037 EUR 450,000 420,154 0.39Goldman Sachs Group, Inc. (The), Reg. S,FRN 0.129% 16/12/2020 EUR 160,000 159,976 0.15Goldman Sachs Group, Inc. (The), Reg. S,FRN 0.297% 26/09/2023 EUR 750,000 741,053 0.69Goldman Sachs Group, Inc. (The), Reg. S2% 27/07/2023 EUR 432,000 455,076 0.42Goldman Sachs Group, Inc. (The), Reg. S1.25% 01/05/2025 EUR 123,000 122,388 0.11Goldman Sachs Group, Inc. (The), Reg. S2.875% 03/06/2026 EUR 300,000 329,170 0.30Goldman Sachs Group, Inc. (The), Reg. S1.625% 27/07/2026 EUR 111,000 111,640 0.10International Business Machines Corp.1.125% 06/09/2024 EUR 200,000 204,865 0.19McDonald’s Corp., Reg. S 1.125%26/05/2022 EUR 500,000 515,224 0.48Merck & Co., Inc. 1.375% 02/11/2036 EUR 120,000 115,225 0.11Metropolitan Life Global Funding I, Reg. S1.25% 17/09/2021 EUR 310,000 320,961 0.30Metropolitan Life Global Funding I, Reg. S0.875% 20/01/2022 EUR 200,000 204,348 0.19Microsoft Corp. 2.625% 02/05/2033 EUR 120,000 141,200 0.13Mohawk Industries, Inc. 2% 14/01/2022 EUR 550,000 578,977 0.54Mondelez International, Inc. 1.625%08/03/2027 EUR 200,000 204,062 0.19Morgan Stanley, FRN 0.074% 21/05/2021 EUR 1,000,000 998,805 0.93Morgan Stanley, FRN 1.342% 23/10/2026 EUR 402,000 395,882 0.37Morgan Stanley 1.375% 27/10/2026 EUR 410,000 403,252 0.37Morgan Stanley 1.875% 27/04/2027 EUR 200,000 203,876 0.19

National Grid North America, Inc., Reg. S1% 12/07/2024 EUR 200,000 201,528 0.19Oracle Corp. 3.125% 10/07/2025 EUR 100,000 116,662 0.11Parker-Hannifin Corp. 1.125% 01/03/2025 EUR 100,000 100,739 0.09Philip Morris International, Inc. 2.875%03/03/2026 EUR 450,000 502,634 0.47Philip Morris International, Inc. 1.875%06/11/2037 EUR 150,000 137,330 0.13PPG Industries, Inc. 0.875% 13/03/2022 EUR 135,000 137,619 0.13Procter & Gamble Co. (The) 1.125%02/11/2023 EUR 300,000 311,762 0.29Prologis LP, REIT 3% 02/06/2026 EUR 500,000 559,154 0.52Southern Power Co. 1% 20/06/2022 EUR 400,000 407,667 0.38Thermo Fisher Scientific, Inc. 0.75%12/09/2024 EUR 280,000 275,950 0.26Thermo Fisher Scientific, Inc. 1.95%24/07/2029 EUR 200,000 199,801 0.18Time Warner, Inc. 1.95% 15/09/2023 EUR 350,000 369,533 0.34United Technologies Corp. 1.875%22/02/2026 EUR 100,000 104,102 0.10United Technologies Corp. 2.15%18/05/2030 EUR 100,000 102,089 0.09US Bancorp 0.85% 07/06/2024 EUR 126,000 126,063 0.12Verizon Communications, Inc. 3.25%17/02/2026 EUR 305,000 347,010 0.32Verizon Communications, Inc. 1.375%02/11/2028 EUR 200,000 190,563 0.18Verizon Communications, Inc. 1.875%26/10/2029 EUR 100,000 98,784 0.09Wells Fargo & Co., Reg. S 1.125%29/10/2021 EUR 450,000 462,199 0.43Wells Fargo & Co., Reg. S 2% 27/04/2026 EUR 200,000 209,424 0.19Wells Fargo & Co., Reg. S 1.375%26/10/2026 EUR 300,000 298,404 0.28Wells Fargo & Co., Reg. S 1% 02/02/2027 EUR 100,000 95,841 0.09

19,426,803 18.02

Total Bonds 97,959,696 90.89

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 97,959,696 90.89

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPM EuroLiquidity X (flex dist.)† EUR 4,890,423 4,890,423 4.54JPMorgan Europe High Yield Bond Fund -JPM Europe High Yield Bond X (acc) -EUR† EUR 17,864 2,193,673 2.03

7,084,096 6.57

Total Collective Investment Schemes - UCITS 7,084,096 6.57

Total Units of authorised UCITS or other collective investmentundertakings 7,084,096 6.57

Total Investments 105,043,792 97.46

Cash 314,240 0.29

Other Assets/(Liabilities) 2,422,596 2.25

Total Net Assets 107,780,628 100.00

† Related Party Fund.

293

JPMorgan Funds - Euro Corporate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited States of America 18.02France 14.50Netherlands 12.43United Kingdom 11.88Luxembourg 9.73Italy 6.07Spain 4.76Germany 4.15Ireland 2.83Switzerland 2.71Australia 2.25Belgium 2.20Sweden 2.00Jersey 1.32Portugal 0.69Cayman Islands 0.53Denmark 0.44Norway 0.37Mexico 0.28Japan 0.21New Zealand 0.09Total Investments 97.46Cash and Other Assets/(Liabilities) 2.54

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United States of America 20.00France 15.56Netherlands 13.32United Kingdom 11.89Italy 6.00Luxembourg 5.51Spain 5.12Germany 4.26Switzerland 3.14Ireland 2.62Sweden 2.57Australia 2.23Belgium 2.23Jersey 1.18Denmark 0.92Portugal 0.62Cayman Islands 0.52Mexico 0.35Norway 0.35Japan 0.26New Zealand 0.11Total Investments 98.76Cash and Other Assets/(Liabilities) 1.24

Total 100.00

294

JPMorgan Funds - Euro Corporate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Euro Corporate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

USD 187,019 EUR 160,380 05/07/2018 Merrill Lynch 223 -

Total Unrealised Gain on Forward Currency Exchange Contracts 223 -

EUR 159,562 USD 187,019 05/07/2018 Toronto-Dominion Bank (1,041) -EUR 160,044 USD 187,019 03/08/2018 Merrill Lynch (207) -

Total Unrealised Loss on Forward Currency Exchange Contracts (1,248) -

Net Unrealised Loss on Forward Currency Exchange Contracts (1,025) -

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

EUR

UnrealisedGain/(Loss)

EUR

%of

NetAssets

Euro-Bobl, 06/09/2018 (24) EUR (3,171,720) 2,021 -Euro-Bund, 06/09/2018 18 EUR 2,924,730 689 -Euro-Buxl 30 Year Bond, 06/09/2018 2 EUR 355,220 1,740 -

Total Unrealised Gain on Financial Futures Contracts 4,450 -

Euro-Schatz, 06/09/2018 55 EUR 6,164,812 (963) -US 10 Year Note, 19/09/2018 (2) USD (206,464) (13) -

Total Unrealised Loss on Financial Futures Contracts (976) -

Net Unrealised Gain on Financial Futures Contracts 3,474 -

Credit Default Swap Contracts

NominalAmount Currency Counterparty Reference Entity Buy/Sell

Interest(Paid)/

ReceivedMaturity

Date

MarketValue

EUR

UnrealisedGain/(Loss)

EUR

%of

NetAssets

3,200,000 EUR Citigroup iTraxx Europe Senior FinancialsSeries 29 Version 1 Buy (1.00)% 20/06/2023 (9,963) (9,963) (0.01)

Total Unrealised Loss on Credit Default Swap Contracts (9,963) (9,963) (0.01)

Net Unrealised Gain on Credit Default Swap Contracts (9,963) (9,963) (0.01)

295

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

AustriaAustria Government Bond, Reg. S, 144A1.95% 18/06/2019 EUR 1,245,000 1,274,827 0.83Austria Government Bond, Reg. S, 144A3.9% 15/07/2020 EUR 2,040,000 2,228,130 1.46

3,502,957 2.29

BelgiumBelgium Government Bond, Reg. S, 144A3.75% 28/09/2020 EUR 2,465,000 2,703,797 1.77Belgium Government Bond, Reg. S 3%28/09/2019 EUR 1,936,000 2,021,726 1.32

4,725,523 3.09

FinlandFinland Government Bond, Reg. S, 144A0.375% 15/09/2020 EUR 1,899,000 1,939,695 1.27

1,939,695 1.27

FranceDexia Credit Local SA, Reg. S 0.2%31/07/2018 EUR 6,100,000 6,102,837 3.99Dexia Credit Local SA, Reg. S 1.625%29/10/2018 EUR 1,500,000 1,509,907 0.99Dexia Credit Local SA, Reg. S 0.25%19/03/2020 EUR 6,100,000 6,158,289 4.03France Government Bond OAT, Reg. S 1%25/11/2018 EUR 910,000 915,842 0.60France Government Bond OAT, Reg. S 0%25/02/2019 EUR 1,245,000 1,249,936 0.82France Government Bond OAT, Reg. S 1%25/05/2019 EUR 3,391,000 3,439,949 2.25France Government Bond OAT, Reg. S3.75% 25/10/2019 EUR 1,170,000 1,236,807 0.81France Government Bond OAT, Reg. S0.5% 25/11/2019 EUR 1,722,000 1,748,532 1.14France Government Bond OAT, Reg. S 0%25/02/2020 EUR 10,169,000 10,268,128 6.72France Government Bond OAT, Reg. S 0%25/05/2020 EUR 7,451,000 7,533,334 4.93France Government Bond OAT, Reg. S0.25% 25/11/2020 EUR 11,403,000 11,619,053 7.61France Government Bond OAT, Reg. S 0%25/02/2021 EUR 3,800,000 3,848,416 2.52France Government Bond OAT, Reg. S 0%25/05/2021 EUR 1,575,000 1,596,255 1.05

57,227,285 37.46

IrelandIreland Government Bond 4.4%18/06/2019 EUR 331,000 346,281 0.23Ireland Government Bond 5.9%18/10/2019 EUR 650,000 703,497 0.46Ireland Government Bond 4.5%18/04/2020 EUR 3,189,000 3,481,250 2.28

4,531,028 2.97

ItalyItaly Buoni Poliennali Del Tesoro 0.3%15/10/2018 EUR 8,232,000 8,241,261 5.39Italy Buoni Poliennali Del Tesoro 1.5%01/08/2019 EUR 3,513,000 3,556,937 2.33Italy Buoni Poliennali Del Tesoro 0.05%15/10/2019 EUR 12,340,000 12,271,834 8.03Italy Buoni Poliennali Del Tesoro 4.25%01/03/2020 EUR 3,579,000 3,788,536 2.48Italy Buoni Poliennali Del Tesoro 0.7%01/05/2020 EUR 594,000 593,745 0.39Italy Buoni Poliennali Del Tesoro 0.35%15/06/2020 EUR 6,855,000 6,808,133 4.46Italy Buoni Poliennali Del Tesoro 0.65%01/11/2020 EUR 4,749,000 4,725,065 3.09

39,985,511 26.17

SpainSpain Government Bond 3.75%31/10/2018 EUR 4,667,000 4,730,984 3.10Spain Government Bond 0.25%31/01/2019 EUR 3,894,000 3,908,719 2.56Spain Government Bond 1.4%31/01/2020 EUR 6,684,000 6,864,713 4.49

Spain Government Bond 1.15%30/07/2020 EUR 5,366,000 5,521,662 3.61Spain Government Bond 0.05%31/01/2021 EUR 2,939,000 2,948,740 1.93Spain Government Bond, Reg. S, 144A4.1% 30/07/2018 EUR 6,160,000 6,181,036 4.04Spain Government Bond, Reg. S, 144A4.3% 31/10/2019 EUR 4,599,000 4,886,247 3.20Spain Government Bond, Reg. S, 144A4% 30/04/2020 EUR 746,000 803,798 0.53Spain Government Bond, Reg. S, 144A4.85% 31/10/2020 EUR 2,974,000 3,320,406 2.17

39,166,305 25.63

Total Bonds 151,078,304 98.88

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 151,078,304 98.88

Total Investments 151,078,304 98.88

Cash 1,139,489 0.75

Other Assets/(Liabilities) 572,775 0.37

Total Net Assets 152,790,568 100.00

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsFrance 37.46Italy 26.17Spain 25.63Belgium 3.09Ireland 2.97Austria 2.29Finland 1.27Total Investments 98.88Cash and Other Assets/(Liabilities) 1.12

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

France 33.17Italy 31.47Spain 23.17Belgium 3.86Austria 3.52Ireland 2.92Finland 1.22Total Investments 99.33Cash and Other Assets/(Liabilities) 0.67

Total 100.00

296

JPMorgan Funds - Euro Government Short Duration Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Euro Government Short Duration Bond FundSchedule of Investments (continued)

As at 30 June 2018

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

EUR

UnrealisedGain/(Loss)

EUR

%of

NetAssets

Euro-Bobl, 06/09/2018 (12) EUR (1,585,860) 660 -Short-Term Euro-BTP, 06/09/2018 88 EUR 9,735,000 32,120 0.02

Total Unrealised Gain on Financial Futures Contracts 32,780 0.02

Euro-Schatz, 06/09/2018 290 EUR 32,505,375 (5,075) -

Total Unrealised Loss on Financial Futures Contracts (5,075) -

Net Unrealised Gain on Financial Futures Contracts 27,705 0.02

297

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

CanadaBank of Nova Scotia (The), Reg. S, FRN0.059% 10/09/2018 EUR 1,000,000 1,000,803 0.50

1,000,803 0.50

FranceDexia Credit Local SA, Reg. S, FRN0.278% 07/03/2019 EUR 1,000,000 1,004,582 0.50

1,004,582 0.50

United KingdomLloyds Bank plc, Reg. S, FRN 0.221%12/07/2018 EUR 600,000 600,079 0.30

600,079 0.30

Total Bonds 2,605,464 1.30

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 2,605,464 1.30

Transferable securities and money market instruments dealt in on another regulatedmarket

Certificates of Deposit

BelgiumKBC Bank NV 0% 12/09/2018 EUR 2,000,000 2,001,642 1.00

2,001,642 1.00

CanadaBank of Nova Scotia (The) 0%04/01/2019 EUR 1,500,000 1,502,795 0.75Toronto-Dominion Bank (The) 0%02/10/2018 EUR 3,000,000 3,003,228 1.49

4,506,023 2.24

ChinaChina Construction Bank Corp. 0%17/07/2018 EUR 3,000,000 3,000,225 1.49China Construction Bank Corp. 0%13/09/2018 EUR 1,000,000 1,000,365 0.50Industrial & Commercial Bank of ChinaLtd. 0% 16/08/2018 EUR 1,500,000 1,500,375 0.74Industrial & Commercial Bank of ChinaLtd. 0% 17/09/2018 EUR 1,000,000 1,000,321 0.50Industrial & Commercial Bank of ChinaLtd. 0% 17/09/2018 EUR 1,000,000 1,000,321 0.50

7,501,607 3.73

FranceBanque Federative du Credit Mutuel SA0% 14/09/2018 EUR 1,000,000 1,000,741 0.50

1,000,741 0.50

JapanMizuho Bank Ltd. 0% 03/07/2018 EUR 500,000 500,005 0.25Mizuho Bank Ltd. 0% 11/10/2018 EUR 2,000,000 2,001,882 0.99Mizuho Bank Ltd. 0% 10/12/2018 EUR 1,500,000 1,502,016 0.75Norinchukin Bank (The) 0% 08/08/2018 EUR 2,000,000 2,000,741 0.99Norinchukin Bank (The) 0% 14/09/2018 EUR 2,000,000 2,001,481 0.99Norinchukin Bank (The) 0% 26/11/2018 EUR 2,000,000 2,002,700 1.00Sumitomo Mitsui Trust Bank Ltd. 0%07/12/2018 EUR 2,000,000 2,002,902 1.00

12,011,727 5.97

NetherlandsABN AMRO Bank NV 0% 17/09/2018 EUR 2,000,000 2,001,628 0.99ING Bank NV 0% 20/02/2019 EUR 1,500,000 1,502,821 0.75

3,504,449 1.74

SwedenNordea Bank AB 0% 04/01/2019 EUR 1,500,000 1,503,029 0.75

1,503,029 0.75

SwitzerlandCredit Suisse AG 0% 26/10/2018 EUR 500,000 500,533 0.25

500,533 0.25

United States of AmericaCitibank NA 0% 20/07/2018 EUR 4,000,000 4,000,741 1.99

4,000,741 1.99

Total Certificates of Deposit 36,530,492 18.17

Commercial Papers

ChinaAgricultural Bank of China Ltd. 0%18/07/2018 EUR 1,000,000 1,000,087 0.50Agricultural Bank of China Ltd. 0%25/07/2018 EUR 1,000,000 1,000,124 0.50Agricultural Bank of China Ltd. 0%30/07/2018 EUR 1,000,000 1,000,152 0.50Agricultural Bank of China Ltd. 0%17/08/2018 EUR 1,000,000 1,000,243 0.50Bank of China Ltd. 0% 06/07/2018 EUR 2,000,000 2,000,082 0.99Bank of China Ltd. 0% 06/09/2018 EUR 2,000,000 2,000,752 0.99

8,001,440 3.98

FinlandOP Corporate Bank plc 0% 28/09/2018 EUR 2,000,000 2,001,814 1.00

2,001,814 1.00

FranceAntalis SA 0% 24/07/2018 EUR 1,000,000 1,000,196 0.50Antalis SA 0% 13/09/2018 EUR 2,000,000 2,001,299 0.99Antalis SA 0% 14/09/2018 EUR 1,000,000 1,000,658 0.50Banque Federative du Credit Mutuel SA0% 01/10/2018 EUR 2,000,000 2,001,697 1.00BPCE SA 0% 02/01/2019 EUR 1,000,000 1,001,433 0.50Bpifrance Financement SA 0%26/07/2018 EUR 2,000,000 2,000,561 0.99Bpifrance Financement SA 0%07/08/2018 EUR 3,000,000 3,001,261 1.49BRED Banque Populaire SA 0%01/08/2018 EUR 3,000,000 3,000,851 1.49BRED Banque Populaire SA 0%10/09/2018 EUR 2,000,000 2,001,325 0.99Dexia Credit Local SA 0% 20/08/2018 EUR 1,500,000 1,500,840 0.75Dexia Credit Local SA 0% 24/09/2018 EUR 2,000,000 2,002,219 1.00Dexia Credit Local SA 0% 27/09/2018 EUR 3,000,000 3,003,484 1.49La Banque Postale 0% 13/09/2018 EUR 2,000,000 2,001,502 1.00LMA SA 0% 02/07/2018 EUR 3,600,000 3,600,000 1.79LMA SA 0% 16/08/2018 EUR 3,000,000 3,001,315 1.49LMA SA 0% 06/09/2018 EUR 1,000,000 1,000,643 0.50LMA SA 0% 10/10/2018 EUR 1,500,000 1,501,293 0.75LMA SA 0% 29/11/2018 EUR 1,000,000 1,001,335 0.50Regie Autonome des Transports Parisiens0% 09/07/2018 EUR 5,000,000 5,000,404 2.49Societe de Financement Local SA 0%24/07/2018 EUR 2,000,000 2,000,526 0.99Unibail-Rodamco SE 0% 28/09/2018 EUR 1,000,000 1,000,930 0.50

43,623,772 21.70

GermanyDekaBank Deutsche Girozentrale 0%17/09/2018 EUR 1,000,000 1,000,835 0.50DekaBank Deutsche Girozentrale 0%17/09/2018 EUR 1,500,000 1,501,221 0.75Erste Abwicklungsanstalt 0% 07/08/2018 EUR 5,000,000 5,002,503 2.49Erste Abwicklungsanstalt 0% 15/08/2018 EUR 2,000,000 2,001,251 0.99Erste Abwicklungsanstalt 0% 24/09/2018 EUR 2,000,000 2,002,290 1.00Honda Bank GmbH 0% 05/09/2018 EUR 3,000,000 3,000,867 1.49Toyota Kreditbank GmbH 0% 25/09/2018 EUR 2,000,000 2,001,797 0.99

16,510,764 8.21

IrelandMatchpoint Finance plc 0% 13/08/2018 EUR 1,000,000 1,000,374 0.50Matchpoint Finance plc 0% 24/09/2018 EUR 1,000,000 1,000,748 0.50Matchpoint Finance plc 0% 12/11/2018 EUR 1,600,000 1,601,894 0.80Matchpoint Finance plc 0% 26/11/2018 EUR 1,000,000 1,001,227 0.50Opusalpha Funding Ltd. 0% 18/07/2018 EUR 2,000,000 2,000,276 0.99Opusalpha Funding Ltd. 0% 21/08/2018 EUR 1,000,000 1,000,396 0.50Opusalpha Funding Ltd. 0% 26/09/2018 EUR 1,000,000 1,000,717 0.50Weinberg Capital Ltd. 0% 25/07/2018 EUR 2,000,000 2,000,409 0.99

10,606,041 5.28

298

JPMorgan Funds - Euro Money Market FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JapanJapan Post Bank Co. Ltd. 0% 29/08/2018 EUR 3,000,000 3,001,790 1.50Sumitomo Mitsui Banking Corp. 0%06/07/2018 EUR 3,000,000 3,000,150 1.49

6,001,940 2.99

LuxembourgAlbion Capital Corp. SA 0% 27/07/2018 EUR 5,000,000 5,001,389 2.49Danaher European Finance SA 0%18/07/2018 EUR 1,500,000 1,500,240 0.74

6,501,629 3.23

NetherlandsCooperatieve Rabobank UA 0%18/10/2018 EUR 2,000,000 2,002,403 0.99Unilever NV 0% 03/08/2018 EUR 1,000,000 1,000,347 0.50

3,002,750 1.49

SingaporeOversea-Chinese Banking Corp. Ltd. 0%13/08/2018 EUR 2,000,000 2,000,958 1.00

2,000,958 1.00

SwedenSvenska Handelsbanken AB 0%06/08/2018 EUR 1,500,000 1,500,563 0.75Svenska Handelsbanken AB 0%20/08/2018 EUR 3,000,000 3,001,575 1.49Svenska Handelsbanken AB 0%21/08/2018 EUR 1,000,000 1,000,536 0.50Svenska Handelsbanken AB 0%16/10/2018 EUR 3,000,000 3,003,273 1.49

8,505,947 4.23

SwitzerlandUBS AG 0% 29/08/2018 EUR 1,000,000 1,000,613 0.50UBS AG 0% 05/10/2018 EUR 2,000,000 2,001,640 0.99

3,002,253 1.49

United States of AmericaHoneywell International, Inc. 0%05/10/2018 EUR 2,500,000 2,502,180 1.24Mont Blanc Capital Corp. 0% 12/07/2018 EUR 2,000,000 2,000,178 0.99Mont Blanc Capital Corp. 0% 14/08/2018 EUR 1,500,000 1,500,574 0.75Procter & Gamble Co. (The) 0%26/07/2018 EUR 1,500,000 1,500,385 0.75Procter & Gamble Co. (The) 0%27/08/2018 EUR 1,000,000 1,000,607 0.50Procter & Gamble Co. (The) 0%29/08/2018 EUR 3,000,000 3,001,887 1.49Sheffield Receivables Co. LLC 0%13/07/2018 EUR 2,000,000 2,000,202 0.99Sheffield Receivables Co. LLC 0%16/07/2018 EUR 2,000,000 2,000,265 1.00

15,506,278 7.71

Total Commercial Papers 125,265,586 62.31

Total Transferable securities and money market instrumentsdealt in on another regulated market 161,796,078 80.48

Total Investments 164,401,542 81.78

Time Deposits

BelgiumKBC Bank NV 0% 02/07/2018 EUR 17,500,000 17,500,000 8.71KBC Bank NV 0% 03/07/2018 EUR 17,500,000 17,500,000 8.70

35,000,000 17.41

Cayman IslandsLandesbank Baden-Wurttemberg 0%02/07/2018 EUR 6,500,000 6,500,000 3.23

6,500,000 3.23

FranceBRED Banque Populaire SA 0%02/07/2018 EUR 13,500,000 13,500,000 6.71BRED Banque Populaire SA 0%03/07/2018 EUR 13,500,000 13,500,000 6.72

27,000,000 13.43

Total Time Deposits 68,500,000 34.07

Cash 429,870 0.21

Other Assets/(Liabilities) (32,295,210) (16.06)

Total Net Assets 201,036,202 100.00

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsFrance 36.13Belgium 18.41United States of America 9.70Japan 8.96Germany 8.21China 7.71Ireland 5.28Sweden 4.98Netherlands 3.23Luxembourg 3.23Cayman Islands 3.23Canada 2.74Switzerland 1.74Finland 1.00Singapore 1.00United Kingdom 0.30Total Investments and Cash Equivalents 115.85Cash and Other Assets/(Liabilities) (15.85)

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

France 34.58Belgium 16.58United States of America 11.53Germany 10.51Japan 9.71Sweden 7.69China 4.45Ireland 3.44Netherlands 3.24Switzerland 2.83Finland 1.62United Kingdom 1.01Canada 0.81Australia 0.81United Arab Emirates 0.81Total Investments and Cash Equivalents 109.62Cash and Other Assets/(Liabilities) (9.62)

Total 100.00

299

JPMorgan Funds - Euro Money Market FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

AustriaOMV AG EUR 215,156 10,560,932 1.64

10,560,932 1.64

BelgiumKBC Group NV EUR 120,112 7,932,197 1.23

7,932,197 1.23

FinlandMetso OYJ EUR 189,631 5,469,906 0.85Neste OYJ EUR 168,912 11,372,845 1.77Sampo OYJ ‘A’ EUR 97,748 4,089,288 0.64Stora Enso OYJ ‘R’ EUR 522,218 8,791,540 1.37UPM-Kymmene OYJ EUR 441,679 13,581,629 2.11

43,305,208 6.74

FranceArkema SA EUR 91,478 9,280,443 1.44BNP Paribas SA EUR 183,321 9,800,341 1.52Capgemini SE EUR 151,753 17,599,554 2.74Cie Plastic Omnium SA EUR 247,998 9,020,927 1.40Coface SA EUR 692,070 6,598,888 1.03Dassault Systemes SE EUR 81,749 9,850,755 1.53Engie SA EUR 515,390 6,795,417 1.06Faurecia SA EUR 228,593 14,035,610 2.18Fnac Darty SA EUR 82,460 6,774,089 1.05Kering SA EUR 35,739 17,472,797 2.72LVMH Moet Hennessy Louis Vuitton SE EUR 59,878 17,214,925 2.68Mersen SA EUR 186,161 6,366,706 0.99Orange SA EUR 908,417 13,060,766 2.03Peugeot SA EUR 267,351 5,255,452 0.82Plastivaloire EUR 149,706 2,291,999 0.36Thales SA EUR 113,710 12,601,911 1.96TOTAL SA EUR 432,046 22,799,067 3.55Trigano SA EUR 70,008 10,728,726 1.67Vinci SA EUR 214,822 17,782,965 2.77

215,331,338 33.50

Germanyadidas AG EUR 65,328 12,294,729 1.91Allianz SE EUR 132,591 23,569,376 3.67BASF SE EUR 252,370 20,797,812 3.24Covestro AG EUR 81,961 6,250,346 0.97Hannover Rueck SE EUR 43,317 4,637,085 0.72Infineon Technologies AG EUR 399,808 8,747,799 1.36Jenoptik AG EUR 207,744 7,015,515 1.09JOST Werke AG EUR 74,976 2,384,237 0.37Puma SE EUR 14,865 7,484,527 1.16SAP SE EUR 112,890 11,180,061 1.74Volkswagen AG Preference EUR 78,438 11,230,753 1.75Wirecard AG EUR 86,945 11,963,632 1.86

127,555,872 19.84

IrelandGlenveagh Properties plc, Reg. S EUR 5,530,995 6,382,768 0.99

6,382,768 0.99

ItalyIntesa Sanpaolo SpA EUR 4,236,775 10,583,464 1.65Iren SpA EUR 3,213,640 7,025,017 1.09Moncler SpA EUR 154,912 5,998,967 0.93Technogym SpA, Reg. S EUR 636,379 6,440,156 1.00UniCredit SpA EUR 616,795 8,840,523 1.38

38,888,127 6.05

LuxembourgSAF-Holland SA EUR 368,445 4,738,203 0.74

4,738,203 0.74

NetherlandsAdyen NV EUR 17,517 8,272,841 1.29Airbus SE EUR 170,093 17,177,692 2.67AMG Advanced Metallurgical Group NV EUR 130,815 6,345,836 0.99ASML Holding NV EUR 85,913 14,658,906 2.28Ferrari NV EUR 69,784 8,157,750 1.27Fiat Chrysler Automobiles NV EUR 747,933 12,265,353 1.91ING Groep NV EUR 1,111,235 13,768,202 2.14

Koninklijke Ahold Delhaize NV EUR 528,357 10,886,796 1.69Koninklijke DSM NV EUR 99,249 8,592,978 1.34NXP Semiconductors NV USD 53,690 5,074,247 0.79STMicroelectronics NV EUR 693,876 13,372,725 2.08

118,573,326 18.45

PortugalAltri SGPS SA EUR 756,590 6,623,946 1.03

6,623,946 1.03

SpainAmadeus IT Group SA ‘A’ EUR 122,547 8,268,246 1.29Banco Santander SA EUR 1,269,204 5,861,184 0.91Ence Energia y Celulosa SA EUR 406,343 3,083,127 0.48International Consolidated Airlines GroupSA EUR 965,667 7,287,889 1.13Repsol SA EUR 1,238,285 20,998,218 3.27

45,498,664 7.08

Total Equities 625,390,581 97.29

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 625,390,581 97.29

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPM EuroLiquidity X (flex dist.)† EUR 15,791,447 15,791,447 2.46

15,791,447 2.46

Total Collective Investment Schemes - UCITS 15,791,447 2.46

Total Units of authorised UCITS or other collective investmentundertakings 15,791,447 2.46

Total Investments 641,182,028 99.75

Cash 917,485 0.14

Other Assets/(Liabilities) 689,488 0.11

Total Net Assets 642,789,001 100.00

† Related Party Fund.

300

JPMorgan Funds - Euroland Dynamic FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsFrance 33.50Germany 19.84Netherlands 18.45Spain 7.08Finland 6.74Italy 6.05Luxembourg 3.20Austria 1.64Belgium 1.23Portugal 1.03Ireland 0.99Total Investments 99.75Cash and Other Assets/(Liabilities) 0.25

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

France 39.66Germany 19.94Netherlands 16.13Spain 6.46Luxembourg 5.98Italy 5.26Finland 2.41Austria 1.31Belgium 1.25Ireland 0.95Total Investments 99.35Cash and Other Assets/(Liabilities) 0.65

Total 100.00

301

JPMorgan Funds - Euroland Dynamic FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Euroland Dynamic FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

EUR 8,268 USD 9,562 05/07/2018 Barclays 57 -EUR 8,476 USD 9,849 05/07/2018 BNP Paribas 19 -EUR 7,835 USD 9,086 05/07/2018 Goldman Sachs 33 -EUR 4,074 USD 4,720 05/07/2018 Standard Chartered 20 -USD 16,059 EUR 13,663 05/07/2018 BNP Paribas 127 -USD 5,622 EUR 4,768 05/07/2018 Goldman Sachs 60 -USD 59,674 EUR 50,991 05/07/2018 Merrill Lynch 255 -USD 775,660 EUR 661,629 05/07/2018 RBC 4,469 -USD 9,732 EUR 8,271 05/07/2018 Standard Chartered 87 -USD 825,990 EUR 706,854 03/08/2018 Merrill Lynch 916 -

Total Unrealised Gain on Forward Currency Exchange Contracts 6,043 -

EUR 7,389 USD 8,612 05/07/2018 Goldman Sachs (6) -EUR 713,928 USD 832,615 05/07/2018 Merrill Lynch (1,080) -EUR 11,153 USD 13,081 03/08/2018 Merrill Lynch (56) -EUR 13,392 USD 15,633 03/08/2018 RBC (4) -USD 7,697 EUR 6,631 05/07/2018 Barclays (22) -USD 6,881 EUR 5,940 03/08/2018 BNP Paribas (44) -

Total Unrealised Loss on Forward Currency Exchange Contracts (1,212) -

Net Unrealised Gain on Forward Currency Exchange Contracts 4,831 -

302

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

AustriaBAWAG Group AG EUR 36,994 1,472,361 0.19Erste Group Bank AG EUR 113,187 4,051,529 0.54EVN AG EUR 86,966 1,401,022 0.19OMV AG EUR 251,360 12,338,005 1.64Raiffeisen Bank International AG EUR 64,291 1,681,210 0.22Verbund AG EUR 189,669 5,282,282 0.70

26,226,409 3.48

BelgiumAnheuser-Busch InBev SA EUR 25,359 2,191,145 0.29KBC Group NV EUR 197,573 13,047,721 1.73UCB SA EUR 87,137 5,869,548 0.78

21,108,414 2.80

FinlandDNA OYJ EUR 45,637 923,693 0.12Neste OYJ EUR 149,598 10,072,433 1.34Sampo OYJ ‘A’ EUR 44,778 1,873,288 0.25Stora Enso OYJ ‘R’ EUR 769,649 12,957,041 1.72UPM-Kymmene OYJ EUR 468,147 14,395,520 1.91

40,221,975 5.34

FranceArkema SA EUR 28,070 2,847,702 0.38AXA SA EUR 139,077 2,933,829 0.39BNP Paribas SA EUR 333,385 17,822,762 2.36Capgemini SE EUR 107,048 12,414,892 1.65Cie Generale des Etablissements MichelinSCA EUR 33,765 3,547,857 0.47Dassault Aviation SA EUR 5,029 8,174,639 1.08Dassault Systemes SE EUR 4,271 514,655 0.07Eiffage SA EUR 114,367 10,695,602 1.42Engie SA EUR 226,604 2,987,774 0.40Eramet EUR 19,405 2,181,122 0.29Faurecia SA EUR 105,564 6,481,630 0.86Gaztransport Et Technigaz SA EUR 39,969 2,096,374 0.28Hermes International EUR 11,182 5,869,432 0.78Jacquet Metal Service EUR 16,457 446,808 0.06Kaufman & Broad SA EUR 29,999 1,211,960 0.16Kering SA EUR 26,681 13,044,341 1.73L’Oreal SA EUR 8,810 1,861,112 0.25LVMH Moet Hennessy Louis Vuitton SE EUR 63,578 18,278,675 2.43Natixis SA EUR 897,036 5,450,391 0.72Orange SA EUR 1,178,468 16,943,424 2.25Pernod Ricard SA EUR 112,499 15,806,109 2.10Peugeot SA EUR 133,275 2,619,853 0.35Renault SA EUR 52,924 3,867,686 0.51Rothschild & Co. EUR 68,020 1,965,778 0.26Safran SA EUR 98,488 10,210,743 1.35Sanofi EUR 154,730 10,697,259 1.42Schneider Electric SE EUR 89,974 6,446,637 0.86Thales SA EUR 11,158 1,236,585 0.16TOTAL SA EUR 300,516 15,858,229 2.10Trigano SA EUR 19,948 3,057,031 0.41Vinci SA EUR 197,055 16,312,213 2.16

223,883,104 29.71

GermanyAareal Bank AG EUR 80,374 3,011,614 0.40adidas AG EUR 36,717 6,910,139 0.92Allianz SE EUR 143,455 25,500,561 3.38Amadeus Fire AG EUR 9,276 852,464 0.11BASF SE EUR 191,476 15,779,537 2.09Bayer AG EUR 171,029 16,279,395 2.16Bayerische Motoren Werke AG EUR 32,243 2,518,662 0.33CANCOM SE EUR 17,715 1,552,277 0.21comdirect bank AG EUR 57,892 694,125 0.09Continental AG EUR 19,162 3,770,123 0.50Covestro AG EUR 135,126 10,304,709 1.37Daimler AG EUR 74,083 4,103,457 0.55Deutsche Boerse AG EUR 27,909 3,167,672 0.42Deutsche Lufthansa AG EUR 218,235 4,507,644 0.60Deutsche Pfandbriefbank AG EUR 632,242 7,542,647 1.00E.ON SE EUR 252,968 2,319,970 0.31Evotec AG EUR 75,686 1,115,044 0.15Fresenius Medical Care AG & Co. KGaA EUR 49,798 4,308,523 0.57HOCHTIEF AG EUR 31,010 4,789,494 0.64

Jenoptik AG EUR 59,775 2,018,602 0.27JOST Werke AG EUR 40,202 1,278,424 0.17MuenchenerRueckversicherungs-Gesellschaft AG EUR 27,304 4,963,867 0.66Nemetschek SE EUR 26,726 2,738,079 0.36ProSiebenSat.1 Media SE EUR 54,716 1,187,611 0.16PVA TePla AG EUR 59,520 967,200 0.13Rheinmetall AG EUR 57,776 5,484,676 0.73SAP SE EUR 126,917 12,569,225 1.67Siemens AG EUR 44,050 4,997,032 0.66Siemens Healthineers AG EUR 153,593 5,472,135 0.73Siltronic AG EUR 16,733 2,064,852 0.27Sixt SE EUR 9,001 854,870 0.11Sixt SE Preference EUR 14,000 936,600 0.12SMA Solar Technology AG EUR 36,476 1,303,287 0.17Software AG EUR 84,266 3,347,467 0.44Stemmer Imaging AG EUR 39,607 1,657,751 0.22Uniper SE EUR 424,721 10,836,756 1.44Varta AG EUR 68,078 1,571,921 0.21Volkswagen AG Preference EUR 27,604 3,952,341 0.53Voltabox AG EUR 23,301 483,496 0.06Wirecard AG EUR 26,789 3,686,166 0.49

191,400,415 25.40

IrelandC&C Group plc EUR 473,793 1,513,769 0.20Smurfit Kappa Group plc EUR 9,882 344,091 0.04

1,857,860 0.24

ItalyA2A SpA EUR 3,996,781 5,942,214 0.79Assicurazioni Generali SpA EUR 20,385 291,709 0.04Enel SpA EUR 775,841 3,698,434 0.49Eni SpA EUR 32,485 521,157 0.07ERG SpA EUR 492,487 9,268,605 1.23Falck Renewables SpA EUR 197,437 412,150 0.05Intesa Sanpaolo SpA EUR 358,177 894,726 0.12La Doria SpA EUR 61,506 651,964 0.09Poste Italiane SpA EUR 278,155 2,014,399 0.27Societa Iniziative Autostradali e ServiziSpA EUR 18,437 237,100 0.03UniCredit SpA EUR 237,613 3,405,707 0.45

27,338,165 3.63

LuxembourgADO Properties SA EUR 37,515 1,747,448 0.23ArcelorMittal EUR 230,722 5,828,038 0.77Aroundtown SA EUR 137,498 971,767 0.13Befesa SA EUR 61,709 2,800,046 0.37Corestate Capital Holding SA EUR 40,016 1,848,739 0.25

13,196,038 1.75

NetherlandsABN AMRO Group NV, CVA EUR 490,843 10,931,074 1.45Adyen NV EUR 5,389 2,545,090 0.34Airbus SE EUR 22,098 2,231,677 0.30ASM International NV EUR 9,264 442,356 0.06ASML Holding NV EUR 70,717 12,066,088 1.60ASR Nederland NV EUR 327,134 11,446,419 1.52BE Semiconductor Industries NV EUR 170,460 3,958,081 0.53CNH Industrial NV EUR 200,933 1,826,682 0.24Euronext NV, Reg. S EUR 94,262 5,101,931 0.68EXOR NV EUR 86,812 4,973,459 0.66Fiat Chrysler Automobiles NV EUR 834,472 13,684,506 1.82Flow Traders EUR 75,129 2,505,552 0.33ForFarmers NV EUR 168,260 1,872,734 0.25Heineken NV EUR 26,178 2,270,418 0.30ING Groep NV EUR 999,423 12,382,851 1.64Intertrust NV EUR 120,284 1,843,352 0.24Koninklijke Ahold Delhaize NV EUR 804,995 16,586,922 2.20Koninklijke Philips NV EUR 14,464 527,828 0.07Koninklijke Volkerwessels NV EUR 86,111 1,888,414 0.25NN Group NV EUR 33,893 1,186,255 0.16Philips Lighting NV EUR 303,440 6,750,023 0.90Unilever NV, CVA EUR 374,048 17,948,693 2.38Vastned Retail NV, REIT EUR 19,565 790,426 0.10Wolters Kluwer NV EUR 84,164 4,073,538 0.54

139,834,369 18.56

303

JPMorgan Funds - Euroland Equity FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

PortugalAltri SGPS SA EUR 199,450 1,746,185 0.23Navigator Co. SA (The) EUR 359,791 1,852,024 0.25Semapa-Sociedade de Investimento eGestao EUR 191,175 4,377,907 0.58

7,976,116 1.06

SpainACS Actividades de Construccion yServicios SA EUR 226,069 7,855,898 1.04ACS Actividades de Construccion yServicios SA Rights 06/07/2018 EUR 226,069 201,111 0.03Aena SME SA EUR 21,194 3,298,846 0.44Amadeus IT Group SA ‘A’ EUR 119,762 8,080,342 1.07Banco Bilbao Vizcaya Argentaria SA EUR 215,528 1,311,919 0.17Banco Santander SA EUR 544,702 2,515,434 0.33Ence Energia y Celulosa SA EUR 134,879 1,023,394 0.14International Consolidated Airlines GroupSA EUR 1,534,447 11,580,471 1.54Repsol SA EUR 911,323 15,453,760 2.05Repsol SA Rights 06/07/2018 EUR 911,323 453,839 0.06Telefonica SA EUR 534,361 3,905,645 0.52

55,680,659 7.39

Total Equities 748,723,524 99.36

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 748,723,524 99.36

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPM EuroLiquidity X (flex dist.)† EUR 3,511,584 3,511,584 0.47

3,511,584 0.47

Total Collective Investment Schemes - UCITS 3,511,584 0.47

Total Units of authorised UCITS or other collective investmentundertakings 3,511,584 0.47

Total Investments 752,235,108 99.83

Cash 173,920 0.02

Other Assets/(Liabilities) 1,110,639 0.15

Total Net Assets 753,519,667 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsFrance 29.71Germany 25.40Netherlands 18.56Spain 7.39Finland 5.34Italy 3.63Austria 3.48Belgium 2.80Luxembourg 2.22Portugal 1.06Ireland 0.24Total Investments 99.83Cash and Other Assets/(Liabilities) 0.17

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

France 32.82Germany 25.81Netherlands 16.25Spain 7.40Finland 4.26Belgium 3.82Luxembourg 3.28Austria 2.58Italy 2.11Portugal 0.86United States of America 0.20Total Investments 99.39Cash and Other Assets/(Liabilities) 0.61

Total 100.00

304

JPMorgan Funds - Euroland Equity FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Euroland Equity FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

CHF 13,336 EUR 11,465 05/07/2018 Barclays 63 -CHF 19,135 EUR 16,479 05/07/2018 BNP Paribas 61 -CHF 21,096 EUR 18,233 05/07/2018 Goldman Sachs 3 -EUR 24,686 CHF 28,397 05/07/2018 BNP Paribas 139 -EUR 17,801 CHF 20,464 05/07/2018 Deutsche Bank 112 -EUR 14,343 CHF 16,533 05/07/2018 Goldman Sachs 52 -EUR 21,996 CHF 25,308 05/07/2018 RBC 120 -EUR 13,575 CHF 15,652 05/07/2018 Standard Chartered 45 -EUR 17,204 CHF 19,839 03/08/2018 Merrill Lynch 50 -EUR 1,115 GBP 980 05/07/2018 ANZ 8 -EUR 2,697 GBP 2,354 05/07/2018 BNP Paribas 37 -EUR 1,379 GBP 1,217 05/07/2018 Deutsche Bank 4 -EUR 3,035 GBP 2,661 05/07/2018 Goldman Sachs 29 -EUR 2,428 GBP 2,121 05/07/2018 HSBC 31 -EUR 3,456 GBP 3,036 05/07/2018 RBC 25 -EUR 2,204 GBP 1,933 05/07/2018 Standard Chartered 19 -EUR 2,130 GBP 1,881 03/08/2018 Barclays 6 -EUR 794,855 USD 922,503 05/07/2018 Barclays 2,655 -EUR 301,740 USD 350,419 05/07/2018 BNP Paribas 817 -EUR 148,816 USD 172,428 05/07/2018 Standard Chartered 743 -EUR 100,422 USD 116,696 05/07/2018 Toronto-Dominion Bank 209 -EUR 271,416 USD 316,748 03/08/2018 BNP Paribas 2 -EUR 6,065 USD 7,038 03/08/2018 Merrill Lynch 35 -USD 5,283 EUR 4,473 05/07/2018 ANZ 64 -USD 266,884 EUR 226,140 05/07/2018 Barclays 3,046 -USD 398,211 EUR 338,712 05/07/2018 BNP Paribas 3,252 -USD 211,635 EUR 180,257 05/07/2018 Deutsche Bank 1,484 -USD 2,896 EUR 2,471 05/07/2018 Morgan Stanley 16 -USD 58,085 EUR 49,850 05/07/2018 Standard Chartered 31 -USD 38,216 EUR 32,669 05/07/2018 State Street 149 -USD 19,208,006 EUR 16,451,478 03/08/2018 Goldman Sachs 7,376 -

Total Unrealised Gain on Forward Currency Exchange Contracts 20,683 -

CHF 15,337 EUR 13,277 05/07/2018 Goldman Sachs (20) -CHF 1,888,094 EUR 1,643,868 05/07/2018 National Australia Bank (11,779) -CHF 24,131 EUR 20,902 05/07/2018 State Street (43) -CHF 12,633 EUR 10,964 03/08/2018 Merrill Lynch (40) -EUR 9,611 CHF 11,162 05/07/2018 Barclays (37) -EUR 103,005 CHF 119,580 05/07/2018 Citibank (361) -EUR 34,906 CHF 40,616 05/07/2018 Goldman Sachs (203) -EUR 24,401 CHF 28,226 03/08/2018 Merrill Lynch (5) -EUR 3,021 GBP 2,676 03/08/2018 HSBC (1) -EUR 275,553 USD 323,243 05/07/2018 Barclays (2,032) -EUR 16,486,002 USD 19,208,006 05/07/2018 Goldman Sachs (8,878) -EUR 45,239 USD 53,070 05/07/2018 HSBC (335) -EUR 242,515 USD 285,104 05/07/2018 Merrill Lynch (2,318) -EUR 6,630 USD 7,750 05/07/2018 National Australia Bank (25) -EUR 265,159 USD 312,196 05/07/2018 RBC (2,939) -EUR 66,857 USD 78,745 05/07/2018 State Street (766) -EUR 191,589 USD 223,755 03/08/2018 Societe Generale (141) -GBP 1,775 EUR 2,017 05/07/2018 ANZ (11) -GBP 3,774 EUR 4,301 05/07/2018 Merrill Lynch (36) -GBP 167,465 EUR 191,475 05/07/2018 National Australia Bank (2,219) -GBP 1,972 EUR 2,257 05/07/2018 Toronto-Dominion Bank (29) -GBP 1,200 EUR 1,357 03/08/2018 Merrill Lynch (2) -USD 7,038 EUR 6,079 03/07/2018 Merrill Lynch (35) -USD 132,409 EUR 114,180 05/07/2018 BNP Paribas (474) -USD 39,458 EUR 34,047 05/07/2018 Citibank (162) -USD 240,423 EUR 207,039 05/07/2018 Merrill Lynch (575) -USD 20,435,458 EUR 17,571,708 05/07/2018 National Australia Bank (22,754) -USD 1,202 EUR 1,037 05/07/2018 Standard Chartered (5) -USD 141,401 EUR 122,000 03/08/2018 BNP Paribas (837) -

Total Unrealised Loss on Forward Currency Exchange Contracts (57,062) -

Net Unrealised Loss on Forward Currency Exchange Contracts (36,379) -

305

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

BelgiumKBC Group NV EUR 230,985 15,254,250 0.98

15,254,250 0.98

DenmarkDanske Bank A/S DKK 778,707 20,857,316 1.35Novo Nordisk A/S ‘B’ DKK 762,835 30,355,230 1.96Royal Unibrew A/S DKK 234,687 15,882,291 1.02

67,094,837 4.33

FinlandMetso OYJ EUR 432,273 12,468,914 0.80Neste OYJ EUR 402,772 27,118,639 1.75Stora Enso OYJ ‘R’ EUR 1,067,935 17,978,686 1.16UPM-Kymmene OYJ EUR 826,716 25,421,517 1.64

82,987,756 5.35

FranceBNP Paribas SA EUR 226,246 12,095,111 0.78Capgemini SE EUR 324,927 37,683,409 2.43Dassault Systemes SE EUR 160,460 19,335,430 1.25Engie SA EUR 773,828 10,202,922 0.66Faurecia SA EUR 334,741 20,553,097 1.32Kering SA EUR 64,975 31,766,278 2.05LVMH Moet Hennessy Louis Vuitton SE EUR 108,047 31,063,513 2.00Orange SA EUR 1,649,785 23,719,784 1.53Peugeot SA EUR 497,022 9,770,210 0.63Thales SA EUR 170,273 18,870,505 1.22TOTAL SA EUR 301,764 15,924,086 1.03Vinci SA EUR 384,937 31,865,085 2.06

262,849,430 16.96

GermanyAllianz SE EUR 193,745 34,440,111 2.22BASF SE EUR 389,031 32,060,045 2.07Covestro AG EUR 150,055 11,443,194 0.74Hannover Rueck SE EUR 104,094 11,143,263 0.72Infineon Technologies AG EUR 610,566 13,359,184 0.86Puma SE EUR 34,296 17,268,036 1.12Wirecard AG EUR 188,129 25,886,550 1.67

145,600,383 9.40

IsraelPlus500 Ltd. GBP 962,216 17,611,813 1.14

17,611,813 1.14

ItalyIntesa Sanpaolo SpA EUR 7,587,546 18,953,690 1.22Moncler SpA EUR 339,817 13,159,413 0.85UniCredit SpA EUR 972,676 13,941,365 0.90

46,054,468 2.97

JerseyGlencore plc GBP 3,529,573 14,570,113 0.94Shire plc GBP 163,683 7,903,804 0.51

22,473,917 1.45

LuxembourgArcelorMittal EUR 533,786 13,483,434 0.87

13,483,434 0.87

NetherlandsAirbus SE EUR 270,132 27,280,631 1.76AMG Advanced Metallurgical Group NV EUR 298,230 14,467,137 0.93ASML Holding NV EUR 121,620 20,751,412 1.34Ferrari NV EUR 122,573 14,328,784 0.93Fiat Chrysler Automobiles NV EUR 1,481,055 24,287,821 1.57ING Groep NV EUR 1,923,254 23,829,117 1.54Koninklijke DSM NV EUR 202,847 17,562,493 1.13STMicroelectronics NV EUR 852,795 16,435,492 1.06

158,942,887 10.26

NorwayPetroleum Geo-Services ASA NOK 3,237,063 13,087,991 0.84Telenor ASA NOK 900,102 15,881,027 1.03

28,969,018 1.87

SpainAmadeus IT Group SA ‘A’ EUR 218,422 14,736,932 0.95Ence Energia y Celulosa SA EUR 983,777 7,464,408 0.48International Consolidated AirlinesGroup SA EUR 2,090,554 15,777,411 1.02Repsol SA EUR 2,228,718 37,793,486 2.44

75,772,237 4.89

SwedenDometic Group AB SEK 1,964,027 16,569,501 1.07Lundin Petroleum AB SEK 508,015 14,008,588 0.90Swedish Match AB SEK 430,656 18,199,069 1.17Swedish Orphan Biovitrum AB SEK 902,710 16,819,279 1.09Volvo AB ‘B’ SEK 1,626,230 22,258,527 1.44

87,854,964 5.67

SwitzerlandGeorg Fischer AG CHF 16,349 17,905,214 1.16Logitech International SA CHF 752,432 28,432,133 1.83Novartis AG CHF 837,652 54,601,461 3.52Partners Group Holding AG CHF 38,867 24,542,169 1.58Roche Holding AG CHF 73,051 13,895,022 0.90Swatch Group AG (The) CHF 64,890 26,435,462 1.71Swiss Re AG CHF 312,560 23,240,450 1.50VAT Group AG, Reg. S CHF 121,536 13,951,301 0.90

203,003,212 13.10

United KingdomAnglo American plc GBP 1,030,611 19,824,619 1.28Ashtead Group plc GBP 701,899 18,185,887 1.17Bellway plc GBP 425,486 14,479,267 0.94BP plc GBP 4,032,007 26,571,425 1.72easyJet plc GBP 662,892 12,524,622 0.81Fevertree Drinks plc GBP 474,897 18,256,622 1.18Lloyds Banking Group plc GBP 23,927,009 17,087,845 1.10Man Group plc GBP 6,797,146 13,537,693 0.87Next plc GBP 197,026 13,563,216 0.88Persimmon plc GBP 761,069 21,886,535 1.41Rio Tinto plc GBP 651,956 31,173,544 2.01Rolls-Royce Holdings plc GBP 1,399,255 15,657,646 1.01Rolls-Royce plc Preference GBP 105,761,174 119,530 0.01Taylor Wimpey plc GBP 6,287,224 12,763,690 0.82Tesco plc GBP 11,407,080 33,358,413 2.15

268,990,554 17.36

Total Equities 1,496,943,160 96.60

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 1,496,943,160 96.60

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPMEuro Liquidity X (flex dist.)† EUR 58,974,341 58,974,341 3.81

58,974,341 3.81

Total Collective Investment Schemes - UCITS 58,974,341 3.81

Total Units of authorised UCITS or other collective investmentundertakings 58,974,341 3.81

Total Investments 1,555,917,501 100.41

Cash 335,760 0.02

Other Assets/(Liabilities) (6,708,110) (0.43)

Total Net Assets 1,549,545,151 100.00

† Related Party Fund.

306

JPMorgan Funds - Europe Dynamic FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited Kingdom 17.36France 16.96Switzerland 13.10Netherlands 10.26Germany 9.40Sweden 5.67Finland 5.35Spain 4.89Luxembourg 4.68Denmark 4.33Italy 2.97Norway 1.87Jersey 1.45Israel 1.14Belgium 0.98Total Investments 100.41Cash and Other Assets/(Liabilities) (0.41)

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

France 20.85United Kingdom 17.48Germany 14.20Switzerland 10.54Netherlands 9.48Denmark 5.56Luxembourg 4.98Spain 4.58Sweden 3.60Jersey 2.62Italy 2.49Finland 1.57Belgium 1.22Austria 0.55Total Investments 99.72Cash and Other Assets/(Liabilities) 0.28

Total 100.00

307

JPMorgan Funds - Europe Dynamic FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Europe Dynamic FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

AUD 130,750 CHF 95,210 03/08/2018 Goldman Sachs 439 -AUD 168,801 CHF 123,325 03/08/2018 National Australia Bank 215 -AUD 177,403 EUR 112,015 03/08/2018 Merrill Lynch 284 -AUD 263,299 EUR 166,262 03/08/2018 State Street 410 -AUD 134,643 GBP 75,517 05/07/2018 BNP Paribas 65 -AUD 209,281 GBP 117,152 03/08/2018 State Street 192 -AUD 182,506 SEK 1,203,599 03/08/2018 BNP Paribas 463 -CHF 97,715 AUD 131,503 05/07/2018 Goldman Sachs 1,048 -CHF 87,430 AUD 118,857 05/07/2018 National Australia Bank 180 -CHF 98,041 AUD 131,293 05/07/2018 RBC 1,463 -CHF 143,217 HKD 1,130,119 05/07/2018 RBC 106 -CHF 206,365 SGD 279,975 05/07/2018 Societe Generale 2,061 -EUR 185,035 AUD 290,100 05/07/2018 ANZ 1,013 -EUR 159,385 AUD 248,243 05/07/2018 Barclays 1,914 -EUR 98,486 AUD 154,922 05/07/2018 Goldman Sachs 213 -EUR 258,398 AUD 402,490 05/07/2018 Merrill Lynch 3,083 -EUR 203,250 AUD 315,526 05/07/2018 RBC 3,100 -EUR 231,852 AUD 359,063 05/07/2018 Standard Chartered 4,084 -EUR 40,078,604 CHF 46,266,300 05/07/2018 Citibank 85,516 0.01EUR 12,410,526 DKK 92,375,653 05/07/2018 Citibank 12,879 -EUR 63,270,314 GBP 55,402,587 05/07/2018 Citibank 658,435 0.04EUR 113,909 GBP 99,914 05/07/2018 Merrill Lynch 993 -EUR 102,753 HKD 932,614 05/07/2018 HSBC 678 -EUR 208,513 HKD 1,897,501 05/07/2018 Societe Generale 830 -EUR 5,141,752 NOK 48,816,049 05/07/2018 Merrill Lynch 16,853 -EUR 1,936,354 SEK 19,859,917 05/07/2018 Goldman Sachs 37,786 -EUR 13,550,667 SEK 139,092,219 05/07/2018 HSBC 253,736 0.02EUR 205,189 SGD 323,111 05/07/2018 RBC 1,699 -EUR 440,159 SGD 692,586 05/07/2018 Societe Generale 3,980 -EUR 799,636 SGD 1,259,558 05/07/2018 Standard Chartered 6,387 -EUR 1,787,648 USD 2,067,308 05/07/2018 Barclays 12,347 -EUR 1,632,132 USD 1,892,689 05/07/2018 Goldman Sachs 6,785 -GBP 80,023 AUD 142,524 05/07/2018 ANZ 27 -GBP 73,654 AUD 129,588 05/07/2018 Merrill Lynch 1,035 -GBP 67,171 AUD 118,361 05/07/2018 RBC 830 -GBP 160,439 SGD 286,494 05/07/2018 Credit Suisse 887 -HKD 787,251 EUR 86,081 05/07/2018 RBC 84 -HKD 173,528,999 EUR 18,865,346 05/07/2018 Toronto-Dominion Bank 127,581 0.01HKD 160,374,182 EUR 17,506,042 03/08/2018 Societe Generale 16,967 -HKD 846,964 GBP 81,465 05/07/2018 RBC 635 -USD 1,443,383 CHF 1,417,875 05/07/2018 Goldman Sachs 13,879 -USD 280,677,860 EUR 239,457,011 05/07/2018 Standard Chartered 1,575,168 0.10USD 273,245,270 EUR 234,032,033 03/08/2018 Goldman Sachs 104,921 0.01USD 1,645,404 GBP 1,225,954 05/07/2018 BNP Paribas 27,509 -USD 1,414,836 SEK 12,374,588 05/07/2018 Goldman Sachs 32,006 -

Total Unrealised Gain on Forward Currency Exchange Contracts 3,020,766 0.19

AUD 127,040 EUR 81,693 05/07/2018 ANZ (1,106) -AUD 131,378 EUR 85,663 05/07/2018 Merrill Lynch (2,325) -AUD 23,913,405 EUR 15,558,954 05/07/2018 Standard Chartered (389,728) (0.03)AUD 641,028 EUR 406,122 03/08/2018 Merrill Lynch (341) -CHF 174,201 HKD 1,387,307 05/07/2018 RBC (1,261) -CHF 207,885 SGD 286,910 03/08/2018 Standard Chartered (644) -CHF 1,500,473 USD 1,524,470 05/07/2018 Citibank (12,115) -CHF 1,436,195 USD 1,458,260 03/08/2018 Deutsche Bank (7,675) -EUR 154,890 AUD 244,825 03/08/2018 BNP Paribas (88) -EUR 89,633 CHF 103,729 05/07/2018 HSBC (31) -EUR 329,025 HKD 3,029,502 05/07/2018 Citibank (2,557) -EUR 135,164 HKD 1,251,898 05/07/2018 National Australia Bank (1,858) -EUR 17,767,501 HKD 162,517,625 05/07/2018 Societe Generale (20,219) -EUR 210,589 HKD 1,943,741 05/07/2018 Standard Chartered (2,155) -EUR 192,889 HKD 1,766,149 03/08/2018 HSBC (86) -EUR 181,165 SGD 288,847 03/08/2018 RBC (455) -EUR 264,002 SGD 419,870 03/08/2018 Standard Chartered (1) -EUR 3,101,956 USD 3,642,861 05/07/2018 Citibank (26,351) -EUR 238,578,065 USD 278,004,987 05/07/2018 Goldman Sachs (158,784) (0.01)EUR 1,105,366 USD 1,296,474 03/08/2018 Merrill Lynch (5,550) -EUR 1,495,435 USD 1,745,714 03/08/2018 RBC (423) -GBP 2,104,209 EUR 2,388,818 05/07/2018 BNP Paribas (10,797) -GBP 87,322 HKD 914,833 05/07/2018 HSBC (1,445) -GBP 84,620 HKD 874,791 05/07/2018 Societe Generale (116) -GBP 111,002 HKD 1,157,916 03/08/2018 Credit Suisse (1,176) -GBP 173,586 SGD 312,843 05/07/2018 Citibank (849) -GBP 262,482 SGD 473,021 03/08/2018 RBC (1,032) -GBP 1,399,664 USD 1,861,654 03/08/2018 State Street (14,721) -HKD 716,717 EUR 78,690 05/07/2018 Standard Chartered (245) -SGD 286,638 DKK 1,362,555 05/07/2018 Societe Generale (2,348) -SGD 55,088,896 EUR 35,196,524 05/07/2018 BNP Paribas (502,468) (0.03)SGD 340,649 EUR 216,664 05/07/2018 Societe Generale (2,129) -

308

JPMorgan Funds - Europe Dynamic FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

SGD 345,928 GBP 193,426 05/07/2018 RBC (736) -USD 1,950,831 EUR 1,680,741 05/07/2018 Barclays (5,464) -

Total Unrealised Loss on Forward Currency Exchange Contracts (1,177,279) (0.07)

Net Unrealised Gain on Forward Currency Exchange Contracts 1,843,487 0.12

309

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

AustriaFACC AG EUR 245,660 3,923,190 0.42S&T AG EUR 599,791 13,183,406 1.43Schoeller-Bleckmann Oilfield EquipmentAG EUR 61,107 6,410,124 0.69Wienerberger AG EUR 325,210 7,001,772 0.76

30,518,492 3.30

BelgiumFagron EUR 942,669 13,767,681 1.49Melexis NV EUR 116,306 9,470,216 1.03

23,237,897 2.52

DenmarkNetcompany Group A/S, Reg. S DKK 280,010 8,840,593 0.96Royal Unibrew A/S DKK 230,567 15,603,473 1.69SimCorp A/S DKK 194,599 13,541,525 1.46

37,985,591 4.11

FinlandHuhtamaki OYJ EUR 445,049 14,067,999 1.52Tieto OYJ EUR 222,671 6,190,254 0.67

20,258,253 2.19

FranceAlten SA EUR 171,184 15,192,580 1.65IPSOS EUR 297,668 8,721,672 0.94Remy Cointreau SA EUR 127,593 14,303,175 1.55Rubis SCA EUR 315,796 16,926,666 1.83Sopra Steria Group EUR 89,619 15,544,416 1.68SPIE SA EUR 788,689 13,711,358 1.48Trigano SA EUR 69,488 10,649,036 1.15Vilmorin & Cie SA EUR 74,698 4,302,605 0.47

99,351,508 10.75

GermanyCarl Zeiss Meditec AG EUR 55,296 3,232,051 0.35Elmos Semiconductor AG EUR 157,582 3,521,958 0.38Hella GmbH & Co. KGaA EUR 78,426 3,801,308 0.41Jungheinrich AG Preference EUR 45,192 1,434,846 0.16Koenig & Bauer AG EUR 73,329 4,489,568 0.49Nemetschek SE EUR 32,001 3,278,502 0.35Software AG EUR 242,049 9,615,397 1.04

29,373,630 3.18

Isle of ManGVC Holdings plc GBP 400,000 4,776,173 0.52

4,776,173 0.52

IsraelPlus500 Ltd. GBP 1,490,000 27,272,048 2.95

27,272,048 2.95

ItalyAmplifon SpA EUR 873,886 15,537,693 1.68Datalogic SpA EUR 380,055 12,009,738 1.30De’ Longhi SpA EUR 268,173 6,516,604 0.70IMA Industria Macchine Automatiche SpA EUR 125,208 9,353,038 1.01Interpump Group SpA EUR 242,707 6,431,735 0.70Reply SpA EUR 131,040 7,577,388 0.82Saipem SpA EUR 1,811,437 7,136,156 0.77Technogym SpA, Reg. S EUR 645,816 6,535,658 0.71

71,098,010 7.69

JerseyPetrofac Ltd. GBP 825,000 5,425,663 0.59Wizz Air Holdings plc, Reg. S GBP 310,000 12,567,347 1.36

17,993,010 1.95

LuxembourgB&M European Value Retail SA GBP 1,100,000 5,026,905 0.54B&S Group Sarl, Reg. S EUR 680,619 9,802,275 1.06SAF-Holland SA EUR 290,874 3,740,639 0.41Stabilus SA EUR 112,094 8,664,866 0.94Subsea 7 SA NOK 522,093 7,154,675 0.77

34,389,360 3.72

NetherlandsAalberts Industries NV EUR 290,267 11,941,584 1.29Arcadis NV EUR 789,199 12,264,152 1.33ASR Nederland NV EUR 333,435 11,666,891 1.26ForFarmers NV EUR 1,169,207 13,013,274 1.41Fugro NV, CVA EUR 494,941 6,166,965 0.67IMCD NV EUR 280,444 16,167,597 1.75Intertrust NV EUR 345,034 5,287,646 0.57Koninklijke Vopak NV EUR 326,590 13,047,270 1.41TKH Group NV, CVA EUR 271,266 14,790,779 1.60

104,346,158 11.29

NorwayAtea ASA NOK 642,801 7,970,302 0.86Sbanken ASA, Reg. S NOK 1,536,644 13,785,854 1.49Storebrand ASA NOK 928,863 6,410,082 0.70Tomra Systems ASA NOK 575,074 10,336,555 1.12

38,502,793 4.17

SwedenAAK AB SEK 936,588 12,688,988 1.37AF AB ‘B’ SEK 355,152 6,851,453 0.74Bravida Holding AB, Reg. S SEK 1,016,704 6,905,671 0.75Dometic Group AB SEK 1,113,668 9,395,453 1.02Husqvarna AB ‘B’ SEK 1,598,973 12,940,965 1.40Nobina AB SEK 1,104,452 7,303,706 0.79Thule Group AB SEK 623,450 13,267,041 1.43

69,353,277 7.50

SwitzerlandBucher Industries AG CHF 29,908 8,608,813 0.93dormakaba Holding AG CHF 16,609 9,884,601 1.07Galenica AG CHF 332,682 15,140,471 1.64Georg Fischer AG CHF 12,289 13,458,754 1.46Helvetia Holding AG CHF 25,669 12,519,651 1.36Siegfried Holding AG CHF 20,493 7,023,611 0.76Tecan Group AG CHF 17,393 3,630,808 0.39Valora Holding AG CHF 51,187 14,346,678 1.55Vontobel Holding AG CHF 56,455 3,511,114 0.38

88,124,501 9.54

United KingdomAmigo Holdings plc GBP 2,681,881 8,707,387 0.94Bank of Georgia Group plc GBP 385,000 8,305,178 0.90Bellway plc GBP 222,000 7,554,649 0.82Dechra Pharmaceuticals plc GBP 305,000 9,589,755 1.04Electrocomponents plc GBP 2,270,000 19,426,161 2.10FDM Group Holdings plc GBP 579,589 6,435,810 0.70Ferrexpo plc GBP 1,115,000 2,347,677 0.25Fevertree Drinks plc GBP 530,000 20,374,965 2.21Games Workshop Group plc GBP 335,000 11,367,851 1.23Hunting plc GBP 1,175,000 10,573,964 1.14Intermediate Capital Group plc GBP 1,185,000 14,711,906 1.59JD Sports Fashion plc GBP 2,200,000 10,917,838 1.18Just Eat plc GBP 650,000 5,769,721 0.62KAZ Minerals plc GBP 590,000 5,588,540 0.61Keywords Studios plc GBP 830,000 16,659,869 1.80NMC Health plc GBP 275,000 11,201,289 1.21OneSavings Bank plc GBP 4,235,000 19,600,080 2.12Sophos Group plc, Reg. S GBP 2,060,000 14,591,908 1.58Victoria plc GBP 1,445,000 13,375,261 1.45

217,099,809 23.49

Total Equities 913,680,510 98.87

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 913,680,510 98.87

310

JPMorgan Funds - Europe Dynamic Small Cap FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPM EuroLiquidity X (flex dist.)† EUR 36,517,330 36,517,330 3.95

36,517,330 3.95

Total Collective Investment Schemes - UCITS 36,517,330 3.95

Total Units of authorised UCITS or other collective investmentundertakings 36,517,330 3.95

Total Investments 950,197,840 102.82

Cash 50,947 0.01

Other Assets/(Liabilities) (26,083,760) (2.83)

Total Net Assets 924,165,027 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited Kingdom 23.49Netherlands 11.29France 10.75Switzerland 9.54Italy 7.69Luxembourg 7.67Sweden 7.50Norway 4.17Denmark 4.11Austria 3.30Germany 3.18Israel 2.95Belgium 2.52Finland 2.19Jersey 1.95Isle of Man 0.52Total Investments 102.82Cash and Other Assets/(Liabilities) (2.82)

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United Kingdom 23.56Italy 15.35France 13.20Switzerland 8.55Germany 6.88Netherlands 5.97Sweden 5.18Norway 3.83Luxembourg 3.69Denmark 3.24Finland 2.50Austria 1.95Belgium 1.89Israel 1.64Jersey 1.64Faroe Islands 0.71Isle of Man 0.41Total Investments 100.19Cash and Other Assets/(Liabilities) (0.19)

Total 100.00

311

JPMorgan Funds - Europe Dynamic Small Cap FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

DenmarkAsetek A/S NOK 149,173 1,396,240 0.23Netcompany Group A/S, Reg. S DKK 131,266 4,144,385 0.67SimCorp A/S DKK 128,108 8,914,628 1.44William Demant Holding A/S DKK 178,524 6,179,113 1.00

20,634,366 3.34

FinlandNokia OYJ EUR 3,294,797 16,268,060 2.64

16,268,060 2.64

FranceAkka Technologies EUR 76,243 4,570,768 0.74Atos SE EUR 37,607 4,412,241 0.72Capgemini SE EUR 310,846 36,050,365 5.84Dassault Systemes SE EUR 190,850 22,997,425 3.73Devoteam SA EUR 44,732 4,350,187 0.70Faurecia SA EUR 136,225 8,364,215 1.36Orange SA EUR 520,589 7,484,768 1.21Sopra Steria Group EUR 46,751 8,108,961 1.31Ubisoft Entertainment SA EUR 47,733 4,491,675 0.73Xilam Animation SA EUR 43,663 2,423,297 0.39

103,253,902 16.73

GermanyBechtle AG EUR 131,668 8,703,255 1.41Infineon Technologies AG EUR 1,059,173 23,174,705 3.75Jenoptik AG EUR 234,721 7,926,528 1.28Nemetschek SE EUR 52,576 5,386,411 0.87SAP SE EUR 421,850 41,777,915 6.77Scout24 AG, Reg. S EUR 201,615 9,141,224 1.48Secunet Security Networks AG EUR 20,218 2,537,359 0.41Siltronic AG EUR 48,799 6,021,797 0.98Software AG EUR 50,628 2,011,197 0.33Wirecard AG EUR 216,436 29,781,594 4.83

136,461,985 22.11

Gibraltar888 Holdings plc GBP 1,433,305 4,354,301 0.71

4,354,301 0.71

IsraelPlus500 Ltd. GBP 383,048 7,011,076 1.14

7,011,076 1.14

ItalySAES Getters SpA EUR 115,201 2,508,502 0.41

2,508,502 0.41

LuxembourgSolutions 30 SE EUR 300,366 12,495,225 2.03

12,495,225 2.03

NetherlandsAdyen NV EUR 24,288 11,470,615 1.86AMG Advanced Metallurgical Group NV EUR 100,736 4,886,704 0.79ASML Holding NV EUR 315,130 53,769,056 8.71BE Semiconductor Industries NV EUR 52,813 1,226,318 0.20NXP Semiconductors NV USD 284,469 26,885,194 4.36STMicroelectronics NV EUR 1,183,810 22,814,978 3.70TKH Group NV, CVA EUR 57,243 3,121,175 0.50

124,174,040 20.12

NorwayTelenor ASA NOK 227,200 4,008,623 0.65

4,008,623 0.65

SingaporeXP Power Ltd. GBP 96,444 3,880,393 0.63

3,880,393 0.63

SpainAmadeus IT Group SA ‘A’ EUR 515,012 34,747,860 5.63

34,747,860 5.63

SwedenHexagon AB ‘B’ SEK 324,743 15,866,931 2.57Nolato AB ‘B’ SEK 143,614 9,891,862 1.60Paradox Interactive AB SEK 176,030 3,136,750 0.51Telefonaktiebolaget LM Ericsson ‘B’ SEK 4,755,330 31,230,912 5.06

60,126,455 9.74

SwitzerlandALSO Holding AG CHF 15,619 1,599,865 0.26Inficon Holding AG CHF 7,032 3,075,679 0.50Logitech International SA CHF 481,066 18,178,031 2.95Swissquote Group Holding SA CHF 167,330 7,984,074 1.29Tamedia AG CHF 20,602 2,684,593 0.43VAT Group AG, Reg. S CHF 42,554 4,884,838 0.79

38,407,080 6.22

United KingdomComputacenter plc GBP 420,116 6,879,995 1.11Electrocomponents plc GBP 779,525 6,671,004 1.08Frontier Developments plc GBP 70,799 1,104,223 0.18Gocompare.Com Group plc GBP 1,932,569 2,878,730 0.47Keywords Studios plc GBP 227,824 4,572,913 0.74Learning Technologies Group plc GBP 2,407,990 3,041,254 0.49Micro Focus International plc GBP 192,399 2,896,394 0.47Ocado Group plc GBP 179,222 2,085,298 0.34Softcat plc GBP 352,528 3,039,966 0.49

33,169,777 5.37

Total Equities 601,501,645 97.47

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 601,501,645 97.47

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPM EuroLiquidity X (flex dist.)† EUR 19,717,911 19,717,911 3.19

19,717,911 3.19

Total Collective Investment Schemes - UCITS 19,717,911 3.19

Total Units of authorised UCITS or other collective investmentundertakings 19,717,911 3.19

Total Investments 621,219,556 100.66

Cash 1,150,617 0.19

Other Assets/(Liabilities) (5,195,799) (0.85)

Total Net Assets 617,174,374 100.00

† Related Party Fund.

312

JPMorgan Funds - Europe Dynamic Technologies FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsGermany 22.11Netherlands 20.12France 16.73Sweden 9.74Switzerland 6.22Spain 5.63United Kingdom 5.37Luxembourg 5.22Denmark 3.34Finland 2.64Israel 1.14Gibraltar 0.71Norway 0.65Singapore 0.63Italy 0.41Total Investments 100.66Cash and Other Assets/(Liabilities) (0.66)

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Germany 24.09Netherlands 21.89France 13.92United Kingdom 10.32Spain 6.64Luxembourg 5.52Sweden 5.08Finland 4.05Austria 2.77Switzerland 1.58Gibraltar 1.14Italy 0.69Jersey 0.60Singapore 0.60Total Investments 98.89Cash and Other Assets/(Liabilities) 1.11

Total 100.00

313

JPMorgan Funds - Europe Dynamic Technologies FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Europe Dynamic Technologies FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

CHF 261,824 USD 263,267 05/07/2018 Merrill Lynch 243 -EUR 2,616,152 CHF 3,020,058 05/07/2018 Citibank 5,582 -EUR 1,100,698 DKK 8,192,856 05/07/2018 Citibank 1,142 -EUR 2,799,673 GBP 2,451,531 05/07/2018 Citibank 29,135 0.01EUR 302,696 NOK 2,873,815 05/07/2018 Merrill Lynch 992 -EUR 3,925,422 SEK 40,301,271 05/07/2018 Standard Chartered 72,703 0.01EUR 253,037 USD 292,622 05/07/2018 Barclays 1,748 -EUR 474,823 USD 550,625 05/07/2018 Goldman Sachs 1,974 -USD 346,425 DKK 2,185,093 05/07/2018 RBC 4,234 -USD 2,858,513 EUR 2,424,045 05/07/2018 BNP Paribas 30,703 0.01USD 45,021,622 EUR 38,403,616 05/07/2018 RBC 258,713 0.04USD 41,324,281 EUR 35,393,863 03/08/2018 Goldman Sachs 15,868 -USD 323,881 GBP 241,116 05/07/2018 Merrill Lynch 5,642 -USD 330,978 GBP 248,203 05/07/2018 RBC 3,727 -USD 361,832 SEK 3,156,176 05/07/2018 Barclays 9,000 -

Total Unrealised Gain on Forward Currency Exchange Contracts 441,406 0.07

CHF 230,791 USD 233,883 05/07/2018 State Street (1,349) -DKK 1,493,452 USD 235,633 05/07/2018 Deutsche Bank (1,915) -EUR 272,041 USD 319,478 05/07/2018 Citibank (2,311) -EUR 2,214,490 USD 2,607,521 05/07/2018 Deutsche Bank (24,719) -EUR 37,342,982 USD 43,525,746 05/07/2018 Goldman Sachs (34,762) (0.01)EUR 392,101 USD 456,675 05/07/2018 National Australia Bank (69) -EUR 523,914 USD 614,494 03/08/2018 Merrill Lynch (2,630) -EUR 807,314 USD 942,428 03/08/2018 RBC (228) -GBP 178,244 USD 236,136 05/07/2018 BNP Paribas (1,344) -GBP 202,249 USD 269,109 05/07/2018 State Street (2,531) -SEK 2,541,811 USD 291,107 05/07/2018 Barclays (6,997) -SEK 2,893,404 USD 326,069 05/07/2018 Goldman Sachs (3,408) -SEK 2,579,811 USD 298,893 05/07/2018 State Street (10,050) -USD 663,512 EUR 572,120 05/07/2018 Barclays (2,329) -

Total Unrealised Loss on Forward Currency Exchange Contracts (94,642) (0.01)

Net Unrealised Gain on Forward Currency Exchange Contracts 346,764 0.06

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

EUR

UnrealisedGain/(Loss)

EUR

%of

NetAssets

EURO STOXX 50 Index, 21/09/2018 248 EUR 8,433,240 120,730 0.02

Total Unrealised Gain on Financial Futures Contracts 120,730 0.02

Net Unrealised Gain on Financial Futures Contracts 120,730 0.02

314

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

AustriaEVN AG EUR 66,121 1,065,209 0.54Oesterreichische Post AG EUR 42,879 1,674,854 0.85OMV AG EUR 34,136 1,675,566 0.86Verbund AG EUR 72,323 2,014,195 1.03

6,429,824 3.28

BelgiumKBC Group NV EUR 24,760 1,635,151 0.83UCB SA EUR 3,717 250,377 0.13

1,885,528 0.96

DenmarkAlm Brand A/S DKK 95,540 802,671 0.41GN Store Nord A/S DKK 44,706 1,753,771 0.90H Lundbeck A/S DKK 28,880 1,742,810 0.89Netcompany Group A/S, Reg. S DKK 19,451 614,115 0.31Per Aarsleff Holding A/S DKK 23,566 712,408 0.36Ringkjoebing Landbobank A/S DKK 10,575 508,446 0.26Rockwool International A/S ‘B’ DKK 6,361 2,117,168 1.08Royal Unibrew A/S DKK 31,369 2,122,877 1.08Topdanmark A/S DKK 46,382 1,739,218 0.89

12,113,484 6.18

Faroe IslandsBakkafrost P/F NOK 35,250 1,673,547 0.85

1,673,547 0.85

FinlandDNA OYJ EUR 76,912 1,556,699 0.79Finnair OYJ EUR 140,000 1,293,250 0.66Neste OYJ EUR 28,770 1,937,084 0.99Stora Enso OYJ ‘R’ EUR 105,026 1,768,113 0.90Tieto OYJ EUR 55,397 1,540,037 0.79UPM-Kymmene OYJ EUR 62,334 1,916,770 0.98Valmet OYJ EUR 75,193 1,237,301 0.63

11,249,254 5.74

FranceIPSOS EUR 57,016 1,670,569 0.85Trigano SA EUR 11,674 1,789,040 0.91

3,459,609 1.76

GermanyAmadeus Fire AG EUR 4,300 395,170 0.20Covestro AG EUR 20,321 1,549,679 0.79Deutsche Lufthansa AG EUR 65,430 1,351,457 0.69Deutsche Pfandbriefbank AG EUR 120,814 1,441,311 0.74Eckert & Ziegler AG EUR 6,491 241,627 0.12Hella GmbH & Co. KGaA EUR 14,823 718,471 0.37Jenoptik AG EUR 53,685 1,812,942 0.92JOST Werke AG EUR 12,357 392,953 0.20Norma Group SE EUR 12,000 708,000 0.36PVA TePla AG EUR 33,876 550,485 0.28Rheinmetall AG EUR 16,825 1,597,197 0.82Siltronic AG EUR 13,528 1,669,355 0.85Software AG EUR 39,609 1,573,468 0.80Uniper SE EUR 74,118 1,891,121 0.96Wirecard AG EUR 7,100 976,960 0.50

16,870,196 8.60

ItalyERG SpA EUR 101,029 1,901,366 0.97Maire Tecnimont SpA EUR 408,546 1,585,158 0.81Prima Industrie SpA EUR 24,695 905,689 0.46Sesa SpA EUR 19,624 549,963 0.28

4,942,176 2.52

LiechtensteinVP Bank AG CHF 2,243 370,124 0.19

370,124 0.19

LuxembourgADO Properties SA EUR 25,831 1,203,208 0.61ArcelorMittal EUR 52,488 1,325,847 0.68Befesa SA EUR 10,937 496,266 0.25

3,025,321 1.54

MaltaKindred Group plc, SDR SEK 118,372 1,282,961 0.66

1,282,961 0.66

NetherlandsABN AMRO Group NV, CVA EUR 68,517 1,525,874 0.78Adyen NV EUR 1,913 903,462 0.46ASR Nederland NV EUR 50,432 1,764,616 0.90BE Semiconductor Industries NV EUR 55,450 1,287,549 0.66BinckBank NV EUR 220,689 1,070,893 0.55CNH Industrial NV EUR 150,342 1,366,759 0.70Fiat Chrysler Automobiles NV EUR 96,599 1,584,127 0.81Flow Traders EUR 49,340 1,645,489 0.84ForFarmers NV EUR 96,879 1,078,263 0.55Intertrust NV EUR 93,121 1,427,079 0.73Koninklijke Ahold Delhaize NV EUR 83,951 1,729,810 0.88Koninklijke DSM NV EUR 16,626 1,439,479 0.73Koninklijke Volkerwessels NV EUR 70,124 1,537,819 0.78Philips Lighting NV EUR 56,582 1,258,667 0.64Rhi Magnesita NV EUR 37,207 1,932,904 0.98Wolters Kluwer NV EUR 32,952 1,594,877 0.81

23,147,667 11.80

NorwayAker BP ASA NOK 63,305 1,999,901 1.02Atea ASA NOK 144,160 1,787,488 0.91Austevoll Seafood ASA NOK 13,303 136,735 0.07Ekornes ASA NOK 24,382 352,494 0.18Kvaerner ASA NOK 922,420 1,669,607 0.85Salmar ASA NOK 43,430 1,566,720 0.80Selvaag Bolig ASA NOK 100,000 436,759 0.22SpareBank 1 Nord Norge NOK 34,500 220,408 0.11Telenor ASA NOK 97,467 1,719,667 0.88

9,889,779 5.04

PortugalAltri SGPS SA EUR 185,174 1,621,198 0.83Navigator Co. SA (The) EUR 102,689 528,592 0.27Semapa-Sociedade de Investimento eGestao EUR 88,775 2,032,948 1.03

4,182,738 2.13

SpainACS Actividades de Construccion yServicios SA EUR 54,644 1,898,879 0.97ACS Actividades de Construccion yServicios SA Rights 06/07/2018 EUR 54,644 48,611 0.03Aena SME SA EUR 9,500 1,478,675 0.75Ence Energia y Celulosa SA EUR 279,921 2,123,901 1.08International Consolidated Airlines GroupSA EUR 240,194 1,812,744 0.92Repsol SA EUR 108,551 1,840,754 0.94Repsol SA Rights 06/07/2018 EUR 108,551 54,058 0.03

9,257,622 4.72

SwedenBioGaia AB ‘B’ SEK 6,121 232,160 0.12Boliden AB SEK 42,714 1,187,339 0.60Cloetta AB ‘B’ SEK 586,047 1,524,993 0.78Concentric AB SEK 94,275 1,396,933 0.71Granges AB SEK 157,619 1,786,312 0.91KNOW IT AB SEK 41,013 668,879 0.34Lundin Petroleum AB SEK 62,860 1,733,374 0.88Mycronic AB SEK 142,611 1,368,781 0.70Nobina AB SEK 291,408 1,927,072 0.98Sandvik AB SEK 117,560 1,779,048 0.91SSAB AB ‘A’ SEK 178,954 723,223 0.37Swedish Match AB SEK 41,697 1,762,071 0.90Tethys Oil AB SEK 52,373 504,479 0.26Volvo AB ‘B’ SEK 102,762 1,406,524 0.72

18,001,188 9.18

315

JPMorgan Funds - Europe Equity Absolute Alpha FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

SwitzerlandAdecco Group AG CHF 28,279 1,444,652 0.74ALSO Holding AG CHF 15,901 1,628,750 0.83Bobst Group SA CHF 17,407 1,524,963 0.78Bucher Industries AG CHF 5,110 1,470,879 0.75Coltene Holding AG CHF 4,769 423,772 0.22GAM Holding AG CHF 125,271 1,494,312 0.76Georg Fischer AG CHF 1,560 1,708,492 0.87Julius Baer Group Ltd. CHF 34,696 1,749,076 0.89Kardex AG CHF 4,529 541,422 0.28Swissquote Group Holding SA CHF 22,352 1,066,515 0.54Tornos Holding AG CHF 30,349 295,127 0.15

13,347,960 6.81

United KingdomAmigo Holdings plc GBP 446,798 1,450,640 0.74Charter Court Financial Services Groupplc GBP 232,344 862,156 0.44Forterra plc GBP 313,517 1,095,775 0.56Thomas Cook Group plc GBP 1,028,855 1,246,521 0.63

4,655,092 2.37

Total Equities 145,784,070 74.33

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 145,784,070 74.33

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPM EuroLiquidity X (flex dist.)† EUR 18,388,735 18,388,735 9.37

18,388,735 9.37

Total Collective Investment Schemes - UCITS 18,388,735 9.37

Total Units of authorised UCITS or other collective investmentundertakings 18,388,735 9.37

Total Investments 164,172,805 83.70

Cash 32,517,442 16.58

Other Assets/(Liabilities) (556,360) (0.28)

Total Net Assets 196,133,887 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsNetherlands 11.80Luxembourg 10.91Sweden 9.18Germany 8.60Switzerland 6.81Denmark 6.18Finland 5.74Norway 5.04Spain 4.72Austria 3.28Italy 2.52United Kingdom 2.37Portugal 2.13France 1.76Belgium 0.96Faroe Islands 0.85Malta 0.66Liechtenstein 0.19Total Investments 83.70Cash and Other Assets/(Liabilities) 16.30

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Germany 17.91Luxembourg 11.60Switzerland 10.77Sweden 8.06Netherlands 7.96Denmark 6.80Italy 5.62Spain 4.68Norway 4.05Finland 3.75Austria 2.90Belgium 2.82France 2.79United Kingdom 2.10Bermuda 1.60Portugal 1.14Liechtenstein 0.13Total Investments 94.68Cash and Other Assets/(Liabilities) 5.32

Total 100.00

316

JPMorgan Funds - Europe Equity Absolute Alpha FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Europe Equity Absolute Alpha FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

CHF 14,141 EUR 12,171 11/07/2018 RBC 53 -CHF 1,877,782 EUR 1,614,615 11/07/2018 Societe Generale 8,658 0.01CHF 2,884,021 EUR 2,435,643 18/07/2018 Deutsche Bank 57,691 0.03EUR 12,739 CHF 14,687 11/07/2018 BNP Paribas 43 -EUR 9,795 CHF 11,298 11/07/2018 Merrill Lynch 28 -EUR 436,689 CHF 500,880 18/07/2018 HSBC 3,661 -EUR 9,794,706 DKK 72,944,224 18/07/2018 Citibank 4,396 -EUR 825,726 DKK 6,144,834 18/07/2018 Deutsche Bank 989 -EUR 856,590 DKK 6,380,921 18/07/2018 Morgan Stanley 166 -EUR 735,777 DKK 5,475,388 18/07/2018 National Australia Bank 891 -EUR 1,559,641 DKK 11,618,710 18/07/2018 Standard Chartered 220 -EUR 816,746 DKK 6,083,562 18/07/2018 Toronto-Dominion Bank 232 -EUR 5,270 GBP 4,610 11/07/2018 ANZ 61 -EUR 210,678 GBP 185,921 11/07/2018 Barclays 599 -EUR 217,072 GBP 191,586 11/07/2018 Deutsche Bank 591 -EUR 104,309 GBP 91,963 11/07/2018 HSBC 396 -EUR 4,012 GBP 3,520 11/07/2018 Morgan Stanley 34 -EUR 883,143 GBP 777,426 11/07/2018 Standard Chartered 4,699 -EUR 3,740,640 GBP 3,286,052 18/07/2018 ANZ 28,351 0.02EUR 3,157,591 GBP 2,758,301 18/07/2018 BNP Paribas 41,508 0.02EUR 1,688 SEK 17,489 11/07/2018 Barclays 16 -EUR 5,589 SEK 57,306 11/07/2018 Goldman Sachs 110 -EUR 987,770 SEK 10,175,637 18/07/2018 Deutsche Bank 14,982 0.01EUR 749,541 SEK 7,831,017 18/07/2018 Goldman Sachs 898 -EUR 1,071,990 SEK 11,024,834 18/07/2018 Morgan Stanley 18,019 0.01EUR 21,804,394 SEK 226,217,740 18/07/2018 State Street 178,047 0.09EUR 788,273 USD 912,074 18/07/2018 Morgan Stanley 5,781 -NOK 7,034,298 EUR 725,302 18/07/2018 HSBC 12,871 0.01NOK 4,044,603 EUR 421,421 18/07/2018 Morgan Stanley 3,016 -SEK 13,480,650 EUR 1,283,057 18/07/2018 Deutsche Bank 5,689 -SEK 7,507,497 EUR 714,872 18/07/2018 HSBC 2,842 -USD 17,220,111 EUR 14,534,276 11/07/2018 BNP Paribas 247,196 0.13USD 89,231 EUR 75,661 11/07/2018 RBC 933 -USD 912,074 EUR 778,611 18/07/2018 BNP Paribas 3,881 -

Total Unrealised Gain on Forward Currency Exchange Contracts 647,548 0.33

CHF 12,103 EUR 10,478 11/07/2018 Merrill Lynch (16) -CHF 1,866,879 EUR 1,616,957 18/07/2018 ANZ (2,977) -DKK 7,259,728 EUR 974,846 18/07/2018 Barclays (472) -DKK 13,846,498 EUR 1,859,250 18/07/2018 Deutsche Bank (823) -EUR 11,046 CHF 12,843 11/07/2018 Goldman Sachs (57) -EUR 8,522 CHF 9,893 11/07/2018 Societe Generale (30) -EUR 17,918,483 CHF 21,451,345 18/07/2018 Citibank (626,937) (0.32)EUR 490,902 GBP 434,793 18/07/2018 HSBC (288) -EUR 11,913,226 NOK 114,667,515 18/07/2018 HSBC (119,869) (0.06)EUR 2,323,320 NOK 22,384,651 18/07/2018 Standard Chartered (25,703) (0.01)EUR 667,438 NOK 6,382,707 18/07/2018 State Street (2,357) -EUR 1,564,571 SEK 16,606,642 18/07/2018 Merrill Lynch (23,019) (0.01)EUR 1,975,365 SEK 20,748,455 18/07/2018 Morgan Stanley (8,181) (0.01)EUR 103,236 USD 122,098 11/07/2018 Barclays (1,571) -EUR 76,838 USD 90,454 11/07/2018 BNP Paribas (807) -EUR 86,230 USD 100,541 11/07/2018 Goldman Sachs (73) -EUR 87,535 USD 102,047 11/07/2018 Toronto-Dominion Bank (60) -GBP 230,882 EUR 262,272 11/07/2018 Barclays (1,390) -GBP 5,029 EUR 5,729 11/07/2018 Goldman Sachs (47) -GBP 30,508,247 EUR 34,604,467 11/07/2018 Merrill Lynch (132,036) (0.07)GBP 1,500 EUR 1,717 11/07/2018 National Australia Bank (22) -GBP 1,812,197 EUR 2,053,360 18/07/2018 BNP Paribas (6,101) -GBP 663,986 EUR 759,312 18/07/2018 Merrill Lynch (9,200) (0.01)GBP 975,246 EUR 1,106,438 18/07/2018 RBC (4,691) -NOK 16,216,571 EUR 1,706,165 18/07/2018 HSBC (4,414) -NOK 3,933,840 EUR 416,262 18/07/2018 Standard Chartered (3,449) -SEK 21,666 EUR 2,133 11/07/2018 Barclays (62) -SEK 2,832,104 EUR 278,247 11/07/2018 Merrill Lynch (7,501) (0.01)SEK 18,909 EUR 1,837 11/07/2018 State Street (29) -SEK 18,912,274 EUR 1,819,166 18/07/2018 HSBC (11,158) (0.01)SEK 16,791,327 EUR 1,629,015 18/07/2018 Merrill Lynch (23,770) (0.01)SEK 10,048,247 EUR 975,779 18/07/2018 Standard Chartered (15,170) (0.01)SEK 20,795,210 EUR 2,005,528 18/07/2018 State Street (17,512) (0.01)

Total Unrealised Loss on Forward Currency Exchange Contracts (1,049,792) (0.54)

Net Unrealised Loss on Forward Currency Exchange Contracts (402,244) (0.21)

317

JPMorgan Funds - Europe Equity Absolute Alpha FundSchedule of Investments (continued)

As at 30 June 2018

Total Return Swap Contracts

Description CurrencyMaturityDate Counterparty

GlobalExposure

EUR

UnrealisedGain/(Loss)

EUR

%of

NetAssets

Receive DKK-1M-CIBOR-REUTRPay Performance of the underlying equity basket of 7 Securities DKK 28/11/2019 UBS (9,043,365) 282,630 0.14Receive Performance of the underlying equity basket of 17 SecuritiesPay EUR-1M-LIBOR-BBA +0.25% EUR 28/11/2019 UBS 23,784,294 18,495 0.01Receive EUR-1M-LIBOR-BBAPay Performance of the underlying equity basket of 87 Securities EUR 28/11/2019 UBS (91,799,811)Receive Performance of the underlying equity basket of 37 SecuritiesPay GBP-1M-LIBOR-BBA +0.25% GBP 28/11/2019 UBS 43,068,482 115,557 0.06Receive GBP-1M-LIBOR-BBAPay Performance of the underlying equity basket of 55 Securities GBP 28/11/2019 UBS (54,600,919)

Total Unrealised Gain on Total Return Swap Contracts 416,682 0.21

Receive CHF-1M-LIBOR-BBAPay Performance of the underlying equity basket of 13 Securities CHF 28/11/2019 UBS (15,319,335) (278,914) (0.14)Receive NOK-1M-NIBOR-REUTRPay Performance of the underlying equity basket of 14 Securities NOK 28/11/2019 UBS (12,130,260) (135,495) (0.07)Receive SEK-1M-STIBOR-REUTRPay Performance of the underlying equity basket of 13 Securities SEK 28/11/2019 UBS (11,425,986) (117,061) (0.06)

Total Unrealised Loss on Total Return Swap Contracts (531,470) (0.27)

Net Unrealised Loss on Total Return Swap Contracts (114,788) (0.06)

Geographic Distribution based on EconomicExposure of Swap Portfolio

Global ExposureEUR

% of Basket GlobalExposure

Germany (26,273,128) 20.61Switzerland (15,319,335) 12.02Spain (13,834,831) 10.85Sweden (11,425,986) 8.97Netherlands (10,410,176) 8.17Denmark (8,424,599) 6.61United Kingdom (8,301,597) 6.51Belgium (7,354,360) 5.77Norway (6,109,906) 4.79Bermuda (5,356,337) 4.20Finland (5,336,500) 4.19Italy (3,927,527) 3.08Austria (2,158,237) 1.69Ireland (1,901,929) 1.49Luxembourg (1,864,915) 1.46Jersey (1,032,432) 0.81United States of America (515,082) 0.41Israel 802,904 (0.63)France 1,277,073 (1.00)

(127,466,900) 100.00

318

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

AustriaEVN AG EUR 30,515 491,597 0.06OMV AG EUR 219,557 10,776,955 1.30Raiffeisen Bank International AG EUR 113,212 2,960,494 0.35Verbund AG EUR 151,907 4,230,610 0.51

18,459,656 2.22

BelgiumKBC Group NV EUR 172,871 11,416,401 1.38UCB SA EUR 77,995 5,253,743 0.63

16,670,144 2.01

BermudaBW Offshore Ltd. NOK 232,266 1,016,881 0.12

1,016,881 0.12

DenmarkDanske Bank A/S DKK 234,959 6,293,271 0.76GN Store Nord A/S DKK 70,377 2,760,818 0.33Novo Nordisk A/S ‘B’ DKK 264,432 10,522,451 1.27Royal Unibrew A/S DKK 73,013 4,941,108 0.59Topdanmark A/S DKK 48,552 1,820,588 0.22

26,338,236 3.17

Faroe IslandsBakkafrost P/F NOK 15,037 713,904 0.09

713,904 0.09

FinlandNeste OYJ EUR 49,974 3,364,750 0.41Stora Enso OYJ ‘R’ EUR 524,363 8,827,651 1.06UPM-Kymmene OYJ EUR 408,704 12,567,648 1.51

24,760,049 2.98

FranceBeneteau SA EUR 21,334 343,264 0.04BNP Paribas SA EUR 209,434 11,196,342 1.35Capgemini SE EUR 106,695 12,373,953 1.49Cie Generale des Etablissements MichelinSCA EUR 53,642 5,636,433 0.68Cie Plastic Omnium SA EUR 46,129 1,677,942 0.20Dassault Aviation SA EUR 4,531 7,365,140 0.89Engie SA EUR 109,796 1,447,660 0.17Eramet EUR 12,131 1,363,524 0.16Faurecia SA EUR 119,879 7,360,571 0.89Kering SA EUR 15,490 7,573,061 0.91L’Oreal SA EUR 43,425 9,173,531 1.11LVMH Moet Hennessy Louis Vuitton SE EUR 26,604 7,648,650 0.92Natixis SA EUR 363,962 2,211,433 0.27Orange SA EUR 118,087 1,697,796 0.20Pernod Ricard SA EUR 28,438 3,995,539 0.48Peugeot SA EUR 138,981 2,732,019 0.33Renault SA EUR 34,037 2,487,424 0.30Rothschild & Co. EUR 44,394 1,282,987 0.15Sanofi EUR 103,747 7,172,549 0.86Sopra Steria Group EUR 9,360 1,623,492 0.20Thales SA EUR 11,870 1,315,493 0.16TOTAL SA EUR 150,553 7,944,682 0.96Trigano SA EUR 15,104 2,314,688 0.28Vinci SA EUR 79,934 6,616,936 0.80

114,555,109 13.80

Germanyadidas AG EUR 6,535 1,229,887 0.15Allianz SE EUR 89,867 15,974,758 1.92BASF SE EUR 21,906 1,805,273 0.22Bayer AG EUR 16,713 1,590,827 0.19CANCOM SE EUR 20,670 1,811,209 0.22Continental AG EUR 9,906 1,949,006 0.23Covestro AG EUR 128,833 9,824,805 1.18Deutsche Beteiligungs AG EUR 31,921 1,088,506 0.13Deutsche Lufthansa AG EUR 213,197 4,403,584 0.53Deutsche Pfandbriefbank AG EUR 129,835 1,548,932 0.19Evotec AG EUR 72,451 1,067,384 0.13Fresenius Medical Care AG & Co. KGaA EUR 34,561 2,990,218 0.36HOCHTIEF AG EUR 27,944 4,315,951 0.52JOST Werke AG EUR 6,905 219,579 0.03

MuenchenerRueckversicherungs-Gesellschaft AG EUR 8,211 1,492,760 0.18Puma SE EUR 1,290 649,515 0.08PVA TePla AG EUR 35,517 577,151 0.07Rheinmetall AG EUR 28,198 2,676,836 0.32SAP SE EUR 74,108 7,339,286 0.88Siemens Healthineers AG EUR 9,094 323,997 0.04Siltronic AG EUR 15,393 1,899,496 0.23Sixt SE Preference EUR 43,000 2,876,700 0.35Software AG EUR 22,831 906,961 0.11STADA Arzneimittel AG EUR 12,328 990,555 0.12Stemmer Imaging AG EUR 39,245 1,642,599 0.20TUI AG GBP 255,000 4,819,388 0.58Uniper SE EUR 453,410 11,568,756 1.39Varta AG EUR 61,681 1,424,214 0.17

89,008,133 10.72

IrelandGrafton Group plc GBP 108,778 976,755 0.12

976,755 0.12

ItalyEnel SpA EUR 1,827,425 8,711,335 1.05Eni SpA EUR 482,824 7,745,945 0.93ERG SpA EUR 446,071 8,395,056 1.01Intesa Sanpaolo SpA EUR 1,075,752 2,687,229 0.33UniCredit SpA EUR 167,954 2,407,285 0.29

29,946,850 3.61

JerseyFerguson plc GBP 69,534 4,851,535 0.59Glencore plc GBP 486,297 2,007,439 0.24

6,858,974 0.83

LiechtensteinVP Bank AG CHF 9,979 1,646,663 0.20

1,646,663 0.20

LuxembourgADO Properties SA EUR 63,673 2,965,888 0.36ArcelorMittal EUR 142,618 3,602,531 0.43Befesa SA EUR 54,665 2,480,424 0.30Corestate Capital Holding SA EUR 41,449 1,914,944 0.23

10,963,787 1.32

NetherlandsABN AMRO Group NV, CVA EUR 346,210 7,710,097 0.93Adyen NV EUR 5,189 2,450,635 0.29ASML Holding NV EUR 13,000 2,218,125 0.27ASR Nederland NV EUR 289,784 10,139,542 1.22BE Semiconductor Industries NV EUR 237,842 5,522,691 0.66CNH Industrial NV EUR 219,344 1,994,056 0.24Ferrari NV EUR 25,519 2,983,171 0.36Fiat Chrysler Automobiles NV EUR 415,638 6,816,048 0.82Flow Traders EUR 34,434 1,148,374 0.14ForFarmers NV EUR 39,558 440,281 0.05ING Groep NV EUR 742,750 9,202,673 1.11Koninklijke Ahold Delhaize NV EUR 345,658 7,122,283 0.86Koninklijke Volkerwessels NV EUR 120,865 2,650,569 0.32Wolters Kluwer NV EUR 123,000 5,953,200 0.72

66,351,745 7.99

NorwayAustevoll Seafood ASA NOK 59,577 612,364 0.07DNB ASA NOK 49,338 826,210 0.10Equinor ASA NOK 438,875 9,996,520 1.21Leroy Seafood Group ASA NOK 323,180 1,856,349 0.22Marine Harvest ASA NOK 125,924 2,147,053 0.26Telenor ASA NOK 230,911 4,074,098 0.49

19,512,594 2.35

PortugalSemapa-Sociedade de Investimento eGestao EUR 57,157 1,308,895 0.16

1,308,895 0.16

SpainACS Actividades de Construccion yServicios SA EUR 298,688 10,379,408 1.25ACS Actividades de Construccion yServicios SA Rights 06/07/2018 EUR 120,109 106,849 0.01Ence Energia y Celulosa SA EUR 349,322 2,650,481 0.32

319

JPMorgan Funds - Europe Equity FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

International Consolidated Airlines GroupSA EUR 1,480,341 11,172,133 1.35Repsol SA EUR 814,134 13,805,677 1.66Repsol SA Rights 06/07/2018 EUR 814,134 405,439 0.05Telefonica SA EUR 334,470 2,444,641 0.30

40,964,628 4.94

SwedenAtlas Copco AB ‘A’ SEK 97,954 2,440,304 0.29Concentric AB SEK 71,369 1,057,520 0.13Epiroc AB ‘A’ SEK 97,954 875,878 0.11KNOW IT AB SEK 15,279 249,185 0.03Nobina AB SEK 227,409 1,503,849 0.18Sandvik AB SEK 230,302 3,485,185 0.42Swedbank AB ‘A’ SEK 126,380 2,322,996 0.28Swedish Match AB SEK 292,378 12,355,586 1.49Telia Co. AB SEK 657,699 2,575,653 0.31Volvo AB ‘B’ SEK 230,089 3,149,273 0.38

30,015,429 3.62

SwitzerlandABB Ltd. CHF 138,128 2,589,721 0.31Barry Callebaut AG CHF 1,911 2,933,698 0.35BKW AG CHF 39,934 2,204,019 0.27Bobst Group SA CHF 5,288 463,262 0.06Georg Fischer AG CHF 4,381 4,798,015 0.58Julius Baer Group Ltd. CHF 208,641 10,517,896 1.27Nestle SA CHF 369,527 24,435,392 2.94Novartis AG CHF 385,697 25,141,252 3.03Oriflame Holding AG SEK 39,718 1,097,318 0.13Partners Group Holding AG CHF 6,304 3,980,596 0.48Roche Holding AG CHF 97,857 18,613,368 2.24Sunrise Communications Group AG CHF 48,113 3,364,516 0.40Swissquote Group Holding SA CHF 27,221 1,298,838 0.16UBS Group AG CHF 462,256 6,105,449 0.74Zurich Insurance Group AG CHF 9,093 2,310,820 0.28

109,854,160 13.24

United Kingdom3i Group plc GBP 776,059 7,923,651 0.96Anglo American plc GBP 618,569 11,898,665 1.43Ashtead Group plc GBP 176,637 4,576,585 0.55Avon Rubber plc GBP 31,970 530,239 0.06Barratt Developments plc GBP 171,984 1,007,441 0.12Berkeley Group Holdings plc GBP 204,007 8,752,292 1.05BHP Billiton plc GBP 312,370 6,076,468 0.73BP plc GBP 233,774 1,540,600 0.19British Land Co. plc (The), REIT GBP 1,684,603 12,822,884 1.55Carnival plc GBP 26,389 1,298,261 0.16Charter Court Financial Services Groupplc GBP 202,716 752,216 0.09Computacenter plc GBP 273,064 4,471,810 0.54Diageo plc GBP 403,617 12,506,847 1.51easyJet plc GBP 122,225 2,309,308 0.28Evraz plc GBP 72,959 418,141 0.05Forterra plc GBP 208,912 730,169 0.09GlaxoSmithKline plc GBP 1,177,724 20,434,265 2.46Gocompare.Com Group plc GBP 336,337 501,003 0.06HSBC Holdings plc GBP 734,279 5,918,239 0.71Just Group plc GBP 761,159 1,160,481 0.14Legal & General Group plc GBP 4,665,196 14,038,155 1.69Lloyds Banking Group plc GBP 14,213,253 10,150,615 1.22Morgan Sindall Group plc GBP 81,679 1,331,148 0.16Persimmon plc GBP 217,520 6,255,358 0.75Prudential plc GBP 291,110 5,733,803 0.69Redrow plc GBP 128,173 778,258 0.09Rio Tinto plc GBP 342,125 16,358,848 1.97Royal Dutch Shell plc ‘B’ GBP 826,895 25,583,209 3.08SThree plc GBP 173,131 719,089 0.09Tesco plc GBP 1,105,909 3,234,076 0.39Unilever plc GBP 253,562 12,077,603 1.46Vodafone Group plc GBP 409,073 849,253 0.10William Hill plc GBP 181,229 622,047 0.08

203,361,027 24.50

Total Equities 813,283,619 97.99

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 813,283,619 97.99

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPM EuroLiquidity X (flex dist.)† EUR 72,821,848 72,821,848 8.77

72,821,848 8.77

Total Collective Investment Schemes - UCITS 72,821,848 8.77

Total Units of authorised UCITS or other collective investmentundertakings 72,821,848 8.77

Total Investments 886,105,467 106.76

Cash 6,327,141 0.76

Other Assets/(Liabilities) (62,416,737) (7.52)

Total Net Assets 830,015,871 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited Kingdom 24.50France 13.80Switzerland 13.24Germany 10.72Luxembourg 10.09Netherlands 7.99Spain 4.94Sweden 3.62Italy 3.61Denmark 3.17Finland 2.98Norway 2.35Austria 2.22Belgium 2.01Jersey 0.83Liechtenstein 0.20Portugal 0.16Bermuda 0.12Ireland 0.12Faroe Islands 0.09Total Investments 106.76Cash and Other Assets/(Liabilities) (6.76)

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United Kingdom 22.34France 16.21Switzerland 14.27Germany 11.38Netherlands 7.72Luxembourg 6.74Spain 4.73Denmark 3.35Sweden 3.12Austria 2.52Belgium 2.49Finland 1.53Norway 1.24Jersey 0.49Italy 0.41Portugal 0.29Ireland 0.18United States of America 0.18Liechtenstein 0.07Total Investments 99.26Cash and Other Assets/(Liabilities) 0.74

Total 100.00

320

JPMorgan Funds - Europe Equity FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Europe Equity FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

AUD 3,872 GBP 2,172 11/07/2018 Standard Chartered 1 -AUD 5,945 GBP 3,331 11/07/2018 State Street 5 -CHF 144,866 USD 145,737 11/07/2018 Merrill Lynch 133 -EUR 613,536 DKK 4,570,515 11/07/2018 Merrill Lynch 117 -EUR 106,135 GBP 93,566 11/07/2018 ANZ 411 -EUR 120,583 GBP 106,486 11/07/2018 Goldman Sachs 261 -EUR 4,564,687 GBP 4,024,390 11/07/2018 Merrill Lynch 17,375 -EUR 3,938 GBP 3,471 11/07/2018 Standard Chartered 16 -EUR 468,216 NOK 4,432,825 11/07/2018 Merrill Lynch 2,925 -EUR 697,632 SEK 7,100,763 11/07/2018 Merrill Lynch 18,808 -GBP 2,309 AUD 4,114 11/07/2018 Barclays 1 -USD 126,659 CHF 124,444 11/07/2018 Goldman Sachs 1,145 -USD 157,476 EUR 132,937 11/07/2018 Goldman Sachs 2,238 -USD 20,954,688 EUR 17,689,024 11/07/2018 HSBC 298,151 0.04USD 123,054 GBP 92,860 11/07/2018 Societe Generale 701 -

Total Unrealised Gain on Forward Currency Exchange Contracts 342,288 0.04

AUD 5,482 EUR 3,493 11/07/2018 Barclays (17) -AUD 684,438 EUR 436,569 11/07/2018 Standard Chartered (2,588) -AUD 3,849 GBP 2,170 11/07/2018 RBC (11) -CHF 4,086 AUD 5,579 11/07/2018 RBC (5) -CHF 121,165 EUR 105,124 11/07/2018 Merrill Lynch (381) -EUR 5,504 AUD 8,702 11/07/2018 Merrill Lynch (13) -EUR 3,461 AUD 5,462 11/07/2018 RBC (2) -EUR 62,194 CHF 72,307 11/07/2018 Goldman Sachs (312) -EUR 2,545,136 CHF 2,960,177 11/07/2018 Merrill Lynch (13,827) -EUR 131,804 USD 155,719 11/07/2018 Deutsche Bank (1,863) -EUR 99,902 USD 116,427 11/07/2018 Goldman Sachs (37) -EUR 215,643 USD 252,493 11/07/2018 Merrill Lynch (1,093) -GBP 4,442 AUD 7,945 11/07/2018 Barclays (19) -GBP 203,470 EUR 231,946 11/07/2018 ANZ (2,038) -GBP 172,479 USD 227,439 11/07/2018 BNP Paribas (339) -GBP 89,974 USD 118,560 11/07/2018 Deutsche Bank (105) -NOK 21,248 EUR 2,253 11/07/2018 Goldman Sachs (23) -USD 270,725 EUR 234,564 11/07/2018 Deutsche Bank (2,178) -USD 118,987 EUR 102,843 11/07/2018 Merrill Lynch (707) -

Total Unrealised Loss on Forward Currency Exchange Contracts (25,558) -

Net Unrealised Gain on Forward Currency Exchange Contracts 316,730 0.04

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

EUR

UnrealisedGain/(Loss)

EUR

%of

NetAssets

EURO STOXX 50 Index, 21/09/2018 49 EUR 1,666,245 25,216 0.01FTSE 100 Index, 21/09/2018 28 GBP 2,409,786 24,310 -

Total Unrealised Gain on Financial Futures Contracts 49,526 0.01

Net Unrealised Gain on Financial Futures Contracts 49,526 0.01

321

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

AustriaBAWAG Group AG EUR 312,350 12,431,530 0.30CA Immobilien Anlagen AG EUR 284,026 8,120,303 0.19OMV AG EUR 905,015 44,422,661 1.06Raiffeisen Bank International AG EUR 385,870 10,090,501 0.24UNIQA Insurance Group AG EUR 560,817 4,431,856 0.11

79,496,851 1.90

BelgiumAgeas EUR 60,707 2,634,380 0.06KBC Group NV EUR 828,690 54,726,688 1.31Proximus SADP EUR 482,750 9,390,694 0.22Solvay SA EUR 75,532 8,202,775 0.20UCB SA EUR 48,022 3,234,762 0.08

78,189,299 1.87

BermudaBW Offshore Ltd. NOK 1,250,881 5,476,466 0.13

5,476,466 0.13

DenmarkDanske Bank A/S DKK 1,820,225 48,753,907 1.17Dfds A/S DKK 137,485 7,498,722 0.18GN Store Nord A/S DKK 256,175 10,049,484 0.24H Lundbeck A/S DKK 216,763 13,080,910 0.31Jyske Bank A/S DKK 176,076 8,255,419 0.20Novo Nordisk A/S ‘B’ DKK 1,611,405 64,122,083 1.54Orsted A/S, Reg. S DKK 379,498 19,662,162 0.47Rockwool International A/S ‘B’ DKK 20,966 6,978,233 0.17Royal Unibrew A/S DKK 148,435 10,045,243 0.24Sydbank A/S DKK 147,677 4,358,292 0.10Topdanmark A/S DKK 180,909 6,783,671 0.16William Demant Holding A/S DKK 605,198 20,947,251 0.50

220,535,377 5.28

FinlandDNA OYJ EUR 523,088 10,587,301 0.25Neste OYJ EUR 777,816 52,370,351 1.25Stora Enso OYJ ‘R’ EUR 2,772,932 46,682,310 1.12UPM-Kymmene OYJ EUR 1,921,798 59,095,289 1.42

168,735,251 4.04

FranceArkema SA EUR 13,540 1,373,633 0.03Atos SE EUR 100,094 11,743,529 0.28BNP Paribas SA EUR 961,121 51,381,529 1.23Capgemini SE EUR 522,658 60,615,262 1.45Cie Generale des EtablissementsMichelin SCA EUR 243,448 25,580,299 0.61Eiffage SA EUR 337,295 31,543,828 0.76Eramet EUR 30,257 3,400,887 0.08Eurazeo SA EUR 87,133 5,696,320 0.14Faurecia SA EUR 239,152 14,683,933 0.35Fnac Darty SA EUR 13,030 1,070,415 0.03Gaztransport Et Technigaz SA EUR 200,000 10,490,000 0.25Gecina SA, REIT EUR 32,628 4,675,592 0.11IPSOS EUR 190,110 5,570,223 0.13Orange SA EUR 2,105,891 30,277,448 0.73Peugeot SA EUR 1,260,667 24,781,562 0.59Renault SA EUR 140,967 10,301,868 0.25Safran SA EUR 344,462 35,712,098 0.86Sanofi EUR 973,706 67,317,164 1.61Schneider Electric SE EUR 126,165 9,039,722 0.22Sopra Steria Group EUR 4,645 805,675 0.02Thales SA EUR 180,987 20,057,884 0.48TOTAL SA EUR 287,324 15,162,087 0.36Trigano SA EUR 29,002 4,444,556 0.11Ubisoft Entertainment SA EUR 139,500 13,126,950 0.31Vinci SA EUR 647,098 53,566,772 1.28

512,419,236 12.27

GermanyAareal Bank AG EUR 817,752 30,641,167 0.73Allianz SE EUR 283,224 50,345,898 1.21BASF SE EUR 590,744 48,683,213 1.17Bayer AG EUR 471,052 44,837,085 1.07Continental AG EUR 184,251 36,251,384 0.87

Covestro AG EUR 709,492 54,105,860 1.30Deutsche Lufthansa AG EUR 2,109,773 43,577,361 1.04Evonik Industries AG EUR 275,829 8,139,714 0.19Freenet AG EUR 467,583 10,588,417 0.25Fresenius Medical Care AG & Co. KGaA EUR 19,791 1,712,317 0.04Hannover Rueck SE EUR 303,400 32,478,970 0.78Hella GmbH & Co. KGaA EUR 132,992 6,446,122 0.15HOCHTIEF AG EUR 102,805 15,878,232 0.38Jenoptik AG EUR 98,168 3,315,133 0.08LEG Immobilien AG EUR 38,219 3,555,131 0.09MuenchenerRueckversicherungs-Gesellschaft AG EUR 294,175 53,481,015 1.28Nemetschek SE EUR 19,000 1,946,550 0.05ProSiebenSat.1 Media SE EUR 298,068 6,469,566 0.15Rheinmetall AG EUR 251,033 23,830,563 0.57Salzgitter AG EUR 95,471 3,566,319 0.09SAP SE EUR 67,115 6,646,734 0.16Siemens AG EUR 12,881 1,461,221 0.03Siltronic AG EUR 282,675 34,882,095 0.84Sixt SE EUR 60,780 5,772,581 0.14SMA Solar Technology AG EUR 89,617 3,202,015 0.08Software AG EUR 549,515 21,829,483 0.52TUI AG GBP 873,167 16,502,474 0.39Uniper SE EUR 2,061,232 52,592,335 1.26Volkswagen AG Preference EUR 63,764 9,129,730 0.22Wirecard AG EUR 255,343 35,135,197 0.84

667,003,882 15.97

IrelandCairn Homes plc EUR 3,322,229 5,886,990 0.14

5,886,990 0.14

IsraelPlus500 Ltd. GBP 854,874 15,647,090 0.37

15,647,090 0.37

ItalyA2A SpA EUR 21,428,227 31,858,416 0.76ASTM SpA EUR 180,412 3,601,024 0.09Enel SpA EUR 10,654,350 50,789,286 1.21Eni SpA EUR 1,368,723 21,958,423 0.52ERG SpA EUR 574,695 10,815,760 0.26Falck Renewables SpA EUR 1,536,205 3,206,828 0.08Iren SpA EUR 2,238,184 4,892,670 0.12Maire Tecnimont SpA EUR 671,439 2,605,183 0.06Mediobanca Banca di CreditoFinanziario SpA EUR 614,880 4,925,189 0.12Poste Italiane SpA EUR 323,136 2,340,151 0.06Societa Iniziative Autostradali e ServiziSpA EUR 182,038 2,341,009 0.06Unipol Gruppo SpA EUR 938,512 3,099,905 0.07

142,433,844 3.41

LuxembourgADO Properties SA EUR 98,694 4,597,167 0.11Aroundtown SA EUR 1,615,220 11,415,567 0.27Grand City Properties SA EUR 115,000 2,527,700 0.06

18,540,434 0.44

MaltaKindred Group plc, SDR SEK 680,849 7,379,304 0.18

7,379,304 0.18

NetherlandsABN AMRO Group NV, CVA EUR 1,707,074 38,016,538 0.91Adyen NV EUR 10,218 4,825,706 0.12ASML Holding NV EUR 144,217 24,607,026 0.59ASR Nederland NV EUR 899,656 31,478,963 0.75BE Semiconductor Industries NV EUR 741,684 17,221,903 0.41CNH Industrial NV EUR 1,401,067 12,737,100 0.30Euronext NV, Reg. S EUR 319,591 17,297,863 0.41Fiat Chrysler Automobiles NV EUR 3,081,848 50,539,225 1.21Flow Traders EUR 290,001 9,671,533 0.23ING Groep NV EUR 5,327,985 66,013,734 1.58Koninklijke Ahold Delhaize NV EUR 2,207,437 45,484,239 1.09Koninklijke DSM NV EUR 221,815 19,204,743 0.46Koninklijke Philips NV EUR 308,559 11,260,089 0.27Koninklijke Volkerwessels NV EUR 95,000 2,083,350 0.05NN Group NV EUR 759,498 26,582,430 0.64Philips Lighting NV EUR 1,026,494 22,834,359 0.55Randstad NV EUR 220,366 11,157,131 0.27

322

JPMorgan Funds - Europe Equity Plus FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Rhi Magnesita NV GBP 72,857 3,788,559 0.09STMicroelectronics NV EUR 367,496 7,082,567 0.17Wolters Kluwer NV EUR 1,251,096 60,553,046 1.45

482,440,104 11.55

NorwayAker BP ASA NOK 286,071 9,037,418 0.22DNB ASA NOK 932,911 15,622,453 0.38Equinor ASA NOK 624,958 14,235,044 0.34Leroy Seafood Group ASA NOK 1,542,030 8,857,433 0.21Marine Harvest ASA NOK 2,041,030 34,800,361 0.83Salmar ASA NOK 143,192 5,165,594 0.12SpareBank 1 SR-Bank ASA NOK 403,906 3,670,251 0.09Storebrand ASA NOK 966,117 6,667,172 0.16Telenor ASA NOK 2,346,439 41,399,597 0.99

139,455,323 3.34

PortugalAltri SGPS SA EUR 691,000 6,049,705 0.15

6,049,705 0.15

SpainACS Actividades de Construccion yServicios SA EUR 1,291,644 44,884,629 1.08ACS Actividades de Construccion yServicios SA Rights 06/07/2018 EUR 1,291,644 1,149,047 0.03Aena SME SA EUR 332,079 51,688,096 1.24Amadeus IT Group SA ‘A’ EUR 250,000 16,867,500 0.40Ence Energia y Celulosa SA EUR 1,903,006 14,439,058 0.35Grupo Catalana Occidente SA EUR 118,044 4,506,330 0.11International Consolidated AirlinesGroup SA EUR 6,721,730 50,728,896 1.21Merlin Properties Socimi SA, REIT EUR 513,992 6,415,905 0.15Repsol SA EUR 3,892,939 66,014,513 1.58Repsol SA Rights 06/07/2018 EUR 3,892,939 1,938,684 0.05Telefonica SA EUR 1,502,854 10,984,360 0.26

269,617,018 6.46

SwedenAlfa Laval AB SEK 1,901,872 38,535,587 0.92Atlas Copco AB ‘A’ SEK 236,818 5,899,788 0.14Boliden AB SEK 290,262 8,068,532 0.19Dometic Group AB SEK 1,203,398 10,152,460 0.24Epiroc AB ‘A’ SEK 236,818 2,117,562 0.05Fabege AB SEK 719,444 7,324,768 0.18Hemfosa Fastigheter AB SEK 220,000 2,215,667 0.05Lundin Petroleum AB SEK 462,199 12,745,205 0.31Sandvik AB SEK 2,041,938 30,900,872 0.74SAS AB SEK 2,056,623 3,325,630 0.08SKF AB ‘B’ SEK 232,876 3,705,577 0.09SSAB AB ‘A’ SEK 1,195,181 4,830,194 0.12Swedish Match AB SEK 1,354,610 57,244,391 1.37Tele2 AB ‘B’ SEK 771,073 7,702,985 0.19Volvo AB ‘B’ SEK 3,918,418 53,632,152 1.28

248,401,370 5.95

SwitzerlandABB Ltd. CHF 2,435,584 45,664,043 1.09Adecco Group AG CHF 786,035 40,155,132 0.96Bucher Industries AG CHF 16,188 4,659,605 0.11Galenica AG CHF 88,288 4,018,017 0.10GAM Holding AG CHF 651,233 7,768,321 0.19Georg Fischer AG CHF 28,476 31,186,547 0.75Implenia AG CHF 34,806 2,260,970 0.05Julius Baer Group Ltd. CHF 468,514 23,618,471 0.57Kardex AG CHF 36,878 4,408,606 0.11Logitech International SA CHF 414,744 15,671,923 0.38Nestle SA CHF 1,864,800 123,312,015 2.95Novartis AG CHF 1,635,964 106,638,587 2.55Oriflame Holding AG SEK 375,667 10,378,824 0.25Partners Group Holding AG CHF 18,113 11,437,268 0.27Roche Holding AG CHF 464,342 88,322,436 2.11Sika AG CHF 203,820 24,251,283 0.58Sunrise Communications Group AG CHF 64,428 4,505,416 0.11Swiss Re AG CHF 180,548 13,424,676 0.32UBS Group AG CHF 4,221,926 55,762,941 1.33Zurich Insurance Group AG CHF 177,675 45,152,869 1.08

662,597,950 15.86

United KingdomAshtead Group plc GBP 1,270,699 32,923,240 0.79Aviva plc GBP 2,320,236 13,271,470 0.32Bank of Georgia Group plc GBP 44,538 960,769 0.02Berkeley Group Holdings plc GBP 232,877 9,990,871 0.24British American Tobacco plc GBP 255,432 11,121,631 0.27British Land Co. plc (The), REIT GBP 1,720,535 13,096,391 0.31Computacenter plc GBP 331,118 5,422,527 0.13Domino’s Pizza Group plc GBP 500,000 1,965,961 0.05DS Smith plc GBP 698,099 4,121,646 0.10Evraz plc GBP 771,844 4,423,578 0.11Games Workshop Group plc GBP 80,000 2,714,711 0.06Georgia Capital plc GBP 44,538 515,997 0.01GlaxoSmithKline plc GBP 693,340 12,029,892 0.29HSBC Holdings plc GBP 8,191,598 66,023,729 1.58Imperial Brands plc GBP 178,924 5,714,672 0.14Legal & General Group plc GBP 1,723,919 5,187,487 0.12National Express Group plc GBP 449,926 2,034,512 0.05Next plc GBP 153,084 10,538,260 0.25Persimmon plc GBP 28,664 824,308 0.02Royal Bank of Scotland Group plc GBP 411,831 1,194,102 0.03Royal Dutch Shell plc ‘B’ GBP 3,422,195 105,878,897 2.53Thomas Cook Group plc GBP 3,293,123 3,989,820 0.10Unilever plc GBP 416,205 19,824,575 0.47

333,769,046 7.99

Total Equities 4,064,074,540 97.30

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 4,064,074,540 97.30

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPMEuro Liquidity X (flex dist.)† EUR 64,660,187 64,660,187 1.55

64,660,187 1.55

Total Collective Investment Schemes - UCITS 64,660,187 1.55

Total Units of authorised UCITS or other collective investmentundertakings 64,660,187 1.55

Total Investments 4,128,734,727 98.85

Cash 17,639,361 0.42

Other Assets/(Liabilities) 30,604,249 0.73

Total Net Assets 4,176,978,337 100.00

† Related Party Fund.

323

JPMorgan Funds - Europe Equity Plus FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsGermany 15.97Switzerland 15.86France 12.27Netherlands 11.55United Kingdom 7.99Spain 6.46Sweden 5.95Denmark 5.28Finland 4.04Italy 3.41Norway 3.34Luxembourg 1.99Austria 1.90Belgium 1.87Israel 0.37Malta 0.18Portugal 0.15Ireland 0.14Bermuda 0.13Total Investments 98.85Cash and Other Assets/(Liabilities) 1.15

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Switzerland 17.39Germany 16.04France 11.92Luxembourg 9.48United Kingdom 8.87Netherlands 7.88Sweden 6.15Spain 5.56Denmark 4.36Italy 3.24Finland 2.52Belgium 2.25Norway 1.94Austria 1.63Ireland 0.16Portugal 0.08Bermuda 0.06Total Investments 99.53Cash and Other Assets/(Liabilities) 0.47

Total 100.00

324

JPMorgan Funds - Europe Equity Plus FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Europe Equity Plus FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

CHF 19,503,000 EUR 16,823,722 30/07/2018 Citibank 39,660 -EUR 8,122,948 DKK 60,517,125 11/07/2018 Standard Chartered 804 -EUR 51,319,824 DKK 382,152,847 30/07/2018 HSBC 25,991 -EUR 29,184,110 DKK 217,325,896 30/07/2018 Toronto-Dominion Bank 13,901 -EUR 66,215,990 GBP 58,379,261 11/07/2018 Merrill Lynch 251,038 0.01EUR 25,484,974 GBP 22,360,720 30/07/2018 Goldman Sachs 232,505 0.01EUR 10,524,845 GBP 9,228,847 30/07/2018 Morgan Stanley 102,498 -EUR 2,381,811 NOK 22,530,354 11/07/2018 Toronto-Dominion Bank 16,918 -EUR 99,942,301 NOK 951,239,983 30/07/2018 HSBC 162,072 -EUR 9,934,709 SEK 101,104,621 11/07/2018 Standard Chartered 269,229 0.01EUR 111,307,023 SEK 1,140,426,109 30/07/2018 HSBC 2,280,873 0.05EUR 2,306,643 USD 2,668,726 11/07/2018 Merrill Lynch 15,851 -USD 644,363 EUR 545,222 11/07/2018 BNP Paribas 7,889 -USD 1,290,343 EUR 1,094,087 11/07/2018 Deutsche Bank 13,523 -USD 277,459,413 EUR 234,219,002 11/07/2018 HSBC 3,947,789 0.09USD 21,469,458 EUR 18,095,849 30/07/2018 State Street 306,470 0.01

Total Unrealised Gain on Forward Currency Exchange Contracts 7,687,011 0.18

CHF 16,064,006 EUR 13,946,239 30/07/2018 Societe Generale (56,404) -DKK 8,653,700 USD 1,372,670 11/07/2018 Citibank (16,845) -EUR 27,441,855 CHF 31,916,881 11/07/2018 Merrill Lynch (149,111) (0.01)EUR 145,447,156 CHF 168,730,322 30/07/2018 State Street (446,487) (0.01)EUR 19,247,487 DKK 143,428,170 30/07/2018 Morgan Stanley (3,922) -EUR 4,737,808 USD 5,581,206 11/07/2018 Goldman Sachs (53,012) -EUR 2,247,624 USD 2,631,702 11/07/2018 Merrill Lynch (11,388) -EUR 2,041,815 USD 2,380,850 11/07/2018 RBC (1,869) -GBP 656,556,021 EUR 746,519,044 30/07/2018 State Street (5,055,420) (0.12)GBP 2,254,305 USD 2,998,965 11/07/2018 Deutsche Bank (27,039) -SEK 124,313,670 EUR 11,996,057 30/07/2018 Citibank (111,516) -SEK 204,085,483 EUR 19,846,043 30/07/2018 State Street (335,218) (0.01)

Total Unrealised Loss on Forward Currency Exchange Contracts (6,268,231) (0.15)

Net Unrealised Gain on Forward Currency Exchange Contracts 1,418,780 0.03

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

EUR

UnrealisedGain/(Loss)

EUR

%of

NetAssets

EURO STOXX 50 Index, 21/09/2018 (2,945) EUR (100,144,725) (1,416,885) (0.03)FTSE 100 Index, 21/09/2018 (818) GBP (70,400,175) (750,724) (0.02)

Total Unrealised Loss on Financial Futures Contracts (2,167,609) (0.05)

Net Unrealised Loss on Financial Futures Contracts (2,167,609) (0.05)

325

JPMorgan Funds - Europe Equity Plus FundSchedule of Investments (continued)

As at 30 June 2018

Total Return Swap Contracts

Description CurrencyMaturityDate Counterparty

GlobalExposure

EUR

UnrealisedGain/(Loss)

EUR

%of

NetAssets

Receive DKK-1M-CIBOR-REUTRPay Performance of the underlying equity basket of 4 Securities DKK 27/08/2018 UBS (53,431,431) 10,930,333 0.26Receive Performance of the underlying equity basket of 46 SecuritiesPay GBP-1M-LIBOR-BBA +0.25% GBP 28/08/2018 UBS 1,028,507,594 116,126,909 2.78Receive GBP-1M-LIBOR-BBAPay Performance of the underlying equity basket of 34 Securities GBP 28/08/2018 UBS (275,243,906)

Total Unrealised Gain on Total Return Swap Contracts 127,057,242 3.04

Receive CHF-1M-LIBOR-BBAPay Performance of the underlying equity basket of 10 Securities CHF 27/08/2018 UBS (69,383,336) (19,331,252) (0.46)Receive Performance of the underlying equity basket of 26 SecuritiesPay EUR-1M-LIBOR-BBA +0.25% EUR 27/08/2018 UBS 356,386,408 (66,952,203) (1.60)Receive EUR-1M-LIBOR-BBAPay Performance of the underlying equity basket of 57 Securities EUR 27/08/2018 UBS (642,611,582)Receive NOK-1M-NIBOR-REUTRPay Performance of the underlying equity basket of 4 Securities NOK 27/08/2018 UBS (49,657,007) (4,029,782) (0.10)Receive SEK-1M-STIBOR-REUTRPay Performance of the underlying equity basket of 6 Securities SEK 27/08/2018 UBS (46,142,880) (17,036,200) (0.41)

Total Unrealised Loss on Total Return Swap Contracts (107,349,437) (2.57)

Net Unrealised Gain on Total Return Swap Contracts 19,707,805 0.47

Geographic Distribution based on EconomicExposure of Swap Portfolio

Global ExposureEUR

% of Basket GlobalExposure

United Kingdom 701,341,818 282.32France 78,241,597 31.50Jersey 32,308,369 13.00Luxembourg 25,531,722 10.28Gibraltar 3,181,818 1.28Austria (2,518,272) (1.01)Ireland (3,934,512) (1.58)Bermuda (4,757,863) (1.92)Belgium (10,683,604) (4.30)Cayman Islands (12,558,393) (5.06)Finland (32,610,416) (13.13)Netherlands (44,819,446) (18.04)Sweden (46,142,880) (18.57)Norway (46,615,608) (18.77)Switzerland (48,879,189) (19.68)Denmark (53,431,431) (21.51)Italy (53,815,693) (21.66)Spain (115,369,404) (46.44)Germany (116,044,753) (46.71)

248,423,860 100.00

326

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

AustraliaOrigin Energy Finance Ltd., Reg. S, FRN4% 16/09/2074 EUR 3,500,000 3,604,545 0.44

3,604,545 0.44

CanadaValeant Pharmaceuticals International,Inc., Reg. S 4.5% 15/05/2023 EUR 8,500,000 8,057,150 0.97

8,057,150 0.97

Cayman IslandsUPCB Finance IV Ltd., Reg. S 4%15/01/2027 EUR 3,750,000 3,806,006 0.46UPCB Finance VII Ltd., Reg. S 3.625%15/06/2029 EUR 2,500,000 2,427,463 0.29

6,233,469 0.75

DenmarkDanske Bank A/S, Reg. S, FRN 5.75%Perpetual EUR 2,200,000 2,313,135 0.28TDC A/S 3.75% 02/03/2022 EUR 4,000,000 4,212,080 0.51

6,525,215 0.79

FinlandStora Enso OYJ, Reg. S 2.5% 07/06/2027 EUR 1,250,000 1,272,712 0.15

1,272,712 0.15

FranceAccor SA, Reg. S, FRN 4.125% Perpetual EUR 3,300,000 3,451,388 0.42Altice France SA, Reg. S 5.375%15/05/2022 EUR 1,700,000 1,749,852 0.21Altice France SA, Reg. S 5.625%15/05/2024 EUR 6,000,000 6,235,560 0.75Arkema SA, Reg. S, FRN 4.75% Perpetual EUR 4,500,000 4,819,118 0.58Casino Guichard Perrachon SA 5.244%09/03/2020 EUR 2,500,000 2,636,450 0.32Casino Guichard Perrachon SA, Reg. S1.865% 13/06/2022 EUR 1,600,000 1,503,400 0.18Casino Guichard Perrachon SA, Reg. S4.498% 07/03/2024 EUR 5,700,000 5,699,601 0.69CMA CGM SA, Reg. S 7.75% 15/01/2021 EUR 1,000,000 987,165 0.12CMA CGM SA, Reg. S 6.5% 15/07/2022 EUR 1,700,000 1,585,573 0.19Constantin Investissement 3 SASU, Reg. S5.375% 15/04/2025 EUR 3,700,000 3,618,600 0.44Crown European Holdings SA, Reg. S 4%15/07/2022 EUR 8,500,000 9,261,728 1.12Crown European Holdings SA, Reg. S2.625% 30/09/2024 EUR 7,500,000 7,400,850 0.89Elis SA, Reg. S 3% 30/04/2022 EUR 4,815,000 4,892,016 0.59Elis SA, Reg. S 1.875% 15/02/2023 EUR 3,900,000 3,853,551 0.47Europcar Groupe SA, Reg. S 5.75%15/06/2022 EUR 1,750,000 1,797,180 0.22Europcar Groupe SA, Reg. S 4.125%15/11/2024 EUR 4,000,000 3,934,080 0.48Faurecia SA, Reg. S 3.625% 15/06/2023 EUR 1,000,000 1,039,840 0.13Faurecia SA, Reg. S 2.625% 15/06/2025 EUR 2,509,000 2,538,242 0.31Fnac Darty SA, Reg. S 3.25% 30/09/2023 EUR 1,000,000 1,034,070 0.12Horizon Holdings I SAS, Reg. S 7.25%01/08/2023 EUR 5,250,000 5,469,109 0.66La Financiere Atalian SASU, Reg. S 4%15/05/2024 EUR 3,600,000 3,420,864 0.41La Financiere Atalian SASU, Reg. S5.125% 15/05/2025 EUR 1,695,000 1,627,912 0.20Loxam SAS, Reg. S 3.5% 03/05/2023 EUR 1,500,000 1,537,950 0.19Loxam SAS, Reg. S 4.25% 15/04/2024 EUR 3,000,000 3,129,090 0.38Loxam SAS, Reg. S 6% 15/04/2025 EUR 1,000,000 1,059,060 0.13Novafives SAS, Reg. S 4.5% 30/06/2021 EUR 2,500,000 2,531,175 0.31Novafives SAS, Reg. S 5% 15/06/2025 EUR 4,373,000 4,188,481 0.51Orano SA 4.875% 23/09/2024 EUR 3,000,000 3,159,720 0.38Orano SA, Reg. S 3.5% 22/03/2021 EUR 5,500,000 5,749,067 0.69Paprec Holding SA, Reg. S 4%31/03/2025 EUR 5,091,000 5,049,305 0.61Peugeot SA, Reg. S 2.375% 14/04/2023 EUR 5,000,000 5,247,050 0.63Peugeot SA, Reg. S 2% 23/03/2024 EUR 1,250,000 1,259,131 0.15Picard Groupe SAS, Reg. S, FRN 3%30/11/2023 EUR 2,000,000 1,960,120 0.24Rexel SA, Reg. S 3.5% 15/06/2023 EUR 2,000,000 2,068,610 0.25Rexel SA, Reg. S 2.625% 15/06/2024 EUR 7,000,000 7,018,375 0.85Solvay Finance SA, Reg. S, FRN 5.425%Perpetual EUR 6,600,000 7,351,179 0.89

SPIE SA, Reg. S 3.125% 22/03/2024 EUR 5,500,000 5,511,385 0.67Vallourec SA, Reg. S 6.625% 15/10/2022 EUR 3,300,000 3,357,057 0.41Vallourec SA, Reg. S 6.375% 15/10/2023 EUR 1,541,000 1,512,106 0.18Vallourec SA, Reg. S 2.25% 30/09/2024 EUR 6,000,000 4,819,410 0.58WFS Global Holding SAS, Reg. S 9.5%15/07/2022 EUR 2,000,000 2,105,730 0.25

147,170,150 17.80

GermanyCTC BondCo GmbH, Reg. S 5.25%15/12/2025 EUR 5,530,000 5,283,390 0.64Douglas GmbH, Reg. S 6.25% 15/07/2022 EUR 3,000,000 2,952,855 0.36Hapag-Lloyd AG, Reg. S 6.75%01/02/2022 EUR 1,500,000 1,516,132 0.18IHO Verwaltungs GmbH, Reg. S 3.25%15/09/2023 EUR 3,600,000 3,646,926 0.44IHO Verwaltungs GmbH, Reg. S 3.75%15/09/2026 EUR 2,250,000 2,295,551 0.28Kirk Beauty One GmbH, Reg. S 8.75%15/07/2023 EUR 1,800,000 1,690,713 0.20LANXESS AG, Reg. S, FRN 4.5%06/12/2076 EUR 1,000,000 1,077,585 0.13Nidda BondCo GmbH, Reg. S 5%30/09/2025 EUR 6,000,000 5,498,010 0.67Nidda Healthcare Holding GmbH, Reg. S3.5% 30/09/2024 EUR 4,568,000 4,318,907 0.52ProGroup AG, Reg. S 3% 31/03/2026 EUR 4,415,000 4,304,073 0.52Tele Columbus AG, Reg. S 3.875%02/05/2025 EUR 4,200,000 4,005,981 0.48thyssenkrupp AG, Reg. S 1.75%25/11/2020 EUR 1,000,000 1,026,130 0.12thyssenkrupp AG, Reg. S 2.75%08/03/2021 EUR 6,500,000 6,802,315 0.82thyssenkrupp AG, Reg. S 1.375%03/03/2022 EUR 12,000,000 12,046,320 1.46thyssenkrupp AG, Reg. S 2.5%25/02/2025 EUR 3,250,000 3,391,944 0.41Unitymedia GmbH, Reg. S 3.75%15/01/2027 EUR 6,750,000 7,071,536 0.86Unitymedia Hessen GmbH & Co. KG,Reg. S 4% 15/01/2025 EUR 8,500,000 8,915,650 1.08Unitymedia Hessen GmbH & Co. KG,Reg. S 3.5% 15/01/2027 EUR 4,500,000 4,713,210 0.57WEPA Hygieneprodukte GmbH, Reg. S3.75% 15/05/2024 EUR 2,200,000 2,103,123 0.25

82,660,351 9.99

IrelandArdagh Packaging Finance plc, Reg. S2.75% 15/03/2024 EUR 2,250,000 2,230,223 0.27Ardagh Packaging Finance plc, Reg. S6.75% 15/05/2024 EUR 7,700,000 8,307,645 1.01Bank of Ireland, Reg. S, FRN 7.375%Perpetual EUR 2,300,000 2,472,776 0.30eircom Finance DAC, Reg. S 4.5%31/05/2022 EUR 4,000,000 4,085,800 0.49Smurfit Kappa Acquisitions ULC, Reg. S3.25% 01/06/2021 EUR 3,500,000 3,737,475 0.45Smurfit Kappa Acquisitions ULC, Reg. S2.75% 01/02/2025 EUR 3,000,000 3,057,825 0.37

23,891,744 2.89

ItalyBuzzi Unicem SpA, Reg. S 2.125%28/04/2023 EUR 3,500,000 3,610,390 0.44EVOCA SpA, Reg. S 7% 15/10/2023 EUR 9,350,000 9,869,205 1.19Leonardo SpA 4.5% 19/01/2021 EUR 5,000,000 5,437,325 0.66Leonardo SpA 4.875% 24/03/2025 EUR 4,500,000 5,158,463 0.62LKQ Italia Bondco SpA, Reg. S 3.875%01/04/2024 EUR 2,700,000 2,815,317 0.34Telecom Italia SpA, Reg. S 3.25%16/01/2023 EUR 3,900,000 4,137,803 0.50Telecom Italia SpA, Reg. S 3.625%19/01/2024 EUR 6,000,000 6,445,140 0.78Telecom Italia SpA, Reg. S 3.625%25/05/2026 EUR 5,000,000 5,272,725 0.64Telecom Italia SpA, Reg. S 2.375%12/10/2027 EUR 2,500,000 2,359,350 0.28UniCredit SpA, Reg. S, FRN 6.625%Perpetual EUR 3,500,000 3,478,930 0.42UniCredit SpA, Reg. S 6.95% 31/10/2022 EUR 1,000,000 1,157,165 0.14Wind Tre SpA, Reg. S 2.625% 20/01/2023 EUR 3,624,000 3,051,426 0.37Wind Tre SpA, Reg. S 3.125% 20/01/2025 EUR 5,000,000 4,059,800 0.49

56,853,039 6.87

327

JPMorgan Funds - Europe High Yield Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JapanSoftBank Group Corp., Reg. S 4%30/07/2022 EUR 2,764,000 2,924,188 0.35SoftBank Group Corp., Reg. S 3.125%19/09/2025 EUR 1,583,000 1,453,811 0.18

4,377,999 0.53

JerseyAdient Global Holdings Ltd., Reg. S 3.5%15/08/2024 EUR 3,000,000 2,794,485 0.34Avis Budget Finance plc, Reg. S 4.125%15/11/2024 EUR 2,750,000 2,779,934 0.34CPUK Finance Ltd., Reg. S 4.25%28/02/2047 GBP 4,000,000 4,557,911 0.55

10,132,330 1.23

LuxembourgAltice Financing SA, Reg. S 5.25%15/02/2023 EUR 2,000,000 2,067,500 0.25Altice Finco SA, Reg. S 4.75% 15/01/2028 EUR 5,853,000 5,005,222 0.61Altice Luxembourg SA, Reg. S 7.25%15/05/2022 EUR 9,572,000 9,638,573 1.17Altice Luxembourg SA, Reg. S 6.25%15/02/2025 EUR 7,750,000 7,441,124 0.90Aramark International Finance Sarl,Reg. S 3.125% 01/04/2025 EUR 1,000,000 1,020,420 0.12Auris Luxembourg II SA, Reg. S 8%15/01/2023 EUR 5,000,000 5,209,475 0.63Cirsa Funding Luxembourg SA, Reg. S5.75% 15/05/2021 EUR 3,000,000 3,086,670 0.37CNH Industrial Finance Europe SA, Reg. S2.875% 27/09/2021 EUR 500,000 533,052 0.06Crystal Almond SARL, Reg. S 10%01/11/2021 EUR 5,350,000 5,697,269 0.69Dufry Finance SCA, Reg. S 4.5%01/08/2023 EUR 2,500,000 2,587,225 0.31eDreams ODIGEO SA, Reg. S 8.5%01/08/2021 EUR 5,364,770 5,582,365 0.68Fiat Chrysler Finance Europe SA, Reg. S4.75% 22/03/2021 EUR 1,000,000 1,091,885 0.13Fiat Chrysler Finance Europe SA, Reg. S4.75% 15/07/2022 EUR 5,500,000 6,086,493 0.74Galapagos SA, Reg. S, FRN 4.429%15/06/2021 EUR 2,000,000 1,789,360 0.22Galapagos SA, Reg. S 5.375% 15/06/2021 EUR 2,000,000 1,743,200 0.21Garfunkelux Holdco 2 SA, Reg. S 11%01/11/2023 GBP 1,000,000 1,090,885 0.13Garfunkelux Holdco 3 SA, Reg. S 7.5%01/08/2022 EUR 1,306,000 1,277,013 0.15Horizon Parent Holdings Sarl, Reg. S8.25% 15/02/2022 EUR 3,000,000 3,129,345 0.38INEOS Group Holdings SA, Reg. S 5.375%01/08/2024 EUR 3,763,000 3,941,949 0.48LHMC Finco Sarl, Reg. S 6.25%20/12/2023 EUR 2,639,000 2,613,138 0.32Matterhorn Telecom Holding SA, Reg. S4.875% 01/05/2023 EUR 5,700,000 5,733,060 0.69Monitchem HoldCo 2 SA, Reg. S 6.875%15/06/2022 EUR 4,500,000 3,993,548 0.48Picard Bondco SA, Reg. S 5.5%30/11/2024 EUR 2,000,000 1,889,330 0.23Samsonite Finco Sarl, Reg. S 3.5%15/05/2026 EUR 1,304,000 1,245,555 0.15SES SA, Reg. S, FRN 4.625% Perpetual EUR 8,000,000 8,263,840 1.00SIG Combibloc Holdings SCA, Reg. S7.75% 15/02/2023 EUR 8,750,000 9,080,050 1.10Telecom Italia Finance SA 7.75%24/01/2033 EUR 3,800,000 5,243,468 0.63Telenet Finance Luxembourg Notes Sarl,Reg. S 3.5% 01/03/2028 EUR 3,000,000 2,851,200 0.34Telenet Finance VI Luxembourg SCA,Reg. S 4.875% 15/07/2027 EUR 3,375,000 3,581,668 0.43

112,513,882 13.60

NetherlandsCBR Fashion Finance BV, Reg. S 5.125%01/10/2022 EUR 1,837,000 1,577,910 0.19Constellium NV, Reg. S 4.625%15/05/2021 EUR 1,800,000 1,818,531 0.22Constellium NV, Reg. S 4.25%15/02/2026 EUR 2,977,000 2,903,587 0.35Darling Global Finance BV, Reg. S 3.625%15/05/2026 EUR 5,200,000 5,224,726 0.63Dufry One BV, Reg. S 2.5% 15/10/2024 EUR 1,728,000 1,721,045 0.21Energizer Gamma Acquisition BV, Reg. S4.625% 15/07/2026 EUR 2,025,000 2,048,672 0.25Fiat Chrysler Automobiles NV, Reg. S3.75% 29/03/2024 EUR 8,000,000 8,529,920 1.03

Gas Natural Fenosa Finance BV, Reg. S,FRN 4.125% Perpetual EUR 3,300,000 3,444,491 0.42Hema Bondco I BV, Reg. S, FRN 6.25%15/07/2022 EUR 2,500,000 2,409,125 0.29Hema Bondco II BV, Reg. S 8.5%15/01/2023 EUR 400,000 380,980 0.05Hertz Holdings Netherlands BV, Reg. S5.5% 30/03/2023 EUR 4,465,000 4,343,597 0.53LKQ European Holdings BV, Reg. S3.625% 01/04/2026 EUR 3,814,000 3,773,362 0.46Nyrstar Netherlands Holdings BV, Reg. S8.5% 15/09/2019 EUR 3,000,000 3,067,110 0.37Nyrstar Netherlands Holdings BV, Reg. S6.875% 15/03/2024 EUR 3,035,000 2,829,151 0.34OI European Group BV, Reg. S 4.875%31/03/2021 EUR 1,500,000 1,652,355 0.20Repsol International Finance BV, Reg. S,FRN 4.5% 25/03/2075 EUR 8,000,000 8,373,840 1.01Saipem Finance International BV, Reg. S2.75% 05/04/2022 EUR 4,600,000 4,679,603 0.57Sigma Holdco BV, Reg. S 5.75%15/05/2026 EUR 1,413,000 1,326,454 0.16Sunshine Mid BV, Reg. S 6.5%15/05/2026 EUR 4,650,000 4,421,708 0.53Telefonica Europe BV, Reg. S, FRN 2.66%Perpetual EUR 3,400,000 3,187,687 0.39Telefonica Europe BV, Reg. S, FRN 3%Perpetual EUR 8,200,000 7,697,135 0.93Telefonica Europe BV, Reg. S, FRN3.875% Perpetual EUR 3,800,000 3,506,887 0.42Telefonica Europe BV, Reg. S, FRN 5%Perpetual EUR 2,300,000 2,422,233 0.29Telefonica Europe BV, Reg. S, FRN5.875% Perpetual EUR 7,300,000 7,968,497 0.96Telefonica Europe BV, Reg. S, FRN 6.75%Perpetual GBP 2,000,000 2,416,612 0.29Ziggo BV, Reg. S 3.75% 15/01/2025 EUR 8,500,000 8,419,420 1.02Ziggo BV, Reg. S 4.25% 15/01/2027 EUR 4,000,000 3,964,360 0.48

104,108,998 12.59

PortugalEDP - Energias de Portugal SA, Reg. S,FRN 5.375% 16/09/2075 EUR 4,800,000 5,179,776 0.63

5,179,776 0.63

SpainBankia SA, Reg. S, FRN 3.375%15/03/2027 EUR 4,000,000 4,078,380 0.49CaixaBank SA, Reg. S, FRN 3.5%15/02/2027 EUR 2,000,000 2,102,330 0.26CaixaBank SA, Reg. S, FRN 5.25%Perpetual EUR 3,400,000 3,122,016 0.38Cellnex Telecom SA, Reg. S 2.875%18/04/2025 EUR 1,000,000 1,013,955 0.12Grifols SA, Reg. S 3.2% 01/05/2025 EUR 4,150,000 4,076,026 0.49Grupo-Antolin Irausa SA, Reg. S 3.25%30/04/2024 EUR 1,000,000 967,505 0.12

15,360,212 1.86

SupranationalEagle Intermediate Global Holding BV,Reg. S 5.375% 01/05/2023 EUR 2,100,000 2,090,235 0.25

2,090,235 0.25

SwedenTelefonaktiebolaget LM Ericsson, Reg. S1.875% 01/03/2024 EUR 1,000,000 981,340 0.12Verisure Holding AB, Reg. S 6%01/11/2022 EUR 2,520,000 2,629,670 0.32Verisure Midholding AB, Reg. S 5.75%01/12/2023 EUR 8,500,000 8,280,148 1.00Volvo Car AB, Reg. S 2% 24/01/2025 EUR 3,500,000 3,397,450 0.41

15,288,608 1.85

SwitzerlandUBS Group Funding Switzerland AG, Reg.S, FRN 5.75% Perpetual EUR 2,500,000 2,701,150 0.33

2,701,150 0.33

United KingdomBarclays plc, Reg. S, FRN 7.25% Perpetual GBP 3,000,000 3,487,279 0.42EC Finance plc, Reg. S 2.375% 15/11/2022 EUR 1,000,000 988,035 0.12EC Finance plc, Reg. S 2.375% 15/11/2022 EUR 1,142,000 1,125,698 0.14Iceland Bondco plc, Reg. S 6.75%15/07/2024 GBP 1,000,000 1,169,089 0.14

328

JPMorgan Funds - Europe High Yield Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Iceland Bondco plc, Reg. S 4.625%15/03/2025 GBP 4,300,000 4,401,454 0.53INEOS Finance plc, Reg. S 4%01/05/2023 EUR 2,300,000 2,342,941 0.28International Game Technology plc,Reg. S 4.125% 15/02/2020 EUR 2,775,000 2,904,925 0.35International Game Technology plc,Reg. S 4.75% 05/03/2020 EUR 1,500,000 1,600,305 0.19International Game Technology plc,Reg. S 4.75% 15/02/2023 EUR 7,500,000 8,022,150 0.97Lloyds Banking Group plc, Reg. S, FRN6.375% Perpetual EUR 3,050,000 3,251,376 0.39Merlin Entertainments plc, Reg. S 2.75%15/03/2022 EUR 3,250,000 3,359,752 0.41New Look Secured Issuer plc, Reg. S 6.5%01/07/2022 GBP 4,200,000 2,435,577 0.30Nomad Foods Bondco plc, Reg. S 3.25%15/05/2024 EUR 4,000,000 3,984,380 0.48OTE plc, Reg. S 4.375% 02/12/2019 EUR 2,056,000 2,157,649 0.26OTE plc, Reg. S 3.5% 09/07/2020 EUR 2,300,000 2,390,861 0.29Pizzaexpress Financing 2 plc, Reg. S6.625% 01/08/2021 GBP 1,100,000 1,163,511 0.14Santander UK Group Holdings plc, Reg. S,FRN 7.375% Perpetual GBP 2,000,000 2,358,057 0.29Synlab Unsecured Bondco plc, Reg. S8.25% 01/07/2023 EUR 7,000,000 7,403,200 0.90Tesco Corporate Treasury Services plc,Reg. S 2.125% 12/11/2020 EUR 2,000,000 2,081,960 0.25Tesco Corporate Treasury Services plc,Reg. S 2.5% 01/07/2024 EUR 10,200,000 10,818,579 1.31Tesco plc 5.125% 10/04/2047 EUR 1,400,000 1,758,064 0.21Virgin Media Finance plc, Reg. S 4.5%15/01/2025 EUR 1,000,000 1,013,005 0.12Worldpay Finance plc, Reg. S 3.75%15/11/2022 EUR 4,500,000 4,852,688 0.59

75,070,535 9.08

United States of AmericaAxalta Coating Systems LLC, Reg. S4.25% 15/08/2024 EUR 5,000,000 5,221,125 0.63Ball Corp. 4.375% 15/12/2023 EUR 5,250,000 5,879,370 0.71Belden, Inc., Reg. S 2.875% 15/09/2025 EUR 2,000,000 1,953,650 0.24Belden, Inc., Reg. S 3.375% 15/07/2027 EUR 3,750,000 3,562,650 0.43Coty, Inc., Reg. S 4% 15/04/2023 EUR 6,221,000 6,168,184 0.74Equinix, Inc., REIT 2.875% 01/10/2025 EUR 7,700,000 7,284,238 0.88Huntsman International LLC 5.125%15/04/2021 EUR 2,300,000 2,551,839 0.31Huntsman International LLC 4.25%01/04/2025 EUR 6,100,000 6,956,959 0.84IQVIA, Inc., Reg. S 3.5% 15/10/2024 EUR 4,900,000 4,932,119 0.60IQVIA, Inc., Reg. S 3.25% 15/03/2025 EUR 11,000,000 10,723,460 1.30Iron Mountain, Inc., REIT, Reg. S 3%15/01/2025 EUR 3,500,000 3,478,615 0.42Kraton Polymers LLC, Reg. S 5.25%15/05/2026 EUR 2,842,000 2,871,628 0.35Kronos International, Inc., Reg. S 3.75%15/09/2025 EUR 4,477,000 4,322,118 0.52PSPC Escrow Corp., Reg. S 6%01/02/2023 EUR 2,000,000 2,087,830 0.25PVH Corp., Reg. S 3.125% 15/12/2027 EUR 5,700,000 5,635,390 0.68Silgan Holdings, Inc. 3.25% 15/03/2025 EUR 6,000,000 6,091,260 0.74Vantiv LLC, Reg. S 3.875% 15/11/2025 GBP 2,800,000 3,008,625 0.36WMG Acquisition Corp., Reg. S 4.125%01/11/2024 EUR 3,500,000 3,633,980 0.44

86,363,040 10.44

Total Bonds 769,455,140 93.04

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 769,455,140 93.04

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

LuxembourgFAGE International SA, 144A 5.625%15/08/2026 USD 4,000,000 3,169,232 0.38

3,169,232 0.38

Total Bonds 3,169,232 0.38

Total Transferable securities and money market instrumentsdealt in on another regulated market 3,169,232 0.38

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPM EuroLiquidity X (acc.)† EUR 2,976 41,416,670 5.01

41,416,670 5.01

Total Collective Investment Schemes - UCITS 41,416,670 5.01

Total Units of authorised UCITS or other collective investmentundertakings 41,416,670 5.01

Total Investments 814,041,042 98.43

Cash 51,002 0.01

Other Assets/(Liabilities) 12,923,108 1.56

Total Net Assets 827,015,152 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsLuxembourg 18.99France 17.80Netherlands 12.59United States of America 10.44Germany 9.99United Kingdom 9.08Italy 6.87Ireland 2.89Spain 1.86Sweden 1.85Jersey 1.23Canada 0.97Denmark 0.79Cayman Islands 0.75Portugal 0.63Japan 0.53Australia 0.44Switzerland 0.33Supranational 0.25Finland 0.15Total Investments 98.43Cash and Other Assets/(Liabilities) 1.57

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

Luxembourg 20.06France 16.13Germany 11.30Netherlands 10.38United Kingdom 9.12Italy 8.50United States of America 7.30Ireland 4.88Japan 2.51Sweden 1.79Spain 1.28Jersey 1.09Cayman Islands 0.81Portugal 0.71Australia 0.66Switzerland 0.66Canada 0.65Denmark 0.47Finland 0.26Total Investments 98.56Cash and Other Assets/(Liabilities) 1.44

Total 100.00

329

JPMorgan Funds - Europe High Yield Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Europe High Yield Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

EUR 27,830,548 GBP 24,397,116 05/07/2018 Citibank 258,744 0.03EUR 1,185 USD 1,374 11/07/2018 RBC 6 -USD 3,229,790 EUR 2,769,737 05/07/2018 Merrill Lynch 3,846 -USD 290,936 EUR 245,595 11/07/2018 HSBC 4,140 -

Total Unrealised Gain on Forward Currency Exchange Contracts 266,736 0.03

EUR 2,747,203 USD 3,229,790 05/07/2018 ANZ (26,380) -EUR 863 USD 1,008 11/07/2018 Goldman Sachs (2) -EUR 2,763,944 USD 3,229,790 03/08/2018 Merrill Lynch (3,582) -GBP 378,064 EUR 431,297 05/07/2018 Barclays (4,038) -GBP 1,044,715 EUR 1,190,171 05/07/2018 Morgan Stanley (9,511) -USD 952 EUR 818 11/07/2018 BNP Paribas (1) -

Total Unrealised Loss on Forward Currency Exchange Contracts (43,514) -

Net Unrealised Gain on Forward Currency Exchange Contracts 223,222 0.03

330

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

AustraliaOrigin Energy Finance Ltd., Reg. S, FRN4% 16/09/2074 EUR 3,600,000 3,707,532 1.83

3,707,532 1.83

AustriaWienerberger AG 4% 17/04/2020 EUR 400,000 425,850 0.21

425,850 0.21

CanadaValeant Pharmaceuticals International,Inc., Reg. S 4.5% 15/05/2023 EUR 700,000 663,530 0.33

663,530 0.33

DenmarkTDC A/S 3.75% 02/03/2022 EUR 1,000,000 1,053,020 0.52

1,053,020 0.52

FinlandNokia OYJ, Reg. S 1% 15/03/2021 EUR 2,200,000 2,222,264 1.09Stora Enso OYJ, Reg. S 5.5% 07/03/2019 EUR 900,000 933,863 0.46

3,156,127 1.55

FranceAccor SA, Reg. S, FRN 4.125% Perpetual EUR 4,200,000 4,392,675 2.16Altice France SA, Reg. S 5.375%15/05/2022 EUR 750,000 771,994 0.38Arkema SA, Reg. S, FRN 4.75% Perpetual EUR 3,500,000 3,748,203 1.85Autodis SA, Reg. S 4.375% 01/05/2022 EUR 500,000 507,740 0.25Casino Guichard Perrachon SA 5.244%09/03/2020 EUR 1,200,000 1,265,496 0.62Casino Guichard Perrachon SA, Reg. S4.407% 06/08/2019 EUR 2,000,000 2,075,440 1.02Casino Guichard Perrachon SA, Reg. S5.976% 26/05/2021 EUR 300,000 322,361 0.16CMA CGM SA, Reg. S 7.75% 15/01/2021 EUR 3,000,000 2,961,495 1.46Crown European Holdings SA, Reg. S 4%15/07/2022 EUR 700,000 762,731 0.38Elis SA, Reg. S 3% 30/04/2022 EUR 1,250,000 1,269,994 0.63Europcar Groupe SA, Reg. S 5.75%15/06/2022 EUR 1,300,000 1,335,048 0.66Loxam SAS, Reg. S 4.875% 23/07/2021 EUR 365,000 370,710 0.18Loxam SAS, Reg. S 3.5% 15/04/2022 EUR 600,000 617,985 0.30Loxam SAS, Reg. S 3.5% 03/05/2023 EUR 400,000 410,120 0.20Novafives SAS, Reg. S, FRN 4.5%15/06/2025 EUR 2,900,000 2,847,872 1.40Novafives SAS, Reg. S 4.5% 30/06/2021 EUR 250,000 253,117 0.12Orano SA 4.375% 06/11/2019 EUR 2,000,000 2,097,000 1.03Orano SA, Reg. S 3.25% 04/09/2020 EUR 1,600,000 1,658,872 0.82Orano SA, Reg. S 3.5% 22/03/2021 EUR 1,000,000 1,045,285 0.51Paprec Holding SA, Reg. S, FRN 3.5%31/03/2025 EUR 2,000,000 2,010,870 0.99Peugeot SA, Reg. S 6.5% 18/01/2019 EUR 500,000 517,545 0.26Picard Groupe SAS, Reg. S, FRN 3%30/11/2023 EUR 6,700,000 6,566,402 3.23Solvay Finance SA, Reg. S, FRN 5.118%Perpetual EUR 1,500,000 1,630,117 0.80Tereos Finance Groupe I SA 4.25%04/03/2020 EUR 500,000 505,562 0.25Vallourec SA, Reg. S 3.25% 02/08/2019 EUR 3,500,000 3,586,783 1.77Vallourec SA, Reg. S 6.625% 15/10/2022 EUR 500,000 508,645 0.25Verallia Packaging SASU, Reg. S 5.125%01/08/2022 EUR 900,000 926,096 0.46WFS Global Holding SAS, Reg. S 9.5%15/07/2022 EUR 900,000 947,578 0.47

45,913,736 22.61

GermanyDouglas GmbH, Reg. S 6.25% 15/07/2022 EUR 1,150,000 1,131,928 0.56IHO Verwaltungs GmbH, Reg. S 2.75%15/09/2021 EUR 1,500,000 1,517,572 0.75K+S AG, Reg. S 3.125% 06/12/2018 EUR 400,000 404,998 0.20K+S AG, Reg. S 4.125% 06/12/2021 EUR 800,000 881,400 0.43ProGroup AG, Reg. S, FRN 2.5%31/03/2024 EUR 500,000 497,705 0.24RWE AG, Reg. S, FRN 7% Perpetual GBP 500,000 580,783 0.29RWE AG, Reg. S, FRN 2.75% 21/04/2075 EUR 2,800,000 2,831,878 1.39thyssenkrupp AG 4% 27/08/2018 EUR 1,000,000 1,005,860 0.50thyssenkrupp AG, Reg. S 3.125%25/10/2019 EUR 550,000 566,305 0.28

thyssenkrupp AG, Reg. S 1.75%25/11/2020 EUR 1,845,000 1,893,210 0.93thyssenkrupp AG, Reg. S 2.75%08/03/2021 EUR 2,300,000 2,406,973 1.18

13,718,612 6.75

IrelandAllied Irish Banks plc, Reg. S, FRN 4.125%26/11/2025 EUR 400,000 420,156 0.21Bank of Ireland, Reg. S, FRN 7.375%Perpetual EUR 700,000 752,584 0.37eircom Finance DAC, Reg. S 4.5%31/05/2022 EUR 1,300,000 1,327,885 0.65Smurfit Kappa Acquisitions ULC, Reg. S,FRN 3.171% 15/10/2020 EUR 1,150,000 1,206,885 0.60Smurfit Kappa Acquisitions ULC, Reg. S4.125% 30/01/2020 EUR 500,000 530,208 0.26Smurfit Kappa Acquisitions ULC, Reg. S3.25% 01/06/2021 EUR 2,250,000 2,402,662 1.18

6,640,380 3.27

ItalyBormioli Pharma Bidco SpA, Reg. S, FRN3.5% 15/11/2024 EUR 1,000,000 977,790 0.48Buzzi Unicem SpA, Reg. S 6.25%28/09/2018 EUR 1,200,000 1,216,800 0.60Gamenet Group SpA, Reg. S, FRN 3.75%27/04/2023 EUR 1,200,000 1,155,144 0.57Intesa Sanpaolo SpA, Reg. S 5%23/09/2019 EUR 400,000 417,656 0.21Leonardo SpA 8% 16/12/2019 GBP 1,500,000 1,844,364 0.91Leonardo SpA 4.5% 19/01/2021 EUR 3,100,000 3,371,141 1.66Leonardo SpA 5.25% 21/01/2022 EUR 1,000,000 1,129,065 0.56Leonardo SpA, Reg. S 5.75% 12/12/2018 EUR 400,000 410,194 0.20Limacorporate SpA, Reg. S, FRN 3.75%15/08/2023 EUR 1,000,000 979,935 0.48Marcolin SpA, Reg. S, FRN 4.125%15/02/2023 EUR 625,000 621,975 0.31Snaitech SpA, Reg. S 6.375% 07/11/2021 EUR 275,000 288,567 0.14Telecom Italia SpA, Reg. S 5.375%29/01/2019 EUR 500,000 515,240 0.25Telecom Italia SpA, Reg. S 4%21/01/2020 EUR 250,000 263,914 0.13Telecom Italia SpA, Reg. S 4.875%25/09/2020 EUR 2,000,000 2,191,660 1.08Telecom Italia SpA, Reg. S 4.5%25/01/2021 EUR 3,100,000 3,379,124 1.66Wind Tre SpA, Reg. S, FRN 2.75%20/01/2024 EUR 3,500,000 2,917,618 1.44

21,680,187 10.68

JerseyCPUK Finance Ltd., Reg. S 4.25%28/02/2047 GBP 700,000 797,634 0.39Lincoln Finance Ltd., Reg. S 6.875%15/04/2021 EUR 1,000,000 1,035,260 0.51

1,832,894 0.90

LuxembourgArcelorMittal, Reg. S 2.875% 06/07/2020 EUR 2,600,000 2,734,935 1.35ArcelorMittal, Reg. S 3% 09/04/2021 EUR 1,300,000 1,386,755 0.68Cabot Financial Luxembourg II SA, Reg. S,FRN 5.875% 15/11/2021 EUR 1,000,000 1,014,350 0.50Cirsa Funding Luxembourg SA, Reg. S5.75% 15/05/2021 EUR 500,000 514,445 0.25CNH Industrial Finance Europe SA, Reg. S2.75% 18/03/2019 EUR 1,000,000 1,017,780 0.50Crystal Almond SARL, Reg. S 10%01/11/2021 EUR 1,975,000 2,103,197 1.04eDreams ODIGEO SA, Reg. S 8.5%01/08/2021 EUR 2,100,575 2,185,774 1.08Fiat Chrysler Finance Europe SA 7.375%09/07/2018 EUR 200,000 200,231 0.10Fiat Chrysler Finance Europe SA, Reg. S6.75% 14/10/2019 EUR 2,100,000 2,262,278 1.12Fiat Chrysler Finance Europe SA, Reg. S4.75% 22/03/2021 EUR 3,800,000 4,149,163 2.04Galapagos SA, Reg. S, FRN 4.429%15/06/2021 EUR 650,000 581,542 0.29Garfunkelux Holdco 3 SA, Reg. S, FRN4.5% 01/09/2023 EUR 750,000 672,675 0.33Horizon Parent Holdings Sarl, Reg. S8.25% 15/02/2022 EUR 700,000 730,180 0.36LHMC Finco Sarl, Reg. S, FRN 5.75%20/12/2023 EUR 3,000,000 2,949,165 1.45Matterhorn Telecom Holding SA, Reg. S4.875% 01/05/2023 EUR 500,000 502,900 0.25

331

JPMorgan Funds - Europe High Yield Short Duration Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Matterhorn Telecom SA, Reg. S, FRN3.25% 01/02/2023 EUR 107,143 107,400 0.05Matterhorn Telecom SA, Reg. S 3.875%01/05/2022 EUR 900,000 912,650 0.45Monitchem HoldCo 3 SA, Reg. S, FRN4.429% 15/06/2021 EUR 1,600,000 1,590,352 0.78SIG Combibloc Holdings SCA, Reg. S7.75% 15/02/2023 EUR 1,650,000 1,712,238 0.84

27,328,010 13.46

NetherlandsCBR Fashion Finance BV, Reg. S 5.125%01/10/2022 EUR 200,000 171,792 0.08Constellium NV, Reg. S 4.625%15/05/2021 EUR 1,000,000 1,010,295 0.50Hema Bondco I BV, Reg. S, FRN 6.25%15/07/2022 EUR 3,400,000 3,276,410 1.61Hertz Holdings Netherlands BV, Reg. S4.125% 15/10/2021 EUR 1,000,000 1,005,345 0.50Koninklijke KPN NV, Reg. S, FRN 6.125%Perpetual EUR 1,000,000 1,011,270 0.50Nyrstar Netherlands Holdings BV, Reg. S8.5% 15/09/2019 EUR 3,100,000 3,169,347 1.56OI European Group BV, Reg. S 6.75%15/09/2020 EUR 2,950,000 3,337,187 1.64OI European Group BV, Reg. S 4.875%31/03/2021 EUR 600,000 660,942 0.33Repsol International Finance BV, Reg. S,FRN 3.875% Perpetual EUR 4,700,000 4,888,611 2.41Saipem Finance International BV, Reg. S3% 08/03/2021 EUR 2,150,000 2,222,305 1.09Telefonica Europe BV, Reg. S, FRN 4.2%Perpetual EUR 2,400,000 2,479,308 1.22Telefonica Europe BV, Reg. S, FRN 5%Perpetual EUR 4,200,000 4,423,209 2.18Telefonica Europe BV, Reg. S, FRN 6.5%Perpetual EUR 400,000 405,330 0.20Teva Pharmaceutical FinanceNetherlands II BV, Reg. S 0.375%25/07/2020 EUR 800,000 781,116 0.38

28,842,467 14.20

PortugalEDP - Energias de Portugal SA, Reg. S,FRN 5.375% 16/09/2075 EUR 4,400,000 4,748,128 2.34

4,748,128 2.34

SpainMasaria Investments SAU, Reg. S, FRN5.25% 15/09/2024 EUR 700,000 666,099 0.33

666,099 0.33

SwedenTelefonaktiebolaget LM Ericsson, Reg. S0.875% 01/03/2021 EUR 1,750,000 1,751,251 0.86Verisure Holding AB, Reg. S 6%01/11/2022 EUR 1,080,000 1,127,002 0.55Volvo Car AB, Reg. S 3.25% 18/05/2021 EUR 2,250,000 2,391,030 1.18

5,269,283 2.59

SwitzerlandUBS Group Funding Switzerland AG,Reg. S, FRN 5.75% Perpetual EUR 600,000 648,276 0.32

648,276 0.32

United KingdomEC Finance plc, Reg. S 2.375% 15/11/2022 EUR 258,000 254,317 0.13Iceland Bondco plc, Reg. S, FRN 5.03%15/07/2020 GBP 627,324 707,792 0.35International Game Technology plc,Reg. S 4.75% 05/03/2020 EUR 4,400,000 4,694,228 2.31Jaguar Land Rover Automotive plc, Reg. S2.75% 24/01/2021 GBP 500,000 562,268 0.28Lloyds Banking Group plc, Reg. S, FRN6.375% Perpetual EUR 400,000 426,410 0.21Merlin Entertainments plc, Reg. S 2.75%15/03/2022 EUR 700,000 723,639 0.36OTE plc, Reg. S 4.375% 02/12/2019 EUR 200,000 209,888 0.10OTE plc, Reg. S 3.5% 09/07/2020 EUR 3,800,000 3,950,119 1.95Pizzaexpress Financing 2 plc, Reg. S6.625% 01/08/2021 GBP 200,000 211,547 0.10Synlab Bondco plc, Reg. S, FRN 3.5%01/07/2022 EUR 3,300,000 3,298,664 1.62Tesco Corporate Treasury Services plc,Reg. S 1.375% 01/07/2019 EUR 1,850,000 1,873,393 0.92Tesco Corporate Treasury Services plc,Reg. S 2.125% 12/11/2020 EUR 2,450,000 2,550,401 1.26

Titan Global Finance plc, Reg. S 4.25%10/07/2019 EUR 1,600,000 1,648,432 0.81Titan Global Finance plc, Reg. S 3.5%17/06/2021 EUR 500,000 520,785 0.26Worldpay Finance plc, Reg. S 3.75%15/11/2022 EUR 800,000 862,700 0.42

22,494,583 11.08

United States of AmericaBall Corp. 3.5% 15/12/2020 EUR 2,500,000 2,691,438 1.32Coty, Inc., Reg. S 4% 15/04/2023 EUR 1,000,000 991,510 0.49Huntsman International LLC 5.125%15/04/2021 EUR 4,500,000 4,992,727 2.46PSPC Escrow Corp., Reg. S 6%01/02/2023 EUR 900,000 939,524 0.46

9,615,199 4.73

Total Bonds 198,403,913 97.70

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 198,403,913 97.70

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPM EuroLiquidity X (acc.)† EUR 327 4,549,288 2.24

4,549,288 2.24

Total Collective Investment Schemes - UCITS 4,549,288 2.24

Total Units of authorised UCITS or other collective investmentundertakings 4,549,288 2.24

Total Investments 202,953,201 99.94

Cash 49,991 0.02

Other Assets/(Liabilities) 65,495 0.04

Total Net Assets 203,068,687 100.00

† Related Party Fund.

332

JPMorgan Funds - Europe High Yield Short Duration Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsFrance 22.61Luxembourg 15.70Netherlands 14.20United Kingdom 11.08Italy 10.68Germany 6.75United States of America 4.73Ireland 3.27Sweden 2.59Portugal 2.34Australia 1.83Finland 1.55Jersey 0.90Denmark 0.52Spain 0.33Canada 0.33Switzerland 0.32Austria 0.21Total Investments 99.94Cash and Other Assets/(Liabilities) 0.06

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

France 21.77United Kingdom 13.39Luxembourg 13.13Netherlands 11.57Italy 10.77Germany 8.81Ireland 3.50Australia 3.48United States of America 3.33Sweden 2.77Japan 1.84Finland 1.40Jersey 1.13Spain 0.75Switzerland 0.26Austria 0.17Total Investments 98.07Cash and Other Assets/(Liabilities) 1.93

Total 100.00

333

JPMorgan Funds - Europe High Yield Short Duration Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Europe High Yield Short Duration Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

CHF 3,031 EUR 2,617 05/07/2018 Goldman Sachs 3 -EUR 3,864 CHF 4,431 05/07/2018 Goldman Sachs 34 -EUR 1,301 CHF 1,503 03/08/2018 Goldman Sachs 1 -EUR 1,783 CHF 2,054 03/08/2018 Merrill Lynch 7 -EUR 574,453 GBP 504,899 05/07/2018 BNP Paribas 3,854 -EUR 3,573,912 GBP 3,133,002 05/07/2018 Citibank 33,227 0.02EUR 645,202 GBP 564,511 05/07/2018 HSBC 7,233 -EUR 2,629 SEK 26,980 05/07/2018 Barclays 50 -EUR 1,392 SEK 14,259 05/07/2018 Morgan Stanley 29 -EUR 3,908 SEK 40,186 05/07/2018 RBC 67 -EUR 3,080 SEK 32,004 03/08/2018 Goldman Sachs 21 -EUR 5,551 USD 6,442 05/07/2018 BNP Paribas 18 -EUR 1,427 USD 1,657 03/08/2018 Barclays 7 -EUR 1,956 USD 2,280 03/08/2018 Goldman Sachs 2 -USD 3,959 EUR 3,380 05/07/2018 BNP Paribas 20 -USD 2,448 EUR 2,088 05/07/2018 Merrill Lynch 14 -USD 1,176,847 EUR 1,004,309 05/07/2018 RBC 6,309 -USD 1,138,576 EUR 975,180 03/08/2018 Goldman Sachs 437 -

Total Unrealised Gain on Forward Currency Exchange Contracts 51,333 0.02

CHF 1,026,827 EUR 890,853 05/07/2018 Merrill Lynch (3,252) -EUR 2,621 CHF 3,045 05/07/2018 Barclays (11) -EUR 1,376 CHF 1,599 05/07/2018 Goldman Sachs (7) -EUR 2,581 USD 3,048 05/07/2018 BNP Paribas (36) -EUR 977,090 USD 1,138,576 05/07/2018 Goldman Sachs (662) -EUR 31,357 USD 36,867 05/07/2018 HSBC (302) -SEK 17,889 EUR 1,744 05/07/2018 Deutsche Bank (34) -SEK 26,808 EUR 2,615 05/07/2018 Goldman Sachs (53) -SEK 9,119,553 EUR 888,466 05/07/2018 Toronto-Dominion Bank (16,655) (0.01)USD 1,679 EUR 1,444 05/07/2018 RBC (2) -

Total Unrealised Loss on Forward Currency Exchange Contracts (21,014) (0.01)

Net Unrealised Gain on Forward Currency Exchange Contracts 30,319 0.01

334

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

AustriaFlughafen Wien AG EUR 121,346 3,873,971 0.40S&T AG EUR 238,993 5,253,066 0.54Schoeller-Bleckmann Oilfield EquipmentAG EUR 68,167 7,150,718 0.74UNIQA Insurance Group AG EUR 733,092 5,793,260 0.60Vienna Insurance Group AG WienerVersicherung Gruppe EUR 179,386 4,190,457 0.43Wienerberger AG EUR 239,896 5,164,961 0.54

31,426,433 3.25

BelgiumBarco NV EUR 64,865 6,810,825 0.70D’ieteren SA EUR 133,396 4,746,230 0.49Fagron EUR 576,467 8,419,301 0.87Melexis NV EUR 87,963 7,162,387 0.74

27,138,743 2.80

BermudaBW Offshore Ltd. NOK 574,254 2,514,134 0.26

2,514,134 0.26

DenmarkGN Store Nord A/S DKK 158,870 6,232,308 0.65Jyske Bank A/S DKK 97,769 4,583,953 0.47Netcompany Group A/S, Reg. S DKK 206,439 6,517,778 0.67Rockwool International A/S ‘B’ DKK 17,645 5,872,886 0.61Royal Unibrew A/S DKK 124,582 8,431,006 0.87SimCorp A/S DKK 122,921 8,553,681 0.88Topdanmark A/S DKK 156,236 5,858,491 0.61

46,050,103 4.76

Faroe IslandsBakkafrost P/F NOK 101,177 4,803,532 0.50

4,803,532 0.50

FinlandCramo OYJ EUR 245,798 4,877,861 0.50DNA OYJ EUR 239,148 4,840,355 0.50Ramirent OYJ EUR 544,012 4,926,029 0.51Tieto OYJ EUR 161,906 4,500,987 0.47Valmet OYJ EUR 267,371 4,399,590 0.45

23,544,822 2.43

FranceAlten SA EUR 157,888 14,012,560 1.45Beneteau SA EUR 346,975 5,582,828 0.58Interparfums SA EUR 66,656 2,409,614 0.25IPSOS EUR 229,920 6,736,656 0.70Kaufman & Broad SA EUR 71,164 2,875,026 0.30Maisons du Monde SA, Reg. S EUR 139,862 4,469,989 0.46Mersen SA EUR 78,801 2,694,994 0.28Rubis SCA EUR 132,510 7,102,536 0.73SOITEC EUR 57,126 4,147,348 0.43Sopra Steria Group EUR 101,774 17,652,700 1.82SPIE SA EUR 548,221 9,530,822 0.99Trigano SA EUR 35,568 5,450,796 0.56Vilmorin & Cie SA EUR 54,451 3,136,378 0.32Worldline SA, Reg. S EUR 53,730 2,617,188 0.27

88,419,435 9.14

GermanyBauer AG EUR 104,308 1,976,637 0.20Bechtle AG EUR 64,512 4,264,243 0.44Deutsche Pfandbriefbank AG EUR 380,643 4,541,071 0.47Deutz AG EUR 564,128 3,709,142 0.38Elmos Semiconductor AG EUR 118,336 2,644,810 0.27Grammer AG EUR 92,909 5,562,926 0.57Hella GmbH & Co. KGaA EUR 132,996 6,446,316 0.67Isra Vision AG EUR 135,300 7,191,195 0.74Jenoptik AG EUR 262,854 8,876,580 0.92JOST Werke AG EUR 27,258 866,804 0.09Jungheinrich AG Preference EUR 20,835 661,511 0.07Koenig & Bauer AG EUR 111,649 6,835,710 0.71Nemetschek SE EUR 46,830 4,797,734 0.50Norma Group SE EUR 43,326 2,556,234 0.26Rheinmetall AG EUR 45,597 4,328,523 0.45

Siltronic AG EUR 34,225 4,223,365 0.44Software AG EUR 308,669 12,261,876 1.27

81,744,677 8.45

IsraelPlus500 Ltd. GBP 955,000 17,479,735 1.81

17,479,735 1.81

ItalyAmplifon SpA EUR 516,429 9,182,108 0.95Banca Generali SpA EUR 75,644 1,608,191 0.16Datalogic SpA EUR 253,232 8,002,131 0.83DiaSorin SpA EUR 88,749 8,653,028 0.89IMA Industria Macchine Automatiche SpA EUR 86,344 6,449,897 0.67Interpump Group SpA EUR 178,844 4,739,366 0.49Moncler SpA EUR 132,329 5,124,441 0.53Reply SpA EUR 151,236 8,745,222 0.90Saipem SpA EUR 1,318,406 5,193,860 0.54Technogym SpA, Reg. S EUR 475,885 4,815,956 0.50

62,514,200 6.46

Jerseyboohoo.com plc GBP 2,100,000 4,685,673 0.48Petrofac Ltd. GBP 200,000 1,315,313 0.14Wizz Air Holdings plc, Reg. S GBP 150,000 6,080,974 0.63

12,081,960 1.25

LuxembourgB&M European Value Retail SA GBP 1,538,000 7,028,527 0.73B&S Group Sarl, Reg. S EUR 436,005 6,279,344 0.65SAF-Holland SA EUR 424,705 5,461,706 0.56Stabilus SA EUR 96,649 7,470,968 0.77

26,240,545 2.71

MaltaKindred Group plc, SDR SEK 463,477 5,023,342 0.52

5,023,342 0.52

NetherlandsAalberts Industries NV EUR 171,863 7,070,444 0.73AMG Advanced Metallurgical Group NV EUR 119,306 5,787,534 0.60Arcadis NV EUR 469,346 7,293,637 0.75ASM International NV EUR 64,373 3,073,811 0.32ASR Nederland NV EUR 347,171 12,147,513 1.25ForFarmers NV EUR 646,169 7,191,861 0.74Intertrust NV EUR 445,548 6,828,023 0.71Koninklijke Volkerwessels NV EUR 313,340 6,871,546 0.71Koninklijke Vopak NV EUR 236,846 9,461,998 0.98TKH Group NV, CVA EUR 140,256 7,647,458 0.79

73,373,825 7.58

NorwayAtea ASA NOK 483,071 5,989,757 0.62Kvaerner ASA NOK 4,670,661 8,454,033 0.87Salmar ASA NOK 116,665 4,208,643 0.44Sbanken ASA, Reg. S NOK 856,352 7,682,679 0.79Storebrand ASA NOK 691,265 4,770,419 0.49Tomra Systems ASA NOK 503,667 9,053,064 0.94

40,158,595 4.15

SpainGrupo Catalana Occidente SA EUR 324,270 12,379,007 1.28

12,379,007 1.28

SwedenAAK AB SEK 567,246 7,685,106 0.79AF AB ‘B’ SEK 300,608 5,799,212 0.60Bravida Holding AB, Reg. S SEK 822,140 5,584,151 0.58Com Hem Holding AB SEK 453,738 6,265,705 0.65Concentric AB SEK 174,266 2,582,210 0.27Dometic Group AB SEK 925,749 7,810,076 0.81Husqvarna AB ‘B’ SEK 921,493 7,457,918 0.77Inwido AB SEK 392,881 2,404,683 0.25JM AB SEK 297,149 4,549,341 0.47Nobina AB SEK 1,331,099 8,802,515 0.91Nolato AB ‘B’ SEK 28,393 1,955,656 0.20Peab AB SEK 649,585 4,176,145 0.43Thule Group AB SEK 500,276 10,645,893 1.10Trelleborg AB ‘B’ SEK 298,934 5,428,990 0.56

81,147,601 8.39

335

JPMorgan Funds - Europe Small Cap FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

SwitzerlandBucher Industries AG CHF 28,611 8,235,481 0.85dormakaba Holding AG CHF 8,080 4,808,692 0.50Galenica AG CHF 159,492 7,258,535 0.75GAM Holding AG CHF 306,427 3,655,256 0.38Georg Fischer AG CHF 18,317 20,060,542 2.07Helvetia Holding AG CHF 15,108 7,368,689 0.76Interroll Holding AG CHF 3,281 4,917,757 0.51Logitech International SA CHF 151,783 5,735,421 0.59Tecan Group AG CHF 12,754 2,662,412 0.28Valora Holding AG CHF 25,925 7,266,252 0.75Vontobel Holding AG CHF 40,251 2,503,336 0.26

74,472,373 7.70

United Kingdom4imprint Group plc GBP 90,000 1,762,245 0.18Amigo Holdings plc GBP 785,774 2,551,209 0.26Ashtead Group plc GBP 102,000 2,642,774 0.27Avast plc, Reg. S GBP 1,615,000 3,874,556 0.40Babcock International Group plc GBP 504,000 4,654,320 0.48Bank of Georgia Group plc GBP 180,000 3,882,940 0.40Beazley plc GBP 636,000 4,194,194 0.43Bellway plc GBP 170,000 5,785,091 0.60Bodycote plc GBP 485,000 5,359,448 0.55Charter Court Financial Services Groupplc GBP 1,930,000 7,161,629 0.74Coats Group plc GBP 2,920,000 2,559,265 0.26Computacenter plc GBP 348,000 5,698,993 0.59CVS Group plc GBP 205,000 2,630,822 0.27Dechra Pharmaceuticals plc GBP 158,000 4,967,807 0.51DS Smith plc GBP 815,000 4,811,841 0.50Electrocomponents plc GBP 1,035,000 8,857,303 0.92FDM Group Holdings plc GBP 362,321 4,023,246 0.42Ferrexpo plc GBP 990,000 2,084,484 0.21Fevertree Drinks plc GBP 490,000 18,837,232 1.95Forterra plc GBP 1,850,000 6,465,944 0.67Games Workshop Group plc GBP 190,000 6,447,438 0.67Hammerson plc, REIT GBP 350,000 2,062,479 0.21Hunting plc GBP 596,000 5,363,475 0.55Indivior plc GBP 850,000 3,687,972 0.38Intermediate Capital Group plc GBP 575,000 7,138,689 0.74JD Sports Fashion plc GBP 1,795,000 8,907,963 0.92John Laing Group plc, Reg. S GBP 640,000 1,997,810 0.21KAZ Minerals plc GBP 580,000 5,493,819 0.57Keywords Studios plc GBP 493,000 9,895,561 1.02Learning Technologies Group plc GBP 2,050,216 2,589,391 0.27Man Group plc GBP 2,400,000 4,780,015 0.49Marshalls plc GBP 625,000 2,895,399 0.30National Express Group plc GBP 823,000 3,721,508 0.38On the Beach Group plc, Reg. S GBP 690,000 3,949,836 0.41OneSavings Bank plc GBP 1,580,000 7,312,427 0.76Renishaw plc GBP 100,000 5,956,089 0.62Smart Metering Systems plc GBP 330,000 2,894,184 0.30Softcat plc GBP 555,000 4,785,949 0.49Sophos Group plc, Reg. S GBP 1,229,000 8,705,561 0.90Spirax-Sarco Engineering plc GBP 86,500 6,359,368 0.66SSP Group plc GBP 625,000 4,517,219 0.47TBC Bank Group plc GBP 185,000 3,550,258 0.37Thomas Cook Group plc GBP 3,030,000 3,671,030 0.38Vesuvius plc GBP 704,000 4,756,010 0.49Victoria plc GBP 853,089 7,896,393 0.82Watkin Jones plc GBP 1,845,000 4,248,587 0.44Workspace Group plc, REIT GBP 415,000 5,067,846 0.52

241,457,619 24.95

Total Equities 951,970,681 98.39

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 951,970,681 98.39

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPM EuroLiquidity X (flex dist.)† EUR 9,397,345 9,397,345 0.97

9,397,345 0.97

Total Collective Investment Schemes - UCITS 9,397,345 0.97

Total Units of authorised UCITS or other collective investmentundertakings 9,397,345 0.97

Total Investments 961,368,026 99.36

Cash 125,686 0.01

Other Assets/(Liabilities) 6,021,494 0.63

Total Net Assets 967,515,206 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited Kingdom 24.95France 9.14Germany 8.45Sweden 8.39Switzerland 7.70Netherlands 7.58Italy 6.46Denmark 4.76Norway 4.15Luxembourg 3.68Austria 3.25Belgium 2.80Finland 2.43Israel 1.81Spain 1.28Jersey 1.25Malta 0.52Faroe Islands 0.50Bermuda 0.26Total Investments 99.36Cash and Other Assets/(Liabilities) 0.64

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United Kingdom 24.07Italy 10.83France 10.61Switzerland 9.76Germany 9.20Sweden 6.82Netherlands 5.57Norway 4.14Denmark 4.08Luxembourg 3.95Austria 3.19Finland 1.32Belgium 1.31Jersey 1.30Spain 1.27Israel 1.05Faroe Islands 0.48Isle of Man 0.32Total Investments 99.27Cash and Other Assets/(Liabilities) 0.73

Total 100.00

336

JPMorgan Funds - Europe Small Cap FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Europe Small Cap FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

DKK 492,562 USD 76,761 11/07/2018 Citibank 217 -EUR 510,060 DKK 3,799,251 11/07/2018 Morgan Stanley 154 -EUR 3,657,123 GBP 3,226,632 11/07/2018 BNP Paribas 11,229 -EUR 705,685 NOK 6,713,856 11/07/2018 HSBC 967 -EUR 1,192,855 SEK 12,243,293 11/07/2018 Barclays 22,411 -EUR 105,047 USD 121,870 11/07/2018 Goldman Sachs 436 -EUR 1,285,076 USD 1,492,233 11/07/2018 Standard Chartered 4,166 -USD 15,341,271 EUR 12,984,959 11/07/2018 Standard Chartered 183,746 0.02USD 311,059 GBP 233,796 11/07/2018 BNP Paribas 2,833 -

Total Unrealised Gain on Forward Currency Exchange Contracts 226,159 0.02

CHF 317,323 USD 320,686 11/07/2018 Deutsche Bank (957) -EUR 984,481 CHF 1,144,056 11/07/2018 Merrill Lynch (4,513) -EUR 79,721 USD 92,891 11/07/2018 BNP Paribas (15) -EUR 441,113 USD 520,674 11/07/2018 Deutsche Bank (5,825) -EUR 134,799 USD 158,537 11/07/2018 Goldman Sachs (1,287) -EUR 134,390 USD 157,355 11/07/2018 Merrill Lynch (681) -EUR 172,930 USD 201,598 11/07/2018 Toronto-Dominion Bank (119) -GBP 324,002 USD 430,028 11/07/2018 BNP Paribas (3,027) -GBP 67,121 USD 90,289 11/07/2018 Deutsche Bank (1,660) -GBP 66,212 USD 88,890 11/07/2018 Merrill Lynch (1,486) -GBP 678,494 USD 899,303 11/07/2018 Standard Chartered (5,291) -NOK 598,340 USD 73,618 11/07/2018 Barclays (388) -NOK 1,626,911 USD 201,042 11/07/2018 Goldman Sachs (1,803) -SEK 2,030,534 USD 228,086 11/07/2018 Barclays (1,669) -SEK 1,591,114 USD 181,154 11/07/2018 Goldman Sachs (3,391) -USD 77,460 EUR 66,950 11/07/2018 Merrill Lynch (460) -USD 544,321 EUR 467,582 11/07/2018 Standard Chartered (346) -USD 99,450 GBP 75,760 11/07/2018 Goldman Sachs (237) -

Total Unrealised Loss on Forward Currency Exchange Contracts (33,155) -

Net Unrealised Gain on Forward Currency Exchange Contracts 193,004 0.02

337

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

AustriaOMV AG EUR 39,461 1,936,943 0.18S IMMO AG EUR 36,672 612,422 0.06S&T AG EUR 60,497 1,329,724 0.12Schoeller-Bleckmann OilfieldEquipment AG EUR 22,145 2,323,011 0.22Verbund AG EUR 123,887 3,450,253 0.32

9,652,353 0.90

BelgiumColruyt SA EUR 52,773 2,569,781 0.24KBC Group NV EUR 16,837 1,111,916 0.11UCB SA EUR 49,623 3,342,605 0.31

7,024,302 0.66

BermudaBW Offshore Ltd. NOK 48,137 210,748 0.02

210,748 0.02

DenmarkAlm Brand A/S DKK 134,933 1,133,628 0.11DSV A/S DKK 92,847 6,440,990 0.60GN Store Nord A/S DKK 79,355 3,113,016 0.29H Lundbeck A/S DKK 51,620 3,115,091 0.29Netcompany Group A/S, Reg. S DKK 16,882 533,006 0.05Novo Nordisk A/S ‘B’ DKK 503,227 20,024,738 1.87Novozymes A/S ‘B’ DKK 84,500 3,678,314 0.34Orsted A/S, Reg. S DKK 47,144 2,442,577 0.23Per Aarsleff Holding A/S DKK 25,142 760,051 0.07Rockwool International A/S ‘B’ DKK 12,279 4,086,889 0.38Royal Unibrew A/S DKK 51,298 3,471,559 0.32SimCorp A/S DKK 23,838 1,658,811 0.16Topdanmark A/S DKK 96,767 3,628,540 0.34William Demant Holding A/S DKK 119,392 4,132,423 0.39

58,219,633 5.44

Faroe IslandsBakkafrost P/F NOK 45,559 2,162,983 0.20

2,162,983 0.20

FinlandDNA OYJ EUR 148,412 3,003,859 0.28Elisa OYJ EUR 50,100 1,979,451 0.19Finnair OYJ EUR 210,000 1,939,875 0.18Metsa Board OYJ EUR 247,118 2,397,662 0.23Neste OYJ EUR 57,449 3,868,041 0.36Stora Enso OYJ ‘R’ EUR 178,589 3,006,546 0.28Tieto OYJ EUR 43,441 1,207,660 0.11UPM-Kymmene OYJ EUR 219,960 6,763,770 0.63

24,166,864 2.26

FranceAccor SA EUR 75,191 3,167,421 0.30Aeroports de Paris EUR 15,043 2,913,077 0.27Alstom SA EUR 71,108 2,806,633 0.26Arkema SA EUR 43,274 4,390,147 0.41Beneteau SA EUR 61,304 986,381 0.09Capgemini SE EUR 62,361 7,232,317 0.68Cie Plastic Omnium SA EUR 64,333 2,340,113 0.22Coface SA EUR 72,994 695,998 0.06Dassault Aviation SA EUR 2,094 3,403,797 0.32Dassault Systemes SE EUR 57,918 6,979,119 0.65Devoteam SA EUR 16,260 1,581,285 0.15Edenred EUR 108,231 2,930,354 0.27Eiffage SA EUR 33,320 3,116,087 0.29Eramet EUR 20,527 2,307,235 0.22Faurecia SA EUR 60,533 3,716,726 0.35Gaztransport Et Technigaz SA EUR 52,623 2,760,076 0.26Hermes International EUR 12,470 6,545,503 0.61Interparfums SA EUR 36,054 1,303,352 0.12Kering SA EUR 30,561 14,941,273 1.40L’Oreal SA EUR 72,065 15,223,731 1.42LVMH Moet Hennessy Louis Vuitton SE EUR 83,108 23,893,550 2.23Manitou BF SA EUR 32,119 1,028,611 0.10Mersen SA EUR 68,531 2,343,760 0.22Pernod Ricard SA EUR 63,001 8,851,641 0.83Safran SA EUR 111,986 11,610,149 1.08Schneider Electric SE EUR 94,000 6,735,100 0.63

SOITEC EUR 40,679 2,953,295 0.28Sopra Steria Group EUR 7,024 1,218,313 0.11Thales SA EUR 43,640 4,836,403 0.45Trigano SA EUR 24,480 3,751,560 0.35Ubisoft Entertainment SA EUR 55,263 5,200,248 0.49Vinci SA EUR 13,926 1,152,794 0.11

162,916,049 15.23

Germanyadidas AG EUR 62,979 11,852,648 1.11AIXTRON SE EUR 247,750 2,740,115 0.26Allianz SE EUR 6,329 1,125,043 0.11Amadeus Fire AG EUR 13,249 1,217,583 0.11BASF SE EUR 261,000 21,509,010 2.01Basler AG EUR 6,437 1,060,174 0.10CANCOM SE EUR 42,886 3,757,886 0.35Covestro AG EUR 77,246 5,890,780 0.55Deutsche Boerse AG EUR 87,488 9,929,888 0.93Dr Hoenle AG EUR 12,109 1,023,211 0.10E.ON SE EUR 716,751 6,573,323 0.61FinTech Group AG EUR 69,330 1,868,444 0.17Hella GmbH & Co. KGaA EUR 21,735 1,053,495 0.10HOCHTIEF AG EUR 13,053 2,016,036 0.19HUGO BOSS AG EUR 31,000 2,425,440 0.23Infineon Technologies AG EUR 356,165 7,792,890 0.73Isra Vision AG EUR 71,357 3,792,625 0.35Jenoptik AG EUR 71,399 2,411,144 0.23Kloeckner & Co. SE EUR 116,401 1,056,921 0.10Koenig & Bauer AG EUR 17,477 1,070,029 0.10Nemetschek SE EUR 42,347 4,338,450 0.41Norma Group SE EUR 33,768 1,992,312 0.19Puma SE EUR 7,313 3,682,096 0.34PVA TePla AG EUR 103,989 1,689,821 0.16Rheinmetall AG EUR 18,966 1,800,442 0.17Rocket Internet SE, Reg. S EUR 96,719 2,644,298 0.25Salzgitter AG EUR 69,973 2,613,841 0.24SAP SE EUR 277,000 27,432,695 2.56Scout24 AG, Reg. S EUR 55,524 2,517,458 0.24Siemens Healthineers AG EUR 72,000 2,565,180 0.24Siltronic AG EUR 32,057 3,955,834 0.37Sixt SE EUR 46,125 4,380,722 0.41SMA Solar Technology AG EUR 79,332 2,834,532 0.26Software AG EUR 26,917 1,069,278 0.10TAG Immobilien AG EUR 65,539 1,230,167 0.11TLG Immobilien AG EUR 48,873 1,111,372 0.10TUI AG GBP 217,257 4,106,062 0.38Wacker Neuson SE EUR 99,638 2,178,087 0.20Washtec AG EUR 7,639 578,272 0.05Wirecard AG EUR 71,136 9,788,314 0.92

172,675,918 16.14

IrelandGrafton Group plc GBP 150,489 1,351,292 0.13Smurfit Kappa Group plc EUR 129,901 4,523,153 0.42

5,874,445 0.55

IsraelPlus500 Ltd. GBP 89,520 1,638,519 0.15

1,638,519 0.15

ItalyBiesse SpA EUR 50,668 1,692,818 0.16Eni SpA EUR 143,360 2,299,924 0.21ERG SpA EUR 144,040 2,710,833 0.25Falck Renewables SpA EUR 547,113 1,142,098 0.11Fiera Milano SpA EUR 155,488 593,187 0.06FinecoBank Banca Fineco SpA EUR 314,928 3,050,078 0.28Interpump Group SpA EUR 42,755 1,133,007 0.11Moncler SpA EUR 112,774 4,367,173 0.41Prima Industrie SpA EUR 15,579 571,360 0.05Reply SpA EUR 25,040 1,447,938 0.14Technogym SpA, Reg. S EUR 272,563 2,758,338 0.26

21,766,754 2.04

JerseyExperian plc GBP 317,000 6,732,779 0.63Ferguson plc GBP 101,381 7,073,568 0.66Glencore plc GBP 280,000 1,155,843 0.11Wizz Air Holdings plc, Reg. S GBP 26,745 1,084,238 0.10

16,046,428 1.50

338

JPMorgan Funds - Europe Strategic Growth FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

LiechtensteinVP Bank AG CHF 13,598 2,243,844 0.21

2,243,844 0.21

LuxembourgADO Properties SA EUR 26,672 1,242,382 0.12ArcelorMittal EUR 114,390 2,889,491 0.27SAF-Holland SA EUR 74,252 954,881 0.09Solutions 30 SE EUR 22,518 936,749 0.09Stabilus SA EUR 26,731 2,066,306 0.19

8,089,809 0.76

MaltaKindred Group plc, SDR SEK 99,017 1,073,184 0.10

1,073,184 0.10

NetherlandsAalberts Industries NV EUR 26,578 1,093,419 0.10Adyen NV EUR 7,854 3,709,248 0.35Airbus SE EUR 177,327 17,908,254 1.67Akzo Nobel NV EUR 79,323 5,846,105 0.55AMG Advanced Metallurgical Group NV EUR 34,909 1,693,436 0.16ASM International NV EUR 43,441 2,074,308 0.19ASML Holding NV EUR 125,725 21,451,828 2.00ASR Nederland NV EUR 96,508 3,376,815 0.32BE Semiconductor Industries NV EUR 80,000 1,857,600 0.17Brunel International NV EUR 73,565 1,075,153 0.10CNH Industrial NV EUR 392,815 3,571,081 0.33Euronext NV, Reg. S EUR 58,236 3,152,024 0.29Ferrari NV EUR 61,000 7,130,900 0.67Fiat Chrysler Automobiles NV EUR 414,942 6,804,634 0.64Flow Traders EUR 71,798 2,394,463 0.22ForFarmers NV EUR 195,082 2,171,263 0.20Intertrust NV EUR 95,244 1,459,614 0.14Koninklijke Ahold Delhaize NV EUR 400,000 8,242,000 0.77Koninklijke DSM NV EUR 81,242 7,033,932 0.66Rhi Magnesita NV EUR 38,279 1,988,594 0.19STMicroelectronics NV EUR 243,851 4,699,618 0.44Wolters Kluwer NV EUR 129,631 6,274,140 0.59

115,008,429 10.75

NorwayAker BP ASA NOK 127,684 4,033,732 0.38Atea ASA NOK 95,037 1,178,395 0.11Entra ASA NOK 99,018 1,161,223 0.11Equinor ASA NOK 64,888 1,477,993 0.14Kongsberg Gruppen ASA NOK 66,127 1,213,580 0.11Kvaerner ASA NOK 813,215 1,471,943 0.14Leroy Seafood Group ASA NOK 388,069 2,229,072 0.21Marine Harvest ASA NOK 165,971 2,829,871 0.26Norway Royal Salmon ASA NOK 61,172 1,167,602 0.11Salmar ASA NOK 73,439 2,649,282 0.25Telenor ASA NOK 270,000 4,763,768 0.44TGS NOPEC Geophysical Co. ASA NOK 77,382 2,435,678 0.23

26,612,139 2.49

PortugalAltri SGPS SA EUR 250,640 2,194,353 0.20Galp Energia SGPS SA EUR 228,822 3,712,065 0.35Navigator Co. SA (The) EUR 566,433 2,915,714 0.27Semapa-Sociedade de Investimento eGestao EUR 97,711 2,237,582 0.21

11,059,714 1.03

SingaporeXP Power Ltd. GBP 16,000 643,755 0.06

643,755 0.06

SpainAena SME SA EUR 25,501 3,969,231 0.37Amadeus IT Group SA ‘A’ EUR 158,101 10,667,075 1.00CIE Automotive SA EUR 87,342 2,263,031 0.21Ence Energia y Celulosa SA EUR 704,303 5,343,899 0.50Fluidra SA EUR 78,845 1,073,080 0.10Global Dominion Access SA, Reg. S EUR 57,391 272,320 0.03International Consolidated AirlinesGroup SA EUR 502,048 3,788,956 0.35

27,377,592 2.56

SwedenAlfa Laval AB SEK 173,215 3,509,669 0.33Atlas Copco AB ‘A’ SEK 342,933 8,543,404 0.80

BioGaia AB ‘B’ SEK 17,351 658,095 0.06Biotage AB SEK 71,982 783,093 0.07Boliden AB SEK 112,172 3,118,091 0.29Cloetta AB ‘B’ SEK 407,357 1,060,012 0.10Concentric AB SEK 106,443 1,577,234 0.15Epiroc AB ‘A’ SEK 342,933 3,066,413 0.29Fabege AB SEK 293,310 2,986,233 0.28Fastighets AB Balder ‘B’ SEK 49,765 1,108,954 0.10Granges AB SEK 247,200 2,801,543 0.26KNOW IT AB SEK 78,940 1,287,429 0.12Lundin Petroleum AB SEK 166,447 4,589,800 0.43Mycronic AB SEK 58,686 563,269 0.05Nolato AB ‘B’ SEK 45,042 3,102,408 0.29Paradox Interactive AB SEK 61,706 1,099,564 0.10Sandvik AB SEK 480,767 7,275,500 0.68SKF AB ‘B’ SEK 172,000 2,736,904 0.26SSAB AB ‘A’ SEK 278,837 1,126,889 0.11Svenska Cellulosa AB SCA ‘B’ SEK 332,889 3,093,872 0.29Swedish Match AB SEK 121,915 5,152,000 0.48Swedish Orphan Biovitrum AB SEK 161,430 3,007,761 0.28Telefonaktiebolaget LM Ericsson ‘B’ SEK 725,317 4,763,563 0.45Thule Group AB SEK 65,893 1,402,206 0.13Volvo AB ‘B’ SEK 586,829 8,032,043 0.75

76,445,949 7.15

SwitzerlandBarry Callebaut AG CHF 2,249 3,452,583 0.32Bucher Industries AG CHF 7,500 2,158,824 0.20Coca-Cola HBC AG GBP 93,429 2,687,324 0.25Conzzeta AG CHF 2,240 2,209,253 0.21GAM Holding AG CHF 90,432 1,078,730 0.10Georg Fischer AG CHF 2,860 3,132,235 0.29Inficon Holding AG CHF 2,591 1,133,260 0.11Kardex AG CHF 18,392 2,198,684 0.21LEM Holding SA CHF 1,333 1,707,615 0.16Logitech International SA CHF 34,788 1,314,534 0.12Nestle SA CHF 561,953 37,159,779 3.47OC Oerlikon Corp. AG CHF 183,556 2,408,530 0.22Partners Group Holding AG CHF 11,809 7,456,672 0.70Roche Holding AG CHF 195,000 37,090,927 3.47SGS SA CHF 2,050 4,694,048 0.44Sika AG CHF 44,044 5,240,523 0.49Swatch Group AG (The) CHF 15,014 6,116,536 0.57Swissquote Group Holding SA CHF 57,722 2,754,179 0.26Temenos AG CHF 26,000 3,374,507 0.32VAT Group AG, Reg. S CHF 9,159 1,051,376 0.10Vifor Pharma AG CHF 20,300 2,791,320 0.26

131,211,439 12.27

United Kingdom3i Group plc GBP 103,424 1,055,971 0.10Advanced Medical Solutions Group plc GBP 128,703 479,649 0.04Amigo Holdings plc GBP 480,523 1,560,136 0.15Anglo American plc GBP 158,167 3,042,468 0.28Ashmore Group plc GBP 631,114 2,664,804 0.25Ashtead Group plc GBP 251,653 6,520,216 0.61AVEVA Group plc GBP 100,660 3,045,480 0.28Beazley plc GBP 173,772 1,145,965 0.11Berkeley Group Holdings plc GBP 89,245 3,828,782 0.36BHP Billiton plc GBP 82,751 1,609,738 0.15Blue Prism Group plc GBP 64,908 1,323,382 0.12Bodycote plc GBP 122,779 1,356,758 0.13Bovis Homes Group plc GBP 127,882 1,665,716 0.16Burberry Group plc GBP 160,000 3,926,724 0.37Cairn Energy plc GBP 491,261 1,413,027 0.13Charter Court Financial Services Groupplc GBP 301,223 1,117,745 0.10Computacenter plc GBP 232,786 3,812,201 0.36Dart Group plc GBP 127,117 1,107,665 0.10Dechra Pharmaceuticals plc GBP 34,708 1,091,283 0.10Diageo plc GBP 679,523 21,056,323 1.97Diploma plc GBP 61,920 914,654 0.09Domino’s Pizza Group plc GBP 671,244 2,639,279 0.25easyJet plc GBP 150,274 2,839,264 0.27Electrocomponents plc GBP 384,309 3,288,832 0.31Evraz plc GBP 700,591 4,015,214 0.38FDM Group Holdings plc GBP 212,730 2,362,174 0.22Fevertree Drinks plc GBP 102,030 3,922,373 0.37Fidessa Group plc GBP 27,475 1,197,827 0.11Forterra plc GBP 383,407 1,340,048 0.13Games Workshop Group plc GBP 107,848 3,659,701 0.34Gocompare.Com Group plc GBP 713,922 1,063,449 0.10Hargreaves Lansdown plc GBP 210,959 4,705,283 0.44Hollywood Bowl Group plc GBP 185,000 473,577 0.04Howden Joinery Group plc GBP 374,740 2,269,255 0.21

339

JPMorgan Funds - Europe Strategic Growth FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Hunting plc GBP 288,102 2,592,664 0.24IG Group Holdings plc GBP 223,559 2,189,330 0.20InterContinental Hotels Group plc GBP 73,985 3,957,589 0.37Intermediate Capital Group plc GBP 86,174 1,069,860 0.10Intertek Group plc GBP 60,000 3,893,722 0.36Keywords Studios plc GBP 62,285 1,250,193 0.12Legal & General Group plc GBP 476,962 1,435,238 0.13London Stock Exchange Group plc GBP 109,757 5,567,184 0.52Mondi plc GBP 150,261 3,489,865 0.33Morgan Sindall Group plc GBP 70,101 1,142,457 0.11Next plc GBP 74,578 5,133,929 0.48Pagegroup plc GBP 182,647 1,164,755 0.11Persimmon plc GBP 83,273 2,394,734 0.22Renishaw plc GBP 55,212 3,288,476 0.31Rightmove plc GBP 37,924 2,270,788 0.21Rio Tinto plc GBP 82,331 3,936,691 0.37Rotork plc GBP 598,582 2,265,294 0.21Safestore Holdings plc, REIT GBP 357,287 2,232,012 0.21Savills plc GBP 239,581 2,363,835 0.22Segro plc, REIT GBP 404,881 3,058,999 0.29Softcat plc GBP 426,793 3,680,377 0.34Spectris plc GBP 70,213 2,078,278 0.19Spirent Communications plc GBP 556,353 730,017 0.07SSP Group plc GBP 419,876 3,034,675 0.28Stock Spirits Group plc GBP 262,721 676,244 0.06Tesco plc GBP 3,000,222 8,773,730 0.82Thomas Cook Group plc GBP 863,156 1,045,766 0.10Victrex plc GBP 93,422 3,061,947 0.29WH Smith plc GBP 53,625 1,222,429 0.11

176,516,041 16.50

United States of AmericaAutoliv, Inc., SDR SEK 9,539 829,744 0.08Veoneer, Inc., SDR SEK 9,539 289,074 0.03

1,118,818 0.11

Total Equities 1,059,755,709 99.08

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 1,059,755,709 99.08

Other transferable securities and money market instruments

Equities

SpainLet’s GOWEX SA * EUR 35,372 0 0.00

0 0.00

Total Equities 0 0.00

Total Other transferable securities and money marketinstruments 0 0.00

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPMEuro Liquidity X (flex dist.)† EUR 7,949,213 7,949,213 0.74

7,949,213 0.74

Total Collective Investment Schemes - UCITS 7,949,213 0.74

Total Units of authorised UCITS or other collective investmentundertakings 7,949,213 0.74

Total Investments 1,067,704,922 99.82

Cash 3,135,411 0.29

Other Assets/(Liabilities) (1,227,978) (0.11)

Total Net Assets 1,069,612,355 100.00

* Security is valued at its fair value under the direction of the Board of Directors.† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited Kingdom 16.50Germany 16.14France 15.23Switzerland 12.27Netherlands 10.75Sweden 7.15Denmark 5.44Spain 2.56Norway 2.49Finland 2.26Italy 2.04Jersey 1.50Luxembourg 1.50Portugal 1.03Austria 0.90Belgium 0.66Ireland 0.55Liechtenstein 0.21Faroe Islands 0.20Israel 0.15United States of America 0.11Malta 0.10Singapore 0.06Bermuda 0.02Total Investments 99.82Cash and Other Assets/(Liabilities) 0.18

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United Kingdom 21.67Switzerland 17.18France 13.54Germany 12.80Netherlands 9.10Denmark 5.70Sweden 5.01Italy 2.87Spain 2.75Jersey 1.97Luxembourg 1.91Finland 1.65Norway 1.02Belgium 0.71Ireland 0.57Austria 0.57Portugal 0.50Malta 0.16Bermuda 0.13Liechtenstein 0.10Singapore 0.06Total Investments 99.97Cash and Other Assets/(Liabilities) 0.03

Total 100.00

340

JPMorgan Funds - Europe Strategic Growth FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

AustriaBAWAG Group AG EUR 119,450 4,754,110 0.19Erste Group Bank AG EUR 210,716 7,542,579 0.30EVN AG EUR 239,202 3,853,544 0.16OMV AG EUR 181,950 8,931,016 0.36Raiffeisen Bank International AG EUR 136,826 3,578,000 0.14UNIQA Insurance Group AG EUR 371,431 2,935,234 0.12

31,594,483 1.27

BelgiumKBC Group NV EUR 206,833 13,659,251 0.54Solvay SA EUR 36,220 3,933,492 0.16

17,592,743 0.70

BermudaBW Offshore Ltd. NOK 847,394 3,709,965 0.15

3,709,965 0.15

DenmarkDfds A/S DKK 56,065 3,057,903 0.12Jyske Bank A/S DKK 63,391 2,972,121 0.12Spar Nord Bank A/S DKK 345,075 3,170,043 0.13Sydbank A/S DKK 95,903 2,830,321 0.11Vestas Wind Systems A/S DKK 42,492 2,261,146 0.09

14,291,534 0.57

FinlandCramo OYJ EUR 240,054 4,763,871 0.19Neste OYJ EUR 108,399 7,298,505 0.29Ramirent OYJ EUR 528,957 4,789,706 0.19Sampo OYJ ‘A’ EUR 353,447 14,786,455 0.59Sanoma OYJ EUR 323,360 2,831,825 0.11Stora Enso OYJ ‘R’ EUR 454,000 7,643,090 0.31UPM-Kymmene OYJ EUR 257,500 7,918,125 0.32

50,031,577 2.00

FranceArkema SA EUR 26,176 2,655,555 0.11Atos SE EUR 18,795 2,205,123 0.09AXA SA EUR 1,481,767 31,257,875 1.25BNP Paribas SA EUR 833,574 44,562,866 1.79Capgemini SE EUR 37,740 4,376,897 0.18Cie Generale des EtablissementsMichelin SCA EUR 108,769 11,428,903 0.46Cie Plastic Omnium SA EUR 95,744 3,482,688 0.14CNP Assurances EUR 245,300 4,796,842 0.19Eiffage SA EUR 41,451 3,876,498 0.16Engie SA EUR 1,391,282 18,344,053 0.74Eramet EUR 33,554 3,771,470 0.15Eutelsat Communications SA EUR 292,174 5,244,523 0.21Faurecia SA EUR 53,627 3,292,698 0.13Gaztransport Et Technigaz SA EUR 68,563 3,596,129 0.14IPSOS EUR 181,007 5,303,505 0.21Kaufman & Broad SA EUR 114,271 4,616,548 0.19Natixis SA EUR 1,199,465 7,287,949 0.29Orange SA EUR 1,602,173 23,035,242 0.92Peugeot SA EUR 423,716 8,329,197 0.33Publicis Groupe SA EUR 136,539 8,069,455 0.32Renault SA EUR 161,401 11,795,185 0.47Rothschild & Co. EUR 127,047 3,671,658 0.15Sanofi EUR 781,695 54,042,484 2.17TOTAL SA EUR 1,666,474 87,939,833 3.52Vinci SA EUR 358,277 29,658,170 1.19

386,641,346 15.50

GermanyAareal Bank AG EUR 139,272 5,218,522 0.21Allianz SE EUR 318,724 56,656,378 2.27BASF SE EUR 89,400 7,367,454 0.30Bayer AG EUR 642,391 61,145,987 2.45Bayerische Motoren Werke AG EUR 273,546 21,368,046 0.86Continental AG EUR 16,260 3,199,155 0.13Covestro AG EUR 100,279 7,647,277 0.31Deutsche Lufthansa AG EUR 247,142 5,104,718 0.20Deutsche Pfandbriefbank AG EUR 388,427 4,633,934 0.19E.ON SE EUR 417,263 3,826,719 0.15Evonik Industries AG EUR 205,290 6,058,108 0.24Hannover Rueck SE EUR 67,565 7,232,833 0.29JOST Werke AG EUR 66,500 2,114,700 0.08

MuenchenerRueckversicherungs-Gesellschaft AG EUR 117,419 21,346,774 0.86ProSiebenSat.1 Media SE EUR 313,701 6,808,880 0.27Rheinmetall AG EUR 34,124 3,239,391 0.13RWE AG EUR 475,365 9,267,241 0.37Salzgitter AG EUR 99,116 3,702,478 0.15Schaeffler AG Preference EUR 196,817 2,204,351 0.09Software AG EUR 91,823 3,647,669 0.15Takkt AG EUR 134,965 2,109,503 0.08Talanx AG EUR 75,579 2,374,692 0.09Uniper SE EUR 315,000 8,037,225 0.32Volkswagen AG Preference EUR 163,618 23,426,825 0.94Wuestenrot & Wuerttembergische AG EUR 234,061 4,142,880 0.17

281,881,740 11.30

IrelandAIB Group plc EUR 964,318 4,522,651 0.18Bank of Ireland Group plc EUR 856,165 5,815,501 0.23

10,338,152 0.41

Isle of ManPlaytech plc GBP 473,333 4,010,558 0.16Strix Group plc GBP 563,512 1,034,284 0.04

5,044,842 0.20

IsraelPlus500 Ltd. GBP 228,109 4,175,167 0.17

4,175,167 0.17

ItalyA2A SpA EUR 2,259,949 3,359,979 0.13Assicurazioni Generali SpA EUR 947,878 13,564,134 0.54ASTM SpA EUR 210,545 4,202,478 0.17Azimut Holding SpA EUR 158,722 2,112,987 0.08Banca Farmafactoring SpA, Reg. S EUR 738,499 3,703,572 0.15Enel SpA EUR 6,378,666 30,407,101 1.22Intesa Sanpaolo SpA EUR 9,471,387 23,659,525 0.95Iren SpA EUR 1,464,608 3,201,633 0.13Maire Tecnimont SpA EUR 1,286,384 4,991,170 0.20Mediobanca Banca di CreditoFinanziario SpA EUR 784,561 6,284,334 0.25Poste Italiane SpA EUR 885,044 6,409,489 0.26Saras SpA EUR 2,276,830 4,767,682 0.19Societa Iniziative Autostradali e ServiziSpA EUR 274,644 3,531,922 0.14UniCredit SpA EUR 1,581,401 22,666,220 0.91

132,862,226 5.32

JerseyCentamin plc GBP 2,120,209 2,834,146 0.11Glencore plc GBP 8,620,000 35,583,447 1.43Shire plc GBP 92,964 4,488,977 0.18WPP plc GBP 1,205,097 16,319,993 0.65

59,226,563 2.37

LuxembourgAPERAM SA EUR 42,242 1,556,407 0.06ArcelorMittal EUR 597,936 15,103,863 0.60Corestate Capital Holding SA EUR 68,611 3,169,828 0.13

19,830,098 0.79

NetherlandsABN AMRO Group NV, CVA EUR 458,727 10,215,850 0.41Aegon NV EUR 1,982,236 10,220,409 0.41ASR Nederland NV EUR 164,584 5,758,794 0.23Fiat Chrysler Automobiles NV EUR 418,612 6,864,818 0.28Heijmans NV, CVA EUR 185,294 2,095,675 0.09ING Groep NV EUR 2,825,000 35,001,750 1.40Intertrust NV EUR 261,336 4,004,974 0.16Koninklijke Ahold Delhaize NV EUR 365,632 7,533,848 0.30Koninklijke Volkerwessels NV EUR 122,568 2,687,916 0.11NN Group NV EUR 336,100 11,763,500 0.47Philips Lighting NV EUR 137,087 3,049,500 0.12Randstad NV EUR 80,023 4,051,565 0.16Van Lanschot Kempen NV, CVA EUR 80,000 1,934,000 0.08

105,182,599 4.22

NorwayAustevoll Seafood ASA NOK 429,227 4,411,823 0.18DNB ASA NOK 823,470 13,789,763 0.55Equinor ASA NOK 925,000 21,069,281 0.84Marine Harvest ASA NOK 403,980 6,888,017 0.28

341

JPMorgan Funds - Europe Strategic Value FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Norsk Hydro ASA NOK 768,908 3,953,237 0.16SpareBank 1 SMN NOK 343,146 3,051,481 0.12SpareBank 1 SR-Bank ASA NOK 384,108 3,490,348 0.14Storebrand ASA NOK 500,377 3,453,101 0.14Telenor ASA NOK 449,209 7,925,658 0.32

68,032,709 2.73

PortugalAltri SGPS SA EUR 542,135 4,746,392 0.19

4,746,392 0.19

South AfricaOld Mutual Ltd. GBP 4,888,000 8,434,036 0.34

8,434,036 0.34

SpainACS Actividades de Construccion yServicios SA EUR 285,392 9,917,372 0.40ACS Actividades de Construccion yServicios SA Rights 06/07/2018 EUR 285,392 253,885 0.01Atresmedia Corp. de Medios deComunicacion SA EUR 506,905 3,669,992 0.15Banco Bilbao Vizcaya Argentaria SA EUR 5,182,037 31,543,059 1.26CaixaBank SA EUR 2,252,281 8,364,972 0.33Enagas SA EUR 365,000 9,126,825 0.37Grupo Catalana Occidente SA EUR 89,323 3,409,905 0.14International Consolidated AirlinesGroup SA EUR 745,222 5,624,190 0.22Repsol SA EUR 1,155,727 19,598,241 0.79Repsol SA Rights 06/07/2018 EUR 1,155,727 575,552 0.02Talgo SA, Reg. S EUR 246,764 1,257,263 0.05Unicaja Banco SA, Reg. S EUR 2,688,302 3,915,512 0.16

97,256,768 3.90

SwedenAcadeMedia AB, Reg. S SEK 888,888 4,142,561 0.17Betsson AB SEK 271,095 1,401,281 0.06Bilia AB ‘A’ SEK 343,322 2,304,019 0.09Boliden AB SEK 114,572 3,184,805 0.13Bravida Holding AB, Reg. S SEK 622,905 4,230,904 0.17Dometic Group AB SEK 323,633 2,730,328 0.11Mycronic AB SEK 136,227 1,307,507 0.05New Wave Group AB ‘B’ SEK 125,922 631,385 0.03Nobia AB SEK 392,355 2,576,815 0.10Nobina AB SEK 541,272 3,579,414 0.14Resurs Holding AB SEK 621,644 3,406,694 0.14Scandic Hotels Group AB SEK 350,841 2,590,094 0.10SKF AB ‘B’ SEK 339,459 5,401,550 0.22SSAB AB ‘B’ SEK 1,191,964 3,839,511 0.15Svenska Handelsbanken AB ‘A’ SEK 1,314,934 12,453,556 0.50Swedbank AB ‘A’ SEK 719,763 13,229,993 0.53

67,010,417 2.69

SwitzerlandABB Ltd. CHF 190,813 3,577,496 0.14Adecco Group AG CHF 85,195 4,352,245 0.17Baloise Holding AG CHF 61,429 7,686,059 0.31BKW AG CHF 47,796 2,637,935 0.10Cembra Money Bank AG CHF 49,519 3,328,005 0.13Credit Suisse Group AG CHF 1,114,184 14,393,438 0.58GAM Holding AG CHF 248,448 2,963,646 0.12Implenia AG CHF 60,722 3,944,453 0.16Julius Baer Group Ltd. CHF 152,681 7,696,871 0.31Mobilezone Holding AG CHF 307,478 2,660,479 0.11Novartis AG CHF 1,561,722 101,799,200 4.08Roche Holding AG CHF 22,741 4,325,563 0.17Swiss Life Holding AG CHF 20,819 6,226,553 0.25Swiss Re AG CHF 240,897 17,911,936 0.72UBS Group AG CHF 2,773,716 36,635,071 1.47Vontobel Holding AG CHF 55,601 3,458,001 0.14Zurich Insurance Group AG CHF 104,981 26,679,011 1.07

250,275,962 10.03

United KingdomAmigo Holdings plc GBP 480,523 1,560,136 0.06Anglo American plc GBP 1,093,612 21,036,494 0.84Aviva plc GBP 3,311,853 18,943,400 0.76BAE Systems plc GBP 2,790,920 20,420,699 0.82Bank of Georgia Group plc GBP 109,197 2,355,586 0.09Barclays plc GBP 7,517,779 16,124,659 0.65Barratt Developments plc GBP 1,338,523 7,840,749 0.31Berkeley Group Holdings plc GBP 170,397 7,310,359 0.29BHP Billiton plc GBP 1,634,803 31,801,477 1.27

Bovis Homes Group plc GBP 327,265 4,262,761 0.17British Land Co. plc (The), REIT GBP 1,410,372 10,735,488 0.43Card Factory plc GBP 883,189 1,968,390 0.08Centrica plc GBP 6,275,390 11,287,503 0.45Charter Court Financial Services Groupplc GBP 1,243,102 4,612,764 0.18Close Brothers Group plc GBP 215,921 3,614,103 0.14Countryside Properties plc, Reg. S GBP 977,094 3,798,790 0.15Derwent London plc, REIT GBP 120,281 4,214,143 0.17Direct Line Insurance Group plc GBP 1,833,006 7,133,694 0.29Dixons Carphone plc GBP 1,597,652 3,394,164 0.14EI Group plc GBP 2,421,254 4,011,667 0.16Evraz plc GBP 1,368,136 7,841,035 0.31Ferrexpo plc GBP 1,688,838 3,555,915 0.14Forterra plc GBP 1,420,362 4,964,314 0.20Georgia Capital plc GBP 109,197 1,265,108 0.05GlaxoSmithKline plc GBP 3,423,659 59,402,674 2.38Great Portland Estates plc, REIT GBP 559,820 4,520,653 0.18Halfords Group plc GBP 1,052,909 4,155,427 0.17Hansteen Holdings plc, REIT GBP 1,378,594 1,631,299 0.07HSBC Holdings plc GBP 13,030,000 105,020,923 4.21Imperial Brands plc GBP 781,070 24,946,674 1.00Inchcape plc GBP 500,388 4,398,427 0.18Investec plc GBP 1,104,039 6,708,018 0.27ITV plc GBP 4,524,605 8,936,108 0.36J Sainsbury plc GBP 1,945,724 7,103,976 0.28JPJ Group plc GBP 517,300 5,618,448 0.23Just Group plc GBP 3,191,647 4,866,059 0.19KAZ Minerals plc GBP 556,588 5,272,058 0.21Legal & General Group plc GBP 5,798,002 17,446,909 0.70Lloyds Banking Group plc GBP 53,716,343 38,362,361 1.54Man Group plc GBP 1,826,902 3,638,592 0.15Mitchells & Butlers plc GBP 471,748 1,405,420 0.06Morgan Sindall Group plc GBP 160,000 2,607,569 0.10National Express Group plc GBP 974,649 4,407,246 0.18Next plc GBP 76,701 5,280,076 0.21OneSavings Bank plc GBP 1,141,520 5,283,089 0.21Paragon Banking Group plc GBP 737,588 3,980,501 0.16Persimmon plc GBP 339,787 9,771,466 0.39Pets at Home Group plc GBP 2,709,215 3,983,559 0.16Polypipe Group plc GBP 965,412 4,197,449 0.17Quilter plc GBP 1,629,333 2,670,289 0.11Redrow plc GBP 599,320 3,639,031 0.15Renew Holdings plc GBP 500,204 2,283,910 0.09Rio Tinto plc GBP 922,506 44,110,004 1.77Royal Bank of Scotland Group plc GBP 4,139,102 12,001,311 0.48Royal Dutch Shell plc ‘B’ GBP 5,500,666 170,184,472 6.82Royal Mail plc GBP 1,514,447 8,653,896 0.35RSA Insurance Group plc GBP 597,841 4,584,438 0.18Savills plc GBP 347,759 3,431,177 0.14St Modwen Properties plc GBP 855,030 4,043,185 0.16Staffline Group plc GBP 187,312 1,979,373 0.08Stagecoach Group plc GBP 2,008,784 3,133,018 0.13Taylor Wimpey plc GBP 4,032,929 8,187,247 0.33TBC Bank Group plc GBP 192,686 3,697,757 0.15Thomas Cook Group plc GBP 4,214,680 5,106,342 0.20U & I Group plc GBP 352,323 939,731 0.04Vedanta Resources plc GBP 723,107 5,303,113 0.21Virgin Money Holdings UK plc GBP 1,207,320 4,973,595 0.20William Hill plc GBP 1,063,535 3,650,456 0.15

839,570,724 33.65

Total Equities 2,457,730,043 98.50

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 2,457,730,043 98.50

Other transferable securities and money market instruments

Equities

United KingdomGVC CVR plc Rights 28/03/2019* GBP 2,993,753 339 0.00

339 0.00

Total Equities 339 0.00

Total Other transferable securities and money marketinstruments 339 0.00

342

JPMorgan Funds - Europe Strategic Value FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPMEuro Liquidity X (flex dist.)† EUR 31,426,094 31,426,094 1.26

31,426,094 1.26

Total Collective Investment Schemes - UCITS 31,426,094 1.26

Total Units of authorised UCITS or other collective investmentundertakings 31,426,094 1.26

Total Investments 2,489,156,476 99.76

Cash 3,304,071 0.13

Other Assets/(Liabilities) 2,599,520 0.11

Total Net Assets 2,495,060,067 100.00

* Security is valued at its fair value under the direction of the Board of Directors.† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited Kingdom 33.65France 15.50Germany 11.30Switzerland 10.03Italy 5.32Netherlands 4.22Spain 3.90Norway 2.73Sweden 2.69Jersey 2.37Luxembourg 2.05Finland 2.00Austria 1.27Belgium 0.70Denmark 0.57Ireland 0.41South Africa 0.34Isle of Man 0.20Portugal 0.19Israel 0.17Bermuda 0.15Total Investments 99.76Cash and Other Assets/(Liabilities) 0.24

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United Kingdom 31.02France 15.36Germany 13.47Switzerland 10.38Spain 5.95Netherlands 4.51Sweden 4.44Italy 3.52Norway 1.99Finland 1.98Denmark 1.69Luxembourg 1.54Austria 1.46Belgium 1.31Ireland 0.58Jersey 0.39Bermuda 0.12Total Investments 99.71Cash and Other Assets/(Liabilities) 0.29

Total 100.00

343

JPMorgan Funds - Europe Strategic Value FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Europe Strategic Value FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

EUR 571,583 DKK 4,257,985 11/07/2018 Merrill Lynch 109 -EUR 11,553,848 GBP 10,186,438 11/07/2018 Merrill Lynch 43,803 -EUR 258,087 NOK 2,445,607 11/07/2018 Barclays 1,384 -EUR 775,758 NOK 7,344,484 11/07/2018 Merrill Lynch 4,846 -EUR 973,618 SEK 9,908,429 11/07/2018 Merrill Lynch 26,384 -EUR 182,818 USD 212,096 11/07/2018 Goldman Sachs 758 -EUR 235,282 USD 272,215 11/07/2018 Merrill Lynch 1,617 -USD 214,856 EUR 182,177 11/07/2018 Deutsche Bank 2,252 -USD 40,569,472 EUR 34,246,959 11/07/2018 HSBC 577,237 0.02

Total Unrealised Gain on Forward Currency Exchange Contracts 658,390 0.02

CHF 400,451 USD 407,330 11/07/2018 Merrill Lynch (3,471) -DKK 1,619,600 USD 253,274 11/07/2018 Citibank (36) -DKK 1,385,111 USD 219,319 11/07/2018 Deutsche Bank (2,361) -EUR 3,281,482 CHF 3,816,603 11/07/2018 Merrill Lynch (17,831) -EUR 279,530 GBP 247,758 11/07/2018 RBC (421) -EUR 202,029 USD 238,685 11/07/2018 Deutsche Bank (2,855) -EUR 1,731,078 USD 2,041,939 11/07/2018 Merrill Lynch (21,691) -EUR 466,549 USD 544,018 11/07/2018 RBC (427) -EUR 189,732 USD 221,186 11/07/2018 Toronto-Dominion Bank (130) -GBP 161,697 USD 214,260 11/07/2018 Goldman Sachs (1,210) -GBP 1,193,093 USD 1,597,518 11/07/2018 National Australia Bank (23,163) -NOK 1,704,368 USD 212,846 11/07/2018 State Street (3,805) -SEK 1,575,525 GBP 135,845 11/07/2018 RBC (2,878) -USD 312,109 GBP 238,317 11/07/2018 Barclays (1,374) -

Total Unrealised Loss on Forward Currency Exchange Contracts (81,653) -

Net Unrealised Gain on Forward Currency Exchange Contracts 576,737 0.02

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

EUR

UnrealisedGain/(Loss)

EUR

%of

NetAssets

EURO STOXX 50 Index, 21/09/2018 284 EUR 9,657,420 140,580 0.01FTSE 100 Index, 21/09/2018 112 GBP 9,639,144 79,897 -

Total Unrealised Gain on Financial Futures Contracts 220,477 0.01

Net Unrealised Gain on Financial Futures Contracts 220,477 0.01

344

Transferable securities and money market instruments admitted to an official exchangelisting

Equities

AustriaOMV AG EUR 64,380 3,160,092 1.21

3,160,092 1.21

BelgiumFagron EUR 23,583 344,430 0.13KBC Group NV EUR 62,936 4,156,293 1.59UCB SA EUR 21,925 1,476,868 0.57

5,977,591 2.29

BermudaHiscox Ltd. GBP 139,148 2,387,258 0.92

2,387,258 0.92

DenmarkAlm Brand A/S DKK 65,535 550,587 0.21DSV A/S DKK 4,705 326,396 0.12GN Store Nord A/S DKK 45,168 1,771,894 0.68Novo Nordisk A/S ‘B’ DKK 86,307 3,434,385 1.32Orsted A/S, Reg. S DKK 38,234 1,980,941 0.76Royal Unibrew A/S DKK 43,335 2,932,668 1.12Vestas Wind Systems A/S DKK 23,685 1,260,360 0.48

12,257,231 4.69

FinlandMetsa Board OYJ EUR 32,405 314,409 0.12Neste OYJ EUR 47,524 3,199,791 1.22Stora Enso OYJ ‘R’ EUR 243,153 4,093,481 1.57UPM-Kymmene OYJ EUR 132,100 4,062,075 1.56

11,669,756 4.47

FranceArkema SA EUR 11,422 1,158,762 0.44Atos SE EUR 2,885 338,483 0.13BNP Paribas SA EUR 64,797 3,464,048 1.33Capgemini SE EUR 39,665 4,600,148 1.76Cie Generale des Etablissements MichelinSCA EUR 12,386 1,301,459 0.50Eramet EUR 2,599 292,128 0.11Eurazeo SA EUR 9,001 588,440 0.22Faurecia SA EUR 17,116 1,050,922 0.40Gecina SA, REIT EUR 13,185 1,889,411 0.72Kering SA EUR 10,376 5,072,826 1.94L’Oreal SA EUR 11,817 2,496,341 0.96LVMH Moet Hennessy Louis Vuitton SE EUR 3,776 1,085,600 0.42Natixis SA EUR 316,329 1,922,015 0.74Orange SA EUR 71,050 1,021,521 0.39Peugeot SA EUR 93,750 1,842,891 0.71Renault SA EUR 15,897 1,161,753 0.44Sanofi EUR 42,551 2,941,763 1.13Schneider Electric SE EUR 34,412 2,465,620 0.94Societe BIC SA EUR 6,107 486,117 0.19TOTAL SA EUR 107,756 5,686,284 2.18

40,866,532 15.65

GermanyAareal Bank AG EUR 79,635 2,983,923 1.14adidas AG EUR 9,630 1,812,366 0.69Allianz SE EUR 26,122 4,643,447 1.78BASF SE EUR 25,805 2,126,590 0.82Covestro AG EUR 40,683 3,102,486 1.19Deutsche Boerse AG EUR 4,636 526,186 0.20Deutsche Lufthansa AG EUR 64,703 1,336,440 0.51Deutsche Pfandbriefbank AG EUR 165,579 1,975,358 0.76HOCHTIEF AG EUR 21,852 3,375,041 1.29JOST Werke AG EUR 3,566 113,399 0.04MuenchenerRueckversicherungs-Gesellschaft AG EUR 1,965 357,237 0.14Puma SE EUR 313 157,596 0.06SAP SE EUR 50,633 5,014,439 1.92Stemmer Imaging AG EUR 13,063 546,752 0.21TUI AG GBP 155,189 2,933,004 1.12Varta AG EUR 20,383 470,643 0.18

31,474,907 12.05

ItalyEnel SpA EUR 567,898 2,707,170 1.04ERG SpA EUR 87,496 1,646,675 0.63Intesa Sanpaolo SpA EUR 168,000 419,664 0.16

4,773,509 1.83

JerseyFerguson plc GBP 7,997 557,968 0.21

557,968 0.21

LuxembourgBefesa SA EUR 32,405 1,470,377 0.56Corestate Capital Holding SA EUR 14,123 652,482 0.25

2,122,859 0.81

NetherlandsABN AMRO Group NV, CVA EUR 87,977 1,959,248 0.75Adyen NV EUR 1,548 731,081 0.28ASML Holding NV EUR 21,087 3,597,969 1.38ASR Nederland NV EUR 98,819 3,457,677 1.32BE Semiconductor Industries NV EUR 23,318 541,444 0.21BinckBank NV EUR 167,818 814,337 0.31Fiat Chrysler Automobiles NV EUR 168,062 2,756,049 1.06Flow Traders EUR 11,028 367,784 0.14ING Groep NV EUR 146,655 1,817,055 0.70Koninklijke Ahold Delhaize NV EUR 51,198 1,054,935 0.40Koninklijke Philips NV EUR 14,408 525,784 0.20STMicroelectronics NV EUR 34,047 656,171 0.25Wolters Kluwer NV EUR 41,672 2,016,925 0.77

20,296,459 7.77

NorwayAtea ASA NOK 64,335 797,711 0.30Marine Harvest ASA NOK 34,111 581,606 0.22Salmar ASA NOK 11,350 409,447 0.16Telenor ASA NOK 120,981 2,134,538 0.82

3,923,302 1.50

PortugalSemapa-Sociedade de Investimento eGestao EUR 15,928 364,751 0.14

364,751 0.14

South AfricaOld Mutual Ltd. GBP 304,628 525,623 0.20

525,623 0.20

SpainACS Actividades de Construccion yServicios SA EUR 39,689 1,379,193 0.53ACS Actividades de Construccion yServicios SA Rights 06/07/2018 EUR 39,689 35,307 0.01Banco Bilbao Vizcaya Argentaria SA EUR 410,065 2,496,066 0.96Iberdrola SA EUR 371,611 2,474,558 0.95Repsol SA EUR 165,422 2,805,143 1.07Repsol SA Rights 06/07/2018 EUR 165,422 82,380 0.03

9,272,647 3.55

SwedenAtlas Copco AB ‘A’ SEK 48,314 1,203,635 0.46Boliden AB SEK 69,506 1,932,087 0.74Bravida Holding AB, Reg. S SEK 224,779 1,526,747 0.58Dometic Group AB SEK 68,176 575,166 0.22Epiroc AB ‘A’ SEK 45,637 408,074 0.16Fabege AB SEK 57,548 585,905 0.22Nobina AB SEK 62,866 415,731 0.16Sandvik AB SEK 81,479 1,233,031 0.47SSAB AB ‘A’ SEK 513,998 2,077,267 0.80Telia Co. AB SEK 406,724 1,592,795 0.61Volvo AB ‘B’ SEK 77,258 1,057,445 0.41

12,607,883 4.83

SwitzerlandABB Ltd. CHF 37,108 695,727 0.27Barry Callebaut AG CHF 186 285,540 0.11Bobst Group SA CHF 14,066 1,232,271 0.47Bucher Industries AG CHF 1,571 452,202 0.17Coca-Cola HBC AG GBP 73,942 2,126,814 0.81Inficon Holding AG CHF 830 363,028 0.14Julius Baer Group Ltd. CHF 26,890 1,355,564 0.52Logitech International SA CHF 16,950 640,489 0.24Lonza Group AG CHF 5,485 1,255,707 0.48

345

JPMorgan Funds - Europe Sustainable Equity FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Nestle SA CHF 103,907 6,870,968 2.63Novartis AG CHF 58,023 3,782,168 1.45Partners Group Holding AG CHF 3,500 2,210,039 0.85Roche Holding AG CHF 29,045 5,524,646 2.12UBS Group AG CHF 153,909 2,032,821 0.78

28,827,984 11.04

United Kingdom3i Group plc GBP 257,166 2,625,694 1.01Anglo American plc GBP 175,183 3,369,784 1.29Ashtead Group plc GBP 117,022 3,031,987 1.16AstraZeneca plc GBP 33,138 1,977,474 0.76Aviva plc GBP 134,862 771,394 0.29Berkeley Group Holdings plc GBP 58,591 2,513,666 0.96BP plc GBP 55,378 364,948 0.14British Land Co. plc (The), REIT GBP 540,347 4,113,021 1.57CLS Holdings plc GBP 110,896 296,413 0.11Diageo plc GBP 172,432 5,343,136 2.05Forterra plc GBP 478,886 1,673,757 0.64GlaxoSmithKline plc GBP 269,316 4,672,805 1.79HSBC Holdings plc GBP 458,522 3,695,657 1.41Ibstock plc GBP 117,479 396,328 0.15Legal & General Group plc GBP 1,385,032 4,167,734 1.60Lloyds Banking Group plc GBP 825,825 589,776 0.23Morgan Sindall Group plc GBP 32,976 537,420 0.21Next plc GBP 26,083 1,795,547 0.69Prudential plc GBP 24,072 474,130 0.18Quilter plc GBP 101,542 166,416 0.06Reach plc GBP 263,353 228,884 0.09Robert Walters plc GBP 164,416 1,323,045 0.51Royal Dutch Shell plc ‘B’ GBP 142,020 4,393,940 1.68Staffline Group plc GBP 42,026 444,099 0.17SThree plc GBP 188,725 783,858 0.30Taylor Wimpey plc GBP 411,878 836,153 0.32Tesco plc GBP 947,292 2,770,223 1.06Unilever plc GBP 121,237 5,774,731 2.21Vodafone Group plc GBP 440,639 914,785 0.35

60,046,805 22.99

Total Equities 251,113,157 96.15

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 251,113,157 96.15

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPM EuroLiquidity X (flex dist.)† EUR 5,134,266 5,134,266 1.97

5,134,266 1.97

Total Collective Investment Schemes - UCITS 5,134,266 1.97

Total Units of authorised UCITS or other collective investmentundertakings 5,134,266 1.97

Total Investments 256,247,423 98.12

Cash 4,858,888 1.86

Other Assets/(Liabilities) 44,940 0.02

Total Net Assets 261,151,251 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited Kingdom 22.99France 15.65Germany 12.05Switzerland 11.04Netherlands 7.77Sweden 4.83Denmark 4.69Finland 4.47Spain 3.55Luxembourg 2.78Belgium 2.29Italy 1.83Norway 1.50Austria 1.21Bermuda 0.92Jersey 0.21South Africa 0.20Portugal 0.14Total Investments 98.12Cash and Other Assets/(Liabilities) 1.88

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United Kingdom 21.74France 17.11Germany 13.12Switzerland 12.91Netherlands 9.99Denmark 4.46Sweden 4.29Spain 3.26Finland 2.59Belgium 2.48Austria 2.05Norway 1.85Italy 1.69Luxembourg 1.04Bermuda 0.87Ireland 0.25United States of America 0.19Total Investments 99.89Cash and Other Assets/(Liabilities) 0.11

Total 100.00

346

JPMorgan Funds - Europe Sustainable Equity FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Europe Sustainable Equity FundSchedule of Investments (continued)

As at 30 June 2018

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

EUR

UnrealisedGain/(Loss)

EUR

%of

NetAssets

EURO STOXX 50 Index, 21/09/2018 100 EUR 3,400,500 48,406 0.02FTSE 100 Index, 21/09/2018 35 GBP 3,012,232 16,914 0.01

Total Unrealised Gain on Financial Futures Contracts 65,320 0.03

Net Unrealised Gain on Financial Futures Contracts 65,320 0.03

347

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

AustraliaAustralia & New Zealand Banking GroupLtd., FRN, 144A 6.75% Perpetual USD 755,000 661,001 0.18Commonwealth Bank of Australia, Reg. S,FRN 2% 22/04/2027 EUR 1,350,000 1,377,034 0.37Goodman Australia Finance Pty. Ltd.,REIT, Reg. S 1.375% 27/09/2025 EUR 323,000 315,926 0.08Macquarie Bank Ltd., FRN, 144A 6.125%Perpetual USD 380,000 295,165 0.08Scentre Group Trust 1, REIT, Reg. S 1.5%16/07/2020 EUR 700,000 718,326 0.19

3,367,452 0.90

AustriaErste Group Bank AG, Reg. S, FRN 5.5%26/05/2025 USD 600,000 526,554 0.14

526,554 0.14

BelgiumBelfius Bank SA, Reg. S 3.125%11/05/2026 EUR 1,500,000 1,560,478 0.42KBC Group NV, Reg. S, FRN 1.875%11/03/2027 EUR 1,300,000 1,327,429 0.35KBC Group NV, Reg. S, FRN 1.625%18/09/2029 EUR 300,000 292,576 0.08KBC Group NV, Reg. S, FRN 5.625%Perpetual EUR 680,000 692,726 0.19

3,873,209 1.04

BermudaAircastle Ltd. 5% 01/04/2023 USD 430,000 373,270 0.10Aircastle Ltd. 4.125% 01/05/2024 USD 1,000,000 825,069 0.22

1,198,339 0.32

CanadaBank of Montreal, Reg. S 1.625%21/06/2022 GBP 313,000 353,020 0.09Bank of Nova Scotia (The), Reg. S 1.25%08/06/2022 GBP 300,000 332,847 0.09

685,867 0.18

DenmarkDanske Bank A/S, Reg. S, FRN 3.875%04/10/2023 EUR 215,000 217,087 0.06Danske Bank A/S, Reg. S, FRN 2.75%19/05/2026 EUR 1,150,000 1,210,121 0.32Danske Bank A/S, Reg. S, FRN 5.875%Perpetual EUR 1,600,000 1,745,592 0.47Jyske Bank A/S, Reg. S, FRN 2.25%05/04/2029 EUR 218,000 219,408 0.06

3,392,208 0.91

FranceBanque Federative du Credit Mutuel SA,Reg. S 2.375% 24/03/2026 EUR 2,100,000 2,120,538 0.57BNP Paribas SA, Reg. S 1.125%10/10/2023 EUR 800,000 800,645 0.21BNP Paribas SA, Reg. S 2.25% 11/01/2027 EUR 2,532,000 2,528,120 0.68BPCE SA, 144A 5.15% 21/07/2024 USD 4,285,000 3,737,543 1.00BPCE SA, Reg. S, FRN 0.177% 23/03/2023 EUR 600,000 591,282 0.16BPCE SA, Reg. S, FRN 2.75% 08/07/2026 EUR 1,500,000 1,564,634 0.42BPCE SA, Reg. S 1% 05/10/2028 EUR 700,000 684,076 0.18BPCE SA, Reg. S 5.25% 16/04/2029 GBP 200,000 256,466 0.07Credit Agricole Assurances SA, Reg. S,FRN 2.625% 29/01/2048 EUR 700,000 632,358 0.17Credit Agricole SA, FRN, 144A 8.125%Perpetual USD 1,560,000 1,421,401 0.38Credit Agricole SA, 144A 4.375%17/03/2025 USD 250,000 207,738 0.06Credit Agricole SA, Reg. S, FRN 6.5%Perpetual EUR 350,000 377,759 0.10Credit Agricole SA, Reg. S 1.25%14/04/2026 EUR 600,000 609,662 0.16Credit Agricole SA, Reg. S 2.625%17/03/2027 EUR 3,075,000 3,124,710 0.84Credit Agricole SA, Reg. S 1.375%03/05/2027 EUR 100,000 101,685 0.03Credit Mutuel Arkea SA, Reg. S, FRN1.875% 25/10/2029 EUR 700,000 644,995 0.17

Credit Mutuel Arkea SA, Reg. S 3.5%09/02/2029 EUR 900,000 894,802 0.24Gecina SA, REIT, Reg. S 1.5% 20/01/2025 EUR 400,000 410,649 0.11Gecina SA, REIT, Reg. S 2% 30/06/2032 EUR 100,000 98,646 0.03Societe Generale SA, FRN, 144A 8%Perpetual USD 1,315,000 1,177,550 0.31Societe Generale SA, Reg. S, FRN 6.75%Perpetual EUR 600,000 641,670 0.17Societe Generale SA, Reg. S 2.625%27/02/2025 EUR 1,600,000 1,646,579 0.44

24,273,508 6.50

GermanyAllianz SE, Reg. S, FRN 2.241%07/07/2045 EUR 1,700,000 1,683,301 0.45Allianz SE, Reg. S, FRN 3.099%06/07/2047 EUR 1,800,000 1,831,677 0.49Allianz SE, Reg. S, FRN 4.75% Perpetual EUR 900,000 1,003,285 0.27Commerzbank AG 7.75% 16/03/2021 EUR 500,000 585,828 0.16Commerzbank AG, Reg. S 4%23/03/2026 EUR 175,000 185,318 0.05Commerzbank AG, Reg. S 4%30/03/2027 EUR 500,000 526,218 0.14Deutsche Bank AG 4.25% 14/10/2021 USD 1,340,000 1,140,235 0.31Deutsche Bank AG 4.5% 19/05/2026 EUR 300,000 303,827 0.08Deutsche Bank AG, Reg. S 1.75%17/01/2028 EUR 900,000 827,804 0.22MuenchenerRueckversicherungs-Gesellschaft AG,Reg. S, FRN 6.25% 26/05/2042 EUR 500,000 596,233 0.16MuenchenerRueckversicherungs-Gesellschaft AG,Reg. S, FRN 6.625% 26/05/2042 GBP 1,200,000 1,547,445 0.41

10,231,171 2.74

GuernseyCredit Suisse Group Funding GuernseyLtd. 4.55% 17/04/2026 USD 380,000 326,966 0.09

326,966 0.09

IrelandAerCap Ireland Capital DAC 4.625%30/10/2020 USD 550,000 482,223 0.13AerCap Ireland Capital DAC 3.5%26/05/2022 USD 310,000 260,637 0.07AerCap Ireland Capital DAC 4.625%01/07/2022 USD 1,150,000 1,007,524 0.27AerCap Ireland Capital DAC 3.5%15/01/2025 USD 330,000 266,273 0.07AerCap Ireland Capital DAC 3.65%21/07/2027 USD 1,370,000 1,072,736 0.29AerCap Ireland Capital DAC 3.875%23/01/2028 USD 1,840,000 1,457,064 0.39AIB Group plc, Reg. S 1.5% 29/03/2023 EUR 613,000 608,792 0.16Allied Irish Banks plc, Reg. S, FRN 4.125%26/11/2025 EUR 1,500,000 1,575,585 0.42Allied Irish Banks plc, Reg. S, FRN 7.375%Perpetual EUR 1,100,000 1,204,324 0.32Bank of Ireland, Reg. S, FRN 4.25%11/06/2024 EUR 831,000 853,956 0.23Bank of Ireland, Reg. S, FRN 7.375%Perpetual EUR 1,080,000 1,161,130 0.31Bank of Ireland Group plc, Reg. S, FRN4.125% 19/09/2027 USD 286,000 232,086 0.06GE Capital International Funding Co.Unlimited Co. 4.418% 15/11/2035 USD 1,981,000 1,647,691 0.44Liberty Mutual Finance Europe DAC,Reg. S 1.75% 27/03/2024 EUR 144,000 147,258 0.04Swiss Reinsurance Co. Ltd., Reg. S, FRN6.625% 01/09/2042 EUR 700,000 854,855 0.23Zurich Insurance Co. Ltd., Reg. S, FRN4.25% 02/10/2043 EUR 1,000,000 1,111,427 0.30

13,943,561 3.73

ItalyAssicurazioni Generali SpA, Reg. S, FRN7.75% 12/12/2042 EUR 2,000,000 2,341,446 0.63Banca Monte dei Paschi di Siena SpA,Reg. S, FRN 5.375% 18/01/2028 EUR 450,000 367,578 0.10FCA Bank SpA, Reg. S 1.375% 17/04/2020 EUR 100,000 101,412 0.03Intesa Sanpaolo SpA, Reg. S, FRN 7.75%Perpetual EUR 700,000 756,784 0.20Intesa Sanpaolo SpA, Reg. S 4%30/10/2023 EUR 350,000 389,233 0.10UniCredit SpA, Reg. S, FRN 4.375%03/01/2027 EUR 179,000 183,612 0.05

348

JPMorgan Funds - Financials Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

UniCredit SpA, Reg. S, FRN 9.25%Perpetual EUR 500,000 559,920 0.15UniCredit SpA, Reg. S 6.95% 31/10/2022 EUR 200,000 231,433 0.06

4,931,418 1.32

JapanMitsubishi UFJ Financial Group, Inc.,Reg. S 0.68% 26/01/2023 EUR 296,000 296,718 0.08Sumitomo Mitsui Financial Group, Inc.,Reg. S 0.934% 11/10/2024 EUR 590,000 590,367 0.16

887,085 0.24

JerseyHSBC Bank Capital Funding Sterling 1 LP,Reg. S, FRN 5.844% Perpetual GBP 145,000 206,973 0.06

206,973 0.06

LuxembourgHannover Finance Luxembourg SA, FRN5% 30/06/2043 EUR 1,400,000 1,616,297 0.43

1,616,297 0.43

NetherlandsABN AMRO Bank NV, 144A 4.75%28/07/2025 USD 250,000 213,667 0.06ABN AMRO Bank NV, Reg. S, FRN 2.875%18/01/2028 EUR 2,500,000 2,638,414 0.71ABN AMRO Bank NV, Reg. S, FRN 4.4%27/03/2028 USD 200,000 168,750 0.04ABN AMRO Bank NV, Reg. S, FRN 5.75%Perpetual EUR 1,400,000 1,484,385 0.40ABN AMRO Bank NV, Reg. S 1%30/06/2020 GBP 100,000 112,319 0.03ABN AMRO Bank NV, Reg. S 6.375%27/04/2021 EUR 475,000 550,571 0.15ABN AMRO Bank NV, Reg. S 6.25%27/04/2022 USD 1,250,000 1,154,875 0.31Aegon NV, Reg. S, FRN 4% 25/04/2044 EUR 700,000 724,547 0.19Cooperatieve Rabobank UA, Reg. S, FRN4% 10/04/2029 USD 400,000 331,792 0.09Cooperatieve Rabobank UA, Reg. S, FRN6.625% Perpetual EUR 800,000 900,708 0.24Cooperatieve Rabobank UA, Reg. S 5.25%14/09/2027 GBP 500,000 651,671 0.17Cooperatieve Rabobank UA, Reg. S4.625% 23/05/2029 GBP 500,000 629,674 0.17ING Groep NV, FRN 3% 11/04/2028 EUR 3,500,000 3,717,773 1.00ING Groep NV, FRN 6.5% Perpetual USD 600,000 500,836 0.13ING Groep NV, Reg. S, FRN 2.5%15/02/2029 EUR 600,000 616,375 0.16ING Groep NV, Reg. S, FRN 6.875%Perpetual USD 1,160,000 1,018,064 0.27Swiss Reinsurance Co. Ltd., Reg. S, FRN2.6% Perpetual EUR 307,000 306,134 0.08Vonovia Finance BV, Reg. S 1.25%06/12/2024 EUR 600,000 599,439 0.16Zurich Insurance Co. Ltd., Reg. S, FRN5.125% 01/06/2048 USD 568,000 468,622 0.13

16,788,616 4.49

New ZealandANZ New Zealand Int’l Ltd., Reg. S 0.4%01/03/2022 EUR 204,000 203,902 0.05

203,902 0.05

NorwayDNB Bank ASA, Reg. S, FRN 1.25%01/03/2027 EUR 218,000 217,672 0.06DNB Bank ASA, Reg. S, FRN 6.5%Perpetual USD 960,000 843,925 0.22

1,061,597 0.28

SpainBanco Bilbao Vizcaya Argentaria SA, FRN6.125% Perpetual USD 200,000 151,800 0.04Banco Bilbao Vizcaya Argentaria SA,Reg. S, FRN 3.5% 11/04/2024 EUR 300,000 306,300 0.08Banco Bilbao Vizcaya Argentaria SA,Reg. S, FRN 8.875% Perpetual EUR 600,000 673,617 0.18Banco Bilbao Vizcaya Argentaria SA,Reg. S 0.75% 11/09/2022 EUR 900,000 887,870 0.24Banco Bilbao Vizcaya Argentaria SA,Reg. S 3.5% 10/02/2027 EUR 500,000 524,031 0.14Banco Santander SA 3.125% 23/02/2023 USD 1,800,000 1,466,311 0.39Banco Santander SA 4.25% 11/04/2027 USD 800,000 655,040 0.18

Banco Santander SA, Reg. S, FRN 6.75%Perpetual EUR 1,100,000 1,184,040 0.32Banco Santander SA, Reg. S 3.25%04/04/2026 EUR 1,300,000 1,348,493 0.36Banco Santander SA, Reg. S 3.125%19/01/2027 EUR 300,000 306,824 0.08Bankia SA, Reg. S, FRN 3.375%15/03/2027 EUR 600,000 611,757 0.16Bankinter SA, Reg. S, FRN 2.5%06/04/2027 EUR 1,900,000 1,910,222 0.51CaixaBank SA, Reg. S, FRN 3.5%15/02/2027 EUR 1,600,000 1,681,864 0.45CaixaBank SA, Reg. S, FRN 6.75%Perpetual EUR 1,400,000 1,491,616 0.40CaixaBank SA, Reg. S 1.125% 12/01/2023 EUR 400,000 394,042 0.11

13,593,827 3.64

SwedenNordea Bank AB, Reg. S, FRN 1%07/09/2026 EUR 600,000 598,637 0.16Skandinaviska Enskilda Banken AB,Reg. S, FRN 2.5% 28/05/2026 EUR 2,176,000 2,276,563 0.61Skandinaviska Enskilda Banken AB,Reg. S, FRN 5.625% Perpetual USD 200,000 165,431 0.05Swedbank AB, Reg. S, FRN 1% 22/11/2027 EUR 2,700,000 2,655,682 0.71Swedbank AB, Reg. S, FRN 5.5%Perpetual USD 1,400,000 1,201,324 0.32

6,897,637 1.85

SwitzerlandCredit Suisse AG 3% 29/10/2021 USD 825,000 699,768 0.19Credit Suisse AG, Reg. S, FRN 5.75%18/09/2025 EUR 285,000 311,418 0.08Credit Suisse Group AG, FRN, 144A 6.25%Perpetual USD 750,000 631,427 0.17Credit Suisse Group AG, FRN, 144A 7.5%Perpetual USD 950,000 844,146 0.23Credit Suisse Group AG, Reg. S, FRN2.125% 12/09/2025 GBP 800,000 862,917 0.23UBS AG, Reg. S 1.25% 10/12/2020 GBP 537,000 604,416 0.16UBS Group Funding Switzerland AG, FRN,144A 2.859% 15/08/2023 USD 880,000 723,779 0.19UBS Group Funding Switzerland AG, Reg.S, FRN 0.377% 20/09/2022 EUR 341,000 341,508 0.09UBS Group Funding Switzerland AG,Reg. S, FRN 7% Perpetual USD 1,000,000 872,960 0.23UBS Group Funding Switzerland AG, Reg.S, FRN 7.125% Perpetual USD 400,000 353,674 0.10UBS Group Funding Switzerland AG,Reg. S 1.5% 30/11/2024 EUR 315,000 320,016 0.09

6,566,029 1.76

United KingdomAviva plc, Reg. S, FRN 6.125% 14/11/2036 GBP 1,050,000 1,323,806 0.35Aviva plc, Reg. S, FRN 4.375%12/09/2049 GBP 400,000 440,424 0.12Aviva plc, Reg. S, FRN 5.125%04/06/2050 GBP 200,000 230,474 0.06Barclays plc, FRN 3.71% 16/05/2024 USD 2,455,000 2,094,959 0.56Barclays plc 5.2% 12/05/2026 USD 3,250,000 2,744,895 0.74Barclays plc 4.836% 09/05/2028 USD 765,000 622,978 0.17Barclays plc, Reg. S, FRN 2.375%06/10/2023 GBP 429,000 476,269 0.13Barclays plc, Reg. S, FRN 2.625%11/11/2025 EUR 2,540,000 2,590,114 0.69Barclays plc, Reg. S, FRN 2% 07/02/2028 EUR 818,000 783,010 0.21Barclays plc, Reg. S, FRN 7.25% Perpetual GBP 880,000 1,022,935 0.27Barclays plc, Reg. S 1.875% 08/12/2023 EUR 500,000 511,303 0.14Barclays plc, Reg. S 3.125% 17/01/2024 GBP 216,000 244,600 0.07HSBC Holdings plc, FRN 2.175%27/06/2023 GBP 619,000 696,630 0.19HSBC Holdings plc, FRN 6.875%Perpetual USD 836,000 744,589 0.20HSBC Holdings plc 5.1% 05/04/2021 USD 780,000 699,626 0.19HSBC Holdings plc 4.25% 14/03/2024 USD 2,005,000 1,717,971 0.46HSBC Holdings plc 4.25% 18/08/2025 USD 3,240,000 2,733,653 0.73HSBC Holdings plc 4.375% 23/11/2026 USD 5,855,000 4,943,174 1.32HSBC Holdings plc 5.75% 20/12/2027 GBP 2,250,000 3,010,121 0.81HSBC Holdings plc 3.125% 07/06/2028 EUR 1,750,000 1,865,213 0.50HSBC Holdings plc, Reg. S, FRN 0.376%27/09/2022 EUR 202,000 202,961 0.05HSBC Holdings plc, Reg. S, FRN 2.256%13/11/2026 GBP 221,000 240,055 0.06HSBC Holdings plc, Reg. S, FRN 6%Perpetual EUR 600,000 672,981 0.18HSBC Holdings plc, Reg. S 2.625%16/08/2028 GBP 932,000 1,016,143 0.27Lloyds Bank plc, FRN 5.75% 09/07/2025 GBP 1,435,000 1,728,394 0.46

349

JPMorgan Funds - Financials Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Lloyds Banking Group plc, FRN 0.457%21/06/2024 EUR 163,000 161,999 0.04Lloyds Banking Group plc, FRN 3.574%07/11/2028 USD 3,210,000 2,549,925 0.68Lloyds Banking Group plc 4.45%08/05/2025 USD 1,965,000 1,700,254 0.46Lloyds Banking Group plc 4.344%09/01/2048 USD 1,010,000 747,967 0.20Lloyds Banking Group plc, Reg. S, FRN1.75% 07/09/2028 EUR 750,000 732,210 0.20Lloyds Banking Group plc, Reg. S 2.25%16/10/2024 GBP 398,000 436,961 0.12Nationwide Building Society, FRN, 144A4.302% 08/03/2029 USD 740,000 613,739 0.16Nationwide Building Society, 144A 4%14/09/2026 USD 1,500,000 1,207,168 0.32Nationwide Building Society, Reg. S, FRN2% 25/07/2029 EUR 1,125,000 1,106,273 0.30Nationwide Building Society, Reg. S, FRN6.875% Perpetual GBP 411,000 475,581 0.13Prudential plc, Reg. S, FRN 5%20/07/2055 GBP 320,000 366,372 0.10Prudential plc, Reg. S, FRN 5.7%19/12/2063 GBP 100,000 123,643 0.03Royal Bank of Scotland Group plc, FRN3.498% 15/05/2023 USD 1,635,000 1,362,484 0.36Royal Bank of Scotland Group plc, FRN4.892% 18/05/2029 USD 1,270,000 1,087,417 0.29Royal Bank of Scotland Group plc 3.875%12/09/2023 USD 1,950,000 1,629,888 0.44Royal Bank of Scotland Group plc 6%19/12/2023 USD 2,480,000 2,242,143 0.60Royal Bank of Scotland Group plc, Reg. S,FRN 3.625% 25/03/2024 EUR 400,000 407,782 0.11Royal Bank of Scotland Group plc, Reg. S,FRN 1.75% 02/03/2026 EUR 1,064,000 1,049,044 0.28RSA Insurance Group plc, Reg. S, FRN5.125% 10/10/2045 GBP 1,720,000 2,096,514 0.56Santander UK Group Holdings plc 2.875%16/10/2020 USD 500,000 424,082 0.11Santander UK Group Holdings plc 2.875%05/08/2021 USD 800,000 666,892 0.18Santander UK plc 4% 13/03/2024 USD 300,000 259,291 0.07Santander UK plc, Reg. S 1.875%17/02/2020 GBP 450,000 512,166 0.14Standard Chartered plc, FRN, 144A 7.75%Perpetual USD 438,000 386,513 0.10Standard Chartered plc, 144A 5.7%26/03/2044 USD 800,000 721,224 0.19Standard Chartered plc, Reg. S 1.625%13/06/2021 EUR 1,150,000 1,190,066 0.32Standard Chartered plc, Reg. S 3.125%19/11/2024 EUR 790,000 844,004 0.23Standard Life Aberdeen plc, Reg. S, FRN6.75% Perpetual GBP 390,000 577,349 0.15Yorkshire Building Society, Reg. S 1.25%17/03/2022 EUR 250,000 255,237 0.07Yorkshire Building Society, Reg. S0.875% 20/03/2023 EUR 375,000 373,627 0.10Zurich Finance UK plc, FRN 6.625%Perpetual GBP 1,017,000 1,295,363 0.35

60,960,456 16.32

United States of AmericaAir Lease Corp. 3.375% 01/06/2021 USD 305,000 260,876 0.07Air Lease Corp. 3% 15/09/2023 USD 605,000 493,108 0.13Air Lease Corp. 3.25% 01/03/2025 USD 1,995,000 1,594,782 0.43Ally Financial, Inc. 4.25% 15/04/2021 USD 545,000 469,903 0.13American Express Co. 3.625%05/12/2024 USD 385,000 325,942 0.09American Express Credit Corp. 2.25%05/05/2021 USD 510,000 426,309 0.11American International Group, Inc. 3.9%01/04/2026 USD 3,260,000 2,714,170 0.73American International Group, Inc.1.875% 21/06/2027 EUR 164,000 162,634 0.04American International Group, Inc. 4.8%10/07/2045 USD 780,000 656,283 0.18Anthem, Inc. 3.3% 15/01/2023 USD 500,000 423,101 0.11Anthem, Inc. 4.625% 15/05/2042 USD 50,000 41,975 0.01Anthem, Inc. 5.1% 15/01/2044 USD 300,000 266,450 0.07Bank of America Corp. 2.625%19/10/2020 USD 900,000 764,067 0.20Bank of America Corp. 3.3% 11/01/2023 USD 725,000 613,730 0.16Bank of America Corp. 4% 01/04/2024 USD 46,000 39,958 0.01Bank of America Corp. 4.25% 22/10/2026 USD 2,385,000 2,029,151 0.54Bank of America Corp. 3.248%21/10/2027 USD 390,000 312,413 0.08Bank of America Corp. 4.183%25/11/2027 USD 2,060,000 1,727,518 0.46

Bank of America Corp. 5% 21/01/2044 USD 390,000 355,955 0.10Bank of America Corp. 3.95% 21/04/2025 USD 4,755,000 4,008,744 1.07Bank of America Corp., FRN 6.25%Perpetual USD 1,305,000 1,169,397 0.31Bank of America Corp., Reg. S 0.75%26/07/2023 EUR 165,000 164,449 0.04Bank of America Corp., Reg. S 1.375%26/03/2025 EUR 300,000 303,692 0.08Bank of America Corp., Reg. S 2.3%25/07/2025 GBP 317,000 353,363 0.09Bank of America Corp., Reg. S 7%31/07/2028 GBP 300,000 462,288 0.12Berkshire Hathaway, Inc. 0.75%16/03/2023 EUR 400,000 405,239 0.11Boston Properties LP, REIT 3.85%01/02/2023 USD 150,000 129,785 0.03Boston Properties LP, REIT 3.65%01/02/2026 USD 460,000 382,791 0.10Capital One Bank USA NA 3.375%15/02/2023 USD 300,000 251,288 0.07Capital One Financial Corp. 3.5%15/06/2023 USD 845,000 711,136 0.19Capital One Financial Corp. 4.2%29/10/2025 USD 540,000 452,211 0.12Capital One Financial Corp. 3.75%09/03/2027 USD 1,175,000 959,915 0.26CIT Group, Inc. 5% 15/08/2022 USD 429,000 373,767 0.10Citigroup, Inc. 2.65% 26/10/2020 USD 465,000 393,392 0.11Citigroup, Inc. 2.7% 30/03/2021 USD 485,000 408,894 0.11Citigroup, Inc. 4.5% 14/01/2022 USD 625,000 553,359 0.15Citigroup, Inc. 3.875% 26/03/2025 USD 1,575,000 1,315,487 0.35Citigroup, Inc. 4.4% 10/06/2025 USD 1,045,000 893,849 0.24Citigroup, Inc. 4.6% 09/03/2026 USD 190,000 163,827 0.04Citigroup, Inc. 3.2% 21/10/2026 USD 345,000 275,902 0.07Citigroup, Inc. 4.3% 20/11/2026 USD 4,235,000 3,569,571 0.96Citigroup, Inc. 4.45% 29/09/2027 USD 520,000 440,505 0.12Citigroup, Inc. 4.75% 18/05/2046 USD 405,000 334,784 0.09Citigroup, Inc., Reg. S, FRN 0.177%21/03/2023 EUR 1,077,000 1,074,087 0.29Citigroup, Inc., Reg. S 2.125% 10/09/2026 EUR 300,000 317,155 0.08Citizens Bank NA 2.55% 13/05/2021 USD 250,000 209,516 0.06Duke Realty LP, REIT 3.875% 15/02/2021 USD 605,000 526,346 0.14EPR Properties, REIT 4.5% 01/06/2027 USD 495,000 405,907 0.11Ford Motor Credit Co. LLC 3.336%18/03/2021 USD 900,000 766,258 0.20Ford Motor Credit Co. LLC 3.664%08/09/2024 USD 700,000 576,220 0.15Ford Motor Credit Co. LLC 4.389%08/01/2026 USD 380,000 321,446 0.09General Motors Financial Co., Inc. 2.4%09/05/2019 USD 710,000 607,080 0.16General Motors Financial Co., Inc. 4.25%15/05/2023 USD 980,000 846,625 0.23General Motors Financial Co., Inc. 5.25%01/03/2026 USD 250,000 223,139 0.06General Motors Financial Co., Inc. 4%06/10/2026 USD 500,000 409,892 0.11General Motors Financial Co., Inc. 4.35%17/01/2027 USD 225,000 188,164 0.05Goldman Sachs Group, Inc. (The) 2.55%23/10/2019 USD 495,000 422,749 0.11Goldman Sachs Group, Inc. (The) 2.6%23/04/2020 USD 620,000 527,262 0.14Goldman Sachs Group, Inc. (The) 5.5%12/10/2021 GBP 250,000 312,345 0.08Goldman Sachs Group, Inc. (The) 2.35%15/11/2021 USD 2,945,000 2,437,443 0.65Goldman Sachs Group, Inc. (The) 3.625%22/01/2023 USD 490,000 418,970 0.11Goldman Sachs Group, Inc. (The) 4%03/03/2024 USD 180,000 154,846 0.04Goldman Sachs Group, Inc. (The) 3.5%23/01/2025 USD 310,000 257,241 0.07Goldman Sachs Group, Inc. (The) 4.25%21/10/2025 USD 1,850,000 1,566,451 0.42Goldman Sachs Group, Inc. (The) 3.5%16/11/2026 USD 595,000 482,104 0.13Goldman Sachs Group, Inc. (The) 6.75%01/10/2037 USD 740,000 755,638 0.20Goldman Sachs Group, Inc. (The) 5.15%22/05/2045 USD 1,005,000 860,791 0.23Goldman Sachs Group, Inc. (The) 4.75%21/10/2045 USD 450,000 383,348 0.10Goldman Sachs Group, Inc. (The), Reg. S,FRN 0.129% 16/12/2020 EUR 560,000 559,916 0.15Goldman Sachs Group, Inc. (The), Reg. S1.25% 01/05/2025 EUR 497,000 494,527 0.13Goldman Sachs Group, Inc. (The), Reg. S4.25% 29/01/2026 GBP 200,000 247,502 0.07

350

JPMorgan Funds - Financials Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Hartford Financial Services Group, Inc.(The) 5.125% 15/04/2022 USD 260,000 235,920 0.06HCP, Inc., REIT 3.875% 15/08/2024 USD 425,000 357,435 0.10HSBC Bank USA NA 5.625% 15/08/2035 USD 875,000 843,188 0.23Kimco Realty Corp., REIT 3.125%01/06/2023 USD 565,000 466,368 0.12Liberty Property LP, REIT 3.375%15/06/2023 USD 305,000 256,685 0.07Liberty Property LP, REIT 4.4%15/02/2024 USD 530,000 464,392 0.12Markel Corp. 3.625% 30/03/2023 USD 350,000 297,161 0.08Markel Corp. 5% 30/03/2043 USD 35,000 30,895 0.01Marsh & McLennan Cos., Inc. 4.35%30/01/2047 USD 60,000 51,455 0.01MetLife, Inc. 4.75% 08/02/2021 USD 363,000 323,452 0.09MetLife, Inc. 3% 01/03/2025 USD 140,000 114,757 0.03MetLife, Inc. 6.4% 15/12/2066 USD 350,000 320,218 0.09Morgan Stanley, FRN 1.342% 23/10/2026 EUR 514,000 506,178 0.14Morgan Stanley 3.75% 25/02/2023 USD 565,000 486,375 0.13Morgan Stanley 1.75% 11/03/2024 EUR 600,000 622,880 0.17Morgan Stanley 3.7% 23/10/2024 USD 545,000 462,587 0.12Morgan Stanley 1.75% 30/01/2025 EUR 650,000 669,516 0.18Morgan Stanley 5% 24/11/2025 USD 1,200,000 1,069,763 0.29Morgan Stanley 4.35% 08/09/2026 USD 450,000 382,358 0.10Morgan Stanley 1.375% 27/10/2026 EUR 190,000 186,873 0.05Morgan Stanley 3.625% 20/01/2027 USD 360,000 297,854 0.08Morgan Stanley 2.625% 09/03/2027 GBP 197,000 219,590 0.06Morgan Stanley 3.95% 23/04/2027 USD 860,000 706,380 0.19Morgan Stanley 1.875% 27/04/2027 EUR 500,000 509,689 0.14MUFG Americas Holdings Corp. 3%10/02/2025 USD 125,000 102,765 0.03National Capital Trust I, Reg. S, FRN5.62% Perpetual GBP 225,000 258,649 0.07Nationstar Mortgage LLC 6.5%01/07/2021 USD 530,000 455,980 0.12Prologis LP, REIT 4.25% 15/08/2023 USD 155,000 137,266 0.04Realty Income Corp., REIT 3.65%15/01/2028 USD 930,000 767,910 0.21Regions Financial Corp. 7.375%10/12/2037 USD 200,000 221,440 0.06Simon Property Group LP, REIT 3.375%01/12/2027 USD 1,315,000 1,075,717 0.29SunTrust Bank 3.3% 15/05/2026 USD 700,000 568,942 0.15Synchrony Bank 3% 15/06/2022 USD 675,000 558,937 0.15Synchrony Financial 4.25% 15/08/2024 USD 800,000 675,100 0.18Synchrony Financial 3.95% 01/12/2027 USD 2,111,000 1,675,617 0.45UDR, Inc., REIT 3.7% 01/10/2020 USD 365,000 315,679 0.08UnitedHealth Group, Inc. 5.95%15/02/2041 USD 120,000 127,481 0.03US Bancorp 2.95% 15/07/2022 USD 170,000 143,035 0.04US Bancorp 0.85% 07/06/2024 EUR 405,000 405,204 0.11Ventas Realty LP, REIT 4.75% 01/06/2021 USD 275,000 243,716 0.07Ventas Realty LP, REIT 4.125%15/01/2026 USD 250,000 212,289 0.06Ventas Realty LP, REIT 3.25% 15/10/2026 USD 215,000 171,285 0.05VEREIT Operating Partnership LP, REIT4.125% 01/06/2021 USD 500,000 435,825 0.12VEREIT Operating Partnership LP, REIT3.95% 15/08/2027 USD 1,765,000 1,417,441 0.38Voya Financial, Inc. 3.125% 15/07/2024 USD 780,000 633,546 0.17Voya Financial, Inc. 3.65% 15/06/2026 USD 170,000 138,511 0.04Voya Financial, Inc. 5.7% 15/07/2043 USD 100,000 95,607 0.03Voya Financial, Inc. 4.8% 15/06/2046 USD 290,000 246,664 0.07Wells Fargo & Co. 3.069% 24/01/2023 USD 440,000 367,709 0.10Wells Fargo & Co. 3% 23/10/2026 USD 435,000 345,125 0.09Wells Fargo & Co. 4.3% 22/07/2027 USD 4,695,000 3,971,487 1.06Wells Fargo & Co. 5.375% 02/11/2043 USD 815,000 732,920 0.20Wells Fargo & Co. 4.9% 17/11/2045 USD 530,000 450,683 0.12Wells Fargo & Co. 4.4% 14/06/2046 USD 2,475,000 1,955,170 0.52Wells Fargo & Co. 4.75% 07/12/2046 USD 2,200,000 1,827,917 0.49Wells Fargo & Co., Reg. S 1.375%30/06/2022 GBP 303,000 334,062 0.09Wells Fargo & Co., Reg. S 2.125%20/12/2023 GBP 345,000 386,962 0.10Wells Fargo & Co., Reg. S 2% 28/07/2025 GBP 155,000 168,685 0.04Wells Fargo & Co., Reg. S 2% 27/04/2026 EUR 100,000 104,712 0.03Wells Fargo & Co., Reg. S 1.375%26/10/2026 EUR 200,000 198,936 0.05Wells Fargo & Co., Reg. S 1% 02/02/2027 EUR 178,000 170,597 0.05Welltower, Inc., REIT 4.8% 20/11/2028 GBP 400,000 516,203 0.14

81,006,671 21.68

Total Bonds 256,539,343 68.67

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 256,539,343 68.67

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

AustraliaAustralia & New Zealand Banking GroupLtd., 144A 4.5% 19/03/2024 USD 500,000 429,700 0.12Australia & New Zealand Banking GroupLtd., 144A 4.4% 19/05/2026 USD 1,700,000 1,433,346 0.38Commonwealth Bank of Australia, 144A4.5% 09/12/2025 USD 455,000 387,773 0.10Commonwealth Bank of Australia, 144A4.316% 10/01/2048 USD 1,330,000 1,028,496 0.28Macquarie Group Ltd., FRN, 144A 3.189%28/11/2023 USD 1,235,000 1,013,774 0.27Macquarie Group Ltd., FRN, 144A 4.15%27/03/2024 USD 3,095,000 2,642,095 0.71Westpac Banking Corp., FRN 4.322%23/11/2031 USD 1,055,000 875,278 0.23Westpac Banking Corp., FRN 5%Perpetual USD 940,000 699,405 0.19

8,509,867 2.28

CanadaBank of Montreal, FRN 3.803%15/12/2032 USD 1,555,000 1,238,416 0.33Bank of Nova Scotia (The) 4.5%16/12/2025 USD 1,080,000 925,651 0.25Manulife Financial Corp., FRN 4.061%24/02/2032 USD 920,000 755,334 0.20Royal Bank of Canada 4.65% 27/01/2026 USD 1,400,000 1,219,391 0.33Toronto-Dominion Bank (The), FRN3.625% 15/09/2031 USD 1,780,000 1,439,592 0.38

5,578,384 1.49

DenmarkDanske Bank A/S, 144A 2.8% 10/03/2021 USD 360,000 304,555 0.08

304,555 0.08

FranceBanque Federative du Credit Mutuel SA,144A 2.5% 13/04/2021 USD 1,240,000 1,038,194 0.28BNP Paribas SA, FRN, 144A 4.375%01/03/2033 USD 1,590,000 1,281,777 0.34BNP Paribas SA, 144A 3.8% 10/01/2024 USD 825,000 693,288 0.19BNP Paribas SA, 144A 4.375%28/09/2025 USD 2,000,000 1,672,401 0.45BNP Paribas SA, 144A 4.375%12/05/2026 USD 400,000 333,398 0.09BPCE SA, 144A 3% 22/05/2022 USD 375,000 311,562 0.08BPCE SA, 144A 4.5% 15/03/2025 USD 1,700,000 1,424,936 0.38BPCE SA, 144A 4.875% 01/04/2026 USD 520,000 444,759 0.12BPCE SA 2.25% 27/01/2020 USD 630,000 533,153 0.14BPCE SA 4% 15/04/2024 USD 1,550,000 1,335,356 0.36Credit Agricole SA, FRN, 144A 4%10/01/2033 USD 1,430,000 1,120,473 0.30Credit Agricole SA, 144A 2.375%01/07/2021 USD 425,000 353,168 0.10Credit Agricole SA, 144A 3.875%15/04/2024 USD 790,000 677,646 0.18Credit Agricole SA, 144A 3.25%04/10/2024 USD 1,220,000 984,460 0.26Societe Generale SA, 144A 2.625%16/09/2020 USD 450,000 380,930 0.10Societe Generale SA, 144A 4.25%19/08/2026 USD 2,850,000 2,334,693 0.63

14,920,194 4.00

GermanyCommerzbank AG, 144A 8.125%19/09/2023 USD 2,000,000 1,954,583 0.52Deutsche Bank AG 3.15% 22/01/2021 USD 1,840,000 1,534,679 0.41Deutsche Bank AG 3.95% 27/02/2023 USD 2,055,000 1,699,445 0.46

5,188,707 1.39

ItalyIntesa Sanpaolo SpA, 144A 5.71%15/01/2026 USD 840,000 657,877 0.18Intesa Sanpaolo SpA, 144A 3.875%14/07/2027 USD 1,020,000 756,901 0.20Intesa Sanpaolo SpA 5.25% 12/01/2024 USD 900,000 759,147 0.20UniCredit SpA, 144A 3.75% 12/04/2022 USD 1,000,000 819,324 0.22

2,993,249 0.80

351

JPMorgan Funds - Financials Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JapanDaiwa Securities Group, Inc., 144A3.129% 19/04/2022 USD 640,000 539,461 0.14Sumitomo Life Insurance Co., FRN, 144A4% 14/09/2077 USD 1,000,000 800,351 0.21Sumitomo Mitsui Financial Group, Inc.2.778% 18/10/2022 USD 795,000 659,668 0.18Sumitomo Mitsui Financial Group, Inc.3.102% 17/01/2023 USD 2,215,000 1,859,594 0.50

3,859,074 1.03

NetherlandsABN AMRO Bank NV, 144A 4.8%18/04/2026 USD 600,000 515,469 0.14Cooperatieve Rabobank UA 4.625%01/12/2023 USD 500,000 432,517 0.11Cooperatieve Rabobank UA 3.75%21/07/2026 USD 2,270,000 1,827,111 0.49Cooperatieve Rabobank UA 5.25%04/08/2045 USD 635,000 570,331 0.15ING Bank NV, 144A 5.8% 25/09/2023 USD 600,000 545,618 0.15

3,891,046 1.04

SwedenNordea Bank AB, 144A 4.875%13/05/2021 USD 800,000 706,455 0.19Nordea Bank AB, Reg. S, FRN 6.125%Perpetual USD 700,000 589,038 0.16

1,295,493 0.35

SwitzerlandCredit Suisse Group AG, FRN, 144A3.869% 12/01/2029 USD 470,000 380,242 0.10Credit Suisse Group AG, 144A 4.282%09/01/2028 USD 1,250,000 1,046,357 0.28UBS Group Funding Switzerland AG,Reg. S, FRN 7.125% Perpetual USD 875,000 775,774 0.21

2,202,373 0.59

United KingdomNationwide Building Society, FRN, 144A4.125% 18/10/2032 USD 1,585,000 1,246,755 0.33Santander UK Group Holdings plc, 144A4.75% 15/09/2025 USD 1,710,000 1,436,453 0.39Santander UK plc, 144A 5% 07/11/2023 USD 700,000 612,344 0.16Standard Chartered plc, 144A 4.3%19/02/2027 USD 950,000 785,848 0.21Standard Chartered plc, FRN 8.625%Perpetual USD 1,100,000 1,003,932 0.27

5,085,332 1.36

United States of AmericaAllstate Corp. (The), FRN 5.75%15/08/2053 USD 205,000 181,563 0.05American International Group, Inc., FRN5.75% 01/04/2048 USD 1,980,000 1,671,212 0.45Anthem, Inc. 3.65% 01/12/2027 USD 1,515,000 1,234,835 0.33Anthem, Inc. 4.101% 01/03/2028 USD 1,260,000 1,064,012 0.29Bank of America Corp., FRN 3.004%20/12/2023 USD 1,670,000 1,391,442 0.37Bank of America Corp., FRN 3.419%20/12/2028 USD 497,000 401,322 0.11Bank of America Corp., FRN 3.97%05/03/2029 USD 1,255,000 1,059,715 0.28Bank of America Corp., FRN 5.875%Perpetual USD 1,480,000 1,248,229 0.33Bank of New York Mellon Corp. (The),FRN 4.625% Perpetual USD 2,325,000 1,903,031 0.51Capital One Financial Corp. 3.8%31/01/2028 USD 1,715,000 1,396,118 0.37Citigroup, Inc., FRN 3.142% 24/01/2023 USD 1,440,000 1,213,633 0.33Citigroup, Inc., FRN 2.876% 24/07/2023 USD 2,225,000 1,843,500 0.49Citigroup, Inc., FRN 3.52% 27/10/2028 USD 1,550,000 1,250,223 0.33Citigroup, Inc., FRN 5.95% Perpetual USD 1,360,000 1,178,495 0.32Citigroup, Inc., FRN 6.25% Perpetual USD 1,980,000 1,762,779 0.47Discover Bank 8.7% 18/11/2019 USD 350,000 323,748 0.09Discover Bank 3.35% 06/02/2023 USD 1,500,000 1,258,172 0.34Discover Bank 4.2% 08/08/2023 USD 1,900,000 1,650,318 0.44Fifth Third Bancorp, FRN 4.9% Perpetual USD 750,000 644,981 0.17Goldman Sachs Group, Inc. (The), FRN2.908% 05/06/2023 USD 980,000 813,130 0.22Goldman Sachs Group, Inc. (The), FRN3.814% 23/04/2029 USD 4,915,000 4,022,459 1.08Goldman Sachs Group, Inc. (The), FRN4.017% 31/10/2038 USD 500,000 391,503 0.10Goldman Sachs Group, Inc. (The), FRN 5%Perpetual USD 2,271,000 1,837,151 0.49

Guardian Life Insurance Co. of America(The), 144A 4.85% 24/01/2077 USD 750,000 629,895 0.17Huntington Bancshares, Inc., FRN 5.7%Perpetual USD 1,970,000 1,672,762 0.45Huntington Bancshares, Inc. 3.15%14/03/2021 USD 800,000 684,231 0.18Jackson National Life Global Funding,144A 3.05% 29/04/2026 USD 495,000 401,788 0.11Massachusetts Mutual Life Insurance Co.,144A 8.875% 01/06/2039 USD 151,000 204,649 0.05Massachusetts Mutual Life Insurance Co.,144A 4.9% 01/04/2077 USD 350,000 297,357 0.08MetLife, Inc., FRN 5.25% Perpetual USD 1,036,000 906,269 0.24MetLife, Inc., FRN 5.875% Perpetual USD 2,000,000 1,745,663 0.47Morgan Stanley, FRN 3.772% 24/01/2029 USD 3,915,000 3,241,143 0.87Morgan Stanley, FRN 3.971% 22/07/2038 USD 1,070,000 851,230 0.23Morgan Stanley, FRN 5.55% Perpetual USD 1,400,000 1,237,066 0.33Nationwide Mutual Insurance Co., 144A4.95% 22/04/2044 USD 750,000 671,358 0.18Peachtree Corners Funding Trust, 144A3.976% 15/02/2025 USD 200,000 167,400 0.05PNC Financial Services Group, Inc. (The),FRN 6.75% Perpetual USD 500,000 464,290 0.12Principal Life Global Funding II, 144A 3%18/04/2026 USD 450,000 363,656 0.10Prudential Financial, Inc., FRN 5.875%15/09/2042 USD 55,000 50,066 0.01Prudential Financial, Inc., FRN 5.625%15/06/2043 USD 1,630,000 1,451,960 0.39Prudential Financial, Inc., FRN 5.2%15/03/2044 USD 1,755,000 1,508,840 0.40Quicken Loans, Inc., 144A 5.75%01/05/2025 USD 565,000 479,196 0.13Quicken Loans, Inc., 144A 5.25%15/01/2028 USD 520,000 413,541 0.11SunTrust Banks, Inc., FRN 5.05%Perpetual USD 695,000 586,973 0.16SunTrust Banks, Inc., FRN 5.625%Perpetual USD 275,000 243,039 0.07Voya Financial, Inc., FRN 5.65%15/05/2053 USD 225,000 194,928 0.05Wells Fargo & Co., FRN 3.584%22/05/2028 USD 385,000 316,465 0.08

48,525,336 12.99

Total Bonds 102,353,610 27.40

Total Transferable securities and money market instrumentsdealt in on another regulated market 102,353,610 27.40

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPM EuroLiquidity X (flex dist.)† EUR 8,553,758 8,553,758 2.29

8,553,758 2.29

Total Collective Investment Schemes - UCITS 8,553,758 2.29

Total Units of authorised UCITS or other collective investmentundertakings 8,553,758 2.29

Total Investments 367,446,711 98.36

Cash 1,887,580 0.51

Other Assets/(Liabilities) 4,236,250 1.13

Total Net Assets 373,570,541 100.00

† Related Party Fund.

352

JPMorgan Funds - Financials Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited States of America 34.67United Kingdom 17.68France 10.50Netherlands 5.53Germany 4.13Ireland 3.73Spain 3.64Australia 3.18Luxembourg 2.72Switzerland 2.35Sweden 2.20Italy 2.12Canada 1.67Japan 1.27Belgium 1.04Denmark 0.99Bermuda 0.32Norway 0.28Austria 0.14Guernsey 0.09Jersey 0.06New Zealand 0.05Total Investments 98.36Cash and Other Assets/(Liabilities) 1.64

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United States of America 32.15United Kingdom 16.77France 11.41Netherlands 6.23Luxembourg 4.85Spain 4.14Germany 4.03Ireland 2.87Italy 2.63Australia 2.53Sweden 2.45Switzerland 2.13Canada 1.81Denmark 0.99Japan 0.78Belgium 0.52Bermuda 0.37Norway 0.32Guernsey 0.23Austria 0.16Jersey 0.06New Zealand 0.06Total Investments 97.49Cash and Other Assets/(Liabilities) 2.51

Total 100.00

353

JPMorgan Funds - Financials Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Financials Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

EUR 26,113,962 GBP 22,902,420 05/07/2018 Standard Chartered 231,352 0.06EUR 577,829 GBP 509,667 03/08/2018 BNP Paribas 2,320 -EUR 524,727 USD 610,208 05/07/2018 ANZ 711 -EUR 450,815 USD 522,403 05/07/2018 BNP Paribas 2,202 -USD 361,430 EUR 307,299 05/07/2018 ANZ 3,079 -USD 624,550 EUR 529,334 05/07/2018 BNP Paribas 6,999 -USD 947,027 EUR 800,285 05/07/2018 Citibank 12,975 0.01USD 453,177 EUR 388,526 05/07/2018 Deutsche Bank 639 -USD 776,452 EUR 664,340 05/07/2018 Goldman Sachs 2,438 -USD 276,796,656 EUR 237,369,615 05/07/2018 Merrill Lynch 329,580 0.09

Total Unrealised Gain on Forward Currency Exchange Contracts 592,295 0.16

EUR 450,134 USD 526,901 05/07/2018 Merrill Lynch (2,343) -EUR 448,628 USD 528,123 05/07/2018 National Australia Bank (4,898) -EUR 237,940,422 USD 278,818,111 05/07/2018 RBC (1,494,698) (0.40)EUR 448,782 USD 525,180 05/07/2018 Toronto-Dominion Bank (2,216) -EUR 236,521,986 USD 276,386,347 03/08/2018 Merrill Lynch (306,478) (0.08)GBP 218,755 EUR 250,712 05/07/2018 ANZ (3,491) -USD 398,694 EUR 343,754 05/07/2018 HSBC (1,375) -USD 1,172,940 EUR 1,017,536 05/07/2018 Merrill Lynch (10,274) (0.01)USD 400,000 EUR 342,824 03/08/2018 Standard Chartered (74) -

Total Unrealised Loss on Forward Currency Exchange Contracts (1,825,847) (0.49)

Net Unrealised Loss on Forward Currency Exchange Contracts (1,233,552) (0.33)

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

EUR

UnrealisedGain/(Loss)

EUR

%of

NetAssets

Euro-Bobl, 06/09/2018 (1) EUR (132,155) 2,741 -Euro-Buxl 30 Year Bond, 06/09/2018 1 EUR 177,610 870 -US 10 Year Ultra Note, 19/09/2018 (271) USD (29,852,504) 35,577 0.01US 5 Year Note, 28/09/2018 (177) USD (17,270,311) 27,629 0.01US Long Bond, 19/09/2018 101 USD 12,593,067 16,981 -US Ultra Bond, 19/09/2018 58 USD 7,964,869 7,421 -

Total Unrealised Gain on Financial Futures Contracts 91,219 0.02

Australia 10 Year Bond, 17/09/2018 3 AUD 246,213 (291) -Canada 10 Year Bond, 19/09/2018 80 CAD 7,131,351 (12,246) -Euro-Bund, 06/09/2018 16 EUR 2,599,760 (1,120) -Euro-Schatz, 06/09/2018 16 EUR 1,793,400 (280) -Japan 10 Year Bond Mini, 11/09/2018 64 JPY 7,486,865 (496) -Long Gilt, 26/09/2018 56 GBP 7,785,049 (20,254) (0.01)US 10 Year Note, 19/09/2018 (223) USD (23,020,781) (877) -US 2 Year Note, 28/09/2018 86 USD 15,646,808 (38,041) (0.01)

Total Unrealised Loss on Financial Futures Contracts (73,605) (0.02)

Net Unrealised Gain on Financial Futures Contracts 17,614 -

354

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

ArgentinaPampa Energia SA, Reg. S 7.5%24/01/2027 USD 1,020,000 917,204 0.16Provincia de Buenos Aires, Reg. S 9.95%09/06/2021 USD 625,000 650,269 0.11YPF SA, Reg. S 8.5% 23/03/2021 USD 325,000 331,482 0.06

1,898,955 0.33

AustraliaAustralia & New Zealand Banking GroupLtd., FRN, 144A 6.75% Perpetual USD 300,000 305,808 0.05BHP Billiton Finance Ltd., Reg. S, FRN6.5% 22/10/2077 GBP 950,000 1,408,862 0.25Westpac Banking Corp. 1.95% 23/11/2018 USD 555,000 553,532 0.10

2,268,202 0.40

AustriaErste Group Bank AG, Reg. S, FRN 5.5%26/05/2025 USD 600,000 613,077 0.11

613,077 0.11

BelgiumAnheuser-Busch InBev SA, Reg. S 1.15%22/01/2027 EUR 904,000 1,042,823 0.18KBC Group NV, Reg. S, FRN 1.875%11/03/2027 EUR 600,000 713,332 0.13KBC Group NV, Reg. S, FRN 1.625%18/09/2029 EUR 200,000 227,102 0.04KBC Group NV, Reg. S, FRN 5.625%Perpetual EUR 430,000 510,027 0.09

2,493,284 0.44

BermudaAircastle Ltd. 7.625% 15/04/2020 USD 314,000 332,220 0.06GCL New Energy Holdings Ltd., Reg. S7.1% 30/01/2021 USD 410,000 358,705 0.06GOME Retail Holdings Ltd., Reg. S 5%10/03/2020 USD 420,000 401,101 0.07Weatherford International Ltd. 7.75%15/06/2021 USD 14,000 14,451 0.00Weatherford International Ltd. 6.5%01/08/2036 USD 7,000 5,534 0.00Weatherford International Ltd. 7%15/03/2038 USD 9,000 7,151 0.00Weatherford International Ltd. 6.75%15/09/2040 USD 228,000 181,830 0.03Weatherford International Ltd. 5.95%15/04/2042 USD 180,000 134,484 0.03

1,435,476 0.25

BrazilBanco ABC Brasil SA, Reg. S 7.875%08/04/2020 USD 400,000 418,364 0.07Banco Daycoval SA, Reg. S 5.75%19/03/2019 USD 445,000 448,469 0.08Cemig Geracao e Transmissao SA, Reg. S9.25% 05/12/2024 USD 500,000 509,655 0.09

1,376,488 0.24

CanadaCenovus Energy, Inc. 5.2% 15/09/2043 USD 229,000 217,181 0.04Teck Resources Ltd. 4.75% 15/01/2022 USD 236,000 236,799 0.04Teck Resources Ltd. 6.125% 01/10/2035 USD 175,000 177,769 0.03Teck Resources Ltd. 6% 15/08/2040 USD 144,000 140,860 0.02Valeant Pharmaceuticals International,Inc., Reg. S 4.5% 15/05/2023 EUR 500,000 551,829 0.10

1,324,438 0.23

Cayman IslandsABQ Finance Ltd., Reg. S 3.625%13/04/2021 USD 225,000 220,192 0.04ABQ Finance Ltd., Reg. S 3.5%22/02/2022 USD 450,000 432,675 0.08Batelco International Finance No. 1 Ltd.,Reg. S 4.25% 01/05/2020 USD 520,000 499,663 0.09Cementos Progreso Trust, Reg. S 7.125%06/11/2023 USD 410,000 423,899 0.07Comunicaciones Celulares SA, Reg. S6.875% 06/02/2024 USD 400,000 412,196 0.07Dar Al-Arkan Sukuk Co. Ltd., Reg. S6.875% 10/04/2022 USD 200,000 191,624 0.03

DIP Sukuk Ltd., Reg. S 4.291%20/02/2019 USD 250,000 249,957 0.04ICD Sukuk Co. Ltd., Reg. S 5% 01/02/2027 USD 700,000 698,428 0.12Moon Wise Global Ltd., Reg. S, FRN 9%Perpetual USD 400,000 403,994 0.07Overseas Chinese Town Asia HoldingsLtd., Reg. S, FRN 4.3% Perpetual USD 495,000 476,957 0.08Times China Holdings Ltd., Reg. S 6.25%23/01/2020 USD 200,000 198,253 0.04Times China Holdings Ltd., Reg. S 6.25%17/01/2021 USD 450,000 427,654 0.08Transocean, Inc. 6.8% 15/03/2038 USD 251,000 209,951 0.04UPCB Finance IV Ltd., Reg. S 4%15/01/2027 EUR 625,000 738,568 0.13UPCB Finance VII Ltd., Reg. S 3.625%15/06/2029 EUR 150,000 169,581 0.03Vale Overseas Ltd. 6.25% 10/08/2026 USD 212,000 230,163 0.04WTT Investment Ltd., Reg. S 5.5%21/11/2022 USD 720,000 687,474 0.12

6,671,229 1.17

ChinaChina Minmetals Corp., Reg. S, FRN3.75% Perpetual USD 600,000 551,342 0.10Guangxi Communications InvestmentGroup Co. Ltd., Reg. S 3% 04/11/2019 USD 705,000 686,831 0.12

1,238,173 0.22

DenmarkDanske Bank A/S, Reg. S, FRN 5.875%Perpetual EUR 1,000,000 1,270,267 0.22

1,270,267 0.22

FranceAccor SA, Reg. S, FRN 4.125% Perpetual EUR 600,000 730,640 0.13Altice France SA, 144A 6% 15/05/2022 USD 710,000 716,621 0.13Altice France SA, 144A 7.375%01/05/2026 USD 600,000 588,861 0.10Altice France SA, Reg. S 5.375%15/05/2022 EUR 500,000 599,232 0.11Altice France SA, Reg. S 5.625%15/05/2024 EUR 575,000 695,768 0.12Autodis SA, Reg. S, FRN 4.375%01/05/2022 EUR 300,000 351,575 0.06Autodis SA, Reg. S 4.375% 01/05/2022 EUR 250,000 295,586 0.05BPCE SA, 144A 5.15% 21/07/2024 USD 1,200,000 1,218,678 0.21BPCE SA, Reg. S, FRN 0.177% 23/03/2023 EUR 1,300,000 1,491,623 0.26Casino Guichard Perrachon SA, Reg. S4.561% 25/01/2023 EUR 900,000 1,073,100 0.19CMA CGM SA, Reg. S 7.75% 15/01/2021 EUR 200,000 229,875 0.04Constantin Investissement 3 SASU, Reg. S5.375% 15/04/2025 EUR 275,000 313,144 0.06Credit Agricole Assurances SA, Reg. S,FRN 2.625% 29/01/2048 EUR 700,000 736,267 0.13Credit Agricole SA, FRN, 144A 8.125%Perpetual USD 1,700,000 1,803,487 0.32Credit Agricole SA, Reg. S, FRN 6.5%Perpetual EUR 200,000 251,332 0.04Credit Mutuel Arkea SA, Reg. S, FRN1.875% 25/10/2029 EUR 800,000 858,264 0.15Crown European Holdings SA, Reg. S 4%15/07/2022 EUR 650,000 824,629 0.14Crown European Holdings SA, Reg. S2.625% 30/09/2024 EUR 250,000 287,232 0.05Crown European Holdings SA, Reg. S3.375% 15/05/2025 EUR 600,000 708,362 0.12Europcar Groupe SA, Reg. S 5.75%15/06/2022 EUR 125,000 149,464 0.03Europcar Groupe SA, Reg. S 4.125%15/11/2024 EUR 469,000 537,067 0.09Faurecia SA, Reg. S 2.625% 15/06/2025 EUR 211,000 248,535 0.04Fnac Darty SA, Reg. S 3.25% 30/09/2023 EUR 275,000 331,097 0.06La Financiere Atalian SASU, Reg. S 4%15/05/2024 EUR 475,000 525,532 0.09La Financiere Atalian SASU, Reg. S5.125% 15/05/2025 EUR 100,000 111,824 0.02Loxam SAS, Reg. S 3.5% 15/04/2022 EUR 1,200,000 1,439,065 0.25Novafives SAS, Reg. S, FRN 4.5%15/06/2025 EUR 425,000 485,941 0.09Novafives SAS, Reg. S 4.5% 30/06/2021 EUR 200,000 235,768 0.04Novafives SAS, Reg. S 5% 15/06/2025 EUR 177,000 197,389 0.04Orange SA, Reg. S, FRN 4% Perpetual EUR 1,000,000 1,255,200 0.22Orano SA 4.875% 23/09/2024 EUR 50,000 61,315 0.01Orano SA, Reg. S 3.25% 04/09/2020 EUR 100,000 120,716 0.02Orano SA, Reg. S 3.125% 20/03/2023 EUR 500,000 580,684 0.10Paprec Holding SA, Reg. S, FRN 3.5%31/03/2025 EUR 900,000 1,053,583 0.19

355

JPMorgan Funds - Flexible Credit FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Paprec Holding SA, Reg. S 4%31/03/2025 EUR 100,000 115,478 0.02Peugeot SA, Reg. S 2.375% 14/04/2023 EUR 612,000 747,772 0.13Picard Groupe SAS, Reg. S, FRN 3%30/11/2023 EUR 875,000 998,466 0.18Rexel SA, Reg. S 2.625% 15/06/2024 EUR 725,000 846,348 0.15Rexel SA, Reg. S 2.125% 15/06/2025 EUR 200,000 220,739 0.04SMCP Group SAS, Reg. S 5.875%01/05/2023 EUR 85,536 105,426 0.02Societe Generale SA, FRN, 144A 8%Perpetual USD 1,765,000 1,840,224 0.32Societe Generale SA, Reg. S, FRN 8.25%Perpetual USD 580,000 587,531 0.10Solvay Finance SA, Reg. S, FRN 5.118%Perpetual EUR 650,000 822,457 0.14SPIE SA, Reg. S 3.125% 22/03/2024 EUR 800,000 933,384 0.16TOTAL SA, Reg. S, FRN 2.25% Perpetual EUR 2,050,000 2,440,421 0.43TOTAL SA, Reg. S, FRN 2.708% Perpetual EUR 355,000 422,921 0.07Vallourec SA, Reg. S 6.625% 15/10/2022 EUR 350,000 414,558 0.07Vallourec SA, Reg. S 6.375% 15/10/2023 EUR 155,000 177,086 0.03Vallourec SA, Reg. S 2.25% 30/09/2024 EUR 300,000 280,567 0.05Verallia Packaging SASU, Reg. S 5.125%01/08/2022 EUR 500,000 599,040 0.11WFS Global Holding SAS, Reg. S 9.5%15/07/2022 EUR 325,000 398,408 0.07

33,058,282 5.79

GermanyAdler Pelzer Holding GmbH, Reg. S4.125% 01/04/2024 EUR 150,000 176,467 0.03Allianz SE, Reg. S, FRN 4.75% Perpetual EUR 200,000 259,588 0.05Commerzbank AG 7.75% 16/03/2021 EUR 100,000 136,418 0.02Commerzbank AG, Reg. S 4%23/03/2026 EUR 550,000 678,134 0.12CTC BondCo GmbH, Reg. S 5.25%15/12/2025 EUR 725,000 806,488 0.14Deutsche Bank AG 4.5% 19/05/2026 EUR 400,000 471,668 0.08Deutsche Bank AG, Reg. S 1.75%17/01/2028 EUR 800,000 856,737 0.15Douglas GmbH, Reg. S 6.25% 15/07/2022 EUR 900,000 1,031,420 0.18Hapag-Lloyd AG, Reg. S 5.125%15/07/2024 EUR 100,000 113,790 0.02IHO Verwaltungs GmbH, Reg. S 3.25%15/09/2023 EUR 897,000 1,058,009 0.19IHO Verwaltungs GmbH, Reg. S 3.75%15/09/2026 EUR 300,000 356,367 0.06Kirk Beauty One GmbH, Reg. S 8.75%15/07/2023 EUR 600,000 656,177 0.11Nidda BondCo GmbH, Reg. S 5%30/09/2025 EUR 550,000 586,799 0.10Nidda Healthcare Holding GmbH, Reg. S3.5% 30/09/2024 EUR 360,000 396,299 0.07ProGroup AG, Reg. S 3% 31/03/2026 EUR 221,000 250,850 0.04Tele Columbus AG, Reg. S 3.875%02/05/2025 EUR 425,000 471,977 0.08thyssenkrupp AG, Reg. S 1.375%03/03/2022 EUR 200,000 233,763 0.04thyssenkrupp AG, Reg. S 2.5%25/02/2025 EUR 500,000 607,586 0.11Unitymedia GmbH, Reg. S 3.75%15/01/2027 EUR 650,000 792,858 0.14Unitymedia Hessen GmbH & Co. KG,Reg. S 4% 15/01/2025 EUR 1,100,000 1,343,381 0.24WEPA Hygieneprodukte GmbH, Reg. S3.75% 15/05/2024 EUR 500,000 556,524 0.10

11,841,300 2.07

GuernseyCredit Suisse Group Funding GuernseyLtd., Reg. S 3% 27/05/2022 GBP 150,000 204,146 0.04

204,146 0.04

IndiaJSW Steel Ltd., Reg. S 5.25% 13/04/2022 USD 200,000 195,427 0.03

195,427 0.03

IrelandAerCap Ireland Capital DAC 4.625%30/10/2020 USD 1,000,000 1,020,840 0.18AerCap Ireland Capital DAC 3.65%21/07/2027 USD 975,000 888,893 0.16AerCap Ireland Capital DAC 3.875%23/01/2028 USD 675,000 622,353 0.11AIB Group plc, Reg. S 1.5% 29/03/2023 EUR 613,000 708,828 0.13Allied Irish Banks plc, Reg. S, FRN 4.125%26/11/2025 EUR 1,250,000 1,528,738 0.27

Allied Irish Banks plc, Reg. S, FRN 7.375%Perpetual EUR 1,000,000 1,274,744 0.22Ardagh Packaging Finance plc, Reg. S2.75% 15/03/2024 EUR 600,000 692,451 0.12Ardagh Packaging Finance plc, Reg. S6.75% 15/05/2024 EUR 607,000 762,515 0.13Bank of Ireland, Reg. S, FRN 4.25%11/06/2024 EUR 647,000 774,125 0.14Bank of Ireland, Reg. S, FRN 7.375%Perpetual EUR 1,200,000 1,502,141 0.26Bank of Ireland Group plc, Reg. S, FRN4.125% 19/09/2027 USD 256,000 241,878 0.04eircom Finance DAC, Reg. S 4.5%31/05/2022 EUR 650,000 773,042 0.14GE Capital International Funding Co.Unlimited Co. 4.418% 15/11/2035 USD 201,000 194,652 0.03Smurfit Kappa Acquisitions ULC, Reg. S3.25% 01/06/2021 EUR 455,000 565,710 0.10Smurfit Kappa Acquisitions ULC, Reg. S2.375% 01/02/2024 EUR 350,000 413,309 0.07Smurfit Kappa Acquisitions ULC, Reg. S2.75% 01/02/2025 EUR 300,000 356,029 0.06

12,320,248 2.16

ItalyBanca Monte dei Paschi di Siena SpA,Reg. S, FRN 5.375% 18/01/2028 EUR 850,000 808,404 0.14Bormioli Pharma Bidco SpA, Reg. S, FRN3.5% 15/11/2024 EUR 550,000 626,153 0.11Enel SpA, Reg. S, FRN 7.75% 10/09/2075 GBP 200,000 290,597 0.05Enel SpA, Reg. S, FRN 6.625%15/09/2076 GBP 557,000 804,181 0.14Enel SpA, Reg. S, FRN 2.5% 24/11/2078 EUR 141,000 154,981 0.03EVOCA SpA, Reg. S 7% 15/10/2023 EUR 675,000 829,558 0.15Intesa Sanpaolo SpA, Reg. S, FRN 7.75%Perpetual EUR 550,000 692,323 0.12Intesa Sanpaolo SpA, Reg. S 3.928%15/09/2026 EUR 300,000 354,450 0.06Leonardo SpA 4.875% 24/03/2025 EUR 1,135,000 1,514,872 0.27Limacorporate SpA, Reg. S, FRN 3.75%15/08/2023 EUR 850,000 969,814 0.17LKQ Italia Bondco SpA, Reg. S 3.875%01/04/2024 EUR 200,000 242,810 0.04Snam SpA, Reg. S, FRN 0.274%21/02/2022 EUR 1,100,000 1,287,707 0.23Telecom Italia SpA, 144A 5.303%30/05/2024 USD 876,000 880,748 0.15Telecom Italia SpA, Reg. S 5.25%10/02/2022 EUR 100,000 132,090 0.02Telecom Italia SpA, Reg. S 2.5%19/07/2023 EUR 600,000 714,866 0.12Telecom Italia SpA, Reg. S 3.625%25/05/2026 EUR 1,425,000 1,749,655 0.31UniCredit SpA, Reg. S, FRN 4.375%03/01/2027 EUR 310,000 370,239 0.06UniCredit SpA, Reg. S, FRN 9.25%Perpetual EUR 600,000 782,311 0.14Wind Tre SpA, Reg. S, FRN 2.75%20/01/2024 EUR 150,000 145,587 0.03Wind Tre SpA, Reg. S 2.625% 20/01/2023 EUR 513,000 502,926 0.09Wind Tre SpA, Reg. S 3.125% 20/01/2025 EUR 260,000 245,799 0.04

14,100,071 2.47

JapanSoftBank Group Corp., Reg. S 4%30/07/2022 EUR 651,000 801,901 0.14SoftBank Group Corp., Reg. S 3.125%19/09/2025 EUR 144,000 153,979 0.03

955,880 0.17

JerseyAdient Global Holdings Ltd., Reg. S 3.5%15/08/2024 EUR 400,000 433,823 0.08CPUK Finance Ltd., Reg. S 4.25%28/02/2047 GBP 275,000 364,847 0.06Glencore Finance Europe Ltd., Reg. S1.625% 18/01/2022 EUR 109,000 130,186 0.02Glencore Finance Europe Ltd., Reg. S 6%03/04/2022 GBP 100,000 149,093 0.03HBOS Capital Funding LP, Reg. S, FRN6.461% Perpetual GBP 67,000 89,744 0.02Heathrow Funding Ltd., Reg. S 9.2%29/03/2023 GBP 100,000 158,415 0.03Heathrow Funding Ltd., Reg. S 2.75%09/08/2051 GBP 114,000 134,785 0.02Lincoln Finance Ltd., Reg. S 6.875%15/04/2021 EUR 300,000 361,612 0.06

356

JPMorgan Funds - Flexible Credit FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Porterbrook Rail Finance Ltd., Reg. S6.5% 20/10/2020 GBP 513,000 746,999 0.13West China Cement Ltd., Reg. S 6.5%11/09/2019 USD 200,000 200,751 0.04

2,770,255 0.49

LuxembourgAltice Financing SA, 144A 6.625%15/02/2023 USD 200,000 197,543 0.04Altice Financing SA, 144A 7.5%15/05/2026 USD 200,000 193,547 0.03Altice Finco SA, Reg. S 4.75% 15/01/2028 EUR 428,000 426,149 0.08Altice Luxembourg SA, Reg. S 7.25%15/05/2022 EUR 750,000 879,313 0.15Altice Luxembourg SA, Reg. S 6.25%15/02/2025 EUR 675,000 754,593 0.13Aramark International Finance Sarl,Reg. S 3.125% 01/04/2025 EUR 200,000 237,619 0.04Auris Luxembourg II SA, Reg. S 8%15/01/2023 EUR 550,000 667,205 0.12Cabot Financial Luxembourg II SA, Reg. S,FRN 5.875% 15/11/2021 EUR 550,000 649,565 0.11Cirsa Funding Luxembourg SA, Reg. S5.875% 15/05/2023 EUR 400,000 479,278 0.08Crystal Almond SARL, Reg. S 10%01/11/2021 EUR 925,000 1,146,904 0.20eDreams ODIGEO SA, Reg. S 8.5%01/08/2021 EUR 708,333 858,178 0.15Fiat Chrysler Finance Europe SA, Reg. S4.75% 15/07/2022 EUR 1,150,000 1,481,749 0.26Galapagos SA, Reg. S, FRN 4.429%15/06/2021 EUR 625,000 651,059 0.11Galapagos SA, Reg. S 5.375% 15/06/2021 EUR 275,000 279,076 0.05Garfunkelux Holdco 3 SA, Reg. S, FRN4.5% 01/09/2023 EUR 400,000 417,711 0.07Horizon Parent Holdings Sarl, Reg. S8.25% 15/02/2022 EUR 1,025,000 1,244,883 0.22INEOS Group Holdings SA, Reg. S 5.375%01/08/2024 EUR 225,000 274,430 0.05Intelsat Jackson Holdings SA 7.25%15/10/2020 USD 141,000 140,648 0.03Intelsat Jackson Holdings SA 7.5%01/04/2021 USD 427,000 424,865 0.08Intelsat Jackson Holdings SA 5.5%01/08/2023 USD 205,000 183,859 0.03LHMC Finco Sarl, Reg. S 6.25%20/12/2023 EUR 149,000 171,784 0.03Matterhorn Telecom Holding SA, Reg. S4.875% 01/05/2023 EUR 800,000 936,858 0.17Minerva Luxembourg SA, Reg. S 6.5%20/09/2026 USD 470,000 432,522 0.08Monitchem HoldCo 3 SA, Reg. S, FRN4.429% 15/06/2021 EUR 750,000 867,974 0.15Picard Bondco SA, Reg. S 5.5%30/11/2024 EUR 160,000 175,983 0.03Samsonite Finco Sarl, Reg. S 3.5%15/05/2026 EUR 119,000 132,344 0.02SES SA, Reg. S, FRN 4.625% Perpetual EUR 875,000 1,052,379 0.19SIG Combibloc Holdings SCA, Reg. S7.75% 15/02/2023 EUR 950,000 1,147,826 0.20Telecom Italia Capital SA 6% 30/09/2034 USD 832,000 797,073 0.14Telecom Italia Finance SA 7.75%24/01/2033 EUR 220,000 353,452 0.06Telenet Finance VI Luxembourg SCA,Reg. S 4.875% 15/07/2027 EUR 427,500 528,226 0.09

18,184,595 3.19

MauritiusHTA Group Ltd., Reg. S 9.125%08/03/2022 USD 425,000 409,398 0.07

409,398 0.07

MexicoAmerica Movil SAB de CV, Reg. S, FRN5.125% 06/09/2073 EUR 600,000 704,135 0.12America Movil SAB de CV, Reg. S, FRN6.375% 06/09/2073 EUR 800,000 1,076,373 0.19Cemex SAB de CV, 144A 7.75%16/04/2026 USD 1,595,000 1,721,316 0.30

3,501,824 0.61

NetherlandsABN AMRO Bank NV, Reg. S, FRN 2.875%18/01/2028 EUR 500,000 614,392 0.11ABN AMRO Bank NV, Reg. S, FRN 5.75%Perpetual EUR 1,200,000 1,481,399 0.26

Alliander NV, Reg. S, FRN 1.625%Perpetual EUR 347,000 396,647 0.07CBR Fashion Finance BV, Reg. S 5.125%01/10/2022 EUR 206,000 206,021 0.04Constellium NV, Reg. S 4.25%15/02/2026 EUR 200,000 227,122 0.04Cooperatieve Rabobank UA, Reg. S, FRN6.625% Perpetual EUR 1,200,000 1,573,068 0.28Darling Global Finance BV, Reg. S 3.625%15/05/2026 EUR 217,000 253,859 0.04Dufry One BV, Reg. S 2.5% 15/10/2024 EUR 400,000 463,853 0.08EA Partners I BV, Reg. S 6.875%28/09/2020 USD 250,000 180,949 0.03Energizer Gamma Acquisition BV, Reg. S4.625% 15/07/2026 EUR 169,000 199,070 0.03Hema Bondco I BV, Reg. S, FRN 6.25%15/07/2022 EUR 700,000 785,398 0.14Hertz Holdings Netherlands BV, Reg. S5.5% 30/03/2023 EUR 326,000 369,248 0.06Iberdrola International BV, Reg. S, FRN1.875% Perpetual EUR 300,000 334,137 0.06IHS Netherlands Holdco BV, Reg. S 9.5%27/10/2021 USD 225,000 217,441 0.04ING Groep NV, FRN 3% 11/04/2028 EUR 700,000 865,735 0.15ING Groep NV, FRN 6.5% Perpetual USD 600,000 583,134 0.10ING Groep NV, Reg. S, FRN 2.5%15/02/2029 EUR 700,000 837,267 0.15ING Groep NV, Reg. S, FRN 6.875%Perpetual USD 820,000 837,921 0.15innogy Finance BV, Reg. S 5.625%06/12/2023 GBP 100,000 155,037 0.03Koninklijke Ahold Delhaize NV, Reg. S,FRN 0% 19/03/2021 EUR 1,375,000 1,602,685 0.28LKQ European Holdings BV, Reg. S3.625% 01/04/2026 EUR 320,000 368,613 0.06Mylan NV, Reg. S 3.125% 22/11/2028 EUR 230,000 281,246 0.05Nostrum Oil & Gas Finance BV, Reg. S 8%25/07/2022 USD 410,000 391,581 0.07Nyrstar Netherlands Holdings BV, Reg. S8.5% 15/09/2019 EUR 650,000 773,738 0.14Nyrstar Netherlands Holdings BV, Reg. S6.875% 15/03/2024 EUR 277,000 300,642 0.05OI European Group BV, Reg. S 3.125%15/11/2024 EUR 200,000 235,509 0.04Repsol International Finance BV, Reg. S,FRN 3.875% Perpetual EUR 1,450,000 1,756,014 0.31Repsol International Finance BV, Reg. S,FRN 4.5% 25/03/2075 EUR 360,000 438,742 0.08Saipem Finance International BV, Reg. S3.75% 08/09/2023 EUR 100,000 120,820 0.02Sigma Holdco BV, Reg. S 5.75%15/05/2026 EUR 204,000 222,973 0.04Swiss Reinsurance Co. Ltd., Reg. S, FRN2.6% Perpetual EUR 168,000 195,054 0.03Telefonica Europe BV, Reg. S, FRN2.625% Perpetual EUR 200,000 218,323 0.04Telefonica Europe BV, Reg. S, FRN 3%Perpetual EUR 800,000 874,334 0.15Telefonica Europe BV, Reg. S, FRN 3.75%Perpetual EUR 200,000 234,361 0.04Telefonica Europe BV, Reg. S, FRN 4.2%Perpetual EUR 100,000 120,280 0.02Telefonica Europe BV, Reg. S, FRN 5%Perpetual EUR 200,000 245,240 0.04Telefonica Europe BV, Reg. S, FRN5.875% Perpetual EUR 1,700,000 2,160,602 0.38Teva Pharmaceutical FinanceNetherlands II BV, Reg. S 1.125%15/10/2024 EUR 100,000 98,871 0.02Teva Pharmaceutical FinanceNetherlands III BV 3.15% 01/10/2026 USD 905,000 731,552 0.13Volkswagen International Finance NV,Reg. S, FRN 2.7% Perpetual EUR 300,000 341,172 0.06Volkswagen International Finance NV,Reg. S, FRN 3.75% Perpetual EUR 600,000 722,147 0.13Ziggo Bond Finance BV, Reg. S 4.625%15/01/2025 EUR 300,000 346,037 0.06Ziggo BV, Reg. S 3.75% 15/01/2025 EUR 400,000 461,313 0.08Ziggo BV, Reg. S 4.25% 15/01/2027 EUR 500,000 576,973 0.10

24,400,520 4.28

NorwayAker BP ASA, 144A 5.875% 31/03/2025 USD 150,000 153,498 0.02DNB Bank ASA, Reg. S, FRN 6.5%Perpetual USD 600,000 614,124 0.11

767,622 0.13

357

JPMorgan Funds - Flexible Credit FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

PanamaGlobal Bank Corp., Reg. S 5.125%30/10/2019 USD 200,000 202,311 0.04

202,311 0.04

ParaguayBanco Regional SAECA, Reg. S 8.125%24/01/2019 USD 225,000 229,867 0.04

229,867 0.04

PeruUnion Andina de Cementos SAA, Reg. S5.875% 30/10/2021 USD 350,000 358,381 0.06

358,381 0.06

PortugalEDP - Energias de Portugal SA, Reg. S,FRN 5.375% 16/09/2075 EUR 700,000 879,509 0.15

879,509 0.15

SingaporeABJA Investment Co. Pte. Ltd., Reg. S5.45% 24/01/2028 USD 300,000 254,612 0.04Theta Capital Pte. Ltd., Reg. S 7%11/04/2022 USD 420,000 337,232 0.06

591,844 0.10

SpainBanco Bilbao Vizcaya Argentaria SA,Reg. S, FRN 0.271% 12/04/2022 EUR 1,100,000 1,283,838 0.22Banco Bilbao Vizcaya Argentaria SA,Reg. S, FRN 8.875% Perpetual EUR 1,600,000 2,091,482 0.37Banco Santander SA, Reg. S, FRN 6.75%Perpetual EUR 900,000 1,127,947 0.20Banco Santander SA, Reg. S 3.25%04/04/2026 EUR 100,000 120,775 0.02Bankia SA, Reg. S, FRN 3.375%15/03/2027 EUR 400,000 474,854 0.08Bankinter SA, Reg. S, FRN 2.5%06/04/2027 EUR 1,000,000 1,170,584 0.21CaixaBank SA, Reg. S, FRN 3.5%15/02/2027 EUR 700,000 856,725 0.15CaixaBank SA, Reg. S, FRN 6.75%Perpetual EUR 1,600,000 1,984,821 0.35Cellnex Telecom SA, Reg. S 2.875%18/04/2025 EUR 200,000 236,113 0.04Grifols SA, Reg. S 3.2% 01/05/2025 EUR 400,000 457,426 0.08Iberdrola Finanzas SA 6% 01/07/2022 GBP 200,000 305,314 0.05Masaria Investments SAU, Reg. S, FRN5.25% 15/09/2024 EUR 650,000 720,156 0.13Telefonica Emisiones SAU 4.665%06/03/2038 USD 280,000 263,438 0.05Telefonica Emisiones SAU 5.213%08/03/2047 USD 205,000 198,363 0.03

11,291,836 1.98

SupranationalAfrica Finance Corp., Reg. S 4.375%29/04/2020 USD 470,000 472,362 0.08

472,362 0.08

SwedenSkandinaviska Enskilda Banken AB,Reg. S, FRN 2.5% 28/05/2026 EUR 500,000 609,064 0.11Skandinaviska Enskilda Banken AB,Reg. S, FRN 5.625% Perpetual USD 200,000 192,615 0.03Swedbank AB, Reg. S, FRN 5.5%Perpetual USD 1,200,000 1,198,908 0.21Telefonaktiebolaget LM Ericsson, Reg. S1.875% 01/03/2024 EUR 200,000 228,519 0.04Telia Co. AB, Reg. S, FRN 3% 04/04/2078 EUR 400,000 473,926 0.08Verisure Holding AB, Reg. S 6%01/11/2022 EUR 405,000 492,071 0.09Verisure Midholding AB, Reg. S 5.75%01/12/2023 EUR 650,000 737,233 0.13Volvo Car AB, Reg. S 2% 24/01/2025 EUR 300,000 339,062 0.06

4,271,398 0.75

SwitzerlandCredit Suisse AG, 144A 6.5% 08/08/2023 USD 200,000 213,196 0.04Credit Suisse Group AG, FRN, 144A 7.5%Perpetual USD 2,500,000 2,586,462 0.45UBS AG, Reg. S 1.25% 10/12/2020 GBP 537,000 703,733 0.12UBS AG, Reg. S 5.125% 15/05/2024 USD 200,000 199,987 0.04

UBS Group Funding Switzerland AG, FRN,144A 4.128% 14/04/2021 USD 425,000 438,050 0.08UBS Group Funding Switzerland AG, Reg.S, FRN 5.75% Perpetual EUR 1,700,000 2,138,602 0.37UBS Group Funding Switzerland AG, Reg.S, FRN 7.125% Perpetual USD 200,000 205,895 0.04

6,485,925 1.14

TurkeyQNB Finansbank A/S, Reg. S 6.25%30/04/2019 USD 200,000 200,702 0.04Turkiye Is Bankasi A/S, Reg. S 5%30/04/2020 USD 470,000 452,920 0.08Turkiye Sise ve Cam Fabrikalari A/S,Reg. S 4.25% 09/05/2020 USD 420,000 410,424 0.07

1,064,046 0.19

United Arab EmiratesKuwait Projects Co. SPC Ltd., Reg. S 5%15/03/2023 USD 460,000 458,705 0.08

458,705 0.08

United KingdomBarclays plc, FRN 3.71% 16/05/2024 USD 1,210,000 1,202,214 0.21Barclays plc, Reg. S, FRN 2.625%11/11/2025 EUR 489,000 580,586 0.10Barclays plc, Reg. S, FRN 2% 07/02/2028 EUR 405,000 451,379 0.08Barclays plc, Reg. S, FRN 7.25% Perpetual GBP 400,000 541,374 0.09Barclays plc, Reg. S 3.125% 17/01/2024 GBP 252,000 332,258 0.06BP Capital Markets plc 3.216%28/11/2023 USD 305,000 299,527 0.05BP Capital Markets plc, Reg. S 3.161%17/03/2021 USD 200,000 200,020 0.03Centrica plc, Reg. S, FRN 3% 10/04/2076 EUR 600,000 714,147 0.12EC Finance plc, Reg. S 2.375% 15/11/2022 EUR 100,000 115,039 0.02Ensco plc 5.2% 15/03/2025 USD 38,000 31,726 0.01Ensco plc 5.75% 01/10/2044 USD 21,000 15,007 0.00Great Rolling Stock Co. Ltd. (The), Reg. S6.25% 27/07/2020 GBP 80,000 115,030 0.02Great Rolling Stock Co. Ltd. (The), Reg. S6.875% 27/07/2035 GBP 279,895 466,903 0.08Heathrow Finance plc, Reg. S 5.75%03/03/2025 GBP 150,000 213,990 0.04Heathrow Finance plc, Reg. S 3.875%01/03/2027 GBP 1,078,000 1,357,344 0.24Hikma Pharmaceuticals plc, Reg. S 4.25%10/04/2020 USD 200,000 198,958 0.03HSBC Holdings plc, FRN 4.561%08/03/2021 USD 750,000 784,597 0.14HSBC Holdings plc, FRN 3.326%18/05/2024 USD 960,000 957,744 0.17HSBC Holdings plc, FRN 6.875%Perpetual USD 1,020,000 1,057,750 0.19HSBC Holdings plc, Reg. S, FRN 0.172%05/10/2023 EUR 900,000 1,041,857 0.18Iceland Bondco plc, Reg. S, FRN 5.03%15/07/2020 GBP 67,819 89,091 0.02Iceland Bondco plc, Reg. S 6.75%15/07/2024 GBP 400,000 544,477 0.10Iceland Bondco plc, Reg. S 4.625%15/03/2025 GBP 226,000 269,345 0.05Imperial Brands Finance plc, Reg. S 9%17/02/2022 GBP 100,000 163,915 0.03INEOS Finance plc, Reg. S 4%01/05/2023 EUR 225,000 266,863 0.05International Game Technology plc, 144A6.25% 15/02/2022 USD 200,000 205,606 0.04International Game Technology plc,Reg. S 4.75% 15/02/2023 EUR 800,000 996,304 0.17Jaguar Land Rover Automotive plc, 144A4.5% 01/10/2027 USD 272,000 244,762 0.04KCA Deutag UK Finance plc, 144A 7.25%15/05/2021 USD 200,000 194,000 0.03Liquid Telecommunications Financingplc, Reg. S 8.5% 13/07/2022 USD 650,000 651,456 0.11Lloyds Banking Group plc, FRN 3.574%07/11/2028 USD 815,000 753,794 0.13Manchester Airport Group Funding plc,Reg. S 4.125% 02/04/2024 GBP 100,000 145,946 0.03Merlin Entertainments plc, Reg. S 2.75%15/03/2022 EUR 500,000 601,820 0.11Nationwide Building Society, 144A 4%14/09/2026 USD 250,000 234,255 0.04Nationwide Building Society, Reg. S, FRN2% 25/07/2029 EUR 416,000 476,295 0.08Nationwide Building Society, Reg. S, FRN6.875% Perpetual GBP 270,000 363,763 0.06Natwest Markets plc, Reg. S, FRN 0.079%02/03/2020 EUR 900,000 1,047,956 0.18

358

JPMorgan Funds - Flexible Credit FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

New Look Secured Issuer plc, Reg. S 6.5%01/07/2022 GBP 325,000 219,436 0.04NGG Finance plc, Reg. S, FRN 5.625%18/06/2073 GBP 400,000 575,398 0.10NGG Finance plc, Reg. S, FRN 4.25%18/06/2076 EUR 800,000 987,856 0.17Nomad Foods Bondco plc, Reg. S 3.25%15/05/2024 EUR 250,000 289,943 0.05OTE plc, Reg. S 3.5% 09/07/2020 EUR 550,000 665,674 0.12Pennon Group plc, Reg. S, FRN 2.875%Perpetual GBP 243,000 319,748 0.06Royal Bank of Scotland Group plc 6%19/12/2023 USD 2,600,000 2,736,890 0.48Sky plc, Reg. S 2.25% 17/11/2025 EUR 930,000 1,158,707 0.20Standard Chartered plc, FRN, 144A 7.75%Perpetual USD 708,000 727,438 0.13Synlab Bondco plc, Reg. S, FRN 3.5%01/07/2022 EUR 600,000 698,309 0.12Synlab Bondco plc, Reg. S 6.25%01/07/2022 EUR 500,000 599,858 0.10Synlab Unsecured Bondco plc, Reg. S8.25% 01/07/2023 EUR 400,000 492,554 0.09Tesco Corporate Treasury Services plc,Reg. S 2.5% 01/07/2024 EUR 500,000 617,465 0.11Tesco plc 6.125% 24/02/2022 GBP 975,000 1,458,222 0.26University of Oxford, Reg. S 2.544%08/12/2117 GBP 157,000 199,671 0.03Vedanta Resources plc, Reg. S 6.375%30/07/2022 USD 470,000 446,310 0.08Virgin Media Finance plc, 144A 5.75%15/01/2025 USD 484,000 453,486 0.08Virgin Media Finance plc, Reg. S 4.5%15/01/2025 EUR 100,000 117,946 0.02Vodafone Group plc 4.375% 30/05/2028 USD 705,000 695,765 0.12Western Power Distribution WestMidlands plc, Reg. S 3.875% 17/10/2024 GBP 100,000 143,703 0.03Worldpay Finance plc, Reg. S 3.75%15/11/2022 EUR 710,000 891,457 0.16Zurich Finance UK plc, FRN 6.625%Perpetual GBP 84,000 124,573 0.02

32,547,507 5.70

United States of AmericaAECOM 5.875% 15/10/2024 USD 294,000 305,021 0.05AECOM 5.125% 15/03/2027 USD 515,000 484,602 0.09AES Corp. 5.125% 01/09/2027 USD 267,000 267,142 0.05AK Steel Corp. 7.5% 15/07/2023 USD 137,000 143,677 0.03AK Steel Corp. 7% 15/03/2027 USD 152,000 145,775 0.03Ally Financial, Inc. 4.625% 19/05/2022 USD 202,000 202,654 0.04Ally Financial, Inc. 4.625% 30/03/2025 USD 1,243,000 1,224,740 0.21Ally Financial, Inc. 8% 01/11/2031 USD 311,000 371,550 0.07Altria Group, Inc. 4.25% 09/08/2042 USD 750,000 698,854 0.12Altria Group, Inc. 3.875% 16/09/2046 USD 240,000 212,470 0.04AMC Entertainment Holdings, Inc. 6.125%15/05/2027 USD 205,000 197,855 0.03American Axle & Manufacturing, Inc.6.625% 15/10/2022 USD 159,000 163,555 0.03American Axle & Manufacturing, Inc.6.25% 15/03/2026 USD 136,000 133,740 0.02American International Group, Inc. 3.3%01/03/2021 USD 115,000 114,991 0.02American International Group, Inc. 3.9%01/04/2026 USD 1,170,000 1,134,169 0.20American Tower Corp., REIT 3.6%15/01/2028 USD 1,560,000 1,450,792 0.25AmeriGas Partners LP 5.5% 20/05/2025 USD 207,000 201,779 0.04Anadarko Petroleum Corp. 3.45%15/07/2024 USD 315,000 303,558 0.05Anheuser-Busch InBev Finance, Inc. 4.9%01/02/2046 USD 20,000 20,621 0.00Anheuser-Busch InBev Worldwide, Inc.,FRN 3.052% 12/01/2024 USD 800,000 807,652 0.14Anixter, Inc. 5.5% 01/03/2023 USD 657,000 672,091 0.12Antero Resources Corp. 5.125%01/12/2022 USD 964,000 970,975 0.17Arconic, Inc. 5.4% 15/04/2021 USD 55,000 56,542 0.01Arconic, Inc. 5.125% 01/10/2024 USD 751,000 745,244 0.13Arconic, Inc. 5.9% 01/02/2027 USD 1,169,000 1,180,480 0.21Arconic, Inc. 6.75% 15/01/2028 USD 227,000 239,485 0.04AT&T, Inc. 3.4% 15/05/2025 USD 895,000 844,459 0.15Axalta Coating Systems LLC, Reg. S4.25% 15/08/2024 EUR 500,000 607,906 0.11B&G Foods, Inc. 5.25% 01/04/2025 USD 100,000 94,771 0.02Ball Corp. 4% 15/11/2023 USD 335,000 327,560 0.06Ball Corp. 4.375% 15/12/2023 EUR 350,000 456,365 0.08Bank of America Corp. 2.625%19/04/2021 USD 750,000 737,291 0.13Bank of America Corp., Reg. S, FRN0.529% 14/09/2020 EUR 900,000 1,062,076 0.19

Becton Dickinson and Co. 1.401%24/05/2023 EUR 758,000 891,437 0.16Becton Dickinson and Co. 3.363%06/06/2024 USD 1,000,000 962,190 0.17Berry Global, Inc. 6% 15/10/2022 USD 140,000 144,423 0.03Blue Cube Spinco LLC 9.75% 15/10/2023 USD 100,000 113,495 0.02Blue Cube Spinco LLC 10% 15/10/2025 USD 350,000 407,453 0.07Boyd Gaming Corp. 6.875% 15/05/2023 USD 184,000 193,516 0.03Brixmor Operating Partnership LP, REIT3.85% 01/02/2025 USD 174,000 168,036 0.03Buckeye Partners LP 4.35% 15/10/2024 USD 425,000 420,926 0.07Capital One NA 1.85% 13/09/2019 USD 795,000 783,393 0.14Centene Corp. 5.625% 15/02/2021 USD 70,000 71,527 0.01Centene Corp. 6.125% 15/02/2024 USD 953,000 1,002,856 0.18Centene Corp. 4.75% 15/01/2025 USD 226,000 225,065 0.04CenturyLink, Inc. 6.45% 15/06/2021 USD 70,000 72,100 0.01CenturyLink, Inc. 7.5% 01/04/2024 USD 54,000 55,612 0.01CenturyLink, Inc. 5.8% 15/03/2022 USD 70,000 69,272 0.01CenturyLink, Inc. 6.75% 01/12/2023 USD 16,000 16,120 0.00Chemours Co. (The) 7% 15/05/2025 USD 500,000 536,983 0.09Chemours Co. (The) 5.375% 15/05/2027 USD 125,000 120,319 0.02Chesapeake Energy Corp. 5.75%15/03/2023 USD 180,000 171,900 0.03Choice Hotels International, Inc. 5.75%01/07/2022 USD 262,000 274,420 0.05Cinemark USA, Inc. 4.875% 01/06/2023 USD 230,000 225,671 0.04CIT Group, Inc. 5.375% 15/05/2020 USD 8,000 8,237 0.00CIT Group, Inc. 5% 15/08/2022 USD 919,000 932,247 0.16Citigroup, Inc. 2.7% 30/03/2021 USD 675,000 662,590 0.12Citigroup, Inc. 4.3% 20/11/2026 USD 1,150,000 1,128,581 0.20Citigroup, Inc., Reg. S, FRN 0.177%21/03/2023 EUR 1,882,000 2,185,323 0.38Citizens Bank NA 2.45% 04/12/2019 USD 500,000 495,648 0.09Clearwater Paper Corp. 4.5% 01/02/2023 USD 200,000 188,000 0.03CNO Financial Group, Inc. 5.25%30/05/2025 USD 119,000 118,828 0.02Commercial Metals Co. 4.875%15/05/2023 USD 438,000 428,622 0.08Community Health Systems, Inc. 5.125%01/08/2021 USD 84,000 78,330 0.01Community Health Systems, Inc. 6.25%31/03/2023 USD 368,000 337,449 0.06Concho Resources, Inc. 3.75%01/10/2027 USD 246,000 236,722 0.04Concho Resources, Inc. 4.875%01/10/2047 USD 82,000 83,020 0.01Coty, Inc., Reg. S 4% 15/04/2023 EUR 446,000 514,878 0.09Covanta Holding Corp. 5.875%01/03/2024 USD 600,000 593,250 0.10Crestwood Midstream Partners LP 6.25%01/04/2023 USD 166,000 169,789 0.03DaVita, Inc. 5.125% 15/07/2024 USD 204,000 197,370 0.03DaVita, Inc. 5% 01/05/2025 USD 1,281,000 1,207,765 0.21DCP Midstream Operating LP 3.875%15/03/2023 USD 290,000 280,352 0.05Diamond Offshore Drilling, Inc. 7.875%15/08/2025 USD 50,000 51,845 0.01Diebold Nixdorf, Inc. 8.5% 15/04/2024 USD 620,000 596,874 0.10DR Horton, Inc. 2.55% 01/12/2020 USD 670,000 657,766 0.12Embarq Corp. 7.995% 01/06/2036 USD 544,000 515,054 0.09EMC Corp. 3.375% 01/06/2023 USD 2,190,000 2,050,081 0.36Energy Transfer Equity LP 5.875%15/01/2024 USD 402,000 413,680 0.07Envision Healthcare Corp. 5.625%15/07/2022 USD 672,000 688,800 0.12EQT Corp. 3% 01/10/2022 USD 905,000 873,230 0.15Equinix, Inc., REIT 2.875% 01/10/2025 EUR 610,000 671,886 0.12Exelon Corp. 2.45% 15/04/2021 USD 50,000 48,693 0.01Exelon Corp. 3.497% 01/06/2022 USD 405,000 401,047 0.07Exelon Corp. 3.4% 15/04/2026 USD 90,000 85,869 0.02Exelon Generation Co. LLC 2.95%15/01/2020 USD 1,615,000 1,610,462 0.28FirstEnergy Corp. 3.9% 15/07/2027 USD 740,000 718,318 0.13Ford Motor Credit Co. LLC 4.25%20/09/2022 USD 1,360,000 1,371,852 0.24Freeport-McMoRan, Inc. 3.55%01/03/2022 USD 1,824,000 1,736,840 0.30Freeport-McMoRan, Inc. 3.875%15/03/2023 USD 404,000 383,317 0.07Freeport-McMoRan, Inc. 5.45%15/03/2043 USD 321,000 282,132 0.05General Electric Co. 2.125% 17/05/2037 EUR 381,000 414,184 0.07General Electric Co. 4.5% 11/03/2044 USD 260,000 255,298 0.04General Motors Co. 4% 01/04/2025 USD 265,000 258,370 0.05General Motors Co. 5.15% 01/04/2038 USD 270,000 257,413 0.05General Motors Financial Co., Inc. 4.25%15/05/2023 USD 110,000 110,645 0.02Genesis Energy LP 6% 15/05/2023 USD 317,000 312,573 0.05Global Partners LP 6.25% 15/07/2022 USD 415,000 404,625 0.07

359

JPMorgan Funds - Flexible Credit FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Goldman Sachs Group, Inc. (The) 2.35%15/11/2021 USD 400,000 385,462 0.07Goldman Sachs Group, Inc. (The) 5.15%22/05/2045 USD 275,000 274,244 0.05Goldman Sachs Group, Inc. (The), Reg. S,FRN 0.422% 29/10/2019 EUR 900,000 1,054,699 0.18Goldman Sachs Group, Inc. (The), Reg. S,FRN 0.129% 16/12/2020 EUR 1,875,000 2,182,772 0.38Goldman Sachs Group, Inc. (The), Reg. S3.25% 01/02/2023 EUR 220,000 284,429 0.05Graphic Packaging International LLC4.75% 15/04/2021 USD 100,000 101,200 0.02Graphic Packaging International LLC4.875% 15/11/2022 USD 108,000 109,025 0.02Harris Corp. 3.832% 27/04/2025 USD 1,200,000 1,177,176 0.21HCA, Inc. 7.5% 15/02/2022 USD 607,000 662,437 0.12HCA, Inc. 5.875% 15/03/2022 USD 261,000 272,472 0.05HCA, Inc. 5.875% 01/05/2023 USD 1,405,000 1,457,652 0.26HCA, Inc. 5% 15/03/2024 USD 140,000 140,487 0.02HCA, Inc. 5.875% 15/02/2026 USD 300,000 302,836 0.05HCA, Inc. 5.5% 15/06/2047 USD 180,000 165,910 0.03Huntsman International LLC 5.125%15/11/2022 USD 229,000 235,747 0.04Huntsman International LLC 4.25%01/04/2025 EUR 500,000 663,945 0.12International Paper Co. 4.35%15/08/2048 USD 200,000 181,830 0.03IQVIA, Inc., Reg. S 3.5% 15/10/2024 EUR 1,675,000 1,963,020 0.34IQVIA, Inc., Reg. S 2.875% 15/09/2025 EUR 200,000 218,109 0.04Iron Mountain, Inc., REIT 5.75%15/08/2024 USD 406,000 399,959 0.07Iron Mountain, Inc., REIT, Reg. S 3%15/01/2025 EUR 250,000 289,301 0.05ITC Holdings Corp. 3.25% 30/06/2026 USD 1,045,000 985,273 0.17Kraton Polymers LLC, Reg. S 5.25%15/05/2026 EUR 200,000 235,292 0.04Kroger Co. (The) 2.65% 15/10/2026 USD 660,000 587,156 0.10Kronos International, Inc., Reg. S 3.75%15/09/2025 EUR 350,000 393,414 0.07L Brands, Inc. 5.625% 15/10/2023 USD 268,000 272,748 0.05L Brands, Inc. 5.25% 01/02/2028 USD 154,000 137,094 0.02Lennar Corp. 4.5% 15/06/2019 USD 140,000 141,076 0.02Lennar Corp. 4.875% 15/12/2023 USD 142,000 141,843 0.02Level 3 Financing, Inc. 5.625%01/02/2023 USD 70,000 70,149 0.01Level 3 Financing, Inc. 5.375%01/05/2025 USD 631,000 612,070 0.11Martin Marietta Materials, Inc. 3.5%15/12/2027 USD 480,000 445,862 0.08Martin Marietta Materials, Inc. 4.25%15/12/2047 USD 261,000 227,137 0.04Masco Corp. 4.375% 01/04/2026 USD 605,000 602,634 0.11Masco Corp. 3.5% 15/11/2027 USD 270,000 249,429 0.04MasTec, Inc. 4.875% 15/03/2023 USD 170,000 165,412 0.03MetLife, Inc. 6.4% 15/12/2066 USD 400,000 426,098 0.07MGM Growth Properties OperatingPartnership LP, REIT 5.625% 01/05/2024 USD 512,000 518,986 0.09MGM Resorts International 8.625%01/02/2019 USD 185,000 190,244 0.03MGM Resorts International 7.75%15/03/2022 USD 1,035,000 1,129,552 0.20Morgan Stanley, FRN 0.052% 09/11/2021 EUR 900,000 1,043,875 0.18Morgan Stanley 5.625% 23/09/2019 USD 1,500,000 1,546,590 0.27Morgan Stanley 2.75% 19/05/2022 USD 815,000 790,782 0.14Morgan Stanley 1.75% 11/03/2024 EUR 280,000 338,442 0.06Morgan Stanley 3.125% 27/07/2026 USD 165,000 153,721 0.03Nabors Industries, Inc. 5.5% 15/01/2023 USD 326,000 316,952 0.06Nationstar Mortgage LLC 7.875%01/10/2020 USD 220,000 221,925 0.04Nationstar Mortgage LLC 6.5%01/07/2021 USD 730,000 731,248 0.13New Albertsons LP 7.45% 01/08/2029 USD 50,000 40,125 0.01New Albertsons LP 8.7% 01/05/2030 USD 100,000 87,750 0.02New Albertsons LP 8% 01/05/2031 USD 180,000 149,400 0.03New Home Co., Inc. (The) 7.25%01/04/2022 USD 433,000 447,540 0.08Newell Brands, Inc. 5.5% 01/04/2046 USD 455,000 447,947 0.08NiSource, Inc. 3.49% 15/05/2027 USD 1,000,000 960,095 0.17Noble Energy, Inc. 3.85% 15/01/2028 USD 615,000 588,970 0.10NRG Energy, Inc. 7.25% 15/05/2026 USD 200,000 213,789 0.04NRG Energy, Inc. 6.625% 15/01/2027 USD 253,000 260,679 0.05NRG Yield Operating LLC 5% 15/09/2026 USD 311,000 298,560 0.05Oasis Petroleum, Inc. 6.875% 15/03/2022 USD 126,000 128,760 0.02Olin Corp. 5.5% 15/08/2022 USD 275,000 283,250 0.05Olin Corp. 5.125% 15/09/2027 USD 117,000 114,140 0.02Oracle Corp. 3.25% 15/11/2027 USD 740,000 708,790 0.12Oshkosh Corp. 5.375% 01/03/2025 USD 189,000 195,197 0.03Outfront Media Capital LLC 5.875%15/03/2025 USD 300,000 303,660 0.05

Owens Corning 3.4% 15/08/2026 USD 525,000 481,354 0.08Owens Corning 4.3% 15/07/2047 USD 605,000 499,412 0.09PBF Logistics LP 6.875% 15/05/2023 USD 70,000 70,963 0.01Phillips 66 Partners LP 3.75%01/03/2028 USD 840,000 788,378 0.14PolyOne Corp. 5.25% 15/03/2023 USD 432,000 441,193 0.08PPL Capital Funding, Inc. 3.1%15/05/2026 USD 1,160,000 1,082,477 0.19PSPC Escrow Corp., Reg. S 6%01/02/2023 EUR 500,000 607,726 0.11QEP Resources, Inc. 5.625% 01/03/2026 USD 44,000 41,980 0.01Qwest Corp. 6.75% 01/12/2021 USD 115,000 122,386 0.02Qwest Corp. 7.125% 15/11/2043 USD 1,000,000 954,075 0.17Radian Group, Inc. 4.5% 01/10/2024 USD 345,000 331,433 0.06Revlon Consumer Products Corp. 6.25%01/08/2024 USD 231,000 127,354 0.02Reynolds American, Inc. 4.45%12/06/2025 USD 435,000 438,102 0.08Reynolds Group Issuer, Inc. 5.75%15/10/2020 USD 481,647 483,980 0.08Rockwell Collins, Inc. 3.5% 15/03/2027 USD 910,000 869,073 0.15Roper Technologies, Inc. 3.8%15/12/2026 USD 290,000 282,414 0.05Rowan Cos., Inc. 4.875% 01/06/2022 USD 68,000 64,149 0.01Rowan Cos., Inc. 7.375% 15/06/2025 USD 203,000 197,504 0.03Sally Holdings LLC 5.5% 01/11/2023 USD 140,000 137,770 0.02Scotts Miracle-Gro Co. (The) 5.25%15/12/2026 USD 383,000 366,272 0.06SemGroup Corp. 5.625% 15/07/2022 USD 360,000 351,000 0.06SemGroup Corp. 5.625% 15/11/2023 USD 55,000 51,906 0.01Sempra Energy 3.8% 01/02/2038 USD 700,000 640,888 0.11Service Corp. International 7.5%01/04/2027 USD 297,000 334,496 0.06Silgan Holdings, Inc. 3.25% 15/03/2025 EUR 1,000,000 1,182,029 0.21SM Energy Co. 5.625% 01/06/2025 USD 134,000 129,310 0.02Sonic Automotive, Inc. 5% 15/05/2023 USD 798,000 770,070 0.14Sonic Automotive, Inc. 6.125%15/03/2027 USD 28,000 26,460 0.00Southwestern Energy Co. 6.7%23/01/2025 USD 350,000 344,946 0.06Spectrum Brands, Inc. 6.125%15/12/2024 USD 783,000 794,812 0.14Sprint Communications, Inc. 9.25%15/04/2022 USD 690,000 779,700 0.14Sprint Corp. 7.875% 15/09/2023 USD 570,000 594,216 0.10Sprint Corp. 7.125% 15/06/2024 USD 250,000 251,576 0.04Sprint Corp. 7.625% 15/02/2025 USD 100,000 102,712 0.02Summit Materials LLC 6.125%15/07/2023 USD 340,000 344,240 0.06Summit Midstream Holdings LLC 5.5%15/08/2022 USD 351,000 346,197 0.06SUPERVALU, Inc. 7.75% 15/11/2022 USD 626,000 644,780 0.11Synchrony Bank 3% 15/06/2022 USD 425,000 409,751 0.07Synchrony Financial 4.25% 15/08/2024 USD 300,000 294,762 0.05Synchrony Financial 3.95% 01/12/2027 USD 99,000 91,494 0.02Teleflex, Inc. 5.25% 15/06/2024 USD 150,000 153,750 0.03Tempur Sealy International, Inc. 5.5%15/06/2026 USD 388,000 376,216 0.07Tenet Healthcare Corp. 4.5% 01/04/2021 USD 843,000 838,633 0.15Tenet Healthcare Corp. 4.375%01/10/2021 USD 193,000 190,535 0.03Tenet Healthcare Corp. 8.125%01/04/2022 USD 388,000 406,764 0.07Tenet Healthcare Corp. 6.75%15/06/2023 USD 457,000 454,964 0.08Time Warner, Inc. 2.95% 15/07/2026 USD 350,000 316,110 0.06Toll Brothers Finance Corp. 4.35%15/02/2028 USD 325,000 290,071 0.05TransDigm, Inc. 6.5% 15/05/2025 USD 216,000 219,154 0.04TransDigm, Inc. 6.375% 15/06/2026 USD 481,000 478,845 0.08TransDigm, Inc. 6% 15/07/2022 USD 231,000 233,494 0.04United Continental Holdings, Inc. 4.25%01/10/2022 USD 617,000 601,291 0.11United Continental Holdings, Inc. 5%01/02/2024 USD 407,000 395,169 0.07United Rentals North America, Inc.4.625% 15/10/2025 USD 83,000 79,628 0.01United Rentals North America, Inc. 5.5%15/05/2027 USD 1,117,000 1,087,249 0.19United Rentals North America, Inc.4.875% 15/01/2028 USD 382,000 355,287 0.06United States Steel Corp. 6.875%15/08/2025 USD 160,000 162,400 0.03Vantiv LLC, Reg. S 3.875% 15/11/2025 GBP 300,000 375,322 0.07VEREIT Operating Partnership LP, REIT4.6% 06/02/2024 USD 542,000 542,962 0.10VEREIT Operating Partnership LP, REIT3.95% 15/08/2027 USD 535,000 500,249 0.09

360

JPMorgan Funds - Flexible Credit FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

VEREIT Operating Partnership LP, REIT3% 06/02/2019 USD 290,000 289,903 0.05Verizon Communications, Inc. 2.625%15/08/2026 USD 920,000 819,439 0.14Vistra Energy Corp. 5.875% 01/06/2023 USD 657,000 676,516 0.12Vistra Energy Corp. 8.034% 02/02/2024 USD 200,000 209,470 0.04Weatherford International LLC 6.8%15/06/2037 USD 2,000 1,596 0.00WellCare Health Plans, Inc. 5.25%01/04/2025 USD 515,000 513,805 0.09Wells Fargo & Co. 5.375% 02/11/2043 USD 330,000 345,530 0.06WESCO Distribution, Inc. 5.375%15/12/2021 USD 302,000 307,644 0.05WESCO Distribution, Inc. 5.375%15/06/2024 USD 762,000 755,927 0.13Western Digital Corp. 4.75% 15/02/2026 USD 952,000 928,409 0.16Western Gas Partners LP 4.65%01/07/2026 USD 445,000 439,090 0.08Whiting Petroleum Corp. 5.75%15/03/2021 USD 119,000 121,678 0.02Williams Cos., Inc. (The) 4.55%24/06/2024 USD 400,000 400,192 0.07Williams Partners LP 4% 15/09/2025 USD 1,000,000 978,305 0.17WMG Acquisition Corp., Reg. S 4.125%01/11/2024 EUR 325,000 392,889 0.07Wyndham Worldwide Corp. 5.1%01/10/2025 USD 34,000 34,763 0.01Zayo Group LLC 6.375% 15/05/2025 USD 545,000 557,987 0.10

111,655,955 19.57

Virgin Islands, BritishBluestar Finance Holdings Ltd., Reg. S3.125% 30/09/2019 USD 275,000 272,909 0.05Rock International Investment, Inc.,Reg. S 6.625% 27/03/2020 USD 500,000 381,815 0.07Sino-Ocean Land Treasure Finance I Ltd.,Reg. S 4.625% 30/07/2019 USD 200,000 201,874 0.04Studio City Co. Ltd., Reg. S 7.25%30/11/2021 USD 410,000 425,605 0.07Tewoo Group Finance No. 3 Ltd., Reg. S4.625% 06/04/2020 USD 275,000 264,838 0.05Top Wise Excellence Enterprise Co. Ltd.,Reg. S 6% 16/03/2020 USD 420,000 367,491 0.06

1,914,532 0.34

Total Bonds 315,723,335 55.33

Convertible Bonds

United Arab EmiratesAabar Investments PJSC, Reg. S 0.5%27/03/2020 EUR 400,000 434,617 0.08

434,617 0.08

United States of AmericaWayfair, Inc., 144A 0.375% 01/09/2022 USD 280,000 360,058 0.06

360,058 0.06

Total Convertible Bonds 794,675 0.14

Equities

United States of AmericaAvaya Holdings Corp. USD 7,547 147,582 0.03Penn Virginia Corp. USD 765 65,480 0.01

213,062 0.04

Total Equities 213,062 0.04

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 316,731,072 55.51

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

AustraliaFMG Resources August 2006 Pty. Ltd.,144A 4.75% 15/05/2022 USD 63,000 60,877 0.01FMG Resources August 2006 Pty. Ltd.,144A 5.125% 15/05/2024 USD 218,000 211,542 0.04Newcrest Finance Pty. Ltd., 144A 5.75%15/11/2041 USD 250,000 261,851 0.04Nufarm Australia Ltd., 144A 5.75%30/04/2026 USD 116,000 112,665 0.02

646,935 0.11

BermudaIHS Markit Ltd., 144A 4% 01/03/2026 USD 181,000 173,534 0.03

173,534 0.03

BrazilBanco Votorantim SA, Reg. S 7.375%21/01/2020 USD 410,000 426,232 0.08Centrais Eletricas Brasileiras SA, Reg. S6.875% 30/07/2019 USD 410,000 420,537 0.07Itau Unibanco Holding SA, Reg. S, FRN6.125% Perpetual USD 480,000 451,231 0.08

1,298,000 0.23

Canada1011778 BC ULC, 144A 4.25% 15/05/2024 USD 331,000 315,967 0.06Athabasca Oil Corp., 144A 9.875%24/02/2022 USD 250,000 258,750 0.05ATS Automation Tooling Systems, Inc.,144A 6.5% 15/06/2023 USD 580,000 595,509 0.10Bank of Nova Scotia (The), FRN 2.959%07/03/2022 USD 750,000 752,895 0.13Bombardier, Inc., 144A 7.75%15/03/2020 USD 500,000 529,112 0.09Bombardier, Inc., 144A 6.125%15/01/2023 USD 308,000 309,052 0.05Bombardier, Inc., 144A 7.5% 01/12/2024 USD 130,000 136,782 0.02Cascades, Inc., 144A 5.75% 15/07/2023 USD 26,000 25,870 0.00Cenovus Energy, Inc. 4.25% 15/04/2027 USD 105,000 101,122 0.02Concordia International Corp., 144A 9%01/04/2022 USD 223,000 200,700 0.04Concordia International Corp., 144A 7%15/04/2023 USD 385,000 24,062 0.00Enbridge, Inc., FRN 6.25% 01/03/2078 USD 705,000 667,282 0.12Fortis, Inc. 3.055% 04/10/2026 USD 520,000 476,367 0.08Garda World Security Corp., 144A 8.75%15/05/2025 USD 1,315,000 1,354,450 0.24Gateway Casinos & Entertainment Ltd.,144A 8.25% 01/03/2024 USD 263,000 277,997 0.05Glencore Finance Canada Ltd., 144A4.25% 25/10/2022 USD 75,000 75,734 0.01Hudbay Minerals, Inc., 144A 7.25%15/01/2023 USD 90,000 93,464 0.02Lundin Mining Corp., 144A 7.875%01/11/2022 USD 105,000 110,799 0.02Mattamy Group Corp., 144A 6.875%15/12/2023 USD 160,000 162,400 0.03Mattamy Group Corp., 144A 6.5%01/10/2025 USD 250,000 245,625 0.04MEG Energy Corp., 144A 6.375%30/01/2023 USD 112,000 104,440 0.02MEG Energy Corp., 144A 7% 31/03/2024 USD 139,000 128,922 0.02NOVA Chemicals Corp., 144A 4.875%01/06/2024 USD 756,000 721,220 0.13NOVA Chemicals Corp., 144A 5%01/05/2025 USD 311,000 296,228 0.05NOVA Chemicals Corp., 144A 5.25%01/06/2027 USD 312,000 292,910 0.05Open Text Corp., 144A 5.875%01/06/2026 USD 209,000 214,754 0.04Precision Drilling Corp., 144A 7.125%15/01/2026 USD 84,000 86,730 0.02Quebecor Media, Inc. 5.75% 15/01/2023 USD 125,000 128,057 0.02TransCanada PipeLines Ltd. 4.25%15/05/2028 USD 585,000 586,325 0.10Transcanada Trust, FRN 5.625%20/05/2075 USD 52,000 50,864 0.01Valeant Pharmaceuticals International,Inc., 144A 6.5% 15/03/2022 USD 254,000 263,241 0.05Valeant Pharmaceuticals International,Inc., 144A 5.875% 15/05/2023 USD 957,000 895,991 0.16Valeant Pharmaceuticals International,Inc., 144A 7% 15/03/2024 USD 223,000 233,986 0.04

361

JPMorgan Funds - Flexible Credit FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Valeant Pharmaceuticals International,Inc., 144A 6.125% 15/04/2025 USD 171,000 157,730 0.03Valeant Pharmaceuticals International,Inc., 144A 5.5% 01/11/2025 USD 248,000 244,819 0.04Valeant Pharmaceuticals International,Inc., 144A 9% 15/12/2025 USD 187,000 194,469 0.03Videotron Ltd., 144A 5.125% 15/04/2027 USD 263,000 255,820 0.04Videotron Ltd. 5% 15/07/2022 USD 316,000 319,576 0.06

11,890,021 2.08

Cayman IslandsNoble Holding International Ltd., 144A7.875% 01/02/2026 USD 160,000 164,746 0.03Park Aerospace Holdings Ltd., 144A5.25% 15/08/2022 USD 639,000 635,805 0.11Park Aerospace Holdings Ltd., 144A 4.5%15/03/2023 USD 494,000 473,622 0.08Sable International Finance Ltd., Reg. S6.875% 01/08/2022 USD 225,000 234,825 0.04Shelf Drilling Holdings Ltd., 144A 8.25%15/02/2025 USD 339,000 346,441 0.06Suzano Trading Ltd., Reg. S 5.875%23/01/2021 USD 210,000 217,138 0.04Transocean Guardian Ltd., 144A 5.875%15/01/2024 USD 124,000 123,726 0.02Transocean Proteus Ltd., 144A 6.25%01/12/2024 USD 297,500 304,229 0.06Transocean, Inc., 144A 9% 15/07/2023 USD 257,000 278,203 0.05Transocean, Inc., 144A 7.5% 15/01/2026 USD 127,000 129,819 0.02

2,908,554 0.51

FinlandNokia OYJ 3.375% 12/06/2022 USD 65,000 63,467 0.01Nokia OYJ 4.375% 12/06/2027 USD 65,000 61,225 0.01

124,692 0.02

FranceBPCE SA, Reg. S, FRN 3.549%22/05/2022 USD 425,000 430,861 0.08Credit Agricole SA, 144A 3.25%04/10/2024 USD 850,000 798,600 0.14

1,229,461 0.22

IrelandArdagh Packaging Finance plc, 144A7.25% 15/05/2024 USD 200,000 208,141 0.04

208,141 0.04

ItalyIntesa Sanpaolo SpA, 144A 5.71%15/01/2026 USD 800,000 729,504 0.13Intesa Sanpaolo SpA, 144A 3.875%14/07/2027 USD 975,000 842,395 0.15

1,571,899 0.28

LuxembourgAltice Luxembourg SA, 144A 7.625%15/02/2025 USD 200,000 182,750 0.03Camelot Finance SA, 144A 7.875%15/10/2024 USD 151,000 152,888 0.03Dana Financing Luxembourg Sarl, 144A5.75% 15/04/2025 USD 355,000 351,186 0.06Intelsat Connect Finance SA, 144A 12.5%01/04/2022 USD 167,000 166,165 0.03Intelsat Jackson Holdings SA, 144A 8%15/02/2024 USD 638,000 671,495 0.12Intelsat Jackson Holdings SA, 144A 9.75%15/07/2025 USD 125,000 131,525 0.02JSL Europe SA, Reg. S 7.75% 26/07/2024 USD 650,000 588,708 0.10Mallinckrodt International Finance SA,144A 5.75% 01/08/2022 USD 84,000 75,813 0.02Mallinckrodt International Finance SA,144A 5.625% 15/10/2023 USD 155,000 129,425 0.02Nexa Resources SA, Reg. S 5.375%04/05/2027 USD 710,000 690,248 0.12Nielsen Co. Luxembourg SARL (The),144A 5% 01/02/2025 USD 250,000 238,634 0.04Trinseo Materials Operating SCA, 144A5.375% 01/09/2025 USD 70,000 69,475 0.01

3,448,312 0.60

NetherlandsConstellium NV, 144A 6.625%01/03/2025 USD 250,000 252,625 0.04EDP Finance BV, 144A 5.25% 14/01/2021 USD 865,000 893,138 0.16

EDP Finance BV, 144A 3.625%15/07/2024 USD 635,000 610,845 0.11Enel Finance International NV, 144A2.875% 25/05/2022 USD 535,000 510,995 0.09Enel Finance International NV, 144A2.75% 06/04/2023 USD 200,000 186,990 0.03Enel Finance International NV, 144A3.5% 06/04/2028 USD 875,000 785,199 0.14Mylan NV 3.95% 15/06/2026 USD 245,000 234,663 0.04OI European Group BV, 144A 4%15/03/2023 USD 84,000 78,540 0.01Sensata Technologies BV, 144A 4.875%15/10/2023 USD 594,000 596,227 0.11Sensata Technologies BV, 144A 5.625%01/11/2024 USD 234,000 241,486 0.04

4,390,708 0.77

SupranationalEndo Dac, 144A 6% 15/07/2023 USD 430,000 353,460 0.06Hexion, Inc. 9% 15/11/2020 USD 90,000 76,291 0.01JBS USA LUX SA, 144A 7.25% 01/06/2021 USD 175,000 177,187 0.03JBS USA LUX SA, 144A 5.875%15/07/2024 USD 1,084,000 1,038,801 0.18JBS USA LUX SA, 144A 5.75% 15/06/2025 USD 21,000 19,629 0.01JBS USA LUX SA, 144A 6.75% 15/02/2028 USD 302,000 286,239 0.05Venator Finance Sarl, 144A 5.75%15/07/2025 USD 289,000 282,492 0.05

2,234,099 0.39

SwedenNordea Bank AB, Reg. S, FRN 6.125%Perpetual USD 1,375,000 1,347,163 0.24

1,347,163 0.24

SwitzerlandCredit Suisse Group AG, FRN, 144A3.869% 12/01/2029 USD 545,000 513,371 0.09Credit Suisse Group AG, 144A 4.282%09/01/2028 USD 250,000 243,659 0.04UBS Group Funding Switzerland AG, 144A2.65% 01/02/2022 USD 330,000 318,008 0.06

1,075,038 0.19

United KingdomHSBC Holdings plc, FRN 6.375%Perpetual USD 345,000 339,570 0.06KCA Deutag UK Finance plc, 144A 9.875%01/04/2022 USD 200,000 207,939 0.04Sky plc, 144A 3.125% 26/11/2022 USD 420,000 413,332 0.07Standard Chartered plc, FRN 8.625%Perpetual USD 1,025,000 1,089,201 0.19TransDigm UK Holdings plc, 144A 6.875%15/05/2026 USD 200,000 203,512 0.04Tronox Finance plc, 144A 5.75%01/10/2025 USD 444,000 428,460 0.07Virgin Media Finance plc, 144A 6.375%15/04/2023 USD 200,000 201,132 0.04Virgin Media Secured Finance plc, 144A5.25% 15/01/2026 USD 200,000 186,555 0.03

3,069,701 0.54

United States of AmericaAcadia Healthcare Co., Inc. 5.625%15/02/2023 USD 136,000 137,374 0.02Acadia Healthcare Co., Inc. 6.5%01/03/2024 USD 730,000 749,163 0.13ACCO Brands Corp., 144A 5.25%15/12/2024 USD 45,000 45,000 0.01ACE Cash Express, Inc., 144A 12%15/12/2022 USD 281,000 304,183 0.05ADT Corp. (The) 4.125% 15/06/2023 USD 736,000 692,204 0.12Ahern Rentals, Inc., 144A 7.375%15/05/2023 USD 476,000 466,480 0.08Albertsons Cos. LLC 6.625% 15/06/2024 USD 941,000 893,155 0.16Albertsons Cos. LLC 5.75% 15/03/2025 USD 280,000 247,664 0.04Albertsons Cos., Inc., FRN, 144A 6.085%15/01/2024 USD 58,000 58,135 0.01Alliance Data Systems Corp., 144A5.875% 01/11/2021 USD 683,000 696,660 0.12Alliance Data Systems Corp., 144A5.375% 01/08/2022 USD 400,000 403,120 0.07Allison Transmission, Inc., 144A 4.75%01/10/2027 USD 143,000 133,705 0.02Altice US Finance I Corp., 144A 5.5%15/05/2026 USD 600,000 580,998 0.10AMC Networks, Inc. 5% 01/04/2024 USD 570,000 562,687 0.10AMC Networks, Inc. 4.75% 01/08/2025 USD 127,000 122,258 0.02

362

JPMorgan Funds - Flexible Credit FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

American Airlines Pass-Through Trust,Series 2013-1 ‘A’ 4% 15/01/2027 USD 705,462 704,939 0.12American Airlines Pass-Through Trust,Series 2013-2 ‘A’ 4.95% 15/07/2024 USD 212,856 218,922 0.04American Airlines Pass-Through Trust,Series 2013-2 ‘PTT’, 144A 5.6%15/01/2022 USD 669,643 683,963 0.12American Airlines Pass-Through Trust,Series 2015-1 ‘PTT’ 3.7% 01/11/2024 USD 90,293 88,268 0.02American Airlines Pass-Through Trust,Series 2016-2 ‘A’ 3.2% 15/12/2029 USD 645,400 613,627 0.11American Airlines Pass-Through Trust,Series 2017-2 ‘A’ 3.35% 15/04/2031 USD 445,000 430,162 0.08American Axle & Manufacturing, Inc.6.25% 01/04/2025 USD 901,000 898,743 0.16American Axle & Manufacturing, Inc.6.5% 01/04/2027 USD 86,000 85,329 0.01Amgen, Inc., FRN 2.806% 11/05/2020 USD 1,000,000 1,005,460 0.18Aramark Services, Inc., 144A 5%01/02/2028 USD 226,000 216,275 0.04AT&T, Inc., FRN 2.997% 11/03/2019 USD 925,000 928,062 0.16Avis Budget Car Rental LLC, 144A 5.25%15/03/2025 USD 135,000 127,969 0.02Baker Hughes a GE Co. LLC 3.337%15/12/2027 USD 730,000 680,685 0.12Ball Corp. 4.875% 15/03/2026 USD 63,000 62,782 0.01Bank of America Corp., FRN 3.18%01/04/2019 USD 1,000,000 1,005,820 0.18Bank of America Corp., FRN 2.369%21/07/2021 USD 1,280,000 1,255,072 0.22Bank of America Corp., FRN 3.022%21/07/2021 USD 1,430,000 1,436,535 0.25Bank of America Corp., FRN 3.133%05/02/2026 USD 1,085,000 1,064,824 0.19Bank of America Corp., FRN 5.875%Perpetual USD 2,025,000 1,988,520 0.35Bank of New York Mellon Corp. (The),FRN 4.625% Perpetual USD 825,000 786,229 0.14BAT Capital Corp., 144A 4.39%15/08/2037 USD 425,000 400,159 0.07Berry Global, Inc., 144A 4.5% 15/02/2026 USD 115,000 107,975 0.02Blue Racer Midstream LLC, 144A 6.125%15/11/2022 USD 100,000 101,248 0.02BMW US Capital LLC, FRN, 144A 2.749%12/04/2021 USD 1,445,000 1,448,771 0.25Booz Allen Hamilton, Inc., 144A 5.125%01/05/2025 USD 72,000 70,560 0.01Boyne USA, Inc., 144A 7.25% 01/05/2025 USD 200,000 209,500 0.04Brink’s Co. (The), 144A 4.625%15/10/2027 USD 232,000 217,500 0.04Bristow Group, Inc., 144A 8.75%01/03/2023 USD 87,000 85,858 0.02Buckeye Partners LP, FRN 6.375%22/01/2078 USD 35,000 31,489 0.01BWX Technologies, Inc., 144A 5.375%15/07/2026 USD 132,000 133,901 0.02Cablevision Systems Corp. 8%15/04/2020 USD 599,000 629,211 0.11Cablevision Systems Corp. 5.875%15/09/2022 USD 273,000 271,193 0.05Calfrac Holdings LP, 144A 8.5%15/06/2026 USD 80,000 80,100 0.01California Resources Corp., 144A 8%15/12/2022 USD 102,000 93,075 0.02Calpine Corp., 144A 6% 15/01/2022 USD 300,000 305,952 0.05Calpine Corp., 144A 5.875% 15/01/2024 USD 340,000 338,410 0.06Calpine Corp., 144A 5.25% 01/06/2026 USD 809,000 764,367 0.13Capital One Financial Corp. 3.8%31/01/2028 USD 435,000 412,306 0.07Capital One NA, FRN 3.509% 30/01/2023 USD 1,000,000 1,007,660 0.18Catalent Pharma Solutions, Inc., 144A4.875% 15/01/2026 USD 52,000 50,180 0.01CCO Holdings LLC, 144A 5.875%01/04/2024 USD 330,000 331,977 0.06CCO Holdings LLC, 144A 5.75%15/02/2026 USD 767,000 753,976 0.13CCO Holdings LLC, 144A 5.5%01/05/2026 USD 455,000 441,844 0.08CCO Holdings LLC, 144A 5.125%01/05/2027 USD 990,000 927,734 0.16CCO Holdings LLC, 144A 5.875%01/05/2027 USD 261,000 255,703 0.04CCO Holdings LLC, 144A 5% 01/02/2028 USD 198,000 181,717 0.03CDW LLC 5.5% 01/12/2024 USD 806,000 818,195 0.14Central Garden & Pet Co. 6.125%15/11/2023 USD 250,000 259,411 0.05CF Industries, Inc., 144A 4.5%01/12/2026 USD 90,000 89,680 0.02Charter Communications Operating LLC6.484% 23/10/2045 USD 335,000 352,564 0.06

Cheniere Corpus Christi Holdings LLC 7%30/06/2024 USD 606,000 663,549 0.12Cheniere Corpus Christi Holdings LLC5.875% 31/03/2025 USD 150,000 156,851 0.03Cheniere Energy Partners LP, 144A5.25% 01/10/2025 USD 70,000 68,962 0.01Chesapeake Energy Corp. 8% 15/01/2025 USD 324,000 331,306 0.06Cincinnati Bell, Inc., 144A 7% 15/07/2024 USD 596,000 549,810 0.10CIT Group, Inc. 5.25% 07/03/2025 USD 128,000 129,720 0.02CITGO Petroleum Corp., 144A 6.25%15/08/2022 USD 151,000 151,000 0.03Citigroup, Inc., FRN 3.391% 08/12/2021 USD 2,110,000 2,141,756 0.38Citigroup, Inc., FRN 3.142% 24/01/2023 USD 770,000 755,593 0.13Citigroup, Inc., FRN 5.95% Perpetual USD 1,735,000 1,750,494 0.31Citigroup, Inc., FRN 6.25% Perpetual USD 2,610,000 2,705,487 0.47Clear Channel Worldwide Holdings, Inc.7.625% 15/03/2020 USD 488,000 487,146 0.09Clearwater Paper Corp., 144A 5.375%01/02/2025 USD 88,000 80,190 0.01Cleveland Electric Illuminating Co. (The),144A 3.5% 01/04/2028 USD 590,000 560,807 0.10CNG Holdings, Inc., 144A 9.375%15/05/2020 USD 175,000 174,125 0.03CommScope Technologies LLC, 144A 5%15/03/2027 USD 645,000 603,075 0.11Community Health Systems, Inc., 144A8.625% 15/01/2024 USD 282,000 283,057 0.05Community Health Systems, Inc., 144A8.125% 30/06/2024 USD 433,000 356,684 0.06Consolidated Communications, Inc. 6.5%01/10/2022 USD 213,000 200,125 0.04Continental Airlines Pass-Through Trust,Series 2003-ERJ1 7.875% 02/01/2020 USD 2,599 2,612 0.00Continental Airlines Pass-Through Trust,Series 2009-2 ‘A’ 7.25% 10/05/2021 USD 709,864 744,530 0.13Continental Airlines Pass-Through Trust,Series 2010-1 ‘A’ 4.75% 12/07/2022 USD 72,119 73,963 0.01Continental Airlines Pass-Through Trust,Series 2012-2 ‘A’ 4% 29/04/2026 USD 154,511 153,935 0.03Continental Airlines Pass-Through Trust,Series 2012-1 ‘B’ 6.25% 11/10/2021 USD 24,662 25,310 0.00Cornerstone Chemical Co., 144A 6.75%15/08/2024 USD 351,000 344,858 0.06Cott Holdings, Inc., 144A 5.5%01/04/2025 USD 363,000 354,876 0.06Cox Communications, Inc., 144A 3.35%15/09/2026 USD 570,000 530,773 0.09Cox Communications, Inc., 144A 3.5%15/08/2027 USD 1,235,000 1,151,909 0.20Crown Americas LLC, 144A 4.75%01/02/2026 USD 250,000 237,733 0.04CSC Holdings LLC, 144A 10.875%15/10/2025 USD 256,000 296,780 0.05CSC Holdings LLC, 144A 5.5% 15/04/2027 USD 400,000 381,836 0.07CSC Holdings LLC, 144A 5.375%01/02/2028 USD 475,000 440,052 0.08CSC Holdings LLC 6.75% 15/11/2021 USD 7,000 7,352 0.00CSC Holdings LLC 5.25% 01/06/2024 USD 932,000 883,107 0.15CSI Compressco LP, 144A 7.5%01/04/2025 USD 80,000 80,600 0.01CURO Financial Technologies Corp., 144A12% 01/03/2022 USD 25,000 26,750 0.00CURO Financial Technologies Corp., 144A12% 01/03/2022 USD 42,000 45,780 0.01CVR Partners LP, 144A 9.25%15/06/2023 USD 433,000 447,614 0.08CyrusOne LP, REIT 5% 15/03/2024 USD 213,000 212,590 0.04CyrusOne LP, REIT 5.375% 15/03/2027 USD 231,000 230,350 0.04DAE Funding LLC, 144A 4.5% 01/08/2022 USD 74,000 71,965 0.01DAE Funding LLC, 144A 5% 01/08/2024 USD 76,000 72,808 0.01Daimler Finance North America LLC, FRN,144A 3.218% 01/08/2018 USD 425,000 425,349 0.07DCP Midstream Operating LP, 144A6.75% 15/09/2037 USD 200,000 212,750 0.04Dean Foods Co., 144A 6.5% 15/03/2023 USD 158,000 152,188 0.03Delek Logistics Partners LP 6.75%15/05/2025 USD 157,000 157,835 0.03Dell International LLC, 144A 5.875%15/06/2021 USD 35,000 35,684 0.01Dell International LLC, 144A 7.125%15/06/2024 USD 440,000 467,361 0.08Delta Air Lines Pass-Through Trust,Series 2007-1 ‘A’ 6.821% 10/02/2024 USD 363,712 398,701 0.07Delta Air Lines Pass-Through Trust,Series 2009-1 ‘A’ 7.75% 17/06/2021 USD 13,267 14,113 0.00Delta Air Lines Pass-Through Trust,Series 2010-1 ‘A’ 6.2% 02/01/2020 USD 87,527 87,534 0.02Discover Bank 4.25% 13/03/2026 USD 500,000 490,715 0.09DISH DBS Corp. 7.875% 01/09/2019 USD 295,000 306,406 0.05DISH DBS Corp. 6.75% 01/06/2021 USD 610,000 611,617 0.11

363

JPMorgan Funds - Flexible Credit FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

DISH DBS Corp. 5.875% 15/07/2022 USD 654,000 615,342 0.11DISH DBS Corp. 5% 15/03/2023 USD 223,000 193,580 0.03DISH DBS Corp. 7.75% 01/07/2026 USD 130,000 114,305 0.02DISH DBS Corp. 5.875% 15/11/2024 USD 189,000 159,914 0.03Dole Food Co., Inc., 144A 7.25%15/06/2025 USD 205,000 203,975 0.04Eldorado Resorts, Inc. 6% 01/04/2025 USD 128,000 128,299 0.02Emera US Finance LP 3.55% 15/06/2026 USD 2,809,000 2,664,098 0.47EMI Music Publishing Group NorthAmerica Holdings, Inc., 144A 7.625%15/06/2024 USD 45,000 48,809 0.01Enable Midstream Partners LP 4.95%15/05/2028 USD 1,000,000 978,905 0.17Endo Finance LLC, 144A 5.75%15/01/2022 USD 210,000 186,375 0.03Energy Transfer Equity LP 4.25%15/03/2023 USD 129,000 125,314 0.02EnLink Midstream Partners LP, FRN 6%Perpetual USD 93,000 79,398 0.01Entegris, Inc., 144A 4.625% 10/02/2026 USD 53,000 50,445 0.01Enterprise Products Operating LLC, FRN5.25% 16/08/2077 USD 1,625,000 1,510,836 0.26Enterprise Products Operating LLC, FRN5.375% 15/02/2078 USD 241,000 221,544 0.04EP Energy LLC, 144A 9.375% 01/05/2024 USD 369,000 304,425 0.05EP Energy LLC, 144A 7.75% 15/05/2026 USD 390,000 398,775 0.07Equinix, Inc., REIT 5.75% 01/01/2025 USD 343,000 348,332 0.06ESH Hospitality, Inc., REIT, 144A 5.25%01/05/2025 USD 305,000 294,590 0.05EW Scripps Co. (The), 144A 5.125%15/05/2025 USD 372,000 351,027 0.06Exela Intermediate LLC, 144A 10%15/07/2023 USD 384,000 394,560 0.07Fidelity & Guaranty Life Holdings, Inc.,144A 5.5% 01/05/2025 USD 307,000 300,860 0.05First Data Corp., 144A 7% 01/12/2023 USD 235,000 245,873 0.04First Data Corp., 144A 5% 15/01/2024 USD 877,000 874,544 0.15First Data Corp., 144A 5.75% 15/01/2024 USD 477,000 478,949 0.08FirstCash, Inc., 144A 5.375% 01/06/2024 USD 286,000 286,715 0.05Fresenius Medical Care US Finance, Inc.,144A 5.75% 15/02/2021 USD 220,000 231,339 0.04Frontier Communications Corp., 144A8.5% 01/04/2026 USD 90,000 87,235 0.02Frontier Communications Corp. 11%15/09/2025 USD 133,000 106,519 0.02FXI Holdings, Inc., 144A 7.875%01/11/2024 USD 326,000 320,295 0.06Gartner, Inc., 144A 5.125% 01/04/2025 USD 84,000 83,370 0.01Gates Global LLC, 144A 6% 15/07/2022 USD 167,000 169,087 0.03General Mills, Inc., FRN 2.893%16/04/2021 USD 1,525,000 1,526,594 0.27Genesys TelecommunicationsLaboratories, Inc., 144A 10% 30/11/2024 USD 373,000 416,827 0.07Glencore Funding LLC, 144A 3%27/10/2022 USD 385,000 370,291 0.06GLP Capital LP 5.375% 01/11/2023 USD 552,000 568,419 0.10GLP Capital LP 5.375% 15/04/2026 USD 181,000 180,166 0.03Golden Nugget, Inc., 144A 6.75%15/10/2024 USD 307,000 307,396 0.05Goldman Sachs Group, Inc. (The), FRN3.067% 27/12/2020 USD 970,000 974,195 0.17Goldman Sachs Group, Inc. (The), FRN2.905% 24/07/2023 USD 90,000 86,792 0.02Goldman Sachs Group, Inc. (The), FRN3.919% 29/11/2023 USD 490,000 506,714 0.09Goldman Sachs Group, Inc. (The), FRN3.491% 15/05/2026 USD 718,000 710,964 0.12Goldman Sachs Group, Inc. (The), FRN3.814% 23/04/2029 USD 241,000 229,645 0.04Goldman Sachs Group, Inc. (The), FRN 5%Perpetual USD 1,723,000 1,622,876 0.28Goodman Networks, Inc. 8% 11/05/2022 USD 13,484 9,371 0.00Goodyear Tire & Rubber Co. (The) 5%31/05/2026 USD 526,000 493,953 0.09Goodyear Tire & Rubber Co. (The) 4.875%15/03/2027 USD 601,000 552,289 0.10Graham Holdings Co., 144A 5.75%01/06/2026 USD 86,000 87,290 0.02Gray Television, Inc., 144A 5.125%15/10/2024 USD 394,000 377,633 0.07Gray Television, Inc., 144A 5.875%15/07/2026 USD 50,000 47,625 0.01Gulfport Energy Corp. 6% 15/10/2024 USD 175,000 168,339 0.03Gulfport Energy Corp. 6.375%15/01/2026 USD 57,000 55,047 0.01H&E Equipment Services, Inc. 5.625%01/09/2025 USD 149,000 146,672 0.03Hanesbrands, Inc., 144A 4.625%15/05/2024 USD 459,000 448,682 0.08

Hardwoods Acquisition, Inc., 144A 7.5%01/08/2021 USD 130,000 121,225 0.02Hertz Corp. (The), 144A 5.5% 15/10/2024 USD 200,000 158,500 0.03Hexion, Inc. 6.625% 15/04/2020 USD 410,000 386,425 0.07Hilcorp Energy I LP, 144A 5% 01/12/2024 USD 479,000 469,420 0.08Holly Energy Partners LP, 144A 6%01/08/2024 USD 140,000 142,100 0.02Hologic, Inc., 144A 4.375% 15/10/2025 USD 351,000 335,244 0.06Hologic, Inc., 144A 4.625% 01/02/2028 USD 162,000 152,887 0.03Hughes Satellite Systems Corp. 5.25%01/08/2026 USD 408,000 383,816 0.07Hughes Satellite Systems Corp. 6.625%01/08/2026 USD 295,000 275,080 0.05Huntington Bancshares, Inc., FRN 5.7%Perpetual USD 296,000 292,639 0.05Huntington National Bank (The) 2.375%10/03/2020 USD 1,500,000 1,481,100 0.26Icahn Enterprises LP 6.75% 01/02/2024 USD 220,000 222,688 0.04Icahn Enterprises LP 6.375% 15/12/2025 USD 230,000 228,912 0.04iHeartCommunications, Inc. 9%15/12/2019§ USD 937,000 721,490 0.13Infor Software Parent LLC, 144A 7.125%01/05/2021 USD 159,000 159,596 0.03Infor US, Inc. 6.5% 15/05/2022 USD 159,000 159,622 0.03Informatica LLC, 144A 7.125%15/07/2023 USD 158,000 160,765 0.03Ingevity Corp., 144A 4.5% 01/02/2026 USD 217,000 206,551 0.04IQVIA, Inc., 144A 4.875% 15/05/2023 USD 30,000 30,300 0.01IQVIA, Inc., 144A 5% 15/10/2026 USD 200,000 193,632 0.03IRB Holding Corp., 144A 6.75%15/02/2026 USD 84,000 80,850 0.01Iron Mountain, Inc., REIT, 144A 4.875%15/09/2027 USD 440,000 403,242 0.07Iron Mountain, Inc., REIT, 144A 5.25%15/03/2028 USD 139,000 129,326 0.02Itron, Inc., 144A 5% 15/01/2026 USD 14,000 13,418 0.00j2 Cloud Services LLC, 144A 6%15/07/2025 USD 292,000 296,380 0.05JB Poindexter & Co., Inc., 144A 7.125%15/04/2026 USD 17,000 17,467 0.00JC Penney Corp., Inc., 144A 5.875%01/07/2023 USD 145,000 136,364 0.02JC Penney Corp., Inc., 144A 8.625%15/03/2025 USD 90,000 76,950 0.01Jeld-Wen, Inc., 144A 4.625% 15/12/2025 USD 51,000 48,705 0.01Jeld-Wen, Inc., 144A 4.875% 15/12/2027 USD 52,000 47,999 0.01Kaiser Aluminum Corp. 5.875%15/05/2024 USD 161,000 165,459 0.03KFC Holding Co., 144A 5.25% 01/06/2026 USD 104,000 102,552 0.02KFC Holding Co., 144A 4.75% 01/06/2027 USD 440,000 417,927 0.07Koppers, Inc., 144A 6% 15/02/2025 USD 39,000 39,195 0.01Kraft Heinz Foods Co. 4.375%01/06/2046 USD 205,000 179,196 0.03Kronos Acquisition Holdings, Inc., 144A9% 15/08/2023 USD 124,000 113,460 0.02Ladder Capital Finance Holdings LLLP,144A 5.25% 15/03/2022 USD 378,000 378,945 0.07Lamar Media Corp. 5% 01/05/2023 USD 140,000 142,066 0.02Lamar Media Corp. 5.375% 15/01/2024 USD 250,000 255,234 0.04Lamb Weston Holdings, Inc., 144A4.625% 01/11/2024 USD 39,000 38,171 0.01Lamb Weston Holdings, Inc., 144A4.875% 01/11/2026 USD 39,000 37,879 0.01Lennar Corp. 5.875% 15/11/2024 USD 125,000 129,987 0.02Lennar Corp. 5.25% 01/06/2026 USD 145,000 142,825 0.02Lennar Corp. 4.75% 29/11/2027 USD 276,000 260,130 0.05LPL Holdings, Inc., 144A 5.75%15/09/2025 USD 215,000 209,625 0.04Maple Escrow Subsidiary, Inc., 144A4.057% 25/05/2023 USD 905,000 907,706 0.16Match Group, Inc., 144A 5% 15/12/2027 USD 26,000 24,466 0.00Mattel, Inc., 144A 6.75% 31/12/2025 USD 82,000 79,956 0.01Mattel, Inc. 3.15% 15/03/2023 USD 94,000 82,271 0.01Metropolitan Life Global Funding I, 144A1.55% 13/09/2019 USD 1,500,000 1,476,727 0.26Microchip Technology, Inc., 144A 3.922%01/06/2021 USD 745,000 747,760 0.13Morgan Stanley, FRN 3.155% 14/02/2020 USD 1,000,000 1,002,780 0.18Morgan Stanley, FRN 3.539% 20/01/2022 USD 1,410,000 1,430,156 0.25MPH Acquisition Holdings LLC, 144A7.125% 01/06/2024 USD 500,000 513,750 0.09MSCI, Inc., 144A 5.25% 15/11/2024 USD 141,000 143,115 0.03MSCI, Inc., 144A 5.75% 15/08/2025 USD 345,000 353,187 0.06MSCI, Inc., 144A 5.375% 15/05/2027 USD 87,000 87,653 0.02Nabors Industries, Inc., 144A 5.75%01/02/2025 USD 225,000 213,023 0.04Navistar International Corp., 144A6.625% 01/11/2025 USD 209,000 215,493 0.04

364

JPMorgan Funds - Flexible Credit FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Neiman Marcus Group Ltd. LLC, 144A 8%15/10/2021 USD 154,000 102,410 0.02Netflix, Inc., 144A 4.875% 15/04/2028 USD 140,000 133,454 0.02Netflix, Inc., 144A 5.875% 15/11/2028 USD 152,000 154,212 0.03Nexstar Broadcasting, Inc., 144A 6.125%15/02/2022 USD 250,000 256,563 0.04NextEra Energy Operating Partners LP,144A 4.25% 15/09/2024 USD 100,000 96,639 0.02NextEra Energy Operating Partners LP,144A 4.5% 15/09/2027 USD 68,000 63,602 0.01NGPL PipeCo LLC, 144A 4.875%15/08/2027 USD 70,000 69,383 0.01Northwest Airlines Pass-Through Trust,Series 2007-1 ‘A’ 7.027% 01/05/2021 USD 440,329 459,582 0.08Novelis Corp., 144A 6.25% 15/08/2024 USD 281,000 281,157 0.05Novelis Corp., 144A 5.875% 30/09/2026 USD 160,000 153,644 0.03NRG Energy, Inc., 144A 5.75% 15/01/2028 USD 112,000 111,016 0.02Nuance Communications, Inc. 5.625%15/12/2026 USD 500,000 487,315 0.09NVA Holdings, Inc., 144A 6.875%01/04/2026 USD 112,000 111,860 0.02Owens-Brockway Glass Container, Inc.,144A 5.375% 15/01/2025 USD 737,000 727,139 0.13Party City Holdings, Inc., 144A 6.125%15/08/2023 USD 50,000 50,710 0.01PBF Holding Co. LLC 7% 15/11/2023 USD 46,000 47,918 0.01Peabody Energy Corp., 144A 6%31/03/2022 USD 70,000 71,311 0.01Pennsylvania Electric Co., 144A 3.25%15/03/2028 USD 510,000 478,018 0.08Performance Food Group, Inc., 144A5.5% 01/06/2024 USD 238,000 235,620 0.04PetSmart, Inc., 144A 7.125% 15/03/2023 USD 428,000 285,690 0.05PetSmart, Inc., 144A 5.875% 01/06/2025 USD 136,000 104,856 0.02PetSmart, Inc., 144A 8.875% 01/06/2025 USD 70,000 45,253 0.01Pilgrim’s Pride Corp., 144A 5.75%15/03/2025 USD 319,000 307,140 0.05Pilgrim’s Pride Corp., 144A 5.875%30/09/2027 USD 182,000 169,639 0.03Polaris Intermediate Corp., 144A 8.5%01/12/2022 USD 206,500 212,437 0.04PQ Corp., 144A 5.75% 15/12/2025 USD 44,000 43,340 0.01Prestige Brands, Inc., 144A 6.375%01/03/2024 USD 80,000 79,678 0.01Prime Security Services Borrower LLC,144A 9.25% 15/05/2023 USD 811,000 864,717 0.15Prudential Financial, Inc., FRN 5.875%15/09/2042 USD 400,000 423,946 0.07Quicken Loans, Inc., 144A 5.75%01/05/2025 USD 629,000 621,138 0.11Quicken Loans, Inc., 144A 5.25%15/01/2028 USD 132,000 122,225 0.02Rackspace Hosting, Inc., 144A 8.625%15/11/2024 USD 487,000 489,155 0.09RBS Global, Inc., 144A 4.875%15/12/2025 USD 62,000 58,900 0.01Sabine Pass Liquefaction LLC 5.625%15/04/2023 USD 200,000 212,506 0.04SBA Communications Corp., REIT 4.875%15/07/2022 USD 145,000 144,279 0.03SBA Communications Corp., REIT 4.875%01/09/2024 USD 105,000 100,995 0.02Scientific Games International, Inc., 144A5% 15/10/2025 USD 143,000 136,117 0.02Sealed Air Corp., 144A 4.875%01/12/2022 USD 233,000 236,481 0.04Sealed Air Corp., 144A 5.5% 15/09/2025 USD 300,000 309,000 0.05SemGroup Corp. 7.25% 15/03/2026 USD 128,000 125,760 0.02Seminole Hard Rock Entertainment, Inc.,144A 5.875% 15/05/2021 USD 406,000 410,060 0.07Sinclair Television Group, Inc., 144A5.625% 01/08/2024 USD 272,000 269,960 0.05Sinclair Television Group, Inc., 144A5.125% 15/02/2027 USD 371,000 346,265 0.06Sirius XM Radio, Inc., 144A 5.375%15/07/2026 USD 518,000 502,318 0.09Sirius XM Radio, Inc., 144A 5%01/08/2027 USD 299,000 280,036 0.05Six Flags Entertainment Corp., 144A4.875% 31/07/2024 USD 355,000 345,649 0.06Smithfield Foods, Inc., 144A 3.35%01/02/2022 USD 235,000 230,409 0.04Smithfield Foods, Inc., 144A 4.25%01/02/2027 USD 150,000 145,504 0.03Solera LLC, 144A 10.5% 01/03/2024 USD 250,000 278,125 0.05Sotheby’s, 144A 4.875% 15/12/2025 USD 225,000 217,125 0.04Springleaf Finance Corp. 8.25%15/12/2020 USD 678,000 735,020 0.13Springleaf Finance Corp. 7.75%01/10/2021 USD 49,000 52,955 0.01

Springleaf Finance Corp. 6.125%15/05/2022 USD 360,000 368,991 0.06Springleaf Finance Corp. 7.125%15/03/2026 USD 102,000 101,898 0.02Sprint Communications, Inc., 144A 9%15/11/2018 USD 380,000 388,189 0.07Sprint Corp. 7.625% 01/03/2026 USD 124,000 126,874 0.02Standard Industries, Inc., 144A 5.5%15/02/2023 USD 140,000 142,901 0.03Standard Industries, Inc., 144A 6%15/10/2025 USD 243,000 244,980 0.04Standard Industries, Inc., 144A 4.75%15/01/2028 USD 195,000 179,129 0.03Staples, Inc., 144A 8.5% 15/09/2025 USD 620,000 581,867 0.10Station Casinos LLC, 144A 5%01/10/2025 USD 134,000 126,404 0.02Steel Dynamics, Inc. 5.5% 01/10/2024 USD 295,000 301,595 0.05Summit Materials LLC, 144A 5.125%01/06/2025 USD 140,000 132,579 0.02Sunoco LP, 144A 4.875% 15/01/2023 USD 82,000 78,858 0.01Sunoco LP, 144A 5.5% 15/02/2026 USD 85,000 81,281 0.01Sunoco LP, 144A 5.875% 15/03/2028 USD 38,000 35,923 0.01SUPERVALU, Inc. 6.75% 01/06/2021 USD 282,000 286,725 0.05Symantec Corp., 144A 5% 15/04/2025 USD 84,000 81,480 0.01Tallgrass Energy Partners LP, 144A 5.5%15/09/2024 USD 360,000 368,727 0.06Targa Resources Partners LP, 144A 5%15/01/2028 USD 65,000 60,449 0.01Targa Resources Partners LP 4.25%15/11/2023 USD 285,000 273,509 0.05Targa Resources Partners LP 5.125%01/02/2025 USD 153,000 151,943 0.03Team Health Holdings, Inc., 144A 6.375%01/02/2025 USD 483,000 412,716 0.07TEGNA, Inc., 144A 5.5% 15/09/2024 USD 319,000 320,196 0.06Tenet Healthcare Corp., 144A 7.5%01/01/2022 USD 25,000 26,182 0.00Tenet Healthcare Corp., 144A 4.625%15/07/2024 USD 164,000 155,884 0.03Tenet Healthcare Corp., 144A 5.125%01/05/2025 USD 497,000 476,397 0.08Tenet Healthcare Corp., 144A 7%01/08/2025 USD 61,000 60,717 0.01Tennant Co. 5.625% 01/05/2025 USD 749,000 757,254 0.13Terex Corp., 144A 5.625% 01/02/2025 USD 340,000 338,521 0.06Terraform Global Operating LLC, 144A6.125% 01/03/2026 USD 127,000 127,216 0.02TerraForm Power Operating LLC, 144A4.25% 31/01/2023 USD 158,000 152,705 0.03TerraForm Power Operating LLC, 144A5% 31/01/2028 USD 197,000 186,411 0.03TerraForm Power Operating LLC, STEP,144A 6.625% 15/06/2025 USD 452,000 483,075 0.08T-Mobile USA, Inc. 5.125% 15/04/2025 USD 86,000 86,383 0.02T-Mobile USA, Inc. 4.5% 01/02/2026 USD 108,000 100,741 0.02T-Mobile USA, Inc. 5.375% 15/04/2027 USD 58,000 56,841 0.01T-Mobile USA, Inc. 4.75% 01/02/2028 USD 108,000 100,093 0.02Tronox, Inc., 144A 6.5% 15/04/2026 USD 163,000 162,804 0.03Tutor Perini Corp., 144A 6.875%01/05/2025 USD 655,000 657,456 0.12Ultra Resources, Inc., 144A 6.875%15/04/2022 USD 886,000 667,822 0.12Ultra Resources, Inc., 144A 7.125%15/04/2025 USD 239,000 167,300 0.03United Airlines Pass-Through Trust 4.6%01/09/2027 USD 725,000 729,688 0.13United Airlines Pass-Through Trust,Series 2016-1 3.65% 07/07/2027 USD 160,000 155,200 0.03United Airlines Pass-Through Trust,Series 2016-2 3.65% 07/04/2027 USD 134,005 129,740 0.02United States Steel Corp. 6.25%15/03/2026 USD 262,000 260,319 0.05Univision Communications, Inc., 144A5.125% 15/02/2025 USD 600,000 557,820 0.10US Airways Pass-Through Trust, Series2013-1 ‘A’ 3.95% 15/05/2027 USD 278,878 278,181 0.05US Concrete, Inc. 6.375% 01/06/2024 USD 199,000 200,723 0.04US Foods, Inc., 144A 5.875% 15/06/2024 USD 118,000 120,360 0.02USA Compression Partners LP, 144A6.875% 01/04/2026 USD 72,000 74,676 0.01USIS Merger Sub, Inc., 144A 6.875%01/05/2025 USD 158,000 157,605 0.03Valeant Pharmaceuticals International,Inc., 144A 6.75% 15/08/2021 USD 497,000 502,591 0.09Valeant Pharmaceuticals International,Inc., 144A 7.25% 15/07/2022 USD 355,000 363,577 0.06Valeant Pharmaceuticals International,Inc., 144A 9.25% 01/04/2026 USD 297,000 309,859 0.05Valeant Pharmaceuticals International,Inc., 144A 8.5% 31/01/2027 USD 101,000 102,381 0.02

365

JPMorgan Funds - Flexible Credit FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Valvoline, Inc. 4.375% 15/08/2025 USD 400,000 375,504 0.07Verizon Communications, Inc., FRN3.335% 16/03/2022 USD 650,000 660,397 0.12Versum Materials, Inc., 144A 5.5%30/09/2024 USD 366,000 372,002 0.07Vertiv Group Corp., 144A 9.25%15/10/2024 USD 872,000 863,018 0.15Viacom, Inc., FRN 5.875% 28/02/2057 USD 133,000 125,920 0.02Viacom, Inc., FRN 6.25% 28/02/2057 USD 77,000 73,604 0.01Viacom, Inc. 4.375% 15/03/2043 USD 74,000 61,929 0.01ViaSat, Inc., 144A 5.625% 15/09/2025 USD 329,000 309,918 0.05Vistra Energy Corp., 144A 8.125%30/01/2026 USD 153,000 167,118 0.03Wabash National Corp., 144A 5.5%01/10/2025 USD 437,000 420,429 0.07Whiting Petroleum Corp., 144A 6.625%15/01/2026 USD 134,000 138,900 0.02Windstream Services LLC, 144A 6.375%01/08/2023 USD 236,000 147,500 0.03Windstream Services LLC, 144A 8.75%15/12/2024 USD 129,000 81,915 0.01WMG Acquisition Corp., 144A 5%01/08/2023 USD 40,000 39,674 0.01WMG Acquisition Corp., 144A 5.5%15/04/2026 USD 141,000 140,119 0.02WPX Energy, Inc. 5.75% 01/06/2026 USD 98,000 98,327 0.02Wyndham Hotels & Resorts, Inc., 144A5.375% 15/04/2026 USD 147,000 146,632 0.03Wyndham Worldwide Corp. 4.15%01/04/2024 USD 70,000 68,741 0.01Wyndham Worldwide Corp. 4.5%01/04/2027 USD 76,000 73,899 0.01XPO Logistics, Inc., 144A 6.125%01/09/2023 USD 305,000 313,198 0.05Zayo Group LLC, 144A 5.75% 15/01/2027 USD 73,000 71,723 0.01

125,046,496 21.91

Total Bonds 160,662,754 28.16

Convertible Bonds

Cayman IslandsCtrip.com International Ltd. 1%01/07/2020 USD 475,000 503,961 0.09Huazhu Group Ltd., 144A 0.375%01/11/2022 USD 430,000 484,807 0.08

988,768 0.17

LuxembourgMagnaChip Semiconductor SA 5%01/03/2021 USD 160,000 224,880 0.04

224,880 0.04

United States of AmericaCypress Semiconductor Corp., 144A 2%01/02/2023 USD 245,000 255,955 0.04Cypress Semiconductor Corp. 4.5%15/01/2022 USD 195,000 259,992 0.05DISH Network Corp. 3.375% 15/08/2026 USD 195,000 188,859 0.03Envestnet, Inc. 1.75% 15/12/2019 USD 250,000 267,124 0.05Etsy, Inc., 144A 0% 01/03/2023 USD 350,000 459,150 0.08Finisar Corp. 0.5% 15/12/2036 USD 535,000 486,369 0.08FireEye, Inc., 144A 0.875% 01/06/2024 USD 390,000 371,045 0.06Horizon Global Corp. 2.75% 01/07/2022 USD 130,000 91,325 0.02II-VI, Inc., 144A 0.25% 01/09/2022 USD 510,000 572,220 0.10Knowles Corp. 3.25% 01/11/2021 USD 550,000 614,552 0.11Liberty Expedia Holdings, Inc., 144A 1%30/06/2047 USD 540,000 532,250 0.09Liberty Interactive LLC 3.75%15/02/2030 USD 1,570,000 1,087,599 0.19Live Nation Entertainment, Inc., 144A2.5% 15/03/2023 USD 585,000 601,193 0.11Nabors Industries, Inc. 0.75% 15/01/2024 USD 195,000 153,847 0.03Nuance Communications, Inc. 1.5%01/11/2035 USD 400,000 385,884 0.07Nutanix, Inc., 144A 0% 15/01/2023 USD 330,000 410,720 0.07Oasis Petroleum, Inc. 2.625% 15/09/2023 USD 230,000 300,662 0.05ON Semiconductor Corp. 1% 01/12/2020 USD 400,000 526,281 0.09SM Energy Co. 1.5% 01/07/2021 USD 400,000 416,084 0.07Teradyne, Inc. 1.25% 15/12/2023 USD 505,000 668,060 0.12Vocera Communications, Inc., 144A 1.5%15/05/2023 USD 295,000 332,077 0.06Zillow Group, Inc. 2% 01/12/2021 USD 350,000 441,973 0.08

9,423,221 1.65

Total Convertible Bonds 10,636,869 1.86

Equities

Cayman IslandsXLIT Ltd. Preference, FRN 5.468% USD 173 173,432 0.03

173,432 0.03

United States of AmericaJPMorgan Chase & Co. USD 2,165 24,573 0.00Penn Virginia Corp.* USD 1,212 103,741 0.02

128,314 0.02

Total Equities 301,746 0.05

Total Transferable securities and money market instrumentsdealt in on another regulated market 171,601,369 30.07

Other transferable securities and money market instruments

Bonds

United States of AmericaAvaya, Inc. 7% 01/04/2019* USD 343,000 35 0.00Penn Virginia Corp. 8.5% 01/05/2020§* USD 160,000 200 0.00Triangle USA Petroleum Corp., 144A6.75% 15/07/2022§* USD 100,000 0 0.00

235 0.00

Total Bonds 235 0.00

Equities

United States of AmericaGoodman Private* USD 848 0 0.00Goodman Private Preference* USD 1,009 3,360 0.00Triangle USA Petroleum Corp.* USD 43 38,866 0.01

42,226 0.01

Total Equities 42,226 0.01

Total Other transferable securities and money marketinstruments 42,461 0.01

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Global High Yield Bond Fund -JPM Global High Yield Bond X (acc) -USD† USD 248,542 40,015,243 7.01JPMorgan US Dollar Liquidity Fund - JPMUS Dollar Liquidity X (dist.)† USD 14,721,423 14,721,423 2.58

54,736,666 9.59

Total Collective Investment Schemes - UCITS 54,736,666 9.59

Total Units of authorised UCITS or other collective investmentundertakings 54,736,666 9.59

Total Investments 543,111,568 95.18

Cash 26,564,871 4.66

Other Assets/(Liabilities) 948,530 0.16

Total Net Assets 570,624,969 100.00

§ Security is currently in default.* Security is valued at its fair value under the direction of the Board of Directors.† Related Party Fund.

366

JPMorgan Funds - Flexible Credit FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited States of America 43.26Luxembourg 13.42United Kingdom 6.24France 6.01Netherlands 5.05Italy 2.75Canada 2.31Ireland 2.20Germany 2.07Spain 1.98Cayman Islands 1.88Switzerland 1.33Sweden 0.99Mexico 0.61Australia 0.51Jersey 0.49Supranational 0.47Brazil 0.47Belgium 0.44Virgin Islands, British 0.34Argentina 0.33Bermuda 0.28Denmark 0.22China 0.22Turkey 0.19Japan 0.17United Arab Emirates 0.16Portugal 0.15Norway 0.13Austria 0.11Singapore 0.10Mauritius 0.07Peru 0.06Paraguay 0.04Guernsey 0.04Panama 0.04India 0.03Finland 0.02Total Investments 95.18Cash and Other Assets/(Liabilities) 4.82

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United States of America 44.88Luxembourg 12.94United Kingdom 6.52France 5.39Netherlands 5.15Italy 3.03Germany 2.25Ireland 2.09Spain 2.03Canada 2.02Cayman Islands 1.66Sweden 1.38Switzerland 1.36Mexico 0.73Jersey 0.66Denmark 0.49Australia 0.42Argentina 0.39Japan 0.38Supranational 0.36Virgin Islands, British 0.28Brazil 0.26Belgium 0.26Bermuda 0.21Portugal 0.18Austria 0.17Singapore 0.17United Arab Emirates 0.13Turkey 0.13Norway 0.13Peru 0.07Mauritius 0.05Paraguay 0.05Guernsey 0.04Panama 0.04Hong Kong 0.04Finland 0.03Total Investments and Cash Equivalents 96.37Cash and Other Assets/(Liabilities) 3.63

Total 100.00

367

JPMorgan Funds - Flexible Credit FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Flexible Credit FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

EUR 141,008 USD 163,484 02/07/2018 Societe Generale 695 -EUR 115,180 USD 133,284 03/07/2018 State Street 822 -EUR 144,055 USD 167,251 05/07/2018 ANZ 499 -EUR 1,035,101 USD 1,201,941 05/07/2018 Barclays 3,417 -EUR 2,473 USD 2,877 05/07/2018 BNP Paribas 3 -EUR 1,191,753 USD 1,382,207 05/07/2018 Citibank 5,570 -EUR 247,455 USD 287,147 05/07/2018 Goldman Sachs 1,009 -EUR 80,109 USD 92,964 05/07/2018 Morgan Stanley 321 -EUR 301,528 USD 349,172 05/07/2018 National Australia Bank 1,952 -EUR 42,310 USD 48,954 05/07/2018 Societe Generale 315 -EUR 555,797 USD 645,390 05/07/2018 Standard Chartered 1,826 -EUR 193,256 USD 224,893 03/08/2018 BNP Paribas 643 -EUR 623,638 USD 727,508 03/08/2018 Morgan Stanley 297 -EUR 157,037 USD 182,246 03/08/2018 RBC 1,021 -EUR 245,020 USD 285,024 03/08/2018 State Street 921 -GBP 8,640,304 USD 11,365,569 05/07/2018 Barclays 5,174 -GBP 2,486,694 USD 3,269,063 05/07/2018 Toronto-Dominion Bank 3,456 -GBP 13,238,300 USD 17,436,608 03/08/2018 Barclays 8,792 -GBP 12,716 USD 16,671 03/08/2018 UBS 86 -USD 2,534,779 EUR 2,169,897 05/07/2018 Barclays 7,971 -USD 943,004 EUR 798,707 05/07/2018 BNP Paribas 12,923 0.01USD 407,451 EUR 343,964 05/07/2018 Citibank 6,911 -USD 554,096,683 EUR 475,510,083 05/07/2018 Goldman Sachs 373,280 0.07USD 661,569 EUR 564,563 05/07/2018 Morgan Stanley 4,146 -USD 2,126,283 EUR 1,815,409 05/07/2018 National Australia Bank 12,271 -USD 592,432 EUR 506,341 05/07/2018 State Street 2,806 -USD 69,985,630 EUR 59,933,726 03/08/2018 Goldman Sachs 41,054 0.01USD 87,637,709 EUR 75,089,953 03/08/2018 Morgan Stanley 5,331 -USD 1,502,529 EUR 1,286,410 03/08/2018 State Street 1,248 -USD 574,000 GBP 429,701 05/07/2018 ANZ 8,508 -USD 53,154 GBP 39,936 05/07/2018 Citibank 597 -USD 25,466 GBP 19,186 05/07/2018 Credit Suisse 216 -USD 15,308,094 GBP 11,538,170 05/07/2018 HSBC 123,724 0.02USD 19,450 GBP 14,523 05/07/2018 Standard Chartered 337 -USD 28,770 GBP 21,704 03/08/2018 Goldman Sachs 169 -

Total Unrealised Gain on Forward Currency Exchange Contracts 638,311 0.11

EUR 843,154 USD 994,176 05/07/2018 Barclays (12,337) -EUR 752,017 USD 888,622 05/07/2018 Citibank (12,911) -EUR 537,188,787 USD 630,151,089 05/07/2018 Goldman Sachs (4,603,885) (0.81)EUR 912,983 USD 1,068,877 05/07/2018 Merrill Lynch (5,724) -EUR 75,313,590 USD 87,716,040 05/07/2018 Morgan Stanley (14,646) -EUR 2,203,464 USD 2,582,187 05/07/2018 National Australia Bank (16,291) -EUR 978,872 USD 1,158,315 05/07/2018 Standard Chartered (18,436) -EUR 1,939,465 USD 2,265,774 05/07/2018 State Street (7,300) -EUR 475,510,083 USD 555,261,207 03/08/2018 Goldman Sachs (325,719) (0.06)EUR 243,106 USD 284,123 03/08/2018 HSBC (411) -EUR 169,200 USD 197,980 03/08/2018 Merrill Lynch (518) -EUR 410,759 USD 480,678 03/08/2018 State Street (1,309) -GBP 10,222 USD 13,602 05/07/2018 ANZ (150) -GBP 14,057,311 USD 18,816,802 05/07/2018 Barclays (317,212) (0.06)GBP 22,469 USD 30,040 05/07/2018 Citibank (470) -GBP 25,961 USD 34,492 05/07/2018 Goldman Sachs (327) -GBP 36,856 USD 49,266 05/07/2018 Standard Chartered (763) -GBP 413,937 USD 546,927 03/08/2018 RBC (1,442) -USD 122,506 EUR 105,345 05/07/2018 ANZ (166) -USD 329,598 EUR 284,135 05/07/2018 Barclays (1,273) -USD 1,122,590 EUR 969,564 05/07/2018 BNP Paribas (6,450) -USD 461,980 EUR 397,453 05/07/2018 Citibank (847) -USD 1,348,325 EUR 1,159,182 05/07/2018 Deutsche Bank (1,523) -USD 786,944 EUR 682,211 05/07/2018 Merrill Lynch (7,479) -USD 367,671 EUR 316,490 05/07/2018 National Australia Bank (876) -USD 87,604,957 EUR 75,395,565 05/07/2018 Standard Chartered (191,896) (0.04)USD 72,860,313 EUR 62,714,003 05/07/2018 State Street (169,076) (0.03)USD 1,471,777 EUR 1,262,512 03/08/2018 Goldman Sachs (1,615) -USD 163,872 EUR 141,008 03/08/2018 Societe Generale (689) -USD 133,588 EUR 115,180 03/08/2018 State Street (831) -USD 16,647 GBP 12,716 03/07/2018 UBS (86) -USD 17,413,834 GBP 13,238,300 05/07/2018 Barclays (7,928) -USD 11,405,850 GBP 8,659,606 03/08/2018 Barclays (5,757) -USD 32,583 GBP 24,859 03/08/2018 Standard Chartered (177) -USD 3,273,337 GBP 2,486,694 03/08/2018 Toronto-Dominion Bank (3,622) -

Total Unrealised Loss on Forward Currency Exchange Contracts (5,740,142) (1.00)

Net Unrealised Loss on Forward Currency Exchange Contracts (5,101,831) (0.89)

368

JPMorgan Funds - Flexible Credit FundSchedule of Investments (continued)

As at 30 June 2018

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

Euro-Bobl, 06/09/2018 (75) EUR (11,540,303) 7,278 -Euro-Schatz, 06/09/2018 (46) EUR (6,003,263) 937 -Long Gilt, 26/09/2018 (30) GBP (4,855,868) 10,067 -US Long Bond, 19/09/2018 6 USD 871,031 1,219 -US Ultra Bond, 19/09/2018 39 USD 6,235,734 10,360 0.01US 10 Year Note, 19/09/2018 208 USD 25,000,625 1,739 -US 2 Year Note, 28/09/2018 (55) USD (11,650,977) 1,289 -US 5 Year Note, 28/09/2018 (170) USD (19,312,929) 8,953 -

Total Unrealised Gain on Financial Futures Contracts 41,842 0.01

Euro-Bund, 06/09/2018 (58) EUR (10,972,703) (15,714) (0.01)Euro-Buxl 30 Year Bond, 06/09/2018 (2) EUR (413,590) (2,026) -US 10 Year Ultra Note, 19/09/2018 (226) USD (28,986,265) (5,306) -

Total Unrealised Loss on Financial Futures Contracts (23,046) (0.01)

Net Unrealised Gain on Financial Futures Contracts 18,796 -

Option Purchased Contracts

Quantity Security Description Currency Counterparty

GlobalExposure

USD

MarketValue

USD

%of

NetAssets

43,250,000 CDX.NA.HY.30-V1, Call, 1.055, 19/09/2018 USD Goldman Sachs - 634,980 0.1114,000,000 iTraxx Europe Crossover Series 29 Version 1, Call, 0.030, 18/07/2018 EUR Goldman Sachs 130 262,208 0.0496,500,000 iTraxx Europe Series 29 Version 1, Call, 0.007, 19/09/2018 EUR Barclays 894 837,952 0.15

Total Option Purchased Contracts 1,735,140 0.30

Option Written Contracts

Quantity Security Description Currency Counterparty

GlobalExposure

USD

MarketValue

USD

%of

NetAssets

(43,250,000) CDX.NA.HY.30-V1, Put, 1.035, 19/09/2018 USD Goldman Sachs - (335,426) (0.06)(14,000,000) iTraxx Europe Crossover Series 29 Version 1, Put, 0.035, 18/07/2018 EUR Goldman Sachs - (62,355) (0.01)(96,500,000) iTraxx Europe Series 29 Version 1, Put, 0.008, 19/09/2018 EUR Barclays - (533,779) (0.09)

Total Option Written Contracts (931,560) (0.16)

369

JPMorgan Funds - Flexible Credit FundSchedule of Investments (continued)

As at 30 June 2018

Credit Default Swap Contracts

NominalAmount Currency Counterparty Reference Entity Buy/Sell

Interest(Paid)/

ReceivedMaturity

Date

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

950,000 EUR Citibank ArcelorMittal 2.875% 06/07/2020 Sell 5.00% 20/06/2023 177,876 177,876 0.032,090,000 EUR Citigroup iTraxx Europe Series 29 Version 1 Sell 1.00% 20/06/2023 29,511 29,511 0.01

Total Unrealised Gain on Credit Default Swap Contracts 207,387 207,387 0.04

4,850,000 USD Goldman Sachs Baxter International, Inc. 1.7%15/08/2021 Buy (1.00)% 20/06/2023 (142,273) (142,273) (0.02)

2,300,000 EUR Barclays BMW Finance NV 0.125%12/01/2021 Buy (1.00)% 20/06/2023 (35,771) (35,771) (0.01)

2,550,000 EUR Merrill Lynch BMW Finance NV 0.125%12/01/2021 Buy (1.00)% 20/06/2023 (32,635) (32,635) (0.01)

2,500,000 EUR Merrill Lynch Carrefour SA 1.75% 22/05/2019 Buy (1.00)% 20/06/2023 (10,661) (10,661) -41,100,000 USD Citigroup CDX.NA.IG.30-V1 Buy (1.00)% 20/06/2023 (617,764) (617,764) (0.11)23,900,000 USD Citigroup CDX.NA.IG.30-V1 Sell 1.00% 20/06/2028 (259,936) (259,936) (0.05)4,850,000 USD Goldman Sachs Honeywell International, Inc. 5.7%

15/03/2036 Buy (1.00)% 20/06/2023 (141,858) (141,858) (0.02)4,850,000 USD Goldman Sachs HP, Inc. 4.65% 09/12/2021 Buy (1.00)% 20/06/2023 (100,129) (100,129) (0.02)

17,500,000 EUR Citigroup iTraxx Europe Senior FinancialsSeries 29 Version 1 Buy (1.00)% 20/06/2023 (63,435) (63,435) (0.01)

2,200,000 EUR Goldman Sachs Rolls-Royce plc 6.75% 30/04/2019 Buy (1.00)% 20/06/2023 (29,835) (29,835) (0.01)950,000 EUR Merrill Lynch Telefonica Emisiones SAU 2.736%

29/05/2019 Sell 1.00% 20/06/2023 (2,769) (2,769) -1,300,000 EUR Barclays Unilever NV 1.75% 05/08/2020 Buy (1.00)% 20/06/2023 (49,966) (49,966) (0.01)4,850,000 USD Goldman Sachs United Parcel Service, Inc. 5.5%

12/02/2031 Buy (1.00)% 20/06/2023 (137,759) (137,759) (0.02)4,600,000 USD Goldman Sachs Valero Energy Corp. 8.75%

15/06/2030 Buy (1.00)% 20/06/2023 (103,838) (103,838) (0.02)1,300,000 EUR Goldman Sachs Vodafone Group plc 1%

11/09/2020 Buy (1.00)% 20/06/2023 (11,371) (11,371) -750,000 USD Citibank Xerox Corp. 6.35% 15/05/2018 Buy (1.00)% 20/06/2021 (1,633) (52,139) -

Total Unrealised Loss on Credit Default Swap Contracts (1,741,633) (1,792,139) (0.31)

Net Unrealised Loss on Credit Default Swap Contracts (1,534,246) (1,584,752) (0.27)

Interest Rate Swap Contracts

NominalAmount Currency Counterparty Security Description

MaturityDate

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

7,900,000 USD Citigroup Pay fixed 2.338%Receive floating LIBOR 3 month 10/04/2027 352,903 352,903 0.06

Total Unrealised Gain on Interest Rate Swap Contracts 352,903 352,903 0.06

Net Unrealised Gain on Interest Rate Swap Contracts 352,903 352,903 0.06

370

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

CanadaProvince of Alberta Canada 3.3%15/03/2028 USD 2,500,000 2,495,513 2.74

2,495,513 2.74

GermanyLandwirtschaftliche Rentenbank, Reg. S0.05% 12/06/2023 EUR 707,000 825,413 0.91

825,413 0.91

IrelandIreland Government Bond, Reg. S 1.3%15/05/2033 EUR 1,861,000 2,172,513 2.38

2,172,513 2.38

ItalyItaly Buoni Poliennali Del Tesoro 4.5%01/08/2018 EUR 350,000 409,077 0.45Italy Buoni Poliennali Del Tesoro 0.3%15/10/2018 EUR 500,000 582,815 0.64

991,892 1.09

JapanJapan Government Five Year Bond 0.2%20/03/2019 JPY 56,700,000 513,219 0.56Japan Government Thirty Year Bond0.8% 20/12/2047 JPY 69,400,000 642,121 0.71Japan Government Two Year Bond 0.1%15/12/2018 JPY 179,000,000 1,618,060 1.78Japan Government Two Year Bond 0.1%15/01/2020 JPY 131,650,000 1,193,067 1.31

3,966,467 4.36

SlovakiaSlovakia Government Bond, Reg. S 1%12/06/2028 EUR 518,937 611,577 0.67Slovakia Government Bond, Reg. S 2.25%12/06/2068 EUR 175,953 209,566 0.23

821,143 0.90

SpainSpain Government Bond, Reg. S, 144A2.7% 31/10/2048 EUR 1,044,000 1,265,503 1.39

1,265,503 1.39

United States of AmericaCovanta Holding Corp. 6.375%01/10/2022 USD 25,000 25,593 0.03Embarq Corp. 7.995% 01/06/2036 USD 15,000 14,202 0.01US Treasury Bill 0% 11/10/2018 USD 4,150,000 4,121,663 4.53US Treasury Bill 0% 01/11/2018 USD 4,125,000 4,094,666 4.50US Treasury Bill 0% 08/11/2018 USD 4,125,000 4,092,925 4.49US Treasury Bill 0% 06/12/2018 USD 4,125,000 4,085,778 4.49

16,434,827 18.05

Total Bonds 28,973,271 31.82

Equities

United States of AmericaPenn Virginia Corp. USD 263 22,511 0.03

22,511 0.03

Total Equities 22,511 0.03

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 28,995,782 31.85

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

JapanJapan Government CPI Linked Bond 0.1%10/03/2026 JPY 106,800,000 1,024,108 1.12

1,024,108 1.12

LuxembourgIntelsat Jackson Holdings SA, 144A 8%15/02/2024 USD 25,000 26,312 0.03

26,312 0.03

United KingdomGreat Hall Mortgages No. 1 plc, Reg. S,FRN, Series 2007-1 ‘A2B’ 0% 18/03/2039 EUR 51,300 59,408 0.07

59,408 0.07

United States of AmericaABFC Trust, FRN, Series 2003-OPT1 ‘A1A’2.911% 25/04/2033 USD 78,907 78,556 0.09Accredited Mortgage Loan Trust, FRN,Series 2004-3 ‘2A2’ 3.291% 25/10/2034 USD 108,381 110,881 0.12ACE Securities Corp. Home Equity LoanTrust, FRN, Series 2004-OP1 ‘M2’ 3.666%25/04/2034 USD 88,555 87,001 0.10Aegis Asset-Backed Securities Trust, FRN,Series 2004-4 ‘A1’ 2.68% 25/10/2034 USD 16,615 16,634 0.02Alliance Data Systems Corp., 144A5.875% 01/11/2021 USD 50,000 51,000 0.06AOA Mortgage Trust, Series 2015-1177 ‘A’,144A 2.957% 13/12/2029 USD 125,000 123,181 0.13BAMLL Commercial Mortgage SecuritiesTrust, Series 2012-PARK ‘A’, 144A 2.959%10/12/2030 USD 200,000 196,862 0.22Banc of America Alternative Loan Trust,Series 2005-3 ‘2A1’ 5.5% 25/04/2020 USD 22,611 22,809 0.02Capital One Multi-Asset Execution Trust,FRN, Series 2017-A5 ‘A5’ 2.499%15/07/2027 USD 550,000 553,429 0.61CarMax Auto Owner Trust, Series 2017-1‘A2’ 1.54% 18/02/2020 USD 20,449 20,418 0.02Citibank Credit Card Issuance Trust, FRN,Series 2017-A1 ‘A1’ 2.189% 19/01/2021 USD 160,000 160,184 0.18Citicorp Mortgage Securities Trust, Series2006-5 ‘2A1’ 5.5% 25/10/2021 USD 15,779 15,852 0.02Citigroup Commercial Mortgage Trust,FRN, Series 2016-P6 ‘A5’ 3.72%10/12/2049 USD 100,000 100,353 0.11CNG Holdings, Inc., 144A 9.375%15/05/2020 USD 30,000 29,850 0.03COMM Mortgage Trust, Series 2016-COR1‘A4’ 3.091% 10/10/2049 USD 520,000 497,344 0.55Commercial Mortgage Trust, FRN, Series2004-GG1 ‘H’, 144A 6.386% 10/06/2036 USD 100,000 101,684 0.11Credit-Based Asset Servicing &Securitization LLC, FRN, Series 2004-CB5‘M1’ 3.006% 25/01/2034 USD 132,459 133,607 0.15Discover Card Execution Note Trust, FRN,Series 2014-A1 ‘A1’ 2.503% 15/07/2021 USD 250,000 250,443 0.27FHLMC, IO, Series 4628 ‘I’ 4% 15/11/2046 USD 85,309 17,814 0.02FHLMC, IO, Series 4535 ‘PI’ 4%15/03/2044 USD 110,699 18,729 0.02FHLMC E02402 6% 01/10/2022 USD 89,953 92,995 0.10FHLMC G11851 5.5% 01/01/2021 USD 68,306 69,775 0.08FHLMC G13857 5.5% 01/12/2024 USD 194,878 201,503 0.22FHLMC G14980 4% 01/06/2025 USD 35,637 36,574 0.04FHLMC G18230 5.5% 01/01/2023 USD 143,153 148,818 0.16FHLMC G18670 3% 01/12/2032 USD 3,482,011 3,459,303 3.80FHLMC G18673 3% 01/01/2033 USD 3,420,503 3,398,195 3.73FHLMC REMIC, IO, Series 3862 ‘AI’ 5%15/05/2021 USD 13 0 0.00FHLMC REMIC, IO, Series 4056 ‘BI’ 3%15/05/2027 USD 192,218 17,108 0.02FHLMC REMIC, IO, Series 304 ‘C24’ 4%15/12/2042 USD 182,350 41,243 0.05FHLMC REMIC, IO, Series 3881 ‘CI’ 3.5%15/08/2024 USD 109,307 1,248 0.00FHLMC REMIC, FRN, Series 3371 ‘FA’2.673% 15/09/2037 USD 89,774 90,738 0.10FHLMC REMIC, FRN, Series 3387 ‘FE’2.673% 15/11/2037 USD 91,799 92,785 0.10FHLMC REMIC, IO, Series 4351 ‘GI’ 5%15/11/2019 USD 1,512 10 0.00FHLMC REMIC, IO, Series 3649 ‘HI’ 4.5%15/11/2018 USD 9,354 46 0.00FHLMC REMIC, IO, Series 4136 ‘IN’ 3%15/11/2027 USD 208,119 19,147 0.02FHLMC REMIC, FRN, Series 3827 ‘KF’2.443% 15/03/2041 USD 115,247 115,592 0.13FHLMC REMIC, IO, Series 4215 ‘LI’ 3.5%15/07/2041 USD 321,637 47,310 0.05FHLMC REMIC, IO, Series 4526 ‘MI’ 4%15/02/2044 USD 200,401 33,367 0.04FHLMC REMIC, IO, Series 3961 ‘PI’ 3%15/11/2026 USD 271,715 22,801 0.02FHLMC REMIC, IO, Series 4570 ‘PI’ 4%15/03/2044 USD 148,445 24,795 0.03

371

JPMorgan Funds - Global Absolute Return Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

FHLMC REMIC, IO, FRN, Series 3174 ‘SA’5.627% 15/04/2036 USD 101,783 17,175 0.02FHLMC REMIC, IO, FRN, Series 3110 ‘SL’4.077% 15/02/2026 USD 157,298 7,031 0.01FHLMC REMIC, IO, FRN, Series 3907 ‘SW’4.577% 15/07/2026 USD 240,475 21,921 0.02FHLMC REMIC, FRN, Series 3367 ‘YF’2.623% 15/09/2037 USD 72,381 73,000 0.08FHLMC STRIP, IO, Series 305 ‘IO’ 3.5%15/03/2028 USD 133,542 13,116 0.01FHLMC STRIP, IO, Series 256 ‘S6’ 4.5%15/05/2023 USD 38,879 901 0.00FNMA, IO, FRN, Series 2007-85 ‘SI’4.369% 25/09/2037 USD 136,692 18,795 0.02FNMA MA3247 3% 01/01/2033 USD 3,430,388 3,412,384 3.75FNMA ACES, FRN, Series 2017-M5 ‘FA’2.384% 25/04/2024 USD 46,209 46,429 0.05FNMA Interest STRIP, IO, Series 139 ‘2’10% 25/06/2022 USD 19,392 1,411 0.00FNMA Interest STRIP, IO, FRN, Series 409‘23’ 3.5% 25/04/2027 USD 259,964 22,489 0.02FNMA REMIC, IO, Series 2011-68 ‘AI’ 4.5%25/12/2020 USD 29,026 687 0.00FNMA REMIC, IO, Series 2012-25 ‘AI’ 3.5%25/03/2027 USD 187,964 18,842 0.02FNMA REMIC, IO, Series 2013-18 ‘AI’ 3%25/03/2028 USD 440,690 38,370 0.04FNMA REMIC, IO, Series 2013-31 ‘DI’ 3%25/04/2028 USD 486,404 48,954 0.05FNMA REMIC, FRN, Series 2008-67 ‘FG’3.091% 25/07/2038 USD 204,436 208,849 0.23FNMA REMIC, IO, Series 2012-107 ‘GI’3.5% 25/09/2027 USD 213,924 19,116 0.02FNMA REMIC, IO, Series 2011-124 ‘IC’3.5% 25/09/2021 USD 195,330 5,205 0.01FNMA REMIC, IO, FRN, Series 2009-93‘SD’ 4.109% 25/11/2039 USD 160,079 19,847 0.02FNMA REMIC, IO, FRN, Series 2009-105‘SE’ 4.059% 25/12/2039 USD 122,117 13,336 0.01FNMA REMIC, IO, FRN, Series 2009-101‘SI’ 3.659% 25/12/2039 USD 128,229 10,062 0.01FNMA REMIC, IO, Series 2013-31 ‘YI’ 3.5%25/04/2028 USD 210,765 19,987 0.02FNMA REMIC, IO, Series 2013-9 ‘YI’ 3.5%25/02/2028 USD 234,879 22,056 0.02Ford Credit Auto Owner Trust, Series2015-B ‘A3’ 1.16% 15/11/2019 USD 45,346 45,295 0.05Ford Credit Auto Owner Trust, Series2015-C ‘A3’ 1.41% 15/02/2020 USD 137,629 137,347 0.15GNMA, Series 2011-34 ‘MB’ 4%20/03/2041 USD 300,000 309,686 0.34GNMA, IO, FRN, Series 2004-34 ‘SP’4.566% 20/05/2034 USD 19,271 66 0.00Goldman Sachs Group, Inc. (The), FRN5.375% Perpetual USD 130,000 132,425 0.15GS Mortgage Securities Trust, FRN, Series2016-GS4 ‘A4’ 3.442% 10/11/2049 USD 100,000 98,383 0.11HarborView Mortgage Loan Trust, FRN,Series 2007-6 ‘2A1A’ 2.138% 19/08/2037 USD 89,230 87,805 0.10Lehman XS Trust, FRN, Series 2005-5N‘3A1A’ 2.391% 25/11/2035 USD 72,397 71,194 0.08LMREC Inc., FRN, Series 2016-CRE2 ‘A’,144A 3.597% 24/11/2031 USD 104,000 104,918 0.11Long Beach Mortgage Loan Trust, FRN,Series 2004-3 ‘M1’ 2.946% 25/07/2034 USD 43,039 43,040 0.05MASTR Alternative Loan Trust, Series2005-3 ‘4A1’ 5.5% 25/03/2020 USD 5,268 5,314 0.01MASTR Alternative Loan Trust, FRN,Series 2003-4 ‘B1’ 6.145% 25/06/2033 USD 23,760 19,722 0.02Morgan Stanley ABS Capital I, Inc. Trust,FRN, Series 2004-HE8 ‘M2’ 2.98%25/09/2034 USD 9,043 9,214 0.01Morgan Stanley ABS Capital I, Inc. Trust,FRN, Series 2004-HE8 ‘M3’ 3.085%25/09/2034 USD 16,278 16,379 0.02Morgan Stanley Bank of America MerrillLynch Trust, Series 2014-C16 ‘AS’4.094% 15/06/2047 USD 115,000 116,707 0.13New Century Home Equity Loan Trust,FRN, Series 2004-4 ‘M2’ 2.886%25/02/2035 USD 4,735 4,713 0.00Nissan Auto Receivables Owner Trust,Series 2015-B ‘A3’ 1.34% 16/03/2020 USD 197,016 196,324 0.22Nissan Auto Receivables Owner Trust,Series 2015-C ‘A3’ 1.37% 15/05/2020 USD 115,400 114,844 0.13Park Place Securities, Inc. Asset-BackedPass-Through Trust, FRN, Series2005-WCH1 ‘M3’ 2.931% 25/01/2036 USD 72,110 72,337 0.08RASC Trust, FRN, Series 2005-EMX1 ‘M1’2.736% 25/03/2035 USD 58,153 58,456 0.06

Renaissance Home Equity Loan Trust,STEP, Series 2005-4 ‘A3’ 5.565%25/02/2036 USD 35,379 35,446 0.04RFMSI Trust, Series 2007-S9 ‘2A1’ 5.5%25/09/2022 USD 461 461 0.00Sequoia Mortgage Trust, FRN, Series2003-8 ‘A1’ 2.588% 20/01/2034 USD 9,844 9,722 0.01Structured Adjustable Rate MortgageLoan Trust, FRN, Series 2004-8 ‘3A’3.618% 25/07/2034 USD 51,692 51,669 0.06Structured Asset Investment Loan Trust,FRN, Series 2004-7 ‘M1’ 3.01%25/08/2034 USD 19,275 18,968 0.02Structured Asset Investment Loan Trust,FRN, Series 2004-8 ‘M2’ 3.021%25/09/2034 USD 19,471 19,470 0.02Toyota Auto Receivables Owner Trust,Series 2016-D ‘A2A’ 1.06% 15/05/2019 USD 6,152 6,148 0.01US Treasury Bill 0% 27/09/2018 USD 4,125,000 4,103,855 4.51US Treasury Bill 0% 04/10/2018 USD 4,170,000 4,143,327 4.55US Treasury Bill 0% 18/10/2018 USD 4,125,000 4,098,513 4.50US Treasury Bill 0% 15/11/2018 USD 4,125,000 4,091,127 4.49US Treasury Bill 0% 29/11/2018 USD 4,125,000 4,087,486 4.49US Treasury Bill 0% 13/12/2018 USD 4,125,000 4,084,034 4.49US Treasury Bill 0% 20/12/2018 USD 4,150,000 4,108,826 4.51US Treasury Bill 0% 31/01/2019 USD 4,150,000 4,098,669 4.50VNDO Trust, Series 2016-350P ‘A’, 144A3.805% 10/01/2035 USD 387,500 387,629 0.43Wachovia Bank Commercial MortgageTrust, FRN, Series 2007-C31 ‘AJ’ 5.66%15/04/2047 USD 51,806 52,065 0.06Wachovia Bank Commercial MortgageTrust, FRN, Series 2007-C34 ‘AJ’ 6.122%15/05/2046 USD 63,036 64,177 0.07Wachovia Bank Commercial MortgageTrust, FRN, Series 2005-C21 ‘F’, 144A5.287% 15/10/2044 USD 96,732 31,633 0.03Wells Fargo Mortgage Backed SecuritiesTrust, FRN, Series 2005-AR10 ‘1A1’3.846% 25/06/2035 USD 78,022 82,396 0.09Wells Fargo Mortgage Backed SecuritiesTrust, FRN, Series 2005-AR8 ‘1A1’ 4.02%25/06/2035 USD 85,526 87,835 0.10

49,867,572 54.77

Total Bonds 50,977,400 55.99

Convertible Bonds

United States of AmericaEnvestnet, Inc. 1.75% 15/12/2019 USD 60,000 64,110 0.07Liberty Interactive LLC 3.75%15/02/2030 USD 100,000 69,274 0.08

133,384 0.15

Total Convertible Bonds 133,384 0.15

Equities

United States of AmericaJPMorgan Chase & Co. USD 923 10,476 0.01Penn Virginia Corp.* USD 151 12,925 0.01

23,401 0.02

Total Equities 23,401 0.02

Total Transferable securities and money market instrumentsdealt in on another regulated market 51,134,185 56.16

Other transferable securities and money market instruments

Bonds

United States of AmericaPenn Virginia Corp. 8.5% 01/05/2020§* USD 50,000 63 0.00Triangle USA Petroleum Corp., 144A6.75% 15/07/2022§* USD 50,000 0 0.00

63 0.00

Total Bonds 63 0.00

372

JPMorgan Funds - Global Absolute Return Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Equities

United States of AmericaTriangle USA Petroleum Corp.* USD 21 18,981 0.02

18,981 0.02

Total Equities 18,981 0.02

Total Other transferable securities and money marketinstruments 19,044 0.02

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan US Dollar Liquidity Fund - JPMUS Dollar Liquidity X (dist.)† USD 5,713,467 5,713,467 6.27

5,713,467 6.27

Total Collective Investment Schemes - UCITS 5,713,467 6.27

Total Units of authorised UCITS or other collective investmentundertakings 5,713,467 6.27

Total Investments 85,862,478 94.30

Cash 5,429,072 5.96

Other Assets/(Liabilities) (241,149) (0.26)

Total Net Assets 91,050,401 100.00

§ Security is currently in default.* Security is valued at its fair value under the direction of the Board of Directors.† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited States of America 73.04Luxembourg 6.30Japan 5.48Canada 2.74Ireland 2.38Spain 1.39Italy 1.09Germany 0.91Slovakia 0.90United Kingdom 0.07Total Investments 94.30Cash and Other Assets/(Liabilities) 5.70

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United States of America 65.78Italy 5.38Luxembourg 5.10Portugal 4.02Japan 3.59Germany 0.19United Kingdom 0.09Ireland 0.02Canada 0.02Total Investments 84.19Cash and Other Assets/(Liabilities) 15.81

Total 100.00

373

JPMorgan Funds - Global Absolute Return Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Global Absolute Return Bond FundSchedule of Investments (continued)

As at 30 June 2018

To Be Announced Contracts

Country Security Description CurrencyNominal

Value

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

United States of America FNMA, 4.00%, 25/07/2048 USD 8,200,000 8,360,156 35,875 9.18United States of America GNMA, 5.00%, 15/07/2048 USD 10,000,000 10,495,313 391 11.53

Total To Be Announced Contracts Long Positions 18,855,469 36,266 20.71

United States of America FNMA, 3.00%, 25/07/2048 USD (6,800,000) (6,584,313) (37,188) (7.23)United States of America GNMA, 3.50%, 15/07/2048 USD (6,240,000) (6,260,475) (1,950) (6.88)

Total To Be Announced Contracts Short Positions (12,844,788) (39,138) (14.11)

Net To Be Announced Contracts 6,010,681 (2,872) 6.60

JPMorgan Funds - Global Absolute Return Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

AUD 1,221,064 USD 896,314 19/07/2018 HSBC 5,689 0.01AUD 418,662 USD 307,507 03/08/2018 Merrill Lynch 1,779 -BRL 537,631 USD 137,435 05/07/2018 Goldman Sachs 1,685 -CAD 1,460,613 AUD 1,478,533 19/07/2018 Credit Suisse 15,840 0.02CAD 4,724,602 USD 3,559,043 03/08/2018 ANZ 26,000 0.03CHF 671,031 USD 674,323 03/08/2018 Barclays 2,833 -EUR 970,749 CHF 1,120,138 19/07/2018 Goldman Sachs 2,728 -EUR 27,151 GBP 23,768 05/07/2018 Standard Chartered 338 -EUR 961,049 NZD 1,620,637 19/07/2018 Goldman Sachs 24,236 0.03EUR 591,000 NZD 1,013,630 19/07/2018 HSBC 3,397 -EUR 1,932,581 SEK 19,957,882 19/07/2018 Credit Suisse 28,688 0.03EUR 23,427 USD 27,291 30/07/2018 BNP Paribas 41 -EUR 33,681 USD 39,183 30/07/2018 Citibank 112 -EUR 14,922 USD 17,302 30/07/2018 HSBC 107 -EUR 2,187 USD 2,538 30/07/2018 RBC 13 -EUR 47,505 USD 55,195 30/07/2018 Standard Chartered 229 -EUR 12,212 USD 14,214 03/08/2018 Societe Generale 38 -GBP 7,457 USD 9,810 05/07/2018 Barclays 4 -GBP 158,922 USD 208,432 03/08/2018 RBC 994 -IDR 4,680,102,937 USD 322,795 03/08/2018 Merrill Lynch 2,824 -KRW 1,466,501,039 USD 1,313,139 05/07/2018 HSBC 4,151 0.01MXN 8,975,095 USD 450,808 05/07/2018 Citibank 4,963 0.01MXN 2,929,716 USD 143,183 05/07/2018 Merrill Lynch 5,594 0.01MXN 10,261,765 USD 511,942 03/08/2018 Barclays 6,717 0.01NOK 2,035,954 USD 248,141 05/07/2018 Goldman Sachs 759 -NOK 1,867,198 USD 228,209 03/08/2018 Goldman Sachs 333 -PHP 11,841,312 USD 221,052 05/07/2018 BNP Paribas 636 -PHP 11,841,312 USD 220,242 03/08/2018 HSBC 1,171 -PLN 376,910 USD 99,982 03/08/2018 Citibank 399 -RUB 5,177,107 USD 81,803 03/08/2018 HSBC 298 -SEK 3,956,181 USD 440,217 03/08/2018 RBC 1,175 -THB 3,315,303 USD 99,982 03/08/2018 Standard Chartered 147 -TRY 9,774,669 USD 2,052,589 03/08/2018 BNP Paribas 52,526 0.06USD 151,714 AUD 200,000 05/07/2018 HSBC 3,979 -USD 650,062 AUD 860,788 05/07/2018 National Australia Bank 14,217 0.02USD 2,614,558 AUD 3,535,299 05/07/2018 State Street 3,111 -USD 2,957,948 AUD 3,904,608 19/07/2018 Barclays 73,606 0.08USD 890,966 AUD 1,193,306 19/07/2018 Goldman Sachs 9,469 0.01USD 72,705 AUD 97,554 19/07/2018 RBC 642 -USD 659,541 BRL 2,498,795 05/07/2018 Goldman Sachs 12,943 0.01USD 101,094 BRL 380,932 05/07/2018 HSBC 2,523 -USD 868,178 BRL 3,274,212 03/08/2018 Goldman Sachs 23,085 0.03USD 201,527 CAD 262,083 05/07/2018 BNP Paribas 2,758 -USD 165,539 CAD 214,749 05/07/2018 National Australia Bank 2,669 -USD 1,053,667 CAD 1,363,237 05/07/2018 RBC 19,759 0.02USD 417,888 CHF 413,487 05/07/2018 Barclays 1,675 -USD 209,617 CHF 205,183 05/07/2018 Goldman Sachs 3,082 -USD 2,581,740 CHF 2,539,649 05/07/2018 HSBC 25,350 0.03USD 3,201,718 CHF 3,158,319 03/08/2018 Merrill Lynch 14,572 0.02USD 691,106 CLP 435,987,363 05/07/2018 HSBC 22,127 0.02USD 1,793,066 CLP 1,152,991,907 19/07/2018 Credit Suisse 24,009 0.03USD 899,693 CNH 5,793,094 19/07/2018 Goldman Sachs 26,214 0.03USD 2,291,820 COP 6,620,081,089 05/07/2018 Goldman Sachs 40,992 0.05

374

JPMorgan Funds - Global Absolute Return Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

USD 1,809,266 COP 5,229,761,430 19/07/2018 Credit Suisse 32,705 0.04USD 1,109,252 COP 3,241,424,232 03/08/2018 Goldman Sachs 8,701 0.01USD 36,350 COP 106,381,547 03/08/2018 HSBC 231 -USD 448,415 CZK 9,863,000 09/07/2018 HSBC 6,763 0.01USD 658,370 EUR 560,032 05/07/2018 Merrill Lynch 6,223 0.01USD 512,373 EUR 437,051 05/07/2018 National Australia Bank 3,435 -USD 14,192 EUR 12,126 05/07/2018 RBC 71 -USD 18,526 EUR 15,681 05/07/2018 Societe Generale 265 -USD 1,972,547 EUR 1,674,840 05/07/2018 Standard Chartered 22,224 0.02USD 5,685,937 EUR 4,846,098 05/07/2018 State Street 42,738 0.05USD 3,333,783 EUR 2,846,725 05/07/2018 Toronto-Dominion Bank 18,820 0.02USD 725,280 EUR 622,027 19/07/2018 BNP Paribas 187 -USD 1,134,773 EUR 971,648 19/07/2018 Goldman Sachs 2,131 -USD 4,380,385 EUR 3,704,983 19/07/2018 State Street 61,515 0.07USD 2,934 EUR 2,499 30/07/2018 Barclays 18 -USD 5,210 EUR 4,440 30/07/2018 Citibank 30 -USD 27,094 EUR 23,076 30/07/2018 Merrill Lynch 172 -USD 6,567 EUR 5,568 30/07/2018 RBC 71 -USD 22,945 EUR 19,633 30/07/2018 State Street 39 -USD 4,054,384 EUR 3,468,785 03/08/2018 Barclays 6,200 0.01USD 6,168,526 EUR 5,282,513 03/08/2018 Goldman Sachs 3,665 -USD 145,177 EUR 124,292 03/08/2018 Morgan Stanley 125 -USD 2,709,986 GBP 2,046,966 05/07/2018 ANZ 16,155 0.02USD 37,737 GBP 28,172 05/07/2018 Barclays 662 -USD 11,215 GBP 8,320 05/07/2018 HSBC 266 -USD 119,143 GBP 89,138 05/07/2018 Merrill Lynch 1,837 -USD 500,708 GBP 376,226 05/07/2018 RBC 5,591 0.01USD 376,511 GBP 283,746 05/07/2018 Standard Chartered 3,099 -USD 320,800 GBP 238,824 05/07/2018 Toronto-Dominion Bank 6,505 0.01USD 167,457 GBP 125,841 03/08/2018 BNP Paribas 1,625 -USD 229,059 HUF 61,385,204 05/07/2018 Citibank 12,267 0.01USD 220,216 HUF 61,385,204 03/08/2018 Merrill Lynch 3,037 -USD 91,623 IDR 1,276,400,013 05/07/2018 Goldman Sachs 2,487 -USD 822,476 IDR 11,651,886,779 05/07/2018 Standard Chartered 8,778 0.01USD 915,417 IDR 12,810,350,818 19/07/2018 Citibank 21,076 0.02USD 678,380 ILS 2,461,719 05/07/2018 Barclays 4,759 0.01USD 929,022 ILS 3,306,982 05/07/2018 BNP Paribas 24,105 0.03USD 1,589,234 ILS 5,742,523 03/08/2018 Merrill Lynch 14,698 0.02USD 1,141,019 INR 77,799,222 05/07/2018 HSBC 6,139 0.01USD 1,792,678 INR 121,543,571 19/07/2018 J.P. Morgan 23,237 0.03USD 131,187 JPY 14,432,052 05/07/2018 ANZ 852 -USD 2,254,614 JPY 244,995,489 05/07/2018 Barclays 42,074 0.05USD 2,783,847 JPY 304,952,116 05/07/2018 HSBC 29,844 0.03USD 214,655 JPY 23,700,943 05/07/2018 Standard Chartered 613 -USD 1,110,730 JPY 121,451,183 03/08/2018 Barclays 11,709 0.01USD 2,767 JPY 304,289 03/08/2018 BNP Paribas 14 -USD 1,277,454 JPY 139,728,634 03/08/2018 Citibank 13,039 0.01USD 10,449 JPY 1,140,531 03/08/2018 Merrill Lynch 128 -USD 1,581 JPY 174,066 03/08/2018 RBC 6 -USD 3,208 JPY 352,992 03/08/2018 Standard Chartered 14 -USD 2,371,280 JPY 261,661,151 03/08/2018 State Street 3,489 -USD 2,705 JPY 295,771 03/08/2018 Toronto-Dominion Bank 28 -USD 1,648,162 JPY 180,054,967 19/09/2018 National Australia Bank 13,232 0.02USD 461,895 KRW 499,192,902 05/07/2018 Goldman Sachs 13,493 0.02USD 1,603,159 KRW 1,729,279,872 05/07/2018 Standard Chartered 49,827 0.06USD 912,008 KRW 981,338,956 19/07/2018 Goldman Sachs 30,526 0.03USD 489,671 NOK 3,953,393 05/07/2018 Goldman Sachs 6,361 0.01USD 1,130,874 NOK 9,181,671 05/07/2018 Merrill Lynch 8,397 0.01USD 220,104 NOK 1,779,203 03/08/2018 Goldman Sachs 2,333 -USD 923,274 NZD 1,335,361 05/07/2018 Goldman Sachs 20,169 0.02USD 445,685 NZD 658,212 19/07/2018 Goldman Sachs 530 -USD 466,335 NZD 688,630 19/07/2018 HSBC 608 -USD 679,028 PHP 35,866,307 05/07/2018 HSBC 7,554 0.01USD 229,369 PHP 12,078,341 05/07/2018 Standard Chartered 3,243 -USD 1,776,328 PHP 93,560,986 19/07/2018 Goldman Sachs 25,211 0.03USD 91,623 PLN 329,851 05/07/2018 BNP Paribas 3,813 -USD 91,904 PLN 341,901 05/07/2018 HSBC 886 -USD 269,332 PLN 1,002,258 05/07/2018 Merrill Lynch 2,519 -USD 231,707 PLN 854,829 05/07/2018 National Australia Bank 4,141 0.01USD 453,943 RON 1,815,731 05/07/2018 Goldman Sachs 611 -USD 457,675 RON 1,816,308 05/07/2018 Standard Chartered 4,198 0.01USD 880,092 RUB 54,863,034 05/07/2018 Goldman Sachs 7,279 0.01USD 627,393 RUB 39,547,439 03/08/2018 HSBC 230 -USD 388,899 SEK 3,403,495 05/07/2018 Goldman Sachs 10,015 0.01USD 5,678,776 SEK 50,321,177 05/07/2018 Merrill Lynch 76,913 0.08USD 439,937 SEK 3,833,258 05/07/2018 State Street 13,210 0.01USD 45,446 SEK 390,353 19/07/2018 Goldman Sachs 1,945 -USD 214,240 SEK 1,888,899 03/08/2018 Goldman Sachs 3,495 -USD 5,740,310 SEK 50,716,891 03/08/2018 Merrill Lynch 81,813 0.09USD 91,904 THB 2,943,749 05/07/2018 Citibank 3,004 -USD 320,681 THB 10,230,339 05/07/2018 HSBC 11,729 0.01USD 176,734 THB 5,836,808 03/08/2018 Goldman Sachs 450 -USD 558,902 TRY 2,533,676 05/07/2018 Deutsche Bank 6,310 0.01

375

JPMorgan Funds - Global Absolute Return Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

USD 224,354 TRY 1,022,333 05/07/2018 RBC 1,385 -USD 233,040 TWD 6,975,833 05/07/2018 Standard Chartered 4,033 -USD 1,803,071 TWD 54,145,208 19/07/2018 Goldman Sachs 23,627 0.03USD 585,899 ZAR 7,580,526 05/07/2018 BNP Paribas 37,218 0.04USD 682,501 ZAR 8,615,424 05/07/2018 HSBC 58,914 0.07USD 1,316,075 ZAR 17,938,996 03/08/2018 Barclays 22,610 0.03ZAR 1,140,194 USD 81,803 03/08/2018 Barclays 409 -

Total Unrealised Gain on Forward Currency Exchange Contracts 1,559,929 1.71

AUD 1,525,818 CAD 1,510,249 19/07/2018 Goldman Sachs (18,564) (0.02)AUD 2,616,096 USD 1,985,251 05/07/2018 ANZ (52,798) (0.06)AUD 295,491 USD 218,315 05/07/2018 Citibank (42) -AUD 1,415,960 USD 1,080,722 05/07/2018 Goldman Sachs (34,783) (0.04)AUD 268,539 USD 202,610 05/07/2018 Standard Chartered (4,246) (0.01)AUD 1,181,311 USD 903,739 19/07/2018 Credit Suisse (31,103) (0.03)AUD 59,662 USD 45,661 19/07/2018 Standard Chartered (1,588) -AUD 504,996 USD 375,120 03/08/2018 Barclays (2,055) -AUD 3,535,299 USD 2,614,836 03/08/2018 State Street (3,137) -BRL 1,528,819 USD 405,781 05/07/2018 Goldman Sachs (10,178) (0.01)BRL 813,277 USD 221,903 05/07/2018 Merrill Lynch (11,456) (0.01)BRL 315,220 USD 81,803 03/08/2018 Citibank (443) -CAD 3,824,662 USD 2,981,829 05/07/2018 HSBC (81,127) (0.09)CAD 944,619 USD 717,052 05/07/2018 Morgan Stanley (634) -CAD 1,795,391 USD 1,384,713 05/07/2018 State Street (23,052) (0.03)CHF 3,158,319 USD 3,193,883 05/07/2018 Merrill Lynch (14,745) (0.02)CLP 287,391,745 USD 453,328 05/07/2018 Goldman Sachs (12,354) (0.01)CLP 148,595,618 USD 236,468 05/07/2018 HSBC (8,463) (0.01)CLP 586,882,884 USD 925,245 19/07/2018 Credit Suisse (24,780) (0.03)CLP 566,109,023 USD 895,317 19/07/2018 Goldman Sachs (26,726) (0.03)CNH 11,599,675 USD 1,808,985 19/07/2018 Barclays (59,995) (0.07)COP 1,414,997,270 USD 499,058 05/07/2018 BNP Paribas (17,959) (0.02)COP 626,798,960 USD 216,948 05/07/2018 Citibank (3,836) -COP 3,931,983,953 USD 1,349,219 05/07/2018 Goldman Sachs (12,345) (0.01)COP 646,300,906 USD 223,619 05/07/2018 HSBC (3,877) -COP 5,229,761,430 USD 1,784,272 19/07/2018 Credit Suisse (7,711) (0.01)COP 695,492,526 USD 236,321 03/08/2018 Deutsche Bank (182) -CZK 19,666,094 EUR 764,325 19/07/2018 HSBC (9,958) (0.01)CZK 9,863,000 USD 450,837 09/07/2018 Citibank (9,185) (0.01)CZK 20,070,183 USD 923,692 19/07/2018 Citibank (24,580) (0.03)EUR 965,176 CHF 1,118,779 19/07/2018 Credit Suisse (2,399) -EUR 226,948 USD 266,523 05/07/2018 ANZ (2,246) -EUR 3,652,403 USD 4,262,064 05/07/2018 Barclays (8,903) (0.01)EUR 5,257,729 USD 6,126,704 05/07/2018 Goldman Sachs (4,169) (0.01)EUR 37,276 USD 44,015 05/07/2018 HSBC (608) -EUR 155,544 USD 184,434 05/07/2018 Merrill Lynch (3,306) -EUR 1,565,029 USD 1,842,826 05/07/2018 State Street (20,376) (0.02)EUR 161,117 USD 189,285 05/07/2018 UBS (1,666) -EUR 968,047 USD 1,129,928 19/07/2018 Goldman Sachs (1,484) -EUR 46,596 USD 55,250 19/07/2018 Standard Chartered (933) -EUR 14,378 USD 17,005 30/07/2018 ANZ (231) -EUR 1,412,970 USD 1,659,336 30/07/2018 BNP Paribas (10,863) (0.01)EUR 958 USD 1,118 30/07/2018 Standard Chartered - -GBP 13,231 EUR 15,017 05/07/2018 RBC (74) -GBP 853,873 EUR 968,047 19/07/2018 HSBC (4,015) (0.01)GBP 67,659 USD 90,334 05/07/2018 ANZ (1,294) -GBP 3,006,812 USD 4,017,043 05/07/2018 Barclays (60,042) (0.07)GBP 1,950,458 USD 2,585,211 03/08/2018 ANZ (14,902) (0.02)HUF 61,385,204 USD 219,847 05/07/2018 Merrill Lynch (3,056) -HUF 61,385,204 USD 221,426 03/08/2018 RBC (4,247) (0.01)IDR 12,928,286,792 USD 920,753 05/07/2018 Standard Chartered (17,919) (0.02)IDR 12,810,350,818 USD 912,743 19/07/2018 Goldman Sachs (18,401) (0.02)IDR 7,021,503,611 USD 490,791 03/08/2018 Standard Chartered (2,270) -ILS 845,527 USD 238,427 05/07/2018 BNP Paribas (7,059) (0.01)ILS 4,923,174 USD 1,359,326 05/07/2018 Merrill Lynch (12,156) (0.01)INR 77,799,222 USD 1,147,989 05/07/2018 HSBC (13,110) (0.02)INR 60,532,355 USD 892,137 19/07/2018 Goldman Sachs (10,902) (0.01)INR 92,811,302 USD 1,356,975 03/08/2018 HSBC (8,850) (0.01)JPY 125,459,025 EUR 974,378 19/07/2018 HSBC (1,728) -JPY 13,952,439 USD 127,858 05/07/2018 BNP Paribas (1,855) -JPY 139,728,634 USD 1,274,970 05/07/2018 Citibank (13,089) (0.02)JPY 114,762,957 USD 1,056,895 05/07/2018 National Australia Bank (20,478) (0.02)JPY 304,952,116 USD 2,762,756 05/07/2018 State Street (8,752) (0.01)JPY 14,684,454 USD 134,602 05/07/2018 Toronto-Dominion Bank (1,988) -JPY 123,186,304 USD 1,126,613 19/07/2018 HSBC (13,060) (0.01)JPY 4,985,715 USD 45,784 19/07/2018 Standard Chartered (715) -JPY 256,785 USD 2,351 03/08/2018 ANZ (27) -JPY 436,260 USD 4,025 03/08/2018 BNP Paribas (77) -JPY 444,737 USD 4,110 03/08/2018 Merrill Lynch (86) -JPY 26,654,739 USD 242,766 03/08/2018 National Australia Bank (1,565) -JPY 375,911 USD 3,425 03/08/2018 RBC (23) -JPY 327,095 USD 2,980 03/08/2018 Standard Chartered (20) -KRW 761,971,735 USD 699,317 05/07/2018 Merrill Lynch (14,872) (0.02)

376

JPMorgan Funds - Global Absolute Return Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

KRW 981,338,956 USD 895,382 19/07/2018 Citibank (13,900) (0.02)KRW 202,433,284 USD 182,330 03/08/2018 Merrill Lynch (440) -NOK 3,636,028 EUR 384,881 19/07/2018 Credit Suisse (3,885) -NOK 5,543,769 EUR 586,767 19/07/2018 HSBC (5,863) (0.01)NOK 9,320,228 USD 1,142,525 05/07/2018 Standard Chartered (3,109) -NOK 1,778,881 USD 218,662 05/07/2018 State Street (1,190) -NOK 9,125,586 USD 1,133,647 19/07/2018 Standard Chartered (17,385) (0.02)NOK 9,181,671 USD 1,132,205 03/08/2018 Merrill Lynch (8,385) (0.01)NZD 1,654,192 EUR 967,245 19/07/2018 Goldman Sachs (8,765) (0.01)NZD 331,428 USD 231,162 05/07/2018 BNP Paribas (7,017) (0.01)NZD 1,003,933 USD 695,895 05/07/2018 National Australia Bank (16,935) (0.02)NZD 658,212 USD 447,584 19/07/2018 HSBC (2,429) -PHP 47,944,648 USD 908,834 05/07/2018 HSBC (11,235) (0.01)PHP 45,599,001 USD 854,394 19/07/2018 Citibank (949) -PLN 834,957 USD 226,736 05/07/2018 Citibank (4,460) (0.01)PLN 1,693,881 USD 455,510 05/07/2018 Credit Suisse (4,579) (0.01)PLN 1,680,702 USD 454,373 03/08/2018 Deutsche Bank (6,759) (0.01)PLN 1,002,258 USD 269,438 03/08/2018 Merrill Lynch (2,511) -RON 901,788 USD 229,058 05/07/2018 Citibank (3,909) -RON 3,617,526 USD 908,770 05/07/2018 Goldman Sachs (5,585) (0.01)RON 1,815,731 USD 453,401 03/08/2018 Goldman Sachs (684) -RUB 15,315,596 USD 245,858 05/07/2018 Goldman Sachs (2,203) -RUB 39,547,439 USD 629,349 05/07/2018 HSBC (191) -SEK 10,053,572 JPY 125,107,657 19/07/2018 Credit Suisse (10,551) (0.01)SEK 2,790,809 USD 317,681 05/07/2018 Citibank (7,002) (0.01)SEK 4,050,230 USD 459,061 05/07/2018 Goldman Sachs (8,181) (0.01)SEK 50,716,891 USD 5,727,730 05/07/2018 Merrill Lynch (81,814) (0.09)SEK 9,917,917 USD 1,142,862 19/07/2018 BNP Paribas (37,610) (0.04)THB 7,337,280 USD 229,314 05/07/2018 ANZ (7,731) (0.01)THB 5,836,808 USD 176,728 05/07/2018 Goldman Sachs (459) -THB 29,189,599 USD 911,176 19/07/2018 Citibank (29,762) (0.03)THB 7,179,408 USD 218,099 03/08/2018 HSBC (1,266) -TRY 16,087,444 USD 3,534,572 05/07/2018 Deutsche Bank (25,919) (0.03)TWD 6,975,833 USD 233,305 05/07/2018 HSBC (4,298) (0.01)TWD 54,145,208 USD 1,814,822 19/07/2018 Goldman Sachs (35,378) (0.04)TWD 13,742,061 USD 454,373 03/08/2018 Standard Chartered (2,414) -USD 3,557,203 CAD 4,724,602 05/07/2018 ANZ (26,033) (0.03)USD 354,411 CAD 472,752 03/08/2018 Goldman Sachs (4,315) (0.01)USD 454,463 CAD 602,314 03/08/2018 Merrill Lynch (2,574) -USD 6,050 EUR 5,218 02/07/2018 BNP Paribas (26) -USD 17,268 EUR 14,922 03/07/2018 HSBC (106) -USD 178,841 EUR 154,120 05/07/2018 ANZ (629) -USD 194,458 EUR 167,115 05/07/2018 Barclays (145) -USD 411,698 EUR 354,391 05/07/2018 Standard Chartered (985) -USD 3,358 EUR 2,896 30/07/2018 RBC (21) -USD 300,222 EUR 258,674 03/08/2018 RBC (1,659) -USD 245,410 ILS 895,403 03/08/2018 Credit Suisse (100) -USD 1,314,128 KRW 1,466,501,039 03/08/2018 HSBC (3,545) -USD 232,284 KRW 260,915,124 03/08/2018 J.P. Morgan (2,152) -USD 514,292 MXN 10,261,765 05/07/2018 Barclays (6,820) (0.01)USD 82,714 MXN 1,643,045 05/07/2018 Citibank (723) -USD 145,844 MXN 2,919,910 03/08/2018 Barclays (1,737) -USD 227,187 MXN 4,615,200 03/08/2018 HSBC (6,079) (0.01)USD 220,759 PHP 11,841,312 05/07/2018 HSBC (929) -USD 220,303 PHP 11,841,312 03/08/2018 BNP Paribas (1,110) -USD 221,052 RON 887,275 05/07/2018 BNP Paribas (473) -USD 227,586 RON 917,294 03/08/2018 BNP Paribas (1,124) -USD 223,888 RON 898,437 03/08/2018 Goldman Sachs (120) -USD 2,077,520 TRY 9,774,669 05/07/2018 BNP Paribas (54,325) (0.06)USD 385,152 TRY 1,838,750 05/07/2018 Citibank (15,877) (0.02)USD 192,087 TRY 918,016 05/07/2018 Deutsche Bank (8,131) (0.01)USD 198,364 TRY 945,296 03/08/2018 Deutsche Bank (5,219) (0.01)USD 193,055 TRY 901,238 03/08/2018 HSBC (1,039) -ZAR 14,570,236 USD 1,070,931 05/07/2018 Barclays (16,333) (0.02)ZAR 1,625,714 USD 128,665 05/07/2018 State Street (10,995) (0.01)

Total Unrealised Loss on Forward Currency Exchange Contracts (1,383,795) (1.52)

Net Unrealised Gain on Forward Currency Exchange Contracts 176,134 0.19

377

JPMorgan Funds - Global Absolute Return Bond FundSchedule of Investments (continued)

As at 30 June 2018

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

Australia 10 Year Bond, 17/09/2018 (177) AUD (16,913,566) 28,222 0.03Canada 10 Year Bond, 19/09/2018 (23) CAD (2,387,163) 34,163 0.04Euro-Schatz, 06/09/2018 (71) EUR (9,265,906) 1,447 -Euro-Bund, 06/09/2018 161 EUR 30,458,710 4,686 0.01Japan 10 Year Bond, 12/09/2018 (4) JPY (5,448,192) 1,264 -Japan 10 Year Bond Mini, 11/09/2018 (237) JPY (32,280,537) 2,140 -Long Gilt, 26/09/2018 (45) GBP (7,283,802) 6,185 0.01US 10 Year Ultra Note, 19/09/2018 8 USD 1,026,062 3,852 -US Ultra Bond, 19/09/2018 59 USD 9,433,547 343,258 0.38US 5 Year Note, 28/09/2018 (38) USD (4,317,008) 1,336 -US Long Bond, 19/09/2018 8 USD 1,161,375 11,156 0.01US 10 Year Note, 19/09/2018 209 USD 25,120,821 213,164 0.24

Total Unrealised Gain on Financial Futures Contracts 650,873 0.72

Euro-Bobl, 06/09/2018 19 EUR 2,923,543 (1,147) -Euro-Buxl 30 Year Bond, 06/09/2018 (8) EUR (1,654,359) (8,104) (0.01)Euro-OAT, 06/09/2018 (20) EUR (3,596,002) (7,102) (0.01)Euro-Bund, 06/09/2018 (3) EUR (567,554) (16,993) (0.02)US 10 Year Ultra Note, 19/09/2018 (87) USD (11,158,430) (77,883) (0.09)US 2 Year Note, 28/09/2018 (44) USD (9,320,781) (906) -US 5 Year Note, 28/09/2018 (28) USD (3,180,953) (12,156) (0.01)US Long Bond, 19/09/2018 (82) USD (11,904,094) (308,297) (0.34)US 10 Year Note, 19/09/2018 45 USD 5,408,789 (46,301) (0.05)

Total Unrealised Loss on Financial Futures Contracts (478,889) (0.53)

Net Unrealised Gain on Financial Futures Contracts 171,984 0.19

Option Purchased Contracts

Quantity Security Description Currency Counterparty

GlobalExposure

USD

MarketValue

USD

%of

NetAssets

99 10 Year US Treasury, Put, 119.500, 13/07/2018 USD Goldman Sachs 1,183,050,000 8,508 0.01

Total Option Purchased Contracts 8,508 0.01

Option Written Contracts

Quantity Security Description Currency Counterparty

GlobalExposure

USD

MarketValue

USD

%of

NetAssets

(99) 10 Year US Treasury, Put, 118.500, 13/07/2018 USD Goldman Sachs 1,173,150,000 (1,547) -

Total Option Written Contracts (1,547) -

378

JPMorgan Funds - Global Absolute Return Bond FundSchedule of Investments (continued)

As at 30 June 2018

Credit Default Swap Contracts

NominalAmount Currency Counterparty Reference Entity Buy/Sell

Interest(Paid)/

ReceivedMaturity

Date

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

50,000 USD Citibank Xerox Corp. 6.35% 15/05/2018 Buy (1.00)% 20/06/2021 (109) (109) -

Total Unrealised Loss on Credit Default Swap Contracts (109) (109) -

Net Unrealised Loss on Credit Default Swap Contracts (109) (109) -

Inflation Rate Swap Contracts

NominalAmount Currency Counterparty Security Description

MaturityDate

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

20,000,000 USD Citibank Pay fixed 2.126%Receive floating USCPI 1 month 14/03/2020 37,573 37,573 0.04

20,000,000 USD Barclays Pay fixed 2.135%Receive floating USCPI 1 month 13/03/2020 35,464 35,464 0.04

Total Unrealised Gain on Inflation Rate Swap Contracts 73,037 73,037 0.08

14,500,000 USD Citibank Pay floating USCPI 1 monthReceive fixed 2.278% 14/03/2023 (37,065) (37,065) (0.04)

39,000,000 USD Morgan Stanley Pay fixed 2.168%Receive floating USCPI 1 month 23/04/2020 (35,406) (35,406) (0.04)

28,000,000 USD Morgan Stanley Pay floating USCPI 1 monthReceive fixed 2.344% 23/04/2023 (33,767) (33,767) (0.04)

14,500,000 USD Barclays Pay floating USCPI 1 monthReceive fixed 2.315% 19/04/2023 (28,964) (28,964) (0.03)

14,000,000 USD Barclays Pay floating USCPI 1 monthReceive fixed 2.328% 13/03/2023 (16,142) (16,142) (0.02)

20,000,000 USD Barclays Pay fixed 2.142%Receive floating USCPI 1 month 19/04/2020 (6,132) (6,132) (0.01)

14,000,000 USD Barclays Pay floating USCPI 1 monthReceive fixed 2.378% 02/05/2023 (4,090) (4,090) -

19,000,000 USD Barclays Pay fixed 2.123%Receive floating USCPI 1 month 02/05/2020 (2,507) (2,507) -

Total Unrealised Loss on Inflation Rate Swap Contracts (164,073) (164,073) (0.18)

Net Unrealised Loss on Inflation Rate Swap Contracts (91,036) (91,036) (0.10)

Interest Rate Swap Contracts

NominalAmount Currency Counterparty Security Description

MaturityDate

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

21,087,000 USD Citigroup Pay fixed 2.602%Receive floating LIBOR 3 month 23/01/2022 195,694 195,694 0.22

6,100,000 USD Citigroup Pay fixed 2.776%Receive floating LIBOR 3 month 23/01/2022 26,394 26,394 0.03

700,000 USD Citigroup Pay fixed 2.74%Receive floating LIBOR 3 month 20/03/2047 20,779 20,779 0.02

2,635,000 USD Citigroup Pay fixed 2.869%Receive floating LIBOR 3 month 23/01/2028 9,123 9,123 0.01

Total Unrealised Gain on Interest Rate Swap Contracts 251,990 251,990 0.28

31,277,000 USD Citigroup Pay floating LIBOR 3 monthReceive fixed 2.557% 23/01/2021 (219,983) (219,983) (0.24)

3,627,000 USD Citigroup Pay fixed 3.154%Receive floating LIBOR 3 month 15/11/2043 (143,347) (143,347) (0.16)

6,600,000 USD Citigroup Pay fixed 3.125%Receive floating LIBOR 3 month 15/02/2028 (110,367) (110,367) (0.12)

11,648,000 USD Citigroup Pay floating LIBOR 3 monthReceive fixed 2.477% 23/01/2020 (43,402) (43,402) (0.05)

9,018,000 USD Citigroup Pay floating LIBOR 3 monthReceive fixed 2.735% 23/01/2021 (32,600) (32,600) (0.04)

Total Unrealised Loss on Interest Rate Swap Contracts (549,699) (549,699) (0.61)

Net Unrealised Loss on Interest Rate Swap Contracts (297,709) (297,709) (0.33)

379

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

ArgentinaArgentina Government Bond 6.875%22/04/2021 USD 157,000 156,694 0.10Argentina Government Bond, Reg. S3.875% 15/01/2022 EUR 300,000 336,395 0.21

493,089 0.31

AustraliaAustralia Government Bond, Reg. S 3%21/03/2047 AUD 102,000 73,971 0.05National Australia Bank Ltd., Reg. S1.125% 10/11/2021 GBP 200,000 261,615 0.16Westpac Banking Corp., Reg. S 2.1%25/02/2021 USD 200,000 194,895 0.12

530,481 0.33

AustriaAustria Government Bond, Reg. S,144A 0.75% 20/02/2028 EUR 250,000 295,707 0.18Austria Government Bond, Reg. S,144A 4.15% 15/03/2037 EUR 105,000 185,436 0.11Austria Government Bond, Reg. S,144A 1.5% 20/02/2047 EUR 50,000 59,631 0.04

540,774 0.33

BelgiumBelgium Government Bond, Reg. S,144A 1% 22/06/2026 EUR 1,458,191 1,778,489 1.10

1,778,489 1.10

CanadaBank of Nova Scotia (The), Reg. S 0.5%22/01/2025 EUR 300,000 349,115 0.22Canada Government Bond 0.75%01/09/2021 CAD 2,157,000 1,575,046 0.97Canada Government Bond 5%01/06/2037 CAD 411,000 445,242 0.27Cenovus Energy, Inc. 6.75% 15/11/2039 USD 59,000 65,122 0.04Cenovus Energy, Inc. 5.2% 15/09/2043 USD 36,000 34,142 0.02National Bank of Canada, Reg. S 0.5%26/01/2022 EUR 199,000 235,474 0.15Province of Alberta Canada 3.3%15/03/2028 USD 520,000 519,067 0.32Province of Quebec Canada 5%01/12/2041 CAD 280,000 283,834 0.18Toronto-Dominion Bank (The), Reg. S0.25% 12/01/2023 EUR 550,000 641,740 0.40Toronto-Dominion Bank (The), Reg. S0.625% 06/06/2025 EUR 347,000 405,324 0.25

4,554,106 2.82

DenmarkDanske Bank A/S, Reg. S, FRN 3.875%04/10/2023 EUR 100,000 117,562 0.07Danske Bank A/S, Reg. S, FRN 2.75%19/05/2026 EUR 260,000 318,549 0.20Denmark Government Bond 4%15/11/2019 DKK 340,000 56,541 0.03Denmark Government Bond 3%15/11/2021 DKK 1,500,000 262,003 0.16Denmark Government Bond 0.5%15/11/2027 DKK 1,800,000 285,984 0.18

1,040,639 0.64

EgyptEgypt Government Bond, Reg. S 4.75%16/04/2026 EUR 100,000 107,483 0.07Egypt Government Bond, Reg. S5.625% 16/04/2030 EUR 100,000 105,427 0.06

212,910 0.13

FinlandFinland Government Bond, Reg. S,144A 2.625% 04/07/2042 EUR 100,000 154,870 0.10

154,870 0.10

FranceArkea Home Loans SFH SA, Reg. S0.75% 05/10/2027 EUR 168,000 194,785 0.12BPCE SA, 144A 5.15% 21/07/2024 USD 670,000 680,429 0.42Caisse d’Amortissement de la DetteSociale, Reg. S 4.375% 25/10/2021 EUR 18,000 24,259 0.02Credit Agricole Home Loan SFH SA,Reg. S 0.625% 11/09/2023 EUR 500,000 594,797 0.37Dexia Credit Local SA, Reg. S 1.25%26/11/2024 EUR 600,000 734,215 0.45France Government Bond OAT, Reg. S,144A 2% 25/05/2048 EUR 178,782 230,412 0.14France Government Bond OAT, Reg. S4.5% 25/04/2041 EUR 8,359 15,856 0.01Total Capital International SA, Reg. S1.375% 04/10/2029 EUR 100,000 118,334 0.07UNEDIC ASSEO, Reg. S 0.25%24/11/2023 EUR 300,000 353,595 0.22

2,946,682 1.82

GermanyVolkswagen Leasing GmbH, Reg. S2.625% 15/01/2024 EUR 200,000 249,997 0.15

249,997 0.15

GuernseyCredit Suisse Group Funding GuernseyLtd. 4.55% 17/04/2026 USD 280,000 280,511 0.17

280,511 0.17

HungaryHungary Government Bond 7.5%12/11/2020 HUF 131,500,000 529,005 0.33Hungary Government Bond 0.5%21/04/2021 HUF 67,960,000 231,048 0.14Hungary Government Bond 1.75%26/10/2022 HUF 85,180,000 294,239 0.18Hungary Government Bond 5.375%25/03/2024 USD 150,000 159,620 0.10

1,213,912 0.75

IcelandIceland Government Bond, Reg. S 0.5%20/12/2022 EUR 470,000 553,967 0.34

553,967 0.34

IndonesiaIndonesia Treasury 7% 15/05/2027 IDR 10,119,000,000 665,361 0.41Pertamina Persero PT, Reg. S 5.625%20/05/2043 USD 285,000 271,117 0.17

936,478 0.58

IrelandAerCap Ireland Capital DAC 3.3%23/01/2023 USD 150,000 144,692 0.09GE Capital International Funding Co.Unlimited Co. 3.373% 15/11/2025 USD 250,000 240,171 0.15Ireland Government Bond, Reg. S 1.3%15/05/2033 EUR 1,920,000 2,241,389 1.39Liberty Mutual Finance Europe DAC,Reg. S 1.75% 27/03/2024 EUR 100,000 119,066 0.07Shire Acquisitions Investments IrelandDAC 2.875% 23/09/2023 USD 325,000 306,088 0.19

3,051,406 1.89

ItalyAutostrade per l’Italia SpA, Reg. S1.75% 26/06/2026 EUR 100,000 114,804 0.07Eni SpA, Reg. S 1.125% 19/09/2028 EUR 260,000 281,897 0.18Italy Buoni Poliennali Del Tesoro0.65% 01/11/2020 EUR 2,029,000 2,350,499 1.45Italy Buoni Poliennali Del Tesoro 4.5%01/03/2024 EUR 365,000 479,751 0.30Italy Buoni Poliennali Del Tesoro,Reg. S, 144A 4.75% 01/09/2044 EUR 595,000 846,787 0.52Italy Buoni Poliennali Del Tesoro,Reg. S, 144A 2.8% 01/03/2067 EUR 165,000 166,402 0.10

4,240,140 2.62

380

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JapanJapan Government Five Year Bond0.1% 20/09/2020 JPY 173,900,000 1,578,190 0.98Japan Government Five Year Bond0.1% 20/12/2022 JPY 522,150,000 4,759,937 2.94Japan Government Forty Year Bond2.4% 20/03/2048 JPY 134,950,000 1,765,958 1.09Japan Government Forty Year Bond2.2% 20/03/2051 JPY 180,350,000 2,306,491 1.43Japan Government Ten Year Bond0.1% 20/09/2026 JPY 168,800,000 1,540,278 0.95Japan Government Ten Year Bond0.1% 20/12/2026 JPY 132,200,000 1,205,570 0.75Japan Government Thirty Year Bond2.4% 20/03/2034 JPY 125,400,000 1,496,563 0.92Japan Government Thirty Year Bond2.5% 20/09/2035 JPY 301,200,000 3,682,468 2.28Japan Government Twenty Year Bond1.8% 20/09/2031 JPY 50,000 547 0.00Japan Government Twenty Year Bond1.3% 20/06/2035 JPY 137,800,000 1,436,219 0.89Japan Government Two Year Bond0.1% 15/08/2018 JPY 1,043,250,000 9,422,890 5.83Japan Government Two Year Bond0.1% 15/03/2020 JPY 110,650,000 1,003,134 0.62

30,198,245 18.68

JerseyGatwick Funding Ltd., Reg. S 5.25%23/01/2026 GBP 100,000 151,879 0.09Heathrow Funding Ltd., Reg. S 6.75%03/12/2028 GBP 175,000 302,265 0.19

454,144 0.28

KazakhstanKazMunayGas National Co. JSC, 144A5.75% 19/04/2047 USD 300,000 286,929 0.18

286,929 0.18

KuwaitKuwait Government Bond, Reg. S2.75% 20/03/2022 USD 210,000 204,861 0.13

204,861 0.13

LuxembourgDH Europe Finance SA 1.2%30/06/2027 EUR 100,000 115,834 0.07European Financial Stability Facility,Reg. S 0.75% 03/05/2027 EUR 940,000 1,104,906 0.68SELP Finance Sarl, REIT, Reg. S 1.5%20/11/2025 EUR 210,000 240,949 0.15

1,461,689 0.90

MexicoMexican Bonos 10% 05/12/2024 MXN 52,000 296,932 0.18Mexico Government Bond 2.375%09/04/2021 EUR 100,000 123,671 0.08Mexico Government Bond 4.15%28/03/2027 USD 200,000 197,740 0.12Petroleos Mexicanos, FRN 5.977%11/03/2022 USD 71,000 76,158 0.05

694,501 0.43

NetherlandsABN AMRO Bank NV, Reg. S 2.375%23/01/2024 EUR 450,000 585,638 0.36EDP Finance BV, Reg. S 1.5%22/11/2027 EUR 233,000 259,360 0.16Enel Finance International NV, Reg. S5.625% 14/08/2024 GBP 175,000 268,311 0.17Enel Finance International NV, Reg. S1.125% 16/09/2026 EUR 197,000 217,267 0.13ING Bank NV, Reg. S 3.375%10/01/2022 EUR 1,000,000 1,306,665 0.81ING Groep NV, FRN 3% 11/04/2028 EUR 400,000 494,706 0.31Netherlands Government Bond 5.5%15/01/2028 EUR 200,000 345,655 0.21Netherlands Government Bond, Reg. S,144A 2.25% 15/07/2022 EUR 300,000 387,043 0.24Netherlands Government Bond, Reg. S,144A 4% 15/01/2037 EUR 121,000 219,038 0.14Netherlands Government Bond, Reg. S,144A 3.75% 15/01/2042 EUR 50,000 93,393 0.06

Teva Pharmaceutical FinanceNetherlands II BV, Reg. S 1.125%15/10/2024 EUR 130,000 128,532 0.08Teva Pharmaceutical FinanceNetherlands III BV 3.15% 01/10/2026 USD 45,000 36,375 0.02

4,341,983 2.69

New ZealandANZ New Zealand Int’l Ltd., Reg. S0.625% 27/01/2022 EUR 500,000 593,380 0.36ASB Finance Ltd., Reg. S 0.125%18/10/2023 EUR 700,000 804,184 0.50

1,397,564 0.86

NorwayDNB Boligkreditt A/S, Reg. S, FRN0.907% 17/02/2020 GBP 100,000 131,874 0.08

131,874 0.08

PolandPoland Government Bond 5.75%23/09/2022 PLN 2,150,000 651,754 0.40Poland Government Bond 3%17/03/2023 USD 800,000 782,440 0.49Poland Government Bond, Reg. S 1.5%09/09/2025 EUR 40,000 48,502 0.03

1,482,696 0.92

PortugalBrisa Concessao Rodoviaria SA, Reg. S2.375% 10/05/2027 EUR 200,000 240,825 0.15Portugal Government Bond, Reg. S,144A 4.125% 14/04/2027 EUR 1,827,500 2,560,648 1.58Portugal Government Bond, Reg. S,144A 2.25% 18/04/2034 EUR 23,000 26,562 0.02Portugal Government Bond, Reg. S5.125% 15/10/2024 USD 390,000 404,886 0.25

3,232,921 2.00

QatarQatar Government Bond, 144A 3.875%23/04/2023 USD 200,000 200,235 0.12Qatar Government Bond, Reg. S2.375% 02/06/2021 USD 350,000 338,474 0.21

538,709 0.33

RussiaRussian Federal Bond - OFZ 8.15%03/02/2027 RUB 6,950,000 114,657 0.07

114,657 0.07

SlovakiaSlovakia Government Bond, Reg. S 1%12/06/2028 EUR 456,665 538,188 0.33Slovakia Government Bond, Reg. S2.25% 12/06/2068 EUR 153,959 183,371 0.12

721,559 0.45

SloveniaSlovenia Government Bond, Reg. S5.25% 18/02/2024 USD 250,000 272,226 0.17

272,226 0.17

SpainBanco Santander SA, Reg. S 3.125%19/01/2027 EUR 100,000 119,081 0.07NorteGas Energia Distribucion SAU,Reg. S 2.065% 28/09/2027 EUR 176,000 204,093 0.13Spain Government Bond, Reg. S, 144A5.85% 31/01/2022 EUR 510,000 717,361 0.44Spain Government Bond, Reg. S, 144A1.5% 30/04/2027 EUR 420,000 501,759 0.31Spain Government Bond, Reg. S, 144A1.45% 31/10/2027 EUR 510,000 604,181 0.37Spain Government Bond, Reg. S, 144A1.4% 30/07/2028 EUR 592,000 690,608 0.43Spain Government Bond, Reg. S, 144A5.15% 31/10/2044 EUR 230,000 413,307 0.26Spain Government Bond, Reg. S, 144A2.9% 31/10/2046 EUR 190,000 241,642 0.15

381

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Spain Government Bond, Reg. S, 144A2.7% 31/10/2048 EUR 1,399,000 1,695,822 1.05Telefonica Emisiones SAU 5.213%08/03/2047 USD 150,000 145,144 0.09

5,332,998 3.30

Sri LankaSri Lanka Government Bond, Reg. S5.75% 18/04/2023 USD 250,000 239,978 0.15

239,978 0.15

SupranationalEuropean Investment Bank 0.5%15/01/2027 EUR 800,000 925,558 0.57European Investment Bank, Reg. S1.25% 12/05/2025 SEK 280,000 32,168 0.02European Investment Bank, Reg. S1.75% 12/11/2026 SEK 750,000 88,600 0.06European Stability Mechanism, Reg. S2.125% 20/11/2023 EUR 317,051 410,425 0.25European Union, Reg. S 3.375%04/04/2032 EUR 300,000 455,986 0.28

1,912,737 1.18

SwedenSkandinaviska Enskilda Banken AB,Reg. S, FRN 2.5% 28/05/2026 EUR 500,000 609,064 0.38Stadshypotek AB, Reg. S 1.5% 01/06/2023 SEK 1,000,000 116,087 0.07Swedbank AB, Reg. S, FRN 2.375%26/02/2024 EUR 200,000 236,255 0.14

961,406 0.59

SwitzerlandUBS Group Funding Switzerland AG,FRN, 144A 2.859% 15/08/2023 USD 515,000 493,174 0.30UBS Group Funding Switzerland AG,Reg. S 1.5% 30/11/2024 EUR 200,000 236,572 0.15

729,746 0.45

United Arab EmiratesAbu Dhabi Crude Oil Pipeline LLC, 144A4.6% 02/11/2047 USD 201,000 184,552 0.12Abu Dhabi Government Bond, 144A3.125% 11/10/2027 USD 660,000 616,117 0.38

800,669 0.50

United KingdomBarclays plc, Reg. S, FRN 2.625%11/11/2025 EUR 970,000 1,151,673 0.71Barclays plc, Reg. S 3.25% 12/02/2027 GBP 300,000 386,154 0.24BP Capital Markets plc 3.017%16/01/2027 USD 210,000 198,772 0.12Eastern Power Networks plc, Reg. S6.25% 12/11/2036 GBP 100,000 189,926 0.12FCE Bank plc, Reg. S 1.875%24/06/2021 EUR 100,000 121,169 0.08Great Rolling Stock Co. Ltd. (The),Reg. S 6.5% 05/04/2031 GBP 89,500 148,685 0.09HSBC Holdings plc, FRN 3.033%22/11/2023 USD 280,000 270,500 0.17HSBC Holdings plc, Reg. S 3%30/06/2025 EUR 200,000 250,514 0.16Imperial Brands Finance plc, 144A3.75% 21/07/2022 USD 200,000 199,127 0.12Imperial Brands Finance plc, 144A4.25% 21/07/2025 USD 200,000 199,573 0.12London & Quadrant Housing Trust Ltd.,Reg. S 3.125% 28/02/2053 GBP 240,000 314,939 0.19Nationwide Building Society, FRN,144A 4.302% 08/03/2029 USD 200,000 193,132 0.12Nationwide Building Society, Reg. S0.75% 26/10/2022 EUR 234,000 279,689 0.17Royal Bank of Scotland Group plc, FRN3.498% 15/05/2023 USD 410,000 397,805 0.25Sky plc, Reg. S 2.25% 17/11/2025 EUR 140,000 174,429 0.11UK Treasury, Reg. S 3.75% 07/09/2021 GBP 380,000 546,611 0.34UK Treasury, Reg. S 1.75% 07/09/2022 GBP 290,000 394,817 0.24UK Treasury, Reg. S 4.25% 07/12/2027 GBP 450,000 747,892 0.46UK Treasury, Reg. S 4.5% 07/09/2034 GBP 1,529,000 2,828,937 1.75UK Treasury, Reg. S 4.25% 07/12/2055 GBP 428,000 975,445 0.60Vodafone Group plc 4.125%30/05/2025 USD 160,000 159,382 0.10Vodafone Group plc 4.375%30/05/2028 USD 205,000 202,314 0.13

10,331,485 6.39

United States of AmericaAllergan Finance LLC 3.25%01/10/2022 USD 20,000 19,457 0.01Altria Group, Inc. 4.25% 09/08/2042 USD 115,000 107,158 0.07American International Group, Inc.4.875% 01/06/2022 USD 115,000 120,414 0.07American International Group, Inc.3.9% 01/04/2026 USD 135,000 130,866 0.08American International Group, Inc.4.8% 10/07/2045 USD 20,000 19,593 0.01American Tower Corp., REIT 3.375%15/10/2026 USD 110,000 102,278 0.06Anheuser-Busch InBev Finance, Inc.3.65% 01/02/2026 USD 295,000 289,249 0.18Anheuser-Busch InBev Finance, Inc.4.7% 01/02/2036 USD 150,000 152,152 0.09Anthem, Inc. 5.1% 15/01/2044 USD 14,000 14,478 0.01AT&T, Inc. 4.3% 15/12/2042 USD 65,000 55,996 0.04AT&T, Inc. 4.5% 09/03/2048 USD 80,000 69,082 0.04Bank of America Corp. 4.183% 25/11/2027 USD 80,000 78,112 0.05Bank of America Corp., Reg. S, FRN1.379% 07/02/2025 EUR 326,000 385,854 0.24Buckeye Partners LP 5.85% 15/11/2043 USD 125,000 117,657 0.07Capital One Financial Corp. 3.75%28/07/2026 USD 80,000 74,621 0.05Capital One Financial Corp. 3.75%09/03/2027 USD 50,000 47,559 0.03Capital One NA 2.4% 05/09/2019 USD 300,000 297,579 0.18Citigroup, Inc., Reg. S, FRN 0.177%21/03/2023 EUR 123,000 142,824 0.09Constellation Brands, Inc. 4.5%09/05/2047 USD 25,000 24,015 0.02Discover Financial Services 3.75%04/03/2025 USD 200,000 192,426 0.12Dominion Energy, Inc. 4.7%01/12/2044 USD 35,000 35,495 0.02Duke Energy Corp. 2.65% 01/09/2026 USD 240,000 216,539 0.13Entergy Corp. 2.95% 01/09/2026 USD 105,000 96,179 0.06Enterprise Products Operating LLC4.9% 15/05/2046 USD 80,000 80,875 0.05Exelon Corp. 3.4% 15/04/2026 USD 110,000 104,952 0.07FirstEnergy Corp. 3.9% 15/07/2027 USD 365,000 354,305 0.22Ford Motor Credit Co. LLC 5.875%02/08/2021 USD 200,000 212,210 0.13General Electric Co. 2.125% 17/05/2037 EUR 200,000 217,419 0.13General Motors Co. 5.15% 01/04/2038 USD 110,000 104,872 0.07General Motors Financial Co., Inc.3.95% 13/04/2024 USD 150,000 147,106 0.09Goldman Sachs Group, Inc. (The)2.625% 31/01/2019 USD 35,000 34,976 0.02Goldman Sachs Group, Inc. (The) 5.15%22/05/2045 USD 50,000 49,862 0.03Goldman Sachs Group, Inc. (The),Reg. S 2.625% 19/08/2020 EUR 168,000 206,125 0.13Goldman Sachs Group, Inc. (The), Reg.S 4.25% 29/01/2026 GBP 100,000 144,085 0.09Goldman Sachs Group, Inc. (The),Reg. S 1.625% 27/07/2026 EUR 200,000 234,206 0.15International Lease Finance Corp.5.875% 15/08/2022 USD 200,000 212,504 0.13Kroger Co. (The) 2.65% 15/10/2026 USD 280,000 249,096 0.15L3 Technologies, Inc. 3.85%15/12/2026 USD 175,000 169,351 0.11Magellan Midstream Partners LP 4.2%15/03/2045 USD 40,000 35,872 0.02MetLife, Inc. 4.721% 15/12/2044 USD 60,000 62,085 0.04Morgan Stanley 3.75% 25/02/2023 USD 2,000 2,005 0.00Morgan Stanley 1.875% 27/04/2027 EUR 380,000 451,015 0.28NiSource, Inc. 4.8% 15/02/2044 USD 10,000 10,482 0.01NiSource, Inc. 5.65% 01/02/2045 USD 20,000 23,018 0.01Noble Energy, Inc. 3.85% 15/01/2028 USD 105,000 100,556 0.06Noble Energy, Inc. 5.25% 15/11/2043 USD 15,000 15,386 0.01ONEOK Partners LP 4.9% 15/03/2025 USD 175,000 181,230 0.11Oracle Corp. 2.65% 15/07/2026 USD 310,000 286,595 0.18Oracle Corp. 4.125% 15/05/2045 USD 70,000 67,621 0.04Owens Corning 4.3% 15/07/2047 USD 90,000 74,293 0.05Philip Morris International, Inc. 4.125%04/03/2043 USD 160,000 149,088 0.09Realty Income Corp., REIT 3.65%15/01/2028 USD 135,000 129,788 0.08Reynolds American, Inc. 5.7% 15/08/2035 USD 10,000 10,800 0.01Rockwell Collins, Inc. 3.2% 15/03/2024 USD 375,000 362,256 0.22Rockwell Collins, Inc. 3.5% 15/03/2027 USD 165,000 157,579 0.10Sempra Energy 3.4% 01/02/2028 USD 200,000 188,398 0.12Sempra Energy 3.8% 01/02/2038 USD 65,000 59,511 0.04Sempra Energy 4% 01/02/2048 USD 60,000 54,553 0.03Sherwin-Williams Co. (The) 4.5%01/06/2047 USD 35,000 33,789 0.02

382

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Sunoco Logistics Partners OperationsLP 5.3% 01/04/2044 USD 80,000 72,662 0.05Synchrony Financial 4.25% 15/08/2024 USD 245,000 240,722 0.15United Technologies Corp. 4.5%01/06/2042 USD 55,000 54,369 0.03US Treasury 1.375% 15/12/2019 USD 190,000 187,050 0.12US Treasury 2.75% 15/11/2047 USD 40,000 38,269 0.02Ventas Realty LP, REIT 4.375%01/02/2045 USD 4,000 3,686 0.00Verizon Communications, Inc. 3.85%01/11/2042 USD 43,000 36,172 0.02Wells Fargo & Co. 4.75% 07/12/2046 USD 100,000 96,740 0.06

8,497,117 5.26

Total Bonds 97,119,145 60.07

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 97,119,145 60.07

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

AustraliaMacquarie Group Ltd., FRN, 144A3.189% 28/11/2023 USD 400,000 382,302 0.24Westpac Banking Corp., FRN 4.322%23/11/2031 USD 25,000 24,149 0.01

406,451 0.25

CanadaCanadian Imperial Bank of Commerce,Reg. S 3.15% 27/06/2021 USD 1,200,000 1,201,104 0.74Cenovus Energy, Inc. 4.25%15/04/2027 USD 40,000 38,523 0.02Fortis, Inc. 3.055% 04/10/2026 USD 298,000 272,995 0.17Hydro-Quebec 6.5% 15/02/2035 CAD 80,000 88,619 0.06Province of Ontario Canada 2.6%02/06/2025 CAD 700,000 528,451 0.33TransCanada PipeLines Ltd. 4.25%15/05/2028 USD 330,000 330,747 0.20

2,460,439 1.52

Cayman IslandsGPMT Ltd., FRN, Series 2018-FL1 ‘A’,144A 2.796% 21/11/2035 USD 680,000 680,332 0.42PFP Ltd., FRN, Series 2017-3 ‘A’, 144A2.969% 14/01/2035 USD 114,718 114,914 0.07

795,246 0.49

FranceCredit Agricole SA, 144A 3.75%24/04/2023 USD 290,000 284,453 0.18Credit Agricole SA, 144A 3.25%04/10/2024 USD 290,000 272,441 0.17

556,894 0.35

ItalyIntesa Sanpaolo SpA, 144A 5.71%15/01/2026 USD 200,000 182,376 0.11Intesa Sanpaolo SpA, 144A 3.875%14/07/2027 USD 200,000 172,799 0.11

355,175 0.22

MalaysiaMalaysia Government Bond 4.392%15/04/2026 MYR 1,250,000 311,374 0.19

311,374 0.19

MexicoPetroleos Mexicanos 4.25%15/01/2025 USD 615,000 577,095 0.36

577,095 0.36

NetherlandsEDP Finance BV, 144A 3.625%15/07/2024 USD 205,000 197,218 0.13Enel Finance International NV, 144A3.625% 25/05/2027 USD 250,000 229,015 0.14Siemens FinancieringsmaatschappijNV, 144A 3.4% 16/03/2027 USD 250,000 243,606 0.15

669,839 0.42

New ZealandNew Zealand Government Bond, Reg. S2.75% 15/04/2037 NZD 100,000 63,631 0.04

63,631 0.04

SwitzerlandCredit Suisse Group AG, 144A 4.282%09/01/2028 USD 250,000 243,659 0.15

243,659 0.15

United States of America280 Park Avenue Mortgage Trust, FRN,Series 2017-280P ‘A’, 144A 2.799%15/09/2034 USD 330,000 330,512 0.20American Airlines Pass-Through Trust,Series 2013-1 ‘A’ 4% 15/01/2027 USD 155,046 154,932 0.10American Credit AcceptanceReceivables Trust, Series 2018-2 ‘C’,144A 3.7% 10/07/2024 USD 292,000 292,373 0.18American Credit AcceptanceReceivables Trust, Series 2018-2 ‘D’,144A 4.07% 10/07/2024 USD 269,000 269,838 0.17American Tower Corp., REIT 4%01/06/2025 USD 195,000 191,538 0.12AmeriCredit Automobile ReceivablesTrust, Series 2017-1 ‘A3’ 1.87%18/08/2021 USD 120,000 119,125 0.07Anthem, Inc. 3.65% 01/12/2027 USD 140,000 132,861 0.08Aviation Capital Group LLC, 144A 3.5%01/11/2027 USD 130,000 119,993 0.07Baker Hughes a GE Co. LLC 3.337%15/12/2027 USD 124,000 115,623 0.07BANK, Series 2018-BN11 ‘A3’ 4.046%15/03/2061 USD 270,000 276,584 0.17BANK, Series 2017-BNK9 ‘A4’ 3.538%15/11/2054 USD 305,000 301,737 0.19Bank of America Corp., FRN 3.124%20/01/2023 USD 460,000 452,619 0.28Bank of America Corp., FRN 3.419%20/12/2028 USD 262,000 246,326 0.15BAT Capital Corp., 144A 3.557%15/08/2027 USD 360,000 335,875 0.21BAT Capital Corp., 144A 4.39%15/08/2037 USD 140,000 131,827 0.08Bayer US Finance II LLC, 144A 4.25%15/12/2025 USD 250,000 251,280 0.16BBCMS Mortgage Trust, FRN, Series2018-TALL ‘A’, 144A 2.641%15/03/2037 USD 320,000 319,914 0.20BMW Vehicle Lease Trust, Series 2017-1‘A3’ 1.98% 20/05/2020 USD 201,000 199,867 0.12Braemar Hotels & Resorts Trust, FRN,Series 2018-PRME ‘A’, 144A 2.781%15/06/2035 USD 230,000 230,216 0.14Braemar Hotels & Resorts Trust, FRN,Series 2018-PRME ‘B’, 144A 3.011%15/06/2035 USD 195,000 195,180 0.12BX Commercial Mortgage Trust, FRN,Series 2018-BIOA ‘A’, 144A 2.59%15/03/2037 USD 480,000 479,743 0.30BX Commercial Mortgage Trust, FRN,Series 2018-BIOA ‘B’, 144A 2.79%15/03/2037 USD 408,000 406,794 0.25BX Trust, FRN, Series 2018-MCSF ‘A’,144A 2.495% 15/04/2035 USD 450,000 449,309 0.28BXP Trust, Series 2017-GM ‘A’, 144A3.379% 13/06/2039 USD 210,000 204,448 0.13BXP Trust, FRN, Series 2017-GM ‘B’,144A 3.425% 13/06/2039 USD 465,000 450,946 0.28Capital Automotive REIT, Series2017-1A ‘A1’, 144A 3.87% 15/04/2047 USD 247,083 246,758 0.15Charter Communications OperatingLLC 4.908% 23/07/2025 USD 33,000 33,360 0.02Charter Communications OperatingLLC 6.484% 23/10/2045 USD 25,000 26,311 0.02CHL Mortgage Pass-Through Trust,Series 2005-21 ‘A2’ 5.5% 25/10/2035 USD 15,216 14,564 0.01Citigroup Commercial Mortgage Trust,Series 2012-GC8 ‘AS’, 144A 3.683%10/09/2045 USD 575,000 575,766 0.36Citigroup Commercial Mortgage Trust,Series 2013-GC11 ‘AS’ 3.422%10/04/2046 USD 155,000 152,304 0.09Citigroup, Inc., FRN 3.142%24/01/2023 USD 185,000 181,539 0.11Citigroup, Inc., FRN 4.044%01/06/2024 USD 250,000 251,437 0.16Citigroup, Inc., FRN 3.887%10/01/2028 USD 225,000 218,586 0.14Cleveland Electric Illuminating Co.(The), 144A 3.5% 01/04/2028 USD 205,000 194,857 0.12

383

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Cold Storage Trust, FRN, Series2017-ICE3 ‘A’, 144A 2.919%15/04/2036 USD 155,000 155,676 0.10Comcast Corp. 2.35% 15/01/2027 USD 160,000 140,456 0.09Comcast Corp. 3.15% 15/02/2028 USD 350,000 323,570 0.20Comcast Corp. 4.6% 15/08/2045 USD 70,000 67,612 0.04COMM Mortgage Trust, Series2012-CR4 ‘AM’ 3.251% 15/10/2045 USD 240,000 234,458 0.15Commercial Mortgage Trust, Series2013-CR11 ‘A4’ 4.258% 10/08/2050 USD 85,000 88,455 0.05Cox Communications, Inc., 144A 3.5%15/08/2027 USD 205,000 191,208 0.12DBGS Mortgage Trust, FRN, Series2018-BIOD ‘A’, 144A 2.703%15/05/2035 USD 305,000 304,999 0.19DBGS Mortgage Trust, FRN, Series2018-BIOD ‘B’, 144A 2.788%15/05/2035 USD 150,000 149,601 0.09Dell Equipment Finance Trust, Series2017-1 ‘A2’, 144A 1.86% 24/06/2019 USD 50,738 50,664 0.03Dell Equipment Finance Trust, Series2017-1 ‘A3’, 144A 2.14% 22/04/2022 USD 100,000 99,526 0.06Dell International LLC, 144A 5.45%15/06/2023 USD 55,000 57,636 0.04Dell International LLC, 144A 6.02%15/06/2026 USD 35,000 36,928 0.02Dell International LLC, Reg. S 6.02%15/06/2026 USD 130,000 137,141 0.09Drive Auto Receivables Trust, Series2017-2 ‘A3’ 1.82% 15/06/2020 USD 40,223 40,210 0.03Drive Auto Receivables Trust, Series2017-BA ‘B’, 144A 2.2% 15/05/2020 USD 42,143 42,176 0.03Drive Auto Receivables Trust, Series2018-1 ‘B’ 2.88% 15/02/2022 USD 210,000 209,489 0.13Drive Auto Receivables Trust, Series2018-2 ‘B’ 3.22% 15/04/2022 USD 210,000 210,134 0.13Drive Auto Receivables Trust, Series2017-BA ‘C’, 144A 2.61% 16/08/2021 USD 178,000 178,074 0.11Drive Auto Receivables Trust, Series2018-1 ‘C’ 3.22% 15/03/2023 USD 440,000 438,630 0.27DT Auto Owner Trust, Series 2018-1A‘B’, 144A 3.04% 18/01/2022 USD 250,000 249,503 0.15Emera US Finance LP 4.75%15/06/2046 USD 70,000 69,285 0.04Equity One Mortgage Pass-ThroughTrust, FRN, Series 2004-3 ‘AF4’4.642% 25/07/2034 USD 406 406 0.00Exeter Automobile Receivables Trust,Series 2018-2A ‘B’, 144A 3.27%16/05/2022 USD 410,000 409,733 0.25Exeter Automobile Receivables Trust,Series 2018-2A ‘C’, 144A 3.69%15/03/2023 USD 250,000 249,855 0.15FHLMC G07550 3% 01/08/2043 USD 25,301 24,697 0.02FHLMC G08799 3% 01/02/2048 USD 1,075,030 1,040,943 0.64FHLMC G08804 3.5% 01/03/2048 USD 68,746 68,417 0.04FHLMC G60081 4% 01/06/2045 USD 214,609 220,667 0.14FHLMC G61215 3.5% 01/08/2044 USD 398,181 399,202 0.25FHLMC Q08418 3.5% 01/05/2042 USD 36,816 36,640 0.02FHLMC Q10324 3.5% 01/08/2042 USD 19,020 19,068 0.01FHLMC Q33362 3.5% 01/05/2045 USD 30,269 30,423 0.02FHLMC Q34742 3.5% 01/07/2045 USD 38,125 38,297 0.02FHLMC Q38373 3.5% 01/01/2046 USD 239,624 239,341 0.15FHLMC Q52319 3.5% 01/11/2047 USD 1,827,968 1,819,275 1.13FHLMC REMIC, IO, Series 4097 ‘HI’ 3%15/08/2027 USD 60,652 5,796 0.00FHLMC REMIC, IO, Series 4323 ‘IW’3.5% 15/04/2028 USD 51,590 4,611 0.00FHLMC REMIC, IO, Series 4097 ‘JP’ 3%15/08/2027 USD 330,929 29,733 0.02FHLMC REMIC, IO, Series 4167 2.5%15/02/2028 USD 371,416 27,484 0.02FHLMC STRIP, FRN, Series 326 ‘F2’2.623% 15/03/2044 USD 48,779 49,377 0.03FHLMC STRIP, FRN, Series 317 ‘F3’2.593% 15/11/2043 USD 171,159 173,253 0.11FirstEnergy Transmission LLC, 144A5.45% 15/07/2044 USD 20,000 22,586 0.01FNMA 889183 5.5% 01/09/2021 USD 2,059 2,086 0.00FNMA 890720 4.5% 01/07/2044 USD 28,122 29,588 0.02FNMA 890812 3.5% 01/01/2047 USD 93,374 93,644 0.06FNMA AB2812 4.5% 01/04/2041 USD 115,166 121,195 0.08FNMA AB5473 3.5% 01/06/2042 USD 130,475 130,766 0.08FNMA AB9240 3% 01/05/2043 USD 99,087 96,764 0.06FNMA AB9673 3.5% 01/06/2043 USD 30,008 30,288 0.02FNMA AI1193 4.5% 01/04/2041 USD 355,453 374,043 0.23FNMA AJ1230 4.5% 01/09/2041 USD 24,971 26,278 0.02FNMA AK6740 4% 01/03/2042 USD 140,062 144,070 0.09FNMA AL2922 4% 01/12/2042 USD 23,096 23,723 0.01FNMA AL7522 4.5% 01/06/2044 USD 64,349 67,760 0.04

FNMA AL7696 3% 01/12/2043 USD 167,164 163,246 0.10FNMA AL8709 4% 01/05/2044 USD 153,773 157,956 0.10FNMA AL8832 4.5% 01/10/2042 USD 50,758 53,531 0.03FNMA AL9514 4% 01/02/2043 USD 14,787 15,188 0.01FNMA AL9566 3.5% 01/06/2046 USD 108,465 109,008 0.07FNMA AL9750 4% 01/03/2044 USD 62,199 63,895 0.04FNMA AL9764 4.5% 01/02/2046 USD 96,094 100,943 0.06FNMA AL9873 4.5% 01/10/2045 USD 128,950 135,462 0.08FNMA AN0571 3.1% 01/01/2026 USD 85,000 83,774 0.05FNMA AN6428 3.06% 01/09/2029 USD 244,000 233,282 0.14FNMA AP4093 3.5% 01/09/2042 USD 12,562 12,582 0.01FNMA AP4392 3.5% 01/08/2042 USD 12,712 12,732 0.01FNMA AS3134 3.5% 01/08/2044 USD 50,045 50,030 0.03FNMA AS5640 3.5% 01/08/2045 USD 68,034 67,951 0.04FNMA AS6190 3.5% 01/11/2045 USD 185,602 185,213 0.11FNMA BF0144 3.5% 01/10/2056 USD 286,672 284,652 0.18FNMA BM3329 3.5% 01/01/2045 USD 261,458 262,138 0.16FNMA BM3704 3% 01/09/2043 USD 523,543 511,232 0.32FNMA BM3705 3% 01/12/2045 USD 982,876 956,889 0.59FNMA BM3779 3.5% 01/05/2046 USD 331,134 330,476 0.20FNMA BM3780 3.5% 01/01/2046 USD 78,024 78,386 0.05FNMA BM3785 3.5% 01/07/2043 USD 9,818 9,858 0.01FNMA BM3786 3.5% 01/07/2047 USD 302,865 303,305 0.19FNMA BM3789 3.5% 01/12/2042 USD 108,123 108,375 0.07FNMA MA3276 3.5% 01/02/2048 USD 1,537,525 1,532,094 0.95FNMA MA3415 4% 01/07/2048 USD 1,080,000 1,102,831 0.68FNMA ACES, FRN, Series 2017-M5 ‘FA’2.384% 25/04/2024 USD 180,416 181,274 0.11FNMA Interest STRIP, IO, Series 421‘C3’ 4% 25/07/2030 USD 171,948 21,192 0.01FNMA REMIC, IO, FRN, Series 2016-63‘AS’ 3.909% 25/09/2046 USD 155,287 29,309 0.02FNMA REMIC, IO, Series 2010-116 ‘BI’5% 25/08/2020 USD 9,364 194 0.00FNMA REMIC, IO, Series 2012-145 ‘EI’3% 25/01/2028 USD 55,788 4,906 0.00FNMA REMIC, FRN, Series 2016-40 ‘FA’2.741% 25/07/2046 USD 166,467 169,658 0.11FNMA REMIC, Series 2017-49 ‘JA’ 4%25/07/2053 USD 355,396 366,219 0.23FNMA REMIC, IO, Series 2014-13 ‘KI’3.5% 25/03/2029 USD 63,580 6,709 0.00FNMA REMIC, Series 2017-46 ‘LB’ 3.5%25/12/2052 USD 338,995 340,863 0.21FREMF Mortgage Trust, FRN, Series2011-K12 ‘B’, 144A 4.344% 25/01/2046 USD 120,000 122,813 0.08FREMF Mortgage Trust, FRN, Series2012-K22 ‘B’, 144A 3.686%25/08/2045 USD 200,000 201,538 0.12FREMF Mortgage Trust, FRN, Series2017-K70 ‘B’, 144A 3.803%25/12/2049 USD 105,000 101,724 0.06FREMF Mortgage Trust, FRN, Series2018-K74 ‘B’, 144A 4.091%25/02/2051 USD 115,000 113,447 0.07GLS Auto Receivables Trust, Series2018-2A ‘B’, 144A 3.71% 15/03/2023 USD 145,000 145,200 0.09GLS Auto Receivables Trust, Series2018-2A ‘C’, 144A 4.17% 15/04/2024 USD 65,000 65,248 0.04GNMA, IO, FRN, Series 2015-144 ‘SA’4.116% 20/10/2045 USD 154,626 30,062 0.02GNMA 4834 4.5% 20/10/2040 USD 30,331 31,880 0.02GNMA MA4587 4% 20/07/2047 USD 367,988 378,675 0.23GNMA MA5193 4.5% 20/05/2048 USD 99,788 103,759 0.06GNMA MA5194 5% 20/05/2048 USD 478,914 503,385 0.31Goldman Sachs Group, Inc. (The), FRN2.908% 05/06/2023 USD 915,000 883,949 0.55GS Mortgage Securities Corp. Trust,Series 2017-GPTX ‘A’, 144A 2.856%10/05/2034 USD 285,000 279,760 0.17GS Mortgage Securities Trust, FRN,Series 2018-GS9 ‘A4’ 3.992%10/03/2051 USD 350,000 357,122 0.22Harris Corp. 4.4% 15/06/2028 USD 110,000 110,813 0.07Huntington Bancshares, Inc. 3.15%14/03/2021 USD 200,000 199,166 0.12Independence Plaza Trust, Series2018-INDP ‘A’, 144A 3.763%10/07/2035 USD 235,000 235,437 0.15ITC Holdings Corp. 3.35% 15/11/2027 USD 235,000 220,645 0.14J.P. Morgan Chase CommercialMortgage Securities Trust, FRN, Series2013-C13 ‘AS’ 4.041% 15/01/2046 USD 155,000 157,989 0.10Kraft Heinz Foods Co. 4.375%01/06/2046 USD 85,000 74,301 0.05LB-UBS Commercial Mortgage Trust,FRN, Series 2006-C6 ‘AJ’ 5.452%15/09/2039 USD 55,807 42,959 0.03Lendmark Funding Trust, Series2018-1A ‘A’, 144A 3.81% 21/12/2026 USD 260,000 261,377 0.16

384

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

MAD Mortgage Trust, FRN, Series2017-330M ‘A’, 144A 3.188%15/08/2034 USD 403,000 397,104 0.25Maple Escrow Subsidiary, Inc., 144A4.057% 25/05/2023 USD 220,000 220,658 0.14Maple Escrow Subsidiary, Inc., 144A4.417% 25/05/2025 USD 180,000 181,359 0.11Morgan Stanley, FRN 3.772%24/01/2029 USD 325,000 313,272 0.19Morgan Stanley Bank of AmericaMerrill Lynch Trust, Series 2013-C8 ‘A4’3.134% 15/12/2048 USD 90,000 89,118 0.06Morgan Stanley Capital I Trust, FRN,Series 2016-BNK2 ‘C’ 3.909%15/11/2049 USD 40,000 37,951 0.02MPLX LP 4.5% 15/04/2038 USD 155,000 143,757 0.09NBCUniversal Media LLC 4.45%15/01/2043 USD 15,000 14,190 0.01Olympic Tower Mortgage Trust, Series2017-OT ‘A’, 144A 3.566% 10/05/2039 USD 350,000 345,342 0.21One Market Plaza Trust, Series2017-1MKT ‘A’, 144A 3.614%10/02/2032 USD 310,000 309,892 0.19Parker-Hannifin Corp. 3.25%01/03/2027 USD 40,000 38,633 0.02Residential Asset Securitization Trust,Series 2004-A6 ‘A1’ 5% 25/08/2019 USD 3,937 3,924 0.00RFMSI Trust, Series 2006-S12 ‘2A2’ 6%25/12/2036 USD 5,769 5,611 0.00State of California 7.55% 01/04/2039 USD 30,000 44,470 0.03Trans-Allegheny Interstate Line Co.,144A 3.85% 01/06/2025 USD 55,000 55,056 0.03UBS Commercial Mortgage Trust, FRN,Series 2017-C4 ‘C’ 4.455% 15/10/2050 USD 240,000 233,333 0.14Wells Fargo Commercial MortgageTrust, Series 2017-C41 ‘A3’ 3.21%15/11/2050 USD 85,000 81,659 0.05Wells Fargo Commercial MortgageTrust, Series 2018-C44 ‘A5’ 4.212%15/05/2051 USD 690,000 715,107 0.44Wells Fargo Mortgage BackedSecurities Trust, FRN, Series 2005-AR8‘1A1’ 4.02% 25/06/2035 USD 44,189 45,382 0.03Westlake Automobile ReceivablesTrust, Series 2015-3A ‘C’, 144A 3.05%17/05/2021 USD 95,273 95,356 0.06Westlake Automobile ReceivablesTrust, Series 2018-2A ‘C’, 144A 3.5%16/01/2024 USD 190,000 190,643 0.12WFRBS Commercial Mortgage Trust,Series 2013-C11 ‘AS’ 3.311%15/03/2045 USD 230,000 227,230 0.14

34,536,031 21.36

Total Bonds 40,975,834 25.35

Total Transferable securities and money market instrumentsdealt in on another regulated market 40,975,834 25.35

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Europe High Yield BondFund - JPM Europe High Yield Bond X(acc) - EUR† EUR 49,918 7,137,084 4.41JPMorgan Global High Yield Bond Fund- JPM Global High Yield Bond X (acc) -EUR (hedged)† EUR 20,095 4,039,727 2.50JPMorgan US Dollar Liquidity Fund -JPM US Dollar Liquidity X (acc.)† USD 227 3,325,982 2.06

14,502,793 8.97

Total Collective Investment Schemes - UCITS 14,502,793 8.97

Total Units of authorised UCITS or other collective investmentundertakings 14,502,793 8.97

Total Investments 152,597,772 94.39

Cash 7,812,687 4.83

Other Assets/(Liabilities) 1,252,849 0.78

Total Net Assets 161,663,308 100.00

† Related Party Fund.

385

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited States of America 26.62Japan 18.68Luxembourg 9.87United Kingdom 6.39Canada 4.34Spain 3.30Netherlands 3.11Italy 2.84France 2.17Portugal 2.00Ireland 1.89Supranational 1.18Belgium 1.10Poland 0.92New Zealand 0.90Mexico 0.79Hungary 0.75Denmark 0.64Switzerland 0.60Sweden 0.59Australia 0.58Indonesia 0.58United Arab Emirates 0.50Cayman Islands 0.49Slovakia 0.45Iceland 0.34Austria 0.33Qatar 0.33Argentina 0.31Jersey 0.28Malaysia 0.19Kazakhstan 0.18Guernsey 0.17Slovenia 0.17Germany 0.15Sri Lanka 0.15Egypt 0.13Kuwait 0.13Finland 0.10Norway 0.08Russia 0.07Total Investments 94.39Cash and Other Assets/(Liabilities) 5.61

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United States of America 29.50Japan 14.51Luxembourg 7.62United Kingdom 7.58Italy 5.98Spain 4.50Canada 4.14Netherlands 2.57France 2.47Sweden 2.22New Zealand 1.94Australia 1.71Supranational 1.69Portugal 1.25Indonesia 1.23Poland 1.08Belgium 1.08Mexico 0.93Denmark 0.70United Arab Emirates 0.69Ireland 0.67Hungary 0.59Brazil 0.50Jersey 0.47Slovenia 0.44Switzerland 0.43Malaysia 0.34Austria 0.23Qatar 0.22Kazakhstan 0.21Slovakia 0.15Kuwait 0.14Cayman Islands 0.11Finland 0.10Norway 0.09Russia 0.08Total Investments 98.16Cash and Other Assets/(Liabilities) 1.84

Total 100.00

386

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

To Be Announced Contracts

Country Security Description CurrencyNominal

Value

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

United States of America FGLMC, 3.00%, 15/07/2048 USD 310,000 299,877 (49) 0.19United States of America FGLMC, 4.00%, 15/07/2048 USD 1,380,000 1,406,522 6,523 0.87United States of America FNMA, 4.00%, 25/07/2048 USD 610,000 621,914 2,669 0.38United States of America GNMA, 4.50% 15/07/2048 USD 1,725,000 1,792,652 4,447 1.11

Total To Be Announced Contracts Long Positions 4,120,965 13,590 2.55

Net To Be Announced Contracts 4,120,965 13,590 2.55

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

AUD 382,483 USD 280,790 19/07/2018 Goldman Sachs 1,751 -AUD 1,529,766 USD 1,122,914 19/07/2018 HSBC 7,127 0.01CAD 1,836,181 AUD 1,860,012 19/09/2018 Credit Suisse 20,133 0.01CAD 107,154 SEK 715,944 19/07/2018 Goldman Sachs 1,503 -CHF 820,304 USD 822,789 19/07/2018 Credit Suisse 3,907 -EUR 1,217,849 CHF 1,404,350 19/09/2018 Goldman Sachs 3,381 -EUR 741,000 NZD 1,270,898 19/07/2018 HSBC 4,258 -EUR 1,205,333 NZD 2,041,834 19/09/2018 Goldman Sachs 30,889 0.02EUR 2,183,565 SEK 22,534,108 19/07/2018 Credit Suisse 34,164 0.02EUR 361,999 USD 421,971 19/07/2018 Deutsche Bank 8 -GBP 233,147 USD 305,305 19/07/2018 HSBC 1,716 -MXN 1,724,172 USD 83,918 19/07/2018 Citibank 3,441 -SEK 2,535,600 USD 282,330 19/07/2018 Goldman Sachs 238 -USD 1,120,995 AUD 1,501,392 19/07/2018 Goldman Sachs 11,914 0.01USD 1,233,374 CAD 1,594,493 19/09/2018 HSBC 22,510 0.01USD 3,035,419 CHF 2,985,333 19/07/2018 Barclays 26,823 0.02USD 105,559 CHF 102,900 19/09/2018 Merrill Lynch 1,282 -USD 284,001 CHF 276,229 19/09/2018 State Street 4,073 -USD 2,244,569 CLP 1,443,399,328 19/07/2018 Credit Suisse 29,935 0.02USD 1,148,146 CNH 7,392,874 19/07/2018 Goldman Sachs 33,454 0.02USD 2,276,530 COP 6,580,853,974 19/07/2018 Credit Suisse 41,001 0.03USD 213,912 DKK 1,347,780 19/07/2018 Toronto-Dominion Bank 3,044 -USD 13,077,356 EUR 11,062,936 19/07/2018 Barclays 181,379 0.11USD 812,292 EUR 696,652 19/07/2018 BNP Paribas 210 -USD 1,710,518 EUR 1,461,027 19/07/2018 Goldman Sachs 7,410 0.01USD 360,635 EUR 305,058 19/07/2018 Morgan Stanley 5,031 -USD 278,438 EUR 236,000 19/09/2018 HSBC 1,998 -USD 1,053,121 EUR 893,638 19/09/2018 RBC 6,356 -USD 131,758 EUR 111,123 19/09/2018 Standard Chartered 1,594 -USD 5,866,945 EUR 4,970,790 19/09/2018 State Street 44,392 0.03USD 281,990 GBP 212,259 19/07/2018 Goldman Sachs 2,476 -USD 562,620 GBP 420,586 19/07/2018 National Australia Bank 8,768 0.01USD 283,812 GBP 213,008 19/07/2018 RBC 3,311 -USD 326,808 GBP 241,722 19/09/2018 National Australia Bank 7,595 0.01USD 356,833 GBP 267,188 19/09/2018 Societe Generale 3,990 -USD 1,037,131 HUF 282,474,692 19/07/2018 Goldman Sachs 38,659 0.02USD 1,087,802 IDR 15,345,629,197 19/09/2018 Citibank 29,399 0.02USD 2,196,335 INR 148,911,520 19/07/2018 J.P. Morgan 28,469 0.02USD 323,421 JPY 35,688,896 19/07/2018 Goldman Sachs 809 -USD 4,255,262 JPY 466,823,098 19/07/2018 National Australia Bank 35,376 0.02USD 962,647 JPY 104,348,562 19/09/2018 RBC 15,144 0.01USD 282,395 NOK 2,288,250 19/07/2018 Goldman Sachs 2,491 -USD 357,029 NOK 2,858,755 19/09/2018 HSBC 6,459 0.01USD 558,360 NZD 824,617 19/07/2018 Goldman Sachs 665 -USD 582,497 NZD 860,165 19/07/2018 HSBC 760 -USD 2,166,466 PHP 114,759,881 19/09/2018 Goldman Sachs 30,283 0.02USD 92,770 PHP 4,925,622 19/09/2018 Standard Chartered 1,083 -USD 350,506 PLN 1,267,317 19/07/2018 Citibank 13,064 0.01USD 4,059,393 SEK 35,227,992 19/07/2018 BNP Paribas 133,587 0.08USD 306,601 SEK 2,708,144 19/07/2018 Goldman Sachs 4,805 -USD 275,886 SEK 2,373,688 19/09/2018 RBC 10,062 0.01USD 2,274,821 TWD 68,305,843 19/07/2018 Goldman Sachs 29,998 0.02

Total Unrealised Gain on Forward Currency Exchange Contracts 942,175 0.58

387

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

AUD 1,913,767 CAD 1,894,238 19/07/2018 Goldman Sachs (23,285) (0.02)AUD 404,067 USD 306,102 19/07/2018 Barclays (7,617) (0.01)AUD 1,481,581 USD 1,133,455 19/07/2018 Credit Suisse (39,009) (0.02)AUD 699,892 USD 520,381 19/07/2018 Goldman Sachs (3,369) -AUD 1,926,055 USD 1,474,911 19/09/2018 Goldman Sachs (51,846) (0.03)CAD 1,147,522 USD 873,238 19/07/2018 Citibank (2,717) -CAD 7,516,179 USD 5,782,766 19/07/2018 National Australia Bank (80,920) (0.05)CAD 420,154 USD 324,798 19/09/2018 Goldman Sachs (5,731) -CLP 739,362,477 USD 1,165,635 19/07/2018 Credit Suisse (31,218) (0.02)CLP 704,036,851 USD 1,113,454 19/07/2018 Goldman Sachs (33,237) (0.02)CNH 14,018,306 USD 2,186,174 19/07/2018 Barclays (72,504) (0.05)CNH 560,268 USD 87,050 19/09/2018 BNP Paribas (2,788) -COP 6,580,853,974 USD 2,245,232 19/07/2018 Credit Suisse (9,703) (0.01)CZK 24,784,050 EUR 963,236 19/07/2018 HSBC (12,550) (0.01)CZK 27,025,577 USD 1,243,801 19/07/2018 Citibank (33,098) (0.02)CZK 1,802,711 USD 80,807 19/07/2018 Societe Generale (48) -EUR 1,205,189 CHF 1,396,989 19/07/2018 Credit Suisse (2,996) -EUR 69,207 USD 80,976 19/07/2018 BNP Paribas (302) -EUR 1,215,339 USD 1,418,574 19/07/2018 Goldman Sachs (1,863) -EUR 835,836 USD 977,954 19/07/2018 National Australia Bank (3,627) -EUR 1,047,604 USD 1,235,833 19/09/2018 Standard Chartered (8,718) (0.01)GBP 1,072,000 EUR 1,215,339 19/07/2018 HSBC (5,040) -GBP 3,622,325 USD 4,852,303 19/07/2018 National Australia Bank (82,217) (0.05)GBP 299,233 USD 400,076 19/09/2018 Merrill Lynch (4,915) -IDR 15,345,629,197 USD 1,082,523 19/09/2018 Standard Chartered (24,120) (0.02)ILS 627,141 USD 176,001 19/07/2018 Merrill Lynch (4,201) -INR 76,097,629 USD 1,113,010 19/09/2018 Goldman Sachs (14,894) (0.01)JPY 156,974,138 EUR 1,219,141 19/07/2018 HSBC (2,162) -JPY 14,304,989 EUR 111,355 19/09/2018 Merrill Lynch (545) -JPY 154,654,899 USD 1,414,412 19/07/2018 HSBC (16,396) (0.01)JPY 24,840,153 USD 225,916 19/07/2018 State Street (1,372) -JPY 94,751,717 USD 876,954 19/09/2018 State Street (16,592) (0.01)JPY 13,533,494 USD 125,410 19/09/2018 Toronto-Dominion Bank (2,524) -KRW 1,283,976,659 USD 1,171,512 19/07/2018 Citibank (18,187) (0.01)KRW 946,141,408 USD 879,297 19/07/2018 Goldman Sachs (29,431) (0.02)NOK 4,566,216 EUR 483,343 19/07/2018 Credit Suisse (4,879) -NOK 2,098,362 EUR 222,092 19/07/2018 Goldman Sachs (2,214) -NOK 6,961,988 EUR 736,875 19/07/2018 HSBC (7,363) (0.01)NOK 2,304,465 USD 282,330 19/07/2018 Goldman Sachs (442) -NOK 24,195,801 USD 3,005,780 19/07/2018 Standard Chartered (46,095) (0.03)NOK 834,824 USD 102,557 19/09/2018 State Street (183) -NZD 2,072,394 EUR 1,211,777 19/07/2018 Goldman Sachs (10,981) (0.01)NZD 824,617 USD 560,739 19/07/2018 HSBC (3,044) -NZD 125,299 USD 88,075 19/07/2018 National Australia Bank (3,334) -PHP 59,657,890 USD 1,117,817 19/07/2018 Citibank (1,241) -RUB 5,027,051 USD 80,215 19/07/2018 Merrill Lynch (361) -SEK 12,116,146 JPY 150,871,462 19/09/2018 Credit Suisse (13,080) (0.01)SEK 2,829,152 USD 323,421 19/07/2018 Goldman Sachs (8,141) (0.01)SGD 450,077 USD 337,196 19/07/2018 Citibank (7,022) -THB 50,753,617 USD 1,584,313 19/07/2018 Citibank (51,749) (0.03)THB 2,696,826 USD 82,186 19/07/2018 Merrill Lynch (752) -TWD 65,550,486 USD 2,197,100 19/07/2018 Goldman Sachs (42,830) (0.03)TWD 2,755,357 USD 92,530 19/09/2018 HSBC (1,643) -USD 564,791 CAD 748,977 19/07/2018 Goldman Sachs (3,390) -USD 564,659 CAD 751,138 19/07/2018 RBC (5,161) -USD 145,096 EUR 124,927 19/07/2018 Citibank (530) -USD 411,927 EUR 355,224 19/07/2018 National Australia Bank (2,154) -USD 258,130 IDR 3,720,943,950 19/07/2018 Standard Chartered (1,644) -

Total Unrealised Loss on Forward Currency Exchange Contracts (867,975) (0.53)

Net Unrealised Gain on Forward Currency Exchange Contracts 74,200 0.05

388

JPMorgan Funds - Global Aggregate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

Euro-Bobl, 06/09/2018 (48) EUR (7,385,794) 4,557 -Euro-BTP, 06/09/2018 8 EUR 1,182,903 8,057 -Euro-Buxl 30 Year Bond, 06/09/2018 9 EUR 1,861,154 8,511 0.01US 10 Year Note, 19/09/2018 50 USD 6,009,766 44,617 0.03US 10 Year Ultra Note, 19/09/2018 6 USD 769,547 141 -US 2 Year Note, 28/09/2018 (55) USD (11,650,977) 1,289 -US 5 Year Note, 28/09/2018 65 USD 7,384,355 30,215 0.02US Long Bond, 19/09/2018 5 USD 725,859 1,016 -US Ultra Bond, 19/09/2018 50 USD 7,994,531 246,570 0.15

Total Unrealised Gain on Financial Futures Contracts 344,973 0.21

Australia 10 Year Bond, 17/09/2018 14 AUD 1,337,796 (1,583) -Canada 10 Year Bond, 19/09/2018 13 CAD 1,349,266 (2,317) -Euro-Bund, 06/09/2018 (36) EUR (6,810,643) (4,095) -Euro-OAT, 06/09/2018 (12) EUR (2,157,601) (4,261) -US 10 Year Note, 19/09/2018 (46) USD (5,528,984) (359) -US 10 Year Ultra Note, 19/09/2018 (51) USD (6,541,148) (67,453) (0.04)US 2 Year Note, 28/09/2018 59 USD 12,498,320 (5,524) (0.01)US 5 Year Note, 28/09/2018 51 USD 5,793,879 (617) -US Long Bond, 19/09/2018 (35) USD (5,081,016) (129,375) (0.08)US Ultra Bond, 19/09/2018 (14) USD (2,238,469) (3,719) -

Total Unrealised Loss on Financial Futures Contracts (219,303) (0.13)

Net Unrealised Gain on Financial Futures Contracts 125,670 0.08

Inflation Rate Swap Contracts

NominalAmount Currency Counterparty Security Description

MaturityDate

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

7,710,000 USD Barclays Pay floating USCPI 1 monthReceive fixed 2.378% 02/05/2023 (2,252) (2,252) -

10,520,000 USD Barclays Pay fixed 2.123%Receive floating USCPI 1 month 02/05/2020 (1,388) (1,388) -

Total Unrealised Loss on Inflation Rate Swap Contracts (3,640) (3,640) -

Net Unrealised Loss on Inflation Rate Swap Contracts (3,640) (3,640) -

389

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

AngolaAngola Government Bond, Reg. S9.5% 12/11/2025 USD 3,111,000 3,400,572 0.06Angola Government Bond, Reg. S8.25% 09/05/2028 USD 3,805,000 3,820,144 0.07

7,220,716 0.13

ArgentinaArcor SAIC, Reg. S 6% 06/07/2023 USD 2,200,000 2,198,680 0.04Argentina Government Bond 6.875%22/04/2021 USD 3,540,000 3,532,690 0.07Argentina Government Bond, Reg. S3.875% 15/01/2022 EUR 6,477,000 7,262,762 0.13Bonos de la Nacion Argentina conAjuste por CER 0% 06/03/2020 ARS 285,800,000 10,038,678 0.18Pampa Energia SA, 144A 7.375%21/07/2023 USD 2,200,000 2,105,356 0.04Pampa Energia SA, Reg. S 7.375%21/07/2023 USD 3,790,000 3,636,410 0.07Pampa Energia SA, Reg. S 7.5%24/01/2027 USD 5,960,000 5,359,351 0.10Provincia de Buenos Aires, Reg. S9.95% 09/06/2021 USD 4,200,000 4,369,806 0.08Provincia de Buenos Aires, Reg. S5.375% 20/01/2023 EUR 2,637,000 2,922,323 0.05Provincia de Buenos Aires, Reg. S9.125% 16/03/2024 USD 2,314,000 2,257,041 0.04YPF SA, Reg. S 8.5% 23/03/2021 USD 4,025,000 4,105,279 0.08YPF SA, Reg. S 6.95% 21/07/2027 USD 7,904,000 6,798,507 0.12

54,586,883 1.00

AustraliaAustralia & New Zealand BankingGroup Ltd., FRN, 144A 6.75%Perpetual USD 1,842,000 1,877,661 0.03Origin Energy Finance Ltd., Reg. S,FRN 4% 16/09/2074 EUR 3,500,000 4,196,844 0.08

6,074,505 0.11

AzerbaijanState Oil Co. of the AzerbaijanRepublic, Reg. S 4.75% 13/03/2023 USD 8,410,000 8,313,033 0.15

8,313,033 0.15

BelarusBelarus Government Bond, Reg. S6.875% 28/02/2023 USD 1,730,000 1,795,965 0.03Belarus Government Bond, Reg. S7.625% 29/06/2027 USD 3,953,000 4,142,744 0.08Belarus Government Bond, Reg. S6.2% 28/02/2030 USD 3,434,000 3,254,350 0.06

9,193,059 0.17

BelgiumAnheuser-Busch InBev SA, Reg. S 2%17/03/2028 EUR 1,983,000 2,415,056 0.04

2,415,056 0.04

BermudaAircastle Ltd. 7.625% 15/04/2020 USD 395,000 417,920 0.01GCL New Energy Holdings Ltd., Reg. S7.1% 30/01/2021 USD 2,055,000 1,797,900 0.03GOME Retail Holdings Ltd., Reg. S 5%10/03/2020 USD 1,600,000 1,528,004 0.03Weatherford International Ltd. 7.75%15/06/2021 USD 57,000 58,836 0.00Weatherford International Ltd. 8.25%15/06/2023 USD 350,000 345,625 0.01Weatherford International Ltd.9.875% 15/02/2024 USD 832,000 838,797 0.01Weatherford International Ltd. 6.5%01/08/2036 USD 106,000 83,800 0.00Weatherford International Ltd. 7%15/03/2038 USD 63,000 50,057 0.00Weatherford International Ltd. 6.75%15/09/2040 USD 14,000 11,165 0.00Weatherford International Ltd. 5.95%15/04/2042 USD 710,000 530,466 0.01

5,662,570 0.10

BrazilBanco Daycoval SA, Reg. S 5.75%19/03/2019 USD 1,600,000 1,612,472 0.03Banco do Brasil SA, Reg. S, FRN6.25% Perpetual USD 3,521,000 2,749,443 0.05Cemig Geracao e Transmissao SA,Reg. S 9.25% 05/12/2024 USD 6,390,000 6,513,391 0.12Votorantim Cimentos SA, Reg. S7.25% 05/04/2041 USD 4,100,000 4,093,707 0.07

14,969,013 0.27

CanadaCenovus Energy, Inc. 6.75%15/11/2039 USD 3,099,000 3,420,568 0.06Cenovus Energy, Inc. 5.2%15/09/2043 USD 1,926,000 1,826,599 0.03Encana Corp. 6.5% 15/08/2034 USD 3,500,000 4,084,080 0.08Encana Corp. 6.5% 01/02/2038 USD 1,028,000 1,215,045 0.02Precision Drilling Corp. 6.5%15/12/2021 USD 358,703 365,450 0.01Precision Drilling Corp. 5.25%15/11/2024 USD 150,000 143,250 0.00Teck Resources Ltd. 6.125%01/10/2035 USD 749,000 760,849 0.01Teck Resources Ltd. 5.4%01/02/2043 USD 275,000 247,809 0.01Valeant PharmaceuticalsInternational, Inc., Reg. S 4.5%15/05/2023 EUR 6,750,000 7,449,698 0.14

19,513,348 0.36

Cayman IslandsABQ Finance Ltd., Reg. S 3.5%22/02/2022 USD 5,400,000 5,192,100 0.09Batelco International Finance No. 1Ltd., Reg. S 4.25% 01/05/2020 USD 2,776,000 2,667,431 0.05Cementos Progreso Trust, Reg. S7.125% 06/11/2023 USD 2,000,000 2,067,800 0.04Comunicaciones Celulares SA, Reg. S6.875% 06/02/2024 USD 2,000,000 2,060,980 0.04Dar Al-Arkan Sukuk Co. Ltd., Reg. S6.875% 10/04/2022 USD 4,685,000 4,488,792 0.08EMG SUKUK Ltd., Reg. S 4.564%18/06/2024 USD 4,900,000 4,891,964 0.09Moon Wise Global Ltd., Reg. S, FRN9% Perpetual USD 2,000,000 2,019,968 0.04Noble Holding International Ltd.7.75% 15/01/2024 USD 627,000 595,989 0.01Overseas Chinese Town Asia HoldingsLtd., Reg. S, FRN 4.3% Perpetual USD 2,600,000 2,505,229 0.05Times China Holdings Ltd., Reg. S6.25% 23/01/2020 USD 3,300,000 3,271,170 0.06Transocean, Inc. 5.8% 15/10/2022 USD 276,000 274,857 0.00Transocean, Inc. 7.5% 15/04/2031 USD 305,000 284,413 0.01Transocean, Inc. 6.8% 15/03/2038 USD 2,623,000 2,194,035 0.04UPCB Finance IV Ltd., Reg. S 4%15/01/2027 EUR 4,050,000 4,785,922 0.09UPCB Finance VII Ltd., Reg. S 3.625%15/06/2029 EUR 2,500,000 2,826,343 0.05WTT Investment Ltd., Reg. S 5.5%21/11/2022 USD 7,000,000 6,683,775 0.12

46,810,768 0.86

ChileEmpresa Electrica Guacolda SA,Reg. S 4.56% 30/04/2025 USD 2,460,000 2,273,040 0.04

2,273,040 0.04

ChinaGuangxi Communications InvestmentGroup Co. Ltd., Reg. S 3% 04/11/2019 USD 2,650,000 2,581,706 0.05Tianjin Infrastructure Construction &Investment Group Co. Ltd., Reg. S2.75% 15/06/2019 USD 1,600,000 1,565,197 0.03

4,146,903 0.08

ColombiaColombia Government Bond 5%15/06/2045 USD 9,400,000 9,251,010 0.17

9,251,010 0.17

390

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

CroatiaCroatia Government Bond, Reg. S5.5% 04/04/2023 USD 5,700,000 6,004,522 0.11Croatia Government Bond, Reg. S2.75% 27/01/2030 EUR 10,366,000 11,879,732 0.22

17,884,254 0.33

DenmarkDanske Bank A/S, Reg. S, FRN5.875% Perpetual EUR 6,400,000 8,129,711 0.15TDC A/S 3.75% 02/03/2022 EUR 2,000,000 2,452,104 0.04

10,581,815 0.19

Dominican RepublicDominican Republic GovernmentBond, Reg. S 6.875% 29/01/2026 USD 7,670,000 8,131,849 0.15

8,131,849 0.15

EcuadorEcuador Government Bond, Reg. S10.5% 24/03/2020 USD 13,050,000 13,367,702 0.24Ecuador Government Bond, Reg. S10.75% 28/03/2022 USD 5,100,000 5,241,729 0.10

18,609,431 0.34

EgyptEgypt Government Bond, Reg. S5.75% 29/04/2020 USD 11,820,000 12,010,125 0.22Egypt Government Bond, Reg. S6.125% 31/01/2022 USD 3,840,000 3,792,077 0.07Egypt Government Bond, Reg. S4.75% 16/04/2026 EUR 11,790,000 12,672,181 0.23

28,474,383 0.52

El SalvadorEl Salvador Government Bond, Reg. S7.75% 24/01/2023 USD 12,960,000 13,634,763 0.25El Salvador Government Bond, Reg. S7.625% 01/02/2041 USD 645,000 629,023 0.01

14,263,786 0.26

FinlandNokia OYJ 6.625% 15/05/2039 USD 273,000 289,091 0.01Stora Enso OYJ, Reg. S 2.5%07/06/2027 EUR 2,000,000 2,370,951 0.04

2,660,042 0.05

FranceAccor SA, Reg. S, FRN 4.125%Perpetual EUR 2,000,000 2,435,466 0.04Altice France SA, Reg. S 5.375%15/05/2022 EUR 6,400,000 7,670,167 0.14Altice France SA, Reg. S 5.625%15/05/2024 EUR 6,000,000 7,260,187 0.13Arkema SA, Reg. S, FRN 4.75%Perpetual EUR 3,000,000 3,740,663 0.07Autodis SA, Reg. S 4.375%01/05/2022 EUR 1,500,000 1,773,515 0.03BPCE SA, 144A 5.15% 21/07/2024 USD 16,410,000 16,665,422 0.30BPCE SA, Reg. S, FRN 2.75%30/11/2027 EUR 2,000,000 2,445,039 0.04Casino Guichard Perrachon SA,Reg. S 3.58% 07/02/2025 EUR 7,200,000 7,887,579 0.14CMA CGM SA, Reg. S 6.5%15/07/2022 EUR 1,750,000 1,900,412 0.03Constantin Investissement 3 SASU,Reg. S 5.375% 15/04/2025 EUR 2,350,000 2,675,957 0.05Credit Agricole SA, FRN, 144A 8.125%Perpetual USD 7,650,000 8,115,694 0.15Credit Agricole SA, 144A 4.375%17/03/2025 USD 3,750,000 3,628,106 0.07Crown European Holdings SA, Reg. S4% 15/07/2022 EUR 5,050,000 6,406,736 0.12Crown European Holdings SA, Reg. S2.625% 30/09/2024 EUR 5,000,000 5,744,638 0.11Elis SA, Reg. S 3% 30/04/2022 EUR 1,850,000 2,188,445 0.04Elis SA, Reg. S 1.875% 15/02/2023 EUR 3,100,000 3,566,404 0.07Elis SA, Reg. S 2.875% 15/02/2026 EUR 3,000,000 3,443,535 0.06Europcar Groupe SA, Reg. S 5.75%15/06/2022 EUR 1,750,000 2,092,493 0.04Europcar Groupe SA, Reg. S 4.125%15/11/2024 EUR 4,250,000 4,866,811 0.09Faurecia SA, Reg. S 3.625%15/06/2023 EUR 1,800,000 2,179,272 0.04Faurecia SA, Reg. S 2.625%15/06/2025 EUR 2,990,000 3,521,891 0.06

Fnac Darty SA, Reg. S 3.25%30/09/2023 EUR 2,000,000 2,407,977 0.04Horizon Holdings I SAS, Reg. S 7.25%01/08/2023 EUR 1,800,000 2,183,243 0.04La Financiere Atalian SASU, Reg. S4% 15/05/2024 EUR 3,300,000 3,651,065 0.07La Financiere Atalian SASU, Reg. S5.125% 15/05/2025 EUR 863,000 965,038 0.02Loxam SAS, Reg. S 4.25%15/04/2024 EUR 6,500,000 7,893,734 0.14Novafives SAS, Reg. S 4.5%30/06/2021 EUR 3,000,000 3,536,517 0.06Novafives SAS, Reg. S 5%15/06/2025 EUR 2,719,000 3,032,206 0.06Orano SA 4.375% 06/11/2019 EUR 3,400,000 4,150,684 0.08Orano SA 4.875% 23/09/2024 EUR 4,000,000 4,905,233 0.09Orano SA, Reg. S 3.25% 04/09/2020 EUR 2,500,000 3,017,903 0.06Paprec Holding SA, Reg. S 4%31/03/2025 EUR 4,101,000 4,735,770 0.09Peugeot SA, Reg. S 2.375%14/04/2023 EUR 8,400,000 10,263,532 0.19Picard Groupe SAS, Reg. S, FRN 3%30/11/2023 EUR 1,500,000 1,711,655 0.03Rexel SA, Reg. S 3.5% 15/06/2023 EUR 1,100,000 1,324,688 0.02Rexel SA, Reg. S 2.625% 15/06/2024 EUR 5,150,000 6,011,988 0.11Rexel SA, Reg. S 2.125% 15/06/2025 EUR 1,500,000 1,655,541 0.03SMCP Group SAS, Reg. S 5.875%01/05/2023 EUR 525,852 648,129 0.01Societe Generale SA, FRN, 144A 8%Perpetual USD 11,705,000 12,203,867 0.22Solvay Finance SA, Reg. S, FRN5.425% Perpetual EUR 6,200,000 8,040,390 0.15SPIE SA, Reg. S 3.125% 22/03/2024 EUR 5,900,000 6,883,708 0.13TOTAL SA, Reg. S, FRN 2.25%Perpetual EUR 1,300,000 1,547,584 0.03TOTAL SA, Reg. S, FRN 2.708%Perpetual EUR 903,000 1,075,768 0.02TOTAL SA, Reg. S, FRN 3.875%Perpetual EUR 2,000,000 2,505,558 0.05Valeo SA, Reg. S 1.625% 18/03/2026 EUR 400,000 469,670 0.01Vallourec SA, Reg. S 6.625%15/10/2022 EUR 1,950,000 2,309,680 0.04Vallourec SA, Reg. S 6.375%15/10/2023 EUR 1,588,000 1,814,272 0.03Vallourec SA, Reg. S 2.25%30/09/2024 EUR 3,800,000 3,553,846 0.07Verallia Packaging SASU, Reg. S5.125% 01/08/2022 EUR 1,800,000 2,156,543 0.04WFS Global Holding SAS, Reg. S 9.5%15/07/2022 EUR 2,000,000 2,451,744 0.04

207,315,965 3.79

GabonGabon Government Bond, Reg. S6.375% 12/12/2024 USD 6,750,000 6,075,506 0.11

6,075,506 0.11

GermanyAdler Pelzer Holding GmbH, Reg. S4.125% 01/04/2024 EUR 2,062,000 2,425,833 0.04Allianz SE, Reg. S, FRN 3.099%06/07/2047 EUR 400,000 473,924 0.01Commerzbank AG 7.75% 16/03/2021 EUR 100,000 136,418 0.00Commerzbank AG, Reg. S 4%23/03/2026 EUR 3,400,000 4,192,101 0.08CTC BondCo GmbH, Reg. S 5.25%15/12/2025 EUR 4,207,000 4,679,855 0.08Deutsche Bank AG 4.25% 14/10/2021 USD 6,355,000 6,296,185 0.11Douglas GmbH, Reg. S 6.25%15/07/2022 EUR 1,250,000 1,432,528 0.03Hapag-Lloyd AG, Reg. S 6.75%01/02/2022 EUR 1,250,000 1,471,053 0.03IHO Verwaltungs GmbH, Reg. S 3.25%15/09/2023 EUR 3,585,000 4,228,496 0.08IHO Verwaltungs GmbH, Reg. S 3.75%15/09/2026 EUR 3,600,000 4,276,410 0.08Nidda BondCo GmbH, Reg. S 5%30/09/2025 EUR 4,000,000 4,267,629 0.08Nidda Healthcare Holding GmbH,Reg. S 3.5% 30/09/2024 EUR 4,066,000 4,475,973 0.08ProGroup AG, Reg. S 3% 31/03/2026 EUR 3,662,000 4,156,613 0.07Tele Columbus AG, Reg. S 3.875%02/05/2025 EUR 4,900,000 5,441,618 0.10thyssenkrupp AG, Reg. S 1.375%03/03/2022 EUR 5,850,000 6,837,563 0.12thyssenkrupp AG, Reg. S 2.5%25/02/2025 EUR 6,700,000 8,141,650 0.15Unitymedia GmbH, Reg. S 3.75%15/01/2027 EUR 3,050,000 3,720,336 0.07

391

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Unitymedia Hessen GmbH & Co. KG,Reg. S 4% 15/01/2025 EUR 9,000,000 10,991,297 0.20Unitymedia Hessen GmbH & Co. KG,Reg. S 3.5% 15/01/2027 EUR 3,000,000 3,658,456 0.07WEPA Hygieneprodukte GmbH, Reg. S3.75% 15/05/2024 EUR 4,250,000 4,730,459 0.09

86,034,397 1.57

GreeceAlpha Bank AE, Reg. S 2.5%05/02/2023 EUR 9,588,000 11,180,636 0.21Greece Government Bond, Reg. S,144A 3.375% 15/02/2025 EUR 25,280,000 29,216,492 0.53National Bank of Greece SA, Reg. S2.75% 19/10/2050 EUR 5,208,000 6,186,327 0.11

46,583,455 0.85

Hong KongMCC Holding Hong Kong Corp. Ltd.,Reg. S 2.95% 31/05/2020 USD 2,650,000 2,602,120 0.05Shanhai Hong Kong InternationalInvestments Ltd., Reg. S 3.875%20/04/2020 USD 3,300,000 3,179,800 0.06

5,781,920 0.11

HungaryHungary Government Bond 7.5%12/11/2020 HUF 760,000,000 3,057,364 0.06

3,057,364 0.06

IndiaJSW Steel Ltd., Reg. S 5.25%13/04/2022 USD 6,306,000 6,161,807 0.11

6,161,807 0.11

IndonesiaIndonesia Treasury 8.25%15/07/2021 IDR 754,335,000,000 53,706,231 0.98Indonesia Treasury 8.75%15/05/2031 IDR 399,586,000,000 29,209,014 0.53Indonesia Treasury 8.25%15/05/2036 IDR 666,946,000,000 46,192,875 0.85

129,108,120 2.36

IraqIraq Government Bond, Reg. S6.752% 09/03/2023 USD 5,850,000 5,636,299 0.10

5,636,299 0.10

IrelandAerCap Ireland Capital DAC 4.625%30/10/2020 USD 3,593,000 3,667,878 0.07AerCap Ireland Capital DAC 5%01/10/2021 USD 4,060,000 4,189,088 0.08AerCap Ireland Capital DAC 4.625%01/07/2022 USD 3,631,000 3,703,874 0.07AerCap Ireland Capital DAC 3.65%21/07/2027 USD 3,873,000 3,530,956 0.06Allied Irish Banks plc, Reg. S, FRN4.125% 26/11/2025 EUR 2,900,000 3,546,671 0.06Allied Irish Banks plc, Reg. S, FRN7.375% Perpetual EUR 6,350,000 8,094,625 0.15Ardagh Packaging Finance plc, 144A4.625% 15/05/2023 USD 1,200,000 1,192,620 0.02Ardagh Packaging Finance plc, Reg. S4.125% 15/05/2023 EUR 1,750,000 2,123,372 0.04Ardagh Packaging Finance plc, Reg. S2.75% 15/03/2024 EUR 3,850,000 4,443,229 0.08Ardagh Packaging Finance plc, Reg. S6.75% 15/05/2024 EUR 5,357,000 6,729,476 0.12Bank of Ireland, Reg. S, FRN 4.25%11/06/2024 EUR 4,840,000 5,790,984 0.11Bank of Ireland, Reg. S, FRN 7.375%Perpetual EUR 3,000,000 3,755,351 0.07eircom Finance DAC, Reg. S 4.5%31/05/2022 EUR 6,000,000 7,135,768 0.13GE Capital International Funding Co.Unlimited Co. 4.418% 15/11/2035 USD 4,750,000 4,599,995 0.08Shire Acquisitions InvestmentsIreland DAC 2.4% 23/09/2021 USD 3,940,000 3,781,238 0.07Shire Acquisitions InvestmentsIreland DAC 3.2% 23/09/2026 USD 4,905,000 4,499,234 0.08

Smurfit Kappa Acquisitions ULC,Reg. S 3.25% 01/06/2021 EUR 6,050,000 7,522,080 0.14Smurfit Kappa Acquisitions ULC, Reg.S 2.75% 01/02/2025 EUR 3,000,000 3,560,287 0.07

81,866,726 1.50

ItalyAutostrade per l’Italia SpA, Reg. S1.75% 26/06/2026 EUR 1,136,000 1,304,170 0.02Buzzi Unicem SpA, Reg. S 2.125%28/04/2023 EUR 3,000,000 3,603,128 0.07EVOCA SpA, Reg. S 7% 15/10/2023 EUR 5,000,000 6,144,873 0.11Intesa Sanpaolo SpA, Reg. S, FRN7.75% Perpetual EUR 3,400,000 4,279,817 0.08Intesa Sanpaolo SpA, Reg. S 3.928%15/09/2026 EUR 1,700,000 2,008,549 0.04Leonardo SpA 4.5% 19/01/2021 EUR 8,700,000 11,015,568 0.20Leonardo SpA 4.875% 24/03/2025 EUR 4,600,000 6,139,570 0.11LKQ Italia Bondco SpA, Reg. S3.875% 01/04/2024 EUR 3,550,000 4,309,871 0.08Snaitech SpA, Reg. S 6.375%07/11/2021 EUR 1,200,000 1,466,114 0.03Telecom Italia SpA, Reg. S 3.25%16/01/2023 EUR 8,000,000 9,882,515 0.18Telecom Italia SpA, Reg. S 3%30/09/2025 EUR 2,600,000 3,079,891 0.06Telecom Italia SpA, Reg. S 3.625%25/05/2026 EUR 6,600,000 8,103,664 0.15UniCredit SpA, Reg. S, FRN 9.25%Perpetual EUR 4,000,000 5,215,408 0.10Wind Tre SpA, 144A 5% 20/01/2026 USD 3,613,000 2,867,710 0.05Wind Tre SpA, Reg. S 2.625%20/01/2023 EUR 5,732,000 5,619,442 0.10Wind Tre SpA, Reg. S 3.125%20/01/2025 EUR 2,000,000 1,890,762 0.03

76,931,052 1.41

Ivory CoastIvory Coast Government Bond, Reg. S5.125% 15/06/2025 EUR 9,040,000 10,605,867 0.19

10,605,867 0.19

JamaicaJamaica Government Bond 7.875%28/07/2045 USD 2,990,000 3,358,398 0.06

3,358,398 0.06

JapanSoftBank Group Corp., Reg. S 4%30/07/2022 EUR 6,958,000 8,570,852 0.16SoftBank Group Corp., Reg. S 3.125%19/09/2025 EUR 1,799,000 1,923,670 0.03

10,494,522 0.19

JerseyAdient Global Holdings Ltd., Reg. S3.5% 15/08/2024 EUR 3,200,000 3,470,586 0.06Avis Budget Finance plc, Reg. S4.125% 15/11/2024 EUR 3,000,000 3,530,981 0.06CPUK Finance Ltd., Reg. S 4.25%28/02/2047 GBP 3,550,000 4,709,844 0.09Galaxy Bidco Ltd., Reg. S 6.375%15/11/2020 GBP 1,600,000 2,115,167 0.04HBOS Capital Funding LP, Reg. S, FRN6.461% Perpetual GBP 342,000 458,093 0.01Lincoln Finance Ltd., Reg. S 6.875%15/04/2021 EUR 3,500,000 4,218,809 0.08West China Cement Ltd., Reg. S 6.5%11/09/2019 USD 2,000,000 2,007,509 0.04

20,510,989 0.38

JordanJordan Government Bond, Reg. S6.125% 29/01/2026 USD 5,855,000 5,679,350 0.10

5,679,350 0.10

LebanonLebanon Government Bond, Reg. S5.15% 12/11/2018 USD 6,350,000 6,338,443 0.11Lebanon Government Bond, Reg. S5.45% 28/11/2019 USD 7,163,000 6,903,055 0.13

13,241,498 0.24

392

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

LuxembourgAltice Financing SA, Reg. S 5.25%15/02/2023 EUR 6,700,000 8,064,226 0.15Altice Finco SA, Reg. S 4.75%15/01/2028 EUR 3,664,000 3,648,150 0.07Altice Luxembourg SA, Reg. S 7.25%15/05/2022 EUR 8,399,000 9,847,137 0.18Altice Luxembourg SA, Reg. S 6.25%15/02/2025 EUR 5,000,000 5,589,580 0.10Aramark International Finance Sarl,Reg. S 3.125% 01/04/2025 EUR 4,000,000 4,752,382 0.09ArcelorMittal 6.5% 25/02/2022 USD 2,402,000 2,567,522 0.05ArcelorMittal 6.125% 01/06/2025 USD 235,000 254,317 0.01ArcelorMittal 7.25% 15/10/2039 USD 50,000 57,569 0.00ArcelorMittal, Reg. S 0.95%17/01/2023 EUR 4,400,000 5,040,440 0.09Auris Luxembourg II SA, Reg. S 8%15/01/2023 EUR 6,500,000 7,885,145 0.14Cirsa Funding Luxembourg SA, Reg. S5.75% 15/05/2021 EUR 4,450,000 5,330,909 0.10CNH Industrial Finance Europe SA,Reg. S 2.875% 17/05/2023 EUR 1,350,000 1,664,979 0.03Crystal Almond SARL, Reg. S 10%01/11/2021 EUR 4,050,000 5,021,579 0.09Dufry Finance SCA, Reg. S 4.5%01/08/2023 EUR 4,250,000 5,121,008 0.09eDreams ODIGEO SA, Reg. S 8.5%01/08/2021 EUR 2,818,678 3,414,955 0.06Galapagos SA, Reg. S 5.375%15/06/2021 EUR 1,879,000 1,906,849 0.04Garfunkelux Holdco 2 SA, Reg. S 11%01/11/2023 GBP 1,400,000 1,778,195 0.03Garfunkelux Holdco 3 SA, Reg. S 7.5%01/08/2022 EUR 1,073,000 1,221,587 0.02Gestamp Funding Luxembourg SA,Reg. S 3.5% 15/05/2023 EUR 2,331,000 2,767,944 0.05Horizon Parent Holdings Sarl, Reg. S8.25% 15/02/2022 EUR 3,000,000 3,643,559 0.07INEOS Group Holdings SA, Reg. S5.375% 01/08/2024 EUR 2,050,000 2,500,363 0.05Intelsat Jackson Holdings SA 7.25%15/10/2020 USD 904,000 901,740 0.02Intelsat Jackson Holdings SA 7.5%01/04/2021 USD 3,400,000 3,383,000 0.06Intelsat Jackson Holdings SA 5.5%01/08/2023 USD 3,119,000 2,797,353 0.05Intelsat Luxembourg SA 7.75%01/06/2021 USD 759,000 703,972 0.01Intelsat Luxembourg SA 8.125%01/06/2023 USD 776,000 625,328 0.01LHMC Finco Sarl, Reg. S 6.25%20/12/2023 EUR 2,780,000 3,205,089 0.06Matterhorn Telecom Holding SA,Reg. S 4.875% 01/05/2023 EUR 2,500,000 2,927,683 0.05Matterhorn Telecom SA, Reg. S3.875% 01/05/2022 EUR 5,300,000 6,257,628 0.11Minerva Luxembourg SA, Reg. S 6.5%20/09/2026 USD 5,200,000 4,785,352 0.09Monitchem HoldCo 3 SA, Reg. S5.25% 15/06/2021 EUR 2,145,000 2,481,133 0.05Picard Bondco SA, Reg. S 5.5%30/11/2024 EUR 1,500,000 1,649,839 0.03Samsonite Finco Sarl, Reg. S 3.5%15/05/2026 EUR 1,196,000 1,330,114 0.02SES SA, Reg. S, FRN 4.625%Perpetual EUR 7,750,000 9,321,074 0.17SIG Combibloc Holdings SCA, Reg. S7.75% 15/02/2023 EUR 10,000,000 12,082,381 0.22Telecom Italia Capital SA 6.375%15/11/2033 USD 787,000 777,658 0.01Telecom Italia Capital SA 6%30/09/2034 USD 1,272,000 1,218,601 0.02Telecom Italia Capital SA 7.2%18/07/2036 USD 288,000 296,810 0.01Telecom Italia Capital SA 7.721%04/06/2038 USD 138,000 149,470 0.00Telecom Italia Finance SA 7.75%24/01/2033 EUR 2,700,000 4,337,816 0.08Telenet Finance Luxembourg NotesSarl, Reg. S 3.5% 01/03/2028 EUR 2,800,000 3,098,395 0.06Telenet Finance VI Luxembourg SCA,Reg. S 4.875% 15/07/2027 EUR 5,625,000 6,950,346 0.13

151,359,177 2.77

MexicoBanco Mercantil del Norte SA, Reg. S,FRN 5.75% 04/10/2031 USD 3,763,000 3,457,708 0.06Banco Mercantil del Norte SA, Reg. S,FRN 6.875% Perpetual USD 5,310,000 5,245,006 0.10Banco Nacional de Comercio ExteriorSNC, Reg. S, FRN 3.8% 11/08/2026 USD 2,602,000 2,512,829 0.05

Cemex SAB de CV, 144A 5.7%11/01/2025 USD 1,109,000 1,094,156 0.02Cemex SAB de CV, 144A 6.125%05/05/2025 USD 2,950,000 2,997,642 0.05Cemex SAB de CV, 144A 7.75%16/04/2026 USD 3,088,000 3,332,554 0.06Mexico City Airport Trust, Reg. S5.5% 31/07/2047 USD 603,000 532,974 0.01Petroleos Mexicanos, FRN 5.977%11/03/2022 USD 4,490,000 4,816,221 0.09Petroleos Mexicanos, Reg. S 5.35%12/02/2028 USD 10,969,000 10,408,155 0.19

34,397,245 0.63

MoroccoOCP SA, Reg. S 5.625% 25/04/2024 USD 2,200,000 2,255,473 0.04OCP SA, Reg. S 4.5% 22/10/2025 USD 6,490,000 6,195,484 0.11

8,450,957 0.15

NetherlandsABN AMRO Bank NV, 144A 4.75%28/07/2025 USD 6,245,000 6,214,437 0.11ABN AMRO Bank NV, Reg. S, FRN5.75% Perpetual EUR 7,000,000 8,641,496 0.16CBR Fashion Finance BV, Reg. S5.125% 01/10/2022 EUR 1,871,000 1,871,195 0.03Constellium NV, Reg. S 4.25%15/02/2026 EUR 4,532,000 5,146,575 0.09Darling Global Finance BV, Reg. S3.625% 15/05/2026 EUR 3,000,000 3,509,569 0.06Dufry One BV, Reg. S 2.5%15/10/2024 EUR 4,522,000 5,243,863 0.10EDP Finance BV, Reg. S 2.375%23/03/2023 EUR 3,386,000 4,226,986 0.08Energizer Gamma Acquisition BV,Reg. S 4.625% 15/07/2026 EUR 2,650,000 3,121,517 0.06Evonik Finance BV, Reg. S 0.75%07/09/2028 EUR 1,975,000 2,132,252 0.04Fiat Chrysler Automobiles NV 4.5%15/04/2020 USD 200,000 200,441 0.00Fiat Chrysler Automobiles NV 5.25%15/04/2023 USD 200,000 202,084 0.00Fiat Chrysler Automobiles NV, Reg. S3.75% 29/03/2024 EUR 10,000,000 12,414,445 0.23Gas Natural Fenosa Finance BV,Reg. S, FRN 4.125% Perpetual EUR 3,500,000 4,253,549 0.08Hema Bondco I BV, Reg. S, FRN6.25% 15/07/2022 EUR 2,950,000 3,309,891 0.06Hema Bondco II BV, Reg. S 8.5%15/01/2023 EUR 200,000 221,791 0.00Hertz Holdings Netherlands BV,Reg. S 4.125% 15/10/2021 EUR 1,000,000 1,170,543 0.02Hertz Holdings Netherlands BV,Reg. S 5.5% 30/03/2023 EUR 3,449,000 3,906,552 0.07IHS Netherlands Holdco BV, Reg. S9.5% 27/10/2021 USD 2,412,000 2,330,969 0.04ING Groep NV, FRN 6.5% Perpetual USD 4,000,000 3,887,560 0.07ING Groep NV, Reg. S, FRN 6.875%Perpetual USD 6,900,000 7,050,800 0.13LKQ European Holdings BV, Reg. S3.625% 01/04/2026 EUR 3,029,000 3,489,148 0.06Nostrum Oil & Gas Finance BV, Reg. S8% 25/07/2022 USD 3,700,000 3,533,777 0.06Nyrstar Netherlands Holdings BV,Reg. S 6.875% 15/03/2024 EUR 3,300,000 3,581,655 0.07OI European Group BV, Reg. S4.875% 31/03/2021 EUR 1,750,000 2,244,515 0.04OI European Group BV, Reg. S 3.125%15/11/2024 EUR 900,000 1,059,792 0.02Saipem Finance International BV,Reg. S 3.75% 08/09/2023 EUR 3,800,000 4,591,150 0.08Schaeffler Finance BV, 144A 4.75%15/05/2023 USD 1,000,000 997,120 0.02Schaeffler Finance BV, Reg. S 3.25%15/05/2025 EUR 10,450,000 12,862,009 0.24Sigma Holdco BV, Reg. S 5.75%15/05/2026 EUR 1,245,000 1,360,792 0.03Sunshine Mid BV, Reg. S 6.5%15/05/2026 EUR 2,900,000 3,210,757 0.06Telefonica Europe BV, Reg. S, FRN2.625% Perpetual EUR 2,800,000 3,056,519 0.06Telefonica Europe BV, Reg. S, FRN3% Perpetual EUR 6,300,000 6,885,384 0.13Telefonica Europe BV, Reg. S, FRN3.75% Perpetual EUR 1,500,000 1,757,710 0.03Telefonica Europe BV, Reg. S, FRN3.875% Perpetual EUR 2,000,000 2,149,020 0.04Telefonica Europe BV, Reg. S, FRN4.2% Perpetual EUR 300,000 360,838 0.01

393

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Telefonica Europe BV, Reg. S, FRN5.875% Perpetual EUR 9,100,000 11,565,577 0.21Teva Pharmaceutical FinanceNetherlands II BV, Reg. S 1.125%15/10/2024 EUR 758,000 749,439 0.01Teva Pharmaceutical FinanceNetherlands III BV 3.15% 01/10/2026 USD 9,230,000 7,461,024 0.14VTR Finance BV, Reg. S 6.875%15/01/2024 USD 3,350,000 3,386,565 0.06Ziggo Bond Finance BV, Reg. S4.625% 15/01/2025 EUR 7,050,000 8,131,871 0.15Ziggo BV, Reg. S 3.75% 15/01/2025 EUR 2,600,000 2,998,534 0.06Ziggo BV, Reg. S 4.25% 15/01/2027 EUR 2,000,000 2,307,892 0.04Zurich Insurance Co. Ltd., Reg. S, FRN5.125% 01/06/2048 USD 4,336,000 4,165,205 0.08

170,962,808 3.13

NigeriaNigeria Government Bond, Reg. S7.625% 28/11/2047 USD 11,030,000 10,100,998 0.19United Bank for Africa plc, Reg. S7.75% 08/06/2022 USD 2,400,000 2,340,324 0.04

12,441,322 0.23

NorwayAker BP ASA, 144A 5.875%31/03/2025 USD 352,000 360,209 0.01

360,209 0.01

OmanOman Government Bond, Reg. S4.75% 15/06/2026 USD 6,900,000 6,339,547 0.11Oman Government Bond, Reg. S6.75% 17/01/2048 USD 8,290,000 7,537,434 0.14

13,876,981 0.25

PakistanPakistan Government Bond, Reg. S7.25% 15/04/2019 USD 7,550,000 7,480,578 0.14Second Pakistan International SukukCo. Ltd. (The), Reg. S 6.75%03/12/2019 USD 10,800,000 10,613,029 0.19

18,093,607 0.33

PanamaGlobal Bank Corp., Reg. S 5.125%30/10/2019 USD 2,000,000 2,023,110 0.04

2,023,110 0.04

ParaguayParaguay Government Bond, Reg. S5% 15/04/2026 USD 14,060,000 14,253,325 0.26

14,253,325 0.26

PortugalEDP - Energias de Portugal SA,Reg. S, FRN 5.375% 16/09/2075 EUR 5,200,000 6,533,493 0.12Portugal Government Bond, Reg. S,144A 2.875% 15/10/2025 EUR 14,900,000 19,304,570 0.35Portugal Government Bond, Reg. S,144A 4.125% 14/04/2027 EUR 58,755,000 82,326,073 1.51Portugal Government Bond, Reg. S,144A 2.25% 18/04/2034 EUR 14,256,000 16,463,793 0.30Portugal Government Bond, Reg. S5.125% 15/10/2024 USD 26,880,000 27,906,009 0.51Portugal Obrigacoes do Tesouro OT,Reg. S, 144A 2.875% 21/07/2026 EUR 29,378,398 37,875,459 0.69

190,409,397 3.48

QatarQatar Government Bond, Reg. S2.375% 02/06/2021 USD 13,420,000 12,978,079 0.24Qatar Government Bond, Reg. S3.875% 23/04/2023 USD 20,400,000 20,416,626 0.37Qatar Government Bond, Reg. S4.625% 02/06/2046 USD 1,983,000 1,900,825 0.04

35,295,530 0.65

SerbiaSerbia Government Bond, Reg. S4.875% 25/02/2020 USD 11,400,000 11,595,396 0.21

11,595,396 0.21

SingaporeABJA Investment Co. Pte. Ltd., Reg. S5.45% 24/01/2028 USD 9,540,000 8,096,672 0.15Medco Platinum Road Pte. Ltd., Reg.S 6.75% 30/01/2025 USD 1,990,000 1,754,979 0.03Theta Capital Pte. Ltd., Reg. S 7%11/04/2022 USD 1,600,000 1,284,694 0.02

11,136,345 0.20

SlovakiaSlovakia Government Bond, Reg. S2.25% 12/06/2068 EUR 10,777,126 12,835,938 0.23

12,835,938 0.23

South AfricaSouth Africa Government Bond 6.5%28/02/2041 ZAR 1,488,295,000 76,648,620 1.40

76,648,620 1.40

South KoreaWoori Bank, Reg. S, FRN 5.25%Perpetual USD 7,600,000 7,192,673 0.13

7,192,673 0.13

SpainBanco Bilbao Vizcaya Argentaria SA,Reg. S, FRN 8.875% Perpetual EUR 6,400,000 8,365,928 0.15Banco Santander SA, Reg. S 3.25%04/04/2026 EUR 1,200,000 1,449,302 0.02Bankinter SA, Reg. S, FRN 2.5%06/04/2027 EUR 1,400,000 1,638,817 0.03CaixaBank SA, Reg. S, FRN 3.5%15/02/2027 EUR 6,200,000 7,588,133 0.14CaixaBank SA, Reg. S, FRN 6.75%Perpetual EUR 10,000,000 12,405,131 0.23Cellnex Telecom SA, Reg. S 2.875%18/04/2025 EUR 2,200,000 2,597,250 0.05Grifols SA, Reg. S 3.2% 01/05/2025 EUR 3,300,000 3,773,767 0.07Grupo-Antolin Irausa SA, Reg. S3.25% 30/04/2024 EUR 2,750,000 3,097,835 0.06Spain Government Bond, Reg. S,144A 1.4% 30/07/2028 EUR 39,378,000 45,937,080 0.84Spain Government Bond, Reg. S,144A 2.9% 31/10/2046 EUR 43,850,000 55,768,404 1.02Spain Government Bond, Reg. S,144A 2.7% 31/10/2048 EUR 68,057,000 82,496,486 1.51Telefonica Emisiones SAU 4.665%06/03/2038 USD 1,860,000 1,749,981 0.03Telefonica Emisiones SAU 5.213%08/03/2047 USD 2,350,000 2,273,914 0.04

229,142,028 4.19

Sri LankaNational Savings Bank, Reg. S8.875% 18/09/2018 USD 5,400,000 5,438,313 0.10Sri Lanka Government Bond, Reg. S5.75% 18/04/2023 USD 7,290,000 6,997,744 0.13

12,436,057 0.23

SwedenNordea Bank AB, FRN, 144A 6.125%Perpetual USD 4,050,000 3,965,841 0.07Skandinaviska Enskilda Banken AB,Reg. S, FRN 5.625% Perpetual USD 2,400,000 2,311,380 0.04Telefonaktiebolaget LM Ericsson,Reg. S 1.875% 01/03/2024 EUR 2,125,000 2,428,012 0.05Verisure Holding AB, Reg. S 6%01/11/2022 EUR 5,625,000 6,834,325 0.13Verisure Midholding AB, Reg. S5.75% 01/12/2023 EUR 4,000,000 4,536,819 0.08Volvo Car AB, Reg. S 3.25%18/05/2021 EUR 2,729,000 3,376,591 0.06Volvo Car AB, Reg. S 2% 24/01/2025 EUR 4,000,000 4,520,822 0.08

27,973,790 0.51

SwitzerlandCredit Suisse AG, 144A 6.5%08/08/2023 USD 3,825,000 4,077,374 0.07Credit Suisse Group AG, FRN, 144A7.5% Perpetual USD 14,850,000 15,363,587 0.28UBS Group Funding Switzerland AG,Reg. S, FRN 5.75% Perpetual EUR 12,120,000 15,246,974 0.28UBS Group Funding Switzerland AG,Reg. S, FRN 7% Perpetual USD 3,500,000 3,557,417 0.07

38,245,352 0.70

394

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

TurkeyAkbank Turk A/S, Reg. S, FRN 6.797%27/04/2028 USD 7,780,000 6,726,627 0.12Petkim Petrokimya Holding A/S, Reg.S 5.875% 26/01/2023 USD 6,002,000 5,480,666 0.10QNB Finansbank A/S, Reg. S 6.25%30/04/2019 USD 2,000,000 2,007,020 0.04QNB Finansbank A/S, Reg. S 4.875%19/05/2022 USD 6,110,000 5,724,795 0.11Turkey Government Bond 6.625%17/02/2045 USD 4,300,000 3,827,215 0.07Turkey Government Bond 5.75%11/05/2047 USD 9,810,000 7,940,705 0.15Turkiye Garanti Bankasi A/S, Reg. S,FRN 6.125% 24/05/2027 USD 7,590,000 6,674,039 0.12Turkiye Garanti Bankasi A/S, Reg. S5.25% 13/09/2022 USD 6,464,000 6,088,118 0.11Turkiye Sise ve Cam Fabrikalari A/S,Reg. S 4.25% 09/05/2020 USD 3,500,000 3,420,200 0.06

47,889,385 0.88

United Arab EmiratesKuwait Projects Co. SPC Ltd., Reg. S5% 15/03/2023 USD 4,800,000 4,786,488 0.09Kuwait Projects Co. SPC Ltd., Reg. S4.5% 23/02/2027 USD 6,453,000 6,020,617 0.11

10,807,105 0.20

United KingdomBarclays plc 5.2% 12/05/2026 USD 967,000 950,914 0.02Barclays plc 4.836% 09/05/2028 USD 1,051,000 996,521 0.02Barclays plc, Reg. S, FRN 2.625%11/11/2025 EUR 6,400,000 7,598,667 0.14Barclays plc, Reg. S, FRN 7.25%Perpetual GBP 1,550,000 2,097,826 0.04British Telecommunications plc,Reg. S 1.75% 10/03/2026 EUR 4,600,000 5,450,880 0.10Ensco plc 8% 31/01/2024 USD 68,000 68,363 0.00Ensco plc 5.2% 15/03/2025 USD 787,000 657,074 0.01Ensco plc 7.75% 01/02/2026 USD 266,000 253,224 0.00Ensco plc 5.75% 01/10/2044 USD 43,000 30,729 0.00Hikma Pharmaceuticals plc, Reg. S4.25% 10/04/2020 USD 1,600,000 1,591,664 0.03HSBC Holdings plc, FRN 3.326%18/05/2024 USD 17,709,000 17,667,384 0.32HSBC Holdings plc 3.4% 08/03/2021 USD 5,800,000 5,796,578 0.11HSBC Holdings plc 4.25% 14/03/2024 USD 5,080,000 5,068,011 0.09HSBC Holdings plc, Reg. S, FRN 6%Perpetual EUR 4,398,000 5,743,533 0.11Iceland Bondco plc, Reg. S 6.75%15/07/2024 GBP 2,700,000 3,675,222 0.07Iceland Bondco plc, Reg. S 4.625%15/03/2025 GBP 2,650,000 3,158,246 0.06INEOS Finance plc, Reg. S 4%01/05/2023 EUR 5,725,000 6,790,181 0.12International Game Technology plc,144A 6.25% 15/02/2022 USD 3,025,000 3,109,791 0.06International Game Technology plc,Reg. S 4.75% 15/02/2023 EUR 7,400,000 9,215,811 0.17Jaguar Land Rover Automotive plc,144A 4.125% 15/12/2018 USD 250,000 250,894 0.00Jaguar Land Rover Automotive plc,144A 4.5% 01/10/2027 USD 854,000 768,480 0.01KCA Deutag UK Finance plc, 144A7.25% 15/05/2021 USD 1,340,000 1,299,800 0.02Liquid Telecommunications Financingplc, Reg. S 8.5% 13/07/2022 USD 2,617,000 2,622,862 0.05Nationwide Building Society, 144A4% 14/09/2026 USD 5,000,000 4,685,100 0.09Nationwide Building Society, Reg. S,FRN 6.875% Perpetual GBP 738,000 994,286 0.02New Look Secured Issuer plc, Reg. S6.5% 01/07/2022 GBP 3,825,000 2,582,595 0.05NGG Finance plc, Reg. S, FRN 5.625%18/06/2073 GBP 1,400,000 2,013,894 0.04Nomad Foods Bondco plc, Reg. S3.25% 15/05/2024 EUR 2,950,000 3,421,331 0.06OTE plc, Reg. S 3.5% 09/07/2020 EUR 2,525,000 3,056,049 0.06Pizzaexpress Financing 2 plc, Reg. S6.625% 01/08/2021 GBP 1,700,000 2,093,625 0.04Royal Bank of Scotland Group plc,FRN 3.498% 15/05/2023 USD 6,898,000 6,692,819 0.12Royal Bank of Scotland Group plc6.125% 15/12/2022 USD 1,285,000 1,352,193 0.02Royal Bank of Scotland Group plc6.1% 10/06/2023 USD 750,000 790,920 0.01Royal Bank of Scotland Group plc 6%19/12/2023 USD 2,321,000 2,443,201 0.04

RSA Insurance Group plc, Reg. S, FRN5.125% 10/10/2045 GBP 430,000 610,253 0.01Sky plc, Reg. S 1.875% 24/11/2023 EUR 754,000 924,088 0.02Standard Life Aberdeen plc, Reg. S,FRN 6.75% Perpetual GBP 695,000 1,197,930 0.02Synlab Unsecured Bondco plc, Reg. S8.25% 01/07/2023 EUR 5,250,000 6,464,770 0.12Tesco Corporate Treasury Servicesplc, Reg. S 2.5% 01/07/2024 EUR 13,900,000 17,165,529 0.31Tesco plc 6.125% 24/02/2022 GBP 2,000,000 2,991,225 0.05Vedanta Resources plc, Reg. S6.125% 09/08/2024 USD 9,140,000 8,056,196 0.15Virgin Media Finance plc, 144A 5.75%15/01/2025 USD 454,000 425,378 0.01Virgin Media Finance plc, Reg. S4.5% 15/01/2025 EUR 1,350,000 1,592,274 0.03Vodafone Group plc 4.375%30/05/2028 USD 8,830,000 8,714,327 0.16Wellcome Trust Ltd. (The), Reg. S1.125% 21/01/2027 EUR 261,000 311,100 0.01Worldpay Finance plc, Reg. S 3.75%15/11/2022 EUR 5,000,000 6,277,868 0.11

169,719,606 3.10

United States of AmericaAir Lease Corp. 3% 15/09/2023 USD 1,765,000 1,674,959 0.03AK Steel Corp. 7.5% 15/07/2023 USD 711,000 745,651 0.01AK Steel Corp. 7% 15/03/2027 USD 606,000 581,181 0.01Ally Financial, Inc. 4.125%30/03/2020 USD 500,000 502,052 0.01Ally Financial, Inc. 4.25% 15/04/2021 USD 2,050,000 2,057,964 0.04Ally Financial, Inc. 4.625%19/05/2022 USD 2,452,000 2,459,944 0.05Ally Financial, Inc. 4.625%30/03/2025 USD 3,625,000 3,571,749 0.07Ally Financial, Inc. 8% 01/11/2031 USD 675,000 806,419 0.02Altria Group, Inc. 4% 31/01/2024 USD 2,000,000 2,026,420 0.04Altria Group, Inc. 3.875%16/09/2046 USD 3,385,000 2,996,707 0.06AMC Entertainment Holdings, Inc.5.75% 15/06/2025 USD 2,255,000 2,219,923 0.04AMC Entertainment Holdings, Inc.6.125% 15/05/2027 USD 295,000 284,718 0.01AMC Entertainment Holdings, Inc.5.875% 15/02/2022 USD 330,000 335,765 0.01American Axle & Manufacturing, Inc.6.625% 15/10/2022 USD 1,647,000 1,694,187 0.03American Axle & Manufacturing, Inc.6.25% 15/03/2026 USD 392,000 385,487 0.01American International Group, Inc.3.9% 01/04/2026 USD 10,920,000 10,585,575 0.19American Tower Corp., REIT 3.375%15/10/2026 USD 4,645,000 4,318,921 0.08AmeriGas Partners LP 5.875%20/08/2026 USD 1,070,000 1,047,150 0.02AmeriGas Partners LP 5.75%20/05/2027 USD 1,245,000 1,180,465 0.02Amkor Technology, Inc. 6.625%01/06/2021 USD 2,835,000 2,843,009 0.05Andeavor Logistics LP 6.25%15/10/2022 USD 521,000 541,309 0.01Anheuser-Busch InBev Finance, Inc.4.9% 01/02/2046 USD 4,335,000 4,469,493 0.08Anheuser-Busch InBev Finance, Inc.3.65% 01/02/2026 USD 6,850,000 6,716,459 0.12Anixter, Inc. 5.5% 01/03/2023 USD 390,000 398,958 0.01Antero Resources Corp. 5.125%01/12/2022 USD 3,609,000 3,635,111 0.07Antero Resources Corp. 5.375%01/11/2021 USD 836,000 846,199 0.02Archrock Partners LP 6% 01/10/2022 USD 34,000 33,830 0.00Arconic, Inc. 5.4% 15/04/2021 USD 565,000 580,840 0.01Arconic, Inc. 5.125% 01/10/2024 USD 430,000 426,704 0.01Arconic, Inc. 5.9% 01/02/2027 USD 2,835,000 2,862,840 0.05Arconic, Inc. 6.75% 15/01/2028 USD 33,000 34,815 0.00Ashland LLC 4.75% 15/08/2022 USD 1,170,000 1,173,241 0.02Ashtead Capital, Inc., 144A 5.625%01/10/2024 USD 600,000 618,000 0.01AT&T, Inc. 3.4% 15/05/2025 USD 1,065,000 1,004,859 0.02AT&T, Inc. 3.15% 04/09/2036 EUR 2,200,000 2,571,190 0.05AT&T, Inc. 4.3% 15/12/2042 USD 240,000 206,754 0.00Axalta Coating Systems LLC, Reg. S4.25% 15/08/2024 EUR 4,350,000 5,288,782 0.10B&G Foods, Inc. 5.25% 01/04/2025 USD 150,000 142,157 0.00Ball Corp. 4.375% 15/12/2023 EUR 5,250,000 6,845,468 0.13Ball Corp. 5.25% 01/07/2025 USD 740,000 756,887 0.01Bank of America Corp. 3.248%21/10/2027 USD 2,600,000 2,424,994 0.04

395

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Becton Dickinson and Co. 1.401%24/05/2023 EUR 471,000 553,914 0.01Belden, Inc., Reg. S 3.375%15/07/2027 EUR 3,800,000 4,203,372 0.08Berry Global, Inc. 5.5% 15/05/2022 USD 200,000 204,093 0.00Berry Global, Inc. 6% 15/10/2022 USD 400,000 412,638 0.01Berry Global, Inc. 5.125% 15/07/2023 USD 400,000 397,832 0.01Blue Cube Spinco LLC 9.75%15/10/2023 USD 734,000 833,050 0.02Blue Cube Spinco LLC 10%15/10/2025 USD 925,000 1,076,839 0.02Boyd Gaming Corp. 6.875%15/05/2023 USD 2,661,000 2,798,614 0.05Boyd Gaming Corp. 6.375%01/04/2026 USD 1,707,000 1,732,537 0.03Bristow Group, Inc. 6.25%15/10/2022 USD 230,000 179,208 0.00Buckeye Partners LP 3.95%01/12/2026 USD 3,750,000 3,429,956 0.06Caleres, Inc. 6.25% 15/08/2023 USD 345,000 355,471 0.01Callon Petroleum Co. 6.125%01/10/2024 USD 1,164,000 1,168,452 0.02Capital One Bank USA NA 3.375%15/02/2023 USD 2,000,000 1,950,530 0.04Capital One Financial Corp. 3.5%15/06/2023 USD 6,080,000 5,957,610 0.11Capital One Financial Corp. 3.75%28/07/2026 USD 1,695,000 1,581,028 0.03Capital One Financial Corp. 3.75%09/03/2027 USD 2,455,000 2,335,171 0.04Capital One NA 1.85% 13/09/2019 USD 3,735,000 3,680,469 0.07Cedar Fair LP 5.375% 01/06/2024 USD 160,000 161,609 0.00Cedar Fair LP 5.375% 15/04/2027 USD 165,000 163,350 0.00Centene Corp. 5.625% 15/02/2021 USD 180,000 183,926 0.00Centene Corp. 4.75% 15/05/2022 USD 766,000 774,671 0.01Centene Corp. 6.125% 15/02/2024 USD 680,000 715,574 0.01Centene Corp. 4.75% 15/01/2025 USD 675,000 672,209 0.01CenturyLink, Inc. 6.45% 15/06/2021 USD 485,000 499,550 0.01CenturyLink, Inc. 7.5% 01/04/2024 USD 189,000 194,641 0.00CenturyLink, Inc. 5.8% 15/03/2022 USD 260,000 257,296 0.00CenturyLink, Inc. 6.75% 01/12/2023 USD 3,542,000 3,568,530 0.07CF Industries, Inc. 3.45% 01/06/2023 USD 595,000 564,506 0.01CF Industries, Inc. 5.375%15/03/2044 USD 47,000 41,837 0.00Chemours Co. (The) 7% 15/05/2025 USD 255,000 273,861 0.01Chemours Co. (The) 5.375%15/05/2027 USD 241,000 231,975 0.00Chemours Co. (The) 6.625%15/05/2023 USD 2,276,000 2,390,187 0.04Chesapeake Energy Corp. 4.875%15/04/2022 USD 545,000 524,077 0.01Cinemark USA, Inc. 5.125%15/12/2022 USD 565,000 570,856 0.01Cinemark USA, Inc. 4.875%01/06/2023 USD 62,000 60,833 0.00CIT Group, Inc. 5.375% 15/05/2020 USD 19,000 19,562 0.00CIT Group, Inc. 5% 15/08/2022 USD 1,165,000 1,181,793 0.02Citigroup, Inc. 2.4% 18/02/2020 USD 1,990,000 1,966,637 0.04Citigroup, Inc. 3.875% 26/03/2025 USD 6,005,000 5,839,712 0.11Citigroup, Inc. 4.4% 10/06/2025 USD 5,395,000 5,372,934 0.10Citigroup, Inc. 4.6% 09/03/2026 USD 2,685,000 2,695,565 0.05Citigroup, Inc. 3.2% 21/10/2026 USD 6,435,000 5,991,789 0.11Citigroup, Inc., Reg. S, FRN 0.177%21/03/2023 EUR 3,894,000 4,521,598 0.08Clearwater Paper Corp. 4.5%01/02/2023 USD 670,000 629,800 0.01CNO Financial Group, Inc. 4.5%30/05/2020 USD 116,000 116,000 0.00CNO Financial Group, Inc. 5.25%30/05/2025 USD 723,000 721,955 0.01CNX Resources Corp. 5.875%15/04/2022 USD 244,000 245,470 0.00Commercial Metals Co. 4.875%15/05/2023 USD 2,098,000 2,053,082 0.04Community Health Systems, Inc.5.125% 01/08/2021 USD 989,000 922,242 0.02Community Health Systems, Inc.6.875% 01/02/2022 USD 1,455,000 756,600 0.01Community Health Systems, Inc.6.25% 31/03/2023 USD 809,000 741,837 0.01Concho Resources, Inc. 3.75%01/10/2027 USD 2,202,000 2,118,952 0.04Concho Resources, Inc. 4.875%01/10/2047 USD 738,000 747,177 0.01CoreCivic, Inc., REIT 4.625%01/05/2023 USD 1,955,000 1,927,171 0.04Coty, Inc., Reg. S 4% 15/04/2023 EUR 4,044,000 4,668,535 0.09Covanta Holding Corp. 5.875%01/03/2024 USD 16,000 15,820 0.00

Covanta Holding Corp. 5.875%01/07/2025 USD 350,000 338,118 0.01Crestwood Midstream Partners LP6.25% 01/04/2023 USD 2,905,000 2,971,307 0.05Crown Americas LLC 4.25%30/09/2026 USD 755,000 689,149 0.01Crown Castle International Corp.,REIT 5.25% 15/01/2023 USD 190,000 199,349 0.00Dana, Inc. 5.5% 15/12/2024 USD 1,700,000 1,692,894 0.03DaVita, Inc. 5.75% 15/08/2022 USD 500,000 510,245 0.01DaVita, Inc. 5.125% 15/07/2024 USD 550,000 532,125 0.01DaVita, Inc. 5% 01/05/2025 USD 630,000 593,983 0.01DCP Midstream Operating LP 3.875%15/03/2023 USD 1,320,000 1,276,084 0.02Diamond Offshore Drilling, Inc.7.875% 15/08/2025 USD 205,000 212,566 0.00Diebold Nixdorf, Inc. 8.5%15/04/2024 USD 1,412,000 1,359,332 0.03Embarq Corp. 7.995% 01/06/2036 USD 4,415,000 4,180,078 0.08EMC Corp. 2.65% 01/06/2020 USD 483,000 469,476 0.01Encompass Health Corp. 5.75%01/11/2024 USD 4,425,000 4,471,086 0.08Encompass Health Corp. 5.75%15/09/2025 USD 800,000 811,544 0.02Envision Healthcare Corp. 5.625%15/07/2022 USD 1,055,000 1,081,375 0.02Equinix, Inc., REIT 2.875%01/10/2025 EUR 9,500,000 10,463,799 0.19Exelon Corp. 3.4% 15/04/2026 USD 1,750,000 1,669,684 0.03Exelon Generation Co. LLC 4.25%15/06/2022 USD 3,400,000 3,480,342 0.06FelCor Lodging LP, REIT 6%01/06/2025 USD 125,000 128,540 0.00FirstEnergy Corp. 3.9% 15/07/2027 USD 10,100,000 9,804,070 0.18Ford Motor Credit Co. LLC 3.2%15/01/2021 USD 2,035,000 2,014,131 0.04Ford Motor Credit Co. LLC 3.664%08/09/2024 USD 5,845,000 5,602,053 0.10Freeport-McMoRan, Inc. 3.1%15/03/2020 USD 586,000 577,480 0.01Freeport-McMoRan, Inc. 3.55%01/03/2022 USD 2,373,000 2,259,606 0.04Freeport-McMoRan, Inc. 3.875%15/03/2023 USD 4,100,000 3,890,100 0.07Freeport-McMoRan, Inc. 4.55%14/11/2024 USD 1,410,000 1,351,175 0.02General Electric Co. 3.45%15/05/2024 USD 570,000 559,173 0.01General Electric Co. 4.5% 11/03/2044 USD 7,985,000 7,840,591 0.14General Motors Co. 5.15%01/04/2038 USD 4,730,000 4,509,487 0.08General Motors Co. 4.875%02/10/2023 USD 750,000 772,211 0.01General Motors Financial Co., Inc. 4%15/01/2025 USD 6,050,000 5,900,716 0.11Genesis Energy LP 6.75% 01/08/2022 USD 60,000 61,200 0.00Genesis Energy LP 6% 15/05/2023 USD 348,000 343,140 0.01Genesis Energy LP 5.625%15/06/2024 USD 852,000 801,110 0.01GEO Group, Inc. (The), REIT 5.125%01/04/2023 USD 1,494,000 1,469,469 0.03GEO Group, Inc. (The), REIT 5.875%15/10/2024 USD 3,843,000 3,755,341 0.07Global Partners LP 6.25% 15/07/2022 USD 325,000 316,875 0.01Global Partners LP 7% 15/06/2023 USD 500,000 498,750 0.01Goldman Sachs Group, Inc. (The)2.35% 15/11/2021 USD 16,170,000 15,582,301 0.29Goldman Sachs Group, Inc. (The)4.25% 21/10/2025 USD 1,350,000 1,330,918 0.02Harris Corp. 4.854% 27/04/2035 USD 6,055,000 6,249,668 0.11HCA Healthcare, Inc. 6.25%15/02/2021 USD 300,000 312,250 0.01HCA, Inc. 3.75% 15/03/2019 USD 4,000 4,015 0.00HCA, Inc. 4.25% 15/10/2019 USD 235,000 237,695 0.00HCA, Inc. 6.5% 15/02/2020 USD 500,000 520,368 0.01HCA, Inc. 7.5% 15/02/2022 USD 545,000 594,775 0.01HCA, Inc. 5.875% 15/03/2022 USD 170,000 177,472 0.00HCA, Inc. 4.75% 01/05/2023 USD 100,000 100,040 0.00HCA, Inc. 5.875% 01/05/2023 USD 3,857,000 4,001,541 0.07HCA, Inc. 5% 15/03/2024 USD 104,000 104,361 0.00HCA, Inc. 5.375% 01/02/2025 USD 21,508,000 21,280,768 0.39HCA, Inc. 5.25% 15/04/2025 USD 165,000 166,332 0.00HCA, Inc. 5.875% 15/02/2026 USD 11,995,000 12,108,413 0.22HCA, Inc. 4.5% 15/02/2027 USD 165,000 156,499 0.00HCA, Inc. 5.5% 15/06/2047 USD 650,000 599,118 0.01Hecla Mining Co. 6.875% 01/05/2021 USD 760,000 770,423 0.01Hertz Corp. (The) 7.375% 15/01/2021 USD 410,000 402,548 0.01Hertz Corp. (The) 6.25% 15/10/2022 USD 5,804,000 5,177,661 0.09

396

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Hilton Domestic Operating Co., Inc.4.25% 01/09/2024 USD 132,000 125,972 0.00Hilton Grand Vacations Borrower LLC6.125% 01/12/2024 USD 233,000 239,699 0.00Hilton Worldwide Finance LLC4.625% 01/04/2025 USD 179,000 174,662 0.00Hilton Worldwide Finance LLC4.875% 01/04/2027 USD 1,116,000 1,074,542 0.02HRG Group, Inc. 7.75% 15/01/2022 USD 3,135,000 3,229,050 0.06Huntsman International LLC 5.125%15/11/2022 USD 2,367,000 2,436,744 0.04Huntsman International LLC 4.25%01/04/2025 EUR 5,000,000 6,639,447 0.12IQVIA, Inc., Reg. S 3.5% 15/10/2024 EUR 9,800,000 11,485,131 0.21IQVIA, Inc., Reg. S 3.25% 15/03/2025 EUR 5,150,000 5,845,502 0.11Iron Mountain, Inc., REIT 5.75%15/08/2024 USD 790,000 778,245 0.01Iron Mountain, Inc., REIT, Reg. S 3%15/01/2025 EUR 4,350,000 5,033,846 0.09Kennedy-Wilson, Inc. 5.875%01/04/2024 USD 50,000 48,534 0.00Kraton Polymers LLC, Reg. S 5.25%15/05/2026 EUR 1,379,000 1,622,336 0.03Kroger Co. (The) 2.65% 15/10/2026 USD 3,690,000 3,282,735 0.06Kronos International, Inc., Reg. S3.75% 15/09/2025 EUR 3,318,000 3,729,566 0.07L Brands, Inc. 5.625% 15/10/2023 USD 332,000 337,881 0.01L Brands, Inc. 5.25% 01/02/2028 USD 913,000 812,771 0.02L Brands, Inc. 6.75% 01/07/2036 USD 2,500,000 2,212,500 0.04Lennar Corp. 4.75% 30/05/2025 USD 215,000 208,890 0.00Level 3 Financing, Inc. 5.625%01/02/2023 USD 495,000 496,054 0.01Level 3 Financing, Inc. 5.125%01/05/2023 USD 1,263,000 1,241,276 0.02Level 3 Financing, Inc. 5.375%15/01/2024 USD 275,000 269,580 0.01Level 3 Financing, Inc. 5.375%01/05/2025 USD 3,517,000 3,411,490 0.06Level 3 Financing, Inc. 5.25%15/03/2026 USD 129,000 122,849 0.00Level 3 Parent LLC 5.75% 01/12/2022 USD 1,750,000 1,751,487 0.03Martin Marietta Materials, Inc. 3.5%15/12/2027 USD 5,140,000 4,774,443 0.09Masco Corp. 3.5% 01/04/2021 USD 820,000 819,951 0.02Masco Corp. 4.375% 01/04/2026 USD 3,635,000 3,620,787 0.07Masco Corp. 3.5% 15/11/2027 USD 2,520,000 2,328,001 0.04MasTec, Inc. 4.875% 15/03/2023 USD 805,000 783,273 0.01MetLife, Inc. 3% 01/03/2025 USD 1,525,000 1,455,437 0.03MetLife, Inc. 6.4% 15/12/2066 USD 180,000 191,744 0.00MGM Growth Properties OperatingPartnership LP, REIT 5.625%01/05/2024 USD 2,750,000 2,787,524 0.05MGM Resorts International 6.625%15/12/2021 USD 325,000 342,764 0.01MGM Resorts International 7.75%15/03/2022 USD 1,020,000 1,113,182 0.02MGM Resorts International 6%15/03/2023 USD 7,375,000 7,582,053 0.14MGM Resorts International 4.625%01/09/2026 USD 4,250,000 3,948,122 0.07Mohawk Industries, Inc. 2%14/01/2022 EUR 4,200,000 5,147,785 0.09Morgan Stanley 3.7% 23/10/2024 USD 5,020,000 4,961,040 0.09Morgan Stanley 3.125% 27/07/2026 USD 2,000,000 1,863,290 0.03Nabors Industries, Inc. 5.5%15/01/2023 USD 1,198,000 1,164,750 0.02Nationstar Mortgage LLC 7.875%01/10/2020 USD 110,000 110,963 0.00Nationstar Mortgage LLC 6.5%01/07/2021 USD 185,000 185,316 0.00Nationstar Mortgage LLC 6.5%01/06/2022 USD 827,000 829,258 0.02NCR Corp. 5% 15/07/2022 USD 100,000 99,500 0.00NCR Corp. 6.375% 15/12/2023 USD 19,000 19,607 0.00New Albertsons LP 7.45%01/08/2029 USD 775,000 621,938 0.01New Albertsons LP 8% 01/05/2031 USD 3,291,000 2,731,530 0.05New Home Co., Inc. (The) 7.25%01/04/2022 USD 955,000 987,069 0.02Newfield Exploration Co. 5.75%30/01/2022 USD 360,000 375,975 0.01Noble Energy, Inc. 3.85% 15/01/2028 USD 3,855,000 3,691,837 0.07NRG Energy, Inc. 6.625% 15/01/2027 USD 2,700,000 2,781,945 0.05NRG Energy, Inc. 6.25% 01/05/2024 USD 296,000 305,294 0.01NRG Yield Operating LLC 5.375%15/08/2024 USD 516,000 517,078 0.01NuStar Logistics LP 5.625%28/04/2027 USD 330,000 317,688 0.01Oasis Petroleum, Inc. 6.875%15/03/2022 USD 5,000 5,110 0.00

Oasis Petroleum, Inc. 6.875%15/01/2023 USD 5,125,000 5,244,336 0.10ONEOK, Inc. 4% 13/07/2027 USD 6,900,000 6,686,445 0.12Oshkosh Corp. 5.375% 01/03/2025 USD 185,000 191,066 0.00Outfront Media Capital LLC 5.875%15/03/2025 USD 488,000 493,954 0.01Outfront Media Capital LLC 5.25%15/02/2022 USD 300,000 304,857 0.01Outfront Media Capital LLC 5.625%15/02/2024 USD 75,000 75,699 0.00Owens Corning 4.3% 15/07/2047 USD 7,510,000 6,199,317 0.11PBF Logistics LP 6.875% 15/05/2023 USD 340,000 344,675 0.01Penske Automotive Group, Inc. 5.5%15/05/2026 USD 1,397,000 1,374,082 0.03PolyOne Corp. 5.25% 15/03/2023 USD 790,000 806,811 0.02PPL Capital Funding, Inc. 3.1%15/05/2026 USD 8,000,000 7,465,360 0.14PSPC Escrow Corp., Reg. S 6%01/02/2023 EUR 4,000,000 4,861,804 0.09PVH Corp., Reg. S 3.125% 15/12/2027 EUR 3,500,000 4,028,928 0.07QEP Resources, Inc. 6.875%01/03/2021 USD 322,000 343,188 0.01QEP Resources, Inc. 5.375%01/10/2022 USD 505,000 518,297 0.01QEP Resources, Inc. 5.25%01/05/2023 USD 75,000 73,846 0.00QEP Resources, Inc. 5.625%01/03/2026 USD 131,000 124,987 0.00Quad/Graphics, Inc. 7% 01/05/2022 USD 5,000 5,131 0.00Qwest Capital Funding, Inc. 6.875%15/07/2028 USD 170,000 155,362 0.00Qwest Capital Funding, Inc. 7.75%15/02/2031 USD 960,000 873,600 0.02Qwest Corp. 7.125% 15/11/2043 USD 1,687,000 1,609,525 0.03Radian Group, Inc. 7% 15/03/2021 USD 218,000 231,353 0.00Radian Group, Inc. 4.5% 01/10/2024 USD 751,000 721,467 0.01Range Resources Corp. 5%15/08/2022 USD 980,000 975,722 0.02Range Resources Corp. 5%15/03/2023 USD 818,000 797,669 0.01Range Resources Corp. 4.875%15/05/2025 USD 3,250,000 3,063,661 0.06Realty Income Corp., REIT 3%15/01/2027 USD 1,635,000 1,504,780 0.03Realty Income Corp., REIT 3.65%15/01/2028 USD 2,230,000 2,143,900 0.04Revlon Consumer Products Corp.6.25% 01/08/2024 USD 650,000 358,355 0.01Reynolds Group Issuer, Inc. 5.75%15/10/2020 USD 4,486,969 4,508,708 0.08RHP Hotel Properties LP, REIT 5%15/04/2023 USD 80,000 80,000 0.00Rockwell Collins, Inc. 3.5%15/03/2027 USD 13,440,000 12,835,536 0.23Roper Technologies, Inc. 3.8%15/12/2026 USD 5,925,000 5,770,002 0.11Rowan Cos., Inc. 4.875% 01/06/2022 USD 567,000 534,888 0.01Rowan Cos., Inc. 7.375% 15/06/2025 USD 140,000 136,209 0.00RR Donnelley & Sons Co. 7.625%15/06/2020 USD 94,000 97,446 0.00RR Donnelley & Sons Co. 7%15/02/2022 USD 2,000 2,055 0.00RSP Permian, Inc. 6.625%01/10/2022 USD 1,535,000 1,616,662 0.03Sally Holdings LLC 5.625%01/12/2025 USD 240,000 221,800 0.00Scotts Miracle-Gro Co. (The) 6%15/10/2023 USD 2,715,000 2,820,722 0.05Scotts Miracle-Gro Co. (The) 5.25%15/12/2026 USD 1,345,000 1,286,257 0.02SemGroup Corp. 5.625% 15/07/2022 USD 1,125,000 1,096,875 0.02SemGroup Corp. 5.625% 15/11/2023 USD 873,000 823,894 0.02Sempra Energy 3.8% 01/02/2038 USD 6,285,000 5,754,263 0.11Service Corp. International 8%15/11/2021 USD 90,000 100,462 0.00Service Corp. International 5.375%15/05/2024 USD 579,000 594,199 0.01Service Corp. International 7.5%01/04/2027 USD 685,000 771,481 0.01Silgan Holdings, Inc. 3.25%15/03/2025 EUR 4,400,000 5,200,929 0.10SM Energy Co. 6.5% 15/11/2021 USD 1,156,000 1,183,311 0.02SM Energy Co. 6.5% 01/01/2023 USD 604,000 613,060 0.01SM Energy Co. 5% 15/01/2024 USD 84,000 79,170 0.00Sonic Automotive, Inc. 6.125%15/03/2027 USD 87,000 82,215 0.00Southern Copper Corp. 5.875%23/04/2045 USD 5,900,000 6,308,575 0.12Southwestern Energy Co. 6.7%23/01/2025 USD 4,021,000 3,962,937 0.07

397

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Southwestern Energy Co. 7.75%01/10/2027 USD 1,215,000 1,266,237 0.02Spectrum Brands, Inc. 6.625%15/11/2022 USD 250,000 258,072 0.01Spectrum Brands, Inc. 6.125%15/12/2024 USD 1,004,000 1,019,145 0.02Spectrum Brands, Inc. 5.75%15/07/2025 USD 68,000 67,314 0.00Sprint Capital Corp. 6.9% 01/05/2019 USD 100,000 102,476 0.00Sprint Capital Corp. 8.75%15/03/2032 USD 9,927,000 10,585,061 0.19Sprint Communications, Inc. 7%15/08/2020 USD 462,000 479,630 0.01Sprint Communications, Inc. 9.25%15/04/2022 USD 351,000 396,630 0.01Sprint Communications, Inc. 6%15/11/2022 USD 483,000 479,571 0.01Sprint Corp. 7.875% 15/09/2023 USD 11,975,000 12,483,758 0.23Sprint Corp. 7.125% 15/06/2024 USD 1,381,000 1,389,707 0.03Sprint Corp. 7.625% 15/02/2025 USD 16,542,000 16,990,619 0.31Sprint Corp. 7.25% 15/09/2021 USD 1,587,000 1,650,234 0.03Summit Materials LLC 6.125%15/07/2023 USD 987,000 999,308 0.02Summit Midstream Holdings LLC5.5% 15/08/2022 USD 730,000 720,010 0.01SUPERVALU, Inc. 7.75% 15/11/2022 USD 2,498,000 2,572,940 0.05Synchrony Bank 3% 15/06/2022 USD 3,815,000 3,678,118 0.07Synchrony Financial 3.95%01/12/2027 USD 422,000 390,006 0.01Targa Resources Partners LP 6.75%15/03/2024 USD 4,800,000 5,028,000 0.09TEGNA, Inc. 6.375% 15/10/2023 USD 745,000 767,011 0.01Teleflex, Inc. 5.25% 15/06/2024 USD 992,000 1,016,800 0.02Tempur Sealy International, Inc.5.625% 15/10/2023 USD 2,235,000 2,241,850 0.04Tempur Sealy International, Inc. 5.5%15/06/2026 USD 3,422,000 3,318,074 0.06Tenet Healthcare Corp. 5.5%01/03/2019 USD 485,000 489,295 0.01Tenet Healthcare Corp. 6.75%01/02/2020 USD 15,000 15,470 0.00Tenet Healthcare Corp. 6%01/10/2020 USD 215,000 221,877 0.00Tenet Healthcare Corp. 4.5%01/04/2021 USD 2,505,000 2,492,024 0.05Tenet Healthcare Corp. 4.375%01/10/2021 USD 750,000 740,422 0.01Tenet Healthcare Corp. 8.125%01/04/2022 USD 8,339,000 8,742,274 0.16Tenet Healthcare Corp. 6.75%15/06/2023 USD 3,862,000 3,844,795 0.07Tenneco, Inc. 5.375% 15/12/2024 USD 86,000 82,560 0.00Time Warner, Inc. 3.6% 15/07/2025 USD 550,000 524,557 0.01Time Warner, Inc. 2.95% 15/07/2026 USD 1,594,000 1,439,653 0.03Toll Brothers Finance Corp. 5.625%15/01/2024 USD 140,000 144,375 0.00Toll Brothers Finance Corp. 4.875%15/11/2025 USD 585,000 566,856 0.01Toll Brothers Finance Corp. 4.35%15/02/2028 USD 455,000 406,099 0.01TransDigm, Inc. 6.5% 15/07/2024 USD 1,286,000 1,310,016 0.02TransDigm, Inc. 6.5% 15/05/2025 USD 593,000 601,658 0.01TransDigm, Inc. 6.375% 15/06/2026 USD 150,000 149,328 0.00TransDigm, Inc. 6% 15/07/2022 USD 1,385,000 1,399,951 0.03TransMontaigne Partners LP 6.125%15/02/2026 USD 385,000 390,775 0.01Triumph Group, Inc. 4.875%01/04/2021 USD 2,010,000 1,955,720 0.04Triumph Group, Inc. 7.75%15/08/2025 USD 1,000,000 996,850 0.02Unit Corp. 6.625% 15/05/2021 USD 149,000 149,130 0.00United Continental Holdings, Inc.4.25% 01/10/2022 USD 397,000 386,892 0.01United Continental Holdings, Inc. 5%01/02/2024 USD 441,000 428,180 0.01United Rentals North America, Inc.4.625% 15/07/2023 USD 111,000 111,290 0.00United Rentals North America, Inc.5.75% 15/11/2024 USD 6,036,000 6,161,881 0.11United Rentals North America, Inc.5.5% 15/07/2025 USD 630,000 635,412 0.01United Rentals North America, Inc.5.875% 15/09/2026 USD 1,840,000 1,855,870 0.03United Rentals North America, Inc.5.5% 15/05/2027 USD 2,010,000 1,956,464 0.04United Rentals North America, Inc.4.875% 15/01/2028 USD 1,096,000 1,019,357 0.02United States Cellular Corp. 6.7%15/12/2033 USD 2,340,000 2,451,361 0.05

United States Steel Corp. 6.875%15/08/2025 USD 232,000 235,480 0.00Vantiv LLC, Reg. S 3.875% 15/11/2025 GBP 2,600,000 3,252,788 0.06VEREIT Operating Partnership LP,REIT 4.6% 06/02/2024 USD 3,915,000 3,921,949 0.07VEREIT Operating Partnership LP,REIT 3.95% 15/08/2027 USD 5,615,000 5,250,278 0.10Verizon Communications, Inc.2.625% 15/08/2026 USD 3,000,000 2,672,085 0.05Verizon Communications, Inc.4.272% 15/01/2036 USD 2,795,000 2,582,133 0.05Vista Outdoor, Inc. 5.875%01/10/2023 USD 1,585,000 1,521,093 0.03Vistra Energy Corp. 7.375%01/11/2022 USD 1,750,000 1,829,721 0.03Vistra Energy Corp. 5.875%01/06/2023 USD 1,793,000 1,846,261 0.03Vistra Energy Corp. 7.625%01/11/2024 USD 420,000 449,518 0.01Weatherford International LLC 6.8%15/06/2037 USD 4,000 3,193 0.00Welbilt, Inc. 9.5% 15/02/2024 USD 4,255,000 4,701,775 0.09WellCare Health Plans, Inc. 5.25%01/04/2025 USD 975,000 972,738 0.02Wells Fargo & Co. 4.9% 17/11/2045 USD 2,150,000 2,128,661 0.04WESCO Distribution, Inc. 5.375%15/06/2024 USD 530,000 525,776 0.01Western Digital Corp. 4.75%15/02/2026 USD 1,388,000 1,353,605 0.03Western Gas Partners LP 5.45%01/04/2044 USD 1,195,000 1,134,605 0.02Whiting Petroleum Corp. 5.75%15/03/2021 USD 1,770,000 1,809,825 0.03Williams Cos., Inc. (The) 3.7%15/01/2023 USD 1,140,000 1,106,131 0.02Williams Cos., Inc. (The) 5.75%24/06/2044 USD 525,000 545,344 0.01Williams Partners LP 4% 15/09/2025 USD 11,475,000 11,226,050 0.21WMG Acquisition Corp., Reg. S4.125% 01/11/2024 EUR 2,000,000 2,417,780 0.04WPX Energy, Inc. 6% 15/01/2022 USD 252,000 262,132 0.01WPX Energy, Inc. 8.25% 01/08/2023 USD 2,735,000 3,111,213 0.06WPX Energy, Inc. 5.25% 15/09/2024 USD 116,000 115,265 0.00Wyndham Worldwide Corp. 5.1%01/10/2025 USD 120,000 122,695 0.00Zayo Group LLC 6% 01/04/2023 USD 455,000 462,963 0.01Zayo Group LLC 6.375% 15/05/2025 USD 1,964,000 2,010,802 0.04

719,464,257 13.15

Virgin Islands, BritishBluestar Finance Holdings Ltd.,Reg. S 3.125% 30/09/2019 USD 2,600,000 2,580,233 0.04Keen Idea Global Ltd., Reg. S 4.375%08/03/2020 USD 1,600,000 1,507,960 0.03Studio City Co. Ltd., Reg. S 7.25%30/11/2021 USD 2,000,000 2,076,120 0.04

6,164,313 0.11

ZambiaZambia Government Bond, Reg. S8.5% 14/04/2024 USD 8,100,000 7,235,892 0.13

7,235,892 0.13

Total Bonds 3,049,889,124 55.75

Convertible Bonds

United Arab EmiratesAabar Investments PJSC, Reg. S 0.5%27/03/2020 EUR 2,300,000 2,499,050 0.04

2,499,050 0.04

United States of AmericaWayfair, Inc., 144A 0.375%01/09/2022 USD 5,850,000 7,522,632 0.14

7,522,632 0.14

Total Convertible Bonds 10,021,682 0.18

Equities

CanadaFrontera Energy Corp. CAD 19,884 290,589 0.01Frontera Energy Corp. USD 78,050 1,087,884 0.02

1,378,473 0.03

398

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

United States of AmericaAvaya Holdings Corp. USD 57,385 1,122,164 0.02Caesars Entertainment Corp. USD 9,876 107,402 0.00NII Holdings, Inc. USD 1,823 7,073 0.00Penn Virginia Corp. USD 952 81,486 0.00VICI Properties, Inc., REIT USD 16,763 342,468 0.01Vistra Energy Corp. USD 856 20,215 0.00

1,680,808 0.03

Total Equities 3,059,281 0.06

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 3,062,970,087 55.99

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

AfghanistanACRC, FRN ‘B’ 0% 22/12/2020* USD 5,600,000 5,601,750 0.10

5,601,750 0.10

AustraliaFMG Resources August 2006 Pty.Ltd., 144A 9.75% 01/03/2022 USD 56,224 61,705 0.00FMG Resources August 2006 Pty.Ltd., 144A 4.75% 15/05/2022 USD 579,000 559,488 0.01FMG Resources August 2006 Pty.Ltd., 144A 5.125% 15/05/2024 USD 771,000 748,159 0.01Nufarm Australia Ltd., 144A 5.75%30/04/2026 USD 340,000 330,225 0.01

1,699,577 0.03

AustriaSuzano Austria GmbH, Reg. S 5.75%14/07/2026 USD 4,040,000 4,083,289 0.08

4,083,289 0.08

BermudaBellemeade Re Ltd., FRN, Series2018-1A ‘M1B’, 144A 3.568%25/04/2028 USD 4,450,000 4,477,452 0.08Digicel Group Ltd., Reg. S 8.25%30/09/2020 USD 1,900,000 1,435,906 0.03Digicel Group Ltd., Reg. S 7.125%01/04/2022 USD 2,283,000 1,527,670 0.03IHS Markit Ltd., 144A 4% 01/03/2026 USD 531,000 509,096 0.01IHS Markit Ltd., Reg. S 5% 01/11/2022 USD 220,000 224,279 0.00VOC Escrow Ltd., 144A 5%15/02/2028 USD 733,000 696,086 0.01

8,870,489 0.16

BrazilBanco Votorantim SA, Reg. S 7.375%21/01/2020 USD 2,000,000 2,079,180 0.04Itau Unibanco Holding SA, Reg. S,FRN 6.125% Perpetual USD 6,740,000 6,336,038 0.11Itau Unibanco Holding SA, Reg. S,FRN 6.5% Perpetual USD 9,050,000 8,589,808 0.16

17,005,026 0.31

Canada1011778 BC ULC, 144A 4.25%15/05/2024 USD 1,159,000 1,106,868 0.02Athabasca Oil Corp., 144A 9.875%24/02/2022 USD 1,148,000 1,188,180 0.02ATS Automation Tooling Systems,Inc., 144A 6.5% 15/06/2023 USD 459,000 471,273 0.01Baytex Energy Corp., 144A 5.125%01/06/2021 USD 200,000 194,000 0.00Baytex Energy Corp., 144A 5.625%01/06/2024 USD 54,000 50,760 0.00Bombardier, Inc., 144A 8.75%01/12/2021 USD 1,233,000 1,362,662 0.03Bombardier, Inc., 144A 6%15/10/2022 USD 1,403,000 1,403,842 0.03Bombardier, Inc., 144A 6.125%15/01/2023 USD 1,107,000 1,110,780 0.02Bombardier, Inc., 144A 7.5%01/12/2024 USD 813,000 855,414 0.02Bombardier, Inc., 144A 7.5%15/03/2025 USD 899,000 936,237 0.02Cascades, Inc., 144A 5.75%15/07/2023 USD 133,000 132,335 0.00

Cenovus Energy, Inc. 4.25%15/04/2027 USD 1,930,000 1,858,715 0.03Concordia International Corp., 144A9% 01/04/2022 USD 1,415,000 1,273,500 0.02Concordia International Corp., 144A7% 15/04/2023 USD 1,675,000 104,688 0.00Garda World Security Corp., 144A8.75% 15/05/2025 USD 4,725,000 4,866,750 0.09Gateway Casinos & EntertainmentLtd., 144A 8.25% 01/03/2024 USD 1,152,000 1,218,240 0.02Hudbay Minerals, Inc., 144A 7.25%15/01/2023 USD 260,000 270,006 0.01Lundin Mining Corp., 144A 7.875%01/11/2022 USD 180,000 189,941 0.00Mattamy Group Corp., 144A 6.875%15/12/2023 USD 620,000 629,300 0.01MEG Energy Corp., 144A 6.375%30/01/2023 USD 1,955,000 1,823,037 0.03MEG Energy Corp., 144A 7%31/03/2024 USD 436,000 404,390 0.01MEG Energy Corp., 144A 6.5%15/01/2025 USD 5,492,000 5,478,270 0.10NOVA Chemicals Corp., 144A 5.25%01/08/2023 USD 100,000 100,375 0.00NOVA Chemicals Corp., 144A 5%01/05/2025 USD 1,348,000 1,283,970 0.02NOVA Chemicals Corp., 144A 5.25%01/06/2027 USD 3,070,000 2,882,162 0.05Open Text Corp., 144A 5.625%15/01/2023 USD 390,000 402,675 0.01Open Text Corp., 144A 5.875%01/06/2026 USD 504,000 517,875 0.01Precision Drilling Corp., 144A 7.125%15/01/2026 USD 882,000 910,665 0.02Precision Drilling Corp. 7.75%15/12/2023 USD 1,820,000 1,917,871 0.04Quebecor Media, Inc. 5.75%15/01/2023 USD 1,350,000 1,383,014 0.03Seven Generations Energy Ltd., 144A5.375% 30/09/2025 USD 812,000 779,082 0.01Teck Resources Ltd., 144A 8.5%01/06/2024 USD 141,000 155,822 0.00Transcanada Trust, FRN 5.625%20/05/2075 USD 283,000 276,816 0.01Valeant PharmaceuticalsInternational, Inc., 144A 7.5%15/07/2021 USD 195,000 198,760 0.00Valeant PharmaceuticalsInternational, Inc., 144A 5.625%01/12/2021 USD 35,000 34,519 0.00Valeant PharmaceuticalsInternational, Inc., 144A 6.5%15/03/2022 USD 168,000 174,112 0.00Valeant PharmaceuticalsInternational, Inc., 144A 5.5%01/03/2023 USD 75,000 69,750 0.00Valeant PharmaceuticalsInternational, Inc., 144A 5.875%15/05/2023 USD 13,829,000 12,947,401 0.24Valeant PharmaceuticalsInternational, Inc., 144A 7%15/03/2024 USD 5,535,000 5,807,682 0.11Valeant PharmaceuticalsInternational, Inc., 144A 6.125%15/04/2025 USD 9,818,000 9,056,123 0.17Valeant PharmaceuticalsInternational, Inc., 144A 5.5%01/11/2025 USD 755,000 745,317 0.01Valeant PharmaceuticalsInternational, Inc., 144A 9%15/12/2025 USD 1,735,000 1,804,296 0.03Videotron Ltd., 144A 5.375%15/06/2024 USD 4,654,000 4,764,533 0.09Videotron Ltd., 144A 5.125%15/04/2027 USD 666,000 647,818 0.01

73,789,826 1.35

Cayman IslandsACIS CLO Ltd., FRN, Series 2017-7A‘A1’, 144A 3.123% 01/05/2027 USD 1,692,000 1,695,778 0.03AIMCO CLO, FRN, Series 2017-AA ‘A’,144A 3.005% 20/07/2029 USD 1,904,000 1,908,688 0.03AIMCO CLO, FRN, Series 2014-AA‘AR’, 144A 3.459% 20/07/2026 USD 4,681,265 4,681,939 0.09Avolon Holdings Funding Ltd., 144A5.5% 15/01/2023 USD 392,000 392,000 0.01Bain Capital Credit CLO, FRN, Series2017-1A ‘A1’, 144A 3.609%20/07/2030 USD 4,594,513 4,605,342 0.08BXMT Ltd., FRN, Series 2017-FL1 ‘D’,144A 4.639% 15/06/2035 USD 8,610,000 8,666,267 0.16

399

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Cedar Funding II CLO Ltd., FRN,Series 2013-1A ‘A1R’, 144A 3.557%09/06/2030 USD 8,970,000 9,004,274 0.16CFIP CLO Ltd., FRN, Series 2017-1A‘A’, 144A 2.616% 18/01/2030 USD 10,710,000 10,725,487 0.20CIFC Funding Ltd., FRN, Series2017-1A ‘A’, 144A 3.722%23/04/2029 USD 3,373,000 3,380,421 0.06CIFC Funding Ltd., FRN, Series2017-2A ‘A’, 144A 3.599%20/04/2030 USD 5,067,000 5,078,168 0.09Dryden 49 Senior Loan Fund, FRN,Series 2017-49A ‘A’, 144A 3.565%18/07/2030 USD 7,608,000 7,623,452 0.14GoldentTree Loan Management USCLO 1 Ltd., FRN, Series 2017-1A ‘A’,144A 2.965% 20/04/2029 USD 4,082,000 4,089,335 0.07GPMT Ltd., FRN, Series 2018-FL1 ‘B’,144A 3% 21/11/2035 USD 4,880,000 4,886,100 0.09Grippen Park Clo Ltd., FRN, Series2017-1A ‘A’, 144A 3.619%20/01/2030 USD 3,666,000 3,675,147 0.07LCM XV LP, FRN, Series 15A ‘AR’,144A 2.985% 20/07/2030 USD 3,996,000 4,014,973 0.07LCM XVI LP, FRN, Series 16A ‘AR’,144A 2.752% 15/07/2026 USD 7,280,000 7,287,666 0.13Nassau Ltd., FRN, Series 2017-IA‘A1A’, 144A 3.042% 15/10/2029 USD 5,208,000 5,226,467 0.10Neuberger Berman CLO XIV Ltd.,FRN, Series 2013-14A ‘AR’, 144A3.609% 28/01/2030 USD 6,970,000 6,994,820 0.13Neuberger Berman Loan AdvisersCLO 24 Ltd., FRN, Series 2017-24A‘A’, 144A 3.585% 19/04/2030 USD 3,096,500 3,104,418 0.06Noble Holding International Ltd.,144A 7.875% 01/02/2026 USD 599,000 616,769 0.01OCP CLO Ltd., FRN, Series 2017-13A‘A1A’, 144A 3.608% 15/07/2030 USD 8,374,902 8,399,717 0.15Octagon Investment Partners 30 Ltd.,FRN, Series 2017-1A ‘A1’, 144A3.679% 17/03/2030 USD 2,746,000 2,755,987 0.05Park Aerospace Holdings Ltd., 144A5.25% 15/08/2022 USD 357,000 355,215 0.01Park Aerospace Holdings Ltd., 144A4.5% 15/03/2023 USD 1,513,000 1,450,589 0.03Park Aerospace Holdings Ltd., 144A5.5% 15/02/2024 USD 370,000 367,253 0.01PFP Ltd., FRN, Series 2017-3 ‘D’, 144A5.419% 14/01/2035 USD 1,635,000 1,642,431 0.03Race Point VIII CLO Ltd., FRN, Series2013-8A ‘AR’, 144A 3.225%20/02/2030 USD 5,353,673 5,397,032 0.10Renew, Series 2017-1A ‘B’, 144A5.75% 20/09/2052 USD 3,824,074 3,890,552 0.07Sable International Finance Ltd.,Reg. S 6.875% 01/08/2022 USD 1,600,000 1,669,864 0.03Shelf Drilling Holdings Ltd., 144A8.25% 15/02/2025 USD 2,125,000 2,171,644 0.04TCI-Cent Clo Income Note Issuer Ltd.,FRN, Series 2017-1A ‘A1’, 144A3.015% 25/07/2030 USD 9,320,000 9,341,044 0.17THL Credit Wind River CLO Ltd., FRN,Series 2017-1A ‘A’, 144A 3.695%18/04/2029 USD 2,253,000 2,260,867 0.04THL Credit Wind River CLO Ltd., FRN,Series 2017-2A ‘A’, 144A 3.589%20/07/2030 USD 9,020,000 9,039,357 0.17TIAA CLO II Ltd., FRN, Series 2017-1A‘A’, 144A 3.639% 20/04/2029 USD 4,156,000 4,165,156 0.08TPG Real Estate Finance Issuer Ltd.,FRN, Series 2018-FL1 ‘C’, 144A3.839% 15/02/2035 USD 3,970,000 3,977,430 0.07Transocean Guardian Ltd., 144A5.875% 15/01/2024 USD 492,000 490,913 0.01Transocean Proteus Ltd., 144A 6.25%01/12/2024 USD 1,905,700 1,948,807 0.04Transocean, Inc., 144A 9%15/07/2023 USD 1,365,000 1,477,612 0.03Transocean, Inc., 144A 7.5%15/01/2026 USD 584,000 596,962 0.01TRESTLES CLO Ltd., FRN, Series2017-1A ‘A1A’, 144A 3.035%25/07/2029 USD 7,280,000 7,297,989 0.13UPCB Finance IV Ltd., 144A 5.375%15/01/2025 USD 5,910,000 5,653,683 0.10VOYA CLO, FRN, Series 2017-2A ‘A1’,144A 2.932% 07/06/2030 USD 8,364,000 8,365,536 0.15

180,373,151 3.30

DenmarkTDCDC 9.375% 31/12/2023 USD 995,000 995,000 0.02

995,000 0.02

FinlandNokia OYJ 4.375% 12/06/2027 USD 186,000 175,199 0.00

175,199 0.00

FranceLa Financiere Atalian SASU, Reg. S5.125% 15/05/2025 EUR 500,000 552,714 0.01

552,714 0.01

GermanyIHO Verwaltungs GmbH, 144A 4.5%15/09/2023 USD 610,000 586,362 0.01IHO Verwaltungs GmbH, 144A 4.75%15/09/2026 USD 700,000 662,375 0.01Unitymedia GmbH, 144A 6.125%15/01/2025 USD 670,000 692,673 0.01Unitymedia Hessen GmbH & Co. KG,144A 5% 15/01/2025 USD 400,000 406,998 0.01

2,348,408 0.04

IrelandArdagh Packaging Finance plc, 144A6% 30/06/2021 USD 200,000 202,500 0.00Ardagh Packaging Finance plc, 144A7.25% 15/05/2024 USD 3,850,000 4,006,714 0.07Ardagh Packaging Finance plc, 144A6% 15/02/2025 USD 4,125,000 4,034,250 0.08

8,243,464 0.15

ItalyIntesa Sanpaolo SpA, 144A 5.71%15/01/2026 USD 2,200,000 2,006,136 0.04Intesa Sanpaolo SpA, 144A 3.875%14/07/2027 USD 10,800,000 9,331,146 0.17

11,337,282 0.21

JerseyAdient Global Holdings Ltd., 144A4.875% 15/08/2026 USD 2,200,000 1,985,500 0.04Delphi Technologies plc, 144A 5%01/10/2025 USD 2,735,000 2,617,053 0.05

4,602,553 0.09

LuxembourgCamelot Finance SA, 144A 7.875%15/10/2024 USD 1,038,000 1,050,975 0.02CSN Resources SA, Reg. S 6.5%21/07/2020 USD 3,144,000 2,943,114 0.06Dana Financing Luxembourg Sarl,144A 5.75% 15/04/2025 USD 506,000 500,564 0.01Dana Financing Luxembourg Sarl,144A 6.5% 01/06/2026 USD 2,045,000 2,078,231 0.04FAGE International SA, 144A 5.625%15/08/2026 USD 4,500,000 4,151,250 0.08INEOS Group Holdings SA, 144A5.625% 01/08/2024 USD 4,375,000 4,320,641 0.08Intelsat Connect Finance SA, 144A12.5% 01/04/2022 USD 973,000 968,135 0.02Intelsat Jackson Holdings SA, 144A8% 15/02/2024 USD 7,473,000 7,865,333 0.14Intelsat Jackson Holdings SA, 144A9.75% 15/07/2025 USD 1,575,000 1,657,215 0.03JSL Europe SA, Reg. S 7.75%26/07/2024 USD 7,250,000 6,566,361 0.12Mallinckrodt International FinanceSA, 144A 5.75% 01/08/2022 USD 259,000 233,758 0.01Mallinckrodt International FinanceSA, 144A 5.625% 15/10/2023 USD 1,413,000 1,179,855 0.02Mallinckrodt International FinanceSA, 144A 5.5% 15/04/2025 USD 795,000 639,975 0.01Nexa Resources SA, Reg. S 5.375%04/05/2027 USD 5,200,000 5,055,336 0.09Nielsen Co. Luxembourg SARL (The),144A 5.5% 01/10/2021 USD 2,240,000 2,252,566 0.04Nielsen Co. Luxembourg SARL (The),144A 5% 01/02/2025 USD 750,000 715,901 0.01Trinseo Materials Operating SCA,144A 5.375% 01/09/2025 USD 706,000 700,705 0.01

42,879,915 0.79

400

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

MexicoBBVA Bancomer SA, Reg. S, FRN5.125% 18/01/2033 USD 7,950,000 7,045,370 0.13Elementia SAB de CV, Reg. S 5.5%15/01/2025 USD 3,050,000 2,883,866 0.05Nemak SAB de CV, Reg. S 4.75%23/01/2025 USD 7,850,000 7,452,515 0.13Petroleos Mexicanos 6.875%04/08/2026 USD 4,560,000 4,821,790 0.09Petroleos Mexicanos 5.625%23/01/2046 USD 6,900,000 5,888,253 0.11

28,091,794 0.51

NetherlandsAlcoa Nederland Holding BV, 144A6.75% 30/09/2024 USD 2,310,000 2,432,379 0.04Constellium NV, 144A 6.625%01/03/2025 USD 595,000 601,248 0.01EDP Finance BV, 144A 5.25%14/01/2021 USD 1,705,000 1,760,464 0.03EDP Finance BV, 144A 3.625%15/07/2024 USD 11,720,000 11,274,171 0.21Enel Finance International NV, 144A3.625% 25/05/2027 USD 7,570,000 6,933,817 0.13Enel Finance International NV, 144A3.5% 06/04/2028 USD 8,245,000 7,398,816 0.14NXP BV, 144A 4.125% 15/06/2020 USD 200,000 202,518 0.00NXP BV, 144A 4.625% 15/06/2022 USD 400,000 406,500 0.01NXP BV, 144A 4.625% 01/06/2023 USD 600,000 606,240 0.01OI European Group BV, 144A 4%15/03/2023 USD 245,000 229,075 0.00Sensata Technologies BV, 144A4.875% 15/10/2023 USD 2,630,000 2,639,862 0.05Sensata Technologies BV, 144A5.625% 01/11/2024 USD 272,000 280,701 0.01Sensata Technologies BV, 144A 5%01/10/2025 USD 1,054,000 1,063,223 0.02Teva Pharmaceutical FinanceNetherlands III BV 6.75% 01/03/2028 USD 1,195,000 1,219,874 0.02UPC Holding BV, 144A 5.5%15/01/2028 USD 200,000 180,334 0.00Ziggo Bond Finance BV, 144A 5.875%15/01/2025 USD 980,000 920,602 0.02Ziggo BV, 144A 5.5% 15/01/2027 USD 768,000 729,293 0.01

38,879,117 0.71

QatarRas Laffan Liquefied Natural Gas Co.Ltd. II, Reg. S 5.298% 30/09/2020 USD 3,343,666 3,416,792 0.06

3,416,792 0.06

SingaporeFlex Ltd. 5% 15/02/2023 USD 200,000 205,126 0.00

205,126 0.00

SupranationalEndo Dac, 144A 6% 15/07/2023 USD 1,560,000 1,282,320 0.02Endo Dac, 144A 5.875% 15/10/2024 USD 500,000 489,600 0.01Endo Dac, 144A 6% 01/02/2025 USD 1,230,000 959,400 0.02Hexion, Inc. 9% 15/11/2020 USD 445,000 377,215 0.01Venator Finance Sarl, 144A 5.75%15/07/2025 USD 666,000 651,002 0.01

3,759,537 0.07

SwitzerlandCredit Suisse Group AG, FRN, 144A3.869% 12/01/2029 USD 2,780,000 2,618,662 0.05Credit Suisse Group AG, 144A 4.282%09/01/2028 USD 3,485,000 3,396,603 0.06UBS Group Funding Switzerland AG,Reg. S, FRN 7.125% Perpetual USD 1,150,000 1,187,128 0.02

7,202,393 0.13

United KingdomBarclays plc, FRN 8.25% Perpetual USD 200,000 203,648 0.00Great Hall Mortgages No. 1 plc,Reg. S, FRN, Series 2007-1 ‘A2B’0%18/03/2039 EUR 47,880 55,448 0.00HSBC Holdings plc, FRN 6% Perpetual USD 4,045,000 3,770,304 0.07HSBC Holdings plc, FRN 6.375%Perpetual USD 1,101,000 1,083,670 0.02Inmarsat Finance plc, 144A 6.5%01/10/2024 USD 365,000 366,587 0.01International Game Technology plc,144A 6.5% 15/02/2025 USD 828,000 858,152 0.01

Jaguar Land Rover Automotive plc,144A 5.625% 01/02/2023 USD 250,000 253,267 0.00KCA Deutag UK Finance plc, 144A9.875% 01/04/2022 USD 200,000 207,939 0.00KCA Deutag UK Finance plc, 144A9.625% 01/04/2023 USD 200,000 204,232 0.00Permanent Master Issuer plc, Reg. S,FRN, Series 2018-1X ‘1A1’ 0%15/07/2058 USD 7,689,000 7,692,537 0.14Santander UK Group Holdings plc,144A 4.75% 15/09/2025 USD 2,000,000 1,956,130 0.04Sensata Technologies UK FinancingCo. plc, 144A 6.25% 15/02/2026 USD 3,500,000 3,640,000 0.07Standard Chartered plc, FRN 8.625%Perpetual USD 3,900,000 4,144,277 0.08TransDigm UK Holdings plc, 144A6.875% 15/05/2026 USD 360,000 366,322 0.01Travelport Corporate Finance plc,144A 6% 15/03/2026 USD 302,000 305,020 0.00Tronox Finance plc, 144A 5.75%01/10/2025 USD 539,000 520,135 0.01Tullow Oil plc, 144A 7% 01/03/2025 USD 500,000 474,368 0.01Virgin Media Finance plc, 144A6.375% 15/04/2023 USD 400,000 402,264 0.01Virgin Media Secured Finance plc,144A 5.25% 15/01/2026 USD 435,000 405,757 0.01Virgin Media Secured Finance plc,144A 5.5% 15/08/2026 USD 4,050,000 3,821,863 0.07

30,731,920 0.56

United States of America21st Century Fox America, Inc. 4.95%15/10/2045 USD 4,720,000 4,987,954 0.09ABFC Trust, FRN, Series 2004-OPT2‘M2’ 3.591% 25/07/2033 USD 76,805 73,805 0.00Acadia Healthcare Co., Inc. 5.125%01/07/2022 USD 780,000 780,000 0.01Acadia Healthcare Co., Inc. 5.625%15/02/2023 USD 650,000 656,568 0.01Acadia Healthcare Co., Inc. 6.5%01/03/2024 USD 315,000 323,269 0.01ACC Trust, Series 2018-1 ‘B’, 144A4.82% 20/05/2021 USD 590,000 590,999 0.01ACC Trust, Series 2018-1 ‘C’, 144A6.81% 21/02/2023 USD 2,100,000 2,105,097 0.04Accelerated Assets LLC, Series 2018-1‘C’, 144A 6.65% 02/12/2033 USD 4,700,000 4,716,375 0.09ACCO Brands Corp., 144A 5.25%15/12/2024 USD 4,678,000 4,678,000 0.09ACE Cash Express, Inc., 144A 12%15/12/2022 USD 1,290,000 1,396,425 0.03ADT Corp. (The) 6.25% 15/10/2021 USD 39,000 40,465 0.00ADT Corp. (The) 4.125% 15/06/2023 USD 2,755,000 2,591,064 0.05Advanced Micro Devices, Inc. 7%01/07/2024 USD 152,000 160,730 0.00Ahern Rentals, Inc., 144A 7.375%15/05/2023 USD 1,320,000 1,293,600 0.02Air Medical Group Holdings, Inc.,144A 6.375% 15/05/2023 USD 2,450,000 2,290,750 0.04Albertsons Cos. LLC 6.625%15/06/2024 USD 2,993,000 2,840,821 0.05Albertsons Cos. LLC 5.75%15/03/2025 USD 4,350,000 3,847,640 0.07Albertsons Cos., Inc., FRN, 144A6.13% 15/01/2024 USD 168,000 168,391 0.00Alliance Data Systems Corp., 144A5.875% 01/11/2021 USD 937,000 955,740 0.02Alliance Data Systems Corp., 144A5.375% 01/08/2022 USD 516,000 520,025 0.01Allison Transmission, Inc., 144A 5%01/10/2024 USD 575,000 563,902 0.01Allison Transmission, Inc., 144A4.75% 01/10/2027 USD 1,425,000 1,332,375 0.02Alternative Loan Trust, Series2005-64CB ‘1A15’ 5.5% 25/12/2035 USD 492,522 486,242 0.01Alternative Loan Trust, FRN, Series2005-J2 ‘1A5’ 2.46% 25/04/2035 USD 6,395,769 5,683,497 0.10Alternative Loan Trust, Series2005-6CB ‘1A6’ 5.5% 25/04/2035 USD 32,588 33,025 0.00Alternative Loan Trust, Series2005-80CB ‘5A1’ 6% 25/02/2036 USD 7,807,419 7,447,392 0.14Alternative Loan Trust, Series2004-25CB ‘A1’ 6% 25/12/2034 USD 3,203,532 3,274,266 0.06Alternative Loan Trust, Series2005-23CB ‘A16’ 5.5% 25/07/2035 USD 56,240 56,229 0.00Alternative Loan Trust, Series2005-21CB ‘A17’ 6% 25/06/2035 USD 1,087,135 1,064,001 0.02Altice US Finance I Corp., 144A5.375% 15/07/2023 USD 1,000,000 997,110 0.02

401

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Altice US Finance I Corp., 144A 5.5%15/05/2026 USD 1,620,000 1,568,695 0.03AMC Networks, Inc. 4.75%15/12/2022 USD 275,000 276,657 0.01AMC Networks, Inc. 5% 01/04/2024 USD 3,664,000 3,616,991 0.07AMC Networks, Inc. 4.75%01/08/2025 USD 569,000 547,754 0.01American Airlines Pass-ThroughTrust, Series 2015-1 ‘PTT’ 3.7%01/11/2024 USD 545,370 533,140 0.01American Axle & Manufacturing, Inc.6.25% 01/04/2025 USD 5,801,000 5,786,468 0.11American Axle & Manufacturing, Inc.6.5% 01/04/2027 USD 2,825,000 2,802,951 0.05American Credit AcceptanceReceivables Trust, Series 2016-4 ‘D’,144A 4.11% 12/04/2023 USD 3,692,000 3,718,250 0.07American Credit AcceptanceReceivables Trust, Series 2017-1 ‘D’,144A 3.54% 13/03/2023 USD 1,320,000 1,316,028 0.02American Credit AcceptanceReceivables Trust, Series 2017-2 ‘D’,144A 3.69% 12/06/2023 USD 3,570,000 3,559,750 0.07American Credit AcceptanceReceivables Trust, Series 2017-3 ‘D’,144A 3.43% 10/10/2023 USD 2,620,000 2,616,793 0.05American Credit AcceptanceReceivables Trust, Series 2018-2 ‘E’,144A 5.16% 10/09/2024 USD 5,260,000 5,288,550 0.10American Credit AcceptanceReceivables Trust, Series 2018-1 ‘F’,144A 6.55% 10/12/2024 USD 1,420,000 1,431,003 0.03American Tower Trust #1, REIT, 144A3.652% 23/03/2048 USD 5,985,000 5,919,935 0.11American Woodmark Corp., 144A4.875% 15/03/2026 USD 2,085,000 1,985,962 0.04AmeriCredit Automobile ReceivablesTrust, Series 2017-3 ‘D’ 3.18%18/07/2023 USD 2,440,000 2,416,730 0.04Amkor Technology, Inc. 6.375%01/10/2022 USD 2,780,000 2,849,639 0.05AMN Healthcare, Inc., 144A 5.125%01/10/2024 USD 889,000 864,553 0.02AmWINS Group, Inc. 7.75%01/07/2026 USD 1,444,000 1,444,000 0.03Analog Devices, Inc. 4.5%05/12/2036 USD 315,000 314,869 0.01Angel Oak Mortgage Trust LLC, Series2018-PB1 ‘A’, 144A 4% 25/08/2021 USD 3,280,000 3,293,005 0.06Antero Midstream Partners LP5.375% 15/09/2024 USD 2,510,000 2,527,658 0.05Apergy Corp., 144A 6.375%01/05/2026 USD 79,000 80,973 0.00Argent Securities, Inc. Asset BackPass-Through Trust, FRN, Series2004-W2 ‘M2’ 3.966% 25/04/2034 USD 56,616 58,269 0.00Ashtead Capital, Inc., 144A 4.125%15/08/2025 USD 605,000 570,213 0.01Avis Budget Car Rental LLC, 144A6.375% 01/04/2024 USD 3,090,000 3,037,748 0.06Avis Budget Car Rental LLC, 144A5.25% 15/03/2025 USD 420,000 398,126 0.01Avis Budget Car Rental LLC 5.5%01/04/2023 USD 1,645,000 1,604,952 0.03Avis Budget Rental Car FundingAESOP LLC, Series 2018-1A ‘C’, 144A4.73% 20/09/2024 USD 1,350,000 1,348,846 0.02Axalta Coating Systems LLC, 144A4.875% 15/08/2024 USD 415,000 412,406 0.01Ball Corp. 4.875% 15/03/2026 USD 183,000 182,366 0.00BAMLL Re-REMIC Trust, PO, Series2013-FRR3 ‘A’, 144A 0% 26/06/2023 USD 8,472,754 6,468,818 0.12Banc of America CommercialMortgage Trust, FRN, Series 2007-5‘AJ’ 6.065% 10/02/2051 USD 8,635,338 8,903,206 0.16Banc of America CommercialMortgage Trust, FRN, Series 2007-1‘AMFX’ 5.482% 15/01/2049 USD 1,406,935 1,413,843 0.03Banc of America CommercialMortgage Trust, FRN, Series 2007-3‘C’ 5.697% 10/06/2049 USD 311,489 311,489 0.01Banc of America CommercialMortgage Trust, FRN, Series 2006-1‘E’, 144A 5.994% 10/09/2045 USD 989,075 1,027,695 0.02BANK, Series 2017-BNK6 ‘D’, 144A3.1% 15/07/2060 USD 5,220,000 4,161,599 0.08BANK, Series 2017-BNK9 ‘D’, 144A2.8% 15/11/2054 USD 4,185,000 3,228,443 0.06BANK, Series 2018-BN11 ‘D’, 144A 3%15/03/2061 USD 5,975,000 4,666,081 0.09Bank of America Corp., FRN 3.124%20/01/2023 USD 1,040,000 1,023,313 0.02

Bank of America Corp., FRN 3.004%20/12/2023 USD 19,510,000 18,926,846 0.35Bank of America Corp., FRN 3.97%05/03/2029 USD 5,290,000 5,200,837 0.10Bank of America Corp., FRN 5.875%Perpetual USD 14,305,000 14,047,295 0.26BAT Capital Corp., 144A 3.557%15/08/2027 USD 4,875,000 4,548,302 0.08BAT Capital Corp., 144A 4.39%15/08/2037 USD 8,530,000 8,031,422 0.15Bear Stearns Asset-Backed SecuritiesTrust, STEP, Series 2003-AC4 ‘M1’5.658% 25/09/2033 USD 703,354 649,316 0.01Bear Stearns Commercial MortgageSecurities Trust, FRN, Series2006-PW13 ‘B’, 144A 5.66%11/09/2041 USD 470,008 473,867 0.01Berry Global, Inc., 144A 4.5%15/02/2026 USD 320,000 300,451 0.01Blue Racer Midstream LLC, 144A6.125% 15/11/2022 USD 3,960,000 4,009,421 0.07Booz Allen Hamilton, Inc., 144A5.125% 01/05/2025 USD 724,000 709,520 0.01Boyne USA, Inc., 144A 7.25%01/05/2025 USD 588,000 615,930 0.01Brink’s Co. (The), 144A 4.625%15/10/2027 USD 1,380,000 1,293,750 0.02Bristow Group, Inc., 144A 8.75%01/03/2023 USD 341,000 336,524 0.01Broadcom Corp. 3.625% 15/01/2024 USD 4,800,000 4,648,608 0.09Buckeye Partners LP, FRN 6.375%22/01/2078 USD 433,000 389,568 0.01Business Jet Securities LLC, Series2018-1 ‘A’, 144A 4.335% 15/02/2033 USD 3,263,904 3,273,071 0.06Business Jet Securities LLC, Series2018-1 ‘B’, 144A 6.048% 15/02/2033 USD 5,762,838 5,852,297 0.11Business Jet Securities LLC, Series2018-2 ‘C’, 144A 6.656% 15/06/2033 USD 8,500,000 8,529,219 0.16BWX Technologies, Inc., 144A 5.375%15/07/2026 USD 517,000 524,445 0.01BX Commercial Mortgage Trust, FRN,Series 2018-BIOA ‘D’, 144A 3.24%15/03/2037 USD 18,555,000 18,497,561 0.34BX Trust, FRN, Series 2018-MCSF ‘B’,144A 2.724% 15/04/2035 USD 2,900,000 2,895,490 0.05BX Trust, FRN, Series 2018-MCSF ‘C’,144A 2.923% 15/04/2035 USD 1,910,000 1,907,011 0.04Cablevision Systems Corp. 8%15/04/2020 USD 722,000 758,414 0.01Calfrac Holdings LP, 144A 8.5%15/06/2026 USD 323,000 323,404 0.01California Resources Corp., 144A 8%15/12/2022 USD 625,000 570,313 0.01Calpine Corp., 144A 5.875%15/01/2024 USD 454,000 451,878 0.01Calpine Corp., 144A 5.25%01/06/2026 USD 750,000 708,622 0.01Calpine Corp. 5.375% 15/01/2023 USD 498,000 474,522 0.01Calpine Corp. 5.75% 15/01/2025 USD 501,000 459,961 0.01Capital One Financial Corp. 3.8%31/01/2028 USD 5,355,000 5,075,630 0.09Cardtronics, Inc. 5.125% 01/08/2022 USD 15,000 14,525 0.00Carrizo Oil & Gas, Inc. 7.5%15/09/2020 USD 154,000 154,962 0.00Carrizo Oil & Gas, Inc. 6.25%15/04/2023 USD 1,747,000 1,774,358 0.03Catalent Pharma Solutions, Inc., 144A4.875% 15/01/2026 USD 164,000 158,260 0.00CB Escrow Corp., 144A 8%15/10/2025 USD 775,000 728,500 0.01CBS Radio, Inc., 144A 7.25%01/11/2024 USD 1,200,000 1,140,000 0.02CCO Holdings LLC, 144A 5.875%01/04/2024 USD 14,323,000 14,408,795 0.26CCO Holdings LLC, 144A 5.375%01/05/2025 USD 434,000 419,895 0.01CCO Holdings LLC, 144A 5.75%15/02/2026 USD 6,408,000 6,299,192 0.12CCO Holdings LLC, 144A 5.5%01/05/2026 USD 4,815,000 4,675,774 0.09CCO Holdings LLC, 144A 5.125%01/05/2027 USD 17,056,000 15,983,263 0.29CCO Holdings LLC, 144A 5.875%01/05/2027 USD 281,000 275,297 0.01CCO Holdings LLC, 144A 5%01/02/2028 USD 797,000 731,459 0.01CCO Holdings LLC 5.75% 01/09/2023 USD 65,000 65,488 0.00CCO Holdings LLC 5.75% 15/01/2024 USD 770,000 772,745 0.01CD Mortgage Trust, Series 2006-CD3‘AJ’ 5.688% 15/10/2048 USD 93,818 45,998 0.00

402

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

CD Mortgage Trust, FRN, Series2007-CD5 ‘D’, 144A 6.225%15/11/2044 USD 7,537,404 7,462,256 0.14CD Mortgage Trust, Series 2017-CD4‘D’, 144A 3.3% 10/05/2050 USD 2,475,000 2,030,361 0.04CDW LLC 5% 01/09/2023 USD 449,000 454,231 0.01CDW LLC 5.5% 01/12/2024 USD 100,000 101,513 0.00CDW LLC 5% 01/09/2025 USD 2,739,000 2,702,859 0.05Central Garden & Pet Co. 6.125%15/11/2023 USD 3,225,000 3,346,405 0.06CF Industries, Inc., 144A 4.5%01/12/2026 USD 3,345,000 3,333,092 0.06Charter Communications OperatingLLC 4.908% 23/07/2025 USD 4,712,000 4,763,384 0.09Cheniere Corpus Christi Holdings LLC7% 30/06/2024 USD 985,000 1,078,541 0.02Cheniere Corpus Christi Holdings LLC5.875% 31/03/2025 USD 1,544,000 1,614,514 0.03Cheniere Energy Partners LP, 144A5.25% 01/10/2025 USD 450,000 443,327 0.01Chesapeake Energy Corp., 144A 8%15/12/2022 USD 3,551,000 3,741,866 0.07Chesapeake Energy Corp. 8%15/01/2025 USD 1,968,000 2,012,378 0.04Chesapeake Energy Corp. 8%15/06/2027 USD 1,750,000 1,787,984 0.03CHL Mortgage Pass-Through Trust,Series 2007-16 ‘A1’ 6.5% 25/10/2037 USD 3,427,377 2,915,901 0.05CIG Auto Receivables Trust, Series2017-1A ‘C’, 144A 5.33% 16/12/2024 USD 1,080,000 1,078,224 0.02Cincinnati Bell, Inc., 144A 7%15/07/2024 USD 861,000 794,273 0.01CIT Group, Inc. 5.25% 07/03/2025 USD 302,000 306,059 0.01CITGO Petroleum Corp., 144A 6.25%15/08/2022 USD 596,000 596,000 0.01Citi Held For Asset Issuance, Series2015-PM2 ‘C’, 144A 5.96%15/03/2022 USD 3,614,851 3,627,606 0.07Citi Held For Asset Issuance, Series2015-PM3 ‘C’, 144A 6.99%16/05/2022 USD 3,814,587 3,856,833 0.07Citigroup Commercial MortgageTrust, Series 2016-SMPL ‘C’, 144A2.825% 10/09/2031 USD 5,000,000 4,817,937 0.09Citigroup Commercial MortgageTrust, Series 2015-P1 ‘D’, 144A3.225% 15/09/2048 USD 3,085,000 2,625,913 0.05Citigroup, Inc., FRN 3.142%24/01/2023 USD 6,325,000 6,206,659 0.11Citigroup, Inc., FRN 5.875% Perpetual USD 1,975,000 2,023,536 0.04Citigroup, Inc., FRN 6.25% Perpetual USD 5,415,000 5,613,108 0.10Civic Mortgage LLC, STEP, Series2018-1 ‘A1’, 144A 3.891% 25/06/2022 USD 2,873,230 2,873,969 0.05Claire’s Stores, Inc., 144A 9%15/03/2019§ USD 2,345,000 1,489,075 0.03Claire’s Stores, Inc., 144A 6.125%15/03/2020§ USD 250,000 157,500 0.00Clear Channel Worldwide Holdings,Inc. 7.625% 15/03/2020 USD 4,570,000 4,562,002 0.08Clear Channel Worldwide Holdings,Inc. 6.5% 15/11/2022 USD 19,358,000 19,717,091 0.36Clearwater Paper Corp., 144A 5.375%01/02/2025 USD 400,000 364,500 0.01CLUB Credit Trust, Series 2017-P1 ‘A’,144A 2.42% 15/09/2023 USD 1,709,073 1,705,111 0.03CLUB Credit Trust, Series 2017-P2 ‘A’,144A 2.61% 15/01/2024 USD 2,045,871 2,038,489 0.04CLUB Credit Trust, Series 2017-P1 ‘B’,144A 3.56% 15/09/2023 USD 6,530,000 6,504,474 0.12CLUB Credit Trust, Series 2017-NP1‘C’, 144A 5.13% 17/04/2023 USD 6,730,000 6,792,717 0.12CLUB Credit Trust, Series 2018-NP1‘C’, 144A 4.74% 15/05/2024 USD 2,000,000 1,999,575 0.04CNG Holdings, Inc., 144A 9.375%15/05/2020 USD 1,185,000 1,179,075 0.02CNX Midstream Partners LP, 144A6.5% 15/03/2026 USD 193,000 187,891 0.00COBALT CMBS Commercial MortgageTrust, FRN, Series 2007-C3 ‘AJ’5.806% 15/05/2046 USD 3,937,197 3,946,450 0.07COBALT CMBS Commercial MortgageTrust, FRN, Series 2007-C3 ‘B’5.806% 15/05/2046 USD 5,390,000 5,390,031 0.10Cogent Communications Finance,Inc., 144A 5.625% 15/04/2021 USD 1,725,000 1,740,094 0.03Cogent Communications Group, Inc.,144A 5.375% 01/03/2022 USD 355,000 364,763 0.01Comcast Corp. 4.6% 15/08/2045 USD 3,165,000 3,057,010 0.06Comcast Corp. 3.4% 15/07/2046 USD 2,000,000 1,614,910 0.03Comcast Corp. 4% 01/03/2048 USD 3,800,000 3,366,002 0.06

COMM Mortgage Trust, FRN, Series2015-CR24 ‘D’ 3.463% 10/08/2048 USD 1,960,000 1,607,995 0.03Commercial Mortgage Trust, FRN,Series 2014-CR15 ‘D’, 144A 4.756%10/02/2047 USD 2,185,000 2,115,536 0.04Commercial Mortgage Trust, FRN,Series 2004-GG1 ‘H’, 144A 6.386%10/06/2036 USD 4,295,000 4,367,326 0.08CommScope Technologies LLC, 144A6% 15/06/2025 USD 7,244,000 7,406,990 0.14CommScope Technologies LLC, 144A5% 15/03/2027 USD 190,000 177,650 0.00CommScope, Inc., 144A 5%15/06/2021 USD 200,000 200,515 0.00CommScope, Inc., 144A 5.5%15/06/2024 USD 329,000 332,454 0.01Community Health Systems, Inc.,144A 8.625% 15/01/2024 USD 1,395,000 1,400,231 0.03Community Health Systems, Inc.,144A 8.125% 30/06/2024 USD 1,941,000 1,598,899 0.03Continental Airlines Pass-ThroughTrust, Series 2007-1 ‘A’ 5.983%19/10/2023 USD 52,602 55,764 0.00Cooper-Standard Automotive, Inc.,144A 5.625% 15/11/2026 USD 2,590,000 2,564,100 0.05Cornerstone Chemical Co., 144A6.75% 15/08/2024 USD 303,000 297,698 0.01Cott Holdings, Inc., 144A 5.5%01/04/2025 USD 321,000 313,816 0.01Coty, Inc., 144A 6.5% 15/04/2026 USD 2,780,000 2,687,329 0.05Countrywide Asset-BackedCertificates Trust, FRN, Series2005-AB3 ‘1A1’ 2.46% 25/02/2036 USD 1,286,539 1,270,125 0.02Credit Acceptance Auto Loan Trust,Series 2018-2A ‘C’, 144A 4.16%15/09/2027 USD 12,850,000 12,943,975 0.24Credit Suisse Commercial MortgageTrust, Series 2007-C1 ‘AM’ 5.416%15/02/2040 USD 2,957,911 2,990,063 0.05Credit-Based Asset Servicing &Securitization LLC, FRN, Series2004-CB5 ‘M1’ 3.006% 25/01/2034 USD 229,255 231,243 0.00Crown Americas LLC, 144A 4.75%01/02/2026 USD 345,000 328,071 0.01CSAIL Commercial Mortgage Trust,Series 2017-C8 ‘C’ 4.32% 15/06/2050 USD 2,736,000 2,744,762 0.05CSC Holdings LLC, 144A 10.125%15/01/2023 USD 1,710,000 1,889,148 0.03CSC Holdings LLC, 144A 6.625%15/10/2025 USD 2,415,000 2,476,800 0.05CSC Holdings LLC, 144A 10.875%15/10/2025 USD 1,839,000 2,131,944 0.04CSC Holdings LLC, 144A 5.5%15/04/2027 USD 790,000 754,126 0.01CSC Holdings LLC, 144A 5.375%01/02/2028 USD 400,000 370,570 0.01CSC Holdings LLC 8.625% 15/02/2019 USD 106,000 109,186 0.00CSC Holdings LLC 6.75% 15/11/2021 USD 348,000 365,515 0.01CSC Holdings LLC 5.25% 01/06/2024 USD 822,000 778,997 0.01CSI Compressco LP, 144A 7.5%01/04/2025 USD 235,000 236,762 0.00CSI Compressco LP 7.25%15/08/2022 USD 40,000 37,000 0.00CURO Financial Technologies Corp.,144A 12% 01/03/2022 USD 79,000 84,530 0.00CURO Financial Technologies Corp.,144A 12% 01/03/2022 USD 322,000 350,980 0.01CVR Partners LP, 144A 9.25%15/06/2023 USD 2,325,000 2,403,469 0.04CVS Health Corp. 4.3% 25/03/2028 USD 4,730,000 4,670,733 0.09CVS Health Corp. 4.78% 25/03/2038 USD 5,905,000 5,880,169 0.11CyrusOne LP, REIT 5% 15/03/2024 USD 204,000 203,607 0.00CyrusOne LP, REIT 5.375%15/03/2027 USD 575,000 573,381 0.01DAE Funding LLC, 144A 4.5%01/08/2022 USD 231,000 224,647 0.00DAE Funding LLC, 144A 5%01/08/2024 USD 547,000 524,029 0.01DCP Midstream Operating LP, 144A6.75% 15/09/2037 USD 590,000 627,612 0.01Dean Foods Co., 144A 6.5%15/03/2023 USD 628,000 604,899 0.01Delek Logistics Partners LP 6.75%15/05/2025 USD 635,000 638,378 0.01Dell International LLC, 144A 5.875%15/06/2021 USD 2,753,000 2,806,780 0.05Dell International LLC, 144A 7.125%15/06/2024 USD 1,172,000 1,244,881 0.02Dell International LLC, 144A 6.02%15/06/2026 USD 7,805,000 8,234,938 0.15

403

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Diamondback Energy, Inc. 4.75%01/11/2024 USD 664,000 649,326 0.01DISH DBS Corp. 6.75% 01/06/2021 USD 1,777,000 1,781,709 0.03DISH DBS Corp. 5.875% 15/07/2022 USD 3,441,000 3,237,602 0.06DISH DBS Corp. 5% 15/03/2023 USD 5,482,000 4,758,760 0.09DISH DBS Corp. 7.75% 01/07/2026 USD 5,413,000 4,759,489 0.09DISH DBS Corp. 5.875% 15/11/2024 USD 11,474,000 9,708,209 0.18DJO Finance LLC, 144A 8.125%15/06/2021 USD 2,000,000 2,034,400 0.04Dole Food Co., Inc., 144A 7.25%15/06/2025 USD 445,000 442,775 0.01Downstream Development Authorityof the Quapaw Tribe of Oklahoma,144A 10.5% 15/02/2023 USD 1,809,000 1,854,225 0.03DSLA Mortgage Loan Trust, FRN,Series 2005-AR4 ‘2A1A’ 2.208%19/08/2045 USD 1,021,075 967,408 0.02DT Auto Owner Trust, Series 2017-4A‘D’, 144A 3.47% 17/07/2023 USD 2,626,000 2,609,988 0.05DT Auto Owner Trust, Series 2017-1A‘E’, 144A 5.79% 15/02/2024 USD 980,000 1,000,297 0.02DT Auto Owner Trust, Series 2017-3A‘E’, 144A 5.6% 15/08/2024 USD 2,210,000 2,238,349 0.04DT Auto Owner Trust, Series 2017-4A‘E’, 144A 5.15% 15/11/2024 USD 3,125,000 3,113,487 0.06DT Auto Owner Trust, Series 2018-1A‘E’, 144A 5.42% 17/03/2025 USD 1,265,000 1,268,207 0.02Eldorado Resorts, Inc. 6%01/04/2025 USD 1,199,000 1,201,800 0.02Emera US Finance LP 3.55%15/06/2026 USD 9,098,000 8,628,680 0.16Endo Finance LLC, 144A 7.25%15/01/2022 USD 400,000 367,920 0.01Energizer Holdings, Inc., 144A 5.5%15/06/2025 USD 3,155,000 3,111,619 0.06EnerSys, 144A 5% 30/04/2023 USD 545,000 542,956 0.01Engs Commercial Finance Trust,Series 2018-1A ‘C’, 144A 4.05%22/02/2023 USD 880,000 878,277 0.02Engs Commercial Finance Trust,Series 2018-1A ‘D’, 144A 4.69%22/06/2023 USD 625,000 623,822 0.01EnLink Midstream Partners LP, FRN6% Perpetual USD 280,000 239,047 0.00Entegris, Inc., 144A 4.625%10/02/2026 USD 3,431,000 3,265,591 0.06Enterprise Products Operating LLC,FRN 5.25% 16/08/2077 USD 3,925,000 3,649,249 0.07Enterprise Products Operating LLC,FRN 5.375% 15/02/2078 USD 782,000 718,869 0.01Envision Healthcare Corp., 144A5.125% 01/07/2022 USD 750,000 757,500 0.01EP Energy LLC, 144A 9.375%01/05/2024 USD 2,308,000 1,904,100 0.04EP Energy LLC, 144A 8% 29/11/2024 USD 2,960,000 2,980,676 0.05EP Energy LLC, 144A 8% 15/02/2025 USD 744,000 572,880 0.01EP Energy LLC, 144A 7.75%15/05/2026 USD 922,000 942,745 0.02Equinix, Inc., REIT 5.375% 01/01/2022 USD 222,000 229,023 0.00Equinix, Inc., REIT 5.375%01/04/2023 USD 840,000 858,883 0.02Equinix, Inc., REIT 5.75% 01/01/2025 USD 108,000 109,679 0.00Equinix, Inc., REIT 5.875%15/01/2026 USD 3,845,000 3,888,948 0.07Equinix, Inc., REIT 5.375%15/05/2027 USD 665,000 662,962 0.01Equity One Mortgage Pass-ThroughTrust, STEP, Series 2003-4 ‘M1’5.869% 25/10/2034 USD 38,359 38,054 0.00Equity One Mortgage Pass-ThroughTrust, FRN, Series 2003-2 ‘M2’5.476% 25/09/2033 USD 285,834 280,299 0.01ESH Hospitality, Inc., REIT, 144A5.25% 01/05/2025 USD 3,320,000 3,206,688 0.06Exela Intermediate LLC, 144A 10%15/07/2023 USD 1,250,000 1,284,375 0.02Exeter Automobile Receivables Trust,Series 2017-3A ‘C’, 144A 3.68%17/07/2023 USD 7,335,000 7,343,118 0.13Exeter Automobile Receivables Trust,Series 2018-2A ‘D’, 144A 4.04%15/03/2024 USD 6,330,000 6,324,494 0.12Exeter Automobile Receivables Trust,Series 2018-1A ‘E’, 144A 4.64%15/10/2024 USD 3,500,000 3,435,484 0.06Exeter Automobile Receivables Trust,Series 2018-2A ‘E’, 144A 5.33%15/05/2025 USD 3,400,000 3,395,376 0.06FHLMC, IO, FRN, Series K033 ‘X1’0.42% 25/07/2023 USD 127,575,727 1,775,548 0.03

FHLMC, IO, FRN, Series K729 ‘X1’0.366% 25/10/2024 USD 52,908,113 1,053,797 0.02FHLMC, IO, FRN, Series K036 ‘X3’2.11% 25/12/2041 USD 61,370,000 6,020,974 0.11FHLMC, IO, FRN, Series K038 ‘X3’2.49% 25/06/2042 USD 33,839,938 4,124,520 0.08FHLMC, IO, FRN, Series K041 ‘X3’1.642% 25/11/2042 USD 91,060,517 7,983,549 0.15FHLMC, IO, FRN, Series K042 ‘X3’1.605% 25/01/2043 USD 42,985,000 3,752,552 0.07FHLMC, IO, FRN, Series K045 ‘X3’1.496% 25/04/2043 USD 78,090,000 6,527,379 0.12FHLMC, IO, FRN, Series K046 ‘X3’1.508% 25/04/2043 USD 76,150,000 6,440,188 0.12FHLMC, IO, FRN, Series K047 ‘X3’1.494% 25/06/2043 USD 56,621,860 4,856,717 0.09FHLMC, IO, FRN, Series K051 ‘X3’1.613% 25/10/2043 USD 13,155,000 1,303,325 0.02FHLMC, IO, FRN, Series K052 ‘X3’1.612% 25/01/2044 USD 31,830,000 3,192,040 0.06FHLMC, IO, FRN, Series K054 ‘X3’1.599% 25/04/2043 USD 51,425,000 5,158,771 0.09FHLMC, IO, FRN, Series K067 ‘X3’2.113% 25/09/2044 USD 39,485,000 5,961,072 0.11FHLMC, IO, FRN, Series K068 ‘X3’2.059% 25/10/2044 USD 24,997,974 3,710,947 0.07FHLMC, IO, FRN, Series K072 ‘X3’2.138% 25/12/2045 USD 11,500,000 1,811,856 0.03FHLMC, IO, FRN, Series K718 ‘X3’1.438% 25/02/2043 USD 92,500,000 4,340,812 0.08FHLMC, IO, FRN, Series K720 ‘X3’1.329% 25/08/2042 USD 80,000,000 3,822,640 0.07FHLMC, IO, FRN, Series K724 ‘X3’1.868% 25/12/2044 USD 20,760,000 1,767,299 0.03FHLMC, IO, FRN, Series K729 ‘X3’1.969% 25/11/2044 USD 4,000,000 423,767 0.01FHLMC, IO, FRN, Series K731 ‘X3’2.095% 25/05/2025 USD 6,678,628 798,039 0.01FHLMC REMIC, IO, Series 3907 ‘AI’5% 15/05/2040 USD 336,733 40,357 0.00FHLMC REMIC, IO, Series 4324 ‘AI’3% 15/11/2028 USD 800,150 59,961 0.00FHLMC REMIC, IO, Series 4056 ‘BI’3% 15/05/2027 USD 125,816 11,198 0.00FHLMC REMIC, IO, Series 3881 ‘CI’3.5% 15/08/2024 USD 109,307 1,248 0.00FHLMC REMIC, IO, FRN, Series 3779‘ES’ 4.427% 15/01/2039 USD 1,075,806 52,713 0.00FHLMC REMIC, IO, Series 4351 ‘GI’ 5%15/11/2019 USD 4,582 31 0.00FHLMC REMIC, IO, Series 4018 ‘HI’4.5% 15/03/2041 USD 196,229 33,623 0.00FHLMC REMIC, IO, Series 4173 ‘I’ 4%15/03/2043 USD 1,062,108 232,656 0.00FHLMC REMIC, IO, Series 4136 ‘IN’ 3%15/11/2027 USD 208,119 19,147 0.00FHLMC REMIC, IO, Series 4073 ‘IQ’4% 15/07/2042 USD 192,057 42,406 0.00FHLMC REMIC, IO, Series 4323 ‘IW’3.5% 15/04/2028 USD 175,406 15,678 0.00FHLMC REMIC, IO, Series 4585 ‘JI’ 4%15/05/2045 USD 4,792,778 847,463 0.02FHLMC REMIC, IO, FRN, Series 3459‘JS’ 4.177% 15/06/2038 USD 557,164 78,386 0.00FHLMC REMIC, IO, Series 4280 ‘KI’3.5% 15/09/2031 USD 806,036 74,523 0.00FHLMC REMIC, IO, Series 4119 ‘LI’3.5% 15/06/2039 USD 262,898 31,903 0.00FHLMC REMIC, IO, Series 4215 ‘LI’3.5% 15/07/2041 USD 293,739 43,206 0.00FHLMC REMIC, IO, FRN, Series 3914‘LS’ 4.727% 15/08/2026 USD 676,677 62,770 0.00FHLMC REMIC, IO, Series 4212 ‘MI’3% 15/06/2033 USD 16,700,938 2,257,217 0.04FHLMC REMIC, IO, Series 4216 ‘MI’3% 15/06/2028 USD 2,987,233 272,394 0.01FHLMC REMIC, IO, Series 4170 ‘NI’2.5% 15/02/2028 USD 8,184,299 630,750 0.01FHLMC REMIC, IO, Series 3716 ‘PI’4.5% 15/04/2038 USD 83,766 7,634 0.00FHLMC REMIC, IO, Series 4043 ‘PI’2.5% 15/05/2027 USD 2,407,863 175,001 0.00FHLMC REMIC, IO, Series 4311 ‘QI’ 3%15/10/2028 USD 686,505 53,716 0.00FHLMC REMIC, IO, FRN, Series 3795‘SA’ 4.307% 15/01/2041 USD 915,905 162,381 0.00FHLMC REMIC, IO, FRN, Series 4714‘SA’ 4.077% 15/08/2047 USD 26,552,839 5,132,204 0.09FHLMC REMIC, IO, FRN, Series 4689‘SD’ 4.077% 15/06/2047 USD 35,069,237 6,376,815 0.12

404

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

FHLMC REMIC, IO, FRN, Series 3907‘SW’ 4.577% 15/07/2026 USD 1,860,003 169,552 0.00FHLMC REMIC, IO, FRN, Series 4372‘SY’ 4.027% 15/08/2044 USD 1,485,006 227,384 0.00FHLMC REMIC, IO, Series 4057 ‘UI’3% 15/05/2027 USD 961,697 79,772 0.00FHLMC REMIC, IO, Series 4120 ‘UI’ 3%15/10/2027 USD 817,224 75,162 0.00FHLMC REMIC, IO, Series 4313 ‘UI’ 3%15/03/2029 USD 925,397 94,187 0.00FHLMC STRIP, IO, Series 305 ‘IO’3.5% 15/03/2028 USD 124,870 12,265 0.00FHLMC Structured Agency Credit RiskDebt Notes, FRN, Series 2018-HQA1‘M2’ 4.26% 25/09/2030 USD 13,280,000 13,234,108 0.24Fidelity & Guaranty Life Holdings,Inc., 144A 5.5% 01/05/2025 USD 893,000 875,140 0.02First Data Corp., 144A 5.375%15/08/2023 USD 7,450,000 7,550,575 0.14First Data Corp., 144A 7% 01/12/2023 USD 1,567,000 1,639,505 0.03First Data Corp., 144A 5%15/01/2024 USD 630,000 628,236 0.01First Data Corp., 144A 5.75%15/01/2024 USD 10,080,000 10,121,177 0.19First Franklin Mortgage Loan Trust,FRN, Series 2004-FF5 ‘A1’ 2.811%25/08/2034 USD 56,967 55,750 0.00FirstEnergy Transmission LLC, 144A5.45% 15/07/2044 USD 370,000 417,847 0.01FirstKey Lending Trust, FRN, Series2015-SFR1 ‘D’, 144A 4.367%09/03/2047 USD 2,340,000 2,341,295 0.04Flagship Credit Auto Trust, Series2014-2 ‘C’, 144A 3.95% 15/12/2020 USD 198,000 199,187 0.00FNMA, FRN, Series 2018-C01 ‘1M2’4.21% 25/07/2030 USD 6,500,000 6,559,761 0.12FNMA, FRN, Series 2018-C03 ‘1M2’4.11% 25/10/2030 USD 3,071,000 3,052,393 0.06FNMA, IO, Series 2016-90 ‘IN’ 3.5%25/12/2046 USD 7,946,164 1,371,116 0.03FNMA, IO, Series 2016-6 ‘KI’ 4%25/02/2044 USD 1,744,835 280,689 0.01FNMA, IO, FRN, Series 2016-61 ‘ST’3.909% 25/09/2046 USD 29,269,719 5,096,505 0.09FNMA ACES, IO, Series 2018-M3 ‘X’0.1% 25/07/2029 USD 35,405,943 240,245 0.00FNMA ACES, IO, FRN, Series 2014-M3‘X2’ 0.1% 25/01/2024 USD 161,086,254 616,976 0.01FNMA ACES, IO, FRN, Series 2016-M4‘X2’ 2.616% 25/01/2039 USD 33,435,212 3,471,321 0.06FNMA Interest STRIP, IO, Series 410‘C12’ 5.5% 25/07/2024 USD 2,165,083 127,346 0.00FNMA Interest STRIP, IO, Series 421‘C3’ 4% 25/07/2030 USD 13,171,781 1,623,358 0.03FNMA Interest STRIP, IO, Series 401‘C6’ 4.5% 25/10/2029 USD 911,944 70,813 0.00FNMA REMIC, IO, Series 2012-25 ‘AI’3.5% 25/03/2027 USD 187,964 18,842 0.00FNMA REMIC, IO, Series 2013-5 ‘BI’3.5% 25/03/2040 USD 129,824 15,802 0.00FNMA REMIC, IO, Series 2014-23 ‘CI’3.5% 25/09/2031 USD 9,128,243 662,547 0.01FNMA REMIC, IO, Series 2012-118 ‘DI’3.5% 25/01/2040 USD 121,608 14,750 0.00FNMA REMIC, IO, Series 2012-120 ‘DI’3% 25/03/2031 USD 707,618 63,363 0.00FNMA REMIC, IO, Series 2012-145 ‘EI’3% 25/01/2028 USD 1,270,113 111,695 0.00FNMA REMIC, IO, Series 2012-107 ‘GI’3.5% 25/09/2027 USD 213,924 19,116 0.00FNMA REMIC, IO, Series 2013-61 ‘HI’3% 25/06/2033 USD 12,021,744 1,453,268 0.03FNMA REMIC, IO, Series 2013-66 ‘IE’3% 25/08/2032 USD 17,388,960 1,939,782 0.04FNMA REMIC, IO, Series 2013-32 ‘IG’3.5% 25/04/2033 USD 8,213,772 1,171,008 0.02FNMA REMIC, IO, Series 2013-15 ‘IO’2.5% 25/03/2028 USD 1,988,612 146,713 0.00FNMA REMIC, IO, Series 2010-102 ‘IP’5% 25/12/2039 USD 74,513 5,025 0.00FNMA REMIC, IO, Series 2012-148 ‘JI’3.5% 25/12/2039 USD 127,094 16,099 0.00FNMA REMIC, IO, Series 2014-35 ‘KI’3% 25/06/2029 USD 1,206,933 133,325 0.00FNMA REMIC, IO, Series 2012-149 ‘MI’3% 25/01/2028 USD 223,947 20,799 0.00FNMA REMIC, IO, FRN, Series2012-133 ‘NS’ 4.059% 25/12/2042 USD 15,609,685 2,781,107 0.05FNMA REMIC, IO, Series 2014-44 ‘QI’3% 25/08/2029 USD 979,637 95,307 0.00

FNMA REMIC, IO, FRN, Series2011-144 ‘SA’ 4.559% 25/11/2025 USD 708,244 47,155 0.00FNMA REMIC, IO, FRN, Series 2016-77‘SA’ 3.909% 25/10/2046 USD 18,351,718 3,615,672 0.07FNMA REMIC, IO, FRN, Series 2017-57‘SA’ 4.009% 25/08/2057 USD 15,483,957 2,458,008 0.05FNMA REMIC, IO, FRN, Series 2012-65‘SB’ 3.889% 25/06/2042 USD 750,913 105,564 0.00FNMA REMIC, IO, FRN, Series 2016-75‘SC’ 4.009% 25/10/2046 USD 14,871,805 2,047,666 0.04FNMA REMIC, IO, FRN, Series 2012-93‘SE’ 4.009% 25/09/2042 USD 7,475,696 1,249,898 0.02FNMA REMIC, IO, FRN, Series 2012-93‘SG’ 4.009% 25/09/2042 USD 542,337 91,924 0.00FNMA REMIC, IO, FRN, Series 2017-69‘SH’ 4.109% 25/09/2047 USD 40,302,269 7,505,580 0.14FNMA REMIC, IO, FRN, Series2009-101 ‘SI’ 3.659% 25/12/2039 USD 613,395 48,132 0.00FNMA REMIC, IO, Series 2014-25 ‘WY’3.5% 25/05/2029 USD 799,996 96,591 0.00FNMA REMIC, IO, Series 2013-31 ‘YI’3.5% 25/04/2028 USD 210,765 19,987 0.00FNMA REMIC, IO, Series 2013-9 ‘YI’3.5% 25/02/2028 USD 234,879 22,056 0.00FREED ABS TRUST, Series 2018-1 ‘A’,144A 3.61% 18/07/2024 USD 980,000 980,422 0.02FREED ABS TRUST, Series 2018-1 ‘B’,144A 4.56% 18/07/2024 USD 980,000 981,338 0.02FREMF, FRN, Series 2018-KF46 ‘B’,144A 3.859% 25/03/2028 USD 3,029,984 3,031,918 0.06FREMF Mortgage Trust, FRN, Series2016-KF24 ‘B’, 144A 7.001%25/10/2026 USD 1,247,140 1,324,218 0.02FREMF Mortgage Trust, FRN, Series2017-K728 ‘B’, 144A 3.647%25/11/2050 USD 8,039,000 7,766,091 0.14FREMF Mortgage Trust, FRN, Series2017-K729 ‘B’, 144A 3.675%25/11/2049 USD 1,300,000 1,271,953 0.02FREMF Mortgage Trust, FRN, Series2017-KF29 ‘B’, 144A 5.551%25/02/2024 USD 5,041,156 5,236,573 0.10FREMF Mortgage Trust, FRN, Series2017-KF31 ‘B’, 144A 4.901%25/04/2024 USD 4,037,539 4,139,611 0.08FREMF Mortgage Trust, FRN, Series2017-KF35 ‘B’, 144A 4.659%25/08/2024 USD 6,665,206 6,821,012 0.12FREMF Mortgage Trust, FRN, Series2017-KF36 ‘B’, 144A 4.651%25/08/2024 USD 3,347,265 3,382,588 0.06FREMF Mortgage Trust, FRN, Series2017-KF38 ‘B’, 144A 4.501%25/09/2024 USD 2,297,893 2,320,467 0.04FREMF Mortgage Trust, FRN, Series2017-KF40 ‘B’, 144A 4.701%25/11/2027 USD 3,254,266 3,326,181 0.06FREMF Mortgage Trust, FRN, Series2017-KF41 ‘B’, 144A 4.501%25/11/2024 USD 1,814,192 1,827,491 0.03FREMF Mortgage Trust, FRN, Series2018-KF45 ‘B’, 144A 3.859%25/03/2025 USD 1,939,696 1,943,326 0.04FREMF Mortgage Trust, FRN, Series2017-K728 ‘C’, 144A 3.647%25/11/2050 USD 2,420,000 2,271,859 0.04FREMF Mortgage Trust, FRN, Series2018-K730 ‘C’, 144A 3.8%25/02/2050 USD 2,873,000 2,724,816 0.05Fremont Home Loan Trust, FRN,Series 2004-C ‘M1’ 3.066%25/08/2034 USD 87,214 87,486 0.00Frontier Communications Corp., 144A8.5% 01/04/2026 USD 1,625,000 1,575,080 0.03Frontier Communications Corp.7.125% 15/03/2019 USD 580,000 584,095 0.01Frontier Communications Corp.10.5% 15/09/2022 USD 334,000 301,435 0.01Frontier Communications Corp.6.875% 15/01/2025 USD 1,220,000 791,475 0.01Frontier Communications Corp. 11%15/09/2025 USD 920,000 736,823 0.01FXI Holdings, Inc., 144A 7.875%01/11/2024 USD 1,008,000 990,360 0.02Gartner, Inc., 144A 5.125%01/04/2025 USD 493,000 489,303 0.01Gates Global LLC, 144A 6%15/07/2022 USD 554,000 560,925 0.01GCI, Inc. 6.75% 01/06/2021 USD 1,272,000 1,286,310 0.02GCI, Inc. 6.875% 15/04/2025 USD 2,305,000 2,397,200 0.04GCP Applied Technologies, Inc., 144A5.5% 15/04/2026 USD 1,020,000 1,005,975 0.02

405

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Genesys TelecommunicationsLaboratories, Inc., 144A 10%30/11/2024 USD 1,503,000 1,679,602 0.03GLP Capital LP 5.375% 01/11/2023 USD 450,000 463,385 0.01GLP Capital LP 5.25% 01/06/2025 USD 400,000 401,074 0.01GNMA, IO, FRN, Series 2013-480.613% 16/07/2054 USD 58,905,503 2,567,555 0.05GNMA, IO, FRN, Series 2017-230.728% 16/05/2059 USD 28,913,824 1,813,062 0.03GNMA, IO, FRN, Series 2017-9 0.759%16/01/2057 USD 40,785,523 2,744,531 0.05GNMA, IO, FRN, Series 2002-24 ‘AG’5.865% 16/04/2032 USD 1,317,274 185,008 0.00GNMA, IO, FRN, Series 2011-13 ‘S’3.865% 16/01/2041 USD 440,949 53,136 0.00GNMA, IO, FRN, Series 2003-69 ‘SB’4.515% 16/08/2033 USD 948,503 139,945 0.00Golden Nugget, Inc., 144A 6.75%15/10/2024 USD 1,366,000 1,367,762 0.03Goldman Sachs Group, Inc. (The), FRN2.905% 24/07/2023 USD 1,450,000 1,398,322 0.03Goldman Sachs Group, Inc. (The), FRN3.919% 29/11/2023 USD 5,010,000 5,180,891 0.09Goldman Sachs Group, Inc. (The), FRN3.491% 15/05/2026 USD 7,350,000 7,277,970 0.13Goldman Sachs Group, Inc. (The), FRN3.814% 23/04/2029 USD 6,802,000 6,481,524 0.12Goldman Sachs Group, Inc. (The), FRN5% Perpetual USD 10,943,000 10,307,102 0.19Goodgreen Trust, Series 2017-R1 5%20/10/2051 USD 7,858,127 7,727,682 0.14Goodman Networks, Inc. 8%11/05/2022 USD 6,906 4,800 0.00Goodyear Tire & Rubber Co. (The) 5%31/05/2026 USD 410,000 385,021 0.01Goodyear Tire & Rubber Co. (The)4.875% 15/03/2027 USD 1,648,000 1,514,430 0.03Graham Holdings Co., 144A 5.75%01/06/2026 USD 265,000 268,975 0.01Gray Television, Inc., 144A 5.125%15/10/2024 USD 750,000 718,845 0.01Gray Television, Inc., 144A 5.875%15/07/2026 USD 225,000 214,312 0.00GS Mortgage Securities Trust, Series2016-GS2 ‘D’, 144A 2.753%10/05/2049 USD 1,077,302 864,173 0.02GSAMP Trust, FRN, Series 2006-HE3‘A2C’ 2.251% 25/05/2046 USD 1,412,043 1,400,437 0.03GSMSC Pass-Through Trust, FRN,Series 2008-2R ‘2A1’, 144A 7.5%25/10/2036 USD 80,947 57,219 0.00Gulfport Energy Corp. 6% 15/10/2024 USD 1,602,000 1,541,020 0.03Gulfport Energy Corp. 6.375%15/01/2026 USD 178,000 171,900 0.00H&E Equipment Services, Inc. 5.625%01/09/2025 USD 650,000 639,844 0.01Halcon Resources Corp. 6.75%15/02/2025 USD 484,000 453,547 0.01Hanesbrands, Inc., 144A 4.875%15/05/2026 USD 1,500,000 1,457,783 0.03HarborView Mortgage Loan Trust,FRN, Series 2005-11 ‘2A1A’ 2.705%19/08/2045 USD 56,197 55,629 0.00HarborView Mortgage Loan Trust,FRN, Series 2007-6 ‘2A1A’ 2.138%19/08/2037 USD 89,230 87,805 0.00Hardwoods Acquisition, Inc., 144A7.5% 01/08/2021 USD 1,615,000 1,505,987 0.03Harland Clarke Holdings Corp., 144A6.875% 01/03/2020 USD 190,000 188,575 0.00Herc Rentals, Inc., 144A 7.75%01/06/2024 USD 1,699,000 1,842,413 0.03Hertz Corp. (The), 144A 5.5%15/10/2024 USD 3,010,000 2,385,425 0.04Hertz Corp. (The), 144A 7.625%01/06/2022 USD 5,195,000 4,989,330 0.09Hexion, Inc. 6.625% 15/04/2020 USD 1,527,000 1,439,197 0.03Hilcorp Energy I LP, 144A 5%01/12/2024 USD 2,185,000 2,141,300 0.04Hilcorp Energy I LP, 144A 5.75%01/10/2025 USD 1,163,000 1,162,070 0.02Hill-Rom Holdings, Inc., 144A 5.75%01/09/2023 USD 4,005,000 4,095,112 0.08Hilton Domestic Operating Co., Inc.,144A 5.125% 01/05/2026 USD 270,000 264,373 0.01Holly Energy Partners LP, 144A 6%01/08/2024 USD 500,000 507,500 0.01Hologic, Inc., 144A 4.375%15/10/2025 USD 2,632,000 2,513,850 0.05Hologic, Inc., 144A 4.625%01/02/2028 USD 195,000 184,031 0.00

Hughes Satellite Systems Corp.7.625% 15/06/2021 USD 595,000 636,492 0.01Hughes Satellite Systems Corp. 5.25%01/08/2026 USD 768,000 722,477 0.01Hughes Satellite Systems Corp.6.625% 01/08/2026 USD 489,000 455,980 0.01Icahn Enterprises LP 5.875%01/02/2022 USD 2,429,000 2,442,153 0.04iHeartCommunications, Inc. 9%15/12/2019§ USD 5,985,000 4,608,450 0.08iHeartCommunications, Inc. 9%01/03/2021§ USD 155,000 119,350 0.00ILFC E-Capital Trust I, FRN, 144A4.57% 21/12/2065 USD 400,000 375,000 0.01ILFC E-Capital Trust II, FRN, 144A4.82% 21/12/2065 USD 407,000 378,510 0.01Infor Software Parent LLC, 144A7.125% 01/05/2021 USD 1,209,000 1,213,534 0.02Infor US, Inc., 144A 5.75%15/08/2020 USD 466,000 471,825 0.01Infor US, Inc. 6.5% 15/05/2022 USD 11,090,000 11,133,362 0.20Informatica LLC, 144A 7.125%15/07/2023 USD 2,113,000 2,149,977 0.04Ingevity Corp., 144A 4.5%01/02/2026 USD 303,000 288,411 0.01inVentiv Group Holdings, Inc., 144A7.5% 01/10/2024 USD 900,000 951,750 0.02IQVIA, Inc., 144A 4.875% 15/05/2023 USD 204,000 206,040 0.00IQVIA, Inc., 144A 5% 15/10/2026 USD 3,095,000 2,996,455 0.05IRB Holding Corp., 144A 6.75%15/02/2026 USD 1,134,000 1,091,475 0.02Iron Mountain, Inc., REIT, 144A4.875% 15/09/2027 USD 774,000 709,340 0.01Iron Mountain, Inc., REIT, 144A 5.25%15/03/2028 USD 387,000 360,065 0.01ITC Holdings Corp. 3.35% 15/11/2027 USD 6,280,000 5,896,386 0.11Itron, Inc., 144A 5% 15/01/2026 USD 41,000 39,295 0.00J.P. Morgan Alternative Loan Trust,FRN, Series 2006-A2 ‘1A1’ 2.271%25/05/2036 USD 6,806,325 6,527,184 0.12J.P. Morgan Chase CommercialMortgage Securities Trust, FRN,Series 2007-LD11 ‘AM’ 6.005%15/06/2049 USD 2,552,928 2,558,902 0.05J.P. Morgan Chase CommercialMortgage Securities Trust, FRN,Series 2005-LDP5 ‘F’ 5.704%15/12/2044 USD 2,709,344 2,706,638 0.05Jack Ohio Finance LLC, 144A 6.75%15/11/2021 USD 4,433,000 4,577,072 0.08Jaguar Holding Co. II, 144A 6.375%01/08/2023 USD 250,000 249,625 0.00JB Poindexter & Co., Inc., 144A7.125% 15/04/2026 USD 50,000 51,375 0.00JC Penney Corp., Inc., 144A 5.875%01/07/2023 USD 856,000 805,017 0.01JC Penney Corp., Inc., 144A 8.625%15/03/2025 USD 257,000 219,735 0.00Kaiser Aluminum Corp. 5.875%15/05/2024 USD 500,000 513,848 0.01Kennedy-Wilson, Inc., 144A 5.875%01/04/2024 USD 318,000 309,911 0.01KFC Holding Co., 144A 4.75%01/06/2027 USD 1,087,000 1,032,471 0.02Kindred Healthcare, Inc. 8.75%15/01/2023 USD 3,460,000 3,685,038 0.07Kinetic Concepts, Inc., 144A 7.875%15/02/2021 USD 2,290,000 2,360,417 0.04KLX, Inc., 144A 5.875% 01/12/2022 USD 1,780,000 1,855,650 0.03Kraft Heinz Foods Co. 5.2%15/07/2045 USD 654,000 640,812 0.01Kraft Heinz Foods Co. 4.375%01/06/2046 USD 3,920,000 3,426,570 0.06Kratos Defense & Security Solutions,Inc., 144A 6.5% 30/11/2025 USD 945,000 981,619 0.02Kronos Acquisition Holdings, Inc.,144A 9% 15/08/2023 USD 452,000 413,580 0.01Ladder Capital Finance HoldingsLLLP, 144A 5.25% 15/03/2022 USD 379,000 379,948 0.01Ladder Capital Finance HoldingsLLLP, 144A 5.25% 01/10/2025 USD 485,000 453,475 0.01Lamar Media Corp. 5.375%15/01/2024 USD 500,000 510,467 0.01Lamar Media Corp. 5.75%01/02/2026 USD 188,000 191,755 0.00LB Commercial Mortgage Trust, FRN,Series 2007-C3 ‘AJ’ 6.094%15/07/2044 USD 2,780,287 2,799,276 0.05LB-UBS Commercial Mortgage Trust,FRN, Series 2006-C6 ‘AJ’ 5.452%15/09/2039 USD 3,760,106 2,894,443 0.05

406

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

LendingClub Issuance Trust, Series2016-NP2 ‘B’, 144A 6% 17/01/2023 USD 2,400,000 2,434,906 0.04Lendingpoint Funding Trust, FRN,Series 2018-1 ‘B’, 144A 8.073%15/11/2024* USD 6,000,000 6,000,000 0.11Lendmark Funding Trust, Series2017-2A ‘B’, 144A 3.38% 20/05/2026 USD 1,325,000 1,308,397 0.02Lendmark Funding Trust, Series2018-1A ‘B’, 144A 4.09% 21/12/2026 USD 1,370,000 1,377,318 0.03Lendmark Funding Trust, Series2017-1A ‘C’, 144A 5.41% 22/12/2025 USD 3,320,000 3,405,852 0.06Lendmark Funding Trust, Series2017-2A ‘C’, 144A 4.33% 20/05/2026 USD 1,045,000 1,033,863 0.02Lennar Corp. 8.375% 15/01/2021 USD 105,000 115,237 0.00Lennar Corp. 5.875% 15/11/2024 USD 200,000 207,979 0.00Lennar Corp. 5.25% 01/06/2026 USD 500,000 492,500 0.01Lennar Corp. 4.75% 29/11/2027 USD 1,387,000 1,307,248 0.02Levi Strauss & Co. 5% 01/05/2025 USD 500,000 498,913 0.01LGI Homes, Inc. 6.875% 15/07/2026 USD 750,000 750,000 0.01LifePoint Health, Inc. 5.5%01/12/2021 USD 252,000 253,764 0.00LIN Television Corp. 5.875%15/11/2022 USD 650,000 664,674 0.01Live Nation Entertainment, Inc., 144A4.875% 01/11/2024 USD 580,000 562,600 0.01Live Nation Entertainment, Inc., 144A5.625% 15/03/2026 USD 157,000 157,393 0.00LKQ Corp. 4.75% 15/05/2023 USD 140,000 139,453 0.00LMREC Inc., FRN, Series 2016-CRE2‘A’, 144A 3.597% 24/11/2031 USD 2,112,000 2,130,635 0.04LPL Holdings, Inc., 144A 5.75%15/09/2025 USD 1,083,000 1,055,925 0.02LTF Merger Sub, Inc., 144A 8.5%15/06/2023 USD 1,890,000 1,977,412 0.04LV Tower 52 Issuer, Series 2013-1 ‘M’,144A 7.75% 15/02/2023 USD 1,918,179 1,918,179 0.04Marlette Funding Trust, Series2017-3A ‘B’, 144A 3.01% 15/12/2024 USD 810,000 804,935 0.01Marlette Funding Trust, Series2018-1A ‘B’, 144A 3.19% 15/03/2028 USD 1,950,000 1,939,005 0.04Marlette Funding Trust, Series2018-2A ‘B’, 144A 3.61% 17/07/2028 USD 7,670,000 7,717,554 0.14Marlette Funding Trust, Series2017-3A ‘C’, 144A 4.01% 15/12/2024 USD 2,270,000 2,271,349 0.04Marlette Funding Trust, Series2018-1A ‘C’, 144A 3.69% 15/03/2028 USD 3,464,000 3,442,961 0.06Marlette Funding Trust, Series2018-2A ‘C’, 144A 4.37% 17/07/2028 USD 4,970,000 5,007,275 0.09Marlette Funding Trust, Series2018-1A ‘D’, 144A 4.85% 15/03/2028 USD 1,200,000 1,196,672 0.02Martin Midstream Partners LP 7.25%15/02/2021 USD 325,000 322,683 0.01MASTR Alternative Loan Trust, FRN,Series 2003-5 ‘30B1’ 5.896%25/08/2033 USD 683,725 685,850 0.01Match Group, Inc., 144A 5%15/12/2027 USD 78,000 73,397 0.00Mattel, Inc., 144A 6.75% 31/12/2025 USD 3,653,000 3,561,949 0.07Mattel, Inc. 3.15% 15/03/2023 USD 356,000 311,580 0.01Merrill Lynch Mortgage Trust, FRN,Series 2007-C1 ‘C1’ 5.775%12/06/2050 USD 1,060,364 1,059,643 0.02MFA Trust, STEP, Series 2017-NPL1‘A1’, 144A 3.351% 25/11/2047 USD 11,400,312 11,354,083 0.21Micron Technology, Inc. 5.5%01/02/2025 USD 37,000 38,545 0.00Midcontinent Communications, 144A6.875% 15/08/2023 USD 64,000 67,501 0.00Momentive Performance MaterialsUSA LLC 8.875% 15/10/2020§ USD 200,000 0 0.00Momentive Performance Materials,Inc. 3.88% 24/10/2021 USD 200,000 210,500 0.00Morgan Stanley, FRN 3.772%24/01/2029 USD 5,270,000 5,079,832 0.09Morgan Stanley, FRN 3.971%22/07/2038 USD 7,350,000 6,808,048 0.12Morgan Stanley ABS Capital I, Inc.Trust, FRN, Series 2004-HE1 ‘M1’2.946% 25/01/2034 USD 1,018,787 1,011,860 0.02Morgan Stanley Bank of AmericaMerrill Lynch Trust, Series 2014-C16‘AS’ 4.094% 15/06/2047 USD 6,660,000 6,758,864 0.12Morgan Stanley Bank of AmericaMerrill Lynch Trust, Series 2014-C19‘D’, 144A 3.25% 15/12/2047 USD 4,040,000 3,283,649 0.06Morgan Stanley Capital I Trust, FRN,Series 2006-HQ10 ‘AJ’ 5.389%12/11/2041 USD 1,288,561 1,286,345 0.02Morgan Stanley Capital I Trust, FRN,Series 2007-T27 ‘B’, 144A 5.933%11/06/2042 USD 4,809,000 5,123,220 0.09

Morgan Stanley Capital I Trust, FRN,Series 2007-T27 ‘C’, 144A 5.933%11/06/2042 USD 6,816,500 7,127,756 0.13Morgan Stanley Capital I Trust, FRN,Series 2005-HQ7 ‘E’ 5.393%14/11/2042 USD 3,622,333 3,670,111 0.07MPH Acquisition Holdings LLC, 144A7.125% 01/06/2024 USD 1,022,000 1,050,105 0.02MSCI, Inc., 144A 5.25% 15/11/2024 USD 220,000 223,300 0.00MSCI, Inc., 144A 5.375% 15/05/2027 USD 270,000 272,025 0.01Navistar International Corp., 144A6.625% 01/11/2025 USD 1,067,000 1,100,146 0.02Neiman Marcus Group Ltd. LLC, 144A8% 15/10/2021 USD 3,100,000 2,061,500 0.04Neiman Marcus Group Ltd. LLC, 144A8.75% 15/10/2021 USD 636,408 423,211 0.01Netflix, Inc., 144A 4.875%15/04/2028 USD 2,970,000 2,831,138 0.05Netflix, Inc. 5.5% 15/02/2022 USD 400,000 412,544 0.01Netflix, Inc. 5.75% 01/03/2024 USD 550,000 563,918 0.01Netflix, Inc. 4.375% 15/11/2026 USD 520,000 490,641 0.01New Residential Mortgage LLC, Series2018-FNT1 ‘D’, 144A 4.69%25/05/2023 USD 12,160,000 12,188,608 0.22New Residential Mortgage LLC, Series2018-FNT1 ‘G’, 144A 5.67%25/05/2023 USD 5,000,000 5,011,419 0.09Nexstar Broadcasting, Inc., 144A6.125% 15/02/2022 USD 230,000 236,038 0.00NextEra Energy Operating PartnersLP, 144A 4.25% 15/09/2024 USD 329,000 317,941 0.01NextEra Energy Operating PartnersLP, 144A 4.5% 15/09/2027 USD 224,000 209,513 0.00NGPL PipeCo LLC, 144A 4.875%15/08/2027 USD 270,000 267,620 0.01Nielsen Finance LLC, 144A 5%15/04/2022 USD 2,354,000 2,327,223 0.04Novelis Corp., 144A 6.25%15/08/2024 USD 1,500,000 1,500,840 0.03Novelis Corp., 144A 5.875%30/09/2026 USD 1,340,000 1,286,768 0.02NRG Energy, Inc., 144A 5.75%15/01/2028 USD 327,000 324,126 0.01Nuance Communications, Inc., 144A5.375% 15/08/2020 USD 60,000 60,049 0.00Nuance Communications, Inc. 5.625%15/12/2026 USD 1,212,000 1,181,252 0.02NVA Holdings, Inc., 144A 6.875%01/04/2026 USD 330,000 329,587 0.01OnDeck Asset Securitization TrustLLC, Series 2018-1A ‘B’, 144A 4.02%18/04/2022 USD 1,000,000 998,318 0.02OnDeck Asset Securitization TrustLLC, Series 2018-1A ‘C’, 144A 4.52%18/04/2022 USD 890,000 891,610 0.02Onemain Financial Issuance Trust,Series 2018-1A ‘D’, 144A 4.08%14/03/2029 USD 2,440,000 2,449,355 0.04Onemain Financial Issuance Trust,Series 2018-1A ‘E’, 144A 5.52%14/03/2029 USD 3,000,000 3,015,304 0.06OneMain Financial Issuance Trust,Series 2015-1A ‘A’, 144A 3.19%18/03/2026 USD 483,948 485,596 0.01OneMain Financial Issuance Trust,Series 2014-2A ‘C’, 144A 4.33%18/09/2024 USD 68,531 68,633 0.00OneMain Financial Issuance Trust,Series 2015-1A ‘C’, 144A 5.12%18/03/2026 USD 415,000 422,450 0.01OneMain Financial Issuance Trust,Series 2014-2A ‘D’, 144A 5.31%18/09/2024 USD 100,000 100,953 0.00OneMain Financial Issuance Trust,Series 2017-1A ‘D’, 144A 4.52%14/09/2032 USD 1,700,000 1,678,705 0.03Oportun Funding VI LLC, FRN, Series2017-A ‘B’, 144A 3.97% 08/06/2023 USD 2,223,000 2,199,367 0.04Owens-Brockway Glass Container,Inc., 144A 5% 15/01/2022 USD 30,000 29,816 0.00Owens-Brockway Glass Container,Inc., 144A 5.375% 15/01/2025 USD 671,000 662,022 0.01Owens-Brockway Glass Container,Inc., 144A 5.875% 15/08/2023 USD 376,000 379,674 0.01Parsley Energy LLC, 144A 6.25%01/06/2024 USD 630,000 655,200 0.01Parsley Energy LLC, 144A 5.25%15/08/2025 USD 860,000 851,469 0.02Party City Holdings, Inc., 144A6.125% 15/08/2023 USD 264,000 267,746 0.01Peabody Energy Corp., 144A 6%31/03/2022 USD 435,000 443,148 0.01

407

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

PetSmart, Inc., 144A 7.125%15/03/2023 USD 3,390,000 2,262,825 0.04PetSmart, Inc., 144A 5.875%01/06/2025 USD 3,854,000 2,971,434 0.05PetSmart, Inc., 144A 8.875%01/06/2025 USD 838,000 541,742 0.01Pilgrim’s Pride Corp., 144A 5.75%15/03/2025 USD 1,049,000 1,009,998 0.02Pilgrim’s Pride Corp., 144A 5.875%30/09/2027 USD 235,000 219,039 0.00Plantronics, Inc., 144A 5.5%31/05/2023 USD 2,309,000 2,317,656 0.04PNMAC FMSR Issuer Trust, FRN,Series 2018-FT1 ‘A’, 144A 4.31%25/04/2023 USD 3,900,000 3,913,408 0.07PNMAC GMSR Issuer Trust, FRN,Series 2018-GT1 ‘A’, 144A 4.81%25/02/2023 USD 2,780,000 2,800,422 0.05Polaris Intermediate Corp., 144A8.5% 01/12/2022 USD 623,000 640,911 0.01Post Holdings, Inc., 144A 5.5%01/03/2025 USD 1,820,000 1,777,357 0.03Post Holdings, Inc., 144A 5%15/08/2026 USD 1,406,000 1,310,596 0.02Post Holdings, Inc., 144A 5.75%01/03/2027 USD 2,226,000 2,166,933 0.04PQ Corp., 144A 5.75% 15/12/2025 USD 730,000 719,050 0.01Prestige Brands, Inc., 144A 5.375%15/12/2021 USD 20,000 20,011 0.00Prestige Brands, Inc., 144A 6.375%01/03/2024 USD 50,000 49,799 0.00Prestige Brands, Inc., Reg. S 5.375%15/12/2021 USD 250,000 250,938 0.00Pretium Mortgage Credit Partners ILLC, FRN, Series 2017-NPL5 ‘A1’,144A 3.327% 30/12/2032 USD 8,610,103 8,594,117 0.16Pretium Mortgage Credit Partners ILLC, STEP, Series 2018-NPL1 ‘A1’,144A 3.375% 27/01/2033 USD 5,324,981 5,290,057 0.10Prime Security Services BorrowerLLC, 144A 9.25% 15/05/2023 USD 3,215,000 3,427,946 0.06Progress Residential Trust, Series2015-SFR2 ‘D’, 144A 3.684%12/06/2032 USD 1,170,000 1,161,417 0.02Prosper Marketplace Issuance Trust,Series 2017-3A ‘A’, 144A 2.36%15/11/2023 USD 3,677,441 3,663,566 0.07Prosper Marketplace Issuance Trust,Series 2017-3A ‘B’, 144A 3.36%15/11/2023 USD 5,500,000 5,468,368 0.10Prosper Marketplace Issuance Trust,Series 2018-1A ‘B’, 144A 3.9%17/06/2024 USD 2,121,000 2,122,524 0.04Prosper Marketplace Issuance Trust,Series 2018-1A ‘C’, 144A 4.87%17/06/2024 USD 3,587,000 3,589,853 0.07Qorvo, Inc. 6.75% 01/12/2023 USD 280,000 297,850 0.01Quicken Loans, Inc., 144A 5.75%01/05/2025 USD 1,538,000 1,518,775 0.03Quicken Loans, Inc., 144A 5.25%15/01/2028 USD 432,000 400,010 0.01Rackspace Hosting, Inc., 144A8.625% 15/11/2024 USD 4,600,000 4,620,355 0.08Rain CII Carbon LLC, 144A 7.25%01/04/2025 USD 1,855,000 1,892,100 0.03RALI Trust, FRN, Series 2005-QO1 ‘A1’2.26% 25/08/2035 USD 4,548,889 4,015,303 0.07RASC Trust, FRN, Series 2006-KS5‘A3’ 2.251% 25/07/2036 USD 138,300 138,598 0.00RASC Trust, FRN, Series 2005-EMX1‘M1’ 2.736% 25/03/2035 USD 1,617,391 1,625,821 0.03RBS Global, Inc., 144A 4.875%15/12/2025 USD 184,000 174,800 0.00Renaissance Home Equity Loan Trust,STEP, Series 2005-1 ‘AF6’ 4.97%25/05/2035 USD 374,421 384,862 0.01Renaissance Home Equity Loan Trust,FRN, Series 2004-1 ‘M1’ 2.83%25/05/2034 USD 747,469 725,044 0.01Renaissance Home Equity Loan Trust,STEP, Series 2005-2 ‘M1’ 5.051%25/08/2035 USD 7,690,000 7,810,848 0.14Renaissance Home Equity Loan Trust,FRN, Series 2003-3 ‘M3’ 4.21%25/12/2033 USD 539,573 543,215 0.01Reynolds Group Issuer, Inc., FRN,144A 5.848% 15/07/2021 USD 200,000 202,500 0.00Reynolds Group Issuer, Inc., 144A5.125% 15/07/2023 USD 1,052,000 1,041,617 0.02Reynolds Group Issuer, Inc. 6.875%15/02/2021 USD 103,961 105,395 0.00

RFMSI Trust, Series 2006-S12 ‘2A2’6% 25/12/2036 USD 153,840 149,625 0.00Rite Aid Corp., 144A 6.375%01/04/2023 USD 2,980,000 3,028,425 0.06Riverbed Technology, Inc., 144A8.875% 01/03/2023 USD 390,000 373,425 0.01Sabre GLBL, Inc., 144A 5.375%15/04/2023 USD 1,828,000 1,851,398 0.03Sanmina Corp., 144A 4.375%01/06/2019 USD 25,000 25,125 0.00Santander Drive Auto ReceivablesTrust 4.67% 15/02/2023 USD 11,000,000 11,007,541 0.20Saxon Asset Securities Trust, STEP,Series 2002-2 ‘AF5’ 6.49%25/01/2031 USD 1,013,445 1,027,574 0.02SBA Communications Corp., REIT4.875% 15/07/2022 USD 454,000 451,741 0.01SBA Communications Corp., REIT4.875% 01/09/2024 USD 2,675,000 2,572,962 0.05Scientific Games International, Inc.,144A 5% 15/10/2025 USD 849,000 808,138 0.01Scientific Games International, Inc.10% 01/12/2022 USD 1,057,000 1,128,427 0.02Sealed Air Corp., 144A 5.25%01/04/2023 USD 315,000 322,087 0.01Sealed Air Corp., 144A 5.125%01/12/2024 USD 858,000 868,725 0.02Seminole Hard Rock Entertainment,Inc., 144A 5.875% 15/05/2021 USD 1,186,000 1,197,860 0.02Sinclair Television Group, Inc., 144A5.625% 01/08/2024 USD 2,300,000 2,282,750 0.04Sinclair Television Group, Inc., 144A5.875% 15/03/2026 USD 500,000 490,625 0.01Sinclair Television Group, Inc. 5.375%01/04/2021 USD 60,000 60,389 0.00Sinclair Television Group, Inc. 6.125%01/10/2022 USD 3,030,000 3,089,479 0.06Sirius XM Radio, Inc., 144A 4.625%15/05/2023 USD 220,000 215,625 0.00Sirius XM Radio, Inc., 144A 6%15/07/2024 USD 8,861,000 9,065,423 0.17Sirius XM Radio, Inc., 144A 5.375%15/04/2025 USD 885,000 869,512 0.02Sirius XM Radio, Inc., 144A 5%01/08/2027 USD 704,000 659,349 0.01Six Flags Entertainment Corp., 144A4.875% 31/07/2024 USD 893,000 869,478 0.02Sofi Consumer Loan Program LLC,Series 2017-6 ‘B’, 144A 3.52%25/11/2026 USD 3,024,000 2,986,614 0.05Sofi Consumer Loan Program Trust,Series 2018-1 ‘A2’, 144A 3.14%25/02/2027 USD 858,000 852,830 0.02Sofi Consumer Loan Program Trust,Series 2018-1 ‘B’, 144A 3.65%25/02/2027 USD 2,340,000 2,323,539 0.04Sofi Consumer Loan Program Trust,Series 2018-2 ‘B’, 144A 3.79%26/04/2027 USD 4,670,000 4,660,335 0.09Sofi Consumer Loan Program Trust,Series 2018-1 ‘C’, 144A 3.97%25/02/2027 USD 1,310,000 1,295,340 0.02Solera LLC, 144A 10.5% 01/03/2024 USD 1,201,000 1,336,112 0.02Sotera Health Holdings LLC, 144A6.5% 15/05/2023 USD 165,000 168,712 0.00Sotheby’s, 144A 4.875% 15/12/2025 USD 655,000 632,075 0.01Springleaf Finance Corp. 7.75%01/10/2021 USD 780,000 842,954 0.02Springleaf Finance Corp. 5.625%15/03/2023 USD 772,000 768,009 0.01Springleaf Finance Corp. 6.875%15/03/2025 USD 900,000 897,813 0.02Springleaf Finance Corp. 7.125%15/03/2026 USD 317,000 316,683 0.01Springleaf Funding Trust, Series2016-AA ‘B’, 144A 3.8% 15/11/2029 USD 1,445,000 1,444,902 0.03Sprint Communications, Inc., 144A9% 15/11/2018 USD 311,000 317,702 0.01Sprint Communications, Inc., 144A7% 01/03/2020 USD 710,000 734,850 0.01Sprint Corp. 7.625% 01/03/2026 USD 344,000 351,974 0.01SPX FLOW, Inc., 144A 5.625%15/08/2024 USD 1,535,000 1,531,162 0.03SPX FLOW, Inc., 144A 5.875%15/08/2026 USD 750,000 749,647 0.01STACR Trust, FRN, Series 2018-DNA2‘M2’, 144A 4.207% 25/12/2030 USD 2,360,000 2,347,313 0.04Standard Industries, Inc., 144A 6%15/10/2025 USD 1,115,000 1,124,087 0.02Standard Industries, Inc., 144A 4.75%15/01/2028 USD 2,915,000 2,677,748 0.05

408

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Stanwich Mortgage Loan Trust, STEP,Series 2018-NPB1 ‘A1’, 144A 4.016%16/05/2023 USD 8,208,316 8,231,624 0.15Staples, Inc., 144A 8.5% 15/09/2025 USD 5,718,000 5,366,314 0.10Station Casinos LLC, 144A 5%01/10/2025 USD 1,297,000 1,223,480 0.02Steel Dynamics, Inc. 5.25%15/04/2023 USD 188,000 189,621 0.00Steel Dynamics, Inc. 4.125%15/09/2025 USD 680,000 653,504 0.01Steel Dynamics, Inc. 5.125%01/10/2021 USD 190,000 192,294 0.00Steel Dynamics, Inc. 5.5%01/10/2024 USD 510,000 521,401 0.01Structured Adjustable Rate MortgageLoan Trust, FRN, Series 2005-1 ‘5A1’3.639% 25/02/2035 USD 337,586 339,947 0.01Structured Asset Investment LoanTrust, FRN, Series 2005-HE3 ‘M1’2.68% 25/09/2035 USD 242,208 241,978 0.00Structured Asset Investment LoanTrust, FRN, Series 2004-8 ‘M3’3.066% 25/09/2034 USD 1,081,192 1,056,500 0.02Summit Materials LLC, 144A 5.125%01/06/2025 USD 753,000 713,083 0.01SUPERVALU, Inc. 6.75% 01/06/2021 USD 1,334,000 1,356,351 0.03Symantec Corp., 144A 5%15/04/2025 USD 313,000 303,608 0.01Talen Energy Supply LLC 6.5%01/06/2025 USD 1,375,000 1,051,875 0.02Tallgrass Energy Partners LP, 144A5.5% 15/09/2024 USD 540,000 553,090 0.01Talos Production LLC, 144A 11%03/04/2022 USD 15,438 16,287 0.00Targa Resources Partners LP, 144A5% 15/01/2028 USD 845,000 785,833 0.01Targa Resources Partners LP 4.25%15/11/2023 USD 1,210,000 1,161,213 0.02Targa Resources Partners LP 5.125%01/02/2025 USD 830,000 824,265 0.02Team Health Holdings, Inc., 144A6.375% 01/02/2025 USD 1,733,000 1,480,823 0.03TEGNA, Inc., 144A 4.875%15/09/2021 USD 85,000 85,212 0.00TEGNA, Inc., 144A 5.5% 15/09/2024 USD 1,997,000 2,004,489 0.04Tenet Healthcare Corp., 144A 7.5%01/01/2022 USD 2,940,000 3,079,018 0.06Tenet Healthcare Corp., 144A 4.625%15/07/2024 USD 1,022,000 971,426 0.02Tenet Healthcare Corp., 144A 5.125%01/05/2025 USD 1,495,000 1,433,025 0.03Tenet Healthcare Corp., 144A 7%01/08/2025 USD 233,000 231,918 0.00Tennant Co. 5.625% 01/05/2025 USD 742,000 750,177 0.01Terex Corp., 144A 5.625%01/02/2025 USD 3,310,000 3,295,602 0.06Terraform Global Operating LLC,144A 6.125% 01/03/2026 USD 381,000 381,648 0.01TerraForm Power Operating LLC,144A 4.25% 31/01/2023 USD 460,000 444,583 0.01TerraForm Power Operating LLC,144A 5% 31/01/2028 USD 580,000 548,825 0.01TerraForm Power Operating LLC,STEP, 144A 6.625% 15/06/2025 USD 581,000 620,944 0.01TI Group Automotive Systems LLC,144A 8.75% 15/07/2023 USD 818,000 855,873 0.02TreeHouse Foods, Inc., 144A 6%15/02/2024 USD 3,280,000 3,357,900 0.06Tronox, Inc., 144A 6.5% 15/04/2026 USD 473,000 472,432 0.01Tutor Perini Corp., 144A 6.875%01/05/2025 USD 1,448,000 1,453,430 0.03UBS Commercial Mortgage Trust,FRN, Series 2017-C6 ‘D’, 144A 2.5%15/12/2050 USD 4,250,000 2,974,908 0.05Ultra Resources, Inc., 144A 6.875%15/04/2022 USD 2,887,000 2,176,076 0.04Ultra Resources, Inc., 144A 7.125%15/04/2025 USD 1,671,000 1,169,700 0.02United States Steel Corp. 6.25%15/03/2026 USD 772,000 767,048 0.01Uniti Group LP, REIT, 144A 6%15/04/2023 USD 3,782,000 3,649,630 0.07Uniti Group LP, REIT 8.25%15/10/2023 USD 2,000,000 1,900,000 0.03Univar USA, Inc., 144A 6.75%15/07/2023 USD 413,000 426,423 0.01Univision Communications, Inc., 144A6.75% 15/09/2022 USD 41,000 42,025 0.00Univision Communications, Inc., 144A5.125% 15/05/2023 USD 580,000 559,625 0.01

Univision Communications, Inc., 144A5.125% 15/02/2025 USD 1,388,000 1,290,424 0.02US Airways Pass-Through Trust,Series 2013-1B 5.375% 15/05/2023 USD 241,515 247,306 0.00US Concrete, Inc. 6.375%01/06/2024 USD 1,015,000 1,023,790 0.02US Treasury Bill 0% 04/10/2018 USD 550,000 547,153 0.01USA Compression Partners LP, 144A6.875% 01/04/2026 USD 215,000 222,989 0.00USIS Merger Sub, Inc., 144A 6.875%01/05/2025 USD 402,000 400,995 0.01Valeant PharmaceuticalsInternational, Inc., 144A 6.75%15/08/2021 USD 1,117,000 1,129,566 0.02Valeant PharmaceuticalsInternational, Inc., 144A 7.25%15/07/2022 USD 2,737,000 2,803,126 0.05Valeant PharmaceuticalsInternational, Inc., 144A 8.5%31/01/2027 USD 319,000 323,362 0.01Vantage Data Centers Issuer LLC,Series 2018-1A ‘A2’, 144A 4.072%16/02/2043 USD 3,767,400 3,774,021 0.07VeriSign, Inc. 4.75% 15/07/2027 USD 70,000 66,376 0.00Veros Automobile Receivables Trust,Series 2017-1 ‘A’, 144A 2.84%17/04/2023 USD 3,425,588 3,412,105 0.06Versum Materials, Inc., 144A 5.5%30/09/2024 USD 450,000 457,380 0.01Vertiv Group Corp., 144A 9.25%15/10/2024 USD 3,180,000 3,147,246 0.06Viacom, Inc., FRN 5.875%28/02/2057 USD 658,000 622,971 0.01Viacom, Inc., FRN 6.25% 28/02/2057 USD 243,000 232,284 0.00Viacom, Inc. 4.375% 15/03/2043 USD 206,000 172,396 0.00ViaSat, Inc., 144A 5.625%15/09/2025 USD 5,000 4,710 0.00VICI Properties 1 LLC, REIT 8%15/10/2023 USD 3,323,102 3,705,259 0.07Vistra Energy Corp., 144A 8%15/01/2025 USD 750,000 813,232 0.02Vistra Energy Corp., 144A 8.125%30/01/2026 USD 494,000 539,584 0.01VOLT LXII LLC, STEP, Series2017-NPL9 ‘A1’, 144A 3.125%25/09/2047 USD 2,540,181 2,525,621 0.05VOLT LXIII LLC, STEP, Series2017-NP10 ‘A1’, 144A 3% 25/10/2047 USD 5,526,737 5,492,271 0.10VOLT LXIV LLC, STEP, Series2017-NP11 ‘A1’, 144A 3.375%25/10/2047 USD 3,813,227 3,805,298 0.07Wabash National Corp., 144A 5.5%01/10/2025 USD 182,000 175,099 0.00Wachovia Bank CommercialMortgage Trust, FRN, Series2007-C31 ‘AJ’ 5.66% 15/04/2047 USD 5,189,302 5,215,202 0.10Wachovia Bank CommercialMortgage Trust, FRN, Series2007-C33 ‘AJ’ 6.008% 15/02/2051 USD 8,355,000 8,325,235 0.15Wachovia Bank CommercialMortgage Trust, FRN, Series2006-C29 ‘B’ 5.426% 15/11/2048 USD 1,760,175 1,771,722 0.03Wachovia Bank CommercialMortgage Trust, FRN, Series2007-C30 ‘B’ 5.463% 15/12/2043 USD 4,815,000 4,873,280 0.09Wachovia Bank CommercialMortgage Trust, FRN, Series2007-C33 ‘B’ 6.008% 15/02/2051 USD 2,350,000 1,791,875 0.03Wachovia Bank CommercialMortgage Trust, FRN, Series2007-C31 ‘C’ 5.981% 15/04/2047 USD 6,882,000 6,982,209 0.13Wachovia Bank CommercialMortgage Trust, FRN, Series2007-C33 ‘C’ 6.008% 15/02/2051 USD 2,585,000 271,425 0.01Wachovia Bank CommercialMortgage Trust, FRN, Series2005-C21 ‘D’ 5.287% 15/10/2044 USD 6,697,951 6,655,642 0.12Wachovia Bank CommercialMortgage Trust, FRN, Series2005-C21 ‘F’, 144A 5.287%15/10/2044 USD 96,732 31,633 0.00Weatherford International LLC, 144A9.875% 01/03/2025 USD 185,000 185,544 0.00Wells Fargo Commercial MortgageTrust, FRN, Series 2015-NXS2 ‘A5’3.767% 15/07/2058 USD 3,400,000 3,442,187 0.06Wells Fargo Commercial MortgageTrust, FRN, Series 2010-C1 ‘C’, 144A5.597% 15/11/2043 USD 2,415,000 2,471,324 0.05Wells Fargo Commercial MortgageTrust, FRN, Series 2015-NXS1 ‘D’4.101% 15/05/2048 USD 2,402,000 2,098,453 0.04

409

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Wells Fargo Commercial MortgageTrust, Series 2016-BNK1 ‘D’, 144A 3%15/08/2049 USD 1,467,000 1,176,064 0.02Wells Fargo Home EquityAsset-Backed Securities Trust, FRN,Series 2004-2 ‘M8A’, 144A 6.46%25/10/2034 USD 145,755 141,968 0.00Wells Fargo Mortgage BackedSecurities Trust, FRN, Series2005-AR2 ‘2A1’ 3.912% 25/03/2035 USD 896,920 910,065 0.02Wells Fargo Mortgage BackedSecurities Trust, FRN, Series2005-AR2 ‘2A2’ 3.912% 25/03/2035 USD 311,300 319,081 0.01Wells Fargo Mortgage BackedSecurities Trust, FRN, Series2005-AR4 ‘2A2’ 3.961% 25/04/2035 USD 889,801 897,846 0.02Wells Fargo Mortgage BackedSecurities Trust, FRN, Series2005-AR16 ‘3A1’ 3.881% 25/03/2035 USD 247,592 250,189 0.00Wells Fargo Mortgage BackedSecurities Trust, FRN, Series 2004-M‘A1’ 3.527% 25/08/2034 USD 1,072,047 1,111,669 0.02Wells Fargo Mortgage BackedSecurities Trust, FRN, Series 2004-BB‘A5’ 3.726% 25/01/2035 USD 595,285 606,987 0.01Wells Fargo Mortgage BackedSecurities Trust, FRN, Series 2004-N‘A6’ 3.483% 25/08/2034 USD 1,260,065 1,279,886 0.02Wells Fargo Mortgage BackedSecurities Trust, FRN, Series 2004-N‘A7’ 3.483% 25/08/2034 USD 1,260,301 1,280,127 0.02West Street Merger Sub, Inc., 144A6.375% 01/09/2025 USD 90,000 86,641 0.00Westlake Automobile ReceivablesTrust, Series 2018-1A ‘E’, 144A 4.53%15/05/2023 USD 2,000,000 1,990,975 0.04Westlake Automobile ReceivablesTrust, Series 2018-2A ‘E’, 144A4.86% 16/01/2024 USD 1,170,000 1,173,794 0.02Westlake Automobile ReceivablesTrust, Series 2018-1A ‘F’, 144A 5.6%15/07/2024 USD 6,880,000 6,875,525 0.13Westlake Automobile ReceivablesTrust, Series 2018-2A ‘F’, 144A6.04% 15/01/2025 USD 4,808,000 4,838,921 0.09Whiting Petroleum Corp., 144A6.625% 15/01/2026 USD 369,000 382,494 0.01Windstream Services LLC, 144A6.375% 01/08/2023 USD 1,112,000 695,000 0.01Windstream Services LLC, 144A8.75% 15/12/2024 USD 5,032,000 3,195,320 0.06Windstream Services LLC 6.375%01/08/2023 USD 655,000 409,375 0.01WMG Acquisition Corp., 144A 5.625%15/04/2022 USD 171,000 175,703 0.00WMG Acquisition Corp., 144A 5%01/08/2023 USD 250,000 247,965 0.00WMG Acquisition Corp., 144A 4.875%01/11/2024 USD 1,843,000 1,806,140 0.03WMG Acquisition Corp., 144A 5.5%15/04/2026 USD 908,000 902,325 0.02WPX Energy, Inc. 5.75% 01/06/2026 USD 304,000 305,015 0.01Wyndham Hotels & Resorts, Inc.,144A 5.375% 15/04/2026 USD 436,000 434,910 0.01Wyndham Worldwide Corp. 4.15%01/04/2024 USD 263,000 258,269 0.00Wyndham Worldwide Corp. 4.5%01/04/2027 USD 262,000 254,758 0.00Wynn Las Vegas LLC, 144A 5.5%01/03/2025 USD 4,360,000 4,271,230 0.08XPO Logistics, Inc., 144A 6.5%15/06/2022 USD 3,439,000 3,526,660 0.06XPO Logistics, Inc., 144A 6.125%01/09/2023 USD 295,000 302,930 0.01Zayo Group LLC, 144A 5.75%15/01/2027 USD 1,130,000 1,110,225 0.02ZF North America Capital, Inc., 144A4% 29/04/2020 USD 167,000 168,360 0.00ZF North America Capital, Inc., 144A4.5% 29/04/2022 USD 218,000 222,159 0.00

1,527,329,882 27.92

Total Bonds 2,002,174,204 36.60

Convertible Bonds

Cayman IslandsCtrip.com International Ltd. 1%01/07/2020 USD 9,125,000 9,681,351 0.18Huazhu Group Ltd., 144A 0.375%01/11/2022 USD 7,970,000 8,985,848 0.16

18,667,199 0.34

LuxembourgMagnaChip Semiconductor SA 5%01/03/2021 USD 2,625,000 3,689,438 0.07

3,689,438 0.07

NetherlandsNXP Semiconductors NV 1%01/12/2019 USD 1,075,000 1,296,767 0.02

1,296,767 0.02

United States of AmericaCypress Semiconductor Corp., 144A2% 01/02/2023 USD 325,000 339,532 0.01Cypress Semiconductor Corp. 4.5%15/01/2022 USD 7,050,000 9,399,702 0.17DISH Network Corp. 3.375%15/08/2026 USD 2,330,000 2,256,617 0.04Envestnet, Inc. 1.75% 15/12/2019 USD 4,338,000 4,635,140 0.08Etsy, Inc., 144A 0% 01/03/2023 USD 7,605,000 9,976,680 0.18Finisar Corp. 0.5% 15/12/2036 USD 7,755,000 7,050,070 0.13FireEye, Inc., 144A 0.875%01/06/2024 USD 3,700,000 3,520,169 0.06Horizon Global Corp. 2.75%01/07/2022 USD 2,770,000 1,945,925 0.04II-VI, Inc., 144A 0.25% 01/09/2022 USD 10,330,000 11,590,260 0.21Knowles Corp. 3.25% 01/11/2021 USD 7,040,000 7,866,271 0.14Liberty Expedia Holdings, Inc., 144A1% 30/06/2047 USD 6,990,000 6,889,687 0.13Live Nation Entertainment, Inc., 144A2.5% 15/03/2023 USD 10,975,000 11,278,788 0.21Nabors Industries, Inc. 0.75%15/01/2024 USD 4,795,000 3,783,063 0.07Nuance Communications, Inc. 1.5%01/11/2035 USD 9,160,000 8,836,753 0.16Nutanix, Inc., 144A 0% 15/01/2023 USD 6,610,000 8,226,852 0.15Oasis Petroleum, Inc. 2.625%15/09/2023 USD 6,245,000 8,163,620 0.15ON Semiconductor Corp. 1%01/12/2020 USD 6,297,000 8,284,975 0.15SM Energy Co. 1.5% 01/07/2021 USD 7,110,000 7,395,893 0.14Teradyne, Inc. 1.25% 15/12/2023 USD 7,505,000 9,928,297 0.18Vocera Communications, Inc., 144A1.5% 15/05/2023 USD 5,150,000 5,797,278 0.11Zillow Group, Inc. 2% 01/12/2021 USD 7,395,000 9,338,251 0.17

146,503,823 2.68

Total Convertible Bonds 170,157,227 3.11

Equities

United States of AmericaPenn Virginia Corp. USD 601 51,442 0.00

51,442 0.00

Total Equities 51,442 0.00

Total Transferable securities and money market instrumentsdealt in on another regulated market 2,172,382,873 39.71

Other transferable securities and money market instruments

Bonds

United States of AmericaAvaya, Inc. 7% 01/04/2019* USD 3,370,000 337 0.00Penn Virginia Corp. 8.5%01/05/2020§* USD 200,000 250 0.00Santander Prime Auto IssuanceNotes Trust, Series 2018-A ‘F’, 144A6.8% 15/09/2025* USD 3,066,100 3,081,430 0.06Texas Competitive Electric HoldingsCo. LLC 11.5% 01/10/2020* USD 50,000 375 0.00

3,082,392 0.06

Total Bonds 3,082,392 0.06

410

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Equities

United States of AmericaComputershare, Inc.* USD 5,485 105,586 0.00Goodman Private* USD 434 0 0.00Goodman Private Preference* USD 517 1,722 0.00Vistra Energy Corp. Rights Perpetual* USD 856 458 0.00

107,766 0.00

Total Equities 107,766 0.00

Total Other transferable securities and money marketinstruments 3,190,158 0.06

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Global Absolute ReturnBond Fund - JPM Global AbsoluteReturn Bond X (acc) - USD† USD 551,097 58,195,844 1.06JPMorgan US Dollar Liquidity Fund -JPM US Dollar Liquidity X (dist.)† USD 60,000,820 60,000,820 1.10

118,196,664 2.16

Total Collective Investment Schemes - UCITS 118,196,664 2.16

Total Units of authorised UCITS or other collective investmentundertakings 118,196,664 2.16

Total Investments 5,356,739,782 97.92

Cash 68,744,245 1.26

Other Assets/(Liabilities) 44,891,119 0.82

Total Net Assets 5,470,375,146 100.00

§ Security is currently in default.* Security is valued at its fair value under the direction of the Board of Directors.† Related Party Fund.

411

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited States of America 43.98Luxembourg 5.79Cayman Islands 4.50Spain 4.19Netherlands 3.86France 3.80United Kingdom 3.66Portugal 3.48Indonesia 2.36Canada 1.74Ireland 1.65Italy 1.62Germany 1.61South Africa 1.40Mexico 1.14Argentina 1.00Turkey 0.88Greece 0.85Switzerland 0.83Qatar 0.71Brazil 0.58Egypt 0.52Sweden 0.51Jersey 0.47Ecuador 0.34Pakistan 0.33Croatia 0.33Bermuda 0.26El Salvador 0.26Paraguay 0.26Oman 0.25United Arab Emirates 0.24Lebanon 0.24Slovakia 0.23Nigeria 0.23Sri Lanka 0.23Serbia 0.21Denmark 0.21Singapore 0.20Ivory Coast 0.19Japan 0.19Colombia 0.17Belarus 0.17Morocco 0.15Azerbaijan 0.15Dominican Republic 0.15Australia 0.14Zambia 0.13Angola 0.13South Korea 0.13Virgin Islands, British 0.11India 0.11Gabon 0.11Hong Kong 0.11Jordan 0.10Iraq 0.10Afghanistan 0.10China 0.08Austria 0.08Supranational 0.07Jamaica 0.06Hungary 0.06Finland 0.05Belgium 0.04Chile 0.04Panama 0.04Norway 0.01Total Investments 97.92Cash and Other Assets/(Liabilities) 2.08

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United States of America 44.85Luxembourg 4.92Netherlands 4.45Cayman Islands 4.23United Kingdom 3.57France 3.25Indonesia 3.12Brazil 2.44Russia 2.22Italy 2.22Portugal 2.11Ireland 1.77Germany 1.63Canada 1.43New Zealand 1.22Malaysia 0.98Spain 0.89Mexico 0.83Turkey 0.73Switzerland 0.71Argentina 0.63Ukraine 0.58Sweden 0.56Qatar 0.53Lebanon 0.52Pakistan 0.49Ecuador 0.42Belarus 0.37Croatia 0.37Japan 0.35Jersey 0.34Egypt 0.32United Arab Emirates 0.32Sri Lanka 0.29Nigeria 0.28Australia 0.24Colombia 0.20Bermuda 0.17Dominican Republic 0.17Virgin Islands, British 0.14Zambia 0.14Angola 0.14Gabon 0.13Morocco 0.12Jordan 0.12Supranational 0.11Oman 0.11Denmark 0.10Panama 0.10Uruguay 0.10Austria 0.09Jamaica 0.07Singapore 0.06Hong Kong 0.06Belgium 0.05Chile 0.05Paraguay 0.04China 0.03El Salvador 0.01Finland 0.01Total Investments 96.50Cash and Other Assets/(Liabilities) 3.50

Total 100.00

412

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

AUD 4,252,341 USD 3,136,387 03/08/2018 BNP Paribas 5,027 -CAD 23,041,287 USD 17,317,688 05/07/2018 Goldman Sachs 157,301 -CHF 4,910 USD 4,933 02/07/2018 BNP Paribas 8 -CHF 9,862 USD 9,936 30/07/2018 ANZ 13 -CHF 10,078 USD 10,164 30/07/2018 Citibank 2 -CHF 79,039 USD 79,721 30/07/2018 Standard Chartered 11 -CZK 36,710,622 USD 1,645,487 03/08/2018 HSBC 172 -CZK 1,102,971 USD 49,288 03/08/2018 Merrill Lynch 156 -EUR 977,544 USD 1,133,358 02/07/2018 Societe Generale 4,816 -EUR 1,348,982 USD 1,561,017 03/07/2018 State Street 9,630 -EUR 4,404,071 USD 5,115,880 05/07/2018 Citibank 12,586 -EUR 13,959,790 USD 16,254,943 05/07/2018 HSBC 995 -EUR 3,433 USD 3,962 05/07/2018 National Australia Bank 35 -EUR 1,715 USD 1,982 05/07/2018 Standard Chartered 15 -EUR 2,879,219,286 USD 3,345,021,594 05/07/2018 State Street 7,780,287 0.14EUR 1,772,362 USD 2,062,507 03/08/2018 BNP Paribas 5,896 -EUR 1,478,456 USD 1,715,789 03/08/2018 RBC 9,616 -EUR 1,530,505 USD 1,780,380 03/08/2018 State Street 5,768 -GBP 28,317,032 USD 37,248,594 05/07/2018 Barclays 16,958 -GBP 92,677,549 USD 122,006,378 03/08/2018 BNP Paribas 123,864 -RUB 1,116,775,953 USD 17,602,891 05/07/2018 Citibank 163,842 -RUB 1,755,940,599 USD 27,872,073 05/07/2018 Credit Suisse 63,098 -RUB 752,305,000 USD 11,936,612 05/07/2018 Merrill Lynch 31,770 -SEK 721,592 USD 80,237 03/08/2018 BNP Paribas 272 -USD 11,936,622 ARS 307,009,920 05/07/2018 BNP Paribas 1,325,871 0.03USD 10,999,997 ARS 307,009,920 03/08/2018 Goldman Sachs 755,024 0.02USD 11,518 AUD 15,330 05/07/2018 HSBC 194 -USD 54,703,132 AUD 71,541,590 05/07/2018 National Australia Bank 1,856,937 0.04USD 4,754 AUD 6,424 03/08/2018 BNP Paribas 8 -USD 7,600 AUD 10,286 03/08/2018 National Australia Bank 1 -USD 26,460 BRL 99,003 03/07/2018 Goldman Sachs 836 -USD 2,616,353 BRL 9,887,720 03/07/2018 HSBC 57,220 -USD 75,630,838 CAD 97,618,613 05/07/2018 RBC 1,594,862 0.03USD 50,821 CHF 50,350 30/07/2018 BNP Paribas 29 -USD 57,519 CHF 56,764 30/07/2018 HSBC 257 -USD 171,311 CHF 168,572 30/07/2018 Merrill Lynch 1,262 -USD 91,165 CHF 90,280 30/07/2018 Societe Generale 93 -USD 5,024 CHF 4,957 30/07/2018 State Street 24 -USD 55,835,176 CNH 365,328,442 05/07/2018 HSBC 727,357 0.01USD 52,286,247 CZK 1,160,676,258 09/07/2018 Goldman Sachs 312,749 0.01USD 2,886 CZK 64,431 09/07/2018 State Street - -USD 6,584 CZK 146,294 03/08/2018 Barclays 26 -USD 2,669 CZK 59,252 03/08/2018 Citibank 13 -USD 1,911,707 EUR 1,625,393 05/07/2018 ANZ 18,965 -USD 157,353,117 EUR 134,155,711 05/07/2018 Barclays 1,131,074 0.02USD 8,345,372 EUR 7,094,538 05/07/2018 BNP Paribas 83,903 -USD 3,314,538,677 EUR 2,844,443,233 05/07/2018 Goldman Sachs 2,232,918 0.04USD 12,351,426 EUR 10,531,882 05/07/2018 HSBC 87,228 -USD 2,347,395 EUR 1,998,322 05/07/2018 Merrill Lynch 20,383 -USD 2,187 EUR 1,851 05/07/2018 Morgan Stanley 31 -USD 1,755,720 EUR 1,487,397 05/07/2018 National Australia Bank 23,672 -USD 10,702,992 EUR 9,139,989 05/07/2018 Societe Generale 59,630 -USD 280,548,259 EUR 239,357,881 05/07/2018 Standard Chartered 1,820,079 0.03USD 5,485,845 EUR 4,691,023 05/07/2018 State Street 23,228 -USD 1,003,783,430 EUR 851,228,030 05/07/2018 Toronto-Dominion Bank 12,542,869 0.23USD 472,387,401 EUR 404,157,700 03/08/2018 Barclays 722,428 0.01USD 7,930,271 EUR 6,789,636 03/08/2018 Citibank 6,549 -USD 987,292,504 EUR 845,489,536 03/08/2018 Goldman Sachs 579,151 0.01USD 4,957,052 EUR 4,239,253 03/08/2018 RBC 9,708 -USD 5,354,699 EUR 4,584,943 03/08/2018 Societe Generale 3,924 -USD 8,794,166 EUR 7,530,027 03/08/2018 Standard Chartered 6,383 -USD 2,486,695 GBP 1,857,098 05/07/2018 BNP Paribas 42,732 -USD 354,002 GBP 268,862 05/07/2018 Deutsche Bank 177 -USD 46,316,497 GBP 34,508,153 05/07/2018 HSBC 903,355 0.02USD 202,971 GBP 153,481 03/08/2018 Barclays 715 -USD 184,685 GBP 139,324 03/08/2018 BNP Paribas 1,085 -USD 25,867,815 HUF 7,030,595,450 05/07/2018 Goldman Sachs 1,038,178 0.02USD 3,028,675 HUF 824,995,036 05/07/2018 National Australia Bank 115,077 -USD 4,467,279 HUF 1,245,255,804 03/08/2018 Merrill Lynch 61,609 -USD 142,429,378 IDR 1,995,862,872,548 05/07/2018 Standard Chartered 3,050,290 0.06USD 139,507,418 IDR 1,995,862,872,548 03/08/2018 Standard Chartered 645,258 0.01USD 58,236,099 NZD 82,720,980 05/07/2018 Standard Chartered 2,291,894 0.04USD 114,422 PLN 414,786 05/07/2018 Barclays 4,001 -USD 1,585,001 PLN 5,951,985 05/07/2018 HSBC 512 -USD 2,415 PLN 8,988 03/08/2018 Barclays 22 -USD 6,432 PLN 24,026 03/08/2018 Societe Generale 34 -USD 58,420,411 RUB 3,625,021,552 05/07/2018 Standard Chartered 750,124 0.02USD 7,960 SEK 70,866 05/07/2018 Barclays 71 -USD 184,436 SEK 1,593,044 05/07/2018 BNP Paribas 7,095 -USD 326,963,954 SEK 2,930,120,168 05/07/2018 HSBC 776,569 0.02USD 124,250 SEK 1,105,271 05/07/2018 Merrill Lynch 1,209 -USD 571,974 SEK 5,108,032 05/07/2018 Societe Generale 3,337 -USD 510,509 SEK 4,540,107 05/07/2018 State Street 5,094 -

413

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

USD 1,337,413 SEK 11,907,635 03/08/2018 Goldman Sachs 8,875 -USD 497,993 SEK 4,398,451 03/08/2018 Merrill Lynch 7,257 -USD 164,804 SEK 1,468,918 03/08/2018 Standard Chartered 916 -USD 542 SGD 738 03/08/2018 Credit Suisse - -USD 976 SGD 1,331 03/08/2018 Merrill Lynch - -USD 30,489,385 ZAR 384,489,683 05/07/2018 Citibank 2,659,910 0.05USD 53,476,167 ZAR 707,612,685 05/07/2018 HSBC 2,258,955 0.04USD 79,974,695 ZAR 1,092,102,368 03/08/2018 Barclays 1,230,252 0.02

Total Unrealised Gain on Forward Currency Exchange Contracts 50,261,627 0.92

ARS 307,009,920 USD 11,295,435 05/07/2018 Goldman Sachs (684,684) (0.01)AUD 4,263,797 USD 3,174,418 05/07/2018 BNP Paribas (24,845) -AUD 71,548,150 USD 53,192,552 05/07/2018 Goldman Sachs (341,512) (0.01)AUD 6,689 USD 5,051 05/07/2018 Standard Chartered (110) -BRL 79,342 USD 21,616 03/07/2018 Citibank (1,081) -BRL 9,907,380 USD 2,691,784 03/07/2018 Goldman Sachs (127,563) -BRL 376,480 USD 100,000 02/08/2018 Citibank (2,820) -BRL 9,887,720 USD 2,608,553 02/08/2018 HSBC (56,258) -CAD 74,577,326 USD 57,375,471 05/07/2018 HSBC (814,485) (0.02)CAD 19,789,626 USD 15,332,178 05/07/2018 RBC (323,317) (0.01)CHF 242,510 USD 247,171 30/07/2018 ANZ (2,534) -CHF 57,117 USD 58,272 30/07/2018 Merrill Lynch (654) -CHF 37,407,454 USD 38,163,200 30/07/2018 National Australia Bank (427,703) (0.01)CNH 365,328,442 USD 57,078,556 05/07/2018 HSBC (1,970,736) (0.04)CZK 49,826 USD 2,298 09/07/2018 Citibank (67) -CZK 1,160,926,258 USD 53,071,733 09/07/2018 Goldman Sachs (1,087,040) (0.02)CZK 32,231,960 USD 1,453,423 09/07/2018 HSBC (10,119) -CZK 247,228 USD 11,140 09/07/2018 Merrill Lynch (70) -CZK 496,039 USD 22,280 09/07/2018 National Australia Bank (68) -CZK 3,500,001 USD 158,413 09/07/2018 State Street (1,688) -CZK 1,160,676,258 USD 52,349,472 03/08/2018 Goldman Sachs (318,816) (0.01)EUR 4,394,256 USD 5,165,862 05/07/2018 ANZ (48,825) -EUR 405,950,447 USD 473,490,355 05/07/2018 Barclays (767,966) (0.02)EUR 9,933,128 USD 11,729,663 05/07/2018 Deutsche Bank (162,705) -EUR 850,066,187 USD 990,640,811 05/07/2018 Goldman Sachs (753,197) (0.01)EUR 1,755,363 USD 2,058,626 05/07/2018 Morgan Stanley (14,536) -EUR 2,003,208 USD 2,372,049 05/07/2018 National Australia Bank (39,348) -EUR 1,210,131 USD 1,418,417 05/07/2018 Societe Generale (9,240) -EUR 6,897 USD 8,057 03/08/2018 BNP Paribas (8) -EUR 2,844,443,233 USD 3,321,504,718 03/08/2018 Goldman Sachs (1,948,413) (0.04)EUR 2,465,171 USD 2,884,482 03/08/2018 Merrill Lynch (7,548) -EUR 1,590,804 USD 1,860,949 03/08/2018 National Australia Bank (4,430) -EUR 8,971,129 USD 10,480,822 03/08/2018 Societe Generale (11,227) -EUR 7,996,255 USD 9,362,651 03/08/2018 State Street (30,766) -GBP 150,611 USD 202,407 05/07/2018 BNP Paribas (4,202) -GBP 94,510,626 USD 125,390,555 05/07/2018 HSBC (1,013,440) (0.02)GBP 1,028,680 USD 1,378,097 05/07/2018 Standard Chartered (24,342) -GBP 5,304,713 USD 7,111,774 05/07/2018 State Street (130,708) -GBP 1,000,340 USD 1,326,538 03/08/2018 Merrill Lynch (8,292) -HUF 5,091,093,529 USD 18,727,232 05/07/2018 BNP Paribas (747,246) (0.01)HUF 1,519,241,153 USD 5,473,688 05/07/2018 HSBC (108,252) -HUF 1,245,255,804 USD 4,459,807 05/07/2018 Merrill Lynch (61,993) -IDR 1,995,862,872,548 USD 140,568,572 05/07/2018 Standard Chartered (1,189,484) (0.02)NZD 82,720,980 USD 57,165,988 05/07/2018 Toronto-Dominion Bank (1,221,782) (0.02)PLN 9,919 USD 2,746 05/07/2018 BNP Paribas (105) -PLN 6,347,752 USD 1,716,985 05/07/2018 Citibank (27,139) -PLN 9,100 USD 2,462 05/07/2018 Societe Generale (39) -PLN 5,951,985 USD 1,585,660 03/08/2018 HSBC (494) -SEK 1,468,918 USD 164,404 02/07/2018 Standard Chartered (904) -SEK 3,054,684 USD 345,047 05/07/2018 BNP Paribas (4,993) -SEK 4,520,259 USD 511,430 05/07/2018 Goldman Sachs (8,225) -SEK 112,238 USD 12,938 05/07/2018 Merrill Lynch (444) -SEK 277,691 USD 31,495 05/07/2018 Standard Chartered (581) -SEK 4,576,240 USD 532,262 05/07/2018 State Street (22,825) -SEK 2,929,996,376 USD 331,428,620 05/07/2018 Toronto-Dominion Bank (5,255,016) (0.10)SEK 21,142,799 USD 2,391,984 03/08/2018 Barclays (33,076) -SEK 2,930,120,168 USD 327,668,352 03/08/2018 HSBC (754,047) (0.02)SGD 203,445 USD 150,010 03/08/2018 Credit Suisse (722) -SGD 67,815 USD 49,842 03/08/2018 Merrill Lynch (79) -USD 3,136,089 AUD 4,252,341 05/07/2018 BNP Paribas (5,022) -USD 6,923 AUD 9,375 05/07/2018 National Australia Bank (2) -USD 5,104 AUD 6,921 03/08/2018 RBC (9) -USD 14,873,759 CAD 19,789,626 05/07/2018 Goldman Sachs (135,102) -USD 61,078 CHF 60,686 30/07/2018 Barclays (140) -USD 4,945 CHF 4,910 30/07/2018 BNP Paribas (8) -USD 97,772 CHF 97,114 30/07/2018 Merrill Lynch (193) -USD 49,223 CZK 1,102,971 03/07/2018 Merrill Lynch (153) -USD 1,643,771 CZK 36,710,622 09/07/2018 HSBC (80) -USD 2,054,279 EUR 1,766,510 05/07/2018 ANZ (2,792) -USD 7,456,621 EUR 6,437,092 05/07/2018 Barclays (39,263) -USD 2,681 EUR 2,315 05/07/2018 BNP Paribas (15) -USD 42,495,807 EUR 36,536,263 05/07/2018 Citibank (50,050) -

414

JPMorgan Funds - Global Bond Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts (continued)

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

USD 5,742,923 EUR 4,968,129 05/07/2018 Goldman Sachs (42,378) -USD 2,374,362 EUR 2,047,434 05/07/2018 National Australia Bank (9,840) -USD 17,868,531 EUR 15,388,022 05/07/2018 Standard Chartered (50,559) -USD 1,136,049 EUR 977,544 03/08/2018 Societe Generale (4,776) -USD 1,564,576 EUR 1,348,982 03/08/2018 State Street (9,729) -USD 121,846,491 GBP 92,677,549 05/07/2018 BNP Paribas (118,273) -USD 37,297,308 GBP 28,317,032 03/08/2018 Barclays (18,805) -USD 295,995 GBP 224,764 03/08/2018 Merrill Lynch (199) -USD 80,051 SEK 721,592 03/07/2018 BNP Paribas (267) -ZAR 1,092,102,368 USD 80,270,894 05/07/2018 Barclays (1,224,207) (0.02)

Total Unrealised Loss on Forward Currency Exchange Contracts (22,324,671) (0.41)

Net Unrealised Gain on Forward Currency Exchange Contracts 27,936,956 0.51

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

3 Month Eurodollar, 16/12/2019 (5,543) USD (1,344,697,156) 103,931 -Euro-BTP, 06/09/2018 224 EUR 33,121,271 225,599 -Euro-Bobl, 06/09/2018 (3,738) EUR (575,168,701) 239,372 0.01Euro-Schatz, 06/09/2018 (3,348) EUR (436,933,136) 68,217 -US Long Bond, 19/09/2018 31 USD 4,500,328 6,297 -US Ultra Bond, 19/09/2018 293 USD 46,847,953 77,829 -US 10 Year Note, 19/09/2018 302 USD 36,298,984 2,360 -

Total Unrealised Gain on Financial Futures Contracts 723,605 0.01

Euro-Bund, 06/09/2018 (1,643) EUR (310,830,185) (47,824) -Euro-OAT, 06/09/2018 (485) EUR (87,203,054) (172,232) -Euro-Bobl, 06/09/2018 50 EUR 7,693,535 (3,202) -Euro-Buxl 30 Year Bond, 06/09/2018 (19) EUR (3,929,103) (19,247) -Euro-Schatz, 06/09/2018 18 EUR 2,349,103 (367) -US 2 Year Note, 28/09/2018 44 USD 9,320,781 (1,031) -US 10 Year Ultra Note, 19/09/2018 (2,465) USD (316,155,508) (57,773) -US 5 Year Note, 28/09/2018 5,346 USD 607,334,838 (187,955) -US Long Bond, 19/09/2018 (28) USD (4,064,812) (5,687) -US Ultra Bond, 19/09/2018 (1,009) USD (161,329,641) (268,021) (0.01)US 10 Year Note, 19/09/2018 (1,042) USD (125,243,516) (383,141) (0.01)

Total Unrealised Loss on Financial Futures Contracts (1,146,480) (0.02)

Net Unrealised Loss on Financial Futures Contracts (422,875) (0.01)

Interest Rate Swap Contracts

NominalAmount Currency Counterparty Security Description

MaturityDate

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

100,000 BRL UBS Pay floating CDI 1 dayReceive fixed 12.93% 02/01/2019 1,820 1,820 -

Total Unrealised Gain on Interest Rate Swap Contracts 1,820 1,820 -

Net Unrealised Gain on Interest Rate Swap Contracts 1,820 1,820 -

415

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

NetherlandsFiat Chrysler Automobiles NV 5.25%15/04/2023 USD 825,000 715,951 3.33

715,951 3.33

United KingdomUNITE Group plc (The), REIT 6.125%12/06/2020 GBP 305,000 365,709 1.70

365,709 1.70

United States of AmericaLennar Corp. 4.5% 15/11/2019 USD 545,000 473,505 2.20MGM Resorts International 5.25%31/03/2020 USD 530,000 464,626 2.16Nabors Industries, Inc. 4.625%15/09/2021 USD 391,000 329,824 1.54WMG Acquisition Corp., Reg. S 4.125%01/11/2024 EUR 685,000 711,222 3.31

1,979,177 9.21

Total Bonds 3,060,837 14.24

Convertible Bonds

Cayman IslandsChina Overseas Finance InvestmentCayman V Ltd., Reg. S 0% 05/01/2023 USD 600,000 538,677 2.51Future Land Development Holdings Ltd.,Reg. S 2.25% 10/02/2019 HKD 1,990,000 213,724 0.99Harvest International Co., Reg. S 0%21/11/2022 HKD 2,000,000 229,999 1.07Zhen Ding Technology Holding Ltd., Reg. S0% 26/06/2019 USD 300,000 255,301 1.19

1,237,701 5.76

CyprusAbigrove Ltd., Reg. S 0% 16/02/2022 USD 200,000 169,966 0.79

169,966 0.79

FinlandOutokumpu OYJ, Reg. S 3.25%26/02/2020 EUR 200,000 212,696 0.99

212,696 0.99

Hong KongBaosteel Hong Kong Investment Co. Ltd.,Reg. S 0% 01/12/2018 USD 439,000 398,869 1.85

398,869 1.85

LuxembourgGrand City Properties SA, Reg. S 0.25%02/03/2022 EUR 200,000 207,942 0.97

207,942 0.97

NetherlandsBayer Capital Corp. BV, 144A 5.625%22/11/2019 EUR 100,000 106,563 0.50BE Semiconductor Industries NV, Reg. S0.5% 06/12/2024 EUR 200,000 187,579 0.87

294,142 1.37

NorwayTelenor East Holding II A/S, Reg. S 0.25%20/09/2019 USD 200,000 166,278 0.77

166,278 0.77

SingaporeCapitaLand Ltd., Reg. S 1.95% 17/10/2023 SGD 750,000 470,703 2.19

470,703 2.19

United Arab EmiratesAabar Investments PJSC, Reg. S 0.5%27/03/2020 EUR 300,000 279,960 1.30

279,960 1.30

Virgin Islands, BritishShanghai Port Group BVI Holding Co. Ltd.,Reg. S 0% 09/08/2021 USD 528,000 477,366 2.22

477,366 2.22

Total Convertible Bonds 3,915,623 18.21

Equities

BrazilVale SA, ADR USD 13,046 144,598 0.67

144,598 0.67

FranceCie de Saint-Gobain EUR 5,088 196,219 0.91Safran SA EUR 1,511 156,653 0.73

352,872 1.64

GermanyCovestro AG, Reg. S EUR 2,667 203,385 0.95LEG Immobilien AG EUR 2,429 225,946 1.05

429,331 2.00

LuxembourgArcelorMittal EUR 7,814 197,382 0.92

197,382 0.92

NetherlandsAirbus SE EUR 2,284 230,661 1.07RELX NV EUR 19,845 363,064 1.69Unilever NV, CVA EUR 4,494 215,645 1.00

809,370 3.76

PortugalGalp Energia SGPS SA EUR 9,522 154,471 0.72

154,471 0.72

South KoreaSamsung Electronics Co. Ltd. KRW 5,850 210,668 0.98

210,668 0.98

United KingdomBP plc GBP 32,965 217,243 1.01Diageo plc GBP 8,253 255,735 1.19

472,978 2.20

United States of AmericaAlphabet, Inc. ‘A’ USD 235 229,890 1.07Bank of America Corp. Preference 7.25% USD 206 221,265 1.03Coca-Cola Co. (The) USD 9,474 355,706 1.65Crown Castle International Corp., REITPreference 6.875% USD 240 217,477 1.01Facebook, Inc. ‘A’ USD 1,349 227,778 1.06Home Depot, Inc. (The) USD 1,035 176,404 0.82Johnson & Johnson USD 3,206 336,785 1.57Mandatory Exchangeable TrustPreference 144A 5.75% USD 1,344 244,455 1.14Molson Coors Brewing Co. ‘A’ USD 831 49,711 0.23Molson Coors Brewing Co. ‘B’ USD 3,145 183,300 0.85PepsiCo, Inc. USD 3,778 351,430 1.63Prologis, Inc., REIT USD 4,448 249,100 1.16Ross Stores, Inc. USD 5,359 393,921 1.83Stanley Black & Decker, Inc. Preference5.375% USD 926 85,500 0.40

3,322,722 15.45

Total Equities 6,094,392 28.34

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 13,070,852 60.79

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

AustraliaFMG Resources August 2006 Pty. Ltd.,144A 5.125% 15/05/2024 USD 550,000 458,385 2.13

458,385 2.13

416

JPMorgan Funds - Global Capital Structure Opportunities FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

FranceDanone SA, 144A 3% 15/06/2022 USD 940,000 790,126 3.67Pernod Ricard SA, 144A 4.45%15/01/2022 USD 600,000 530,836 2.47

1,320,962 6.14

United States of AmericaMicron Technology, Inc. 5.5% 01/02/2025 USD 950,000 849,988 3.96VeriSign, Inc. 4.625% 01/05/2023 USD 410,000 354,987 1.65

1,204,975 5.61

Total Bonds 2,984,322 13.88

Convertible Bonds

Cayman IslandsCtrip.com International Ltd. 1.25%15/09/2022 USD 366,000 324,749 1.51Weibo Corp., 144A 1.25% 15/11/2022 USD 348,000 300,689 1.40

625,438 2.91

JapanKandenko Co. Ltd., Reg. S 0% 31/03/2021 JPY 40,000,000 357,756 1.66NHK Spring Co. Ltd., Reg. S 0%20/09/2019 USD 500,000 434,925 2.02Shimizu Corp., Reg. S 0% 16/10/2020 JPY 50,000,000 418,320 1.95Vital KSK Holdings, Inc., Reg. S 0%28/09/2020 JPY 60,000,000 509,087 2.37

1,720,088 8.00

JerseyEnsco Jersey Finance Ltd. 3% 31/01/2024 USD 267,000 213,661 0.99

213,661 0.99

United States of AmericaBooking Holdings, Inc. 0.9% 15/09/2021 USD 319,000 328,263 1.52Western Digital Corp., 144A 1.5%01/02/2024 USD 390,000 339,147 1.58Whiting Petroleum Corp. 1.25%01/04/2020 USD 265,000 217,211 1.01

884,621 4.11

Total Convertible Bonds 3,443,808 16.01

Total Transferable securities and money market instrumentsdealt in on another regulated market 6,428,130 29.89

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPM EuroLiquidity X (flex dist.)† EUR 777,845 777,845 3.62

777,845 3.62

Total Collective Investment Schemes - UCITS 777,845 3.62

Total Units of authorised UCITS or other collective investmentundertakings 777,845 3.62

Total Investments 20,276,827 94.30

Cash 512,748 2.38

Other Assets/(Liabilities) 713,711 3.32

Total Net Assets 21,503,286 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited States of America 34.38Cayman Islands 8.67Netherlands 8.46Japan 8.00France 7.78Luxembourg 5.51United Kingdom 3.90Virgin Islands, British 2.22Singapore 2.19Australia 2.13Germany 2.00Hong Kong 1.85United Arab Emirates 1.30Jersey 0.99Finland 0.99South Korea 0.98Cyprus 0.79Norway 0.77Portugal 0.72Brazil 0.67Total Investments 94.30Cash and Other Assets/(Liabilities) 5.70

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United States of America 23.96Luxembourg 10.33Japan 9.24France 8.71Cayman Islands 7.21Netherlands 6.77United Kingdom 3.95Jersey 2.85Hong Kong 1.75Bermuda 1.63Singapore 1.53Germany 1.47Portugal 0.92Cyprus 0.86Ireland 0.85South Korea 0.80Australia 0.75United Arab Emirates 0.59Austria 0.47Brazil 0.44Total Investments 85.08Cash and Other Assets/(Liabilities) 14.92

Total 100.00

417

JPMorgan Funds - Global Capital Structure Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Global Capital Structure Opportunities FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

EUR 1,890 GBP 1,664 11/07/2018 Barclays 9 -EUR 784,796 GBP 686,245 18/07/2018 Standard Chartered 9,537 0.05EUR 1,298,596 JPY 166,582,814 18/07/2018 Standard Chartered 6,789 0.03EUR 456,470 SGD 720,999 18/07/2018 Standard Chartered 2,704 0.01EUR 290,919 USD 338,054 18/07/2018 BNP Paribas 893 -EUR 12,509,068 USD 14,555,701 18/07/2018 Merrill Lynch 21,359 0.10USD 124,303 BRL 471,792 18/07/2018 Goldman Sachs 2,031 0.01USD 299,610 EUR 252,929 11/07/2018 Citibank 4,252 0.02USD 213,656 KRW 233,660,067 18/07/2018 J.P. Morgan 3,239 0.02

Total Unrealised Gain on Forward Currency Exchange Contracts 50,813 0.24

EUR 282,998 HKD 2,630,902 18/07/2018 Merrill Lynch (4,733) (0.02)EUR 465,995 JPY 60,425,008 18/07/2018 Standard Chartered (2,585) (0.01)EUR 1,233 USD 1,438 11/07/2018 Goldman Sachs (1) -EUR 1,291 USD 1,505 11/07/2018 RBC - -EUR 132,054 USD 156,150 18/07/2018 BNP Paribas (1,911) (0.01)GBP 134,142 EUR 152,162 11/07/2018 ANZ (590) -JPY 2,307,485 EUR 18,005 18/07/2018 National Australia Bank (112) -JPY 10,705,258 EUR 83,893 18/07/2018 Standard Chartered (876) (0.01)USD 52,828 EUR 45,474 18/07/2018 Barclays (151) -

Total Unrealised Loss on Forward Currency Exchange Contracts (10,959) (0.05)

Net Unrealised Gain on Forward Currency Exchange Contracts 39,854 0.19

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

EUR

UnrealisedGain/(Loss)

EUR

%of

NetAssets

US 5 Year Note, 28/09/2018 (8) USD (780,579) 241 -

Total Unrealised Gain on Financial Futures Contracts 241 -

Euro-Bund, 06/09/2018 (5) EUR (812,425) (125) -EURO STOXX 50 Index, 21/09/2018 (51) EUR (1,734,255) (25,245) (0.12)Nikkei 225 Index, 13/09/2018 (7) JPY (1,210,073) (3,257) (0.01)S&P 500 Emini Index, 21/09/2018 (12) USD (1,410,115) (8,696) (0.04)

Total Unrealised Loss on Financial Futures Contracts (37,323) (0.17)

Net Unrealised Loss on Financial Futures Contracts (37,082) (0.17)

Option Purchased Contracts

Quantity Security Description Currency Counterparty

GlobalExposure

EUR

MarketValue

EUR

%of

NetAssets

7 Ascot, Call, 100.247, 23/07/2020 JPY Nomura 549,117 20,844 0.1015 Ascot, Call, 100.880, 23/07/2020 JPY Nomura 1,184,110 49,542 0.2315 Ascot, Call, 102.500, 30/11/2022 JPY Nomura 1,203,125 40,313 0.1913 Ascot, Call, 102.500, 24/01/2020 JPY Nomura 1,042,709 78,570 0.3650 Ascot, Call, 102.538, 04/03/2020 JPY Nomura 4,011,904 9,573 0.0411 Ascot, Call, 102.550, 31/03/2020 JPY Nomura 882,722 29,841 0.1410 Ascot, Call, 102.870, 29/03/2024 JPY Nomura 804,979 55,044 0.2611 Ascot, Call, 103.000, 24/08/2018 JPY Nomura 886,596 4,289 0.028 Ascot, Call, 105.094, 19/06/2020 JPY Nomura 657,906 47,048 0.22

20 Ascot, Call, 106.300, 16/09/2022 JPY Nomura 1,663,639 62,143 0.29433 Sony Corp., Call, 55.000, 20/07/2018 USD Goldman Sachs 127,611 8,368 0.04

Total Option Purchased Contracts 405,575 1.89

418

Transferable securities and money market instruments admitted to an official exchangelisting

Convertible Bonds

Austriaams AG, Reg. S 0% 05/03/2025 EUR 14,600,000 12,977,867 0.74

12,977,867 0.74

BelgiumBekaert SA, Reg. S 0% 09/06/2021 EUR 22,000,000 21,181,820 1.21Sagerpar SA, Reg. S 0.375%09/10/2018 EUR 9,900,000 10,587,456 0.61

31,769,276 1.82

Cayman IslandsASM Pacific Technology Ltd., Reg. S2% 28/03/2019 HKD 192,000,000 23,566,942 1.35China Overseas Finance InvestmentCayman V Ltd., Reg. S 0%05/01/2023 USD 17,400,000 15,621,623 0.89Future Land Development HoldingsLtd., Reg. S 2.25% 10/02/2019 HKD 85,000,000 9,128,929 0.52Harvest International Co., Reg. S 0%21/11/2022 HKD 158,000,000 18,169,891 1.04Zhen Ding Technology Holding Ltd.,Reg. S 0% 26/06/2019 USD 21,900,000 18,636,969 1.07Zhongsheng Group Holdings Ltd.,Reg. S 0% 23/05/2023 HKD 84,000,000 9,092,516 0.52

94,216,870 5.39

ChinaCRRC Corp. Ltd., Reg. S 0%05/02/2021 USD 25,000,000 21,201,002 1.21Zhejiang Expressway Co. Ltd., Reg. S0% 21/04/2022 EUR 12,400,000 11,766,670 0.67

32,967,672 1.88

CyprusAbigrove Ltd., Reg. S 0% 16/02/2022 USD 19,000,000 16,146,786 0.92

16,146,786 0.92

FranceCie Generale des EtablissementsMichelin SCA, Reg. S 0% 10/01/2022 USD 15,800,000 13,195,413 0.75Covivio, REIT, Reg. S 0.875%01/04/2019 EUR 12,461,800 12,737,705 0.73Safran SA, Reg. S 0% 31/12/2020 EUR 23,768,200 25,724,917 1.47Safran SA, Reg. S 0% 21/06/2023 EUR 6,377,000 9,010,956 0.51TOTAL SA, Reg. S 0.5% 02/12/2022 USD 14,600,000 13,757,784 0.79Wendel SA, Reg. S 0% 31/07/2019 EUR 44,575,900 23,212,677 1.33

97,639,452 5.58

GermanyBayer AG, Reg. S 0.05% 15/06/2020 EUR 23,100,000 26,303,970 1.51Deutsche Wohnen SE, Reg. S 0.325%26/07/2024 EUR 16,300,000 17,867,163 1.02Fresenius Medical Care AG & Co.KGaA, Reg. S 1.125% 31/01/2020 EUR 12,700,000 16,060,865 0.92LEG Immobilien AG, Reg. S 0.5%01/07/2021 EUR 5,000,000 8,799,100 0.50LEG Immobilien AG, Reg. S 0.875%01/09/2025 EUR 8,300,000 8,797,253 0.50RAG-Stiftung, Reg. S 0% 18/02/2021 EUR 31,200,000 33,632,040 1.92

111,460,391 6.37

Hong KongBagan Capital Ltd., Reg. S 0%23/09/2021 USD 7,000,000 5,689,725 0.33Baosteel Hong Kong Investment Co.Ltd., Reg. S 0% 01/12/2018 USD 36,604,000 33,257,887 1.90

38,947,612 2.23

JapanANA Holdings, Inc., Reg. S 0%16/09/2022 JPY 4,590,000,000 36,174,262 2.07Daio Paper Corp., Reg. S 0%17/09/2020 JPY 1,340,000,000 11,208,737 0.64EDION Corp., Reg. S 0% 19/06/2025 JPY 1,460,000,000 12,075,894 0.69Ezaki Glico Co. Ltd., Reg. S 0%30/01/2024 JPY 1,390,000,000 10,957,428 0.63Kansai Paint Co. Ltd., Reg. S 0%17/06/2019 JPY 1,160,000,000 9,165,065 0.52Kansai Paint Co. Ltd., Reg. S 0%17/06/2022 JPY 1,150,000,000 9,098,809 0.52

Kyushu Electric Power Co., Inc.,Reg. S 0% 31/03/2022 JPY 1,800,000,000 14,393,845 0.82Mebuki Financial Group, Inc., Reg. S0% 24/04/2019 USD 11,100,000 9,299,415 0.53Mitsubishi Chemical Holdings Corp.,Reg. S 0% 30/03/2022 JPY 4,460,000,000 35,469,321 2.03Mitsumi Electric Co. Ltd., Reg. S 0%03/08/2022 JPY 260,000,000 2,346,607 0.13Sankyo Co. Ltd., Reg. S 0%23/07/2020 JPY 1,290,000,000 10,263,716 0.59Sony Corp. 0% 30/09/2022 JPY 3,685,000,000 36,709,218 2.10Suzuki Motor Corp., Reg. S 0%31/03/2021 JPY 910,000,000 10,566,203 0.60T&D Holdings, Inc., Reg. S 0%05/06/2020 JPY 830,000,000 6,481,484 0.37Takashimaya Co. Ltd. 0% 11/12/2020 JPY 560,000,000 4,375,155 0.25Tohoku Electric Power Co., Inc.,Reg. S 0% 03/12/2020 JPY 1,630,000,000 12,617,643 0.72Toppan Printing Co. Ltd., Reg. S 0%19/12/2019 JPY 2,190,000,000 17,271,844 0.99Toray Industries, Inc., Reg. S 0%30/08/2019 JPY 1,260,000,000 10,471,693 0.60Unicharm Corp., Reg. S 0%25/09/2020 JPY 820,000,000 8,814,662 0.50Yamaguchi Financial Group, Inc.,Reg. S, FRN 1.839% 26/03/2020 USD 14,700,000 12,891,791 0.74

280,652,792 16.04

JerseyIntu Jersey 2 Ltd., REIT, Reg. S2.875% 01/11/2022 GBP 8,500,000 8,825,866 0.50

8,825,866 0.50

MaltaBrait SE, Reg. S 2.75% 18/09/2020 GBP 8,700,000 9,032,452 0.52

9,032,452 0.52

NetherlandsAirbus SE, Reg. S 0% 01/07/2022 EUR 29,500,000 35,489,532 2.03America Movil BV, Reg. S 5.5%17/09/2018 EUR 11,900,000 8,415,918 0.48Bayer Capital Corp. BV, Reg. S5.625% 22/11/2019 EUR 8,100,000 8,683,646 0.50BE Semiconductor Industries NV,Reg. S 0.5% 06/12/2024 EUR 10,100,000 9,472,739 0.54Siemens FinancieringsmaatschappijNV, Reg. S 1.65% 16/08/2019 USD 9,250,000 9,111,765 0.52STMicroelectronics NV, Reg. S 0%03/07/2022 USD 23,600,000 24,450,401 1.40

95,624,001 5.47

SingaporeCapitaLand Ltd., Reg. S 1.95%17/10/2023 SGD 68,000,000 42,677,063 2.44

42,677,063 2.44

SwitzerlandSika AG, Reg. S 0.15% 05/06/2025 CHF 7,560,000 6,789,186 0.39

6,789,186 0.39

United Arab EmiratesAabar Investments PJSC, Reg. S 0.5%27/03/2020 EUR 18,500,000 17,264,200 0.99DP World Ltd., Reg. S 1.75%19/06/2024 USD 22,600,000 20,212,707 1.15

37,476,907 2.14

United KingdomBP Capital Markets plc, Reg. S 1%28/04/2023 GBP 12,900,000 19,308,036 1.10TechnipFMC plc, Reg. S 0.875%25/01/2021 EUR 14,200,000 17,211,323 0.99

36,519,359 2.09

United States of AmericaGlencore Funding LLC, Reg. S 0%27/03/2025 USD 18,800,000 15,800,174 0.90Morgan Stanley Finance LLC, Reg. S0% 17/12/2021 EUR 8,800,000 8,724,496 0.50

24,524,670 1.40

Virgin Islands, BritishAsia View Ltd., Reg. S 1.5%08/08/2019 USD 9,000,000 8,715,388 0.50

419

JPMorgan Funds - Global Convertibles Fund (EUR)Schedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Shanghai Port Group BVI Holding Co.Ltd., Reg. S 0% 09/08/2021 USD 21,396,000 19,344,184 1.10Smart Insight International Ltd.,Reg. S 0% 27/01/2019 HKD 86,000,000 9,199,802 0.53

37,259,374 2.13

Total Convertible Bonds 1,015,507,596 58.05

Equities

BermudaNabors Industries Ltd. Preference 6% USD 175,000 6,948,476 0.39

6,948,476 0.39

United KingdomPremier Oil plc GBP 3,856,451 5,605,048 0.32

5,605,048 0.32

United States of AmericaBecton Dickinson and Co. Preference6.125% USD 276,574 14,746,560 0.84Mandatory Exchangeable TrustPreference, 144A 5.75% USD 92,874 16,892,496 0.97Stanley Black & Decker, Inc.Preference 5.375% USD 150,849 13,928,320 0.80

45,567,376 2.60

Total Equities 58,120,900 3.32

Warrants

GermanySiemens AG 16/08/2019 EUR 205 7,123,750 0.41

7,123,750 0.41

United KingdomPremier Oil plc 31/05/2022 GBP 792,268 768,711 0.04

768,711 0.04

Total Warrants 7,892,461 0.45

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 1,081,520,957 61.82

Transferable securities and money market instruments dealt in on another regulatedmarket

Convertible Bonds

BermudaJazz Investments I Ltd. 1.875%15/08/2021 USD 14,054,000 13,178,764 0.75Weatherford International Ltd.5.875% 01/07/2021 USD 11,709,000 9,959,066 0.57

23,137,830 1.32

Cayman IslandsCtrip.com International Ltd. 1%01/07/2020 USD 51,578,000 46,999,718 2.68Momo, Inc., 144A 1.25% 01/07/2025 USD 6,988,000 5,936,067 0.34Weibo Corp., 144A 1.25% 15/11/2022 USD 34,569,000 29,869,324 1.71

82,805,109 4.73

JapanCyberAgent, Inc., Reg. S 0%17/02/2023 JPY 460,000,000 4,355,214 0.25CyberAgent, Inc., Reg. S 0%19/02/2025 JPY 400,000,000 3,886,690 0.22Iida Group Holdings Co. Ltd., Reg. S0% 18/06/2020 JPY 810,000,000 6,420,065 0.37Kandenko Co. Ltd., Reg. S 0%31/03/2021 JPY 840,000,000 7,512,877 0.43Shimizu Corp., Reg. S 0% 16/10/2020 JPY 1,860,000,000 15,561,497 0.89

37,736,343 2.16

JerseyEnsco Jersey Finance Ltd. 3%31/01/2024 USD 18,591,000 14,877,080 0.85

14,877,080 0.85

MexicoCemex SAB de CV 3.72% 15/03/2020 USD 4,216,000 3,643,267 0.21Cemex SAB de CV 3.72% 15/03/2020 USD 10,185,000 8,781,098 0.50

12,424,365 0.71

NetherlandsNXP Semiconductors NV 1%01/12/2019 USD 5,126,000 5,310,798 0.31

5,310,798 0.31

United States of AmericaBioMarin Pharmaceutical, Inc.0.599% 01/08/2024 USD 5,700,000 4,902,361 0.28Booking Holdings, Inc. 0.35%15/06/2020 USD 8,925,000 11,899,949 0.68DISH Network Corp. 2.375%15/03/2024 USD 45,439,000 34,492,694 1.97Etsy, Inc., 144A 0% 01/03/2023 USD 5,800,000 6,534,953 0.38Euronet Worldwide, Inc. 1.5%01/10/2044 USD 8,000,000 8,416,930 0.48Exact Sciences Corp. 1% 15/01/2025 USD 15,803,000 14,371,797 0.82Extra Space Storage LP, REIT, 144A3.125% 01/10/2035 USD 1,105,000 1,107,069 0.06GoPro, Inc. 3.5% 15/04/2022 USD 8,510,000 6,676,336 0.38Greenbrier Cos., Inc. (The) 2.875%01/02/2024 USD 10,993,000 10,375,853 0.59IAC FinanceCo, Inc., 144A 0.875%01/10/2022 USD 15,359,000 15,493,342 0.89Illumina, Inc. 0% 15/06/2019 USD 17,434,000 17,510,500 1.00Liberty Expedia Holdings, Inc., 144A1% 30/06/2047 USD 19,836,000 16,792,062 0.96Liberty Interactive LLC, 144A 1.75%30/09/2046 USD 21,170,000 19,943,696 1.14Liberty Media Corp-Liberty FormulaOne 1% 30/01/2023 USD 15,905,000 16,046,385 0.92Live Nation Entertainment, Inc., 144A2.5% 15/03/2023 USD 11,248,000 9,927,979 0.57Microchip Technology, Inc. 1.625%15/02/2027 USD 28,654,000 28,797,502 1.65New Relic, Inc., 144A 0.5%01/05/2023 USD 10,384,000 9,880,327 0.57ON Semiconductor Corp. 1.625%15/10/2023 USD 16,864,000 18,233,447 1.04ServiceNow, Inc. 0% 01/06/2022 USD 10,785,000 12,607,618 0.72Silicon Laboratories, Inc. 1.375%01/03/2022 USD 16,949,000 17,715,863 1.01Square, Inc., 144A 0.5% 15/05/2023 USD 12,808,000 11,765,821 0.67Supernus Pharmaceuticals, Inc., 144A0.625% 01/04/2023 USD 10,608,000 10,972,391 0.63Twilio, Inc., 144A 0.25% 01/06/2023 USD 10,401,000 9,292,830 0.53Viavi Solutions, Inc. 0.625%15/08/2033 USD 14,776,000 12,825,774 0.73Vishay Intertechnology, Inc., 144A2.25% 15/06/2025 USD 15,381,000 12,959,819 0.74Western Digital Corp., 144A 1.5%01/02/2024 USD 36,273,000 31,543,230 1.80Workday, Inc., 144A 0.25%01/10/2022 USD 30,898,000 27,915,199 1.60Zendesk, Inc., 144A 0.25%15/03/2023 USD 9,854,000 9,157,978 0.52

408,159,705 23.33

Total Convertible Bonds 584,451,230 33.41

Total Transferable securities and money market instrumentsdealt in on another regulated market 584,451,230 33.41

420

JPMorgan Funds - Global Convertibles Fund (EUR)Schedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Euro Liquidity Fund - JPMEuro Liquidity X (flex dist.)† EUR 61,456,072 61,456,072 3.51

61,456,072 3.51

Total Collective Investment Schemes - UCITS 61,456,072 3.51

Total Units of authorised UCITS or other collective investmentundertakings 61,456,072 3.51

Total Investments 1,727,428,259 98.74

Cash 49,388 0.00

Other Assets/(Liabilities) 21,987,881 1.26

Total Net Assets 1,749,465,528 100.00

† Related Party Fund.

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited States of America 27.34Japan 18.20Cayman Islands 10.12Germany 6.78Netherlands 5.78France 5.58Luxembourg 3.51United Kingdom 2.45Singapore 2.44Hong Kong 2.23United Arab Emirates 2.14Virgin Islands, British 2.13China 1.88Belgium 1.82Bermuda 1.71Jersey 1.35Cyprus 0.92Austria 0.74Mexico 0.71Malta 0.52Switzerland 0.39Total Investments 98.74Cash and Other Assets/(Liabilities) 1.26

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United States of America 24.91Japan 21.44Luxembourg 7.96France 6.70Cayman Islands 6.60Germany 5.45Netherlands 5.10United Kingdom 3.47Hong Kong 3.03United Arab Emirates 2.16China 2.03Singapore 1.92Belgium 1.82Jersey 1.65Bermuda 1.45Cyprus 0.99Malta 0.76Mexico 0.73Austria 0.50Virgin Islands, British 0.48Total Investments 99.15Cash and Other Assets/(Liabilities) 0.85

Total 100.00

421

JPMorgan Funds - Global Convertibles Fund (EUR)Schedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

EUR

%of

NetAssets

JPMorgan Funds - Global Convertibles Fund (EUR)Schedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

EUR

%of

NetAssets

CHF 3,397 EUR 2,930 11/07/2018 BNP Paribas 6 -CHF 90,270,234 EUR 77,613,558 11/07/2018 Merrill Lynch 421,730 0.03CHF 20,272 EUR 17,440 11/07/2018 State Street 85 -EUR 8,700 CHF 10,054 03/07/2018 BNP Paribas 9 -EUR 34,116 CHF 39,431 11/07/2018 ANZ 30 -EUR 696,947 CHF 804,401 11/07/2018 Barclays 1,572 -EUR 99,247 CHF 114,749 11/07/2018 Citibank 50 -EUR 586,704 CHF 676,078 11/07/2018 Goldman Sachs 2,260 -EUR 1,459,168 CHF 1,684,289 11/07/2018 Merrill Lynch 3,163 -EUR 11,089 CHF 12,793 11/07/2018 UBS 30 -EUR 6,540,644 CHF 7,560,000 18/07/2018 HSBC 4,766 -EUR 28,534 GBP 25,232 03/07/2018 National Australia Bank 18 -EUR 130,631 GBP 114,938 11/07/2018 Barclays 759 -EUR 70,100 GBP 61,675 11/07/2018 BNP Paribas 411 -EUR 7,854 GBP 6,925 11/07/2018 HSBC 30 -EUR 129,570 GBP 114,219 11/07/2018 Merrill Lynch 509 -EUR 101,238 GBP 89,107 11/07/2018 Standard Chartered 552 -EUR 41,254,790 GBP 36,185,278 18/07/2018 Standard Chartered 375,878 0.02EUR 63,243,871 HKD 576,875,550 18/07/2018 Credit Suisse 153,534 0.01EUR 301,183,069 JPY 38,625,138,321 18/07/2018 HSBC 1,655,011 0.10EUR 41,526 SEK 426,413 11/07/2018 Barclays 761 -EUR 24,797 SEK 255,233 11/07/2018 Deutsche Bank 397 -EUR 18,181 SEK 187,953 11/07/2018 HSBC 212 -EUR 87,172 SEK 890,570 11/07/2018 Standard Chartered 2,035 -EUR 8,168 SEK 84,176 11/07/2018 State Street 121 -EUR 64,696 SEK 659,433 11/07/2018 Toronto-Dominion Bank 1,655 -EUR 3,478 SEK 36,027 11/07/2018 UBS 34 -EUR 1,366 SGD 2,146 18/07/2018 Citibank 16 -EUR 40,346,171 SGD 63,292,668 18/07/2018 State Street 512,463 0.03EUR 223,017 USD 258,048 11/07/2018 BNP Paribas 1,512 -EUR 897,241,104 USD 1,043,026,633 18/07/2018 HSBC 2,401,829 0.14EUR 2,442,708 USD 2,838,723 18/07/2018 National Australia Bank 7,295 -EUR 4,354,481 USD 5,040,482 18/07/2018 UBS 30,123 -USD 40,071,113 EUR 33,828,108 11/07/2018 BNP Paribas 568,304 0.03USD 279,256 EUR 236,792 11/07/2018 RBC 2,917 -USD 17,840,434 EUR 15,100,546 18/07/2018 Morgan Stanley 205,220 0.01USD 16,204,219 EUR 13,858,596 18/07/2018 RBC 43,418 -USD 17,711,860 EUR 14,992,202 18/07/2018 State Street 203,257 0.01

Total Unrealised Gain on Forward Currency Exchange Contracts 6,601,972 0.38

CHF 12,793 EUR 11,088 02/07/2018 UBS (30) -CHF 11,077 EUR 9,604 11/07/2018 ANZ (28) -CHF 474,552 EUR 411,782 11/07/2018 BNP Paribas (1,549) -CHF 80,000 EUR 69,454 11/07/2018 Citibank (297) -CHF 617,679 EUR 534,782 11/07/2018 Societe Generale (822) -CHF 501,625 EUR 434,291 11/07/2018 State Street (655) -EUR 769,972 CHF 892,890 11/07/2018 ANZ (1,898) -EUR 21,012 CHF 24,379 11/07/2018 BNP Paribas (63) -EUR 1,846 CHF 2,138 11/07/2018 Goldman Sachs (2) -EUR 380,502 CHF 442,328 11/07/2018 Merrill Lynch (1,874) -EUR 1,934,947 JPY 251,505,000 18/07/2018 National Australia Bank (15,410) -EUR 2,459 SGD 3,911 18/07/2018 Citibank (2) -EUR 175,833 USD 207,932 11/07/2018 Barclays (2,653) -EUR 311,253 USD 363,783 11/07/2018 BNP Paribas (1,013) -EUR 185,342 USD 216,068 11/07/2018 Toronto-Dominion Bank (127) -EUR 5,783,370 USD 6,814,706 18/07/2018 Citibank (63,141) (0.01)GBP 42,442 EUR 48,494 11/07/2018 Barclays (538) -GBP 7,994,953 EUR 9,068,182 11/07/2018 Merrill Lynch (34,379) -GBP 242,317 EUR 274,575 11/07/2018 National Australia Bank (772) -GBP 56,294 EUR 64,104 11/07/2018 RBC (495) -JPY 1,678,962,500 EUR 13,179,539 18/07/2018 Standard Chartered (159,614) (0.01)SEK 36,027 EUR 3,478 02/07/2018 UBS (34) -SEK 13,830 EUR 1,342 11/07/2018 Citibank (19) -SEK 65,055 EUR 6,409 11/07/2018 Goldman Sachs (190) -SEK 14,091,311 EUR 1,384,635 11/07/2018 Merrill Lynch (37,523) -SEK 292,452 EUR 28,518 11/07/2018 Standard Chartered (560) -SEK 104,251 EUR 10,127 11/07/2018 State Street (160) -SEK 149,677 EUR 14,422 11/07/2018 UBS (113) -SGD 269,897 EUR 171,244 18/07/2018 Citibank (1,382) -SGD 1,416 EUR 904 18/07/2018 Credit Suisse (12) -USD 99,692 EUR 85,982 11/07/2018 BNP Paribas (408) -USD 255,221 EUR 219,788 11/07/2018 RBC (711) -USD 5,092,974 EUR 4,369,537 18/07/2018 BNP Paribas (144) -USD 6,994,874 EUR 6,031,386 18/07/2018 Citibank (30,304) -USD 1,203,467 EUR 1,032,560 18/07/2018 Morgan Stanley (75) -

Total Unrealised Loss on Forward Currency Exchange Contracts (356,997) (0.02)

Net Unrealised Gain on Forward Currency Exchange Contracts 6,244,975 0.36

422

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

AustraliaAustralia & New Zealand Banking GroupLtd., FRN, 144A 6.75% Perpetual USD 292,000 297,653 0.13BHP Billiton Finance Ltd., Reg. S, FRN6.5% 22/10/2077 GBP 282,000 418,210 0.18BHP Billiton Finance Ltd., Reg. S, FRN5.625% 22/10/2079 EUR 337,000 461,381 0.20BHP Billiton Finance USA Ltd. 5%30/09/2043 USD 150,000 168,767 0.07Goodman Australia Finance Pty. Ltd.,REIT, Reg. S 1.375% 27/09/2025 EUR 255,000 290,399 0.12Scentre Group Trust 1, REIT, Reg. S1.375% 22/03/2023 EUR 210,000 253,976 0.11

1,890,386 0.81

BelgiumAnheuser-Busch InBev SA, Reg. S 1.15%22/01/2027 EUR 519,000 598,700 0.25KBC Group NV, Reg. S, FRN 1.875%11/03/2027 EUR 100,000 118,889 0.05KBC Group NV, Reg. S, FRN 1.625%18/09/2029 EUR 100,000 113,551 0.05

831,140 0.35

BermudaAircastle Ltd. 7.625% 15/04/2020 USD 141,000 149,181 0.06

149,181 0.06

CanadaBank of Montreal 2.35% 11/09/2022 USD 460,000 440,694 0.19Bank of Montreal, Reg. S 1.625%21/06/2022 GBP 152,000 199,604 0.08Bank of Nova Scotia (The), Reg. S 1.25%08/06/2022 GBP 326,000 421,128 0.18Canadian Natural Resources Ltd. 2.95%15/01/2023 USD 560,000 540,683 0.23Canadian Natural Resources Ltd. 3.9%01/02/2025 USD 142,000 140,261 0.06Canadian Natural Resources Ltd. 5.85%01/02/2035 USD 150,000 167,197 0.07Canadian Pacific Railway Co. 4.8%15/09/2035 USD 107,000 114,763 0.05Cenovus Energy, Inc. 6.75% 15/11/2039 USD 101,000 111,480 0.05Cenovus Energy, Inc. 5.2% 15/09/2043 USD 372,000 352,801 0.15Encana Corp. 6.5% 01/02/2038 USD 110,000 130,014 0.06Teck Resources Ltd. 4.75% 15/01/2022 USD 449,000 450,520 0.19TransCanada PipeLines Ltd. 4.625%01/03/2034 USD 209,000 208,667 0.09

3,277,812 1.40

Cayman IslandsCK Hutchison Finance 16 Ltd., Reg. S1.25% 06/04/2023 EUR 264,000 313,962 0.13Dwr Cymru Financing Ltd., Reg. S 2.5%31/03/2036 GBP 100,000 129,485 0.06Vale Overseas Ltd. 4.375% 11/01/2022 USD 191,000 194,174 0.08

637,621 0.27

ColombiaEcopetrol SA 5.375% 26/06/2026 USD 381,000 391,085 0.17

391,085 0.17

CuracaoTeva Pharmaceutical Finance Co. BV3.65% 10/11/2021 USD 290,000 278,799 0.12

278,799 0.12

DenmarkDanske Bank A/S, Reg. S, FRN 5.875%Perpetual EUR 487,000 618,620 0.27Danske Bank A/S, Reg. S 0.75%02/06/2023 EUR 282,000 332,095 0.14

950,715 0.41

FranceBNP Paribas SA, Reg. S 1.125%16/08/2022 GBP 174,000 223,201 0.10BNP Paribas SA, Reg. S 2.25% 11/01/2027 EUR 150,000 174,380 0.07BPCE SA, 144A 5.15% 21/07/2024 USD 490,000 497,627 0.21BPCE SA, Reg. S, FRN 0.177% 23/03/2023 EUR 100,000 114,740 0.05

BPCE SA, Reg. S 1% 05/10/2028 EUR 200,000 227,567 0.10Credit Agricole Assurances SA, Reg. S,FRN 2.625% 29/01/2048 EUR 200,000 210,362 0.09Credit Agricole SA, FRN, 144A 8.125%19/09/2033 USD 271,000 273,726 0.12Credit Agricole SA, FRN, 144A 8.125%Perpetual USD 400,000 424,350 0.18Credit Agricole SA, Reg. S 1.25%14/04/2026 EUR 200,000 236,614 0.10Credit Agricole SA, Reg. S 1.375%03/05/2027 EUR 200,000 236,788 0.10Credit Mutuel Arkea SA, Reg. S, FRN1.875% 25/10/2029 EUR 400,000 429,132 0.18Europcar Groupe SA, Reg. S 4.125%15/11/2024 EUR 100,000 114,513 0.05Imerys SA, Reg. S 1.875% 31/03/2028 EUR 300,000 357,698 0.15Infra Park SAS, Reg. S 1.625%19/04/2028 EUR 200,000 230,169 0.10Peugeot SA, Reg. S 2% 23/03/2024 EUR 253,000 296,725 0.13RCI Banque SA, Reg. S 1.625%26/05/2026 EUR 140,000 161,845 0.07Renault SA, Reg. S 1% 18/04/2024 EUR 200,000 230,503 0.10Societe Generale SA, FRN, 144A 8%Perpetual USD 400,000 417,048 0.18Societe Generale SA, 144A 2.5%08/04/2021 USD 659,000 642,459 0.27Societe Generale SA, 144A 5%17/01/2024 USD 930,000 939,472 0.40Total Capital International SA, Reg. S1.375% 04/10/2029 EUR 100,000 118,335 0.05TOTAL SA, Reg. S, FRN 2.25% Perpetual EUR 1,187,000 1,413,063 0.60Unibail-Rodamco SE, REIT, Reg. S 1.125%15/09/2025 EUR 200,000 234,562 0.10

8,204,879 3.50

GermanyAllianz SE, Reg. S, FRN 5.625%17/10/2042 EUR 100,000 136,134 0.06Allianz SE, Reg. S, FRN 3.099%06/07/2047 EUR 100,000 118,481 0.05Commerzbank AG 7.75% 16/03/2021 EUR 100,000 136,418 0.06Commerzbank AG, Reg. S 4%23/03/2026 EUR 121,000 149,190 0.07Daimler AG, Reg. S 1% 15/11/2027 EUR 268,000 308,865 0.13Deutsche Bank AG 4.25% 14/10/2021 USD 521,000 516,178 0.22Deutsche Bank AG, Reg. S 1.75%17/01/2028 EUR 400,000 428,368 0.18Nidda Healthcare Holding GmbH, Reg. S3.5% 30/09/2024 EUR 100,000 110,083 0.05Volkswagen Financial Services AG, Reg. S0.875% 12/04/2023 EUR 148,000 170,807 0.07Volkswagen Leasing GmbH, Reg. S2.625% 15/01/2024 EUR 467,000 583,743 0.25Volkswagen Leasing GmbH, Reg. S1.375% 20/01/2025 EUR 210,000 241,953 0.10

2,900,220 1.24

GuernseyCredit Suisse Group Funding GuernseyLtd., Reg. S 3% 27/05/2022 GBP 119,000 161,956 0.07

161,956 0.07

IrelandAerCap Ireland Capital DAC 4.625%30/10/2020 USD 292,000 298,085 0.13AerCap Ireland Capital DAC 5%01/10/2021 USD 172,000 177,469 0.08AerCap Ireland Capital DAC 4.625%01/07/2022 USD 541,000 551,858 0.24AerCap Ireland Capital DAC 3.5%15/01/2025 USD 720,000 676,421 0.29AerCap Ireland Capital DAC 3.65%21/07/2027 USD 209,000 190,542 0.08AIB Group plc, Reg. S 1.5% 29/03/2023 EUR 258,000 298,332 0.13Allied Irish Banks plc, Reg. S, FRN 4.125%26/11/2025 EUR 538,000 657,969 0.28Allied Irish Banks plc, Reg. S, FRN 7.375%Perpetual EUR 200,000 254,949 0.11Bank of Ireland, Reg. S, FRN 7.375%Perpetual EUR 400,000 500,713 0.21Bank of Ireland Group plc, Reg. S, FRN4.125% 19/09/2027 USD 200,000 188,967 0.08GE Capital International Funding Co.Unlimited Co. 2.342% 15/11/2020 USD 872,000 851,966 0.36GE Capital International Funding Co.Unlimited Co. 3.373% 15/11/2025 USD 925,000 888,634 0.38GE Capital International Funding Co.Unlimited Co. 4.418% 15/11/2035 USD 373,000 361,221 0.15

423

JPMorgan Funds - Global Corporate Bond Duration-Hedged FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Liberty Mutual Finance Europe DAC,Reg. S 1.75% 27/03/2024 EUR 180,000 214,319 0.09Perrigo Finance Unlimited Co. 3.5%15/12/2021 USD 200,000 198,168 0.09Shire Acquisitions Investments IrelandDAC 2.875% 23/09/2023 USD 334,000 314,564 0.13Shire Acquisitions Investments IrelandDAC 3.2% 23/09/2026 USD 190,000 174,282 0.07

6,798,459 2.90

IsraelIsrael Electric Corp. Ltd., Reg. S, 144A 5%12/11/2024 USD 398,000 409,765 0.17

409,765 0.17

ItalyAssicurazioni Generali SpA, Reg. S, FRN7.75% 12/12/2042 EUR 200,000 272,619 0.12Autostrade per l’Italia SpA 6.25%09/06/2022 GBP 102,000 156,361 0.07Autostrade per l’Italia SpA, Reg. S 1.75%26/06/2026 EUR 269,000 308,822 0.13Enel SpA, Reg. S, FRN 7.75% 10/09/2075 GBP 164,000 238,289 0.10Enel SpA, Reg. S, FRN 2.5% 24/11/2078 EUR 100,000 109,916 0.05Eni SpA, Reg. S 1% 14/03/2025 EUR 420,000 483,405 0.21Eni SpA, Reg. S 1.125% 19/09/2028 EUR 250,000 271,055 0.11FCA Bank SpA, Reg. S 1.625% 29/09/2021 GBP 176,000 228,174 0.10Telecom Italia SpA, Reg. S 2.5%19/07/2023 EUR 260,000 309,775 0.13Telecom Italia SpA, Reg. S 3.625%19/01/2024 EUR 195,000 243,887 0.10UniCredit SpA, Reg. S, FRN 9.25%Perpetual EUR 200,000 260,770 0.11

2,883,073 1.23

JapanMitsubishi UFJ Financial Group, Inc.,Reg. S 0.68% 26/01/2023 EUR 103,000 120,216 0.05Sumitomo Mitsui Financial Group, Inc.,Reg. S 0.934% 11/10/2024 EUR 280,000 326,212 0.14

446,428 0.19

JerseyGatwick Funding Ltd., Reg. S 5.25%23/01/2026 GBP 661,000 1,003,921 0.43Glencore Finance Europe Ltd., Reg. S 6%03/04/2022 GBP 104,000 155,057 0.07HBOS Capital Funding LP, Reg. S, FRN6.461% Perpetual GBP 125,000 167,432 0.07Heathrow Funding Ltd., Reg. S 6.75%03/12/2028 GBP 474,000 818,706 0.35

2,145,116 0.92

LuxembourgAllergan Funding SCS 3% 12/03/2020 USD 291,000 289,696 0.12Allergan Funding SCS 2.45% 15/06/2019 USD 442,000 439,920 0.19Altice Finco SA, Reg. S 4.75% 15/01/2028 EUR 100,000 99,567 0.04ArcelorMittal, Reg. S 3.125% 14/01/2022 EUR 118,000 147,534 0.06ArcelorMittal, Reg. S 0.95% 17/01/2023 EUR 113,000 129,448 0.06DH Europe Finance SA 1.2% 30/06/2027 EUR 312,000 361,401 0.15Hannover Finance Luxembourg SA, FRN5% 30/06/2043 EUR 300,000 403,262 0.17Horizon Parent Holdings Sarl, Reg. S8.25% 15/02/2022 EUR 100,000 121,452 0.05Richemont International Holding SA,Reg. S 1% 26/03/2026 EUR 293,000 342,602 0.15SELP Finance Sarl, REIT, Reg. S 1.25%25/10/2023 EUR 174,000 202,852 0.09SELP Finance Sarl, REIT, Reg. S 1.5%20/11/2025 EUR 386,000 442,888 0.19SES SA, Reg. S, FRN 4.625% Perpetual EUR 120,000 144,326 0.06Telecom Italia Capital SA 6.375%15/11/2033 USD 14,000 13,834 0.01Telecom Italia Capital SA 6% 30/09/2034 USD 7,000 6,706 0.00Telecom Italia Capital SA 7.2%18/07/2036 USD 2,000 2,061 0.00Telecom Italia Capital SA 7.721%04/06/2038 USD 2,000 2,166 0.00

3,149,715 1.34

MexicoAmerica Movil SAB de CV, Reg. S, FRN5.125% 06/09/2073 EUR 281,000 329,770 0.14

329,770 0.14

NetherlandsABN AMRO Bank NV, Reg. S, FRN 4.4%27/03/2028 USD 400,000 392,958 0.17ABN AMRO Bank NV, Reg. S, FRN 5.75%Perpetual EUR 300,000 370,350 0.16ABN AMRO Bank NV, Reg. S 6.25%27/04/2022 USD 475,000 510,965 0.22Airbus Finance BV, Reg. S 2.125%29/10/2029 EUR 147,000 184,434 0.08Airbus Finance BV, Reg. S 1.375%13/05/2031 EUR 160,000 183,131 0.08Alliander NV, Reg. S, FRN 1.625%Perpetual EUR 117,000 133,740 0.06Brenntag Finance BV, Reg. S 1.125%27/09/2025 EUR 229,000 262,777 0.11Cooperatieve Rabobank UA, Reg. S, FRN4% 10/04/2029 USD 200,000 193,156 0.08Cooperatieve Rabobank UA, Reg. S, FRN6.625% Perpetual EUR 200,000 262,178 0.11Daimler International Finance BV, Reg. S1% 11/11/2025 EUR 219,000 249,837 0.11EDP Finance BV, Reg. S 2.625%18/01/2022 EUR 187,000 233,344 0.10EDP Finance BV, Reg. S 2.375%23/03/2023 EUR 196,000 244,681 0.10EDP Finance BV, Reg. S 1.875%29/09/2023 EUR 123,000 149,813 0.06EDP Finance BV, Reg. S 1.5% 22/11/2027 EUR 200,000 222,627 0.09Enel Finance International NV, Reg. S5.625% 14/08/2024 GBP 207,000 317,373 0.14Enel Finance International NV, Reg. S1.125% 16/09/2026 EUR 343,000 378,287 0.16Enel Finance International NV, Reg. S5.75% 14/09/2040 GBP 188,000 315,942 0.13Iberdrola International BV, Reg. S, FRN1.875% Perpetual EUR 100,000 111,379 0.05Iberdrola International BV, Reg. S 2.5%24/10/2022 EUR 200,000 253,399 0.11Iberdrola International BV, Reg. S 1.75%17/09/2023 EUR 300,000 369,270 0.16Iberdrola International BV, Reg. S0.375% 15/09/2025 EUR 100,000 110,513 0.05Iberdrola International BV, Reg. S 1.125%21/04/2026 EUR 200,000 230,399 0.10ING Groep NV, FRN 3% 11/04/2028 EUR 800,000 989,412 0.42ING Groep NV, FRN 6.5% Perpetual USD 200,000 194,378 0.08ING Groep NV, Reg. S, FRN 2.5%15/02/2029 EUR 200,000 239,219 0.10ING Groep NV, Reg. S, FRN 6.875%Perpetual USD 372,000 380,130 0.16innogy Finance BV, Reg. S 5.625%06/12/2023 GBP 102,000 158,138 0.07Koninklijke Ahold Delhaize NV, Reg. S,FRN 0% 19/03/2021 EUR 124,000 144,533 0.06Mylan NV, Reg. S 2.25% 22/11/2024 EUR 187,000 225,751 0.10Mylan NV, Reg. S 3.125% 22/11/2028 EUR 170,000 207,877 0.09Ren Finance BV, Reg. S 1.75%18/01/2028 EUR 268,000 308,325 0.13Repsol International Finance BV, Reg. S,FRN 3.875% Perpetual EUR 330,000 399,645 0.17Repsol International Finance BV, Reg. S,FRN 4.5% 25/03/2075 EUR 190,000 231,558 0.10Schaeffler Finance BV, Reg. S 3.5%15/05/2022 EUR 249,000 292,452 0.12Shell International Finance BV 3.625%21/08/2042 USD 158,000 145,401 0.06Swiss Reinsurance Co. Ltd., Reg. S, FRN2.6% Perpetual EUR 278,000 322,768 0.14Telefonica Europe BV, Reg. S, FRN 3%Perpetual EUR 100,000 109,292 0.05Telefonica Europe BV, Reg. S, FRN 3.75%Perpetual EUR 200,000 234,361 0.10Telefonica Europe BV, Reg. S, FRN 4.2%Perpetual EUR 100,000 120,280 0.05Teva Pharmaceutical FinanceNetherlands II BV, Reg. S 1.125%15/10/2024 EUR 126,000 124,577 0.05Volkswagen International Finance NV,Reg. S, FRN 2.7% Perpetual EUR 200,000 227,448 0.10Volkswagen International Finance NV,Reg. S, FRN 3.75% Perpetual EUR 166,000 199,794 0.09Vonovia Finance BV, Reg. S 1.125%08/09/2025 EUR 200,000 227,302 0.10WPC Eurobond BV, REIT 2.125%15/04/2027 EUR 181,000 210,685 0.09Zurich Insurance Co. Ltd., Reg. S, FRN5.125% 01/06/2048 USD 200,000 192,122 0.08

11,566,001 4.94

424

JPMorgan Funds - Global Corporate Bond Duration-Hedged FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

NorwayDNB Bank ASA, Reg. S, FRN 1.25%01/03/2027 EUR 313,000 363,884 0.15

363,884 0.15

PortugalBrisa Concessao Rodoviaria SA, Reg. S2.375% 10/05/2027 EUR 200,000 240,825 0.10EDP - Energias de Portugal SA, Reg. S,FRN 5.375% 16/09/2075 EUR 200,000 251,288 0.11

492,113 0.21

SpainAbertis Infraestructuras SA, Reg. S1.375% 20/05/2026 EUR 400,000 447,942 0.19Banco Bilbao Vizcaya Argentaria SA,Reg. S, FRN 8.875% Perpetual EUR 200,000 261,435 0.11Banco Santander SA 3.848% 12/04/2023 USD 400,000 391,270 0.17Banco Santander SA, Reg. S, FRN 6.75%Perpetual EUR 200,000 250,655 0.11Banco Santander SA, Reg. S 3.25%04/04/2026 EUR 200,000 241,550 0.10Banco Santander SA, Reg. S 3.125%19/01/2027 EUR 100,000 119,081 0.05Bankinter SA, Reg. S, FRN 2.5%06/04/2027 EUR 300,000 351,175 0.15CaixaBank SA, Reg. S, FRN 3.5%15/02/2027 EUR 600,000 734,335 0.31CaixaBank SA, Reg. S, FRN 6.75%Perpetual EUR 600,000 744,308 0.32Ferrovial Emisiones SA, Reg. S 1.375%31/03/2025 EUR 200,000 231,175 0.10Iberdrola Finanzas SA 6% 01/07/2022 GBP 200,000 305,314 0.13NorteGas Energia Distribucion SAU,Reg. S 2.065% 28/09/2027 EUR 358,000 415,144 0.18Telefonica Emisiones SAU 4.665%06/03/2038 USD 300,000 282,255 0.12Telefonica Emisiones SAU 5.213%08/03/2047 USD 256,000 247,712 0.10

5,023,351 2.14

SwedenSkandinaviska Enskilda Banken AB,Reg. S, FRN 2.5% 28/05/2026 EUR 787,000 958,667 0.41Skandinaviska Enskilda Banken AB,Reg. S, FRN 5.625% Perpetual USD 200,000 192,615 0.08Swedbank AB, Reg. S, FRN 1% 22/11/2027 EUR 486,000 556,571 0.24

1,707,853 0.73

SwitzerlandCredit Suisse AG, 144A 6.5% 08/08/2023 USD 250,000 266,495 0.11Credit Suisse AG 3% 29/10/2021 USD 511,000 504,653 0.22Credit Suisse AG, Reg. S, FRN 5.75%18/09/2025 EUR 148,000 188,293 0.08Credit Suisse AG, Reg. S 1.375%31/01/2022 EUR 233,000 280,988 0.12Credit Suisse Group AG, FRN, 144A 7.5%Perpetual USD 453,000 468,667 0.20Credit Suisse Group AG, Reg. S, FRN2.125% 12/09/2025 GBP 450,000 565,150 0.24UBS AG, Reg. S 1.25% 10/12/2020 GBP 236,000 309,276 0.13UBS Group Funding Switzerland AG, FRN,144A 2.859% 15/08/2023 USD 1,800,000 1,723,725 0.74UBS Group Funding Switzerland AG,Reg. S, FRN 0.377% 20/09/2022 EUR 512,000 597,020 0.26UBS Group Funding Switzerland AG,Reg. S, FRN 5.75% Perpetual EUR 603,000 758,575 0.32UBS Group Funding Switzerland AG, Reg.S, FRN 7% Perpetual USD 200,000 203,281 0.09UBS Group Funding Switzerland AG,Reg. S 1.5% 30/11/2024 EUR 207,000 244,852 0.10

6,110,975 2.61

United KingdomAstraZeneca plc 4.375% 16/11/2045 USD 85,000 84,335 0.04Aviva plc, Reg. S, FRN 4.375%12/09/2049 GBP 104,000 133,327 0.06Barclays Bank plc 2.65% 11/01/2021 USD 905,000 886,054 0.38Barclays plc, FRN 3.71% 16/05/2024 USD 420,000 417,297 0.18Barclays plc, Reg. S, FRN 2.375%06/10/2023 GBP 388,000 501,532 0.21Barclays plc, Reg. S, FRN 2.625%11/11/2025 EUR 789,000 936,773 0.40Barclays plc, Reg. S, FRN 1.375%24/01/2026 EUR 348,000 385,545 0.16Barclays plc, Reg. S, FRN 2% 07/02/2028 EUR 150,000 167,177 0.07Barclays plc, Reg. S, FRN 7.25% Perpetual GBP 214,000 289,635 0.12

Barclays plc, Reg. S 3.125% 17/01/2024 GBP 342,000 450,922 0.19Barclays plc, Reg. S 3.25% 12/02/2027 GBP 353,000 454,375 0.19BAT International Finance plc, Reg. S1.75% 05/07/2021 GBP 176,000 232,015 0.10BP Capital Markets plc 3.062%17/03/2022 USD 223,000 221,590 0.09BP Capital Markets plc 3.216%28/11/2023 USD 401,000 393,804 0.17BP Capital Markets plc, Reg. S 3.161%17/03/2021 USD 200,000 200,020 0.09BP Capital Markets plc, Reg. S 1.526%26/09/2022 EUR 276,000 336,554 0.14BP Capital Markets plc, Reg. S 1.953%03/03/2025 EUR 100,000 123,534 0.05BP Capital Markets plc, Reg. S 1.637%26/06/2029 EUR 213,000 249,751 0.11British Telecommunications plc, Reg. S1.125% 10/03/2023 EUR 360,000 426,838 0.18Centrica plc, Reg. S 4.375% 13/03/2029 GBP 101,000 151,295 0.06Crh Finance UK plc, Reg. S 4.125%02/12/2029 GBP 100,000 147,415 0.06Eastern Power Networks plc, Reg. S6.25% 12/11/2036 GBP 166,000 315,277 0.13Eversholt Funding plc, Reg. S 6.359%02/12/2025 GBP 484,000 786,060 0.34Great Rolling Stock Co. Ltd. (The), Reg. S6.5% 05/04/2031 GBP 292,665 486,201 0.21Hammerson plc, REIT 6% 23/02/2026 GBP 248,000 392,722 0.17Heathrow Finance plc, Reg. S 3.875%01/03/2027 GBP 109,000 137,245 0.06HSBC Holdings plc, FRN 3.262%13/03/2023 USD 380,000 372,700 0.16HSBC Holdings plc, FRN 3.326%18/05/2024 USD 708,000 706,336 0.30HSBC Holdings plc, FRN 4.041%13/03/2028 USD 420,000 409,149 0.17HSBC Holdings plc, FRN 4.583%19/06/2029 USD 535,000 539,799 0.23HSBC Holdings plc 3.125% 07/06/2028 EUR 200,000 248,195 0.11HSBC Holdings plc, Reg. S, FRN 0.376%27/09/2022 EUR 278,000 325,220 0.14HSBC Holdings plc, Reg. S, FRN 2.256%13/11/2026 GBP 180,000 227,648 0.10HSBC Holdings plc, Reg. S, FRN 6%Perpetual EUR 200,000 261,188 0.11Imperial Brands Finance plc, 144A 4.25%21/07/2025 USD 387,000 386,174 0.17Imperial Brands Finance plc, Reg. S 9%17/02/2022 GBP 111,000 181,946 0.08Imperial Brands Finance plc, Reg. S4.875% 07/06/2032 GBP 100,000 152,184 0.07Lloyds Banking Group plc, FRN 0.457%21/06/2024 EUR 169,000 195,562 0.08Lloyds Banking Group plc, Reg. S 2.25%16/10/2024 GBP 282,000 360,480 0.15Motability Operations Group plc, Reg. S0.875% 14/03/2025 EUR 292,000 341,080 0.15National Express Group plc, Reg. S 2.5%11/11/2023 GBP 151,000 197,294 0.08Nationwide Building Society, FRN, 144A4.302% 08/03/2029 USD 621,000 599,675 0.26Nationwide Building Society, Reg. S, FRN1.5% 08/03/2026 EUR 240,000 276,187 0.12NGG Finance plc, Reg. S, FRN 4.25%18/06/2076 EUR 580,000 716,195 0.31Northern Gas Networks Finance plc,Reg. S 4.875% 30/06/2027 GBP 177,000 278,885 0.12Northumbrian Water Finance plc, Reg. S1.625% 11/10/2026 GBP 155,000 189,949 0.08Pennon Group plc, Reg. S, FRN 2.875%Perpetual GBP 100,000 131,583 0.06Prudential plc, Reg. S, FRN 5%20/07/2055 GBP 103,000 137,304 0.06Royal Bank of Scotland Group plc, FRN3.498% 15/05/2023 USD 865,000 839,271 0.36Royal Bank of Scotland Group plc, Reg. S,FRN 2% 08/03/2023 EUR 100,000 119,934 0.05Royal Bank of Scotland Group plc, Reg. S,FRN 3.625% 25/03/2024 EUR 400,000 474,789 0.20Royal Bank of Scotland Group plc, Reg. S,FRN 1.75% 02/03/2026 EUR 366,000 420,151 0.18Royal Bank of Scotland Group plc, Reg. S2.5% 22/03/2023 EUR 410,000 502,869 0.21RSA Insurance Group plc, Reg. S, FRN5.125% 10/10/2045 GBP 120,000 170,303 0.07Santander UK Group Holdings plc 3.571%10/01/2023 USD 553,000 538,558 0.23Sky plc, Reg. S 1.5% 15/09/2021 EUR 300,000 361,954 0.15Sky plc, Reg. S 2.25% 17/11/2025 EUR 638,000 794,898 0.34SSE plc, Reg. S 0.875% 06/09/2025 EUR 133,000 153,942 0.07

425

JPMorgan Funds - Global Corporate Bond Duration-Hedged FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Standard Chartered plc, Reg. S 3.125%19/11/2024 EUR 289,000 359,491 0.15Vodafone Group plc 4.125% 30/05/2025 USD 672,000 669,406 0.29Vodafone Group plc 4.375% 30/05/2028 USD 565,000 557,599 0.24Vodafone Group plc 5% 30/05/2038 USD 290,000 287,629 0.12Western Power Distribution WestMidlands plc, Reg. S 3.875% 17/10/2024 GBP 486,000 698,398 0.30Yorkshire Building Society, Reg. S0.875% 20/03/2023 EUR 185,000 214,610 0.09Zurich Finance UK plc, FRN 6.625%Perpetual GBP 105,000 155,716 0.07

23,861,544 10.19

United States of AmericaAbbVie, Inc. 4.5% 14/05/2035 USD 51,000 50,393 0.02AbbVie, Inc. 4.4% 06/11/2042 USD 140,000 133,494 0.06AECOM 5.125% 15/03/2027 USD 16,000 15,056 0.01AES Corp. 5.5% 15/04/2025 USD 110,000 111,384 0.05Aetna, Inc. 2.8% 15/06/2023 USD 404,000 385,705 0.16Aetna, Inc. 3.5% 15/11/2024 USD 334,000 324,912 0.14AK Steel Corp. 7.5% 15/07/2023 USD 76,000 79,704 0.03Allergan Finance LLC 3.25% 01/10/2022 USD 297,000 288,975 0.12Ally Financial, Inc. 5.75% 20/11/2025 USD 141,000 144,096 0.06Altria Group, Inc. 2.85% 09/08/2022 USD 286,000 279,727 0.12Altria Group, Inc. 4.25% 09/08/2042 USD 396,000 368,995 0.16American Axle & Manufacturing, Inc.6.625% 15/10/2022 USD 10,000 10,287 0.00American Axle & Manufacturing, Inc.6.25% 15/03/2026 USD 4,000 3,934 0.00American Express Credit Corp. 0.625%22/11/2021 EUR 201,000 237,048 0.10American Honda Finance Corp. 0.75%17/01/2024 EUR 151,000 175,877 0.08American International Group, Inc.4.875% 01/06/2022 USD 229,000 239,780 0.10American International Group, Inc. 3.75%10/07/2025 USD 675,000 653,825 0.28American International Group, Inc.1.875% 21/06/2027 EUR 150,000 173,193 0.07American International Group, Inc. 4.5%16/07/2044 USD 160,000 149,698 0.06American International Group, Inc. 4.8%10/07/2045 USD 62,000 60,738 0.03American Tower Corp., REIT 1.95%22/05/2026 EUR 327,000 385,130 0.16American Tower Corp., REIT 3.375%15/10/2026 USD 190,000 176,662 0.08American Tower Corp., REIT 3.6%15/01/2028 USD 195,000 181,349 0.08Anadarko Petroleum Corp. 3.45%15/07/2024 USD 922,000 888,508 0.38Anadarko Petroleum Corp. 5.55%15/03/2026 USD 134,000 143,951 0.06Anheuser-Busch InBev Finance, Inc. 4.9%01/02/2046 USD 60,000 61,862 0.03Anheuser-Busch InBev Finance, Inc.3.65% 01/02/2026 USD 355,000 348,079 0.15Anheuser-Busch InBev Finance, Inc. 4.7%01/02/2036 USD 270,000 273,873 0.12Anheuser-Busch InBev Finance, Inc.4.625% 01/02/2044 USD 166,000 164,709 0.07Anheuser-Busch InBev Worldwide, Inc.3.5% 12/01/2024 USD 215,000 214,025 0.09Anheuser-Busch InBev Worldwide, Inc.4.375% 15/04/2038 USD 270,000 264,115 0.11Anheuser-Busch InBev Worldwide, Inc.4.95% 15/01/2042 USD 300,000 312,956 0.13Anheuser-Busch InBev Worldwide, Inc.4.439% 06/10/2048 USD 340,000 328,272 0.14Antero Resources Corp. 5.125%01/12/2022 USD 19,000 19,137 0.01Anthem, Inc. 3.5% 15/08/2024 USD 460,000 449,431 0.19Anthem, Inc. 5.1% 15/01/2044 USD 224,000 231,641 0.10Apache Corp. 5.1% 01/09/2040 USD 215,000 213,220 0.09Arconic, Inc. 5.9% 01/02/2027 USD 503,000 507,939 0.22Arconic, Inc. 6.75% 15/01/2028 USD 14,000 14,770 0.01Arconic, Inc. 5.95% 01/02/2037 USD 21,000 20,310 0.01AT&T, Inc. 3.4% 15/05/2025 USD 470,000 443,459 0.19AT&T, Inc. 5.2% 18/11/2033 GBP 150,000 235,339 0.10AT&T, Inc. 4.5% 15/05/2035 USD 200,000 184,882 0.08AT&T, Inc. 3.15% 04/09/2036 EUR 260,000 303,868 0.13AT&T, Inc. 5.25% 01/03/2037 USD 130,000 129,011 0.06AT&T, Inc. 4.3% 15/12/2042 USD 321,000 276,533 0.12AT&T, Inc. 4.5% 09/03/2048 USD 420,000 362,681 0.15Ball Corp. 4% 15/11/2023 USD 22,000 21,511 0.01Bank of America Corp. 2.503%21/10/2022 USD 338,000 323,726 0.14Bank of America Corp. 3.248%21/10/2027 USD 770,000 718,171 0.31

Bank of America Corp. 3.95% 21/04/2025 USD 85,000 83,435 0.04Bank of America Corp., Reg. S, FRN1.379% 07/02/2025 EUR 363,000 429,647 0.18Bank of America Corp., Reg. S 2.3%25/07/2025 GBP 343,000 445,173 0.19Becton Dickinson and Co. 1.401%24/05/2023 EUR 300,000 352,812 0.15Becton Dickinson and Co. 3.363%06/06/2024 USD 711,000 684,117 0.29Berkshire Hathaway Energy Co. 3.5%01/02/2025 USD 445,000 442,949 0.19Buckeye Partners LP 5.6% 15/10/2044 USD 192,000 174,024 0.07Bunge Ltd. Finance Corp. 3% 25/09/2022 USD 335,000 323,441 0.14Burlington Northern Santa Fe LLC 4.9%01/04/2044 USD 93,000 101,152 0.04Burlington Northern Santa Fe LLC 4.15%01/04/2045 USD 86,000 84,362 0.04Capital One Financial Corp. 3.75%28/07/2026 USD 808,000 753,670 0.32Celanese US Holdings LLC 1.25%11/02/2025 EUR 300,000 344,570 0.15Centene Corp. 4.75% 15/01/2025 USD 61,000 60,748 0.03CenturyLink, Inc. 5.8% 15/03/2022 USD 55,000 54,428 0.02CenturyLink, Inc. 6.75% 01/12/2023 USD 27,000 27,202 0.01Chemours Co. (The) 5.375% 15/05/2027 USD 106,000 102,030 0.04CIT Group, Inc. 5% 15/08/2022 USD 38,000 38,548 0.02CIT Group, Inc. 5% 01/08/2023 USD 29,000 29,424 0.01Citigroup, Inc. 3.875% 26/03/2025 USD 404,000 392,880 0.17Citigroup, Inc. 4.4% 10/06/2025 USD 269,000 267,900 0.11Citigroup, Inc., Reg. S, FRN 0.177%21/03/2023 EUR 634,000 736,182 0.31CMS Energy Corp. 2.95% 15/02/2027 USD 71,000 65,313 0.03Columbia Pipeline Group, Inc. 4.5%01/06/2025 USD 207,000 207,571 0.09Commercial Metals Co. 4.875%15/05/2023 USD 47,000 45,994 0.02Concho Resources, Inc. 4.375%15/01/2025 USD 176,000 176,582 0.08Concho Resources, Inc. 3.75%01/10/2027 USD 280,000 269,440 0.11ConocoPhillips Co. 4.15% 15/11/2034 USD 52,000 52,626 0.02Consolidated Edison Co. of New York, Inc.4.625% 01/12/2054 USD 286,000 297,485 0.13Covanta Holding Corp. 5.875%01/07/2025 USD 18,000 17,389 0.01CVS Health Corp. 2.875% 01/06/2026 USD 210,000 190,722 0.08Discovery Communications LLC 2.5%20/09/2024 GBP 250,000 321,636 0.14Dominion Energy, Inc., STEP 4.104%01/04/2021 USD 314,000 318,757 0.14DR Horton, Inc. 2.55% 01/12/2020 USD 290,000 284,705 0.12Dr Pepper Snapple Group, Inc. 4.42%15/12/2046 USD 162,000 148,756 0.06Duke Energy Carolinas LLC 3.875%15/03/2046 USD 175,000 168,671 0.07Duke Energy Corp. 3.75% 15/04/2024 USD 49,000 48,848 0.02Duke Energy Corp. 2.65% 01/09/2026 USD 566,000 510,671 0.22Duke Energy Ohio, Inc. 3.7% 15/06/2046 USD 145,000 135,967 0.06Duke Energy Progress LLC 4.15%01/12/2044 USD 87,000 87,022 0.04Edison International 2.95% 15/03/2023 USD 273,000 263,299 0.11EMC Corp. 3.375% 01/06/2023 USD 89,000 83,314 0.04Energy Transfer Equity LP 5.875%15/01/2024 USD 34,000 34,988 0.01Energy Transfer Partners LP 4.75%15/01/2026 USD 500,000 498,665 0.21Entergy Corp. 4% 15/07/2022 USD 272,000 275,786 0.12Entergy Louisiana LLC 4% 15/03/2033 USD 90,000 90,297 0.04Entergy Mississippi, Inc. 2.85%01/06/2028 USD 168,000 154,641 0.07Enterprise Products Operating LLC4.85% 15/08/2042 USD 235,000 236,492 0.10Envision Healthcare Corp. 5.625%15/07/2022 USD 86,000 88,150 0.04Exelon Corp. 2.45% 15/04/2021 USD 48,000 46,745 0.02Exelon Corp. 3.497% 01/06/2022 USD 400,000 396,096 0.17Exelon Corp. 3.4% 15/04/2026 USD 360,000 343,478 0.15Exelon Generation Co. LLC 2.95%15/01/2020 USD 492,000 490,617 0.21Exelon Generation Co. LLC 3.4%15/03/2022 USD 237,000 235,548 0.10FedEx Corp. 3.875% 01/08/2042 USD 185,000 166,546 0.07FedEx Corp. 4.55% 01/04/2046 USD 32,000 31,232 0.01FedEx Corp. 4.05% 15/02/2048 USD 155,000 139,746 0.06Fidelity National Information Services,Inc. 1.7% 30/06/2022 GBP 197,000 257,026 0.11Fidelity National Information Services,Inc. 3% 15/08/2026 USD 160,000 147,311 0.06FirstEnergy Corp. 3.9% 15/07/2027 USD 621,000 602,805 0.26

426

JPMorgan Funds - Global Corporate Bond Duration-Hedged FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Ford Motor Co. 5.291% 08/12/2046 USD 153,000 142,506 0.06Ford Motor Credit Co. LLC 3.664%08/09/2024 USD 297,000 284,655 0.12Ford Motor Credit Co. LLC 1.355%07/02/2025 EUR 113,000 128,976 0.06Freeport-McMoRan, Inc. 3.55%01/03/2022 USD 52,000 49,515 0.02General Electric Co. 4.375% 16/09/2020 USD 464,000 475,800 0.20General Electric Co. 2.125% 17/05/2037 EUR 406,000 441,361 0.19General Electric Co. 4.125% 09/10/2042 USD 216,000 200,908 0.09General Electric Co. 4.5% 11/03/2044 USD 180,000 176,745 0.08General Motors Co. 5.15% 01/04/2038 USD 365,000 347,984 0.15General Motors Co. 5.2% 01/04/2045 USD 120,000 111,055 0.05General Motors Financial Co., Inc. 5.25%01/03/2026 USD 450,000 467,590 0.20GlaxoSmithKline Capital, Inc. 3.625%15/05/2025 USD 535,000 535,380 0.23Global Partners LP 6.25% 15/07/2022 USD 42,000 40,950 0.02Goldman Sachs Group, Inc. (The) 2.625%25/04/2021 USD 880,000 861,027 0.37Goldman Sachs Group, Inc. (The) 2.35%15/11/2021 USD 705,000 679,377 0.29Goldman Sachs Group, Inc. (The) 3.85%26/01/2027 USD 462,000 445,671 0.19Goldman Sachs Group, Inc. (The) 5.15%22/05/2045 USD 208,000 207,428 0.09Goldman Sachs Group, Inc. (The), Reg. S,FRN 0.129% 16/12/2020 EUR 280,000 325,961 0.14Goldman Sachs Group, Inc. (The), Reg. S3.25% 01/02/2023 EUR 180,000 232,715 0.10Goldman Sachs Group, Inc. (The), Reg. S4.25% 29/01/2026 GBP 270,000 389,031 0.17Goldman Sachs Group, Inc. (The), Reg. S1.625% 27/07/2026 EUR 362,000 423,914 0.18Halliburton Co. 4.85% 15/11/2035 USD 270,000 280,197 0.12Harris Corp. 2.7% 27/04/2020 USD 236,000 233,973 0.10HCA, Inc. 5.875% 01/05/2023 USD 15,000 15,562 0.01HCA, Inc. 5.375% 01/02/2025 USD 66,000 65,303 0.03HCA, Inc. 5.5% 15/06/2047 USD 7,000 6,452 0.00HCP, Inc., REIT 3.875% 15/08/2024 USD 642,000 628,659 0.27Home Depot, Inc. (The) 3.5% 15/09/2056 USD 162,000 140,085 0.06International Lease Finance Corp. 5.875%01/04/2019 USD 83,000 84,807 0.04International Paper Co. 4.35%15/08/2048 USD 300,000 272,745 0.12ITC Holdings Corp. 3.65% 15/06/2024 USD 451,000 445,958 0.19ITC Holdings Corp. 3.25% 30/06/2026 USD 206,000 194,226 0.08John Deere Capital Corp. 2.15%08/09/2022 USD 405,000 386,645 0.16John Deere Capital Corp. 2.65%24/06/2024 USD 741,000 708,185 0.30Kimco Realty Corp., REIT 3.4%01/11/2022 USD 153,000 150,955 0.06Kroger Co. (The) 2.65% 15/10/2026 USD 430,000 382,541 0.16Kroger Co. (The) 3.875% 15/10/2046 USD 141,000 119,040 0.05L Brands, Inc. 5.25% 01/02/2028 USD 10,000 8,902 0.00Level 3 Financing, Inc. 5.375%01/05/2025 USD 16,000 15,520 0.01Level 3 Financing, Inc. 5.25% 15/03/2026 USD 128,000 121,896 0.05Liberty Property LP, REIT 3.375%15/06/2023 USD 205,000 200,875 0.09Liberty Property LP, REIT 4.4%15/02/2024 USD 176,000 179,553 0.08Lowe’s Cos., Inc. 4.375% 15/09/2045 USD 140,000 139,919 0.06Lowe’s Cos., Inc. 3.7% 15/04/2046 USD 333,000 300,195 0.13Macy’s Retail Holdings, Inc. 4.3%15/02/2043 USD 152,000 117,982 0.05Marathon Petroleum Corp. 4.75%15/09/2044 USD 212,000 204,455 0.09Martin Marietta Materials, Inc. 3.5%15/12/2027 USD 300,000 278,664 0.12Martin Marietta Materials, Inc. 4.25%15/12/2047 USD 101,000 87,896 0.04Masco Corp. 3.5% 01/04/2021 USD 511,000 510,969 0.22Masco Corp. 4.375% 01/04/2026 USD 78,000 77,695 0.03Masco Corp. 3.5% 15/11/2027 USD 94,000 86,838 0.04McDonald’s Corp. 4.6% 26/05/2045 USD 57,000 57,597 0.02MetLife, Inc. 4.05% 01/03/2045 USD 126,000 118,057 0.05MetLife, Inc. 6.4% 15/12/2066 USD 149,000 158,722 0.07MGM Resorts International 6%15/03/2023 USD 85,000 87,386 0.04Molson Coors Brewing Co. 3%15/07/2026 USD 380,000 346,292 0.15Morgan Stanley, FRN 1.342% 23/10/2026 EUR 339,000 388,698 0.17Morgan Stanley 3.7% 23/10/2024 USD 636,000 628,530 0.27Morgan Stanley 1.375% 27/10/2026 EUR 130,000 148,870 0.06Morgan Stanley 2.625% 09/03/2027 GBP 192,000 249,184 0.11Morgan Stanley 1.875% 27/04/2027 EUR 609,000 722,811 0.31MPLX LP 4% 15/02/2025 USD 154,000 150,807 0.06

MPLX LP 4.125% 01/03/2027 USD 224,000 215,321 0.09Nabors Industries, Inc. 5.5% 15/01/2023 USD 18,000 17,500 0.01National Grid North America, Inc., Reg. S1% 12/07/2024 EUR 200,000 234,643 0.10Nationstar Mortgage LLC 6.5%01/07/2021 USD 102,000 102,174 0.04New Home Co., Inc. (The) 7.25%01/04/2022 USD 8,000 8,269 0.00Newell Brands, Inc. 5.5% 01/04/2046 USD 290,000 285,505 0.12NiSource, Inc. 4.8% 15/02/2044 USD 255,000 267,291 0.11NiSource, Inc. 4.375% 15/05/2047 USD 51,000 50,317 0.02Noble Energy, Inc. 3.85% 15/01/2028 USD 635,000 608,124 0.26Noble Energy, Inc. 5.25% 15/11/2043 USD 70,000 71,803 0.03NRG Yield Operating LLC 5.375%15/08/2024 USD 30,000 30,063 0.01ONEOK Partners LP 4.9% 15/03/2025 USD 145,000 150,162 0.06ONEOK Partners LP 6.125% 01/02/2041 USD 171,000 189,855 0.08ONEOK, Inc. 6% 15/06/2035 USD 226,000 246,419 0.11Oracle Corp. 2.65% 15/07/2026 USD 490,000 453,005 0.19Oracle Corp. 4.5% 08/07/2044 USD 91,000 93,255 0.04Oracle Corp. 4.125% 15/05/2045 USD 381,000 368,054 0.16Oracle Corp. 4% 15/07/2046 USD 115,000 108,917 0.05Outfront Media Capital LLC 5.875%15/03/2025 USD 28,000 28,342 0.01Owens Corning 3.4% 15/08/2026 USD 469,000 430,010 0.18Owens Corning 4.3% 15/07/2047 USD 90,000 74,293 0.03Pacific Gas & Electric Co. 4.3%15/03/2045 USD 101,000 91,215 0.04Pacific Gas & Electric Co. 4.25%15/03/2046 USD 345,000 309,986 0.13Parker-Hannifin Corp. 1.125% 01/03/2025 EUR 227,000 266,254 0.11PepsiCo, Inc. 3.45% 06/10/2046 USD 144,000 129,625 0.06Philip Morris International, Inc. 2.875%30/05/2024 EUR 296,000 383,834 0.16Philip Morris International, Inc. 1.875%06/11/2037 EUR 240,000 255,833 0.11Philip Morris International, Inc. 4.5%20/03/2042 USD 155,000 152,738 0.07Philip Morris International, Inc. 4.125%04/03/2043 USD 492,000 458,446 0.20Philip Morris International, Inc. 4.25%10/11/2044 USD 150,000 142,841 0.06Phillips 66 4.875% 15/11/2044 USD 231,000 239,935 0.10Plains All American Pipeline LP 5%01/02/2021 USD 95,000 97,618 0.04Prologis LP, REIT 3% 02/06/2026 EUR 200,000 260,414 0.11QEP Resources, Inc. 5.625% 01/03/2026 USD 3,000 2,862 0.00Radian Group, Inc. 4.5% 01/10/2024 USD 43,000 41,309 0.02Realty Income Corp., REIT 3.65%15/01/2028 USD 365,000 350,907 0.15Reynolds American, Inc. 5.7%15/08/2035 USD 63,000 68,038 0.03Rockwell Collins, Inc. 3.2% 15/03/2024 USD 472,000 455,959 0.19Rockwell Collins, Inc. 3.5% 15/03/2027 USD 725,000 692,393 0.30Rockwell Collins, Inc. 4.35% 15/04/2047 USD 124,000 119,765 0.05Roper Technologies, Inc. 3.8%15/12/2026 USD 122,000 118,808 0.05Sempra Energy 2.875% 01/10/2022 USD 688,000 667,749 0.28Sempra Energy 3.25% 15/06/2027 USD 545,000 509,278 0.22Sempra Energy 3.4% 01/02/2028 USD 145,000 136,589 0.06Sempra Energy 3.8% 01/02/2038 USD 170,000 155,644 0.07Sempra Energy 4% 01/02/2048 USD 85,000 77,284 0.03Sherwin-Williams Co. (The) 3.125%01/06/2024 USD 374,000 358,169 0.15Simon Property Group LP, REIT 3.3%15/01/2026 USD 360,000 345,560 0.15Sonic Automotive, Inc. 6.125%15/03/2027 USD 2,000 1,890 0.00Southern California Edison Co. 3.6%01/02/2045 USD 179,000 159,027 0.07Southern California Edison Co. 4.125%01/03/2048 USD 125,000 119,277 0.05Southern Power Co. 1% 20/06/2022 EUR 280,000 332,258 0.14Southern Power Co. 4.95% 15/12/2046 USD 65,000 65,337 0.03Southwestern Electric Power Co. 3.9%01/04/2045 USD 160,000 150,874 0.06Spectra Energy Partners LP 4.75%15/03/2024 USD 366,000 374,122 0.16Spectrum Brands, Inc. 6.125%15/12/2024 USD 6,000 6,091 0.00Sprint Communications, Inc. 9.25%15/04/2022 USD 55,000 62,150 0.03Summit Materials LLC 6.125%15/07/2023 USD 51,000 51,636 0.02Summit Midstream Holdings LLC 5.5%15/08/2022 USD 48,000 47,343 0.02Sunoco Logistics Partners Operations LP5.3% 01/04/2044 USD 103,000 93,552 0.04

427

JPMorgan Funds - Global Corporate Bond Duration-Hedged FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Sunoco Logistics Partners Operations LP5.35% 15/05/2045 USD 161,000 147,354 0.06Sunoco Logistics Partners Operations LP5.4% 01/10/2047 USD 145,000 133,787 0.06Synchrony Financial 4.25% 15/08/2024 USD 162,000 159,171 0.07Synchrony Financial 3.95% 01/12/2027 USD 386,000 356,735 0.15Sysco Corp. 4.5% 01/04/2046 USD 150,000 146,639 0.06Target Corp. 3.625% 15/04/2046 USD 313,000 279,224 0.12Tempur Sealy International, Inc. 5.5%15/06/2026 USD 57,000 55,269 0.02Tenet Healthcare Corp. 4.5% 01/04/2021 USD 69,000 68,643 0.03Tenet Healthcare Corp. 4.375%01/10/2021 USD 70,000 69,106 0.03Thermo Fisher Scientific, Inc. 0.75%12/09/2024 EUR 673,000 772,252 0.33Time Warner Cable LLC 5.75%02/06/2031 GBP 193,000 289,279 0.12Time Warner, Inc. 2.95% 15/07/2026 USD 138,000 124,637 0.05Time Warner, Inc. 3.8% 15/02/2027 USD 336,000 318,039 0.14Toll Brothers Finance Corp. 4.35%15/02/2028 USD 20,000 17,850 0.01United Continental Holdings, Inc. 4.25%01/10/2022 USD 30,000 29,236 0.01United Rentals North America, Inc. 5.5%15/07/2025 USD 43,000 43,369 0.02United Rentals North America, Inc. 5.5%15/05/2027 USD 68,000 66,189 0.03United Technologies Corp. 2.15%18/05/2030 EUR 100,000 118,864 0.05United Technologies Corp. 4.5%01/06/2042 USD 300,000 296,634 0.13UnitedHealth Group, Inc. 3.75%15/07/2025 USD 375,000 375,336 0.16US Bancorp 0.85% 07/06/2024 EUR 333,000 387,914 0.17US Treasury 2.625% 15/08/2020 USD 11,300 11,313 0.00US Treasury 4.375% 15/05/2040 USD 12,400 15,284 0.01US Treasury 2.75% 15/11/2047 USD 150,000 143,508 0.06Ventas Realty LP, REIT 4.75% 01/06/2021 USD 280,000 288,922 0.12Ventas Realty LP, REIT 3.25% 15/10/2026 USD 320,000 296,827 0.13Ventas Realty LP, REIT 4.375%01/02/2045 USD 25,000 23,035 0.01VEREIT Operating Partnership LP, REIT4.6% 06/02/2024 USD 1,057,000 1,058,876 0.45Verizon Communications, Inc. 2.625%15/08/2026 USD 375,000 334,011 0.14Verizon Communications, Inc. 1.875%26/10/2029 EUR 145,000 166,773 0.07Verizon Communications, Inc. 4.272%15/01/2036 USD 561,000 518,274 0.22Verizon Communications, Inc. 3.85%01/11/2042 USD 132,000 111,040 0.05Verizon Communications, Inc. 4.125%15/08/2046 USD 628,000 539,992 0.23Virginia Electric & Power Co. 2.75%15/03/2023 USD 120,000 116,554 0.05Vistra Energy Corp. 5.875% 01/06/2023 USD 31,000 31,921 0.01VMware, Inc. 2.95% 21/08/2022 USD 570,000 547,539 0.23Vulcan Materials Co. 3.9% 01/04/2027 USD 161,000 154,824 0.07Wells Fargo & Co. 3.3% 09/09/2024 USD 415,000 401,317 0.17Wells Fargo & Co. 4.65% 04/11/2044 USD 296,000 281,668 0.12Wells Fargo & Co. 4.75% 07/12/2046 USD 224,000 216,698 0.09Wells Fargo & Co., Reg. S 1.375%30/06/2022 GBP 199,000 255,453 0.11Wells Fargo & Co., Reg. S 2% 28/07/2025 GBP 280,000 354,793 0.15Wells Fargo & Co., Reg. S 1.375%26/10/2026 EUR 209,000 242,048 0.10Wells Fargo & Co., Reg. S 1% 02/02/2027 EUR 319,000 355,971 0.15Welltower, Inc., REIT 4.5% 01/12/2034 GBP 100,000 148,487 0.06Western Gas Partners LP 3.95%01/06/2025 USD 488,000 465,942 0.20Williams Cos., Inc. (The) 3.7% 15/01/2023 USD 68,000 65,980 0.03Williams Partners LP 4.3% 04/03/2024 USD 500,000 502,440 0.21Williams Partners LP 4% 15/09/2025 USD 415,000 405,997 0.17Zayo Group LLC 6.375% 15/05/2025 USD 15,000 15,357 0.01

67,130,070 28.66

Total Bonds 152,091,911 64.92

Total Transferable securities and money market instrumentsadmitted to an official exchange listing 152,091,911 64.92

Transferable securities and money market instruments dealt in on another regulatedmarket

Bonds

AustraliaAustralia & New Zealand Banking GroupLtd., 144A 4.5% 19/03/2024 USD 450,000 450,277 0.19Commonwealth Bank of Australia, 144A4.316% 10/01/2048 USD 200,000 180,075 0.08FMG Resources August 2006 Pty. Ltd.,144A 4.75% 15/05/2022 USD 5,000 4,831 0.00FMG Resources August 2006 Pty. Ltd.,144A 5.125% 15/05/2024 USD 5,000 4,852 0.00Macquarie Group Ltd., FRN, 144A 3.189%28/11/2023 USD 830,000 793,277 0.34Newcrest Finance Pty. Ltd., 144A 4.2%01/10/2022 USD 300,000 300,829 0.13Newcrest Finance Pty. Ltd., 144A 5.75%15/11/2041 USD 188,000 196,912 0.08Nufarm Australia Ltd., 144A 5.75%30/04/2026 USD 3,000 2,914 0.00Scentre Group Trust 1, REIT, 144A 2.375%05/11/2019 USD 282,000 278,916 0.12Westpac Banking Corp., FRN 4.322%23/11/2031 USD 408,000 394,118 0.17

2,607,001 1.11

Canada1011778 BC ULC, 144A 4.25% 15/05/2024 USD 12,000 11,460 0.01Air Canada Pass-Through Trust, 144A3.7% 15/07/2027 USD 95,000 90,846 0.04Air Canada Pass-Through Trust, Series2015-2 ‘A’, 144A 3.75% 15/06/2029 USD 357,809 352,003 0.15Air Canada Pass-Through Trust, Series2017-1 ‘A’, 144A 3.55% 15/07/2031 USD 190,000 182,053 0.08ATS Automation Tooling Systems, Inc.,144A 6.5% 15/06/2023 USD 43,000 44,150 0.02Bombardier, Inc., 144A 8.75% 01/12/2021 USD 29,000 32,050 0.01Bombardier, Inc., 144A 7.5% 15/03/2025 USD 8,000 8,331 0.00Cenovus Energy, Inc. 4.25% 15/04/2027 USD 95,000 91,491 0.04Enbridge, Inc. 2.9% 15/07/2022 USD 347,000 336,514 0.14Fortis, Inc. 3.055% 04/10/2026 USD 824,000 754,858 0.32Glencore Finance Canada Ltd., 144A4.25% 25/10/2022 USD 300,000 302,936 0.13Manulife Financial Corp., FRN 4.061%24/02/2032 USD 413,000 394,797 0.17Nutrien Ltd. 5.25% 15/01/2045 USD 200,000 207,786 0.09TransCanada PipeLines Ltd. 4.25%15/05/2028 USD 440,000 440,997 0.19Transcanada Trust, FRN 5.625%20/05/2075 USD 69,000 67,492 0.03Videotron Ltd., 144A 5.375% 15/06/2024 USD 20,000 20,475 0.01

3,338,239 1.43

Cayman IslandsNoble Holding International Ltd., 144A7.875% 01/02/2026 USD 10,000 10,297 0.00Park Aerospace Holdings Ltd., 144A 4.5%15/03/2023 USD 50,000 47,937 0.02

58,234 0.02

FranceAir Liquide Finance SA, 144A 2.25%27/09/2023 USD 306,000 288,363 0.12Banque Federative du Credit Mutuel SA,144A 2.7% 20/07/2022 USD 570,000 550,084 0.24BPCE SA, 144A 5.7% 22/10/2023 USD 386,000 404,333 0.17BPCE SA 4% 15/04/2024 USD 701,000 703,163 0.30BPCE SA, Reg. S, FRN 3.549%22/05/2022 USD 468,000 474,454 0.20Credit Agricole SA, 144A 3.75%24/04/2023 USD 1,005,000 986,533 0.42Credit Agricole SA, 144A 3.25%04/10/2024 USD 465,000 436,881 0.19Electricite de France SA, 144A 4.875%22/01/2044 USD 128,000 131,327 0.06

3,975,138 1.70

GermanyCommerzbank AG, 144A 8.125%19/09/2023 USD 305,000 347,053 0.15

347,053 0.15

428

JPMorgan Funds - Global Corporate Bond Duration-Hedged FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

ItalyIntesa Sanpaolo SpA, 144A 5.71%15/01/2026 USD 400,000 364,752 0.15Intesa Sanpaolo SpA, 144A 3.875%14/07/2027 USD 756,000 653,180 0.28

1,017,932 0.43

LuxembourgCamelot Finance SA, 144A 7.875%15/10/2024 USD 49,000 49,612 0.02Dana Financing Luxembourg Sarl, 144A5.75% 15/04/2025 USD 7,000 6,925 0.00Intelsat Jackson Holdings SA, 144A 8%15/02/2024 USD 56,000 58,940 0.02Nielsen Co. Luxembourg SARL (The),144A 5% 01/02/2025 USD 65,000 62,045 0.03Schlumberger Investment SA, 144A 2.4%01/08/2022 USD 500,000 480,910 0.21

658,432 0.28

NetherlandsCooperatieve Rabobank UA 3.75%21/07/2026 USD 350,000 328,004 0.14Deutsche Telekom International FinanceBV, 144A 4.375% 21/06/2028 USD 670,000 665,116 0.28EDP Finance BV, 144A 5.25% 14/01/2021 USD 885,000 913,789 0.39EDP Finance BV, 144A 3.625%15/07/2024 USD 522,000 502,143 0.21Enel Finance International NV, 144A2.75% 06/04/2023 USD 340,000 317,883 0.14Enel Finance International NV, 144A3.625% 25/05/2027 USD 444,000 406,686 0.17Enel Finance International NV, 144A 3.5%06/04/2028 USD 765,000 686,488 0.29Sensata Technologies BV, 144A 4.875%15/10/2023 USD 24,000 24,090 0.01Sensata Technologies BV, 144A 5.625%01/11/2024 USD 36,000 37,152 0.02Siemens Financieringsmaatschappij NV,144A 2.9% 27/05/2022 USD 394,000 387,679 0.17Siemens Financieringsmaatschappij NV,144A 2.35% 15/10/2026 USD 752,000 678,567 0.29

4,947,597 2.11

SupranationalJBS USA LUX SA, 144A 5.875%15/07/2024 USD 16,000 15,341 0.01JBS USA LUX SA, 144A 6.75% 15/02/2028 USD 13,000 12,322 0.00Venator Finance Sarl, 144A 5.75%15/07/2025 USD 40,000 39,099 0.02

66,762 0.03

SwitzerlandCredit Suisse Group AG, FRN, 144A3.869% 12/01/2029 USD 265,000 249,621 0.10Credit Suisse Group AG, 144A 4.282%09/01/2028 USD 689,000 671,523 0.29

921,144 0.39

United KingdomAnglo American Capital plc, 144A 3.625%11/09/2024 USD 200,000 189,316 0.08Anglo American Capital plc, 144A 4.75%10/04/2027 USD 300,000 296,318 0.13BAT International Finance plc, 144A3.25% 07/06/2022 USD 221,000 217,246 0.09BAT International Finance plc, 144A 3.5%15/06/2022 USD 40,000 39,677 0.02HSBC Holdings plc, FRN 6.375%Perpetual USD 200,000 196,852 0.08Santander UK Group Holdings plc, 144A4.75% 15/09/2025 USD 801,000 783,430 0.34

1,722,839 0.74

United States of AmericaAcadia Healthcare Co., Inc. 6.5%01/03/2024 USD 40,000 41,050 0.02ADT Corp. (The) 4.125% 15/06/2023 USD 100,000 94,049 0.04Allergan Sales LLC, 144A 4.875%15/02/2021 USD 283,000 290,782 0.12Amazon.com, Inc. 3.875% 22/08/2037 USD 275,000 268,924 0.12Amazon.com, Inc. 4.05% 22/08/2047 USD 120,000 117,424 0.05AMC Networks, Inc. 5% 01/04/2024 USD 10,000 9,872 0.00American Airlines Group, Inc., 144A 5.5%01/10/2019 USD 35,000 35,525 0.02American Airlines Pass-Through Trust ‘A’3.575% 15/07/2029 USD 656,188 638,766 0.27

American Airlines Pass-Through Trust,Series 2013-1 ‘A’ 4% 15/01/2027 USD 324,822 324,582 0.14American Airlines Pass-Through Trust,Series 2016-2 ‘A’ 3.2% 15/12/2029 USD 419,510 398,858 0.17American Axle & Manufacturing, Inc.6.25% 01/04/2025 USD 8,000 7,980 0.00American Axle & Manufacturing, Inc.6.5% 01/04/2027 USD 6,000 5,953 0.00Amgen, Inc. 2.6% 19/08/2026 USD 358,000 323,841 0.14AMN Healthcare, Inc., 144A 5.125%01/10/2024 USD 13,000 12,643 0.01Analog Devices, Inc. 4.5% 05/12/2036 USD 76,000 75,968 0.03Anthem, Inc. 3.65% 01/12/2027 USD 475,000 450,777 0.19Apple, Inc. 3.25% 23/02/2026 USD 685,000 669,334 0.29Apple, Inc. 3.35% 09/02/2027 USD 16,000 15,661 0.01Apple, Inc. 3.85% 04/05/2043 USD 222,000 213,148 0.09Apple, Inc. 4.375% 13/05/2045 USD 163,000 168,654 0.07Aramark Services, Inc., 144A 5%01/02/2028 USD 14,000 13,398 0.01AT&T, Inc., 144A 4.3% 15/02/2030 USD 376,000 356,681 0.15Avangrid, Inc. 3.15% 01/12/2024 USD 300,000 289,014 0.12Aviation Capital Group LLC, 144A 3.5%01/11/2027 USD 315,000 290,751 0.12Baker Hughes a GE Co. LLC 3.337%15/12/2027 USD 492,000 458,763 0.20Ball Corp. 4.875% 15/03/2026 USD 3,000 2,990 0.00Bank of America Corp., FRN 3.124%20/01/2023 USD 520,000 511,657 0.22Bank of America Corp., FRN 2.881%24/04/2023 USD 1,532,000 1,491,318 0.64Bank of America Corp., FRN 3.004%20/12/2023 USD 1,390,000 1,348,453 0.58Bank of America Corp., FRN 3.366%23/01/2026 USD 325,000 312,640 0.13Bank of America Corp., FRN 3.133%05/02/2026 USD 230,000 225,723 0.10BAT Capital Corp., 144A 3.557%15/08/2027 USD 1,370,000 1,278,189 0.55BAT Capital Corp., 144A 4.39%15/08/2037 USD 320,000 301,296 0.13Baxalta, Inc. 3.6% 23/06/2022 USD 168,000 166,268 0.07Baxalta, Inc. 4% 23/06/2025 USD 282,000 276,608 0.12Bayer US Finance II LLC, 144A 3.5%25/06/2021 USD 555,000 556,412 0.24Bayer US Finance II LLC, 144A 4.25%15/12/2025 USD 590,000 593,021 0.25Berry Global, Inc., 144A 4.5% 15/02/2026 USD 8,000 7,511 0.00Boyne USA, Inc., 144A 7.25% 01/05/2025 USD 8,000 8,380 0.00Broadcom Corp. 3.875% 15/01/2027 USD 382,000 361,200 0.15BWX Technologies, Inc., 144A 5.375%15/07/2026 USD 5,000 5,072 0.00Calpine Corp., 144A 5.875% 15/01/2024 USD 41,000 40,808 0.02Calpine Corp., 144A 5.25% 01/06/2026 USD 10,000 9,448 0.00Capital One Financial Corp. 3.8%31/01/2028 USD 270,000 255,914 0.11CCO Holdings LLC, 144A 5.875%01/04/2024 USD 66,000 66,395 0.03CCO Holdings LLC, 144A 5.125%01/05/2027 USD 46,000 43,107 0.02CDW LLC 5% 01/09/2025 USD 101,000 99,667 0.04Charter Communications Operating LLC4.908% 23/07/2025 USD 823,000 831,975 0.36Charter Communications Operating LLC4.2% 15/03/2028 USD 115,000 107,982 0.05Cincinnati Bell, Inc., 144A 7% 15/07/2024 USD 6,000 5,535 0.00Citigroup, Inc., FRN 3.391% 08/12/2021 USD 696,000 706,475 0.30Citigroup, Inc., FRN 3.887% 10/01/2028 USD 767,000 745,137 0.32Citigroup, Inc., FRN 3.668% 24/07/2028 USD 670,000 638,175 0.27Citigroup, Inc., FRN 6.25% Perpetual USD 595,000 616,768 0.26Cleveland Electric Illuminating Co. (The),144A 3.5% 01/04/2028 USD 310,000 294,661 0.13Comcast Corp. 3.375% 15/08/2025 USD 450,000 431,773 0.18Comcast Corp. 3.15% 01/03/2026 USD 248,000 233,246 0.10Comcast Corp. 3.15% 15/02/2028 USD 295,000 272,723 0.12Comcast Corp. 4.25% 15/01/2033 USD 149,000 145,327 0.06Comcast Corp. 3.2% 15/07/2036 USD 310,000 259,303 0.11Comcast Corp. 3.9% 01/03/2038 USD 335,000 305,358 0.13Comcast Corp. 4.6% 15/08/2045 USD 97,000 93,690 0.04Comcast Corp. 4% 01/03/2048 USD 340,000 301,169 0.13CommScope Technologies LLC, 144A 5%15/03/2027 USD 37,000 34,595 0.02Constellation Brands, Inc. 4.1%15/02/2048 USD 215,000 193,806 0.08Continental Airlines Pass-Through Trust,Series 2009-2 ‘A’ 7.25% 10/05/2021 USD 33,513 35,149 0.02Cott Holdings, Inc., 144A 5.5%01/04/2025 USD 7,000 6,843 0.00Cox Communications, Inc., 144A 3.35%15/09/2026 USD 720,000 670,450 0.29

429

JPMorgan Funds - Global Corporate Bond Duration-Hedged FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

CRH America Finance, Inc., 144A 3.4%09/05/2027 USD 321,000 301,413 0.13Crown Americas LLC, 144A 4.75%01/02/2026 USD 16,000 15,215 0.01CSC Holdings LLC 6.75% 15/11/2021 USD 70,000 73,523 0.03CSC Holdings LLC 5.25% 01/06/2024 USD 2,000 1,895 0.00CVR Partners LP, 144A 9.25%15/06/2023 USD 25,000 25,844 0.01CVS Health Corp. 3.35% 09/03/2021 USD 755,000 754,562 0.32CVS Health Corp. 4.1% 25/03/2025 USD 1,085,000 1,080,589 0.46CVS Health Corp. 4.78% 25/03/2038 USD 380,000 378,402 0.16CVS Pass-Through Trust, 144A 4.704%10/01/2036 USD 152,711 150,031 0.06CVS Pass-Through Trust 6.943%10/01/2030 USD 33,855 38,120 0.02DAE Funding LLC, 144A 5% 01/08/2024 USD 43,000 41,194 0.02Darden Restaurants, Inc. 4.55%15/02/2048 USD 170,000 158,783 0.07Dell International LLC, 144A 4.42%15/06/2021 USD 539,000 546,864 0.23Dell International LLC, 144A 6.02%15/06/2026 USD 463,000 488,504 0.21Delta Air Lines Pass-Through Trust,Series 2007-1 ‘A’ 6.821% 10/02/2024 USD 41,500 45,493 0.02Delta Air Lines, Inc. 3.4% 19/04/2021 USD 265,000 264,338 0.11Discover Bank 4.2% 08/08/2023 USD 395,000 399,469 0.17DISH DBS Corp. 5.875% 15/07/2022 USD 79,000 74,330 0.03Dole Food Co., Inc., 144A 7.25%15/06/2025 USD 9,000 8,955 0.00Dominion Energy, Inc. 4.25% 01/06/2028 USD 280,000 280,591 0.12Emera US Finance LP 3.55% 15/06/2026 USD 140,000 132,778 0.06Emera US Finance LP 4.75% 15/06/2046 USD 354,000 350,384 0.15Enable Midstream Partners LP 4.95%15/05/2028 USD 475,000 464,980 0.20Enterprise Products Operating LLC, FRN5.25% 16/08/2077 USD 255,000 237,085 0.10ESH Hospitality, Inc., REIT, 144A 5.25%01/05/2025 USD 25,000 24,147 0.01Fidelity & Guaranty Life Holdings, Inc.,144A 5.5% 01/05/2025 USD 11,000 10,780 0.01First Data Corp., 144A 5.75% 15/01/2024 USD 96,000 96,392 0.04FirstEnergy Transmission LLC, 144A5.45% 15/07/2044 USD 180,000 203,277 0.09General Motors Financial Co., Inc. 3.55%09/04/2021 USD 340,000 339,507 0.15Genesys TelecommunicationsLaboratories, Inc., 144A 10% 30/11/2024 USD 33,000 36,878 0.02Gilead Sciences, Inc. 3.65% 01/03/2026 USD 350,000 346,290 0.15Gilead Sciences, Inc. 4.5% 01/02/2045 USD 66,000 65,998 0.03Goldman Sachs Group, Inc. (The), FRN3.919% 29/11/2023 USD 200,000 206,822 0.09Goldman Sachs Group, Inc. (The), FRN3.491% 15/05/2026 USD 210,000 207,942 0.09Goldman Sachs Group, Inc. (The), FRN3.814% 23/04/2029 USD 960,000 914,770 0.39Goldman Sachs Group, Inc. (The), FRN4.223% 01/05/2029 USD 450,000 443,021 0.19Goldman Sachs Group, Inc. (The), FRN 5%Perpetual USD 582,000 548,180 0.23Goodyear Tire & Rubber Co. (The) 5%31/05/2026 USD 84,000 78,882 0.03Gray Television, Inc., 144A 5.125%15/10/2024 USD 28,000 26,837 0.01Harris Corp. 4.4% 15/06/2028 USD 435,000 438,217 0.19Hologic, Inc., 144A 4.375% 15/10/2025 USD 35,000 33,429 0.01Hologic, Inc., 144A 4.625% 01/02/2028 USD 9,000 8,494 0.00Hughes Satellite Systems Corp. 6.625%01/08/2026 USD 42,000 39,164 0.02Huntington Bancshares, Inc., FRN 5.7%Perpetual USD 87,000 86,012 0.04Huntington Bancshares, Inc. 3.15%14/03/2021 USD 450,000 448,124 0.19Ingevity Corp., 144A 4.5% 01/02/2026 USD 14,000 13,326 0.01Intel Corp. 3.7% 29/07/2025 USD 293,000 296,113 0.13Intel Corp. 4.1% 11/05/2047 USD 2,000 2,002 0.00IQVIA, Inc., 144A 4.875% 15/05/2023 USD 47,000 47,470 0.02IRB Holding Corp., 144A 6.75%15/02/2026 USD 5,000 4,812 0.00Iron Mountain, Inc., REIT, 144A 5.25%15/03/2028 USD 9,000 8,374 0.00ITC Holdings Corp. 3.35% 15/11/2027 USD 90,000 84,502 0.04Jersey Central Power & Light Co., 144A4.7% 01/04/2024 USD 580,000 606,885 0.26Kaiser Aluminum Corp. 5.875%15/05/2024 USD 69,000 70,911 0.03KFC Holding Co., 144A 4.75% 01/06/2027 USD 51,000 48,442 0.02Kinder Morgan, Inc., 144A 5.625%15/11/2023 USD 602,000 643,020 0.27Kraft Heinz Foods Co. 5.2% 15/07/2045 USD 362,000 354,700 0.15

Kraft Heinz Foods Co. 4.375%01/06/2046 USD 5,000 4,371 0.00L3 Technologies, Inc. 3.85% 15/06/2023 USD 200,000 199,833 0.09Ladder Capital Finance Holdings LLLP,144A 5.25% 15/03/2022 USD 12,000 12,030 0.01Lamar Media Corp. 5.75% 01/02/2026 USD 69,000 70,378 0.03Lennar Corp. 4.75% 29/11/2027 USD 37,000 34,872 0.02LifePoint Health, Inc. 5.5% 01/12/2021 USD 44,000 44,308 0.02Live Nation Entertainment, Inc., 144A5.625% 15/03/2026 USD 3,000 3,008 0.00Maple Escrow Subsidiary, Inc., 144A4.057% 25/05/2023 USD 360,000 361,076 0.15Maple Escrow Subsidiary, Inc., 144A4.417% 25/05/2025 USD 350,000 352,642 0.15Maple Escrow Subsidiary, Inc., 144A4.985% 25/05/2038 USD 150,000 151,933 0.07Match Group, Inc., 144A 5% 15/12/2027 USD 2,000 1,882 0.00MetLife, Inc., FRN 5.25% Perpetual USD 673,000 685,464 0.29Metropolitan Life Global Funding I, 144A3% 10/01/2023 USD 234,000 229,212 0.10Microchip Technology, Inc., 144A 3.922%01/06/2021 USD 415,000 416,538 0.18Microchip Technology, Inc., 144A 4.333%01/06/2023 USD 280,000 281,228 0.12Microsoft Corp. 4.1% 06/02/2037 USD 349,000 363,867 0.16Microsoft Corp. 3.75% 12/02/2045 USD 460,000 450,927 0.19Microsoft Corp. 3.7% 08/08/2046 USD 27,000 26,200 0.01Morgan Stanley, FRN 3.772% 24/01/2029 USD 1,245,000 1,200,074 0.51Mosaic Co. (The) 4.05% 15/11/2027 USD 838,000 801,765 0.34MPH Acquisition Holdings LLC, 144A7.125% 01/06/2024 USD 16,000 16,440 0.01MPLX LP 3.375% 15/03/2023 USD 125,000 122,484 0.05MPLX LP 4% 15/03/2028 USD 250,000 237,760 0.10MPLX LP 4.5% 15/04/2038 USD 350,000 324,613 0.14Nabors Industries, Inc., 144A 5.75%01/02/2025 USD 13,000 12,308 0.01New England Power Co., 144A 3.8%05/12/2047 USD 150,000 141,594 0.06Norfolk Southern Corp. 4.15%28/02/2048 USD 120,000 115,739 0.05Novelis Corp., 144A 6.25% 15/08/2024 USD 40,000 40,022 0.02NRG Energy, Inc., 144A 5.75%15/01/2028 USD 8,000 7,930 0.00Oncor Electric Delivery Co. LLC 2.95%01/04/2025 USD 94,000 90,203 0.04Owens-Brockway Glass Container, Inc.,144A 6.375% 15/08/2025 USD 54,000 55,350 0.02Performance Food Group, Inc., 144A5.5% 01/06/2024 USD 13,000 12,870 0.01Pilgrim’s Pride Corp., 144A 5.75%15/03/2025 USD 6,000 5,777 0.00Pilgrim’s Pride Corp., 144A 5.875%30/09/2027 USD 2,000 1,864 0.00Prime Security Services Borrower LLC,144A 9.25% 15/05/2023 USD 17,000 18,126 0.01Prudential Financial, Inc., FRN 5.625%15/06/2043 USD 161,000 166,980 0.07Prudential Financial, Inc., FRN 5.2%15/03/2044 USD 852,000 852,861 0.36PSEG Power LLC 3.85% 01/06/2023 USD 300,000 299,062 0.13Quicken Loans, Inc., 144A 5.75%01/05/2025 USD 103,000 101,713 0.04Rackspace Hosting, Inc., 144A 8.625%15/11/2024 USD 39,000 39,173 0.02Reynolds Group Issuer, Inc., 144A 5.125%15/07/2023 USD 45,000 44,556 0.02Sealed Air Corp., 144A 5.125%01/12/2024 USD 43,000 43,537 0.02Sealed Air Corp., 144A 5.5% 15/09/2025 USD 28,000 28,840 0.01Seminole Hard Rock Entertainment, Inc.,144A 5.875% 15/05/2021 USD 54,000 54,540 0.02Sierra Pacific Power Co. 2.6%01/05/2026 USD 3,000 2,781 0.00Sirius XM Radio, Inc., 144A 5.375%15/07/2026 USD 112,000 108,609 0.05Sirius XM Radio, Inc., 144A 5%01/08/2027 USD 6,000 5,619 0.00Six Flags Entertainment Corp., 144A 5.5%15/04/2027 USD 42,000 40,845 0.02Smithfield Foods, Inc., 144A 3.35%01/02/2022 USD 267,000 261,784 0.11Smithfield Foods, Inc., 144A 4.25%01/02/2027 USD 174,000 168,784 0.07Springleaf Finance Corp. 5.625%15/03/2023 USD 39,000 38,798 0.02Standard Industries, Inc., 144A 4.75%15/01/2028 USD 30,000 27,558 0.01Steel Dynamics, Inc. 5.5% 01/10/2024 USD 27,000 27,604 0.01Sunoco LP, 144A 4.875% 15/01/2023 USD 4,000 3,847 0.00Sunoco LP, 144A 5.5% 15/02/2026 USD 5,000 4,781 0.00

430

JPMorgan Funds - Global Corporate Bond Duration-Hedged FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Sunoco LP, 144A 5.875% 15/03/2028 USD 3,000 2,836 0.00SunTrust Banks, Inc., FRN 5.05%Perpetual USD 358,000 352,038 0.15SUPERVALU, Inc. 6.75% 01/06/2021 USD 18,000 18,302 0.01Tallgrass Energy Partners LP, 144A 5.5%15/09/2024 USD 41,000 41,994 0.02Targa Resources Partners LP 4.25%15/11/2023 USD 50,000 47,984 0.02Team Health Holdings, Inc., 144A 6.375%01/02/2025 USD 19,000 16,235 0.01Terex Corp., 144A 5.625% 01/02/2025 USD 50,000 49,783 0.02Terraform Global Operating LLC, 144A6.125% 01/03/2026 USD 5,000 5,009 0.00TerraForm Power Operating LLC, 144A4.25% 31/01/2023 USD 11,000 10,631 0.00TerraForm Power Operating LLC, 144A5% 31/01/2028 USD 14,000 13,248 0.01Time Warner Cable LLC 5.5% 01/09/2041 USD 135,000 127,351 0.05T-Mobile USA, Inc. 4.5% 01/02/2026 USD 7,000 6,530 0.00T-Mobile USA, Inc. 4.75% 01/02/2028 USD 7,000 6,488 0.00Total System Services, Inc. 4%01/06/2023 USD 270,000 271,461 0.12Trans-Allegheny Interstate Line Co., 144A3.85% 01/06/2025 USD 475,000 475,487 0.20Tronox, Inc., 144A 6.5% 15/04/2026 USD 5,000 4,994 0.00Tutor Perini Corp., 144A 6.875%01/05/2025 USD 71,000 71,266 0.03United Airlines Pass-Through Trust,Series 2016-1 3.65% 07/07/2027 USD 115,000 111,550 0.05United Airlines Pass-Through Trust,Series 2016-2 3.65% 07/04/2027 USD 574,306 556,028 0.24United Airlines Pass-Through Trust,Series 2016-1 ‘A’ 3.1% 07/01/2030 USD 254,113 241,480 0.10United Airlines Pass-Through Trust,Series 2016-1 ‘A’ 3.45% 07/01/2030 USD 504,335 483,800 0.21Univision Communications, Inc., 144A5.125% 15/02/2025 USD 5,000 4,649 0.00US Concrete, Inc. 6.375% 01/06/2024 USD 50,000 50,433 0.02Valeant Pharmaceuticals International,Inc., 144A 6.75% 15/08/2021 USD 26,000 26,292 0.01Valeant Pharmaceuticals International,Inc., 144A 7.25% 15/07/2022 USD 46,000 47,111 0.02Valvoline, Inc. 4.375% 15/08/2025 USD 29,000 27,224 0.01Verizon Communications, Inc., FRN3.335% 16/03/2022 USD 424,000 430,782 0.18Vertiv Group Corp., 144A 9.25%15/10/2024 USD 32,000 31,670 0.01Virginia Electric & Power Co. 3.8%01/04/2028 USD 170,000 169,832 0.07Walmart, Inc. 3.125% 23/06/2021 USD 630,000 632,630 0.27Walmart, Inc. 3.4% 26/06/2023 USD 405,000 407,296 0.17Walt Disney Co. (The), Reg. S 2.125%13/09/2022 USD 300,000 284,277 0.12Western Gas Partners LP 4.5%01/03/2028 USD 160,000 154,351 0.07Wyndham Hotels & Resorts, Inc., 144A5.375% 15/04/2026 USD 4,000 3,990 0.00Wyndham Worldwide Corp. 4.5%01/04/2027 USD 3,000 2,917 0.00

47,966,586 20.48

Total Bonds 67,626,957 28.87

Total Transferable securities and money market instrumentsdealt in on another regulated market 67,626,957 28.87

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

LuxembourgJPMorgan Global High Yield Bond Fund -JPM Global High Yield Bond X (acc) -USD† USD 1 138 0.00JPMorgan US Dollar Liquidity Fund - JPMUS Dollar Liquidity X (dist.)† USD 7,146,881 7,146,881 3.05

7,147,019 3.05

Total Collective Investment Schemes - UCITS 7,147,019 3.05

Total Units of authorised UCITS or other collective investmentundertakings 7,147,019 3.05

Total Investments 226,865,887 96.84

Cash 3,570,743 1.52

Other Assets/(Liabilities) 3,824,147 1.64

Total Net Assets 234,260,777 100.00

† Related Party Fund.

431

JPMorgan Funds - Global Corporate Bond Duration-Hedged FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net AssetsUnited States of America 49.14United Kingdom 10.93Netherlands 7.05France 5.20Luxembourg 4.67Switzerland 3.00Ireland 2.90Canada 2.83Spain 2.14Australia 1.92Italy 1.66Germany 1.39Jersey 0.92Sweden 0.73Denmark 0.41Belgium 0.35Cayman Islands 0.29Portugal 0.21Japan 0.19Israel 0.17Colombia 0.17Norway 0.15Mexico 0.14Curacao 0.12Guernsey 0.07Bermuda 0.06Supranational 0.03Total Investments 96.84Cash and Other Assets/(Liabilities) 3.16

Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017(Unaudited)

% of Net Assets

United States of America 51.33United Kingdom 10.62Netherlands 7.47France 5.27Italy 2.65Spain 2.60Luxembourg 2.38Switzerland 2.37Canada 1.94Ireland 1.82Germany 1.79Australia 1.33Sweden 1.11Jersey 1.01Cayman Islands 0.66Denmark 0.37Mexico 0.26Guernsey 0.23Portugal 0.22Belgium 0.21Israel 0.18Colombia 0.18Japan 0.17Norway 0.16Curacao 0.12Bermuda 0.07Supranational 0.02Total Investments 96.54Cash and Other Assets/(Liabilities) 3.46

Total 100.00

432

JPMorgan Funds - Global Corporate Bond Duration-Hedged FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

JPMorgan Funds - Global Corporate Bond Duration-Hedged FundSchedule of Investments (continued)

As at 30 June 2018

Forward Currency Exchange Contracts

CurrencyPurchased

AmountPurchased Currency Sold Amount Sold

MaturityDate Counterparty

UnrealisedGain/(Loss)

USD

%of

NetAssets

EUR 106,872 GBP 93,732 05/07/2018 Goldman Sachs 1,099 -EUR 273,127 USD 316,545 05/07/2018 BNP Paribas 1,507 -EUR 299,128 USD 347,805 05/07/2018 RBC 525 -EUR 1,259,249 USD 1,463,114 03/08/2018 BNP Paribas 6,471 -EUR 772,403 USD 901,051 03/08/2018 Morgan Stanley 368 -GBP 13,061,537 USD 17,181,316 05/07/2018 Barclays 7,822 -USD 443,106 EUR 376,742 05/07/2018 ANZ 4,396 -USD 473,700 EUR 401,903 05/07/2018 BNP Paribas 5,691 -USD 58,192,588 EUR 49,713,503 05/07/2018 Merrill Lynch 302,060 0.13USD 150,062,460 EUR 128,823,132 05/07/2018 Morgan Stanley 50,114 0.02USD 113,892 EUR 96,910 05/07/2018 National Australia Bank 1,042 -USD 554,363 EUR 474,520 05/07/2018 State Street 1,792 -USD 55,092,034 EUR 47,179,269 03/08/2018 Goldman Sachs 32,317 0.02USD 2,197 EUR 1,878 03/08/2018 National Australia Bank 5 -USD 234,900 GBP 175,729 05/07/2018 Merrill Lynch 3,639 -USD 18,032,480 GBP 13,495,537 05/07/2018 RBC 272,192 0.12

Total Unrealised Gain on Forward Currency Exchange Contracts 691,040 0.29

EUR 598,023 USD 700,244 05/07/2018 ANZ (3,857) -EUR 821,186 USD 972,162 05/07/2018 Barclays (15,905) (0.01)EUR 1,484,251 USD 1,735,489 05/07/2018 BNP Paribas (7,104) -EUR 177,336,874 USD 207,785,556 05/07/2018 Goldman Sachs (1,279,782) (0.55)EUR 488,435 USD 572,024 05/07/2018 Merrill Lynch (3,250) -EUR 422,506 USD 492,757 05/07/2018 National Australia Bank (756) -EUR 721,822 USD 844,581 05/07/2018 State Street (4,032) -EUR 299,777 USD 350,767 03/08/2018 Merrill Lynch (918) -EUR 128,823,132 USD 150,377,174 03/08/2018 Morgan Stanley (36,456) (0.02)GBP 439,686 USD 591,093 05/07/2018 ANZ (12,461) (0.01)GBP 263,775 USD 353,863 05/07/2018 Barclays (6,733) -GBP 200,714 USD 265,709 03/08/2018 RBC (1,209) -USD 1,459,655 EUR 1,259,249 02/07/2018 BNP Paribas (6,515) -USD 794,217 EUR 683,822 05/07/2018 ANZ (2,082) -USD 633,109 EUR 546,926 05/07/2018 BNP Paribas (3,777) -USD 1,088,577 EUR 940,040 05/07/2018 National Australia Bank (6,083) -USD 575,447 EUR 494,729 05/07/2018 RBC (656) -USD 258,201 EUR 221,488 03/08/2018 Goldman Sachs (283) -USD 17,203,786 GBP 13,061,537 03/08/2018 Barclays (8,674) -

Total Unrealised Loss on Forward Currency Exchange Contracts (1,400,533) (0.59)

Net Unrealised Loss on Forward Currency Exchange Contracts (709,493) (0.30)

Financial Futures Contracts

Security DescriptionNumber ofContracts Currency

GlobalExposure

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

Canada 10 Year Bond, 19/09/2018 (1) CAD (103,790) 178 -Euro-Bobl, 06/09/2018 (139) EUR (21,388,028) 9,288 -Euro-Schatz, 06/09/2018 (56) EUR (7,308,320) 1,141 -Long Gilt, 26/09/2018 (78) GBP (12,625,257) 26,670 0.01US 10 Year Note, 19/09/2018 (354) USD (42,549,141) 1,452 -US 2 Year Note, 28/09/2018 (68) USD (14,404,844) 815 -US 5 Year Note, 28/09/2018 (347) USD (39,421,098) 11,923 0.01

Total Unrealised Gain on Financial Futures Contracts 51,467 0.02

Euro-Bund, 06/09/2018 (90) EUR (17,026,608) (4,047) -Euro-Buxl 30 Year Bond, 06/09/2018 (3) EUR (620,384) (3,039) -US 10 Year Ultra Note, 19/09/2018 (44) USD (5,643,344) (1,934) -US Long Bond, 19/09/2018 (199) USD (28,889,203) (43,987) (0.02)US Ultra Bond, 19/09/2018 (38) USD (6,075,844) (9,960) -

Total Unrealised Loss on Financial Futures Contracts (62,967) (0.02)

Net Unrealised Loss on Financial Futures Contracts (11,500) -

433

JPMorgan Funds - Global Corporate Bond Duration-Hedged FundSchedule of Investments (continued)

As at 30 June 2018

Credit Default Swap Contracts

NominalAmount Currency Counterparty Reference Entity Buy/Sell

Interest(Paid)/

ReceivedMaturity

Date

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

6,100,000 EUR Citigroup iTraxx Europe Senior FinancialsSeries 29 Version 1 Buy (1.00)% 20/06/2023 (22,112) (22,112) (0.01)

Total Unrealised Loss on Credit Default Swap Contracts (22,112) (22,112) (0.01)

Net Unrealised Loss on Credit Default Swap Contracts (22,112) (22,112) (0.01)

Interest Rate Swap Contracts

NominalAmount Currency Counterparty Security Description

MaturityDate

MarketValue

USD

UnrealisedGain/(Loss)

USD

%of

NetAssets

4,000,000 USD Citigroup Pay fixed 2.214%Receive floating LIBOR 3 month 04/08/2027 204,864 204,864 0.09

Total Unrealised Gain on Interest Rate Swap Contracts 204,864 204,864 0.09

Net Unrealised Gain on Interest Rate Swap Contracts 204,864 204,864 0.09

434

Transferable securities and money market instruments admitted to an official exchangelisting

Bonds

AustraliaAustralia & New Zealand BankingGroup Ltd., FRN, 144A 6.75% Perpetual USD 4,231,000 4,312,912 0.09BHP Billiton Finance Ltd., Reg. S, FRN6.5% 22/10/2077 GBP 5,479,000 8,125,427 0.16BHP Billiton Finance Ltd., Reg. S, FRN5.625% 22/10/2079 EUR 5,769,000 7,898,240 0.16BHP Billiton Finance USA Ltd. 5%30/09/2043 USD 2,933,000 3,299,962 0.07Goodman Australia Finance Pty. Ltd.,REIT, Reg. S 1.375% 27/09/2025 EUR 5,156,000 5,871,752 0.12Scentre Group Trust 1, REIT, Reg. S1.375% 22/03/2023 EUR 5,106,000 6,175,239 0.12

35,683,532 0.72

BelgiumAnheuser-Busch InBev SA, Reg. S1.15% 22/01/2027 EUR 12,170,000 14,038,886 0.28KBC Group NV, Reg. S, FRN 1.625%18/09/2029 EUR 3,000,000 3,406,522 0.07

17,445,408 0.35

BermudaAircastle Ltd. 7.625% 15/04/2020 USD 2,394,000 2,532,912 0.05

2,532,912 0.05

CanadaBank of Montreal 2.35% 11/09/2022 USD 10,530,000 10,088,056 0.20Bank of Montreal, Reg. S 1.625%21/06/2022 GBP 3,578,000 4,698,588 0.09Bank of Nova Scotia (The), Reg. S1.25% 08/06/2022 GBP 5,574,000 7,200,511 0.15Canadian Natural Resources Ltd.2.95% 15/01/2023 USD 11,585,000 11,185,375 0.22Canadian Natural Resources Ltd. 3.9%01/02/2025 USD 3,457,000 3,414,669 0.07Canadian Natural Resources Ltd.5.85% 01/02/2035 USD 2,615,000 2,914,799 0.06Canadian Pacific Railway Co. 4.8%15/09/2035 USD 3,284,000 3,522,254 0.07Cenovus Energy, Inc. 6.75% 15/11/2039 USD 2,269,000 2,504,443 0.05Cenovus Energy, Inc. 5.2% 15/09/2043 USD 7,796,000 7,393,649 0.15Enbridge, Inc. 4% 01/10/2023 USD 4,445,000 4,459,046 0.09Encana Corp. 6.5% 01/02/2038 USD 1,915,000 2,263,434 0.05Teck Resources Ltd. 4.75% 15/01/2022 USD 10,404,000 10,439,218 0.21TransCanada PipeLines Ltd. 4.625%01/03/2034 USD 7,171,000 7,159,562 0.14

77,243,604 1.55

Cayman IslandsCK Hutchison Finance 16 Ltd., Reg. S1.25% 06/04/2023 EUR 4,509,000 5,362,319 0.11Dwr Cymru Financing Ltd., Reg. S 2.5%31/03/2036 GBP 1,454,000 1,882,709 0.04Vale Overseas Ltd. 4.375% 11/01/2022 USD 3,728,000 3,789,959 0.07Vale Overseas Ltd. 6.25% 10/08/2026 USD 3,201,000 3,475,246 0.07

14,510,233 0.29

ColombiaEcopetrol SA 5.375% 26/06/2026 USD 6,519,000 6,691,558 0.13

6,691,558 0.13

CuracaoTeva Pharmaceutical Finance Co. BV3.65% 10/11/2021 USD 4,965,000 4,773,227 0.10

4,773,227 0.10

DenmarkDanske Bank A/S, Reg. S, FRN 5.875%Perpetual EUR 8,813,000 11,194,865 0.23Danske Bank A/S, Reg. S 0.75%02/06/2023 EUR 6,524,000 7,682,922 0.15

18,877,787 0.38

FranceAltice France SA, 144A 7.375%01/05/2026 USD 1,025,000 1,005,971 0.02BNP Paribas SA, Reg. S 1.125%16/08/2022 GBP 2,976,000 3,817,510 0.08

BNP Paribas SA, Reg. S 2.25%11/01/2027 EUR 4,200,000 4,882,651 0.10BPCE SA, 144A 5.15% 21/07/2024 USD 16,147,000 16,398,328 0.33BPCE SA, Reg. S, FRN 0.177%23/03/2023 EUR 2,900,000 3,327,467 0.07BPCE SA, Reg. S 1% 05/10/2028 EUR 2,600,000 2,958,368 0.06Credit Agricole Assurances SA, Reg. S,FRN 2.625% 29/01/2048 EUR 5,500,000 5,784,958 0.12Credit Agricole SA, FRN, 144A 8.125%19/09/2033 USD 8,044,000 8,124,923 0.16Credit Agricole SA, FRN, 144A 8.125%Perpetual USD 9,070,000 9,622,136 0.19Credit Agricole SA, Reg. S 1.25%14/04/2026 EUR 4,100,000 4,850,583 0.10Credit Agricole SA, Reg. S 1.375%03/05/2027 EUR 3,000,000 3,551,813 0.07Credit Mutuel Arkea SA, Reg. S, FRN1.875% 25/10/2029 EUR 7,400,000 7,938,942 0.16Europcar Groupe SA, Reg. S 4.125%15/11/2024 EUR 2,610,000 2,988,795 0.06Imerys SA, Reg. S 1.875% 31/03/2028 EUR 6,300,000 7,511,665 0.15Infra Park SAS, Reg. S 1.625%19/04/2028 EUR 4,800,000 5,524,049 0.11Peugeot SA, Reg. S 2% 23/03/2024 EUR 4,317,000 5,063,087 0.10RCI Banque SA, Reg. S 1.625%26/05/2026 EUR 6,850,000 7,918,838 0.16Renault SA, Reg. S 1% 18/04/2024 EUR 3,400,000 3,918,556 0.08Societe Generale SA, FRN, 144A 8%Perpetual USD 10,500,000 10,947,510 0.22Societe Generale SA, 144A 2.5%08/04/2021 USD 13,511,000 13,171,874 0.26Societe Generale SA, 144A 5%17/01/2024 USD 14,806,000 14,956,799 0.30Total Capital International SA, Reg. S1.375% 04/10/2029 EUR 3,400,000 4,023,374 0.08TOTAL SA, Reg. S, FRN 2.25%Perpetual EUR 25,793,000 30,705,257 0.61Unibail-Rodamco SE, REIT, Reg. S1.125% 15/09/2025 EUR 5,600,000 6,567,739 0.13

185,561,193 3.72

GermanyAllianz SE, Reg. S, FRN 5.625%17/10/2042 EUR 3,500,000 4,764,703 0.10Allianz SE, Reg. S, FRN 3.099%06/07/2047 EUR 2,100,000 2,488,102 0.05Commerzbank AG 7.75% 16/03/2021 EUR 1,200,000 1,637,017 0.03Commerzbank AG, Reg. S 4%23/03/2026 EUR 3,784,000 4,665,562 0.09Daimler AG, Reg. S 1% 15/11/2027 EUR 4,959,000 5,715,160 0.12Deutsche Bank AG 4.25% 14/10/2021 USD 20,704,000 20,512,385 0.41Deutsche Bank AG, Reg. S 1.75%17/01/2028 EUR 8,500,000 9,102,828 0.18Nidda Healthcare Holding GmbH,Reg. S 3.5% 30/09/2024 EUR 2,610,000 2,873,165 0.06Volkswagen Bank GmbH, Reg. S 0.75%15/06/2023 EUR 4,288,000 4,916,982 0.10Volkswagen Financial Services AG,Reg. S 0.875% 12/04/2023 EUR 3,444,000 3,974,715 0.08Volkswagen Leasing GmbH, Reg. S2.625% 15/01/2024 EUR 3,712,000 4,639,944 0.09Volkswagen Leasing GmbH, Reg. S1.375% 20/01/2025 EUR 4,170,000 4,804,489 0.10

70,095,052 1.41

GuernseyCredit Suisse Group Funding GuernseyLtd. 4.55% 17/04/2026 USD 1,230,000 1,232,245 0.02Credit Suisse Group Funding GuernseyLtd., Reg. S 3% 27/05/2022 GBP 2,031,000 2,764,133 0.06

3,996,378 0.08

IrelandAerCap Ireland Capital DAC 4.625%30/10/2020 USD 5,004,000 5,108,283 0.10AerCap Ireland Capital DAC 5%01/10/2021 USD 2,907,000 2,999,428 0.06AerCap Ireland Capital DAC 4.625%01/07/2022 USD 9,254,000 9,439,728 0.19AerCap Ireland Capital DAC 3.5%15/01/2025 USD 4,200,000 3,945,791 0.08AerCap Ireland Capital DAC 3.65%21/07/2027 USD 10,960,000 9,992,068 0.20AIB Group plc, Reg. S 1.5% 29/03/2023 EUR 5,678,000 6,565,624 0.13Allied Irish Banks plc, Reg. S, FRN4.125% 26/11/2025 EUR 12,912,000 15,791,248 0.32Allied Irish Banks plc, Reg. S, FRN7.375% Perpetual EUR 4,580,000 5,838,328 0.12

435

JPMorgan Funds - Global Corporate Bond FundSchedule of Investments

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

Bank of Ireland, Reg. S, FRN 7.375%Perpetual EUR 5,350,000 6,697,043 0.13Bank of Ireland Group plc, Reg. S, FRN4.125% 19/09/2027 USD 3,065,000 2,895,919 0.06GE Capital International Funding Co.Unlimited Co. 2.342% 15/11/2020 USD 14,903,000 14,560,604 0.29GE Capital International Funding Co.Unlimited Co. 3.373% 15/11/2025 USD 20,815,000 19,996,658 0.40GE Capital International Funding Co.Unlimited Co. 4.418% 15/11/2035 USD 3,232,000 3,129,933 0.06Liberty Mutual Finance Europe DAC,Reg. S 1.75% 27/03/2024 EUR 3,931,000 4,680,479 0.09Perrigo Finance Unlimited Co. 3.5%15/12/2021 USD 605,000 599,458 0.01Shire Acquisitions Investments IrelandDAC 2.875% 23/09/2023 USD 5,674,000 5,343,830 0.11Shire Acquisitions Investments IrelandDAC 3.2% 23/09/2026 USD 7,380,000 6,769,489 0.14

124,353,911 2.49

IsraelIsrael Electric Corp. Ltd., Reg. S, 144A5% 12/11/2024 USD 6,802,000 7,003,067 0.14

7,003,067 0.14

ItalyAssicurazioni Generali SpA, Reg. S, FRN7.75% 12/12/2042 EUR 3,100,000 4,225,598 0.09Autostrade per l’Italia SpA 6.25%09/06/2022 GBP 1,748,000 2,679,605 0.05Autostrade per l’Italia SpA 5.875%09/06/2024 EUR 1,600,000 2,349,793 0.05Autostrade per l’Italia SpA, Reg. S1.75% 26/06/2026 EUR 4,598,000 5,278,674 0.11Enel SpA, Reg. S, FRN 7.75%10/09/2075 GBP 2,803,000 4,072,714 0.08Enel SpA, Reg. S, FRN 6.625%15/09/2076 GBP 2,176,000 3,141,649 0.06Enel SpA, Reg. S, FRN 2.5% 24/11/2078 EUR 1,409,000 1,548,715 0.03Eni SpA, Reg. S 1% 14/03/2025 EUR 7,345,000 8,453,823 0.17Eni SpA, Reg. S 1.125% 19/09/2028 EUR 5,988,000 6,492,313 0.13FCA Bank SpA, Reg. S 1.625%29/09/2021 GBP 1,546,000 2,004,299 0.04Intesa Sanpaolo SpA, Reg. S, FRN7.75% Perpetual EUR 2,500,000 3,146,924 0.06Telecom Italia SpA, 144A 5.303%30/05/2024 USD 1,000,000 1,005,420 0.02Telecom Italia SpA, Reg. S 2.5%19/07/2023 EUR 4,440,000 5,290,006 0.11Telecom Italia SpA, Reg. S 3.625%19/01/2024 EUR 3,325,000 4,158,581 0.08Telecom Italia SpA, Reg. S 2.375%12/10/2027 EUR 2,037,000 2,238,287 0.05UniCredit SpA, Reg. S, FRN 4.375%03/01/2027 EUR 3,408,000 4,070,238 0.08UniCredit SpA, Reg. S, FRN 9.25%Perpetual EUR 4,696,000 6,122,889 0.12

66,279,528 1.33

JapanMitsubishi UFJ Financial Group, Inc.,Reg. S 0.68% 26/01/2023 EUR 2,347,000 2,739,294 0.06Sumitomo Mitsui Financial Group, Inc.,Reg. S 0.934% 11/10/2024 EUR 4,740,000 5,522,307 0.11

8,261,601 0.17

JerseyGatwick Funding Ltd., Reg. S 5.25%23/01/2026 GBP 10,613,000 16,118,940 0.32Gatwick Funding Ltd., Reg. S 3.125%28/09/2041 GBP 1,995,000 2,555,174 0.05Glencore Finance Europe Ltd., Reg. S6% 03/04/2022 GBP 1,786,000 2,662,800 0.05HBOS Capital Funding LP, Reg. S, FRN6.461% Perpetual GBP 2,129,000 2,851,699 0.06Heathrow Funding Ltd., Reg. S 6%20/03/2020 GBP 200,000 283,314 0.01Heathrow Funding Ltd., Reg. S 6.75%03/12/2028 GBP 5,546,000 9,579,208 0.19Heathrow Funding Ltd., Reg. S 2.75%09/08/2051 GBP 1,348,000 1,593,777 0.03

35,644,912 0.71

LuxembourgAllergan Funding SCS 3.85%15/06/2024 USD 8,910,000 8,754,075 0.18Allergan Funding SCS 2.45%15/06/2019 USD 7,558,000 7,522,440 0.15

Altice Finco SA, Reg. S 4.75%15/01/2028 EUR 2,380,000 2,369,704 0.05ArcelorMittal, Reg. S 3.125%14/01/2022 EUR 2,015,000 2,519,337 0.05ArcelorMittal, Reg. S 0.95%17/01/2023 EUR 3,924,000 4,495,156 0.09DH Europe Finance SA 1.2%30/06/2027 EUR 7,050,000 8,166,270 0.16Hannover Finance Luxembourg SA,FRN 5% 30/06/2043 EUR 5,100,000 6,855,445 0.14Horizon Parent Holdings Sarl, Reg. S8.25% 15/02/2022 EUR 2,820,000 3,424,945 0.07Richemont International Holding SA,Reg. S 1% 26/03/2026 EUR 6,730,000 7,869,313 0.16SELP Finance Sarl, REIT, Reg. S 1.25%25/10/2023 EUR 2,982,000 3,476,464 0.07SELP Finance Sarl, REIT, Reg. S 1.5%20/11/2025 EUR 5,245,000 6,017,991 0.12SES SA, Reg. S, FRN 4.625% Perpetual EUR 2,367,000 2,846,837 0.06Telecom Italia Capital SA 6.375%15/11/2033 USD 210,000 207,507 0.00Telecom Italia Capital SA 6%30/09/2034 USD 121,000 115,920 0.00Telecom Italia Capital SA 7.2%18/07/2036 USD 77,000 79,356 0.00Telecom Italia Capital SA 7.721%04/06/2038 USD 37,000 40,075 0.00

64,760,835 1.30

MexicoAmerica Movil SAB de CV, Reg. S, FRN5.125% 06/09/2073 EUR 6,519,000 7,650,430 0.15Cemex SAB de CV, 144A 5.7%11/01/2025 USD 1,263,000 1,246,095 0.03

8,896,525 0.18

NetherlandsABN AMRO Bank NV, 144A 4.75%28/07/2025 USD 4,010,000 3,990,375 0.08ABN AMRO Bank NV, Reg. S, FRN 4.4%27/03/2028 USD 6,000,000 5,894,370 0.12ABN AMRO Bank NV, Reg. S, FRN5.75% Perpetual EUR 7,300,000 9,011,845 0.18ABN AMRO Bank NV, Reg. S 6.25%27/04/2022 USD 8,115,000 8,729,427 0.17Airbus Finance BV, Reg. S 2.375%02/04/2024 EUR 350,000 445,447 0.01Airbus Finance BV, Reg. S 2.125%29/10/2029 EUR 4,214,000 5,287,120 0.11Airbus Finance BV, Reg. S 1.375%13/05/2031 EUR 2,552,000 2,920,933 0.06Alliander NV, Reg. S, FRN 1.625%Perpetual EUR 2,846,000 3,253,190 0.07BMW Finance NV, Reg. S 0.875%16/08/2022 GBP 1,000,000 1,274,175 0.03Brenntag Finance BV, Reg. S 1.125%27/09/2025 EUR 3,994,000 4,583,111 0.09Cooperatieve Rabobank UA, Reg. S,FRN 4% 10/04/2029 USD 2,800,000 2,704,184 0.05Cooperatieve Rabobank UA, Reg. S,FRN 6.625% Perpetual EUR 3,600,000 4,719,205 0.09Daimler International Finance BV,Reg. S 1% 11/11/2025 EUR 5,299,000 6,045,141 0.12EDP Finance BV, Reg. S 2.625%18/01/2022 EUR 3,203,000 3,996,800 0.08EDP Finance BV, Reg. S 2.375%23/03/2023 EUR 3,347,000 4,178,299 0.08EDP Finance BV, Reg. S 1.875%29/09/2023 EUR 2,104,000 2,562,661 0.05EDP Finance BV, Reg. S 1.5%22/11/2027 EUR 5,219,000 5,809,444 0.12Enel Finance International NV, Reg. S5.625% 14/08/2024 GBP 3,543,000 5,432,146 0.11Enel Finance International NV, Reg. S1.125% 16/09/2026 EUR 7,976,000 8,796,552 0.18Enel Finance International NV, Reg. S5.75% 14/09/2040 GBP 4,512,000 7,582,610 0.15Fiat Chrysler Automobiles NV 5.25%15/04/2023 USD 370,000 373,855 0.01Iberdrola International BV, Reg. S, FRN1.875% Perpetual EUR 3,300,000 3,675,502 0.07Iberdrola International BV, Reg. S1.75% 17/09/2023 EUR 5,400,000 6,646,862 0.13Iberdrola International BV, Reg. S0.375% 15/09/2025 EUR 3,100,000 3,425,905 0.07Iberdrola International BV, Reg. S1.125% 21/04/2026 EUR 3,500,000 4,031,977 0.08ING Groep NV, FRN 3% 11/04/2028 EUR 18,000,000 22,261,768 0.45ING Groep NV, FRN 6.5% Perpetual USD 4,200,000 4,081,938 0.08

436

JPMorgan Funds - Global Corporate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

ING Groep NV, Reg. S, FRN 2.5%15/02/2029 EUR 6,500,000 7,774,622 0.16ING Groep NV, Reg. S, FRN 6.875%Perpetual USD 6,002,000 6,133,174 0.12innogy Finance BV, Reg. S 5.625%06/12/2023 GBP 1,748,000 2,710,051 0.05Koninklijke Ahold Delhaize NV, Reg. S,FRN 0% 19/03/2021 EUR 2,725,000 3,176,230 0.06LyondellBasell Industries NV 5%15/04/2019 USD 659,000 666,144 0.01Mylan NV, Reg. S 2.25% 22/11/2024 EUR 4,903,000 5,919,019 0.12Mylan NV, Reg. S 3.125% 22/11/2028 EUR 2,800,000 3,423,864 0.07Ren Finance BV, Reg. S 1.75%18/01/2028 EUR 6,338,000 7,291,644 0.15Repsol International Finance BV,Reg. S, FRN 3.875% Perpetual EUR 7,384,000 8,942,350 0.18Repsol International Finance BV,Reg. S, FRN 4.5% 25/03/2075 EUR 4,963,000 6,048,550 0.12Schaeffler Finance BV, Reg. S 3.5%15/05/2022 EUR 4,251,000 4,992,833 0.10Shell International Finance BV 3.625%21/08/2042 USD 2,692,000 2,477,340 0.05Shell International Finance BV 3.75%12/09/2046 USD 1,152,000 1,080,334 0.02Swiss Reinsurance Co. Ltd., Reg. S, FRN2.6% Perpetual EUR 6,455,000 7,494,497 0.15Telefonica Europe BV, Reg. S, FRN 3%Perpetual EUR 3,000,000 3,278,754 0.07Telefonica Europe BV, Reg. S, FRN3.75% Perpetual EUR 3,900,000 4,570,046 0.09Telefonica Europe BV, Reg. S, FRN4.2% Perpetual EUR 1,600,000 1,924,472 0.04Telefonica Europe BV, Reg. S, FRN5.875% Perpetual EUR 1,800,000 2,287,697 0.05Teva Pharmaceutical FinanceNetherlands II BV, Reg. S 1.125%15/10/2024 EUR 3,606,000 3,565,272 0.07Teva Pharmaceutical FinanceNetherlands III BV 3.15% 01/10/2026 USD 2,100,000 1,697,525 0.03Volkswagen International Finance NV,Reg. S, FRN 2.7% Perpetual EUR 5,400,000 6,141,095 0.12Volkswagen International Finance NV,Reg. S, FRN 3.75% Perpetual EUR 2,844,000 3,422,975 0.07Vonovia Finance BV, Reg. S 0.875%10/06/2022 EUR 2,900,000 3,421,174 0.07Vonovia Finance BV, Reg. S 1.125%08/09/2025 EUR 1,800,000 2,045,721 0.04WPC Eurobond BV, REIT 2.125%15/04/2027 EUR 4,291,000 4,994,743 0.10Zurich Insurance Co. Ltd., Reg. S, FRN5.125% 01/06/2048 USD 3,961,000 3,804,976 0.08

250,999,944 5.03

New ZealandANZ New Zealand Int’l Ltd., Reg. S0.4% 01/03/2022 EUR 4,744,000 5,520,877 0.11

5,520,877 0.11

NorwayDNB Bank ASA, Reg. S, FRN 1.25%01/03/2027 EUR 5,354,000 6,224,387 0.12

6,224,387 0.12

PortugalBrisa Concessao Rodoviaria SA, Reg. S2.375% 10/05/2027 EUR 4,500,000 5,418,550 0.11EDP - Energias de Portugal SA, Reg. S,FRN 5.375% 16/09/2075 EUR 3,800,000 4,774,476 0.09

10,193,026 0.20

SpainAbertis Infraestructuras SA, Reg. S1.375% 20/05/2026 EUR 7,500,000 8,398,903 0.17Banco Bilbao Vizcaya Argentaria SA,Reg. S, FRN 8.875% Perpetual EUR 4,400,000 5,751,575 0.11Banco Santander SA 3.125%23/02/2023 USD 7,600,000 7,208,410 0.14Banco Santander SA 3.848%12/04/2023 USD 5,400,000 5,282,145 0.11Banco Santander SA, Reg. S, FRN6.75% Perpetual EUR 4,600,000 5,765,060 0.12Banco Santander SA, Reg. S 3.25%04/04/2026 EUR 2,900,000 3,502,479 0.07Banco Santander SA, Reg. S 3.125%19/01/2027 EUR 1,600,000 1,905,289 0.04Bankinter SA, Reg. S, FRN 2.5%06/04/2027 EUR 8,100,000 9,481,731 0.19

CaixaBank SA, Reg. S, FRN 3.5%15/02/2027 EUR 12,500,000 15,298,655 0.31CaixaBank SA, Reg. S, FRN 6.75%Perpetual EUR 9,400,000 11,660,823 0.23CaixaBank SA, Reg. S 1.125%12/01/2023 EUR 3,300,000 3,785,026 0.08Ferrovial Emisiones SA, Reg. S 1.375%31/03/2025 EUR 4,700,000 5,432,622 0.11Iberdrola Finanzas SA 6% 01/07/2022 GBP 3,500,000 5,342,991 0.11Iberdrola Finanzas SA, Reg. S 1.25%28/10/2026 EUR 4,200,000 4,853,967 0.10NorteGas Energia Distribucion SAU,Reg. S 2.065% 28/09/2027 EUR 6,643,000 7,703,361 0.15Telefonica Emisiones SAU 4.665%06/03/2038 USD 4,500,000 4,233,825 0.08Telefonica Emisiones SAU 5.213%08/03/2047 USD 7,264,000 7,028,813 0.14

112,635,675 2.26

SwedenSkandinaviska Enskilda Banken AB,Reg. S, FRN 2.5% 28/05/2026 EUR 16,756,000 20,410,959 0.41Skandinaviska Enskilda Banken AB,Reg. S, FRN 5.625% Perpetual USD 4,200,000 4,044,915 0.08Skandinaviska Enskilda Banken AB,Reg. S 1.25% 05/08/2022 GBP 2,173,000 2,814,676 0.06Swedbank AB, Reg. S, FRN 1%22/11/2027 EUR 8,314,000 9,521,266 0.19Swedbank AB, Reg. S, FRN 5.5%Perpetual USD 2,200,000 2,197,998 0.04

38,989,814 0.78

SwitzerlandCredit Suisse AG, 144A 6.5%08/08/2023 USD 2,523,000 2,689,468 0.05Credit Suisse AG 4.375% 05/08/2020 USD 1,130,000 1,157,815 0.02Credit Suisse AG 3% 29/10/2021 USD 8,737,000 8,628,486 0.17Credit Suisse AG 3.625% 09/09/2024 USD 1,810,000 1,783,701 0.04Credit Suisse AG, Reg. S, FRN 5.75%18/09/2025 EUR 2,527,000 3,214,967 0.07Credit Suisse AG, Reg. S 1.375%31/01/2022 EUR 5,687,000 6,858,270 0.14Credit Suisse Group AG, FRN, 144A6.25% Perpetual USD 2,400,000 2,352,588 0.05Credit Suisse Group AG, FRN, 144A7.5% Perpetual USD 7,737,000 8,004,584 0.16Credit Suisse Group AG, Reg. S, FRN2.125% 12/09/2025 GBP 10,000,000 12,558,897 0.25UBS AG 2.35% 26/03/2020 USD 1,500,000 1,482,015 0.03UBS AG, Reg. S 1.25% 10/12/2020 GBP 5,443,000 7,132,999 0.14UBS Group Funding Switzerland AG,FRN, 144A 2.859% 15/08/2023 USD 32,925,000 31,529,803 0.63UBS Group Funding Switzerland AG,Reg. S, FRN 0.377% 20/09/2022 EUR 8,758,000 10,212,308 0.21UBS Group Funding Switzerland AG,Reg. S, FRN 5.75% Perpetual EUR 10,697,000 13,456,838 0.27UBS Group Funding Switzerland AG,Reg. S, FRN 7% Perpetual USD 2,200,000 2,236,091 0.05UBS Group Funding Switzerland AG,Reg. S 1.5% 30/11/2024 EUR 5,639,000 6,670,153 0.13

119,968,983 2.41

United KingdomAstraZeneca plc 4.375% 16/11/2045 USD 1,445,000 1,433,700 0.03Aviva plc, Reg. S, FRN 4.375%12/09/2049 GBP 1,781,000 2,283,218 0.05Barclays Bank plc 2.65% 11/01/2021 USD 11,725,000 11,479,537 0.23Barclays plc, FRN 3.71% 16/05/2024 USD 14,045,000 13,954,620 0.28Barclays plc, Reg. S, FRN 2.375%06/10/2023 GBP 6,689,000 8,646,259 0.17Barclays plc, Reg. S, FRN 2.625%11/11/2025 EUR 14,861,000 17,644,343 0.35Barclays plc, Reg. S, FRN 1.375%24/01/2026 EUR 8,451,000 9,362,754 0.19Barclays plc, Reg. S, FRN 2%07/02/2028 EUR 5,076,000 5,657,282 0.11Barclays plc, Reg. S, FRN 7.25%Perpetual GBP 3,650,000 4,940,041 0.10Barclays plc, Reg. S 3.125% 17/01/2024 GBP 5,851,000 7,714,460 0.15Barclays plc, Reg. S 3.25% 12/02/2027 GBP 6,025,000 7,755,270 0.16BAT International Finance plc, Reg. S1.75% 05/07/2021 GBP 3,009,000 3,966,674 0.08BP Capital Markets plc 3.062%17/03/2022 USD 3,807,000 3,782,921 0.08BP Capital Markets plc 3.216%28/11/2023 USD 6,859,000 6,735,915 0.14BP Capital Markets plc 3.119%04/05/2026 USD 940,000 900,717 0.02

437

JPMorgan Funds - Global Corporate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets

BP Capital Markets plc, Reg. S 3.161%17/03/2021 USD 2,350,000 2,350,235 0.05BP Capital Markets plc, Reg. S 1.526%26/09/2022 EUR 4,724,000 5,760,440 0.12BP Capital Markets plc, Reg. S 1.953%03/03/2025 EUR 3,410,000 4,212,496 0.08BP Capital Markets plc, Reg. S 1.637%26/06/2029 EUR 3,648,000 4,277,422 0.09British Telecommunications plc 2.35%14/02/2019 USD 1,575,000 1,570,173 0.03British Telecommunications plc, Reg. S1.125% 10/03/2023 EUR 8,120,000 9,627,566 0.19Centrica plc, Reg. S 4.375%13/03/2029 GBP 1,925,000 2,883,586 0.06Crh Finance UK plc, Reg. S 4.125%02/12/2029 GBP 650,000 958,195 0.02Eastern Power Networks plc, Reg. S6.25% 12/11/2036 GBP 3,684,000 6,996,862 0.14Eversholt Funding plc, Reg. S 5.831%02/12/2020 GBP 1,510,000 2,187,142 0.04Eversholt Funding plc, Reg. S 6.359%02/12/2025 GBP 7,934,000 12,885,543 0.26Eversholt Funding plc, Reg. S 3.529%07/08/2042 GBP 1,990,000 2,564,233 0.05Great Rolling Stock Co. Ltd. (The),Reg. S 6.25% 27/07/2020 GBP 2,806,000 4,034,670 0.08Great Rolling Stock Co. Ltd. (The),Reg. S 6.5% 05/04/2031 GBP 5,005,735 8,315,976 0.17Hammerson plc, REIT 6% 23/02/2026 GBP 4,431,000 7,016,735 0.14Heathrow Finance plc, Reg. S 3.875%01/03/2027 GBP 1,870,000 2,354,577 0.05HSBC Holdings plc, FRN 3.262%13/03/2023 USD 6,500,000 6,375,135 0.13HSBC Holdings plc, FRN 3.326%18/05/2024 USD 15,906,000 15,868,621 0.32HSBC Holdings plc, FRN 3.95%18/05/2024 USD 4,000,000 3,989,580 0.08HSBC Holdings plc, FRN 4.041%13/03/2028 USD 9,425,000 9,181,505 0.18HSBC Holdings plc, FRN 4.583%19/06/2029 USD 4,055,000 4,091,373 0.08HSBC Holdings plc 3.125% 07/06/2028 EUR 5,084,000 6,309,113 0.13HSBC Holdings plc, Reg. S, FRN 0.376%27/09/2022 EUR 4,750,000 5,556,818 0.11HSBC Holdings plc, Reg. S, FRN 2.256%13/11/2026 GBP 3,159,000 3,995,215 0.08HSBC Holdings plc, Reg. S, FRN 6%Perpetual EUR 6,397,000 8,354,111 0.17HSBC Holdings plc, Reg. S 2.625%16/08/2028 GBP 500,000 634,719 0.01Imperial Brands Finance plc, 144A4.25% 21/07/2025 USD 13,963,000 13,933,189 0.28Imperial Brands Finance plc, Reg. S 9%17/02/2022 GBP 1,889,000 3,096,353 0.06Imperial Brands Finance plc, Reg. S4.875% 07/06/2032 GBP 972,000 1,479,233 0.03Jaguar Land Rover Automotive plc,144A 4.5% 01/10/2027 USD 493,000 443,631 0.01Lloyds Banking Group plc, FRN 0.457%21/06/2024 EUR 2,892,000 3,346,539 0.07Lloyds Banking Group plc 3.75%11/01/2027 USD 7,057,000 6,678,956 0.13Lloyds Banking Group plc, Reg. S2.25% 16/10/2024 GBP 4,831,000 6,175,455 0.12Manchester Airport Group Funding plc,Reg. S 2.875% 31/03/2039 GBP 1,526,000 1,930,889 0.04Motability Operations Group plc, Reg. S0.875% 14/03/2025 EUR 4,983,000 5,820,546 0.12National Express Group plc, Reg. S2.5% 11/11/2023 GBP 2,589,000 3,382,751 0.07Nationwide Building Society, FRN,144A 4.302% 08/03/2029 USD 8,924,000 8,617,550 0.17Nationwide Building Society, Reg. S,FRN 1.5% 08/03/2026 EUR 4,530,000 5,213,039 0.10Nationwide Building Society, Reg. S,FRN 6.875% Perpetual GBP 1,807,000 2,434,519 0.05NGG Finance plc, Reg. S, FRN 4.25%18/06/2076 EUR 11,619,000 14,347,368 0.29Northern Gas Networks Finance plc,Reg. S 4.875% 30/06/2027 GBP 3,023,000 4,763,097 0.10Northumbrian Water Finance plc,Reg. S 1.625% 11/10/2026 GBP 2,648,000 3,245,072 0.06Pennon Group plc, Reg. S, FRN 2.875%Perpetual GBP 2,950,000 3,881,711 0.08Prudential plc, Reg. S, FRN 5%20/07/2055 GBP 3,471,000 4,626,998 0.09Royal Bank of Scotland Group plc, FRN3.498% 15/05/2023 USD 19,615,000 19,031,552 0.38Royal Bank of Scotland Group plc,Reg. S, FRN 2% 08/03/2023 EUR 3,640,000 4,365,595 0.09

Royal Bank of Scotland Group plc,Reg. S, FRN 3.625% 25/03/2024 EUR 6,300,000 7,477,922 0.15Royal Bank of Scotland Group plc,Reg. S, FRN 1.75% 02/03/2026 EUR 8,476,000 9,730,061 0.20Royal Bank of Scotland Group plc,Reg. S 2.5% 22/03/2023 EUR 4,400,000 5,396,642 0.11RSA Insurance Group plc, Reg. S, FRN5.125% 10/10/2045 GBP 1,990,000 2,824,195 0.06Santander UK Group Holdings plc3.571% 10/01/2023 USD 9,447,000 9,200,292 0.18Santander UK plc, Reg. S 1.875%17/02/2020 GBP 400,000 530,067 0.01Severn Trent Utilities Finance plc,Reg. S 1.125% 07/09/2021 GBP 3,639,000 4,735,728 0.09Sky plc, Reg. S 1.5% 15/09/2021 EUR 6,725,000 8,113,804 0.16Sky plc, Reg. S 2.25% 17/11/2025 EUR 12,962,000 16,149,630 0.32SSE plc, Reg. S 0.875% 06/09/2025 EUR 2,484,000 2,875,119 0.06Standard Chartered plc, Reg. S 3.125%19/11/2024 EUR 6,651,000 8,273,259 0.17University of Oxford, Reg. S 2.544%08/12/2117 GBP 1,956,000 2,487,621 0.05Vodafone Group plc 4.125%30/05/2025 USD 14,143,000 14,088,408 0.28Vodafone Group plc 4.375%30/05/2028 USD 9,685,000 9,558,126 0.19Vodafone Group plc 5% 30/05/2038 USD 4,520,000 4,483,049 0.09Western Power Distribution WestMidlands plc, Reg. S 3.875%17/10/2024 GBP 7,242,000 10,406,993 0.21Yorkshire Building Society, Reg. S0.875% 20/03/2023 EUR 4,338,000 5,032,322 0.10Zurich Finance UK plc, FRN 6.625%Perpetual GBP 1,794,000 2,660,513 0.05

489,447,546 9.82

United States of AmericaAbbVie, Inc. 4.5% 14/05/2035 USD 1,459,000 1,441,623 0.03AbbVie, Inc. 4.4% 06/11/2042 USD 2,394,000 2,282,751 0.05AECOM 5.125% 15/03/2027 USD 530,000 498,717 0.01AES Corp. 5.5% 15/04/2025 USD 2,369,000 2,398,814 0.05Aetna, Inc. 2.8% 15/06/2023 USD 6,906,000 6,593,262 0.13Aetna, Inc. 3.5% 15/11/2024 USD 5,716,000 5,560,468 0.11AK Steel Corp. 7.5% 15/07/2023 USD 1,646,000 1,726,218 0.03Allergan Finance LLC 3.25%01/10/2022 USD 5,083,000 4,945,657 0.10Ally Financial, Inc. 4.625% 30/03/2025 USD 940,000 926,191 0.02Ally Financial, Inc. 5.75% 20/11/2025 USD 2,417,000 2,470,077 0.05Altria Group, Inc. 2.85% 09/08/2022 USD 5,774,000 5,647,347 0.11Altria Group, Inc. 4.25% 09/08/2042 USD 9,529,000 8,879,170 0.18American Axle & Manufacturing, Inc.6.625% 15/10/2022 USD 164,000 168,699 0.00American Axle & Manufacturing, Inc.6.25% 15/03/2026 USD 124,000 121,940 0.00American Express Credit Corp. 0.625%22/11/2021 EUR 3,432,000 4,047,511 0.08American Honda Finance Corp. 0.75%17/01/2024 EUR 2,578,000 3,002,724 0.06American International Group, Inc.4.875% 01/06/2022 USD 4,008,000 4,196,677 0.08American International Group, Inc.4.125% 15/02/2024 USD 5,773,000 5,813,209 0.12American International Group, Inc.3.75% 10/07/2025 USD 8,610,000 8,339,904 0.17American International Group, Inc.1.875% 21/06/2027 EUR 3,071,000 3,545,838 0.07American International Group, Inc.4.5% 16/07/2044 USD 2,767,000 2,588,847 0.05American International Group, Inc.4.8% 10/07/2045 USD 1,518,000 1,487,101 0.03American Tower Corp., REIT 1.375%04/04/2025 EUR 3,338,000 3,828,992 0.08American Tower Corp., REIT 1.95%22/05/2026 EUR 4,832,000 5,690,974 0.11American Tower Corp., REIT 3.375%15/10/2026 USD 9,012,000 8,379,358 0.17American Tower Corp., REIT 3.6%15/01/2028 USD 2,745,000 2,552,836 0.05Anadarko Petroleum Corp. 3.45%15/07/2024 USD 17,445,000 16,811,310 0.34Anadarko Petroleum Corp. 5.55%15/03/2026 USD 2,803,000 3,011,151 0.06Anheuser-Busch InBev Finance, Inc.3.65% 01/02/2026 USD 10,855,000 10,643,382 0.21Anheuser-Busch InBev Finance, Inc.4.7% 01/02/2036 USD 9,510,000 9,646,421 0.19Anheuser-Busch InBev Finance, Inc.4.625% 01/02/2044 USD 2,834,000 2,811,951 0.06Anheuser-Busch InBev Worldwide, Inc.3.5% 12/01/2024 USD 7,090,000 7,057,847 0.14

438

JPMorgan Funds - Global Corporate Bond FundSchedule of Investments (continued)

As at 30 June 2018

Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets Investments Currency

Quantity/Nominal

Value

MarketValue

USD

%of

NetAssets