UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2018 through April 30, 2019

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Semi-Annual Report

J.P. Morgan Specialty Funds

April 30, 2019 (Unaudited)

JPMorgan Opportunistic Equity Long/Short Fund

JPMorgan Research Market Neutral Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Opportunistic Equity Long/Short Fund	3
JPMorgan Research Market Neutral Fund	6
Schedules of Portfolio Investments	9
Financial Statements	18
Financial Highlights	24
Notes to Financial Statements	28
Schedule of Shareholder Expenses	37

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

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

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

CEO’S LETTER

June 18, 2019 (Unaudited)

Dear Shareholders,

Global economic growth slowed in late 2018 and early 2019 amid trade tensions, political uncertainty in parts of Europe and the inherent challenges of a late-cycle economic expansion. While financial markets slumped in late 2018, equity and bond prices rebounded and broadly provided positive returns for the six months ended April 30, 2019.

  “While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.” — George C.W. Gatch

Leading central banks reacted to flagging economic growth by adopting more accommodative policies, which helped to generally control global interest rates and bolstered global financial markets.

In the U.S., gross domestic product (GDP) rose by a better-than-expected rate of 3.1% in the first quarter of 2019 amid a temporary boost from an inventory buildup and net exports. Corporate profit growth slowed from record levels in 2018, but overall remained stronger than expected for the first quarter of 2019. Unemployment remained near 50-year lows and inflation held below 2% throughout the six month reporting period. Notably, a 35-day partial shutdown of the U.S. government that ended in late January 2019 added to investor uncertainty but appeared to have limited immediate impact on the U.S. economy.

Elsewhere, slowing growth in China and global trade tensions appeared to curb manufacturing growth in Europe, Taiwan, South Korea and other economies heavily dependent on manufacturing for export. Though Chinese authorities enacted a package of tax cuts, infrastructure spending and credit expansion to bolster growth in early 2019, trade negotiations between the U.S. and China failed to fully address reciprocal tariffs.

In the European Union (EU), consumer and business sentiment weakened during the reporting period and auto manufacturing, particularly in Germany, declined. The inability of the U.K. government to agree on the final terms of Britain’s planned exit from the EU further added to investor uncertainty. First

quarter 2019 GDP in the 19-nation euro area rose by 1.2%. However, euro area unemployment continued to decline during the reporting period and by the end of April 2019 had fallen to 7.6%, its lowest level since August 2008.

Emerging markets generally benefitted from lower interest rates, a decline in the relative value of the U.S. dollar and China’s efforts to bolster economic growth in 2019. Overall, emerging markets equity and bonds broadly outperformed financial markets in developed markets during the reporting period. The MSCI Emerging Markets Index returned 13.9% and the Bloomberg Barclays Emerging Markets Aggregate Index returned 7.13% for the six months ended April 30, 2019.

Subsequent to the end of the reporting period, the Organization for Economic Cooperation and Development (OECD) reduced its estimate for 2019 global GDP growth to 3.2% and its estimate for GDP growth in the world’s 20 largest economies to 3.4%. “The global economy was expanding in sync less than two years ago, but challenges to existing trade relationships and the multilateral rules-based trade system have now derailed global growth by raising uncertainty that is depressing investment and trade,” the OECD said in its May 2019 economic outlook.

While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.

Investors who remain fully invested in a diversified portfolio can, we believe, continue to benefit over time from market opportunities in a growing global economy. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 1

J.P. Morgan Specialty Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

Global equity prices generally declined in the final months of 2018 only to rebound in the first months of 2019, pushing leading U.S. equity indexes to record highs in the final week of April. While U.S. equity markets outperformed other leading developed equity markets, the largest gains for the six month reporting period came from emerging markets equity and emerging markets debt.

Investor expectations of rising U.S. interest rates, signs of slowing economic growth in both China and the Eurozone and unresolved U.S.-China trade tensions combined to drive market volatility higher and equity prices lower in late 2018. The global sell-off became particularly acute in December 2018. In the U.S., the S&P 500 Index returned -9.18% for the month, its worst single-month performance since February 2009 and its worst December performance since 1931.

In Europe, a sharp decline in manufacturing exports as well as political uncertainty in Italy and France led to weakening business sentiment. In the U.K., Prime Minister Theresa May’s inability to win Parliament’s approval for a plan to exit the European Union served to further erode business and investor confidence.

However, by the end of December 2018, the U.S. Federal Reserve had moved to a neutral policy stance and the European Central Bank — while ending its quantitative easing program in the face of broad-based wage growth — reiterated its intention to hold interest rates at current levels through the end of 2019. The Bank of England also held U.K. interest rates steady.

Global equity and bond markets began to stabilize in January 2019 and asset prices generally advanced over the next three months as signs of inflationary pressure receded and corporate earnings showed surprising strength. Notably, the global oil prices fell in December 2018 to $42 per barrel of West Texas Intermediate crude and then rose to $63 per barrel by the end of April 2019.

For the six months ended April 30, 2019, the S&P 500 Index returned 9.76% and the ICE BofAML 3-Month US Treasury Bill Index returned 1.18%.

2 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(0.30)%
Standard & Poor’s 500 Index		9.76%
ICE BofAML 3-Month US Treasury Bill Index		1.18%
Net Assets as of 4/30/2019 (In Thousands)	$	285,480

INVESTMENT OBJECTIVE**

The JPMorgan Opportunistic Equity Long/Short Fund (the “Fund”) seeks capital appreciation.

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

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended April 30, 2019.

The Fund’s long position in the health care sector and its short position in the consumer staples sector were leading detractors from performance relative to the Benchmark, while the Fund’s long positions in the materials and communication services sectors were leading contributors to relative performance.

Leading individual detractors from absolute performance included the Fund’s long positions in Cigna Corp. and UnitedHealth Group Inc. and its short position in Southern Co. Shares of Cigna and UnitedHealth Group, both health insurance providers, fell amid regulatory uncertainty surrounding drug pricing and the Affordable Care Act. Shares of Southern Co., an electricity utility, rose amid investor uncertainty about the impact of the U.S.—China trade dispute.

Leading individual contributors to absolute performance included the Fund’s long positions in Altice USA Inc., Thermo Fisher Scientific Inc. and Fiserv Inc. Shares of Altice USA, a provider of broadband and subscription TV services that was not held in the Benchmark, rose after the company reported

better-than expected earnings for the third quarter of 2018. Shares of Thermo Fisher Scientific, a maker of analytical instruments and products for the health care sector, rose after the company reported better-than-expected earnings for the third quarter of 2018 and an 8% increase in revenue for the fourth quarter of 2018. Shares of Fiserv, a provider of financial services technology, rose amid investor expectations for earning growth in the first quarter of 2019.

HOW WAS THE FUND POSITIONED?

During the six months ended April 30, 2019, the Fund invested an average of 85% of its assets in long and short positions in equity securities, selecting from a universe of equity securities with market capitalizations similar to those included in the Russell 1000 Index and/or S&P 500 Index. The Fund’s manager sought to achieve lower volatility than the Benchmark through a disciplined research process, security selection and risk management. For the six month reporting period, the Fund’s average gross exposure was 95% and its average net exposure was 48%.

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

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

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Worldpay, Inc., Class A	6.2	%
	2.	Altice USA, Inc., Class A	5.7
	3.	Berkshire Hathaway, Inc., Class B	5.2
	4.	Union Pacific Corp.	4.6
	5.	Norwegian Cruise Line Holdings Ltd.	4.3
	6.	Berkshire Hathaway, Inc., Class A	3.7
	7.	Alphabet, Inc., Class A	3.7
	8.	Fiserv, Inc.	3.3
	9.	NextEra Energy, Inc.	3.2
	10.	Cigna Corp.	3.2

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Home Depot, Inc. (The)	24.1	%
	2.	CVS Health Corp.	9.1
	3.	McKesson Corp.	8.6
	4.	Harley-Davidson, Inc.	8.5
	5.	HCA Healthcare, Inc.	7.1
	6.	SPDR S&P 500 ETF Trust	6.5
	7.	JB Hunt Transport Services, Inc.	6.3
	8.	Apple, Inc.	4.9
	9.	MGM Resorts International	4.7
	10.	GrubHub, Inc.	4.0

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	17.4	%
Communication Services	13.0
Financials	11.8
Health Care	8.6
Industrials	8.2
Consumer Discretionary	4.3
Utilities	4.2
Materials	4.0
Consumer Staples	1.4
Others (each less than 1.0%)	0.0
Short-Term Investment	27.1

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	41.4	%
Health Care	37.4
Mutual Funds	6.5
Industrials	6.3
Information Technology	4.9
Consumer Staples	3.5

*** Percentages indicated are based on total long investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES	August 29, 2014
With Sales Charge**			(5.70	)%		(4.45	)%		5.10	%
Without Sales Charge			(0.47	)		0.86			6.32
CLASS C SHARES	August 29, 2014
With CDSC***			(1.71	)		(0.69	)		5.79
Without CDSC			(0.71	)		0.31			5.79
CLASS I SHARES	August 29, 2014		(0.30	)		1.13			6.59
CLASS R6 SHARES	August 29, 2014		(0.24	)		1.34			6.85

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (8/29/14 TO 4/30/19)

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

The Fund commenced operations on August 29, 2014.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Opportunistic Equity Long/Short Fund, the S&P 500 Index, the ICE BofAML 3-Month US Treasury Bill Index and Lipper Alternative Long/Short Equity Funds Index from August 29, 2014 to April 30, 2019 . The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The performance of the Lipper Alternative Long/Short Equity Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML

3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. The Lipper Alternative Long/Short Equity Funds Index represents the total returns of the funds in the indicated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

From the inception of the Fund through January 23, 2015, the Fund did not experience any shareholder activity. If such activity had occurred, the Fund’s performance may have been impacted.

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

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

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

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		1.40%
ICE BofAML 3-Month U.S. Treasury Bill Index		1.18%
Net Assets as of 4/30/2019 (In Thousands)	$	72,796

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares outperformed the ICE BofAML 3-Month U.S. Treasury Bill Index (the “Benchmark”) for the six months ended April 30, 2019. The Fund’s security selection in the industrial cyclical sector and the software & hardware sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the pharmaceutical & health care sector and the semiconductors sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s short positions in Albemarle Corp. and Range Resources Corp. and its long position in Pioneer Natural Resources Co. Shares of Albemarle, a specialty chemicals manufacturer, fell in late 2018 after the company reported lower-than-expected earnings and flat sales in its lithium products business for the third quarter of 2018. Shares of Range Resources, an oil and gas producer, fell amid investor concerns about the company’s debt level and 2019 production outlook. Shares of Pioneer Natural Resources, a shale oil and gas producer, rose amid investor expectations that the company would become a takeover target.

Leading individual detractors from relative performance included the Fund’s short position in Chipotle Mexican Grill Inc.

and its long positions in Nvidia Corp. and Cigna Corp. Shares of Chipotle Mexican Grill, a fast food chain, rose after the company reported better-than-expected earnings and sales for the first quarter of 2019. Shares of Nvidia, a maker of semiconductors, fell amid weak demand for semiconductors. Shares of Cigna, a health insurance provider, fell along with the broader health insurance sector amid investor concerns about state and federal legislative interest in drug pricing and health care structure.

HOW WAS THE FUND POSITIONED?

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

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

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

6 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Norfolk Southern Corp.	2.9	%
	2.	Alphabet, Inc., Class C	2.8
	3.	Amazon.com, Inc.	2.8
	4.	Union Pacific Corp.	2.7
	5.	NVIDIA Corp.	1.6
	6.	Texas Instruments, Inc.	1.6
	7.	salesforce.com, Inc.	1.5
	8.	NextEra Energy, Inc.	1.5
	9.	AutoZone, Inc.	1.5
	10.	Honeywell International, Inc.	1.4

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Dominion Energy, Inc.	2.4	%
	2.	Chipotle Mexican Grill, Inc.	2.1
	3.	eBay, Inc.	1.9
	4.	Exxon Mobil Corp.	1.9
	5.	Omnicom Group, Inc.	1.7
	6.	Heartland Express, Inc.	1.6
	7.	LyondellBasell Industries NV, Class A	1.6
	8.	Southern Co. (The)	1.4
	9.	Schlumberger Ltd.	1.4
	10.	Colgate-Palmolive Co.	1.4

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	16.4	%
Consumer Discretionary	13.8
Industrials	12.8
Health Care	8.3
Communication Services	7.1
Financials	6.9
Energy	6.7
Utilities	5.2
Materials	4.1
Consumer Staples	3.6
Real Estate	2.5
Short-Term Investment	12.6

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	15.2	%
Industrials	13.7
Information Technology	13.0
Financials	10.4
Health Care	9.5
Communication Services	9.0
Energy	7.6
Utilities	6.9
Consumer Staples	6.4
Materials	4.8
Real Estate	3.5

*** Percentages indicated are based on total long investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 7

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE  OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 28, 2002
With Sales Charge**				(4.09	)%		(3.71	)%		(0.47	)%		(0.13	)%
Without Sales Charge				1.21			1.64			0.61			0.41
CLASS C SHARES		November 2, 2009
With CDSC***				0.00	****		0.15			0.11			(0.09	)
Without CDSC				1.00			1.15			0.11			(0.09	)
CLASS I SHARES		November 2, 2009		1.36			1.91			0.87			0.67
CLASS L SHARES		December 31, 1998		1.40			2.07			1.04			0.87

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**** Amount rounds to less than 0.005%.

TEN YEAR FUND PERFORMANCE (4/30/09 TO 4/30/19)

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

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

Returns for Class C Shares prior to its inception date are based on the performance of Class B Shares, all of which converted to Class A Shares on June 19, 2015. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have similar expenses to Class B Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Research Market Neutral Fund, ICE BofAML 3-Month US Treasury Bill Index and Lipper Alternative Equity Market Neutral Funds Index from April 30, 2009 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect

reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Alternative Equity Market Neutral Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Lipper Alternative Equity Market Neutral Funds Index is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

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

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

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

8 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — 101.6%
Common Stocks — 74.1%
Chemicals — 1.8%
Air Products & Chemicals, Inc.		25			5,185
Consumer Finance — 2.9%
American Express Co.		71			8,371
Containers & Packaging — 2.3%
Berry Global Group, Inc. *		111			6,529
Diversified Financial Services — 9.0%
Berkshire Hathaway, Inc., Class A *		—	(a)		10,727
Berkshire Hathaway, Inc., Class B *		69			15,057
					25,784
Electric Utilities — 3.3%
NextEra Energy, Inc. (b)		48			9,380
Electrical Equipment — 1.5%
Eaton Corp. plc		51			4,223
Food Products — 1.4%
Hershey Co. (The)		32			3,958
Health Care Equipment & Supplies — 2.5%
Zimmer Biomet Holdings, Inc.		58			7,090
Health Care Providers & Services — 5.5%
Cigna Corp.		58			9,203
UnitedHealth Group, Inc. (b)		27			6,370
					15,573
Hotels, Restaurants & Leisure — 4.4%
Norwegian Cruise Line Holdings Ltd. *		220			12,426
Independent Power and Renewable Electricity Producers — 1.0%
Vistra Energy Corp.		105			2,851
Interactive Media & Services — 3.7%
Alphabet, Inc., Class A *		9			10,708
IT Services — 13.6%
First Data Corp., Class A *		226			5,851
Fiserv, Inc. * (b)		111			9,720
Mastercard, Inc., Class A (b)		14			3,653
PayPal Holdings, Inc. *		13			1,480
Visa, Inc., Class A (b)		2			355
Worldpay, Inc., Class A *		153			17,910
					38,969
Life Sciences Tools & Services — 0.8%
Thermo Fisher Scientific, Inc. (b)		9			2,362
Media — 9.5%
Altice USA, Inc., Class A		706			16,627
Comcast Corp., Class A		200			8,728

INVESTMENTS	SHARES (000)			VALUE ($000)
Media — continued
DISH Network Corp., Class A *		47			1,641
					26,996
Professional Services — 1.7%
IHS Markit Ltd. *		83			4,779
Road & Rail — 5.2%
Canadian Pacific Railway Ltd. (Canada)		4			787
Lyft, Inc., Class A *		11			648
Union Pacific Corp.		75			13,321
					14,756
Semiconductors & Semiconductor Equipment — 1.5%
First Solar, Inc. *		69			4,261
Software — 2.5%
Microsoft Corp.		56			7,257
Total Common Stocks (Cost $190,366)					211,458
	NO. OF CONTRACTS
Options Purchased — 0.0% (c)
Put Options Purchased — 0.0% (c)
Index Funds — 0.0% (c)
S&P 500 Index 6/21/2019 at USD 2,785.00, European Style Notional Amount: USD 28,280 Exchange Traded *		96			153
Total Options Purchased (Cost $193)					153
	SHARES (000)
Short-Term Investments — 27.5%
Investment Companies — 27.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (d) (e) (Cost $78,549)		78,526			78,549
Total Long Positions (Cost $269,108)					290,160
Short Positions — (15.1)%
Common Stocks — (14.1)%
Automobiles — (1.3)%
Harley-Davidson, Inc.		(99	)		(3,681	)
Beverages — (0.4)%
Molson Coors Brewing Co., Class B		(11	)		(713	)
National Beverage Corp.		(5	)		(298	)
					(1,011	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 9

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Biotechnology — (0.7)%
Amgen, Inc.		(8	)		(1,413	)
Vertex Pharmaceuticals, Inc. *		(4	)		(693	)
					(2,106	)
Health Care Providers & Services — (4.9)%
AmerisourceBergen Corp.		(15	)		(1,101	)
Cardinal Health, Inc.		(14	)		(702	)
CVS Health Corp.		(72	)		(3,940	)
HCA Healthcare, Inc.		(24	)		(3,070	)
Laboratory Corp. of America Holdings *		(3	)		(529	)
McKesson Corp.		(31	)		(3,702	)
Quest Diagnostics, Inc.		(10	)		(988	)
					(14,032	)
Hotels, Restaurants & Leisure — (0.7)%
MGM Resorts International		(76	)		(2,021	)
Household Products — (0.2)%
Colgate-Palmolive Co.		(7	)		(524	)
Internet & Direct Marketing Retail — (0.6)%
GrubHub, Inc. *		(26	)		(1,742	)
Road & Rail — (1.0)%
JB Hunt Transport Services, Inc.		(29	)		(2,737	)
Specialty Retail — (3.6)%
Home Depot, Inc. (The)		(51	)		(10,415	)
Technology Hardware, Storage & Peripherals — (0.7)%
Apple, Inc.		(10	)		(2,100	)
Total Common Stocks (Proceeds $(41,104))					(40,369	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Exchange Traded Funds — (1.0)%
U.S. Equity — (1.0)%
SPDR S&P 500 ETF Trust (Proceeds $(2,803))		(10	)		(2,817	)
Total Short Positions (Proceeds $(43,907))					(43,186	)
Total Investments — 86.5% (Cost $225,201)					246,974
Other Assets Less Liabilities — 13.5%					38,506
NET ASSETS — 100.0%					285,480

Percentages indicated are based on net assets.

Abbreviations
ETF	Exchange Traded Fund
SPDR	Standard & Poor’s Depository Receipts
USD	United States Dollar
(a)	Amount rounds to less than one thousand.
(b)	All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is approximately $18,028,000.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — 100.1%
Common Stocks — 87.5%
Aerospace & Defense — 2.2%
General Dynamics Corp. (a)		6			994
Northrop Grumman Corp.		2			617
					1,611
Airlines — 0.5%
Delta Air Lines, Inc. (a)		2			135
United Continental Holdings, Inc. *		3			223
					358
Banks — 2.3%
Bank of America Corp. (a)		12			371
Citigroup, Inc.		7			508
KeyCorp		27			477
Zions Bancorp NA		7			345
					1,701
Beverages — 0.9%
Coca-Cola Co. (The)		6			300
Constellation Brands, Inc., Class A		2			359
					659
Biotechnology — 1.8%
Alexion Pharmaceuticals, Inc. *		2			235
Celgene Corp. *		7			705
Regeneron Pharmaceuticals, Inc. *		—	(b)		87
Vertex Pharmaceuticals, Inc. *		2			282
					1,309
Building Products — 0.4%
Masco Corp.		8			301
Capital Markets — 1.6%
Ameriprise Financial, Inc.		2			252
BlackRock, Inc.		1			433
Morgan Stanley (a)		9			449
					1,134
Chemicals — 3.9%
Air Products & Chemicals, Inc.		2			339
Celanese Corp.		8			879
Eastman Chemical Co.		2			163
FMC Corp.		3			274
Linde plc (United Kingdom)		4			780
RPM International, Inc.		4			258
Sherwin-Williams Co. (The)		—	(b)		111
					2,804

INVESTMENTS	SHARES (000)		VALUE ($000)
Consumer Finance — 1.1%
American Express Co.		4		520
Synchrony Financial		9		295
				815
Containers & Packaging — 0.3%
Crown Holdings, Inc. *		4		205
Electric Utilities — 5.2%
American Electric Power Co., Inc.		8		676
Edison International		7		455
Exelon Corp.		14		728
NextEra Energy, Inc. (a)		6		1,071
Xcel Energy, Inc. (a)		15		863
				3,793
Electrical Equipment — 0.9%
Eaton Corp. plc		2		202
Emerson Electric Co.		6		435
				637
Entertainment — 1.5%
Electronic Arts, Inc. *		10		920
Take-Two Interactive Software, Inc. *		2		189
				1,109
Equity Real Estate Investment Trusts (REITs) — 2.5%
Brandywine Realty Trust		14		212
Digital Realty Trust, Inc.		3		394
Equity Residential		4		286
Prologis, Inc.		13		959
				1,851
Food Products — 0.8%
Mondelez International, Inc., Class A		12		616
Health Care Equipment & Supplies — 2.3%
Boston Scientific Corp. *		24		895
Intuitive Surgical, Inc. *		1		445
Zimmer Biomet Holdings, Inc.		3		352
				1,692
Health Care Providers & Services — 2.8%
Anthem, Inc.		1		338
Cigna Corp.		4		669
DaVita, Inc. *		3		186
HCA Healthcare, Inc.		3		349
UnitedHealth Group, Inc. (a)		2		463
				2,005

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 11

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure — 2.5%
Carnival Corp.		5			298
Darden Restaurants, Inc.		4			432
Royal Caribbean Cruises Ltd.		4			435
Yum! Brands, Inc.		6			661
					1,826
Household Durables — 0.3%
DR Horton, Inc.		5			223
Household Products — 0.9%
Procter & Gamble Co. (The)		6			647
Industrial Conglomerates — 1.4%
Honeywell International, Inc.		6			996
Insurance — 1.9%
Allstate Corp. (The)		4			389
Arthur J Gallagher & Co.		3			230
Axis Capital Holdings Ltd.		4			240
Lincoln National Corp.		5			352
Travelers Cos., Inc. (The)		1			159
					1,370
Interactive Media & Services — 2.8%
Alphabet, Inc., Class C * (a)		2			2,056
Internet & Direct Marketing Retail — 3.9%
Amazon.com, Inc. *		1			2,021
Expedia Group, Inc.		6			806
					2,827
IT Services — 5.8%
Automatic Data Processing, Inc. (a)		4			576
Fidelity National Information Services, Inc.		3			342
First Data Corp., Class A *		18			455
Fiserv, Inc. *		7			584
Mastercard, Inc., Class A		4			939
PayPal Holdings, Inc. *		6			690
WEX, Inc. *		3			668
					4,254
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc.		—	(b)		107
Machinery — 1.1%
Ingersoll-Rand plc		3			357
Parker-Hannifin Corp.		—	(b)		36
Stanley Black & Decker, Inc. (a)		3			433
					826

INVESTMENTS	SHARES (000)		VALUE ($000)
Media — 2.8%
Altice USA, Inc., Class A		21		497
Charter Communications, Inc., Class A *		2		902
Comcast Corp., Class A		3		111
Discovery, Inc., Class A *		13		406
Discovery, Inc., Class C *		4		113
				2,029
Oil, Gas & Consumable Fuels — 6.7%
Concho Resources, Inc.		4		420
Diamondback Energy, Inc.		6		668
EOG Resources, Inc.		9		820
Marathon Petroleum Corp.		14		867
ONEOK, Inc.		8		541
Parsley Energy, Inc., Class A *		18		359
Pioneer Natural Resources Co. (a)		6		963
TransCanada Corp. (Canada)		5		223
				4,861
Pharmaceuticals — 1.3%
Elanco Animal Health, Inc. *		3		103
Eli Lilly & Co.		3		294
Merck & Co., Inc.		7		526
				923
Road & Rail — 6.1%
Canadian Pacific Railway Ltd. (Canada)		1		182
Lyft, Inc., Class A *		2		116
Norfolk Southern Corp. (a)		10		2,129
Union Pacific Corp. (a)		11		1,990
				4,417
Semiconductors & Semiconductor Equipment — 5.8%
Advanced Micro Devices, Inc. *		10		275
Analog Devices, Inc.		5		603
Broadcom, Inc.		1		317
NVIDIA Corp. (a)		6		1,164
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		11		497
Teradyne, Inc.		4		213
Texas Instruments, Inc. (a)		10		1,131
				4,200
Software — 4.9%
Anaplan, Inc. *		12		483
Intuit, Inc.		2		421
Microsoft Corp. (a)		7		912

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Software — continued
salesforce.com, Inc. *		7			1,080
ServiceNow, Inc. *		2			436
Workday, Inc., Class A *		1			219
					3,551
Specialty Retail — 6.2%
Advance Auto Parts, Inc.		1			107
AutoZone, Inc. *		1			1,063
Best Buy Co., Inc.		5			391
Lowe’s Cos., Inc.		7			822
O’Reilly Automotive, Inc. *		2			742
Ross Stores, Inc.		8			821
TJX Cos., Inc. (The)		11			582
					4,528
Textiles, Apparel & Luxury Goods — 0.9%
NIKE, Inc., Class B		4			326
PVH Corp.		2			310
					636
Tobacco — 0.9%
Philip Morris International, Inc.		8			681
Trading Companies & Distributors — 0.2%
HD Supply Holdings, Inc. *		4			166
Total Common Stocks (Cost $46,327)					63,724
Short-Term Investments — 12.6%
Investment Companies — 12.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (c) (d) (Cost $9,176)		9,175			9,178
Total Long Positions (Cost $55,503)					72,902
Short Positions — (86.1)%
Common Stocks — (86.1)%
Aerospace & Defense — (2.4)%
Harris Corp.		(1	)		(111	)
Huntington Ingalls Industries, Inc.		(2	)		(429	)
Lockheed Martin Corp.		(1	)		(415	)
Raytheon Co.		(3	)		(596	)
Textron, Inc.		(4	)		(191	)
					(1,742	)
Air Freight & Logistics — (1.2)%
CH Robinson Worldwide, Inc.		(3	)		(229	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Air Freight & Logistics — continued
Expeditors International of Washington, Inc.		(2	)		(166	)
United Parcel Service, Inc., Class B		(5	)		(479	)
					(874	)
Auto Components — (0.2)%
Autoliv, Inc. (Sweden)		(2	)		(132	)
Automobiles — (1.4)%
General Motors Co.		(15	)		(571	)
Harley-Davidson, Inc.		(4	)		(148	)
Tesla, Inc. *		(1	)		(318	)
					(1,037	)
Banks — (3.0)%
Associated Banc-Corp.		(23	)		(512	)
BancorpSouth Bank		(11	)		(351	)
Bank of Hawaii Corp.		(4	)		(297	)
Commerce Bancshares, Inc.		(1	)		(83	)
First Hawaiian, Inc.		(13	)		(358	)
People’s United Financial, Inc.		(21	)		(368	)
PNC Financial Services Group, Inc. (The)		(2	)		(218	)
					(2,187	)
Beverages — (0.9)%
Brown-Forman Corp., Class B		(12	)		(650	)
Biotechnology — (2.0)%
AbbVie, Inc.		(6	)		(461	)
Amgen, Inc.		(4	)		(643	)
Gilead Sciences, Inc.		(6	)		(362	)
					(1,466	)
Building Products — (0.9)%
Fortune Brands Home & Security, Inc.		(2	)		(119	)
Johnson Controls International plc		(15	)		(571	)
					(690	)
Capital Markets — (3.7)%
Charles Schwab Corp. (The)		(9	)		(429	)
Federated Investors, Inc., Class B		(11	)		(348	)
Franklin Resources, Inc.		(9	)		(307	)
Goldman Sachs Group, Inc. (The)		(1	)		(127	)
Invesco Ltd.		(8	)		(183	)
Legg Mason, Inc.		(11	)		(356	)
Moody’s Corp.		(1	)		(133	)
State Street Corp.		(2	)		(145	)
T. Rowe Price Group, Inc.		(1	)		(109	)
TD Ameritrade Holding Corp.		(4	)		(205	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 13

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Capital Markets — continued
Waddell & Reed Financial, Inc., Class A		(20	)		(366	)
					(2,708	)
Chemicals — (2.8)%
Albemarle Corp.		(7	)		(489	)
LyondellBasell Industries NV, Class A		(11	)		(995	)
PPG Industries, Inc.		(3	)		(373	)
Westlake Chemical Corp.		(3	)		(210	)
					(2,067	)
Communications Equipment — (0.1)%
Juniper Networks, Inc.		(3	)		(84	)
Diversified Telecommunication Services — (1.4)%
AT&T, Inc.		(20	)		(614	)
Verizon Communications, Inc.		(7	)		(395	)
					(1,009	)
Electric Utilities — (2.6)%
Duke Energy Corp.		(7	)		(604	)
Eversource Energy		(5	)		(385	)
Southern Co. (The)		(17	)		(890	)
					(1,879	)
Electrical Equipment — (2.4)%
Acuity Brands, Inc.		(4	)		(537	)
Hubbell, Inc.		(6	)		(757	)
Rockwell Automation, Inc.		(1	)		(224	)
Sensata Technologies Holding plc *		(5	)		(228	)
					(1,746	)
Electronic Equipment, Instruments & Components — (0.5)%
Amphenol Corp., Class A		(3	)		(327	)
Energy Equipment & Services — (2.0)%
Helmerich & Payne, Inc.		(6	)		(362	)
National Oilwell Varco, Inc.		(7	)		(190	)
Schlumberger Ltd.		(20	)		(870	)
					(1,422	)
Entertainment — (1.2)%
Cinemark Holdings, Inc.		(11	)		(456	)
Viacom, Inc., Class B		(13	)		(389	)
					(845	)
Equity Real Estate Investment Trusts (REITs) — (3.0)%
Apartment Investment & Management Co., Class A		(2	)		(116	)
Apple Hospitality REIT, Inc.		(10	)		(161	)
Extra Space Storage, Inc.		(1	)		(89	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Macerich Co. (The)		(10	)		(412	)
Realty Income Corp.		(7	)		(518	)
Regency Centers Corp.		(2	)		(102	)
Simon Property Group, Inc.		(5	)		(810	)
					(2,208	)
Food & Staples Retailing — (1.6)%
Kroger Co. (The)		(24	)		(609	)
Sysco Corp.		(3	)		(219	)
Walgreens Boots Alliance, Inc.		(6	)		(304	)
					(1,132	)
Food Products — (0.6)%
Hershey Co. (The)		(2	)		(222	)
Kellogg Co.		(4	)		(230	)
					(452	)
Gas Utilities — (0.3)%
National Fuel Gas Co.		(4	)		(213	)
Health Care Equipment & Supplies — (1.9)%
Abbott Laboratories		(5	)		(425	)
Dentsply Sirona, Inc.		(10	)		(511	)
Varian Medical Systems, Inc. *		(3	)		(429	)
					(1,365	)
Health Care Providers & Services — (3.2)%
AmerisourceBergen Corp.		(6	)		(446	)
Cardinal Health, Inc.		(18	)		(863	)
Henry Schein, Inc. *		(9	)		(580	)
Humana, Inc.		(1	)		(196	)
Patterson Cos., Inc.		(12	)		(262	)
					(2,347	)
Health Care Technology — (0.7)%
Cerner Corp. *		(7	)		(487	)
Hotels, Restaurants & Leisure — (2.6)%
Chipotle Mexican Grill, Inc. *		(2	)		(1,298	)
Domino’s Pizza, Inc.		(1	)		(225	)
Starbucks Corp.		(5	)		(354	)
					(1,877	)
Household Durables — (0.9)%
Toll Brothers, Inc.		(6	)		(224	)
Whirlpool Corp.		(3	)		(434	)
					(658	)

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Household Products — (2.4)%
Church & Dwight Co., Inc.		(2	)		(167	)
Clorox Co. (The)		(5	)		(735	)
Colgate-Palmolive Co.		(12	)		(869	)
					(1,771	)
Industrial Conglomerates — (0.6)%
3M Co.		(2	)		(434	)
Insurance — (2.2)%
Aflac, Inc.		(2	)		(97	)
Arch Capital Group Ltd. *		(5	)		(172	)
Chubb Ltd.		(4	)		(649	)
RenaissanceRe Holdings Ltd. (Bermuda)		(1	)		(186	)
Torchmark Corp.		(4	)		(367	)
Unum Group		(4	)		(140	)
					(1,611	)
Interactive Media & Services — (0.2)%
Snap, Inc., Class A *		(12	)		(137	)
Internet & Direct Marketing Retail — (1.6)%
eBay, Inc.		(31	)		(1,200	)
IT Services — (1.8)%
Infosys Ltd., ADR (India)		(27	)		(295	)
International Business Machines Corp.		(4	)		(501	)
Western Union Co. (The)		(28	)		(542	)
					(1,338	)
Leisure Products — (1.3)%
Hasbro, Inc.		(5	)		(550	)
Mattel, Inc. *		(31	)		(373	)
					(923	)
Life Sciences Tools & Services — (0.4)%
Waters Corp. *		(1	)		(278	)
Machinery — (1.0)%
Donaldson Co., Inc.		(6	)		(336	)
Illinois Tool Works, Inc.		(2	)		(358	)
					(694	)
Media — (4.4)%
AMC Networks, Inc., Class A *		(11	)		(650	)
CBS Corp. (Non-Voting), Class B		(7	)		(348	)
Fox Corp., Class A *		(5	)		(201	)
Interpublic Group of Cos., Inc. (The)		(16	)		(366	)
News Corp., Class A		(47	)		(579	)
Omnicom Group, Inc.		(13	)		(1,080	)
					(3,224	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Metals & Mining — (0.5)%
Compass Minerals International, Inc.		(7	)		(381	)
Multiline Retail — (0.4)%
Macy’s, Inc.		(12	)		(278	)
Multi-Utilities — (2.9)%
Ameren Corp.		(4	)		(315	)
Consolidated Edison, Inc.		(2	)		(156	)
Dominion Energy, Inc.		(20	)		(1,528	)
NiSource, Inc.		(4	)		(111	)
					(2,110	)
Oil, Gas & Consumable Fuels — (4.6)%
Apache Corp.		(9	)		(296	)
Chevron Corp.		(1	)		(115	)
Enbridge, Inc. (Canada)		(13	)		(497	)
Exxon Mobil Corp.		(15	)		(1,171	)
Hess Corp.		(7	)		(439	)
Kinder Morgan, Inc.		(5	)		(103	)
Noble Energy, Inc.		(5	)		(125	)
Phillips 66		(2	)		(217	)
Range Resources Corp.		(29	)		(260	)
Williams Cos., Inc. (The)		(4	)		(103	)
					(3,326	)
Paper & Forest Products — (0.7)%
Domtar Corp.		(11	)		(533	)
Professional Services — (1.1)%
Robert Half International, Inc.		(13	)		(784	)
Road & Rail — (2.2)%
Heartland Express, Inc.		(52	)		(1,016	)
Knight-Swift Transportation Holdings, Inc.		(4	)		(121	)
Schneider National, Inc., Class B		(12	)		(261	)
Werner Enterprises, Inc.		(7	)		(231	)
					(1,629	)
Semiconductors & Semiconductor Equipment — (4.3)%
Applied Materials, Inc.		(6	)		(277	)
Intel Corp.		(15	)		(770	)
KLA-Tencor Corp.		(2	)		(300	)
Lam Research Corp.		(2	)		(456	)
Micron Technology, Inc. *		(15	)		(635	)
Qorvo, Inc. *		(5	)		(347	)
Skyworks Solutions, Inc.		(4	)		(374	)
					(3,159	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 15

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Software — (0.9)%
Citrix Systems, Inc.		(3	)		(306	)
Teradata Corp. *		(7	)		(336	)
					(642	)
Specialty Retail — (4.0)%
Abercrombie & Fitch Co., Class A		(3	)		(104	)
Ascena Retail Group, Inc. *		(103	)		(122	)
AutoNation, Inc. *		(2	)		(90	)
Bed Bath & Beyond, Inc.		(25	)		(417	)
Buckle, Inc. (The)		(6	)		(108	)
CarMax, Inc. *		(7	)		(539	)
Designer Brands, Inc.		(10	)		(230	)
Express, Inc. *		(16	)		(57	)
Gap, Inc. (The)		(8	)		(220	)
L Brands, Inc.		(9	)		(221	)
Tiffany & Co.		(3	)		(329	)
Williams-Sonoma, Inc.		(8	)		(474	)
					(2,911	)
Technology Hardware, Storage & Peripherals — (3.6)%
Apple, Inc.		(2	)		(473	)
Hewlett Packard Enterprise Co.		(13	)		(200	)
HP, Inc.		(13	)		(254	)
NetApp, Inc.		(4	)		(304	)
Seagate Technology plc		(17	)		(818	)
Western Digital Corp.		(11	)		(546	)
					(2,595	)
Textiles, Apparel & Luxury Goods — (0.7)%
Under Armour, Inc., Class A *		(17	)		(392	)
Under Armour, Inc., Class C *		(6	)		(134	)
					(526	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Water Utilities — (0.2)%
American Water Works Co., Inc.		(1	)		(123	)
Wireless Telecommunication Services — (0.6)%
Sprint Corp. *		(78	)		(435	)
Total Common Stocks (Proceeds $(68,030))					(62,646	)
Total Short Positions (Proceeds $(68,030))					(62,646	)
Total Investments — 14.0% (Cost $(12,527))					10,256
Other Assets Less Liabilities — 86.0%					62,540
NET ASSETS — 100.0%					72,796

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
(a)	All or a portion of this security is segregated as collateral for short sales. The total value of securities is approximately $15,589,000, respectively.
(b)	Amount rounds to less than one thousand.
(c)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Short Contracts
S&P 500 E-Mini Index		(7	)		06/2019		USD		(1,032	)		(7	)
												(7	)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 17

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2019 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
ASSETS:
Investments in non-affiliates, at value	$	211,458		$	63,724
Investments in affiliates, at value		78,549			9,178
Options purchased, at value		153			—
Cash		—	(a)		—
Deposits at broker for futures contracts		—			212
Deposits at broker for securities sold short		36,277			61,931
Receivables:
Investment securities sold		27,329			1,781
Fund shares sold		171			167
Dividends from non-affiliates		279			245
Dividends from affiliates		166			46
Total Assets		354,382			137,284
LIABILITIES:
Payables:
Due to broker		—			2
Securities sold short, at value		43,186			62,646
Dividend expense to non-affiliates on securities sold short		32			106
Investment securities purchased		25,191			1,328
Fund shares redeemed		126			244
Variation margin on futures contracts		—			3
Accrued liabilities:
Investment advisory fees		255			64
Administration fees		14			—
Distribution fees		8			6
Service fees		40			17
Custodian and accounting fees		11			10
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—
Other		39			62
Total Liabilities		68,902			64,488
Net Assets	$	285,480		$	72,796

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

	JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
NET ASSETS:
Paid-in-Capital	$	273,805		$	86,609
Total distributable earnings (loss)		11,675			(13,813	)
Total Net Assets	$	285,480		$	72,796
Net Assets:
Class A	$	29,247		$	14,397
Class C		3,602			4,825
Class I		160,708			32,353
Class L		—			21,221
Class R6		91,923			—
Total	$	285,480		$	72,796
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,643			1,107
Class C		208			402
Class I		8,916			2,365
Class L		—			1,516
Class R6		5,036			—
Net Asset Value (a):
Class A — Redemption price per share	$	17.80		$	13.01
Class C — Offering price per share (b)		17.35			12.00
Class I — Offering and redemption price per share		18.02			13.68
Class L — Offering and redemption price per share		—			14.00
Class R6 — Offering and redemption price per share		18.25			—
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	18.79		$	13.73
Cost of investments in non-affiliates	$	190,366		$	46,327
Cost of investments in affiliates		78,549			9,176
Cost of options purchased		193			—
Proceeds from securities sold short		43,907			68,030

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 19

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

(Amounts in thousands)

	JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	2
Interest income from affiliates		—	(a)		—	(a)
Interest income from non-affiliates on securities sold short		605			1,505
Dividend income from non-affiliates		884			1,200
Dividend income from affiliates		1,110			282
Total investment income		2,599			2,989
EXPENSES:
Investment advisory fees		1,658			665
Administration fees		106			64
Distribution fees:
Class A		46			18
Class C		14			20
Class R2 (b)		—	(a)		—
Service fees:
Class A		46			18
Class C		5			7
Class I		210			43
Class L		—			56
Class R2 (b)		—	(a)		—
Class R5 (b)		—	(a)		—
Custodian and accounting fees		18			17
Interest expense to affiliates		1			—	(a)
Professional fees		46			30
Trustees’ and Chief Compliance Officer’s fees		13			13
Printing and mailing costs		18			14
Registration and filing fees		49			28
Transfer agency fees (See Note 2.H.)		4			6
Other		9			5
Dividend expense to non-affiliates on securities sold short		615			2,018
Total expenses		2,858			3,022
Less fees waived		(151	)		(244	)
Less expense reimbursements		—	(a)		—
Net expenses		2,707			2,778
Net investment income (loss)		(108	)		211
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,052			22,806
Investments in affiliates		—	(a)		10
Options purchased		(541	)		—
Futures contracts		—			228
Securities sold short		(7,096	)		(3,147	)
Foreign currency transactions		—			—	(a)
Net realized gain (loss)		(4,585	)		19,897
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		5,482			(8,830	)
Investments in affiliates		—	(a)		(1	)
Options purchased		(40	)		—
Futures contracts		—			(22	)
Securities sold short		(1,210	)		(8,904	)
Change in net unrealized appreciation/depreciation		4,232			(17,757	)
Net realized/unrealized gains (losses)		(353	)		2,140
Change in net assets resulting from operations	$	(461	)	$	2,351

(a) Amount rounds to less than one thousand.

(b) Liquidated on February 26, 2019 for JPMorgan Opportunistic Equity Long/Short Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Opportunistic Equity Long/Short Fund						JPMorgan Research Market Neutral Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(108	)	$	(1,930	)	$	211		$	(870	)
Net realized gain (loss)		(4,585	)		3,133			19,897			8,762
Change in net unrealized appreciation/depreciation		4,232			2,382			(17,757	)		(7,278	)
Change in net assets resulting from operations		(461	)		3,585			2,351			614
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(720	)		(640	)		(1,479	)		(490	)
Class C		(66	)		(37	)		(542	)		(254	)
Class I		(2,975	)		(1,327	)		(3,244	)		(1,120	)
Class L		—			—			(8,554	)		(3,655	)
Class R2 (a)		—	(b)		—	(b)		—			—
Class R5 (a)		—	(b)		—	(b)		—			—
Class R6		(1,030	)		(80	)		—			—
Total distributions to shareholders		(4,791	)		(2,084	)		(13,819	)		(5,519	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		28,639			99,171			(100,941	)		(29,421	)
NET ASSETS:
Change in net assets		23,387			100,672			(112,409	)		(34,326	)
Beginning of period		262,093			161,421			185,205			219,531
End of period	$	285,480		$	262,093		$	72,796		$	185,205

(a) Liquidated on February 26, 2019 for JPMorgan Opportunistic Equity Long/Short Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 21

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Opportunistic Equity Long/Short Fund						JPMorgan Research Market Neutral Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,569		$	27,343		$	1,829		$	4,543
Distributions reinvested		717			638			1,393			465
Cost of shares redeemed		(24,969	)		(26,682	)		(2,496	)		(7,463	)
Change in net assets resulting from Class A capital transactions	$	(20,683	)	$	1,299		$	726		$	(2,455	)
Class C
Proceeds from shares issued	$	671		$	1,606		$	310		$	797
Distributions reinvested		66			37			505			226
Cost of shares redeemed		(586	)		(690	)		(1,655	)		(5,489	)
Change in net assets resulting from Class C capital transactions	$	151		$	953		$	(840	)	$	(4,466	)
Class I
Proceeds from shares issued	$	86,573		$	112,834		$	7,644		$	14,372
Distributions reinvested		2,820			1,327			3,135			1,064
Cost of shares redeemed		(76,408	)		(67,068	)		(10,550	)		(23,736	)
Change in net assets resulting from Class I capital transactions	$	12,985		$	47,093		$	229		$	(8,300	)
Class L
Proceeds from shares issued	$	—		$	—		$	1,855		$	6,739
Distributions reinvested		—			—			8,523			3,591
Cost of shares redeemed		—			—			(111,434	)		(24,530	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(101,056	)	$	(14,200	)
Class R2 (a)
Proceeds from shares issued	$	4		$	—		$	—		$	—
Distributions reinvested		—	(b)		—	(b)		—			—
Cost of shares redeemed		(27	)		—			—			—
Change in net assets resulting from Class R2 capital transactions	$	(23	)	$	—	(b)	$	—		$	—
Class R5 (a)
Distributions reinvested	$	—	(b)	$	—	(b)	$	—		$	—
Cost of shares redeemed		(24	)		—			—			—
Change in net assets resulting from Class R5 capital transactions	$	(24	)	$	—	(b)	$	—		$	—
Class R6
Proceeds from shares issued	$	40,491		$	51,732		$	—		$	—
Distributions reinvested		375			80			—			—
Cost of shares redeemed		(4,633	)		(1,986	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	36,233		$	49,826		$	—		$	—
Total change in net assets resulting from capital transactions	$	28,639		$	99,171		$	(100,941	)	$	(29,421	)

(a) Liquidated on February 26, 2019 for JPMorgan Opportunistic Equity Long/Short Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

	JPMorgan Opportunistic Equity Long/Short Fund						JPMorgan Research Market Neutral Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		201			1,489			129			316
Reinvested		40			36			106			33
Redeemed		(1,386	)		(1,459	)		(176	)		(521	)
Change in Class A Shares		(1,145	)		66			59			(172	)
Class C
Issued		39			90			23			59
Reinvested		4			2			42			17
Redeemed		(34	)		(39	)		(125	)		(406	)
Change in Class C Shares		9			53			(60	)		(330	)
Class I
Issued		4,826			6,124			513			966
Reinvested		156			73			227			72
Redeemed		(4,275	)		(3,627	)		(714	)		(1,590	)
Change in Class I Shares		707			2,570			26			(552	)
Class L
Issued		—			—			122			441
Reinvested		—			—			603			240
Redeemed		—			—			(7,686	)		(1,606	)
Change in Class L Shares		—			—			(6,961	)		(925	)
Class R2 (a)
Issued		1			—			—			—
Reinvested		—	(b)		—	(b)		—			—
Redeemed		(2	)		—			—			—
Change in Class R2 Shares		(1	)		—	(b)		—			—
Class R5 (a)
Reinvested		—	(b)		—	(b)		—			—
Redeemed		(1	)		—			—			—
Change in Class R5 Shares		(1	)		—	(b)		—			—
Class R6
Issued		2,241			2,787			—			—
Reinvested		20			4			—			—
Redeemed		(254	)		(106	)		—			—
Change in Class R6 Shares		2,007			2,685			—			—

(a) Liquidated on February 26, 2019 for JPMorgan Opportunistic Equity Long/Short Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 23

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Opportunistic Equity Long/Short Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	18.22	$	(0.03	)	$	(0.06	)	$	(0.09	)	$	(0.33	)
Year Ended October 31, 2018		18.13		(0.21	)		0.53			0.32			(0.23	)
Year Ended October 31, 2017		17.12		(0.19	)		2.46			2.27			(1.26	)
Year Ended October 31, 2016		17.37		(0.16	)		0.07			(0.09	)		(0.16	)
Year Ended October 31, 2015		15.75		(0.25	)		1.93			1.68			(0.06	)
August 29, 2014 (h) through October 31, 2014		15.00		(0.06	)		0.81			0.75			—
Class C
Six Months Ended April 30, 2019 (Unaudited)		17.83		(0.07	)		(0.08	)		(0.15	)		(0.33	)
Year Ended October 31, 2018		17.83		(0.29	)		0.52			0.23			(0.23	)
Year Ended October 31, 2017		16.94		(0.27	)		2.42			2.15			(1.26	)
Year Ended October 31, 2016		17.27		(0.24	)		0.07			(0.17	)		(0.16	)
Year Ended October 31, 2015		15.73		(0.37	)		1.97			1.60			(0.06	)
August 29, 2014 (h) through October 31, 2014		15.00		(0.07	)		0.80			0.73			—
Class I
Six Months Ended April 30, 2019 (Unaudited)		18.43		(0.01	)		(0.07	)		(0.08	)		(0.33	)
Year Ended October 31, 2018		18.28		(0.16	)		0.54			0.38			(0.23	)
Year Ended October 31, 2017		17.21		(0.14	)		2.47			2.33			(1.26	)
Year Ended October 31, 2016		17.42		(0.12	)		0.07			(0.05	)		(0.16	)
Year Ended October 31, 2015		15.75		(0.26	)		1.99			1.73			(0.06	)
August 29, 2014 (h) through October 31, 2014		15.00		(0.05	)		0.80			0.75			—
Class R6
Six Months Ended April 30, 2019 (Unaudited)		18.63		0.02			(0.07	)		(0.05	)		(0.33	)
Year Ended October 31, 2018		18.44		(0.12	)		0.54			0.42			(0.23	)
Year Ended October 31, 2017		17.31		(0.10	)		2.49			2.39			(1.26	)
Year Ended October 31, 2016		17.48		(0.08	)		0.07			(0.01	)		(0.16	)
Year Ended October 31, 2015		15.76		(0.23	)		2.01			1.78			(0.06	)
August 29, 2014 (h) through October 31, 2014		15.00		(0.04	)		0.80			0.76			—

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.78% and 1.89% for the period ended April 30, 2019, 1.82% and 1.90% for the year ended October 31, 2018, 1.83% and 2.02% for the year ended October 31, 2017, 1.80% and 2.07% for the year ended October 31, 2016, 1.81% and 2.20% for the year ended October 31, 2015 and 2.00% and 11.67% for the period ended October 31, 2014; for Class C are 2.28% and 2.39% for the period ended April 30, 2019, 2.32% and 2.40% for the year ended October 31, 2018, 2.31% and 2.52% for the year ended October 31, 2017, 2.29% and 2.52% for the year ended October 31, 2016, 2.39% and 3.18% for the year ended October 31. 2015 and 2.50% and 12.17% for the period ended October 31, 2014; for Class I are 1.53% and 1.64% for the period ended April 30, 2019, 1.57% and 1.65% for the year ended October 31, 2018, 1.56% and 1.73% for the year ended October 31, 2017, 1.54% and 1.71% for the year ended October 31, 2016, 1.66% and 2.20% for the year ended October 31, 2015 and 1.75% and 11.42% for the period ended October 31, 2014; for Class R6 are 1.28% and 1.39% for the period ended April 30, 2019, 1.32% and 1.38% for the year ended October 31, 2018, 1.31% and 1.47% for the year ended October 31, 2017, 1.29% and 1.60% for the year ended October 31, 2016, 1.47% and 3.39% for the year ended October 31, 2015 and 1.50% and 11.17% for the period ended October 31, 2014, respectively.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended October 31, 2015 and period ended October 31, 2014.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities  sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including  dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)			Portfolio turnover rate (including securities sold short) (c)
$	17.80		(0.52	)%	$	29,247		2.23	%		(0.35	)%		2.34	%		337	%		664	%
	18.22		1.80			50,803		2.55			(1.11	)		2.63			548			995
	18.13		13.58			49,338		2.42			(1.05	)		2.61			493			795
	17.12		(0.53	)		43,298		2.26			(0.96	)		2.53			463			749
	17.37		10.74			30,480		2.38	(g)		(1.70	)(g)		2.77	(g)		347			734
	15.75		5.00			52		2.65	(g)		(2.24	)(g)		12.33	(g)		94			178
	17.35		(0.88	)		3,602		2.73			(0.85	)		2.84			337			664
	17.83		1.32			3,544		3.05			(1.61	)		3.13			548			995
	17.83		13.00			2,594		2.90			(1.53	)		3.11			493			795
	16.94		(1.00	)		3,273		2.75			(1.46	)		2.98			463			749
	17.27		10.25			823		2.96	(g)		(2.17	)(g)		3.75	(g)		347			734
	15.73		4.87			52		3.15	(g)		(2.74	)(g)		12.82	(g)		94			178
	18.02		(0.46	)		160,708		1.98			(0.10	)		2.09			337			664
	18.43		2.12			151,261		2.30			(0.87	)		2.38			548			995
	18.28		13.86			103,091		2.15			(0.81	)		2.32			493			795
	17.21		(0.29	)		158,589		2.00			(0.69	)		2.17			463			749
	17.42		11.06			116,091		2.23	(g)		(1.53	)(g)		2.77	(g)		347			734
	15.75		5.00			4,989		2.40	(g)		(1.99	)(g)		12.07	(g)		94			178
	18.25		(0.30	)		91,923		1.73			0.15			1.84			337			664
	18.63		2.32			56,436		2.05			(0.66	)		2.11			548			995
	18.44		14.13			6,350		1.90			(0.56	)		2.06			493			795
	17.31		(0.06	)		8,432		1.75			(0.45	)		2.06			463			749
	17.48		11.37			21		2.04	(g)		(1.27	)(g)		3.96	(g)		347			734
	15.76		5.07			53		2.15	(g)		(1.74	)(g)		11.82	(g)		94			178

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 25

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Research Market Neutral Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	14.29	$	—	(g)	$	0.17		$	0.17		$	(1.45	)
Year Ended October 31, 2018		14.69		(0.11	)		0.10			(0.01	)		(0.39	)
Year Ended October 31, 2017		13.84		(0.22	)		1.07			0.85			—
Year Ended October 31, 2016		14.25		(0.28	)		(0.13	)		(0.41	)		—
Year Ended October 31, 2015		15.17		(0.31	)		(0.22	)		(0.53	)		(0.39	)
Year Ended October 31, 2014		14.58		(0.34	)		0.93			0.59			—
Class C
Six Months Ended April 30, 2019 (Unaudited)		13.32		(0.04	)		0.17			0.13			(1.45	)
Year Ended October 31, 2018		13.79		(0.17	)		0.09			(0.08	)		(0.39	)
Year Ended October 31, 2017		13.06		(0.27	)		1.00			0.73			—
Year Ended October 31, 2016		13.51		(0.32	)		(0.13	)		(0.45	)		—
Year Ended October 31, 2015		14.48		(0.35	)		(0.23	)		(0.58	)		(0.39	)
Year Ended October 31, 2014		13.99		(0.39	)		0.88			0.49			—
Class I
Six Months Ended April 30, 2019 (Unaudited)		14.93		0.02			0.18			0.20			(1.45	)
Year Ended October 31, 2018		15.30		(0.07	)		0.09			0.02			(0.39	)
Year Ended October 31, 2017		14.37		(0.18	)		1.11			0.93			—
Year Ended October 31, 2016		14.76		(0.25	)		(0.14	)		(0.39	)		—
Year Ended October 31, 2015		15.66		(0.26	)		(0.25	)		(0.51	)		(0.39	)
Year Ended October 31, 2014		15.02		(0.31	)		0.95			0.64			—
Class L
Six Months Ended April 30, 2019 (Unaudited)		15.24		0.03			0.18			0.21			(1.45	)
Year Ended October 31, 2018		15.58		(0.05	)		0.10			0.05			(0.39	)
Year Ended October 31, 2017		14.62		(0.17	)		1.13			0.96			—
Year Ended October 31, 2016		14.99		(0.23	)		(0.14	)		(0.37	)		—
Year Ended October 31, 2015		15.87		(0.23	)		(0.26	)		(0.49	)		(0.39	)
Year Ended October 31, 2014		15.17		(0.27	)		0.97			0.70			—

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% or unless otherwise noted.

(f) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.23% and 1.56% for the period ended April 30, 2019, 1.22% and 1.55% for the year ended October 31, 2018, 1.24% and 1.53% for the year ended October 31, 2017, 1.22% and 1.53% for the year ended October 31, 2016, 1.43% and 1.89% for the year ended October 31, 2015 and 1.49% and 1.91% for the year ended October 31, 2014; for Class C are 1.72% and 2.03% for the period ended April 30, 2019, 1.73% and 2.02% for the year ended October 31, 2018, 1.72% and 2.07% for the year ended October 31, 2017, 1.72% and 2.02% for the year ended October 31, 2016, 1.90% and 2.32% for the year ended October 31, 2015 and 1.99% and 2.41% for the year ended October 31, 2014; for Class I are 0.96% and 1.26% for the period ended April 30, 2019, 0.96% and 1.25% for the year ended October 31, 2018, 0.96% and 1.25% for the year ended October 31, 2017, 0.96% and 1.27% for the year ended October 31, 2016, 1.18% and 1.57% for the year ended October 31, 2015 and 1.25% and 1.66% for the year ended October 31, 2014; for Class L are 0.83% and 1.11% for the period ended April 30, 2019, 0.82% and 1.10% for the year ended October 31, 2018, 0.82% and 1.10% for the year ended October 31, 2017, 0.81% and 1.06% for the year ended October 31, 2016, 0.95% and 1.44% for the year ended October 31, 2015 and 0.99% and 1.51% for the year ended October 31, 2014, respectively.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities  sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)			Portfolio turnover rate (including securities sold short) (c)
$	13.01		1.21	%	$	14,397		3.66	%		(0.07	)%		3.99	%		69	%		208	%
	14.29		(0.01	)		14,973		3.50			(0.73	)		3.83			131			252
	14.69		6.14			17,932		3.66			(1.51	)		3.95			109			278
	13.84		(2.88	)		25,393		3.33			(2.07	)		3.64			133			298
	14.25		(3.59	)		62,910		3.57			(1.94	)		4.03			163			370
	15.17		4.05			82,477		3.82			(2.26	)		4.24			90			192
	12.00		1.00			4,825		4.15			(0.55	)		4.46			69			208
	13.32		(0.53	)		6,155		4.01			(1.26	)		4.30			131			252
	13.79		5.59			10,920		4.14			(2.01	)		4.49			109			278
	13.06		(3.33	)		15,003		3.83			(2.53	)		4.13			133			298
	13.51		(4.12	)		23,790		4.04			(2.63	)		4.46			163			370
	14.48		3.50			10,933		4.32			(2.76	)		4.74			90			192
	13.68		1.36			32,353		3.39			0.20			3.69			69			208
	14.93		0.20			34,927		3.24			(0.47	)		3.53			131			252
	15.30		6.47			44,219		3.37			(1.24	)		3.68			109			278
	14.37		(2.64	)		53,221		3.07			(1.82	)		3.38			133			298
	14.76		(3.34	)		337,990		3.32			(1.74	)		3.71			163			370
	15.66		4.26			348,525		3.57			(2.01	)		3.99			90			192
	14.00		1.40			21,221		3.26			0.36			3.54			69			208
	15.24		0.39			129,150		3.10			(0.33	)		3.38			131			252
	15.58		6.57			146,460		3.26			(1.13	)		3.52			109			278
	14.62		(2.47	)		253,734		2.92			(1.61	)		3.17			133			298
	14.99		(3.17	)		232,339		3.09			(1.48	)		3.58			163			370
	15.87		4.61			271,595		3.32			(1.76	)		3.84			90			192

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited)

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
JPMorgan Opportunistic Equity Long/Short Fund	Class A, Class C, Class I, Class R2(1), Class R5(1) and Class R6	Non-Diversified
JPMorgan Research Market Neutral Fund	Class A, Class C, Class I and Class L	Diversified

⁽¹⁾  On February 26, 2019, Class R2 and Class R5 Shares were liquidated.

The investment objective of JPMorgan Opportunistic Equity Long/Short Fund (“Opportunistic Equity Long/Short Fund”) is to seek capital appreciation.

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

Opportunistic Equity Long/Short Fund commenced operations on August 29, 2014. Prior to January 23, 2015, the Fund was not publicly offered for investment.

Class L Shares of the Research Market Neutral Fund are publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectus.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectuses. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

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

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

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

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

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

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

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

28 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

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

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

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

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

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

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

Opportunistic Equity Long/Short Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	290,160		$	—	$	—	$	290,160
Total Liabilities for Securities Sold Short (a)	$	(43,186	)	$	—	$	—	$	(43,186	)
Research Market Neutral Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	72,902		$	—	$	—	$	72,902
Total Liabilities for Securities Sold Short (a)	$	(62,646	)	$	—	$	—	$	(62,646	)
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(7	)	$	—	$	—	$	(7	)

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

There were no transfers into and out of level 3 for the six months ended April 30, 2019.

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

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

The table below discloses the volume of the Fund’s options contracts activity during the six months ended April 30, 2019:

	Opportunistic Equity Long/Short Fund
Exchange-Traded Options:
Average Number of Contracts Purchased		227	(a)
Ending Number of Contracts Purchased		96

(a) For the period January 1, 2019 through April 30, 2019.

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

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

C. Short Sales — The Funds engaged in short sales as part of their normal investment activities. In a short sale, the Funds sell securities they do not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Funds borrow securities from a broker. To close out a short position, the Funds deliver the same securities to the broker.

The Funds are required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as an asset on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Funds may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statements of Operations.

The Funds are obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as dividend expense on securities sold short.

Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Funds are also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Funds will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Funds replace the borrowed security. The Funds will record a realized gain if the price of the borrowed security declines between those dates.

As of April 30, 2019, the Funds had outstanding short sales as listed on their SOIs.

D. Futures Contracts — Research Market Neutral Fund used index futures contracts to more effectively manage the long and short equity exposures in the portfolio.

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

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

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended April 30, 2019 (amounts in thousands):

	Research Market Neutral Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	949	(a)
Average Notional Balance Short		1,148	(b)
Ending Notional Balance Long		1,032

(a) For the period November 1, 2018 through November 30, 2018.

(b) For the period November 1, 2018 through April 30, 2019.

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

E. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities

30 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

The Funds did not lend out any securities during the six months ended April 30, 2019.

F. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the tables below are in thousands.

Opportunistic Equity Long/Short Fund

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2019		Shares at April 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (a) (b)	$	—	$	227,392	$	148,843	$	—	(c)	$	—	(c)	$	78,549		78,526	$	411	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		110,482		236,768		347,250		—			—			—		—		699		—
Total	$	110,482	$	464,160	$	496,093	$	—	(c)	$	—	(c)	$	78,549			$	1,110	$	—

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Research Market Neutral Fund
	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2019		Shares at April 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (a) (b)	$	22,866	$	241,035	$	254,731	$	9	$	(1	)	$	9,178		9,175	$	282	$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2019.

(c) Amount rounds to less than one thousand.

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

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

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended April 30, 2019 are as follows (amounts in thousands):

	Class A		Class C			Class I		Class L		R2			R5			R6			Total
Opportunistic Equity Long/Short Fund
Transfer agency fees	$	1	$	—	(a)	$	3		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	4
Research Market Neutral Fund
Transfer agency fees		4	$	—	(a)		1	$	1		n/a			n/a			n/a			6

(a) Amount rounds to less than one thousand.

I. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2019, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

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

32 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of each Fund’s respective average daily net assets as follows:

Opportunistic Equity Long/Short Fund	1.20	%
Research Market Neutral Fund	0.80

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2019 the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Class I, Class L, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2
Opportunistic Equity Long/Short Fund		0.25	%		0.75	%		0.50	%
Research Market Neutral Fund		0.25			0.75			n/a

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2019, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Opportunistic Equity Long/Short Fund	$	4		$	—
Research Market Neutral Fund		—	(a)		—

(a) Amount rounds to less than one thousand.

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

	Class A			Class C			Class I			Class L			Class R2			Class R5
Opportunistic Equity Long/Short Fund		0.25	%		0.25	%		0.25	%		n/a			0.25	%		0.10	%
Research Market Neutral Fund		0.25			0.25			0.25			0.10	%		n/a			n/a

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

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expense. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

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

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

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

	Class A			Class C			Class I			Class L			Class R2			Class R5			Class R6
Opportunistic Equity Long/Short Fund		1.85	%		2.35	%		1.60	%		n/a			2.10	%		1.45	%*		1.35	%
Research Market Neutral Fund		1.25			1.75			0.99			0.85	%		n/a			n/a			n/a

* Effective July 1, 2018, the contractual expense limitation increased from 1.40% to 1.45% for Class R5 Shares of the Opportunistic Equity Long/Short Fund and will be in place until at least June 30, 2019.

Except as noted above, the expense limitation agreements were in effect for the six months ended April 30, 2019 and are in place until at least February 29, 2020.

For the six months ended April 30, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Opportunistic Equity Long/Short Fund	$	30	$	20	$	4	$	54	$	—	(a)
Research Market Neutral Fund		150		64		7		221		—

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral.

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the six months ended April 30, 2019 were as follows (amounts in thousands):

Opportunistic Equity Long/Short Fund	$	97
Research Market Neutral Fund		23

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

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

During the six months ended April 30, 2019, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended April 30, 2019, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Opportunistic Equity Long/Short Fund	$	641,566	$	612,304	$	595,727	$	605,377
Research Market Neutral Fund		94,978		203,277		83,833		190,231

34 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

During the six months ended April 30, 2019, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2019 were as follows (amounts in thousands):

	Aggregate Cost*			Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Opportunistic Equity Long/Short Fund	$	225,201		$	22,623	$	850	$	21,773
Research Market Neutral Fund		(12,527	)		25,875		3,099		22,776

* The tax cost includes the proceeds from short sales which may result in a net negative cost.

As of October 31, 2018, the following Fund had post-enactment capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Research Market Neutral Fund	$	35,983	*	$	—

* Amount includes capital loss carryforwards from business combinations, which are limited in future years under Internal Revenue Code Sections 381-384.

During the year ended October 31, 2018, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):

Research Market Neutral Fund $ 2,302

Net capital losses and other late year losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended October 31, 2018, the following Funds deferred to November 1, 2018 net capital losses and other late year loss of (amounts in thousands):

	Late Year Ordinary Loss Deferral
Opportunistic Equity Long/Short Fund	$	1,248
Research Market Neutral Fund		570

6. Borrowings

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

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended April 30, 2019.

The Trust, along with certain other trusts (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the six months ended April 30, 2019.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of April 30, 2019, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number  of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Opportunistic Equity Long/Short Fund		4		65.9	%
Research Market Neutral Fund		3		47.2

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

Because Opportunistic Equity Long/Short Fund may invest a substantial portion of its assets in REITs, the Fund may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

Since Opportunistic Equity Long/Short Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities.

As of April 30, 2019, the Funds pledged substantially all of their assets to Citigroup Global Markets, Inc. for securities sold short. For the Funds, deposits at broker for securities sold short, as noted on the Statements of Assets and Liabilities, are held at Citigroup Global Markets, Inc.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

36 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2018, and continued to hold your shares at the end of the reporting period, April 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Opportunistic Equity Long/Short Fund
Class A
Actual	$	1,000.00	$	994.80	$	11.18		2.26	%
Hypothetical		1,000.00		1,013.59		11.28		2.26
Class C
Actual		1,000.00		991.20		13.48		2.73
Hypothetical		1,000.00		1,011.26		13.61		2.73
Class I
Actual		1,000.00		995.40		9.80		1.98
Hypothetical		1,000.00		1,014.98		9.89		1.98
Class R2
Actual		1,000.00		1,000.00		12.89		2.60
Hypothetical		1,000.00		1,011.90		12.97		2.60
Class R5
Actual		1,000.00		1,000.00		9.62		1.94
Hypothetical		1,000.00		1,015.17		9.69		1.94
Class R6
Actual		1,000.00		997.00		8.42		1.70
Hypothetical		1,000.00		1,016.36		8.50		1.70
JPMorgan Research Market Neutral Fund
Class A
Actual		1,000.00		1,012.10		18.26		3.66
Hypothetical		1,000.00		1,006.64		18.21		3.66
Class C
Actual		1,000.00		1,010.00		20.68		4.15
Hypothetical		1,000.00		1,004.22		20.62		4.15
Class I
Actual		1,000.00		1,013.60		16.92		3.39
Hypothetical		1,000.00		1,007.98		16.88		3.39
Class L
Actual		1,000.00		1,014.00		16.28		3.26
Hypothetical		1,000.00		1,008.63		16.24		3.26

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

APRIL 30, 2019 J.P. MORGAN SPECIALTY FUNDS 37

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019. All rights reserved. April 2019. SAN-SPEC-419

Semi-Annual Report

J.P. Morgan International Equity Funds

April 30, 2019 (Unaudited)

JPMorgan Emerging Economies Fund

JPMorgan Emerging Markets Equity Fund

JPMorgan Emerging Markets Research Enhanced Equity Fund

JPMorgan Europe Dynamic Fund

JPMorgan Global Research Enhanced Index Fund

JPMorgan International Advantage Fund

JPMorgan International Equity Fund

JPMorgan International Equity Income Fund

JPMorgan International Hedged Equity Fund

JPMorgan International Research Enhanced Equity Fund

JPMorgan International Unconstrained Equity Fund

JPMorgan International Value Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries/Summaries:
JPMorgan Emerging Economies Fund	3
JPMorgan Emerging Markets Equity Fund	6
JPMorgan Emerging Markets Research Enhanced Equity Fund	10
JPMorgan Europe Dynamic Fund	12
JPMorgan Global Research Enhanced Index Fund	15
JPMorgan International Advantage Fund	17
JPMorgan International Equity Fund	19
JPMorgan International Equity Income Fund	21
JPMorgan International Hedged Equity Fund	25
JPMorgan International Research Enhanced Equity Fund	27
JPMorgan International Unconstrained Equity Fund	29
JPMorgan International Value Fund	32
Schedules of Portfolio Investments	35
Financial Statements	88
Financial Highlights	116
Notes to Financial Statements	142
Schedule of Shareholder Expenses	174
Board Approval of Investment Advisory Agreements	179

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

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

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

CEO’S LETTER

June 18, 2019 (Unaudited)

Dear Shareholders,

Global economic growth slowed in late 2018 and early 2019 amid trade tensions, political uncertainty in parts of Europe and the inherent challenges of a late-cycle economic expansion. While financial markets slumped in late 2018, equity and bond prices rebounded and broadly provided positive returns for the six months ended April 30, 2019.

  “While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.” — George C.W. Gatch

Leading central banks reacted to flagging economic growth by adopting more accommodative policies, which helped to generally control global interest rates and bolstered global financial markets.

In the U.S., gross domestic product (GDP) rose by a better-than-expected rate of 3.1% in the first quarter of 2019 amid a temporary boost from an inventory buildup and net exports. Corporate profit growth slowed from record levels in 2018, but overall remained stronger than expected for the first quarter of 2019. Unemployment remained near 50-year lows and inflation held below 2% throughout the six month reporting period. Notably, a 35-day partial shutdown of the U.S. government that ended in late January 2019 added to investor uncertainty but appeared to have limited immediate impact on the U.S. economy.

Elsewhere, slowing growth in China and global trade tensions appeared to curb manufacturing growth in Europe, Taiwan, South Korea and other economies heavily dependent on manufacturing for export. Though Chinese authorities enacted a package of tax cuts, infrastructure spending and credit expansion to bolster growth in early 2019, trade negotiations between the U.S. and China failed to fully address reciprocal tariffs.

In the European Union (EU), consumer and business sentiment weakened during the reporting period and auto manufacturing, particularly in Germany, declined. The inability of the U.K. government to agree on the final terms of Britain’s planned exit from the EU further added to investor uncertainty. First

quarter 2019 GDP in the 19-nation euro area rose by 1.2%. However, euro area unemployment continued to decline during the reporting period and by the end of April 2019 had fallen to 7.6%, its lowest level since August 2008.

Emerging markets generally benefitted from lower interest rates, a decline in the relative value of the U.S. dollar and China’s efforts to bolster economic growth in 2019. Overall, emerging markets equity and bonds broadly outperformed financial markets in developed markets during the reporting period. The MSCI Emerging Markets Index returned 13.9% and the Bloomberg Barclays Emerging Markets Aggregate Index returned 7.13% for the six months ended April 30, 2019.

Subsequent to the end of the reporting period, the Organization for Economic Cooperation and Development (OECD) reduced its estimate for 2019 global GDP growth to 3.2% and its estimate for GDP growth in the world’s 20 largest economies to 3.4%. “The global economy was expanding in sync less than two years ago, but challenges to existing trade relationships and the multilateral rules-based trade system have now derailed global growth by raising uncertainty that is depressing investment and trade,” the OECD said in its May 2019 economic outlook.

While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.

Investors who remain fully invested in a diversified portfolio can, we believe, continue to benefit over time from market opportunities in a growing global economy. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

Global equity prices generally declined in the final months of 2018 only to rebound in the first months of 2019, pushing leading U.S. equity indexes to record highs in the final week of April. While U.S. equity markets outperformed other leading developed equity markets, the largest returns for the six month reporting period came from emerging markets equity and emerging markets debt.

Investor expectations of rising U.S. interest rates, signs of slowing economic growth in both China and the Eurozone and unresolved U.S.-China trade tensions combined to drive market volatility higher and equity prices lower in late 2018. The global sell-off became particularly acute in December 2018. In the U.S., the S&P 500 Index returned -9.18% for the month, its worst single-month performance since February 2009 and its worst December performance since 1931.

In Europe, a sharp decline in manufacturing exports as well as political uncertainty in Italy and France led to weakening business sentiment. In the U.K., Prime Minister Theresa May’s inability to win Parliament’s approval for a plan to exit the European Union served to further erode business and investor confidence.

However, by the end of December 2018, the U.S. Federal Reserve had moved to a neutral policy stance and the European Central Bank — while ending its quantitative easing program in the face of broad-based wage growth — reiterated its intention to hold interest rates at current levels through the end of 2019. The Bank of England also held U.K. interest rates steady.

Global equity and bond markets began to stabilize in January 2019 and asset prices generally advanced over the next three months as signs of inflationary pressure receded and corporate earnings showed surprising strength. Notably, the global oil prices fell in December 2018 to $42 per barrel of West Texas Intermediate crude and then rose to $63 per barrel by the end of April 2019.

Among equity markets, the MSCI Emerging Markets Index returned 13.90%, the MSCI EAFE Index returned 7.73% and the S&P 500 Index returned 9.76% for the six months ended April 30, 2019.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan Emerging Economies Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

Reporting Period Return:
Fund (Class I Shares)*		10.24%
MSCI Emerging Markets Index (net of foreign withholding taxes)		13.76%
Net Assets as of 4/30/2019 (In Thousands)	$	1,409,567

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.

The Fund’s security selection and overweight position in the materials sector and its security selection in the consumer staples sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the financials sector and its underweight position in the health care sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Naspers Ltd. and its overweight positions in Catcher Technology Co. and President Chain Store Corp. Shares of Naspers, a South African media and e-commerce company not held by the Fund, rose after the company forecast strong earnings growth for its fiscal first half ended September 30, 2018. Shares of Catcher Technology, a Taiwan computer and electronic parts manufacturer, fell after the company reported lower-than-expected sales for December 2018 and forecast weak demand for 2019. Shares of President Chain Store, a Taiwan convenience store operator, fell amid investor concerns about competition from a partnership between Starbucks Corp. and Alibaba Group Holding Ltd.

Leading individual contributors to relative performance included the Fund’s underweight positions in Taiwan

Semiconductor Manufacturing Co. and Itau Unibanco Holding SA, and its overweight position in Grupo Financiero Banorte SAB. Shares of Taiwan Semiconductor Manufacturing, a maker of integrated circuits and wafer semiconductor devices, fell in the early part of the reporting period amid a slowdown in global demand for semiconductors. Shares of Itau Unibanco Holding, a Brazilian financial services company, underperformed its sector peers amid continued investor concerns over increased competition in the credit card market. Shares of Grupo Financiero Banorte, a Mexican banking company, rose after the company reported strong earnings growth for the first quarter of 2019.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers used a combination of top-down and bottom-up research, seeking what they believed to be attractively priced countries, sectors and securities with positive catalysts. As a result of this process, the Fund’s largest overweight country positions relative to the Benchmark during the six months ended April 30, 2019, were in Russia and China and its largest underweight country positions were in India and South Africa. From a sector perspective, the Fund’s largest overweight allocations relative to the Benchmark were in the financials and materials sectors, while its largest underweight allocations were to the consumer discretionary and communication services sectors.

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

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

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Economies Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tencent Holdings Ltd. (China)	5.9	%
	2.	Alibaba Group Holding Ltd., ADR (China)	5.1
	3.	Samsung Electronics Co. Ltd. (South Korea)	4.0
	4.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	3.4
	5.	China Construction Bank Corp., Class H (China)	2.4
	6.	Industrial & Commercial Bank of China Ltd., Class H (China)	2.1
	7.	LUKOIL PJSC, ADR (Russia)	1.6
	8.	China Merchants Bank Co. Ltd., Class H (China)	1.5
	9.	Housing Development Finance Corp. Ltd. (India)	1.5
	10.	Grupo Financiero Banorte SAB de CV, Class O (Mexico)	1.4

PORTFOLIO COMPOSITION BY COUNTRY***
China	34.3	%
South Korea	15.9
Taiwan	12.8
Russia	7.2
India	6.4
Brazil	6.3
Mexico	4.0
Thailand	3.3
South Africa	2.2
Hungary	1.9
Turkey	1.4
Indonesia	1.0
Others (each less than 1.0%)	2.1
Short-Term Investments	1.2

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2008
With Sales Charge**			4.36	%		(15.04	)%		0.52	%		6.54	%
Without Sales Charge			10.13			(10.35	)		1.60			7.12
CLASS C SHARES	February 28, 2008
With CDSC***			8.89			(11.76	)		1.11			6.59
Without CDSC			9.89			(10.76	)		1.11			6.59
CLASS I SHARES	February 28, 2008		10.24			(10.15	)		1.86			7.38
CLASS R5 SHARES	February 28, 2008		10.35			(10.02	)		2.02			7.58
CLASS R6 SHARES	September 1, 2015		10.34			(9.95	)		2.08			7.61

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/09 TO 4/30/19)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Emerging Economies Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from April 30, 2009 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These

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

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

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

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

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

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

Reporting Period Return:
Fund (Class L Shares)*		23.43%
MSCI Emerging Markets Index (net of foreign withholding taxes)		13.76%
Net Assets as of 4/30/2019 (In Thousands)	$	5,962,263

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Equity Fund (the “Fund”) seeks to provide high total return.

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

The Fund’s Class L Shares outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.

By sector, the Fund’s security selection in the financials sector and its security selection and overweight position in the consumer discretionary sector were leading contributors to performance relative to the Benchmark. The Fund’s lack of holdings in the real estate sector and its underweight position in the communication services sector were leading detractors from relative performance.

By country, the Fund’s security selection and overweight positions in China and India were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in South Africa and lack of holdings in the Philippines were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in AIA Group Ltd., MercadoLibre Inc. and HDFC Bank Ltd. Shares of AIA Group, a Hong Kong life insurer not held in the Benchmark, rose after the company reported better-than-expected results for 2018. Shares of MercadoLibre, an Argentinian provider of e-commerce and related services, rose after the company reported better-than-expected revenue for the fourth quarter of 2018. Shares of HDFC Bank, an Indian banking and financial services company, rose after the company reported record high earnings for the fourth quarter of 2018.

Leading individual detractors from relative performance included the Fund’s underweight position in Naspers Ltd. and its overweight positions in President Chain Store Corp. and

Kroton Educacional SA. Shares of Naspers, a South African media and e-commerce company that was not held by the Fund, rose after the company forecast strong earnings growth for its fiscal first half ended September 30, 2018. Shares of President Chain Store, a Taiwan convenience store operator, fell amid investor concerns about competition from a partnership between Starbucks Corp. and Alibaba Group Holding Ltd. Shares of Kroton Educacional, a Brazilian educational services provider, fell after the company reported lower-than-expected revenue and a decline in student enrollments.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed an active strategy in which portfolio construction was focused on the highest-conviction ideas found at the security level. The Fund’s portfolio managers used bottom-up fundamental research to determine the Fund’s security weightings, researching companies in an attempt to determine their underlying value and potential for future earnings growth.

As a result of this process, the Fund’s largest sector overweight positions relative to the Benchmark were in the financials, consumer discretionary and consumer staples sectors and its largest relative underweight positions were in the energy, materials and communication services sectors. The Fund’s largest country overweight positions relative to the Benchmark were in India, China and Argentina and its largest relative underweight positions were in South Korea, Taiwan and Thailand.

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

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

6 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tencent Holdings Ltd. (China)	5.9	%
	2.	Alibaba Group Holding Ltd., ADR (China)	5.8
	3.	AIA Group Ltd. (Hong Kong)	5.3
	4.	Ping An Insurance Group Co. of China Ltd., Class H (China)	4.8
	5.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	4.7
	6.	Housing Development Finance Corp. Ltd. (India)	4.3
	7.	Samsung Electronics Co. Ltd. (South Korea)	3.8
	8.	Sberbank of Russia PJSC (Russia)	3.2
	9.	HDFC Bank Ltd. (India)	2.5
	10.	Grupo Financiero Banorte SAB de CV, Class O (Mexico)	2.0

PORTFOLIO COMPOSITION BY COUNTRY***
China	30.2	%
India	16.6
Hong Kong	7.1
Brazil	6.9
Taiwan	6.5
South Korea	5.2
South Africa	4.1
Mexico	3.8
Russia	3.2
United States	2.4
Indonesia	2.3
Argentina	1.7
Macau	1.4
Peru	1.2
Portugal	1.2
Hungary	1.1
Others (each less than 1.0%)	2.8
Short-Term Investments	2.3

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			16.72	%		(1.78	)%		4.53	%		7.62	%
Without Sales Charge			23.19			3.66			5.66			8.20
CLASS C SHARES	February 28, 2006
With CDSC***			21.91			2.20			5.14			7.67
Without CDSC			22.91			3.20			5.14			7.67
CLASS I SHARES	September 10, 2001		23.33			3.94			5.93			8.48
CLASS L SHARES	November 15, 1993		23.43			4.04			6.07			8.64
CLASS R2 SHARES	July 31, 2017		22.99			3.39			5.48			8.11
CLASS R3 SHARES	July 31, 2017		23.16			3.64			5.65			8.20
CLASS R4 SHARES	July 31, 2017		23.29			3.89			5.91			8.47
CLASS R5 SHARES	September 9, 2016		23.41			4.04			6.08			8.64
CLASS R6 SHARES	December 23, 2013		23.50			4.15			6.18			8.69

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/09 TO 4/30/19)

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

Returns for Class R5 Shares and Class R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares and Class R6 Shares would have been different than those shown because Class R5 Shares and Class R6 Shares have different expenses than Class L Shares.

Returns shown for Class R2 Shares and Class R3 Shares prior to their inception are based on the performance of Class A Shares. The actual returns of Class R2 Shares and Class R3 Shares would have been lower than those shown because Class R2 Shares and Class R3 Shares have higher expenses than Class A Shares.

Returns for Class R4 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Emerging Markets Equity Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from April 30, 2009 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

8 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

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

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation

policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

FOR DECEMBER 11, 2018 (FUND INCEPTION DATE) TO APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R6 Shares)*		13.60%
MSCI Emerging Markets Index (net of foreign withholding taxes)		12.63%
Net Assets as of 4/30/2019 (In Thousands)	$	372,312

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Research Enhanced Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Class R6 Shares outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the period from Fund inception on December 11, 2018 to April 30, 2019.

By sector, the Fund’s underweight positions in the information technology and financials sectors were leading contributors to performance relative to the Benchmark. The Fund’s underweight positions in the communication services and consumer discretionary sectors were leading detractors from relative performance.

By country, the Fund’s security selection in China and India was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in South Africa and the Fund’s underweight position in the Philippines were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight positions in Samsung Electronics Co. and Taiwan Semiconductor Manufacturing Co. and its overweight position in Luxshare Precision Industry Co. Shares of Samsung Electronics, a South Korean consumer electronics manufacturer, fell amid weakening global demand for smartphones. Shares of Taiwan Semiconductor Manufacturing, a maker of integrated circuits and wafer semiconductor devices, rebounded from a slowdown in global demand for semiconductors during the early part of the reporting period. Shares of Luxshare Precision Industry, a China-based manufacturer of electronic components, rose after the company forecast a 61% increase in net income for 2018.

Leading individual detractors from relative performance included the Fund’s underweight position in Tencent Holdings Ltd., Alibaba Group Holding Ltd. and Naspers Ltd. Shares of Tencent Holdings, a China-based provider of online advertising and services, rose early in the reporting period amid continued earnings growth. Shares of Alibaba Group Holding, a China-based e-commerce provider, rose after the company reported a 41% jump in revenue for the fourth quarter of 2018. Shares of Naspers, a South African media and e-commerce company not held by the Fund, rose after the company forecast strong earnings growth for its fiscal first half ended September 30, 2018.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a combination of disciplined portfolio construction with in-depth fundamental research

conducted by a global network of research analysts to identify what they believed to be overvalued and undervalued stocks

As a result of this process, the Fund’s sole overweight sector position relative to the Benchmark was in the consumer discretionary sector and its largest relative underweight positions were in the financials and information technology sectors. By country, the Fund’s largest overweight positions relative to the Benchmark were in Hungary and the Czech Republic and the largest underweight positions were in China and Taiwan.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	iShares MSCI India ETF (United States)	9.4	%
	2.	Tencent Holdings Ltd (China).	5.6
	3.	Alibaba Group Holding Ltd., ADR (China)	4.8
	4.	Samsung Electronics Co. Ltd. (South Korea)	4.3
	5.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	4.1
	6.	Naspers Ltd., Class N (South Africa)	2.0
	7.	China Construction Bank Corp., Class H (China)	1.8
	8.	Ping An Insurance Group Co. of China Ltd., Class H (China)	1.5
	9.	Industrial & Commercial Bank of China Ltd., Class H (China)	1.2
	10.	Itau Unibanco Holding SA (Preference) (Brazil)	1.0

PORTFOLIO COMPOSITION BY COUNTRY***
China	33.1	%
South Korea	13.0
Taiwan	10.8
United States	9.4
Brazil	7.1
South Africa	6.3
Russia	4.4
Mexico	3.8
Indonesia	2.4
Thailand	2.3
Malaysia	1.4
Philippines	1.1
Others (each less than 1.0%)	4.3
Short-Term Investments	0.6

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

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

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE OF CLASS	SINCE INCEPTION
CLASS I SHARES	January 30, 2019		13.54	%
CLASS R6 SHARES	December 11, 2018		13.60

LIFE OF FUND PERFORMANCE (12/11/18 TO 4/30/19)

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

The Fund commenced operations on December 11, 2018.

Returns for Class I Shares prior to its inception date are based on the performance of Class R6 Shares. The actual returns of Class I Shares would have been lower than those shown because Class I Shares have higher expenses than Class R6 Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan Emerging Markets Research Enhanced Equity Fund and the MSCI Emerging Markets Index from December 11, 2018 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after

deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. Investors cannot invest directly in an index.

Class R6 Shares have a $15,000,000 minimum initial investment.

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

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

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

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		6.00%
MSCI Europe Index (net of foreign withholding taxes)		8.48%
Net Assets as of 4/30/2019 (In Thousands)	$	583,226

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, underperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.

The Fund’s security selection in the food, beverage and tobacco sector and its security selection in the food and staples retailing sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the pharmaceuticals, biotechnology and life sciences sector and its security selection in the utilities sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Saipem SpA, Thales SA and ArcelorMittal SA. Shares of Saipem, an Italian oil field services company, fell amid news reports that the company was negotiating to sell its core drilling business. Shares of Thales, a French maker of electronics and systems for the aeronautics

and defense industries, fell after the company unveiled plans to acquire Gemalto NV. Shares of ArcelorMittal, a Luxembourg steelmaker, fell after the company reported a decline in earnings for the third quarter of 2018.

Leading individual contributors to relative performance included the Fund’s overweight positions in Rio Tinto PLC, Kering SA and Neste Oyj. Shares of Rio Tinto, an Australian mining and minerals company, rose after the company reported better-than-expected earnings for 2018 and amid signs of improved demand from China. Shares of Kering, a French maker of luxury branded apparel and accessories, including the Gucci brand, rose after the company reported strong results for the fourth quarter and full year 2018. Shares of Neste, a Finnish petroleum refiner and biofuels producer, rose after the company reported strong growth in its renewable products business.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers believe that attractively valued, high quality securities with positive momentum have the potential to outperform the market. During the reporting period, the Fund’s portfolio managers invested in securities that they believed had these style characteristics. Portfolio positions were based on bottom-up security selection rather than top-down asset allocation decisions.

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	4.7	%
	2.	Roche Holding AG (Switzerland)	4.2
	3.	Novartis AG (Registered) (Switzerland)	3.8
	4.	Allianz SE (Registered) (Germany)	3.2
	5.	Kering SA (France)	2.7
	6.	GlaxoSmithKline plc (United Kingdom)	2.7
	7.	Zurich Insurance Group AG (Switzerland)	2.4
	8.	Neste OYJ (Finland)	2.4
	9.	Enel SpA (Italy)	2.3
	10.	Rio Tinto plc (Australia)	2.3

PORTFOLIO COMPOSITION BY COUNTRY***
Switzerland	18.1	%
France	15.4
United Kingdom	14.2
United States	10.3
Germany	8.4
Netherlands	7.6
Spain	5.4
Italy	5.0
Australia	3.6
Finland	3.0
Sweden	2.8
Belgium	1.7
South Africa	1.3
Denmark	1.2
Norway	1.1
Short-Term Investments	0.9

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

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

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 1995
With Sales Charge**			0.45	%		(12.45	)%		(1.48	)%		7.56	%
Without Sales Charge			6.00			(7.61	)		(0.41	)		8.14
CLASS C SHARES	November 1, 1998
With CDSC***			4.74			(9.10	)		(0.91	)		7.60
Without CDSC			5.74			(8.10	)		(0.91	)		7.60
CLASS I SHARES	September 10, 2001		6.11			(7.41	)		(0.13	)		8.43
CLASS L SHARES	September 10, 2001		6.16			(7.30	)		0.03			8.64
CLASS R6 SHARES	October 1, 2018		6.21			(7.25	)		0.04			8.65

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/09 TO 4/30/19)

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Europe Dynamic Fund, the MSCI Europe Index and the Lipper European Region Funds Index from April 30, 2009 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI Europe Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper European Region Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI

Europe Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. The Lipper European Region Funds Index represents the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

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

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

14 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan Global Research Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		9.63%
MSCI World Index (net of foreign withholding taxes)		8.83%
Net Assets as of 4/30/2019 (In Thousands)	$	4,605,579

INVESTMENT OBJECTIVE**

The JPMorgan Global Research Enhanced Index Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Class I Shares outperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.

By sector, the Fund’s security selection in the retail and industrial cyclical sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the pharmaceutical/medical technology and technology-software sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in Europe and North America was a leading contributor to relative performance, while the Fund’s overweight position in Japan and its security selection in the Asia Pacific, excluding Japan, were modest detractors from relative performance.

Due to the Fund holding a relatively large number of securities during the reporting period, the impact of individual holdings on the Fund’s relative performance tended to be small.

HOW WAS THE FUND POSITIONED?

The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics similar to that of the Benchmark. Using the fundamental equity insights generated by JPMorgan’s team of analysts, the Fund’s portfolio managers took marginally overweight positions in securities that they considered undervalued, while being marginally underweight in or not holding securities in the Benchmark that they considered overvalued.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp. (United States)	2.6	%
	2.	Apple, Inc. (United States)	2.3
	3.	Amazon.com, Inc. (United States)	2.0
	4.	Alphabet, Inc., Class C (United States)	1.1
	5.	Bank of America Corp. (United States)	1.0
	6.	Alphabet, Inc., Class A (United States)	0.9
	7.	Facebook, Inc., Class A (United States)	0.8
	8.	Coca-Cola Co. (The) (United States)	0.8
	9.	Mastercard, Inc., Class A (United States)	0.8
	10.	Home Depot, Inc. (The) (United States)	0.8

PORTFOLIO COMPOSITION BY COUNTRY***
United States	62.9	%
Japan	7.9
United Kingdom	5.0
France	4.0
Canada	3.5
Australia	3.0
Germany	2.7
Switzerland	2.7
Netherlands	2.0
Hong Kong	1.3
Spain	1.0
Others (each less than 1.0%)	3.9
Short-Term Investments	0.1

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

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

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan Global Research Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	February 28, 2013		9.63	%		6.86	%		7.39	%		9.67	%
CLASS R6 SHARES	November 1, 2017		9.66			6.91			7.41			9.68

* Not annualized.

LIFE OF FUND PERFORMANCE (2/28/13 TO 4/30/19)

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

The Fund commenced operations on February 28, 2013.

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Global Research Enhanced Index Fund, the MSCI World Index and the Lipper Global Large-Cap Core Funds Index from February 28, 2013 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Global Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Lipper Global Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

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

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan International Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	3.67%
MSCI EAFE Index (net of foreign withholding taxes)	7.45%
Net Assets as of 4/30/2019 (In Thousands)	$3,482,175

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.

By sector, the Fund’s security selection in the materials and industrials sectors were a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the health care and consumer discretionary sectors were a leading contributor to relative performance. By country, the Fund’s security selection in Japan and Australia was a leading detractor from relative performance, while the Funds security selection in Germany and the U.K. contributed to relative performance.

The Fund targeted investments in companies that exhibited specific growth, value and quality characteristics during the period. Due to the relatively large number of securities held in the Fund during the reporting period, the impact of individual holdings on the Fund’s relative performance tended to be small.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers believe that attractively valued, high quality securities with positive momentum have the potential to outperform the market. During the reporting period, the Fund’s portfolio managers invested in securities that they believed were attractive based on their proprietary multifactor model.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	2.1	%
	2.	Roche Holding AG (Switzerland)	2.1
	3.	Novartis AG (Registered) (Switzerland)	2.0
	4.	Royal Dutch Shell plc, Class B (Netherlands)	1.9
	5.	BHP Group Ltd. (Australia)	1.6
	6.	Allianz SE (Registered) (Germany)	1.6
	7.	GlaxoSmithKline plc (United Kingdom)	1.6
	8.	Toyota Motor Corp. (Japan)	1.4
	9.	Rio Tinto plc (Australia)	1.4
	10.	Kering SA (France)	1.2

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	21.5	%
United Kingdom	13.3
Australia	9.0
Switzerland	8.2
France	7.5
Netherlands	7.4
Germany	7.0
United States	4.9
Spain	4.4
Norway	2.6
Hong Kong	2.1
Belgium	1.8
Italy	1.3
Finland	1.3
Sweden	1.2
Singapore	1.0
Others (each less than 1.0%)	3.9
Short-Term Investments	1.6

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

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

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge**			(1.78	)%		(13.51	)%		0.11	%		6.50	%
Without Sales Charge			3.67			(8.70	)		1.20			7.08
CLASS C SHARES	February 28, 2006
With CDSC***			2.41			(10.14	)		0.69			6.55
Without CDSC			3.41			(9.14	)		0.69			6.55
CLASS I SHARES	February 28, 2006		3.79			(8.43	)		1.50			7.38
CLASS R2 SHARES	November 3, 2008		3.51			(8.95	)		0.92			6.81
CLASS R6 SHARES	May 29, 2015		3.91			(8.28	)		1.70			7.62

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/09 TO 4/30/19)

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan International Advantage Fund, the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from April 30, 2009 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI

EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Multi-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

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

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

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan International Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		10.82%
MSCI EAFE Index (net of foreign withholding taxes)		7.45%
Net Assets as of 4/30/2019 (In Thousands)	$	4,568,599

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.

By sector, the Fund’s security selection in the financials and consumer staples sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight position in the utilities sector, where the Fund had no holdings, was the sole sector detractor from relative performance.

By region, the Fund’s security selection and underweight position in Japan and its overweight position in emerging markets were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the U.K. and Europe was the smallest contributor to relative performance.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in AIA Group Ltd., HDFC Bank Ltd. and Sands China Ltd. Shares of AIA Group, a Hong Kong life insurer, rose after the company reported better-than-expected results for 2018. Shares of HDFC Bank, an Indian banking and financial services company that was not held in the Benchmark, rose after the company reported record high earnings for the fourth quarter of 2018. Shares of Sands China, a Macau casino and resorts operator, rose amid an increase in gross gaming revenue for all Macau casinos in the final two months of 2018.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Sumitomo Mitsui Financial Group Ltd. and Accor SA, and its underweight position in Rio Tinto PLC. Shares of Sumitomo Mitsui Financial Group, a Japanese financial services provider, fell as yields on its foreign bond holdings declined in the early part of the reporting period. Shares of Accor, a French hotels operator, fell after the company reported weakness in its Asian and North American markets had hurt per-room revenues. Shares of Rio Tinto, an Australian mining and minerals company not held by the Fund, rose after the company reported better-than-expected earnings for 2018 and amid signs of improved demand from China.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	3.7	%
	2.	Royal Dutch Shell plc, Class A (Netherlands)	2.5
	3.	AIA Group Ltd. (Hong Kong)	2.4
	4.	Novartis AG (Registered) (Switzerland)	2.3
	5.	Diageo plc (United Kingdom)	2.3
	6.	Unilever plc (United Kingdom)	2.2
	7.	SAP SE (Germany)	2.1
	8.	Roche Holding AG (Switzerland)	2.1
	9.	GlaxoSmithKline plc (United Kingdom)	1.8
	10.	ASML Holding NV (Netherlands)	1.8

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	16.9	%
United Kingdom	16.0
France	12.9
Switzerland	9.7
United States	8.6
Germany	7.9
Netherlands	5.4
Hong Kong	4.1
China	2.5
Sweden	2.3
Australia	2.0
Denmark	1.5
India	1.4
Singapore	1.4
Spain	1.0
South Korea	1.0
Others (each less than 1.0%)	3.7
Short-Term Investments	1.7

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

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

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge**			4.88	%		(9.22	)%		1.43	%		7.00	%
Without Sales Charge			10.68			(4.16	)		2.53			7.58
CLASS C SHARES	January 31, 2003
With CDSC***			9.47			(5.61	)		2.02			7.02
Without CDSC			10.47			(4.61	)		2.02			7.02
CLASS I SHARES	January 1, 1997		10.82			(3.94	)		2.78			7.85
CLASS R2 SHARES	November 3, 2008		10.51			(4.41	)		2.26			7.48
CLASS R5 SHARES	May 15, 2006		10.93			(3.82	)		2.95			8.08
CLASS R6 SHARES	November 30, 2010		10.99			(3.70	)		3.03			8.13

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/09 TO 4/30/19)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from April 30, 2009 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are

not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan International Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		9.48%
MSCI EAFE Index (net of foreign withholding taxes)		7.45%
Net Assets as of 4/30/2019 (In Thousands)	$	134,388

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.

By sector, the Fund’s security selection in the banks and energy sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the auto parts and pharmaceutical/medical technology sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in Europe and the U.K. was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the Asia-Pacific, excluding Japan, was the sole regional detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Rio Tinto PLC, TransCanada Corp. and LMVH Moet Hennessy Louis Vuitton SE. Shares of Rio Tinto, an Australian mining and minerals company, rose after the company reported better-than-expected earnings for 2018 and amid signs of improved demand from China. Shares of TransCanada, a Canadian operator of natural gas and petroleum pipelines that was not held in the Benchmark, rose amid earnings growth and investor expectations that the Keystone XL Pipeline project will move forward. Shares of LMVH Moet Hennessy Louis Vuitton, a French luxury goods

maker, rose after the company reported better-than-expected earnings and sales for the first quarter of 2019.

Leading individual detractors from relative performance included the Fund’s overweight positions in JXTG Holdings Inc. and Imperial Brands PLC, and its underweight position in AIA Group Ltd. Shares of JXTG Holdings, a Japanese petroleum, natural gas and materials producer, fell amid weakness in global oil prices during the first half of the reporting period. Shares of Imperial Brands, a U.K. maker and distributor of tobacco products, fell after the U.S. Food and Drug Administration planned tighter regulations on e-cigarettes. Shares of AIA Group, a Hong Kong life insurer not held in the Fund, rose after the company reported better-than-expected results for 2018.

HOW THE FUND WAS MANAGED?

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

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

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

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Unilever NV, CVA (United Kingdom)	2.9	%
	2.	Royal Dutch Shell plc, Class A (Netherlands)	2.8
	3.	Roche Holding AG (Switzerland)	2.7
	4.	Rio Tinto plc (Australia)	2.5
	5.	Vinci SA (France)	2.4
	6.	LVMH Moet Hennessy Louis Vuitton SE (France)	2.3
	7.	Novartis AG (Registered) (Switzerland)	2.3
	8.	Novo Nordisk A/S, Class B (Denmark)	2.2
	9.	Imperial Brands plc (United Kingdom)	2.1
	10.	Telenor ASA (Norway)	2.1

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	16.2	%
United Kingdom	14.6
France	14.5
Switzerland	10.6
Netherlands	9.5
Germany	5.0
Australia	4.6
Finland	2.8
United States	2.3
Denmark	2.2
Hong Kong	2.2
Norway	2.1
Spain	1.8
Italy	1.7
Taiwan	1.5
Singapore	1.4
Sweden	1.2
Austria	1.1
Canada	1.1
South Korea	1.0
Others (each less than 1.0%)	1.6
Short-Term Investments	1.0

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

22 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2011
With Sales Charge**			3.57	%		(6.19	)%		1.98	%		4.07	%
Without Sales Charge			9.30			(1.00	)		3.08			4.75
CLASS C SHARES	February 28, 2011
With CDSC***			8.04			(2.51	)		2.57			4.23
Without CDSC			9.04			(1.51	)		2.57			4.23
CLASS I SHARES	February 28, 2011		9.48			(0.77	)		3.39			5.05
CLASS R2 SHARES	February 28, 2011		9.18			(1.31	)		2.81			4.48
CLASS R5 SHARES	February 28, 2011		9.53			(0.68	)		3.51			5.20
CLASS R6 SHARES	January 30, 2015		9.59			(0.59	)		3.56			5.23

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (2/28/11 TO 4/30/19)

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

The Fund commenced operations on February 28, 2011.

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Income Fund, the MSCI EAFE Index and the Lipper International Equity Income Funds Index from February 28, 2011 to April 30, 2019. Return information prior to July 31, 2013 for the Lipper International Equity Income Funds Index is not provided by Lipper, Inc. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Equity Income Funds Index includes expenses associated with a mutual

fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Equity Income Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or

related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan International Hedged Equity Fund

FUND SUMMARY

FOR THE PERIOD MARCH 15, 2019 (INCEPTION DATE) THROUGH APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	1.53%
MSCI EAFE Index (net of foreign withholding taxes)	7.45%
ICE BofAML 3-Month US Treasury Bill Index	1.18%
Net Assets as of 4/30/2019 (In Thousands)	$51,286

INVESTMENT OBJECTIVES** AND STRATEGIES

The JPMorgan International Hedged Equity Fund seeks to provide capital appreciation through participation in international equity markets while hedging overall market exposure relative to traditional long-only equity strategies.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	2.7	%
	2.	Roche Holding AG (Switzerland)	1.9
	3.	SAP SE (Germany)	1.8
	4.	TOTAL SA (France)	1.5
	5.	Toyota Motor Corp. (Japan)	1.5
	6.	Iberdrola SA (Spain)	1.5
	7.	Novartis AG (Registered) (Switzerland)	1.5
	8.	BP plc (United Kingdom)	1.4
	9.	Air Liquide SA (France)	1.3
	10.	Anheuser-Busch InBev SA/NV (Belgium)	1.3

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	22.2	%
United Kingdom	14.6
France	12.7
Switzerland	9.7
Germany	9.1
Netherlands	5.3
Australia	5.2
Spain	3.5
Hong Kong	3.1
Italy	1.8
Denmark	1.7
Finland	1.6
Belgium	1.3
Sweden	1.2
Singapore	1.1
Others (each less than 1.0%)	3.2
Short-Term Investments	2.7

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

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

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

FOR THE PERIOD MARCH 15, 2019 (INCEPTION DATE) THROUGH APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE OF CLASS		SINCE INCEPTION
CLASS A SHARES		March 15, 2019
With Sales Charge*				(3.85	)%
Without Sales Charge				1.47
CLASS C SHARES		March 15, 2019
With CDSC**				0.40
Without CDSC				1.40
CLASS I SHARES		March 15, 2019		1.53
CLASS R5 SHARES		March 15, 2019		1.53
CLASS R6 SHARES		March 15, 2019		1.53

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the period.

LIFE OF FUND PERFORMANCE (3/15/19 TO 4/30/19)

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

The Fund commenced operations on March 15, 2019.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Hedged Equity Fund, the MSCI EAFE Index and the ICE BofAML 3-Month US Treasury Bill Index from March 15, 2019 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to

measure the equity market performance of developed markets, excluding the U.S. and Canada. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

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

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

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

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		7.67%
MSCI EAFE Index (net of foreign withholding taxes)		7.45%
Net Assets as of 4/30/2019 (In Thousands)	$	4,608,140

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.

By sector, the Fund’s security selection in the utilities and basic industries sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the retail and industrial cyclical sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in the Pacific, excluding Japan, and Europe were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in Japan was the sole regional detractor from relative performance.

Due to the Fund holding a relatively large number of securities during the reporting period, the impact of individual holdings on the Fund’s relative performance tended to be small.

HOW WAS THE FUND POSITIONED?

The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics similar to that of the Benchmark. Using the fundamental equity insights generated by analysts, the Fund’s portfolio managers took a marginally overweight position in securities included within the universe of the Benchmark that they considered undervalued, while marginally underweighting or not holding securities in the Benchmark that they considered overvalued.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	2.5	%
	2.	Roche Holding AG (Switzerland)	1.8
	3.	SAP SE (Germany)	1.7
	4.	TOTAL SA (France)	1.5
	5.	Toyota Motor Corp. (Japan)	1.4
	6.	Iberdrola SA (Spain)	1.4
	7.	Novartis AG (Registered) (Switzerland)	1.4
	8.	BP plc (United Kingdom)	1.3
	9.	Air Liquide SA (France)	1.3
	10.	Anheuser-Busch InBev SA/NV (Belgium)	1.2

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	20.9	%
United Kingdom	13.9
France	12.0
Switzerland	9.2
Germany	8.7
United States	5.2
Netherlands	5.1
Australia	4.9
Spain	3.4
Hong Kong	2.9
Italy	1.8
Denmark	1.6
Finland	1.5
Belgium	1.2
Sweden	1.2
Singapore	1.0
Others (each less than 1.0%)	2.0
Short-Term Investments	3.5

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

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

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 23, 1993
With Sales Charge**			1.91	%		(9.48	)%		1.12	%		6.51	%
Without Sales Charge			7.55			(4.45	)		2.22			7.09
CLASS I SHARES	October 28, 1992		7.67			(4.22	)		2.46			7.36
CLASS R6 SHARES	November 1, 2017		7.72			(4.09	)		2.50			7.38

* Not annualized.

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

TEN YEAR PERFORMANCE (4/30/09 TO 4/30/19)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Research Enhanced Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from April 30, 2009 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

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

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	15.24%
MSCI All Country World Index, Ex-U.S. (net of foreign withholding taxes)	9.12%
Net Assets as of 4/30/2019 (In Thousands)	$528,900

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the MSCI All Country World Index, Ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.

By sector, the Fund’s security selection in the financials and consumer staples sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the consumer discretionary sector and its underweight position in the utilities sector were modest detractors from relative performance.

By region, the Fund’s security selection across all regions made a positive contribution to relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in AIA Group Ltd., HDFC Bank Ltd. and Tencent Holdings Ltd. Shares of AIA Group, a Hong Kong life insurer not held in the Benchmark, rose after the company reported better-than-expected results for 2018. Shares of HDFC Bank, an Indian banking and financial services company, rose after the company reported record high earnings for the fourth quarter of 2018. Shares of Tencent Holdings, a China-based provider of online advertising and services, rose early in the reporting period amid continued earnings growth.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Zalando SE, NN Group NV and Royal Dutch Shell PLC. Shares of Zalando, a German online retailer of apparel and accessories, fell amid weak sales for fall 2018. Shares of NN Group, a financial services and insurance provider based in the Netherlands, fell after the company reported a decline in revenue for the fourth quarter of 2018. Shares of Royal Dutch Shell, an integrated oil and gas producer based in the Netherlands, fell early in the reporting period amid a drop in global energy prices.

HOW WAS THE FUND POSITIONED?

By harnessing their team’s global sector specialists, the Fund’s portfolio managers sought to build a high-conviction, benchmark-agnostic portfolio of growth, value and unique companies, whose future prospects, the managers believed, were under-appreciated by the market and thus possessed the potential to deliver higher-than-expected earnings that could have a positive effect on the share price.

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

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

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	4.4	%
	2.	AIA Group Ltd. (Hong Kong)	3.8
	3.	Ping An Insurance Group Co. of China Ltd., Class H (China)	3.6
	4.	HDFC Bank Ltd., ADR (India)	3.5
	5.	Tencent Holdings Ltd. (China)	3.5
	6.	Diageo plc (United Kingdom)	2.6
	7.	Unilever NV, CVA (United Kingdom)	2.6
	8.	LVMH Moet Hennessy Louis Vuitton SE (France)	2.5
	9.	SAP SE (Germany)	2.4
	10.	GlaxoSmithKline plc (United Kingdom)	2.2

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	19.5	%
Japan	10.2
China	9.1
Germany	8.7
Canada	7.9
Switzerland	6.8
United States	6.3
Hong Kong	5.5
France	5.4
India	3.5
Taiwan	2.1
Netherlands	2.1
Australia	1.9
Austria	1.9
Denmark	1.8
Indonesia	1.7
Others (each less than 1.0%)	1.8
Short-Term Investments	3.8

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

30 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
With Sales Charge**			9.07	%		(5.80	)%		3.21	%		6.95	%
Without Sales Charge			15.10			(0.58	)		4.33			7.73
CLASS C SHARES	November 30, 2011
With CDSC***			13.85			(2.06	)		3.81			7.19
Without CDSC			14.85			(1.06	)		3.81			7.19
CLASS I SHARES	November 30, 2011		15.24			(0.34	)		4.64			8.04
CLASS R2 SHARES	November 30, 2011		14.97			(0.88	)		4.05			7.45
CLASS R5 SHARES	November 30, 2011		15.32			(0.22	)		4.77			8.19
CLASS R6 SHARES	November 30, 2011		15.39			(0.10	)		4.84			8.26

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (11/30/11 TO 4/30/19)

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

The Fund commenced operations on November 30, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Unconstrained Equity Fund, the MSCI All Country World Index, ex-U.S. and the Lipper International Large-Cap Growth Funds Index from November 30, 2011 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index, ex-U.S. does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI All Country World Index, ex-U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and

emerging markets, excluding the United States. The Lipper International Large-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through May 30, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

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

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 31

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*	3.35%
MSCI EAFE Value Index (net of foreign withholding taxes)	4.45%
Net Assets as of 4/30/2019 (In Thousands)	$431,633

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares underperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.

By sector, the Fund’s underweight position and security selection in the utilities sector and its security selection in the banks sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the pharmaceutical/medical technology sector and the technology—semiconductors & hardware sector was a leading contributor to relative performance.

By region, the Fund’s security selection in Japan and continental Europe was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the U.K. and its underweight position in the Pacific region, excluding Japan, were the smallest detractors from relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in HSBC Holdings PLC and Sands China Ltd., and its overweight position in Kansai Electric Power Co. Shares of HSBC Holdings, a U.K. banking and financial services provider, rose after the company reported better-than-expected earnings for the first quarter of 2019. Shares of Sands China, a Macau casino and resorts operator not held in the Fund, rose amid an increase in gross gaming revenue for all Macau casinos in the final two months of 2018. Shares of Kansai Electric Power, a Japanese electric, natural gas and telecommunications utility, fell after regulators ruled

that nuclear plants must be shut down if they fail to make counter-terrorism upgrades by next year’s deadlines.

Leading individual contributors to relative performance included the Fund’s overweight positions in Daiwa House Industry Co., BHP Group Ltd. and Dialog Semiconductor PLC. Shares of Daiwa House Industry, a Japanese provider of construction and real estate services, rose after the company reported an increase in revenue for the third quarter of 2018 and consistent growth in orders for commercial facilities. Shares of BHP Group, an Australian mining and minerals company, rose after the company reported an 87% jump in earnings for the second half of 2018. Shares of Dialog Semiconductor, a U.K. maker of integrated circuit products not held in the Benchmark, rose after the company reported better-than-expected earnings for the third quarter of 2018 and issued a better-than-expected revenue forecast for the fourth quarter.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed behavioral-based and quantitative screens in addition to conducting fundamental analysis to seek out companies that they believed had attractive valuations. As a result of this process, the Fund’s largest overweight sector positions relative to the Benchmark were in the materials and capital goods sectors, while the largest underweight sector positions were in the real estate and utilities sectors.

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

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

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	4.1	%
	2.	Toyota Motor Corp. (Japan)	2.3
	3.	TOTAL SA (France)	2.2
	4.	Allianz SE (Registered) (Germany)	1.8
	5.	GlaxoSmithKline plc (United Kingdom)	1.6
	6.	BP plc (United Kingdom)	1.5
	7.	Rio Tinto plc (Australia)	1.5
	8.	British American Tobacco plc (United Kingdom)	1.5
	9.	Novartis AG (Registered) (Switzerland)	1.4
	10.	BHP Group Ltd. (Australia)	1.4

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	20.8	%
United Kingdom	16.0
Netherlands	7.6
France	7.5
Germany	6.9
Australia	6.9
Switzerland	5.5
Sweden	3.2
Norway	3.1
Spain	3.0
Italy	3.0
Hong Kong	2.9
United States	2.1
Singapore	1.2
Austria	1.2
Finland	1.0
Others (each less than 1.0%)	5.1
Short-Term Investments	3.0

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			(2.28	)%		(15.48	)%		(1.75	)%		5.14	%
Without Sales Charge			3.14			(10.77	)		(0.69	)		5.72
CLASS C SHARES	July 11, 2006
With CDSC***			1.94			(12.18	)		(1.19	)		5.18
Without CDSC			2.94			(11.18	)		(1.19	)		5.18
CLASS I SHARES	September 10, 2001		3.30			(10.46	)		(0.40	)		6.00
CLASS L SHARES	November 4, 1993		3.35			(10.41	)		(0.29	)		6.14
CLASS R2 SHARES	November 3, 2008		3.02			(10.99	)		(0.96	)		5.44
CLASS R5 SHARES	September 9, 2016		3.31			(10.43	)		(0.30	)		6.14
CLASS R6 SHARES	November 30, 2010		3.41			(10.32	)		(0.15	)		6.25

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/09 TO 4/30/19)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111. Effective May 2018, some of the Fund’s investment strategies changed. The Fund’s past performance would have been different if the Fund was managed under the current strategies.

Returns for Class R5 Shares and Class R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares and Class R6 Shares would have been different than those shown because Class R5 Shares and Class R6 Shares have different expenses than Class L Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan International Value Fund, the MSCI EAFE Value Index and the Lipper International Large-Cap Value Funds Average from April 30, 2009 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap

Value Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Value Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented stocks in the world’s equity markets, excluding the U.S. and Canada. Investors cannot invest directly in an index. The Lipper International Large-Cap Value Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

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

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

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

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

34 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%
Argentina — 0.5%
Banco Macro SA, ADR		163		6,627
Brazil — 6.3%
Banco do Brasil SA *		1,092		13,811
Banco Santander Brasil SA		900		10,384
Cia Brasileira de Distribuicao (Preference) *		457		11,274
Cia de Transmissao de Energia Eletrica Paulista (Preference)		530		2,848
Cia Paranaense de Energia (Preference)		319		3,339
Estacio Participacoes SA		995		6,968
IRB Brasil Resseguros SA		316		7,621
Kroton Educacional SA		1,515		3,792
MRV Engenharia e Participacoes SA		1,524		5,665
SLC Agricola SA		359		3,771
Telefonica Brasil SA (Preference)		322		3,823
Vale SA, ADR		1,218		15,566
				88,862
China — 34.2%
Alibaba Group Holding Ltd., ADR *		386		71,675
Anhui Conch Cement Co. Ltd., Class H		1,347		8,222
Anhui Expressway Co. Ltd., Class A		1,356		1,323
ANTA Sports Products Ltd.		850		5,978
Bank of Beijing Co. Ltd., Class A		1,512		1,432
Baoshan Iron & Steel Co. Ltd., Class A		3,598		3,833
Beijing Enterprises Holdings Ltd.		515		2,744
China Communications Services Corp. Ltd., Class H		4,192		3,381
China Construction Bank Corp., Class H		38,427		33,876
China Maple Leaf Educational Systems Ltd.		4,770		2,231
China Merchants Bank Co. Ltd., Class H		4,280		21,180
China National Medicines Corp. Ltd., Class A		335		1,236
China Overseas Land & Investment Ltd.		1,948		7,298
China Petroleum & Chemical Corp., Class H		21,050		16,181
China Railway Construction Corp. Ltd., Class H		5,236		6,187
China Railway Group Ltd., Class H		10,206		8,050
China Resources Cement Holdings Ltd.		6,436		6,453
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		383		1,677
China Shenhua Energy Co. Ltd., Class H		1,825		4,038
China State Construction Engineering Corp. Ltd., Class A		1,480		1,348
China Vanke Co. Ltd., Class H		3,479		13,462
Chlitina Holding Ltd.		285		2,332
Chongqing Department Store Co. Ltd., Class A		282		1,464
CNOOC Ltd.		5,822		10,575
Country Garden Holdings Co. Ltd.		9,329		15,033
Daqin Railway Co. Ltd., Class A		1,086		1,374

INVESTMENTS	SHARES (000)		VALUE ($000)
China — continued
Dongfeng Motor Group Co. Ltd., Class H		2,754		2,676
GD Power Development Co. Ltd., Class A		3,573		1,439
Geely Automobile Holdings Ltd.		2,824		5,689
Grandblue Environment Co. Ltd., Class A		669		1,594
Great Wall Motor Co. Ltd., Class H		2,424		1,974
Hengan International Group Co. Ltd.		791		6,950
Huadian Power International Corp. Ltd., Class H		3,228		1,379
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		244		1,307
Industrial & Commercial Bank of China Ltd., Class H		39,229		29,506
Kunlun Energy Co. Ltd.		6,166		6,522
Nexteer Automotive Group Ltd.		1,770		2,775
North Huajin Chemical Industries Co. Ltd., Class A *		1,289		1,375
Ping An Bank Co. Ltd., Class A		2,228		4,590
Ping An Insurance Group Co. of China Ltd., Class H		1,528		18,496
Postal Savings Bank of China Co. Ltd., Class H (a)		11,753		7,152
Qingdao Haier Co. Ltd., Class A		1,737		4,439
Sany Heavy Industry Co. Ltd., Class A		1,432		2,606
SDIC Power Holdings Co. Ltd., Class A		1,095		1,316
Shanghai Tunnel Engineering Co. Ltd., Class A		1,231		1,262
Shanxi Lanhua Sci-Tech Venture Co. Ltd., Class A		1,137		1,318
Shenzhen Expressway Co. Ltd., Class H		3,966		4,831
Sinopec Shanghai Petrochemical Co. Ltd., Class A		5,340		4,069
STO Express Co. Ltd., Class A		519		1,855
Tencent Holdings Ltd.		1,698		83,690
Want Want China Holdings Ltd.		8,663		6,878
Weichai Power Co. Ltd., Class H		1,780		2,915
Weifu High-Technology Group Co. Ltd., Class A		431		1,315
Yanzhou Coal Mining Co. Ltd., Class H		4,228		4,514
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H (a)		703		3,488
Yihua Lifestyle Technology Co. Ltd., Class A		1,985		1,277
Zhejiang Juhua Co. Ltd., Class A		1,288		1,544
Zhejiang Semir Garment Co. Ltd., Class A		930		1,539
Zhongsheng Group Holdings Ltd.		1,347		3,542
Zijin Mining Group Co. Ltd., Class H		10,984		4,291
				482,696
Hungary — 1.9%
MOL Hungarian Oil & Gas plc		682		7,850
OTP Bank Nyrt.		424		18,835
				26,685
India — 6.4%
Bharat Petroleum Corp. Ltd.		1,481		8,110
Graphite India Ltd.		288		1,587

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
India — continued
HCL Technologies Ltd.		1,065			18,124
HDFC Bank Ltd., ADR		128			14,682
HEG Ltd.		46			1,080
Housing Development Finance Corp. Ltd.		730			20,948
Indian Oil Corp. Ltd.		2,957			6,731
NIIT Technologies Ltd.		390			7,254
Oil & Natural Gas Corp. Ltd.		3,367			8,192
Tech Mahindra Ltd.		228			2,746
					89,454
Indonesia — 1.0%
Bank Rakyat Indonesia Persero Tbk. PT *		44,888			13,801
Mexico — 4.0%
Alfa SAB de CV, Class A		3,670			3,697
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		4,935			8,286
Grupo Aeroportuario del Centro Norte SAB de CV		772			4,752
Grupo Financiero Banorte SAB de CV, Class O		3,185			20,182
Wal-Mart de Mexico SAB de CV		6,434			18,903
					55,820
Poland — 0.9%
Grupa Lotos SA		114			2,476
Polski Koncern Naftowy ORLEN SA		407			10,457
					12,933
Russia — 7.2%
Alrosa PJSC		7,072			10,317
LUKOIL PJSC, ADR		261			22,184
Magnit PJSC		67			3,865
Magnitogorsk Iron & Steel Works PJSC		3,775			2,584
MMC Norilsk Nickel PJSC, ADR		704			15,661
Novolipetsk Steel PJSC, GDR (a)		129			3,418
RusHydro PJSC		239,477			2,002
Sberbank of Russia PJSC, ADR		1,355			19,416
Sberbank of Russia PJSC, ADR		346			5,004
Severstal PJSC, GDR (a)		253			4,097
Surgutneftegas PJSC (Preference)		11,458			6,945
Tatneft PJSC, ADR		93			6,568
Tatneft PJSC, ADR		—	(b)		2
					102,063
Singapore — 0.2%
BOC Aviation Ltd. (a) (c)		316			2,712
South Africa — 2.2%
Absa Group Ltd.		669			7,706

INVESTMENTS	SHARES (000)		VALUE ($000)
South Africa — continued
AngloGold Ashanti Ltd.		389		4,625
Nedbank Group Ltd.		650		12,128
SPAR Group Ltd. (The)		438		5,941
				30,400
South Korea — 15.9%
Cheil Worldwide, Inc.		158		3,440
Daelim Industrial Co. Ltd.		80		6,611
Doosan Bobcat, Inc.		89		2,453
Doosan Infracore Co. Ltd. *		488		3,039
GS Engineering & Construction Corp.		177		6,171
GS Holdings Corp.		89		3,954
GS Retail Co. Ltd.		77		2,579
Hana Financial Group, Inc.		473		14,907
Hyosung Corp.		53		3,403
Hyundai Glovis Co. Ltd.		48		6,533
Hyundai Marine & Fire Insurance Co. Ltd.		111		3,646
Industrial Bank of Korea		815		9,888
KEPCO Plant Service & Engineering Co. Ltd.		80		2,502
KT Corp.		94		2,218
KT&G Corp.		162		14,195
Kumho Petrochemical Co. Ltd.		49		3,820
LG Display Co. Ltd.		346		5,888
LG Uplus Corp.		613		7,509
Lotte Chemical Corp.		27		6,189
POSCO		45		9,946
Samsung Electronics Co. Ltd.		1,447		56,890
Samsung SDS Co. Ltd.		37		6,910
Shinhan Financial Group Co. Ltd.		458		17,321
SK Holdings Co. Ltd.		31		6,833
SK Telecom Co. Ltd.		25		5,229
Woori Financial Group, Inc.		1,014		12,020
				224,094
Taiwan — 12.8%
AU Optronics Corp.		11,217		4,012
Catcher Technology Co. Ltd.		895		7,096
Chailease Holding Co. Ltd.		1,531		6,527
Chilisin Electronics Corp.		549		1,756
Chipbond Technology Corp.		2,589		5,875
CTBC Financial Holding Co. Ltd.		25,367		17,378
E.Sun Financial Holding Co. Ltd.		9,570		7,858
Elite Material Co. Ltd.		1,335		4,304
Far Eastern New Century Corp.		4,186		4,571
FLEXium Interconnect, Inc.		1,299		4,084
Globalwafers Co. Ltd.		624		6,840

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Taiwan — continued
Merry Electronics Co. Ltd.		982		5,656
Novatek Microelectronics Corp.		1,146		7,497
Radiant Opto-Electronics Corp.		1,273		4,302
Sino-American Silicon Products, Inc. *		2,680		5,811
Taiwan Cement Corp.		3,412		4,640
Taiwan Mobile Co. Ltd.		1,580		5,778
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,103		48,350
TCI Co. Ltd.		168		2,508
Uni-President Enterprises Corp.		4,031		9,580
Yageo Corp.		257		2,552
Yuanta Financial Holding Co. Ltd.		14,950		8,671
Zhen Ding Technology Holding Ltd.		1,444		5,166
				180,812
Thailand — 3.3%
PTT Exploration & Production PCL		3,251		13,585
PTT Global Chemical PCL		3,853		8,307
PTT PCL		9,931		15,162
Quality Houses PCL		28,508		2,645
Star Petroleum Refining PCL, NVDR		11,104		3,687
Tisco Financial Group PCL		1,111		2,915
				46,301
Turkey — 1.4%
Ford Otomotiv Sanayi A/S		239		2,111
KOC Holding A/S		1,253		3,403
Petkim Petrokimya Holding A/S		6,474		4,857
Soda Sanayii A/S		1,982		2,578
Tekfen Holding A/S		861		3,846
Turkiye Sise ve Cam Fabrikalari A/S		2,980		3,049
				19,844
United Kingdom — 0.5%
Mondi Ltd.		340		7,495
Total Common Stocks (Cost $1,199,943)				1,390,599
Short-Term Investments — 1.2%
Investment Companies — 1.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (d) (e) (Cost $17,075)		17,070		17,075

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 0.0% (f)
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e) (Cost $143)		143		143
Total Investments — 99.9% (Cost $1,217,161)				1,407,817
Other Assets Less Liabilities — 0.1%				1,750
NET ASSETS — 100.0%				1,409,567

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Banks		23.5	%
Oil, Gas & Consumable Fuels		11.3
Interactive Media & Services		5.9
Semiconductors & Semiconductor Equipment		5.6
Metals & Mining		5.3
Internet & Direct Marketing Retail		5.1
Technology Hardware, Storage & Peripherals		4.6
Food & Staples Retailing		3.0
Real Estate Management & Development		2.7
IT Services		2.5
Construction & Engineering		2.4
Electronic Equipment, Instruments & Components		2.4
Chemicals		2.3
Insurance		2.1
Industrial Conglomerates		1.8
Thrifts & Mortgage Finance		1.5
Food Products		1.4
Construction Materials		1.4
Diversified Telecommunication Services		1.2
Tobacco		1.0
Others (each less than 1.0%)		11.8
Short-Term Investments		1.2

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Abbreviations

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-voting depository receipt
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and

	do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	Amount rounds to less than one thousand.
(c)	The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $136,000.
(d)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2019.
(f)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common stocks — 97.5%
Argentina — 1.7%
MercadoLibre, Inc. *		210		101,668
Australia — 0.4%
Oil Search Ltd.		4,335		23,738
Brazil — 7.0%
Ambev SA, ADR		17,355		81,740
B3 SA — Brasil Bolsa Balcao *		10,120		89,169
Itau Unibanco Holding SA, ADR		9,466		81,883
Kroton Educacional SA		21,708		54,311
Lojas Renner SA		5,651		66,750
Raia Drogasil SA *		1,331		23,274
Ultrapar Participacoes SA		2,935		15,740
WEG SA		658		3,135
				416,002
China — 30.4%
Alibaba Group Holding Ltd., ADR * (a)		1,870		346,941
Baidu, Inc., ADR *		345		57,356
Hangzhou Robam Appliances Co. Ltd., Class A		8,294		36,023
Han’s Laser Technology Industry Group Co. Ltd., Class A		9,281		54,042
Huazhu Group Ltd., ADR		2,044		86,661
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		17,400		80,198
JD.com, Inc., ADR *		1,825		55,245
Kweichow Moutai Co. Ltd., Class A		522		75,446
Meituan Dianping, Class B * (b)		3,090		22,508
Midea Group Co. Ltd., Class A		12,494		97,271
New Oriental Education & Technology Group, Inc., ADR *		1,001		95,534
Ping An Insurance Group Co. of China Ltd., Class H		23,798		288,067
Shenzhou International Group Holdings Ltd.		4,471		60,094
Tencent Holdings Ltd.		7,146		352,205
Yum China Holdings, Inc.		2,205		104,819
				1,812,410
Egypt — 0.9%
Commercial International Bank Egypt SAE (Registered), GDR (b)		12,154		53,274
Hong Kong — 7.1%
AIA Group Ltd.		30,166		308,885
AIA Group Ltd.		795		8,109
Jardine Matheson Holdings Ltd.		350		23,008
Techtronic Industries Co. Ltd.		11,907		86,161
				426,163

INVESTMENTS	SHARES (000)		VALUE ($000)
Hungary — 1.1%
OTP Bank Nyrt.		1,535		68,255
India — 16.7%
Asian Paints Ltd.		1,940		40,807
HDFC Bank Ltd.		4,463		148,254
HDFC Bank Ltd., ADR		874		100,239
HDFC Life Insurance Co. Ltd. (b)		10,544		61,350
Housing Development Finance Corp. Ltd.		8,903		255,423
IndusInd Bank Ltd.		3,262		75,387
ITC Ltd.		17,048		73,890
Kotak Mahindra Bank Ltd.		3,885		77,481
Tata Consultancy Services Ltd.		3,235		105,155
UltraTech Cement Ltd.		870		57,727
				995,713
Indonesia — 2.3%
Bank Central Asia Tbk. PT		37,575		75,903
Bank Rakyat Indonesia Persero Tbk. PT *		203,387		62,533
				138,436
Macau — 1.4%
Sands China Ltd.		14,911		82,071
Mexico — 3.8%
Fomento Economico Mexicano SAB de CV, ADR		627		61,229
Grupo Financiero Banorte SAB de CV, Class O		19,399		122,914
Infraestructura Energetica Nova SAB de CV		9,739		42,563
				226,706
Panama — 0.9%
Copa Holdings SA, Class A (a)		662		55,149
Peru — 1.2%
Credicorp Ltd.		303		71,682
Portugal — 1.2%
Jeronimo Martins SGPS SA (a)		4,345		70,759
Russia — 3.2%
Sberbank of Russia PJSC		44,468		155,788
Sberbank of Russia PJSC		10,497		36,775
				192,563
South Africa — 4.1%
Bid Corp. Ltd.		4,954		104,724
Capitec Bank Holdings Ltd. (a)		510		47,615
Mr Price Group Ltd.		2,518		38,159
Sanlam Ltd.		9,956		53,311
				243,809

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
South Korea — 5.3%
NAVER Corp.		404		41,370
NCSoft Corp.		100		44,814
Samsung Electronics Co. Ltd.		5,778		227,183
				313,367
Spain — 0.4%
Prosegur Cia de Seguridad SA		4,899		25,485
Taiwan — 6.5%
Largan Precision Co. Ltd.		356		53,444
President Chain Store Corp.		5,411		50,485
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		6,498		284,744
				388,673
Turkey — 0.2%
Ford Otomotiv Sanayi A/S		1,070		9,459
United States — 1.7%
EPAM Systems, Inc. *		563		101,013
Total Common Stocks (Cost $4,271,749)				5,816,395
	NO. OF WARRANTS (000)
Warrants — 0.3%
United States — 0.3%
Almarai Co.
expiring 7/11/2019, price 1.00 USD * (Cost $19,204)		1,070		16,964
	SHARES (000)
Short-Term Investments — 2.3%
Investment Companies — 2.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (c) (d) (Cost $138,231)		138,189		138,231
Investment of Cash Collateral from Securities Loaned — 0.4%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d)		14,004		14,005

INVESTMENTS	SHARES (000)		VALUE ($000)
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d)		9,440		9,440
Total Investment of Cash Collateral from Securities Loaned (Cost $23,445)				23,445
Total Investments — 100.5% (Cost $4,452,629)				5,995,035
Liabilities in Excess of Other Assets — (0.5)%				(32,772	)
NET ASSETS — 100.0%				5,962,263

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Banks		19.6	%
Insurance		12.0
Internet & Direct Marketing Retail		8.8
Interactive Media & Services		7.5
Semiconductors & Semiconductor Equipment		4.7
Hotels, Restaurants & Leisure		4.6
Thrifts & Mortgage Finance		4.3
Food & Staples Retailing		4.2
Technology Hardware, Storage & Peripherals		3.8
Household Durables		3.7
Beverages		3.6
IT Services		3.4
Diversified Consumer Services		2.5
Food Products		1.6
Capital Markets		1.5
Tobacco		1.2
Multiline Retail		1.1
Textiles, Apparel & Luxury Goods		1.0
Construction Materials		1.0
Machinery		1.0
Others (each less than 1.0%)		6.6
Short-Term Investments		2.3

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

Abbreviations

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PT	Limited liability company
SGPS	Holding company
USD	United States Dollar
(a)	The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $22,871,000.

(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 89.7%
Brazil — 7.1%
Ambev SA		370		1,743
Atacadao SA *		104		564
B3 SA — Brasil Bolsa Balcao *		184		1,620
Banco Bradesco SA (Preference) *		250		2,270
Cielo SA		218		430
CVC Brasil Operadora e Agencia de Viagens SA *		39		572
Engie Brasil Energia SA		67		767
Equatorial Energia SA *		50		1,054
Gerdau SA (Preference)		307		1,112
Itau Unibanco Holding SA (Preference)		426		3,685
Kroton Educacional SA		470		1,177
Lojas Renner SA		131		1,550
Petroleo Brasileiro SA (Preference)		498		3,447
Raia Drogasil SA *		66		1,147
Telefonica Brasil SA (Preference)		118		1,398
TIM Participacoes SA, ADR *		63		933
Vale SA, ADR		232		2,969
				26,438
Chile — 0.2%
Cencosud SA		194		368
Cia Cervecerias Unidas SA, ADR		16		436
				804
China — 33.0%
3SBio, Inc.(a)		394		728
51job, Inc., ADR *		10		912
AAC Technologies Holdings, Inc.		66		429
Alibaba Group Holding Ltd., ADR *		96		17,730
ANTA Sports Products Ltd.		163		1,146
Baidu, Inc., ADR *		16		2,588
Bank of China Ltd., Class H		6,691		3,195
Baoshan Iron & Steel Co. Ltd., Class A		616		657
BOE Technology Group Co. Ltd., Class A		691		371
CGN Power Co. Ltd., Class H (a)		2,882		760
China Conch Venture Holdings Ltd.		185		625
China Construction Bank Corp., Class H		7,489		6,602
China Everbright International Ltd.		996		977
China Life Insurance Co. Ltd., Class H		861		2,447
China Longyuan Power Group Corp. Ltd., Class H		1,259		868
China Merchants Bank Co. Ltd., Class H		465		2,299
China Mobile Ltd.		297		2,834
China Oilfield Services Ltd., Class H		708		758
China Overseas Land & Investment Ltd.		530		1,986
China Pacific Insurance Group Co. Ltd., Class H		392		1,607
China Petroleum & Chemical Corp., Class H		2,934		2,255

INVESTMENTS	SHARES (000)		VALUE ($000)
China — continued
China Railway Group Ltd., Class H		729		575
China Shenhua Energy Co. Ltd., Class H		564		1,247
China State Construction International Holdings Ltd.		260		270
China Unicom Hong Kong Ltd.		1,188		1,411
China Vanke Co. Ltd., Class H		371		1,434
Chongqing Rural Commercial Bank Co. Ltd., Class H		861		504
CNOOC Ltd.		402		730
Country Garden Holdings Co. Ltd.		1,127		1,816
Country Garden Services Holdings Co. Ltd. *		516		953
CSPC Pharmaceutical Group Ltd.		530		1,023
Ctrip.com International Ltd., ADR *		36		1,582
ENN Energy Holdings Ltd.		111		1,051
Far East Horizon Ltd.		592		657
Focus Media Information Technology Co. Ltd., Class A		292		265
Fosun International Ltd.		331		514
Geely Automobile Holdings Ltd.		793		1,597
Greentown Service Group Co. Ltd. (a)		394		340
Guangdong Haid Group Co. Ltd., Class A		113		513
Hangzhou Robam Appliances Co. Ltd., Class A		159		690
Han’s Laser Technology Industry Group Co. Ltd., Class A		77		447
Industrial & Commercial Bank of China Ltd., Class H		5,763		4,335
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		100		459
JD.com, Inc., ADR *		13		388
Jiangsu Hengrui Medicine Co. Ltd., Class A		103		1,009
Kingdee International Software Group Co. Ltd.		879		1,079
Kweichow Moutai Co. Ltd., Class A		7		969
KWG Group Holdings Ltd.		575		674
Longfor Group Holdings Ltd.		208		767
Luxshare Precision Industry Co. Ltd., Class A		187		727
Midea Group Co. Ltd., Class A		135		1,050
NetEase, Inc., ADR		5		1,528
Nexteer Automotive Group Ltd.		265		416
PetroChina Co. Ltd., Class H		1,508		956
PICC Property & Casualty Co. Ltd., Class H		1,064		1,195
Pinduoduo, Inc., ADR *		29		653
Ping An Bank Co. Ltd., Class A		596		1,228
Ping An Insurance Group Co. of China Ltd., Class H		465		5,623
Postal Savings Bank of China Co. Ltd., Class H (a)		1,991		1,212
SAIC Motor Corp. Ltd., Class A		228		928
Shenzhou International Group Holdings Ltd.		107		1,440
Sinopharm Group Co. Ltd., Class H		313		1,231
Sunny Optical Technology Group Co. Ltd.		119		1,459
Tencent Holdings Ltd.		421		20,760
Wuxi Biologics Cayman, Inc. * (a)		133		1,335
Yum China Holdings, Inc.		46		2,193
				123,007

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Colombia — 0.3%
Bancolombia SA		105		1,282
Czech Republic — 0.4%
Komercni banka A/S		22		822
Moneta Money Bank A/S (a)		187		600
				1,422
Hong Kong — 0.2%
Haier Electronics Group Co. Ltd.		197		563
Hungary — 0.9%
MOL Hungarian Oil & Gas plc		86		995
OTP Bank Nyrt.		36		1,607
Richter Gedeon Nyrt.		39		784
				3,386
Indonesia — 2.4%
Astra International Tbk. PT		2,440		1,306
Bank Central Asia Tbk. PT		1,073		2,168
Bank Rakyat Indonesia Persero Tbk. PT *		6,578		2,022
Hanjaya Mandala Sampoerna Tbk. PT		2,984		734
Telekomunikasi Indonesia Persero Tbk. PT		6,049		1,611
Unilever Indonesia Tbk. PT		216		689
United Tractors Tbk. PT		152		291
				8,821
Malaysia — 1.4%
AirAsia Group Bhd.		643		425
CIMB Group Holdings Bhd.		482		615
IHH Healthcare Bhd		412		554
Petronas Chemicals Group Bhd.		530		1,153
Public Bank Bhd.		305		1,659
Tenaga Nasional Bhd.		292		868
				5,274
Mexico — 3.8%
Alfa SAB de CV, Class A		568		572
America Movil SAB de CV, Series L		3,164		2,348
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		490		822
Cemex SAB de CV, ADR *		77		353
Fomento Economico Mexicano SAB de CV, ADR		21		2,095
Grupo Aeroportuario del Pacifico SAB de CV, Class B		108		1,098
Grupo Aeroportuario del Sureste SAB de CV, Class B		57		936
Grupo Financiero Banorte SAB de CV, Class O		361		2,290
Grupo Mexico SAB de CV, Series B		518		1,522
Wal-Mart de Mexico SAB de CV		759		2,231
				14,267

INVESTMENTS	SHARES (000)		VALUE ($000)
Peru — 0.5%
Credicorp Ltd.		8		1,946
Philippines — 1.1%
Ayala Corp.		34		586
Ayala Land, Inc.		815		767
Bank of the Philippine Islands		198		323
International Container Terminal Services, Inc.		295		717
Jollibee Foods Corp.		117		682
Security Bank Corp.		83		288
Universal Robina Corp.		211		615
				3,978
Poland — 0.9%
CCC SA		12		656
CD Projekt SA *		16		883
Dino Polska SA * (a)		31		1,025
Polski Koncern Naftowy ORLEN SA		36		936
				3,500
Qatar — 0.2%
Qatar National Bank QPSC		14		731
Russia — 4.4%
Alrosa PJSC		729		1,063
Gazprom PJSC, ADR		159		794
LUKOIL PJSC, ADR		43		3,645
Magnitogorsk Iron & Steel Works PJSC		505		346
MMC Norilsk Nickel PJSC, ADR		52		1,164
Mobile TeleSystems PJSC, ADR		121		951
Moscow Exchange MICEX-RTS PJSC		616		869
Novatek PJSC, GDR (a)		6		1,125
Rosneft Oil Co. PJSC, GDR (a)		69		462
Sberbank of Russia PJSC, ADR		245		3,537
Severstal PJSC, GDR (a)		38		619
Tatneft PJSC, ADR		12		819
X5 Retail Group NV, GDR (a)		28		859
				16,253
South Africa — 6.3%
Absa Group Ltd.		112		1,293
AngloGold Ashanti Ltd., ADR		96		1,129
Bid Corp. Ltd.		67		1,406
Capitec Bank Holdings Ltd.		13		1,257
Clicks Group Ltd.		67		917
FirstRand Ltd.		428		2,037
Growthpoint Properties Ltd., REIT		497		865
Mr Price Group Ltd.		78		1,187
MTN Group Ltd.		55		398

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
South Africa — continued
Naspers Ltd., Class N		29		7,483
Netcare Ltd.		259		436
Pick n Pay Stores Ltd.		143		693
Sanlam Ltd.		208		1,113
Sappi Ltd.		106		506
Shoprite Holdings Ltd.		49		597
SPAR Group Ltd. (The)		62		845
Vodacom Group Ltd.		142		1,149
				23,311
South Korea — 13.0%
BGF retail Co. Ltd.		4		793
CJ Logistics Corp. *		4		542
Daelim Industrial Co. Ltd.		7		610
Hana Financial Group, Inc.		43		1,369
Hankook Tire Co. Ltd.		14		487
HDC Hyundai Development Co-Engineering & Construction, Class E		7		291
Hyundai Glovis Co. Ltd.		4		567
Hyundai Heavy Industries Holdings Co. Ltd.		2		544
Hyundai Mobis Co. Ltd.		8		1,580
Hyundai Motor Co.		16		1,860
Industrial Bank of Korea		60		727
KB Financial Group, Inc.		53		2,084
Kia Motors Corp.		31		1,199
Korea Electric Power Corp.		22		539
KT&G Corp.		17		1,443
LG Chem Ltd.		4		1,336
Lotte Chemical Corp.		5		1,056
Mando Corp.		20		563
NAVER Corp.		17		1,764
NCSoft Corp.		4		1,642
POSCO		9		1,871
Samsung Electronics Co. Ltd.		407		16,016
Samsung Fire & Marine Insurance Co. Ltd.		4		1,139
Samsung SDI Co. Ltd.		9		1,766
Shinhan Financial Group Co. Ltd.		50		1,886
SK Holdings Co. Ltd.		5		1,078
SK Hynix, Inc.		28		1,897
SK Innovation Co. Ltd.		4		601
S-Oil Corp.		14		1,080
Woori Financial Group, Inc.		1		10
				48,340
Taiwan — 10.7%
Advantech Co. Ltd.		51		413

INVESTMENTS	SHARES (000)		VALUE ($000)
Taiwan — continued
Asustek Computer, Inc.		132		1,009
Catcher Technology Co. Ltd.		166		1,316
Chailease Holding Co. Ltd.		288		1,228
Chicony Electronics Co. Ltd.		132		325
China Life Insurance Co. Ltd.		1,059		882
CTBC Financial Holding Co. Ltd.		2,519		1,726
Delta Electronics, Inc.		333		1,758
E.Sun Financial Holding Co. Ltd.		1,920		1,577
Far EasTone Telecommunications Co. Ltd.		258		633
Formosa Chemicals & Fibre Corp.		265		954
Formosa Plastics Corp.		532		1,931
Fubon Financial Holding Co. Ltd.		929		1,373
Globalwafers Co. Ltd.		67		734
Hon Hai Precision Industry Co. Ltd.		463		1,304
Inventec Corp.		1,109		891
Largan Precision Co. Ltd.		10		1,501
Mega Financial Holding Co. Ltd.		793		761
Quanta Computer, Inc.		532		1,020
Taiwan Mobile Co. Ltd.		183		669
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		348		15,246
Uni-President Enterprises Corp.		396		941
Vanguard International Semiconductor Corp.		396		880
Yuanta Financial Holding Co. Ltd.		1,564		907
				39,979
Thailand — 2.2%
Kasikornbank PCL		272		1,623
Minor International PCL		775		911
PTT Exploration & Production PCL		126		526
PTT PCL		1,302		1,988
Siam Cement PCL (The) (Registered)		86		1,240
Siam Commercial Bank PCL (The)		279		1,133
Thai Oil PCL		436		945
				8,366
Turkey — 0.4%
BIM Birlesik Magazalar A/S		21		297
Ford Otomotiv Sanayi A/S		40		350
Tofas Turk Otomobil Fabrikasi A/S		128		385
Turkcell Iletisim Hizmetleri A/S		206		432
				1,464
United Arab Emirates — 0.2%
DP World plc		28		559
United Kingdom — 0.1%
Mondi Ltd.		15		335
Total Common Stocks (Cost $321,640)				334,026

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange Traded Funds — 9.4%
United States
iShares MSCI India ETF (Cost $31,948)		985		34,994
	NO. OF WARRANTS (000)
Warrants — 0.0%
Thailand — 0.0%
Minor International PCL expiring 12/31/2021, price 1.00 THB * (Cost $—)		39		—
	SHARES (000)
Short-Term Investments — 0.7%
Investment Companies — 0.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (b) (c) (Cost $2,387)		2,386		2,387
Total Investments — 99.8% (Cost $355,975)				371,407
Other Assets Less Liabilities — 0.2%				905
NET ASSETS — 100.0%				372,312

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Banks		16.6	%
Mutual Funds		9.4
Internet & Direct Marketing Retail		7.5
Interactive Media & Services		6.8
Oil, Gas & Consumable Fuels		6.1
Technology Hardware, Storage & Peripherals		5.7
Semiconductors & Semiconductor Equipment		5.0
Insurance		4.1
Metals & Mining		3.4
Food & Staples Retailing		3.2
Wireless Telecommunication Services		2.8
Electronic Equipment, Instruments & Components		2.3
Automobiles		2.1
Real Estate Management & Development		2.0
Chemicals		1.7
Beverages		1.4
Diversified Financial Services		1.2
Diversified Telecommunication Services		1.2
Hotels, Restaurants & Leisure		1.2
Entertainment		1.1
Others (each less than 1.0%)		14.6
Short-Term Investments		0.6

Abbreviations

ADR	American Depositary Receipt
ETF	Exchange Traded Fund
GDR	Global Depositary Receipt
MSCI	Morgan Stanley Capital International
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PJSC	Public Joint Stock Company
PT	Limited liability company
REIT	Real Estate Investment Trust
THB	Thai Baht
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MSCI Emerging Markets E-Mini Index	35	06/2019		USD		1,889		41

Abbreviations

MSCI	Morgan Stanley Capital International
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.4%
Australia — 3.9%
BHP Group plc		358		8,446
Rio Tinto plc		248		14,449
				22,895
Belgium — 1.9%
KBC Group NV		147		10,917
Denmark — 1.3%
Royal Unibrew A/S		108		7,746
Finland — 3.2%
Neste OYJ (a)		452		14,953
UPM-Kymmene OYJ		140		3,954
				18,907
France — 16.7%
Air France-KLM *		687		7,928
Airbus SE (a)		78		10,717
Capgemini SE		55		6,662
Casino Guichard Perrachon SA (a)		16		653
Cie Generale des Etablissements Michelin SCA		62		8,063
Eiffage SA		77		8,010
Faurecia SA		110		5,575
Kering SA (a)		29		17,127
LVMH Moet Hennessy Louis Vuitton SE (a)		13		5,078
Peugeot SA (a)		280		7,342
Safran SA		69		10,091
TOTAL SA		186		10,348
				97,594
Germany — 9.1%
Allianz SE (Registered)		83		19,994
Deutsche Telekom AG (Registered)		664		11,121
Hannover Rueck SE		37		5,580
MTU Aero Engines AG		32		7,646
Volkswagen AG (Preference)		49		8,539
				52,880
Italy — 5.4%
Enel SpA		2,323		14,713
Eni SpA		695		11,841
Poste Italiane SpA (b)		479		5,123
				31,677
Netherlands — 8.3%
ABN AMRO Group NV, CVA (a) (b)		335		7,896
Adyen NV * (b)		10		7,826
ASML Holding NV (a)		25		5,304
ASR Nederland NV		180		8,007

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — continued
ING Groep NV		504		6,425
Koninklijke Ahold Delhaize NV		268		6,453
NN Group NV		145		6,346
				48,257
Norway — 1.2%
DNB ASA *		375		7,202
South Africa — 1.4%
Anglo American plc		308		7,982
Spain — 5.8%
ACS Actividades de Construccion y Servicios SA		261		12,013
Repsol SA		791		13,422
Telefonica SA		1,027		8,563
				33,998
Sweden — 3.1%
Evolution Gaming Group AB (b)		27		2,771
Telefonaktiebolaget LM Ericsson, Class B		1,021		10,102
Volvo AB, Class B		317		5,076
				17,949
Switzerland — 19.7%
Alcon, Inc. *		59		3,424
Logitech International SA (Registered)		152		5,956
Nestle SA (Registered)		310		29,828
Novartis AG (Registered)		297		24,360
Roche Holding AG		102		26,917
Swisscom AG (Registered) (a)		20		9,229
Zurich Insurance Group AG		47		15,088
				114,802
United Kingdom — 15.4%
Ashtead Group plc		249		6,918
BP plc		1,431		10,405
BT Group plc		2,071		6,181
Diageo plc		260		10,972
Fevertree Drinks plc		88		3,602
GlaxoSmithKline plc		831		17,063
HSBC Holdings plc		653		5,692
Imperial Brands plc		268		8,539
Linde plc		46		8,346
Micro Focus International plc		146		3,713
Persimmon plc		135		3,942
Taylor Wimpey plc		1,873		4,442
				89,815

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — 1.0%
Burford Capital Ltd.		259		5,532
Total Common Stocks (Cost $535,172)				568,153
Short-Term Investments — 1.0%
Investment Companies — 1.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (c) (d) (Cost $5,721)		5,720		5,721
Investment of Cash Collateral from Securities Loaned — 10.3%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d)		45,995		46,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d)		14,001		14,001
Total Investment of Cash Collateral from Securities Loaned (Cost $60,001)				60,001
Total Investments — 108.7% (Cost $600,894)				633,875
Liabilities in Excess of Other Assets — (8.7)%				(50,649	)
NET ASSETS — 100.0%				583,226

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		10.8	%
Oil, Gas & Consumable Fuels		9.6
Insurance		9.5
Investment of cash collateral from securities loaned		9.5
Banks		6.0
Diversified Telecommunication Services		5.5
Metals & Mining		4.9
Food Products		4.7
Aerospace & Defense		4.5
Beverages		3.5
Textiles, Apparel & Luxury Goods		3.5
Construction & Engineering		3.2
Automobiles		2.5
Electric Utilities		2.3
IT Services		2.3
Auto Components		2.2

INDUSTRY	PERCENTAGE
Communications Equipment		1.6	%
Tobacco		1.3
Household Durables		1.3
Chemicals		1.3
Airlines		1.3
Food & Staples Retailing		1.1
Trading Companies & Distributors		1.1
Others (each less than 1.0%)		5.6
Short-Term Investments		0.9

Abbreviations

CVA	Dutch Certification
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SCA	Limited partnership with share capital
(a)	The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $50,821,000.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.6%
Argentina — 0.0% (a)
MercadoLibre, Inc. *		4		2,160
Australia — 3.0%
AGL Energy Ltd.		63		981
Alumina Ltd.		647		1,024
Amcor Ltd.		182		2,054
AMP Ltd.		342		549
APA Group		176		1,194
Aristocrat Leisure Ltd.		42		781
ASX Ltd.		16		856
Aurizon Holdings Ltd.		388		1,301
Australia & New Zealand Banking Group Ltd.		379		7,269
Bendigo & Adelaide Bank Ltd.		64		462
BHP Group Ltd.		384		10,174
BHP Group plc		213		5,017
Boral Ltd.		161		550
Brambles Ltd.		184		1,568
Caltex Australia Ltd.		45		856
Challenger Ltd.		72		415
Coca-Cola Amatil Ltd.		138		856
Cochlear Ltd.		11		1,404
Coles Group Ltd. *		130		1,152
Commonwealth Bank of Australia		202		10,617
Computershare Ltd.		102		1,284
Crown Resorts Ltd.		10		95
CSL Ltd.		54		7,591
Dexus, REIT		156		1,374
Fortescue Metals Group Ltd.		139		702
Goodman Group, REIT		292		2,713
GPT Group (The), REIT		134		544
Incitec Pivot Ltd.		204		484
Insurance Australia Group Ltd.		245		1,362
Lendlease Group		70		652
Macquarie Group Ltd.		41		3,923
Medibank Pvt Ltd.		330		664
Mirvac Group, REIT		940		1,882
National Australia Bank Ltd.		334		5,962
Newcrest Mining Ltd.		86		1,514
Oil Search Ltd.		195		1,070
Orica Ltd.		75		979
Origin Energy Ltd.		182		948
QBE Insurance Group Ltd.		214		1,950
Ramsay Health Care Ltd. (b)		22		1,018
REA Group Ltd.		14		798
Rio Tinto Ltd.		60		4,053

INVESTMENTS	SHARES (000)		VALUE ($000)
Australia — continued
Rio Tinto plc		220		12,851
Santos Ltd.		215		1,086
Scentre Group, REIT		976		2,631
SEEK Ltd.		6		80
Sonic Healthcare Ltd.		36		656
South32 Ltd.		786		1,857
Stockland, REIT		371		987
Suncorp Group Ltd.		206		1,928
Sydney Airport		208		1,117
Tabcorp Holdings Ltd.		295		995
Telstra Corp. Ltd.		522		1,242
TPG Telecom Ltd.		118		563
Transurban Group		298		2,822
Treasury Wine Estates Ltd.		74		901
Vicinity Centres, REIT		510		915
Wesfarmers Ltd.		130		3,290
Westpac Banking Corp.		389		7,552
Woodside Petroleum Ltd.		85		2,131
Woolworths Group Ltd.		180		4,032
				138,278
Austria — 0.1%
Erste Group Bank AG *		170		6,804
Belgium — 0.3%
Anheuser-Busch InBev SA/NV		59		5,250
KBC Group NV		85		6,293
				11,543
Canada — 3.5%
Agnico Eagle Mines Ltd.		30		1,248
Alimentation Couche-Tard, Inc., Class B		60		3,557
ARC Resources Ltd. (b)		51		327
Bank of Montreal		90		7,085
Bank of Nova Scotia (The)		162		8,938
Barrick Gold Corp.		159		2,027
BCE, Inc.		22		990
Brookfield Asset Management, Inc., Class A		128		6,163
Canadian Imperial Bank of Commerce		57		4,777
Canadian National Railway Co.		109		10,095
Canadian Natural Resources Ltd.		156		4,697
Canadian Pacific Railway Ltd.		21		4,661
Canadian Tire Corp. Ltd., Class A (b)		10		1,095
Cenovus Energy, Inc.		121		1,199
CGI, Inc. *		32		2,282
Constellation Software, Inc.		3		2,405

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Canada — continued
Dollarama, Inc.		50		1,498
Enbridge, Inc.		112		4,149
Encana Corp.		122		847
Fairfax Financial Holdings Ltd.		3		1,526
Fortis, Inc.		40		1,477
Franco-Nevada Corp.		25		1,766
George Weston Ltd.		4		326
Gildan Activewear, Inc.		35		1,276
Great-West Lifeco, Inc.		42		1,052
Imperial Oil Ltd.		42		1,233
Intact Financial Corp.		19		1,534
Inter Pipeline Ltd. (b)		51		830
Kinross Gold Corp. *		179		569
Loblaw Cos. Ltd. (b)		32		1,587
Magna International, Inc.		57		3,167
Manulife Financial Corp.		281		5,180
Metro, Inc.		36		1,308
National Bank of Canada (b)		48		2,266
Nutrien Ltd.		95		5,126
Open Text Corp.		36		1,398
Pembina Pipeline Corp.		54		1,931
Power Corp. of Canada		54		1,228
Power Financial Corp.		38		895
Restaurant Brands International, Inc.		31		2,045
Rogers Communications, Inc., Class B		52		2,604
Royal Bank of Canada		194		15,491
Saputo, Inc.		37		1,251
Shaw Communications, Inc., Class B		58		1,179
SNC-Lavalin Group, Inc.		22		558
Sun Life Financial, Inc.		88		3,653
Suncor Energy, Inc.		222		7,307
Teck Resources Ltd., Class B		77		1,818
Thomson Reuters Corp.		49		3,036
Toronto-Dominion Bank (The)		245		13,978
TransCanada Corp.		101		4,830
Wheaton Precious Metals Corp.		60		1,291
				162,756
China — 0.1%
BOC Hong Kong Holdings Ltd.		538		2,409
Yangzijiang Shipbuilding Holdings Ltd.		347		401
				2,810
Denmark — 0.5%
Carlsberg A/S, Class B		30		3,900
Chr Hansen Holding A/S		34		3,470

INVESTMENTS	SHARES (000)		VALUE ($000)
Denmark — continued
Novo Nordisk A/S, Class B		276		13,503
Novozymes A/S, Class B		93		4,322
				25,195
Finland — 0.5%
Elisa OYJ		114		4,855
Nokia OYJ		592		3,112
Nordea Bank Abp		812		6,392
UPM-Kymmene OYJ		212		5,996
Wartsila OYJ Abp		285		4,571
				24,926
France — 4.1%
Accor SA		123		5,179
Air Liquide SA		66		8,802
Airbus SE		95		13,043
Alstom SA		108		4,749
Arkema SA		53		5,407
AXA SA (b)		278		7,404
BioMerieux		51		4,053
BNP Paribas SA		208		11,066
Capgemini SE		43		5,255
Eiffage SA		47		4,925
Kering SA (b)		10		5,625
L’Oreal SA (b)		20		5,614
LVMH Moet Hennessy Louis Vuitton SE		44		17,225
Orange SA		420		6,562
Pernod Ricard SA		41		7,164
Renault SA		112		7,658
Sanofi		95		8,276
Schneider Electric SE (b)		149		12,607
Thales SA		57		6,789
TOTAL SA		340		18,910
Valeo SA		138		5,013
Vinci SA		127		12,792
Vivendi SA		123		3,584
				187,702
Germany — 2.8%
adidas AG		38		9,844
Allianz SE (Registered)		61		14,710
BASF SE		47		3,860
Bayer AG (Registered)		80		5,332
Daimler AG (Registered) *		73		4,800
Deutsche Post AG (Registered) *		254		8,821
Deutsche Telekom AG (Registered)		494		8,272

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Germany — continued
Fresenius SE & Co. KGaA		126		7,176
Infineon Technologies AG		329		7,810
Merck KGaA		43		4,577
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) *		34		8,502
RWE AG *		235		6,021
SAP SE		124		15,955
Siemens AG (Registered)		98		11,722
Volkswagen AG (Preference)		57		9,922
				127,324
Hong Kong — 1.3%
AIA Group Ltd.		1,442		14,761
ASM Pacific Technology Ltd.		50		581
Bank of East Asia Ltd. (The)		41		129
CK Asset Holdings Ltd.		255		2,049
CK Hutchison Holdings Ltd.		385		4,046
CK Infrastructure Holdings Ltd.		127		1,030
CLP Holdings Ltd.		265		3,008
Hang Lung Properties Ltd.		59		139
Hang Seng Bank Ltd.		120		3,161
Henderson Land Development Co. Ltd.		234		1,442
HKT Trust & HKT Ltd.		414		642
Hong Kong & China Gas Co. Ltd.		1,278		3,051
Hong Kong Exchanges & Clearing Ltd.		132		4,568
Hongkong Land Holdings Ltd.		140		976
Jardine Matheson Holdings Ltd.		14		915
Kerry Properties Ltd.		198		845
Link REIT, REIT		257		2,997
MTR Corp. Ltd.		150		894
New World Development Co. Ltd.		457		757
NWS Holdings Ltd.		305		634
Power Assets Holdings Ltd.		161		1,120
Sino Land Co. Ltd.		676		1,189
Sun Hung Kai Properties Ltd.		210		3,616
Swire Pacific Ltd., Class A		118		1,494
Techtronic Industries Co. Ltd.		83		601
WH Group Ltd. (c)		773		914
Wharf Holdings Ltd. (The)		259		744
Wharf Real Estate Investment Co. Ltd.		210		1,609
Wheelock & Co. Ltd.		194		1,383
Yue Yuen Industrial Holdings Ltd.		186		599
				59,894
Ireland — 0.5%
CRH plc		233		7,829
James Hardie Industries plc, CHDI		77		1,049

INVESTMENTS	SHARES (000)			VALUE ($000)
Ireland — continued
Kerry Group plc, Class A		53			5,976
Kingspan Group plc		108			5,656
Ryanair Holdings plc, ADR *		50			3,853
					24,363
Israel — 0.1%
Teva Pharmaceutical Industries Ltd., ADR *		155			2,355
Italy — 0.7%
Davide Campari-Milano SpA		481			4,851
Enel SpA		1,913			12,114
Intesa Sanpaolo SpA		832			2,179
Snam SpA		789			4,015
UniCredit SpA		482			6,677
					29,836
Japan — 8.0%
AEON Financial Service Co. Ltd.		26			544
AGC, Inc.		40			1,361
Ajinomoto Co., Inc.		98			1,579
Alfresa Holdings Corp.		25			706
Amada Holdings Co. Ltd.		131			1,473
Asahi Group Holdings Ltd.		81			3,523
Asahi Kasei Corp.		81			836
Astellas Pharma, Inc.		147			1,996
Bandai Namco Holdings, Inc.		66			3,155
Bridgestone Corp.		109			4,324
Canon, Inc.		93			2,592
Central Japan Railway Co.		13			2,710
Chubu Electric Power Co., Inc.		120			1,748
Chugai Pharmaceutical Co. Ltd.		19			1,211
Concordia Financial Group Ltd.		347			1,354
Dai Nippon Printing Co. Ltd.		29			681
Daicel Corp.		174			1,946
Dai-ichi Life Holdings, Inc.		95			1,376
Daiichi Sankyo Co. Ltd.		105			5,167
Daikin Industries Ltd.		43			5,449
Daito Trust Construction Co. Ltd.		10			1,393
Daiwa House Industry Co. Ltd.		109			3,044
Daiwa House REIT Investment Corp., REIT		—	(d)		636
Denso Corp.		29			1,250
Dentsu, Inc.		8			336
East Japan Railway Co.		52			4,938
Eisai Co. Ltd.		27			1,578
Electric Power Development Co. Ltd.		91			2,104
FANUC Corp.		16			2,987

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Japan — continued
Fast Retailing Co. Ltd.		7			4,166
FUJIFILM Holdings Corp.		71			3,326
Fujitsu Ltd.		7			485
Hakuhodo DY Holdings, Inc.		47			786
Hankyu Hanshin Holdings, Inc.		19			699
Hino Motors Ltd.		110			1,038
Hisamitsu Pharmaceutical Co., Inc.		7			315
Hitachi High-Technologies Corp.		32			1,426
Hitachi Ltd.		168			5,584
Honda Motor Co. Ltd.		239			6,674
Hoya Corp.		24			1,681
Inpex Corp.		41			394
ITOCHU Corp.		244			4,403
J Front Retailing Co. Ltd.		136			1,663
Japan Airlines Co. Ltd.		63			2,058
Japan Exchange Group, Inc.		83			1,349
Japan Post Holdings Co. Ltd., ADR		55			618
Japan Prime Realty Investment Corp., REIT		—	(d)		668
Japan Real Estate Investment Corp., REIT		—	(d)		704
Japan Retail Fund Investment Corp., REIT		—	(d)		845
Japan Tobacco, Inc.		120			2,778
JFE Holdings, Inc.		58			995
JTEKT Corp.		46			595
JXTG Holdings, Inc.		608			2,960
Kao Corp.		81			6,261
Kawasaki Heavy Industries Ltd.		70			1,642
KDDI Corp.		158			3,644
Keikyu Corp.		34			572
Keyence Corp.		13			7,935
Kikkoman Corp.		7			345
Kintetsu Group Holdings Co. Ltd.		16			702
Kirin Holdings Co. Ltd.		100			2,266
Komatsu Ltd.		121			3,123
Kose Corp.		5			899
Kubota Corp.		37			559
Kyocera Corp.		19			1,209
Kyowa Hakko Kirin Co. Ltd.		102			1,975
M3, Inc.		77			1,371
Marui Group Co. Ltd.		99			2,022
Mazda Motor Corp.		68			804
Mebuki Financial Group, Inc.		448			1,143
MEIJI Holdings Co. Ltd.		7			583
MINEBEA MITSUMI, Inc.		68			1,218
Mitsubishi Corp.		207			5,705
Mitsubishi Electric Corp.		304			4,353

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Mitsubishi Estate Co. Ltd.		240			4,063
Mitsubishi Tanabe Pharma Corp.		25			320
Mitsubishi UFJ Financial Group, Inc.		1,531			7,598
Mitsui & Co. Ltd.		214			3,455
Mitsui Chemicals, Inc.		81			1,986
Mitsui Fudosan Co. Ltd.		123			2,851
Mizuho Financial Group, Inc.		1,539			2,404
MS&AD Insurance Group Holdings, Inc.		46			1,417
Murata Manufacturing Co. Ltd.		86			4,308
Nexon Co. Ltd. *		68			974
NGK Spark Plug Co. Ltd.		69			1,351
Nidec Corp.		36			5,099
Nintendo Co. Ltd.		16			5,476
Nippon Building Fund, Inc., REIT		—	(d)		818
Nippon Prologis REIT, Inc., REIT		—	(d)		552
Nippon Steel Corp.		121			2,171
Nippon Telegraph & Telephone Corp.		122			5,089
Nippon Yusen KK		57			974
Nissan Motor Co. Ltd.		256			2,054
Nitori Holdings Co. Ltd.		13			1,503
Nitto Denko Corp.		38			2,044
Nomura Holdings, Inc.		274			1,039
Nomura Real Estate Master Fund, Inc., REIT		—	(d)		661
Nomura Research Institute Ltd.		55			2,687
NSK Ltd.		67			696
NTT DOCOMO, Inc.		206			4,467
Obayashi Corp.		190			1,871
Obic Co. Ltd.		6			673
Oji Holdings Corp.		118			709
Olympus Corp.		140			1,576
Ono Pharmaceutical Co. Ltd.		64			1,210
Oriental Land Co. Ltd.		13			1,405
ORIX Corp.		246			3,486
Otsuka Corp.		63			2,462
Otsuka Holdings Co. Ltd.		82			2,942
Panasonic Corp.		399			3,678
Persol Holdings Co. Ltd.		102			1,921
Rakuten, Inc.		51			566
Recruit Holdings Co. Ltd.		120			3,620
Renesas Electronics Corp. *		222			1,187
Resona Holdings, Inc.		173			733
Ricoh Co. Ltd.		35			354
Rohm Co. Ltd.		23			1,659
Ryohin Keikaku Co. Ltd.		6			1,068
Santen Pharmaceutical Co. Ltd.		52			791

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
SBI Holdings, Inc.		33		710
Secom Co. Ltd.		8		707
Seibu Holdings, Inc.		126		2,051
Seiko Epson Corp.		63		1,010
Sekisui House Ltd.		83		1,341
Seven & i Holdings Co. Ltd.		124		4,288
Shimano, Inc.		7		1,058
Shimizu Corp.		75		644
Shin-Etsu Chemical Co. Ltd.		56		5,305
Shinsei Bank Ltd.		66		922
Shionogi & Co. Ltd.		14		818
Shiseido Co. Ltd.		54		4,255
Showa Denko KK		18		628
SMC Corp.		7		3,007
SoftBank Group Corp.		88		9,288
Sompo Holdings, Inc.		24		895
Sony Corp.		159		8,004
Stanley Electric Co. Ltd.		23		626
Subaru Corp.		14		336
SUMCO Corp.		50		665
Sumitomo Chemical Co. Ltd.		134		671
Sumitomo Electric Industries Ltd.		104		1,382
Sumitomo Metal Mining Co. Ltd.		43		1,346
Sumitomo Mitsui Financial Group, Inc.		188		6,826
Sumitomo Mitsui Trust Holdings, Inc.		60		2,087
Sumitomo Realty & Development Co. Ltd.		19		702
Suntory Beverage & Food Ltd.		15		654
Suzuken Co. Ltd.		25		1,453
Suzuki Motor Corp.		70		3,208
T&D Holdings, Inc.		151		1,632
Takeda Pharmaceutical Co. Ltd.		160		5,886
TDK Corp.		9		806
Terumo Corp.		10		296
THK Co. Ltd.		31		814
Tohoku Electric Power Co., Inc.		84		960
Tokio Marine Holdings, Inc.		107		5,406
Tokyo Electric Power Co. Holdings, Inc. *		83		468
Tokyo Electron Ltd.		9		1,381
Tokyo Gas Co. Ltd.		71		1,796
Tokyu Corp.		162		2,650
Tokyu Fudosan Holdings Corp.		162		916
Toppan Printing Co. Ltd.		33		531
Toray Industries, Inc.		350		2,392
Toshiba Corp.		58		1,926
Toyota Industries Corp.		10		578

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Toyota Motor Corp.		276			17,056
Toyota Tsusho Corp.		23			767
Unicharm Corp.		20			663
United Urban Investment Corp., REIT		—	(d)		631
Yahoo Japan Corp.		165			439
Yakult Honsha Co. Ltd.		7			505
Yamato Holdings Co. Ltd.		46			991
Yaskawa Electric Corp.		21			793
ZOZO, Inc.		19			339
					370,015
Luxembourg — 0.1%
Eurofins Scientific SE (b)		8			3,755
Macau — 0.1%
Galaxy Entertainment Group Ltd.		322			2,411
Sands China Ltd.		378			2,083
Wynn Macau Ltd.		235			677
					5,171
Netherlands — 2.0%
Akzo Nobel NV (b)		77			6,506
ASML Holding NV (b)		64			13,301
Heineken NV (b)		50			5,448
ING Groep NV		771			9,841
Koninklijke Ahold Delhaize NV		207			4,997
Koninklijke Philips NV		123			5,290
NN Group NV		129			5,647
NXP Semiconductors NV		42			4,488
Royal Dutch Shell plc, Class A		623			19,855
Royal Dutch Shell plc, Class B		315			10,161
Wolters Kluwer NV		96			6,682
					92,216
New Zealand — 0.1%
Auckland International Airport Ltd.		199			1,059
Fletcher Building Ltd.		178			612
Ryman Healthcare Ltd.		88			715
Spark New Zealand Ltd.		381			934
					3,320
Norway — 0.1%
Telenor ASA (b)		324			6,505
Singapore — 0.5%
Ascendas, REIT		447			988
CapitaLand Ltd.		498			1,295
CapitaLand Mall Trust, REIT		334			595

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Singapore — continued
ComfortDelGro Corp. Ltd.		290		574
DBS Group Holdings Ltd.		269		5,590
Genting Singapore Ltd.		650		471
Jardine Cycle & Carriage Ltd.		14		369
Keppel Corp. Ltd.		246		1,226
Oversea-Chinese Banking Corp. Ltd.		466		4,152
Singapore Exchange Ltd.		67		363
Singapore Press Holdings Ltd.		153		283
Singapore Telecommunications Ltd.		961		2,241
United Overseas Bank Ltd.		149		3,053
Wilmar International Ltd.		446		1,194
				22,394
Spain — 1.0%
Amadeus IT Group SA		98		7,799
Banco Bilbao Vizcaya Argentaria SA (b)		501		3,048
Banco Santander SA (b)		1,620		8,212
Endesa SA		235		5,869
Iberdrola SA		1,456		13,228
Industria de Diseno Textil SA		70		2,124
Repsol SA		208		3,525
Telefonica SA		352		2,933
				46,738
Sweden — 0.5%
Lundin Petroleum AB		153		4,976
Sandvik AB		291		5,385
SKF AB, Class B (b)		227		4,210
Svenska Handelsbanken AB, Class A		295		3,217
Volvo AB, Class B		213		3,406
				21,194
Switzerland — 2.7%
ABB Ltd. (Registered) *		159		3,264
Alcon, Inc. *		58		3,319
Cie Financiere Richemont SA (Registered)		61		4,477
Credit Suisse Group AG (Registered) *		628		8,345
Glencore plc *		2,232		8,855
Lonza Group AG (Registered) *		23		7,175
Nestle SA (Registered)		364		35,055
Novartis AG (Registered)		288		23,614
Roche Holding AG		92		24,271
UBS Group AG (Registered) *		322		4,315
Zurich Insurance Group AG		9		2,871
				125,561

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — 5.0%
3i Group plc		494		6,910
AstraZeneca plc		93		6,906
Barclays plc		1,419		3,045
Beazley plc		531		4,001
BP plc		2,145		15,598
British American Tobacco plc		162		6,342
Burberry Group plc		235		6,182
Compass Group plc		154		3,494
DCC plc		39		3,466
Diageo plc		388		16,363
Fiat Chrysler Automobiles NV		126		1,943
GlaxoSmithKline plc		402		8,253
HSBC Holdings plc		1,810		15,770
Imperial Brands plc		229		7,299
InterContinental Hotels Group plc		93		6,007
Intertek Group plc		73		5,113
Johnson Matthey plc		91		3,949
Liberty Global plc, Class A *		8		219
Liberty Global plc, Class C *		44		1,161
Linde plc		60		10,876
Lloyds Banking Group plc		6,197		5,068
London Stock Exchange Group plc		94		6,143
Prudential plc		604		13,722
Reckitt Benckiser Group plc		57		4,594
RELX plc		335		7,692
Rolls-Royce Holdings plc *		161		1,930
SSE plc		325		4,856
St James’s Place plc		284		4,173
Standard Chartered plc		858		7,847
Taylor Wimpey plc		2,728		6,468
Tesco plc		2,599		8,481
Unilever NV, CVA (b)		297		17,972
Unilever plc		94		5,698
Vodafone Group plc		2,269		4,208
				231,749
United States — 62.0%
3M Co.		10		1,801
Abbott Laboratories		68		5,402
AbbVie, Inc.		82		6,478
Accenture plc, Class A		73		13,387
Adobe, Inc. *		52		14,990
Advance Auto Parts, Inc.		31		5,236
AES Corp.		76		1,300
Akamai Technologies, Inc. *		11		911

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
Alexion Pharmaceuticals, Inc. *		68		9,293
Alleghany Corp. *		1		493
Allergan plc		49		7,265
Alliance Data Systems Corp.		23		3,603
Allstate Corp. (The)		73		7,259
Alphabet, Inc., Class A *		34		41,297
Alphabet, Inc., Class C *		42		50,226
Altice USA, Inc., Class A		174		4,092
Altria Group, Inc.		203		11,012
Amazon.com, Inc. *		49		94,145
American Electric Power Co., Inc.		170		14,524
American Express Co.		143		16,762
American Financial Group, Inc.		10		1,070
American International Group, Inc.		242		11,515
American Tower Corp., REIT		7		1,391
Amgen, Inc.		27		4,888
Analog Devices, Inc.		165		19,229
Anthem, Inc.		56		14,769
Apple, Inc.		542		108,718
Aramark		29		891
Arch Capital Group Ltd. *		17		562
Arrow Electronics, Inc. *		10		877
AT&T, Inc.		358		11,096
Automatic Data Processing, Inc.		132		21,664
AutoZone, Inc. *		12		11,921
AvalonBay Communities, Inc., REIT		45		9,000
Avery Dennison Corp.		58		6,415
Bank of America Corp.		1,485		45,412
Bank of New York Mellon Corp. (The)		289		14,344
BB&T Corp. (b)		87		4,437
Becton Dickinson and Co.		48		11,523
Berkshire Hathaway, Inc., Class B *		140		30,238
Best Buy Co., Inc.		157		11,695
Biogen, Inc. *		34		7,808
BioMarin Pharmaceutical, Inc. *		18		1,529
BlackRock, Inc.		18		8,729
Boeing Co. (The)		42		16,009
Booking Holdings, Inc. *		5		8,349
BorgWarner, Inc.		94		3,921
Boston Properties, Inc., REIT		23		3,133
Boston Scientific Corp. *		484		17,971
Bristol-Myers Squibb Co.		57		2,658
Broadcom, Inc.		62		19,786
Camden Property Trust, REIT		8		818
Capital One Financial Corp.		98		9,098

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
Carnival plc		79		4,212
Caterpillar, Inc.		64		8,956
CBRE Group, Inc., Class A *		38		2,001
CDK Global, Inc.		15		913
CDW Corp.		17		1,756
Celanese Corp.		95		10,239
Celgene Corp. *		102		9,682
Charles Schwab Corp. (The)		218		10,000
Charter Communications, Inc., Class A *		52		19,258
Cheniere Energy, Inc. *		12		788
Chevron Corp.		202		24,221
Chubb Ltd.		39		5,592
Cigna Corp.		91		14,503
Cisco Systems, Inc.		257		14,369
Citigroup, Inc.		480		33,959
Citizens Financial Group, Inc.		209		7,559
CME Group, Inc.		9		1,557
Coca-Cola Co. (The)		743		36,441
Comcast Corp., Class A		683		29,745
CommScope Holding Co., Inc. *		21		511
Concho Resources, Inc.		73		8,439
Constellation Brands, Inc., Class A		7		1,403
Cooper Cos., Inc. (The)		5		1,328
Crown Holdings, Inc. *		60		3,513
CSX Corp.		19		1,521
Cummins, Inc.		68		11,349
CVS Health Corp.		115		6,274
Danaher Corp.		69		9,091
Darden Restaurants, Inc.		12		1,409
DaVita, Inc. *		61		3,382
Deere & Co.		84		13,909
Dell Technologies, Inc., Class C *		16		1,062
Delta Air Lines, Inc.		161		9,409
DexCom, Inc. *		4		459
Diamondback Energy, Inc.		93		9,886
Digital Realty Trust, Inc., REIT		33		3,856
Discovery, Inc., Class A *(b)		180		5,558
Discovery, Inc., Class C *		216		6,203
DISH Network Corp., Class A *		25		878
Dollar General Corp.		51		6,421
Dow, Inc. *		123		6,962
DowDuPont, Inc.		368		14,156
Duke Realty Corp., REIT		44		1,366
DXC Technology Co.		30		1,997
E*TRADE Financial Corp.		28		1,394

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
East West Bancorp, Inc.		17		850
Eastman Chemical Co.		128		10,124
Eaton Corp. plc		189		15,685
Edison International		144		9,210
Elanco Animal Health, Inc. *		19		600
Electronic Arts, Inc. *		105		9,915
Eli Lilly & Co.		169		19,821
Emerson Electric Co.		76		5,369
EOG Resources, Inc.		196		18,806
Equinix, Inc., REIT		9		3,946
Equity Residential, REIT		90		6,908
Essex Property Trust, Inc., REIT		12		3,286
Estee Lauder Cos., Inc. (The), Class A		9		1,475
Everest Re Group Ltd.		5		1,207
Exelon Corp.		318		16,200
Expedia Group, Inc.		85		11,007
Exxon Mobil Corp.		294		23,569
F5 Networks, Inc. *		6		961
Facebook, Inc., Class A *		201		38,959
Federal Realty Investment Trust, REIT		49		6,577
Ferguson plc		98		6,983
Fidelity National Financial, Inc.		13		515
Fidelity National Information Services, Inc.		56		6,547
First Data Corp., Class A *		145		3,748
FirstEnergy Corp.		118		4,968
Flex Ltd. *		29		319
Ford Motor Co.		470		4,908
Fortinet, Inc. *		16		1,512
Freeport-McMoRan, Inc.		153		1,878
General Dynamics Corp.		94		16,757
General Motors Co.		72		2,800
Gilead Sciences, Inc.		129		8,371
H&R Block, Inc.		22		599
Hartford Financial Services Group, Inc. (The)		207		10,825
HD Supply Holdings, Inc. *		117		5,324
Hewlett Packard Enterprise Co.		166		2,629
Hilton Worldwide Holdings, Inc.		94		8,220
Hologic, Inc. *		32		1,481
Home Depot, Inc. (The)		176		35,902
Honeywell International, Inc.		169		29,417
Host Hotels & Resorts, Inc., REIT		240		4,614
HP, Inc.		470		9,382
Huntington Bancshares, Inc.		334		4,656
Illumina, Inc. *		16		4,877
Ingersoll-Rand plc		114		13,964

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
Intel Corp.		275		14,046
Intercontinental Exchange, Inc.		228		18,575
International Business Machines Corp.		3		474
Intuit, Inc.		68		17,024
Intuitive Surgical, Inc. *		13		6,385
Invitation Homes, Inc., REIT		22		544
JM Smucker Co. (The)		12		1,503
Johnson & Johnson		235		33,123
Jones Lang LaSalle, Inc.		4		638
KeyCorp		466		8,172
Kimberly-Clark Corp.		38		4,896
Kraft Heinz Co. (The)		83		2,766
Las Vegas Sands Corp.		37		2,473
Lear Corp.		5		733
Lennar Corp., Class A		105		5,478
Liberty Broadband Corp., Class C *		13		1,234
Liberty Media Corp-Liberty Formula One, Class C *		7		286
Liberty Property Trust, REIT		15		763
Lincoln National Corp.		145		9,669
Lowe’s Cos., Inc.		179		20,292
Lyft, Inc., Class A *(b)		9		537
ManpowerGroup, Inc.		8		732
Marathon Petroleum Corp.		275		16,756
Marvell Technology Group Ltd.		287		7,186
Masco Corp.		208		8,137
Mastercard, Inc., Class A		142		36,120
Maxim Integrated Products, Inc.		30		1,778
McDonald’s Corp.		37		7,287
McKesson Corp.		22		2,637
Medtronic plc		240		21,342
Merck & Co., Inc.		402		31,603
MetLife, Inc.		256		11,811
Microsoft Corp.		914		119,401
Molson Coors Brewing Co., Class B		105		6,740
Mondelez International, Inc., Class A		388		19,725
Morgan Stanley		420		20,252
Motorola Solutions, Inc.		7		1,015
National Retail Properties, Inc., REIT		16		816
Nektar Therapeutics *		19		613
Netflix, Inc. *		64		23,814
Newmont Goldcorp Corp.		21		645
Newmont Mining Corp. *		38		1,161
NextEra Energy, Inc.		100		19,385
Nielsen Holdings plc		61		1,560
NIKE, Inc., Class B		139		12,226

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
Nordstrom, Inc.		14		574
Norfolk Southern Corp.		103		21,108
Northrop Grumman Corp.		52		15,043
Nucor Corp.		36		2,034
NVIDIA Corp.		99		17,944
Occidental Petroleum Corp.		118		6,929
ON Semiconductor Corp. *		153		3,517
ONEOK, Inc.		129		8,765
Oracle Corp.		537		29,688
O’Reilly Automotive, Inc. *		27		10,044
Owens Corning		12		596
PACCAR, Inc.		160		11,493
Packaging Corp. of America		36		3,594
Palo Alto Networks, Inc. *		8		2,084
Parsley Energy, Inc., Class A *		175		3,484
PayPal Holdings, Inc. *		244		27,517
PepsiCo, Inc.		113		14,463
Pfizer, Inc.		839		34,071
Philip Morris International, Inc.		287		24,855
Phillips 66		105		9,878
Pioneer Natural Resources Co.		104		17,379
Principal Financial Group, Inc.		52		2,951
Procter & Gamble Co. (The)		241		25,616
Prologis, Inc., REIT		142		10,909
Prudential Financial, Inc.		101		10,706
Public Service Enterprise Group, Inc.		62		3,717
Public Storage, REIT		6		1,378
PVH Corp.		34		4,404
QUALCOMM, Inc.		68		5,836
Qurate Retail, Inc. *		21		358
Regeneron Pharmaceuticals, Inc. *		18		6,145
Regions Financial Corp.		68		1,063
Reinsurance Group of America, Inc.		7		1,023
Ross Stores, Inc.		150		14,629
Royal Caribbean Cruises Ltd.		67		8,079
RPM International, Inc.		52		3,124
Sabre Corp.		29		597
salesforce.com, Inc. *		170		28,098
SBA Communications Corp., REIT *		13		2,649
Sempra Energy		65		8,296
ServiceNow, Inc. *		19		5,228
Sherwin-Williams Co. (The)		5		2,140
Snap-on, Inc.		54		9,132
Spirit AeroSystems Holdings, Inc., Class A		6		532
Square, Inc., Class A *		17		1,258

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
Stanley Black & Decker, Inc.		79		11,511
Steel Dynamics, Inc.		12		376
SunTrust Banks, Inc.		216		14,123
Synchrony Financial		76		2,640
TD Ameritrade Holding Corp.		127		6,701
Teradyne, Inc.		161		7,896
Tesla, Inc. *(b)		12		2,895
Texas Instruments, Inc.		228		26,846
Thermo Fisher Scientific, Inc.		61		16,949
TJX Cos., Inc. (The)		288		15,830
T-Mobile US, Inc. *		121		8,803
Trimble, Inc. *		13		515
Tyson Foods, Inc., Class A		34		2,560
Union Pacific Corp.		145		25,733
United Continental Holdings, Inc. *		6		567
United Parcel Service, Inc., Class B		13		1,391
United Rentals, Inc. *		9		1,198
United Technologies Corp.		167		23,805
UnitedHealth Group, Inc.		145		33,688
Unum Group		12		443
Ventas, Inc., REIT		63		3,820
VEREIT, Inc., REIT		133		1,101
Verizon Communications, Inc.		516		29,525
Vertex Pharmaceuticals, Inc. *		54		9,149
Visa, Inc., Class A		182		29,893
Vornado Realty Trust, REIT		57		3,916
Walmart, Inc.		47		4,835
Walt Disney Co. (The)		164		22,520
Wells Fargo & Co.		625		30,257
Westrock Co.		28		1,060
Weyerhaeuser Co., REIT		50		1,337
Willis Towers Watson plc		4		763
Workday, Inc., Class A *		30		6,261
Xcel Energy, Inc.		248		14,016
Yum! Brands, Inc.		133		13,932
Zimmer Biomet Holdings, Inc.		124		15,291
Zoetis, Inc.		21		2,165
				2,853,690
Total Common Stocks (Cost $3,295,591)				4,588,254
Preferred Stocks — 0.0% (a)
United Kingdom — 0.0% (a)
Rolls-Royce Holdings plc (Preference) * (Cost $15)		11,441		15

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (e) (f) (Cost $3,058)		3,057		3,058
Investment of Cash Collateral from Securities Loaned — 1.9%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (e) (f)		63,998		64,004
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (e) (f)		24,969		24,969
Total Investment of Cash Collateral from Securities Loaned (Cost $88,973)				88,973
Total Investments — 101.6% (Cost $3,387,637)				4,680,300
Liabilities in Excess of Other Assets — (1.6)%				(74,721	)
NET ASSETS — 100.0%				4,605,579

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Banks		7.9	%
Oil, Gas & Consumable Fuels		5.6
Pharmaceuticals		5.4
Software		5.2
Insurance		3.9
IT Services		3.6
Semiconductors & Semiconductor Equipment		3.3
Specialty Retail		2.8
Interactive Media & Services		2.8
Capital Markets		2.8
Technology Hardware, Storage & Peripherals		2.8
Electric Utilities		2.7
Machinery		2.6
Internet & Direct Marketing Retail		2.5
Chemicals		2.5
Beverages		2.4
Health Care Equipment & Supplies		2.3
Aerospace & Defense		2.0
Equity Real Estate Investment Trusts (REITs)		2.0
Investment of cash collateral from securities loaned		1.9
Health Care Providers & Services		1.9

INDUSTRY	PERCENTAGE
Diversified Telecommunication Services		1.7	%
Road & Rail		1.7
Food Products		1.6
Hotels, Restaurants & Leisure		1.5
Media		1.5
Biotechnology		1.5
Entertainment		1.4
Metals & Mining		1.4
Automobiles		1.4
Textiles, Apparel & Luxury Goods		1.3
Industrial Conglomerates		1.2
Tobacco		1.1
Electrical Equipment		1.0
Others (each less than 1.0%)		12.7
Short-Term Investments		0.1

Abbreviations

ADR	American Depositary Receipt
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA	Dutch Certification
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
(a)	Amount rounds to less than 0.1% of net assets.
(b)	The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $85,387,000.
(c)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(d)	Amount rounds to less than one thousand.
(e)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(f)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		50		06/2019		USD		7,374		154

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.2%
Australia — 9.4%
AGL Energy Ltd.		701		10,995
Alumina Ltd.		8,287		13,113
Aurizon Holdings Ltd.		1,559		5,231
BHP Group Ltd.		2,145		56,759
BlueScope Steel Ltd.		2,106		20,014
CIMIC Group Ltd.		352		12,549
Computershare Ltd.		886		11,144
Evolution Mining Ltd.		4,720		10,639
Fortescue Metals Group Ltd.		1,430		7,225
JB Hi-Fi Ltd.		198		3,603
Macquarie Group Ltd.		410		39,007
Magellan Financial Group Ltd.		279		8,797
Metcash Ltd.		3,184		6,443
Qantas Airways Ltd.		5,455		21,579
Regis Resources Ltd.		1,969		6,662
Rio Tinto plc		856		49,910
South32 Ltd.		12,174		28,754
St Barbara Ltd.		1,789		4,041
Whitehaven Coal Ltd.		3,563		10,566
				327,031
Austria — 0.7%
OMV AG		413		22,160
Verbund AG *		52		2,593
				24,753
Belgium — 1.8%
Ageas		619		32,685
Telenet Group Holding NV		103		5,445
UCB SA		329		26,111
				64,241
Denmark — 0.8%
Novo Nordisk A/S, Class B		326		15,957
Royal Unibrew A/S		84		6,023
Topdanmark A/S		140		7,550
				29,530
Finland — 1.3%
Neste OYJ (a)		951		31,423
Valmet OYJ		516		14,227
				45,650
France — 7.8%
Capgemini SE		269		32,700
Casino Guichard Perrachon SA (a)		329		13,465
Dassault Aviation SA		7		10,547

INVESTMENTS	SHARES (000)		VALUE ($000)
France — continued
Edenred		293		13,796
Eiffage SA		252		26,263
Eutelsat Communications SA		480		8,681
Kering SA (a)		72		42,328
L’Oreal SA (a)		128		35,188
Peugeot SA (a)		1,327		34,783
Sanofi		76		6,617
Societe BIC SA		102		8,747
Thales SA		243		29,011
TOTAL SA		142		7,873
				269,999
Germany — 7.3%
adidas AG		58		15,061
Allianz SE (Registered)		235		56,727
Aroundtown SA		1,003		8,148
CANCOM SE		31		1,580
Deutsche Lufthansa AG (Registered)		393		9,515
E.ON SE		2,191		23,553
Hannover Rueck SE		110		16,568
HUGO BOSS AG		248		17,352
Jenoptik AG		76		3,020
LEG Immobilien AG		88		10,304
METRO AG		286		4,865
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) *		142		35,326
RWE AG *		1,273		32,641
Siltronic AG *		175		17,124
Stabilus SA		37		2,040
				253,824
Ghana — 0.3%
Tullow Oil plc		4,110		12,050
Hong Kong — 2.2%
CK Asset Holdings Ltd.		1,801		14,477
CLP Holdings Ltd.		1,746		19,811
Hang Seng Bank Ltd.		1,261		33,118
Kerry Properties Ltd.		1,017		4,351
NWS Holdings Ltd.		1,604		3,335
				75,092
Israel — 0.5%
Bank Leumi Le-Israel BM		1,234		8,448
Israel Discount Bank Ltd., Class A		2,157		8,419
				16,867

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Italy — 1.4%
A2A SpA		4,052		6,782
Eni SpA		2,146		36,565
Snam SpA		1,114		5,671
				49,018
Japan — 22.4%
Advantest Corp.		572		16,227
Alfresa Holdings Corp.		260		7,249
Astellas Pharma, Inc.		1,518		20,556
Bridgestone Corp.		426		16,915
Brother Industries Ltd.		672		13,275
Capcom Co. Ltd.		559		12,613
Central Japan Railway Co.		109		23,353
Chubu Electric Power Co., Inc.		588		8,555
Daicel Corp.		589		6,608
Dai-ichi Life Holdings, Inc.		894		12,898
DMG Mori Co. Ltd.		616		8,887
FCC Co. Ltd.		72		1,493
Fuji Electric Co. Ltd.		389		13,776
FUJIFILM Holdings Corp.		461		21,546
Fujitsu Ltd.		170		12,495
Hitachi Ltd.		681		22,662
Idemitsu Kosan Co. Ltd.		173		5,622
Isuzu Motors Ltd.		1,141		16,434
ITOCHU Corp.		1,232		22,226
Japan Aviation Electronics Industry Ltd.		208		3,365
Japan Retail Fund Investment Corp., REIT		4		7,848
JXTG Holdings, Inc.		2,057		10,005
Kaken Pharmaceutical Co. Ltd.		53		2,253
Kansai Electric Power Co., Inc. (The)		1,076		13,013
KDDI Corp.		966		22,264
Kumagai Gumi Co. Ltd.		83		2,447
Marubeni Corp.		2,411		17,279
Medipal Holdings Corp.		170		3,823
Mitsubishi Chemical Holdings Corp.		1,010		7,203
Mitsubishi Corp.		659		18,159
Mitsubishi Heavy Industries Ltd.		55		2,284
Mitsubishi UFJ Financial Group, Inc.		4,201		20,842
Mitsubishi UFJ Lease & Finance Co. Ltd.		446		2,272
Mitsui & Co. Ltd.		832		13,464
Mizuho Financial Group, Inc.		13,459		21,020
Nexon Co. Ltd. *		512		7,293
Nihon Unisys Ltd.		172		4,420
Nippon Telegraph & Telephone Corp.		491		20,409
Nomura Real Estate Holdings, Inc.		238		5,057

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
Oji Holdings Corp.		1,752		10,513
Open House Co. Ltd.		181		6,635
ORIX Corp.		1,048		14,839
Resona Holdings, Inc.		1,889		8,018
Sankyu, Inc.		101		4,853
SBI Holdings, Inc.		627		13,442
Shionogi & Co. Ltd.		297		17,354
Ship Healthcare Holdings, Inc.		62		2,559
Showa Denko KK		428		14,602
SoftBank Group Corp.		38		4,029
Sojitz Corp.		1,950		6,713
Sony Corp.		652		32,830
Sumitomo Corp.		689		9,878
Sumitomo Dainippon Pharma Co. Ltd.		245		5,413
Sumitomo Mitsui Financial Group, Inc.		675		24,537
Sumitomo Mitsui Trust Holdings, Inc.		446		15,575
Suzuki Motor Corp.		81		3,710
Taiheiyo Cement Corp.		308		9,929
Taisei Corp.		374		16,469
Takeda Pharmaceutical Co. Ltd.		49		1,820
Tokuyama Corp.		242		6,017
Toyota Boshoku Corp.		255		3,774
Toyota Motor Corp.		823		50,971
Toyota Tsusho Corp.		309		10,260
TS Tech Co. Ltd.		201		6,049
V Technology Co. Ltd.		30		3,992
Yokohama Rubber Co. Ltd. (The)		367		6,917
				779,808
Luxembourg — 0.4%
SES SA, FDR		723		12,295
Netherlands — 7.7%
ABN AMRO Group NV, CVA (a) (b)		1,237		29,138
Adyen NV *(a) (b)		19		15,364
ASR Nederland NV		632		28,134
Euronext NV (b)		154		10,734
EXOR NV		266		17,705
Flow Traders (b)		122		3,496
Intertrust NV (b)		152		2,894
Koninklijke Ahold Delhaize NV		1,466		35,333
Koninklijke BAM Groep NV		800		3,905
NN Group NV		74		3,224
Royal Dutch Shell plc, Class B		2,142		69,122
Signify NV (b)		399		11,960
Wolters Kluwer NV		517		36,052
				267,061

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Norway — 2.7%
Austevoll Seafood ASA		287		3,347
DNB ASA * (a)		1,728		33,227
Equinor ASA		516		11,510
Salmar ASA		306		13,916
Telenor ASA		1,593		32,022
				94,022
Russia — 0.4%
Evraz plc		1,583		13,001
Singapore — 1.0%
DBS Group Holdings Ltd.		666		13,841
Jardine Cycle & Carriage Ltd.		99		2,590
United Overseas Bank Ltd.		905		18,533
				34,964
South Africa — 0.9%
Anglo American plc		1,266		32,841
Spain — 4.6%
ACS Actividades de Construccion y Servicios SA		736		33,842
Cia de Distribucion Integral Logista Holdings SA		157		3,716
CIE Automotive SA		193		5,407
Enagas SA		771		21,995
Endesa SA		1,340		33,437
Mediaset Espana Comunicacion SA		445		3,448
Red Electrica Corp. SA		1,218		25,288
Repsol SA		623		10,579
Siemens Gamesa Renewable Energy SA		1,186		21,310
				159,022
Sweden — 1.2%
Betsson AB *		343		2,605
Hemfosa Fastigheter AB		212		1,754
JM AB (a)		364		6,941
Nyfosa AB *		104		621
Sandvik AB		647		11,989
Skandinaviska Enskilda Banken AB, Class A		1,783		17,023
Swedbank AB, Class A		132		2,150
				43,083
Switzerland — 8.6%
Adecco Group AG (Registered)		107		6,150
Alcon, Inc. *		175		10,093
Huber + Suhner AG (Registered)		27		2,133
Logitech International SA (Registered)		495		19,407
Nestle SA (Registered)		809		77,859
Novartis AG (Registered)		876		71,803

INVESTMENTS	SHARES (000)		VALUE ($000)
Switzerland — continued
Roche Holding AG		295		77,734
Swiss Life Holding AG (Registered) *		70		32,880
				298,059
United Kingdom — 13.8%
3i Group plc		990		13,850
Ashtead Group plc		897		24,920
Barratt Developments plc		1,547		12,169
Berkeley Group Holdings plc		288		14,145
Bovis Homes Group plc		224		3,242
BP plc		577		4,195
Britvic plc		329		3,927
Coca-Cola European Partners plc		613		32,872
Computacenter plc		180		2,840
Diageo plc		186		7,822
Dialog Semiconductor plc *		415		16,136
Dunelm Group plc		355		3,958
Fiat Chrysler Automobiles NV		1,745		26,900
GlaxoSmithKline plc		2,747		56,442
Greene King plc		460		3,856
Howden Joinery Group plc		493		3,271
HSBC Holdings plc		1,897		16,529
Imperial Brands plc		1,046		33,290
International Consolidated Airlines Group SA		3,214		22,710
Legal & General Group plc		9,507		34,571
Lloyds Banking Group plc		40,164		32,848
Micro Focus International plc		933		23,640
National Express Group plc		332		1,779
Next plc		422		31,791
Pearson plc		1,225		13,275
Persimmon plc		359		10,481
Redrow plc		2,111		16,990
Tate & Lyle plc		644		6,450
Unilever plc		107		6,461
				481,360
Total Common Stocks (Cost $3,274,851)				3,383,571
Short-term Investments — 1.6%
Investment Companies — 1.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (c) (d) (Cost $57,922)		57,905		57,922

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 5.1%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d)		127,990		128,003
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d)		48,375		48,375
Total Investment of Cash Collateral from Securities Loaned (Cost $176,378)				176,378
Total Investments — 103.9% (Cost $3,509,151)				3,617,871
Liabilities in Excess of Other Assets — (3.9)%				(135,696	)
NET ASSETS — 100.0%				3,482,175

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Banks		8.4	%
Pharmaceuticals		8.3
Insurance		7.2
Oil, Gas & Consumable Fuels		7.2
Metals & Mining		6.7
Investment of cash collateral from securities loaned		4.9
Automobiles		3.7
Trading Companies & Distributors		3.5
Electric Utilities		2.8
Food Products		2.8
Household Durables		2.7
Construction & Engineering		2.6
Capital Markets		2.5
IT Services		2.2
Textiles, Apparel & Luxury Goods		2.1
Multi-Utilities		2.0
Food & Staples Retailing		1.7
Technology Hardware, Storage & Peripherals		1.5
Airlines		1.5
Diversified Telecommunication Services		1.4
Real Estate Management & Development		1.4
Beverages		1.4
Semiconductors & Semiconductor Equipment		1.4
Electrical Equipment		1.4
Professional Services		1.2
Media		1.2

INDUSTRY	PERCENTAGE
Personal Products		1.1	%
Auto Components		1.1
Aerospace & Defense		1.1
Machinery		1.1
Road & Rail		1.0
Diversified Financial Services		1.0
Chemicals		1.0
Others (each less than 1.0%)		7.3
Short-Term Investments		1.6

Abbreviations

CVA	Dutch Certification
FDR	Finnish Depository Receipt
OYJ	Public Limited Company
REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $163,187,000.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		581		06/2019		EUR		22,528		1,428
FTSE 100 Index		172		06/2019		GBP		16,554		649
TOPIX Index		111		06/2019		JPY		16,177		271
										2,348

Abbreviations

EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
JPY	Japanese Yen
TOPIX	Tokyo Stock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.0%
Australia — 2.1%
BHP Group Ltd.		2,176		57,569
BHP Group plc		1,643		38,794
				96,363
Austria — 0.5%
Erste Group Bank AG *		609		24,393
Belgium — 0.5%
KBC Group NV		344		25,511
Brazil — 0.7%
Itau Unibanco Holding SA, ADR		3,511		30,373
China — 2.7%
Alibaba Group Holding Ltd., ADR *		170		31,568
Ping An Insurance Group Co. of China Ltd., Class H		4,731		57,261
Tencent Holdings Ltd.		701		34,571
				123,400
Denmark — 1.6%
Novo Nordisk A/S, Class B		1,466		71,840
France — 13.8%
Accor SA (a)		962		40,520
Airbus SE (a)		451		61,710
AXA SA (a)		1,494		39,839
Capgemini SE		293		35,499
EssilorLuxottica SA * (a)		275		33,463
Legrand SA		51		3,746
L’Oreal SA (a)		200		54,978
LVMH Moet Hennessy Louis Vuitton SE (a)		200		78,565
Orange SA		3,106		48,537
Pernod Ricard SA		314		54,706
Safran SA		362		52,778
Schneider Electric SE (a)		545		46,148
TOTAL SA		1,479		82,202
				632,691
Germany — 8.4%
adidas AG		181		46,722
Allianz SE (Registered)		332		80,223
Continental AG		288		47,694
Deutsche Boerse AG		289		38,673
Fresenius Medical Care AG & Co. KGaA		406		34,185
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) *		141		35,050
SAP SE		785		101,154
				383,701

INVESTMENTS	SHARES (000)		VALUE ($000)
Hong Kong — 4.4%
AIA Group Ltd.		11,669		119,484
CK Asset Holdings Ltd.		6,072		48,822
Hong Kong Exchanges & Clearing Ltd.		911		31,654
				199,960
India — 1.5%
HDFC Bank Ltd., ADR		594		68,118
Japan — 18.1%
Asahi Group Holdings Ltd.		1,167		50,903
Daikin Industries Ltd.		404		51,437
FANUC Corp.		236		44,339
Honda Motor Co. Ltd.		1,285		35,858
Kao Corp.		720		55,605
Keyence Corp.		109		67,790
Komatsu Ltd.		1,516		39,164
Kubota Corp.		2,754		41,929
Makita Corp.		1,094		39,924
Mitsui Fudosan Co. Ltd.		1,739		40,272
Nidec Corp.		354		50,622
Recruit Holdings Co. Ltd.		1,207		36,359
Shin-Etsu Chemical Co. Ltd.		636		60,216
Shiseido Co. Ltd.		746		58,695
SMC Corp.		116		48,324
Sumitomo Mitsui Financial Group, Inc.		1,985		72,140
Tokyo Electron Ltd.		199		31,651
				825,228
Macau — 0.9%
Sands China Ltd.		7,577		41,704
Netherlands — 5.8%
ASML Holding NV (a)		409		85,446
ING Groep NV (a)		4,328		55,225
Royal Dutch Shell plc, Class A		3,882		123,690
				264,361
Singapore — 1.4%
DBS Group Holdings Ltd.		3,207		66,691
South Africa — 0.3%
Naspers Ltd., Class N		62		15,957
South Korea — 1.1%
Samsung Electronics Co. Ltd., GDR (b)		50		49,315
Spain — 1.1%
Industria de Diseno Textil SA		1,658		50,204

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Sweden — 2.5%
Atlas Copco AB, Class A		1,343		41,926
Epiroc AB, Class A *		1,814		18,749
Lundin Petroleum AB		673		21,928
Svenska Handelsbanken AB, Class A		2,829		30,904
				113,507
Switzerland — 10.4%
ABB Ltd. (Registered) *		1,323		27,209
Alcon, Inc. *		273		15,747
Cie Financiere Richemont SA (Registered)		571		41,759
Nestle SA (Registered)		1,854		178,490
Novartis AG (Registered)		1,367		112,030
Roche Holding AG		383		101,066
				476,301
Taiwan — 1.0%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,045		45,777
United Kingdom — 17.1%
AstraZeneca plc		867		64,595
Aviva plc		6,476		36,367
Burberry Group plc		2,085		54,960
Diageo plc		2,636		111,116
GlaxoSmithKline plc		4,300		88,335
Legal & General Group plc		10,488		38,140
Linde plc		303		54,691
London Stock Exchange Group plc		635		41,641
Prudential plc		2,212		50,254
RELX plc		2,572		58,939
Smith & Nephew plc		2,096		40,529
Standard Chartered plc		1,048		9,586
Unilever plc		1,745		105,758
WPP plc		1,965		24,518
				779,429
United States — 1.1%
Ferguson plc		681		48,481
Total Common Stocks (Cost $3,612,173)				4,433,305
Short-Term Investments — 1.8%
Investment Companies — 1.8%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (c) (d) (Cost $82,881)		82,856		82,881

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 8.2%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d)		278,972		279,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d)		93,445		93,445
Total Investment of Cash Collateral from Securities Loaned (Cost $372,445)				372,445
Total Investments — 107.0% (Cost $4,067,499)				4,888,631
Liabilities in Excess of Other Assets — (7.0)%				(320,032	)
NET ASSETS — 100.0%				4,568,599

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Insurance		9.3	%
Pharmaceuticals		9.0
Banks		7.8
Investment of cash collateral from securities loaned		7.6
Personal Products		5.6
Machinery		5.6
Textiles, Apparel & Luxury Goods		5.2
Oil, Gas & Consumable Fuels		4.7
Beverages		4.4
Food Products		3.7
Semiconductors & Semiconductor Equipment		3.3
Electrical Equipment		2.6
Chemicals		2.4
Aerospace & Defense		2.3
Capital Markets		2.3
Software		2.1
Metals & Mining		2.0
Professional Services		1.9
Real Estate Management & Development		1.8
Hotels, Restaurants & Leisure		1.7
Electronic Equipment, Instruments & Components		1.4
Health Care Equipment & Supplies		1.1
Building Products		1.1
Specialty Retail		1.0
Technology Hardware, Storage & Peripherals		1.0
Diversified Telecommunication Services		1.0

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

INDUSTRY	PERCENTAGE
Trading Companies & Distributors		1.0	%
Auto Components		1.0
Internet & Direct Marketing Retail		1.0
Others (each less than 1.0%)		3.4
Short-Term Investments		1.7

Abbreviations

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
(a)	The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $355,310,000.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.0%
Australia — 4.6%
Goodman Group, REIT		146		1,360
Rio Tinto plc		56		3,280
Transurban Group		158		1,500
				6,140
Austria — 1.1%
Erste Group Bank AG *		38		1,503
Canada — 1.1%
TransCanada Corp.		30		1,442
China — 0.8%
China Construction Bank Corp., Class H		1,180		1,040
Denmark — 2.2%
Novo Nordisk A/S, Class B		61		2,972
Finland — 2.8%
Nordea Bank Abp		243		1,910
UPM-Kymmene OYJ		65		1,825
				3,735
France — 14.3%
Accor SA		29		1,234
Airbus SE		20		2,722
BNP Paribas SA		25		1,356
Capgemini SE		7		800
LVMH Moet Hennessy Louis Vuitton SE		8		3,071
Natixis SA		144		846
Orange SA		76		1,191
Renault SA		21		1,400
TOTAL SA		47		2,623
Unibail-Rodamco-Westfield, REIT		5		875
Vinci SA		31		3,174
				19,292
Germany — 5.0%
Allianz SE (Registered)		5		1,168
Deutsche Boerse AG		7		938
Deutsche Post AG (Registered) *		54		1,864
Infineon Technologies AG		45		1,075
Volkswagen AG (Preference)		9		1,642
				6,687
Hong Kong — 2.2%
HKT Trust & HKT Ltd.		1,071		1,660
Hong Kong Exchanges & Clearing Ltd.		37		1,272
				2,932

INVESTMENTS	SHARES (000)		VALUE ($000)
Italy — 1.7%
Enel SpA		354		2,245
Japan — 16.0%
Amada Holdings Co. Ltd.		137		1,537
Bandai Namco Holdings, Inc.		33		1,563
Bridgestone Corp.		43		1,698
Japan Airlines Co. Ltd.		42		1,363
Japan Exchange Group, Inc.		62		1,019
JXTG Holdings, Inc.		238		1,157
Marui Group Co. Ltd.		54		1,104
Mitsubishi Corp.		87		2,399
Mitsui & Co. Ltd.		72		1,160
Sumitomo Mitsui Financial Group, Inc.		48		1,745
Sumitomo Mitsui Trust Holdings, Inc.		30		1,057
Tokio Marine Holdings, Inc.		40		2,027
Toyota Motor Corp.		41		2,532
Trend Micro, Inc.		24		1,215
				21,576
Macau — 0.8%
Sands China Ltd.		192		1,059
Netherlands — 9.4%
Akzo Nobel NV		23		1,947
ASML Holding NV		7		1,500
ING Groep NV		139		1,779
Koninklijke Ahold Delhaize NV		62		1,500
NN Group NV		50		2,174
Royal Dutch Shell plc, Class A		116		3,700
				12,600
Norway — 2.1%
Telenor ASA		142		2,848
Singapore — 1.4%
DBS Group Holdings Ltd.		89		1,855
South Korea — 0.9%
Samsung Electronics Co. Ltd.		32		1,267
Spain — 1.8%
Iberdrola SA		261		2,369
Sweden — 1.2%
Svenska Handelsbanken AB, Class A		146		1,592
Switzerland — 10.5%
Glencore plc *		420		1,668
Nestle SA (Registered)		28		2,698
Novartis AG (Registered)		37		3,019

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Switzerland — continued
Roche Holding AG		14		3,572
Swiss Re AG		21		2,016
Zurich Insurance Group AG		4		1,164
				14,137
Taiwan — 1.5%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		46		2,031
United Kingdom — 14.4%
3i Group plc		93		1,303
Diageo plc		56		2,373
HSBC Holdings plc		137		1,193
Imperial Brands plc		90		2,849
Lloyds Banking Group plc		2,194		1,794
Prudential plc		105		2,377
Severn Trent plc		58		1,557
Taylor Wimpey plc		895		2,122
Unilever NV, CVA		64		3,856
				19,424
United States — 2.2%
Carnival plc		23		1,241
Ferguson plc		25		1,786
				3,027
Total Common Stocks (Cost $121,547)				131,773
Short-term Investments — 1.0%
Investment Companies — 1.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (a) (b) (Cost $1,314)		1,314		1,314
Total Investments — 99.0% (Cost $122,861)				133,087
Other Assets Less Liabilities — 1.0%				1,301
NET ASSETS — 100.0%				134,388

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Banks		12.6	%
Insurance		8.2
Pharmaceuticals		7.2
Oil, Gas & Consumable Fuels		6.7
Diversified Telecommunication Services		4.3
Automobiles		4.2
Capital Markets		4.0
Trading Companies & Distributors		4.0
Metals & Mining		3.7
Electric Utilities		3.5
Semiconductors & Semiconductor Equipment		3.5
Personal Products		2.9
Hotels, Restaurants & Leisure		2.7
Construction & Engineering		2.4
Textiles, Apparel & Luxury Goods		2.3
Tobacco		2.1
Aerospace & Defense		2.0
Food Products		2.0
Beverages		1.8
Equity Real Estate Investment Trusts (REITs)		1.7
Household Durables		1.6
Chemicals		1.5
Air Freight & Logistics		1.4
Paper & Forest Products		1.4
Auto Components		1.3
Leisure Products		1.2
Water Utilities		1.2
Machinery		1.2
Food & Staples Retailing		1.1
Transportation Infrastructure		1.1
Airlines		1.0
Technology Hardware, Storage & Peripherals		0.9
Others (each less than 1.0%)		2.3
Short-Term Investments		1.0

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Abbreviations

ADR	American Depositary Receipt
CVA	Dutch Certification
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

REIT	Real Estate Investment Trust
(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.

Forward foreign currency exchange contracts outstanding as of April 30, 2019 (amounts in thousands):
CURRENCY PURCHASED			CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
	USD	542	JPY	60,130	Barclays Bank plc		5/7/2019		2
	USD	161	JPY	17,824	Merrill Lynch International		5/7/2019		1
	USD	122	JPY	13,565	Royal Bank of Canada		5/7/2019		—	(a)
	EUR	563	USD	633	BNP Paribas		5/29/2019		—	(a)
	JPY	985,126	USD	8,830	BNP Paribas		5/29/2019		34
	JPY	60,706	USD	544	Standard Chartered Bank		5/29/2019		3
	USD	1,531	CHF	1,554	Barclays Bank plc		5/29/2019		1
	USD	5,294	EUR	4,705	Citibank, NA		5/29/2019		3
	USD	2,166	NOK	18,557	TD Bank Financial Group		5/29/2019		13
	Total unrealized appreciation								57
	JPY	1,076,645	USD	9,781	Credit Suisse International		5/7/2019		(111	)
	USD	8,815	JPY	985,126	BNP Paribas		5/7/2019		(32	)
	AUD	8,914	USD	6,346	BNP Paribas		5/29/2019		(58	)
	CHF	484	USD	476	BNP Paribas		5/29/2019		(1	)
	GBP	224	USD	293	Citibank, NA		5/29/2019		—	(a)
	USD	866	CAD	1,164	BNP Paribas		5/29/2019		(3	)
	USD	4,220	GBP	3,255	Citibank, NA		5/29/2019		(31	)
	USD	1,243	GBP	958	State Street Corp.		5/29/2019		(8	)
	Total unrealized depreciation								(244	)
	Net unrealized depreciation								(187	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
NOK	Norwegian Krone
USD	United States Dollar
(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 96.2%
Australia — 5.1%
Australia & New Zealand Banking Group Ltd.		28			528
BHP Group Ltd.		21			550
Commonwealth Bank of Australia		2			94
CSL Ltd.		1			208
Dexus, REIT		30			267
Goodman Group, REIT		28			260
Macquarie Group Ltd.		—	(a)		47
National Australia Bank Ltd.		3			52
Rio Tinto Ltd.		6			406
Rio Tinto plc		2			119
Westpac Banking Corp.		5			91
					2,622
Austria — 0.7%
Erste Group Bank AG *		9			347
Belgium — 1.3%
Anheuser-Busch InBev SA/NV		7			666
Denmark — 1.6%
Chr Hansen Holding A/S		2			187
Novo Nordisk A/S, Class B		13			653
					840
Finland — 1.6%
Cargotec OYJ, Class B		4			154
Nokia OYJ		21			110
Outokumpu OYJ		48			185
Wartsila OYJ Abp		22			357
					806
France — 12.5%
Air Liquide SA		5			677
Airbus SE		3			471
Alstom SA		7			313
AXA SA		9			253
BNP Paribas SA		10			547
Capgemini SE		2			288
Orange SA		16			253
Pernod Ricard SA		3			529
Renault SA		6			399
Sanofi		7			640
Schneider Electric SE		6			509
Sodexo SA		2			244
Thales SA		2			270
TOTAL SA		14			778
Unibail-Rodamco-Westfield, REIT		1			154
Vinci SA		1			115
					6,440

INVESTMENTS	SHARES (000)			VALUE ($000)
Germany — 9.0%
adidas AG		1			249
Allianz SE (Registered)		—	(a)		106
BASF SE		1			115
Bayer AG (Registered)		4			242
Brenntag AG		6			322
Daimler AG (Registered) *		8			535
Deutsche Bank AG (Registered)		8			64
Deutsche Boerse AG		2			305
Deutsche Post AG (Registered) *		10			345
Deutsche Telekom AG (Registered)		25			415
Henkel AG & Co. KGaA (Preference)		3			304
Infineon Technologies AG		13			319
RWE AG *		10			265
SAP SE		7			920
Siemens AG (Registered)		1			137
					4,643
Hong Kong — 3.1%
AIA Group Ltd.		64			651
CK Asset Holdings Ltd.		24			189
CK Hutchison Holdings Ltd.		25			257
Hong Kong Exchanges & Clearing Ltd.		14			490
					1,587
Ireland — 0.8%
CRH plc		3			94
Ryanair Holdings plc, ADR *		4			304
					398
Israel — 0.2%
Teva Pharmaceutical Industries Ltd., ADR *		7			100
Italy — 1.8%
Assicurazioni Generali SpA		14			277
Enel SpA		98			618
UniCredit SpA		3			42
					937
Japan — 22.0%
Asahi Group Holdings Ltd.		3			131
Bridgestone Corp.		9			361
Central Japan Railway Co.		1			301
Daicel Corp.		27			301
Daikin Industries Ltd.		4			522
DMG Mori Co. Ltd.		19			278
Electric Power Development Co. Ltd.		4			81
Hitachi Ltd.		5			153

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Japan — continued
Honda Motor Co. Ltd.		16			455
Japan Airlines Co. Ltd.		5			176
Japan Tobacco, Inc.		11			257
Kao Corp.		6			455
Keyence Corp.		—	(a)		125
Kyowa Hakko Kirin Co. Ltd.		7			134
Mabuchi Motor Co. Ltd.		9			326
Marui Group Co. Ltd.		11			218
Mitsubishi Corp.		12			325
Mitsubishi UFJ Financial Group, Inc.		85			423
Mitsui Fudosan Co. Ltd.		11			257
NGK Spark Plug Co. Ltd.		11			211
Nintendo Co. Ltd.		2			517
Nippon Telegraph & Telephone Corp.		10			399
Nomura Research Institute Ltd.		4			176
Olympus Corp.		7			76
Otsuka Corp.		7			264
Otsuka Holdings Co. Ltd.		10			343
Panasonic Corp.		26			240
Persol Holdings Co. Ltd.		9			175
Renesas Electronics Corp. *		24			130
Seven & i Holdings Co. Ltd.		11			377
Sony Corp.		4			202
Sumitomo Electric Industries Ltd.		11			145
Sumitomo Mitsui Financial Group, Inc.		11			403
T&D Holdings, Inc.		25			270
Tokio Marine Holdings, Inc.		7			350
Tokyo Gas Co. Ltd.		4			102
Tokyu Corp.		22			351
Toray Industries, Inc.		32			220
Toyota Motor Corp.		12			762
West Japan Railway Co.		2			171
Yamato Holdings Co. Ltd.		5			100
					11,263
Luxembourg — 0.5%
ArcelorMittal		11			239
Netherlands — 5.3%
Akzo Nobel NV		4			350
ASML Holding NV		3			535
Heineken NV		2			202
ING Groep NV		30			387
Koninklijke Philips NV		4			155
Royal Dutch Shell plc, Class A		16			514
Royal Dutch Shell plc, Class B		18			575
					2,718

INVESTMENTS	SHARES (000)			VALUE ($000)
Singapore — 1.1%
DBS Group Holdings Ltd.		25			512
United Overseas Bank Ltd.		2			47
					559
Spain — 3.5%
Banco Santander SA		48			245
Bankia SA		76			211
Iberdrola SA		83			751
Industria de Diseno Textil SA		16			483
Telefonica SA		13			106
					1,796
Sweden — 1.2%
Lundin Petroleum AB		8			251
Svenska Handelsbanken AB, Class A		35			383
					634
Switzerland — 9.6%
Alcon, Inc. *		2			104
Cie Financiere Richemont SA (Registered)		5			372
Credit Suisse Group AG (Registered) *		35			462
LafargeHolcim Ltd. (Registered) *		8			431
Nestle SA (Registered)		14			1,353
Novartis AG (Registered)		9			744
Roche Holding AG		4			961
Swiss Re AG		4			365
Zurich Insurance Group AG		—	(a)		117
					4,909
United Kingdom — 14.5%
3i Group plc		32			442
AstraZeneca plc		2			176
Aviva plc		48			272
Barratt Developments plc		33			261
BP plc		97			702
British American Tobacco plc		16			617
Burberry Group plc		12			307
Diageo plc		2			79
Dixons Carphone plc		82			155
GlaxoSmithKline plc		27			559
HSBC Holdings plc		53			464
InterContinental Hotels Group plc		8			520
ITV plc		148			264
Lloyds Banking Group plc		242			198
Prudential plc		27			624
Standard Chartered plc		46			423
Taylor Wimpey plc		90			214

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
Unilever NV, CVA		10		595
Vodafone Group plc		239		444
Whitbread plc		2		128
				7,444
United States — 0.8%
Ferguson plc		6		397
Total Common Stocks (Cost $48,629)				49,345
	NO. OF CONTRACTS		MARKET VALUE ($000)
Options Purchased — 0.2%
Put Options Purchased — 0.2%
Mauritius — 0.2%
MSCI EAFE Index 6/21/2019 at USD 1,770.00, Vanilla, European Style Notional Amount: USD 51,303,890 Exchange Traded * (Cost $470)		267		115
	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.7%
Investment Companies — 2.7%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (b) (c) (Cost $1,374)		1,374		1,374
Total Investments — 99.1% (Cost $50,473)				50,834
Other Assets Less Liabilities — 0.9%				452
NET ASSETS — 100.0%				51,286

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Banks		10.6	%
Pharmaceuticals		9.0
Insurance		6.5
Oil, Gas & Consumable Fuels		5.6
Automobiles		4.2
Chemicals		3.6
Capital Markets		3.6
Beverages		3.2
Metals & Mining		2.9
Electric Utilities		2.7
Food Products		2.7
Diversified Telecommunication Services		2.3
Machinery		2.2
Personal Products		2.1
Trading Companies & Distributors		2.1
Semiconductors & Semiconductor Equipment		1.9
Textiles, Apparel & Luxury Goods		1.8
Software		1.8
Household Durables		1.8
Hotels, Restaurants & Leisure		1.8
Tobacco		1.7
Electrical Equipment		1.6
Road & Rail		1.6
Aerospace & Defense		1.5
IT Services		1.4
Auto Components		1.4
Equity Real Estate Investment Trusts (REITs)		1.3
Specialty Retail		1.3
Construction Materials		1.0
Building Products		1.0
Entertainment		1.0
Others (each less than 1.0%)		10.1
Short-Term Investments		2.7

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Abbreviations

ADR	American Depositary Receipt
CVA	Dutch Certification
EAFE	Europe, Australasia and Far East
MSCI	Morgan Stanley Capital International
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

USD	United States Dollar
(a)	Amount rounds to less than one thousand.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		11		06/2019		EUR		427		3
FTSE 100 Index		2		06/2019		GBP		192		(1	)
SPI 200 Index		8		06/2019		AUD		890		12
TOPIX Index		3		06/2019		JPY		437		2
										16

Abbreviations

AUD	Australian Dollar
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
JPY	Japanese Yen
SPI	Australian Securities Exchange
TOPIX	Tokyo Stock Price Index

Written Call Options Contracts as of April 30, 2019 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

MSCI EAFE Index

Exchange Traded

267

USD 51,304

USD 1,940

6/21/2019

(456

)

Written Put Options Contracts as of April 30, 2019 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

MSCI EAFE Index

Exchange Traded

267

USD 51,304

USD 1,500

6/21/2019

(11

)

Total Written Options Contracts (Premiums Received $478)

(467

)

Abbreviations

EAFE	Europe, Australasia, and Far East
MSCI	Morgan Stanley Capital International
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 95.8%
Australia — 5.1%
Australia & New Zealand Banking Group Ltd.		2,452		47,048
BHP Group Ltd.		1,853		49,031
Commonwealth Bank of Australia		163		8,563
CSL Ltd.		132		18,531
Dexus, REIT		2,700		23,841
Goodman Group, REIT		2,495		23,217
Macquarie Group Ltd.		45		4,298
National Australia Bank Ltd.		265		4,737
Rio Tinto Ltd.		537		36,198
Rio Tinto plc		183		10,663
Westpac Banking Corp.		425		8,247
				234,374
Austria — 0.7%
Erste Group Bank AG *		776		31,087
IMMOFINANZ AG *		1		36
				31,123
Belgium — 1.3%
Anheuser-Busch InBev SA/NV		671		59,687
Denmark — 1.6%
Chr Hansen Holding A/S		164		16,770
Novo Nordisk A/S, Class B		1,192		58,419
				75,189
Finland — 1.6%
Cargotec OYJ, Class B		336		13,792
Nokia OYJ		1,873		9,840
Outokumpu OYJ (a)		4,331		16,584
Wartsila OYJ Abp		1,999		32,004
				72,220
France — 12.5%
Air Liquide SA		456		60,634
Airbus SE		308		42,192
Alstom SA		638		28,053
AXA SA (a)		850		22,670
BNP Paribas SA		920		48,979
Capgemini SE		213		25,799
Orange SA		1,451		22,677
Pernod Ricard SA		271		47,340
Renault SA		524		35,744
Sanofi (a)		657		57,289
Schneider Electric SE (a)		539		45,581
Sodexo SA		191		21,865
Thales SA		202		24,118
TOTAL SA		1,254		69,707

INVESTMENTS	SHARES (000)		VALUE ($000)
France — continued
Unibail-Rodamco-Westfield, REIT		80		13,808
Vinci SA		104		10,494
				576,950
Germany — 9.0%
adidas AG		87		22,291
Allianz SE (Registered)		40		9,676
BASF SE		129		10,508
Bayer AG (Registered)		325		21,659
Brenntag AG		535		28,817
Daimler AG (Registered) *		730		47,942
Deutsche Bank AG (Registered)		705		5,849
Deutsche Boerse AG		204		27,288
Deutsche Post AG (Registered) *		889		30,889
Deutsche Telekom AG (Registered)		2,219		37,176
Henkel AG & Co. KGaA (Preference)		269		27,243
Infineon Technologies AG		1,206		28,581
RWE AG *		925		23,726
SAP SE		639		82,413
Siemens AG (Registered)		102		12,282
				416,340
Hong Kong — 3.1%
AIA Group Ltd.		5,669		58,043
CK Asset Holdings Ltd.		2,100		16,882
CK Hutchison Holdings Ltd.		2,164		22,754
Hong Kong Exchanges & Clearing Ltd.		1,256		43,632
I-CABLE Communications Ltd. * (a)		254		4
				141,315
Ireland — 0.8%
CRH plc		256		8,599
Ryanair Holdings plc, ADR *		351		27,225
				35,824
Israel — 0.2%
Teva Pharmaceutical Industries Ltd., ADR *		601		9,142
Italy — 1.8%
Assicurazioni Generali SpA		1,280		24,834
Enel SpA		8,732		55,290
UniCredit SpA (a)		278		3,850
				83,974
Japan — 21.7%
Asahi Group Holdings Ltd.		262		11,433
Bridgestone Corp.		811		32,177
Central Japan Railway Co.		123		26,471
Daicel Corp.		2,391		26,828

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
Daikin Industries Ltd.		368		46,903
DMG Mori Co. Ltd.		1,719		24,793
Electric Power Development Co. Ltd.		316		7,344
Hitachi Ltd.		407		13,539
Honda Motor Co. Ltd.		1,453		40,535
Japan Airlines Co. Ltd.		477		15,566
Japan Tobacco, Inc.		992		22,925
Kao Corp.		522		40,282
Keyence Corp.		17		10,434
Kyowa Hakko Kirin Co. Ltd.		619		12,034
Mabuchi Motor Co. Ltd.		784		29,062
Marui Group Co. Ltd.		950		19,320
Mitsubishi Corp.		1,050		28,920
Mitsubishi UFJ Financial Group, Inc.		7,603		37,722
Mitsui Fudosan Co. Ltd.		990		22,937
NGK Spark Plug Co. Ltd.		961		18,729
Nintendo Co. Ltd.		130		44,636
Nippon Telegraph & Telephone Corp.		861		35,804
Nomura Research Institute Ltd.		321		15,693
Olympus Corp.		630		7,066
Otsuka Corp.		594		23,344
Otsuka Holdings Co. Ltd.		856		30,616
Panasonic Corp.		2,325		21,410
Persol Holdings Co. Ltd.		827		15,592
Renesas Electronics Corp. *		2,164		11,590
Seven & i Holdings Co. Ltd.		974		33,715
Sony Corp.		358		18,041
Sumitomo Electric Industries Ltd.		968		12,884
Sumitomo Mitsui Financial Group, Inc.		986		35,852
T&D Holdings, Inc.		2,219		24,036
Tokio Marine Holdings, Inc.		612		31,012
Tokyo Gas Co. Ltd.		366		9,299
Tokyu Corp.		1,916		31,278
Toray Industries, Inc.		2,861		19,577
Toyota Motor Corp.		1,098		67,985
West Japan Railway Co.		205		15,269
Yamato Holdings Co. Ltd.		418		9,085
				1,001,738
Luxembourg — 0.5%
ArcelorMittal		982		21,374
Malta — 0.0%(b)
BGP Holdings plc * ‡		449		—	(c)

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — 5.3%
Akzo Nobel NV		369		31,313
ASML Holding NV (a)		229		47,892
Heineken NV (a)		167		18,099
ING Groep NV		2,715		34,640
Koninklijke Philips NV		323		13,877
Royal Dutch Shell plc, Class A		1,446		46,061
Royal Dutch Shell plc, Class B		1,597		51,533
				243,415
Singapore — 1.1%
DBS Group Holdings Ltd.		2,194		45,622
United Overseas Bank Ltd.		209		4,274
				49,896
Spain — 3.5%
Banco Santander SA (a)		4,337		21,986
Bankia SA		6,810		18,860
Iberdrola SA		7,400		67,250
Industria de Diseno Textil SA		1,428		43,247
Telefonica SA		1,160		9,670
				161,013
Sweden — 1.2%
Lundin Petroleum AB		690		22,487
Svenska Handelsbanken AB, Class A		3,137		34,262
				56,749
Switzerland — 9.5%
Alcon, Inc. *		166		9,561
Cie Financiere Richemont SA (Registered)		455		33,297
Credit Suisse Group AG (Registered) *		3,114		41,407
LafargeHolcim Ltd. (Registered) *		751		38,567
Nestle SA (Registered)		1,259		121,190
Novartis AG (Registered)		813		66,591
Roche Holding AG		326		86,036
Swiss Re AG		339		32,659
Zurich Insurance Group AG		34		10,698
				440,006
United Kingdom — 14.5%
3i Group plc		2,827		39,563
AstraZeneca plc		212		15,774
Aviva plc		4,340		24,373
Barratt Developments plc		2,969		23,354
BP plc		8,651		62,904
British American Tobacco plc		1,411		55,237
Burberry Group plc		1,042		27,467

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
Diageo plc		171		7,189
Dixons Carphone plc		7,310		13,858
GlaxoSmithKline plc		2,438		50,079
HSBC Holdings plc		4,773		41,591
InterContinental Hotels Group plc		719		46,585
ITV plc		13,236		23,635
Lloyds Banking Group plc		21,668		17,720
Prudential plc		2,460		55,886
Standard Chartered plc		4,147		37,916
Taylor Wimpey plc		8,103		19,210
Unilever NV, CVA (a)		881		53,328
Vodafone Group plc		21,415		39,722
Whitbread plc		197		11,449
				666,840
United States — 0.8%
Ferguson plc		500		35,578
Total Common Stocks (Cost $4,321,197)				4,412,747
	NO. OF RIGHTS (000)
Rights — 0.0% (b)
Hong Kong — 0.0% (b)
I-CABLE Communications Ltd., expiring 5/24/2019 * (Cost $—)		191		—	(c)
	SHARES (000)
Short-Term Investments — 3.6%
Investment Companies — 3.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (d) (e) (Cost $168,624)		168,574		168,625
Investment of Cash Collateral from Securities Loaned — 4.7%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (d) (e)		154,989		155,004
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e)		60,785		60,785
Total Investment of Cash Collateral from Securities Loaned (Cost $215,789)				215,789
Total Investments — 104.1% (Cost $4,705,610)				4,797,161
Liabilities in Excess of Other Assets — (4.1)%				(189,021	)
NET ASSETS — 100.0%				4,608,140

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Banks		10.1	%
Pharmaceuticals		8.5
Insurance		6.1
Oil, Gas & Consumable Fuels		5.3
Investment of cash collateral from securities loaned		4.5
Automobiles		4.0
Chemicals		3.5
Capital Markets		3.4
Beverages		3.0
Metals & Mining		2.8
Electric Utilities		2.6
Food Products		2.5
Diversified Telecommunication Services		2.2
Machinery		2.1
Personal Products		1.9
Trading Companies & Distributors		1.9
Semiconductors & Semiconductor Equipment		1.8
Textiles, Apparel & Luxury Goods		1.7
Software		1.7
Household Durables		1.7
Hotels, Restaurants & Leisure		1.7
Tobacco		1.6
Electrical Equipment		1.6
Road & Rail		1.5
Aerospace & Defense		1.4
IT Services		1.3
Auto Components		1.3
Equity Real Estate Investment Trusts (REITs)		1.3
Specialty Retail		1.2
Construction Materials		1.0
Building Products		1.0
Others (each less than 1.0%)		10.3
Short-Term Investments		3.5

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 77

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Abbreviations

ADR	American Depositary Receipt
CVA	Dutch Certification
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $206,403,000.

(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index	688	06/2019		EUR		26,677		920
FTSE 100 Index	141	06/2019		GBP		13,570		94
SPI 200 Index	825	06/2019		AUD		91,730		1,234
TOPIX Index	273	06/2019		JPY		39,788		418
								2,666

Abbreviations

AUD	Australian Dollar
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
JPY	Japanese Yen
SPI	Australian Securities Exchange
TOPIX	Tokyo Stock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.8%
Australia — 2.0%
BHP Group plc		457		10,785
Austria — 2.0%
Erste Group Bank AG *		266		10,667
Brazil — 1.0%
Itau Unibanco Holding SA (Preference)		598		5,175
Canada — 8.3%
Alimentation Couche-Tard, Inc., Class B		209		12,330
Canadian National Railway Co.		127		11,826
Canadian Pacific Railway Ltd.		45		10,012
Toronto-Dominion Bank (The)		173		9,864
				44,032
China — 9.6%
Alibaba Group Holding Ltd., ADR *		62		11,422
Ping An Insurance Group Co. of China Ltd., Class H		1,664		20,136
Tencent Holdings Ltd.		394		19,424
				50,982
Denmark — 2.0%
Novo Nordisk A/S, Class B		210		10,284
France — 5.7%
Airbus SE (a)		67		9,138
LVMH Moet Hennessy Louis Vuitton SE		35		13,761
Safran SA		49		7,124
				30,023
Germany — 9.2%
Continental AG		65		10,800
Delivery Hero SE *(b)		162		7,468
Deutsche Boerse AG		63		8,458
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) *		34		8,350
SAP SE		106		13,606
				48,682
Hong Kong — 5.8%
AIA Group Ltd.		2,092		21,417
CK Asset Holdings Ltd.		1,152		9,263
				30,680
India — 3.7%
HDFC Bank Ltd., ADR		170		19,440
Indonesia — 1.8%
Bank Central Asia Tbk. PT		4,814		9,724

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — 10.8%
Asahi Group Holdings Ltd.		164		7,142
FANUC Corp.		45		8,361
Keyence Corp.		14		8,497
Komatsu Ltd.		308		7,948
Shin-Etsu Chemical Co. Ltd.		114		10,761
Shiseido Co. Ltd.		97		7,661
SMC Corp.		16		6,516
				56,886
Netherlands — 2.2%
ASML Holding NV (a)		55		11,578
Sweden — 1.0%
Svenska Handelsbanken AB, Class A		480		5,244
Switzerland — 7.2%
Alcon, Inc. *		29		1,650
Nestle SA (Registered)		258		24,859
Novartis AG (Registered)		143		11,740
				38,249
Taiwan — 2.3%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		271		11,893
United Kingdom — 20.7%
AstraZeneca plc		104		7,768
Burberry Group plc		368		9,691
Diageo plc		351		14,797
GlaxoSmithKline plc		602		12,371
Legal & General Group plc		3,234		11,761
Linde plc		53		9,507
London Stock Exchange Group plc		132		8,667
RELX plc		431		9,865
Smith & Nephew plc		537		10,383
Unilever NV, CVA (a)		242		14,635
				109,445
United States — 1.5%
Ferguson plc		111		7,907
Total Common Stocks (Cost $451,749)				511,676
Short-term Investments — 4.0%
Investment Companies — 4.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (c) (d) (Cost $21,161)		21,155		21,161

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 79

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 5.2%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d)		14,999		15,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d)		12,556		12,556
Total Investment of Cash Collateral from Securities Loaned (Cost $27,556)				27,556
Total Investments — 106.0% (Cost $500,466)				560,393
Liabilities in Excess of Other Assets — (6.0)%				(31,493	)
NET ASSETS — 100.0%				528,900

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Insurance		11.0	%
Banks		10.7
Pharmaceuticals		7.5
Investment of cash collateral from securities loaned		4.9
Food Products		4.4
Semiconductors & Semiconductor Equipment		4.2
Textiles, Apparel & Luxury Goods		4.2
Machinery		4.1
Personal Products		4.0
Beverages		3.9
Road & Rail		3.9
Chemicals		3.6
Interactive Media & Services		3.5
Internet & Direct Marketing Retail		3.4
Capital Markets		3.1
Aerospace & Defense		2.9
Software		2.4
Food & Staples Retailing		2.2
Health Care Equipment & Supplies		2.1
Auto Components		1.9
Metals & Mining		1.9
Professional Services		1.8
Real Estate Management & Development		1.7
Electronic Equipment, Instruments & Components		1.5
Trading Companies & Distributors		1.4
Short-Term Investments		3.8

Abbreviations

ADR	American Depositary Receipt
CVA	Dutch Certification
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
(a)	The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $26,465,000.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 95.9%
Australia — 6.9%
AGL Energy Ltd.		84		1,314
Alumina Ltd.		567		897
Australia & New Zealand Banking Group Ltd.		235		4,508
BHP Group Ltd.		224		5,930
BlueScope Steel Ltd.		80		762
Fortescue Metals Group Ltd.		259		1,309
Harvey Norman Holdings Ltd.		263		774
Iluka Resources Ltd.		76		464
IOOF Holdings Ltd.		117		534
JB Hi-Fi Ltd. (a)		43		773
Metcash Ltd.		417		844
Qantas Airways Ltd.		205		811
Rio Tinto plc		109		6,364
Santos Ltd.		106		535
South32 Ltd.		688		1,626
St Barbara Ltd.		141		319
Telstra Corp. Ltd.		535		1,274
Whitehaven Coal Ltd.		286		848
				29,886
Austria — 1.2%
AT&S Austria Technologie & Systemtechnik AG		38		759
BAWAG Group AG (b)		18		861
Erste Group Bank AG *		24		952
EVN AG		31		467
OMV AG		27		1,473
Telekom Austria AG *		65		488
				5,000
Belgium — 0.8%
Ageas		24		1,252
bpost SA		46		557
KBC Group NV		24		1,761
				3,570
China — 0.4%
BOC Hong Kong Holdings Ltd.		349		1,564
Denmark — 0.6%
Matas A/S		85		842
Pandora A/S		14		581
Scandinavian Tobacco Group A/S, Class A (b)		63		754
TCM Group A/S (b)		16		256
				2,433

INVESTMENTS	SHARES (000)		VALUE ($000)
Finland — 1.0%
Cramo OYJ		44		928
Metsa Board OYJ		81		455
Ramirent OYJ		76		531
Sanoma OYJ		85		862
Tokmanni Group Corp.		70		615
UPM-Kymmene OYJ		19		543
YIT OYJ (a)		78		477
				4,411
France — 7.6%
Air France-KLM *		53		612
ALD SA (b)		41		598
Arkema SA		5		556
Atos SE		7		767
AXA SA (a)		165		4,400
Cie Generale des Etablissements Michelin SCA		17		2,226
CNP Assurances (a)		34		803
Credit Agricole SA		118		1,616
Derichebourg SA		124		540
Europcar Mobility Group (a) (b)		51		423
Eutelsat Communications SA		43		785
Faurecia SA		13		661
Groupe Crit		9		698
Kaufman & Broad SA		21		851
Metropole Television SA		8		162
Neopost SA		30		739
Orange SA		161		2,520
Peugeot SA (a)		52		1,358
Publicis Groupe SA		10		590
Rexel SA		29		390
Rothschild & Co.		18		603
Sopra Steria Group		5		642
SPIE SA		1		29
Television Francaise 1		50		543
TOTAL SA		171		9,522
				32,634
Georgia — 0.3%
Bank of Georgia Group plc		29		641
TBC Bank Group plc		40		857
				1,498
Germany — 7.0%
ADLER Real Estate AG		33		470
Allianz SE (Registered)		32		7,622
CECONOMY AG *		94		630

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Germany — continued
Covestro AG (b)		22		1,194
CropEnergies AG		87		573
Deutsche Lufthansa AG (Registered)		37		905
Deutsche Pfandbriefbank AG (b)		45		623
Deutsche Telekom AG (Registered)		265		4,441
Evonik Industries AG		39		1,164
Freenet AG		23		545
HeidelbergCement AG		13		1,084
JOST Werke AG (b)		25		917
METRO AG		44		749
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) *		7		1,792
RWE AG *		52		1,334
Siltronic AG *		6		571
Takkt AG		55		871
Volkswagen AG (Preference)		18		3,140
Wuestenrot & Wuerttembergische AG		45		918
Zeal Network SE		20		447
				29,990
Ghana — 0.1%
Tullow Oil plc		216		634
Hong Kong — 2.9%
CK Hutchison Holdings Ltd.		223		2,345
Hongkong Land Holdings Ltd.		202		1,408
Hysan Development Co. Ltd.		196		1,098
Kerry Properties Ltd.		186		796
New World Development Co. Ltd.		763		1,264
NWS Holdings Ltd.		473		984
Sun Hung Kai Properties Ltd.		133		2,287
Wharf Holdings Ltd. (The)		243		698
Wheelock & Co. Ltd.		179		1,276
Xinyi Glass Holdings Ltd.		462		528
				12,684
India — 0.1%
Rhi Magnesita NV		8		543
Ireland — 0.1%
Smurfit Kappa Group plc		18		527
Isle of Man — 0.1%
Strix Group plc		180		400
Israel — 0.5%
Bank Leumi Le-Israel BM		175		1,196
Israel Discount Bank Ltd., Class A		268		1,047
				2,243

INVESTMENTS	SHARES (000)		VALUE ($000)
Italy — 3.0%
ASTM SpA		39		987
Banca Farmafactoring SpA (b)		139		823
Cairo Communication SpA		217		898
Eni SpA		219		3,726
Esprinet SpA		142		578
Immobiliare Grande Distribuzione SIIQ SpA, REIT		69		523
Maire Tecnimont SpA *		125		448
Mediobanca Banca di Credito Finanziario SpA		134		1,423
Poste Italiane SpA (b)		97		1,037
Rizzoli Corriere Della Sera Mediagroup SpA *		601		874
Unieuro SpA *(b)		61		1,009
Unipol Gruppo SpA		102		521
				12,847
Japan — 20.9%
77 Bank Ltd. (The)		36		518
Acom Co. Ltd.		150		526
Advantest Corp.		42		1,185
Bridgestone Corp.		52		2,079
Brother Industries Ltd.		68		1,341
Concordia Financial Group Ltd.		197		769
Credit Saison Co. Ltd.		48		614
Daicel Corp.		99		1,107
Dai-ichi Life Holdings, Inc.		124		1,794
DMG Mori Co. Ltd.		75		1,081
FUJIFILM Holdings Corp.		11		528
Fujitsu Ltd.		8		565
Gunma Bank Ltd. (The)		178		707
Hitachi Capital Corp.		33		771
Hitachi Ltd.		89		2,960
Honda Motor Co. Ltd.		137		3,828
Isuzu Motors Ltd.		82		1,187
ITOCHU Corp.		140		2,530
Jafco Co. Ltd.		15		568
Japan Airlines Co. Ltd.		21		695
Kajima Corp.		90		1,336
Kansai Electric Power Co., Inc. (The)		98		1,182
KDDI Corp.		136		3,125
Kumagai Gumi Co. Ltd.		27		789
Maeda Corp.		54		535
Marubeni Corp.		219		1,571
Mitsubishi Corp.		118		3,237
Mitsubishi UFJ Financial Group, Inc.		931		4,620
Mitsubishi UFJ Lease & Finance Co. Ltd.		205		1,047
Mitsui & Co. Ltd.		161		2,606

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
Mizuho Financial Group, Inc.		2,124		3,317
MS&AD Insurance Group Holdings, Inc.		37		1,141
Nippon Telegraph & Telephone Corp.		65		2,696
Nishi-Nippon Financial Holdings, Inc.		56		466
NTT DOCOMO, Inc.		107		2,315
Obayashi Corp.		95		938
Open House Co. Ltd.		14		525
Shimizu Corp.		83		707
Shinsei Bank Ltd.		71		984
Shizuoka Bank Ltd. (The)		82		632
Showa Denko KK		15		515
Sompo Holdings, Inc.		32		1,208
Sony Corp.		17		871
Sumitomo Chemical Co. Ltd.		238		1,187
Sumitomo Corp.		108		1,549
Sumitomo Heavy Industries Ltd.		28		981
Sumitomo Mitsui Financial Group, Inc.		111		4,034
Sumitomo Mitsui Trust Holdings, Inc.		44		1,528
T&D Holdings, Inc.		84		905
Taiheiyo Cement Corp.		34		1,103
Taisei Corp.		19		845
Teijin Ltd.		42		728
Tokuyama Corp.		27		681
Tosoh Corp.		49		782
Toyota Boshoku Corp.		52		761
Toyota Motor Corp.		163		10,073
Toyota Tsusho Corp.		42		1,392
TS Tech Co. Ltd.		23		697
Ube Industries Ltd.		17		357
Yokohama Rubber Co. Ltd. (The)		51		967
				90,286
Luxembourg — 0.3%
Aperam SA		16		497
RTL Group SA		15		868
				1,365
Malta — 0.1%
Kindred Group plc, SDR		62		542
Netherlands — 7.7%
ABN AMRO Group NV, CVA (b)		62		1,450
Aegon NV (a)		216		1,127
ASR Nederland NV		20		903
BE Semiconductor Industries NV		19		548
Flow Traders (b)		26		743

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — continued
Heijmans NV, CVA *		80		908
ING Groep NV		327		4,171
Intertrust NV (b)		49		932
NIBC Holding NV (b)		89		852
NN Group NV		40		1,764
Randstad NV		18		1,039
Royal Dutch Shell plc, Class A		557		17,737
Signify NV (b)		35		1,055
				33,229
New Zealand — 0.3%
Air New Zealand Ltd.		386		691
Z Energy Ltd.		123		520
				1,211
Norway — 3.2%
DNB ASA *		111		2,132
DNO ASA		276		626
Elkem ASA *(b)		145		601
Equinor ASA		113		2,523
Europris ASA *(b)		179		560
Komplett Bank ASA *		298		442
Kvaerner ASA		285		396
Norwegian Finans Holding ASA *		99		813
Olav Thon Eiendomsselskap ASA		27		497
Scottish Salmon Co. Plc (The)		267		596
Selvaag Bolig ASA		106		600
SpareBank 1 Nord Norge		105		801
SpareBank 1 SMN		81		880
SpareBank 1 SR-Bank ASA		74		859
Stolt-Nielsen Ltd.		29		363
Storebrand ASA		58		489
Telenor ASA (a)		25		493
				13,671
Portugal — 0.3%
Altri SGPS SA		98		769
Semapa-Sociedade de Investimento e Gestao		36		585
				1,354
Russia — 0.3%
Evraz plc		139		1,139
Petropavlovsk plc *		2,612		286
				1,425
Singapore — 1.2%
DBS Group Holdings Ltd.		70		1,454
Jardine Cycle & Carriage Ltd.		18		478

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 83

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Singapore — continued
Oversea-Chinese Banking Corp. Ltd.		163		1,449
United Overseas Bank Ltd.		90		1,843
				5,224
South Africa — 0.6%
Anglo American plc		106		2,740
Spain — 3.0%
ACS Actividades de Construccion y Servicios SA		38		1,763
Banco Bilbao Vizcaya Argentaria SA (a)		507		3,081
Enagas SA		45		1,270
Mediaset Espana Comunicacion SA		77		598
Repsol SA		141		2,384
Talgo SA *(b)		80		528
Telefonica SA		404		3,372
				12,996
Sweden — 3.2%
Betsson AB *		96		731
Boliden AB *		31		929
Dometic Group AB (c)		60		550
Granges AB		57		615
Lindab International AB		64		726
Mycronic AB		35		497
Nobia AB *		86		544
Peab AB		84		770
Resurs Holding AB (b)		133		826
Skandinaviska Enskilda Banken AB, Class A		189		1,802
Skanska AB, Class B		48		836
SKF AB, Class B		27		504
SSAB AB, Class A		121		458
Svenska Handelsbanken AB, Class A		143		1,566
Swedbank AB, Class A		59		957
Tethys Oil AB		107		873
Volvo AB, Class B		33		531
				13,715
Switzerland — 5.6%
ABB Ltd. (Registered) *		26		528
Adecco Group AG (Registered)		19		1,117
Alcon, Inc. *		15		849
ALSO Holding AG (Registered) *		8		944
Dufry AG (Registered) *		5		497
Glencore plc *		829		3,290
Novartis AG (Registered)		74		6,039
Orior AG*		11		856
Roche Holding AG		3		858

INVESTMENTS	SHARES (000)			VALUE ($000)
Switzerland — continued
Swiss Life Holding AG (Registered) *		4			1,833
Swiss Re AG		29			2,768
Vetropack Holding AG		—	(d)		431
Zurich Insurance Group AG		13			4,014
					24,024
Ukraine — 0.2%
Ferrexpo plc		260			704
United Kingdom — 16.2%
Barratt Developments plc		203			1,600
Berkeley Group Holdings plc		18			899
Biffa plc (b)		205			635
Bovis Homes Group plc		63			916
BP plc		901			6,553
British American Tobacco plc		161			6,299
BT Group plc		713			2,128
Card Factory plc		218			583
Centrica plc		675			938
Charter Court Financial Services Group plc (b)		262			1,213
Dart Group plc		50			611
Derwent London plc, REIT		13			520
Dialog Semiconductor plc *		35			1,359
Dixons Carphone plc		269			511
EI Group plc *		213			593
Fiat Chrysler Automobiles NV		48			733
Firstgroup plc *		453			652
Forterra plc (b)		296			1,205
G4S plc		194			548
Genel Energy plc *		251			754
GlaxoSmithKline plc		342			7,028
Greene King plc		71			596
Gulf Keystone Petroleum Ltd. *		153			507
Imperial Brands plc		89			2,819
Inchcape plc		117			942
International Consolidated Airlines Group SA		130			916
International Personal Finance plc		298			712
ITV plc		750			1,340
J Sainsbury plc		252			732
JPJ Group plc *		106			988
Legal & General Group plc		671			2,439
Lloyds Banking Group plc		5,229			4,277
Marks & Spencer Group plc		244			909
McBride plc *		141			197
McBride plc (Preference) *		2,115			3
Micro Focus International plc		38			971

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
Mitchells & Butlers plc *		214		712
Morgan Sindall Group plc		44		750
National Express Group plc		96		515
OneSavings Bank plc		183		1,039
Persimmon plc		38		1,107
Reach plc		217		210
Royal Bank of Scotland Group plc		608		1,903
St Modwen Properties plc		96		516
Staffline Group plc		34		387
Taylor Wimpey plc		677		1,605
U & I Group plc		318		739
Vodafone Group plc		1,960		3,635
WPP plc		158		1,977
				69,721
United States — 0.2%
TI Fluid Systems plc (b)		259		716
Total Common Stocks (Cost $424,215)				413,787
Short-term Investments — 3.0%
Investment Companies — 3.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (e) (f) (Cost $12,915)		12,911		12,915
Investment of Cash Collateral from Securities Loaned — 1.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (e) (f) (Cost $8,406)		8,406		8,406
Total Investments — 100.8% (Cost $445,536)				435,108
Liabilities in Excess of Other Assets — (0.8)%				(3,475	)
NET ASSETS — 100.0%				431,633

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Banks		14.9	%
Oil, Gas & Consumable Fuels		11.7
Insurance		8.9
Metals & Mining		6.5
Automobiles		4.7
Diversified Telecommunication Services		4.0
Trading Companies & Distributors		3.4
Pharmaceuticals		3.2
Real Estate Management & Development		2.8
Construction & Engineering		2.6
Tobacco		2.3
Media		2.2
Wireless Telecommunication Services		2.2
Auto Components		2.1
Chemicals		2.0
Household Durables		2.0
Investment of cash collateral from securities loaned		1.9
Electronic Equipment, Instruments & Components		1.4
Airlines		1.2
Specialty Retail		1.1
Hotels, Restaurants & Leisure		1.1
Machinery		1.0
Professional Services		1.0
Others (each less than 1.0%)		12.8
Short-Term Investments		3.0

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 85

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Abbreviations

CVA	Dutch Certification
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt
SCA	Limited partnership with share capital
SGPS	Holding company
(a)	The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $8,046,000.

(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Amount rounds to less than one thousand.
(e)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(f)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		129		06/2019		EUR		5,002		222
FTSE 100 Index		35		06/2019		GBP		3,368		53
TOPIX Index		33		06/2019		JPY		4,810		45
										320

Abbreviations

EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
JPY	Japanese Yen
TOPIX	Tokyo Stock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 87

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2019 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Emerging Economies Fund			JPMorgan Emerging Markets Equity Fund		JPMorgan Emerging Markets Research Enhanced Equity Fund			JPMorgan Europe Dynamic Fund
ASSETS:
Investments in non-affiliates, at value	$	1,390,599		$	5,833,359	$	369,020		$	568,153
Investments in affiliates, at value		17,075			138,231		2,387			5,721
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		143			23,445		—			60,001
Cash		1,627			2,154		218			96
Foreign currency, at value		1,760			21,748		1,880			77
Deposits at broker for futures contracts		—			—		224			—
Receivables:
Investment securities sold		795			2,937		13,045			6,836
Fund shares sold		49			11,313		—	(a)		59
Dividends from non-affiliates		1,184			4,005		424			1,672
Dividends from affiliates		38			239		3			20
Tax reclaims		11			16		—			4,596
Securities lending income (See Note 2.C.)		7			64		—			61
Deferred offering cost (See Note 2.G.)		—			—		29			—
Total Assets		1,413,288			6,037,511		387,230			647,292
LIABILITIES:
Payables:
Investment securities purchased		2,339			30,225		13,194			2,938
Collateral received on securities loaned (See Note 2.C.)		143			23,445		—			60,001
Fund shares redeemed		24			3,036		1,571			530
Variation margin on futures contracts		—			—		4			—
Accrued liabilities:
Investment advisory fees		695			3,398		55			315
Administration fees		—			—		13			37
Distribution fees		4			132		—			38
Service fees		3			321		1			39
Custodian and accounting fees		362			954		53			68
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1		—	(a)		—	(a)
Deferred foreign capital gains tax		26			13,531		—			—
Other		125			205		27			100
Total Liabilities		3,721			75,248		14,918			64,066
Net Assets	$	1,409,567		$	5,962,263	$	372,312		$	583,226

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

	JPMorgan Emerging Economies Fund			JPMorgan Emerging Markets Equity Fund			JPMorgan Emerging Markets Research Enhanced Equity Fund			JPMorgan Europe Dynamic Fund
NET ASSETS:
Paid-in-Capital	$	1,343,103		$	4,508,487		$	352,030		$	648,578
Total distributable earnings (loss)		66,464			1,453,776			20,282			(65,352	)
Total Net Assets	$	1,409,567		$	5,962,263		$	372,312		$	583,226
Net Assets:
Class A	$	11,814		$	487,212		$	—		$	110,188
Class C		1,696			55,930			—			24,278
Class I		9,287			1,193,154			9,931			102,292
Class L		—			663,335			—			72,248
Class R2		—			113			—			—
Class R3		—			1,365			—			—
Class R4		—			1,359			—			—
Class R5		235			37,001			—			—
Class R6		1,386,535			3,522,794			362,381			274,220
Total	$	1,409,567		$	5,962,263		$	372,312		$	583,226
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		897			16,671			—			4,636
Class C		133			1,974			—			1,151
Class I		714			39,916			586			4,223
Class L		—			22,032			—			2,948
Class R2		—			4			—			—
Class R3		—			47			—			—
Class R4		—			46			—			—
Class R5		18			1,232			—			—
Class R6		107,627			117,196			21,385			11,239
Net Asset Value (a):
Class A — Redemption price per share	$	13.16		$	29.22		$	—		$	23.77
Class C — Offering price per share (b)		12.75			28.33			—			21.09
Class I — Offering and redemption price per share		13.01			29.89			16.94			24.22
Class L — Offering and redemption price per share		—			30.11			—			24.51
Class R2 — Offering and redemption price per share		—			28.99			—			—
Class R3 — Offering and redemption price per share		—			29.13			—			—
Class R4 — Offering and redemption price per share		—			29.79			—			—
Class R5 — Offering and redemption price per share		13.09			30.04			—			—
Class R6 — Offering and redemption price per share		12.88			30.06			16.95			24.40
Class A maximum sales charge		5.25	%		5.25	%		—	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	13.89		$	30.84		$	—		$	25.09
Cost of investments in non-affiliates	$	1,199,943		$	4,290,953		$	353,588		$	535,172
Cost of investments in affiliates		17,075			138,231			2,387			5,721
Cost of foreign currency		1,577			21,803			1,882			77
Investment securities on loan, at value		136			22,871			—			50,821
Cost of investment of cash collateral		143			23,445			—			60,001

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 89

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Global Research Enhanced Index Fund			JPMorgan International Advantage Fund		JPMorgan International Equity Fund		JPMorgan International Equity Income Fund
ASSETS:
Investments in non-affiliates, at value	$	4,588,269		$	3,383,571	$	4,433,305	$	131,773
Investments in affiliates, at value		3,058			57,922		82,881		1,314
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		88,973			176,378		372,445		—
Cash		160			32		10		28
Foreign currency, at value		1,176			—		15		104
Deposits at broker for futures contracts		894			3,280		—		—
Receivables:
Investment securities sold		7,704			29,797		35,239		542
Fund shares sold		222			159		1,190		178
Dividends from non-affiliates		8,835			20,607		17,683		587
Dividends from affiliates		49			122		186		3
Tax reclaims		7,724			10,474		10,921		599
Securities lending income (See Note 2.C.)		102			139		—		—
Variation margin on futures contracts		—			280		—		—
Unrealized appreciation on forward foreign currency exchange contracts		—			—		—		57
Other assets		—			—		—		51
Total Assets		4,707,166			3,682,761		4,953,875		135,236
LIABILITIES:
Payables:
Foreign currency due to custodian, at value		—			3,537		—		—
Investment securities purchased		7,692			18,525		9,245		3
Collateral received on securities loaned (See Note 2.C.)		88,973			176,378		372,445		—
Fund shares redeemed		3,634			440		1,419		307
Variation margin on futures contracts		5			—		—		—
Unrealized depreciation on forward foreign currency exchange contracts		—			—		—		244
Accrued liabilities:
Investment advisory fees		631			1,339		1,746		89
Administration fees		206			—		—		—
Distribution fees		—			46		68		78
Service fees		29			36		74		68
Custodian and accounting fees		166			202		207		21
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—		—		—
Other		251			83		72		38
Total Liabilities		101,587			200,586		385,276		848
Net Assets	$	4,605,579		$	3,482,175	$	4,568,599	$	134,388

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

	JPMorgan Global Research Enhanced Index Fund			JPMorgan International Advantage Fund			JPMorgan International Equity Fund			JPMorgan International Equity Income Fund
NET ASSETS:
Paid-in-Capital	$	3,128,718		$	3,466,655		$	3,900,940		$	126,547
Total distributable earnings (loss)		1,476,861			15,520			667,659			7,841
Total Net Assets	$	4,605,579		$	3,482,175		$	4,568,599		$	134,388
Net Assets:
Class A	$	—		$	155,312		$	276,199		$	57,006
Class C		—			1,466			18,032			11,914
Class I		387,770			66,799			171,251			47,455
Class R2		—			32,232			1,801			301
Class R5		—			—			21,760			185
Class R6		4,217,809			3,226,366			4,079,556			17,527
Total	$	4,605,579		$	3,482,175		$	4,568,599		$	134,388
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		—			7,867			16,586			3,650
Class C		—			73			1,145			769
Class I		17,848			3,254			10,126			3,029
Class R2		—			1,658			109			19
Class R5		—			—			1,284			12
Class R6		196,518			159,730			240,832			1,119
Net Asset Value (a):
Class A — Redemption price per share	$	—		$	19.74		$	16.65		$	15.62
Class C — Offering price per share (b)		—			20.03			15.75			15.49
Class I — Offering and redemption price per share		21.73			20.53			16.91			15.67
Class R2 — Offering and redemption price per share		—			19.45			16.55			15.58
Class R5 — Offering and redemption price per share		—			—			16.94			15.68
Class R6 — Offering and redemption price per share		21.46			20.20			16.94			15.67
Class A maximum sales charge		–	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	—		$	20.83		$	17.57		$	16.49
Cost of investments in non-affiliates	$	3,295,606		$	3,274,851		$	3,612,173		$	121,547
Cost of investments in affiliates		3,058			57,922			82,881			1,314
Cost of foreign currency		1,174			—			18			103
Investment securities on loan, at value		85,387			163,187			355,310			—
Cost of investment of cash collateral		88,973			176,378			372,445			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 91

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan International Hedged Equity Fund			JPMorgan International Research Enhanced Equity Fund			JPMorgan International Unconstrained Equity Fund			JPMorgan International Value Fund
ASSETS:
Investments in non-affiliates, at value	$	49,345		$	4,412,747		$	511,676		$	413,787
Investments in affiliates, at value		1,374			168,625			21,161			12,915
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			215,789			27,556			8,406
Options purchased, at value		115			—			—			—
Cash		281			25			289			47
Foreign currency, at value		67			3,897			—			664
Deposits at broker for futures contracts		100			8,427			—			911
Deposits at broker for written options contracts		8			—			—			—
Receivables:
Due from custodian		—			—			4,495			444
Investment securities sold		231			14,782			2			—
Fund shares sold		1			2,490			1,059			401
Dividends from non-affiliates		208			19,817			1,556			2,646
Dividends from affiliates		1			331			41			28
Tax reclaims		17			14,753			552			2,744
Securities lending income (See Note 2.C.)		—			29			4			5
Variation margin on futures contracts		—			—			—			83
Due from adviser		19			—			—			—
Deferred offering cost (See Note 2.G.)		88			—			—			—
Total Assets		51,855			4,861,712			568,391			443,081
LIABILITIES:
Payables:
Foreign currency due to custodian, at value		—			—			243			—
Investment securities purchased		66			5,929			10,961			1,531
Collateral received on securities loaned (See Note 2.C.)		—			215,789			27,556			8,406
Fund shares redeemed		—			30,126			413			754
Variation margin on futures contracts		2			342			—			—
Outstanding options written, at fair value		467			—			—			—
Accrued liabilities:
Investment advisory fees		—			623			179			162
Administration fees		—			205			—			—
Distribution fees		—	(a)		42			32			48
Service fees		10			26			45			45
Custodian and accounting fees		6			256			34			71
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)		—
Other		18			234			28			431
Total Liabilities		569			253,572			39,491			11,448
Net Assets	$	51,286		$	4,608,140		$	528,900		$	431,633

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

	JPMorgan International Hedged Equity Fund			JPMorgan International Research Enhanced Equity Fund			JPMorgan International Unconstrained Equity Fund			JPMorgan International Value Fund
NET ASSETS:
Paid-in-Capital	$	50,532		$	4,613,279		$	518,449		$	464,819
Total distributable earnings (loss)		754			(5,139	)		10,451			(33,186	)
Total Net Assets	$	51,286		$	4,608,140		$	528,900		$	431,633
Net Assets:
Class A	$	20		$	203,351		$	96,665		$	194,441
Class C		20			—			20,361			11,095
Class I		51,205			170,571			177,585			55,236
Class L		—			—			—			38,815
Class R2		—			—			989			1,159
Class R5		20			—			3,307			76
Class R6		21			4,234,218			229,993			130,811
Total	$	51,286		$	4,608,140		$	528,900		$	431,633
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		1			11,639			4,699			15,778
Class C		1			—			1,001			929
Class I		3,363			9,647			8,528			4,375
Class L		—			—			—			3,093
Class R2		—			—			48			96
Class R5		1			—			159			6
Class R6		2			240,429			11,054			10,464
Net Asset Value (a):
Class A — Redemption price per share	$	15.22		$	17.47		$	20.57		$	12.32
Class C — Offering price per share (b)		15.21			—			20.35			11.94
Class I — Offering and redemption price per share		15.23			17.68			20.82			12.63
Class L — Offering and redemption price per share		—			—			—			12.55
Class R2 — Offering and redemption price per share		—			—			20.45			12.08
Class R5 — Offering and redemption price per share		15.23			—			20.80			12.48
Class R6 — Offering and redemption price per share		15.23			17.61			20.81			12.50
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	16.06		$	18.44		$	21.71		$	13.00
Cost of investments in non-affiliates	$	48,629		$	4,321,197		$	451,749		$	424,215
Cost of investments in affiliates		1,374			168,624			21,161			12,915
Cost of options purchased		470			—			—			—
Cost of foreign currency		67			3,887			—			662
Investment securities on loan, at value		—			206,403			26,465			8,046
Cost of investment of cash collateral		—			215,789			27,556			8,406
Premiums received from options written		478			—			—			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 93

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

(Amounts in thousands)

	JPMorgan Emerging Economies Fund			JPMorgan Emerging Markets Equity Fund			JPMorgan Emerging Markets Research Enhanced Equity Fund (a)			JPMorgan Europe Dynamic Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	2		$	10		$	1		$	10
Interest income from affiliates		5			6			4			—	(b)
Dividend income from non-affiliates		14,978			25,566			1,384			12,988
Dividend income from affiliates		164			757			87			202
Income from securities lending (net)		8			513			—			97
Foreign taxes withheld		(2,366	)		(1,629	)		(120	)		(1,003	)
Total investment income		12,791			25,223			1,356			12,294
EXPENSES:
Investment advisory fees		6,293			21,092			222			1,977
Administration fees		572			1,911			67			235
Distribution fees:
Class A		14			471			—			141
Class C		7			179			—			99
Class R2		—			—	(b)		—			—
Class R3		—			1			—			—
Service fees:
Class A		14			471			—			141
Class C		2			60			—			33
Class I (c)		17			1,118			4			140
Class L		—			269			—			45
Class R2		—			—	(b)		—			—
Class R3		—			1			—			—
Class R4		—			1			—			—
Class R5		—	(b)		14			—			—
Custodian and accounting fees		573			1,461			62			91
Interest expense to affiliates		53			55			—	(b)		9
Professional fees		62			68			35			52
Trustees’ and Chief Compliance Officer’s fees		16			23			9			14
Printing and mailing costs		28			220			7			22
Registration and filing fees		40			120			3			46
Transfer agency fees (See Note 2.I.)		20			81			1			17
Offering costs (See Note 2.G.)		—			—			19			—
Other		13			36			6			11
Total expenses		7,724			27,652			435			3,073
Less fees waived		(2,532	)		(5,771	)		(71	)		(117	)
Less expense reimbursements		(6	)		(15	)		(59	)		—
Net expenses		5,186			21,866			305			2,956
Net investment income (loss)		7,605			3,357			1,051			9,338
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(49,403	)		57,327	(d)		528			(47,716	)
Investments in affiliates		—	(b)		—	(b)		—	(b)		—	(b)
Futures contracts		1,803			2,644			3,261			187
Foreign currency transactions		(152	)		(285	)		4			61
Net realized gain (loss)		(47,752	)		59,686			3,793			(47,468	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		191,447	(e)		992,353	(f)		15,432			71,097
Investments in affiliates		—			—	(b)		—	(b)		—	(b)
Futures contracts		—			—			41			(201	)
Foreign currency translations		46			(69	)		(9	)		(21	)
Change in net unrealized appreciation/depreciation		191,493			992,284			15,464			70,875
Net realized/unrealized gains (losses)		143,741			1,051,970			19,257			23,407
Change in net assets resulting from operations	$	151,346		$	1,055,327		$	20,308		$	32,745

(a) Commencement of operations was December 11, 2018.

(b) Amount rounds to less than one thousand.

(c) Commencement of offering of class of shares effective January 30, 2019 for JPMorgan Emerging Markets Research Enhanced Equity Fund.

(d) Net of foreign capital gains tax of approximately $189,000 for JPMorgan Emerging Markets Equity Fund.

(e) Net of change in foreign capital gains tax of approximately $(26,000) for JPMorgan Emerging Economies Fund.

(f) Net of change in foreign capital gains tax of approximately $(10,729,000) for JPMorgan Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

	JPMorgan Global Research Enhanced Index Fund			JPMorgan International Advantage Fund			JPMorgan International Equity Fund			JPMorgan International Equity Income Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	29		$	24		$	—	(a)	$	—	(a)
Interest income from affiliates		4			1			—	(a)		—	(a)
Dividend income from non-affiliates		63,824			61,015			61,961			3,167
Dividend income from affiliates		319			652			874			13
Income from securities lending (net)		350			293			1			—
Foreign taxes withheld		(2,744	)		(3,966	)		(4,878	)		(293	)
Total investment income		61,782			58,019			57,958			2,887
EXPENSES:
Investment advisory fees		4,869			10,008			14,072			456
Administration fees		1,884			1,286			1,631			50
Distribution fees:
Class A		—			190			310			73
Class C		—			6			67			44
Class R2		—			77			4			—	(a)
Service fees:
Class A		—			190			310			73
Class C		—			2			22			15
Class I		492			77			208			55
Class R2		—			39			2			—	(a)
Class R5		—			—			10			—	(a)
Custodian and accounting fees		233			292			306			36
Interest expense to affiliates		103			3			3			5
Professional fees		92			69			74			68
Trustees’ and Chief Compliance Officer’s fees		23			19			21			12
Printing and mailing costs		117			43			46			10
Registration and filing fees		53			47			47			35
Transfer agency fees (See Note 2.I.)		27			57			40			12
Other		40			28			30			5
Total expenses		7,933			12,433			17,203			949
Less fees waived		(1,590	)		(3,070	)		(5,879	)		(388	)
Less expense reimbursements		—			—			—			—	(a)
Net expenses		6,343			9,363			11,324			561
Net investment income (loss)		55,439			48,656			46,634			2,326
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		231,748			(93,709	)		(176,599	)		(2,089	)
Investments in affiliates		—	(a)		—			(1	)		—
Futures contracts		(1,118	)		(663	)		—			—
Foreign currency transactions		856			(201	)		(199	)		(11	)
Forward foreign currency exchange contracts		—			—			—			603
Net realized gain (loss)		231,486			(94,573	)		(176,799	)		(1,497	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		100,555			174,869			583,151			12,063
Investments in affiliates		—			—	(a)		—			—
Futures contracts		(774	)		3,200			—			—
Foreign currency translations		(53	)		(58	)		(35	)		(13	)
Forward foreign currency exchange contracts		—			—			—			(513	)
Change in net unrealized appreciation/depreciation		99,728			178,011			583,116			11,537
Net realized/unrealized gains (losses)		331,214			83,438			406,317			10,040
Change in net assets resulting from operations	$	386,653		$	132,094		$	452,951		$	12,366

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 95

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

(Amounts in thousands)

	JPMorgan International Hedged Equity Fund (a)			JPMorgan International Research Enhanced Equity Fund			JPMorgan International Unconstrained Equity Fund			JPMorgan International Value Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(b)	$	45		$	—	(b)	$	5
Interest income from affiliates		1			1			—	(b)		—	(b)
Dividend income from non-affiliates		402			86,164			5,870			9,456
Dividend income from affiliates		1			1,062			97			94
Income from securities lending (net)		—			381			9			55
Foreign taxes withheld		(43	)		(7,195	)		(444	)		(654	)
Total investment income		361			80,458			5,532			8,956
EXPENSES:
Investment advisory fees		15			4,528			1,572			1,323
Administration fees		5			1,747			178			170
Distribution fees:
Class A		—	(b)		247			106			247
Class C		—	(b)		—			77			45
Class R2		—			—			2			3
Service fees:
Class A		—	(b)		247			106			247
Class C		—	(b)		—			26			15
Class I		15			193			210			73
Class L		—			—			—			25
Class R2		—			—			1			1
Class R5		—	(b)		—			1			—	(b)
Custodian and accounting fees		6			330			64			68
Interest expense to affiliates		—	(b)		4			2			17
Professional fees		16			86			37			58
Trustees’ and Chief Compliance Officer’s fees		—	(b)		21			14			14
Printing and mailing costs		5			114			22			15
Registration and filing fees		—	(b)		47			63			52
Transfer agency fees (See Note 2.I.)		—	(b)		48			18			13
Offering costs (See Note 2.G.)		15			—			—			—
Other		5			49			6			11
Total expenses		82			7,661			2,505			2,397
Less fees waived		(20	)		(1,639	)		(780	)		(583	)
Less expense reimbursements		(25	)		—			—	(b)		—	(b)
Net expenses		37			6,022			1,725			1,814
Net investment income (loss)		324			74,436			3,807			7,142
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		30			(94,056	)		(23,093	)		(29,252	)
Investments in affiliates		—			—			—			—	(b)
Futures contracts		—			4,121			—			995
Foreign currency transactions		13			(352	)		212			227
Forward foreign currency exchange contracts		—			—			(711	)		—
Net realized gain (loss)		43			(90,287	)		(23,592	)		(28,030	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		716			350,538			85,427			30,909
Investments in affiliates		—			1			—	(b)		—
Options purchased		(355	)		—			—			—
Futures contracts		16			4,817			—			320
Foreign currency translations		(1	)		(48	)		9			(25	)
Options written		11			—			—			—
Change in net unrealized appreciation/depreciation		387			355,308			85,436			31,204
Net realized/unrealized gains (losses)		430			265,021			61,844			3,174
Change in net assets resulting from operations	$	754		$	339,457		$	65,651		$	10,316

(a) Commencement of operations was March 15, 2019.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Emerging Economies Fund						JPMorgan Emerging Markets Equity Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,605		$	54,858		$	3,357		$	45,111
Net realized gain (loss)		(47,752	)		3,639			59,686			(15,331	)
Change in net unrealized appreciation/depreciation		191,493			(408,284	)		992,284			(763,494	)
Change in net assets resulting from operations		151,346			(349,787	)		1,055,327			(733,714	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—			(3,219	)		(1,554	)		(788	)
Class C		(36	)		(37	)		(59	)		(4	)
Class I		(392	)		(1,440	)		(6,646	)		(2,829	)
Class L		—			—			(4,471	)		(2,054	)
Class R2		—			—			(1	)		—	(a)
Class R3		—			—			(1	)		—	(a)
Class R4		—			—			(11	)		—	(a)
Class R5		(6	)		(8	)		(296	)		(1	)
Class R6		(49,198	)		(39,227	)		(30,900	)		(16,464	)
Total distributions to shareholders		(49,632	)		(43,931	)		(43,939	)		(22,140	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(247,804	)		(88,320	)		349,670			909,171
NET ASSETS:
Change in net assets		(146,090	)		(482,038	)		1,361,058			153,317
Beginning of period		1,555,657			2,037,695			4,601,205			4,447,888
End of period	$	1,409,567		$	1,555,657		$	5,962,263		$	4,601,205

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Emerging Markets Research Enhanced Equity Fund (a)			JPMorgan Europe Dynamic Fund
	Period Ended April 30, 2019 (unaudited)			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,051		$	9,338		$	16,413
Net realized gain (loss)		3,793			(47,468	)		2,070
Change in net unrealized appreciation/depreciation		15,464			70,875			(138,449	)
Change in net assets resulting from operations		20,308			32,745			(119,966	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—			(2,841	)		(2,283	)
Class C		—			(583	)		(435	)
Class I (b)		—			(3,245	)		(2,988	)
Class L		—			(2,456	)		(9,949	)
Class R6 (c)		(26	)		(7,813	)		—
Total distributions to shareholders		(26	)		(16,938	)		(15,655	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		352,030			(117,928	)		(156,528	)
NET ASSETS:
Change in net assets		372,312			(102,121	)		(292,149	)
Beginning of period		—			685,347			977,496
End of period	$	372,312		$	583,226		$	685,347

(a) Commencement of operations was December 11, 2018.

(b) Commencement of offering of class of shares effective January 30, 2019 for JPMorgan Emerging Markets Research Enhanced Equity Fund.

(c) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Europe Dynamic Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

	JPMorgan Global Research Enhanced Index Fund						JPMorgan International Advantage Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	55,439		$	165,412		$	48,656		$	90,413
Net realized gain (loss)		231,486			641,468			(94,573	)		(37,511	)
Change in net unrealized appreciation/depreciation		99,728			(659,780	)		178,011			(455,595	)
Change in net assets resulting from operations		386,653			147,100			132,094			(402,693	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—			—			(3,427	)		(4,177	)
Class C		—			—			(25	)		(19	)
Class I		(40,598	)		(14,541	)		(1,458	)		(1,091	)
Class R2		—			—			(638	)		(172	)
Class R6 (a)		(509,050	)		(144,723	)		(82,457	)		(61,869	)
Total distributions to shareholders		(549,648	)		(159,264	)		(88,005	)		(67,328	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,078,402	)		(2,804,320	)		34,830			717,668
NET ASSETS:
Change in net assets		(1,241,397	)		(2,816,484	)		78,919			247,647
Beginning of period		5,846,976			8,663,460			3,403,256			3,155,609
End of period	$	4,605,579		$	5,846,976		$	3,482,175		$	3,403,256

(a) Commencement of offering of class of shares effective November 1, 2017 for JPMorgan Global Research Enhanced Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Equity Fund						JPMorgan International Equity Income Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	46,634		$	105,451		$	2,326		$	6,142
Net realized gain (loss)		(176,799	)		91,823			(1,497	)		14,139
Change in net unrealized appreciation/depreciation		583,116			(738,163	)		11,537			(30,002	)
Change in net assets resulting from operations		452,951			(540,889	)		12,366			(9,721	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(7,817	)		(4,237	)		(2,792	)		(2,651	)
Class C		(504	)		(224	)		(540	)		(380	)
Class I		(5,707	)		(2,341	)		(2,064	)		(2,728	)
Class R2		(54	)		(26	)		(13	)		(8	)
Class R5		(688	)		(355	)		(8	)		(11	)
Class R6		(137,191	)		(59,589	)		(682	)		(515	)
Total distributions to shareholders		(151,961	)		(66,772	)		(6,099	)		(6,293	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,485	)		869,664			(13,330	)		(42,991	)
NET ASSETS:
Change in net assets		299,505			262,003			(7,063	)		(59,005	)
Beginning of period		4,269,094			4,007,091			141,451			200,456
End of period	$	4,568,599		$	4,269,094		$	134,388		$	141,451

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

	JPMorgan International Hedged Equity Fund (a)		JPMorgan International Research Enhanced Equity Fund
	Period Ended April 30, 2019 (unaudited)		Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	324	$	74,436		$	155,204
Net realized gain (loss)		43		(90,287	)		(30,100	)
Change in net unrealized appreciation/depreciation		387		355,308			(588,793	)
Change in net assets resulting from operations		754		339,457			(463,689	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—		(6,271	)		(6,079	)
Class I		—		(5,060	)		(22,656	)
Class R6 (b)		—		(149,729	)		(79,541	)
Total distributions to shareholders		—		(161,060	)		(108,276	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		50,532		(270,875	)		233,881
NET ASSETS:
Change in net assets		51,286		(92,478	)		(338,084	)
Beginning of period		—		4,700,618			5,038,702
End of period	$	51,286	$	4,608,140		$	4,700,618

(a) Commencement of operations was March 15, 2019.

(b) Commencement of offering of class of shares effective November 1, 2017 for JPMorgan International Research Enhanced Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Unconstrained Equity Fund						JPMorgan International Value Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,807		$	10,358		$	7,142		$	19,670
Net realized gain (loss)		(23,592	)		(26,039	)		(28,030	)		29,907
Change in net unrealized appreciation/depreciation		85,436			(65,981	)		31,204			(113,795	)
Change in net assets resulting from operations		65,651			(81,662	)		10,316			(64,218	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,618	)		(451	)		(7,451	)		(6,784	)
Class C		(296	)		(86	)		(419	)		(316	)
Class I		(3,745	)		(1,315	)		(2,481	)		(3,872	)
Class L		—			—			(2,611	)		(4,302	)
Class R2		(15	)		(2	)		(40	)		(27	)
Class R5		(72	)		(1	)		(3	)		(2	)
Class R6		(4,394	)		(1,288	)		(5,309	)		(2,922	)
Total distributions to shareholders		(10,140	)		(3,143	)		(18,314	)		(18,225	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,841	)		202,406			(81,938	)		(189,775	)
NET ASSETS:
Change in net assets		53,670			117,601			(89,936	)		(272,218	)
Beginning of period		475,230			357,629			521,569			793,787
End of period	$	528,900		$	475,230		$	431,633		$	521,569

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

	JPMorgan Emerging Economies Fund						JPMorgan Emerging Markets Equity Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,775		$	47,288		$	192,714		$	170,141
Distributions reinvested		—			3,218			1,529			781
Cost of shares redeemed		(1,742	)		(200,853	)		(155,979	)		(268,020	)
Change in net assets resulting from Class A capital transactions	$	33		$	(150,347	)	$	38,264		$	(97,098	)
Class C
Proceeds from shares issued	$	40		$	597		$	9,627		$	18,903
Distributions reinvested		36			37			58			4
Cost of shares redeemed		(388	)		(1,042	)		(7,258	)		(15,849	)
Change in net assets resulting from Class C capital transactions	$	(312	)	$	(408	)	$	2,427		$	3,058
Class I
Proceeds from shares issued	$	3,013		$	31,661		$	461,535		$	573,932
Distributions reinvested		373			785			5,945			2,460
Cost of shares redeemed		(8,017	)		(74,945	)		(227,576	)		(295,493	)
Change in net assets resulting from Class I capital transactions	$	(4,631	)	$	(42,499	)	$	239,904		$	280,899
Class L
Proceeds from shares issued	$	—		$	—		$	204,527		$	284,033
Distributions reinvested		—			—			3,845			1,682
Cost of shares redeemed		—			—			(130,692	)		(159,480	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	77,680		$	126,235
Class R2
Proceeds from shares issued	$	—		$	—		$	20		$	94
Distributions reinvested		—			—			1			—	(a)
Cost of shares redeemed		—			—			(23	)		(5	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(2	)	$	89
Class R3
Proceeds from shares issued	$	—		$	—		$	1,061		$	460
Distributions reinvested		—			—			1			—	(a)
Cost of shares redeemed		—			—			(154	)		(40	)
Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	908		$	420
Class R4
Proceeds from shares issued	$	—		$	—		$	1,363		$	42
Distributions reinvested		—			—			11			—	(a)
Cost of shares redeemed		—			—			(277	)		(30	)
Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	1,097		$	12
Class R5
Proceeds from shares issued	$	15		$	160		$	34,703		$	2,991
Distributions reinvested		6			8			296			1
Cost of shares redeemed		(89	)		(234	)		(5,282	)		(1,077	)
Change in net assets resulting from Class R5 capital transactions	$	(68	)	$	(66	)	$	29,717		$	1,915
Class R6
Proceeds from shares issued	$	3,972		$	260,203		$	554,480		$	968,052
Distributions reinvested		49,198			39,227			30,363			16,155
Cost of shares redeemed		(295,996	)		(194,430	)		(625,168	)		(390,566	)
Change in net assets resulting from Class R6 capital transactions	$	(242,826	)	$	105,000		$	(40,325	)	$	593,641
Total change in net assets resulting from capital transactions	$	(247,804	)	$	(88,320	)	$	349,670		$	909,171

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Emerging Economies Fund						JPMorgan Emerging Markets Equity Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		145			3,245			7,191			5,977
Reinvested		—			220			64			28
Redeemed		(140	)		(14,776	)		(6,082	)		(9,556	)
Change in Class A Shares		5			(11,311	)		1,173			(3,551	)
Class C
Issued		3			40			369			679
Reinvested		3			2			3			—	(a)
Redeemed		(31	)		(75	)		(288	)		(598	)
Change in Class C Shares		(25	)		(33	)		84			81
Class I
Issued		242			2,182			16,773			19,902
Reinvested		32			53			243			84
Redeemed		(630	)		(5,448	)		(8,726	)		(10,613	)
Change in Class I Shares		(356	)		(3,213	)		8,290			9,373
Class L
Issued		—			—			7,547			9,765
Reinvested		—			—			156			57
Redeemed		—			—			(4,995	)		(5,623	)
Change in Class L Shares		—			—			2,708			4,199
Class R2
Issued		—			—			1			3
Reinvested		—			—			—	(a)		—	(a)
Redeemed		—			—			(1	)		—	(a)
Change in Class R2 Shares		—			—			—	(a)		3
Class R3
Issued		—			—			39			15
Reinvested		—			—			—	(a)		—	(a)
Redeemed		—			—			(6	)		(2	)
Change in Class R3 Shares		—			—			33			13
Class R4
Issued		—			—			55			1
Reinvested		—			—			—	(a)		—	(a)
Redeemed		—			—			(10	)		(1	)
Change in Class R4 Shares		—			—			45			—	(a)
Class R5
Issued		1			9			1,346			100
Reinvested		1			1			12			—	(a)
Redeemed		(7	)		(15	)		(194	)		(39	)
Change in Class R5 Shares		(5	)		(5	)		1,164			61
Class R6
Issued		325			17,691			19,680			33,718
Reinvested		4,274			2,667			1,233			550
Redeemed		(23,765	)		(13,961	)		(23,080	)		(13,768	)
Change in Class R6 Shares		(19,166	)		6,397			(2,167	)		20,500

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

	JPMorgan Emerging Markets Research Enhanced Equity Fund (a)			JPMorgan Europe Dynamic Fund
	Period Ended April 30, 2019  (unaudited)			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	—		$	4,283		$	26,652
Distributions reinvested		—			2,752			2,203
Cost of shares redeemed		—			(24,815	)		(46,333	)
Change in net assets resulting from Class A capital transactions	$	—		$	(17,780	)	$	(17,478	)
Class C
Proceeds from shares issued	$	—		$	120		$	6,854
Distributions reinvested		—			552			395
Cost of shares redeemed		—			(8,129	)		(16,722	)
Change in net assets resulting from Class C capital transactions	$	—		$	(7,457	)	$	(9,473	)
Class I (b)
Proceeds from shares issued	$	9,633		$	6,883		$	40,086
Distributions reinvested		—			3,023			2,739
Cost of shares redeemed		—			(49,067	)		(63,918	)
Change in net assets resulting from Class I capital transactions	$	9,633		$	(39,161	)	$	(21,093	)
Class L
Proceeds from shares issued	$	—		$	8,918		$	55,265
Distributions reinvested		—			2,405			8,412
Cost of shares redeemed		—			(333,852	)		(172,181	)
Change in net assets resulting from Class L capital transactions	$	—		$	(322,529	)	$	(108,504	)
Class R6 (c)
Proceeds from shares issued	$	345,498		$	292,634		$	20
Distributions reinvested		26			7,813			—
Cost of shares redeemed		(3,127	)		(31,448	)		—
Change in net assets resulting from Class R6 capital transactions	$	342,397		$	268,999		$	20
Total change in net assets resulting from capital transactions	$	352,030		$	(117,928	)	$	(156,528	)

(a) Commencement of operations was December 11, 2018.

(b) Commencement of offering of class of shares effective January 30, 2019 for JPMorgan Emerging Markets Research Enhanced Equity Fund.

(c) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Europe Dynamic Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 105

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Emerging Markets Research Enhanced Equity Fund (a)			JPMorgan Europe Dynamic Fund
	Period Ended April 30, 2019 (unaudited)			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		—			192			1,011
Reinvested		—			131			83
Redeemed		—			(1,106	)		(1,777	)
Change in Class A Shares		—			(783	)		(683	)
Class C
Issued		—			6			288
Reinvested		—			30			17
Redeemed		—			(411	)		(721	)
Change in Class C Shares		—			(375	)		(416	)
Class I (b)
Issued		586			307			1,455
Reinvested		—			141			102
Redeemed		—			(2,181	)		(2,401	)
Change in Class I Shares		586			(1,733	)		(844	)
Class L
Issued		—			391			2,041
Reinvested		—			111			310
Redeemed		—			(13,998	)		(6,665	)
Change in Class L Shares		—			(13,496	)		(4,314	)
Class R6 (c)
Issued		21,568			12,204			1
Reinvested		2			363			—
Redeemed		(185	)		(1,329	)		—
Change in Class R6 Shares		21,385			11,238			1

(a) Commencement of operations was December 11, 2018.

(b) Commencement of offering of class of shares effective January 30, 2019 for JPMorgan Emerging Markets Research Enhanced Equity Fund.

(c) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Europe Dynamic Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

	JPMorgan Global Research  Enhanced Index Fund						JPMorgan International Advantage  Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	—		$	—		$	20,612		$	51,817
Distributions reinvested		—			—			3,422			4,173
Cost of shares redeemed		—			—			(26,890	)		(109,134	)
Change in net assets resulting from Class A capital transactions	$	—		$	—		$	(2,856	)	$	(53,144	)
Class C
Proceeds from shares issued	$	—		$	—		$	81		$	733
Distributions reinvested		—			—			25			19
Cost of shares redeemed		—			—			(309	)		(631	)
Change in net assets resulting from Class C capital transactions	$	—		$	—		$	(203	)	$	121
Class I
Proceeds from shares issued	$	33,116		$	388,984		$	11,350		$	29,375
Distributions reinvested		38,256			14,320			1,457			1,088
Cost of shares redeemed		(116,307	)		(8,753,055	)		(7,686	)		(15,042	)
Change in net assets resulting from Class I capital transactions	$	(44,935	)	$	(8,349,751	)	$	5,121		$	15,421
Class R2
Proceeds from shares issued	$	—		$	—		$	3,691		$	36,008
Distributions reinvested		—			—			631			165
Cost of shares redeemed		—			—			(4,151	)		(8,962	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	171		$	27,211
Class R6 (a)
Proceeds from shares issued	$	41,670		$	9,245,823		$	96,161		$	857,123
Distributions reinvested		505,892			144,635			82,457			61,869
Cost of shares redeemed		(1,581,029	)		(3,845,027	)		(146,021	)		(190,933	)
Change in net assets resulting from Class R6 capital transactions	$	(1,033,467	)	$	5,545,431		$	32,597		$	728,059
Total change in net assets resulting from capital transactions	$	(1,078,402	)	$	(2,804,320	)	$	34,830		$	717,668

(a) Commencement of offering of class of shares effective November 1, 2017 for JPMorgan Global Research Enhanced Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 107

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Global Research  Enhanced Index Fund						JPMorgan International Advantage  Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		—			—			1,079			2,376
Reinvested		—			—			193			191
Redeemed		—			—			(1,428	)		(5,011	)
Change in Class A Shares		—			—			(156	)		(2,444	)
Class C
Issued		—			—			3			33
Reinvested		—			—			2			1
Redeemed		—			—			(16	)		(29	)
Change in Class C Shares		—			—			(11	)		5
Class I
Issued		1,665			17,041			578			1,323
Reinvested		1,954			633			79			48
Redeemed		(5,730	)		(388,734	)		(396	)		(665	)
Change in Class I Shares		(2,111	)		(371,060	)		261			706
Class R2
Issued		—			—			197			1,658
Reinvested		—			—			36			7
Redeemed		—			—			(221	)		(418	)
Change in Class R2 Shares		—			—			12			1,247
Class R6 (a)
Issued		2,121			411,331			5,032			37,675
Reinvested		26,123			6,466			4,558			2,771
Redeemed		(80,234	)		(169,289	)		(7,489	)		(8,343	)
Change in Class R6 Shares		(51,990	)		248,508			2,101			32,103

(a) Commencement of offering of class of shares effective November 1, 2017 for JPMorgan Global Research Enhanced Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

	JPMorgan International Equity  Fund						JPMorgan International Equity  Income Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	54,816		$	100,845		$	5,755		$	22,501
Distributions reinvested		7,729			4,198			2,791			2,651
Cost of shares redeemed		(45,345	)		(131,999	)		(22,491	)		(33,621	)
Change in net assets resulting from Class A capital transactions	$	17,200		$	(26,956	)	$	(13,945	)	$	(8,469	)
Class C
Proceeds from shares issued	$	1,061		$	5,285		$	613		$	2,751
Distributions reinvested		479			210			531			375
Cost of shares redeemed		(3,690	)		(7,946	)		(2,065	)		(3,140	)
Change in net assets resulting from Class C capital transactions	$	(2,150	)	$	(2,451	)	$	(921	)	$	(14	)
Class I
Proceeds from shares issued	$	32,257		$	111,356		$	17,245		$	23,491
Distributions reinvested		5,624			2,206			2,049			2,693
Cost of shares redeemed		(57,467	)		(47,783	)		(21,742	)		(59,282	)
Change in net assets resulting from Class I capital transactions	$	(19,586	)	$	65,779		$	(2,448	)	$	(33,098	)
Class R2
Proceeds from shares issued	$	384		$	597		$	66		$	106
Distributions reinvested		28			12			13			8
Cost of shares redeemed		(551	)		(597	)		(59	)		(143	)
Change in net assets resulting from Class R2 capital transactions	$	(139	)	$	12		$	20		$	(29	)
Class R5
Proceeds from shares issued	$	262		$	547		$	1		$	46
Distributions reinvested		687			354			8			11
Cost of shares redeemed		(144	)		(461	)		(9	)		(1,196	)
Change in net assets resulting from Class R5 capital transactions	$	805		$	440		$	—	(a)	$	(1,139	)
Class R6
Proceeds from shares issued	$	103,804		$	1,112,330		$	6,740		$	3,978
Distributions reinvested		137,191			59,589			682			515
Cost of shares redeemed		(238,610	)		(339,079	)		(3,458	)		(4,735	)
Change in net assets resulting from Class R6 capital transactions	$	2,385		$	832,840		$	3,964		$	(242	)
Total change in net assets resulting from capital transactions	$	(1,485	)	$	869,664		$	(13,330	)	$	(42,991	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 109

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Equity  Fund						JPMorgan International Equity  Income Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		3,548			5,747			390			1,348
Reinvested		534			235			192			161
Redeemed		(2,948	)		(7,496	)		(1,494	)		(2,070	)
Change in Class A Shares		1,134			(1,514	)		(912	)		(561	)
Class C
Issued		75			309			41			168
Reinvested		35			12			37			23
Redeemed		(252	)		(477	)		(141	)		(194	)
Change in Class C Shares		(142	)		(156	)		(63	)		(3	)
Class I
Issued		2,120			6,224			1,190			1,408
Reinvested		382			122			140			163
Redeemed		(3,746	)		(2,700	)		(1,472	)		(3,629	)
Change in Class I Shares		(1,244	)		3,646			(142	)		(2,058	)
Class R2
Issued		25			35			4			5
Reinvested		2			1			1			1
Redeemed		(37	)		(35	)		(4	)		(8	)
Change in Class R2 Shares		(10	)		1			1			(2	)
Class R5
Issued		16			30			1			3
Reinvested		47			19			—	(a)		1
Redeemed		(10	)		(26	)		(1	)		(70	)
Change in Class R5 Shares		53			23			—	(a)		(66	)
Class R6
Issued		6,754			61,155			471			240
Reinvested		9,332			3,289			46			31
Redeemed		(15,351	)		(18,321	)		(230	)		(288	)
Change in Class R6 Shares		735			46,123			287			(17	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

	JPMorgan International Hedged Equity Fund (a)		JPMorgan International Research Enhanced Equity Fund
	Period Ended April 30, 2019  (unaudited)		Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	20	$	20,647		$	49,806
Distributions reinvested		—		6,196			6,000
Cost of shares redeemed		—		(35,043	)		(125,460	)
Change in net assets resulting from Class A capital transactions	$	20	$	(8,200	)	$	(69,654	)
Class C
Proceeds from shares issued	$	20	$	—		$	—
Change in net assets resulting from Class C capital transactions	$	20	$	—		$	—
Class I
Proceeds from shares issued	$	50,452	$	40,926		$	296,315
Distributions reinvested		—		5,050			22,644
Cost of shares redeemed		—		(34,969	)		(4,846,022	)
Change in net assets resulting from Class I capital transactions	$	50,452	$	11,007		$	(4,527,063	)
Class R5
Proceeds from shares issued	$	20	$	—		$	—
Change in net assets resulting from Class R5 capital transactions	$	20	$	—		$	—
Class R6 (b)
Proceeds from shares issued	$	20	$	110,442		$	6,049,894
Distributions reinvested		—		149,727			79,541
Cost of shares redeemed		—		(533,851	)		(1,298,837	)
Change in net assets resulting from Class R6 capital transactions	$	20	$	(273,682	)	$	4,830,598
Total change in net assets resulting from capital transactions	$	50,532	$	(270,875	)	$	233,881

(a) Commencement of operations was March 15, 2019.

(b) Commencement of offering of class of shares effective November 1, 2017 for JPMorgan International Research Enhanced Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Hedged Equity Fund (a)		JPMorgan International Research Enhanced Equity Fund
	Period Ended April 30, 2019 (unaudited)		Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		1		1,252			2,675
Reinvested		—		402			321
Redeemed		—		(2,132	)		(6,773	)
Change in Class A Shares		1		(478	)		(3,777	)
Class C
Issued		1		—			—
Change in Class C Shares		1		—			—
Class I
Issued		3,363		2,458			15,589
Reinvested		—		324			1,199
Redeemed		—		(2,109	)		(258,407	)
Change in Class I Shares		3,363		673			(241,619	)
Class R5
Issued		1		—			—
Change in Class R5 Shares		1		—			—
Class R6 (b)
Issued		2		6,590			321,785
Reinvested		—		9,647			4,222
Redeemed		—		(31,883	)		(69,932	)
Change in Class R6 Shares		2		(15,646	)		256,075

(a) Commencement of operations was March 15, 2019.

(b) Commencement of offering of class of shares effective November 1, 2017 for JPMorgan International Research Enhanced Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

	JPMorgan International Unconstrained  Equity Fund						JPMorgan International Value  Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	20,910		$	70,900		$	13,829		$	59,408
Distributions reinvested		1,609			450			7,349			6,704
Cost of shares redeemed		(20,976	)		(40,013	)		(66,297	)		(101,490	)
Change in net assets resulting from Class A capital transactions	$	1,543		$	31,337		$	(45,119	)	$	(35,378	)
Class C
Proceeds from shares issued	$	1,029		$	20,087		$	170		$	2,122
Distributions reinvested		294			85			378			287
Cost of shares redeemed		(6,013	)		(7,910	)		(3,333	)		(7,191	)
Change in net assets resulting from Class C capital transactions	$	(4,690	)	$	12,262		$	(2,785	)	$	(4,782	)
Class I
Proceeds from shares issued	$	46,619		$	234,151		$	5,651		$	38,003
Distributions reinvested		3,656			1,282			2,109			3,381
Cost of shares redeemed		(80,566	)		(139,690	)		(17,459	)		(109,004	)
Change in net assets resulting from Class I capital transactions	$	(30,291	)	$	95,743		$	(9,699	)	$	(67,620	)
Class L
Proceeds from shares issued	$	—		$	—		$	1,899		$	6,316
Distributions reinvested		—			—			762			1,069
Cost of shares redeemed		—			—			(34,716	)		(122,248	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(32,055	)	$	(114,863	)
Class R2
Proceeds from shares issued	$	310		$	887		$	192		$	224
Distributions reinvested		15			2			15			9
Cost of shares redeemed		(219	)		(88	)		(71	)		(420	)
Change in net assets resulting from Class R2 capital transactions	$	106		$	801		$	136		$	(187	)
Class R5
Proceeds from shares issued	$	244		$	5,082		$	3		$	16
Distributions reinvested		72			1			3			2
Cost of shares redeemed		(744	)		(952	)		—	(a)		—	(a)
Change in net assets resulting from Class R5 capital transactions	$	(428	)	$	4,131		$	6		$	18
Class R6
Proceeds from shares issued	$	45,967		$	67,300		$	20,657		$	59,355
Distributions reinvested		4,393			1,288			4,629			2,922
Cost of shares redeemed		(18,441	)		(10,456	)		(17,708	)		(29,240	)
Change in net assets resulting from Class R6 capital transactions	$	31,919		$	58,132		$	7,578		$	33,037
Total change in net assets resulting from capital transactions	$	(1,841	)	$	202,406		$	(81,938	)	$	(189,775	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 113

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Unconstrained  Equity Fund						JPMorgan International Value  Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		1,123			3,352			1,154			4,254
Reinvested		93			21			663			472
Redeemed		(1,139	)		(1,953	)		(5,511	)		(7,447	)
Change in Class A Shares		77			1,420			(3,694	)		(2,721	)
Class C
Issued		57			952			15			155
Reinvested		17			4			35			21
Redeemed		(326	)		(398	)		(290	)		(531	)
Change in Class C Shares		(252	)		558			(240	)		(355	)
Class I
Issued		2,448			10,891			459			2,606
Reinvested		209			60			186			233
Redeemed		(4,356	)		(6,860	)		(1,467	)		(7,550	)
Change in Class I Shares		(1,699	)		4,091			(822	)		(4,711	)
Class L
Issued		—			—			170			432
Reinvested		—			—			68			74
Redeemed		—			—			(2,945	)		(8,567	)
Change in Class L Shares		—			—			(2,707	)		(8,061	)
Class R2
Issued		15			42			17			16
Reinvested		1			—	(a)		1			1
Redeemed		(11	)		(4	)		(6	)		(31	)
Change in Class R2 Shares		5			38			12			(14	)
Class R5
Issued		13			223			1			1
Reinvested		4			—	(a)		—	(a)		—	(a)
Redeemed		(39	)		(46	)		—	(a)		—	(a)
Change in Class R5 Shares		(22	)		177			1			1
Class R6
Issued		2,303			3,197			1,701			4,227
Reinvested		252			61			412			203
Redeemed		(969	)		(513	)		(1,454	)		(2,078	)
Change in Class R6 Shares		1,586			2,745			659			2,352

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 115

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Emerging Economies Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	11.95	$	0.03		$	1.18		$	1.21		$	—
Year Ended October 31, 2018		14.73		0.32			(2.84	)		(2.52	)		(0.26	)
Year Ended October 31, 2017		11.55		0.22			3.11			3.33			(0.15	)
Year Ended October 31, 2016		11.03		0.15			0.46			0.61			(0.09	)
Year Ended October 31, 2015		13.13		0.13	(f)		(2.03	)		(1.90	)		(0.20	)
Year Ended October 31, 2014		13.63		0.22			(0.57	)		(0.35	)		(0.15	)
Class C
Six Months Ended April 30, 2019 (Unaudited)		11.84		—	(g)		1.14			1.14			(0.23	)
Year Ended October 31, 2018		14.60		0.25			(2.82	)		(2.57	)		(0.19	)
Year Ended October 31, 2017		11.41		0.16			3.09			3.25			(0.06	)
Year Ended October 31, 2016		10.86		0.09			0.46			0.55			—	(g)
Year Ended October 31, 2015		12.92		0.10	(f)		(2.03	)		(1.93	)		(0.13	)
Year Ended October 31, 2014		13.44		0.15			(0.57	)		(0.42	)		(0.10	)
Class I
Six Months Ended April 30, 2019 (Unaudited)		12.12		0.05			1.15			1.20			(0.31	)
Year Ended October 31, 2018		14.93		0.37			(2.88	)		(2.51	)		(0.30	)
Year Ended October 31, 2017		11.68		0.26			3.15			3.41			(0.16	)
Year Ended October 31, 2016		11.06		0.18			0.47			0.65			(0.03	)
Year Ended October 31, 2015		13.17		0.18	(f)		(2.06	)		(1.88	)		(0.23	)
Year Ended October 31, 2014		13.67		0.26			(0.58	)		(0.32	)		(0.18	)
Class R5
Six Months Ended April 30, 2019 (Unaudited)		12.24		0.05			1.17			1.22			(0.37	)
Year Ended October 31, 2018		15.07		0.38			(2.91	)		(2.53	)		(0.30	)
Year Ended October 31, 2017		11.78		0.26			3.20			3.46			(0.17	)
Year Ended October 31, 2016		11.11		0.05			0.62			0.67			—
Year Ended October 31, 2015		13.22		0.20	(f)		(2.06	)		(1.86	)		(0.25	)
Year Ended October 31, 2014		13.71		0.29			(0.58	)		(0.29	)		(0.20	)
Class R6
Six Months Ended April 30, 2019 (Unaudited)		12.07		0.06			1.14			1.20			(0.39	)
Year Ended October 31, 2018		14.87		0.39			(2.86	)		(2.47	)		(0.33	)
Year Ended October 31, 2017		11.64		0.29			3.12			3.41			(0.18	)
Year Ended October 31, 2016		11.11		0.21			0.46			0.67			(0.14	)
September 1, 2015 (h) through October 31, 2015		10.46		(0.02	)(f)		0.67			0.65			—

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Amount rounds to less than $0.005.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	13.16		10.13	%	$	11,814		1.14	%		0.55	%		1.73	%		33	%
	11.95		(17.41	)		10,653		1.14			2.22			1.52			82
	14.73		29.28			179,772		1.34			1.72			1.57			62
	11.55		5.62			148,331		1.42			1.42			1.70			72
	11.03		(14.60	)		43,220		1.58			1.06	(f)		1.99			118
	13.13		(2.56	)		80,806		1.60			1.71			1.73			79
	12.75		9.89			1,696		1.64			0.05			2.10			33
	11.84		(17.85	)		1,874		1.64			1.73			2.06			82
	14.60		28.71			2,782		1.85			1.23			2.17			62
	11.41		5.11			2,448		1.96			0.82			2.37			72
	10.86		(15.02	)		3,614		2.09			0.80	(f)		2.36			118
	12.92		(3.12	)		5,331		2.10			1.13			2.23			79
	13.01		10.24			9,287		0.89			0.84			1.33			33
	12.12		(17.19	)		12,961		0.89			2.50			1.27			82
	14.93		29.61			63,965		1.10			2.01			1.30			62
	11.68		5.93			53,509		1.21			1.67			1.40			72
	11.06		(14.45	)		239,866		1.34			1.51	(f)		1.46			118
	13.17		(2.35	)		288,059		1.35			1.96			1.48			79
	13.09		10.35			235		0.79			0.87			1.14			33
	12.24		(17.16	)		285		0.79			2.59			1.12			82
	15.07		29.89			417		0.93			2.06			1.16			62
	11.78		6.03			1,602		1.08			0.49			1.25			72
	11.11		(14.20	)		81,516		1.14			1.65	(f)		1.25			118
	13.22		(2.12	)		852,477		1.15			2.19			1.28			79
	12.88		10.34			1,386,535		0.69			1.03			1.03			33
	12.07		(17.02	)		1,529,884		0.69			2.75			1.01			82
	14.87		29.87			1,790,759		0.85			2.23			1.04			62
	11.64		6.16			1,573,822		0.94			1.99			1.09			72
	11.11		6.21			732,627		1.07			(0.92	)(f)		1.17			118

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 117

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Emerging Markets Equity Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	23.84	$	(0.03	)	$	5.53		$	5.50		$	(0.12	)
Year Ended October 31, 2018		27.58		0.14			(3.84	)		(3.70	)		(0.04	)
Year Ended October 31, 2017		21.79		0.09			5.80			5.89			(0.10	)
Year Ended October 31, 2016		19.53		0.09			2.28			2.37			(0.11	)
Year Ended October 31, 2015		23.72		0.12	(f)		(4.12	)		(4.00	)		(0.19	)
Year Ended October 31, 2014		23.05		0.16	(f)		0.59			0.75			(0.08	)
Class C
Six Months Ended April 30, 2019 (Unaudited)		23.08		(0.09	)		5.37			5.28			(0.03	)
Year Ended October 31, 2018		26.80		0.02			(3.74	)		(3.72	)		—	(g)
Year Ended October 31, 2017		21.18		(0.04	)		5.67			5.63			(0.01	)
Year Ended October 31, 2016		18.96		(0.01	)		2.23			2.22			—
Year Ended October 31, 2015		23.03		0.03	(f)		(4.02	)		(3.99	)		(0.08	)
Year Ended October 31, 2014		22.41		0.05	(f)		0.57			0.62			—
Class I
Six Months Ended April 30, 2019 (Unaudited)		24.45		0.01			5.65			5.66			(0.22	)
Year Ended October 31, 2018		28.29		0.24			(3.96	)		(3.72	)		(0.12	)
Year Ended October 31, 2017		22.33		0.16			5.94			6.10			(0.14	)
Year Ended October 31, 2016		19.98		0.13			2.35			2.48			(0.13	)
Year Ended October 31, 2015		24.24		0.19	(f)		(4.21	)		(4.02	)		(0.24	)
Year Ended October 31, 2014		23.47		0.18	(f)		0.64			0.82			(0.05	)
Class L
Six Months Ended April 30, 2019 (Unaudited)		24.63		0.02			5.70			5.72			(0.24	)
Year Ended October 31, 2018		28.49		0.26			(3.99	)		(3.73	)		(0.13	)
Year Ended October 31, 2017		22.49		0.21			5.96			6.17			(0.17	)
Year Ended October 31, 2016		20.15		0.17			2.35			2.52			(0.18	)
Year Ended October 31, 2015		24.42		0.23	(f)		(4.26	)		(4.03	)		(0.24	)
Year Ended October 31, 2014		23.73		0.17	(f)		0.70			0.87			(0.18	)
Class R2
Six Months Ended April 30, 2019 (Unaudited)		23.73		(0.07	)		5.49			5.42			(0.16	)
Year Ended October 31, 2018		27.57		0.07			(3.83	)		(3.76	)		(0.08	)
July 31, 2017 (h) through October 31, 2017		26.40		(0.01	)		1.18			1.17			—
Class R3
Six Months Ended April 30, 2019 (Unaudited)		23.78		(0.01	)		5.49			5.48			(0.13	)
Year Ended October 31, 2018		27.59		0.22			(3.92	)		(3.70	)		(0.11	)
July 31, 2017 (h) through October 31, 2017		26.40		0.01			1.18			1.19			—

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Amount rounds to less than $0.005.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	29.22		23.19	%	$	487,212		1.24	%		(0.21	)%		1.52	%		14	%
	23.84		(13.44	)		369,490		1.24			0.51			1.52			13
	27.58		27.22			525,451		1.35			0.36			1.58			22
	21.79		12.25			411,713		1.44			0.44			1.76			23
	19.53		(16.95	)		274,710		1.61			0.57	(f)		1.88			35
	23.72		3.26			350,555		1.70			0.72	(f)		1.81			33
	28.33		22.91			55,930		1.74			(0.72	)		2.02			14
	23.08		(13.87	)		43,612		1.74			0.06			2.02			13
	26.80		26.58			48,497		1.85			(0.15	)		2.09			22
	21.18		11.71			39,568		1.95			(0.06	)		2.26			23
	18.96		(17.38	)		43,387		2.10			0.13	(f)		2.33			35
	23.03		2.77			56,732		2.20			0.22	(f)		2.31			33
	29.89		23.33			1,193,154		0.99			0.06			1.26			14
	24.45		(13.23	)		773,142		0.99			0.84			1.26			13
	28.29		27.54			629,451		1.10			0.62			1.30			22
	22.33		12.51			301,959		1.20			0.66			1.43			23
	19.98		(16.70	)		502,729		1.35			0.88	(f)		1.48			35
	24.24		3.51			583,501		1.45			0.78	(f)		1.56			33
	30.11		23.43			663,335		0.89			0.14			1.11			14
	24.63		(13.16	)		475,997		0.89			0.91			1.11			13
	28.49		27.72			430,860		0.95			0.84			1.14			22
	22.49		12.71			390,647		1.04			0.84			1.22			23
	20.15		(16.60	)		316,635		1.21			1.05	(f)		1.31			35
	24.42		3.72			411,449		1.30			0.72	(f)		1.40			33
	28.99		22.99			113		1.54			(0.55	)		2.12			14
	23.73		(13.69	)		95		1.54			0.26			2.04			13
	27.57		4.43			21		1.60			(0.17	)		1.80			22
	29.13		23.16			1,365		1.29			(0.09	)		1.61			14
	23.78		(13.49	)		341		1.29			0.81			1.59			13
	27.59		4.51			21		1.35			0.08			1.55			22

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 119

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Emerging Markets Equity Fund (continued)
Class R4
Six Months Ended April 30, 2019 (Unaudited)	$	24.42	$	0.02		$	5.61		$	5.63		$	(0.26	)
Year Ended October 31, 2018		28.28		0.18			(3.91	)		(3.73	)		(0.13	)
July 31, 2017 (f) through October 31, 2017		27.05		0.02			1.21			1.23			—
Class R5
Six Months Ended April 30, 2019 (Unaudited)		24.60		0.03			5.67			5.70			(0.26	)
Year Ended October 31, 2018		28.47		0.39			(4.11	)		(3.72	)		(0.15	)
Year Ended October 31, 2017		22.49		0.15			6.01			6.16			(0.18	)
September 9, 2016 (f) through October 31, 2016		22.40		0.01			0.08			0.09			—
Class R6
Six Months Ended April 30, 2019 (Unaudited)		24.60		0.03			5.69			5.72			(0.26	)
Year Ended October 31, 2018		28.46		0.29			(3.99	)		(3.70	)		(0.16	)
Year Ended October 31, 2017		22.46		0.21			5.98			6.19			(0.19	)
Year Ended October 31, 2016		20.13		0.19			2.35			2.54			(0.21	)
Year Ended October 31, 2015		24.44		0.22	(g)		(4.23	)		(4.01	)		(0.30	)
December 23, 2013 (f) through October 31, 2014		22.47		0.38	(g)		1.59			1.97			—

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

(g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	29.79		23.29	%	$	1,359		1.04	%		0.11	%		1.28	%		14	%
	24.42		(13.25	)		26		1.04			0.63			1.62			13
	28.28		4.55			21		1.10			0.33			1.30			22
	30.04		23.41			37,001		0.89			0.24			1.11			14
	24.60		(13.14	)		1,672		0.89			1.37			1.11			13
	28.47		27.72			217		0.95			0.58			3.36			22
	22.49		0.40			20		0.90			0.28			1.08			23
	30.06		23.50			3,522,794		0.79			0.21			1.01			14
	24.60		(13.08	)		2,936,830		0.79			1.00			1.01			13
	28.46		27.87			2,813,349		0.85			0.85			1.01			22
	22.46		12.83			1,980,671		0.94			0.96			1.08			23
	20.13		(16.54	)		1,128,390		1.10			0.99	(g)		1.16			35
	24.44		8.77			1,130,050		1.20			1.85	(g)		1.33			33

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 121

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
January 30, 2019 (g) through April 30, 2019 (Unaudited)	$	16.22	$	0.05	(h)	$	0.67	$	0.72	$	—
Class R6
December 11, 2018 (i) through April 30, 2019 (Unaudited)		15.00		0.08	(h)		1.95		2.03		(0.08	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended April 30, 2019.

(g) Commencement of offering of class of shares.

(h) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (f)			Expenses without waivers and reimbursements (f)			Portfolio turnover rate (c)
$	16.94		4.44	%	$	9,931		0.44	%		1.27	%(h)		0.68	%		13	%
	16.95		13.60			362,381		0.34			1.18	(h)		0.48			13

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 123

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Europe Dynamic Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	23.01	$	0.32	$	0.99		$	1.31		$	(0.55	)
Year Ended October 31, 2018		27.04		0.42		(4.08	)		(3.66	)		(0.37	)
Year Ended October 31, 2017		21.94		0.37		5.15			5.52			(0.42	)
Year Ended October 31, 2016		24.41		0.37		(2.55	)		(2.18	)		(0.29	)
Year Ended October 31, 2015		24.54		0.36		0.32			0.68			(0.81	)
Year Ended October 31, 2014		24.79		0.66		(0.90	)		(0.24	)		(0.01	)
Class C
Six Months Ended April 30, 2019 (Unaudited)		20.39		0.22		0.90			1.12			(0.42	)
Year Ended October 31, 2018		24.00		0.25		(3.62	)		(3.37	)		(0.24	)
Year Ended October 31, 2017		19.52		0.23		4.58			4.81			(0.33	)
Year Ended October 31, 2016		21.77		0.23		(2.27	)		(2.04	)		(0.21	)
Year Ended October 31, 2015		21.99		0.21		0.29			0.50			(0.72	)
Year Ended October 31, 2014		22.32		0.47		(0.79	)		(0.32	)		(0.01	)
Class I
Six Months Ended April 30, 2019 (Unaudited)		23.48		0.34		1.01			1.35			(0.61	)
Year Ended October 31, 2018		27.60		0.49		(4.17	)		(3.68	)		(0.44	)
Year Ended October 31, 2017		22.37		0.46		5.25			5.71			(0.48	)
Year Ended October 31, 2016		24.83		0.44		(2.59	)		(2.15	)		(0.31	)
Year Ended October 31, 2015		24.95		0.45		0.32			0.77			(0.89	)
Year Ended October 31, 2014		25.18		0.71		(0.88	)		(0.17	)		(0.06	)
Class L
Six Months Ended April 30, 2019 (Unaudited)		23.70		0.31		1.07			1.38			(0.57	)
Year Ended October 31, 2018		27.85		0.51		(4.18	)		(3.67	)		(0.48	)
Year Ended October 31, 2017		22.61		0.52		5.27			5.79			(0.55	)
Year Ended October 31, 2016		25.13		0.49		(2.60	)		(2.11	)		(0.41	)
Year Ended October 31, 2015		25.23		0.54		0.28			0.82			(0.92	)
Year Ended October 31, 2014		25.46		0.79		(0.93	)		(0.14	)		(0.09	)
Class R6
Six Months Ended April 30, 2019 (Unaudited)		23.70		0.40		0.98			1.38			(0.68	)
October 1, 2018 (f) through October 31, 2018		26.32		0.01		(2.63	)		(2.62	)		—

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	23.77		6.00	%	$	110,188		1.24	%		2.83	%		1.33	%		37	%
	23.01		(13.72	)		124,681		1.24			1.58			1.29			149
	27.04		25.65			165,020		1.36			1.52			1.36			189
	21.94		(8.98	)		162,767		1.42			1.66			1.43			142
	24.41		2.86			219,548		1.41			1.48			1.41			167
	24.54		(0.95	)		192,865		1.30			2.55			1.31			197
	21.09		5.74			24,278		1.74			2.22			1.82			37
	20.39		(14.18	)		31,125		1.74			1.08			1.79			149
	24.00		25.02			46,615		1.85			1.07			1.86			189
	19.52		(9.42	)		50,152		1.91			1.16			1.92			142
	21.77		2.37			75,145		1.91			0.98			1.91			167
	21.99		(1.46	)		61,814		1.80			2.00			1.81			197
	24.22		6.11			102,292		0.99			2.93			1.06			37
	23.48		(13.53	)		139,858		0.99			1.84			1.04			149
	27.60		26.06			187,678		1.06			1.85			1.07			189
	22.37		(8.73	)		145,080		1.10			1.95			1.10			142
	24.83		3.22			579,389		1.07			1.81			1.07			167
	24.95		(0.68	)		409,675		1.05			2.69			1.06			197
	24.51		6.16			72,248		0.90			2.71			0.91			37
	23.70		(13.41	)		389,665		0.88			1.88			0.89			149
	27.85		26.22			578,183		0.90			2.07			0.91			189
	22.61		(8.48	)		424,388		0.90			2.16			0.90			142
	25.13		3.36			194,930		0.90			2.16			0.91			167
	25.23		(0.56	)		375,683		0.90			2.93			0.91			197
	24.40		6.21			274,220		0.80			3.43			0.81			37
	23.70		(9.95	)		18		0.82			0.67			0.83			149

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 125

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Global Research Enhanced Index Fund
Class I
Six Months Ended April 30, 2019 (Unaudited)	$	21.98	$	0.22	$	1.62		$	1.84	$	(0.58	)	$	(1.51	)	$	(2.09	)
Year Ended October 31, 2018		22.16		0.43		(0.41	)		0.02		(0.20	)		—			(0.20	)
Year Ended October 31, 2017		18.37		0.39		3.82			4.21		(0.42	)		—			(0.42	)
Year Ended October 31, 2016		18.56		0.39		(0.24	)		0.15		(0.34	)		—			(0.34	)
Year Ended October 31, 2015		18.81		0.39		(0.12	)		0.27		(0.27	)		(0.25	)		(0.52	)
Year Ended October 31, 2014		17.37		0.39		1.33			1.72		(0.18	)		(0.10	)		(0.28	)
Class R6
Six Months Ended April 30, 2019 (Unaudited)		21.76		0.23		1.59			1.82		(0.61	)		(1.51	)		(2.12	)
November 1, 2017 (f) through October 31, 2018		22.19		0.47		(0.45	)		0.02		(0.45	)		—			(0.45	)

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

(b) Calculated based upon average shares outstanding. `

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	21.73		9.63	%	$	387,770		0.34	%		2.20	%		0.56	%		16	%
	21.98		0.09			438,715		0.34			1.88			0.55			45
	22.16		23.29			8,663,460		0.34			1.93			0.55			33
	18.37		0.91			6,907,246		0.34			2.19			0.55			35
	18.56		1.51			7,415,218		0.33			2.06			0.56			44
	18.81		10.09			3,577,523		0.33			2.16			0.56			40
	21.46		9.66			4,217,809		0.25			2.28			0.31			16
	21.76		0.03			5,408,261		0.25			2.07			0.30			45

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 127

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Advantage Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	19.49	$	0.23		$	0.44		$	0.67		$	(0.42	)
Year Ended October 31, 2018		22.22		0.44			(2.77	)		(2.33	)		(0.40	)
Year Ended October 31, 2017		18.44		0.33			3.83			4.16			(0.38	)
Year Ended October 31, 2016		19.36		0.40	(f)		(0.99	)		(0.59	)		(0.33	)
Year Ended October 31, 2015		19.49		0.34	(f)		(0.26	)		0.08			(0.21	)
Year Ended October 31, 2014		19.79		0.39	(f)		(0.45	)		(0.06	)		(0.24	)
Class C
Six Months Ended April 30, 2019 (Unaudited)		19.70		0.18			0.46			0.64			(0.31	)
Year Ended October 31, 2018		22.40		0.37			(2.83	)		(2.46	)		(0.24	)
Year Ended October 31, 2017		18.57		0.22			3.87			4.09			(0.26	)
Year Ended October 31, 2016		19.52		0.28	(f)		(0.97	)		(0.69	)		(0.26	)
Year Ended October 31, 2015		19.63		0.23	(f)		(0.24	)		(0.01	)		(0.10	)
Year Ended October 31, 2014		19.92		0.36	(f)		(0.52	)		(0.16	)		(0.13	)
Class I
Six Months Ended April 30, 2019 (Unaudited)		20.30		0.28			0.43			0.71			(0.48	)
Year Ended October 31, 2018		23.12		0.54			(2.90	)		(2.36	)		(0.46	)
Year Ended October 31, 2017		19.20		0.42			3.97			4.39			(0.47	)
Year Ended October 31, 2016		20.13		0.46	(f)		(1.01	)		(0.55	)		(0.38	)
Year Ended October 31, 2015		20.22		0.42	(f)		(0.26	)		0.16			(0.25	)
Year Ended October 31, 2014		20.51		0.51	(f)		(0.53	)		(0.02	)		(0.27	)
Class R2
Six Months Ended April 30, 2019 (Unaudited)		19.21		0.21			0.42			0.63			(0.39	)
Year Ended October 31, 2018		22.01		0.52			(2.88	)		(2.36	)		(0.44	)
Year Ended October 31, 2017		18.29		0.01			4.07			4.08			(0.36	)
Year Ended October 31, 2016		19.21		0.36	(f)		(1.01	)		(0.65	)		(0.27	)
Year Ended October 31, 2015		19.31		0.38	(f)		(0.34	)		0.04			(0.14	)
Year Ended October 31, 2014		19.61		0.40	(f)		(0.53	)		(0.13	)		(0.17	)
Class R6
Six Months Ended April 30, 2019 (Unaudited)		20.00		0.29			0.43			0.72			(0.52	)
Year Ended October 31, 2018		22.78		0.58			(2.87	)		(2.29	)		(0.49	)
Year Ended October 31, 2017		18.91		0.43			3.92			4.35			(0.48	)
Year Ended October 31, 2016		19.84		0.49	(f)		(1.01	)		(0.52	)		(0.41	)
May 29, 2015 (g) through October 31, 2015		21.08		0.12	(f)		(1.36	)		(1.24	)		—

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	19.74		3.67	%	$	155,312		0.98	%		2.47	%		1.22	%		35	%
	19.49		(10.69	)		156,382		1.00			2.02			1.22			51
	22.22		22.98			232,530		1.21			1.66			1.22			82
	18.44		(3.07	)		164,327		1.25			2.21	(f)		1.29			38
	19.36		0.45			152,834		1.29			1.75	(f)		1.49			33
	19.49		(0.33	)		101,114		1.39			1.96	(f)		1.46			48
	20.03		3.41			1,466		1.48			1.88			1.74			35
	19.70		(11.08	)		1,652		1.50			1.69			1.74			51
	22.40		22.30			1,773		1.75			1.07			1.81			82
	18.57		(3.56	)		2,287		1.75			1.52	(f)		1.87			38
	19.52		(0.05	)		2,789		1.78			1.17	(f)		1.91			33
	19.63		(0.84	)		1,318		1.89			1.79	(f)		1.96			48
	20.53		3.79			66,799		0.73			2.82			0.96			35
	20.30		(10.43	)		60,739		0.75			2.37			0.96			51
	23.12		23.39			52,871		0.90			1.99			0.99			82
	19.20		(2.73	)		16,363		0.90			2.44	(f)		1.08			38
	20.13		0.80			19,292		0.97			2.04	(f)		1.12			33
	20.22		(0.13	)		15,963		1.14			2.47	(f)		1.21			48
	19.45		3.51			32,232		1.28			2.20			1.68			35
	19.21		(10.93	)		31,619		1.30			2.45			1.69			51
	22.01		22.70			8,790		1.49			0.07			1.54			82
	18.29		(3.36	)		503		1.50			2.02	(f)		1.75			38
	19.21		0.24			227		1.52			1.91	(f)		1.69			33
	19.31		(0.66	)		98		1.64			2.03	(f)		1.71			48
	20.20		3.91			3,226,366		0.53			2.95			0.71			35
	20.00		(10.26	)		3,152,864		0.55			2.59			0.71			51
	22.78		23.59			2,859,645		0.71			2.12			0.71			82
	18.91		(2.59	)		2,487,086		0.71			2.65	(f)		0.72			38
	19.84		(5.88	)		1,854,941		0.73			1.47	(f)		0.74			33

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 129

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Equity Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	15.56	$	0.14		$	1.45		$	1.59		$	(0.33	)	$	(0.17)		$	(0.50)
Year Ended October 31, 2018		17.81		0.33			(2.33	)		(2.00	)		(0.25	)		—			(0.25	)
Year Ended October 31, 2017		14.24		0.22			3.39			3.61			(0.04	)		—			(0.04	)
Year Ended October 31, 2016		14.75		0.22			(0.51	)		(0.29	)		(0.22	)		—			(0.22	)
Year Ended October 31, 2015		15.25		0.23			(0.50	)		(0.27	)		(0.23	)		—			(0.23	)
Year Ended October 31, 2014		15.92		0.37	(f)		(0.68	)		(0.31	)		(0.36	)		—			(0.36	)
Class C
Six Months Ended April 30, 2019 (Unaudited)		14.68		0.09			1.39			1.48			(0.24	)		(0.17	)		(0.41	)
Year Ended October 31, 2018		16.83		0.25			(2.23	)		(1.98	)		(0.17	)		—			(0.17	)
Year Ended October 31, 2017		13.50		0.12			3.22			3.34			(0.01	)		—			(0.01	)
Year Ended October 31, 2016		14.02		0.13			(0.47	)		(0.34	)		(0.18	)		—			(0.18	)
Year Ended October 31, 2015		14.52		0.15			(0.48	)		(0.33	)		(0.17	)		—			(0.17	)
Year Ended October 31, 2014		15.20		0.26	(f)		(0.64	)		(0.38	)		(0.30	)		—			(0.30	)
Class I
Six Months Ended April 30, 2019 (Unaudited)		15.82		0.16			1.47			1.63			(0.37	)		(0.17	)		(0.54	)
Year Ended October 31, 2018		18.09		0.41			(2.40	)		(1.99	)		(0.28	)		—			(0.28	)
Year Ended October 31, 2017		14.45		0.26			3.44			3.70			(0.06	)		—			(0.06	)
Year Ended October 31, 2016		14.95		0.24			(0.48	)		(0.24	)		(0.26	)		—			(0.26	)
Year Ended October 31, 2015		15.45		0.29			(0.53	)		(0.24	)		(0.26	)		—			(0.26	)
Year Ended October 31, 2014		16.13		0.39	(f)		(0.67	)		(0.28	)		(0.40	)		—			(0.40	)
Class R2
Six Months Ended April 30, 2019 (Unaudited)		15.44		0.11			1.45			1.56			(0.28	)		(0.17	)		(0.45	)
Year Ended October 31, 2018		17.70		0.29			(2.33	)		(2.04	)		(0.22	)		—			(0.22	)
Year Ended October 31, 2017		14.17		0.17			3.38			3.55			(0.02	)		—			(0.02	)
Year Ended October 31, 2016		14.69		0.18			(0.50	)		(0.32	)		(0.20	)		—			(0.20	)
Year Ended October 31, 2015		15.19		0.20			(0.51	)		(0.31	)		(0.19	)		—			(0.19	)
Year Ended October 31, 2014		15.87		0.30	(f)		(0.65	)		(0.35	)		(0.33	)		—			(0.33	)
Class R5
Six Months Ended April 30, 2019 (Unaudited)		15.85		0.17			1.48			1.65			(0.39	)		(0.17	)		(0.56	)
Year Ended October 31, 2018		18.13		0.41			(2.40	)		(1.99	)		(0.29	)		—			(0.29	)
Year Ended October 31, 2017		14.47		0.21			3.52			3.73			(0.07	)		—			(0.07	)
Year Ended October 31, 2016		14.97		0.27			(0.49	)		(0.22	)		(0.28	)		—			(0.28	)
Year Ended October 31, 2015		15.46		0.29			(0.49	)		(0.20	)		(0.29	)		—			(0.29	)
Year Ended October 31, 2014		16.13		0.44	(f)		(0.69	)		(0.25	)		(0.42	)		—			(0.42	)
Class R6
Six Months Ended April 30, 2019 (Unaudited)		15.86		0.18			1.47			1.65			(0.40	)		(0.17	)		(0.57	)
Year Ended October 31, 2018		18.13		0.43			(2.39	)		(1.96	)		(0.31	)		—			(0.31	)
Year Ended October 31, 2017		14.46		0.29			3.46			3.75			(0.08	)		—			(0.08	)
Year Ended October 31, 2016		14.97		0.29			(0.51	)		(0.22	)		(0.29	)		—			(0.29	)
Year Ended October 31, 2015		15.46		0.32			(0.52	)		(0.20	)		(0.29	)		—			(0.29	)
Year Ended October 31, 2014		16.13		0.45	(f)		(0.69	)		(0.24	)		(0.43	)		—			(0.43	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.32, $0.21, $0.34, $0.25, $0.39 and $0.40 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and the net investment income (loss) ratio would have been 2.01%, 1.40%, 2.08%, 1.59%, 2.40% and 2.48% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	16.65		10.68	%	$	276,199		0.95	%		1.82	%		1.28	%		15	%
	15.56		(11.42	)		240,394		0.95			1.88			1.32			33
	17.81		25.43			302,130		1.23			1.39			1.35			17
	14.24		(1.83	)		216,932		1.31			1.62			1.49			11
	14.75		(1.89	)		224,370		1.31			1.50			1.59			13
	15.25		(2.06	)		186,242		1.31			2.34	(f)		1.45			6
	15.75		10.47			18,032		1.45			1.25			1.79			15
	14.68		(11.89	)		18,899		1.45			1.48			1.83			33
	16.83		24.79			24,281		1.74			0.83			1.88			17
	13.50		(2.31	)		22,235		1.81			0.97			2.06			11
	14.02		(2.36	)		28,313		1.81			1.02			2.05			13
	14.52		(2.59	)		26,299		1.81			1.73	(f)		1.95			6
	16.91		10.82			171,251		0.70			2.00			1.02			15
	15.82		(11.20	)		179,831		0.70			2.30			1.06			33
	18.09		25.69			139,715		0.99			1.59			1.10			17
	14.45		(1.50	)		94,362		1.06			1.69			1.24			11
	14.95		(1.66	)		522,402		1.06			1.84			1.19			13
	15.45		(1.88	)		494,344		1.06			2.41	(f)		1.20			6
	16.55		10.51			1,801		1.25			1.48			1.60			15
	15.44		(11.68	)		1,833		1.25			1.64			1.60			33
	17.70		25.12			2,096		1.49			1.07			1.71			17
	14.17		(2.08	)		1,461		1.56			1.28			1.95			11
	14.69		(2.14	)		1,203		1.56			1.28			1.92			13
	15.19		(2.33	)		1,405		1.56			1.92	(f)		1.70			6
	16.94		10.93			21,760		0.60			2.16			0.87			15
	15.85		(11.16	)		19,516		0.60			2.31			0.91			33
	18.13		25.88			21,891		0.84			1.36			0.93			17
	14.47		(1.34	)		58,836		0.86			1.93			1.02			11
	14.97		(1.42	)		57,500		0.86			1.88			1.06			13
	15.46		(1.65	)		95,749		0.86			2.73	(f)		1.00			6
	16.94		10.99			4,079,556		0.50			2.24			0.77			15
	15.86		(11.04	)		3,808,621		0.50			2.42			0.81			33
	18.13		26.04			3,516,978		0.74			1.84			0.81			17
	14.46		(1.36	)		3,030,640		0.81			2.05			0.91			11
	14.97		(1.37	)		2,088,835		0.80			2.03			0.91			13
	15.46		(1.60	)		1,681,788		0.81			2.81	(f)		0.95			6

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 131

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Equity Income Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	15.00	$	0.25		$	1.08		$	1.33		$	(0.26	)	$	(0.45	)	$	(0.71	)
Year Ended October 31, 2018		16.50		0.51			(1.49	)		(0.98	)		(0.52	)		—			(0.52	)
Year Ended October 31, 2017		14.38		0.42			2.16			2.58			(0.46	)		—			(0.46	)
Year Ended October 31, 2016		15.66		0.45	(f)		(1.01	)		(0.56	)		(0.46	)		(0.26	)		(0.72	)
Year Ended October 31, 2015		16.41		0.39	(f)		(0.33	)		0.06			(0.65	)		(0.16	)		(0.81	)
Year Ended October 31, 2014		16.67		0.91	(g)		(0.38	)		0.53			(0.66	)		(0.13	)		(0.79	)
Class C
Six Months Ended April 30, 2019 (Unaudited)		14.88		0.22			1.06			1.28			(0.22	)		(0.45	)		(0.67	)
Year Ended October 31, 2018		16.38		0.42			(1.48	)		(1.06	)		(0.44	)		—			(0.44	)
Year Ended October 31, 2017		14.30		0.34			2.15			2.49			(0.41	)		—			(0.41	)
Year Ended October 31, 2016		15.59		0.38	(f)		(1.01	)		(0.63	)		(0.40	)		(0.26	)		(0.66	)
Year Ended October 31, 2015		16.36		0.39	(f)		(0.42	)		(0.03	)		(0.58	)		(0.16	)		(0.74	)
Year Ended October 31, 2014		16.63		0.84	(g)		(0.40	)		0.44			(0.58	)		(0.13	)		(0.71	)
Class I
Six Months Ended April 30, 2019 (Unaudited)		15.04		0.28			1.08			1.36			(0.28	)		(0.45	)		(0.73	)
Year Ended October 31, 2018		16.55		0.56			(1.51	)		(0.95	)		(0.56	)		—			(0.56	)
Year Ended October 31, 2017		14.41		0.50			2.14			2.64			(0.50	)		—			(0.50	)
Year Ended October 31, 2016		15.70		0.46	(f)		(0.98	)		(0.52	)		(0.51	)		(0.26	)		(0.77	)
Year Ended October 31, 2015		16.45		0.49	(f)		(0.37	)		0.12			(0.71	)		(0.16	)		(0.87	)
Year Ended October 31, 2014		16.71		0.96	(g)		(0.40	)		0.56			(0.69	)		(0.13	)		(0.82	)
Class R2
Six Months Ended April 30, 2019 (Unaudited)		14.96		0.25			1.06			1.31			(0.24	)		(0.45	)		(0.69	)
Year Ended October 31, 2018		16.47		0.45			(1.49	)		(1.04	)		(0.47	)		—			(0.47	)
Year Ended October 31, 2017		14.36		0.41			2.13			2.54			(0.43	)		—			(0.43	)
Year Ended October 31, 2016		15.65		0.39	(f)		(0.98	)		(0.59	)		(0.44	)		(0.26	)		(0.70	)
Year Ended October 31, 2015		16.41		0.61	(f)		(0.60	)		0.01			(0.61	)		(0.16	)		(0.77	)
Year Ended October 31, 2014		16.67		0.87	(g)		(0.39	)		0.48			(0.61	)		(0.13	)		(0.74	)
Class R5
Six Months Ended April 30, 2019 (Unaudited)		15.06		0.29			1.07			1.36			(0.29	)		(0.45	)		(0.74	)
Year Ended October 31, 2018		16.57		0.42			(1.35	)		(0.93	)		(0.58	)		—			(0.58	)
Year Ended October 31, 2017		14.42		0.55			2.12			2.67			(0.52	)		—			(0.52	)
Year Ended October 31, 2016		15.70		0.49	(f)		(0.98	)		(0.49	)		(0.53	)		(0.26	)		(0.79	)
Year Ended October 31, 2015		16.46		0.76	(f)		(0.63	)		0.13			(0.73	)		(0.16	)		(0.89	)
Year Ended October 31, 2014		16.72		0.99	(g)		(0.39	)		0.60			(0.73	)		(0.13	)		(0.86	)
Class R6
Six Months Ended April 30, 2019 (Unaudited)		15.04		0.31			1.06			1.37			(0.29	)		(0.45	)		(0.74	)
Year Ended October 31, 2018		16.55		0.58			(1.50	)		(0.92	)		(0.59	)		—			(0.59	)
Year Ended October 31, 2017		14.41		0.16			2.50			2.66			(0.52	)		—			(0.52	)
Year Ended October 31, 2016		15.69		0.51	(f)		(0.99	)		(0.48	)		(0.54	)		(0.26	)		(0.80	)
January 30, 2015 (h) through October 31, 2015		15.82		0.69	(f)		(0.41	)		0.28			(0.41	)		—			(0.41	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.66, $0.59, $0.71, $0.62 and $0.74 for Class A, Class C, Class I, Class R2 and Class R5, respectively, and the net investment income (loss) ratio would have been 3.94%, 3.53%, 4.25%, 3.74% and 4.44% for Class A, Class C, Class I, Class R2 and Class R5, respectively.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	15.62		9.30	%	$	57,006		0.96	%		3.39	%		1.54	%		22	%
	15.00		(6.18	)		68,420		0.95			3.09			1.42			92
	16.50		18.24			84,553		1.25			2.70			1.52			64
	14.38		(3.60	)		66,722		1.24			3.06	(f)		1.57			162
	15.66		0.29			66,499		1.25			2.42	(f)		1.67			238
	16.41		3.18			74,652		1.25			5.44	(g)		1.67			138
	15.49		9.04			11,914		1.46			2.94			2.07			22
	14.88		(6.68	)		12,371		1.45			2.60			1.94			92
	16.38		17.64			13,679		1.74			2.24			2.04			64
	14.30		(4.09	)		11,754		1.75			2.59	(f)		2.12			162
	15.59		(0.23	)		8,649		1.75			2.45	(f)		2.20			238
	16.36		2.67			3,530		1.75			5.03	(g)		2.17			138
	15.67		9.48			47,455		0.71			3.77			1.33			22
	15.04		(5.98	)		47,701		0.70			3.35			1.18			92
	16.55		18.65			86,550		0.90			3.21			1.27			64
	14.41		(3.31	)		54,642		0.89			3.13	(f)		1.31			162
	15.70		0.66			35,177		0.91			3.00	(f)		1.41			238
	16.45		3.39			34,719		1.00			5.75	(g)		1.42			138
	15.58		9.18			301		1.26			3.35			2.25			22
	14.96		(6.53	)		270		1.25			2.76			1.95			92
	16.47		17.99			322		1.49			2.65			1.97			64
	14.36		(3.84	)		316		1.49			2.66	(f)		2.39			162
	15.65		(0.01	)		52		1.50			3.74	(f)		1.89			238
	16.41		2.90			574		1.50			5.24	(g)		1.92			138
	15.68		9.45			185		0.61			3.84			1.16			22
	15.06		(5.89	)		177		0.60			2.52			1.06			92
	16.57		18.81			1,297		0.80			3.52			1.11			64
	14.42		(3.14	)		700		0.79			3.33	(f)		1.29			162
	15.70		0.71			19		0.80			4.59	(f)		1.16			238
	16.46		3.60			587		0.80			5.94	(g)		1.22			138
	15.67		9.59			17,527		0.51			4.10			1.05			22
	15.04		(5.80	)		12,512		0.50			3.53			0.91			92
	16.55		18.81			14,055		0.74			0.99			1.22			64
	14.41		(3.09	)		21		0.75			3.48	(f)		3.06			162
	15.69		1.66			21		0.75			5.70	(f)		1.15			238

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 133

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net asset value, end of period
JPMorgan International Hedged Equity Fund
Class A
March 15, 2019 (g) through April 30, 2019 (Unaudited)	$	15.00	$	0.09	$	0.13	$	0.22	$	15.22
Class C
March 15, 2019 (g) through April 30, 2019 (Unaudited)		15.00		0.08		0.13		0.21		15.21
Class I
March 15, 2019 (g) through April 30, 2019 (Unaudited)		15.00		0.10		0.13		0.23		15.23
Class R5
March 15, 2019 (g) through April 30, 2019 (Unaudited)		15.00		0.10		0.13		0.23		15.23
Class R6
March 15, 2019 (g) through April 30, 2019 (Unaudited)		15.00		0.10		0.13		0.23		15.23

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended April 30, 2019.

(g) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

			Ratios/Supplemental data
					Ratios to average net assets (a)
Total return (excludes sales  charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (f)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
	1.47	%	$	20		0.87	%		5.07	%		1.44	%		1	%
	1.40			20		1.35			4.60			1.87			1
	1.53			51,205		0.60			5.34			1.13			1
	1.53			20		0.45			5.50			0.97			1
	1.53			21		0.34			5.60			0.87			1

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 135

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Research Enhanced Equity Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	16.79	$	0.24		$	0.96		$	1.20		$	(0.52	)	$	—		$	(0.52	)
Year Ended October 31, 2018		18.76		0.45			(2.04	)		(1.59	)		(0.19	)		(0.19	)		(0.38	)
Year Ended October 31, 2017		15.54		0.34			3.23			3.57			(0.35	)		—			(0.35	)
Year Ended October 31, 2016		16.54		0.40	(f)		(0.89	)		(0.49	)		(0.36	)		(0.15	)		(0.51	)
Year Ended October 31, 2015		20.38		0.43			(0.60	)		(0.17	)		(0.40	)		(3.27	)		(3.67	)
Year Ended October 31, 2014		21.20		0.47			(0.56	)		(0.09	)		(0.39	)		(0.34	)		(0.73	)
Class I
Six Months Ended April 30, 2019 (Unaudited)		17.01		0.27			0.96			1.23			(0.56	)		—			(0.56	)
Year Ended October 31, 2018		18.92		0.35			(1.91	)		(1.56	)		(0.16	)		(0.19	)		(0.35	)
Year Ended October 31, 2017		15.68		0.41			3.23			3.64			(0.40	)		—			(0.40	)
Year Ended October 31, 2016		16.70		0.46	(f)		(0.92	)		(0.46	)		(0.41	)		(0.15	)		(0.56	)
Year Ended October 31, 2015		20.54		0.48			(0.60	)		(0.12	)		(0.45	)		(3.27	)		(3.72	)
Year Ended October 31, 2014		21.36		0.52			(0.56	)		(0.04	)		(0.44	)		(0.34	)		(0.78	)
Class R6
Six Months Ended April 30, 2019 (Unaudited)		16.97		0.27			0.96			1.23			(0.59	)		—			(0.59	)
November 1, 2017 (h) through October 31, 2018		18.98		0.56			(2.16	)		(1.60	)		(0.22	)		(0.19	)		(0.41	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Amount rounds to less than 0.005%.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	17.47		7.55	%	$	203,351		0.60	%		2.97	%		0.83	%		6	%
	16.79		(8.66	)		203,437		0.60			2.40			0.84			42
	18.76		23.41			298,112		0.59			1.98			0.90			33
	15.54		(2.94	)		69,626		0.60			2.60	(f)		1.02			24
	16.54		(0.29	)		82,667		0.60			2.51			0.99			39
	20.38		(0.40	)		96,325		0.59			2.23			1.10			63
	17.68		7.67			170,571		0.35			3.27			0.56			6
	17.01		(8.42	)		152,610		0.35			1.85			0.56			42
	18.92		23.71			4,740,590		0.34			2.37			0.58			33
	15.68		(2.72	)		1,241,856		0.34			2.98	(f)		0.59			24
	16.70		0.00	(g)		779,908		0.35			2.79			0.60			39
	20.54		(0.16	)		562,180		0.34			2.45			0.84			63
	17.61		7.72			4,234,218		0.25			3.30			0.31			6
	16.97		(8.60	)		4,344,571		0.25			3.00			0.32			42

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 137

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Unconstrained Equity Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	18.24	$	0.13	(e)	$	2.57		$	2.70			$(0.37	)	$	—			$(0.37	)
Year Ended October 31, 2018		21.14		0.36	(e)		(3.13	)		(2.77	)		(0.13	)		—			(0.13	)
Year Ended October 31, 2017		17.24		0.16	(e)		4.09			4.25			(0.35	)		—			(0.35	)
Year Ended October 31, 2016		17.61		0.22	(e)(f)		(0.55	)		(0.33	)		(0.04	)		—			(0.04	)
Year Ended October 31, 2015		18.59		0.09	(e)(f)		0.39			0.48			(0.17	)		(1.29	)		(1.46	)
Year Ended October 31, 2014		20.59		0.13	(g)		(0.65	)		(0.52	)		(0.17	)		(1.31	)		(1.48	)
Class C
Six Months Ended April 30, 2019 (Unaudited)		17.98		0.08	(e)		2.54			2.62			(0.25	)		—			(0.25	)
Year Ended October 31, 2018		20.90		0.26	(e)		(3.09	)		(2.83	)		(0.09	)		—			(0.09	)
Year Ended October 31, 2017		17.04		0.05	(e)		4.06			4.11			(0.25	)		—			(0.25	)
Year Ended October 31, 2016		17.45		0.13	(e)(f)		(0.53	)		(0.40	)		(0.01	)		—			(0.01	)
Year Ended October 31, 2015		18.44		(0.02	) (e)(f)		0.39			0.37			(0.07	)		(1.29	)		(1.36	)
Year Ended October 31, 2014		20.47		0.09	(g)		(0.69	)		(0.60	)		(0.12	)		(1.31	)		(1.43	)
Class I
Six Months Ended April 30, 2019 (Unaudited)		18.49		0.15	(e)		2.59			2.74			(0.41	)		—			(0.41	)
Year Ended October 31, 2018		21.41		0.44	(e)		(3.19	)		(2.75	)		(0.17	)		—			(0.17	)
Year Ended October 31, 2017		17.45		0.23	(e)		4.13			4.36			(0.40	)		—			(0.40	)
Year Ended October 31, 2016		17.71		0.24	(e)(f)		(0.50	)		(0.26	)		—			—			—
Year Ended October 31, 2015		18.67		0.15	(e)(f)		0.38			0.53			(0.20	)		(1.29	)		(1.49	)
Year Ended October 31, 2014		20.64		0.21	(g)		(0.67	)		(0.46	)		(0.20	)		(1.31	)		(1.51	)
Class R2
Six Months Ended April 30, 2019 (Unaudited)		18.14		0.11	(e)		2.54			2.65			(0.34	)		—			(0.34	)
Year Ended October 31, 2018		21.11		0.35	(e)		(3.17	)		(2.82	)		(0.15	)		—			(0.15	)
Year Ended October 31, 2017		17.21		0.06	(e)		4.14			4.20			(0.30	)		—			(0.30	)
Year Ended October 31, 2016		17.57		0.15	(e)(f)		(0.51	)		(0.36	)		—			—			—
Year Ended October 31, 2015		18.55		0.03	(e)(f)		0.39			0.42			(0.11	)		(1.29	)		(1.40	)
Year Ended October 31, 2014		20.53		0.12	(g)		(0.68	)		(0.56	)		(0.11	)		(1.31	)		(1.42	)
Class R5
Six Months Ended April 30, 2019 (Unaudited)		18.49		0.16	(e)		2.59			2.75			(0.44	)		—			(0.44	)
Year Ended October 31, 2018		21.39		0.53	(e)		(3.25	)		(2.72	)		(0.18	)		—			(0.18	)
Year Ended October 31, 2017		17.44		0.200	(e)		4.17			4.37			(0.42	)		—			(0.42	)
Year Ended October 31, 2016		17.75		0.27	(e)(f)		(0.52	)		(0.25	)		(0.06	)		—			(0.06	)
Year Ended October 31, 2015		18.72		0.16	(e)(f)		0.39			0.55			(0.23	)		(1.29	)		(1.52	)
Year Ended October 31, 2014		20.69		0.24	(g)		(0.67	)		(0.43	)		(0.23	)		(1.31	)		(1.54	)
Class R6
Six Months Ended April 30, 2019 (Unaudited)		18.50		0.18	(e)		2.59			2.77			(0.46	)		—			(0.46	)
Year Ended October 31, 2018		21.40		0.44	(e)		(3.16	)		(2.72	)		(0.18	)		—			(0.18	)
Year Ended October 31, 2017		17.45		0.26	(e)		4.12			4.38			(0.43	)		—			(0.43	)
Year Ended October 31, 2016		17.76		0.29	(e)(f)		(0.52	)		(0.23	)		(0.08	)		—			(0.08	)
Year Ended October 31, 2015		18.73		(0.01	) (e)(f)		0.57			0.56			(0.24	)		(1.29	)		(1.53	)
Year Ended October 31, 2014		20.70		0.25	(g)		(0.67	)		(0.42	)		(0.24	)		(1.31	)		(1.55	)

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

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

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

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $0.10, $0.06, $0.17, $0.08, $0.20 and $0.22 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively and the net investment income (loss) ratio would have been 0.80%, 0.37%, 0.99%, 0.48%, 1.18% and 1.23% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)
$	20.57		15.17	%	$	96,665		1.00	%		1.44	%		1.36	%		31	%
	18.24		(13.20	)		84,325		1.00			1.75			1.38			63
	21.14		25.16			67,684		1.24			0.83			1.46			38
	17.24		(1.86	)		14,034		1.24			1.28	(f)		1.61			51
	17.61		3.04			5,824		1.24			0.49	(f)		2.31			42
	18.59		(2.47	)		351		1.32			0.98	(g)		5.09			63
	20.35		14.85			20,361		1.50			0.84			1.87			31
	17.98		(13.60	)		22,532		1.50			1.29			1.89			63
	20.90		24.51			14,534		1.74			0.27			2.00			38
	17.04		(2.28	)		4,626		1.74			0.75	(f)		2.14			51
	17.45		2.39			3,439		1.74			(0.12	)(f)		2.79			42
	18.44		(2.91	)		137		1.82			0.55	(g)		6.19			63
	20.82		15.24			177,585		0.75			1.61			1.11			31
	18.49		(12.96	)		189,061		0.75			2.09			1.13			63
	21.41		25.60			131,356		0.89			1.14			1.19			38
	17.45		(1.47	)		9,929		0.89			1.41	(f)		1.35			51
	17.71		3.29			59,858		0.89			0.83	(f)		1.84			42
	18.67		(2.18	)		3,868		1.07			1.17	(g)		5.55			63
	20.45		14.97			989		1.30			1.18			1.75			31
	18.14		(13.46	)		773		1.30			1.70			1.72			63
	21.11		24.85			97		1.49			0.31			2.79			38
	17.21		(2.05	)		20		1.49			0.87	(f)		4.37			51
	17.57		2.67			20		1.51			0.19	(f)		5.11			42
	18.55		(2.68	)		68		1.57			0.66	(g)		6.05			63
	20.80		15.32			3,307		0.65			1.74			1.07			31
	18.49		(12.84	)		3,341		0.65			2.56			1.07			63
	21.39		25.67			90		0.79			1.01			2.44			38
	17.44		(1.38	)		20		0.80			1.57	(f)		3.59			51
	17.75		3.43			20		0.81			0.89	(f)		4.43			42
	18.72		(1.99	)		70		0.87			1.36	(g)		5.34			63
	20.81		15.46			229,993		0.55			1.89			0.85			31
	18.50		(12.81	)		175,198		0.55			2.12			0.87			63
	21.40		25.72			143,868		0.74			1.37			0.95			38
	17.45		(1.29	)		81,146		0.74			1.70	(f)		1.02			51
	17.76		3.48			5,335		0.74			(0.05	)(f)		2.87			42
	18.73		(1.95	)		70		0.82			1.41	(g)		5.29			63

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 139

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Value Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	12.44	$	0.18		$	0.16		$	0.34		$	(0.46	)
Year Ended October 31, 2018		14.26		0.36			(1.87	)		(1.51	)		(0.31	)
Year Ended October 31, 2017		12.23		0.22			2.50			2.72			(0.69	)
Year Ended October 31, 2016		13.02		0.23			(0.88	)		(0.65	)		(0.14	)
Year Ended October 31, 2015		14.14		0.18	(f)		(0.83	)		(0.65	)		(0.47	)
Year Ended October 31, 2014		15.02		0.47	(f)(g)		(1.07	)		(0.60	)		(0.28	)
Class C
Six Months Ended April 30, 2019 (Unaudited)		12.02		0.14			0.17			0.31			(0.39	)
Year Ended October 31, 2018		13.78		0.28			(1.82	)		(1.54	)		(0.22	)
Year Ended October 31, 2017		11.88		0.15			2.42			2.57			(0.67	)
Year Ended October 31, 2016		12.65		0.17			(0.87	)		(0.70	)		(0.07	)
Year Ended October 31, 2015		13.72		0.10	(f)		(0.78	)		(0.68	)		(0.39	)
Year Ended October 31, 2014		14.61		0.38	(f)(g)		(1.05	)		(0.67	)		(0.22	)
Class I
Six Months Ended April 30, 2019 (Unaudited)		12.76		0.20			0.17			0.37			(0.50	)
Year Ended October 31, 2018		14.62		0.41			(1.92	)		(1.51	)		(0.35	)
Year Ended October 31, 2017		12.57		0.28			2.55			2.83			(0.78	)
Year Ended October 31, 2016		13.37		0.28			(0.91	)		(0.63	)		(0.17	)
Year Ended October 31, 2015		14.48		0.23	(f)		(0.84	)		(0.61	)		(0.50	)
Year Ended October 31, 2014		15.19		0.45	(f)(g)		(1.04	)		(0.59	)		(0.12	)
Class L
Six Months Ended April 30, 2019 (Unaudited)		12.70		0.19			0.18			0.37			(0.52	)
Year Ended October 31, 2018		14.55		0.41			(1.90	)		(1.49	)		(0.36	)
Year Ended October 31, 2017		12.50		0.27			2.57			2.84			(0.79	)
Year Ended October 31, 2016		13.29		0.31			(0.93	)		(0.62	)		(0.17	)
Year Ended October 31, 2015		14.41		0.23	(f)		(0.83	)		(0.60	)		(0.52	)
Year Ended October 31, 2014		15.29		0.53	(f)(g)		(1.09	)		(0.56	)		(0.32	)
Class R2
Six Months Ended April 30, 2019 (Unaudited)		12.20		0.17			0.15			0.32			(0.44	)
Year Ended October 31, 2018		14.01		0.31			(1.84	)		(1.53	)		(0.28	)
Year Ended October 31, 2017		12.04		0.19			2.46			2.65			(0.68	)
Year Ended October 31, 2016		12.83		0.19			(0.87	)		(0.68	)		(0.11	)
Year Ended October 31, 2015		13.93		0.14	(f)		(0.81	)		(0.67	)		(0.43	)
Year Ended October 31, 2014		14.78		0.42	(f)(g)		(1.05	)		(0.63	)		(0.22	)
Class R5
Six Months Ended April 30, 2019 (Unaudited)		12.65		0.21			0.15			0.36			(0.53	)
Year Ended October 31, 2018		14.51		0.42			(1.91	)		(1.49	)		(0.37	)
Year Ended October 31, 2017		12.51		0.23			2.59			2.82			(0.82	)
September 9, 2016 (h) through October 31, 2016		12.55		0.03			(0.07	)		(0.04	)		—
Class R6
Six Months Ended April 30, 2019 (Unaudited)		12.67		0.22			0.15			0.37			(0.54	)
Year Ended October 31, 2018		14.53		0.43			(1.91	)		(1.48	)		(0.38	)
Year Ended October 31, 2017		12.51		0.31			2.53			2.84			(0.82	)
Year Ended October 31, 2016		13.31		0.37			(0.96	)		(0.59	)		(0.21	)
Year Ended October 31, 2015		14.42		0.18	(f)		(0.76	)		(0.58	)		(0.53	)
Year Ended October 31, 2014		15.29		0.54	(f)(g)		(1.09	)		(0.55	)		(0.32	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.39, $0.30, $0.37, $0.45, $0.34 and $0.46 for Class A, Class C, Class I, Class L, Class R2 and Class R6, respectively and the net investment income (loss) ratio would have been 2.67%, 2.13%, 2.44%, 2.99%, 2.39% and 3.06% for Class A, Class C, Class I, Class L, Class R2 and Class R6, respectively.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	12.32		3.14	%	$	194,441		1.01	%		3.07	%		1.29	%		26	%
	12.44		(10.88	)		242,231		1.00			2.59			1.27			90
	14.26		23.30			316,510		1.35			1.71			1.35			31
	12.23		(5.01	)		573,449		1.35			1.91			1.43			61
	13.02		(4.63	)		695,251		1.35			1.31	(f)		1.45			74
	14.14		(4.09	)		491,010		1.33			3.19	(f)(g)		1.36			59
	11.94		2.94			11,095		1.51			2.52			1.80			26
	12.02		(11.37	)		14,055		1.50			2.06			1.78			90
	13.78		22.67			20,997		1.85			1.21			1.87			31
	11.88		(5.54	)		24,453		1.85			1.43			1.91			61
	12.65		(5.01	)		31,296		1.85			0.79	(f)		1.90			74
	13.72		(4.64	)		31,176		1.83			2.65	(f)(g)		1.86			59
	12.63		3.30			55,236		0.76			3.27			1.04			26
	12.76		(10.62	)		66,291		0.75			2.84			1.02			90
	14.62		23.66			144,875		1.04			2.07			1.04			31
	12.57		(4.74	)		157,867		1.01			2.28			1.02			61
	13.37		(4.28	)		233,045		1.03			1.62	(f)		1.03			74
	14.48		(3.90	)		300,712		1.08			2.96	(f)(g)		1.10			59
	12.55		3.35			38,815		0.66			3.14			0.89			26
	12.70		(10.57	)		73,651		0.65			2.84			0.87			90
	14.55		23.88			201,672		0.87			2.03			0.88			31
	12.50		(4.63	)		523,251		0.90			2.53			0.91			61
	13.29		(4.23	)		1,480,321		0.95			1.63	(f)		0.99			74
	14.41		(3.75	)		2,932,420		0.93			3.51	(f)(g)		0.96			59
	12.08		3.02			1,159		1.30			2.88			1.68			26
	12.20		(11.19	)		1,025		1.30			2.27			1.59			90
	14.01		23.02			1,369		1.58			1.52			1.73			31
	12.04		(5.28	)		1,182		1.59			1.65			1.91			61
	12.83		(4.84	)		1,929		1.60			1.01	(f)		2.01			74
	13.93		(4.33	)		1,768		1.58			2.91	(f)(g)		1.61			59
	12.48		3.31			76		0.66			3.52			0.90			26
	12.65		(10.58	)		70		0.65			2.97			0.91			90
	14.51		23.81			62		0.93			1.69			4.00			31
	12.51		(0.32	)		20		0.79			1.52			0.79			61
	12.50		3.41			130,811		0.55			3.60			0.78			26
	12.67		(10.49	)		124,246		0.55			3.06			0.77			90
	14.53		23.99			108,302		0.80			2.28			0.82			31
	12.51		(4.45	)		27,998		0.72			3.00			0.73			61
	13.31		(4.04	)		2,354		0.73			1.32	(f)		0.73			74
	14.42		(3.64	)		30,992		0.83			3.58	(f)(g)		0.84			59

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004, November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004, November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 12 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
JPMorgan Emerging Economies Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM I	Diversified
JPMorgan Emerging Markets Equity Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Emerging Markets Research Enhanced Equity Fund(1)	Class I(2) and Class R6	JPM IV	Diversified
JPMorgan Europe Dynamic Fund(3)	Class A, Class C, Class I, Class L and Class R6(4)	JPM I	Diversified
JPMorgan Global Research Enhanced Index Fund	Class I and Class R6(5)	JPM I	Diversified
JPMorgan International Advantage Fund(6)	Class A, Class C, Class I, Class R2 and Class R6	JPM I	Diversified
JPMorgan International Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Equity Income Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Hedged Equity Fund(7)	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan International Research Enhanced Equity Fund	Class A, Class I and Class R6(5)	JPM II	Diversified
JPMorgan International Unconstrained Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Value Fund	Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾  The JPMorgan Emerging Markets Research Enhanced Equity Fund commenced operations on December 11, 2018.

⁽²⁾  Class I commenced operations on January 30, 2019.

⁽³⁾  Effective July 31, 2018, JPMorgan Intrepid European Fund changed its name to JPMorgan Europe Dynamic Fund.

⁽⁴⁾  Class R6 commenced operations on October 1, 2018.

⁽⁵⁾  Class R6 commenced operations on November 1, 2017.

⁽⁶⁾  Effective July 31, 2018, JPMorgan Intrepid International Fund changed its name to JPMorgan International Advantage Fund.

⁽⁷⁾  The JPMorgan International Hedged Equity Fund commenced operations on March 15, 2019.

As of December 1, 2016, Class L Shares of the JPMorgan Emerging Markets Equity Fund, JPMorgan Europe Dynamic Fund and JPMorgan International Value Fund were publicly offered on a limited basis.

Effective May 21, 2019, JPMorgan International Equity Income Fund was publicly offered on a limited basis.

As of October 9, 2017, Class A Shares of the JPMorgan International Research Enhanced Equity Fund were publicly offered on a limited basis.

The investment objective of JPMorgan Emerging Economies Fund (“Emerging Economies Fund”) is to seek long-term capital growth.

The investment objective of JPMorgan Emerging Markets Equity Fund (“Emerging Markets Equity Fund”) is to seek to provide high total return.

The investment objective of JPMorgan Emerging Markets Research Enhanced Equity Fund (“Emerging Markets Research Enhanced Equity Fund”), JPMorgan Global Research Enhanced Index Fund (“Global Research Enhanced Index Fund”), JPMorgan International Research Enhanced Equity Fund (“International Research Enhanced Equity Fund”), JPMorgan International Unconstrained Equity Fund (“International Unconstrained Equity Fund”) and JPMorgan International Value Fund (“International Value Fund”) is to seek to provide long-term capital appreciation.

The investment objective of JPMorgan Europe Dynamic Fund (“Europe Dynamic Fund”) is to seek total return from long-term capital growth. Total return consists of capital growth and current income.

The investment objective of JPMorgan International Advantage Fund (“International Advantage Fund”) is to seek to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.

The investment objective of JPMorgan International Equity Fund (“International Equity Fund”) is to seek total return from long-term capital growth and income. Total return consists of capital growth and current income.

The investment objective of JPMorgan International Equity Income Fund (“International Equity Income Fund”) is to seek to provide both current income and long-term capital appreciation.

The investment objective of JPMorgan International Hedged Equity Fund (International Hedged Equity Fund”) is to seek to provide capital appreciation.

142 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

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

Emerging Economies Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
China	$	71,675	$	411,021	$	—	$	482,696
Hungary		—		26,685		—		26,685
India		14,682		74,772		—		89,454
Indonesia		—		13,801		—		13,801
Poland		—		12,933		—		12,933
Russia		30,951		71,112		—		102,063
Singapore		—		2,712		—		2,712
South Africa		—		30,400		—		30,400
South Korea		12,020		212,074		—		224,094
Taiwan		54,128		126,684		—		180,812
Thailand		13,867		32,434		—		46,301
Turkey		5,981		13,863		—		19,844
Other Common Stocks		158,804		—		—		158,804
Total Common Stocks		362,108		1,028,491		—		1,390,599
Short-Term Investments
Investment Companies		17,075		—		—		17,075
Investment of cash collateral from securities loaned		143		—		—		143
Total Investments in Securities	$	379,326	$	1,028,491	$	—	$	1,407,817

Emerging Markets Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	23,738	$	—	$	23,738
China		746,556		1,065,854		—		1,812,410
Egypt		—		53,274		—		53,274
Hong Kong		—		426,163		—		426,163
Hungary		—		68,255		—		68,255
India		100,239		895,474		—		995,713
Indonesia		—		138,436		—		138,436
Macau		—		82,071		—		82,071
Russia		36,775		155,788		—		192,563
South Africa		47,615		196,194		—		243,809
South Korea		—		313,367		—		313,367
Taiwan		284,744		103,929		—		388,673
Turkey		—		9,459		—		9,459
Other Common Stocks		1,068,464		—		—		1,068,464
Total Common Stocks		2,284,393		3,532,002		—		5,816,395
Warrants		—		16,964		—		16,964
Short-Term Investments
Investment Companies		138,231		—		—		138,231
Investment of cash collateral from securities loaned		23,445		—		—		23,445
Total Investments in Securities	$	2,446,069	$	3,548,966	$	—	$	5,995,035

144 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

Emerging Markets Research Enhanced Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
China	$	28,231	$	94,776		$	—	$	123,007
Czech Republic		—		1,422			—		1,422
Hong Kong		—		563			—		563
Hungary		—		3,386			—		3,386
Indonesia		—		8,821			—		8,821
Malaysia		554		4,720			—		5,274
Philippines		1,687		2,291			—		3,978
Poland		—		3,500			—		3,500
Qatar		—		731			—		731
Russia		9,063		7,190			—		16,253
South Africa		4,502		18,809			—		23,311
South Korea		2,971		45,369			—		48,340
Taiwan		16,548		23,431			—		39,979
Thailand		1,856		6,510			—		8,366
Turkey		297		1,167			—		1,464
Other Common Stocks		45,631		—			—		45,631
Total Common Stocks		111,340		222,686			—		334,026
Exchange Traded Funds		34,994		—			—		34,994
Warrants		—		—	(a)		—		—	(a)
Short-Term Investments
Investment Companies		2,387		—			—		2,387
Total Investments in Securities	$	148,721	$	222,686		$	—	$	371,407
Appreciation in Other Financial Instruments
Futures Contracts	$	41	$	—		$	—	$	41

Europe Dynamic Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	22,895	$	—	$	22,895
Belgium		—		10,917		—		10,917
Denmark		—		7,746		—		7,746
Finland		—		18,907		—		18,907
France		653		96,941		—		97,594
Germany		—		52,880		—		52,880
Italy		—		31,677		—		31,677
Netherlands		—		48,257		—		48,257
Norway		—		7,202		—		7,202
South Africa		—		7,982		—		7,982
Spain		—		33,998		—		33,998
Sweden		—		17,949		—		17,949
Switzerland		3,424		111,378		—		114,802
United Kingdom		—		89,815		—		89,815
United States		—		5,532		—		5,532
Total Common Stocks		4,077		564,076		—		568,153
Short-Term Investments
Investment Companies		5,721		—		—		5,721
Investment of cash collateral from securities loaned		60,001		—		—		60,001
Total Investments in Securities	$	69,799	$	564,076	$	—	$	633,875

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Global Research Enhanced Index Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	138,278	$	—	$	138,278
Belgium		—		11,543		—		11,543
China		—		2,810		—		2,810
Denmark		—		25,195		—		25,195
Finland		4,855		20,071		—		24,926
France		17,786		169,916		—		187,702
Germany		5,332		121,992		—		127,324
Hong Kong		642		59,252		—		59,894
Ireland		15,485		8,878		—		24,363
Italy		—		29,836		—		29,836
Japan		—		370,015		—		370,015
Luxembourg		—		3,755		—		3,755
Macau		—		5,171		—		5,171
Netherlands		4,488		87,728		—		92,216
New Zealand		—		3,320		—		3,320
Norway		—		6,505		—		6,505
Singapore		—		22,394		—		22,394
Spain		—		46,738		—		46,738
Sweden		—		21,194		—		21,194
Switzerland		3,319		122,242		—		125,561
United Kingdom		12,256		219,493		—		231,749
United States		2,842,495		11,195		—		2,853,690
Other Common Stocks		174,075		—		—		174,075
Total Common Stocks		3,080,733		1,507,521		—		4,588,254
Preferred Stocks		15		—		—		15
Short-Term Investments
Investment Companies		3,058		—		—		3,058
Investment of cash collateral from securities loaned		88,973		—		—		88,973
Total Investments in Securities	$	3,172,779	$	1,507,521	$	—	$	4,680,300
Appreciation in Other Financial Instruments
Futures Contracts	$	154	$	—	$	—	$	154

146 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

International Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	327,031	$	—	$	327,031
Austria		—		24,753		—		24,753
Belgium		—		64,241		—		64,241
Denmark		—		29,530		—		29,530
Finland		—		45,650		—		45,650
France		24,012		245,987		—		269,999
Germany		17,124		236,700		—		253,824
Ghana		—		12,050		—		12,050
Hong Kong		—		75,092		—		75,092
Israel		—		16,867		—		16,867
Italy		—		49,018		—		49,018
Japan		—		779,808		—		779,808
Netherlands		15,456		251,605		—		267,061
Norway		—		94,022		—		94,022
Russia		—		13,001		—		13,001
Singapore		—		34,964		—		34,964
South Africa		—		32,841		—		32,841
Spain		—		159,022		—		159,022
Sweden		621		42,462		—		43,083
Switzerland		10,093		287,966		—		298,059
United Kingdom		38,609		442,751		—		481,360
Other Common Stocks		12,295		—		—		12,295
Total Common Stocks		118,210		3,265,361		—		3,383,571
Short-Term Investments
Investment Companies		57,922		—		—		57,922
Investment of cash collateral from securities loaned		176,378		—		—		176,378
Total Investments in Securities	$	352,510	$	3,265,361	$	—	$	3,617,871
Appreciation in Other Financial Instruments
Futures Contracts	$	271	$	2,077	$	—	$	2,348

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

International Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	96,363	$	—	$	96,363
Belgium		—		25,511		—		25,511
China		31,568		91,832		—		123,400
Denmark		—		71,840		—		71,840
France		86,668		546,023		—		632,691
Germany		—		383,701		—		383,701
Hong Kong		—		199,960		—		199,960
Japan		—		825,228		—		825,228
Macau		—		41,704		—		41,704
Netherlands		—		264,361		—		264,361
Singapore		—		66,691		—		66,691
South Africa		—		15,957		—		15,957
South Korea		—		49,315		—		49,315
Spain		—		50,204		—		50,204
Sweden		—		113,507		—		113,507
Switzerland		15,747		460,554		—		476,301
United Kingdom		—		779,429		—		779,429
United States		—		48,481		—		48,481
Other Common Stocks		168,661		—		—		168,661
Total Common Stocks		302,644		4,130,661		—		4,433,305
Short-Term Investments
Investment Companies		82,881		—		—		82,881
Investment of cash collateral from securities loaned		372,445		—		—		372,445
Total Investments in Securities	$	757,970	$	4,130,661	$	—	$	4,888,631

148 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

International Equity Income Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	6,140		$	—	$	6,140
China		—		1,040			—		1,040
Denmark		—		2,972			—		2,972
Finland		—		3,735			—		3,735
France		2,109		17,183			—		19,292
Germany		—		6,687			—		6,687
Hong Kong		1,660		1,272			—		2,932
Italy		—		2,245			—		2,245
Japan		—		21,576			—		21,576
Macau		—		1,059			—		1,059
Netherlands		—		12,600			—		12,600
Norway		—		2,848			—		2,848
Singapore		—		1,855			—		1,855
South Korea		—		1,267			—		1,267
Spain		—		2,369			—		2,369
Sweden		—		1,592			—		1,592
Switzerland		—		14,137			—		14,137
United Kingdom		—		19,424			—		19,424
United States		—		3,027			—		3,027
Other Common Stocks		4,976		—			—		4,976
Total Common Stocks		8,745		123,028			—		131,773
Short-Term Investments
Investment Companies		1,314		—			—		1,314
Total Investments in Securities	$	10,059	$	123,028		$	—	$	133,087
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	57		$	—	$	57
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(244	)	$	—	$	(244	)

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 149

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

International Hedged Equity Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	2,622		$	—	$	2,622
Belgium		—			666			—		666
Denmark		—			840			—		840
Finland		—			806			—		806
France		907			5,533			—		6,440
Germany		868			3,775			—		4,643
Hong Kong		—			1,587			—		1,587
Ireland		304			94			—		398
Italy		—			937			—		937
Japan		—			11,263			—		11,263
Luxembourg		—			239			—		239
Netherlands		—			2,718			—		2,718
Singapore		—			559			—		559
Spain		—			1,796			—		1,796
Sweden		—			634			—		634
Switzerland		104			4,805			—		4,909
United Kingdom		—			7,444			—		7,444
United States		—			397			—		397
Other Common Stocks		447			—			—		447
Total Common Stocks		2,630			46,715			—		49,345
Options Purchased								—
Put Options Purchased		115			—			—		115
Short-Term Investments
Investment Companies		1,374			—			—		1,374
Total Investments in Securities	$	4,119		$	46,715		$	—	$	50,834
Appreciation in Other Financial Instruments
Futures Contracts	$	14		$	3		$	—	$	17
Depreciation in Other Financial Instruments
Futures Contracts	$	—		$	(1	)	$	—	$	(1	)
Options Written
Call Options Written		(467	)		—			—		(467	)
Total Depreciation in Other Financial Instruments	$	(467	)	$	(1	)	$	—	$	(468	)

150 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

International Research Enhanced Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	—	$	234,374		$	—		$	234,374
Austria		31,087		36			—			31,123
Belgium		—		59,687			—			59,687
Denmark		—		75,189			—			75,189
Finland		—		72,220			—			72,220
France		81,254		495,696			—			576,950
Germany		77,719		338,621			—			416,340
Hong Kong		—		141,315			—			141,315
Ireland		27,225		8,599			—			35,824
Italy		—		83,974			—			83,974
Japan		—		1,001,738			—			1,001,738
Luxembourg		—		21,374			—			21,374
Malta		—		—			—	(b)		—	(b)
Netherlands		—		243,415			—			243,415
Singapore		—		49,896			—			49,896
Spain		—		161,013			—			161,013
Sweden		—		56,749			—			56,749
Switzerland		9,561		430,445			—			440,006
United Kingdom		—		666,840			—			666,840
United States		—		35,578			—			35,578
Other Common Stocks		9,142		—			—			9,142
Total Common Stocks		235,988		4,176,759			—	(b)		4,412,747
Rights		—		—	(b)		—			—	(b)
Short-Term Investments
Investment Companies		168,625		—			—			168,625
Investment of cash collateral from securities loaned		215,789		—			—			215,789
Total Investments in Securities	$	620,402	$	4,176,759		$	—	(b)	$	4,797,161
Appreciation in Other Financial Instruments
Futures Contracts	$	1,652	$	1,014		$	—		$	2,666

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 151

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

International Unconstrained Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	10,785	$	—	$	10,785
China		11,422		39,560		—		50,982
Denmark		—		10,284		—		10,284
France		—		30,023		—		30,023
Germany		7,468		41,214		—		48,682
Hong Kong		—		30,680		—		30,680
Indonesia		—		9,724		—		9,724
Japan		—		56,886		—		56,886
Netherlands		—		11,578		—		11,578
Sweden		—		5,244		—		5,244
Switzerland		1,650		36,599		—		38,249
United Kingdom		—		109,445		—		109,445
United States		—		7,907		—		7,907
Other Common Stocks		91,207		—		—		91,207
Total Common Stocks		111,747		399,929		—		511,676
Short-Term Investments
Investment Companies		21,161		—		—		21,161
Investment of cash collateral from securities loaned		27,556		—		—		27,556
Total Investments in Securities	$	160,464	$	399,929	$	—	$	560,393

152 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

International Value Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	29,886	$	—	$	29,886
Austria		1,419		3,581		—		5,000
Belgium		—		3,570		—		3,570
China		—		1,564		—		1,564
Finland		2,405		2,006		—		4,411
France		966		31,668		—		32,634
Georgia		—		1,498		—		1,498
Germany		4,480		25,510		—		29,990
Ghana		—		634		—		634
Hong Kong		—		12,684		—		12,684
India		—		543		—		543
Ireland		—		527		—		527
Isle of Man		—		400		—		400
Israel		—		2,243		—		2,243
Italy		1,101		11,746		—		12,847
Japan		—		90,286		—		90,286
Luxembourg		—		1,365		—		1,365
Malta		—		542		—		542
Netherlands		1,798		31,431		—		33,229
New Zealand		—		1,211		—		1,211
Norway		1,898		11,773		—		13,671
Portugal		585		769		—		1,354
Russia		—		1,425		—		1,425
Singapore		—		5,224		—		5,224
South Africa		—		2,740		—		2,740
Spain		—		12,996		—		12,996
Sweden		—		13,715		—		13,715
Switzerland		3,080		20,944		—		24,024
Ukraine		—		704		—		704
United Kingdom		8,306		61,415		—		69,721
Other Common Stocks		3,149		—		—		3,149
Total Common Stocks		29,187		384,600		—		413,787
Short-Term Investments
Investment Companies		12,915		—		—		12,915
Investment of cash collateral from securities loaned		8,406		—		—		8,406
Total Investments in Securities	$	50,508	$	384,600	$	—	$	435,108
Appreciation in Other Financial Instruments
Futures Contracts	$	45	$	275	$	—	$	320

(a) Value is zero.

(b) Amount rounds to less than one thousand.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.

As of April 30, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A or Regulation S under the Securities Act.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 153

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

C. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in IM Shares of JPMorgan U.S. Government Money Market Fund and/or the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs. At April 30, 2019, the value of outstanding securities on loan and the value of Collateral investment were as follows (amounts in thousands):

	Value of Securities on Loan		Cash Collateral Posted by Borrower		Total value of Collateral Investments
Emerging Economies Fund	$	136	$	143	$	143
Emerging Markets Equity Fund		22,871		23,445		23,445
Europe Dynamic Fund		50,821		60,001		60,001
Global Research Enhanced Index Fund		85,387		88,973		88,973
International Advantage Fund		163,187		176,378		176,378
International Equity Fund		355,310		372,445		372,445
International Research Enhanced Equity Fund		206,403		215,789		215,789
International Unconstrained Equity Fund		26,465		27,556		27,556
International Value Fund		8,046		8,406		8,406

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 2019 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities		Cash Collateral Posted by Borrower			Net Amount Due to Counterparty (not less than zero)
Emerging Economies Fund	$	136	$	(136	)	$	—
Emerging Markets Equity Fund		22,871		(22,871	)		—
Europe Dynamic Fund		50,821		(50,821	)		—
Global Research Enhanced Index Fund		85,387		(85,387	)		—
International Advantage Fund		163,187		(163,187	)		—
International Equity Fund		355,310		(355,310	)		—
International Research Enhanced Equity Fund		206,403		(206,403	)		—
International Unconstrained Equity Fund		26,465		(26,465	)		—
International Value Fund		8,046		(8,046	)		—

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

154 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Emerging Economies Fund	$	—	(a)
Emerging Markets Equity Fund		3
Europe Dynamic Fund		1
Global Research Enhanced Index Fund		3
International Advantage Fund		2
International Equity Fund		1
International Research Enhanced Equity Fund		4
International Unconstrained Equity Fund		1
International Value Fund		1

(a) Amount rounds to less than one thousand.

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

Emerging Markets Research Enhanced Equity Fund, International Equity Income Fund and International Hedged Equity Fund did not lend out any securities during the six months ended April 30, 2019.

D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.

Emerging Economies Fund

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b)	$	—	$	43,589	$	26,514	$	—	(c)	$	—	$	17,075		17,070	$	36		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b)		—		17,679		17,536		—			—		143		143		9	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)		42,721		225,314		268,035		—	(c)		—		—		—		128			—
Total	$	42,721	$	286,582	$	312,085	$	—	(c)	$	—	$	17,218			$	173		$	—

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 155

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Emerging Markets Equity Fund

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b)	$	—	$	358,712	$	220,481	$	—	(c)	$	—	(c)	$	138,231		138,189	$	206		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57%(a)(b)		—		170,000		156,001		6	*		—			14,005		14,004		314	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b)		—		118,882		109,442		—			—			9,440		9,440		100	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)		58,479		728,130		786,609		—	(c)		—			—		—		551			—
Total	$	58,479	$	1,375,724	$	1,272,533	$	6		$	—	(c)	$	161,676			$	1,171		$	—

Emerging Markets Research Enhanced Equity Fund

	For the period ended April 30, 2019
Security Description	Value at December 11, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2019		Shares at April 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b)	$	—	$	3,833	$	1,446	$	—		$	—	(c)	$	2,387		2,386	$	2	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)		—		234,153		234,153		—	(c)		—			—		—		85		—
Total	$	—	$	237,986	$	235,599	$	—	(c)	$	—	(c)	$	2,387			$	87	$	—

Europe Dynamic Fund

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b)	$	—	$	29,174	$	23,453	$	—	(c)	$	—	(c)	$	5,721		5,720	$	17		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57%(a)(b)		—		80,000		34,000		—			—			46,000		45,995		84	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b)		—		67,915		53,914		—			—			14,001		14,001		61	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)		51,037		162,751		213,788		—	(c)		—			—		—		185			—	(c)
Total	$	51,037	$	339,840	$	325,155	$	—	(c)	$	—	(c)	$	65,722			$	347		$	—	(c)

156 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

Global Research Enhanced Index Fund

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b)	$	—	$	71,031	$	67,973	$	—	(c)	$	—	$	3,058		3,057	$	44		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57%(a)(b)		—		242,500		178,500		4	*		—		64,004		63,998		345	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b)		—		185,211		160,242		—			—		24,969		24,969		113	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)		—		639,681		639,681		—			—		—		—		275			—
Total	$	—	$	1,138,423	$	1,046,396	$	4		$	—	$	92,031			$	777		$	—

International Advantage Fund

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b)	$	—	$	94,105	$	36,183	$	—		$	—	(c)	$	57,922		57,905	$	105		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57%(a)(b)		—		257,000		129,000		3	*		—			128,003		127,990		366	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b)		—		148,722		100,347		—			—			48,375		48,375		115	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)		52,914		397,224		450,138		—			—			—		—		547			—
Total	$	52,914	$	897,051	$	715,668	$	3		$	—	(c)	$	234,300			$	1,133		$	—

International Equity Fund

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b)	$	—	$	127,989	$	45,107	$	(1	)	$	—	$	82,881		82,856	$	168		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57%(a)(b)		—		385,000		106,000		—			—		279,000		278,972		361	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b)		—		186,999		93,554		—			—		93,445		93,445		121	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)		166,797		311,391		478,188		—			—		—		—		706			—
Total	$	166,797	$	1,011,379	$	722,849	$	(1	)	$	—	$	455,326			$	1,356		$	—

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 157

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

International Equity Income Fund

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b)	$	—	$	2,309	$	995	$	—	$	—	$	1,314		1,314	$	3	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)		—		23,020		23,020		—		—		—		—		10		—
Total	$	—	$	25,329	$	24,015	$	—	$	—	$	1,314			$	13	$	—

International Hedged Equity Fund

	For the period ended April 30, 2019
Security Description	Value at March 15, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39%(a)(b)	$	—	$	1,421	$	47	$	—	$	—	$	1,374		1,374	$	1	$	—

International Research Enhanced Equity Fund

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b)	$	—	$	245,856	$	77,232	$	—		$	1	$	168,625		168,574	$	192		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57%(a)(b)		—		323,000		168,000		4	*		—		155,004		154,989		463	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b)		—		201,813		141,028		—			—		60,785		60,785		148	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)		56,728		434,807		491,535		—			—		—		—		870			—
Total	$	56,728	$	1,205,476	$	877,795	$	4		$	1	$	384,414			$	1,673		$	—

158 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

International Unconstrained Equity Fund

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b)	$	—	$	52,287	$	31,126	$	—	$	—	(c)	$	21,161		21,155	$	39		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57%(a)(b)		—		25,000		10,000		—		—			15,000		14,999		20	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b)		—		62,578		50,022		—		—			12,556		12,556		37	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)		1,995		88,014		90,009		—		—			—		—		58			—
Total	$	1,995	$	227,879	$	181,157	$	—	$	—	(c)	$	48,717			$	154		$	—

International Value Fund

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b)	$	—	$	18,634	$	5,719	$	—	(c)	$	—	$	12,915		12,911	$	25		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b)		—		33,800		25,394		—			—		8,406		8,406		48	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)		—		51,039		51,039		—			—		—		—		69			—	(c)
Total	$	—	$	103,473	$	82,152	$	—	(c)	$	—	$	21,321			$	142		$	—	(c)

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2019.

(c) Amount rounds to less than one thousand.

* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

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

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

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 159

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and will offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

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

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

(1). Options — International Hedged Equity Fund purchased and sold (“wrote”) put and call options on indices to manage and hedge equity risk within its portfolio. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

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

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

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

The Fund may be required to post or receive collateral for over-the-counter options. Cash collateral posted by the Fund is considered restricted.

The table below discloses the volume of the Fund’s options contracts activity during the six months ended April 30, 2019 (amounts in thousands):

	International Hedged Equity Fund
Exchange-Traded Options:
Average Number of Contracts Purchased		266	(a)
Average Number of Contracts Written		531	(a)
Ending Number of Contracts Purchased		267
Ending Number of Contracts Written		534

(a) For the period March 15, 2019 through April 30, 2019.    

(2). Futures Contracts — Emerging Economies Fund, Emerging Markets Equity Fund, Emerging Markets Research Enhanced Equity Fund, Europe Dynamic Fund, Global Research Enhanced Index Fund, International Advantage Fund, International Hedged Equity Fund, International Research Enhanced Equity Fund and International Value Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

160 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

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

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended April 30, 2019 (amounts in thousands):

	Emerging Economies Fund			Emerging Markets Equity Fund			Emerging Markets Research Enhanced Equity Fund			Europe Dynamic Fund			Global Research Enhanced Index Fund		International Advantage Fund		International Hedged Equity Fund			International Research Enhanced Equity Fund		International Value Fund
Futures Contracts—Equity:
Average Notional Balance Long	$	42,814	(a)	$	1,960	(a)	$	2,630	(b)	$	14,197	(c)	$	56,422	$	39,596	$	1,302	(d)	$	104,423	$	12,540	(e)
Ending Notional Balance Long		—			—			1,889			—			7,374		55,259		1,946			171,765		13,180

(a) For the period January 1, 2019 through January 31, 2019.

(b) For the period December 11, 2018 through April 30, 2019.

(c) For the period November 1, 2018 through March 31, 2019.

(d) For the period March 15, 2019 through April 30, 2019.

(e) For the period January 1, 2019 through April 30, 2019.

(3). Forward Foreign Currency Exchange Contracts — International Equity Income Fund and International Unconstrained Equity Fund may be exposed to foreign currency risks associated with some or all of their portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

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

The Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

The table below discloses the volume of the Funds’ forward foreign currency exchange contracts activity during the six months ended April 30, 2019 (amounts in thousands):

	International Equity Income Fund		International Unconstrained Equity Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	42,454	$	54,509	(a)
Average Settlement Value Sold		39,781		26,478	(a)
Ending Settlement Value Purchased		26,903		—
Ending Settlement Value Sold		24,960		—

(a) For the period February 1, 2019 through February 28, 2019.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 161

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(4). Summary of Derivatives Information — The following tables present the value of derivatives held as of April 30, 2019, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Emerging Markets Research Enhanced Equity Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	41

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

Global Research Enhanced Index Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	154

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

International Advantage Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,348

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.    

International Equity Income Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	57
Gross Liabilities:
Foreign exchange contracts	Payables	$	(244	)

International Hedged Equity Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Options			Futures Contracts (a)			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	115		$	17		$	132
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(467	)	$	(1	)	$	(468	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

International Research Enhanced Equity Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,666

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

162 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

International Value Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	320

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2019, by primary underlying risk exposure (amounts in thousands):

Emerging Economies Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	1,803

Emerging Markets Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	2,644

Emerging Markets Research Enhanced Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	3,261
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	41

Europe Dynamic Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	187
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(201	)

Global Research Enhanced Index Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(1,118	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(774	)

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 163

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

International Advantage Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(663	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	3,200

International Equity Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	603
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(513	)

International Hedged Equity Fund

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts		Total
Equity contracts	$	(344	)	$	16	$	(328	)

International Research Enhanced Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	4,121
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	4,817

International Unconstrained Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(711	)

International Value Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	995
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	320

164 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

The Funds’ derivatives contracts held at April 30, 2019 are not accounted for as hedging instruments under GAAP.

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

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

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

G. Offering and Organization Costs — Total offering costs of approximately $48,000 and $103,000 paid in connection with the offering of shares of Emerging Markets Research Enhanced Equity Fund and International Hedged Equity Fund, respectively, are amortized on a straight line basis over 12 months from the date the fund commenced operations. Costs paid in connection with the organization of Emerging Markets Research Enhanced Equity Fund and International Hedged Equity Fund, if any, were recorded as an expense at the time it commenced operations and are included as part of Professional fees on the Statements of Operations. For the six months ended April 30, 2019, total offering costs amortized were approximately $19,000 and $88,000 for the Emerging Markets Research Enhanced Equity Fund and International Hedged Equity Fund, respectively.

H. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a fund first learns of the dividend. Certain Funds may receive other income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Funds. These amounts are included in Interest income from non-affiliates on the Statements of Operations.

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended April 30, 2019 are as follows (amounts in thousands):

	Class A		Class C			Class I			Class L		Class R2			Class R3			Class R4			Class R5			Class R6			Total
Emerging Economies Fund
Transfer agency fees	$	11	$	—	(a)	$	3			n/a		n/a			n/a			n/a		$	—	(a)	$	6		$	20
Emerging Markets Equity Fund
Transfer agency fees		28		4			24		$	9	$	—	(a)	$	—	(a)	$	—	(a)		1			15			81
Emerging Markets Research Enhanced Equity Fund
Transfer agency fees		n/a		n/a			—	(a)		n/a		n/a			n/a			n/a			n/a			1			1
Europe Dynamic Fund
Transfer agency fees		11		1			3			2		n/a			n/a			n/a			n/a			—	(a)		17
Global Research Enhanced Index Fund
Transfer agency fees		n/a		n/a			2			n/a		n/a			n/a			n/a			n/a			25			27
International Advantage Fund
Transfer agency fees		10		—	(a)		1			n/a		35			n/a			n/a			n/a			11			57
International Equity Fund
Transfer agency fees		21		2			3			n/a		1			n/a			n/a			—	(a)		13			40
International Equity Income Fund
Transfer agency fees		2		2			7			n/a		1			n/a			n/a			—	(a)		—	(a)		12
International Hedged Equity Fund
Transfer agency fees		—		—	(a)		—	(a)		n/a		n/a			n/a			n/a			—	(a)		—	(a)		—	(a)

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 165

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

	Class A		Class C		Class I		Class L			Class R2		Class R3		Class R4		Class R5			Class R6			Total
International Research Enhanced Equity Fund
Transfer agency fees	$	28		n/a	$	2		n/a			n/a		n/a		n/a		n/a		$	18		$	48
International Unconstrained Equity Fund
Transfer agency fees		5	$	2		8		n/a		$	1		n/a		n/a	$	2			—	(a)		18
International Value Fund
Transfer agency fees		9		1		2	$	—	(a)		1		n/a		n/a		—	(a)		—	(a)		13

(a) Amount rounds to less than one thousand.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2019, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets.

The annual rate for each Fund is as follows:

Emerging Economies Fund	0.85	%
Emerging Markets Equity Fund	0.85
Emerging Markets Research Enhanced Equity Fund	0.25
Europe Dynamic Fund	0.65
Global Research Enhanced Index Fund	0.20
International Advantage Fund	0.60
International Equity Fund	0.60	(1)
International Equity Income Fund	0.70
International Hedged Equity Fund	0.25
International Research Enhanced Equity Fund	0.20
International Unconstrained Equity Fund	0.65	(1)
International Value Fund	0.60

⁽¹⁾   Prior to March 1, 2019, the Investment Advisory fee was accrued daily and paid monthly at an annual rate of 0.70% on each Fund’s respective average daily net assets.

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in

166 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

excess of $25 billion of all such funds. For the six months ended April 30, 2019, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trusts’ principal underwriter and promotes and arranges for the sale of each Fund’s shares. The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Emerging Economies Fund		0.25	%		0.75	%		n/a			n/a
Emerging Markets Equity Fund		0.25			0.75			0.50	%		0.25	%
Europe Dynamic Fund		0.25			0.75			n/a			n/a
International Advantage Fund		0.25			0.75			0.50			n/a
International Equity Fund		0.25			0.75			0.50			n/a
International Equity Income Fund		0.25			0.75			0.50			n/a
International Hedged Equity Fund		0.25			0.75			n/a			n/a
International Research Enhanced Equity Fund		0.25			n/a			n/a			n/a
International Unconstrained Equity Fund		0.25			0.75			0.50			n/a
International Value Fund		0.25			0.75			0.50			n/a

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2019, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Emerging Economies Fund	$	1		$	—
Emerging Markets Equity Fund		39			—	(a)
Europe Dynamic Fund		1			—
International Advantage Fund		1			—
International Equity Fund		44			—
International Equity Income Fund		2			—	(a)
International Research Enhanced Equity Fund		—	(a)		—
International Unconstrained Equity Fund		21			—	(a)
International Value Fund		18			—

(a) Amount rounds to less than one thousand.

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

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Emerging Economies Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			n/a			n/a			0.10	%
Emerging Markets Equity Fund		0.25			0.25			0.25			0.10	%		0.25	%		0.25	%		0.25	%		0.10
Emerging Markets Research Enhanced Equity Fund		n/a			n/a			0.25			n/a			n/a			n/a			n/a			n/a
Europe Dynamic Fund		0.25			0.25			0.25			0.10			n/a			n/a			n/a			n/a
Global Research Enhanced Index Fund		n/a			n/a			0.25			n/a			n/a			n/a			n/a			n/a
International Advantage Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			n/a
International Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
International Equity Income Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
International Hedged Equity Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
International Research Enhanced Equity Fund		0.25			n/a			0.25			n/a			n/a			n/a			n/a			n/a
International Unconstrained Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
International Value Fund		0.25			0.25			0.25			0.10			0.25			n/a			n/a			0.10

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

JPMDS waived service fees as outlined in Note 3.F.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 167

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included as Interest income from affiliates on the Statements of Operations.

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

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

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Emerging Economies Fund		1.14	%		1.64	%		0.89	%		n/a			n/a			n/a			n/a			0.79	%		0.69	%
Emerging Markets Equity Fund		1.24			1.74			0.99			0.95	%		1.54	%		1.29	%		1.04	%		0.89			0.79
Emerging Markets Research Enhanced Equity Fund		n/a			n/a			0.45	(1)		n/a			n/a			n/a			n/a			n/a			0.35	(1)
Europe Dynamic Fund		1.24			1.74			0.99			n/a	(2)		n/a			n/a			n/a			n/a			0.84	(3)
Global Research Enhanced Index Fund		n/a			n/a			0.34			n/a			n/a			n/a			n/a			n/a			0.25
International Advantage Fund(4)		0.95			1.45			0.70			n/a			1.25			n/a			n/a			n/a			0.50
International Equity Fund		0.95			1.45			0.70			n/a			1.25			n/a			n/a			0.60			0.50
International Equity Income Fund		0.95			1.45			0.70			n/a			1.25			n/a			n/a			0.60			0.50
International Hedged Equity Fund(5)		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45			0.35
International Research Enhanced Equity Fund		0.60			n/a			0.35			n/a			n/a			n/a			n/a			n/a			0.25
International Unconstrained Equity Fund		1.00			1.50			0.75			n/a			1.30			n/a			n/a			0.65			0.55
International Value Fund		1.00			1.50			0.75			n/a	(6)		1.30			n/a			n/a			0.65			0.55

⁽¹⁾   The contractual expense percentages in the table above are in place until at least December 31, 2019.

⁽²⁾  Effective March 1, 2019, the contractual expense limitation for Class L Shares expired. Prior to March 1, 2019, the contractual expense limitation was 1.00% for Class L Shares.

⁽³⁾  The contractual expense percentage in the table above is in place until September 30, 2019.

⁽⁴⁾  Prior to March 1, 2019, the contractual expense limitations were 1.00%, 1.50%, 0.75%, 1.30% and 0.55% for Class A, Class C, Class I, Class R2 and Class R6 Shares, respectively.

⁽⁵⁾  The contractual expense percentages in the table above are in place until at least January 31, 2020.

⁽⁶⁾  Effective March 1, 2019, the contractual expense limitation for Class L Shares expired. Prior to March 1, 2019, the contractual expense limitation was 0.95% for Class L Shares.

Except as noted above, the expense limitation agreements were in effect for the six months ended April 30, 2019 and are in place until February 29, 2020.

For the six months ended April 30, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees			Total		Contractual Reimbursements
Emerging Economies Fund	$	1,919	$	572	$	19		$	2,510	$	6
Emerging Markets Equity Fund		3,418		1,910		387			5,715		15
Emerging Markets Research Enhanced Equity Fund		39		25		2			66		59
Europe Dynamic Fund		—		—		95			95		—
Global Research Enhanced Index Fund		749		499		315			1,563		—
International Advantage Fund		1,787		1,124		99			3,010		—
International Equity Fund		4,028		1,630		134			5,792		—
International Equity Income Fund		297		50		40			387		—	(a)
International Hedged Equity Fund		15		5		—	(a)		20		25
International Research Enhanced Equity Fund		761		507		293			1,561		—
International Unconstrained Equity Fund		512		177		85			774		—	(a)
International Value Fund		328		170		79			577		—	(a)

(a) Amount rounds to less than one thousand.

168 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2019 were as follows (amounts in thousands):

Emerging Economies Fund	$	22
Emerging Markets Equity Fund		56
Emerging Markets Research Enhanced Equity Fund		5
Europe Dynamic Fund		22
Global Research Enhanced Index Fund		27
International Advantage Fund		60
International Equity Fund		87
International Equity Income Fund		1
International Hedged Equity Fund		—	(a)
International Research Enhanced Equity Fund		78
International Unconstrained Equity Fund		6
International Value Fund		6

(a) Amount rounds to less than one thousand.

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

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

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

4. Investment Transactions

During the six months ended April 30, 2019, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Emerging Economies Fund	$	489,057	$	761,848
Emerging Markets Equity Fund		911,247		697,676
Emerging Markets Research Enhanced Equity Fund		384,234		31,173
Europe Dynamic Fund		223,277		374,921
Global Research Enhanced Index Fund		772,941		2,267,493
International Advantage Fund		1,138,823		1,154,680
International Equity Fund		648,803		720,951
International Equity Income Fund		28,974		46,259
International Hedged Equity Fund		49,234		635
International Research Enhanced Equity Fund		250,586		708,435
International Unconstrained Equity Fund		141,921		167,572
International Value Fund		114,098		216,896

During the six months ended April 30, 2019, there were no purchases or sales of U.S. Government securities.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 169

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2019 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	1,217,161	$	247,063	$	56,407	$	190,656
Emerging Markets Equity Fund		4,452,629		1,680,108		137,702		1,542,406
Emerging Markets Research Enhanced Equity Fund		355,975		24,135		8,662		15,473
Europe Dynamic Fund		600,894		43,512		10,531		32,981
Global Research Enhanced Index Fund		3,387,637		1,380,171		87,354		1,292,817
International Advantage Fund		3,509,151		266,374		155,306		111,068
International Equity Fund		4,067,499		911,433		90,301		821,132
International Equity Income Fund		122,861		14,677		4,638		10,039
International Hedged Equity Fund		49,995		1,625		1,237		388
International Research Enhanced Equity Fund		4,705,610		435,666		341,449		94,217
International Unconstrained Equity Fund		500,466		64,197		4,270		59,927
International Value Fund		445,536		21,829		31,937		(10,108	)

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011, are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At October 31, 2018, the following Fund had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains, as follows (amounts in thousands):

	2019		Total
Emerging Economies Fund	$	16,730	$	16,730

At October 31, 2018, the following Funds had post-enactment net capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Emerging Economies Fund	$	53,938	$	—
Emerging Markets Equity Fund		—		127,296
Europe Dynamic Fund		55,473		—
International Advantage Fund		38,065		—
International Research Enhanced Equity Fund		11,458		—
International Unconstrained Equity Fund		27,318		—

During the year ended October 31, 2018, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Utilized
	Short-Term		Long-Term
Emerging Economies Fund	$	9,653	$	—
Europe Dynamic Fund		—		5,930
Global Research Enhanced Index Fund		52,424		45,268
International Equity Fund		7,844		43,809
International Equity Income Fund		9,533		—
International Unconstrained Equity Fund		—		1,307
International Value Fund		24,514		—

During the year ended October 31, 2018, the following Fund had expired capital loss carryforwards as follows (amounts in thousands):

	2018
International Value Fund	$	41,204

170 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

6. Borrowings

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

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations. Average borrowings from the Facility during the six months ended April 30, 2019 were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Emerging Economies Fund	$	23,462		3.14	%		26	$	53
Emerging Markets Equity Fund		21,582		2.99			26		48
Europe Dynamic Fund		21,938		2.94			4		7
Global Research Enhanced Index Fund		26,142		3.11			39		91
International Equity Income Fund		4,589		3.02			12		5
International Value Fund		5,131		3.05			27		12

The Trusts, along with certain other trusts (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately. Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds had no borrowings outstanding from the Credit Facility at April 30, 2019. Average borrowings from the Credit Facility during the six months ended April 30, 2019 were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Emerging Markets Equity Fund	$	12,000		3.38	%		1	$	1

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 171

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

As of April 30, 2019, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of certain Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds			JPMorgan SmartRetirement Blend Funds
Emerging Economies Fund		15.8	%		80.1	%		—	%
Emerging Markets Equity Fund		—			27.6			—
Emerging Markets Research Enhanced Equity Fund		—			—			95.8
Europe Dynamic Fund		44.4			—			—
International Advantage Fund		—			92.0			—
International Equity Fund		—			74.0			—
International Research Enhanced Equity Fund		15.7			64.3			—
International Unconstrained Equity Fund		24.4			—			—

As of April 30, 2019, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Emerging Economies Fund		5		59.7	%		—		—	%
Emerging Markets Equity Fund		—		—			1		14.6
Emerging Markets Research Enhanced Equity Fund		6		89.8			—		—
Europe Dynamic Fund		4		57.6			1		11.6
Global Research Enhanced Index Fund		1		86.4			—		—
International Advantage Fund		6		77.0			—		—
International Equity Fund		3		35.7			—		—
International Equity Income Fund		1		16.8			3		56.5
International Hedged Equity Fund		1		99.0			—		—
International Research Enhanced Equity Fund		2		21.8			—		—
International Unconstrained Equity Fund		1		16.5			1		20.4
International Value Fund		—		—			1		62.4

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

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period depending on the Fund. Such concentrations may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of April 30, 2019, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:

	China			France			India			Japan
Emerging Economies Fund		34.3	%		—	%		—	%		—	%
Emerging Markets Equity Fund		30.2			—			16.6			—
Emerging Markets Research Enhanced Equity Fund		33.1			—			—			—
Europe Dynamic Fund		—			15.4			—			—
International Advantage Fund		—			—			—			21.6
International Equity Fund		—			12.9			—			16.9
International Equity Income Fund		—			14.5			—			16.2
International Hedged Equity Fund		—			12.7			—			22.2
International Research Enhanced Equity Fund		—			12.0			—			20.9
International Unconstrained Equity Fund		—			—			—			10.2
International Value Fund		—			—			—			20.8

172 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

	South Korea			Switzerland			Taiwan			United Kingdom
Emerging Economies Fund		15.9	%		—	%		12.8	%		—	%
Emerging Markets Research Enhanced Equity Fund		13.0			—			10.8			—
Europe Dynamic Fund		—			18.1			—			14.2
International Advantage Fund		—			—			—			13.3
International Equity Fund		—			—			—			15.9
International Equity Income Fund		—			10.6			—			14.6
International Hedged Equity Fund		—			—			—			14.6
International Research Enhanced Equity Fund		—			—			—			13.9
International Unconstrained Equity Fund		—			—			—			19.5
International Value Fund		—			—			—			16.0

As of April 30, 2019, a significant portion of each Fund’s investments consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

9. Subsequent Events

At their meeting in May 2019, the Board of Trustees of JPM I approved the liquidation of the JPMorgan International Equity Fund which is expected to occur on or around July 8, 2019.

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 173

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2018, and continued to hold your shares at the end of the reporting period, April 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Emerging Economies Fund
Class A
Actual*	$	1,000.00	$	1,101.30	$	5.94		1.14	%
Hypothetical*		1,000.00		1,019.14		5.71		1.14
Class C
Actual*		1,000.00		1,098.90		8.53		1.64
Hypothetical*		1,000.00		1,016.66		8.20		1.64
Class I
Actual*		1,000.00		1,102.40		4.64		0.89
Hypothetical*		1,000.00		1,020.38		4.46		0.89
Class R5
Actual*		1,000.00		1,103.50		4.12		0.79
Hypothetical*		1,000.00		1,020.88		3.96		0.79
Class R6
Actual*		1,000.00		1,103.40		3.60		0.69
Hypothetical*		1,000.00		1,021.37		3.46		0.69
JPMorgan Emerging Markets Equity Fund
Class A
Actual*		1,000.00		1,231.90		6.86		1.24
Hypothetical*		1,000.00		1,018.65		6.21		1.24
Class C
Actual*		1,000.00		1,229.10		9.62		1.74
Hypothetical*		1,000.00		1,016.17		8.70		1.74
Class I
Actual*		1,000.00		1,233.30		5.48		0.99
Hypothetical*		1,000.00		1,019.89		4.96		0.99
Class L
Actual*		1,000.00		1,234.30		4.93		0.89
Hypothetical*		1,000.00		1,020.38		4.46		0.89

174 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Emerging Markets Equity Fund (continued)
Class R2
Actual*	$	1,000.00	$	1,229.90	$	8.51		1.54	%
Hypothetical*		1,000.00		1,017.16		7.70		1.54
Class R3
Actual*		1,000.00		1,231.60		7.14		1.29
Hypothetical*		1,000.00		1,018.40		6.46		1.29
Class R4
Actual*		1,000.00		1,232.90		5.76		1.04
Hypothetical*		1,000.00		1,019.64		5.21		1.04
Class R5
Actual*		1,000.00		1,234.10		4.93		0.89
Hypothetical*		1,000.00		1,020.38		4.46		0.89
Class R6
Actual*		1,000.00		1,235.00		4.38		0.79
Hypothetical*		1,000.00		1,020.88		3.96		0.79
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
Actual**		1,000.00		1,044.40		1.11		0.44
Hypothetical*		1,000.00		1,022.61		2.21		0.44
Class R6
Actual***		1,000.00		1,136.00		1.39		0.34
Hypothetical*		1,000.00		1,023.11		1.71		0.34
JPMorgan Europe Dynamic Fund
Class A
Actual*		1,000.00		1,060.00		6.33		1.24
Hypothetical*		1,000.00		1,018.65		6.21		1.24
Class C
Actual*		1,000.00		1,057.40		8.88		1.74
Hypothetical*		1,000.00		1,016.17		8.70		1.74
Class I
Actual*		1,000.00		1,061.10		5.06		0.99
Hypothetical*		1,000.00		1,019.89		4.96		0.99
Class L
Actual*		1,000.00		1,061.60		4.60		0.90
Hypothetical*		1,000.00		1,020.33		4.51		0.90
Class R6
Actual*		1,000.00		1,062.10		4.09		0.80
Hypothetical*		1,000.00		1,020.83		4.01		0.80
JPMorgan Global Research Enhanced Index Fund
Class I
Actual*		1,000.00		1,096.30		1.77		0.34
Hypothetical*		1,000.00		1,023.11		1.71		0.34
Class R6
Actual*		1,000.00		1,096.60		1.30		0.25
Hypothetical*		1,000.00		1,023.55		1.25		0.25
JPMorgan International Advantage Fund
Class A
Actual*		1,000.00		1,036.70		4.95		0.98
Hypothetical*		1,000.00		1,019.93		4.91		0.98
Class C
Actual*		1,000.00		1,034.10		7.46		1.48
Hypothetical*		1,000.00		1,017.46		7.40		1.48

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 175

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan International Advantage Fund (continued)
Class I
Actual*	$	1,000.00	$	1,037.90	$	3.69		0.73	%
Hypothetical*		1,000.00		1,021.17		3.66		0.73
Class R2
Actual*		1,000.00		1,035.10		6.46		1.28
Hypothetical*		1,000.00		1,018.45		6.41		1.28
Class R6
Actual*		1,000.00		1,039.10		2.68		0.53
Hypothetical*		1,000.00		1,022.17		2.66		0.53
JPMorgan International Equity Fund
Class A
Actual*		1,000.00		1,106.80		4.96		0.95
Hypothetical*		1,000.00		1,020.08		4.76		0.95
Class C
Actual*		1,000.00		1,104.70		7.57		1.45
Hypothetical*		1,000.00		1,017.60		7.25		1.45
Class I
Actual*		1,000.00		1,108.20		3.66		0.70
Hypothetical*		1,000.00		1,021.32		3.51		0.70
Class R2
Actual*		1,000.00		1,105.10		6.52		1.25
Hypothetical*		1,000.00		1,018.60		6.26		1.25
Class R5
Actual*		1,000.00		1,109.30		3.14		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class R6
Actual*		1,000.00		1,109.90		2.62		0.50
Hypothetical*		1,000.00		1,022.32		2.51		0.50
JPMorgan International Equity Income Fund
Class A
Actual*		1,000.00		1,093.00		4.98		0.96
Hypothetical*		1,000.00		1,020.03		4.81		0.96
Class C
Actual*		1,000.00		1,090.40		7.57		1.46
Hypothetical*		1,000.00		1,017.55		7.30		1.46
Class I
Actual*		1,000.00		1,094.80		3.69		0.71
Hypothetical*		1,000.00		1,021.27		3.56		0.71
Class R2
Actual*		1,000.00		1,091.80		6.54		1.26
Hypothetical*		1,000.00		1,018.55		6.31		1.26
Class R5
Actual*		1,000.00		1,094.50		3.17		0.61
Hypothetical*		1,000.00		1,021.77		3.06		0.61
Class R6
Actual*		1,000.00		1,095.90		2.65		0.51
Hypothetical*		1,000.00		1,022.27		2.56		0.51
JPMorgan International Hedged Equity Fund
Class A
Actual****		1,000.00		1,014.70		1.06		0.87
Hypothetical*		1,000.00		1,020.48		4.36		0.87

176 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan International Hedged Equity Fund (continued)
Class C
Actual****	$	1,000.00	$	1,014.00	$	1.64		1.35	%
Hypothetical*		1,000.00		1,018.10		6.76		1.35
Class I
Actual****		1,000.00		1,015.30		0.73		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class R5
Actual****		1,000.00		1,015.30		0.55		0.45
Hypothetical*		1,000.00		1,022.56		2.26		0.45
Class R6
Actual****		1,000.00		1,015.30		0.41		0.34
Hypothetical*		1,000.00		1,023.11		1.71		0.34
JPMorgan International Research Enhanced Equity Fund
Class A
Actual*		1,000.00		1,075.50		3.09		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class I
Actual*		1,000.00		1,076.70		1.80		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35
Class R6
Actual*		1,000.00		1,077.20		1.29		0.25
Hypothetical*		1,000.00		1,023.55		1.25		0.25
JPMorgan International Unconstrained Equity Fund
Class A
Actual*		1,000.00		1,151.70		5.34		1.00
Hypothetical*		1,000.00		1,019.84		5.01		1.00
Class C
Actual*		1,000.00		1,148.50		7.99		1.50
Hypothetical*		1,000.00		1,017.36		7.50		1.50
Class I
Actual*		1,000.00		1,152.40		4.00		0.75
Hypothetical*		1,000.00		1,021.08		3.76		0.75
Class R2
Actual*		1,000.00		1,149.70		6.93		1.30
Hypothetical*		1,000.00		1,018.35		6.51		1.30
Class R5
Actual*		1,000.00		1,153.20		3.47		0.65
Hypothetical*		1,000.00		1,021.57		3.26		0.65
Class R6
Actual*		1,000.00		1,154.60		2.94		0.55
Hypothetical*		1,000.00		1,022.07		2.76		0.55
JPMorgan International Value Fund
Class A
Actual*		1,000.00		1,031.40		5.09		1.01
Hypothetical*		1,000.00		1,019.79		5.06		1.01
Class C
Actual*		1,000.00		1,029.40		7.60		1.51
Hypothetical*		1,000.00		1,017.31		7.55		1.51
Class I
Actual*		1,000.00		1,033.00		3.83		0.76
Hypothetical*		1,000.00		1,021.03		3.81		0.76

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 177

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan International Value Fund (continued)
Class L
Actual*	$	1,000.00	$	1,033.50	$	3.33		0.66	%
Hypothetical*		1,000.00		1,021.52		3.31		0.66
Class R2
Actual*		1,000.00		1,030.20		6.54		1.30
Hypothetical*		1,000.00		1,018.35		6.51		1.30
Class R5
Actual*		1,000.00		1,033.10		3.33		0.66
Hypothetical*		1,000.00		1,021.52		3.31		0.66
Class R6
Actual*		1,000.00		1,034.10		2.77		0.55
Hypothetical*		1,000.00		1,022.07		2.76		0.55

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 90/365 (to reflect the actual period). Commencement of operations was January 30, 2019.

*** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 140/365 (to reflect the actual period). Commencement of operations was December 11, 2018.

**** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 44/365 (to reflect the actual period). Commencement of operations was March 15, 2019.

178 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering approvals of initial advisory agreements for new funds. At their August 2018 in-person meeting, the Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the initial advisory agreement or any of their affiliates (“Independent Trustees”), approved the initial investment advisory agreements (each, a “New Advisory Agreement and collectively, the “New Advisory Agreements”) for the Funds.

In connection with the approval of the New Advisory Agreements, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed New Advisory Agreements, the Trustees reviewed the New Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed agreements. The Trustees also discussed the proposed New Advisory Agreements in an executive session with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each New Advisory Agreement is provided below.

The Trustees considered information provided with respect to the Funds and the approval of the New Advisory Agreements. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. After considering and weighing the factors and information they had received, the Trustees found that the proposed compensation to be received by the Adviser from each Fund under the applicable New Advisory Agreement was fair and reasonable under the circumstances and determined that the initial approval of each New Advisory Agreement was in the best interests of each Fund and its potential shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the New Advisory Agreements, the Trustees considered the materials furnished specifically in connection with the approval of the New Advisory Agreement, as well as other relevant information furnished throughout the year for the J.P. Morgan Funds complex, and

the Trustees’ experience with the Adviser and its services. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention to be given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund. The Trustees also considered the investment strategy and investment process for each Fund, and the infrastructure supporting the portfolio management team, including personnel changes. In addition, the Trustees considered information about the structure and distribution strategy of each Fund, how it fits within the J.P. Morgan Funds lineup, and how it will be positioned against identified peers.

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

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

The Trustees also considered that JPMorgan Distribution Services, Inc. (“JPMDS”), an affiliate of the Adviser, and the Adviser, in its role as administrator, will earn fees from the Funds for providing shareholder and administrative services, respectively. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.

Fall-Out Benefits

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

APRIL 30, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 179

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Economies of Scale

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

Investment Performance

The Trustees considered each Fund’s investment strategy and process, portfolio management team and competitive

positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate that will be paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”) concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other projected expenses and the expense ratios for each Fund. The Trustees considered the projected Fee Caps proposed for each Fund, and the net advisory fee rates after taking into account any projected waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees noted that the Funds’ estimated net advisory fees and total expenses, which were considered on a class-by-class basis, were in line with identified peer funds. After considering all of the factors identified above, in light of the information, the Trustees concluded that the advisory fees were satisfactory.

180 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2019

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. April 2019. SAN-INTEQ-419

Semi-Annual Report

J.P. Morgan Tax Aware Funds

April 30, 2019 (Unaudited)

JPMorgan Tax Aware Equity Fund

JPMorgan Tax Aware Real Return Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Tax Aware Equity Fund	3
JPMorgan Tax Aware Real Return Fund	6
Schedules of Portfolio Investments	10
Financial Statements	24
Financial Highlights	30
Notes to Financial Statements	34
Schedule of Shareholder Expenses	44

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

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

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

CEO’S LETTER

June 18, 2019 (Unaudited)

Dear Shareholders,

Global economic growth slowed in late 2018 and early 2019 amid trade tensions, political uncertainty in parts of Europe and the inherent challenges of a late-cycle economic expansion. While financial markets slumped in late 2018, equity and bond prices rebounded and broadly provided positive returns for the six months ended April 30, 2019.

  “While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.” — George C.W. Gatch

Leading central banks reacted to flagging economic growth by adopting more accommodative policies, which helped to generally control global interest rates and bolstered global financial markets.

In the U.S., gross domestic product (GDP) rose by a better-than-expected rate of 3.1% in the first quarter of 2019 amid a temporary boost from an inventory buildup and net exports. Corporate profit growth slowed from record levels in 2018, but overall remained stronger than expected for the first quarter of 2019. Unemployment remained near 50-year lows and inflation held below 2% throughout the six month reporting period. Notably, a 35-day partial shutdown of the U.S. government that ended in late January 2019 added to investor uncertainty but appeared to have limited immediate impact on the U.S. economy.

Elsewhere, slowing growth in China and global trade tensions appeared to curb manufacturing growth in Europe, Taiwan, South Korea and other economies heavily dependent on manufacturing for export. Though Chinese authorities enacted a package of tax cuts, infrastructure spending and credit expansion to bolster growth in early 2019, trade negotiations between the U.S. and China failed to fully address reciprocal tariffs.

In the European Union (EU), consumer and business sentiment weakened during the reporting period and auto manufacturing, particularly in Germany, declined. The inability of the U.K. government to agree on the final terms of Britain’s planned exit from the EU further added to investor uncertainty. First

quarter 2019 GDP in the 19-nation euro area rose by 1.2%. However, euro area unemployment continued to decline during the reporting period and by the end of April 2019 had fallen to 7.6%, its lowest level since August 2008.

Emerging markets generally benefitted from lower interest rates, a decline in the relative value of the U.S. dollar and China’s efforts to bolster economic growth in 2019. Overall, emerging markets equity and bonds broadly outperformed financial markets in developed markets during the reporting period. The MSCI Emerging Markets Index returned 13.9% and the Bloomberg Barclays Emerging Markets Aggregate Index returned 7.13% for the six months ended April 30, 2019.

Subsequent to the end of the reporting period, the Organization for Economic Cooperation and Development (OECD) reduced its estimate for 2019 global GDP growth to 3.2% and its estimate for GDP growth in the world’s 20 largest economies to 3.4%. “The global economy was expanding in sync less than two years ago, but challenges to existing trade relationships and the multilateral rules-based trade system have now derailed global growth by raising uncertainty that is depressing investment and trade,” the OECD said in its May 2019 economic outlook.

While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.

Investors who remain fully invested in a diversified portfolio can, we believe, continue to benefit over time from market opportunities in a growing global economy. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 1

J.P. Morgan Tax Aware Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

U.S. equity prices slumped in the final months of 2018 only to rebound in the first months of 2019, sending leading U.S. equity indexes to record highs in the final week of April. U.S. municipal bond markets also provided positive returns for the six month period amid a decline in the issuance of new bonds and an increase in demand, particularly in states with higher taxes such as New York, New Jersey and California.

Investor expectations of rising U.S. interest rates, signs of slowing economic growth in both China and the Eurozone and unresolved U.S.-China trade tensions combined to drive market volatility higher and equity prices lower in late 2018. The sell-off became particularly acute in December 2018, when the S&P 500 Index returned -9.18%.

However, by the end of December 2018, the U.S. Federal Reserve had moved to a neutral policy and asset prices generally advanced over the next four months as signs of inflationary pressure receded and corporate earnings showed surprising strength. Notably, the global oil prices fell in December 2018 to $42 per barrel of West Texas Intermediate crude and then rose to $63 per barrel by the end of April 2019.

The S&P 500 Index returned 9.76% and the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index returned 4.92% for the six months ended April 30, 2019.

2 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		11.13%
S&P 500 Index		9.76%
Net Assets as of 4/30/2019 (In Thousands)	$	1,320,594

INVESTMENT OBJECTIVE**

The JPMorgan Tax Aware Equity Fund (the “Fund”) seeks to provide high after-tax total return from a portfolio of selected equity securities.

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

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended April 30, 2019. The Fund’s security selection in the semiconductors & hardware sector and the retail sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the energy sector and its overweight position in the health services sector were leading detractors from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Broadcom Ltd., Honeywell International Inc. and Danaher Corp. Shares of Broadcom, a semiconductor manufacturer, rose along with the broader semiconductor segment amid investor expectations for growth in earnings and revenue for the first quarter of 2019. Shares of Honeywell International, an aerospace, building technologies and materials company, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2019. Shares of Danaher, a medical products and services company, rose after the company reported better-than-expected revenue growth for the first quarter of 2019.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Alphabet Inc., Wells Fargo & Co. and EOG Resources Inc. Shares of Alphabet, the parent company of Google Inc., fell after the company reported lower-than-expected revenue growth at Google Inc. Shares of Wells Fargo, a bank and financial services provider, fell after the company warned of a decline in net interest income for 2019. Shares of EOG Resources, an oil and gas exploration and production company, fell in late 2018 amid a slump in global petroleum prices.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers employed a bottom-up fundamental approach to security

selection, researching companies to determine what they portfolio managers believed to be the companies’ underlying value and potential for future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	6.2	%
	2.	Amazon.com, Inc.	5.2
	3.	UnitedHealth Group, Inc.	4.0
	4.	Broadcom, Inc.	3.9
	5.	Honeywell International, Inc.	3.5
	6.	Apple, Inc.	3.5
	7.	Bank of America Corp.	3.1
	8.	Alphabet, Inc., Class C	3.0
	9.	Alphabet, Inc., Class A	2.8
	10.	Mastercard, Inc., Class A	2.7

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	26.6	%
Health Care	14.0
Financials	12.6
Communication Services	11.8
Industrials	11.4
Consumer Discretionary	10.7
Energy	4.6
Consumer Staples	4.2
Utilities	2.1
Materials	1.9
Short-Term Investments	0.1

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

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

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 3

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
			6 MONTHS*									1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class		Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES		March 22, 2011
With Sales Charge**				5.06	%		4.24	%		3.46	%		7.32	%		6.41	%		4.85	%		10.15	%		8.90	%		7.82	%		14.27	%		13.50	%		11.91	%
Without Sales Charge				10.90			10.03			6.94			13.26			12.30			8.40			11.35			10.08			8.80			14.88			14.12			12.46
CLASS C SHARES		March 22, 2011
With CDSC***				9.61			8.77			6.16			11.67			10.81			7.40			10.80			9.63			8.38			14.42			13.73			12.07
Without CDSC				10.61			9.77			6.75			12.67			11.81			7.99			10.80			9.63			8.38			14.42			13.73			12.07
CLASS I SHARES		January 30, 1997		11.13			10.23			7.09			13.71			12.66			8.72			11.84			10.47			9.18			15.28			14.44			12.80
CLASS R6 SHARES		October 1, 2018		11.14			10.23			7.11			13.75			12.70			8.75			11.85			10.47			9.19			15.29			14.44			12.81

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR FUND PERFORMANCE (4/30/09 TO 4/30/19)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Tax Aware Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from April 30, 2009 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital

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

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

The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.

4 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

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

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

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 5

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.74%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		4.92%
Tax Aware Real Return Composite Benchmark**		4.00%
Net Assets as of 4/30/2019 (In Thousands)	$	858,563

INVESTMENT OBJECTIVE***

The JPMorgan Tax Aware Real Return Fund (the “Fund”) seeks to maximize after-tax inflation protected return.

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

The Fund’s Class I Shares had a positive absolute return and underperformed both the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”) and the Tax Aware Real Return Composite Benchmark for the six months ended April 30, 2019.

The Fund’s hedge against inflation, which was implemented through the use of swaps contracts, detracted from absolute performance and performance relative to the Benchmark. During the reporting period, Bloomberg Barclays inflation swap indexes generally fell amid increased volatility in global petroleum prices. Relative to the Benchmark, the Fund’s overweight allocations to bonds rated AAA and AA detracted from performance, as lower rated bonds generally outperformed higher rated bonds.

The Fund’s overweight allocations to the leasing, special tax and water & sewer sectors were leading positive contributors to relative performance as they outperformed the broader municipal bond market largely due to their longer duration. Generally, bonds with longer duration experience a larger increase in price compared with shorter duration bonds as interest rates fall.

HOW WAS THE FUND POSITIONED?

Among the Fund’s tax-exempt fixed income investments, the Fund employed a bottom-up, security-selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk. The Fund maintained its bias to high quality debt securities, as the Fund’s portfolio managers preferred higher quality issuances. The Fund’s portfolio managers also maintained an inflation-overlay hedging strategy, using zero coupon inflation linked swaps (“inflation swaps”) to purchase protection against inflation along the yield curve.

During the reporting period, the Fund’s portfolio managers increased the hedge ratio to 99% from 96%.

INVESTMENT APPROACH

The Fund uses inflation swaps in combination with tax-exempt municipal bonds to seek to replicate a portfolio of inflation protected securities. The Fund is designed to protect the total return generated by its tax-exempt fixed income holdings from inflation risk. The inflation swaps used by the Fund are based on cumulative percentage movements in the Consumer Price Index for All Urban Consumers (“CPI-U”). The inflation swaps are structured so that one counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of the swap. The other counterparty (the Fund) pays a compounded fixed rate (zero coupon inflation-swap rate), which is based on the “breakeven inflation rate,” calculated as the yield difference between a nominal U.S. Treasury security and a U.S. Treasury Inflation Protected Security of equal maturity.

The Fund’s portfolio managers aim to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying bonds is used as the general basis for the Fund’s inflation swap positioning. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s portfolio managers believe that matching the duration of the inflation protection to the duration of the underlying bonds is the most effective and efficient way to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that may result from macroeconomic or technical factors.

6 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

PORTFOLIO COMPOSITION****
Municipal Bonds	95.7	%
Short-Term Investments	4.3

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

** The Fund’s Composite Benchmark is determined by adding the return of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index.

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

**** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 7

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
			6 MONTHS*									1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class		Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES		August 31, 2005
With Sales Charge**				(1.25	)%		(1.25	)%		(0.24	)%		(1.57	)%		(1.59	)%		0.05	%		0.18	%		0.13	%		0.67	%		1.82	%		1.80	%		1.96	%
Without Sales Charge				2.62			2.61			2.07			2.22			2.21			2.33			0.94			0.90			1.27			2.21			2.19			2.27
CLASS C SHARES		August 31, 2005
With CDSC***				1.36			1.36			1.23			0.71			0.70			1.23			0.37			0.35			0.72			1.59			1.58			1.66
Without CDSC				2.36			2.36			1.82			1.71			1.70			1.82			0.37			0.35			0.72			1.59			1.58			1.66
CLASS I SHARES		August 31, 2005		2.74			2.73			2.20			2.48			2.46			2.58			1.21			1.16			1.52			2.47			2.44			2.53
CLASS R6 SHARES		August 16, 2013		2.79			2.78			2.25			2.58			2.56			2.69			1.29			1.28			1.65			2.53			2.52			2.61

* Not annualized.

** Sales Charge for Class A Shares is 3.75%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR FUND PERFORMANCE (4/30/09 TO 4/30/19)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Tax Aware Real Return Fund, the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index, the Tax Aware Real Return Composite Benchmark and the Lipper Intermediate Municipal Debt Funds Index from April 30, 2009 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if

any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Tax Aware Real Return Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the Lipper Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund.

The Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Tax Aware Real Return Composite Benchmark is determined by adding the return of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index. The Lipper Intermediate Municipal Debt Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

8 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

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

For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.

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

waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares, with the exception of returns noted above as after taxes.

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

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 9

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.7%
Aerospace & Defense — 0.7%
General Dynamics Corp.		54		9,662
Banks — 6.8%
Bank of America Corp.		1,352		41,358
Citigroup, Inc.		330		23,361
Wells Fargo & Co.		527		25,496
				90,215
Beverages — 3.1%
Coca-Cola Co. (The)		269		13,178
Constellation Brands, Inc., Class A		33		7,035
PepsiCo, Inc.		160		20,500
				40,713
Biotechnology — 1.1%
Alexion Pharmaceuticals, Inc. *		36		4,915
Vertex Pharmaceuticals, Inc. *		55		9,273
				14,188
Building Products — 0.6%
Allegion plc		87		8,613
Capital Markets — 3.4%
Intercontinental Exchange, Inc.		234		19,061
Morgan Stanley		527		25,436
				44,497
Chemicals — 1.9%
DowDuPont, Inc.		273		10,482
Linde plc (United Kingdom)		80		14,505
				24,987
Commercial Services & Supplies — 1.1%
Waste Connections, Inc.		158		14,621
Diversified Financial Services — 0.9%
Berkshire Hathaway, Inc., Class B *		58		12,483
Electric Utilities — 1.3%
NextEra Energy, Inc.		90		17,484
Entertainment — 2.2%
Electronic Arts, Inc. *		68		6,427
Netflix, Inc. *		25		9,286
Walt Disney Co. (The)		99		13,557
				29,270
Food Products — 1.1%
Mondelez International, Inc., Class A		281		14,281
Health Care Equipment & Supplies — 4.4%
Boston Scientific Corp. *		460		17,086

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — continued
Danaher Corp.		113		15,005
Medtronic plc		104		9,210
Zimmer Biomet Holdings, Inc.		133		16,425
				57,726
Health Care Providers & Services — 4.0%
UnitedHealth Group, Inc.		225		52,494
Hotels, Restaurants & Leisure — 0.8%
Yum! Brands, Inc.		96		9,971
Industrial Conglomerates — 3.5%
Honeywell International, Inc.		268		46,593
Insurance — 1.4%
Chubb Ltd.		131		19,029
Interactive Media & Services — 7.0%
Alphabet, Inc., Class A *		31		37,145
Alphabet, Inc., Class C *		33		39,631
Facebook, Inc., Class A *		84		16,238
				93,014
Internet & Direct Marketing Retail — 5.2%
Amazon.com, Inc. *		35		68,122
IT Services — 8.9%
Automatic Data Processing, Inc.		66		10,775
Fidelity National Information Services, Inc.		106		12,275
Fiserv, Inc. *		121		10,547
Mastercard, Inc., Class A		141		35,795
PayPal Holdings, Inc. *		157		17,755
Visa, Inc., Class A		97		15,884
WEX, Inc. *		68		14,300
				117,331
Machinery — 1.3%
Stanley Black & Decker, Inc.		119		17,489
Media — 2.5%
Charter Communications, Inc., Class A *		40		14,897
Comcast Corp., Class A		416		18,125
				33,022
Multi-Utilities — 0.7%
NiSource, Inc.		354		9,837
Oil, Gas & Consumable Fuels — 4.6%
Concho Resources, Inc.		17		1,915
Diamondback Energy, Inc.		126		13,416
EOG Resources, Inc.		130		12,530
Marathon Petroleum Corp.		196		11,930

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Occidental Petroleum Corp.		81		4,777
Pioneer Natural Resources Co.		94		15,631
				60,199
Pharmaceuticals — 4.6%
Elanco Animal Health, Inc. *		31		966
Eli Lilly & Co.		130		15,200
Merck & Co., Inc.		193		15,207
Pfizer, Inc.		711		28,894
				60,267
Road & Rail — 4.1%
Norfolk Southern Corp.		118		24,106
Union Pacific Corp.		170		30,044
				54,150
Semiconductors & Semiconductor Equipment — 6.0%
Broadcom, Inc.		161		51,279
NVIDIA Corp.		33		5,901
Texas Instruments, Inc.		187		22,069
				79,249
Software — 8.2%
Adobe, Inc. *		28		8,082
Microsoft Corp.		630		82,227
salesforce.com, Inc. *		106		17,501
				107,810
Specialty Retail — 4.8%
AutoZone, Inc. *		10		10,048
Home Depot, Inc. (The)		151		30,806
Lowe’s Cos., Inc.		195		22,040
				62,894
Technology Hardware, Storage & Peripherals — 3.5%
Apple, Inc.		230		46,221
Total Common Stocks (Cost $604,633)				1,316,432
Short-Term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (a) (b) (Cost $2,118)		2,117		2,118
Total Investments — 99.8% (Cost $606,751)				1,318,550
Other Assets Less Liabilities — 0.2%				2,044
NET ASSETS — 100.0%				1,320,594

Percentages indicated are based on net assets.

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 11

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 93.1% (a)
Alaska — 1.8%
Other Revenue — 1.8%
Borough of Matanuska-Susitna, Goose Creek Correctional Center Project Rev., 5.25%, 9/1/2029		13,490		15,865
Arizona — 0.3%
Other Revenue — 0.3%
Phoenix Civic Improvement Corp., Senior Lien
Series 2011C, Rev., 5.00%, 7/1/2022		1,085		1,162
Series 2011C, Rev., 5.00%, 7/1/2024		1,000		1,070
				2,232
Utility — 0.0% (b)
Salt River Project Agricultural Improvement & Power District, Electric System Series A, Rev., 5.00%, 1/1/2028		185		232
Total Arizona				2,464
California — 18.3%
Certificate of Participation/Lease — 0.0% (b)
Los Angeles Unified School District, Headquarters Building Projects Series B, COP, 5.00%, 10/1/2031		80		88
Education — 0.8%
California Municipal Finance Authority, Lutheran University
Rev., 5.00%, 10/1/2029		225		273
Rev., 5.00%, 10/1/2030		225		269
Rev., 5.00%, 10/1/2031		225		267
California State University, Systemwide Series 2015A, Rev., 5.00%, 11/1/2024		3,000		3,555
Golden West Schools Financing Authority, Placentia-Yorba Linda University Rev., AMBAC, 5.50%, 8/1/2020		2,475		2,596
				6,960
General Obligation — 4.7%
Center Unified School District, Election of 1991 GO, NATL-RE, Zero Coupon, 8/1/2026		750		536
Contra Costa Community College District
GO, 5.00%, 8/1/2022		1,000		1,077
GO, 5.00%, 8/1/2024		1,000		1,076
Los Angeles Community College District, Election of 2008 Series G, GO, 4.00%, 8/1/2039		145		155
Los Angeles Unified School District
Series B, GO, 5.00%, 7/1/2026		10,010		12,099
Series C, GO, 5.00%, 7/1/2026		9,000		10,382

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
Murrieta Valley Unified School District GO, AGM, 5.00%, 9/1/2022		550		613
San Diego Unified School District, Election of 1998 Series F-1, GO, AGM, 5.25%, 7/1/2028		1,000		1,301
State Center Community College District GO, 5.00%, 8/1/2024		1,000		1,113
State of California, Various Purpose GO, 5.00%, 8/1/2030		10,370		12,134
				40,486
Hospital — 0.4%
California Health Facilities Financing Authority, Kaiser Permanente Series 2017A, Subseries 2017A-2, Rev., 4.00%, 11/1/2038		1,000		1,106
California Municipal Finance Authority, Community Medical Centers Series 2017A, Rev., 5.00%, 2/1/2031		1,750		2,035
				3,141
Other Revenue — 0.7%
Golden State Tobacco Securitization Corp., Tobacco Settlement Series 2015A, Rev., 5.00%, 6/1/2034		4,950		5,653
Prerefunded — 1.2%
California State Public Works Board, Various State University Project Series H, Rev., 5.00%, 9/1/2023 (c)		8,700		10,001
City of Los Angeles, Department of Water & Power, Power System Series A, Rev., 5.00%, 1/1/2023 (c)		15		17
				10,018
Transportation — 1.1%
California Infrastructure & Economic Development Bank, Bay Area Toll Bridges, First Lien
Rev., AGM, 5.00%, 7/1/2022 (c)		340		379
Rev., FGIC, 5.00%, 7/1/2025 (c)		2,315		2,796
San Francisco Bay Area Rapid Transit District, Sales Tax
Series A, Rev., 5.00%, 7/1/2024		175		206
Series A, Rev., 5.00%, 7/1/2025		395		479
Series A, Rev., 5.00%, 7/1/2026		225		272
San Joaquin County Transportation Authority, Measure K Sales Tax
Rev., 5.00%, 3/1/2029		2,285		2,807
Rev., 5.00%, 3/1/2030		2,000		2,445
				9,384

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utility — 7.8%
City of Los Angeles, Department of Water & Power, Power System
Series A, Rev., 5.00%, 7/1/2023		2,500		2,818
Series B, Rev., 5.00%, 7/1/2028		25,385		28,673
Series B, Rev., 5.00%, 7/1/2029		8,580		10,524
Series B, Rev., 5.00%, 7/1/2031		2,100		2,409
Series A, Rev., 5.00%, 7/1/2032		2,550		3,088
Series B, Rev., 5.00%, 7/1/2032		1,925		2,193
Series D, Rev., 5.00%, 7/1/2032		3,300		3,828
Series A, Rev., 5.00%, 7/1/2033		5,000		6,016
Series A, Rev., 5.00%, 7/1/2034		710		850
Long Beach Bond Finance Authority, Natural Gas Series A, Rev., 5.25%, 11/15/2021		5,000		5,373
Sacramento Municipal Utility District Financing Authority, Cosumnes Project Rev., 5.00%, 7/1/2028		1,290		1,546
				67,318
Water & Sewer — 1.6%
City of Santa Rosa, Wastewater, Capital Appreciation Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023		4,750		4,391
Metropolitan Water District Southern Water Works Series A, Rev., 5.00%, 10/1/2025		2,545		2,806
San Diego County Water Authority Series 2013A, Rev., 5.00%, 5/1/2030		6,000		6,724
				13,921
Total California				156,969
Colorado — 0.8%
Certificate of Participation/Lease — 0.5%
State of Colorado, Building Excellent Schools Today Series 2018M, COP, 5.00%, 3/15/2029		3,150		3,898
General Obligation — 0.3%
Douglas County School District No. Re-1, Douglas & Elbert Counties GO, 5.25%, 12/15/2025		2,345		2,856
Total Colorado				6,754
Connecticut — 1.3%
General Obligation — 1.1%
City of Greenwich GO, 5.00%, 6/1/2020		200		200
State of Connecticut Series E, GO, 5.00%, 8/15/2030		8,200		9,129
				9,329

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Water & Sewer — 0.2%
South Central Connecticut Regional Water Authority, Water System
Series A, Rev., NATL-RE, 5.25%, 8/1/2019		250		252
Series A, Rev., NATL-RE, 5.25%, 8/1/2020		1,290		1,349
				1,601
Total Connecticut				10,930
Delaware — 1.0%
General Obligation — 1.0%
County of New Castle Series 2012B, GO, 5.00%, 7/15/2021		20		21
State of Delaware
Series C, GO, 5.00%, 3/1/2021		1,000		1,061
Series 2018A, GO, 5.00%, 2/1/2027		2,255		2,782
Series 2018A, GO, 5.00%, 2/1/2028		2,355		2,960
Series 2018A, GO, 5.00%, 2/1/2029		1,370		1,713
				8,537
Total Delaware				8,537
District of Columbia — 1.6%
General Obligation — 0.3%
District of Columbia
Series 2017A, GO, 5.00%, 6/1/2029		290		353
Series 2017A, GO, 5.00%, 6/1/2030		400		486
Series 2017A, GO, 5.00%, 6/1/2031		600		726
Series 2017A, GO, 5.00%, 6/1/2032		665		802
				2,367
Water & Sewer — 1.3%
District of Columbia Water & Sewer Authority, Public Utility Subordinate Lien
Series 2012C, Rev., 5.00%, 10/1/2025		5,000		5,545
Series 2012C, Rev., 5.00%, 10/1/2029		5,000		5,535
				11,080
Total District of Columbia				13,447
Florida — 5.9%
General Obligation — 4.7%
Florida State Board of Education, Public Education Capital Outlay
Series A, GO, 5.00%, 6/1/2024		5,090		5,324
Series D, GO, 5.00%, 6/1/2025		32,375		34,580
				39,904
Utility — 0.5%
JEA Electric System Subseries-B, Rev., 5.00%, 10/1/2033		4,000		4,632

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 13

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Water & Sewer — 0.7%
Broward County, Florida Water and Sewer Utility Series 2015B, Rev., 5.00%, 10/1/2030		5,000		5,896
Total Florida				50,432
Georgia — 1.3%
General Obligation — 0.7%
Georgia Polk School District
GO, 5.00%, 3/1/2024		175		201
GO, 5.00%, 3/1/2025		350		413
State of Georgia
Series 2015A, GO, 5.00%, 2/1/2025		130		154
Series 2016E, GO, 5.00%, 12/1/2025		3,960		4,770
				5,538
Water & Sewer — 0.6%
Fulton County, Water & Sewerage Rev., 5.00%, 1/1/2023		5,000		5,272
Henry County Water & Sewerage Authority Rev., 5.00%, 2/1/2029		125		136
				5,408
Total Georgia				10,946
Hawaii — 0.9%
General Obligation — 0.9%
State of Hawaii
Series FT, GO, 5.00%, 1/1/2026		4,000		4,804
Series FG, GO, 5.00%, 10/1/2028		2,500		3,027
				7,831
Total Hawaii				7,831
Illinois — 0.9%
General Obligation — 0.0% (b)
Du Page & Will Counties Community School District No. 204 Indian Prairie, School Building Series A, GO, AGM-CR, FGIC, 6.25%, 12/30/2021		140		155
Other Revenue — 0.1%
City of Chicago, Motor Fuel Tax
Rev., 5.00%, 1/1/2020		75		76
Rev., 5.00%, 1/1/2021		200		207
Rev., 5.00%, 1/1/2022		105		110
				393
Transportation — 0.5%
Illinois State Toll Highway Authority Series A, Rev., 5.00%, 12/1/2022		3,000		3,334

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — continued
Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024		750		894
				4,228
Water & Sewer — 0.3%
City of Chicago, Water Revenue, Second Lien Project
Rev., 5.00%, 11/1/2021		1,000		1,069
Rev., 5.00%, 11/1/2022		400		437
Rev., 5.00%, 11/1/2029		1,000		1,117
				2,623
Total Illinois				7,399
Indiana — 1.6%
Other Revenue — 0.2%
Fort Wayne Redevelopment Authority, Lease Rental, Harrison Square Project Rev., 5.00%, 2/1/2026		1,110		1,259
Prerefunded — 0.8%
Indiana Finance Authority, Revolving Fund Series 2011A, Rev., 5.00%, 2/1/2022 (c)		5,000		5,446
Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project Series 2010F, Rev., AGM, 5.00%, 1/1/2020 (c)		1,750		1,788
				7,234
Utility — 0.5%
Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2013D, Rev., 5.00%, 1/1/2026		4,050		4,518
Water & Sewer — 0.1%
City of Evansville, Waterworks District
Series 2014B, Rev., 5.00%, 1/1/2022		325		352
Series 2014B, Rev., 5.00%, 1/1/2023		375		405
				757
Total Indiana				13,768
Iowa — 0.0% (b)
Other Revenue — 0.0% (b)
Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2032		20		24
Louisiana — 0.9%
Housing — 0.4%
Louisiana Public Facilities Authority, Multi-Family Housing, CR Rev., Zero Coupon, 2/1/2020 (c)		3,270		3,225

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — 0.4%
Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 360 Project Rev., 5.00%, 10/1/2032		3,000		3,405
Louisiana Local Government Environmental Facilities and Community Development Authority, Bossier City Project Rev., 5.00%, 10/1/2027		25		30
				3,435
Utility — 0.1%
City of Alexandria, Utilities Series 2013A, Rev., 5.00%, 5/1/2043		1,250		1,375
Total Louisiana				8,035
Maryland — 1.5%
General Obligation — 1.5%
Baltimore County, Consolidated Public Improvement GO, 5.00%, 3/1/2032		7,090		8,666
County of Anne Arundel, Consolidated Water and Sewer GO, 5.00%, 10/1/2029		1,450		1,776
County of Anne Arundel, Water & Sewer GO, 5.00%, 10/1/2027		2,075		2,527
				12,969
Total Maryland				12,969
Massachusetts — 4.6%
Education — 0.9%
Massachusetts School Building Authority, Senior Dedicated Sales Tax Series B, Rev., 5.00%, 8/15/2030		7,420		8,161
General Obligation — 1.1%
Commonwealth of Massachusetts Series C, GO, AGM, 5.50%, 12/1/2022		200		226
Commonwealth of Massachusetts, Consolidated Loan of 2014 Series C, GO, 4.00%, 7/1/2031		5,000		5,308
Commonwealth of Massachusetts, Consolidated Loan of 2018 Series B, GO, 5.00%, 1/1/2027		3,000		3,690
				9,224
Transportation — 1.5%
Massachusetts Bay Transportation Authority Series A, Rev., 5.25%, 7/1/2027		10,000		12,602
Water & Sewer — 1.1%
Massachusetts Clean Water Trust (The), Green Bond Series 20, Rev., 5.00%, 2/1/2036		8,280		9,562
Total Massachusetts				39,549

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Michigan — 0.7%
Education — 0.2%
Eastern Michigan University, Board of Regents
Series 2017A, Rev., 5.00%, 3/1/2027		750		908
Series 2017A, Rev., 5.00%, 3/1/2033		1,000		1,173
				2,081
General Obligation — 0.3%
Huron Valley School District GO, Q-SBLF, 5.00%, 5/1/2024		2,000		2,127
Prerefunded — 0.0% (b)
State of Michigan, Environmental Program Series A, GO, 6.00%, 5/1/2019 (c)		100		100
Transportation — 0.2%
State of Michigan, Trunk Line Fund Rev., 5.00%, 11/15/2028		1,240		1,339
Total Michigan				5,647
Minnesota — 1.6%
General Obligation — 0.3%
County of Hennepin Series 2016B, GO, 5.00%, 12/1/2027		2,135		2,619
Other Revenue — 1.3%
State of Minnesota, General Fund Refunding Appropriation Series 2012B, Rev., 5.00%, 3/1/2025		9,705		10,581
Prerefunded — 0.0% (b)
St. Paul Minnesota, Housing & Redevelopment Authority Health Care Series 2015A, Rev., 5.25%, 11/15/2020 (c)		195		205
Total Minnesota				13,405
Missouri — 0.0% (b)
Prerefunded — 0.0% (b)
Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water Rev., 5.00%, 1/1/2020 (c)		20		21
Utility — 0.0% (b)
City of Springfield, Public Utility Rev., 5.00%, 8/1/2022		100		110
Total Missouri				131
Nebraska — 0.6%
Utility — 0.6%
Omaha Public Power District, Electric System Series A, Rev., 4.00%, 2/1/2032		5,000		5,273

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 15

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New Hampshire — 0.1%
Prerefunded — 0.1%
New Hampshire Municipal Bond Bank Series E, Rev., 5.00%, 1/15/2020 (c)		1,195		1,224
New Jersey — 3.0%
Education — 1.3%
New Jersey Economic Development Authority, School Facilities Construction
Series XX, Rev., 5.00%, 6/15/2021		5,145		5,457
Series PP, Rev., 5.00%, 6/15/2029		5,000		5,482
				10,939
General Obligation — 0.4%
North Brunswick Township Board of Education GO, 5.00%, 7/15/2022		850		884
Township of Woodbridge
GO, 5.00%, 7/15/2022		1,100		1,144
GO, 5.00%, 7/15/2023		1,200		1,247
				3,275
Other Revenue — 0.4%
Tobacco Settlement Financing Corp. Series 2018A, Rev., 5.00%, 6/1/2027		2,800		3,326
Transportation — 0.7%
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2028		3,000		3,444
New Jersey Transportation Trust Fund Authority, Transportation Program Series AA, Rev., 5.00%, 6/15/2036		2,500		2,654
				6,098
Water & Sewer — 0.2%
Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation Series B, Rev., AGM, Zero Coupon, 12/1/2020		1,995		1,933
Total New Jersey				25,571
New Mexico — 0.0% (b)
Other Revenue — 0.0% (b)
State of New Mexico Severance Tax Permanent Fund Series 2018A, Rev., 5.00%, 7/1/2022		25		28
New York — 26.1%
Education — 0.9%
Monroe County IDA, School Facility, Modernization Project Rev., 5.00%, 5/1/2030		2,100		2,550
New York State Dormitory Authority
Series 2018A, Rev., 5.00%, 10/1/2030		875		1,050

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
Series 2018A, Rev., 5.00%, 7/1/2038		3,500		4,263
				7,863
General Obligation — 1.9%
City of New York, Fiscal Year 2010 Series E, GO, 5.00%, 8/1/2023		5,000		5,041
City of New York, Fiscal Year 2013
Series D, GO, 5.00%, 8/1/2028		6,085		6,794
Series F, Subseries F-1, GO, 5.00%, 3/1/2030		4,050		4,527
				16,362
Industrial Development Revenue/Pollution Control Revenue — 1.2%
New York Liberty Development Corp., World Trade Center Projects Class 1, Rev., 5.00%, 9/15/2030		9,475		10,360
Other Revenue — 6.0%
Hudson Yards Infrastructure Corp. Series A, Rev., 5.00%, 2/15/2033		1,500		1,785
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012 Series D, Subseries D-1, Rev., 5.00%, 11/1/2031		9,000		9,718
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries F-1, Rev., 5.00%, 2/1/2031		10,000		11,170
New York Convention Center Development Corp., Hotel Unit Fee Secured Rev., AGM-CR, Zero Coupon, 11/15/2052		10,000		2,791
New York State Dormitory Authority, State Sales Tax
Series 2014A, Rev., 5.00%, 3/15/2028		3,000		3,465
Series 2014A, Rev., 5.00%, 3/15/2029		5,000		5,774
Series 2014A, Rev., 5.00%, 3/15/2033		1,000		1,147
Series 2014A, Rev., 5.00%, 3/15/2034		4,225		4,819
Sales Tax Asset Receivable Corp., Fiscal Year 2015
Series A, Rev., 5.00%, 10/15/2029		7,500		8,804
Series A, Rev., 5.00%, 10/15/2031		1,850		2,156
				51,629
Prerefunded — 3.4%
Metropolitan Transportation Authority Series 2011A, Rev., 5.00%, 11/15/2021 (c)		1,500		1,630
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010 Series B, Rev., 5.00%, 11/1/2019 (c)		5		5
Triborough Bridge & Tunnel Authority Series B, Rev., 5.50%, 1/1/2022 (c)		450		492

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Prerefunded — continued
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2011A, Rev., 5.00%, 1/1/2022 (c)		25,000		27,265
				29,392
Special Tax — 5.1%
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series 2014C, Rev., 5.00%, 3/15/2031		7,250		8,309
Series 2014C, Rev., 5.00%, 3/15/2033		12,500		14,273
Series 2011C, Rev., 5.00%, 3/15/2041		3,500		3,684
New York State Thruway Authority, State Personal Income Tax, Transportation Series 2010A, Rev., 5.00%, 3/15/2026		10,000		10,456
New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2017C, Rev., 5.00%, 3/15/2027		5,475		6,745
				43,467
Transportation — 2.8%
Metropolitan Transportation Authority Subseries C-1, Rev., 5.25%, 11/15/2028		5,000		5,897
New York State Thruway Authority Series L, Rev., 5.00%, 1/1/2024		3,145		3,618
Port Authority of New York & New Jersey, Consolidated
Rev., 5.00%, 5/1/2034		2,965		3,060
Rev., 5.00%, 5/1/2035		2,000		2,063
Rev., 5.00%, 10/15/2041		6,500		7,560
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2012B, Rev., 5.00%, 11/15/2031		1,250		1,391
				23,589
Utility — 1.1%
Utility Debt Securitization Authority
Series 2013TE, Rev., 5.00%, 12/15/2028		4,000		4,580
Series 2013TE, Rev., 5.00%, 12/15/2041		4,250		4,801
				9,381
Water & Sewer — 3.7%
New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2010 Series FF, Rev., 5.00%, 6/15/2024		16,335		16,974
New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031		3,000		3,525

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Water & Sewer — continued
New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, New York City Municipal Water Finance Authority Projects — Second Resolution
Series 2017A, Rev., 5.00%, 6/15/2026		2,750		3,372
Series 2017A, Rev., 5.00%, 6/15/2027		3,500		4,382
Series 2017A, Rev., 5.00%, 6/15/2028		3,000		3,743
				31,996
Total New York				224,039
North Carolina — 0.2%
General Obligation — 0.1%
County of Guilford GO, 5.00%, 3/1/2024		445		514
Transportation — 0.1%
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien Rev., AGM, 5.00%, 1/1/2029		700		829
Total North Carolina				1,343
Ohio — 1.1%
Prerefunded — 0.7%
City of Columbus Series 2013-1, GO, 5.00%, 7/1/2023 (c)		4,750		5,387
State of Ohio, Full Faith and Credit, HighWay Improvement Project Series Q, GO, 5.00%, 5/1/2022 (c)		330		362
				5,749
Transportation — 0.1%
State of Ohio, Capital Facilities Lease Appropriation Series 2018A, Rev., 5.00%, 4/1/2028		1,020		1,271
Water & Sewer — 0.3%
Northeast Ohio Regional Sewer District, Wastewater Improvement
Rev., 5.00%, 11/15/2025		555		647
Rev., 5.00%, 11/15/2027		1,500		1,742
				2,389
Total Ohio				9,409
Oklahoma — 0.9%
Education — 0.2%
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Rev., 5.00%, 10/1/2022		250		276
Rev., 5.00%, 10/1/2023		175		198

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 17

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Education — continued
Rev., 5.00%, 10/1/2025		500		586
Rev., 5.00%, 10/1/2026		500		595
				1,655
Transportation — 0.5%
Oklahoma Turnpike Authority, Turnpike System, Second Senior
Series 2011A, Rev., 5.00%, 1/1/2024		2,000		2,109
Series 2017A, Rev., 5.00%, 1/1/2038		2,000		2,312
				4,421
Water & Sewer — 0.2%
Oklahoma City Water Utilities Trust, Water & Sewer System Rev., 5.00%, 7/1/2027		1,380		1,557
Total Oklahoma				7,633
Oregon — 0.8%
General Obligation — 0.3%
Linn & Benton Counties, School District No. 8J, Greater Albany
GO, 5.00%, 6/15/2030		500		605
GO, 5.00%, 6/15/2031		1,180		1,423
Marion County GO, AMBAC, 5.50%, 6/1/2023		100		115
Washington Counties, Hillsboro School District No. 1J GO, 5.00%, 6/15/2027		570		705
				2,848
Other Revenue — 0.2%
Oregon State Department of Administrative Services, Lottery Series A, Rev., 5.00%, 4/1/2027		1,500		1,683
Water & Sewer — 0.3%
City of Portland, Sewer System, Second Lien Series B, Rev., 4.00%, 10/1/2036		2,180		2,334
Total Oregon				6,865
Pennsylvania — 1.1%
Education — 0.2%
County of Montgomery Higher Education And Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%, 9/1/2043		2,000		2,081
Hospital — 0.5%
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2027		350		420
Rev., 5.00%, 11/1/2028		450		538
Rev., 5.00%, 11/1/2029		150		177
Rev., 5.00%, 11/1/2030		150		176

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hospital — continued
Sayre Health Care Facilities Authority, Guthrie Health Issue Rev., 2.54%, 6/1/2019 (d)		2,645		2,639
				3,950
Other Revenue — 0.4%
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Rev., 5.00%, 6/1/2024		500		569
Rev., 5.00%, 6/1/2025		630		730
Rev., 5.00%, 6/1/2026		380		448
Rev., 5.00%, 6/1/2027		500		599
Rev., 5.00%, 6/1/2028		880		1,069
Rev., 5.00%, 6/1/2029		380		460
				3,875
Total Pennsylvania				9,906
Rhode Island — 0.2%
Education — 0.1%
Rhode Island Health & Educational Building Corp., Brown University Series A, Rev., 5.00%, 9/1/2025		655		705
General Obligation — 0.1%
State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan of 2014 Series A, GO, 5.00%, 11/1/2024		1,000		1,142
Total Rhode Island				1,847
South Carolina — 0.2%
General Obligation — 0.0% (b)
State of South Carolina Series 2016B, GO, 5.00%, 4/1/2024		150		173
Water & Sewer — 0.2%
City of Charleston, Waterworks & Sewer System Rev., 5.00%, 1/1/2028		15		18
City of Columbia Rev., 5.00%, 2/1/2026		1,500		1,635
				1,653
Total South Carolina				1,826
Tennessee — 1.2%
General Obligation — 0.2%
City of Maryville Series 2017A, GO, 5.00%, 6/1/2026		1,240		1,504
Utility — 1.0%
Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025 (d)		8,000		8,641
Total Tennessee				10,145

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — 8.4%
Education — 0.7%
University of Texas System, Board of Regents, Financing System Series 2014B, Rev., 5.00%, 8/15/2026		5,000		6,087
General Obligation — 3.5%
City of El Paso, Refunding & Improvement GO, 5.00%, 2/15/2032		1,490		1,782
City of Houston, Public Improvement Series 2014A, GO, 5.00%, 3/1/2030		4,000		4,556
City of Lubbock GO, 5.00%, 2/15/2025		3,150		3,610
City of San Antonio, General Improvement
GO, 5.00%, 8/1/2023		700		751
GO, 5.00%, 8/1/2024		3,500		3,753
GO, 5.00%, 8/1/2026		4,735		5,078
GO, 5.00%, 8/1/2027		2,735		2,931
Crandall Independent School District
Series 2012A, GO, PSF-GTD, Zero Coupon, 8/15/2025		1,150		973
Series 2012A, GO, PSF-GTD, Zero Coupon, 8/15/2026		2,140		1,752
Series 2012A, GO, PSF-GTD, Zero Coupon, 8/15/2027		2,145		1,696
San Jacinto Community College District GO, 5.00%, 2/15/2040		2,600		2,726
Tyler Independent School District GO, PSF-GTD, 5.00%, 2/15/2028		175		213
				29,821
Other Revenue — 0.2%
Trinity River Authority, Walker-Calloway System
Rev., 5.00%, 2/1/2026		275		327
Rev., 5.00%, 2/1/2027		290		351
Rev., 5.00%, 2/1/2028		305		375
Rev., 5.00%, 2/1/2029		320		392
Rev., 5.00%, 2/1/2030		340		410
Rev., 5.00%, 2/1/2031		355		426
				2,281
Prerefunded — 0.4%
Hays County, Pass-Through Toll GO, 5.00%, 2/15/2020 (c)		3,285		3,370
Transportation — 1.7%
City of Houston, Airport System, Sub Lien Series 2011B, Rev., 5.00%, 7/1/2026		3,000		3,205
Grand Parkway Transportation Corp. Series 2013B, Rev., 5.25%, 10/1/2051		7,660		8,528

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — continued
North Texas Tollway Authority System, First Tier
Series 2017A, Rev., 5.00%, 1/1/2026		200		222
Series 2017A, Rev., 5.00%, 1/1/2027		550		653
Series 2017A, Rev., 5.00%, 1/1/2030		360		421
Series 2017A, Rev., 5.00%, 1/1/2035		600		700
North Texas Tollway Authority System, Second Tier
Series 2017B, Rev., 5.00%, 1/1/2026		150		166
Series 2017B, Rev., 5.00%, 1/1/2027		300		353
Series 2017B, Rev., 5.00%, 1/1/2030		400		464
				14,712
Utility — 0.4%
City of San Antonio, Electric and Gas System Rev., 5.00%, 2/1/2026		3,000		3,607
Water & Sewer — 1.5%
City of Houston, Water & Sewer System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032 (c)		5,550		7,768
City of San Antonio, Water System Junior Lien Series 2013E, Rev., 5.00%, 5/15/2024		1,250		1,406
Coastal Water Authority, City of Houston Projects Rev., 5.00%, 12/15/2023		3,315		3,493
				12,667
Total Texas				72,545
Utah — 0.1%
Prerefunded — 0.0% (b)
Utah Infrastructure Agency Telecommunications and Franchise Tax Rev., 4.00%, 10/15/2025 (c)		250		285
Water & Sewer — 0.1%
Weber Basin Water Conservancy District
Series 2017B, Rev., 5.00%, 10/1/2030		250		303
Series 2017B, Rev., 5.00%, 10/1/2031		470		568
				871
Total Utah				1,156
Virginia — 2.4%
General Obligation — 0.6%
County of Arlington GO, 5.00%, 8/15/2031		4,000		4,939
Other Revenue — 0.0% (b)
Virginia Resources Authority, Pooled Financing Program, Infrastructure Series 2009A, Rev., 5.00%, 11/1/2023		405		412

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 19

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Prerefunded — 0.1%
City of Richmond, Public Improvement Series 2010D, GO, 5.00%, 7/15/2020 (c)		205		213
Virginia Resources Authority, Pooled Financing Program, Infrastructure Series 2009A, Rev., 5.00%, 11/1/2019 (c)		560		570
				783
Transportation — 1.1%
Hampton Roads Transportation Accountability Commission Fund Series 2018A, Rev., 5.00%, 7/1/2029		2,985		3,633
Northern Virginia Transportation Authority Rev., 5.00%, 6/1/2025		1,000		1,158
Virginia Commonwealth Transportation Board, Capital Projects Series 2017A, Rev., 5.00%, 5/15/2033		3,955		4,769
				9,560
Utility — 0.6%
City of Richmond, Public Utility Revenue Series 2016A, Rev., 5.00%, 1/15/2028		4,090		4,882
Total Virginia				20,576
Washington — 1.7%
General Obligation — 0.2%
Snohomish County School District No. 15 Edmonds GO, 5.00%, 12/1/2033		1,100		1,258
Yakima County School District No. 7 GO, 5.50%, 12/1/2023		275		281
				1,539
Hospital — 0.7%
Washington Health Care Facilities Authority, Providence St. Joseph Health
Series 2018B, Rev., 5.00%, 10/1/2025		1,250		1,465
Series 2018B, Rev., 5.00%, 10/1/2026		1,500		1,789
Series 2018B, Rev., 5.00%, 10/1/2027		2,500		3,029
				6,283
Transportation — 0.6%
Port of Seattle, Intermediate Lien
Series 2015B, Rev., 5.00%, 3/1/2033		3,750		4,280
Series 2015B, Rev., 5.00%, 3/1/2034		1,000		1,139
				5,419
Water & Sewer — 0.2%
City of Seattle, Drainage & Wastewater Improvement Rev., 5.00%, 9/1/2026		1,325		1,443
Total Washington				14,684
Total Municipal Bonds (Cost $758,331)				799,172

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 4.2%
Investment Companies — 4.2%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.90% (e) (f) (Cost $36,271)		36,273		36,271
Total Investments — 97.3% (Cost $794,602)				835,443
Other Assets Less Liabilities — 2.7%				23,120
NET ASSETS — 100.0%				858,563

Percentages indicated are based on net assets.

Abbreviations
AGM	Insured by Assured Guaranty Municipal Corp.
AMBAC	Insured by American Municipal Bond Assurance Corp.
COP	Certificate of Participation
CR	Custodial Receipts
FGIC	Insured by Financial Guaranty Insurance Co.
GO	General Obligation
IDA	Industrial Development Authority
MTA	Metropolitan Transportation Authority
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
RE	Reinsured
Rev.	Revenue
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Security is prerefunded or escrowed to maturity.
(d)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of April 30, 2019.
(e)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(f)	The rate shown is the current yield as of April 30, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

Over–the–Counter (“OTC”) Inflation-linked swap contracts outstanding as of April 30, 2019 (amounts in thousands):

FLOATING RATE INDEX (a)

FIXED RATE

PAY/ RECEIVE FLOATING RATE

COUNTERPARTY

MATURITY DATE

NOTIONAL AMOUNT

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

CPI-U at termination

2.00% at termination

Receive

Deutsche Bank AG

11/7/2026

USD

25,000

213

213

CPI-U at termination

2.31% at termination

Receive

Deutsche Bank AG

3/9/2026

USD

9,000

(205

)

CPI-U at termination

2.32% at termination

Receive

Bank of America NA

7/31/2024

USD

11,000

(251

)

CPI-U at termination

2.33% at termination

Receive

NatWest Markets

8/9/2024

USD

71,000

(1,639

)

CPI-U at termination

2.44% at termination

Receive

Barclays Bank plc

5/15/2024

USD

18,000

(1,355

)

CPI-U at termination

2.48% at termination

Receive

Citibank, NA

9/2/2024

USD

15,000

(1,217

)

CPI-U at termination

2.48% at termination

Receive

Deutsche Bank AG

2/21/2024

USD

40,000

(3,122

)

CPI-U at termination

2.48% at termination

Receive

NatWest Markets

3/17/2024

USD

7,000

(549

)

CPI-U at termination

2.50% at termination

Receive

Morgan Stanley

2/4/2024

USD

34,000

(2,734

)

CPI-U at termination

2.53% at termination

Receive

Morgan Stanley

1/27/2024

USD

30,000

(2,506

)

(13,578

)

(13,365

)

Centrally Cleared Inflation-linked swap contracts outstanding as of April 30, 2019 (amounts in thousands):

FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE		MATURITY DATE		NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
CPI-U at termination	1.66% at termination		Receive		2/1/2021	USD	7,192		24
CPI-U at termination	1.82% at termination		Receive		1/8/2024	USD	5,500		28
CPI-U at termination	1.88% at termination		Receive		3/14/2021	USD	12,232		21
CPI-U at termination	1.89% at termination		Receive		1/10/2024	USD	55,423		88
CPI-U at termination	1.89% at termination		Receive		1/10/2024	USD	31,454		55
CPI-U at termination	1.89% at termination		Receive		4/8/2021	USD	4,382		8
CPI-U at termination	1.93% at termination		Receive		3/19/2021	USD	11,052		8
CPI-U at termination	1.95% at termination		Receive		1/7/2029	USD	37,387		523
CPI-U at termination	1.97% at termination		Receive		3/18/2022	USD	95,455		14
CPI-U at termination	2.00% at termination		Receive		3/11/2025	USD	13,293		27
CPI-U at termination	2.01% at termination		Receive		3/18/2024	USD	57,803		25
CPI-U at termination	2.14% at termination		Receive		2/1/2049	USD	17,971		446
CPI-U at termination	2.22% at termination		Receive		3/8/2049	USD	7,177		44
									1,311
CPI-U at termination	1.93% at termination		Receive		1/11/2024	USD	69,000		(16	)
CPI-U at termination	2.05% at termination		Receive		12/11/2023	USD	31,900		(177	)
CPI-U at termination	2.21% at termination		Receive		11/9/2023	USD	11,000		(150	)
CPI-U at termination	2.25% at termination		Receive		10/26/2025	USD	3,000		(52	)
CPI-U at termination	2.26% at termination		Receive		10/25/2025	USD	8,000		(142	)
CPI-U at termination	2.26% at termination		Receive		10/23/2023	USD	10,500		(169	)
CPI-U at termination	2.31% at termination		Receive		10/12/2023	USD	47,000		(895	)
									(1,601	)
									(290	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 21

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

There are no upfront payments (receipts) on the swap contracts listed above.

Summary of total swap contracts outstanding as of April 30, 2019 (amounts in thousands):

	NET UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE ($)
Assets
OTC Inflation linked swaps outstanding		—		213
Total OTC swap contracts outstanding		—		213
Liabilities
OTC Inflation linked swaps outstanding		—		(13,578	)
Total OTC swap contracts outstanding		—		(13,578	)

Abbreviations
CPI-U	Consumer Price Index for All Urban Consumers
USD	United States Dollar
(a)	Value of floating rate index at April 30, 2019 was 2.56%.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 23

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2019 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
ASSETS:
Investments in non-affiliates, at value	$	1,316,432		$	799,172
Investments in affiliates, at value		2,118			36,271
Restricted cash for OTC derivatives		—			13,690
Deposits at broker for centrally cleared swaps		—			13,455
Receivables:
Investment securities sold		2,569			—
Fund shares sold		643			812
Interest and dividends from non-affiliates		424			9,732
Dividends from affiliates		—	(a)		23
Variation margin on centrally cleared swaps		—			35
Outstanding OTC swap contracts, at value		—			213
Total Assets		1,322,186			873,403
LIABILITIES:
Payables:
Due to custodian		9			140
Fund shares redeemed		1,045			646
Outstanding OTC swap contracts, at value		—			13,578
Accrued liabilities:
Investment advisory fees		360			217
Administration fees		71			33
Distribution fees		12			16
Service fees		57			35
Custodian and accounting fees		14			28
Collateral management fees		—			8
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)
Other		24			139
Total Liabilities		1,592			14,840
Net Assets	$	1,320,594		$	858,563

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
NET ASSETS:
Paid-in-Capital	$	552,299		$	947,605
Total distributable earnings (loss)		768,295			(89,042	)
Total Net Assets	$	1,320,594		$	858,563
Net Assets:
Class A	$	26,538		$	32,316
Class C		11,698			14,390
Class I		578,412			387,128
Class R6		703,946			424,729
Total	$	1,320,594		$	858,563
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		739			3,470
Class C		329			1,549
Class I		16,002			41,476
Class R6		19,470			45,501
Net Asset Value (a):
Class A — Redemption price per share	$	35.93		$	9.31
Class C — Offering price per share (b)		35.53			9.29
Class I — Offering and redemption price per share		36.15			9.33
Class R6 — Offering and redemption price per share		36.15			9.33
Class A maximum sales charge		5.25	%		3.75	%
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)]	$	37.92		$	9.67
Cost of investments in non-affiliates	$	604,633		$	758,331
Cost of investments in affiliates		2,118			36,271

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 25

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	14,405
Interest income from affiliates		—	(a)		91
Dividend income from non-affiliates		10,572			—
Dividend income from affiliates		66			168
Total investment income		10,638			14,664
EXPENSES:
Investment advisory fees		2,198			1,605
Administration fees		485			355
Distribution fees:
Class A		30			39
Class C		42			61
Service fees:
Class A		30			39
Class C		14			20
Class I		1,010			482
Custodian and accounting fees		20			57
Professional fees		33			48
Collateral management fees		—			18
Trustees’ and Chief Compliance Officer’s fees		15			15
Printing and mailing costs		46			18
Registration and filing fees		37			42
Transfer agency fees (See Note 2.G.)		8			4
Other		12			26
Total expenses		3,980			2,829
Less fees waived		(664	)		(672	)
Net expenses		3,316			2,157
Net investment income (loss)		7,322			12,507
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		60,286			6,321
Investments in affiliates		—			—	(a)
Swaps		—			(22,292	)
Net realized gain (loss)		60,286			(15,971	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		63,613			19,802
Swaps		—			7,817
Change in net unrealized appreciation/depreciation		63,613			27,619
Net realized/unrealized gains (losses)		123,899			11,648
Change in net assets resulting from operations	$	131,221		$	24,155

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund						JPMorgan Tax Aware Real Return Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,322		$	13,111		$	12,507		$	33,596
Net realized gain (loss)		60,286			41,045			(15,971	)		(29,159	)
Change in net unrealized appreciation/depreciation		63,613			11,892			27,619			(4,198	)
Change in net assets resulting from operations		131,221			66,048			24,155			239
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(828	)		(1,582	)		(399	)		(1,075	)
Class C		(357	)		(623	)		(169	)		(453	)
Class I		(40,556	)		(97,554	)		(5,453	)		(10,240	)
Class R6 (a)		(1,652	)		—			(6,943	)		(21,893	)
Total distributions to shareholders		(43,393	)		(99,759	)		(12,964	)		(33,661	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(169,116	)		161,596			(204,303	)		(434,345	)
NET ASSETS:
Change in net assets		(81,288	)		127,885			(193,112	)		(467,767	)
Beginning of period		1,401,882			1,273,997			1,051,675			1,519,442
End of period	$	1,320,594		$	1,401,882		$	858,563		$	1,051,675

(a) Commencement of offering of class of shares effective October 1, 2018, for JPMorgan Tax Aware Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 27

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund						JPMorgan Tax Aware Real Return Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,509		$	9,168		$	6,324		$	13,648
Distributions reinvested		827			1,579			389			1,055
Cost of shares redeemed		(4,933	)		(4,668	)		(7,862	)		(37,279	)
Change in net assets resulting from Class A capital transactions	$	(597	)	$	6,079		$	(1,149	)	$	(22,576	)
Class C
Proceeds from shares issued	$	990		$	4,461		$	690		$	2,059
Distributions reinvested		357			623			131			343
Cost of shares redeemed		(2,568	)		(1,457	)		(4,948	)		(10,055	)
Change in net assets resulting from Class C capital transactions	$	(1,221	)	$	3,627		$	(4,127	)	$	(7,653	)
Class I
Proceeds from shares issued	$	67,037		$	521,721		$	95,912		$	186,669
Distributions reinvested		40,070			96,506			4,011			7,619
Cost of shares redeemed		(885,670	)		(466,357	)		(129,513	)		(94,876	)
Change in net assets resulting from Class I capital transactions	$	(778,563	)	$	151,870		$	(29,590	)	$	99,412
Class R6 (a)
Proceeds from shares issued	$	684,795		$	20		$	6,193		$	507,822
Distributions reinvested		1,650			—			6,911			21,804
Cost of shares redeemed		(75,180	)		—			(182,541	)		(1,033,154	)
Change in net assets resulting from Class R6 capital transactions	$	611,265		$	20		$	(169,437	)	$	(503,528	)
Total change in net assets resulting from capital transactions	$	(169,116	)	$	161,596		$	(204,303	)	$	(434,345	)

(a) Commencement of offering of class of shares effective October 1, 2018, for JPMorgan Tax Aware Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

	JPMorgan Tax Aware Equity Fund						JPMorgan Tax Aware Real Return Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		108			267			686			1,453
Reinvested		26			47			42			113
Redeemed		(159	)		(135	)		(853	)		(3,969	)
Change in Class A Shares		(25	)		179			(125	)		(2,403	)
Class C
Issued		30			128			75			220
Reinvested		11			19			14			37
Redeemed		(80	)		(43	)		(538	)		(1,074	)
Change in Class C Shares		(39	)		104			(449	)		(817	)
Class I
Issued		2,040			15,116			10,401			19,848
Reinvested		1,250			2,888			435			812
Redeemed		(27,797	)		(13,501	)		(14,058	)		(10,085	)
Change in Class I Shares		(24,507	)		4,503			(3,222	)		10,575
Class R6 (a)
Issued		21,645			—	(b)		667			53,787
Reinvested		48			—			750			2,323
Redeemed		(2,223	)		—			(19,802	)		(109,669	)
Change in Class R6 Shares		19,470			—	(b)		(18,385	)		(53,559	)

(a) Commencement of offering of class of shares effective October 1, 2018, for JPMorgan Tax Aware Equity Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 29

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Tax Aware Equity Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	33.50	$	0.12		$	3.39		$	3.51		$	(0.15	)	$	(0.93	)	$	(1.08	)
Year Ended October 31, 2018		34.41		0.17			1.46			1.63			(0.18	)		(2.36	)		(2.54	)
Year Ended October 31, 2017		28.82		0.17			6.87			7.04			(0.19	)		(1.26	)		(1.45	)
Year Ended October 31, 2016		29.60		0.20			0.47			0.67			(0.22	)		(1.23	)		(1.45	)
Year Ended October 31, 2015		29.01		0.20			1.41			1.61			(0.21	)		(0.81	)		(1.02	)
Year Ended October 31, 2014		24.87		0.19			4.15			4.34			(0.20	)		—			(0.20	)
Class C
Six Months Ended April 30, 2019 (Unaudited)		33.17		0.04			3.35			3.39			(0.10	)		(0.93	)		(1.03	)
Year Ended October 31, 2018		34.13		—	(f)		1.44			1.44			(0.04	)		(2.36	)		(2.40	)
Year Ended October 31, 2017		28.62		0.01			6.83			6.84			(0.07	)		(1.26	)		(1.33	)
Year Ended October 31, 2016		29.43		0.06			0.46			0.52			(0.10	)		(1.23	)		(1.33	)
Year Ended October 31, 2015		28.88		0.05			1.40			1.45			(0.09	)		(0.81	)		(0.90	)
Year Ended October 31, 2014		24.78		0.06			4.12			4.18			(0.08	)		—			(0.08	)
Class I
Six Months Ended April 30, 2019 (Unaudited)		33.67		0.21			3.39			3.60			(0.19	)		(0.93	)		(1.12	)
Year Ended October 31, 2018		34.57		0.32			1.45			1.77			(0.31	)		(2.36	)		(2.67	)
Year Ended October 31, 2017		28.94		0.31			6.91			7.22			(0.33	)		(1.26	)		(1.59	)
Year Ended October 31, 2016		29.70		0.34			0.46			0.80			(0.33	)		(1.23	)		(1.56	)
Year Ended October 31, 2015		29.10		0.34			1.39			1.73			(0.32	)		(0.81	)		(1.13	)
Year Ended October 31, 2014		24.92		0.30			4.18			4.48			(0.30	)		—			(0.30	)
Class R6
Six Months Ended April 30, 2019 (Unaudited)		33.68		0.17			3.44			3.61			(0.21	)		(0.93	)		(1.14	)
October 1, 2018 (g) through October 31, 2018		37.04		0.01			(3.37	)		(3.36	)		—			—			—

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	35.93		10.90	%	$	26,538		0.95	%		0.74	%		0.97	%		9	%
	33.50		4.83			25,594		0.96			0.50			0.96			38
	34.41		25.25			20,140		0.99			0.53			0.99			28
	28.82		2.47			13,971		1.03			0.71			1.03			41
	29.60		5.71			12,164		0.99			0.70			0.99			59
	29.01		17.50			10,667		0.96			0.71			0.96			59
	35.53		10.61			11,698		1.44			0.26			1.45			9
	33.17		4.31			12,197		1.46			(0.01	)		1.47			38
	34.13		24.65			8,988		1.48			0.04			1.48			28
	28.62		1.95			5,729		1.52			0.21			1.52			41
	29.43		5.18			4,680		1.50			0.16			1.50			59
	28.88		16.92			2,700		1.46			0.21			1.46			59
	36.15		11.13			578,412		0.55			1.27			0.70			9
	33.67		5.26			1,364,073		0.55			0.91			0.70			38
	34.57		25.82			1,244,869		0.55			0.99			0.65			28
	28.94		2.94			1,068,546		0.55			1.19			0.56			41
	29.70		6.16			1,265,581		0.55			1.16			0.55			59
	29.10		18.04			1,293,555		0.55			1.10			0.56			59
	36.15		11.14			703,946		0.44			1.02			0.45			9
	33.68		(9.07	)		18		0.44			0.31			0.48			38

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 31

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net asset value, end of period		Total return (excludes sales charge) (c)(d)
JPMorgan Tax Aware Real Return Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	9.19	$	0.11	$	0.13		$	0.24		$	(0.12	)	$	9.31		2.62	%
Year Ended October 31, 2018		9.46		0.23		(0.26	)		(0.03	)		(0.24	)		9.19		(0.36	)
Year Ended October 31, 2017		9.59		0.23		(0.13	)		0.10			(0.23	)		9.46		1.12
Year Ended October 31, 2016		9.49		0.24		0.10			0.34			(0.24	)		9.59		3.64
Year Ended October 31, 2015		10.01		0.25		(0.51	)		(0.26	)		(0.26	)		9.49		(2.59	)
Year Ended October 31, 2014		10.06		0.26		(0.04	)		0.22			(0.27	)		10.01		2.15
Class C
Six Months Ended April 30, 2019 (Unaudited)		9.17		0.09		0.13			0.22			(0.10	)		9.29		2.36
Year Ended October 31, 2018		9.43		0.18		(0.25	)		(0.07	)		(0.19	)		9.17		(0.76	)
Year Ended October 31, 2017		9.57		0.19		(0.14	)		0.05			(0.19	)		9.43		0.50
Year Ended October 31, 2016		9.47		0.18		0.10			0.28			(0.18	)		9.57		2.98
Year Ended October 31, 2015		9.98		0.19		(0.50	)		(0.31	)		(0.20	)		9.47		(3.16	)
Year Ended October 31, 2014		10.03		0.19		(0.04	)		0.15			(0.20	)		9.98		1.48
Class I
Six Months Ended April 30, 2019 (Unaudited)		9.21		0.12		0.13			0.25			(0.13	)		9.33		2.74
Year Ended October 31, 2018		9.48		0.26		(0.27	)		(0.01	)		(0.26	)		9.21		(0.10	)
Year Ended October 31, 2017		9.61		0.26		(0.13	)		0.13			(0.26	)		9.48		1.35
Year Ended October 31, 2016		9.51		0.26		0.11			0.37			(0.27	)		9.61		3.89
Year Ended October 31, 2015		10.03		0.27		(0.50	)		(0.23	)		(0.29	)		9.51		(2.33	)
Year Ended October 31, 2014		10.08		0.29		(0.05	)		0.24			(0.29	)		10.03		2.41
Class R6
Six Months Ended April 30, 2019 (Unaudited)		9.21		0.13		0.12			0.25			(0.13	)		9.33		2.79
Year Ended October 31, 2018		9.48		0.27		(0.27	)		—	(g)		(0.27	)		9.21		0.00	(h)
Year Ended October 31, 2017		9.61		0.26		(0.12	)		0.14			(0.27	)		9.48		1.47
Year Ended October 31, 2016		9.51		0.27		0.11			0.38			(0.28	)		9.61		3.99
Year Ended October 31, 2015		10.03		0.28		(0.50	)		(0.22	)		(0.30	)		9.51		(2.24	)
Year Ended October 31, 2014		10.08		0.30		(0.05	)		0.25			(0.30	)		10.03		2.52

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than 0.5%.

(g) Amount rounds to less than $0.005.

(h) Amounts rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

		Ratios/Supplemental data
		Ratios to average net assets (a)
Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	32,316		0.75	%		2.44	%		0.98	%		—	%(f)
	33,051		0.74			2.47			0.98			30
	56,720		0.73			2.47			0.97			20
	47,268		0.75			2.50			0.98			7
	56,660		0.75			2.58			0.97			18
	95,153		0.75			2.58			0.97			11
	14,390		1.25			1.95			1.48			—	(f)
	18,315		1.24			1.97			1.48			30
	26,545		1.23			1.98			1.49			20
	33,016		1.40			1.85			1.50			7
	42,843		1.40			1.93			1.49			18
	59,850		1.40			1.93			1.46			11
	387,128		0.50			2.70			0.73			—	(f)
	411,760		0.49			2.72			0.73			30
	323,320		0.48			2.74			0.65			20
	1,144,534		0.50			2.75			0.57			7
	1,302,381		0.50			2.83			0.56			18
	1,682,468		0.50			2.83			0.56			11
	424,729		0.40			2.80			0.48			—	(f)
	588,549		0.39			2.82			0.48			30
	1,112,857		0.38			2.75			0.47			20
	197,981		0.40			2.84			0.46			7
	183,464		0.40			2.93			0.45			18
	253,993		0.40			2.94			0.46			11

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited)

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
JPMorgan Tax Aware Equity Fund	Class A, Class C, Class I and Class R6	Diversified
JPMorgan Tax Aware Real Return Fund	Class A, Class C, Class I and Class R6	Diversified

The investment objective of JPMorgan Tax Aware Equity Fund (“Tax Aware Equity Fund”) is to seek to provide high after-tax total return from a portfolio of selected equity securities.

The investment objective of JPMorgan Tax Aware Real Return Fund (“Tax Aware Real Return Fund”) is to seek to maximize after-tax inflation protected return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

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

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

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

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

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

Swaps are valued utilizing market quotations from approved Pricing Services.

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

34 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

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

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

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

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

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

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

Tax Aware Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,318,550	$	—		$	—	$	1,318,550
Tax Aware Real Return Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	36,271	$	799,172		$	—	$	835,443
Appreciation in Other Financial Instruments
Swaps (c)	$	—	$	1,524		$	—	$	1,524
Depreciation in Other Financial Instruments
Swaps (c)	$	—	$	(15,179	)	$	—	$	(15,179	)

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

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

(c) All portfolio holdings designated as level 2 are disclosed individually on the SOI.

There were no transfers into and out of level 3 for the six months ended April 30, 2019.

B. Swaps — Tax Aware Real Return Fund engaged in inflation-linked swaps to provide inflation protection within its portfolio. Swap transactions are negotiated contracts over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties cash collateral posted by the Fund is invested in an affiliated money market fund (See Note 3.F.), otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash for OTC derivatives. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.G). These amounts are not reflected on the Fund’s

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Statements of Assets and Liabilities and are disclosed in the table below. Tax Aware Real Return Fund’s swap contracts at net value and collateral posted or received by the counterparty as of April 30, 2019 are as follows (amounts in thousands):

Fund Counterparty		Value of swap contracts		Collateral amount
Bank of America NA	Collateral Posted	$	(251)	$	280
Barclays Bank plc			(1,355)		1,650
Citibank, NA			(1,217)		1,200
Deutsche Bank AG			(3,114)		3,220
Morgan Stanley			(5,240)		5,200
NatWest Markets			(2,188)		2,140

Inflation-Linked Swaps

Tax Aware Real Return Fund used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

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

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

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

The table below discloses the volume of the Fund’s swap activity during the six months ended April 30, 2019 (amounts in thousands):

Interest Rate-Related Swaps (Inflation-Linked Swaps)	Tax Aware Real Return Fund
Average Notional Balance — Pays Fixed Rate	$	862,309
Ending Notional Balance — Pays Fixed Rate		796,721

C. Summary of Derivatives Information

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of April 30, 2019 (amounts in thousands):

Tax Aware Real Return Fund

Counterparty	Gross Amount of Derivative Assets Subject to  Netting Arrangements Presented on the Statements of Assets and Liabilities (a)		Derivatives Available for offset		Collateral Received		Net Amount Due From Counterparty (Not less than zero)
Deutsche Bank AG	$	213	$	(213)	$	—	$	—
	$	213	$	(213)	$	—	$	—

36 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

Counterparty	Gross Amount of Derivative Liabilities Subject to  Netting Arrangements Presented on the Statements of Assets and Liabilities (a)		Derivatives Available for offset		Collateral Posted (b)		Net Amount Due From Counterparty (Not less than zero)
Bank of America NA	$	251	$	—	$	(251)	$	—
Barclays Bank plc		1,355		—		(1,355)		—
Citibank, NA		1,217		—		(1,200)		17
Deutsche Bank AG		3,327		(213)		(3,114)		—
Morgan Stanley		5,240		—		(5,200)		40
NatWest Markets		2,188		—		(2,140)		48
	$	13,578	$	(213)	$	(13,260)	$	105

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts.

The Fund’s derivatives contracts held at April 30, 2019 are not accounted for as hedging instruments under GAAP.

D. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

The Funds did not lend out any securities during the six months ended April 30, 2019.

E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the tables below are in thousands.

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income		Capital Gain Distributions
Tax Aware Equity Fund
JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (a) (b)	$	—	$	11,224	$	9,106	$	—		$	—	$	2,118		2,117	$	4	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		6,144		112,000		118,144		—			—		—		—		62		—
Total	$	6,144	$	123,224	$	127,250	$	—		$	—	$	2,118			$	66	$	—
	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income		Capital Gain Distributions
Tax Aware Real Return Fund
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.90% (a) (b)	$	25,260	$	167,077	$	156,066	$	—	(c)	$	—	$	36,271		36,273	$	168	$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2019.

(c) Amount rounds to less than one thousand.

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

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency and sub-transfer agency fees charged to each class of the Funds for the six months ended April 30, 2019 are as follows (amounts in thousands):

	Class A			Class C		Class I		Class R6			Total
Tax Aware Equity Fund
Transfer agency fees	$	2		$	—(a)	$	6	$	—	(a)	$	8
Tax Aware Real Return Fund
Transfer agency fees	$	—	(a)	$	—(a)		2		2			4

(a) Amount rounds to less than one thousand.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2018, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

38 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Tax Aware Equity Fund	0.35	%
Tax Aware Real Return Fund	0.35

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2019, the annualized effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMCB serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of each Fund’s shares. The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. The Class I and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C
Tax Aware Equity Fund		0.25	%		0.75	%
Tax Aware Real Return Fund		0.25			0.75

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2019, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Tax Aware Equity Fund	$	1		$	—
Tax Aware Real Return Fund		—	(a)		—

(a) Amount rounds to less than one thousand.

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

	Class A			Class C			Class I
Tax Aware Equity Fund		0.25	%		0.25	%		0.25	%
Tax Aware Real Return Fund		0.25			0.25			0.25

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

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

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

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

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

	Class A			Class C			Class I			Class R6
Tax Aware Equity Fund		n/a	(1)		n/a	(1)		0.55	%		0.44	%
Tax Aware Real Return Fund		0.75	%		1.25	%		0.50			0.40

⁽¹⁾   Effective March 1, 2019, the contractual expense limitation for Class A and C Shares expired. Prior to March 1, 2019, the contractual expense limitation was 1.05% and 1.55% for Class A and Class C Shares, respectively.

The expense limitation agreements were in effect for the six months ended April 30, 2019 and are in place until at least February 29, 2020.

For the six months ended April 30, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total
Tax Aware Equity Fund	$	50	$	33	$	572	$	655
Tax Aware Real Return Fund		202		135		325		662

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2019 were as follows (amounts in thousands):

Tax Aware Equity Fund	$	9
Tax Aware Real Return Fund		10

G. Collateral Management Fees — JPMCB provides derivatives collateral management services for Tax Aware Real Return Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral Management fees on the Statements of Operations.

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

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

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

40 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

4. Investment Transactions

During the six months ended April 30, 2019, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Tax Aware Equity Fund	$	112,996	$	315,119
Tax Aware Real Return Fund		3,092		230,097

During the six months ended April 30, 2019, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2019 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	606,751	$	714,236	$	2,437	$	711,799
Tax Aware Real Return Fund		794,602		42,372		15,186		27,186

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At October 31, 2018, the following Fund had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

	2019
Tax Aware Real Return Fund	$	124

At October 31, 2018, the following Fund had post-enactment net capital loss carryforwards which are available to offset future realized gains (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Tax Aware Real Return Fund	$	99,921	$	—

During the year ended October 31, 2018, the following Fund had expired capital loss carryforwards as follows (amounts in thousands):

	2018
Tax Aware Real Return Fund	$	2,850

6. Borrowings

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

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at April 30, 2019.

The Trust along with certain other trusts (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds had no borrowings outstanding from the Credit Facility at April 30, 2019. Average borrowings from the Credit Facility during the six months ended April 30, 2019 were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Tax Aware Real Return Fund	$	14,000		3.38	%		1	$	1

The Funds did not utilize the Credit Facility during the six months ended April 30, 2019.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of April 30, 2019, the Funds had individual shareholder and/or omnibus accounts which owed more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Tax Aware Equity Fund		1		61.6	%		1		24.6	%
Tax Aware Real Return Fund		1		47.1			3		35.3

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

Tax Aware Real Return Fund invests primarily in a portfolio of municipal debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Fund’s ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

42 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

8. New Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has evaluated the implications of these changes and the amendments will have no effect on the Funds’ net assets or results of operations.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

APRIL 30, 2019 J.P. MORGAN TAX AWARE FUNDS 43

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2018, and continued to hold your shares at the end of the reporting period, April 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Tax Aware Equity Fund
Class A
Actual	$	1,000.00	$	1,109.00	$	4.97		0.95	%
Hypothetical		1,000.00		1,020.08		4.76		0.95
Class C
Actual		1,000.00		1,106.10		7.52		1.44
Hypothetical		1,000.00		1,017.65		7.20		1.44
Class I
Actual		1,000.00		1,111.30		2.88		0.55
Hypothetical		1,000.00		1,022.07		2.76		0.55
Class R6
Actual		1,000.00		1,111.40		2.30		0.44
Hypothetical		1,000.00		1,022.61		2.21		0.44
JPMorgan Tax Aware Real Return Fund
Class A
Actual		1,000.00		1,026.20		3.77		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75
Class C
Actual		1,000.00		1,023.60		6.27		1.25
Hypothetical		1,000.00		1,018.60		6.26		1.25
Class I
Actual		1,000.00		1,027.40		2.51		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50
Class R6
Actual		1,000.00		1,027.90		2.01		0.40
Hypothetical		1,000.00		1,022.81		2.01		0.40

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

44 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2019

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. April 2019. SAN-TA-419

Semi-Annual Report

J.P. Morgan SMA Funds

April 30, 2019 (Unaudited)

JPMorgan Tax Aware Real Return SMA Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	11
Financial Highlights	14
Notes to Financial Statements	16
Schedule of Shareholder Expenses	23

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

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

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

CEO’S LETTER

June 18, 2019 (Unaudited)

Dear Shareholders,

Global economic growth slowed in late 2018 and early 2019 amid trade tensions, political uncertainty in parts of Europe and the inherent challenges of a late-cycle economic expansion. While financial markets slumped in late 2018, equity and bond prices rebounded and broadly provided positive returns for the six months ended April 30, 2019.

  “While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.” — George C.W. Gatch

Leading central banks reacted to flagging economic growth by adopting more accommodative policies, which helped to generally control global interest rates and bolstered global financial markets.

In the U.S., gross domestic product (GDP) rose by a better-than-expected rate of 3.1% in the first quarter of 2019 amid a temporary boost from an inventory buildup and net exports. Corporate profit growth slowed from record levels in 2018, but overall remained stronger than expected for the first quarter of 2019. Unemployment remained near 50-year lows and inflation held below 2% throughout the six month reporting period. Notably, a 35-day partial shutdown of the U.S. government that ended in late January 2019 added to investor uncertainty but appeared to have limited immediate impact on the U.S. economy.

Elsewhere, slowing growth in China and global trade tensions appeared to curb manufacturing growth in Europe, Taiwan, South Korea and other economies heavily dependent on manufacturing for export. Though Chinese authorities enacted a package of tax cuts, infrastructure spending and credit expansion to bolster growth in early 2019, trade negotiations between the U.S. and China failed to fully address reciprocal tariffs.

In the European Union (EU), consumer and business sentiment weakened during the reporting period and auto manufacturing, particularly in Germany, declined. The inability of the U.K. government to agree on the final terms of Britain’s planned exit from the EU further added to investor uncertainty. First

quarter 2019 GDP in the 19-nation euro area rose by 1.2%. However, euro area unemployment continued to decline during the reporting period and by the end of April 2019 had fallen to 7.6%, its lowest level since August 2008.

Emerging markets generally benefitted from lower interest rates, a decline in the relative value of the U.S. dollar and China’s efforts to bolster economic growth in 2019. Overall, emerging markets equity and bonds broadly outperformed financial markets in developed markets during the reporting period. The MSCI Emerging Markets Index returned 13.9% and the Bloomberg Barclays Emerging Markets Aggregate Index returned 7.13% for the six months ended April 30, 2019.

Subsequent to the end of the reporting period, the Organization for Economic Cooperation and Development (OECD) reduced its estimate for 2019 global GDP growth to 3.2% and its estimate for GDP growth in the world’s 20 largest economies to 3.4%. “The global economy was expanding in sync less than two years ago, but challenges to existing trade relationships and the multilateral rules-based trade system have now derailed global growth by raising uncertainty that is depressing investment and trade,” the OECD said in its May 2019 economic outlook.

While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.

Investors who remain fully invested in a diversified portfolio can, we believe, continue to benefit over time from market opportunities in a growing global economy. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

APRIL 30, 2019 J.P. MORGAN SMA FUNDS 1

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

Reporting Period Return:
Fund*	3.28%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index	4.92%
Tax Aware Real Return Composite Benchmark**	4.00%
Net Assets as of 4/30/2019 (In Thousands)	$8,844

INVESTMENT OBJECTIVE***

The JPMorgan Tax Aware Real Return SMA Fund (the “Fund”) seeks to maximize after-tax inflation protected return.

HOW DID THE MARKET PERFORM?

Overall, the U.S. municipal bond markets provided positive returns for the six months ended April 30, 2019. A decline in the issuance of new bonds and an increase in demand, particularly in states with higher taxes such as New York, New Jersey and California, helped drive bond prices higher and bond yields lower. Interest rates in the U.S. generally fell during second half of the reporting period, which helped longer duration bonds outperform bonds with shorter duration. Duration measures the price sensitivity of a bond relative to changes in interest rates.

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

For the six months ended April 30, 2019, the Fund’s shares had a positive absolute return but underperformed the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Index”) and the Tax Aware Real Return Composite Benchmark, which is composed of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index.

The Fund’s hedge against inflation, which was implemented through the use of swaps contracts, detracted from absolute performance and from performance relative to the Index. During the reporting period, key Bloomberg Barclays inflation swap indexes fell amid increased volatility in global petroleum prices. Relative to the Index, the Fund’s overweight allocations to bonds rated AA and higher and its underweight positions bonds rated single-A and BBB detracted from performance as lower rated bonds outperformed higher rated bonds.

The Fund’s overweight positions in local general obligation bonds and in the water & sewer and special tax sectors were leading positive contributors to relative performance as they outperformed the broader municipal bond market largely due to their longer duration. Generally, bonds with longer duration experience a larger increase in price compared with shorter duration bonds as interest rates fall.

HOW WAS THE FUND POSITIONED?

Among the Fund’s tax-exempt fixed income investments, the Fund employed a bottom-up, security-selection-based investment

approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk. The Fund maintained its bias to high quality debt securities, as the Fund’s portfolio managers preferred higher quality issuances. The Fund’s portfolio managers also maintained an inflation-overlay hedging strategy, using zero coupon inflation-linked swaps (“inflation swaps”) to purchase protection against inflation along the yield curve.

During the reporting period, the Fund’s portfolio managers increased the hedge ratio to cover 99% of the value of the Fund’s underlying assets from 98% at the start of the reporting period.

INVESTMENT APPROACH

The Fund uses zero-coupon inflation swaps in combination with tax-exempt municipal bonds to seek to replicate a portfolio of inflation protected securities. The Fund is designed to protect the total return generated by its tax-exempt fixed income holdings from inflation risk. The inflation swaps used by the Fund are based on cumulative percentage movements in the Consumer Price Index for All Urban Consumers (“CPI-U”). The inflation swaps are structured so that one counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of the swap. The other counterparty (the Fund) pays a compounded fixed rate (zero coupon inflation-swap rate), which is based on the “breakeven inflation rate,” calculated as the yield difference between a nominal U.S. Treasury security and a U.S. Treasury Inflation Protected Security (TIPS) of equal maturity.

The Fund’s portfolio managers aim to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying bonds is used as the general basis for the Fund’s inflation swap positioning. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s portfolio managers believe that matching the duration of the inflation protection to the duration of the underlying bonds is the most effective and efficient way to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that may result from macroeconomic or technical factors.

2 J.P. MORGAN SMA FUNDS APRIL 30, 2019

PORTFOLIO COMPOSITION****
Municipal Bonds	97.2	%
Short-Term Investments	2.8

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

** The return of the Fund’s Composite Benchmark is determined by adding the return of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index.

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

**** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN SMA FUNDS 3

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019

	INCEPTION DATE OF FUND		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
JPMorgan Tax Aware Real Return SMA Fund		May 31, 2007
Before Taxes				3.28	%		3.18	%		1.51	%		2.72	%
After Taxes on Distributions				3.27			3.14			1.45			2.69
After Taxes on Distributions and Sale of Fund Shares				2.59			3.09			1.77			2.75

* Not annualized.

TEN YEAR PERFORMANCE (4/30/09 TO 4/30/19)

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

The graph illustrates comparative performance for $10,000 invested in the JPMorgan Tax Aware Real Return SMA Fund, the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index, the Tax Aware Real Return Composite Benchmark and the Lipper Intermediate Municipal Debt Funds Index from April 30, 2009 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Tax Aware Real Return Composite Benchmark does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the Lipper Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Tax Aware Real Return Composite Benchmark is determined by

adding the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index. The Lipper Intermediate Municipal Debt Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate tax liability.

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

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

4 J.P. MORGAN SMA FUNDS APRIL 30, 2019

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 92.3% (a)
Alabama — 0.2%
Education — 0.1%
Alabama Public School and College Authority, Capital Improvement Series 2015-B, Rev., 5.00%, 5/1/2021		5		6
General Obligation — 0.1%
City of Birmingham Series 2018-A, GO, 5.00%, 12/1/2028		10		12
Total Alabama				18
Arizona — 0.2%
General Obligation — 0.1%
City of Mesa GO, 3.00%, 7/1/2022		5		5
Other Revenue — 0.1%
County of Pima Rev., 5.00%, 7/1/2027		10		12
Total Arizona				17
California — 7.2%
Education — 1.2%
Golden West Schools Financing Authority Series A, Rev., NATL-RE, 5.80%, 2/1/2020		75		77
Golden West Schools Financing Authority, Beverly Hills Unified School District Rev., NATL-RE, 5.25%, 8/1/2023		25		29
				106
General Obligation — 1.5%
Coast Community College District Series 2013A, GO, 4.00%, 8/1/2022		75		81
Folsom Cordova Unified School District School Facilities Improvement District No. 5 Series C, GO, 4.00%, 10/1/2035		25		28
Monrovia Unified School District GO, 5.00%, 8/1/2024		10		12
Washington Unified School District/Yolo County Series 2017A, GO, AGM, 5.00%, 8/1/2024		10		11
				132
Utility — 4.3%
City of Los Angeles, Department of Water & Power, Power System Series B, Rev., 5.00%, 7/1/2029		300		368
Upper Santa Clara Valley Joint Powers Authority Series 2016A, Rev., 5.00%, 8/1/2034		10		12
				380
Water & Sewer — 0.2%
East Bay Municipal Utility District Water System Series 2012B, Rev., 5.00%, 6/1/2020		15		16
Total California				634

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Colorado — 1.7%
Hospital — 1.7%
Colorado Health Facilities Authority Hospital, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (b)		150		153
Connecticut — 1.3%
Water & Sewer — 1.3%
City of Stamford, Water Pollution Control System & Facility Series A, Rev., 6.00%, 8/15/2022		100		114
Florida — 4.1%
General Obligation — 3.0%
Florida State Board of Education, Public Education Capital Outlay Series D, GO, 5.00%, 6/1/2025		250		267
Other Revenue — 1.1%
City of Jacksonville Series 2017B, Rev., 5.00%, 10/1/2025		10		12
City of Miami Beach Rev., 5.00%, 9/1/2024		10		11
County of Miami, Special Obligation Rev., 5.00%, 10/1/2023		60		68
				91
Total Florida				358
Georgia — 8.4%
Utility — 4.2%
Main Street Natural Gas Inc., Georgia Gas Project Series A-1, Rev., 5.50%, 9/15/2028		300		369
Water & Sewer — 4.2%
County of DeKalb, Water & Sewerage Series B, Rev., 5.25%, 10/1/2026		250		310
Jackson County Water & Sewer Authority Series A, Rev., XLCA, 5.25%, 9/1/2021		60		64
				374
Total Georgia				743
Illinois — 1.9%
General Obligation — 0.4%
Cook County School District No. 95-Brookfield GO, 4.00%, 12/1/2021		10		10
Kane McHenry Cook and DeKalb Counties Unit School District No. 300 GO, 5.00%, 1/1/2023		10		11
Kendall and Kane Counties Community Unit School District No. 115 Series 2017B, GO, 5.00%, 1/1/2027		10		12
				33

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN SMA FUNDS 5

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — 0.1%
City of Springfield, Senior Lien Rev., 5.00%, 3/1/2025		10		12
Transportation — 1.4%
Regional Transportation Authority, Du Page Cook & Will Counties Series 2016A, Rev., 5.00%, 6/1/2025		110		127
Total Illinois				172
Indiana — 1.6%
Education — 1.5%
Brownsburg 1999 School Building Corp., Indiana State Aid Intercept Program Rev., 5.00%, 7/15/2027		10		12
Purdue University, Student Fee Series U, Rev., 5.25%, 7/1/2021		100		108
South Adams School Building Corp., Valorem Property First Mortgage Rev., 5.00%, 7/15/2028		5		6
				126
Other Revenue — 0.1%
Dyer Redevelopment Authority Rev., 4.00%, 1/15/2027		10		11
Total Indiana				137
Kansas — 0.3%
Hospital — 0.3%
City of Abilene, Hospital District No. 1, Dickinson County Rev., 5.00%, 12/1/2027		25		30
Maryland — 3.8%
General Obligation — 1.0%
State of Maryland, State and Local Facilities Loan Series A, GO, 5.00%, 3/15/2024		75		87
Utility — 2.8%
County of Anne Arundel, National Business Park-North Project 5.00%, 7/1/2028		200		251
Total Maryland				338
Massachusetts — 6.7%
Education — 0.6%
Massachusetts Development Finance Agency, Emerson College Issue Rev., 5.00%, 1/1/2037		50		57
General Obligation — 0.7%
Commonwealth of Massachusetts, Consolidated Loan of 2018 Series A, GO, 5.00%, 1/1/2033		50		61

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — 5.4%
Massachusetts Bay Transportation Authority
Series B, Rev., 5.25%, 7/1/2023		250		286
Series A, Rev., 5.25%, 7/1/2027		150		189
				475
Total Massachusetts				593
Michigan — 0.1%
General Obligation — 0.1%
Avondale School District GO, Q-SBLF, 5.00%, 11/1/2023		10		11
Minnesota — 0.1%
Certificate of Participation/Lease — 0.1%
St. Cloud Independent School District No. 742 Series 2017A, COP, 5.00%, 2/1/2025		10		12
Missouri — 0.5%
General Obligation — 0.5%
North Kansas City School District No. 74 GO, 5.00%, 3/1/2023		40		45
Nebraska — 0.3%
Education — 0.3%
Nebraska State College Facilities Corp., Deferred Maintenance Rev., AGM, 5.00%, 7/15/2025		25		29
Nevada — 2.8%
General Obligation — 0.1%
Washoe County School District, School Improvement GO, 5.00%, 6/1/2025		5		6
Water & Sewer — 2.7%
Truckee Meadows Water Authority Rev., 5.00%, 7/1/2031		200		237
Total Nevada				243
New Jersey — 6.7%
General Obligation — 0.1%
Township of Mount Olive GO, 3.00%, 10/1/2021		5		5
Township of Readington GO, 5.00%, 1/15/2020		5		5
				10
Other Revenue — 3.0%
Garden State Preservation Trust Series C, Rev., AGM, 5.25%, 11/1/2020		20		21
Tobacco Settlement Financing Corp. Series 2018A, Rev., 5.00%, 6/1/2027		200		238
				259

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN SMA FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — 3.6%
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2030		150		171
New Jersey Transportation Trust Fund Authority, Transportation System
Series A, Rev., 5.25%, 12/15/2020		80		84
Series A, Rev., 5.50%, 12/15/2021		60		65
				320
Total New Jersey				589
New Mexico — 3.9%
Education — 0.3%
New Mexico State University Series 2017A, Rev., 5.00%, 4/1/2025		25		29
General Obligation — 0.6%
County of Sandoval GO, 5.00%, 8/1/2023		20		23
Jal Public School District No. 19 GO, AGM, 5.00%, 8/1/2024		10		12
Taos Municipal School District No. 1 GO, 3.00%, 9/1/2020		20		20
				55
Transportation — 3.0%
New Mexico Finance Authority, State Transportation, Senior Lien Series 2010B, Rev., 5.00%, 6/15/2024		250		259
Total New Mexico				343
New York — 4.4%
Education — 0.4%
New York State Dormitory Authority Series 2018A, Rev., 5.00%, 7/1/2023		10		11
Syracuse Industrial Development Agency, School District Project Series 2018A, Rev., 5.00%, 5/1/2025		10		12
Tompkins County Development Corp., Ithaca College Project Rev., 5.00%, 7/1/2028		10		13
				36
General Obligation — 0.5%
City of Glen Cove, Various Purpose
Series C, GO, AGM, 5.00%, 5/1/2021		10		11
City of New York, Fiscal Year 2016 Series C, GO, 5.00%, 8/1/2027		5		6
County of Tompkins, Public Improvement Series A, GO, 4.00%, 3/1/2021		20		21
Tuckahoe Union Free School District
GO, 5.00%, 7/15/2020		5		5
				43

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Special Tax — 1.9%
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2014C, Rev., 5.00%, 3/15/2033		150		171
Transportation — 1.3%
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2034		100		116
Water & Sewer — 0.3%
New York State Environmental Facilities Corp., Cleanwater and Drinking Water Revolving Funds Series 2013A, Rev., 5.00%, 6/15/2024		10		11
Niagara Falls Public Water Authority, Water & Sewer System Series 2016A, Rev., 5.00%, 7/15/2027		10		12
				23
Total New York				389
Ohio — 3.3%
General Obligation — 0.1%
Dayton City School District, School Facilities Construction GO, 5.00%, 11/1/2029		10		13
Prerefunded — 3.2%
City of Columbus Series 2013-1, GO, 5.00%, 7/1/2023 (c)		250		283
Total Ohio				296
Oklahoma — 0.1%
Utility — 0.1%
Oklahoma Municipal Power Authority
Series 2014B, Rev., 5.00%, 1/1/2025		5		6
Oregon — 3.9%
General Obligation — 2.9%
Clackamas County School District No. 7J, Lake Oswego GO, AGM, 5.25%, 6/1/2025		215		257
Other Revenue — 0.9%
Oregon State Department of Administrative Services, Lottery Series A, Rev., 5.00%, 4/1/2029		70		85
Water & Sewer — 0.1%
City of Eugene, Oregon Water Utility System Rev., 5.00%, 8/1/2023		5		6
Total Oregon				348

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN SMA FUNDS 7

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Pennsylvania — 4.7%
General Obligation — 0.3%
Central Bucks School District Series A, GO, 5.00%, 5/15/2023		15		16
Manheim Township School District Series A, GO, 5.00%, 2/1/2029		10		12
				28
Other Revenue — 4.4%
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., AGM, 4.00%, 6/1/2039		370		391
Total Pennsylvania				419
South Carolina — 0.2%
General Obligation — 0.2%
County of Charleston, Transportation Sales Tax GO, 5.00%, 11/1/2023		15		17
Tennessee — 0.7%
General Obligation — 0.7%
City of Dayton GO, 5.00%, 6/1/2025		10		12
City of Johnson City GO, 4.00%, 6/1/2033		15		17
County of Shelby Series A, GO, 5.00%, 4/1/2033		30		36
				65
Total Tennessee				65
Texas — 12.7%
Education — 3.9%
Permanent University Fund — University of Texas System Series B, Rev., 5.25%, 7/1/2028		250		320
San Jacinto College District Rev., 5.00%, 2/15/2027		10		12
University of Texas Series 2017A, Rev., 5.00%, 3/15/2020		15		15
				347
General Obligation — 1.0%
City of Leander GO, 4.00%, 8/15/2036		35		38
County of Harris, Addicks Utility District GO, 3.00%, 9/1/2020		50		51
				89
Prerefunded — 4.4%
City of Houston, Combined Utility System, First Lien Series 2011D, Rev., 5.00%, 11/15/2021 (c)		355		384
Utility — 3.0%
Texas Municipal Gas Acquisition & Supply Corp. Series D, Rev., 6.25%, 12/15/2026		230		269

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Water & Sewer — 0.4%
North Texas Municipal Water District, Water System Rev., 5.25%, 9/1/2020		30		31
Total Texas				1,120
Utah — 0.8%
General Obligation — 0.7%
Cache County School District, School Bond Guranty Program GO, 5.00%, 6/15/2024		30		35
Canyons School District, School Bond Guranty Program Series 2018B, GO, 5.00%, 6/15/2024		25		29
				64
Water & Sewer — 0.1%
Utah Water Finance Agency, Loan Financing Program Series 2017C, Rev., 5.00%, 3/1/2034		5		6
Total Utah				70
Vermont — 0.2%
Education — 0.2%
University of Vermont and State Agricultural College Rev., 4.00%, 10/1/2020		15		15
Virginia — 4.1%
Education — 0.6%
Virginia College Building Authority, 21st Century College & Equipment Programs, Educational Facilities Series 2009E-2, Rev., 5.00%, 2/1/2023		50		56
General Obligation — 0.1%
City of Charlottesville, Public Improvement Series 2012B, GO, 4.00%, 7/15/2020		10		10
Utility — 3.4%
City of Richmond, Public Utility Revenue Series 2016A, Rev., 5.00%, 1/15/2025		250		295
Total Virginia				361
Washington — 5.3%
Certificate of Participation/Lease — 2.0%
State Of Washington, State and Local Agency Real And Personal Property Series 2015C, COP, 5.00%, 1/1/2026		150		179
General Obligation — 1.5%
Lewis and Thurston Counties School District No. 401 Centralia GO, 5.00%, 12/1/2025		5		6
Skagit County Consolidated School District No. 320 Mount Vernon GO, 5.50%, 12/1/2025		100		123
				129

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN SMA FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — 1.8%
Central Puget Sound Regional Transportation Authority, Sales Tax & Motor Vehicle Excise Tax Series 2012P-1, Rev., 5.00%, 2/1/2025		150		163
Total Washington				471
Wisconsin — 0.1%
General Obligation — 0.1%
Oregon School District, School Building & Improvement GO, 5.00%, 3/1/2027		10		12
TOTAL MUNICIPAL BONDS (Cost $7,780)				8,168
	SHARES (000)
Short-Term Investments — 2.7%
Investment Companies — 2.7%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.90% (d) (e) (Cost $238)		238		238
Total Investments — 95.0% (Cost $8,018)				8,406
Other Assets Less Liabilities — 5.0%				438
Net Assets — 100.0%				8,844

Percentages indicated are based on net assets.

Abbreviations

AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
COP	Certificate of Participation
GO	General Obligation
NATL	Insured by National Public Finance Guarantee Corp.
Q-SBLF	Qualified School Bond Loan Fund
RE	Reinsured
Rev.	Revenue
XLCA	Insured by XL Capital Assurance
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of April 30, 2019.
(c)	Security is prerefunded or escrowed to maturity.
(d)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN SMA FUNDS 9

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Over–the–Counter (“OTC”) Inflation-linked swap contracts outstanding as of April 30, 2019 (amounts in thousands):
FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE	COUNTERPARTY	MATURITY DATE		NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
CPI-U at termination	2.08% at termination	Receive	BNP Paribas		12/19/2024		USD 1,000		(4	)
CPI-U at termination	2.17% at termination	Receive	BNP Paribas		4/4/2024		USD   600		(8	)
CPI-U at termination	2.62% at termination	Receive	NatWest Markets		6/28/2025		USD 1,000		(135	)
									(147	)

Centrally Cleared Inflation-linked swap contracts outstanding as of April 30, 2019 (amounts in thousands):
FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
CPI-U at termination	1.66% at termination	Receive		2/1/2021		USD 357		1
CPI-U at termination	1.81% at termination	Receive		1/8/2024		USD 211		1
CPI-U at termination	1.82% at termination	Receive		1/8/2024		USD 201		1
CPI-U at termination	1.88% at termination	Receive		3/14/2021		USD  99		—	(b)
CPI-U at termination	1.89% at termination	Receive		1/10/2024		USD  38		—	(b)
CPI-U at termination	1.89% at termination	Receive		1/10/2024		USD 376		1
CPI-U at termination	1.97% at termination	Receive		3/18/2022		USD 400		—	(b)
CPI-U at termination	1.96% at termination	Receive		2/22/2024		USD 200		—	(b)
CPI-U at termination	1.97% at termination	Receive		4/23/2021		USD 111		—	(b)
CPI-U at termination	2.00% at termination	Receive		3/11/2025		USD 223		—	(b)
CPI-U at termination	2.01% at termination	Receive		3/18/2024		USD 732		—	(b)
CPI-U at termination	2.14% at termination	Receive		2/1/2049		USD 167		4
								8
CPI-U at termination	2.05% at termination	Receive		12/11/2023		USD 294		(2	)
CPI-U at termination	2.08% at termination	Receive		12/3/2023		USD 144		(1	)
CPI-U at termination	2.18% at termination	Receive		11/6/2023		USD 194		(2	)
CPI-U at termination	2.21% at termination	Receive		11/9/2023		USD 350		(5	)
CPI-U at termination	2.25% at termination	Receive		10/26/2025		USD 195		(3	)
CPI-U at termination	2.26% at termination	Receive		10/25/2025		USD  70		(1	)
CPI-U at termination	2.31% at termination	Receive		10/12/2023		USD 700		(13	)
CPI-U at termination	2.34% at termination	Receive		9/21/2025		USD 500		(12	)
								(39	)
								(31	)

There are no upfront payments (receipts) on the swap contracts listed above.

Summary of total swap contracts outstanding as of April 30, 2019 (amounts in thousands):
	Net Upfront Payments (Receipts) ($)		Value ($)
Liabilities
OTC Inflation linked swaps outstanding		—		(147	)
Total OTC swap contracts outstanding		—		(147	)

Abbreviations
CPI-U	Consumer Price Index for All Urban Consumers
USD	United States Dollar
(a)	Value of floating rate index at April 30, 2019 was 2.56%.
(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SMA FUNDS APRIL 30, 2019

STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2019 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Tax Aware Real Return SMA Fund
ASSETS:
Investments in non-affiliates, at value	$	8,168
Investments in affiliates, at value		238
Restricted cash for OTC derivatives		420
Deposits at broker for centrally cleared swaps		111
Receivables:
Interest and dividends from non-affiliates		112
Dividends from affiliates		—	(a)
Variation margin on centrally cleared swaps		6
Due from adviser		21
Total Assets		9,076
LIABILITIES:
Payables:
Due to custodian		2
Outstanding OTC swap contracts, at value		147
Accrued liabilities:
Custodian and accounting fees		14
Collateral management fees		8
Audit fees		46
Other		15
Total Liabilities		232
Net Assets	$	8,844
NET ASSETS:
Paid-in-Capital	$	9,453
Total distributable earnings (loss)		(609	)
Total Net Assets	$	8,844
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):		896
Net asset value, offering and redemption price per share (b)	$	9.87
Cost of investments in non-affiliates	$	7,780
Cost of investments in affiliates		238

(a) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN SMA FUNDS 11

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

(Amounts in thousands)

	JPMorgan Tax Aware Real Return SMA Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	134
Interest income from affiliates		2
Dividend income from affiliates		3
Total investment income		139
EXPENSES:
Administration fees		4
Custodian and accounting fees		22
Professional fees		37
Collateral management fees		17
Trustees’ and Chief Compliance Officer’s fees		12
Printing and mailing costs		7
Registration and filing fees		14
Transfer agency fees		—	(a)
Other		2
Total expenses		115
Less fees waived		(3	)
Less expense reimbursements		(112	)
Net expenses		—
Net investment income (loss)		139
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		33
Investments in affiliates		—	(a)
Swaps		(158	)
Net realized gain (loss)		(125	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		271
Swaps		18
Change in net unrealized appreciation/depreciation		289
Net realized/unrealized gains (losses)		164
Change in net assets resulting from operations	$	303

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SMA FUNDS APRIL 30, 2019

STATEMENT OF CHANGES IN NET ASSETS

AS OF APRIL 30, 2019

(Amounts in thousands, except per share amounts)

	JPMorgan Tax Aware Real Return SMA  Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	139		$	272
Net realized gain (loss)		(125	)		(432	)
Change in net unrealized appreciation/depreciation		289			185
Change in net assets resulting from operations		303			25
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(148	)		(277	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		665			1,144
Cost of shares redeemed		(1,157	)		(1,667	)
Change in net assets resulting from capital transactions		(492	)		(523	)
NET ASSETS:
Change in net assets		(337	)		(775	)
Beginning of period		9,181			9,956
End of period	$	8,844		$	9,181
SHARE TRANSACTIONS:
Issued		68			116
Redeemed		(118	)		(168	)
Change in Shares		(50	)		(52	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN SMA FUNDS 13

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Tax Aware Real Return SMA Fund
Six Months Ended April 30, 2019 (Unaudited)	$	9.71	$	0.14	(f)	$	0.18		$	0.32		$	(0.16	)
Year Ended October 31, 2018		9.97		0.28	(f)		(0.26	)		0.02			(0.28	)
Year Ended October 31, 2017		10.04		0.26	(f)		(0.07	)		0.19			(0.26	)
Year Ended October 31, 2016		9.95		0.28	(f)		0.09			0.37			(0.28	)
Year Ended October 31, 2015		10.52		0.31	(f)		(0.55	)		(0.24	)		(0.33	)
Year Ended October 31, 2014		10.58		0.30			(0.05	)		0.25			(0.31	)

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

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

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

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) The Fund’s expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisors and/or broker-dealers, some of which are unaffiliated with the Fund and the Investment Advisor. Participants in these programs pay a fee to the sponsor of the program.

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SMA FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)(e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)
$	9.87		3.28	%	$	8,844		—	%		2.98	%		2.47	%		13	%
	9.71		0.22			9,181		—			2.78			2.27			40
	9.97		1.94			9,956		—	(g)		2.59			2.05			23
	10.04		3.80			10,197		—			2.82			1.97			32
	9.95		(2.27	)		11,083		—			3.07			1.01			—	(g)
	10.52		2.38			20,947		—			2.85			0.78			6

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN SMA FUNDS 15

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited)

1. Organization

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

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Diversified/Non-Diversified
JPMorgan Tax Aware Real Return SMA Fund	Diversified

The investment objective of the Fund is to seek to maximize after-tax inflation protected return.

Shares of the Fund may be purchased only by or on behalf of separately managed accounts where J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), serves as the investment adviser, sub-adviser or model portfolio provider for the account with the separately managed account sponsor or directly with the client. The Fund’s shares may not be purchased directly by individuals.

2. Significant Accounting Policies

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

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

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

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

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

Swaps are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

16 J.P. MORGAN SMA FUNDS APRIL 30, 2019

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	238	$	8,168		$	—	$	8,406
Appreciation in Other Financial Instruments
Swaps (b)	$	—	$	8		$	—	$	8
Depreciation in Other Financial Instruments
Swaps (b)	$	—	$	(186	)	$	—	$	(186	)

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

(b) All portfolio holdings designated as level 2 are disclosed individually on the SOI.

There were no transfers into and out of level 3 for the six months ended April 30, 2019.

B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser or its affiliates. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below. Amounts in the table below are in thousands.

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.90% (a)(b)	$	452	$	1,457	$	1,671	$	—	(c)	$	—	$	238		238	$	3	$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2019.

(c) Amount rounds to less than one thousand.

C. Swaps — The Fund engaged in inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index while the other is a pre-determined fixed interest rate. Swap transactions are negotiated contracts over-the-counter (“OTC swaps”) between a fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

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

APRIL 30, 2019 J.P. MORGAN SMA FUNDS 17

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

The Fund may be required to post or receive collateral for OTC swaps.

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

The table below discloses the volume of the Fund’s swap activity during the six months ended April 30, 2019 (amounts in thousands):

Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance — Pays Fixed rate	$	8,430
Ending Notional Balance — Pays Fixed Rate		8,162

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, non-deliverable forward foreign currency contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties cash collateral posted by the Fund is invested in an affiliated money market fund. Otherwise the cash collateral is included on the Statement of Assets and Liabilities as Restricted cash for OTC derivatives. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.F.). These amounts are not reflected on the Fund’s Statement of Assets and Liabilities and are disclosed in the table below.

The Fund’s derivative contracts collateral requirements and collateral posted or received by counterparty as of April 30, 2019 are as follows (amounts in thousands):

	Fund Counterparty	Value of swap contracts			Collateral amount
Collateral Posted	BNP Paribas	$	(12	)	$	160
	NatWest Markets		(135	)		260

D. Summary of Derivatives Information

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of April 30, 2019 (amounts in thousands):

Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for Offset		Collateral Posted			Net Amount Due To Counterparty (Not less than zero)
BNP Paribas	$	12	$	—	$	(12	)(b)	$	—
NatWest Markets		135		—		(135	)(b)		—
	$	147	$	—	$	(147	)	$	—

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statement of Assets and Liabilities.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts.

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

F. Allocation of Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds.

18 J.P. MORGAN SMA FUNDS APRIL 30, 2019

G. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of April 30, 2019, no liability for Federal income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly for the Fund. Net realized capital gains, if any, are distributed by the Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser does not charge an advisory fee to the Fund. It should be understood, however, that the Fund is an integral part of separately managed account programs. Participants in these programs pay a fee to the sponsor of the program. The Adviser is compensated by the separately managed account sponsors.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund’s average daily net assets, plus 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2019, the effective annualized rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMCB serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares. JPMDS receives no compensation in its capacity as the Fund’s underwriter.

D. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amount paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

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

E. Waivers and Reimbursements — No expenses or fees (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) are borne by the Fund pursuant to contractual arrangements with the Adviser through February 29, 2020.

For the six months ended April 30, 2019, the Fund’s Adviser and the Administrator waived fees and/or reimbursed expenses for the Fund as follows (amounts in thousands). None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Administration Fees		Contractual Reimbursements
$	3	$	112

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.

APRIL 30, 2019 J.P. MORGAN SMA FUNDS 19

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

The amount of these waivers/reimbursements resulting from investments in these money market funds for the six months ended April 30, 2019 was less than $1,000.

F. Collateral Management Fees — JPMCB provides derivatives collateral management services for the Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral Management fees on the Statement of Operations.

G. Other — The Fund may invest in affiliated J.P. Morgan money market funds. The Fund’s Adviser and its affiliates provide services to and receive fees from the J.P. Morgan money market funds; therefore, the Adviser and its affiliates may indirectly receive fees, including advisory fees, from the Fund.

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

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

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

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

4. Investment Transactions

During the six months ended April 30, 2019, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	1,127	$	1,707

For the six months ended April 30, 2019, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2019 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	8,018	$	396	$	186	$	210

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Fund after October 31, 2011 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Fund were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At October 31, 2018, the Fund had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

2019		Total
$	4	$	4

At October 31, 2018, the Fund had post-enactment net capital loss carryforwards which are available to offset future realized gains (amounts in thousands):

Capital Loss Carryforward Character
Short-Term		Long-Term
$	667	$	7

As of October 31, 2018, the Fund had expired capital loss carryforwards as follows (amounts in thousands):

2018
$	9

20 J.P. MORGAN SMA FUNDS APRIL 30, 2019

6. Borrowings

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

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended April 30, 2019.

The Trust, along with certain other trusts (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the six months ended April 30, 2019.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of April 30, 2019, the Fund had a shareholder, which was an account maintained by a separately managed account sponsor on behalf of its clients, that owned 100.0% of the Fund’s outstanding shares. Significant shareholder transactions by this shareholder may impact the Fund’s performance.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than they would have been if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses.

The Fund invests primarily in a portfolio of municipal debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Fund’s ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate

APRIL 30, 2019 J.P. MORGAN SMA FUNDS 21

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

increase by the Federal Reserve. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

8. New Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has evaluated the implications of these changes and the amendments will have no effect on the Fund’s net assets or results of operations.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Fund’s net assets or results of operation.

22 J.P. MORGAN SMA FUNDS APRIL 30, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including administration fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Fund at the beginning of the reporting period, November 1, 2018, and continued to hold your shares at the end of the reporting period, April 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Expenses Paid During the Period†*		Annualized Expense Ratio
JPMorgan Tax Aware Real Return SMA Fund
Actual	$	1,000.00	$	1,032.80	$	0.00		0.00	%
Hypothetical		1,000.00		1,024.79		0.00		0.00

† Reflects the fact that no fees or expenses are borne by the Fund. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Fund and the Adviser. Participants in these programs pay a fee to the sponsor of the program.

* Expenses are equal to the Fund’s respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

APRIL 30, 2019 J.P. MORGAN SMA FUNDS 23

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

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

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

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, the Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. April 2019. SAN-SMA-419

Semi-Annual Report

J.P. Morgan Funds

April 30, 2019 (Unaudited)

JPMorgan Global Allocation Fund

JPMorgan Income Builder Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Global Allocation Fund	3
JPMorgan Income Builder Fund	7
Schedules of Portfolio Investments	9
Financial Statements	128
Financial Highlights	136
Notes to Financial Statements	140
Schedule of Shareholder Expenses	162

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

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

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

CEO’S LETTER

June 18, 2019 (Unaudited)

Dear Shareholders,

Global economic growth slowed in late 2018 and early 2019 amid trade tensions, political uncertainty in parts of Europe and the inherent challenges of a late-cycle economic expansion. While financial markets slumped in late 2018, equity and bond prices rebounded and broadly provided positive returns for the six months ended April 30, 2019.

  “While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.” — George C.W. Gatch

Leading central banks reacted to flagging economic growth by adopting more accommodative policies, which helped to generally control global interest rates and bolstered global financial markets.

In the U.S., gross domestic product (GDP) rose by a better-than-expected rate of 3.1% in the first quarter of 2019 amid a temporary boost from an inventory buildup and net exports. Corporate profit growth slowed from record levels in 2018, but overall remained stronger than expected for the first quarter of 2019. Unemployment remained near 50-year lows and inflation held below 2% throughout the six month reporting period. Notably, a 35-day partial shutdown of the U.S. government that ended in late January 2019 added to investor uncertainty but appeared to have limited immediate impact on the U.S. economy.

Elsewhere, slowing growth in China and global trade tensions appeared to curb manufacturing growth in Europe, Taiwan, South Korea and other economies heavily dependent on manufacturing for export. Though Chinese authorities enacted a package of tax cuts, infrastructure spending and credit expansion to bolster growth in early 2019, trade negotiations between the U.S. and China failed to fully address reciprocal tariffs.

In the European Union (EU), consumer and business sentiment weakened during the reporting period and auto manufacturing, particularly in Germany, declined. The inability of the U.K. government to agree on the final terms of Britain’s planned exit from the EU further added to investor uncertainty. First

quarter 2019 GDP in the 19-nation euro area rose by 1.2%. However, euro area unemployment continued to decline during the reporting period and by the end of April 2019 had fallen to 7.6%, its lowest level since August 2008.

Emerging markets generally benefitted from lower interest rates, a decline in the relative value of the U.S. dollar and China’s efforts to bolster economic growth in 2019. Overall, emerging markets equity and bonds broadly outperformed financial markets in developed markets during the reporting period. The MSCI Emerging Markets Index returned 13.9% and the Bloomberg Barclays Emerging Markets Aggregate Index returned 7.13% for the six months ended April 30, 2019.

Subsequent to the end of the reporting period, the Organization for Economic Cooperation and Development (OECD) reduced its estimate for 2019 global GDP growth to 3.2% and its estimate for GDP growth in the world’s 20 largest economies to 3.4%. “The global economy was expanding in sync less than two years ago, but challenges to existing trade relationships and the multilateral rules-based trade system have now derailed global growth by raising uncertainty that is depressing investment and trade,” the OECD said in its May 2019 economic outlook.

While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.

Investors who remain fully invested in a diversified portfolio can, we believe, continue to benefit over time from market opportunities in a growing global economy. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

APRIL 30, 2019 J.P. MORGAN FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

Global equity prices generally declined in the final months of 2018 only to rebound in the first months of 2019, pushing leading U.S. equity indexes to record highs in the final week of April. While U.S. equity markets outperformed other leading developed equity markets, the largest gains for the six month reporting period came from emerging markets equity and emerging markets debt.

Investor expectations of rising U.S. interest rates, signs of slowing economic growth in both China and the Eurozone and unresolved U.S.-China trade tensions combined to drive market volatility higher and equity prices lower in late 2018. The global sell-off became particularly acute in December 2018. In the U.S., the S&P 500 Index returned -9.18% for the month, its worst single-month performance since February 2009 and its worst December performance since 1931.

In Europe, a sharp decline in manufacturing exports as well as political uncertainty in Italy and France led to weakening business sentiment. In the U.K., Prime Minister Theresa May’s inability to win Parliament’s approval for a plan to exit the European Union served to further erode business and investor confidence.

However, by the end of December 2018, the U.S. Federal Reserve had moved to a neutral policy stance and the European Central Bank — while ending its quantitative easing program in the face of broad-based wage growth — reiterated its intention to hold interest rates at current levels through the end of 2019. The Bank of England also held U.K. interest rates steady.

Global equity and bond markets began to stabilize in January 2019 and asset prices generally advanced over the next three months as signs of inflationary pressure receded and corporate earnings showed surprising strength. Notably, the global oil prices fell in December 2018 to $42 per barrel of West Texas Intermediate crude and then rose to $63 per barrel by the end of April 2019.

Among equity markets, the MSCI Emerging Markets Index returned 13.90%, the MSCI EAFE Index returned 7.73% and the S&P 500 Index returned 9.76% for the six months ended April 30, 2019. Among bond markets, the Bloomberg Barclays Emerging Markets Bond Index returned 7.13%, the Bloomberg Barclays U.S. Aggregate Bond Index returned 5.49% and the Bloomberg Barclays U.S. High Yield Corporate Bond Index returned 5.54%

2 J.P. MORGAN FUNDS APRIL 30, 2019

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		6.55%
MSCI World Index (net of foreign withholding taxes)		8.83%
Bloomberg Barclays Global Aggregate Index (Unhedged USD)		5.49%
Global Allocation Composite Benchmark		7.20%
Net Assets as of 4/30/2019 (In Thousands)	$	3,537,192

INVESTMENT OBJECTIVE**

The JPMorgan Global Allocation Fund (the “Fund”) seeks to maximize long-term total return.

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

For the six months ended April 30, 2019, the Fund’s Class I Shares underperformed both the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) and the Global Allocation Composite Benchmark (the “Composite Benchmark”), which consists of 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays Global Aggregate Index, and outperformed the Bloomberg Barclays Global Aggregate Index (Unhedged USD).

During the reporting period, the Fund’s allocation to bonds was a leading detractor from performance relative to the Bench-

mark, which is an equity index and holds no bonds. Relative to the Composite Benchmark, the Fund’s underweight allocation to equity detracted from performance, as global equity markets rallied in the second half of the reporting period.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers added to positions in U.S. equity and emerging markets equity through the use of call options in response to a more neutral policy stance from the Federal Reserve, better-than-expected corporate earnings and easing U.S.-China trade tensions.

In fixed income assets, the portfolio managers also increased their allocation to high yield bonds (also known as “junk bonds”) given their expectations for low economic growth, but no U.S. recession in the foreseeable future. The portfolio managers also maintained their allocation to securitized credit.

APRIL 30, 2019 J.P. MORGAN FUNDS 3

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

TOP TEN LONG HOLDINGS OF THE PORTFOLIO***
	1.	U.S. Treasury Notes, 2.00%, 01/31/20	1.4	%
	2.	Nestle SA (Registered) (Switzerland)	0.9
	3.	Microsoft Corp.	0.9
	4.	HDFC Bank Ltd., ADR (India)	0.7
	5.	AIA Group Ltd. (Hong Kong)	0.6
	6.	Tencent Holdings Ltd. (China)	0.6
	7.	Novartis AG (Registered) (Switzerland)	0.6
	8.	Amazon.com, Inc.	0.5
	9.	Roche Holding AG (Switzerland)	0.5
	10.	UnitedHealth Group, Inc.	0.5

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO****
	1.	Home Depot, Inc. (The)	24.1	%
	2.	CVS Health Corp.	9.1
	3.	McKesson Corp.	8.7
	4.	Harley-Davidson, Inc.	8.5
	5.	HCA Healthcare, Inc.	7.1
	6.	SPDR S&P 500 ETF Trust	6.6
	7.	JB Hunt Transport Services, Inc.	6.3
	8.	Apple, Inc.	4.9
	9.	MGM Resorts International	4.7
	10.	GrubHub, Inc.	4.0

LONG POSITION PORTFOLIO COMPOSITION***
Common Stocks	53.9	%
Corporate Bonds	10.5
Foreign Government Securities	7.9
Asset-Backed Securities	4.9
Loan Assignments	4.0
Commercial Mortgage-Backed Securities	3.4
Collateralized Mortgage Obligations	2.6
U.S. Treasury Obligations	1.5
Others (each less than 1.0%)	0.3
Short-Term Investments	11.0

SHORT POSITION PORTFOLIO COMPOSITION****
Common Stocks	93.4	%
Exchange Traded Fund	6.6

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

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

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN FUNDS APRIL 30, 2019

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	May 31, 2011
With Sales Charge**			1.63	%		(1.96	)%		4.28	%		5.11	%
Without Sales Charge			6.40			2.64			5.24			5.72
CLASS C SHARES	May 31, 2011
With CDSC***			5.15			1.11			4.72			5.20
Without CDSC			6.15			2.11			4.72			5.20
CLASS I SHARES	May 31, 2011		6.55			2.88			5.51			5.99
CLASS R2 SHARES	May 31, 2011		6.19			2.24			4.95			5.44
CLASS R3 SHARES	October 1, 2018		6.37			2.71			5.47			5.97
CLASS R4 SHARES	October 1, 2018		6.44			2.69			5.25			5.73
CLASS R5 SHARES	October 1, 2018		6.57			2.96			5.52			6.00
CLASS R6 SHARES	November 1,2017		6.62			3.07			5.55			6.02

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (5/31/11 TO 4/30/19)

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

The Fund commenced operations on May 31, 2011.

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

Returns for Class R3 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares.

Returns for Class R4 Shares prior to its inception date are based on the performance of Class A Shares. The actual returns for Class R4 Shares would have been different than those shown because Class R4 Shares have different expenses than Class A Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Global Allocation Fund, the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays Global Aggregate Index – (Unhedged USD), the Global Allocation Composite Benchmark and the Lipper Flexible Portfolio Funds Index from May 31, 2011 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays Global Aggregate Index – (Unhedged USD) and the Global Allocation Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Global Allocation Composite Benchmark does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The performance of the Lipper Flexible Portfolio Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization

APRIL 30, 2019 J.P. MORGAN FUNDS 5

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

weighted index that is designed to measure the equity market performance of developed markets. The Global Allocation Composite Benchmark is a composite benchmark comprised of unmanaged indexes that includes 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays Global Aggregate Index (Unhedged USD). The Bloomberg Barclays Global Aggregate Index – (Unhedged USD) provides a broad-based measure of the global investment-grade fixed income markets. The Lipper Flexible Portfolio Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

Subsequent to the inception date of the Fund through May 30, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

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

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

6 J.P. MORGAN FUNDS APRIL 30, 2019

JPMorgan Income Builder Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		5.97%
MSCI World Index (net of foreign withholding taxes)		8.83%
Bloomberg Barclays U.S. Aggregate Bond Index		5.49%
Income Builder Composite Benchmark		7.69%
Net Assets as of 4/30/2019 (In Thousands)	$	12,709,983

INVESTMENT OBJECTIVE**

The JPMorgan Income Builder Fund (the “Fund”) seeks to maximize income while maintaining prospects for capital appreciation.

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

For the six months ended April 30, 2019, the Fund’s Class A Shares, without a sales charge, underperformed both the MSCI World Index (net of foreign withholding taxes) and the Income Builder Composite Benchmark (the “Composite Benchmark”), which is comprised of 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays U.S. Aggregate Index. The Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index.

During the reporting period, the Fund’s allocation to bonds detracted from performance relative to the MSCI World Index, which is an equity index and holds no bonds. The Fund’s allocation to U.S. equity and its opportunistic investment in high yield bonds (also known as “junk bonds”) made positive contributions to relative performance.

Relative to the Composite Benchmark, the Fund’s underweight allocation to equity detracted from performance as global equity markets rebounded in the second half of the reporting period.

The Fund’s allocation to equity was a positive contributor to performance relative to the Bloomberg Barclays U.S. Aggregate Index, which does not hold equity.

HOW WAS THE FUND POSITIONED?

During the first half reporting period, the Fund’s portfolio managers responded to an increase in market volatility and a divergence in economic growth across certain regions by reducing the Fund’s allocation to equity, particularly in Europe. Early in 2019, the Fund incrementally increased its allocations to high-yield debt, non-agency securitized credit and emerging markets debt.

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	FNMA, 30 Year, Single Family, Pool # BM3788, 3.50%, 3/1/2048	0.9	%
	2.	Pfizer, Inc.	0.8
	3.	Coca-Cola Co. (The)	0.7
	4.	FNMA, 30 Year, Single Family, Pool # CA0906, 3.50%, 12/1/2047	0.6
	5.	Merck & Co., Inc.	0.6
	6.	Verizon Communications, Inc.	0.6
	7.	Nestle SA (Registered) (Switzerland)	0.5
	8.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR	0.5
	9.	U.S. Treasury Notes, 2.00%, 01/31/2020	0.5
	10.	Prologis, Inc.	0.5

PORTFOLIO COMPOSITION***
Corporate Bonds	34.5	%
Common Stocks	34.5
Asset-Backed Securities	5.5
Collateralized Mortgage Obligations	5.4
Loan Assignments	5.1
Mortgage-Backed Securities	4.1
Commercial Mortgage-Backed Securities	2.2
Foreign Government Securities	2.1
Convertible Bonds	1.5
Others (each less than 1.0%)	2.0
Short-Term Investments	3.1

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

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

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN FUNDS 7

JPMorgan Income Builder Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 31, 2007
With Sales Charge**			1.17	%		(0.42	)%		3.33	%		8.61	%
Without Sales Charge			5.97			4.32			4.29			9.11
CLASS C SHARES	May 31, 2007
With CDSC***			4.72			2.81			3.76			8.57
Without CDSC			5.72			3.81			3.76			8.57
CLASS I SHARES	May 31, 2007		6.14			4.57			4.44			9.27
CLASS R6 SHARES	November 1, 2017		6.19			4.67			4.47			9.29

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/09 TO 4/30/19)

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Income Builder Fund, the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Bond Index, the Income Builder Composite Benchmark and the Lipper Flexible Portfolio Funds Index from April 30, 2009 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Bond Index and the Income Builder Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund and have been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI World Index (net of foreign withholding taxes) assumes the dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper Flexible Portfolio Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of

developed markets. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Income Builder Composite Benchmark is a composite benchmark comprised of unmanaged indexes that includes 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays U.S. Aggregate Bond Index. The Lipper Flexible Portfolio Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

From April 30, 2008 through December 18, 2009, the Fund did not experience any shareholder purchase and sale activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted. Class A Shares have a $1,000 minimum initial investment and carry a 4.50% sales charge.

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

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

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

8 J.P. MORGAN FUNDS APRIL 30, 2019

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — 98.3%
Common Stocks — 53.0%
Argentina — 0.1%
MercadoLibre, Inc.*		7		3,549
Australia — 0.8%
Australia & New Zealand Banking Group Ltd.		280		5,365
BHP Group Ltd.		206		5,443
BHP Group plc		158		3,741
Commonwealth Bank of Australia		18		970
CSL Ltd.		12		1,751
Dexus, REIT		300		2,646
Goodman Group, REIT		277		2,576
Macquarie Group Ltd.		4		406
National Australia Bank Ltd.		21		380
Oil Search Ltd.		63		347
Rio Tinto Ltd.		62		4,185
Rio Tinto plc		18		1,046
Westpac Banking Corp.		37		724
				29,580
Austria — 0.2%
Erste Group Bank AG*		177		7,104
Belgium — 0.3%
Anheuser-Busch InBev SA/NV		71		6,317
KBC Group NV		49		3,603
				9,920
Brazil — 0.4%
Ambev SA, ADR		520		2,449
Itau Unibanco Holding SA (Preference)		660		5,714
Lojas Renner SA		256		3,026
Raia Drogasil SA*		58		1,013
Ultrapar Participacoes SA		254		1,363
WEG SA		310		1,475
				15,040
Canada — 0.5%
Advanz Pharma Corp.*		17		305
Alimentation Couche-Tard, Inc., Class B		73		4,281
Canadian National Railway Co.		45		4,134
Canadian Pacific Railway Ltd.		18		4,100
Fairfax Financial Holdings Ltd.		4		1,951
Toronto-Dominion Bank (The)		60		3,417
				18,188
Chile — 0.1%
Banco Santander Chile, ADR		70		1,966

INVESTMENTS	SHARES (000)		VALUE (000)
China — 1.7%
Alibaba Group Holding Ltd., ADR*		65		12,058
Baidu, Inc., ADR*		15		2,444
JD.com, Inc., ADR*		96		2,919
Kweichow Moutai Co. Ltd., Class A		15		2,130
Midea Group Co. Ltd., Class A		231		1,799
Ping An Insurance Group Co. of China Ltd., Class H		1,307		15,821
Tencent Holdings Ltd.		421		20,730
Yum China Holdings, Inc.		41		1,958
				59,859
Denmark — 0.4%
Chr Hansen Holding A/S		18		1,862
Novo Nordisk A/S, Class B		199		9,735
Royal Unibrew A/S		28		2,011
				13,608
Finland — 0.4%
Cargotec OYJ, Class B		35		1,426
Neste OYJ		138		4,566
Nokia OYJ		208		1,092
Outokumpu OYJ		481		1,840
UPM-Kymmene OYJ		42		1,197
Wartsila OYJ Abp		222		3,554
				13,675
France — 3.0%
Air France-KLM*		213		2,459
Air Liquide SA		51		6,729
Airbus SE		81		11,151
Alstom SA		71		3,113
AXA SA		94		2,516
BNP Paribas SA		102		5,427
Capgemini SE		42		5,095
Casino Guichard Perrachon SA		5		207
Cie Generale des Etablissements Michelin SCA		19		2,421
Eiffage SA		26		2,670
Faurecia SA		34		1,729
Kering SA		9		5,432
LVMH Moet Hennessy Louis Vuitton SE		17		6,566
Orange SA		162		2,532
Pernod Ricard SA		30		5,293
Peugeot SA		90		2,357
Renault SA		58		3,974
Safran SA		38		5,609

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 9

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
France — continued
Sanofi		74		6,414
Schneider Electric SE		60		5,058
Sodexo SA		21		2,428
Thales SA		22		2,673
TOTAL SA		199		11,071
Unibail-Rodamco-Westfield, REIT		9		1,532
Vinci SA		11		1,119
				105,575
Germany — 2.3%
adidas AG		10		2,489
Allianz SE (Registered)		31		7,387
BASF SE		14		1,141
Bayer AG (Registered)		35		2,315
Brenntag AG		61		3,286
Continental AG		23		3,740
Daimler AG (Registered)*		81		5,337
Delivery Hero SE* (a)		50		2,309
Deutsche Bank AG (Registered)		63		521
Deutsche Boerse AG		45		5,982
Deutsche Post AG (Registered)*		99		3,428
Deutsche Telekom AG (Registered)		491		8,231
Hannover Rueck SE		13		2,002
Henkel AG & Co. KGaA (Preference)		30		3,031
Infineon Technologies AG		134		3,173
MTU Aero Engines AG		10		2,344
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)*		12		2,900
RWE AG*		103		2,634
SAP SE		110		14,147
Siemens AG (Registered)		11		1,365
Volkswagen AG (Preference)		17		2,891
				80,653
Hong Kong — 1.1%
AIA Group Ltd.		2,192		22,443
CK Asset Holdings Ltd.		623		5,013
CK Hutchison Holdings Ltd.		241		2,538
Hong Kong Exchanges & Clearing Ltd.		139		4,839
Jardine Matheson Holdings Ltd.		62		4,068
				38,901
India — 1.0%
HDFC Bank Ltd., ADR		207		23,728
Infosys Ltd., ADR		749		8,061

INVESTMENTS	SHARES (000)		VALUE (000)
India — continued
Mahindra & Mahindra Ltd., GDR (a)		189		1,728
Mahindra & Mahindra Ltd., GDR (a)		156		1,447
				34,964
Indonesia — 0.3%
Astra International Tbk. PT		3,810		2,039
Bank Central Asia Tbk. PT		3,166		6,396
Bank Rakyat Indonesia Persero Tbk. PT*		8,563		2,633
Unilever Indonesia Tbk. PT		325		1,038
				12,106
Ireland — 0.1%
CRH plc		28		935
Ryanair Holdings plc, ADR*		39		3,017
				3,952
Israel — 0.0% (b)
Teva Pharmaceutical Industries Ltd., ADR*		58		886
Italy — 0.6%
Assicurazioni Generali SpA		142		2,757
Enel SpA		1,793		11,353
Eni SpA		245		4,169
Poste Italiane SpA (a)		145		1,551
UniCredit SpA		26		364
				20,194
Japan — 3.7%
Asahi Group Holdings Ltd.		99		4,317
Bridgestone Corp.		90		3,574
Central Japan Railway Co.		13		2,860
Daicel Corp.		268		3,001
Daikin Industries Ltd.		41		5,233
DMG Mori Co. Ltd.		191		2,760
Electric Power Development Co. Ltd.		25		590
FANUC Corp.		17		3,156
Hitachi Ltd.		39		1,297
Honda Motor Co. Ltd.		166		4,629
Japan Airlines Co. Ltd.		53		1,729
Japan Tobacco, Inc.		114		2,623
Kao Corp.		60		4,593
Keyence Corp.		7		4,436
Komatsu Ltd.		115		2,976
Kyowa Hakko Kirin Co. Ltd.		69		1,340
Mabuchi Motor Co. Ltd.		89		3,293
Marui Group Co. Ltd.		105		2,144

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Mitsubishi Corp.		117		3,212
Mitsubishi UFJ Financial Group, Inc.		843		4,180
Mitsui Fudosan Co. Ltd.		110		2,546
NGK Spark Plug Co. Ltd.		107		2,094
Nintendo Co. Ltd.		14		4,960
Nippon Telegraph & Telephone Corp.		96		3,978
Nomura Research Institute Ltd.		36		1,743
Olympus Corp.		60		673
Otsuka Corp.		66		2,604
Otsuka Holdings Co. Ltd.		98		3,486
Panasonic Corp.		260		2,398
Persol Holdings Co. Ltd.		92		1,730
Renesas Electronics Corp.*		256		1,369
Seven & i Holdings Co. Ltd.		108		3,745
Shin-Etsu Chemical Co. Ltd.		42		3,978
Shiseido Co. Ltd.		37		2,895
SMC Corp.		6		2,464
Sony Corp.		33		1,647
Sumitomo Electric Industries Ltd.		108		1,433
Sumitomo Mitsui Financial Group, Inc.		109		3,976
T&D Holdings, Inc.		246		2,668
Tokio Marine Holdings, Inc.		68		3,445
Tokyo Gas Co. Ltd.		34		863
Tokyu Corp.		213		3,482
Toray Industries, Inc.		318		2,174
Toyota Motor Corp.		122		7,572
West Japan Railway Co.		24		1,785
Yamato Holdings Co. Ltd.		46		988
				132,639
Luxembourg — 0.1%
ArcelorMittal		109		2,372
Macau — 0.1%
Sands China Ltd.		566		3,115
Malaysia — 0.0% (b)
Public Bank Bhd.		255		1,390
Mexico — 0.2%
Fomento Economico Mexicano SAB de CV, ADR		21		2,084
Grupo Financiero Banorte SAB de CV, Class O		317		2,007
Wal-Mart de Mexico SAB de CV		845		2,482
				6,573

INVESTMENTS	SHARES (000)		VALUE (000)
Netherlands — 1.3%
ABN AMRO Group NV, CVA (a)		106		2,488
Adyen NV* (a)		3		2,556
Akzo Nobel NV		39		3,346
ASML Holding NV		53		10,968
ASR Nederland NV		56		2,508
Heineken NV		18		1,995
ING Groep NV		431		5,503
Koninklijke Ahold Delhaize NV		82		1,978
Koninklijke Philips NV		38		1,626
NN Group NV		49		2,125
Royal Dutch Shell plc, Class A		166		5,275
Royal Dutch Shell plc, Class B		177		5,718
				46,086
Norway — 0.1%
DNB ASA*		115		2,215
Peru — 0.1%
Credicorp Ltd.		12		2,888
Russia — 0.1%
Sberbank of Russia PJSC		1,008		3,533
Sberbank of Russia PJSC, ADR		84		1,225
				4,758
Singapore — 0.2%
DBS Group Holdings Ltd.		243		5,057
United Overseas Bank Ltd.		23		465
				5,522
South Africa — 0.4%
Bid Corp. Ltd.		58		1,233
Bidvest Group Ltd. (The)		147		2,241
Capitec Bank Holdings Ltd.		21		1,974
FirstRand Ltd.		662		3,149
Mr Price Group Ltd.		48		729
Oceana Group Ltd.		13		65
RMB Holdings Ltd.		173		1,013
Sanlam Ltd.		281		1,504
Shoprite Holdings Ltd.		118		1,420
Tiger Brands Ltd.		51		886
				14,214
South Korea — 0.2%
NAVER Corp.		14		1,462
Samsung Electronics Co. Ltd.		181		7,104
				8,566

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 11

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
Spain — 0.8%
ACS Actividades de Construccion y Servicios SA		86		3,939
Banco Santander SA		495		2,507
Bankia SA		754		2,090
Iberdrola SA		822		7,468
Industria de Diseno Textil SA		160		4,836
Repsol SA		276		4,686
Telefonica SA		440		3,672
				29,198
Sweden — 0.4%
Evolution Gaming Group AB (a)		8		862
Lundin Petroleum AB		77		2,514
Svenska Handelsbanken AB, Class A		510		5,575
Telefonaktiebolaget LM Ericsson, Class B		310		3,071
Volvo AB, Class B		100		1,610
				13,632
Switzerland — 2.8%
Alcon, Inc.*		47		2,708
Cie Financiere Richemont SA (Registered)		50		3,690
Credit Suisse Group AG (Registered)*		344		4,578
LafargeHolcim Ltd. (Registered)*		84		4,291
Logitech International SA (Registered)		48		1,875
Nestle SA (Registered)		325		31,308
Novartis AG (Registered)		235		19,268
Roche Holding AG		67		17,718
Swiss Re AG		39		3,725
Swisscom AG (Registered)		6		2,927
Zurich Insurance Group AG		19		6,142
				98,230
Taiwan — 0.6%
Delta Electronics, Inc.		409		2,157
Largan Precision Co. Ltd.		8		1,201
President Chain Store Corp.		356		3,321
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		367		16,103
				22,782
Thailand — 0.1%
Siam Cement PCL (The) (Registered)		145		2,089
Siam Commercial Bank PCL (The)		344		1,399
				3,488
Turkey — 0.0% (b)
KOC Holding A/S		193		524

INVESTMENTS	SHARES (000)		VALUE (000)
United Kingdom — 3.3%
3i Group plc		315		4,402
AstraZeneca plc		57		4,258
Aviva plc		495		2,780
Barratt Developments plc		330		2,592
BP plc		960		6,980
British American Tobacco plc		161		6,291
Burberry Group plc		244		6,436
Diageo plc		141		5,941
Dixons Carphone plc		843		1,598
GlaxoSmithKline plc		482		9,896
HSBC Holdings plc		529		4,608
InterContinental Hotels Group plc		80		5,202
ITV plc		1,480		2,642
Legal & General Group plc		1,120		4,073
Linde plc		34		6,097
Lloyds Banking Group plc		2,499		2,044
London Stock Exchange Group plc		46		3,010
Prudential plc		280		6,357
RELX plc		149		3,425
Smith & Nephew plc		186		3,596
Standard Chartered plc		463		4,234
Taylor Wimpey plc		899		2,132
Unilever NV, CVA		182		11,032
Vodafone Group plc		2,313		4,290
Whitbread plc		19		1,124
				115,040
United States — 25.2%
Acadia Healthcare Co., Inc.*		41		1,311
Advanced Micro Devices, Inc.*		82		2,258
AdvanSix, Inc.*		35		1,054
Air Products & Chemicals, Inc.		20		4,196
Alleghany Corp.*		2		1,612
Allergan plc		25		3,696
Alphabet, Inc., Class A*		7		8,592
Alphabet, Inc., Class C*		13		15,567
Altice USA, Inc., Class A		567		13,360
Amazon.com, Inc.*		9		17,770
American Electric Power Co., Inc.		65		5,562
American Express Co.		96		11,199
American Homes 4 Rent, Class A, REIT		101		2,433
American International Group, Inc.		93		4,406
AmerisourceBergen Corp.		25		1,875
Amphenol Corp., Class A		23		2,253

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Common Stocks — continued
United States — continued
Analog Devices, Inc.		31			3,604
Anthem, Inc.		7			1,904
Apple, Inc. (d)		68			13,630
Applied Materials, Inc.		57			2,498
Arista Networks, Inc.*		8			2,392
Arrow Electronics, Inc.*		47			3,984
Autodesk, Inc.*		9			1,577
AutoZone, Inc.*		6			5,963
Avaya Holdings Corp.*		19			366
Avery Dennison Corp.		25			2,737
Ball Corp.		151			9,047
Bank of America Corp.		497			15,196
Berkshire Hathaway, Inc., Class A*		—	(c)		8,452
Berkshire Hathaway, Inc., Class B*		56			12,093
Berry Global Group, Inc.*		87			5,106
Best Buy Co., Inc.		32			2,345
BlackRock, Inc.		5			2,307
Boeing Co. (The)		10			3,941
Booz Allen Hamilton Holding Corp.		17			1,036
Brinker International, Inc.		33			1,420
Brixmor Property Group, Inc., REIT		175			3,121
Capital One Financial Corp. (d)		98			9,052
Carlisle Cos., Inc.		17			2,414
Catalent, Inc.*		42			1,861
CBRE Group, Inc., Class A* (d)		137			7,155
CBS Corp. (Non-Voting), Class B		47			2,394
Charles Schwab Corp. (The)		132			6,064
Charter Communications, Inc., Class A*		15			5,559
Chevron Corp.		49			5,870
Chubb Ltd.		23			3,322
Cigna Corp.		47			7,391
Cisco Systems, Inc. (d)		93			5,215
Citigroup, Inc.		77			5,413
Citizens Financial Group, Inc.		122			4,431
Claire’s Stores, Inc.* ‡		—	(c)		228
Clorox Co. (The)		8			1,253
Columbia Sportswear Co.		19			1,879
Comcast Corp., Class A		163			7,100
CommScope Holding Co., Inc.*		106			2,615
Concho Resources, Inc. (d)		19			2,148
ConocoPhillips		77			4,867
Copart, Inc.*		48			3,225
CorePoint Lodging, Inc., REIT		5			57

INVESTMENTS	SHARES (000)		VALUE (000)
United States — continued
Corning, Inc.		74		2,350
Coty, Inc., Class A		193		2,084
Deere & Co.		13		2,217
Delta Air Lines, Inc. (d)		122		7,101
DexCom, Inc.*		15		1,821
Diamondback Energy, Inc.		23		2,478
DISH Network Corp., Class A*		155		5,460
DocuSign, Inc.*		24		1,343
Dover Corp.		34		3,382
Duke Energy Corp.		26		2,403
East West Bancorp, Inc.		51		2,624
EastGroup Properties, Inc., REIT		19		2,129
Eaton Corp. plc		41		3,392
Edison International		22		1,378
Energizer Holdings, Inc.		49		2,366
Entercom Communications Corp., Class A (d)		292		2,007
EOG Resources, Inc.		21		2,041
EQT Corp.		72		1,482
Equitrans Midstream Corp.		63		1,322
Eversource Energy		33		2,344
Evolent Health, Inc., Class A*		68		922
Exact Sciences Corp.*		28		2,776
Exelixis, Inc.*		81		1,601
Expedia Group, Inc.		18		2,392
Exxon Mobil Corp. (d)		53		4,284
Facebook, Inc., Class A* (d)		12		2,361
Fair Isaac Corp.*		6		1,759
Federal Realty Investment Trust, REIT		19		2,484
Ferguson plc		94		6,690
Fifth Third Bancorp		90		2,606
First Data Corp., Class A*		182		4,699
First Republic Bank		45		4,801
First Solar, Inc.*		56		3,446
Fiserv, Inc.*		91		7,928
Fortune Brands Home & Security, Inc.		34		1,804
Genuine Parts Co.		15		1,577
Global Payments, Inc.		31		4,512
GoDaddy, Inc., Class A*		32		2,610
Goodman Networks, Inc.* ‡		2		—
Graphic Packaging Holding Co.		192		2,665
Hartford Financial Services Group, Inc. (The)		60		3,138
HCA Healthcare, Inc.		13		1,615
Hershey Co. (The)		25		3,179

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 13

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
United States — continued
Hewlett Packard Enterprise Co.		90		1,429
Hilton Worldwide Holdings, Inc.		45		3,955
Home Depot, Inc. (The)		42		8,469
Honeywell International, Inc.		31		5,395
IHS Markit Ltd.*		68		3,877
Illinois Tool Works, Inc. (d)		25		3,890
Illumina, Inc.*		9		2,712
Intercept Pharmaceuticals, Inc.*		6		491
Intuit, Inc.		16		4,001
Intuitive Surgical, Inc.*		5		2,671
Invesco Ltd.		87		1,908
Jazz Pharmaceuticals plc*		15		2,000
Johnson & Johnson		41		5,755
Keurig Dr Pepper, Inc.		63		1,824
Keysight Technologies, Inc.*		8		714
Kimco Realty Corp., REIT		148		2,576
Kinder Morgan, Inc.		253		5,036
Kohl’s Corp.		51		3,602
Kroger Co. (The)		56		1,453
Lennox International, Inc.		13		3,584
Loews Corp. (d)		149		7,660
Lululemon Athletica, Inc.*		16		2,772
Lyft, Inc., Class A*		26		1,538
M&T Bank Corp.		38		6,546
Marathon Petroleum Corp.		47		2,856
Marsh & McLennan Cos., Inc.		36		3,432
Martin Marietta Materials, Inc.		30		6,594
Mastercard, Inc., Class A		43		11,013
Medtronic plc		30		2,649
Merck & Co., Inc.		86		6,747
Microchip Technology, Inc.		16		1,631
Microsoft Corp. (d)		233		30,370
Mid-America Apartment Communities, Inc., REIT		39		4,229
Middleby Corp. (The)*		11		1,393
Molson Coors Brewing Co., Class B		28		1,790
Morgan Stanley		118		5,697
Murphy USA, Inc.*		21		1,800
Nasdaq, Inc.		28		2,616
Netflix, Inc.*		15		5,381
New York Times Co. (The), Class A		34		1,116
Nexstar Media Group, Inc., Class A		28		3,300
NextEra Energy, Inc. (d)		63		12,224
NII Holdings, Inc.*		1		2

INVESTMENTS	SHARES (000)		VALUE (000)
United States — continued
NiSource, Inc.		53		1,473
Nordson Corp.		11		1,572
Nordstrom, Inc.		85		3,499
Northern Trust Corp.		28		2,783
Norwegian Cruise Line Holdings Ltd.*		171		9,665
NVIDIA Corp. (d)		19		3,449
Occidental Petroleum Corp.		42		2,459
Old Dominion Freight Line, Inc.		12		1,812
O’Reilly Automotive, Inc.*		8		3,195
Oshkosh Corp.		19		1,572
Outfront Media, Inc., REIT		123		2,932
Packaging Corp. of America		27		2,677
Palo Alto Networks, Inc.*		11		2,788
Parker-Hannifin Corp.		14		2,598
PayPal Holdings, Inc.*		63		7,059
PBF Energy, Inc., Class A		31		1,042
Penn Virginia Corp.*		1		25
Pfizer, Inc. (d)		266		10,814
Phillips 66		24		2,297
PNC Financial Services Group, Inc. (The)		59		8,059
Post Holdings, Inc.*		36		4,064
Procter & Gamble Co. (The)		50		5,376
Progressive Corp. (The)		48		3,783
Prudential Financial, Inc.		14		1,519
Public Storage, REIT		18		4,068
QUALCOMM, Inc.		30		2,578
Rayonier, Inc., REIT		81		2,574
Remington Outdoor Co., Inc.* ‡		2		4
Revance Therapeutics, Inc.*		32		423
Ross Stores, Inc.		53		5,162
S&P Global, Inc.		17		3,664
Sage Therapeutics, Inc.*		6		1,046
SailPoint Technologies Holding, Inc.*		55		1,544
salesforce.com, Inc.*		34		5,699
ServiceNow, Inc.*		13		3,657
Southwest Airlines Co.		27		1,443
Spark Therapeutics, Inc.*		2		209
Splunk, Inc.*		18		2,531
Spotify Technology SA*		18		2,470
Stanley Black & Decker, Inc.		16		2,407
SunTrust Banks, Inc.		81		5,292
Synopsys, Inc.*		14		1,679
T. Rowe Price Group, Inc.		54		5,818

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
United States — continued
Take-Two Interactive Software, Inc.*		31		3,019
TD Ameritrade Holding Corp.		33		1,752
Teladoc Health, Inc.*		40		2,264
Tesla, Inc.*		6		1,542
Texas Instruments, Inc. (d)		49		5,806
TherapeuticsMD, Inc.*		176		757
Thermo Fisher Scientific, Inc.		15		4,140
Tiffany & Co.		27		2,956
Tractor Supply Co.		30		3,095
Travelers Cos., Inc. (The)		38		5,463
Union Pacific Corp.		61		10,863
United Technologies Corp.		32		4,585
UnitedHealth Group, Inc. (d)		72		16,715
US Bancorp		82		4,373
Veeva Systems, Inc., Class A*		18		2,477
Verizon Communications, Inc. (d)		111		6,326
Vertex Pharmaceuticals, Inc.*		13		2,189
Visa, Inc., Class A (d)		45		7,434
Vistra Energy Corp.		103		2,800
Vulcan Materials Co.		18		2,213
Walgreens Boots Alliance, Inc.		64		3,408
Waste Connections, Inc.		80		7,414
Wayfair, Inc., Class A*		10		1,700
Wells Fargo & Co. (d)		194		9,397
Westrock Co.		73		2,817
Weyerhaeuser Co., REIT		38		1,015
Williams Cos., Inc. (The)		141		4,007
Worldpay, Inc., Class A*		123		14,385
WW Grainger, Inc.		6		1,810
Xcel Energy, Inc.		98		5,516
Xilinx, Inc.		23		2,780
Zebra Technologies Corp., Class A*		12		2,513
Zimmer Biomet Holdings, Inc.		46		5,704
				891,662
Total Common Stocks (Cost $1,585,779)				1,874,614
	PRINCIPAL AMOUNT (000)
Corporate Bonds — 10.2%
Argentina — 0.0% (b)
Pampa Energia SA 7.38%, 7/21/2023 (a)		75		67

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Australia — 0.1%
Australia & New Zealand Banking Group Ltd.
5.10%, 1/13/2020 (e)		100		102
2.13%, 8/19/2020		250		248
2.70%, 11/16/2020		300		300
Brambles USA, Inc. 5.35%, 4/1/2020 (e)		177		181
Commonwealth Bank of Australia
2.25%, 3/10/2020 (e)		83		83
2.55%, 3/15/2021		250		249
FMG Resources August 2006 Pty. Ltd.
4.75%, 5/15/2022 (e)		113		115
5.13%, 3/15/2023 (e)		240		245
5.13%, 5/15/2024 (e)		75		76
Macquarie Bank Ltd. 2.40%, 1/21/2020 (e)		282		281
National Australia Bank Ltd.
2.25%, 1/10/2020		250		249
(ICE LIBOR USD 3 Month + 0.51%), 3.17%, 5/22/2020 (e) (f)		250		251
Scentre Group Trust 1
REIT, 2.38%, 11/5/2019 (e)		190		190
REIT, 2.38%, 4/28/2021 (e)		52		51
Suncorp-Metway Ltd. 2.35%, 4/27/2020 (e)		233		232
Westpac Banking Corp.
4.88%, 11/19/2019		170		172
2.15%, 3/6/2020		524		522
2.60%, 11/23/2020		250		249
2.65%, 1/25/2021		300		300
				4,096
Azerbaijan — 0.0% (b)
State Oil Co. of the Azerbaijan Republic 6.95%, 3/18/2030 (a)		300		342
Bahrain — 0.0% (b)
Batelco International Finance No. 1 Ltd. 4.25%, 5/1/2020 (a)		300		298
Oil and Gas Holding Co. BSCC (The) 7.63%, 11/7/2024 (e)		200		218
				516
Brazil — 0.0% (b)
Cemig Geracao e Transmissao SA 9.25%, 12/5/2024 (e)		200		220
Itau Unibanco Holding SA 6.20%, 12/21/2021 (a)		200		211
Klabin Austria GmbH 7.00%, 4/3/2049 (e)		200		200

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 15

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
Brazil — continued
Petrobras Global Finance BV
6.25%, 3/17/2024		70		75
6.00%, 1/27/2028		136		140
				846
Canada — 0.5%
1011778 BC ULC 4.25%, 5/15/2024 (e)		461		454
Advanz Pharma Corp. 8.00%, 9/6/2024		421		394
Alimentation Couche-Tard, Inc. 2.35%, 12/13/2019 (e)		96		96
ATS Automation Tooling Systems, Inc. 6.50%, 6/15/2023 (e)		294		304
Bank of Montreal
1.50%, 7/18/2019		265		264
(ICE LIBOR USD 3 Month + 0.25%), 2.85%, 9/11/2019 (f)		30		30
(ICE LIBOR USD 3 Month + 0.40%), 2.99%, 1/22/2021 (f)		641		643
Bank of Nova Scotia (The)
2.05%, 6/5/2019		265		265
(ICE LIBOR USD 3 Month + 0.42%), 3.00%, 1/25/2021 (f)		650		652
Baytex Energy Corp. 5.63%, 6/1/2024 (e)		117		111
Bombardier, Inc.
6.00%, 10/15/2022 (e)		1,360		1,361
6.13%, 1/15/2023 (e)		901		900
7.50%, 3/15/2025 (e)		742		744
7.88%, 4/15/2027 (e)		738		742
Calfrac Holdings LP 8.50%, 6/15/2026 (e)		23		19
Federation des Caisses Desjardins du Quebec 2.25%, 10/30/2020 (e)		300		298
Garda World Security Corp.
7.25%, 11/15/2021 (e)		34		34
8.75%, 5/15/2025 (e)		2,310		2,178
Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (e)		1,021		1,067
Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025 (e)		200		192
Hudbay Minerals, Inc.
7.25%, 1/15/2023 (e)		145		150
7.63%, 1/15/2025 (e)		200		208
Intertape Polymer Group, Inc. 7.00%, 10/15/2026 (e)		199		204
Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023 (e)		348		311
Mattamy Group Corp. 6.88%, 12/15/2023 (e)		295		305

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Canada — continued
MEG Energy Corp.
6.38%, 1/30/2023 (e)		310		293
7.00%, 3/31/2024 (e)		166		157
6.50%, 1/15/2025 (e)		120		121
NOVA Chemicals Corp.
4.88%, 6/1/2024 (e)		150		147
5.00%, 5/1/2025 (e)		938		912
Open Text Corp. 5.88%, 6/1/2026 (e)		873		914
Precision Drilling Corp.
5.25%, 11/15/2024		45		43
7.13%, 1/15/2026 (e)		427		429
Quebecor Media, Inc. 5.75%, 1/15/2023		175		182
Royal Bank of Canada
1.50%, 7/29/2019		265		264
2.50%, 1/19/2021		300		300
Stars Group Holdings BV 7.00%, 7/15/2026 (e)		293		307
Toronto-Dominion Bank (The)
1.45%, 8/13/2019		270		269
(ICE LIBOR USD 3 Month + 0.15%), 2.73%, 10/24/2019 (f)		16		16
2.55%, 1/25/2021		300		300
Videotron Ltd.
5.38%, 6/15/2024 (e)		116		122
5.13%, 4/15/2027 (e)		270		276
				16,978
Chile — 0.0% (b)
Corp. Nacional del Cobre de Chile 4.38%, 2/5/2049 (e)		300		300
Empresa Nacional del Petroleo
3.75%, 8/5/2026 (a)		200		198
5.25%, 11/6/2029 (e)		200		217
4.50%, 9/14/2047 (a)		200		191
				906
China — 0.2%
China Development Bank
0.38%, 11/16/2021 (a)		EUR 1,270		1,429
2.63%, 1/24/2022 (a)		3,000		2,974
Chinalco Capital Holdings Ltd. 4.00%, 8/25/2021 (a)		200		198
CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027 (a)		200		200

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
China — continued
Guangxi Communications Investment Group Co. Ltd. 3.00%, 11/4/2019 (a)		200		198
Hongkong International Qingdao Co. Ltd. 4.25%, 12/4/2022 (a)		250		237
Minmetals Bounteous Finance BVI Ltd. 4.20%, 7/27/2026 (a)		200		201
Tencent Holdings Ltd. 3.98%, 4/11/2029 (e)		200		202
				5,639
Colombia — 0.0% (b)
Ecopetrol SA
5.88%, 9/18/2023		200		217
5.38%, 6/26/2026		228		244
Geopark Ltd. 6.50%, 9/21/2024 (e)		200		202
Millicom International Cellular SA 6.25%, 3/25/2029 (e)		200		207
				870
Denmark — 0.0% (b)
DKT Finance ApS 9.38%, 6/17/2023 (e)		550		595
Ecuador — 0.0% (b)
Petroamazonas EP
4.63%, 2/16/2020 (a)		167		165
4.63%, 11/6/2020 (e)		450		441
				606
Finland — 0.1%
Nokia OYJ 4.38%, 6/12/2027		608		609
Nordea Bank Abp
4.88%, 1/27/2020 (e)		285		289
2.13%, 5/29/2020 (e)		238		237
2.50%, 9/17/2020 (e)		200		199
2.25%, 5/27/2021 (e)		350		346
				1,680
France — 0.4%
Altice France SA
6.25%, 5/15/2024 (e)		250		256
7.38%, 5/1/2026 (e)		1,534		1,554
Banque Federative du Credit Mutuel SA
2.20%, 7/20/2020 (e)		434		431
2.75%, 10/15/2020 (e)		200		200
BNP Paribas SA 5.00%, 1/15/2021		300		311
Credit Agricole Corporate & Investment Bank SA (ICE LIBOR USD 3 Month + 0.29%), 2.86%, 11/2/2020 (e) (f)		350		350

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
France — continued
Credit Agricole SA
2.75%, 6/10/2020 (e)		300		300
(ICE LIBOR USD 3 Month + 0.97%), 3.57%, 6/10/2020 (e) (f)		283		285
Dexia Credit Local SA
0.75%, 1/25/2023 (a)		EUR 3,500		4,041
1.63%, 12/8/2023 (a)		GBP 2,800		3,676
1.25%, 11/26/2024 (a)		EUR 2,100		2,495
Orange SA 1.63%, 11/3/2019		191		190
Societe Generale SA
2.50%, 4/8/2021 (e)		200		198
5.20%, 4/15/2021 (e)		200		208
WEA Finance LLC REIT, 2.70%, 9/17/2019 (e)		200		200
				14,695
Georgia — 0.0% (b)
Georgian Railway JSC 7.75%, 7/11/2022 (a)		200		214
Germany — 0.1%
BMW US Capital LLC
(ICE LIBOR USD 3 Month + 0.38%), 2.97%, 4/6/2020 (e) (f)		312		312
3.25%, 8/14/2020 (e)		102		103
Daimler Finance North America LLC
3.10%, 5/4/2020 (e)		300		301
2.70%, 8/3/2020 (e)		202		201
Deutsche Telekom International Finance BV 2.23%, 1/17/2020 (e)		294		293
Kreditanstalt fuer Wiederaufbau 1.25%, 9/30/2019		530		527
Siemens Financieringsmaatschappij NV 2.20%, 3/16/2020 (e)		250		249
Unitymedia GmbH 6.13%, 1/15/2025 (e)		412		427
				2,413
Ghana — 0.0% (b)
Tullow Oil plc 7.00%, 3/1/2025 (e)		603		614
Hong Kong — 0.0% (b)
CK Hutchison International 19 Ltd. 3.63%, 4/11/2029 (e)		200		200
WTT Investment Ltd. 5.50%, 11/21/2022 (e)		410		415
				615
Hungary — 0.0% (b)
MFB Magyar Fejlesztesi Bank Zrt. 6.25%, 10/21/2020 (a)		200		209

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 17

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
Indonesia — 0.1%
Indonesia Asahan Aluminium Persero PT
5.71%, 11/15/2023 (e)		200		214
6.53%, 11/15/2028 (e)		200		228
6.76%, 11/15/2048 (a)		290		333
6.76%, 11/15/2048 (e)		200		229
LLPL Capital Pte. Ltd. 6.88%, 2/4/2039 (e)		200		216
Pertamina Persero PT 6.50%, 11/7/2048 (a)		200		233
Perusahaan Listrik Negara PT 4.13%, 5/15/2027 (a)		200		197
				1,650
Ireland — 0.1%
Ardagh Packaging Finance plc
7.25%, 5/15/2024 (e)		400		421
6.00%, 2/15/2025 (e)		1,800		1,814
Avolon Holdings Funding Ltd.
5.50%, 1/15/2023 (e)		120		126
5.13%, 10/1/2023 (e)		150		156
5.25%, 5/15/2024 (e)		1,024		1,070
Park Aerospace Holdings Ltd. 5.50%, 2/15/2024 (e)		1,019		1,073
				4,660
Italy — 0.0% (b)
Telecom Italia Capital SA
6.38%, 11/15/2033		205		199
6.00%, 9/30/2034		86		80
7.20%, 7/18/2036		47		48
				327
Japan — 0.1%
Development Bank of Japan, Inc. 3.13%, 9/6/2023 (e)		1,850		1,882
Mizuho Bank Ltd. 2.70%, 10/20/2020 (e)		200		200
MUFG Bank Ltd. 2.30%, 3/5/2020 (e)		200		199
Nomura Holdings, Inc. 6.70%, 3/4/2020		253		261
				2,542
Kazakhstan — 0.0% (b)
KazMunayGas National Co. JSC
3.88%, 4/19/2022 (a)		200		202
4.75%, 4/19/2027 (a)		200		207
6.38%, 10/24/2048 (a)		600		662
				1,071

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Luxembourg — 0.2%
Altice Financing SA 7.50%, 5/15/2026 (e)		1,075		1,091
Altice Luxembourg SA 7.63%, 2/15/2025 (e)		1,170		1,094
Intelsat Connect Finance SA 9.50%, 2/15/2023 (e)		871		808
Intelsat Jackson Holdings SA
5.50%, 8/1/2023		1,108		999
8.00%, 2/15/2024 (e)		875		913
8.50%, 10/15/2024 (e)		1,331		1,314
9.75%, 7/15/2025 (e)		435		446
Intelsat Luxembourg SA 8.13%, 6/1/2023		277		209
				6,874
Malaysia — 0.0% (b)
Petronas Capital Ltd. 4.50%, 3/18/2045 (a)		200		217
Mauritius — 0.0% (b)
Liquid Telecommunications Financing plc 8.50%, 7/13/2022 (e)		260		263
Mexico — 0.2%
America Movil SAB de CV
5.00%, 10/16/2019		250		251
5.00%, 3/30/2020		360		366
Banco Nacional de Comercio Exterior SNC 4.38%, 10/14/2025 (a)		200		201
Cemex SAB de CV
5.70%, 1/11/2025 (e)		345		353
6.13%, 5/5/2025 (e)		2,570		2,672
Cometa Energia SA de CV 6.38%, 4/24/2035 (e)		214		213
Petroleos Mexicanos
(ICE LIBOR USD 3 Month + 3.65%), 6.25%, 3/11/2022 (f)		200		209
5.38%, 3/13/2022		50		51
6.50%, 3/13/2027		629		636
5.50%, 6/27/2044		200		163
6.75%, 9/21/2047		225		207
6.35%, 2/12/2048		170		150
				5,472
Netherlands — 0.2%
ABN AMRO Bank NV 2.45%, 6/4/2020 (e)		200		199
BNG Bank NV
2.50%, 2/16/2021 (e)		3,538		3,543
4.75%, 3/6/2023 (a)		AUD 602		470
Cooperatieve Rabobank UA
2.50%, 1/19/2021		300		299
3.13%, 4/26/2021		300		302

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
Netherlands — continued
NXP BV 4.63%, 6/15/2022 (e)		200		208
Shell International Finance BV
1.38%, 5/10/2019		173		173
4.38%, 3/25/2020		259		263
UPCB Finance IV Ltd. 5.38%, 1/15/2025 (e)		185		189
Ziggo Bond Co. BV 5.88%, 1/15/2025 (e)		706		706
Ziggo BV 5.50%, 1/15/2027 (e)		300		299
				6,651
New Zealand — 0.0% (b)
ANZ New Zealand Int’l Ltd. 2.85%, 8/6/2020 (e)		400		401
Nigeria — 0.0% (b)
IHS Netherlands Holdco BV 9.50%, 10/27/2021 (a)		280		290
Norway — 0.0% (b)
Aker BP ASA 5.88%, 3/31/2025 (e)		723		759
DNB Bank ASA (ICE LIBOR USD 3 Month + 0.37%), 2.97%, 10/2/2020 (e) (f)		250		250
DNO ASA 8.75%, 5/31/2023 (a)		200		206
Equinor ASA 2.25%, 11/8/2019		135		135
				1,350
Panama — 0.0% (b)
Aeropuerto Internacional de Tocumen SA 6.00%, 11/18/2048 (e)		200		226
Empresa de Transmision Electrica SA 5.13%, 5/2/2049 (e)		200		203
				429
Peru — 0.1%
Consorcio Transmantaro SA 4.70%, 4/16/2034 (e)		200		203
Corp. Financiera de Desarrollo SA 4.75%, 7/15/2025 (a)		200		210
Fondo MIVIVIENDA SA 3.50%, 1/31/2023 (a)		200		200
Inkia Energy Ltd. 5.88%, 11/9/2027 (e)		230		230
Nexa Resources SA 5.38%, 5/4/2027 (a)		200		208
Petroleos del Peru SA
4.75%, 6/19/2032 (a)		400		406
5.63%, 6/19/2047 (a)		200		212
				1,669
Qatar — 0.0% (b)
ABQ Finance Ltd. 3.50%, 2/22/2022 (a)		780		773

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Saudi Arabia — 0.0% (b)
Saudi Arabian Oil Co. 4.38%, 4/16/2049 (e)		200		195
Singapore — 0.3%
Temasek Financial I Ltd.
0.50%, 3/1/2022 (a)		EUR 2,000		2,276
3.63%, 8/1/2028 (e)		6,158		6,394
United Overseas Bank Ltd. (ICE LIBOR USD 3 Month + 0.48%), 3.07%, 4/23/2021 (e) (f)		300		300
				8,970
South Africa — 0.0% (b)
Eskom Holdings SOC Ltd.
5.75%, 1/26/2021 (a)		200		198
6.75%, 8/6/2023 (a)		200		201
				399
South Korea — 0.0% (b)
Heungkuk Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/9/2047 (a) (f)		330		310
Korea Development Bank (The) 3.00%, 3/19/2022		1,087		1,092
				1,402
Spain — 0.0% (b)
AI Candelaria Spain SLU 7.50%, 12/15/2028 (e)		340		363
International Airport Finance SA 12.00%, 3/15/2033 (e)		200		215
				578
Sweden — 0.0% (b)
Skandinaviska Enskilda Banken AB
1.50%, 9/13/2019		250		249
2.63%, 11/17/2020 (e)		200		199
Svenska Handelsbanken AB 2.40%, 10/1/2020		250		249
				697
Switzerland — 0.0% (b)
UBS AG
2.20%, 6/8/2020 (e)		300		298
2.45%, 12/1/2020 (e)		200		199
UBS Group Funding Switzerland AG 2.95%, 9/24/2020 (e)		200		200
				697

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 19

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
Trinidad and Tobago — 0.0% (b)
Petroleum Co. of Trinidad & Tobago Ltd. 9.75%, 8/14/2019 (a)		350		343
Tunisia — 0.0% (b)
Banque Centrale de Tunisie International Bond 6.75%, 10/31/2023 (e)		EUR 100		112
Turkey — 0.0% (b)
Turk Telekomunikasyon A/S 6.88%, 2/28/2025 (e)		200		192
United Arab Emirates — 0.1%
DAE Funding LLC
4.50%, 8/1/2022 (e)		141		143
5.00%, 8/1/2024 (e)		449		458
EA Partners I BV 6.88%, 9/28/2020 (a)		590		266
MAF Global Securities Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.54%), 6.37%, 3/20/2026 (a) (f) (g) (h)		220		206
Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (e)		1,213		1,181
				2,254
United Kingdom — 0.2%
BAE Systems Holdings, Inc. 6.38%, 6/1/2019 (e)		148		148
Barclays Bank plc 7.63%, 11/21/2022		400		437
Barclays plc
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023 (f) (g) (h)		211		218
4.38%, 9/11/2024		1,319		1,329
BAT International Finance plc 2.75%, 6/15/2020 (e)		252		252
HSBC Holdings plc 2.95%, 5/25/2021		208		209
Jaguar Land Rover Automotive plc 4.50%, 10/1/2027 (e)		753		621
Nationwide Building Society 2.35%, 1/21/2020 (e)		237		236
Royal Bank of Scotland Group plc
(USD Swap Semi 5 Year + 5.80%), 7.50%, 8/10/2020 (f) (g) (h)		200		206
(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021 (f) (g) (h)		628		675
6.00%, 12/19/2023		855		918
Standard Chartered plc
2.10%, 8/19/2019 (e)		400		399
2.25%, 4/17/2020 (e)		200		199
3.05%, 1/15/2021 (e)		320		320

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United Kingdom — continued
Virgin Media Secured Finance plc
5.25%, 1/15/2026 (e)		705		717
5.50%, 8/15/2026 (e)		205		210
				7,094
United States — 7.2%
Acadia Healthcare Co., Inc.
5.63%, 2/15/2023		151		152
6.50%, 3/1/2024		592		613
ACE Cash Express, Inc. 12.00%, 12/15/2022 (e)		485		453
ADT Security Corp. (The)
4.13%, 6/15/2023		576		564
4.88%, 7/15/2032 (e)		190		157
AECOM 5.13%, 3/15/2027		769		772
Ahern Rentals, Inc. 7.38%, 5/15/2023 (e)		665		592
AIG Global Funding
2.15%, 7/2/2020 (e)		163		162
(ICE LIBOR USD 3 Month + 0.65%), 3.24%, 1/22/2021 (e) (f)		281		282
AK Steel Corp.
6.38%, 10/15/2025		770		645
7.00%, 3/15/2027		40		34
Albertsons Cos. LLC
6.63%, 6/15/2024		765		789
5.75%, 3/15/2025		210		208
7.50%, 3/15/2026 (e)		2,051		2,174
Alcoa Nederland Holding BV
6.75%, 9/30/2024 (e)		202		213
7.00%, 9/30/2026 (e)		200		216
Allegheny Technologies, Inc.
5.95%, 1/15/2021		26		26
7.88%, 8/15/2023 (i)		165		179
Alliance Data Systems Corp. 5.38%, 8/1/2022 (e)		438		445
Allison Transmission, Inc. 4.75%, 10/1/2027 (e)		473		463
Ally Financial, Inc.
5.13%, 9/30/2024		721		761
4.63%, 3/30/2025		595		613
5.75%, 11/20/2025		285		309
8.00%, 11/1/2031		414		530
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		581		560
5.88%, 11/15/2026		285		265
6.13%, 5/15/2027		370		345

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
AMC Networks, Inc.
5.00%, 4/1/2024		60		61
4.75%, 8/1/2025		708		704
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		1,825		1,834
6.50%, 4/1/2027		1,229		1,238
American Express Credit Corp. (ICE LIBOR USD 3 Month + 0.57%), 3.15%, 10/30/2019 (f)		34		34
American Honda Finance Corp.
(ICE LIBOR USD 3 Month + 0.15%), 2.84%, 11/13/2019 (f)		45		45
2.00%, 2/14/2020		250		249
1.95%, 7/20/2020		350		347
AmeriGas Partners LP
5.63%, 5/20/2024		25		26
5.50%, 5/20/2025		590		604
5.88%, 8/20/2026		127		133
Amkor Technology, Inc. 6.63%, 9/15/2027 (e)		597		610
AMN Healthcare, Inc. 5.13%, 10/1/2024 (e)		155		156
Antero Resources Corp.
5.13%, 12/1/2022		301		302
5.63%, 6/1/2023		149		151
Apple, Inc. 2.10%, 5/6/2019		38		38
Arconic, Inc.
5.13%, 10/1/2024		311		321
5.90%, 2/1/2027		1,458		1,541
Athene Global Funding 2.75%, 4/20/2020 (e)		470		469
Avaya, Inc. 7.00%, 4/1/2019 ‡ (e) (j)		561		—	(c)
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (e)		234		243
5.25%, 3/15/2025 (e)		679		674
B&G Foods, Inc. 5.25%, 4/1/2025		469		460
Banff Merger Sub, Inc. 9.75%, 9/1/2026 (e)		780		782
Bank of America Corp.
5.63%, 7/1/2020		300		310
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (f) (g) (h)		433		465
Bank of New York Mellon (The) (ICE LIBOR USD 3 Month + 0.30%), 2.92%, 12/4/2020 (f)		250		250
Bausch Health Americas, Inc. 8.50%, 1/31/2027 (e)		566		617
Bausch Health Cos., Inc. 5.50%, 3/1/2023 (e)		25		25
5.88%, 5/15/2023 (e)		603		608
7.00%, 3/15/2024 (e)		431		454

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
6.13%, 4/15/2025 (e)		1,826		1,849
5.50%, 11/1/2025 (e)		306		313
9.00%, 12/15/2025 (e)		1,530		1,695
5.75%, 8/15/2027 (e)		344		358
BB&T Corp. 2.45%, 1/15/2020		43		43
Berry Global, Inc. 5.50%, 5/15/2022		40		41
Big River Steel LLC 7.25%, 9/1/2025 (e)		263		280
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (e)		753		761
Boyd Gaming Corp. 6.38%, 4/1/2026		877		923
Boyne USA, Inc. 7.25%, 5/1/2025 (e)		601		652
Branch Banking & Trust Co. 2.10%, 1/15/2020		500		498
Brazos Valley Longhorn LLC 6.88%, 2/1/2025		299		300
Brink’s Co. (The) 4.63%, 10/15/2027 (e)		315		304
Brookfield Property REIT, Inc. REIT, 5.75%, 5/15/2026 (e)		672		684
Bruin E&P Partners LLC 8.88%, 8/1/2023 (e)		160		151
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078 (f)		605		552
BWAY Holding Co. 5.50%, 4/15/2024 (e)		310		308
Cablevision Systems Corp. 8.00%, 4/15/2020		584		608
Caleres, Inc. 6.25%, 8/15/2023		102		106
California Resources Corp. 8.00%, 12/15/2022 (e)		498		380
Callon Petroleum Co.
6.13%, 10/1/2024		296		304
6.38%, 7/1/2026		147		150
Calpine Corp.
5.75%, 1/15/2025		612		606
5.25%, 6/1/2026 (e)		910		911
Camelot Finance SA 7.88%, 10/15/2024 (e)		243		256
Capital One Financial Corp. 2.50%, 5/12/2020		487		486
Cardinal Health, Inc. 1.95%, 6/14/2019		75		75
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		523		509
Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026 (e)		459		460
Caterpillar Financial Services Corp.
2.10%, 6/9/2019		28		28
(ICE LIBOR USD 3 Month + 0.25%), 2.90%, 8/26/2020 (f)		350		351
CCM Merger, Inc. 6.00%, 3/15/2022 (e)		103		106
CCO Holdings LLC
5.13%, 2/15/2023		50		51
5.75%, 9/1/2023		335		343
5.88%, 4/1/2024 (e)		839		877

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 21

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
5.38%, 5/1/2025 (e)		60		62
5.75%, 2/15/2026 (e)		611		639
5.50%, 5/1/2026 (e)		575		593
5.13%, 5/1/2027 (e)		1,345		1,365
5.88%, 5/1/2027 (e)		573		595
5.00%, 2/1/2028 (e)		327		327
CDW LLC 5.50%, 12/1/2024		120		127
Centene Corp.
6.13%, 2/15/2024		83		87
4.75%, 1/15/2025		598		607
5.38%, 6/1/2026 (e)		435		454
Centennial Resource Production LLC 6.88%, 4/1/2027 (e)		292		303
CenturyLink, Inc.
Series T, 5.80%, 3/15/2022		745		766
Series Y, 7.50%, 4/1/2024		570		612
5.63%, 4/1/2025		290		286
Charles Schwab Corp. (The) 4.45%, 7/22/2020		300		307
Chemours Co. (The) 7.00%, 5/15/2025		577		610
Cheniere Corpus Christi Holdings LLC
7.00%, 6/30/2024		130		146
5.88%, 3/31/2025		675		727
Cheniere Energy Partners LP
5.25%, 10/1/2025		208		212
5.63%, 10/1/2026 (e)		208		215
Chesapeake Energy Corp.
7.00%, 10/1/2024		353		349
8.00%, 1/15/2025		112		113
8.00%, 6/15/2027		192		188
Cincinnati Bell, Inc. 7.00%, 7/15/2024 (e)		767		708
Cinemark USA, Inc. 4.88%, 6/1/2023		391		395
Cisco Systems, Inc. 4.45%, 1/15/2020		175		177
CITGO Petroleum Corp. 6.25%, 8/15/2022 (e)		100		100
Citibank NA
(ICE LIBOR USD 3 Month + 0.30%), 2.89%, 10/20/2020 (f)		250		250
(ICE LIBOR USD 3 Month + 0.53%), 3.21%, 2/19/2022 (f)		300		301
Citigroup, Inc. 2.50%, 7/29/2019		175		175
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (f) (g) (h)		359		371
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (f) (g) (h)		100		107

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Citizens Bank NA
2.45%, 12/4/2019		349		348
(ICE LIBOR USD 3 Month + 0.72%), 3.41%, 2/14/2022 (f)		250		251
Clear Channel Worldwide Holdings, Inc.
Series A, 6.50%, 11/15/2022		15		16
Series B, 6.50%, 11/15/2022		720		736
9.25%, 2/15/2024 (e)		1,837		1,977
Clearwater Paper Corp.
4.50%, 2/1/2023		317		307
5.38%, 2/1/2025 (e)		492		450
Clearway Energy Operating LLC 5.00%, 9/15/2026		785		765
Cleveland-Cliffs, Inc.
4.88%, 1/15/2024 (e)		150		150
5.75%, 3/1/2025		280		278
CNG Holdings, Inc. 9.38%, 5/15/2020 (e)		229		226
CNO Financial Group, Inc. 5.25%, 5/30/2025		589		618
CNX Midstream Partners LP 6.50%, 3/15/2026 (e)		127		123
Coeur Mining, Inc. 5.88%, 6/1/2024		154		146
Colfax Corp.
6.00%, 2/15/2024 (e)		216		224
6.38%, 2/15/2026 (e)		370		392
Columbia Pipeline Group, Inc. 3.30%, 6/1/2020		70		70
Commercial Metals Co.
4.88%, 5/15/2023		54		55
5.38%, 7/15/2027		311		306
CommScope Technologies LLC 6.00%, 6/15/2025 (e)		222		225
CommScope, Inc.
5.50%, 3/1/2024 (e)		741		773
5.50%, 6/15/2024 (e)		274		276
6.00%, 3/1/2026 (e)		735		778
8.25%, 3/1/2027 (e)		725		783
Community Health Systems, Inc.
5.13%, 8/1/2021		309		304
6.25%, 3/31/2023		892		869
8.63%, 1/15/2024 (e)		837		849
8.13%, 6/30/2024 (e)		1,004		743
8.00%, 3/15/2026 (e)		154		150
Comstock Resources, Inc. 9.75%, 8/15/2026 (e)		154		140

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (e)		432		408
Constellium NV 5.75%, 5/15/2024 (e)		255		261
Covanta Holding Corp. 5.88%, 3/1/2024		296		304
Credit Acceptance Corp. 6.63%, 3/15/2026 (e)		444		467
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (i)		19		19
5.75%, 4/1/2025		476		488
5.63%, 5/1/2027 (e)		50		50
Crown Americas LLC
4.75%, 2/1/2026		419		426
4.25%, 9/30/2026		525		511
CSC Holdings LLC
6.75%, 11/15/2021		304		325
5.38%, 7/15/2023 (e)		480		491
5.25%, 6/1/2024		155		158
7.75%, 7/15/2025 (e)		427		459
6.63%, 10/15/2025 (e)		450		478
5.50%, 5/15/2026 (e)		590		606
5.50%, 4/15/2027 (e)		473		487
5.38%, 2/1/2028 (e)		1,290		1,311
6.50%, 2/1/2029 (e)		760		816
CSI Compressco LP 7.50%, 4/1/2025 (e)		360		350
Curo Group Holdings Corp. 8.25%, 9/1/2025 (e)		1,240		1,088
CVR Partners LP 9.25%, 6/15/2023 (e)		2,176		2,277
Darling Ingredients, Inc. 5.25%, 4/15/2027 (e)		180		183
DaVita, Inc.
5.13%, 7/15/2024		1,007		1,007
5.00%, 5/1/2025		781		764
DCP Midstream Operating LP
3.88%, 3/15/2023		605		605
5.38%, 7/15/2025		143		150
6.75%, 9/15/2037 (e)		295		308
Dean Foods Co. 6.50%, 3/15/2023 (e)		305		159
Delek Logistics Partners LP 6.75%, 5/15/2025		631		631
Dell International LLC
5.88%, 6/15/2021 (e)		193		197
7.13%, 6/15/2024 (e)		180		190
Denbury Resources, Inc. 9.25%, 3/31/2022 (e)		299		303

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Diamond Offshore Drilling, Inc.
7.88%, 8/15/2025		280		272
5.70%, 10/15/2039		197		139
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		683		570
DISH DBS Corp.
5.13%, 5/1/2020		485		488
6.75%, 6/1/2021		1,471		1,517
5.88%, 7/15/2022		124		121
5.00%, 3/15/2023		198		181
Dole Food Co., Inc. 7.25%, 6/15/2025 (e)		693		644
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		101		101
DowDuPont, Inc. (ICE LIBOR USD 3 Month + 0.71%), 3.39%, 11/15/2020 (f)		65		65
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (e)		1,029		1,075
DTE Energy Co. 1.50%, 10/1/2019		70		70
DTE Gas Co. 5.00%, 10/1/2019		197		199
Eldorado Resorts, Inc.
6.00%, 4/1/2025		310		320
6.00%, 9/15/2026		443		460
Embarq Corp. 8.00%, 6/1/2036		1,175		1,159
EMC Corp. 3.38%, 6/1/2023		133		130
EMI Music Publishing Group North America Holdings, Inc. 7.63%, 6/15/2024 (e)		120		127
Encompass Health Corp. 5.75%, 11/1/2024		398		403
Endo Dac
6.00%, 7/15/2023 (e)		265		216
6.00%, 2/1/2025 (e) (i)		200		152
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (f) (g) (h)		570		491
4.40%, 4/1/2024		155		154
4.15%, 6/1/2025		249		239
4.85%, 7/15/2026		151		150
5.60%, 4/1/2044		170		153
Ensco Rowan plc
8.00%, 1/31/2024		116		109
5.20%, 3/15/2025		68		54
7.75%, 2/1/2026		106		91
5.75%, 10/1/2044		693		456
Entercom Media Corp.
7.25%, 11/1/2024 (e)		600		619
6.50%, 5/1/2027 (e)		233		238

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 23

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Enterprise Development Authority (The) 12.00%, 7/15/2024 (e)		1,193		1,223
Enterprise Products Operating LLC
2.55%, 10/15/2019		30		30
5.25%, 1/31/2020		64		65
5.20%, 9/1/2020		169		174
Series D, (ICE LIBOR USD 3 Month + 2.99%), 4.88%, 8/16/2077 (f)		161		154
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078 (f)		334		310
Envision Healthcare Corp. 8.75%, 10/15/2026 (e)		659		621
EOG Resources, Inc.
5.63%, 6/1/2019		319		319
2.45%, 4/1/2020		124		124
EP Energy LLC
8.00%, 11/29/2024 (e)		263		179
8.00%, 2/15/2025 (e)		406		146
7.75%, 5/15/2026 (e)		465		414
Equinix, Inc.
REIT, 5.75%, 1/1/2025		288		299
REIT, 5.88%, 1/15/2026		73		77
ERAC USA Finance LLC 2.35%, 10/15/2019 (e)		53		53
ERP Operating LP REIT, 2.38%, 7/1/2019		197		197
ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025 (e)		389		390
Exela Intermediate LLC 10.00%, 7/15/2023 (e)		1,041		1,050
Exelon Corp. 5.15%, 12/1/2020		62		64
Exelon Generation Co. LLC
5.20%, 10/1/2019		58		58
2.95%, 1/15/2020		77		77
Extraction Oil & Gas, Inc.
7.38%, 5/15/2024 (e)		153		138
5.63%, 2/1/2026 (e)		50		41
Exxon Mobil Corp. 1.91%, 3/6/2020		63		63
Fidelity & Guaranty Life Holdings, Inc.
5.50%, 5/1/2025 (e)		607		613
First Data Corp.
5.00%, 1/15/2024 (e)		99		102
5.75%, 1/15/2024 (e)		112		115
First Niagara Financial Group, Inc. 6.75%, 3/19/2020		108		112
FirstCash, Inc. 5.38%, 6/1/2024 (e)		447		457

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Flex Acquisition Co., Inc. 6.88%, 1/15/2025 (e)		47		44
Freeport-McMoRan, Inc.
3.88%, 3/15/2023		1,870		1,851
5.40%, 11/14/2034		337		317
Frontier Communications Corp.
7.13%, 1/15/2023		215		134
11.00%, 9/15/2025		790		511
8.50%, 4/1/2026 (e)		894		843
FXI Holdings, Inc. 7.88%, 11/1/2024 (e)		130		123
Gartner, Inc. 5.13%, 4/1/2025 (e)		320		328
Genesis Energy LP
6.75%, 8/1/2022		50		51
6.00%, 5/15/2023		75		76
5.63%, 6/15/2024		557		553
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (e)		265		290
Getty Images, Inc. 9.75%, 3/1/2027 (e)		33		34
Global Partners LP
6.25%, 7/15/2022		350		353
7.00%, 6/15/2023		300		300
Goldman Sachs Group, Inc. (The)
2.55%, 10/23/2019		100		100
(ICE LIBOR USD 3 Month + 1.16%), 3.75%, 4/23/2020 (f)		260		262
Series D, 6.00%, 6/15/2020		250		259
Goodman Networks, Inc. 8.00%, 5/11/2022		39		18
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023		602		610
5.00%, 5/31/2026		1,101		1,071
Gray Television, Inc.
5.13%, 10/15/2024 (e)		115		117
5.88%, 7/15/2026 (e)		100		103
7.00%, 5/15/2027 (e)		795		858
Greif, Inc. 6.50%, 3/1/2027 (e)		594		610
Group 1 Automotive, Inc. 5.25%, 12/15/2023 (e)		301		309
H&E Equipment Services, Inc. 5.63%, 9/1/2025		305		310
Hanesbrands, Inc. 4.88%, 5/15/2026 (e)		915		916
Harland Clarke Holdings Corp. 8.38%, 8/15/2022 (e)		91		81
HCA, Inc.
7.50%, 2/15/2022		427		470
5.88%, 5/1/2023		209		224

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
5.38%, 2/1/2025		2,293		2,414
5.63%, 9/1/2028		573		610
5.88%, 2/1/2029		1,405		1,512
HCP, Inc. REIT, 2.63%, 2/1/2020		306		305
Hecla Mining Co. 6.88%, 5/1/2021		445		446
Hertz Corp. (The)
7.38%, 1/15/2021		302		301
7.63%, 6/1/2022 (e)		203		210
5.50%, 10/15/2024 (e)		219		187
Hilcorp Energy I LP
5.00%, 12/1/2024 (e)		303		301
5.75%, 10/1/2025 (e)		25		25
6.25%, 11/1/2028 (e)		439		447
Hill-Rom Holdings, Inc. 5.75%, 9/1/2023 (e)		354		367
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		380		398
Holly Energy Partners LP 6.00%, 8/1/2024 (e)		319		333
HSBC USA, Inc.
2.35%, 3/5/2020		444		443
2.75%, 8/7/2020		160		160
Hughes Satellite Systems Corp.
7.63%, 6/15/2021		85		90
5.25%, 8/1/2026		121		122
6.63%, 8/1/2026		245		248
Huntington National Bank (The)
2.38%, 3/10/2020		250		249
(ICE LIBOR USD 3 Month + 0.55%), 3.28%, 2/5/2021 (f)		250		251
Icahn Enterprises LP
6.25%, 2/1/2022		64		66
6.75%, 2/1/2024		930		973
6.38%, 12/15/2025		296		309
iHeartCommunications, Inc. 9.00%, 12/15/2019 (j)		442		327
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.57%, 12/21/2065 (e) (f)		1,015		760
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 4.85%, 12/21/2065 (e) (f)		880		678
Infor Software Parent LLC 7.13% (cash), 5/1/2021 (e) (k)		126		126
Infor US, Inc. 6.50%, 5/15/2022		204		208
Informatica LLC 7.13%, 7/15/2023 (e)		597		610

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Ingevity Corp. 4.50%, 2/1/2026 (e)		24		23
International Game Technology plc 6.50%, 2/15/2025 (e)		1,310		1,395
IQVIA, Inc. 4.88%, 5/15/2023 (e)		358		364
IRB Holding Corp. 6.75%, 2/15/2026 (e)		713		708
Iron Mountain, Inc.
REIT, 4.88%, 9/15/2027 (e)		1,575		1,528
REIT, 5.25%, 3/15/2028 (e)		137		135
Jack Ohio Finance LLC
6.75%, 11/15/2021 (e)		232		239
10.25%, 11/15/2022 (e)		11		12
Jackson National Life Global Funding
2.20%, 1/30/2020 (e)		79		78
(ICE LIBOR USD 3 Month + 0.31%), 2.91%, 3/16/2021 (e) (f)		500		500
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (e)		398		406
JBS USA LUX SA
5.88%, 7/15/2024 (e)		1,036		1,058
5.75%, 6/15/2025 (e)		1,041		1,065
6.75%, 2/15/2028 (e)		883		931
6.50%, 4/15/2029 (e)		1,166		1,236
John Deere Capital Corp.
2.30%, 9/16/2019		60		60
(ICE LIBOR USD 3 Month + 0.18%), 2.77%, 1/7/2020 (f)		275		275
1.95%, 6/22/2020		406		403
Kaiser Aluminum Corp. 5.88%, 5/15/2024		146		151
KeyBank NA 2.25%, 3/16/2020		250		249
Koppers, Inc. 6.00%, 2/15/2025 (e)		91		88
L Brands, Inc. 6.88%, 11/1/2035		40		35
Ladder Capital Finance Holdings LLLP 5.25%, 10/1/2025 (e)		624		622
Lennar Corp.
5.88%, 11/15/2024		505		542
5.00%, 6/15/2027		730		744
Level 3 Financing, Inc.
5.38%, 8/15/2022		95		95
5.63%, 2/1/2023		92		93
5.13%, 5/1/2023		223		225
5.38%, 1/15/2024		97		98
5.38%, 5/1/2025		150		153
5.25%, 3/15/2026		818		831
Levi Strauss & Co. 5.00%, 5/1/2025		5		5

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 25

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Liberty Interactive LLC 8.25%, 2/1/2030		550		569
Liberty Mutual Group, Inc. 7.80%, 3/15/2037 (e)		196		234
LPL Holdings, Inc. 5.75%, 9/15/2025 (e)		450		458
Mallinckrodt International Finance SA
5.63%, 10/15/2023 (e)		79		61
5.50%, 4/15/2025 (e)		90		65
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026 (e)		665		698
Martin Midstream Partners LP 7.25%, 2/15/2021		623		611
MassMutual Global Funding II 1.95%, 9/22/2020 (e)		200		198
MasTec, Inc. 4.88%, 3/15/2023		754		762
Matador Resources Co. 5.88%, 9/15/2026		284		286
Mattel, Inc.
3.15%, 3/15/2023		173		159
6.75%, 12/31/2025 (e)		1,386		1,387
Metropolitan Life Global Funding I
1.75%, 9/19/2019 (e)		150		150
2.05%, 6/12/2020 (e)		200		199
2.50%, 12/3/2020 (e)		280		279
2.40%, 1/8/2021 (e)		240		239
MGM Growth Properties Operating Partnership LP REIT, 5.75%, 2/1/2027 (e)		291		306
MGM Resorts International 5.75%, 6/15/2025		439		464
Mississippi Power Co. (ICE LIBOR USD 3 Month + 0.65%), 3.26%, 3/27/2020 (f)		70		70
Mondelez International Holdings Netherlands BV 1.63%, 10/28/2019 (e)		200		199
Morgan Stanley 5.63%, 9/23/2019		585		591
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (e)		1,378		1,385
MSCI, Inc. 5.38%, 5/15/2027 (e)		207		218
Murphy Oil USA, Inc. 6.00%, 8/15/2023		4		4
Nabors Industries, Inc. 5.75%, 2/1/2025		508		462
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023 (e)		883		890
9.13%, 7/15/2026 (e)		258		258
Nationstar Mortgage LLC 6.50%, 6/1/2022		358		353
Neiman Marcus Group Ltd. LLC 8.00%, 10/15/2021 (e)		280		154
Netflix, Inc.
4.38%, 11/15/2026		500		495
4.88%, 4/15/2028		890		882
5.38%, 11/15/2029 (e)		222		225

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
New Albertsons LP
7.75%, 6/15/2026		15		14
6.63%, 6/1/2028		251		216
7.45%, 8/1/2029		40		37
8.70%, 5/1/2030		899		895
8.00%, 5/1/2031		300		284
New Home Co., Inc. (The) 7.25%, 4/1/2022		121		109
New York Life Global Funding
1.95%, 2/11/2020 (e)		52		52
2.00%, 4/9/2020 (e)		277		276
(ICE LIBOR USD 3 Month + 0.28%), 2.86%, 1/28/2021 (e) (f)		135		135
(ICE LIBOR USD 3 Month + 0.32%), 3.05%, 8/6/2021 (e) (f)		42		42
Nexstar Broadcasting, Inc.
6.13%, 2/15/2022 (e)		35		35
5.63%, 8/1/2024 (e)		445		452
NextEra Energy Capital Holdings, Inc. (ICE LIBOR USD 3 Month + 0.32%), 2.93%, 9/3/2019 (f)		260		260
NextEra Energy Operating Partners LP 4.50%, 9/15/2027 (e)		464		456
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (e)		375		370
Nielsen Finance LLC 5.00%, 4/15/2022 (e)		252		251
Nissan Motor Acceptance Corp. 2.25%, 1/13/2020 (e)		37		37
Noble Holding International Ltd.
7.75%, 1/15/2024		100		91
7.95%, 4/1/2025 (i)		40		35
7.88%, 2/1/2026 (e)		480		464
6.20%, 8/1/2040		321		216
Northern Oil and Gas, Inc. 9.50%, 5/15/2023 (Blend (cash 8.50% + PIK 1.00%)) (k)		645		676
Northwest Acquisitions ULC 7.13%, 11/1/2022 (e)		170		143
Novelis Corp.
6.25%, 8/15/2024 (e)		671		698
5.88%, 9/30/2026 (e)		294		299
NRG Energy, Inc.
6.25%, 5/1/2024		443		457
6.63%, 1/15/2027		567		607
Nuance Communications, Inc. 5.63%, 12/15/2026		756		772
NuStar Logistics LP 5.63%, 4/28/2027		165		165

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
NVA Holdings, Inc. 6.88%, 4/1/2026 (e)		460		465
Oasis Petroleum, Inc. 6.25%, 5/1/2026 (e)		483		469
Oceaneering International, Inc. 6.00%, 2/1/2028		134		131
Oracle Corp. 2.25%, 10/8/2019		180		180
Outfront Media Capital LLC 5.25%, 2/15/2022		30		30
Owens-Brockway Glass Container, Inc.
5.00%, 1/15/2022 (e)		80		82
5.88%, 8/15/2023 (e)		640		669
PACCAR Financial Corp.
2.20%, 9/15/2019		200		200
(ICE LIBOR USD 3 Month + 0.20%), 2.89%, 11/13/2020 (f)		250		250
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (e)		445		462
Party City Holdings, Inc. 6.63%, 8/1/2026 (e)		756		749
PBF Holding Co. LLC
7.00%, 11/15/2023		139		143
7.25%, 6/15/2025		561		578
PBF Logistics LP 6.88%, 5/15/2023		202		207
Peabody Energy Corp.
6.00%, 3/31/2022 (e)		92		93
6.38%, 3/31/2025 (e)		280		278
Penske Automotive Group, Inc. 5.50%, 5/15/2026		768		766
PetSmart, Inc. 5.88%, 6/1/2025 (e)		874		792
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026 (e)		296		308
Philip Morris International, Inc. 2.00%, 2/21/2020		150		149
Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (e)		1,190		1,208
Pitney Bowes, Inc.
4.95%, 4/1/2023 (i)		472		460
4.63%, 3/15/2024		66		62
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (f) (g) (h)		500		479
Plantronics, Inc. 5.50%, 5/31/2023 (e)		604		609
PNC Bank NA 2.15%, 4/29/2021		300		297
PNC Financial Services Group, Inc. (The) 6.70%, 6/10/2019		255		256
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (e) (k)		624		621
Prime Security Services Borrower LLC
9.25%, 5/15/2023 (e)		199		210
5.25%, 4/15/2024 (e)		136		136
5.75%, 4/15/2026 (e)		1,988		2,010

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Principal Life Global Funding II
2.20%, 4/8/2020 (e)		191		190
2.63%, 11/19/2020 (e)		189		189
(ICE LIBOR USD 3 Month + 0.33%), 2.93%, 3/2/2021 (e) (f)		438		438
Protective Life Global Funding
2.26%, 4/8/2020 (e)		317		316
2.92%, 4/15/2022 (e)		263		263
QEP Resources, Inc.
5.25%, 5/1/2023		266		259
5.63%, 3/1/2026		459		430
Qorvo, Inc. 5.50%, 7/15/2026 (e)		587		612
Quad/Graphics, Inc. 7.00%, 5/1/2022		10		10
Quicken Loans, Inc.
5.75%, 5/1/2025 (e)		606		615
5.25%, 1/15/2028 (e)		640		621
Qwest Capital Funding, Inc. 7.75%, 2/15/2031		172		158
Qwest Corp. 6.88%, 9/15/2033		455		455
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (e)		815		760
Radian Group, Inc. 4.50%, 10/1/2024		307		307
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (e)		445		457
8.25%, 11/15/2026 (e)		449		455
Reliance Standard Life Global Funding II 2.50%, 1/15/2020 (e)		538		536
Republic Services, Inc. 5.00%, 3/1/2020		48		49
Revlon Consumer Products Corp. 6.25%, 8/1/2024		563		332
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		170		170
6.87%, 2/15/2021 (i)		35		35
Ryder System, Inc. 2.88%, 9/1/2020		158		158
Sabre GLBL, Inc.
5.38%, 4/15/2023 (e)		245		250
5.25%, 11/15/2023 (e)		40		41
SBA Communications Corp. REIT, 4.00%, 10/1/2022		102		103
Schlumberger Holdings Corp. 3.00%, 12/21/2020 (e)		336		337
Scientific Games International, Inc.
10.00%, 12/1/2022		66		69
5.00%, 10/15/2025 (e)		1,637		1,629
Sealed Air Corp. 5.25%, 4/1/2023 (e)		100		104

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 27

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
SemGroup Corp.
5.63%, 7/15/2022		248		246
5.63%, 11/15/2023		320		304
6.38%, 3/15/2025		358		341
7.25%, 3/15/2026		128		124
Sensata Technologies BV 4.88%, 10/15/2023 (e)		587		611
Service Corp. International
8.00%, 11/15/2021		95		104
5.38%, 5/15/2024		110		113
4.63%, 12/15/2027		305		307
SESI LLC
7.13%, 12/15/2021		41		35
7.75%, 9/15/2024		263		194
Sinclair Television Group, Inc.
5.63%, 8/1/2024 (e)		512		517
5.88%, 3/15/2026 (e)		104		105
Sirius XM Radio, Inc.
4.63%, 5/15/2023 (e)		148		149
5.38%, 4/15/2025 (e)		535		548
5.38%, 7/15/2026 (e)		720		741
5.00%, 8/1/2027 (e)		130		131
SM Energy Co.
6.75%, 9/15/2026		291		279
6.63%, 1/15/2027		254		239
Solera LLC 10.50%, 3/1/2024 (e)		156		169
Sotheby’s 4.88%, 12/15/2025 (e)		470		458
Southwestern Energy Co.
6.20%, 1/23/2025 (i)		73		72
7.50%, 4/1/2026		279		283
Spectrum Brands, Inc.
6.13%, 12/15/2024		300		308
5.75%, 7/15/2025		750		766
Springleaf Finance Corp.
6.13%, 5/15/2022		130		137
6.13%, 3/15/2024		20		21
6.88%, 3/15/2025		300		322
7.13%, 3/15/2026		1,897		2,037
Sprint Capital Corp. 8.75%, 3/15/2032		587		616
Sprint Communications, Inc.
7.00%, 3/1/2020 (e)		269		277
6.00%, 11/15/2022		1,503		1,512

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Sprint Corp.
7.25%, 9/15/2021		507		531
7.13%, 6/15/2024		359		360
7.63%, 2/15/2025		2,969		2,999
SRC Energy, Inc. 6.25%, 12/1/2025		39		37
SS&C Technologies, Inc. 5.50%, 9/30/2027 (e)		890		913
Standard Industries, Inc.
6.00%, 10/15/2025 (e)		435		454
5.00%, 2/15/2027 (e)		635		624
Staples, Inc.
7.50%, 4/15/2026 (e)		470		471
10.75%, 4/15/2027 (e)		276		280
Station Casinos LLC 5.00%, 10/1/2025 (e)		309		304
Steel Dynamics, Inc.
4.13%, 9/15/2025		590		585
5.00%, 12/15/2026		26		27
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (e)		294		309
Summit Materials LLC 5.13%, 6/1/2025 (e)		470		468
Summit Midstream Holdings LLC
5.50%, 8/15/2022		63		62
5.75%, 4/15/2025		508		469
Sunoco LP
4.88%, 1/15/2023		150		152
5.50%, 2/15/2026		536		545
6.00%, 4/15/2027 (e)		229		238
5.88%, 3/15/2028		41		42
Symantec Corp. 5.00%, 4/15/2025 (e)		907		925
Talen Energy Supply LLC 6.50%, 6/1/2025		864		758
Tallgrass Energy Partners LP
4.75%, 10/1/2023 (e)		180		182
5.50%, 9/15/2024 (e)		175		180
Targa Resources Partners LP
4.25%, 11/15/2023		216		217
5.88%, 4/15/2026		63		66
5.38%, 2/1/2027		890		903
6.50%, 7/15/2027 (e)		78		84
5.00%, 1/15/2028		175		172
Team Health Holdings, Inc. 6.38%, 2/1/2025 (e)		908		772
TECO Finance, Inc. 5.15%, 3/15/2020		228		232
TEGNA, Inc. 6.38%, 10/15/2023		130		134

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Teleflex, Inc.
5.25%, 6/15/2024		298		305
4.88%, 6/1/2026		149		152
Tempur Sealy International, Inc.
5.63%, 10/15/2023		300		304
5.50%, 6/15/2026		765		762
Tenet Healthcare Corp.
4.38%, 10/1/2021		741		749
8.13%, 4/1/2022		704		751
4.63%, 7/15/2024		759		761
5.13%, 5/1/2025		903		911
6.25%, 2/1/2027 (e)		586		611
Tennant Co. 5.63%, 5/1/2025		447		459
Terraform Global Operating LLC 6.13%, 3/1/2026 (e)		310		310
TerraForm Power Operating LLC
4.25%, 1/31/2023 (e)		114		113
5.00%, 1/31/2028 (e)		467		460
Texas Competitive Electric Holdings Co. LLC 11.50%, 10/1/2020 ‡ (j)		1,000		4
T-Mobile US, Inc. 4.50%, 2/1/2026 ‡		123		—
T-Mobile USA, Inc.
6.00%, 4/15/2024		119		124
6.38%, 3/1/2025		121		126
6.38%, 3/1/2025 ‡		696		—	(c)
5.13%, 4/15/2025		260		268
6.50%, 1/15/2026 ‡		780		—	(c)
4.50%, 2/1/2026		2,439		2,449
4.75%, 2/1/2028		137		138
4.75%, 2/1/2028 ‡		123		—
Toll Brothers Finance Corp.
4.88%, 11/15/2025		130		133
4.88%, 3/15/2027		185		185
TransDigm, Inc. 6.25%, 3/15/2026 (e)		1,030		1,072
TransMontaigne Partners LP 6.13%, 2/15/2026		187		180
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024 (e)		109		115
Transocean Pontus Ltd. 6.13%, 8/1/2025 (e)		373		384
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (e)		502		535
Transocean, Inc.
9.00%, 7/15/2023 (e)		415		444
7.25%, 11/1/2025 (e)		220		218

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
7.50%, 1/15/2026 (e)		799		787
7.50%, 4/15/2031		542		471
6.80%, 3/15/2038		611		483
9.35%, 12/15/2041 (i)		583		548
Travelport Corporate Finance plc 6.00%, 3/15/2026 (e)		73		78
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (e)		803		781
Tronox Finance plc 5.75%, 10/1/2025 (e)		76		74
Tronox, Inc. 6.50%, 4/15/2026 (e)		720		726
Tutor Perini Corp. 6.88%, 5/1/2025 (e)		220		220
Ultra Resources, Inc. 9.00%, 7/12/2024		1,134		556
Unit Corp. 6.63%, 5/15/2021		274		269
United Continental Holdings, Inc. 5.00%, 2/1/2024		458		472
United Rentals North America, Inc.
4.63%, 10/15/2025		815		809
5.88%, 9/15/2026		13		14
6.50%, 12/15/2026		1,792		1,917
United States Steel Corp.
6.88%, 8/15/2025		372		349
6.25%, 3/15/2026		188		169
Univision Communications, Inc. 5.13%, 2/15/2025 (e)		327		307
USA Compression Partners LP
6.88%, 4/1/2026		296		311
6.88%, 9/1/2027 (e)		45		47
USAA Capital Corp. 2.45%, 8/1/2020 (e)		310		310
Verscend Escrow Corp. 9.75%, 8/15/2026 (e)		304		322
Vertiv Group Corp. 9.25%, 10/15/2024 (e)		2,159		2,110
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (f)		389		392
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (f)		828		851
Viking Cruises Ltd. 6.25%, 5/15/2025 (e)		210		217
Vistra Operations Co. LLC 5.50%, 9/1/2026 (e)		1,463		1,507
VOC Escrow Ltd. 5.00%, 2/15/2028 (e)		278		276
W&T Offshore, Inc. 9.75%, 11/1/2023 (e)		630		641
Weatherford International LLC
9.88%, 3/1/2025		129		90
6.80%, 6/15/2037		5		3

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 29

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Weatherford International Ltd.
4.50%, 4/15/2022		282		196
8.25%, 6/15/2023		58		40
6.50%, 8/1/2036		55		35
7.00%, 3/15/2038		31		20
6.75%, 9/15/2040		155		98
5.95%, 4/15/2042		376		237
WellCare Health Plans, Inc. 5.25%, 4/1/2025		468		483
Wells Fargo Bank NA 2.60%, 1/15/2021		300		299
WESCO Distribution, Inc. 5.38%, 6/15/2024		448		459
West Street Merger Sub, Inc. 6.38%, 9/1/2025 (e)		157		152
Western Digital Corp. 4.75%, 2/15/2026		788		760
Whiting Petroleum Corp.
6.25%, 4/1/2023		149		152
6.63%, 1/15/2026		165		165
William Carter Co. (The) 5.63%, 3/15/2027 (e)		435		450
Windstream Services LLC
9.00%, 6/30/2025 (e) (j)		91		61
8.63%, 10/31/2025 (e) (i)		80		79
Wisconsin Power & Light Co. 4.60%, 6/15/2020		119		121
WMG Acquisition Corp.
5.63%, 4/15/2022 (e)		183		185
5.50%, 4/15/2026 (e)		965		987
WR Berkley Corp. 6.15%, 8/15/2019		167		169
Wyndham Destinations, Inc.
5.40%, 4/1/2024		201		207
6.35%, 10/1/2025 (i)		115		122
5.75%, 4/1/2027		152		153
Xerox Corp. 4.12%, 3/15/2023		624		622
XPO Logistics, Inc.
6.13%, 9/1/2023 (e)		596		608
6.75%, 8/15/2024 (e)		792		818
Zayo Group LLC
6.00%, 4/1/2023		226		230
6.38%, 5/15/2025		130		132
5.75%, 1/15/2027 (e)		140		142
				252,673
Venezuela, Bolivarian Republic of — 0.0% (b)
Petroleos de Venezuela SA 8.50%, 10/27/2020 (a) (j)		75		66

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Venezuela, Bolivarian Republic of — continued
9.00%, 11/17/2021 (a) (j)		50		13
12.75%, 2/17/2022 (a) (j)		120		30
5.38%, 4/12/2027 (a) (j)		340		71
9.75%, 5/17/2035 (a) (j)		170		43
5.50%, 4/12/2037 (a)		50		10
5.50%, 4/12/2037 (a) (j)		50		10
				243
Total Corporate Bonds (Cost $360,900)				362,389
Foreign Government Securities — 7.8%
Albania — 0.0% (b)
Republic of Albania 3.50%, 10/9/2025 (e)		EUR 291		346
Angola — 0.0% (b)
Republic of Angola
7.00%, 8/17/2019 (a)		186		187
9.50%, 11/12/2025 (a)		200		224
8.25%, 5/9/2028 (a)		400		419
9.38%, 5/8/2048 (a)		400		429
				1,259
Argentina — 0.1%
Provincia de Buenos Aires 5.75%, 6/15/2019 (a)		450		445
Republic of Argentina
6.88%, 4/22/2021		150		126
6.63%, 7/6/2028		650		458
8.28%, 12/31/2033		136		101
7.63%, 4/22/2046		175		122
6.88%, 1/11/2048		142		94
7.13%, 6/28/2117		18		12
				1,358
Australia — 0.1%
Republic of Australia
2.00%, 12/21/2021 (a)		AUD 600		431
2.75%, 4/21/2024 (a)		AUD 1,322		992
2.50%, 9/20/2030 (a)		AUD 1,282		1,349
2.75%, 6/21/2035 (a)		AUD 715		550
3.00%, 3/21/2047 (a)		AUD 482		378
				3,700
Azerbaijan — 0.0% (b)
Republic of Azerbaijan
4.75%, 3/18/2024 (a)		300		310

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Foreign Government Securities — continued
Azerbaijan — continued
3.50%, 9/1/2032 (a)		200		178
				488
Bahrain — 0.0% (b)
Kingdom of Bahrain
7.00%, 10/12/2028 (a)		200		216
7.50%, 9/20/2047 (a)		320		341
				557
Belgium — 0.2%
Belgium Government Bond
0.50%, 10/22/2024 (a)		EUR 1,380		1,602
0.80%, 6/22/2025 (a)		EUR 1,660		1,960
0.80%, 6/22/2027 (a)		EUR 455		534
1.00%, 6/22/2031 (a)		EUR 1,465		1,710
1.90%, 6/22/2038 (a)		EUR 1,033		1,311
1.60%, 6/22/2047 (a)		EUR 307		359
2.15%, 6/22/2066 (a)		EUR 187		235
				7,711
Benin — 0.0% (b)
Benin Government International Bond 5.75%, 3/26/2026 (e)		EUR 100		111
Bermuda — 0.0% (b)
Republic of Bermuda 4.85%, 2/6/2024 (a)		200		214
Brazil — 0.0% (b)
Federative Republic of Brazil
4.63%, 1/13/2028		300		301
5.00%, 1/27/2045		550		501
6.00%, 8/15/2050		BRL 477		486
				1,288
Canada — 0.1%
Canada Government Bond
0.50%, 3/1/2022		CAD 400		290
5.00%, 6/1/2037		CAD 410		447
4.00%, 6/1/2041		CAD 240		243
3.50%, 12/1/2045		CAD 314		306
2.75%, 12/1/2048		CAD 363		316
2.75%, 12/1/2064		CAD 100		92
Province of Ontario Canada 4.00%, 10/7/2019		350		352
				2,046

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
China — 0.1%
Export-Import Bank of China (The) 0.75%, 5/28/2023 (a)		EUR 3,800		4,310
Colombia — 0.1%
Republic of Colombia
3.88%, 4/25/2027		200		203
6.00%, 4/28/2028		COP 2,100,000		622
7.75%, 9/18/2030		COP 700,000		231
5.00%, 6/15/2045		600		625
5.20%, 5/15/2049		250		267
				1,948
Costa Rica — 0.1%
Instituto Costarricense de Electricidad 6.38%, 5/15/2043 (a)		200		160
Republic of Costa Rica
4.38%, 4/30/2025 (a)		400		373
5.63%, 4/30/2043 (a)		200		169
7.00%, 4/4/2044 (a)		700		672
				1,374
Croatia — 0.0% (b)
Republic of Croatia
6.38%, 3/24/2021 (a)		300		318
5.50%, 4/4/2023 (a)		200		217
6.00%, 1/26/2024 (a)		562		629
				1,164
Cyprus — 0.1%
Republic of Cyprus 3.75%, 7/26/2023 (a)		EUR 2,077		2,656
Denmark — 0.1%
Kingdom of Denmark
0.25%, 11/15/2020		DKK 1,930		294
0.50%, 11/15/2027		DKK 3,820		603
4.50%, 11/15/2039		DKK 2,780		750
				1,647
Dominican Republic — 0.1%
Government of Dominican Republic
5.88%, 4/18/2024 (a)		300		313
6.88%, 1/29/2026 (a)		450		496
5.95%, 1/25/2027 (a)		250		263
7.45%, 4/30/2044 (a)		100		113
6.85%, 1/27/2045 (a)		520		556
				1,741

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 31

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Foreign Government Securities — continued
Ecuador — 0.0% (b)
Republic of Ecuador
7.95%, 6/20/2024 (a)		200		203
8.88%, 10/23/2027 (a)		150		153
7.88%, 1/23/2028 (a)		800		771
10.75%, 1/31/2029 (a)		200		223
				1,350
Egypt — 0.0% (b)
Republic of Egypt
5.88%, 6/11/2025 (a)		300		293
7.50%, 1/31/2027 (a)		200		205
8.50%, 1/31/2047 (a)		200		203
				701
El Salvador — 0.0% (b)
Republic of El Salvador
7.38%, 12/1/2019 (a)		450		454
7.75%, 1/24/2023 (a)		150		158
5.88%, 1/30/2025 (a)		190		185
6.38%, 1/18/2027 (a)		100		98
8.25%, 4/10/2032 (a)		150		162
7.63%, 2/1/2041 (a)		240		246
				1,303
Ethiopia — 0.0% (b)
Republic of Ethiopia 6.63%, 12/11/2024 (a)		400		410
France — 0.4%
Caisse d’Amortissement de la Dette Sociale 1.88%, 7/28/2020 (e)		650		645
Republic of France
0.00%, 5/25/2021 (a)		EUR 2,480		2,813
1.75%, 11/25/2024 (a)		EUR 1,260		1,566
2.50%, 5/25/2030 (a)		EUR 234		321
1.50%, 5/25/2031 (a)		EUR 3,215		4,006
1.75%, 6/25/2039 (a)		EUR 390		494
3.25%, 5/25/2045 (a)		EUR 1,971		3,204
2.00%, 5/25/2048 (a)		EUR 1,155		1,500
1.75%, 5/25/2066 (a)		EUR 607		711
				15,260
Gabon — 0.0% (b)
Republic of Gabonese
6.38%, 12/12/2024 (a)		400		386
6.95%, 6/16/2025 (a)		200		194
				580

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Germany — 0.1%
Federal Republic of Germany 4.75%, 7/4/2034 (a)		EUR 1,100		2,058
Ghana — 0.0% (b)
Republic of Ghana
7.88%, 8/7/2023 (a)		300		314
7.63%, 5/16/2029 (a)		200		196
8.63%, 6/16/2049 (a)		200		192
				702
Honduras — 0.0% (b)
Republic of Honduras
7.50%, 3/15/2024 (a)		200		218
6.25%, 1/19/2027 (a)		150		158
				376
Hungary — 0.0% (b)
Republic of Hungary 5.38%, 3/25/2024		700		770
Indonesia — 0.1%
Republic of Indonesia
2.88%, 7/8/2021 (a)		EUR 1,200		1,418
5.88%, 1/15/2024 (a)		300		332
2.15%, 7/18/2024 (a)		EUR 1,120		1,318
4.35%, 1/8/2027 (a)		200		208
8.25%, 5/15/2029		IDR 4,500,000		325
6.63%, 5/15/2033		IDR 5,500,000		333
6.75%, 1/15/2044 (a)		200		259
				4,193
Italy — 0.7%
Republic of Italy
0.65%, 11/1/2020		EUR 2,093		2,360
2.15%, 12/15/2021		EUR 220		255
0.95%, 3/1/2023		EUR 3,329		3,689
2.45%, 10/1/2023 (a)		EUR 5,209		6,087
1.50%, 6/1/2025		EUR 5,083		5,586
4.75%, 9/1/2028 (a)		EUR 370		499
1.65%, 3/1/2032 (a)		EUR 3,278		3,267
2.25%, 9/1/2036 (a)		EUR 1,826		1,860
4.75%, 9/1/2044 (a)		EUR 682		937
3.45%, 3/1/2048 (a)		EUR 789		898
2.80%, 3/1/2067 (a)		EUR 142		136
				25,574

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Foreign Government Securities — continued
Ivory Coast — 0.0% (b)
Republic of Cote d’Ivoire
5.75%, 12/31/2032 (a) (i)		181		170
6.13%, 6/15/2033 (a)		600		546
				716
Jamaica — 0.0% (b)
Government of Jamaica
6.75%, 4/28/2028		400		448
8.00%, 3/15/2039		300		363
				811
Japan — 2.4%
Government of Japan
0.10%, 12/20/2020		JPY 781,750		7,047
0.10%, 12/20/2021		JPY 808,050		7,304
0.80%, 9/20/2022		JPY 1,047,900		9,717
0.10%, 12/20/2022		JPY 694,650		6,298
0.50%, 9/20/2024		JPY 347,800		3,235
1.60%, 3/20/2032		JPY 866,950		9,293
1.50%, 6/20/2034		JPY 506,050		5,435
1.40%, 9/20/2034		JPY 136,950		1,454
0.70%, 3/20/2037		JPY 595,650		5,721
0.60%, 9/20/2037		JPY 840,000		7,916
2.00%, 9/20/2040		JPY 23,750		283
1.50%, 3/20/2045		JPY 21,650		242
1.40%, 12/20/2045		JPY 452,100		4,965
0.80%, 12/20/2047		JPY 682,850		6,560
0.90%, 3/20/2057		JPY 70,050		689
Japan Bank for International Cooperation
1.75%, 5/28/2020		1,000		992
3.13%, 7/20/2021		1,298		1,316
Japan Finance Organization for Municipalities
2.13%, 4/13/2021 (a)		1,800		1,781
0.88%, 9/22/2021 (a)		EUR 2,800		3,213
3.25%, 4/24/2023 (e)		1,890		1,929
				85,390
Kazakhstan — 0.0% (b)
Republic of Kazakhstan
3.88%, 10/14/2024 (a)		200		207
6.50%, 7/21/2045 (a)		200		260
				467

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Kenya — 0.0% (b)
Republic of Kenya
5.88%, 6/24/2019 (a)		260		259
6.88%, 6/24/2024 (a)		200		204
				463
Kuwait — 0.0% (b)
Kuwait Government Bond 2.75%, 3/20/2022 (a)		700		698
Lebanon — 0.1%
Republic of Lebanon
6.00%, 5/20/2019 (a)		163		162
5.45%, 11/28/2019 (a)		151		148
6.38%, 3/9/2020		162		158
8.25%, 4/12/2021 (a)		101		97
6.00%, 1/27/2023 (a)		187		162
6.65%, 4/22/2024 (a)		238		203
6.60%, 11/27/2026 (a)		170		140
6.85%, 3/23/2027 (a)		537		441
6.65%, 11/3/2028 (a)		871		701
6.65%, 2/26/2030 (a)		30		24
				2,236
Macedonia, the Former Yugoslav Republic of — 0.0% (b)
Former Yugoslav Republic of Macedonia
2.75%, 1/18/2025 (e)		EUR 114		133
2.75%, 1/18/2025 (a)		EUR 100		117
				250
Mexico — 0.1%
United Mexican States
2.38%, 4/9/2021		EUR 2,400		2,806
5.75%, 3/5/2026		MXN 11,900		551
5.55%, 1/21/2045		100		110
4.60%, 1/23/2046		200		193
5.75%, 10/12/2110		100		103
				3,763
Mongolia — 0.0% (b)
Mongolia Government Bond 8.75%, 3/9/2024 (a)		200		221
Montenegro — 0.0% (b)
Republic of Montenegro 3.38%, 4/21/2025 (e)		EUR 100		116

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 33

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Foreign Government Securities — continued
Nigeria — 0.1%
Republic of Nigeria
6.75%, 1/28/2021 (a)		200		206
7.63%, 11/21/2025 (e)		200		213
6.50%, 11/28/2027 (a)		200		197
13.98%, 2/23/2028		NGN 125,000		338
8.75%, 1/21/2031 (e)		800		880
9.25%, 1/21/2049 (a)		200		218
				2,052
Oman — 0.0% (b)
Oman Government Bond
4.75%, 6/15/2026 (a)		300		278
5.38%, 3/8/2027 (a)		450		424
6.50%, 3/8/2047 (a)		210		187
6.75%, 1/17/2048 (a)		400		362
				1,251
Pakistan — 0.0% (b)
Republic of Pakistan 6.88%, 12/5/2027 (a)		400		396
Panama — 0.1%
Republic of Panama
3.75%, 4/17/2026 (e)		530		528
6.70%, 1/26/2036		500		650
4.50%, 4/16/2050		400		418
				1,596
Paraguay — 0.0% (b)
Republic of Paraguay
4.63%, 1/25/2023 (a)		200		207
5.00%, 4/15/2026 (a)		200		211
4.70%, 3/27/2027 (a)		350		364
6.10%, 8/11/2044 (a)		150		169
5.60%, 3/13/2048 (a)		200		214
				1,165
Peru — 0.0% (b)
Republic of Peru
4.13%, 8/25/2027		150		161
5.94%, 2/12/2029 (e)		PEN 60		19
5.63%, 11/18/2050		50		64
				244
Philippines — 0.0% (b)
Republic of the Philippines
7.75%, 1/14/2031		200		281

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Philippines — continued
3.70%, 2/2/2042		300		304
				585
Qatar — 0.2%
State of Qatar
5.25%, 1/20/2020 (a)		3,600		3,658
3.88%, 4/23/2023 (e)		860		888
4.50%, 4/23/2028 (a)		400		431
4.00%, 3/14/2029 (e)		1,760		1,832
4.82%, 3/14/2049 (e)		200		215
				7,024
Romania — 0.0% (b)
Republic of Romania
5.13%, 6/15/2048 (a)		340		344
4.63%, 4/3/2049 (e)		EUR 200		243
				587
Russia — 0.1%
Russian Federation
4.88%, 9/16/2023 (a)		600		633
5.10%, 3/28/2035 (e)		400		414
5.88%, 9/16/2043 (a)		600		686
				1,733
Saudi Arabia — 0.2%
Kingdom of Saudi Arabia
2.38%, 10/26/2021 (a)		3,700		3,646
3.63%, 3/4/2028 (a)		340		340
4.63%, 10/4/2047 (a)		300		301
5.00%, 4/17/2049 (a)		471		498
5.25%, 1/16/2050 (a)		400		434
				5,219
Senegal — 0.0% (b)
Republic of Senegal 6.75%, 3/13/2048 (a)		200		184
Serbia — 0.0% (b)
Republic of Serbia
4.88%, 2/25/2020 (a)		200		202
7.25%, 9/28/2021 (a)		600		653
				855
South Africa — 0.1%
Republic of South Africa
5.88%, 5/30/2022		100		105
4.85%, 9/27/2027		310		301

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Foreign Government Securities — continued
South Africa — continued
4.30%, 10/12/2028		600		560
6.50%, 2/28/2041		ZAR 12,001		594
5.38%, 7/24/2044		200		184
8.75%, 2/28/2048		ZAR 1,212		77
				1,821
South Korea — 0.1%
Export-Import Bank of Korea 4.38%, 9/15/2021		2,900		3,001
Spain — 0.8%
Kingdom of Spain
0.05%, 1/31/2021		EUR 1,237		1,395
0.40%, 4/30/2022		EUR 1,643		1,876
0.35%, 7/30/2023		EUR 2,670		3,042
2.75%, 10/31/2024 (a)		EUR 4,009		5,124
1.60%, 4/30/2025 (a)		EUR 2,980		3,602
1.50%, 4/30/2027 (a)		EUR 886		1,055
1.45%, 10/31/2027 (a)		EUR 3,052		3,616
1.40%, 7/30/2028 (a)		EUR 2,409		2,823
1.95%, 7/30/2030 (a)		EUR 3,119		3,794
4.70%, 7/30/2041 (a)		EUR 616		1,044
2.90%, 10/31/2046 (a)		EUR 564		739
2.70%, 10/31/2048 (a)		EUR 174		218
3.45%, 7/30/2066 (a)		EUR 200		283
				28,611
Sri Lanka — 0.1%
Republic of Sri Lanka
6.25%, 10/4/2020 (a)		300		301
5.75%, 4/18/2023 (a)		200		196
6.85%, 11/3/2025 (a)		200		199
6.20%, 5/11/2027 (a)		200		188
6.75%, 4/18/2028 (a)		500		482
7.85%, 3/14/2029 (e)		200		205
				1,571
Sweden — 0.1%
Kingdom of Sweden
5.00%, 12/1/2020		SEK 1,630		187
1.50%, 11/13/2023 (a)		SEK 4,690		534
0.75%, 5/12/2028		SEK 2,490		276
3.50%, 3/30/2039		SEK 1,310		207
Svensk Exportkredit AB 2.88%, 3/14/2023		3,300		3,353
				4,557

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Turkey — 0.1%
Republic of Turkey
3.25%, 3/23/2023		518		453
5.20%, 2/16/2026		EUR 120		130
5.13%, 2/17/2028		400		338
6.88%, 3/17/2036		107		96
4.88%, 4/16/2043		840		618
				1,635
Ukraine — 0.0% (b)
Republic of Ukraine
7.75%, 9/1/2019 (a)		104		104
7.75%, 9/1/2022 (a)		235		231
7.75%, 9/1/2024 (a)		150		143
7.38%, 9/25/2032 (a)		828		731
				1,209
United Arab Emirates — 0.0% (b)
Abu Dhabi Government Bond 4.13%, 10/11/2047 (a)		400		406
United Kingdom — 0.7%
United Kingdom Gilt
1.50%, 1/22/2021 (a)		GBP 3,820		5,044
4.00%, 3/7/2022 (a)		GBP 80		114
0.50%, 7/22/2022 (a)		GBP 1,352		1,747
2.00%, 9/7/2025 (a)		GBP 650		903
4.25%, 6/7/2032 (a)		GBP 2,096		3,669
1.75%, 9/7/2037 (a)		GBP 4,642		6,172
4.75%, 12/7/2038 (a)		GBP 264		526
4.25%, 12/7/2046 (a)		GBP 96		195
1.50%, 7/22/2047 (a)		GBP 2,800		3,495
3.75%, 7/22/2052 (a)		GBP 229		460
1.75%, 7/22/2057 (a)		GBP 1,915		2,602
2.50%, 7/22/2065 (a)		GBP 185		314
				25,241
Uruguay — 0.1%
Republic of Uruguay
7.88%, 1/15/2033		600		821
5.10%, 6/18/2050		180		189
4.98%, 4/20/2055		530		546
				1,556
Venezuela, Bolivarian Republic of — 0.0% (b)
Republic of Venezuela
7.75%, 10/13/2019 (a) (j)		130		35

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 35

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Foreign Government Securities — continued
Venezuela, Bolivarian Republic of — continued
6.00%, 12/9/2020 (a) (j)		70		20
12.75%, 8/23/2022 (a) (j)		180		54
8.25%, 10/13/2024 (a) (j)		30		9
7.65%, 4/21/2025 (a)		30		8
11.75%, 10/21/2026 (a) (j)		120		36
9.25%, 5/7/2028 (a) (j)		230		65
				227
Zambia — 0.0% (b)
Republic of Zambia 8.97%, 7/30/2027 (a)		600		416
Total Foreign Government Securities (Cost $277,398)				275,468
Asset-Backed Securities — 4.8%
Cayman Islands — 0.3%
BlueMountain CLO Ltd.
Series 2015-1A, Class C, 6.35%, 4/13/2027 ‡ (e) (l)		300		299
Series 2012-2A, Class DR2, 5.54%, 11/20/2028 ‡ (e) (l)		1,585		1,560
Series 2014-2A, Class DR2, 5.69%, 10/20/2030 ‡ (e) (l)		490		479
Series 2018-3A, Class D, 5.83%, 10/25/2030 ‡ (e) (l)		1,355		1,338
CIFC Funding Ltd.
Series 2014-5A, Class BR2, 4.39%, 10/17/2031 ‡ (e) (l)		995		991
Series 2014-5A, Class DR2, 5.99%, 10/17/2031 ‡ (e) (l)		280		279
LCM 28 Ltd. Series 28A, Class B, 4.19%, 10/20/2030 ‡ (e) (l)		1,040		1,026
Voya CLO Ltd.
Series 2019-1A, Class A, 3.81%, 4/15/2029 (e) (l)		1,134		1,136
Series 2019-1A, Class D, 5.94%, 4/15/2029 ‡ (e) (l)		990		990
Series 2016-3A, Class CR, 5.85%, 10/18/2031 ‡ (e) (l)		1,110		1,107
				9,205
United States — 4.5%
ABFC Trust Series 2004-HE1, Class M1, 3.38%, 3/25/2034 ‡ (l)		383		383
ACC Trust
Series 2018-1, Class B, 4.82%, 5/20/2021 (e)		965		969
Series 2018-1, Class C, 6.81%, 2/21/2023 (e)		755		765

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
ACE Securities Corp. Home Equity Loan Trust
Series 2002-HE3, Class M1, 4.28%, 10/25/2032 ‡ (l)		287		288
Series 2003-NC1, Class M1, 3.65%, 7/25/2033 ‡ (l)		247		246
Series 2003-OP1, Class M1, 3.53%, 12/25/2033 ‡ (l)		349		348
Series 2004-OP1, Class M3, 4.35%, 4/25/2034 (l)		432		408
Series 2004-HE4, Class M2, 3.45%, 12/25/2034 ‡ (l)		120		118
Ally Auto Receivables Trust
Series 2018-3, Class A2, 2.72%, 5/17/2021		471		471
Series 2017-2, Class A3, 1.78%, 8/16/2021		442		440
Series 2017-3, Class A3, 1.74%, 9/15/2021		420		419
Series 2017-4, Class A3, 1.75%, 12/15/2021		137		136
Series 2017-5, Class A3, 1.99%, 3/15/2022		312		311
American Credit Acceptance Receivables Trust
Series 2018-3, Class D, 4.14%, 10/15/2024 (e)		1,915		1,944
Series 2018-3, Class E, 5.17%, 10/15/2024 (e)		1,630		1,659
Series 2017-4, Class E, 5.02%, 12/10/2024 (e)		445		449
Series 2018-4, Class D, 4.40%, 1/13/2025 (e)		3,455		3,535
Series 2018-4, Class E, 5.38%, 1/13/2025 (e)		765		784
Series 2019-1, Class D, 3.81%, 4/14/2025 (e)		1,450		1,463
Series 2018-3, Class F, 6.44%, 6/12/2025 (e)		1,320		1,347
Series 2018-4, Class F, 6.94%, 10/13/2025 (e)		1,100		1,138
AmeriCredit Automobile Receivables Trust
Series 2016-3, Class A3, 1.46%, 5/10/2021		135		134
Series 2016-4, Class A3, 1.53%, 7/8/2021		313		313
Series 2017-2, Class A3, 1.98%, 12/20/2021		391		390
Ameriquest Mortgage Securities, Inc. Series 2004-FR1W, Class A6, 4.32%, 5/25/2034 ‡ (i)		267		270

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Amortizing Residential Collateral Trust Series 2004-1, Class M5, 4.35%, 10/25/2034 ‡ (l)		216		215
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2003-W5, Class M2, 4.28%, 10/25/2033 ‡ (l)		694		677
Series 2003-W9, Class M2, 4.59%, 1/25/2034 ‡ (l)		1,232		1,222
Series 2004-W1, Class M2, 4.24%, 3/25/2034 ‡ (l)		857		848
Series 2004-W5, Class M1, 3.38%, 4/25/2034 ‡ (l)		127		127
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2003-HE7, Class M1, 3.45%, 12/15/2033 ‡ (l)		2,039		2,045
Series 2004-HE2, Class M2, 4.35%, 4/25/2034 ‡ (l)		517		511
Series 2004-HE3, Class M2, 4.16%, 6/25/2034 ‡ (l)		930		930
Bear Stearns Asset-Backed Securities I Trust
Series 2004-FR2, Class M3, 4.28%, 6/25/2034 (l)		185		185
Series 2004-HE6, Class M2, 4.35%, 8/25/2034 ‡ (l)		575		574
Bear Stearns Asset-Backed Securities Trust
Series 2004-1, Class M1, 3.45%, 6/25/2034 ‡ (l)		447		450
Series 2004-2, Class M1, 3.68%, 8/25/2034 ‡ (l)		195		190
BMW Vehicle Lease Trust
Series 2017-1, Class A3, 1.98%, 5/20/2020		115		115
Series 2017-2, Class A3, 2.07%, 10/20/2020		80		80
CarMax Auto Owner Trust
Series 2015-2, Class A4, 1.80%, 3/15/2021		33		33
Series 2016-3, Class A3, 1.39%, 5/17/2021		347		345
Series 2017-1, Class A3, 1.98%, 11/15/2021		171		171
Chase Funding Trust Series 2003-2, Class 2M1, 3.30%, 11/25/2032 ‡ (l)		1,324		1,320
Citibank Credit Card Issuance Trust Series 2017-A9, Class A9, 1.80%, 9/20/2021		500		498

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Citifinancial Mortgage Securities, Inc. Series 2004-1, Class AF4, 5.07%, 4/25/2034 ‡ (i)		767		787
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates Series 2005-OPT3, Class M3, 3.20%, 5/25/2035 ‡ (l)		507		506
CLUB Credit Trust
Series 2017-NP1, Class C, 5.13%, 4/17/2023 ‡ (e)		289		290
Series 2018-NP1, Class C, 4.74%, 5/15/2024 (e)		2,190		2,202
CNH Equipment Trust Series 2018-B, Class A2, 2.93%, 12/15/2021		517		518
Conn’s Receivables Funding LLC Series 2018-A, Class B, 4.65%, 1/15/2023 ‡ (e)		1,392		1,399
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 3.60%, 12/25/2032 ‡ (l)		30		30
Series 2003-BC6, Class M2, 4.20%, 10/25/2033 ‡ (l)		21		21
Series 2004-2, Class M1, 3.23%, 5/25/2034 ‡ (l)		58		58
Series 2004-3, Class M1, 3.23%, 6/25/2034 ‡ (l)		168		167
Series 2005-12, Class M2, 2.97%, 2/25/2036 ‡ (l)		1,000		996
Countrywide Partnership Trust Series 2004-EC1, Class M2, 3.42%, 1/25/2035 ‡ (l)		530		531
CPS Auto Receivables Trust
Series 2018-D, Class D, 4.34%, 9/16/2024 (e)		785		800
Series 2019-A, Class D, 4.35%, 12/16/2024 (e)		1,650		1,683
Credit Acceptance Auto Loan Trust Series 2019-1A, Class B, 3.75%, 4/17/2028 (e)		2,345		2,374
Credit-Based Asset Servicing & Securitization LLC
Series 2005-CB1, Class M2, 3.57%, 1/25/2035 ‡ (l)		131		131
Series 2004-CB4, Class A5, 6.78%, 5/25/2035 (i)		1,202		1,216
CWABS, Inc. Asset-Backed Certificates Trust
Series 2003-BC1, Class A1, 3.28%, 3/25/2033 ‡ (l)		318		315
Series 2004-5, Class M3, 4.20%, 7/25/2034 ‡ (l)		79		80
Series 2004-6, Class M1, 3.38%, 10/25/2034 (l)		268		266

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 37

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Series 2004-6, Class M2, 3.45%, 10/25/2034 ‡ (l)		60		60
Drive Auto Receivables Trust
Series 2018-4, Class A2A, 2.78%, 10/15/2020		20		20
Series 2018-2, Class A3, 2.88%, 6/15/2021		72		72
Series 2018-4, Class A3, 3.04%, 11/15/2021		177		177
Series 2018-4, Class D, 4.09%, 1/15/2026		2,025		2,062
Series 2018-5, Class D, 4.30%, 4/15/2026		1,930		1,993
Series 2019-1, Class D, 4.09%, 6/15/2026		1,775		1,814
DT Auto Owner Trust
Series 2018-3A, Class D, 4.19%, 7/15/2024 (e)		2,745		2,799
Series 2019-1A, Class D, 3.87%, 11/15/2024 (e)		3,070		3,098
Series 2017-4A, Class E, 5.15%, 11/15/2024 (e)		1,610		1,654
Series 2018-2A, Class E, 5.54%, 6/16/2025 (e)		725		745
Series 2018-3A, Class E, 5.33%, 11/17/2025 (e)		2,126		2,177
Series 2019-1A, Class E, 4.94%, 2/17/2026 (e)		2,315		2,347
Equity One Mortgage Pass-Through Trust Series 2003-4, Class M1, 5.87%, 10/25/2034 ‡ (i)		245		244
Exeter Automobile Receivables Trust
Series 2016-2A, Class D, 8.25%, 4/17/2023 (e)		995		1,060
Series 2018-4A, Class C, 3.97%, 9/15/2023 (e)		3,090		3,140
Series 2018-2A, Class D, 4.04%, 3/15/2024 (e)		580		589
Series 2018-4A, Class D, 4.35%, 9/16/2024 (e)		1,255		1,287
Series 2019-1A, Class C, 3.82%, 12/16/2024 (e)		1,310		1,330
Series 2019-1A, Class D, 4.13%, 12/16/2024 (e)		2,445		2,500
Series 2018-4A, Class E, 5.38%, 7/15/2025 (e)		1,110		1,143
Series 2019-1A, Class E, 5.20%, 1/15/2026 (e)		1,780		1,824
First Franklin Mortgage Loan Trust Series 2005-FF10, Class A1, 2.78%, 11/25/2035 ‡ (l)		404		394

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Flagship Credit Auto Trust Series 2018-4, Class C, 4.11%, 10/15/2024 (e)		870		892
Ford Credit Auto Owner Trust
Series 2017-C, Class A2A, 1.80%, 9/15/2020		5		5
Series 2016-C, Class A3, 1.22%, 3/15/2021		380		378
Series 2018-B, Class A2A, 2.96%, 9/15/2021		276		277
FREED ABS Trust Series 2018-2, Class B, 4.61%, 10/20/2025 ‡ (e)		1,195		1,217
Fremont Home Loan Trust
Series 2003-B, Class M2, 4.91%, 12/25/2033 ‡ (l)		10		10
Series 2004-B, Class M7, 5.48%, 5/25/2034 (l)		34		32
Series 2004-2, Class M2, 3.41%, 7/25/2034 (l)		164		164
GLS Auto Receivables Issuer Trust
Series 2019-1A, Class C, 3.87%, 12/16/2024 (e)		1,570		1,584
Series 2019-1A, Class D, 4.94%, 12/15/2025 (e)		560		567
GLS Auto Receivables Trust
Series 2018-3A, Class C, 4.18%, 7/15/2024 (e)		855		870
Series 2018-3A, Class D, 5.34%, 8/15/2025 (e)		910		932
GM Financial Automobile Leasing Trust Series 2017-1, Class A3, 2.06%, 5/20/2020		45		45
GM Financial Consumer Automobile Receivables Trust Series 2017-2A, Class A3, 1.86%, 12/16/2021 (e)		424		422
GSAMP Trust
Series 2004-OPT, Class M1, 3.35%, 11/25/2034 ‡ (l)		573		570
Series 2006-HE3, Class A2C, 2.64%, 5/25/2046 (l)		224		221
Home Equity Asset Trust Series 2004-7, Class M1, 3.41%, 1/25/2035 (l)		188		188
Home Equity Mortgage Loan Asset-Backed Trust
Series 2004-B, Class M3, 3.68%, 11/25/2034 ‡ (l)		231		230
Series 2004-B, Class M8, 4.79%, 11/25/2034 ‡ (l)		238		222
Series 2004-C, Class M1, 3.32%, 3/25/2035 ‡ (l)		2,390		2,383

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)			VALUE (000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Honda Auto Receivables Owner Trust
Series 2017-3, Class A2, 1.57%, 1/21/2020		—	(c)		—	(c)
Series 2016-4, Class A3, 1.21%, 12/18/2020		234			233
Series 2018-3, Class A2, 2.67%, 12/22/2020		189			189
Series 2017-2, Class A3, 1.68%, 8/16/2021		124			123
Series 2017-3, Class A3, 1.79%, 9/20/2021		184			183
Hyundai Auto Lease Securitization Trust
Series 2017-B, Class A3, 1.97%, 7/15/2020 (e)		313			313
Series 2017-A, Class A3, 1.88%, 8/17/2020 (e)		38			37
Series 2018-B, Class A2, 2.81%, 12/15/2020 (e)		242			242
Series 2017-C, Class A3, 2.12%, 2/16/2021 (e)		300			299
KREF Ltd. Series 2018-FL1, Class D, 5.02%, 6/15/2036 ‡ (e) (l)		600			606
Lendmark Funding Trust
Series 2017-2A, Class C, 4.33%, 5/20/2026 ‡ (e)		695			695
Series 2018-1A, Class C, 5.03%, 12/21/2026 ‡ (e)		1,165			1,189
Long Beach Mortgage Loan Trust
Series 2004-3, Class M2, 3.38%, 7/25/2034 ‡ (l)		773			769
Series 2004-3, Class M4, 4.09%, 7/25/2034 ‡ (l)		444			444
Series 2004-6, Class A3, 3.78%, 11/25/2034 ‡ (l)		281			283
Mariner Finance Issuance Trust Series 2018-AA, Class A, 4.20%, 11/20/2030 (e)		2,175			2,214
MASTR Asset-Backed Securities Trust
Series 2003-NC1, Class M5, 4.49%, 4/25/2033 ‡ (l)		87			82
Series 2005-NC1, Class M2, 3.23%, 12/25/2034 ‡ (l)		334			331
Mercedes-Benz Auto Receivables Trust Series 2018-1, Class A2A, 2.71%, 4/15/2021		62			62
MFA LLC
Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (e) (i)		593			594

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2018-NPL1, Class A1, 3.88%, 5/25/2048 ‡ (e) (i)		2,315		2,327
Series 2018-NPL2, Class A1, 4.16%, 7/25/2048 ‡ (e) (i)		3,451		3,469
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-HE2, Class M2, 4.95%, 8/25/2033 ‡ (l)		55		54
Series 2004-NC5, Class M1, 3.38%, 5/25/2034 ‡ (l)		318		316
Series 2004-NC7, Class M2, 3.41%, 7/25/2034 ‡ (l)		170		170
Series 2004-NC6, Class M2, 4.35%, 7/25/2034 ‡ (l)		361		356
Series 2004-HE6, Class M1, 3.30%, 8/25/2034 ‡ (l)		391		389
Series 2004-HE8, Class M3, 3.60%, 9/25/2034 ‡ (l)		25		25
Series 2005-HE1, Class M3, 3.26%, 12/25/2034 ‡ (l)		44		43
Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2002-AM3, Class A3, 3.46%, 2/25/2033 ‡ (l)		291		290
New Century Home Equity Loan Trust Series 2004-2, Class M3, 3.48%, 8/25/2034 ‡ (l)		413		413
New Residential Mortgage LLC Series 2018-FNT1, Class E, 4.89%, 5/25/2023 ‡ (e)		346		350
Nissan Auto Lease Trust Series 2017-B, Class A3, 2.05%, 9/15/2020		128		128
Nissan Auto Receivables Owner Trust Series 2017-B, Class A3, 1.75%, 10/15/2021		410		407
NovaStar Mortgage Funding Trust Series 2003-2, Class M3, 5.85%, 9/25/2033 ‡ (l)		510		509
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class C, 4.52%, 4/18/2022 ‡ (e)		250		250
OneMain Financial Issuance Trust
Series 2015-1A, Class C, 5.12%, 3/18/2026 ‡ (e)		802		811
Series 2015-3A, Class C, 5.82%, 11/20/2028 ‡ (e)		965		1,007
Series 2019-1A, Class B, 3.79%, 2/14/2031 ‡ (e)		1,045		1,059
Option One Mortgage Acceptance Corp. Asset-Backed Certificates Series 2003-4, Class M1, 3.50%, 7/25/2033 ‡ (l)		1,255		1,239

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 39

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Option One Mortgage Loan Trust
Series 2004-1, Class M1, 3.38%, 1/25/2034 ‡ (l)		576		569
Series 2004-1, Class M2, 4.13%, 1/25/2034 ‡ (l)		591		579
Series 2004-3, Class M2, 3.33%, 11/25/2034 ‡ (l)		28		28
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-WWF1, Class M4, 4.13%, 12/25/2034 ‡ (l)		2,390		2,411
Series 2005-WCH1, Class M4, 3.72%, 1/25/2036 ‡ (l)		500		501
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 4.83%, 4/25/2023 (e) (l)		1,655		1,657
PNMAC GMSR Issuer Trust Series 2018-GT1, Class A, 5.33%, 2/25/2023 (e) (l)		3,940		3,947
Prestige Auto Receivables Trust
Series 2018-1A, Class D, 4.14%, 10/15/2024 (e)		910		931
Series 2018-1A, Class E, 5.03%, 1/15/2026 (e)		680		697
Pretium Mortgage Credit Partners I LLC
Series 2018-NPL3, Class A1, 4.12%, 8/25/2033 ‡ (e) (i)		2,533		2,549
Series 2018-NPL4, Class A2, 6.05%, 9/25/2058 ‡ (e) (i)		1,000		1,003
Series 2019-NPL2, Class A1, 3.84%, 12/25/2058 (e) (i)		1,800		1,800
PRPM LLC Series 2019-2A, Class A1, 3.97%, 4/25/2024 (e) (i)		1,250		1,251
Renaissance Home Equity Loan Trust
Series 2003-2, Class M1, 3.71%, 8/25/2033 ‡ (l)		243		240
Series 2004-1, Class M4, 5.18%, 5/25/2034 ‡ (l)		738		575
Series 2005-1, Class AF6, 4.97%, 5/25/2035 ‡ (i)		48		50
Santander Drive Auto Receivables Trust
Series 2017-3, Class A3, 1.87%, 6/15/2021		48		48
Series 2018-1, Class A3, 2.32%, 8/16/2021		343		343
Series 2018-2, Class A3, 2.75%, 9/15/2021		178		178
Series 2016-3, Class E, 4.29%, 2/15/2024		2,025		2,048
Series 2019-1, Class C, 3.42%, 4/15/2025		1,022		1,031
Series 2019-1, Class D, 3.65%, 4/15/2025		1,940		1,962

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Saxon Asset Securities Trust Series 2003-3, Class M1, 3.45%, 12/25/2033 ‡ (l)		319		310
Securitized Asset-Backed Receivables LLC Trust Series 2004-NC1, Class M2, 4.20%, 2/25/2034 ‡ (l)		642		642
Soundview Home Loan Trust Series 2005-OPT1, Class M2, 3.15%, 6/25/2035 ‡ (d) (l)		401		400
Specialty Underwriting & Residential Finance Trust Series 2003-BC4, Class M1, 3.38%, 11/25/2034 ‡ (l)		548		541
Stanwich Mortgage Loan Trust Series 2018-NPB1, Class A1, 4.02%, 5/16/2023 ‡ (e) (i)		3,189		3,194
Structured Asset Investment Loan Trust
Series 2003-BC11, Class M1, 3.45%, 10/25/2033 ‡ (l)		134		134
Series 2004-7, Class M2, 3.60%, 8/25/2034 ‡ (l)		301		291
Series 2004-BNC1, Class A5, 3.72%, 9/25/2034 ‡ (l)		31		32
Series 2004-8, Class M9, 6.23%, 9/25/2034 (l)		644		615
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC4, Class A4, 2.65%, 12/25/2036 ‡ (l)		354		341
T-Mobile USA, Inc. 6.00%, 4/15/2024 ‡		482		—
Toyota Auto Receivables Owner Trust
Series 2018-B, Class A2A, 2.64%, 3/15/2021		346		346
Series 2018-C, Class A2A, 2.77%, 8/16/2021		472		472
Series 2019-A, Class A2A, 2.83%, 10/15/2021		455		456
Series 2017-D, Class A3, 1.93%, 1/18/2022		206		205
Series 2019-B, Class A2A, 2.59%, 2/15/2022		372		372
Tricolor Auto Securitization Trust Series 2018-2A, Class A, 3.96%, 10/15/2021 (e)		1,653		1,656
Upgrade Receivables Trust Series 2018-1A, Class A, 3.76%, 11/15/2024 (e)		714		717
Vantage Data Centers Issuer LLC Series 2018-1A, Class A2, 4.07%, 2/16/2043 (e)		726		735
Vericrest Opportunity Loan Trust
Series 2019-NPL2, Class A1, 3.97%, 2/25/2049 (e) (i)		1,952		1,957

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Series 2019-NPL3, Class A1, 3.97%, 3/25/2049 ‡ (e) (i)		996		997
Series 2019-NPL3, Class A2, 6.17%, 3/25/2049 ‡ (e) (i)		3,000		3,009
VOLT LXXV LLC Series 2019-NPL1, Class A1A, 4.34%, 1/25/2049 (e) (i)		468		472
Wells Fargo Home Equity Asset-Backed Securities Trust
Series 2004-2, Class M6, 5.30%, 10/25/2034 (l)		289		275
Series 2004-2, Class M8A, 6.98%, 10/25/2034 ‡ (e) (l)		97		91
Westlake Automobile Receivables Trust
Series 2019-1A, Class C, 3.45%, 3/15/2024 (e)		1,465		1,474
Series 2019-1A, Class D, 3.67%, 3/15/2024 (e)		1,330		1,342
Series 2019-1A, Class E, 4.49%, 7/15/2024 (e)		435		439
Series 2018-3A, Class F, 6.02%, 2/18/2025 (e)		2,000		2,048
Series 2019-1A, Class F, 5.67%, 2/17/2026 (e)		1,240		1,256
				159,089
Total Asset-Backed Securities (Cost $165,675)				168,294
Loan Assignments — 3.9% (m)
Canada — 0.1%
1011778 BC ULC, 1st Lien Term B Loan (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 2/16/2024 (f)		569		567
Concordia Healthcare Corp., Initial Dollar Term Loan (ICE LIBOR USD 1 Month + 5.50%), 7.98%, 9/6/2024 (f) (n)		1,802		1,684
MEG Energy Corp., 1st Lien Term B Loan (ICE LIBOR USD 1 Month + 3.50%), 5.99%, 12/31/2023 (f)		219		219
				2,470
United States — 3.8%
24 Hour Fitness Worldwide, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.98%, 5/30/2025 (f)		328		328
A2Z Wireless Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.00%), 8.47%, 5/1/2023 (f)		736		681
ABG Intermediate Holdings 2 LLC., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.98%, 9/27/2024 (f)		279		278

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Advisor Group Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 8/15/2025 (f)		245		246
AES Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 4.38%, 5/31/2022 (f)		434		434
Albertson’s LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 6/22/2023 (f)		2,478		2,479
Albertson’s LLC, 1st Lien Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 11/17/2025 (f)		112		112
Aleris International, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.75%), 7.23%, 2/27/2023 (f)		372		373
Alphabet Holding Co. Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.98%, 9/26/2024 (f)		447		418
Altice Financing S.A, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.22%, 7/15/2025 (f)		592		571
AMC Entertainment Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 5.49%, 4/22/2026 (f) (n)		620		622
American Axle & Manufacturing, Inc., 1st Lien Term Loan B ((ICE LIBOR USD 1 Month + 2.25%; ICE LIBOR USD 3 Month + 2.25%)), 4.77%, 4/6/2024 (f)		760		748
Asurion LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.50%), 8.98%, 8/4/2025 (f)		260		265
Asurion LLC, Term B-7 Loan (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 11/3/2024 (f)		639		641
Avaya Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.72%, 12/15/2024 (f)		758		759
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 4.35%, 6/1/2024 (f)		372		370
Barracuda Networks, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.74%, 2/12/2025 (f)		300		300
Berry Global, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 10/1/2022 (f)		100		100
BJ’s Wholesale Club, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.47%, 2/3/2024 (f) (n)		606		609

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 41

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Loan Assignments — continued
United States — continued
Bombardier Recreational Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 5/23/2025 (f)		570		565
Boxer Parent Co Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 6.85%, 10/2/2025 (f)		698		694
Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.98%, 8/1/2025 (f)		885		890
Brookfield WEC Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.23%, 8/3/2026 (f)		450		456
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 4/3/2024 (f)		447		441
California Resources Corp., 1st Lien Second Out Term Loan (ICE LIBOR USD 1 Month + 10.38%), 12.85%, 12/31/2021 (f) (n)		2,235		2,295
California Resources Corp., Senior Secured First Out Term Loan (ICE LIBOR USD 1 Month + 4.75%), 7.23%, 12/31/2022 (f) (n)		3,955		3,826
Calpine Construction Finance Co. LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 1/15/2025 (f)		1,228		1,227
Carroll County Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.60%, 2/16/2026 (f)		222		224
CCM Merger, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 8/6/2021 (f) (n)		1,556		1,555
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 1/31/2025 (f) (n)		2,485		2,468
CEOC LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 10/7/2024 (f)		1,337		1,330
Chemours Co. (The), Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 4.24%, 4/3/2025 (f)		1,040		1,035
CHG Healthcare Services, 1st Lien Term Loan B ((ICE LIBOR USD 1 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%)), 5.48%, 6/7/2023 (f)		1,550		1,549
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 10/2/2024 (f)		2,475		2,475
Cineworld Finance US Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 2/28/2025 (f)		615		611

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
CityCenter Holdings LLC, Term B Loan (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 4/18/2024 (f)		1,289		1,288
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 6 Month + 7.25%), 9.94%, 10/12/2038 ‡ (f)		133		200
Club Corp Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.35%, 9/18/2024 (f)		376		364
CommScope, Inc., 1st Lien Term Loan B-2 (ICE LIBOR USD 3 Month + 3.25%), 5.73%, 4/6/2026 (f) (n)		490		493
Continental Building Products, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 8/18/2023 (f)		288		287
Cortes NP Acquisition Corp., Term B Loan (ICE LIBOR USD 3 Month + 4.00%), 6.63%, 11/30/2023 (f)		1,480		1,414
CSC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.72%, 7/17/2025 (f)		1,129		1,124
CSC Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.72%, 1/15/2026 (f)		2,135		2,124
CVS Holdings I LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.24%, 2/6/2025 (f)		620		610
Dawn Acquisition LLC., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 6.35%, 12/31/2025 (f)		299		287
Dell International LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.49%, 9/7/2023 (f)		891		891
Delta 2 SARL, 1st Lien Term loan B (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 2/1/2024 (f)		1,215		1,195
Dole Food Co., 1st Lien Term Loan B ((ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month US Prime Rate + 1.75%)), 5.25%, 4/6/2024 (f) (n)		1,589		1,569
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 7.48%, 2/6/2026 (f)		239		241
Edgewater Generation, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.25%, 12/13/2025 (f)		300		301
EG Group Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.60%, 2/7/2025 (f)		447		441

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Loan Assignments — continued
United States — continued
EIF Channelview Cogeneration LLC, Term Loan (ICE LIBOR USD 1 Month + 4.25%), 6.74%, 5/3/2025 (f)		1,051		1,057
Encino Acquisition Partners Holdings., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.23%, 10/29/2025 (f)		505		470
Endo Pharmaceutical, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.75%, 4/29/2024 (f)		1,388		1,371
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 10/10/2025 (f)		1,855		1,791
Equinox Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 3/8/2024 (f)		499		499
ESH Hospitality, Inc. 1st Lien Term Loan B REIT, (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 8/30/2023 (f)		651		650
Euro Garages Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.60%, 2/7/2025 (f) (n)		100		99
Exela Intermediate LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 9.38%, 7/12/2023 (f) (n)		982		978
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.62%, 5/15/2022 ‡ (f)		19		19
First Data Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 4/26/2024 (f)		1,457		1,456
Flex Acquisition Co., Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.63%, 12/29/2023 (f)		645		635
Frontera Generation Holdings LLC, 1st Lien Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.72%, 5/2/2025 (f)		561		561
Garda World Security, 1st Lien Term Loan B ((ICE LIBOR USD 3 Month + 3.50%; ICE LIBOR USD 3 Month US Prime Rate + 2.50%)), 6.12%, 5/24/2024 (f)		911		909
Gates Global LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 4/1/2024 (f)		694		695
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.60%, 12/1/2023 (f)		631		634
Genesys Telecom Holdings, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 12/1/2023 (f)		576		577

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Getty Images, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 7.00%, 2/19/2026 (f)		499		497
GGP, Inc., 1st Lien Term Loan B REIT, (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 8/27/2025 (f)		935		914
Global Business Travel Holdings Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 5.19%, 8/13/2025 (f)		295		295
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 10/4/2023 (f)		401		402
Goodrx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.47%, 10/10/2025 (f) (n)		643		643
Gray Television, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 1/2/2026 (f)		900		901
Greektown Holdings LLC, Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 4/25/2024 (f)		1,360		1,359
Grizzly Acquisition Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 10/1/2025 (f)		164		164
GTT Communications, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 5/31/2025 (f)		471		456
Gulf Finance LLC, 1st Lien Term Loan B ((ICE LIBOR USD 1 Month + 5.25%; ICE LIBOR USD 3 Month + 5.25%)), 7.80%, 8/25/2023 (f)		151		120
Hanjin International Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.99%, 10/19/2020 (f)		372		369
Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 5/16/2024 (f)		1,373		1,367
Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.69%), 6.17%, 5/23/2025 (f)		569		557
Hertz Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.24%, 6/30/2023 (f) (n)		372		372
Hoya Midco LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.98%, 6/30/2024 (f)		743		737
HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.34%, 4/25/2025 (f)		734		726

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 43

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Loan Assignments — continued
United States — continued
Infor US, Inc., Tranche B-6 Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 2/1/2022 (f)		600		600
Intelsat Jackson Holdings SA, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 11/27/2023 (f)		1,730		1,727
Invenergy Thermal Operating I LLC, Term Loan (ICE LIBOR USD 3 Month + 3.50%), 6.10%, 8/28/2025 (f)		672		677
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.72%, 2/5/2025 (f)		679		677
JBS USA LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 2.50%, 4/24/2026 (f) (n)		1,246		1,247
JBS USA LUX SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 10/30/2022 (f) (n)		2,918		2,917
Kestrel Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.74%, 6/2/2025 (f)		691		692
Las Vegas Sands Corp., 1st Lien Senior Secured Term Loan (ICE LIBOR USD 1 Month + 1.75%), 4.23%, 3/27/2025 (f)		1,288		1,286
Level 3 Financing, Inc., Tranche B Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 2/22/2024 (f)		960		960
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 1/30/2024 (f)		1,026		1,019
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.75%), 6.25%, 1/30/2024 (f)		58		57
Lotus Midstream., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 9/29/2025 (f)		172		172
MacDonald, Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.24%, 10/4/2024 (f)		893		718
Mallinckrodt International Finance, Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.35%, 9/24/2024 (f)		1,037		928
Medallion Midland Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 10/30/2024 (f)		149		148
Meredith Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 1/31/2025 (f) (n)		860		863

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Misys, Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.10%, 6/13/2024 (f)		451		447
Moda Midstream LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 9/29/2025 (f)		141		141
Momentive Performance Materials USA LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 3.75%, 4/18/2024 (f) (n)		920		921
Moran Foods LLC, Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.60%, 12/5/2023 (f)		483		261
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.35%, 6/7/2023 (f) (n)		2,826		2,796
NAI Entertainment Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.99%, 5/8/2025 (f)		896		892
Navistar, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.99%, 11/6/2024 (f)		1,222		1,221
Neiman Marcus Group, Inc., Other Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.72%, 10/25/2020 (f)		806		746
Nielsen Finance LLC, 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 4.47%, 10/4/2023 (f)		893		889
Numericable US LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.69%), 6.16%, 1/31/2026 (f)		592		576
NVA Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 2/2/2025 (f)		1,139		1,118
NVA Holdings, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 3 Month + 2.75%), 2.75%, 2/2/2025 (f) (n)		439		439
Oryx Soutern Delaware Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 2/28/2025 (f)		154		154
Party City Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.99%, 8/19/2022 (f) (n)		926		926
Pearl Intermediate Parent LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 2/14/2025 (f)		224		218
PetSmart, Inc., Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.73%, 3/11/2022 (f) (n)		122		118
Plantronics, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 7/2/2025 (f)		566		563

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Loan Assignments — continued
United States — continued
Post Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.49%, 5/24/2024 (f)		451		451
Prairie ECI Acquiror LP, 1st Lien Term Loan (ICE LIBOR USD 6 Month + 4.75%), 7.37%, 3/7/2026 (f)		118		119
Prestige Brands, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 1/26/2024 (f)		278		277
Prime Security Services Borrower LLC, Term B-1 Loan (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 5/2/2022 (f) (n)		1,484		1,485
Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 6.83%, 5/16/2025 (f)		448		443
Quidditch Acquisition, Inc., 1st Cov-Lite Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 9.49%, 3/21/2025 (f)		124		126
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 5.74%, 11/3/2023 (f)		660		623
Red Ventures LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 11/8/2024 (f) (n)		752		754
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 2/5/2023 (f) (n)		1,419		1,421
Samsonite IP Holdings SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 4.23%, 4/25/2025 (f)		271		271
Scientific Games International, Inc., 1st Lien Term Loan B-5 ((ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%)), 5.23%, 8/14/2024 (f)		1,703		1,698
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.98%, 11/1/2024 (f) (n)		1,383		1,360
Sinclair Broadcast Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.74%, 1/3/2024 (f)		413		413
Sirva Worldwide, Inc., 1st Lien Term Loan ((ICE LIBOR USD 1 Month + 5.50%; ICE LIBOR USD 3 Month + 5.50%)), 8.03%, 8/4/2025 (f)		134		133
Sirva Worldwide, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 9.50%), 12.10%, 8/3/2026 (f)		100		86
Solera LLC, Dollar Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 3/3/2023 (f)		314		314

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Sound Inpatient Physicians Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 6/27/2025 (f)		406		405
Spin Holdco, Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 11/14/2022 (f)		838		827
Sprint Communications, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 5.00%, 2/2/2024 (f)		988		959
St. George’s University Scholastic Services, Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.99%, 7/17/2025 (f)		735		736
Staples, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 4.00%), 6.54%, 9/12/2024 (f)		1,249		1,233
(ICE LIBOR USD 3 Month + 5.00%), 7.60%, 4/16/2026 (f) (n)		539		532
Stetson Midstream., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.73%, 7/18/2025 (f)		1,705		1,709
Summit Materials Co. I LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 11/21/2024 (f)		306		306
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 7.47%, 3/9/2023 (f)		1,125		1,069
Telenet Financing LLC., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.72%, 8/15/2026 (f)		1,545		1,539
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 2/6/2024 (f)		1,487		1,392
TerraForm Power Operating LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.40%, 11/8/2022 (f)		1,223		1,218
The Ultimate Software Group, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 4.00%, 4/8/2026 (f) (n)		170		171
Transdigm Group Inc., 1st Lien Term Loan E (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 5/30/2025 (f) (n)		92		92
TransDigm, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 6/9/2023 (f) (n)		216		215
TransDigm, Inc., Term Loan G (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 8/22/2024 (f) (n)		1,247		1,240
Trinseo Materials Operating SCA., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 9/6/2024 (f)		1,388		1,385

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 45

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Loan Assignments — continued
United States — continued
UFC Holdings LLC, 1st Lien Guaranteed Senior Secured Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.74%, 8/18/2023 (f) (n)		702		704
Ultra Resources, Inc., Term Loan (ICE LIBOR USD 1 Month + 4.00%), 6.49%, 4/12/2024 (f)		1,683		1,421
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.73%, 10/22/2025 (f)		1,062		924
Unitymedia Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.47%, 6/1/2023 (f)		962		959
Univision Communications, Inc., 1st Lien Term Loan C-5 (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 3/15/2024 (f)		482		464
USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.60%, 5/16/2024 (f)		611		605
Valeant Pharmaceuticals International Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.47%, 6/2/2025 (f) (n)		2,761		2,772
VeriFone Systems, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.68%, 8/20/2025 (f)		260		259
VICI Properties 1 LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.49%, 12/20/2024 (f)		1,800		1,796
Viskase Co., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 1/30/2021 (f) (n)		1,206		1,164
Web.com Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 10/10/2025 (f)		390		388
Windstream Services LLC, 1st Lien Term Loan B (3-MONTH PRIME + 5.00%), 10.50%, 3/29/2021 (f) (n)		555		564
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 4.61%, 11/1/2023 (f)		2,100		2,096
Ziggo Secured Finance Partnership, 1st Lien Term Loan E (ICE LIBOR USD 1 Month + 2.50%), 4.97%, 4/15/2025 (f)		1,720		1,704
Zodiac Pool Solutions LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 7/2/2025 (f)		396		395
				135,415
Total Loan Assignments (Cost $139,285)				137,885

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Commercial Mortgage-Backed Securities — 3.4%
Cayman Islands — 0.1%
GPMT Ltd.
Series 2018-FL1, Class AS, 3.69%, 11/21/2035 ‡ (e) (l)		1,000		1,001
Series 2018-FL1, Class B, 4.04%, 11/21/2035 ‡ (e) (l)		1,000		1,001
				2,002
United States — 3.3%
Ashford Hospitality Trust Series 2018-KEYS, Class B, 3.77%, 5/15/2035 ‡ (e) (l)		4,000		3,999
Banc of America Commercial Mortgage Trust Series 2017-BNK3, Class D, 3.25%, 2/15/2050 (e)		670		586
BANK
Series 2017-BNK8, Class D, 2.60%, 11/15/2050 ‡ (e)		2,000		1,646
Series 2019-BN16, Class E, 3.00%, 2/15/2052 ‡ (e)		480		372
Series 2017-BNK9, Class D, 2.80%, 11/15/2054 ‡ (e)		1,570		1,286
Series 2017-BNK7, Class B, 3.95%, 9/15/2060		1,590		1,624
BBCMS Mortgage Trust Series 2018-C2, Class C, 5.14%, 12/15/2051 ‡ (l)		3,050		3,198
BENCHMARK Mortgage Trust Series 2018-B1, Class D, 2.75%, 1/15/2051 ‡ (e)		730		596
Braemar Hotels & Resorts Trust
Series 2018-PRME, Class B, 3.52%, 6/15/2035 ‡ (e) (l)		2,000		2,004
Series 2018-PRME, Class C, 3.72%, 6/15/2035 ‡ (e) (l)		1,500		1,503
BX Commercial Mortgage Trust Series 2018-IND, Class E, 4.17%, 11/15/2035 ‡ (e) (l)		560		562
BX Trust Series 2018-EXCL, Class C, 4.45%, 9/15/2037 ‡ (e) (l)		907		896
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class C, 3.92%, 12/15/2037 (e) (l)		2,900		2,909
Series 2019-LIFE, Class E, 4.62%, 12/15/2037 ‡ (e) (l)		2,845		2,864
Series 2019-LIFE, Class G, 5.72%, 12/15/2037 ‡ (e) (l)		2,560		2,586
CD Mortgage Trust
Series 2017-CD4, Class C, 4.35%, 5/10/2050 ‡ (l)		800		815
Series 2017-CD5, Class D, 3.35%, 8/15/2050 ‡ (e)		351		300

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.90%, 1/10/2024 ‡ (e) (l)		3,050		3,173
Series 2015-P1, Class C, 4.49%, 9/15/2048 ‡ (l)		1,225		1,254
Series 2016-C1, Class D, 5.12%, 5/10/2049 ‡ (e) (l)		1,035		1,018
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (l)		960		987
Cold Storage Trust Series 2017-ICE3, Class B, 3.72%, 4/15/2036 ‡ (e) (l)		4,005		4,006
Commercial Mortgage Pass-Through Certificates
Series 2016-CR28, Class D, 4.05%, 2/10/2049 (l)		250		248
Series 2016-CR28, Class E, 4.30%, 2/10/2049 (e) (l)		1,458		1,385
Commercial Mortgage Trust
Series 2014-CR20, Class D, 3.22%, 11/10/2047 ‡ (e)		1,450		1,330
Series 2015-CR23, Class CME, 3.81%, 5/10/2048 ‡ (e) (l)		4,738		4,719
Series 2015-LC21, Class D, 4.44%, 7/10/2048 (l)		651		620
DBGS Mortgage Trust
Series 2019-1735, Class E, 4.19%, 4/10/2029 (e) (l)		865		842
Series 2018-5BP, Class D, 3.82%, 6/15/2033 ‡ (e) (l)		4,000		3,980
Deutsche Bank Commercial Mortgage Trust Series 2017-C6, Class D, 3.38%, 6/10/2050 (e) (l)		1,520		1,309
FHLMC Multifamily Structured Pass-Through Certificates
Series K721, Class X3, IO, 1.34%, 9/25/2022 (l)		22,604		919
Series K033, Class X1, IO, 0.42%, 7/25/2023 (l)		108,532		1,289
Series KC03, Class X1, IO, 0.63%, 11/25/2024 (l)		29,800		750
Series K064, Class X3, IO, 2.21%, 5/25/2027 (l)		14,685		2,066
Series K082, Class X1, IO, 0.15%, 9/25/2028 (l)		421,532		2,243
Series K083, Class X1, IO, 0.18%, 9/25/2028 (l)		134,091		934
Series K082, Class X3, IO, 2.29%, 10/25/2028 (l)		9,250		1,542

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series K087, Class X3, IO, 2.39%, 4/25/2029 (l)		5,720		1,017
Series K723, Class X3, IO, 1.98%, 10/25/2034 (l)		6,909		525
Series K153, Class X3, IO, 3.90%, 4/25/2035 (l)		5,395		1,823
Series K716, Class X3, IO, 1.85%, 8/25/2042 (l)		16,608		614
Series K726, Class X3, IO, 2.20%, 7/25/2044 (l)		15,363		1,424
Series K059, Class X3, IO, 1.98%, 11/25/2044 (l)		15,200		1,842
Series K065, Class X3, IO, 2.26%, 7/25/2045 (l)		16,900		2,459
Series K728, Class X3, IO, 2.02%, 11/25/2045 (l)		8,624		790
Series K072, Class X3, IO, 2.21%, 12/25/2045 (l)		5,200		793
Series K081, Class X3, IO, 2.31%, 9/25/2046 (l)		1,822		306
Series K078, Class X1, IO, 0.23%, 6/25/2051 (l)		63,797		677
FREMF Series 2018-KF46, Class B, 4.44%, 3/25/2028 (e) (l)		698		691
FREMF Mortgage Trust
Series 2015-KF09, Class B, 7.84%, 5/25/2022 (e) (l)		120		123
Series 2015-KF10, Class B, 8.59%, 7/25/2022 (e) (l)		429		455
Series 2017-KF31, Class B, 5.39%, 4/25/2024 (e) (l)		230		233
Series 2017-KF32, Class B, 5.04%, 5/25/2024 (e) (l)		975		986
Series 2017-KF36, Class B, 5.14%, 8/25/2024 (e) (l)		736		743
Series 2017-KF38, Class B, 4.99%, 9/25/2024 (e) (l)		767		774
Series 2018-KF42, Class B, 4.69%, 12/25/2024 (e) (l)		653		660
Series 2018-K731, Class B, 3.91%, 2/25/2025 (e)		1,450		1,469
Series 2018-KF45, Class B, 4.44%, 3/25/2025 (e) (l)		1,525		1,506
Series 2018-KF47, Class B, 4.49%, 5/25/2025 (e) (l)		1,199		1,198
Series 2018-KF49, Class B, 4.39%, 6/25/2025 (e) (l)		667		662

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 47

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2018-KF53, Class B, 4.54%, 10/25/2025 (l)		2,672		2,651
Series 2018-KF48, Class B, 4.54%, 6/25/2028 (e) (l)		1,976		1,966
Series 2018-KF50, Class B, 4.38%, 7/25/2028 (e) (l)		290		291
Series 2018-K82, Class B, 4.27%, 9/25/2028 (e) (l)		725		734
Series 2012-K19, Class C, 4.17%, 5/25/2045 (e) (l)		480		491
Series 2017-K67, Class C, 4.08%, 9/25/2049 (e) (l)		770		747
Series 2016-K60, Class B, 3.66%, 12/25/2049 (e) (l)		355		351
Series 2017-K65, Class B, 4.21%, 7/25/2050 (e) (l)		2,000		2,047
Series 2019-K87, Class C, 4.47%, 1/25/2051 (e) (l)		783		780
Series 2018-K74, Class B, 4.23%, 2/25/2051 (e) (l)		930		951
Series 2018-K75, Class B, 4.11%, 4/25/2051 (e) (l)		600		605
GNMA
Series 2012-44, IO, 0.41%, 3/16/2049 (l)		6,752		84
Series 2014-186, IO, 0.76%, 8/16/2054 (l)		14,472		668
Series 2017-86, IO, 0.77%, 5/16/2059 (l)		5,572		360
Series 2017-69, IO, 0.80%, 7/16/2059 (l)		3,076		204
GRACE Mortgage Trust Series 2014-GRCE, Class F, 3.71%, 6/10/2028 ‡ (e) (l)		3,260		3,244
GS Mortgage Securities Trust
Series 2015-GC32, Class C, 4.56%, 7/10/2048 (l)		1,530		1,581
Series 2016-GS4, Class D, 3.23%, 11/10/2049 ‡ (e) (l)		635		566
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX, Class AM, 5.46%, 1/15/2049 (l)		121		121
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.09%, 7/15/2044 (l)		1,142		1,154
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (l)		1,686		1,164
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15, Class D, 5.07%, 4/15/2047 ‡ (e) (l)		385		397

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Morgan Stanley Capital I Trust
Series 2018-MP, Class A, 4.42%, 7/11/2040 (e)		4,000		4,296
Series 2018-MP, Class D, 4.42%, 7/11/2040 ‡ (e) (l)		770		776
Series 2006-T23, Class D, 6.34%, 8/12/2041 (e) (l)		1,456		1,479
Series 2006-HQ10, Class AJ, 5.39%, 11/12/2041 (l)		20		20
Series 2007-T27, Class AJ, 6.14%, 6/11/2042 (l)		419		442
Nationslink Funding Corp. Commercial Loan Pass-Through Certificates Series 1999-LTL1, Class E, 5.00%, 1/22/2026 ‡ (e)		2,581		2,633
Velocity Commercial Capital Loan Trust
Series 2018-2, Class M2, 4.51%, 10/26/2048 ‡ (e) (l)		352		361
Series 2018-2, Class M3, 4.72%, 10/26/2048 ‡ (e) (l)		500		513
Wells Fargo Commercial Mortgage Trust Series 2018-C48, Class C, 5.29%, 1/15/2052 (l)		635		676
WFRBS Commercial Mortgage Trust Series 2014-C22, Class D, 4.05%, 9/15/2057 ‡ (e) (l)		1,065		880
				117,363
Total Commercial Mortgage-Backed Securities (Cost $117,660)				119,365
Collateralized Mortgage Obligations — 2.6%
Bermuda — 0.1%
Bellemeade Re Ltd.
Series 2018-3A, Class M1B, 4.33%, 10/25/2027 ‡ (e) (l)		1,660		1,669
Series 2018-3A, Class M2, 5.23%, 10/25/2028 ‡ (e) (l)		1,440		1,445
				3,114
United States — 2.5%
Alternative Loan Trust
Series 2004-27CB, Class A1, 6.00%, 12/25/2034		439		432
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035		107		109
Series 2005-11CB, Class 2A1, 5.50%, 6/25/2035		81		82
Series 2005-19CB, Class A2, IF, 11.49%, 6/25/2035 (l)		20		22

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-28CB, Class 2A6, 5.00%, 8/25/2035		1,069		905
Series 2005-50CB, Class 1A1, 5.50%, 11/25/2035		1,057		983
Series 2006-4CB, Class 2A6, 5.50%, 4/25/2036		2,763		2,724
Series 2006-14CB, Class A1, 6.00%, 6/25/2036		746		591
Angel Oak Mortgage Trust I LLC
Series 2018-2, Class A1, 3.67%, 7/27/2048 (e) (l)		3,225		3,243
Series 2018-3, Class A1, 3.65%, 9/25/2048 (e) (l)		860		866
Series 2019-2, Class B1, 5.02%, 3/25/2049 (e) (l)		1,000		1,011
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (e)		800		800
Arroyo Mortgage Trust
Series 2018-1, Class A1, 3.76%, 4/25/2048 (e) (l)		1,235		1,249
Series 2019-1, Class A1, 3.80%, 1/25/2049 (e) (l)		977		986
Banc of America Funding Trust Series 2005-6, Class 1A2, 5.50%, 10/25/2035		60		56
Bear Stearns ALT-A Trust
Series 2003-6, Class 2A2, 4.24%, 1/25/2034 (l)		1,761		1,742
Series 2005-4, Class 23A1, 4.66%, 5/25/2035 (l)		67		68
Series 2005-4, Class 23A2, 4.66%, 5/25/2035 (l)		517		525
Series 2005-7, Class 12A3, 3.16%, 8/25/2035 (l)		71		70
Bear Stearns ARM Trust
Series 2005-9, Class A1, 4.73%, 10/25/2035 (l)		195		198
Series 2006-1, Class A1, 4.91%, 2/25/2036 (l)		343		348
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC3, Class M1, 3.30%, 6/25/2034 ‡ (l)		590		540
Chase Mortgage Finance Trust
Series 2006-S4, Class A5, 6.00%, 12/25/2036		278		206
Series 2007-A1, Class 8A1, 4.69%, 2/25/2037 (l)		131		136

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2007-A1, Class 1A1, 4.75%, 2/25/2037 (l)		87		89
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 5.23%, 5/25/2023 (e) (l)		4,120		4,125
Series 2018-GT1, Class B, 5.98%, 5/25/2023 ‡ (e) (l)		840		841
CHL Mortgage Pass-Through Trust
Series 2004-9, Class A7, 5.25%, 6/25/2034		85		87
Series 2004-25, Class 2A1, 3.16%, 2/25/2035 (l)		421		401
Series 2005-26, Class 1A11, 5.50%, 11/25/2035		626		562
Series 2005-31, Class 2A1, 3.87%, 1/25/2036 (l)		465		441
Series 2006-21, Class A14, 6.00%, 2/25/2037		204		175
Series 2007-10, Class A4, 5.50%, 7/25/2037		230		179
Series 2007-9, Class A11, 5.75%, 7/25/2037		2,211		1,848
Citigroup Mortgage Loan Trust, Inc.
Series 2005-3, Class 2A2A, 4.43%, 8/25/2035 (l)		324		328
Series 2005-4, Class A, 4.48%, 8/25/2035 (l)		389		397
Series 2005-11, Class A2A, 4.82%, 10/25/2035 (l)		89		91
Civic Mortgage LLC
Series 2018-2, Class A1, 4.35%, 11/25/2022 (e) (i)		1,890		1,889
Series 2018-2, Class A2, 5.32%, 11/25/2022 (e) (i)		661		660
COLT Mortgage Loan Trust
Series 2018-2, Class A1, 3.47%, 7/27/2048 (e) (l)		2,436		2,444
Series 2018-4, Class A1, 4.01%, 12/28/2048 (e) (l)		2,686		2,715
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2, 4.78%, 8/25/2031 ‡ (e) (l)		2,450		2,494
CSFB Mortgage-Backed Pass-Through Certificates Series 2004-8, Class 5A1, 6.00%, 12/25/2034		436		467

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 49

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Deephave Residential Mortgage Trust Series 2019-2A, Class M1, 3.92%, 4/25/2059 (e) (l)		250		251
Deephaven Residential Mortgage Trust Series 2018-2A, Class A1, 3.48%, 4/25/2058 (e) (l)		1,896		1,907
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AF1, Class A4, 2.78%, 4/25/2036 (l)		679		643
FHLMC Structured Agency Credit Risk Debt Notes Series 2018-HQA1, Class M2, 4.78%, 9/25/2030 (l)		3,000		3,027
Flagstar Mortgage Trust Series 2018-6RR, Class 1A2, 3.18%, 10/25/2048 (e) (l)		1,694		1,682
FNMA, Connecticut Avenue Securities Series 2018-C05, Class 1M2, 4.83%, 1/25/2031 (l)		3,250		3,291
GSR Mortgage Loan Trust Series 2004-11, Class 2A2, 4.44%, 9/25/2034 (l)		262		264
Homeward Opportunities Fund I Trust
Series 2018-1, Class A1, 3.77%, 6/25/2048 (e) (l)		2,818		2,845
Series 2019-1, Class M1, 3.95%, 1/25/2059 (e) (l)		500		501
Series 2019-1, Class B1, 4.80%, 1/25/2059 (e) (l)		500		501
Impac CMB Trust
Series 2004-6, Class 1A2, 3.26%, 10/25/2034 (l)		81		80
Series 2005-2, Class 2A2, 3.28%, 4/25/2035 (l)		380		365
Series 2005-4, Class 2A2, 3.24%, 5/25/2035 (l)		342		325
Series 2005-4, Class 2M2, 3.60%, 5/25/2035 (l)		241		225
Series 2005-4, Class 2B1, 4.95%, 5/25/2035 ‡ (l)		362		351
JP Morgan Alternative Loan Trust Series 2007-A2, Class 12A3, 2.67%, 6/25/2037 (l)		286		285
JP Morgan Mortgage Trust
Series 2005-A8, Class 2A3, 4.22%, 11/25/2035 (l)		194		188
Series 2006-A7, Class 2A2, 4.20%, 1/25/2037 (l)		1,238		1,184
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.83%, 4/21/2034 (l)		205		211

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
MASTR Alternative Loan Trust
Series 2003-5, Class 30B1, 5.93%, 8/25/2033 (l)		817		818
Series 2004-6, Class 8A1, 5.50%, 7/25/2034		77		79
Merrill Lynch Mortgage Investors Trust
Series 2003-A4, Class 3A, 4.64%, 5/25/2033 (l)		113		113
Series 2005-A2, Class A3, 4.45%, 2/25/2035 (l)		44		44
Series 2005-1, Class 2A1, 4.35%, 4/25/2035 (l)		48		47
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 4A, 4.58%, 7/25/2034 (l)		106		106
Series 2004-7AR, Class 2A6, 4.52%, 9/25/2034 (l)		246		251
Series 2004-11AR, Class 1A2A, 2.79%, 1/25/2035 (l)		215		212
MortgageIT Trust Series 2005-1, Class 1B1, 3.98%, 2/25/2035 ‡ (l)		286		277
New Residential Mortgage Loan Trust Series 2019-NQM1, Class A1, 3.67%, 1/25/2049 (e) (l)		1,330		1,342
OBX Trust Series 2018-EXP1, Class 2A1B, 3.33%, 4/25/2048 (e) (l)		2,235		2,207
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
Series 2005-4, Class 1A2, 2.87%, 11/25/2035 (l)		314		311
Series 2005-5, Class 1APT, 2.76%, 12/25/2035 (l)		693		643
Opteum Mortgage Acceptance Corp. Trust
Series 2006-1, Class 1APT, 2.69%, 4/25/2036 (l)		812		767
Series 2006-1, Class 1AC1, 2.78%, 4/25/2036 (l)		580		557
PRPM LLC Series 2019-1A, Class A1, 4.50%, 1/25/2024 (e) (i)		2,040		2,060
RALI Trust Series 2006-QS3, Class 1A10, 6.00%, 3/25/2036		693		647
Residential Asset Securitization Trust Series 2006-A8, Class 3A1, 6.00%, 8/25/2036		2,827		2,296
RFMSI Trust
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		662		617
Series 2007-S6, Class 2A5, 2.98%, 6/25/2037 (l)		2,334		1,946

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Starwood Mortgage Residential Trust Series 2018-IMC1, Class A1, 3.79%, 3/25/2048 (e) (l)		3,062		3,092
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021 (e) (i)		660		661
Verus Securitization Trust
Series 2018-2, Class A1, 3.68%, 6/1/2058 (e) (l)		3,057		3,089
Series 2019-INV1, Class M1, 4.03%, 12/25/2059 (e) (l)		1,000		1,002
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-CB2, Class 5A, 5.00%, 7/25/2019		1		1
Series 2005-AR3, Class A1, 4.47%, 3/25/2035 (l)		579		573
Series 2005-AR5, Class A6, 4.04%, 5/25/2035 (l)		381		387
Series 2005-AR7, Class A3, 4.10%, 8/25/2035 (l)		304		309
Series 2005-AR10, Class 1A3, 4.12%, 9/25/2035 (l)		200		202
Series 2005-AR14, Class 1A4, 4.19%, 12/25/2035 (l)		270		268
Series 2005-AR8, Class 2AB2, 3.32%, 7/25/2045 (l)		2,014		2,026
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-H, Class A1, 4.72%, 9/25/2033 (l)		122		124
Series 2003-K, Class 1A1, 4.68%, 11/25/2033 (l)		168		171
Series 2003-M, Class A1, 4.90%, 12/25/2033 (l)		199		205
Series 2004-H, Class A1, 4.44%, 6/25/2034 (l)		83		85
Series 2004-K, Class 1A2, 4.48%, 7/25/2034 (l)		50		51
Series 2004-N, Class A7, 4.61%, 8/25/2034 (l)		120		122
Series 2004-EE, Class 2A2, 4.57%, 12/25/2034 (l)		73		76
Series 2004-Z, Class 2A2, 4.98%, 12/25/2034 (l)		115		118
Series 2004-CC, Class A1, 4.99%, 1/25/2035 (l)		407		418
Series 2004-DD, Class 1A1, 5.01%, 1/25/2035 (l)		222		232

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2005-AR1, Class 1A1, 5.08%, 2/25/2035 (l)		585		604
Series 2005-AR3, Class 1A1, 4.69%, 3/25/2035 (l)		272		282
Series 2005-AR2, Class 3A1, 5.12%, 3/25/2035 (l)		65		66
Series 2005-AR2, Class 2A2, 5.15%, 3/25/2035 (l)		193		199
Series 2005-AR10, Class 2A1, 4.84%, 6/25/2035 (l)		314		325
Series 2005-AR14, Class A1, 4.55%, 8/25/2035 (l)		331		339
Series 2005-AR16, Class 6A3, 4.68%, 10/25/2035 (l)		150		153
Series 2005-17, Class 2A1, 5.50%, 1/25/2036		1,141		1,155
Series 2006-AR6, Class 7A1, 4.81%, 3/25/2036 (l)		346		354
Series 2006-AR2, Class 2A3, 4.96%, 3/25/2036 (l)		32		33
Series 2006-AR3, Class A3, 5.22%, 3/25/2036 (l)		108		109
				88,422
Total Collateralized Mortgage Obligations (Cost $91,009)				91,536
U.S. Treasury Obligations — 1.5%
U.S. Treasury Notes
1.63%, 7/31/2019		700		699
1.00%, 8/31/2019		350		348
1.25%, 10/31/2019		650		646
1.50%, 10/31/2019		700		697
1.00%, 11/15/2019		600		595
1.00%, 11/30/2019		700		694
1.50%, 11/30/2019		400		398
1.13%, 12/31/2019		600		595
2.00%, 1/31/2020 (o)		47,200		47,049
Total u.s. Treasury Obligations (Cost $51,677)				51,721
Supranational — 0.2%
Supranational — 0.2%
European Investment Bank
2.80%, 1/15/2021		AUD 1,837		1,320
2.25%, 7/30/2021 (e)		CAD 1,990		1,500
0.50%, 6/21/2023		AUD 1,210		800

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 51

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)			VALUE (000)
Long Positions — continued
Supranational — continued
Supranational — continued
Inter-American Development Bank
0.50%, 5/23/2023		CAD 3,650			2,575
4.40%, 1/26/2026		CAD   614			521
Total Supranational (Cost $6,918)					6,716
	NO. OF CONTRACTS
Options Purchased — 0.1%
Call Options Purchased — 0.1%
United States — 0.1%
iShares MSCI Emerging Markets ETF 6/21/2019 at USD 44.00, American Style Notional Amount: USD 3,833 Exchange Traded*		38,522			3,833
Put Options Purchased — 0.0% (b)
United States — 0.0% (b)
S&P 500 Index 6/21/2019 at USD 2,785.00, European Style Notional Amount: USD 22,683 Exchange Traded*		77			122
Total Options Purchased (Cost $5,545)					3,955
	PRINCIPAL AMOUNT (000)
Convertible Bonds — 0.0% (b)
United States — 0.0% (b)
Liberty Interactive LLC
4.00%, 11/15/2029		55			38
3.75%, 2/15/2030		100			70
Whiting Petroleum Corp. 1.25%, 4/1/2020		434			420
Total Convertible Bonds (Cost $527)					528
	SHARES (000)
Preferred Stocks — 0.0% (b)
United States — 0.0% (b)
Claire’s Stores, Inc.* ‡		—	(c)		314
GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 8.47%, 2/15/2040 ($25 par value) (f)		1			16
Goodman Networks, Inc. (Preference)* ‡		3			—	(c)
Total Preferred Stocks (Cost $136)					330

INVESTMENTS	NO. OF RIGHTS (000)		VALUE (000)
Rights — 0.0% (b)
United States — 0.0% (b)
Media General, Inc., CVR* ‡		44		—	(c)
Vistra Energy Corp., expiring 12/31/2049*‡		17		14
Total Rights (Cost $—)				14
	NO. OF WARRANTS (000)
Warrants — 0.0% (b)
Canada — 0.0% (b)
Ultra Petroleum Corp. expiring 7/14/2025, price 1.00 USD* (Cost $—)		28		3
	PRINCIPAL AMOUNT (000)
Short-Term Investments — 10.8%
Certificates of Deposit — 0.0% (b)
Barclays Bank plc 2.95%, 4/9/2020		477		477
Canadian Imperial Bank of Commerce (ICE LIBOR USD 3 Month + 0.32%), 2.92%, 7/5/2019 (f)		300		300
MUFG Bank Ltd. 2.80%, 2/26/2020 (e)		500		501
Wells Fargo Bank NA 2.70%, 8/7/2019		650		651
Total Certificates of Deposit (Cost $1,927)				1,929
Commercial Paper — 0.2%
ABN AMRO Funding USA LLC 2.91%, 5/20/2019 (p)		250		250
Anheuser-Busch InBev Worldwide, Inc. 2.74%, 8/1/2019 (p)		320		318
AT&T, Inc. 3.00%, 6/5/2019 (p)		250		249
Bank of China Ltd. 3.13%, 5/10/2019 (p)		350		350
Coca-Cola Co. (The)
2.90%, 7/17/2019 (p)		260		259
2.92%, 12/13/2019 (p)		347		341
Credit Suisse AG 3.02%, 8/6/2019 (p)		250		248
Enbridge, Inc. 2.86%, 5/1/2015 (p)		300		300
Enel Finance America LLC 2.89%, 10/29/2019 (p)		320		315
Engie SA 2.73%, 6/4/2019 (p)		600		599
Eni Finance USA, Inc. 2.77%, 7/16/2019 (p)		460		457
Federation des Caisses Desjardins du Quebec 2.96%, 7/22/2019 (p)		250		248
Macquarie Bank Ltd. 3.26%, 10/11/2019 (p)		250		247

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)			VALUE (000)
Long Positions — continued
Short-Term Investments — continued
Commercial Paper — continued
Ontario Teachers’ Finance Trust
2.91%, 6/25/2019 (e) (p)		500			498
3.01%, 8/27/2019 (e) (p)		600			595
PPG Industries, Inc. 2.70%, 5/17/2019 (p)		250			250
TransCanada PipeLines Ltd. 2.74%, 5/24/2019 (p)		250			249
Walgreens Boots Alliance, Inc. 3.15%, 8/5/2019 (p)		300			298
Welltower, Inc. 2.79%, 5/2/2019 (p)		300			300
Total Commercial Paper (Cost $6,368)					6,371
Foreign Government Treasury Bills — 2.4%
Canadian Treasury Bills
2.01%, 9/19/2019 (p)		CAD 37,492			27,803
1.77%, 11/14/2019 (p)		CAD 1,571			1,162
2.09%, 11/14/2019 (p)		CAD 36,128			26,724
1.99%, 12/12/2019 (p)		CAD 37,870			27,975
Nigeria Treasury Bills 17.14%, 1/2/2020 (p)		NGN 125,000			317
Total Foreign Government Treasury Bills (Cost $85,025)					83,981
	SHARES (000)
Investment Companies — 8.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (q) (r) (Cost $290,883)		290,795			290,883
Total Short-Term Investments (Cost $384,203)					383,164
Total Long Positions (Cost $3,186,712)					3,475,982
Short Positions — (1.0)%
Common Stocks — (0.9)%
United States — (0.9)%
AmerisourceBergen Corp.		(12	)		(897	)
Amgen, Inc.		(6	)		(1,135	)
Apple, Inc. (d)		(8	)		(1,687	)
Cardinal Health, Inc.		(12	)		(565	)
Colgate-Palmolive Co.		(6	)		(421	)
CVS Health Corp.		(58	)		(3,165	)
GrubHub, Inc.*		(21	)		(1,399	)
Harley-Davidson, Inc.		(79	)		(2,957	)
HCA Healthcare, Inc.		(19	)		(2,466	)

INVESTMENTS	SHARES (000)			VALUE (000)
United States — continued
Home Depot, Inc. (The)		(41	)		(8,365	)
JB Hunt Transport Services, Inc.		(23	)		(2,198	)
Laboratory Corp. of America Holdings*		(3	)		(425	)
McKesson Corp.		(25	)		(3,003	)
MGM Resorts International		(61	)		(1,623	)
Molson Coors Brewing Co., Class B		(9	)		(546	)
National Beverage Corp.		(4	)		(228	)
Quest Diagnostics, Inc.		(8	)		(804	)
Vertex Pharmaceuticals, Inc.*		(3	)		(541	)
Total Common Stocks (Proceeds $(33,028))					(32,425	)
Exchange Traded Funds — (0.1)%
United States — (0.1)%
SPDR S&P 500 ETF Trust (Proceeds $(2,284))		(8	)		(2,295	)
Total Short Positions (Proceeds $(35,312))					(34,720	)
Total Investments — 97.3% (Cost $3,151,400)					3,441,262
Other Assets Less Liabilities — 2.7%					95,930
Net Assets — 100.0%					3,537,192

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 53

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Foreign Government Securities		7.9	%
Banks		6.9
Asset-Backed Securities		4.8
Oil, Gas & Consumable Fuels		4.0
Insurance		3.9
Pharmaceuticals		3.5
Commercial Mortgage-Backed Securities		3.4
Collateralized Mortgage Obligations		2.6
IT Services		2.6
Foreign Government Treasury Bills		2.4
Software		2.3
Media		2.3
Capital Markets		2.0
Diversified Telecommunication Services		1.8
Health Care Providers & Services		1.8
Semiconductors & Semiconductor Equipment		1.8
Electric Utilities		1.6
Hotels, Restaurants & Leisure		1.5
Food Products		1.5
Interactive Media & Services		1.5
U.S. Treasury Notes		1.5
Specialty Retail		1.4
Machinery		1.3
Chemicals		1.2
Internet & Direct Marketing Retail		1.2

INDUSTRY	PERCENTAGE
Equity Real Estate Investment Trusts (REITs)		1.2	%
Aerospace & Defense		1.1
Automobiles		1.1
Beverages		1.0
Road & Rail		1.0
Containers & Packaging		1.0
Diversified Financial Services		1.0
Food & Staples Retailing		1.0
Others (each less than 1.0%)		16.5
Short-Term Investments		8.4

INDUSTRY (SHORT)	PERCENTAGE
Health Care Providers & Services		32.6	%
Specialty Retail		24.1
Automobiles		8.5
Mutual Funds		6.6
Road & Rail		6.3
Technology Hardware, Storage & Peripherals		4.9
Biotechnology		4.9
Hotels, Restaurants & Leisure		4.7
Internet & Direct Marketing Retail		4.0
Beverages		2.2
Household Products		1.2

Abbreviations

ABS	Asset-backed securities
ADR	American Depositary Receipt
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CIFC	Commercial Industrial Finance Corp.
CLO	Collateralized Loan Obligations
COP	Colombian Peso
CVA	Dutch Certification
CVR	Contingent Value Rights
DKK	Danish Krone
ETF	Exchange Traded Fund
EUR	Euro
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GDR	Global Depositary Receipt
GMAC	General Motors Acceptance Corp.
GNMA	Government National Mortgage Association
GS	Goldman Sachs
ICE	Intercontinental Exchange

IDR	Indonesian Rupiah
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of April 30, 2019. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JPY	Japanese Yen
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
MXN	Mexican Peso
NGN	Nigerian Naira
OYJ	Public Limited Company
PEN	Peruvian Nuevo Sol

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS APRIL 30, 2019

PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
SCA	Limited partnership with share capital
SEK	Swedish Krona
SPDR	Standard & Poor’s Depository Receipts
USD	United States Dollar
ZAR	South African Rand
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is approximately $21,423,000 and $27,375,000 respectively.
(e)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(f)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2019.
(g)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of April 30, 2019.

(h)	Security is an interest bearing note with preferred security characteristics.
(i)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of April 30, 2019.
(j)	Defaulted security.
(k)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(l)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of April 30, 2019.
(m)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(n)	All or a portion of this security is unsettled as of April 30, 2019. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(o)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(p)	The rate shown is the effective yield as of April 30, 2019.
(q)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(r)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Australia 10 Year Bond		31		06/2019		AUD		3,022		20
Canada 10 Year Bond		1		06/2019		CAD		103		1
EURO STOXX 50 Index		217		06/2019		EUR		8,414		464
Euro-Bobl		12		06/2019		EUR		1,789		4
Euro-BTP		24		06/2019		EUR		3,512		102
Euro-Bund		32		06/2019		EUR		5,933		56
Euro-Buxl		26		06/2019		EUR		5,504		202
Euro-OAT		48		06/2019		EUR		8,722		224
Foreign Exchange EUR/USD		993		06/2019		USD		139,790		(1,745	)
Foreign Exchange JPY/USD		1,405		06/2019		USD		158,185		(174	)
FTSE 100 Index		45		06/2019		GBP		4,331		139
Japan 10 Year Bond		4		06/2019		JPY		5,487		11
Japan 10 Year Bond Mini		86		06/2019		JPY		11,800		9
Long Gilt		26		06/2019		GBP		4,317		(7	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 55

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts — continued
Russell 2000 E-Mini Index		129			06/2019		USD		10,277			405
S&P 500 E-Mini Index		3,106			06/2019		USD		458,057			21,547
Short-Term Euro-BTP		40			06/2019		EUR		4,989			24
SPI 200 Index		131			06/2019		AUD		14,566			224
TOPIX Index		55			06/2019		JPY		8,016			65
U.S. Treasury 5 Year Note		4,584			06/2019		USD		530,132			2,384
U.S. Treasury 10 Year Note		44			06/2019		USD		5,442			3
												23,958
Short Contracts
EURO STOXX 50 Index		(1,146	)		06/2019		EUR		(44,436	)		(1,733	)
Euro-Schatz		(10	)		06/2019		EUR		(1,255	)		(2	)
FTSE 100 Index		(300	)		06/2019		GBP		(28,873	)		(1,324	)
MSCI EAFE E-Mini Index		(1,086	)		06/2019		USD		(104,033	)		(4,436	)
MSCI Europe Equity Index		(8,241	)		06/2019		EUR		(208,940	)		(10,985	)
U.S. Treasury 2 Year Note		(108	)		06/2019		USD		(23,006	)		(77	)
U.S. Treasury 5 Year Note		(64	)		06/2019		USD		(7,401	)		(57	)
U.S. Treasury 10 Year Ultra Note		(59	)		06/2019		USD		(7,777	)		(132	)
												(18,746	)
												5,212

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EAFE	Europe, Australasia, and Far East
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound

JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

Forward foreign currency exchange contracts outstanding as of April 30, 2019 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
EUR	6,082	USD	6,785	Goldman Sachs International		5/3/2019		36
GBP	37	USD	48	Goldman Sachs International		5/3/2019		—	(a)
USD	983	AUD	1,385	TD Bank Financial Group		5/3/2019		6
USD	551	EUR	490	BNP Paribas		5/3/2019		2
USD	6,327	EUR	5,592	State Street Corp.		5/3/2019		54
USD	377	GBP	289	BNP Paribas		5/3/2019		—	(a)
JPY	707,481	USD	6,329	State Street Corp.		5/7/2019		25
USD	82,252	CAD	109,677	State Street Corp.		5/7/2019		374
USD	1,066	EUR	947	Merrill Lynch International		5/15/2019		3
USD	237	EUR	211	TD Bank Financial Group		5/15/2019		1
USD	82,303	CAD	109,677	BNP Paribas		5/17/2019		403
IDR	2,408,699	USD	169	Citibank, NA**		5/22/2019		—	(a)
INR	11,442	USD	162	Citibank, NA**		5/22/2019		2
JPY	19,038	USD	171	Citibank, NA		5/22/2019		1
USD	339	EUR	299	Merrill Lynch International		5/22/2019		3

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS APRIL 30, 2019

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
USD	508	EUR	449	TD Bank Financial Group		5/22/2019		3
USD	333	INR	23,249	Citibank, NA**		5/22/2019		—	(a)
USD	163	KRW	190,082	Citibank, NA**		5/22/2019		—	(a)
USD	171	KRW	197,925	Goldman Sachs International**		5/22/2019		1
USD	166	TRY	986	HSBC Bank, NA		5/22/2019		3
EUR	768	CHF	861	Merrill Lynch International		6/5/2019		16
EUR	969	CHF	1,100	TD Bank Financial Group		6/5/2019		7
JPY	1,098,180	USD	9,849	TD Bank Financial Group		6/5/2019		38
USD	5,685	AUD	7,967	Merrill Lynch International		6/5/2019		64
USD	5,764	CAD	7,571	State Street Corp.		6/5/2019		108
USD	1,645	CHF	1,643	Barclays Bank plc		6/5/2019		28
USD	6,815	CHF	6,717	Deutsche Bank AG		6/5/2019		201
USD	313,436	EUR	272,989	Barclays Bank plc		6/5/2019		6,323
USD	1,724	EUR	1,500	BNP Paribas		6/5/2019		36
USD	1,101	EUR	968	Merrill Lynch International		6/5/2019		11
USD	402	EUR	355	Royal Bank of Canada		6/5/2019		3
USD	1,128	EUR	1,000	TD Bank Financial Group		6/5/2019		3
USD	29,454	GBP	22,017	Merrill Lynch International		6/5/2019		689
USD	85,323	JPY	9,380,381	State Street Corp.		6/5/2019		867
USD	628	NOK	5,398	Citibank, NA		6/5/2019		1
USD	2,397	SEK	21,974	BNP Paribas		6/5/2019		76
USD	1,629	DKK	10,555	BNP Paribas		6/6/2019		38
CLP	240,370	USD	354	Goldman Sachs International**		6/19/2019		1
KZT	169,258	USD	437	Goldman Sachs International**		6/19/2019		4
MXN	407	USD	21	Goldman Sachs International		6/19/2019		1
MXN	510	USD	26	TD Bank Financial Group		6/19/2019		—	(a)
PLN	1,454	USD	379	Citibank, NA		6/19/2019		3
RUB	44,289	USD	667	Citibank, NA**		6/19/2019		14
USD	152	ARS	7,193	Goldman Sachs International**		6/19/2019		1
USD	419	BRL	1,624	Goldman Sachs International**		6/19/2019		7
USD	683	CLP	457,733	Citibank, NA**		6/19/2019		8
USD	144	CNY	969	HSBC Bank, NA**		6/19/2019		—	(a)
USD	282	COP	884,634	Citibank, NA**		6/19/2019		9
USD	676	COP	2,147,489	Goldman Sachs International**		6/19/2019		13
USD	713	EUR	621	Citibank, NA		6/19/2019		14
USD	2,013	EUR	1,776	State Street Corp.		6/19/2019		13
USD	293	KRW	340,975	Goldman Sachs International**		6/19/2019		—	(a)
USD	368	PLN	1,397	State Street Corp.		6/19/2019		2
USD	338	TRY	1,941	Citibank, NA		6/19/2019		22
USD	325	TRY	1,862	Merrill Lynch International		6/19/2019		22
ZAR	2,149	USD	147	Citibank, NA		6/19/2019		2
ZAR	1,933	USD	133	Merrill Lynch International		6/19/2019		1
Total unrealized appreciation								9,563
AUD	1,385	USD	977	Merrill Lynch International		5/3/2019		(1	)
GBP	252	USD	331	Citibank, NA		5/3/2019		(2	)
CAD	109,677	USD	82,284	BNP Paribas		5/7/2019		(406	)
JPY	218,611	USD	1,966	BNP Paribas		5/7/2019		(3	)
JPY	172,088	USD	1,557	Goldman Sachs International		5/7/2019		(12	)
USD	9,827	JPY	1,098,180	TD Bank Financial Group		5/7/2019		(36	)
USD	1,520	CAD	2,042	TD Bank Financial Group		5/17/2019		(5	)
BRL	1,285	USD	334	Merrill Lynch International**		5/22/2019		(7	)
CHF	346	EUR	304	Goldman Sachs International		5/22/2019		(2	)
CLP	224,868	USD	338	Goldman Sachs International**		5/22/2019		(6	)
CNY	4,543	USD	675	Merrill Lynch International**		5/22/2019		—	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 57

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
COP	1,059,728	USD	342	Goldman Sachs International**		5/22/2019		(14	)
EUR	304	PLN	1,310	Goldman Sachs International		5/22/2019		(1	)
KRW	190,817	USD	167	Citibank, NA**		5/22/2019		(3	)
KRW	192,985	USD	170	Goldman Sachs International**		5/22/2019		(5	)
TRY	986	USD	163	Barclays Bank plc		5/22/2019		—	(a)
USD	170	JPY	19,038	Goldman Sachs International		5/22/2019		(1	)
ZAR	2,001	USD	142	HSBC Bank, NA		5/22/2019		(2	)
CHF	437	USD	431	State Street Corp.		6/5/2019		(1	)
CHF	1,780	USD	1,794	TD Bank Financial Group		6/5/2019		(40	)
EUR	1,057	GBP	912	Barclays Bank plc		6/5/2019		(3	)
EUR	731	GBP	630	Royal Bank of Canada		6/5/2019		(1	)
EUR	2,166	USD	2,445	Barclays Bank plc		6/5/2019		(8	)
EUR	1,968	USD	2,229	Merrill Lynch International		6/5/2019		(15	)
EUR	794	USD	905	TD Bank Financial Group		6/5/2019		(11	)
GBP	2,360	USD	3,095	Barclays Bank plc		6/5/2019		(12	)
GBP	42,213	USD	56,436	Royal Bank of Canada		6/5/2019		(1,285	)
NOK	16,367	USD	1,926	BNP Paribas		6/5/2019		(26	)
SEK	52,453	USD	5,752	State Street Corp.		6/5/2019		(213	)
USD	6,804	EUR	6,082	Goldman Sachs International		6/5/2019		(38	)
USD	48	GBP	37	Goldman Sachs International		6/5/2019		—	(a)
USD	1,464	JPY	162,741	Merrill Lynch International		6/5/2019		(1	)
USD	1,554	NOK	13,444	Barclays Bank plc		6/5/2019		(6	)
DKK	26,734	USD	4,125	Merrill Lynch International		6/6/2019		(95	)
ARS	7,193	USD	160	Goldman Sachs International**		6/19/2019		(10	)
CLP	443,745	USD	663	Goldman Sachs International**		6/19/2019		(8	)
CNY	969	USD	145	Barclays Bank plc**		6/19/2019		(1	)
COP	1,041,243	USD	335	Barclays Bank plc**		6/19/2019		(14	)
COP	1,095,855	USD	349	Credit Suisse International**		6/19/2019		(11	)
COP	1,142,961	USD	360	Goldman Sachs International**		6/19/2019		(7	)
EUR	1,193	PLN	5,162	Citibank, NA		6/19/2019		(9	)
IDR	5,106,461	USD	358	Citibank, NA**		6/19/2019		(1	)
KRW	1,126,884	USD	996	Merrill Lynch International**		6/19/2019		(26	)
PLN	5,162	USD	1,354	Merrill Lynch International		6/19/2019		(1	)
TRY	1,902	USD	310	Barclays Bank plc		6/19/2019		(1	)
USD	353	IDR	5,106,461	Standard Chartered Bank**		6/19/2019		(3	)
USD	440	KZT	169,258	Standard Chartered Bank**		6/19/2019		(1	)
USD	520	MXN	10,277	Citibank, NA		6/19/2019		(18	)
USD	29	MXN	567	Goldman Sachs International		6/19/2019		—	(a)
USD	662	RUB	44,289	Goldman Sachs International**		6/19/2019		(19	)
USD	415	ZAR	6,099	Citibank, NA		6/19/2019		(9	)
USD	78	ZAR	1,131	Merrill Lynch International		6/19/2019		(1	)
ZAR	508	USD	36	HSBC Bank, NA		6/19/2019		—	(a)
ZAR	341	USD	24	Merrill Lynch International		6/19/2019		—	(a)
Total unrealized depreciation								(2,401	)
Net unrealized appreciation								7,162

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS APRIL 30, 2019

Abbreviations

ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNY	China Yuan
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
INR	India Rupee

JPY	Japanese Yen
KRW	Korean Republic Won
KZT	Kazakhstan Tenge
MXN	Mexican Peso
NOK	Norwegian Krone
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
TRY	Turkish Lira
USD	United States Dollar
ZAR	South African Rand
(a)	Amount rounds to less than one thousand.
**	Non-deliverable forward.

Over-the-Counter (“OTC”) Credit default swap contracts outstanding — buy protection(1) as of April 30, 2019 (amounts in thousands):
REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)	PAYMENT FREQUENCY	COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (3)		NOTIONAL AMOUNT (4)		UPFRONT PAYMENTS (RECEIPTS) ($) (5)			UNREALIZED APPRECIATION (DEPRECIATION)($)			VALUE($)
Republic of Russian Federation, 2.25%, 03/31/2030	1.00	Quarterly		Goldman Sachs International		12/20/2023		1.16		USD 3,000		60			(43	)		17
Republic of Turkey, 11.88%, 1/15/2030	1.00	Quarterly		Goldman Sachs International		6/20/2024		4.50		USD 201		29			1			30
Republic of Turkey, 11.88%, 1/15/2030	1.00	Quarterly		Goldman Sachs International		6/20/2024		4.50		USD 201		28			2			30
												117			(40	)		77
People’s Republic of China, 7.50%, 10/28/2027	1.00	Quarterly		Goldman Sachs International		12/20/2023		0.37		USD 1,840		(30	)		(24	)		(54	)
Republic of Indonesia, 5.88%, 3/13/2020	1.00	Quarterly		Goldman Sachs International		12/20/2023		0.86		USD 4,500		(108	)		(39	)		(147	)
Republic of Indonesia, 5.88%, 3/13/2020	1.00	Quarterly		Goldman Sachs International		12/20/2023		0.86		USD 1,822		37			(50	)		(13	)
Republic of Indonesia, 5.88%, 3/13/2020	1.00	Quarterly		Goldman Sachs International		12/20/2023		0.86		USD 2,278		47			(64	)		(17	)
United Mexican States, 4.15%, 3/28/2027	1.00	Quarterly		Goldman Sachs International		12/20/2023		1.02		USD 500		10			(10	)		—	(a)
United Mexican States, 4.15%, 3/28/2027	1.00	Quarterly		Citibank, NA		12/20/2023		1.02		USD 800		15			(15	)		—	(a)
												(29	)		(202	)		(231	)
												88			(242	)		(154	)

OTC Credit default swap contracts outstanding — sell protection (2) as of April 30, 2019 (amounts in thousands):
REFERENCE OBLIGATION/INDEX	FINANCING RATE RECEIVED BY THE FUND (%)	PAYMENT FREQUENCY	COUNTERPARTY	MATURITY DATE		IMPLIED CREDIT SPREAD (%) (3)		NOTIONAL AMOUNT (4)		UPFRONT PAYMENTS (RECEIPTS) ($) (5)			UNREALIZED APPRECIATION (DEPRECIATION)($)			VALUE($)
Republic of Argentine, 7.50%, 4/22/2026	5.00	Quarterly	Citibank, NA		6/20/2024		11.94		USD 354		(50	)		(27	)		(77	)
											(50	)		(27	)		(77	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 59

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Centrally Cleared Credit default swap contracts outstanding — buy protection(1) as of April 30, 2019 (amounts in thousands):
REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)	PAYMENT FREQUENCY	MATURITY DATE	IMPLIED CREDIT SPREAD (%) (3)		NOTIONAL AMOUNT (4)		UPFRONT PAYMENTS (RECEIPTS) ($) (5)			UNREALIZED APPRECIATION (DEPRECIATION)($)			VALUE($)
iTraxx Asia ex-Japan IG 30.1	1.00	Quarterly	12/20/2023		0.55		USD 600		(1	)		(12	)		(13	)
									(1	)		(12	)		(13	)

⁽¹⁾  The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

⁽²⁾ The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

⁽³⁾  Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

⁽⁴⁾  The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

⁽⁵⁾  Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Centrally Cleared Interest rate swap contracts outstanding as of April 30, 2019 (amounts in thousands):

FLOATING RATE INDEX (b)

FIXED RATE

PAY/ RECEIVE FLOATING RATE

MATURITY DATE

NOTIONAL AMOUNT

UPFRONT PAYMENTS (RECEIPTS)($)

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

6 month BUBOR semi-annually

3.08 annually

Receive

1/31/2029

HUF 200,000

—

4

1 month TIIE monthly

8.11 monthly

Pay

2/2/2024

MXN 22,000

—

11

1 month TIIE monthly

8.20 monthly

Pay

1/21/2022

MXN 21,646

—

6

—

21

Chilean Peso at maturity

3.18% semi-annually

Pay

4/30/2021

CLP 2,400,000

—

—

(a)

Chilean Peso at maturity

3.53% semi-annually

Receive

4/30/2024

CLP 1,000,000

—

—

(a)

—

—

(a)

—

21

Abbreviations

BUBOR	Budapest Interbank Offered Rate
CLP	Chilean Peso
HUF	Hungarian Forint
MXN	Mexican Peso
TIIE	Interbank Equilibrium Interest Rate
USD	United States Dollar
(a)	Amount rounds to less than one thousand.
(b)	Value of floating rate index at April 30, 2019 was as follows:

FLOATING RATE INDEX	VALUE
6 Month BUBOR		0.25	%
1 Month TIIE		8.50	%

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS APRIL 30, 2019

OTC Total Return Basket Swaps Outstanding at April 30, 2019 (amounts in thousands):
COUNTERPARTY		DESCRIPTION	TERMINATION DATE		ABSOLUTE NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
	Bank of America, NA	The Fund receives the total return on a portfolio of long equity positions and pays net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.35% to 1.50%), which is denominated in GBP based on the local currencies of the positions within the swaps.		10/30/2020	$	38,088	$	(936	)	$	197	$	(739	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
United Kingdom
Ashtead Group plc		89		2,458		133			0.0	(a)
BP plc		503		3,660		(134	)		0.0	(a)
BT Group plc		655		1,955		45			0.0	(a)
Diageo plc		83		3,520		113			0.0	(a)
Fevertree Drinks plc		27		1,103		70			0.0	(a)
GlaxoSmithKline plc		292		6,002		(50	)		0.0	(a)
HSBC Holdings plc		202		1,760		42			0.0	(a)
Imperial Brands plc		84		2,661		(123	)		0.0	(a)
Micro Focus International plc		46		1,167		(255	)		0.0	(a)
Persimmon plc		43		1,247		15			0.0	(a)
Taylor Wimpey plc		592		1,405		(20	)		0.0	(a)
		2,616		26,938		(164	)		0.0	(a)
United States
Burford Capital Ltd.		81		1,742		(77	)		0.0	(a)
Australia
BHP Group plc		108		2,557		(189	)		0.0	(a)
Rio Tinto plc		75		4,383		(239	)		0.0	(a)
		183		6,940		(428	)		0.0	(a)
South Africa
Anglo American plc		95		2,468		(267	)		0.0	(a)
Total Long Positions of Total Return Basket Swaps		2,975		38,088		(936	)		0.0	(a)

The following reference rates, and their values as of period-end, are used for security descriptions:
	VALUE
GBP LIBOR		0.73	%

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 61

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Summary of total swap contracts outstanding as of April 30, 2019 (amounts in thousands):
	NET UPFRONT PAYMENTS (RECEIPTS)($)			VALUE($)
Assets
OTC Credit default swap contracts outstanding—buy protection		117			77
Total OTC swap contracts outstanding		117			77
Liabilities
OTC Credit default swap contracts outstanding—buy protection		(29	)		(231	)
OTC Credit default swap contracts outstanding—sell protection		(50	)		(77	)
Total return basket swaps contracts outstanding		—			(739	)
Total OTC swap contracts outstanding		(79	)		(1,047	)

Abbreviations

GBP	British Pound
LIBOR	London Interbank Offered Rate
(a)	Amounts rounds to less than 0.1% of net assets.
(1)	Notional value represents market value as of April 30, 2019 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS APRIL 30, 2019

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — 34.4%
Argentina — 0.0% (a)
YPF SA
8.50%, 3/23/2021 (b)		690		672
8.75%, 4/4/2024 (b)		1,760		1,683
6.95%, 7/21/2027 (b)		2,000		1,695
				4,050
Australia — 0.5%
Australia & New Zealand Banking Group Ltd.
5.10%, 1/13/2020 (c)		1,999		2,032
(ICE LIBOR USD 3 Month + 0.32%), 3.02%, 11/9/2020 (c) (d)		1,950		1,952
(ICE LIBOR USD 3 Month + 0.46%), 3.14%, 5/17/2021 (c) (d)		2,210		2,215
(USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026 (c) (d) (e) (f)		12,431		13,472
BHP Billiton Finance USA Ltd. (USD Swap Semi 5 Year + 5.09%), 6.75%, 10/19/2075 (c) (d)		1,720		1,935
Commonwealth Bank of Australia
1.75%, 11/7/2019 (c)		405		403
2.25%, 3/10/2020 (c)		2,197		2,189
2.30%, 3/12/2020		840		838
5.00%, 3/19/2020 (c)		260		265
(ICE LIBOR USD 3 Month + 0.32%), 2.92%, 6/25/2020 (c) (d)		540		541
FMG Resources August 2006 Pty. Ltd.
4.75%, 5/15/2022 (c)		1,290		1,306
5.13%, 5/15/2024 (c)		1,089		1,106
Macquarie Bank Ltd. 2.40%, 1/21/2020 (c)		5,852		5,837
Macquarie Group Ltd. 6.00%, 1/14/2020 (c)		662		677
National Australia Bank Ltd.
(ICE LIBOR USD 3 Month + 0.59%), 3.17%, 1/10/2020 (c) (d)		1,516		1,521
(ICE LIBOR USD 3 Month + 0.51%), 3.17%, 5/22/2020 (c) (d)		3,224		3,239
2.50%, 1/12/2021		611		608
(ICE LIBOR USD 3 Month + 0.71%), 3.45%, 11/4/2021 (c) (d)		3,070		3,090
Scentre Group Trust 1
REIT, 2.38%, 11/5/2019 (c)		2,602		2,595
REIT, 2.38%, 4/28/2021 (c)		324		320
Suncorp-Metway Ltd. 2.35%, 4/27/2020 (c)		2,127		2,114
Westpac Banking Corp.
4.88%, 11/19/2019		5,295		5,356
2.65%, 1/25/2021		3,400		3,397
				57,008

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Azerbaijan — 0.1%
Southern Gas Corridor CJSC 6.88%, 3/24/2026 (b)		950		1,073
State Oil Co. of the Azerbaijan Republic 4.75%, 3/13/2023 (b)		1,716		1,755
6.95%, 3/18/2030 (b)		2,380		2,710
				5,538
Belarus — 0.0% (a)
Development Bank of the Republic of Belarus JSC 6.75%, 5/2/2024 (c)		750		755
Brazil — 0.1%
Cemig Geracao e Transmissao SA 9.25%, 12/5/2024 (b)		1,750		1,925
GTL Trade Finance, Inc. 5.89%, 4/29/2024 (b)		496		535
JSL Europe SA 7.75%, 7/26/2024 (b)		1,537		1,532
Petrobras Global Finance BV
6.00%, 1/27/2028		900		924
6.90%, 3/19/2049		1,360		1,359
6.85%, 6/5/2115		900		878
Suzano Austria GmbH 6.00%, 1/15/2029 (b)		1,050		1,123
Votorantim Cimentos International SA 7.25%, 4/5/2041 (b)		1,840		2,093
				10,369
Canada — 1.4%
1011778 BC ULC 4.25%, 5/15/2024 (c)		2,505		2,467
Advanz Pharma Corp. 8.00%, 9/6/2024		2,095		1,959
Alimentation Couche-Tard, Inc.
2.35%, 12/13/2019 (c)		2,339		2,331
(ICE LIBOR USD 3 Month + 0.50%), 3.11%, 12/13/2019 (c) (d)		2,093		2,092
ATS Automation Tooling Systems, Inc. 6.50%, 6/15/2023 (c)		1,332		1,379
Bank of Montreal
(ICE LIBOR USD 3 Month + 0.25%), 2.85%, 9/11/2019 (d)		1,843		1,844
(ICE LIBOR USD 3 Month + 0.34%), 2.94%, 7/13/2020 (d)		2,990		2,997
Baytex Energy Corp. 5.63%, 6/1/2024 (c)		364		345
Bombardier, Inc.
6.00%, 10/15/2022 (c)		2,688		2,690
6.13%, 1/15/2023 (c)		3,228		3,224
7.50%, 12/1/2024 (c)		3,887		3,955
7.50%, 3/15/2025 (c)		6,598		6,614
7.88%, 4/15/2027 (c)		3,690		3,713

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 63

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Canada — continued
Calfrac Holdings LP 8.50%, 6/15/2026 (c)		1,486		1,233
Canadian Pacific Railway Co. 7.25%, 5/15/2019		1,140		1,142
Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (d)		17,630		18,968
Enbridge, Inc.
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (d)		2,730		2,733
(ICE LIBOR USD 3 Month + 3.42%), 5.50%, 7/15/2077 (d)		8,810		8,459
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (d)		8,689		8,816
Garda World Security Corp.
7.25%, 11/15/2021 (c)		310		310
8.75%, 5/15/2025 (c)		12,312		11,607
Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (c)		4,695		4,906
Hudbay Minerals, Inc.
7.25%, 1/15/2023 (c)		1,140		1,183
7.63%, 1/15/2025 (c)		825		858
Intertape Polymer Group, Inc. 7.00%, 10/15/2026 (c)		1,465		1,498
Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023 (c)		1,913		1,707
Mattamy Group Corp. 6.88%, 12/15/2023 (c)		1,585		1,640
MEG Energy Corp.
6.38%, 1/30/2023 (c)		8,508		8,040
7.00%, 3/31/2024 (c)		2,346		2,225
6.50%, 1/15/2025 (c)		4,681		4,704
NOVA Chemicals Corp.
4.88%, 6/1/2024 (c)		4,465		4,364
5.00%, 5/1/2025 (c)		3,340		3,248
5.25%, 6/1/2027 (c)		2,995		2,943
Open Text Corp.
5.63%, 1/15/2023 (c)		1,957		2,006
5.88%, 6/1/2026 (c)		1,781		1,866
Precision Drilling Corp.
7.75%, 12/15/2023		1,540		1,602
5.25%, 11/15/2024		248		235
7.13%, 1/15/2026 (c)		4,997		5,022
Quebecor Media, Inc. 5.75%, 1/15/2023		6,473		6,748
Royal Bank of Canada 2.50%, 1/19/2021		4,850		4,846
Stars Group Holdings BV 7.00%, 7/15/2026 (c)		3,175		3,330

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Canada — continued
Toronto-Dominion Bank (The) 2.55%, 1/25/2021		4,850		4,845
TransCanada PipeLines Ltd. 2.13%, 11/15/2019		1,259		1,254
Transcanada Trust
(ICE LIBOR USD 3 Month + 3.53%), 5.63%, 5/20/2075 (d)		1,910		1,906
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (d)		4,474		4,580
(ICE LIBOR USD 3 Month + 3.21%), 5.30%, 3/15/2077 (d)		653		625
Videotron Ltd.
5.38%, 6/15/2024 (c)		5,053		5,306
5.13%, 4/15/2027 (c)		1,840		1,881
				172,246
Chile — 0.0% (a)
Corp. Nacional del Cobre de Chile 4.88%, 11/4/2044 (b)		1,700		1,832
Empresa Electrica Angamos SA 4.88%, 5/25/2029 (b)		636		644
Empresa Nacional del Petroleo 3.75%, 8/5/2026 (b)		1,900		1,885
				4,361
China — 0.0% (a)
Alibaba Group Holding Ltd. 2.50%, 11/28/2019		1,794		1,792
State Grid Overseas Investment 2014 Ltd. 2.75%, 5/7/2019 (c)		663		663
State Grid Overseas Investment 2016 Ltd. 2.25%, 5/4/2020 (c)		360		357
				2,812
Colombia — 0.1%
Ecopetrol SA
5.88%, 9/18/2023		600		651
5.38%, 6/26/2026		1,610		1,723
7.38%, 9/18/2043		1,642		1,987
5.88%, 5/28/2045		1,400		1,442
				5,803
Croatia — 0.0% (a)
Hrvatska Elektroprivreda 5.88%, 10/23/2022 (c)		600		644
Denmark — 0.0% (a)
DKT Finance ApS 9.38%, 6/17/2023 (c)		2,935		3,177

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Finland — 0.1%
Nokia OYJ
4.38%, 6/12/2027		1,875		1,879
6.63%, 5/15/2039		1,134		1,208
Nordea Bank Abp
1.63%, 9/30/2019 (c)		2,052		2,043
4.88%, 1/27/2020 (c)		5,472		5,557
2.13%, 5/29/2020 (c)		1,040		1,033
(ICE LIBOR USD 3 Month + 0.47%), 3.10%, 5/29/2020 (c) (d)		720		723
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.11%), 6.63%, 3/26/2026 (c) (d) (e) (f)		3,870		3,957
				16,400
France — 0.6%
Air Liquide Finance SA 1.38%, 9/27/2019 (c)		2,020		2,008
Altice France SA
6.25%, 5/15/2024 (c)		3,080		3,157
7.38%, 5/1/2026 (c)		3,201		3,243
8.13%, 2/1/2027 (c)		4,569		4,775
Banque Federative du Credit Mutuel SA 2.75%, 10/15/2020 (c)		2,000		1,999
BNP Paribas SA
5.00%, 1/15/2021		2,500		2,593
(USD Swap Semi 5 Year + 4.15%), 6.63%, 3/25/2024 (c) (d) (e) (f)		3,400		3,468
BPCE SA 2.25%, 1/27/2020		1,469		1,463
Credit Agricole Corporate & Investment Bank SA
(ICE LIBOR USD 3 Month + 0.29%), 2.86%, 11/2/2020 (c) (d)		1,903		1,903
(ICE LIBOR USD 3 Month + 0.40%), 2.96%, 5/3/2021 (c) (d)		1,900		1,900
Credit Agricole SA
(ICE LIBOR USD 3 Month + 0.97%), 3.57%, 6/10/2020 (c) (d)		4,561		4,596
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (c) (d) (e) (f)		6,835		7,782
Orange SA
5.38%, 7/8/2019		187		188
1.63%, 11/3/2019		3,954		3,931
Societe Generale SA
2.63%, 9/16/2020 (c)		2,786		2,780
2.50%, 4/8/2021 (c)		623		617
5.20%, 4/15/2021 (c)		1,200		1,251

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
France — continued
(USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021 (c) (d) (e) (f)		15,320		15,933
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (c) (d) (e) (f)		2,530		2,742
(USD Swap Semi 5 Year + 3.93%), 6.75%, 4/6/2028 (c) (d) (e) (f)		9,980		9,681
WEA Finance LLC
REIT, 2.70%, 9/17/2019 (c)		2,549		2,548
REIT, 3.25%, 10/5/2020 (c)		1,676		1,685
				80,243
Germany — 0.2%
BMW US Capital LLC 1.45%, 9/13/2019 (c)		91		91
(ICE LIBOR USD 3 Month + 0.38%), 2.97%, 4/6/2020 (c) (d)		1,040		1,042
(ICE LIBOR USD 3 Month + 0.37%), 3.06%, 8/14/2020 (c) (d)		501		502
Daimler Finance North America LLC
2.25%, 7/31/2019 (c)		620		619
1.75%, 10/30/2019 (c)		360		358
(ICE LIBOR USD 3 Month + 0.39%), 3.13%, 5/4/2020 (c) (d)		1,220		1,219
2.20%, 5/5/2020 (c)		300		298
(ICE LIBOR USD 3 Month + 0.53%), 3.26%, 5/5/2020 (c) (d)		1,705		1,706
2.45%, 5/18/2020 (c)		2,590		2,579
Deutsche Telekom International Finance BV 1.50%, 9/19/2019 (c)		773		769
2.23%, 1/17/2020 (c)		5,143		5,119
IHO Verwaltungs GmbH 4.50% (cash), 9/15/2023 (c) (g)		4,015		4,054
Siemens Financieringsmaatschappij NV 1.30%, 9/13/2019 (c)		320		318
Unitymedia GmbH 6.13%, 1/15/2025 (c)		3,388		3,507
				22,181
Ghana — 0.0% (a)
Tullow Oil plc 7.00%, 3/1/2025 (c)		4,313		4,392
Guatemala — 0.0% (a)
Energuate Trust 5.88%, 5/3/2027 (b)		1,147		1,141
Hong Kong — 0.0% (a)
HPHT Finance 15 Ltd. 2.88%, 3/17/2020 (c)		867		866
Hungary — 0.0% (a)
MFB Magyar Fejlesztesi Bank Zrt. 6.25%, 10/21/2020 (c)		990		1,035

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 65

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Hungary — continued
MOL Group Finance SA 6.25%, 9/26/2019 (b)		800		809
				1,844
India — 0.0% (a)
Reliance Holding USA, Inc. 5.40%, 2/14/2022 (b)		830		872
				872
Indonesia — 0.1%
Indonesia Asahan Aluminium Persero PT 5.71%, 11/15/2023 (c)		990		1,062
6.53%, 11/15/2028 (c)		2,600		2,956
6.76%, 11/15/2048 (c)		650		746
Minejesa Capital BV 4.63%, 8/10/2030 (c)		824		797
Pertamina Persero PT
4.30%, 5/20/2023 (b)		1,860		1,909
6.50%, 5/27/2041 (b)		580		668
6.00%, 5/3/2042 (b)		880		960
6.45%, 5/30/2044 (b)		1,990		2,284
6.45%, 5/30/2044 (c)		1,600		1,837
Perusahaan Listrik Negara PT
4.13%, 5/15/2027 (b)		680		670
6.25%, 1/25/2049 (b)		810		905
				14,794
Ireland — 0.3%
AerCap Global Aviation Trust (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 6/15/2045 (c) (d)		5,650		5,763
Allied Irish Banks plc (EUR Swap Annual 5 Year + 7.34%), 7.38%, 12/3/2020 (b) (d) (e) (f)		EUR       577		699
Ardagh Packaging Finance plc
7.25%, 5/15/2024 (c)		7,965		8,392
6.00%, 2/15/2025 (c)		13,220		13,319
Avolon Holdings Funding Ltd.
5.50%, 1/15/2023 (c)		1,226		1,284
5.13%, 10/1/2023 (c)		3,433		3,567
5.25%, 5/15/2024 (c)		2,690		2,812
Bank of Ireland (EUR Swap Annual 5 Year + 6.96%), 7.38%, 6/18/2020 (b) (d) (e) (f)		EUR 577		686
James Hardie International Finance DAC 4.75%, 1/15/2025 (c)		1,080		1,083
Park Aerospace Holdings Ltd.
5.25%, 8/15/2022 (c)		992		1,033
5.50%, 2/15/2024 (c)		3,512		3,697
				42,335

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Italy — 0.2%
Enel SpA (USD Swap Semi 5 Year + 5.88%), 8.75%, 9/24/2073 (c) (d)		8,600		9,632
Telecom Italia Capital SA
6.38%, 11/15/2033		4,839		4,704
6.00%, 9/30/2034		3,360		3,108
Telecom Italia SpA 5.30%, 5/30/2024 (c)		2,195		2,187
Wind Tre SpA 5.00%, 1/20/2026 (c)		6,092		5,568
				25,199
Japan — 0.1%
Mitsubishi UFJ Trust & Banking Corp. 2.45%, 10/16/2019 (c)		450		450
Mizuho Bank Ltd.
2.65%, 9/25/2019 (c)		260		260
2.70%, 10/20/2020 (c)		1,428		1,425
MUFG Bank Ltd.
2.35%, 9/8/2019 (c)		2,400		2,397
2.30%, 3/5/2020 (c)		5,610		5,593
Nomura Holdings, Inc. 6.70%, 3/4/2020		2,711		2,799
Sumitomo Mitsui Banking Corp.
2.25%, 7/11/2019		430		430
2.45%, 1/16/2020		1,580		1,577
2.51%, 1/17/2020		750		749
Suntory Holdings Ltd. 2.55%, 9/29/2019 (c)		564		563
				16,243
Kazakhstan — 0.1%
Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (b)		2,045		2,413
Kazakhstan Temir Zholy National Co. JSC 4.85%, 11/17/2027 (c)		1,876		1,944
KazMunayGas National Co. JSC
4.40%, 4/30/2023 (b)		1,150		1,176
4.75%, 4/24/2025 (c)		300		312
4.75%, 4/19/2027 (b)		500		517
5.38%, 4/24/2030 (c)		980		1,048
6.38%, 10/24/2048 (b)		2,040		2,252
Tengizchevroil Finance Co. International Ltd.
4.00%, 8/15/2026 (b)		800		799
				10,461
Luxembourg — 0.6%
Altice Financing SA
6.63%, 2/15/2023 (c)		4,642		4,758
7.50%, 5/15/2026 (c)		8,075		8,196

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Luxembourg — continued
Altice Luxembourg SA
7.75%, 5/15/2022 (c)		13,678		13,934
7.63%, 2/15/2025 (c)		2,165		2,024
INEOS Group Holdings SA 5.63%, 8/1/2024 (c)		9,470		9,541
Intelsat Connect Finance SA 9.50%, 2/15/2023 (c)		5,164		4,790
Intelsat Jackson Holdings SA
5.50%, 8/1/2023		10,339		9,318
8.00%, 2/15/2024 (c)		6,435		6,716
8.50%, 10/15/2024 (c)		13,155		12,982
9.75%, 7/15/2025 (c)		1,585		1,627
Intelsat Luxembourg SA
7.75%, 6/1/2021		364		339
8.13%, 6/1/2023		2,288		1,730
				75,955
Mexico — 0.3%
Alfa SAB de CV 6.88%, 3/25/2044 (c)		712		773
America Movil SAB de CV 5.00%, 3/30/2020		3,907		3,969
BBVA Bancomer SA 6.75%, 9/30/2022 (b)		900		977
Cemex SAB de CV
5.70%, 1/11/2025 (c)		915		938
6.13%, 5/5/2025 (c)		9,110		9,470
7.75%, 4/16/2026 (c)		5,385		5,883
Grupo KUO SAB de CV 5.75%, 7/7/2027 (c)		1,850		1,778
Petroleos Mexicanos
5.38%, 3/13/2022		2,850		2,919
6.50%, 3/13/2027		1,870		1,889
5.35%, 2/12/2028		1,200		1,125
5.63%, 1/23/2046		1,999		1,667
6.75%, 9/21/2047		2,050		1,890
6.35%, 2/12/2048		500		441
				33,719
Morocco — 0.0% (a)
OCP SA 5.63%, 4/25/2024 (b)		2,180		2,292
				2,292
Netherlands — 0.3%
ABN AMRO Bank NV
1.80%, 9/20/2019 (c)		1,801		1,794
2.45%, 6/4/2020 (c)		4,037		4,023
(ICE LIBOR USD 3 Month + 0.57%), 3.21%, 8/27/2021 (c) (d)		2,220		2,228

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Netherlands — continued
Cooperatieve Rabobank UA
2.50%, 1/19/2021		5,000		4,981
(EUR Swap Annual 5 Year + 6.70%), 6.62%, 6/29/2021 (b) (d) (e) (f)		EUR     2,000		2,481
ING Bank NV
2.50%, 10/1/2019 (c)		1,023		1,022
(ICE LIBOR USD 3 Month + 0.69%), 3.28%, 10/1/2019 (c) (d)		562		563
(ICE LIBOR USD 3 Month + 0.97%), 3.65%, 8/17/2020 (c) (d)		401		405
ING Groep NV (USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022 (b) (d) (e) (f)		5,348		5,575
NXP BV 4.63%, 6/1/2023 (c)		4,085		4,262
Starfruit Finco BV 8.00%, 10/1/2026 (c)		1,075		1,103
UPCB Finance IV Ltd. 5.38%, 1/15/2025 (c)		8,895		9,092
Ziggo Bond Co. BV 5.88%, 1/15/2025 (c)		2,190		2,190
Ziggo BV 5.50%, 1/15/2027 (c)		1,764		1,759
				41,478
New Zealand — 0.1%
ANZ New Zealand Int’l Ltd.
2.60%, 9/23/2019 (c)		200		200
2.85%, 8/6/2020 (c)		3,000		3,004
BNZ International Funding Ltd.
2.40%, 2/21/2020 (c)		838		835
(ICE LIBOR USD 3 Month + 0.70%), 3.34%, 2/21/2020 (c) (d)		1,660		1,666
				5,705
Norway — 0.1%
Aker BP ASA
6.00%, 7/1/2022 (c)		373		385
5.88%, 3/31/2025 (c)		1,466		1,539
DNB Bank ASA
2.13%, 10/2/2020 (c)		618		613
(ICE LIBOR USD 3 Month + 0.37%), 2.97%, 10/2/2020 (c) (d)		5,000		5,010
(USD Swap Semi 5 Year + 5.08%), 6.50%, 3/26/2022 (b) (d) (e) (f)		972		1,007
				8,554
Panama — 0.0% (a)
Empresa de Transmision Electrica SA
5.13%, 5/2/2049 (c)		580		589

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 67

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Peru — 0.1%
BBVA Banco Continental SA 5.00%, 8/26/2022 (b)		990		1,042
Consorcio Transmantaro SA 4.38%, 5/7/2023 (b)		874		889
Nexa Resources SA 5.38%, 5/4/2027 (b)		2,590		2,690
Petroleos del Peru SA 4.75%, 6/19/2032 (c)		2,100		2,134
Southern Copper Corp. 5.88%, 4/23/2045		2,435		2,721
				9,476
Qatar — 0.1%
ABQ Finance Ltd.
3.63%, 4/13/2021 (b)		1,550		1,547
3.50%, 2/22/2022 (b)		2,570		2,547
Ras Laffan Liquefied Natural Gas Co. Ltd. II 5.30%, 9/30/2020 (b)		565		572
				4,666
Singapore — 0.0% (a)
Temasek Financial I Ltd. 4.30%, 10/25/2019 (c)		4,096		4,128
South Africa — 0.0% (a)
Eskom Holdings SOC Ltd.
5.75%, 1/26/2021 (b)		350		347
6.75%, 8/6/2023 (b)		600		603
7.13%, 2/11/2025 (b)		850		858
				1,808
South Korea — 0.0% (a)
Heungkuk Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/9/2047 (b) (d)		2,350		2,209
MagnaChip Semiconductor Corp. 6.63%, 7/15/2021 (h)		2,510		2,435
				4,644
Spain — 0.0% (a)
Banco Bilbao Vizcaya Argentaria SA (EUR Swap Annual 5 Year + 9.18%), 8.88%, 4/14/2021 (b) (d) (e) (f)		EUR     2,600		3,246
Sweden — 0.1%
Skandinaviska Enskilda Banken AB
1.50%, 9/13/2019		3,589		3,574
2.45%, 5/27/2020 (c)		1,389		1,384
(ICE LIBOR USD 3 Month + 0.43%), 3.11%, 5/17/2021 (c) (d)		3,100		3,106

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Sweden — continued
Svenska Handelsbanken AB 2.40%, 10/1/2020		1,906		1,897
				9,961
Switzerland — 0.4%
Credit Suisse Group AG
(USD Swap Semi 5 Year + 4.60%), 7.50%, 7/17/2023 (c) (d) (e) (f)		2,745		2,879
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (c) (d) (e) (f)		6,891		7,382
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (c) (d) (e) (f)		7,005		7,148
(USD Swap Semi 5 Year + 4.33%), 7.25%, 9/12/2025 (c) (d) (e) (f)		4,230		4,397
UBS AG 2.38%, 8/14/2019		2,003		2,002
UBS Group Funding Switzerland AG
(USD ICE Swap Rate 5 Year + 5.50%), 6.87%, 3/22/2021 (b) (d) (e) (f)		4,355		4,496
(USD Swap Semi 5 Year + 4.34%), 7.00%, 1/31/2024 (c) (d) (e) (f)		14,510		15,126
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (b) (d) (e) (f)		7,000		7,516
(USD Swap Semi 5 Year + 4.59%), 6.87%, 8/7/2025 (b) (d) (e) (f)		3,000		3,099
				54,045
Trinidad and Tobago — 0.0% (a)
Petroleum Co. of Trinidad & Tobago Ltd. 9.75%, 8/14/2019 (b)		1,565		1,533
				1,533
Tunisia — 0.0% (a)
Banque Centrale de Tunisie International Bond 5.75%, 1/30/2025 (b)		1,000		913
Turkey — 0.0% (a)
KOC Holding A/S 5.25%, 3/15/2023 (b)		1,119		1,067
Turkiye Is Bankasi A/S 5.00%, 4/30/2020 (b)		1,240		1,215
				2,282
United Arab Emirates — 0.1%
DAE Funding LLC
4.50%, 8/1/2022 (c)		1,205		1,223
5.75%, 11/15/2023 (c)		665		696
5.00%, 8/1/2024 (c)		1,489		1,517
Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (c)		6,875		6,695

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United Arab Emirates — continued
Telford Offshore Ltd. Series B, 14.00%, (Blend (cash 1.00% + PIK 13.00%)) 2/12/2024 (g)		1,150		520
				10,651
United Kingdom — 1.0%
Afren plc 6.63%, 12/9/2020 (b) (i)		3,075		1
Ashtead Capital, Inc.
5.63%, 10/1/2024 (c)		1,114		1,155
4.13%, 8/15/2025 (c)		2,645		2,625
4.38%, 8/15/2027 (c)		500		491
Barclays Bank plc
6.75%, 5/22/2019		320		321
5.13%, 1/8/2020		1,402		1,422
Barclays plc
(USD Swap Semi 5 Year + 6.77%), 7.88%, 3/15/2022 (b) (d) (e) (f)		5,397		5,687
(GBP Swap 5 Year + 6.46%), 7.25%, 3/15/2023 (b) (d) (e) (f)		GBP     6,299		8,655
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023 (d) (e) (f)		1,844		1,906
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.67%), 8.00%, 6/15/2024 (d) (e) (f)		5,600		5,905
4.38%, 9/11/2024		3,678		3,706
5.20%, 5/12/2026		4,730		4,894
4.84%, 5/9/2028		1,277		1,280
BAT International Finance plc 2.75%, 6/15/2020 (c)		2,767		2,762
BP Capital Markets plc
1.77%, 9/19/2019		330		329
2.32%, 2/13/2020		950		947
Diageo Capital plc (ICE LIBOR USD 3 Month + 0.24%), 2.92%, 5/18/2020 (d)		450		450
HSBC Holdings plc
(ICE LIBOR USD 3 Month + 0.60%), 3.28%, 5/18/2021 (d)		3,290		3,295
(USD ICE Swap Rate 5 Year + 5.51%), 6.87%, 6/1/2021 (d) (e) (f)		2,146		2,251
(EUR Swap Annual 5 Year + 5.34%), 6.00%, 9/29/2023 (b) (d) (e) (f)		EUR 4,600		5,870
(USD ICE Swap Rate 5 Year + 3.71%), 6.37%, 9/17/2024 (d) (e) (f)		4,840		4,967
(USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025 (d) (e) (f)		3,000		3,127
(USD ICE Swap Rate 5 Year + 3.61%), 6.50%, 3/23/2028 (d) (e) (f)		8,180		8,323

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United Kingdom — continued
Jaguar Land Rover Automotive plc 4.50%, 10/1/2027 (c)		4,010		3,308
Lloyds Bank plc 5.80%, 1/13/2020 (c)		270		276
Lloyds Banking Group plc
(USD Swap Semi 5 Year + 4.76%), 7.50%, 6/27/2024 (d) (e) (f)		8,508		8,933
(USD Swap Semi 5 Year + 4.50%), 7.50%, 9/27/2025 (d) (e) (f)		6,565		6,813
Royal Bank of Scotland Group plc
6.13%, 12/15/2022		14,167		15,162
6.00%, 12/19/2023		1,194		1,283
Santander UK plc
2.35%, 9/10/2019		1,760		1,758
2.38%, 3/16/2020		1,240		1,236
Standard Chartered plc
2.40%, 9/8/2019 (c)		3,423		3,416
2.25%, 4/17/2020 (c)		4,057		4,026
Virgin Media Secured Finance plc
5.25%, 1/15/2026 (c)		3,195		3,250
5.50%, 8/15/2026 (c)		4,060		4,161
Vodafone Group plc (USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (d)		3,190		3,351
				127,342
United States — 27.3%
Acadia Healthcare Co., Inc.
6.13%, 3/15/2021		528		529
5.63%, 2/15/2023		700		707
6.50%, 3/1/2024		3,004		3,109
ACCO Brands Corp. 5.25%, 12/15/2024 (c)		4,980		4,930
ACE Cash Express, Inc. 12.00%, 12/15/2022 (c)		2,638		2,467
ACI Worldwide, Inc. 5.75%, 8/15/2026 (c)		2,730		2,822
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (c)		5,880		4,777
Adient US LLC 7.00%, 5/15/2026 (c)		2,190		2,242
ADT Security Corp. (The)
4.13%, 6/15/2023		3,426		3,351
4.88%, 7/15/2032 (c)		1,020		844
AECOM 5.13%, 3/15/2027		4,166		4,182
AES Corp. 5.50%, 4/15/2025		5,117		5,311
Ahern Rentals, Inc. 7.38%, 5/15/2023 (c)		3,586		3,192
AIG Global Funding
1.95%, 10/18/2019 (c)		4,353		4,337
(ICE LIBOR USD 3 Month + 0.46%), 3.06%, 6/25/2021 (c) (d)		785		785

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 69

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023 (c)		4,805		4,409
AK Steel Corp.
6.38%, 10/15/2025		1,686		1,412
7.00%, 3/15/2027		2,343		1,986
Albertsons Cos. LLC
6.63%, 6/15/2024		9,925		10,235
5.75%, 3/15/2025		5,214		5,175
7.50%, 3/15/2026 (c)		3,647		3,866
Alcoa Nederland Holding BV
6.75%, 9/30/2024 (c)		7,276		7,676
7.00%, 9/30/2026 (c)		1,650		1,778
Allegheny Technologies, Inc. 5.95%, 1/15/2021		947		966
Alliance Data Systems Corp.
5.88%, 11/1/2021 (c)		1,296		1,324
5.38%, 8/1/2022 (c)		3,159		3,206
Allison Transmission, Inc.
5.00%, 10/1/2024 (c)		3,655		3,697
4.75%, 10/1/2027 (c)		2,545		2,494
5.88%, 6/1/2029 (c)		1,410		1,450
Allstate Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 8/15/2053 (d)		15,105		15,558
Ally Financial, Inc.
4.63%, 5/19/2022		12,606		12,925
5.13%, 9/30/2024		1,908		2,016
4.63%, 3/30/2025		2,607		2,685
5.75%, 11/20/2025		2,855		3,094
8.00%, 11/1/2031		2,055		2,631
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		6,171		5,948
5.88%, 11/15/2026		1,513		1,407
6.13%, 5/15/2027		2,144		1,997
AMC Networks, Inc.
5.00%, 4/1/2024		3,610		3,655
4.75%, 8/1/2025		831		827
American Axle & Manufacturing, Inc.
6.63%, 10/15/2022		339		347
6.25%, 4/1/2025		11,754		11,814
6.25%, 3/15/2026		8,918		8,918
6.50%, 4/1/2027		7,091		7,143
American Express Co.
Series C, (ICE LIBOR USD 3 Month + 3.29%), 4.90%, 3/15/2020 (d) (e) (f)		4,215		4,228

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — Continued
(ICE LIBOR USD 3 Month + 0.60%), 3.33%, 11/5/2021 (d)		2,000		2,009
American Honda Finance Corp.
2.25%, 8/15/2019		390		390
(ICE LIBOR USD 3 Month + 0.15%), 2.84%, 11/13/2019 (d)		1,404		1,405
American International Group, Inc.
2.30%, 7/16/2019		980		979
Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (d)		8,918		9,015
American Woodmark Corp. 4.88%, 3/15/2026 (c)		4,020		3,985
AmeriGas Partners LP
5.50%, 5/20/2025		5,898		6,038
5.88%, 8/20/2026		2,714		2,839
5.75%, 5/20/2027		1,024		1,058
Amgen, Inc. (ICE LIBOR USD 3 Month + 0.32%), 3.02%, 5/10/2019 (d)		5		5
Amkor Technology, Inc. 6.63%, 9/15/2027 (c)		1,508		1,540
Andeavor Logistics LP
6.25%, 10/15/2022		894		920
6.38%, 5/1/2024		1,540		1,618
Anixter, Inc.
5.50%, 3/1/2023		3,646		3,828
6.00%, 12/1/2025 (c)		1,595		1,695
Antero Midstream Partners LP 5.38%, 9/15/2024		2,380		2,426
Antero Resources Corp.
5.13%, 12/1/2022		1,255		1,260
5.63%, 6/1/2023		6,477		6,552
Aramark Services, Inc. 5.00%, 2/1/2028 (c)		5,215		5,308
Arconic, Inc.
5.87%, 2/23/2022		1,582		1,660
5.13%, 10/1/2024		6,920		7,136
5.90%, 2/1/2027		4,185		4,424
Arizona Public Service Co. 2.20%, 1/15/2020		36		36
Ashland LLC 4.75%, 8/15/2022 (h)		3,172		3,251
Athene Global Funding 2.75%, 4/20/2020 (c)		3,818		3,813
Avantor, Inc. 6.00%, 10/1/2024 (c)		3,880		4,049
Avaya, Inc. 7.00%, 4/1/2019 ‡ (c) (i)		5,950		1

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (c)		8,668		9,004
5.25%, 3/15/2025 (c)		6,874		6,822
Axalta Coating Systems LLC 4.88%, 8/15/2024 (c)		2,480		2,490
B&G Foods, Inc. 5.25%, 4/1/2025		2,269		2,226
Banff Merger Sub, Inc. 9.75%, 9/1/2026 (c)		3,977		3,987
Bank of America Corp.
Series V, (ICE LIBOR USD 3 Month + 3.39%), 5.13%, 6/17/2019 (d) (e) (f)		8,005		8,010
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (d) (e) (f)		8,180		8,814
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (d) (e) (f)		13,130		14,381
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (d) (e) (f)		7,638		8,192
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (d) (e) (f)		1,350		1,475
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (d) (e) (f)		30,855		31,858
Bank of America NA (ICE LIBOR USD 3 Month + 0.25%), 2.88%, 8/28/2020 (d)		1,740		1,741
Bank of New York Mellon (The) (ICE LIBOR USD 3 Month + 0.30%), 2.92%, 12/4/2020 (d)		4,385		4,390
Bank of New York Mellon Corp. (The)
Series E, (ICE LIBOR USD 3 Month + 3.42%), 4.95%, 6/20/2020 (d) (e) (f)		3,535		3,584
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (d) (e) (f)		10,172		9,790
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026 (d) (e) (f)		10,966		10,764
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (c)		1,556		1,731
8.50%, 1/31/2027 (c)		4,615		5,028
Bausch Health Cos., Inc.
6.50%, 3/15/2022 (c)		1,266		1,310
5.50%, 3/1/2023 (c)		185		186

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
5.88%, 5/15/2023 (c)		10,384		10,464
7.00%, 3/15/2024 (c)		6,512		6,862
6.13%, 4/15/2025 (c)		30,897		31,283
5.50%, 11/1/2025 (c)		787		805
9.00%, 12/15/2025 (c)		11,122		12,318
5.75%, 8/15/2027 (c)		965		1,006
BB&T Corp.
2.45%, 1/15/2020		1,684		1,681
(ICE LIBOR USD 3 Month + 0.72%), 3.31%, 1/15/2020 (d)		263		264
Berry Global, Inc.
6.00%, 10/15/2022		500		515
5.13%, 7/15/2023		725		736
Big River Steel LLC 7.25%, 9/1/2025 (c)		1,470		1,565
Blue Racer Midstream LLC
6.13%, 11/15/2022 (c)		7,345		7,428
6.63%, 7/15/2026 (c)		1,510		1,542
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (c)		1,358		1,372
Boyd Gaming Corp.
6.88%, 5/15/2023		5,315		5,508
6.38%, 4/1/2026		2,905		3,057
6.00%, 8/15/2026		3,385		3,516
Boyne USA, Inc. 7.25%, 5/1/2025 (c)		3,799		4,122
Branch Banking & Trust Co. 2.10%, 1/15/2020		310		309
Brazos Valley Longhorn LLC 6.88%, 2/1/2025		5,379		5,406
Brink’s Co. (The) 4.63%, 10/15/2027 (c)		1,650		1,592
Brookfield Property REIT, Inc. 5.75%, 5/15/2026 (c)		3,616		3,679
Bruin E&P Partners LLC 8.88%, 8/1/2023 (c)		497		470
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078 (d)		6,382		5,824
BWAY Holding Co. 5.50%, 4/15/2024 (c)		3,795		3,769
BWX Technologies, Inc. 5.38%, 7/15/2026 (c)		675		688
Cablevision Systems Corp.
8.00%, 4/15/2020		4,792		4,992
5.88%, 9/15/2022		660		687
Caleres, Inc. 6.25%, 8/15/2023		659		684
California Resources Corp. 8.00%, 12/15/2022 (c)		2,651		2,025

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 71

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Callon Petroleum Co.
6.13%, 10/1/2024		216		222
6.38%, 7/1/2026		487		498
Calpine Corp.
5.88%, 1/15/2024 (c)		1,510		1,540
5.50%, 2/1/2024		990		983
5.75%, 1/15/2025		2,320		2,297
5.25%, 6/1/2026 (c)		4,880		4,886
Camelot Finance SA 7.88%, 10/15/2024 (c)		3,040		3,200
Capital One Financial Corp. 2.50%, 5/12/2020		4,933		4,919
Capital One NA 2.35%, 1/31/2020		1,150		1,146
Cardinal Health, Inc. 1.95%, 6/14/2019		1,220		1,219
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		2,153		2,093
Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026 (c)		2,188		2,193
Caterpillar Financial Services Corp.
(ICE LIBOR USD 3 Month + 0.18%), 2.86%, 5/15/2020 (d)		5,886		5,893
CCM Merger, Inc. 6.00%, 3/15/2022 (c)		662		679
CCO Holdings LLC
5.75%, 1/15/2024		1,005		1,030
5.88%, 4/1/2024 (c)		29,082		30,382
5.38%, 5/1/2025 (c)		2,775		2,872
5.75%, 2/15/2026 (c)		12,106		12,666
5.50%, 5/1/2026 (c)		10,150		10,475
5.13%, 5/1/2027 (c)		21,352		21,672
5.00%, 2/1/2028 (c)		3,738		3,734
CDW LLC
5.00%, 9/1/2023		998		1,020
5.50%, 12/1/2024		635		672
5.00%, 9/1/2025		4,835		4,962
Celgene Corp. 2.25%, 5/15/2019		248		248
Centene Corp.
5.63%, 2/15/2021		990		1,006
6.13%, 2/15/2024		2,730		2,860
4.75%, 1/15/2025		1,626		1,649
5.38%, 6/1/2026 (c)		889		928
Centennial Resource Production LLC 6.88%, 4/1/2027 (c)		488		506
CenterPoint Energy, Inc. Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023 (d) (e) (f)		9,190		9,385

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Central Garden & Pet Co.
6.13%, 11/15/2023		4,700		4,911
5.13%, 2/1/2028		3,470		3,297
CenturyLink, Inc.
Series T, 5.80%, 3/15/2022		3,290		3,381
Series W, 6.75%, 12/1/2023		7,115		7,551
Series Y, 7.50%, 4/1/2024		5,896		6,334
5.63%, 4/1/2025		344		339
Series G, 6.88%, 1/15/2028		799		782
Charles Schwab Corp. (The) Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (d) (e) (f)		10,605		10,287
Chemours Co. (The)
6.63%, 5/15/2023		4,450		4,610
7.00%, 5/15/2025		2,285		2,416
Cheniere Corpus Christi Holdings LLC
7.00%, 6/30/2024		492		552
5.88%, 3/31/2025		6,340		6,831
5.13%, 6/30/2027		1,250		1,303
Cheniere Energy Partners LP
5.25%, 10/1/2025		1,258		1,283
5.63%, 10/1/2026 (c)		1,278		1,320
Chesapeake Energy Corp.
7.00%, 10/1/2024		1,681		1,662
8.00%, 1/15/2025		1,645		1,665
8.00%, 6/15/2027		6,915		6,761
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (c)		4,366		4,028
8.00%, 10/15/2025 (c)		2,117		1,932
Cinemark USA, Inc. 4.88%, 6/1/2023		5,677		5,736
CIT Group, Inc.
4.75%, 2/16/2024		1,001		1,037
5.25%, 3/7/2025		2,538		2,700
6.13%, 3/9/2028		1,838		2,047
CITGO Petroleum Corp. 6.25%, 8/15/2022 (c)		1,172		1,169
Citibank NA
(ICE LIBOR USD 3 Month + 0.30%), 2.89%, 10/20/2020 (d)		2,980		2,984
(ICE LIBOR USD 3 Month + 0.53%), 3.21%, 2/19/2022 (d)		3,700		3,707
Citigroup, Inc.
Series N, (ICE LIBOR USD 3 Month + 4.09%), 5.80%, 11/15/2019 (d) (e) (f)		6,205		6,259

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 3/27/2020 (d) (e) (f)		1,785		1,810
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (d) (e) (f)		1,670		1,726
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (d) (e) (f)		11,480		11,916
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (d) (e) (f)		6,000		6,203
Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 5/15/2023 (d) (e) (f)		16,005		16,018
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (d) (e) (f)		6,980		7,259
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (d) (e) (f)		15,442		16,175
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (d) (e) (f)		7,815		8,372
Citizens Bank NA
2.45%, 12/4/2019		2,940		2,935
2.25%, 3/2/2020		750		747
(ICE LIBOR USD 3 Month + 0.72%), 3.41%, 2/14/2022 (d)		1,818		1,823
Citizens Financial Group, Inc. Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (d) (e) (f)		5,930		6,108
Clear Channel Worldwide Holdings, Inc.
Series A, 6.50%, 11/15/2022		2,925		2,984
Series B, 6.50%, 11/15/2022		31,795		32,510
9.25%, 2/15/2024 (c)		15,727		16,926
Clearwater Paper Corp.
4.50%, 2/1/2023		2,404		2,326
5.38%, 2/1/2025 (c)		1,868		1,709
Clearway Energy Operating LLC
5.75%, 10/15/2025 (c)		20		21
5.00%, 9/15/2026		2,612		2,545
Cleveland-Cliffs, Inc.
4.88%, 1/15/2024 (c)		1,305		1,305
5.75%, 3/1/2025		1,278		1,270
CNG Holdings, Inc. 9.38%, 5/15/2020 (c)		4,235		4,171
CNO Financial Group, Inc. 5.25%, 5/30/2025		2,217		2,325

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
CNX Midstream Partners LP 6.50%, 3/15/2026 (c)		667		644
Coeur Mining, Inc. 5.88%, 6/1/2024		932		885
Cogent Communications Finance, Inc. 5.63%, 4/15/2021 (c)		2,669		2,709
Cogent Communications Group, Inc. 5.38%, 3/1/2022 (c)		3,480		3,593
Colfax Corp.
6.00%, 2/15/2024 (c)		2,856		2,967
6.38%, 2/15/2026 (c)		1,038		1,099
Comcast Corp. (ICE LIBOR USD 3 Month + 0.33%), 2.92%, 10/1/2020 (d)		1,960		1,964
Commercial Metals Co.
4.88%, 5/15/2023		627		633
5.38%, 7/15/2027		1,415		1,394
CommScope Technologies LLC
6.00%, 6/15/2025 (c)		11,180		11,355
5.00%, 3/15/2027 (c)		2,405		2,246
CommScope, Inc.
5.00%, 6/15/2021 (c)		2,355		2,355
5.50%, 3/1/2024 (c)		1,923		2,006
5.50%, 6/15/2024 (c)		715		720
6.00%, 3/1/2026 (c)		5,080		5,378
8.25%, 3/1/2027 (c)		5,203		5,619
Community Health Systems, Inc.
5.13%, 8/1/2021		1,837		1,810
6.25%, 3/31/2023		4,798		4,672
8.63%, 1/15/2024 (c)		5,530		5,613
8.13%, 6/30/2024 (c)		5,378		3,980
8.00%, 3/15/2026 (c)		1,987		1,932
Compass Bank 2.75%, 9/29/2019		3,091		3,089
Comstock Resources, Inc. 9.75%, 8/15/2026 (c)		784		713
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (c)		2,446		2,311
Constellium NV
5.75%, 5/15/2024 (c)		466		476
6.63%, 3/1/2025 (c)		1,650		1,716
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026 (c)		6,010		5,529
CoreCivic, Inc.
REIT, 5.00%, 10/15/2022		430		430
REIT, 4.63%, 5/1/2023		4,230		4,110
Coty, Inc. 6.50%, 4/15/2026 (c)		4,615		4,552

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 73

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Covanta Holding Corp.
5.88%, 3/1/2024		1,220		1,255
5.88%, 7/1/2025		379		389
Covey Park Energy LLC 7.50%, 5/15/2025 (c)		2,075		1,930
Credit Acceptance Corp. 6.63%, 3/15/2026 (c)		1,650		1,735
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (h)		3,589		3,678
5.75%, 4/1/2025		1,991		2,041
5.63%, 5/1/2027 (c)		2,445		2,436
Crown Americas LLC
4.75%, 2/1/2026		681		692
4.25%, 9/30/2026		815		794
CSC Holdings LLC
6.75%, 11/15/2021		2,089		2,235
5.38%, 7/15/2023 (c)		4,070		4,162
5.25%, 6/1/2024		1,349		1,373
7.75%, 7/15/2025 (c)		725		779
6.63%, 10/15/2025 (c)		4,830		5,132
10.88%, 10/15/2025 (c)		3,057		3,515
5.50%, 5/15/2026 (c)		3,498		3,592
5.50%, 4/15/2027 (c)		2,420		2,493
5.38%, 2/1/2028 (c)		2,010		2,043
7.50%, 4/1/2028 (c)		2,260		2,466
6.50%, 2/1/2029 (c)		3,704		3,977
CSI Compressco LP 7.50%, 4/1/2025 (c)		1,927		1,872
Cumberland Farms, Inc. 6.75%, 5/1/2025 (c)		640		675
Curo Group Holdings Corp. 8.25%, 9/1/2025 (c)		3,797		3,332
CVR Partners LP 9.25%, 6/15/2023 (c)		11,203		11,721
CyrusOne LP
REIT, 5.00%, 3/15/2024		500		511
REIT, 5.38%, 3/15/2027		1,045		1,087
Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (c)		3,970		4,154
Dana, Inc.
6.00%, 9/15/2023		3,874		3,966
5.50%, 12/15/2024		1,250		1,266
Darling Ingredients, Inc. 5.25%, 4/15/2027 (c)		971		988
DaVita, Inc.
5.75%, 8/15/2022		1,275		1,296
5.13%, 7/15/2024		6,213		6,213
5.00%, 5/1/2025		9,810		9,598

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
DCP Midstream Operating LP
3.88%, 3/15/2023		2,613		2,613
5.38%, 7/15/2025		1,919		2,017
6.75%, 9/15/2037 (c)		1,740		1,814
5.60%, 4/1/2044		525		499
Dean Foods Co. 6.50%, 3/15/2023 (c)		1,821		947
Delek Logistics Partners LP 6.75%, 5/15/2025		3,673		3,673
Dell International LLC
5.88%, 6/15/2021 (c)		1,420		1,446
7.13%, 6/15/2024 (c)		1,465		1,550
6.02%, 6/15/2026 (c)		4,575		4,956
Delphi Technologies plc 5.00%, 10/1/2025 (c)		6,880		6,312
Denbury Resources, Inc. 9.25%, 3/31/2022 (c)		3,554		3,598
Diamond Offshore Drilling, Inc.
7.88%, 8/15/2025		2,850		2,772
5.70%, 10/15/2039		1,035		729
Diamondback Energy, Inc. 5.38%, 5/31/2025		615		642
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		3,601		3,007
Discover Financial Services Series C, (ICE LIBOR USD 3 Month + 3.08%), 5.50%, 10/30/2027 (d) (e) (f)		7,654		7,415
DISH DBS Corp.
6.75%, 6/1/2021		9,042		9,324
5.88%, 7/15/2022		5,116		4,992
5.00%, 3/15/2023		16,109		14,760
5.88%, 11/15/2024		19,155		16,521
7.75%, 7/1/2026		8,129		7,275
Dole Food Co., Inc. 7.25%, 6/15/2025 (c)		2,774		2,580
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		3,194		3,198
Dominion Energy, Inc.
5.20%, 8/15/2019		520		523
(ICE LIBOR USD 3 Month + 3.06%), 5.75%, 10/1/2054 (d)		6,715		6,965
DowDuPont, Inc. (ICE LIBOR USD 3 Month + 0.71%), 3.39%, 11/15/2020 (d)		1,481		1,493
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (c)		5,333		5,573
DTE Gas Co. 5.00%, 10/1/2019		3,938		3,976
Eldorado Resorts, Inc.
6.00%, 4/1/2025		4,651		4,803
6.00%, 9/15/2026		1,182		1,226

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Embarq Corp. 8.00%, 6/1/2036		12,271		12,102
EMC Corp. 3.38%, 6/1/2023		1,262		1,230
EMI Music Publishing Group North America Holdings, Inc. 7.63%, 6/15/2024 (c)		1,825		1,934
Encompass Health Corp.
5.75%, 11/1/2024		4,445		4,506
5.75%, 9/15/2025		3,650		3,747
Endo Dac
6.00%, 7/15/2023 (c)		9,327		7,601
5.88%, 10/15/2024 (c)		925		918
6.00%, 2/1/2025 (c) (h)		1,770		1,350
Energizer Holdings, Inc.
5.50%, 6/15/2025 (c)		4,815		4,866
7.75%, 1/15/2027 (c)		4,895		5,305
Energy Transfer Operating LP
Series A, (ICE LIBOR USD 3 Month + 4.03%), 6.25%, 2/15/2023 (d) (e) (f)		12,294		11,699
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (d) (e) (f)		6,290		5,975
EnLink Midstream LLC 5.38%, 6/1/2029		803		806
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (d) (e) (f)		9,162		7,891
4.40%, 4/1/2024		4,535		4,501
4.15%, 6/1/2025		1,060		1,020
4.85%, 7/15/2026		2,320		2,300
5.60%, 4/1/2044		1,020		919
EnPro Industries, Inc. 5.75%, 10/15/2026 (c)		2,337		2,401
Ensco Rowan plc
8.00%, 1/31/2024		663		622
5.20%, 3/15/2025		462		371
7.75%, 2/1/2026		1,304		1,125
5.75%, 10/1/2044		2,122		1,395
Entegris, Inc. 4.63%, 2/10/2026 (c)		7,396		7,396
Entercom Media Corp.
7.25%, 11/1/2024 (c)		3,315		3,423
6.50%, 5/1/2027 (c)		2,609		2,661
Enterprise Development Authority (The) 12.00%, 7/15/2024 (c)		5,035		5,161
Enterprise Products Operating LLC
2.55%, 10/15/2019		429		428
5.25%, 1/31/2020		3,269		3,323

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series D, (ICE LIBOR USD 3 Month + 2.99%), 4.88%, 8/16/2077 (d)		1,011		966
Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (d)		6,530		6,242
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078 (d)		1,868		1,736
Envision Healthcare Corp. 8.75%, 10/15/2026 (c)		10,468		9,866
EOG Resources, Inc.
2.45%, 4/1/2020		3,877		3,868
4.40%, 6/1/2020		2,694		2,743
EP Energy LLC
9.38%, 5/1/2024 (c)		6,625		2,451
8.00%, 11/29/2024 (c)		5,606		3,812
8.00%, 2/15/2025 (c)		4,503		1,621
7.75%, 5/15/2026 (c)		12,831		11,420
Equinix, Inc.
REIT, 5.38%, 1/1/2022		1,794		1,839
REIT, 5.38%, 4/1/2023		950		970
REIT, 5.75%, 1/1/2025		2,389		2,478
REIT, 5.88%, 1/15/2026		8,215		8,667
ERAC USA Finance LLC 2.35%, 10/15/2019 (c)		259		259
ERP Operating LP REIT, 2.38%, 7/1/2019		580		580
ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025 (c)		4,857		4,875
Eversource Energy 4.50%, 11/15/2019		2,505		2,529
Exela Intermediate LLC 10.00%, 7/15/2023 (c)		5,098		5,141
Exelon Generation Co. LLC 5.20%, 10/1/2019		1,392		1,403
2.95%, 1/15/2020		2,909		2,910
Extraction Oil & Gas, Inc.
7.38%, 5/15/2024 (c)		1,056		951
5.63%, 2/1/2026 (c)		254		208
Fair Isaac Corp. 5.25%, 5/15/2026 (c)		1,314		1,367
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (c)		1,261		1,274
Fifth Third Bancorp (ICE LIBOR USD 3 Month + 3.03%), 5.10%, 6/30/2023 (d) (e) (f)		17,625		17,339
Fifth Third Bank (ICE LIBOR USD 3 Month + 0.25%), 2.83%, 10/30/2020 (d)		1,775		1,775
First Data Corp.
5.38%, 8/15/2023 (c)		11,555		11,814
5.00%, 1/15/2024 (c)		2,272		2,329
5.75%, 1/15/2024 (c)		22,174		22,853

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 75

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
FirstCash, Inc. 5.38%, 6/1/2024 (c)		1,807		1,848
Flex Acquisition Co., Inc. 6.88%, 1/15/2025 (c)		681		640
Ford Motor Credit Co. LLC 4.69%, 6/9/2025		7,825		7,864
Freeport-McMoRan, Inc.
3.88%, 3/15/2023		14,235		14,093
4.55%, 11/14/2024		6,535		6,494
5.40%, 11/14/2034		375		352
5.45%, 3/15/2043		2,045		1,845
Frontier Communications Corp.
10.50%, 9/15/2022		1,903		1,389
6.88%, 1/15/2025		7,180		3,805
11.00%, 9/15/2025		8,764		5,675
8.50%, 4/1/2026 (c)		5,500		5,184
8.00%, 4/1/2027 (c)		2,715		2,807
FXI Holdings, Inc. 7.88%, 11/1/2024 (c)		1,134		1,070
Gartner, Inc. 5.13%, 4/1/2025 (c)		2,600		2,663
Gates Global LLC 6.00%, 7/15/2022 (c)		4,287		4,287
GCI LLC
6.75%, 6/1/2021		4,460		4,468
6.88%, 4/15/2025		1,260		1,320
GCP Applied Technologies, Inc. 5.50%, 4/15/2026 (c)		3,505		3,554
General Dynamics Corp. (ICE LIBOR USD 3 Month + 0.29%), 2.99%, 5/11/2020 (d)		738		740
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 1/21/2021 (d) (e) (f)		48,843		46,233
General Motors Financial Co., Inc.
2.35%, 10/4/2019		840		838
3.15%, 1/15/2020		2,010		2,014
Series A, (ICE LIBOR USD 3 Month + 3.60%), 5.75%, 9/30/2027 (d) (e) (f)		13,692		12,802
Series B, (ICE LIBOR USD 3 Month + 3.44%), 6.50%, 9/30/2028 (d) (e) (f)		9,490		9,182
Genesis Energy LP
6.75%, 8/1/2022		955		969
6.00%, 5/15/2023		1,359		1,374
5.63%, 6/15/2024		1,553		1,542
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (c)		3,741		4,096

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
GEO Group, Inc. (The)
REIT, 5.88%, 1/15/2022		8,165		8,042
REIT, 5.88%, 10/15/2024		2,215		2,027
Getty Images, Inc. 9.75%, 3/1/2027 (c)		423		430
Global Partners LP
6.25%, 7/15/2022		1,300		1,310
7.00%, 6/15/2023		2,560		2,560
GLP Capital LP
REIT, 5.25%, 6/1/2025		2,780		2,922
REIT, 5.75%, 6/1/2028		2,780		2,985
Goldman Sachs Group, Inc. (The)
Series L, (ICE LIBOR USD 3 Month + 3.88%), 5.70%, 6/6/2019 (d) (e) (f)		5,845		5,859
2.55%, 10/23/2019		1,000		999
5.38%, 3/15/2020		3,459		3,534
Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 5/10/2020 (d) (e) (f)		14,640		14,981
(ICE LIBOR USD 3 Month + 0.73%), 3.34%, 12/27/2020 (d)		250		251
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (d) (e) (f)		22,110		21,049
Series O, (ICE LIBOR USD 3 Month + 3.83%), 5.30%, 11/10/2026 (d) (e) (f)		3,710		3,840
Goodman Networks, Inc. 8.00%, 5/11/2022		850		394
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026		5,160		5,016
4.88%, 3/15/2027		4,396		4,176
Graham Holdings Co. 5.75%, 6/1/2026 (c)		951		996
Gray Television, Inc.
5.13%, 10/15/2024 (c)		1,385		1,409
5.88%, 7/15/2026 (c)		2,102		2,166
7.00%, 5/15/2027 (c)		3,885		4,195
Greif, Inc. 6.50%, 3/1/2027 (c)		3,826		3,931
Group 1 Automotive, Inc. 5.25%, 12/15/2023 (c)		1,875		1,922
Gulfport Energy Corp.
6.63%, 5/1/2023		745		717
6.00%, 10/15/2024		1,045		916
6.38%, 5/15/2025		1,337		1,180
6.38%, 1/15/2026		1,625		1,402
H&E Equipment Services, Inc. 5.63%, 9/1/2025		1,588		1,612

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Halcon Resources Corp. 6.75%, 2/15/2025		3,045		1,956
Hanesbrands, Inc. 4.88%, 5/15/2026 (c)		2,975		2,979
Harland Clarke Holdings Corp. 8.38%, 8/15/2022 (c)		1,466		1,301
HCA Healthcare, Inc. 6.25%, 2/15/2021		3,847		4,035
HCA, Inc.
7.50%, 2/15/2022		7,438		8,182
5.88%, 5/1/2023		2,840		3,046
5.38%, 2/1/2025		38,271		40,280
5.88%, 2/15/2026		13,630		14,648
5.38%, 9/1/2026		4,251		4,485
5.63%, 9/1/2028		8,232		8,767
5.88%, 2/1/2029		1,813		1,951
HCP, Inc. REIT, 2.63%, 2/1/2020		4,834		4,823
Hecla Mining Co. 6.88%, 5/1/2021		2,791		2,794
Herc Rentals, Inc.
7.50%, 6/1/2022 (c)		2,702		2,810
7.75%, 6/1/2024 (c)		3,338		3,546
Hertz Corp. (The)
7.38%, 1/15/2021		1,724		1,719
7.63%, 6/1/2022 (c)		6,397		6,601
6.25%, 10/15/2022		1,371		1,330
5.50%, 10/15/2024 (c)		14,780		12,637
Hess Infrastructure Partners LP 5.63%, 2/15/2026 (c)		1,315		1,345
Hilcorp Energy I LP
5.00%, 12/1/2024 (c)		869		862
5.75%, 10/1/2025 (c)		320		322
6.25%, 11/1/2028 (c)		2,000		2,038
Hillman Group, Inc. (The) 6.38%, 7/15/2022 (c)		865		802
Hill-Rom Holdings, Inc.
5.75%, 9/1/2023 (c)		5,098		5,289
5.00%, 2/15/2025 (c)		685		697
Hilton Domestic Operating Co., Inc.
4.25%, 9/1/2024		375		376
5.13%, 5/1/2026 (c)		4,005		4,100
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		2,845		2,980
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		2,620		2,653
4.88%, 4/1/2027		2,125		2,154
Holly Energy Partners LP 6.00%, 8/1/2024 (c)		1,650		1,721
Hologic, Inc. 4.38%, 10/15/2025 (c)		5,531		5,479

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		4,633		4,662
6.63%, 8/1/2026		2,225		2,250
Huntington Bancshares, Inc. Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (d) (e) (f)		1,920		1,925
Huntington National Bank (The) 2.38%, 3/10/2020		1,710		1,706
Huntsman International LLC 5.13%, 11/15/2022		5,105		5,371
Icahn Enterprises LP
5.88%, 2/1/2022		3,154		3,186
6.75%, 2/1/2024		800		837
6.38%, 12/15/2025		2,340		2,439
iHeartCommunications, Inc. 9.00%, 12/15/2019 (i)		4,183		3,095
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.57%, 12/21/2065 (c) (d)		7,148		5,354
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 4.85%, 12/21/2065 (c) (d)		2,205		1,698
Infor Software Parent LLC 7.13% (cash), 5/1/2021 (c) (g)		8,482		8,503
Infor US, Inc. 6.50%, 5/15/2022		19,885		20,239
Informatica LLC 7.13%, 7/15/2023 (c)		5,178		5,294
Ingevity Corp. 4.50%, 2/1/2026 (c)		1,616		1,576
International Business Machines Corp. 8.38%, 11/1/2019		390		401
International Game Technology plc
6.50%, 2/15/2025 (c)		9,328		9,934
6.25%, 1/15/2027 (c)		1,879		1,976
IQVIA, Inc.
4.88%, 5/15/2023 (c)		455		462
5.00%, 10/15/2026 (c)		5,110		5,219
IRB Holding Corp. 6.75%, 2/15/2026 (c)		5,067		5,029
Iron Mountain, Inc.
REIT, 5.75%, 8/15/2024		3,197		3,221
REIT, 4.88%, 9/15/2027 (c)		3,268		3,170
REIT, 5.25%, 3/15/2028 (c)		3,007		2,962
Jack Ohio Finance LLC
6.75%, 11/15/2021 (c)		8,835		9,111
10.25%, 11/15/2022 (c)		1,462		1,581
Jackson National Life Global Funding
2.20%, 1/30/2020 (c)		1,991		1,984

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 77

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
(ICE LIBOR USD 3 Month + 0.30%), 2.88%, 4/27/2020 (c) (d)		85		85
(ICE LIBOR USD 3 Month + 0.31%), 2.91%, 3/16/2021 (c) (d)		2,200		2,199
(ICE LIBOR USD 3 Month + 0.48%), 3.08%, 6/11/2021 (c) (d)		3,840		3,854
Jagged Peak Energy LLC 5.88%, 5/1/2026		1,315		1,322
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (c)		1,631		1,664
JBS USA LUX SA
5.88%, 7/15/2024 (c)		5,225		5,335
5.75%, 6/15/2025 (c)		5,467		5,593
6.75%, 2/15/2028 (c)		3,302		3,481
6.50%, 4/15/2029 (c)		5,243		5,558
JELD-WEN, Inc.
4.63%, 12/15/2025 (c)		2,105		2,005
4.88%, 12/15/2027 (c)		1,435		1,370
John Deere Capital Corp. (ICE LIBOR USD 3 Month + 0.18%), 2.77%, 1/7/2020 (d)		5,000		5,005
Kaiser Aluminum Corp. 5.88%, 5/15/2024		813		841
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		1,247		1,256
KeyCorp Series D, (ICE LIBOR USD 3 Month + 3.61%), 5.00%, 9/15/2026 (d) (e) (f)		9,075		9,007
Kinetic Concepts, Inc. 7.88%, 2/15/2021 (c)		2,691		2,747
Koppers, Inc. 6.00%, 2/15/2025 (c)		676		654
Kratos Defense & Security Solutions, Inc. 6.50%, 11/30/2025 (c)		240		255
Kroger Co. (The) 1.50%, 9/30/2019		213		212
L Brands, Inc.
6.88%, 11/1/2035		318		282
6.75%, 7/1/2036		3,268		2,843
Ladder Capital Finance Holdings LLLP
5.25%, 3/15/2022 (c)		1,514		1,552
5.25%, 10/1/2025 (c)		1,172		1,167
Lamar Media Corp. 5.75%, 2/1/2026		1,998		2,098
Lennar Corp.
8.38%, 1/15/2021		295		320
5.38%, 10/1/2022		600		628
4.50%, 4/30/2024		1,455		1,484
5.88%, 11/15/2024		2,770		2,974
5.25%, 6/1/2026		1,455		1,510
Level 3 Financing, Inc.
5.63%, 2/1/2023		561		567
5.13%, 5/1/2023		3,136		3,168

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
5.38%, 1/15/2024		4,086		4,137
5.38%, 5/1/2025		6,670		6,794
Level 3 Parent LLC 5.75%, 12/1/2022		1,000		1,008
Liberty Interactive LLC 8.25%, 2/1/2030		2,370		2,453
Liberty Mutual Group, Inc. 7.80%, 3/15/2037 (c)		1,538		1,838
Live Nation Entertainment, Inc.
4.88%, 11/1/2024 (c)		2,560		2,610
5.63%, 3/15/2026 (c)		955		996
Lockheed Martin Corp. 4.25%, 11/15/2019		214		216
LPL Holdings, Inc. 5.75%, 9/15/2025 (c)		2,434		2,477
LTF Merger Sub, Inc. 8.50%, 6/15/2023 (c)		5,407		5,562
Mallinckrodt International Finance SA
5.63%, 10/15/2023 (c)		2,615		2,040
5.50%, 4/15/2025 (c)		5,555		3,999
Manufacturers & Traders Trust Co. 2.10%, 2/6/2020		798		794
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026 (c)		7,134		7,491
Martin Midstream Partners LP 7.25%, 2/15/2021		3,546		3,475
Masonite International Corp. 5.75%, 9/15/2026 (c)		2,890		2,955
MasTec, Inc. 4.88%, 3/15/2023		4,492		4,537
Matador Resources Co. 5.88%, 9/15/2026		1,977		1,992
Mattel, Inc.
3.15%, 3/15/2023		1,000		921
6.75%, 12/31/2025 (c)		15,509		15,514
Meredith Corp. 6.88%, 2/1/2026		3,545		3,687
MetLife, Inc.
Series C, (ICE LIBOR USD 3 Month + 3.58%), 5.25%, 6/15/2020 (d) (e) (f)		15,194		15,379
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (d) (e) (f)		8,575		8,939
6.40%, 12/15/2036		12,815		14,169
Metropolitan Life Global Funding I
(SOFR + 0.57%), 3.05%, 9/7/2020 (c) (d)		5,630		5,628
2.50%, 12/3/2020 (c)		1,558		1,554
2.40%, 1/8/2021 (c)		1,599		1,593
MGM Growth Properties Operating Partnership LP
REIT, 5.63%, 5/1/2024		1,490		1,566
REIT, 4.50%, 9/1/2026		995		983

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
REIT, 5.75%, 2/1/2027 (c)		2,827		2,975
REIT, 4.50%, 1/15/2028		555		533
MGM Resorts International
6.00%, 3/15/2023		11,330		12,095
5.75%, 6/15/2025		14,138		14,951
4.63%, 9/1/2026		1,905		1,885
5.50%, 4/15/2027		4,000		4,125
Mississippi Power Co. (ICE LIBOR USD 3 Month + 0.65%), 3.26%, 3/27/2020 (d)		1,581		1,581
Mondelez International, Inc. 3.00%, 5/7/2020		2,578		2,583
Morgan Stanley
Series H, (ICE LIBOR USD 3 Month + 3.61%), 5.45%, 7/15/2019 (d) (e) (f)		14,650		14,669
5.63%, 9/23/2019		5,370		5,428
Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 7/15/2020 (d) (e) (f)		10,784		11,021
Motors Liquidation Co.
6.75%, 5/1/2028 ‡ (i) (j)		10		—
8.38%, 7/15/2033 ‡ (i)		115		—
7.75%, 3/15/2036 ‡ (i)		11		—
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (c)		6,229		6,261
MSCI, Inc. 5.38%, 5/15/2027 (c)		2,080		2,187
Mueller Water Products, Inc. 5.50%, 6/15/2026 (c)		1,425		1,450
Nabors Industries, Inc.
5.10%, 9/15/2023		174		163
5.75%, 2/1/2025		6,924		6,301
National Rural Utilities Cooperative Finance Corp. (ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (d)		2,473		2,521
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023 (c)		1,567		1,579
9.13%, 7/15/2026 (c)		1,550		1,550
Nationstar Mortgage LLC
6.50%, 7/1/2021		1,372		1,374
6.50%, 6/1/2022		2,678		2,637
NBCUniversal Media LLC 5.15%, 4/30/2020		1,170		1,198
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/2021 (c)		9,445		5,195
8.75% (cash), 10/15/2021 (c) (g)		6,734		3,703
Netflix, Inc.
4.38%, 11/15/2026		2,786		2,758
4.88%, 4/15/2028		6,545		6,488

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
5.88%, 11/15/2028		4,748		5,009
5.38%, 11/15/2029 (c)		2,603		2,636
Nevada Power Co. Series BB, 2.75%, 4/15/2020		817		818
New Albertsons LP
7.75%, 6/15/2026		1,535		1,458
6.63%, 6/1/2028		613		527
7.45%, 8/1/2029		392		365
8.70%, 5/1/2030		2,663		2,650
8.00%, 5/1/2031		2,703		2,561
New Home Co., Inc. (The) 7.25%, 4/1/2022		1,550		1,403
New York Life Global Funding
1.95%, 2/11/2020 (c)		1,081		1,075
2.00%, 4/9/2020 (c)		2,626		2,611
(ICE LIBOR USD 3 Month + 0.16%), 2.75%, 10/1/2020 (c) (d)		175		175
(ICE LIBOR USD 3 Month + 0.32%), 3.05%, 8/6/2021 (c) (d)		1,310		1,312
Newfield Exploration Co.
5.63%, 7/1/2024		2,010		2,195
5.38%, 1/1/2026		1,515		1,635
Nexstar Broadcasting, Inc.
6.13%, 2/15/2022 (c)		2,044		2,072
5.88%, 11/15/2022		1,387		1,418
5.63%, 8/1/2024 (c)		2,155		2,188
NextEra Energy Capital Holdings, Inc.
(ICE LIBOR USD 3 Month + 0.32%), 2.93%, 9/3/2019 (d)		3,970		3,970
(ICE LIBOR USD 3 Month + 3.16%), 5.65%, 5/1/2079 (d)		2,100		2,134
NextEra Energy Operating Partners LP
4.25%, 9/15/2024 (c)		637		639
4.50%, 9/15/2027 (c)		986		969
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (c)		1,814		1,791
Nielsen Finance LLC 5.00%, 4/15/2022 (c)		4,762		4,738
NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (d) (e) (f)		4,830		4,848
Nissan Motor Acceptance Corp.
1.55%, 9/13/2019 (c)		1,970		1,961
2.25%, 1/13/2020 (c)		1,106		1,099
Noble Holding International Ltd.
7.75%, 1/15/2024		540		488
7.95%, 4/1/2025 (h)		376		331

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 79

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
7.88%, 2/1/2026 (c)		1,607		1,555
6.20%, 8/1/2040		1,121		754
5.25%, 3/15/2042		915		565
8.95%, 4/1/2045 (h)		410		334
Northern Oil and Gas, Inc. 9.50%, (Blend (cash 1.00% + PIK 8.50%)) 5/15/2023 (g)		3,058		3,204
Northern Trust Corp.
Series D, (ICE LIBOR USD 3 Month + 3.20%), 4.60%, 10/1/2026 (d) (e) (f)		2,980		2,973
Northwest Acquisitions ULC 7.13%, 11/1/2022 (c)		831		698
Novelis Corp.
6.25%, 8/15/2024 (c)		4,305		4,482
5.88%, 9/30/2026 (c)		3,615		3,674
NRG Energy, Inc.
6.25%, 5/1/2024		1,430		1,476
6.63%, 1/15/2027		5,908		6,322
Nuance Communications, Inc. 5.63%, 12/15/2026		2,558		2,612
NuStar Logistics LP 5.63%, 4/28/2027		2,195		2,194
NVA Holdings, Inc. 6.88%, 4/1/2026 (c)		1,145		1,156
Oasis Petroleum, Inc.
6.88%, 3/15/2022		724		727
6.88%, 1/15/2023		1,188		1,197
6.25%, 5/1/2026 (c)		4,347		4,216
Oceaneering International, Inc. 6.00%, 2/1/2028		1,019		997
Oracle Corp. 2.25%, 10/8/2019		4,890		4,881
Outfront Media Capital LLC
5.25%, 2/15/2022		832		843
5.63%, 2/15/2024		1,650		1,700
5.88%, 3/15/2025		750		775
Owens-Brockway Glass Container, Inc.
5.00%, 1/15/2022 (c)		810		829
5.88%, 8/15/2023 (c)		584		611
5.38%, 1/15/2025 (c)		545		556
6.38%, 8/15/2025 (c)		1,084		1,152
PACCAR Financial Corp. 2.20%, 9/15/2019		3,000		2,993
Panther BF Aggregator 2 LP 6.25%, 5/15/2026 (c)		1,350		1,409
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (c)		4,796		4,975

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Parsley Energy LLC
5.38%, 1/15/2025 (c)		1,125		1,146
5.25%, 8/15/2025 (c)		2,540		2,562
5.63%, 10/15/2027 (c)		435		445
Party City Holdings, Inc. 6.63%, 8/1/2026 (c)		2,572		2,550
PBF Holding Co. LLC
7.00%, 11/15/2023		1,431		1,472
7.25%, 6/15/2025		2,675		2,755
PBF Logistics LP 6.88%, 5/15/2023		1,254		1,282
PDC Energy, Inc. 6.13%, 9/15/2024		328		333
Peabody Energy Corp.
6.00%, 3/31/2022 (c)		502		510
6.38%, 3/31/2025 (c)		1,130		1,121
Penske Automotive Group, Inc. 5.50%, 5/15/2026		4,076		4,066
PetSmart, Inc.
7.13%, 3/15/2023 (c)		9,480		8,390
5.88%, 6/1/2025 (c)		5,729		5,192
8.88%, 6/1/2025 (c)		1,380		1,226
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026 (c)		3,654		3,799
Philip Morris International, Inc. 2.00%, 2/21/2020		2,423		2,410
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (c)		5,329		5,409
5.88%, 9/30/2027 (c)		2,116		2,185
Pitney Bowes, Inc. 4.95%, 4/1/2023 (h)		1,676		1,634
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (d) (e) (f)		2,575		2,466
Plantronics, Inc. 5.50%, 5/31/2023 (c)		4,589		4,629
PNC Bank NA
1.45%, 7/29/2019		280		279
2.40%, 10/18/2019		341		341
PNC Financial Services Group, Inc. (The)
6.70%, 6/10/2019		370		372
5.13%, 2/8/2020		270		275
Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 6/1/2023 (d) (e) (f)		9,215		9,192
Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (d) (e) (f)		7,675		7,694
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (c) (g)		3,084		3,069

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Post Holdings, Inc.
5.50%, 3/1/2025 (c)		5,919		6,060
5.00%, 8/15/2026 (c)		2,728		2,718
5.75%, 3/1/2027 (c)		2,730		2,798
5.63%, 1/15/2028 (c)		1,470		1,487
Prestige Brands, Inc. 6.38%, 3/1/2024 (c)		2,600		2,684
Pricoa Global Funding I 1.45%, 9/13/2019 (c)		536		534
Prime Security Services Borrower LLC
9.25%, 5/15/2023 (c)		3,071		3,237
5.25%, 4/15/2024 (c)		2,327		2,333
5.75%, 4/15/2026 (c)		7,616		7,701
Principal Life Global Funding II
2.15%, 1/10/2020 (c)		2,320		2,311
2.20%, 4/8/2020 (c)		5,873		5,846
Progress Energy, Inc. 4.88%, 12/1/2019		1,700		1,720
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (d) (e) (f)		5,720		5,706
Protective Life Global Funding
1.56%, 9/13/2019 (c)		1,070		1,066
2.92%, 4/15/2022 (c)		2,021		2,020
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 4.18%), 5.87%, 9/15/2042 (d)		10,611		11,269
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (d)		27,059		28,344
(ICE LIBOR USD 3 Month + 3.04%), 5.20%, 3/15/2044 (d)		5,905		6,012
(ICE LIBOR USD 3 Month + 3.03%), 5.38%, 5/15/2045 (d)		4,006		4,086
Public Service Enterprise Group, Inc. 1.60%, 11/15/2019		1,476		1,467
QEP Resources, Inc.
5.38%, 10/1/2022		1,995		1,963
5.25%, 5/1/2023		1,072		1,043
5.63%, 3/1/2026		1,350		1,264
Qorvo, Inc. 5.50%, 7/15/2026 (c)		2,537		2,645
Quad/Graphics, Inc. 7.00%, 5/1/2022		1,000		1,010
Quicken Loans, Inc.
5.75%, 5/1/2025 (c)		4,479		4,546
5.25%, 1/15/2028 (c)		2,070		2,008
Qwest Capital Funding, Inc. 7.75%, 2/15/2031		1,115		1,026

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Qwest Corp.
7.25%, 9/15/2025		325		355
6.88%, 9/15/2033		1,902		1,900
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (c)		3,417		3,186
Radian Group, Inc. 4.50%, 10/1/2024		2,265		2,268
Rain CII Carbon LLC 7.25%, 4/1/2025 (c)		4,225		3,993
Range Resources Corp. 4.88%, 5/15/2025		4,950		4,560
RBS Global, Inc. 4.88%, 12/15/2025 (c)		1,560		1,562
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (c)		788		809
8.25%, 11/15/2026 (c)		809		820
Reliance Standard Life Global Funding II 2.50%, 1/15/2020 (c)		895		892
Republic Services, Inc. 5.00%, 3/1/2020		1,400		1,425
Revlon Consumer Products Corp. 6.25%, 8/1/2024		3,002		1,771
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		9,425		9,453
6.87%, 2/15/2021 (h)		1,646		1,652
RHP Hotel Properties LP
REIT, 5.00%, 4/15/2021		4,340		4,346
REIT, 5.00%, 4/15/2023		2,348		2,389
Rite Aid Corp. 6.13%, 4/1/2023 (c)		6,970		5,938
RR Donnelley & Sons Co. 7.00%, 2/15/2022		58		60
Ryder System, Inc.
2.55%, 6/1/2019		1,530		1,529
2.88%, 9/1/2020		1,167		1,165
Sabre GLBL, Inc.
5.38%, 4/15/2023 (c)		6,087		6,224
5.25%, 11/15/2023 (c)		1,127		1,149
SBA Communications Corp. REIT, 4.00%, 10/1/2022		314		316
Schlumberger Holdings Corp. 3.00%, 12/21/2020 (c)		1,516		1,521
Scientific Games International, Inc.
10.00%, 12/1/2022		2,340		2,463
5.00%, 10/15/2025 (c)		4,506		4,483
Scotts Miracle-Gro Co. (The)
6.00%, 10/15/2023		6,335		6,588
5.25%, 12/15/2026		2,180		2,164
Sealed Air Corp.
5.25%, 4/1/2023 (c)		633		659
5.13%, 12/1/2024 (c)		355		368

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 81

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
SemGroup Corp.
5.63%, 7/15/2022		1,506		1,493
5.63%, 11/15/2023		2,570		2,441
7.25%, 3/15/2026		1,509		1,460
Sensata Technologies BV
4.88%, 10/15/2023 (c)		4,531		4,719
5.63%, 11/1/2024 (c)		1,825		1,939
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (c)		8,376		8,847
Service Corp. International
8.00%, 11/15/2021		1,240		1,352
5.38%, 5/15/2024		6,180		6,343
7.50%, 4/1/2027		2,735		3,138
4.63%, 12/15/2027		165		166
SESI LLC
7.13%, 12/15/2021		221		188
7.75%, 9/15/2024		1,443		1,064
Sinclair Television Group, Inc.
5.38%, 4/1/2021		6,195		6,195
6.13%, 10/1/2022		3,230		3,291
5.63%, 8/1/2024 (c)		3,502		3,540
5.88%, 3/15/2026 (c)		205		207
5.13%, 2/15/2027 (c)		1,380		1,328
Sirius XM Radio, Inc.
4.63%, 5/15/2023 (c)		2,336		2,356
6.00%, 7/15/2024 (c)		9,016		9,309
5.38%, 4/15/2025 (c)		8,355		8,564
5.38%, 7/15/2026 (c)		5,480		5,638
5.00%, 8/1/2027 (c)		1,734		1,748
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (c)		2,510		2,510
SM Energy Co.
5.00%, 1/15/2024		1,445		1,354
5.63%, 6/1/2025		2,535		2,376
6.75%, 9/15/2026		1,210		1,159
6.63%, 1/15/2027		3,281		3,092
Solera LLC 10.50%, 3/1/2024 (c)		2,308		2,504
Sotera Health Holdings LLC 6.50%, 5/15/2023 (c)		1,945		1,964
Sotheby’s 4.88%, 12/15/2025 (c)		2,510		2,447
Southwestern Energy Co.
6.20%, 1/23/2025 (h)		2,899		2,850
7.50%, 4/1/2026		1,614		1,638
7.75%, 10/1/2027		1,165		1,180

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Spectrum Brands, Inc.
6.63%, 11/15/2022		1,601		1,636
6.13%, 12/15/2024		3,812		3,917
5.75%, 7/15/2025		3,755		3,835
Springleaf Finance Corp.
7.75%, 10/1/2021		854		928
6.13%, 5/15/2022		1,830		1,933
5.63%, 3/15/2023		4,267		4,433
6.13%, 3/15/2024		1,060		1,118
6.88%, 3/15/2025		1,740		1,866
7.13%, 3/15/2026		2,933		3,149
Sprint Capital Corp. 8.75%, 3/15/2032		16,048		16,850
Sprint Communications, Inc.
7.00%, 3/1/2020 (c)		2,186		2,246
11.50%, 11/15/2021		305		351
6.00%, 11/15/2022		5,328		5,361
Sprint Corp.
7.25%, 9/15/2021		1,765		1,849
7.88%, 9/15/2023		15,460		16,078
7.13%, 6/15/2024		5,447		5,459
7.63%, 2/15/2025		31,221		31,533
7.63%, 3/1/2026		11,090		11,080
SPX FLOW, Inc.
5.63%, 8/15/2024 (c)		1,969		2,013
5.88%, 8/15/2026 (c)		2,175		2,230
SRC Energy, Inc. 6.25%, 12/1/2025		212		201
SS&C Technologies, Inc. 5.50%, 9/30/2027 (c)		3,650		3,744
Standard Industries, Inc.
6.00%, 10/15/2025 (c)		3,115		3,252
5.00%, 2/15/2027 (c)		610		599
4.75%, 1/15/2028 (c)		8,168		7,831
Staples, Inc.
7.50%, 4/15/2026 (c)		6,565		6,577
10.75%, 4/15/2027 (c)		5,099		5,182
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 5.25%, 9/15/2020 (d) (e) (f)		1,650		1,683
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (d) (e) (f)		2,460		2,497
Station Casinos LLC 5.00%, 10/1/2025 (c)		1,640		1,611
Steel Dynamics, Inc.
5.25%, 4/15/2023		780		793
4.13%, 9/15/2025		1,440		1,429
5.00%, 12/15/2026		1,085		1,117

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (c)		1,398		1,471
Summit Materials LLC
6.13%, 7/15/2023		1,475		1,501
5.13%, 6/1/2025 (c)		1,015		1,010
Summit Midstream Holdings LLC
5.50%, 8/15/2022		1,559		1,540
5.75%, 4/15/2025		3,155		2,910
Sunoco LP
4.88%, 1/15/2023		1,540		1,565
5.50%, 2/15/2026		931		947
6.00%, 4/15/2027 (c)		2,890		2,998
5.88%, 3/15/2028		423		434
SunTrust Banks, Inc.
(ICE LIBOR USD 3 Month + 3.86%), 5.63%, 12/15/2019 (d) (e) (f)		844		856
Series G, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 6/15/2022 (d) (e) (f)		6,680		6,605
Series H, (ICE LIBOR USD 3 Month + 2.79%), 5.13%, 12/15/2027 (d) (e) (f)		10,625		10,280
Symantec Corp. 5.00%, 4/15/2025 (c)		2,870		2,926
Syneos Health, Inc. 7.50%, 10/1/2024 (c)		875		917
Talen Energy Supply LLC 6.50%, 6/1/2025		2,956		2,594
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (c)		2,040		2,101
5.50%, 1/15/2028 (c)		2,945		3,000
Targa Resources Partners LP
4.25%, 11/15/2023		2,543		2,549
6.75%, 3/15/2024		7,570		7,901
5.13%, 2/1/2025		2,869		2,941
5.88%, 4/15/2026		3,123		3,288
6.50%, 7/15/2027 (c)		3,173		3,399
5.00%, 1/15/2028		2,955		2,903
6.88%, 1/15/2029 (c)		1,906		2,059
Team Health Holdings, Inc. 6.38%, 2/1/2025 (c)		6,596		5,607
TECO Finance, Inc. 5.15%, 3/15/2020		1,524		1,553
TEGNA, Inc.
6.38%, 10/15/2023		7,080		7,315
5.50%, 9/15/2024 (c)		725		744
Teleflex, Inc.
5.25%, 6/15/2024		2,295		2,353
4.88%, 6/1/2026		368		375

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Tempur Sealy International, Inc.
5.63%, 10/15/2023		4,487		4,543
5.50%, 6/15/2026		8,922		8,889
Tenet Healthcare Corp.
4.75%, 6/1/2020		1,220		1,234
6.00%, 10/1/2020		1,329		1,374
4.50%, 4/1/2021		4,011		4,066
4.38%, 10/1/2021		3,839		3,882
8.13%, 4/1/2022		8,055		8,594
6.75%, 6/15/2023		8,850		9,027
4.63%, 7/15/2024		4,568		4,581
5.13%, 5/1/2025		4,486		4,525
6.25%, 2/1/2027 (c)		6,847		7,138
Tennant Co. 5.63%, 5/1/2025		3,588		3,687
Tenneco, Inc. 5.00%, 7/15/2026		4,155		3,397
Terex Corp. 5.63%, 2/1/2025 (c)		3,655		3,701
Terraform Global Operating LLC 6.13%, 3/1/2026 (c)		1,712		1,712
TerraForm Power Operating LLC
4.25%, 1/31/2023 (c)		1,869		1,848
6.63%, 6/15/2025 (c) (h)		945		987
5.00%, 1/31/2028 (c)		664		655
Texas Competitive Electric Holdings Co. LLC 8.50%, 5/1/2020 ‡ (i)		29,250		10
T-Mobile US, Inc. 4.50%, 2/1/2026 ‡		1,188		—	(k)
T-Mobile USA, Inc.
6.00%, 3/1/2023		1,598		1,644
6.00%, 3/1/2023 ‡		1,598		—	(k)
6.50%, 1/15/2024		665		688
6.50%, 1/15/2024 ‡		665		—	(k)
6.38%, 3/1/2025		5,377		5,591
6.38%, 3/1/2025 ‡		5,377		—	(k)
5.13%, 4/15/2025		1,704		1,755
5.13%, 4/15/2025 ‡		1,704		—	(k)
6.50%, 1/15/2026		17,580		18,806
6.50%, 1/15/2026 ‡		17,335		—	(k)
4.50%, 2/1/2026		5,110		5,131
4.75%, 2/1/2028		7,912		7,981
4.75%, 2/1/2028 ‡		2,933		—	(k)
Toll Brothers Finance Corp.
5.63%, 1/15/2024		750		794
4.88%, 11/15/2025		970		989
TransDigm, Inc.
6.50%, 7/15/2024		3,961		4,013
6.50%, 5/15/2025		1,650		1,666

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 83

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
6.25%, 3/15/2026 (c)		8,380		8,726
TransMontaigne Partners LP 6.13%, 2/15/2026		1,007		969
Transocean Guardian Ltd. 5.88%, 1/15/2024 (c)		1,943		2,001
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024 (c)		656		692
Transocean Pontus Ltd. 6.13%, 8/1/2025 (c)		3,368		3,469
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (c)		1,125		1,198
Transocean Proteus Ltd. 6.25%, 12/1/2024 (c)		493		506
Transocean, Inc.
9.00%, 7/15/2023 (c)		2,374		2,540
7.25%, 11/1/2025 (c)		3,432		3,398
7.50%, 1/15/2026 (c)		5,451		5,369
7.50%, 4/15/2031		2,335		2,031
6.80%, 3/15/2038		2,074		1,639
9.35%, 12/15/2041 (h)		2,336		2,196
Travelport Corporate Finance plc 6.00%, 3/15/2026 (c)		895		962
TreeHouse Foods, Inc. 6.00%, 2/15/2024 (c)		4,010		4,180
TriMas Corp. 4.88%, 10/15/2025 (c)		2,315		2,312
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (c)		7,337		7,135
Triumph Group, Inc.
4.88%, 4/1/2021		2,510		2,472
5.25%, 6/1/2022		1,196		1,181
7.75%, 8/15/2025		1,670		1,666
Tronox Finance plc 5.75%, 10/1/2025 (c)		1,759		1,717
Tronox, Inc. 6.50%, 4/15/2026 (c)		1,650		1,664
Tutor Perini Corp. 6.88%, 5/1/2025 (c)		1,532		1,534
Ultra Resources, Inc. 9.00%, 7/12/2024		8,119		3,978
Unit Corp. 6.63%, 5/15/2021		2,629		2,576
United Continental Holdings, Inc. 5.00%, 2/1/2024		3,281		3,379
United Rentals North America, Inc.
5.75%, 11/15/2024		4,430		4,559
5.50%, 7/15/2025		3,281		3,397
4.63%, 10/15/2025		8,030		7,970
5.88%, 9/15/2026		931		972
6.50%, 12/15/2026		5,208		5,572
5.50%, 5/15/2027		6,690		6,891
4.88%, 1/15/2028		2,585		2,569
5.25%, 1/15/2030 (l)		2,353		2,365

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
United States Cellular Corp. 6.70%, 12/15/2033		1,545		1,642
United States Steel Corp.
6.88%, 8/15/2025		808		758
6.25%, 3/15/2026		2,223		1,995
Uniti Group LP
REIT, 6.00%, 4/15/2023 (c)		2,600		2,496
REIT, 8.25%, 10/15/2023		4,455		4,148
REIT, 7.13%, 12/15/2024 (c)		55		50
Univar USA, Inc. 6.75%, 7/15/2023 (c)		1,103		1,122
Univision Communications, Inc.
5.13%, 5/15/2023 (c)		1,080		1,042
5.13%, 2/15/2025 (c)		828		777
US Bank NA
2.35%, 1/23/2020		3,770		3,764
(ICE LIBOR USD 3 Month + 0.14%), 2.73%, 10/23/2020 (d)		3,098		3,098
USA Compression Partners LP
6.88%, 4/1/2026		652		684
6.88%, 9/1/2027 (c)		237		249
USAA Capital Corp. 3.00%, 7/1/2020 (c)		3,307		3,325
USG Corp. 4.88%, 6/1/2027 (c)		520		525
Vantiv LLC 4.38%, 11/15/2025 (c)		3,485		3,581
Venator Finance SARL 5.75%, 7/15/2025 (c)		3,375		3,181
Verscend Escrow Corp. 9.75%, 8/15/2026 (c)		1,517		1,608
Vertiv Group Corp. 9.25%, 10/15/2024 (c)		9,546		9,331
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (d)		9,894		9,968
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (d)		6,658		6,842
VICI Properties 1 LLC REIT, 8.00%, 10/15/2023		6,153		6,738
Viking Cruises Ltd. 6.25%, 5/15/2025 (c)		1,110		1,149
Virginia Electric & Power Co. 5.00%, 6/30/2019		185		186
Vista Outdoor, Inc. 5.88%, 10/1/2023		7,330		6,744
Vistra Energy Corp.
7.38%, 11/1/2022		932		964
5.88%, 6/1/2023		3,604		3,676
7.63%, 11/1/2024		3,428		3,612
Vistra Operations Co. LLC 5.50%, 9/1/2026(c)		212		218
VOC Escrow Ltd. 5.00%, 2/15/2028 (c)		1,507		1,496

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Voya Financial, Inc. (ICE LIBOR USD 3 Month + 3.58%), 5.65%, 5/15/2053 (d)		9,140		9,163
W&T Offshore, Inc. 9.75%, 11/1/2023 (c)		3,207		3,263
Wabash National Corp. 5.50%, 10/1/2025(c)		2,345		2,228
Weatherford International LLC
9.88%, 3/1/2025		710		497
6.80%, 6/15/2037		12		8
Weatherford International Ltd.
8.25%, 6/15/2023		221		152
9.88%, 2/15/2024		800		560
6.50%, 8/1/2036		763		481
7.00%, 3/15/2038		1,110		705
6.75%, 9/15/2040		537		341
5.95%, 4/15/2042		1,862		1,173
Welbilt, Inc. 9.50%, 2/15/2024		2,435		2,633
WellCare Health Plans, Inc. 5.25%, 4/1/2025		1,865		1,926
Wells Fargo & Co.
(ICE LIBOR USD 3 Month + 0.88%), 3.47%, 7/22/2020(d)		4,617		4,653
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (d) (e) (f)		16,775		17,429
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (d) (e) (f)		12,265		13,246
Wells Fargo Bank NA 2.60%, 1/15/2021		3,350		3,343
WESCO Distribution, Inc. 5.38%, 6/15/2024		2,199		2,254
West Street Merger Sub, Inc. 6.38%, 9/1/2025 (c)		398		385
Western Digital Corp. 4.75%, 2/15/2026		6,651		6,418
Whiting Petroleum Corp.
5.75%, 3/15/2021		895		917
6.25%, 4/1/2023		2,140		2,188
6.63%, 1/15/2026		3,663		3,650
William Carter Co. (The) 5.63%, 3/15/2027 (c)		2,400		2,481
Windstream Services LLC
9.00%, 6/30/2025 (c) (i)		16,895		11,320
8.63%, 10/31/2025 (c) (h)		1,030		1,014
Wisconsin Power & Light Co. 4.60%, 6/15/2020		3,329		3,395
WMG Acquisition Corp.
5.63%, 4/15/2022 (c)		1,127		1,144
5.00%, 8/1/2023 (c)		1,420		1,448
4.88%, 11/1/2024 (c)		930		947
5.50%, 4/15/2026 (c)		3,018		3,086

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
WPX Energy, Inc.
6.00%, 1/15/2022		683		710
8.25%, 8/1/2023		1,259		1,437
5.75%, 6/1/2026		1,479		1,529
WR Berkley Corp. 6.15%, 8/15/2019		3,797		3,832
WR Grace & Co.-Conn 5.63%, 10/1/2024 (c)		1,010		1,083
Wyndham Destinations, Inc.
4.25%, 3/1/2022		162		162
5.40%, 4/1/2024		980		1,009
6.35%, 10/1/2025 (h)		595		632
5.75%, 4/1/2027		710		714
Wynn Las Vegas LLC 5.50%, 3/1/2025 (c)		9,290		9,380
Xerox Corp. 4.12%, 3/15/2023		2,347		2,341
XPO Logistics, Inc.
6.50%, 6/15/2022 (c)		2,310		2,362
6.13%, 9/1/2023 (c)		4,902		5,006
6.75%, 8/15/2024 (c)		3,535		3,650
Zayo Group LLC
6.00%, 4/1/2023		6,695		6,804
6.38%, 5/15/2025		5,438		5,533
5.75%, 1/15/2027 (c)		2,140		2,172
				3,469,861
Total Corporate Bonds (Cost $4,338,504)				4,376,582
	SHARES (000)
Common Stocks — 34.4%
Australia — 0.7%
BHP Group plc		194		4,569
Dexus, REIT		1,378		12,164
Goodman Group, REIT		2,954		27,489
Mirvac Group, REIT		7,379		14,772
Rio Tinto plc		492		28,681
				87,675
Austria — 0.1%
Erste Group Bank AG*		368		14,715
Belgium — 0.2%
Ageas		31		1,647
KBC Group NV		40		2,933
Proximus SADP		77		2,166
Shurgard Self Storage SA*		314		10,388
Telenet Group Holding NV		29		1,558

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 85

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
Belgium — continued
Warehouses De Pauw CVA, REIT		65		9,768
				28,460
Brazil — 0.3%
Ambev SA, ADR		2,858		13,460
BB Seguridade Participacoes SA		1,572		11,392
Engie Brasil Energia SA		246		2,799
Itau Unibanco Holding SA (Preference)		1,462		12,653
				40,304
Canada — 0.5%
Advanz Pharma Corp.*		174		3,070
Allied Properties, REIT		464		16,424
Canadian Apartment Properties REIT		339		12,141
TransCanada Corp.		562		26,818
				58,453
Cayman Islands — 0.0% (a)
Telford Offshore Holdings Ltd.* ‡		58		32
Chile — 0.0% (a)
Banco Santander Chile, ADR		136		3,821
China — 1.4%
China Construction Bank Corp., Class H		22,641		19,959
China Life Insurance Co. Ltd., Class H		1,571		4,464
China Mobile Ltd.		1,043		9,947
China Overseas Land & Investment Ltd.		4,800		17,984
China Pacific Insurance Group Co. Ltd., Class H		4,123		16,919
China Petroleum & Chemical Corp., Class H		7,350		5,650
CNOOC Ltd.		4,869		8,844
Fuyao Glass Industry Group Co. Ltd., Class A		3,338		12,465
Fuyao Glass Industry Group Co. Ltd., Class H (b)		220		774
Guangdong Investment Ltd.		2,558		4,785
Henan Shuanghui Investment & Development Co. Ltd., Class A		143		589
Huayu Automotive Systems Co. Ltd., Class A		3,767		13,175
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,843		13,103
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		388		6,779
Midea Group Co. Ltd., Class A		1,958		15,242
Ping An Insurance Group Co. of China Ltd., Class H		1,931		23,374
SAIC Motor Corp. Ltd., Class A		848		3,447
				177,500

INVESTMENTS	SHARES (000)		VALUE (000)
Colombia — 0.0% (a)
Frontera Energy Corp.		17		149
Frontera Energy Corp.		41		366
Millicom International Cellular SA, SDR		37		2,138
				2,653
Czech Republic — 0.1%
Komercni banka A/S		263		9,982
Moneta Money Bank A/S (b)		522		1,673
				11,655
Denmark — 0.1%
Novo Nordisk A/S, Class B		268		13,128
Tryg A/S		57		1,729
				14,857
Finland — 0.2%
Elisa OYJ		48		2,053
Fortum OYJ		102		2,157
Konecranes OYJ		214		8,960
Metso OYJ		64		2,378
Nokia OYJ		507		2,665
Orion OYJ, Class B		43		1,423
Sampo OYJ, Class A		47		2,142
Stora Enso OYJ, Class R		155		1,930
UPM-Kymmene OYJ		84		2,382
				26,090
France — 2.3%
Airbus SE		6		761
Airbus SE		161		22,101
Amundi SA (b)		35		2,524
AXA SA		170		4,522
Bouygues SA		59		2,220
Capgemini SE		104		12,633
Casino Guichard Perrachon SA		49		1,986
Cie Generale des Etablissements Michelin SCA		24		3,050
CNP Assurances		99		2,333
Covivio, REIT		157		17,023
Engie SA		228		3,388
Eutelsat Communications SA		121		2,185
Gecina SA, REIT		16		2,389
ICADE, REIT		23		1,948
Klepierre SA, REIT		49		1,756
LVMH Moet Hennessy Louis Vuitton SE		57		22,564
Orange SA		1,263		19,738
Peugeot SA		84		2,202

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
France — continued
Publicis Groupe SA		48		2,855
Renault SA		33		2,269
Rexel SA		65		877
Sanofi		364		31,800
Schneider Electric SE		413		34,915
SCOR SE		56		2,269
Societe BIC SA		24		2,068
TOTAL SA		794		44,139
Veolia Environnement SA		117		2,769
Vinci SA		382		38,610
				287,894
Germany — 1.1%
Allianz SE (Registered)		177		42,825
Aroundtown SA		1,271		10,325
Daimler AG (Registered)*		70		4,597
Deutsche Lufthansa AG (Registered)		66		1,607
Deutsche Telekom AG (Registered)		963		16,130
E.ON SE		237		2,547
Evonik Industries AG		71		2,129
Hannover Rueck SE		11		1,632
HUGO BOSS AG		21		1,492
METRO AG		118		1,997
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)*		99		24,738
RWE AG*		107		2,738
Volkswagen AG (Preference)		79		13,735
Vonovia SE		272		13,581
				140,073
Hong Kong — 0.6%
Hang Seng Bank Ltd.		569		14,955
HKT Trust & HKT Ltd.		13,546		20,997
Hong Kong Exchanges & Clearing Ltd.		357		12,398
Sun Hung Kai Properties Ltd.		545		9,406
WH Group Ltd. (b)		5,760		6,815
Wharf Real Estate Investment Co. Ltd.		1,369		10,493
				75,064
Hungary — 0.1%
OTP Bank Nyrt.		380		16,881
India — 0.3%
Coal India Ltd.		1,004		3,641
Infosys Ltd., ADR		904		9,732
ITC Ltd.		1,526		6,614

INVESTMENTS	SHARES (000)		VALUE (000)
India — continued
Tata Consultancy Services Ltd.		410		13,337
				33,324
Indonesia — 0.1%
Telekomunikasi Indonesia Persero Tbk. PT		47,832		12,737
Ireland — 0.0% (a)
AIB Group plc		495		2,301
Smurfit Kappa Group plc		71		2,078
				4,379
Italy — 0.3%
Assicurazioni Generali SpA		175		3,389
Enel SpA		3,740		23,684
Eni SpA		236		4,028
Mediobanca Banca di Credito Finanziario SpA		207		2,194
Poste Italiane SpA (b)		250		2,673
Snam SpA		510		2,598
Terna Rete Elettrica Nazionale SpA		293		1,757
				40,323
Japan — 1.0%
Daiwa House REIT Investment Corp.		3		6,595
Invesco Office J-Reit, Inc., REIT		47		7,123
Japan Hotel REIT Investment Corp.		14		11,093
JXTG Holdings, Inc.		2,250		10,949
Kenedix Office Investment Corp., REIT		1		8,924
Kenedix Retail REIT Corp.		2		4,119
Mitsubishi Electric Corp.		917		13,116
Mitsui Fudosan Co. Ltd.		353		8,171
Mitsui Fudosan Logistics Park, Inc., REIT		1		3,806
Nippon Accommodations Fund, Inc., REIT		2		7,854
Nippon Prologis REIT, Inc.		4		7,686
Orix JREIT, Inc., REIT		4		7,044
T&D Holdings, Inc.		301		3,258
Tokio Marine Holdings, Inc.		161		8,132
Toyota Motor Corp.		217		13,435
				121,305
Luxembourg — 0.0% (a)
SES SA, FDR		66		1,118
Macau — 0.1%
Sands China Ltd.		2,050		11,286
Mexico — 0.3%
Bolsa Mexicana de Valores SAB de CV		1,340		2,757
Fibra Uno Administracion SA de CV, REIT		5,406		8,013

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 87

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
Mexico — continued
Kimberly-Clark de Mexico SAB de CV, Class A*		6,169		10,653
Wal-Mart de Mexico SAB de CV		4,095		12,033
				33,456
Netherlands — 0.4%
ABN AMRO Group NV, CVA (b)		88		2,076
Aegon NV		505		2,635
Akzo Nobel NV		126		10,674
Eurocommercial Properties NV, REIT, CVA		197		5,724
ING Groep NV		308		3,933
Koninklijke Ahold Delhaize NV		112		2,689
Koninklijke KPN NV		744		2,286
NN Group NV		65		2,820
Royal Dutch Shell plc, Class B		491		15,843
				48,680
New Zealand — 0.0% (a)
UCI Holdings LLC* ‡		65		1,489
Norway — 0.3%
Aker BP ASA		60		1,988
DNB ASA*		155		2,980
Equinor ASA		151		3,372
Gjensidige Forsikring ASA		119		2,308
Mowi ASA		95		2,071
Norsk Hydro ASA		1,434		6,178
Telenor ASA		839		16,871
				35,768
Portugal — 0.0% (a)
EDP — Energias de Portugal SA*		665		2,523
Galp Energia SGPS SA		84		1,403
				3,926
Russia — 0.4%
Alrosa PJSC		4,338		6,328
Moscow Exchange MICEX-RTS PJSC		7,774		10,959
Sberbank of Russia PJSC		7,834		27,445
Severstal PJSC, GDR (b)		180		2,921
Severstal PJSC, GDR (b)		10		166
				47,819
Singapore — 0.2%
Ascendas, REIT		4,553		10,057
City Developments Ltd.		414		2,722
DBS Group Holdings Ltd.		755		15,692
				28,471

INVESTMENTS	SHARES (000)		VALUE (000)
South Africa — 0.3%
Absa Group Ltd.		973		11,208
Anglo American plc		135		3,503
AVI Ltd.		863		5,544
Bid Corp. Ltd.		297		6,281
FirstRand Ltd.		1,700		8,091
SPAR Group Ltd. (The)		221		3,006
Vodacom Group Ltd.		645		5,206
				42,839
South Korea — 0.4%
KT&G Corp.		116		10,189
Orange Life Insurance Ltd. (b)		52		1,585
Samsung Electronics Co. Ltd.		542		21,323
Samsung Fire & Marine Insurance Co. Ltd.		28		7,198
SK Telecom Co. Ltd., ADR		262		6,182
				46,477
Spain — 0.6%
ACS Actividades de Construccion y Servicios SA		40		1,823
Aena SME SA (b)		14		2,674
Banco Bilbao Vizcaya Argentaria SA		693		4,214
Enagas SA		80		2,275
Endesa SA		93		2,329
Iberdrola SA		3,525		32,030
Industria de Diseno Textil SA		296		8,964
Inmobiliaria Colonial Socimi SA, REIT		235		2,529
Merlin Properties Socimi SA, REIT		864		11,779
Naturgy Energy Group SA		85		2,408
Red Electrica Corp. SA		115		2,380
Repsol SA		189		3,202
Telefonica SA		476		3,972
				80,579
Sweden — 0.3%
Boliden AB*		79		2,363
Electrolux AB, Series B		77		1,896
ICA Gruppen AB		25		890
Lundin Petroleum AB		69		2,256
Skandinaviska Enskilda Banken AB, Class A		295		2,819
Skanska AB, Class B		88		1,535
SKF AB, Class B		101		1,875
Svenska Handelsbanken AB, Class A		1,028		11,225
Swedbank AB, Class A		47		773
Swedish Match AB		48		2,326
Tele2 AB, Class B		180		2,410

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
Sweden — continued
Telia Co. AB		521		2,219
Volvo AB, Class B		214		3,435
				36,022
Switzerland — 1.6%
Glencore plc*		1,049		4,164
Nestle SA (Registered)		671		64,579
Novartis AG (Registered)		625		51,209
Roche Holding AG		198		52,201
Swiss Life Holding AG (Registered)*		5		2,137
Swiss Re AG		271		26,072
Zurich Insurance Group AG		13		4,277
				204,639
Taiwan — 1.1%
Asustek Computer, Inc.		659		5,038
Chicony Electronics Co. Ltd.		841		2,074
Delta Electronics, Inc.		1,162		6,135
MediaTek, Inc.		917		8,789
Mega Financial Holding Co. Ltd.		7,285		6,994
Novatek Microelectronics Corp.		1,735		11,350
President Chain Store Corp.		485		4,525
Quanta Computer, Inc.		5,475		10,499
Taiwan Mobile Co. Ltd.		3,400		12,434
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,468		64,340
Vanguard International Semiconductor Corp.		3,427		7,615
				139,793
Thailand — 0.2%
Siam Cement PCL (The) (Registered)		636		9,165
Siam Commercial Bank PCL (The)		3,032		12,315
Thai Oil PCL		1,373		2,979
				24,459
Turkey — 0.0% (a)
Tofas Turk Otomobil Fabrikasi A/S		342		1,029
Tupras Turkiye Petrol Rafinerileri A/S		121		2,500
				3,529
United Arab Emirates — 0.1%
Emaar Development PJSC		1,505		1,606
First Abu Dhabi Bank PJSC		1,615		7,035
				8,641
United Kingdom — 2.0%
3i Group plc		178		2,486

INVESTMENTS	SHARES (000)		VALUE (000)
United Kingdom — continued
Admiral Group plc		81		2,344
AstraZeneca plc		79		5,868
Aviva plc		458		2,572
Barclays plc		1,402		3,009
Barratt Developments plc		300		2,364
Berkeley Group Holdings plc		46		2,273
BP plc		3,039		22,096
British American Tobacco plc		137		5,382
BT Group plc		1,111		3,314
Compass Group plc		140		3,193
Diageo plc		680		28,682
Direct Line Insurance Group plc		387		1,666
GlaxoSmithKline plc		354		7,277
Imperial Brands plc		513		16,317
International Consolidated Airlines Group SA		183		1,293
J Sainsbury plc		445		1,294
Legal & General Group plc		863		3,138
Lloyds Banking Group plc		5,998		4,906
Meggitt plc		202		1,438
Micro Focus International plc		78		1,985
Mondi plc		59		1,294
National Grid plc		348		3,808
NewRiver REIT plc		1,799		5,384
Next plc		35		2,651
Persimmon plc		85		2,491
Prudential plc		1,133		25,740
RELX plc		158		3,625
Royal Bank of Scotland Group plc		852		2,669
Safestore Holdings plc, REIT		1,060		8,903
Segro plc, REIT		1,473		13,047
Severn Trent plc		87		2,313
Taylor Wimpey plc		9,570		22,689
Tritax Big Box REIT plc		4,145		8,041
Tritax EuroBox plc, REIT (b)		1,138		1,410
Unilever plc		174		10,537
UNITE Group plc (The), REIT		822		10,104
United Utilities Group plc		215		2,337
Workspace Group plc, REIT		524		6,754
				256,694
United States — 16.7%
Accenture plc, Class A		47		8,534
Air Products & Chemicals, Inc.		98		20,087
Altria Group, Inc.		484		26,322

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 89

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
United States — continued
Americold Realty Trust, REIT		340		10,882
Analog Devices, Inc.		275		31,946
Apple, Inc.		73		14,633
Arthur J Gallagher & Co.		81		6,759
AT&T, Inc.		266		8,220
Automatic Data Processing, Inc.		218		35,893
AvalonBay Communities, Inc., REIT		187		37,510
Avaya Holdings Corp.*		200		3,820
Bank of America Corp.		837		25,587
BB&T Corp.		290		14,830
Brandywine Realty Trust, REIT		636		9,784
Bristol-Myers Squibb Co.		402		18,647
Brixmor Property Group, Inc., REIT		531		9,499
Caesars Entertainment Corp.*		252		2,360
Camden Property Trust, REIT		111		11,142
Carnival plc		33		1,759
Chevron Corp.		304		36,445
Chubb Ltd.		74		10,698
Cincinnati Financial Corp.		73		7,000
Cisco Systems, Inc.		186		10,421
Citigroup, Inc.		314		22,222
Claire’s Stores, Inc.* ‡		4		2,930
CME Group, Inc.		139		24,862
CMS Energy Corp.		207		11,483
Coca-Cola Co. (The)		1,860		91,239
Comcast Corp., Class A		1,031		44,872
ConocoPhillips		248		15,675
CVS Health Corp.		115		6,262
Deere & Co.		48		7,999
Diamondback Energy, Inc.		72		7,675
Digital Realty Trust, Inc., REIT		300		35,259
Douglas Emmett, Inc., REIT		332		13,682
Dover Corp.		166		16,236
DowDuPont, Inc.		146		5,622
DTE Energy Co.		46		5,770
Eaton Corp. plc		209		17,338
Eli Lilly & Co.		294		34,375
EOG Resources, Inc.		77		7,380
Equinix, Inc., REIT		49		22,214
Equity LifeStyle Properties, Inc., REIT		142		16,574
Essex Property Trust, Inc., REIT		64		18,088
Exxon Mobil Corp.		128		10,299
Federal Realty Investment Trust, REIT		115		15,332
Ferguson plc		191		13,605

INVESTMENTS	SHARES (000)		VALUE (000)
United States — continued
Fidelity National Information Services, Inc.		111		12,869
General Dynamics Corp.		86		15,399
Goodman Networks, Inc.* ‡		53		—	(k)
Halcon Resources Corp.*		279		363
Healthcare Trust of America, Inc., Class A, REIT		525		14,472
Highwoods Properties, Inc., REIT		261		11,625
Home Depot, Inc. (The)		104		21,117
Honeywell International, Inc.		45		7,784
Illinois Tool Works, Inc.		55		8,607
Intercontinental Exchange, Inc.		180		14,632
International Business Machines Corp.		116		16,269
Invitation Homes, Inc., REIT		856		21,283
Iron Mountain, Inc., REIT		524		17,031
Johnson & Johnson		85		12,066
Kilroy Realty Corp., REIT		194		14,926
M&T Bank Corp.		45		7,683
Marathon Petroleum Corp.		284		17,288
McDonald’s Corp.		77		15,253
Merck & Co., Inc.		899		70,724
Microsoft Corp.		318		41,480
Mid-America Apartment Communities, Inc., REIT		207		22,617
Mondelez International, Inc., Class A		461		23,461
Morgan Stanley		493		23,773
NextEra Energy, Inc.		181		35,132
NII Holdings, Inc.*		178		348
NiSource, Inc.		358		9,938
Norfolk Southern Corp.		166		33,891
Northern Trust Corp.		113		11,183
Occidental Petroleum Corp.		222		13,075
Park Hotels & Resorts, Inc., REIT		760		24,388
Parker-Hannifin Corp.		61		10,959
Pebblebrook Hotel Trust, REIT		252		8,190
Penn Virginia Corp.*		12		526
PepsiCo, Inc.		211		26,969
Pfizer, Inc.		2,355		95,632
Philip Morris International, Inc.		496		42,929
PNC Financial Services Group, Inc. (The)		133		18,251
PPG Industries, Inc.		126		14,759
Procter & Gamble Co. (The)		148		15,729
Prologis, Inc., REIT		779		59,734
Prudential Financial, Inc.		158		16,650
Public Storage, REIT		133		29,332
Remington Outdoor Co., Inc.* ‡		16		35
Republic Services, Inc.		62		5,102

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
United States — continued
Rexford Industrial Realty, Inc., REIT		394		14,925
Sunstone Hotel Investors, Inc., REIT		597		8,603
T. Rowe Price Group, Inc.		137		14,725
Texas Instruments, Inc.		423		49,834
Travelers Cos., Inc. (The)		117		16,815
Union Pacific Corp.		46		8,207
United Parcel Service, Inc., Class B		192		20,347
UnitedHealth Group, Inc.		67		15,515
US Bancorp		430		22,953
Ventas, Inc., REIT		373		22,802
Verizon Communications, Inc.		1,204		68,865
VICI Properties, Inc., REIT		1,215		27,695
Vistra Energy Corp.		185		5,053
Vornado Realty Trust, REIT		330		22,839
Walt Disney Co. (The)		219		29,966
Wells Fargo & Co.		328		15,900
Xcel Energy, Inc.		784		44,274
				2,122,563
Total Common Stocks (Cost $3,667,667)				4,376,443
	PRINCIPAL AMOUNT (000)
Asset-Backed Securities — 5.6%
Canada — 0.1%
Golden Credit Card Trust Series 2016-5A, Class A, 1.60%, 9/15/2021 (c)		2,800		2,789
Cayman Islands — 0.1%
BlueMountain CLO Ltd.
Series 2015-1A, Class C, 6.35%, 4/13/2027 ‡ (c) (j)		285		284
Series 2012-2A, Class DR2, 5.54%, 11/20/2028 ‡ (c) (j)		1,500		1,476
Series 2014-2A, Class DR2, 5.69%, 10/20/2030 ‡ (c) (j)		1,675		1,636
Series 2018-3A, Class D, 5.83%, 10/25/2030 ‡ (c) (j)		1,285		1,269
Carlyle Global Market Strategies CLO Ltd. Series 2016-1A, Class CR, 5.34%, 4/20/2027 (c) (j)		1,250		1,235
CIFC Funding Ltd.
Series 2014-5A, Class BR2, 4.39%, 10/17/2031 ‡ (c) (j)		943		939
Series 2014-5A, Class DR2, 5.99%, 10/17/2031 ‡ (c) (j)		275		275

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Cayman Islands — continued
LCM 28 Ltd. Series 28A, Class B, 4.19%, 10/20/2030 ‡ (c) (j)		975		962
Voya CLO Ltd.
Series 2019-1A, Class A, 3.81%, 4/15/2029 (c) (j)		2,366		2,370
Series 2019-1A, Class D, 5.94%, 4/15/2029 ‡ (c) (j)		2,060		2,060
Series 2016-3A, Class CR, 5.85%, 10/18/2031 ‡ (c) (j)		1,050		1,047
				13,553
United States — 5.4%
ABFC Trust
Series 2003-OPT1, Class A1A, 3.30%, 4/25/2033 ‡ (j)		238		238
Series 2004-OPT3, Class M1, 3.23%, 9/25/2033 ‡ (j)		667		652
Series 2004-HE1, Class M1, 3.38%, 3/25/2034 ‡ (j)		1,409		1,409
Series 2005-WF1, Class M1, 3.02%, 11/25/2034 ‡ (j)		999		999
ACC Trust
Series 2018-1, Class B, 4.82%, 5/20/2021 (c)		915		919
Series 2019-1, Class A, 3.75%, 5/20/2022 (c)		837		840
Series 2019-1, Class B, 4.47%, 10/20/2022 (c)		2,475		2,503
Series 2018-1, Class C, 6.81%, 2/21/2023 (c)		715		724
Series 2019-1, Class C, 6.41%, 2/20/2024 (c)		2,050		2,087
Accredited Mortgage Loan Trust Series 2004-4, Class M1, 3.35%, 1/25/2035 ‡ (j)		810		807
ACE Securities Corp. Home Equity Loan Trust
Series 2003-FM1, Class M1, 3.77%, 11/25/2032 ‡ (j)		862		877
Series 2003-NC1, Class M1, 3.65%, 7/25/2033 ‡ (j)		591		587
Series 2003-HE1, Class M1, 3.45%, 11/25/2033 (j)		1,064		1,052
Series 2003-OP1, Class M1, 3.53%, 12/25/2033 ‡ (j)		3,172		3,167
Series 2004-OP1, Class M2, 4.05%, 4/25/2034 ‡ (j)		3,385		3,355
Series 2004-HE4, Class M2, 3.45%, 12/25/2034 ‡ (j)		1,297		1,271

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 91

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Ally Auto Receivables Trust
Series 2018-3, Class A2, 2.72%, 5/17/2021		1,294		1,294
Series 2017-1, Class A3, 1.70%, 6/15/2021		773		770
Series 2017-3, Class A3, 1.74%, 9/15/2021		4,541		4,522
Series 2017-4, Class A3, 1.75%, 12/15/2021		2,246		2,234
American Credit Acceptance Receivables Trust
Series 2018-3, Class D, 4.14%, 10/15/2024 (c)		1,816		1,843
Series 2018-3, Class E, 5.17%, 10/15/2024 (c)		1,545		1,573
Series 2017-4, Class E, 5.02%, 12/10/2024 (c)		420		424
Series 2018-4, Class D, 4.40%, 1/13/2025 (c)		3,280		3,356
Series 2018-4, Class E, 5.38%, 1/13/2025 (c)		725		743
Series 2019-1, Class D, 3.81%, 4/14/2025 (c)		3,850		3,885
Series 2019-1, Class E, 4.84%, 4/14/2025 (c)		2,505		2,529
Series 2018-3, Class F, 6.44%, 6/12/2025 (c)		1,255		1,280
Series 2018-4, Class F, 6.94%, 10/13/2025 (c)		1,045		1,081
Series 2019-1, Class F, 6.06%, 12/12/2025 (c)		1,630		1,646
AmeriCredit Automobile Receivables Trust
Series 2016-4, Class A3, 1.53%, 7/8/2021		2,356		2,351
Series 2017-1, Class A3, 1.87%, 8/18/2021		691		689
Series 2018-2, Class A2A, 2.86%, 11/18/2021		2,143		2,145
Series 2017-2, Class A3, 1.98%, 12/20/2021		1,651		1,645
Series 2018-3, Class A2A, 3.11%, 1/18/2022		3,676		3,683
Series 2019-1, Class C, 3.36%, 2/18/2025		925		934
Series 2019-1, Class D, 3.62%, 3/18/2025		1,185		1,201
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2002-AR1, Class M1, 3.56%, 9/25/2032 ‡ (j)		513		517

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2004-R8, Class M1, 3.44%, 9/25/2034 ‡ (j)		79		79
Ameriquest Mortgage Securities, Inc. Asset-Backed Securities
Series 2004-R1, Class A2, 3.08%, 2/25/2034 ‡ (j)		810		787
Series 2004-R1, Class M1, 3.27%, 2/25/2034 ‡ (j)		2,134		2,143
Series 2004-R1, Class M2, 3.35%, 2/25/2034 ‡ (j)		382		369
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2003-W5, Class M2, 4.28%, 10/25/2033 ‡ (j)		936		913
Series 2004-W3, Class A3, 3.30%, 2/25/2034 ‡ (j)		1,547		1,499
Series 2004-W2, Class M2, 4.35%, 4/25/2034 ‡ (j)		578		589
Series 2004-W2, Class M3, 4.58%, 4/25/2034 ‡ (j)		426		421
Series 2004-W6, Class M1, 3.30%, 5/25/2034 ‡ (j)		831		830
Series 2004-W7, Class M2, 3.38%, 5/25/2034 ‡ (j)		452		452
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2001-HE3, Class A1, 3.01%, 11/15/2031 (j)		1,667		1,639
Series 2003-HE3, Class M2, 5.47%, 6/15/2033 ‡ (j)		92		93
Series 2003-HE4, Class M1, 3.72%, 8/15/2033 (j)		1,358		1,357
Series 2003-HE4, Class M2, 4.44%, 8/15/2033 ‡ (j)		1,038		1,025
Series 2004-HE2, Class M2, 4.35%, 4/25/2034 ‡ (j)		1,427		1,411
Series 2004-HE7, Class M2, 4.05%, 10/25/2034 ‡ (j)		953		961
Series 2005-HE6, Class M4, 3.44%, 7/25/2035 ‡ (j)		500		500
BA Credit Card Trust Series 2017-A1, Class A1, 1.95%, 8/15/2022		1,654		1,646
Bayview Financial Acquisition Trust Series 2006-D, Class 1A5, 5.67%, 12/28/2036 ‡ (h)		310		318
Bayview Financial Mortgage Pass-Through Trust Series 2006-C, Class 1A2, 5.64%, 11/28/2036 ‡ (h)		189		191

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Bayview Opportunity Master Fund Trust Series 2018-RN5, Class A1, 3.82%, 4/28/2033 ‡ (c) (h)		714		715
Bear Stearns Asset-Backed Securities I Trust
Series 2004-HE6, Class M2, 4.35%, 8/25/2034 ‡ (j)		3,448		3,441
Series 2004-HE11, Class M2, 4.05%, 12/25/2034 ‡ (j)		1,291		1,311
Bear Stearns Asset-Backed Securities Trust
Series 2003-SD1, Class A, 3.38%, 12/25/2033 ‡ (j)		376		374
Series 2003-SD1, Class M1, 3.75%, 12/25/2033 ‡ (j)		435		423
Series 2004-HE2, Class M2, 4.28%, 3/25/2034 ‡ (j)		1,175		1,181
Series 2003-1, Class M1, 4.13%, 11/25/2042 ‡ (j)		395		381
Series 2004-SD4, Class A1, 3.38%, 8/25/2044 ‡ (j)		1,480		1,476
BMW Vehicle Lease Trust Series 2017-2, Class A3, 2.07%, 10/20/2020		319		318
Capital One Multi-Asset Execution Trust Series 2016-A4, Class A4, 1.33%, 6/15/2022		1,500		1,495
CarMax Auto Owner Trust
Series 2015-2, Class A4, 1.80%, 3/15/2021		1,048		1,047
Series 2016-2, Class A4, 1.68%, 9/15/2021		500		495
Series 2018-3, Class A2A, 2.88%, 10/15/2021		85		85
Series 2017-1, Class A3, 1.98%, 11/15/2021		178		177
CDC Mortgage Capital Trust Series 2003-HE1, Class M1, 3.83%, 8/25/2033 (j)		385		384
Centex Home Equity Loan Trust
Series 2004-A, Class M1, 3.08%, 1/25/2034 ‡ (j)		3,813		3,795
Series 2004-C, Class M2, 3.27%, 6/25/2034 ‡ (j)		600		597
Series 2004-D, Class MV2, 3.17%, 9/25/2034 ‡ (j)		200		199
Series 2004-D, Class MF2, 5.56%, 9/25/2034 ‡ (h)		603		610
Series 2004-D, Class MF3, 5.76%, 9/25/2034 ‡ (h)		1,640		1,643

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Chase Funding Loan Acquisition Trust
Series 2004-AQ1, Class M1, 3.57%, 5/25/2034 ‡ (j)		1,116		1,113
Series 2004-OPT1, Class M2, 3.98%, 6/25/2034 ‡ (j)		920		919
Chase Funding Trust
Series 2003-5, Class 1M2, 5.64%, 9/25/2032 ‡ (j)		278		267
Series 2003-4, Class 2M1, 3.38%, 3/25/2033 ‡ (j)		134		129
Series 2004-1, Class 1M1, 4.73%, 5/25/2033 ‡		841		871
Series 2003-4, Class 1A5, 5.19%, 5/25/2033 ‡ (h)		1,106		1,121
Series 2004-1, Class 2M1, 3.23%, 9/25/2033 ‡ (j)		416		412
Series 2003-6, Class 2A2, 3.06%, 11/25/2034 ‡ (j)		2,345		2,272
Series 2003-6, Class 2M1, 3.23%, 11/25/2034 ‡ (j)		1,563		1,552
Series 2004-2, Class 1M1, 5.70%, 2/26/2035 ‡ (j)		1,803		1,836
CHEC Loan Trust Series 2004-1, Class M1, 3.38%, 7/25/2034 ‡ (c) (j)		1,031		985
Citibank Credit Card Issuance Trust
Series 2014-A6, Class A6, 2.15%, 7/15/2021		1,125		1,124
Series 2017-A9, Class A9, 1.80%, 9/20/2021		2,780		2,771
Series 2016-A1, Class A1, 1.75%, 11/19/2021		6,440		6,413
Citifinancial Mortgage Securities, Inc. Series 2004-1, Class AF4, 5.07%, 4/25/2034 ‡ (h)		3,259		3,346
Citigroup Mortgage Loan Trust, Inc.
Series 2005-OPT1, Class M4, 3.53%, 2/25/2035 ‡ (j)		224		214
Series 2005-WF2, Class AF7, 5.25%, 8/25/2035 ‡ (h)		52		52
CLUB Credit Trust
Series 2017-NP1, Class C, 5.13%, 4/17/2023 ‡ (c)		275		276
Series 2018-NP1, Class C, 4.74%, 5/15/2024 (c)		2,130		2,142
Conn’s Receivables Funding LLC
Series 2018-A, Class B, 4.65%, 1/15/2023 ‡ (c)		1,346		1,353
Series 2018-A, Class C, 6.02%, 1/15/2023 (c)		1,057		1,065

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 93

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Series 2019-A, Class B, 4.36%, 10/16/2023 (c)		1,600		1,601
Series 2019-A, Class C, 5.29%, 10/16/2023 (c)		1,590		1,590
Continental Airlines Pass-Through Trust Series 2004-ERJ1, 9.56%, 9/1/2019		2		2
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 3.60%, 12/25/2032 ‡ (j)		564		563
Series 2003-3, Class 3A, 3.02%, 11/25/2033 ‡ (j)		1,173		1,146
Series 2004-BC1, Class M1, 3.23%, 2/25/2034 (j)		1,000		995
Series 2004-2, Class M1, 3.23%, 5/25/2034 ‡ (j)		5,203		5,196
Series 2004-3, Class M1, 3.23%, 6/25/2034 ‡ (j)		1,265		1,257
Series 2004-3, Class M2, 3.30%, 6/25/2034 ‡ (j)		457		456
Series 2004-BC4, Class M1, 3.53%, 11/25/2034 ‡ (j)		172		172
Series 2004-ECC2, Class M2, 3.45%, 12/25/2034 ‡ (j)		423		424
Series 2005-12, Class M2, 2.97%, 2/25/2036 ‡ (j)		3,000		2,990
Series 2005-AB4, Class 2A1, 2.75%, 3/25/2036 ‡ (j)		2,069		1,894
Series 2006-19, Class 2A2, 2.64%, 3/25/2037 ‡ (j)		6,886		6,848
Countrywide Partnership Trust Series 2004-EC1, Class M2, 3.42%, 1/25/2035 ‡ (j)		737		738
CPS Auto Receivables Trust
Series 2018-D, Class D, 4.34%, 9/16/2024 (c)		730		744
Series 2019-A, Class D, 4.35%, 12/16/2024 (c)		1,560		1,591
Credit Acceptance Auto Loan Trust Series 2019-1A, Class B, 3.75%, 4/17/2028 (c)		4,875		4,936
Credit-Based Asset Servicing & Securitization LLC
Series 2004-CB2, Class M1, 3.26%, 7/25/2033 ‡ (j)		1,215		1,189
Series 2003-CB6, Class M1, 3.53%, 12/25/2033 ‡ (j)		2,075		2,049
CWABS Asset-Backed Certificates Trust Series 2005-11, Class AF6, 5.05%, 2/25/2036 ‡ (j)		786		802

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
CWABS, Inc. Asset-Backed Certificates Trust
Series 2003-BC1, Class A1, 3.28%, 3/25/2033 ‡ (j)		2,381		2,360
Series 2004-1, Class M3, 3.45%, 2/25/2034 ‡ (j)		1,058		1,054
Series 2004-1, Class M2, 3.30%, 3/25/2034 ‡ (j)		586		583
Series 2004-5, Class M2, 3.48%, 7/25/2034 ‡ (j)		1,536		1,537
Series 2004-6, Class M2, 3.45%, 10/25/2034 ‡ (j)		547		546
Discover Card Execution Note Trust
Series 2014-A4, Class A4, 2.12%, 12/15/2021		250		250
Series 2012-A6, Class A6, 1.67%, 1/18/2022		5,873		5,861
Series 2016-A4, Class A4, 1.39%, 3/15/2022		3,822		3,805
Drive Auto Receivables Trust
Series 2018-5, Class A2A, 3.08%, 7/15/2021		2,512		2,514
Series 2018-3, Class A3, 3.01%, 11/15/2021		1,807		1,807
Series 2018-4, Class A3, 3.04%, 11/15/2021		1,448		1,449
Series 2018-4, Class D, 4.09%, 1/15/2026		1,920		1,955
Series 2018-5, Class D, 4.30%, 4/15/2026		1,830		1,890
Series 2019-1, Class D, 4.09%, 6/15/2026		1,685		1,722
DRIVEN BRANDS FUNDING LLC Series 2019-1A, Class A2, 4.64%, 4/20/2049 (c)		2,085		2,112
DT Auto Owner Trust
Series 2017-1A, Class E, 5.79%, 2/15/2024 (c)		2,628		2,702
Series 2018-3A, Class D, 4.19%, 7/15/2024 (c)		2,620		2,672
Series 2019-1A, Class D, 3.87%, 11/15/2024 (c)		3,285		3,315
Series 2017-4A, Class E, 5.15%, 11/15/2024 (c)		1,525		1,567
Series 2018-2A, Class E, 5.54%, 6/16/2025 (c)		685		704
Series 2018-3A, Class E, 5.33%, 11/17/2025 (c)		2,732		2,797
Series 2019-1A, Class E, 4.94%, 2/17/2026 (c)		3,690		3,740

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Equity One Mortgage Pass-Through Trust Series 2003-4, Class M1, 5.87%, 10/25/2034 ‡ (h)		361		360
Exeter Automobile Receivables Trust
Series 2016-2A, Class D, 8.25%, 4/17/2023 (c)		940		1,001
Series 2018-4A, Class C, 3.97%, 9/15/2023 (c)		2,930		2,978
Series 2018-2A, Class D, 4.04%, 3/15/2024 (c)		550		558
Series 2018-4A, Class D, 4.35%, 9/16/2024 (c)		1,190		1,221
Series 2019-1A, Class C, 3.82%, 12/16/2024 (c)		1,240		1,260
Series 2019-1A, Class D, 4.13%, 12/16/2024 (c)		2,320		2,372
Series 2018-4A, Class E, 5.38%, 7/15/2025 (c)		1,050		1,081
Series 2019-1A, Class E, 5.20%, 1/15/2026 (c)		2,900		2,971
Series 2019-2A, Class E, 4.68%, 5/15/2026 (c)		8,990		9,037
FFMLT Trust Series 2005-FF11, Class M1, 3.12%, 11/25/2035 ‡ (j)		5,393		5,383
Finance America Mortgage Loan Trust Series 2004-3, Class M2, 3.42%, 11/25/2034 ‡ (j)		170		160
First Franklin Mortgage Loan Asset-Backed Certificates Series 2004-FF3, Class M1, 3.30%, 5/25/2034 ‡ (j)		699		692
First Franklin Mortgage Loan Trust
Series 2003-FF5, Class M1, 3.38%, 3/25/2034 ‡ (j)		3,684		3,680
Series 2004-FF5, Class A1, 3.20%, 8/25/2034 ‡ (j)		1,736		1,708
Series 2005-FF10, Class A1, 2.78%, 11/25/2035 ‡ (j)		8,799		8,586
Series 2006-FF8, Class IIA3, 2.63%, 7/25/2036 ‡ (j)		630		627
Flagship Credit Auto Trust Series 2018-4, Class C, 4.11%, 10/15/2024 (c)		825		846
Ford Credit Auto Owner Trust
Series 2016-B, Class A3, 1.33%, 10/15/2020		36		36
Series 2018-A, Class A2A, 2.59%, 2/15/2021		2,460		2,459
Series 2016-C, Class A3, 1.22%, 3/15/2021		1,407		1,399

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2017-A, Class A3, 1.67%, 6/15/2021		3,649		3,632
FREED ABS Trust
Series 2018-2, Class B, 4.61%, 10/20/2025 ‡ (c)		1,135		1,155
Series 2019-1, Class A, 3.42%, 6/18/2026 (c)		2,400		2,401
Series 2019-1, Class B, 3.87%, 6/18/2026 (c)		2,320		2,320
Series 2019-1, Class C, 5.39%, 6/18/2026 (c)		1,760		1,760
Fremont Home Loan Trust
Series 2003-A, Class M1, 3.45%, 8/25/2033 ‡ (j)		1,720		1,686
Series 2002-1, Class M1, 3.73%, 8/25/2033 ‡ (j)		1,645		1,655
Series 2004-B, Class M2, 3.42%, 5/25/2034 ‡ (j)		428		433
Series 2004-2, Class M2, 3.41%, 7/25/2034 (j)		426		428
Series 2004-C, Class M1, 3.45%, 8/25/2034 ‡ (j)		728		727
Series 2004-D, Class M1, 3.35%, 11/25/2034 (j)		1,799		1,799
Series 2004-D, Class M2, 3.38%, 11/25/2034 (j)		314		308
GLS Auto Receivables Issuer Trust
Series 2019-1A, Class C, 3.87%, 12/16/2024 (c)		1,485		1,498
Series 2019-1A, Class D, 4.94%, 12/15/2025 (c)		540		547
Series 2019-2A, Class D, 4.52%, 2/17/2026 (c)		1,000		1,000
GLS Auto Receivables Trust
Series 2018-3A, Class C, 4.18%, 7/15/2024 (c)		820		834
Series 2018-3A, Class D, 5.34%, 8/15/2025 (c)		860		881
GM Financial Automobile Leasing Trust
Series 2017-1, Class A3, 2.06%, 5/20/2020		1,609		1,607
Series 2017-2, Class A3, 2.02%, 9/21/2020		4,810		4,799
GM Financial Consumer Automobile Series 2017-1A, Class A3, 1.78%, 10/18/2021 (c)		2,031		2,022

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 95

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)			VALUE (000)
Asset-Backed Securities — continued
United States — continued
GM Financial Consumer Automobile Receivables Trust Series 2018-3, Class A2A, 2.74%, 7/16/2021		1,771			1,771
GSAA Home Equity Trust Series 2005-6, Class A3, 2.85%, 6/25/2035 ‡ (j)		327			326
GSAMP Trust
Series 2003-SEA, Class A1, 2.88%, 2/25/2033 ‡ (j)		1,035			1,024
Series 2003-HE1, Class M1, 3.73%, 6/20/2033 ‡ (j)		1,778			1,790
Series 2005-NC1, Class M1, 3.15%, 2/25/2035 ‡ (j)		1,276			1,275
Series 2005-HE3, Class M2, 3.48%, 6/25/2035 ‡ (j)		161			161
Series 2006-FM1, Class A2C, 2.64%, 4/25/2036 ‡ (j)		2,878			2,105
Series 2006-HE4, Class A2C, 2.63%, 6/25/2036 ‡ (j)		1,095			1,088
Series 2007-SEA1, Class A, 2.78%, 12/25/2036 ‡ (c) (j)		5,565			5,369
Series 2006-HE3, Class A2C, 2.64%, 5/25/2046 (j)		4,202			4,166
Home Equity Asset Trust
Series 2002-5, Class M1, 4.18%, 5/25/2033 ‡ (j)		2,875			2,876
Series 2003-3, Class M1, 3.77%, 8/25/2033 ‡ (j)		723			721
Series 2004-6, Class M2, 3.38%, 12/25/2034 ‡ (j)		443			439
Home Equity Mortgage Loan Asset-Backed Trust
Series 2004-B, Class M2, 3.60%, 11/25/2034 ‡ (j)		462			460
Series 2004-C, Class M1, 3.32%, 3/25/2035 ‡ (j)		7,243			7,220
Series 2004-C, Class M2, 3.38%, 3/25/2035 ‡ (j)		815			812
Honda Auto Receivables Owner Trust
Series 2017-3, Class A2, 1.57%, 1/21/2020		—	(k)		—	(k)
Series 2018-3, Class A2, 2.67%, 12/22/2020		3,585			3,585
Series 2017-1, Class A3, 1.72%, 7/21/2021		3,518			3,500
Series 2017-2, Class A3, 1.68%, 8/16/2021		4,175			4,150
Hyundai Auto Lease Securitization Trust
Series 2017-B, Class A3, 1.97%, 7/15/2020 (c)		5,025			5,017

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2017-A, Class A3, 1.88%, 8/17/2020 (c)		1,846		1,844
Hyundai Auto Receivables Trust Series 2016-B, Class A3, 1.29%, 4/15/2021		686		682
Lendmark Funding Trust
Series 2017-2A, Class C, 4.33%, 5/20/2026 ‡ (c)		655		655
Series 2018-1A, Class C, 5.03%, 12/21/2026 ‡ (c)		1,110		1,133
Long Beach Mortgage Loan Trust
Series 2001-2, Class M1, 3.04%, 7/25/2031 ‡ (j)		470		475
Series 2002-5, Class M1, 3.72%, 11/25/2032 ‡ (j)		2,210		2,204
Series 2003-4, Class M1, 3.50%, 8/25/2033 ‡ (j)		174		174
Series 2004-3, Class M2, 3.38%, 7/25/2034 ‡ (j)		697		693
Series 2004-3, Class M4, 4.09%, 7/25/2034 ‡ (j)		455		454
Series 2004-3, Class M6, 4.61%, 7/25/2034 ‡ (j)		487		482
Series 2004-4, Class M1, 3.38%, 10/25/2034 ‡ (j)		1,404		1,406
Mariner Finance Issuance Trust Series 2018-AA, Class A, 4.20%, 11/20/2030 (c)		2,050		2,087
MASTR Asset-Backed Securities Trust
Series 2003-OPT1, Class M3, 6.60%, 12/25/2032 ‡ (j)		2,501		2,567
Series 2004-OPT2, Class M1, 3.38%, 9/25/2034 ‡ (j)		553		537
Series 2004-OPT2, Class M2, 3.45%, 9/25/2034 ‡ (j)		744		728
Series 2005-NC1, Class M2, 3.23%, 12/25/2034 ‡ (j)		994		986
Series 2005-NC1, Class M4, 3.62%, 12/25/2034 ‡ (j)		825		827
Mercedes-Benz Auto Lease Trust Series 2018-B, Class A2, 3.04%, 12/15/2020		2,394		2,399
Mercedes-Benz Auto Receivables Trust
Series 2018-1, Class A2A, 2.71%, 4/15/2021		395		395
Series 2015-1, Class A4, 1.75%, 12/15/2021		993		990

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Merrill Lynch Mortgage Investors Trust
Series 2003-OPT1, Class M1, 3.45%, 7/25/2034 (j)		373		364
Series 2004-WMC5, Class M5, 4.20%, 7/25/2035 ‡ (j)		72		72
Series 2004-HE2, Class M1, 3.68%, 8/25/2035 ‡ (j)		217		218
Series 2005-FM1, Class M1, 3.20%, 5/25/2036 (j)		1,401		1,382
MFA LLC
Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (c) (h)		6,173		6,176
Series 2018-NPL1, Class A1, 3.88%, 5/25/2048 ‡ (c) (h)		13,891		13,963
Series 2018-NPL2, Class A1, 4.16%, 7/25/2048 ‡ (c) (h)		8,628		8,672
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, Class M1, 3.50%, 10/25/2033 ‡ (j)		719		714
Series 2004-HE1, Class M1, 3.33%, 1/25/2034 ‡ (j)		2,853		2,827
Series 2004-NC3, Class M1, 3.27%, 3/25/2034 ‡ (j)		2,096		2,072
Series 2004-HE3, Class M1, 3.33%, 3/25/2034 ‡ (j)		3,139		3,074
Series 2004-HE2, Class M2, 4.28%, 3/25/2034 ‡ (j)		160		143
Series 2004-HE3, Class M2, 4.35%, 3/25/2034 ‡ (j)		906		878
Series 2004-HE2, Class M3, 4.65%, 3/25/2034 ‡ (j)		1,033		669
Series 2004-NC5, Class M1, 3.38%, 5/25/2034 ‡ (j)		4,217		4,195
Series 2004-WMC2, Class M1, 3.39%, 7/25/2034 ‡ (j)		1,630		1,631
Series 2004-WMC2, Class M2, 4.28%, 7/25/2034 ‡ (j)		550		552
Series 2004-NC6, Class M2, 4.35%, 7/25/2034 ‡ (j)		523		516
Series 2004-HE6, Class M1, 3.30%, 8/25/2034 ‡ (j)		684		681
Series 2004-HE6, Class M2, 3.38%, 8/25/2034 ‡ (j)		967		965
Series 2004-HE7, Class M2, 3.42%, 8/25/2034 ‡ (j)		258		260
Series 2004-HE6, Class M3, 3.45%, 8/25/2034 ‡ (j)		639		639

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2004-HE7, Class M3, 3.50%, 8/25/2034 ‡ (j)		66		66
Series 2004-HE8, Class M1, 3.44%, 9/25/2034 ‡ (j)		2,143		2,143
Series 2004-HE8, Class M2, 3.50%, 9/25/2034 ‡ (j)		350		349
Series 2004-NC8, Class M3, 3.59%, 9/25/2034 ‡ (j)		542		534
Series 2004-HE8, Class M3, 3.60%, 9/25/2034 ‡ (j)		616		614
Series 2004-OP1, Class M2, 3.39%, 11/25/2034 ‡ (j)		404		399
Series 2004-OP1, Class M3, 3.50%, 11/25/2034 ‡ (j)		765		762
Series 2005-HE1, Class M2, 3.18%, 12/25/2034 ‡ (j)		364		337
Series 2005-HE1, Class M3, 3.26%, 12/25/2034 ‡ (j)		984		942
Series 2005-NC1, Class M3, 3.24%, 1/25/2035 ‡ (j)		263		256
Series 2004-WMC3, Class M2, 3.27%, 1/25/2035 ‡ (j)		2,975		2,958
Morgan Stanley Mortgage Loan Trust Series 2007-5AX, Class 2A2, 2.63%, 2/25/2037 ‡ (j)		4,034		1,877
New Century Home Equity Loan Trust
Series 2003-3, Class M1, 3.66%, 7/25/2033 ‡ (j)		152		151
Series 2003-B, Class M2, 4.95%, 11/25/2033 ‡ (j)		570		574
Series 2004-1, Class M1, 3.36%, 5/25/2034 ‡ (j)		2,307		2,298
Series 2004-2, Class M2, 3.41%, 8/25/2034 ‡ (j)		169		169
Series 2004-2, Class M4, 4.28%, 8/25/2034 ‡ (j)		788		787
Series 2004-2, Class M6, 4.73%, 8/25/2034 ‡ (j)		672		672
Series 2004-3, Class M2, 3.45%, 11/25/2034 ‡ (j)		458		459
Series 2004-3, Class M3, 3.54%, 11/25/2034 ‡ (j)		355		358
Series 2004-4, Class M1, 3.24%, 2/25/2035 ‡ (j)		3,989		3,947
Series 2004-4, Class M2, 3.27%, 2/25/2035 ‡ (j)		445		443
Series 2005-1, Class M3, 3.26%, 3/25/2035 ‡ (j)		292		282

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 97

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Series 2006-2, Class A2B, 2.64%, 8/25/2036 ‡ (j)		1,950		1,859
New Residential Mortgage LLC Series 2018-FNT1, Class E, 4.89%, 5/25/2023 ‡ (c)		327		330
Nissan Auto Receivables Owner Trust
Series 2016-B, Class A3, 1.32%, 1/15/2021		169		169
Series 2017-A, Class A3, 1.74%, 8/16/2021		3,315		3,299
NovaStar Mortgage Funding Trust
Series 2003-2, Class M2, 5.25%, 9/25/2033 ‡ (j)		1,191		1,188
Series 2004-2, Class M4, 4.28%, 9/25/2034 ‡ (j)		2,531		2,479
Oak Hill Advisors Residential Loan Trust
Series 2017-NPL1, Class A1, 3.00%, 6/25/2057 ‡ (c) (h)		3,229		3,226
Series 2017-NPL2, Class A1, 3.00%, 7/25/2057 ‡ (c) (h)		2,966		2,946
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class C, 4.52%, 4/18/2022 ‡ (c)		250		250
OneMain Financial Issuance Trust
Series 2015-1A, Class C, 5.12%, 3/18/2026 ‡ (c)		755		764
Series 2015-3A, Class C, 5.82%, 11/20/2028 ‡ (c)		915		955
Series 2019-1A, Class B, 3.79%, 2/14/2031 ‡ (c)		990		1,003
Option One Mortgage Acceptance Corp. Asset-Backed Certificates
Series 2003-5, Class A2, 3.12%, 8/25/2033 ‡ (j)		394		387
Series 2003-5, Class M2, 4.80%, 8/25/2033 ‡ (j)		186		188
Option One Mortgage Loan Trust
Series 2002-3, Class A1, 2.98%, 8/25/2032 ‡ (j)		3,485		3,439
Series 2002-3, Class A2, 3.02%, 8/25/2032 ‡ (j)		624		616
Series 2004-3, Class M2, 3.33%, 11/25/2034 ‡ (j)		570		571
People’s Choice Home Loan Securities Trust Series 2004-2, Class M3, 4.20%, 10/25/2034 ‡ (j)		1,910		1,916
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 4.83%, 4/25/2023 (c) (j)		1,575		1,577

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
PNMAC GMSR Issuer Trust
Series 2018-GT1, Class A, 5.33%, 2/25/2023 (c) (j)		3,715		3,722
Prestige Auto Receivables Trust
Series 2018-1A, Class D, 4.14%, 10/15/2024 (c)		865		885
Series 2018-1A, Class E, 5.03%, 1/15/2026 (c)		635		651
Pretium Mortgage Credit Partners I LLC
Series 2018-NPL1, Class A1, 3.38%, 1/27/2033 (c) (h)		5,265		5,240
Series 2018-NPL3, Class A1, 4.12%, 8/25/2033 ‡ (c) (h)		7,879		7,927
Series 2019-NPL2, Class A1, 3.84%, 12/25/2058 (c) (h)		5,100		5,100
Series 2019-NPL2, Class A2, 5.93%, 12/25/2058 (c) (h)		5,500		5,502
Series 2019-NPL1, Class A1, 4.21%, 7/25/2060 ‡ (c) (h)		9,465		9,498
Series 2019-NPL1, Class A2, 5.93%, 7/25/2060 ‡ (c) (h)		5,000		5,020
PRPM LLC
Series 2017-2A, Class A1, 3.47%, 9/25/2022 ‡ (c) (h)		1,547		1,546
Series 2019-2A, Class A1, 3.97%, 4/25/2024 (c) (h)		9,450		9,455
Series 2019-2A, Class A2, 5.44%, 4/25/2024 (c) (h)		3,250		3,251
RAAC Trust
Series 2005-RP3, Class M1, 3.29%, 5/25/2039 ‡ (c) (j)		326		326
RAMP Trust
Series 2002-RS2, Class AI5, 5.93%, 3/25/2032 ‡ (j)		463		476
Series 2006-RZ3, Class M1, 2.83%, 8/25/2036 ‡ (j)		5,500		5,454
RASC Trust
Series 2001-KS3, Class AII, 2.94%, 9/25/2031 ‡ (j)		453		447
Series 2005-EMX1, Class M1, 3.12%, 3/25/2035 ‡ (j)		2,129		2,128
Series 2005-KS2, Class M1, 3.12%, 3/25/2035 ‡ (j)		968		968
Renaissance Home Equity Loan Trust
Series 2002-3, Class M1, 3.98%, 12/25/2032 ‡ (j)		886		887

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Series 2003-1, Class M1, 3.98%, 6/25/2033 ‡ (j)		330		325
Series 2003-3, Class M1, 3.57%, 12/25/2033 ‡ (j)		1,166		1,149
Series 2003-3, Class M2F, 6.18%, 12/25/2033 ‡ (h)		1,106		1,149
Series 2003-4, Class M1, 3.33%, 3/25/2034 ‡ (j)		1,616		1,619
Series 2003-4, Class M2F, 6.24%, 3/25/2034 ‡ (h)		869		822
Series 2004-1, Class M1, 3.35%, 5/25/2034 ‡ (j)		467		451
Series 2005-1, Class AF6, 4.97%, 5/25/2035 ‡ (h)		209		215
Series 2005-2, Class AV3, 2.85%, 8/25/2035 ‡ (j)		949		917
Series 2005-4, Class A3, 5.56%, 2/25/2036 (h)		140		139
Santander Drive Auto Receivables Trust
Series 2018-5, Class A2A, 2.97%, 7/15/2021		1,229		1,230
Series 2016-3, Class E, 4.29%, 2/15/2024		1,920		1,942
Series 2019-1, Class C, 3.42%, 4/15/2025		2,123		2,142
Series 2019-1, Class D, 3.65%, 4/15/2025		4,025		4,071
Santander Prime Auto Issuance Notes Trust
Series 2018-A, Class E, 5.04%, 9/15/2025 (c)		1,992		2,014
Series 2018-A, Class F, 6.80%, 9/15/2025 (c)		3,019		3,067
SASCO Mortgage Loan Trust Series 2004-GEL3, Class M1, 4.05%, 8/25/2034 ‡ (j)		668		668
Saxon Asset Securities Trust
Series 2003-3, Class M1, 3.45%, 12/25/2033 ‡ (j)		4,059		3,935
Series 2004-2, Class MV2, 3.89%, 8/25/2035 ‡ (j)		1,148		1,153
Series 2004-2, Class AF3, 4.16%, 8/25/2035 ‡ (j)		84		84
Series 2005-2, Class M2, 3.14%, 10/25/2035 (j)		3,371		3,299
Securitized Asset-Backed Receivables LLC Trust
Series 2004-NC1, Class M1, 3.26%, 2/25/2034 ‡ (j)		1,954		1,956
Series 2004-OP1, Class M2, 4.13%, 2/25/2034 ‡ (j)		531		528
Series 2004-OP2, Class M1, 3.45%, 8/25/2034 ‡ (j)		2,734		2,718

INVESTMENTS	PRINCIPAL AMOUNT (000)			VALUE (000)
United States — continued
Series 2005-OP1, Class M2, 3.15%, 1/25/2035 ‡ (j)		1,170			1,156
Series 2005-FR2, Class M2, 3.45%, 3/25/2035 ‡ (j)		693			694
Specialty Underwriting & Residential Finance Trust
Series 2004-BC1, Class M2, 4.08%, 2/25/2035 ‡ (j)		746			742
Series 2004-BC3, Class M1, 3.41%, 7/25/2035 ‡ (j)		983			980
Stanwich Mortgage Loan Trust
Series 2018-NPB1, Class A1, 4.02%, 5/16/2023 ‡ (c) (h)		6,378			6,389
Series 2018-NPB2, Class A1, 4.50%, 10/18/2023 ‡ (c) (h)		8,628			8,678
Structured Asset Investment Loan Trust
Series 2003-BC3, Class M1, 3.90%, 4/25/2033 ‡ (j)		70			70
Series 2003-BC6, Class M1, 3.60%, 7/25/2033 ‡ (j)		594			594
Series 2003-BC7, Class M1, 3.60%, 7/25/2033 ‡ (j)		257			257
Series 2003-BC11, Class M2, 5.03%, 10/25/2033 ‡ (j)		277			291
Series 2003-BC12, Class M1, 3.45%, 11/25/2033 ‡ (j)		340			323
Series 2004-1, Class M1, 3.45%, 2/25/2034 ‡ (j)		284			276
Series 2004-1, Class M2, 5.18%, 2/25/2034 ‡ (j)		—	(k)		—	(k)
Series 2004-5, Class M3, 3.41%, 5/25/2034 ‡ (j)		766			760
Series 2004-6, Class M1, 3.38%, 7/25/2034 ‡ (j)		1,536			1,522
Series 2004-7, Class M1, 3.53%, 8/25/2034 ‡ (j)		1,113			1,109
Series 2004-8, Class M2, 3.41%, 9/25/2034 ‡ (j)		441			435
Series 2004-BNC1, Class A5, 3.72%, 9/25/2034 ‡ (j)		203			203
Series 2005-HE2, Class M1, 3.20%, 7/25/2035 ‡ (j)		797			799
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC4, Class A4, 2.65%, 12/25/2036 ‡ (j)		3,851			3,716
Series 2006-BC6, Class A4, 2.65%, 1/25/2037 (j)		7,810			7,660

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 99

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Structured Asset Securities Corp. Pass-Through Certificates Series 2002-AL1, Class A3, 3.45%, 2/25/2032 ‡		2,793		2,710
Toyota Auto Receivables Owner Trust
Series 2018-C, Class A2A, 2.77%, 8/16/2021		5,191		5,197
Series 2019-B, Class A2A, 2.59%, 2/15/2022		3,201		3,201
Tricolor Auto Securitization Trust Series 2018-2A, Class A, 3.96%, 10/15/2021 (c)		1,568		1,571
Upgrade Receivables Trust Series 2018-1A, Class A, 3.76%, 11/15/2024 (c)		694		697
Vericrest Opportunity Loan Trust
Series 2019-NPL2, Class A1, 3.97%, 2/25/2049 (c) (h)		14,152		14,186
Series 2019-NPL3, Class A1, 3.97%, 3/25/2049 ‡ (c) (h)		1,992		1,995
Series 2019-NPL3, Class A2, 6.17%, 3/25/2049 ‡ (c) (h)		9,000		9,026
VOLT LXII LLC
Series 2017-NPL9, Class A1, 3.13%, 9/25/2047 ‡ (c) (h)		4,296		4,284
VOLT LXIV LLC
Series 2017-NP11, Class A1, 3.38%, 10/25/2047 ‡ (c) (h)		2,175		2,173
VOLT LXXIII LLC
Series 2018-NPL9, Class A1A, 4.46%, 10/25/2048 ‡ (c) (h)		6,900		6,949
VOLT LXXV LLC
Series 2019-NPL1, Class A1A, 4.34%, 1/25/2049 (c) (h)		13,951		14,062
Wells Fargo Home Equity Asset-Backed Securities Trust
Series 2004-2, Class M4, 4.28%, 12/25/2033 (j)		1,212		1,182
Series 2004-2, Class M1, 3.38%, 10/25/2034 ‡ (j)		692		693
Series 2004-2, Class M5, 4.35%, 10/25/2034 ‡ (j)		584		575
Series 2004-2, Class M8B, 5.00%, 10/25/2034 ‡ (c) (j)		290		262
Series 2004-2, Class M8A, 6.98%, 10/25/2034 ‡ (c) (j)		290		269
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
Series 2004-1, Class M2, 3.11%, 4/25/2034 ‡ (j)		372		350
Series 2004-1, Class M4, 3.63%, 4/25/2034 ‡ (j)		630		573

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Westlake Automobile Receivables Trust
Series 2019-1A, Class C, 3.45%, 3/15/2024 (c)		3,040		3,059
Series 2019-1A, Class D, 3.67%, 3/15/2024 (c)		2,765		2,789
Series 2019-1A, Class E, 4.49%, 7/15/2024 (c)		2,865		2,890
Series 2018-3A, Class F, 6.02%, 2/18/2025 (c)		3,605		3,692
Series 2019-1A, Class F, 5.67%, 2/17/2026 (c)		1,769		1,793
				687,150
Total Asset-Backed Securities (Cost $681,796)				703,492
Collateralized Mortgage Obligations — 5.4%
Bermuda — 0.1%
Bellemeade Re Ltd.
Series 2018-3A, Class M1B, 4.33%, 10/25/2027 ‡ (c) (j)		1,486		1,494
Series 2018-3A, Class M2, 5.23%, 10/25/2028 ‡ (c) (j)		1,365		1,370
Series 2019-1A, Class M2, 5.18%, 3/25/2029 ‡ (c) (j)		1,000		1,002
Eagle RE Ltd.
Series 2019-1, Class M1B, 4.28%, 4/25/2029 (c) (j)		810		811
Series 2019-1, Class M2, 5.78%, 4/25/2029 (c) (j)		1,980		1,983
				6,660
United States — 5.3%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 6A1, 4.67%, 2/25/2035 (j)		2,381		2,403
Series 2004-4, Class 4A1, 4.38%, 3/25/2035 (j)		3,616		3,674
Series 2005-2, Class 3A1, 4.76%, 6/25/2035 (j)		827		820
Alternative Loan Trust
Series 2004-16CB, Class 2A1, 5.00%, 8/25/2019		6		6
Series 2004-28CB, Class 4A1, 5.00%, 1/25/2020		22		22
Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020		18		18
Series 2005-J11, Class 5A1, 5.50%, 11/25/2020		224		222

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-85CB, Class 3A2, 5.25%, 2/25/2021		366		358
Series 2007-9T1, Class 3A1, 5.50%, 5/25/2022		13		11
Series 2007-25, Class 2A1, 6.00%, 11/25/2022		106		101
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025		227		219
Series 2006-J3, Class 4A1, 5.75%, 5/25/2026		385		323
Series 2005-J1, Class 3A1, 6.50%, 8/25/2032		116		119
Series 2004-12CB, Class 2A1, 6.00%, 6/25/2034		538		549
Series 2005-J3, Class 3A1, 6.50%, 9/25/2034		107		103
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		5,724		5,747
Series 2004-27CB, Class A1, 6.00%, 12/25/2034		376		370
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035		544		547
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035		1,044		1,066
Series 2004-32CB, Class 2A5, 5.50%, 2/25/2035		3,677		3,674
Series 2005-3CB, Class 1A4, 5.25%, 3/25/2035		90		89
Series 2005-3CB, Class 1A13, 5.50%, 3/25/2035		10,839		10,753
Series 2005-J2, Class 1A5, 2.98%, 4/25/2035 (j)		6,458		5,573
Series 2005-6CB, Class 1A4, 5.50%, 4/25/2035		4,397		4,321
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035		510		514
Series 2005-10CB, Class 1A5, 5.50%, 5/25/2035		4,376		4,240
Series 2005-10CB, Class 1A8, 5.50%, 5/25/2035		2,516		2,541
Series 2005-13CB, Class A4, 5.50%, 5/25/2035		1,917		1,912
Series 2005-21CB, Class A4, 5.25%, 6/25/2035		959		892
Series 2005-21CB, Class A17, 6.00%, 6/25/2035		4,268		4,126
Series 2005-20CB, Class 1A1, 5.50%, 7/25/2035		216		203

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2005-23CB, Class A15, 5.50%, 7/25/2035		2,197		2,182
Series 2005-64CB, Class 1A1, 5.50%, 12/25/2035		851		832
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		2,152		2,107
Series 2005-J14, Class A3, 5.50%, 12/25/2035		414		357
Series 2005-J14, Class A7, 5.50%, 12/25/2035		2,186		1,886
Series 2005-J14, Class A8, 5.50%, 12/25/2035		1,827		1,576
Series 2005-86CB, Class A4, 5.50%, 2/25/2036		498		429
Series 2006-J1, Class 1A13, 5.50%, 2/25/2036		193		173
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		6,575		6,617
Series 2006-4CB, Class 2A5, 5.50%, 4/25/2036		1,197		1,180
Series 2006-14CB, Class A1, 6.00%, 6/25/2036		1,776		1,407
Series 2006-19CB, Class A15, 6.00%, 8/25/2036		703		616
Series 2006-25CB, Class A2, 6.00%, 10/25/2036		336		285
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037		3,494		2,894
Series 2007-8CB, Class A9, 6.00%, 5/25/2037		229		195
Series 2007-19, Class 1A8, 6.00%, 8/25/2037		200		156
American Home Mortgage Investment Trust
Series 2007-2, Class 12A1, 2.75%, 3/25/2037 (j)		6,438		4,085
Series 2005-1, Class 6A, 4.68%, 6/25/2045 (j)		231		234
Angel Oak Mortgage Trust I LLC
Series 2018-2, Class A1, 3.67%, 7/27/2048 (c) (j)		11,528		11,594
Series 2018-3, Class A1, 3.65%, 9/25/2048 (c) (j)		8,343		8,394
Series 2019-2, Class B1, 5.02%, 3/25/2049 (c) (j)		4,000		4,045
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (c)		6,760		6,759
Arroyo Mortgage Trust Series 2018-1, Class A1, 3.76%, 4/25/2048 (c) (j)		8,234		8,326

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 101

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Banc of America Alternative Loan Trust
Series 2004-12, Class 4A1, 5.50%, 1/25/2020		141		142
Series 2005-3, Class 2A1, 5.50%, 4/25/2020		42		42
Series 2005-4, Class 3A1, 5.50%, 5/25/2020		46		45
Series 2005-6, Class 7A1, 5.50%, 7/25/2020		34		32
Series 2005-12, Class 5A1, 5.25%, 1/25/2021		206		199
Series 2006-4, Class 2A1, 6.00%, 5/25/2021		7		7
Series 2005-6, Class 5A4, 5.50%, 7/25/2035		57		52
Series 2005-11, Class 4A5, 5.75%, 12/25/2035		742		669
Series 2006-4, Class 3CB4, 6.00%, 5/25/2046		831		811
Series 2006-4, Class 4CB1, 6.50%, 5/25/2046		3,083		3,171
Series 2006-5, Class CB7, 6.00%, 6/25/2046		528		505
Banc of America Funding Trust
Series 2007-4, Class 8A1, 5.50%, 11/25/2034		76		68
Series 2005-6, Class 1A2, 5.50%, 10/25/2035		2,366		2,201
Series 2005-7, Class 4A7, 6.00%, 11/25/2035		555		559
Series 2006-A, Class 1A1, 4.67%, 2/20/2036 (j)		1,059		1,053
Series 2006-2, Class 2A20, 5.75%, 3/25/2036		555		537
Series 2007-5, Class 4A1, 2.85%, 7/25/2037 (j)		4,446		3,015
Banc of America Mortgage Trust
Series 2004-A, Class 2A2, 4.82%, 2/25/2034 (j)		672		677
Series 2007-3, Class 1A1, 6.00%, 9/25/2037		368		353
Bear Stearns ALT-A Trust Series 2006-8, Class 3A1, 2.64%, 2/25/2034 (j)		390		391
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC5, Class M1, 3.48%, 10/25/2034 ‡ (j)		599		128

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Chase Mortgage Finance Trust
Series 2006-S3, Class 1A2, 6.00%, 11/25/2036		1,498		1,039
Series 2006-S4, Class A5, 6.00%, 12/25/2036		1,073		798
Series 2007-S2, Class 1A8, 6.00%, 3/25/2037		290		219
Series 2007-A2, Class 3A1, 4.81%, 7/25/2037 (j)		7,475		7,601
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 5.23%, 5/25/2023 (c) (j)		4,530		4,536
Series 2018-GT1, Class B, 5.98%, 5/25/2023 ‡ (c) (j)		795		796
CHL Mortgage Pass-Through Trust
Series 2005-20, Class A7, 5.25%, 12/25/2027		174		158
Series 2004-25, Class 2A1, 3.16%, 2/25/2035 (j)		3,509		3,346
Series 2005-26, Class 1A11, 5.50%, 11/25/2035		2,503		2,249
Series 2005-31, Class 2A1, 3.87%, 1/25/2036 (j)		1,255		1,192
Series 2005-30, Class A5, 5.50%, 1/25/2036		243		219
Series 2006-HYB1, Class 2A2C, 3.86%, 3/20/2036 (j)		3,566		3,294
Series 2006-HYB2, Class 2A1B, 4.22%, 4/20/2036 (j)		1,323		1,220
Series 2006-J2, Class 1A1, 6.00%, 4/25/2036		152		133
Series 2006-10, Class 1A16, 6.00%, 5/25/2036		1,847		1,474
Series 2006-15, Class A1, 6.25%, 10/25/2036		122		98
Series 2006-17, Class A2, 6.00%, 12/25/2036		501		389
Series 2006-18, Class 2A4, 6.00%, 12/25/2036		3,106		2,616
Series 2007-2, Class A2, 6.00%, 3/25/2037		192		156
Series 2007-3, Class A18, 6.00%, 4/25/2037		1,428		1,155
Series 2007-10, Class A4, 5.50%, 7/25/2037		166		129
Series 2007-13, Class A4, 6.00%, 8/25/2037		376		313

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2007-16, Class A1, 6.50%, 10/25/2037		3,265		2,621
Series 2007-18, Class 2A1, 6.50%, 11/25/2037		667		501
CIM Trust Series 2019-INV1, Class A2, 3.48%, 2/25/2049 (c) (j)		4,100		4,087
Citicorp Mortgage Securities Trust Series 2007-4, Class 1A9, 6.00%, 5/25/2037		807		776
Citigroup Mortgage Loan Trust, Inc.
Series 2005-3, Class 2A2A, 4.43%, 8/25/2035 (j)		225		227
Series 2005-4, Class A, 4.48%, 8/25/2035 (j)		582		593
Series 2005-6, Class A1, 4.68%, 9/25/2035 (j)		719		731
Series 2006-8, Class A3, 2.83%, 10/25/2035 (c) (j)		923		714
Series 2005-11, Class A2A, 4.82%, 10/25/2035 (j)		383		389
Series 2005-9, Class 2A2, 5.50%, 11/25/2035		399		399
Series 2006-AR3, Class 1A1A, 4.71%, 6/25/2036 (j)		1,953		1,964
Series 2006-AR5, Class 1A5A, 4.09%, 7/25/2036 (j)		1,042		1,001
Civic Mortgage LLC
Series 2018-2, Class A1, 4.35%, 11/25/2022 (c) (h)		1,791		1,790
Series 2018-2, Class A2, 5.32%, 11/25/2022 (c) (h)		629		628
COLT Mortgage Loan Trust
Series 2018-4, Class A1, 4.01%, 12/28/2048 (c) (j)		7,163		7,239
Series 2019-1, Class A1, 3.71%, 3/25/2049 (c) (j)		11,483		11,583
Connecticut Avenue Securities Trust
Series 2019-R01, Class 2M2, 4.93%, 7/25/2031 (c) (j)		4,000		4,078
Series 2019-R02, Class 1M2, 4.78%, 8/25/2031 ‡ (c) (j)		10,500		10,688
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-10, Class 12A1, 5.25%, 11/25/2020		21		18
Series 2005-10, Class 11A1, 5.50%, 11/25/2020		984		588
Series 2003-29, Class 3A1, 5.50%, 12/25/2033		393		415

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2004-AR4, Class 4A1, 4.45%, 5/25/2034 (j)		2,854		2,906
Series 2004-AR4, Class 2A1, 4.58%, 5/25/2034 (j)		538		555
Series 2004-AR5, Class 6A1, 4.49%, 6/25/2034 (j)		688		706
Series 2004-4, Class 4A1, 5.50%, 8/25/2034		4,160		4,270
Series 2004-8, Class 4A3, 5.50%, 12/25/2034		152		154
Series 2005-4, Class 2A5, 3.03%, 6/25/2035 (j)		4,266		3,541
Series 2005-10, Class 5A3, 5.50%, 11/25/2035		467		441
CSFB Mortgage-Backed Trust Series 2004-AR6, Class 7A1, 4.30%, 10/25/2034 (j)		1,455		1,478
CSMC Mortgage-Backed Trust
Series 2006-8, Class 5A1, 5.72%, 10/25/2026 (j)		56		53
Series 2007-2, Class 3A13, 5.50%, 3/25/2037		644		538
Series 2007-3, Class 4A5, 5.00%, 4/25/2037		128		123
Deephave Residential Mortgage Trust
Series 2019-2A, Class B1, 4.72%, 4/25/2059 (c) (j)		1,900		1,909
Series 2019-2A, Class B2, 5.79%, 4/25/2059 (c) (j)		3,100		3,099
Deephaven Residential Mortgage Trust
Series 2018-3A, Class A1, 3.79%, 8/25/2058 (c) (j)		7,020		7,084
Series 2019-1A, Class B1, 5.25%, 1/25/2059 ‡ (c) (j)		4,750		4,811
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-1, Class 2A1, 5.29%, 2/25/2020 (j)		68		68
Series 2005-2, Class 2A1, 2.78%, 3/25/2020 (j)		14		14
DSLA Mortgage Loan Trust
Series 2005-AR4, Class 2A1A, 2.75%, 8/19/2045 (j)		2,757		2,643
FHLMC REMIC
Series 4068, Class DS, IF, IO, 3.53%, 6/15/2042 (j)		5,527		925
Series 4097, Class ES, IF, IO, 3.63%, 8/15/2042 (j)		7,783		1,359

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 103

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 4103, Class SB, IF, IO, 3.58%, 9/15/2042 (j)		8,088		1,360
Series 4425, Class SA, IF, IO, 3.58%, 1/15/2045 (j)		8,203		1,310
Series 4616, Class HS, IF, IO, 3.53%, 9/15/2046 (j)		9,037		1,546
Series 4703, Class SA, IF, IO, 3.68%, 7/15/2047 (j)		13,870		2,585
Series 4768, Class SG, IF, IO, 3.73%, 3/15/2048 (j)		6,162		1,176
Series 4820, Class ES, IF, IO, 3.73%, 3/15/2048 (j)		6,172		889
Series 4834, Class SA, IF, IO, 3.68%, 10/15/2048 (j)		12,977		2,064
FHLMC STRIPS
Series 264, Class S1, IF, IO, 3.48%, 7/15/2042 (j)		5,575		898
Series 274, Class S1, IF, IO, 3.53%, 8/15/2042 (j)		7,561		1,163
Series 278, Class S1, IF, IO, 3.58%, 9/15/2042 (j)		7,292		1,138
Series 279, Class S6, IF, IO, 3.58%, 9/15/2042 (j)		5,205		808
Series 300, Class S1, IF, IO, 3.63%, 1/15/2043 (j)		6,188		1,041
Series 311, Class S1, IF, IO, 3.48%, 8/15/2043 (j)		3,473		630
Series 316, Class S7, IF, IO, 3.63%, 11/15/2043 (j)		5,508		892
Series 326, Class S2, IF, IO, 3.48%, 3/15/2044 (j)		7,328		1,211
Series 336, Class S1, IF, IO, 3.58%, 8/15/2044 (j)		4,393		743
Series 337, Class S1, IF, IO, 3.58%, 9/15/2044 (j)		3,062		529
FHLMC Structured Agency Credit Risk Debt Notes
Series 2016-DNA3, Class M2, 4.48%, 12/25/2028 (j)		1,741		1,754
Series 2017-DNA1, Class M2, 5.73%, 7/25/2029 (j)		3,000		3,210
Series 2017-DNA2, Class M2, 5.93%, 10/25/2029 (j)		4,000		4,332
Series 2017-DNA3, Class M2, 4.98%, 3/25/2030 (j)		6,000		6,185
Series 2018-HQA1, Class M2, 4.78%, 9/25/2030 (j)		10,500		10,593

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA6, Class 3A1, 5.75%, 11/25/2021		296		286
Series 2005-FA10, Class 1A5, 5.50%, 1/25/2036		2,865		2,364
First Horizon Mortgage Pass-Through Trust
Series 2004-AR7, Class 4A1, 4.76%, 2/25/2035 (j)		197		198
Flagstar Mortgage Trust
Series 2018-6RR, Class 1A2, 3.18%, 10/25/2048 (c) (j)		1,648		1,636
FNMA REMIC
Series 2011-126, Class SM, IF, IO, 3.47%, 12/25/2041(j)		7,393		1,098
Series 2012-20, Class SL, IF, IO, 3.97%, 3/25/2042 (j)		8,256		1,412
Series 2012-35, Class SN, IF, IO, 3.97%, 4/25/2042 (j)		4,997		877
Series 2012-75, Class DS, IF, IO, 3.47%, 7/25/2042 (j)		8,096		1,310
Series 2013-124, Class SB, IF, IO, 3.47%, 12/25/2043 (j)		7,576		1,278
Series 2013-136, Class SB, IF, IO, 3.42%, 1/25/2044 (j)		9,266		1,478
Series 2015-35, Class SA, IF, IO, 3.12%, 6/25/2045 (j)		8,237		1,115
Series 2016-77, Class SA, IF, IO, 3.52%, 10/25/2046 (j)		6,562		1,165
Series 2017-16, Class SM, IF, IO, 3.57%, 3/25/2047 (j)		4,306		786
Series 2017-37, Class AS, IF, IO, 3.62%, 5/25/2047 (j)		9,369		1,635
Series 2018-14, Class SA, IF, IO, 3.72%, 3/25/2048 (j)		15,592		2,559
Series 2018-15, Class JS, IF, IO, 3.72%, 3/25/2048 (j)		8,400		1,569
Series 2018-16, Class SN, IF, IO, 3.77%, 3/25/2048 (j)		3,962		754
Series 2018-27, Class SE, IF, IO, 3.72%, 5/25/2048 (j)		5,029		982
Series 2018-73, Class SC, IF, IO, 3.72%, 10/25/2048 (j)		12,865		2,123
Series 2019-20, Class BS, IF, IO, 3.58%, 5/25/2049 (j)		5,420		764
FNMA, Connecticut Avenue Securities
Series 2017-C05, Class 1M2, 4.68%, 1/25/2030 (j)		3,000		3,046

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2018-C01, Class 1M2, 4.73%, 7/25/2030 (j)		8,000		8,094
Series 2018-C05, Class 1M2, 4.83%, 1/25/2031 (j)		8,000		8,101
Fremont Home Loan Trust
Series 2004-A, Class M1, 3.30%, 1/25/2034 ‡ (j)		3,041		3,021
GMACM Mortgage Loan Trust
Series 2004-AR2, Class 3A, 4.67%, 8/19/2034 (j)		592		580
Series 2005-AR1, Class 3A, 4.71%, 3/18/2035 (j)		321		330
GNMA
Series 2014-25, Class HS, IF, IO, 3.62%, 2/20/2044 (j)		5,183		963
Series 2015-149, Class GS, IF, IO, 3.77%, 10/20/2045 (j)		8,008		1,414
Series 2016-111, Class SA, IF, IO, 3.62%, 8/20/2046 (j)		4,083		759
Series 2016-120, Class NS, IF, IO, 3.62%, 9/20/2046 (j)		9,097		1,788
Series 2017-11, Class AS, IF, IO, 3.62%, 1/20/2047 (j)		4,970		868
Series 2017-55, Class AS, IF, IO, 3.67%, 4/20/2047 (j)		4,229		700
Series 2017-56, Class SC, IF, IO, 3.67%, 4/20/2047 (j)		7,760		1,268
Series 2017-68, Class SA, IF, IO, 3.67%, 5/20/2047 (j)		6,872		1,274
Series 2017-67, Class ST, IF, IO, 3.72%, 5/20/2047 (j)		11,562		2,257
Series 2017-75, Class SD, IF, IO, 3.72%, 5/20/2047 (j)		3,744		596
Series 2017-80, Class AS, IF, IO, 3.72%, 5/20/2047 (j)		8,012		1,389
Series 2017-93, Class SE, IF, IO, 3.72%, 6/20/2047 (j)		5,512		969
Series 2017-107, Class SL, IF, IO, 3.72%, 7/20/2047 (j)		13,856		2,618
Series 2017-112, Class S, IF, IO, 3.72%, 7/20/2047 (j)		12,796		2,211
Series 2017-120, Class QS, IF, IO, 3.72%, 8/20/2047 (j)		6,480		1,102
Series 2017-134, Class SB, IF, IO, 3.72%, 9/20/2047 (j)		7,786		1,192
Series 2018-11, Class SA, IF, IO, 3.72%, 1/20/2048 (j)		11,894		1,754

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2018-6, Class CS, IF, IO, 3.72%, 1/20/2048 (j)		4,119		834
Series 2018-36, Class SG, IF, IO, 3.72%, 3/20/2048 (j)		12,409		2,377
Series 2018-63, Class SB, IF, IO, 3.72%, 4/20/2048 (j)		2,816		524
Series 2018-65, Class SE, IF, IO, 3.72%, 5/20/2048 (j)		11,842		2,173
Series 2018-92, Class SH, IF, IO, 3.72%, 7/20/2048 (j)		7,284		1,135
Series 2018-115, Class DS, IF, IO, 3.72%, 8/20/2048 (j)		16,794		2,810
Series 2018-146, Class S, IF, IO, 3.67%, 10/20/2048 (j)		9,273		1,357
Series 2018-147, Class SD, IF, IO, 3.67%, 10/20/2048 (j)		20,027		3,085
Series 2018-168, Class SA, IF, IO, 3.62%, 12/20/2048 (j)		7,280		1,234
Series 2019-16, Class SB, IF, IO, 3.57%, 2/20/2049 (j)		14,970		2,381
Series 2019-22, Class SM, IF, IO, 3.57%, 2/20/2049 (j)		27,297		5,006
Series 2019-30, Class SA, IF, IO, 3.57%, 3/20/2049 (j)		17,145		2,627
Series 2019-38, Class SN, IF, IO, 3.57%, 3/20/2049 (j)		12,411		2,463
Series 2019-41, Class CS, IF, IO, 3.57%, 3/20/2049 (j)		14,847		2,214
GSMSC Pass-Through Trust
Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (c) (j)		1,467		975
GSR Mortgage Loan Trust
Series 2006-9F, Class 8A1, 5.50%, 8/25/2021		18		18
Series 2004-15F, Class 1A2, 5.50%, 12/25/2034		326		343
Series 2005-1F, Class 2A3, 6.00%, 2/25/2035		294		290
Series 2005-AR3, Class 6A1, 4.49%, 5/25/2035 (j)		154		151
Series 2005-AR4, Class 3A5, 4.30%, 7/25/2035 (j)		2,686		2,575
Series 2005-6F, Class 3A18, 5.50%, 7/25/2035		1,440		1,493
Series 2005-AR7, Class 6A1, 4.43%, 11/25/2035 (j)		1,436		1,459
Series 2006-1F, Class 2A16, 6.00%, 2/25/2036		1,006		835

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 105

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2006-1F, Class 2A9, 6.00%, 2/25/2036		1,629		1,352
Series 2006-9F, Class 3A1, 6.25%, 10/25/2036		902		889
Series 2007-1F, Class 3A13, 6.00%, 1/25/2037		474		425
HarborView Mortgage Loan Trust
Series 2005-11, Class 2A1A, 3.11%, 8/19/2045 (j)		324		318
Homeward Opportunities Fund I Trust
Series 2018-2, Class A1, 3.98%, 11/25/2058 (c) (j)		4,110		4,166
Series 2019-1, Class M1, 3.95%, 1/25/2059 (c) (j)		2,000		2,004
Series 2019-1, Class B1, 4.80%, 1/25/2059 (c) (j)		1,850		1,854
Impac CMB Trust
Series 2004-5, Class 1A1, 3.20%, 10/25/2034 (j)		805		806
Series 2004-6, Class 1A2, 3.26%, 10/25/2034 (j)		2,120		2,082
Series 2004-5, Class 1M2, 3.35%, 10/25/2034 ‡ (j)		293		281
Series 2004-7, Class 1A2, 3.40%, 11/25/2034 (j)		824		803
Series 2004-9, Class 1A1, 3.24%, 1/25/2035 (j)		3,566		3,549
Series 2004-10, Class 2A, 3.12%, 3/25/2035 (j)		941		884
Series 2004-10, Class 3A1, 3.18%, 3/25/2035 (j)		2,798		2,638
Series 2005-1, Class 1A1, 3.00%, 4/25/2035 (j)		597		583
Series 2005-1, Class 1A2, 3.10%, 4/25/2035 (j)		730		712
Series 2005-2, Class 1A2, 3.10%, 4/25/2035 (j)		674		651
Series 2005-4, Class 1A1A, 3.02%, 5/25/2035 (j)		507		500
Impac Secured Assets CMN Owner Trust
Series 2003-2, Class A4, 3.75%, 8/25/2033		347		334
Impac Secured Assets Trust
Series 2007-3, Class A1B, 2.72%, 9/25/2037 (j)		3,518		3,002
Series 2007-3, Class A1C, 2.84%, 9/25/2037 (j)		5,895		5,039

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
IndyMac INDX Mortgage Loan Trust
Series 2005-AR3, Class 3A1, 4.10%, 4/25/2035 (j)		421		415
Series 2005-AR14, Class 2A1A, 2.78%, 7/25/2035 (j)		1,288		1,216
JP Morgan Alternative Loan Trust
Series 2006-A2, Class 1A1, 2.66%, 5/25/2036 (j)		4,457		3,998
JP Morgan Mortgage Trust
Series 2006-S2, Class 2A1, 5.00%, 6/25/2021		52		48
Series 2006-S3, Class 2A4, 5.50%, 8/25/2021		30		30
Series 2007-S3, Class 2A3, 6.00%, 8/25/2022		50		49
Series 2004-A6, Class 1A1, 4.01%, 12/25/2034 (j)		191		188
Series 2005-A3, Class 6A6, 4.50%, 6/25/2035 (j)		561		569
Series 2007-A1, Class 2A2, 4.51%, 7/25/2035 (j)		337		345
Series 2005-A6, Class 1A2, 4.43%, 9/25/2035 (j)		539		548
Series 2005-A8, Class 4A1, 4.28%, 11/25/2035 (j)		2,564		2,382
Series 2005-A8, Class 1A1, 4.32%, 11/25/2035 (j)		198		184
Series 2006-A7, Class 2A4, 4.20%, 1/25/2037 (j)		929		891
Series 2007-S1, Class 2A17, 2.81%, 3/25/2037 (j)		5,439		2,581
Lehman Mortgage Trust
Series 2005-2, Class 2A5, 5.50%, 12/25/2035		1,328		1,240
Lehman XS Trust
Series 2005-5N, Class 3A1A, 2.78%, 11/25/2035 (j)		7,181		7,091
Series 2005-7N, Class 1A1A, 3.02%, 12/25/2035 (j)		5,257		5,136
LHOME Mortgage Trust
Series 2019-RTL1, Class A1, 4.58%, 10/25/2023 (c) (h)		2,900		2,908
MASTR Alternative Loan Trust
Series 2006-3, Class 3A1, 5.50%, 6/25/2021		262		255
Series 2004-8, Class 1A1, 6.50%, 9/25/2034		479		525

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2004-12, Class 3A1, 6.00%, 12/25/2034		1,254		1,324
Series 2005-3, Class 1A1, 5.50%, 4/25/2035		406		412
Series 2005-5, Class 3A1, 5.75%, 8/25/2035		304		247
Series 2005-6, Class 1A2, 5.50%, 12/25/2035		790		745
Merrill Lynch Mortgage Investors Trust
Series 2005-1, Class 2A1, 4.35%, 4/25/2035 (j)		98		97
Series 2005-1, Class 2A2, 4.35%, 4/25/2035 (j)		311		301
Series 2006-1, Class 2A1, 4.35%, 2/25/2036 (j)		1,370		1,382
Series 2006-AF2, Class AF2, 6.25%, 10/25/2036		355		305
Metlife Securitization Trust
Series 2017-1A, Class A, 3.00%, 4/25/2055 (c) (j)		7,133		7,086
Morgan Stanley Mortgage Loan Trust
Series 2006-2, Class 1A, 5.25%, 2/25/2021		926		900
Series 2004-8AR, Class 4A1, 4.52%, 10/25/2034 (j)		1,185		1,210
Series 2004-9, Class 1A, 5.36%, 11/25/2034 (j)		742		783
Series 2005-4, Class 1A, 5.00%, 8/25/2035		36		35
MortgageIT Trust
Series 2005-3, Class A1, 3.08%, 8/25/2035 (j)		3,514		3,478
Series 2005-5, Class A1, 3.00%, 12/25/2035 (j)		536		532
New Residential Mortgage Loan Trust
Series 2018-NQM1, Class A1, 3.99%, 11/25/2048 (c) (j)		7,663		7,840
Series 2019-NQM1, Class A1, 3.67%, 1/25/2049 (c) (j)		8,867		8,947
Series 2019-NQM2, Class M1, 4.27%, 4/25/2049 ‡ (c) (j)		2,000		2,023
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2005-WF1, Class 2A5, 5.16%, 3/25/2035 (h)		30		31
OBX Trust
Series 2018-EXP1, Class 2A1B, 3.33%, 4/25/2048 (c) (j)		2,120		2,094

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
Series 2005-4, Class 1A2, 2.87%, 11/25/2035 (j)		357		354
Series 2005-5, Class 1APT, 2.76%, 12/25/2035 (j)		2,256		2,092
Opteum Mortgage Acceptance Corp. Trust
Series 2006-1, Class 1APT, 2.69%, 4/25/2036 (j)		717		678
Series 2006-1, Class 1AC1, 2.78%, 4/25/2036 (j)		2,565		2,464
Provident Funding Mortgage Loan Trust
Series 2005-1, Class 2A1, 4.84%, 5/25/2035 (j)		375		375
PRPM LLC
Series 2019-1A, Class A1, 4.50%, 1/25/2024 (c) (h)		14,575		14,711
RALI Trust
Series 2003-QS20, Class CB, 5.00%, 11/25/2018		5		5
Series 2005-QS2, Class A1, 5.50%, 2/25/2035		108		108
Series 2005-QA5, Class A2, 5.28%, 4/25/2035 (j)		2,296		2,234
Series 2005-QS6, Class A1, 5.00%, 5/25/2035		2,120		2,007
Series 2005-QS17, Class A3, 6.00%, 12/25/2035		1,119		1,084
Series 2006-QS3, Class 1A10, 6.00%, 3/25/2036		1,892		1,766
Series 2006-QS4, Class A2, 6.00%, 4/25/2036		2,103		1,954
Series 2006-QS17, Class A5, 6.00%, 12/25/2036		3,405		3,133
Residential Asset Securitization Trust
Series 2004-A6, Class A1, 5.00%, 8/25/2019		72		70
Series 2005-A3, Class A2, 5.50%, 4/25/2035		3,659		3,144
Series 2005-A8CB, Class A11, 6.00%, 7/25/2035		2,204		1,957
Series 2005-A14, Class A1, 5.50%, 12/25/2035		183		146
Series 2006-A8, Class 3A1, 6.00%, 8/25/2036		3,870		3,143
Series 2007-A5, Class 2A2, 6.00%, 5/25/2037		9,466		8,025

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 107

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
RFMSI Trust
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		38		38
Series 2005-SA1, Class 3A, 4.64%, 3/25/2035 (j)		254		257
Series 2005-S7, Class A6, 5.50%, 11/25/2035		145		139
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		2,700		2,519
Series 2006-SA4, Class 2A1, 5.34%, 11/25/2036 (j)		2,669		2,542
Seasoned Credit Risk Transfer Trust
Series 2017-3, Class AIO, IO, 0.10%, 7/25/2056 (j)		319,787		545
Sequoia Mortgage Trust
Series 2007-3, Class 1A1, 2.69%, 7/20/2036 (j)		1,007		967
Series 2018-2, Class A4, 3.50%, 2/25/2048 (c) (j)		7,572		7,577
Starwood Mortgage Residential Trust
Series 2018-IMC1, Class A1, 3.79%, 3/25/2048 (c) (j)		6,274		6,333
Structured Adjustable Rate Mortgage Loan Trust
Series 2005-1, Class 1A1, 4.28%, 2/25/2035 (j)		451		452
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-35, Class B1, 5.45%, 12/25/2033 ‡ (j)		762		647
Series 2004-10, Class 1A1, 5.43%, 6/25/2034 (j)		4,886		4,995
Toorak Mortgage Corp. Ltd.
Series 2018-1, Class A1, 4.34%, 8/25/2021 (c) (h)		5,620		5,625
Series 2019-1, Class A1, 4.46%, 3/25/2022 (c) (h)		7,400		7,418
Verus Securitization Trust
Series 2018-2, Class A1, 3.68%, 6/1/2058 (c) (j)		7,642		7,723
Series 2018-3, Class A1, 4.11%, 10/25/2058 (c) (j)		5,280		5,373
Series 2019-1, Class A1, 3.84%, 2/25/2059 (c) (j)		6,229		6,289
Series 2019-INV1, Class M1, 4.03%, 12/25/2059 (c) (j)		1,000		1,002
Series 2019-INV1, Class B1, 4.99%, 12/25/2059 (c)		1,100		1,103

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-AR11, Class A, 4.15%, 10/25/2034 (j)		1,356		1,366
Series 2005-AR5, Class A6, 4.04%, 5/25/2035 (j)		3,564		3,627
Series 2005-AR7, Class A3, 4.10%, 8/25/2035 (j)		1,362		1,382
Series 2005-AR14, Class 1A3, 4.19%, 12/25/2035 (j)		2,054		2,040
Series 2005-AR14, Class 1A4, 4.19%, 12/25/2035 (j)		1,370		1,361
Series 2005-AR16, Class 1A1, 4.26%, 12/25/2035 (j)		873		866
Series 2005-AR18, Class 1A3A, 4.25%, 1/25/2036 (j)		93		95
Series 2006-AR2, Class 1A1, 4.26%, 3/25/2036 (j)		417		408
Series 2004-AR10, Class A1B, 2.90%, 7/25/2044 (j)		1,284		1,277
Series 2005-AR15, Class A1A1, 2.74%, 11/25/2045 (j)		54		54
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2006-3, Class 5A2, 5.50%, 3/25/2021		709		686
Series 2007-1, Class 2A1, 6.00%, 1/25/2022		1,041		989
Series 2005-1, Class 1A3, 5.50%, 3/25/2035		1,009		977
Series 2005-4, Class CB7, 5.50%, 6/25/2035		687		664
Series 2005-10, Class 2A5, 5.75%, 11/25/2035		3,396		3,243
Series 2005-10, Class 4CB1, 5.75%, 12/25/2035		1,054		1,038
Series 2006-5, Class 2CB5, 6.50%, 7/25/2036		242		205
Series 2007-1, Class 1A7, 3.08%, 2/25/2037 (j)		5,335		4,053
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-N, Class A6, 4.61%, 8/25/2034 (j)		2,961		3,022
Series 2004-N, Class A7, 4.61%, 8/25/2034 (j)		2,812		2,869
Series 2004-M, Class A1, 4.62%, 8/25/2034 (j)		1,891		1,972
Series 2004-Q, Class 1A1, 4.72%, 9/25/2034 (j)		520		533

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2004-Q, Class 1A2, 4.72%, 9/25/2034 (j)		321		330
Series 2004-BB, Class A5, 4.95%, 1/25/2035 (j)		379		388
Series 2004-DD, Class 2A6, 5.01%, 1/25/2035 (j)		356		369
Series 2004-DD, Class 1A1, 5.01%, 1/25/2035 (j)		4,118		4,311
Series 2005-AR3, Class 2A1, 4.60%, 3/25/2035 (j)		419		429
Series 2005-AR2, Class 2A2, 5.15%, 3/25/2035 (j)		90		93
Series 2005-AR4, Class 2A2, 5.11%, 4/25/2035 (j)		202		205
Series 2005-AR5, Class 1A1, 5.22%, 4/25/2035 (j)		1,174		1,189
Series 2005-AR7, Class 2A1, 4.96%, 5/25/2035 (j)		46		46
Series 2005-AR8, Class 1A1, 4.71%, 6/25/2035 (j)		2,141		2,210
Series 2005-AR10, Class 1A1, 4.78%, 6/25/2035 (j)		1,639		1,733
Series 2005-AR11, Class 1A1, 4.85%, 6/25/2035 (j)		503		513
Series 2005-AR15, Class 1A6, 4.67%, 9/25/2035 (j)		366		362
Series 2005-AR16, Class 6A3, 4.68%, 10/25/2035 (j)		1,189		1,211
Series 2005-AR16, Class 7A1, 4.75%, 10/25/2035 (j)		192		193
Series 2006-AR6, Class 5A1, 4.80%, 3/25/2036 (j)		860		871
Series 2006-AR2, Class 2A1, 4.96%, 3/25/2036 (j)		1,089		1,115
Series 2006-AR2, Class 2A3, 4.96%, 3/25/2036 (j)		192		196
Series 2006-4, Class 1A9, 5.75%, 4/25/2036		192		190
Series 2006-AR19, Class A3, 4.86%, 12/25/2036 (j)		289		285
Series 2007-2, Class 1A13, 6.00%, 3/25/2037		211		205
Series 2007-15, Class A1, 6.00%, 11/25/2037		395		396
				677,242
Total Collateralized Mortgage Obligations (Cost $676,091)				683,902

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — 5.1% (m)
Canada — 0.1%
1011778 BC ULC, 1st Lien Term B Loan (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 2/16/2024 (d)		5,474		5,455
Concordia Healthcare Corp., Initial Dollar Term Loan (ICE LIBOR USD 1 Month + 5.50%), 7.98%, 9/6/2024 (d)		8,463		7,910
MEG Energy Corp., 1st Lien Term B Loan (ICE LIBOR USD 1 Month + 3.50%), 5.99%, 12/31/2023 (d)		2,579		2,577
				15,942
France — 0.0% (a)
Altice France SA, 1st Lien Term Loan B-13 (ICE LIBOR USD 1 Month + 4.00%), 6.47%, 8/14/2026 (d)		2,743		2,680
United States — 5.0%
24 Hour Fitness Worldwide, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.98%, 5/30/2025 (d)		975		977
8th Avenue Food & Provisions, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 10/1/2025 (d)		671		673
A2Z Wireless Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.00%), 8.47%, 5/1/2023 (d)		1,324		1,226
ABG Intermediate Holdings 2 LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.98%, 9/27/2024 (d)		756		754
Advisor Group Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 8/15/2025 (d)		430		431
AES Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 4.38%, 5/31/2022 (d)		3,870		3,870
Albany Molecular Research, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 8/30/2024 (d)		2,779		2,768
Albertson’s LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 6/22/2023 (d)		10,565		10,571
Albertson’s LLC, 1st Lien Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 11/17/2025 (d)		554		554
Aleris International, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.75%), 7.23%, 2/27/2023 (d)		496		497
Alphabet Holding Co. Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.98%, 9/26/2024 (d)		546		510

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 109

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
Altice Financing SA, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.22%, 7/15/2025 (d)		2,726		2,628
AMC Entertainment Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 5.49%, 4/22/2026 (d) (n)		2,515		2,521
American Airlines, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.47%, 12/14/2023 (d)		990		983
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%; ICE LIBOR USD 3 Month + 2.25%), 4.77%, 4/6/2024 (d)		3,061		3,011
Asurion LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.50%), 8.98%, 8/4/2025 (d)		365		372
Asurion LLC, Term B-7 Loan (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 11/3/2024 (d)		3,383		3,391
At Home Holding III, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.08%, 6/3/2022 (d)		1,278		1,266
Avaya Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.72%, 12/15/2024 (d)		5,247		5,257
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 4.35%, 6/1/2024 (d)		2,481		2,466
Barracuda Networks, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.74%, 2/12/2025 (d)		1,246		1,248
Berry Global, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 10/1/2022 (d)		750		749
BJ’s Wholesale Club, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.47%, 2/3/2024 (d)		498		500
Bombardier Recreational Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 5/23/2025 (d)		2,928		2,905
Boxer Parent Co Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 6.85%, 10/2/2025 (d)		1,696		1,685
Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.98%, 8/1/2025 (d)		1,229		1,236
Brookfield WEC Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.23%, 8/3/2026 (d)		625		634

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 4/3/2024 (d) (n)		7,099		7,004
California Resources Corp., 1st Lien Second Out Term Loan (ICE LIBOR USD 1 Month + 10.38%), 12.85%, 12/31/2021 (d)		10,989		11,285
California Resources Corp., Senior Secured First Out Term Loan (ICE LIBOR USD 1 Month + 4.75%), 7.23%, 12/31/2022 (d) (n)		13,079		12,653
Calpine Construction Finance Co. LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 1/15/2025 (d)		6,465		6,459
Carbonite, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.75%), 6.31%, 3/26/2026 (d)		750		755
Carroll County Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.60%, 2/16/2026 (d)		898		903
CBS Radio, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 11/18/2024 (d)		985		983
CCM Merger, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 8/6/2021 (d) (n)		5,754		5,751
Centurylink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 1/31/2025 (d) (n)		10,196		10,126
CEOC LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 10/7/2024 (d)		5,459		5,430
Charter Communications Operating, LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.49%, 4/30/2025 (d)		4,000		4,007
Chemours Co. (The), Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 4.24%, 4/3/2025 (d)		5,163		5,138
CHG Healthcare Services, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.48%, 6/7/2023 (d)		3,750		3,748
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 10/2/2024 (d)		6,941		6,943
Cineworld Finance US Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 2/28/2025 (d)		2,629		2,615
CityCenter Holdings LLC, Term B Loan (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 4/18/2024 (d)		4,992		4,987

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 6 Month + 7.25%), 9.94%, 10/12/2038 ‡ (d)		945		1,417
Club Corp Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.35%, 9/18/2024 (d)		2,600		2,515
Consolidated Communications, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 10/5/2023 (d)		1,449		1,424
Continental Building Products, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 8/18/2023 (d)		1,166		1,163
Cortes NP Acquisition Corp., Term B Loan (ICE LIBOR USD 3 Month + 4.00%), 6.63%, 11/30/2023 (d)		7,453		7,117
CPV Shore Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.24%, 12/29/2025 (d)		1,326		1,321
CSC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.72%, 7/17/2025 (d)		7,764		7,724
CSC Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.72%, 1/15/2026 (d) (n)		4,398		4,375
CVS Holdings I LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.24%, 2/6/2025 (d)		992		976
Dawn Acquisition LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 6.35%, 12/31/2025 (d)		1,176		1,129
Dell International LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.49%, 9/7/2023 (d)		1,634		1,634
Delta 2 SARL, 1st Lien Term loan B (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 2/1/2024 (d)		3,558		3,502
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month US Prime Rate + 1.75%), 5.25%, 4/6/2024 (d) (n)		6,814		6,729
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 7.48%, 2/6/2026 (d)		944		950
Edgewater Generation, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.25%, 12/13/2025 (d)		1,027		1,031
EG Group Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.60%, 2/7/2025 (d)		620		613

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
EIF Channelview Cogeneration LLC, Term Loan (ICE LIBOR USD 1 Month + 4.25%), 6.74%, 5/3/2025 (d)		2,689		2,705
Encino Acquisition Partners Holdings, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.23%, 10/29/2025 (d)		3,140		2,920
Endo Pharmaceutical, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.75%, 4/29/2024 (d)		4,053		4,003
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 10/10/2025 (d)		5,032		4,858
Epic Crude Services LP, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 7.49%, 3/2/2026 (d)		11,565		11,498
Equinox Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 3/8/2024 (d)		1,991		1,991
Esh Hospitality, Inc., 1st Lien Term Loan B REIT, (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 8/30/2023 (d)		2,347		2,344
Euro Garages Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.60%, 2/7/2025 (d) (n)		1,400		1,383
Exela Intermediate LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 9.38%, 7/12/2023 (d) (n)		3,977		3,962
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.62%, 5/15/2022 ‡ (d)		180		175
Financial & Risk US Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 10/1/2025 (d)		1,706		1,687
First Data Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 4/26/2024 (d)		7,562		7,560
Flex Acquisition Co., Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.63%, 12/29/2023 (d)		1,092		1,074
Frontera Generation Holdings LLC, 1st Lien Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.72%, 5/2/2025 (d)		3,950		3,948
Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%; ICE LIBOR USD 3 Month US Prime Rate + 2.50%), 6.12%, 5/24/2024 (d)		3,705		3,696
Gates Global LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 4/1/2024 (d)		892		893

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 111

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.60%, 12/1/2023 (d) (n)		2,500		2,509
Genesys Telecom Holdings, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 12/1/2023 (d)		2,182		2,185
Getty Images, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 7.00%, 2/19/2026 (d)		4,090		4,072
GGP, Inc., 1st Lien Term Loan B REIT, (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 8/27/2025 (d)		4,975		4,864
Global Business Travel Holdings Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 5.19%, 8/13/2025 (d)		518		518
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 10/4/2023 (d) (n)		4,588		4,590
Goodrx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.47%, 10/10/2025 (d)		3,716		3,716
Gray Television, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 1/2/2026 (d)		4,988		4,995
Greektown Holdings LLC, Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 4/25/2024 (d)		4,599		4,595
Grizzly Acquisition Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 10/1/2025 (d)		322		323
GTT Communications, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 5/31/2025 (d)		1,316		1,273
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%; ICE LIBOR USD 3 Month + 5.25%), 7.80%, 8/25/2023 (d)		1,981		1,571
Hanjin International Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.99%, 10/19/2020 (d)		1,500		1,487
Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 5/16/2024 (d)		3,541		3,524
Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.69%), 6.17%, 5/23/2025 (d)		2,906		2,843
Hertz Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.24%, 6/30/2023 (d)		2,573		2,572

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Hoya Midco LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.98%, 6/30/2024 (d)		1,998		1,982
HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.34%, 4/25/2025 (d)		1,975		1,953
iHeartCommunications, Inc., Term Loan D (ICE LIBOR USD 1 Month + 6.75%), 11.25%, 1/30/2020 (d)		5,407		3,998
iHeartCommunications, Inc., Tranche E Term Loan (ICE LIBOR USD 1 Month + 7.50%), 12.00%, 7/30/2019 (d)		1,873		1,387
Infor US, Inc., Tranche B-6 Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 2/1/2022 (d)		2,268		2,268
Intelsat Jackson Holdings SA, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 11/27/2023 (d)		7,595		7,582
Invenergy Thermal Operating I LLC, Term Loan (ICE LIBOR USD 3 Month + 3.50%), 6.10%, 8/28/2025 (d)		2,880		2,902
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.72%, 2/5/2025 (d)		1,521		1,517
JBS USA LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 2.50%, 4/24/2026 (d) (n)		5,741		5,748
JBS USA LLC, Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 10/30/2022 (d) (n)		10,754		10,753
Kestrel Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.74%, 6/2/2025 (d)		2,948		2,953
Las Vegas Sands Corp., 1st Lien Senior Secured Term Loan (ICE LIBOR USD 1 Month + 1.75%), 4.23%, 3/27/2025 (d)		5,012		5,004
Level 3 Financing, Inc., Tranche B Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 2/22/2024 (d)		6,615		6,617
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 1/30/2024 (d)		1,585		1,575
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.75%), 6.25%, 1/30/2024 (d)		89		89
Lotus Midstream LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 9/29/2025 (d)		4,340		4,349

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
Lumentum Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 12/10/2025 (d)		145		145
MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.24%, 10/4/2024 (d)		2,481		1,995
Mallinckrodt International Finance, Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.35%, 9/24/2024 (d)		4,819		4,314
Medallion Midland Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 10/30/2024 (d)		501		498
MedRisk, Inc., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 12/27/2024 (d)		2,580		2,493
Meredith Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 1/31/2025 (d) (n)		1,650		1,655
MGM Resorts International, 1st Lien Term Loan A (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 12/21/2023 (d)		3,345		3,320
Misys, Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.10%, 6/13/2024 (d)		1,556		1,542
Moda Midstream LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 9/29/2025 (d)		4,271		4,281
Momentive Performance Materials USA LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 3.75%, 4/18/2024 (d) (n)		3,725		3,730
Moran Foods LLC, Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.60%, 12/5/2023 (d)		5,915		3,194
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.35%, 6/7/2023 (d) (n)		12,533		12,402
NAI Entertainment Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.99%, 5/8/2025 (d)		2,010		2,002
Navistar, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.99%, 11/6/2024 (d) (n)		6,256		6,252
Neiman Marcus Group, Inc., Other Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.72%, 10/25/2020 (d)		3,104		2,869
Nielsen Finance LLC, 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 4.47%, 10/4/2023 (d)		4,764		4,742
NRG Energy, Inc., Term Loan (ICE LIBOR USD 1 Month + 1.75%), 4.23%, 6/30/2023 (d)		1,492		1,490

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Numericable US LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.69%), 6.16%, 1/31/2026 (d)		2,230		2,170
NVA Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 2/2/2025 (d)		6,007		5,897
NVA Holdings, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 3 Month + 2.75%), 2.75%, 2/2/2025 (d) (n)		500		500
ON Semiconductor Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 4.23%, 3/31/2023 (d)		593		590
Oryx Soutern Delaware Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 2/28/2025 (d)		501		501
Party City Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.99%, 8/19/2022 (d) (n)		2,864		2,864
Pearl Intermediate Parent LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 2/14/2025 (d)		916		891
Pelican Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.97%, 5/1/2025 (d)		2,510		2,497
Pelican Products, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 7.75%), 10.22%, 5/1/2026 (d)		1,185		1,138
Penn National Gaming, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 10/15/2025 (d)		4,294		4,294
PetSmart, Inc., Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.73%, 3/11/2022 (d) (n)		1,091		1,049
Plantronics, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 7/2/2025 (d)		6,057		6,029
Post Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.49%, 5/24/2024 (d)		601		601
Prairie ECI Acquiror LP, 1st Lien Term Loan (ICE LIBOR USD 6 Month + 4.75%), 7.37%, 3/7/2026 (d)		365		368
Prestige Brands, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 1/26/2024 (d)		2,954		2,945
Prime Security Services Borrower LLC, Term B-1 Loan (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 5/2/2022 (d) (n)		10,243		10,250
Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 2 Month + 4.50%), 7.06%, 12/22/2025 (d)		10,350		10,376

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 113

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 6.83%, 5/16/2025 (d)		1,294		1,279
Quidditch Acquisition, Inc., 1st Cov-Lite Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 9.49%, 3/21/2025 (d)		149		151
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 5.74%, 11/3/2023 (d)		3,622		3,423
Red Ventures LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 11/8/2024 (d) (n)		2,994		3,002
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 2/5/2023 (d) (n)		4,875		4,881
Samsonite IP Holdings SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 4.23%, 4/25/2025 (d)		2,581		2,572
Scientific Games International, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%), 5.23%, 8/14/2024 (d)		7,543		7,520
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.98%, 11/1/2024 (d) (n)		2,831		2,784
Securus Technologies Holdings, Inc., 2nd Lien, Term Loan (ICE LIBOR USD 1 Month + 8.25%), 10.73%, 11/1/2025 (d)		361		351
Sinclair Broadcast Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.74%, 1/3/2024 (d)		1,154		1,152
Sirva Worldwide, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.50%; ICE LIBOR USD 3 Month + 5.50%; ICE LIBOR USD 3 Month + 9.50%), 8.03%, 8/4/2025 (d)		795		791
Sirva Worldwide, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 9.50%), 12.10%, 8/3/2026 (d)		125		107
Sound Inpatient Physicians Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 6/27/2025 (d)		1,588		1,586
Spin Holdco, Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 11/14/2022 (d)		2,635		2,601
Sprint Communications, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 5.00%, 2/2/2024 (d)		5,211		5,056
St. George’s University Scholastic Services, Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.99%, 7/17/2025 (d)		2,710		2,713

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Staples, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 4.00%), 6.50%, 9/12/2024 (d)		5,007		4,942
(ICE LIBOR USD 3 Month + 5.00%), 7.60%, 4/16/2026 (d) (n)		2,235		2,206
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 2/14/2025 (d)		1,708		1,678
Stetson Midstream., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.73%, 7/18/2025 (d)		4,866		4,878
Summit Materials Co. I LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 11/21/2024 (d)		1,254		1,251
Syneos Health, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 8/1/2024 (d)		781		779
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 7.47%, 3/9/2023 (d)		3,569		3,392
Talen Energy Supply LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.61%, 12/3/2025 (d)		2,643		2,636
Telenet Financing LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.72%, 8/15/2026 (d)		4,000		3,985
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 2/6/2024 (d)		5,309		4,971
TerraForm Power Operating LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 11/8/2022 (d)		2,481		2,472
The Go Daddy Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 2/15/2024 (d)		829		830
The Ultimate Software Group, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 4.00%, 4/8/2026 (d) (n)		693		697
Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 3/28/2025 (d)		6,584		6,315
Trans Union LLC, 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 6/19/2025 (d)		2,987		2,985
Transdigm Group Inc., 1st Lien Term Loan E (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 5/30/2025 (d)		2,107		2,096
TransDigm, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 6/9/2023 (d)		2,490		2,481

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
TransDigm, Inc., Term Loan G (ICE LIBOR USD 1 Month + 2.50%), 4.98%, 8/22/2024 (d)		2,918		2,904
Tribune Media Co., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 12/27/2020 (d)		240		240
Trinseo Materials Operating SCA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 9/6/2024 (d)		5,213		5,200
Tronox Blocked Borrower LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.50%, 9/23/2024 (d)		842		844
Tronox Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.50%, 9/23/2024 (d)		1,819		1,822
UFC Holdings LLC, 1st Lien Guaranteed Senior Secured Term Loan (ICE LIBOR USD 1 Month + 3.25%; ICE LIBOR USD 1 Month + 7.50%), 5.74%, 8/18/2023 (d) (n)		3,962		3,972
Ultra Resources, Inc., Term Loan (ICE LIBOR USD 1 Month + 4.00%), 6.49%, 4/12/2024 (d)		9,346		7,889
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.73%, 10/22/2025 (d)		4,367		3,801
Unitymedia Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.47%, 6/1/2023 (d)		4,719		4,706
Univision Communications, Inc., 1st Lien Term Loan C-5 (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 3/15/2024 (d)		2,129		2,047
USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.60%, 5/16/2024 (d)		3,990		3,948
Valeant Pharmaceuticals International Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.47%, 6/2/2025 (d) (n)		15,447		15,508
VeriFone Systems, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.68%, 8/20/2025 (d)		456		454
VICI Properties 1 LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.49%, 12/20/2024 (d)		5,000		4,990
Viskase Co., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.85%, 1/30/2021 (d)		2,607		2,516
Web.com Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 10/10/2025 (d)		795		790
Windstream Services LLC, 1st Lien Term Loan B (3-MONTH PRIME + 5.00%), 10.50%, 3/29/2021 (d) (n)		2,750		2,798

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 4.61%, 11/1/2023 (d)		9,500		9,482
XPO Logistics, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.48%, 2/24/2025 (d)		1,250		1,243
Ziggo Secured Finance Partnership, 1st Lien Term Loan E (ICE LIBOR USD 1 Month + 2.50%), 4.97%, 4/15/2025 (d)		5,135		5,086
Zodiac Pool Solutions LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 7/2/2025 (d)		1,390		1,386
				627,174
Total Loan Assignments (Cost $654,749)				645,796
Mortgage-Backed Securities — 4.1%
United States — 4.1%
FHLMC Gold Pools, 30 Year, Single Family
Pool # G67700, 3.50%, 8/1/2046		22,437		22,868
Pool # G60852, 4.00%, 8/1/2046		13,675		14,250
Pool # G67702, 4.00%, 1/1/2047		5,577		5,812
Pool # G61096, 3.50%, 2/1/2047		28,780		29,266
Pool # G67703, 3.50%, 4/1/2047		9,160		9,333
Pool # G67704, 4.00%, 8/1/2047		1,461		1,528
Pool # G67705, 4.00%, 10/1/2047		5,085		5,303
Pool # Q52307, 3.50%, 11/1/2047		5,488		5,583
Pool # G67706, 3.50%, 12/1/2047		14,517		14,791
Pool # G67708, 3.50%, 3/1/2048		45,718		46,426
Pool # G67714, 4.00%, 7/1/2048		8,981		9,376
FNMA, 20 Year, Single Family
Pool # BM3100, 4.00%, 11/1/2037		4,785		4,976
Pool # BM3569, 3.50%, 2/1/2038		12,053		12,304
Pool # CA1231, 3.50%, 2/1/2038		676		690
Pool # BM3791, 3.50%, 4/1/2038		10,196		10,396
FNMA, 30 Year, Single Family
Pool # AS4085, 4.00%, 12/1/2044		1,537		1,601
Pool # BM1909, 4.00%, 2/1/2045		8,949		9,329
Pool # MA2670, 3.00%, 7/1/2046		7,633		7,556
Pool # AS8650, 3.00%, 1/1/2047		14,097		13,954
Pool # MA2863, 3.00%, 1/1/2047		24,276		24,019
Pool # AL9859, 3.00%, 3/1/2047		6,803		6,734
Pool # AS9403, 3.50%, 4/1/2047		667		680
Pool # BH9923, 3.50%, 9/1/2047		11,122		11,240
Pool # BM4028, 3.50%, 10/1/2047		3,729		3,794
Pool # BM3141, 3.50%, 11/1/2047		3,065		3,123
Pool # BM3357, 3.50%, 11/1/2047		14,854		15,096
Pool # BH7061, 3.50%, 12/1/2047		17,947		18,207

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 115

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Mortgage-Backed Securities — continued
United States — continued
Pool # BM3778, 3.50%, 12/1/2047		25,207		25,699
Pool # CA0906, 3.50%, 12/1/2047		28,154		28,626
Pool # CA0995, 3.50%, 1/1/2048		6,440		6,547
Pool # BJ1069, 4.00%, 1/1/2048		3,826		3,943
Pool # BJ0645, 3.50%, 3/1/2048		20,043		20,379
Pool # BM3788, 3.50%, 3/1/2048		84,368		85,832
Pool # BM5483, 3.50%, 4/1/2048		4,440		4,487
FNMA, Other
Pool # AN5676, 3.25%, 6/1/2029		1,700		1,725
Pool # AN6368, 3.09%, 9/1/2029		1,700		1,698
Pool # AN7845, 3.08%, 12/1/2029		6,650		6,617
Pool # AN8281, 3.19%, 2/1/2030		2,560		2,563
Pool # AN8572, 3.55%, 4/1/2030		2,710		2,798
Pool # AN9116, 3.61%, 5/1/2030		1,930		2,003
Pool # AN3747, 2.87%, 2/1/2032		2,730		2,591
Pool # AN6122, 3.06%, 8/1/2032		4,820		4,666
Pool # BM3226, 3.44%, 10/1/2032		2,395		2,447
Pool # AN7633, 3.13%, 12/1/2032		1,880		1,854
Pool # AN8095, 3.24%, 1/1/2033		4,010		3,990
Total Mortgage-Backed Securities (Cost $508,775)				516,700
Commercial Mortgage-Backed Securities — 2.2%
Cayman Islands — 0.0% (a)
GPMT Ltd. Series 2018-FL1, Class B, 4.04%, 11/21/2035 ‡ (c) (j)		3,000		3,004
TPG Real Estate Finance Issuer Ltd. Series 2018-FL1, Class B, 3.77%, 2/15/2035 ‡ (c) (j)		1,943		1,943
				4,947
United States — 2.2%
Banc of America Commercial Mortgage Trust
Series 2007-3, Class F, 5.85%, 6/10/2049 ‡ (c) (j)		2,504		2,547
Series 2017-BNK3, Class D, 3.25%, 2/15/2050 (c)		655		573
BANK
Series 2017-BNK8, Class D, 2.60%, 11/15/2050 ‡ (c)		1,500		1,234
Series 2019-BN16, Class E, 3.00%, 2/15/2052 ‡ (c)		1,740		1,349
Series 2019-BN17, Class D, 3.00%, 4/15/2052 (c)		2,000		1,708
Series 2019-BN17, Class E, 3.00%, 4/15/2052 (c)		1,750		1,376
Series 2017-BNK7, Class B, 3.95%, 9/15/2060		1,505		1,537

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
BENCHMARK Mortgage Trust Series 2018-B1, Class D, 2.75%, 1/15/2051 ‡ (c)		975		796
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 4.17%, 11/15/2035 ‡ (c) (j)		531		533
Series 2018-BIOA, Class D, 3.79%, 3/15/2037 ‡ (c) (j)		6,000		6,000
BX Trust
Series 2018-MCSF, Class A, 3.05%, 4/15/2035 (c) (j)		6,000		5,913
Series 2018-MCSF, Class B, 3.28%, 4/15/2035 ‡ (c) (j)		1,500		1,472
Series 2018-MCSF, Class C, 3.48%, 4/15/2035 ‡ (c) (j)		1,000		972
BXMT Ltd.
Series 2017-FL1, Class B, 3.97%, 6/15/2035 ‡ (c) (j)		3,000		3,000
Series 2017-FL1, Class C, 4.42%, 6/15/2035 ‡ (c) (j)		1,500		1,503
Series 2017-FL1, Class D, 5.17%, 6/15/2035 ‡ (c) (j)		3,000		3,007
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class E, 4.62%, 12/15/2037 ‡ (c) (j)		2,690		2,709
Series 2019-LIFE, Class G, 5.72%, 12/15/2037 ‡ (c) (j)		2,420		2,444
CD Mortgage Trust
Series 2007-CD5, Class D, 6.43%, 11/15/2044 ‡ (c) (j)		1,345		1,336
Series 2017-CD5, Class D, 3.35%, 8/15/2050 ‡ (c)		331		282
CGDBB Commercial Mortgage Trust
Series 2017-BIOC, Class D, 4.07%, 7/15/2032 ‡ (c) (j)		2,000		2,003
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.90%, 1/10/2024 ‡ (c) (j)		2,500		2,601
Series 2015-P1, Class D, 3.23%, 9/15/2048 ‡ (c)		2,500		2,244
Series 2016-C1, Class D, 5.12%, 5/10/2049 ‡ (c) (j)		2,995		2,946
Series 2016-P6, Class D, 3.25%, 12/10/2049 ‡ (c)		2,000		1,731
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (j)		910		936
Commercial Mortgage Pass-Through Certificates Series 2016-CR28, Class D, 4.05%, 2/10/2049 (j)		1,100		1,090

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Commercial Mortgage Trust
Series 2014-CR15, Class C, 4.90%, 2/10/2047 (j)		3,375		3,586
Series 2014-CR19, Class D, 4.87%, 8/10/2047 (c) (j)		1,250		1,205
Series 2014-CR20, Class D, 3.22%, 11/10/2047 ‡ (c)		3,000		2,751
Series 2015-CR23, Class CMC, 3.81%, 5/10/2048 ‡ (c) (j)		6,400		6,406
Series 2015-CR23, Class CME, 3.81%, 5/10/2048 ‡ (c) (j)		4,036		4,020
Series 2015-LC21, Class D, 4.44%, 7/10/2048 (j)		900		857
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		37		36
CSAIL Commercial Mortgage Trust Series 2019-C15, Class C, 5.15%, 3/15/2052 ‡ (j)		3,835		4,044
DBGS Mortgage Trust
Series 2019-1735, Class E, 4.19%, 4/10/2029 (c) (j)		1,785		1,737
Series 2018-5BP, Class D, 3.82%, 6/15/2033 ‡ (c) (j)		7,000		6,965
Series 2018-BIOD, Class C, 3.42%, 5/15/2035 ‡ (c) (j)		3,016		2,981
Series 2018-BIOD, Class D, 3.77%, 5/15/2035 ‡ (c) (j)		6,033		5,984
FHLMC Multifamily Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.42%, 7/25/2023 (j)		111,168		1,320
Series K082, Class X3, IO, 2.29%, 10/25/2028 (j)		8,750		1,459
Series K087, Class A2, 3.77%, 12/25/2028		6,000		6,371
Series K087, Class X3, IO, 2.39%, 4/25/2029 (j)		4,200		747
Series K723, Class X3, IO, 1.98%, 10/25/2034 (j)		6,552		498
Series K716, Class X3, IO, 1.85%, 8/25/2042 (j)		15,656		579
Series K054, Class X3, IO, 1.65%, 4/25/2043 (j)		17,000		1,562
Series K067, Class X3, IO, 2.19%, 9/25/2044 (j)		34,106		4,963
Series K727, Class X3, IO, 2.07%, 10/25/2044 (j)		33,818		3,210
Series K068, Class X3, IO, 2.13%, 10/25/2044 (j)		11,050		1,571

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series K059, Class X3, IO, 1.98%, 11/25/2044 (j)		24,693		2,991
Series K729, Class X3, IO, 2.04%, 11/25/2044 (j)		37,637		3,607
Series K062, Class X3, IO, 2.14%, 1/25/2045 (j)		18,756		2,489
Series K728, Class X3, IO, 2.02%, 11/25/2045 (j)		8,120		744
FNMA ACES
Series 2019-M4, Class A2, 3.61%, 2/25/2031		15,070		15,637
Series 2016-M4, Class X2, IO, 2.67%, 1/25/2039 (j)		20,104		1,748
FREMF Mortgage Trust
Series 2015-KF09, Class B, 7.84%, 5/25/2022 (c) (j)		113		116
Series 2015-KF10, Class B, 8.59%, 7/25/2022 (c) (j)		405		429
Series 2017-KF31, Class B, 5.39%, 4/25/2024 (c) (j)		2,145		2,179
Series 2017-KF32, Class B, 5.04%, 5/25/2024 (c) (j)		5,177		5,233
Series 2017-KF38, Class B, 4.99%, 9/25/2024 (c) (j)		2,492		2,516
Series 2018-K731, Class C, 3.91%, 2/25/2025 (c)		2,000		1,978
Series 2018-KF47, Class B, 4.49%, 5/25/2025 (c) (j)		7,151		7,145
Series 2018-KF49, Class B, 4.39%, 6/25/2025 (c) (j)		633		628
Series 2019-KF58, Class B, 4.64%, 1/25/2026 (c) (j)		2,682		2,684
Series 2017-KF33, Class B, 5.04%, 6/25/2027 (c) (j)		1,274		1,290
Series 2017-KF40, Class B, 5.19%, 11/25/2027 (c) (j)		1,957		1,995
Series 2018-KF43, Class B, 4.64%, 1/25/2028 (c) (j)		4,506		4,539
Series 2018-KF50, Class B, 4.38%, 7/25/2028 (c) (j)		865		868
Series 2018-K82, Class B, 4.27%, 9/25/2028 (c) (j)		1,460		1,478
Series 2019-KF59, Class B, 4.84%, 2/25/2029 (c) (j)		4,000		4,013
Series 2017-K67, Class C, 4.08%, 9/25/2049 (c) (j)		730		708
Series 2017-K729, Class B, 3.80%, 11/25/2049 (c) (j)		1,400		1,404

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 117

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2017-K65, Class B, 4.21%, 7/25/2050 (c) (j)		5,365		5,490
Series 2017-K71, Class B, 3.88%, 11/25/2050 (c) (j)		1,280		1,276
Series 2019-K87, Class B, 4.47%, 1/25/2051 (c) (j)		3,600		3,761
Series 2019-K87, Class C, 4.47%, 1/25/2051 (c) (j)		2,000		1,991
Series 2018-K74, Class B, 4.23%, 2/25/2051 (c) (j)		6,830		6,982
Series 2018-K75, Class B, 4.11%, 4/25/2051 (c) (j)		1,235		1,246
Series 2019-K88, Class C, 4.53%, 2/25/2052 (c) (j)		3,750		3,720
GNMA
Series 2012-44, IO, 0.41%, 3/16/2049 (j)		14,024		175
Series 2012-89, IO, 0.75%, 12/16/2053 (j)		15,620		400
Series 2014-186, IO, 0.76%, 8/16/2054 (j)		30,055		1,388
Series 2016-71, Class QI, IO, 0.99%, 11/16/2057 (j)		75,331		5,323
Series 2017-86, IO, 0.77%, 5/16/2059 (j)		5,284		341
Series 2017-148, IO, 0.66%, 7/16/2059 (j)		7,103		402
Series 2017-69, IO, 0.80%, 7/16/2059 (j)		2,917		193
GRACE Mortgage Trust Series 2014-GRCE, Class F, 3.71%, 6/10/2028 ‡ (c) (j)		4,700		4,678
GS Mortgage Securities Trust
Series 2006-GG8, Class AJ, 5.62%, 11/10/2039		2,520		2,155
Series 2013-GC14, Class D, 4.91%, 8/10/2046 ‡ (c) (j)		2,500		2,519
Series 2015-GC32, Class C, 4.56%, 7/10/2048 (j)		5,275		5,451
Series 2017-GS5, Class D, 3.51%, 3/10/2050 ‡ (c) (j)		2,000		1,739
Series 2019-GC38, Class D, 3.00%, 2/10/2052 ‡ (c)		1,833		1,577
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX, Class AM, 5.46%, 1/15/2049 (j)		605		605
JPMBB Commercial Mortgage Securities Trust
Series 2013-C17, Class D, 5.05%, 1/15/2047 (c) (j)		3,750		3,794
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.09%, 7/15/2044 (j)		1,143		1,155

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (j)		4,290		2,962
Series 2007-C6, Class AJ, 6.49%, 7/15/2040 (j)		6,163		6,180
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15, Class D, 5.07%, 4/15/2047 ‡ (c) (j)		365		376
Morgan Stanley Capital I Trust Series 2018-MP, Class D, 4.42%, 7/11/2040 ‡ (c) (j)		730		736
Series 2006-T23, Class D, 6.34%, 8/12/2041 (c) (j)		3,003		3,052
Series 2006-HQ10, Class AJ, 5.39%, 11/12/2041 (j)		78		77
Series 2007-T27, Class C, 6.14%, 6/11/2042 ‡ (c) (j)		2,000		2,082
Series 2007-HQ11, Class B, 5.54%, 2/12/2044 ‡ (j)		955		954
Series 2006-HQ8, Class D, 5.79%, 3/12/2044 ‡ (j)		263		265
Series 2019-L2, Class D, 3.00%, 3/15/2052 ‡ (c)		8,075		6,841
Series 2019-L2, Class E, 3.00%, 3/15/2052 ‡ (c)		2,575		2,052
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048 (c) (j)		8,053		8,186
Series 2018-2, Class M2, 4.51%, 10/26/2048 ‡ (c) (j)		332		341
Series 2018-2, Class M3, 4.72%, 10/26/2048 ‡ (c) (j)		471		483
Wachovia Bank Commercial Mortgage Trust
Series 2007-C34, Class AJ, 6.31%, 5/15/2046 (j)		640		643
Series 2007-C34, Class B, 6.39%, 5/15/2046 ‡ (j)		1,500		1,511
Wells Fargo Commercial Mortgage Trust Series 2019-C50, Class E, 3.00%, 5/15/2052 (c) (l)		2,000		1,567
WFRBS Commercial Mortgage Trust Series 2014-C22, Class D, 4.05%, 9/15/2057 ‡ (c) (j)		1,005		830
				278,612
Total Commercial Mortgage-Backed Securities (Cost $282,558)				283,559

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — 2.1%
Angola — 0.1%
Republic of Angola
7.00%, 8/17/2019 (b)		688		689
9.50%, 11/12/2025 (b)		1,890		2,121
8.25%, 5/9/2028 (c)		950		994
9.38%, 5/8/2048 (b)		2,400		2,576
				6,380
Argentina — 0.1%
Provincia de Buenos Aires
10.88%, 1/26/2021 (b)		659		582
9.95%, 6/9/2021 (b)		1,185		998
Republic of Argentina
6.88%, 4/22/2021		850		713
5.88%, 1/11/2028		1,200		831
8.28%, 12/31/2033		3,099		2,294
6.88%, 1/11/2048		1,160		768
7.13%, 6/28/2117		852		568
				6,754
Armenia — 0.0% (a)
Republic of Armenia
6.00%, 9/30/2020 (b)		430		438
7.15%, 3/26/2025 (b)		580		644
				1,082
Azerbaijan — 0.0% (a)
Republic of Azerbaijan 4.75%, 3/18/2024 (b)		880		909
Bahrain — 0.0% (a)
Kingdom of Bahrain 6.00%, 9/19/2044 (b)		300		280
7.50%, 9/20/2047 (b)		1,410		1,502
				1,782
Belarus — 0.0% (a)
Republic of Belarus
6.88%, 2/28/2023 (c)		360		376
7.63%, 6/29/2027 (c)		361		389
6.20%, 2/28/2030 (c)		1,450		1,430
				2,195
Brazil — 0.1%
Federative Republic of Brazil
4.25%, 1/7/2025		1,340		1,353
6.00%, 4/7/2026		1,880		2,068
8.25%, 1/20/2034		1,305		1,657
				5,078

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Chile — 0.0% (a)
Chile Government Bond 3.13%, 1/21/2026		600		603
Colombia — 0.1%
Republic of Colombia
3.88%, 4/25/2027		540		548
7.38%, 9/18/2037		1,000		1,304
6.13%, 1/18/2041		950		1,118
5.00%, 6/15/2045		2,000		2,084
5.20%, 5/15/2049		440		470
				5,524
Costa Rica — 0.1%
Instituto Costarricense de Electricidad 6.95%, 11/10/2021 (b)		1,290		1,284
Republic of Costa Rica
4.25%, 1/26/2023 (b)		950		910
4.38%, 4/30/2025 (b)		1,930		1,798
7.00%, 4/4/2044 (b)		1,100		1,056
7.16%, 3/12/2045 (b)		2,180		2,120
				7,168
Croatia — 0.0% (a)
Republic of Croatia
5.50%, 4/4/2023 (b)		850		921
6.00%, 1/26/2024 (b)		1,970		2,206
				3,127
Dominican Republic — 0.1%
Government of Dominican Republic
7.50%, 5/6/2021 (b)		520		538
5.88%, 4/18/2024 (b)		510		533
5.50%, 1/27/2025 (b)		1,810		1,864
6.88%, 1/29/2026 (b)		2,220		2,448
5.95%, 1/25/2027 (b)		1,240		1,305
7.45%, 4/30/2044 (b)		4,480		5,060
				11,748
Ecuador — 0.1%
Republic of Ecuador
10.50%, 3/24/2020 (b)		930		970
10.75%, 3/28/2022 (b)		2,290		2,566
8.75%, 6/2/2023 (c)		2,080		2,203
7.95%, 6/20/2024 (b)		680		690
7.88%, 1/23/2028 (b)		5,200		5,012
				11,441

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 119

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Egypt — 0.1%
Republic of Egypt
6.13%, 1/31/2022 (b)		1,400		1,414
5.88%, 6/11/2025 (b)		1,290		1,259
7.50%, 1/31/2027 (b)		2,580		2,648
7.60%, 3/1/2029 (c)		1,090		1,095
8.50%, 1/31/2047 (b)		864		875
8.70%, 3/1/2049 (c)		1,060		1,088
				8,379
El Salvador — 0.1%
Republic of El Salvador
7.38%, 12/1/2019 (b)		1,790		1,808
7.75%, 1/24/2023 (b)		1,590		1,678
5.88%, 1/30/2025 (b)		970		945
6.38%, 1/18/2027 (b)		2,230		2,184
				6,615
Ethiopia — 0.0% (a)
Republic of Ethiopia 6.63%, 12/11/2024 (b)		3,117		3,196
Gabon — 0.0% (a)
Republic of Gabonese
6.38%, 12/12/2024 (b)		1,680		1,619
6.95%, 6/16/2025 (b)		1,530		1,484
				3,103
Ghana — 0.0% (a)
Republic of Ghana
10.75%, 10/14/2030 (b)		1,635		2,019
8.63%, 6/16/2049 (b)		2,290		2,193
				4,212
Honduras — 0.0% (a)
Republic of Honduras
8.75%, 12/16/2020 (b)		2,278		2,429
7.50%, 3/15/2024 (b)		1,516		1,655
				4,084
Hungary — 0.0% (a)
Republic of Hungary
5.38%, 2/21/2023		950		1,027
5.75%, 11/22/2023		1,234		1,369
5.38%, 3/25/2024		720		792
7.63%, 3/29/2041		722		1,086
				4,274

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Indonesia — 0.0% (a)
Republic of Indonesia
4.13%, 1/15/2025 (b)		600		619
4.35%, 1/8/2027 (b)		1,010		1,048
3.50%, 1/11/2028		670		656
6.75%, 1/15/2044 (b)		650		842
				3,165
Iraq — 0.0% (a)
Republic of Iraq
6.75%, 3/9/2023 (b)		1,330		1,350
5.80%, 1/15/2028 (b)		2,755		2,665
				4,015
Israel — 0.0% (a)
Israel Government AID Bond
4.50%, 1/30/2043		2,003		2,153
4.13%, 1/17/2048		1,516		1,564
				3,717
Ivory Coast — 0.0% (a)
Republic of Cote d’Ivoire
5.75%, 12/31/2032 (b) (h)		2,543		2,391
6.13%, 6/15/2033 (b)		1,400		1,273
				3,664
Jamaica — 0.0% (a)
Government of Jamaica
8.00%, 3/15/2039		2,243		2,716
7.88%, 7/28/2045		1,200		1,452
				4,168
Jordan — 0.0% (a)
Kingdom of Jordan
6.13%, 1/29/2026 (b)		1,010		1,011
5.75%, 1/31/2027 (b)		1,430		1,396
7.38%, 10/10/2047 (b)		400		389
				2,796
Kenya — 0.0% (a)
Republic of Kenya
5.88%, 6/24/2019 (b)		1,150		1,147
6.88%, 6/24/2024 (b)		3,153		3,208
				4,355

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Lebanon — 0.1%
Republic of Lebanon
6.00%, 5/20/2019 (b)		3,680		3,656
5.45%, 11/28/2019 (b)		827		811
6.38%, 3/9/2020		2,700		2,639
6.00%, 1/27/2023 (b)		1,250		1,080
6.65%, 4/22/2024 (b)		1,250		1,067
6.85%, 3/23/2027 (b)		3,610		2,964
6.65%, 11/3/2028 (b)		3,270		2,632
				14,849
Mexico — 0.0% (a)
United Mexican States
5.55%, 1/21/2045		1,200		1,317
4.60%, 1/23/2046		1,210		1,168
				2,485
Mongolia — 0.0% (a)
Mongolia Government Bond
10.88%, 4/6/2021 (b)		480		529
5.13%, 12/5/2022 (b)		903		886
5.63%, 5/1/2023 (c)		810		798
				2,213
Nigeria — 0.1%
Republic of Nigeria
6.38%, 7/12/2023 (b)		720		742
6.50%, 11/28/2027 (b)		920		906
6.50%, 11/28/2027 (c)		1,220		1,202
8.75%, 1/21/2031 (b)		2,530		2,783
7.88%, 2/16/2032 (b)		1,460		1,507
7.70%, 2/23/2038 (c)		820		809
7.63%, 11/28/2047 (c)		1,030		990
9.25%, 1/21/2049 (b)		330		359
				9,298
Oman — 0.1%
Oman Government Bond
4.13%, 1/17/2023 (b)		540		522
4.75%, 6/15/2026 (b)		1,990		1,841
5.38%, 3/8/2027 (b)		1,050		988
5.63%, 1/17/2028 (c)		1,140		1,084
5.63%, 1/17/2028 (b)		700		666
6.50%, 3/8/2047 (b)		2,070		1,845
6.75%, 1/17/2048 (b)		3,700		3,353
				10,299

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Pakistan — 0.0% (a)
Republic of Pakistan
8.25%, 4/15/2024 (b)		930		1,004
8.25%, 9/30/2025 (b)		550		595
6.88%, 12/5/2027 (b)		1,210		1,198
				2,797
Panama — 0.1%
Republic of Panama
3.75%, 3/16/2025		550		567
3.88%, 3/17/2028		1,480		1,531
6.70%, 1/26/2036		1,150		1,495
4.50%, 5/15/2047		1,230		1,293
4.30%, 4/29/2053		2,020		2,051
				6,937
Paraguay — 0.1%
Republic of Paraguay
4.70%, 3/27/2027 (b)		1,750		1,822
6.10%, 8/11/2044 (b)		2,930		3,301
5.60%, 3/13/2048 (b)		350		374
				5,497
Peru — 0.0% (a)
Republic of Peru
6.35%, 8/12/2028 (b)		PEN     3,900		1,282
Philippines — 0.0% (a)
Republic of the Philippines
10.63%, 3/16/2025		1,395		1,980
7.75%, 1/14/2031		270		380
3.70%, 2/2/2042		380		385
				2,745
Qatar — 0.0% (a)
State of Qatar
3.88%, 4/23/2023 (c)		500		516
4.00%, 3/14/2029 (c)		410		427
5.10%, 4/23/2048 (b)		1,700		1,899
5.10%, 4/23/2048 (c)		1,060		1,184
4.82%, 3/14/2049 (c)		430		462
				4,488
Romania — 0.0% (a)
Republic of Romania
4.38%, 8/22/2023 (b)		1,750		1,818
6.13%, 1/22/2044 (b)		1,160		1,342
5.13%, 6/15/2048 (b)		730		738
				3,898

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 121

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Russia — 0.1%
Russian Federation
4.88%, 9/16/2023 (b)		800		843
12.75%, 6/24/2028 (b)		1,390		2,247
5.10%, 3/28/2035 (c)		1,800		1,863
5.88%, 9/16/2043 (b)		3,200		3,660
				8,613
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia
3.25%, 10/26/2026 (b)		600		589
4.38%, 4/16/2029 (b)		710		745
4.63%, 10/4/2047 (b)		1,840		1,847
5.00%, 4/17/2049 (b)		900		950
5.25%, 1/16/2050 (c)		1,750		1,898
				6,029
Senegal — 0.0% (a)
Republic of Senegal
6.75%, 3/13/2048 (c)		1,160		1,069
Serbia — 0.0% (a)
Republic of Serbia
4.88%, 2/25/2020 (b)		1,800		1,816
7.25%, 9/28/2021 (b)		2,150		2,341
				4,157
South Africa — 0.1%
Republic of South Africa
5.88%, 5/30/2022		500		524
5.88%, 9/16/2025		3,044		3,208
4.88%, 4/14/2026		3,830		3,792
6.25%, 3/8/2041		2,500		2,573
				10,097
Sri Lanka — 0.1%
Republic of Sri Lanka
6.25%, 10/4/2020 (b)		700		703
6.25%, 7/27/2021 (b)		1,500		1,507
5.88%, 7/25/2022 (b)		2,610		2,583
6.13%, 6/3/2025 (b)		200		192
6.85%, 11/3/2025 (b)		2,566		2,557
6.75%, 4/18/2028 (b)		1,600		1,542
7.85%, 3/14/2029 (c)		520		533
				9,617

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Tajikistan — 0.0% (a)
Republic of Tajikistan International Bond
7.13%, 9/14/2027 (b)		800		740
Turkey — 0.1%
Republic of Turkey
6.25%, 9/26/2022		600		585
3.25%, 3/23/2023		580		508
7.38%, 2/5/2025		1,040		1,027
4.25%, 4/14/2026		600		498
4.88%, 10/9/2026		900		767
6.00%, 3/25/2027		950		855
5.13%, 2/17/2028		440		372
6.00%, 1/14/2041		2,020		1,638
4.88%, 4/16/2043		510		375
6.63%, 2/17/2045		1,600		1,362
				7,987
Ukraine — 0.1%
Republic of Ukraine
7.75%, 9/1/2020 (b)		1,100		1,097
7.75%, 9/1/2021 (b)		730		724
7.75%, 9/1/2022 (b)		2,060		2,023
7.75%, 9/1/2023 (b)		1,910		1,843
7.38%, 9/25/2032 (b)		2,860		2,524
				8,211
United Arab Emirates — 0.0% (a)
Abu Dhabi Government Bond 4.13%, 10/11/2047 (b)		1,800		1,827
Uruguay — 0.1%
Republic of Uruguay
4.38%, 10/27/2027		1,410		1,473
7.88%, 1/15/2033		800		1,095
7.63%, 3/21/2036		790		1,075
5.10%, 6/18/2050		4,530		4,757
4.98%, 4/20/2055		1,620		1,667
				10,067
Zambia — 0.0% (a)
Republic of Zambia 8.97%, 7/30/2027 (b)		2,490		1,724
Total Foreign Government Securities (Cost $261,078)				260,460
Convertible Bonds — 1.5%
Bermuda — 0.0% (a)
Golar LNG Ltd. 2.75%, 2/15/2022		1,886		1,768

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Convertible Bonds — continued
China — 0.2%
China Conch Venture Holdings International Ltd. Zero Coupon, 9/5/2023 (b)		HKD   15,000		1,927
Ctrip.com International Ltd. 1.00%, 7/1/2020		4,005		4,090
Harvest International Co. Zero Coupon, 11/21/2022 (b)		HKD   26,000		3,355
Momo, Inc. 1.25%, 7/1/2025 (c)		3,345		3,129
Weibo Corp. 1.25%, 11/15/2022		2,660		2,544
Zhejiang Expressway Co. Ltd. Zero Coupon, 4/21/2022 (b)		EUR     1,600		1,790
Zhongsheng Group Holdings Ltd. Zero Coupon, 5/23/2023 (b)		HKD   24,000		3,093
				19,928
Cyprus — 0.0% (a)
Volcan Holdings plc 4.13%, 4/11/2020 (b)		GBP     1,100		2,152
France — 0.0% (a)
Orpar SA Zero Coupon, 6/20/2024 (b)		EUR     3,400		4,065
Germany — 0.0% (a)
Bayer Capital Corp. BV
5.63%, 11/22/2019 (c)		EUR     3,300		2,803
5.63%, 11/22/2019 (b)		EUR        500		425
				3,228
Hong Kong — 0.1%
China Overseas Finance Investment Cayman V Ltd. Zero Coupon, 1/5/2023 (b)		7,400		8,094
PB Issuer No. 4 Ltd.
3.25%, 7/3/2021 (b)		1,531		1,521
				9,615
Mexico — 0.0% (a)
Cemex SAB de CV 3.72%, 3/15/2020		1,274		1,264
Monaco — 0.0% (a)
Scorpio Tankers, Inc. 2.38%, 7/1/2019 (c)		2,948		2,921
Norway — 0.0% (a)
Telenor East Holding II A/S 0.25%, 9/20/2019 (b)		4,000		3,945
Russia — 0.0% (a)
Abigrove Ltd. Zero Coupon, 2/16/2022 (b)		2,000		2,222
Singapore — 0.1%
BW Group Ltd. 1.75%, 9/10/2019 (b)		2,600		2,568

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Singapore — continued
CapitaLand Ltd.
1.85%, 6/19/2020 (b)		SGD     7,000		5,072
2.95%, 6/20/2022 (b)		SGD     5,000		3,728
				11,368
South Africa — 0.1%
Brait SE 2.75%, 9/18/2020 (b)		GBP     1,900		2,283
Remgro Jersey GBP Ltd. 2.63%, 3/22/2021 (b)		GBP     2,300		2,918
				5,201
Switzerland — 0.0% (a)
Glencore Funding LLC Zero Coupon, 3/27/2025 (b)		3,000		2,773
United Arab Emirates — 0.2%
Aabar Investments PJSC
0.50%, 3/27/2020 (b)		EUR     5,000		5,385
1.00%, 3/27/2022 (b)		EUR     3,200		3,236
Borr Drilling Ltd. 3.88%, 5/23/2023 (b)		2,200		1,985
DP World plc 1.75%, 6/19/2024 (b)		6,400		6,390
				16,996
United Kingdom — 0.0% (a)
Intu Jersey 2 Ltd. REIT, 2.88%, 11/1/2022 (b)		GBP     1,800		1,978
United States — 0.8%
Ares Capital Corp. 3.75%, 2/1/2022		4,716		4,738
BlackRock Capital Investment Corp. 5.00%, 6/15/2022		2,580		2,573
BlackRock TCP Capital Corp. 4.63%, 3/1/2022		2,536		2,549
Chesapeake Energy Corp. 5.50%, 9/15/2026 (h)		2,888		2,619
Colony Capital, Inc.
REIT, 3.88%, 1/15/2021		1,455		1,388
REIT, 5.00%, 4/15/2023		3,721		3,497
DISH Network Corp.
2.38%, 3/15/2024		9,116		7,924
3.38%, 8/15/2026		2,415		2,215
Ensco Jersey Finance Ltd. 3.00%, 1/31/2024		6,158		5,204
FireEye, Inc. Series B, 1.63%, 6/1/2035		6,958		6,488
Hercules Capital, Inc. 4.38%, 2/1/2022		3,031		3,012
Intercept Pharmaceuticals, Inc. 3.25%, 7/1/2023		1,293		1,203

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 123

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Convertible Bonds — continued
United States — continued
Liberty Expedia Holdings, Inc. 1.00%, 6/30/2047 (c)		2,579		2,579
Liberty Interactive LLC
4.00%, 11/15/2029		6,966		4,859
3.75%, 2/15/2030		320		222
1.75%, 9/30/2046 (c)		2,426		2,912
Live Nation Entertainment, Inc. 2.50%, 3/15/2023		1,110		1,305
Macquarie Infrastructure Corp. 2.00%, 10/1/2023		4,269		3,746
Nabors Industries, Inc. 0.75%, 1/15/2024		6,547		4,716
Rovi Corp. 0.50%, 3/1/2020		3,650		3,536
RWT Holdings, Inc. 5.63%, 11/15/2019		2,926		2,944
Spirit Realty Capital, Inc. REIT, 3.75%, 5/15/2021		3,821		3,850
Starwood Property Trust, Inc. REIT, 4.38%, 4/1/2023		3,788		3,794
SunPower Corp. 0.88%, 6/1/2021		3,183		2,733
Supernus Pharmaceuticals, Inc. 0.63%, 4/1/2023		2,000		2,017
TPG Specialty Lending, Inc. 4.50%, 8/1/2022		959		988
Twitter, Inc. 1.00%, 9/15/2021		4,079		3,937
Veeco Instruments, Inc.
2.70%, 1/15/2023		3,193		2,758
VEREIT, Inc. REIT, 3.75%, 12/15/2020		2,552		2,549
Vishay Intertechnology, Inc. 2.25%, 6/15/2025 (c)		2,638		2,532
Whiting Petroleum Corp. 1.25%, 4/1/2020		7,212		7,000
				102,387
Total Convertible Bonds (Cost $196,383)				191,811
	SHARES (000)
Preferred Stocks — 0.8%
United States — 0.8%
Bank of America Corp.,
Series GG, 6.00%, 5/16/2023 ($25 par value) (o)		242		6,457
Series HH, 5.88%, 7/24/2023 ($25 par value) (o)		200		5,248
BB&T Corp., Series F, 5.20%, 5/1/2019 ($25 par value) (o)		373		9,276
Capital One Financial Corp., Series D, 6.70%, 12/1/2019 ($25 par value) (o)		32		838

INVESTMENTS	SHARES (000)		VALUE (000)
United States — continued
Claire’s Stores, Inc.* ‡		2		4,010
Dominion Energy, Inc., Series A, 5.25%, 7/30/2076 ($25 par value)		120		3,030
Duke Energy Corp., Series A, 5.75%, 6/15/2024 ($25 par value)* (o)		263		6,835
Energy Transfer Operating LP, Series E, (ICE LIBOR USD 3 Month + 5.16%), 7.60%, 5/15/2024 ($25 par value)* (d) (o)		357		8,875
GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 8.47%, 2/15/2040 ($25 par value) (d)		12		316
Goldman Sachs Group, Inc. (The), Series J, (ICE LIBOR USD 3 Month + 3.64%), 5.50%, 5/10/2023 ($25 par value) (d) (o)		175		4,537
Goodman Networks, Inc. (Preference)* ‡		64		1
Hartford Financial Services Group, Inc. (The), Series G, 6.00%, 11/15/2023 ($25 par value) (o)		32		841
Morgan Stanley,
Series I, (ICE LIBOR USD 3 Month + 3.71%), 6.38%, 10/15/2024 ($25 par value) (d) (o)		310		8,392
Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value) (d) (o)		378		9,921
NextEra Energy Capital Holdings, Inc., Series N, 5.65%, 3/1/2079 ($25 par value)*		119		3,058
Regions Financial Corp., Series C, (ICE LIBOR USD 3 Month + 3.15%), 5.70%, 5/15/2029 ($25 par value)* (d) (o)		60		1,534
SCE Trust II, 5.10%, 6/5/2019 ($25 par value) (o)		32		691
Southern Co. (The), 5.25%, 10/1/2076 ($25 par value)		97		2,467
State Street Corp.,
Series D, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 3/15/2024 ($25 par value) (d) (o)		301		7,927
Series E, 6.00%, 12/15/2019 ($25 par value) (o)		157		4,016
Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 3/15/2026 ($25 par value) (d) (o)		128		3,292
US Bancorp, Series K, 5.50%, 10/15/2023 ($25 par value) (o)		244		6,334
Wells Fargo & Co., Series Y, 5.63%, 6/15/2022 ($25 par value) (o)		269		6,903
Total Preferred Stocks (Cost $98,446)				104,799

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
U.S. Treasury Obligations — 0.6%
U.S. Treasury Notes 1.50%, 11/30/2019		5,200		5,171
1.25%, 1/31/2020		8,000		7,930
2.00%, 1/31/2020 (p)		61,358		61,161
1.63%, 3/15/2020		5,500		5,463
Total U.S. Treasury Obligations (Cost $79,643)				79,725
	SHARES (000)
Convertible Preferred Stocks — 0.5%
China — 0.0% (a)
Mandatory Exchangeable Trust 5.75%, 6/1/2019 ($100 par value) (c)		14		2,825
United States — 0.5%
AMG Capital Trust II 5.15%, 10/15/2037 ($50 par value)		63		3,141
Bank of America Corp. Series L, 7.25% ($1,000 par value)		9		12,364
Becton Dickinson and Co. Series A, 6.13%, 5/1/2020 ($50 par value)		40		2,370
Belden, Inc. 6.75%, 7/15/2019 ($100 par value)		34		2,579
Bunge Ltd. 4.88% ($100 par value)		33		3,220
Crown Castle International Corp. Series A, REIT, 6.88%, 8/1/2020 ($1,000 par value)		3		3,177
Dominion Energy, Inc. Series A, 6.75%, 8/15/2019 ($50 par value)		97		4,888
DTE Energy Co. 6.50%, 10/1/2019 ($50 par value)		73		4,099
Energizer Holdings, Inc. Series A, 7.50%, 1/15/2022 ($100 par value)		18		1,887
International Flavors & Fragrances, Inc. 6.00%, 9/15/2021 ($50 par value)		40		2,076
Nabors Industries Ltd. 6.00%, 5/1/2021 ($50 par value)		53		1,438
NextEra Energy, Inc. 6.12%, 9/1/2019 ($50 par value)		67		4,186
Sempra Energy Series B, 6.75%, 7/15/2021 ($100 par value)		20		2,183
Stanley Black & Decker, Inc. 5.38%, 5/15/2020 ($100 par value)		46		4,717
Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		9		12,260
				64,585
Total Convertible Preferred Stocks (Cost $65,713)				67,410

INVESTMENTS	SHARES (000)			VALUE (000)
Exchange Traded Funds — 0.1%
United States — 0.1%
iShares iBoxx High Yield Corporate Bond ETF (Cost $13,850)		161			14,032
	PRINCIPAL AMOUNT (000)
Supranational — 0.0% (a)
Supranational — 0.0% (a)
African Export-Import Bank (The) 4.13%, 6/20/2024 (b) (Cost $979)		1,000			1,000
	NO. OF RIGHTS (000)
Rights — 0.0% (a)
United States — 0.0% (a)
Vistra Energy Corp., expiring 12/31/2049* ‡ (Cost $—)		483			384
	NO. OF WARRANTS (000)
Warrants — 0.0%
United States — 0.0%
Jack Cooper Enterprises, Inc. expiring 10/29/2027, price 1.00 USD* ‡ (Cost $—)		—	(k)		—
	PRINCIPAL AMOUNT (000)
Short-term Investments — 3.1%
Certificates Of Deposit — 0.0% (a)
Barclays Bank plc 2.95%, 4/9/2020 (Cost $2,000)		2,000			2,002
Commercial Paper — 0.1%
Anheuser-Busch InBev Worldwide, Inc. 2.87%, 5/15/2019 (q)		3,800			3,796
AT&T, Inc. 3.00%, 6/5/2019 (q)		2,400			2,393
Enbridge, Inc. 2.86%, 5/1/2019 (q)		1,000			1,000
Enel Finance America LLC 2.89%, 10/29/2019 (q)		2,664			2,624
TELUS Corp. 2.90%, 6/14/2019 (q)		3,300			3,289
Walgreens Boots Alliance, Inc. 3.30%, 5/24/2019 (q)		1,570			1,567
Welltower, Inc. 2.79%, 5/2/2019 (q)		2,700			2,699
Total Commercial Paper (Cost $17,370)					17,368

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 125

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Investment Companies — 3.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (r) (s) (Cost $374,063)		373,952		374,064
Total Short-Term Investments (Cost $393,433)				393,434
Total Investments — 99.9% (Cost $11,919,665)				12,699,529
Other Assets Less Liabilities — 0.1%				10,454
Net Assets — 100.0%				12,709,983

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Banks		8.2	%
Equity Real Estate Investment Trusts (REITs)		7.2
Oil, Gas & Consumable Fuels		6.1
Asset-Backed Securities		5.5

INDUSTRY	PERCENTAGE
Collateralized Mortgage Obligations		5.4	%
Pharmaceuticals		4.1
Mortgage-Backed Securities		4.1
Diversified Telecommunication Services		3.9
Insurance		3.7
Media		3.4
Capital Markets		2.9
Commercial Mortgage-Backed Securities		2.2
Health Care Providers & Services		2.2
Foreign Government Securities		2.1
Hotels, Restaurants & Leisure		2.0
Electric Utilities		1.8
IT Services		1.7
Semiconductors & Semiconductor Equipment		1.6
Food Products		1.6
Wireless Telecommunication Services		1.5
Chemicals		1.4
Beverages		1.3
Metals & Mining		1.1
Software		1.0
Auto Components		1.0
Road & Rail		1.0
Others (each less than 1.0%)		18.9
Short-Term Investments		3.1

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ADR	American Depositary Receipt
BA	Canadian Bankers’ Acceptance Rate
CIFC	Commercial Industrial Finance Corp.
CJSC	Closed Joint Stock Company
CLO	Collateralized Loan Obligations
CSMC	Credit Suisse Mortgage Trust
CVA	Dutch Certification
ETF	Exchange Traded Fund
EUR	Euro
FDR	Finnish Depository Receipt
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GDR	Global Depositary Receipt
GMAC	General Motors Acceptance Corp.
GNMA	Government National Mortgage Association
GS	Goldman Sachs
HKD	Hong Kong Dollar
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of April 30, 2019. The rate may be subject to a cap and floor.

IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
OYJ	Public Limited Company
PEN	Peruvian Nuevo Sol
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
RTS	Russian Trading System
SDR	Swedish Depositary Receipt
SCA	Limited partnership with share capital
SGD	Singapore Dollar
SGPS	Holding company

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN FUNDS APRIL 30, 2019

SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
USD	United States Dollar
(a)	Amount rounds to less than 0.1% of net assets.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2019.
(e)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of April 30, 2019.
(f)	Security is an interest bearing note with preferred security characteristics.
(g)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.

(h)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of April 30, 2019.
(i)	Defaulted security.
(j)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of April 30, 2019.
(k)	Amount rounds to less than one thousand.
(l)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(m)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(n)	All or a portion of this security is unsettled as of April 30, 2019. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(o)	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of April 30, 2019.
(p)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(q)	The rate shown is the effective yield as of April 30, 2019.
(r)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(s)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
EURO STOXX 50 Index		85			06/2019		EUR		3,296			224
FTSE 100 Index		31			06/2019		GBP		2,984			124
U.S. Treasury 5 Year Note		18,302			06/2019		USD		2,116,598			14,296
												14,644
Short Contracts
EURO STOXX 50 Index		(10,182	)		06/2019		EUR		(394,802	)		(27,760	)
Foreign Exchange GBP/USD		(3,336	)		06/2019		USD		(272,593	)		6,478
MSCI Emerging Markets E-Mini Index		(3,637	)		06/2019		USD		(196,271	)		(6,300	)
												(27,582	)
												(12,938	)

Abbreviations

EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
MSCI	Morgan Stanley Capital International
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 127

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2019 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Global Allocation Fund		JPMorgan Income Builder Fund
ASSETS:
Investments in non-affiliates, at value	$	3,181,144	$	12,325,465
Investments in affiliates, at value		290,883		374,064
Options purchased, at value		3,955		—
Restricted cash for securities sold short		9		—
Restricted cash for OTC derivatives		530		—
Cash		571		1,603
Foreign currency, at value		8,597		5,354
Deposits at broker for futures contracts		20,392		394
Deposits at broker for securities sold short		27,366		—
Deposits at broker for centrally cleared swaps		78		—
Receivables:
Investment securities sold		68,111		14,033
Investment securities sold — delayed delivery securities		—		32
Fund shares sold		5,300		15,167
Interest and dividends from non-affiliates		12,468		88,737
Dividends from affiliates		477		778
Tax reclaims		1,946		8,169
Variation margin on futures contracts		2,552		125
Variation margin on centrally cleared swaps (net upfront receipts of $1)		1		—
Unrealized appreciation on forward foreign currency exchange contracts		9,563		—
Outstanding OTC swap contracts, at value (net upfront payments of $226)		77		—
Total Assets		3,634,020		12,833,921
LIABILITIES:
Payables:
Securities sold short, at value		34,720		—
Dividend expense to non-affiliates on securities sold short		24		—
Investment securities purchased		52,969		92,627
Investment securities purchased — delayed delivery securities		—		3,922
Interest expense to non-affiliates on securities sold short		1		—
Fund shares redeemed		2,928		15,829
Unrealized depreciation on forward foreign currency exchange contracts		2,401		—
Outstanding OTC swap contracts, at value (net upfront receipts of $188)		1,047		—
Accrued liabilities:
Investment advisory fees		1,550		4,297
Administration fees		117		597
Distribution fees		410		3,112
Service fees		319		350
Custodian and accounting fees		229		591
Collateral management fees		5		—
Trustees’ and Chief Compliance Officer’s fees		—		1
Deferred foreign capital gains tax		9		1,957
Other		99		655
Total Liabilities		96,828		123,938
Net Assets	$	3,537,192	$	12,709,983

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN FUNDS APRIL 30, 2019

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
NET ASSETS:
Paid-in-Capital	$	3,335,092		$	12,050,274
Total distributable earnings (loss)		202,100			659,709
Total Net Assets	$	3,537,192		$	12,709,983
Net Assets:
Class A	$	396,494		$	3,022,721
Class C		532,790			4,054,309
Class I		2,110,126			5,339,053
Class R2		5,383			—
Class R3		20			—
Class R4		433			—
Class R5		20			—
Class R6		491,926			293,900
Total	$	3,537,192		$	12,709,983
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		21,348			287,224
Class C		29,110			386,325
Class I		113,062			506,601
Class R2		291			—
Class R3		1			—
Class R4		23			—
Class R5		1			—
Class R6		26,368			27,885
Net Asset Value (a):
Class A — Redemption price per share	$	18.57		$	10.52
Class C — Offering price per share (b)		18.30			10.49
Class I — Offering and redemption price per share		18.66			10.54
Class R2 — Offering and redemption price per share		18.48			—
Class R3 — Offering and redemption price per share		18.66			—
Class R4 — Offering and redemption price per share		18.56			—
Class R5 — Offering and redemption price per share		18.67			—
Class R6 — Offering and redemption price per share		18.66			10.54
Class A maximum sales charge		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	19.45		$	11.02
Cost of investments in non-affiliates	$	2,890,284		$	11,545,602
Cost of investments in affiliates		290,883			374,063
Cost of options purchased		5,545			—
Cost of foreign currency		8,591			5,226
Proceeds from securities sold short		35,312			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 129

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

(Amounts in thousands)

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	24,545		$	204,290
Interest income from affiliates		11			23
Dividend income from non-affiliates		22,656			79,895
Dividend income from affiliates		2,366			5,060
Interest income from non-affiliates on securities sold short		445			—
Foreign taxes withheld		(1,315	)		(4,241	)
Total investment income		48,708			285,027
EXPENSES:
Investment advisory fees		9,945			27,166
Administration fees		1,278			4,484
Distribution fees:
Class A		454			4,047
Class C		1,920			15,024
Class R2		10			—
Class R3		—	(a)		—
Service fees:
Class A		454			4,047
Class C		640			5,008
Class I		2,426			5,735
Class R2		5			—
Class R3		—	(a)		—
Class R4		—	(a)		—
Class R5		—	(a)		—
Custodian and accounting fees		323			867
Interest expense to affiliates		17			5
Professional fees		91			155
Collateral management fees		9			—
Trustees’ and Chief Compliance Officer’s fees		19			38
Printing and mailing costs		164			650
Registration and filing fees		130			143
Transfer agency fees (See Note 2.L.)		49			159
Other		89			131
Dividend expense to non-affiliates on securities sold short		465			—
Total expenses		18,488			67,659
Less fees waived		(3,108	)		(16,082	)
Less expense reimbursements		(2	)		(349	)
Net expenses		15,378			51,228
Net investment income (loss)		33,330			233,799

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN FUNDS APRIL 30, 2019

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$	(32,615	)(a)	$	(16,569	)
Investments in affiliates		—	(b)		(1	)
Options purchased		4,870			—
Futures contracts		(24,564	)		(75,958	)
Securities sold short		(4,871	)		—
Foreign currency transactions		(212	)		(297	)
Forward foreign currency exchange contracts		16,001			—
Swaps		1,461			—
Net realized gain (loss)		(39,930	)		(92,825	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		207,578	(c)		531,294	(d)
Investments in affiliates		—	(b)		1
Options purchased		6,521			—
Futures contracts		12,860			37,865
Securities sold short		(1,137	)		—
Foreign currency translations		280			(167	)
Forward foreign currency exchange contracts		(6,511	)		—
Swaps		(775	)		—
Change in net unrealized appreciation/depreciation		218,816			568,993
Net realized/unrealized gains (losses)		178,886			476,168
Change in net assets resulting from operations	$	212,216		$	709,967

(a) Net of foreign capital gains tax of approximately $(5,000) for JPMorgan Global Allocation Fund.

(b) Amount rounds to less than one thousand.

(c) Net of change in foreign capital gains tax of approximately $(1,000) for JPMorgan Global Allocation Fund.

(d) Net of change in foreign capital gains tax of approximately $(398,000) for JPMorgan Income Builder Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 131

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	33,330		$	58,278		$	233,799		$	498,656
Net realized gain (loss)		(39,930	)		(25,035	)		(92,825	)		371,408
Change in net unrealized appreciation/depreciation		218,816			(131,491	)		568,993			(958,355	)
Change in net assets resulting from operations		212,216			(98,248	)		709,967			(88,291	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(5,075	)		(11,125	)		(65,203	)		(146,489	)
Class C		(6,571	)		(12,666	)		(71,396	)		(157,942	)
Class I		(29,439	)		(60,697	)		(97,846	)		(191,878	)
Class R2		(51	)		(106	)		—			—
Class R3 (a)		—	(b)		—			—			—
Class R4 (a)		—	(b)		—			—			—
Class R5 (a)		—	(b)		—			—			—
Class R6 (c)		(7,311	)		(11,305	)		(5,270	)		(4,716	)
Class T (d)		—			—	(b)		—			(1	)
Total distributions to shareholders		(48,447	)		(95,899	)		(239,715	)		(501,026	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(184,500	)		1,425,685			79,938			(40,626	)
NET ASSETS:
Change in net assets		(20,731	)		1,231,538			550,190			(629,943	)
Beginning of period		3,557,923			2,326,385			12,159,793			12,789,736
End of period	$	3,537,192		$	3,557,923		$	12,709,983		$	12,159,793

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Global Allocation Fund.

(b) Amount rounds to less than one thousand.

(c) Commencement of offering of class of shares effective November 1, 2017.

(d) Class T Shares had no assets from the close of business on June 5, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN FUNDS APRIL 30, 2019

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	111,511		$	157,578		$	639,639		$	626,796
Distributions reinvested		4,689			10,567			63,070			141,940
Cost of shares redeemed		(82,411	)		(110,141	)		(1,187,885	)		(949,476	)
Change in net assets resulting from Class A capital transactions	$	33,789		$	58,004		$	(485,176	)	$	(180,740	)
Class C
Proceeds from shares issued	$	61,187		$	209,930		$	207,084		$	503,643
Distributions reinvested		5,738			11,050			63,723			141,096
Cost of shares redeemed		(70,704	)		(88,033	)		(485,381	)		(937,699	)
Change in net assets resulting from Class C capital transactions	$	(3,779	)	$	132,947		$	(214,574	)	$	(292,960	)
Class I
Proceeds from shares issued	$	626,839		$	1,193,262		$	1,410,669		$	1,303,164
Distributions reinvested		23,484			50,298			84,950			164,519
Cost of shares redeemed		(494,541	)		(895,192	)		(787,084	)		(1,254,375	)
Change in net assets resulting from Class I capital transactions	$	155,782		$	348,368		$	708,535		$	213,308
Class R2
Proceeds from shares issued	$	1,701		$	2,435		$	—		$	—
Distributions reinvested		51			104			—			—
Cost of shares redeemed		(229	)		(1,123	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	1,523		$	1,416		$	—		$	—
Class R3 (a)
Proceeds from shares issued	$	—		$	20		$	—		$	—
Distributions reinvested		—	(b)		—			—			—
Change in net assets resulting from Class R3 capital transactions	$	—	(b)	$	20		$	—		$	—
Class R4 (a)
Proceeds from shares issued	$	408		$	20		$	—		$	—
Distributions reinvested		—	(b)		—			—			—
Cost of shares redeemed		(5	)		—			—			—
Change in net assets resulting from Class R4 capital transactions	$	403		$	20		$	—		$	—
Class R5 (a)
Proceeds from shares issued	$	—		$	20		$	—		$	—
Distributions reinvested		—	(b)		—			—			—
Change in net assets resulting from Class R5 capital transactions	$	—	(b)	$	20		$	—		$	—
Class R6 (c)
Proceeds from shares issued	$	41,126		$	906,032		$	90,416		$	236,390
Distributions reinvested		7,295			11,208			5,266			4,714
Cost of shares redeemed		(420,639	)		(32,328	)		(24,529	)		(21,317	)
Change in net assets resulting from Class R6 capital transactions	$	(372,218	)	$	884,912		$	71,153		$	219,787
Class T (d)
Distributions reinvested	$	—		$	—	(b)	$	—		$	—	(b)
Cost of shares redeemed		—			(22	)		—			(21	)
Change in net assets resulting from Class T capital transactions	$	—		$	(22	)	$	—		$	(21	)
Total change in net assets resulting from capital transactions	$	(184,500	)	$	1,425,685		$	79,938		$	(40,626	)

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Global Allocation Fund.

(b) Amount rounds to less than one thousand.

(c) Commencement of offering of class of shares effective November 1, 2017.

(d) Class T Shares had no assets from the close of business on June 5, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 133

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		6,257			8,415			62,419			59,444
Reinvested		274			570			6,186			13,531
Redeemed		(4,631	)		(5,928	)		(115,793	)		(90,054	)
Change in Class A Shares		1,900			3,057			(47,188	)		(17,079	)
Class C
Issued		3,505			11,350			20,298			47,760
Reinvested		341			604			6,261			13,490
Redeemed		(4,030	)		(4,791	)		(47,645	)		(89,241	)
Change in Class C Shares		(184	)		7,163			(21,086	)		(27,991	)
Class I
Issued		35,335			63,387			137,307			123,104
Reinvested		1,365			2,704			8,294			15,661
Redeemed		(27,939	)		(47,941	)		(77,283	)		(118,968	)
Change in Class I Shares		8,761			18,150			68,318			19,797
Class R2
Issued		93			132			—			—
Reinvested		3			6			—			—
Redeemed		(13	)		(61	)		—			—
Change in Class R2 Shares		83			77			—			—
Class R3 (a)
Issued		—			1			—			—
Reinvested		—	(b)		—			—			—
Change in Class R3 Shares		—	(b)		1			—			—
Class R4 (a)
Issued		22			1			—			—
Reinvested		—	(b)		—			—			—
Redeemed		—	(b)		—			—			—
Change in Class R4 Shares		22			1			—			—
Class R5 (a)
Issued		—			1			—			—
Reinvested		—	(b)		—			—			—
Change in Class R5 Shares		—	(b)		1			—			—
Class R6 (c)
Issued		2,317			48,503			8,803			22,557
Reinvested		424			604			514			454
Redeemed		(23,706	)		(1,774	)		(2,398	)		(2,045	)
Change in Class R6 Shares		(20,965	)		47,333			6,919			20,966
Class T (d)
Reinvested		—			—	(b)		—			—	(b)
Redeemed		—			(1	)		—			(2	)
Change in Class T Shares		—			(1	)		—			(2	)

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Global Allocation Fund.

(b) Amount rounds to less than one thousand.

(c) Commencement of offering of class of shares effective November 1, 2017.

(d) Class T Shares had no assets from the close of business on June 5, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN FUNDS APRIL 30, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2019 J.P. MORGAN FUNDS 135

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Global Allocation Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	17.71	$	0.17	$	0.94		$	1.11		$	(0.25	)	$	—		$	(0.25	)
Year Ended October 31, 2018		18.63		0.31		(0.63	)		(0.32	)		(0.31	)		(0.29	)		(0.60	)
Year Ended October 31, 2017		16.38		0.34		2.23			2.57			(0.32	)		—			(0.32	)
Year Ended October 31, 2016		16.47		0.34		(0.10	)		0.24			(0.31	)		(0.02	)		(0.33	)
Year Ended October 31, 2015		17.15		0.23		(0.01	)		0.22			(0.34	)		(0.56	)		(0.90	)
Year Ended October 31, 2014		16.45		0.26		0.97			1.23			(0.16	)		(0.37	)		(0.53	)
Class C
Six Months Ended April 30, 2019 (Unaudited)		17.47		0.12		0.94			1.06			(0.23	)		—			(0.23	)
Year Ended October 31, 2018		18.39		0.22		(0.63	)		(0.41	)		(0.22	)		(0.29	)		(0.51	)
Year Ended October 31, 2017		16.20		0.25		2.20			2.45			(0.26	)		—			(0.26	)
Year Ended October 31, 2016		16.30		0.26		(0.10	)		0.16			(0.24	)		(0.02	)		(0.26	)
Year Ended October 31, 2015		17.04		0.15		(0.02	)		0.13			(0.31	)		(0.56	)		(0.87	)
Year Ended October 31, 2014		16.39		0.16		0.98			1.14			(0.12	)		(0.37	)		(0.49	)
Class I
Six Months Ended April 30, 2019 (Unaudited)		17.79		0.19		0.95			1.14			(0.27	)		—			(0.27	)
Year Ended October 31, 2018		18.71		0.37		(0.65	)		(0.28	)		(0.35	)		(0.29	)		(0.64	)
Year Ended October 31, 2017		16.45		0.38		2.23			2.61			(0.35	)		—			(0.35	)
Year Ended October 31, 2016		16.53		0.39		(0.10	)		0.29			(0.35	)		(0.02	)		(0.37	)
Year Ended October 31, 2015		17.19		0.27		(0.01	)		0.26			(0.36	)		(0.56	)		(0.92	)
Year Ended October 31, 2014		16.47		0.30		0.97			1.27			(0.18	)		(0.37	)		(0.55	)
Class R2
Six Months Ended April 30, 2019 (Unaudited)		17.64		0.13		0.94			1.07			(0.23	)		—			(0.23	)
Year Ended October 31, 2018		18.57		0.25		(0.62	)		(0.37	)		(0.27	)		(0.29	)		(0.56	)
Year Ended October 31, 2017		16.36		0.28		2.22			2.50			(0.29	)		—			(0.29	)
Year Ended October 31, 2016		16.44		0.31		(0.10	)		0.21			(0.27	)		(0.02	)		(0.29	)
Year Ended October 31, 2015		17.13		0.19		(0.01	)		0.18			(0.31	)		(0.56	)		(0.87	)
Year Ended October 31, 2014		16.44		0.22		0.96			1.18			(0.12	)		(0.37	)		(0.49	)
Class R3
Six Months Ended April 30, 2019 (Unaudited)		17.79		0.16		0.95			1.11			(0.24	)		—			(0.24	)
October 1, 2018 (j) through October 31, 2018		18.65		0.02		(0.88	)		(0.86	)		—			—			—
Class R4
Six Months Ended April 30, 2019 (Unaudited)		17.71		0.24		0.88			1.12			(0.27	)		—			(0.27	)
October 1, 2018 (j) through October 31, 2018		18.56		0.02		(0.87	)		(0.85	)		—			—			—
Class R5
Six Months Ended April 30, 2019 (Unaudited)		17.80		0.19		0.96			1.15			(0.28	)		—			(0.28	)
October 1, 2018 (j) through October 31, 2018		18.65		0.02		(0.87	)		(0.85	)		—			—			—
Class R6
Six Months Ended April 30, 2019 (Unaudited)		17.79		0.20		0.95			1.15			(0.28	)		—			(0.28	)
November 1, 2017 (j) through October 31, 2018		18.74		0.37		(0.65	)		(0.28	)		(0.38	)		(0.29	)		(0.67	)

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

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

(c) Calculated based upon average shares outstanding.

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

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

(f) Does not include expenses of Underlying Funds.

(g) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(h) Commencing on October 31, 2017, the Fund presents portfolio turnover in two ways, one including securities sold short and the other excluding securities sold short. For periods prior to October 31, 2016, the Fund did not transact in securities sold short.

(i) The net expenses and expenses without waivers (excluding dividend expense for securities sold short) for Class A are 1.03% and 1.24% for the six months ended April 30, 2019, 1.02% and 1.24% for the year ended October 31, 2018, 1.02% and 1.27% for the year ended October 31, 2017, Class C are 1.52% and 1.73% for the six months ended April 30, 2019, 1.52% and 1.74% for the for the year ended October 31, 2018, 1.52% and 1.77% for the year ended October 31, 2017, Class I are 0.78% and 0.98% for the six months ended April 30, 2019, 0.78% and 0.99% for the year ended October 31, 2018, 0.77% and 1.00% for the year ended October 31, 2017, Class R2 are 1.39% and 1.54% for the six months ended April 30, 2019, 1.35% and 1.52% for the year ended October 31, 2018, 1.27% and 1.60% for the year ended October 31, 2017, Class R3 are 1.15% and 1.23% for the six months ended April 30, 2019, 1.19% and 1.34% for the period ended October 31, 2018, Class R4 are 0.89% and 0.98% for the six months ended April 30, 2019, 0.94% and 1.09% for the period ended October 31, 2018, Class R5 are 0.72% and 0.81% for the six months ended April 30, 2019, 0.69% and 0.84% for the period ended October 31, 2018 and Class R6 are 0.62% and 0.70% for the six months ended April 30, 2019, 0.64% and 0.74% for the period ended October 31, 2018, respectively.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (including dividend expense for securities sold short) (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)(h)			Portfolio turnover rate (including securities sold short) (d)(h)
$	18.57		6.40	%	$	396,494		1.06	%(i)		1.89	%		1.27	%(i)		46	%		61	%
	17.71		(1.81	)		344,414		1.06	(i)		1.67			1.28	(i)		108			131
	18.63		15.88			305,300		1.04	(i)		1.96			1.29	(i)		83			95
	16.38		1.50			289,961		1.02			2.12			1.32			64			—
	16.47		1.38			211,120		1.02			1.40			1.43			44			—
	17.15		7.58			28,114		1.03			1.56			1.74			87			—
	18.30		6.15			532,790		1.55	(i)		1.39			1.76	(i)		46			61
	17.47		(2.32	)		511,863		1.56	(i)		1.18			1.78	(i)		108			131
	18.39		15.29			406,887		1.54	(i)		1.45			1.79	(i)		83			95
	16.20		1.03			357,682		1.52			1.63			1.82			64			—
	16.30		0.84			198,888		1.51			0.90			1.92			44			—
	17.04		7.07			14,308		1.53			0.97			2.22			87			—
	18.66		6.55			2,110,126		0.81	(i)		2.14			1.01	(i)		46			61
	17.79		(1.58	)		1,855,964		0.82	(i)		1.95			1.03	(i)		108			131
	18.71		16.12			1,611,736		0.79	(i)		2.14			1.02	(i)		83			95
	16.45		1.79			782,381		0.77			2.39			1.04			64			—
	16.53		1.62			364,206		0.77			1.61			1.19			44			—
	17.19		7.88			44,964		0.78			1.79			1.55			87			—
	18.48		6.19			5,383		1.42	(i)		1.53			1.57	(i)		46			61
	17.64		(2.09	)		3,658		1.39	(i)		1.35			1.56	(i)		108			131
	18.57		15.50			2,441		1.29	(i)		1.58			1.62	(i)		83			95
	16.36		1.30			758		1.27			1.93			1.75			64			—
	16.44		1.14			203		1.27			1.17			1.77			44			—
	17.13		7.29			62		1.28			1.31			2.07			87			—
	18.66		6.37			20		1.18	(i)		1.76			1.26	(i)		46			61
	17.79		(4.61	)		19		1.23	(i)		1.08			1.38	(i)		108			131
	18.56		6.44			433		0.92	(i)		2.62			1.01	(i)		46			61
	17.71		(4.58	)		19		0.98	(i)		1.33			1.13	(i)		108			131
	18.67		6.57			20		0.75	(i)		2.19			0.84	(i)		46			61
	17.80		(4.56	)		19		0.73	(i)		1.58			0.88	(i)		108			131
	18.66		6.62			491,926		0.65	(i)		2.25			0.73	(i)		46			61
	17.79		(1.58	)		841,967		0.68	(i)		2.02			0.78	(i)		108			131

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 137

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan Income Builder Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	10.13	$	0.20	(e)	$	0.40		$	0.60		$	(0.21	)	$	—		$	—		$	(0.21	)
Year Ended October 31, 2018		10.62		0.42	(e)		(0.48	)		(0.06	)		(0.43	)		—			—			(0.43	)
Year Ended October 31, 2017		9.95		0.41	(e)		0.67			1.08			(0.41	)		—			—			(0.41	)
Year Ended October 31, 2016		9.96		0.42	(e)		(0.01	)		0.41			(0.42	)		—			—			(0.42	)
Year Ended October 31, 2015		10.41		0.41	(e)		(0.41	)		—	(f)		(0.41	)		(0.02	)		(0.02	)		(0.45	)
Year Ended October 31, 2014		10.32		0.47			0.09			0.56			(0.47	)		—			—			(0.47	)
Class C
Six Months Ended April 30, 2019 (Unaudited)		10.10		0.18	(e)		0.39			0.57			(0.18	)		—			—			(0.18	)
Year Ended October 31, 2018		10.59		0.37	(e)		(0.49	)		(0.12	)		(0.37	)		—			—			(0.37	)
Year Ended October 31, 2017		9.92		0.36	(e)		0.67			1.03			(0.36	)		—			—			(0.36	)
Year Ended October 31, 2016		9.93		0.37	(e)		(0.01	)		0.36			(0.37	)		—			—			(0.37	)
Year Ended October 31, 2015		10.38		0.35	(e)		(0.40	)		(0.05	)		(0.36	)		(0.02	)		(0.02	)		(0.40	)
Year Ended October 31, 2014		10.29		0.42			0.10			0.52			(0.43	)		—			—			(0.43	)
Class I
Six Months Ended April 30, 2019 (Unaudited)		10.14		0.21	(e)		0.40			0.61			(0.21	)		—			—			(0.21	)
Year Ended October 31, 2018		10.63		0.44	(e)		(0.49	)		(0.05	)		(0.44	)		—			—			(0.44	)
Year Ended October 31, 2017		9.96		0.43	(e)		0.67			1.10			(0.43	)		—			—			(0.43	)
Year Ended October 31, 2016		9.97		0.43	(e)		(0.01	)		0.42			(0.43	)		—			—			(0.43	)
Year Ended October 31, 2015		10.42		0.42	(e)		(0.40	)		0.02			(0.43	)		(0.02	)		(0.02	)		(0.47	)
Year Ended October 31, 2014		10.33		0.49			0.09			0.58			(0.49	)		—			—			(0.49	)
Class R6
Six Months Ended April 30, 2019 (Unaudited)		10.14		0.22	(e)		0.40			0.62			(0.22	)		—			—			(0.22	)
November 1, 2017 (g) through October 31, 2018		10.64		0.46	(e)		(0.51	)		(0.05	)		(0.45	)		—			—			(0.45	)

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

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	10.52		5.97	%	$	3,022,721		0.74	%		3.96	%		1.06	%		21	%
	10.13		(0.67	)		3,386,949		0.75			4.02			1.07			59
	10.62		11.11			3,731,312		0.75			4.02			1.08			52
	9.95		4.23			3,991,877		0.75			4.25			1.10			52
	9.96		(0.03	)		4,262,148		0.75			3.97			1.11			48
	10.41		5.54			4,024,646		0.74			4.60			1.12			41
	10.49		5.72			4,054,309		1.24			3.47			1.56			21
	10.10		(1.17	)		4,114,927		1.25			3.52			1.57			59
	10.59		10.58			4,609,784		1.25			3.53			1.59			52
	9.92		3.70			4,968,359		1.25			3.76			1.61			52
	9.93		(0.53	)		5,120,797		1.25			3.47			1.63			48
	10.38		5.06			4,676,332		1.24			4.08			1.62			41
	10.54		6.14			5,339,053		0.59			4.14			0.81			21
	10.14		(0.52	)		4,445,260		0.60			4.17			0.81			59
	10.63		11.26			4,448,619		0.60			4.15			0.83			52
	9.96		4.36			3,198,358		0.60			4.39			0.86			52
	9.97		0.12			3,138,405		0.60			4.12			0.87			48
	10.42		5.70			2,852,404		0.59			4.68			0.87			41
	10.54		6.19			293,900		0.50			4.25			0.56			21
	10.14		(0.51	)		212,657		0.50			4.37			0.57			59

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited)

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
JPMorgan Global Allocation Fund	Class A, Class C, Class I, Class R2, Class R3(1), Class R4(1), Class R5(1), Class R6(2) and Class T(3)	Diversified
JPMorgan Income Builder Fund	Class A, Class C, Class I, Class R6(2) and Class T(3)	Diversified

⁽¹⁾  Class R3, Class R4 and Class R5 Shares commenced operations on October 1, 2018.

⁽²⁾  Class R6 Shares commenced operations on November 1, 2017.

⁽³⁾  Class T Shares had no assets from the close of business on June 5, 2018 and are not offered to the public.

The investment objective of JPMorgan Global Allocation Fund (“Global Allocation Fund”) is to seek to maximize long-term total return.

The investment objective of JPMorgan Income Builder Fund (“Income Builder Fund”) is to seek to maximize income while maintaining prospects for capital appreciation.

Class A and Class T Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to the Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

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

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

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

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

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a

140 J.P. MORGAN FUNDS APRIL 30, 2019

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

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

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

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Funds at April 30, 2019.

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

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

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

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

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

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

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

Global Allocation Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	29,580	$	—	$	29,580
Belgium		—		9,920		—		9,920
China		19,379		40,480		—		59,859
Denmark		—		13,608		—		13,608
Finland		—		13,675		—		13,675
France		9,225		96,350		—		105,575
Germany		10,941		69,712		—		80,653
Hong Kong		—		38,901		—		38,901
India		33,517		1,447		—		34,964
Indonesia		—		12,106		—		12,106
Ireland		3,017		935		—		3,952
Italy		—		20,194		—		20,194
Japan		—		132,639		—		132,639
Luxembourg		—		2,372		—		2,372
Macau		—		3,115		—		3,115
Malaysia		—		1,390		—		1,390
Netherlands		—		46,086		—		46,086
Norway		—		2,215		—		2,215
Russia		1,075		3,683		—		4,758
Singapore		—		5,522		—		5,522
South Africa		2,925		11,289		—		14,214
South Korea		—		8,566		—		8,566

APRIL 30, 2019 J.P. MORGAN FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Global Allocation Fund (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Spain	$	—		$	29,198	$	—	$	29,198
Sweden		—			13,632		—		13,632
Switzerland		2,708			95,522		—		98,230
Taiwan		16,103			6,679		—		22,782
Thailand		—			3,488		—		3,488
United Kingdom		—			115,040		—		115,040
United States		884,740			6,690		232		891,662
Other Common Stocks		56,718			—		—		56,718
Total Common Stocks		1,040,348			834,034		232		1,874,614
Preferred Stocks
United States		16			—		314		330
Debt Securities
Asset-Backed Securities
Cayman Islands		—			1,136		8,069		9,205
United States		—			101,129		57,960		159,089
Total Asset-Backed Securities		—			102,265		66,029		168,294
Collateralized Mortgage Obligations
Bermuda		—			—		3,114		3,114
United States		—			83,919		4,503		88,422
Total Collateralized Mortgage Obligations		—			83,919		7,617		91,536
Commercial Mortgage-Backed Securities
Cayman Islands		—			—		2,002		2,002
United States		—			63,735		53,628		117,363
Total Commercial Mortgage-Backed Securities		—			63,735		55,630		119,365
Convertible Bonds		—			528		—		528
Corporate Bonds
United States		—			252,669		4		252,673
Other Corporate Bonds		—			109,716		—		109,716
Total Corporate Bonds		—			362,385		4		362,389
Loan Assignments
United States		—			135,196		219		135,415
Other Loan Assignments		—			2,470		—		2,470
Total Loan Assignments		—			137,666		219		137,885
Foreign Government Securities		—			275,468		—		275,468
Supranational		—			6,716		—		6,716
U.S. Treasury Obligations		—			51,721		—		51,721
Options Purchased		3,955			—		—		3,955
Rights		—			—		14		14
Warrants		—			3		—		3
Short-Term Investments
Certificates of Deposit		—			1,929		—		1,929
Commercial Paper		—			6,371		—		6,371
Foreign Government Treasury Bills		—			83,981		—		83,981
Investment Companies		290,883			—		—		290,883
Total Short-Term Investments		290,883			92,281		—		383,164
Total Investments in Securities	$	1,335,202		$	2,010,721	$	130,059	$	3,475,982
Liabilities
Common Stocks	$	(32,425	)	$	—	$	—	$	(32,425	)
Exchange Traded Funds		(2,295	)		—		—		(2,295	)
Total Liabilities in Securities Sold Short	$	(34,720	)	$	—	$	—	$	(34,720	)

142 J.P. MORGAN FUNDS APRIL 30, 2019

Global Allocation Fund (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	9,563		$	—	$	9,563
Futures Contracts		25,281			603			—		25,884
Swaps		—			24			—		24
Total Appreciation in Other Financial Instruments	$	25,281		$	10,190		$	—	$	35,471
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(2,401	)	$	—	$	(2,401	)
Futures Contracts		(6,630	)		(14,042	)		—		(20,672	)
Swaps		—			(1,220	)		—		(1,220	)
Total Depreciation in Other Financial Instruments	$	(6,630	)	$	(17,663	)	$	—	$	(24,293	)

Income Builder Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	87,675	$	—	$	87,675
Belgium		20,156		8,304		—		28,460
Cayman Islands		—		—		32		32
China		—		177,500		—		177,500
Colombia		515		2,138		—		2,653
Czech Republic		—		11,655		—		11,655
Denmark		—		14,857		—		14,857
Finland		2,053		24,037		—		26,090
France		55,872		232,022		—		287,894
Germany		—		140,073		—		140,073
Hong Kong		20,997		54,067		—		75,064
Hungary		—		16,881		—		16,881
India		9,732		23,592		—		33,324
Indonesia		—		12,737		—		12,737
Ireland		—		4,379		—		4,379
Italy		—		40,323		—		40,323
Japan		—		121,305		—		121,305
Macau		—		11,286		—		11,286
Netherlands		5,724		42,956		—		48,680
New Zealand		—		—		1,489		1,489
Norway		—		35,768		—		35,768
Portugal		—		3,926		—		3,926
Russia		20,208		27,611		—		47,819
Singapore		—		28,471		—		28,471
South Africa		5,544		37,295		—		42,839
South Korea		13,380		33,097		—		46,477
Spain		—		80,579		—		80,579
Sweden		890		35,132		—		36,022
Switzerland		—		204,639		—		204,639
Taiwan		76,774		63,019		—		139,793
Thailand		2,979		21,480		—		24,459
Turkey		—		3,529		—		3,529
United Arab Emirates		1,606		7,035		—		8,641
United Kingdom		14,287		242,407		—		256,694
United States		2,104,234		15,364		2,965		2,122,563
Other Common Stocks		151,867		—		—		151,867
Total Common Stocks		2,506,818		1,865,139		4,486		4,376,443

APRIL 30, 2019 J.P. MORGAN FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Income Builder Fund (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Convertible Preferred Stocks
China	$	2,825		$	—		$	—		$	2,825
United States		61,444			3,141			—			64,585
Total Convertible Preferred Stocks		64,269			3,141			—			67,410
Preferred Stocks
United States		100,788			—			4,011			104,799
Exchange Traded Funds		14,032			—			—			14,032
Debt Securities
Asset-Backed Securities
Cayman Islands		—			3,605			9,948			13,553
United States		—			326,553			360,597			687,150
Other Asset-Backed Securities		—			2,789			—			2,789
Total Asset-Backed Securities		—			332,947			370,545			703,492
Collateralized Mortgage Obligations
Bermuda		—			2,794			3,866			6,660
United States		—			654,847			22,395			677,242
Total Collateralized Mortgage Obligations		—			657,641			26,261			683,902
Commercial Mortgage-Backed Securities
Cayman Islands		—			—			4,947			4,947
United States		—			173,870			104,742			278,612
Total Commercial Mortgage-Backed Securities		—			173,870			109,689			283,559
Convertible Bonds		—			191,811			—			191,811
Corporate Bonds
United States		—			3,469,850			11			3,469,861
Other Corporate Bonds		—			906,721			—			906,721
Total Corporate Bonds		—			4,376,571			11			4,376,582
Loan Assignments
United States		—			625,582			1,592			627,174
Other Loan Assignments		—			18,622			—			18,622
Total Loan Assignments		—			644,204			1,592			645,796
Foreign Government Securities		—			260,460			—			260,460
Mortgage-Backed Securities		—			516,700			—			516,700
U.S. Treasury Obligations		—			79,725			—			79,725
Supranational		—			1,000			—			1,000
Rights		—			—			384			384
Warrants		—			—			—	(a)		—	(a)
Short-Term Investments
Certificates of Deposit		—			2,002			—			2,002
Commercial Paper		—			17,368			—			17,368
Investment Companies		374,064			—			—			374,064
Total Short-Term Investments		374,064			19,370			—			393,434
Total Investments in Securities	$	3,059,971		$	9,122,579		$	516,979		$	12,699,529
Appreciation in Other Financial Instruments
Futures Contracts	$	20,774		$	348		$	—		$	21,122
Depreciation in Other Financial Instruments
Futures Contracts	$	(6,300	)	$	(27,760	)	$	—		$	(34,060	)

(a) Value is zero.

144 J.P. MORGAN FUNDS APRIL 30, 2019

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

Global Allocation Fund	Balance as of October 31, 2018		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of April 30, 2019
Investments in Securities
Asset-Backed Securities — Cayman Islands	$	490	$	—		$	(78	)	$	—	$	2,877	$	—		$	4,780	$	—		$	8,069
Asset-Backed Securities — United States		56,852		35			111			41		11,455		(17,268	)		6,734		—			57,960
Collateralized Mortgage Obligations — Bermuda		—		—			10			—		—		—			3,104		—			3,114
Collateralized Mortgage Obligations — United States		1,269		—			44			3		3,292		(105	)		—		—			4,503
Commercial Mortgage-Backed Securities — Cayman Islands		2,001		—			1			—		—		—			—		—			2,002
Commercial Mortgage-Backed Securities — United States		19,382		49			1,092			11		29,434		(3,434	)		9,104		(2,010	)		53,628
Common Stocks — Canada		313		—			(113	)		—		—		(200	)		—		—			—
Common Stocks — United States		14		—			(58	)		—		296		(20	)		—		—			232
Convertible Bonds — United States		69		—			(70	)		1		—		—			—		—			—
Corporate Bonds — United States		1,516		(137	)		753			4		19		(2,151	)		—		—			4
Foreign Government Securities		754		(125	)		96			22		—		(747	)		—		—			—
Loan Assignments — United States		212		—			7			—		153		(153	)		—		—			219
Preferred Stocks — United States		298		—			16			—		119		(119	)		—		—			314
Rights — United States		16		—			(2	)		—		—		—			—		—			14
Total	$	83,186	$	(178	)	$	1,809		$	82	$	47,645	$	(24,197	)	$	23,722	$	(2,010	)	$	130,059

Income Builder Fund	Balance as of October 31, 2018			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of April 30, 2019
Investments in Securities
Asset-Backed Securities — Cayman Islands	$	1,675		$	—		$	(102	)	$	—	$	3,847	$	—		$	4,528	$	—		$	9,948
Asset-Backed Securities — United States		412,897			150			(937	)		615		40,233		(108,255	)		21,669		(5,775	)		360,597
Collateralized Mortgage Obligations — Bermuda		—			—			12			—		1,000		—			2,854		—			3,866
Collateralized Mortgage Obligations — United States		2,700			—			237			13		21,231		(275	)		—		(1,511	)		22,395
Commercial Mortgage- Backed Securities — Cayman Islands		4,945			—			2			—		—		—			—		—			4,947
Commercial Mortgage-Backed Securities — United States		53,699			(8,074	)		7,574			20		49,163		(7,514	)		9,874		—			104,742
Common Stocks — Canada		3,149			—			(1,138	)		—		—		(2,011	)		—		—			—
Common Stocks — Cayman Islands		87			—			(55	)		—		—		—			—		—			32
Common Stocks — New Zealand		1,262			—			227			—		—		—			—		—			1,489
Common Stocks — United States		3,631			—			(3,418	)		—		3,541		(789	)		—		—			2,965
Convertible Bonds — United States		219			—			—			—		—		—			—		(219	)		—
Corporate Bonds — United Arab Emirates		695			—			—			—		—		31			—		(726	)		—
Corporate Bonds — United States		11,235			(9,099	)		8,040			4		—		(5,926	)		—		(4,243	)		11
Loan Assignments — United States		1,543			(595	)		641			—		3		—			—		—			1,592
Preferred Stocks — United States		3,800			—			212			—		217		(218	)		—		—			4,011
Rights — United States		377			—			7			—		—		—			—		—			384
Warrants — United States		—	(a)		—			—			—		—		—			—		—			—	(a)
Total	$	501,914		$	(17,618	)	$	11,302		$	652	$	119,235	$	(124,957	)	$	38,925	$	(12,474	)	$	516,979

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

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

(a) Value is zero.

APRIL 30, 2019 J.P. MORGAN FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

The changes in net unrealized appreciation (depreciation) attributable to securities owned at April 30, 2019, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):

	Value
Global Allocation Fund	$	1,133
Income Builder Fund		(179	)

These amounts are included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statements of Operations.

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended April 30, 2019 for Global Allocation Fund.

There were no significant transfers between level 2 and level 3 during the six months ended April 30, 2019 for Income Builder Fund.

Global Allocation Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at April 30, 2019			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	57,351		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 44.00% (13.30%)
					Constant Default Rate		0.00% - 5.53% (1.58%)
					Yield (Discount Rate of Cash Flows)		3.00% - 11.40% (4.11%)
Asset-Backed Securities		57,351
		53,628		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (1.63%)
					Constant Default Rate		0.00% - 5.00% (0.08%)
					Yield (Discount Rate of Cash Flows)		3.43% - 42.42% (5.14%)
Commercial Mortgage-Backed Securities		53,628
		7,617		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 21.43% (8.60%)
					Constant Default Rate		0.00% - 2.95% (0.29%)
					Yield (Discount Rate of Cash Flows)		4.19% - 6.02% (4.84%)
Collateralized Mortgage Obligations		7,617
		—	(b)	Market Comparable Companies	EBITDA Multiple (c)		5.0x (5.0x)
				Market Comparable Companies	Liquidity Discount		30.00% (30.00%)
Common Stocks		—
		—	(d)	Pending Distribution	Discount for Potential Outcome (e)		99.99% (99.99%)
Corporate Bonds		—	(d)
		19		Pending Distribution	Expected Recovery		100.00% (100.00%)
Loan Assignments		19
		—	(d)	Pending Distribution	Discount for Potential Outcome (e)		100.00% (100.00%)
Rights		—	(d)
Total	$	118,615

# The table above does not include level 3 investments that are valued by brokers and pricing services. At April 30, 2019, the value of these investments was approximately $11,444,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Senior-ranking securities in the issuing entity capital structure result in this security being valued at zero.

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

(d) Amount rounds to less than one thousand.

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

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs

146 J.P. MORGAN FUNDS APRIL 30, 2019

may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the constant prepayment rate may decrease or increase the fair value measurement.

Income Builder Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at April 30, 2019			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	—	(b)	Market Comparable Companies	EBITDA Multiple (c)		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)
Common Stocks		—
		1		Market Comparable Companies	EBITDA Multiple (c)		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)
Preferred Stocks		1
		1		Pending Distribution	Discount for Potential Outcome (d)		99.99% - 100.00% (99.99%)
Corporate Bonds		1
		360,597		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 44.00% (10.87%)
					Constant Default Rate		0.00% - 12.30% (2.23%)
					Yield (Discount Rate of Cash Flows)		2.11% - 16.80% (3.91%)
Asset-Backed Securities		360,597
		26,261		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 25.00% (12.80%)
					Constant Default Rate		0.00% - 4.70% (0.41%)
					Yield (Discount Rate of Cash Flows)		3.47% - 15.89% (4.60%)
Collateralized Mortgage Obligations		26,261
		97,231		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (0.85%)
					Constant Default Rate		0.00% - 5.00% (0.04%)
					Yield (Discount Rate of Cash Flows)		(51.72%) - 42.42% (4.01%)
Commercial Mortgage-Backed Securities		97,231
		—	(e)	Terms of Exchange Offer	Expected Recovery		0.00% (0.00%)
Warrants		—	(e)
		180		Pending Distribution	Expected Recovery		100.00% (100.00%)
Loan Assignments		180
Total	$	484,271

# The table above does not include level 3 investments that are valued by brokers and pricing services. At April 30, 2019, the value of these investments was approximately $32,708,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Senior-ranking securities in the issuing entity capital structure result in this security being valued at zero.

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

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

(e) Value is zero.

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

APRIL 30, 2019 J.P. MORGAN FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.

As of April 30, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Funds purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until settlement date.

The Funds had delayed delivery securities outstanding as of April 30, 2019, which are shown as a Receivable for Investment securities sold – delayed delivery securities and Payable for Investment securities purchased – delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at April 30, 2019 are detailed on the SOIs.

D. Loan Assignments — The Funds invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Funds invest in loan assignments of all or a portion of the loans. When a fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan, provided, however, the Fund’s rights may be more limited than the Lender from which they acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, the Fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the Fund and the Borrower (“Intermediate Participants”). A fund may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, a fund could experience delays or limitations in realizing the value on such collateral or have their interest subordinated to other indebtedness of the Borrower. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a fund may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

E. Unfunded Commitments — The Funds have entered into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of their normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Funds to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment (Note 2.D). The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Funds may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of Interest income from non-affiliates on the Statements of Operations.

At April 30, 2019, the Funds did not have any outstanding unfunded loan commitments.

F. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retains loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

148 J.P. MORGAN FUNDS APRIL 30, 2019

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed in the SOIs.

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

The Funds did not lend out any securities during the six months ended April 30, 2019.

G. Investment Transactions with Affiliates — The Funds invest in certain Underlying Funds which are advised by JPMIM or its affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2019		Shares at April 30, 2019		Dividend Income		Capital Gain Distributions
Global Allocation Fund
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (a)(b)	$	—	$	480,894	$	190,011	$	—	(c)	$	—	(c)	$	290,883		290,795	$	477	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		183,639		681,011		864,650		—			—			—		—		1,519		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		57,217		189,408		246,625		—			—			—		—		370		—
Total	$	240,856	$	1,351,313	$	1,301,286	$	—	(c)	$	—	(c)	$	290,883			$	2,366	$	—

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income		Capital Gain Distributions
Income Builder Fund
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (a)(b)	$	—	$	842,934	$	468,870	$	(1	)	$	1	$	374,064		373,952	$	778	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		1,171,854		912,988		2,084,842		—			—		—		—		3,526		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		12,630		294,530		307,160		—	(c)		—		—		—		756		—	(c)
Total	$	1,184,484	$	2,050,452	$	2,860,872	$	(1	)	$	1	$	374,064			$	5,060	$	—	(c)

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2019.

(c) Amount rounds to less than one thousand.

APRIL 30, 2019 J.P. MORGAN FUNDS 149

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

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

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

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

Notes H(1) — H(4) below describe the various derivatives used by the Funds.

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

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

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change is recorded as Change in net unrealized appreciation/depreciation of Options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

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

The Fund may be required to post or receive collateral for over-the-counter options. Cash collateral posted by the Fund is considered restricted.

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

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to

150 J.P. MORGAN FUNDS APRIL 30, 2019

deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

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

(3). Forward Foreign Currency Exchange Contracts — The Funds may be exposed to foreign currency risks associated with some or all of their portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

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

The Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(4). Swaps — Global Allocation Fund engaged in various swap transactions, including interest rate swaps, credit default swaps and total return basket swaps, to manage interest rate (e.g., duration, yield curve), credit risks and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral for OTC swaps.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

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

Credit Default Swaps

Global Allocation Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

APRIL 30, 2019 J.P. MORGAN FUNDS 151

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

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

Total Return Basket Swaps

Global Allocation Fund entered into a total return basket swap agreement to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity.

Under the terms of the agreement, the swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of long and short positions within the swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap value. The swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on defined market rates plus or minus a specified spread and are referred to herein as “financing costs” and net dividends. Positions within the swap, accrued financing costs and net dividends, are part of the periodic reset. During a reset, any unrealized gains (losses) on positions and accrued financing costs become available for cash settlement between the Fund and the swap counterparty are recorded as Due from/to counterparty on swap contract on the Statements of Assets and Liabilities and as Net realized gain (loss) on transactions from swap on the Statements of Operations.

Swaps involve additional risks than if the Fund had invested in the underlying positions directly including: the risk that changes in the value of the swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for the swap contract, which may limit the ability of the Fund to close out its positions; and, documentation risk relating to disagreement over contract terms. The total return basket swap consists of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Fund’s activities in the total return basket swap are concentrated with one counterparty. Investing in swaps results in a form of leverage (i.e., the Fund’s risk of loss associated with these instruments may exceed their value as recorded on the Statements of Assets and Liabilities).

The value of the swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap and/or other receivables (payables) from gains/(losses) realized when the swap resets; and (v) other factors, as applicable. The value of the swap is reflected on the Statements of Assets and Liabilities as Outstanding swap contracts, at value. Changes in the value of the swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the Statements of Operations.

The total return basket swap contracts are subject to master netting arrangements. The Fund may be required to post or receive collateral for total return basket swaps.

152 J.P. MORGAN FUNDS APRIL 30, 2019

(5). Summary of Derivatives Information — The following tables present the value of derivatives held as of April 30, 2019, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Global Allocation Fund

Derivative Contract	Statement of Assets and Liabilities Location
Gross Assets:		Centrally Cleared Swaps			OTC Swaps			Options		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Credit contracts	Receivables	$	—		$	77		$	—	$	—		$	—		$	77
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		—			—			3,955		22,844			—			26,799
Foreign exchange contracts	Receivables		—			—			—		—			9,563			9,563
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		21			—			—		3,040			—			3,061
Total		$	21		$	77		$	3,955	$	25,884		$	9,563		$	39,500
Gross Liabilities:
Credit contracts	Payables	$	(13	)	$	(308	)	$	—	$	—		$	—		$	(321	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		—			(739	)		—		(18,478	)		—			(19,217	)
Foreign exchange contracts	Payables, Net Assets — Unrealized Depreciation		—			—			—		(1,919	)		(2,401	)		(4,320	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		—			—			—		(275	)		—			(275	)
Total		$	(13	)	$	(1,047	)	$	—	$	(20,672	)	$	(2,401	)	$	(24,133	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

Income Builder Fund

Derivative Contract	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	348
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		6,478
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		14,296
Total		$	21,122
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(34,060	)
Total		$	(34,060	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

APRIL 30, 2019 J.P. MORGAN FUNDS 153

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2019, by primary underlying risk exposure (amounts in thousands):

Global Allocation Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Credit contracts	$	—		$	—		$	—		$	(90	)	$	(90	)
Equity contracts		4,988			(18,879	)		—			1,600			(12,291	)
Foreign exchange contracts		(118	)		(6,943	)		16,001			—			8,940
Interest rate contracts		—			1,258			—			(49	)		1,209
Total	$	4,870		$	(24,564	)	$	16,001		$	1,461		$	(2,232	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Credit contracts	$	—		$	—		$	—		$	(291	)	$	(291	)
Equity contracts		6,459			1,938			—			(506	)		7,891
Foreign exchange contracts		62			2,363			(6,511	)		—			(4,086	)
Interest rate contracts		—			8,559			—			22			8,581
Total	$	6,521		$	12,860		$	(6,511	)	$	(775	)	$	12,095

Income Builder Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(74,729	)
Foreign exchange contracts		(3,195	)
Interest rate contracts		1,966
Total	$	(75,958	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(21,275	)
Foreign exchange contracts		44,844
Interest rate contracts		14,296
Total	$	37,865

154 J.P. MORGAN FUNDS APRIL 30, 2019

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts, forward foreign currency exchange contracts, options and swaps activity during the six months ended April 30, 2019. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands, except number of contracts):

	Global Allocation Fund			Income Builder Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	285,311		$	139,327
Average Notional Balance Short		540,418			455,148
Ending Notional Balance Long		503,661			6,280
Ending Notional Balance Short		386,282			591,073
Futures Contracts — Foreign Exchange:
Average Notional Balance Long		306,016			—
Average Notional Balance Short		61,953	(a)		279,502
Ending Notional Balance Long		297,975			—
Ending Notional Balance Short		—			272,593
Futures Contracts — Interest Rate:
Average Notional Balance Long		372,483			1,857,273
Average Notional Balance Short		59,993			—
Ending Notional Balance Long		590,752			2,116,598
Ending Notional Balance Short		39,439			—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		254,169			—
Average Settlement Value Sold		724,374			—
Ending Settlement Value Purchased		205,335			—
Ending Settlement Value Sold		663,197			—
Exchange-Traded Options:
Average Number of Contracts Purchased		65,586			—
Ending Number of Contracts Purchased		38,599			—
Swaptions & OTC Options:
Average Notional Balance Purchased		11,573	(b)		—
Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed rate		2,576			—
Average Notional Balance — Receives Fixed rate		3,241			—
Ending Notional Balance — Pays Fixed Rate		5,712			—
Ending Notional Balance — Receives Fixed Rate		2,302			—
Credit Default Swaps:
Average Notional Balance — Buy Protection		14,313			—
Average Notional Balance — Sell Protection		354	(c)		—
Ending Notional Balance — Buy Protection		15,742			—
Ending Notional Balance — Sell Protection		354			—
Total Return Basket Swaps:
Average Notional Balance Long		37,890			—
Ending Notional Balance Long		38,088			—

(a) For the period November 1, 2018 through January 31, 2019.

(b) For the period November 1, 2018 through February 28, 2019.

(c) For the period April 1, 2019 through April 30, 2019.

APRIL 30, 2019 J.P. MORGAN FUNDS 155

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding OTC swap contracts, non-deliverable forward foreign currency exchange contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. For certain counterparties cash collateral posted by the Funds is invested in an affiliated money market fund (See Note 3.G.). Otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Funds is held in escrow in accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Funds, which provides collateral management services to the Funds (See Note 3.F.). These amounts are not reflected on the Funds’ Statements of Assets and Liabilities and are disclosed in the table below.

Global Allocation Fund’s derivative contracts collateral requirements and collateral posted or received by counterparty as of April 30, 2019 are as follows (amounts in thousands):

Fund Counterparty		Value of swap contracts			Collateral amount
Bank of America, NA	Collateral Posted	$	(739	)	$	530
Goldman Sachs International	Collateral Received		(154	)		(270	)

The Funds’ derivatives contracts held at April 30, 2019 are not accounted for as hedging instruments under GAAP.

I. Short Sales — Global Allocation Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as an asset on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as dividend expense on securities sold short.

Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms. The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates. As of April 30, 2019, the Fund had outstanding short sales as listed on the SOI.

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

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

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

K. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Security gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a fund first learns of the dividend. The Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Funds. These amounts are included in Interest income from non-affiliates on the Statements of Operations.

156 J.P. MORGAN FUNDS APRIL 30, 2019

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended April 30, 2019 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R2		Class R3			Class R4			Class R5			Class R6		Total
Global Allocation Fund
Transfer agency fees	$	14	$	14	$	18	$	1	$	—	(a)	$	—	(a)	$	—	(a)	$	2	$	49
Income Builder Fund
Transfer agency fees		58		71		29		n/a		n/a			n/a			n/a			1		159

(a) Amount rounds to less than one thousand.

M. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2019, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

N. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Global Allocation Fund	0.60	%
Income Builder Fund	0.45

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2019, the effective annualized rate for Global Allocation Fund and Income Builder Fund was 0.08% and 0.07%, respectively, of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

APRIL 30, 2019 J.P. MORGAN FUNDS 157

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2, Class R3 and Class T Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. The Class I, Class R4, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Global Allocation Fund		0.25	%		0.75	%		0.50	%		0.25	%
Income Builder Fund		0.25			0.75			n/a			n/a

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2019, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Global Allocation Fund	$	39	$	1
Income Builder Fund		258		—	(a)

(a) Amount rounds to less than one thousand.

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

	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5
Global Allocation Fund		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.10	%
Income Builder Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a

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

JPMDS waived service fees as outlined in Note 3.G.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

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

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

F. Collateral Management Fees — JPMCB provides derivatives collateral management services for Global Allocation Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral management fees on the Statements of Operations.

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

	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5			Class R6
Global Allocation Fund		1.03	%		1.53	%		0.78	%		1.40	%		1.15	%		0.90	%		0.75	%		0.65	%
Income Builder Fund		0.75			1.25			0.60			n/a			n/a			n/a			n/a			0.52

The expense limitation agreements were in effect for the six months ended April 30, 2019 and are in place until at least February 29, 2020.

158 J.P. MORGAN FUNDS APRIL 30, 2019

For the six months ended April 30, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Global Allocation Fund	$	729	$	486	$	1,733	$	2,948	$	2
Income Builder Fund		1,804		1,201		12,686		15,691		349

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2019 were as follows (amounts in thousands):

Global Allocation Fund	$	160
Income Builder Fund		391

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

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

During the six months ended April 30, 2019, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended April 30, 2019, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government		Securities Sold Short		Covers on Securities Sold Short
Global Allocation Fund	$	1,330,766	$	1,557,374	$	34,127	$	23,282	$	454,963	$	465,424
Income Builder Fund		3,104,329		2,362,084		76,142		23,860		—		—

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2019 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global Allocation Fund*	$	3,151,437	$	384,807	$	83,570	$	301,237
Income Builder Fund		11,919,665		981,570		214,644		766,926

* The tax cost includes the proceeds from short sales which may result in a net negative cost.

APRIL 30, 2019 J.P. MORGAN FUNDS 159

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

As of October 31, 2018, the following Funds had post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Global Allocation Fund	$	37,636	$	—
Income Builder Fund		27,807		—

During the year ended October 31, 2018, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Utilized
	Short-Term		Long-Term
Income Builder Fund	$	294,582	$	7,521

6. Borrowings

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

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended April 30, 2019.

The Trust, along with certain other trusts (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the six months ended April 30, 2019.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of April 30, 2019, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Global Allocation Fund		—		—			2		26.2	%
Income Builder Fund		1		15.5	%		2		24.0

160 J.P. MORGAN FUNDS APRIL 30, 2019

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

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period. Such concentrations may subject each Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap and option contracts, credit linked notes, exchange-traded notes, forward foreign currency exchange contracts and To-Be-Announced securities.

The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

The Funds invest in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds.”) These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.

8. New Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has evaluated the implications of these changes and the amendments will have no effect on the Funds’ net assets or results of operations.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

APRIL 30, 2019 J.P. MORGAN FUNDS 161

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2018, and continued to hold your shares at the end of the reporting period, April 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Global Allocation Fund
Class A
Actual	$	1,000.00	$	1,064.00	$	5.42		1.06	%
Hypothetical		1,000.00		1,019.54		5.31		1.06
Class C
Actual		1,000.00		1,061.50		7.92		1.55
Hypothetical		1,000.00		1,017.11		7.75		1.55
Class I
Actual		1,000.00		1,065.50		4.15		0.81
Hypothetical		1,000.00		1,020.78		4.06		0.81
Class R2
Actual		1,000.00		1,061.90		7.26		1.42
Hypothetical		1,000.00		1,017.75		7.10		1.42
Class R3
Actual		1,000.00		1,063.70		6.04		1.18
Hypothetical		1,000.00		1,018.94		5.91		1.18
Class R4
Actual		1,000.00		1,064.40		4.71		0.92
Hypothetical		1,000.00		1,020.23		4.61		0.92
Class R5
Actual		1,000.00		1,065.70		3.84		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75
Class R6
Actual		1,000.00		1,066.20		3.33		0.65
Hypothetical		1,000.00		1,021.57		3.26		0.65

162 J.P. MORGAN FUNDS APRIL 30, 2019

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Income Builder Fund
Class A
Actual	$	1,000.00	$	1,059.70	$	3.78		0.74	%
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class C
Actual		1,000.00		1,057.20		6.32		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class I
Actual		1,000.00		1,061.40		3.02		0.59
Hypothetical		1,000.00		1,021.87		2.96		0.59
Class R6
Actual		1,000.00		1,061.90		2.56		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

APRIL 30, 2019 J.P. MORGAN FUNDS 163

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

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

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. April 2019 SAN-IB-GAL-419

Semi-Annual Report

J.P. Morgan Funds

April 30, 2019 (Unaudited)

JPMorgan Emerging Markets Strategic Debt Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Fund, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	18
Financial Highlights	24
Notes to Financial Statements	26
Schedule of Shareholder Expenses	39

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

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

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

CEO’S LETTER

June 18, 2019 (Unaudited)

Dear Shareholders,

Global economic growth slowed in late 2018 and early 2019 amid trade tensions, political uncertainty in parts of Europe and the inherent challenges of a late-cycle economic expansion. While financial markets slumped in late 2018, equity and bond prices rebounded and broadly provided positive returns for the six months ended April 30, 2019.

  “While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.” — George C.W. Gatch

Leading central banks reacted to flagging economic growth by adopting more accommodative policies, which helped to generally control global interest rates and bolstered global financial markets.

In the U.S., gross domestic product (GDP) rose by a better-than-expected rate of 3.1% in the first quarter of 2019 amid a temporary boost from an inventory buildup and net exports. Corporate profit growth slowed from record levels in 2018, but overall remained stronger than expected for the first quarter of 2019. Unemployment remained near 50-year lows and inflation held below 2% throughout the six month reporting period. Notably, a 35-day partial shutdown of the U.S. government that ended in late January 2019 added to investor uncertainty but appeared to have limited immediate impact on the U.S. economy.

Elsewhere, slowing growth in China and global trade tensions appeared to curb manufacturing growth in Europe, Taiwan, South Korea and other economies heavily dependent on manufacturing for export. Though Chinese authorities enacted a package of tax cuts, infrastructure spending and credit expansion to bolster growth in early 2019, trade negotiations between the U.S. and China failed to fully address reciprocal tariffs.

In the European Union (EU), consumer and business sentiment weakened during the reporting period and auto manufacturing, particularly in Germany, declined. The inability of the U.K. government to agree on the final terms of Britain’s planned exit from the EU further added to investor uncertainty. First

quarter 2019 GDP in the 19-nation euro area rose by 1.2%. However, euro area unemployment continued to decline during the reporting period and by the end of April 2019 had fallen to 7.6%, its lowest level since August 2008.

Emerging markets generally benefitted from lower interest rates, a decline in the relative value of the U.S. dollar and China’s efforts to bolster economic growth in 2019. Overall, emerging markets equity and bonds broadly outperformed financial markets in developed markets during the reporting period. The MSCI Emerging Markets Index returned 13.9% and the Bloomberg Barclays Emerging Markets Aggregate Index returned 7.13% for the six months ended April 30, 2019.

Subsequent to the end of the reporting period, the Organization for Economic Cooperation and Development (OECD) reduced its estimate for 2019 global GDP growth to 3.2% and its estimate for GDP growth in the world’s 20 largest economies to 3.4%. “The global economy was expanding in sync less than two years ago, but challenges to existing trade relationships and the multilateral rules-based trade system have now derailed global growth by raising uncertainty that is depressing investment and trade,” the OECD said in its May 2019 economic outlook.

While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.

Investors who remain fully invested in a diversified portfolio can, we believe, continue to benefit over time from market opportunities in a growing global economy. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

APRIL 30, 2019 J.P. MORGAN FUNDS 1

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

Reporting Period Return:
Fund (Class I Shares)*	5.46%
J.P. Morgan Emerging Markets Bond Index Global Diversified	8.20%
Emerging Markets Strategic Debt Composite Benchmark	7.28%
Net Assets as of 4/30/2019 (In Thousands)	$831,731
Duration as of 4/30/2019	7.4 years

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Strategic Debt Fund (the “Fund”) seeks to provide total return.

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

The Fund’s Class I Shares had a positive absolute performance and underperformed the J.P. Morgan Emerging Markets Bond Index Global Diversified (the “Index”) for the six months ended April 30, 2019.

Relative to the Index, the Fund’s underweight allocation to emerging markets sovereign bonds was a leading detractor from performance amid a broad and rapid rebound in sovereign debt markets at the start of 2019. The Fund’s overweight allocation to local currency-denominated bonds and emerging markets corporate bonds contributed to relative performance.

The Fund’s overweight positions in Indonesia and South Africa detracted from relative performance. In Indonesia, investor uncertainty surrounding the April 17th national elections clouded the macro-economic picture. In South Africa, investor uncertainty ahead of a key credit rating review in early April and signs of slowing economic growth weighed down bond

prices. The Fund’s underweight positions in the Philippines, Mexico and China also detracted from relative performance, as these countries led the early 2019 rebound in external sovereign debt markets.

The Fund’s overweight positions in Argentina and Paraguay were leading contributors to relative performance. In Argentina, investor optimism over the country’s fiscal picture and a strong funding program through the International Monetary Fund lifted asset prices. Recent economic growth in Paraguay outperformed most other nations in Latin America, which supported bond prices.

HOW WAS THE FUND POSITIONED?

The Fund invested primarily in debt securities from emerging market countries that the Fund’s portfolio managers believed had the potential to provide total return. At the end of the reporting period, the Fund was overweight in the currencies of Colombia, Indonesia and Chile, while the Fund’s largest underweight positions were in the currencies of Poland, Turkey and India. In terms of sovereign debt, the Fund was overweight in Nigeria, Colombia and Lebanon and was underweight in the Philippines, Poland and China.

2 J.P. MORGAN FUNDS APRIL 30, 2019

PORTFOLIO COMPOSITION BY SECURITY TYPE***
Foreign Government Securities	72.4	%
Corporate Bonds	24.0
Supranational	0.6
Investment of cash collateral from securities loaned	0.2
Short-Term Investments	2.8

PORTFOLIO COMPOSITION BY COUNTRY***
Indonesia	4.4	%
Mexico	4.1
Colombia	4.0
Brazil	3.4
Lebanon	3.3
Nigeria	3.2
Panama	3.1
South Africa	3.1
Turkey	2.9
Ecuador	2.9
Peru	2.7
Dominican Republic	2.7
Saudi Arabia	2.6
Kazakhstan	2.4
Russia	2.4
China	2.3
Sri Lanka	2.2
Oman	2.1
Argentina	2.1
Croatia	2.0
Qatar	2.0
Uruguay	2.0
Paraguay	1.9
El Salvador	1.9
Costa Rica	1.8
Ukraine	1.7
Angola	1.5
Chile	1.5
Hungary	1.5
Bahrain	1.4
Serbia	1.4
United Arab Emirates	1.3
Azerbaijan	1.3
Egypt	1.2
Ivory Coast	1.0
Philippines	1.0
Ghana	1.0
Others (each less than 1.0%)	13.9
Short-Term Investments	2.8

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

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

*** Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN FUNDS 3

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	June 29, 2012
With Sales Charge**			1.26	%		(1.91	)%		(2.70	)%		(2.43	)%
Without Sales Charge			5.25			1.89			(1.96	)		(1.88	)
CLASS C SHARES	June 29, 2012
With CDSC***			3.99			0.49			(2.46	)		(2.37	)
Without CDSC			4.99			1.49			(2.46	)		(2.37	)
CLASS I SHARES	June 29, 2012		5.46			2.21			(1.73	)		(1.63	)
CLASS R2 SHARES	June 29, 2012		5.16			1.78			(2.21	)		(2.11	)
CLASS R5 SHARES	June 29, 2012		5.62			2.46			(1.52	)		(1.43	)
CLASS R6 SHARES	June 29, 2012		5.53			2.55			(1.49	)		(1.38	)

* Not annualized.

** Sales Charge for Class A Shares is 3.75%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (6/29/12 TO 4/30/19)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111. Effective September 30, 2016, some of the Fund’s investment strategies changed. The Fund’s past performance would have been different if the Fund were managed using the current strategies.

The Fund commenced operations on June 29, 2012.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Emerging Markets Strategic Debt Fund, the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified, Emerging Markets Strategic Debt Composite Benchmark and the Lipper Emerging Markets Local Currency Debt Funds Index from June 29, 2012 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. The Emerging Markets Strategic Debt Composite Benchmark does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of fund expenses, including sales charges if applicable. The performance of the Lipper Emerging Markets Local Currency Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The J.P. Morgan Emerging Markets Bond Index (EMBI)

Global Diversified tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds and Eurobonds. The diversified index limits the exposure of some of the larger countries. The Emerging Markets Strategic Debt Composite Benchmark is comprised of unmanaged indices that include an equally weighted average of the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified, J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified. The Lipper Emerging Markets Local Currency Debt Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

4 J.P. MORGAN FUNDS APRIL 30, 2019

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — 71.3%
Albania — 0.4%
Republic of Albania 3.50%, 10/9/2025 (a)	EUR	2,728		3,246
Angola — 1.5%
Republic of Angola
7.00%, 8/17/2019 (b)		1,663		1,667
9.50%, 11/12/2025 (b)		2,400		2,694
8.25%, 5/9/2028 (b)		3,770		3,944
9.38%, 5/8/2048 (b)		4,100		4,400
				12,705
Argentina — 1.9%
Provincia de Buenos Aires 5.75%, 6/15/2019 (b)		4,000		3,960
Republic of Argentina
6.88%, 4/22/2021		2,700		2,264
5.88%, 1/11/2028		1,200		831
6.63%, 7/6/2028		5,500		3,878
8.28%, 12/31/2033		1,839		1,362
7.13%, 7/6/2036		603		414
7.63%, 4/22/2046		3,398		2,366
6.88%, 1/11/2048		1,375		911
7.13%, 6/28/2117		182		121
				16,107
Azerbaijan — 0.7%
Republic of Azerbaijan
4.75%, 3/18/2024 (b)		3,249		3,354
3.50%, 9/1/2032 (b)		2,400		2,145
				5,499
Bahrain — 0.7%
Kingdom of Bahrain
7.00%, 10/12/2028 (b)		1,200		1,295
6.00%, 9/19/2044 (b)		1,400		1,309
7.50%, 9/20/2047 (b)		3,150		3,355
				5,959
Belarus — 0.1%
Republic of Belarus 6.88%, 2/28/2023 (b)		790		826
Benin — 0.2%
Benin Government International Bond 5.75%, 3/26/2026 (a)	EUR	1,870		2,071
Bermuda — 0.2%
Republic of Bermuda 4.85%, 2/6/2024 (b)		1,442		1,540
Bolivia, Plurinational State of — 0.2%
Plurinational State of Bolivia 4.50%, 3/20/2028 (b)		2,100		1,964

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Brazil — 2.1%
Federative Republic of Brazil
6.00%, 4/7/2026		2,900		3,190
4.63%, 1/13/2028		3,400		3,409
5.00%, 1/27/2045		5,617		5,123
6.00%, 8/15/2050	BRL	5,850		5,961
				17,683
Chile — 0.1%
Republic of Chile 3.86%, 6/21/2047		1,100		1,104
Colombia — 3.3%
Republic of Colombia
2.63%, 3/15/2023		1,600		1,567
4.00%, 2/26/2024		400		410
4.50%, 1/28/2026		1,100		1,159
3.88%, 4/25/2027		1,600		1,623
6.00%, 4/28/2028	COP	25,520,000		7,561
4.50%, 3/15/2029		528		557
7.75%, 9/18/2030	COP	8,500,000		2,802
7.38%, 9/18/2037		1,000		1,304
5.00%, 6/15/2045		6,871		7,160
5.20%, 5/15/2049		3,010		3,212
				27,355
Costa Rica — 1.7%
Instituto Costarricense de Electricidad
6.95%, 11/10/2021 (b)		600		597
6.38%, 5/15/2043 (b)		700		561
Republic of Costa Rica
4.25%, 1/26/2023 (b)		1,600		1,532
4.38%, 4/30/2025 (b)		2,823		2,631
5.63%, 4/30/2043 (b)		900		760
7.00%, 4/4/2044 (b)		6,957		6,677
7.16%, 3/12/2045 (b)		1,667		1,621
				14,379
Croatia — 2.0%
Republic of Croatia
6.38%, 3/24/2021 (b)		9,400		9,974
5.50%, 4/4/2023 (b)		2,931		3,177
6.00%, 1/26/2024 (b)		3,063		3,430
				16,581
Dominican Republic — 2.7%
Government of Dominican Republic
8.90%, 2/15/2023 (b)	DOP	19,350		375
5.88%, 4/18/2024 (b)		2,600		2,714

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 5

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Dominican Republic — continued
6.88%, 1/29/2026 (b)		5,500		6,064
5.95%, 1/25/2027 (b)		3,460		3,642
6.00%, 7/19/2028 (b)		755		796
7.45%, 4/30/2044 (b)		2,176		2,458
6.85%, 1/27/2045 (b)		5,785		6,181
				22,230
Ecuador — 2.3%
Republic of Ecuador
10.75%, 3/28/2022 (b)		1,500		1,681
7.95%, 6/20/2024 (b)		1,180		1,198
9.65%, 12/13/2026 (b)		1,200		1,278
9.63%, 6/2/2027 (b)		705		747
8.88%, 10/23/2027 (b)		2,400		2,439
7.88%, 1/23/2028 (b)		11,904		11,474
10.75%, 1/31/2029 (b)		600		669
				19,486
Egypt — 1.2%
Republic of Egypt
5.88%, 6/11/2025 (b)		900		879
4.75%, 4/16/2026 (b)	EUR	677		741
7.50%, 1/31/2027 (b)		4,100		4,208
8.50%, 1/31/2047 (b)		733		742
7.90%, 2/21/2048 (b)		3,530		3,402
				9,972
El Salvador — 1.8%
Republic of El Salvador
7.38%, 12/1/2019 (b)		5,278		5,331
7.75%, 1/24/2023 (b)		2,120		2,237
5.88%, 1/30/2025 (b)		1,120		1,091
6.38%, 1/18/2027 (b)		150		147
8.25%, 4/10/2032 (b)		1,258		1,357
7.65%, 6/15/2035 (b)		1,817		1,881
7.63%, 2/1/2041 (b)		3,070		3,143
				15,187
Ethiopia — 0.5%
Republic of Ethiopia 6.63%, 12/11/2024 (b)		4,137		4,242
Gabon — 0.9%
Republic of Gabonese
6.38%, 12/12/2024 (b)		4,980		4,799
6.95%, 6/16/2025 (b)		2,400		2,328
				7,127

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Georgia — 0.0% (c)
Republic of Georgia 6.88%, 4/12/2021 (b)		400		423
Ghana — 1.0%
Republic of Ghana
7.88%, 8/7/2023 (b)		2,300		2,407
7.63%, 5/16/2029 (b)		3,400		3,336
8.63%, 6/16/2049 (b)		2,300		2,202
				7,945
Honduras — 0.6%
Republic of Honduras
8.75%, 12/16/2020 (b)		278		297
7.50%, 3/15/2024 (b)		2,100		2,292
6.25%, 1/19/2027 (b)		2,300		2,417
				5,006
Hungary — 1.4%
Republic of Hungary
5.75%, 11/22/2023		3,624		4,019
5.38%, 3/25/2024		6,600		7,263
				11,282
Indonesia — 2.4%
Republic of Indonesia
5.88%, 1/15/2024 (b)		2,900		3,211
4.13%, 1/15/2025 (b)		1,400		1,444
4.35%, 1/8/2027 (b)		3,600		3,735
8.25%, 5/15/2029		IDR 54,500,000		3,938
6.63%, 5/15/2033		IDR 60,850,000		3,683
6.63%, 2/17/2037 (b)		1,600		1,988
6.75%, 1/15/2044 (b)		1,500		1,943
				19,942
Ivory Coast — 1.0%
Republic of Cote d’Ivoire
5.38%, 7/23/2024 (b)		400		391
6.38%, 3/3/2028 (b)		1,500		1,453
5.75%, 12/31/2032 (b) (d)		2,987		2,807
6.13%, 6/15/2033 (b)		3,940		3,583
				8,234
Jamaica — 0.9%
Government of Jamaica
8.00%, 6/24/2019		170		171
6.75%, 4/28/2028		2,900		3,243
8.00%, 3/15/2039		2,461		2,980
7.88%, 7/28/2045		1,000		1,210
				7,604

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Jordan — 0.3%
Kingdom of Jordan
5.75%, 1/31/2027 (b)		1,206		1,177
7.38%, 10/10/2047 (b)		1,560		1,517
				2,694
Kazakhstan — 0.4%
Republic of Kazakhstan
3.88%, 10/14/2024 (b)		752		780
5.13%, 7/21/2025 (b)		1,500		1,656
4.88%, 10/14/2044 (b)		700		751
				3,187
Kenya — 0.7%
Republic of Kenya
5.88%, 6/24/2019 (b)		3,130		3,122
6.88%, 6/24/2024 (b)		2,600		2,646
				5,768
Lebanon — 3.3%
Republic of Lebanon
6.00%, 5/20/2019 (b)		1,832		1,820
5.45%, 11/28/2019 (b)		1,015		996
6.38%, 3/9/2020		2,542		2,485
8.25%, 4/12/2021 (b)		1,597		1,541
6.00%, 1/27/2023 (b)		1,308		1,130
6.65%, 4/22/2024 (b)		3,777		3,225
6.60%, 11/27/2026 (b)		1,710		1,404
6.85%, 3/23/2027 (b)		6,236		5,119
6.65%, 11/3/2028 (b)		10,889		8,763
6.65%, 2/26/2030 (b)		930		735
				27,218
Macedonia, the Former Yugoslav Republic of — 0.3%
Former Yugoslav Republic of Macedonia
2.75%, 1/18/2025 (b)	EUR	2,100		2,449
2.75%, 1/18/2025 (a)	EUR	432		504
				2,953
Malaysia — 0.3%
1MDB Global Investments Ltd. 4.40%, 3/9/2023 (b)		2,400		2,255
Mexico — 1.7%
United Mexican States
5.75%, 3/5/2026	MXN	147,000		6,809
4.15%, 3/28/2027		1,800		1,824
3.75%, 1/11/2028		900		885
5.55%, 1/21/2045		1,390		1,526

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Mexico — continued
4.60%, 1/23/2046		1,000		965
4.60%, 2/10/2048		1,400		1,355
5.75%, 10/12/2110		400		410
				13,774
Mongolia — 0.5%
Mongolia Government Bond
10.88%, 4/6/2021 (b)		800		881
5.63%, 5/1/2023 (b)		1,100		1,084
8.75%, 3/9/2024 (b)		1,700		1,877
8.75%, 3/9/2024 (a)		200		221
				4,063
Montenegro — 0.3%
Republic of Montenegro
3.38%, 4/21/2025 (a)	EUR	1,750		2,027
3.38%, 4/21/2025 (b)	EUR	273		316
				2,343
Nigeria — 2.9%
Republic of Nigeria
6.75%, 1/28/2021 (b)		800		824
7.63%, 11/21/2025 (b)		1,600		1,708
7.63%, 11/21/2025 (a)		1,520		1,623
6.50%, 11/28/2027 (b)		3,100		3,053
13.98%, 2/23/2028	NGN	1,530,000		4,132
8.75%, 1/21/2031 (a)		7,110		7,821
8.75%, 1/21/2031 (b)		800		880
7.88%, 2/16/2032 (b)		514		531
7.70%, 2/23/2038 (b)		500		493
7.63%, 11/28/2047 (b)		1,000		961
9.25%, 1/21/2049 (b)		2,200		2,395
				24,421
Oman — 1.8%
Oman Government Bond
4.75%, 6/15/2026 (b)		4,900		4,533
5.38%, 3/8/2027 (b)		4,200		3,953
6.50%, 3/8/2047 (b)		2,030		1,809
6.75%, 1/17/2048 (b)		5,574		5,051
				15,346
Pakistan — 0.6%
Republic of Pakistan
8.25%, 4/15/2024 (b)		900		972
6.88%, 12/5/2027 (b)		4,200		4,157
				5,129

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 7

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Panama — 2.5%
Republic of Panama
3.75%, 3/16/2025		1,300		1,340
3.75%, 4/17/2026 (a)		6,380		6,356
3.88%, 3/17/2028		1,320		1,366
9.38%, 4/1/2029		1,400		2,039
6.70%, 1/26/2036		3,000		3,900
4.50%, 4/16/2050		2,950		3,079
4.30%, 4/29/2053		2,350		2,386
				20,466
Paraguay — 1.8%
Republic of Paraguay
4.63%, 1/25/2023 (b)		2,100		2,173
5.00%, 4/15/2026 (b)		2,900		3,063
4.70%, 3/27/2027 (b)		3,750		3,905
6.10%, 8/11/2044 (b)		2,137		2,407
5.60%, 3/13/2048 (b)		740		790
5.40%, 3/30/2050 (a)		2,500		2,606
				14,944
Peru — 0.7%
Republic of Peru
4.13%, 8/25/2027		2,900		3,119
5.94%, 2/12/2029 (a)	PEN	670		214
8.75%, 11/21/2033		1,400		2,172
				5,505
Philippines — 1.0%
Republic of the Philippines
7.75%, 1/14/2031		2,900		4,080
3.70%, 2/2/2042		4,000		4,054
				8,134
Qatar — 1.1%
State of Qatar
4.50%, 4/23/2028 (b)		5,100		5,502
4.00%, 3/14/2029 (a)		1,090		1,135
4.82%, 3/14/2049 (a)		2,300		2,469
				9,106
Romania — 0.8%
Republic of Romania
5.13%, 6/15/2048 (b)		4,200		4,247
4.63%, 4/3/2049 (a)	EUR	2,000		2,431
				6,678

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Russia — 2.3%
Russian Federation
4.88%, 9/16/2023 (b)		6,800		7,167
5.10%, 3/28/2035 (a)		4,200		4,347
5.88%, 9/16/2043 (b)		6,600		7,549
				19,063
Saudi Arabia — 2.3%
Kingdom of Saudi Arabia
3.25%, 10/26/2026 (b)		3,100		3,044
3.63%, 3/4/2028 (b)		4,170		4,172
4.63%, 10/4/2047 (b)		2,880		2,890
5.00%, 4/17/2049 (b)		2,848		3,008
5.25%, 1/16/2050 (b)		4,600		4,989
5.25%, 1/16/2050 (a)		750		813
				18,916
Senegal — 0.2%
Republic of Senegal 6.75%, 3/13/2048 (b)		2,100		1,935
Serbia — 1.4%
Republic of Serbia
4.88%, 2/25/2020 (b)		2,500		2,522
7.25%, 9/28/2021 (b)		8,100		8,819
				11,341
South Africa — 2.5%
Republic of South Africa
5.50%, 3/9/2020		1,000		1,011
5.88%, 5/30/2022		600		629
5.88%, 9/16/2025		1,400		1,475
4.85%, 9/27/2027		2,500		2,431
4.30%, 10/12/2028		5,100		4,762
6.50%, 2/28/2041	ZAR	145,655		7,212
6.25%, 3/8/2041		1,200		1,235
5.38%, 7/24/2044		400		368
5.00%, 10/12/2046		900		792
8.75%, 2/28/2048	ZAR	14,852		940
				20,855
Sri Lanka — 2.2%
Republic of Sri Lanka
6.25%, 10/4/2020 (b)		2,000		2,009
6.25%, 7/27/2021 (b)		2,200		2,209
5.75%, 4/18/2023 (b)		2,700		2,640
6.13%, 6/3/2025 (b)		274		263
6.85%, 11/3/2025 (b)		2,143		2,136
6.20%, 5/11/2027 (b)		600		565

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Sri Lanka — continued
6.75%, 4/18/2028 (b)		7,548		7,274
7.85%, 3/14/2029 (a)		940		964
				18,060
Tajikistan — 0.1%
Republic of Tajikistan International Bond 7.13%, 9/14/2027 (b)		500		463
Turkey — 2.4%
Export Credit Bank of Turkey 8.25%, 1/24/2024 (a) (e)		340		338
Republic of Turkey
3.25%, 3/23/2023		7,018		6,142
5.20%, 2/16/2026	EUR	1,430		1,556
5.13%, 2/17/2028		4,200		3,549
6.88%, 3/17/2036		1,304		1,167
4.88%, 4/16/2043		9,387		6,902
				19,654
Ukraine — 1.6%
Republic of Ukraine
7.75%, 9/1/2019 (b)		819		822
7.75%, 9/1/2022 (b)		2,642		2,595
7.75%, 9/1/2024 (b)		900		860
7.38%, 9/25/2032 (b)		10,183		8,987
				13,264
United Arab Emirates — 0.6%
Abu Dhabi Government Bond 4.13%, 10/11/2047 (b)		5,080		5,156
Uruguay — 1.9%
Republic of Uruguay
7.88%, 1/15/2033		4,700		6,434
5.10%, 6/18/2050		3,608		3,788
4.98%, 4/20/2055		5,710		5,875
				16,097
Uzbekistan — 0.0% (c)
Republic of Uzbekistan 5.38%, 2/20/2029 (a)		394		399
Venezuela, Bolivarian Republic of — 0.3%
Republic of Venezuela
7.75%, 10/13/2019 (b) (f)		1,221		333
6.00%, 12/9/2020 (b) (f)		460		128
12.75%, 8/23/2022 (b) (f)		1,470		441
9.00%, 5/7/2023 (b) (f)		620		176
8.25%, 10/13/2024 (b) (f)		950		268
7.65%, 4/21/2025 (b)		680		189

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Venezuela, Bolivarian Republic of — continued
11.75%, 10/21/2026 (b) (f)		1,070		321
9.25%, 5/7/2028 (b) (f)		2,730		771
				2,627
Vietnam — 0.2%
Republic of Vietnam 4.80%, 11/19/2024 (b)		1,400		1,467
Zambia — 0.5%
Republic of Zambia
5.38%, 9/20/2022 (b)		800		548
8.97%, 7/30/2027 (b)		5,255		3,639
				4,187
Total Foreign Government Securities (Cost $588,977)				593,167
Corporate Bonds — 23.6%
Argentina — 0.1%
Banco Macro SA (USD Swap Semi 5 Year + 5.46%), 6.75%, 11/4/2026 (b) (g)		359		281
Pampa Energia SA 7.38%, 7/21/2023 (b)		467		419
				700
Azerbaijan — 0.6%
Southern Gas Corridor CJSC 6.88%, 3/24/2026 (b)		1,263		1,427
State Oil Co. of the Azerbaijan Republic 6.95%, 3/18/2030 (b)		3,100		3,530
				4,957
Bahrain — 0.6%
Batelco International Finance No. 1 Ltd. 4.25%, 5/1/2020 (b)		2,410		2,395
Oil and Gas Holding Co. BSCC (The)
7.63%, 11/7/2024 (a)		1,100		1,196
8.38%, 11/7/2028 (a)		1,600		1,804
				5,395
Belarus — 0.1%
Development Bank of the Republic of Belarus JSC 6.75%, 5/2/2024 (a)		670		674
Brazil — 1.2%
Caixa Economica Federal (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.55%), 7.25%, 7/23/2024 (b) (g)		1,400		1,410
Cemig Geracao e Transmissao SA 9.25%, 12/5/2024 (a)		2,210		2,431
Itau Unibanco Holding SA 6.20%, 12/21/2021 (b)		368		389
JSL Europe SA 7.75%, 7/26/2024 (a)		891		888

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 9

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Brazil — continued
Klabin Austria GmbH 7.00%, 4/3/2049 (a)		1,350		1,348
Light Servicos de Eletricidade SA 7.25%, 5/3/2023 (a)		550		558
Petrobras Global Finance BV
6.25%, 3/17/2024		790		851
6.00%, 1/27/2028		1,869		1,918
Votorantim Cimentos International SA 7.25%, 4/5/2041 (b)		400		455
				10,248
Canada — 0.2%
Gran Tierra Energy International Holdings Ltd. 6.25%, 2/15/2025 (a)		1,380		1,325
Chile — 1.4%
Celulosa Arauco y Constitucion SA 5.50%, 4/30/2049 (a)		730		733
Corp. Nacional del Cobre de Chile
3.63%, 8/1/2027 (b)		516		517
4.38%, 2/5/2049 (a)		4,100		4,100
Empresa de Transporte de Pasajeros Metro SA
4.75%, 2/4/2024 (b)		1,100		1,162
5.00%, 1/25/2047 (b)		400		426
Empresa Electrica Angamos SA 4.88%, 5/25/2029 (b)		337		341
Empresa Nacional del Petroleo
3.75%, 8/5/2026 (b)		1,200		1,190
5.25%, 11/6/2029 (a)		1,750		1,897
5.25%, 11/6/2029 (b)		720		781
4.50%, 9/14/2047 (b)		400		382
				11,529
China — 2.3%
Avi Funding Co. Ltd. 3.80%, 9/16/2025 (b)		1,100		1,119
Baoxin Auto Finance I Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 12.62%), 8.75%, 12/15/2019 (b) (g) (h) (i)		440		442
CCCI Treasure Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.19%), 3.50%, 4/21/2020 (b) (g) (h) (i)		470		467
CDBL Funding 1 4.25%, 12/2/2024 (b)		452		461
China Aoyuan Group Ltd. 8.50%, 1/23/2022 (b)		2,360		2,478
Chinalco Capital Holdings Ltd. 4.00%, 8/25/2021 (b)		1,100		1,090
CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027 (b)		1,100		1,099
GCL New Energy Holdings Ltd. 7.10%, 1/30/2021 (b)		770		678

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
China — continued
GOME Retail Holdings Ltd. 5.00%, 3/10/2020 (b)		200		197
Guangxi Communications Investment Group Co. Ltd. 3.00%, 11/4/2019 (b)		200		198
Hongkong International Qingdao Co. Ltd. 4.25%, 12/4/2022 (b)		1,370		1,300
Huarong Finance II Co. Ltd. 5.50%, 1/16/2025 (b)		1,570		1,668
Minmetals Bounteous Finance BVI Ltd. 4.20%, 7/27/2026 (b)		1,200		1,205
Sinochem Overseas Capital Co. Ltd. 4.50%, 11/12/2020 (b)		700		715
Tencent Holdings Ltd. 3.98%, 4/11/2029 (a)		1,830		1,845
Three Gorges Finance I Cayman Islands Ltd. 3.70%, 6/10/2025 (b)		1,000		1,018
Vanke Real Estate Hong Kong Co. Ltd. 3.95%, 12/23/2019 (b)		640		642
Yuzhou Properties Co. Ltd. 8.63%, 1/23/2022 (b)		2,360		2,463
				19,085
Colombia — 0.7%
Ecopetrol SA
5.88%, 9/18/2023		1,700		1,844
5.38%, 6/26/2026		1,418		1,517
Geopark Ltd. 6.50%, 9/21/2024 (a)		1,220		1,234
Millicom International Cellular SA 6.25%, 3/25/2029 (a)		1,040		1,075
				5,670
Congo, Democratic Republic of the — 0.2%
HTA Group Ltd.
9.13%, 3/8/2022 (b)		1,080		1,126
9.13%, 3/8/2022 (a)		309		322
				1,448
Ecuador — 0.5%
Petroamazonas EP
4.63%, 2/16/2020 (b)		2,167		2,149
4.63%, 11/6/2020 (a)		1,980		1,938
				4,087
Georgia — 0.1%
Georgian Railway JSC 7.75%, 7/11/2022 (b)		1,100		1,180
Hong Kong — 0.7%
CK Hutchison International 19 Ltd. 3.63%, 4/11/2029 (a)		1,970		1,967
CMB Wing Lung Bank Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.75%), 3.75%, 11/22/2027 (b) (g)		830		813

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Hong Kong — continued
King Power Capital Ltd. 5.63%, 11/3/2024 (b)		1,300		1,424
WTT Investment Ltd. 5.50%, 11/21/2022 (a)		1,221		1,238
				5,442
Hungary — 0.1%
MFB Magyar Fejlesztesi Bank Zrt. 6.25%, 10/21/2020 (b)		1,000		1,045
				1,045
India — 0.1%
Greenko Dutch BV 5.25%, 7/24/2024 (a)		1,200		1,169
Indonesia — 1.9%
Indonesia Asahan Aluminium Persero PT
5.71%, 11/15/2023 (a)		2,310		2,477
6.53%, 11/15/2028 (a)		1,752		1,991
6.76%, 11/15/2048 (b)		3,550		4,074
6.76%, 11/15/2048 (a)		2,538		2,907
LLPL Capital Pte. Ltd. 6.88%, 2/4/2039 (a)		760		821
Medco Platinum Road Pte. Ltd. 6.75%, 1/30/2025 (a)		408		397
Minejesa Capital BV 5.63%, 8/10/2037 (a)		370		366
Pertamina Persero PT 6.50%, 11/7/2048 (b)		300		349
Perusahaan Listrik Negara PT
4.13%, 5/15/2027 (b)		1,100		1,083
5.25%, 5/15/2047 (b)		700		692
6.15%, 5/21/2048 (a)		900		995
				16,152
Kazakhstan — 2.0%
Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (b)		586		691
Kazakhstan Temir Zholy National Co. JSC
4.85%, 11/17/2027 (a)		900		932
4.85%, 11/17/2027 (b)		900		933
KazMunayGas National Co. JSC
3.88%, 4/19/2022 (b)		3,700		3,737
4.75%, 4/19/2027 (b)		2,900		3,002
5.75%, 4/19/2047 (b)		600		630
6.38%, 10/24/2048 (b)		5,220		5,762
Nostrum Oil & Gas Finance BV 8.00%, 7/25/2022 (a)		1,410		998
				16,685
Kuwait — 0.1%
Kuwait Projects Co. SPC Ltd. 4.50%, 2/23/2027 (b)		1,159		1,127
				1,127

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Macau — 0.2%
Sands China Ltd.
5.13%, 8/8/2025		630		665
5.40%, 8/8/2028		940		993
				1,658
Malaysia — 0.3%
Petronas Capital Ltd. 4.50%, 3/18/2045 (b)		2,500		2,716
Mauritius — 0.1%
Liquid Telecommunications Financing plc 8.50%, 7/13/2022 (a)		761		770
Mexico — 2.4%
Banco Nacional de Comercio Exterior SNC 4.38%, 10/14/2025 (b)		500		501
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 8/11/2026 (b) (g)		500		493
Cometa Energia SA de CV 6.38%, 4/24/2035 (a)		2,361		2,356
Grupo KUO SAB de CV 5.75%, 7/7/2027 (a) (e)		1,640		1,576
Petroleos Mexicanos (ICE LIBOR USD 3 Month + 3.65%), 6.25%, 3/11/2022 (g)		1,349		1,408
5.38%, 3/13/2022		2,100		2,150
6.50%, 3/13/2027		2,972		3,003
6.50%, 1/23/2029		2,000		1,998
5.50%, 6/27/2044		2,800		2,286
6.75%, 9/21/2047		2,731		2,518
6.35%, 2/12/2048		1,955		1,724
				20,013
Nigeria — 0.2%
IHS Netherlands Holdco BV 9.50%, 10/27/2021 (b)		1,520		1,573
				1,573
Norway — 0.1%
DNO ASA 8.75%, 5/31/2023 (b)		800		824
Oman — 0.3%
National Bank of Oman SAOG 5.63%, 9/25/2023 (b)		1,030		1,029
Oztel Holdings SPC Ltd. 6.63%, 4/24/2028 (b)		1,200		1,170
				2,199
Panama — 0.6%
Aeropuerto Internacional de Tocumen SA
6.00%, 11/18/2048 (a)		1,040		1,175
6.00%, 11/18/2048 (b)		700		791
Banistmo SA 3.65%, 9/19/2022 (a)		874		865

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 11

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Panama — continued
Empresa de Transmision Electrica SA 5.13%, 5/2/2049 (a)		2,140		2,175
				5,006
Paraguay — 0.1%
Telefonica Celular del Paraguay SA 5.88%, 4/15/2027 (a)		690		712
Peru — 2.0%
Consorcio Transmantaro SA 4.70%, 4/16/2034 (a)		1,441		1,466
Corp. Financiera de Desarrollo SA
4.75%, 2/8/2022 (b)		1,000		1,032
4.75%, 7/15/2025 (b)		1,300		1,365
Fondo MIVIVIENDA SA 3.50%, 1/31/2023 (b)		1,300		1,299
Inkia Energy Ltd. 5.88%, 11/9/2027 (a)		1,238		1,239
Nexa Resources SA
5.38%, 5/4/2027 (b)		1,200		1,247
5.38%, 5/4/2027 (a)		260		270
Petroleos del Peru SA
4.75%, 6/19/2032 (b)		6,160		6,260
4.75%, 6/19/2032 (a)		200		203
5.63%, 6/19/2047 (b)		1,587		1,680
Southern Copper Corp. 5.88%, 4/23/2045		700		782
				16,843
Qatar — 0.9%
ABQ Finance Ltd.
3.63%, 4/13/2021 (b)		760		758
3.50%, 2/22/2022 (b)		4,315		4,277
Ooredoo International Finance Ltd. 3.25%, 2/21/2023 (b)		200		199
Ras Laffan Liquefied Natural Gas Co. Ltd. II 5.30%, 9/30/2020 (b)		1,968		1,992
				7,226
Russia — 0.1%
Russian Agricultural Bank OJSC 8.50%, 10/16/2023 (b)		590		619
Saudi Arabia — 0.2%
Saudi Arabian Oil Co. 4.38%, 4/16/2049 (a)		2,030		1,982
Singapore — 0.2%
United Overseas Bank Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.50%), 3.75%, 4/15/2029 (a) (g)		1,340		1,359

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
South Africa — 0.5%
Eskom Holdings SOC Ltd.
5.75%, 1/26/2021 (b)		800		793
6.75%, 8/6/2023 (b)		2,050		2,060
SASOL Financing USA LLC 5.88%, 3/27/2024		770		818
Transnet SOC Ltd. 4.00%, 7/26/2022 (b)		600		590
				4,261
South Korea — 0.2%
Heungkuk Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/9/2047 (b) (g)		1,590		1,495
Spain — 0.3%
AI Candelaria Spain SLU 7.50%, 12/15/2028 (a)		1,250		1,334
International Airport Finance SA 12.00%, 3/15/2033 (a)		1,280		1,374
				2,708
Trinidad and Tobago — 0.4%
Petroleum Co. of Trinidad & Tobago Ltd. 9.75%, 8/14/2019 (b)		3,100		3,037
				3,037
Tunisia — 0.1%
Banque Centrale de Tunisie International Bond
6.75%, 10/31/2023 (a)	EUR	874		983
6.75%, 10/31/2023 (b)	EUR	200		225
				1,208
Turkey — 0.5%
Coca-Cola Icecek A/S 4.22%, 9/19/2024 (b)		803		766
Petkim Petrokimya Holding A/S
5.88%, 1/26/2023 (a)		978		902
5.88%, 1/26/2023 (b)		764		705
Ronesans Gayrimenkul Yatirim A/S 7.25%, 4/26/2023 (a)		881		727
Turk Telekomunikasyon A/S 6.88%, 2/28/2025 (a)		955		914
				4,014
Ukraine — 0.1%
State Savings Bank of Ukraine 9.63%, 3/20/2025 (b) (d)		600		598
United Arab Emirates — 0.7%
EA Partners I BV 6.88%, 9/28/2020 (b)		2,751		1,238
EA Partners II BV 6.75%, 6/1/2021 (b) (f)		1,076		428
ICD Sukuk Co. Ltd. 3.51%, 5/21/2020 (b)		2,000		1,985

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United Arab Emirates — continued
MAF Global Securities Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.54%), 6.37%, 3/20/2026 (b) (g) (h) (i)		1,970		1,848
				5,499
Venezuela, Bolivarian Republic of — 0.2%
Petroleos de Venezuela SA
8.50%, 10/27/2020 (b) (f)		624		546
9.00%, 11/17/2021 (b) (f)		1,240		313
12.75%, 2/17/2022 (b) (f)		1,470		367
5.38%, 4/12/2027 (b) (f)		1,580		332
9.75%, 5/17/2035 (b) (f)		1,430		365
5.50%, 4/12/2037 (b)		650		130
5.50%, 4/12/2037 (b) (f)		200		40
				2,093
Total Corporate Bonds (Cost $196,175)				196,331
Supranational — 0.6%
Africa Finance Corp. 4.38%, 4/17/2026 (a) (Cost $4,995)		5,020		5,027
Short-Term Investments — 2.7%
Foreign Government Treasury Bills — 0.5%
Nigeria Treasury Bills 17.26%, 1/2/2020 (j) (Cost $3,971)	NGN	1,600,000		4,053
	SHARES (000)
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (k) (l) (Cost $18,684)		18,679		18,685
Total Short-Term Investments (Cost $22,655)				22,738
Investment Of Cash Collateral From Securities Loaned — 0.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (k) (l) (Cost $1,518)		1,518		1,518
Total Investments — 98.4% (Cost $814,320)				818,781
Other Assets Less Liabilities — 1.6%				12,957
Net Assets — 100.0%				831,738

Percentages indicated are based on net assets.

Abbreviations

BRL	Brazilian Real
CJSC	Closed Joint Stock Company
COP	Colombian Peso
DOP	Dominican Republic Peso
EUR	Euro
ICE	Intercontinental Exchange
IDR	Indonesian Rupiah
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MXN	Mexican Peso
NGN	Nigerian Naira
OJSC	Open Joint Stock Company
PEN	Peruvian Nuevo Sol
PT	Limited liability company
SPC	Special purpose company
USD	United States Dollar
ZAR	South African Rand
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of April 30, 2019.
(e)	The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $1,457,000.
(f)	Defaulted security.
(g)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2019.
(h)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of April 30, 2019.
(i)	Security is an interest bearing note with preferred security characteristics.
(j)	The rate shown is the effective yield as of April 30, 2019.
(k)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	The rate shown is the current yield as of April 30, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 13

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 10 Year Note	322		06/2019		USD		39,827		242
									242

Abbreviations
USD	United States Dollar

Forward foreign currency exchange contracts outstanding as of April 30, 2019 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	15,493	EUR	13,760	Merrill Lynch International		5/15/2019		41
USD	1,402	EUR	1,246	State Street Corp.		5/15/2019		3
IDR	29,461,091	USD	2,065	Citibank, NA**		5/22/2019		2
INR	140,585	USD	1,995	Citibank, NA**		5/22/2019		20
JPY	231,554	USD	2,074	Citibank, NA		5/22/2019		8
USD	4,172	EUR	3,675	Merrill Lynch International		5/22/2019		42
USD	6,298	EUR	5,575	TD Bank Financial Group		5/22/2019		34
USD	4,077	INR	284,356	Citibank, NA**		5/22/2019		3
USD	1,997	KRW	2,321,833	Citibank, NA**		5/22/2019		1
USD	2,078	KRW	2,410,744	Goldman Sachs International**		5/22/2019		7
USD	2,051	TRY	12,152	HSBC Bank, NA		5/22/2019		40
CLP	3,014,909	USD	4,437	Goldman Sachs International**		6/19/2019		13
RUB	540,318	USD	8,142	Citibank, NA**		6/19/2019		169
USD	1,848	ARS	87,514	Goldman Sachs International**		6/19/2019		12
USD	5,184	BRL	20,081	Goldman Sachs International**		6/19/2019		82
USD	8,404	CLP	5,631,064	Citibank, NA**		6/19/2019		93
USD	5,153	CNH	34,691	HSBC Bank, NA**		6/19/2019		3
USD	3,361	COP	10,549,360	Citibank, NA**		6/19/2019		107
USD	8,305	COP	26,394,034	Goldman Sachs International**		6/19/2019		162
USD	8,692	EUR	7,566	Citibank, NA		6/19/2019		170
USD	25,304	EUR	22,322	State Street Corp.		6/19/2019		161
USD	3,654	KRW	4,245,304	Goldman Sachs International**		6/19/2019		2
USD	190	PLN	722	Citibank, NA		6/19/2019		2
USD	4,575	PLN	17,371	State Street Corp.		6/19/2019		23
USD	4,127	TRY	23,720	Citibank, NA		6/19/2019		270
USD	4,002	TRY	22,916	Merrill Lynch International		6/19/2019		277
ZAR	25,325	USD	1,743	Merrill Lynch International		6/19/2019		17
Total unrealized appreciation								1,764
EUR	591	USD	667	Merrill Lynch International		5/15/2019		(3	)
BRL	15,718	USD	4,083	Deutsche Bank AG**		5/22/2019		(81	)
CHF	4,218	EUR	3,709	Goldman Sachs International		5/22/2019		(20	)
CLP	2,750,388	USD	4,137	Goldman Sachs International**		5/22/2019		(77	)
CNH	56,327	USD	8,373	Merrill Lynch International**		5/22/2019		(11	)
COP	12,276,315	USD	3,957	Goldman Sachs International**		5/22/2019		(165	)
EUR	3,709	PLN	15,958	Goldman Sachs International		5/22/2019		(11	)
KRW	2,333,901	USD	2,047	Citibank, NA**		5/22/2019		(42	)
KRW	2,347,161	USD	2,074	Goldman Sachs International**		5/22/2019		(57	)
TRY	12,152	USD	2,012	Barclays Bank plc		5/22/2019		(2	)
USD	2,074	JPY	231,554	Goldman Sachs International		5/22/2019		(9	)

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2019

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
ZAR	24,391	USD	1,731	HSBC Bank, NA		5/22/2019		(30	)
ARS	87,514	USD	1,951	Goldman Sachs International**		6/19/2019		(115	)
CLP	5,406,411	USD	8,075	Goldman Sachs International**		6/19/2019		(96	)
CNY	28,964	USD	4,315	Merrill Lynch International**		6/19/2019		(14	)
COP	12,785,586	USD	4,118	Barclays Bank plc**		6/19/2019		(173	)
COP	13,401,647	USD	4,269	Credit Suisse International**		6/19/2019		(135	)
COP	13,824,716	USD	4,350	Goldman Sachs International**		6/19/2019		(84	)
EUR	14,579	PLN	63,085	Citibank, NA		6/19/2019		(111	)
IDR	56,808,954	USD	3,984	Citibank, NA**		6/19/2019		(15	)
KRW	13,719,149	USD	12,123	Merrill Lynch International**		6/19/2019		(322	)
MXN	17,261	USD	905	Standard Chartered Bank		6/19/2019		(2	)
PLN	272	USD	71	Citibank, NA		6/19/2019		—	(a)
PLN	17,820	USD	4,698	HSBC Bank, NA		6/19/2019		(28	)
PLN	63,085	USD	16,547	Merrill Lynch International		6/19/2019		(14	)
TRY	23,318	USD	3,806	Barclays Bank plc		6/19/2019		(14	)
USD	3,931	IDR	56,808,954	Standard Chartered Bank**		6/19/2019		(38	)
USD	6,581	MXN	130,520	Citibank, NA		6/19/2019		(249	)
USD	266	MXN	5,146	Goldman Sachs International		6/19/2019		(3	)
USD	16	MXN	311	HSBC Bank, NA		6/19/2019		—	(a)
USD	58	MXN	1,138	Standard Chartered Bank		6/19/2019		(1	)
USD	196	MXN	3,783	State Street Corp.		6/19/2019		(2	)
USD	8,075	RUB	540,318	Goldman Sachs International**		6/19/2019		(236	)
USD	4,995	ZAR	73,398	Citibank, NA		6/19/2019		(106	)
USD	963	ZAR	13,959	Merrill Lynch International		6/19/2019		(7	)
ZAR	34,440	USD	2,406	HSBC Bank, NA		6/19/2019		(12	)
Total unrealized depreciation								(2,285	)
Net unrealized depreciation								(521	)

Abbreviations

ARS	Argentine Peso
BRL	Brazilian Real
CHF	Swiss Franc
CLP	Chilean Peso
CNH	China Renminbi
CNY	China Yuan
COP	Colombian Peso
EUR	Euro
IDR	Indonesian Rupiah
INR	India Rupee
JPY	Japanese Yen

KRW	Korean Republic Won
MXN	Mexican Peso
PLN	Polish Zloty
RUB	Russian Ruble
TRY	Turkish Lira
USD	United States Dollar
ZAR	South African Rand
(a)	Amount rounds to less than one thousand.
**	Non-deliverable forward.

Over-the-Counter (“OTC”) Credit default swap contracts outstanding — buy protection(1) as of April 30, 2019 (amounts in thousands):
REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)		PAYMENT FREQUENCY		COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD  (%)(3)		NOTIONAL AMOUNT(4)		UPFRONT PAYMENTS (RECEIPTS) ($)(5)		UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Republic of Russian Federation, 2.25%, 03/31/2030		1.00		Quarterly		Goldman Sachs International		12/20/2023		1.16	USD	37,000		808		(590	)		218
Republic of Turkey, 11.88%, 1/15/2030		1.00		Quarterly		Goldman Sachs International		6/20/2024		4.50	USD	2,424		343		15			358
Republic of Turkey, 11.88%, 1/15/2030		1.00		Quarterly		Goldman Sachs International		6/20/2024		4.50	USD	2,424		343		14			357
														1,494		(561	)		933

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 15

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)		PAYMENT FREQUENCY		COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD  (%)(3)		NOTIONAL AMOUNT(4)		UPFRONT PAYMENTS (RECEIPTS) ($)(5)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
People’s Republic of China, 7.50%, 10/28/2027		1.00		Quarterly		Goldman Sachs International		12/20/2023		0.37	USD	18,748		(301	)		(243	)		(544	)
Republic of Indonesia, 5.88%, 3/13/2020		1.00		Quarterly		Goldman Sachs International		12/20/2023		0.86	USD	13,356		272			(369	)		(97	)
Republic of Indonesia, 5.88%, 3/13/2020		1.00		Quarterly		Goldman Sachs International		12/20/2023		0.86	USD	16,694		340			(461	)		(121	)
Republic of Indonesia, 5.88%, 3/13/2020		1.00		Quarterly		Goldman Sachs International		6/20/2024		0.95	USD	7,000		50			(74	)		(24	)
Republic of Korea, 7.13%, 4/16/2019		1.00		Quarterly		Goldman Sachs International		12/20/2023		0.29	USD	34,000		(815	)		(297	)		(1,112	)
United Mexican States, 4.15%, 3/28/2027		1.00		Quarterly		Citibank, NA		12/20/2023		1.02	USD	9,000		184			(189	)		(5	)
United Mexican States, 4.15%, 3/28/2027		1.00		Quarterly		Goldman Sachs International		12/20/2023		1.02	USD	6,000		127			(130	)		(3	)
														(143	)		(1,763	)		(1,906	)
														1,351			(2,324	)		(973	)

OTC Credit default swap contracts outstanding — sell protection(2) as of April 30, 2019 (amounts in thousands):
REFERENCE OBLIGATION/INDEX	FINANCING RATE RECEIVED BY THE FUND (%)		PAYMENT FREQUENCY		COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD  (%)(3)		NOTIONAL AMOUNT(4)		UPFRONT PAYMENTS (RECEIPTS) ($)(5)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Republic of Argentine, 7.50%, 4/22/2026		5.00		Quarterly		Citibank, NA		6/20/2024		11.94		USD 4,252		(622	)		(307	)		(929	)
														(622	)		(307	)		(929	)

Centrally Cleared Credit default swap contracts outstanding — buy protection(1) as of April 30, 2019 (amounts in thousands):
REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)		PAYMENT FREQUENCY		MATURITY DATE		IMPLIED CREDIT SPREAD  (%)(3)		NOTIONAL AMOUNT(4)		UPFRONT PAYMENTS (RECEIPTS) ($)(5)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
iTraxx Asia ex-Japan IG 30.1		1.00		Quarterly		12/20/2023		0.55		USD 8,000		(7	)		(160	)		(167	)
												(7	)		(160	)		(167	)

⁽¹⁾   The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

⁽²⁾  The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

⁽³⁾  Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

⁽⁴⁾  The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

⁽⁵⁾  Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2019

Centrally Cleared Interest rate swap contracts outstanding as of April 30, 2019 (amounts in thousands):
FLOATING RATE INDEX (a)	FIXED RATE		PAY/ RECEIVE FLOATING RATE		MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
6 month BUBOR semi-annually		3.08% annually		Receive		1/31/2029	HUF	2,400,000		—		48
1 month TIIE monthly		8.11% monthly		Pay		2/2/2024	MXN	280,000		—		134
1 month TIIE monthly		8.20% monthly		Pay		1/21/2022	MXN	259,969		—		77
										—		259
Chilean Peso at maturity		3.18% semi-annually		Pay		4/30/2021	CLP	28,500,000		—		(3	)
Chilean Peso at maturity		3.53% semi-annually		Receive		4/30/2024	CLP	12,000,000		—		(6	)
										—		(9	)
										—		250

Abbreviations
BUBOR	Budapest Interbank Offered Rate
CLP	Chilean Peso
HUF	Hungarian Forint
MXN	Mexican Peso
TIIE	Interbank Equilibrium Interest Rate
USD	United States Dollar

(a) Value of floating rate index at April 30, 2019 was as follows:

FLOATING RATE INDEX	VALUE
6 Month BUBOR		0.25	%
1 Month TIIE		8.50	%

Summary of total swap contracts outstanding as of April 30, 2019 (amounts in thousands):
	NET UPFRONT PAYMENTS (RECEIPTS) ($)			VALUE ($)
Assets
OTC Credit default swap contracts outstanding — buy protection		1,494			933
Total OTC swap contracts outstanding		1,494			933
Liabilities
OTC Credit default swap contracts outstanding — buy protection		(143	)		(1,906	)
OTC Credit default swap contracts outstanding — sell protection		(622	)		(929	)
Total OTC swap contracts outstanding		(765	)		(2,835	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 17

STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2019 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Emerging  Markets Strategic Debt Fund
ASSETS:
Investments in non-affiliates, at value	$	798,578
Investments in affiliates, at value		18,685
Investment of cash collateral received from securities loaned, at value (Note 2.D.)		1,518
Restricted cash for OTC derivatives		1,000
Cash		2,177
Foreign currency, at value		738
Deposits at broker for futures contracts		475
Deposits at broker for centrally cleared swaps		897
Receivables:
Due from custodian		4,995
Investment securities sold		4,203
Fund shares sold		1,810
Interest and dividends from non-affiliates		11,216
Dividends from affiliates		27
Tax reclaims		21
Securities lending income (Note 2.D.)		—	(a)
Variation margin on futures contracts		81
Variation margin on centrally cleared swaps (net upfront receipts of $7)		106
Unrealized appreciation on forward foreign currency exchange contracts		1,764
Outstanding OTC swap contracts, at value (net upfront payments of $1,494)		933
Total Assets		849,224
LIABILITIES:
Payables:
Investment securities purchased		10,029
Collateral received on securities loaned (Note 2.D.)		1,518
Fund shares redeemed		5
Unrealized depreciation on forward foreign currency exchange contracts		2,285
Outstanding OTC swap contracts, at value (net upfront receipts of $765)		2,835
Accrued liabilities:
Investment advisory fees		420
Administration fees		19
Distribution fees		—	(a)
Service fees		2
Custodian and accounting fees		75
Collateral management fees		6
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Deferred foreign capital gains tax		93
Other		199
Total Liabilities		17,486
Net Assets	$	831,738

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS APRIL 30, 2019

	JPMorgan Emerging  Markets Strategic Debt Fund
NET ASSETS:
Paid-in-Capital	$	894,808
Total distributable earnings (loss)		(63,070	)
Total Net Assets	$	831,738
Net Assets:
Class A	$	518
Class C		190
Class I		9,384
Class R2		26
Class R5		22
Class R6		821,598
Total	$	831,738
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		66
Class C		25
Class I		1,192
Class R2		3
Class R5		3
Class R6		103,316
Net Asset Value (a):
Class A — Redemption price per share	$	7.82
Class C — Offering price per share (b)		7.65
Class I — Offering and redemption price per share		7.87
Class R2 — Offering and redemption price per share		7.73
Class R5 — Offering and redemption price per share		7.94
Class R6 — Offering and redemption price per share		7.95
Class A maximum sales charge		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	8.12
Cost of investments in non-affiliates	$	794,118
Cost of investments in affiliates		18,684
Cost of foreign currency		385
Investment securities on loan, at value		1,457
Cost of investment of cash collateral		1,518

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 19

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

(Amounts in thousands)

	JPMorgan Emerging  Markets Strategic Debt Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	22,356
Interest income from affiliates		31
Dividend income from affiliates		332
Income from securities lending (net)		—	(a)
Foreign taxes withheld		(94	)
Total investment income		22,625
EXPENSES:
Investment advisory fees		2,595
Administration fees		285
Distribution fees:
Class A		17
Class C		1
Class R2		—	(a)
Service fees:
Class A		17
Class C		—	(a)
Class I		12
Class R2		—	(a)
Class R5		—	(a)
Custodian and accounting fees		59
Interest expense to affiliates		1
Professional fees		55
Collateral management fees		13
Trustees’ and Chief Compliance Officer’s fees		15
Printing and mailing costs		29
Registration and filing fees		27
Transfer agency fees (See Note 2.H.)		9
Other		10
Total expenses		3,145
Less fees waived		(521	)
Less expense reimbursements		(6	)
Net expenses		2,618
Net investment income (loss)		20,007
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(11,455	)(b)
Investments in affiliates		7
Options purchased		(994	)
Futures contracts		(734	)
Foreign currency transactions		(1,373	)
Forward foreign currency exchange contracts		(717	)
Swaps		(1,296	)
Net realized gain (loss)		(16,562	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		40,112	(c)
Investments in affiliates		1
Options purchased		433
Futures contracts		335
Foreign currency translations		185
Forward foreign currency exchange contracts		(1,388	)
Swaps		(2,624	)
Change in net unrealized appreciation/depreciation		37,054
Net realized/unrealized gains (losses)		20,492
Change in net assets resulting from operations	$	40,499

(a) Amount rounds to less than one thousand.

(b) Net of foreign capital gains tax of approximately $(56,000).

(c) Net of change in foreign capital gains tax of approximately $(17,000).

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS APRIL 30, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	20,007		$	36,886
Net realized gain (loss)		(16,562	)		(37,255	)
Change in net unrealized appreciation/depreciation		37,054			(40,868	)
Change in net assets resulting from operations		40,499			(41,237	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(392	)		(2,968	)
Class C		(9	)		(5	)
Class I		(274	)		(623	)
Class R2		(1	)		(1	)
Class R5		(1	)		(1	)
Class R6		(19,539	)		(27,908	)
Total distributions to shareholders		(20,216	)		(31,506	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		126,250			96,935
NET ASSETS:
Change in net assets		146,533			24,192
Beginning of period		685,205			661,013
End of period	$	831,738		$	685,205

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 21

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,212		$	80,393
Distributions reinvested		392			2,967
Cost of shares redeemed		(43,324	)		(109,088	)
Change in net assets resulting from Class A capital transactions	$	(40,720	)	$	(25,728	)
Class C
Proceeds from shares issued	$	486		$	—	(a)
Distributions reinvested		9			5
Cost of shares redeemed		(399	)		(200	)
Change in net assets resulting from Class C capital transactions	$	96		$	(195	)
Class I
Proceeds from shares issued	$	9,521		$	34,802
Distributions reinvested		274			623
Cost of shares redeemed		(14,497	)		(31,966	)
Change in net assets resulting from Class I capital transactions	$	(4,702	)	$	3,459
Class R2
Proceeds from shares issued	$	—	(a)	$	7
Distributions reinvested		1			1
Cost of shares redeemed		—	(a)		(2	)
Change in net assets resulting from Class R2 capital transactions	$	1		$	6
Class R5
Distributions reinvested	$	1		$	1
Change in net assets resulting from Class R5 capital transactions	$	1		$	1
Class R6
Proceeds from shares issued	$	205,573		$	256,274
Distributions reinvested		19,539			27,908
Cost of shares redeemed		(53,538	)		(164,790	)
Change in net assets resulting from Class R6 capital transactions	$	171,574		$	119,392
Total change in net assets resulting from capital transactions	$	126,250		$	96,935

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS APRIL 30, 2019

	JPMorgan Emerging Markets Strategic Debt Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		293			9,943
Reinvested		53			370
Redeemed		(5,734	)		(13,977	)
Change in Class A Shares		(5,388	)		(3,664	)
Class C
Issued		65			—	(a)
Reinvested		1			1
Redeemed		(54	)		(25	)
Change in Class C Shares		12			(24	)
Class I
Issued		1,227			4,293
Reinvested		36			78
Redeemed		(1,903	)		(3,998	)
Change in Class I Shares		(640	)		373
Class R2
Issued		—	(a)		1
Reinvested		—	(a)		—	(a)
Redeemed		—	(a)		—	(a)
Change in Class R2 Shares		—	(a)		1
Class R5
Reinvested		—	(a)		1
Change in Class R5 Shares		—	(a)		1
Class R6
Issued		26,414			30,744
Reinvested		2,530			3,435
Redeemed		(6,882	)		(20,742	)
Change in Class R6 Shares		22,062			13,437

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 23

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Return of capital			Total distributions
JPMorgan Emerging Markets Strategic Debt Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	7.61	$	0.19		$	0.20		$	0.39		$	(0.18	)	$	—		$	(0.18	)
Year Ended October 31, 2018		8.31		0.35			(0.75	)		(0.40	)		(0.30	)		—			(0.30	)
Year Ended October 31, 2017		8.18		0.37			0.05			0.42			(0.29	)		—			(0.29	)
Year Ended October 31, 2016		7.56		0.28			0.34			0.62			—			—			—
Year Ended October 31, 2015		9.30		0.31	(f)		(2.05	)		(1.74	)		—			—	(g)		—	(g)
Year Ended October 31, 2014		9.69		0.39			(0.78	)		(0.39	)		—			—			—
Class C
Six Months Ended April 30, 2019 (Unaudited)		7.47		0.16			0.20			0.36			(0.18	)		—			(0.18	)
Year Ended October 31, 2018		8.15		0.31			(0.74	)		(0.43	)		(0.25	)		—			(0.25	)
Year Ended October 31, 2017		8.05		0.33			0.03			0.36			(0.26	)		—			(0.26	)
Year Ended October 31, 2016		7.47		0.24			0.34			0.58			—			—			—
Year Ended October 31, 2015		9.23		0.28	(f)		(2.04	)		(1.76	)		—			—			—
Year Ended October 31, 2014		9.67		0.33			(0.77	)		(0.44	)		—			—			—
Class I
Six Months Ended April 30, 2019 (Unaudited)		7.67		0.20			0.21			0.41			(0.21	)		—			(0.21	)
Year Ended October 31, 2018		8.37		0.36			(0.74	)		(0.38	)		(0.32	)		—			(0.32	)
Year Ended October 31, 2017		8.25		0.39			0.05			0.44			(0.32	)		—			(0.32	)
Year Ended October 31, 2016		7.61		0.31			0.33			0.64			—			—			—
Year Ended October 31, 2015		9.33		0.34	(f)		(2.05	)		(1.71	)		—	(g)		(0.01	)		(0.01	)
Year Ended October 31, 2014		9.70		0.40			(0.77	)		(0.37	)		—			—			—
Class R2
Six Months Ended April 30, 2019 (Unaudited)		7.54		0.18			0.20			0.38			(0.19	)		—			(0.19	)
Year Ended October 31, 2018		8.23		0.32			(0.73	)		(0.41	)		(0.28	)		—			(0.28	)
Year Ended October 31, 2017		8.12		0.33			0.05			0.38			(0.27	)		—			(0.27	)
Year Ended October 31, 2016		7.52		0.26			0.34			0.60			—			—			—
Year Ended October 31, 2015		9.27		0.30	(f)		(2.05	)		(1.75	)		—			—			—
Year Ended October 31, 2014		9.68		0.35			(0.76	)		(0.41	)		—			—			—
Class R5
Six Months Ended April 30, 2019 (Unaudited)		7.73		0.21			0.22			0.43			(0.22	)		—			(0.22	)
Year Ended October 31, 2018		8.43		0.38			(0.75	)		(0.37	)		(0.33	)		—			(0.33	)
Year Ended October 31, 2017		8.31		0.40			0.05			0.45			(0.33	)		—			(0.33	)
Year Ended October 31, 2016		7.64		0.32			0.35			0.67			—			—			—
Year Ended October 31, 2015		9.36		0.37	(f)		(2.08	)		(1.71	)		—	(g)		(0.01	)		(0.01	)
Year Ended October 31, 2014		9.71		0.42			(0.77	)		(0.35	)		—			—			—
Class R6
Six Months Ended April 30, 2019 (Unaudited)		7.75		0.21			0.21			0.42			(0.22	)		—			(0.22	)
Year Ended October 31, 2018		8.45		0.39			(0.76	)		(0.37	)		(0.33	)		—			(0.33	)
Year Ended October 31, 2017		8.32		0.42			0.05			0.47			(0.34	)		—			(0.34	)
Year Ended October 31, 2016		7.65		0.32			0.35			0.67			—			—			—
Year Ended October 31, 2015		9.37		0.36	(f)		(2.07	)		(1.71	)		—	(g)		(0.01	)		(0.01	)
Year Ended October 31, 2014		9.72		0.43			(0.78	)		(0.35	)		—			—			—

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	7.82		5.25	%	$	518		1.20	%		5.20	%		1.44	%		67	%
	7.61		(4.95	)		41,505		1.19			4.32			1.33			172
	8.31		5.21			75,732		1.19			4.50			1.48			148
	8.18		8.20			1,036		1.13			3.70			2.43			189
	7.56		(18.67	)		27,511		1.16			3.75	(f)		1.91			134
	9.30		(4.02	)		25,334		1.21			4.06			1.41			145
	7.65		4.99			190		1.69			4.26			1.86			67
	7.47		(5.38	)		94		1.69			3.84			1.84			172
	8.15		4.56			301		1.69			4.03			2.66			148
	8.05		7.76			52		1.63			3.14			3.65			189
	7.47		(19.07	)		18		1.67			3.37	(f)		2.24			134
	9.23		(4.55	)		54		1.71			3.48			2.04			145
	7.87		5.46			9,384		0.94			5.26			1.09			67
	7.67		(4.71	)		14,057		0.94			4.53			1.07			172
	8.37		5.40			12,211		0.94			4.67			1.43			148
	8.25		8.41			3,723		0.89			3.99			1.51			189
	7.61		(18.38	)		29,405		0.92			4.04	(f)		1.21			134
	9.33		(3.81	)		135,397		0.96			4.21			1.30			145
	7.73		5.16			26		1.44			4.67			4.95			67
	7.54		(5.11	)		24		1.44			4.06			2.20			172
	8.23		4.83			21		1.44			4.12			3.49			148
	8.12		7.98			20		1.38			3.37			4.61			189
	7.52		(18.88	)		18		1.41			3.61	(f)		2.00			134
	9.27		(4.24	)		47		1.46			3.71			1.80			145
	7.94		5.62			22		0.80			5.32			0.97			67
	7.73		(4.53	)		20		0.76			4.72			1.07			172
	8.43		5.56			21		0.74			4.82			2.82			148
	8.31		8.77			20		0.68			4.07			3.86			189
	7.64		(18.29	)		19		0.71			4.31	(f)		1.29			134
	9.36		(3.60	)		48		0.76			4.41			1.10			145
	7.95		5.53			821,598		0.69			5.40			0.83			67
	7.75		(4.45	)		629,505		0.69			4.81			0.82			172
	8.45		5.73			572,727		0.69			4.94			1.08			148
	8.32		8.76			76,275		0.63			4.12			1.25			189
	7.65		(18.26	)		135,050		0.66			4.29	(f)		0.97			134
	9.37		(3.60	)		153,222		0.71			4.51			0.93			145

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited)

1. Organization

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

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan Emerging Markets Strategic Debt Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	Non-Diversified

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

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class R2, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund.

2. Significant Accounting Policies

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

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

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

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

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

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

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein. The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

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

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

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

26 J.P. MORGAN FUNDS APRIL 30, 2019

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Corporate Bonds	$	—	$	196,331		$	—	$	196,331
Foreign Government Securities		—		593,167			—		593,167
Supranational		—		5,027			—		5,027
Short-Term Investments
Foreign Government Treasury Bills		—		4,053			—		4,053
Investment Companies		18,685		—			—		18,685
Total Short-Term Investments		18,685		4,053			—		22,738
Investment of cash collateral from securities loaned		1,518		—			—		1,518
Total Investments in Securities	$	20,203	$	798,578		$	—	$	818,781
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	1,764		$	—	$	1,764
Futures Contracts		242		—			—		242
Swaps		—		288			—		288
Total Appreciation in Other Financial Instruments	$	242	$	2,052		$	—	$	2,294
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(2,285	)	$	—	$	(2,285	)
Swaps		—		(2,829	)		—		(2,829	)
Total Depreciation in Other Financial Instruments	$	—	$	(5,114	)	$	—	$	(5,114	)

There were no transfers into and out of level 3 for the six months ended April 30, 2019.

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Fund.

As of April 30, 2019, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

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

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

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

APRIL 30, 2019 J.P. MORGAN FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

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

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

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

The Fund’s exchange traded option contracts are not subject to master netting agreements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). The Fund’s over-the-counter (“OTC”) options are subject to master netting agreements. The Fund may be required to post or receive collateral for over-the-counter options. Cash collateral posted by the Fund is considered restricted.

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

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

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

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

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

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

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

28 J.P. MORGAN FUNDS APRIL 30, 2019

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

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/ depreciation on the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral for OTC swaps.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearinghouse.

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

Credit Default Swaps

The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

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

APRIL 30, 2019 J.P. MORGAN FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(5). Summary of Derivatives Information — The following table presents the value of derivatives held as of April 30, 2019, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities (amounts in thousands):

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)		Forward Foreign Currency Exchange Contracts			Centrally Cleared Swaps (b)			OTC Swaps			Total
Credit contracts	Receivables	$	—	$	—		$	—		$	933		$	933
Foreign exchange contracts	Receivables		—		1,764			—			—			1,764
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		242		—			259			—			501
Total		$	242	$	1,764		$	259		$	933		$	3,198
Gross Liabilities:
Credit contracts	Payables	$	—	$	—		$	(167	)	$	(2,835	)	$	(3,002	)
Foreign exchange contracts	Payables		—		(2,285	)		—			—			(2,285	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		—		—			(9	)		—			(9	)
Total		$	—	$	(2,285	)	$	(176	)	$	(2,835	)	$	(5,296	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOI. The Statement of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of April 30, 2019 (amounts in thousands):

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received			Net Amount Due From Counterparty (Not less than zero)
Citibank, NA	$	845	$	(845	)	$	—		$	—
Goldman Sachs International		1,211		(1,211	)		—			—
HSBC Bank, NA		43		(43	)		—			—
Merrill Lynch International		377		(371	)		—			6
State Street Corp.		187		(2	)		—			185
TD Bank Financial Group		34		—			—			34
	$	2,697	$	(2,472	)	$	—		$	225
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Posted			Net Amount Due To Counterparty (Not less than zero)
Barclays Bank plc	$	189	$	—		$	—		$	189
Citibank, NA		1,457		(845	)		(612	)(b)		—
Credit Suisse International		135		—			—			135
Deutsche Bank AG		81		—			—			81
Goldman Sachs International		2,774		(1,211	)		—			1,563
HSBC Bank, NA		70		(43	)		—			27
Merrill Lynch International		371		(371	)		—			—
Standard Chartered Bank		41		—			—			41
State Street Corp.		2		(2	)		—			—
	$	5,120	$	(2,472	)	$	(612)		$	2,036

30 J.P. MORGAN FUNDS APRIL 30, 2019

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statement of Assets and Liabilities.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts.

The following tables present the effect of derivatives on the Statement of Operations for the six months ended April 30, 2019, by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Credit contracts	$	—		$	—		$	—		$	(792	)	$	(792	)
Foreign exchange contracts		(994	)		—			(717	)		—			(1,711	)
Interest rate contracts		—			(734	)		—			(504	)		(1,238	)
Total	$	(994	)	$	(734	)	$	(717	)	$	(1,296	)	$	(3,741	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Credit contracts	$	—		$	—		$	—		$	(2,890	)	$	(2,890	)
Foreign exchange contracts		433			—			(1,388	)		—			(955	)
Interest rate contracts		—			335			—			266			601
Total	$	433		$	335		$	(1,388	)	$	(2,624	)	$	(3,244	)

The Fund’s derivatives contracts held at April 30, 2019 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The table below discloses the volume of the Fund’s futures contracts, forward foreign currency exchange contracts, options and swaps activity during the six months ended April 30, 2019 (amounts in thousands). Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts — Interest Rate:
Average Notional Balance Long	$	37,991	(a)
Average Notional Balance Short		168,293	(b)
Ending Notional Balance Long		39,827
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	166,310
Average Settlement Value Sold		188,719
Ending Settlement Value Purchased		146,036
Ending Settlement Value Sold		147,522
OTC Options:
Average Notional Balance Purchased	$	110,772	(c)
Credit Default Swaps:
Average Notional Balance — Buy Protection	$	131,091
Average Notional Balance — Sell Protection		4,252	(d)
Ending Notional Balance — Buy Protection		154,646
Ending Notional Balance — Sell Protection		4,252
Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed Rate	$	26,050
Average Notional Balance — Receives Fixed Rate		32,861
Ending Notional Balance — Pays Fixed Rate		68,106
Ending Notional Balance — Receives Fixed Rate		28,483

(a) For the period January 1, 2019 through April 30, 2019.

(b) For the period November 1, 2018 through December 31, 2018.

(c) For the period November 1, 2018 through February 28, 2019.

(d) For the period April 1, 2019 through April 30, 2019.

APRIL 30, 2019 J.P. MORGAN FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, non-deliverable forward foreign currency contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund. Otherwise the cash collateral is included on the Statement of Assets and Liabilities as Restricted cash. Collateral received by the Fund is held in escrow in accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.G.). These amounts are not reflected on the Fund’s Statements of Assets and Liabilities and are disclosed in the table below.

The Fund’s derivative contracts collateral requirements and collateral posted or received by counterparty as of April 30, 2019 are as follows (amounts in thousands):

Fund Counterparty		Value of swap contracts			Collateral amount
Goldman Sachs International	Collateral Received	$	(968	)	$	(1,380	)
Citibank, NA	Collateral Posted		(934	)		730

D. Securities Lending — Effective October 5, 2018, the Fund became authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund. The Fund retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of Collateral Investments are disclosed on the SOI. At April 30, 2019, the value of outstanding securities on loan and the value of Collateral investments were as follows (amounts in thousands):

Value of Securities on Loan		Cash Collateral Posted by Borrower		Total value of Collateral Investments
$	1,457	$	1,518	$	1,518

The Fund bears the risk of loss associated with the Collateral Investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

The following table presents the Fund’s value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Fund as of April 30, 2019 (amounts in thousands).

Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities		Cash Collateral Posted by Borrower			Net Amount Due to Counterparty (not less than zero)
$	1,457	$	(1,457	)	$	—

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.

32 J.P. MORGAN FUNDS APRIL 30, 2019

JPMIM voluntarily waived investment advisory fees charged to the Fund to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Fund’s investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

$ — (a) 

(a) Amount rounds to less than one thousand.

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statement of Operations as Income from securities lending (net).

E. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser or its affiliates. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (a)(b)	$	17,423	$	324,002	$	322,748	$	7	$	1	$	18,685		18,679	$	332		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b)		—		4,075		2,557		—		—		1,518		1,518		4	*		—
Total	$	17,423	$	328,077	$	325,305	$	7	$	1	$	20,203			$	336		$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2019.

* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

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

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

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

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

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

APRIL 30, 2019 J.P. MORGAN FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Fund for the six months ended April 30, 2019 are as follows (amounts in thousands):

	Class A		Class C			Class I			Class R2			Class R5			Class R6		Total
Transfer agency fees	$	6	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	3	$	9

(a) Amount rounds to less than one thousand.

I. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of April 30, 2019, no liability for Federal income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

J. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.70% of the Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund’s average daily net assets, plus 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2019, the annualized rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Fund, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class I, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A	Class C			Class R2
0.25%		0.75	%		0.50	%

34 J.P. MORGAN FUNDS APRIL 30, 2019

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2019, JPMDS retained the following (amounts in thousands):

Front-End Sales Charge	CDSC
$—(a)	$—

(a) Amount rounds to less than one thousand.

D. Service Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A			Class C			Class I			Class R2			Class R5
	0.25	%		0.25	%		0.25	%		0.25	%		0.10	%

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

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset based-fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. The Fund earns interest on uninvested cash balances held by the custodian. Such interest amounts are presented separately on the Statement of Operations. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

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

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

Class A			Class C			Class I			Class R2			Class R5			Class R6
	1.20	%		1.70	%		0.95	%		1.45	%		0.80	%		0.70	%

Except as noted above, the expense limitation agreements were in effect for the six months ended April 30, 2019 and are in place until at least February 29, 2020.

For the six months ended April 30, 2019, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows (amounts in thousands). None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Service Fees		Total		Reimbursements
$	296	$	197	$	2	$	495	$	6

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral.

The amount of these waivers/reimbursements resulting from investments in these money market funds for the six months ended April 30, 2019 was approximately $26,000.

G. Collateral Management Fees — JPMCB provides derivatives collateral management services for the Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral management fees on the Statement of Operations.

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

APRIL 30, 2019 J.P. MORGAN FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

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

During the six months ended April 30, 2019, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended April 30, 2019, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)
$587,460	$	467,487

During the six months ended April 30, 2019, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2019 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	815,402	$	19,459	$	17,818	$	1,641

At October 31, 2018, the Fund had net capital loss carryforwards which are available to offset future realized gains (amounts in thousands):

Capital Loss Carryforward Character
Short-Term			Long-Term
$	36,345	*	$	14,293	*

* Amounts include capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384.

6. Borrowings

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

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended April 30, 2019.

The Trust, along with certain other trusts (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise

36 J.P. MORGAN FUNDS APRIL 30, 2019

might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the six months ended April 30, 2019.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of April 30, 2019, the Fund had three individual shareholder and/or affiliated omnibus accounts and one individual shareholder and/or non-affiliated omnibus account, which owned 38.8% and 16.9% of the Fund’s outstanding shares, respectively.

As of April 30, 2019, the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:

JPMorgan SmartRetirement Funds
	63.9	%

The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of April 30, 2019, a significant portion of the Fund’s investments consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would have been if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund, such as swap and option contracts and credit linked notes.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Fund is subject to the risk that should the Fund decide to sell an illiquid investment when a ready buyer is not available at a price the Fund deems to be representative of its value, the value of the Fund’s net assets could be adversely affected.

The Fund’s investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of the Fund’s investments and the income they generate, as well as the Fund’s ability to repatriate such amounts.

8. New Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt

APRIL 30, 2019 J.P. MORGAN FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has evaluated the implications of these changes and the amendments will have no effect on the Fund’s net assets or results of operations.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Fund’s net assets or results of operation.

38 J.P. MORGAN FUNDS APRIL 30, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2018, and continued to hold your shares at the end of the reporting period, April 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Strategic Debt Fund
Class A
Actual	$	1,000.00	$	1,052.50	$	6.11		1.20	%
Hypothetical		1,000.00		1,018.84		6.01		1.20
Class C
Actual		1,000.00		1,049.90		8.59		1.69
Hypothetical		1,000.00		1,016.41		8.45		1.69
Class I
Actual		1,000.00		1,054.60		4.79		0.94
Hypothetical		1,000.00		1,020.13		4.71		0.94
Class R2
Actual		1,000.00		1,051.60		7.33		1.44
Hypothetical		1,000.00		1,017.65		7.20		1.44
Class R5
Actual		1,000.00		1,056.20		4.08		0.80
Hypothetical		1,000.00		1,020.83		4.01		0.80
Class R6
Actual		1,000.00		1,055.30		3.52		0.69
Hypothetical		1,000.00		1,021.37		3.46		0.69

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

APRIL 30, 2019 J.P. MORGAN FUNDS 39

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

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

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

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, the Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. April 2019. SAN-EMSD-419

Semi-Annual Report

J.P. Morgan Funds

April 30, 2019 (Unaudited)

JPMorgan Systematic Alpha Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Fund, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	66
Consolidated Financial Highlights	72
Notes to Consolidated Financial Statements	74
Schedule of Shareholder Expenses	86

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

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

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

CEO’S LETTER

June 18, 2019 (Unaudited)

Dear Shareholders,

Global economic growth slowed in late 2018 and early 2019 amid trade tensions, political uncertainty in parts of Europe and the inherent challenges of a late-cycle economic expansion. While financial markets slumped in late 2018, equity and bond prices rebounded and broadly provided positive returns for the six months ended April 30, 2019.

  “While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.” — George C.W. Gatch

Leading central banks reacted to flagging economic growth by adopting more accommodative policies, which helped to generally control global interest rates and bolstered global financial markets.

In the U.S., gross domestic product (GDP) rose by a better-than-expected rate of 3.1% in the first quarter of 2019 amid a temporary boost from an inventory buildup and net exports. Corporate profit growth slowed from record levels in 2018, but overall remained stronger than expected for the first quarter of 2019. Unemployment remained near 50-year lows and inflation held below 2% throughout the six month reporting period. Notably, a 35-day partial shutdown of the U.S. government that ended in late January 2019 added to investor uncertainty but appeared to have limited immediate impact on the U.S. economy.

Elsewhere, slowing growth in China and global trade tensions appeared to curb manufacturing growth in Europe, Taiwan, South Korea and other economies heavily dependent on manufacturing for export. Though Chinese authorities enacted a package of tax cuts, infrastructure spending and credit expansion to bolster growth in early 2019, trade negotiations between the U.S. and China failed to fully address reciprocal tariffs.

In the European Union (EU), consumer and business sentiment weakened during the reporting period and auto manufacturing, particularly in Germany, declined. The inability of the U.K. government to agree on the final terms of Britain’s planned exit from the EU further added to investor uncertainty. First

quarter 2019 GDP in the 19-nation euro area rose by 1.2%. However, euro area unemployment continued to decline during the reporting period and by the end of April 2019 had fallen to 7.6%, its lowest level since August 2008.

Emerging markets generally benefitted from lower interest rates, a decline in the relative value of the U.S. dollar and China’s efforts to bolster economic growth in 2019. Overall, emerging markets equity and bonds broadly outperformed financial markets in developed markets during the reporting period. The MSCI Emerging Markets Index returned 13.9% and the Bloomberg Barclays Emerging Markets Aggregate Index returned 7.13% for the six months ended April 30, 2019.

Subsequent to the end of the reporting period, the Organization for Economic Cooperation and Development (OECD) reduced its estimate for 2019 global GDP growth to 3.2% and its estimate for GDP growth in the world’s 20 largest economies to 3.4%. “The global economy was expanding in sync less than two years ago, but challenges to existing trade relationships and the multilateral rules-based trade system have now derailed global growth by raising uncertainty that is depressing investment and trade,” the OECD said in its May 2019 economic outlook.

While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.

Investors who remain fully invested in a diversified portfolio can, we believe, continue to benefit over time from market opportunities in a growing global economy. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

APRIL 30, 2019 J.P. MORGAN FUNDS 1

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		0.16%
ICE BofAML 3-Month US Treasury Bill Index		1.18%
Net Assets as of 4/30/2019	$	418,098,363

INVESTMENT OBJECTIVE**

The JPMorgan Systematic Alpha Fund (the “Fund”) seeks to provide total return.

HOW DID THE MARKET PERFORM?

Global equity prices generally declined in the final months of 2018 only to rebound in the first months of 2019, pushing leading U.S. equity indexes to record highs in the final week of April. While U.S. equity markets outperformed other leading developed equity markets, the largest returns for the six month reporting period came from emerging markets equity and emerging markets debt.

Investor expectations of rising U.S. interest rates, signs of slowing economic growth in both China and the Eurozone and unresolved U.S.-China trade tensions combined to drive market volatility higher and equity prices lower in late 2018. The global sell-off became particularly acute in December 2018. In the U.S., the S&P 500 Index returned -9.18% for the month, its worst single-month performance since February 2009 and its worst December performance since 1931.

In Europe, a sharp decline in manufacturing exports, as well as political uncertainty in Italy and France, led to weakening business sentiment. In the U.K., Prime Minister Theresa May’s inability to win Parliament’s approval for a plan to exit the European Union served to further erode business and investor confidence.

However, by the end of December 2018, the U.S. Federal Reserve had moved to a neutral policy stance and the European Central Bank — while ending its quantitative easing program in the face of broad-based wage growth — reiterated its intention to hold interest rates at current levels through the end of 2019. The Bank of England also held U.K. interest rates steady.

Global equity and bond markets began to stabilize in January 2019 and asset prices generally advanced over the next three months as signs of inflationary pressure receded and corporate earnings showed surprising strength. Notably, the global oil prices fell in December 2018 to $42 per barrel of West Texas Intermediate crude and then rose to $63 per barrel by the end of April 2019.

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

The Fund’s Class I Shares underperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Benchmark”) for the six months ended April 30, 2019. References to the Benchmark and to other indexes mentioned herein are for informational purposes and are not an indication of how the Fund is managed. The use of the Benchmark does not imply the Fund is being managed to the Benchmark and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

During the reporting period, the Fund’s alternative investment strategies experienced positive performance, with gains from its event-driven and macro strategies largely offset by the Fund’s equity market neutral strategy.

The Fund’s event-driven strategy was the leading contributor to absolute performance. The merger arbitrage sub-strategy was a leading contributor within the event-driven strategy. The index arbitrage and post-reorganization equity sub-strategies detracted from absolute performance, partially offsetting gains from the merger arbitrage sub-strategy.

The Fund’s equity market neutral strategy had negative returns for the reporting period. From a return perspective, the Fund’s momentum factor was the worst performing factor over the reporting period. The Fund’s value factor also had negative return.

The Fund’s macro investment strategies generated positive returns, with gains led by relative value fixed income factors.

The Fund’s convertible bond arbitrage strategy’s performance was slightly positive over the reporting period.

HOW WAS THE FUND POSITIONED?

During the six month reporting period, the Fund’s risk was diversified across its investment strategies. Risk within the event-driven strategy increased over the reporting period and is near its historical average. In the equity market neutral strategy, aggregate risk was also within the typical range for much of the reporting period. The macro strategy was below its long-term target risk levels, declining slightly during the reporting period.

2 J.P. MORGAN FUNDS APRIL 30, 2019

RISK ALLOCATION AS OF APRIL 30, 2018
Asset Class / Strategy	% of Risk Allocation***
Convertible Arbitrage (1)		7.3	%
Equity Market Neutral (2)		33.6
Event Driven (3)		41.3
Macro Based (4)		17.8

TOP TEN HOLDINGS OF THE PORTFOLIO (a)
	1.	Red Hat, Inc.	1.9	%
	2.	Tribune Media Co., Class A	1.8
	3.	Worldpay, Inc., Class A	1.8
	4.	Spark Therapeutics, Inc.	1.6
	5.	Travelport Worldwide Ltd.	1.4
	6.	Scout24 AG,	1.1
	7.	Innogy SE	1.0
	8.	HFF, Inc., Class A	1.0
	9.	SunTrust Banks, Inc.	0.8
	10.	Multi-Color Corp.	0.7

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

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

*** Risk allocations are calculated as the standard deviation (volatility of an asset class) divided by the overall volatility of the Fund. Risk, as measured by standard deviation, shows how widely a set of values varies from the mean. It is a historical measure of the volatility of returns earned by the Fund. The percentages above represent the current risk allocation based on the Fund’s holdings as of April 30, 2019 and are not representative of the targeted equal risk allocation across asset classes over the long-term. Holdings and allocations may vary over time.

(1) Convertible Arbitrage strategies seek to profit from the complexity of the pricing of convertible bonds (which contain elements of both a fixed income security and an equity option).

(2) Equity Market Neutral strategies involve simultaneous investing in equities (i.e. investing long) that the Adviser expects to increase in value and selling equities (i.e. selling short) that the Adviser expects to decrease in value.

(3) Event Driven strategies (e.g. merger arbitrage) seek to profit from investing in securities of companies on the basis that a specific event or catalyst will affect future pricing.

(4) Macro Based Strategies aim to exploit macro economic imbalances across the globe through a broad range of asset classes including, but not limited to fixed income, currency and commodities.

(a) Percentages indicated are based upon total market value of investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN FUNDS 3

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		February 12, 2013
With Sales Charge**				(4.48	)%		(7.28	)%		(1.64	)%		(0.16	)%
Without Sales Charge				0.03			(2.89	)		(0.73	)		0.59
CLASS C SHARES		February 12, 2013
With CDSC***				(1.26	)		(4.38	)		(1.23	)		0.09
Without CDSC				(0.26	)		(3.38	)		(1.23	)		0.09
CLASS I SHARES		February 12, 2013		0.17			(2.67	)		(0.49	)		0.84
CLASS R6 SHARES		February 12, 2013		0.24			(2.42	)		(0.24	)		1.05

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (2/12/13 TO 4/30/19)

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

The Fund commenced operations on February 12, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Systematic Alpha Fund and the ICE BofAML 3-Month US Treasury Bill Index from February 12, 2013 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

From the inception of the Fund through July 30, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

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

4 J.P. MORGAN FUNDS APRIL 30, 2019

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 43.0%
Aerospace & Defense — 0.2%
HEICO Corp.		6,567		693,016
Airlines — 0.1%
Qantas Airways Ltd. (Australia)		107,017		423,330
Auto Components — 0.1%
Gentex Corp.		20,642		475,385
Automobiles — 0.0% (a)
Fiat Chrysler Automobiles NV (United Kingdom)		6,300		97,083
Banks — 2.1%
CIT Group, Inc.		20,300		1,081,381
Citigroup, Inc.		15,900		1,124,130
Investors Bancorp, Inc.		81,700		959,975
Popular, Inc. (Puerto Rico)		18,800		1,084,948
Regions Financial Corp.		70,800		1,099,524
SunTrust Banks, Inc.		49,683		3,253,243
				8,603,201
Beverages — 0.2%
Boston Beer Co., Inc. (The), Class A*		2,108		653,501
Biotechnology — 1.5%
Spark Therapeutics, Inc.*		57,285		6,111,737
Building Products — 0.6%
Armstrong World Industries, Inc.		12,700		1,100,709
Continental Building Products, Inc.*		17,135		439,513
Masonite International Corp.*		20,900		1,076,141
				2,616,363
Capital Markets — 0.5%
BrightSphere Investment Group plc		62,550		916,983
MSCI, Inc.		5,000		1,126,900
				2,043,883
Chemicals — 2.1%
Celanese Corp.		9,900		1,068,111
Chemours Co. (The)		27,000		972,270
DuluxGroup Ltd. (Australia)		371,411		2,553,345
Eastman Chemical Co.		7,224		569,829
Ecolab, Inc.		8,200		1,509,456
Element Solutions, Inc.*		98,400		1,068,624
Huntsman Corp.		20,810		462,814
Kronos Worldwide, Inc.		8,126		110,514
LyondellBasell Industries NV, Class A		1,193		105,258
Mitsubishi Gas Chemical Co., Inc. (Japan)		22,000		330,283
				8,750,504

INVESTMENTS	SHARES		VALUE($)
Commercial Services & Supplies — 1.4%
Brady Corp., Class A		13,397		653,640
Deluxe Corp.		27,038		1,209,139
Herman Miller, Inc.		17,917		695,538
KAR Auction Services, Inc.		10,195		575,814
Multi-Color Corp.		53,878		2,688,512
				5,822,643
Communications Equipment — 0.9%
Cisco Systems, Inc.		8,554		478,596
InterDigital, Inc.		14,800		967,772
Quantenna Communications, Inc.*		99,034		2,411,478
				3,857,846
Construction & Engineering — 0.6%
Arcosa, Inc.		10,800		336,204
MasTec, Inc.*		20,900		1,058,585
NRW Holdings Ltd. (Australia)		82,690		171,378
Quanta Services, Inc.		26,100		1,059,660
				2,625,827
Construction Materials — 0.1%
Eagle Materials, Inc.		3,500		318,185
Consumer Finance — 0.4%
Navient Corp.		109,500		1,479,345
SLM Corp.		31,900		324,104
				1,803,449
Containers & Packaging — 0.1%
Owens-Illinois, Inc.		20,100		397,176
Diversified Consumer Services — 0.7%
H&R Block, Inc.		18,853		512,990
Navitas Ltd. (Australia)		331,161		1,350,768
Sotheby’s*		25,500		1,075,590
				2,939,348
Diversified Financial Services — 0.5%
AXA Equitable Holdings, Inc.		48,400		1,098,196
Jefferies Financial Group, Inc.		55,500		1,141,635
				2,239,831
Electric Utilities — 0.2%
Evergy, Inc.		16,500		954,030
Electrical Equipment — 0.8%
Eaton Corp. plc		24,211		2,005,155
EnerSys		7,145		494,362
Regal Beloit Corp.		8,083		687,702
				3,187,219

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 5

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electronic Equipment, Instruments & Components — 0.1%
Dolby Laboratories, Inc., Class A		8,762		566,814
Energy Equipment & Services — 0.0% (a)
Seadrill Ltd. (United Kingdom)*		15,700		127,641
Entertainment — 0.4%
Madison Square Garden Co. (The), Class A*		5,100		1,593,444
Food & Staples Retailing — 0.7%
Matsumotokiyoshi Holdings Co. Ltd. (Japan)		14,300		473,483
Metcash Ltd. (Australia)		221,374		447,936
Smart & Final Stores, Inc.*		139,472		910,752
US Foods Holding Corp.*		20,563		751,578
Walgreens Boots Alliance, Inc.		8,421		451,113
				3,034,862
Food Products — 1.1%
GrainCorp Ltd., Class A (Australia)		274,999		1,743,966
Ingredion, Inc.		15,618		1,479,806
Wessanen (Netherlands)		108,922		1,412,249
				4,636,021
Health Care Equipment & Supplies — 0.8%
Danaher Corp.		19,322		2,559,006
STERIS plc		4,305		563,869
				3,122,875
Health Care Providers & Services — 0.8%
Chemed Corp.		440		143,783
Encompass Health Corp.		8,787		566,322
Humana, Inc.		1,341		342,505
Magellan Health, Inc.*		4,700		329,000
MEDNAX, Inc.*		35,600		995,732
Sigma Healthcare Ltd. (Australia)		2,438,298		901,801
UnitedHealth Group, Inc.		759		176,900
				3,456,043
Hotels, Restaurants & Leisure — 1.3%
Brinker International, Inc.		22,900		979,433
Cracker Barrel Old Country Store, Inc.		1,900		320,606
International Speedway Corp., Class A		46,362		2,045,491
Jack in the Box, Inc.		11,600		894,360
Starbucks Corp.		13,300		1,033,144
				5,273,034
Household Durables — 0.9%
Electrolux AB, Series B (Sweden)		55,158		1,351,830
Meritage Homes Corp.*		20,900		1,069,035
Newell Brands, Inc.		63,200		908,816

INVESTMENTS	SHARES		VALUE($)
Household Durables — continued
PulteGroup, Inc.		16,617		522,771
				3,852,452
Independent Power and Renewable Electricity Producers — 0.1%
Clearway Energy, Inc., Class C		36,651		581,651
Industrial Conglomerates — 0.4%
Smiths Group plc (United Kingdom)		80,740		1,607,497
Insurance — 0.9%
Lincoln National Corp.		16,700		1,114,224
Navigators Group, Inc. (The)		21,461		1,500,982
Third Point Reinsurance Ltd. (Bermuda)*		93,400		1,084,374
				3,699,580
Interactive Media & Services — 1.3%
Alphabet, Inc., Class A*		492		589,889
Cars.com, Inc.*		13,800		287,178
Scout24 AG (Germany) (b)		86,236		4,439,553
				5,316,620
Internet & Direct Marketing Retail — 0.7%
Booking Holdings, Inc.*		500		927,495
eBay, Inc.		26,200		1,015,250
Qurate Retail, Inc.*		59,600		1,016,180
				2,958,925
IT Services — 3.5%
LiveRamp Holdings, Inc.*		18,100		1,055,773
Perficient, Inc.*		26,030		766,323
Travelport Worldwide Ltd.		346,176		5,428,040
Visa, Inc., Class A		3,977		653,938
Worldpay, Inc., Class A*		59,084		6,925,236
				14,829,310
Life Sciences Tools & Services — 0.6%
Agilent Technologies, Inc.		6,683		524,615
ICON plc (Ireland)*		3,910		534,028
Pacific Biosciences of California, Inc.*		203,312		1,502,476
				2,561,119
Machinery — 0.5%
Allison Transmission Holdings, Inc.		12,871		603,135
Cummins, Inc.		3,952		657,178
Hillenbrand, Inc.		6,248		268,789
Wabash National Corp.		32,088		483,887
				2,012,989

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Media — 2.7%
Gannett Co., Inc.		155,268		1,448,650
John Wiley & Sons, Inc., Class A		7,625		352,123
Omnicom Group, Inc.		7,732		618,792
Sinclair Broadcast Group, Inc., Class A		41,438		1,897,446
Tribune Media Co., Class A		153,905		7,110,411
				11,427,422
Metals & Mining — 0.4%
Regis Resources Ltd. (Australia)		143,089		484,102
Sandstorm Gold Ltd. (Canada)*		44,200		237,876
Schnitzer Steel Industries, Inc., Class A		20,510		486,497
Steel Dynamics, Inc.		14,043		444,882
				1,653,357
Multiline Retail — 0.4%
Macy’s, Inc.		12,209		287,400
Nordstrom, Inc.		21,800		894,236
Target Corp.		5,856		453,371
				1,635,007
Multi-Utilities — 1.0%
Innogy SE (Germany)*		93,429		4,055,371
Oil, Gas & Consumable Fuels — 0.9%
CONSOL Energy, Inc.*		4,620		156,618
Delek US Holdings, Inc.		26,100		967,266
Gulfport Energy Corp.*		122,100		799,755
HollyFrontier Corp.		9,375		447,468
PBF Energy, Inc., Class A		11,917		400,173
PDC Energy, Inc.*		8,300		360,967
Peabody Energy Corp.		6,800		195,636
Phillips 66		5,544		522,633
				3,850,516
Paper & Forest Products — 0.4%
Louisiana-Pacific Corp.		63,480		1,590,174
Personal Products — 0.2%
Herbalife Nutrition Ltd.*		10,891		575,589
USANA Health Sciences, Inc.*		1,149		95,896
				671,485
Pharmaceuticals — 1.0%
Horizon Pharma plc*		19,974		509,936
Jazz Pharmaceuticals plc*		7,000		908,390
Johnson & Johnson		1,437		202,905
Mallinckrodt plc*		86,097		1,331,060
Pfizer, Inc.		34,499		1,401,004
				4,353,295

INVESTMENTS	SHARES		VALUE($)
Professional Services — 1.2%
FTI Consulting, Inc.*		8,003		680,095
ManpowerGroup, Inc.		12,100		1,162,084
Navigant Consulting, Inc.		49,900		1,139,217
Nielsen Holdings plc		14,700		375,291
WageWorks, Inc.*		32,012		1,561,865
				4,918,552
Real Estate Management & Development — 1.2%
HFF, Inc., Class A		78,223		3,722,633
Realogy Holdings Corp.		82,500		1,074,150
				4,796,783
Road & Rail — 0.5%
CSX Corp.		13,200		1,051,116
Genesee & Wyoming, Inc., Class A*		11,300		1,001,745
				2,052,861
Semiconductors & Semiconductor Equipment — 1.2%
Lam Research Corp.		3,139		651,123
Mellanox Technologies Ltd.*		8,655		1,041,196
MKS Instruments, Inc.		1,770		161,088
QUALCOMM, Inc.		17,000		1,464,210
Teradyne, Inc.		33,863		1,659,287
				4,976,904
Software — 2.6%
Nuance Communications, Inc.*		93,400		1,571,922
Oracle Corp.		26,144		1,446,547
Progress Software Corp.		13,855		631,927
Red Hat, Inc.*		39,891		7,281,304
				10,931,700
Specialty Retail — 1.0%
American Eagle Outfitters, Inc.		18,654		443,592
Best Buy Co., Inc.		3,520		261,923
Caleres, Inc.		11,005		288,661
Designer Brands, Inc.		13,394		298,017
Dick’s Sporting Goods, Inc.		13,428		496,836
Gap, Inc. (The)		55,500		1,447,440
Michaels Cos., Inc. (The)*		79,900		898,076
				4,134,545
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc.		656		131,640
HP, Inc.		24,078		480,356
NetApp, Inc.		8,060		587,171
				1,199,167

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 7

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — 0.5%
Ralph Lauren Corp.		3,654		480,793
VF Corp.		16,700		1,576,647
				2,057,440
Trading Companies & Distributors — 0.3%
HD Supply Holdings, Inc.*		22,900		1,046,301
WESCO International, Inc.*		6,000		343,440
				1,389,741
Total Common Stocks (Cost $170,616,499)				179,538,754
	PRINCIPAL AMOUNT($)
Convertible Bonds — 7.8%
Aerospace & Defense — 0.1%
Arconic, Inc. 1.63%, 10/15/2019		511,000		507,973
Biotechnology — 0.9%
Acorda Therapeutics, Inc. 1.75%, 6/15/2021		764,000		665,158
AMAG Pharmaceuticals, Inc. 3.25%, 6/1/2022		515,000		434,330
BioMarin Pharmaceutical, Inc. 1.50%, 10/15/2020		351,000		393,559
Exact Sciences Corp. 1.00%, 1/15/2025		320,000		482,265
Intercept Pharmaceuticals, Inc. 3.25%, 7/1/2023		588,000		547,261
Ionis Pharmaceuticals, Inc. 1.00%, 11/15/2021		679,000		872,872
Neurocrine Biosciences, Inc. 2.25%, 5/15/2024		291,000		351,189
				3,746,634
Capital Markets — 0.3%
Ares Capital Corp. 3.75%, 2/1/2022		381,000		382,734
Prospect Capital Corp. 4.75%, 4/15/2020		706,000		712,140
				1,094,874
Communications Equipment — 0.3%
InterDigital, Inc. 1.50%, 3/1/2020		417,000		435,210
Lumentum Holdings, Inc. 0.25%, 3/15/2024		375,000		465,776
Viavi Solutions, Inc. 1.00%, 3/1/2024		383,000		446,705
				1,347,691
Construction & Engineering — 0.1%
KBR, Inc. 2.50%, 11/1/2023 (c)		408,000		444,972
Electronic Equipment, Instruments & Components — 0.1%
Vishay Intertechnology, Inc. 2.25%, 6/15/2025 (c)		430,000		412,777

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Energy Equipment & Services — 0.2%
Ensco Jersey Finance Ltd. 3.00%, 1/31/2024		513,000		433,485
Nabors Industries, Inc. 0.75%, 1/15/2024		581,000		418,536
				852,021
Entertainment — 0.1%
Live Nation Entertainment, Inc. 2.50%, 3/15/2023		443,000		520,773
Equity Real Estate Investment Trusts (REITs) — 0.3%
Colony Capital, Inc. 3.88%, 1/15/2021		412,000		392,965
Extra Space Storage LP 3.13%, 10/1/2035 (c)		353,000		411,986
Spirit Realty Capital, Inc.
2.88%, 5/15/2019		305,000		304,035
3.75%, 5/15/2021		148,000		149,111
3.75%, 5/15/2021		121,000		121,908
				1,380,005
Health Care Equipment & Supplies — 0.1%
NuVasive, Inc. 2.25%, 3/15/2021		384,000		440,651
Health Care Providers & Services — 0.4%
Anthem, Inc.
2.75%, 10/15/2042		101,000		367,387
2.75%, 10/15/2042		51,000		185,513
Molina Healthcare, Inc. 1.13%, 1/15/2020		284,000		904,988
				1,457,888
Health Care Technology — 0.1%
Allscripts Healthcare Solutions, Inc. 1.25%, 7/1/2020		564,000		553,866
Insurance — 0.1%
AXA SA (France) 7.25%, 5/15/2021 (c)		407,000		443,304
Interactive Media & Services — 0.1%
Momo, Inc. (China) 1.25%, 7/1/2025 (c)		476,000		445,216
Internet & Direct Marketing Retail — 0.4%
Booking Holdings, Inc. 0.35%, 6/15/2020		182,000		260,062
Etsy, Inc. Zero Coupon, 3/1/2023		248,000		482,515
Liberty Expedia Holdings, Inc. 1.00%, 6/30/2047 (c)		403,000		402,926
MercadoLibre, Inc. (Argentina) 2.00%, 8/15/2028 (c)		387,000		499,714
				1,645,217
IT Services — 0.4%
Akamai Technologies, Inc. 0.13%, 5/1/2025 (c)		416,000		440,347

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS APRIL 30, 2019

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Convertible Bonds — continued
IT Services — continued
Euronet Worldwide, Inc.
1.50%, 10/1/2044		417,000		852,515
Okta, Inc. 0.25%, 2/15/2023		246,000		544,352
				1,837,214
Life Sciences Tools & Services — 0.1%
Illumina, Inc. 0.50%, 6/15/2021		206,000		281,705
Machinery — 0.1%
Fortive Corp. 0.88%, 2/15/2022 (c)		484,000		510,632
Media — 0.2%
Liberty Interactive LLC 1.75%, 9/30/2046 (c)		375,000		450,083
Liberty Media Corp. 2.13%, 3/31/2048 (c)		405,000		392,321
				842,404
Metals & Mining — 0.1%
Royal Gold, Inc. 2.88%, 6/15/2019		413,000		412,504
Oil, Gas & Consumable Fuels — 0.4%
Cheniere Energy, Inc. 4.25%, 3/15/2045		717,000		566,430
Oasis Petroleum, Inc. 2.63%, 9/15/2023		490,000		468,505
Whiting Petroleum Corp. 1.25%, 4/1/2020		403,000		391,172
				1,426,107
Personal Products — 0.1%
Herbalife Nutrition Ltd. 2.63%, 3/15/2024		353,000		369,522
Pharmaceuticals — 0.4%
Assertio Therapeutics, Inc. 2.50%, 9/1/2021		552,000		417,805
Jazz Investments I Ltd. 1.88%, 8/15/2021		715,000		709,191
Supernus Pharmaceuticals, Inc. 0.63%, 4/1/2023		397,000		400,266
				1,527,262
Semiconductors & Semiconductor Equipment — 1.0%
Integrated Device Technology, Inc. 0.88%, 11/15/2022		502,000		783,200
Intel Corp. 3.25%, 8/1/2039		198,000		494,460
Microchip Technology, Inc. 1.63%, 2/15/2025		396,000		786,460
NXP Semiconductors NV (Netherlands) 1.00%, 12/1/2019		458,000		506,387
Silicon Laboratories, Inc. 1.38%, 3/1/2022		351,000		446,721
Synaptics, Inc. 0.50%, 6/15/2022		438,000		399,894
Teradyne, Inc. 1.25%, 12/15/2023		322,000		527,811
Veeco Instruments, Inc. 2.70%, 1/15/2023		427,000		368,884
				4,313,817

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Software — 1.1%
j2 Global, Inc. 3.25%, 6/15/2029		575,000		780,203
Nuance Communications, Inc. 1.00%, 12/15/2035		416,000		386,789
Palo Alto Networks, Inc. 0.75%, 7/1/2023 (c)		386,000		437,516
Red Hat, Inc. 0.25%, 10/1/2019		497,000		1,231,485
ServiceNow, Inc. Zero Coupon, 6/1/2022		263,000		532,243
Verint Systems, Inc. 1.50%, 6/1/2021		596,000		667,292
Workday, Inc. 0.25%, 10/1/2022		382,000		566,976
				4,602,504
Technology Hardware, Storage & Peripherals — 0.2%
Electronics For Imaging, Inc. 0.75%, 9/1/2019		542,000		536,555
Western Digital Corp. 1.50%, 2/1/2024 (c)		462,000		412,160
				948,715
Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp. 2.00%, 10/1/2023		439,000		385,233
Total Convertible Bonds (Cost $29,486,174)				32,751,481
	SHARES
Convertible Preferred Stocks — 1.0%
Banks — 0.2%
Bank of America Corp. Series L, 7.25% ($1,000 par value)		376		496,512
Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		363		474,600
				971,112
Electronic Equipment, Instruments & Components — 0.1%
Belden, Inc. 6.75%, 7/15/2019 ($100 par value)		6,091		457,373
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co. Series A, 6.13%, 5/1/2020 ($50 par value)		9,000		535,590
Machinery — 0.3%
Colfax Corp. 5.75%, 1/15/2022 ($100 par value)		4,180		560,371
Stanley Black & Decker, Inc. 5.38%, 5/15/2020 ($100 par value)		4,700		481,327
				1,041,698

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 9

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Convertible Preferred Stocks — continued
Multi-Utilities — 0.3%
CenterPoint Energy, Inc. Series B, 7.00%, 9/1/2021 ($100 par value)		7,499		399,247
Dominion Energy, Inc. Series A, 6.75%, 8/15/2019 ($50 par value)		9,000		452,070
Sempra Energy Series B, 6.75%, 7/15/2021 ($100 par value)		3,802		408,829
				1,260,146
Total Convertible Preferred Stocks (Cost $4,157,424)				4,265,919
Short-term Investments — 42.1%
Investment Companies — 42.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (d) (e) (Cost $176,063,711)		176,063,711		176,063,711
Total Investments — 93.9% (Cost $380,323,808)				392,619,865
Other Assets Less Liabilities — 6.1%				25,478,498
NET ASSETS — 100.0%				418,098,363

Percentages indicated are based on net assets.

Abbreviations
MSCI	Morgan Stanley Capital International
(a)	Amount rounds to less than 0.1% of net assets.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2019.
*	Non-income producing security.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2019

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
CAC 40 10 Euro Index		6			05/2019		EUR		373,662			5,622
Hang Seng Index		5			05/2019		HKD		940,778			4,853
IBEX 35 Index		4			05/2019		EUR		429,419			5,261
LME Aluminum Base Metal		124			05/2019		USD		5,496,300			(378,937	)
LME Nickel Base Metal		33			05/2019		USD		2,405,205			(270,271	)
LME Zinc Base Metal		46			05/2019		USD		3,352,250			123,511
100 oz Gold		13			06/2019		USD		1,671,280			(23,595	)
Australia 10 Year Bond		103			06/2019		AUD		10,040,486			165,636
Australia 3 Year Bond		294			06/2019		AUD		23,612,081			179,103
Canada 10 Year Bond		65			06/2019		CAD		6,709,114			96,044
EURO STOXX 50 Index		9			06/2019		EUR		348,970			6,368
Euro-Bobl		119			06/2019		EUR		17,742,219			128,220
Euro-Bund		45			06/2019		EUR		8,343,526			131,093
Euro-Buxl		16			06/2019		EUR		3,387,052			124,286
FTSE 100 Index		4			06/2019		GBP		384,965			(2,009	)
FTSE MIB Index		3			06/2019		EUR		361,201			1,071
Japan 10 Year Bond		19			06/2019		JPY		26,065,622			(14,908	)
Lean Hogs		5			06/2019		USD		176,450			(19,865	)
Live Cattle		251			06/2019		USD		11,470,700			(435,021	)
LME Aluminum Base Metal		3			06/2019		USD		133,950			(4,669	)
LME Zinc Base Metal		61			06/2019		USD		4,378,275			(740	)
Long Gilt		37			06/2019		GBP		6,142,935			1,103
S&P 500 E-Mini Index		7			06/2019		USD		1,032,325			30,248
SPI 200 Index		17			06/2019		AUD		1,890,200			30,312
Sugar No. 11		67			06/2019		USD		925,993			(17,222	)
U.S. Treasury 2 Year Note		121			06/2019		USD		25,774,891			77,705
U.S. Treasury 5 Year Note		106			06/2019		USD		12,258,734			90,309
U.S. Treasury 10 Year Note		266			06/2019		USD		32,900,875			390,313
U.S. Treasury Long Bond		30			06/2019		USD		4,425,938			61,558
WTI Crude Oil		43			06/2019		USD		2,751,140			(22,564	)
Cocoa		144			07/2019		USD		3,396,960			(29,054	)
Copper		7			07/2019		USD		508,463			(7,231	)
LME Nickel Base Metal		17			07/2019		USD		1,243,482			(33,963	)
LME Zinc Base Metal		26			07/2019		USD		1,847,300			11,836
WTI Crude Oil		22			07/2019		USD		1,407,340			(11,029	)
Live Cattle		56			08/2019		USD		2,503,760			(93,765	)
Cotton No. 2		36			12/2019		USD		1,362,420			891
												300,500
Short Contracts
LME Aluminum Base Metal		(124	)		05/2019		USD		(5,496,300	)		181,937
LME Nickel Base Metal		(33	)		05/2019		USD		(2,405,205	)		212,687
LME Zinc Base Metal		(46	)		05/2019		USD		(3,352,250	)		(28,163	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 11

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Short Contracts — continued
Natural Gas		(6	)		05/2019		USD		(154,620	)		18,314
WTI Crude Oil		(3	)		05/2019		USD		(191,670	)		(578	)
Canada 10 Year Bond		(12	)		06/2019		CAD		(1,238,606	)		(18	)
Euro-Bund		(89	)		06/2019		EUR		(16,501,640	)		(256,508	)
Euro-Schatz		(8	)		06/2019		EUR		(1,004,236	)		38
Lean Hogs		(9	)		06/2019		USD		(317,610	)		(11,876	)
LME Aluminum Base Metal		(35	)		06/2019		USD		(1,562,750	)		121,520
Long Gilt		(18	)		06/2019		GBP		(2,988,455	)		10,172
S&P 500 E-Mini Index		(931	)		06/2019		USD		(137,299,225	)		(7,068,832	)
Sugar No. 11		(39	)		06/2019		USD		(539,011	)		16,156
TOPIX Index		(2	)		06/2019		JPY		(291,485	)		(4,453	)
Cocoa		(28	)		07/2019		USD		(660,520	)		9,636
Coffee ‘C’		(111	)		07/2019		USD		(3,877,368	)		573,922
Corn		(577	)		07/2019		USD		(10,458,125	)		609,735
Cotton No. 2		(24	)		07/2019		USD		(921,360	)		15,908
Lean Hogs		(29	)		07/2019		USD		(1,071,550	)		12,214
Natural Gas		(46	)		07/2019		USD		(1,214,860	)		16,458
Silver		(7	)		07/2019		USD		(524,125	)		(719	)
Soybean		(102	)		07/2019		USD		(4,355,400	)		294,212
Wheat		(252	)		07/2019		USD		(5,402,250	)		299,944
Feeder Cattle		(53	)		08/2019		USD		(3,952,475	)		253,219
Coffee ‘C’		(73	)		09/2019		USD		(2,612,944	)		64,543
Corn		(169	)		09/2019		USD		(3,130,725	)		36,527
												(4,624,005	)
												(4,323,505	)

Abbreviations

AUD	Australian Dollar
CAC	Continuous Assisted Quotation
CAD	Canadian Dollar
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
HKD	Hong Kong Dollar
IBEX	International Business Exchange

JPY	Japanese Yen
LME	London Metal Exchange
MIB	Milan, Italian Stock Exchange
S&P	Standard & Poor’s
SPI	Australian Securities Exchange
TOPIX	Tokyo Stock Price Index
USD	United States Dollar
WTI	West Texas Intermediate

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2019

Forward foreign currency exchange contracts outstanding as of April 30, 2019:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
CAD	900,150	USD	667,412	Merrill Lynch International		5/15/2019		4,728
CHF	1,588,414	USD	1,558,457	BNP Paribas		5/15/2019		2,439
EUR	478,516	NZD	801,327	Deutsche Bank AG		5/15/2019		1,991
IDR	66,129,046,269	USD	4,643,242	Goldman Sachs International**		5/15/2019		3,316
INR	317,298,601	USD	4,545,825	Merrill Lynch International**		5/15/2019		5,842
JPY	57,744,034	CAD	692,684	State Street Corp.		5/15/2019		1,724
JPY	173,262,871	USD	1,550,555	Goldman Sachs International		5/15/2019		6,570
MXN	90,836,669	USD	4,771,620	HSBC Bank, NA		5/15/2019		9,642
NZD	1,212,068	EUR	718,168	Royal Bank of Canada		5/15/2019		3,304
NZD	806,111	USD	532,396	HSBC Bank, NA		5/15/2019		6,131
RUB	302,309,789	USD	4,648,488	Goldman Sachs International**		5/15/2019		20,218
USD	10,669,728	AUD	15,007,032	Citibank, NA		5/15/2019		87,112
USD	2,767,423	AUD	3,868,999	Standard Chartered Bank		5/15/2019		39,093
USD	1,707,956	CAD	2,282,603	TD Bank Financial Group		5/15/2019		3,541
USD	4,575,179	CHF	4,558,569	State Street Corp.		5/15/2019		95,583
USD	4,691,978	CZK	106,495,238	Citibank, NA		5/15/2019		30,532
USD	45,861,857	EUR	40,590,800	State Street Corp.		5/15/2019		282,795
USD	1,529,988	GBP	1,163,444	Deutsche Bank AG		5/15/2019		11,762
USD	711,159	GBP	543,665	HSBC Bank, NA		5/15/2019		1,709
USD	6,323,696	GBP	4,834,024	Merrill Lynch International		5/15/2019		15,585
USD	4,613,310	HUF	1,312,455,854	Standard Chartered Bank		5/15/2019		64,586
USD	4,773,210	ILS	17,044,150	BNP Paribas		5/15/2019		31,710
USD	454,203	JPY	50,531,223	Merrill Lynch International		5/15/2019		75
USD	31,944,132	JPY	3,546,439,133	State Street Corp.		5/15/2019		72,053
USD	938,600	JPY	104,313,021	TD Bank Financial Group		5/15/2019		1,132
USD	4,624,309	KRW	5,268,428,966	Goldman Sachs International**		5/15/2019		98,297
USD	19,198,737	NOK	163,532,436	State Street Corp.		5/15/2019		233,313
USD	4,705,064	PLN	17,866,820	BNP Paribas		5/15/2019		27,782
USD	7,169,476	SEK	66,134,943	Citibank, NA		5/15/2019		198,202
Total unrealized appreciation								1,360,767
AUD	1,803,193	USD	1,284,392	Standard Chartered Bank		5/15/2019		(12,822	)
AUD	414,223	USD	296,234	TD Bank Financial Group		5/15/2019		(4,133	)
CAD	37,122,463	USD	27,954,820	BNP Paribas		5/15/2019		(235,550	)
CHF	2,098,572	USD	2,104,287	BNP Paribas		5/15/2019		(42,071	)
EUR	378,857	USD	426,836	BNP Paribas		5/15/2019		(1,420	)
EUR	1,361,846	USD	1,536,180	Royal Bank of Canada		5/15/2019		(6,975	)
EUR	3,052,960	USD	3,431,720	Standard Chartered Bank		5/15/2019		(3,578	)
NOK	3,821,638	USD	448,820	Barclays Bank plc		5/15/2019		(5,611	)
NZD	62,848,429	USD	42,418,479	Merrill Lynch International		5/15/2019		(432,221	)
USD	513,101	NOK	4,450,919	Royal Bank of Canada		5/15/2019		(3,088	)
ZAR	66,948,608	USD	4,753,678	BNP Paribas		5/15/2019		(80,931	)
Total unrealized depreciation								(828,400	)
Net unrealized appreciation								532,367

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 13

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
CZK	Czech Republic Koruna
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	India Rupee
JPY	Japanese Yen

KRW	Korean Republic Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
USD	United States Dollar
ZAR	South African Rand
**	Non-deliverable forward.

Over-the-Counter (“OTC”) Total return swap contracts outstanding as of April 30, 2019:

REFERENCE ENTITY

PAYMENTS MADE BY FUND

PAYMENTS RECEIVED BY FUND

FREQUENCY OF PAYMENTS MADE/ RECEIVED

COUNTERPARTY

MATURITY DATE

NOTIONAL AMOUNT

UPFRONT PAYMENTS (RECEIPTS)($)

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Media General, Inc., CVR‡

Total appreciation of the position at maturity

Total depreciation of the position at maturity

At Termination

Union Bank of Switzerland AG

3/12/2021

USD 48,548

—

—

—

—

OTC Total Return Basket Swaps Outstanding at April 30, 2019
COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)	VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in GBP based on the local currencies of the positions within the swaps.		11/29/2019	$	1,544,610	$	(5,381	)	$—	$	(5,381	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Meggitt plc		94,329		671,228		1,589		0.0	(a)
Air Freight & Logistics
Royal Mail plc		196,185		647,331		605		0.0	(a)
Capital Markets
3i Group plc		30,071		420,766		996		0.0	(a)
Diversified Financial Services
Plus500 Ltd.		62,324		429,108		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Energy Equipment & Services
Petrofac Ltd.		80,877			466,907			(613	)		(0.0	)(a)
Food & Staples Retailing
J Sainsbury plc		95,983			278,853			368			0.0	(a)
Health Care Equipment & Supplies
Smith & Nephew plc		27,514			531,914			736			0.0	(a)
Hotels, Restaurants & Leisure
Carnival plc		1,794			95,108			714			0.0	(a)
GVC Holdings plc		70,058			597,837			1,468			0.0	(a)
		71,852			692,945			2,182			0.0	(a)
Household Durables
Barratt Developments plc		68,770			541,003			1,332			0.0	(a)
Berkeley Group Holdings plc		5,884			288,649			461			0.0	(a)
Bovis Homes Group plc		38,704			561,160			943			0.0	(a)
Redrow plc		75,306			606,157			1,252			0.0	(a)
Taylor Wimpey plc		229,476			544,044			1,228			0.0	(a)
		418,140			2,541,013			5,216			0.0	(a)
Media
Pearson plc		59,095			640,170			418			0.0	(a)
Metals & Mining
Antofagasta plc		10,385			123,455			493			0.0	(a)
Rio Tinto plc		8,984			524,118			1,037			0.0	(a)
		19,369			647,573			1,530			0.0	(a)
Oil, Gas & Consumable Fuels
Royal Dutch Shell plc		16,657			537,577			2,270			0.0	(a)
Tullow Oil plc		170,209			499,074			(985	)		(0.0	)(a)
		186,866			1,036,651			1,285			0.0	(a)
Professional Services
RELX plc		29,495			677,666			1,129			0.0	(a)
Wireless Telecommunication Services
Vodafone Group plc		356,358			661,000			1,138			0.0	(a)
Total Long Positions of Total Return Basket Swaps		1,728,458			10,343,125			16,579			0.0	(a)
Short Positions
Common Stocks
Banks
Metro Bank plc*		(13,119	)		(128,667	)		(363	)		(0.0	)(a)
Standard Chartered plc		(41,122	)		(375,986	)		(624	)		(0.0	)(a)
		(54,241	)		(504,653	)		(987	)		(0.0	)(a)
Capital Markets
St James’s Place plc		(35,669	)		(523,454	)		(1,818	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 15

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Chemicals
Johnson Matthey plc		(12,299	)		(536,537	)		(1,352	)		(0.0	)(a)
Diversified Financial Services
Standard Life Aberdeen plc		(133,408	)		(486,075	)		(889	)		(0.0	)(a)
Electrical Equipment
Melrose Industries plc		(41,132	)		(108,833	)		(381	)		(0.0	)(a)
Food Products
Associated British Foods plc		(15,800	)		(527,758	)		(522	)		(0.0	)(a)
Health Care Providers & Services
NMC Health plc		(12,816	)		(473,268	)		(1,653	)		(0.0	)(a)
Spire Healthcare Group plc (b)		(51,894	)		(90,610	)		—			0.0	(a)
		(64,710	)		(563,878	)		(1,653	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Merlin Entertainments plc		(92,811	)		(443,831	)		(635	)		(0.0	)(a)
Industrial Conglomerates
DCC plc		(5,798	)		(518,981	)		(1,232	)		(0.0	)(a)
Insurance
Beazley plc		(75,068	)		(565,647	)		(1,808	)		(0.0	)(a)
RSA Insurance Group plc		(76,966	)		(545,621	)		(1,650	)		(0.0	)(a)
		(152,034	)		(1,111,268	)		(3,458	)		(0.0	)(a)
Internet & Direct Marketing Retail
Just Eat plc*		(44,162	)		(403,730	)		(1,195	)		(0.0	)(a)
Media
ITV plc		(319,176	)		(569,932	)		(1,187	)		(0.0	)(a)
Metals & Mining
Fresnillo plc		(37,898	)		(371,184	)		(1,134	)		(0.0	)(a)
Multiline Retail
B&M European Value Retail SA		(53,437	)		(275,482	)		(588	)		(0.0	)(a)
Multi-Utilities
National Grid plc		(47,172	)		(516,813	)		(2,509	)		(0.0	)(a)
Pharmaceuticals
Dechra Pharmaceuticals plc		(11,986	)		(416,580	)		(829	)		(0.0	)(a)
Indivior plc*		(298,887	)		(149,316	)		(315	)		(0.0	)(a)
		(310,873	)		(565,896	)		(1,144	)		(0.0	)(a)
Professional Services
Capita plc		(41,824	)		(69,722	)		(213	)		(0.0	)(a)
Real Estate Management & Development
Capital & Counties Properties plc		(165,959	)		(524,772	)		(843	)		(0.0	)(a)
Specialty Retail
Kingfisher plc		(50,959	)		(175,716	)		(220	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(1,679,362	)		(8,798,515	)		(21,960	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		49,096			1,544,610			(5,381	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in USD based on the local currencies of the positions within the swaps.		11/29/2019 — 3/31/2020	$	62,458,649	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Alaska Air Group, Inc.		11,090		686,471		—		0.0	(a)
Delta Air Lines, Inc.		12,080		704,143		—		0.0	(a)
Southwest Airlines Co.		12,124		657,485		—		0.0	(a)
United Continental Holdings, Inc.*		8,079		717,900		—		0.0	(a)
		43,373		2,765,999		—		0.0	(a)
Auto Components
Gentex Corp.		5,125		118,029		—		0.0	(a)
Banks
Cathay General Bancorp		19,305		710,231		—		0.0	(a)
First Interstate BancSystem, Inc.		16,402		693,148		—		0.0	(a)
		35,707		1,403,379		—		0.0	(a)
Beverages
Boston Beer Co., Inc. (The)*		423		131,134		—		0.0	(a)
Coca-Cola European Partners plc		12,002		643,187		—		0.0	(a)
		12,425		774,321		—		0.0	(a)
Building Products
Continental Building Products, Inc.*		8,115		208,150		—		0.0	(a)
Gibraltar Industries, Inc.*		16,661		660,942		—		0.0	(a)
		24,776		869,092		—		0.0	(a)
Chemicals
Celanese Corp.		6,372		687,475		—		0.0	(a)
CF Industries Holdings, Inc.		15,661		701,299		—		0.0	(a)
Eastman Chemical Co.		1,356		106,961		—		0.0	(a)
Huntsman Corp.		8,107		180,300		—		0.0	(a)
Kronos Worldwide, Inc.		36,425		495,380		—		0.0	(a)
LyondellBasell Industries NV		1,360		119,993		—		0.0	(a)
Quaker Chemical Corp.		3,246		726,520		—		0.0	(a)
		72,527		3,017,928		—		0.0	(a)
Commercial Services & Supplies
ABM Industries, Inc.		18,107		687,523		—		0.0	(a)
Deluxe Corp.		8,014		358,386		—		0.0	(a)
Herman Miller, Inc.		788		30,590		—		0.0	(a)
KAR Auction Services, Inc.		2,162		122,110		—		0.0	(a)
Steelcase, Inc.		42,855		740,963		—		0.0	(a)
Tetra Tech, Inc.		10,395		672,764		—		0.0	(a)
		82,321		2,612,336		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 17

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Communications Equipment
Cisco Systems, Inc.		1,186		66,357		—		0.0	(a)
F5 Networks, Inc.*		3,930		616,617		—		0.0	(a)
Juniper Networks, Inc.		23,513		652,956		—		0.0	(a)
NetScout Systems, Inc.*		22,332		656,561		—		0.0	(a)
Ubiquiti Networks, Inc.		4,181		712,651		—		0.0	(a)
		55,142		2,705,142		—		0.0	(a)
Consumer Finance
Ally Financial, Inc.		23,553		699,760		—		0.0	(a)
OneMain Holdings, Inc.		19,820		673,285		—		0.0	(a)
Santander Consumer USA Holdings, Inc.		1,211		25,855		—		0.0	(a)
		44,584		1,398,900		—		0.0	(a)
Containers & Packaging
International Paper Co.		14,301		669,430		—		0.0	(a)
Sonoco Products Co.		10,936		689,624		—		0.0	(a)
Westrock Co.		16,388		628,971		—		0.0	(a)
		41,625		1,988,025		—		0.0	(a)
Distributors
Core-Mark Holding Co., Inc.		14,620		531,437		—		0.0	(a)
Diversified Consumer Services
Adtalem Global Education, Inc.*		11,241		554,406		—		0.0	(a)
H&R Block, Inc.		2,973		80,895		—		0.0	(a)
		14,214		635,301		—		0.0	(a)
Diversified Financial Services
FGL Holdings		15,684		133,785		—		0.0	(a)
Diversified Telecommunication Services
Verizon Communications, Inc.		10,549		603,297		—		0.0	(a)
Electric Utilities
Exelon Corp.		12,388		631,169		—		0.0	(a)
OGE Energy Corp.		14,419		610,500		—		0.0	(a)
Pinnacle West Capital Corp.		7,217		687,564		—		0.0	(a)
		34,024		1,929,233		—		0.0	(a)
Electrical Equipment
Atkore International Group, Inc.*		27,376		677,830		—		0.0	(a)
Eaton Corp. plc		1,207		99,964		—		0.0	(a)
EnerSys		2,087		144,399		—		0.0	(a)
Generac Holdings, Inc.*		12,900		709,371		—		0.0	(a)
nVent Electric plc		4,580		128,011		—		0.0	(a)
		48,150		1,759,575		—		0.0	(a)
Electronic Equipment, Instruments & Components
CDW Corp.		6,471		683,338		—		0.0	(a)
Dolby Laboratories, Inc.		1,288		83,321		—		0.0	(a)
Fabrinet*		11,930		722,003		—		0.0	(a)
FLIR Systems, Inc.		13,152		696,267		—		0.0	(a)
Insight Enterprises, Inc.*		11,847		670,303		—		0.0	(a)
KEMET Corp.		35,369		632,044		—		0.0	(a)
Zebra Technologies Corp.*		273		57,641		—		0.0	(a)
		80,330		3,544,917		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Energy Equipment & Services
Helix Energy Solutions Group, Inc.*		66,506		520,077		—		0.0	(a)
Entertainment
Viacom, Inc.		22,084		638,448		—		0.0	(a)
Food & Staples Retailing
Sysco Corp.		1,318		92,748		—		0.0	(a)
Walgreens Boots Alliance, Inc.		3,964		212,351		—		0.0	(a)
		5,282		305,099		—		0.0	(a)
Food Products
B&G Foods, Inc.		28,297		735,722		—		0.0	(a)
Cal-Maine Foods, Inc.		958		39,384		—		0.0	(a)
Hershey Co. (The)		5,401		674,315		—		0.0	(a)
Hormel Foods Corp.		13,961		557,602		—		0.0	(a)
Ingredion, Inc.		2,447		231,853		—		0.0	(a)
Lancaster Colony Corp.		4,111		611,347		—		0.0	(a)
Simply Good Foods Co. (The)*		30,046		674,833		—		0.0	(a)
TreeHouse Foods, Inc.*		9,682		648,500		—		0.0	(a)
		94,903		4,173,556		—		0.0	(a)
Health Care Equipment & Supplies
Abbott Laboratories		6,884		547,691		—		0.0	(a)
Baxter International, Inc.		7,671		585,298		—		0.0	(a)
Hill-Rom Holdings, Inc.		5,160		523,327		—		0.0	(a)
Hologic, Inc.*		12,979		601,966		—		0.0	(a)
Integer Holdings Corp.*		7,835		541,320		—		0.0	(a)
Medtronic plc		6,111		542,718		—		0.0	(a)
		46,640		3,342,320		—		0.0	(a)
Health Care Providers & Services
Chemed Corp.		70		22,875		—		0.0	(a)
Cigna Corp.		3,217		510,988		—		0.0	(a)
Encompass Health Corp.		143		9,216		—		0.0	(a)
Ensign Group, Inc. (The)		12,013		618,910		—		0.0	(a)
Humana, Inc.		653		166,783		—		0.0	(a)
Premier, Inc.*		17,069		567,203		—		0.0	(a)
Universal Health Services, Inc.		4,073		516,741		—		0.0	(a)
US Physical Therapy, Inc.		5,024		585,246		—		0.0	(a)
		42,262		2,997,962		—		0.0	(a)
Household Durables
PulteGroup, Inc.		2,166		68,142		—		0.0	(a)
Household Products
Church & Dwight Co., Inc.		8,712		652,964		—		0.0	(a)
Kimberly-Clark Corp.		5,011		643,312		—		0.0	(a)
Procter & Gamble Co. (The)		5,991		637,922		—		0.0	(a)
		19,714		1,934,198		—		0.0	(a)
Independent Power and Renewable Electricity Producers
Clearway Energy, Inc.		4,665		74,034		—		0.0	(a)
Insurance
American Equity Investment Life Holding Co.		22,850		672,018		—		0.0	(a)
AMERISAFE, Inc.		5,254		311,142		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 19

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Insurance — continued
Athene Holding Ltd.*		14,985		676,723		—		0.0	(a)
Universal Insurance Holdings, Inc.		21,125		629,314		—		0.0	(a)
		64,214		2,289,197		—		0.0	(a)
Interactive Media & Services
Alphabet, Inc.*		36		43,162		—		0.0	(a)
Liberty TripAdvisor Holdings, Inc.*		46,289		682,300		—		0.0	(a)
TripAdvisor, Inc.*		12,004		638,973		—		0.0	(a)
		58,329		1,364,435		—		0.0	(a)
IT Services
Accenture plc		3,527		644,277		—		0.0	(a)
Automatic Data Processing, Inc.		3,883		638,326		—		0.0	(a)
Cognizant Technology Solutions Corp.		8,811		642,851		—		0.0	(a)
CSG Systems International, Inc.		14,745		658,364		—		0.0	(a)
EVERTEC, Inc.		22,050		690,385		—		0.0	(a)
ManTech International Corp.		11,553		716,170		—		0.0	(a)
MAXIMUS, Inc.		8,727		642,744		—		0.0	(a)
PayPal Holdings, Inc.*		5,984		674,816		—		0.0	(a)
Total System Services, Inc.		6,494		663,947		—		0.0	(a)
		85,774		5,971,880		—		0.0	(a)
Life Sciences Tools & Services
Charles River Laboratories International, Inc.*		3,741		525,498		—		0.0	(a)
Medpace Holdings, Inc.*		9,021		506,710		—		0.0	(a)
Thermo Fisher Scientific, Inc.		1,949		540,750		—		0.0	(a)
		14,711		1,572,958		—		0.0	(a)
Machinery
AGCO Corp.		9,579		678,002		—		0.0	(a)
Allison Transmission Holdings, Inc.		600		28,116		—		0.0	(a)
Hillenbrand, Inc.		5,706		245,472		—		0.0	(a)
ITT, Inc.		11,164		675,980		—		0.0	(a)
Parker-Hannifin Corp.		3,619		655,328		—		0.0	(a)
Snap-on, Inc.		3,932		661,677		—		0.0	(a)
Watts Water Technologies, Inc.		7,706		659,557		—		0.0	(a)
		42,306		3,604,132		—		0.0	(a)
Media
Discovery, Inc.*		23,817		735,945		—		0.0	(a)
John Wiley & Sons, Inc.		7,218		333,327		—		0.0	(a)
MSG Networks, Inc.*		28,371		653,384		—		0.0	(a)
Omnicom Group, Inc.		1,050		84,032		—		0.0	(a)
TEGNA, Inc.		44,811		713,391		—		0.0	(a)
		105,267		2,520,079		—		0.0	(a)
Metals & Mining
Schnitzer Steel Industries, Inc.		6,532		154,939		—		0.0	(a)
Steel Dynamics, Inc.		3,675		116,424		—		0.0	(a)
Warrior Met Coal, Inc.		20,279		628,649		—		0.0	(a)
		30,486		900,012		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Multiline Retail
Kohl’s Corp.		7,469		531,046		—		0.0	(a)
Macy’s, Inc.		9,315		219,275		—		0.0	(a)
Nordstrom, Inc.		12,201		500,485		—		0.0	(a)
Target Corp.		849		65,730		—		0.0	(a)
		29,834		1,316,536		—		0.0	(a)
Multi-Utilities
CenterPoint Energy, Inc.		22,350		692,850		—		0.0	(a)
NorthWestern Corp.		8,806		615,099		—		0.0	(a)
		31,156		1,307,949		—		0.0	(a)
Oil, Gas & Consumable Fuels
Cabot Oil & Gas Corp.		19,908		515,418		—		0.0	(a)
ConocoPhillips		8,222		518,973		—		0.0	(a)
CONSOL Energy, Inc.*		13,400		454,260		—		0.0	(a)
CVR Energy, Inc.		12,802		583,899		—		0.0	(a)
Denbury Resources, Inc.*		219,119		488,635		—		0.0	(a)
Exxon Mobil Corp.		6,605		530,250		—		0.0	(a)
HollyFrontier Corp.		2,247		107,249		—		0.0	(a)
Marathon Oil Corp.		11,498		195,926		—		0.0	(a)
PBF Energy, Inc.		7,025		235,900		—		0.0	(a)
		300,826		3,630,510		—		0.0	(a)
Paper & Forest Products
Domtar Corp.		13,144		642,741		—		0.0	(a)
Louisiana-Pacific Corp.		3,876		97,094		—		0.0	(a)
Verso Corp.*		29,294		653,842		—		0.0	(a)
		46,314		1,393,677		—		0.0	(a)
Personal Products
Medifast, Inc.		5,062		742,545		—		0.0	(a)
USANA Health Sciences, Inc.*		2,271		189,537		—		0.0	(a)
		7,333		932,082		—		0.0	(a)
Pharmaceuticals
Eli Lilly & Co.		4,523		529,372		—		0.0	(a)
Jazz Pharmaceuticals plc*		681		88,373		—		0.0	(a)
Johnson & Johnson		462		65,234		—		0.0	(a)
Mallinckrodt plc*		5,943		91,879		—		0.0	(a)
Pfizer, Inc.		1,208		49,057		—		0.0	(a)
		12,817		823,915		—		0.0	(a)
Professional Services
Korn Ferry		7,830		368,166		—		0.0	(a)
Navigant Consulting, Inc.		7,361		168,052		—		0.0	(a)
Robert Half International, Inc.		4,429		274,997		—		0.0	(a)
		19,620		811,215		—		0.0	(a)
Road & Rail
ArcBest Corp.		20,069		613,309		—		0.0	(a)
CSX Corp.		8,287		659,894		—		0.0	(a)
Genesee & Wyoming, Inc.*		8,111		719,040		—		0.0	(a)
Norfolk Southern Corp.		3,314		676,122		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 21

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Road & Rail — continued
Schneider National, Inc.		30,997		647,837		—		0.0	(a)
		70,778		3,316,202		—		0.0	(a)
Semiconductors & Semiconductor Equipment
Analog Devices, Inc.		6,166		716,736		—		0.0	(a)
Cabot Microelectronics Corp.		5,585		705,106		—		0.0	(a)
Diodes, Inc.*		16,931		616,627		—		0.0	(a)
Intel Corp.		556		28,378		—		0.0	(a)
Kulicke & Soffa Industries, Inc.		29,266		681,020		—		0.0	(a)
Lam Research Corp.		557		115,539		—		0.0	(a)
Mellanox Technologies Ltd.*		6,133		737,800		—		0.0	(a)
MKS Instruments, Inc.		5,010		455,960		—		0.0	(a)
ON Semiconductor Corp.*		29,781		686,750		—		0.0	(a)
Qorvo, Inc.*		8,693		657,278		—		0.0	(a)
Teradyne, Inc.		6,446		315,854		—		0.0	(a)
Xperi Corp.		26,530		659,270		—		0.0	(a)
		141,654		6,376,318		—		0.0	(a)
Software
Cadence Design Systems, Inc.*		9,812		680,757		—		0.0	(a)
Check Point Software Technologies Ltd.*		4,926		594,864		—		0.0	(a)
Citrix Systems, Inc.		6,210		626,962		—		0.0	(a)
CyberArk Software Ltd.*		5,224		673,530		—		0.0	(a)
Intuit, Inc.		2,382		598,025		—		0.0	(a)
LogMeIn, Inc.		7,726		636,622		—		0.0	(a)
Microsoft Corp.		5,279		689,437		—		0.0	(a)
Oracle Corp.		3,741		206,990		—		0.0	(a)
		45,300		4,707,187		—		0.0	(a)
Specialty Retail
Abercrombie & Fitch Co.		22,816		681,970		—		0.0	(a)
American Eagle Outfitters, Inc.		6,274		149,196		—		0.0	(a)
Best Buy Co., Inc.		3,748		278,889		—		0.0	(a)
Caleres, Inc.		10,553		276,805		—		0.0	(a)
Designer Brands, Inc.		14,415		320,734		—		0.0	(a)
Foot Locker, Inc.		1,908		109,157		—		0.0	(a)
Genesco, Inc.*		13,600		609,416		—		0.0	(a)
Office Depot, Inc.		206,798		496,315		—		0.0	(a)
Rent-A-Center, Inc.*		26,364		657,254		—		0.0	(a)
RH*		4,634		494,494		—		0.0	(a)
Sally Beauty Holdings, Inc.*		28,974		512,840		—		0.0	(a)
Shoe Carnival, Inc.		16,786		598,589		—		0.0	(a)
Signet Jewelers Ltd.		22,973		532,514		—		0.0	(a)
Urban Outfitters, Inc.*		5,948		176,834		—		0.0	(a)
Williams-Sonoma, Inc.		2,694		154,016		—		0.0	(a)
		388,485		6,049,023		—		0.0	(a)
Technology Hardware, Storage & Peripherals
Apple, Inc.		1,558		312,644		—		0.0	(a)
Hewlett Packard Enterprise Co.		39,479		624,163		—		0.0	(a)
HP, Inc.		10,364		206,762		—		0.0	(a)
NetApp, Inc.		1,559		113,573		—		0.0	(a)
		52,960		1,257,142		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Textiles, Apparel & Luxury Goods
Columbia Sportswear Co.		2,128			212,736			—		0.0	(a)
Deckers Outdoor Corp.*		4,199			664,324			—		0.0	(a)
Oxford Industries, Inc.		3,810			316,459			—		0.0	(a)
Ralph Lauren Corp.		1,146			150,791			—		0.0	(a)
Steven Madden Ltd.		18,221			662,333			—		0.0	(a)
		29,504			2,006,643			—		0.0	(a)
Thrifts & Mortgage Finance
MGIC Investment Corp.*		47,088			689,368			—		0.0	(a)
New York Community Bancorp, Inc.		57,407			667,644			—		0.0	(a)
Radian Group, Inc.		30,340			710,563			—		0.0	(a)
		134,835			2,067,575			—		0.0	(a)
Trading Companies & Distributors
HD Supply Holdings, Inc.*		3,255			148,721			—		0.0	(a)
WW Grainger, Inc.		627			176,814			—		0.0	(a)
		3,882			325,535			—		0.0	(a)
Wireless Telecommunication Services
Shenandoah Telecommunications Co.		13,948			576,471			—		0.0	(a)
Total Long Positions of Total Return Basket Swaps		2,669,731			95,965,205			—		0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
Cubic Corp.		(5,615	)		(318,820	)		—		0.0	(a)
Mercury Systems, Inc.*		(2,105	)		(153,707	)		—		0.0	(a)
		(7,720	)		(472,527	)		—		0.0	(a)
Beverages
MGP Ingredients, Inc.		(6,437	)		(565,619	)		—		0.0	(a)
Chemicals
DowDuPont, Inc.		(9,640	)		(370,658	)		—		0.0	(a)
GCP Applied Technologies, Inc.*		(11,072	)		(318,763	)		—		0.0	(a)
RPM International, Inc.		(7,933	)		(481,136	)		—		0.0	(a)
Sensient Technologies Corp.		(7,434	)		(521,272	)		—		0.0	(a)
		(36,079	)		(1,691,829	)		—		0.0	(a)
Communications Equipment
Infinera Corp.*		(51,166	)		(222,060	)		—		0.0	(a)
NETGEAR, Inc.*		(14,782	)		(458,685	)		—		0.0	(a)
ViaSat, Inc.*		(5,697	)		(517,402	)		—		0.0	(a)
		(71,645	)		(1,198,147	)		—		0.0	(a)
Construction & Engineering
Dycom Industries, Inc.*		(8,370	)		(415,068	)		—		0.0	(a)
Granite Construction, Inc.		(11,092	)		(497,920	)		—		0.0	(a)
		(19,462	)		(912,988	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 23

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Construction Materials
Martin Marietta Materials, Inc.		(986	)		(218,793	)		—		0.0	(a)
US Concrete, Inc.*		(3,944	)		(185,881	)		—		0.0	(a)
Vulcan Materials Co.		(3,136	)		(395,481	)		—		0.0	(a)
		(8,066	)		(800,155	)		—		0.0	(a)
Containers & Packaging
Crown Holdings, Inc.*		(9,441	)		(548,805	)		—		0.0	(a)
Diversified Telecommunication Services
ORBCOMM, Inc.*		(71,350	)		(516,574	)		—		0.0	(a)
Electronic Equipment, Instruments & Components
nLight, Inc.*		(22,834	)		(596,652	)		—		0.0	(a)
Rogers Corp.*		(3,409	)		(571,076	)		—		0.0	(a)
		(26,243	)		(1,167,728	)		—		0.0	(a)
Energy Equipment & Services
McDermott International, Inc.*		(49,200	)		(398,028	)		—		0.0	(a)
Oceaneering International, Inc.*		(24,607	)		(472,455	)		—		0.0	(a)
Oil States International, Inc.*		(22,423	)		(433,212	)		—		0.0	(a)
Weatherford International plc*		(668,232	)		(369,733	)		—		0.0	(a)
		(764,462	)		(1,673,428	)		—		0.0	(a)
Entertainment
Netflix, Inc.*		(1,083	)		(401,295	)		—		0.0	(a)
Food & Staples Retailing
Casey’s General Stores, Inc.		(3,968	)		(525,165	)		—		0.0	(a)
Food Products
Hain Celestial Group, Inc. (The)*		(2,164	)		(47,218	)		—		0.0	(a)
Kraft Heinz Co. (The)		(4,423	)		(147,021	)		—		0.0	(a)
		(6,587	)		(194,239	)		—		0.0	(a)
Health Care Equipment & Supplies
Cerus Corp.*		(62,628	)		(383,910	)		—		0.0	(a)
Nevro Corp.*		(930	)		(57,390	)		—		0.0	(a)
Penumbra, Inc.*		(2,854	)		(383,863	)		—		0.0	(a)
ViewRay, Inc.*		(30,868	)		(214,841	)		—		0.0	(a)
		(97,280	)		(1,040,004	)		—		0.0	(a)
Health Care Providers & Services
Guardant Health, Inc.*		(6,094	)		(399,218	)		—		0.0	(a)
Health Care Technology
Evolent Health, Inc.*		(22,366	)		(303,059	)		—		0.0	(a)
Teladoc Health, Inc.*		(6,821	)		(387,979	)		—		0.0	(a)
		(29,187	)		(691,038	)		—		0.0	(a)
Hotels, Restaurants & Leisure
Red Rock Resorts, Inc.		(15,580	)		(420,348	)		—		0.0	(a)
Household Durables
iRobot Corp.*		(2,916	)		(301,923	)		—		0.0	(a)
Insurance
Markel Corp.*		(432	)		(462,892	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Interactive Media & Services
Match Group, Inc.		(9,146	)		(552,418	)		—		0.0	(a)
Snap, Inc.*		(32,167	)		(358,340	)		—		0.0	(a)
TrueCar, Inc.*		(19,274	)		(124,125	)		—		0.0	(a)
		(60,587	)		(1,034,883	)		—		0.0	(a)
Internet & Direct Marketing Retail
Groupon, Inc.*		(67,065	)		(236,069	)		—		0.0	(a)
Wayfair, Inc.*		(1,888	)		(306,139	)		—		0.0	(a)
		(68,953	)		(542,208	)		—		0.0	(a)
IT Services
MongoDB, Inc.*		(3,766	)		(530,705	)		—		0.0	(a)
Leisure Products
Mattel, Inc.*		(30,985	)		(377,707	)		—		0.0	(a)
Machinery
Manitowoc Co., Inc. (The)*		(28,626	)		(511,260	)		—		0.0	(a)
Navistar International Corp.*		(14,155	)		(483,252	)		—		0.0	(a)
Welbilt, Inc.*		(30,816	)		(518,633	)		—		0.0	(a)
		(73,597	)		(1,513,145	)		—		0.0	(a)
Media
Liberty Broadband Corp.*		(4,087	)		(403,428	)		—		0.0	(a)
Metals & Mining
Alcoa Corp.*		(18,568	)		(495,394	)		—		0.0	(a)
Coeur Mining, Inc.*		(112,723	)		(406,930	)		—		0.0	(a)
Compass Minerals International, Inc.		(6,649	)		(381,586	)		—		0.0	(a)
United States Steel Corp.		(25,124	)		(391,935	)		—		0.0	(a)
		(163,064	)		(1,675,845	)		—		0.0	(a)
Multi-Utilities
Consolidated Edison, Inc.		(6,287	)		(541,688	)		—		0.0	(a)
NiSource, Inc.		(9,995	)		(277,661	)		—		0.0	(a)
		(16,282	)		(819,349	)		—		0.0	(a)
Oil, Gas & Consumable Fuels
Centennial Resource Development, Inc.*		(1,648	)		(17,354	)		—		0.0	(a)
Matador Resources Co.*		(8,594	)		(169,216	)		—		0.0	(a)
Parsley Energy, Inc.*		(9,740	)		(194,410	)		—		0.0	(a)
Pioneer Natural Resources Co.		(2,744	)		(456,766	)		—		0.0	(a)
WPX Energy, Inc.*		(2,602	)		(36,142	)		—		0.0	(a)
		(25,328	)		(873,888	)		—		0.0	(a)
Personal Products
Avon Products, Inc.*		(169,903	)		(540,292	)		—		0.0	(a)
Pharmaceuticals
Aerie Pharmaceuticals, Inc.*		(4,691	)		(178,962	)		—		0.0	(a)
Intra-Cellular Therapies, Inc.*		(9,418	)		(124,035	)		—		0.0	(a)
TherapeuticsMD, Inc.*		(96,763	)		(416,081	)		—		0.0	(a)
Theravance Biopharma, Inc.*		(17,210	)		(410,458	)		—		0.0	(a)
		(128,082	)		(1,129,536	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 25

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Professional Services
TransUnion		(7,526	)		(524,186	)		—		0.0	(a)
TriNet Group, Inc.*		(8,729	)		(544,166	)		—		0.0	(a)
		(16,255	)		(1,068,352	)		—		0.0	(a)
Road & Rail
Hertz Global Holdings, Inc.*		(27,314	)		(496,569	)		—		0.0	(a)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.*		(19,733	)		(545,223	)		—		0.0	(a)
Software
Benefitfocus, Inc.*		(10,228	)		(416,586	)		—		0.0	(a)
Box, Inc.*		(14,403	)		(296,990	)		—		0.0	(a)
Coupa Software, Inc.*		(5,927	)		(612,437	)		—		0.0	(a)
FireEye, Inc.*		(15,557	)		(249,223	)		—		0.0	(a)
LivePerson, Inc.*		(17,287	)		(507,028	)		—		0.0	(a)
New Relic, Inc.*		(5,194	)		(546,617	)		—		0.0	(a)
Nutanix, Inc.*		(13,305	)		(574,643	)		—		0.0	(a)
PROS Holdings, Inc.*		(11,802	)		(604,734	)		—		0.0	(a)
Q2 Holdings, Inc.*		(6,385	)		(481,557	)		—		0.0	(a)
Varonis Systems, Inc.*		(8,925	)		(635,014	)		—		0.0	(a)
		(109,013	)		(4,924,829	)		—		0.0	(a)
Specialty Retail
CarMax, Inc.*		(700	)		(54,502	)		—		0.0	(a)
Carvana Co.*		(6,852	)		(490,329	)		—		0.0	(a)
		(7,552	)		(544,831	)		—		0.0	(a)
Technology Hardware, Storage & Peripherals
3D Systems Corp.*		(24,369	)		(259,286	)		—		0.0	(a)
Trading Companies & Distributors
H&E Equipment Services, Inc.		(18,950	)		(576,269	)		—		0.0	(a)
Herc Holdings, Inc.*		(9,252	)		(445,576	)		—		0.0	(a)
SiteOne Landscape Supply, Inc.*		(6,125	)		(412,213	)		—		0.0	(a)
		(34,327	)		(1,434,058	)		—		0.0	(a)
Water Utilities
Aqua America, Inc.		(11,404	)		(445,440	)		—		0.0	(a)
California Water Service Group		(7,205	)		(363,060	)		—		0.0	(a)
		(18,609	)		(808,500	)		—		0.0	(a)
Total Short Positions of Total Return Basket Swaps		(2,185,838	)		(33,506,556	)		—		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		483,893			62,458,649			—		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, which is denominated in CAD based on the local currencies of the positions within the swaps.		11/12/2019 — 11/29/2019	$	(4,701,542	)	$	—	$	—	$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
Magna International, Inc.		10,286			572,536			—		0.0	(a)
Food & Staples Retailing
Empire Co. Ltd.		27,603			613,995			—		0.0	(a)
Insurance
iA Financial Corp., Inc.		17,075			679,839			—		0.0	(a)
Media
Quebecor, Inc.		25,496			635,830			—		0.0	(a)
lOil, Gas & Consumable Fuels
Cameco Corp.		45,630			503,405			—		0.0	(a)
Cenovus Energy, Inc.		56,840			563,436			—		0.0	(a)
Whitecap Resources, Inc.		137,932			554,940			—		0.0	(a)
		240,402			1,621,781			—		0.0	(a)
Road & Rail
TFI International, Inc.		21,452			704,552			—		0.0	(a)
Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		14,181			440,662			—		0.0	(a)
Total Long Positions of Total Return Basket Swaps		356,495			5,269,195			—		0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(190,904	)		(326,319	)		—		0.0	(a)
Construction & Engineering
SNC-Lavalin Group, Inc.		(19,709	)		(491,364	)		—		0.0	(a)
Containers & Packaging
CCL Industries, Inc.		(12,977	)		(553,583	)		—		0.0	(a)
Diversified Financial Services
Onex Corp.		(9,347	)		(542,178	)		—		0.0	(a)
Food Products
Premium Brands Holdings Corp.		(9,093	)		(546,585	)		—		0.0	(a)
Gas Utilities
AltaGas Ltd.		(38,402	)		(510,517	)		—		0.0	(a)
Hotels, Restaurants & Leisure
Star Group, Inc. (The)*		(22,601	)		(426,479	)		—		0.0	(a)
IT Services
Shopify, Inc.*		(2,424	)		(589,399	)		—		0.0	(a)
Metals & Mining
First Quantum Minerals Ltd.		(44,529	)		(470,318	)		—		0.0	(a)
Franco-Nevada Corp.		(5,775	)		(413,781	)		—		0.0	(a)
IAMGOLD Corp.*		(161,912	)		(487,053	)		—		0.0	(a)
Kinross Gold Corp.*		(144,647	)		(459,951	)		—		0.0	(a)
Lundin Mining Corp.		(109,278	)		(586,481	)		—		0.0	(a)
Yamana Gold, Inc.		(197,918	)		(434,336	)		—		0.0	(a)
		(664,059	)		(2,851,920	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 27

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Multiline Retail
Dollarama, Inc.		(14,310	)		(429,823	)		—		0.0	(a)
Multi-Utilities
Atco Ltd.		(14,791	)		(507,312	)		—		0.0	(a)
Oil, Gas & Consumable Fuels
Baytex Energy Corp.*		(222,723	)		(452,196	)		—		0.0	(a)
Inter Pipeline Ltd.		(25,131	)		(409,315	)		—		0.0	(a)
Keyera Corp.		(17,294	)		(399,658	)		—		0.0	(a)
Vermilion Energy, Inc.		(16,232	)		(414,493	)		—		0.0	(a)
		(281,380	)		(1,675,662	)		—		0.0	(a)
Trading Companies & Distributors
Finning International, Inc.		(28,944	)		(519,596	)		—		0.0	(a)
Total Short Positions of Total Return Basket Swaps		(1,308,941	)		(9,970,737	)		—		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(952,446	)		(4,701,542	)		—		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month EURIBOR on long positions and short positions respectively, which is denominated in EUR based on the local currencies of the positions within the swaps.		11/29/2019	$	2,170,129	$	10,888	$	—	$	10,888

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Deutsche Lufthansa AG (Registered)		28,301		684,707		1,610			0.0	(a)
Automobiles
Peugeot SA		6,388		167,486		117			0.0	(a)
Chemicals
Arkema SA		2,026		208,023		193			0.0	(a)
Covestro AG (b)		9,231		507,221		2,488			0.0	(a)
Solvay SA		5,861		706,694		2,323			0.0	(a)
		17,118		1,421,938		5,004			0.0	(a)
Commercial Services & Supplies
Edenred		14,568		686,849		427			0.0	(a)
Societe BIC SA		603		51,946		(29	)		(0.0	)(a)
		15,171		738,795		398			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Construction & Engineering
Eiffage SA		1,226		128,008		(12	)		(0.0	)(a)
HOCHTIEF AG		1,120		167,450		376			0.0	(a)
Koninklijke BAM Groep NV		148,259		724,011		2,325			0.0	(a)
Sacyr SA		80,580		197,830		624			0.0	(a)
		231,185		1,217,299		3,313			0.0	(a)
Diversified Telecommunication Services
Telefonica SA		74,330		619,715		120			0.0	(a)
Electric Utilities
Enel SpA		55,459		351,175		414			0.0	(a)
Iberdrola SA		72,692		660,581		340			0.0	(a)
Verbund AG		12,922		641,669		774			0.0	(a)
		141,073		1,653,425		1,528			0.0	(a)
Electrical Equipment
Signify NV (b)		2,768		82,986		—			0.0	(a)
Food & Staples Retailing
METRO AG		40,602		689,890		2,248			0.0	(a)
Food Products
Danone SA		8,782		709,980		—			0.0	(a)
Gas Utilities
Italgas SpA		108,573		678,201		1,130			0.0	(a)
Health Care Equipment & Supplies
Koninklijke Philips NV		3,751		161,082		1,359			0.0	(a)
Independent Power and Renewable Electricity Producers
Uniper SE		3,372		102,318		165			0.0	(a)
Insurance
Ageas		2,292		121,122		299			0.0	(a)
ASR Nederland NV		1,516		67,453		119			0.0	(a)
AXA SA		24,696		658,557		843			0.0	(a)
CNP Assurances		29,277		691,544		652			0.0	(a)
Unipol Gruppo SpA		124,789		635,693		819			0.0	(a)
		182,570		2,174,369		2,732			0.0	(a)
IT Services
Amadeus IT Group SA		2,790		222,354		426			0.0	(a)
Machinery
Valmet OYJ		24,472		674,130		1,659			0.0	(a)
Media
Eutelsat Communications SA		11,480		207,476		302			0.0	(a)
Mediaset Espana Comunicacion SA		11,854		91,929		190			0.0	(a)
ProSiebenSat.1 Media SE		25,903		409,489		1,733			0.0	(a)
Publicis Groupe SA		11,503		683,696		1,450			0.0	(a)
		60,740		1,392,590		3,675			0.0	(a)
Metals & Mining
Eramet		10,579		740,836		1,384			0.0	(a)
Multi-Utilities
A2A SpA		57,536		96,294		141			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 29

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels
Neste OYJ		586			19,369			19			0.0	(a)
TOTAL SA		21			1,167			1			0.0	(a)
		607			20,536			20			0.0	(a)
Paper & Forest Products
Ence Energia y Celulosa SA		111,856			602,714			1,521			0.0	(a)
UPM-Kymmene OYJ		6,534			184,486			467			0.0	(a)
		118,390			787,200			1,988			0.0	(a)
Pharmaceuticals
Sanofi		6,163			537,718			2,074			0.0	(a)
UCB SA		527			41,885			84			0.0	(a)
		6,690			579,603			2,158			0.0	(a)
Professional Services
Wolters Kluwer NV		9,939			693,717			561			0.0	(a)
Real Estate Management & Development
Aroundtown SA		75,128			610,379			1,491			0.0	(a)
Deutsche Wohnen SE		15,014			676,312			1,545			0.0	(a)
LEG Immobilien AG		806			94,044			253			0.0	(a)
		90,948			1,380,735			3,289			0.0	(a)
Semiconductors & Semiconductor Equipment
Dialog Semiconductor plc*		22,130			860,949			4,624			0.0	(a)
Siltronic AG		2,653			259,949			—			0.0	(a)
		24,783			1,120,898			4,624			0.0	(a)
Software
Software AG		19,581			745,831			—			0.0	(a)
Textiles, Apparel & Luxury Goods
adidas AG		2,146			552,784			1,351			0.0	(a)
Total Long Positions of Total Return Basket Swaps		1,293,185			20,109,699			41,000			0.0	(a)
Short Positions
Common Stocks
Air Freight & Logistics
Bollore SA		(111,149	)		(528,712	)		(633	)		(0.0	)(a)
PostNL NV		(190,734	)		(494,755	)		(797	)		(0.0	)(a)
		(301,883	)		(1,023,467	)		(1,430	)		(0.0	)(a)
Automobiles
Renault SA		(6,007	)		(409,836	)		(64	)		(0.0	)(a)
Banks
AIB Group plc		(113,546	)		(527,520	)		(532	)		(0.0	)(a)
Banco de Sabadell SA		(490,674	)		(571,308	)		(1,156	)		(0.0	)(a)
Bankia SA		(65,574	)		(181,618	)		(323	)		(0.0	)(a)
Bankinter SA		(65,358	)		(522,420	)		(631	)		(0.0	)(a)
		(735,152	)		(1,802,866	)		(2,642	)		(0.0	)(a)
Beverages
Anheuser-Busch InBev SA/NV		(1,610	)		(143,141	)		(15	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Building Products
Cie de Saint-Gobain		(13,273	)		(544,192	)		(1,710	)		(0.0	)(a)
Chemicals
BASF SE		(6,839	)		(558,343	)		(2,299	)		(0.0	)(a)
K+S AG (Registered)		(4,870	)		(99,165	)		(408	)		(0.0	)(a)
Umicore SA		(11,258	)		(436,897	)		(1,267	)		(0.0	)(a)
		(22,967	)		(1,094,405	)		(3,974	)		(0.0	)(a)
Construction & Engineering
Bouygues SA		(14,266	)		(537,006	)		(341	)		(0.0	)(a)
Containers & Packaging
Huhtamaki OYJ		(13,496	)		(516,103	)		(1,289	)		(0.0	)(a)
Diversified Financial Services
Groupe Bruxelles Lambert SA		(5,169	)		(494,984	)		(917	)		(0.0	)(a)
Wendel SA		(3,146	)		(435,752	)		(329	)		(0.0	)(a)
		(8,315	)		(930,736	)		(1,246	)		(0.0	)(a)
Diversified Telecommunication Services
Cellnex Telecom SA (b)		(17,052	)		(525,271	)		(849	)		(0.0	)(a)
Iliad SA		(3,430	)		(349,438	)		(508	)		(0.0	)(a)
United Internet AG (Registered)		(2,771	)		(111,408	)		(360	)		(0.0	)(a)
		(23,253	)		(986,117	)		(1,717	)		(0.0	)(a)
Electrical Equipment
Legrand SA		(7,508	)		(552,235	)		(493	)		(0.0	)(a)
OSRAM Licht AG		(1,913	)		(65,798	)		(377	)		(0.0	)(a)
Prysmian SpA		(28,178	)		(544,074	)		(794	)		(0.0	)(a)
		(37,599	)		(1,162,107	)		(1,664	)		(0.0	)(a)
Energy Equipment & Services
Tenaris SA		(29,171	)		(404,363	)		688			0.0	(a)
Food & Staples Retailing
Jeronimo Martins SGPS SA		(7,746	)		(126,148	)		—			0.0	(a)
Gas Utilities
Rubis SCA		(9,275	)		(508,735	)		(1,077	)		(0.0	)(a)
Health Care Providers & Services
Orpea		(306	)		(37,335	)		(28	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Autogrill SpA		(43,796	)		(425,605	)		33			0.0	(a)
Elior Group SA (b)		(3,071	)		(42,504	)		—			0.0	(a)
Paddy Power Betfair plc		(2,991	)		(250,530	)		—			0.0	(a)
		(49,858	)		(718,639	)		33			0.0	(a)
Industrial Conglomerates
Rheinmetall AG		(4,783	)		(551,135	)		(2,336	)		(0.0	)(a)
Internet & Direct Marketing Retail
Delivery Hero SE* (b)		(10,682	)		(492,296	)		—			0.0	(a)
Zalando SE* (b)		(10,362	)		(487,428	)		—			0.0	(a)
		(21,044	)		(979,724	)		—			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 31

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Life Sciences Tools & Services
Eurofins Scientific SE		(1,018	)		(466,171	)		(321	)		(0.0	)(a)
Gerresheimer AG		(5,271	)		(397,130	)		(1,029	)		(0.0	)(a)
		(6,289	)		(863,301	)		(1,350	)		(0.0	)(a)
Machinery
ANDRITZ AG		(897	)		(42,837	)		(79	)		(0.0	)(a)
GEA Group AG		(14,628	)		(409,843	)		(986	)		(0.0	)(a)
Wartsila OYJ Abp		(1,723	)		(27,589	)		(109	)		(0.0	)(a)
		(17,248	)		(480,269	)		(1,174	)		(0.0	)(a)
Media
RTL Group SA		(9,193	)		(518,008	)		(1,434	)		(0.0	)(a)
Metals & Mining
ArcelorMittal		(23,391	)		(508,897	)		(1,820	)		(0.0	)(a)
thyssenkrupp AG		(22,106	)		(311,664	)		(870	)		(0.0	)(a)
		(45,497	)		(820,561	)		(2,690	)		(0.0	)(a)
Personal Products
Beiersdorf AG		(4,824	)		(527,846	)		(637	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Infineon Technologies AG		(25,267	)		(598,969	)		(3,132	)		(0.0	)(a)
SOITEC*		(3,743	)		(379,106	)		(643	)		(0.0	)(a)
		(29,010	)		(978,075	)		(3,775	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
S&T AG		(2,670	)		(72,139	)		(147	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
Puma SE		(699	)		(432,375	)		—			0.0	(a)
Transportation Infrastructure
Aeroports de Paris		(2,604	)		(530,468	)		(78	)		(0.0	)(a)
Getlink SE		(14,940	)		(240,473	)		(15	)		(0.0	)(a)
		(17,544	)		(770,941	)		(93	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(1,432,978	)		(17,939,570	)		(30,112	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(139,793	)		2,170,129			10,888			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in CHF based on the local currencies of the positions within the swaps.		11/29/2019	$	394,138	$	1,232	$	—	$	1,232

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Diversified Telecommunication Services
Sunrise Communications Group AG (b)		8,239			547,087			85			0.0	(a)
Swisscom AG (Registered)		1,471			685,419			121			0.0	(a)
		9,710			1,232,506			206			0.0	(a)
Health Care Equipment & Supplies
Sonova Holding AG (Registered)		2,708			546,968			823			0.0	(a)
Pharmaceuticals
Novartis AG (Registered)		6,442			527,858			1,788			0.0	(a)
Roche Holding AG		186			48,663			(2	)		(0.0	)(a)
		6,628			576,521			1,786			0.0	(a)
Professional Services
Adecco Group AG (Registered)		12,401			712,474			265			0.0	(a)
Real Estate Management & Development
PSP Swiss Property AG (Registered)		5,717			583,351			(159	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swaps		37,164			3,651,820			2,921			0.0	(a)
Short Positions
Common Stocks
Capital Markets
Julius Baer Group Ltd.		(11,894	)		(574,538	)		(1,171	)		(0.0	)(a)
Chemicals
EMS-Chemie Holding AG (Registered)		(907	)		(549,269	)		(58	)		(0.0	)(a)
Givaudan SA (Registered)		(196	)		(507,504	)		121			0.0	(a)
		(1,103	)		(1,056,773	)		63			0.0	(a)
Machinery
VAT Group AG (b)		(4,771	)		(592,987	)		(680	)		(0.0	)(a)
Pharmaceuticals
Vifor Pharma AG		(3,147	)		(410,964	)		421			0.0	(a)
Semiconductors & Semiconductor Equipment
ams AG*		(14,745	)		(622,420	)		(322	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(35,660	)		(3,257,682	)		(1,689	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		1,504			394,138			1,232			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (3.75%) to 0.35%), which is denominated in JPY based on the local currencies of the positions within the swaps.		11/29/2019	$	(12,622,585	)	$	(35,455	)	$	—	$	(35,455	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 33

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
TS Tech Co. Ltd.		6,000			180,195			1,099			0.0	(a)
Electric Utilities
Kansai Electric Power Co., Inc. (The)		21,900			264,952			428			0.0	(a)
Pharmaceuticals
Kaken Pharmaceutical Co. Ltd.		10,300			441,214			2,467			0.0	(a)
Total Long Positions of Total Return Basket Swaps		38,200			886,361			3,994			0.0	(a)
Short Positions
Common Stocks
Auto Components
Toyo Tire Corp.		(4,000	)		(46,794	)		(148	)		(0.0	)(a)
Banks
Concordia Financial Group Ltd.		(131,500	)		(513,389	)		(3,408	)		(0.0	)(a)
Building Products
TOTO Ltd.		(1,800	)		(76,298	)		(512	)		(0.0	)(a)
Chemicals
JSR Corp.		(11,500	)		(175,473	)		(1,206	)		(0.0	)(a)
Shin-Etsu Chemical Co. Ltd.		(5,600	)		(530,457	)		(6,093	)		(0.0	)(a)
Toray Industries, Inc.		(73,800	)		(505,019	)		(2,830	)		(0.0	)(a)
		(90,900	)		(1,210,949	)		(10,129	)		(0.0	)(a)
Consumer Finance
Aiful Corp.*		(64,900	)		(152,271	)		(789	)		(0.0	)(a)
Electrical Equipment
Fujikura Ltd.		(32,400	)		(133,687	)		(472	)		(0.0	)(a)
Furukawa Electric Co. Ltd.		(2,700	)		(71,267	)		(296	)		(0.0	)(a)
GS Yuasa Corp.		(5,100	)		(102,468	)		(508	)		(0.0	)(a)
Mabuchi Motor Co. Ltd.		(1,400	)		(51,923	)		(268	)		(0.0	)(a)
Nidec Corp.		(4,000	)		(571,355	)		(4,528	)		(0.0	)(a)
		(45,600	)		(930,700	)		(6,072	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Hirose Electric Co. Ltd.		(4,800	)		(556,319	)		(2,174	)		(0.0	)(a)
Hitachi High-Technologies Corp.		(1,300	)		(57,944	)		(175	)		(0.0	)(a)
Murata Manufacturing Co. Ltd.		(10,500	)		(527,243	)		34,461			0.0	(a)
Yaskawa Electric Corp.		(4,000	)		(148,911	)		(1,861	)		(0.0	)(a)
		(20,600	)		(1,290,417	)		30,251			0.0	(a)
Entertainment
Nintendo Co. Ltd.		(1,700	)		(585,507	)		(5,565	)		(0.0	)(a)
Food & Staples Retailing
Aeon Co. Ltd.		(24,600	)		(454,770	)		(1,058	)		(0.0	)(a)
Tsuruha Holdings, Inc.		(6,000	)		(511,355	)		(1,273	)		(0.0	)(a)
		(30,600	)		(966,125	)		(2,331	)		(0.0	)(a)
Food Products
Yamazaki Baking Co. Ltd.		(31,500	)		(469,263	)		(2,109	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(10,600	)		(338,573	)		(1,713	)		(0.0	)(a)
Kyoritsu Maintenance Co. Ltd.		(7,000	)		(359,702	)		(1,511	)		(0.0	)(a)
		(17,600	)		(698,275	)		(3,224	)		(0.0	)(a)
Household Durables
Panasonic Corp.		(46,200	)		(425,419	)		(1,961	)		(0.0	)(a)
Industrial Conglomerates
Toshiba Corp.		(2,200	)		(73,307	)		(233	)		(0.0	)(a)
Interactive Media & Services
LINE Corp.*		(2,100	)		(70,359	)		53			0.0	(a)
Machinery
Daifuku Co. Ltd.		(1,200	)		(73,825	)		(785	)		(0.0	)(a)
FANUC Corp.		(2,900	)		(544,839	)		(3,980	)		(0.0	)(a)
Kawasaki Heavy Industries Ltd.		(6,500	)		(151,859	)		(960	)		(0.0	)(a)
Makita Corp.		(14,900	)		(543,603	)		(1,872	)		(0.0	)(a)
MISUMI Group, Inc.		(2,700	)		(70,500	)		(741	)		(0.0	)(a)
Mitsui E&S Holdings Co. Ltd.*		(6,800	)		(67,195	)		(472	)		(0.0	)(a)
Miura Co. Ltd.		(2,400	)		(61,441	)		(617	)		(0.0	)(a)
Nabtesco Corp.		(5,400	)		(165,585	)		(1,246	)		(0.0	)(a)
NGK Insulators Ltd.		(7,600	)		(112,889	)		(724	)		(0.0	)(a)
SMC Corp.		(1,300	)		(542,965	)		(5,418	)		(0.0	)(a)
		(51,700	)		(2,334,701	)		(16,815	)		(0.0	)(a)
Marine
Kawasaki Kisen Kaisha Ltd.		(7,800	)		(113,388	)		(652	)		(0.0	)(a)
Metals & Mining
Hitachi Metals Ltd.		(2,300	)		(26,585	)		(136	)		(0.0	)(a)
Mitsubishi Materials Corp.		(4,000	)		(104,037	)		(476	)		(0.0	)(a)
UACJ Corp.		(15,300	)		(309,486	)		(1,406	)		(0.0	)(a)
		(21,600	)		(440,108	)		(2,018	)		(0.0	)(a)
Multiline Retail
Marui Group Co. Ltd.		(15,300	)		(311,218	)		(1,217	)		(0.0	)(a)
Personal Products
Shiseido Co. Ltd.		(7,200	)		(566,338	)		(2,838	)		(0.0	)(a)
Pharmaceuticals
Ono Pharmaceutical Co. Ltd.		(5,000	)		(93,926	)		(586	)		(0.0	)(a)
Professional Services
Persol Holdings Co. Ltd.		(15,500	)		(292,166	)		(2,182	)		(0.0	)(a)
Road & Rail
Keio Corp.		(7,800	)		(470,958	)		(1,810	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Rohm Co. Ltd.		(4,200	)		(309,710	)		(2,415	)		(0.0	)(a)
Tokyo Electron Ltd.		(3,500	)		(555,567	)		(1,155	)		(0.0	)(a)
		(7,700	)		(865,277	)		(3,570	)		(0.0	)(a)
Specialty Retail
Nitori Holdings Co. Ltd.		(3,900	)		(465,280	)		(1,385	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 35

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Technology Hardware, Storage & Peripherals
Seiko Epson Corp.		(2,900	)		(46,513	)		(199	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(637,600	)		(13,508,946	)		(39,449	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(599,400	)		(12,622,585	)		(35,455	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, which is denominated in AUD based on the local currencies of the positions within the swaps.		11/29/2019	$	1,606,167	$	(2,631	)	$	—	$	(2,631	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Qantas Airways Ltd.		47,259			186,943			45			0.0	(a)
Food & Staples Retailing
Metcash Ltd.		108,135			218,805			25			0.0	(a)
IT Services
Computershare Ltd.		51,931			653,305			571			0.0	(a)
Metals & Mining
Alumina Ltd.		360,827			570,966			1,188			0.0	(a)
Oil, Gas & Consumable Fuels
Beach Energy Ltd.		358,199			537,137			(714	)		(0.0	)(a)
Santos Ltd.		108,684			550,007			(867	)		(0.0	)(a)
Washington H Soul Pattinson & Co. Ltd.		30,542			495,363			375			0.0	(a)
Woodside Petroleum Ltd.		21,492			535,790			(397	)		(0.0	)(a)
		518,917			2,118,297			(1,603	)		(0.0	)(a)
Specialty Retail
JB Hi-Fi Ltd.		34,998			636,105			312			0.0	(a)
Total Long Positions of Total Return Basket Swaps		1,122,067			4,384,421			538			0.0	(a)
Short Positions
Common Stocks
Chemicals
Nufarm Ltd.		(149,838	)		(535,371	)		(892	)		(0.0	)(a)
Diversified Financial Services
Challenger Ltd.		(11,905	)		(68,918	)		68			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Electric Utilities
AusNet Services		(397,598	)		(497,787	)		(279	)		(0.0	)(a)
Food Products
Costa Group Holdings Ltd.		(18,339	)		(73,411	)		(109	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(1,115	)		(33,799	)		—			0.0	(a)
Star Entertainment Grp Ltd. (The)		(129,668	)		(415,195	)		(196	)		(0.0	)(a)
		(130,783	)		(448,994	)		(196	)		(0.0	)(a)
IT Services
NEXTDC Ltd.*		(25,324	)		(114,127	)		(51	)		(0.0	)(a)
Metals & Mining
Sims Metal Management Ltd.		(66,134	)		(481,708	)		(578	)		(0.0	)(a)
Software
Xero Ltd.*		(14,506	)		(557,938	)		(1,132	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(814,427	)		(2,778,254	)		(3,169	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		307,640			1,606,167			(2,631	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions, which is denominated in GBP based on the local currencies of the positions within the swaps.		11/29/2019 — 12/31/2019	$	1,913,540	$	(1	)	$	—	$	(1	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Capital Markets
Sole Realisation Co. plc*‡		5,123		—		(1	)		0.0	(a)
Pharmaceuticals
BTG plc*		175,636		1,913,540		—			0.0	(a)
Total Long Positions of Total Return Basket Swaps		180,759		1,913,540		(1	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 37

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in USD based on the local currencies of the positions within the swaps.		11/29/2019 — 4/30/2020	$	(6,267,792	)	$	—	$	—	$	—

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Insurance
Stewart Information Services Corp.		700			29,757			—		0.0	(a)
Short Positions
Common Stocks
IT Services
Fidelity National Information Services, Inc.		(54,322	)		(6,297,549	)		—		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(53,622	)		(6,267,792	)		—		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions, which is denominated in AUD based on the local currencies of the positions within the swaps.		11/29/2019	$	4,924,959	$	1,730	$	—	$	1,730

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Health Care Providers & Services
Healthscope Ltd.		2,850,530		4,924,959		1,730		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS APRIL 30, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.		3/12/2021 — 11/15/2021	$	7,615,336	$	17,048	$	—	$	17,048

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Containers & Packaging
RPC Group plc		601,893		6,203,634		11,022		0.0	(a)
Insurance
Prudential plc		62,131		1,411,702		6,026		0.0	(a)
Total Long Positions of Total Return Basket Swaps		664,024		7,615,336		17,048		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.		3/12/2021	$	72,481,731	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
KeyW Holding Corp. (The)*		104,168		1,181,265		—		0.0	(a)
Air Freight & Logistics
XPO Logistics, Inc.*		18,900		1,286,712		—		0.0	(a)
Auto Components
Gentherm, Inc.*		26,400		1,118,304		—		0.0	(a)
Automobiles
Fiat Chrysler Automobiles NV		66,600		1,026,306		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 39

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Banks
Comerica, Inc.		13,900		1,092,401		—		0.0	(a)
Fidelity Southern Corp.		20,600		599,666		—		0.0	(a)
Sterling Bancorp		52,600		1,126,692		—		0.0	(a)
Wells Fargo & Co.		19,800		958,518		—		0.0	(a)
		106,900		3,777,277		—		0.0	(a)
Biotechnology
Celgene Corp.*		21,095		1,996,853		—		0.0	(a)
Spark Therapeutics, Inc.*		4,100		437,429		—		0.0	(a)
		25,195		2,434,282		—		0.0	(a)
Building Products
Apogee Enterprises, Inc.		8,100		326,430		—		0.0	(a)
Commercial Services & Supplies
Advanced Disposal Services, Inc.*		125,785		4,067,887		—		0.0	(a)
KAR Auction Services, Inc.		27,700		1,564,496		—		0.0	(a)
LSC Communications, Inc.		89,712		627,087		—		0.0	(a)
		243,197		6,259,470		—		0.0	(a)
Communications Equipment
Finisar Corp.*		325,642		7,851,229		—		0.0	(a)
Consumer Finance
Santander Consumer USA Holdings, Inc.		46,500		992,775		—		0.0	(a)
Diversified Financial Services
Voya Financial, Inc.		19,500		1,070,355		—		0.0	(a)
Electronic Equipment, Instruments & Components
Avnet, Inc.		22,700		1,103,447		—		0.0	(a)
Benchmark Electronics, Inc.		37,000		1,000,110		—		0.0	(a)
Jabil, Inc.		36,500		1,102,665		—		0.0	(a)
		96,200		3,206,222		—		0.0	(a)
Energy Equipment & Services
Basic Energy Services, Inc.*		5,000		12,600		—		0.0	(a)
Health Care Providers & Services
WellCare Health Plans, Inc.*		23,253		6,007,412		—		0.0	(a)
Household Durables
TRI Pointe Group, Inc.*		73,300		956,565		—		0.0	(a)
Household Products
Spectrum Brands Holdings, Inc.		17,600		1,083,632		—		0.0	(a)
Independent Power and Renewable Electricity Producers
Vistra Energy Corp.		37,300		1,016,425		—		0.0	(a)
Insurance
Stewart Information Services Corp.		33,712		1,433,097		—		0.0	(a)
IT Services
First Data Corp.*		319,835		8,270,933		—		0.0	(a)
Luxoft Holding, Inc.*		54,375		3,176,588		—		0.0	(a)
		374,210		11,447,521		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Leisure Products
Brunswick Corp.		24,000			1,229,040			—		0.0	(a)
Life Sciences Tools & Services
Waters Corp.*		3,900			832,806			—		0.0	(a)
Machinery
Global Brass & Copper Holdings, Inc.		21,216			920,562			—		0.0	(a)
WABCO Holdings, Inc.*		48,270			6,392,879			—		0.0	(a)
		69,486			7,313,441			—		0.0	(a)
Metals & Mining
Reliance Steel & Aluminum Co.		10,900			1,002,364			—		0.0	(a)
Worthington Industries, Inc.		26,800			1,075,484			—		0.0	(a)
		37,700			2,077,848			—		0.0	(a)
Oil, Gas & Consumable Fuels
Anadarko Petroleum Corp.		101,919			7,424,799			—		0.0	(a)
Devon Energy Corp.		30,800			989,912			—		0.0	(a)
QEP Resources, Inc.*		204,400			1,537,088			—		0.0	(a)
Roan Resources, Inc.*		20,900			118,503			—		0.0	(a)
Ship Finance International Ltd.		78,800			1,005,488			—		0.0	(a)
Southwestern Energy Co.*		213,000			841,350			—		0.0	(a)
		649,819			11,917,140			—		0.0	(a)
Semiconductors & Semiconductor Equipment
Versum Materials, Inc.		122,906			6,413,235			—		0.0	(a)
Software
Ultimate Software Group, Inc. (The)*		19,662			6,501,240			—		0.0	(a)
Specialty Retail
Asbury Automotive Group, Inc.*		4,900			392,882			—		0.0	(a)
Group 1 Automotive, Inc.		15,200			1,190,312			—		0.0	(a)
Sleep Number Corp.*		20,100			699,480			—		0.0	(a)
		40,200			2,282,674			—		0.0	(a)
Technology Hardware, Storage & Peripherals
Dell Technologies, Inc.*		16,800			1,132,488			—		0.0	(a)
Electronics For Imaging, Inc.*		105,658			3,929,421			—		0.0	(a)
Hewlett Packard Enterprise Co.		23,721			375,029			—		0.0	(a)
Stratasys Ltd.*		63,300			1,471,725			—		0.0	(a)
Xerox Corp.		30,500			1,017,480			—		0.0	(a)
		239,979			7,926,143			—		0.0	(a)
Trading Companies & Distributors
Rush Enterprises, Inc.		23,500			996,635			—		0.0	(a)
Total Long Positions of Total Return Basket Swaps		2,882,829			99,978,081			—		0.0	(a)
Short Positions
Common Stocks
Banks
Ameris Bancorp		(16,315	)		(594,845	)		—		0.0	(a)
BB&T Corp.		(63,696	)		(3,261,235	)		—		0.0	(a)
		(80,011	)		(3,856,080	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 41

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Commercial Services & Supplies
Quad/Graphics, Inc.		(55,509	)		(677,765	)		—		0.0	(a)
Electronic Equipment, Instruments & Components
II-VI, Inc.*		(58,025	)		(2,311,716	)		—		0.0	(a)
Energy Equipment & Services
Key Energy Services, Inc.*		(3,683	)		(15,395	)		—		0.0	(a)
Health Care Providers & Services
Centene Corp.*		(77,809	)		(4,011,832	)		—		0.0	(a)
Insurance
Fidelity National Financial, Inc.		(19,919	)		(795,764	)		—		0.0	(a)
IT Services
Fiserv, Inc.*		(95,941	)		(8,369,893	)		—		0.0	(a)
Oil, Gas & Consumable Fuels
Chevron Corp.		(39,038	)		(4,686,902	)		—		0.0	(a)
Pharmaceuticals
Bristol-Myers Squibb Co.		(20,884	)		(969,644	)		—		0.0	(a)
Real Estate Management & Development
Jones Lang LaSalle, Inc.		(11,654	)		(1,801,359	)		—		0.0	(a)
Total Short Positions of Total Return Basket Swaps		(462,473	)		(27,496,350	)		—		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		2,420,356			72,481,731			—		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps.		12/3/2019 — 3/12/2021	$	4,582,400	$	5,771	$	—	$	5,771

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Electric Utilities
EDP — Energias de Portugal SA*		1,207,590		4,582,400		5,771		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS APRIL 30, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in AUD based on the local currencies of the positions within the swaps.		3/12/2021	$	595,090	$	3,643	$	—	$	3,643

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Metals & Mining
South32 Ltd.		573,821			1,355,262			4,182			0.0	(a)
Short Positions
Common Stocks
Health Care Providers & Services
Australian Pharmaceutical Industries Ltd.		(748,313	)		(760,172	)		(539	)		(0.0	)(a)
Total of Long and Short Positions of Total Return Basket Swaps		(174,492	)		595,090			3,643			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.		3/12/2021	$	371,425	$	2,871	$	—	$	2,871

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Capital Markets
3i Group plc		18,275		255,712		605		0.0	(a)
Food & Staples Retailing
J Sainsbury plc		119,869		348,248		460		0.0	(a)
Food Products
Tate & Lyle plc		65,984		661,343		877		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 43

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure
Carnival plc		8,927			473,261			3,555			0.0	(a)
Household Durables
Berkeley Group Holdings plc		5,397			264,759			423			0.0	(a)
Metals & Mining
Antofagasta plc		38,983			463,421			1,850			0.0	(a)
Rio Tinto plc		1,683			98,184			194			0.0	(a)
		40,666			561,605			2,044			0.0	(a)
Pharmaceuticals
Hikma Pharmaceuticals plc		23,087			532,755			1,243			0.0	(a)
Total Long Positions of Total Return Basket Swaps		282,205			3,097,683			9,207			0.0	(a)
Short Positions
Common Stocks
Banks
Metro Bank plc*		(14,577	)		(142,967	)		(404	)		(0.0	)(a)
Standard Chartered plc		(25,204	)		(230,445	)		(382	)		(0.0	)(a)
		(39,781	)		(373,412	)		(786	)		(0.0	)(a)
Capital Markets
St James’s Place plc		(3,470	)		(50,923	)		(177	)		(0.0	)(a)
Consumer Finance
Provident Financial plc		(6,574	)		(45,640	)		(120	)		(0.0	)(a)
Electrical Equipment
Melrose Industries plc		(169,963	)		(449,713	)		(1,574	)		(0.0	)(a)
Health Care Providers & Services
Spire Healthcare Group plc (b)		(182,677	)		(318,964	)		—			0.0	(a)
Metals & Mining
Fresnillo plc		(9,950	)		(97,453	)		(298	)		(0.0	)(a)
Multiline Retail
B&M European Value Retail SA		(29,657	)		(152,890	)		(326	)		(0.0	)(a)
Professional Services
Capita plc		(268,811	)		(448,116	)		(1,367	)		(0.0	)(a)
Specialty Retail
Kingfisher plc		(77,717	)		(267,983	)		(336	)		(0.0	)(a)
Water Utilities
Severn Trent plc		(19,579	)		(521,164	)		(1,352	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(808,179	)		(2,726,258	)		(6,336	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(525,974	)		371,425			2,871			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS APRIL 30, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.		3/12/2021	$	(55,102,511	)	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Banks
Popular, Inc.		13,578		783,586		—		0.0	(a)
Chemicals
LyondellBasell Industries NV		4,805		423,945		—		0.0	(a)
Commercial Services & Supplies
Deluxe Corp.		1,362		60,909		—		0.0	(a)
Communications Equipment
Cisco Systems, Inc.		1,808		101,158		—		0.0	(a)
Consumer Finance
Santander Consumer USA Holdings, Inc.		29,618		632,344		—		0.0	(a)
Electrical Equipment
nVent Electric plc		18,525		517,774		—		0.0	(a)
Electronic Equipment, Instruments & Components
Zebra Technologies Corp.*		2,701		570,289		—		0.0	(a)
Food & Staples Retailing
Sysco Corp.		8,543		601,171		—		0.0	(a)
Food Products
Cal-Maine Foods, Inc.		12,954		532,539		—		0.0	(a)
Health Care Providers & Services
Chemed Corp.		1,173		383,313		—		0.0	(a)
UnitedHealth Group, Inc.		1,425		332,125		—		0.0	(a)
		2,598		715,438		—		0.0	(a)
IT Services
Mastercard, Inc.		2,640		671,194		—		0.0	(a)
Machinery
Hillenbrand, Inc.		3,215		138,309		—		0.0	(a)
Oil, Gas & Consumable Fuels
Marathon Oil Corp.		19,748		336,506		—		0.0	(a)
Personal Products
Herbalife Nutrition Ltd.*		823		43,496		—		0.0	(a)
USANA Health Sciences, Inc.*		4,035		336,761		—		0.0	(a)
		4,858		380,257		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 45

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Pharmaceuticals
Jazz Pharmaceuticals plc*		3,150			408,775			—		0.0	(a)
Johnson & Johnson		2,550			360,060			—		0.0	(a)
		5,700			768,835			—		0.0	(a)
Professional Services
Korn Ferry		6,378			299,894			—		0.0	(a)
Navigant Consulting, Inc.		26,754			610,794			—		0.0	(a)
Robert Half International, Inc.		5,858			363,723			—		0.0	(a)
		38,990			1,274,411			—		0.0	(a)
Semiconductors & Semiconductor Equipment
Intel Corp.		11,014			562,154			—		0.0	(a)
Specialty Retail
Foot Locker, Inc.		6,913			395,493			—		0.0	(a)
Urban Outfitters, Inc.*		10,411			309,519			—		0.0	(a)
Williams-Sonoma, Inc.		6,343			362,629			—		0.0	(a)
		23,667			1,067,641			—		0.0	(a)
Technology Hardware, Storage & Peripherals
Apple, Inc.		1,063			213,312			—		0.0	(a)
Textiles, Apparel & Luxury Goods
Columbia Sportswear Co.		3,805			380,386			—		0.0	(a)
Oxford Industries, Inc.		3,166			262,968			—		0.0	(a)
		6,971			643,354			—		0.0	(a)
Trading Companies & Distributors
HD Supply Holdings, Inc.*		12,186			556,778			—		0.0	(a)
MSC Industrial Direct Co., Inc.		7,489			626,455			—		0.0	(a)
WW Grainger, Inc.		1,528			430,896			—		0.0	(a)
		21,203			1,614,129			—		0.0	(a)
Total Long Positions of Total Return Basket Swaps		235,561			12,609,255			—		0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
Cubic Corp.		(3,455	)		(196,175	)		—		0.0	(a)
Kratos Defense & Security Solutions, Inc.*		(34,355	)		(545,558	)		—		0.0	(a)
Mercury Systems, Inc.*		(5,767	)		(421,106	)		—		0.0	(a)
Triumph Group, Inc.		(23,721	)		(562,899	)		—		0.0	(a)
		(67,298	)		(1,725,738	)		—		0.0	(a)
Air Freight & Logistics
Air Transport Services Group, Inc.*		(22,411	)		(527,331	)		—		0.0	(a)
FedEx Corp.		(2,974	)		(563,454	)		—		0.0	(a)
		(25,385	)		(1,090,785	)		—		0.0	(a)
Airlines
American Airlines Group, Inc.		(15,993	)		(546,641	)		—		0.0	(a)
Auto Components
Autoliv, Inc.		(5,210	)		(408,933	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Banks
Pacific Premier Bancorp, Inc.		(18,377	)		(534,219	)		—		0.0	(a)
Beverages
Brown-Forman Corp.		(9,547	)		(508,759	)		—		0.0	(a)
Constellation Brands, Inc.		(2,864	)		(606,223	)		—		0.0	(a)
		(12,411	)		(1,114,982	)		—		0.0	(a)
Capital Markets
BlackRock, Inc.		(1,172	)		(568,701	)		—		0.0	(a)
Interactive Brokers Group, Inc.		(9,768	)		(529,817	)		—		0.0	(a)
Moody’s Corp.		(2,771	)		(544,834	)		—		0.0	(a)
SEI Investments Co.		(9,562	)		(520,651	)		—		0.0	(a)
WisdomTree Investments, Inc.		(69,881	)		(503,143	)		—		0.0	(a)
		(93,154	)		(2,667,146	)		—		0.0	(a)
Chemicals
Albemarle Corp.		(6,156	)		(462,069	)		—		0.0	(a)
Axalta Coating Systems Ltd.*		(21,005	)		(566,715	)		—		0.0	(a)
DowDuPont, Inc.		(3,924	)		(150,878	)		—		0.0	(a)
GCP Applied Technologies, Inc.*		(6,943	)		(199,889	)		—		0.0	(a)
International Flavors & Fragrances, Inc.		(3,913	)		(539,172	)		—		0.0	(a)
Livent Corp.*		(40,916	)		(441,075	)		—		0.0	(a)
RPM International, Inc.		(722	)		(43,789	)		—		0.0	(a)
		(83,579	)		(2,403,587	)		—		0.0	(a)
Commercial Services & Supplies
Brink’s Co. (The)		(6,629	)		(529,856	)		—		0.0	(a)
Covanta Holding Corp.		(28,955	)		(523,217	)		—		0.0	(a)
		(35,584	)		(1,053,073	)		—		0.0	(a)
Communications Equipment
Extreme Networks, Inc.*		(67,458	)		(539,664	)		—		0.0	(a)
Infinera Corp.*		(62,425	)		(270,924	)		—		0.0	(a)
ViaSat, Inc.*		(769	)		(69,841	)		—		0.0	(a)
		(130,652	)		(880,429	)		—		0.0	(a)
Construction & Engineering
Dycom Industries, Inc.*		(2,698	)		(133,794	)		—		0.0	(a)
Tutor Perini Corp.*		(21,200	)		(423,364	)		—		0.0	(a)
WillScot Corp.*		(40,000	)		(538,800	)		—		0.0	(a)
		(63,898	)		(1,095,958	)		—		0.0	(a)
Construction Materials
Martin Marietta Materials, Inc.		(1,496	)		(331,962	)		—		0.0	(a)
Summit Materials, Inc.*		(34,120	)		(597,782	)		—		0.0	(a)
US Concrete, Inc.*		(8,119	)		(382,649	)		—		0.0	(a)
Vulcan Materials Co.		(1,434	)		(180,842	)		—		0.0	(a)
		(45,169	)		(1,493,235	)		—		0.0	(a)
Consumer Finance
LendingClub Corp.*		(161,129	)		(512,390	)		—		0.0	(a)
Containers & Packaging
AptarGroup, Inc.		(4,801	)		(534,063	)		—		0.0	(a)
Avery Dennison Corp.		(4,583	)		(507,109	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 47

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Containers & Packaging — continued
Graphic Packaging Holding Co.		(39,985	)		(554,992	)		—		0.0	(a)
		(49,369	)		(1,596,164	)		—		0.0	(a)
Diversified Telecommunication Services
Iridium Communications, Inc.*		(18,910	)		(519,269	)		—		0.0	(a)
Electric Utilities
Edison International		(8,247	)		(525,911	)		—		0.0	(a)
Electrical Equipment
GrafTech International Ltd.		(37,674	)		(431,367	)		—		0.0	(a)
Electronic Equipment, Instruments & Components
Coherent, Inc.*		(3,420	)		(506,194	)		—		0.0	(a)
Flex Ltd.*		(50,730	)		(560,059	)		—		0.0	(a)
II-VI, Inc.*		(13,480	)		(537,043	)		—		0.0	(a)
Itron, Inc.*		(10,847	)		(582,050	)		—		0.0	(a)
Plexus Corp.*		(7,963	)		(479,214	)		—		0.0	(a)
		(86,440	)		(2,664,560	)		—		0.0	(a)
Energy Equipment & Services
Ensco Rowan plc		(27,119	)		(378,852	)		—		0.0	(a)
Forum Energy Technologies, Inc.*		(72,910	)		(436,002	)		—		0.0	(a)
Nabors Industries Ltd.		(104,302	)		(365,057	)		—		0.0	(a)
Select Energy Services, Inc.*		(34,163	)		(393,558	)		—		0.0	(a)
Superior Energy Services, Inc.*		(80,908	)		(290,460	)		—		0.0	(a)
US Silica Holdings, Inc.		(23,697	)		(374,886	)		—		0.0	(a)
		(343,099	)		(2,238,815	)		—		0.0	(a)
Entertainment
Netflix, Inc.*		(330	)		(122,278	)		—		0.0	(a)
Spotify Technology SA*		(3,661	)		(497,054	)		—		0.0	(a)
		(3,991	)		(619,332	)		—		0.0	(a)
Food & Staples Retailing
PriceSmart, Inc.		(8,933	)		(534,283	)		—		0.0	(a)
Food Products
Hain Celestial Group, Inc. (The)*		(19,552	)		(426,625	)		—		0.0	(a)
Kraft Heinz Co. (The)		(11,548	)		(383,855	)		—		0.0	(a)
Sanderson Farms, Inc.		(3,833	)		(581,198	)		—		0.0	(a)
		(34,933	)		(1,391,678	)		—		0.0	(a)
Gas Utilities
South Jersey Industries, Inc.		(15,614	)		(501,522	)		—		0.0	(a)
Southwest Gas Holdings, Inc.		(6,111	)		(508,374	)		—		0.0	(a)
		(21,725	)		(1,009,896	)		—		0.0	(a)
Health Care Equipment & Supplies
Align Technology, Inc.*		(1,445	)		(469,163	)		—		0.0	(a)
Axogen, Inc.*		(19,328	)		(453,821	)		—		0.0	(a)
Cardiovascular Systems, Inc.*		(11,014	)		(391,438	)		—		0.0	(a)
Insulet Corp.*		(4,388	)		(378,465	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Health Care Equipment & Supplies — continued
iRhythm Technologies, Inc.*		(5,693	)		(434,433	)		—		0.0	(a)
Nevro Corp.*		(5,616	)		(346,563	)		—		0.0	(a)
Penumbra, Inc.*		(57	)		(7,666	)		—		0.0	(a)
ViewRay, Inc.*		(22,255	)		(154,895	)		—		0.0	(a)
Wright Medical Group NV*		(13,636	)		(403,217	)		—		0.0	(a)
		(83,432	)		(3,039,661	)		—		0.0	(a)
Health Care Technology
Evolent Health, Inc.*		(10,441	)		(141,475	)		—		0.0	(a)
Inspire Medical Systems, Inc.*		(7,712	)		(398,633	)		—		0.0	(a)
Medidata Solutions, Inc.*		(5,411	)		(488,830	)		—		0.0	(a)
Teladoc Health, Inc.*		(495	)		(28,156	)		—		0.0	(a)
		(24,059	)		(1,057,094	)		—		0.0	(a)
Hotels, Restaurants & Leisure
PlayAGS, Inc.*		(17,188	)		(414,575	)		—		0.0	(a)
Wendy’s Co. (The)		(22,959	)		(427,267	)		—		0.0	(a)
		(40,147	)		(841,842	)		—		0.0	(a)
Household Durables
Installed Building Products, Inc.*		(8,054	)		(386,834	)		—		0.0	(a)
iRobot Corp.*		(415	)		(42,969	)		—		0.0	(a)
LGI Homes, Inc.*		(6,273	)		(434,782	)		—		0.0	(a)
Mohawk Industries, Inc.*		(3,118	)		(424,827	)		—		0.0	(a)
		(17,860	)		(1,289,412	)		—		0.0	(a)
Independent Power and Renewable Electricity Producers
Ormat Technologies, Inc.		(9,687	)		(565,333	)		—		0.0	(a)
Insurance
Markel Corp.*		(104	)		(111,437	)		—		0.0	(a)
Interactive Media & Services
Snap, Inc.*		(13,816	)		(153,910	)		—		0.0	(a)
TrueCar, Inc.*		(54,375	)		(350,175	)		—		0.0	(a)
Zillow Group, Inc.*		(13,827	)		(461,822	)		—		0.0	(a)
		(82,018	)		(965,907	)		—		0.0	(a)
Internet & Direct Marketing Retail
Farfetch Ltd.*		(16,418	)		(406,838	)		—		0.0	(a)
Groupon, Inc.*		(49,942	)		(175,796	)		—		0.0	(a)
GrubHub, Inc.*		(5,894	)		(393,660	)		—		0.0	(a)
Wayfair, Inc.*		(924	)		(149,827	)		—		0.0	(a)
		(73,178	)		(1,126,121	)		—		0.0	(a)
IT Services
InterXion Holding NV*		(7,563	)		(523,284	)		—		0.0	(a)
Life Sciences Tools & Services
Bio-Rad Laboratories, Inc.*		(1,342	)		(403,848	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 49

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Machinery
Deere & Co.		(3,144	)		(520,741	)		—		0.0	(a)
Evoqua Water Technologies Corp.*		(39,097	)		(532,501	)		—		0.0	(a)
Navistar International Corp.*		(1,391	)		(47,489	)		—		0.0	(a)
REV Group, Inc.		(46,280	)		(587,293	)		—		0.0	(a)
Stanley Black & Decker, Inc.		(3,681	)		(539,634	)		—		0.0	(a)
Wabtec Corp.		(6,830	)		(505,898	)		—		0.0	(a)
		(100,423	)		(2,733,556	)		—		0.0	(a)
Marine
Kirby Corp.*		(6,835	)		(558,556	)		—		0.0	(a)
Media
Altice USA, Inc.		(23,581	)		(555,569	)		—		0.0	(a)
Liberty Broadband Corp.*		(1,379	)		(136,121	)		—		0.0	(a)
Liberty Latin America Ltd.*		(26,380	)		(549,759	)		—		0.0	(a)
		(51,340	)		(1,241,449	)		—		0.0	(a)
Metals & Mining
Century Aluminum Co.*		(60,159	)		(505,937	)		—		0.0	(a)
Compass Minerals International, Inc.		(2,633	)		(151,108	)		—		0.0	(a)
Constellium NV*		(61,994	)		(579,024	)		—		0.0	(a)
Hecla Mining Co.		(212,074	)		(445,355	)		—		0.0	(a)
		(336,860	)		(1,681,424	)		—		0.0	(a)
Multi-Utilities
MDU Resources Group, Inc.		(20,051	)		(524,334	)		—		0.0	(a)
NiSource, Inc.		(7,548	)		(209,683	)		—		0.0	(a)
Sempra Energy		(4,001	)		(511,928	)		—		0.0	(a)
		(31,600	)		(1,245,945	)		—		0.0	(a)
Oil, Gas & Consumable Fuels
California Resources Corp.*		(14,317	)		(301,802	)		—		0.0	(a)
Callon Petroleum Co.*		(51,856	)		(389,439	)		—		0.0	(a)
Carrizo Oil & Gas, Inc.*		(30,985	)		(397,228	)		—		0.0	(a)
Centennial Resource Development, Inc.*		(42,432	)		(446,809	)		—		0.0	(a)
Cheniere Energy, Inc.*		(6,140	)		(395,109	)		—		0.0	(a)
Concho Resources, Inc.		(3,776	)		(435,675	)		—		0.0	(a)
Extraction Oil & Gas, Inc.*		(80,829	)		(379,896	)		—		0.0	(a)
Golar LNG Ltd.		(20,187	)		(394,454	)		—		0.0	(a)
Matador Resources Co.*		(11,904	)		(234,390	)		—		0.0	(a)
Noble Energy, Inc.		(16,634	)		(450,116	)		—		0.0	(a)
Oasis Petroleum, Inc.*		(63,220	)		(385,642	)		—		0.0	(a)
Parsley Energy, Inc.*		(12,300	)		(245,508	)		—		0.0	(a)
SemGroup Corp.		(26,682	)		(348,467	)		—		0.0	(a)
Targa Resources Corp.		(10,389	)		(417,118	)		—		0.0	(a)
WPX Energy, Inc.*		(27,791	)		(386,017	)		—		0.0	(a)
		(419,442	)		(5,607,670	)		—		0.0	(a)
Pharmaceuticals
Aerie Pharmaceuticals, Inc.*		(4,522	)		(172,514	)		—		0.0	(a)
Catalent, Inc.*		(10,349	)		(463,842	)		—		0.0	(a)
Cymabay Therapeutics, Inc.*		(31,553	)		(404,194	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Pharmaceuticals — continued
Intersect ENT, Inc.*		(13,949	)		(453,203	)		—		0.0	(a)
Intra-Cellular Therapies, Inc.*		(22,063	)		(290,570	)		—		0.0	(a)
Medicines Co. (The)*		(14,376	)		(459,313	)		—		0.0	(a)
MyoKardia, Inc.*		(7,699	)		(369,398	)		—		0.0	(a)
Reata Pharmaceuticals, Inc.*		(4,704	)		(369,076	)		—		0.0	(a)
Revance Therapeutics, Inc.*		(27,739	)		(367,264	)		—		0.0	(a)
WaVe Life Sciences Ltd.*		(9,841	)		(261,082	)		—		0.0	(a)
Zogenix, Inc.*		(10,331	)		(402,806	)		—		0.0	(a)
		(157,126	)		(4,013,262	)		—		0.0	(a)
Road & Rail
Avis Budget Group, Inc.*		(14,994	)		(533,037	)		—		0.0	(a)
Hertz Global Holdings, Inc.*		(1,360	)		(24,732	)		—		0.0	(a)
		(16,354	)		(557,769	)		—		0.0	(a)
Semiconductors & Semiconductor Equipment
Brooks Automation, Inc.		(17,071	)		(640,333	)		—		0.0	(a)
Cree, Inc.*		(8,762	)		(579,081	)		—		0.0	(a)
MACOM Technology Solutions Holdings, Inc.*		(29,575	)		(410,797	)		—		0.0	(a)
Marvell Technology Group Ltd.		(24,000	)		(600,480	)		—		0.0	(a)
Power Integrations, Inc.		(7,158	)		(565,625	)		—		0.0	(a)
Silicon Laboratories, Inc.*		(6,452	)		(694,622	)		—		0.0	(a)
		(93,018	)		(3,490,938	)		—		0.0	(a)
Software
2U, Inc.*		(7,012	)		(424,226	)		—		0.0	(a)
Appian Corp.*		(14,656	)		(528,935	)		—		0.0	(a)
Autodesk, Inc.*		(3,234	)		(576,331	)		—		0.0	(a)
Box, Inc.*		(11,634	)		(239,893	)		—		0.0	(a)
Cloudera, Inc.*		(45,983	)		(511,791	)		—		0.0	(a)
FireEye, Inc.*		(14,164	)		(226,907	)		—		0.0	(a)
ForeScout Technologies, Inc.*		(12,496	)		(525,332	)		—		0.0	(a)
Instructure, Inc.*		(10,678	)		(460,008	)		—		0.0	(a)
Pivotal Software, Inc.*		(25,620	)		(555,954	)		—		0.0	(a)
Q2 Holdings, Inc.*		(837	)		(63,127	)		—		0.0	(a)
Yext, Inc.*		(23,066	)		(505,376	)		—		0.0	(a)
		(169,380	)		(4,617,880	)		—		0.0	(a)
Specialty Retail
At Home Group, Inc.*		(19,557	)		(459,394	)		—		0.0	(a)
CarMax, Inc.*		(4,913	)		(382,526	)		—		0.0	(a)
Floor & Decor Holdings, Inc.*		(9,307	)		(446,922	)		—		0.0	(a)
L Brands, Inc.		(15,107	)		(387,344	)		—		0.0	(a)
National Vision Holdings, Inc.*		(13,884	)		(374,868	)		—		0.0	(a)
		(62,768	)		(2,051,054	)		—		0.0	(a)
Technology Hardware, Storage & Peripherals
3D Systems Corp.*		(22,562	)		(240,059	)		—		0.0	(a)
Pure Storage, Inc.*		(23,151	)		(529,232	)		—		0.0	(a)
		(45,713	)		(769,291	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 51

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Trading Companies & Distributors
Herc Holdings, Inc.*		(4,801	)		(231,224	)		—		0.0	(a)
MRC Global, Inc.*		(28,789	)		(498,913	)		—		0.0	(a)
SiteOne Landscape Supply, Inc.*		(2,661	)		(179,085	)		—		0.0	(a)
Watsco, Inc.		(3,542	)		(561,301	)		—		0.0	(a)
		(39,793	)		(1,470,523	)		—		0.0	(a)
Water Utilities
Aqua America, Inc.		(2,201	)		(85,971	)		—		0.0	(a)
California Water Service Group		(2,032	)		(102,393	)		—		0.0	(a)
SJW Group		(8,085	)		(501,755	)		—		0.0	(a)
		(12,318	)		(690,119	)		—		0.0	(a)
Total Short Positions of Total Return Basket Swaps		(3,253,520	)		(67,711,766	)		—		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(3,017,959	)		(55,102,511	)		—		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day CORRA and one month CDOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.15%), which is denominated in CAD based on the local currencies of the positions within the swaps.		3/12/2021	$	3,138,738	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Banks
Canadian Imperial Bank of Commerce		7,967		670,865		—		0.0	(a)
Chemicals
Methanex Corp.		10,961		600,863		—		0.0	(a)
IT Services
CGI, Inc.*		9,056		651,840		—		0.0	(a)
Oil, Gas & Consumable Fuels
Enerplus Corp.		59,114		540,970		—		0.0	(a)
Imperial Oil Ltd.		19,228		558,598		—		0.0	(a)
Suncor Energy, Inc.		16,302		537,600		—		0.0	(a)
		94,644		1,637,168		—		0.0	(a)
Textiles, Apparel & Luxury Goods
Gildan Activewear, Inc.		14,860		547,946		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		6,299			195,736			—		0.0	(a)
Total Long Positions of Total Return Basket Swaps		143,787			4,304,418			—		0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(57,665	)		(98,569	)		—		0.0	(a)
Food Products
Saputo, Inc.		(14,706	)		(502,861	)		—		0.0	(a)
Metals & Mining
Franco-Nevada Corp.		(843	)		(60,401	)		—		0.0	(a)
Multi-Utilities
Canadian Utilities Ltd.		(18,278	)		(503,849	)		—		0.0	(a)
Total Short Positions of Total Return Basket Swaps		(91,492	)		(1,165,680	)		—		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		52,295			3,138,738			—		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG\	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps.		3/12/2021	$	6,919,970	$	(2,666	)	$	—	$	(2,666	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Automobiles
Peugeot SA		14,627		383,504		268			0.0	(a)
Chemicals
Arkema SA		4,439		455,781		422			0.0	(a)
Covestro AG (b)		2,048		112,533		552			0.0	(a)
		6,487		568,314		974			0.0	(a)
Commercial Services & Supplies
Societe BIC SA		6,369		548,666		(309	)		(0.0	)(a)
Construction & Engineering
Eiffage SA		5,243		547,428		(51	)		(0.0	)(a)
HOCHTIEF AG		3,198		478,129		1,074			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 53

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Construction & Engineering — continued
Sacyr SA		164,679		404,299		1,276			0.0	(a)
		173,120		1,429,856		2,299			0.0	(a)
Diversified Telecommunication Services
Deutsche Telekom AG (Registered)		37,310		625,125		1,021			0.0	(a)
Electric Utilities
Enel SpA		41,381		262,031		309			0.0	(a)
Red Electrica Corp. SA		29,044		602,775		612			0.0	(a)
Terna Rete Elettrica Nazionale SpA		97,834		586,922		1,180			0.0	(a)
		168,259		1,451,728		2,101			0.0	(a)
Electrical Equipment
Signify NV (b)		20,508		614,837		—			0.0	(a)
Food & Staples Retailing
Koninklijke Ahold Delhaize NV		24,586		592,562		788			0.0	(a)
Health Care Equipment & Supplies
Koninklijke Philips NV		11,484		493,166		4,159			0.0	(a)
Independent Power and Renewable Electricity Producers
Uniper SE		17,208		522,149		843			0.0	(a)
Insurance
Ageas		11,417		603,336		1,487			0.0	(a)
ASR Nederland NV		13,410		596,665		1,055			0.0	(a)
NN Group NV		16,015		698,889		1,587			0.0	(a)
UnipolSai Assicurazioni SpA		230,621		631,950		291			0.0	(a)
		271,463		2,530,840		4,420			0.0	(a)
IT Services
Amadeus IT Group SA		4,969		396,013		759			0.0	(a)
Media
Eutelsat Communications SA		23,986		433,495		630			0.0	(a)
Mediaset Espana Comunicacion SA		71,189		552,078		1,144			0.0	(a)
ProSiebenSat.1 Media SE		17,744		280,507		1,187			0.0	(a)
		112,919		1,266,080		2,961			0.0	(a)
Multi-Utilities
A2A SpA		340,566		569,983		835			0.0	(a)
Engie SA		43,685		648,395		1,388			0.0	(a)
		384,251		1,218,378		2,223			0.0	(a)
Oil, Gas & Consumable Fuels
Enagas SA		18,672		532,625		685			0.0	(a)
Eni SpA		30,356		517,301		(831	)		(0.0	)(a)
Neste OYJ		14,740		487,196		483			0.0	(a)
OMV AG		10,240		549,264		847			0.0	(a)
Repsol SA		32,046		543,779		(35	)		(0.0	)(a)
TOTAL SA		9,581		532,615		202			0.0	(a)
		115,635		3,162,780		1,351			0.0	(a)
Paper & Forest Products
UPM-Kymmene OYJ		14,202		400,991		1,015			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Pharmaceuticals
Merck KGaA		4,835			515,365			837			0.0	(a)
UCB SA		5,661			449,930			902			0.0	(a)
		10,496			965,295			1,739			0.0	(a)
Real Estate Management & Development
LEG Immobilien AG		4,252			496,122			1,333			0.0	(a)
TAG Immobilien AG		26,443			595,495			1,140			0.0	(a)
		30,695			1,091,617			2,473			0.0	(a)
Semiconductors & Semiconductor Equipment
Siltronic AG		4,370			428,186			—			0.0	(a)
Total Long Positions of Total Return Basket Swaps		1,428,958			18,690,087			29,085			0.0	(a)
Short Positions
Common Stocks
Automobiles
Daimler AG (Registered)		(6,629	)		(435,101	)		(1,338	)		(0.0	)(a)
Banks
Banco Espirito Santo SA (Registered)*‡		(35,937	)		—			—			0.0	(a)
Bankia SA		(127,841	)		(354,076	)		(629	)		(0.0	)(a)
		(163,778	)		(354,076	)		(629	)		(0.0	)(a)
Beverages
Anheuser-Busch InBev SA/NV		(4,353	)		(387,013	)		(40	)		(0.0	)(a)
Chemicals
K+S AG (Registered)		(23,427	)		(477,029	)		(1,964	)		(0.0	)(a)
Wacker Chemie AG		(5,722	)		(503,011	)		(2,167	)		(0.0	)(a)
		(29,149	)		(980,040	)		(4,131	)		(0.0	)(a)
Diversified Financial Services
Wendel SA		(838	)		(116,071	)		(87	)		(0.0	)(a)
Diversified Telecommunication Services
Iliad SA		(1,240	)		(126,328	)		(183	)		(0.0	)(a)
United Internet AG (Registered)		(11,458	)		(460,667	)		(1,491	)		(0.0	)(a)
		(12,698	)		(586,995	)		(1,674	)		(0.0	)(a)
Electrical Equipment
OSRAM Licht AG		(12,667	)		(435,681	)		(2,500	)		(0.0	)(a)
Food & Staples Retailing
Jeronimo Martins SGPS SA		(28,565	)		(465,199	)		—			0.0	(a)
Food Products
Kerry Group plc		(4,513	)		(505,166	)		—			0.0	(a)
Health Care Providers & Services
Orpea		(3,118	)		(380,423	)		(283	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Elior Group SA (b)		(28,677	)		(396,905	)		—			0.0	(a)
Paddy Power Betfair plc		(2,416	)		(202,367	)		—			0.0	(a)
		(31,093	)		(599,272	)		—			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 55

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Independent Power and Renewable Electricity Producers
Solaria Energia y Medio Ambiente SA*		(92,341	)		(539,188	)		(2,179	)		(0.0	)(a)
Internet & Direct Marketing Retail
Rocket Internet SE* (b)		(16,226	)		(428,701	)		(1,023	)		(0.0	)(a)
Machinery
ANDRITZ AG		(10,691	)		(510,560	)		(941	)		(0.0	)(a)
Duerr AG		(11,969	)		(541,285	)		(2,563	)		(0.0	)(a)
GEA Group AG		(4,490	)		(125,799	)		(303	)		(0.0	)(a)
Wartsila OYJ Abp		(29,345	)		(469,886	)		(1,858	)		(0.0	)(a)
		(56,495	)		(1,647,530	)		(5,665	)		(0.0	)(a)
Media
Altice Europe NV*		(193,583	)		(614,326	)		(2,040	)		(0.0	)(a)
Metals & Mining
Aurubis AG		(10,022	)		(490,038	)		(1,968	)		(0.0	)(a)
Outokumpu OYJ		(124,826	)		(477,930	)		(2,054	)		(0.0	)(a)
thyssenkrupp AG		(14,425	)		(203,373	)		(568	)		(0.0	)(a)
		(149,273	)		(1,171,341	)		(4,590	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
AIXTRON SE*		(51,358	)		(594,618	)		(4,186	)		(0.0	)(a)
SOITEC*		(2,366	)		(239,638	)		(406	)		(0.0	)(a)
		(53,724	)		(834,256	)		(4,592	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
S&T AG		(17,411	)		(470,419	)		(962	)		(0.0	)(a)
Transportation Infrastructure
Getlink SE		(18,190	)		(292,785	)		(18	)		(0.0	)(a)
Wireless Telecommunication Services
1&1 Drillisch AG		(14,123	)		(526,534	)		—			0.0	(a)
Total Short Positions of Total Return Basket Swaps		(908,767	)		(11,770,117	)		(31,751	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		520,191			6,919,970			(2,666	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in CHF based on the local currencies of the positions within the swaps.		3/12/2021	$	569,865	$	(458	)	$	—	$	(458	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Insurance
Zurich Insurance Group AG		2,149			685,033			(192	)		(0.0	)(a)
Pharmaceuticals
Roche Holding AG		1,808			473,024			(24	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swaps		3,957			1,158,057			(216	)		0.0	(a)
Short Positions
Common Stocks
Marine
Kuehne + Nagel International AG (Registered)		(3,665	)		(532,725	)		(213	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
ams AG*		(1,314	)		(55,467	)		(29	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(4,979	)		(588,192	)		(242	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(1,022	)		569,865			(458	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in JPY based on the local currencies of the positions within the swaps.		3/12/2021	$	15,758,173	$	113,933	$	—	$	113,933

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Air Freight & Logistics
SG Holdings Co. Ltd.		21,300		570,392		1,538		0.0	(a)
Auto Components
TS Tech Co. Ltd.		11,500		345,374		2,114		0.0	(a)
Chemicals
Daicel Corp.		57,200		641,707		3,955		0.0	(a)
Denka Co. Ltd.		20,400		615,985		4,324		0.0	(a)
Mitsubishi Gas Chemical Co., Inc.		19,300		289,748		2,141		0.0	(a)
Showa Denko KK		18,500		631,591		6,316		0.0	(a)
Sumitomo Chemical Co. Ltd.		133,400		665,533		4,491		0.0	(a)
Teijin Ltd.		39,200		674,323		3,248		0.0	(a)
Tokai Carbon Co. Ltd.		50,900		588,995		4,578		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 57

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Chemicals — continued
Tokuyama Corp.		27,700		688,208		4,380			0.0	(a)
Zeon Corp.		61,400		603,100		6,159			0.0	(a)
		428,000		5,399,190		39,592			0.0	(a)
Construction & Engineering
COMSYS Holdings Corp.		24,000		631,425		2,959			0.0	(a)
Hazama Ando Corp.		92,700		623,363		1,729			0.0	(a)
Kyowa Exeo Corp.		22,500		615,428		3,417			0.0	(a)
Maeda Corp.		63,600		633,382		4,205			0.0	(a)
Sumitomo Mitsui Construction Co. Ltd.		107,300		700,274		2,888			0.0	(a)
Taisei Corp.		15,600		686,401		3,696			0.0	(a)
		325,700		3,890,273		18,894			0.0	(a)
Construction Materials
Taiheiyo Cement Corp.		18,600		599,828		3,733			0.0	(a)
Consumer Finance
Hitachi Capital Corp.		27,800		647,347		4,724			0.0	(a)
Containers & Packaging
Rengo Co. Ltd.		76,000		670,353		3,788			0.0	(a)
Diversified Financial Services
ORIX Corp.		41,600		589,299		2,428			0.0	(a)
Electric Utilities
Chubu Electric Power Co., Inc.		45,700		664,548		1,582			0.0	(a)
Kansai Electric Power Co., Inc. (The)		25,900		313,345		508			0.0	(a)
		71,600		977,893		2,090			0.0	(a)
Electrical Equipment
Nippon Carbon Co. Ltd.		13,700		604,569		4,398			0.0	(a)
Electronic Equipment, Instruments & Components
Japan Aviation Electronics Industry Ltd.		44,600		721,606		3,330			0.0	(a)
Entertainment
Capcom Co. Ltd.		27,700		625,014		2,109			0.0	(a)
DeNA Co. Ltd.		47,000		733,990		1,955			0.0	(a)
		74,700		1,359,004		4,064			0.0	(a)
Food & Staples Retailing
Matsumotokiyoshi Holdings Co. Ltd.		4,900		162,242		1,468			0.0	(a)
Seven & i Holdings Co. Ltd.		19,000		657,539		(669	)		(0.0	)(a)
		23,900		819,781		799			0.0	(a)
Food Products
Fuji Oil Holdings, Inc.		20,900		671,337		2,470			0.0	(a)
Health Care Equipment & Supplies
Hoya Corp.		7,900		557,958		3,728			0.0	(a)
Health Care Providers & Services
Alfresa Holdings Corp.		19,400		541,336		2,326			0.0	(a)
Ship Healthcare Holdings, Inc.		15,100		621,234		2,431			0.0	(a)
Suzuken Co. Ltd.		9,400		542,008		1,948			0.0	(a)
		43,900		1,704,578		6,705			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure
Round One Corp.		41,800		563,263		2,653			0.0	(a)
Household Durables
Nikon Corp.		37,500		522,967		1,175			0.0	(a)
Sony Corp.		11,500		579,233		41,166			0.0	(a)
		49,000		1,102,200		42,341			0.0	(a)
IT Services
NET One Systems Co. Ltd.		24,700		641,308		5,376			0.0	(a)
Nihon Unisys Ltd.		23,400		599,889		2,680			0.0	(a)
TIS, Inc.		13,100		597,699		2,645			0.0	(a)
		61,200		1,838,896		10,701			0.0	(a)
Leisure Products
Sankyo Co. Ltd.		14,000		552,907		1,805			0.0	(a)
Machinery
DMG Mori Co. Ltd.		47,100		679,190		6,907			0.0	(a)
IHI Corp.		25,600		611,160		5,143			0.0	(a)
Mitsubishi Heavy Industries Ltd.		14,900		620,959		2,862			0.0	(a)
OKUMA Corp.		12,100		712,806		5,674			0.0	(a)
Sumitomo Heavy Industries Ltd.		19,700		700,479		6,350			0.0	(a)
Takeuchi Manufacturing Co. Ltd.		36,000		682,683		5,956			0.0	(a)
		155,400		4,007,277		32,892			0.0	(a)
Marine
Mitsui OSK Lines Ltd.		28,700		730,513		3,964			0.0	(a)
Media
Fuji Media Holdings, Inc.		45,000		605,597		2,068			0.0	(a)
Oil, Gas & Consumable Fuels
JXTG Holdings, Inc.		108,800		529,333		1,229			0.0	(a)
Paper & Forest Products
Oji Holdings Corp.		100,000		600,047		2,174			0.0	(a)
Pharmaceuticals
Astellas Pharma, Inc.		36,800		498,415		(92	)		(0.0	)(a)
Kaken Pharmaceutical Co. Ltd.		3,000		128,509		720			0.0	(a)
Sumitomo Dainippon Pharma Co. Ltd.		25,100		554,537		2,492			0.0	(a)
Taisho Pharmaceutical Holdings Co. Ltd.		6,500		601,251		1,404			0.0	(a)
		71,400		1,782,712		4,524			0.0	(a)
Road & Rail
Sankyu, Inc.		14,600		700,210		2,944			0.0	(a)
Seino Holdings Co. Ltd.		46,500		633,031		3,124			0.0	(a)
		61,100		1,333,241		6,068			0.0	(a)
Semiconductors & Semiconductor Equipment
Advantest Corp.		26,800		760,014		4,576			0.0	(a)
Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		33,600		663,431		4,974			0.0	(a)
FUJIFILM Holdings Corp.		14,600		682,058		2,616			0.0	(a)
NEC Corp.		18,900		638,311		2,910			0.0	(a)
		67,100		1,983,800		10,500			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 59

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Trading Companies & Distributors
ITOCHU Corp.		35,100			633,325			3,135			0.0	(a)
Kanamoto Co. Ltd.		25,100			595,830			2,777			0.0	(a)
Marubeni Corp.		85,500			612,658			2,388			0.0	(a)
Mitsubishi Corp.		23,800			655,635			2,708			0.0	(a)
Mitsui & Co. Ltd.		39,900			645,367			2,783			0.0	(a)
Sojitz Corp.		176,200			606,613			799			0.0	(a)
		385,600			3,749,428			14,590			0.0	(a)
Wireless Telecommunication Services
KDDI Corp.		28,800			663,769			6,950			0.0	(a)
Total Long Positions of Total Return Basket Swaps		2,496,400			40,931,779			251,430			0.0	(a)
Short Positions
Common Stocks
Auto Components
Toyo Tire Corp.		(30,800	)		(360,312	)		(1,147	)		(0.0	)(a)
Banks
Chiba Bank Ltd. (The)		(93,100	)		(489,001	)		(3,421	)		(0.0	)(a)
Japan Post Bank Co. Ltd.		(45,900	)		(505,374	)		(1,441	)		(0.0	)(a)
		(139,000	)		(994,375	)		(4,862	)		(0.0	)(a)
Building Products
TOTO Ltd.		(10,000	)		(423,878	)		(2,854	)		(0.0	)(a)
Chemicals
JSR Corp.		(21,400	)		(326,532	)		(2,252	)		(0.0	)(a)
Commercial Services & Supplies
Sohgo Security Services Co. Ltd.		(11,900	)		(531,706	)		(2,378	)		(0.0	)(a)
Construction & Engineering
Chiyoda Corp.*		(154,500	)		(489,570	)		(1,361	)		(0.0	)(a)
Construction Materials
Sumitomo Osaka Cement Co. Ltd.		(12,700	)		(517,524	)		(2,205	)		(0.0	)(a)
Consumer Finance
Aiful Corp.*		(134,900	)		(316,507	)		(1,646	)		(0.0	)(a)
Containers & Packaging
FP Corp.		(8,500	)		(517,889	)		(2,830	)		(0.0	)(a)
Electrical Equipment
Fujikura Ltd.		(100,800	)		(415,915	)		(1,476	)		(0.0	)(a)
Furukawa Electric Co. Ltd.		(17,200	)		(453,994	)		(1,894	)		(0.0	)(a)
GS Yuasa Corp.		(21,000	)		(421,928	)		(2,098	)		(0.0	)(a)
Mabuchi Motor Co. Ltd.		(13,000	)		(482,144	)		(2,500	)		(0.0	)(a)
		(152,000	)		(1,773,981	)		(7,968	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Hamamatsu Photonics KK		(13,000	)		(529,119	)		(3,377	)		(0.0	)(a)
Hitachi High-Technologies Corp.		(10,900	)		(485,835	)		(1,477	)		(0.0	)(a)
Omron Corp.		(10,700	)		(574,741	)		(3,216	)		(0.0	)(a)
Yaskawa Electric Corp.		(12,000	)		(446,733	)		(5,601	)		(0.0	)(a)
		(46,600	)		(2,036,428	)		(13,671	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Food & Staples Retailing
Aeon Co. Ltd.		(700	)		(12,941	)		(30	)		(0.0	)(a)
Cosmos Pharmaceutical Corp.		(3,000	)		(479,582	)		(1,823	)		(0.0	)(a)
Sugi Holdings Co. Ltd.		(11,700	)		(591,733	)		(2,506	)		(0.0	)(a)
		(15,400	)		(1,084,256	)		(4,359	)		(0.0	)(a)
Food Products
Calbee, Inc.		(17,800	)		(492,888	)		(3,926	)		(0.0	)(a)
Health Care Providers & Services
Japan Lifeline Co. Ltd.		(25,000	)		(396,509	)		(3,313	)		(0.0	)(a)
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(1,100	)		(35,135	)		(178	)		(0.0	)(a)
Kyoritsu Maintenance Co. Ltd.		(1,700	)		(87,356	)		(369	)		(0.0	)(a)
Toridoll Holdings Corp.		(19,700	)		(441,223	)		(1,578	)		(0.0	)(a)
		(22,500	)		(563,714	)		(2,125	)		(0.0	)(a)
Household Durables
Fujitsu General Ltd.		(29,700	)		(433,696	)		(1,507	)		(0.0	)(a)
Sharp Corp.*		(35,600	)		(397,135	)		(2,130	)		(0.0	)(a)
		(65,300	)		(830,831	)		(3,637	)		(0.0	)(a)
Industrial Conglomerates
Toshiba Corp.		(13,600	)		(453,173	)		(1,447	)		(0.0	)(a)
Interactive Media & Services
LINE Corp.*		(12,100	)		(405,404	)		301			0.0	(a)
Internet & Direct Marketing Retail
ZOZO, Inc.		(24,500	)		(435,205	)		(3,026	)		(0.0	)(a)
Machinery
Daifuku Co. Ltd.		(8,400	)		(516,774	)		(5,512	)		(0.0	)(a)
Kawasaki Heavy Industries Ltd.		(15,000	)		(350,445	)		(2,225	)		(0.0	)(a)
Kurita Water Industries Ltd.		(19,600	)		(510,211	)		(2,418	)		(0.0	)(a)
MISUMI Group, Inc.		(17,500	)		(456,944	)		(4,815	)		(0.0	)(a)
Mitsui E&S Holdings Co. Ltd.*		(46,400	)		(458,506	)		(3,232	)		(0.0	)(a)
Miura Co. Ltd.		(19,400	)		(496,646	)		(5,006	)		(0.0	)(a)
Nabtesco Corp.		(12,800	)		(392,498	)		(2,965	)		(0.0	)(a)
NGK Insulators Ltd.		(29,100	)		(432,245	)		(2,779	)		(0.0	)(a)
		(168,200	)		(3,614,269	)		(28,952	)		(0.0	)(a)
Marine
Kawasaki Kisen Kaisha Ltd.		(38,900	)		(565,488	)		(3,264	)		(0.0	)(a)
Nippon Yusen KK		(34,400	)		(587,824	)		(2,318	)		(0.0	)(a)
		(73,300	)		(1,153,312	)		(5,582	)		(0.0	)(a)
Metals & Mining
Daido Steel Co. Ltd.		(13,600	)		(554,888	)		(4,270	)		(0.0	)(a)
Hitachi Metals Ltd.		(40,900	)		(472,756	)		(2,422	)		(0.0	)(a)
Mitsubishi Materials Corp.		(15,700	)		(408,344	)		(1,873	)		(0.0	)(a)
UACJ Corp.		(11,100	)		(224,529	)		(1,025	)		(0.0	)(a)
		(81,300	)		(1,660,517	)		(9,590	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 61

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Multiline Retail
Marui Group Co. Ltd.		(5,600	)		(113,910	)		(447	)		(0.0	)(a)
Takashimaya Co. Ltd.		(37,700	)		(423,906	)		(1,200	)		(0.0	)(a)
		(43,300	)		(537,816	)		(1,647	)		(0.0	)(a)
Personal Products
Kose Corp.		(2,700	)		(505,780	)		(416	)		(0.0	)(a)
Pharmaceuticals
Nippon Shinyaku Co. Ltd.		(6,900	)		(476,443	)		(1,970	)		(0.0	)(a)
Ono Pharmaceutical Co. Ltd.		(17,200	)		(323,106	)		(2,019	)		(0.0	)(a)
		(24,100	)		(799,549	)		(3,989	)		(0.0	)(a)
Professional Services
Outsourcing, Inc.		(40,800	)		(536,430	)		(4,248	)		(0.0	)(a)
Persol Holdings Co. Ltd.		(15,300	)		(288,396	)		(2,161	)		(0.0	)(a)
		(56,100	)		(824,826	)		(6,409	)		(0.0	)(a)
Road & Rail
Keikyu Corp.		(29,600	)		(505,742	)		(1,935	)		(0.0	)(a)
Tobu Railway Co. Ltd.		(17,400	)		(492,703	)		(2,232	)		(0.0	)(a)
		(47,000	)		(998,445	)		(4,167	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Lasertec Corp.		(11,100	)		(504,374	)		(3,157	)		(0.0	)(a)
Rohm Co. Ltd.		(3,500	)		(258,091	)		(2,021	)		(0.0	)(a)
		(14,600	)		(762,465	)		(5,178	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
Seiko Epson Corp.		(29,900	)		(479,567	)		(2,058	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
Asics Corp.		(31,100	)		(383,145	)		(2,055	)		(0.0	)(a)
Transportation Infrastructure
Japan Airport Terminal Co. Ltd.		(11,900	)		(503,233	)		(2,748	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(1,502,000	)		(25,173,606	)		(137,497	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		994,400			15,758,173			113,933			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in AUD based on the local currencies of the positions within the swaps.		3/12/2021	$	(1,922,278	)	$	1,175	$	—	$	1,175

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Metals & Mining
Evolution Mining Ltd.		238,579			537,799			1,285			0.0	(a)
Regis Resources Ltd.		21,666			73,301			141			0.0	(a)
Rio Tinto Ltd.		9,374			631,830			1,606			0.0	(a)
		269,619			1,242,930			3,032			0.0	(a)
Oil, Gas & Consumable Fuels
Washington H Soul Pattinson & Co. Ltd.		2,647			42,932			32			0.0	(a)
Total Long Positions of Total Return Basket Swaps		272,266			1,285,862			3,064			0.0	(a)
Short Positions
Common Stocks
Construction Materials
Adelaide Brighton Ltd.		(159,536	)		(487,455	)		(482	)		(0.0	)(a)
Diversified Financial Services
Challenger Ltd.		(73,602	)		(426,079	)		422			0.0	(a)
Food Products
Costa Group Holdings Ltd.		(118,964	)		(476,214	)		(707	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(12,352	)		(374,430	)		(6	)		(0.0	)(a)
Interactive Media & Services
carsales.com Ltd.		(57,957	)		(550,597	)		(665	)		(0.0	)(a)
IT Services
NEXTDC Ltd.*		(86,594	)		(390,249	)		(175	)		(0.0	)(a)
Transportation Infrastructure
Qube Holdings Ltd.		(252,049	)		(503,116	)		(276	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(761,054	)		(3,208,140	)		(1,889	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(488,788	)		(1,922,278	)		1,175			0.0	(a)

The following reference rates, and their values as of period-end, are used for security descriptions:	VALUE
BA		1.98	%
BBR		1.60
BBSW		1.60
CDOR		1.98
CHF LIBOR		(0.79	)
CORRA		1.78
EURIBOR		(0.37	)
EUR LIBOR		(0.41	)
GBP LIBOR		0.73
JPY LIBOR		(0.11	)
USD LIBOR		2.48

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 63

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Summary of total swap contracts outstanding as of April 30, 2019:
	NET UPFRONT PAYMENTS (RECEIPTS)($)		VALUE($)
Assets
Total return basket swaps contracts outstanding		—		158,291
Liabilities
Total return basket swaps contracts outstanding		—		(46,592	)

Abbreviations

AUD	Australian Dollar
BA	Banker’s Acceptance Rate
BBR	Bank Bill Rate
BBSW	ASX Australia Bank Bill Swap Rate
CAD	Canadian Dollar
CDOR	Canadian Dollar Offered Rate
CHF	Swiss Franc
CORRA	Canadian Overnight Repo Rate Average
CVR	Contingent Value Rights
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
GBP	British Pound
JPY	Japanese Yen
LIBOR	London Interbank Offered Rate
OYJ	Public Limited Company
SCA	Limited partnership with share capital

SGPS	Holding company
USD	United States Dollar
(1)	Notional value represents market value, as of April 30, 2019 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	Unrealized appreciation (depreciation) represents the unrealized gain (loss) of the positions subsequent to the swap reset.
(a)	Amount rounds to less than 0.1% of net assets.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS APRIL 30, 2019

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APRIL 30, 2019 J.P. MORGAN FUNDS 65

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2019 (Unaudited)

	JPMorgan Systematic Alpha Fund
ASSETS:
Investments in non-affiliates, at value	$	216,556,154
Investments in affiliates, at value		176,063,711
Restricted cash for OTC derivatives		598
Cash		8,285,312
Foreign currency, at value		3,013,498
Deposits at broker for futures contracts		12,263,000
Receivables:
Investment securities sold		2,670,866
Fund shares sold		343,233
Interest and dividends from non-affiliates		190,900
Dividends from affiliates		307,182
Tax reclaims		55,202
Unrealized appreciation on forward foreign currency exchange contracts		1,360,767
Outstanding OTC swap contracts, at value		158,291
Due from counterparty for swap contracts		224,720
Total Assets		421,493,434
LIABILITIES:
Payables:
Investment securities purchased		1,597,259
Fund shares redeemed		76,516
Variation margin on futures contracts		333,016
Unrealized depreciation on forward foreign currency exchange contracts		828,400
Outstanding OTC swap contracts, at value		46,592
Due to counterparty for swap contracts		65,604
Accrued liabilities:
Investment advisory fees		176,240
Administration fees		13,649
Distribution fees		1,408
Service fees		36,650
Custodian and accounting fees		58,495
Other		161,242
Total Liabilities		3,395,071
Net Assets	$	418,098,363

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS APRIL 30, 2019

	JPMorgan Systematic Alpha Fund
NET ASSETS:
Paid-in-Capital	$	415,708,327
Total distributable earnings (loss)		2,390,036
Total Net Assets	$	418,098,363
Net Assets:
Class A	$	6,324,288
Class C		120,661
Class I		171,957,333
Class R6		239,696,081
Total	$	418,098,363
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		453,188
Class C		8,885
Class I		11,926,663
Class R6		16,691,813
Net Asset Value (a):
Class A — Redemption price per share	$	13.96
Class C — Offering price per share (b)		13.58
Class I — Offering and redemption price per share		14.42
Class R6 — Offering and redemption price per share		14.36
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	14.62
Cost of investments in non-affiliates	$	204,260,097
Cost of investments in affiliates		176,063,711
Cost of foreign currency		3,009,863

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

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 67

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

	JPMorgan Systematic Alpha Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,573,669
Dividend income from affiliates		2,071,703
Interest income from non-affiliates		451,200
Interest income from affiliates		36,972
Foreign taxes withheld		(19,731	)
Total investment income		4,113,813
EXPENSES:
Investment advisory fees		1,796,720
Administration fees		204,306
Distribution fees:
Class A		9,166
Class C		450
Service fees:
Class A		9,166
Class C		150
Class I		220,514
Custodian and accounting fees		68,633
Interest expense to affiliates		4,162
Professional fees		82,889
Trustees’ and Chief Compliance Officer’s fees		14,246
Printing and mailing costs		26,001
Registration and filing fees		39,003
Transfer agency fees (See Note 2.H.)		2,745
Other		20,189
Total expenses		2,498,340
Less fees waived		(722,167	)
Less expense reimbursements		(705	)
Net expenses		1,775,468
Net investment income (loss)		2,338,345
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(6,159,185	)
Futures contracts		(2,104,423	)
Foreign currency transactions		143,266
Forward foreign currency exchange contracts		871,504
Swaps		1,987,165
Net realized gain (loss)		(5,261,673	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		9,195,881
Futures contracts		(4,824,996	)
Foreign currency translations		134,093
Forward foreign currency exchange contracts		(826,343	)
Swaps		152,280
Change in net unrealized appreciation/depreciation		3,830,915
Net realized/unrealized gains (losses)		(1,430,758	)
Change in net assets resulting from operations	$	907,587

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS APRIL 30, 2019

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Systematic Alpha Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,338,345		$	3,715,513
Net realized gain (loss)		(5,261,673	)		(25,742,679	)
Change in net unrealized appreciation/depreciation		3,830,915			(9,542,588	)
Change in net assets resulting from operations		907,587			(31,569,754	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(2,316	)		—
Class C		(38	)		—
Class I		(54,513	)		—
Class R6		(85,422	)		—
Total distributions to shareholders		(142,289	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(66,025,624	)		41,829,502
NET ASSETS:
Change in net assets		(65,260,326	)		10,259,748
Beginning of period		483,358,689			473,098,941
End of period	$	418,098,363		$	483,358,689
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,148,806		$	5,228,907
Distributions reinvested		2,316			—
Cost of shares redeemed		(3,041,313	)		(32,913,646	)
Change in net assets resulting from Class A capital transactions	$	(1,890,191	)	$	(27,684,739	)
Class C
Proceeds from shares issued	$	1,150		$	42,758
Distributions reinvested		38			—
Cost of shares redeemed		—			(249,635	)
Change in net assets resulting from Class C capital transactions	$	1,188		$	(206,877	)
Class I
Proceeds from shares issued	$	27,053,168		$	102,124,397
Distributions reinvested		54,474			—
Cost of shares redeemed		(40,755,067	)		(54,868,739	)
Change in net assets resulting from Class I capital transactions	$	(13,647,425	)	$	47,255,658
Class R6
Proceeds from shares issued	$	151,543		$	32,250,091
Distributions reinvested		85,413			—
Cost of shares redeemed		(50,726,152	)		(9,784,631	)
Change in net assets resulting from Class R6 capital transactions	$	(50,489,196	)	$	22,465,460
Total change in net assets resulting from capital transactions	$	(66,025,624	)	$	41,829,502

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 69

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Systematic Alpha Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		82,352			360,156
Reinvested		166			—
Redeemed		(217,249	)		(2,299,086	)
Change in Class A Shares		(134,731	)		(1,938,930	)
Class C
Issued		84			3,018
Reinvested		3			—
Redeemed		—			(17,131	)
Change in Class C Shares		87			(14,113	)
Class I
Issued		1,873,954			6,917,333
Reinvested		3,783			—
Redeemed		(2,823,353	)		(3,735,404	)
Change in Class I Shares		(945,616	)		3,181,929
Class R6
Issued		10,523			2,196,620
Reinvested		5,960			—
Redeemed		(3,525,645	)		(667,183	)
Change in Class R6 Shares		(3,509,162	)		1,529,437

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS APRIL 30, 2019

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APRIL 30, 2019 J.P. MORGAN FUNDS 71

CONSOLIDATED FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Systematic Alpha Fund
Class A
Six Months Ended April 30, 2019 (Unaudited)	$	13.97	$	0.04		$	(0.05	)	$	(0.01	)	$	—		$	—	(f)	$	—	(f)
Year Ended October 31, 2018		14.98		0.05			(1.06	)		(1.01	)		—			—			—
Year Ended October 31, 2017		14.85		0.04			0.12			0.16			—			(0.03	)		(0.03	)
Year Ended October 31, 2016		15.27		0.03			(0.14	)		(0.11	)		(0.31	)(g)		—			(0.31	)
Year Ended October 31, 2015		15.16		(0.01	)		0.29			0.28			(0.15	)		(0.02	)		(0.17	)
Year Ended October 31, 2014		15.60		(0.11	)(h)		0.79			0.68			(1.12	)		—			(1.12	)
Class C
Six Months Ended April 30, 2019 (Unaudited)		13.62		0.01			(0.05	)		(0.04	)		—			—	(f)		—	(f)
Year Ended October 31, 2018		14.68		(0.02	)		(1.04	)		(1.06	)		—			—			—
Year Ended October 31, 2017		14.63		(0.04	)		0.12			0.08			—			(0.03	)		(0.03	)
Year Ended October 31, 2016		15.14		(0.04	)		(0.14	)		(0.18	)		(0.33	)(g)		—			(0.33	)
Year Ended October 31, 2015		15.10		(0.07	)		0.27			0.20			(0.14	)		(0.02	)		(0.16	)
Year Ended October 31, 2014		15.55		(0.12	)(h)		0.72			0.60			(1.05	)		—			(1.05	)
Class I
Six Months Ended April 30, 2019 (Unaudited)		14.41		0.06			(0.05	)		0.01			—			—	(f)		—	(f)
Year Ended October 31, 2018		15.41		0.10			(1.10	)		(1.00	)		—			—			—
Year Ended October 31, 2017		15.26		0.08			0.11			0.19			(0.01	)		(0.03	)		(0.04	)
Year Ended October 31, 2016		15.33		0.06			(0.13	)		(0.07	)		—	(g)		—			—
Year Ended October 31, 2015		15.19		0.04			0.28			0.32			(0.16	)		(0.02	)		(0.18	)
Year Ended October 31, 2014		15.63		(0.05	)(h)		0.76			0.71			(1.15	)		—			(1.15	)
Class R6
Six Months Ended April 30, 2019 (Unaudited)		14.33		0.08			(0.05	)		0.03			—			—	(f)		—	(f)
Year Ended October 31, 2018		15.29		0.13			(1.09	)		(0.96	)		—			—			—
Year Ended October 31, 2017		15.13		0.12			0.11			0.23			(0.04	)		(0.03	)		(0.07	)
Year Ended October 31, 2016		15.56		0.11			(0.15	)		(0.04	)		(0.39	)(g)		—			(0.39	)
Year Ended October 31, 2015		15.21		0.09			0.28			0.37			—			(0.02	)		(0.02	)
Year Ended October 31, 2014		15.64		0.01	(h)		0.73			0.74			(1.17	)		—			(1.17	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

(g) Distributions of Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Expenses without waivers, reimbursements and earnings credits may appear disproportionate among classes due to changes in the relative size of the classes.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

72 J.P. MORGAN FUNDS APRIL 30, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)			Net investment income (loss) (e)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (c)
	$13.96		(0.04	)%	$	6,324,288		1.17	%		0.60	%		1.50	%		95	%
	13.97		(6.74	)		8,210,471		1.18			0.36			1.57			154
	14.98		1.07			37,842,572		1.19			0.28			1.60			147
	14.85		(0.74	)		43,075,837		1.18			0.18			1.66			151
	15.27		1.87			48,072,671		1.16			(0.05	)		1.69			164
	15.16		4.68			61,579,047		1.24			(0.71	)(h)		1.66	(i)		113
	13.58		(0.26	)		120,661		1.67			0.15			2.02			95
	13.62		(7.22	)		119,850		1.67			(0.15	)		2.09			154
	14.68		0.53			336,344		1.70			(0.27	)		2.25			147
	14.63		(1.23	)		764,511		1.69			(0.29	)		2.26			151
	15.14		1.34			457,517		1.62			(0.50	)		2.26			164
	15.10		4.16			53,974		1.77			(0.80	)(h)		5.85	(i)		113
	14.42		0.10			171,957,333		0.92			0.88			1.24			95
	14.41		(6.49	)		185,478,154		0.92			0.66			1.32			154
	15.41		1.24			149,359,860		0.94			0.50			1.38			147
	15.26		(0.46	)		33,006,202		0.94			0.42			1.40			151
	15.33		2.11			261,973,042		0.90			0.24			1.35			164
	15.19		4.91			131,267,018		1.00			(0.31	)(h)		2.97	(i)		113
	14.36		0.24			239,696,081		0.67			1.13			0.99			95
	14.33		(6.28	)		289,550,214		0.67			0.89			1.07			154
	15.29		1.48			285,560,165		0.69			0.77			1.10			147
	15.13		(0.25	)		259,015,933		0.69			0.70			1.12			151
	15.56		2.44			9,762,583		0.64			0.59			1.10			164
	15.21		5.08			54,788		0.88			0.09	(h)		4.84	(i)		113

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN FUNDS 73

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited)

1. Organization

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

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan Systematic Alpha Fund	Class A, Class C, Class I and Class R6	Diversified

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

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund.

Basis for Consolidation for the Fund

Systematic Alpha Fund CS Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on October 11, 2012 and is currently a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments on behalf of the Fund consistent with the Fund’s investment objectives and policies as described in the Fund’s prospectuses. The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

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

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

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

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

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

74 J.P. MORGAN FUNDS APRIL 30, 2019

in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

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

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

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

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

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

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

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Airlines	$	—		$	423,330		$	—		$	423,330
Chemicals		5,866,876			2,883,628			—			8,750,504
Construction & Engineering		2,454,449			171,378			—			2,625,827
Diversified Consumer Services		1,588,580			1,350,768			—			2,939,348
Food & Staples Retailing		2,113,443			921,419			—			3,034,862
Food Products		2,892,055			1,743,966			—			4,636,021
Health Care Providers & Services		2,554,242			901,801			—			3,456,043
Household Durables		2,500,622			1,351,830			—			3,852,452
Industrial Conglomerates		—			1,607,497			—			1,607,497
Metals & Mining		1,169,255			484,102			—			1,653,357
Other Common Stocks		146,559,513			—			—			146,559,513
Total Common Stocks		167,699,035			11,839,719			—			179,538,754
Convertible Bonds		—			32,751,481			—			32,751,481
Convertible Preferred Stocks		4,265,919			—			—			4,265,919
Short-Term Investments
Investment Companies		176,063,711			—			—			176,063,711
Total Investments in Securities	$	348,028,665		$	44,591,200		$	—		$	392,619,865
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,360,767		$	—		$	1,360,767
Futures Contracts		4,389,310			23,175			—			4,412,485
Swaps		—			158,291			—			158,291
Total Appreciation in Other Financial Instruments	$	4,389,310		$	1,542,233		$	—		$	5,931,543
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(828,400	)	$	—		$	(828,400	)
Futures Contracts		(8,733,981	)		(2,009	)		—			(8,735,990	)
Swaps		—			(46,591	)		(1	)		(46,592	)
Total Depreciation in Other Financial Instruments	$	(8,733,981	)	$	(877,000	)	$	(1	)	$	(9,610,982	)

APRIL 30, 2019 J.P. MORGAN FUNDS 75

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

There were no transfers into and out of level 3 for the six months ended April 30, 2019.

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Fund.

As of April 30, 2019, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Securities Lending — Effective October 5, 2018, the Fund became authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Fund retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e. a net payment to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Consolidated Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Consolidated Statement of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Consolidated Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Consolidated Statement of Assets and Liabilities and details of Collateral Investments are disclosed in the CSOI.

The Fund bears the risk of loss associated with the Collateral Investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.

The Fund did not lend out any securities during the six months ended April 30, 2019.

D. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser or its affiliates. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below.

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b)	$	231,232,143	$	171,605,008	$	226,773,440	$	—	$	—	$	176,063,711		176,063,711	$	2,071,703	$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2019.

E. Derivatives — The Fund used derivative instruments including futures, forward foreign currency exchange contracts and swaps in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments

76 J.P. MORGAN FUNDS APRIL 30, 2019

or to generate income or gains to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.

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

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

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

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

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

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

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

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

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

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

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

APRIL 30, 2019 J.P. MORGAN FUNDS 77

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the CSAL and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the CSAL at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the CSOI, while cash deposited, which is considered restricted, is recorded on the CSAL. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the CSAL. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the CSOP. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

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

Total Return Swaps

The Fund used total return swaps to gain long or short exposure to underlying stock. To the extent the total return of the stock underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. These arrangements involve the periodic exchange of cash flows based on the total return of the underlying stock and interest rate obligations.

Total Return Basket Swaps

The Fund entered into total return basket swap agreements to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity and a significant aspect of the Fund’s investment strategy.

Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs”. Positions within each swap, accrued financing costs and net dividends, are part of the monthly reset. During a reset, any unrealized gains (losses) on positions, accrued financing costs, and net dividends become available for cash settlement between the Fund and the swap counterparty are recorded as Due from/to counterparty for swap contract on the CSAL and as Net realized gain (loss) on transactions from swaps on the CSOP.

Each swap involves additional risks than if the Fund had invested in the underlying positions directly including: the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract, which may limit the ability of the Fund to close out its positions; and, documentation risk relating to disagreement over contract terms. The total return basket swaps consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Fund’s activities in each total return basket swap are concentrated with a single counterparty. Investing in swaps results in a form of leverage (i.e., the Fund’s risk of loss associated with these instruments may exceed their value as recorded on the CSAL).

The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap; and (v) other factors, as applicable. The value of each swap is reflected on the CSAL as Outstanding swap contracts, at value. Changes in the value of each swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the CSOP.

78 J.P. MORGAN FUNDS APRIL 30, 2019

(4). Summary of Derivatives Information — The following table presents the value of derivatives held as of April 30, 2019, by their primary underlying risk exposure and respective location on the CSAL:

Derivative Contracts	CSAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Swaps			Total
Commodity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,873,170		$	—		$	—		$	2,873,170
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		83,735			—			158,291			242,026
Foreign exchange contracts	Receivables		—			1,360,767			—			1,360,767
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		1,455,580			—			—			1,455,580
Total		$	4,412,485		$	1,360,767		$	158,291		$	5,931,543
Gross Liabilities:
Commodity contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,389,262	)	$	—		$	—		$	(1,389,262	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(7,075,294	)		—			(46,592	)		(7,121,886	)
Foreign exchange contracts	Payables		—			(828,400	)		—			(828,400	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(271,434	)		—			—			(271,434	)
Total		$	(8,735,990	)	$	(828,400	)	$	(46,592	)	$	(9,610,982	)

(a) This amount represents the cumulative appreciation/depreciation of futures contracts as reported on the CSOI. The CSAL only reflects the current day variation margin receivable/payable from/to brokers.

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of April 30, 2019:

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received			Net Amount Due From Counterparty (Not less than zero)
BNP Paribas	$	61,931	$	(61,931	)	$	—		$	—
Citibank, NA		315,846		—			—			315,846
Deutsche Bank AG		13,753		—			—			13,753
Goldman Sachs International		128,401		—			(128,401	)(b)		—
HSBC Bank, NA		17,482		—			—			17,482
Merrill Lynch International		40,080		(40,080	)		—			—
Royal Bank of Canada		3,304		(3,304	)		—			—
Standard Chartered Bank		103,679		(16,400	)		—			87,279
State Street Corp.		685,468		—			—			685,468
TD Bank Financial Group		4,673		(4,133	)		—			540
Union Bank of Switzerland AG		144,441		(3,124	)		(141,317	)(b)		—
	$	1,519,058	$	(128,972	)	$	(269,718	)	$	1,120,368

APRIL 30, 2019 J.P. MORGAN FUNDS 79

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Posted		Net Amount Due To Counterparty (Not less than zero)
Barclays Bank plc	$	5,611	$	—		$	—	$	5,611
BNP Paribas		359,972		(61,931	)		—		298,041
Merrill Lynch International		475,689		(40,080	)		—		435,609
Royal Bank of Canada		10,063		(3,304	)		—		6,759
Standard Chartered Bank		16,400		(16,400	)		—		—
TD Bank Financial Group		4,133		(4,133	)		—		—
Union Bank of Switzerland AG		3,124		(3,124	)		—		—
	$	874,992	$	(128,972	)	$	—	$	746,020

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the CSAL.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts.

The following table presents the effect of derivatives on the CSOP for the six months ended April 30, 2019, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps		Total
Commodity contracts	$	(4,462,661	)	$	—		$	—	$	(4,462,661	)
Equity contracts		(314,607	)		—			1,987,165		1,672,558
Foreign exchange contracts		—			871,504			—		871,504
Interest rate contracts		2,672,845			—			—		2,672,845
Total	$	(2,104,423	)	$	871,504		$	1,987,165	$	754,246
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps		Total
Commodity contracts	$	5,318,002		$	—		$	—	$	5,318,002
Equity contracts		(12,504,507	)		—			152,280		(12,352,227	)
Foreign exchange contracts		—			(826,343	)		—		(826,343	)
Interest rate contracts		2,361,509			—			—		2,361,509
Total	$	(4,824,996	)	$	(826,343	)	$	152,280	$	(5,499,059	)

The Fund’s derivatives contracts held at April 30, 2019 are not accounted for as hedging instruments under GAAP.

80 J.P. MORGAN FUNDS APRIL 30, 2019

Derivatives Volume

The table below discloses the volume of the Fund’s futures contracts, forward foreign currency exchange contracts and swaps activity during the six months ended April 30, 2019. Please refer to the table in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts — Commodity:
Average Notional Balance Long	$	51,611,919
Average Notional Balance Short		59,338,961
Ending Notional Balance Long		45,031,268
Ending Notional Balance Short		52,201,118
Futures Contracts — Equity:
Average Notional Balance Long	$	1,845,894
Average Notional Balance Short		114,040,056
Ending Notional Balance Long		5,761,520
Ending Notional Balance Short		137,590,710
Futures Contracts — Interest Rate:
Average Notional Balance Long	$	243,248,811
Average Notional Balance Short		144,985,748
Ending Notional Balance Long		177,403,473
Ending Notional Balance Short		21,732,937
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	99,366,069
Average Settlement Value Sold		166,603,130
Ending Settlement Value Purchased		109,432,422
Ending Settlement Value Sold		157,773,106
Total Return Swaps:
Average Notional Balance Long	$	48,548
Ending Notional Balance Long		48,548
Total Return Basket Swaps:
Average Notional Balance Long	$	350,876,373
Average Notional Balance Short		276,799,758
Ending Notional Balance Long		343,086,302
Ending Notional Balance Short		236,658,090

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

The Fund’s derivative contracts collateral requirements and collateral posted or received by counterparty as of April 30, 2019 are as follows:

Fund Counterparty		Value of swap contracts			Collateral amount
Merrill Lynch International	Collateral Received	$	(29,618	)	$	(540,000	)
Union Bank of Switzerland AG	Collateral Received		141,317			(5,198,300	)

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

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

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the CSOP. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the CSOP.

APRIL 30, 2019 J.P. MORGAN FUNDS 81

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Fund for the six months ended April 30, 2019 are as follows:

	Class A		Class C		Class I		Class R6		Total
Transfer agency fees	$	217	$	18	$	1,424	$	1,086	$	2,745

I. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of April 30, 2019, no liability for Federal income tax is required in the Fund’s consolidated financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

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

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and the Subsidiary and for such services is paid a fee. The fee for services to the Fund is accrued daily and paid monthly at an annual rate of 0.60% of the Fund’s average daily net assets. Prior to March 1, 2019, the Investment Advisory fee was accrued daily and paid monthly at an annual rate of 0.75% of the Fund’s average daily net assets.

The Subsidiary has entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiary. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.60% of the Subsidiary’s average daily net assets. The Adviser has agreed to waive the advisory fee that it receives from the Fund in an amount equal to the advisory fee paid to the Adviser by the Subsidiary. This waiver will continue in effect so long as the Fund invests in the Subsidiary and may not be terminated without approval by the Fund’s Board.

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

B. Administration Fees — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund and the Subsidiary. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at the annual rate of 0.075% of the first $10 billion of the Fund’s average daily net assets, plus 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2019, the effective annualized rate was 0.09% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annualized effective rate of 0.09% of the average daily net assets of the Subsidiary.

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

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

82 J.P. MORGAN FUNDS APRIL 30, 2019

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund in accordance with Rule 12b-1 under the 1940 Act. Class I and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to JPMDS, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A and Class C Shares, respectively.

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2019, JPMDS did not retain any front-end sales charges or CDSC.

D. Service Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets of Class A, Class C and Class I Shares.

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

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the CSOP.

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

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

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

Class A			Class C			Class I			Class R6
	1.25	%		1.75	%		1.00	%		0.75	%

The expense limitation agreement was in effect for the six months ended April 30, 2019, and is in place until at least February 29, 2020.

For the six months ended April 30, 2019, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
$	366,819	$	155,510	$	1,405	$	523,734	$	705

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral.

The amount of waivers resulting from investments in these money market funds for the six months ended April 30, 2019 was $198,433.

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

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the CSOP.

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

APRIL 30, 2019 J.P. MORGAN FUNDS 83

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

4. Investment Transactions

During the six months ended April 30, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	220,364,793	$	235,340,919

During the six months ended April 30, 2019, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments, including the Subsidiary, held at April 30, 2019 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	380,323,808	$	24,301,681	$	15,685,063	$	8,616,618

The federal income tax net unrealized appreciation (depreciation) in value of investment securities includes unrealized depreciation of the Fund’s investment in its subsidiary of $1,483,909, which, if realized, is not deductible for income tax purposes.

During the year ended October 31, 2018, the subsidiary had $4,928,425 of net losses for tax purposes. The subsidiary’s net losses for the current year are not available to offset its future taxable income.

6. Borrowings

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

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended April 30, 2019.

The Trust, along with certain other trusts (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the six months ended April 30, 2019.

84 J.P. MORGAN FUNDS APRIL 30, 2019

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of April 30, 2019, the Fund had three individual shareholder and/or affiliated omnibus accounts and one individual shareholder and/or non-affiliated omnibus account, which owned 49.8% and 26.5% of the Fund’s outstanding shares, respectively.

In addition, as of April 30, 2019, the J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate, 56.9% of the net assets of the Fund.

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

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

The Fund will employ various alternative investment strategies that involve the use of complicated investment techniques. There is no guarantee that these strategies will succeed and their use may subject the Fund to greater volatility and loss.

Derivatives, including swap agreements, commodity options, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk and to the credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swap and option contracts, credit linked notes, exchange-traded notes and forward foreign currency exchange contracts.

The Fund’s investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Fund’s investment in convertible bonds subjects the Fund to equity price risk. Due to their conversion feature, the value of convertible bonds tends to vary with fluctuations in the market value of the underlying security.

8. New Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has evaluated the implications of these changes and the amendments will have no effect on the Fund’s net assets or results of operations.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Fund’s net assets or results of operation.

APRIL 30, 2019 J.P. MORGAN FUNDS 85

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2018 and continued to hold your shares at the end of the reporting period, April 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Systematic Alpha Fund
Class A
Actual	$	1,000.00	$	999.60	$	5.80		1.17	%
Hypothetical		1,000.00		1,018.99		5.86		1.17
Class C
Actual		1,000.00		997.40		8.27		1.67
Hypothetical		1,000.00		1,016.51		8.35		1.67
Class I
Actual		1,000.00		1,001.00		4.56		0.92
Hypothetical		1,000.00		1,020.23		4.61		0.92
Class R6
Actual		1,000.00		1,002.40		3.33		0.67
Hypothetical		1,000.00		1,021.47		3.36		0.67

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

86 J.P. MORGAN FUNDS APRIL 30, 2019

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

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

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

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, the Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. April 2019. SAN-SA-419

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I
By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	July 2, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	July 2, 2019

By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	July 2, 2019